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Non-Tech : York Research (YORK) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Schnereger who wrote (774)	6/12/1999 1:35:00 PM
From: Michael Stavy	Read Replies (1) \| Respond to of 800

Jim: Below is from Page 51 of York's 10-K for F/Y ending 2/28/99. --------------------------------------------------------------------- 16. DISCONTINUED OPERATIONS During the quarter ended August 31, 1998, unprecedented turmoil in the electric marketing business was caused in part by widely reported failures of certain suppliers to deliver contracted power to a multitude of utilities and marketers, including York's subsidiary, NAEC. NAEC and many others were required to immediately meet existing fixed price commitments. The resulting turmoil caused prices to immediately increase from normal prices in the range of $30 per megawatt hour to as much as $7,000 per megawatt hour. Repercussions from the suppliers' failures caused continuing instability throughout the summer, as market participants found themselves with unbalanced portfolios and a shortage of available sources. NAEC met many of its commitments at substantially increased cost. As a result, in August 1998, York determined that NAEC should discontinue the electric marketing business due to the volatility, lack of liquidity and unacceptable risk parameters. NAEC will continue, however, to meet existing contract obligations, which extend to December 1999, to its electric marketing customers and is taking all actions necessary to reduce or eliminate forward exposure. Operations will cease when all commitments have been met. NAEC is unable to quantify at this time the impact of liquidating the balance of its existing portfolio. The electric marketing operations of NAEC are reflected as discontinued operations for all periods presented. The operating results of the discontinued operations are summarized as follows: FOR THE YEAR ENDED FEBRUARY 28, 1999 1998 1997 ------------- ------------- ------------- Revenues $ 242,903,270 $ 137,847,253 $ 19,390,693 ------------- ------------- ------------- Income (loss) before tax benefit (17,527,807) (1,405,206) 481,917 ------------- ------------- ------------- Tax provision (benefit) (6,686,000) (567,703) 139,756 ------------- ------------- ------------- Net income (loss) ($ 10,841,807) ($ 837,503) $ 342,161 ------------- ------------- ------------- ---------------------------------------------------------------------- I just estimated on my own from this data, that F/Y 2000 would be .3 rather than the .73 per share for F/Y 1999. I have included the financial tables but the tables do not show up well in SI. Michael