Earnings Call Excerpt
Pacific Gas & Electric Company (PCG)
Q2 2007 Earnings Call
August 7, 2007 11:30 am ET
Executives
Peter A. Darbee - Chairman of the Board, Chief Executive Officer
Christopher P. Johns - Chief Financial Officer, Senior Vice President, Treasurer
William Morrow – Chief Operating Officer, President
Gabriel Togneri – Vice President, Investor Relations
Analysts
Greg Gordon – Citigroup
Annie Tsao - AllianceBernstein
Michael Lapides – Goldman Sachs
Jonathan Arnold – Merrill Lynch
Dan Eggers – Credit Suisse
John Kiani – Deutsche Bank
Ben Clark – Invesco
Lasan Johong – RBC Capital Markets
Patrick Forkin – Tejas Securities Group
Presentation
Operator
Good morning and welcome to the PG&E second quarter 2007 conference call. At this time, I would like to pass the conference over to your host Gabe Togneri, Vice President of investor relations. Thank you, have a good conference. Go ahead Mr. Togneri.
Gabe Togneri
Hello everyone and thanks for joining us this morning for our second quarter earnings conference call. This is a simultaneous web cast and conference call and all participants are in listen-only mode. A replay of the web cast will be available from our homepage after the call.
Our earnings press release was issued earlier today and is posted on our website along with the supplemental tables including the Reg G reconciliation’s. We’ve also provided these materials in an AK filing with the SEC and we do plan on filing our Form 10-Q reports for both the corporation and Pacific Gas and Electric Company today.
Before we begin our discussion, I remind you that our prepared remarks and the Q&A session contain forward-looking statements based on assumptions and expectations that reflect information currently available to management. As we discuss in more detail in our press release, actual results may differ materially from those forward-looking statements. We encourage you to review our SEC filings to obtain additional information and to better understand the myriad of factors that can influence these future results.
On today’s call to take us through the results and the highlights, we have; Peter Darbee, Chairman and CEO of PG&E corporation, Bill Morrow, CEO and President of Pacific Gas and Electric company and Chris Johns, Senior Vice President and CFO of the corporation. Other key members of our team are here to participate in the Q&A and with that I’ll turn the call over to Peter Darbee.
Peter Darbee
Thanks Gabe. We’re happy today to report a strong second quarter. Total net income was $269 million or $.074 per share. And that puts us on track with our targets for 2007.
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