Ushering

TXU Changes Tune, Posts 4Q03 Net Income After $4.88B 4Q02 Net Loss

Ushering in some stability back into its business, TXU recorded 2003 earnings from continuing operations — before cumulative effect of changes in accounting principles, net of preference stock dividends — of $715 million, or $2.03 per diluted share of common stock. Comparable earnings before extraordinary charges in 2002 were $160 million, or $0.58 per diluted share of common stock.

February 16, 2004

TXU Changes Tune, Posts $23M 4Q2003 Net Income Gain After 4Q2002 Loss of $4.88B

Ushering in some stability back into its business, TXU recorded 2003 earnings from continuing operations — before cumulative effect of changes in accounting principles, net of preference stock dividends — of $715 million, or $2.03 per diluted share of common stock. Comparable earnings before extraordinary charges in 2002 were $160 million, or $0.58 per diluted share of common stock.

February 13, 2004