Calpine's third quarter revenue and earnings increase from 1994 levels.the San Jose-based power company, today reported revenue was $42.2 million and $92.5 million for the three and nine months ended Sept. 30, 1995, compared to $24.3 million and $67.2 million for the same periods in 1994. The increases in revenues were primarily due to additional electricity and steam sales generated from Calpine
adj. Of or relating to the internal heat of the earth. ge steam fields, which the company acquired in September September: see month. 1994, and the recently acquired Greenleaf Greenleaf can refer to: Places
Revenue for the third quarter 1995 continued to be affected by curtailments of purchases by Pacific Gas and Electric Co. due to an abundance Abundance See also Fertility. Amalthea’s horn horn of Zeus’s nurse-goat which became a cornucopia. [Gk. Myth.: Walsh Classical, 19] cornucopia conical receptacle which symbolizes abundance. [Rom. Myth. of low-cost hyrdoelectric power in 1995 and very low gas prices. PG&E did not curtail cur·tail tr.v. cur·tailed, cur·tail·ing, cur·tails To cut short or reduce. See Synonyms at shorten. [Middle English curtailen, to restrict energy purchases for the company's operations during 1994. Net income was $5.0 million and $5.3 million for the three and nine months ended Sept. 30, 1995, compared with $0.8 million and $4.1 million in 1994. Peter Cartwright
Calpine Corp. develops, owns and operates natural gas-fired and geothermal power Geothermal power Thermal or electrical power produced from the thermal energy contained in the Earth (geothermal energy). Use of geothermal energy is based thermodynamically on the temperature difference between a mass of subsurface rock and water and a mass generation facilities and markets power throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Its portfolio includes investments in more than 1,100 mw of power facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0-
Calpine Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months Nine months
ended Sept. 30, ended Sept. 30,
1995 1994 1995 1994
Revenue:
Electricity and steam sales $40,883 $23,057 $89,897 $64,311
Service contract revenue
from related parties 1,947 1,856 5,076 5,229
Income (loss) from
unconsolidated investments
in power projects (654) (598) (2,445) (2,381)
Total revenue 42,176 24,315 92,528 67,159
Cost of revenue: Plant operating expenses, depreciation and production royalties 20,682 12,322 48,895 32,670 Service contract expenses and other 1,593 1,559 3,998 4,235 Total cost of revenue 22,275 13,881 52,893 36,905 Gross profit 19,901 10,434 39,635 30,254 Project development expenses 1,379 1,203 2,687 2,435 General and administrative expenses 2,076 2,060 5,735 4,781 Income from operations 16,446 7,171 31,213 23,038 Other (income) expense: Interest expense 8,404 6,223 23,520 17,125 Other income, net (380) (301) (1,235) (989) Income before provision for income taxes 8,422 1,249 8,928 6,902 Provision for income taxes 3,457 466 3,665 2,840 Net income $ 4,965 $ 783 $ 5,263 $ 4,062 Weighted average shares outstanding 2,187 2,175 2,187 2,175 Earnings per share $ 2.27 $ 0.36 $ 2.41 $ 1.87 Depreciation and amortization $ 9,086 $ 5,406 $18,760 $14,610 Interest expense per indenture 8,724 6,278 23,966 17,292 EBITDA 26,177 13,693 51,544 36,688 EBITDA to total interest expense 3.01 2.18 2.15 2.12 Interest expense per indenture includes one-third of operating lease expenses. -0- CONTACT: Calpine Corp. Katherine Potter A potter is someone who makes pottery. Potter may also refer to: People
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