Cleco Corp. 2002 Earnings Total $1.47 Per Share; Weather Boosts Utility Sales; Two New Wholesale Plants Begin Operations; Costs to Streamline Organization Total $0.13 per share.Business Editors PINEVILLE There are several places named Pineville in the United States.
Cleco Corp. (NYSE NYSE See: New York Stock Exchange , PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :CNL CNL CityNightLine (German Rail) CNL Cancel CNL Clinical Nurse Leader Cnl Colonel CNL Center for Naval Leadership CNL Compensated Neutron Log (oil industry) ) announced today it earned $1.47 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in 2002, equal to the $1.47 recorded in 2001. Included in 2002's earnings was a charge of $0.13 per share related to a fourth-quarter organizational restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . Fourth quarter 2002 earnings totaled $0.06 per diluted share, down from $0.33 per diluted share reported in the last quarter of 2001. Fourth-quarter charges for 2002 included $0.13 per share of organizational restructuring costs, an asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge totaling $0.05 per share, a deferred income tax adjustment of $0.05 per share and a $0.09 per share correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. in fuel transportation charges. By comparison, Cleco benefited $0.18 per share in the last quarter of 2001 from the recognition of the recovery of past fuel-related costs.
Diluted Earnings per Share
---------------------------
Three Months Ended Dec. 31,
---------------------------
Subsidiary 2002 2001
---------- ---- ----
Cleco Power LLC $0.24 $0.36
Cleco Midstream Resources LLC (0.14) (0.01)
Corporate and Other (0.04) (0.03)
------ ------
Earnings from continuing operations $0.06 $0.32
Discontinued operations -- 0.01
------ ------
Earnings applicable to common stock $0.06 $0.33
====== ======
Diluted Earnings per Share
--------------------------
Twelve Months Ended Dec. 31,
----------------------------
Subsidiary 2002 2001
---------- ---- ----
Cleco Power LLC $1.25 $1.27
Cleco Midstream Resources LLC 0.31 0.31
Corporate and Other (0.09) (0.07)
------ ------
Earnings from continuing operations $1.47 $1.51
Discontinued operations -- (0.04)
---- ------
Earnings applicable to common stock $1.47 $1.47
===== =====
2002 Commentary: "We have a lot to be proud of in 2002," Cleco President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David Eppler said, "including solid utility results, and the new Acadia and Perryville Perryville is the name of some places in the United States of America:
Hurricane Lili was a powerful hurricane during the 2002 Atlantic hurricane season that caused damage across the Caribbean and into Louisiana. . In fact, that tremendous effort earned our employees the prestigious annual Edison Edison, township (1990 pop. 88,680), Middlesex co., NE N.J., inc. 1870 as Raritan Township, renamed 1954. Edison's varied manufactures include light trucks, chemicals, metal products, electrical and electronic equipment, machinery, and instruments. Electric Institute's Emergency Response Award. "At the same time, 2002 brought its challenges for Cleco," Eppler said. "During the year we watched the credit profiles of our tolling counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. deteriorate de·te·ri·o·rate v. 1. To grow worse in function or condition. 2. To weaken or disintegrate. , we found that we were not immune to the risks of commodity trading after discovering that employees had executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. some inappropriate inappropriate Medtalk adjective A diagnostic or therapeutic procedure proven to be unnecessary for the efficient management of a particular Pt. See Appropriateness, Canadian plan, Practice guidelines Neurology adjective Referring to a response or behavior trades and we were faced with an impairment charge at our Cleco Energy subsidiary. "But true to our corporate philosophy, we met these challenges head-on head-on adv. 1. With the head or front first: The cars crashed head-on. 2. In open conflict; in direct opposition: , determined to resolve any past issues and minimize In a graphical environment, to hide an application that is currently displayed on screen. For example, in Windows and Mac, the application's window is removed from the screen and represented by an icon on the Windows Taskbar. In the Mac, the icon is placed in the Dock. See Win Minimize windows. future risks. We also concluded a new marketplace demanded a new organization, so we completed the painful process of eliminating 11 percent of our work force."
Detailed Financial Results for the Quarter:
-------------------------------------------
Major Reconciling Items for Fourth-Quarter EPS 2002 vs. 2001:
-------------------------------------------------------------
$0.33 2001 Fourth-Quarter Diluted EPS
0.05 Higher Cleco Power nonfuel revenue
0.12 Lower Cleco Power nonfuel expenses
(0.19) Cleco Power fuel adjustment - primarily the
fourth quarter 2001 recognition of recovery of
previously uncollected fuel costs
(0.10) Cleco Power restructuring charge
0.10 Higher contribution from Cleco Midstream
generating projects
(0.02) Lower Cleco Midstream marketing and trading
contribution
0.01 Lower Cleco Midstream expenses
(0.05) Deferred income tax adjustment related to
Cleco Midstream
(0.05) Asset value impairment related to Cleco Midstream
production properties
(0.09) Cleco Midstream -- correction of fuel
transportation charges
(0.03) Cleco Midstream restructuring charge
(0.01) Other, net
------
0.07
(0.01) No recorded gains from UTS
$0.06 2002 Fourth-Quarter Diluted EPS
======
Cleco Power LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Cleco Power posted 2002 fourth-quarter earnings $0.12 per share lower than the same period in 2001. Nonfuel revenue increased by about $0.05 per share in the quarter-to-quarter comparison to the prior year. Broken down, kilowatt-hour kil·o·watt-hour n. Abbr. kWh or kW-hr A unit of electric energy equal to the work done by one kilowatt acting for one hour. sales increased revenue $0.05 per share, and transmission and miscellaneous revenue rose $0.02 per share. Additional wholesale revenue and the fourth quarter's colder weather increased kilowatt-hour sales by 10 percent compared to the fourth quarter of 2001, when weather was relatively mild. These increases were partially offset by $0.02 per share in lower trading revenue. Expenses were down $0.12 per share in the last quarter of 2002 versus the same period in 2001 primarily because of lower administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and the earnings impact of a change in vacation VACATION. That period of time between the end of one term and beginning of another. During vacation, rules and orders are made in such cases as are urgent, by a judge at his chambers. accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. policy, which contributed $0.06 per share. Hurricane Lili restoration costs that would have otherwise been charged to 2002 expense were not recognized in fourth quarter 2002. Instead, the costs were deferred and will be recognized over a six-year period in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Louisiana Public Service Commission Louisiana Public Service Commission (LPSC) is an independent regulatory agency serving the public of Louisiana by managing its public utilities and motor carriers. It is the successor to the Railroad Commission of Louisiana. (LPSC LPSC Lunar and Planetary Science Conference (League City, Texas) LPSC Louisiana Public Service Commission (Baton Rouge, LA) LPSC Laboratoire de Physique Subatomique et de Cosmologie ) authorization The right or permission to use a system resource; the process of granting access. See access control. . Charges for organizational restructuring totaled $0.10 per share for Cleco Power in the fourth quarter of 2002. Additionally, net fuel adjustment related items for the fourth quarter of 2002 were $0.19 per share lower than in the similar prior-year period, primarily because of the recognition in the last quarter of 2001 of the recovery of fuel-related costs not previously collected from utility customers. Cleco Midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. Resources LLC Cleco Midstream posted a $0.14 per share net loss for the fourth quarter of 2002. It lost $0.01 per share in the same period of 2001. The earnings contribution from the Cleco Midstream wholesale generating fleet was $0.10 per share higher than in the last quarter of 2001, primarily because the Acadia and Perryville facilities began commercial operations in mid- mid- pref. Middle: midbrain. 2002. Cleco Midstream's administrative and development expenses were $0.01 per share lower in quarter-to-quarter comparisons. Partially offsetting those positive variances was a $0.02 per share decrease in trading contributions primarily caused by the company's decision to exit the speculative Speculative Securities that involve a high level of risk. speculative Of or relating to an asset or a group of assets with uncertain returns. The greater the degree of uncertainty the more speculative the asset. trading business. In addition, there were four charges recorded during the final quarter of 2002. Organizational restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. for Cleco Midstream totaled $0.03 per share. As a result of a review of accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. deferred income taxes, a charge of $0.05 per share was recorded to reflect a deferred income tax adjustment at Cleco Energy. A charge of $0.05 was recorded to reflect the impairment of Cleco Energy oil and gas production properties, based on a recent reserve analysis. A fourth charge totaling $0.09 per share was recorded to correct Cleco Energy fuel transportation charges previously billed to Cleco Power. Those transportation charges were cost-of-service based, but the company recently discovered that unit rates had not been adjusted for fluctuations in gas volumes. Other Higher administrative costs drove corporate and other expenses $0.01 per share higher in fourth quarter 2002 than in fourth quarter 2001. Additionally, a gain of $0.01 per share was recognized from the UTS (Universal Timesharing System) Amdahl's version of Unix System V. Release 4.0 is POSIX compliant. LLC disposal during the last months of 2001. Substantially all of the assets of UTS LLC were sold on March 31, 2001, and the subsidiary had no impact on 2002 earnings.
Detailed Financial Results for Year 2002:
-----------------------------------------
Major Reconciling Items for Year 2002 vs. 2001:
-----------------------------------------------
$1.47 2001 Diluted EPS
0.17 Higher Cleco Power nonfuel revenue
0.15 Lower Cleco Power nonfuel expenses
(0.21) Cleco Power fuel adjustment - primarily the 2001
recognition of recovery of previously uncollected
fuel costs
(0.10) Cleco Power restructuring charge
(0.03) Share dilution from May 2002 common stock issuance
0.27 Higher contribution from Cleco Midstream
generating projects
0.01 Lower Cleco Midstream expenses
(0.06) Lower Cleco Midstream marketing and trading
contribution
(0.05) Deferred income tax adjustment at Cleco Midstream
(0.05) Asset value impairment related to Cleco Midstream
production properties
(0.09) Cleco Midstream -- correction of fuel
transportation charges
(0.03) Cleco Midstream restructuring charge
(0.02) Other, net
------
1.43
0.04 No recorded losses from UTS
$1.47 2002 Diluted EPS
=====
Cleco Power LLC Cleco Power's 2002 earnings were $1.25 per share, $0.02 per share lower than 2001. Higher nonfuel-related revenue increased earnings by $0.17 per share from 2001 to 2002. Revenue from kilowatt-hour sales increased earnings about $0.22 per share. New contracts with two wholesale customers accounted for $0.08 per share of the increase, while the remaining $0.14 per share was largely a result of customer growth and higher usage caused by strong weather. Sales for 2002 were up 8 percent, reflecting stronger cooling and heating seasons than experienced in 2001. The increase in sales revenue over 2001 was partially offset by both a $0.03 per share decrease in contributions from trading activities and a $0.02 per share drop in transmission and miscellaneous revenue. Expenses for 2002 were down $0.15 per share from 2001 because of lower administrative costs and the earnings impact of a change in vacation accrual policy, which contributed $0.09 per share. Hurricane Lili restoration costs that would have otherwise been charged to 2002 expense were not recognized in 2002. The costs were instead deferred and will be recognized over a six-year period in accordance with LPSC authorization. Charges for Cleco Power's 2002 organizational restructuring totaled $0.10 per share. Additionally, net fuel adjustment related items for 2002 were $0.21 per share lower, primarily because of the recognition in 2001 of the recovery of fuel-related costs not previously collected from utility customers. The May 2002 issuance of 2 million shares of common stock had an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. $0.03 per share dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). between 2002 and 2001. Cleco Midstream Resources LLC Cleco Midstream posted 2002 earnings of $0.31 per share, equal to 2001 levels. The earnings contribution from the Midstream wholesale generating fleet was $0.27 per share higher in 2002 than in 2001, primarily because the Acadia and Perryville facilities began operating in mid-2002. Cleco Midstream's administrative and development expenses were $0.01 per share lower than in 2001. Partially offsetting the revenue increase was $0.06 per share in lower contributions from marketing and trading activities, largely due to the company's decision to exit the speculative trading business. In addition, there were four charges recorded during 2002. Organizational restructuring charges for Cleco Midstream totaled $0.03 per share. A charge of $0.05 per share was recorded to reflect a deferred income tax adjustment related to Cleco Energy, and a $0.05 per share charge was recorded to reflect the impairment of Cleco Energy oil and gas production properties. A fourth charge totaling $0.09 per share was recorded to correct Cleco Energy fuel transportation charges previously billed to Cleco Power. Other Corporate and other expenses increased $0.02 per share over 2001 because of higher administrative costs. A loss of $0.04 per share was recognized from the disposal of UTS LLC during 2001. Substantially all of the assets of UTS LLC were sold on March 31, 2001, and the subsidiary had no impact on 2002 earnings. Strategic Outlook: "Given the current state of the industry, our goals over the next five years focus on capturing the value in the business we've we've Contraction of we have. we've have built," Eppler said. Cleco's primary goals are to: -- Maintain the utility's superior record of customer service and reliability; -- Extract value from existing wholesale generating assets, and reduce associated risks; -- Reinforce the balance sheet and investment-grade rating; and -- Position the company for long-term opportunities. "We'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall continue talking with our counterparties to explore ways to reduce the risks of, and extract To decompress. WinZip and other decompression utilities use the term to mean "pulling out" the original files from the compressed archive. See WinZip and data compression. value from, our tolling agreements and wholesale generating assets. On the utility front, we'll be requesting bids from the market to provide power to our customers starting in 2005. And we are working to resolve any remaining issues on trading and affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. improprieties as soon as possible. "We have a number of strengths to draw on," Eppler said. "Our utility's record of service and reliability is one of the best in the country. There is certainly risk associated with our Midstream tolling agreements, but we own new, state-of-the art, efficient generating plants, and power is a commodity that will continue to be in demand. Although our corporate debt leverage is higher than we'd we'd 1. Contraction of we had. 2. Contraction of we should. 3. Contraction of we would. we'd have ~would like, cash flow from our wholesale plants is being used to pay down debt, and our liquidity is adequate into 2004 without having to access the capital markets unless we choose to do so. "In terms of earnings guidance," Eppler said, "we see the earnings potential for Cleco Power to be in the range of $1.00 to $1.10 during 2003 and 2004, assuming normal weather. That's down somewhat from 2002, since last year's sales were driven by very strong weather and certain expenses were unusually low. We expect cost pressures in 2003 to include increases in power capacity costs, insurance premiums, pension and 401(k) costs, interest expense, depreciation expense and property taxes. "For forecast purposes, we assume the continuation continuation - continuation passing style of all four tolling agreements and continued performance by our counterparties. Acadia is targeted to contribute about $0.20 per share in an average year, and Perryville's average target is about $0.30 per share. Perryville's ongoing target is higher than we had projected in January January: see month. 2002 because we acquired the other half of that facility during June June: see month. 2002, and we've refined estimates of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. now that we have some operating history on that facility. Evangeline Evangeline concerns peaceful village vacated and destroyed during war. [Am. Lit.: “Evangeline” in Magill I, 261–263] See : Disaster Evangeline lifelong search for lover, Gabriel. [Am. Lit. is expected to continue to contribute about $0.30 per share on average, except in 2003, when major maintenance expenses are expected to reduce its earnings potential to about $0.25 per share. "If expenses at the corporate and Midstream holding companies are assumed to reduce earnings about $0.10 per share each year, then total corporate earnings targets for 2003 would be in the range of $1.65 to $1.75 per share and 2004 targets would be $1.70 to $1.80 per share. If and when one or more of the tolling agreements are altered in any way, naturally, that would affect these targets, and we will update our earnings guidance accordingly." Cleco management will discuss the company's 2002 fourth-quarter and annual results during a conference call scheduled for 11 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy (10 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ) Wednesday Wednesday: see week. , Jan. 29, 2003. The call will be broadcast live on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , and replays will be available for 90 days. Investors may access the webcast at http://www.shareholder.com/cnl. Cleco's businesses referred to in this news release are:
Cleco Power LLC
Cleco Midstream Resources LLC
UTS LLC (formerly known as Utility Construction & Technology
Solutions LLC)
Other (Cleco Corporation; Cleco Support Group LLC, Cleco
Innovations LLC; CLE Resources, Inc.)
Cleco Corp. is a regional energy services company headquartered in Pineville, La. It operates a regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. electric utility company that serves more than 250,000 customers across Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. . Cleco also operates
a wholesale energy business that has approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2,100 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com.
Financial tables follow:
CLECO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
(unaudited)
Three Months Ended December 31 2002 2001
----------------------------------------------------------------------
OPERATING REVENUE
Electric operations $ 132,138 $ 105,053
Tolling operations 23,994 11,222
Energy trading, net (1) 664 1,928
Energy operations 9,275 7,759
Other operations 8,969 7,296
-------------------------------
Gross Operating Revenue 175,040 133,258
Electric customer credits (1,325) (1,000)
-------------------------------
Total Operating Revenue 173,715 132,258
-------------------------------
OPERATING EXPENSES
Fuel used for electric generation 37,931 9,997
Power purchased for utility customers 35,734 26,922
Purchases for energy operations 7,943 5,937
Operations and maintenance 29,997 36,188
Depreciation 20,756 15,057
Restructuring charge 10,164 -
Taxes other than income taxes 8,793 8,922
-------------------------------
Total Operating Expenses 151,318 103,023
-------------------------------
OPERATING INCOME 22,397 29,235
Interest expense and AFUDC, net 19,529 14,214
Impairment of asset 3,587 -
Other (income) expenses, net (8,408) (7,174)
-------------------------------
NET INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES AND PREFERRED
DIVIDENDS 7,689 22,195
Federal and state income tax expense 4,508 7,213
-------------------------------
Net income from continuing operations 3,181 14,982
-------------------------------
Discontinued operations
Loss from disposal of segment,
net of income taxes - (433)
-------------------------------
Total discontinued operations - (433)
-------------------------------
Net income before preferred dividends 3,181 15,415
Preferred dividend requirements, net 468 471
-------------------------------
Net income applicable to common stock $ 2,713 $ 14,944
===============================
Earnings per share
Basic
Net income from continuing
operations $ 0.06 $ 0.32
Discontinued operations $ - $ 0.01
Net income applicable to common
stock $ 0.06 $ 0.33
Diluted
Net income from continuing
operations $ 0.06 $ 0.32
Discontinued operations $ - $ 0.01
Net income applicable to common
stock $ 0.06 $ 0.33
Average number of shares outstanding
Basic 47,033,461 44,978,069
Diluted 49,486,816 47,625,996
Cash dividends paid per share of
common stock $ 0.225 $ 0.22
(1) Cleco Corporation adopted Issue 1 of EITF No. 02-3. Issue 1
requires that all gains and losses from energy trading contracts,
as defined in EITF No. 98-10, be reported on the income statement
on a net basis. The netting requirement reduces Cleco's gross
revenue and expenses reported in the statements of income prepared
after the effective date of July 15, 2002. Prior period amounts
have been reclassified in order to be consistent with current
reporting requirements.
CLECO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)
(unaudited)
Twelve Months Ended December 31 2002 2001
----------------------------------------------------------------------
OPERATING REVENUE
Electric operations $ 568,102 $ 592,253
Tolling operations 90,260 60,522
Energy trading, net (1) 1,675 7,049
Energy operations 30,081 58,659
Other operations 34,006 32,076
-------------------------------------
Gross Operating Revenue 724,124 750,559
Electric customer credits (2,900) (1,800)
-------------------------------------
Total Operating Revenue 721,224 748,759
-------------------------------------
OPERATING EXPENSES
Fuel used for electric
generation 143,733 182,384
Power purchased for utility
customers 150,400 139,939
Purchases for energy operations 25,317 48,314
Operations and maintenance 123,058 119,529
Depreciation 69,157 60,433
Restructuring charge 10,164 -
Taxes other than income taxes 38,812 37,966
-------------------------------------
Total Operating Expenses 560,641 588,565
-------------------------------------
OPERATING INCOME 160,583 160,194
Interest expense and AFUDC, net 60,609 58,347
Impairment of asset 3,587 -
Other (income) expenses, net (17,731) (8,782)
-------------------------------------
NET INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
AND PREFERRED DIVIDENDS 114,118 110,629
Federal and state income
tax expense 42,243 38,356
-------------------------------------
Net income from continuing
operations 71,875 72,273
-------------------------------------
Discontinued operations
Loss from disposal of segment,
net of income taxes - 2,035
-------------------------------------
Total discontinued operations - 2,035
-------------------------------------
Net income before preferred
dividends 71,875 70,238
Preferred dividend
requirements, net 1,872 1,876
-------------------------------------
Net income applicable
to common stock $ 70,003 $ 68,362
=====================================
Earnings per share
Basic
Net income from continuing
operations $ 1.51 $ 1.56
Discontinued operations $ - $ (0.04)
Net income applicable to
common stock $ 1.51 $ 1.52
Diluted
Net income from continuing
operations $ 1.47 $ 1.51
Discontinued operations $ - $ (0.04)
Net income applicable to
common stock $ 1.47 $ 1.47
Average number of shares outstanding
Basic 46,245,104 45,000,955
Diluted 48,771,864 47,763,713
Cash dividends paid per share
of common stock $ 0.895 $ 0.87
(1) Cleco Corporation adopted Issue 1 of EITF No. 02-3. Issue 1
requires that all gains and losses from energy trading contracts,
as defined in EITF No. 98-10, be reported on the income statement
on a net basis. The netting requirement reduces Cleco's gross
revenue and expenses reported in the statements of income prepared
after the effective date of July 15, 2002. Prior period amounts
have been reclassified in order to be consistent with current
reporting requirements.
CLECO CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
December 31, December 31,
2002 2001
----------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 114,331 $ 11,938
Accounts receivable, net 77,863 72,573
Other current assets 92,687 75,120
----------------------------------------------------------------------
Total current assets 284,881 159,631
Property, plant and
equipment, net 1,566,155 1,224,648
Equity investment in investees 273,688 227,169
Prepayments, deferred
charges and other 219,882 156,442
----------------------------------------------------------------------
Total Assets $2,344,606 $ 1,767,890
======================================================================
Liabilities and Shareholders' Equity
Liabilities
Current liabilities
Short-term debt $ 353,446 $ 210,398
Accounts payable 110,324 95,044
Other current liabilities 47,714 51,075
----------------------------------------------------------------------
Total current liabilities 511,484 356,517
Deferred credits and
other liabilities 377,205 276,642
Long-term debt, net 875,939 626,777
----------------------------------------------------------------------
Total Liabilities 1,764,628 1,259,936
----------------------------------------------------------------------
Shareholders' equity
Common stock 565,304 491,966
Preferred stock 17,508 15,988
Other comprehensive income (2,834) -
----------------------------------------------------------------------
Total Shareholders' Equity 579,978 507,954
----------------------------------------------------------------------
Total Liabilities and
Shareholders' Equity $2,344,606 $ 1,767,890
======================================================================
Please note: In addition to historical financial information, this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about future results and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or with respect to which there are many risks and uncertainties, including the weather and other natural phenomena, state and federal legislative and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. initiatives, the timing and extent of changes in commodity prices and interest rates, the operating performance of Cleco Power's and Midstream's facilities, the financial condition of the Company's tolling agreement counterparties, the performance of the tolling agreements by such counterparties, and the other risks and uncertainties more fully described in the Company's latest Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . Actual results may differ materially from those indicated in such forward-looking statements. |
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