Cleco Corp. Posts Second-Quarter Net Income of $20.2 Million; Maintains earnings target for 2005.PINEVILLE There are several places named Pineville in the United States.
See: New York Stock Exchange :CNL CNL CityNightLine (German Rail) CNL Cancel CNL Clinical Nurse Leader Cnl Colonel CNL Center for Naval Leadership CNL Compensated Neutron Log (oil industry) ) today reported second-quarter net income of $20.2 million, or $0.40 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, compared to $10.1 million, or $0.22 per diluted share, recorded in the second quarter of 2004. The primary reason for the improvement was the absence of the $10 million, or $0.14 per share, in charges from the fuel audit settlement with the 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 ) recorded in the second quarter of 2004. For the six months ended June June: see month. 30, 2005, net income was $29.1 million, or $0.58 per diluted share, a $5.9 million increase over the $23.2 million, or $0.49 per diluted share, reported during the same period of 2004. The absence of the fuel audit settlement charges was again the primary reason for the increase. "We've we've Contraction of we have. we've have had an eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. year so far, with the completion of the sale of the Perryville Perryville is the name of some places in the United States of America:
Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Madison Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. said. "Cleco Power's proposal still has many hurdles to clear including regulatory and environmental, but if our current timeline
Timeline may refer to:
"The completion of the sale of the Perryville generating assets to Entergy Entergy Corporation NYSE: ETR is an integrated energy company engaged primarily in electric power productions and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , Inc. is another step in the 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). of our wholesale energy business," Madison said. "The proceeds
from the sale of the generating assets have been used to repay senior
lenders, and our goal is to repay all of Perryville's remaining
creditors."In July July: see month. , we finalized See finalization. a $207 million settlement of our claims in the Mirant Mirant Services LLC, an Atlanta-based energy company, produces and sells electricity in the United States, the Caribbean, and the Philippines. The company was spun-off from parent, Southern Company, on April 2, 2001. bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most case and, as part of that settlement, have offset $98.7 million of Perryville's subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". . We've reached an agreement to sell the remaining $108.3 million of our settled claims," Madison said. "Once all is said and done, we should recover our entire investment in the Perryville project and realize a reasonable return," Madison said.
Consolidated Diluted Earnings Per Share Allocated to Subsidiaries
----------------------------------------------------------------------
Diluted EPS
----------------------------
Three Months Ended June 30,
----------------------------
Subsidiary 2005 2004
----------------------------------------------------------------------
Cleco Power LLC $0.34 $0.22
Cleco Midstream Resources LLC 0.07 0.06
Corporate and Other(1) (0.01) (0.05)
----------------------------------------------------------------------
Earnings from continuing operations $0.40 $0.23
Cleco Energy LLC discontinued operations -- $(0.01)
----------------------------------------------------------------------
Earnings applicable to common stock $0.40 $0.22
----------------------------------------------------------------------
Diluted EPS
--------------------------
Six Months Ended June 30,
--------------------------
Subsidiary 2005 2004
----------------------------------------------------------------------
Cleco Power LLC $0.50 $0.46
Cleco Midstream Resources LLC 0.13 0.11
Corporate and Other(1) (0.04) (0.08)
----------------------------------------------------------------------
Earnings from continuing operations $0.59 $0.49
Cleco Energy LLC discontinued operations $(0.01) --
----------------------------------------------------------------------
Earnings applicable to common stock $0.58 $0.49
----------------------------------------------------------------------
(1) Includes dividends on preferred stock
Major Reconciling Items for Second-Quarter EPS 2005 vs. 2004:
-------------------------------------------------------------
$0.22 2004 Second-Quarter Diluted EPS
0.14 Absence of $10 million 2004 LPSC fuel audit settlement
adjustments
0.01 Higher Cleco Power non-fuel revenue, net of customer refund
accrual under rate stabilization plan (excludes 2004 LPSC
fuel audit adjustments)
(0.02) Higher Cleco Power non-fuel expenses (excludes 2004 LPSC fuel
audit adjustments)
(0.01) Impact of higher number of outstanding shares, partially
offset by lower Cleco Power effective tax rate
0.01 Higher contribution from Cleco Midstream
0.04 Lower corporate legal and consulting expenses
0.01 Cleco Energy discontinued operations
------
$0.40 2005 Second-Quarter Diluted EPS
======
Cleco Power LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Cleco Power posted second-quarter net income of $17.3 million, or $0.34 per share, compared to $9.9 million, or $0.22 per share, recorded in the same period of 2004. The key reason for the increase was the absence of $10.0 million, or $0.14 per share, in charges for the 2004 settlement of the LPSC fuel audit. Non-fuel revenue, net of customer refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. and the fuel audit settlement adjustments, increased $0.01 per share in the quarter-to-quarter comparison with 2004. Higher volumes of retail and wholesale 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 compared to a year ago increased revenue $0.01 per share due mostly to warm spring weather. Customer refund accruals related to the rate stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders plan were $0.03 per share less than a year ago. Revenue from transmission and other miscellaneous sources was $0.01 per share higher than in the second quarter of 2004. Offsetting the increases was the absence of $0.04 per share in favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. fuel surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. adjustments recorded in June 2004 related to previously uncollected fuel costs. Second quarter 2005 retail and wholesale kilowatt-hour sales were up 4 percent over the same period of a year ago. Cooling-degree days were 8 percent higher than normal and 6 percent higher than in the second quarter of 2004.
(Million kWh) For the three months
ended June 30,
------------------------
2005 2004 Change
------------------------
Electric Sales
Residential 751 767 (2.1)%
Commercial 437 449 (2.7)%
Industrial 705 761 (7.4)%
Other retail 143 143 0.0 %
Unbilled 224 131 71.0 %
----------------
Total retail 2,260 2,251 0.4 %
Sales for resale 264 176 50.0 %
----------------
Total retail and wholesale customer sales 2,524 2,427 4.0 %
Total non-fuel 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. were up $0.02 per share over the second quarter of 2004. Operating and maintenance expenses increased approximately $0.07 per share. Of that amount, $0.02 per share was associated with a planned major spring inspection and maintenance of Rodemacher Unit 1, $0.01 per share was related to costs associated with the Integrated Resource Planning Resource planning may refer to:
Depreciation expense increased $0.01 per share. Offsetting the increases was a reduction in capacity payments in the second quarter of 2005 of $0.02 per share compared to a year ago, while other taxes expense was $0.01 per share lower. Also offsetting the increased expenses was $0.03 per share from the sale of certain Cleco Power distribution assets. Cleco Power realized a $0.01 per share positive benefit from a lower effective income tax rate during the second quarter of 2004. Earnings were reduced $0.02 per share due to an increase in the number of outstanding shares. 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's second-quarter earnings for 2005 were $0.07 per share, up $0.01 per share due to a stronger performance by the Acadia project. Other Corporate and other expenses were $0.04 per share lower in the second quarter of 2005 compared to a year ago primarily due to the absence of legal and consulting fees related to the LPSC fuel audit settlement. Also affecting the decrease was the absence of a $0.01 per share loss in 2004 from the discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of Cleco Energy LLC. Substantially all of Cleco Energy's assets were sold in the last half of 2004. Because the Perryville project's results were deconsolidated from Cleco Corp.'s financial statements effective with its Jan. 28, 2004, bankruptcy filing, Perryville operations are only reflected in corporate consolidated results prior to that date. Perryville recorded net income on a stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." basis of $4.2 million in the second quarter of 2005 compared to a loss of $1.3 million in the second quarter of 2004. The difference is mainly due to the gain on the sale of the Perryville generating assets of $10.1 million.
Results for Six Months ended June 30, 2005:
-------------------------------------------
Major Reconciling Items for Six Months ended
June 30 EPS 2005 vs. 2004:
--------------------------------------------
$0.49 2004 Six Months ended June 30 Diluted EPS
0.14 Absence of 2004 LPSC fuel audit settlement adjustments
0.01 Higher Cleco Power non-fuel revenue, net of customer refund
accrual under rate stabilization plan (excludes 2004 LPSC
fuel audit adjustments)
(0.09) Higher Cleco Power non-fuel expenses (excludes 2004 LPSC fuel
audit adjustments)
(0.02) Effect of higher number of outstanding shares
0.02 Higher contribution from Cleco Midstream
0.04 Lower corporate legal and consulting fees
(0.01) Cleco Energy discontinued operations
------
$0.58 2005 Six Months ended June 30 Diluted EPS
Cleco Power LLC Cleco Power recorded year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net income of $24.9 million, or $0.50 per share, a $3.0 million, or $0.04 per share, increase from the $21.9 million, or $0.46 per share, reported in the first half of 2004. The primary impact on results was the absence of $0.14 per share in charges stemming from the 2004 LPSC fuel audit. Non-fuel revenue was up $0.01 per share, net of accruals for customer refunds and the fuel audit settlement adjustments, compared to the first six months of 2004. The combination of mild winter weather and the loss of a municipal customer reduced revenue by $0.02 per share. In addition, revenue was reduced $0.02 per share by lower fuel surcharge adjustments. Offsetting these decreases were $0.03 per share in lower customer refund accruals and $0.02 per share in higher transmission and miscellaneous revenues. For the first six months of 2005, kilowatt-hour sales were down 0.2 percent from the same period of 2004. Spring weather was warmer than normal as shown by cooling degree-days that were 10 percent higher than normal and 6 percent higher than the first half of 2004. However, winter weather was mild, and heating degree-days were 29 percent below normal and 21 percent below the first half of 2004.
(Million kWh) For the six months
ended June 30,
------------------------
2005 2004 Change
------------------------
Electric Sales
Residential 1,541 1,589 (3.0)%
Commercial 843 855 (1.4)%
Industrial 1,386 1,421 (2.5)%
Other retail 279 276 1.1 %
Unbilled 131 50 162.0 %
----------------
Total retail 4,180 4,191 (0.3)%
Sales for resale 385 363 6.1 %
----------------
Total retail and wholesale customer sales 4,565 4,554 (0.2)%
Utility non-fuel expenses increased $0.09 per share in the first half of 2005 compared to the same period a year ago. Of the increase, $0.04 per share was related to a major inspection and maintenance work at generating plants, $0.01 per share involved Integrated Resource Planning project costs, $0.01 per share was due to higher transmission maintenance, and another $0.01 per share was due to other miscellaneous operating and maintenance expenses. In addition, incentive compensation and payroll expenses were up $0.07 per share, and depreciation expense was up $0.01 per share over a year ago. Partially offsetting the increases were $0.02 per share in lower capacity payments and $0.01 per share of lower interest expense when compared to the first six months of 2004. Also, the sale of certain Cleco Power distribution assets offset expenses by $0.03 per share. Compared to the same period of 2004, earnings also were reduced by $0.02 per share by a higher number of outstanding shares. Cleco Midstream Resources LLC Cleco Midstream earned $0.13 per share so far in 2005, up $0.02 per share from the $0.11 per share earned in the first half of 2004. The main driver of Midstream's increase during the first half of 2005 was the absence of Perryville's $0.03 per share loss recorded before it filed for bankruptcy protection on Jan. 28, 2004. Perryville was deconsolidated from corporate results after the bankruptcy filing. In addition, lower turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. maintenance helped Evangeline's results increase $0.01 per share over the first six months of 2004. Higher incentive compensation benefits and professional expenses in 2005 reduced Midstream's earnings by $0.02 per share in the period-to-period comparison. Other Corporate and other expenses were down $0.04 per share in the first half of 2005 with the absence of legal and consulting fees related to the 2004 fuel audit. Because the Perryville project's results were deconsolidated from Cleco Corp.'s financial statements effective with its Jan. 28, 2004, bankruptcy filing, Perryville operations are only reflected in corporate consolidated results prior to that date. Perryville's 2005 income year-to-date is $2.4 million compared to a loss of $2.3 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the period from Jan. 28, 2004, through June 30, 2004. The difference is mainly due to the $10.1 million gain on the sale of the Perryville generating assets. 2004 Request for Proposals Update "On July 1, Cleco Power filed with the LPSC its plans to build a 600-MW unit using clean-coal technology," Madison said. "The favored location is on the site of our Rodemacher Power Station, and we've been pleased with the positive reception the project has received from state and local government officials and community leaders. However, we have a long way to go before this $1 billion project becomes a reality. We have filed our application with the LPSC to obtain our Certificate of Public Convenience and Necessity for the plant, which we hope will be approved by the end of the first quarter of 2006. We also hope to receive all of the necessary environmental permits during the first half of 2006. "In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we intend to ask the LPSC to extend our current rate stabilization plan, which expires Sept. 30, 2005, for a minimum of one year. The extension would give us time to seek approval of the generation project and work out cost recovery for the proposed unit," Madison said. "The good news is that LPSC commissioners have urged utilities to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. their fuel mix and reduce use of natural gas, the price of which is both expensive and highly volatile. "This unit will allow us to diversify our fuel portfolio," he said. "Right now, some 70 percent of the power we sell comes from natural gas. With this unit online, our fuel mix could be as high as 75 percent solid fuel if that is the most advantageous to our customers. And with the circulating cir·cu·late v. cir·cu·lat·ed, cir·cu·lat·ing, cir·cu·lates v.intr. 1. To move in or flow through a circle or circuit: blood circulating through the body. 2. fluidized bed A fluidized bed is formed when a quantity of a solid particulate substance (usually present in a holding vessel) is forced to behave as a fluid; usually by the forced introduction of pressurised gas through the particulate medium. boilers we're we're Contraction of we are. we're we are planning to use, we have the ability to burn a number of solid fuels - everything from petroleum coke Petroleum coke (often abbreviated petcoke) is a carbonaceous solid derived from oil refinery coker units or other cracking processes.[1] Other coke has traditionally been derived from coal. , to Powder River Basin The Powder River Basin is a region in southeast Montana and northeast Wyoming about 120 miles east to west and 200 miles north to south known for its coal deposits. It is both a topographic drainage and geologic structural basin. coal, to Louisiana lignite lignite (lĭg`nīt) or brown coal, carbonaceous fuel intermediate between coal and peat, brown or yellowish in color and woody in texture. . We'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall use the most economical fuel, but right now we are looking at petcoke as our primary fuel. "In addition, Cleco Power is seeking approval of a four-year, 500-megawatt contract with Williams Power Co. and a one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants , 200-megawatt contract with Calpine
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op we will receive LPSC approval of the contracts by the end of the year," Madison said. Financing Activity Cleco Corp. repaid $100 million of corporate senior notes on June 1 with a combination of cash and a $30 million draw on its $150 million five-year credit facility. In addition, Cleco Power sold $50 million of 4.95 percent 10-year notes. Proceeds were used to repay amounts borrowed under the utility's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. first mortgage bonds in March 2005. Perryville Sale "Our final sale price to Entergy Louisiana, Inc. for the generating assets was approximately $162 million, and we anticipate completing the sale of our $108.3 million Mirant bankruptcy claims and expect to net $81 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ," Madison said. "Perryville was deconsolidated from corporate financial results when it filed for bankruptcy protection in January January: see month. 2004," he said. "However, once Perryville completes its bankruptcy reorganization process and is reconsolidated, the net result of the sale transactions will be reflected in corporate results. We estimate that the combination of the asset sale and claim monetization Monetization The securitization of the gross revenues of a contract. will result in about $2.20 per share in earnings benefit for 2005 and give us approximately $70 million in additional cash, after tax. "In addition, we retained ownership of Perryville's transmission interconnection in·ter·con·nect v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. equipment, and we'll provide transmission and interconnection service to Entergy Louisiana under a cost-of-service tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic being considered by the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. ." Customer Satisfaction Cleco Power received the highest customer satisfaction rating in the nation among investor-owned utilities for 2005, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the results of a recently released survey of residential customers by a nationally known market research firm. "Our customer satisfaction ratings continue to be among the best in the country. We've set a high standard, but I know our employees are up to the job of continuing to improve our customer service," Madison said. Earnings Targets "We're sticking by our previous earnings target range of $1.35 to $1.40 per share," Madison said. "That target range assumes continued normal weather for utility power sales, the extension of our current rate stabilization plan, and continued performance of our tolling contracts at Acadia and 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. . The earnings targets do not include the expected gain The expected gain (or expected return) is the weighted-average most likely outcome in gambling, probability theory, economics or finance. Discrete scenarios In gambling and probability theory, there is usually a discrete set of possible outcomes. from the sale of the Perryville plant or the expected sale of the Mirant bankruptcy claims." Cleco management will discuss the company's 2005 second-quarter results during a conference call scheduled for 11 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT (10 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT ) Wednesday Wednesday: see week. , Aug. 3, 2005. 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 12 months. Investors may access the webcast through the company's Web site at www.cleco.com by selecting "For Investors" and then "2nd Quarter 2005 Earnings Conference Call."
Cleco's businesses referred to in this news release are:
Cleco Power LLC
Cleco Midstream Resources LLC
Perryville Energy Partners, L.L.C.; Perryville Energy Holdings LLC
Acadia Power Holdings LLC
Other (Cleco Corporation; Cleco Support Group LLC, Cleco
Innovations LLC; CLE Resources, Inc.)
Cleco Corp. is a regional energy provider headquartered in Pineville, La. It operates a regulated electric utility that serves 265,000 customers across Louisiana. Cleco also operates a wholesale energy business that has approximately 1,400 megawatts of capacity. For more information about Cleco, visit www.cleco.com. Financial tables follow:
CLECO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(UNAUDITED)
For the three months ended June 30, 2005 2004
----------------------------------------------------------------------
Operating revenue
Electric operations $183,881 $176,292
Other operations 8,102 6,989
Intercompany revenue 2,378 2,152
----------------------------------------------------------------------
Gross operating revenue 194,361 185,433
Electric customer credits (253) (19,111)
----------------------------------------------------------------------
Operating revenue, net 194,108 166,322
----------------------------------------------------------------------
Operating expenses
Fuel used for electric generation 13,725 19,707
Power purchased for utility customers 92,501 71,795
Other operations 21,118 21,736
Maintenance 13,653 10,896
Depreciation 15,105 14,432
Taxes other than income taxes 9,281 9,767
Gain on sales of assets (2,201) -
----------------------------------------------------------------------
Total operating expenses 163,182 148,333
----------------------------------------------------------------------
Operating income 30,926 17,989
Interest income 884 2,031
Allowance for other funds used during
construction 831 884
Equity income from investees 11,044 9,094
Other income 441 210
Other expense (228) (293)
Interest charges
Interest charges, including amortization of
debt expenses, premium and discount,
net of capitalized interest 10,930 11,096
Allowance for borrowed funds used during
construction (278) (287)
----------------------------------------------------------------------
Total interest charges 10,652 10,809
----------------------------------------------------------------------
Income from continuing operations before
income taxes 33,246 19,106
Federal and state income tax expense 12,547 7,919
----------------------------------------------------------------------
Income from continuing operations 20,699 11,187
Loss from discontinued operations, net of tax (72) (288)
----------------------------------------------------------------------
Net income 20,627 10,899
Preferred dividends requirements, net 448 778
----------------------------------------------------------------------
Net income applicable to common stock $20,179 $10,121
----------------------------------------------------------------------
Average shares of common stock outstanding
Basic 49,507,159 47,078,622
Diluted 51,628,677 49,323,568
Basic earnings (loss) per share
From continuing operations $0.40 $0.23
From discontinued operations $- $(0.01)
Net income applicable to common stock $0.40 $0.22
Diluted earnings (loss) per share
From continuing operations $0.40 $0.23
From discontinued operations $- $(0.01)
Net income applicable to common stock $0.40 $0.22
Cash dividends paid per share of common stock $0.225 $0.225
----------------------------------------------------------------------
CLECO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(UNAUDITED)
For the six months ended June 30, 2005 2004
----------------------------------------------------------------------
Operating revenue
Electric operations $346,712 $325,671
Tolling operations - 10,255
Other operations 15,252 13,894
Intercompany revenue 4,731 2,984
----------------------------------------------------------------------
Gross operating revenue 366,695 352,804
Electric customer credits (471) (19,833)
----------------------------------------------------------------------
Operating revenue, net 366,224 332,971
----------------------------------------------------------------------
Operating expenses
Fuel used for electric generation 62,473 49,850
Power purchased for utility customers 143,015 126,904
Other operations 43,494 41,224
Maintenance 23,124 19,503
Depreciation 29,876 30,643
Taxes other than income taxes 19,708 19,748
Gain on sales of assets (2,206) -
----------------------------------------------------------------------
Total operating expenses 319,484 287,872
----------------------------------------------------------------------
Operating income 46,740 45,099
Interest income 1,851 2,406
Allowance for other funds used during
construction 1,779 1,726
Equity income from investees 20,873 17,603
Other income 819 308
Other expense (791) (623)
Interest charges
Interest charges, including amortization of
debt expenses, premium and discount,
net of capitalized interest 23,049 29,014
Allowance for borrowed funds used during
construction (594) (570)
----------------------------------------------------------------------
Total interest charges 22,455 28,444
----------------------------------------------------------------------
Income from continuing operations before
income taxes 48,816 38,075
Federal and state income tax expense 18,543 13,450
----------------------------------------------------------------------
Income from continuing operations 30,273 24,625
Loss from discontinued operations, net of tax (205) (130)
----------------------------------------------------------------------
Net income 30,068 24,495
Preferred dividends requirements, net 923 1,277
----------------------------------------------------------------------
Net income applicable to common stock $29,145 $23,218
----------------------------------------------------------------------
Average shares of common stock outstanding
Basic 49,396,105 46,994,132
Diluted 51,558,920 47,065,367
Basic earnings (loss) per share
From continuing operations $0.59 $0.49
From discontinued operations $(0.01) $-
Net income applicable to common stock $0.58 $0.49
Diluted earnings (loss) per share
From continuing operations $0.59 $0.49
From discontinued operations $(0.01) $-
Net income applicable to common stock $0.58 $0.49
Cash dividends paid per share of common stock $0.450 $0.450
----------------------------------------------------------------------
CLECO CORPORATION
CONSOLIDATED BALANCE SHEETS
(Thousands)
(UNAUDITED)
At June 30, At Dec. 31,
2005 2004
----------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $14,424 $123,787
Account receivable, net 64,708 60,306
Other current assets 123,698 103,673
----------------------------------------------------------------------
Total current assets 202,830 287,766
Property, plant and equipment, net 1,074,907 1,060,045
Investment in subsidiary 314,101 314,284
Prepayments, deferred charges and other 172,695 174,968
----------------------------------------------------------------------
Total assets $1,764,533 $1,837,063
======================================================================
Liabilities
Current liabilities
Short-term debt $40,000 $160,000
Accounts payable 70,466 75,770
Other current liabilities 84,170 101,907
----------------------------------------------------------------------
Total current liabilities 194,636 337,677
Deferred credits and other liabilities 515,057 487,770
Long-term debt, net 480,554 450,552
----------------------------------------------------------------------
Total liabilities 1,190,247 1,275,999
----------------------------------------------------------------------
Shareholders' equity
Preferred stock 19,926 19,226
Common shareholders' equity 557,654 545,106
Accumulated other comprehensive loss (3,294) (3,268)
----------------------------------------------------------------------
Total shareholders' equity 574,286 561,064
----------------------------------------------------------------------
Total liabilities and shareholders'
equity $1,764,533 $1,837,063
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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 initiatives, the timing and extent of changes in commodity prices and interest rates, the operating performance of Cleco Power's and Midstream's facilities, Cleco Power's ability to construct, operate and maintain any self-build project within its projected costs, the financial condition of the company's tolling agreement 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. , the performance of the tolling agreements by such counterparties, the provision of transmission and interconnection service to Entergy Louisiana, the sale of Perryville's claims in the Mirant bankruptcy case and the receipt of amounts therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. , the accounting treatment of the reconsolidation Re`con`sol`i`da´tion n. 1. The act or process of reconsolidating; the state of being reconsolidated. of Perryville, 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 Report 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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