Cleco Corp. Posts Third-Quarter Net Income of $41.9 Million Adjusts Earnings Outlook 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 third-quarter net income of $41.9 million, or $0.82 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, up from the $26.9 million, or $0.55 per share, posted during the third quarter of 2004. The main drivers of the increase were higher Cleco Power revenue, lower Cleco Power nonfuel expenses, as well as improved results at 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 and lower net interest expense at the holding company level. For the nine months ended Sept. 30, 2005, the company recorded net income of $71.0 million, or $1.40 per diluted share, compared to $50.1 million, or $1.04 per share, reported for the same period of 2004. Primary factors behind the improved results include higher Cleco Power revenue and the absence of the $10.0 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, as well as improved results at Cleco Midstream Resources and lower net interest expense at the holding company level. "Our financial results are strong for the quarter and the year, but they pale in comparison to the work of our employees in overcoming the biggest storm restoration challenge our company has ever faced," said Michael Michael, archangel 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. , 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. of Cleco Corp. "The performance of our employees in restoring power to the 223,000 customers affected by Hurricanes Katrina KATRINA Keeping All the Resources in New Orleans Alive KATRINA Krewe Aiding Trash Removal In the New Orleans Area and Rita was awe inspiring. "At the same time, we were able to make substantial progress in other key areas as well. We continued moving ahead with our proposal to build a new solid-fuel unit at our Rodemacher plant site. While we still need 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. and environmental agency approvals, we have reached a significant milestone with the signing of an engineering, procurement and construction  The introduction to this article is vague. To comply with Wikipedia's guidelines, it should be improved. contract. This project is vital to
diversifying our fuel supply, helping stabilize stabilizeSee peg. our customers' costs and providing an economic boost to Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. ," Madison said."In addition, effective in October October: see month. the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approved the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. for our Perryville Perryville is the name of some places in the United States of America:
Consolidated Diluted Earnings Per Share Allocated to Subsidiaries
-----------------------------------------------------------------
Diluted EPS
-----------
Three Months Ended Sept. 30,
----------------------------
Subsidiary 2005 2004
---------- ---- ----
Cleco Power LLC $0.53 $0.35
Cleco Midstream Resources LLC 0.26 0.23
Corporate and Other(1) 0.03 (0.02)
------------- -------------
Earnings from continuing operations $0.82 $0.56
Cleco Energy LLC discontinued operations -- (0.01)
------------- -------------
Earnings applicable to common stock $0.82 $0.55
============= =============
Diluted EPS
-----------
Nine Months Ended Sept. 30,
---------------------------
Subsidiary 2005 2004
---------- ---- ----
Cleco Power LLC $1.03 $0.81
Cleco Midstream Resources LLC 0.39 0.34
Corporate and Other(1) (0.01) (0.10)
------------- -------------
Earnings from continuing operations $1.41 $1.05
Cleco Energy LLC discontinued operations (0.01) (0.01)
------------- -------------
Earnings applicable to common stock $1.40 $1.04
============= =============
Results for Third Quarter 2005:
-------------------------------
Major Reconciling Items for Third-Quarter EPS 2005 vs. 2004:
------------------------------------------------------------
$0.55 2004 Third-Quarter Diluted EPS
0.14 Higher Cleco Power nonfuel revenue, net of customer refund
accrual under rate stabilization plan
0.07 Lower Cleco Power nonfuel expenses
0.03 Higher earnings contribution from Cleco Midstream
(0.03) Effect of higher number of outstanding shares
0.05 Lower corporate expenses, primarily interest expense
------
0.81
0.01 Absence of 2004 Cleco Energy loss from discontinued
------ operations
$0.82 2005 Third-Quarter Diluted EPS
======
(1) Includes dividends on preferred stock
Cleco Power LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Cleco Power's 2005 third-quarter earnings were $0.18 per share higher than in the third quarter of 2004. Nonfuel 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. , increased $0.14 per share in the quarter-to-quarter comparison largely due to an increase in base revenue, a mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. gain on fuel hedging Fuel hedging is the practice, often employed by airline companies, of making advance purchases of fuel at a fixed price for future delivery to protect against the shock of anticipated rises in price. See also
Base revenue was up $0.05 per share compared to the third quarter of 2004 primarily due to warmer-than-normal weather and higher sales to two municipal wholesale customers. The increase was partially offset by the impact of extended storm-related customer outages related to Hurricanes Katrina and Rita. 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 3.2 percent over the third quarter of 2004. Cooling degree-days were up 21 percent compared to the third quarter of 2004 and 17 percent above normal.
(Million kWh) For the three months ended Sept. 30,
--------------------------------------
2005 2004 Change
------------ ------------ ------------
Electric Sales
Residential 1,155 1,107 4.34 %
Commercial 540 537 0.56 %
Industrial 760 736 3.26 %
Other retail 174 169 2.96 %
Unbilled (74) (16) (362.50)%
-------------------------
Total retail 2,555 2,533 0.87 %
Sales for resale 203 139 46.04 %
-------------------------
Total retail and wholesale
customer sales 2,758 2,672 3.22 %
Adding to the utility's positive results over the same period a year ago was $0.06 per share from mark-to-market gains on fuel hedge transactions tied to a new wholesale power contract with a municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests. . That fixed-price contract starts in January January: see month. . Cleco Power anticipates a large portion of the gains will be offset by losses in future periods stemming from the contract. In light of these economic hedge transactions, volatility in natural gas prices will likely cause fluctuation Fluctuation A price or interest rate change. in Cleco Power's future earnings. In addition, transmission revenue was $0.02 per share higher than the third quarter of 2004. Another $0.01 per share to the positive was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a lower customer refund accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. compared to last year's third quarter. Nonfuel expenses were $0.07 per share lower than in the same quarter of 2004. One of the primary differences was approximately $0.06 per share of lower capacity payments. The absence of fuel audit legal fees reduced expenses by $0.03 per share compared to the third quarter of 2004. In addition, there was a $0.02 per share decrease in maintenance expense largely due to lower transmission and distribution right-of-way Right-of-way or right of way may refer to: In geography:
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. increased $0.06 per share primarily due to higher employee incentive costs and higher professional fees. In addition, there was a $0.03 per share increase in depreciation and other expenses compared to the third quarter of 2004. Finally, the utility's earnings were reduced by $0.03 per share because of an increase in the number of outstanding shares of common stock. Cleco Midstream Resources LLC Cleco Midstream's earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were $0.26 per share in the third quarter of 2005, $0.03 per share higher than the same quarter of 2004. The Acadia project contributed $0.05 per share more than it did in the third quarter of 2004. The improved performance was primarily driven by lower maintenance expense during the quarter versus a year ago and an annual accelerated payment received due to the settlement reached between Acadia and Calpine
relating to relate prep → bezüglich +gen, mit Bezug auf +acc certain transmission-related issues under tolling agreements with CES. Evangeline's contribution was down $0.02 per share from a year ago. The major factors affecting the plant's results were higher sales taxes sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. paid on natural gas purchases, increased maintenance expense, and lower revenue due to lower plant capacity, as well as increased heat-rate penalties. Other Corporate and other expenses were $0.05 per share lower in the quarter-to-quarter comparison. The primary reasons were a decrease in interest expense related to the June June: see month. 2005 repayment of $100 million of senior notes at the holding company level and a benefit related to corporate-owned life insurance Corporate-owned life insurance (COLI) is life insurance on employees' lives that is owned by the employer corporation. COLI was originally purchased on the lives of key employees and executives by a company to hedge against the financial cost of losing key employees to policies. In addition, results were affected by the absence of the $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. Perryville The U.S. Bankruptcy Court for the Western District of Louisiana The District of Louisiana or Louisiana District was an official United States government designation for the portion of the Louisiana Purchase that had not been organized into Orleans Territory. The area north of present-day Arkansas was also known as Upper Louisiana. , Alexandria Alexandria, city, Egypt Alexandria, Arabic Al Iskandariyah, city (1996 pop. 3,328,196), N Egypt, on the Mediterranean Sea. It is at the western extremity of the Nile River delta, situated on a narrow isthmus between the sea and Lake Mareotis (Maryut). division, approved the reorganization plan for Perryville Energy Partners, L.L.C. and Perryville Energy Holdings LLC (collectively referred to as Perryville) effective Oct. 11, 2005. After the effective date of the reorganization plan, approximately $2.2 million in pre-petition claims were paid in full in compliance with the plan. In addition, cash distributions of $90.0 million were dividended by Perryville to Cleco Corp. Because Perryville'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 con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: results prior to that date. For the third quarter of 2004, Perryville recorded a loss of $0.9 million. Perryville recorded net income of $110.5 million during the third quarter of 2005 from its claims from the Mirant bankruptcy settlement, as well as transmission revenue. The financial results of the Perryville subsidiaries will be reintegrated with Cleco's consolidated financial results in the fourth quarter of 2005.
Results for Nine Months ended Sept. 30, 2005:
---------------------------------------------
Major Reconciling Items for Nine Months ended
Sept. 30 EPS 2005 vs. 2004:
---------------------------------------------
$1.04 Nine Months ended Sept. 30, 2004, Diluted EPS
0.17 Higher Cleco Power nonfuel revenue, net of customer refund
accrual under rate stabilization plan (excludes 2004 LPSC
fuel audit settlement)
0.03 Sale of Cleco Power property
(0.07) Higher Cleco Power nonfuel expenses (excludes 2004 LPSC
fuel audit adjustments)
0.14 Absence of $10 million LPSC fuel audit settlement
adjustments
(0.05) Effect of higher number of outstanding shares
0.05 Higher earnings contribution from Cleco Midstream
0.09 Lower corporate and other expense
------
$1.40 Nine Months ended Sept. 30, 2005, Diluted EPS
======
Cleco Power LLC For the nine months ended Sept. 30, 2005, Cleco Power's earnings were $0.22 per share higher than in the same period of 2004. Nonfuel revenue increased $0.17 per share when compared to the first nine months of 2004. Transmission and miscellaneous revenues were up by $0.04 per share over the first three quarters of 2004, and there was a $0.06 per share mark-to-market gain on natural gas hedges associated with a new municipal wholesale customer. In addition, customer refunds were $0.05 per share lower than in the same period of 2004. Cleco Power's results also improved compared to a year ago because of a $0.02 per share revenue adjustment related to gas transportation costs. Despite warmer-than-normal summer weather, revenue from electric sales to retail customers was down slightly compared to a year ago primarily because of the impact of the hurricanes, a lower 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. adjustment, and the May 2004 loss of a contract with a municipal customer.
(Million kWh) For the nine months ended Sept. 30
--------------------------------------
2005 2004 Change
------------ ------------ ------------
Electric Sales
Residential 2,696 2,696 0 %
Commercial 1,383 1,392 (0.65)%
Industrial 2,146 2,157 (0.51)%
Other retail 454 445 2.02 %
Unbilled 56 34 64.71 %
-------------------------
Total retail 6,735 6,724 0.16 %
Sales for resale 409 502 (18.53)%
-------------------------
Total retail and wholesale
customer sales 7,144 7,226 (1.13)%
Nonfuel expenses increased $0.07 per share over the same period of 2004. Operating and maintenance expenses were up $0.14 per share in period-to-period comparisons, approximately $0.11 per share of which was due to increased employee incentives. The remainder of increased O&M expenses stemmed stemmed adj. 1. Having the stems removed. 2. Provided with a stem or a specific type of stem. Often used in combination: stemmed goblets; long-stemmed roses. from a major inspection at Rodemacher Unit 1 and the expensing of costs associated with generation resource planning Resource planning may refer to:
The increase in O&M expenses was offset by $0.06 per share of lower capacity payments compared to the first nine months of 2004. Interest charges were $0.02 per share lower for the first nine months of 2005 after the redemption of mortgage bonds earlier in the year. In addition, income taxes were $0.02 per share lower than a year ago due to a hurricane casualty loss deduction. Other expenses were up $0.03 per share compared to the first three quarters of 2004, most of which was due to increased depreciation expense. The nine-months-ended results for 2005 also included a $0.03 per share gain from the sale of certain distribution assets and other property completed in 2005 and excluded a $0.14 per share charge taken in 2004 stemming from the settlement of the state fuel audit and associated investigation and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. of trading activities. Lastly, a $0.05 per share dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. in earnings was caused by the larger number of outstanding shares. Cleco Midstream Resources LLC Cleco Midstream's earnings were $0.39 per share for the first nine months of 2005, a $0.05 per share increase over the same period of 2004. Earnings from the Acadia project were $0.05 per share more during the first nine months of 2005 than in the same period a year ago primarily due to lower maintenance expense, as well as an annual accelerated payment received as a result of a settlement reached between Acadia and CES. These increases were partially offset by Acadia's heat rate settlement with CES. Evangeline's results were down $0.03 per share compared to the first three quarters of 2004 primarily because of higher sales taxes on natural gas purchases and lower revenue due to lower plant capacity. Another element of Midstream's performance was the absence of a $0.03 per share loss recorded before Perryville filed for bankruptcy protection on Jan. 28, 2004. Perryville was deconsolidated from corporate results after the bankruptcy filing. Other Corporate and other expenses decreased by $0.09 per share compared to the first three quarters of 2004. The main reasons for the decrease were a reduction in net interest expense stemming from the repayment of $100 million in senior corporate notes in June 2005 and from a benefit related to corporate-owned life insurance policies. Because the Perryville project's results were deconsolidated from Cleco Corp.'s financial statements effective with its Jan. 28, 2004, bankruptcy filing, 2004 Perryville operations are only reflected in corporate consolidated results prior to that date. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , Perryville reported $112.9 million in net income primarily from the sale of its generating assets and its claims from the Mirant bankruptcy settlement. From Jan. 28, 2004, through Sept. 30, 2004, Perryville recorded a net loss of $3.1 million after its deconsolidation. Strategic Update: "We've we've Contraction of we have. we've have overcome a remarkable series of challenges in the last few months, and at the same time we've been able to make progress on major strategic initiatives," Madison said. "We've estimated the cost of restoring power after Katrina at approximately $115 million, and we expect the final tally for Rita to be in the neighborhood of $50 million. Work is still ongoing in restoring the distribution system to the condition it was in prior to the storms. "We have capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. approximately 82 percent of the costs recorded as of Sept. 30, 2005, for Katrina and approximately 83 percent of the costs for Rita," Madison said. "The LPSC approved amortizing the remaining O&M portion of the storm restoration costs over 10 years starting in October. "We're we're Contraction of we are. we're we are in discussions with Louisiana regulators on possible methods to recover the cost of rebuilding the region's electrical system without placing an undue financial strain on our customers," Madison said. "We have an obligation to our customers to investigate every feasible (algorithm) feasible - A description of an algorithm that takes polynomial time (that is, for a problem set of size N, the resources required to solve the problem can be expressed as some polynomial involving N). method to ease their burden as they work to rebuild their homes and communities. An avenue we're looking into is federal relief from one of a number of bills currently before Congress." At the same time, Cleco Power is diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d pursuing its proposal to build a 600-megawatt solid fuel unit at its existing Rodemacher plant site. "We still have major hurdles to clear before the first shovel of dirt can be turned, but the extreme natural gas prices everyone is facing certainly supports the need 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. Cleco's and Louisiana's fuel mix. Not only can the plant be part of a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. answer to the state's fuel issues, it can provide an immediate economic shot in the arm to Louisiana. We anticipate the construction phase will employ approximately 1,200 people," Madison said. "Our goal is to have LPSC approval and the necessary environmental permits in hand by the end of the first quarter of 2006 and for the plant to be operational in 2009. "One of the issues we handled in the middle of Katrina was approval of the extension of our 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 through Sept. 30, 2006, under the plan's existing terms and conditions. By extending the plan, which sets an effective maximum regulatory return on equity of 12.625 percent, we and the LPSC have the ability to consider our rate structure as part of our request to build the plant," Madison said. Cleco Power also has two power purchase contracts -- a four-year, 500-MW agreement 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-MW agreement with CES - up for approval before the LPSC. The contracts are intended to replace existing contracts expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. at the end of this year. "Another positive step for Cleco was the decision by Standard & Poor's and Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. rating agencies to affirm our credit ratings and for Moody's to change our corporate outlook to stable from negative," Madison said. "I think their actions recognize both the sound plan we have in place and our ability to follow through." Earnings Update "We had previously targeted a range of $1.35 per share to $1.40 per share for 2005 earnings excluding any Perryville income, but we're already at the top of that range at the end of the third quarter," Madison said. "So far this year, weather has been strong for sales despite third-quarter hurricane-forced outages, and we've recorded more than $0.10 per share in unanticipated gains from assets sales, insurance proceeds and natural gas hedge mark-to-market positions. Additionally, interest rates have remained favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . "During the fourth quarter, we know we'll we'll Contraction of we will. we'll we will or we shall we'll will ~shall have higher expenses due to increased depreciation, storm expense amortization, franchise taxes, and some catch-up catch-up n. 1. An approach or strategy intended to overcome a disadvantage or lead: The competition will be playing catch-up for the rest of the season. 2. on maintenance work not done during the third quarter due to storm restoration work," he said. "Given those factors, and assuming normal weather and performance by Midstream 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. , we're now targeting earnings for the year in the range of $1.55 to $1.60 per share," Madison said. Cleco management will discuss the company's 2005 third-quarter 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. ) Thursday Thursday: see week. , Nov. 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 "3rd Quarter 2005 Earnings Conference Call."
Cleco's businesses referred to in this news release are:
Cleco Power LLC
Cleco Midstream Resources LLC
Cleco Evangeline LLC
Perryville Energy Partners, L.L.C.; Perryville Energy Holdings LLC
Acadia Power Partners, LLC; Acadia Power Holdings LLC
Cleco Energy LLC
Other (Cleco Corporation; Cleco Support Group LLC, Cleco
Innovations LLC)
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 approximately 265,000 customers across Louisiana. Cleco also operates a wholesale energy business that has approximately 1,400 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com. Financial tables follow:
CLECO CORPORATION
----------------------------------------------------------------------
Condensed Consolidated Statements of Income (Unaudited)
----------------------------------------------------------------------
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
-----------------------
(THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) 2005 2004
----------------------------------------------------------------------
Operating revenue
Electric operations $267,958 $219,747
Other operations 14,240 8,610
Affiliate revenue 1,758 2,377
----------------------------------------------------------------------
Gross operating revenue 283,956 230,734
Electric customer credits (300) (1,344)
----------------------------------------------------------------------
Operating revenue, net 283,656 229,390
----------------------------------------------------------------------
Operating expenses
Fuel used for electric generation 54,665 60,380
Power purchased for utility customers 125,190 79,586
Other operations 22,724 19,165
Maintenance 9,723 11,803
Depreciation 15,182 14,507
Taxes other than income taxes 10,938 10,587
----------------------------------------------------------------------
Total operating expenses 238,422 196,028
----------------------------------------------------------------------
Operating income 45,234 33,362
Interest income 1,136 607
Allowance for other funds used during
construction 325 976
Equity income from investees 25,249 23,056
Other income 2,626 171
Other expense (861) (2,246)
Interest charges
Interest charges, including amortization of
debt expenses, premium and discount, net of
capitalized interest 9,535 12,063
Allowance for borrowed funds used during
construction (108) (326)
----------------------------------------------------------------------
Total interest charges 9,427 11,737
----------------------------------------------------------------------
Income from continuing operations before income
taxes 64,282 44,189
Federal and state income tax expense 21,948 16,500
----------------------------------------------------------------------
Income from continuing operations 42,334 27,689
Discontinued operations
Loss from discontinued operations, net of
tax (25) (35)
Loss on disposal of segment, net of tax - (271)
----------------------------------------------------------------------
Total loss from discontinued operations (25) (306)
----------------------------------------------------------------------
Net income 42,309 27,383
Preferred dividends requirements, net 451 468
----------------------------------------------------------------------
Net income applicable to common stock $41,858 $26,915
----------------------------------------------------------------------
Average shares of common stock outstanding
Basic 49,548,835 47,114,330
Diluted 51,714,320 49,342,187
Basic earnings (loss) per share
From continuing operations $0.82 $0.56
From discontinued operations $- $(0.01)
Net income applicable to common stock $0.82 $0.55
Diluted earnings (loss) per share
From continuing operations $0.82 $0.56
From discontinued operations $- $(0.01)
Net income applicable to common stock $0.82 $0.55
Cash dividends paid per share of common stock $0.225 $0.225
----------------------------------------------------------------------
CLECO CORPORATION
----------------------------------------------------------------------
Condensed Consolidated Statements of Income (Unaudited)
----------------------------------------------------------------------
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
-----------------------
(THOUSANDS, EXCEPT SHARE AND PER SHARE
AMOUNTS) 2005 2004
----------------------------------------------------------------------
Operating revenue
Electric operations $614,670 $545,417
Tolling operations - 10,255
Other operations 29,493 22,505
Affiliate revenue 6,488 5,361
----------------------------------------------------------------------
Gross operating revenue 650,651 583,538
Electric customer credits (771) (21,177)
----------------------------------------------------------------------
Operating revenue, net 649,880 562,361
----------------------------------------------------------------------
Operating expenses
Fuel used for electric generation 117,139 110,230
Power purchased for utility customers 268,206 206,490
Other operations 66,215 60,389
Maintenance 32,848 31,306
Depreciation 45,059 45,150
Taxes other than income taxes 30,646 30,335
Gain on sales of assets (2,207) -
----------------------------------------------------------------------
Total operating expenses 557,906 483,900
----------------------------------------------------------------------
Operating income 91,974 78,461
Interest income 2,987 3,012
Allowance for other funds used during
construction 2,104 2,702
Equity income from investees 46,121 40,660
Other income 3,445 479
Other expense (1,652) (2,869)
Interest charges
Interest charges, including amortization
of debt expenses, premium and discount,
net of capitalized interest 32,584 41,077
Allowance for borrowed funds used during
construction (702) (896)
----------------------------------------------------------------------
Total interest charges 31,882 40,181
----------------------------------------------------------------------
Income from continuing operations before income
taxes 113,097 82,264
Federal and state income tax expense 40,490 29,950
----------------------------------------------------------------------
Income from continuing operations 72,607 52,314
Discontinued operations
Loss from discontinued operations, net
of tax (230) (165)
Loss on disposal of segment, net of tax - (271)
----------------------------------------------------------------------
Total loss from discontinued
operations (230) (436)
----------------------------------------------------------------------
Net income 72,377 51,878
Preferred dividends requirements, net 1,374 1,745
----------------------------------------------------------------------
Net income applicable to common stock $71,003 $50,133
----------------------------------------------------------------------
Average shares of common stock outstanding
Basic 49,443,912 47,031,650
Diluted 51,625,000 47,108,952
Basic earnings (loss) per share
From continuing operations $1.41 $1.05
From discontinued operations $(0.01) $(0.01)
Net income applicable to common stock $1.40 $1.04
Diluted earnings (loss) per share
From continuing operations $1.41 $1.05
From discontinued operations $(0.01) $(0.01)
Net income applicable to common stock $1.40 $1.04
Cash dividends paid per share of common stock $0.675 $0.675
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CLECO CORPORATION
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Cleco Corporation Consolidated Balance Sheets (Unaudited)
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(THOUSANDS) Sept. 30, Dec. 31,
2005 2004
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Assets
Current assets
Cash and cash equivalents $37,339 $123,787
Account receivable, net 88,434 60,306
Other current assets 126,954 103,673
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Total current assets 252,727 287,766
Property, plant and equipment, net 1,183,786 1,060,045
Equity investment in investees 332,027 314,284
Prepayments, deferred charges and other 193,320 174,968
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Total assets $1,961,860 1,837,063
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Liabilities
Current liabilities
Long-term debt due within one year $40,000 $160,000
Accounts payable 203,813 75,770
Other current liabilities 145,192 101,907
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Total current liabilities 389,005 337,677
Deferred credits and other liabilities 505,819 487,770
Long-term debt, net 460,363 450,552
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Total liabilities 1,355,187 1,275,999
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Shareholders' equity
Preferred stock 19,980 19,226
Common shareholders' equity 590,026 545,106
Accumulated other comprehensive loss (3,333) (3,268)
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Total shareholders' equity 606,673 561,064
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Total liabilities and shareholders'
equity $1,961,860 $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, the financial condition of the company's tolling agreement counterparties, the performance of the tolling agreements by such counterparties, regulatory treatment of storm restoration costs, regulatory approval and rate treatment of the proposed Rodemacher Unit 3, 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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