0001089819-12-000063.txt : 20121030 0001089819-12-000063.hdr.sgml : 20121030 20121030163426 ACCESSION NUMBER: 0001089819-12-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121030 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121030 DATE AS OF CHANGE: 20121030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLECO CORP CENTRAL INDEX KEY: 0001089819 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 721445282 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15759 FILM NUMBER: 121168973 BUSINESS ADDRESS: STREET 1: 2030 DONAHUE FERRY ROAD CITY: PINEVILLE STATE: LA ZIP: 71360-5226 BUSINESS PHONE: 3184847400 MAIL ADDRESS: STREET 1: PO BOX 5000 CITY: PINEVILLE STATE: LA ZIP: 71361-5000 FORMER COMPANY: FORMER CONFORMED NAME: CLECO HOLDING CORP DATE OF NAME CHANGE: 19990630 8-K 1 clecocorp8k_103012.htm 8-K clecocorp8k_103012


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 30, 2012


CLECO CORPORATION
(Exact name of registrant as specified in its charter)

Louisiana
1-15759
72-1445282
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
 
Identification No.)


2030 Donahue Ferry Road
 
Pineville, Louisiana
71360-5226
(Address of principal executive offices)
(Zip Code)
 
 

Registrant’s telephone number, including area code: (318) 484-7400


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








Item 2.02    Results of Operations and Financial Condition.

On October 30, 2012, Cleco Corporation (the “Company”) reported earnings for the quarter and nine months ended September 30, 2012. For additional information regarding the Company’s earnings for these periods, please refer to the press release attached to this report as Exhibit 99.1 (the “Press Release”), which is incorporated by reference herein. The information in the Press Release is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liabilities under that section. Accordingly, the information in the Press Release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or of any of its subsidiaries, including Cleco Power LLC.

At 7:30 a.m. Central time (8:30 a.m. Eastern time), Thursday, November 1, 2012, management of the Company will host a conference call to discuss the Company’s results for the quarter and nine months ended September 30, 2012. The call will be broadcast live on the Internet and replays will be available for 12 months. The webcast may be accessed through the Company’s website at www.cleco.com by selecting “Investor Relations,” and then “Q3 2012 Cleco Corporation Earnings Conference Call.”

Item 9.01 Financial Statements and Exhibits.
 
 
(d) Exhibits.
 
The following exhibit is furnished herewith:
 
99.1 Press Release issued October 30, 2012, regarding Cleco Corporation’s earnings for the quarter and nine months ended September 30, 2012.
 







SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
CLECO CORPORATION
 
 
 
 
 
 
Date: October 30, 2012
By: /s/ Terry L. Taylor              
 
Terry L. Taylor
 
Controller and Chief Accounting Officer





EXHIBIT INDEX

Exhibit Number
Exhibit Description
 
 
99.1
Press Release issued October 30, 2012, regarding Cleco Corporation’s earnings for the quarter and nine months ended September 30, 2012.





 EX-99.1 2 exhibit991_103012er.htm EXHIBIT 99.1 exhibit99.1_103012er


 
 
EXHIBIT 99.1

Cleco Corporation posts 2012 third-quarter earnings of $63.8 million, or $1.05 per diluted share; Company raises earnings guidance to $2.40 - $2.46 per share

PINEVILLE, La., Oct. 30, 2012 - Cleco Corporation (NYSE: CNL) posted earnings for the third-quarter of 2012 of $63.8 million, or $1.05 per diluted share, compared to $65.8 million recorded in the third quarter of 2011.

“We produced solid operational earnings for the third quarter of $1.05 per share or within three cents of last year's results despite a cooler summer than last year. Year-to-date, we are five cents per share higher than last year,” said Bruce Williamson, president and CEO of Cleco Corporation. 

“During 2012, we have made up for less favorable weather through an ongoing expense management program which we instituted last year and adjustments to our formula rate plan which allow us to recover the costs of various projects as they are completed. Additionally, we benefited from lower interest expense and some favorable tax settlements," said Williamson. "We also responded to Hurricane Isaac, which at its peak left more than 95,000 of our customers without power. The storm caused about $21 million in damage to our system. Approximately 60 percent of the costs will be capitalized and recovered through future base rates. The remaining maintenance expense will be recovered through our storm reserve account.

"As a result of our financial performance to date, we are raising our 2012 consolidated operational earnings guidance and tightening the range from $2.34 to $2.44 per diluted share to $2.40 to $2.46 per diluted share," said Williamson. "We will discuss the specific drivers behind our revised guidance on our earnings conference call.

“We also are announcing today the selection of the Coughlin Power Station as the winning bidder in Cleco Power's long-term RFP for capacity and energy resources to meet the needs of our customers. While executing a transfer of Coughlin from Cleco Midstream to Cleco Power is subject to final regulatory approvals, this announcement is a major milestone in fulfilling our goal to grow the company through secure, low-risk, regulated wholesale load. In addition, Dixie Electric Membership Corporation (DEMCO) recently received approval of its contract with Cleco Power from the Louisiana Public Service Commission. With the Coughlin transfer and the DEMCO contract on track, we are driving long-term earnings growth through Cleco Power," said Williamson.

Earnings Guidance:

Cleco has revised its 2012 consolidated operational earnings target to a range of $2.40 - $2.46 per diluted share. This estimate assumes normal weather for the remainder of the year and continuous expense management. This guidance excludes non-operational adjustments. Please refer to "Operational Earnings Adjustments" in this news release for a description of these adjustments on Cleco's earnings per diluted share for the nine months ended Sept. 30, 2012 and 2011.

Financial Highlights:

Third Quarter 2012
•
Cleco reports third-quarter GAAP earnings applicable to common stock of $63.8 million, or $1.05 per diluted share, compared to $65.8 million, or $1.08 per diluted share for the third quarter of 2011.

Year-to-Date 2012
•
Cleco reports GAAP earnings applicable to common stock for the first nine months of 2012 of $140.5 million, or $2.32 per diluted share, compared to $165.1 million, or $2.71 per diluted share for the first nine months of 2011.


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Cleco Corporation
Page 2 of 10

Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
 
 
 
 
 
 
Diluted Earnings Per Share
 
For the three months
ended Sept. 30
 
For the nine months
ended Sept. 30
Subsidiary
2012
 
2011
 
2012
 
2011
Cleco Power LLC
$
0.94

 
$
0.88

 
$
2.01

 
$
1.96

Cleco Midstream Resources LLC
0.06

 
0.09

 
(0.01
)
 
—

Corporate and Other1
0.05

 
0.11

 
0.11

 
0.10

Operational diluted earnings per share (Non-GAAP)
1.05

 
1.08

 
2.11

 
2.06

Adjustments2
—

 
—

 
0.21

 
0.65

Diluted earnings per share applicable to common stock
$
1.05

 
$
1.08

 
$
2.32

 
$
2.71


GAAP refers to United States generally accepted accounting principles.

1 Includes preferred stock dividends and redemption costs for the nine months ended Sept. 30, 2011
2 Refer to “Operational Earnings Adjustments” in this news release

Quarter-Over-Quarter Operational Diluted Earnings Per Share Reconciliation:

$
1.08

 
2011 third-quarter operational diluted earnings per share
 
 
 
(0.04
)
 
Non-fuel revenue
(0.03
)
 
Rate refund accrual
(0.05
)
 
Other expenses, net
0.03

 
Interest charges
0.02

 
AFUDC (allowance for funds used during construction)
0.13

 
Income taxes
$
0.06

 
Cleco Power results
 
 
 
(0.03
)
 
Cleco Midstream results
 
 
 
(0.06
)
 
Corporate and Other results
 
 
 
$
1.05

 
2012 third-quarter operational diluted earnings per share
 
 
 
—

 
Adjustments
 
 
 
$
1.05

 
2012 third-quarter reported GAAP diluted earnings per share

Cleco Power

•
Non-fuel revenue decreased earnings by $0.04 per share compared to the third quarter of 2011 primarily due to $0.04 per share from lower mineral lease payments and $0.02 per share from lower transmission revenue and the absence of a gain on the sale of Cleco Power's fuel oil inventory. These amounts were partially offset by $0.02 per share of higher base revenue from adjustments to Cleco Power's formula rate plan.
•
Rate refund accrual decreased earnings by $0.03 per share compared to the third quarter of 2011 primarily due to the absence of a 2011 decrease in the customer credit accrual and an increase in the current year estimated accrual.
•
Other expenses, net, decreased earnings by $0.05 per share compared to the third quarter of 2011 primarily due to $0.03 per share of higher depreciation expense and $0.02 per share from higher net non-recoverable wholesale power capacity charges.
•
Lower interest charges increased earnings by $0.03 per share compared to the third quarter of 2011 primarily due to $0.02 per share related to uncertain tax positions, $0.02 per share related to reacquired

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Cleco Corporation
Page 3 of 10

debt in October and December 2011, and $0.01 per share related to the retirement of pollution control bonds in January and May 2012. The issuance of private placement notes in December 2011 and May 2012 partially offset these amounts by $0.02 per share.
•
AFUDC increased earnings by $0.02 per share compared to the third quarter of 2011 primarily due to higher AFUDC related to the advanced metering infrastructure project and miscellaneous transmission projects.
•
Lower income taxes increased earnings by $0.13 per share compared to the third quarter of 2011 primarily due to $0.06 per share for tax returns filed, $0.05 per share for settlements with taxing authorities, and $0.03 per share for tax credits. These amounts were partially offset by $0.01 per share for miscellaneous tax items.

Cleco Midstream Resources

•
Midstream's results decreased earnings by $0.03 per share compared to the third quarter of 2011 primarily due to $0.06 per share of higher operating and maintenance expenses and $0.03 per share of higher income taxes. These amounts were partially offset by $0.05 per share of higher tolling revenue and $0.01 per share for lower interest charges related to uncertain tax positions.

Corporate and Other

•
Higher income taxes decreased earnings by $0.06 per share compared to the third quarter of 2011 as a result of $0.07 per share for tax returns filed and $0.01 per share to record tax expense at the consolidated projected annual effective tax rate, partially offset by $0.02 per share for tax credits and miscellaneous tax items.

Year-Over-Year Operational Diluted Earnings Per Share Reconciliation:

$
2.06

 
Nine months ended Sept. 30, 2011, operational diluted earnings per share
 
 
 
(0.15
)
 
Non-fuel revenue
0.04

 
Rate refund accrual
(0.07
)
 
Other expenses, net
0.13

 
Interest charges
0.01

 
AFUDC
0.09

 
Income taxes
$
0.05

 
Cleco Power results
 
 
 
(0.01
)
 
Cleco Midstream results
 
 
 
0.01

 
Corporate and Other results
 
 
 
$
2.11

 
Nine months ended Sept. 30, 2012, operational diluted earnings per share
 
 
 
0.21

 
Adjustments1
 
 
 
$
2.32

 
Nine months ended Sept. 30, 2012, reported GAAP diluted earnings per share

1Refer to “Operational Earnings Adjustments” in this news release





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Cleco Corporation
Page 4 of 10

Cleco Power

•
Non-fuel revenue decreased earnings by $0.15 per share compared to the first nine months of 2011 primarily due to $0.06 per share from lower mineral lease payments, $0.05 per share from the absence of a gain on the sale of Cleco Power's fuel oil inventory, and $0.11 per share largely attributable to milder weather. Partially offsetting this decrease was $0.07 per share related to adjustments to Cleco Power's formula rate plan.
•
Lower rate refund accrual increased earnings by $0.04 per share compared to the first nine months of 2011.
•
Other expenses, net, decreased earnings by $0.07 per share compared to the first nine months of 2011 primarily due to $0.07 per share of higher depreciation expense and $0.05 per share of higher net non-recoverable wholesale power purchases and other capacity charges. Partially offsetting these decreases were $0.04 per share of lower other operations and maintenance expenses and $0.01 per share of higher royalty income.
•
Lower interest charges increased earnings by $0.13 per share compared to the first nine months of 2011 primarily due to $0.09 per share related to uncertain tax positions, $0.07 per share related to reacquired debt in October and December 2011, and $0.02 per share related to the retirement of pollution control bonds in January and May 2012. Partially offsetting these amounts were $0.05 per share related to the issuance of private placement notes in December 2011 and May 2012.
•
AFUDC increased earnings by $0.01 per share compared to the first nine months of 2011 primarily due to higher AFUDC related to the advanced metering infrastructure project and miscellaneous transmission projects.
•
Lower income taxes increased earnings by $0.09 per share compared to the first nine months of 2011 primarily due to $0.07 per share for tax returns filed, $0.03 per share for settlements with taxing authorities, and $0.02 per share for tax credits. These amounts were partially offset by $0.02 per share related to the absence in 2012 of the valuation allowance reversal in 2011 and $0.01 per share for miscellaneous tax items.

Cleco Midstream Resources

•
Midstream’s results decreased earnings by $0.01 per share compared to the first nine months of 2011 primarily due to $0.05 per share of higher operating and maintenance expenses and $0.04 per share of higher income taxes related to tax returns filed. These amounts were partially offset by $0.05 per share of higher tolling revenue and $0.03 per share primarily from lower interest related to uncertain tax positions.

For a discussion of other transactions affecting Cleco Midstream's results, please refer to “Operational Earnings Adjustments - Gain from Acadia Unit 2 Transaction and Acadia Units 1 and 2 Indemnifications” below.

Corporate and Other

•
Lower interest charges increased earnings by $0.02 per share compared to the first nine months of 2011 primarily due to the repayment of a bank term loan in April 2011.
•
Higher income taxes decreased earnings by $0.01 per share compared to the first nine months of 2011 primarily due to $0.07 per share for tax returns filed and $0.03 per share to record tax expense at the consolidated projected annual effective tax rate. These amounts were partially offset by $0.08 per share for tax credits and $0.01 per share for miscellaneous tax items.

Operational Earnings Adjustments:

Cleco’s management uses operational earnings per share, which is a non-GAAP measure, to evaluate the operations of Cleco and establish goals for management and employees. Management believes this presentation is appropriate and enables investors to more accurately compare Cleco’s operational financial performance over the periods presented. Operational diluted earnings as presented here may not be comparable to similarly titled measures used by other companies. The following table provides a reconciliation of operational diluted earnings per share to reported GAAP diluted earnings per share.


--more--
Cleco Corporation
Page 5 of 10

Reconciliation of Operational Diluted Earnings Per Share to Reported GAAP Diluted Earnings Per Share

 
Diluted Earnings Per Share
 
For the three months
ended Sept. 30
 
For the nine months
ended Sept. 30
 
2012
 
2011
 
2012
 
2011
Operational diluted earnings per share
$
1.05

 
$
1.08

 
$
2.11

 
$
2.06

Life insurance policies
—

 
(0.02
)
 
0.02

 
—

Tax levelization
—

 
0.01

 
—

 
—

Gain from Acadia Unit 2 transaction
—

 
—

 
—

 
0.63

Acadia Unit 1 indemnifications
—

 
0.01

 
0.07

 
0.02

Acadia Unit 2 indemnifications
—

 
—

 
0.12

 
—

Reported GAAP diluted earnings per share applicable to common stock
$
1.05

 
$
1.08

 
$
2.32

 
$
2.71


Reconciling adjustments from operational diluted earnings per share to GAAP diluted earnings per share are as follows:

Life Insurance Policies

Cleco has life insurance policies covering certain members of management. These policies have a cash surrender value component that is carried as an asset and adjusted due to market changes, premium payments, or policy redemptions. Cleco is unable to predict market changes and cash surrender value amounts of these policies, and management does not consider these adjustments to be a component of operational earnings.

Tax Levelization

GAAP requires companies to apply an effective tax rate to interim periods that is consistent with the company’s estimated annual effective tax rate. As a result, on a quarterly basis, Cleco projects the annual effective tax rate and then adjusts the tax expense recorded in that quarter to reflect the projected annual effective tax rate. During the third quarter of 2011, Cleco recorded a $0.01 per share expense from the levelization of its annual tax rate to bring the actual tax rate in line with the projected annual effective tax rate. The resulting adjustment for this item had no impact for the third quarter of 2012. The incremental adjustment for tax levelization is not related to the current quarter's operational earnings because it reflects the effect of the change in tax rates on operational earnings for the prior quarter.

Gain from Acadia Unit 2 Transaction

On April 29, 2011, the disposition of Acadia Unit 2 and half of Acadia Power Station’s common facilities was completed resulting in the recognition of a gain of $0.63 per share for 2011. Because this is a one-time gain, management does not consider this adjustment to be a component of operational earnings.

Acadia Units 1 and 2 Indemnifications

Acadia Power Partners, LLC provided limited guarantees and indemnifications to Cleco Power and Entergy Louisiana when they acquired Acadia Units 1 and 2 in February 2010 and April 2011, respectively. Acadia Power Partners, LLC and Acadia Power Holdings will reduce the indemnification liabilities either through expiration of the contractual life or through changes in the probability of a claim arising. During the third quarter of 2011, the contractual expiration of the underlying indemnifications increased earnings by $0.01 per share. The resulting adjustment for this item had no impact for the third quarter of 2012. During the nine months ended September 30, 2012 and 2011, the contractual expiration of the underlying indemnifications increased earnings $0.19 per share and $0.02 per share, respectively.





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Cleco Corporation
Page 6 of 10

Cleco management will discuss the company’s third-quarter 2012 results during a conference call scheduled for 7:30 a.m. Central time (8:30 a.m. Eastern time) Thursday, November 1, 2012. The call will be webcast live on the Internet. A replay will be available for 12 months. Investors may access the webcast through the company’s website at www.cleco.com by selecting “Investor Relations” and then “Q3 2012 Cleco Corporation Earnings Conference Call.”

Please note: In addition to historical financial information, this news release contains forward-looking statements about future results and circumstances. There are many risks and uncertainties with respect to such forward-looking statements, 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 Cleco Midstream’s facilities, the completion of the Acadiana Load Pocket project, the impact of the global economic environment, and other risks and uncertainties more fully described in the company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Actual results may differ materially from those indicated in such forward-looking statements.

Cleco Corporation is a regional energy company headquartered in Pineville, La. Cleco owns a regulated electric utility company, Cleco Power LLC, which owns nine generating units with a total nameplate capacity of 2,524 megawatts and serves approximately 281,000 customers in Louisiana through its retail business and 10 communities across Louisiana and Mississippi through wholesale power contracts. Cleco also owns a wholesale energy business, Cleco Midstream Resources LLC, which owns two generating units with a total nameplate capacity of 775 megawatts. For more information about Cleco, visit www.cleco.com.

Analyst Contact:
Tom Miller
(318) 484-7642
 
Media Contact:
Robbyn Cooper
(318) 484-7136














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Cleco Corporation
Page 7 of 10

 
For the three months ended Sept. 30
(Unaudited)
(million kWh)
 
(thousands)
 
2012
 
2011
 
Change
 
2012
 
2011
 
Change
Electric Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
1,202

 
1,274

 
(5.7
)%
 
$
96,954

 
$
99,144

 
(2.2
)%
Commercial
784

 
796

 
(1.5
)%
 
50,145

 
48,732

 
2.9
 %
Industrial
582

 
619

 
(6.0
)%
 
21,993

 
22,468

 
(2.1
)%
Other retail
36

 
36

 
—

 
2,669

 
2,600

 
2.7
 %
Surcharge
—

 
—

 
—

 
1,950

 
2,983

 
(34.6
)%
Other
—

 
—

 
—

 
(1,566
)
 
(1,578
)
 
0.8
 %
Total retail
2,604

 
2,725

 
(4.4
)%
 
172,145

 
174,349

 
(1.3
)%
Sales for resale
616

 
652

 
(5.5
)%
 
12,459

 
11,455

 
8.8
 %
Unbilled
(69
)
 
(129
)
 
(46.5
)%
 
(4,328
)
 
(7,645
)
 
43.4
 %
Total retail and wholesale
customer sales
3,151

 
3,248

 
(3.0
)%
 
$
180,276

 
$
178,159

 
1.2
 %

 
For the nine months ended Sept. 30
(Unaudited)
(million kWh)
 
(thousands)
 
2012
 
2011
 
Change
 
2012
 
2011
 
Change
Electric Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
2,834

 
3,105

 
(8.7
)%
 
$
219,494

 
$
235,672

 
(6.9
)%
Commercial
2,021

 
2,037

 
(0.8
)%
 
136,208

 
137,133

 
(0.7
)%
Industrial
1,710

 
1,770

 
(3.4
)%
 
63,217

 
64,323

 
(1.7
)%
Other retail
101

 
103

 
(1.9
)%
 
7,436

 
7,484

 
(0.6
)%
Surcharge
—

 
—

 
—

 
6,801

 
7,534

 
(9.7
)%
Other
—

 
—

 
—

 
(4,686
)
 
(4,875
)
 
3.9
 %
Total retail
6,666

 
7,015

 
(5.0
)%
 
428,470

 
447,271

 
(4.2
)%
Sales for resale
1,472

 
1,495

 
(1.5
)%
 
35,954

 
34,433

 
4.4
 %
Unbilled
11

 
(90
)
 
112.2
 %
 
1,376

 
(11,538
)
 
111.9
 %
Total retail and wholesale
customer sales
8,149

 
8,420

 
(3.2
)%
 
$
465,800

 
$
470,166

 
(0.9
)%


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Cleco Corporation
Page 8 of 10

CLECO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(Unaudited)
For the three months ended Sept. 30
2012
 
2011
Operating revenue
 
 
 
Electric operations
$
282,894

 
$
324,532

Tolling operations
—

 
9,133

Other operations
15,408

 
16,064

Affiliate revenue
—

 
—

Gross operating revenue
298,302

 
349,729

Electric customer credits
(930
)
 
1,852

Operating revenue, net
297,372

 
351,581

Operating expenses
 
 
 
Fuel used for electric generation
79,701

 
122,774

Power purchased for utility customers
19,364

 
25,473

Other operations
30,517

 
32,138

Maintenance
20,059

 
14,587

Depreciation
34,931

 
31,237

Taxes other than income taxes
9,455

 
9,845

(Gain) loss on sales of assets
(2
)
 
27

Total operating expenses
194,025

 
236,081

Operating income
103,347

 
115,500

Interest income
132

 
509

Allowance for other funds used during construction
1,882

 
902

Equity loss from investees, before tax
—

 
(1
)
Other income
1,834

 
2,128

Other expense
(1,232
)
 
(2,680
)
Interest charges
 
 
 
Interest charges, including amortization of debt expense, premium, and discount, net
22,610

 
26,105

Allowance for borrowed funds used during construction
(644
)
 
(326
)
Total interest charges
21,966

 
25,779

Income before income taxes
83,997

 
90,579

Federal and state income tax expense
20,179

 
24,737

Net income applicable to common stock
$
63,818

 
$
65,842

 
 
 
 
Average number of basic common shares outstanding
60,346,476

 
60,467,595

Average number of diluted common shares outstanding
60,599,203

 
60,873,311

Basic earnings per share
 
 
 
Net income applicable to common stock
$
1.06

 
$
1.09

Diluted earnings per share
 
 
 
Net income applicable to common stock
$
1.05

 
$
1.08

Cash dividends paid per share of common stock
$
0.3375

 
$
0.28

 


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Cleco Corporation
Page 9 of 10

CLECO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(Unaudited)
For the nine months ended Sept. 30
2012
 
2011
Operating revenue
 
 
 
Electric operations
$
720,776

 
$
823,484

Tolling operations
—

 
16,137

Other operations
38,464

 
41,775

Affiliate revenue
—

 
202

Gross operating revenue
759,240

 
881,598

Electric customer credits
1,025

 
(3,405
)
Operating revenue, net
760,265

 
878,193

Operating expenses
 
 
 
Fuel used for electric generation
207,764

 
298,009

Power purchased for utility customers
44,069

 
60,590

Other operations
86,901

 
90,281

Maintenance
61,478

 
59,666

Depreciation
99,028

 
91,749

Taxes other than income taxes
29,198

 
28,770

Gain on sales of assets
(57
)
 
(468
)
Total operating expenses
528,381

 
628,597

Operating income
231,884

 
249,596

Interest income
163

 
794

Allowance for other funds used during construction
4,298

 
3,757

Equity income from investees, before tax
1

 
62,051

Other income
24,223

 
3,330

Other expense
(2,718
)
 
(2,861
)
Interest charges
 
 
 
Interest charges, including amortization of debt expense, premium, and discount, net
64,671

 
79,368

Allowance for borrowed funds used during construction
(1,466
)
 
(1,357
)
Total interest charges
63,205

 
78,011

Income before income taxes
194,646

 
238,656

Federal and state income tax expense
54,110

 
73,451

Net income
140,536

 
165,205

Preferred dividends requirements
—

 
26

Preferred stock redemption costs
—

 
112

Net income applicable to common stock
$
140,536

 
$
165,067

 
 
 
 
Average number of basic common shares outstanding
60,375,538

 
60,549,860

Average number of diluted common shares outstanding
60,626,471

 
60,830,251

Basic earnings per share
 
 
 
Net income applicable to common stock
$
2.33

 
$
2.73

Diluted earnings per share
 
 
 
Net income applicable to common stock
$
2.32

 
$
2.71

Cash dividends paid per share of common stock
$
0.9625

 
$
0.81

 



--more--
Cleco Corporation
Page 10 of 10

CLECO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited)
 
At Sept. 30, 2012
 
At Dec. 31, 2011
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
68,364

 
$
93,576

Accounts receivable, net
83,969

 
79,864

Other current assets
307,124

 
283,345

Total current assets
459,457

 
456,785

Property, plant and equipment, net
2,974,303

 
2,893,899

Equity investment in investees
14,541

 
14,540

Prepayments, deferred charges and other
658,592

 
684,978

Total assets
$
4,106,893

 
$
4,050,202

Liabilities
 
 
 
Current liabilities
 
 
 
Long-term debt due within one year
$
90,937

 
$
24,258

Accounts payable
104,435

 
129,308

Other current liabilities
114,480

 
167,436

Total current liabilities
309,852

 
321,002

Deferred credits
1,058,003

 
972,287

Long-term debt, net
1,237,184

 
1,337,056

Total liabilities
2,605,039

 
2,630,345

Shareholders’ equity
 
 
 
Common shareholders’ equity
1,527,629

 
1,447,996

Accumulated other comprehensive loss
(25,775
)
 
(28,139
)
Total shareholders’ equity
1,501,854

 
1,419,857

Total liabilities and shareholders’ equity
$
4,106,893

 
$
4,050,202




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