-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DTMMJP/064ONqXKO0B/snjw0WQ0ZRQhmsLT7lMDes/Kas+va1glBMYSA/GeVQ+X7 aQDp0hCdQv/mpEIlLGa8kQ== /in/edgar/work/0000065984-00-000120/0000065984-00-000120.txt : 20001020 0000065984-00-000120.hdr.sgml : 20001020 ACCESSION NUMBER: 0000065984-00-000120 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20001019 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY CORP /DE/ CENTRAL INDEX KEY: 0000065984 STANDARD INDUSTRIAL CLASSIFICATION: [4911 ] IRS NUMBER: 721229752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11299 FILM NUMBER: 742492 BUSINESS ADDRESS: STREET 1: 639 LOYOLA AVE CITY: NEW ORLEANS STATE: LA ZIP: 70113 BUSINESS PHONE: 504-576-4000 MAIL ADDRESS: STREET 1: PO BOX 61000 CITY: NEW ORLEANS STATE: LA ZIP: 70161 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY GSU HOLDINGS INC /DE/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY CORP /FL/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLE SOUTH UTILITIES INC DATE OF NAME CHANGE: 19890521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY LOUISIANA INC CENTRAL INDEX KEY: 0000060527 STANDARD INDUSTRIAL CLASSIFICATION: [4911 ] IRS NUMBER: 720245590 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08474 FILM NUMBER: 742493 BUSINESS ADDRESS: STREET 1: 4809 JEFFERSON HGWY CITY: JEFFERSON STATE: LA ZIP: 70121 BUSINESS PHONE: 504-840-2734 MAIL ADDRESS: STREET 1: 4809 JEFFERSON HIGHWAY CITY: JEFFERSON STATE: LA ZIP: 70121 8-K 1 0001.txt 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 earliest event reported) October 19, 2000 Commission Registrant, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. 1-11299 ENTERGY CORPORATION 13-5550175 (a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000 1-8474 ENTERGY LOUISIANA, INC. 72-0245590 (a Louisiana corporation) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 840-2734 Form 8-K Item 5. Other Events Entergy Corporation and Entergy Louisiana Reference is made to the Annual Reports on Form 10-K for the year ended December 31, 1999, and the Quarterly Reports on Form 10-Q for the quarter ended June 30, 2000, for Entergy Corporation ("Entergy") and Entergy Louisiana, Inc. ("Entergy Louisiana"), and Amendment No. 1 to Entergy's Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2000, for discussion of the complaint filed in June 1998 against Entergy, Entergy Power, Inc. and Entergy Louisiana in state court in Orleans Parish purportedly on behalf of all Entergy Louisiana ratepayers that seeks treble damages for alleged injuries arising from alleged violations by the defendants of Louisiana's antitrust laws in connection with the costs included in fuel filings with the LPSC and passed through to ratepayers; and for discussion of the plaintiffs' request that the LPSC initiate a review of Entergy Louisiana's monthly fuel adjustment charge filings and force restitution to ratepayers of all costs that the plaintiffs allege were improperly included in those fuel adjustment filings. Entergy Louisiana has reached an agreement in principle with the LPSC staff for the settlement of the matter before the LPSC and has executed a definitive agreement with the plaintiffs for the settlement of the matter before the LPSC and the state court. The terms of the settlement agreement have not as yet been agreed to by intervenors to the LPSC proceeding, and must be approved by the LPSC and the state court. Under the terms of the settlement agreements, Entergy Louisiana would agree to refund to customers approximately $72 million to resolve all claims arising out of or relating to Entergy Louisiana's fuel adjustment clause filings from January 1, 1975 through December 31, 1999, except with respect to purchased power and associated costs included in the fuel adjustment clause filings for the period May 1 through September 30, 1999. Reserves were previously provided by Entergy Louisiana for the refund. If the proposed settlement is approved, Entergy Louisiana would also consent to future fuel cost recovery under a long-term gas contract based on a formula that would likely result in an under-recovery of actual costs under that contract for the remainder of its term, which runs through 2013. The future under-recovery cannot be precisely estimated at this time because it will depend upon factors that are not certain, such as the price of gas and the amount of gas purchased under the long-term contract. In recent years, Entergy Louisiana has made purchases under that contract totaling from $91 million to $121 million annually. Had the proposed settlement terms been applicable to such purchases, the under- recoveries would have ranged from $4 million to $9 million per year. A fairness hearing on the settlement agreements currently is scheduled before the ALJ on November 8 and 9, 2000. Following the hearing, the ALJ will make a recommendation to the LPSC and the LPSC will consider the matter at its meeting scheduled for December 2000. Within ten days of the LPSC's approval of the settlement, plaintiffs will seek class certification and approval of the settlement by the state court. Entergy Corporation On October 19, 2000, Entergy Corporation ("Entergy") issued two public announcements, which are attached as exhibits hereto and incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits (c) Exhibits. Exhibit Description No. 99.6 Release, dated October 19, 2000, issued by Entergy. 99.7 Release, dated October 19, 2000, issued by Entergy. SIGNATURE 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 hereunto duly authorized. Entergy Corporation By: /s/ Nathan E. Langston Nathan E. Langston Vice President and Chief Accounting Officer Dated: October 19, 2000 EX-99 2 0002.txt Exhibit 99.6 Entergy Corporation 639 Loyola Avenue New Orleans, LA 70113 News Release Date: October 19, 2000 For Release: Immediate Contact: Yolanda Pollard (News Media) 504-576-4190 ypollar@entergy.com Nancy Morovich (Investor Relations) 504-576-5506 nmorovi@entergy.com Entergy Reports Continued Earnings Growth in Third Quarter New Orleans - Entergy Corporation (NYSE:ETR) today reported third quarter 2000 consolidated earnings that were 5 percent higher than earnings in same period of 1999. Earnings per share from operations set a third quarter record for the company - the third consecutive record quarter - and were up 19 percent over operational earnings per share in the third quarter of 1999. Entergy's third quarter 2000 earnings were $299.9 million, or $1.34 per share, compared with earnings of $286.2 million, or $1.16 per share, in third quarter 1999. On an operational basis, Entergy's earnings were $306.1 million, or $1.37 per share, in third quarter 2000, compared with $283.3 million, or $1.15 per share, in the year-earlier period. Weather accounted for 6 cents of the increase in third quarter earnings per share from 1999 to 2000, as hotter-than-normal weather boosted sales of electricity in both years. Other factors contributing to higher earnings per share included non-weather-related growth in electricity sales and the effect of Entergy's ongoing program to repurchase shares of its common stock. "With another record-breaking quarter for Entergy, we continue to exceed expectations and to establish a record of strong execution throughout the organization," said J. Wayne Leonard, Entergy's chief executive officer. "In a quarter full of significant announcements for the company's future, it's significant that ongoing operations have consistently improved," Leonard said. "Key achievements during the quarter included: - announcing a merger of equals with FPL Group, - finalizing an agreement with The Shaw Group on our power plant development joint venture, - acquiring the nuclear decommissioning firm TLG Services, - breaking ground on the 425-megawatt RS Cogen facility in Louisiana, and - maintaining excellent performance in our utility operations." Utility Operations In the third quarter of 2000, utility earnings on an operational basis were $290.1 million, or $1.30 per share, compared with $279.5 million, or $1.14 per share, in third quarter 1999. Weather was more favorable in 2000, contributing 17 cents per share to third quarter earnings compared with 11 cents in 1999. Third quarter 2000 earnings per share were also helped by sales growth of 1.7 percent on a weather-adjusted volume basis. For the third quarter of 2000, total retail sales were 31.1 million kilowatt-hours, compared with 30.3 million kWh for the same period in 1999. In addition, the year-over-year increase in earnings per share reflects a reduction in the number of outstanding shares, due to Entergy's ongoing share repurchase program. Partially offsetting these factors were current-period increases in operating and maintenance spending. These increases are primarily associated with increased nuclear expenses, including expenses related to the steam turbine inspections at Entergy's Arkansas Nuclear One plant, other plant-related expenses, and increased spending in generating plants and distribution facilities where the company took steps to enhance reliability to meet peak summer demand. "Entergy's utility operations achieved outstanding performance in safety, reliability, customer service, and availability of our generating units," Leonard said. "We know that many customers were hit with higher bills as a result of the hot weather, due in part to higher fuel costs. Entergy realizes no profit on the fuel we burn in our generating plants, and we will continue to do our best to keep customers' fuel costs as low as possible." Competitive Businesses In third quarter 2000, Entergy's competitive businesses earned $13.4 million, or 6 cents per share on an operational basis, compared with $10.0 million, or 4 cents per share, in third quarter 1999. Entergy Wholesale Operations reported earnings per share of 3 cents in the third quarter of 2000, unchanged from the same period in 1999. Strong trading earnings of 6 cents per share and liquidated damages of 7 cents per share for delayed construction of the Saltend generating plant project in the United Kingdom were partially offset by development cost reserves, compensation- related foreign tax adjustments and ongoing development expenses at EWO. Entergy Nuclear earned 3 cents per share in the third quarter of 2000, equal to earnings in the third quarter of 1999. Both periods benefited from strong operations at the Pilgrim Nuclear Power Station, which has run at a 94 percent capacity factor in 2000. The combined results of the competitive businesses in third quarter 2000 do not include a 1999 loss of 2 cents per share by retail operations, which were divested in 1999. Parent & Other Parent and Other earnings per share totaled 1 cent in third quarter 2000, compared with a loss of 3 cents in third quarter 1999. Results for the 2000 period benefited from lower O&M expenses at the parent, reclassification of the Gulf States merger goodwill amortization from the parent to the utility, and telecommunications earnings. Partially offsetting these improvements were slightly lower investment income and higher interest expense in 2000. Share Repurchase Program During third quarter 2000, Entergy bought an additional 3.3 million shares of its common stock under the share repurchase program at a cost of $108 million. Since the initiation of the program through September 30, 2000, Entergy repurchased 27.4 million shares and spent $726 million of what is now a $1.06 billion program, including the incremental amount announced in association with the pending merger with FPL Group. Purchases are expected to continue until the authorized amount is fully spent. The specific timing of the completion of the program will depend on market conditions, but it is expected that the program will be completed by the merger's financial close. Outlook "After three record quarters in a row, we are more confident than ever that 2000 will be an outstanding operational and financial year for Entergy," said C. John Wilder, Entergy's chief financial officer. "We are increasing our guidance on 2000 earnings to a range of $2.85 to $2.90 per share. This new range reflects 18 cents per share contributed by weather-induced earnings, and the remaining amount is attributed to improved operating performance expected at the utility and EWO. Results for 2000 provide a strong foundation for continued earnings growth supporting our 2001 earnings guidance range of $2.90 to $3.10 per share." Entergy is a major global energy company with power production, distribution operations and related diversified services. Entergy owns, manages, or invests in power plants generating nearly 30,000 megawatts of electricity domestically and internationally, and delivers electricity to about 2.5 million customers in portions of Arkansas, Louisiana, Mississippi and Texas. It is also a leading provider of wholesale energy marketing and trading services. Entergy Corporation's on-line address is http://www.entergy.com The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Investors are cautioned that forward-looking statements contained in the foregoing release with respect to the revenues, earnings, performance, strategies, prospects and other aspects of the business of Entergy Corporation may involve risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties relating to: the effects of weather, the performance of generating units and transmission systems, the possession of nuclear materials, fuel prices and availability, the effects of regulatory decisions and changes in law, litigation, capital spending requirements, the onset of competition, advances in technology, changes in accounting standards, corporate restructuring and changes in capital structure, movements in the markets for electricity and other energy-related commodities, changes in interest rates and in financial and foreign currency markets generally, changes in corporate strategies, and other factors. ENTERGY CORPORATION Earnings at a glance Third Quarter 2000 1999 % Operating Revenues $3,431.56 $3,064.54 12.0 Earnings $299.93 $286.22 4.8 Earnings per share* $1.34 $1.16 15.5 *Includes Special Items (EPS): Depreciation adjustment - 0.04 Regulatory & reserve adjustments (0.03) (0.03) ------- ----- Total $( 0.03) $0.01 ======= ===== Year to Date 2000 1999 % Operating Revenues $7,380.84 $7,020.86 5.1 Earnings $635.99 $548.18 16.0 Earnings per share* $2.77 $2.22 24.8 *Includes Special Items (EPS) : Gain on sale of Freestone Project $ 0.06 - Change in unbilled revenue estimate 0.13 Depreciation adjustment - 0.04 SERI refund adjustments - (0.08) Regulatory & reserve adjustments (0.09) (0.09) Foreign tax benefits - 0.10 Gain on sale of Hyperion - 0.03 CitiPower purchase price adjustment - 0.02 EPG write-off of start-up costs per new accounting standard - (0.01) ------ ----- Total $(0.03) $0.14 ====== ===== Note - dollars in millions except per share amounts, which are actual.
Entergy Corporation Consolidated Income Statement Three Months Ended September 30 (in thousands) 2000 1999 % Inc/(Dec) (unaudited) Operating Revenues: Domestic electric $2,385,087 $2,019,513 18.1 Natural gas 21,815 18,441 18.3 Steam products - - - Competitive businesses 1,024,653 1,026,581 (0.2) ---------- ---------- Total 3,431,555 3,064,535 12.0 ---------- ---------- Operating Expenses: Operation and maintenance: Fuel, fuel-related expenses, and gas purchased for resale 794,782 584,211 36.0 Purchased power 1,158,145 1,139,855 1.6 Nuclear refueling outage expenses 18,439 19,594 (5.9) Other operation and maintenance 504,379 417,339 20.9 Decommissioning 11,505 11,572 (0.6) Taxes other than income taxes 103,188 93,028 10.9 Depreciation and amortization 188,967 161,616 16.9 Other regulatory charges (credits) - net 47,816 29,003 64.9 Amortization of rate deferrals 10,497 10,722 (2.1) ---------- ---------- Total 2,837,718 2,466,940 15.0 ---------- ---------- Operating Income 593,837 597,595 (0.6) ---------- ---------- Other Income (Deductions): Allowance for equity funds used during construction 9,163 7,877 16.3 Gain (loss) on sales of assets - net (284) 587 (148.4) Miscellaneous - net 53,873 29,077 85.3 ---------- ---------- Total 62,752 37,541 67.2 ---------- ---------- Interest and Other Charges: Interest on long-term debt 121,464 116,615 4.2 Other interest - net 22,576 12,921 74.7 Dividends on preferred securities of subsidiaries 4,709 4,709 - Allowance for borrowed funds used during construction (6,776) (6,064) 11.7 ---------- ---------- Total 141,973 128,181 10.8 ---------- ---------- Income Before Income Taxes 514,616 506,955 1.5 Income Taxes 207,927 210,797 (1.4) ---------- ---------- Consolidated Net Income 306,689 296,158 3.6 Preferred dividend requirements of subsidiaries and other 6,755 9,939 (32.0) ---------- ---------- Earnings Applicable to Common Stock $299,934 $286,219 4.8 ========== ========== Earnings Per Average Common Share: Basic $1.35 $1.16 16.4 Diluted $1.34 $1.16 15.5 Average Number of Common Shares Outstanding: Basic 222,159,091 246,253,929 Diluted 224,352,165 246,389,119
Entergy Corporation Consolidated Income Statement Nine Months Ended September 30 (in thousands) 2000 1999 % Inc/(Dec) (unaudited) Operating Revenues: Domestic electric $5,402,657 $4,871,232 10.9 Natural gas 96,107 78,321 22.7 Steam products - 15,550 (100.0) Competitive businesses 1,882,071 2,055,758 (8.4) ---------- ---------- Total 7,380,835 7,020,861 5.1 ---------- ---------- Operating Expenses: Operation and maintenance: Fuel, fuel-related expenses, and gas purchased for resale 1,756,972 1,478,055 18.9 Purchased power 2,030,210 2,190,481 (7.3) Nuclear refueling outage expenses 53,625 56,414 (4.9) Other operation and maintenance 1,332,012 1,195,677 11.4 Decommissioning 28,611 35,004 (18.3) Taxes other than income taxes 266,346 259,149 2.8 Depreciation and amortization 545,991 523,165 4.4 Other regulatory charges (credits) - net 27,311 10,033 172.2 Amortization of rate deferrals 25,776 107,902 (76.1) ---------- ---------- Total 6,066,854 5,855,880 3.6 ---------- ---------- Operating Income 1,313,981 1,164,981 12.8 ---------- ---------- Other Income (Deductions): Allowance for equity funds used during construction 24,898 20,636 20.7 Gain on sales of assets - net 21,291 61,888 (65.6) Miscellaneous - net 156,505 89,093 75.7 ---------- ---------- Total 202,694 171,617 18.1 ---------- ---------- Interest and Other Charges: Interest on long-term debt 353,585 359,310 (1.6) Other interest - net 66,227 58,404 13.4 Dividends on preferred securities of subsidiaries 14,128 14,128 0.0 Allowance for borrowed funds used during construction (18,753) (16,469) 13.9 ---------- ---------- Total 415,187 415,373 (0.0) ---------- ---------- Income Before Income Taxes 1,101,488 921,225 19.6 Income Taxes 440,616 342,403 28.7 ---------- ---------- Consolidated Net Income 660,872 578,822 14.2 Preferred dividend requirements of subsidiaries and other 24,886 30,645 (18.8) ---------- ---------- Earnings Applicable to Common Stock $635,986 $548,177 16.0 ========== ========== Earnings Per Average Common Share: Basic $2.78 $2.22 25.2 Diluted $2.77 $2.22 24.8 Average Number of Common Shares Outstanding: Basic 228,930,171 246,541,754 Diluted 230,034,859 246,770,002
Entergy Corporation Consolidated Income Statement Twelve Months Ended September 30 (in thousands) 2000 1999 % Inc/(Dec) (unaudited) Operating Revenues: Domestic electric $6,803,141 $6,152,247 10.6 Natural gas 128,141 102,060 25.6 Steam products - 27,001 (100.0) Competitive businesses 2,201,920 2,824,972 (22.1) ---------- ---------- Total 9,133,202 9,106,280 0.3 ---------- ---------- Operating Expenses: Operation and maintenance: Fuel, fuel-related expenses, and gas purchased for resale 2,361,791 1,927,305 22.5 Purchased power 2,282,212 2,765,029 (17.5) Nuclear refueling outage expenses 73,267 76,165 (3.8) Other operation and maintenance 1,841,880 1,717,395 7.2 Decommissioning 39,596 45,246 (12.5) Taxes other than income taxes 346,480 344,157 0.7 Depreciation and amortization 721,707 743,930 (3.0) Other regulatory charges (credits) - net 32,111 33,410 (3.9) Amortization of rate deferrals 33,500 125,697 (73.3) ---------- ---------- Total 7,732,544 7,778,334 (0.6) ---------- ---------- Operating Income 1,400,658 1,327,946 5.5 ---------- ---------- Other Income (Deductions): Allowance for equity funds used during construction 33,553 23,451 43.1 Gain on sales of assets - net 31,327 390,920 (92.0) Miscellaneous - net 221,835 120,770 83.7 ---------- ---------- Total 286,715 535,141 (46.4) ---------- ---------- Interest and Other Charges: Interest on long-term debt 471,153 529,126 (11.0) Other interest - net 90,296 87,815 2.8 Dividends on preferred securities of subsidiaries 18,838 23,221 (18.9) Allowance for borrowed funds used during construction (24,869) (19,215) 29.4 ---------- ---------- Total 555,418 620,947 (10.6) ---------- ---------- Income Before Income Taxes 1,131,955 1,242,140 (8.9) Income Taxes 454,879 416,318 9.3 ---------- ---------- Consolidated Net Income 677,076 825,822 (18.0) Preferred dividend requirements of subsidiaries and other 36,808 42,114 (12.6) ---------- ---------- Earnings Applicable to Common Stock $640,268 $783,708 (18.3) ========== ========== Earnings Per Average Common Share (Basic) $2.76 $3.18 (13.2) Average Number of Common Shares Outstanding (Basic) 231,946,696 246,553,405
[CAPTION] Entergy Corporation U.S. Utility Electric Energy Sales & Customers Three Months Ended September 2000 1999 % (Millions of kwh) Electric Energy Sales: Residential 11,573 11,007 5.1 Commercial 7,578 7,227 4.9 Governmental 744 720 3.4 Industrial 11,248 11,297 (0.4) ------ ------ Total to Ultimate 31,143 30,251 2.9 Customers Wholesale 2,290 3,087 (25.8) ------ ------ Total Sales 33,433 33,338 0.3 ====== ====== Nine Months Ended September 2000 1999 % (Millions of kwh) Electric Energy Sales: Residential 24,943 24,274 2.8 Commercial 18,738 18,137 3.3 Governmental 1,966 1,932 1.7 Industrial 32,886 32,340 1.7 ------ ------ Total to Ultimate 78,533 76,683 2.4 Customers Wholesale 6,880 7,391 (6.9) ------ ------ Total Sales 85,413 84,074 1.6 ====== ====== Twelve Months Ended September 2000 1999 % (Millions of kwh) Electric Energy Sales: Residential 31,300 31,043 0.8 Commercial 24,376 23,868 2.1 Governmental 2,598 2,549 1.9 Industrial 44,095 43,216 2.0 ------- ------- Total to Ultimate 102,369 100,676 1.7 Customers Wholesale 9,203 10,998 (16.3) ------- ------- Total Sales 111,572 111,674 (0.1) ======= ======= September 2000 1999 % Electric Customers (Year to date average): Residential 2,204,308 2,178,367 1.2 Commercial 288,473 281,267 2.6 Governmental 14,296 13,944 2.5 Industrial 42,476 42,496 (0.0) --------- --------- Total to Ultimate 2,549,553 2,516,074 1.3 Customers Wholesale 38 42 (9.4) --------- --------- Total Customers 2,549,591 2,516,116 1.3 ========= ========= EX-99 3 0003.txt Exhibit 99.7 For further information: Nancy Morovich, VP, Investor Relations Phone 504/576-5506, Fax - 2897 nmorovi@entergy.com October 19, 2000 ENTERGY REPORTS A THIRD STRAIGHT QUARTER OF RECORD EARNINGS NEW ORLEANS - Entergy Corporation announced third quarter 2000 consolidated earnings per share of $1.34, compared with $1.16 in 1999. On an operational basis, Entergy earned $1.37 per share, up 19% when compared with $1.15 in 1999. Earnings per share from operations set a third quarter record for the company. "With another record-breaking quarter for Entergy, we continue to exceed expectations and to establish a record of strong execution throughout the organization," said J. Wayne Leonard, Entergy's chief executive officer. "In a quarter full of various milestone achievements that position Entergy for industry leadership, it's significant that ongoing operations have consistently improved: customer service, reliability and safety continue to improve even more rapidly than the record earnings level. In addition to announcing a merger of equals with FPL Group, achievements during the quarter included: closing our joint venture with The Shaw Group, acquiring the nuclear decommissioning firm TLG Services, and breaking ground on the 425-megawatt RS Cogen facility in Louisiana. Also, just today we announced a settlement of the Delaney lawsuit, removing another uncertainty from our future." Table 1 provides a comparative summary of earnings per share for the third quarter and year-to-date 2000. - ------------------------------------------------------------------------ Table 1: Entergy Corporation Consolidated Results Third Quarter and Year-to-Date 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) Third Quarter Year-to-Date 2000 1999 Change 2000 1999 Change As Reported U.S. Utility 1.27 1.15 0.12 2.35 2.11 0.24 Parent & Other 0.01 (0.03) 0.04 0.08 (0.09) 0.17 Competitive Businesses 0.06 0.04 0.02 0.34 0.20 0.14 ---------------------------------------- Consolidated Earnings 1.34 1.16 0.18 2.77 2.22 0.55 Less Special Items U.S. Utility (0.03) 0.01 (0.04) (0.09) - (0.09) Parent & Other - - - - - - Competitive Businesses - - - 0.06 0.14 (0.08) ---------------------------------------- Total (0.03) 0.01 (0.04) (0.03) 0.14 (0.17) Operational U.S. Utility 1.30 1.14 0.16 2.44 2.11 0.33 Parent & Other 0.01 (0.03) 0.04 0.08 (0.09) 0.17 Competitive Businesses 0.06 0.04 0.02 0.28 0.06 0.22 ---------------------------------------- Consolidated Earnings 1.37 1.15 0.22 2.80 2.08 0.72 Weather Impact 0.17 0.11 0.06 0.18 0.11 0.07 Consolidated Operational 1.20 1.04 0.16 2.62 1.97 0.65 Earnings Excluding Weather - ------------------------------------------------------------------------ Tables 2 and 3 provide third quarter and year-to-date 2000 vs. 1999 reported earnings variance analyses for "U.S. Utility and Parent & Other," "Competitive Businesses," and "Consolidated." - ------------------------------------------------------------------------ Table 2: Entergy Corporation Reported Earnings Variance Analysis Third Quarter 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) U.S. Utility and Competitive Parent & Businesses Consolidated Other 1999 earnings 1.12 0.04 1.16 Net Revenue 0.30 (a) - 0.30 Share repurchase/ 0.11 0.01 0.12 dilution effect Miscellaneous - net 0.01 0.05 (b) 0.06 Preferred dividend 0.01 - 0.01 requirements Income taxes - other 0.01 0.01 0.02 Taxes other than (0.03) (c) 0.01 (0.02) income taxes Interest and other (0.02) (0.01) (0.03) charges Depreciation/amortization (0.07) (d) - (0.07) Other O&M (0.16) (e) (0.05) (f) (0.21) ----- ----- ----- 2000 earnings 1.28 0.06 1.34 ----- ----- ----- - ------------------------------------------------------------------------ - ------------------------------------------------------------------------ Table 3: Entergy Corporation Reported Earnings Variance Analysis Year-to-Date 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) U.S. Utility and Competitive Parent & Businesses Consolidated Other 1999 earnings 2.02 0.20 2.22 Net Revenue 0.40 (a) 0.36 (g) 0.76 Share repurchase/ 0.16 0.03 0.19 dilution effect Miscellaneous - net 0.05 0.13 (b) 0.18 Decommissioning 0.02 - 0.02 Preferred dividend 0.02 - 0.02 requirements Nuclear refueling 0.01 - 0.01 outage Interest and other 0.04 (0.04) - charges Taxes other than (0.02) - (0.02) income taxes Depreciation/amortization (0.06) (d) 0.01 (0.05) Gain on sale of assets - (0.07) (h) (0.07) Income taxes - other (0.01) (0.14) (i) (0.15) Other O&M (0.20) (e) (0.14) (f) (0.34) ----- ----- ----- 2000 earnings 2.43 0.34 2.77 ----- ----- ----- - ------------------------------------------------------------------------ Quarterly Overview Third quarter 2000 consolidated revenues were up 12% compared with the same period of 1999, driven by an 18% increase at the utility. Utility revenues were higher due to strong sales growth across customer classes, fuel clause revenues, and more favorable weather. Third quarter revenues at the competitive businesses were down 0.6% in 2000 as compared with 1999 due to lower trading revenues at Entergy Wholesale Operations (EWO), partially offset by a slight increase in Pilgrim Nuclear Power Station revenues from a full quarter of ownership in 2000. On a consolidated basis, third quarter 2000 fuel expenses increased 36% in 2000, rising significantly at the utility, offset partially by a decline at EWO due to lower trading volumes. The utility's fuel expense rose 65% on a quarterly basis due to both a rise in gas prices and an increase in generation. Purchased power was down at the utility in 2000, due to both lower volumes purchased and lower wholesale prices. In the third quarter of 2000, other O&M increased 21% compared with third quarter 1999, as expenses rose at both the utility and the competitive businesses. Other O&M at the utility rose in 2000 as a result of increased nuclear expenses, including expenses related to the steam turbine inspections at Arkansas Nuclear One (ANO); other plant- related expenses; increased reliability spending; and increased storm damage accruals. Other O&M at the competitive businesses increased primarily as a result of higher O&M at Pilgrim (resulting from 3Q 2000 outage expenses and a full quarter of ownership in 2000 versus only two and a half months in 3Q 1999), as well as development cost reserves at EWO. Depreciation on a consolidated basis increased 17% in 2000, largely due to a 1999 adjustment that was identified as a special item. Quarterly operating income was down 0.6% on a consolidated basis in 2000. Other income increased 67% in third quarter 2000, as miscellaneous net rose due to the liquidated damages received from Raytheon Engineers and Constructors for delayed construction of the Saltend plant in the United Kingdom. Interest expense increased 11% on a consolidated basis in 2000, largely as a result of an increase in long-term debt at the utility and short-term borrowing at the parent. The effective tax rate was 40.3% in third quarter 2000, slightly lower than 1999's rate of 41.6%. U.S. Utility In the third quarter of 2000, utility earnings on an as reported basis were $1.27 per share, compared with $1.15 for the same period in 1999. Third quarter 2000 results included a $(0.03) special item related to regulatory and reserve adjustments. On an operational basis, quarterly earnings per share were $1.30 in 2000, 14% higher than the $1.14 in third quarter 1999. Weather was more favorable in 2000, contributing $0.17 per share to third quarter earnings compared with $0.11 in 1999. Third quarter 2000 earnings per share were also helped by sales growth of 1.7% on a weather-adjusted volume basis (see appendix) and a reduction in the number of outstanding shares due to the share repurchase program. Partially offsetting these factors were current- period increases in O&M spending, primarily resulting from increased nuclear expenses (including expenses related to the steam turbine inspections at ANO), other plant-related expenses, increased reliability spending, and increased storm damage accruals. Parent & Other Parent & Other earnings per share were $0.01 in third quarter 2000, compared with a loss of $(0.03) in third quarter 1999. Results for the 2000 period benefited from lower O&M expenses at the parent, reclassifying of the Gulf States merger goodwill amortization from the parent to the utility, and telecommunications earnings. Partially offsetting these improvements were slightly lower investment income and higher interest expense in 2000. Competitive Businesses On both an as reported basis and an operational basis, the competitive businesses earned $0.06 per share in the third quarter of 2000, compared with $0.04 in the same period of 1999. Entergy Wholesale Operations reported earnings per share of $0.03 in the third quarter of 2000, unchanged from the same period in 1999. Strong trading earnings of $0.06 and liquidated damages of $0.07 for delayed construction of the Saltend project were partially offset by development cost reserves, compensation-related foreign tax adjustments and ongoing development expenses at EWO. Entergy Nuclear earned $0.03 per share in the third quarter of 2000, equal to earnings in the third quarter of 1999. Both periods benefited from strong operations at the Pilgrim Nuclear Power Station, which has run at a 94% capacity factor in 2000. The combined results of the competitive businesses in third quarter 2000 do not include a 1999 loss of $(0.02) per share reported by retail operations, which were divested in 1999. Table 4 provides a 2000 vs. 1999 comparison of contributions by business for the third quarter and year-to-date, on both as reported and operational bases. - ------------------------------------------------------------------------ Table 4: Competitive Businesses Contributions to Earnings Per Share Third Quarter and Year-to-Date 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) Third Quarter Year-to-Date 2000 1999 $ Change 2000 1999 $ Change As Reported Entergy Wholesale 0.03 0.03 - 0.21 0.05 0.16 Operations Entergy Nuclear 0.03 0.03 - 0.13 0.03 0.10 Divested Businesses - (0.02) 0.02 - 0.12 (0.12) -------------------------------------------- Total 0.06 0.04 0.02 0.34 0.20 0.14 Less Special Items Entergy Wholesale - - - 0.06 (0.01) 0.07 Operations Entergy Nuclear - - - - - - Divested Businesses - - - - 0.15 (0.15) -------------------------------------------- Total - - - 0.06 0.14 (0.08) Operational Entergy Wholesale 0.03 0.03 - 0.15 0.06 0.09 Operations Entergy Nuclear 0.03 0.03 - 0.13 0.03 0.10 Divested Businesses - (0.02) 0.02 - (0.03) 0.03 -------------------------------------------- Total 0.06 0.04 0.02 0.28 0.06 0.22 - ------------------------------------------------------------------------ Share Repurchase Program During the third quarter of 2000, 3.3 million shares were repurchased at a total cost of $108 million. From the initiation of the share repurchase program in July 1999 through September 30, 2000, $726 million was utilized to purchase 27.4 million shares. The merger agreement with FPL Group, announced on July 31, 2000, expanded Entergy's share repurchase program. Including the initial $750 million authorized by the Board in July 1999, the total amount authorized for repurchasing shares increased to $1.06 billion. The entire program is expected to be completed by the time of the merger's financial close. Earnings Review and Outlook "Financial results again were strong in the third quarter," said C. John Wilder, Entergy's chief financial officer. "The utility continued to perform extremely well, and the competitive businesses are making a growing contribution to the company's overall earnings. We are more confident than ever that 2000 will be an outstanding operational and financial year for Entergy. We are increasing our guidance on earnings to a range of $2.85 to $2.90 per share. This new range reflects 18 cents per share contributed by weather-induced earnings, and the remainder is attributed to improved operating performance expected at the utility and EWO." Table 5 lists special items by business for the third quarter and year- to-date for 2000 and 1999. Special items are those events that are non- routine, are related to prior periods, or result from discontinued operations. The intent is to identify separately the earnings impact of special events in order to report solely the results of the company's ongoing operations. - ------------------------------------------------------------------------ Table 5: Entergy Corporation Special Items (Shown as positive / (negative) impact on earnings) Third Quarter and Year-to-Date 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) Third Quarter Year-to-Date 2000 1999 Change 2000 1999 Change U.S. Utility Special Items Regulatory and reserve (0.03) (0.03) - (0.09) (0.09) - adjustments(j) Depreciation adjustment 0.04 (0.04) 0.04 (0.04) Change in unbilled revenue 0.13 (0.13) estimate SERI refund adjustments (0.08) 0.08 ----------------------------------------- Total (0.03) 0.01 (0.04) (0.09) - (0.09) Parent Special Items Competitive Businesses Special Items EWO - Freestone project sale 0.06 0.06 EWO - write-off of start-up (0.01) 0.01 costs per new accounting standard(k) Divested Businesses - foreign 0.10 (0.10) tax benefits Divested Businesses - gain on 0.03 (0.03) sale of Hyperion Divested Businesses - CitiPower 0.02 (0.02) purchase price adjustment ----------------------------------------- Total 0.06 0.14 (0.08) Total Special Items (0.03) 0.01 (0.04) (0.03) 0.14 (0.17) - ------------------------------------------------------------------------ Table 6 provides Entergy's projection of 2000 operational earnings per share. - ------------------------------------------------------------------------ Table 6: 2000 Earnings Per Share Guidance - ------------------------------------------------------------------------ (Per share in U.S. $) 1999 Changes in 2000 2000 Guidance 3Q 2000 YTD Range Operational Range of Impact Utility Share repurchase 0.17 0.18 (excluding and other weather) ----------- 2.17 Total 0.17 0.18 2.34 2.35 2.26 Entergy Full year of 0.10 0.11 Nuclear Pilgrim ownership ------------ 0.06 Total 0.10 0.11 0.16 0.17 0.13 Entergy No Edesur sale (0.07) (0.07) Wholesale Operations U.K. projects 0.19 0.20 (LD's & operations) Improved trading 0.07 0.08 Development costs (0.04) (0.04) and other ----------- 0.05 Total 0.15 0.17 0.20 0.22 0.15 Parent & Expense 0.20 0.21 Other reductions & other Reduced (0.03) (0.03) investment income ----------- (0.20) Total 0.17 0.18 (0.03)(0.02) 0.08 ------------------------------------------------------------ Total 2.08 0.59 0.64 2.67 2.72 2.62 Weather 0.09 0.18 0.18 0.18 Impact Total 2.17 2.85 2.90 2.80 incl. weather - ------------------------------------------------------------------------ Table 7 provides Entergy's projection of 2001 operational earnings per share. - ------------------------------------------------------------------------ Table 7: 2001 Earnings Per Share Guidance (Per share in U.S. $) - ------------------------------------------------------------------------ Proj. Changes in 2001 2001 2000 Guidance Operational Range Range of Impact Utility (excluding Share repurchase & 0.11 0.12 weather) other ------------ 2.34 2.35 Total 0.11 0.12 2.45 2.47 Entergy Pilgrim outage & (0.09) (0.08) Nuclear lower PPA price Indian Point 3 & 0.16 0.18 FitzPatrick operations Other 0.00 0.09 ------------ 0.16 0.17 Total 0.07 0.19 0.23 0.36 Entergy No liquidated (0.17) (0.17) Wholesale damages Operations Saltend & Damhead 0.15 0.16 Creek operations ------------ 0.11 0.12 Total (0.02) (0.01) 0.09 0.11 Entergy Gateway Pipeline & 0.16 0.17 Trading Entergy-Koch L.P. ------------ 0.09 0.10 Total 0.16 0.17 0.25 0.27 Parent & Lower investment (0.09) (0.09) Other income ------------ (0.03) (0.02) Total (0.09) (0.09) (0.12) (0.11) ------------------------------------------------------------ Total 2.67 2.72 0.23 0.38 2.90 3.10 Weather 0.18 0.18 0.00 0.00 Impact Total 2.85 2.90 2.90 3.10 incl. weather - ------------------------------------------------------------------------ Other Performance Highlights Operating cash flows increased 5% in the third quarter of 2000 as compared with the same period in 1999 and rose 16% on a year-to-date basis in 2000. The increase largely resulted from higher net income in 2000 and was amplified on a per share basis with fewer shares in 2000 as a result of the share repurchase program. In the twelve months ending September 30, 2000, cash return on average investment improved by 15% over the prior period to 6.8%. EBITDA increased significantly in the last twelve months, while the average investment was lower in the more recent period because non-productive assets were divested in late 1998. Return on average common equity rose even more dramatically in the most recent twelve months, up 18% to 9.2%. Net income was 21% higher in the last four quarters, while average common equity only increased 1%. This was due to higher retained earnings from strong net income growth being mostly offset by the share repurchase program's equity-lowering effect. With 10% fewer shares in 2000, the book value per share was higher for the period ending September 30, 2000 than for the earlier period. Table 8 provides a comparative summary of key financial performance metrics for the third quarter and year-to-date 2000 vs. 1999. - ------------------------------------------------------------------------ Table 8: Entergy Corporation Key Financial Performance Metrics Third Quarter and Year-to-Date 2000 vs. 1999 - ------------------------------------------------------------------------ Third Quarter Year-to-Date 2000 1999 Change 2000 1999 Change Operating cash flow $437 $417 $20 $1,174 $1,009 $165 ($ millions) Operating cash flow $1.95 $1.69 $0.26 $5.10 $4.09 $1.01 per share For 12 months ending 2000 1999 Change September 30 Cash return on 6.81% 5.94% 0.87% average investment(l) Return on average 9.19% 7.79% 1.40% common equity(m) Book value per $32.14 $30.06 $2.08 share(n) End of period shares 220.1 243.3 (23.2) outstanding (millions) - ------------------------------------------------------------------------ Entergy's common stock is listed on the New York, Chicago, and Pacific exchanges under the symbol "ETR". Entergy Corporation's on-line address is http://www.entergy.com *********************************************************************** ************************************************************** The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Investors are cautioned that forward-looking statements contained in the foregoing release with respect to the revenues, earnings, performance, strategies, prospects and other aspects of the business of Entergy Corporation may involve risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties relating to: the effects of weather, the performance of generating units and transmission systems, the possession of nuclear materials, fuel prices and availability, the effects of regulatory decisions and changes in law, litigation, capital spending requirements, the onset of competition, advances in technology, changes in accounting standards, corporate restructuring and changes in capital structure, movements in the markets for electricity and other energy-related commodities, changes in interest rates and in financial and foreign currency markets generally, changes in corporate strategies, and other factors. _______________________________ (a) Net revenue increased primarily as a result of strong sales growth and hotter than normal weather. Weather-adjusted sales growth for the quarter and year-to-date was 1.7% (see appendix). Utility Net Revenue Variance Analysis, 2000 vs. 1999 ($ EPS) Third Quarter Year-to-Date Weather 0.06 Weather 0.07 Sales growth/pricing 0.21 Sales growth/pricing 0.25 Special items - Special items 0.03 Other 0.03 Other 0.05 Total 0.30 Total 0.40 (b) Miscellaneous-net for both the third quarter and year-to-date 2000 increased primarily as a result of liquidated damages received in compensation for lost earnings from operations of EWO's delayed Saltend plant in the U.K. (c) Other taxes increased as a result of an adjustment in sales and use taxes stemming from recently completed state tax audits. (d) Depreciation increased primarily as a result of a $0.04 depreciation adjustment recorded as a special item in 3Q 1999 and also because of a current period increase in depreciable utility plant. (e) Other O&M increased primarily as a result of increased nuclear expenses (including expenses related to the steam turbine inspections at ANO), other plant-related expenses, increased reliability spending, and increased storm damage accruals. (f) Other O&M increased primarily as a result of higher O&M at the Pilgrim Nuclear Power Station (resulting from 3Q 2000 outage expenses and a full quarter of ownership in 2000 versus only two and a half months in 3Q 1999), as well as development cost reserves at EWO. (g) Net revenue increased as a result of the inclusion of Pilgrim operations (acquired 7/13/99) and favorable trading operations at EWO. (h) Gain on sale of assets decreased as a result of prior year gains of $0.07 per share on the sale of Edesur, $0.03 per share on the sale of Hyperion, and $0.02 per share for a CitiPower purchase price adjustment, offset by 2000's second quarter gain of $0.06 per share on the sale of EWO's Freestone project in Texas. (i) Income taxes-other increased primarily as a result of foreign tax credits taken in 1999. (j) Regulatory and reserve adjustments were made in the first and third quarters of 2000 for potential rate actions, rate refunds, and ongoing litigation. (k) The new accounting standard is AICPA Statement of Position 98-5, "Recording the Costs of Start-Up Operations." (l) "Cash return on average investment" is 12-months rolling EBITDA divided by average total assets plus accumulated depreciation less current liabilities - 1999 EBTIDA excludes the gains from sales of London Electricity and CitiPower. This metric is a measure of Entergy's ability to generate cash relative to its gross investments. (m) "Return on average common equity" is 12-months rolling net income divided by average common equity - net income excludes all special items. This metric is a measure of Entergy's ability to generate profits from equity received from common shareholders. (n) "Book value per share" is common equity divided by end of period shares outstanding. This metric is a measure of the book value of Entergy's net assets per share.
Entergy Corporation Consolidating Balance Sheet September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities Company Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $ 67,757 $ 198 $ 43,301 $ - $ 111,255 Temporary cash investments - at cost, which approximates market 341,090 60,499 718,704 - 1,120,292 Special deposits - - 1,542 - 1,542 ----------- ---------- ---------- ----------- ----------- Total cash and cash equivalents 408,846 60,697 763,546 - 1,233,089 ----------- ---------- ---------- ----------- ----------- Other temporary investments - - 21,897 - 21,897 Notes receivable 1,577 - 2,590 - 4,166 Accounts receivable: Customer 543,609 - 100 - 543,708 Allowance for doubtful accounts (6,943) - (2,064) - (9,007) Associated companies 14,713 107,703 4,852 (127,269) - Other 73,036 (516) 300,708 - 373,228 Accrued unbilled revenues 433,784 - - - 433,784 ----------- ---------- ---------- ----------- ----------- Total receivables 1,058,199 107,188 303,595 (127,269) 1,341,713 Deferred fuel costs 539,000 - - - 539,000 Fuel inventory - at average cost 114,024 - 7,583 (528) 121,079 Materials and supplies - at average cost 339,804 (13) 23,016 - 362,807 Rate deferrals 19,797 - - - 19,797 Deferred nuclear refueling outage costs 28,621 - - - 28,621 Prepayments and other 65,145 2,200 9,939 - 77,285 ----------- ---------- ---------- ----------- ----------- TOTAL 2,575,014 170,072 1,132,165 (127,797) 3,749,454 ----------- ---------- ---------- ----------- ----------- OTHER PROPERTY AND INVESTMENTS Investment in subsidiary companies - at equity 214 6,546,405 - (6,546,405) 214 Decommissioning trust funds 898,651 - 456,135 - 1,354,785 Non-utility property - at cost (less accumulated depreciation) 223,444 - 107,256 - 330,699 Non-regulated investments - 1,000 299,691 - 300,691 Other - at cost (less accumulated depreciation) 17,929 - 4,439 - 22,368 ----------- ---------- ---------- ----------- ----------- TOTAL 1,140,237 6,547,405 867,520 (6,546,405) 2,008,757 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT Electric 23,512,481 4,340 155,534 - 23,672,355 Plant acquisition adjustment 394,431 - 300 - 394,731 Property under capital lease 768,135 - - - 768,135 Natural gas 190,895 - - - 190,895 Construction work in progress 868,030 1,266 1,069,358 - 1,938,654 Nuclear fuel under capital lease 271,021 - - - 271,021 Nuclear fuel 44,188 - 37,474 - 81,662 ----------- ---------- ---------- ----------- ----------- TOTAL UTILITY PLANT 26,049,181 5,606 1,262,666 - 27,317,453 Less - accumulated depreciation and amortization 11,313,999 2,893 86,374 - 11,403,267 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT - NET 14,735,182 2,712 1,176,292 - 15,914,186 ----------- ---------- ---------- ----------- ----------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: Rate deferrals 1,402 - - - 1,402 SFAS 109 regulatory asset - net 1,002,350 - - - 1,002,350 Unamortized loss on reacquired debt 188,025 - - - 188,025 Other regulatory assets 703,639 - - - 703,639 Long-term receivables 30,281 - - - 30,281 Other 184,050 414,271 232,732 (402,046) 429,009 ----------- ---------- ---------- ----------- ----------- TOTAL 2,109,748 414,271 232,732 (402,046) 2,354,706 ----------- ---------- ---------- ----------- ----------- TOTAL ASSETS $20,560,181 $7,134,460 $3,408,709 $(7,076,247) $24,027,103 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities Company Businesses LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Currently maturing long-term debt $ 339,858 $ - $ 67,000 $ - $ 406,858 Notes payable: Associated companies - - 5,322 (5,322) - Other 715 - 321 - 1,036 Account payable: Associated companies 7,316 1,184 16,344 (24,844) - Other 591,989 4,400 270,199 - 866,587 Customer deposits 168,163 - - - 168,163 Taxes accrued 578,503 13,648 181,489 - 773,641 Accumulated deferred income taxes 159,710 - 20 - 159,730 Nuclear refueling outage costs 6,854 - - - 6,854 Interest accrued 150,288 (17) 5,477 - 155,748 Co-owner advances 13,250 - - (8,129) 5,121 Obligations under capital leases 176,224 - - - 176,224 Other 188,950 13,355 33,897 (22,533) 213,668 ----------- ---------- ---------- ----------- ----------- TOTAL 2,381,819 32,571 580,069 (60,829) 2,933,630 ----------- ---------- ---------- ----------- ----------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 3,310,198 (18,105) (103,412) - 3,188,681 Accumulated deferred investment tax credits 500,229 - - - 500,229 Obligations under capital leases 181,810 - 15 - 181,825 FERC settlement - refund obligation 32,471 - - - 32,471 Other regulatory liabilities 252,173 - - - 252,173 Decommisioning 288,172 - 449,097 - 737,269 Transition to competition 201,797 - - - 201,797 Regulatory reserves 341,551 - - - 341,551 Accumulated provisions 282,194 - 10,100 - 292,294 Other 706,439 50,547 203,949 (394,444) 566,489 ----------- ---------- ---------- ----------- ----------- TOTAL 6,097,034 32,442 559,748 (394,444) 6,294,779 ----------- ---------- ---------- ----------- ----------- Long-term debt 6,037,260 - 1,144,078 (74,569) 7,106,769 Preferred stock with sinking fund 69,650 - - - 69,650 Preference stock - - - - - Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated deferrable debentures 215,000 - - - 215,000 SHAREHOLDERS' EQUITY Preferred stock without sinking fund 331,240 - - - 331,240 Common stock 2,225,870 2,472 664,577 (2,890,446) 2,472 Authorized shares 500,000,000 Issued shares CY 247,172,239 Paid-in capital 1,779,381 4,636,811 891,571 (2,670,952) 4,636,811 Retained earnings 1,422,928 3,216,395 (360,841) (1,062,087) 3,216,395 Accumulated other comprehensive income: Cumulative foreign currency translation adjustment - (71,081) (71,081) 71,081 (71,081) Net unrealized investment gains (losses) - - 6,588 - 6,588 Less - treasury stock, at cost - 715,150 6,000 (6,000) 715,150 Shares CY 27,040,581 ----------- ---------- ---------- ----------- ----------- TOTAL 5,759,418 7,069,447 1,124,814 (6,546,405) 7,407,275 ----------- ---------- ---------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,560,181 $7,134,460 $3,408,709 $(7,076,247) $24,027,103 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet December 31, 1999 (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities Company Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $ 35,970 $ 14 $ 72,214 $ - $ 108,198 Temporary cash investments - at cost, which approximates market 101,199 16,479 987,843 - 1,105,521 Special deposits - - - - - ----------- ---------- ---------- ----------- ----------- Total cash and cash equivalents 137,169 16,493 1,060,057 - 1,213,719 ----------- ---------- ---------- ----------- ----------- Other temporary investments - - 321,351 - 321,351 Notes receivable 97 - 2,064 - 2,161 Accounts receivable: Customer 290,240 - 91 - 290,331 Allowance for doubtful accounts (6,943) - (2,564) - (9,507) Associated companies 16,293 177,501 (319) (193,476) - Other 55,190 (51) 152,759 - 207,898 Accrued unbilled revenues 298,616 - - - 298,616 ----------- ---------- ---------- ----------- ----------- Total receivables 653,397 177,450 149,967 (193,476) 787,338 Deferred fuel costs 240,661 - - - 240,661 Fuel inventory - at average cost 87,362 - 7,424 (366) 94,419 Materials and supplies - at average cost 370,681 (18) 21,741 - 392,403 Rate deferrals 30,394 - - - 30,394 Deferred nuclear refueling outage costs 58,119 - - - 58,119 Prepayments and other 52,836 2,100 23,628 - 78,567 ----------- ---------- ---------- ----------- ----------- TOTAL 1,630,717 196,025 1,586,232 (193,841) 3,219,132 ----------- ---------- ---------- ----------- ----------- OTHER PROPERTY AND INVESTMENTS Investment in subsidiary companies - at equity 214 6,707,894 - (6,707,894) 214 Decommissioning trust funds 815,014 - 431,009 - 1,246,023 Non-utility property - at cost (less accumulated depreciation) 217,622 - 99,544 - 317,165 Non-regulated investments - - 198,003 - 198,003 Other - at cost (less accumulated depreciation) 16,714 - - - 16,714 ----------- ---------- ---------- ----------- ----------- TOTAL 1,049,563 6,707,894 728,556 (6,707,894) 1,778,119 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT Electric 23,003,335 4,340 155,486 - 23,163,161 Plant acquisition adjustment - 406,630 300 - 406,929 Property under capital lease 768,500 - - - 768,500 Natural gas 186,041 - - - 186,041 Steam products - - - - - Construction work in progress 708,431 688 791,498 - 1,500,617 Nuclear fuel under capital lease 286,476 - - - 286,476 Nuclear fuel 39,506 - 48,186 - 87,693 ----------- ---------- ---------- ----------- ----------- TOTAL UTILITY PLANT 24,992,289 411,658 995,470 - 26,399,417 Less - accumulated depreciation and amortization 10,813,031 2,242 83,387 - 10,898,661 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT - NET 14,179,258 409,415 912,083 - 15,500,756 ----------- ---------- ---------- ----------- ----------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: Rate deferrals 16,581 - - - 16,581 SFAS 109 regulatory asset - net 1,068,006 - - - 1,068,006 Unamortized loss on reacquired debt 198,631 - - - 198,631 Other regulatory assets 637,870 - - - 637,870 Long-term receivables 32,260 - - - 32,260 Other 143,863 47,574 342,294 - 533,732 ----------- ---------- ---------- ----------- ----------- TOTAL 2,097,211 47,574 342,294 - 2,487,080 ----------- ---------- ---------- ----------- ----------- TOTAL ASSETS $18,956,750 $7,360,908 $3,569,164 $(6,901,735) $22,985,087 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet December 31, 1999 (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities Company Businesses LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Currently maturing long-term debt $ 194,555 $ - $ - $ - $ 194,555 Notes payable: Associated companies - - - - - Other 716 120,000 - - 120,715 Account payable: Associated companies 1,604 2,165 21,807 (25,577) - Other 468,278 17,786 221,614 - 707,678 Customer deposits 161,909 - - - 161,909 Taxes accrued 270,644 9,142 165,891 - 445,677 Accumulated deferred income taxes 72,640 - - - 72,640 Nuclear refueling outage costs 11,216 - - - 11,216 Interest accrued 126,177 148 2,702 - 129,028 Co-owner advances 15,147 - - (8,129) 7,018 Obligations under capital leases 178,247 - - - 178,247 Other 213,583 6,251 24,054 (118,139) 125,749 ----------- ---------- ---------- ----------- ----------- TOTAL 1,714,717 155,493 436,067 (151,845) 2,154,432 ----------- ---------- ---------- ----------- ----------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 3,443,734 (16,165) (117,229) - 3,310,340 Accumulated deferred investment tax credits 519,910 - - - 519,910 Obligations under capital leases 205,464 - - - 205,464 FERC settlement - refund obligation 37,337 - - - 37,337 Other regulatory liabilities 199,139 - - - 199,139 Decommisioning 268,697 - 434,756 - 703,453 Transition to competition 157,034 - - - 157,034 Regulatory reserves 378,307 - - - 378,307 Accumulated provisions 222,008 57,938 (522) - 279,425 Other 250,338 39,216 237,840 7,763 535,156 ----------- ---------- ---------- ----------- ----------- TOTAL 5,681,969 80,989 554,845 7,763 6,325,565 ----------- ---------- ---------- ----------- ----------- Long-term debt 5,623,974 - 1,038,370 (49,760) 6,612,583 Preferred stock with sinking fund 69,650 - - - 69,650 Preference stock 150,000 - - - 150,000 Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated deferrable debentures 215,000 - - - 215,000 SHAREHOLDERS' EQUITY Preferred stock without sinking fund 338,455 - - - 338,455 Common stock 2,225,870 2,471 659,561 (2,885,431) 2,471 Authorized shares 500,000,000 Issued shares CY 247,082,345 Paid-in capital 1,779,316 4,636,163 835,400 (2,614,718) 4,636,163 Retained earnings 1,157,800 2,786,467 124,726 (1,282,527) 2,786,467 Accumulated other comprehensive income: Cumulative foreign currency translation adjustment - (68,782) (68,782) 68,782 (68,782) Net unrealized investment gains (losses) - - (5,023) - (5,023) Less - treasury stock, at cost - 231,894 6,000 (6,000) 231,894 Shares CY 8,045,434 ----------- ---------- ---------- ----------- ----------- TOTAL 5,501,441 7,124,426 1,539,883 (6,707,893) 7,457,857 ----------- ---------- ---------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $18,956,750 $7,360,908 $3,569,164 $(6,901,735) $22,985,087 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet September 30, 2000 vs December 31, 1999 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities Company Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $ 31,787 $ 184 $ (28,913) $ - $ 3,057 Temporary cash investments - at cost, which approximates market 239,890 44,020 (269,139) - 14,771 Special deposits - - 1,542 - 1,542 ---------- --------- --------- ---------- ---------- Total cash and cash equivalents 271,677 44,204 (296,511) - 19,370 ---------- --------- --------- ---------- ---------- Other temporary investments - - (299,455) - (299,455) Notes receivable 1,479 - 526 - 2,005 Accounts receivable: - - - - - Customer 253,368 - 8 - 253,377 Allowance for doubtful accounts - - 500 - 500 Associated companies (1,580) (69,798) 5,171 66,207 - Other 17,846 (465) 147,949 - 165,330 Accrued unbilled revenues 135,168 - - - 135,168 ---------- --------- --------- ---------- ---------- Total receivables 404,802 (70,262) 153,628 66,207 554,375 Deferred fuel costs 298,340 - - - 298,340 Fuel inventory - at average cost 26,663 - 159 (162) 26,660 Materials and supplies - at average cost (30,878) 6 1,275 - (29,597) Rate deferrals (10,597) - - - (10,597) Deferred nuclear refueling outage costs (29,498) - - - (29,498) Prepayments and other 12,309 100 (13,689) - (1,281) ---------- --------- --------- ---------- ---------- TOTAL 944,297 (25,953) (454,067) 66,045 530,322 ---------- --------- --------- ---------- ---------- OTHER PROPERTY AND INVESTMENTS Investment in subsidiary companies - at equity - (161,489) - 161,489 - Decommissioning trust funds 83,637 - 25,126 - 108,762 Non-utility property - at cost (less accumulated depreciation) 5,822 - 7,712 - 13,534 Non-regulated investments - 1,000 101,687 - 102,687 Other - at cost (less accumulated depreciation) 1,216 - 4,439 - 5,655 ---------- --------- --------- ---------- ---------- TOTAL 90,674 (160,489) 138,965 161,489 230,638 ---------- --------- --------- ---------- ---------- UTILITY PLANT Electric 509,146 - 49 - 509,195 Plant acquisition adjustment 394,431 (406,630) - - (12,199) Property under capital lease (364) - - - (364) Natural gas 4,853 - - - 4,853 Steam products - - - - - Construction work in progress 159,599 578 277,860 - 438,037 Nuclear fuel under capital lease (15,455) - - - (15,455) Nuclear fuel 4,682 - (10,712) - (6,031) ---------- --------- --------- ---------- ---------- TOTAL UTILITY PLANT 1,056,892 (406,052) 267,196 - 918,036 Less - accumulated depreciation and amortization 500,968 651 2,987 - 504,606 ---------- --------- --------- ---------- ---------- UTILITY PLANT - NET 555,924 (406,703) 264,209 - 413,430 ---------- --------- --------- ---------- ---------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: Rate deferrals (15,179) - - - (15,179) SFAS 109 regulatory asset - net (65,656) - - - (65,656) Unamortized loss on reacquired debt (10,606) - - - (10,606) Other regulatory assets 65,769 - - - 65,769 Long-term receivables (1,979) - - - (1,979) Other 40,187 366,698 (109,562) (402,046) (104,723) ---------- --------- --------- ---------- ---------- TOTAL 12,537 366,698 (109,562) (402,046) (132,374) ---------- --------- --------- ---------- ---------- TOTAL ASSETS $1,603,431 $(226,448) $(160,455) $ (174,512) $1,042,016 ========== ========= ========= ========== ========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet September 30, 2000 vs December 31, 1999 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities Company Businesses LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Currently maturing long-term debt $ 145,303 $ - $ 67,000 $ - $ 212,303 Notes payable: Associated companies - - 5,322 (5,322) - Other (1) (120,000) 321 - (119,679) Account payable: Associated companies 5,712 (981) (5,463) 732 - Other 123,712 (13,386) 48,584 - 158,909 Customer deposits 6,254 - - - 6,254 Taxes accrued 307,859 4,506 15,599 - 327,964 Accumulated deferred income taxes 87,069 - 20 - 87,089 Nuclear refueling outage costs (4,362) - - - (4,362) Interest accrued 24,111 (166) 2,775 - 26,720 Co-owner advances (1,897) - - - (1,897) Obligations under capital leases (2,023) - - - (2,023) Other (24,633) 7,104 9,842 95,606 87,919 ---------- --------- --------- ---------- ---------- TOTAL 667,102 (122,922) 144,002 91,016 779,197 ---------- --------- --------- ---------- ---------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes (133,537) (1,940) 13,817 - (121,660) Accumulated deferred investment tax credits (19,681) - - - (19,681) Obligations under capital leases (23,654) - 15 - (23,638) FERC settlement - refund obligation (4,867) - - - (4,867) Other regulatory liabilities 53,034 - - - 53,034 Decommisioning 19,475 - 14,341 - 33,815 Transition to competition 44,764 - - - 44,764 Regulatory reserves (36,756) - - - (36,756) Accumulated provisions 60,186 (57,938) 10,622 - 12,870 Other 456,102 11,331 (33,891) (402,207) 31,332 ---------- --------- --------- ---------- ---------- TOTAL 415,065 (48,547) 4,904 (402,207) (30,786) ---------- --------- --------- ---------- ---------- Long-term debt 413,287 - 105,708 (24,809) 494,186 Preferred stock with sinking fund - - - - - Preference stock (150,000) - - - (150,000) Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated deferrable debentures - - - - - SHAREHOLDERS' EQUITY Preferred stock without sinking fund (7,215) - - - (7,215) Common stock - 1 5,016 (5,016) 1 Authorized shares Issued shares CY Paid-in capital 65 647 56,171 (56,235) 648 Retained earnings 265,127 429,928 (485,567) 220,440 429,929 Accumulated other comprehensive income: Cumulative foreign currency translation adjustment - (2,298) (2,299) 2,299 (2,298) Net unrealized investment gains (losses) - - 11,611 - 11,611 Less - treasury stock, at cost - 483,257 - - 483,257 ---------- --------- --------- ---------- ---------- TOTAL 257,977 (54,979) (415,068) 161,488 (50,582) ---------- --------- --------- ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,603,431 $(226,448) $(160,455) $ (174,512) $1,042,016 ========== ========= ========= ========== ========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Consolidated Utilities Other Businesses Eliminations OPERATING REVENUES: Domestic electric $2,390,667 $ - $ - $(5,580) $2,385,087 Natural gas 21,815 - - - 21,815 Steam products - - - - - Competitive businesses - 8,239 1,028,390 (11,977) 1,024,653 ---------- ------ --------- ------- ---------- Total 2,412,482 8,239 1,028,390 (17,557) 3,431,555 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for 725,564 - 69,655 (438) 794,782 resale Purchased power 313,666 - 857,210 (12,731) 1,158,145 ---------- ------ --------- ------- ---------- Gross Margin 1,373,252 8,239 101,525 (4,388) 1,478,628 Margin % 56.9% 100.0% 9.9% 25.0% 43.1% Nuclear refueling outage expenses 18,439 - - - 18,439 Other operation and maintenance 398,059 16,255 95,046 (4,981) 504,379 Decommissioning 11,505 - - - 11,505 Taxes other than income taxes 101,266 332 1,591 - 103,188 ---------- ------ --------- ------- ---------- Total 1,568,499 16,587 1,023,502 (18,150) 2,590,438 ---------- ------ --------- ------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 843,983 (8,348) 4,888 593 841,117 ---------- ------ --------- ------- ---------- Margin % 35.0% (101.3%) 0.5% (3.4%) 24.5% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 186,042 813 2,111 - 188,967 Other regulatory charges (credits) 47,816 - - - 47,816 Amortization of rate deferrals 10,497 - - - 10,497 ---------- ------ --------- ------- ---------- Total 244,355 813 2,111 - 247,280 ---------- ------ --------- ------- ---------- OPERATING INCOME (LOSS) 599,628 (9,161) 2,777 593 593,837 ---------- ------ --------- ------- ---------- Margin % 24.9% (111.2%) 0.3% (3.4%) 17.3% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 9,163 - - - 9,163 Gain/(loss) on sale of assets - net 548 - (832) - (284) Miscellaneous - net 10,916 15,878 29,670 (2,590) 53,873 ---------- ------ --------- ------- ---------- Total 20,627 15,878 28,838 (2,590) 62,752 ---------- ------ --------- ------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 121,338 - 126 - 121,464 Other interest - net 11,148 5,512 7,912 (1,997) 22,576 Distributions on preferred securities of subsidiaries 4,709 - - - 4,709 Allowance for borrowed funds used during construction (6,776) - - - (6,776) ---------- ------ --------- ------- ---------- Total 130,419 5,512 8,038 (1,997) 141,973 ---------- ------ --------- ------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 489,836 1,205 23,577 - 514,616 INCOME TAXES 199,142 (1,417) 10,202 - 207,927 ---------- ------ --------- ------- ---------- CONSOLIDATED NET INCOME (LOSS) 290,694 2,622 13,375 - 306,689 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 6,755 - - - 6,755 ---------- ------ --------- ------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 283,939 $2,622 $13,375 $ - $ 299,934 ========== ====== ========= ======= ========== Margin % 11.8% 31.8% 1.3% - 8.7% EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.28 $0.01 $0.06 $1.35 DILUTED $1.27 $0.01 $0.06 $1.34 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 222,159,091 DILUTED 224,352,165 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended September 30, 1999 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Consolidated Utilities Other Businesses Eliminations OPERATING REVENUES: Domestic electric $2,025,842 $ - $ - $(6,329) $2,019,513 Natural gas 18,441 - - - 18,441 Steam products - - - - - Competitive businesses - - 1,034,529 (7,948) 1,026,581 ---------- ------ --------- ------- ---------- Total 2,044,283 - 1,034,529 (14,277) 3,064,535 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased 438,591 - 146,339 (719) 584,211 for resale Purchased power 360,862 - 787,923 (8,930) 1,139,855 ---------- ------ --------- ------- ---------- Gross Margin 1,244,830 - 100,267 (4,628) 1,340,469 Margin % 60.9% - 9.7% 32.4% 43.7% Nuclear refueling outage expenses 19,594 - - - 19,594 Other operation and maintenance 334,484 14,855 73,071 (5,071) 417,339 Decommissioning 11,572 - - - 11,572 Taxes other than income taxes 88,610 115 4,303 - 93,028 ---------- ------ --------- ------- ---------- Total 1,253,713 14,970 1,011,636 (14,720) 2,265,599 ---------- ------ --------- ------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 790,570 (14,970) 22,893 443 798,936 ---------- ------ --------- ------- ---------- Margin % 38.7% - 2.2% (3.1%) 26.1% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 159,088 248 2,280 - 161,616 Other regulatory charges (credits) 29,003 - - - 29,003 Amortization of rate deferrals 10,722 - - - 10,722 ---------- ------ --------- ------- ---------- Total 198,813 248 2,280 - 201,341 ---------- ------ --------- ------- ---------- OPERATING INCOME (LOSS) 591,757 (15,218) 20,613 443 597,595 ---------- ------ --------- ------- ---------- Margin % 28.9% - 2.0% (3.1%) 19.5% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 7,877 - - - 7,877 Gain/(loss) on sale of assets - net 605 (18) - - 587 Miscellaneous - net 12,145 11,492 7,501 (2,061) 29,077 ---------- ------ --------- ------- ---------- Total 20,627 11,474 7,501 (2,061) 37,541 ---------- ------ --------- ------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 116,348 - 267 - 116,615 Other interest - net 11,098 312 3,129 (1,618) 12,921 Distributions on preferred securities of subsidiaries 4,709 - - - 4,709 Allowance for borrowed funds used during construction (6,064) - - - (6,064) ---------- ------ --------- ------- ---------- Total 126,091 312 3,396 (1,618) 128,181 ---------- ------ --------- ------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 486,293 (4,056) 24,718 - 506,955 INCOME TAXES 193,996 2,062 14,739 - 210,797 ---------- ------ --------- ------- ---------- CONSOLIDATED NET INCOME (LOSS) 292,297 (6,118) 9,979 - 296,158 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 9,939 - - - 9,939 ---------- ------ --------- ------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 282,358 $ (6,118) $ 9,979 $ - $ 286,219 ========== ======== ========= ======= ========== Margin % 13.8% - 1.0% - 9.3% EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.15 ($0.03) $0.04 $1.16 DILUTED $1.15 ($0.03) $0.04 $1.16 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 246,253,929 DILUTED 246,389,119 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended September 30, 2000 vs. 1999 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Consolidated Utilities Other Businesses Eliminations OPERATING REVENUES: Domestic electric $364,825 $ - $ - $ 749 $ 365,574 Natural gas 3,374 - - - 3,374 Steam products - - - - - Competitive businesses - 8,239 (6,139) (4,029) (1,928) -------- -------- -------- ------ ---------- Total 368,199 8,239 (6,139) (3,280) 367,020 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for 286,973 - (76,684) 281 210,571 resale Purchased power (47,196) - 69,287 (3,801) 18,290 -------- -------- -------- ------ ---------- Gross Margin 128,422 8,239 1,258 240 138,159 Margin % (4.0%) 100.0% 0.2% (7.4%) (0.7%) Nuclear refueling outage expenses (1,155) - - - (1,155) Other operation and maintenance 63,575 1,400 21,975 90 87,040 Decommissioning (67) - - - (67) Taxes other than income taxes 12,656 217 (2,712) - 10,160 -------- -------- -------- ------ ---------- Total 314,786 1,617 11,866 (3,430) 324,839 -------- -------- -------- ------ ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 53,413 6,622 (18,005) 150 42,181 -------- -------- -------- ------ ---------- Margin % (3.7%) (101.3%) (1.7%) (0.3%) (1.6%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization 26,954 565 (169) - 27,351 Other regulatory charges (credits) 18,813 - - - 18,813 Amortization of rate deferrals (225) - - - (225) -------- -------- -------- ------ ---------- Total 45,542 565 (169) - 45,939 -------- -------- -------- ------ ---------- OPERATING INCOME (LOSS) 7,871 6,057 (17,836) 150 (3,758) -------- -------- -------- ------ ---------- Margin % (4.1%) (111.2%) (1.7%) (0.3%) (2.2%) OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 1,286 - - - 1,286 Gain/(loss) on sale of assets - net (57) 18 (832) - (871) Miscellaneous - net (1,229) 4,386 22,169 (529) 24,796 -------- -------- -------- ------ ---------- Total - 4,404 21,337 (529) 25,211 -------- -------- -------- ------ ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 4,990 - (141) - 4,849 Other interest - net 50 5,200 4,783 (379) 9,655 Distributions on preferred securities of subsidiaries - - - - - Allowance for borrowed funds used during construction (712) - - - (712) -------- -------- -------- ------ ---------- Total 4,328 5,200 4,642 (379) 13,792 -------- -------- -------- ------ ---------- INCOME (LOSS) BEFORE INCOME TAXES 3,543 5,261 (1,141) - 7,661 INCOME TAXES 5,146 (3,479) (4,537) - (2,870) -------- -------- -------- ------ ---------- CONSOLIDATED NET INCOME (LOSS) (1,603) 8,740 3,396 - 10,531 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (3,184) - - - (3,184) -------- -------- -------- ------ ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 1,581 $ 8,740 $ 3,396 $ - $ 13,715 ======== ======== ======== ====== ========== Margin % (2.0%) 31.8% 0.3% - (0.6%) EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.13 $0.04 $0.02 $0.19 DILUTED $0.12 $0.04 $0.02 $0.18 *Totals may not foot due to rounding.
Entergy Corporation Entergy Corporation Consolidating Income Statement Year to Date September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $5,415,296 $ - $ - $ (12,639) $5,402,657 Natural gas 96,107 - - - 96,107 Steam products - - - - - Competitive businesses - 22,515 1,888,914 (29,358) 1,882,071 --------- ------- -------- ---------- ---------- Total 5,511,403 22,515 1,888,914 (41,997) 7,380,835 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 1,546,801 - 210,608 (438) 1,756,972 Purchased power 666,938 - 1,395,928 (32,657) 2,030,210 --------- ------- -------- ---------- ---------- Gross Margin 3,297,664 22,515 282,377 (8,902) 3,593,653 Margin % 59.8% 100.0% 14.9% 21.2% 48.7% Nuclear refueling outage expenses 53,625 - - - 53,625 Other operation and maintenance 1,070,092 45,996 226,161 (10,237) 1,332,012 Decommissioning 28,611 - - - 28,611 Taxes other than income taxes 260,566 1,053 4,727 - 266,346 --------- ------- -------- ---------- ---------- Total 3,626,634 47,049 1,837,423 (43,331) 5,467,776 --------- ------- -------- ---------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 1,884,769 (24,534) 51,490 1,335 1,913,059 --------- ------- -------- ---------- ---------- Margin % 34.2% (109.0%) 2.7% (3.2%) 25.9% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 537,887 2,344 5,759 - 545,991 Other regulatory charges (credits) 27,311 - - - 27,311 Amortization of rate deferrals 25,776 - - - 25,776 --------- ------- -------- ---------- ---------- Total 590,974 2,344 5,759 - 599,078 --------- ------- -------- ---------- ---------- OPERATING INCOME (LOSS) 1,293,795 (26,878) 45,731 1,335 1,313,981 --------- ------- -------- ---------- ---------- Margin % 23.5% (119.4%) 2.4% (3.2%) 17.8% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 24,898 - - - 24,898 Gain/(loss) on sale of assets - net 1,594 3 19,694 - 21,291 Miscellaneous - net 17,245 67,062 80,975 (8,777) 156,505 --------- ------- -------- ---------- ---------- Total 43,736 67,065 100,669 (8,777) 202,694 --------- ------- -------- ---------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 354,016 - 379 (810) 353,585 Other interest - net 32,523 17,485 22,852 (6,632) 66,227 Distributions on preferred securities of subsidiaries 14,128 - - - 14,128 Allowance for borrowed funds used during construction (18,753) - - - (18,753) --------- ------- -------- ---------- ---------- Total 381,914 17,485 23,231 (7,442) 415,187 --------- ------- -------- ---------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 955,617 22,702 123,169 (0) 1,101,488 INCOME TAXES 390,640 5,583 44,393 - 440,616 --------- ------- -------- ---------- ---------- CONSOLIDATED NET INCOME (LOSS) 564,978 17,119 78,777 (0) 660,872 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 24,886 - - - 24,886 --------- ------- -------- ---------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 540,091 $17,119 $ 78,777 $ (0) $ 635,986 ========= ======= ======== ========== ========== Margin % 9.8% 76.0% 4.2% 0.0% 8.6% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.36 $0.08 $0.34 $2.78 DILUTED $2.35 $0.08 $0.34 $2.77 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 228,930,171 DILUTED 230,034,859 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date September 30, 1999 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $4,883,141 $ - $ - $ (11,909) $4,871,232 Natural gas 78,321 - - - 78,321 Steam products 15,550 - - - 15,550 Competitive businesses - - 2,069,728 (13,970) 2,055,758 --------- -------- --------- ----------- ---------- Total 4,977,012 - 2,069,728 (25,879) 7,020,861 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for 1,174,769 - 304,005 (719) 1,478,055 resale. Purchased power 576,590 - 1,629,884 (15,993) 2,190,481 --------- -------- --------- ----------- ---------- Gross Margin 3,225,653 - 135,839 (9,167) 3,352,325 Margin % 64.8% - 6.6% 35.4% 47.7% Nuclear refueling outage expenses 56,414 - - - 56,414 Other operation and maintenance 986,124 51,324 168,996 (10,767) 1,195,677 Decommissioning 35,004 - - - 35,004 Taxes other than income taxes 253,003 511 5,635 - 259,149 --------- -------- --------- ----------- ---------- Total 3,081,904 51,835 2,108,520 (27,479) 5,214,780 --------- -------- --------- ----------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 1,895,108 (51,835) (38,792) 1,600 1,806,081 --------- -------- --------- ----------- ---------- Margin % 38.1% - (1.9%) (6.2%) 25.7% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 513,328 1,123 8,714 - 523,165 Other regulatory charges (credits) 10,033 - - - 10,033 Amortization of rate deferrals 107,902 - - - 107,902 --------- -------- --------- ----------- ---------- Total 631,263 1,123 8,714 - 641,100 --------- -------- --------- ----------- ---------- OPERATING INCOME (LOSS) 1,263,845 (52,958) (47,506) 1,600 1,164,981 --------- -------- --------- ----------- ---------- Margin % 25.4% - (2.3%) (6.2%) 16.6% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 20,636 - - - 20,636 Gain/(loss) on sale of assets - net 1,511 (835) 61,212 - 61,888 Miscellaneous - net 28,155 35,117 29,351 (3,530) 89,093 --------- -------- --------- ----------- ---------- Total 50,302 34,282 90,563 (3,530) 171,617 --------- -------- --------- ----------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 357,078 - 2,232 - 359,310 Other interest - net 48,176 5,701 6,457 (1,930) 58,404 Distributions on preferred securities of subsidiaries 14,128 - - - 14,128 Allowance for borrowed funds used during construction (16,469) - - - (16,469) --------- -------- --------- ----------- ---------- Total 402,913 5,701 8,689 (1,930) 415,373 --------- -------- --------- ----------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 911,234 (24,377) 34,368 - 921,225 INCOME TAXES 361,493 (3,529) (15,561) - 342,403 --------- -------- --------- ----------- ---------- CONSOLIDATED NET INCOME (LOSS) 549,741 (20,848) 49,929 - 578,822 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 30,645 - - - 30,645 --------- -------- --------- ----------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 519,096 $(20,848) $ 49,929 $ - $ 548,177 ========= ======== ========= =========== ========== Margin % 10.4% - 2.4% - 7.8% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.11 ($0.09) $0.20 $2.22 DILUTED $2.11 ($0.09) $0.20 $2.22 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 246,541,754 DILUTED 246,770,002 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date September 30, 2000 vs. 1999 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 532,155 $ - $ - $ (730) $ 531,425 Natural gas 17,786 - - - 17,786 Steam products (15,550) - - - (15,550) Competitive businesses - 22,515 (180,814) (15,388) (173,687) -------- --------- ---------- ----------- ----------- Total 534,391 22,515 (180,814) (16,118) 359,974 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased 372,032 - (93,397) 281 278,917 for resale. Purchased power 90,348 - (233,956) (16,664) (160,271) -------- --------- ---------- ----------- ----------- Gross Margin 72,011 22,515 146,538 265 241,329 Margin % (5.0%) 100.0% 8.4% (14.2%) 0.9% Nuclear refueling outage expenses (2,789) - - - (2,789) Other operation and maintenance 83,968 (5,328) 57,165 530 136,335 Decommissioning (6,393) - - - (6,393) Taxes other than income taxes 7,563 542 (908) - 7,197 -------- --------- ---------- ----------- ----------- Total 544,730 (4,786) (271,097) (15,852) 252,995 -------- --------- ---------- ----------- ----------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (10,339) 27,301 90,282 (265) 106,979 -------- --------- ---------- ----------- ----------- Margin % (3.9%) (109.0%) 4.6% 3.0% 0.2% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 24,559 1,221 (2,955) - 22,826 Other regulatory charges (credits) 17,278 - - - 17,278 Amortization of rate deferrals (82,126) - - - (82,126) -------- --------- ---------- ----------- ----------- Total (40,289) 1,221 (2,955) - (42,022) -------- --------- ---------- ----------- ----------- OPERATING INCOME (LOSS) 29,950 26,080 93,237 (265) 149,001 -------- --------- ---------- ----------- ----------- Margin % (1.9%) (119.4%) 4.7% 3.0% 1.2% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 4,262 - - - 4,262 Gain/(loss) on sale of assets - net 83 838 (41,518) - (40,597) Miscellaneous - net (10,910) 31,945 51,624 (5,247) 67,412 -------- --------- ---------- ----------- ----------- Total (6,566) 32,783 10,106 (5,247) 31,077 -------- --------- ---------- ----------- ----------- INTEREST AND OTHER CHARGES: Interest on long-term debt (3,062) - (1,853) (810) (5,725) Other interest - net (15,653) 11,784 16,395 (4,702) 7,823 Distributions on preferred securities of subsidiaries 0 - - - 0 Allowance for borrowed funds used during construction (2,284) - - - (2,284) -------- --------- ---------- ----------- ----------- Total (20,999) 11,784 14,542 (5,512) (186) -------- --------- ---------- ----------- ----------- INCOME (LOSS) BEFORE INCOME TAXES 44,383 47,079 88,801 (0) 180,264 INCOME TAXES 29,147 9,112 59,954 - 98,213 -------- --------- ---------- ----------- ----------- CONSOLIDATED NET INCOME (LOSS) 15,237 37,967 28,848 (0) 82,051 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (5,759) - - - (5,759) -------- --------- ---------- ----------- ----------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 20,995 $ 37,967 $ 28,848 $ (0) $ 87,810 ======== ========= ========== =========== =========== Margin % (0.6%) 76.0% 1.8% 0.0% 0.8% EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.25 $0.17 $0.14 $0.56 DILUTED $0.24 $0.17 $0.14 $0.55 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $6,820,873 $ - $ - $ (17,732) $6,803,141 Natural gas 128,141 - - - 128,141 Steam products - - - - - Competitive businesses - 22,515 2,211,607 (32,202) 2,201,920 ---------- --------- --------- ---------- ---------- Total 6,949,014 22,515 2,211,607 (49,934) 9,133,202 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased 2,044,107 - 318,122 (438) 2,361,791 for resale. Purchased power 783,549 - 1,537,172 (38,509) 2,282,212 ---------- --------- --------- ---------- ---------- Gross Margin 4,121,358 22,515 356,313 (10,987) 4,489,199 Margin % 59.3% 100.0% 16.1% 22.0% 49.2% Nuclear refueling outage expenses 73,267 - - - 73,267 Other operation and maintenance 1,489,176 53,610 311,860 (12,766) 1,841,880 Decommissioning 39,596 - - - 39,596 Taxes other than income taxes 342,396 1,130 2,954 - 346,480 ---------- --------- --------- ---------- ---------- Total 4,772,091 54,740 2,170,108 (51,713) 6,945,226 ---------- --------- --------- ---------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,176,923 (32,225) 41,499 1,779 2,187,976 ---------- --------- --------- ---------- ---------- Margin % 31.3% (143.1%) 1.9% (3.6%) 24.0% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 710,754 2,659 8,294 - 721,707 Other regulatory charges (credits) 32,111 - - - 32,111 Amortization of rate deferrals 33,500 - - - 33,500 ---------- --------- --------- ---------- ---------- Total 776,365 2,659 8,294 - 787,318 ---------- --------- --------- ---------- ---------- OPERATING INCOME (LOSS) 1,400,558 (34,884) 33,205 1,779 1,400,658 ---------- --------- --------- ---------- ---------- Margin % 20.2% (154.9%) 1.5% (3.6%) 15.3% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 33,553 - - - 33,553 Gain/(loss) on sale of assets - net 2,128 5 29,194 - 31,327 Miscellaneous - net 28,661 71,366 132,639 (10,831) 221,835 ---------- --------- --------- ---------- ---------- Total 64,342 71,371 161,833 (10,831) 286,715 ---------- --------- --------- ---------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 471,584 - 379 (810) 471,153 Other interest - net 49,992 17,927 30,618 (8,242) 90,296 Distributions on preferred securities of subsidiaries 18,838 - - - 18,838 Allowance for borrowed funds used during construction (24,869) - - - (24,869) ---------- --------- --------- ---------- ---------- Total 515,545 17,927 30,997 (9,052) 555,418 ---------- --------- --------- ---------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 949,355 18,560 164,041 - 1,131,955 INCOME TAXES 380,594 28,273 46,012 - 454,879 ---------- --------- --------- ---------- ---------- CONSOLIDATED NET INCOME (LOSS) 568,761 (9,713) 118,029 - 677,076 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 36,808 - - - 36,808 ---------- --------- --------- ---------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 531,953 $ (9,713) $ 118,029 $ - $ 640,268 ========== ========= ========= ========== ========== Margin % 7.7% (43.1%) 5.3% - 7.0% EARNINGS PER AVERAGE COMMON SHARE $2.29 ($0.04) $0.51 $2.76 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 231,946,696 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended September 30, 1999 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $6,166,330 $ - $ - $ (14,083) $6,152,247 Natural gas 102,060 - - - 102,060 Steam products 27,001 - - - 27,001 Competitive businesses - - 2,840,885 (15,913) 2,824,972 ---------- -------- --------- ---------- ---------- Total 6,295,391 - 2,840,885 (29,996) 9,106,280 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased 1,567,548 - 360,476 (719) 1,927,305 for resale Purchased power 677,854 - 2,106,539 (19,364) 2,765,029 ---------- -------- --------- ---------- ---------- Gross Margin 4,049,989 - 373,870 (9,913) 4,413,946 Margin % 64.3% - 13.2% 33.0% 48.5% Nuclear refueling outage expenses 76,165 - - - 76,165 Other operation and maintenance 1,354,341 63,552 311,459 (11,957) 1,717,395 Decommissioning 45,246 - - - 45,246 Taxes other than income taxes 333,906 780 9,471 - 344,157 ---------- -------- --------- ---------- ---------- Total 4,055,060 64,332 2,787,945 (32,040) 6,875,297 ---------- -------- --------- ---------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,240,331 (64,332) 52,940 2,044 2,230,983 ---------- -------- --------- ---------- ---------- Margin % 35.6% - 1.9% (6.8%) 24.5% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 693,669 1,703 48,558 - 743,930 Other regulatory charges (credits) 33,410 - - - 33,410 Amortization of rate deferrals 125,697 - - - 125,697 ---------- -------- --------- ---------- ---------- Total 852,776 1,703 48,558 - 903,037 ---------- -------- --------- ---------- ---------- OPERATING INCOME (LOSS) 1,387,555 (66,035) 4,382 2,044 1,327,946 ---------- -------- --------- ---------- ---------- Margin % 22.0% - 0.2% (6.8%) 14.6% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 23,451 - - - 23,451 Gain/(loss) on sale of assets - net 2,152 (835) 389,603 - 390,920 Miscellaneous - net 41,243 37,906 45,689 (4,068) 120,770 ---------- -------- --------- ---------- ---------- Total 66,846 37,071 435,292 (4,068) 535,141 ---------- -------- --------- ---------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 476,122 - 53,004 - 529,126 Other interest - net 69,925 8,874 11,040 (2,024) 87,815 Distributions on preferred securities of subsidiaries 18,837 - 4,384 - 23,221 Allowance for borrowed funds used during construction (19,215) - - - (19,215) ---------- -------- --------- ---------- ---------- Total 545,669 8,874 68,428 (2,024) 620,947 ---------- -------- --------- ---------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 908,732 (37,838) 371,246 - 1,242,140 INCOME TAXES 338,990 13,553 63,775 - 416,318 ---------- -------- --------- ---------- ---------- CONSOLIDATED NET INCOME (LOSS) 569,742 (51,391) 307,471 - 825,822 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 42,114 - - - 42,114 ---------- -------- --------- ---------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 527,628 $ (51,391) $ 307,471 $ - $ 783,708 ========== ======== ========= ========== ========== Margin % 8.4% - 10.8% - 8.6% EARNINGS PER AVERAGE COMMON SHARE $2.14 ($0.21) $1.25 $3.18 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 246,553,405 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended September 30, 2000 vs. 1999 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 654,543 $ - $ - $ (3,649) $ 650,894 Natural gas 26,081 - - - 26,081 Steam products (27,001) - - - (27,001) Competitive businesses - 22,515 (629,278) (16,289) (623,052) -------- --------- --------- ---------- ----------- Total 653,623 22,515 (629,278) (19,938) 26,922 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased 476,559 - (42,354) 281 434,486 for resale Purchased power 105,695 - (569,367) (19,145) (482,817) -------- --------- --------- ---------- ----------- Gross Margin 71,369 22,515 (17,557) (1,074) 75,253 Margin % (5.0%) 100.0% 3.0% (11.0%) 0.7% Nuclear refueling outage expenses (2,898) - - - (2,898) Other operation and maintenance 134,835 (9,942) 401 (809) 124,485 Decommissioning (5,650) - - - (5,650) Taxes other than income taxes 8,490 350 (6,517) - 2,323 -------- --------- --------- ---------- ----------- Total 717,031 (9,592) (617,837) (19,673) 69,929 -------- --------- --------- ---------- ----------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (63,408) 32,107 (11,441) (265) (43,007) -------- --------- --------- ---------- ----------- Margin % (4.3%) (143.1%) 0.0% 3.3% (0.5%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization 17,085 956 (40,264) - (22,223) Other regulatory charges (credits) (1,299) - - - (1,299) Amortization of rate deferrals (92,197) - - - (92,197) -------- --------- --------- ---------- ----------- Total (76,411) 956 (40,264) - (115,719) -------- --------- --------- ---------- ----------- OPERATING INCOME (LOSS) 13,003 31,151 28,823 (265) 72,712 -------- --------- --------- ---------- ----------- Margin % (1.9%) (154.9%) 1.3% 3.3% 0.8% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 10,102 - - - 10,102 Gain/(loss) on sale of assets - net (24) 840 (360,409) - (359,593) Miscellaneous - net (12,582) 33,460 86,950 (6,763) 101,065 -------- --------- --------- ---------- ----------- Total (2,504) 34,300 (273,459) (6,763) (248,426) -------- --------- --------- ---------- ----------- INTEREST AND OTHER CHARGES: Interest on long-term debt (4,538) - (52,625) (810) (57,973) Other interest - net (19,933) 9,053 19,578 (6,218) 2,481 Distributions on preferred securities of subsidiaries 1 - (4,384) - (4,383) Allowance for borrowed funds used during construction (5,654) - - - (5,654) -------- --------- --------- ---------- ----------- Total (30,124) 9,053 (37,431) (7,028) (65,530) -------- --------- --------- ---------- ----------- INCOME (LOSS) BEFORE INCOME TAXES 40,623 56,398 (207,205) - (110,184) INCOME TAXES 41,604 14,720 (17,763) - 38,561 -------- --------- --------- ---------- ----------- CONSOLIDATED NET INCOME (LOSS) (981) 41,678 (189,442) - (148,746) PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (5,306) - - - (5,306) -------- --------- --------- ---------- ----------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 4,325 $ 41,678 $(189,442) $ - $ (143,440) ======== ========= ========= ========== =========== Margin % (0.7%) (43.1%) (5.5%) - (1.6%) EARNINGS PER AVERAGE COMMON SHARE 0.15 0.17 (0.74) - (0.42) *Totals may not foot due to rounding.
Entergy Corporation U.S. Utility Electric Energy Sales & Customers Three Months Ended September % Weather 2000 1999 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 11,573 11,007 5.1 2.7 Commercial 7,578 7,227 4.9 3.6 Governmental 744 720 3.4 2.6 Industrial 11,248 11,297 (0.4) (0.4) ------ ------ Total to Ultimate Customers 31,143 30,251 2.9 1.7 Wholesale 2,290 3,087 (25.8) ------ ------ Total Sales 33,433 33,338 0.3 ====== ======
Year to Date September % Weather 2000 1999 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 24,943 24,274 2.8 1.2 Commercial 18,738 18,137 3.3 2.6 Governmental 1,966 1,932 1.7 1.4 Industrial 32,886 32,340 1.7 1.7 ------ ------ Total to Ultimate Customers 78,533 76,683 2.4 1.7 Wholesale 6,880 7,391 (6.9) ------ ------ Total Sales 85,413 84,074 1.6 ====== ======
Twelve Months Ended September 2000 1999 % (Millions of kwh) ELECTRIC ENERGY SALES: Residential 31,300 31,043 0.8 Commercial 24,376 23,868 2.1 Governmental 2,598 2,549 1.9 Industrial 44,095 43,216 2.0 ------- ------- Total to Ultimate Customers 102,369 100,676 1.7 Wholesale 9,203 10,998 (16.3) ------- ------- Total Sales 111,572 111,674 (0.1) ======= =======
September 2000 1999 % ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE): Residential 2,204,308 2,178,367 1.2 Commercial 288,473 281,267 2.6 Governmental 14,296 13,944 2.5 Industrial 42,476 42,496 (0.0) --------- --------- Total to Ultimate Customers 2,549,553 2,516,074 1.3 Wholesale 38 42 (9.4) --------- --------- Total Sales 2,549,591 2,516,116 1.3 ========= =========
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