-----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, EPuJMw8yojvZ8Tz3jOOm7e5ho7E9kpGnSDmMfrM4MNWnYvEDFgWcyPJfDit1i9OP 9xQWbjfftA55twLL1gKP7g== 0000065984-01-000051.txt : 20010205 0000065984-01-000051.hdr.sgml : 20010205 ACCESSION NUMBER: 0000065984-01-000051 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20001215 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY CORP /DE/ CENTRAL INDEX KEY: 0000065984 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [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: 1521013 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 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) February 1, 2001 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 Form 8-K Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits (c) Exhibits. Exhibit Description No. 99.10 Release, dated February 1, 2001, issued by Entergy. 99.11 Release, dated February 1, 2001, issued by Entergy. Item 9. Regulation FD Disclosure Entergy Corporation On February 1, 2001, Entergy Corporation ("Entergy") issued two public announcements, which are attached as exhibits hereto and incorporated herein by reference. 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: February 1, 2001 EX-99 2 0002.txt Exhibit 99.10 For further information: Nancy Morovich, VP, Investor Relations Phone 504/576-5506, Fax - 2897 nmorovi@entergy.com February 1, 2001 ENTERGY REPORTS RECORD EARNINGS - FOR THE FOURTH QUARTER AND FULL YEAR 2000 NEW ORLEANS - Entergy Corporation announced fourth quarter 2000 consolidated earnings per share of $0.19, compared with $0.02 in 1999. On an operational basis, Entergy earned $0.31 per share in the fourth quarter, up almost fourfold compared with $0.08 in 1999. Earnings per share from operations set a fourth quarter record for the company. For the full year, Entergy earned $2.97 per share in 2000, compared with $2.25 in 1999. On an operational basis, Entergy's 2000 earnings per share were $3.12 in 2000 versus 1999's total of $2.17. Excluding the impact of more favorable weather in 2000 than in 1999, Entergy earned $2.80, up 35 percent over 1999's total of $2.08. "With another record-breaking quarter, Entergy is beginning to realize its potential," said J. Wayne Leonard, Entergy's chief executive officer. "The quarter capped off a year in which Entergy exceeded almost everyone's expectations but our own, both operationally and financially. Since our third quarter release, we have made several significant announcements, including: - - Overwhelming shareholder approval for our proposed merger of equals with FPL Group. - - An agreement to acquire the Indian Point 2 nuclear plant from Consolidated Edison. - - Restoration of service following the two worst ice storms in company history, each leaving more than 230,000 customers without power. - - Completing both the Saltend and Damhead Creek projects in the U.K. - - The closure of the Entergy-Koch venture and the start of commercial operations today for our commodity trading partnership, Axia Energy, and our pipeline, which was renamed Gulf South Pipeline. Clearly, the past few months were eventful, but 2000 was an outstanding start to the new millennium. Other major milestones we achieved in 2000 include a joint venture with The Shaw Group to construct electric power plants, the acquisition of two nuclear plants in New York, and the expansion of our nuclear services business through arrangements with TLG Services and Framatome Technologies. Now, we must maximize the value of the opportunities we have created and continue to create new businesses and new opportunities at an unprecedented pace. 2000 was just the start of what lies ahead." Table 1 provides a comparative summary of earnings per share for the fourth quarter and year-to-date 2000. - ------------------------------------------------------------------------ Table 1: Entergy Corporation Consolidated Results Fourth Quarter and Year-to-Date 2000 vs. 1999 (Per share in U.S. $) - ------------------------------------------------------------------------ Fourth Quarter Year-to-Date 2000 1999 Change 2000 1999 Change As Reported U.S. Utility 0.20 (0.03) 0.23 2.56 2.08 0.48 Parent & Other (0.13) (0.10) (0.03) (0.05) (0.19) 0.14 Competitive Businesses 0.12 0.15 (0.03) 0.46 0.36 0.10 ---------------------------------------- Consolidated Earnings 0.19 0.02 0.17 2.97 2.25 0.72 Less Special Items U.S. Utility - (0.18) 0.18 (0.09) (0.18) 0.09 Parent & Other (0.12) - (0.12) (0.12) - (0.12) Competitive Businesses - 0.12 (0.12) 0.06 0.26 (0.20) ---------------------------------------- Total (0.12) (0.06) (0.06) (0.15) 0.08 (0.23) Operational U.S. Utility 0.20 0.15 0.05 2.65 2.26 0.39 Parent & Other (0.01) (0.10) 0.09 0.07 (0.19) 0.26 Competitive Businesses 0.12 0.03 0.09 0.40 0.10 0.30 ---------------------------------------- Consolidated Earnings 0.31 0.08 0.23 3.12 2.17 0.95 Weather Impact 0.14 (0.01) 0.15 0.32 0.09 0.23 Consolidated Operational Earnings Excluding Weather 0.17 0.09 0.08 2.80 2.08 0.72 - ------------------------------------------------------------------------ Quarterly Overview Fourth quarter 2000 consolidated revenues were 50 percent higher than the same period in 1999, driven by large increases at both the utility and the competitive businesses. Utility electric revenues were up 30 percent primarily due to higher sales volume and fuel clause revenues. Revenues at the competitive businesses were 134 percent higher, largely as a result of operations at the newly acquired Indian Point 3 and FitzPatrick nuclear plants as well as higher trading volumes. On a consolidated basis, fourth quarter fuel expenses were 47 percent higher in the fourth quarter of 2000. Primarily resulting from higher gas prices, the increased fuel expenses offset higher fuel clause revenues as fuel costs are a direct pass-through to customers. Purchased power was also up significantly in the fourth quarter, 151 percent higher in 2000 than in 1999. Purchased power expense rose at both the utility and competitive businesses, driven by higher gas prices and lower generation at the utility and increased trading volumes at Entergy Wholesale Operations. In the fourth quarter of 2000, other O&M increased 12 percent compared with fourth quarter 1999, largely as a result of operations at the newly acquired New York nuclear plants. Depreciation and amortization were 14 percent higher in 2000, primarily due to an increase in depreciable plant at the utility. Quarterly operating income rose 167 percent on a consolidated basis in 2000. Other income on a consolidated basis declined 101 percent in the fourth quarter of 2000. The decline was largely accounted for by an adjustment in the carrying values of certain Latin American investments in 2000 and reserves related to the sale of London Electricity that were released in 1999. Total interest was little changed between the two years. The effective tax rate was 43 percent in fourth quarter 2000, down from 47 percent in 1999. Tables 2 and 3 provide fourth 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 As Reported Earnings Variance Analysis Fourth Quarter 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) U.S. Utility and Competitive Parent & Other Businesses Consolidated 1999 earnings (0.13) 0.15 0.02 Net Revenue 0.42 (a) 0.22 (b) 0.64 Preferred dividend requirements 0.02 - 0.02 Share repurchase / dilution effect 0.01 - 0.01 Nuclear refueling outage 0.01 - 0.01 Income taxes - other 0.03 (c) (0.03) (c) - Interest and other charges (0.01) - (0.01) Taxes other than income taxes (0.04) (d) (0.02) (0.06) Depreciation/amortization (0.05) (e) (0.01) (0.06) Miscellaneous - net 0.01 (0.10) (f) (0.09) Gain (loss) on sale of assets-net (0.12) (g) (0.02) (0.14) Other O&M (0.08) (h) (0.07) (i) (0.15) ----- ----- ----- 2000 earnings 0.07 0.12 0.19 ----- ----- ----- - ------------------------------------------------------------------------ - ------------------------------------------------------------------------ Table 3: Entergy Corporation As Reported Earnings Variance Analysis Year-to-Date 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) U.S. Utility and Competitive Parent & Other Businesses Consolidated 1999 earnings 1.89 0.36 2.25 Net Revenue 0.81 (a) 0.58 (b) 1.39 Share repurchase / dilution effect 0.17 0.03 0.20 Miscellaneous - net 0.07 0.02 0.09 Preferred dividend requirements 0.04 - 0.04 Decommissioning 0.02 - 0.02 Nuclear refueling outage 0.01 - 0.01 Interest and other charges 0.03 (0.03) - Taxes other than income taxes (0.06) (d) (0.02) (0.08) Depreciation/amortization (0.12) (e) - (0.12) Income taxes - other 0.05 (c) (0.17) (c) (0.12) Gain (loss) on sale of assets-net (0.12) (g) (0.09) (g) (0.21) Other O&M (0.28) (h) (0.22) (i) (0.50) ----- ----- ----- 2000 earnings 2.51 0.46 2.97 ----- ----- ----- - ------------------------------------------------------------------------ ______________________ (a) In the fourth quarter of 2000, net revenue increased primarily as a result of colder than normal weather, special items recorded in fourth quarter 1999, and a lower TCA accrual by Entergy Arkansas due to the 2000 ice storms. For the full year 2000, net revenue increased primarily as a result of favorable weather, strong sales growth, and special items recorded in 1999. Utility Net Revenue Variance Analysis, 2000 vs. 1999 ($ EPS) Fourth Quarter Year-to-Date Weather 0.15 Weather 0.23 Sales growth/pricing (0.01) Sales growth/pricing 0.23 TCA 0.08 TCA 0.03 Special items & other 0.20 Special items & other 0.32 Total 0.42 Total 0.81 (b) In the fourth quarter of 2000, net revenue increased as a result of operations at Indian Point 3 and FitzPatrick (acquired 11/21/00) and favorable trading operations at Entergy Wholesale Operations. For the full year 2000, net revenue increased primarily as a result of a full year of Pilgrim operations, operations at the two NY nuclear plants and favorable trading operations at EWO. (c) Income statement line items are tax-affected at the statutory rate. Differences between the statutory and effective rates are reflected in "Income taxes - other." The year-to-date variance at the competitive businesses primarily results from foreign tax credits taken in 1999. (d) Other taxes increased in 2000 primarily as the result of adjustments and reserves due to state tax audits and local assessments. (e) Depreciation increased in 4Q 2000 due to higher depreciable utility plant. Full year variance includes a $0.04 adjustment recorded as a special item in 3Q 1999. (f) Miscellaneous-net decreased primarily as the result of a 1999 special item of $0.10 related to the release of reserves for the 1998 sale of London Electricity. (g) Gain (loss) on sale of assets decreased in the 4Q 2000 as a result of an adjustment in the carrying values of certain Latin American projects resulting from an annual accounting review of non-core assets. For full year 2000, the gain also decreased due to 1999 gains on the sale of Edesur, Hyperion, Security, and a CitiPower purchase adjustment, partially offset by a 2000 gain on the sale of the Freestone project. (h) Other O&M increased primarily as the result of storm damage reserves at Entergy Arkansas, increased reliability spending, and increased plant-related expenses. (i) Other O&M increased in 4Q 2000 primarily as the result of including operations at the two NY plants. 2000 variance also includes a full year of Pilgrim operations. U.S. Utility In the fourth quarter of 2000, as reported utility earnings were $0.20 per share, compared with a loss of $(0.03) in the same period in 1999. With no special items included in the fourth quarter of 2000, operational earnings per share were also $0.20, 33 percent higher than the $0.15 reported in 1999. Weather was colder in 2000, contributing $0.14 per share to fourth quarter results compared with $(0.01) in 1999. Fourth quarter 2000 earnings also benefited from the reduced number of shares outstanding due to the share repurchase program. Partially offsetting these factors were tax and depreciation adjustments, as well as current period increases in O&M spending, primarily resulting from an increase in Entergy Arkansas' storm damage reserves and increased reliability spending across the system. For the full year, the utility earned $2.65 per share on an operational basis in 2000, compared with $2.26 in 1999. The increase in 2000 was primarily due to more favorable weather, the share repurchase impact, and sales growth. Parent & Other Parent & Other earnings per share were $(0.13) on an as reported basis in fourth quarter 2000, compared with a loss of $(0.10) in fourth quarter 1999. Fourth quarter 2000 included a $(0.12) adjustment to the carrying value of certain Latin American investments resulting from an annual accounting review of non-core assets. Excluding this reserve, which was identified as a special item (see Table 6), operational earnings were $(0.01) in fourth quarter 2000. 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. For the full year, Parent & Other had operational earnings of $0.07 in 2000, compared with a loss of $(0.19) in 1999. Competitive Businesses Table 4 provides a 2000 vs. 1999 comparison of contributions by business for the fourth quarter and year-to-date, on both as reported and operational bases. - ------------------------------------------------------------------------ Table 4: Competitive Businesses Contributions to Earnings Per Share Fourth Quarter and Year-to-Date 2000 vs. 1999 - ------------------------------------------------------------------------ (Per share in U.S. $) Fourth Quarter Year-to-Date 2000 1999 $ Change 2000 1999 $ Change As Reported Entergy Wholesale Operations 0.03 (0.02) 0.05 0.24 0.04 0.20 Entergy Nuclear 0.09 0.03 0.06 0.22 0.06 0.16 Divested Businesses - 0.14 (0.14) 0.00 0.26 (0.26) --------------------------------------- Total 0.12 0.15 (0.03) 0.46 0.36 0.10 Less Special Items Entergy Wholesale Operations - - - 0.06 (0.01) 0.07 Entergy Nuclear - - - - - - Divested Businesses - 0.12 (0.12) - 0.27 (0.27) --------------------------------------- Total - 0.12 (0.12) 0.06 0.26 (0.20) Operational Entergy Wholesale Operations 0.03 (0.02) 0.05 0.18 0.05 0.13 Entergy Nuclear 0.09 0.03 0.06 0.22 0.06 0.16 Divested Businesses - 0.02 (0.02) - (0.01) 0.01 --------------------------------------- Total 0.12 0.03 0.09 0.40 0.10 0.30 - ------------------------------------------------------------------------ On an as reported basis, the competitive businesses earned $0.12 per share in the fourth quarter of 2000, compared with $0.15 in the same period in 1999. Excluding $0.12 in 1999 special items (see Table 6), operational earnings for the fourth quarter of 2000 were four times higher than in 1999, $0.12 vs. $0.03. For full year 2000, the competitive businesses contributed $0.40 per share on an operational basis, four times the $0.10 total in 1999. On both an as reported and operational basis, Entergy Wholesale Operations reported earnings of $0.03 per share in the fourth quarter of 2000, compared with a loss of $(0.02) in the same period in 1999. In the 2000 period, EWO benefited from strong trading earnings, partially offset by a slight loss at the Saltend power plant in the U.K. due to unusually low electricity prices. For the full year, EWO earned $0.18 per share on an operational basis in 2000, well above 1999's total of $0.05. The increase in 2000 was attributed to improved trading operations and liquidated damages from the delayed construction of the Saltend project. Entergy Nuclear had earnings of $0.09 in the fourth quarter of 2000, tripling the $0.03 earned in fourth quarter 1999. During the quarter, the newly acquired Indian Point 3 and FitzPatrick nuclear plants made stronger than expected contributions due to a smooth transition to Entergy ownership. For the full year 2000, EN earned $0.22 per share, compared with $0.06 in 1999, benefiting from a full year of Pilgrim ownership and the November addition of the two New York plants. Share Repurchase Program During the fourth quarter of 2000, 1.5 million shares were repurchased at a total cost of $53.8 million. From the initiation of the share repurchase program in July 1999 through December 31, 2000, $779 million was utilized to purchase 28.9 million shares. Of the total $1.06 billion amount authorized for repurchasing shares, $284 million remains. The repurchase program is expected to be completed by the time of the merger's financial close. Earnings Review and Outlook "With another record-setting quarter, 2000 was a year of consistently strong performance across our businesses," said C. John Wilder, Entergy's chief financial officer. "2000's record results give us great confidence that 2001 will be another outstanding year for Entergy. Accordingly, we are raising our earnings guidance for 2001 to a range of $3.00 to $3.20 per share. This range is consistent with our financial commitment to deliver average annual earnings growth of 8 to 10 percent excluding the impact of weather." Table 5 provides Entergy's projection of 2001 operational earnings per share.
- ----------------------------------------------------------------------------------------------------- Table 5: 2001 Earnings Per Share Guidance - ----------------------------------------------------------------------------------------------------- (Per share in U.S. $) 2000 Operational Changes in 2001 2001 Guidance Range Range of Impact Utility (excluding weather) Share repurchase & other 0.03 0.06 Suspension of goodwill amortization(j) 0.00 0.04 ------------ 2.33 Total 0.03 0.10 2.36 2.43 Entergy Nuclear Pilgrim outage & lower PPA price (0.09) (0.08) Indian Point 3 & FitzPatrick operations 0.13 0.14 Indian Point 2 0.09 0.10 ------------ 0.22 Total 0.13 0.16 0.35 0.38 Entergy Wholesale Operations No liquidated damages (0.17) (0.17) North American and European projects 0.28 0.32 ------------ (0.01) Total 0.11 0.15 0.10 0.14 Entergy-Koch Axia Energy & Gulf South Pipeline 0.06 0.11 ------------ 0.19 Total 0.06 0.11 0.25 0.30 Parent & Other Lower investment income/higher interest expense (0.13) (0.12) ------------ 0.07 Total (0.13) (0.12) (0.06) (0.05) ------------------------------------------------------------------------- Total 2.80 0.20 0.40 3.00 3.20 Weather Impact 0.32 - - Total incl. weather 3.12 3.00 3.20 - -----------------------------------------------------------------------------------------------------
_____________________ (j) Contingent on FASB pronouncement, expected in June 2001. Table 6 lists special items by business for the fourth 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 6: Entergy Corporation Special Items (Shown as positive/(negative) impact on earnings Fourth Quarter and Year-to-Date 2000 vs. 1999 - -------------------------------------------------------------------------------------------------- (Per share in U.S. $) Fourth Quarter Year-to-Date 2000 1999 Change 2000 1999 Change U.S. Utility Special Items Change in unbilled revenue estimate 0.13 (0.13) Depreciation adjustment 0.04 (0.04) SERI refund adjustments (0.08) 0.08 Regulatory and reserve adjustments(k) (0.18) 0.18 (0.09) (0.27) 0.18 --------------------------------------------- Total (0.18) 0.18 (0.09) (0.18) 0.09 Parent & Other Special Items Write-down of EWO's Latin American assets (0.12) (0.12) (0.12) (0.12) Competitive Businesses Special Items EPG Freestone Project Sale 0.06 0.06 Divested Businesses - London reserve adjustments 0.10 (0.10) 0.10 (0.10) Divested Businesses - Security sale true-up 0.02 (0.02) 0.02 (0.02) Divested Businesses - Foreign tax benefits 0.10 (0.10) Divested Businesses - Gain on sale of Hyperion 0.03 (0.03) Divested Businesses - CitiPower purchase price adjustment 0.02 (0.02) EPG - write-off of start up costs per new acctg. standard(l) (0.01) 0.01 --------------------------------------------- Total 0.12 (0.12) 0.06 0.26 (0.20) ============================================= Total Special Items (0.12) (0.06) (0.06) (0.15) 0.08 (0.23) - --------------------------------------------------------------------------------------------------
Table 7 provides a comparative summary of key financial performance metrics for the fourth quarter and year-to-date 2000 vs. 1999. - ---------------------------------------------------------------------------- Table 7: Entergy Corporation Key Financial Performance Metrics Fourth Quarter and Year-to-Date 2000 vs. 1999 - ---------------------------------------------------------------------------- (In U.S. $) Fourth Quarter Year-to-Date 2000 1999 Change 2000 1999 Change ----- ----- ------ ------ ------ ------ Operating cash flow ($ millions) $530 $298 $232 $1,968 $1,307 $661 Operating cash flow per share $2.37 $1.24 $1.13 $8.61 $5.33 $3.28 For 12 months ending December 31 2000 1999 Change ------- ------- ------- Cash return on average investment(m) 7.12% 6.64% 0.48% Return on average common equity(n) 10.13% 7.45% 2.68% Book value per share(o) $31.89 $29.78 $2.11 End of period shares outstanding (millions) 219.6 239.0 (19.4) - ---------------------------------------------------------------------------- 30 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. ____________________ (m) "Cash return on average investment" is 12-months rolling EBITDA divided by average total assets plus accumulated depreciation less current liabilities. This metric is a measure of Entergy's ability to generate cash relative to its gross investments. (n) "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. (o) "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 December 31, 2000 (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities Company Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $ 46,511 $ 151 $ 110,887 $ - $ 157,550 Temporary cash investments - at cost, which approximates market 307,589 26,782 305,667 - 640,038 Special deposits - - 584,836 - 584,836 ----------- ---------- ---------- ----------- ----------- Total cash and cash equivalents 354,100 26,933 1,001,390 - 1,382,424 ----------- ---------- ---------- ----------- ----------- Other temporary investments - - - - - Notes receivable 1,544 - 2,064 - 3,608 Accounts receivable: Customer 447,036 - 50,785 - 497,821 Allowance for doubtful accounts (7,383) - (2,564) - (9,947) Associated companies 21,587 117,019 12,862 (151,469) - Other 100,612 (2,064) 296,969 - 395,518 Accrued unbilled revenues 415,409 - - - 415,409 ----------- ---------- ---------- ----------- ----------- Total receivables 977,261 114,955 358,052 (151,469) 1,298,801 Deferred fuel costs 568,331 - - - 568,331 Fuel inventory - at average cost 91,859 - 1,802 18 93,679 Materials and supplies - at average cost 338,494 (13) 86,877 - 425,357 Rate deferrals 16,581 - - - 16,581 Deferred nuclear refueling outage costs 46,544 - - - 46,544 Prepayments and other 54,323 2,011 66,355 - 122,690 ----------- ---------- ---------- ----------- ----------- TOTAL 2,449,037 143,886 1,516,540 (151,451) 3,958,015 ----------- ---------- ---------- ----------- ----------- OTHER PROPERTY AND INVESTMENTS Investment in subsidiary companies - at equity 214 6,900,979 - (6,900,980) 214 Decommissioning trust funds 867,242 - 448,615 - 1,315,857 Non-utility property - at cost (less accumulated depreciation) 224,443 - 109,827 - 334,270 Non-regulated investments - 1,000 330,604 - 331,604 Other - at cost (less accumulated depreciation) 17,859 - 4,439 - 22,298 ----------- ---------- ---------- ----------- ----------- TOTAL 1,109,759 6,901,979 893,485 (6,900,980) 2,004,243 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT Electric 24,020,884 4,340 481,307 - 24,506,531 Plant acquisition adjustment 390,364 - 300 - 390,664 Property under capital lease 769,370 - - - 769,370 Natural gas 190,989 - - - 190,989 Construction work in progress 447,562 1,048 1,119,206 - 1,567,816 Nuclear fuel under capital lease 277,673 - - - 277,673 Nuclear fuel 38,848 - 118,755 - 157,603 ----------- ---------- ---------- ----------- ----------- TOTAL UTILITY PLANT 26,135,692 5,388 1,719,567 - 27,860,646 Less - accumulated depreciation and amortization 11,272,527 3,110 88,384 - 11,364,021 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT - NET 14,863,165 2,278 1,631,183 - 16,496,625 ----------- ---------- ---------- ----------- ----------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: Rate deferrals - - - - - SFAS 109 regulatory asset - net 980,266 - - - 980,266 Unamortized loss on reacquired debt 183,627 - - - 183,627 Deferred fuel costs 95,661 - - - 95,661 Other regulatory assets 792,515 - - - 792,515 Long-term receivables 29,586 - (11) - 29,575 Other 177,147 414,290 835,309 (402,046) 1,024,700 ----------- ---------- ---------- ----------- ----------- TOTAL 2,258,803 414,290 835,298 (402,046) 3,106,344 ----------- ---------- ---------- ----------- ----------- TOTAL ASSETS $20,680,764 $7,462,434 $4,876,505 $(7,454,476) $25,565,227 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet December 31, 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 $ 309,738 $ - $ 62,677 $ - $ 372,415 Notes payable: Associated companies - - - - - Other 715 387,000 308 - 388,023 Account payable: Associated companies 8,178 2,206 38,191 (48,575) - Other 877,052 3,965 323,211 - 1,204,227 Customer deposits 172,169 - - - 172,169 Taxes accrued 310,395 13,123 128,293 - 451,811 Accumulated deferred income taxes 225,629 - 20 - 225,649 Nuclear refueling outage costs 10,209 - - - 10,209 Interest accrued 169,924 781 1,328 - 172,033 Co-owner advances - - - - - Obligations under capital leases 156,907 - - - 156,907 Other 176,505 7,687 25,937 (17,222) 192,908 ----------- ---------- ---------- ----------- ----------- TOTAL 2,417,420 414,762 579,965 (65,797) 3,346,351 ----------- ---------- ---------- ----------- ----------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 3,336,353 (21,280) (65,990) - 3,249,083 Accumulated deferred investment tax credits 494,315 - - - 494,315 Obligations under capital leases 201,858 - 15 - 201,873 FERC settlement - refund obligation 30,745 - - - 30,745 Other regulatory liabilities 218,172 - - - 218,172 Decommisioning 295,801 - 453,907 - 749,708 Transition to competition 191,934 - - - 191,934 Regulatory reserves 396,789 - - - 396,789 Accumulated provisions 287,797 (4) 102,324 - 390,116 Other 719,070 64,256 471,839 (402,027) 853,137 ----------- ---------- ---------- ----------- ----------- TOTAL 6,172,834 42,972 962,095 (402,027) 6,775,872 ----------- ---------- ---------- ----------- ----------- Long-term debt 6,039,638 - 1,869,925 (85,669) 7,823,893 Preferred stock with sinking fund 65,758 - - - 65,758 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 334,688 - - - 334,688 Common stock 2,225,870 2,481 675,081 (2,900,950) 2,481 Authorized shares 500,000,000 Issued shares CY 248,094,614 Paid-in capital 1,779,381 4,660,483 1,229,066 (3,008,447) 4,660,483 Retained earnings 1,430,175 3,190,639 (358,594) (1,071,583) 3,190,639 Accumulated other comprehensive income: Cumulative foreign currency translation adjustment - (73,998) (73,998) 73,998 (73,998) Net unrealized investment gains (losses) - - (1,035) - (1,035) Less - treasury stock, at cost - 774,904 6,000 (6,000) 774,905 Shares CY 28,490,031 ----------- ---------- ---------- ----------- ----------- TOTAL 5,770,114 7,004,700 1,464,520 (6,900,982) 7,338,353 ----------- ---------- ---------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,680,764 $7,462,434 $4,876,505 $(7,454,476) $25,565,227 =========== ========== ========== =========== =========== *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 61,231 (51) 152,759 - 213,939 Accrued unbilled revenues 298,616 - - - 298,616 ----------- ---------- ---------- ----------- ----------- Total receivables 659,438 177,450 149,967 (193,476) 793,379 Deferred fuel costs 240,661 - - - 240,661 Fuel inventory - at average cost 66,174 - 7,424 (366) 73,231 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 1,615,570 196,025 1,586,232 (193,841) 3,203,985 ----------- ---------- ---------- ----------- ----------- 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 Deferred fuel costs - - - - - 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 $18,941,603 $7,360,908 $3,569,164 $(6,901,735) $22,969,940 =========== ========== ========== =========== =========== *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 - - - - - Obligations under capital leases 178,247 - - - 178,247 Other 213,583 6,251 24,054 (118,139) 125,749 ----------- ---------- ---------- ----------- ----------- TOTAL 1,699,570 155,493 436,067 (143,716) 2,147,414 ----------- ---------- ---------- ----------- ----------- 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 (366) 527,027 ----------- ---------- ---------- ----------- ----------- TOTAL 5,681,969 80,989 554,845 (366) 6,317,436 ----------- ---------- ---------- ----------- ----------- 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 $18,941,603 $7,360,908 $3,569,164 $(6,901,735) $22,969,940 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet December 31, 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 $ 10,541 $ 137 $ 38,673 $ - $ 49,352 Temporary cash investments - at cost, which approximates market 206,390 10,303 (682,176) - (465,483) Special deposits - - 584 836 - 584,836 ----------- ---------- ---------- ----------- ----------- Total cash and cash equivalents 216,931 10,440 (58,667) - 168,705 ----------- ---------- ---------- ----------- ----------- Other temporary investments - - (321,351) - (321,351) Notes receivable 1,447 - - - 1,447 Accounts receivable: Customer 156,796 - 50,694 - 207,490 Allowance for doubtful accounts (440) - - - (440) Associated companies 5,294 (60,482) 13,181 42,007 - Other 39,381 (2,013) 144,210 - 181,579 Accrued unbilled revenues 116,793 - - - 116,793 ----------- ---------- ---------- ----------- ----------- Total receivables 317,823 (62,495) 208,085 42,007 505,422 Deferred fuel costs 327,670 - - - 327,670 Fuel inventory - at average cost 25,685 - (5,622) 384 20,448 Materials and supplies - at average cost (32,187) 6 65,136 - 32,954 Rate deferrals (13,813) - - - (13,813) Deferred nuclear refueling outage costs (11,575) - - - (11,575) Prepayments and other 1,487 (89) 42,727 - 44,123 ----------- ---------- ---------- ----------- ----------- TOTAL 833,467 (52,139) (69,692) 42,390 754,029 ----------- ---------- ---------- ----------- ----------- OTHER PROPERTY AND INVESTMENTS Investment in subsidiary companies - at equity - 193,085 - (193,086) - Decommissioning trust funds 52,228 - 17,606 - 69,834 Non-utility property - at cost (less accumulated depreciation) 6,821 - 10,283 - 17,105 Non-regulated investments - 1,000 132,601 - 133,601 Other - at cost (less accumulated depreciation) 1,145 - 4,439 - 5,584 ----------- ---------- ---------- ----------- ----------- TOTAL 60,195 194,085 164,929 (193,086) 226,124 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT Electric 1,017,549 - 325,821 - 1,343,370 Plant acquisition adjustment 390,364 (406,630) - - (16,265) Property under capital lease 871 - - - 870 Natural gas 4,948 - - - 4,948 Steam products - - - - - Construction work in progress (260,868) 360 327,708 - 67,199 Nuclear fuel under capital lease (8,803) - - - (8,803) Nuclear fuel (658) - 70,569 - 69,910 ----------- ---------- ---------- ----------- ----------- TOTAL UTILITY PLANT 1,143,402 (406,270) 724,097 - 1,461,229 Less - accumulated depreciation and amortization 459,496 868 4,997 - 465,360 ----------- ---------- ---------- ----------- ----------- UTILITY PLANT - NET 683,907 (407,137) 719,100 - 995,869 ----------- ---------- ---------- ----------- ----------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: Rate deferrals (16,581) - - - (16,581) SFAS 109 regulatory asset - net (87,739) - - - (87,740) Unamortized loss on reacquired debt (15,004) - - - (15,004) Deferred fuel costs 95,661 - - - 95,661 Other regulatory assets 154,645 - - - 154,645 Long-term receivables (2,674) - (11) - (2,685) Other 33,284 366,716 493,015 (402,046) 490,968 ----------- ---------- ---------- ----------- ----------- TOTAL 161,592 366,716 493,004 (402,046) 619,265 ----------- ---------- ---------- ----------- ----------- TOTAL ASSETS $ 1,739,161 $ 101,526 $1,307,341 $ (552,741) $ 2,595,287 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet December 31, 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 $ 115,183 $ - $ 62,677 $ - $ 177,860 Notes payable: Associated companies - - - - - Other (1) 267,000 308 - 267,308 Account payable: Associated companies 6,574 41 16,384 (22,998) - Other 408,774 (13,821) 101,597 - 496,549 Customer deposits 10,260 - - - 10,260 Taxes accrued 39,751 3,981 (37,598) - 6,134 Accumulated deferred income taxes 152,989 - 20 - 153,009 Nuclear refueling outage costs (1,007) - - - (1,007) Interest accrued 43,747 633 (1,374) - 43,005 Co-owner advances - - - - - Obligations under capital leases (21,340) - - - (21,340) Other (37,078) 1,436 1,883 100,917 67,159 ----------- ---------- ---------- ----------- ----------- TOTAL 717,850 259,269 143,898 77,919 1,198,937 ----------- ---------- ---------- ----------- ----------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes (107,381) (5,115) 51,239 - (61,257) Accumulated deferred investment tax credits (25,595) - - - (25,595) Obligations under capital leases (3,606) - 15 - (3,591) FERC settlement - refund obligation (6,592) - - - (6,592) Other regulatory liabilities 19,033 - - - 19,033 Decommisioning 27,104 - 19,151 - 46,255 Transition to competition 34,900 - - - 34,900 Regulatory reserves 18,482 - - - 18,482 Accumulated provisions 65,789 (57,942) 102,846 - 110,691 Other 468,732 25,040 233,999 (401,661) 326,110 ----------- ---------- ---------- ----------- ----------- TOTAL 490,865 (38,017) 407,251 (401,661) 458,436 ----------- ---------- ---------- ----------- ----------- Long-term debt 415,664 - 831,555 (35,909) 1,211,310 Preferred stock with sinking fund (3,892) - - - (3,892) 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 (3,767) - - - (3,767) Common stock - 10 15,520 (15,519) 10 Authorized shares Issued shares CY Paid-in capital 65 24,319 393,666 (393,729) 24,320 Retained earnings 272,375 404,172 (483,320) 210,944 404,172 Accumulated other comprehensive income: Cumulative foreign currency translation adjustment - (5,216) (5,216) 5,216 (5,216) Net unrealized investment gains (losses) - - 3,988 - 3,988 Less - treasury stock, at cost - 543,011 - - 543,011 ----------- ---------- ---------- ----------- ----------- TOTAL 268,673 (119,726) (75,363) (193,089) (119,504) ----------- ---------- ---------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,739,161 $ 101,526 $1,307,341 $ (552,741) $ 2,595,287 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended December 31, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 1,820,429 $ - $ - $ (3,400) $1,817,029 Natural gas 69,765 - - - 69,765 Steam products - - - - - Competitive businesses - 9,934 757,047 (18,461) 748,521 ----------- ---------- -------- ----------- ---------- Total 1,890,194 9,934 757,047 (21,861) 2,635,315 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 684,496 - 204,669 (302) 888,864 Purchased power 261,282 - 391,828 (20,438) 632,672 ----------- ---------- -------- ----------- ---------- Gross Margin 944,416 9,934 160,550 (1,121) 1,113,779 Margin % 50.0% 100.0% 21.2% 5.1% 42.3% Nuclear refueling outage expenses 16,887 - - - 16,887 Other operation and maintenance 430,930 25,750 114,336 (1,715) 569,301 Decommissioning 10,873 - - - 10,873 Taxes other than income taxes 97,799 532 5,667 - 103,997 ----------- ---------- -------- ----------- ---------- Total 1,502,267 26,282 716,500 (22,455) 2,222,594 ----------- ---------- -------- ----------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 387,927 (16,348) 40,547 594 412,721 ----------- ---------- -------- ----------- ---------- Margin % 20.5% (164.6%) 5.4% (2.7%) 15.7% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 192,773 934 6,428 - 200,136 Other regulatory charges (credits) (23,630) - - - (23,630) Amortization of rate deferrals 4,616 - - - 4,616 ----------- ---------- -------- ----------- ---------- Total 173,759 934 6,428 - 181,122 ----------- ---------- -------- ----------- ---------- OPERATING INCOME (LOSS) 214,168 (17,282) 34,119 594 231,599 ----------- ---------- -------- ----------- ---------- Margin % 11.3% (174.0%) 4.5% (2.7%) 8.8% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 7,124 - - - 7,124 Gain/(loss) on sale of assets - net 744 (42,500) - - (41,756) Miscellaneous - net 9,516 17,361 9,215 (2,469) 33,623 ----------- ---------- -------- ----------- ---------- Total 17,384 (25,139) 9,215 (2,469) (1,009) ----------- ---------- -------- ----------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 119,534 - 3,953 - 123,487 Other interest - net 14,360 4,618 2,304 (1,875) 19,408 Distributions on preferred securities of subsidiaries 4,709 - - - 4,709 Allowance for borrowed funds used during construction (5,361) - - - (5,361) ----------- ---------- -------- ----------- ---------- Total 133,242 4,618 6,257 (1,875) 142,243 ----------- ---------- -------- ----------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 98,310 (47,039) 37,077 - 88,347 INCOME TAXES 45,027 (18,511) 11,788 - 38,304 ----------- ---------- -------- ----------- ---------- CONSOLIDATED NET INCOME (LOSS) 53,283 (28,528) 25,289 - 50,043 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 6,735 - - - 6,735 ----------- ---------- -------- ----------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 46,548 $ (28,528) $ 25,289 $ - $ 43,308 =========== ========== ======== =========== ========== Margin % 2.5% (287.2%) 3.3% - 1.6% EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.21 ($0.13) $0.12 $0.20 DILUTED $0.20 ($0.13) $0.12 $0.19 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 219,582,366 DILUTED 223,919,460 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended December 31, 1999 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $1,405,577 $ - $ - $ (5,093) $1,400,484 Natural gas 32,034 - - - 32,034 Steam products - - - - - Competitive businesses - - 322,695 (2,844) 319,851 ---------- -------- -------- --------- ---------- Total 1,437,611 - 322,695 (7,937) 1,752,369 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 497,306 - 107,514 - 604,820 Purchased power 116,611 - 141,245 (5,853) 252,003 ---------- -------- -------- --------- ---------- Gross Margin 823,694 - 73,936 (2,084) 895,546 Margin % 57.3% - 22.9% 26.3% 51.1% Nuclear refueling outage expenses 19,642 - - - 19,642 Other operation and maintenance 419,084 7,614 85,699 (2,529) 509,868 Decommissioning 10,984 - - - 10,984 Taxes other than income taxes 81,830 77 (1,772) - 80,135 ---------- -------- -------- --------- ---------- Total 1,145,457 7,691 332,686 (8,382) 1,477,452 ---------- -------- -------- --------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 292,154 (7,691) (9,991) 445 274,917 ---------- -------- -------- --------- ---------- Margin % 20.3% - (3.1%) (5.6%) 15.7% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 172,866 315 2,535 - 175,716 Other regulatory charges (credits) 4,800 - - - 4,800 Amortization of rate deferrals 7,724 - - - 7,724 ---------- -------- -------- --------- ---------- Total 185,390 315 2,535 - 188,240 ---------- -------- -------- --------- ---------- OPERATING INCOME (LOSS) 106,763 (8,006) (12,526) 445 86,677 ---------- -------- -------- --------- ---------- Margin % 7.4% - (3.9%) (5.6%) 4.9% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 8,655 - - - 8,655 Gain/(loss) on sale of assets - net 535 2 9,500 - 10,037 Miscellaneous - net 11,416 8,386 47,582 (2,055) 65,329 ---------- -------- -------- --------- ---------- Total 20,606 8,388 57,082 (2,055) 84,021 ---------- -------- -------- --------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 117,568 - - - 117,568 Other interest - net 17,469 442 7,766 (1,610) 24,068 Distributions on preferred securities of subsidiaries 4,709 - - - 4,709 Allowance for borrowed funds used during construction (6,115) - - - (6,115) ---------- -------- -------- --------- ---------- Total 133,631 442 7,766 (1,610) 140,230 ---------- -------- -------- --------- ---------- INCOME (LOSS) BEFORE INCOME TAXES (6,262) (60) 36,790 - 30,468 INCOME TAXES (10,045) 24,118 191 - 14,264 ---------- -------- -------- --------- ---------- CONSOLIDATED NET INCOME (LOSS) 3,783 (24,178) 36,599 - 16,204 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 11,922 - - - 11,922 ---------- -------- -------- --------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (8,139) $(24,178) $ 36,599 $ - $ 4,282 ========== ======== ======== ========= ========== Margin % (0.6%) - 11.3% - 0.2% EARNINGS PER AVERAGE COMMON SHARE: BASIC ($0.03) ($0.10) $0.15 $0.02 DILUTED ($0.03) ($0.10) $0.15 $0.02 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 240,930,695 DILUTED 241,065,885 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended December 31, 2000 vs. 1999 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $414,852 $ - $ - $ 1,693 $ 416,545 Natural gas 37,731 - - - 37,731 Steam products - - - - - Competitive businesses - 9,934 434,352 (15,617) 428,670 --------- -------- -------- --------- ---------- Total 452,583 9,934 434,352 (13,924) 882,946 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 187,190 - 97,155 (302) 284,044 Purchased power 144,671 - 250,583 (14,585) 380,669 --------- -------- -------- --------- ---------- Gross Margin 120,722 9,934 86,614 963 218,233 Margin % (7.3%) 100.0% (1.7%) (21.1%) (8.8%) Nuclear refueling outage expenses (2,755) - - - (2,755) Other operation and maintenance 11,846 18,136 28,637 814 59,433 Decommissioning (111) - - - (111) Taxes other than income taxes 15,969 455 7,439 - 23,862 --------- -------- -------- --------- ---------- Total 356,810 18,591 383,814 (14,073) 745,142 --------- -------- -------- --------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 95,773 (8,657) 50,538 149 137,804 --------- -------- -------- --------- ---------- Margin % 0.2% (164.6%) 8.5% 2.9% (0.0%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization 19,907 619 3,893 - 24,420 Other regulatory charges (credits) (28,430) - - - (28,430) Amortization of rate deferrals (3,108) - - - (3,108) --------- -------- -------- --------- ---------- Total (11,631) 619 3,893 - (7,118) --------- -------- -------- --------- ---------- OPERATING INCOME (LOSS) 107,404 (9,276) 46,645 149 144,922 --------- -------- -------- --------- ---------- Margin % 3.9% (174.0%) 8.4% 2.9% 3.8% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction (1,531) - - - (1,531) Gain/(loss) on sale of assets - net 209 (42,502) (9,500) - (51,793) Miscellaneous - net (1,900) 8,975 (38,367) (414) (31,706) --------- -------- -------- --------- ---------- Total (3,222) (33,527) (47,867) (414) (85,030) --------- -------- -------- --------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 1,966 - 3,953 - 5,919 Other interest - net (3,109) 4,176 (5,462) (265) (4,660) Distributions on preferred securities of subsidiaries - - - - - Allowance for borrowed funds used during construction 754 - - - 754 --------- -------- -------- --------- ---------- Total (389) 4,176 (1,509) (265) 2,013 --------- -------- -------- --------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 104,571 (46,979) 287 - 57,879 INCOME TAXES 55,072 (42,629) 11,597 - 24,040 --------- -------- -------- --------- ---------- CONSOLIDATED NET INCOME (LOSS) 49,499 (4,350) (11,310) - 33,839 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (5,187) - - - (5,187) --------- -------- -------- --------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 54,686 $ (4,350) $(11,310) $ - $ 39,026 ========= ======== ======== ========= ========== Margin % 3.0% (287.2%) (8.0%) - 1.4% EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.24 ($0.03) ($0.03) - $0.18 DILUTED $0.23 ($0.03) ($0.03) - $0.17 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date December 31, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $7,235,726 $ - $ - $ (16,039) $7,219,686 Natural gas 165,872 - - - 165,872 Steam products - - - - - Competitive businesses - 32,449 2,645,960 (47,819) 2,630,590 ---------- --------- ---------- ---------- ----------- Total 7,401,598 32,449 2,645,960 (63,858) 10,016,148 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 2,231,297 - 415,277 (739) 2,645,835 Purchased power 928,220 - 1,787,756 (53,095) 2,662,881 ---------- --------- ---------- ---------- ----------- Gross Margin 4,242,081 32,449 442,927 (10,024) 4,707,432 Margin % 57.3% 100.0% 16.7% 15.7% 47.0% Nuclear refueling outage expenses 70,511 - - - 70,511 Other operation and maintenance 1,501,022 71,746 340,496 (11,951) 1,901,314 Decommissioning 39,484 - - - 39,484 Taxes other than income taxes 358,364 1,586 10,394 - 370,344 ---------- --------- ---------- ---------- ----------- Total 5,128,898 73,332 2,553,923 (65,785) 7,690,369 ---------- --------- ---------- ---------- ----------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,272,700 (40,883) 92,037 1,927 2,325,779 ---------- --------- ---------- ---------- ----------- Margin % 30.7% (126.0%) 3.5% (3.0%) 23.2% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 730,660 3,278 12,187 - 746,125 Other regulatory charges (credits) 3,681 - - - 3,681 Amortization of rate deferrals 30,392 - - - 30,392 ---------- --------- ---------- ---------- ----------- Total 764,733 3,278 12,187 - 780,198 ---------- --------- ---------- ---------- ----------- OPERATING INCOME (LOSS) 1,507,967 (44,161) 79,850 1,927 1,545,581 ---------- --------- ---------- ---------- ----------- Margin % 20.4% (136.1%) 3.0% (3.0%) 15.4% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 32,022 - - - 32,022 Gain/(loss) on sale of assets - net 2,337 (42,497) 19,694 - (20,466) Miscellaneous - net 26,760 84,423 90,190 (11,244) 190,129 ---------- --------- ---------- ---------- ----------- Total 61,119 41,926 109,884 (11,244) 201,685 ---------- --------- ---------- ---------- ----------- INTEREST AND OTHER CHARGES: Interest on long-term debt 473,550 - 4,332 (810) 477,071 Other interest - net 46,882 22,103 25,156 (8,507) 85,635 Distributions on preferred securities of subsidiaries 18,838 - - - 18,838 Allowance for borrowed funds used during construction (24,114) - - - (24,114) ---------- --------- ---------- ---------- ----------- Total 515,156 22,103 29,488 (9,317) 557,430 ---------- --------- ---------- ---------- ----------- INCOME (LOSS) BEFORE INCOME TAXES 1,053,930 (24,338) 160,246 - 1,189,836 INCOME TAXES 435,667 (12,927) 56,181 - 478,921 ---------- --------- ---------- ---------- ----------- CONSOLIDATED NET INCOME (LOSS) 618,263 (11,411) 104,065 - 710,915 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 31,621 - - - 31,621 ---------- --------- ---------- ---------- ----------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 586,642 $(11,411) $104,065 $ - $679,294 ========== ========= ========== ========== =========== Margin % 7.9% (35.2%) 3.9% - 6.8% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.59 ($0.05) $0.46 $3.00 DILUTED $2.56 ($0.05) $0.46 $2.97 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 226,580,449 DILUTED 228,541,307 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date December 31, 1999 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $6,288,416 $ - $ - $ (17,002) $ 6,271,414 Natural gas 110,355 - - - 110,355 Steam products 15,852 - - - 15,852 Competitive businesses - - 2,392,421 (16,814) 2,375,607 ---------- --------- ---------- ---------- ----------- Total 6,414,623 - 2,392,421 (33,816) 8,773,228 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 1,672,075 - 411,519 (719) 2,082,875 Purchased power 693,202 - 1,771,128 (21,846) 2,442,484 ---------- --------- ---------- ---------- ----------- Gross Margin 4,049,346 - 209,774 (11,251) 4,247,869 Margin % 63.1% - 8.8% 33.3% 48.4% Nuclear refueling outage expenses 76,057 - - - 76,057 Other operation and maintenance 1,405,208 58,938 254,695 (13,297) 1,705,545 Decommissioning 45,988 - - - 45,988 Taxes other than income taxes 334,834 588 3,862 - 339,284 ---------- --------- ---------- ---------- ----------- Total 4,227,364 59,526 2,441,204 (35,862) 6,692,233 ---------- --------- ---------- ---------- ----------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,187,259 (59,526) (48,783) 2,046 2,080,995 ---------- --------- ---------- ---------- ----------- Margin % 34.1% - (2.0%) (6.1%) 23.7% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 686,194 1,438 11,249 - 698,881 Other regulatory charges (credits) 14,833 - - - 14,833 Amortization of rate deferrals 115,627 - - - 115,627 ---------- --------- ---------- ---------- ----------- Total 816,654 1,438 11,249 - 829,341 ---------- --------- ---------- ---------- ----------- OPERATING INCOME (LOSS) 1,370,605 (60,964) (60,032) 2,046 1,251,654 ---------- --------- ---------- ---------- ----------- Margin % 21.4% - (2.5%) (6.1%) 14.3% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 29,291 - - - 29,291 Gain/(loss) on sale of assets - net 2,046 (833) 70,712 - 71,926 Miscellaneous - net 39,573 39,421 81,015 (5,586) 154,423 ---------- --------- ---------- ---------- ----------- Total 70,910 38,588 151,727 (5,586) 255,640 ---------- --------- ---------- ---------- ----------- INTEREST AND OTHER CHARGES: Interest on long-term debt 474,645 - 2,232 - 476,877 Other interest - net 65,645 6,143 14,223 (3,540) 82,471 Distributions on preferred securities of subsidiaries 18,838 - - - 18,838 Allowance for borrowed funds used during construction (22,585) - - - (22,585) ---------- --------- ---------- ---------- ----------- Total 536,543 6,143 16,455 (3,540) 555,601 ---------- --------- ---------- ---------- ----------- INCOME (LOSS) BEFORE INCOME TAXES 904,972 (28,519) 75,240 - 951,693 INCOME TAXES 351,448 19,161 (13,942) - 356,667 ---------- --------- ---------- ---------- ----------- CONSOLIDATED NET INCOME (LOSS) 553,524 (47,680) 89,182 - 595,026 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 42,567 - - - 42,567 ---------- --------- ---------- ---------- ----------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 510,957 $(47,680) $ 89,182 $ - $ 552,459 ========== ========= ========== ========== =========== Margin % 8.0% - 3.7% - 6.3% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.08 ($0.19) $0.36 $2.25 DILUTED $2.08 ($0.19) $0.36 $2.25 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 245,127,460 DILUTED 245,326,883 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date December 31, 2000 vs. 1999 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 947,310 $ - $ - $ 963 $ 948,272 Natural gas 55,517 - - - 55,517 Steam products (15,852) - - - (15,852) Competitive businesses - 32,449 253,539 (31,005) 254,983 ---------- --------- ---------- ---------- ----------- Total 986,975 32,449 253,539 (30,042) 1,242,920 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 559,222 - 3,758 (20) 562,960 Purchased power 235,018 - 16,628 (31,249) 220,397 ---------- --------- ---------- ---------- ----------- Gross Margin 192,735 32,449 233,153 1,227 459,563 Margin % (5.8%) 100.0% 8.0% (17.6%) (1.4%) Nuclear refueling outage expenses (5,546) - - - (5,546) Other operation and maintenance 95,814 12,808 85,801 1,346 195,769 Decommissioning (6,504) - - - (6,504) Taxes other than income taxes 23,530 998 6,532 - 31,060 ---------- --------- ---------- ---------- ----------- Total 901,534 13,806 112,719 (29,923) 998,136 ---------- --------- ---------- ---------- ----------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 85,441 18,643 140,820 (119) 244,784 ---------- --------- ---------- ---------- ----------- Margin % (3.4%) (126.0%) 5.5% 3.0% (0.5%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization 44,466 1,840 938 - 47,244 Other regulatory charges (credits) (11,152) - - - (11,152) Amortization of rate deferrals (85,235) - - - (85,235) ---------- --------- ---------- ---------- ----------- Total (51,921) 1,840 938 - (49,143) ---------- --------- ---------- ---------- ----------- OPERATING INCOME (LOSS) 137,362 16,803 139,882 (119) 293,927 ---------- --------- ---------- ---------- ----------- Margin % (1.0%) (136.1%) 5.5% 3.0% 1.2% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 2,731 - - - 2,731 Gain/(loss) on sale of assets - net 291 (41,664) (51,018) - (92,392) Miscellaneous - net (12,813) 45,002 9,175 (5,658) 35,706 ---------- --------- ---------- ---------- ----------- Total (9,791) 3,338 (41,843) (5,658) (53,955) ---------- --------- ---------- ---------- ----------- INTEREST AND OTHER CHARGES: Interest on long-term debt (1,095) - 2,100 (810) 194 Other interest - net (18,763) 15,960 10,933 (4,967) 3,164 Distributions on preferred securities of subsidiaries - - - - - Allowance for borrowed funds used during construction (1,529) - - - (1,529) ---------- --------- ---------- ---------- ----------- Total (21,387) 15,960 13,033 (5,777) 1,829 ---------- --------- ---------- ---------- ----------- INCOME (LOSS) BEFORE INCOME TAXES 148,958 4,181 85,006 - 238,143 INCOME TAXES 84,219 (32,088) 70,123 - 122,254 ---------- --------- ---------- ---------- ----------- CONSOLIDATED NET INCOME (LOSS) 64,739 36,269 14,883 - 115,889 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (10,946) - - - (10,946) ---------- --------- ---------- ---------- ----------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 75,685 $ 36,269 $ 14,883 $ - $126,835 ========== ========= ========== ========== =========== Margin % (0.0%) (35.2%) 0.2% - 0.5% EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.51 $0.14 $0.10 - $0.75 DILUTED $0.48 $0.14 $0.10 - $0.72 *Totals may not foot due to rounding.
Entergy Corporation U. S. Utility Electric Energy Sales & Customers Three Months Ended December % Weather 2000 1999 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 7,055 6,357 11.0 (1.5) Commercial 5,920 5,638 5.0 1.7 Governmental 639 632 1.1 (0.1) Industrial 11,070 11,209 (1.2) (1.2) ------ ------ Total to Ultimate Customers 24,684 23,836 3.6 (0.6) Wholesale 2,913 2,323 25.4 ------ ------ Total Sales 27,597 26,159 5.5 ====== ====== Year to Date December % Weather 2000 1999 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 31,998 30,631 4.5 0.6 Commercial 24,657 23,775 3.7 2.4 Governmental 2,605 2,564 1.6 1.0 Industrial 43,956 43,549 0.9 0.9 ------- ------- Total to Ultimate Customers 103,216 100,519 2.7 1.2 Wholesale 9,794 9,714 0.8 ------- ------- Total Sales 113,010 110,233 2.5 ======= ======= December 2000 1999 % ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE): Residential 2,205,539 2,180,248 1.2 Commercial 289,427 282,155 2.6 Governmental 14,350 13,986 2.6 Industrial 42,016 42,214 (0.5) --------- --------- Total to Ultimate Customers 2,551,332 2,518,603 1.3 Wholesale 37 43 (14.0) --------- --------- Total Sales 2,551,369 2,518,646 1.3 ========= ========= EX-99 3 0003.txt Exhibit 99.11 Entergy Corporation [Logo of Entergy] 639 Loyola Avenue New Orleans, LA 70113 ________________________________________________________________________ Date: February 1, 2001 News For Release: Immediate Release Contact: Yolanda Pollard (News Media) 504-576-4238 ypollar@entergy.com Nancy Morovich (Investor Relations) 504-576-5506 nmorovi@entergy.com Entergy Ends 2000 with Strong Fourth Quarter Earnings New Orleans - Entergy Corporation (NYSE:ETR) today reported fourth quarter 2000 and full year consolidated earnings that were significantly higher than earnings in same periods of 1999. Earnings per share from operations set a fourth quarter record for the company - completing four consecutive record quarters in 2000. Entergy's fourth quarter 2000 earnings were $43.3 million, or 19 cents per share, compared with earnings of $4.3 million, or 2 cents per share, in fourth quarter 1999. On an operational basis, Entergy's earnings were $70.9 million or 31 cents per share in fourth quarter 2000, compared with $17.9 million or 8 cents per share in the year-earlier period. Colder-than-normal weather increased sales of electricity, accounting for 15 cents of the 23-cent increase in fourth quarter earnings per share from 1999 to 2000. Other factors contributing to higher earnings per share included stronger performance at Entergy's competitive businesses and the effect of the company's ongoing program to repurchase shares of its common stock. For the full year, Entergy earned $2.97 per share in 2000, compared with $2.25 in 1999. On an operational basis, Entergy's 2000 earnings per share were $3.12 in 2000 versus 1999's total of $2.17. Excluding the impact of more favorable weather in 2000 compared to 1999, Entergy earned $2.80, up 35 percent over 1999's total of $2.08. "Fourth quarter results continue the trend of record- breaking financial and operational performance for Entergy," said J. Wayne Leonard, Entergy's chief executive officer. "It was also a year of superior execution on our key strategic initiatives. Entergy is a fundamentally different company today than it was a year ago, with greater capacity to serve customers and to provide growing returns to shareholders. In the fourth quarter, we advanced on several fronts, including: - securing overwhelming shareholder approval for our proposed merger with FPL Group, - completing merger approval filings in each of our regulatory jurisdictions, - closing, ahead of schedule, our acquisition of the Indian Point 3 and FitzPatrick nuclear plants, and - being chosen as the winning bidder for Indian Point 2. "In addition," Leonard continued, "we have just closed the Entergy-Koch venture. The energy commodity trading arm of the EK venture begins commercial operations today under the name Axia Energy, and the Koch Gateway Pipeline begins conducting business under its new name, Gulf South Pipeline." Utility Operations In the fourth quarter of 2000, utility earnings on an operational basis were $46.5 million, or 20 cents per share, compared with $34.7 million, or 15 cents per share, in fourth quarter 1999. Weather was significantly colder, contributing 14 cents per share to fourth quarter earnings. In comparison, weather had a slight negative impact on fourth quarter 1999 earnings. 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 tax and depreciation adjustments, as well as current period increases in O&M spending, resulting primarily from an increase in Entergy Arkansas' storm damage reserves and increased reliability spending across the system. "Entergy's utility operations met the challenges of two severe storms in December, the worst ice storms in our company's history," Leonard said. "With the help of more than 10,000 workers from 25 states, Entergy restored service to over 230,000 Arkansas and Louisiana customers in each storm within one week. "We know that many natural gas customers have been hit with higher bills as a result of cold weather and sharply higher commodity gas costs this winter," he added. "Entergy does not profit in any way from higher gas costs, and none of the increase in earnings is attributable to higher gas costs to our distribution customers. We're working with our customers who are having trouble handling their winter bills to defer and levelize payments and to access funds to assist them. Entergy has contributed $1.4 million in New Orleans to assist customers." For the full year, the utility earned $2.65 per share on an operational basis in 2000, compared with $2.26 in 1999. The increase in 2000 was primarily due to more extreme weather, the share repurchase impact, and sales growth. Competitive Businesses In fourth quarter 2000, Entergy's competitive businesses earned $25.3 million, or 12 cents per share on an operational basis, compared with $7.4 million, or 3 cents per share, in fourth quarter 1999. Entergy Wholesale Operations reported earnings per share of 3 cents in the fourth quarter of 2000, compared with a loss of 2 cents per share in the same period of 1999. In the 2000 period, EWO benefited from strong trading earnings, partially offset by a slight loss at the Saltend power plant in the U.K. due to seasonally low electricity prices. For the full year, EWO earned 18 cents per share on an operational basis in 2000, well above 1999's total of 5 cents per share. The increase in 2000 is attributed to improved trading operations and liquidated damages from the delayed construction of the Saltend project. Entergy Nuclear earned 9 cents per share in the fourth quarter of 2000, three times the 3 cents per share earned in the fourth quarter of 1999. In 2000, the newly acquired Indian Point 3 and FitzPatrick nuclear plants made stronger than expected earnings contributions. For all of 2000, Entergy Nuclear contributed 22 cents per share, compared with 6 cents per share in 1999, benefiting from a full year of Pilgrim ownership and the addition in November of the two New York plants. Parent & Other Parent and Other earnings recorded a loss of 1 cent per share on an operational basis in fourth quarter 2000, compared with a loss of 10 cents per share in fourth quarter 1999. Results for the 2000 period benefited from lower O&M expenses, reclassifying the Gulf States merger goodwill amortization from the parent to the utility, and telecommunications earnings. Share Repurchase Program During the fourth quarter of 2000, Entergy bought an additional 1.5 million shares of its common stock under the share repurchase program at a cost of $53.8 million. From the initiation of the program through December 31, 2000, Entergy has invested $779 million to repurchase 28.9 million shares of its own stock, with $284 million remaining of the total $1.06 billion authorized for repurchasing shares. The repurchase program is expected to be completed by the time of the financial close of the proposed merger with FPL Group. Outlook "With another record-breaking quarter, Entergy finished a great year in 2000," said C. John Wilder, Entergy's chief financial officer. "As a result of our continued business strength, we are raising our 2001 earnings guidance to a range of $3.00 to $3.20 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 over 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. -30- 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 Fourth Quarter 2000 1999 % Operating Revenues $2,635.32 $1,752.37 50.4 Earnings $ 43.31 $ 4.28 911.4 Earnings per share* $ 0.19 $ 0.02 850.0 *Includes Special Items (EPS): Loss on Latin American Investments $(0.12) - Security sale true-up - $0.02 London reserve adjustments - 0.10 Regulatory & reserve adjustments - (0.18) ------ ------ Total $(0.12) $(0.06) ====== ====== Year to Date 2000 1999 % Operating Revenues $10,016.15 $8,773.23 14.2 Earnings $ 679.29 $ 552.46 23.0 Earnings per share* $ 2.97 $ 2.25 32.0 *Includes Special Items (EPS): Loss on Latin American Investments $(0.12) - 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) (0.27) Security sale true-up - 0.02 London reserve adjustments - 0.10 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 $(0.15) $0.08 ====== ===== Note - dollars in millions except per share amounts, which are actual.
Entergy Corporation Consolidated Income Statement Three Months Ended December 31 (in thousands) 2000 1999 % Inc/(Dec) (unaudited) Operating Revenues: Domestic electric $1,817,029 $1,400,484 29.7 Natural gas 69,765 32,034 117.8 Steam products - - - Competitive businesses 748,521 319,851 134.0 ---------- ---------- Total 2,635,315 1,752,369 50.4 ---------- ---------- Operating Expenses: Operation and maintenance: Fuel, fuel-related expenses, and gas purchased for resale 888,864 604,820 47.0 Purchased power 632,672 252,003 151.1 Nuclear refueling outage expenses 16,887 19,642 (14.0) Other operation and maintenance 569,301 509,868 11.7 Decommissioning 10,873 10,984 (1.0) Taxes other than income taxes 103,997 80,135 29.8 Depreciation and amortization 200,136 175,716 13.9 Other regulatory charges (credits) - net (23,630) 4,800 (592.3) Amortization of rate deferrals 4,616 7,724 (40.2) ---------- ---------- Total 2,403,716 1,665,692 44.3 ---------- ---------- Operating Income 231,599 86,677 167.2 ---------- ---------- Other Income (Deductions): Allowance for equity funds used during construction 7,124 8,655 (17.7) Gain (loss) on sales of assets - net (41,756) 10,037 (516.0) Miscellaneous - net 33,623 65,329 (48.5) ---------- ---------- Total (1,009) 84,021 (101.2) ---------- ---------- Interest and Other Charges: Interest on long-term debt 123,487 117,568 5.0 Other interest - net 19,408 24,068 (19.4) Dividends on preferred securities of subsidiaries 4,709 4,709 - Allowance for borrowed funds used during construction (5,361) (6,115) (12.3) ---------- ---------- Total 142,243 140,230 1.4 ---------- ---------- Income Before Income Taxes 88,347 30,468 190.0 Income Taxes 38,304 14,264 168.5 ---------- ---------- Consolidated Net Income 50,043 16,204 208.8 Preferred dividend requirements of subsidiaries and other 6,735 11,922 (43.5) ---------- ---------- Earnings Applicable to Common Stock $43,308 $4,282 911.4 ========== ========== Earnings Per Average Common Share: Basic $0.20 $0.02 900.0 Diluted $0.19 $0.02 850.0 Average Number of Common Shares Outstanding: Basic 219,582,366 240,930,695 Diluted 223,919,460 241,065,885
Entergy Corporation Consolidated Income Statement Twelve Months Ended December 31 (in thousands) 2000 1999 % Inc/(Dec) (unaudited) Operating Revenues: Domestic electric $7,219,686 $6,271,414 15.1 Natural gas 165,872 110,355 50.3 Steam products - 15,852 (100.0) Competitive businesses 2,630,590 2,375,607 10.7 ----------- ---------- Total 10,016,148 8,773,228 14.2 ----------- ---------- Operating Expenses: Operation and maintenance: Fuel, fuel-related expenses, and gas purchased for resale 2,645,835 2,082,875 27.0 Purchased power 2,662,881 2,442,484 9.0 Nuclear refueling outage expenses 70,511 76,057 (7.3) Other operation and maintenance 1,901,314 1,705,545 11.5 Decommissioning 39,484 45,988 (14.1) Taxes other than income taxes 370,344 339,284 9.2 Depreciation and amortization 746,125 698,881 6.8 Other regulatory charges (credits) - net 3,681 14,833 (75.2) Amortization of rate deferrals 30,392 115,627 (73.7) ----------- ---------- Total 8,470,567 7,521,574 12.6 ----------- ---------- Operating Income 1,545,581 1,251,654 23.5 ----------- ---------- Other Income (Deductions): Allowance for equity funds used during construction 32,022 29,291 9.3 Gain (loss) on sales of assets - net (20,466) 71,926 (128.5) Miscellaneous - net 190,129 154,423 23.1 ----------- ---------- Total 201,685 255,640 (21.1) ----------- ---------- Interest and Other Charges: Interest on long-term debt 477,071 476,877 0.0 Other interest - net 85,635 82,471 3.8 Dividends on preferred securities of subsidiaries 18,838 18,838 0.0 Allowance for borrowed funds used during construction (24,114) (22,585) 6.8 ----------- ---------- Total 557,430 555,601 0.3 ----------- ---------- Income Before Income Taxes 1,189,836 951,693 25.0 Income Taxes 478,921 356,667 34.3 ----------- ---------- Consolidated Net Income 710,915 595,026 19.5 Preferred dividend requirements of subsidiaries and other 31,621 42,567 (25.7) ----------- ---------- Earnings Applicable to Common Stock $679,294 $552,459 23.0 =========== ========== Earnings Per Average Common Share: Basic $3.00 $2.25 33.3 Diluted $2.97 $2.25 32.0 Average Number of Common Shares Outstanding: Basic 226,580,449 245,127,460 Diluted 228,541,307 245,326,883
Entergy Corporation U. S. Utility Electric Energy Sales & Customers Three Months Ended December 2000 1999 % (Millions of kwh) ELECTRIC ENERGY SALES: Residential 7,055 6,357 11.0 Commercial 5,920 5,638 5.0 Governmental 639 632 1.1 Industrial 11,070 11,209 (1.2) ------ ------ Total to Ultimate Customers 24,684 23,836 3.6 Wholesale 2,913 2,323 25.4 ------ ------ Total Sales 27,597 26,159 5.5 ====== ====== Twelve Months Ended December 2000 1999 % (Millions of kwh) ELECTRIC ENERGY SALES: Residential 31,998 30,631 4.5 Commercial 24,657 23,775 3.7 Governmental 2,605 2,564 1.5 Industrial 43,956 43,549 0.9 ------- ------- Total to Ultimate Customers 103,216 100,519 2.7 Wholesale 9,794 9,714 0.8 ------- ------- Total Sales 113,010 110,233 2.5 ======= ======= December 2000 1999 % ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE): Residential 2,205,539 2,180,248 1.2 Commercial 289,427 282,155 2.6 Governmental 14,350 13,986 2.6 Industrial 42,016 42,214 (0.5) --------- --------- Total to Ultimate Customers 2,551,332 2,518,603 1.3 Wholesale 37 43 (14.0) --------- --------- Total Sales 2,551,369 2,518,646 1.3 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----