EX-99 3 a106011.txt Exhibit 99.1 [Logo of Entergy] For further information: Nancy Morovich, VP, Investor Relations Phone 504/576-5506, Fax - 2897 INVESTOR NEWS nmorovi@entergy.com July 31, 2001 ENTERGY ACHIEVES RECORD SECOND QUARTER, NUCLEAR AND TRADING EXCEED EXPECTATIONS NEW ORLEANS - Entergy Corporation announced second quarter 2001 consolidated earnings per share of $1.06, compared with $1.04 in 2000. On an operational basis, Entergy earned $1.06 per share, up 8 percent when compared with $0.98 in 2000, in spite of mild weather in 2001. Entergy experienced unusually hot weather in the second quarter of 2000 which accounted for $0.10 of the earnings for that period. The 2001 increase was primarily driven by improved results at Entergy's competitive nuclear and trading businesses. "Another quarter of record earnings demonstrates Entergy's ability to deliver on our commitments," said J. Wayne Leonard, Entergy's chief executive officer. "Today we are pleased to share further evidence of the success and profitability of our strategy as our businesses continue to exceed expectations. We've yet to realize all the upside potential in these businesses and will work during the remainder of 2001 and beyond to capture every available opportunity to create tangible value for our shareholders." Table 1 provides a comparative summary of earnings per share for the second quarter and year-to-date 2001.
---------------------------------------------------------------------------- Table 1: Entergy Corporation Consolidated Results Second Quarter and Year-to-Date 2001 vs. 2000 ---------------------------------------------------------------------------- (Per share in U.S. $) Second Quarter Year-to-Date -------------- ------------ 2001 2000 $ Change 2001 2000 $ Change ---------------------------------------- As Reported U.S. Utility 0.74 0.78 (0.04) 1.25 1.10 0.15 Parent & Other 0.03 0.06 (0.03) (0.01) 0.07 (0.08) Competitive Businesses 0.29 0.20 0.09 0.51 0.28 0.23 --------------------------------------- Consolidated Earnings 1.06 1.04 0.02 1.75 1.45 0.30 Less Special Items U.S. Utility - - - (0.01) (0.07) 0.06 Parent & Other - - - (0.05) - (0.05) Competitive Businesses - 0.06 (0.06) - 0.06 (0.06) --------------------------------------- Total - 0.06 (0.06) (0.06) (0.01) (0.05) Operational U.S. Utility 0.74 0.78 (0.04) 1.26 1.17 0.09 Parent & Other 0.03 0.06 (0.03) 0.04 0.07 (0.03) Competitive Businesses 0.29 0.14 0.15 0.51 0.22 0.29 --------------------------------------- Consolidated Earnings 1.06 0.98 0.08 1.81 1.46 0.35 Weather Impact - 0.10 (0.10) 0.05 0.02 0.03 Consolidated Operational Earnings 1.06 0.88 0.18 1.76 1.44 0.32 Excluding Weather ----------------------------------------------------------------------------
U.S. Utility In second quarter 2001, as reported and operational utility earnings were $0.74 per share, compared with $0.78 for the same period in 2000. There were no special items included at the utility in either quarter. The slight decrease in earnings was due primarily to less favorable weather in the current period. Weather in second quarter 2001 was relatively normal, while much warmer than normal weather contributed $0.10 to earnings per share in second quarter 2000. Mild weather and reduced usage in the current period lowered residential sales by 2 percent, compared to second quarter 2000. Commercial sales were flat, while higher fuel prices and weak economic conditions reduced megawatt hour sales in the industrial sector by 3 percent quarter over quarter. The impact of reduced sales and net revenues was partially offset by lower expenses in 2001. Operation and maintenance expenses per megawatt hour generated were down 11 percent for the quarter, in part due to the reversal of Entergy Arkansas' storm damage costs. Costs previously expensed were transferred to a regulatory asset account to align with the Arkansas Public Service Commission's recommendations for future recovery. The utility continued its focus on reliability and customer service. Reliability complaints to regulators declined 33% compared to second quarter 2000. Also, the utility's twelve month ended average outage frequency and average outage duration decreased by 6 percent and 7 percent, respectively and these improvements were achieved while working more safely. Table 2 provides a summary of the utility's key operational measures with quarter to quarter and year-to-date comparisons. _______________________________________________________________________________ Table 2. Utility Operational Performance Measures Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions of measures) Second Quarter Year-to-Date 2001 2000 % Change 2001 2000 % Change Utility Generation in GWh 23,814 24,110 -1% 45,284 44,595 2% GWh billed Residential 6,733 6,857 -2% 14,269 13,369 7% Commercial and gov't 6,538 6,515 0% 12,727 12,382 3% Industrial 10,710 11,021 -3% 21,022 21,638 -3% Operation & maintenance exp. 14.33 16.10 -11% 14.58 15.86 -8% Reliability SAIFI 2.21 2.35 -6% SAIDI 169.5 183.0 -7% Reliability complaints 30 45 -33% 56 79 -29% Safety 6 9 -33% 9 17 -35% Number of customers Residential 2,215,321 2,199,803 1% Commercial 309,289 301,382 3% Industrial 39,538 40,477 -2% _______________________________________________________________________________ Parent & Other Parent & Other earnings per share were $0.03 in second quarter 2001, compared with $0.06 in second quarter 2000. The decrease in second quarter 2001 was due primarily to lower investment income compared to second quarter 2000 as a result of a combination of reduced investment balances and investment yields. Competitive Businesses On an as reported basis, the competitive businesses earned $0.29 per share in second quarter 2001, an increase of 45 percent compared with the $0.20 earned in the same period of 2000. Second quarter 2000 results include one special item, a $0.06 gain recorded at Entergy Wholesale Operations on the sale of the Freestone project. Excluding this gain, operational earnings increased 107 percent, from $0.14 in second quarter 2000 to $0.29 in second quarter 2001. Table 5 provides a 2001 vs. 2000 comparison of contributions by competitive business for the second quarter and yearto-date, on both as reported and operational bases. _______________________________________________________________________________ Table 3: Competitive Businesses Contributions to Earnings Per Share Second Quarter and Year-to-Date 2001 vs. 2000 _______________________________________________________________________________ (Per share in U.S. $) Second Quarter Year-to-Date 2001 2000 $ Change 2001 2000 $ Change ------------------------------------------------ As Reported Entergy Nuclear 0.15 0.05 0.10 0.29 0.10 0.19 Entergy-Koch 0.20 0.03 0.17 0.27 0.07 0.20 Entergy Wholesale Operations (0.06) 0.12 (0.18) (0.05) 0.11 (0.16) ---------------------------------------------- Total 0.29 0.20 0.09 0.51 0.28 0.23 Less Special Items Entergy Nuclear - - - - - - Entergy-Koch - - - - - - Entergy Wholesale Operations - 0.06 (0.06) - 0.06 (0.06) ---------------------------------------------- Total - 0.06 (0.06) - 0.06 (0.06) Operational Entergy Nuclear 0.15 0.05 0.10 0.29 0.10 0.19 Entergy-Koch 0.20 0.03 0.17 0.27 0.07 0.20 Entergy Wholesale Operations (0.06) 0.06 (0.12) (0.05) 0.05 (0.10) ---------------------------------------------- Total 0.29 0.14 0.15 0.51 0.22 0.29 _______________________________________________________________________________ Entergy Nuclear Entergy Nuclear earned $0.15 per share compared to $0.05 in second quarter 2000. The increase was due primarily to increased revenue resulting from the addition of Indian Point 3 and FitzPatrick nuclear units acquired in late 2000. Also, operating expenses for second quarter 2001 were lower due to refueling outages and the timing of other operation and maintenance expenses. ENI achieved a 200 percent increase in earnings in spite of scheduled refueling outages completed during second quarter 2001 at Pilgrim and Indian Point 3 resulting in each unit being out of service for nearly one-third of the quarter. These refueling outages lowered ENI's average capacity factor to 77.8 percent for second quarter 2001. However, the outages were completed in 28 days at Pilgrim and 26 days at Indian Point 3, which were decreases of 54% and 35%, respectively, compared to previous refueling outage times. ENI's success in closing transactions and its ability to achieve operational excellence resulted in an increase in its net MW in operation by 269 percent over just one year ago and increased GWh generated by 195 percent during the second quarter 2001 over the comparable period in 2000. ENI's overall performance reflects its commitment to a continuous focus on safe and efficient operations. Table 4 provides a summary of Entergy Nuclear's key operational measures with quarter to quarter and year-to-date comparisons. _______________________________________________________________________________ Table 4. Entergy Nuclear Operational Performance Measures Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions of measures) Second Quarter Year-to-Date 2001 2000 % Change 2001 2000 % Change ------------------------------------------------- Entergy Nuclear Net MW in operation 2,475 670 269% Generation in GWh 4,208 1,427 195% 9,457 2,838 233% Capacity factor 77.8% 97.5% -20% 88.0% 97.0% -9% Refueling outage duration Current Period Last Outage % Change --------------------------------- Pilgrim 28 61 -54% Indian Point 3 26 40 -35% _______________________________________________________________________________ Entergy-Koch Entergy-Koch completed its first full quarter of operations and contributed $0.20 to earnings per share. This compares to $0.03 contributed by Entergy Power Marketing Corp. in second quarter 2000. Axia Energy, Entergy-Koch's trading and marketing subsidiary, contributed the majority of the quarter's earnings. Axia's profitability was primarily the result of electricity and gas trading during the second quarter, driven by a 5 percent increase in gas marketed. The Gulf South pipeline also experienced increased profitability in second quarter 2001 due primarily to increases in average transportation rates. Gulf South had higher earnings in spite of a 10 percent decrease in throughput that drove the pipeline's per unit production cost up 6 percent for the quarter, as fixed costs were spread over fewer units. The reduced throughput resulted from reduced demand and weaker economic conditions. Favorable market conditions caused reported earnings for Entergy-Koch to be better than anticipated. In addition, results were affected by certain terms of the partnership arrangements that allocate income (and the taxes on that income) from various sources on a disproportionate basis. These disproportionate allocations, which were favorable to Entergy in the aggregate, contributed to the better than anticipated results. Table 5 provides a summary of Entergy-Koch's key operational measures with quarter to quarter and year-to-date comparisons. _______________________________________________________________________________ Table 5. Entergy-Koch Operational Performance Measures Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions of measures) Second Quarter Year-to-Date 2001 2000 % Change 2001 2000 % Change -------------------------------------------------- Axia Energy Trading Gas volatility 52% 54% -4% 71% 48% 48% Electricity volatility 221% 314% -30% 213% 243% -12% Electricity marketed (GWh) 26,386 27,612 -4% 57,395 54,247 6% Gas marketed (Bcf/d) 6.8 6.5 5% 7.0 6.5 8% Gulf South Pipeline Throughput 2.26 2.51 -10% 2.36 2.61 -10% Production cost $0.095 $0.090 6% $0.093 $0.089 4% _______________________________________________________________________________ Entergy Wholesale Operations EWO recorded a loss of $(0.06) in second quarter 2001 on an operational basis as compared with $0.06 in earnings per share for second quarter 2000. Earnings per share were positively impacted in 2000 by the receipt of liquidated damages on the Saltend project in the United Kingdom. Unfavorable market conditions in the U.K. during second quarter 2001 negatively impacted earnings results for Saltend and Damhead Creek, EWO's two operating plants in the U.K. This impact was partially offset by a $0.03 gain recorded in 2001 on the sale of DeSoto, a development site in Florida. Entergy began including modest gains or losses such as this in operational earnings in 2001, consistent with its stated strategy of managing wholesale operations as a portfolio of assets. As of the end of second quarter 2001, EWO's net MW in operation increased by 178 percent while MW under construction decreased by 74 percent due to the start of commercial operations of Saltend and Damhead Creek. EWO announced the sale of the Saltend plant to Calpine Corporation in early July 2001, the gain on which will be recorded in Entergy's third quarter 2001 results. EWO's total megawatts announced or in development increased substantially as of June 30, 2001, compared to June 30, 2000, as a result of its continuing efforts to site turbines in North America and to expand into European markets. Table 6 provides a summary of Entergy Wholesale Operations key operational measures with quarter to quarter comparisons. _______________________________________________________________________________ Table 6. Entergy Wholesale Operations Operational Performance Measures Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions of measures) _______________________________________________________________________________ Second Quarter Year-to-Date 2001 2000 % Change 2001 2000 % Change ----------------------------------------------- Entergy Wholesale Net MW in operation 3,368 1,210 178% Net MW under construction 523 2,000 -74% Net MW announced development 6,213 2,301 170% _______________________________________________________________________________ Variance Analysis Tables 7 and 8, on the following page, provide second quarter and year-to-date 2001 vs. 2000 reported earnings variance analyses for "U.S. Utility, Parent & Other," "Competitive Businesses," and "Consolidated." _______________________________________________________________________________ Table 7: Entergy Corporation Reported Earnings Per Share Variance Analysis Second Quarter 2001 vs. 2000 _______________________________________________________________________________ (Per share in U.S. $) U.S. Utility, Competitive Parent & Other Businesses Consolidated 2000 earnings 0.84 0.20 1.04 Net revenue (0.16) (a) 0.28 (b) 0.12 Other income (deductions) 0.01 0.10 (c) 0.11 Preferred dividend requirements 0.01 - 0.01 Share repurchase / dilution effect 0.01 - 0.01 Other operation & maintenance expense 0.11 (e) (0.11) (f) - Depreciation/amortization expense 0.02 (0.03) (g) (0.01) Nuclear refueling outage expense - (0.01) (0.01) Decommissioning expense (0.01) - (0.01) Taxes other than income taxes (0.01) (0.01) (0.02) Gain (loss) on sale of assets-net - (0.03) (d) (0.03) Income taxes - other (0.01) (h) (0.03) (h) (0.04) Interest expense and other charges (0.04) (i) (0.07) (j) (0.11) ----- ----- ----- 2001 earnings 0.77 0.29 1.06 ----- ----- ----- _______________________________________________________________________________ _______________________________________________________________________________ Table 8: Entergy Corporation Reported Earnings Per Share Variance Analysis Year-to-Date 2001 vs. 2000 _______________________________________________________________________________ (Per share in U.S. $) U.S. Utility, Competitive Parent & Other Businesses Consolidated 2000 earnings 1.17 0.28 1.45 Net revenue 0.06 (a) 0.61 (b) 0.67 Other income (deductions) 0.02 0.22 (c) 0.24 Share repurchase / dilution effect 0.04 0.02 0.06 Preferred dividend requirements 0.02 - 0.02 Nuclear refueling outage expense - (0.01) (0.01) Income taxes - other (0.01) (h) (0.01) (h) (0.02) Gain (loss) on sale of assets-net - (0.03) (d) (0.03) Taxes other than income taxes (0.04) (k) (0.04) (k) (0.08) Depreciation/amortization expense (0.02) (0.06) (g) (0.08) Interest expense and other charges (0.09) (i) (0.14) (j) (0.23) Other operation & maintenance expense 0.09 (e) (0.33) (f) (0.24) ----- ----- ----- 2001 earnings 1.24 0.51 1.75 ----- ----- ----- _______________________________________________________________________________ (a) Net revenue decreased in second quarter 2001 due primarily to comparatively milder weather in the current quarter vs. 2000, lower industrial sales, and an adjustment to the Entergy Arkansas TCA account related to storm damage costs as recommended by the APSC staff. Year-to-date 2001 net revenue increased over 2000 due primarily to more favorable weather over the first half of 2001 vs. 2000 and the absence of any regulatory and other reserve adjustments which negatively impacted 2000 revenues. Partially offsetting these positive impacts were lower industrial sales and the 2001 TCA adjustment at Entergy Arkansas. Utility Net Revenue Variance Analysis, 2001 vs. 2000 ($ EPS) Second Quarter Year-to-Date Weather (0.10) Weather 0.03 Sales growth/pricing (0.04) Sales growth/pricing (0.04) EAI TCA adjustment (0.02) EAI TCA adjustment (0.02) Special items - Special items 0.07 Other (parent & other) - Other (parent & other) 0.02 Total (0.16) Total 0.06 (b) Net revenue increased as a result of the inclusion of operations from Indian Point 3 and Fitzpatrick of $0.26 and $0.56 per share, respectively. (c) Other income (deductions) increased due primarily to Entergy -Koch earnings of $0.20 and $0.27, for the quarter and year-to-date, respectively. Damhead Creek liquidated damages of $0.04 received in first quarter 2001 also improved the year-to-date comparative results. Offsetting the increases in both periods was Saltend liquidated damages of $0.10 recorded in second quarter 2000. (d) Gain (loss) on sale of assets decreased due to the second quarter 2001 DeSoto project gain of $0.03 offset by second quarter 2000 Freestone gain of $0.06. (e) Other operation & maintenance expense decreased primarily due to reversing $0.07 of storm damage expenses at Entergy Arkansas to align with the APSC's recommendations for future recovery, and to lower fossil and nuclear plant expenses. (f) Other operation & maintenance expense increased due primarily to inclusion of operations from Indian Point 3, Fitzpatrick, Saltend and Damhead Creek. (g) Depreciation expense increased in both periods due to the commercial operation of the U.K. assets and the addition of Indian Point 3 and Fitzpatrick. (h) Income statement line items are tax -affected at the statutory rate with differences between this rate and effective rates reflected in the income taxes - other line. (i) Interest expense & other charges increased for the quarter and year-to-date due to increased long-term debt at the Utility, increased regulatory reserve-related interest expense and increased short term borrowings at the Parent. (j) Interest expense & other charges increased for the quarter and year-to-date due to financing the Indian Point 3 and Fitzpatrick acquisitions and inclusion of interest expense for Saltend and Damhead Creek, which was previously being capitalized during construction. (k) Other taxes expense increased due to higher franchise taxes at utility due to higher fuel revenue, and property taxes incurred for Indian Point 3 and Fitzpatrick. Table 9 lists special items by business for the second quarter and year-to-date for 2001 and 2000. Special items are those events that are non-routine, related to prior periods, or related to discontinued operations. ------------------------------------------------------------------------------- Table 9: Entergy Special Items [shown as positive / (negative) impact on earnings] Second Quarter and Year-to-Date 2001 vs. 2000 ------------------------------------------------------------------------------- (Per share in U.S. $) Second Quarter Year-to-Date 2001 2000 $ Change 2001 2000 $ Change --------------------------------------- U.S. Utility Special Items Merger expenses - - - (0.01) - (0.01) Regulatory and reserve adjustments - - - - (0.07) 0.07 Total - - - (0.01) (0.07) 0.06 Parent & Other Special Items Merger expenses - - - (0.05) - (0.05) Competitive Businesses Special Items EWO - Gain on sale of Freestone Project - 0.06 (0.06) - 0.06 (0.06) Total Special Items - 0.06 (0.06) (0.06) (0.01) (0.05) ------------------------------------------------------------------------------- Other Performance Highlights Entergy generated $416 million in operating cash in second quarter 2001, a decrease of 18 percent compared to second quarter 2000. Both quarterly and year-to-date decreases in operating cash were attributed primarily to lower earnings and liquidated damages from U.K. assets, fuel expenses and ice storm costs at the utility and merger expenses and higher interest expense at Parent. Entergy ended the second quarter with about $700 million of cash and cash equivalents. The lower cash balance as compared to previous periods also reflects short-term debt payments made near the end of the second quarter. The current level of cash along with the additional borrowing capacity continues to offer significant financial flexibility to Entergy. Cash return on average investment for the twelve months ended June 2001 grew to 8.9 percent, an improvement of 11 percent compared to one year ago. Return on average common equity improved by 22 percent over one year ago rising to 11 percent reflecting Entergy's continued earnings growth. Net margin decreased during the period as a result of substantially higher levels of fuel revenue in second quarter 2001 for which there is no margin recovered from customers. Net interest coverage ended the period nearly unchanged versus second quarter 2000. Table 10 provides a summary of financial metrics for the second quarter and year to date 2001 and 2000. ------------------------------------------------------------------------------- Table 10: Entergy Corporation Key Financial Performance Metrics Second Quarter and Year-to-Date 2001 vs. 2000 ------------------------------------------------------------------------------- Second Quarter Year-to-Date 2001 2000 Change 2001 2000 Change --------------------------------------------- Operating cash flow (millions) $416 $510 ($94) $601 $840 ($239) Operating cash flow per share $1.84 $2.24 ($0.40) $2.67 $3.61 ($0.94) For 12 months ending June 30 2001 2000 Change ---------------------- Cash return on average investment 8.90% 8.05% 0.85% Return on average common equity(l) 11.03% 9.05% 1.98% Net margin - operational (m) 7.02% 7.31% (0.29%) Net interest coverage (n) 5.15 5.40 (0.25) Book value per share $32.87 $31.02 $1.85 End of period shares outstanding (millions) 221.7 223.5 (1.8) ------------------------------------------------------------------------------- (l) "Return on average common equity" is 12-months rolling net income divided by average common equity. (m) "Net margin - operational" is 12-months rolling net income adjusted to exclude the impact of special items divided by 12 months rolling revenue. (n) "Net interest coverage" is 12-months rolling EBITDA divided by 12-months rolling net interest expense, which is gross interest less dividend and interest income. Earnings Review and Outlook "Through the first half of 2001 our financial results remain very solid reinforced by the performance of our nuclear and trading businesses," said C. John Wilder, Entergy's chief financial officer. "These businesses have tripled their contribution to operational earnings in just one year and the utility continues to provide strong earnings and cash flow. Our financial metrics demonstrate another quarter of improvement in return on equity and cash return on investment and our net interest coverage remains quite good at 5.2 times. While we are disappointed with the year-to-date earnings at EWO, we remain confident in our ability to meet previously established earnings guidance in 2001 and beyond. Therefore, we are reaffirming our current guidance at $3.00 to $3.20 per share for 2001, and $3.30 to $3.50 for the year 2002, exclusive of the impact of weather in both periods." Entergy's 2001 earnings guidance, with 2000 operational results as its starting point, is detailed in Table 11 below. Key assumptions and changes incorporated since guidance was last issued in April 2001 are as follows: - More than 75 percent of 2001 earnings are expected to come from the utility. Earnings guidance is based on existing rate plans and fuel recovery mechanisms. The utility's previous guidance range of $2.36 to $2.43 was updated to a new range of $2.36 to $2.39 to reflect the delay in the cessation of goodwill amortization. - Approximately 15 percent of earnings are expected from Entergy Nuclear where revenue streams are tied to purchase power agreements that cover 100 percent of the megawatt hours generated. The previous guidance range of $0.35 to $0.38 was increased to $0.42 to $0.50 to reflect better than expected cost and outage performance experienced year to date, as well as higher output and improved cost performance projected for the remainder of the year. The current guidance range also assumes the acquisition of Indian Point 2 will occur in mid September. - Conservative assumptions, given year-to-date performance at Entergy-Koch, drive 2001 earnings guidance for the venture. The previous guidance range of $0.25 to $0.30 per share is increased to $0.34 to $0.39 per share to reflect better than expected year-to-date results and the expectation of moderate market volatility for the remainder of the year. - Continued weakness in U.K. power prices and the sale of the Saltend plant reduce earnings guidance at EWO from the previous range of $0.10 to $0.14 to a loss in the range of $(0.08) to $(0.05). - Parent & Other guidance improves from the previous range of $(0.06) to $(0.05) to $(0.04) to $(0.03) to reflect higher cash balances due to the sale of Saltend and the delay in the Indian Point 2 closing. Table 11 provides Entergy's projection of 2001 operational earnings per share with 2000 operational results as its data starting point.
------------------------------------------------------------------------------- Table 11: 2001 Earnings Per Share Guidance Based on 2000 Operational Earnings ------------------------------------------------------------------------------- (Per share in US $) 2000 2001 Guidance Operational Changes in 2001 Range Range of Impact Utility excluding weather Operating improvement & other 0.03 0.06 ------------ 2.33 Total 0.03 0.06 2.36 2.39 Entergy Nuclear Lower Pilgrim revenue due to outage & PPA (0.05) (0.04) Indian Point 3 (outage year) and FitzPatrick 0.16 0.22 Indian Point 2 (closing mid-Sept.) 0.09 0.10 ------------ 0.22 Total 0.20 0.28 0.42 0.50 Entergy-Koch Axia Energy and Gulf South Pipeline 0.15 0.20 ------------ 0.19 Total 0.15 0.20 0.34 0.39 Entergy Wholesale Liquidated damages (0.13) (0.13) Operations Domestic & international earnings 0.06 0.09 ------------ (0.01) Total (0.07) (0.04) (0.08) (0.05) Parent & Other Net interest income/(expense) (0.09) (0.08) Competitive retail start-up expenses (0.02) (0.02) ------------ 0.07 Total (0.11) (0.10) (0.04) (0.03) ----------------------------------------------------------------- Total 2.80 0.20 0.40 3.00 3.20 Weather impact 0.32 0.05 0.05 Total including weather 3.12 3.05 3.25 -------------------------------------------------------------------------------------------
Entergy's 2001 earnings guidance with June 2001 Year-To-Date actual results as its starting point is detailed in Table 12 below. This table reflects the projected changes in the earnings profile for each of Entergy's businesses for the remainder of 2001.
------------------------------------------------------------------------------- Table 12: 2001 Earnings Per Share Guidance Based on June 2001 Year-To-Date Earnings ------------------------------------------------------------------------------- (Per share in US $) June 2001 Year-To- 2001 Guidance Date July-December 2001 Range Range of Impact Utility excluding July - December earnings 1.15 1.18 ------------ 1.21 Total 1.15 1.18 2.36 2.39 Entergy Nuclear Pilgrim, IP3, Fitzpatrick, IP2 Operations (Capacity factor ranging from 85%-93%) 0.18 0.25 Increased outage amortization expense (0.05) (0.04) ------------ 0.29 Total 0.13 0.21 0.42 0.50 Entergy-Koch Low to normal volatility 0.07 0.12 ------------ 0.27 Total 0.07 0.12 0.34 0.39 Entergy Wholesale Domestic & international Operations earnings 0.02 0.03 Development expense/other (0.05) (0.03) ------------ (0.05) Total (0.03) - (0.08) (0.05) Parent & Other Net interest income/(expense) (0.02) (0.01) Competitive retail start-up expenses (0.02) (0.02) Corporate expenses (0.04) (0.04) ------------ 0.04 Total (0.08) (0.07) (0.04) (0.03) ----------------------------------------------------------------- Total 1.76 1.24 1.44 3.00 3.20 Weather impact 0.05 0.05 0.05 Total including weather 1.81 3.05 3.25 -----------------------------------------------------------------------------------------
Entergy's 2002 earnings guidance is detailed in Table 13 below. Key assumptions and changes incorporated since guidance was last issued in April 2001 are as follows: - A little more than 70 percent of 2002 earnings are expected to come from the utility. Earnings guidance is based on existing rate plans and fuel recovery mechanisms. The Utility's previous guidance range of $2.41 to $2.48 was increased to $2.48 to $2.51 to reflect modest operational improvements, and the full impact of the cessation of goodwill amortization. - Approximately 18 percent of earnings are expected from Entergy Nuclear where revenue streams are tied to power agreements that cover 100% of the megawatt hours generated. The previous guidance range of $0.55 to $0.58 was increased to $0.56 to $0.64 to reflect continued operating improvements and higher output achieved across the nuclear fleet. - Entergy-Koch's 2002 earnings guidance assumes steady performance in both the trading and pipeline businesses. The previous guidance range of $0.30 to $0.35 per share is increased to $0.34 to $0.39. Absent material changes in market conditions beyond 2002, Entergy anticipates these types of businesses will sustain earnings in this range or higher. - Continued weakness in U.K. power prices, offset to some extent by contributions from new projects available for a portion of 2002, reduces EWO's previous range of $0.16 to $0.20 to $(0.01) to $0.02. - Parent & Other's guidance improves from the previous range of $(0.12) to $(0.11) to the revised range of $(0.07) to $(0.06) to reflect lower levels of borrowings and related interest expense. Table 13 provides Entergy's projection of 2002 operational earnings per share with 2001 Guidance Range as its data starting point.
------------------------------------------------------------------------------- Table 13 2002 Earnings Per Share Guidance ------------------------------------------------------------------------------- (Per share in US $) 2001 Guidance 2002 Guidance Range Changes in 2002 Range Impact Utility excluding weather Operational improvement 0.05 Suspension of goodwill amortization 0.07 ----- 2.36 2.39 Total 0.12 2.48 2.51 Entergy Nuclear Outage Differences 0.02 Indian Point 2 - full year with outage 0.03 Additional revenue - Pilgrim PPA 0.05 New project/other 0.04 ----- 0.42 0.50 Total 0.14 0.56 0.64 Entergy-Koch Normalized trading (0.05) New product/market growth 0.05 ----- 0.34 0.39 Total - 0.34 0.39 Entergy Wholesale Domestic & international Operations earnings 0.07 ----- (0.08) (0.05) Total 0.07 (0.01) 0.02 Parent & Other Net interest income/(expense) (0.03) ----- (0.04) (0.03) Total (0.03) (0.07) (0.06) ------------------------------------------------------------------- Total 3.00 3.20 0.30 3.30 3.50 Weather impact - - - - Total including weather 3.00 3.20 3.30 3.50 ----------------------------------------------------------------------------------------------
Supplemental Definitions Table 14 provides definitions of operational performance measures referenced in this release.
------------------------------------------------------------------------------- Table 14 Definitions of Operational Performance Measures ------------------------------------------------------------------------------- Utility Generation in GWh Total number of GWh produced by all utility generation facilities GWh billed Total number of GWh billed to all customer classes Operation & maintenance and Operation and maintenance and nuclear nuclear refueling outage expenses refueling expenses per MWh generated, excluding fuel SAIFI System average interruption frequency index SAIDI System average interruption duration index Reliability complaints Number of complaints to regulators concerning reliability issues Safety Number of accidents resulting in lost work time Number of customers Year-to-date average number of customers Entergy Nuclear Net MW in operation Installed capacity owned or operated by Entergy Nuclear Generation in GWh Total number of GWh produced by all non-utility nuclear facilities Capacity factor The percentage of the period that the plant generates power calculated by dividing the output by the capacity and normalizing the time period Refueling outage duration Number of generation days lost for a scheduled refueling outage Entergy-Koch Axia Energy Trading Gas volatility Average volatility of Henry Hub spot prices for the period Electricity volatility Average volatility of into-Entergy power prices for the period Electricity marketed (GWh) Total physical GWh volumes marketed during the period Gas marketed (Bcf/d) Physical Bcf/d volumes marketed during the period Gulf South Pipeline Throughput Gas in Bcf/d transported by the pipeline during the period Production cost Cost in $/mmbtu associated with delivering gas, excluding cost of gas Entergy Wholesale Operations Net MW in operation Total MW owned and operated Net MW under construction Total MW owned and under construction Net MW announced in development Total possible MW that have been announced publicly
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 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 herein with respect to the revenues, earnings, performance, strategies, prospects and other aspects of the business of Entergy Corporation, Entergy Arkansas, Inc., Entergy Gulf States, Inc., Entergy Louisiana, Inc., Entergy Mississippi , Inc., Entergy New Orleans, Inc., and System Energy Resources, Inc. and their affiliated companies 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 and purchased power prices and availability, the effects of regulatory decisions and changes in law, litigation, capital spending requirements, the onset of competition, including the ability to recover net regulatory assets and other potential stranded costs, the effects of recent developments in the California electricity market on the utility industry nationally, advances in technology, changes in accounting standards, corporate restructuring and changes in capital structure, the success of new business ventures, changes in the markets for electricity and other energy-related commodities, changes in interest rates and in financial and foreign currency markets generally, the economic climate and growth in Entergy's service territories, changes in corporate strategies, and other factors.
Entergy Corporation Consolidating Balance Sheet June 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $ 104,600 $ 3,579 $ 78,185 $ - $ 186,365 Temporary cash investments - at cost, which approximates market 265,665 98,046 137,873 - 501,583 Special deposits - - 10,747 - 10,747 ----------- ---------- ---------- ----------- ----------- Total cash and cash equivalents 370,265 101,625 226,805 - 698,695 ----------- ---------- ---------- ----------- ----------- Notes receivable (1) 336,661 103,715 (439,543) 833 Accounts receivable: Customer 439,129 - 59,179 - 498,308 Allowance for doubtful accounts (7,383) (2,064) (1,942) - (11,389) Associated companies 18,564 75,539 (29,616) (64,487) - Other 65,685 2,755 117,589 - 186,029 Accrued unbilled revenues 445,016 - 138 - 445,154 ----------- ---------- ---------- ----------- ----------- Total receivables 961,011 76,230 145,348 (64,487) 1,118,102 Deferred fuel costs 450,040 - - - 450,040 Fuel inventory - at average cost 110,234 - 3,178 18 113,430 Materials and supplies - at average cost 332,346 15 101,765 - 434,126 Rate deferrals 7,430 - - - 7,430 Deferred nuclear refueling outage costs 50,730 - 68,389 - 119,119 Prepayments and other 85,299 8,489 36,733 (5,600) 124,922 ----------- ---------- ---------- ----------- ----------- TOTAL 2,367,354 523,020 685,933 (509,612) 3,066,696 ----------- ---------- ---------- ----------- ----------- OTHER PROPERTY AND INVESTMENTS Investment in affiliates - at equity 216 7,854,316 573,431 (7,854,316) 573,647 Decommissioning trust funds 889,389 - 456,614 - 1,346,003 Non-utility property - at cost (less accumulated depreciation) 224,175 34,932 29,415 - 288,522 Non-regulated investments - 34,658 135,207 (23,158) 146,707 Other - at cost (less accumulated depreciation) 18,825 5,389 306,262 - 330,476 ----------- ---------- ---------- ----------- ----------- TOTAL 1,132,606 7,929,295 1,500,929 (7,877,474) 2,685,355 ----------- ---------- ---------- ----------- ----------- PROPERTY, PLANT, AND EQUIPMENT Electric 24,083,333 4,552 1,411,103 - 25,498,989 Plant acquisition adjustment 382,232 - 300 - 382,532 Property under capital lease 761,144 - 77,755 - 838,899 Natural gas 194,769 - - - 194,769 Construction work in progress 705,566 4,809 200,302 - 910,677 Nuclear fuel under capital lease 260,660 - - - 260,660 Nuclear fuel 36,231 - 153,834 - 190,065 ----------- ---------- ---------- ----------- ----------- TOTAL PROPERTY, PLANT AND EQUIPMENT 26,423,935 9,361 1,843,294 - 28,276,591 Less - accumulated depreciation and amortization 11,602,382 3,648 119,568 - 11,725,598 ----------- ---------- ---------- ----------- ----------- PROPERTY, PLANT AND EQUIPMENT - NET 14,821,553 5,713 1,723,726 - 16,550,993 ----------- ---------- ---------- ----------- ----------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: SFAS 109 regulatory asset - net 970,223 - - - 970,223 Unamortized loss on reacquired debt 175,060 - - - 175,060 Deferred fuel costs 53,522 - - - 53,522 Other regulatory assets 941,917 - - - 941,917 Long-term receivables 32,316 - - - 32,316 Other 211,543 486,001 678,911 (485,696) 890,760 ----------- ---------- ---------- ----------- ----------- TOTAL 2,384,581 486,001 678,911 (485,696) 3,063,798 ----------- ---------- ---------- ----------- ----------- TOTAL ASSETS $20,706,094 $8,944,030 $4,589,498 $(8,872,782) 25,366,842 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet June 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Currently maturing long-term debt $719,408 $ - $108,914 $ - $ 828,322 Notes payable: Associated companies - 102,801 337,354 (440,154) - Other 10,715 472,000 2,804 - 485,519 Account payable: Associated companies (1,333) 54,372 (14,286) (38,753) - Other 473,621 5,036 162,715 - 641,371 Customer deposits 181,717 - - - 181,717 Taxes accrued 569,378 118,033 7,563 - 694,974 Accumulated deferred income taxes 141,470 (12) 27,395 - 168,853 Nuclear refueling outage costs 16,276 - - - 16,276 Interest accrued 148,282 1,936 22,972 - 173,189 Obligations under capital leases 155,803 - - - 155,803 Other 171,966 7,993 59,287 (30,723) 208,525 ----------- ---------- ---------- ---------- ----------- TOTAL 2,587,303 762,159 714,718 (509,630) 3,554,549 ----------- ---------- ---------- ---------- ----------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 3,368,735 (57,617) (3,626) - 3,307,492 Accumulated deferred investment tax credits 482,702 - - - 482,702 Obligations under capital leases 177,722 - 15 - 177,737 FERC settlement - refund obligation 27,134 - - - 27,134 Other regulatory liabilities 146,765 - - - 146,765 Decommisioning 308,935 - 463,952 - 772,888 Transition to competition 212,576 - - - 212,576 Regulatory reserves 447,322 - - - 447,322 Accumulated provisions 278,221 (6) 59,366 - 337,581 Other 771,988 26,028 335,857 (434,534) 699,342 ----------- ---------- ---------- ---------- ----------- TOTAL 6,222,100 (31,595) 855,564 (434,534) 6,611,539 ----------- ---------- ---------- ---------- ----------- Long-term debt 5,682,550 25,939 1,680,133 (83,109) 7,305,513 Preferred stock with sinking fund 61,185 - - - 61,185 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 334,687 - - - 334,687 Common stock 2,225,870 360,699 922,602 (3,506,689) 2,482 Authorized shares 500,000,000 Issued shares CY 248,174,087 Paid-in capital 1,779,439 5,503,004 497,175 (3,118,284) 4,661,334 Retained earnings 1,599,420 3,126,676 45,831 (1,326,785) 3,445,141 Accumulated other comprehensive income (loss) (1,460) (78,697) (97,909) 77,633 (100,433) Less - treasury stock, at cost - 724,155 28,616 (28,616) 724,155 Shares CY 26,496,354 ----------- ---------- ---------- ---------- ----------- TOTAL 5,937,956 8,187,527 1,339,083 (7,845,509) 7,619,056 ----------- ---------- ---------- ---------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY. $20,706,094 $8,944,030 $4,589,498 $(8,872,782) $25,366,842 =========== ========== ========== =========== =========== *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 & Other Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $ 46,511 $ 821 $ 110,218 $ - $ 157,550 Temporary cash investments - at cost, which approximates market 307,589 114,957 217,492 - 640,038 Special deposits - - 584,836 - 584,836 ----------- ---------- ---------- ----------- ----------- Total cash and cash equivalents 354,100 115,778 912,546 - 1,382,424 ----------- ---------- ---------- ----------- ----------- Notes receivable 1,544 780,878 - (778,814) 3,608 Accounts receivable: Customer 447,036 - 50,785 - 497,821 Allowance for doubtful accounts (7,383) (2,064) (500) - (9,947) Associated companies 21,587 124,533 5,348 (151,469) - Other 100,612 1,908 292,998 - 395,518 Accrued unbilled revenues 415,409 - - - 415,409 ----------- ---------- ---------- ----------- ----------- Total receivables 977,261 124,377 348,631 (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) 86,876 - 425,357 Rate deferrals 16,581 - - - 16,581 Deferred nuclear refueling outage costs 46,544 - - - 46,544 Prepayments and other 54,323 2,838 65,528 - 122,690 ----------- ---------- ---------- ----------- ----------- TOTAL 2,449,037 1,023,858 1,415,383 (930,265) 3,958,015 ----------- ---------- ---------- ----------- ----------- OTHER PROPERTY AND INVESTMENTS Investment in affiliates - at equity 214 7,005,736 - (7,005,737) 214 Decommissioning trust funds 867,242 - 448,615 - 1,315,857 Non-utility property - at cost (less accumulated depreciation) 224,443 33,741 4,768 - 262,952 Non-regulated investments - 11,500 177,655 (1) 189,154 Other - at cost (less accumulated depreciation) 17,859 4,439 4,738 - 27,036 ----------- ---------- ---------- ----------- ----------- TOTAL 1,109,759 7,055,416 635,776 (7,005,738) 1,795,213 ----------- ---------- ---------- ----------- ----------- PROPERTY, PLANT AND EQUIPMENT Electric 24,020,884 4,415 1,112,262 - 25,137,562 Plant acquisition adjustment 390,364 - 300 - 390,664 Property under capital lease 769,370 - 62,452 - 831,822 Natural gas 190,989 - - - 190,989 Construction work in progress 447,562 2,225 486,998 - 936,785 Nuclear fuel under capital lease 277,673 - - - 277,673 Nuclear fuel 38,848 - 118,755 - 157,603 ----------- ---------- ---------- ----------- ----------- TOTAL PROPERTY, PLANT AND EQUIPMENT 26,135,692 6,640 1,780,767 - 27,923,098 Less - accumulated depreciation and amortization 11,385,858 3,187 88,307 - 11,477,352 ----------- ---------- ---------- ----------- ----------- PROPERTY, PLANT AND EQUIPMENT - NET 14,749,834 3,453 1,692,460 - 16,445,745 ----------- ---------- ---------- ----------- ----------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: 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 6,000 (6,011) - 29,575 Other 177,147 417,735 978,441 (402,046) 1,171,278 ----------- ---------- ---------- ----------- ----------- TOTAL 2,258,803 423,735 972,430 (402,046) 3,252,922 ----------- ---------- ---------- ----------- ----------- TOTAL ASSETS $20,567,433 $8,506,463 $4,716,048 $(8,338,048) $25,451,896 =========== ========== ========== =========== =========== *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 & Other Businesses LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Currently maturing long-term debt $ 309,738 $ - $154,477 $ - $ 464,215 Notes payable: Associated companies - 70,190 708,624 (778,814) - Other 715 387,000 308 - 388,023 Account payable: Associated companies 8,178 17,517 22,880 (48,575) - Other 877,052 6,915 320,260 - 1,204,227 Customer deposits 172,169 - - - 172,169 Taxes accrued 310,395 134,324 7,092 - 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 Obligations under capital leases 156,907 - - - 156,907 Other 176,505 10,864 22,760 (17,222) 192,908 ----------- ---------- ---------- ----------- ----------- TOTAL 2,417,420 627,611 1,237,729 (844,611) 3,438,151 ----------- ---------- ---------- ----------- ----------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 3,336,353 (80,078) (7,192) - 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 104,841 - - - 104,841 Decommisioning 295,801 - 453,907 - 749,708 Transition to competition 191,934 - - - 191,934 Regulatory reserves 396,789 - - - 396,789 Accumulated provisions 287,797 (10) 102,329 - 390,116 Other 719,070 104,349 439,982 (410,264) 853,137 ----------- ---------- ---------- ----------- ----------- TOTAL 6,059,503 24,261 989,041 (410,264) 6,662,541 ----------- ---------- ---------- ----------- ----------- Long-term debt 6,039,638 25,999 1,752,125 (85,669) 7,732,093 Preferred stock with sinking fund 65,758 - - - 65,758 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 2,225,870 359,699 367,863 (2,950,950) 2,481 Authorized shares 500,000,000 Issued shares CY 248,094,614 Paid-in capital 1,779,381 5,457,993 511,690 (3,088,580) 4,660,483 Retained earnings 1,430,175 2,861,546 (63,111) (1,037,972) 3,190,639 Accumulated other comprehensive income (loss) - (75,742) (73,289) 73,998 (75,033) Less - treasury stock, at cost - 774,905 6,000 (6,000) 774,905 Shares CY 28,490,031 ----------- ---------- ---------- ----------- ----------- TOTAL 5,770,114 7,828,591 737,153 (6,997,504) 7,338,353 ----------- ---------- ---------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,567,433 $8,506,463 $4,716,048 $(8,338,048) $25,451,896 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet June 30, 2001 vs December 31, 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities & Other Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $ 58,089 $ 2,758 $ (32,033) $ - $ 28,815 Temporary cash investments - at cost, which approximates market (41,924) (16,911) (79,619) - (138,455) Special deposits - - (574,089) - (574,089) ---------------------------------------------------------------------- Total cash and cash equivalents 16,165 (14,153) (685,741) - (683,729) ---------------------------------------------------------------------- Notes receivable (1,545) (444,217) 103,715 339,271 (2,775) Accounts receivable: Customer (7,907) - 8,394 - 487 Allowance for doubtful accounts - - (1,442) - (1,442) Associated companies (3,023) (48,994) (34,964) 86,982 - Other (34,927) 847 (175,409) - (209,489) Accrued unbilled revenues 29,607 - 138 - 29,745 ---------------------------------------------------------------------- Total receivables (16,250) (48,147) (203,283) 86,982 (180,699) Deferred fuel costs (118,291) - - - (118,291) Fuel inventory - at average cost 18,375 - 1,376 - 19,751 Materials and supplies - at average cost (6,148) 28 14,889 - 8,769 Rate deferrals (9,151) - - - (9,151) Deferred nuclear refueling outage costs 4,186 - 68,389 - 72,575 Prepayments and other 30,976 5,651 (28,795) (5,600) 2,232 ---------------------------------------------------------------------- TOTAL (81,683) (500,838) (729,450) 420,653 (891,319) ---------------------------------------------------------------------- OTHER PROPERTY AND INVESTMENTS Investment in affiliates - at equity 2 848,580 573,431 (848,579) 573,433 Decommissioning trust funds 22,147 - 7,999 - 30,146 Non-utility property - at cost (less accumulated depreciation) (268) 1,191 24,647 - 25,570 Non-regulated investments - 23,158 (42,448) (23,157) (42,447) Other - at cost (less accumulated depreciation) 966 950 301,524 - 303,440 ---------------------------------------------------------------------- TOTAL 22,847 873,879 865,153 (871,736) 890,142 ---------------------------------------------------------------------- PROPERTY, PLANT AND EQUIPMENT Electric 62,449 137 298,841 - 361,428 Plant acquisition adjustment (8,132) - - - (8,132) Property under capital lease (8,226) - 15,303 - 7,077 Natural gas 3,780 - - - 3,780 Steam products - - - - - Construction work in progress 258,004 2,584 (286,696) - (26,108) Nuclear fuel under capital lease (17,013) - - - (17,013) Nuclear fuel (2,617) - 35,079 - 32,462 ---------------------------------------------------------------------- TOTAL PROPERTY, PLANT AND EQUIPMENT 288,243 2,721 62,527 - 353,494 Less - accumulated depreciation and amortization 216,524 461 31,261 - 248,246 ---------------------------------------------------------------------- PROPERTY, PLANT AND EQUIPMENT - NET 71,719 2,260 31,266 - 105,248 ---------------------------------------------------------------------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: SFAS 109 regulatory asset - net (10,043) - - - (10,043) Unamortized loss on reacquired debt (8,567) - - - (8,567) Deferred fuel costs (42,139) - - - (42,139) Other regulatory assets 149,402 - - - 149,402 Long-term receivables 2,730 (6,000) 6,011 - 2,741 Other 34,396 68,266 (299,530) (83,650) (280,518) ---------------------------------------------------------------------- TOTAL 125,778 62,266 (293,519) (83,650) (189,124) ---------------------------------------------------------------------- TOTAL ASSETS $ 138,661 $ 437,567 $ (126,550) $ (534,734) $ (85,055) ====================================================================== * Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet June 31, 2001 vs December 31, 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent Competitive Eliminations Consolidated Utilities & Other Businesses LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Currently maturing long-term debt $409,670 $ - $(45,563) $ - $364,107 Notes payable: Associated companies - 32,611 (371,270) 338,660 - Other 10,000 85,000 2,496 - 97,496 Account payable: Associated companies (9,511) 36,855 (37,166) 9,822 - Other (403,431) (1,879) (157,545) - (562,856) Customer deposits 9,548 - - - 9,548 Taxes accrued 258,983 (16,291) 471 - 243,163 Accumulated deferred income taxes (84,159) (32) 27,395 - (56,796) Nuclear refueling outage costs 6,067 - - - 6,067 Interest accrued (21,642) 1,155 21,644 - 1,156 Obligations under capital lease (1,104) - - - (1,104) Other (4,539) (2,871) 36,527 (13,501) 15,617 ---------------------------------------------------------------------- TOTAL 169,883 134,548 (523,011) 334,981 116,398 ---------------------------------------------------------------------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 32,382 22,461 3,566 - 58,409 Accumulated deferred investment tax credits (11,613) - - - (11,613) Obligations under capital lease (24,136) - - - (24,136) FERC settlement - refund obligation (3,611) - - - (3,611) Other regulatory liabilities 41,924 - - - 41,924 Decommisioning 13,134 - 10,045 - 23,180 Transition to competition 20,642 - - - 20,642 Regulatory reserves 50,533 - - - 50,533 Accumulated provisions (9,576) 4 (42,963) - (52,535) Other 52,918 (78,321) (104,125) (24,270) (153,795) ---------------------------------------------------------------------- TOTAL 162,597 (55,856) (133,477) (24,270) (51,002) ---------------------------------------------------------------------- Long-term debt (357,088) (60) (71,992) 2,560 (426,580) Preferred stock with sinking fund (4,573) - - - (4,573) Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated deferrable debentures - - - - - SHAREHOLDERS' EQUITY Preferred stock without sinking fund (1) - - - - Common stock - 1,000 554,739 (555,739) - Authorized shares Issued shares CY Paid-in capital 58 45,011 (14,515) (29,704) 851 Retained earnings 169,245 265,130 108,942 (288,813) 254,502 Accumulated other comprehensive income (loss) (1,460) (2,955) (24,620) 3,635 (25,400) Less - treasury stock, at cost - (50,750) 22,616 (22,616) (50,750) ---------------------------------------------------------------------- TOTAL 167,842 358,936 601,930 (848,005) 280,703 ---------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 138,661 $ 437,567 $ (126,550) $ (534,734) $ (85,055) ====================================================================== * Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended June 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $1,991,807 $ - $ - $ (969) $ 1,990,838 Natural gas 30,548 - - - 30,548 Competitive businesses - 8,092 466,073 (275) 473,890 ----------------------------------------------------------------- Total 2,022,355 8,092 466,073 (1,244) 2,495,276 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 759,634 - 265,985 - 1,025,619 purchased for resale Purchased power 233,513 - 13,211 (829) 245,895 ----------------------------------------------------------------- Gross Margin 1,029,208 8,092 186,877 (415) 1,223,762 Margin % 50.9% 100.0% 40.1% 33.3% 49.0% Nuclear refueling outage expenses 17,987 - 5,090 - 23,077 Other operation and maintenance 323,216 14,132 111,948 (686) 448,610 Decommissioning 8,903 - - - 8,903 Taxes other than income taxes 83,952 880 4,830 - 89,662 ----------------------------------------------------------------- Total 1,427,205 15,012 401,064 (1,515) 1,841,766 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 595,150 (6,920) 65,009 272 653,510 ----------------------------------------------------------------- Margin % 29.4% (85.5%) 13.9% (21.9%) 26.2% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 169,425 1,068 12,879 - 183,372 Other regulatory charges (credits) 8,389 - - - 8,389 Amortization of rate deferrals 4,699 - - - 4,699 ----------------------------------------------------------------- Total 182,513 1,068 12,879 - 196,460 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 412,637 (7,988) 52,130 272 457,050 ----------------------------------------------------------------- Margin % 20.4% (98.7%) 11.2% (21.9%) 18.3% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 6,644 - - - 6,644 construction Gain/(loss) on sale of assets - net 760 - 10,999 - 11,759 Equity in earnings of unconsolidated equity affiliates - - 70,780 - 70,780 Miscellaneous - net 8,365 29,103 19,593 (10,536) 46,527 ----------------------------------------------------------------- Total 15,769 29,103 101,372 (10,536) 135,710 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 121,327 - 9,405 - 130,732 Other interest - net 17,478 11,729 32,443 (10,264) 51,386 Distributions on preferred securities 4,709 - - - 4,709 of subsidiaries Allowance for borrowed funds used (5,492) - - - (5,492) during construction ----------------------------------------------------------------- Total 138,022 11,729 41,848 (10,264) 181,335 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 290,384 9,386 111,654 - 411,425 INCOME TAXES 115,228 2,239 48,376 - 165,842 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 175,156 7,147 63,278 - 245,583 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 6,677 - - - 6,677 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 168,479 $ 7,147 $ 63,278 $ - $238,906 ================================================================= Margin % 8.3% 88.3% 13.6% (0.0%) 9.6% EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.76 $0.03 $0.29 $1.08 DILUTED $0.74 $0.03 $0.29 $1.06 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 221,113,598 DILUTED 225,706,421 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended June 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $1,669,082 $ - $ - $ (4,393) $ 1,664,688 Natural gas 28,396 - - - 28,396 Competitive businesses - 8,514 444,277 (8,087) 444,704 ----------------------------------------------------------------- Total 1,697,478 8,514 444,277 (12,480) 2,137,788 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 402,048 - 62,389 - 464,436 purchased for resale Purchased power 217,031 - 295,303 (9,814) 502,521 ----------------------------------------------------------------- Gross Margin 1,078,399 8,514 86,585 (2,666) 1,170,831 Margin % 63.5% 100.0% 19.5% 21.4% 54.8% Nuclear refueling outage expenses 16,629 - - - 16,629 Other operation and maintenance 371,591 9,372 72,224 (2,963) 450,223 Decommissioning 6,169 - - - 6,169 Taxes other than income taxes 81,336 444 1,761 - 83,540 ----------------------------------------------------------------- Total 1,094,804 9,816 431,677 (12,777) 1,523,518 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 602,674 (1,302) 12,600 297 614,270 ----------------------------------------------------------------- Margin % 35.5% (15.3%) 2.8% (2.4%) 28.7% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 176,097 794 1,857 - 178,749 Other regulatory charges (credits) (5,900) - - - (5,900) Amortization of rate deferrals 7,883 - - - 7,883 ----------------------------------------------------------------- Total 178,080 794 1,857 - 180,732 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 424,594 (2,096) 10,743 297 433,538 ----------------------------------------------------------------- Margin % 25.0% (24.6%) 2.4% (2.4%) 20.3% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 8,041 - - - 8,041 construction Gain/(loss) on sale of assets - net 531 - 20,526 - 21,057 Equity in earnings of unconsolidated equity affiliates - - - - - Miscellaneous - net 1,931 29,982 44,227 (2,488) 73,651 ----------------------------------------------------------------- Total 10,502 29,982 64,753 (2,488) 102,749 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 118,336 - 126 - 118,462 Other interest - net 10,688 7,324 7,549 (2,191) 23,369 Distributions on preferred securities 4,709 - - - 4,709 of subsidiaries Allowance for borrowed funds used (5,889) - - - (5,889) during construction ----------------------------------------------------------------- Total 127,844 7,324 7,676 (2,191) 140,651 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 307,252 20,562 67,821 - 395,636 INCOME TAXES 120,306 6,377 23,180 - 149,863 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 186,946 14,186 44,641 - 245,773 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 8,581 - - - 8,581 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 178,365 $ 14,186 $ 44,641 $ - $237,192 ================================================================= Margin % 10.5% 166.6% 10.0% (0.0%) 11.1% EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.78 $0.06 $0.20 $1.04 DILUTED $0.78 $0.06 $0.20 $1.04 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 228,097,385 DILUTED 228,152,627 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended June 30, 2001 vs. 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 322,725 $ - $ - $ 3,425 $ 326,150 Natural gas 2,152 - - - 2,152 Competitive businesses - (422) 21,796 7,812 29,186 ----------------------------------------------------------------- Total 324,877 (422) 21,796 11,237 357,488 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 357,586 - 203,596 - 561,183 purchased for resale Purchased power 16,482 - (282,092) 8,985 (256,626) ----------------------------------------------------------------- Gross Margin (49,191) (422) 100,292 2,252 52,931 Margin % (12.6%) - 20.6% 12.0% (5.7%) Nuclear refueling outage expenses 1,358 - 5,090 - 6,448 Other operation and maintenance (48,375) 4,760 39,724 2,277 (1,614) Decommissioning 2,734 - - - 2,734 Taxes other than income taxes 2,616 436 3,069 - 6,122 ----------------------------------------------------------------- Total 332,401 5,196 (30,613) 11,262 318,247 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (7,524) (5,618) 52,409 (25) 39,241 ----------------------------------------------------------------- Margin % (6.1%) (70.2%) 11.1% (19.5%) (2.5%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization (6,672) 274 11,022 - 4,624 Other regulatory charges (credits) 14,289 - - - 14,289 Amortization of rate deferrals (3,184) - - - (3,184) ----------------------------------------------------------------- Total 4,433 274 11,022 - 15,729 ----------------------------------------------------------------- OPERATING INCOME (LOSS) (11,957) (5,892) 41,387 (25) 23,513 ----------------------------------------------------------------- Margin % (4.6%) (74.1%) 8.8% (19.5%) (2.0%) OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during (1,397) - - - (1,396) construction Gain/(loss) on sale of assets - net 229 - (9,527) - (9,298) Equity in earnings of unconsolidated equity affiliates - - 70,780 - 70,780 Miscellaneous - net 6,435 (879) (24,634) (8,048) (27,127) ----------------------------------------------------------------- Total 5,267 (879) 36,619 (8,048) 32,959 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 2,991 - 9,279 - 12,270 Other interest - net 6,790 4,405 24,894 (8,073) 28,017 Distributions on preferred securities - - - - - of subsidiaries Allowance for borrowed funds used 397 - - - 397 during construction ----------------------------------------------------------------- Total 10,178 4,405 34,172 (8,073) 40,683 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES (16,868) (11,176) 43,834 - 15,789 INCOME TAXES (5,078) (4,138) 25,196 - 15,980 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) (11,790) (7,039) 18,638 - (191) PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (1,904) - - - (1,904) ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (9,886) $ (7,039) $ 18,638 $ - $ 1,714 ================================================================= Margin % (2.2%) (78.3%) 3.5% 0.0% (1.5%) EARNINGS PER AVERAGE COMMON SHARE: BASIC ($0.02) ($0.03) $0.09 - $0.04 DILUTED ($0.04) ($0.03) $0.09 - $0.02 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date June 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $3,865,130 $ - $ - $ (1,747) $ 3,863,383 Natural gas 140,931 - - - 140,931 Competitive businesses - 20,482 1,123,394 (488) 1,143,388 ----------------------------------------------------------------- Total 4,006,062 20,482 1,123,394 (2,235) 5,147,702 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 1,586,929 - 564,552 - 2,151,481 purchased for resale Purchased power 459,323 - 150,833 (382) 609,774 ----------------------------------------------------------------- Gross Margin 1,959,810 20,482 408,009 (1,853) 2,386,447 Margin % 48.9% 100.0% 36.3% 82.9% 46.4% Nuclear refueling outage expenses 35,193 - 5,090 - 40,283 Other operation and maintenance 625,053 44,524 251,913 (2,421) 919,069 Decommissioning 17,804 - - - 17,804 Taxes other than income taxes 173,931 1,465 16,729 - 192,125 ----------------------------------------------------------------- Total 2,898,233 45,989 989,117 (2,803) 3,930,536 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 1,107,829 (25,507) 134,277 568 1,217,166 ----------------------------------------------------------------- Margin % 27.7% (124.5%) 12.0% (25.4%) 23.6% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 359,848 2,153 24,447 - 386,448 Other regulatory charges (credits) 3,546 - - - 3,546 Amortization of rate deferrals 9,153 - - - 9,153 ----------------------------------------------------------------- Total 372,547 2,153 24,447 - 399,147 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 735,282 (27,660) 109,830 568 818,019 ----------------------------------------------------------------- Margin % 18.4% (135.0%) 9.8% (25.4%) 15.9% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 11,587 - - - 11,587 construction Gain/(loss) on sale of assets - net 1,344 - 11,004 - 12,348 Equity in earnings of unconsolidated equity affiliates - - 95,543 - 95,543 Miscellaneous - net 22,906 43,980 59,858 (24,525) 102,220 ----------------------------------------------------------------- Total 35,837 43,980 166,405 (24,525) 221,698 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 241,284 - 18,419 - 259,703 Other interest - net 33,521 21,586 68,150 (23,957) 99,300 Distributions on preferred securities 9,419 - - - 9,419 of subsidiaries Allowance for borrowed funds used (9,431) - - - (9,431) during construction ----------------------------------------------------------------- Total 274,793 21,586 86,569 (23,957) 358,991 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 496,326 (5,265) 189,666 - 680,726 INCOME TAXES 200,733 (3,117) 76,657 - 274,272 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 295,593 (2,148) 113,009 - 406,454 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 13,393 - - - 13,393 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 282,200 $ (2,148) $ 113,009 $ - $393,061 ================================================================= Margin % 7.0% (10.5%) 10.1% - 7.6% EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.28 ($0.01) $0.51 $1.78 DILUTED $1.25 ($0.01) $0.51 $1.75 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 220,518,674 DILUTED 224,749,374 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date June 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $3,024,629 $ - $ - $ (7,059) $ 3,017,570 Natural gas 74,292 - - - 74,292 Competitive businesses - 14,276 860,523 (17,381) 857,418 ----------------------------------------------------------------- Total 3,098,921 14,276 860,523 (24,441) 3,949,280 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 821,237 - 140,953 - 962,190 purchased for resale Purchased power 353,272 - 538,718 (19,926) 872,064 ----------------------------------------------------------------- Gross Margin 1,924,411 14,276 180,852 (4,515) 2,115,026 Margin % 62.1% 100.0% 21.0% 18.5% 53.6% Nuclear refueling outage expenses 35,186 - - - 35,186 Other operation and maintenance 672,033 29,742 131,114 (5,256) 827,634 Decommissioning 17,106 - - - 17,106 Taxes other than income taxes 159,300 722 3,136 - 163,158 ----------------------------------------------------------------- Total 2,058,135 30,464 813,921 (25,182) 2,877,338 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 1,040,786 (16,188) 46,602 741 1,071,942 ----------------------------------------------------------------- Margin % 33.6% (113.4%) 5.4% (3.0%) 27.1% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 351,845 1,532 3,648 - 357,025 Other regulatory charges (credits) (20,506) - - - (20,506) Amortization of rate deferrals 15,279 - - - 15,279 ----------------------------------------------------------------- Total 346,619 1,532 3,648 - 351,798 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 694,167 (17,719) 42,954 741 720,144 ----------------------------------------------------------------- Margin % 22.4% (124.1%) 5.0% (3.0%) 18.2% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 15,735 - - - 15,735 construction Gain/(loss) on sale of assets - net 1,045 3 20,526 - 21,574 Equity in earnings of unconsolidated equity affiliates - - - - Miscellaneous - net 6,329 51,185 51,305 (6,186) 102,633 ----------------------------------------------------------------- Total 23,109 51,188 71,831 (6,186) 139,942 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 232,678 - 252 (810) 232,121 Other interest - net 21,375 11,972 14,940 (4,635) 43,652 Distributions on preferred securities 9,419 - - - 9,419 of subsidiaries Allowance for borrowed funds used (11,977) - - - (11,977) during construction ----------------------------------------------------------------- Total 251,495 11,972 15,192 (5,445) 273,215 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 465,781 21,497 99,593 - 586,871 INCOME TAXES 191,497 7,001 34,191 - 232,688 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 274,284 14,496 65,403 - 354,183 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 18,131 - - - 18,131 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 256,153 $ 14,496 $ 65,403 $ - $336,052 ================================================================= Margin % 8.3% 101.5% 7.6% (0.0%) 8.5% EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.10 $0.07 $0.28 $1.45 DILUTED $1.10 $0.07 $0.28 $1.45 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 232,352,915 DILUTED 232,382,112 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date June 30, 2001 vs. 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 840,501 $ - $ - $ 5,312 $ 845,814 Natural gas 66,639 - - - 66,640 Competitive businesses - 6,206 262,871 16,893 285,970 ----------------------------------------------------------------- Total 907,141 6,206 262,871 22,206 1,198,424 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 765,692 - 423,599 - 1,189,291 purchased for resale Purchased power 106,051 - (387,885) 19,544 (262,290) ----------------------------------------------------------------- Gross Margin 35,399 6,206 227,157 2,662 271,423 Margin % (13.2%) - 15.3% 64.4% (7.2%) Nuclear refueling outage expenses 7 - 5,090 - 5,097 Other operation and maintenance (46,980) 14,782 120,799 2,835 91,436 Decommissioning 698 - - - 698 Taxes other than income taxes 14,631 743 13,593 - 28,967 ----------------------------------------------------------------- Total 840,097 15,525 175,196 22,379 1,053,198 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 67,043 (9,319) 87,675 (173) 145,226 ----------------------------------------------------------------- Margin % (5.9%) (11.1%) 6.5% (22.4%) (3.5%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization 8,003 622 20,799 - 29,423 Other regulatory charges (credits) 24,052 - - - 24,052 Amortization of rate deferrals (6,126) - - - (6,126) ----------------------------------------------------------------- Total 25,928 622 20,799 - 47,348 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 41,115 (9,941) 66,876 (173) 97,877 ----------------------------------------------------------------- Margin % (4.0%) (10.9%) 4.8% (22.4%) (2.3%) OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during (4,148) - - - (4,148) construction Gain/(loss) on sale of assets - net 299 (3) (9,522) - (9,226) Equity in earnings of unconsolidated equity affiliates - - 95,543 - 95,543 Miscellaneous - net 16,577 (7,205) 8,553 (18,339) (413) ----------------------------------------------------------------- Total 12,728 (7,208) 94,574 (18,339) 81,757 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 8,606 - 18,167 810 27,583 Other interest - net 12,146 9,614 53,210 (19,322) 55,648 Distributions on preferred securities - - - - - of subsidiaries Allowance for borrowed funds used 2,546 - - - 2,546 during construction ----------------------------------------------------------------- Total 23,298 9,614 71,377 (18,512) 85,776 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 30,545 (26,762) 90,073 - 93,858 INCOME TAXES 9,236 (10,118) 42,467 - 41,584 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 21,309 (16,644) 47,607 - 52,274 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (4,738) - - - (4,738) ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 26,047 $ (16,644) $ 47,607 $ - $ 57,012 ================================================================= Margin % (1.2%) (112.0%) 2.5% 0.0% (0.9%) EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.18 ($0.08) $0.23 $0.33 DILUTED $0.15 ($0.08) $0.23 $0.30 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended June 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $8,076,227 $ - $ - $ (10,727) $ 8,065,500 Natural gas 232,511 - - - 232,511 Steam products - - - - - Competitive businesses - 20,262 2,927,224 (30,926) 2,916,560 ----------------------------------------------------------------- Total 8,308,738 20,262 2,927,224 (41,653) 11,214,571 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 2,996,988 - 838,876 (739) 3,835,126 purchased for resale Purchased power 1,034,271 - 1,399,871 (33,551) 2,400,591 ----------------------------------------------------------------- Gross Margin 4,277,479 20,262 688,476 (7,363) 4,978,854 Margin % 51.5% 100.0% 23.5% 17.7% 44.4% Nuclear refueling outage expenses 70,519 - 5,090 - 75,609 Other operation and maintenance 1,454,042 67,970 479,853 (9,117) 1,992,748 Decommissioning 40,182 - - - 40,182 Taxes other than income taxes 372,995 2,309 24,006 - 399,310 ----------------------------------------------------------------- Total 5,968,997 70,279 2,747,697 (43,407) 8,743,566 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,339,741 (50,017) 179,527 1,754 2,471,005 ----------------------------------------------------------------- Margin % 28.2% (246.9%) 6.1% (4.2%) 22.0% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 738,663 3,829 33,057 - 775,549 Other regulatory charges (credits) 27,733 - - - 27,733 Amortization of rate deferrals 24,265 - - - 24,265 ----------------------------------------------------------------- Total 790,661 3,829 33,057 - 827,547 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 1,549,080 (53,846) 146,470 1,754 1,643,458 ----------------------------------------------------------------- Margin % 18.6% (265.7%) 5.0% (4.2%) 14.7% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 27,873 - - - 27,873 construction Gain/(loss) on sale of assets - net 2,636 (30,000) 10,172 - (17,192) Equity in earnings of unconsolidated equity affiliates 2 - 95,543 - 95,545 Miscellaneous - net 43,336 64,463 98,999 (33,989) 172,809 ----------------------------------------------------------------- Total 73,847 34,463 204,714 (33,989) 279,035 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 482,156 - 22,498 - 504,654 Other interest - net 59,029 31,716 78,366 (32,235) 136,877 Distributions on preferred securities 18,838 - - - 18,838 of subsidiaries Allowance for borrowed funds used (21,567) - - - (21,567) during construction ----------------------------------------------------------------- Total 538,456 31,716 100,865 (32,235) 638,802 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 1,084,471 (51,099) 250,319 - 1,283,691 INCOME TAXES 444,902 (23,054) 98,657 - 520,505 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 639,569 (28,045) 151,662 - 763,186 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 26,883 - - - 26,883 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 612,686 $ (28,045) $ 151,662 $ - $736,303 ================================================================= Margin % 7.4% (138.4%) 5.2% - 6.6% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.78 ($0.13) $0.69 $3.34 DILUTED $2.73 ($0.13) $0.68 $3.28 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 220,696,148 DILUTED 224,508,672 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended June 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $6,455,761 $ - $ - $ (18,481) $ 6,437,280 Natural gas 124,766 - - - 124,766 Steam products 286 - - - 286 Competitive businesses - 14,276 2,217,619 (28,046) 2,203,849 ----------------------------------------------------------------- Total 6,580,813 14,276 2,217,619 (46,527) 8,766,181 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 1,761,900 - 394,680 (593) 2,155,987 purchased for resale Purchased power 830,747 - 1,467,885 (34,709) 2,263,923 ----------------------------------------------------------------- Gross Margin 3,988,166 14,276 355,054 (11,225) 4,346,271 Margin % 60.6% 100.0% 16.0% 24.1% 49.6% Nuclear refueling outage expenses 74,422 - - - 74,422 Other operation and maintenance 1,420,834 52,211 289,884 (12,856) 1,750,073 Decommissioning 39,662 - - - 39,662 Taxes other than income taxes 329,741 914 5,665 - 336,320 ----------------------------------------------------------------- Total 4,457,306 53,125 2,158,114 (48,158) 6,620,387 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,123,507 (38,849) 59,505 1,631 2,145,794 ----------------------------------------------------------------- Margin % 32.3% (272.1%) 2.7% (3.5%) 24.5% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 683,800 2,095 8,463 - 694,358 Other regulatory charges (credits) 4,898 - - - 4,898 Amortization of rate deferrals 42,126 - - - 42,126 ----------------------------------------------------------------- Total 730,824 2,095 8,463 - 741,382 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 1,392,683 (40,944) 51,042 1,631 1,404,412 ----------------------------------------------------------------- Margin % 21.2% (286.8%) 2.3% (3.5%) 16.0% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 32,268 - - - 32,268 construction Gain/(loss) on sale of assets - net 2,186 (13) 30,026 - 32,199 Equity in earnings of unconsolidated equity affiliates - - - - - Miscellaneous - net 29,895 66,981 110,468 (10,304) 197,040 ----------------------------------------------------------------- Total 64,349 66,968 140,494 (10,304) 261,507 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 466,593 - 519 (810) 466,302 Other interest - net 49,942 12,726 25,835 (7,863) 80,640 Distributions on preferred securities 18,838 - - - 18,838 of subsidiaries Allowance for borrowed funds used (24,157) - - - (24,157) during construction ----------------------------------------------------------------- Total 511,216 12,726 26,354 (8,673) 541,623 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 945,816 13,298 165,182 - 1,124,296 INCOME TAXES 375,450 31,753 50,549 - 457,752 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 570,366 (18,455) 114,633 - 666,544 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 39,993 - - - 39,993 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 530,373 $ (18,455) $ 114,633 $ - $626,551 ================================================================= Margin % 8.1% (129.3%) 5.2% - 7.1% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.23 ($0.08) $0.48 $2.63 DILUTED $2.23 ($0.08) $0.48 $2.63 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 238,003,322 DILUTED 238,343,449 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended June 30, 2001 vs. 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $1,620,466 $ - $ - $ 7,754 $ 1,628,220 Natural gas 107,745 - - - 107,745 Steam products (286) - - - (286) Competitive businesses - 5,986 709,605 (2,880) 712,711 ----------------------------------------------------------------- Total 1,727,925 5,986 709,605 4,874 2,448,390 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 1,235,088 - 444,196 (146) 1,679,139 purchased for resale Purchased power 203,524 - (68,014) 1,158 136,668 ----------------------------------------------------------------- Gross Margin 289,313 5,986 333,422 3,862 632,583 Margin % (9.1%) - 7.5% (6.4%) (5.2%) Nuclear refueling outage expenses (3,903) - 5,090 - 1,187 Other operation and maintenance 33,208 15,759 189,969 3,739 242,675 Decommissioning 520 - - - 520 Taxes other than income taxes 43,254 1,395 18,341 - 62,990 ----------------------------------------------------------------- Total 1,511,691 17,154 589,583 4,751 2,123,179 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 216,234 (11,168) 120,022 123 325,211 ----------------------------------------------------------------- Margin % (4.1%) 25.3% 3.4% (0.7%) (2.4%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization 54,863 1,734 24,594 - 81,191 Other regulatory charges (credits) 22,835 - - - 22,835 Amortization of rate deferrals (17,861) - - - (17,861) ----------------------------------------------------------------- Total 59,837 1,734 24,594 - 86,165 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 156,397 (12,902) 95,428 123 239,046 ----------------------------------------------------------------- Margin % (2.5%) 21.1% 2.7% (0.7%) (1.4%) OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during (4,395) - - - (4,395) construction Gain/(loss) on sale of assets - net 450 (29,987) (19,854) - (49,391) Equity in earnings of unconsolidated equity affiliates 2 - 95,543 - 95,545 Miscellaneous - net 13,441 (2,518) (11,469) (23,685) (24,231) ----------------------------------------------------------------- Total 9,498 (32,505) 64,220 (23,685) 17,528 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 15,563 - 21,979 810 38,352 Other interest - net 9,087 18,990 52,531 (24,372) 56,237 Distributions on preferred securities - - - - - of subsidiaries Allowance for borrowed funds used 2,590 - - - 2,590 during construction ----------------------------------------------------------------- Total 27,240 18,990 74,511 (23,562) 97,179 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 138,655 (64,397) 85,137 - 159,395 INCOME TAXES 69,452 (54,807) 48,108 - 62,753 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 69,203 (9,590) 37,029 - 96,642 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (13,110) - - - (13,110) ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 82,313 $ (9,590) $ 37,029 $ - $ 109,752 ================================================================= Margin % (0.7%) (9.1%) 0.0% - (0.6%) EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.55 ($0.05) $0.21 $0.71 DILUTED $0.50 ($0.05) $0.20 $0.65 *Totals may not foot due to rounding.
Entergy Corporation U.S. Utility Electric Energy Sales & Customers Three Months Ended June % Weather 2001 2000 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 6,733 6,857 (1.8) (1.1) Commercial 5,908 5,880 0.5 0.8 Governmental 630 635 (0.8) 0.0 Industrial 10,710 11,021 (2.8) (2.8) ------ ------ ---- Total to Ultimate Customers 23,981 24,393 (1.7) (1.4) Wholesale 2,182 2,523 (13.5) ------ ------ ---- Total Sales 26,163 26,916 (2.8) ====== ====== ==== Year to Date June % Weather 2001 2000 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 14,269 13,369 6.7 2.0 Commercial 11,482 11,160 2.9 2.7 Governmental 1,245 1,222 1.9 2.1 Industrial 21,022 21,638 (2.8) (2.8) ------ ------ ---- Total to Ultimate Customers 48,018 47,389 1.3 0.0 Wholesale 4,631 4,795 (3.4) ------ ------ ---- Total Sales 52,649 52,184 0.9 ====== ====== ==== Twelve Months Ended June 2001 2000 % (Millions of kwh) ELECTRIC ENERGY SALES: Residential 32,898 30,733 7.0 Commercial 24,980 24,025 4.0 Governmental 2,627 2,573 2.1 Industrial 43,339 44,145 (1.8) ------- ------- ---- Total to Ultimate Customers 103,844 101,476 2.3 Wholesale 9,835 10,205 (3.6) ------- ------- ---- Total Sales 113,679 111,681 1.8 ======= ======= ==== June 2001 1999 % ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE): Residential 2,215,321 2,199,803 0.7 Commercial 294,675 287,125 2.6 Governmental 14,614 14,257 2.5 Industrial 39,538 40,477 (2.3) --------- --------- ---- Total to Ultimate Customers 2,564,148 2,541,662 0.9 Wholesale 39 40 (2.5) --------- --------- ---- Total Sales 2,564,187 2,541,702 0.9 ========= ========= ====