EX-99 3 a12901991.txt Exhibit 99.1 [Logo of Entergy] For further information: Nancy Morovich, VP, Investor Relations Phone 504/576-5506, Fax 504/576-2897 INVESTOR NEWS nmorovi@entergy.com October 22, 2001 ENTERGY ACHIEVES SOLID THIRD QUARTER, COMPETITIVE BUSINESSES CONTINUE TO DELIVER NEW ORLEANS - Entergy Corporation announced third quarter 2001 consolidated earnings per share of $1.39, compared with $1.34 in 2000. On an operational basis, Entergy earned $1.24 per share compared with $1.37 in 2000, reflecting significantly milder weather in 2001. The unusually hot weather in the third quarter of 2000 accounted for $0.17 of the earnings for that period. On a weather-adjusted basis, third quarter 2001 results were $1.28 or 7 percent higher than one year ago. This increase was driven by strong results at Entergy's competitive businesses. "The economic slowdown has not stalled our efforts to deliver superior results," said J. Wayne Leonard, Entergy's chief executive officer. "The investments we've made over the past three years to grow our company are creating value for our shareholders and we continue to maintain a sharp focus on operations in all of our businesses. We are structured and integrated in a way that allows us to create and capture value even in tough times, and we're on track for another record-setting year." Table 1 provides a comparative summary of earnings per share for the third quarter and year-to-date 2001. --------------------------------------------------------------------- Table 1: Entergy Corporation Consolidated Results Third Quarter and Year-to-Date 2001 vs. 2000 --------------------------------------------------------------------- (Per share in U.S. $) Third Quarter Year-to-Date 2001 2000 $ 2001 2000 $ Change Change As Reported U.S. Utility 0.99 1.27 (0.28) 2.25 2.35 (0.10) Parent & Other (0.06) 0.01 (0.07) (0.07) 0.08 (0.15) Competitive Businesses 0.46 0.06 0.40 0.96 0.34 0.62 ---------------------------------------- Consolidated Earnings 1.39 1.34 0.05 3.14 2.77 0.37 Less Special Items U.S. Utility - (0.03) 0.03 (0.01) (0.09) 0.08 Parent & Other - - - (0.05) - (0.05) Competitive Businesses 0.15 - 0.15 0.15 0.06 0.09 ---------------------------------------- Total 0.15 (0.03) 0.18 0.09 (0.03) 0.12 Operational U.S. Utility 0.99 1.30 (0.31) 2.26 2.44 (0.18) Parent & Other (0.06) 0.01 (0.07) (0.02) 0.08 (0.10) Competitive Businesses 0.31 0.06 0.25 0.81 0.28 0.53 ---------------------------------------- Consolidated Earnings 1.24 1.37 (0.13) 3.05 2.80 0.25 Weather Impact (0.04) 0.17 (0.21) 0.01 0.18 (0.17) Consolidated Operational 1.28 1.20 0.08 3.04 2.62 0.42 Earnings Excluding Weather --------------------------------------------------------------------- U.S. Utility In third quarter 2001, as reported and operational utility earnings were $0.99 per share, compared with $1.27 on an as reported basis and $1.30 on an operational basis for the same period in 2000. The only special item included at the utility in the comparable quarter was a $(0.03) regulatory and reserve adjustment recorded in third quarter 2000. The decrease in earnings quarter to quarter was due primarily to significantly less favorable weather which negatively impacted both billed and unbilled sales. Weather in third quarter 2001 was slightly milder than normal, while much warmer than normal weather contributed $0.17 to earnings per share in third quarter 2000. In addition, the continued slowdown in the economy reduced usage across some retail customer segments. Mild weather and reduced usage in the current period lowered residential sales by 9 percent, compared to third quarter 2000. This decrease was 1 percent after adjusting for weather. Commercial sales were 3 percent lower, while the industrial sector experienced a 7 percent reduction quarter over quarter. This reduction was due to continued weakness in the economy and to reclassifying certain industrial customers from retail to wholesale. After removing the impact of the reclassification, the reduction in industrial sales was approximately 2 percent. 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 3 percent for the quarter, in part due to lower nuclear and transition to competition related costs. The utility continued its focus on reliability and customer service as evidenced by a reduction of 61 percent in the number of outage complaints to regulators compared to third quarter 2000. Also, the utility's twelve-month ended average outage frequency and average outage duration decreased by 7 percent and 5 percent, respectively and these improvements were achieved with a continuous focus on safe work practices. 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 Third Quarter and Year-to-Date 2001 vs. 2000 (see table 13 for definitions of measures) ----------------------------------------------------------------------------- Third Quarter Year-to-Date 2001 2000 % 2001 2000 % Change Change Utility Generation in GWh 28,081 28,623 -2% 73,365 73,218 0.2% GWh billed Residential 10,502 11,573 -9% 24,771 24,943 -0.7% Commercial and Gov't 8,073 8,322 -3% 20,800 20,704 0.5% Industrial 10,457 11,248 -7% 31,284 32,886 -5% Weather cooling day (570) 1,422 -140% (942) 7,187 -113% deviation from normal Operation & maintenance exp. 14.17 14.55 -3% 14.42 15.35 -6% Reliability SAIFI 2.13 2.30 -7% SAIDI 165.5 174 -5% Reliability complaints 36 93 -61% 95 172 -45% Safety 11 11 - 24 29 -17% Number of customers Residential 2,217,728 2,204,308 0.6% Commercial & Gov't 310,467 302,769 3% Industrial 41,587 42,476 -2% ----------------------------------------------------------------------------- Parent & Other Parent & Other earnings per share were $(0.06) in third quarter 2001, compared with $0.01 in third quarter 2000. The decrease in third quarter 2001 was due primarily to lower income compared to third quarter 2000 as a result of a combination of reduced cash balances and lower short-term yields. Competitive Businesses On an as reported basis, the competitive businesses earned $0.46 per share in third quarter 2001, a significant increase over the $0.06 earned in the same period of 2000. Third quarter 2001 results include a special item of $0.15. This special reflects the gain on the sale of the Saltend project and a reserve taken on the pending cancellation of certain gas turbines. Excluding this special item, operational earnings increased more than 400 percent, from $0.06 in third quarter 2000 to $0.31 in third quarter 2001. Table 3 provides a 2001 vs. 2000 comparison of contributions by competitive business for the third quarter and year-to-date, on both as reported and operational bases. ---------------------------------------------------------------------- Table 3: Competitive Businesses Contributions to Earnings Per Share Third Quarter and Year-to-Date 2001 vs. 2000 ---------------------------------------------------------------------- (Per share in U.S. $) Third Quarter Year-to-Date 2001 2000 $ 2001 2000 $ Change Change As Reported Entergy Nuclear 0.16 0.03 0.13 0.44 0.13 0.31 Energy Commodity Services 0.30 0.03 0.27 0.52 0.21 0.31 -------------------------------------- Total 0.46 0.06 0.40 0.96 0.34 0.62 Less Special Items Entergy Nuclear - - - - - - Energy Commodity Services 0.15 - 0.15 0.15 0.06 0.09 -------------------------------------- Total 0.15 - 0.15 0.15 0.06 0.09 Operational Entergy Nuclear 0.16 0.03 0.13 0.44 0.13 0.31 Energy Commodity Services 0.15 0.03 0.12 0.37 0.15 0.22 -------------------------------------- Total 0.31 0.06 0.25 0.81 0.28 0.53 ---------------------------------------------------------------------- Entergy Nuclear Entergy Nuclear earned $0.16 per share compared to $0.03 in third 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 and Indian Point 2 acquired in September 2001. EN's average capacity factor was 97.5 percent for third quarter 2001, an improvement of more than 11 percent over third quarter 2000. EN achieved exceptional operating performance across its Northeast portfolio during third quarter 2001. EN's success in closing transactions and its ability to achieve operational excellence resulted in an increase in its net MW in operation by more than 400 percent over just one year ago. In addition, GWh generated increased by more than 350 percent during third quarter 2001 over the comparable period in 2000. EN'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 Third Quarter and Year-to-Date 2001 vs. 2000 (see table 13 for definitions of measures) ---------------------------------------------------------------------- Third Quarter Year-to-Date 2001 2000 % 2001 2000 % Change Change Entergy Nuclear Net MW in operation 3,445 670 414% Generation in GWh 5,887 1,293 355% 15,354 4,136 271% Capacity factor 97.5% 87.7% 11% 91.5% 93.9% -3% Refueling outage duration No refueling outages during the period ---------------------------------------------------------------------- Energy Commodity Services Energy Commodity Services, the combined reporting of Entergy-Koch L.P. and Entergy Wholesale Operations, contributed $0.30 to earnings per share in third quarter 2001 compared to just $0.03 in the same period last year. On an operational basis, earnings were $0.15 per share, representing an increase of 400 percent compared to the third quarter 2000. Entergy-Koch Trading, a subsidiary of Entergy-Koch L.P., contributed the majority of the quarter's operational earnings due to solid results in power trading and very strong performance in gas trading during third quarter as evidenced by an 8 percent increase in gas marketed. The Gulf South pipeline also experienced increased profitability in third quarter 2001 due primarily to a 10 percent increase in pipeline throughput. Throughput increased during the period due primarily to lower gas prices and the resultant switching by customers from fuel oil back to natural gas. Entergy Wholesale Operations recorded a $0.15 special item in third quarter 2001. Entergy announced the sale of Saltend to Calpine Corporation in early July 2001 and realized a gain on the transaction of $0.20 per share. This gain was reduced by a reserve recorded in connection with the pending cancellation of four gas turbines previously expected to be operational in 2005. As of the end of third quarter 2001, Entergy Wholesale Operations had 2,330 net MW in operation, an increase of 93 percent due to the start of commercial operations of Damhead Creek and Warren Power. In addition, MW under construction decreased by 81 percent due to the start of commercial operations of Saltend, Damhead Creek, and Warren Power subsequent to third quarter 2000, offset slightly by the addition of two new projects in development. Table 5 provides a summary of Energy Commodity Services' key operational measures with quarter to quarter and year-to-date comparisons. ---------------------------------------------------------------------- Table 5: Energy Commodity Services Operational Performance Measures Third Quarter and Year-to-Date 2001 vs. 2000 (see table 13 for definitions of measures) ---------------------------------------------------------------------- Third Quarter Year-to-Date 2001 2000 % 2001 2000 % Change Change Entergy-Koch Trading Gas volatility 72% 43% 67% 66% 44% 50% Electricity volatility 100% 138% -28% 136% 165% -18% Electricity marketed (GWh) 24,873 26,645 -7% 82,268 80,893 2% Gas marketed (Bcf/d) 7.0 6.5 8% 6.9 6.8 1% Gulf South Pipeline Throughput 2.56 2.33 10% 2.43 2.52 -4% Production cost $0.088 $0.099 -11% $0.091 $0.092 -1% Entergy Wholesale Operations Net MW in operation 2,330 1,210 93% Net MW under construction 373 2,000 -81% Net MW announced development 6,213 2,301 170% ---------------------------------------------------------------------- Variance Analysis Table 6 below and Table 7 on the following page, provide third quarter and year-to-date 2001 vs. 2000 reported earnings variance analyses for "U.S. Utility, Parent & Other," "Competitive Businesses," and "Consolidated." ---------------------------------------------------------------------- Table 6: Entergy Corporation Reported Earnings Per Share Variance Analysis Third Quarter 2001 vs. 2000 ---------------------------------------------------------------------- (Per share in U.S. $, sorted in consolidated column, most to least favorable) U.S. Utility, Parent & Competitive Other (a) Businesses Consolidated 2000 earnings 1.28 0.06 1.34 Depreciation/amortization expense 0.20 (b) (0.03) (c) 0.17 Other income (deductions) (0.01) 0.12 (d) 0.11 Decommissioning expense 0.09 (e) - 0.09 Income taxes - other 0.08 (f) (0.01) (f) 0.07 Preferred dividend requirements 0.01 - 0.01 Gain (loss) on sale of assets-net - 0.01 0.01 Taxes other than income taxes 0.02 (0.02) - Nuclear refueling outage expense 0.01 (0.03) (g) (0.02) Net revenue (0.66) (h) 0.57 (i) (0.09) Other operation & maintenance expense 0.04 (j) (0.16) (k) (0.12) Interest expense and other charges (0.13) (i) (0.05) (m) (0.18) ----- ----- ----- 2001 earnings 0.93 0.46 1.39 ----- ----- ----- ---------------------------------------------------------------------- Notes to Table 6 are detailed on the following page below Table 7. ---------------------------------------------------------------------- Table 7: Entergy Corporation Reported Earnings Per Share Variance Analysis Year-to-Date 2001 vs. 2000 ---------------------------------------------------------------------- (Per share in U.S. $, sorted in consolidated column, most to least favorable) U.S. Utility, Parent & Competitive Other (a) Businesses Consolidated 2000 earnings 2.43 0.34 2.77 Net revenue (0.58) (h) 1.17 (i) 0.59 Other income (deductions) 0.01 0.34 (d) 0.35 Decommissioning expense 0.09 (e) - 0.09 Depreciation/amortization expense 0.17 (b) (0.09) (c) 0.08 Share repurchase/dilution effect 0.05 0.02 0.07 Income taxes - other 0.09 (f) (0.02) (f) 0.07 Preferred dividend requirements 0.03 - 0.03 Gain (loss) on sale of assets-net - (0.02) (0.02) Nuclear refueling outage expense 0.01 (0.04) (g) (0.03) Taxes other than income taxes (0.02) (0.06) (n) (0.08) Other operation & maintenance expense 0.12 (j) (0.49) (k) (0.37) Interest expense and other charges (0.22) (l) (0.19) (m) (0.41) ----- ----- ----- 2001 earnings 2.18 0.96 3.14 ----- ----- ----- ---------------------------------------------------------------------- (a) During third quarter 2001, Entergy recorded, on the Utility's books, the impact on various revenue and expense accounts of a final order issued by the Federal Energy Regulatory Commission resolving a rate application made by System Energy Resources. The original 1995 application requested changes in return on equity, depreciation and decommissioning costs. During the proceedings, Entergy recorded accounting reserves for potential refunds. (b) Depreciation expense decreased due primarily to recording the effects of the FERC order addressing System Energy Resources' 1995 rate application. (c) Depreciation expense increased due to increased depreciation on U.K. assets, Indian Point 3 and FitzPatrick as well as the additional depreciation expense resulting from the recently completed acquisition of Indian Point 2. (d) Quarter and year-to-date other income (deductions) increased due primarily to Entergy-Koch earnings. In addition, the year-to-date variance was impacted by the difference between liquidated damages recorded in both periods. In 2001, $0.04 in liquidated damages were recorded for Damhead Creek, while in 2000, Saltend liquidated damages totaled $0.10. (e) Decommissioning expense decreased due primarily to recording the effects of the FERC order addressing System Energy Resources' 1995 rate application. (f) Income statement line items are tax effected at the statutory rate. Any difference between the statutory and effective tax rate is reflected in the "Income tax-other" line. (g) Nuclear refueling outage expense increased due to the amortization of this cost for Pilgrim and Indian Point 3. (h) Net revenue decreased in third quarter and year-to-date 2001 due primarily to significantly milder weather in 2001 vs. 2000, the impact of the System Energy Resources' refund, and lower sales volumes across some retail customer segments due to the sluggish economy. In addition, milder than normal weather near the end of the quarter impacted unbilled revenue which is included in Other for the third quarter and year-to-date periods. Utility Net Revenue Variance Analysis, 2001 vs. 2000 ($ EPS) Third Quarter Year-to-Date Weather (0.21) Weather (0.17) SERI refund (0.18) SERI refund (0.18) Sales growth/pricing (0.09) Sales growth/pricing (0.13) Other (0.18) Other (0.10) Total (0.66) Total (0.58) (i) Net revenue increased primarily as a result of the inclusion of operations from the Indian Point 3 and FitzPatrick plants and Indian Point 2, all of which totaled $0.37 and $0.94 per share respectively, and the gain on the disposition of assets of $0.15, primarily related to the sale of Saltend. (j) Other operation & maintenance expense decreased for the quarter and year-to-date periods due primarily to lower nuclear and transition to competition costs, and lower vegetation control spending. In addition, the year-to-date expense for 2001 was lower due to reversing $0.07 of storm damage expenses at Entergy Arkansas to align with the APSC's recommendations for future recovery. (k) Other operation & maintenance expense increased due primarily to inclusion of operations from Indian Point 2 and 3, FitzPatrick, Saltend and Damhead Creek. (l) Interest expense & other charges increased for the quarter and year-to-date primarily due to recording the effects of the FERC order addressing System Energy Resources' 1995 rate application. (m) Interest expense & other charges increased for the quarter and year-to-date due primarily 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. (n) Other taxes expense increased due to higher property taxes incurred for Indian Point 3 and FitzPatrick. Table 8 lists special items by business for the third 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 8: Entergy Special Items [shown as positive / (negative) impact on earnings] Third Quarter and Year-to-Date 2001 vs. 2000 ----------------------------------------------------------------------------- Third Quarter Year-to-Date 2001 2000 $ 2001 2000 $ Change Change U.S. Utility Special Items Merger expenses - - - (0.01) - (0.01) Regulatory and reserve adjustments - (0.03) 0.03 - (0.09) 0.09 ----------------------------------------- Total - (0.03) 0.03 (0.01) (0.09) 0.08 Parent & Other Special Items Merger expenses - - - (0.05) - (0.05) ----------------------------------------- Competitive Businesses Special Items Energy Commodity Services - 0.15 - 0.15 0.15 0.06 0.09 Gain (loss) on disposition of assets ----------------------------------------- Total Special Items 0.15 (0.03) 0.18 0.09 (0.03) 0.12 ----------------------------------------------------------------------------- Other Performance Highlights Entergy generated $628 million in operating cash in third quarter 2001, an increase of 5 percent compared to third quarter 2000. The increase in quarterly operating cash is attributed primarily to recovery of previously deferred fuel costs. The decrease in operating cash in the year-to-date comparable periods is due primarily to lower earnings and liquidated damages from U.K. assets, fuel expenses and ice storm costs at the utility and merger expenses at Parent. Entergy ended the third quarter with about $900 million of cash and cash equivalents. The current level of cash along with significant borrowing capacity continues to provide significant financial flexibility to Entergy. Net margin was 7.34 percent, its highest level since 1997. Cash return on average investment for the twelve months ended September 2001 continued strong at 8.3 percent and return on average common equity stayed in double digits at 10.4 percent. Net interest coverage ended the period down from third quarter 2000, but at 4.31 times coverage remains very strong. Table 9 provides a summary of financial metrics for third quarter and year to date 2001 and 2000. ---------------------------------------------------------------------- Table 9: Entergy Corporation Key Financial Performance Metrics Third Quarter and Year-to-Date 2001 vs. 2000 ---------------------------------------------------------------------- Third Quarter Year-to-Date 2001 2000 Change 2001 2000 Change Operating cash flow (millions) $628 $599 $29 $1,229 $1,439 ($210) Operating cash flow per share $2.79 2.67 $0.12 $5.47 $6.26 ($0.79) For 12 months ending September 30 2001 2000 Change Cash return on average investment 8.34% 8.13% 0.21% Return on average common equity(o) 10.38% 9.22% 1.16% Net margin - operational (p) 7.34% 7.26% 0.08% Net interest coverage (q) 4.31 5.41 (1.10) Book value per share $33.97 $32.14 $1.83 End of period shares outstanding (millions) 221.0 220.1 0.9 ---------------------------------------------------------------------- (o) "Return on average common equity" is 12-months rolling net income divided by average common equity. (p) "Net margin - operational" is 12-months rolling net income adjusted to exclude the impact of special items divided by 12 months rolling revenue. (q) "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 three quarters of 2001 our financial results are solidly reinforced by the performance of our competitive businesses," said C. John Wilder, Entergy's chief financial officer. "These businesses have increased their contribution to operational earnings by almost 200 percent compared to results for the first three quarters of 2000. With one quarter remaining this year we are already within our previously targeted earnings guidance for the full year providing us a real opportunity to finish near the high end of our guidance range. Our financial metrics improved again this quarter with stronger operational net margin and return on invested capital and another quarter of double digit return on equity, while net debt retreated to 49 percent. We are adjusting our current guidance to $3.10 to $3.20 per share for 2001, and reaffirming 2002 guidance at $3.30 to $3.50, 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 10 below. Key assumptions and changes incorporated since guidance was last issued in July 2001 are as follows: - Earnings guidance is based on existing rate plans and fuel recovery mechanisms. The utility's previous guidance range of $2.36 to $2.39 is revised downward slightly to $2.29 to $2.31 to reflect lower revenues resulting from continued weakness in the economy. - More than 15 percent of earnings are expected from Entergy Nuclear where revenue streams are tied to power purchase agreements that cover 100 percent of the megawatt hours generated. The previous guidance range of $0.42 to $0.50 is increased to $0.50 to $0.54 to reflect better than expected outage performance in terms of cost and duration, and exceptional operating performance across the portfolio. - Conservative assumptions are used to project results at Energy Commodity Services. The previous guidance range of $0.26 to $0.34 per share is increased to $0.37 to $0.39 per share to reflect better than expected year-to-date results in trading. - Parent & Other guidance is revised slightly from $(0.04) to $(0.03) to $(0.06) to $(0.04) reflecting primarily the lower yields on cash balances. Table 10 provides Entergy's projection of 2001 operational earnings per share with 2000 operational results as its data starting point.
------------------------------------------------------------------------------------------- Table 10: 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 Lower revenues due to lower sales growth partially offset by operational improvements (0.04) (0.02) ------------ 2.33 Total (0.04) (0.02) 2.29 2.31 Entergy Nuclear Lower Pilgrim revenue due to outage & PPA (0.03) (0.03) Indian Point 3 (outage year) and FitzPatrick 0.22 0.25 Indian Point 2 (closing 9/6/01) 0.09 0.10 ------------ 0.22 Total 0.28 0.32 0.50 0.54 Entergy Commodity Trading, pipeline and project earnings 0.32 0.34 Services Liquidated damages - U.K. projects (0.13) (0.13) ------------ 0.18 Total 0.19 0.21 0.37 0.39 Parent & Other Net interest income/(expense) (0.11) (0.10) Competitive retail start-up expenses (0.02) (0.01) ------------ 0.07 Total (0.13) (0.11) (0.06) (0.04) ----------------------------------------------------------------- Total 2.80 0.30 0.40 3.10 3.20 Weather impact 0.32 0.01 0.01 Total including weather 3.12 3.11 3.21 -------------------------------------------------------------------------------------------
Entergy's 2001 earnings guidance with September 2001 Year-To-Date actual results as its starting point is detailed in Table 11 below. This table reflects the projected changes in the earnings profile for each of Entergy's businesses for the remainder of 2001.
------------------------------------------------------------------------------- Table 11: 2001 Earnings Per Share Guidance Based on September 2001 Year-To-Date Earnings ------------------------------------------------------------------------------- (Per share in US $) September 2001 Year-To- 2001 Guidance Date October-December 2001 Range Range of Impact Utility excluding October - December earnings 0.04 0.06 weather ------------ 2.25 Total 0.04 0.06 2.29 2.31 Entergy Nuclear Pilgrim, IP3, Fitzpatrick, IP2 earnings 0.09 0.12 Increased outage amortization expense (0.03) (0.02) ------------ 0.44 Total 0.06 0.10 0.50 0.54 Entergy Commodity Trading, pipeline and project Services earnings - 0.02 ------------ 0.37 Total - 0.02 0.37 0.39 Parent & Other Net interest income/(expense) (0.02) (0.01) Competitive retail start-up expenses (0.01) - Corporate expenses (0.01) (0.01) ------------ (0.02) Total (0.04) (0.02) (0.06) (0.04) ----------------------------------------------------------------- Total 3.04 0.06 0.16 3.10 3.20 Weather impact 0.01 0.01 0.01 Total including weather 3.05 3.11 3.21 -----------------------------------------------------------------------------------------
Entergy's 2002 earnings guidance is detailed in Table 12 below. Key assumptions and changes incorporated since guidance was last issued in July 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 $2.48 to $2.51 was decreased to $2.41 to $2.45 to reflect the impact of the lower 2001 estimates. The incremental increase expected in 2002 is essentially unchanged over previous guidance and result from modest operational improvements, and the full impact of the cessation of goodwill amortization. - About 20 percent of earnings are expected from Entergy Nuclear where revenue streams are tied to power purchase agreements that cover 100 percent of the megawatt hours generated. The previous guidance range of $0.56 to $0.64 was increased to $0.64 to $0.74 to reflect stronger performance at Indian Point 2, and additional contributions from Vermont Yankee, a 510 MW nuclear acquisition that is expected to close in Spring 2002. - Energy Commodity Services' 2002 earnings guidance was adjusted slightly from $0.33 to $0.41 to $0.36 to $0.41 to reflect some moderation but continued solid performance in the trading business. - Parent & Other's guidance improves from the previous range of $(0.07) to $(0. 06) to the revised range of $(0.11) to $(0.10) to reflect revised estimates for borrowings and related interest expense, as well as declining yields on cash balances. Table 12 provides Entergy's projection of 2002 operational earnings per share with the mid-point of 2001 Guidance Range as its data starting point.
------------------------------------------------------------------------------- Table 12 2002 Earnings Per Share Guidance ------------------------------------------------------------------------------- (Per share in US $) 2001 Guidance 2002 Guidance Range Mid-Pt. Changes in 2002 Range Range of Impact Utility excluding weather Operational improvement & Other 0.04 0.08 Suspension of goodwill amortization 0.07 0.07 ----- ----- 2.30 Total 0.11 0.15 2.41 2.45 Entergy Nuclear Indian Point 2 (full year with outage) 0.04 0.06 Increased revenue due to Pilgrim PPA 0.04 0.05 Vermont Yankee (spring 2002 close, outage year) 0.07 0.11 Return to normal capacity factor (0.03) - ----- ----- 0.52 Total 0.12 0.22 0.64 0.74 Entergy Commodity Liquidated damages - U.K. Services projects (0.04) (0.04) Trading, pipeline and project earnings 0.02 0.07 ----- ----- 0.38 Total (0.02) 0.03 0.36 0.41 Parent & Other Net interest income/(expense) (0.06) (0.05) ----- ----- (0.05) Total (0.06) (0.05) (0.11) (0.10) ------------------------------------------------------------------------- Total 3.15 0.15 0.35 3.30 3.50 Weather impact - - - Total including weather 3.15 3.30 3.50 ---------------------------------------------------------------------------------------------------
Supplemental Definitions Table 13 provides definitions of operational performance measures referenced in this release. -------------------------------------------------------------------------- Table 13: 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 Weather cooling day The deviation from historical normal deviation from normal temperatures, measured in degree days. Operation & maintenance Operation and maintenance and nuclear and nuclear refueling refueling expenses per MWh generated, outage expenses 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 Energy Commodity Services Entergy-Koch 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 Total physical GWh volumes marketed (GWh) 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 Total possible MW that have been development 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 September 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses ASSETS CURRENT ASSETS Cash and cash equivalents: Cash $165,558 $ 2,904 $ 55,831 $ - $ 224,293 Temporary cash investments - at cost, which approximates market 176,940 32,293 466,556 - 675,790 Special deposits - 78 1,116 - 1,193 ---------------------------------------------------------------- Total cash and cash equivalents 342,498 35,275 523,503 - 901,276 ---------------------------------------------------------------- Other temporary investments 239,310 11,290 - - 250,600 Notes receivable 82 287,386 53,687 (338,156) 3,000 Accounts receivable: Customer 528,869 (1) 43,939 - 572,807 Allowance for doubtful accounts (7,383) (2,064) (500) - (9,947) Associated companies 15,116 121,355 (87,043) (49,429) - Other 85,928 1,468 102,591 - 189,988 Accrued unbilled revenues 368,772 - 131 - 368,903 ---------------------------------------------------------------- Total receivables 991,302 120,760 59,118 (49,429) 1,121,751 Deferred fuel costs 310,880 - - - 310,880 Fuel inventory - at average cost 115,645 - 3,313 18 118,976 Materials and supplies - at average cost 325,659 30 131,851 - 457,539 Rate deferrals 1,402 - - - 1,402 Deferred nuclear refueling outage costs 40,059 - 61,168 - 101,227 Prepayments and other 64,193 3,449 22,418 - 90,060 ---------------------------------------------------------------- TOTAL 2,431,030 458,190 855,059 (387,567) 3,356,711 ---------------------------------------------------------------- OTHER PROPERTY AND INVESTMENTS Investment in affiliates - at equity 216 8,798,252 640,626 (8,797,628) 641,466 Decommissioning trust funds 871,615 - 910,046 - 1,781,661 Non-utility property - at cost (less accumulated depreciation) 224,362 38,430 30,065 - 292,857 Non-regulated investments - 34,658 127,698 (23,158) 139,198 Other - at cost (less accumulated depreciation) 19,076 35,389 299,598 - 354,063 ---------------------------------------------------------------- TOTAL 1,115,269 8,906,730 2,008,034 (8,820,786) 3,209,245 ---------------------------------------------------------------- PROPERTY, PLANT, AND EQUIPMENT Electric 24,237,186 5,190 1,770,110 - 26,012,486 Plant acquisition adjustment 378,166 - 300 - 378,465 Property under capital lease 758,458 - - - 758,458 Natural gas 199,927 - - - 199,928 Construction work in progress 815,587 7,021 75,102 - 897,709 Nuclear fuel under capital lease 235,199 - - - 235,199 Nuclear fuel 37,121 - 206,549 - 243,671 ---------------------------------------------------------------- TOTAL PROPERTY, PLANT AND EQUIPMENT 26,661,644 12,211 2,052,061 - 28,725,916 Less - accumulated depreciation and amortization 11,669,593 3,881 114,146 - 11,787,620 ---------------------------------------------------------------- PROPERTY, PLANT AND EQUIPMENT - NET 14,992,051 8,330 1,937,915 - 16,938,296 ---------------------------------------------------------------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: SFAS 109 regulatory asset - net 1,001,884 - - - 1,001,884 Unamortized loss on reacquired debt 170,799 - - - 170,799 Deferred fuel costs 22,468 - - - 22,468 Other regulatory assets 709,312 - - - 709,312 Long-term receivables 28,870 - - - 28,870 Other 126,214 484,525 619,044 (485,735) 744,049 ---------------------------------------------------------------- TOTAL 2,059,547 484,525 619,044 (485,735) 2,677,382 ---------------------------------------------------------------- TOTAL ASSETS $20,597,897 $9,857,774 $5,420,051 $(9,694,088) $26,181,634 ================================================================ *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet September 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 518,058 - 83,879 - 601,937 Notes payable: Associated companies - 52,775 285,420 (338,195) - Other 713 1,050,001 304 - 1,051,018 Account payable: Associated companies (2,901) 108,231 (77,155) (28,175) - Other 477,477 4,913 111,931 - 594,320 Customer deposits 183,808 - - - 183,808 Taxes accrued 807,851 110,283 6,487 - 924,621 Accumulated deferred income taxes 43,752 (12) 24,508 - 68,248 Nuclear refueling outage costs 16,163 - - - 16,163 Interest accrued 140,856 4,610 39,974 - 185,440 Obligations under capital leases 154,713 - - - 154,713 Other 199,971 9,399 136,975 (21,254) 325,092 ---------------------------------------------------------------- TOTAL 2,540,462 1,340,200 612,323 (387,624) 4,105,360 ---------------------------------------------------------------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 3,421,554 (56,291) 33,637 - 3,398,899 Accumulated deferred investment tax credits 476,895 - - - 476,895 Obligations under capital leases 150,666 - 15 - 150,681 FERC settlement - refund obligation 25,234 - - - 25,234 Other regulatory liabilities 139,095 - - - 139,095 Decommisioning 271,682 - 898,975 - 1,170,657 Transition to competition 222,021 - - - 222,021 Regulatory reserves 38,909 - - - 38,909 Accumulated provisions 277,488 (7) 95,055 - 372,537 Other 796,838 33,816 365,705 (435,385) 760,975 ---------------------------------------------------------------- TOTAL 5,820,382 (22,482) 1,393,387 (435,385) 6,755,903 ---------------------------------------------------------------- Long-term debt 6,027,510 25,939 1,267,273 (83,109) 7,237,613 Preferred stock with sinking fund 26,185 - - - 26,185 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 2,225,870 411,705 1,557,653 (4,192,745) 2,482 Authorized shares 500,000,000 Issued shares CY 248,174,087 Paid-in capital 1,779,439 5,486,104 567,022 (3,169,803) 4,662,762 Retained earnings 1,628,874 3,437,226 146,345 (1,523,822) 3,688,624 Accumulated other comprehensive income (loss) (512) (70,849) (95,336) 69,785 (96,913) Less - treasury stock, at cost - 750,069 28,616 (28,616) 750,069 Shares CY 27,161,334 ---------------------------------------------------------------- TOTAL 5,968,358 8,514,117 2,147,068 (8,787,970) 7,841,573 ---------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,597,897 $9,857,774 $5,420,051 $(9,694,088) $26,181,634 ================================================================ *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 ----------- ---------- ---------- ----------- ----------- Other temporary investments - - - - - 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 September 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 $119,047 $ 2,083 $ (54,387) $ - $ 66,743 Temporary cash investments - at cost, which approximates market (130,649) (82,664) 249,064 - 35,752 Special deposits - 78 (583,720) - (583,643) ----------- ---------- ---------- ----------- ----------- Total cash and cash equivalents 11,602 (80,503) (389,043) - (481,148) ----------- ---------- ---------- ----------- ----------- Other temporary investments 239,310 11,290 - - 250,600 Notes receivable (1,462) (493,492) 53,687 440,658 (608) Accounts receivable: Customer 81,833 (1) (6,846) - 74,986 Allowance for doubtful accounts - 1 - - 1 Associated companies (6,471) (3,178) (92,391) 102,040 - Other (14,684) (400) (190,407) - (205,530) Accrued unbilled revenues (46,637) - 131 - (46,506) ----------- ---------- ---------- ----------- ----------- Total receivables 14,041 (3,617) (289,513) 102,040 (177,050) Deferred fuel costs (257,451) - - - (257,451) Fuel inventory - at average cost 23,786 - 1,511 - 25,297 Materials and supplies - at average cost (12,835) 43 44,975 - 32,182 Rate deferrals (15,179) - - - (15,179) Deferred nuclear refueling outage costs (6,485) - 61,168 - 54,683 Prepayments and other 9,870 611 (43,110) - (32,630) ----------- ---------- ---------- ----------- ----------- TOTAL (18,007) (565,668) (560,324) 542,698 (601,304) ----------- ---------- ---------- ----------- ----------- OTHER PROPERTY AND INVESTMENTS Investment in affiliates - at equity 2 1,792,516 640,626 (1,791,891) 641,252 Decommissioning trust funds 4,373 - 461,431 - 465,804 Non-utility property - at cost (less accumulated depreciation) (81) 4,689 25,297 - 29,905 Non-regulated investments - 23,158 (49,957) (23,157) (49,956) Other - at cost (less accumulated depreciation) 1,217 30,950 294,860 - 327,027 ----------- ---------- ---------- ----------- ----------- TOTAL 5,510 1,851,314 1,372,258 (1,815,048) 1,414,032 ----------- ---------- ---------- ----------- ----------- PROPERTY, PLANT, AND EQUIPMENT Electric 216,302 775 657,848 - 874,925 Plant acquisition adjustment (12,198) - - - (12,199) Property under capital lease (10,912) - (62,452) - (73,364) Natural gas 8,938 - - - 8,939 Steam products - - - - - Construction work in progress 368,025 4,796 (411,896) - (39,076) Nuclear fuel under capital lease (42,474) - - - (42,474) Nuclear fuel (1,727) - 87,794 - 86,068 ----------- ---------- ---------- ----------- ----------- TOTAL PROPERTY, PLANT AND EQUIPMENT 525,952 5,571 271,294 - 802,819 Less - accumulated depreciation and amortization 283,735 694 25,839 - 310,268 ----------- ---------- ---------- ----------- ----------- PROPERTY, PLANT AND EQUIPMENT - NET 242,217 4,877 245,455 - 492,551 ----------- ---------- ---------- ----------- ----------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: SFAS 109 regulatory asset - net 21,618 - - - 21,618 Unamortized loss on reacquired debt (12,828) - - - (12,828) Deferred fuel costs (73,193) - - - (73,193) Other regulatory assets (83,203) - - - (83,203) Long-term receivables (716) (6,000) 6,011 - (705) Other (50,933) 66,790 (359,397) (83,689) (427,229) ----------- ---------- ---------- ----------- ----------- TOTAL (199,256) 60,790 (353,386) (83,689) (575,540) ----------- ---------- ---------- ----------- ----------- TOTAL ASSETS $ 30,465 $1,351,312 $ 704,003 $(1,356,040) $ 729,738 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Balance Sheet September 30, 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 $ 208,320 $ - $(70,598) $ - $ 137,722 Notes payable: Associated companies - (17,415) (423,204) 440,619 - Other (2) 663,001 (4) - 662,995 Account payable: Associated companies (11,079) 90,714 (100,035) 20,400 - Other (399,575) (2,002) (208,329) - (609,907) Customer deposits 11,639 - - - 11,639 Taxes accrued 497,456 (24,041) (605) - 472,810 Accumulated deferred income taxes (181,877) (32) 24,508 - (157,401) Nuclear refueling outage costs 5,954 - - - 5,954 Interest accrued (29,068) 3,829 38,646 - 13,407 Obligations under capital leases (2,194) - - - (2,194) Other 23,466 (1,465) 114,215 (4,032) 132,184 ----------- ---------- ---------- ----------- ----------- TOTAL 123,042 712,589 (625,406) 456,987) 667,209 ----------- ---------- ---------- ----------- ----------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 85,201 23,787 40,829 - 149,816 Accumulated deferred investment tax credits (17,420) - - - (17,420) Obligations under capital leases (51,192) - - - (51,192) FERC settlement - refund obligation (5,511) - - - (5,511) Other regulatory liabilities 34,254 - - - 34,254 Decommisioning (24,119) - 445,068 - 420,949 Transition to competition 30,087 - - - 30,087 Regulatory reserves (357,880) - - - (357,880) Accumulated provisions (10,309) 3 (7,274) - (17,579) Other 77,768 (70,533) (74,277) (25,121) (92,162) ----------- ---------- ---------- ----------- ----------- TOTAL (239,121) (46,743) 404,346 (25,121) 93,362 ----------- ---------- ---------- ----------- ----------- Long-term debt (12,128) (60) (484,852) 2,560 (494,480) Preferred stock with sinking fund (39,573) - - - (39,573) 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 0 52,006 1,189,790 (1,241,795) 0 Authorized shares Issued shares CY Paid-in capital 58 28,111 55,332 (81,223) 2,279 Retained earnings 198,699 575,680 209,456 (485,850) 497,985 Accumulated other comprehensive income (loss) (512) 4,893 (22,047) (4,213) (21,880) Less - treasury stock, at cost - (24,836) 22,616 (22,616) (24,836) ----------- ---------- ---------- ----------- ----------- TOTAL 198,244 685,526 1,409,915 (1,790,466) 503,220 ----------- ---------- ---------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 30,464 $1,351,312 $ 704,003 $(1,356,040) $ 729,738 =========== ========== ========== =========== =========== *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended September 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $1,986,831 $ - $ - $ (493) $ 1,986,338 Natural gas 18,212 - - - 18,212 Competitive businesses - 5,969 565,543 (326) 571,186 ----------------------------------------------------------------- Total 2,005,043 5,969 565,543 (819) 2,575,736 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 694,248 - 231,204 - 925,452 purchased for resale Purchased power 252,160 - 27,430 (530) 279,060 ----------------------------------------------------------------- Gross Margin 1,058,635 5,969 306,909 (289) 1,371,224 Margin % 52.8% 100.0% 54.3% 35.3% 53.2% Nuclear refueling outage expenses 15,436 - 8,848 - 24,284 Other operation and maintenance 382,377 18,577 150,118 (734) 550,339 Decommissioning (22,553) - - - (22,553) Taxes other than income taxes 92,164 488 10,940 - 103,593 ----------------------------------------------------------------- Total 1,413,832 19,065 428,540 (1,264) 1,860,175 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 591,211 (13,096) 137,003 445 715,561 ----------------------------------------------------------------- Margin % 29.5% (219.4%) 24.2% (54.3%) 27.8% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 112,631 1,108 13,911 - 127,650 Other regulatory charges (credits) (24,621) - - - (24,621) Amortization of rate deferrals 6,029 - - - 6,029 ----------------------------------------------------------------- Total 94,039 1,108 13,911 - 109,058 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 497,172 (14,204) 123,092 445 606,503 ----------------------------------------------------------------- Margin % 24.8% (238.0%) 21.8% (54.3%) 23.5% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 7,672 - - - 7,672 construction Gain/(loss) on sale of assets - net 622 77 1,366 - 2,066 Equity in earnings of unconsolidated equity affiliates - - 58,414 - 58,414 Miscellaneous - net 21,473 4,133 19,191 (7,153) 37,643 ----------------------------------------------------------------- Total 29,767 4,210 78,971 (7,153) 105,795 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 117,144 - 9,526 - 126,670 Other interest - net 57,631 10,407 23,122 (6,708) 84,452 Distributions on preferred securities 4,709 - - - 4,709 of subsidiaries Allowance for borrowed funds used (6,287) - - - (6,287) during construction ----------------------------------------------------------------- Total 173,197 10,407 32,648 (6,708) 209,544 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 353,742 (20,401) 169,415 - 502,754 INCOME TAXES 125,218 (7,454) 67,536 - 185,300 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 228,524 (12,947) 101,879 - 317,454 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 4,970 - - - 4,970 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 223,554 $ (12,947) $ 101,879 $ - $312,484 ================================================================= Margin % 11.1% (216.9%) 18.0% - 12.1% EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.01 $(0.06) $0.46 $1.41 DILUTED $0.99 $(0.06) $0.46 $1.39 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 221,675,578 DILUTED 224,830,056 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $2,390,667 $ - $ - $ (5,580) $ 2,385,087 Natural gas 21,815 - - - 21,815 Competitive businesses - 8,239 1,028,390 (11,977) 1,024,653 ----------------------------------------------------------------- Total 2,412,482 8,239 1,028,390 (17,557) 3,431,555 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 725,564 - 69,655 (438) 794,782 purchased for resale Purchased power 313,666 - 857,210 (12,731) 1,158,145 ----------------------------------------------------------------- Gross Margin 1,373,252 8,239 101,525 (4,388) 1,478,628 Margin % 56.9% 100.0% 9.9% 25.0% 43.1% Nuclear refueling outage expenses 18,439 - - - 18,439 Other operation and maintenance 398,059 16,255 95,046 (4,981) 504,379 Decommissioning 11,505 - - - 11,505 Taxes other than income taxes 101,266 332 1,591 - 103,188 ----------------------------------------------------------------- Total 1,568,499 16,587 1,023,502 (18,150) 2,590,438 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 843,983 (8,348) 4,888 593 841,117 ----------------------------------------------------------------- Margin % 35.0% (101.3%) 0.5% (3.4%) 24.5% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 186,042 813 2,111 - 188,967 Other regulatory charges (credits) 47,816 - - - 47,816 Amortization of rate deferrals 10,497 - - - 10,497 ----------------------------------------------------------------- Total 244,355 813 2,111 - 247,280 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 599,628 (9,161) 2,777 593 593,837 ----------------------------------------------------------------- Margin % 24.9% (111.2%) 0.3% (3.4%) 17.3% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 9,163 - - - 9,163 construction Gain/(loss) on sale of assets - net 548 - (832) - (284) Equity in earnings of unconsolidated equity affiliates - - - - - Miscellaneous - net 10,916 15,878 29,670 (2,590) 53,873 ----------------------------------------------------------------- Total 20,627 15,878 28,838 (2,590) 62,752 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 121,338 - 126 - 121,464 Other interest - net 11,148 5,512 7,912 (1,997) 22,576 Distributions on preferred securities 4,709 - - - 4,709 of subsidiaries Allowance for borrowed funds used (6,776) - - - (6,776) during construction ----------------------------------------------------------------- Total 130,419 5,512 8,038 (1,997) 141,973 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 489,836 1,205 23,577 - 514,616 INCOME TAXES 199,142 (1,417) 10,202 - 207,927 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 290,694 2,622 13,375 - 306,689 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 6,755 - - - 6,755 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 283,939 $ 2,622 $ 13,375 $ - $299,934 ================================================================= Margin % 11.8% 31.8% 1.3% - 8.7% EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.28 $0.01 $0.06 $1.35 DILUTED $1.27 $0.01 $0.06 $1.34 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 222,159,091 DILUTED 224,352,165 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Three Months Ended September 30, 2001 vs. 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ (403,836) $ - $ - $ 5,087 $ (398,750) Natural gas (3,603) - - - (3,603) Competitive businesses - (2,270) (462,847) 11,651 (453,467) ----------------------------------------------------------------- Total (407,439) (2,270) (462,847) 16,738 (855,820) ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas (31,316) - 161,549 438 130,670 purchased for resale Purchased power (61,506) - (829,780) 12,201 (879,085) ----------------------------------------------------------------- Gross Margin (314,617) (2,270) 205,384 4,099 (107,405) Margin % (4.1%) - 44.4% 10.3% 10.1% Nuclear refueling outage expenses (3,003) - 8,848 - 5,845 Other operation and maintenance (15,682) 2,322 55,072 4,247 45,960 Decommissioning (34,058) - - - (34,058) Taxes other than income taxes (9,102) 156 9,349 - 405 ----------------------------------------------------------------- Total (154,667) 2,478 (594,962) 16,886 (730,263) ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (252,772) (4,748) 132,115 (148) (125,557) ----------------------------------------------------------------- Margin % (5.5%) (118.1%) 23.7% (51.0%) 3.3% DEPRECIATION AND AMORTIZATION: Depreciation and amortization (73,411) 295 11,800 - (61,317) Other regulatory charges (credits) (72,437) - - - (72,437) Amortization of rate deferrals (4,468) - - - (4,468) ----------------------------------------------------------------- Total (150,316) 295 11,800 - (138,222) ----------------------------------------------------------------- OPERATING INCOME (LOSS) (102,456) (5,043) 120,315 (148) 12,665 ----------------------------------------------------------------- Margin % (0.1%) (126.8%) 21.5% (51.0%) 6.2% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during (1,491) - - - (1,491) construction Gain/(loss) on sale of assets - net 74 77 2,198 - 2,349 Equity in earnings of unconsolidated equity affiliates - - 58,414 - 58,414 Miscellaneous - net 10,557 (11,745) (10,479) (4,563) (16,230) ----------------------------------------------------------------- Total 9,140 (11,668) 50,133 (4,563) 43,042 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt (4,194) - 9,400 - 5,206 Other interest - net 46,483 4,895 15,210 (4,711) 61,876 Distributions on preferred securities - - - - - of subsidiaries Allowance for borrowed funds used 489 - - - 489 during construction ----------------------------------------------------------------- Total 42,778 4,895 24,610 (4,711) 67,571 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES (136,094) (21,606) 145,838 - (11,863) INCOME TAXES (73,924) (6,037) 57,334 - (22,627) ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) (62,170) (15,569) 88,504 - 10,764 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (1,785) - - - (1,785) ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (60,385) $ (15,569) $ 88,504 $ - $ 12,550 ================================================================= Margin % (0.6%) (248.7%) 16.7% - 3.4% EARNINGS PER AVERAGE COMMON SHARE: BASIC ($0.27) ($0.07) $0.40 - $0.06 DILUTED ($0.28) ($0.07) $0.40 - $0.05 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date September 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $5,851,961 $ - $ - $ (2,240) $ 5,849,720 Natural gas 159,144 - - - 159,144 Competitive businesses - 26,451 1,688,937 (814) 1,714,574 ----------------------------------------------------------------- Total 6,011,105 26,451 1,688,937 (3,054) 7,723,438 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 2,281,176 - 795,756 - 3,076,932 purchased for resale Purchased power 711,484 - 178,263 (912) 888,835 ----------------------------------------------------------------- Gross Margin 3,018,445 26,451 714,918 (2,142) 3,757,671 Margin % 50.2% 100.0% 42.3% 70.1% 48.7% Nuclear refueling outage expenses 50,629 - 13,938 - 64,567 Other operation and maintenance 1,007,430 63,101 402,031 (3,155) 1,469,408 Decommissioning (4,749) - - - (4,749) Taxes other than income taxes 266,095 1,953 27,669 - 295,717 ----------------------------------------------------------------- Total 4,312,066 65,054 1,417,658 (4,067) 5,790,710 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 1,699,039 (38,603) 271,279 1,013 1,932,728 ----------------------------------------------------------------- Margin % 28.3% (145.9%) 16.1% (33.2%) 25.0% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 472,480 3,261 38,358 - 514,099 Other regulatory charges (credits) (21,075) - - - (21,075) Amortization of rate deferrals 15,181 - - - 15,181 ----------------------------------------------------------------- Total 466,586 3,261 38,358 - 508,205 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 1,232,453 (41,864) 232,921 1,013 1,424,523 ----------------------------------------------------------------- Margin % 20.5% (158.3%) 13.8% (33.2%) 18.4% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 19,259 - - - 19,259 construction Gain/(loss) on sale of assets - net 1,967 77 12,370 - 14,414 Equity in earnings of unconsolidated equity affiliates - - 153,957 - 153,957 Miscellaneous - net 44,379 48,113 79,049 (31,679) 139,862 ----------------------------------------------------------------- Total 65,605 48,190 245,376 (31,679) 327,492 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 358,429 - 27,945 - 386,373 Other interest - net 91,152 31,993 91,272 (30,665) 183,752 Distributions on preferred securities 14,128 - - - 14,128 of subsidiaries Allowance for borrowed funds used (15,718) - - - (15,718) during construction ----------------------------------------------------------------- Total 447,991 31,993 119,217 (30,665) 568,535 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 850,067 (25,666) 359,079 - 1,183,480 INCOME TAXES 325,951 (10,726) 144,348 - 459,573 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 524,116 (14,940) 214,731 - 723,907 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 18,363 - - - 18,363 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 505,753 $ (14,940) $ 214,731 $ - $705,544 ================================================================= Margin % 8.4% (56.5%) 12.7% - 9.1% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.29 ($0.07) $0.97 $3.19 DILUTED $2.25 ($0.07) $0.96 $3.14 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 220,908,546 DILUTED 224,780,449 *Totals may not foot due to rounding.
Entergy Corporation Entergy Corporation Consolidating Income Statement Year to Date September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $5,415,296 $ - $ - $ (12,639) $5,402,657 Natural gas 96,107 - - - 96,107 Steam products - - - - - Competitive businesses - 22,515 1,888,914 (29,358) 1,882,071 --------- ------- -------- ---------- ---------- Total 5,511,403 22,515 1,888,914 (41,997) 7,380,835 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale 1,546,801 - 210,608 (438) 1,756,972 Purchased power 666,938 - 1,395,928 (32,657) 2,030,210 --------- ------- -------- ---------- ---------- Gross Margin 3,297,664 22,515 282,377 (8,902) 3,593,653 Margin % 59.8% 100.0% 14.9% 21.2% 48.7% Nuclear refueling outage expenses 53,625 - - - 53,625 Other operation and maintenance 1,070,092 45,996 226,161 (10,237) 1,332,012 Decommissioning 28,611 - - - 28,611 Taxes other than income taxes 260,566 1,053 4,727 - 266,346 --------- ------- -------- ---------- ---------- Total 3,626,634 47,049 1,837,423 (43,331) 5,467,776 --------- ------- -------- ---------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 1,884,769 (24,534) 51,490 1,335 1,913,059 --------- ------- -------- ---------- ---------- Margin % 34.2% (109.0%) 2.7% (3.2%) 25.9% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 537,887 2,344 5,759 - 545,991 Other regulatory charges (credits) 27,311 - - - 27,311 Amortization of rate deferrals 25,776 - - - 25,776 --------- ------- -------- ---------- ---------- Total 590,974 2,344 5,759 - 599,078 --------- ------- -------- ---------- ---------- OPERATING INCOME (LOSS) 1,293,795 (26,878) 45,731 1,335 1,313,981 --------- ------- -------- ---------- ---------- Margin % 23.5% (119.4%) 2.4% (3.2%) 17.8% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 24,898 - - - 24,898 Gain/(loss) on sale of assets - net 1,594 3 19,694 - 21,291 Miscellaneous - net 17,245 67,062 80,975 (8,777) 156,505 --------- ------- -------- ---------- ---------- Total 43,736 67,065 100,669 (8,777) 202,694 --------- ------- -------- ---------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 354,016 - 379 (810) 353,585 Other interest - net 32,523 17,485 22,852 (6,632) 66,227 Distributions on preferred securities of subsidiaries 14,128 - - - 14,128 Allowance for borrowed funds used during construction (18,753) - - - (18,753) --------- ------- -------- ---------- ---------- Total 381,914 17,485 23,231 (7,442) 415,187 --------- ------- -------- ---------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 955,617 22,702 123,169 (0) 1,101,488 INCOME TAXES 390,640 5,583 44,393 - 440,616 --------- ------- -------- ---------- ---------- CONSOLIDATED NET INCOME (LOSS) 564,978 17,119 78,777 (0) 660,872 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 24,886 - - - 24,886 --------- ------- -------- ---------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 540,091 $17,119 $ 78,777 $ (0) $ 635,986 ========= ======= ======== ========== ========== Margin % 9.8% 76.0% 4.2% 0.0% 8.6% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.36 $0.08 $0.34 $2.78 DILUTED $2.35 $0.08 $0.34 $2.77 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 228,930,171 DILUTED 230,034,859 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Year to Date September 30, 2001 vs. 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 436,665 $ - $ - $ 10,399 $ 447,063 Natural gas 63,037 - - - 63,037 Competitive businesses - 3,936 (199,977) 28,544 (167,497) ----------------------------------------------------------------- Total 499,702 3,936 (199,977) 38,943 342,603 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 734,375 - 585,148 438 1,319,960 purchased for resale Purchased power 44,546 - (1,217,665) 31,745 (1,141,375) ----------------------------------------------------------------- Gross Margin (279,219) 3,936 432,541 6,760 164,018 Margin % (9.6%) - 27.4% 48.9% (0.0%) Nuclear refueling outage expenses (2,996) - 13,938 - 10,942 Other operation and maintenance (62,662) 17,105 175,871 7,082 137,396 Decommissioning (33,360) - - - (33,360) Taxes other than income taxes 5,530 900 22,943 - 29,372 ----------------------------------------------------------------- Total 685,432 18,005 (419,766) 39,264 322,935 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (185,730) (14,069) 219,789 (322) 19,668 ----------------------------------------------------------------- Margin % (5.9%) (37.0%) 13.3% (30.0%) (0.9%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization (65,407) 917 32,599 - (31,892) Other regulatory charges (credits) (48,386) - - - (48,386) Amortization of rate deferrals (10,595) - - - (10,595) ----------------------------------------------------------------- Total (124,388) 917 32,599 - (90,873) ----------------------------------------------------------------- OPERATING INCOME (LOSS) (61,342) (14,986) 187,190 (322) 110,541 ----------------------------------------------------------------- Margin % (3.0%) (38.9%) 11.4% (30.0%) 0.6% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during (5,639) - - - (5,639) construction Gain/(loss) on sale of assets - net 373 74 (7,324) - (6,876) Equity in earnings of unconsolidated equity affiliates - - 153,957 - 153,957 Miscellaneous - net 27,134 (18,949) (1,927) (22,902) (16,643) ----------------------------------------------------------------- Total 21,869 (18,875) 144,706 (22,902) 124,798 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 4,413 - 27,566 810 32,789 Other interest - net 58,629 14,508 68,420 (24,033) 117,524 Distributions on preferred securities - - - - - of subsidiaries Allowance for borrowed funds used 3,035 - - - 3,035 during construction ----------------------------------------------------------------- Total 66,077 14,508 95,987 (23,223) 153,348 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES (105,550) (48,368) 235,910 - 81,991 INCOME TAXES (64,689) (16,309) 99,955 - 18,957 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) (40,861) (32,059) 135,955 - 63,034 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (6,523) - - - (6,523) ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (34,338) $ (32,059) $ 135,955 $ - $ 69,557 ================================================================= Margin % (1.4%) (132.5%) 8.5% 0.0% 0.5% EARNINGS PER AVERAGE COMMON SHARE: BASIC ($0.07) ($0.15) $0.63 $0.41 DILUTED ($0.10) ($0.15) $0.62 $0.37 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended September 30, 2001 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $7,672,390 $ 4 $ - $ (5,640) $ 7,666,754 Natural gas 228,908 - - - 228,908 Steam products - - - - - Competitive businesses - 27,801 2,454,563 (19,275) 2,463,089 ----------------------------------------------------------------- Total 7,901,298 27,805 2,454,563 (24,915) 10,358,751 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 2,965,672 - 1,000,425 (302) 3,965,795 purchased for resale Purchased power 972,765 - 570,094 (21,350) 1,521,506 ----------------------------------------------------------------- Gross Margin 3,962,861 27,805 884,047 (3,263) 4,871,450 Margin % 50.2% 100.0% 36.0% 13.1% 47.0% Nuclear refueling outage expenses 67,516 - 13,938 - 81,454 Other operation and maintenance 1,438,360 80,146 525,071 (4,870) 2,038,707 Decommissioning 6,124 - - - 6,124 Taxes other than income taxes 363,894 2,466 33,356 - 399,716 ----------------------------------------------------------------- Total 5,814,331 82,612 2,142,881 (26,522) 8,013,302 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,086,967 (54,807) 311,682 1,607 2,345,449 ----------------------------------------------------------------- Margin % 26.4% (197.1%) 12.7% (6.4%) 22.6% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 665,253 4,159 44,821 - 714,233 Other regulatory charges (credits) (44,705) - - - (44,705) Amortization of rate deferrals 19,797 - - - 19,797 ----------------------------------------------------------------- Total 640,345 4,159 44,821 - 689,325 ----------------------------------------------------------------- OPERATING INCOME (LOSS) 1,446,622 (58,966) 266,861 1,607 1,656,124 ----------------------------------------------------------------- Margin % 18.3% (212.1%) 10.9% (6.4%) 16.0% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during 26,383 - - - 26,383 construction Gain/(loss) on sale of assets - net 2,711 (42,423) 12,370 - (27,342) Equity in earnings of unconsolidated equity affiliates 2 - 153,957 - 153,959 Miscellaneous - net 53,893 65,295 88,443 (34,147) 173,484 ----------------------------------------------------------------- Total 82,989 22,872 254,770 (34,147) 326,484 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 477,963 - 31,898 - 509,861 Other interest - net 105,512 36,611 93,576 (32,540) 203,159 Distributions on preferred securities 18,838 - - - 18,838 of subsidiaries Allowance for borrowed funds used (21,079) - - - (21,079) during construction ----------------------------------------------------------------- Total 581,234 36,611 125,474 (32,540) 710,779 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 948,377 (72,705) 396,157 - 1,271,829 INCOME TAXES 370,978 (29,246) 156,146 - 497,878 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 577,399 (43,459) 240,011 - 773,951 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 25,098 - - - 25,098 ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 552,301 $ (43,459) $ 240,011 $ - $748,853 ================================================================= Margin % 7.0% (156.3%) 9.8% - 7.2% EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.51 ($0.20) $1.09 $3.40 DILUTED $2.46 ($0.20) $1.07 $3.33 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 220,574,276 DILUTED 224,689,451 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended September 30, 2000 (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $6,820,873 $ - $ - $ (17,732) $6,803,141 Natural gas 128,141 - - - 128,141 Steam products - - - - - Competitive businesses - 22,515 2,211,607 (32,202) 2,201,920 ---------- --------- --------- ---------- ---------- Total 6,949,014 22,515 2,211,607 (49,934) 9,133,202 OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas purchased 2,044,107 - 318,122 (438) 2,361,791 for resale. Purchased power 783,549 - 1,537,172 (38,509) 2,282,212 ---------- --------- --------- ---------- ---------- Gross Margin 4,121,358 22,515 356,313 (10,987) 4,489,199 Margin % 59.3% 100.0% 16.1% 22.0% 49.2% Nuclear refueling outage expenses 73,267 - - - 73,267 Other operation and maintenance 1,489,176 53,610 311,860 (12,766) 1,841,880 Decommissioning 39,596 - - - 39,596 Taxes other than income taxes 342,396 1,130 2,954 - 346,480 ---------- --------- --------- ---------- ---------- Total 4,772,091 54,740 2,170,108 (51,713) 6,945,226 ---------- --------- --------- ---------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 2,176,923 (32,225) 41,499 1,779 2,187,976 ---------- --------- --------- ---------- ---------- Margin % 31.3% (143.1%) 1.9% (3.6%) 24.0% DEPRECIATION AND AMORTIZATION: Depreciation and amortization 710,754 2,659 8,294 - 721,707 Other regulatory charges (credits) 32,111 - - - 32,111 Amortization of rate deferrals 33,500 - - - 33,500 ---------- --------- --------- ---------- ---------- Total 776,365 2,659 8,294 - 787,318 ---------- --------- --------- ---------- ---------- OPERATING INCOME (LOSS) 1,400,558 (34,884) 33,205 1,779 1,400,658 ---------- --------- --------- ---------- ---------- Margin % 20.2% (154.9%) 1.5% (3.6%) 15.3% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 33,553 - - - 33,553 Gain/(loss) on sale of assets - net 2,128 5 29,194 - 31,327 Miscellaneous - net 28,661 71,366 132,639 (10,831) 221,835 ---------- --------- --------- ---------- ---------- Total 64,342 71,371 161,833 (10,831) 286,715 ---------- --------- --------- ---------- ---------- INTEREST AND OTHER CHARGES: Interest on long-term debt 471,584 - 379 (810) 471,153 Other interest - net 49,992 17,927 30,618 (8,242) 90,296 Distributions on preferred securities of subsidiaries 18,838 - - - 18,838 Allowance for borrowed funds used during construction (24,869) - - - (24,869) ---------- --------- --------- ---------- ---------- Total 515,545 17,927 30,997 (9,052) 555,418 ---------- --------- --------- ---------- ---------- INCOME (LOSS) BEFORE INCOME TAXES 949,355 18,560 164,041 - 1,131,955 INCOME TAXES 380,594 28,273 46,012 - 454,879 ---------- --------- --------- ---------- ---------- CONSOLIDATED NET INCOME (LOSS) 568,761 (9,713) 118,029 - 677,076 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER 36,808 - - - 36,808 ---------- --------- --------- ---------- ---------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 531,953 $ (9,713) $ 118,029 $ - $ 640,268 ========== ========= ========= ========== ========== Margin % 7.7% (43.1%) 5.3% - 7.0% EARNINGS PER AVERAGE COMMON SHARE BASIC $2.29 ($0.04) $0.51 $2.76 DILUTED $2.28 ($0.04) $0.51 $2.75 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC 231,946,696 DILUTED 232,790,875 *Totals may not foot due to rounding.
Entergy Corporation Consolidating Income Statement Twelve Months Ended September 30, 2001 vs. 2000 Increase/(Decrease) (Dollars in thousands) (Unaudited) U.S. Parent & Competitive Eliminations Consolidated Utilities Other Businesses OPERATING REVENUES: Domestic electric $ 851,517 $ 4 $ - $ 12,092 $ 863,613 Natural gas 100,767 - - - 100,767 Steam products - - - - - Competitive businesses - 5,286 242,956 12,927 261,169 ----------------------------------------------------------------- Total 952,284 5,290 242,956 25,019 1,225,549 ----------------------------------------------------------------- OPERATING EXPENSES: Operating and Maintenance: Fuel, fuel related expenses, and gas 921,565 - 682,303 136 1,604,004 purchased for resale Purchased power 189,216 - (967,081) 17,159 (760,706) ----------------------------------------------------------------- Gross Margin (158,497) 5,290 527,734 7,724 382,251 Margin % (9.2%) - 19.9% (8.9%) (2.1%) Nuclear refueling outage expenses (5,751) - 13,938 - 8,187 Other operation and maintenance (50,816) 26,536 213,211 7,896 196,827 Decommissioning (33,472) - - - (33,472) Taxes other than income taxes 21,498 1,336 30,402 - 53,236 ----------------------------------------------------------------- Total 1,042,240 27,872 (27,227) 25,191 1,068,076 ----------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (89,956) (22,582) 270,183 (172) 157,473 ----------------------------------------------------------------- Margin % (4.9%) (54.0%) 10.8% (2.9%) (1.3%) DEPRECIATION AND AMORTIZATION: Depreciation and amortization (45,501) 1,500 36,527 - (7,474) Other regulatory charges (credits) (76,816) - - - (76,816) Amortization of rate deferrals (13,703) - - - (13,703) ----------------------------------------------------------------- Total (136,020) 1,500 36,527 - (97,993) ----------------------------------------------------------------- OPERATING INCOME (LOSS) 46,064 (24,082) 233,656 (172) 255,466 ----------------------------------------------------------------- Margin % (1.8%) (57.1%) 9.4% (2.9%) 0.7% OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during (7,170) - - - (7,170) construction Gain/(loss) on sale of assets - net 583 (42,428) (16,824) - (58,669) Equity in earnings of unconsolidated equity affiliates 2 - 153,957 - 153,959 Miscellaneous - net 25,232 (6,071) (44,196) (23,316) (48,351) ----------------------------------------------------------------- Total 18,647 (48,499) 92,937 (23,316) 39,769 ----------------------------------------------------------------- INTEREST AND OTHER CHARGES: Interest on long-term debt 6,379 - 31,519 810 38,708 Other interest - net 55,520 18,684 62,958 (24,298) 112,864 Distributions on preferred securities - - - - - of subsidiaries Allowance for borrowed funds used 3,790 - - - 3,790 during construction ----------------------------------------------------------------- Total 65,689 18,684 94,477 (23,488) 155,362 ----------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES (978) (91,265) 232,116 - 139,873 INCOME TAXES (9,616) (57,519) 110,134 - 42,999 ----------------------------------------------------------------- CONSOLIDATED NET INCOME (LOSS) 8,638 (33,746) 121,982 - 96,874 PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES AND OTHER (11,710) - - - (11,710) ----------------------------------------------------------------- EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 20,348 $ (33,746) $ 121,982 $ - $ 108,585 ================================================================= Margin % (0.7%) (113.2%) 4.4% - 0.2% EARNINGS PER AVERAGE COMMON SHARE: BASIC $0.21 ($0.16) $0.58 $0.64 DILUTED $0.17 ($0.15) $0.56 $0.58 *Totals may not foot due to rounding.
Entergy Corporation U.S. Utility Electric Energy Sales & Customers Three Months Ended September % Weather 2001 2000 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 10,502 11,573 (9.3) (1.2) Commercial 7,351 7,578 (3.0) 0.8 Governmental 722 744 (2.9) 0.2 Industrial 10,457 11,248 (7.0) (7.0) ------ ------ ---- Total to Ultimate Customers 29,032 31,143 (6.8) (2.8) Wholesale 2,373 2,290 3.6 ------ ------ ---- Total Sales 31,405 33,433 (6.1) ====== ====== ==== Year to Date September % Weather 2001 2000 % Adjusted (Millions of kwh) ELECTRIC ENERGY SALES: Residential 24,771 24,943 (0.7) (0.3) Commercial 18,834 18,738 0.5 1.7 Governmental 1,967 1,966 0.1 0.9 Industrial 31,478 32,886 (4.3) (4.3) ------ ------ ---- Total to Ultimate Customers 77,050 78,533 (1.9) (1.5) Wholesale 7,004 6,880 1.8 ------ ------ ---- Total Sales 84,054 85,413 (1.6) ====== ====== ==== Twelve Months Ended September 2001 2000 % (Millions of kwh) ELECTRIC ENERGY SALES: Residential 31,826 31,300 1.7 Commercial 24,753 24,376 1.5 Governmental 2,606 2,598 0.3 Industrial 42,548 44,095 (3.5) ------- ------- ---- Total to Ultimate Customers 101,733 102,369 (0.6) Wholesale 9,917 9,203 7.8 ------- ------- ---- Total Sales 111,650 111,572 0.1 ======= ======= ==== September 2001 1999 % ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE): Residential 2,217,728 2,204,308 0.6 Commercial 295,823 288,473 2.5 Governmental 14,644 14,296 2.4 Industrial 41,587 42,476 (2.1) --------- --------- ---- Total to Ultimate Customers 2,569,782 2,549,553 0.8 Wholesale 39 38 2.6 --------- --------- ---- Total Sales 2,569,821 2,549,591 0.8 ========= ========= ====