0000065984-13-000210.txt : 20131015 0000065984-13-000210.hdr.sgml : 20131014 20131015113753 ACCESSION NUMBER: 0000065984-13-000210 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131015 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131015 DATE AS OF CHANGE: 20131015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY CORP /DE/ CENTRAL INDEX KEY: 0000065984 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 721229752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11299 FILM NUMBER: 131150919 BUSINESS ADDRESS: STREET 1: 639 LOYOLA AVE CITY: NEW ORLEANS STATE: LA ZIP: 70113 BUSINESS PHONE: 5045764000 MAIL ADDRESS: STREET 1: PO BOX 61000 CITY: NEW ORLEANS STATE: LA ZIP: 70161 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY CORP /FL/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY GSU HOLDINGS INC /DE/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLE SOUTH UTILITIES INC DATE OF NAME CHANGE: 19890521 8-K 1 a06113.htm a06113.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date earliest event reported) October 15, 2013


Commission
File Number
Registrant, State of Incorporation,
Address and Telephone Number
 
I.R.S. Employer
Identification No.
1-11299
ENTERGY CORPORATION
(a Delaware corporation)
639 Loyola Avenue
New Orleans, LA 70113
Telephone (504) 576-4000
 
72-1229752

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[ ]      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




 
 

 

Item 2.02.   Results of Operations and Financial Condition

The information in this Current Report on Form 8-K, including the exhibits, is being furnished, not filed, under Item 2.02.

On October 15, 2013, Entergy Corporation issued a public announcement, which is attached as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01.   Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.
Description
99.1
Release, dated October 15, 2013, issued by Entergy Corporation
99.2
Statement on Uses and Usefulness of Non-GAAP Financial Measures



 
 

 


SIGNATURE


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

 
Entergy Corporation
 
 
 
 
By:                      /s/ Alyson M. Mount 
 
Alyson M. Mount
Senior Vice President and
Chief Accounting Officer
   
   
Dated:  October 15, 2013
 



 
 

 

EX-99.1 2 a06113991.htm a06113991.htm
Exhibit 99.1
 
Entergy
639 Loyola Avenue
New Orleans, LA  70113


News
Release


Date:
Oct. 15, 2013
 
     
For Release:
Immediately
 
     
Contact:
Michael Burns
(Media)
Paula Waters
(Investor Relations)
 
(504) 576-4238
(504) 576-4380
 
mburns@entergy.com
pwater1@entergy.com
     

Entergy Provides Preliminary Third Quarter Earnings Guidance

New Orleans, La. – Entergy Corporation (NYSE: ETR) today indicated that it expects third quarter 2013 as-reported earnings of approximately $1.33 per share and operational earnings of approximately $2.40 per share. Results for third quarter 2012 were $1.89 per share on an as-reported basis and $1.95 per share on an operational basis. Entergy also affirmed previously issued operational earnings guidance for 2013.
 
As-reported results are prepared in accordance with generally accepted accounting principles (GAAP) and are comprised of operational earnings (described below) and special items. Special items were recorded for:
 
·  
the impairment and other related charges in third quarter 2013 arising out of the decision to close and decommission the Vermont Yankee Nuclear Power Station at the end of its current operating cycle in 2014,
·  
expenses associated with the implementation of the human capital management strategic imperative in third quarter 2013, and
·  
expenses associated with the proposed spin-off and merger of Entergy’s electric transmission business with ITC Holdings Corp. in the third quarters of 2012 and 2013.

-more-
 
 

 
Entergy Provides Preliminary Third Quarter Earnings Guidance
Page 2
Oct. 15, 2013
 

Utility
 
The increase in Utility third quarter 2013 operational earnings was due primarily to higher net revenue and a lower effective income tax rate, partially offset by higher non-fuel operation and maintenance and depreciation expenses. The pricing adjustments in net revenue related largely to nuclear and combined-cycle natural gas-fired-generation investments placed in service around the end of 2012. Net revenue also reflected increased sales volume, partially offset by less favorable weather in the third quarter of 2013 compared to one year ago.
 
Entergy Wholesale Commodities
 
The quarter-over-quarter decrease in operational earnings at Entergy Wholesale Commodities was due primarily to higher non-fuel operation and maintenance and depreciation expenses, partially offset by a lower effective income tax rate on operational earnings. The depreciation expense increase was mostly driven by a prior period item. A one-time adjustment reducing depreciation expense was recorded last year for a favorable court decision on Indian Point Unit 2 litigation against the U.S. Department of Energy related to spent nuclear fuel disposal. EWC net revenue was essentially flat versus the third quarter of last year.
 
Parent & Other
 
Parent & Other results increased during the quarter due to lower income tax expense.
 
Earnings Guidance
 
Entergy affirmed its previously issued 2013 operational earnings guidance to be in the range of $4.60 to $5.40 per share, noting that current expectations point to around the middle of the range.

-more-
 
 

 
Entergy Provides Preliminary Third Quarter Earnings Guidance
Page 3
Oct. 15, 2013
 


Entergy will report third quarter earnings results before the market opens on Tuesday, Oct. 29, 2013, and host a teleconference at 10 a.m. CT that day to discuss the earnings announcement and the company’s financial performance. The teleconference may be accessed by dialing (719) 457-2080, confirmation code 8044514, no more than 15 minutes prior to the start of the call or by visiting Entergy’s website at www.entergy.com. The presentation slides also will be available on Entergy’s website before the market opens on the day of the call. A replay of the teleconference will be available for seven days thereafter by dialing (719) 457-0820, confirmation code 8044514.
 
Entergy Corporation, which celebrates its 100th birthday this year, is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including more than 10,000 megawatts of nuclear power, making it one of the nation’s leading nuclear generators. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $10 billion and approximately 15,000 employees.
 
-30-
Additional investor information can be accessed online at
www.entergy.com/investor_relations.



-more-
 
 

 
Entergy Provides Preliminary Third Quarter Earnings Guidance
Page 4
Oct. 15, 2013
 


In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in this news release and in: (i) Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and (ii) Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with rate proceedings, formula rate plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (f) conditions in commodity and capital markets during the periods covered by the forward-looking statements, in addition to other factors described elsewhere in this presentation and subsequent securities filings and (g) risks inherent in the proposed spin-off and subsequent merger of Entergy’s electric transmission business with a subsidiary of ITC Holdings Corp. Entergy cannot provide any assurances that the spin-off and merger transaction will be completed and cannot give any assurance as to the terms on which such transaction will be consummated. The spin-off and merger transaction is subject to certain conditions precedent, including regulatory approvals and the availability of financing.

 
 

 

EX-99.2 3 a06113992.htm a06113992.htm
Exhibit 99.2

STATEMENT ON USES AND USEFULNESS OF NON-GAAP FINANCIAL MEASURES
 
Exhibit 99.1 to this Report on Form 8-K (the "Pre-Release") contains the non-GAAP financial measure of operational earnings per share.  Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Pursuant to the requirements of Regulation G, Entergy has provided quantitative reconciliations within the Pre-Release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
 
Operational earnings per share is not calculated in accordance with GAAP because it excludes the impact of "special items".  Special items reflect the impact on earnings of events that are less routine or are related to discontinued businesses.  Management believes the discussion of operational earnings provides useful information in evaluating the ongoing results of Entergy's businesses and assists in comparing the company's operating performance to the operating performance of others in the energy sector.
 
The non-GAAP information in the Pre-Release is used in addition to, and in conjunction with, results presented in accordance with GAAP.  The non-GAAP information should not be relied upon to the exclusion of GAAP financial measures.  The non-GAAP information reflects an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting our business.  Investors are strongly encouraged to review our consolidated financial statements and publicly filed reports in their entirety and to not rely on any single financial measure.  Non-GAAP information is not standardized; therefore, it may not be possible to compare this information with other companies' non-GAAP financial measures having the same or similar names.