EX-99 2 a02907991.htm

For further information:
Michele Lopiccolo, VP, Investor Relations
Phone 504/576-4879, Fax 504/576-2897
 mlopicc@entergy.com

INVESTOR NEWS

Exhibit 99.1

July 31, 2007

ENTERGY REPORTS SECOND QUARTER EARNINGS

NEW ORLEANS - Entergy Corporation reported second quarter 2007 earnings of $1.32 per share on as-reported and operational bases, as shown in Table 1 below. A more detailed discussion of quarterly results begins on page 2 of this release.

Table 1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures

Second Quarter and Year-to-Date 2007 vs. 2006

(Per share in U.S. $)

 

Second Quarter

Year-to-Date
 

2007

2006

Change

2007

2006

Change

As-Reported Earnings

1.32

1.33

(0.01)

2.34

2.25

0.09

Less Special Items

-

0.11

(0.11)

-

0.13

(0.13)

Operational Earnings

1.32

1.22

0.10

2.34

2.12

0.22

Weather Impact

0.01

0.07

(0.06)

(0.02)

0.01

(0.03)

Operational Earnings Highlights for Second Quarter 2007

  • Utility, Parent & Other had lower earnings due to higher operation and maintenance, income tax and interest expense and the effect of essentially normal weather compared to warmer-than-normal weather in 2006.
  • Entergy Nuclear earnings increased as a result of higher revenue from pricing and production from the newly-acquired Palisades plant, partially offset by the effect of reduced production due to planned and unplanned outages.
  • Entergy's Non-Nuclear Wholesale Assets business reported higher results due to lower income taxes.

"Efforts to move ahead with the transformation of our asset portfolio resulted in marked success this quarter," said J. Wayne Leonard, Entergy's chairman and chief executive officer. "We reached agreement with a key business partner to preserve the new nuclear option while also taking important steps in advancing value-creating opportunities at both the regulated utility and non-utility nuclear businesses."

Entergy's business highlights include the following:

Entergy will host a teleconference to discuss this release at 10:00 a.m. CT on Tuesday, July 31, 2007, with access by telephone, (719) 457-2637, confirmation code 2801784. The call and presentation slides can also be accessed via Entergy's Web site at www.entergy.com. A replay of the teleconference will be available for seven days thereafter by dialing (719) 457-0820, confirmation code 2801784. The replay will also be available on Entergy's Web site at www.entergy.com.

I. Consolidated Results

Consolidated Earnings

Table 2 provides a comparative summary of consolidated earnings per share for second quarter 2007 versus 2006, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings. Utility, Parent & Other had lower earnings due to higher operation and maintenance, income tax and interest expense and the effect of essentially normal weather. Entergy Nuclear's earnings increased as a result of higher revenue from pricing and additional production available from the recently acquired Palisades plant, partially offset by the effect of reduced production due to additional planned and unplanned outages. Also, Entergy's Non-Nuclear Wholesale Assets business reported higher results due to lower income tax expense in the current period.

Entergy New Orleans, Inc. (ENOI) emerged from Chapter 11 bankruptcy during second quarter 2007 and consistent with applicable consolidation accounting and reporting standards Entergy has re-consolidated ENOI for financial reporting purposes effective this quarter and retroactive to January 1, 2007. While, in accordance with GAAP, 2006 will not be re-consolidated, to facilitate comparisons for earnings release purposes Pro-forma 2006 results re-consolidating ENOI will be reported. Reconciliations of this 2006 non-GAAP view to the GAAP view can be found in Appendix F.

Table 2: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
(see appendix E for definitions of certain measures)

Second Quarter and Year-to-Date 2007 vs. 2006

(Per share in U.S. $)
 

Second Quarter

Year-to-Date
 

2007

2006

Change

2007

2006

Change

As-Reported

Utility, Parent & Other

0.59

1.00

(0.41)

1.02

1.54

(0.52)

Entergy Nuclear

0.54

0.30

0.24

1.16

0.69

0.47

Non-Nuclear Wholesale Assets

0.19

0.03

0.16

0.16

0.02

0.14

  Consolidated As-Reported Earnings

1.32

1.33

(0.01)

2.34

2.25

0.09

Less Special Items

Utility, Parent & Other

-

0.11

(0.11)

-

0.13

(0.13)

Entergy Nuclear

-

-

-

-

-

-

Non-Nuclear Wholesale Assets

-

-

-

-

-

-

  Consolidated Special Items

-

0.11

(0.11)

-

0.13

(0.13)

Operational

Utility, Parent & Other

0.59

0.89

(0.30)

1.02

1.41

(0.39)

Entergy Nuclear

0.54

0.30

0.24

1.16

0.69

0.47

Non-Nuclear Wholesale Assets

0.19

0.03

0.16

0.16

0.02

0.14

  Consolidated Operational Earnings

1.32

1.22

0.10

2.34

2.12

0.22

Weather Impact

0.01

0.07

(0.06)

(0.02)

0.01

(0.03)

Detailed earnings variance analyses are included in appendices A-1 and A-2 to this release. In addition, appendix A-3 provides details of special items shown in Table 2 above.

Consolidated Net Cash Flow Provided by Operating Activities

Entergy's net cash flow provided by operating activities in second quarter 2007 was $471 million compared to $516 million in second quarter 2006. The decrease was due primarily to the following items:

  • Higher income tax payments for the Entergy system companies totaling $143 million which is net of the effects of intercompany tax allocation settlements in second quarter 2006.
  • Reduced collections of deferred fuel recovery in the current quarter totaling $184 million.

 

Partially offsetting these factors were the following items:

  • Proceeds totaling $177 million in Community Development Block Grant funds at Entergy New Orleans.
  • Lower non-capital storm spending of $54 million.
  • Higher net revenues at Entergy Nuclear of $32 million.

Table 3 provides the components of net cash flow provided by operating activities contributed by each business with quarter-to-quarter and year-to-date comparisons.

Table 3: Consolidated Net Cash Flow Provided by Operating Activities

Second Quarter and Year-to-Date 2007 vs. Pro-forma 2006 (including Entergy New Orleans)

(U.S. $ in millions)

Second Quarter

Year-to-Date

2007

2006

Change

2007

2006

Change

Utility, Parent & Other

445

319

126

722

1,170

(448)

Entergy Nuclear

43

260

(217)

259

473

(214)

Non-Nuclear Wholesale Assets

(17)

(63)

46

(17)

(84)

67

   Total Net Cash Flow Provided by Operating Activities

471

516

(45)

964

1,559

(595)

II. Utility, Parent & Other Results

In second quarter 2007, Utility, Parent & Other had earnings of $0.59 per share on as-reported and operational bases, compared to $1.00 per share in as-reported earnings and $0.89 per share of operational earnings in second quarter 2006. 2007 earnings include earnings for Entergy New Orleans, Inc. (ENOI) of $0.06 per share which is being reflected in operational earnings with the company's emergence from Chapter 11 bankruptcy during second quarter 2007.

Earnings for Utility, Parent & Other in second quarter 2007 primarily reflect higher operation and maintenance expense, higher income tax expense and higher interest expense. Higher operation and maintenance expense is due primarily to increased spending in distribution, transmission and fossil associated with a return to normal maintenance activity consistent with pre-storm levels, and increased spending at nuclear for higher NRC fees and an unplanned outage at the River Bend nuclear plant. Higher spending for independent coordinator of transmission and fossil outage scope and schedule differences also contributed. Higher income tax expense is due primarily to the absence in the current quarter of items that reduced tax expense in second quarter 2006 including the effects of flow-through income tax accounting in Arkansas and the resolution of tax audit issues. Higher interest expense is due to debt incurred to pay for storm restoration costs for hurricanes Katrina and Rita, common stock repurchases and funding the Palisades acquisition. In addition, second quarter 2007 earnings were lower compared to one year ago due to the effects of weather which was essentially normal in the current period compared to warmer-than-normal weather in 2006.

Electricity usage, in gigawatt-hour sales by customer segment, is included in Table 4. Current quarter sales reflect the following:

  • Residential sales in second quarter 2007, on a weather-adjusted basis, were up 1 percent compared to second quarter 2006.
  • Commercial and governmental sales, on a weather-adjusted basis, were up 3 percent.
  • Industrial sales experienced an increase of 1 percent in second quarter 2007 compared to the same period a year ago.

The increase in the residential segment reflects continued economic recovery in the storm-affected regions that were still experiencing the effects of the 2005 storms in the first half of 2006. The quarter-over-quarter increase in the commercial and industrial sectors reflects a similar pattern in these sectors from the effect of storms. The industrial sector continues to realize some recovery in the refinery and chemical segments, with the latter benefiting from strong export markets. However, continued reduced spot sales to cogeneration customers served to offset a portion of the increase in the industrial sector on a quarter-to-quarter basis.

Table 4 provides a comparative summary of the Utility's operational performance measures.

Table 4: Utility Operational Performance Measures (see appendix E for definitions of measures)

Second Quarter and Year-to-Date 2007 vs. Pro-forma 2006 (including Entergy New Orleans)
 

Second Quarter

Year-to-Date
 


2007


2006


% Change

% Weather
Adjusted


2007


2006


% Change

% Weather
Adjusted

GWh billed

  Residential

6,986

7,240

-3.5%

1.3%

14,777

14,296

3.4%

3.7%

  Commercial and governmental

7,043

7,001

0.6%

2.6%

13,708

13,343

2.7%

3.6%

  Industrial

9,813

9,702

1.1%

1.1%

19,137

18,846

1.5%

1.5%

  Total Retail Sales

23,842

23,943

-0.4%

1.6%

47,622

46,485

2.4%

2.8%

  Wholesale

1,428

1,861

-23.3%

3,066

3,823

-19.8%

  Total Sales

25,270

25,804

-2.1%

50,688

50,308

0.8%

O&M expense

$19.01

$17.03

11.6%

$17.92

$16.55

8.3%

Number of retail customers (a)

  Residential

2,274,129

2,224,152

2.2%

  Commercial and governmental

340,177

332,406

2.3%

  Industrial

48,569

46,797

3.8%

(a) Customer count data reflects estimates of customers in the hardest hit areas affected by Hurricane Katrina.  Issues associated with temporary housing and resumption of service at permanent dwellings render precise counts difficult at this time.

 

Appendix B provides information on selected pending local and federal regulatory cases.

III. Competitive Businesses Results

Entergy's competitive businesses include Entergy Nuclear and Non-Nuclear Wholesale Assets.

Entergy Nuclear

Entergy Nuclear earned $0.54 per share on as-reported and operational bases in second quarter 2007, compared to $0.30 in second quarter 2006 for as-reported and operational earnings. The improved results in second quarter 2007 resulted from increased revenues from pricing and the production available from Palisades, acquired on April 11, 2007. Partially offsetting this increase was reduced production as a result of refueling outages in second quarter 2007 at Vermont Yankee and Pilgrim, and a 24-day unplanned outage at Indian Point 3. There was one refueling outage in second quarter 2006.

Table 5 provides a comparative summary of Entergy Nuclear's operational performance measures.

Table 5: Entergy Nuclear Operational Performance Measures

Second Quarter and Year-to-Date 2007 vs. 2006 (see appendix E for definitions of measures)
 

Second Quarter

Year-to-Date
 

2007

2006

% Change

2007

2006

% Change

Net MW in operation

4,998

4,200

19%

4,998

4,200

19%

Average realized price per MWh (b) (c)

$51.28

$43.76

17%

53.13

44.03

21%

Production cost per MWh (b)

$21.27

$19.61

8%

20.49

19.13

7%

Non-fuel O&M expense/purchased
  power per MWh (b)

$24.09

$21.65

11%

22.48

20.85

8%

GWh billed

8,896

8,281

7%

17,211

17,044

1%

Capacity factor

82%

90%

-9%

86%

94%

-8%

Refueling outage days:

  Indian Point 2

31

31

  Indian Point 3

24

  Vermont Yankee

24

24

  Pilgrim

33

33

(b) These statistics have been restated for current and comparable periods as follows: Average realized price per MWh has been restated to reflect MWh billed. Production cost per MWh has been restated to exclude purchased power which is now included in non-fuel O&M/purchased power per MWh, data for which has also been restated.

(c) Does not include the revenue associated with the amortization of the below-market PPA for Palisades.

 

Entergy Nuclear's sold forward position, including the Palisades acquisition which closed in early April 2007, is 96%, 88%, and 70% of planned generation at average prices per megawatt-hour of $48, $54 and $58, for 2007, 2008, and 2009, respectively. Table 6 provides capacity and generation sold forward projections for Entergy Nuclear.

Table 6: Entergy Nuclear's Capacity and Generation Projected Sold Forward

2007 through 2011 (see appendix E for definitions of measures)

Remainder of
2007

2008

2009

2010

2011

Energy

Planned TWh of generation

21

41

41

41

42

Percent of planned generation sold forward (d)

Unit-contingent

43%

48%

42%

31%

29%

Unit-contingent with availability guarantees

46%

36%

28%

22%

7%

Firm liquidated damages

7%

4%

0%

0%

0%

Total

96%

88%

70%

53%

36%

Average contract price per MWh

$48

$54

$58

$56

$51

Capacity

Planned net MW in operation

4,998

4,998

4,998

4,998

4,998

Percent of capacity sold forward

Bundled capacity and energy contracts

21%

27%

27%

27%

26%

Capacity contracts

66%

39%

26%

9%

3%

Total

87%

66%

53%

36%

29%

Average capacity contract price per kW per month

$1.7

$1.4

$1.3

$1.7

$2.0

Blended Capacity and Energy Recap (based on revenues)

Percent of planned energy and capacity sold forward

94%

83%

64%

45%

27%

Average contract revenue per MWh (e)

$50

$54

$59

$56

$51

  1. A portion of EN's total planned generation sold forward is associated with the Vermont Yankee contract for which pricing may be adjusted.
  2. Average contract prices exclude potential payments that may be owed under the value sharing agreement with the New York Power Authority.

Non-Nuclear Wholesale Assets

Entergy's Non-Nuclear Wholesale Assets business recorded earnings of $0.19 per share on both as-reported and operational bases in second quarter 2007 compared to earnings of $0.03 per share on both as-reported and operational bases in second quarter 2006. The higher results reflect lower income tax expense due to the resolution of tax audit issues.

IV. Earnings Guidance

Entergy is reaffirming as-reported and operational earnings guidance for 2007 in the range of $5.40 to $5.70 per share. Year-over-year changes are shown as point estimates and are applied to 2006 actual results to compute the 2007 guidance midpoint. Because there is a range of possible outcomes associated with each earnings driver, a reasonable band is created around the calculated guidance midpoints to produce Entergy's guidance ranges for as-reported and operational earnings. When initially established, earnings guidance for 2007 excluded ENOI given the uncertainty as it worked through its Chapter 11 Bankruptcy proceeding. While incorporating ENOI results in operational earnings now creates upside to the calculated guidance midpoint, when considered with other year-to-date outcomes, the current earnings guidance range of $5.40 to $5.70 per share continues to be appropriate. Earnings guidance for 2007 is detailed in Table 7 below.

Key assumptions, established in October 2006, supporting 2007 earnings guidance are as follows:

Utility, Parent & Other

  • Normal weather
  • Retail sales growth of just under 2%
  • Increased revenue associated with storm and non-storm rate requests, partially offset by declining wholesale revenues, among others
  • Increased non-fuel operation and maintenance expense, primarily due to effects of wage and other inflation and increased insurance premiums
  • Increased interest expense primarily from securitization debt and Palisades financing

Entergy Nuclear

  • Incremental earnings of $0.20 total for Palisades acquisition, assuming second quarter close; Palisades' contributions to Entergy Nuclear's 2007 metrics are factored in the assumptions that follow
  • 38 TWh of total output, reflecting an approximate 92% capacity factor, including 30 day refueling outages at Indian Point 3, Pilgrim and Vermont Yankee, all in Spring 2007, and the initial refueling outage at Palisades, in Fall 2007
  • 95% energy sold under existing contracts; 5% sold into the spot market
  • $49/MWh average energy contract price; $69/MWh average unsold energy price based on published forward market prices in October 2006
  • 85% capacity sold under existing contracts; 15% sold in spot market
  • $1.60 per kW per month average capacity-only contract price; $3.00 per kW per month unsold capacity based on market prices in October 2006
  • $21.25/MWh non-fuel operation and maintenance expense reflecting wage and other inflation; $20.50/MWh production cost

Non-Nuclear Wholesale Assets

  • Increased losses

Special Items

  • Absence of 2006 recognition of gain contingency associated with receipt of additional proceeds from the 2004 sale of Entergy-Koch Trading and related tax benefits from liquidation of the holding company that owned Entergy's investment in Entergy-Koch, LP
  • Absence of 2006 effect of write-off of capital losses at Non-Nuclear Wholesale Assets

Share Repurchase Program

  • 2007 average fully diluted shares outstanding of approximately 206 million; excludes effect of the new $1.5 billion share repurchase program

Table 7: 2007 Earnings Per Share Guidance excluding Entergy New Orleans

(Per share in U.S. $) - Prepared October 2006 (f)



Segment



Description of Drivers

2006
Earnings
Per Share


Expected
Change

2007
Guidance
Midpoint

2007
Guidance
Range

Utility, Parent & Other

2006 Operational Earnings per Share

3.20

Adjustment to normalize weather

(0.07)

Increased revenue due to sales growth and rate actions

0.30

Increased O&M expense

(0.10)

Increased depreciation expense

(0.10)

Increased interest expense

(0.05)

Accretion/Other

(0.13)

Subtotal

3.20

(0.15)

3.05

Entergy Nuclear

2006 Operational Earnings per Share

1.46

Higher contract and market energy pricing

0.70

Higher contract and market capacity pricing

0.10

Increased generation from plant acquisition, net of more outages

0.40

Increased O&M expense

(0.25)

Accretion/Other

0.14

Subtotal

1.46

1.09

2.55

Non-Nuclear Wholesale Assets

2006 Operational Earnings per Share

0.06

Increased losses

(0.11)

Subtotal

0.06

(0.11)

(0.05)

Consolidated Operational

2007 Operational Earnings per Share

4.72

0.83

5.55

5.40 - 5.70

Consolidated As-Reported

2006 As Reported Earnings per Share

5.36

Changes detailed above

0.83

Special items:

2006 Gain on sale of Entergy-Koch, LP

(0.26)

2006 Restructuring - Entergy-Koch, LP distribution

(0.49)

2006 Write-off of capital losses at Non-Nuclear Wholesale

0.13

2006 Entergy New Orleans, Inc. results

(0.02)

2007 As-Reported Earnings per Share

5.36

0.19

5.55

5.40 - 5.70

(f) Updated January 2007 to reflect 2006 final results.

Earnings guidance for 2007 should be considered in association with earnings sensitivities as shown in Table 8. These sensitivities illustrate the estimated change in operational earnings resulting from changes in various revenue and expense drivers. Utility sales are expected to be the most significant variable for 2007 results for Utility, Parent & Other. At Entergy Nuclear, energy prices are expected to be the most significant driver of results in 2007. Estimated annual impacts shown in the Table 8 are intended to be indicative rather than precise guidance.

Table 8: 2007 Earnings Sensitivities excluding Entergy New Orleans

(Per share in U.S. $)


Variable


2007 Guidance Assumption


Description of Change

Estimated
Annual Impact (g)

Utility, Parent & Other

Sales growth
  Residential
  Commercial/Governmental
  Industrial


Slightly less than 2% total sales growth


1% change in Residential MWh sold
1% change in Comm/Govt MWh sold
1% change in Industrial MWh sold


- / + 0.04
- / + 0.03
- / + 0.03

Rate base

Stable rate base

$100 million change in rate base

- / + 0.02

Return on equity

See Appendix C

1% change in allowed ROE

- / + 0.29

Interest expense

Additional average debt

$100M change in debt

- / + 0.02

Entergy Nuclear

Capacity factor

92% capacity factor

1% change in capacity factor

- / + 0.06

Energy price

5% energy unsold at $69/MWh in 2007

$10/MWh change for unsold energy

- / + 0.06

Portion of energy sold is with options in 2007

Market prices exceed option exercise prices

n/a / Up to 0.07

Non-fuel operation and maintenance expense

$21.25/MWh non-fuel operation and maintenance expense

$1 change per MWh

- / + 0.12

Outage (lost revenue only)

92% capacity factor, including refueling outages for three northeast units and at Palisades

1,000 MW plant for 10 days at average portfolio energy price of $49/MWh for sold and $69/MWh for unsold volumes in 2007

- 0.03 / n/a

Consolidated

Share repurchase program

2007 guidance excludes effect of new $1.5 billion share repurchase program; average fully diluted shares are 206M

Execution of new share repurchase program over next two years resulting in decline of average fully diluted outstanding shares to 203M, net of associated financing cost

+0.03

  1. Based on 2006 average fully diluted shares of approximately 211 million.

 

V. Forward-looking Financial Data and Aspirations

Entergy continues to aspire to deliver superior value to its owners as measured by total shareholder return. Entergy believes top-quartile total shareholder returns are achieved by growing earnings, improving returns on invested capital, maintaining investment grade credit quality and deploying capital in a disciplined manner, whether for new investments, share repurchases, dividends or debt retirement.

Table 9 provides details on Entergy's projected cash available for capital redeployment for the period 2007 through 2009. Entergy expects to have $0.5 billion of cash available over this period for several potential uses: investments in new businesses or assets, repayment of debt or equity, or dividend increases. The table has been updated in the second quarter to incorporate a moderate improvement in cash flow, including Entergy New Orleans projections, revised cost estimates associated with portfolio transformation initiatives (such as Little Gypsy repowering project, and GE-Hitachi Nuclear Energy project development agreement), and the dividend increase approved by Entergy Corporation's Board of Directors, along with associated effects on debt capacity. Cash flow from operations includes storm cost recovery anticipated from a combination of insurance, rate relief, and securitization; these amounts are applied consistent with regulatory filings and other agreements reached with governmental agencies under which benefits inure to ratepayers. Capital structure changes include the $1.5 billion share repurchase program announced in January 2007, and beyond the July 2007 dividend increase, an assumed rate of common stock dividend growth consistent with top quartile growth in our industry, or approximately 5 percent annually. The amount of repurchases may vary as a result of material changes in business results or capital spending or new investment opportunities. Finally, sources of cash include debt that Entergy believes it could issue in association with new investments while maintaining credit quality consistent with BBB credit rating. The amount of additional debt could vary depending upon the type of new investment and the credit market environment.

Table 9: Projected Cash Available for Capital Redeployment including Entergy New Orleans
2007 through 2009 - Reconciliation of GAAP to Non-GAAP Measures
(see appendix E for definitions of measures)

($ in billions)

2007-2009

Net cash flow provided by operating activities

8.6

Less:

  Planned capital expenditures

(5.6)

  Preferred dividends

(0.1)

  Other investing cash flows

(0.8)

Subtotal

2.1

Common dividends

(1.7)

Capital structure changes including net share repurchases and new debt (net of maturities)

0.1

Net Cash Available for New Investment, Debt or Equity Repayment, Dividend Increase

0.5

VI. Appendices

Six appendices are presented in this section as follows:

  • Appendix A includes earnings per share variance analysis and details on special items that relate to the current quarter.
  • Appendix B provides information on selected pending local and federal regulatory cases.
  • Appendix C provides financial metrics for both current and historical periods. In addition, historical financial and operating performance metrics are included for the trailing eight quarters.
  • Appendix D provides a summary schedule of planned capital expenditures for the next three years.
  • Appendix E provides definitions of the operational performance measures and GAAP and non-GAAP financial measures that are used in this release.
  • Appendix F provides a reconciliation of GAAP to non-GAAP financial measures used in this release.

Appendices A-1 and A-2 provide details of second quarter and year-to-date 2007 vs. 2006 earnings variance analysis for "Utility, Parent & Other," "Competitive Businesses," and "Consolidated."

Appendix A-1: As-Reported Earnings Per Share Variance Analysis

Second Quarter 2007 vs. Pro-forma 2006 (including Entergy New Orleans)

(Per share in U.S. $, sorted in consolidated

column, most to least favorable)

Utility,

Competitive

Parent & Other

Businesses

Consolidated

2006 earnings

1.00

0.33

1.33

Net revenue

-

0.18

(h)

0.18

Income taxes - other

(0.14)

(i)

0.20

(j)

0.06

Interest and dividend income

0.01

0.04

0.05

Share repurchase effect

0.02

0.03

0.05

Other income (deductions)

-

0.01

0.01

Preferred dividend requirements

0.01

-

0.01

Nuclear refueling outage expense

-

(0.01)

(0.01)

Decommissioning expense

-

(0.01)

(0.01)

Depreciation/amortization expense

(0.02)

(0.02)

(0.04)

Taxes other than income taxes

(0.04)

(0.01)

(0.05)

Interest expense and other charges

(0.06)

(k)

-

(0.06)

Retail business discontinued operations

(0.06)

(l)

-

(0.06)

Other operation & maintenance expense

(0.13)

(m)

(0.01)

(0.14)

2007 earnings

0.59

0.73

1.32

Appendix A-2: As-Reported Earnings Per Share Variance Analysis

Year-to-Date 2007 vs. Pro-forma 2006 (including Entergy New Orleans)

(Per share in U.S. $, sorted in consolidated

column, most to least favorable)

Utility,

Competitive

Parent & Other

Businesses

Consolidated

2006 earnings

1.54

0.71

2.25

Net revenue

0.12

(n)

0.32

(h)

0.44

Interest and dividend income

0.03

0.06

(o)

0.09

Share repurchase effect

0.03

0.04

0.07

Other income (deductions)

0.01

0.01

0.02

Preferred dividend requirements

0.02

-

0.02

Income taxes - other

(0.18)

(i)

0.19

(j)

0.01

Nuclear refueling outage expense

-

(0.01)

(0.01)

Decommissioning expense

(0.01)

(0.01)

(0.02)

Retail business discontinued operations

(0.05)

(l)

-

(0.05)

Taxes other than income taxes

(0.07)

(p)

(0.01)

(0.08)

Depreciation/amortization expense

(0.07)

(q)

(0.02)

(0.09)

Interest expense and other charges

(0.11)

(k)

-

(0.11)

Other operation & maintenance expense

(0.24)

(m)

0.04

(0.20)

2007 earnings

1.02

1.32

2.34

  1. Net revenue increased in the quarter and year-to-date periods due primarily to higher revenues at Entergy Nuclear due to higher pricing and additional production from Palisades which was acquired during the quarter.
  2. Income taxes-other increased in the quarter and year-to-date periods due primarily to the absence in the current periods of benefits recorded in connection with flow through income tax accounting and the favorable resolution of a tax audit issue, both of which occurred in second quarter 2006.
  3. Income taxes-other decreased in the quarter and year-to-date periods due primarily to the favorable resolution of tax audit issues.
  4. Interest expense and other charges increased in the quarter and year-to-date periods due primarily to higher borrowings in connection with financing storm restoration costs, common stock repurchases, and funding the Palisades acquisition.
  5. Reflects the absence in the quarter and year-to-date periods of 2006 results of discontinued retail business operations, including the gain on the sale of this business in second quarter 2006.

    6. Utility Net Revenue Variance Analysis 2007 vs.
    Pro-forma 2006 (including ENOI)
    ($ EPS)

    Year-To-Date

    Sales growth/pricing

    0.18

    Weather

    (0.03)

    Other

    (0.03)

    Total

    0.12
  6. Other operation and maintenance expense increased in the quarter and year-to-date periods due primarily to higher distribution, transmission and fossil spending, reflecting a return to more normal maintenance work compared to post-storm restoration work last year. In addition, higher NRC fees, an unplanned River Bend outage, higher spending for independent coordinator of transmission, and fossil outage scope and schedule differences also contributed to the increases for the quarter and year-to-date periods.
  7. Net revenue increased due primarily to sales growth.
  8. Interest and dividend income increased in the year-to-date period due primarily to higher earnings on Entergy Nuclear's decommissioning trusts.
  9. Taxes other than income taxes increased due primarily to a regulatory requirement for Entergy Arkansas, Inc., effective in third quarter 2006, whereby franchise tax collections are recorded in revenue with a corresponding increase in taxes other than income taxes.
  10. Depreciation/amortization expense increased due to higher levels of plant in service compared to 2006.

 

Appendix A-3 lists special items by business with quarter-to-quarter and year-to-date comparisons. Amounts are shown on both earnings per share and net income bases. Special items are those events that are less routine, are related to prior periods, or are related to discontinued businesses. Special items are included in as-reported earnings per share consistent with generally accepted accounting principles (GAAP), but are excluded from operational earnings per share. As a result, operational earnings per share is considered a non-GAAP measure.

Appendix A-3: Special Items (shown as positive / (negative) impact on earnings)

Second Quarter and Year-to-Date 2007 vs. 2006

(Per share in U.S. $)
 

Second Quarter

Year-to-Date
 

2007

2006

Change

2007

2006

Change

Utility, Parent & Other

  ENOI results

-

0.05

(0.05)

-

0.08

(0.08)

  Retail business discontinued operations

-

(0.02)

0.02

-

(0.03)

0.03

  Gain on sale - retail business

-

0.08

(0.08)

-

0.08

(0.08)

     Total Utility, Parent and Other

-

0.11

(0.11)

-

0.13

(0.13)

Competitive Businesses

  Entergy Nuclear

-

-

-

-

-

-

  Non-Nuclear Wholesale Assets

-

-

-

-

-

-

     Total Competitive Businesses

-

-

-

-

-

-

Total Special Items

-

0.11

(0.11)

-

0.13

(0.13)

(U.S. $ in millions)

2007

2006

Change

2007

2006

Change

Utility, Parent & Other

  ENOI results

-

10.7

(10.7)

-

16.3

(16.3)

  Retail business discontinued operations

-

(4.0)

4.0

-

(6.2)

6.2

  Gain on sale - retail business

-

17.1

(17.1)

-

17.1

(17.1)

     Total Utility, Parent and Other

-

23.8

(23.8)

-

27.2

(27.2)

Competitive Businesses

  Entergy Nuclear

-

-

-

-

-

-

  Non-Nuclear Wholesale Assets

-

-

-

-

-

-

     Total Competitive Businesses

-

-

-

-

-

-

Total Special Items

-

23.8

(23.8)

-

27.2

(27.2)
             

Appendix B provides a summary of selected regulatory cases and events that are pending.

Appendix B: Regulatory Summary Table

Company/ Proceeding

Authorized ROE

Pending Cases/Events

Retail Regulation

Entergy Arkansas

9.9%

Recent activity: On June 15, 2007, the APSC issued an order on EAI's rate case calling for a $5.67 million rate reduction, 9.9% ROE and a hypothetical common equity level lower than EAI's actual capital structure. Among other actions, the APSC also approved retention of the ECR rider for fuel and purchased power recovery through December 31, 2008 and a production cost allocation rider to recover the System Agreement rough production cost equalization payment for calendar year 2006 production costs. EAI filed its petition for rehearing on numerous issues on July 13, 2007. On July 26, 2007, the APSC suspended the compliance tariffs pending further investigation and review.
Background: EAI's base rates and Rider ECR have been in effect since 1998.  EAI filed a rate case on August 15, 2006 requesting $150 million increase based on a June 30, 2006 test year using an 11.25% ROE. The rate increase was revised to $106.5 million on rebuttal primarily to remove a plant acquisition included in the initial filing. In December 2005, EAI provided notice of its intent to terminate participation in the Entergy System Agreement, following a final order from FERC establishing terms under which EAI may be required to make payments to other operating companies to achieve rough production cost equalization.

     

Entergy Gulf States - TX

10.95%

Recent activity: Deliberations continue on EGSI-TX's Transition to Competition plan.
Background: EGSI-TX has operated under a base rate freeze since 1999. Legislation subsequently enacted in June 2005 extended the base rate freeze to mid 2008 but also allowed EGSI-TX to file for rate relief through riders for incremental capacity costs and transition costs. In December 2005, the PUCT approved the recovery of $18 million annual capacity costs, subject to reconciliation from September 2005. In June 2006, the PUCT approved a settlement in the Transition to Competition Cost recovery case, allowing EGSI-TX to recover $14.5 million per year in TTC costs over a 15-year period. In December 2006, EGSI-TX filed a Transition to Competition plan with the PUCT, proposing EGSI-TX join ERCOT as it represents the most viable path to full customer choice.
Storm Cost Recovery: On June 29, 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company wholly-owned and consolidated by EGSI, issued $329.5 million of senior secured transition (securitization) bonds. EGSI-TX began cost recovery through the transition charge in July 2007, and the transition charge is expected to remain in place over a 15-year period.
     

Entergy Gulf States - LA

9.90% - 11.40%

Recent activity: On May 31, 2007, EGSI-LA made its formula rate plan (FRP) filing for the 2006 test year, indicating a 10.03% ROE, which is within the allowed bandwidth. Elimination of interim storm recovery and reduction of storm reserves, both expected to be securitized, are primary drivers of an approximate $23 million rate reduction planned to be implemented in October. This reduction will be partially offset by recovery of increased capacity costs associated with certain purchased power agreements filed with the LPSC and currently under review.
Background: In March 2005, the LPSC approved a Global Settlement which established an FRP with a 10.65% ROE midpoint and a +/- 75 basis point bandwidth and a recovery mechanism for Commission approved capacity additions. Earnings outside the bandwidth are allocated 60% to customers and 40% to the company.
 Storm Cost Recovery: On July 25, 2007, the Administrative Law Judge issued a final recommendation for the storm proceedings and recommended approval of two stipulations. The first quantifies the balance of storm restoration costs for recovery at $187 million and establishes $87 million as a reserve for future storms. The second provides for securitization of both storm restoration costs and reserves in the same amounts. A Commission decision is expected in 3rd quarter 2007. In May 2006, EGSI-LA completed the $6 million interim recovery of storm costs through the fuel adjustment clause pursuant to the LPSC order. Beginning in September, interim recovery shifted to the FRP at the rate of $0.85 million per month. Interim recovery will continue until a final decision is granted on EGSI-LA's Phase II filing.
Jurisdictional Separation Plan: In January 2007, the LPSC unanimously approved the Jurisdictional Separation Plan for EGSI. The target date for completing the separation, which depends on a number of factors, is estimated to be the end of 2007.

     

Entergy Louisiana

9.45% - 11.05%

Recent activity: On May 15, 2007, ELL made its FRP filing for the 2006 test year, indicating a 7.6% ROE. If the LPSC approves ELL's request for $39.8 million in unrecovered fixed costs for extraordinary customer losses associated with Hurricane Katrina, the ROE would increase to 9.4% which is within the band of no change adjacent to the lower end of the sharing bandwidth. Elimination of interim storm recovery and reduction of storm reserves, both expected to be securitized, are offsetting and primary drivers of an approximate $7 million rate reduction planned to be implemented in October.
Background: In May 2005, the LPSC approved a settlement reestablishing the Company's FRP with a 10.25% ROE midpoint and a +/- 80 basis point bandwidth and a recovery mechanism for Commission-approved capacity additions. Earnings outside the bandwidth are allocated 60% to customers and 40% to the company. ELL continues to seek resolution of its FRP filing for the 2005 test year made in May 2006, indicating a 9.45% ROE, which is within the allowed bandwidth, and for which rates were implemented subject to refund on September 28, 2006 consisting of $119 million for deferred and ongoing capacity costs and $24 million for interim storm cost recovery. This increase reflects certain adjustments proposed by the LPSC Staff with which ELL agrees.
 Storm Cost Recovery: On July 25, 2007, the Administrative Law Judge issued a final recommendation for the storm proceedings and recommended approval of two stipulations. The first quantifies the balance of storm restoration costs for recovery at $545 million and establishes $152 million as a reserve for future storms. The second provides for securitization of both storm restoration costs and reserves in the same amounts. A Commission decision is expected in 3rd quarter 2007. In April 2006, ELL completed the $14 million interim recovery of storm costs through the fuel adjustment clause pursuant to the LPSC order. Beginning in September, interim recovery shifted to the FRP at the rate of $2 million per month. Interim recovery will continue until a final decision is granted on ELL's Phase II filing.

 

Appendix B: Regulatory Summary Table (continued)

Company/ Proceeding

Authorized ROE

Pending Cases/Events

Retail Regulation

Entergy Mississippi

9.46% - 12.24%

Recent activity: In March 2007, EMI made its FRP filing for the 2006 test year indicating a 10.85% mid-point ROE, including 7 basis points for performance incentives. The filing called for an annual revenue increase of $12.9 million. On June 6, 2007, the MPSC approved a joint stipulation between EMI and the Mississippi Public Utilities Staff calling for a $10.5 million increase effective with July billings.
Background: EMI has been operating under a FRP last approved in December 2002. The FRP allows the company's earned ROE to increase or decrease within a bandwidth with no change in rates; earnings outside the bandwidth are allocated 50% to customers and 50% to the company, but on a prospective basis only. The plan also provides for performance incentives that can increase or decrease the benchmark ROE by as much as 100 basis points. In December 2005, the MPSC approved the purchase of the Attala facility and ordered interim recovery. In October 2006, the MPSC approved EMI's filing to revise the Power Management Rider Schedule to extend beyond 2006 recovery of EMI's Attala costs, effective for bills on/after January 1, 2007. In December 2006, the MPSC approved EMI's request to increase several fees (connect, reconnect, late payment and returned check) effective January 1, 2007.
Storm Cost Recovery: Mississippi Development Corporation, an entity created by the state, issued securitization bonds. EMI received proceeds in the amount of $48 million on May 31, 2007, reflecting recovery of remaining $8 million storm restoration costs and $40 million to increase EMI's storm reserve. To service the bonds, EMI will collect a system restoration charge on behalf of the state and will remit collections to the state. In October 2006, EMI received $81 million in CDBG funding, pursuant to MPSC Orders approving recovery of $89 million storm restoration costs.

Entergy New Orleans

10.75%

Recent activity: None
Background:  Prior to Hurricane Katrina, ENOI operated under a FRP with a ROE mid-point of 10.75%, a 45% hypothetical equity ratio, and electric and gas ROE bandwidths of 100 and 50 basis points, respectively. In October 2006, the City Council of New Orleans (CCNO) unanimously approved a settlement agreement with ENOI that called for a phased-in rate increase to ensure the company's ability to focus on restoration of the gas and electric systems, and created a $75M storm reserve via a storm reserve rider beginning in March 2007 that positions ENOI to pay for future hurricane damage. When fully implemented by January 1, 2008, electric base rates will increase by $3.9 million and gas base rates by $11.0 million ($6.25 million implemented to date). Grand Gulf fuel adjustment clause recovery is also retained. Absent extraordinary circumstances, there will be no further base rate adjustments until April 2009. The order allows ENOI to seek reinstatement of an appropriate FRP following the resetting of rates in 2009.
Storm Cost Recovery: The October 2006 agreement established storm reserve riders for electric and gas and a process for storm cost recovery. The $200 million CDBG funding allocated by the Louisiana Recovery Authority in October 2006 is to be applied to storm costs; any storm costs in excess of the $200 million and insurance receipts will be addressed in ENOI's July 2008 rate filing. Storm reserve rider builds a $75 million reserve for future storm costs over a 10 year period. As of July 11, 2007, ENOI had received $180.8 million of CDBG funding for ratepayer mitigation of storm costs. ENOI will continue to submit storm restoration costs until the $200 million total CDBG funding allocation is reached.

Wholesale Regulation (FERC)

System Energy Resources, Inc.

10.94%

Recent activity: None
Background: ROE approved by July 2001 FERC order. No cases pending.
     

System Agreement

NA

Recent activity: The Utility operating subsidiaries implemented FERC's rough production cost equalization remedy in June 2007. Based on calendar year 2006 production costs, EAI will pay $251.7 million to EGSI ($120.1 million), ELL ($91 million) and EMI ($40.6 million). ENOI is neither a payer nor recipient because its production costs were sufficiently close to the system average such that no payments or receipts were required. EAI will recover the approximate $231 million retail portion through the production cost allocation rider approved by the APSC, with rates effective for July billing. Receipts for the other utility companies will be reflected predominantly as reductions in fuel expense. In July 2007, the FERC accepted the proposed rates for filing, allowed them to go into effect June 1 subject to refund, and set them for hearing and settlement procedures.
Background: The System Agreement case addresses reallocation of production costs among the utility operating subsidiaries. In June 2005, the FERC issued its decision and established a bandwidth of +/- 11 % to reallocate production costs and ordered that this approach be applied prospectively. In December 2005, FERC established, among other things, that 1) the bandwidth would be applied to calendar year 2006 actual production costs and 2) 2007 would be the first possible year of payments among Entergy's operating companies. Appeals of this decision were filed by the APSC, LPSC, MPSC and AEEC in the federal appeals court for the D.C. circuit. These appeals have been consolidated. The City of New Orleans intervened in the LPSC appeal, and Entergy has intervened in all appeals. A Compliance filing to implement the FERC decision in this case was filed by Entergy at FERC on April 10, 2006 which proposed that all payments required by the June 2005 FERC decision be properly reflected as fuel costs. Various comments or protests to the Compliance filing were filed by various parties including a request for summary judgment by the LPSC.

Appendix C-1 provides comparative financial performance measures for the current quarter. Appendix C-2 provides historical financial performance measures and operating performance metrics for the trailing eight quarters. Financial performance measures in both tables include those calculated and presented in accordance with generally accepted accounting principles (GAAP), as well as those that are considered non-GAAP measures.

As-reported measures are computed in accordance with GAAP as they include all components of earnings, including special items. Operational measures are non-GAAP measures as they are calculated using operational earnings, which excludes the impact of special items. A reconciliation of operational earnings per share to as-reported earnings per share is provided in Appendix F-1.

Appendix C-1: GAAP and Non-GAAP Financial Performance Measures

Second Quarter 2007 vs. 2006 (Including Entergy New Orleans, Inc.)
(see appendix E for definitions of certain measures)

For 12 months ending June 30

2007

2006(r)

Change

GAAP Measures

Return on average invested capital - as-reported

8.2%

7.3%

0.9%

Return on average common equity - as-reported

14.2%

11.3%

2.9%

Net margin - as-reported

10.0%

8.5%

1.5%

Cash flow interest coverage

5.8

5.2

0.6

Book value per share

$39.72

$39.45

$0.27

End of period shares outstanding (millions)

196.1

208.1

(12.0)

Non-GAAP Measures

Return on average invested capital - operational

7.6%

7.4%

0.2%

Return on average common equity - operational

12.9%

11.5%

1.4%

Net margin - operational

9.1%

8.6%

0.5%

As of June 30 ($ in millions)

2007

2006

Change

GAAP Measures

Cash and cash equivalents

1,320

729

591

Revolver capacity

1,650

2,710

(1,060)

Total debt

10,936

9,402

1,534

Debt to capital ratio

57.3%

52.4%

4.9%

Off-balance sheet liabilities:

Debt of joint ventures - Entergy's share

141

152

(11)

Leases - Entergy's share

523

519

4

Total off-balance sheet liabilities

664

671

(7)

Non-GAAP Measures

Total gross liquidity

2,970

3,439

(469)

Net debt to net capital ratio

54.1%

50.4%

3.7%

Net debt ratio including off-balance sheet liabilities

55.8%

52.2%

3.6%

 

(r) Data has not been restated for the re-consolidation of ENOI which was the accounting adopted by Entergy in second quarter 2007.

 

Appendix C-2: Historical Performance Measures
(see appendix E for definitions of measures)

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

06YTD

07YTD

Financial (s)

EPS - as-reported ($)

1.65

0.43

0.92

1.33

1.83

1.27

1.02

1.32

2.25

2.34

Less - special items ($)

-0.03

-0.16

0.02

0.11

0.03

0.48

0.00

0.00

0.13

0.00

EPS - operational ($)

1.68

0.59

0.90

1.22

1.80

0.79

1.02

1.32

2.12

2.34

Trailing Twelve Months

ROIC - as-reported (%)

7.5

7.2

7.3

7.3

7.5

8.5

8.4

8.2

ROIC - operational (%)

7.3

7.5

7.5

7.4

7.5

7.7

7.7

7.6

ROE - as-reported (%)

11.5

11.2

11.5

11.3

11.6

14.2

14.5

14.2

ROE - operational (%)

11.2

11.8

12.0

11.5

11.6

12.5

12.8

12.9

Cash Flow Interest Coverage

5.9

4.0

5.0

5.2

6.0

7.2

6.1

5.8

Debt to capital ratio (%)

51.9

53.1

52.1

52.4

50.4

52.3

55.2

57.3

Net debt/net capital ratio (%)

50.2

51.5

50.0

50.4

48.3

49.4

52.3

54.1

Utility

GWh billed

Residential (t)

11,168

7,443

7,055

7,240

11,120

7,163

7,792

6,986

14,296

14,777

Commercial & Gov't (t)

8,415

6,646

6,342

7,001

8,587

7,027

6,665

7,043

13,343

13,708

Industrial (t)

9,893

8,814

9,145

9,702

10,316

9,724

9,323

9,813

18,846

19,137

Wholesale (t)

2,270

1,831

1,962

1,861

1,844

1,470

1,638

1,428

3,823

3,066

O&M expense/MWh (t)

$11.52

$17.49

$16.05

$17.03

$14.59

$20.85

$16.83

$19.01

$16.55

$17.92

Reliability

SAIFI (u)

1.8

1.7

1.8

1.7

1.8

1.8

1.8

1.9

1.7

1.9

SAIDI (u)

158

161

173

178

182

189

193

198

178

198

Nuclear

Net MW in operation

4,105

4,105

4,135

4,200

4,200

4,200

4,200

4,998

4,200

4,998

Avg. realized price per MWh (v)

$42.42

$42.74

$44.28

$43.76

$44.90

$44.34

$55.11

$51.28

44.03

53.13

Production cost/MWh (w)

$19.55

$19.00

$18.68

$19.61

$18.75

$21.00

$19.80

$21.27

19.13

20.49

Non-fuel O&M expense/ purchased power per MWh (w)

$20.83

$20.43

$20.09

$21.65

$21.29

$22.48

$20.76

$24.09

20.85

22.48

GWh billed

8,504

8,645

8,763

8,281

9,119

8,684

8,315

8,896

17,044

17,211

Capacity factor

95%

95%

97%

90%

99%

93%

91%

82%

94%

86%

  1. Data for 1Q07, 2Q07 and 07YTD reflect the re-consolidation of ENOI and all other periods are not restated for this effect.
  2. Data has been restated for the re-consolidation of ENOI which was the accounting adopted by Entergy in second quarter 2007.
  3. Excludes impact of major storm activity.
  4. Restated to reflect MWh billed as the denominator in the calculation.
  5. Restated data to reflect moving purchased power from production costs to non-fuel O&M.

    6. Appendix D: Planned Capital Expenditures

    Appendix D includes revised second quarter cost estimates for portfolio transformation. Entergy's capital plan from 2007 through 2009 anticipates $5.6 billion for investment including roughly $2.7 billion of maintenance capital. The remaining $2.9 billion is for specific investments such as the Palisades and Calcasieu acquisitions and Little Gypsy repowering, GE-Hitachi Nuclear Energy project development agreement, transmission upgrades, dry cask storage and nuclear license renewal projects, environmental compliance spending, potential NYPA value sharing costs or other initiatives. Significant items not included in this table are costs associated with the potential inter-connection between Entergy Gulf States-TX and ERCOT (up to approximately $1 billion), and the potential replacement of steam generators at Entergy's Waterford 3 nuclear unit. In addition, only minimal amounts for potential new nuclear development at the Grand Gulf and River Bend sites at the Utility are included in the below expenditures.

    Appendix D: 2007-2009 Planned Capital Expenditures including Entergy New Orleans

    ($ in millions)

    2007

    2008

    2009

    Total

    Maintenance capital

    		        

      Utility, Parent & Other

    816

    814

    798

    2,428

      Entergy Nuclear

    97

    78

    82

    257

        Subtotal

    913

    892

    880

    2,685

    Other capital commitments

    		        

      Utility, Parent & Other

    430

    954

    731

    2,115

      Entergy Nuclear

    447

    172

    219

    838

        Subtotal

    877

    1,126

    950

    2,953

    Total Planned Capital Expenditures

    1,790

    2,018

    1,830

    5,638

    Appendix E provides definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures, all of which are referenced in this release.

    Appendix E: Definitions of Operational Performance Measures and GAAP and Non-GAAP Financial Measures

    Utility

    GWh billed

    Total number of GWh billed to all retail and wholesale customers

    Operation & maintenance expense

    Operation, maintenance and refueling expenses per MWh of billed sales, excluding fuel

    SAIFI

    System average interruption frequency index; average number per customer per year

    SAIDI

    System average interruption duration index; average minutes per customer per year

    Number of customers

    Number of customers at end of period

    Competitive Businesses

    Planned TWh of generation

    Amount of output expected to be generated by Entergy Nuclear for nuclear units considering plant operating characteristics, outage schedules, and expected market conditions which impact dispatch

    Percent of planned generation sold
    forward

    Percent of planned generation output sold forward under contracts, forward physical contracts, forward financial contracts or options (consistent with assumptions used in earnings guidance) that may or may not require regulatory approval

    Unit-contingent

    Transaction under which power is supplied from a specific generation asset; if the asset is unavailable, seller is not liable to buyer for any damages

    Unit-contingent with availability
    guarantees

    Transaction under which power is supplied from a specific generation asset; if the asset is unavailable, seller is not liable to buyer for any damages, unless the actual availability over a specified period of time is below an availability threshold specified in the contract

    Firm liquidated damages (LD)

    Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract

    Planned net MW in operation

    Amount of capacity to be available to generate power considering uprates planned to be completed within the calendar year

    Bundled energy & capacity contract

    A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold

    Capacity contract

    For Entergy Nuclear, a contract for the sale of the installed capacity product in regional markets managed by ISO New England and the New York Independent System Operator

    Average contract price per MWh or
    per kW per month

    Price at which generation output and/or capacity is expected to be sold to third parties, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades

    Average contract revenue per MWh

    Price at which the combination of generation output and capacity are expected to be sold to third parties, given existing contract or option exercise prices based on expected dispatch

    Entergy Nuclear

    Net MW in operation

    Installed capacity owned and operated by Entergy Nuclear

    Average realized price per MWh

    As-reported revenue per MWh billed for all non-utility nuclear operations

    Production cost per MWh

    Fuel and non-fuel operation and maintenance expenses according to accounting standards that directly relate to the production of electricity per MWh

    Non-fuel O&M expense/purchased
    power per MWh

    Operation, maintenance and refueling expenses and purchased power per MWh billed, excluding fuel

    GWh billed

    Total number of GWh billed to all customers

    Capacity factor

    Normalized percentage of the period that the plant generates power

    Refueling outage duration

    Number of days lost for scheduled refueling outage during the period

    Financial measures defined in the below table include measures prepared in accordance with generally accepted accounting principles, (GAAP), as well as non-GAAP measures. Non-GAAP measures are included in this release in order to provide metrics that remove the effect of less routine financial impacts from commonly used financial metrics.

    Appendix E: Definitions of Operational Performance Measures and GAAP and Non-GAAP Financial Measures (continued)

    Financial Measures - GAAP

    Return on average invested capital - as-reported

    12-months rolling earnings adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital

    Return on average common equity - as-reported

    12-months rolling earnings divided by average common equity

    Net margin - as-reported

    12-months rolling earnings divided by 12 months rolling revenue

    Cash flow interest coverage

    12-months cash flow from operating activities plus 12-months rolling interest paid, divided by interest expense

    Book value per share

    Common equity divided by end of period shares outstanding

    Revolver capacity

    Amount of undrawn capacity remaining on corporate and subsidiary revolvers

    Total debt

    Sum of short-term and long-term debt, notes payable, capital leases, and preferred stock with sinking fund on the balance sheet less non-recourse debt, if any

    Debt of joint ventures (Entergy's share)

    Debt issued by Entergy-Koch, LP and Non-Nuclear Wholesale Assets business joint ventures for periods through third quarter 2004. Only Non-Nuclear Wholesale Assets business joint ventures debt included for periods thereafter.

    Leases (Entergy's share)

    Operating leases held by subsidiaries capitalized at implicit interest rate

    Debt to capital

    Gross debt divided by total capitalization

    Financial Measures - Non-GAAP

    Operational earnings

    As-reported earnings applicable to common stock adjusted to exclude the impact of special items

    Return on average invested capital - operational

    12-months rolling operational earnings adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital

    Return on average common equity - operational

    12-months rolling operational earnings divided by average common equity

    Net margin - operational

    12-months rolling operational earnings divided by 12 months rolling revenue

    Total gross liquidity

    Sum of cash and revolver capacity

    Net debt to net capital

    Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents

    Net debt including off-balance sheet liabilities

    Sum of gross debt and off-balance sheet debt less cash and cash equivalents divided by sum of total capitalization and off-balance sheet debt less cash and cash equivalents

    Appendices F-1 and F-2 provide reconciliations of various non-GAAP financial measures disclosed in this release to their most comparable GAAP measure.

    Appendix F-1: Reconciliation of GAAP to Non-GAAP Financial Measures - Return on Equity, Return on Invested
    Capital and Net Margin Metrics     (x)

    ($ in millions)

    3Q05

    4Q05

    1Q06

    2Q06

    3Q06

    4Q06

    1Q07

    2Q07

    As-reported earnings-rolling 12 months (A)

    963

    898

    920

    916

    955

    1,133

    1,151

    1,137

    Preferred dividends

    25

    25

    27

    28

    29

    28

    28

    26

    Tax effected interest expense

    287

    293

    304

    316

    324

    339

    352

    365

    As-reported earnings, rolling 12 months including preferred dividends and tax effected interest expense (B)

    1,275

    1,217

    1,251

    1,260

    1,308

    1,499

    1,531

    1,528

    Special items in prior quarters

    37

    (11)

    (43)

    (37)

    (6)

    33

    132

    108

    Special items 2Q05 thru 1Q07

    Utility, Parent & Other
      ENOI results

    6

    11

    7

    (20)

      Entergy-Koch, LP gain

    55

      Retail Business impairment reserve

    (26)

      Retail Business discontinued
       operations

    (7)

    (8)

    (2)

    13

    (1)

    (10)

      Restructuring - Entergy-Koch, LP
       distribution

    104

    Non-Nuclear Wholesale Assets
      Write-off of tax capital losses

    (28)

      Total special items (C)

    30

    (45)

    (40)

    (13)

    0

    135

    132

    108

    Operational earnings, rolling 12 months including preferred dividends and tax effected interest expense (B-C)

    1,245

    1,262

    1,291

    1,273

    1,308

    1,364

    1,399

    1,420

    Operational earnings, rolling 12 months (A-C)

    933

    943

    960

    929

    955

    998

    1,020

    1,029

    Average invested capital (D)

    17,033

    16,850

    17,140

    17,283

    17,514

    17,688

    18,227

    18,652

    Average common equity (E)

    8,350

    8,020

    8,026

    8,080

    8,208

    7,970

    7,939

    7,998

    Operating revenues (F)

    9,661

    10,106

    10,564

    10,747

    11,104

    10,932

    11,295

    11,371

    ROIC - as-reported (B/D)

    7.5

    7.2

    7.3

    7.3

    7.5

    8.5

    8.4

    8.2

    ROIC - operational ((B-C)/D)

    7.3

    7.5

    7.5

    7.4

    7.5

    7.7

    7.7

    7.6

    ROE - as-reported (A/E)

    11.5

    11.2

    11.5

    11.3

    11.6

    14.2

    14.5

    14.2

    ROE - operational ((A-C)/E)

    11.2

    11.8

    12.0

    11.5

    11.6

    12.5

    12.8

    12.9

    Net margin - as-reported (A/F)

    10.0

    8.9

    8.7

    8.5

    8.6

    10.4

    10.2

    10.0

    Net margin - operational ((A-C)/F)

    9.7

    9.3

    9.1

    8.6

    8.6

    9.1

    9.0

    9.1

  6. Data for 1Q07 and 2Q07 reflect the re-consolidation of ENOI and all other periods are not restated for this effect.

    7.

     

    Appendix F-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics (y)

    ($ in millions)

    3Q05

    4Q05

    1Q06

    2Q06

    3Q06

    4Q06

    1Q07

    2Q07

    Gross debt (A)

    8,865

    9,288

    9,329

    9,402

    9,054

    9,356

    10,100

    10,936

    Less cash and cash equivalents (B)

    598

    583

    752

    729

    745

    1,016

    1,100

    1,320

      Net debt (C)

    8,267

    8,705

    8,576

    8,673

    8,309

    8,340

    9,000

    9,616

    Total capitalization (D)

    17,070

    17,477

    17,888

    17,956

    17,957

    17,899

    18,304

    19,088

    Less cash and cash equivalents (B)

    598

    583

    752

    729

    745

    1,016

    1,100

    1,320

      Net capital (E)

    16,472

    16,894

    17,135

    17,227

    17,212

    16,883

    17,204

    17,767

    Debt to capital ratio % (A/D)

    51.9

    53.1

    52.1

    52.4

    50.4

    52.3

    55.2

    57.3

    Net debt to net capital ratio % (C/E)

    50.2

    51.5

    50.0

    50.4

    48.3

    49.4

    52.3

    54.1

    Off-balance sheet liabilities (F)

    779

    778

    732

    671

    668

    665

    668

    664

    Net debt to net capital ratio including off-balance sheet liabilities % ((C+F)/(E+F))

    52.4

    53.7

    52.1

    52.2

    50.2

    51.3

    54.1

    55.8

    Revolver capacity (G)

    791

    2,545

    2,718

    2,710

    3,095

    2,770

    2,170

    1,650

    Gross liquidity (B+G)

    1,389

    3,128

    3,470

    3,439

    3,840

    3,786

    3,270

    2,970

  7. Data for 1Q07 and 2Q07 reflect the re-consolidation of ENOI and all other periods are not restated for this effect.

Appendix F-3: Reconciliation of GAAP to Non-GAAP Balance Sheet
December 31, 2006
($ in thousands)

U.S. Utilities/ Parent & Other

Consolidated

ENOI

ENOI

GAAP

Adjustment*

Pro-forma

GAAP

Adjustment*

Pro-forma
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
  Cash

95,468 

3,886 

99,354 

117,379 

3,886 

121,265 
  Temporary cash investments - at cost,
   which approximates market

499,942 

13,207 

513,149 

898,773 

13,207 

911,980 
     Total cash and cash equivalents

595,410 

17,093 

612,503 

1,016,152 

17,093 

1,033,245 

Notes receivable - Entergy New Orleans DIP loan

51,934 

(51,934)

- 

51,934 

(51,934)

- 

Notes receivable

266,717 

- 

266,717 

699 

- 

699 
Accounts receivable:
  Customer

410,512 

58,999 

469,511 

410,512 

58,999 

469,511 
  Allowance for doubtful accounts

(19,348)

(10,563)

(29,911)

(19,348)

(10,563)

(29,911)
  Associated companies

(5,099)

- 

(5,099)

- 

- 

- 

  Other

312,654 

(86,258)

226,396 

487,264 

(86,258)

401,006 
  Accrued unbilled revenues

249,165 

23,758 

272,923 

249,165 

23,758 

272,923 
     Total receivables

947,884 

(14,064)

933,820 

1,127,593 

(14,064)

1,113,529 
Accumulated deferred income taxes

10,498 

(2,924)

7,574 

11,680 

(2,924)

8,756 
Fuel inventory - at average cost

189,829 

5,041 

194,870 

193,098 

5,041 

198,139 
Materials and supplies - at average cost

408,279 

7,825 

416,104 

604,998 

7,825 

612,823 
Deferred nuclear refueling outage costs

65,349 

- 

65,349 

147,521 

- 

147,521 
Prepayments and other

150,134 

5,640 

155,774 

171,759 

5,640 

177,399 
TOTAL

2,686,034 

(33,323)

2,652,711 

3,325,434 

(33,323)

3,292,111 

OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity

7,725,189 

(153,988)

7,571,201 

229,089 

(153,988)

75,101 
Decommissioning trust funds

1,274,676 

- 

1,274,676 

2,858,523 

- 

2,858,523 
Non-utility property - at cost (less accumulated
  depreciation)

208,956 

1,107 

210,063 

212,726 

1,107 

213,833 
Other

39,868 

- 

39,868 

47,115 

- 

47,115 
TOTAL

9,248,689 

(152,881)

9,095,808 

3,347,453 

(152,881)

3,194,572 

PROPERTY, PLANT, AND EQUIPMENT
Electric

28,405,556 

698,081 

29,103,637 

30,713,284 

698,081 

31,411,365 
Property under capital lease

730,182 

- 

730,182 

730,182 

- 

730,182 
Natural gas

92,787 

186,932 

279,719 

92,787 

186,932 

279,719 
Construction work in progress

609,431 

21,824 

631,255 

786,147 

21,824 

807,971 
Nuclear fuel under capital lease

269,485 

- 

269,485 

269,485 

- 

269,485 
Nuclear fuel

206,889 

- 

206,889 

561,291 

- 

561,291 
TOTAL PROPERTY, PLANT AND EQUIPMENT

30,314,330 

906,837 

31,221,167 

33,153,176 

906,837 

34,060,013 

Less - accumulated depreciation and amortization

13,366,710 

446,673 

13,813,383 

13,715,099 

446,673 

14,161,772 
PROPERTY, PLANT AND EQUIPMENT - NET

16,947,620 

460,164 

17,407,784 

19,438,077 

460,164 

19,898,241 

DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
  SFAS 109 regulatory asset - net

740,110 

(71,870)

668,240 

740,110 

(71,870)

668,240 
  Other regulatory assets

2,768,352 

295,440 

3,063,792 

2,768,352 

295,440 

3,063,792 
  Deferred fuel costs

168,122 

- 

168,122 

168,122 

- 

168,122 
Long-term receivables

19,349 

936 

20,285 

19,349 

936 

20,285 
Goodwill

374,099 

- 

374,099 

377,172 

- 

377,172 
Other

736,461 

4,824 

741,285 

898,662 

4,824 

903,486 
TOTAL

4,806,493 

229,330 

5,035,823 

4,971,767 

229,330 

5,201,097 

TOTAL ASSETS

33,688,836 

503,290 

34,192,126 

31,082,731 

503,290 

31,586,021 

*Adjustment to reflect ENOI reconsolidation
Totals may not foot due to rounding

 

Appendix F-3: Reconciliation of GAAP to Non-GAAP Balance Sheet
December 31, 2006
($ in thousands)

U.S. Utilities/ Parent & Other

Consolidated

ENOI

ENOI

GAAP

Adjustment*

Pro-forma

GAAP

Adjustment*

Pro-forma
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt

93,335 

- 

93,335 

181,576 

- 

181,576 

Notes payable:
  Associated companies

979,198 

- 

979,198 

- 

- 

- 

  Other

25,039 

- 

25,039 

25,039 

- 

25,039 

Account payable:

  Associated companies

69,355 

- 

69,355 

- 

- 

- 

  Other

901,434 

59,034 

960,468 

1,122,596 

59,034 

1,181,630 

Customer deposits

248,031 

14,808 

262,839 

248,031 

14,808 

262,839 

Taxes accrued

167,060 

2,087 

169,147 

187,324 

2,087 

189,411 

Interest accrued

159,527 

18,004 

177,531 

160,831 

18,004 

178,835 

Deferred fuel costs

73,031 

(18,996)

54,035 

73,031 

(18,996)

54,035 

Obligations under capital leases

153,246 

- 

153,246 

153,246 

- 

153,246 

Pension and other postretirement liabilities

39,008 

16 

39,024 

41,912 

16 

41,928 

Other

100,501 

6,138 

106,639 

271,544 

6,138 

277,682 

TOTAL

3,008,765 

81,091 

3,089,856 

2,465,130 

81,091 

2,546,221 

NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued

5,451,700 

98,884 

5,550,584 

5,820,700 

98,884 

5,919,584 

Accumulated deferred investment tax credits

358,550 

3,157 

361,707 

358,550 

3,157 

361,707 

Obligations under capital leases

188,033 

- 

188,033 

188,033 

- 

188,033 

Other regulatory liabilities

449,237 

- 

449,237 

449,237 

- 

449,237 

Decommissioning and retirement cost liabilities

1,249,482 

2,591 

1,252,073 

2,023,846 

2,591 

2,026,437 

Transition to competition

79,098 

- 

79,098 

79,098 

- 

79,098 

Regulatory reserves

219 

- 

219 

219 

- 

219 

Accumulated provisions

81,053 

8,384 

89,437 

88,902 

8,384 

97,286 

Pension and other postretirement liabilities

1,125,707 

60,034 

1,185,741 

1,410,433 

60,034 

1,470,467 

Long-term debt

8,560,534 

226,619 

8,787,153 

8,798,087 

226,619 

9,024,706 

Preferred stock with sinking fund

10,500 

- 

10,500 

10,500 

- 

10,500 

Other

1,173,625 

2,750 

1,176,375 

847,196 

2,750 

849,946 

TOTAL

18,727,738 

402,419 

19,130,157 

20,074,801 

402,419 

20,477,220 

Preferred stock without sinking fund

310,751 

19,780 

330,531 

344,913 

19,780 

364,693 

SHAREHOLDERS' EQUITY
Common stock, $.01 par value, authorized 500,000,000 shares;
  issued 248,174,087 shares in 2006

2,228,350 

- 

2,228,350 

2,482 

- 

2,482 

Paid-in capital

6,668,007 

- 

6,668,007 

4,827,265 

- 

4,827,265 

Retained earnings

5,592,532 

- 

5,592,532 

6,113,042 

- 

6,113,042 

Accumulated other comprehensive income (loss)

(82,917)

- 

(82,917)

(100,512)

- 

(100,512)
Less - treasury stock, at cost (45,506,311 shares in 2006)

2,764,390 

- 

2,764,390 

2,644,390 

- 

2,644,390 

TOTAL

11,641,582 

- 

11,641,582 

8,197,887 

- 

8,197,887 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

33,688,836 

503,290 

34,192,126 

31,082,731 

503,290 

31,586,021 

*Adjustment to reflect ENOI reconsolidation
Totals may not foot due to rounding

 

 

Appendix F-4: Reconciliation of GAAP to Non-GAAP Income Statement
Three Months Ended June 30, 2006 
($ in thousands)

U.S. Utilities/ Parent & Other

Consolidated

ENOI

ENOI

GAAP

Adjustment*

Pro-forma

GAAP

Adjustment*

Pro-forma
OPERATING REVENUES
Electric

2,178,280 

46,960 

2,225,240 

2,177,710 

46,960 

2,224,670 

Natural gas

13,612 

18,128 

31,740 

13,612 

18,128 

31,740 

Competitive businesses

9,628 

- 

9,628 

437,180 

- 

437,180 

     Total

2,201,520 

65,088 

2,266,608 

2,628,502 

65,088 

2,693,590 

OPERATING EXPENSES
Operating and Maintenance:
  Fuel, fuel related expenses, and
   gas purchased for resale

599,399 

16,433 

615,832 

661,619 

16,433 

678,052 

  Purchased power

575,644 

(2,791)

572,853 

577,408 

(2,791)

574,617 

  Nuclear refueling outage expenses

20,023 

- 

20,023 

42,546 

- 

42,546 

  Other operation and maintenance

393,883 

17,527 

411,410 

573,234 

17,527 

590,761 

Decommissioning

20,540 

42 

20,582 

36,258 

42 

36,300 

Taxes other than income taxes

77,251 

8,088 

85,339 

91,130 

8,088 

99,218 

Depreciation and amortization

198,165 

8,466 

206,631 

217,943 

8,466 

226,409 

Other regulatory charges (credits) - net

(58,929)

1,038 

(57,891)

(58,929)

1,038 

(57,891)
Total

1,825,976 

48,803 

1,874,779 

2,141,209 

48,803 

2,190,012 

OPERATING INCOME

375,544 

16,285 

391,829 

487,293 

16,285 

503,578 

OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during
 construction

8,908 

909 

9,817 

8,908 

909 

9,817 

Interest and dividend income

29,666 

241 

29,907 

35,139 

241 

35,380 

Equity in earnings (loss) of unconsolidated equity affiliates

11,520 

(10,682)

838 

8,483 

(10,682)

(2,199)
Miscellaneous - net

(4,248)

20 

(4,228)

(7,965)

20 

(7,945)
Total

45,846 

(9,512)

36,334 

44,565 

(9,512)

35,053 

INTEREST AND OTHER CHARGES
Interest on long-term debt

119,947 

185 

120,132 

122,670 

185 

122,855 

Other interest - net

21,385 

453 

21,838 

15,235 

453 

15,688 

Allowance for borrowed funds used during construction

(5,405)

(743)

(6,148)

(5,405)

(743)

(6,148)
Preferred dividend requirements and other

6,919 

92 

7,011 

7,774 

92 

7,866 

Total

142,846 

(13)

142,833 

140,274 

(13)

140,261 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

278,544 

6,786 

285,330 

391,584 

6,786 

398,370 

Income taxes

78,545 

6,786 

85,331 

122,901 

6,786 

129,687 

INCOME FROM CONTINUING OPERATIONS

199,999 

- 

199,999 

268,683 

- 

268,683 

INCOME FROM DISCONTINUED OPERATIONS
(net of taxes of $7,190)

13,119 

- 

13,119 

13,119 

- 

13,119 

CONSOLIDATED NET INCOME

213,118 

- 

213,118 

281,802 

- 

281,802 

*Adjustment to reflect ENOI reconsolidation
Totals may not foot due to rounding

 

 

Appendix F-5: Reconciliation of GAAP to Non-GAAP Income Statement
Six Months Ended June 30, 2006 
($ in thousands)

U.S. Utilities/ Parent & Other

Consolidated

ENOI

ENOI

GAAP

Adjustment*

Pro-forma

GAAP

Adjustment*

Pro-forma
OPERATING REVENUES
Electric

4,271,887

78,015

4,349,902

4,270,646

78,015

4,348,661

Natural gas

51,027

55,140

106,167

51,027

55,140

106,167

Competitive businesses

19,846

(1)

19,845

874,864

(1)

874,863

     Total

4,342,760

133,154

4,475,914

5,196,537

133,154

5,329,691

OPERATING EXPENSES
Operating and Maintenance:
  Fuel, fuel related expenses, and gas
   purchased for resale

1,381,075

51,100

1,432,175

1,501,791

51,100

1,552,891

  Purchased power

1,044,774

(9,845)

1,034,929

1,038,778

(9,845)

1,028,933

  Nuclear refueling outage expenses

39,859

-

39,859

84,540

-

84,540

  Other operation and maintenance

745,482

32,114

777,596

1,102,664

32,114

1,134,778

Decommissioning

40,717

83

40,800

71,854

83

71,937

Taxes other than income taxes

163,530

16,689

180,219

194,468

16,689

211,157

Depreciation and amortization

385,735

15,889

401,624

423,332

15,889

439,221

Other regulatory charges (credits) - net

(102,946)

2,080

(100,866)

(102,946)

2,080

(100,866)
     Total

3,698,226

108,110

3,806,336

4,314,481

108,110

4,422,591

OPERATING INCOME

644,534

25,044

669,578

882,056

25,044

907,100

OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used
 during construction

24,367

1,988

26,355

24,367

1,988

26,355

Interest and dividend income

68,699

(543)

68,156

78,968

(543)

78,425

Equity in earnings (loss) of
 unconsolidated equity affiliates

17,886

(16,325)

1,561

12,070

(16,325)

(4,255)
Miscellaneous - net

(9,672)

(132)

(9,804)

(14,170)

(132)

(14,302)
     Total

101,280

(15,012)

86,268

101,235

(15,012)

86,223

INTEREST AND OTHER CHARGES
Interest on long-term debt

238,551

369

238,920

243,151

369

243,520

Other interest - net

45,061

1,006

46,067

32,495

1,006

33,501

Allowance for borrowed funds used
 during construction

(14,450)

(1,606)

(16,056)

(14,450)

(1,606)

(16,056)
Preferred dividend requirements and other

14,102

92

14,194

15,812

92

15,904

     Total

283,264

(139)

283,125

277,008

(139)

276,869

INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES

462,550

10,171

472,721

706,283

10,171

716,454

Income taxes

147,099

10,171

157,270

241,732

10,171

251,903

INCOME FROM CONTINUING OPERATIONS

315,451

-

315,451

464,551

-

464,551

INCOME FROM DISCONTINUED OPERATIONS
(net of taxes of $5,986)

10,880

-

10,880

10,880

-

10,880

CONSOLIDATED NET INCOME

326,331

-

326,331

475,431

-

475,431

*Adjustment to reflect ENOI reconsolidation
Totals may not foot due to rounding

 

 

Appendix F-6: Reconciliation of GAAP to Non-GAAP Income Statement
Twelve Months Ended June 30, 2006 
($ in thousands)

U.S. Utilities/ Parent & Other

Consolidated

ENOI

ENOI

GAAP

Adjustment*

Pro-forma

GAAP

Adjustment*

Pro-forma
OPERATING REVENUES
Electric

8,973,689

167,488

9,141,177

8,970,792

167,488

9,138,280

Natural gas

89,300

101,227

190,527

89,300

101,227

190,527

Competitive businesses

42,571

-

42,571

1,687,117

-

1,687,117

     Total

9,105,560

268,715

9,374,275

10,747,209

268,715

11,015,924

OPERATING EXPENSES
Operating and Maintenance:
  Fuel, fuel related expenses, and gas
   purchased for resale

2,514,010

132,527

2,646,537

2,759,459

132,527

2,891,986

  Purchased power

2,549,368

(13,707)

2,535,661

2,519,739

(13,707)

2,506,032

  Nuclear refueling outage expenses

79,052

-

79,052

168,232

-

168,232

  Other operation and maintenance

1,460,732

69,827

1,530,559

2,162,596

69,827

2,232,423

Decommissioning

80,384

83

80,467

141,452

83

141,535

Taxes other than income taxes

330,749

36,854

367,603

391,358

36,854

428,212

Depreciation and amortization

791,677

32,718

824,395

859,769

32,718

892,487

Other regulatory charges (credits) - net

(102,857)

2,752

(100,105)

(102,857)

2,752

(100,105)
     Total

7,703,115

261,054

7,964,169

8,899,748

261,054

9,160,802

OPERATING INCOME

1,402,445

7,661

1,410,106

1,847,461

7,661

1,855,122

OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction

46,583

4,689

51,272

46,583

4,689

51,272

Interest and dividend income

140,020

3,546

143,566

164,390

3,546

167,936

Equity in earnings (loss) of unconsolidated equity affiliates

11,964

(3,465)

8,499

(538)

(3,465)

(4,003)
Miscellaneous - net

(16,681)

(3,865)

(20,546)

(14,895)

(3,865)

(18,760)
Total

181,886

905

182,791

195,540

905

196,445

INTEREST AND OTHER CHARGES
Interest on long-term debt

459,878

3,518

463,396

470,437

3,518

473,955

Other interest - net

96,255

6,360

102,615

72,382

6,360

78,742

Allowance for borrowed funds used during construction

(30,552)

(3,798)

(34,350)

(30,552)

(3,798)

(34,350)
Preferred dividend requirements and other

25,038

92

25,130

28,458

92

28,550

Total

550,619

6,172

556,791

540,725

6,172

546,897

INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES

1,033,712

2,394

1,036,106

1,502,276

2,394

1,504,670

Income taxes

392,037

2,394

394,431

556,924

2,394

559,318

INCOME FROM CONTINUING OPERATIONS

641,675

-

641,675

945,352

-

945,352

LOSS FROM DISCONTINUED OPERATIONS
(net of taxes of $(15,831))

(29,736)

-

(29,736)

(29,736)

-

(29,736)
CONSOLIDATED NET INCOME

611,939

-

611,939

915,616

-

915,616

*Adjustment to reflect ENOI reconsolidation
Totals may not foot due to rounding

 

 

Appendix F-7: Reconciliation of GAAP to Non-GAAP Consolidated Cash Flow Statement

Three Months Ended June 30, 2006

($ in thousands)

Consolidated

ENOI

GAAP

Adjustment*

Pro-forma

OPERATING ACTIVITIES

Consolidated net income

281,802 

- 

281,802 

Adjustments to reconcile consolidated net income to net cash flow

provided by operating activities:

  Reserve for regulatory adjustments

(479)

- 

(479)

  Other regulatory credits - net

(58,928)

1,037 

(57,891)

  Depreciation, amortization, and decommissioning

254,825 

8,507 

263,332 

  Deferred income taxes, investment tax credits, and non-current taxes  accrued

56,498 

(9,414)

47,084 

  Equity in earnings of unconsolidated equity affiliates - net of dividends

(8,484)

10,682 

2,198 

  Changes in working capital:

- 

    Receivables

(9,539)

(51,245)

(60,784)

    Fuel inventory

14,957 

(752)

14,205 

    Accounts payable

(29,330)

48,497 

19,167 

    Taxes accrued

(12,027)

75,680 

63,653 

    Interest accrued

(4,893)

267 

(4,626)

    Deferred fuel

73,216 

(7,603)

65,613 

    Other working capital accounts

(37,005)

(10,008)

(47,013)

  Provision for estimated losses and reserves

10,008 

(81)

9,927 

  Changes in other regulatory assets

(89,853)

(39,968)

(129,821)

  Other

27,260 

22,125 

49,385 

Net cash flow provided by operating activities

468,028 

47,724 

515,752 

INVESTING ACTIVITIES

Construction/capital expenditures

(288,254)

(5,514)

(293,768)

Allowance for equity funds used during construction

8,908 

909 

9,817 

Nuclear fuel purchases

(33,223)

- 

(33,223)

Proceeds from sale/leaseback of nuclear fuel

32,282 

- 

32,282 

Proceeds from sale of assets and businesses

77,159 

- 

77,159 

Payment for purchase of plant

- 

- 

- 

Insurance proceeds received for property damages

10,330 

- 

10,330 

Decrease in other investments

37,730 

(40,251)

(2,521)

Proceeds from nuclear decommissioning trust fund sales

239,932 

- 

239,932 

Investment in nuclear decommissioning trust funds

(261,504)

- 

(261,504)

Other regulatory investments

(19,031)

- 

(19,031)

Net cash flow used in investing activities

(195,671)

(44,856)

(240,527)

FINANCING ACTIVITIES

 

Proceeds from the issuance of:

 

  Long-term debt

489,281 

- 

489,281 

  Preferred stock

- 

- 

- 

  Common stock and treasury stock

3,567 

- 

3,567 

Retirement of long-term debt

(488,097)

- 

(488,097)

Repurchase of common stock

- 

- 

- 

Redemption of preferred stock

(178,810)

- 

(178,810)

Changes in credit line borrowings - net

- 

- 

- 

Dividends paid:

 

  Common stock

(112,268)

- 

(112,268)

  Preferred stock

(9,099)

(92)

(9,191)

Net cash flow provided by (used in) financing activities

(295,426)

(92)

(295,518)

Effect of exchange rates on cash and cash equivalents

(383)

- 

(383)

Net increase in cash and cash equivalents

(23,452)

2,776 

(20,676)

Cash and cash equivalents at beginning of period

752,386 

25,545 

777,931 

Cash and cash equivalents at end of period

728,934 

28,321 

757,255 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

  Cash paid (received) during the period for:

 

    Interest - net of amount capitalized

136,025 

1,266 

137,291 

    Income taxes

114,041 

(59,730)

54,311 

 

*Adjustment to reflect ENOI reconsolidation

 

Totals may not foot due to rounding

 

Appendix F-8: Reconciliation of GAAP to Non-GAAP Consolidated Cash Flow Statement

Six Months Ended June 30, 2006

($ in thousands)

Consolidated

ENOI

GAAP

Adjustment*

Pro-forma

OPERATING ACTIVITIES

Consolidated net income

475,431 

- 

475,431 

Adjustments to reconcile consolidated net income to net cash flow

provided by operating activities:

  Reserve for regulatory adjustments

41,683 

(37)

41,646 

  Other regulatory credits - net

(102,946)

2,080 

(100,866)

  Depreciation, amortization, and decommissioning

496,632 

15,972 

512,604 

  Deferred income taxes, investment tax credits, and non-current taxes accrued

427,272 

61,465 

488,737 

  Equity in earnings of unconsolidated equity affiliates - net of dividends

(9,896)

16,325 

6,429 

  Changes in working capital:

- 

    Receivables

318,480 

5,244 

323,724 

    Fuel inventory

(13,650)

6,068 

(7,582)

    Accounts payable

(285,750)

(421)

(286,171)

    Taxes accrued

23,941 

5,888 

29,829 

    Interest accrued

(21,754)

549 

(21,205)

    Deferred fuel

272,835 

(3,022)

269,813 

    Other working capital accounts

103,790 

(6,911)

96,879 

  Provision for estimated losses and reserves

25,037 

(81)

24,956 

  Changes in other regulatory assets

(165,527)

(32,658)

(198,185)

  Other

(105,035)

7,999 

(97,036)

Net cash flow provided by operating activities

1,480,543 

78,460 

1,559,003 

INVESTING ACTIVITIES

Construction/capital expenditures

(952,432)

(49,833)

(1,002,265)

Allowance for equity funds used during construction

24,367 

1,988 

26,355 

Nuclear fuel purchases

(124,250)

- 

(124,250)

Proceeds from sale/leaseback of nuclear fuel

41,109 

- 

41,109 

Proceeds from sale of assets and businesses

77,159 

- 

77,159 

Payment for purchase of plant

(88,199)

- 

(88,199)

Insurance proceeds received for property damages

10,330 

- 

10,330 

Decrease in other investments

50,070 

(50,251)

(181)

Proceeds from nuclear decommissioning trust fund sales

523,806 

- 

523,806 

Investment in nuclear decommissioning trust funds

(573,921)

- 

(573,921)

Other regulatory investments

(42,479)

- 

(42,479)

Net cash flow used in investing activities

(1,054,440)

(98,096)

(1,152,536)

FINANCING ACTIVITIES

Proceeds from the issuance of:

  Long-term debt

1,237,865 

(7)

1,237,858 

  Preferred stock

73,354 

- 

73,354 

  Common stock and treasury stock

15,372 

- 

15,372 

Retirement of long-term debt

(1,143,746)

- 

(1,143,746)

Repurchase of common stock

- 

- 

- 

Redemption of preferred stock

(181,060)

- 

(181,060)

Changes in credit line borrowings - net

(40,000)

- 

(40,000)

Dividends paid:

  Common stock

(224,458)

- 

(224,458)

  Preferred stock

(16,760)

(92)

(16,852)

Net cash flow provided by (used in) financing activities

(279,433)

(99)

(279,532)

Effect of exchange rates on cash and cash equivalents

(556)

- 

(556)

Net increase in cash and cash equivalents

146,114 

(19,735)

126,379 

Cash and cash equivalents at beginning of period

582,820 

48,056 

630,876 

Cash and cash equivalents at end of period

728,934 

28,321 

757,255 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

  Cash paid (received) during the period for:

    Interest - net of amount capitalized

282,454 

457 

282,911 

    Income taxes

(231,325)

(59,730)

(291,055)

*Adjustment to reflect ENOI reconsolidation

Totals may not foot due to rounding

Appendix F-9: Reconciliation of GAAP to Non-GAAP Consolidated Cash Flow Statement

Twelve Months Ended June 30, 2006

($ in thousands)

Consolidated

GAAP

ENOI
Adjustment*

Pro-forma

OPERATING ACTIVITIES

Consolidated net income

915,616 

- 

915,616 

Adjustments to reconcile consolidated net income to net cash flow

- 

provided by operating activities:

- 

  Reserve for regulatory adjustments

33,572 

(298)

33,274 

  Other regulatory credits - net

(102,857)

2,752 

(100,105)

  Depreciation, amortization, and decommissioning

1,004,026 

32,802 

1,036,828 

  Deferred income taxes, investment tax credits, and non-current taxes  accrued

767,604 

79,628 

847,232 

  Equity in earnings (loss) of unconsolidated equity affiliates - net of dividends

6,412 

(235)

6,177 

  Provision for asset impairments and restructuring charges

39,767 

- 

39,767 

  Changes in working capital:

- 

    Receivables

75,363 

71,443 

146,806 

    Fuel inventory

(105,840)

(1,980)

(107,820)

    Accounts payable

32,129 

4,786 

36,915 

    Taxes accrued

(22,967)

3,292 

(19,675)

    Interest accrued

11,094 

(1,137)

9,957 

    Deferred fuel

112,296 

(10,218)

102,078 

    Other working capital accounts

107,109 

(7,863)

99,246 

  Provision for estimated losses and reserves

9,797 

(449)

9,348 

  Changes in other regulatory assets

(498,759)

(96,301)

(595,060)

  Other

(209,163)

(1,162)

(210,325)

Net cash flow provided by operating activities

2,175,199 

75,060 

2,250,259 

INVESTING ACTIVITIES

Construction/capital expenditures

(1,794,514)

(83,826)

(1,878,340)

Allowance for equity funds used during construction

46,582 

4,689 

51,271 

Nuclear fuel purchases

(254,219)

- 

(254,219)

Proceeds from sale/leaseback of nuclear fuel

99,832 

- 

99,832 

Proceeds from sale of assets and businesses

77,159 

- 

77,159 

Payment for purchase of plant

(88,199)

- 

(88,199)

Insurance proceeds received for property damages

10,330 

- 

10,330 

Decrease (increase) in other investments

(3,218)

39,749 

36,531 

Proceeds from nuclear decommissioning trust fund sales

1,037,833 

- 

1,037,833 

Investment in nuclear decommissioning trust funds

(1,134,992)

- 

(1,134,992)

Other regulatory investments

(369,135)

- 

(369,135)

Net cash flow used in investing activities

(2,372,541)

(39,388)

(2,411,929)

FINANCING ACTIVITIES

Proceeds from the issuance of:

  Long-term debt

4,178,011 

(15)

4,177,996 

  Preferred stock

171,349 

- 

171,349 

  Common stock and treasury stock

31,572 

- 

31,572 

Retirement of long-term debt

(3,131,038)

(30,060)

(3,161,098)

Repurchase of common stock

(238,368)

- 

(238,368)

Redemption of preferred stock

(212,529)

- 

(212,529)

Changes in credit line borrowings - net

- 

15,000 

15,000 

Dividends paid:

  Common stock

(448,613)

- 

(448,613)

  Preferred stock

(29,453)

(334)

(29,787)

Net cash flow provided by (used in) financing activities

320,931 

(15,409)

305,522 

Effect of exchange rates on cash and cash equivalents

(1,287)

0 

(1,287)

Net increase in cash and cash equivalents

122,302 

20,263 

142,565 

Cash and cash equivalents at beginning of period

606,632 

8,058 

614,690 

Cash and cash equivalents at end of period

728,934 

28,321 

757,255 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

  Cash paid (received) during the period for:

    Interest - net of amount capitalized

501,379 

(7,425)

493,954 

    Income taxes

(198,941)

(74,823)

(273,764)

*Adjustment to reflect ENOI reconsolidation

Totals may not foot due to rounding

 

 

Entergy Corporation's common stock is listed on the New York and Chicago exchanges under the symbol "ETR".

Additional investor information can be accessed on-line at
www.entergy.com/investor_relations

 

**********************************************************************************************************************

In this release, Entergy makes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Many factors could cause the actual results to differ materially than the forward-looking information provided. These factors are discussed in more detail in Entergy Corporation's 2006 Annual Report on Form 10-K including (a) Forward-Looking Information, (b) Item 1A. Risk Factors, and (c) Item 7. Management's Financial Discussion and Analysis and subsequent SEC filings.

 
Entergy Corporation 
 
Consolidating Balance Sheet 
June 30, 2007 
(Dollars in thousands) 
(Unaudited) 
  
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
ASSETS              
               
CURRENT ASSETS              
               
Cash and cash equivalents:              
  Cash $ 97,342    $ 6,662    $ -    $ 104,004 
  Temporary cash investments - at cost,              
   which approximates market 843,355    372,863    -    1,216,218 
     Total cash and cash equivalents 940,697    379,525    -    1,320,222 
Notes receivable - Entergy New Orleans DIP loan -    -    -    - 
Notes receivable 210,700    1,296,753    (1,506,963)   490 
Accounts receivable:              
  Customer 463,543    417    -    463,960 
  Allowance for doubtful accounts (27,231)   -    -    (27,231)
  Associated companies 8,685    120,023    (128,708)   - 
  Other 240,882    225,425    -    466,307 
  Accrued unbilled revenues 333,477    -    -    333,477 
     Total receivables 1,019,356    345,865    (128,708)   1,236,513 
Accumulated deferred income taxes -    -    -    - 
Fuel inventory - at average cost 205,515    3,157    -    208,672 
Materials and supplies - at average cost 438,057    227,907    -    665,964 
Deferred nuclear refueling outage costs 72,598    143,846    -    216,444 
Prepayments and other 321,860    66,673    -    388,533 
TOTAL 3,208,783    2,463,726    (1,635,671)   4,036,838 
               
OTHER PROPERTY AND INVESTMENTS              
               
Investment in affiliates - at equity 7,854,308    156,082    (7,931,327)   79,063 
Decommissioning trust funds 1,338,658    1,885,243    -    3,223,901 
Non-utility property - at cost (less accumulated depreciation) 206,871    3,977    -    210,848 
Other 70,981    7,252    (5,388)   72,845 
TOTAL 9,470,818    2,052,554    (7,936,715)   3,586,657 
               
PROPERTY, PLANT, AND EQUIPMENT              
             
Electric 29,682,610    3,047,068    (1,478)   32,728,200 
Property under capital lease 728,683    -    -    728,683 
Natural gas 294,595    -    -    294,595 
Construction work in progress 685,421    169,728    -    855,149 
Nuclear fuel under capital lease 190,640    -    -    190,640 
Nuclear fuel 260,875    466,613    -    727,488 
TOTAL PROPERTY, PLANT AND EQUIPMENT 31,842,824    3,683,409    (1,478)   35,524,755 
Less - accumulated depreciation and amortization 14,301,654    388,600    -    14,690,254 
PROPERTY, PLANT AND EQUIPMENT - NET 17,541,170    3,294,809    (1,478)   20,834,501 
               
DEFERRED DEBITS AND OTHER ASSETS              
               
Regulatory assets:              
  SFAS 109 regulatory asset - net 655,642    -    -    655,642 
  Other regulatory assets 2,774,223    -    -    2,774,223 
  Deferred fuel costs 168,122    -    -    168,122 
Long-term receivables 17,293    -    -    17,293 
Goodwill 374,099    3,073    -    377,172 
Other 822,066    805,548    (663,335)   964,279 
TOTAL 4,811,445    808,621    (663,335)   4,956,731 
               
TOTAL ASSETS $ 35,032,216    $ 8,619,710    $ (10,237,199)   $ 33,414,727 
               
*Totals may not foot due to rounding.              
 
 
 
Entergy Corporation 
 
Consolidating Balance Sheet 
June 30, 2007 
(Dollars in thousands) 
(Unaudited) 
  
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
               
Currently maturing long-term debt $ 183,701    $ 88,241   $ -    $ 271,942 
Notes payable:              
  Associated companies 917,693    589,270   (1,506,963)   - 
  Other 25,039    -   -    25,039 
Account payable:              
  Associated companies 70,276    56,223   (126,499)   - 
  Other 828,874    168,373   -    997,247 
Customer deposits 277,438    -   -    277,438 
Taxes accrued -    -   -    - 
Accumulated deferred income taxes 18,545    -   -    18,545 
Interest accrued 143,319    6,422   -    149,741 
Deferred fuel costs 91,740    -   -    91,740 
Obligations under capital leases 152,682    -   -    152,682 
Pension and other postretirement liabilities 29,223    3,115   -    32,338 
Other 331,370    141,971   -    473,341 
TOTAL 3,069,900    1,053,615   (1,633,462)   2,490,053 
               
NON-CURRENT LIABILITIES              
               
Accumulated deferred income taxes and taxes accrued 5,705,294    464,965   -    6,170,259 
Accumulated deferred investment tax credits 352,634    -   -    352,634 
Obligations under capital leases 185,980    -   -    185,980 
Other regulatory liabilities 524,047    -   -    524,047 
Decommissioning and retirement cost liabilities 1,298,402    1,017,679   -    2,316,081 
Transition to competition 79,098    -   -    79,098 
Regulatory reserves -    -   -    - 
Accumulated provisions 121,982    8,540   -    130,522 
Pension and other postretirement liabilities 1,131,636    332,084   -    1,463,720 
Long-term debt 10,063,389    309,196   (80,890)   10,291,695 
Preferred stock with sinking fund 8,250    -   -    8,250 
Other 1,268,209    574,487   (592,291)   1,250,405 
TOTAL 20,738,921    2,706,951   (673,181)   22,772,691 
               
Preferred stock without sinking fund 330,303    426,108   (391,937)   364,474 
               
SHAREHOLDERS' EQUITY              
               
Common stock, $.01 par value, authorized 500,000,000 shares;              
  issued 248,174,087 shares in 2007 2,228,350    1,068,642   (3,294,510)   2,482 
Paid-in capital 6,681,799    1,941,309   (3,782,049)   4,841,059 
Retained earnings 5,571,034    1,427,655   (626,002)   6,372,687 
Accumulated other comprehensive income (loss) (81,141)   38,746   626    (41,769)
Less - treasury stock, at cost (52,114,693 shares in 2007) 3,506,950    43,316   (163,316)   3,386,950 
TOTAL 10,893,092    4,433,036   (7,538,619)   7,787,509 
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 35,032,216    $ 8,619,710   $ (10,237,199)   $ 33,414,727 
               
*Totals may not foot due to rounding.              
               
               

 

Entergy Corporation 
 
Consolidating Balance Sheet 
December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
ASSETS              
               
CURRENT ASSETS              
               
Cash and cash equivalents:              
  Cash $ 95,468    $ 21,911    $ -    $ 117,379 
  Temporary cash investments - at cost,              
   which approximates market 499,942    398,831    -    898,773 
     Total cash and cash equivalents 595,410    420,742    -    1,016,152 
Notes receivable - Entergy New Orleans DIP loan 51,934    -    -    51,934 
Notes receivable 266,717    1,280,921    (1,546,939)   699 
Accounts receivable:              
  Customer 410,512    -    -    410,512 
  Allowance for doubtful accounts (19,348)   -    -    (19,348)
  Associated companies (5,099)   94,549    (89,450)   - 
  Other 312,654    174,610    -    487,264 
  Accrued unbilled revenues 249,165    -    -    249,165 
     Total receivables 947,884    269,159    (89,450)   1,127,593 
Accumulated deferred income taxes 10,498    1,182    -    11,680 
Fuel inventory - at average cost 189,829    3,269    -    193,098 
Materials and supplies - at average cost 408,279    196,719    -    604,998 
Deferred nuclear refueling outage costs 65,349    82,172    -    147,521 
Prepayments and other 150,134    21,625    -    171,759 
TOTAL 2,686,034    2,275,789    (1,636,389)   3,325,434 
               
OTHER PROPERTY AND INVESTMENTS              
               
Investment in affiliates - at equity 7,725,189    152,066    (7,648,166)   229,089 
Decommissioning trust funds 1,274,676    1,583,847    -    2,858,523 
Non-utility property - at cost (less accumulated depreciation) 208,956    3,770    -    212,726 
Other 39,868    7,247    -    47,115 
TOTAL 9,248,689    1,746,930    (7,648,166)   3,347,453 
               
PROPERTY, PLANT, AND EQUIPMENT              
             
Electric 28,405,556    2,309,755    (2,027)   30,713,284 
Property under capital lease 730,182    -    -    730,182 
Natural gas 92,787    -    -    92,787 
Construction work in progress 609,431    176,716    -    786,147 
Nuclear fuel under capital lease 269,485    -    -    269,485 
Nuclear fuel 206,889    354,402    -    561,291 
TOTAL PROPERTY, PLANT AND EQUIPMENT 30,314,330    2,840,873    (2,027)   33,153,176 
Less - accumulated depreciation and amortization 13,366,710    348,389    -    13,715,099 
PROPERTY, PLANT AND EQUIPMENT - NET 16,947,620    2,492,484    (2,027)   19,438,077 
               
DEFERRED DEBITS AND OTHER ASSETS              
               
Regulatory assets:              
  SFAS 109 regulatory asset - net 740,110    -    -    740,110 
  Other regulatory assets 2,768,352    -    -    2,768,352 
  Deferred fuel costs 168,122    -    -    168,122 
Long-term receivables 19,349    -    -    19,349 
Goodwill 374,099    3,073    -    377,172 
Other 736,461    781,364    (619,163)   898,662 
TOTAL 4,806,493    784,437    (619,163)   4,971,767 
               
TOTAL ASSETS $ 33,688,836    $ 7,299,640    $ (9,905,745)   $ 31,082,731 
               
*Totals may not foot due to rounding.              
 
 
 
Entergy Corporation 
 
Consolidating Balance Sheet 
December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
               
Currently maturing long-term debt $ 93,335    $ 88,241    $ -    $ 181,576 
Notes payable:              
  Associated companies 979,198    567,741    (1,546,939)   - 
  Other 25,039    -    -    25,039 
Account payable:              
  Associated companies 69,355    17,949    (87,304)   - 
  Other 901,434    221,162    -    1,122,596 
Customer deposits 248,031    -    -    248,031 
Taxes accrued 167,060    20,264    -    187,324 
Accumulated deferred income taxes -    -    -    - 
Interest accrued 159,527    1,304    -    160,831 
Deferred fuel costs 73,031    -    -    73,031 
Obligations under capital leases 153,246    -    -    153,246 
Pension and other postretirement liabilities 39,008    2,904    -    41,912 
Other 100,501    171,043    -    271,544 
TOTAL 3,008,765    1,090,608    (1,634,243)   2,465,130 
               
NON-CURRENT LIABILITIES              
               
Accumulated deferred income taxes and taxes accrued 5,451,700    369,000    -    5,820,700 
Accumulated deferred investment tax credits 358,550    -    -    358,550 
Obligations under capital leases 188,033    -    -    188,033 
Other regulatory liabilities 449,237    -    -    449,237 
Decommissioning and retirement cost liabilities 1,249,482    774,364    -    2,023,846 
Transition to competition 79,098    -    -    79,098 
Regulatory reserves 219    -    -    219 
Accumulated provisions 81,053    7,849    -    88,902 
Pension and other postretirement liabilities 1,125,707    284,726    -    1,410,433 
Long-term debt 8,560,534    301,805    (64,252)   8,798,087 
Preferred stock with sinking fund 10,500    -    -    10,500 
Other 1,173,625    233,424    (559,853)   847,196 
TOTAL 18,727,738    1,971,168    (624,105)   20,074,801 
               
Preferred stock without sinking fund 310,751    426,099    (391,937)   344,913 
               
SHAREHOLDERS' EQUITY              
               
Common stock, $.01 par value, authorized 500,000,000 shares;              
  issued 248,174,087 shares in 2006 2,228,350    1,068,642    (3,294,510)   2,482 
Paid-in capital 6,668,007    1,500,553    (3,341,295)   4,827,265 
Retained earnings 5,592,532    1,304,107    (783,597)   6,113,042 
Accumulated other comprehensive income (loss) (82,917)   (18,221)   626    (100,512)
Less - treasury stock, at cost (45,506,311 shares in 2006) 2,764,390    43,316    (163,316)   2,644,390 
TOTAL 11,641,582    3,811,765    (7,255,460)   8,197,887 
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 33,688,836    $ 7,299,640    $ (9,905,745)   $ 31,082,731 
               
*Totals may not foot due to rounding.              
               
               

 

Entergy Corporation 
 
Pro Forma Consolidating Balance Sheet 
(Reflects Reconsolidation of Entergy New Orleans) 
December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
               
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
ASSETS              
               
CURRENT ASSETS              
               
Cash and cash equivalents:              
  Cash $ 99,354    $ 21,911   $ -    $ 121,265 
  Temporary cash investments - at cost,              
   which approximates market 513,149    398,831   -    911,980 
     Total cash and cash equivalents 612,503    420,742   -    1,033,245 
Notes receivable - Entergy New Orleans DIP loan -    -   -    - 
Notes receivable 266,717    1,280,921   (1,546,939)   699 
Accounts receivable:              
  Customer 469,511    -   -    469,511 
  Allowance for doubtful accounts (29,911)   -   -    (29,911)
  Associated companies (5,099)   94,549   (89,450)   - 
  Other 226,396    174,610   -    401,006 
  Accrued unbilled revenues 272,923    -   -    272,923 
     Total receivables 933,820    269,159   (89,450)   1,113,529 
Accumulated deferred income taxes 7,574    1,182   -    8,756 
Fuel inventory - at average cost 194,870    3,269   -    198,139 
Materials and supplies - at average cost 416,104    196,719   -    612,823 
Deferred nuclear refueling outage costs 65,349    82,172   -    147,521 
Prepayments and other 155,774    21,625   -    177,399 
TOTAL 2,652,711    2,275,789   (1,636,389)   3,292,111 
               
OTHER PROPERTY AND INVESTMENTS              
               
Investment in affiliates - at equity 7,571,201    152,066   (7,648,166)   75,101 
Decommissioning trust funds 1,274,676    1,583,847   -    2,858,523 
Non-utility property - at cost (less accumulated depreciation) 210,063    3,770   -    213,833 
Other 39,868    7,247   -    47,115 
TOTAL 9,095,808    1,746,930   (7,648,166)   3,194,572 
               
PROPERTY, PLANT, AND EQUIPMENT              
               
Electric 29,103,637    2,309,755   (2,027)   31,411,365 
Property under capital lease 730,182    -   -    730,182 
Natural gas 279,719    -   -    279,719 
Construction work in progress 631,255    176,716   -    807,971 
Nuclear fuel under capital lease 269,485    -   -    269,485 
Nuclear fuel 206,889    354,402   -    561,291 
TOTAL PROPERTY, PLANT AND EQUIPMENT 31,221,167    2,840,873   (2,027)   34,060,013 
Less - accumulated depreciation and amortization 13,813,383    348,389   -    14,161,772 
PROPERTY, PLANT AND EQUIPMENT - NET 17,407,784    2,492,484   (2,027)   19,898,241 
               
DEFERRED DEBITS AND OTHER ASSETS              
               
Regulatory assets:              
  SFAS 109 regulatory asset - net 668,240    -   -    668,240 
  Other regulatory assets 3,063,792    -   -    3,063,792 
  Deferred fuel costs 168,122    -   -    168,122 
Long-term receivables 20,285    -   -    20,285 
Goodwill 374,099    3,073   -    377,172 
Other 741,285    781,364   (619,163)   903,486 
TOTAL 5,035,823    784,437   (619,163)   5,201,097 
               
TOTAL ASSETS $ 34,192,126    $ 7,299,640   $ (9,905,745)   $ 31,586,021 
               
*Totals may not foot due to rounding.              
 
 
 
Entergy Corporation 
 
Pro Forma Consolidating Balance Sheet 
(Reflects Reconsolidation of Entergy New Orleans) 
December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
               
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
               
Currently maturing long-term debt $ 93,335    $ 88,241    $ -    $ 181,576 
Notes payable:              
  Associated companies 979,198    567,741    (1,546,939)   - 
  Other 25,039    -    -    25,039 
Account payable:              
  Associated companies 69,355    17,949    (87,304)   - 
  Other 960,468    221,162    -    1,181,630 
Customer deposits 262,839    -    -    262,839 
Taxes accrued 169,147    20,264    -    189,411 
Accumulated deferred income taxes -    -    -    - 
Interest accrued 177,531    1,304    -    178,835 
Deferred fuel costs 54,035    -    -    54,035 
Obligations under capital leases 153,246    -    -    153,246 
Pension and other postretirement liabilities 39,024    2,904    -    41,928 
Other 106,639    171,043    -    277,682 
TOTAL 3,089,856    1,090,608    (1,634,243)   2,546,221 
               
NON-CURRENT LIABILITIES              
               
Accumulated deferred income taxes and taxes accrued 5,550,584    369,000    -    5,919,584 
Accumulated deferred investment tax credits 361,707    -    -    361,707 
Obligations under capital leases 188,033    -    -    188,033 
Other regulatory liabilities 449,237    -    -    449,237 
Decommissioning and retirement cost liabilities 1,252,073    774,364    -    2,026,437 
Transition to competition 79,098    -    -    79,098 
Regulatory reserves 219    -    -    219 
Accumulated provisions 89,437    7,849    -    97,286 
Pension and other postretirement liabilities 1,185,741    284,726    -    1,470,467 
Long-term debt 8,787,153    301,805    (64,252)   9,024,706 
Preferred stock with sinking fund 10,500    -    -    10,500 
Other 1,176,375    233,424    (559,853)   849,946 
TOTAL 19,130,157    1,971,168    (624,105)   20,477,220 
               
Preferred stock without sinking fund 330,531    426,099    (391,937)   364,693 
               
SHAREHOLDERS' EQUITY              
               
Common stock, $.01 par value, authorized 500,000,000 shares;              
  issued 248,174,087 shares in 2006 2,228,350    1,068,642    (3,294,510)   2,482 
Paid-in capital 6,668,007    1,500,553    (3,341,295)   4,827,265 
Retained earnings 5,592,532    1,304,107    (783,597)   6,113,042 
Accumulated other comprehensive income (loss) (82,917)   (18,221)   626    (100,512)
Less - treasury stock, at cost (45,506,311 shares in 2006) 2,764,390    43,316    (163,316)   2,644,390 
TOTAL 11,641,582    3,811,765    (7,255,460)   8,197,887 
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 34,192,126    $ 7,299,640    $ (9,905,745)   $ 31,586,021 
               
*Totals may not foot due to rounding.              
               

 

Entergy Corporation 
 
Pro Forma Consolidating Balance Sheet 
(Reflects Reconsolidation of Entergy New Orleans) 
June 30, 2007 vs December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
               
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
ASSETS              
               
CURRENT ASSETS              
               
Cash and cash equivalents:              
  Cash $ (2,012)   $ (15,249)   $ -    $ (17,261)
  Temporary cash investments - at cost,              
   which approximates market 330,206    (25,968)   -    304,238 
     Total cash and cash equivalents 328,194    (41,217)   -    286,977 
Notes receivable - Entergy New Orleans DIP loan -    -    -    - 
Notes receivable (56,017)   15,832    39,976    (209)
Accounts receivable:              
  Customer (5,968)   417    -    (5,551)
  Allowance for doubtful accounts 2,680    -    -    2,680 
  Associated companies 13,784    25,474    (39,258)   - 
  Other 14,486    50,815    -    65,301 
  Accrued unbilled revenues 60,554    -    -    60,554 
     Total receivables 85,536    76,706    (39,258)   122,984 
Accumulated deferred income taxes (7,574)   (1,182)   -    (8,756)
Fuel inventory - at average cost 10,645    (112)   -    10,533 
Materials and supplies - at average cost 21,953    31,188    -    53,141 
Deferred nuclear refueling outage costs 7,249    61,674    -    68,923 
Prepayments and other 166,086    45,048    -    211,134 
TOTAL 556,072    187,937    718    744,727 
               
OTHER PROPERTY AND INVESTMENTS              
               
Investment in affiliates - at equity 283,107    4,016    (283,161)   3,962 
Decommissioning trust funds 63,982    301,396    -    365,378 
Non-utility property - at cost (less accumulated depreciation) (3,192)   207    -    (2,985)
Other 31,113    5    (5,388)   25,730 
TOTAL 375,010    305,624    (288,549)   392,085 
               
PROPERTY, PLANT, AND EQUIPMENT              
             
Electric 578,973    737,313    549    1,316,835 
Property under capital lease (1,499)   -    -    (1,499)
Natural gas 14,876    -    -    14,876 
Construction work in progress 54,166    (6,988)   -    47,178 
Nuclear fuel under capital lease (78,845)   -    -    (78,845)
Nuclear fuel 53,986    112,211    -    166,197 
TOTAL PROPERTY, PLANT AND EQUIPMENT 621,657    842,536    549    1,464,742 
Less - accumulated depreciation and amortization 488,271    40,211    -    528,482 
PROPERTY, PLANT AND EQUIPMENT - NET 133,386    802,325    549    936,260 
               
DEFERRED DEBITS AND OTHER ASSETS              
               
Regulatory assets:              
  SFAS 109 regulatory asset - net (12,598)   -    -    (12,598)
  Other regulatory assets (289,569)   -    -    (289,569)
  Deferred fuel costs -    -    -    - 
Long-term receivables (2,992)   -    -    (2,992)
Goodwill -    -    -    - 
Other 80,781    24,184    (44,172)   60,793 
TOTAL (224,378)   24,184    (44,172)   (244,366)
               
TOTAL ASSETS $ 840,090    $ 1,320,070    $ (331,454)   $ 1,828,706 
               
*Totals may not foot due to rounding.              
 
 
 
Entergy Corporation 
 
Pro Forma Consolidating Balance Sheet 
(Reflects Reconsolidation of Entergy New Orleans) 
June 30, 2007 vs December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
               
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
               
Currently maturing long-term debt $ 90,366    $ -    $ -    $ 90,366 
Notes payable:              
  Associated companies (61,505)   21,529    39,976    - 
  Other -    -    -    - 
Account payable:              
  Associated companies 921    38,274    (39,195)   - 
  Other (131,594)   (52,789)   -    (184,383)
Customer deposits 14,599    -    -    14,599 
Taxes accrued (169,147)   (20,264)   -    (189,411)
Accumulated deferred income taxes 18,545    -    -    18,545 
Interest accrued (34,212)   5,118    -    (29,094)
Deferred fuel costs 37,705    -    -    37,705 
Obligations under capital leases (564)   -    -    (564)
Pension and other postretirement liabilities (9,801)   211    -    (9,590)
Other 224,731    (29,072)   -    195,659 
TOTAL (19,956)   (36,993)   781    (56,168)
               
NON-CURRENT LIABILITIES              
               
Accumulated deferred income taxes and taxes accrued 154,710    95,965    -    250,675 
Accumulated deferred investment tax credits (9,073)   -    -    (9,073)
Obligations under capital leases (2,053)   -    -    (2,053)
Other regulatory liabilities 74,810    -    -    74,810 
Decommissioning and retirement cost liabilities 46,329    243,315    -    289,644 
Transition to competition -    -    -    - 
Regulatory reserves (219)   -    -    (219)
Accumulated provisions 32,545    691    -    33,236 
Pension and other postretirement liabilities (54,105)   47,358    -    (6,747)
Long-term debt 1,276,236    7,391    (16,638)   1,266,989 
Preferred stock with sinking fund (2,250)   -     -    (2,250)
Other 91,834    341,063    (32,438)   400,459 
TOTAL 1,608,764    735,783    (49,076)   2,295,471 
               
Preferred stock without sinking fund (228)   9    -    (219)
               
SHAREHOLDERS' EQUITY              
               
Common stock, $.01 par value, authorized 500,000,000 shares;              
  issued 248,174,087 shares in 2007 and 2006 -    -    -    - 
Paid-in capital 13,792    440,756    (440,754)   13,794 
Retained earnings (21,498)   123,548    157,595    259,645 
Accumulated other comprehensive income (loss) 1,776    56,967    -    58,743 
Less - treasury stock, at cost 742,560    -    -    742,560 
TOTAL (748,490)   621,271    (283,159)   (410,378)
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 840,090    $ 1,320,070    $ (331,454)   $ 1,828,706 
               
*Totals may not foot due to rounding.              
               

 

Entergy Corporation 
 
Consolidating Income Statement 
Three Months Ended June 30, 2007 
(Dollars in thousands) 
(Unaudited) 
 
OPERATING REVENUES   U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations    Consolidated 
                 
Electric   $ 2,195,646    $ -    $ (1,002)   $ 2,194,644 
Natural gas   42,909    -    -    42,909 
Competitive businesses   7,413    529,925    (5,539)   531,799 
     Total   2,245,968    529,925    (6,541)   2,769,352 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   514,175    81,427    -    595,602 
  Purchased power   581,557    25,357    (5,914)   601,000 
  Nuclear refueling outage expenses   19,184    25,430    -    44,614 
  Other operation and maintenance   455,868    184,543    (741)   639,670 
Decommissioning   22,103    19,978    -    42,080 
Taxes other than income taxes   98,072    18,276    -    116,348 
Depreciation and amortization   212,490    26,163    -    238,653 
Other regulatory charges (credits) - net   13,345    -    -    13,345 
     Total   1,916,794    381,174    (6,655)   2,291,312 
                 
OPERATING INCOME   329,174    148,751    114    478,040 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   7,459    -    -    7,459 
Interest and dividend income   34,784    38,152    (18,989)   53,948 
Equity in earnings (loss) of unconsolidated equity affiliates   341    136    -    477 
Miscellaneous - net   (2,589)   (3,755)   (114)   (6,459)
     Total   39,995    34,533    (19,103)   55,425 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   123,075    981    -    124,057 
Other interest - net   37,879    14,649    (18,975)   33,553 
Allowance for borrowed funds used during construction   (4,386)   -    -    (4,386)
Preferred dividend requirements and other   5,333    869    (14)   6,188 
     Total   161,901    16,499    (18,989)   159,412 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   207,268    166,785    -    374,053 
                 
Income taxes   86,688    19,763    -    106,451 
                 
INCOME FROM CONTINUING OPERATIONS   120,580    147,022    -    267,602 
                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS   -    -    -    - 
                 
CONSOLIDATED NET INCOME   $ 120,580    $ 147,022    -    $ 267,602 
                 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):
   BASIC   $0.61    $0.75        $1.36 
   DILUTED   $0.59    $0.73        $1.32 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): 
   BASIC   -    -        - 
   DILUTED    -    -        - 
EARNINGS PER AVERAGE COMMON SHARE:                
   BASIC   $0.61    $0.75        $1.36 
   DILUTED   $0.59    $0.73        $1.32 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:   
   BASIC               196,979,140 
   DILUTED               203,423,646 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation
 
Consolidating Income Statement 
Three Months Ended June 30, 2006 
(Dollars in thousands)
(Unaudited) 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 2,178,280    $ -    $ (570)   $ 2,177,710 
Natural gas   13,612    -    -    13,612 
Competitive businesses   9,628    435,520    (7,968)   437,180 
     Total   2,201,520    435,520    (8,538)   2,628,502 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   599,399    62,220    -    661,619 
  Purchased power   575,644    9,917    (8,153)   577,408 
  Nuclear refueling outage expenses   20,023    22,523    -    42,546 
  Other operation and maintenance   393,883    179,849    (498)   573,234 
Decommissioning   20,540    15,718    -    36,258 
Taxes other than income taxes   77,251    13,879    -    91,130 
Depreciation and amortization   198,165    19,778    -    217,943 
Other regulatory charges (credits) - net   (58,929)   -    -    (58,929)
     Total   1,825,976    323,884    (8,651)   2,141,209 
                 
OPERATING INCOME   375,544    111,636    113    487,293 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   8,908    -    -    8,908 
Interest and dividend income   29,666    26,859    (21,386)   35,139 
Equity in earnings (loss) of unconsolidated equity affiliates   11,520    (3,037)   -    8,483 
Miscellaneous - net   (4,248)   (3,603)   (114)   (7,965)
     Total   45,846    20,219    (21,500)   44,565 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   119,947    2,723    -    122,670 
Other interest - net   21,385    15,223    (21,373)   15,235 
Allowance for borrowed funds used during construction   (5,405)   -    -    (5,405)
Preferred dividend requirements and other   6,919    869    (14)   7,774 
     Total   142,846    18,815    (21,387)   140,274 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   278,544    113,040    -    391,584 
                 
Income taxes   78,545    44,356    -    122,901 
                 
INCOME FROM CONTINUING OPERATIONS   199,999    68,684    -    268,683 
                 
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $7,190)   13,119    -    -    13,119 
                 
CONSOLIDATED NET INCOME   $ 213,118    $ 68,684    $ -    $ 281,802 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $0.96    $0.33        $1.29 
  DILUTED   $0.94    $0.33        $1.27 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   $0.06    -        $0.06 
  DILUTED   $0.06    -        $0.06 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $1.02    $0.33        $1.35 
  DILUTED   $1.00    $0.33        $1.33 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               207,982,485 
  DILUTED               211,557,985 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation
 
Pro Forma Consolidating Income Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Three Months Ended June 30, 2006 
(Dollars in thousands) 
(Unaudited)
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 2,225,240   $ -   $ (570)   $ 2,224,670
Natural gas   31,740   -   -   31,740
Competitive businesses   9,628   435,520   (7,968)   437,180
     Total   2,266,608   435,520   (8,538)   2,693,590
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   615,832   62,220   -   678,052
  Purchased power   572,853   9,917   (8,153)   574,617
  Nuclear refueling outage expenses   20,023   22,523   -   42,546
  Other operation and maintenance   411,410   179,849   (498)   590,761
Decommissioning   20,582   15,718   -   36,300
Taxes other than income taxes   85,339   13,879   -   99,218
Depreciation and amortization   206,631   19,778   -   226,409
Other regulatory charges (credits) - net   (57,891)   -   -   (57,891)
     Total   1,874,779   323,884   (8,651)   2,190,012
                 
OPERATING INCOME   391,829   111,636   113   503,578
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   9,817   -   -   9,817
Interest and dividend income   29,907   26,859   (21,386)   35,380
Equity in earnings (loss) of unconsolidated equity affiliates   838   (3,037)   -   (2,199)
Miscellaneous - net   (4,228)   (3,603)   (114)   (7,945)
     Total   36,334   20,219   (21,500)   35,053
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   120,132   2,723   -   122,855
Other interest - net   21,838   15,223   (21,373)   15,688
Allowance for borrowed funds used during construction   (6,148)   -   -   (6,148)
Preferred dividend requirements and other   7,011   869   (14)   7,866
     Total   142,833   18,815   (21,387)   140,261
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   285,330   113,040   -   398,370
                 
Income taxes   85,331   44,356   -   129,687
                 
INCOME FROM CONTINUING OPERATIONS   199,999   68,684   -   268,683
                 
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $7,190)   13,119   -   -   13,119
                 
CONSOLIDATED NET INCOME   $ 213,118   $ 68,684   $ -   $ 281,802
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $0.96   $0.33       $1.29
  DILUTED   $0.94   $0.33       $1.27
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   $0.06   -       $0.06
  DILUTED   $0.06   -       $0.06
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $1.02   $0.33       $1.35
  DILUTED   $1.00   $0.33       $1.33
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               207,982,485
  DILUTED               211,557,985
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation
 
Pro Forma Consolidating Income Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Three Months Ended June 30, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited)
                 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ (29,594)   $ -    $ (432)   $ (30,026)
Natural gas   11,169    -    -    11,169 
Competitive businesses   (2,215)   94,405    2,429    94,619 
     Total   (20,640)   94,405    1,997    75,762 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
   Fuel, fuel related expenses, and gas purchased for resale   (101,657)   19,207    -    (82,450)
   Purchased power   8,704    15,440    2,239    26,383 
   Nuclear refueling outage expenses   (839)   2,907    -    2,068 
   Other operation and maintenance   44,458    4,694    (243)   48,909 
Decommissioning   1,521    4,260    -    5,780 
Taxes other than income taxes   12,733    4,397    -    17,130 
Depreciation and amortization   5,859    6,385    -    12,244 
Other regulatory charges (credits )- net   71,236    -     -    71,236 
     Total   42,015    57,290    1,996    101,300 
                 
OPERATING INCOME   (62,655)   37,115    1    (25,538)
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   (2,358)   -    -    (2,358)
Interest and dividend income   4,877    11,293    2,397    18,568 
Equity in earnings (loss) of unconsolidated equity affiliates   (497)   3,173    -    2,676 
Miscellaneous - net   1,639    (152)   -    1,486 
     Total   3,661    14,314    2,397    20,372 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   2,943    (1,742)   -    1,202 
Other interest - net   16,041    (574)   2,398    17,865 
Allowance for borrowed funds used during construction   1,762    -    -    1,762 
Preferred dividend requirements and other   (1,678)   -    -    (1,678)
     Total   19,068    (2,316)   2,398    19,151 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   (78,062)   53,745    -    (24,317)
                 
Income taxes   1,357    (24,593)   -    (23,236)
                 
INCOME FROM CONTINUING OPERATIONS   (79,419)   78,338    -    (1,081)
                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes)   (13,119)   -    -    (13,119)
                 
CONSOLIDATED NET INCOME   $ (92,538)   $ 78,338    -    $ (14,200)
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
   BASIC   ($0.35)   $0.42        $0.07 
   DILUTED   ($0.35)   $0.40        $0.05 
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations):                
   BASIC   ($0.06)   -        ($0.06)
   DILUTED   ($0.06)   -        ($0.06)
EARNINGS PER AVERAGE COMMON SHARE:                
   BASIC   ($0.41)   $0.42        $0.01 
   DILUTED   ($0.41)   $0.40        ($0.01)
                 
*Totals may not foot due to rounding.                

 

Entergy Corporation
 
Consolidating Income Statement 
Six Months Ended June 30, 2007 
(Dollars in thousands) 
(Unaudited) 
                 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 4,307,793    $ -    $ (1,690)   $ 4,306,104 
Natural gas   127,861    -    -    127,861 
Competitive businesses   14,121    1,026,516    (11,190)   1,029,446 
     Total   4,449,775    1,026,516    (12,880)   5,463,411 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   1,241,104    141,910    -    1,383,014 
  Purchased power   1,020,862    36,299    (11,922)   1,045,239 
  Nuclear refueling outage expenses   38,586    49,003    -    87,589 
  Other operation and maintenance   860,055    345,177    (1,186)   1,204,046 
Decommissioning   43,815    36,095    -    79,910 
Taxes other than income taxes   204,196    34,835    -    239,031 
Depreciation and amortization   425,825    45,237    -    471,063 
Other regulatory charges (credits) - net   36,885    -    -    36,885 
     Total   3,871,328    688,556    (13,108)   4,546,777 
                 
OPERATING INCOME   578,447    337,960    228    916,634 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   24,717    -    -    24,717 
Interest and dividend income   79,649    70,356    (38,947)   111,058 
Equity in earnings (loss) of unconsolidated equity affiliates   920    1,181    -    2,101 
Miscellaneous - net   (4,444)   (7,108)   (227)   (11,778)
     Total   100,842    64,429    (39,174)   126,098 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   245,139    2,017    -    247,156 
Other interest - net   76,022    28,665    (38,919)   65,768 
Allowance for borrowed funds used during construction   (14,915)   -    -    (14,915)
Preferred dividend requirements and other   10,699    1,737    (27)   12,409 
     Total   316,945    32,419    (38,946)   310,418 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   362,344    369,970    -    732,314 
                 
Income taxes   152,268    100,249    -    252,517 
                 
INCOME FROM CONTINUING OPERATIONS   210,076    269,721    -    479,797 
                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS   -    -    -    - 
                 
CONSOLIDATED NET INCOME   $ 210,076    $ 269,721    -    $ 479,797 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): 
  BASIC   $1.05    $1.36        $2.41 
  DILUTED   $1.02    $1.32        $2.34 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): 
  BASIC   -    -        - 
  DILUTED    -    -        - 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $1.05    $1.36        $2.41 
  DILUTED   $1.02    $1.32        $2.34 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
  BASIC               198,754,673 
  DILUTED               204,785,090 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation 
 
Consolidating Income Statement 
Six Months Ended June 30, 2006 
(Dollars in thousands) 
(Unaudited) 
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 4,271,887    $ -    $ (1,241)   $ 4,270,646 
Natural gas   51,027    -    -    51,027 
Competitive businesses   19,846    880,001    (24,983)   874,864 
     Total   4,342,760    880,001    (26,224)   5,196,537 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   1,381,075    120,716    -    1,501,791 
  Purchased power   1,044,774    19,244    (25,240)   1,038,778 
  Nuclear refueling outage expenses   39,859    44,681    -    84,540 
  Other operation and maintenance   745,482    358,394    (1,212)   1,102,664 
Decommissioning   40,717    31,137    -    71,854 
Taxes other than income taxes   163,530    30,938    -    194,468 
Depreciation and amortization   385,735    37,597    -    423,332 
Other regulatory charges (credits) - net   (102,946)   -    -    (102,946)
     Total   3,698,226    642,707    (26,452)   4,314,481 
                 
OPERATING INCOME   644,534    237,294    228    882,056 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   24,367    -    -    24,367 
Interest and dividend income   68,699    55,927    (45,658)   78,968 
Equity in earnings (loss) of unconsolidated equity affiliates   17,886    (5,816)   -    12,070 
Miscellaneous - net   (9,672)   (4,270)   (228)   (14,170)
     Total   101,280    45,841    (45,886)   101,235 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   238,551    4,600    -    243,151 
Other interest - net   45,061    33,065    (45,631)   32,495 
Allowance for borrowed funds used during construction   (14,450)   -    -    (14,450)
Preferred dividend requirements and other   14,102    1,737    (27)   15,812 
     Total   283,264    39,402    (45,658)   277,008 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   462,550    243,733    -    706,283 
                 
Income taxes   147,099    94,633    -    241,732 
                 
INCOME FROM CONTINUING OPERATIONS   315,451    149,100    -    464,551 
                 
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $5,986)   10,880    -    -    10,880 
                 
CONSOLIDATED NET INCOME   $ 326,331    $ 149,100    $ -    $ 475,431 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $1.52    $0.72        $2.24 
  DILUTED   $1.49    $0.71        $2.20 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   $0.05    -        $0.05 
  DILUTED   $0.05    -        $0.05 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $1.57    $0.72        $2.29 
  DILUTED   $1.54    $0.71        $2.25 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               207,858,104 
  DILUTED               211,467,674 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation 
 
Pro Forma Consolidating Income Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Six Months Ended June 30, 2006 
(Dollars in thousands) 
(Unaudited)
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 4,349,902    $ -    $ (1,241)   $ 4,348,661 
Natural gas   106,167    -    -    106,167 
Competitive businesses   19,845    880,001    (24,983)   874,863 
     Total   4,475,914    880,001    (26,224)   5,329,691 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   1,432,175    120,716    -    1,552,891 
  Purchased power   1,034,929    19,244    (25,240)   1,028,933 
  Nuclear refueling outage expenses   39,859    44,681    -    84,540 
  Other operation and maintenance   777,596    358,394    (1,212)   1,134,778 
Decommissioning   40,800    31,137    -    71,937 
Taxes other than income taxes   180,219    30,938    -    211,157 
Depreciation and amortization   401,624    37,597    -    439,221 
Other regulatory charges (credits) - net   (100,866)   -    -    (100,866)
     Total   3,806,336    642,707    (26,452)   4,422,591 
                 
OPERATING INCOME   669,578    237,294    228    907,100 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   26,355    -    -    26,355 
Interest and dividend income   68,156    55,927    (45,658)   78,425 
Equity in earnings (loss) of unconsolidated equity affiliates   1,561    (5,816)   -    (4,255)
Miscellaneous - net   (9,804)   (4,270)   (228)   (14,302)
     Total   86,268    45,841    (45,886)   86,223 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   238,920    4,600    -    243,520 
Other interest - net   46,067    33,065    (45,631)   33,501 
Allowance for borrowed funds used during construction   (16,056)   -    -    (16,056)
Preferred dividend requirements and other   14,194    1,737    (27)   15,904 
     Total   283,125    39,402    (45,658)   276,869 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   472,721    243,733    -    716,454 
                 
Income taxes   157,270    94,633    -    251,903 
                 
INCOME FROM CONTINUING OPERATIONS   315,451    149,100    -    464,551 
                 
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $5,986)   10,880    -    -    10,880 
                 
CONSOLIDATED NET INCOME   $ 326,331    $ 149,100    $ -    $ 475,431 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $1.52    $0.72        $2.24 
  DILUTED   $1.49    $0.71        $2.20 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   $0.05    -        $0.05 
  DILUTED   $0.05    -        $0.05 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $1.57    $0.72        $2.29 
  DILUTED   $1.54    $0.71        $2.25 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               207,858,104 
 DILUTED               211,467,674 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation 
 
Pro Forma Consolidating Income Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Six Months Ended June 30, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited)
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ (42,109)   $ -    $ (449)   $ (42,557)
Natural gas   21,694    -    -    21,694 
Competitive businesses   (5,724)   146,515    13,793    154,583 
     Total   (26,139)   146,515    13,344    133,720 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   (191,071)   21,194    -    (169,877)
  Purchased power   (14,067)   17,055    13,318    16,306 
  Nuclear refueling outage expenses   (1,273)   4,322    -    3,049 
  Other operation and maintenance   82,459    (13,217)   26    69,268 
Decommissioning   3,015    4,958    -    7,973 
Taxes other than income taxes   23,977    3,897    -    27,874 
Depreciation and amortization   24,201    7,640    -    31,842 
Other regulatory charges (credits )- net   137,751    -    -    137,751 
     Total   64,992    45,849    13,344    124,186 
                 
OPERATING INCOME   (91,131)   100,666    -    9,534 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   (1,638)   -    -    (1,638)
Interest and dividend income   11,493    14,429    6,711    32,633 
Equity in earnings (loss) of unconsolidated equity affiliates   (641)   6,997    -    6,356 
Miscellaneous - net   5,360    (2,838)   1    2,524 
     Total   14,574    18,588    6,712    39,875 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   6,219    (2,583)   -    3,636 
Other interest - net   29,955    (4,400)   6,712    32,267 
Allowance for borrowed funds used during construction   1,141    -    -    1,141 
Preferred dividend requirements and other   (3,495)   -    -    (3,495)
     Total   33,820    (6,983)   6,712    33,549 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   (110,377)   126,237    -    15,860 
                 
Income taxes   (5,002)   5,616    -    614 
                 
INCOME FROM CONTINUING OPERATIONS   (105,375)   120,621    -    15,246 
                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes)   (10,880)   -    -    (10,880)
                 
CONSOLIDATED NET INCOME   $ (116,255)   $ 120,621    -    $ 4,366 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
   BASIC   ($0.47)   $0.64        $0.17 
   DILUTED   ($0.47)   $0.61        $0.14 
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations):    
   BASIC   ($0.05)   -        ($0.05)
   DILUTED   ($0.05)   -        ($0.05)
EARNINGS PER AVERAGE COMMON SHARE:                
   BASIC   ($0.52)   $0.64        $0.12 
   DILUTED   ($0.52)   $0.61        $0.09 
                 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation 
 
Consolidating Income Statement
Twelve Months Ended June 30, 2007 
(Dollars in thousands) 
(Unaudited)
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 9,228,680    $ -    $ (3,115)   $ 9,225,565 
Natural gas   206,012    -    -    206,012 
Competitive businesses   29,154    1,931,810    (21,585)   1,939,379 
     Total   9,463,846    1,931,810    (24,700)   11,370,956 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   2,847,321    284,409    -    3,131,731 
  Purchased power   2,057,884    75,843    (22,833)   2,110,894 
  Nuclear refueling outage expenses   76,837    95,780    -    172,617 
  Other operation and maintenance   1,748,325    758,724    (2,323)   2,504,726 
Decommissioning   86,096    67,930    -    154,026 
Taxes other than income taxes   422,660    68,729    -    491,389 
Depreciation and amortization   864,152    86,947    -    951,099 
Other regulatory charges (credits) - net   19,231    -    -    19,231 
     Total   8,122,506    1,438,362    (25,156)   9,535,713 
                  
OPERATING INCOME   1,341,340    493,448    456    1,835,243 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   41,334    -    -    41,334 
Interest and dividend income   168,139    138,748    (82,142)   224,745 
Equity in earnings (loss) of unconsolidated equity affiliates   90,667    5,376    -    96,043 
Miscellaneous - net   14,483    4,067    (456)   18,094 
     Total   314,623    148,191    (82,598)   380,216 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   499,569    6,587    -    506,155 
Other interest - net   133,556    60,475    (82,087)   111,944 
Allowance for borrowed funds used during construction   (25,267)   -    -    (25,267)
Preferred dividend requirements and other   22,154    3,475    (55)   25,574 
     Total   630,012    70,537    (82,142)   618,406 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   1,025,951    571,102    -    1,597,053 
                 
Income taxes   234,822    213,887    -    448,709 
                 
INCOME FROM CONTINUING OPERATIONS   791,129    357,215    -    1,148,344 
                 
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of ($5,919))   (11,376)   -    -    (11,376)
                 
CONSOLIDATED NET INCOME   $ 779,753    $ 357,215    -    $ 1,136,968 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $3.90    $1.76        $5.66 
  DILUTED   $3.84    $1.73        $5.57 
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations):    
  BASIC   ($0.06)   -        ($0.06)
  DILUTED   ($0.05)   -        ($0.05)
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $3.84    $1.76        $5.60 
  DILUTED   $3.79    $1.73        $5.52 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               202,942,534 
  DILUTED               206,001,813 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation 
 
Consolidating Income Statement 
Twelve Months Ended June 30, 2006 
(Dollars in thousands) 
(Unaudited) 
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 8,973,689    $ -    $ (2,897)   $ 8,970,792 
Natural gas   89,300    -    -    89,300 
Competitive businesses   42,571    1,711,857    (67,311)   1,687,117 
     Total   9,105,560    1,711,857    (70,208)   10,747,209 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   2,514,010    245,449    -    2,759,459 
  Purchased power   2,549,368    38,578    (68,207)   2,519,739 
  Nuclear refueling outage expenses   79,052    89,180    -    168,232 
  Other operation and maintenance   1,460,732    704,321    (2,457)   2,162,596 
Decommissioning   80,384    61,068    -    141,452 
Taxes other than income taxes   330,749    60,609    -    391,358 
Depreciation and amortization   791,677    68,092    -    859,769 
Other regulatory charges (credits) - net   (102,857)   -    -    (102,857)
     Total   7,703,115    1,267,297    (70,664)   8,899,748 
                 
OPERATING INCOME   1,402,445    444,560    456    1,847,461 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   46,583    -    -    46,583 
Interest and dividend income   140,020    106,976    (82,606)   164,390 
Equity in earnings (loss) of unconsolidated equity affiliates   11,964    (12,502)   -    (538)
Miscellaneous - net   (16,681)   2,242    (456)   (14,895)
     Total   181,886    96,716    (83,062)   195,540 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   459,878    10,559    -    470,437 
Other interest - net   96,255    58,678    (82,551)   72,382 
Allowance for borrowed funds used during construction   (30,552)   -    -    (30,552)
Preferred dividend requirements and other   25,038    3,475    (55)   28,458 
     Total   550,619    72,712    (82,606)   540,725 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   1,033,712    468,564    -    1,502,276 
                 
Income taxes   392,037    164,887    -    556,924 
                 
INCOME FROM CONTINUING OPERATIONS   641,675    303,677    -    945,352 
                 
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of $(15,831))   (29,736)   -    -    (29,736)
                 
CONSOLIDATED NET INCOME   $ 611,939    $ 303,677    $ -    $ 915,616 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $3.09    $1.46        $4.55 
  DILUTED   $3.03    $1.44        $4.47 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   ($0.14)   -        ($0.14)
  DILUTED   ($0.14)   -        ($0.14)
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $2.95    $1.46        $4.41 
  DILUTED   $2.89    $1.44        $4.33 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               207,779,033 
  DILUTED               211,653,624 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation
 
Pro Forma Consolidating Income Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Twelve Months Ended June 30, 2006 
(Dollars in thousands) 
(Unaudited)
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 9,141,177    $ -    $ (2,897)   $ 9,138,280 
Natural gas   190,527    -    -    190,527 
Competitive businesses   42,571    1,711,857    (67,311)   1,687,117 
     Total   9,374,275    1,711,857    (70,208)   11,015,924 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   2,646,537    245,449    -    2,891,986 
  Purchased power   2,535,661    38,578    (68,207)   2,506,032 
  Nuclear refueling outage expenses   79,052    89,180    -    168,232 
  Other operation and maintenance   1,530,559    704,321    (2,457)   2,232,423 
Decommissioning   80,467    61,068    -    141,535 
Taxes other than income taxes   367,603    60,609    -    428,212 
Depreciation and amortization   824,395    68,092    -    892,487 
Other regulatory charges (credits) - net   (100,105)   -    -    (100,105)
     Total   7,964,169    1,267,297    (70,664)   9,160,802 
                 
OPERATING INCOME   1,410,106    444,560    456    1,855,122 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   51,272    -    -    51,272 
Interest and dividend income   143,566    106,976    (82,606)   167,936 
Equity in earnings (loss) of unconsolidated equity affiliates   8,499    (12,502)   -    (4,003)
Miscellaneous - net   (20,546)   2,242    (456)   (18,760)
     Total   182,791    96,716    (83,062)   196,445 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   463,396    10,559    -    473,955 
Other interest - net   102,615    58,678    (82,551)   78,742 
Allowance for borrowed funds used during construction   (34,350)   -    -    (34,350)
Preferred dividend requirements and other   25,130    3,475    (55)   28,550 
     Total   556,791    72,712    (82,606)   546,897 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   1,036,106    468,564    -    1,504,670 
                 
Income taxes   394,431    164,887    -    559,318 
                 
INCOME FROM CONTINUING OPERATIONS   641,675    303,677    -    945,352 
                 
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of $(15,831))   (29,736)   -    -    (29,736)
                 
CONSOLIDATED NET INCOME   $ 611,939    $ 303,677    $ -    $ 915,616 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $3.09    $1.46        $4.55 
  DILUTED   $3.03    $1.44        $4.47 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   ($0.14)   -        ($0.14)
  DILUTED   ($0.14)   -        ($0.14)
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $2.95    $1.46        $4.41 
  DILUTED   $2.89    $1.44        $4.33 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               207,779,033 
  DILUTED               211,653,624 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation 
 
Pro Forma Consolidating Income Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Twelve Months Ended June 30, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited)
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 87,503    $ -    $ (218)   $ 87,285 
Natural gas   15,485    -    -    15,485 
Competitive businesses   (13,417)   219,953    45,726    252,262 
     Total   89,571    219,953    45,508    355,032 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   200,784    38,960    -    239,745 
  Purchased power   (477,777)   37,265    45,374    (395,138)
  Nuclear refueling outage expenses   (2,215)   6,600    -    4,385 
  Other operation and maintenance   217,766    54,403    134    272,303 
Decommissioning   5,629    6,862    -    12,491 
Taxes other than income taxes   55,057    8,120    -    63,177 
Depreciation and amortization   39,757    18,855    -    58,612 
Other regulatory charges (credits )- net   119,336    -    -    119,336 
      Total   158,337    171,065    45,508    374,911 
                 
OPERATING INCOME   (68,766)   48,888    -    (19,879)
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   (9,938)   -    -    (9,938)
Interest and dividend income   24,573    31,772    464    56,809 
Equity in earnings (loss) of unconsolidated equity affiliates   82,168    17,878    -    100,046 
Miscellaneous - net   35,029    1,825    -    36,854 
     Total   131,832    51,475    464    183,771 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   36,173    (3,972)   -    32,200 
Other interest - net   30,941    1,797    464    33,202 
Allowance for borrowed funds used during construction   9,083    -    -    9,083 
Preferred dividend requirements and other   (2,976)   -    -    (2,976)
     Total   73,221    (2,175)   464    71,509 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   (10,155)   102,538    -    92,383 
                 
Income taxes   (159,609)   49,000    -    (110,609)
                 
INCOME FROM CONTINUING OPERATIONS   149,454    53,538    -    202,992 
                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes)   18,360    -    -    18,360 
                 
CONSOLIDATED NET INCOME   $ 167,814    $ 53,538    -    $ 221,352 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $0.81    $0.30        $1.11 
  DILUTED   $0.81    $0.29        $1.10 
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations):         
  BASIC   $0.08    -        $0.08 
  DILUTED   $0.09    -        $0.09 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $0.89    $0.30        $1.19 
  DILUTED   $0.90    $0.29        $1.19 
                 
                 
*Totals may not foot due to rounding.                
                 

 

Entergy Corporation
 
Consolidated Cash Flow Statement 
Three Months Ended June 30, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited) 
 
             
    2007   2006   Variance
             
OPERATING ACTIVITIES            
Consolidated net income   $267,602    $281,802    ($14,200)
Adjustments to reconcile consolidated net income to net cash flow            
provided by operating activities:            
  Reserve for regulatory adjustments   (2,901)   (479)   (2,422)
  Other regulatory charges (credits) - net   13,345    (58,928)   72,273 
  Depreciation, amortization, and decommissioning   280,733    254,825    25,908 
  Deferred income taxes, investment tax credits, and non-current taxes accrued   123,605    56,498    67,107 
  Equity in earnings of unconsolidated equity affiliates - net of dividends   (477)   (8,484)   8,007 
  Changes in working capital:            
    Receivables   (189,230)   (9,539)   (179,691)
    Fuel inventory   (10,727)   14,957    (25,684)
    Accounts payable   145,145    (29,330)   174,475 
    Taxes accrued   -    (12,027)   12,027 
    Interest accrued   (6,889)   (4,893)   (1,996)
    Deferred fuel   (116,355)   73,216    (189,571)
    Other working capital accounts   (62,695)   (37,005)   (25,690)
  Provision for estimated losses and reserves   72,843    10,008    62,835 
  Changes in other regulatory assets   64,269    (89,853)   154,122 
  Other   (107,455)   27,260    (134,715)
Net cash flow provided by operating activities   470,813    468,028    2,785 
             
INVESTING ACTIVITIES            
Construction/capital expenditures   (414,548)   (288,254)   (126,294)
Allowance for equity funds used during construction   7,459    8,908    (1,449)
Nuclear fuel purchases   (34,522)   (33,223)   (1,299)
Proceeds from sale/leaseback of nuclear fuel   9,699    32,282    (22,583)
Proceeds from sale of assets and businesses   400    77,159    (76,759)
Payment for purchase of plant   (336,211)   -    (336,211)
Insurance proceeds received for property damages   82,081    10,330    71,751 
Decrease in other investments   (31,954)   37,730    (69,684)
Proceeds from nuclear decommissioning trust fund sales   853,407    239,932    613,475 
Investment in nuclear decommissioning trust funds   (885,548)   (261,504)   (624,044)
Other regulatory investments   -    (19,031)   19,031 
Net cash flow used in investing activities   (749,737)   (195,671)   (554,066)
             
FINANCING ACTIVITIES            
Proceeds from the issuance of:            
  Long-term debt   1,222,125    489,281    732,844 
  Preferred stock   -    -    - 
  Common stock and treasury stock   22,817    3,567    19,250 
Retirement of long-term debt   (365,033)   (488,097)   123,064 
Repurchase of common stock   (267,274)   -    (267,274)
Redemption of preferred stock   -    (178,810)   178,810 
Changes in credit line borrowings - net   -    -    - 
Dividends paid:            
  Common stock   (106,505)   (112,268)   5,763 
  Preferred stock   (7,265)   (9,099)   1,834 
Net cash flow provided by (used in) financing activities   498,865    (295,426)   794,291 
             
Effect of exchange rates on cash and cash equivalents   (232)   (383)   151 
             
Net increase (decrease) in cash and cash equivalents   219,709    (23,452)   243,161 
             
Cash and cash equivalents at beginning of period   1,100,513    752,386    348,127 
             
Cash and cash equivalents at end of period   $1,320,222    $728,934    $591,288 
             
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
  Cash paid (received) during the period for:            
    Interest - net of amount capitalized   $143,316    $136,025    $7,291 
    Income taxes   $197,317    $114,041    $83,276 
             
             

 

Entergy Corporation 
 
Pro Forma Consolidated Cash Flow Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Three Months Ended June 30, 2007 vs. 2006 
(Dollars in thousands) 
 (Unaudited)
             
    2007   2006   Variance
             
OPERATING ACTIVITIES            
Consolidated net income   $267,602    $281,802    ($14,200)
Adjustments to reconcile consolidated net income to net cash flow            
provided by operating activities:            
  Reserve for regulatory adjustments   (2,901)   (479)   (2,422)
  Other regulatory charges (credits) - net   13,345    (57,891)   71,236 
  Depreciation, amortization, and decommissioning   280,733    263,332    17,401 
  Deferred income taxes, investment tax credits, and non-current taxes accrued   123,605    47,084    76,521 
  Equity in earnings of unconsolidated equity affiliates - net of dividends   (477)   2,198    (2,675)
  Changes in working capital:            
    Receivables   (189,230)   (60,784)   (128,446)
    Fuel inventory   (10,727)   14,205    (24,932)
    Accounts payable   145,145    19,167    125,978 
    Taxes accrued   -    63,653    (63,653)
    Interest accrued   (6,889)   (4,626)   (2,263)
    Deferred fuel   (116,355)   65,613    (181,968)
    Other working capital accounts   (62,695)   (47,013)   (15,682)
  Provision for estimated losses and reserves   72,843    9,927    62,916 
  Changes in other regulatory assets   64,269    (129,821)   194,090 
  Other   (107,455)   49,385    (156,840)
Net cash flow provided by operating activities   470,813    515,752    (44,939)
             
INVESTING ACTIVITIES            
Construction/capital expenditures   (414,548)   (293,768)   (120,780)
Allowance for equity funds used during construction   7,459    9,817    (2,358)
Nuclear fuel purchases   (34,522)   (33,223)   (1,299)
Proceeds from sale/leaseback of nuclear fuel   9,699    32,282    (22,583)
Proceeds from sale of assets and businesses   400    77,159    (76,759)
Payment for purchase of plant   (336,211)   -    (336,211)
Insurance proceeds received for property damages   82,081    10,330    71,751 
Decrease in other investments   (31,954)   (2,521)   (29,433)
Proceeds from nuclear decommissioning trust fund sales   853,407    239,932    613,475 
Investment in nuclear decommissioning trust funds   (885,548)   (261,504)   (624,044)
Other regulatory investments   -    (19,031)   19,031 
Net cash flow used in investing activities   (749,737)   (240,527)   (509,210)
             
FINANCING ACTIVITIES            
Proceeds from the issuance of:            
  Long-term debt   1,222,125    489,281    732,844 
  Preferred stock   -    -    - 
  Common stock and treasury stock   22,817    3,567    19,250 
Retirement of long-term debt   (365,033)   (488,097)   123,064 
Repurchase of common stock   (267,274)   -    (267,274)
Redemption of preferred stock   -    (178,810)   178,810 
Changes in credit line borrowings - net   -    -    - 
Dividends paid:            
  Common stock   (106,505)   (112,268)   5,763 
  Preferred stock   (7,265)   (9,191)   1,926 
Net cash flow provided by (used in) financing activities   498,865    (295,518)   794,383 
             
Effect of exchange rates on cash and cash equivalents   (232)   (383)   151 
             
Net increase (decrease) in cash and cash equivalents   219,709    (20,676)   240,385 
             
Cash and cash equivalents at beginning of period   1,100,513    777,931    322,582 
             
Cash and cash equivalents at end of period   $1,320,222    $757,255    $562,967 
             
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
  Cash paid (received) during the period for:            
    Interest - net of amount capitalized   $143,316    $137,291    $6,025 
    Income taxes   $197,317    $54,311    $143,006 
             

 

Entergy Corporation 
 
Consolidated Cash Flow Statement 
Six Months Ended June 30, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited) 
             
    2007   2006   Variance
             
OPERATING ACTIVITIES            
Consolidated net income   $479,797    $475,431    $4,366 
Adjustments to reconcile consolidated net income to net cash flow            
provided by operating activities:            
  Reserve for regulatory adjustments   8,038    41,683    (33,645)
  Other regulatory charges (credits) - net   36,885    (102,946)   139,831 
  Depreciation, amortization, and decommissioning   550,973    496,632    54,341 
  Deferred income taxes, investment tax credits, and non-current taxes accrued   507,929    427,272    80,657 
  Equity in earnings of unconsolidated equity affiliates - net of dividends   (2,101)   (9,896)   7,795 
  Changes in working capital:            
    Receivables   (123,088)   318,480    (441,568)
    Fuel inventory   (10,533)   (13,650)   3,117 
    Accounts payable   (137,102)   (285,750)   148,648 
    Taxes accrued   (189,410)   23,941    (213,351)
    Interest accrued   (29,093)   (21,754)   (7,339)
    Deferred fuel   37,705    272,835    (235,130)
    Other working capital accounts   (169,775)   103,790    (273,565)
  Provision for estimated losses and reserves   56,241    25,037    31,204 
  Changes in other regulatory assets   132,989    (165,527)   298,516 
  Other   (185,323)   (105,035)   (80,288)
Net cash flow provided by operating activities   964,132    1,480,543    (516,411)
             
INVESTING ACTIVITIES            
Construction/capital expenditures   (717,115)   (952,432)   235,317 
Allowance for equity funds used during construction   24,717    24,367    350 
Nuclear fuel purchases   (219,328)   (124,250)   (95,078)
Proceeds from sale/leaseback of nuclear fuel   124,185    41,109    83,076 
Proceeds from sale of assets and businesses   13,063    77,159    (64,096)
Payment for purchase of plant   (336,211)   (88,199)   (248,012)
Insurance proceeds received for property damages   82,081    10,330    71,751 
Decrease in other investments   73,969    50,070    23,899 
Proceeds from nuclear decommissioning trust fund sales   1,013,414    523,806    489,608 
Investment in nuclear decommissioning trust funds   (1,075,084)   (573,921)   (501,163)
Other regulatory investments   -    (42,479)   42,479 
Net cash flow used in investing activities   (1,016,309)   (1,054,440)   38,131 
             
FINANCING ACTIVITIES            
Proceeds from the issuance of:            
  Long-term debt   2,042,123    1,237,865    804,258 
  Preferred stock   -    73,354    (73,354)
  Common stock and treasury stock   53,706    15,372    38,334 
Retirement of long-term debt   (699,906)   (1,143,746)   443,840 
Repurchase of common stock   (825,460)   -    (825,460)
Redemption of preferred stock   (2,250)   (181,060)   178,810 
Changes in credit line borrowings - net   -    (40,000)   40,000 
Dividends paid:            
  Common stock   (215,472)   (224,458)   8,986 
  Preferred stock   (13,344)   (16,760)   3,416 
Net cash flow provided by (used in) financing activities   339,397    (279,433)   618,830 
             
Effect of exchange rates on cash and cash equivalents   (243)   (556)   313 
             
Net increase in cash and cash equivalents   286,977    146,114    140,863 
             
Cash and cash equivalents at beginning of period   1,016,152    582,820    433,332 
             
Effect of the reconsolidation of Entergy New Orleans on cash and cash equivalents   17,093    -    17,093 
             
Cash and cash equivalents at end of period   $1,320,222    $728,934    $591,288 
             
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
  Cash paid (received) during the period for:            
    Interest - net of amount capitalized   $297,229    $282,454    $14,775 
    Income taxes   $228,750    ($231,325)   $460,075 
             

 

Entergy Corporation
 
Pro Forma Consolidated Cash Flow Statement 
(Reflects Reconsolidation of Entergy New Orleans) 
Six Months Ended June 30, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited)
 
    2007   2006   Variance
             
OPERATING ACTIVITIES            
Consolidated net income   $479,797    $475,431    $4,366 
Adjustments to reconcile consolidated net income to net cash flow            
provided by operating activities:            
  Reserve for regulatory adjustments   8,038    41,646    (33,608)
  Other regulatory charges (credits) - net   36,885    (100,866)   137,751 
  Depreciation, amortization, and decommissioning   550,973    512,604    38,369 
  Deferred income taxes, investment tax credits, and non-current taxes accrued   507,929    488,737    19,192 
  Equity in earnings of unconsolidated equity affiliates - net of dividends   (2,101)   6,429    (8,530)
  Changes in working capital:            
    Receivables   (123,088)   323,724    (446,812)
    Fuel inventory   (10,533)   (7,582)   (2,951)
    Accounts payable   (137,102)   (286,171)   149,069 
    Taxes accrued   (189,410)   29,829    (219,239)
    Interest accrued   (29,093)   (21,205)   (7,888)
    Deferred fuel   37,705    269,813    (232,108)
    Other working capital accounts   (169,775)   96,879    (266,654)
  Provision for estimated losses and reserves   56,241    24,956    31,285 
  Changes in other regulatory assets   132,989    (198,185)   331,174 
  Other   (185,323)   (97,036)   (88,287)
Net cash flow provided by operating activities   964,132    1,559,003    (594,871)
             
INVESTING ACTIVITIES            
Construction/capital expenditures   (717,115)   (1,002,265)   285,150 
Allowance for equity funds used during construction   24,717    26,355    (1,638)
Nuclear fuel purchases   (219,328)   (124,250)   (95,078)
Proceeds from sale/leaseback of nuclear fuel   124,185    41,109    83,076 
Proceeds from sale of assets and businesses   13,063    77,159    (64,096)
Payment for purchase of plant   (336,211)   (88,199)   (248,012)
Insurance proceeds received for property damages   82,081    10,330    71,751 
Decrease in other investments   73,969    (181)   74,150 
Proceeds from nuclear decommissioning trust fund sales   1,013,414    523,806    489,608 
Investment in nuclear decommissioning trust funds   (1,075,084)   (573,921)   (501,163)
Other regulatory investments   -    (42,479)   42,479 
Net cash flow used in investing activities   (1,016,309)   (1,152,536)   136,227 
             
FINANCING ACTIVITIES            
Proceeds from the issuance of:            
  Long-term debt   2,042,123    1,237,858    804,265 
  Preferred stock   -    73,354    (73,354)
  Common stock and treasury stock   53,706    15,372    38,334 
Retirement of long-term debt   (699,906)   (1,143,746)   443,840 
Repurchase of common stock   (825,460)   -    (825,460)
Redemption of preferred stock   (2,250)   (181,060)   178,810 
Changes in credit line borrowings - net   -    (40,000)   40,000 
Dividends paid:            
  Common stock   (215,472)   (224,458)   8,986 
  Preferred stock   (13,344)   (16,852)   3,508 
Net cash flow provided by (used in) financing activities   339,397    (279,532)   618,929 
             
Effect of exchange rates on cash and cash equivalents   (243)   (556)   313 
             
Net increase in cash and cash equivalents   286,977    126,379    160,598 
             
Cash and cash equivalents at beginning of period   1,016,152    630,876    385,276 
             
Effect of the reconsolidation of Entergy New Orleans on cash and cash equivalents   17,093    -    17,093 
             
Cash and cash equivalents at end of period   $1,320,222    $757,255    $562,967 
             
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
  Cash paid (received) during the period for:            
    Interest - net of amount capitalized   $297,229    $282,911    $14,318 
    Income taxes   $228,750    ($291,055)   $519,805