EX-99.1 2 exhibit991.htm EDISON INTERNATIONAL SECOND QUARTER 2012 EARNINGS PRESS RELEASE Exhibit991



FOR IMMEDIATE RELEASE
Media relations contact:
Charles Coleman (626) 302-7982

Investor relations contact:
Scott Cunningham (626) 302-2540



Edison International Reports Second Quarter 2012 Results

ROSEMEAD, Calif., July 31, 2012 – Edison International (NYSE: EIX) today reported second quarter 2012 basic earnings of $0.23 per share, compared to basic earnings of $0.54 per share in the same quarter last year. Second quarter 2012 core earnings were $0.32 per share, compared to core earnings of $0.56 per share in the second quarter of 2011.

The decrease in earnings was primarily related to losses at Edison Mission Group (EMG) and to a delay in the 2012 rate case decision at Southern California Edison (SCE). SCE incurred higher costs in the quarter to support its ongoing infrastructure investment programs, but the increased revenues to support these investment programs are pending a decision from California regulators.

“Second quarter results reflect higher, unrecovered costs at SCE, which will be addressed with a final rate case decision, and continued inspection and repair costs related to the San Onofre Nuclear Station outage, which we will look to recover in the future,” said Ted Craver, chairman and chief executive officer of Edison International. “We also saw increased losses at EMG, reflecting poor power prices. This further underscores the need to restructure and stabilize our competitive generation business.”

Second Quarter Earnings Detail

SCE’s second quarter 2012 basic and core earnings were $0.59 per share compared to $0.65 per share in the second quarter of 2011. The core earnings decrease was primarily due to a delay in the 2012 California Public Utilities Commission (CPUC) General Rate Case decision as higher depreciation and interest expenses are not being recovered in currently authorized revenue. The revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012. SCE also incurred $0.05 per share of incremental steam generator inspection and repair costs related to outages at San Onofre Nuclear Generating Station. These are currently being offset by other operation and maintenance cost reductions.







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Edison International Reports Second Quarter 2012 Financial Results
Page 2 of 13


EMG’s second quarter 2012 basic losses were $(0.34) per share compared to losses of $(0.09) per share in the second quarter of 2011. Core losses were $(0.25) per share compared to losses of $(0.07) per share in the same quarter last year. Core losses increased primarily due to lower average realized energy and capacity prices and higher fuel prices, partially offset by lower planned maintenance costs at Midwest Generation; lower distributions from the Doga project; decreased energy trading revenues; lower renewable energy income; and higher interest expense from new project financings. Non-core items for both quarters included the results for Homer City in anticipation of its transfer to the owner-lessors.

Edison International parent company and other reported a second quarter basic and core loss of $(0.02) per share in both periods.

Year-to-Date Earnings Summary

Edison International reported basic earnings of $0.51 per share for the six-month period ending June 30, 2012, compared to $1.15 per share for the same period last year. Core earnings for the first six months of 2012 were $0.67 per share compared to $1.21 per share for the first half of 2011.

Year-to-Date Earnings Detail

SCE’s year-to-date 2012 basic and core earnings were $1.14 per share compared to $1.33 per share for the same period last year. The core earnings decrease was primarily due to a delay in the 2012 CPUC General Rate Case decision as higher depreciation and interest expenses are not being recovered in currently authorized revenue. The revenue requirement ultimately adopted by the CPUC will be retroactive to January 1, 2012. SCE also incurred $0.09 per share of incremental steam generator inspection and repair costs related to outages at San Onofre Nuclear Generating Station. These are currently being offset by other operation and maintenance cost reductions. The decrease also reflects a lower capitalization rate on funds used during construction.

EMG’s basic losses were $(0.59) per share compared to basic losses of $(0.16) per share in the prior-year period. Core losses were $(0.43) per share compared to core losses of $(0.10) per share in the first half of 2011. Core losses in the first half of 2012 increased primarily due to lower average realized energy and capacity prices, higher fuel prices, and reduced generation, partially offset by lower planned maintenance costs at Midwest Generation; lower distributions from the Doga project; an increase in interest expense from new project financings; and a decrease in energy trading. Non-core items for both periods included the results for Homer City in anticipation of its transfer to the owner-lessors.

Edison International parent company and other basic and core losses in the first half of 2012 were $(0.04) per share compared to basic and core losses of $(0.02) per share in the first half of 2011.

2012 Earnings Guidance

The company will not provide 2012 earnings guidance until SCE receives a final decision on its 2012 CPUC General Rate Case. See the risk disclosure statement on page 4 and the financial teleconference presentation accompanying the company’s earnings conference call for further information.



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Edison International Reports Second Quarter 2012 Financial Results
Page 3 of 13


About Edison International

Edison International, through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities, and Edison Mission Group, a competitive power generation business.


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Edison International Reports Second Quarter 2012 Financial Results
Page 4 of 13


Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (core EPS) by principal operating subsidiary internally for financial planning and for analysis of performance. We also use core earnings and core EPS by principal operating subsidiary when communicating with analysts and investors regarding our earnings results and outlook to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to net income, basic EPS, core earnings, or core EPS also applies to the description of losses or losses per share.

Core earnings are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings and core EPS are defined as GAAP earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. GAAP earnings refer to net income attributable to Edison International common shareholders or attributable to the common shareholders of each subsidiary. Core earnings are reconciled to GAAP earnings in the attached tables. EPS by principal operating subsidiary is based on the principal operating subsidiaries’ net income attributable to the common shareholders of each operating subsidiary, respectively, and Edison International’s weighted average outstanding common shares. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for each principal operating subsidiary is not material to each principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which we refer to as EIX parent company and other. EIX core EPS and core EPS by principal operating subsidiary are reconciled to basic EPS.

Risk Disclosure Statement

Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Edison International’s 2011 Form 10-K, and most recent Form 10-Q and other reports filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.

Reminder: Edison International Will Hold a Conference Call Today

When:
Tuesday, July 31, 2012, 2:00 p.m. (Pacific Daylight Time)
Telephone Numbers:
1-800-369-2198 (US) and 1-773-756-4618 (Int'l) - Passcode: Edison
Telephone Replay:
1-888-567-0479 (US) and 1-203-369-3448 (Int’l) - Passcode: 468529
Telephone replay available through August 9, 2012
Webcast:
www.edisoninvestor.com


Edison International Reports Second Quarter 2012 Financial Results
Page 5 of 13


Summary Financial Schedules

Second Quarter Basic Earnings (Loss) Per Share

 
Quarter Ended June 30,
 
Earnings (Loss) Per Common Share
Attributable to Edison International (Unaudited)
2012
2011
Change
SCE
$
0.59

$
0.65

$
(0.06
)
EMG
(0.34
)
(0.09
)
(0.25
)
EIX parent company and other
(0.02
)
(0.02
)
—

EIX earnings (loss) from continuing operations
0.23

0.54

(0.31
)
EIX earnings (loss) from discontinued operations
—

—

—

EIX basic earnings (loss)1
$
0.23

$
0.54

$
(0.31
)
EIX diluted earnings (loss)
$
0.22

$
0.54

$
(0.32
)

1 
The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters



Second Quarter Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share

 
Quarter Ended June 30,
 
Earnings (Loss) Per Common Share
Attributable to Edison International (Unaudited)
2012
2011
Change
Core Earnings (Loss)1
 
 
 
SCE
$
0.59

$
0.65

$
(0.06
)
EMG
(0.25
)
(0.07
)
(0.18
)
EIX parent company and other
(0.02
)
(0.02
)
—

EIX core earnings (loss)
0.32

0.56

(0.24
)
Non-core items
 
 
 
EMG – Homer City2
(0.09
)
(0.02
)
(0.07
)
EMG – Earnings (loss) from discontinued operations
—

—

—

Total non-core items
(0.09
)
(0.02
)
(0.07
)
EIX basic earnings (loss)
$
0.23

$
0.54

$
(0.31
)

1 
See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters.
2 
Non-core items for both quarters included the results for Homer City in anticipation of the orderly transfer of the Homer City plant to the owner-lessors, which will result in EME's loss of substantially all beneficial economic interest in and material control of the Homer City plant.






Edison International Reports Second Quarter 2012 Financial Results
Page 6 of 13


Second Quarter Basic Earnings (Loss)

 
Quarter Ended June 30,
 
Earnings (Loss) (in millions)
Attributable to Edison International (Unaudited)
2012
2011
Change
SCE
$
191

$
211

$
(20
)
EMG
(110
)
(30
)
(80
)
EIX parent company and other
(7
)
(4
)
(3
)
EIX earnings (loss) from continuing operations
74

177

(103
)
EIX earnings (loss) from discontinued operations
—

(1
)
1

EIX basic earnings (loss)
$
74

$
176

$
(102
)



Second Quarter Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)

 
Quarter Ended June 30,
 
Earnings (Loss) (in millions)
Attributable to Edison International (Unaudited)
2012
2011
Change
Core Earnings (Loss)1
 
 
 
SCE
$
191

$
211

$
(20
)
EMG
(81
)
(25
)
(56
)
EIX parent company and other
(7
)
(4
)
(3
)
EIX core earnings (loss)
103

182

(79
)
Non-core items
 
 
 
EMG – Homer City2
(29
)
(5
)
(24
)
EMG – Earnings (loss) from discontinued operations
—

(1
)
1

Total non-core items
(29
)
(6
)
(23
)
EIX basic earnings (loss)
$
74

$
176

$
(102
)
1 
See Use of Non-GAAP Financial Measures on page 4.
2 
Non-core items for both quarters included the results for Homer City in anticipation of the orderly transfer of the Homer City plant to the owner-lessors, which will result in EME's loss of substantially all beneficial economic interest in and material control of the Homer City plant


















Edison International Reports Second Quarter 2012 Financial Results
Page 7 of 13



Year-to-Date Basic Earnings (Loss) Per Share

 
Quarter Ended June 30,
 
Earnings (Loss) Per Common Share
Attributable to Edison International (Unaudited)
2012
2011
Change
SCE
$
1.14

$
1.33

$
(0.19
)
EMG
(0.59
)
(0.15
)
(0.44
)
EIX parent company and other
(0.04
)
(0.02
)
(0.02
)
EIX earnings (loss) from continuing operations
0.51

1.16

(0.65
)
EIX earnings (loss) from discontinued operations
—

(0.01
)
0.01

EIX basic earnings (loss)1
$
0.51

$
1.15

$
(0.64
)
EIX diluted earnings (loss)
$
0.50

$
1.15

$
(0.65
)

1 
The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters.



Year-to-Date Reconciliation of Core Earnings (Loss) Per Share
to Basic Earnings (Loss) Per Share

 
Quarter Ended June 30,
 
Earnings (Loss) Per Common Share
Attributable to Edison International (Unaudited)
2012
2011
Change
Core Earnings (Loss)1
 
 
 
SCE
$
1.14

$
1.33

$
(0.19
)
EMG
(0.43
)
(0.10
)
(0.33
)
EIX parent company and other
(0.04
)
(0.02
)
(0.02
)
EIX core earnings (loss)
0.67

1.21

(0.54
)
Non-core items
 
 
 
EMG – Homer City2
(0.16
)
(0.05
)
(0.11
)
EMG – Earnings (loss) from discontinued operations
—

(0.01
)
0.01

Total non-core items
(0.16
)
(0.06
)
(0.10
)
EIX basic earnings (loss)
$
0.51

$
1.15

$
(0.64
)

1 
See Use of Non-GAAP Financial Measures on page 4. The impact of participating securities on the per share amounts is included in EIX parent company and other and was zero per share for both quarters.
2 
Non-core items for both periods included the results for Homer City in anticipation of the orderly transfer of the Homer City plant to the owner-lessors, which will result in EME's loss of substantially all beneficial economic interest in and material control of the Homer City plant.






Edison International Reports Second Quarter 2012 Financial Results
Page 8 of 13


Year-to-Date Basic Earnings (Loss)

 
Quarter Ended June 30,
 
Earnings (Loss) (in millions)
Attributable to Edison International (Unaudited)
2012
2011
Change
SCE
$
373

$
433

$
(60
)
EMG
(193
)
(48
)
(145
)
EIX parent company and other
(12
)
(6
)
(6
)
EIX earnings (loss) from continuing operations
168

379

(211
)
EIX earnings (loss) from discontinued operations
(1
)
(3
)
2

EIX basic earnings (loss)
$
167

$
376

$
(209
)


                    
Year-to-Date Reconciliation of Core Earnings (Loss) to Basic Earnings (Loss)

 
Quarter Ended June 30,
 
Earnings (Loss) (in millions)
Attributable to Edison International (Unaudited)
2012
2011
Change
Core Earnings (Loss)1
 
 
 
SCE
$
373

$
433

$
(60
)
EMG
(141
)
(33
)
(108
)
EIX parent company and other
(12
)
(6
)
(6
)
EIX core earnings (loss)
220

394

(174
)
Non-core items
 
 
 
EMG – Homer City2
(52
)
(15
)
(37
)
EMG – Earnings (loss) from discontinued operations
(1
)
(3
)
2

Total non-core items
(53
)
(18
)
(35
)
EIX basic earnings (loss)
$
167

$
376

$
(209
)

1 
See Use of Non-GAAP Financial Measures on page 4.
2 
Non-core items for both periods included the results for Homer City in anticipation of the orderly transfer of the Homer City plant to the owner-lessors, which will result in EME's loss of substantially all beneficial economic interest in and material control of the Homer City plant.





Edison International Reports Second Quarter 2012 Financial Results
Page 9 of 13


Consolidated Statements of Income


 

Edison International
 





 

Three months ended
June 30,

Six months ended
June 30,
(in millions, except per-share amounts, unaudited)

2012

2011

2012

2011
Electric utility

$
2,650


$
2,445


$
5,061


$
4,676

Competitive power generation

407


538


851


1,090

Total operating revenue

3,057


2,983


5,912


5,766

Fuel

276


256


559


515

Purchased power

822


649


1,437


1,158

Operation and maintenance

1,209


1,255


2,393


2,404

Depreciation, decommissioning and amortization

467


435


924


852

Asset impairments and other

11


8


26


8

Total operating expenses

2,785


2,603


5,339


4,937

Operating income

272


380


573


829

Interest and dividend income

13


30


16


34

Equity in income from unconsolidated affiliates – net

18


18


17


12

Other income

38


42


68


83

Interest expense

(218
)

(203
)

(430
)

(398
)
Other expenses

(19
)

(13
)

(26
)

(25
)
Income from continuing operations before income taxes

104


254


218


535

Income tax expense

1


62


2


127

Income from continuing operations

103


192


216


408

Loss from discontinued operations, net of tax

—


(1
)

(1
)

(3
)
Net income

103


191


215


405

Dividends on preferred and preference stock of utility

23


15


41


29

Other noncontrolling interests

6


—


7


—

Net income attributable to Edison International common shareholders

$
74


$
176


$
167


$
376

Amounts attributable to Edison International common shareholders:





 

 
Income from continuing operations, net of tax

$
74


$
177


$
168


$
379

Loss from discontinued operations, net of tax

—


(1
)

(1
)

(3
)
Net income attributable to Edison International common shareholders

$
74


$
176


$
167


$
376

Basic earnings (loss) per common share attributable to Edison International common shareholders:





 

 
Weighted-average shares of common stock outstanding

326


326


326


326

Continuing operations

$
0.23


$
0.54


$
0.51


$
1.16

Discontinued operations

—


—


—


(0.01
)
Total

$
0.23


$
0.54


$
0.51


$
1.15

Diluted earnings (loss) per common share attributable to Edison International common shareholders:





 

 
Weighted-average shares of common stock outstanding, including effect of dilutive securities

334


329


333


328

Continuing operations

$
0.22


$
0.54


$
0.50


$
1.16

Discontinued operations

—


—


—


(0.01
)
Total

$
0.22


$
0.54


$
0.50


$
1.15

Dividends declared per common share

$
0.325


$
0.320


$
0.650


$
0.640





Edison International Reports Second Quarter 2012 Financial Results
Page 10 of 13

Consolidated Balance Sheets
 
Edison International
 
 
 
 
 
 
(in millions, unaudited)
 
June 30,
2012
 
December 31,
2011
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
1,175

 
$
1,469

Receivables, less allowances of $74 and $75 for uncollectible accounts at respective dates
 
864

 
908

Accrued unbilled revenue
 
726

 
519

Inventory
 
567

 
624

Prepaid taxes
 
91

 
88

Derivative assets
 
91

 
106

Restricted cash and cash equivalents
 
110

 
103

Margin and collateral deposits
 
84

 
58

Regulatory assets
 
583

 
494

Other current assets
 
147

 
115

Total current assets
 
4,438

 
4,484

Nuclear decommissioning trusts
 
3,810

 
3,592

Investments in unconsolidated affiliates
 
530

 
525

Other investments
 
220

 
211

Total investments
 
4,560

 
4,328

Utility property, plant and equipment, less accumulated depreciation of $7,153 and $6,894 at respective dates
 
28,708

 
27,569

Competitive power generation and other property, plant and equipment, less accumulated depreciation of $1,548 and $1,408 at respective dates
 
4,535

 
4,547

Total property, plant and equipment
 
33,243

 
32,116

Derivative assets
 
111

 
128

Restricted deposits
 
97

 
51

Rent payments in excess of levelized rent expense under plant operating leases
 
798

 
760

Regulatory assets
 
5,424

 
5,466

Other long-term assets
 
717

 
706

Total long-term assets
 
7,147

 
7,111

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
49,388

 
$
48,039




Edison International Reports Second Quarter 2012 Financial Results
Page 11 of 13

Consolidated Balance Sheets
 
Edison International
 
 
 
 
 
 
(in millions, except share amounts, unaudited)
 
June 30,
2012
 
December 31,
2011
LIABILITIES AND EQUITY
 
 
 
 
Short-term debt
 
$
327

 
$
429

Current portion of long-term debt
 
565

 
57

Accounts payable
 
1,140

 
1,419

Accrued taxes
 
32

 
52

Accrued interest
 
227

 
205

Customer deposits
 
195

 
199

Derivative liabilities
 
170

 
268

Regulatory liabilities
 
721

 
670

Other current liabilities
 
846

 
1,049

Total current liabilities
 
4,223

 
4,348

Long-term debt
 
13,658

 
13,689

Deferred income taxes
 
5,465

 
5,396

Deferred investment tax credits
 
86

 
89

Customer advances
 
150

 
138

Derivative liabilities
 
558

 
547

Pensions and benefits
 
2,854

 
2,912

Asset retirement obligations
 
2,771

 
2,688

Regulatory liabilities
 
5,038

 
4,670

Other deferred credits and other long-term liabilities
 
2,640

 
2,476

Total deferred credits and other liabilities
 
19,562

 
18,916

Total liabilities
 
37,443

 
36,953

Commitments and contingencies
 
 
 
 
Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date)
 
2,371

 
2,360

Accumulated other comprehensive loss
 
(156
)
 
(139
)
Retained earnings
 
7,730

 
7,834

Total Edison International's common shareholders' equity
 
9,945

 
10,055

Preferred and preference stock of utility
 
1,760

 
1,029

Other noncontrolling interests
 
240

 
2

Total noncontrolling interests
 
2,000

 
1,031

Total equity
 
11,945

 
11,086

Total liabilities and equity
 
$
49,388

 
$
48,039




Edison International Reports Second Quarter 2012 Financial Results
Page 12 of 13

Consolidated Statements of Cash Flows
 
Edison International
 
 
 
Six months ended
June 30,
(in millions, unaudited)
 
2012
 
2011
Cash flows from operating activities:
 
 
 
 
Net income
 
$
215

 
$
405

Less: Loss from discontinued operations
 
(1
)
 
(3
)
Income from continuing operations
 
216

 
408

Adjustments to reconcile to net cash provided by operating activities:
 
 
 
 
Depreciation, decommissioning and amortization
 
924

 
852

Regulatory impacts of net nuclear decommissioning trust earnings
 
114

 
75

Other amortization
 
49

 
75

Asset impairments and other
 
26

 
7

Stock-based compensation
 
18

 
15

Equity in income from unconsolidated affiliates
 
(17
)
 
(12
)
Distributions from unconsolidated affiliates
 
6

 
15

Deferred income taxes and investment tax credits
 
(93
)
 
223

Income from leveraged leases
 
(3
)
 
(3
)
Proceeds from U.S. treasury grants
 
29

 
—

Changes in operating assets and liabilities:
 
 
 
 
Receivables
 
10

 
64

Inventory
 
57

 
(21
)
Margin and collateral deposits – net of collateral received
 
(20
)
 
1

Prepaid taxes
 
(3
)
 
34

Other current assets
 
(217
)
 
(189
)
Rent payments in excess of levelized rent expense
 
(38
)
 
(101
)
Accounts payable
 
—

 
66

Accrued taxes
 
(15
)
 
(19
)
Other current liabilities
 
(115
)
 
(212
)
Derivative assets and liabilities – net
 
(92
)
 
303

Regulatory assets and liabilities – net
 
252

 
(260
)
Other assets
 
(7
)
 
(38
)
Other liabilities
 
80

 
(58
)
Operating cash flows from discontinued operations
 
(1
)
 
(3
)
Net cash provided by operating activities
 
1,160

 
1,222

Cash flows from financing activities:
 
 
 
 
Long-term debt issued
 
495

 
592

Long-term debt issuance costs
 
(11
)
 
(5
)
Long-term debt repaid
 
(29
)
 
(30
)
Bonds purchased
 
—

 
(56
)
Preference stock issued – net
 
805

 
123

Preference stock redeemed
 
(75
)
 
—

Short-term debt financing – net
 
(112
)
 
292

Settlements of stock-based compensation – net
 
(41
)
 
(13
)
Cash contributions from noncontrolling interests
 
238

 
—

Dividends and distributions to noncontrolling interests
 
(36
)
 
(28
)
Dividends paid
 
(212
)
 
(209
)
Net cash provided by financing activities
 
$
1,022

 
$
666




Edison International Reports Second Quarter 2012 Financial Results
Page 13 of 13

Consolidated Statements of Cash Flows
 
Edison International
 
 
 
Six months ended
June 30,
(in millions, unaudited)
 
2012
 
2011
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
$
(2,291
)
 
$
(2,256
)
Proceeds from sale of nuclear decommissioning trust investments
 
1,097

 
1,146

Purchases of nuclear decommissioning trust investments and other
 
(1,222
)
 
(1,230
)
Proceeds from partnerships and unconsolidated subsidiaries, net of investment
 
5

 
5

Restricted deposits and restricted cash and cash equivalents
 
(69
)
 
19

Customer advances for construction and other investments
 
4

 
(16
)
Net cash used by investing activities
 
(2,476
)
 
(2,332
)
Net decrease in cash and cash equivalents
 
(294
)
 
(444
)
Cash and cash equivalents, beginning of period
 
1,469

 
1,389

Cash and cash equivalents, end of period
 
$
1,175

 
$
945