For further information:
Nancy Morovich, VP, Investor Relations
Phone 504/576-5506, Fax 504/576-2897
INVESTOR NEWS & nbsp; nmorovi@entergy.com
Exhibit 99.1
October 23, 2003
ENTERGY REPORTS THIRD QUARTER EARNINGS
NEW ORLEANS - Entergy Corporation reported third quarter 2003 earnings of $1.57 per share compared with $1.59 in the same period of 2002, with third quarter 2002 including a special item reflecting a gain on the sale of two development projects in Spain. Entergy's earnings on an operational basis were $1.57 per share in third quarter 2003 compared to $1.50 per share in third quarter 2002.
"Focusing on execution continues to result in consistent financial performance across our businesses," saidJ. Wayne Leonard, Entergy's chief executive officer. "The financial impact of the blackout experienced in the Northeast was more than overcome by solid results at the Utility and Entergy-Koch, LP. We remain committed to solid fundamentals in all aspects of our business as we drive toward our goal of continuous top quartile shareholder returns."
Earnings Highlights for Third Quarter 2003
- Utility revenues are strengthened by approved rate relief put in place at Entergy Mississippi and Entergy New Orleans earlier in the year as well as a return to near normal weather, page 2.
- Entergy Nuclear results are impacted by Northeast blackout and higher expense for refueling amortization partially offset by revenues from a full quarter of Vermont Yankee and uprates, page 5.
- Entergy-Koch, LP achieves another strong quarter in trading, page 6.
Table of Contents | Page |
I. Consolidated Results | 2 |
II. Utility | 2 |
III. Parent/Other | 3 |
IV. Competitive Businesses | 3 |
Entergy Nuclear | 5 |
Energy Commodity Services | 6 |
V. Variance Analysis | 9 |
VI. Cash and Liquidity | 11 |
VII. Financial Measures | 12 |
VIII. Capital Expenditures | 13 |
IX. Debt Refinancing | 14 |
X. Earnings Guidance | 14 |
XI. Earnings Growth Objectives | 17 |
XII. Appendices | 18 |
A. Utility Sales | 18 |
B. Historical Measures | 19 |
C. Regulatory Summary | 20 |
D. Definitions | 21 |
XIII. Financial Statements | 24 |
Other third quarter events include:
- Entergy signs an administrative services contract with the Nebraska Public Power District for the 800 MW Cooper Nuclear Station. The ten year contract is the first such third party services contract for a nuclear facility.
- For the second consecutive year, Entergy met the stringent qualifications to retain its listing on the Dow Jones Sustainability Index for 2004. Entergy is one of only three U.S. utilities to be included on this index which considers members based on economic, environmental and social criteria.
Entergy will host a teleconference to discuss third quarter results at 10:00 a.m. CDT, Thursday, October 23, 2003 with access either by telephone, 913-981-5571, confirmation code 553475, or via website atwww.entergy.com/webcasts.
I.Consolidated Results
Table 1 provides a comparative summary of consolidated earnings per share for third quarter and year-to-date 2003.
Table 1: Entergy Corporation Consolidated Results | ||||||
Third Quarter and Year-to-Date 2003 vs. 2002 | ||||||
(Per share in U.S. $) | ||||||
Third Quarter | Year-to-Date | |||||
2003 | 2002 | $ Change | 2003 | 2002 | $ Change | |
As-Reported | ||||||
U.S. Utility | 1.17 | 1.07 | 0.10 | 2.18 | 2.38 | (0.20) |
Parent & Other | (0.01) | (0.02) | 0.01 | (0.08) | (0.07) | (0.01) |
Competitive Businesses | 0.41 | 0.54 | (0.13) | 2.09 | (0.01) | 2.10 |
Consolidated Earnings | 1.57 | 1.59 | (0.02) | 4.19 | 2.30 | 1.89 |
Less Special Items | ||||||
U.S. Utility | - | - | - | (0.38) | - | (0.38) |
Parent & Other | - | - | - | - | - | - |
Competitive Businesses | - | 0.09 | (0.09) | 0.70 | (1.17) | 1.87 |
Total | - | 0.09 | (0.09) | 0.32 | (1.17) | 1.49 |
Operational | ||||||
U.S. Utility | 1.17 | 1.07 | 0.10 | 2.56 | 2.38 | 0.18 |
Parent & Other | (0.01) | (0.02) | 0.01 | (0.08) | (0.07) | (0.01) |
Competitive Businesses | 0.41 | 0.45 | (0.04) | 1.39 | 1.16 | 0.23 |
Consolidated Earnings | 1.57 | 1.50 | 0.07 | 3.87 | 3.47 | 0.40 |
Weather Impact | (0.01) | (0.04) | 0.03 | (0.02) | (0.02) | - |
II.U.S. Utility
In third quarter 2003, Utility as-reported and operational earnings were $1.17 per share, compared to $1.07 in third quarter 2002. The increase resulted primarily from improved pricing in connection with approved rate increases put into place at Entergy Mississippi and Entergy New Orleans during 2003, as well as the effects of near normal weather in 2003 compared to the milder-than-normal weather experienced in third quarter 2002.
Usage in the residential sector in third quarter 2003 was roughly equal to third quarter 2002. Commercial and governmental sales were up slightly, while industrial sales experienced an 8 percent decline quarter over quarter. The decline in industrial sales reflects the loss of three industrial customers to cogeneration since third quarter 2002. Excluding the loss of these customers, overall retail sales were down less than 1 percent quarter to quarter. A summary of sales volumes by customer class is included in Appendix A to this release.
Table 2 provides a summary of the Utility's key operational measures with quarter-to-quarter and year-to-date comparisons.
Table 2: Utility Operational Performance Measures | ||||||
Third Quarter and Year-to-Date 2003 vs. 2002 (see appendix D for definitions of measures) | ||||||
Third Quarter | Year-to-Date | |||||
2003 | 2002 | % Change | 2003 | 2002 | % Change | |
Utility | ||||||
Generation in GWh | 21,438 | 26,635 | -20% | 59,884 | 70,364 | -15% |
GWh billed | ||||||
Residential | 10,763 | 10,827 | -0.6% | 25,776 | 25,303 | 1.9% |
Commercial and governmental | 8,276 | 8,240 | 0.4% | 21,558 | 21,221 | 1.6% |
Industrial | 9,975 | 10,839 | -8.0% | 28,855 | 30,770 | -6.2% |
Operation & maintenance expense per MWh | $17.66 | $14.01 | 26% | $18.54 | $18.02 | 3% |
Reliability | ||||||
SAIFI (number, annualized) | 1.8 | 2.1 | -14% | |||
SAIDI (minutes, annualized) | 155 | 156 | -1% | |||
Reliability complaints | 37 | 58 | -36% | 70 | 96 | -27% |
Safety | 13 | 10 | 30% | 20 | 28 | -29% |
Number of customers | ||||||
Residential | 2,252,533 | 2,236,611 | 0.7% | |||
Commercial & governmental | 321,281 | 316,665 | 1.5% | |||
Industrial | 42,148 | 41,486 | 1.6% | |||
Appendix C provides a summary of the Utility's pending regulatory cases and events by operating subsidiary.
III.Parent & Other
Parent & Other recorded results in line with last year with an as-reported and operational loss per share of $(0.01) in third quarter 2003, compared with a loss of $(0.02) in third quarter 2002.
IV.Competitive Businesses
As-reported earnings were $0.41 per share for the competitive businesses in third quarter 2003, compared to $0.54 in the same period of 2002. As-reported earnings in 2002 reflected a gain totaling $0.09 per share in connection with the sale of two development projects in Spain. On an operational basis, third quarter 2003 earnings per share were $0.41 compared to $0.45 in 2002. The decrease in third quarter 2003 reflects lower results at Entergy Nuclear partially offset by stronger performance at Entergy-Koch, LP.
Table 3 provides a 2003 vs. 2002 comparison of contributions by competitive business for third quarter and year-to-date, on both as-reported and operational bases.
Table 3: Competitive Businesses Contributions to Earnings Per Share | ||||||
Third Quarter and Year-to-Date 2003 vs. 2002 | ||||||
(Per share in U.S. $) | ||||||
Third Quarter | Year-to-Date | |||||
2003 | 2002 | $ Change | 2003 | 2002 | $ Change | |
As-Reported | ||||||
Entergy Nuclear | 0.25 | 0.32 | (0.07) | 1.31 | 0.74 | 0.57 |
Energy Commodity Services | ||||||
Non-nuclear wholesale assets | (0.02) | 0.07 | (0.09) | (0.03) | (1.17) | 1.14 |
Entergy-Koch Trading | 0.17 | 0.12 | 0.05 | 0.74 | 0.28 | 0.46 |
Gulf South Pipeline | 0.01 | 0.03 | (0.02) | 0.07 | 0.14 | (0.07) |
Total Energy Commodity Services | 0.16 | 0.22 | (0.06) | 0.78 | (0.75) | 1.53 |
Total | 0.41 | 0.54 | (0.13) | 2.09 | (0.01) | 2.10 |
Less Special Items | ||||||
Entergy Nuclear | - | - | - | 0.70 | - | 0.70 |
Energy Commodity Services | ||||||
Non-nuclear wholesale assets | - | 0.09 | (0.09) | - | (1.17) | 1.17 |
Entergy-Koch Trading | - | - | - | - | - | - |
Gulf South Pipeline | - | - | - | - | - | - |
Total Energy Commodity Services | - | 0.09 | (0.09) | - | (1.17) | 1.17 |
Total | - | 0.09 | (0.09) | 0.70 | (1.17) | 1.87 |
Operational | ||||||
Entergy Nuclear | 0.25 | 0.32 | (0.07) | 0.61 | 0.74 | (0.13) |
Energy Commodity Services | ||||||
Non-nuclear wholesale assets | (0.02) | (0.02) | - | (0.03) | - | (0.03) |
Entergy-Koch Trading | 0.17 | 0.12 | 0.05 | 0.74 | 0.28 | 0.46 |
Gulf South Pipeline | 0.01 | 0.03 | (0.02) | 0.07 | 0.14 | (0.07) |
Total Energy Commodity Services | 0.16 | 0.13 | 0.03 | 0.78 | 0.42 | 0.36 |
Total | 0.41 | 0.45 | (0.04) | 1.39 | 1.16 | 0.23 |
Table 4 provides a summary of Entergy's Competitive Businesses' generation in MWh sold forward for the years 2003, 2004, and 2005. During third quarter 2003, Entergy entered into nine new contracts for Entergy Nuclear plant output and/or capacity. Transaction terms range from 2004 to 2007, and represent, on average, over 150 MW per year and $7 million of revenues per year.
Table 4: Competitive Businesses Capacity and Generation Sold Forward | |||
Remainder of 2003 through 2005 (see appendix D for definitions of measures) | |||
Remainder of | |||
2003 | 2004 | 2005(a) | |
Entergy Nuclear | |||
Capacity | |||
Planned net MW in operation | 4,001 | 4,111 | 4,208 |
Percent of EN's total capacity sold forward | 99% | 82% | 27% |
Energy | |||
Planned TWh of generation | 9 | 33 | 34 |
Percent of EN's total planned generation sold forward | |||
Contracts entered into prior to third quarter 2003 | 100% | 99% | 39% |
New contracts in third quarter 2003 | 0% | 1% | 0% |
Total EN planned generation sold forward | 100% | 100% | 39% |
Percent of EN's total planned generation sold forward by contract type | |||
Unit-contingent | 69% | 57% | 21% |
Unit-contingent with availability guarantees | 31% | 43% | 14% |
Firm liquidated damages (LD) | 0% | 0% | 4% |
Total | 100% | 100% | 39% |
Average contract price per MWh | $36 | $38 | $37 |
Average expected market price per MWh | NA | NA | $41 |
Energy Commodity Services | |||
Planned TWh of generation | 1 | 4 | 4 |
Percent of ECS' total planned generation sold forward | 73% | 59% | 61% |
Average contract spark spread per MWh | $8 | $8 | $8 |
Average expected market spark spread per MWh | $0 | $0 | $0 |
(a) Two percent of EN's total planned generation sold forward in 2005 is associated with the Vermont Yankee contract for which pricing may be adjusted.
Entergy Nuclear
Entergy Nuclear (EN) earned $0.25 per share, compared to $0.32 in third quarter 2002. The decrease was due primarily to reduced revenues as the result of the August 2003 blackout in the Northeast as well as the impact of lower pricing on a quarter to quarter basis. In addition, higher levels of expense associated with refueling amortization served to reduce third quarter 2003 results. The contribution of a full quarter's operations of Vermont Yankee, acquired at the end of July 2002, and the additional generation from uprates partially offset the impact of the decreases in earnings noted above. EN's average capacity factor was 93.6 percent for third quarter 2003, compared to 96.8 percent for the same period in 2002.
Average production costs increased modestly quarter to quarter due to higher refueling outage amortization expense resulting from planned refueling outages in fall 2002 and spring 2003. For the years 2003 and 2004, EN has sold 100 percent of the generation of its assets at average prices per megawatt hour of $36 and $38, respectively. In addition, 39 percent of 2005 output is currently under contract at an average price of $37 per megawatt hour.
Table 5 provides a summary of Entergy Nuclear's key operational measures with quarter-to-quarter and year-to-date comparisons.
Table 5: Entergy Nuclear Operational Performance Measures | ||||||
Third Quarter and Year-to-Date 2003 vs. 2002 (see appendix D for definitions of measures) | ||||||
Third Quarter | Year-to-Date | |||||
2003 | 2002 | % Change | 2003 | 2002 | % Change | |
Entergy Nuclear | ||||||
Net MW in operation | 4,001 | 3,955 | 1% | |||
Average realized price per MWh | 40.67 | 42.59 | -5% | |||
Production cost per MWh | 20.03 | 19.82 | 1% | 21.49 | 19.62 | 10% |
Generation in GWh | 8,246 | 8,152 | 1% | 23,676 | 23,110 | 2% |
Capacity factor | 93.6% | 96.8% | -3% | 90.5% | 98.5% | -8% |
Refueling outage duration |
|
| ||||
No refueling outages completed during the quarter | ||||||
Energy Commodity Services
Energy Commodity Services (ECS) includes earnings contributions from Entergy-Koch, LP and Entergy's non-nuclear wholesale assets business. ECS recorded as-reported earnings of $0.16 per share in third quarter 2003, compared to $0.22 in the same period last year. The decrease in 2003 was due to the absence of a $0.09 gain reported in third quarter 2002 in connection with the sale of two development projects in Spain.
Operational earnings in third quarter 2003 were $0.16, compared to $0.13 in the same period of 2002, reflecting higher earnings at Entergy-Koch Trading (EKT), a subsidiary of Entergy-Koch, LP. While volatility was down compared to third quarter 2002, trading results reflected strong earnings in point-of-view trading. In addition, EKT's physical optimization business continued to be a key driver of profitability, and its European business contributed year over year increases as trading activities expanded beyond the UK. Earnings at Entergy-Koch's gas transportation subsidiary, Gulf South Pipeline, were $0.01 per share compared to $0.03 per share for third quarter 2002. Lower throughput and higher production costs impacted Gulf South's results. The decreased throughput was due to higher gas prices causing generally lower gas demand as industrial and power plant customers switch to fuel oil. Higher costs were primarily the result of incremental legal expenses in connection with Gulf So uth's defense of a lawsuit which it believes has no merit.
Finally, the income sharing mechanisms that are part of the Entergy-Koch partnership agreement allocated substantially all of the partnership's income to Entergy in third quarter 2003. It is expected that beginning in 2004, Entergy's share of the partnership's income will be 50 percent, consistent with its ownership interest.
Table 6 provides a summary of Energy Commodity Services' key operational measures with quarter-to-quarter and year-to-date comparisons.
Table 6: Energy Commodity Services Operational Performance Measures | ||||||
Third Quarter and Year-to-Date 2003 vs. 2002 (see appendix D for definitions of measures) | ||||||
Third Quarter | Year-to-Date | |||||
2003 | 2002 | % Change | 2003 | 2002 | % Change | |
Entergy-Koch Trading | ||||||
Electricity volatility | 34% | 57% | -40% | 62% | 50% | 24% |
Gas volatility | 39% | 58% | -33% | 62% | 64% | -3% |
Electricity marketed (GWh) (b) | 105,184 | 94,980 | 11% | 329,528 | 271,206 | 22% |
Gas marketed (Bcf/d) (b) | 5.8 | 6.7 | -13% | 6.3 | 6.0 | 5% |
Gain/loss days | 1.7 | 2.0 | -15% | 1.5 | 1.9 | -21% |
Daily average earnings at risk | 12.1 | 11.4 | 6% | 14.9 | 10.0 | 49% |
Low daily earnings at risk | 7.8 | 8.7 | -10% | 7.6 | 6.6 | 15% |
High daily earnings at risk | 19.6 | 14.1 | 39% | 35.2 | 14.7 | 139% |
Gulf South Pipeline | ||||||
Throughput (Bcf/d) | 1.84 | 2.27 | -19% | 1.98 | 2.40 | -18% |
Production cost ($/mmbtu) | $0.171 | $0.096 | 78% | $0.137 | $0.088 | 56% |
Non-Nuclear Wholesale Assets | ||||||
Net MW in operation | 1,806 | 1,209 | 49% | |||
Generation in GWh | 919 | 286 | 221% | |||
(b) Previously reported volumes, which included only U.S. trading, have been adjusted to reflect both U.S. and Europe volumes traded.
EKT's Average Daily Earnings at Risk (DEAR) during third quarter 2003 increased slightly to $12.1 million when compared to third quarter 2002. In addition to DEAR, EKT employs other risk measures that test whether or not overall risk is within acceptable limits. All of these measures were managed in accordance with established trading policies and procedures during the quarter.
Essentially all of the total market value of EKT's mark-to-market portfolio is based on actively quoted prices, and approximately 90 percent of EKT's counterparty credit exposure is associated with companies that currently have investment-grade credit ratings. Lastly, mark-to-market earnings comprised 11 percent of Entergy's consolidated operational earnings for third quarter 2003. On a year-to-date basis, mark-to-market earnings comprised 19 percent of Entergy's consolidated operational earnings.
Table 7 provides additional details on Entergy-Koch's trading activities during third quarter 2003.
Table 7: Entergy-Koch Trading Details (see appendix D for definitions of measures) | ||||
2003 | ||||
Changes in Fair Value of Trading Contracts | ||||
Fair value of contracts outstanding at December 31, 2002 after implementation of EITF 02-03 | 90.9 | |||
(Gain)/Loss from contracts realized/settled during the period | (453.7) | |||
Initial recorded value of contracts entered into during the period | - | |||
Net option premiums received during the period | 111.6 | |||
Change in fair value of contracts attributable to market movements during the period | 356.4 | |||
Other changes in fair value | - | |||
Net change in contracts outstanding during the period | 14.3 | |||
Fair value of contracts outstanding at September 30, 2003 | 105.2 | |||
Counterparty Credit Exposure | 2003 | |||
AAA | 0.2 | |||
AA | 23.7 | |||
A | 36.8 | |||
BBB | 29.5 | |||
Non-investment grade/Not rated | 9.8 | |||
2003 | 2002 | Change | ||
Balance Sheet($ in millions) | ||||
Mark-to-market accounting detail: | ||||
Fair value of contracts at end of period | 105.2 | 115.0 | (9.8) | |
Partners' capital | 1,304 | 1,149 | 155 | |
Fair value of contracts as percent of partners' capital | 8.1 % | 10.0% | (19.0%) | |
0-12 Months | 13-24 Months | 25+ Months | Total | |
Maturities and Sources for Fair Value of Trading Contracts at | ||||
Prices actively quoted | 147.2 | (5.5) | (15.0) | 126.7 |
Prices provided by other sources | 11.1 | (27.0) | (13.1) | (29.0) |
Prices based on models | 13.1 | (8.0) | 2.4 | 7.5 |
Total | 171.4 | (40.5) | (25.7) | 105.2 |
V.Variance Analysis
Tables 8 and 9 provide third quarter and year-to-date 2003 vs. 2002 earnings variance analyses for "U.S. Utility, Parent & Other," "Competitive Businesses," and "Consolidated."
Table 8: Entergy Corporation Reported Earnings Per Share Variance Analysis | |||||||
Third Quarter 2003 vs. 2002 | |||||||
(Per share in U.S. $, sorted in consolidated | |||||||
column, most to least favorable) | U.S. Utility, | Competitive | |||||
Parent & Other | Businesses | Consolidated | |||||
2002 earnings | 1.05 | 0.54 | 1.59 | ||||
Net revenue | 0.18 | (c) | (0.12) | (d) | 0.06 | ||
Interest expense and other charges | - | 0.05 | (e) | 0.05 | |||
Other operation & maintenance expense | (0.02) | 0.06 | (f) | 0.04 | |||
Other income (deductions) | (0.02) | 0.05 | (g) | 0.03 | |||
Income taxes - other | 0.04 | (h) | (0.01) | 0.03 | |||
Interest and dividend income | 0.01 | - | 0.01 | ||||
Taxes other than income taxes | 0.01 | (0.01) | - | ||||
Depreciation/amortization expense | (0.02) | - | (0.02) | ||||
Share repurchase/dilution effect | (0.03) | (0.01) | (0.04) | ||||
Nuclear refueling outage expense | - | (0.04) | (i) | (0.04) | |||
Decommissioning expense | (0.04) | (j) | (0.01) | (0.05) | |||
Asset/contract impairments and restructuring charges | - | (0.09) | (k) | (0.09) | |||
2003 earnings | 1.16 | 0.41 | 1.57 | ||||
Table 9: Entergy Corporation Reported Earnings Per Share Variance Analysis | |||||||
Year-to-Date 2003 vs. 2002 | |||||||
(Per share in U.S. $, sorted in consolidated | |||||||
column, most to least favorable) | U.S. Utility, | Competitive | |||||
Parent & Other | Businesses | Consolidated | |||||
2002 earnings | 2.31 | (0.01) | 2.30 | ||||
Asset/contract impairments and restructuring charges | - | 1.17 | (k) | 1.17 | |||
Cumulative effect of accounting changes | (0.09) | (l) | 0.72 | (l) | 0.63 | ||
Other operation & maintenance expense | 0.44 | (m) | 0.03 | 0.47 | |||
Interest expense and other charges | (0.02) | 0.13 | (e) | 0.11 | |||
Other income (deductions) | (0.32) | (n) | 0.41 | (g) | 0.09 | ||
Income taxes - other | 0.07 | (h) | (0.03) | 0.04 | |||
Interest and dividend income | 0.03 | - | 0.03 | ||||
Depreciation/amortization expense | (0.04) | 0.01 | (0.03) | ||||
Taxes other than income taxes | - | (0.03) | (0.03) | ||||
Share repurchase/dilution effect | (0.03) | (0.03) | (0.06) | ||||
Nuclear refueling outage expense | - | (0.12) | (i) | (0.12) | |||
Decommissioning expense | (0.12) | (j) | (0.02) | (0.14) | |||
Net revenue (loss) | (0.13) | (c) | (0.14) | (d) | (0.27) | ||
2003 earnings | 2.10 | 2.09 | 4.19 | ||||
Footnotes to Tables 8 and 9 follow:
Utility Net Revenue Variance Analysis, 2003 vs. 2002 ($ EPS) | |||
Third Quarter | Year-to-Date | ||
Weather | 0.03 | Weather | - |
Sales growth/pricing-net | 0.03 | Sales growth/pricing-net | 0.12 |
Ice Storm/TCA Regulatory settlement | - | Ice Storm/TCA Regulatory settlement | (0.41) |
Regulatory credit | 0.03 | Regulatory credit | 0.09 |
Competitive retail | 0.03 | Competitive retail | 0.04 |
Other | 0.06 | Other | 0.03 |
Total | 0.18 | Total | (0.13) |
- Net revenue increased in third quarter due primarily to higher revenues resulting from rate changes implemented during 2003, increased revenue from the competitive retail business and a return to near normal weather. Entergy's competitive retail business is currently operating within ERCOT and as a start-up is generating revenues but has not yet achieved profitability. Year-to-date net revenue decreased due primarily to the absence in 2003 of the impact of recording the ice storm settlement reached with the Arkansas Public Service Commission in 2002. This settlement resulted in previously deferred revenues at Entergy Arkansas per the Transition Cost Account mechanism being recorded in net revenue in second quarter 2002. Partially offsetting the settlement impact were higher revenues resulting from rate changes and increased revenue from the competitive retail business. In addition, regulatory credits, which show increases in third quarter and year-to-date periods, are offset by higher decommissioning expenses resulting from implementation of SFAS 143.
- Net revenue decreased due to lower revenues at Entergy Nuclear resulting from the August blackout in the Northeast and from lower revenues in the non-nuclear wholesale assets business.
- Interest expense and other charges decreased due to the absence of debt associated with the Damhead Creek power plant in the UK.
- Other operation & maintenance expense decreased due primarily to the absence of Damhead Creek operations and lower development expenses.
- Other income (deductions) increased due primarily to higher Entergy-Koch earnings.
- Income statement line items are tax effected at the statutory rate. Any difference between the statutory and effective tax rate is reflected in the "Income taxes-other" line.
- Nuclear refueling outage expense increased due to higher nuclear refueling outage amortization expense at Indian Point 2, Vermont Yankee and FitzPatrick where outages were completed in fourth quarter 2002, and Pilgrim and Indian Point 3, where outages were completed during second quarter 2003.
- Decommissioning expense increased due to higher accretion expense on decommissioning liabilities resulting from implementation of SFAS 143, which is primarily offset by regulatory credits captured in net revenue to reflect anticipated recovery of these expenses.
- Asset/contract impairments and restructuring charges at the Competitive Businesses primarily reflect prior year's impact of recording costs associated with impairment reserves related to certain non-nuclear wholesale assets.
- Cumulative effect of accounting change reflects implementation of SFAS 143, a new accounting standard which required the revaluation of certain assets and liabilities associated with nuclear decommissioning.
- Other operation & maintenance expense decreased due primarily to the absence of Entergy Arkansas' ice storm settlement, $(0.44), recorded in second quarter 2002.
- Other income (deductions) decreased primarily due to a loss provision recorded in second quarter 2003, $(0.29), as a result of an unfavorable court decision in Texas on previously-disallowed River Bend construction costs.
- Energy Commodity Services' operating cash flow includes contributions from Entergy's investment in Entergy-Koch, LP that are recognized in Entergy Corporation's financial statements (such as dividends received and taxes paid).
Table 10 lists special items by business with quarter-to-quarter and year-to-date comparisons. Special items are those events that are not routine, are related to prior periods, or are related to discontinued businesses. Special items are included in as-reported earnings per share results but are excluded from operational earnings per share. The timing of recording such items is made in accordance with generally accepted accounting principles.
Table 10: Entergy Special Items [shown as positive / (negative) impact on earnings] | |||||||
Third Quarter and Year-to-Date 2003 vs. 2002 | |||||||
(Per share in U.S. $) | Third Quarter | Year-to-Date | |||||
2003 | 2002 | $ Change | 2003 | 2002 | $ Change | ||
U.S. Utility Special Items | |||||||
River Bend loss provision | - | (0.29) | - | (0.29) | |||
SFAS 143 implementation | - | - | - | (0.09) | - | (0.09) | |
Total | - | (0.38) | - | (0.38) | |||
Parent & Other Special Items | |||||||
Total | - | - | - | - | - | - | |
Competitive Businesses Special Items | |||||||
Entergy Nuclear | |||||||
SFAS 143 implementation | - | - | - | 0.70 | - | 0.70 | |
Energy Commodity Services | |||||||
Gain on disposition of assets | - | 0.09 | (0.09) | - | 0.09 | (0.09) | |
Asset impairments | - | - | (0.48) | 0.48 | |||
Turbine commitment | - | - | (0.52) | 0.52 | |||
Development costs | - | - | - | - | (0.09) | 0.09 | |
Restructuring | - | - | - | - | (0.17) | 0.17 | |
Total | - | 0.09 | (0.09) | 0.70 | (1.17) | 1.87 | |
Total Special Items | - | 0.09 | (0.09) | 0.32 | (1.17) | 1.49 | |
VI.Cash and Liquidity
Entergy generated $651 million in operating cash in third quarter 2003, a decrease of $216 million compared to third quarter 2002. Higher tax payments, increased deferred fuel costs, and the impact of the blackout in the Northeast all contributed to the decrease in operating cash. In addition, increased levels of working capital reduced cash flow in third quarter 2003 compared to the same period last year. Entergy expects the combination of fourth quarter 2003 net income plus depreciation, fuel cost recovery and working capital changes, will result in full year operating cash flow that approximates $1.9 billion, consistent with its previous full-year projection.
Table 11 provides operating cash flow information with quarter-to-quarter and year-to-date comparisons for Utility, Parent & Other, Entergy Nuclear, and Energy Commodity Services.
Table 11: Entergy Corporation Operating Cash Flow | ||||||
Third Quarter and Year-to-Date 2003 vs. 2002 | ||||||
(U.S. $ in millions) | ||||||
Third Quarter | Year-to-Date | |||||
2003 | 2002 | $ Change | 2003 | 2002 | $ Change | |
U.S. Utility, Parent & Other | 571 | 736 | -165 | 1,109 | 1,437 | -328 |
Entergy Nuclear | 125 | 138 | -13 | 198 | 303 | -105 |
Energy Commodity Services(o) | -45 | -7 | -38 | -131 | -70 | -61 |
Total Operating Cash Flow | 651 | 867 | -216 | 1,176 | 1,670 | -494 |
At the end of third quarter 2003, Entergy's combined cash balance and unused capacity on bank revolvers totaled more than $1.7 billion, comprised of $578 million of cash and cash equivalents and unused revolver capacity of $1.13 billion at the Parent and Utility subsidiaries. Entergy's corporate revolver combined with the ability of the Parent to issue term debt, $650 million of which has been issued since December 2002, provides the company with substantial liquidity and financial flexibility.
As detailed in Table 12, Entergy expects to have significant cash available through 2005 primarily for three potential uses: investments in new businesses or assets, repayment of debt or equity, and dividend increases. Sources shown on the table include $1.7 billion of new debt that Entergy believes it could issue in association with new investments while maintaining a net debt ratio of 50% or less. This amount could vary depending upon the type of new investment and the credit market environment. The table also reflects the impact of Entergy's Board of Directors' decision on July 27, 2003, to approve a 29 percent increase in the Entergy common dividend to $1.80 per share on an annual basis.
Table 12 provides a summary of projected sources and uses of cash for the period from October 1, 2003 through the end of 2005.
Table 12: Entergy Corporation Projected Sources and Uses of Cash | ||
($ in billions) | 10/01/03 - 12/31/05 | |
Beginning cash at 10/1/03 | 0.6 | |
Entergy Corp. credit revolver - unused portion | 1.0 | |
Planned refinancings | 0.5 | |
New debt capacity | 1.7 | |
Total financings | 3.2 | |
Operating cash flow | 5.2 | |
Total sources | 9.0 | |
Debt maturities | 1.3 | |
Capital expenditures | 2.6 | |
Dividends | 1.0 | |
Targeted liquidity | 0.8 | |
Total uses | 5.7 | |
Net Liquidity Available for New Investment, Debt/Equity Retirement, Dividend Increase | 3.3 | |
VII.Other Financial Performance Highlights
As-reported net margin was 11.62 percent, an increase of more than 5 percentage points over third quarter 2002, while operational net margin improved approximately 1 percentage point over last year to 10.81 percent. Return on equity, on an as-reported basis, increased by more than 5 percentage points to 12.56 percent while operational return on equity was nearly 12 percent.
Entergy's capital structure remains within the target range of 45 to 50 percent net debt to net capital. Entergy's off-balance sheet debt, exclusive of operating leases, equals $387 million and constitutes only 2 percent of total capitalization.
Table 13 provides a summary of financial measures with quarter-to-quarter and year-to-date comparisons.
Table 13: Entergy Corporation Key Financial Performance and Flexibility Measures(p) | ||||
Third Quarter 2003 vs. 2002 (see appendix D for definitions of certain measures) | ||||
Third Quarter | ||||
For 12 months ending September 30 | 2003 | 2002 | Change | |
Return on average invested capital - as-reported | 8.12% | 5.41% | 2.71% | |
Return on average invested capital - operational | 7.70% | 7.07% | 0.63% | |
Return on average common equity - as-reported | 12.56% | 7.10% | 5.46% | |
Return on average common equity - operational | 11.69% | 10.82% | 0.87% | |
Net margin - as-reported | 11.62% | 6.55% | 5.07% | |
Net margin - operational | 10.81% | 9.94% | 0.87% | |
Cash flow interest coverage | 4.12 | 5.60 | (1.48) | |
Book value per share | $38.39 | $35.18 | $3.21 | |
End of period shares outstanding (millions) | 228.5 | 222.3 | 6.2 | |
As of September 30 ($ in millions) | 2003 | 2002 | Change | |
Revolver capacity | 1,133 | 823 | 310 | |
Total gross liquidity | 1,711 | 1,772 | (61) | |
Total debt | 8,331 | 8,081 | 250 | |
Off-balance sheet liabilities: | ||||
Project debt | - | - | - | |
Debt of joint ventures - Entergy's share | 387 | 325 | 62 | |
Leases - Entergy's share | 501 | 395 | 106 | |
Total off-balance sheet liabilities | 888 | 720 | 168 | |
Net debt to net capital ratio | 46.6% | 48.9% | (2.3%) | |
Net debt ratio including off-balance sheet liabilities | 49.3% | 51.1% | (1.8%) | |
(p) As-reported metrics are computed in accordance with GAAP as they include all components of net income, including special items. Operational metrics are non-GAAP measures as they are calculated using operational net income, which excludes the impact of special items. Reconciliations of operational earnings per share to as-reported earnings per share can be found in Appendix B.
VIII.Capital Expenditures
Entergy's capital plan from 2003 through 2005 includes $3.7 billion for investment; $2.9 billion of this amount is associated with capital projects that maintain Entergy's existing assets. The remaining $0.8 billion is associated with previously identified investments such as the steam generator replacement at Arkansas Nuclear One Unit 1, nuclear plant power uprates at Entergy Nuclear, the costs associated with the recently completed gas-fired power plant in Entergy's non-nuclear wholesale assets business, and a previously deferred equity investment for Entergy's interest in Entergy-Koch.
Table 14 provides a summary of planned capital expenditures for the period 2003 through 2005.
Table 14: Entergy Corporation Planned Capital Expenditures | ||||
2003-2005 | ||||
($ in billions) | 2003 | 2004 | 2005 | Total |
Maintenance capital | ||||
U. S. Utility | 0.8 | 0.8 | 0.9 | 2.5 |
Entergy Nuclear | 0.1 | 0.2 | 0.1 | 0.4 |
Energy Commodity Services | - | - | - | - |
Subtotal | 0.9 | 1.0 | 1.0 | 2.9 |
Other capital commitments | ||||
U. S. Utility | 0.3 | 0.1 | 0.1 | 0.5 |
Entergy Nuclear | 0.1 | - | - | 0.1 |
Energy Commodity Services | 0.1 | 0.1 | - | 0.2 |
Subtotal | 0.5 | 0.2 | 0.1 | 0.8 |
Total Planned Capital Expenditures | 1.4 | 1.2 | 1.1 | 3.7 |
IX.Debt Refinancing
Entergy has $173 million of debt that matures in the remainder of 2003, $111 million or 64 percent of which is associated with the Utility. The remaining Utility maturity is expected to be refinanced in fourth quarter 2003. Entergy expects to fund, (i.e., retire), the remaining Entergy Nuclear 2003 maturity with cash. During third quarter 2003, $540 million of debt maturities were refinanced. Refinancing activity may be modified periodically in response to changing market conditions and capital needs.
Table 15 provides details on Entergy's 2003 debt maturities and refinancing activity.
Table 15: Entergy Corporation and Subsidiaries Debt Maturity and Refinancing Schedule(q) | |||||||||||
($ in millions) | |||||||||||
Scheduled maturities at December 31, 2002 | 2003 | 2004 | 2005-2009 | 2010+ | Total | ||||||
U. S. Utility | 1,111 | 855 | 1,373 | 3,314 | 6,653 | ||||||
Parent | - | 595 | 267 | - | 862 | ||||||
Entergy Nuclear | 87 | 91 | 344 | 161 | 683 | ||||||
Energy Commodity Services | 79 | - | - | - | 79 | ||||||
Total | 1,277 | 1,541 | 1,984 | 3,475 | 8,277 | ||||||
Financings, refinancings and cash repayments completed through September 30, 2003 | |||||||||||
U. S. Utility | (1,000) | (405) | 445 | 628 | (332) | ||||||
Parent | - | (130) | 222 | 161 | 253 | ||||||
Entergy Nuclear | (25) | (22) | (76) | 15 | (108) | ||||||
Energy Commodity Services | (79) | - | - | - | (79) | ||||||
Total | (1,104) | (557) | 591 | 804 | (266) | ||||||
Remaining maturities as of September 30, 2003 | |||||||||||
U. S. Utility | 111 | 450 | 1,818 | 3,942 | 6,321 | ||||||
Parent | - | 465 | 489 | 161 | 1,115 | ||||||
Entergy Nuclear | 62 | 69 | 268 | 176 | 575 | ||||||
Energy Commodity Services | - | - | - | - | - | ||||||
Total | 173 | 984 | 2,575 | 4,279 | 8,011 | ||||||
(q) Long-term debt, including current portion.
X.Earnings Guidance
"With three quarters of 2003 behind us we feel confident in our ability to achieve our financial objectives this year," saidC. John Wilder, Entergy's chief financial officer. "Each of our businesses continues to respond well to challenges ranging from depressed energy markets to a struggling economy and even highly unusual regional blackout conditions. We have clear visibility on 2003 earnings and are therefore adjusting our guidance to a range of $4.15 to $4.25 per share on an operational basis, which is at the upper end of our previous guidance range of $4.05 to $4.25 per share. We will record a special charge in fourth quarter 2003, estimated to be $0.35 to $0.45 per share, in connection with our voluntary severance program. This charge will impact as-reported earnings and we therefore are adjusting our as-reported 2003 guidance range to $4.02 to $4.22 per share. Finally, our businesses going forward are very solid and thus we affirm as-reported and operation al earnings guidance for 2004 in the range of $4.10 to $4.30 per share."
Entergy's 2003 earnings guidance is detailed in Table 16 below, with September 2003 year-to-date actual results as its starting point. This table reflects the projected changes in the earnings profile for each of Entergy's businesses for the remainder of 2003 based upon how the fourth quarter of 2003 is expected to differ from the fourth quarter of 2002.
Table 16: 2003 Earnings Per Share Guidance Based on September 2003 Year-To-Date Earnings | ||||||||
(Per share in U.S. $) | ||||||||
Sept. 2003 Year-To-Date | Operational/Special Item | 2003 | ||||||
Range of Impact | ||||||||
Utility | ||||||||
As-Reported | 2.18 | |||||||
Less special items | (0.38) | Operational items: | ||||||
Operational | 2.56 | 2002 Operational Results (normal weather) | 0.19 | 0.19 | ||||
Increased revenues due to rate actions at EMI and ENOI | 0.05 | 0.05 | ||||||
Sales growth partially offset by cogeneration losses | - | 0.01 | ||||||
Increased O&M, depreciation, other | (0.04) | (0.03) | ||||||
Total Operational | 0.20 | 0.22 | 2.76 | 2.78 | ||||
Special items: | ||||||||
SFAS 143 Implementation | (0.09) | (0.09) | ||||||
River Bend loss provision | (0.29) | (0.29) | ||||||
Severance charge | (0.25) | (0.20) | ||||||
Total As-reported | (0.63) | (0.58) | 2.13 | 2.20 | ||||
Entergy Nuclear | ||||||||
As-Reported | 1.31 | |||||||
Less special items | 0.70 | Operational items: | ||||||
Operational | 0.61 | 2002 Operational Results | 0.15 | 0.15 | ||||
Increased revenues due to higher capacity factors | 0.03 | 0.05 | ||||||
Decreased O&M expense, other | 0.01 | 0.02 | ||||||
Total Operational | 0.19 | 0.22 | 0.80 | 0.83 | ||||
Special items: | ||||||||
SFAS 143 implementation | 0.70 | 0.70 | ||||||
Severance charge | (0.20) | (0.15) | ||||||
Total As-reported | 0.50 | 0.55 | 1.30 | 1.38 | ||||
Energy Commodity Services | ||||||||
As-Reported | 0.78 | |||||||
Less special items | - | Operational items: | ||||||
Operational | 0.78 | 2002 Operational Results (r) | 0.04 | 0.04 | ||||
Income from trading operations (s) | (0.02) | - | ||||||
Income from pipeline operations (s) | (0.01) | - | ||||||
Total Operational | 0.01 | 0.04 | 0.79 | 0.82 | ||||
Special items: | ||||||||
None | - | - | ||||||
Total As-reported |
|
| 0.79 | 0.82 | ||||
Parent & Other | ||||||||
As-Reported | (0.08) | |||||||
Less special items | 0.00 | Operational items: | ||||||
Operational | (0.08) | 2002 Operational Results | (0.11) | (0.11) | ||||
Interest and other corporate expenses | (0.01) | 0.01 | ||||||
Total Operational | (0.12) | (0.10) | (0.20) | (0.18) | ||||
Special items: | ||||||||
None | - | - | ||||||
Total As-reported | (0.20) | (0.18) | ||||||
Total | ||||||||
As-Reported | 4.19 | |||||||
Less special items | 0.32 | |||||||
Operational | 3.87 | Total Operational for 2003 | 4.15 | 4.25 | ||||
Total As-reported for 2003 | 4.02 | 4.22 |
- Excludes 4Q02 disproportionate sharing.
- Remainder of year at 50%, consistent with Entergy's ownership share.
Entergy's full-year 2004 earnings guidance is detailed in Table 17. In contrast to 2003 guidance, the 2004 guidance table combines results from the Utility with Parent & Other to better reflect the way Entergy views and manages these businesses. Key assumptions reflected in the earnings ranges are as follows:
- Approximately 65 percent of 2004 earnings are expected from the Utility, Parent & Other. Earnings guidance is based on existing rate plans, including the full-year impact of the rate increase put into effect June 3, 2003 at Entergy New Orleans. Incremental revenues expected in 2004 are also the result of sales growth in the 1.5 to 2.0 percent range. Earnings will also benefit from decreased interest expense and lower O&M expense driven by productivity improvements at the Utility. Increases in depreciation and other expenses are expected to partially offset these earnings improvements at Utility.
- More than 25 percent of 2004 earnings are expected from Entergy Nuclear. Increased revenues will be generated by an approximate $2 increase in the pricing of power purchase agreements, which is expected to average about $38 in 2004. A year-over-year increase in revenues will also be driven by 46 MW of power uprates completed during 2003 and the absence of the 2003 blackout. Earnings should also increase as a result of productivity improvements that will lower O&M expense. EN has sold 100 percent of the 2004 expected output of its generating assets at prices that range from $29 to $43 per megawatt hour and assumes that the remaining unsold capacity will be sold either through bilateral contracts or through the auction process. The capacity factor assumption for the fleet ranges from 92 to 95 percent, and includes planned refueling outages at Vermont Yankee in spring 2004, and at FitzPatrick and Indian Point 2 in fall 2004.
- Energy Commodity Services' guidance is based on contribution from Entergy-Koch assuming 50 percent sharing of income, consistent with Entergy's ownership share. The guidance range also reflects conservative expectations for commodity trading, lower pricing for the non-nuclear wholesale assets business, and modest year-over-year pipeline growth.
Entergy's 2004 earnings guidance is detailed in Table 17 below, with the operational guidance midpoint for 2003 earnings as its data starting points.
Table 17: 2004 Earnings Per Share Guidance | ||||||||
(Per share in U.S. $) | ||||||||
2003 Operational Guidance Midpoint | Operational/Special Item | Range of Impact | 2004 | |||||
Utility, Parent & Other | ||||||||
Operational items: | ||||||||
2.58 | Increased revenue due to the full year impact of rate actions | 0.04 | 0.04 | |||||
Increased revenue due to sales growth of 1.5% to 2.0% | 0.15 | 0.20 | ||||||
Decreased 0&M expense (productivity improvements partially offset by inflationary increases) | 0.02 | 0.03 | ||||||
Decreased interest expense | 0.10 | 0.12 | ||||||
Increased depreciation expense, other | (0.14) | (0.12) | ||||||
Total Operational | 0.17 | 0.27 | 2.75 | 2.85 | ||||
Special items: | ||||||||
None | ||||||||
Total As-reported | - | - | 2.75 | 2.85 | ||||
Entergy Nuclear | ||||||||
Operational items: | ||||||||
0.82 | Increased revenue from higher contract pricing | 0.09 | 0.10 | |||||
Increased revenue due to higher MWhs produced from uprates | 0.04 | 0.05 | ||||||
Increased revenue due to higher MWhs produced due to no blackout | 0.05 | 0.05 | ||||||
Decreased O&M expense from productivity improvements | 0.10 | 0.13 | ||||||
Total Operational | 0.28 | 0.33 | 1.10 | 1.15 | ||||
Special items: | ||||||||
None | ||||||||
Total As-reported | - | - | 1.10 | 1.15 | ||||
Energy Commodity Services | ||||||||
Operational items: | ||||||||
0.80 | Decreased contribution from Entergy-Koch (t) | (0.34) | (0.34) | |||||
Increased losses from non-nuclear wholesale assets | (0.08) | (0.05) | ||||||
Conservative commodity trading results | (0.14) | (0.12) | ||||||
Increased income from pipeline growth | 0.01 | 0.01 | ||||||
Total Operational | (0.55) | (0.50) | 0.25 | 0.30 | ||||
Special items: | ||||||||
None | ||||||||
Total As-reported | - | - | 0.25 | 0.30 | ||||
Total | ||||||||
Operational | 4.20 | Total Operational for 2004 | (0.10) | 0.10 | 4.10 | 4.30 | ||
Total As-reported for 2004 | - | - | 4.10 | 4.30 |
- Excludes 2003 disproportionate sharing.
XI.Earnings Growth Objectives
One of Entergy's financial aspirations is to deliver near-term earnings growth of 8-10 percent, comprised of 6 percent intrinsic growth and 2-4 percnet growth from asset acquisitions. Entergy acknowledges that this goal is only reasonably achievable if additional investments are made beyond those included in the plan. Entergy has consistently maintained a disciplined policy that requires new investments to exceed (on an ex ante basis) the incremental average project cost of capital while maintaining corporate credit metrics. The capital is expected to be available to fund additional investments consistent with Entergy's credit objectives.
Over the long term, Entergy aspires to deliver earnings growth of 5-6 percent, equal to top-quartile industry growth over the last 20 years. Entergy's other financial aspirations include achieving a return of 9 percent on average invested capital in the near term, and 10 percent in the long term; achieving a single A credit rating over the long term by maintaining or improving its 45-50 percent net debt to net capital ratio and 4 times or better interest coverage; and growing the dividend annually, consistent with progress made toward the achievement of all financial aspirations.
XII.Appendices
The four appendices that follow provide additional detail on sales, statistics, regulatory information and definitions.
Appendix A provides details of kwh sales and customer statistics for the Utility.
Appendix A: Utility Electric Energy Sales & Customers | ||||||||||
Three Months Ended September | ||||||||||
% Weather | ||||||||||
2003 | 2002 | % | Adjusted | |||||||
(Millions of kwh) | ||||||||||
ELECTRIC ENERGY SALES: | ||||||||||
Residential | 10,763 | 10,827 | (0.6) | (0.4) | ||||||
Commercial | 7,539 | 7,509 | 0.4 | 0.5 | ||||||
Governmental | 737 | 731 | 0.8 | 0.3 | ||||||
Industrial | 9,975 | 10,839 | (8.0) | (8.0) | ||||||
Total to Ultimate Customers | 29,014 | 29,906 | (3.0) | (2.9) | ||||||
Wholesale | 2,093 | 2,823 | (25.9) | |||||||
Total Sales | 31,107 | 32,729 | (5.0) | |||||||
Year to Date September | ||||||||||
% Weather | ||||||||||
2003 | 2002 | % | Adjusted | |||||||
(Millions of kwh) | ||||||||||
ELECTRIC ENERGY SALES: | ||||||||||
Residential | 25,776 | 25,303 | 1.9 | 2.0 | ||||||
Commercial | 19,525 | 19,219 | 1.6 | 1.6 | ||||||
Governmental | 2,033 | 2,002 | 1.6 | 1.2 | ||||||
Industrial | 28,855 | 30,770 | (6.2) | (6.2) | ||||||
Total to Ultimate Customers | 76,189 | 77,294 | (1.4) | (1.4) | ||||||
Wholesale | 7,196 | 7,480 | (3.8) | |||||||
Total Sales | 83,385 | 84,774 | (1.6) | |||||||
Twelve Months Ended Septermber | ||||||||||
2003 | 2002 | % | ||||||||
(Millions of kwh) | ||||||||||
ELECTRIC ENERGY SALES: | ||||||||||
Residential | 33,054 | 31,612 | 4.6 | |||||||
Commercial | 25,660 | 25,091 | 2.3 | |||||||
Governmental | 2,709 | 2,628 | 3.1 | |||||||
Industrial | 39,103 | 40,869 | (4.3) | |||||||
Total to Ultimate Customers | 100,526 | 100,200 | 0.3 | |||||||
Wholesale | 9,544 | 9,372 | 1.8 | |||||||
Total Sales | 110,070 | 109,572 | 0.5 | |||||||
September | ||||||||||
2003 | 2002 | % | ||||||||
ELECTRIC CUSTOMERS(YEAR TO DATE AVERAGE): | ||||||||||
Residential | 2,252,533 | 2,236,611 | 0.7 | |||||||
Commercial | 305,976 | 301,737 | 1.4 | |||||||
Governmental | 15,305 | 14,928 | 2.5 | |||||||
Industrial | 42,148 | 41,486 | 1.6 | |||||||
Total Ultimate Customers | 2,615,962 | 2,594,762 | 0.8 | |||||||
Wholesale | 42 | 40 | 5.0 | |||||||
Total Customers | 2,616,004 | 2,594,802 | 0.8 | |||||||
Appendix B provides a summary of quarterly performance measures.
Appendix B: Historical Performance Measures (see appendix D for definitions of measures)(u) | ||||||||||||
4Q01 | 1Q02 | 2Q02 | 3Q02 | 4Q02 | 1Q03 | 2Q03 | 3Q03 | 02 YTD | 03 YTD | |||
Financial | ||||||||||||
EPS - as-reported ($) | 0.09 | -0.35 | 1.06 | 1.59 | 0.33 | 1.73 | 0.89 | 1.57 | 2.30 | 4.19 | ||
Less - special items ($) | -0.09 | -1.15 | -0.11 | 0.09 | -0.01 | 0.61 | -0.28 | 0.00 | -1.17 | 0.32 | ||
EPS - operational ($) | 0.18 | 0.80 | 1.17 | 1.50 | 0.34 | 1.12 | 1.17 | 1.57 | 3.47 | 3.87 | ||
Trailing Twelve Months |
| |||||||||||
ROIC - as-reported (%) | 7.16 | 5.63 | 5.40 | 5.41 | 5.82 | 8.69 | 8.09 | 8.12 | ||||
ROIC - operational (%) | 7.15 | 7.11 | 7.01 | 7.07 | 7.41 | 7.90 | 7.55 | 7.70 | ||||
ROE - as-reported (%) | 10.04 | 6.80 | 6.64 | 7.10 | 7.84 | 13.69 | 12.85 | 12.56 | ||||
ROE - operational (%) | 10.04 | 10.20 | 10.28 | 10.82 | 11.33 | 12.00 | 11.69 | 11.69 | ||||
Cash Flow Interest Coverage | 4.09 | 4.51 | 4.87 | 5.60 | 4.83 | 4.33 | 4.38 | 4.12 | ||||
Net debt/net capital (%) | 51.0 | 50.1 | 50.4 | 48.9 | 47.7 | 48.3 | 47.8 | 46.6 | ||||
Utility | ||||||||||||
Generation in GWh | 21,245 | 21,032 | 22,698 | 26,635 | 19,687 | 18,531 | 19,915 | 21,438 | 70,364 | 59,884 | ||
GWh billed |
| |||||||||||
Residential | 6,309 | 7,274 | 7,202 | 10,827 | 7,279 | 7,843 | 7,170 | 10,763 | 25,303 | 25,776 | ||
Commercial & Gov't | 6,499 | 6,215 | 6,766 | 8,240 | 6,811 | 6,455 | 6,828 | 8,276 | 21,221 | 21,558 | ||
Industrial | 10,098 | 9,590 | 10,294 | 10,839 | 10,248 | 9,324 | 9,556 | 9,975 | 30,770 | 28,855 | ||
O&M expense/MWh | $19.44 | $16.79 | $23.87 | $14.01 | $23.84 | $14.71 | $19.30 | $17.66 | $18.02 | $18.54 | ||
Reliability | ||||||||||||
SAIFI | 2.1 | 2.0 | 2.0 | 2.1 | 2.0 | 1.9 | 1.6 | 1.8 | ||||
SAIDI | 162 | 151 | 151 | 156 | 164 | 161 | 138 | 155 | ||||
Nuclear | ||||||||||||
Net MW in operation | 3,445 | 3,445 | 3,445 | 3,955 | 3,955 | 3,955 | 3,955 | 4,001 | ||||
Avg. realized price per MWh | $35.27 | $37.14 | $39.88 | $42.59 | $40.87 | $38.28 | $39.78 | 40.67 |
| |||
Production cost/MWh | $19.55 | $19.62 | $19.40 | $19.82 | $22.18 | $23.54 | $20.85 | 20.03 | $19.62 | $21.49 | ||
Generation in GWh | 7,260 | 7,509 | 7,449 | 8,152 | 6,843 | 8,093 | 7,337 | 8,246 | 23,110 | 23,676 | ||
Capacity factor | 95.0% | 100.3% | 98.5% | 96.8% | 78.0% | 93.7% | 84.1% | 93.6% | 98.5% | 90.5% | ||
Energy Commodity Services | ||||||||||||
Entergy-Koch Trading | ||||||||||||
Electricity volatility (%) | 37 | 39 | 51 | 57 | 41 | 86 | 52 | 34 | 50 | 62 | ||
Gas volatility (%) | 80 | 79 | 54 | 58 | 50 | 91 | 45 | 39 | 64 | 62 | ||
Gain/loss days | 2.2 | 2.1 | 1.7 | 2.0 | 1.3 | 1.3 | 1.4 | 1.7 | 1.9 | 1.5 | ||
Gulf South Pipeline |
| |||||||||||
Throughput (Bcf/d) | 2.51 | 2.66 | 2.31 | 2.27 | 2.22 | 2.20 | 1.90 | 1.84 | 2.40 | 1.98 | ||
Production cost ($) | 0.098 | 0.077 | 0.096 | 0.096 | 0.113 | 0.113 | 0.138 | 0.171 | 0.088 | 0.137 | ||
Non-Nuclear Wholesale Assets | ||||||||||||
Net MW in operation | 2,410 | 1,870 | 1,209 | 1,209 | 1,421 | 1,421 | 1,421 | 1,806 |
(u) As-reported metrics are computed in accordance with GAAP as they include all components of net income, including special items. Operational metrics are non-GAAP measures as they are calculated using operational net income, which excludes the impact of special items. A reconciliation of operational earnings per share to as-reported earnings per share is provided here.
Appendix C provides a summary of the key regulatory cases and events that are pending.
Appendix C: Regulatory Summary Table | ||
Third Quarter 2003 | ||
Company/Proceeding | Authorized ROE | Pending Cases/Events |
Retail Rate Regulation | ||
Entergy Arkansas | 11.0% | No cases pending. Next filing likely to come in connection with steam generator replacement at ANO in 2005. |
Entergy Gulf States - TX | 10.95% | Base rates frozen since Settlement order issued in June 1999. Freeze will extend until the start of retail open access, which is targeted to occur January 1, 2005. A number of activities must be completed to achieve this date including final approval by FERC of market protocols, ruling on independence of transmission authority, restart of pilot program, and completion of EGSI Business Separation Plan. Should the PUCT choose to not support retail open access, EGSI will file for new rates. |
Entergy Gulf States - LA | 11.1% | The 9th revenue review (2002) and prospective revenue study are currently pending before the LPSC. During discovery, the Staff requested that the Company provide updated cost of service data to reflect changes in costs, revenues, and rate base through December 31, 2002. A new procedural schedule now has been established which requires the LPSC Staff to file its Surrebuttal Testimony on December 15, 2003, which testimony will also address new issues presented by the updated 2002 cost of service information. Hearings are scheduled for May 2004. EGSI's filing included a $11.5 million rate reduction, implemented in June 2002, and requested a prospective rate increase of approximately $21.7 million. The LPSC staff filed testimony in April 2003 recommending a $30 million refund and a prospective rate reduction of at least $75 million. The company intends to vigorously oppose staff's recommendations, but the outcome cannot be predicted at this time. |
Entergy Louisiana | 11.3% | ELI's formula rate plan expired with the 2001 test year. ELI filed a Jurisdictional Revenue Requirement Analysis in June 2003, indicating a revenue deficiency of $170 million based on an 11.75% ROE and potential capacity purchases. A filing to request a rate increase is anticipated in mid 2004. In conjunction with the Commission staff, ELI is also pursuing the development of a new formula rate plan proposal. |
Entergy Mississippi | 10.64%-12.86% | Annual formula rate plan is in place based upon a December 2002 order by the MPSC which approved a $48.2 million rate increase and an ROE mid point of 11.75%. If Entergy Mississippi earns outside of the bandwidth range, rates will be adjusted on a prospective basis. If earnings are above the bandwidth range, rates are reduced by 50% of the overage, and if below, increased by 50% of the shortfall. In addition, the ROE midpoint can increase or decrease by as much as 1% based upon achievement of various performance incentives. EMI will make its next formula rate plan filing in March 2004. |
Entergy New Orleans | 10.25% - 13.25% | Effective June 2003 the New Orleans City Council approved a $30.2 million rate increase and a ROE mid point of 11.25% under a 2 year formula rate plan. In addition, Entergy New Orleans could realize a ROE of up to 13.25% on electric operations based on a generation performance-based rate calculation in its fuel adjustment clause. |
Wholesale Rate Regulation (FERC) | ||
System Energy Resources, Inc. | 10.94% | ROE approved by July 2001 FERC order. No cases pending. |
System Agreement | NA | Proceeding initiated by the LPSC and the City of New Orleans (who has since withdrawn) was requesting a reallocation of production costs among the utility operating subsidiaries. Entergy believes the current methodology of cost allocation under the agreement is appropriate. Hearings occurred in August 2003 and settlement discussions began in September. An initial decision by the FERC administrative law judge is expected in first quarter 2004. |
Affiliate Transactions | NA | Eight purchase power agreements covering five generating sources from Entergy affiliates for supplies of power to ELI and ENOI are being reviewed by FERC. Certain of the contracts became effective on June 1, 2003, subject to refund. The process used to award the contracts is being challenged by various parties at FERC. The current procedural schedule calls for hearings in April 2004 with an initial FERC decision during third quarter 2004. |
SeTrans | NA | October 2002 FERC declaratory order generally supported many of the elements of the SeTrans RTO proposal of which Entergy is a participant. Various issues remain unresolved, in particular issues related to tariff design. FERC decisions on remaining SeTrans' issues and its work to finalize its Standard Market Design suggest that an operational RTO is 3-5 years away. |
Appendix D provides definitions of certain operational and financial performance measures referenced in this release.
Appendix D: Definitions of Operational and Financial Performance Measures | |
Operational Measures | |
Utility | |
Generation in GWh | Total number of GWh produced by all Utility generation facilities |
GWh billed | Total number of GWh billed to all customer classes |
Operation & maintenance expense | Operation, maintenance and refueling expenses per MWh generated, 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 |
Reliability complaints | Number of complaints to regulators concerning reliability issues |
Number of customers | Year-to-date average number of customers |
Safety | Number of accidents resulting in lost time work |
Competitive Businesses | |
Planned TWh of generation | Amount of output expected to be generated by Entergy Nuclear for nuclear units, or by non-nuclear wholesale assets for fossil and wind 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 capacity contracts, forward physical contracts or forward financial contracts, that may or may not require regulatory approval. All percentages reflected are consistent with assumptions used in earnings guidance |
Unit-contingent power sale | Transaction under which power is supplied from a specific generation asset; if the asset is unavailable, seller is not be 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); if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract. |
Average assumed contract price/spark spread per MWh | Price/spark spread at which generation output is expected to be sold to third parties, given existing contracts/market prices based on expected dispatch |
Average expected market price/spark spread per MWh | Average price/spark spread at which uncommitted generation output is expected to be sold to third parties, given anticipated contracts/market prices based on expected dispatch |
Entergy Nuclear | |
Net MW in operation | Installed capacity owned or operated by Entergy Nuclear |
Average realized price per MWh | As-reported revenue per MWh generated 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 |
Generation in GWh | Total number of GWh produced by all non-utility nuclear facilities |
Capacity factor | Normalized percentage of the period that the plant generates power |
Refueling outage duration | Number of days lost for scheduled refueling outage completed during the quarter |
Energy Commodity Services | |
Entergy-Koch Trading | |
Electricity volatility | Average volatility of into-Cinergy power prices for the period. The changes in volatility numbers for the comparative prior-year periods are the result of a refinement of the definition of the initial month used in the time period selected over which the calculation of power and gas volatilities is measured |
Gas volatility | Average volatility of Henry Hub spot prices for the period (See note to Electricity Volatility immediately above) |
Electricity marketed (GWh) | Total physical GWh volumes marketed in the U.S. and Europe during the period |
Gas marketed (Bcf/d) | Physical Bcf/d volumes marketed in the U.S. and Europe during the period. The changes in gas marketed numbers for the comparative prior-year periods are the result of an adjustment to the definition to represent only sales volumes consistent with industry standards and the addition of volumes traded in Europe |
Gain/loss days | Ratio of days where aggregate trading gains exceeded trading losses across all commodities |
Daily average earnings at risk | Daily value at risk in millions of dollars for the period using a 97.5% confidence level. This measure indicates that, if prices moved against the positions, the loss in neutralizing the portfolio would not be expected to exceed the calculated value at risk |
Gulf South Pipeline | |
Throughput | Gas in Bcf/d transported by the pipeline during the period |
Production cost | Cost in $/mmbtu associated with delivering gas, excluding gas expense |
Non-nuclear Wholesale Assets | |
Net MW in operation | Total MW owned and operated |
Generation in GWh | Total number of GWh produced by all non-nuclear wholesale generating assets |
Average realized price per MWh | As-reported revenue per MWh generated for all non-nuclear wholesale generating assets |
Appendix D: Definitions of Operational and Financial Performance Measures (continued) | |
Financial Measures | |
Operational net income | As-reported net income adjusted to exclude the impact of special items |
Return on average invested capital - as-reported | 12-months rolling net income adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital |
Return on average invested capital - operational | 12-months rolling operational net income 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 net income divided by average common equity |
Return on average common equity - operational | 12-months rolling operational net income divided by average common equity |
Net margin - as-reported | 12-months rolling net income divided by 12 months rolling revenue |
Net margin - operational | 12-months rolling operational net income divided by 12 months rolling revenue |
Cash flow interest coverage | 12-months operating cash flow 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 gross liquidity | Sum of cash and revolver capacity |
Total debt | Sum of short-term and long-term debt, capital leases, and company-obligated mandatorily redeemable preferred securities on the balance sheet less non-recourse debt, if any |
Project debt | Financing at subsidiaries to support specific projects |
Debt of joint ventures (Entergy share) | Debt issued for Entergy-Koch, LP and RS Cogen joint ventures |
Leases (Entergy share) | Operating leases held by subsidiaries capitalized at implicit interest rate |
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 total capitalization less cash and cash equivalents |
Entergy's common stock is listed on the New York, Chicago, and Pacific exchanges under the symbol "ETR".
Additional investor information can be accessed on-line at
www.entergy.com/earnings
Teleconference and Webcast Details
Entergy's senior management team will host an earnings teleconference at 10:00 a.m. CDT, Thursday, October 23, 2003. The call can be accessed by dialing 913-981-5571; the confirmation code is 553475. Please call no more than 15 minutes prior to the scheduled start time. The call can also be accessed and the presentation slides can be viewed via Entergy's web site atwww.entergy.com/webcasts. A replay of the teleconference will be available for seven days following the teleconference by dialing 719-457-0820, confirmation code 553475. The replay will also be available on Entergy's web site atwww.entergy.com/webcasts.
************************************************************************************************************************************
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:From time to time, Entergy makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Entergy believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements involve a number of risks and uncertainties, and there are factors that could cause actual results to dif fer materially from those expressed or implied in the statements. Some of those factors include, but are not limited to: resolution of pending and future rate cases and negotiations, including various performance-based rate discussions, and other regulatory decisions, including those related to Entergy's utility supply plan, Entergy's ability to reduce its operation and maintenance costs, particularly at its Non-Utility Nuclear generating facilities including the uncertainty of negotiations with unions to agree to such reductions, the performance of Entergy's generating plants, and particularly the capacity factor at its nuclear generating facilities, prices for power generated by Entergy's unregulated generating facilities - - particularly the ability to extend or replace the existing power purchase agreements for the Non-Utility Nuclear plants - - and the prices and availability of power Entergy must purchase for its utility customers, Entergy's ability to develop and execute on a point of view regarding prices of electricity, natural gas, and other energy-related commodities, Entergy-Koch's profitability in trading electricity, natural gas, and other energy-related commodities, resolution of pending investigations of Entergy-Koch's past trading practices, changes in the number of participants in the energy trading market, and in their creditworthiness and risk profile, changes in the financial markets, particularly those affecting the availability of capital and Entergy's ability to refinance existing debt and to fund investments and acquisitions, actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in inflation and interest rates, Entergy's ability to purchase and sell assets at attractive prices and on other attractive terms, volatility and changes in markets for electricity, natural gas, and other ene rgy-related commodities, changes in utility regulation, including the beginning or end of retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, and the establishment of SeTrans or another regional transmission organization, changes in regulation of nuclear generating facilities and nuclear materials and fuel, including possible shutdown of Indian Point or other nuclear generating facilities, changes in law resulting from proposed federal energy legislation, changes in environmental, tax, and other laws, including requirements for reduced emissions of sulfur, nitrogen, carbon, and other substances, the economic climate, and particularly growth in Entergy's service territory, variations in weather, hurricanes, and other disasters, advances in technology, the potential impacts of threatened or actual terrorism and war, the success of Entergy's strategies to reduce taxes, the effects of litigation, changes in accounting standards, changes in corporate gov ernance and securities law requirements and Entergy's ability to attract and retain talented management and directors.
Entergy Corporation | |||||||||||
Consolidating Balance Sheet | |||||||||||
September 30, 2003 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Cash | $ 150,154 | $ 5,601 | $ 18,044 | $ - | $ 173,799 | ||||||
Temporary cash investments - at cost, | |||||||||||
which approximates market | 173,367 | 47,524 | 182,692 | - | 403,583 | ||||||
Special deposits | - | 165 | (4) | - | 162 | ||||||
Total cash and cash equivalents | 323,521 | 53,290 | 200,732 | - | 577,544 | ||||||
Other temporary investments | 16,110 | 2,708 | - | - | 18,818 | ||||||
Notes receivable | 18 | 488,988 | 352,884 | (839,877) | 2,013 | ||||||
Accounts receivable: | |||||||||||
Customer | 517,854 | 14,644 | - | - | 532,498 | ||||||
Allowance for doubtful accounts | (20,263) | (2,633) | (500) | - | (23,396) | ||||||
Associated companies | (5,665) | 220,333 | (166,535) | (48,133) | - | ||||||
Other | 116,736 | 2,985 | 129,937 | - | 249,657 | ||||||
Accrued unbilled revenues | 408,514 | 19,827 | - | - | 428,341 | ||||||
Total receivables | 1,017,176 | 255,156 | (37,098) | (48,133) | 1,187,100 | ||||||
Deferred fuel costs | 288,322 | - | - | - | 288,322 | ||||||
Accumulated deferred income taxes | - | 18 | - | (18) | - | ||||||
Fuel inventory - at average cost | 122,207 | - | 2,342 | 18 | 124,568 | ||||||
Materials and supplies - at average cost | 353,634 | 63 | 198,648 | - | 552,345 | ||||||
Deferred nuclear refueling outage costs | 25,446 | - | 121,872 | - | 147,318 | ||||||
Prepayments and other | 98,446 | 10,500 | 34,423 | - | 143,371 | ||||||
TOTAL | 2,244,880 | 810,723 | 873,803 | (888,010) | 3,041,399 | ||||||
OTHER PROPERTY AND INVESTMENTS | |||||||||||
Investment in affiliates - at equity | 214 | 9,711,285 | 1,096,822 | (9,711,237) | 1,097,083 | ||||||
Decommissioning trust funds | 908,989 | - | 1,282,602 | - | 2,191,590 | ||||||
Non-utility property - at cost (less accumulated depreciation) | 166,363 | 71,834 | 427 | - | 238,624 | ||||||
Other | 216,785 | 214,391 | 39,753 | (29,347) | 441,581 | ||||||
TOTAL | 1,292,351 | 9,997,510 | 2,419,604 | (9,740,584) | 3,968,878 | ||||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||||
Electric | 26,072,677 | 8,879 | 1,269,338 | - | 27,350,894 | ||||||
Property under capital lease | 755,190 | - | - | - | 755,190 | ||||||
Natural gas | 219,085 | 294 | - | - | 219,379 | ||||||
Construction work in progress | 991,295 | 35,039 | 624,699 | (3,949) | 1,647,084 | ||||||
Nuclear fuel under capital lease | 280,219 | - | - | - | 280,219 | ||||||
Nuclear fuel | 14,491 | - | 237,422 | - | 251,913 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 28,332,957 | 44,212 | 2,131,459 | (3,949) | 30,504,679 | ||||||
Less - accumulated depreciation and amortization | 12,263,946 | 5,956 | 190,222 | - | 12,460,124 | ||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 16,069,011 | 38,256 | 1,941,237 | (3,949) | 18,044,555 | ||||||
DEFERRED DEBITS AND OTHER ASSETS | |||||||||||
Regulatory assets: | |||||||||||
SFAS 109 regulatory asset - net | 805,851 | - | - | - | 805,851 | ||||||
Unamortized loss on reacquired debt | 168,205 | - | - | - | 168,205 | ||||||
Other regulatory assets | 1,204,701 | - | - | - | 1,204,701 | ||||||
Long-term receivables | 21,884 | - | - | - | 21,884 | ||||||
Goodwill | 374,099 | - | 3,073 | - | 377,172 | ||||||
Other | 268,526 | 562,851 | 757,881 | (654,072) | 935,185 | ||||||
TOTAL | 2,843,266 | 562,851 | 760,954 | (654,072) | 3,512,998 | ||||||
TOTAL ASSETS | $22,449,508 | $ 11,409,340 | $ 5,995,598 | $(11,286,615) | 28,567,830 | ||||||
*Totals may not foot due to rounding. | |||||||||||
Entergy Corporation | |||||||||||
Consolidating Balance Sheet | |||||||||||
September 30, 2003 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Currently maturing long-term debt | $ 499,107 | $ - | $ 71,274 | $ - | $ 570,381 | ||||||
Notes payable: | |||||||||||
Associated companies | - | 367,469 | 472,291 | (839,759) | - | ||||||
Other | 47 | - | 304 | - | 351 | ||||||
Account payable: | |||||||||||
Associated companies | 4,199 | 207,567 | (173,181) | (38,584) | - | ||||||
Other | 458,847 | 28,873 | 85,539 | - | 573,259 | ||||||
Customer deposits | 206,103 | 881 | 164 | - | 207,147 | ||||||
Taxes accrued | 450,264 | (77,345) | 78,683 | - | 451,603 | ||||||
Accumulated deferred income taxes | 35,792 | - | 53,860 | (18) | 89,634 | ||||||
Nuclear refueling outage costs | 4,987 | - | - | - | 4,987 | ||||||
Interest accrued | 130,469 | 10,103 | 19,482 | - | 160,053 | ||||||
Obligations under capital leases | 154,911 | - | - | - | 154,911 | ||||||
Other | 76,789 | 4,808 | 71,392 | (12,299) | 140,692 | ||||||
TOTAL | 2,021,515 | 542,356 | 679,808 | (890,660) | 2,353,018 | ||||||
NON-CURRENT LIABILITIES | |||||||||||
Accumulated deferred income taxes and taxes accrued | 4,472,784 | 28,982 | 79,670 | - | 4,581,436 | ||||||
Accumulated deferred investment tax credits | 425,812 | - | - | - | 425,812 | ||||||
Obligations under capital leases | 165,512 | - | 1 | - | 165,512 | ||||||
Other regulatory liabilities | 267,574 | - | - | - | 267,574 | ||||||
Decommisioning | 1,479,388 | - | 669,934 | - | 2,149,322 | ||||||
Transition to competition | 79,098 | - | - | - | 79,098 | ||||||
Regulatory reserves | 46,632 | - | - | - | 46,632 | ||||||
Accumulated provisions | 316,824 | 1,671 | 117,969 | - | 436,464 | ||||||
Long-term debt | 5,822,197 | 1,166,730 | 580,028 | (128,140) | 7,440,816 | ||||||
Preferred stock with sinking fund | 20,877 | - | - | - | 20,877 | ||||||
Company-obligated mandatorily redeemable | |||||||||||
preferred securities of subsidiary trust holding | |||||||||||
solely junior subordinated deferrable debentures | 215,000 | - | - | - | 215,000 | ||||||
Other | 1,244,479 | 141,523 | 454,920 | (559,989) | 1,280,934 | ||||||
TOTAL | 14,556,177 | 1,338,906 | 1,902,522 | (688,129) | 17,109,477 | ||||||
Preferred stock without sinking fund | 334,337 | - | 532 | (532) | 334,337 | ||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common stock | 2,225,870 | 1,373 | 1,451,722 | (3,676,483) | 2,482 | ||||||
Authorized shares | 500,000,000 | ||||||||||
Issued shares CY | 248,174,087 | ||||||||||
Paid-in capital | 1,784,097 | 5,824,242 | 1,216,913 | (4,128,654) | 4,696,598 | ||||||
Retained earnings | 1,640,047 | 4,273,589 | 798,263 | (2,067,019) | 4,644,880 | ||||||
Accumulated other comprehensive income (loss) | 7,465 | (1,929) | (10,846) | 1,546 | (3,765) | ||||||
Less - treasury stock, at cost | 120,000 | 569,197 | 43,316 | (163,316) | 569,197 | ||||||
Shares CY | 19,678,683 | ||||||||||
TOTAL | 5,537,479 | 9,528,078 | 3,412,736 | (9,707,294) | 8,770,998 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $22,449,508 | $ 11,409,340 | $ 5,995,598 | $(11,286,615) | $ 28,567,830 | ||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||
Consolidating Balance Sheet | |||||||||||
December 31, 2002 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Cash | $ 118,625 | $ 5,011 | $ 46,152 | $ - | $ 169,788 | ||||||
Temporary cash investments - at cost, | |||||||||||
which approximates market | 969,077 | 24,518 | 171,665 | - | 1,165,260 | ||||||
Special deposits | - | 31 | 249 | - | 280 | ||||||
Total cash and cash equivalents | 1,087,702 | 29,560 | 218,066 | - | 1,335,328 | ||||||
Other temporary investments | - | - | - | - | - | ||||||
Notes receivable | 13 | 501,161 | 403,393 | (902,490) | 2,078 | ||||||
Accounts receivable: | |||||||||||
Customer | 321,942 | 1,273 | - | - | 323,215 | ||||||
Allowance for doubtful accounts | (24,421) | (2,364) | (500) | - | (27,285) | ||||||
Associated companies | 19,907 | 159,628 | (137,646) | (41,889) | - | ||||||
Other | 112,438 | 1,083 | 131,100 | - | 244,621 | ||||||
Accrued unbilled revenues | 318,101 | 1,032 | - | - | 319,133 | ||||||
Total receivables | 747,967 | 160,652 | (7,046) | (41,889) | 859,684 | ||||||
Deferred fuel costs | 55,653 | - | - | - | 55,653 | ||||||
Accumulated deferred income taxes | 14,872 | 18 | - | (14,890) | - | ||||||
Fuel inventory - at average cost | 94,183 | - | 2,266 | 18 | 96,467 | ||||||
Materials and supplies - at average cost | 333,977 | 25 | 191,898 | - | 525,900 | ||||||
Deferred nuclear refueling outage costs | 51,541 | - | 112,106 | - | 163,646 | ||||||
Prepayments and other | 131,092 | 3,557 | 32,176 | - | 166,827 | ||||||
TOTAL | 2,517,000 | 694,973 | 952,859 | (959,251) | 3,205,583 | ||||||
OTHER PROPERTY AND INVESTMENTS | |||||||||||
Investment in affiliates - at equity | 214 | 8,897,127 | 823,996 | (8,897,127) | 824,209 | ||||||
Decommissioning trust funds | 839,405 | - | 1,229,793 | - | 2,069,198 | ||||||
Non-utility property - at cost (less accumulated depreciation) | 222,519 | 74,204 | 571 | - | 297,294 | ||||||
Other | 21,084 | 33,677 | 559,378 | (343,249) | 270,889 | ||||||
TOTAL | 1,083,222 | 9,005,008 | 2,613,738 | (9,240,376) | 3,461,590 | ||||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||||
Electric | 25,226,879 | 8,498 | 1,554,161 | - | 26,789,538 | ||||||
Property under capital lease | 746,624 | - | - | - | 746,624 | ||||||
Natural gas | 209,913 | 57 | - | - | 209,969 | ||||||
Construction work in progress | 797,128 | 27,927 | 411,786 | (3,949) | 1,232,891 | ||||||
Nuclear fuel under capital lease | 259,433 | - | - | - | 259,433 | ||||||
Nuclear fuel | 24,475 | - | 239,134 | - | 263,609 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 27,264,452 | 36,482 | 2,205,081 | (3,949) | 29,502,064 | ||||||
Less - accumulated depreciation and amortization | 12,140,375 | 4,703 | 162,035 | - | 12,307,112 | ||||||
PROPERTY, PLANT AND EQUIPMENT - NET | 15,124,077 | 31,779 | 2,043,046 | (3,949) | 17,194,952 | ||||||
DEFERRED DEBITS AND OTHER ASSETS | |||||||||||
Regulatory assets: | |||||||||||
SFAS 109 regulatory asset - net | 844,105 | - | - | - | 844,105 | ||||||
Unamortized loss on reacquired debt | 155,161 | - | - | - | 155,161 | ||||||
Other regulatory assets | 738,328 | - | - | - | 738,328 | ||||||
Long-term receivables | 24,703 | - | - | - | 24,703 | ||||||
Goodwill | 374,099 | - | 3,073 | - | 377,172 | ||||||
Other | 213,430 | 492,721 | 779,032 | (538,809) | 946,375 | ||||||
TOTAL | 2,349,827 | 492,721 | 782,105 | (538,809) | 3,085,844 | ||||||
TOTAL ASSETS | $21,074,127 | $10,224,481 | $ 6,391,748 | $(10,742,385) | $ 26,947,969 | ||||||
*Totals may not foot due to rounding. | |||||||||||
Entergy Corporation | |||||||||||
Consolidating Balance Sheet | |||||||||||
December 31, 2002 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Currently maturing long-term debt | $ 1,110,741 | $ - | $ 80,579 | $ - | $ 1,191,320 | ||||||
Notes payable: | |||||||||||
Associated companies | - | 421,155 | 482,447 | (903,602) | - | ||||||
Other | 47 | - | 304 | - | 351 | ||||||
Account payable: | |||||||||||
Associated companies | (11,912) | 150,651 | (102,580) | (36,160) | - | ||||||
Other | 704,964 | 17,729 | 132,752 | - | 855,446 | ||||||
Customer deposits | 198,100 | 179 | 163 | - | 198,442 | ||||||
Taxes accrued | 75,044 | 25,943 | 284,328 | - | 385,315 | ||||||
Accumulated deferred income taxes | - | - | 41,359 | (14,890) | 26,468 | ||||||
Nuclear refueling outage costs | 14,244 | - | - | - | 14,244 | ||||||
Interest accrued | 165,903 | 3,138 | 6,399 | - | 175,440 | ||||||
Obligations under capital leases | 153,822 | - | - | - | 153,822 | ||||||
Other | 68,830 | 12,844 | 98,147 | (8,479) | 171,341 | ||||||
TOTAL | 2,479,784 | 631,639 | 1,023,898 | (963,131) | 3,172,189 | ||||||
NON-CURRENT LIABILITIES | |||||||||||
Accumulated deferred income taxes and taxes accrued | 4,512,358 | 11,245 | (272,804) | - | 4,250,800 | ||||||
Accumulated deferred investment tax credits | 447,925 | - | - | - | 447,925 | ||||||
Obligations under capital leases | 155,934 | - | 9 | - | 155,943 | ||||||
Other regulatory liabilities | 185,579 | - | - | - | 185,579 | ||||||
Decommisioning | 302,202 | - | 1,263,796 | - | 1,565,997 | ||||||
Transition to competition | 79,098 | - | - | - | 79,098 | ||||||
Regulatory reserves | 56,438 | - | - | - | 56,438 | ||||||
Accumulated provisions | 299,462 | 1,679 | 88,726 | - | 389,868 | ||||||
Long-term debt | 5,542,438 | 915,611 | 697,352 | (68,402) | 7,086,999 | ||||||
Preferred stock with sinking fund | 24,327 | - | - | - | 24,327 | ||||||
Company-obligated mandatorily redeemable | |||||||||||
preferred securities of subsidiary trust holding | |||||||||||
solely junior subordinated deferrable debentures | 215,000 | - | - | - | 215,000 | ||||||
Other | 1,044,074 | 103,273 | 503,199 | (505,314) | 1,145,232 | ||||||
TOTAL | 12,864,834 | 1,031,808 | 2,280,278 | (573,716) | 15,603,206 | ||||||
Preferred stock without sinking fund | 334,337 | - | 91,940 | (91,940) | 334,337 | ||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common stock | 2,225,870 | 1,360 | 1,696,327 | (3,921,075) | 2,482 | ||||||
Authorized shares | 500,000,000 | ||||||||||
Issued shares CY | 248,174,087 | ||||||||||
Paid-in capital | 1,784,097 | 5,757,779 | 1,030,284 | (3,905,407) | 4,666,753 | ||||||
Retained earnings | 1,500,609 | 3,553,724 | 337,699 | (1,453,338) | 3,938,693 | ||||||
Accumulated other comprehensive income (loss) | 4,595 | (4,498) | (25,362) | 2,906 | (22,360) | ||||||
Less - treasury stock, at cost | 120,000 | 747,331 | 43,316 | (163,316) | 747,331 | ||||||
Shares CY | 25,752,410 | ||||||||||
TOTAL | 5,395,171 | 8,561,034 | 2,995,632 | (9,113,598) | 7,838,237 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 21,074,127 | $ 10,224,481 | $ 6,391,748 | $ (10,742,385) | $ 26,947,969 | ||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||
Consolidating Balance Sheet | |||||||||
September 30, 2003 vs December 31, 2002 | |||||||||
Increase/(Decrease) | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and cash equivalents: | |||||||||
Cash | $ 31,529 | $ 590 | $ (28,108) | $ - | $ 4,011 | ||||
Temporary cash investments - at cost, | |||||||||
which approximates market | (795,710) | 23,006 | 11,027 | - | (761,677) | ||||
Special deposits | - | 134 | (253) | - | (118) | ||||
Total cash and cash equivalents | (764,181) | 23,730 | (17,334) | - | (757,784) | ||||
Other temporary investments | 16,110 | 2,708 | - | - | 18,818 | ||||
Notes receivable | 5 | (12,173) | (50,509) | 62,613 | (65) | ||||
Accounts receivable: | |||||||||
Customer | 195,912 | 13,371 | - | - | 209,283 | ||||
Allowance for doubtful accounts | 4,158 | (269) | - | - | 3,889 | ||||
Associated companies | (25,572) | 60,705 | (28,889) | (6,244) | - | ||||
Other | 4,298 | 1,902 | (1,163) | - | 5,036 | ||||
Accrued unbilled revenues | 90,413 | 18,795 | - | - | 109,208 | ||||
Total receivables | 269,209 | 94,504 | (30,052) | (6,244) | 327,416 | ||||
Deferred fuel costs | 232,669 | - | - | - | 232,669 | ||||
Accumulated deferred income taxes | (14,872) | - | - | 14,872 | - | ||||
Fuel inventory - at average cost | 28,024 | - | 76 | - | 28,101 | ||||
Materials and supplies - at average cost | 19,657 | 38 | 6,750 | - | 26,445 | ||||
Deferred nuclear refueling outage costs | (26,095) | - | 9,766 | - | (16,328) | ||||
Prepayments and other | (32,646) | 6,943 | 2,247 | - | (23,456) | ||||
TOTAL | (272,120) | 115,750 | (79,056) | 71,241 | (164,184) | ||||
OTHER PROPERTY AND INVESTMENTS | |||||||||
Investment in affiliates - at equity | - | 814,158 | 272,826 | (814,110) | 272,874 | ||||
Decommissioning trust funds | 69,584 | - | 52,809 | - | 122,392 | ||||
Non-utility property - at cost (less accumulated depreciation) | (56,156) | (2,370) | (144) | - | (58,670) | ||||
Other | 195,701 | 180,714 | (519,625) | 313,902 | 170,692 | ||||
TOTAL | 209,129 | 992,502 | (194,134) | (500,208) | 507,288 | ||||
PROPERTY, PLANT, AND EQUIPMENT | |||||||||
Electric | 845,798 | 381 | (284,823) | - | 561,356 | ||||
Property under capital lease | 8,566 | - | - | - | 8,566 | ||||
Natural gas | 9,172 | 237 | - | - | 9,410 | ||||
Construction work in progress | 194,167 | 7,112 | 212,913 | - | 414,193 | ||||
Nuclear fuel under capital lease | 20,786 | - | - | - | 20,786 | ||||
Nuclear fuel | (9,984) | - | (1,712) | - | (11,696) | ||||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 1,068,505 | 7,730 | (73,622) | - | 1,002,615 | ||||
Less - accumulated depreciation and amortization | 123,571 | 1,253 | 28,187 | - | 153,012 | ||||
PROPERTY, PLANT AND EQUIPMENT - NET | 944,934 | 6,477 | (101,809) | - | 849,603 | ||||
DEFERRED DEBITS AND OTHER ASSETS | |||||||||
Regulatory assets: | |||||||||
SFAS 109 regulatory asset - net | (38,254) | - | - | - | (38,254) | ||||
Unamortized loss on reacquired debt | 13,044 | - | - | - | 13,044 | ||||
Other regulatory assets | 466,373 | - | - | - | 466,373 | ||||
Long-term receivables | (2,819) | - | - | - | (2,819) | ||||
Goodwill | - | - | - | - | - | ||||
Other | 55,096 | 70,130 | (21,151) | (115,263) | (11,190) | ||||
TOTAL | 493,439 | 70,130 | (21,151) | (115,263) | 427,154 | ||||
TOTAL ASSETS | $ 1,375,381 | $ 1,184,858 | $ (396,151) | $ (544,231) | $ 1,619,860 | ||||
*Totals may not foot due to rounding. | |||||||||
Entergy Corporation | |||||||||
Consolidating Balance Sheet | |||||||||
September 30, 2003 vs December 31, 2002 | |||||||||
Increase/(Decrease) | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Currently maturing long-term debt | $ (611,634) | $ - | $ (9,305) | $ - | $ (620,939) | ||||
Notes payable: | |||||||||
Associated companies | - | (53,686) | (10,156) | 63,843 | - | ||||
Other | - | - | - | - | - | ||||
Account payable: | |||||||||
Associated companies | 16,111 | 56,916 | (70,601) | (2,424) | - | ||||
Other | (246,117) | 11,144 | (47,213) | - | (282,187) | ||||
Customer deposits | 8,003 | 702 | 1 | - | 8,705 | ||||
Taxes accrued | 375,220 | (103,288) | (205,645) | - | 66,288 | ||||
Accumulated deferred income taxes | 35,792 | - | 12,501 | 14,872 | 63,166 | ||||
Nuclear refueling outage costs | (9,257) | - | - | - | (9,257) | ||||
Interest accrued | (35,434) | 6,965 | 13,083 | - | (15,387) | ||||
Obligations under capital leases | 1,089 | - | - | - | 1,089 | ||||
Other | 7,959 | (8,036) | (26,755) | (3,820) | (30,649) | ||||
TOTAL | (458,269) | (89,283) | (344,090) | 72,471 | (819,171) | ||||
NON-CURRENT LIABILITIES | |||||||||
Accumulated deferred income taxes and taxes accrued | (39,574) | 17,737 | 352,474 | - | 330,636 | ||||
Accumulated deferred investment tax credits | (22,113) | - | - | - | (22,113) | ||||
Obligations under capital leases | 9,578 | - | (8) | - | 9,569 | ||||
Other regulatory liabilities | 81,995 | - | - | - | 81,995 | ||||
Decommisioning | 1,177,186 | - | (593,862) | - | 583,325 | ||||
Transition to competition | - | - | - | - | - | ||||
Regulatory reserves | (9,806) | - | - | - | (9,806) | ||||
Accumulated provisions | 17,362 | (8) | 29,243 | - | 46,596 | ||||
Long-term debt | 279,759 | 251,119 | (117,324) | (59,738) | 353,817 | ||||
Preferred stock with sinking fund | (3,450) | - | - | - | (3,450) | ||||
Company-obligated mandatorily redeemable | |||||||||
preferred securities of subsidiary trust holding | |||||||||
solely junior subordinated deferrable debentures | - | - | - | - | - | ||||
Other | 200,405 | 38,250 | (48,279) | (54,675) | 135,702 | ||||
TOTAL | 1,691,343 | 307,098 | (377,756) | (114,413) | 1,506,272 | ||||
Preferred stock without sinking fund | - | - | (91,408) | 91,408 | - | ||||
SHAREHOLDERS' EQUITY | |||||||||
Common stock | - | 13 | (244,605) | 244,592 | - | ||||
Authorized shares | |||||||||
Issued shares CY | |||||||||
Paid-in capital | - | 66,463 | 186,629 | (223,247) | 29,845 | ||||
Retained earnings | 139,438 | 719,865 | 460,564 | (613,681) | 706,187 | ||||
Accumulated other comprehensive income (loss) | 2,870 | 2,569 | 14,516 | (1,360) | 18,595 | ||||
Less - treasury stock, at cost | - | (178,134) | - | - | (178,134) | ||||
TOTAL | 142,308 | 967,044 | 417,104 | (593,696) | 932,760 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,375,381 | $ 1,184,858 | $ (396,151) | $ (544,231) | $ 1,619,860 | ||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Three Months Ended September 30, 2003 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 2,236,159 | $ - | $ - | $ (541) | $ 2,235,618 | ||||||
Natural gas | 25,866 | - | - | - | 25,866 | ||||||
Competitive businesses | - | 69,551 | 385,922 | (16,833) | 438,641 | ||||||
Total | 2,262,025 | 69,551 | 385,922 | (17,373) | 2,700,125 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | |||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 535,964 | - | 60,083 | - | 596,046 | ||||||
Purchased power | 494,785 | 48,890 | 3,027 | (17,265) | 529,437 | ||||||
Gross Margin | 1,231,276 | 20,661 | 322,812 | (108) | 1,574,642 | ||||||
Margin % | 54.4% | 29.7% | 83.6% | 0.6% | 58.3% | ||||||
Nuclear refueling outage expenses | 14,881 | - | 25,273 | - | 40,154 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | - | - | - | ||||||
Other operation and maintenance | 363,732 | 19,987 | 171,091 | (338) | 554,472 | ||||||
Decommissioning | 23,131 | - | 12,798 | - | 35,929 | ||||||
Taxes other than income taxes | 89,835 | 1,404 | 14,122 | - | 105,360 | ||||||
Total | 1,522,328 | 70,281 | 286,394 | (17,603) | 1,861,398 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 739,697 | (730) | 99,528 | 230 | 838,727 | ||||||
Margin % | 32.7% | (1.0%) | 25.8% | (1.3%) | 31.1% | ||||||
DEPRECIATION AND AMORTIZATION: | �� | ||||||||||
Depreciation and amortization | 201,837 | 1,071 | 17,759 | - | 220,667 | ||||||
Other regulatory charges (credits) | (945) | - | - | - | (945) | ||||||
Total | 200,892 | 1,071 | 17,759 | - | 219,722 | ||||||
OPERATING INCOME (LOSS) | 538,805 | (1,801) | 81,769 | 230 | 619,005 | ||||||
Margin % | 23.8% | (2.6%) | 21.2% | (1.3%) | 22.9% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 9,936 | - | - | - | 9,936 | ||||||
Interest and dividend income | 11,177 | 5,381 | 15,786 | (8,303) | 24,040 | ||||||
Equity in earnings of unconsolidated equity affiliates | - | 1 | 60,099 | (1) | 60,099 | ||||||
Miscellaneous - net | (2,094) | (59) | 10,316 | (230) | 7,932 | ||||||
Total | 19,019 | 5,323 | 86,201 | (8,533) | 102,007 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | 105,904 | 9,348 | 3,207 | - | 118,460 | ||||||
Other interest - net | 3,882 | 7,928 | 9,838 | (8,303) | 13,345 | ||||||
Distributions on preferred securities of subsidiaries | 4,709 | - | - | - | 4,709 | ||||||
Allowance for borrowed funds used during construction | (7,968) | - | - | - | (7,968) | ||||||
Total | 106,527 | 17,276 | 13,045 | (8,303) | 128,546 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 451,297 | (13,754) | 154,925 | - | 592,466 | ||||||
INCOME TAXES | 172,484 | (10,657) | 58,989 | - | 220,816 | ||||||
CONSOLIDATED NET INCOME (LOSS) | 278,813 | (3,097) | 95,936 | - | 371,650 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | 5,876 | - | - | - | 5,876 | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ 272,937 | $ (3,097) | $ 95,936 | $ - | $ 365,774 | ||||||
Margin % | 12.3% | (4.5%) | 24.9% | - | 13.8% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | $1.19 | ($0.01) | $0.42 | $1.60 | |||||||
DILUTED | $1.17 | ($0.01) | $0.41 | $1.57 | |||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 228,105,505 | ||||||||||
DILUTED | 232,515,434 | ||||||||||
*Totals may not foot due to rounding. | |||||||||||
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Three Months Ended September 30, 2002 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 2,038,364 | $ - | $ - | $ (407) | $ 2,037,957 | ||||||
Natural gas | 18,953 | - | - | - | 18,953 | ||||||
Competitive businesses | - | 8,780 | 403,297 | (113) | 411,965 | ||||||
Total | 2,057,317 | 8,780 | 403,297 | (520) | 2,468,875 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | |||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 632,167 | - | 40,050 | - | 672,217 | ||||||
Purchased power | 226,547 | 441 | (4,188) | (327) | 222,472 | ||||||
Gross Margin | 1,198,603 | 8,339 | 367,435 | (193) | 1,574,186 | ||||||
Margin % | 58.3% | 95.0% | 91.1% | 37.0% | 63.8% | ||||||
Nuclear refueling outage expenses | 14,295 | - | 9,888 | - | 24,183 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | (27,985) | - | (27,985) | ||||||
Other operation and maintenance | 358,903 | 17,429 | 188,882 | (452) | 564,762 | ||||||
Decommissioning | 8,198 | - | 9,994 | - | 18,192 | ||||||
Taxes other than income taxes | 95,368 | 635 | 11,186 | - | 107,189 | ||||||
Total | 1,335,478 | 18,505 | 227,827 | (780) | 1,581,030 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 721,839 | (9,725) | 175,470 | 260 | 887,845 | ||||||
Margin % | 35.1% | (110.8%) | 43.5% | (50.0%) | 36.0% | ||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||
Depreciation and amortization | 195,340 | 1,280 | 17,788 | - | 214,408 | ||||||
Other regulatory charges (credits) | 19,742 | - | - | - | 19,742 | ||||||
Total | 215,082 | 1,280 | 17,788 | - | 234,150 | ||||||
OPERATING INCOME (LOSS) | 506,757 | (11,005) | 157,682 | 260 | 653,695 | ||||||
Margin % | 24.6% | (125.3%) | 39.1% | (50.0%) | 26.5% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 8,726 | - | - | - | 8,726 | ||||||
Interest and dividend income | 4,217 | 9,409 | 17,671 | (10,609) | 20,688 | ||||||
Equity in earnings of unconsolidated equity affiliates | - | - | 44,997 | - | 44,997 | ||||||
Miscellaneous - net | 5,239 | 634 | 8,091 | (260) | 13,704 | ||||||
Total | 18,182 | 10,043 | 70,759 | (10,869) | 88,115 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | 115,067 | - | 16,838 | - | 131,905 | ||||||
Other interest - net | 4,200 | 7,825 | 14,850 | (10,609) | 16,266 | ||||||
Distributions on preferred securities of subsidiaries | 4,709 | - | - | - | 4,709 | ||||||
Allowance for borrowed funds used during construction | (6,548) | - | - | - | (6,548) | ||||||
Total | 117,428 | 7,825 | 31,688 | (10,609) | 146,332 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 407,512 | (8,786) | 196,753 | (0) | 595,478 | ||||||
INCOME TAXES | 157,886 | (4,582) | 75,374 | - | 228,678 | ||||||
CONSOLIDATED NET INCOME (LOSS) | 249,626 | (4,205) | 121,380 | (0) | 366,800 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | 5,924 | - | - | - | 5,924 | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ 243,702 | $ (4,205) | $ 121,380 | $ (0) | $ 360,876 | ||||||
Margin % | 11.8% | (47.9%) | 30.1% | 0.0% | 14.6% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | $1.09 | ($0.02) | $0.54 | $1.61 | |||||||
DILUTED | $1.07 | ($0.02) | $0.54 | $1.59 | |||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 223,714,449 | ||||||||||
DILUTED | 227,054,321 | ||||||||||
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Three Months Ended September 30, 2003 vs. 2002 | |||||||||||
Increase/(Decrease) | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 197,795 | $ - | $ - | $ (134) | $ 197,661 | ||||||
Natural gas | 6,913 | - | - | - | 6,913 | ||||||
Competitive businesses | - | 60,771 | (17,375) | (16,720) | 26,676 | ||||||
Total | 204,708 | 60,771 | (17,375) | (16,853) | 231,250 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | - | - | |||||||||
Fuel, fuel related expenses, and gas purchased for resale | (96,203) | - | 20,033 | - | (76,171) | ||||||
Purchased power | 268,238 | 48,449 | 7,215 | (16,938) | 306,965 | ||||||
Gross Margin | 32,673 | 12,322 | (44,623) | 85 | 456 | ||||||
Margin % | (3.8%) | (65.3%) | (7.5%) | (36.4%) | (5.4%) | ||||||
Nuclear refueling outage expenses | 586 | - | 15,385 | - | 15,971 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | 27,985 | - | 27,985 | ||||||
Other operation and maintenance | 4,829 | 2,558 | (17,791) | 114 | (10,290) | ||||||
Decommissioning | 14,933 | - | 2,804 | - | 17,737 | ||||||
Taxes other than income taxes | (5,533) | 769 | 2,936 | - | (1,829) | ||||||
Total | 186,850 | 51,776 | 58,567 | (16,824) | 280,369 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 17,858 | 8,995 | (75,942) | (29) | (49,119) | ||||||
Margin % | (2.4%) | 109.7% | (17.7%) | 48.6% | (4.9%) | ||||||
DEPRECIATION AND AMORTIZATION: | - | ||||||||||
Depreciation and amortization | 6,497 | (209) | (29) | - | 6,259 | ||||||
Other regulatory charges (credits) | (20,687) | - | - | - | (20,687) | ||||||
Total | (14,190) | (209) | (29) | - | (14,428) | ||||||
OPERATING INCOME (LOSS) | 32,048 | 9,204 | (75,913) | (29) | (34,691) | ||||||
Margin % | (0.8%) | 122.8% | (17.9%) | 48.6% | (3.6%) | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 1,210 | - | - | - | 1,210 | ||||||
Interest and dividend income | 6,960 | (4,028) | (1,885) | 2,306 | 3,353 | ||||||
Equity in earnings of unconsolidated equity affiliates | - | 1 | 15,102 | (1) | 15,103 | ||||||
Miscellaneous - net | (7,333) | (693) | 2,225 | 30 | (5,771) | ||||||
Total | 837 | (4,720) | 15,442 | 2,336 | 13,895 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | (9,163) | 9,348 | (13,631) | - | (13,446) | ||||||
Other interest - net | (318) | 103 | (5,012) | 2,306 | (2,921) | ||||||
Distributions on preferred securities of subsidiaries | - | - | - | - | - | ||||||
Allowance for borrowed funds used during construction | (1,420) | - | - | - | (1,420) | ||||||
Total | (10,901) | 9,451 | (18,643) | 2,306 | (17,787) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 43,786 | (4,967) | (41,828) | (0) | (3,009) | ||||||
INCOME TAXES | 14,598 | (6,076) | (16,385) | - | (7,862) | ||||||
CONSOLIDATED NET INCOME (LOSS) | 29,188 | 1,109 | (25,444) | (0) | 4,853 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | (48) | - | - | - | (48) | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ 29,236 | $ 1,109 | $ (25,444) | $ (0) | $ 4,901 | ||||||
Margin % | 12.3% | (4.5%) | 24.9% | - | 13.8% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | $0.10 | $0.01 | ($0.12) | ($0.01) | |||||||
DILUTED | $0.10 | $0.01 | ($0.13) | ($0.02) | |||||||
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Nine Months Ended September 30, 2003 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 5,764,781 | $ - | $ - | $ (1,484) | $ 5,763,298 | ||||||
Natural gas | 139,803 | - | - | - | 139,803 | ||||||
Competitive businesses | - | 122,200 | 1,088,689 | (22,230) | 1,188,659 | ||||||
Total | 5,904,584 | 122,200 | 1,088,689 | (23,714) | 7,091,760 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | |||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,330,242 | - | 149,859 | - | 1,480,101 | ||||||
Purchased power | 1,275,367 | 75,813 | 10,817 | (23,388) | 1,338,609 | ||||||
Gross Margin | 3,298,975 | 46,387 | 928,013 | (326) | 4,273,050 | ||||||
Margin % | 55.9% | 38.0% | 85.2% | 1.4% | 60.3% | ||||||
Nuclear refueling outage expenses | 46,083 | - | 73,215 | - | 119,298 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | (7,743) | - | (7,743) | ||||||
Other operation and maintenance | 1,064,317 | 53,014 | 534,064 | (1,015) | 1,650,380 | ||||||
Decommissioning | 69,392 | - | 38,395 | - | 107,787 | ||||||
Taxes other than income taxes | 257,208 | 3,291 | 43,102 | - | 303,601 | ||||||
Total | 4,042,609 | 132,118 | 841,709 | (24,403) | 4,992,033 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 1,861,975 | (9,918) | 246,980 | 690 | 2,099,727 | ||||||
Margin % | 31.5% | (8.1%) | 22.7% | (2.9%) | 29.6% | ||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||
Depreciation and amortization | 590,863 | 3,657 | 42,639 | - | 637,159 | ||||||
Other regulatory charges (credits) | 18,581 | - | - | - | 18,581 | ||||||
Total | 609,444 | 3,657 | 42,639 | - | 655,740 | ||||||
OPERATING INCOME (LOSS) | 1,252,531 | (13,575) | 204,341 | 690 | 1,443,987 | ||||||
Margin % | 21.2% | (11.1%) | 18.8% | (2.9%) | 20.4% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 26,962 | - | - | - | 26,962 | ||||||
Interest and dividend income | 33,215 | 22,928 | 57,150 | (29,501) | 83,792 | ||||||
Equity in earnings of unconsolidated equity affiliates | - | 1 | 258,451 | (1) | 258,451 | ||||||
Miscellaneous - net | (118,496) | 2,223 | 33,058 | (689) | (83,904) | ||||||
Total | (58,319) | 25,152 | 348,659 | (30,191) | 285,301 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | 317,069 | 23,356 | 12,997 | - | 353,422 | ||||||
Other interest - net | 11,556 | 34,462 | 26,118 | (29,501) | 42,636 | ||||||
Distributions on preferred securities of subsidiaries | 14,128 | - | - | - | 14,128 | ||||||
Allowance for borrowed funds used during construction | (21,136) | - | - | - | (21,136) | ||||||
Total | 321,617 | 57,818 | 39,115 | (29,501) | 389,050 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 872,595 | (46,241) | 513,885 | - | 1,340,238 | ||||||
INCOME TAXES | 331,152 | (30,077) | 197,993 | - | 499,068 | ||||||
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF | |||||||||||
ACCOUNTING CHANGE | 541,443 | (16,164) | 315,892 | - | 841,170 | ||||||
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of taxes) | (21,333) | - | 164,255 | - | 142,922 | ||||||
CONSOLIDATED NET INCOME (LOSS) | 520,110 | (16,164) | 480,147 | - | 984,092 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | 17,669 | - | - | - | 17,669 | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ 502,441 | $ (16,164) | $ 480,147 | $ - | $ 966,423 | ||||||
Margin % | 8.8% | (13.2%) | 44.1% | - | 13.9% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | $2.22 | ($0.07) | $2.12 | $4.27 | |||||||
DILUTED | $2.18 | ($0.08) | $2.09 | $4.19 | |||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 226,145,567 | ||||||||||
DILUTED | 230,388,260 | ||||||||||
*Totals may not foot due to rounding. | |||||||||||
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Nine Months Ended September 30, 2002 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 5,127,052 | $ - | $ - | $ (1,330) | $ 5,125,722 | ||||||
Natural gas | 90,313 | - | - | - | 90,313 | ||||||
Competitive businesses | - | 30,594 | 1,181,870 | (2,210) | 1,210,254 | ||||||
Total | 5,217,365 | 30,594 | 1,181,870 | (3,540) | 6,426,289 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | |||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,452,183 | - | 160,307 | - | 1,612,490 | ||||||
Purchased power | 567,016 | 865 | 60,337 | (2,742) | 625,476 | ||||||
Gross Margin | 3,198,166 | 29,729 | 961,226 | (798) | 4,188,323 | ||||||
Margin % | 61.3% | 97.2% | 81.3% | 22.5% | 65.2% | ||||||
Nuclear refueling outage expenses | 44,682 | - | 29,375 | - | 74,057 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | 391,557 | - | 391,557 | ||||||
Other operation and maintenance | 1,223,404 | 57,215 | 537,088 | (1,576) | 1,816,131 | ||||||
Decommissioning | 24,589 | - | 29,984 | - | 54,573 | ||||||
Taxes other than income taxes | 256,742 | 1,958 | 33,054 | - | 291,753 | ||||||
Total | 3,568,616 | 60,038 | 1,241,702 | (4,319) | 4,866,037 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 1,648,749 | (29,444) | (59,832) | 779 | 1,560,252 | ||||||
Margin % | 31.6% | (96.2%) | (5.1%) | (22.0%) | 24.3% | ||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||
Depreciation and amortization | 573,385 | 4,095 | 47,928 | - | 625,407 | ||||||
Other regulatory charges (credits) | (149,340) | - | - | - | (149,340) | ||||||
Total | 424,045 | 4,095 | 47,928 | - | 476,067 | ||||||
OPERATING INCOME (LOSS) | 1,224,704 | (33,539) | (107,760) | 779 | 1,084,185 | ||||||
Margin % | 23.5% | (109.6%) | (9.1%) | (22.0%) | 16.9% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 23,730 | - | - | - | 23,730 | ||||||
Interest and dividend income | 19,566 | 25,368 | 53,413 | (26,423) | 71,924 | ||||||
Equity in earnings of unconsolidated equity affiliates | - | - | 128,248 | - | 128,248 | ||||||
Miscellaneous - net | (3,018) | 5,774 | 11,771 | (779) | 13,749 | ||||||
Total | 40,279 | 31,142 | 193,432 | (27,202) | 237,651 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | 327,004 | - | 49,821 | - | 376,825 | ||||||
Other interest - net | 23,881 | 24,721 | 34,468 | (26,423) | 56,646 | ||||||
Distributions on preferred securities of subsidiaries | 14,128 | - | - | - | 14,128 | ||||||
Allowance for borrowed funds used during construction | (18,478) | - | - | - | (18,478) | ||||||
Total | 346,535 | 24,721 | 84,289 | (26,423) | 429,121 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 918,448 | (27,118) | 1,383 | (0) | 892,715 | ||||||
INCOME TAXES | 359,798 | (12,258) | 3,775 | - | 351,314 | ||||||
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF | |||||||||||
ACCOUNTING CHANGE | 558,651 | (14,859) | (2,392) | (0) | 541,401 | ||||||
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of taxes) | - | - | - | - | - | ||||||
CONSOLIDATED NET INCOME (LOSS) | 558,651 | (14,859) | (2,391) | (0) | 541,401 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | 17,796 | - | - | - | 17,796 | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ 540,855 | $ (14,859) | $ (2,391) | $ (0) | $ 523,605 | ||||||
Margin % | 10.4% | (48.6%) | (0.2%) | 0.0% | 8.1% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | $2.42 | ($0.07) | ($0.01) | $2.34 | |||||||
DILUTED | $2.38 | ($0.07) | ($0.01) | $2.30 | |||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 223,336,005 | ||||||||||
DILUTED | 227,402,737 | ||||||||||
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Nine Months Ended September 30, 2003 vs. 2002 | |||||||||||
Increase/(Decrease) | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 637,729 | $ - | $ - | $ (154) | $ 637,576 | ||||||
Natural gas | 49,490 | - | - | - | 49,490 | ||||||
Competitive businesses | - | 91,606 | (93,181) | (20,020) | (21,595) | ||||||
Total | 687,219 | 91,606 | (93,181) | (20,174) | 665,471 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | - | - | |||||||||
Fuel, fuel related expenses, and gas purchased for resale | (121,941) | - | (10,448) | - | (132,389) | ||||||
Purchased power | 708,351 | 74,948 | (49,520) | (20,646) | 713,133 | ||||||
Gross Margin | 100,809 | 16,658 | (33,213) | 472 | 84,726 | ||||||
Margin % | (5.4%) | (59.2%) | 3.9% | (21.2%) | (4.9%) | ||||||
Nuclear refueling outage expenses | 1,401 | - | 43,840 | - | 45,241 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | (399,300) | - | (399,300) | ||||||
Other operation and maintenance | (159,087) | (4,201) | (3,024) | 561 | (165,751) | ||||||
Decommissioning | 44,803 | - | 8,411 | - | 53,214 | ||||||
Taxes other than income taxes | 466 | 1,333 | 10,048 | - | 11,848 | ||||||
Total | 473,993 | 72,080 | (399,993) | (20,084) | 125,996 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 213,226 | 19,526 | 306,812 | (89) | 539,474 | ||||||
Margin % | (0.1%) | 88.1% | 27.7% | 19.1% | 5.3% | ||||||
DEPRECIATION AND AMORTIZATION: | - | ||||||||||
Depreciation and amortization | 17,478 | (438) | (5,289) | - | 11,752 | ||||||
Other regulatory charges (credits) | 167,921 | - | - | - | 167,921 | ||||||
Total | 185,399 | (438) | (5,289) | - | 179,673 | ||||||
OPERATING INCOME (LOSS) | 27,827 | 19,964 | 312,101 | (89) | 359,801 | ||||||
Margin % | (2.3%) | 98.5% | 27.9% | 19.1% | 3.5% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 3,232 | - | - | - | 3,232 | ||||||
Interest and dividend income | 13,649 | (2,440) | 3,737 | (3,078) | 11,868 | ||||||
Equity in earnings of unconsolidated equity affiliates | - | 1 | 130,203 | (1) | 130,204 | ||||||
Miscellaneous - net | (115,479) | (3,551) | 21,287 | 90 | (97,653) | ||||||
Total | (98,598) | (5,990) | 155,227 | (2,989) | 47,651 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | (9,935) | 23,356 | (36,824) | - | (23,403) | ||||||
Other interest - net | (12,325) | 9,742 | (8,350) | (3,078) | (14,011) | ||||||
Distributions on preferred securities of subsidiaries | - | - | - | - | - | ||||||
Allowance for borrowed funds used during construction | (2,658) | - | - | - | (2,658) | ||||||
Total | (24,918) | 33,098 | (45,174) | (3,078) | (40,071) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | (45,853) | (19,124) | 512,502 | (0) | 447,524 | ||||||
INCOME TAXES | (28,646) | (17,819) | 194,218 | - | 147,754 | ||||||
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF | |||||||||||
ACCOUNTING CHANGE | (17,208) | (1,305) | 318,284 | (0) | 299,770 | ||||||
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of taxes) | (21,333) | - | 164,255 | - | 142,922 | ||||||
CONSOLIDATED NET INCOME (LOSS) | (38,541) | (1,305) | 482,539 | (0) | 442,692 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | (127) | - | - | - | (127) | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ (38,414) | $ (1,305) | $ 482,539 | $ (0) | $ 442,819 | ||||||
Margin % | 8.8% | (13.2%) | 44.1% | - | 13.9% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | ($0.20) | ($0.00) | $2.13 | $1.93 | |||||||
DILUTED | ($0.20) | ($0.01) | $2.10 | $1.89 |
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Twelve Months Ended September 30, 2003 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 7,285,885 | $ - | $ - | $ (1,896) | $ 7,283,990 | ||||||
Natural gas | 174,842 | - | - | - | 174,842 | ||||||
Competitive businesses | - | 132,334 | 1,401,728 | (22,389) | 1,511,673 | ||||||
Total | 7,460,727 | 132,334 | 1,401,728 | (24,285) | 8,970,505 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | |||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,819,407 | - | 202,799 | - | 2,022,207 | ||||||
Purchased power | 1,472,700 | 77,287 | 19,321 | (23,842) | 1,545,466 | ||||||
Gross Margin | 4,168,620 | 55,047 | 1,179,608 | (443) | 5,402,832 | ||||||
Margin % | 55.9% | 41.6% | 84.2% | 1.8% | 60.2% | ||||||
Nuclear refueling outage expenses | 60,203 | - | 90,630 | - | 150,833 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | 29,156 | - | 29,156 | ||||||
Other operation and maintenance | 1,519,481 | 81,416 | 722,856 | (1,392) | 2,322,362 | ||||||
Decommissioning | 75,261 | - | 54,370 | - | 129,631 | ||||||
Taxes other than income taxes | 333,670 | 3,879 | 54,761 | - | 392,310 | ||||||
Total | 5,280,722 | 162,583 | 1,173,893 | (25,234) | 6,591,965 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 2,180,005 | (30,249) | 227,835 | 950 | 2,378,540 | ||||||
Margin % | 29.2% | (22.9%) | 16.3% | (3.9%) | 26.5% | ||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||
Depreciation and amortization | 787,277 | 4,704 | 58,950 | - | 850,931 | ||||||
Other regulatory charges (credits) | 26,085 | - | - | - | 26,085 | ||||||
Total | 813,362 | 4,704 | 58,950 | - | 877,016 | ||||||
OPERATING INCOME (LOSS) | 1,366,643 | (34,953) | 168,885 | 950 | 1,501,524 | ||||||
Margin % | 18.3% | (26.4%) | 12.0% | (3.9%) | 16.7% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 34,890 | - | - | - | 34,890 | ||||||
Interest and dividend income | 36,879 | 32,993 | 101,138 | (40,818) | 130,192 | ||||||
Equity in earnings of unconsolidated equity affiliates | (2) | 1 | 314,084 | (1) | 314,083 | ||||||
Miscellaneous - net | (122,763) | 1,694 | 38,256 | (949) | (83,763) | ||||||
Total | (50,996) | 34,688 | 453,477 | (41,768) | 395,402 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | 433,219 | 23,996 | 26,985 | - | 484,201 | ||||||
Other interest - net | 15,924 | 44,681 | 36,763 | (40,818) | 56,550 | ||||||
Distributions on preferred securities of subsidiaries | 18,838 | - | - | - | 18,838 | ||||||
Allowance for borrowed funds used during construction | (27,195) | - | - | - | (27,195) | ||||||
Total | 440,786 | 68,677 | 63,748 | (40,818) | 532,394 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 874,861 | (68,942) | 558,614 | - | 1,364,532 | ||||||
INCOME TAXES | 285,106 | (29,072) | 185,657 | - | 441,691 | ||||||
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF | |||||||||||
ACCOUNTING CHANGE | 589,755 | (39,870) | 372,957 | - | 922,841 | ||||||
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of taxes) | (21,333) | - | 164,255 | - | 142,922 | ||||||
CONSOLIDATED NET INCOME (LOSS) | 568,422 | (39,870) | 537,212 | - | 1,065,763 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | 23,585 | - | - | - | 23,585 | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ 544,837 | $ (39,870) | $ 537,212 | $ - | $ 1,042,178 | ||||||
Margin % | 7.3% | (30.1%) | 38.3% | - | 11.6% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | $2.42 | ($0.18) | $2.39 | $4.63 | |||||||
DILUTED | $2.37 | ($0.17) | $2.34 | $4.54 | |||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 224,990,923 | ||||||||||
DILUTED | 229,454,668 | ||||||||||
*Totals may not foot due to rounding. |
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Twelve Months Ended September 30, 2002 | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 6,522,109 | $ - | $ - | $ (1,280) | $ 6,520,829 | ||||||
Natural gas | 117,071 | - | - | - | 117,071 | ||||||
Competitive businesses | - | 40,683 | 1,638,571 | (5,558) | 1,673,697 | ||||||
Total | 6,639,180 | 40,683 | 1,638,571 | (6,838) | 8,311,597 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | |||||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,940,925 | - | 276,311 | - | 2,217,236 | ||||||
Purchased power | 665,981 | 909 | 96,950 | (5,766) | 758,074 | ||||||
Gross Margin | 4,032,274 | 39,774 | 1,265,310 | (1,072) | 5,336,287 | ||||||
Margin % | 60.7% | 97.8% | 77.2% | 15.7% | 64.2% | ||||||
Nuclear refueling outage expenses | 59,805 | - | 38,830 | - | 98,634 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | 391,557 | - | 391,557 | ||||||
Other operation and maintenance | 1,621,367 | 94,143 | 797,837 | (2,382) | 2,510,966 | ||||||
Decommissioning | 32,526 | - | 40,313 | - | 72,839 | ||||||
Taxes other than income taxes | 342,846 | 2,618 | 50,421 | - | 395,885 | ||||||
Total | 4,663,450 | 97,670 | 1,692,219 | (8,148) | 6,445,191 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 1,975,730 | (56,987) | (53,648) | 1,310 | 1,866,406 | ||||||
Margin % | 29.8% | (140.1%) | (3.3%) | (19.2%) | 22.5% | ||||||
DEPRECIATION AND AMORTIZATION: | |||||||||||
Depreciation and amortization | 765,050 | 5,352 | 61,940 | - | 832,341 | ||||||
Other regulatory charges (credits) | (163,957) | - | - | - | (163,957) | ||||||
Total | 601,093 | 5,352 | 61,940 | - | 668,384 | ||||||
OPERATING INCOME (LOSS) | 1,374,637 | (62,339) | (115,588) | 1,310 | 1,198,022 | ||||||
Margin % | 20.7% | (153.2%) | (7.1%) | (19.2%) | 14.4% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 30,680 | - | - | - | 30,680 | ||||||
Interest and dividend income | 31,269 | 32,913 | 73,360 | (30,107) | 107,435 | ||||||
Equity in earnings of unconsolidated equity affiliates | - | - | 144,926 | - | 144,926 | ||||||
Miscellaneous - net | (18,118) | 4,944 | 15,608 | (1,309) | 1,125 | ||||||
Total | 43,831 | 37,857 | 233,894 | (31,416) | 284,165 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | 443,597 | - | 91,775 | - | 535,372 | ||||||
Other interest - net | 36,993 | 34,288 | 19,029 | (30,107) | 60,204 | ||||||
Distributions on preferred securities of subsidiaries | 18,837 | - | - | - | 18,837 | ||||||
Allowance for borrowed funds used during construction | (24,179) | - | - | - | (24,179) | ||||||
Total | 475,248 | 34,288 | 110,804 | (30,107) | 590,234 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 943,220 | (58,770) | 7,502 | - | 891,953 | ||||||
INCOME TAXES | 334,131 | (595) | 13,898 | - | 347,434 | ||||||
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF | |||||||||||
ACCOUNTING CHANGE | 609,089 | (58,174) | (6,396) | - | 544,519 | ||||||
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of taxes) | - | - | 23,482 | - | 23,482 | ||||||
CONSOLIDATED NET INCOME (LOSS) | 609,089 | (58,174) | 17,086 | - | 568,001 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | 23,744 | - | - | - | 23,744 | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ 585,345 | $ (58,174) | $ 17,086 | $ - | $ 544,257 | ||||||
Margin % | 8.8% | (143.0%) | 1.0% | - | 6.5% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | $2.63 | ($0.27) | $0.08 | $2.44 | |||||||
DILUTED | $2.58 | ($0.26) | $0.08 | $2.40 | |||||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 222,759,877 | ||||||||||
DILUTED | 226,646,942 | ||||||||||
*Totals may not foot due to rounding. | |||||||||||
Entergy Corporation | |||||||||||
Consolidating Income Statement | |||||||||||
Twelve Months Ended September 30, 2003 vs. 2002 | |||||||||||
Increase/(Decrease) | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
U.S. Utilities | Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||||
OPERATING REVENUES: | |||||||||||
Domestic electric | $ 763,776 | $ - | $ - | $ (616) | $ 763,161 | ||||||
Natural gas | 57,771 | - | - | - | 57,771 | ||||||
Competitive businesses | - | 91,651 | (236,843) | (16,831) | (162,024) | ||||||
Total | 821,547 | 91,651 | (236,843) | (17,447) | 658,908 | ||||||
OPERATING EXPENSES: | |||||||||||
Operating and Maintenance: | |||||||||||
Fuel, fuel related expenses, and gas purchased for resale | (121,518) | - | (73,512) | - | (195,030) | ||||||
Purchased power | 806,719 | 76,378 | (77,629) | (18,076) | 787,392 | ||||||
Gross Margin | 136,346 | 15,273 | (85,702) | 630 | 66,546 | ||||||
Margin % | (4.9%) | (56.2%) | 6.9% | (13.9%) | (4.0%) | ||||||
Nuclear refueling outage expenses | 398 | - | 51,800 | - | 52,199 | ||||||
Provision for turbine commitments, asset impairments | |||||||||||
and restructuring charges | - | - | (362,401) | - | (362,401) | ||||||
Other operation and maintenance | (101,886) | (12,727) | (74,981) | 990 | (188,604) | ||||||
Decommissioning | 42,735 | - | 14,057 | - | 56,792 | ||||||
Taxes other than income taxes | (9,176) | 1,261 | 4,340 | - | (3,575) | ||||||
Total | 617,272 | 64,913 | (518,326) | (17,086) | 146,774 | ||||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, | |||||||||||
AND AMORTIZATION | 204,275 | 26,738 | 281,483 | (361) | 512,134 | ||||||
Margin % | (0.5%) | 117.2% | 19.5% | 15.2% | 4.1% | ||||||
DEPRECIATION AND AMORTIZATION: | - | ||||||||||
Depreciation and amortization | 22,227 | (648) | (2,990) | - | 18,590 | ||||||
Other regulatory charges (credits) | 190,042 | - | - | - | 190,042 | ||||||
Total | 212,269 | (648) | (2,990) | - | 208,632 | ||||||
OPERATING INCOME (LOSS) | (7,994) | 27,386 | 284,473 | (361) | 303,503 | ||||||
Margin % | (2.4%) | 126.8% | 19.1% | 15.2% | 2.3% | ||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||
Allowance for equity funds used during construction | 4,210 | - | - | - | 4,210 | ||||||
Interest and dividend income | 5,610 | 80 | 27,778 | (10,711) | 22,757 | ||||||
Equity in earnings of unconsolidated equity affiliates | (2) | 1 | 169,158 | (1) | 169,157 | ||||||
Miscellaneous - net | (104,645) | (3,250) | 22,648 | 360 | (84,887) | ||||||
Total | (94,827) | (3,169) | 219,583 | (10,351) | 111,236 | ||||||
INTEREST AND OTHER CHARGES: | |||||||||||
Interest on long-term debt | (10,378) | 23,996 | (64,790) | - | (51,172) | ||||||
Other interest - net | (21,069) | 10,394 | 17,734 | (10,712) | (3,654) | ||||||
Distributions on preferred securities of subsidiaries | 1 | - | - | - | 1 | ||||||
Allowance for borrowed funds used during construction | (3,016) | - | - | - | (3,016) | ||||||
Total | (34,462) | 34,390 | (47,056) | (10,712) | (57,840) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | (68,359) | (10,172) | 551,112 | (1) | 472,579 | ||||||
INCOME TAXES | (49,025) | (28,477) | 171,759 | - | 94,257 | ||||||
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF | |||||||||||
ACCOUNTING CHANGE | (19,334) | 18,304 | 379,353 | - | 378,322 | ||||||
CUMULATIVE EFFECT OF ACCOUNTING CHANGE (net of taxes) | (21,333) | - | 140,773 | - | 119,440 | ||||||
CONSOLIDATED NET INCOME (LOSS) | (40,667) | 18,304 | 520,126 | - | 497,762 | ||||||
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES | |||||||||||
AND OTHER | (159) | - | - | - | (159) | ||||||
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK | $ (40,508) | $ 18,304 | $ 520,126 | $ - | $ 497,921 | ||||||
Margin % | (1.5%) | 112.9% | 37.3% | - | 5.1% | ||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE: | |||||||||||
BASIC | ($0.21) | $0.09 | $2.31 | $2.19 | |||||||
DILUTED | ($0.21) | $0.09 | $2.26 | $2.14 | |||||||
*Totals may not foot due to rounding. | |||||||||||
Entergy Corporation | ||||||
Consolidated Cash Flow Statement | ||||||
Three Months Ended September 30, 2003 vs. 2002 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2003 | 2002 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $371,652 | $366,800 | $4,852 | |||
Noncash items included in net income: | ||||||
Reserve for regulatory adjustments | 2,274 | (1,917) | 4,191 | |||
Other regulatory charges (credits) - net | (945) | 19,742 | (20,687) | |||
Depreciation, amortization, and decommissioning | 256,596 | 232,600 | 23,996 | |||
Deferred income taxes and investment tax credits | 813,624 | 1,423 | 812,201 | |||
Allowance for equity funds used during construction | (9,935) | (8,726) | (1,209) | |||
Equity in undistributed earnings of subsidiaries and unconsolidated affiliates | (55,901) | (43,286) | (12,615) | |||
Provision for turbine commitments, asset impairments and restructuring charges | - | (27,985) | 27,985 | |||
Changes in working capital: | ||||||
Receivables | (58,449) | (93,386) | 34,937 | |||
Fuel inventory | (3,023) | 7,139 | (10,162) | |||
Accounts payable | (128,349) | 77,978 | (206,327) | |||
Taxes accrued | (629,852) | 241,160 | (871,012) | |||
Interest accrued | 13,298 | 36,574 | (23,276) | |||
Deferred fuel | 37,801 | 85,449 | (47,648) | |||
Other working capital accounts | 60,854 | (40,515) | 101,369 | |||
Provision for estimated losses and reserves | 19,576 | 8,774 | 10,802 | |||
Changes in other regulatory assets | 25,678 | 19,679 | 5,999 | |||
Other | (64,082) | (14,210) | (49,872) | |||
Net cash flow provided by operating activities | 650,817 | 867,293 | (216,476) | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (373,487) | (316,330) | (57,157) | |||
Allowance for equity funds used during construction | 9,936 | 8,726 | 1,210 | |||
Nuclear fuel purchases | (63,797) | (56,308) | (7,489) | |||
Proceeds from sale/leaseback of nuclear fuel | 80,085 | 27,590 | 52,495 | |||
Proceeds from sale of businesses | 573 | 97,463 | (96,890) | |||
Investment in other nonregulated/nonutility properties | (191) | (181,062) | 180,871 | |||
Decrease (increase) in other investments | (3,990) | (496) | (3,494) | |||
Changes in other temporary investments - net | (15,602) | - | (15,602) | |||
Decommissioning trust contributions and realized change in trust assets | (16,157) | (21,564) | 5,407 | |||
Other regulatory investments | (31,944) | (15,507) | (16,437) | |||
Other | (3,041) | 119,346 | (122,387) | |||
Net cash flow used in investing activities | (417,615) | (338,142) | (79,473) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 584,898 | 69,158 | 515,740 | |||
Common stock | 21,701 | 2,864 | 18,837 | |||
Retirement of: | ||||||
Long-term debt | (1,241,669) | (255,504) | (986,165) | |||
Repurchase of common stock | - | (103,579) | 103,579 | |||
Redemption of preferred stock | (1,200) | (455) | (745) | |||
Changes in credit line borrowings - net | 10,000 | 45,000 | (35,000) | |||
Dividends paid: | ||||||
Common stock | (102,500) | (73,887) | (28,613) | |||
Preferred stock | (5,876) | (5,924) | 48 | |||
Net cash flow provided by (used in) financing activities | (734,646) | (322,327) | (412,319) | |||
Effect of exchange rates on cash and cash equivalents | 1,208 | 11,362 | (10,154) | |||
Net increase (decrease) in cash and cash equivalents | (500,236) | 218,186 | (718,422) | |||
Cash and cash equivalents at beginning of period | 1,077,780 | 730,660 | 347,120 | |||
Cash and cash equivalents at end of period | $577,544 | $948,846 | ($371,302) | |||
Entergy Corporation | ||||||
Consolidated Cash Flow Statement | ||||||
Year to Date September 30, 2003 vs. 2002 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2003 | 2002 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $984,092 | $541,401 | $442,691 | |||
Noncash items included in net income: | ||||||
Reserve for regulatory adjustments | (9,806) | 10,767 | (20,573) | |||
Other regulatory charges (credits) - net | 18,581 | (149,340) | 167,921 | |||
Depreciation, amortization, and decommissioning | 744,947 | 679,980 | 64,967 | |||
Deferred income taxes and investment tax credits | 999,496 | (169,905) | 1,169,401 | |||
Allowance for equity funds used during construction | (26,962) | (23,730) | (3,232) | |||
Cumulative effect of accounting change | (142,922) | - | (142,922) | |||
Equity in undistributed earnings of subsidiaries and unconsolidated affiliates | (179,253) | (126,248) | (53,005) | |||
Provision for turbine commitments, asset impairments and restructuring charges | (7,743) | 391,557 | (399,300) | |||
Changes in working capital: | ||||||
Receivables | (327,439) | (233,194) | (94,245) | |||
Fuel inventory | (28,101) | (193) | (27,908) | |||
Accounts payable | (282,127) | 68,004 | (350,131) | |||
Taxes accrued | (642,118) | 496,789 | (1,138,907) | |||
Interest accrued | (15,387) | 5,158 | (20,545) | |||
Deferred fuel | (58,505) | 85,998 | (144,503) | |||
Other working capital accounts | (20,785) | (83,990) | 63,205 | |||
Provision for estimated losses and reserves | 130,444 | 198 | 130,246 | |||
Changes in other regulatory assets | 23,460 | 206,504 | (183,044) | |||
Other | 16,208 | (29,479) | 45,687 | |||
Net cash flow provided by operating activities | 1,176,080 | 1,670,277 | (494,197) | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (1,051,649) | (1,053,000) | 1,351 | |||
Allowance for equity funds used during construction | 26,962 | 23,730 | 3,232 | |||
Nuclear fuel purchases | (190,243) | (217,398) | 27,155 | |||
Proceeds from sale/leaseback of nuclear fuel | 119,174 | 160,062 | (40,888) | |||
Proceeds from sale of businesses | 25,987 | 244,578 | (218,591) | |||
Investment in other nonregulated/nonutility properties | (47,733) | (200,119) | 152,386 | |||
Decrease (increase) in other investments | (171,045) | 38,964 | (210,009) | |||
Changes in other temporary investments - net | (15,602) | 150,000 | (165,602) | |||
Decommissioning trust contributions and realized change in trust assets | (65,754) | (49,458) | (16,296) | |||
Other regulatory investments | (174,163) | (45,262) | (128,901) | |||
Other | (8,643) | 116,654 | (125,297) | |||
Net cash flow used in investing activities | (1,552,709) | (831,249) | (721,460) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 2,067,393 | 368,589 | 1,698,804 | |||
Common stock | 198,466 | 115,569 | 82,897 | |||
Retirement of: | ||||||
Long-term debt | (2,238,430) | (1,166,412) | (1,072,018) | |||
Repurchase of common stock | - | (103,579) | 103,579 | |||
Redemption of preferred stock | (3,450) | (1,858) | (1,592) | |||
Changes in credit line borrowings - net | (130,000) | 379,333 | (509,333) | |||
Dividends paid: | ||||||
Common stock | (259,854) | (221,215) | (38,639) | |||
Preferred stock | (17,669) | (17,796) | 127 | |||
Net cash flow provided by (used in) financing activities | (383,544) | (647,369) | 263,825 | |||
Effect of exchange rates on cash and cash equivalents | 2,389 | 5,614 | (3,225) | |||
Net increase (decrease) in cash and cash equivalents | (757,784) | 197,273 | (955,057) | |||
Cash and cash equivalents at beginning of period | 1,335,328 | 751,573 | 583,755 | |||
Cash and cash equivalents at end of period | $577,544 | $948,846 | ($371,302) | |||