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INVESTOR NEWS
Exhibit 99.1
July 31, 2007
ENTERGY REPORTS SECOND QUARTER EARNINGS
NEW ORLEANS - Entergy Corporation reported second quarter 2007 earnings of $1.32 per share on as-reported and operational bases, as shown in Table 1 below. A more detailed discussion of quarterly results begins on page 2 of this release.
Table 1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Second Quarter and Year-to-Date 2007 vs. 2006 | ||||||
(Per share in U.S. $) | ||||||
Second Quarter | Year-to-Date | |||||
2007 | 2006 | Change | 2007 | 2006 | Change | |
As-Reported Earnings | 1.32 | 1.33 | (0.01) | 2.34 | 2.25 | 0.09 |
Less Special Items | - | 0.11 | (0.11) | - | 0.13 | (0.13) |
Operational Earnings | 1.32 | 1.22 | 0.10 | 2.34 | 2.12 | 0.22 |
Weather Impact | 0.01 | 0.07 | (0.06) | (0.02) | 0.01 | (0.03) |
Operational Earnings Highlights for Second Quarter 2007
- Utility, Parent & Other had lower earnings due to higher operation and maintenance, income tax and interest expense and the effect of essentially normal weather compared to warmer-than-normal weather in 2006.
- Entergy Nuclear earnings increased as a result of higher revenue from pricing and production from the newly-acquired Palisades plant, partially offset by the effect of reduced production due to planned and unplanned outages.
- Entergy's Non-Nuclear Wholesale Assets business reported higher results due to lower income taxes.
"Efforts to move ahead with the transformation of our asset portfolio resulted in marked success this quarter," saidJ. Wayne Leonard, Entergy's chairman and chief executive officer. "We reached agreement with a key business partner to preserve the new nuclear option while also taking important steps in advancing value-creating opportunities at both the regulated utility and non-utility nuclear businesses."
Entergy's business highlights include the following:
- Entergy New Orleans, Inc. emerged from Chapter 11 bankruptcy.
- Entergy realized marked success for the Utility portfolio transformation strategy by seeking regulatory approval for Entergy Louisiana, LLC's Little Gypsy repowering project and signing a project development agreement with GE-Hitachi Nuclear Energy to ensure timely delivery of schedule-critical parts to preserve Entergy's nuclear new build opportunity.
- Entergy Nuclear, in an effort to simplify and centralize the structure of its non-utility nuclear business, filed for approval from the NRC for the indirect transfer of control of operating licenses which, if granted, could facilitate new stand-alone debt financing of up to $5.5 billion at that business.
- Entergy Corporation's Board of Directors approved the first increase in its quarterly common stock dividend since October 2004.
Entergy will host a teleconference to discuss this release at 10:00 a.m. CT on Tuesday, July 31, 2007, with access by telephone, (719) 457-2637, confirmation code 2801784. The call and presentation slides can also be accessed via Entergy's Web site atwww.entergy.com. A replay of the teleconference will be available for seven days thereafter by dialing (719) 457-0820, confirmation code 2801784. The replay will also be available on Entergy's Web site atwww.entergy.com.
I.Consolidated Results
Consolidated Earnings
Table 2 provides a comparative summary of consolidated earnings per share for second quarter 2007 versus 2006, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings. Utility, Parent & Other had lower earnings due to higher operation and maintenance, income tax and interest expense and the effect of essentially normal weather. Entergy Nuclear's earnings increased as a result of higher revenue from pricing and additional production available from the recently acquired Palisades plant, partially offset by the effect of reduced production due to additional planned and unplanned outages. Also, Entergy's Non-Nuclear Wholesale Assets business reported higher results due to lower income tax expense in the current period.
Entergy New Orleans, Inc. (ENOI) emerged from Chapter 11 bankruptcy during second quarter 2007 and consistent with applicable consolidation accounting and reporting standards Entergy has re-consolidated ENOI for financial reporting purposes effective this quarter and retroactive to January 1, 2007. While, in accordance with GAAP, 2006 will not be re-consolidated, to facilitate comparisons for earnings release purposes Pro-forma 2006 results re-consolidating ENOI will be reported. Reconciliations of this 2006 non-GAAP view to the GAAP view can be found in Appendix F.
Table 2: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures | ||||||
Second Quarter and Year-to-Date 2007 vs. 2006 | ||||||
(Per share in U.S. $) | ||||||
Second Quarter | Year-to-Date | |||||
2007 | 2006 | Change | 2007 | 2006 | Change | |
As-Reported | ||||||
Utility, Parent & Other | 0.59 | 1.00 | (0.41) | 1.02 | 1.54 | (0.52) |
Entergy Nuclear | 0.54 | 0.30 | 0.24 | 1.16 | 0.69 | 0.47 |
Non-Nuclear Wholesale Assets | 0.19 | 0.03 | 0.16 | 0.16 | 0.02 | 0.14 |
Consolidated As-Reported Earnings | 1.32 | 1.33 | (0.01) | 2.34 | 2.25 | 0.09 |
Less Special Items | ||||||
Utility, Parent & Other | - | 0.11 | (0.11) | - | 0.13 | (0.13) |
Entergy Nuclear | - | - | - | - | - | - |
Non-Nuclear Wholesale Assets | - | - | - | - | - | - |
Consolidated Special Items | - | 0.11 | (0.11) | - | 0.13 | (0.13) |
Operational | ||||||
Utility, Parent & Other | 0.59 | 0.89 | (0.30) | 1.02 | 1.41 | (0.39) |
Entergy Nuclear | 0.54 | 0.30 | 0.24 | 1.16 | 0.69 | 0.47 |
Non-Nuclear Wholesale Assets | 0.19 | 0.03 | 0.16 | 0.16 | 0.02 | 0.14 |
Consolidated Operational Earnings | 1.32 | 1.22 | 0.10 | 2.34 | 2.12 | 0.22 |
Weather Impact | 0.01 | 0.07 | (0.06) | (0.02) | 0.01 | (0.03) |
Detailed earnings variance analyses are included in appendices A-1 and A-2 to this release. In addition, appendix A-3 provides details of special items shown in Table 2 above.
Consolidated Net Cash Flow Provided by Operating Activities
Entergy's net cash flow provided by operating activities in second quarter 2007 was $471 million compared to $516 million in second quarter 2006. The decrease was due primarily to the following items:
- Higher income tax payments for the Entergy system companies totaling $143 million which is net of the effects of intercompany tax allocation settlements in second quarter 2006.
- Reduced collections of deferred fuel recovery in the current quarter totaling $184 million.
Partially offsetting these factors were the following items:
- Proceeds totaling $177 million in Community Development Block Grant funds at Entergy New Orleans.
- Lower non-capital storm spending of $54 million.
- Higher net revenues at Entergy Nuclear of $32 million.
Table 3 provides the components of net cash flow provided by operating activities contributed by each business with quarter-to-quarter and year-to-date comparisons.
Table 3: Consolidated Net Cash Flow Provided by Operating Activities | ||||||
Second Quarter and Year-to-Date 2007 vs. Pro-forma 2006 (including Entergy New Orleans) | ||||||
(U.S. $ in millions) | ||||||
Second Quarter | Year-to-Date | |||||
2007 | 2006 | Change | 2007 | 2006 | Change | |
Utility, Parent & Other | 445 | 319 | 126 | 722 | 1,170 | (448) |
Entergy Nuclear | 43 | 260 | (217) | 259 | 473 | (214) |
Non-Nuclear Wholesale Assets | (17) | (63) | 46 | (17) | (84) | 67 |
Total Net Cash Flow Provided by Operating Activities | 471 | 516 | (45) | 964 | 1,559 | (595) |
II.Utility, Parent & Other Results
In second quarter 2007, Utility, Parent & Other had earnings of $0.59 per share on as-reported and operational bases, compared to $1.00 per share in as-reported earnings and $0.89 per share of operational earnings in second quarter 2006. 2007 earnings include earnings for Entergy New Orleans, Inc. (ENOI) of $0.06 per share which is being reflected in operational earnings with the company's emergence from Chapter 11 bankruptcy during second quarter 2007.
Earnings for Utility, Parent & Other in second quarter 2007 primarily reflect higher operation and maintenance expense, higher income tax expense and higher interest expense. Higher operation and maintenance expense is due primarily to increased spending in distribution, transmission and fossil associated with a return to normal maintenance activity consistent with pre-storm levels, and increased spending at nuclear for higher NRC fees and an unplanned outage at the River Bend nuclear plant. Higher spending for independent coordinator of transmission and fossil outage scope and schedule differences also contributed. Higher income tax expense is due primarily to the absence in the current quarter of items that reduced tax expense in second quarter 2006 including the effects of flow-through income tax accounting in Arkansas and the resolution of tax audit issues. Higher interest expense is due to debt incurred to pay for storm restoration costs for hurricanes Katrina and Rita, common stock repurchases and funding the Palisades acquisition. In addition, second quarter 2007 earnings were lower compared to one year ago due to the effects of weather which was essentially normal in the current period compared to warmer-than-normal weather in 2006.
Electricity usage, in gigawatt-hour sales by customer segment, is included in Table 4. Current quarter sales reflect the following:
- Residential sales in second quarter 2007, on a weather-adjusted basis, were up 1 percent compared to second quarter 2006.
- Commercial and governmental sales, on a weather-adjusted basis, were up 3 percent.
- Industrial sales experienced an increase of 1 percent in second quarter 2007 compared to the same period a year ago.
The increase in the residential segment reflects continued economic recovery in the storm-affected regions that were still experiencing the effects of the 2005 storms in the first half of 2006. The quarter-over-quarter increase in the commercial and industrial sectors reflects a similar pattern in these sectors from the effect of storms. The industrial sector continues to realize some recovery in the refinery and chemical segments, with the latter benefiting from strong export markets. However, continued reduced spot sales to cogeneration customers served to offset a portion of the increase in the industrial sector on a quarter-to-quarter basis.
Table 4 provides a comparative summary of the Utility's operational performance measures.
Table 4: Utility Operational Performance Measures (see appendix E for definitions of measures) | ||||||||
Second Quarter and Year-to-Date 2007 vs. Pro-forma 2006 (including Entergy New Orleans) | ||||||||
Second Quarter | Year-to-Date | |||||||
|
|
| % Weather |
|
|
| % Weather | |
GWh billed | ||||||||
Residential | 6,986 | 7,240 | -3.5% | 1.3% | 14,777 | 14,296 | 3.4% | 3.7% |
Commercial and governmental | 7,043 | 7,001 | 0.6% | 2.6% | 13,708 | 13,343 | 2.7% | 3.6% |
Industrial | 9,813 | 9,702 | 1.1% | 1.1% | 19,137 | 18,846 | 1.5% | 1.5% |
Total Retail Sales | 23,842 | 23,943 | -0.4% | 1.6% | 47,622 | 46,485 | 2.4% | 2.8% |
Wholesale | 1,428 | 1,861 | -23.3% | 3,066 | 3,823 | -19.8% | ||
Total Sales | 25,270 | 25,804 | -2.1% | 50,688 | 50,308 | 0.8% | ||
O&M expense | $19.01 | $17.03 | 11.6% | $17.92 | $16.55 | 8.3% | ||
Number of retail customers (a) | ||||||||
Residential | 2,274,129 | 2,224,152 | 2.2% | |||||
Commercial and governmental | 340,177 | 332,406 | 2.3% | |||||
Industrial | 48,569 | 46,797 | 3.8% | |||||
Appendix B provides information on selected pending local and federal regulatory cases.
III.Competitive Businesses Results
Entergy's competitive businesses include Entergy Nuclear and Non-Nuclear Wholesale Assets.
Entergy Nuclear
Entergy Nuclear earned $0.54 per share on as-reported and operational bases in second quarter 2007, compared to $0.30 in second quarter 2006 for as-reported and operational earnings. The improved results in second quarter 2007 resulted from increased revenues from pricing and the production available from Palisades, acquired on April 11, 2007. Partially offsetting this increase was reduced production as a result of refueling outages in second quarter 2007 at Vermont Yankee and Pilgrim, and a 24-day unplanned outage at Indian Point 3. There was one refueling outage in second quarter 2006.
Table 5 provides a comparative summary of Entergy Nuclear's operational performance measures.
Second Quarter and Year-to-Date 2007 vs. 2006 (see appendix Efor definitions of measures) | ||||||
Second Quarter | Year-to-Date | |||||
2007 | 2006 | % Change | 2007 | 2006 | % Change | |
Net MW in operation | 4,998 | 4,200 | 19% | 4,998 | 4,200 | 19% |
Average realized price per MWh (b) (c) | $51.28 | $43.76 | 17% | 53.13 | 44.03 | 21% |
Production cost per MWh (b) | $21.27 | $19.61 | 8% | 20.49 | 19.13 | 7% |
Non-fuel O&M expense/purchased | $24.09 | $21.65 | 11% | 22.48 | 20.85 | 8% |
GWh billed | 8,896 | 8,281 | 7% | 17,211 | 17,044 | 1% |
Capacity factor | 82% | 90% | -9% | 86% | 94% | -8% |
Refueling outage days: | ||||||
Indian Point 2 | 31 | 31 | ||||
Indian Point 3 | 24 | |||||
Vermont Yankee | 24 | 24 | ||||
Pilgrim | 33 | 33 | ||||
(b) These statistics have been restated for current and comparable periods as follows: Average realized price per MWh has been restated to reflect MWh billed. Production cost per MWh has been restated to exclude purchased power which is now included in non-fuel O&M/purchased power per MWh, data for which has also been restated. (c) Does not include the revenue associated with the amortization of the below-market PPA for Palisades. |
Entergy Nuclear's sold forward position, including the Palisades acquisition which closed in early April 2007, is 96%, 88%, and 70% of planned generation at average prices per megawatt-hour of $48, $54 and $58, for 2007, 2008, and 2009, respectively. Table 6 provides capacity and generation sold forward projections for Entergy Nuclear.
Table 6: Entergy Nuclear's Capacity and Generation Projected Sold Forward | |||||
2007 through 2011 (see appendix E for definitions of measures) | |||||
Remainder of | 2008 | 2009 | 2010 | 2011 | |
Energy | |||||
Planned TWh of generation | 21 | 41 | 41 | 41 | 42 |
Percent of planned generation sold forward (d) | |||||
Unit-contingent | 43% | 48% | 42% | 31% | 29% |
Unit-contingent with availability guarantees | 46% | 36% | 28% | 22% | 7% |
Firm liquidated damages | 7% | 4% | 0% | 0% | 0% |
Total | 96% | 88% | 70% | 53% | 36% |
Average contract price per MWh | $48 | $54 | $58 | $56 | $51 |
Capacity | |||||
Planned net MW in operation | 4,998 | 4,998 | 4,998 | 4,998 | 4,998 |
Percent of capacity sold forward | |||||
Bundled capacity and energy contracts | 21% | 27% | 27% | 27% | 26% |
Capacity contracts | 66% | 39% | 26% | 9% | 3% |
Total | 87% | 66% | 53% | 36% | 29% |
Average capacity contract price per kW per month | $1.7 | $1.4 | $1.3 | $1.7 | $2.0 |
Blended Capacity and Energy Recap (based on revenues) | |||||
Percent of planned energy and capacity sold forward | 94% | 83% | 64% | 45% | 27% |
Average contract revenue per MWh (e) | $50 | $54 | $59 | $56 | $51 |
|
Non-Nuclear Wholesale Assets
Entergy's Non-Nuclear Wholesale Assets business recorded earnings of $0.19 per share on both as-reported and operational bases in second quarter 2007 compared to earnings of $0.03 per share on both as-reported and operational bases in second quarter 2006. The higher results reflect lower income tax expense due to the resolution of tax audit issues.
IV.Earnings Guidance
Entergy is reaffirming as-reported and operational earnings guidance for 2007 in the range of $5.40 to $5.70 per share. Year-over-year changes are shown as point estimates and are applied to 2006 actual results to compute the 2007 guidance midpoint. Because there is a range of possible outcomes associated with each earnings driver, a reasonable band is created around the calculated guidance midpoints to produce Entergy's guidance ranges for as-reported and operational earnings. When initially established, earnings guidance for 2007 excluded ENOI given the uncertainty as it worked through its Chapter 11 Bankruptcy proceeding. While incorporating ENOI results in operational earnings now creates upside to the calculated guidance midpoint, when considered with other year-to-date outcomes, the current earnings guidance range of $5.40 to $5.70 per share continues to be appropriate. Earnings guidance for 2007 is detailed in Table 7 below.
Key assumptions, established in October 2006, supporting 2007 earnings guidance are as follows:
Utility, Parent & Other
- Normal weather
- Retail sales growth of just under 2%
- Increased revenue associated with storm and non-storm rate requests, partially offset by declining wholesale revenues, among others
- Increased non-fuel operation and maintenance expense, primarily due to effects of wage and other inflation and increased insurance premiums
- Increased interest expense primarily from securitization debt and Palisades financing
Entergy Nuclear
- Incremental earnings of $0.20 total for Palisades acquisition, assuming second quarter close; Palisades' contributions to Entergy Nuclear's 2007 metrics are factored in the assumptions that follow
- 38 TWh of total output, reflecting an approximate 92% capacity factor, including 30 day refueling outages at Indian Point 3, Pilgrim and Vermont Yankee, all in Spring 2007, and the initial refueling outage at Palisades, in Fall 2007
- 95% energy sold under existing contracts; 5% sold into the spot market
- $49/MWh average energy contract price; $69/MWh average unsold energy price based on published forward market prices in October 2006
- 85% capacity sold under existing contracts; 15% sold in spot market
- $1.60 per kW per month average capacity-only contract price; $3.00 per kW per month unsold capacity based on market prices in October 2006
- $21.25/MWh non-fuel operation and maintenance expense reflecting wage and other inflation; $20.50/MWh production cost
Non-Nuclear Wholesale Assets
- Increased losses
Special Items
- Absence of 2006 recognition of gain contingency associated with receipt of additional proceeds from the 2004 sale of Entergy-Koch Trading and related tax benefits from liquidation of the holding company that owned Entergy's investment in Entergy-Koch, LP
- Absence of 2006 effect of write-off of capital losses at Non-Nuclear Wholesale Assets
Share Repurchase Program
- 2007 average fully diluted shares outstanding of approximately 206 million; excludes effect of the new $1.5 billion share repurchase program
Table 7: 2007 Earnings Per Share Guidance excluding Entergy New Orleans | |||||
(Per share in U.S. $) - Prepared October 2006(f) | |||||
|
| 2006 |
| 2007 | 2007 |
Utility, Parent & Other | 2006 Operational Earnings per Share | 3.20 | |||
Adjustment to normalize weather | (0.07) | ||||
Increased revenue due to sales growth and rate actions | 0.30 | ||||
Increased O&M expense | (0.10) | ||||
Increased depreciation expense | (0.10) | ||||
Increased interest expense | (0.05) | ||||
Accretion/Other | (0.13) | ||||
Subtotal | 3.20 | (0.15) | 3.05 | ||
Entergy Nuclear | 2006 Operational Earnings per Share | 1.46 | |||
Higher contract and market energy pricing | 0.70 | ||||
Higher contract and market capacity pricing | 0.10 | ||||
Increased generation from plant acquisition, net of more outages | 0.40 | ||||
Increased O&M expense | (0.25) | ||||
Accretion/Other | 0.14 | ||||
Subtotal | 1.46 | 1.09 | 2.55 | ||
Non-Nuclear Wholesale Assets | 2006 Operational Earnings per Share | 0.06 | |||
Increased losses | (0.11) | ||||
Subtotal | 0.06 | (0.11) | (0.05) | ||
Consolidated Operational | |||||
2007 Operational Earnings per Share | 4.72 | 0.83 | 5.55 | 5.40 - 5.70 | |
Consolidated As-Reported | 2006 As Reported Earnings per Share | 5.36 | |||
Changes detailed above | 0.83 | ||||
Special items: | |||||
2006 Gain on sale of Entergy-Koch, LP | (0.26) | ||||
2006 Restructuring - Entergy-Koch, LP distribution | (0.49) | ||||
2006 Write-off of capital losses at Non-Nuclear Wholesale | 0.13 | ||||
2006 Entergy New Orleans, Inc. results | (0.02) | ||||
2007 As-Reported Earnings per Share | 5.36 | 0.19 | 5.55 | 5.40 - 5.70 |
(f) Updated January 2007 to reflect 2006 final results.
Earnings guidance for 2007 should be considered in association with earnings sensitivities as shown in Table 8. These sensitivities illustrate the estimated change in operational earnings resulting from changes in various revenue and expense drivers. Utility sales are expected to be the most significant variable for 2007 results for Utility, Parent & Other. At Entergy Nuclear, energy prices are expected to be the most significant driver of results in 2007. Estimated annual impacts shown in the Table 8 are intended to be indicative rather than precise guidance.
Table 8: 2007 Earnings Sensitivities excluding Entergy New Orleans | |||
(Per share in U.S. $) | |||
|
|
| Estimated |
Utility, Parent & Other | |||
Sales growth |
|
|
|
Rate base | Stable rate base | $100 million change in rate base | - / + 0.02 |
Return on equity | See Appendix C | 1% change in allowed ROE | - / + 0.29 |
Interest expense | Additional average debt | $100M change in debt | - / + 0.02 |
Entergy Nuclear | |||
Capacity factor | 92% capacity factor | 1% change in capacity factor | - / + 0.06 |
Energy price | 5% energy unsold at $69/MWh in 2007 | $10/MWh change for unsold energy | - / + 0.06 |
Portion of energy sold is with options in 2007 | Market prices exceed option exercise prices | n/a / Up to 0.07 | |
Non-fuel operation and maintenance expense | $21.25/MWh non-fuel operation and maintenance expense | $1 change per MWh | - / + 0.12 |
Outage (lost revenue only) | 92% capacity factor, including refueling outages for three northeast units and at Palisades | 1,000 MW plant for 10 days at average portfolio energy price of $49/MWh for sold and $69/MWh for unsold volumes in 2007 | - 0.03 / n/a |
Consolidated | |||
Share repurchase program | 2007 guidance excludes effect of new $1.5 billion share repurchase program; average fully diluted shares are 206M | Execution of new share repurchase program over next two years resulting in decline of average fully diluted outstanding shares to 203M, net of associated financing cost | +0.03 |
|
V.Forward-looking Financial Data and Aspirations
Entergy continues to aspire to deliver superior value to its owners as measured by total shareholder return. Entergy believes top-quartile total shareholder returns are achieved by growing earnings, improving returns on invested capital, maintaining investment grade credit quality and deploying capital in a disciplined manner, whether for new investments, share repurchases, dividends or debt retirement.
Table 9 provides details on Entergy's projected cash available for capital redeployment for the period 2007 through 2009. Entergy expects to have $0.5 billion of cash available over this period for several potential uses: investments in new businesses or assets, repayment of debt or equity, or dividend increases. The table has been updated in the second quarter to incorporate a moderate improvement in cash flow, including Entergy New Orleans projections, revised cost estimates associated with portfolio transformation initiatives (such as Little Gypsy repowering project, and GE-Hitachi Nuclear Energy project development agreement), and the dividend increase approved by Entergy Corporation's Board of Directors, along with associated effects on debt capacity. Cash flow from operations includes storm cost recovery anticipated from a combination of insurance, rate relief, and securitization; these amounts are applied consistent with regulatory filings and other agreements reached with governmental agencies under which benefits inure to ratepayers. Capital structure changes include the $1.5 billion share repurchase program announced in January 2007, and beyond the July 2007 dividend increase, an assumed rate of common stock dividend growth consistent with top quartile growth in our industry, or approximately 5 percent annually. The amount of repurchases may vary as a result of material changes in business results or capital spending or new investment opportunities. Finally, sources of cash include debt that Entergy believes it could issue i n association with new investments while maintaining credit quality consistent with BBB credit rating. The amount of additional debt could vary depending upon the type of new investment and the credit market environment.
Table 9: Projected Cash Available for Capital Redeployment including Entergy New Orleans | ||
($ in billions) | 2007-2009 | |
Net cash flow provided by operating activities | 8.6 | |
Less: | ||
Planned capital expenditures | (5.6) | |
Preferred dividends | (0.1) | |
Other investing cash flows | (0.8) | |
Subtotal | 2.1 | |
Common dividends | (1.7) | |
Capital structure changes including net share repurchases and new debt (net of maturities) | 0.1 | |
Net Cash Available for New Investment, Debt or Equity Repayment, Dividend Increase | 0.5 | |
VI.Appendices
Six appendices are presented in this section as follows:
- Appendix A includes earnings per share variance analysis and details on special items that relate to the current quarter.
- Appendix B provides information on selected pending local and federal regulatory cases.
- Appendix C provides financial metrics for both current and historical periods. In addition, historical financial and operating performance metrics are included for the trailing eight quarters.
- Appendix D provides a summary schedule of planned capital expenditures for the next three years.
- Appendix E provides definitions of the operational performance measures and GAAP and non-GAAP financial measures that are used in this release.
- Appendix F provides a reconciliation of GAAP to non-GAAP financial measures used in this release.
Appendices A-1 and A-2 provide details of second quarter and year-to-date 2007 vs. 2006 earnings variance analysis for "Utility, Parent & Other," "Competitive Businesses," and "Consolidated."
Appendix A-1: As-Reported Earnings Per Share Variance Analysis | |||||||
Second Quarter 2007 vs. Pro-forma 2006 (including Entergy New Orleans) | |||||||
(Per share in U.S. $, sorted in consolidated | |||||||
column, most to least favorable) | Utility, | Competitive | |||||
Parent & Other | Businesses | Consolidated | |||||
2006 earnings | 1.00 | 0.33 | 1.33 | ||||
Net revenue | - | 0.18 | (h) | 0.18 | |||
Income taxes - other | (0.14) | (i) | 0.20 | (j) | 0.06 | ||
Interest and dividend income | 0.01 | 0.04 | 0.05 | ||||
Share repurchase effect | 0.02 | 0.03 | 0.05 | ||||
Other income (deductions) | - | 0.01 | 0.01 | ||||
Preferred dividend requirements | 0.01 | - | 0.01 | ||||
Nuclear refueling outage expense | - | (0.01) | (0.01) | ||||
Decommissioning expense | - | (0.01) | (0.01) | ||||
Depreciation/amortization expense | (0.02) | (0.02) | (0.04) | ||||
Taxes other than income taxes | (0.04) | (0.01) | (0.05) | ||||
Interest expense and other charges | (0.06) | - | (0.06) | ||||
Retail business discontinued operations | (0.06) | (l) | - | (0.06) | |||
Other operation & maintenance expense | (0.13) | (m) | (0.01) | (0.14) | |||
2007 earnings | 0.59 | 0.73 | 1.32 | ||||
Appendix A-2: As-Reported Earnings Per Share Variance Analysis | |||||||
Year-to-Date 2007 vs. Pro-forma 2006 (including Entergy New Orleans) | |||||||
(Per share in U.S. $, sorted in consolidated | |||||||
column, most to least favorable) | Utility, | Competitive | |||||
Parent & Other | Businesses | Consolidated | |||||
2006 earnings | 1.54 | 0.71 | 2.25 | ||||
Net revenue | 0.12 | (n) | 0.32 | (h) | 0.44 | ||
Interest and dividend income | 0.03 | 0.06 | (o) | 0.09 | |||
Share repurchase effect | 0.03 | 0.04 | 0.07 | ||||
Other income (deductions) | 0.01 | 0.01 | 0.02 | ||||
Preferred dividend requirements | 0.02 | - | 0.02 | ||||
Income taxes - other | (0.18) | (i) | 0.19 | (j) | 0.01 | ||
Nuclear refueling outage expense | - | (0.01) | (0.01) | ||||
Decommissioning expense | (0.01) | (0.01) | (0.02) | ||||
Retail business discontinued operations | (0.05) | (l) | - | (0.05) | |||
Taxes other than income taxes | (0.07) | (p) | (0.01) | (0.08) | |||
Depreciation/amortization expense | (0.07) | (q) | (0.02) | (0.09) | |||
Interest expense and other charges | (0.11) | (k) | - | (0.11) | |||
Other operation & maintenance expense | (0.24) | (m) | 0.04 | (0.20) | |||
2007 earnings | 1.02 | 1.32 | 2.34 | ||||
- Net revenue increased in the quarter and year-to-date periods due primarily to higher revenues at Entergy Nuclear due to higher pricing and additional production from Palisades which was acquired during the quarter.
- Income taxes-other increased in the quarter and year-to-date periods due primarily to the absence in the current periods of benefits recorded in connection with flow through income tax accounting and the favorable resolution of a tax audit issue, both of which occurred in second quarter 2006.
- Income taxes-other decreased in the quarter and year-to-date periods due primarily to the favorable resolution of tax audit issues.
- Interest expense and other charges increased in the quarter and year-to-date periods due primarily to higher borrowings in connection with financing storm restoration costs, common stock repurchases, and funding the Palisades acquisition.
- Reflects the absence in the quarter and year-to-date periods of 2006 results of discontinued retail business operations, including the gain on the sale of this business in second quarter 2006.
- Other operation and maintenance expense increased in the quarter and year-to-date periods due primarily to higher distribution, transmission and fossil spending, reflecting a return to more normal maintenance work compared to post-storm restoration work last year. In addition, higher NRC fees, an unplanned River Bend outage, higher spending for independent coordinator of transmission, and fossil outage scope and schedule differences also contributed to the increases for the quarter and year-to-date periods.
- Net revenue increased due primarily to sales growth.
- Interest and dividend income increased in the year-to-date period due primarily to higher earnings on Entergy Nuclear's decommissioning trusts.
- Taxes other than income taxes increased due primarily to a regulatory requirement for Entergy Arkansas, Inc., effective in third quarter 2006, whereby franchise tax collections are recorded in revenue with a corresponding increase in taxes other than income taxes.
- Depreciation/amortization expense increased due to higher levels of plant in service compared to 2006.
Utility Net Revenue Variance Analysis 2007 vs. | |
Year-To-Date | |
Sales growth/pricing | 0.18 |
Weather | (0.03) |
Other | (0.03) |
Total | 0.12 |
Appendix A-3 lists special items by business with quarter-to-quarter and year-to-date comparisons. Amounts are shown on both earnings per share and net income bases. Special items are those events that are less routine, are related to prior periods, or are related to discontinued businesses. Special items are included in as-reported earnings per share consistent with generally accepted accounting principles (GAAP), but are excluded from operational earnings per share. As a result, operational earnings per share is considered a non-GAAP measure.
Appendix A-3: Special Items (shown as positive / (negative) impact on earnings) | ||||||
Second Quarter and Year-to-Date 2007 vs. 2006 | ||||||
(Per share in U.S. $) | ||||||
Second Quarter | Year-to-Date | |||||
2007 | 2006 | Change | 2007 | 2006 | Change | |
Utility, Parent & Other | ||||||
ENOI results | - | 0.05 | (0.05) | - | 0.08 | (0.08) |
Retail business discontinued operations | - | (0.02) | 0.02 | - | (0.03) | 0.03 |
Gain on sale - retail business | - | 0.08 | (0.08) | - | 0.08 | (0.08) |
Total Utility, Parent and Other | - | 0.11 | (0.11) | - | 0.13 | (0.13) |
Competitive Businesses | ||||||
Entergy Nuclear | - | - | - | - | - | - |
Non-Nuclear Wholesale Assets | - | - | - | - | - | - |
Total Competitive Businesses | - | - | - | - | - | - |
Total Special Items | - | 0.11 | (0.11) | - | 0.13 | (0.13) |
(U.S. $ in millions) | ||||||
2007 | 2006 | Change | 2007 | 2006 | Change | |
Utility, Parent & Other | ||||||
ENOI results | - | 10.7 | (10.7) | - | 16.3 | (16.3) |
Retail business discontinued operations | - | (4.0) | 4.0 | - | (6.2) | 6.2 |
Gain on sale - retail business | - | 17.1 | (17.1) | - | 17.1 | (17.1) |
Total Utility, Parent and Other | - | 23.8 | (23.8) | - | 27.2 | (27.2) |
Competitive Businesses | ||||||
Entergy Nuclear | - | - | - | - | - | - |
Non-Nuclear Wholesale Assets | - | - | - | - | - | - |
Total Competitive Businesses | - | - | - | - | - | - |
Total Special Items | - | 23.8 | (23.8) | - | 27.2 | (27.2) |
Appendix B provides a summary of selected regulatory cases and events that are pending.
Company/ Proceeding | Authorized ROE | Pending Cases/Events |
Retail Regulation | ||
Entergy Arkansas | 9.9% | Recent activity: On June 15, 2007, the APSC issued an order on EAI's rate case calling for a $5.67 million rate reduction, 9.9% ROE and a hypothetical common equity level lower than EAI's actual capital structure. Among other actions, the APSC also approved retention of the ECR rider for fuel and purchased power recovery through December 31, 2008 and a production cost allocation rider to recover the System Agreement rough production cost equalization payment for calendar year 2006 production costs. EAI filed its petition for rehearing on numerous issues on July 13, 2007. On July 26, 2007, the APSC suspended the compliance tariffs pending further investigation and review. |
Entergy Gulf States - TX | 10.95% | Recent activity:Deliberations continue on EGSI-TX's Transition to Competition plan. |
Entergy Gulf States - LA | 9.90% - 11.40% | Recent activity:On May 31, 2007,EGSI-LA made its formula rate plan (FRP) filing for the 2006 test year, indicating a 10.03% ROE, which is within the allowed bandwidth. Elimination of interim storm recovery and reduction of storm reserves, both expected to be securitized, are primary drivers of an approximate $23 million rate reduction planned to be implemented in October. This reduction will be partially offset by recovery of increased capacity costs associated with certain purchased power agreements filed with the LPSC and currently under review. |
9.45% - 11.05% | Recent activity:On May 15, 2007,ELL made its FRP filing for the 2006 test year, indicating a 7.6% ROE. If the LPSC approves ELL's request for $39.8 million in unrecovered fixed costs for extraordinary customer losses associated with Hurricane Katrina, the ROE would increase to 9.4% which is within the band of no change adjacent to the lower end of the sharing bandwidth. Elimination of interim storm recovery and reduction of storm reserves, both expected to be securitized, are offsetting and primary drivers of an approximate $7 million rate reduction planned to be implemented in October. |
Appendix B: Regulatory Summary Table (continued) | |||||
Company/ Proceeding | Authorized ROE | Pending Cases/Events | |||
Retail Regulation | |||||
Entergy Mississippi | 9.46% - 12.24% | Recent activity:In March 2007, EMI made its FRP filing for the 2006 test year indicating a 10.85% mid-point ROE, including 7 basis points for performance incentives. The filing called for an annual revenue increase of $12.9 million. On June 6, 2007, the MPSC approved a joint stipulation between EMI and the Mississippi Public Utilities Staff calling for a $10.5 million increase effective with July billings. | |||
Entergy New Orleans | 10.75% | Recent activity: None | |||
Wholesale Regulation (FERC) | |||||
System Energy Resources, Inc. | 10.94% | Recent activity: None | |||
System Agreement | NA | Recent activity:The Utility operating subsidiaries implemented FERC's rough production cost equalization remedy in June 2007. Based on calendar year 2006 production costs, EAI will pay $251.7 million to EGSI ($120.1 million), ELL ($91 million) and EMI ($40.6 million). ENOI is neither a payer nor recipient because its production costs were sufficiently close to the system average such that no payments or receipts were required. EAI will recover the approximate $231 million retail portion through the production cost allocation rider approved by the APSC, with rates effective for July billing. Receipts for the other utility companies will be reflected predominantly as reductions in fuel expense. In July 2007, the FERC accepted the proposed rates for filing, allowed them to go into effect June 1 subject to refund, and set them for hearing and settlement procedures. |
Appendix C-1 provides comparative financial performance measures for the current quarter. Appendix C-2 provides historical financial performance measures and operating performance metrics for the trailing eight quarters. Financial performance measures in both tables include those calculated and presented in accordance with generally accepted accounting principles (GAAP), as well as those that are considered non-GAAP measures.
As-reported measures are computed in accordance with GAAP as they include all components of earnings, including special items. Operational measures are non-GAAP measures as they are calculated using operational earnings, which excludes the impact of special items. A reconciliation of operational earnings per share to as-reported earnings per share is provided in Appendix F-1.
Appendix C-1: GAAP and Non-GAAP Financial Performance Measures | ||||
Second Quarter 2007 vs. 2006 (Including Entergy New Orleans, Inc.) | ||||
For 12 months ending June 30 | 2007 | 2006(r) | Change | |
GAAP Measures | ||||
Return on average invested capital - as-reported | 8.2% | 7.3% | 0.9% | |
Return on average common equity - as-reported | 14.2% | 11.3% | 2.9% | |
Net margin - as-reported | 10.0% | 8.5% | 1.5% | |
Cash flow interest coverage | 5.8 | 5.2 | 0.6 | |
Book value per share | $39.72 | $39.45 | $0.27 | |
End of period shares outstanding (millions) | 196.1 | 208.1 | (12.0) | |
Non-GAAP Measures | ||||
Return on average invested capital - operational | 7.6% | 7.4% | 0.2% | |
Return on average common equity - operational | 12.9% | 11.5% | 1.4% | |
Net margin - operational | 9.1% | 8.6% | 0.5% | |
As of June 30 ($ in millions) | 2007 | 2006 | Change | |
GAAP Measures | ||||
Cash and cash equivalents | 1,320 | 729 | 591 | |
Revolver capacity | 1,650 | 2,710 | (1,060) | |
Total debt | 10,936 | 9,402 | 1,534 | |
Debt to capital ratio | 57.3% | 52.4% | 4.9% | |
Off-balance sheet liabilities: | ||||
Debt of joint ventures - Entergy's share | 141 | 152 | (11) | |
Leases - Entergy's share | 523 | 519 | 4 | |
Total off-balance sheet liabilities | 664 | 671 | (7) | |
Non-GAAP Measures | ||||
Total gross liquidity | 2,970 | 3,439 | (469) | |
Net debt to net capital ratio | 54.1% | 50.4% | 3.7% | |
Net debt ratio including off-balance sheet liabilities | 55.8% | 52.2% | 3.6% | |
|
(r) Data has not been restated for the re-consolidation of ENOI which was the accounting adopted by Entergy in second quarter 2007.
Appendix C-2: Historical Performance Measures | ||||||||||||||||
3Q05 | 4Q05 | 1Q06 | 2Q06 | 3Q06 | 4Q06 | 1Q07 | 2Q07 | 06YTD | 07YTD | |||||||
Financial(s) | ||||||||||||||||
EPS - as-reported ($) | 1.65 | 0.43 | 0.92 | 1.33 | 1.83 | 1.27 | 1.02 | 1.32 | 2.25 | 2.34 | ||||||
Less - special items ($) | -0.03 | -0.16 | 0.02 | 0.11 | 0.03 | 0.48 | 0.00 | 0.00 | 0.13 | 0.00 | ||||||
EPS - operational ($) | 1.68 | 0.59 | 0.90 | 1.22 | 1.80 | 0.79 | 1.02 | 1.32 | 2.12 | 2.34 | ||||||
Trailing Twelve Months | ||||||||||||||||
ROIC - as-reported (%) | 7.5 | 7.2 | 7.3 | 7.3 | 7.5 | 8.5 | 8.4 | 8.2 | ||||||||
ROIC - operational (%) | 7.3 | 7.5 | 7.5 | 7.4 | 7.5 | 7.7 | 7.7 | 7.6 | ||||||||
ROE - as-reported (%) | 11.5 | 11.2 | 11.5 | 11.3 | 11.6 | 14.2 | 14.5 | 14.2 | ||||||||
ROE - operational (%) | 11.2 | 11.8 | 12.0 | 11.5 | 11.6 | 12.5 | 12.8 | 12.9 | ||||||||
Cash Flow Interest Coverage | 5.9 | 4.0 | 5.0 | 5.2 | 6.0 | 7.2 | 6.1 | 5.8 | ||||||||
Debt to capital ratio (%) | 51.9 | 53.1 | 52.1 | 52.4 | 50.4 | 52.3 | 55.2 | 57.3 | ||||||||
Net debt/net capital ratio (%) | 50.2 | 51.5 | 50.0 | 50.4 | 48.3 | 49.4 | 52.3 | 54.1 | ||||||||
Utility | ||||||||||||||||
GWh billed | ||||||||||||||||
Residential (t) | 11,168 | 7,443 | 7,055 | 7,240 | 11,120 | 7,163 | 7,792 | 6,986 | 14,296 | 14,777 | ||||||
Commercial & Gov't (t) | 8,415 | 6,646 | 6,342 | 7,001 | 8,587 | 7,027 | 6,665 | 7,043 | 13,343 | 13,708 | ||||||
Industrial (t) | 9,893 | 8,814 | 9,145 | 9,702 | 10,316 | 9,724 | 9,323 | 9,813 | 18,846 | 19,137 | ||||||
Wholesale (t) | 2,270 | 1,831 | 1,962 | 1,861 | 1,844 | 1,470 | 1,638 | 1,428 | 3,823 | 3,066 | ||||||
O&M expense/MWh (t) | $11.52 | $17.49 | $16.05 | $17.03 | $14.59 | $20.85 | $16.83 | $19.01 | $16.55 | $17.92 | ||||||
Reliability | ||||||||||||||||
SAIFI (u) | 1.8 | 1.7 | 1.8 | 1.7 | 1.8 | 1.8 | 1.8 | 1.9 | 1.7 | 1.9 | ||||||
SAIDI (u) | 158 | 161 | 173 | 178 | 182 | 189 | 193 | 198 | 178 | 198 | ||||||
Nuclear | ||||||||||||||||
Net MW in operation | 4,105 | 4,105 | 4,135 | 4,200 | 4,200 | 4,200 | 4,200 | 4,998 | 4,200 | 4,998 | ||||||
Avg. realized price per MWh (v) | $42.42 | $42.74 | $44.28 | $43.76 | $44.90 | $44.34 | $55.11 | $51.28 | 44.03 | 53.13 | ||||||
Production cost/MWh (w) | $19.55 | $19.00 | $18.68 | $19.61 | $18.75 | $21.00 | $19.80 | $21.27 | 19.13 | 20.49 | ||||||
Non-fuel O&M expense/ purchased power per MWh (w) | $20.83 | $20.43 | $20.09 | $21.65 | $21.29 | $22.48 | $20.76 | $24.09 | 20.85 | 22.48 | ||||||
GWh billed | 8,504 | 8,645 | 8,763 | 8,281 | 9,119 | 8,684 | 8,315 | 8,896 | 17,044 | 17,211 | ||||||
Capacity factor | 95% | 95% | 97% | 90% | 99% | 93% | 91% | 82% | 94% | 86% | ||||||
- Data for 1Q07, 2Q07 and 07YTD reflect the re-consolidation of ENOI and all other periods are not restated for this effect.
- Data has been restated for the re-consolidation of ENOI which was the accounting adopted by Entergy in second quarter 2007.
- Excludes impact of major storm activity.
- Restated to reflect MWh billed as the denominator in the calculation.
- Restated data to reflect moving purchased power from production costs to non-fuel O&M.
- Data for 1Q07 and 2Q07 reflect the re-consolidation of ENOI and all other periods are not restated for this effect.
- Data for 1Q07 and 2Q07 reflect the re-consolidation of ENOI and all other periods are not restated for this effect.
Appendix D: Planned Capital Expenditures
Appendix D includes revised second quarter cost estimates for portfolio transformation. Entergy's capital plan from 2007 through 2009 anticipates $5.6 billion for investment including roughly $2.7 billion of maintenance capital. The remaining $2.9 billion is for specific investments such as the Palisades and Calcasieu acquisitions and Little Gypsy repowering, GE-Hitachi Nuclear Energy project development agreement, transmission upgrades, dry cask storage and nuclear license renewal projects, environmental compliance spending, potential NYPA value sharing costs or other initiatives. Significant items not included in this table are costs associated with the potential inter-connection between Entergy Gulf States-TX and ERCOT (up to approximately $1 billion), and the potential replacement of steam generators at Entergy's Waterford 3 nuclear unit. In addition, only minimal amounts for potential new nuclear development at the Grand Gulf and River Bend sites at the Utility are included in the below expenditures.
Appendix D: 2007-2009 Planned Capital Expenditures including Entergy New Orleans | ||||
($ in millions) | 2007 | 2008 | 2009 | Total |
Maintenance capital | ||||
Utility, Parent & Other | 816 | 814 | 798 | 2,428 |
Entergy Nuclear | 97 | 78 | 82 | 257 |
Subtotal | 913 | 892 | 880 | 2,685 |
Other capital commitments | ||||
Utility, Parent & Other | 430 | 954 | 731 | 2,115 |
Entergy Nuclear | 447 | 172 | 219 | 838 |
Subtotal | 877 | 1,126 | 950 | 2,953 |
Total Planned Capital Expenditures | 1,790 | 2,018 | 1,830 | 5,638 |
Appendix E provides definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures, all of which are referenced in this release.
Appendix E: Definitions of Operational Performance Measures and GAAP and Non-GAAP Financial Measures | |
Utility | |
Total number of GWh billed to all retail and wholesale customers | |
Operation & maintenance expense | Operation, maintenance and refueling expenses per MWh of billed sales, excluding fuel |
SAIFI | System average interruption frequency index; average number per customer per year |
SAIDI | System average interruption duration index; average minutes per customer per year |
Number of customers | Number of customers at end of period |
Competitive Businesses | |
Planned TWh of generation | Amount of output expected to be generated by Entergy Nuclear for nuclear units considering plant operating characteristics, outage schedules, and expected market conditions which impact dispatch |
Percent of planned generation sold | Percent of planned generation output sold forward under contracts, forward physical contracts, forward financial contracts or options (consistent with assumptions used in earnings guidance) that may or may not require regulatory approval |
Unit-contingent | Transaction under which power is supplied from a specific generation asset; if the asset is unavailable, seller is not liable to buyer for any damages |
Unit-contingent with availability | Transaction under which power is supplied from a specific generation asset; if the asset is unavailable, seller is not liable to buyer for any damages, unless the actual availability over a specified period of time is below an availability threshold specified in the contract |
Firm liquidated damages (LD) | Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract |
Planned net MW in operation | Amount of capacity to be available to generate power considering uprates planned to be completed within the calendar year |
Bundled energy & capacity contract | A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold |
Capacity contract | For Entergy Nuclear, a contract for the sale of the installed capacity product in regional markets managed by ISO New England and the New York Independent System Operator |
Average contract price per MWh or | Price at which generation output and/or capacity is expected to be sold to third parties, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades |
Average contract revenue per MWh | Price at which the combination of generation output and capacity are expected to be sold to third parties, given existing contract or option exercise prices based on expected dispatch |
Entergy Nuclear | |
Net MW in operation | Installed capacity owned and operated by Entergy Nuclear |
Average realized price per MWh | As-reported revenue per MWh billed for all non-utility nuclear operations |
Production cost per MWh | Fuel and non-fuel operation and maintenance expenses according to accounting standards that directly relate to the production of electricity per MWh |
Non-fuel O&M expense/purchased | Operation, maintenance and refueling expenses and purchased power per MWh billed, excluding fuel |
GWh billed | Total number of GWh billed to all customers |
Capacity factor | Normalized percentage of the period that the plant generates power |
Refueling outage duration | Number of days lost for scheduled refueling outage during the period |
Financial measures defined in the below table include measures prepared in accordance with generally accepted accounting principles, (GAAP), as well as non-GAAP measures. Non-GAAP measures are included in this release in order to provide metrics that remove the effect of less routine financial impacts from commonly used financial metrics.
Appendix E: Definitions of Operational Performance Measures and GAAP and Non-GAAP Financial Measures (continued) | |
Financial Measures - GAAP | |
Return on average invested capital - as-reported | 12-months rolling earnings adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital |
Return on average common equity - as-reported | 12-months rolling earnings divided by average common equity |
Net margin - as-reported | 12-months rolling earnings divided by 12 months rolling revenue |
Cash flow interest coverage | 12-months cash flow from operating activities plus 12-months rolling interest paid, divided by interest expense |
Book value per share | Common equity divided by end of period shares outstanding |
Revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers |
Total debt | Sum of short-term and long-term debt, notes payable, capital leases, and preferred stock with sinking fund on the balance sheet less non-recourse debt, if any |
Debt of joint ventures (Entergy's share) | Debt issued by Entergy-Koch, LP and Non-Nuclear Wholesale Assets business joint ventures for periods through third quarter 2004. Only Non-Nuclear Wholesale Assets business joint ventures debt included for periods thereafter. |
Leases (Entergy's share) | Operating leases held by subsidiaries capitalized at implicit interest rate |
Debt to capital | Gross debt divided by total capitalization |
Financial Measures - Non-GAAP | |
Operational earnings | As-reported earnings applicable to common stock adjusted to exclude the impact of special items |
Return on average invested capital - operational | 12-months rolling operational earnings adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital |
Return on average common equity - operational | 12-months rolling operational earnings divided by average common equity |
Net margin - operational | 12-months rolling operational earnings divided by 12 months rolling revenue |
Total gross liquidity | Sum of cash and revolver capacity |
Net debt to net capital | Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents |
Net debt including off-balance sheet liabilities | Sum of gross debt and off-balance sheet debt less cash and cash equivalents divided by sum of total capitalization and off-balance sheet debt less cash and cash equivalents |
Appendices F-1 and F-2 provide reconciliations of various non-GAAP financial measures disclosed in this release to their most comparable GAAP measure.
Appendix F-1: Reconciliation of GAAP to Non-GAAP Financial Measures - Return on Equity, Return on Invested | ||||||||
($ in millions) | 3Q05 | 4Q05 | 1Q06 | 2Q06 | 3Q06 | 4Q06 | 1Q07 | 2Q07 |
As-reported earnings-rolling 12 months (A) | 963 | 898 | 920 | 916 | 955 | 1,133 | 1,151 | 1,137 |
Preferred dividends | 25 | 25 | 27 | 28 | 29 | 28 | 28 | 26 |
Tax effected interest expense | 287 | 293 | 304 | 316 | 324 | 339 | 352 | 365 |
As-reported earnings, rolling 12 months including preferred dividends and tax effected interest expense (B) | 1,275 | 1,217 | 1,251 | 1,260 | 1,308 | 1,499 | 1,531 | 1,528 |
Special items in prior quarters | 37 | (11) | (43) | (37) | (6) | 33 | 132 | 108 |
Special items 2Q05 thru 1Q07 | ||||||||
Utility, Parent & Other | 6 | 11 | 7 | (20) | ||||
Entergy-Koch, LP gain | 55 | |||||||
Retail Business impairment reserve | (26) | |||||||
Retail Business discontinued | (7) | (8) | (2) | 13 | (1) | (10) | ||
Restructuring - Entergy-Koch, LP | 104 | |||||||
Non-Nuclear Wholesale Assets | (28) | |||||||
Total special items (C) | 30 | (45) | (40) | (13) | 0 | 135 | 132 | 108 |
Operational earnings, rolling 12 months including preferred dividends and tax effected interest expense (B-C) | 1,245 | 1,262 | 1,291 | 1,273 | 1,308 | 1,364 | 1,399 | 1,420 |
Operational earnings, rolling 12 months (A-C) | 933 | 943 | 960 | 929 | 955 | 998 | 1,020 | 1,029 |
Average invested capital (D) | 17,033 | 16,850 | 17,140 | 17,283 | 17,514 | 17,688 | 18,227 | 18,652 |
Average common equity (E) | 8,350 | 8,020 | 8,026 | 8,080 | 8,208 | 7,970 | 7,939 | 7,998 |
Operating revenues (F) | 9,661 | 10,106 | 10,564 | 10,747 | 11,104 | 10,932 | 11,295 | 11,371 |
ROIC - as-reported (B/D) | 7.5 | 7.2 | 7.3 | 7.3 | 7.5 | 8.5 | 8.4 | 8.2 |
ROIC - operational ((B-C)/D) | 7.3 | 7.5 | 7.5 | 7.4 | 7.5 | 7.7 | 7.7 | 7.6 |
ROE - as-reported (A/E) | 11.5 | 11.2 | 11.5 | 11.3 | 11.6 | 14.2 | 14.5 | 14.2 |
ROE - operational ((A-C)/E) | 11.2 | 11.8 | 12.0 | 11.5 | 11.6 | 12.5 | 12.8 | 12.9 |
Net margin - as-reported (A/F) | 10.0 | 8.9 | 8.7 | 8.5 | 8.6 | 10.4 | 10.2 | 10.0 |
Net margin - operational ((A-C)/F) | 9.7 | 9.3 | 9.1 | 8.6 | 8.6 | 9.1 | 9.0 | 9.1 |
Appendix F-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics(y) | ||||||||
($ in millions) | 3Q05 | 4Q05 | 1Q06 | 2Q06 | 3Q06 | 4Q06 | 1Q07 | 2Q07 |
Gross debt (A) | 8,865 | 9,288 | 9,329 | 9,402 | 9,054 | 9,356 | 10,100 | 10,936 |
Less cash and cash equivalents (B) | 598 | 583 | 752 | 729 | 745 | 1,016 | 1,100 | 1,320 |
Net debt (C) | 8,267 | 8,705 | 8,576 | 8,673 | 8,309 | 8,340 | 9,000 | 9,616 |
Total capitalization (D) | 17,070 | 17,477 | 17,888 | 17,956 | 17,957 | 17,899 | 18,304 | 19,088 |
Less cash and cash equivalents (B) | 598 | 583 | 752 | 729 | 745 | 1,016 | 1,100 | 1,320 |
Net capital (E) | 16,472 | 16,894 | 17,135 | 17,227 | 17,212 | 16,883 | 17,204 | 17,767 |
Debt to capital ratio % (A/D) | 51.9 | 53.1 | 52.1 | 52.4 | 50.4 | 52.3 | 55.2 | 57.3 |
Net debt to net capital ratio % (C/E) | 50.2 | 51.5 | 50.0 | 50.4 | 48.3 | 49.4 | 52.3 | 54.1 |
Off-balance sheet liabilities (F) | 779 | 778 | 732 | 671 | 668 | 665 | 668 | 664 |
Net debt to net capital ratio including off-balance sheet liabilities % ((C+F)/(E+F)) | 52.4 | 53.7 | 52.1 | 52.2 | 50.2 | 51.3 | 54.1 | 55.8 |
Revolver capacity (G) | 791 | 2,545 | 2,718 | 2,710 | 3,095 | 2,770 | 2,170 | 1,650 |
Gross liquidity (B+G) | 1,389 | 3,128 | 3,470 | 3,439 | 3,840 | 3,786 | 3,270 | 2,970 |
Appendix F-3: Reconciliation of GAAP to Non-GAAP Balance Sheet | ||||||
December 31, 2006 | ||||||
($ in thousands) | ||||||
U.S. Utilities/ Parent & Other | Consolidated | |||||
ENOI | ENOI | |||||
GAAP | Adjustment* | Pro-forma | GAAP | Adjustment* | Pro-forma | |
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents: | ||||||
Cash | 95,468 | 3,886 | 99,354 | 117,379 | 3,886 | 121,265 |
Temporary cash investments - at cost, | ||||||
which approximates market | 499,942 | 13,207 | 513,149 | 898,773 | 13,207 | 911,980 |
Total cash and cash equivalents | 595,410 | 17,093 | 612,503 | 1,016,152 | 17,093 | 1,033,245 |
Notes receivable - Entergy New Orleans DIP loan | 51,934 | (51,934) | - | 51,934 | (51,934) | - |
Notes receivable | 266,717 | - | 266,717 | 699 | - | 699 |
Accounts receivable: | ||||||
Customer | 410,512 | 58,999 | 469,511 | 410,512 | 58,999 | 469,511 |
Allowance for doubtful accounts | (19,348) | (10,563) | (29,911) | (19,348) | (10,563) | (29,911) |
Associated companies | (5,099) | - | (5,099) | - | - | - |
Other | 312,654 | (86,258) | 226,396 | 487,264 | (86,258) | 401,006 |
Accrued unbilled revenues | 249,165 | 23,758 | 272,923 | 249,165 | 23,758 | 272,923 |
Total receivables | 947,884 | (14,064) | 933,820 | 1,127,593 | (14,064) | 1,113,529 |
Accumulated deferred income taxes | 10,498 | (2,924) | 7,574 | 11,680 | (2,924) | 8,756 |
Fuel inventory - at average cost | 189,829 | 5,041 | 194,870 | 193,098 | 5,041 | 198,139 |
Materials and supplies - at average cost | 408,279 | 7,825 | 416,104 | 604,998 | 7,825 | 612,823 |
Deferred nuclear refueling outage costs | 65,349 | - | 65,349 | 147,521 | - | 147,521 |
Prepayments and other | 150,134 | 5,640 | 155,774 | 171,759 | 5,640 | 177,399 |
TOTAL | 2,686,034 | (33,323) | 2,652,711 | 3,325,434 | (33,323) | 3,292,111 |
OTHER PROPERTY AND INVESTMENTS | ||||||
Investment in affiliates - at equity | 7,725,189 | (153,988) | 7,571,201 | 229,089 | (153,988) | 75,101 |
Decommissioning trust funds | 1,274,676 | - | 1,274,676 | 2,858,523 | - | 2,858,523 |
Non-utility property - at cost (less accumulated depreciation) | 208,956 | 1,107 | 210,063 | 212,726 | 1,107 | 213,833 |
Other | 39,868 | - | 39,868 | 47,115 | - | 47,115 |
TOTAL | 9,248,689 | (152,881) | 9,095,808 | 3,347,453 | (152,881) | 3,194,572 |
PROPERTY, PLANT, AND EQUIPMENT | ||||||
Electric | 28,405,556 | 698,081 | 29,103,637 | 30,713,284 | 698,081 | 31,411,365 |
Property under capital lease | 730,182 | - | 730,182 | 730,182 | - | 730,182 |
Natural gas | 92,787 | 186,932 | 279,719 | 92,787 | 186,932 | 279,719 |
Construction work in progress | 609,431 | 21,824 | 631,255 | 786,147 | 21,824 | 807,971 |
Nuclear fuel under capital lease | 269,485 | - | 269,485 | 269,485 | - | 269,485 |
Nuclear fuel | 206,889 | - | 206,889 | 561,291 | - | 561,291 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 30,314,330 | 906,837 | 31,221,167 | 33,153,176 | 906,837 | 34,060,013 |
Less - accumulated depreciation and amortization | 13,366,710 | 446,673 | 13,813,383 | 13,715,099 | 446,673 | 14,161,772 |
PROPERTY, PLANT AND EQUIPMENT - NET | 16,947,620 | 460,164 | 17,407,784 | 19,438,077 | 460,164 | 19,898,241 |
DEFERRED DEBITS AND OTHER ASSETS | ||||||
Regulatory assets: | ||||||
SFAS 109 regulatory asset - net | 740,110 | (71,870) | 668,240 | 740,110 | (71,870) | 668,240 |
Other regulatory assets | 2,768,352 | 295,440 | 3,063,792 | 2,768,352 | 295,440 | 3,063,792 |
Deferred fuel costs | 168,122 | - | 168,122 | 168,122 | - | 168,122 |
Long-term receivables | 19,349 | 936 | 20,285 | 19,349 | 936 | 20,285 |
Goodwill | 374,099 | - | 374,099 | 377,172 | - | 377,172 |
Other | 736,461 | 4,824 | 741,285 | 898,662 | 4,824 | 903,486 |
TOTAL | 4,806,493 | 229,330 | 5,035,823 | 4,971,767 | 229,330 | 5,201,097 |
TOTAL ASSETS | 33,688,836 | 503,290 | 34,192,126 | 31,082,731 | 503,290 | 31,586,021 |
*Adjustment to reflect ENOI reconsolidation Totals may not foot due to rounding |
Appendix F-3: Reconciliation of GAAP to Non-GAAP Balance Sheet | ||||||
December 31, 2006 | ||||||
($ in thousands) | ||||||
U.S. Utilities/ Parent & Other | Consolidated | |||||
ENOI | ENOI | |||||
GAAP | Adjustment* | Pro-forma | GAAP | Adjustment* | Pro-forma | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES | ||||||
Currently maturing long-term debt | 93,335 | - | 93,335 | 181,576 | - | 181,576 |
Notes payable: | ||||||
Associated companies | 979,198 | - | 979,198 | - | - | - |
Other | 25,039 | - | 25,039 | 25,039 | - | 25,039 |
Account payable: | ||||||
Associated companies | 69,355 | - | 69,355 | - | - | - |
Other | 901,434 | 59,034 | 960,468 | 1,122,596 | 59,034 | 1,181,630 |
Customer deposits | 248,031 | 14,808 | 262,839 | 248,031 | 14,808 | 262,839 |
Taxes accrued | 167,060 | 2,087 | 169,147 | 187,324 | 2,087 | 189,411 |
Interest accrued | 159,527 | 18,004 | 177,531 | 160,831 | 18,004 | 178,835 |
Deferred fuel costs | 73,031 | (18,996) | 54,035 | 73,031 | (18,996) | 54,035 |
Obligations under capital leases | 153,246 | - | 153,246 | 153,246 | - | 153,246 |
Pension and other postretirement liabilities | 39,008 | 16 | 39,024 | 41,912 | 16 | 41,928 |
Other | 100,501 | 6,138 | 106,639 | 271,544 | 6,138 | 277,682 |
TOTAL | 3,008,765 | 81,091 | 3,089,856 | 2,465,130 | 81,091 | 2,546,221 |
NON-CURRENT LIABILITIES | ||||||
Accumulated deferred income taxes and taxes accrued | 5,451,700 | 98,884 | 5,550,584 | 5,820,700 | 98,884 | 5,919,584 |
Accumulated deferred investment tax credits | 358,550 | 3,157 | 361,707 | 358,550 | 3,157 | 361,707 |
Obligations under capital leases | 188,033 | - | 188,033 | 188,033 | - | 188,033 |
Other regulatory liabilities | 449,237 | - | 449,237 | 449,237 | - | 449,237 |
Decommissioning and retirement cost liabilities | 1,249,482 | 2,591 | 1,252,073 | 2,023,846 | 2,591 | 2,026,437 |
Transition to competition | 79,098 | - | 79,098 | 79,098 | - | 79,098 |
Regulatory reserves | 219 | - | 219 | 219 | - | 219 |
Accumulated provisions | 81,053 | 8,384 | 89,437 | 88,902 | 8,384 | 97,286 |
Pension and other postretirement liabilities | 1,125,707 | 60,034 | 1,185,741 | 1,410,433 | 60,034 | 1,470,467 |
Long-term debt | 8,560,534 | 226,619 | 8,787,153 | 8,798,087 | 226,619 | 9,024,706 |
Preferred stock with sinking fund | 10,500 | - | 10,500 | 10,500 | - | 10,500 |
Other | 1,173,625 | 2,750 | 1,176,375 | 847,196 | 2,750 | 849,946 |
TOTAL | 18,727,738 | 402,419 | 19,130,157 | 20,074,801 | 402,419 | 20,477,220 |
Preferred stock without sinking fund | 310,751 | 19,780 | 330,531 | 344,913 | 19,780 | 364,693 |
SHAREHOLDERS' EQUITY | ||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||
issued 248,174,087 shares in 2006 | 2,228,350 | - | 2,228,350 | 2,482 | - | 2,482 |
Paid-in capital | 6,668,007 | - | 6,668,007 | 4,827,265 | - | 4,827,265 |
Retained earnings | 5,592,532 | - | 5,592,532 | 6,113,042 | - | 6,113,042 |
Accumulated other comprehensive income (loss) | (82,917) | - | (82,917) | (100,512) | - | (100,512) |
Less - treasury stock, at cost (45,506,311 shares in 2006) | 2,764,390 | - | 2,764,390 | 2,644,390 | - | 2,644,390 |
TOTAL | 11,641,582 | - | 11,641,582 | 8,197,887 | - | 8,197,887 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 33,688,836 | 503,290 | 34,192,126 | 31,082,731 | 503,290 | 31,586,021 |
*Adjustment to reflect ENOI reconsolidation | ||||||
Totals may not foot due to rounding |
Appendix F-4: Reconciliation of GAAP to Non-GAAP Income Statement | |||||||||
Three Months Ended June 30, 2006 | |||||||||
($ in thousands) | |||||||||
U.S. Utilities/ Parent & Other | Consolidated | ||||||||
ENOI | ENOI | ||||||||
GAAP | Adjustment* | Pro-forma | GAAP | Adjustment* | Pro-forma | ||||
OPERATING REVENUES | |||||||||
Electric | 2,178,280 | 46,960 | 2,225,240 | 2,177,710 | 46,960 | 2,224,670 | |||
Natural gas | 13,612 | 18,128 | 31,740 | 13,612 | 18,128 | 31,740 | |||
Competitive businesses | 9,628 | - | 9,628 | 437,180 | - | 437,180 | |||
Total | 2,201,520 | 65,088 | 2,266,608 | 2,628,502 | 65,088 | 2,693,590 | |||
OPERATING EXPENSES | |||||||||
Operating and Maintenance: | |||||||||
Fuel, fuel related expenses, and gas purchased for resale | 599,399 | 16,433 | 615,832 | 661,619 | 16,433 | 678,052 | |||
Purchased power | 575,644 | (2,791) | 572,853 | 577,408 | (2,791) | 574,617 | |||
Nuclear refueling outage expenses | 20,023 | - | 20,023 | 42,546 | - | 42,546 | |||
Other operation and maintenance | 393,883 | 17,527 | 411,410 | 573,234 | 17,527 | 590,761 | |||
Decommissioning | 20,540 | 42 | 20,582 | 36,258 | 42 | 36,300 | |||
Taxes other than income taxes | 77,251 | 8,088 | 85,339 | 91,130 | 8,088 | 99,218 | |||
Depreciation and amortization | 198,165 | 8,466 | 206,631 | 217,943 | 8,466 | 226,409 | |||
Other regulatory charges (credits) - net | (58,929) | 1,038 | (57,891) | (58,929) | 1,038 | (57,891) | |||
Total | 1,825,976 | 48,803 | 1,874,779 | 2,141,209 | 48,803 | 2,190,012 | |||
OPERATING INCOME | 375,544 | 16,285 | 391,829 | 487,293 | 16,285 | 503,578 | |||
OTHER INCOME (DEDUCTIONS) | |||||||||
Allowance for equity funds used during construction | 8,908 | 909 | 9,817 | 8,908 | 909 | 9,817 | |||
Interest and dividend income | 29,666 | 241 | 29,907 | 35,139 | 241 | 35,380 | |||
Equity in earnings (loss) of unconsolidated equity affiliates | 11,520 | (10,682) | 838 | 8,483 | (10,682) | (2,199) | |||
Miscellaneous - net | (4,248) | 20 | (4,228) | (7,965) | 20 | (7,945) | |||
Total | 45,846 | (9,512) | 36,334 | 44,565 | (9,512) | 35,053 | |||
INTEREST AND OTHER CHARGES | |||||||||
Interest on long-term debt | 119,947 | 185 | 120,132 | 122,670 | 185 | 122,855 | |||
Other interest - net | 21,385 | 453 | 21,838 | 15,235 | 453 | 15,688 | |||
Allowance for borrowed funds used during construction | (5,405) | (743) | (6,148) | (5,405) | (743) | (6,148) | |||
Preferred dividend requirements and other | 6,919 | 92 | 7,011 | 7,774 | 92 | 7,866 | |||
Total | 142,846 | (13) | 142,833 | 140,274 | (13) | 140,261 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,544 | 6,786 | 285,330 | 391,584 | 6,786 | 398,370 | |||
Income taxes | 78,545 | 6,786 | 85,331 | 122,901 | 6,786 | 129,687 | |||
INCOME FROM CONTINUING OPERATIONS | 199,999 | - | 199,999 | 268,683 | - | 268,683 | |||
INCOME FROM DISCONTINUED OPERATIONS | |||||||||
(net of taxes of $7,190) | 13,119 | - | 13,119 | 13,119 | - | 13,119 | |||
CONSOLIDATED NET INCOME | 213,118 | - | 213,118 | 281,802 | - | 281,802 | |||
*Adjustment to reflect ENOI reconsolidation | |||||||||
Totals may not foot due to rounding |
Appendix F-5: Reconciliation of GAAP to Non-GAAP Income Statement | |||||||||
Six Months Ended June 30, 2006 | |||||||||
($ in thousands) | |||||||||
U.S. Utilities/ Parent & Other | Consolidated | ||||||||
ENOI | ENOI | ||||||||
GAAP | Adjustment* | Pro-forma | GAAP | Adjustment* | Pro-forma | ||||
OPERATING REVENUES | |||||||||
Electric | 4,271,887 | 78,015 | 4,349,902 | 4,270,646 | 78,015 | 4,348,661 | |||
Natural gas | 51,027 | 55,140 | 106,167 | 51,027 | 55,140 | 106,167 | |||
Competitive businesses | 19,846 | (1) | 19,845 | 874,864 | (1) | 874,863 | |||
Total | 4,342,760 | 133,154 | 4,475,914 | 5,196,537 | 133,154 | 5,329,691 | |||
OPERATING EXPENSES | |||||||||
Operating and Maintenance: | |||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,381,075 | 51,100 | 1,432,175 | 1,501,791 | 51,100 | 1,552,891 | |||
Purchased power | 1,044,774 | (9,845) | 1,034,929 | 1,038,778 | (9,845) | 1,028,933 | |||
Nuclear refueling outage expenses | 39,859 | - | 39,859 | 84,540 | - | 84,540 | |||
Other operation and maintenance | 745,482 | 32,114 | 777,596 | 1,102,664 | 32,114 | 1,134,778 | |||
Decommissioning | 40,717 | 83 | 40,800 | 71,854 | 83 | 71,937 | |||
Taxes other than income taxes | 163,530 | 16,689 | 180,219 | 194,468 | 16,689 | 211,157 | |||
Depreciation and amortization | 385,735 | 15,889 | 401,624 | 423,332 | 15,889 | 439,221 | |||
Other regulatory charges (credits) - net | (102,946) | 2,080 | (100,866) | (102,946) | 2,080 | (100,866) | |||
Total | 3,698,226 | 108,110 | 3,806,336 | 4,314,481 | 108,110 | 4,422,591 | |||
OPERATING INCOME | 644,534 | 25,044 | 669,578 | 882,056 | 25,044 | 907,100 | |||
OTHER INCOME (DEDUCTIONS) | |||||||||
Allowance for equity funds used during construction | 24,367 | 1,988 | 26,355 | 24,367 | 1,988 | 26,355 | |||
Interest and dividend income | 68,699 | (543) | 68,156 | 78,968 | (543) | 78,425 | |||
Equity in earnings (loss) of unconsolidated equity affiliates | 17,886 | (16,325) | 1,561 | 12,070 | (16,325) | (4,255) | |||
Miscellaneous - net | (9,672) | (132) | (9,804) | (14,170) | (132) | (14,302) | |||
Total | 101,280 | (15,012) | 86,268 | 101,235 | (15,012) | 86,223 | |||
INTEREST AND OTHER CHARGES | |||||||||
Interest on long-term debt | 238,551 | 369 | 238,920 | 243,151 | 369 | 243,520 | |||
Other interest - net | 45,061 | 1,006 | 46,067 | 32,495 | 1,006 | 33,501 | |||
Allowance for borrowed funds used during construction | (14,450) | (1,606) | (16,056) | (14,450) | (1,606) | (16,056) | |||
Preferred dividend requirements and other | 14,102 | 92 | 14,194 | 15,812 | 92 | 15,904 | |||
Total | 283,264 | (139) | 283,125 | 277,008 | (139) | 276,869 | |||
INCOME FROM CONTINUING OPERATIONS | |||||||||
BEFORE INCOME TAXES | 462,550 | 10,171 | 472,721 | 706,283 | 10,171 | 716,454 | |||
Income taxes | 147,099 | 10,171 | 157,270 | 241,732 | 10,171 | 251,903 | |||
INCOME FROM CONTINUING OPERATIONS | 315,451 | - | 315,451 | 464,551 | - | 464,551 | |||
INCOME FROM DISCONTINUED OPERATIONS | |||||||||
(net of taxes of $5,986) | 10,880 | - | 10,880 | 10,880 | - | 10,880 | |||
CONSOLIDATED NET INCOME | 326,331 | - | 326,331 | 475,431 | - | 475,431 | |||
*Adjustment to reflect ENOI reconsolidation | |||||||||
Totals may not foot due to rounding |
Appendix F-6: Reconciliation of GAAP to Non-GAAP Income Statement | ||||||
Twelve Months Ended June 30, 2006 | ||||||
($ in thousands) | ||||||
U.S. Utilities/ Parent & Other | Consolidated | |||||
ENOI | ENOI | |||||
GAAP | Adjustment* | Pro-forma | GAAP | Adjustment* | Pro-forma | |
OPERATING REVENUES | ||||||
Electric | 8,973,689 | 167,488 | 9,141,177 | 8,970,792 | 167,488 | 9,138,280 |
Natural gas | 89,300 | 101,227 | 190,527 | 89,300 | 101,227 | 190,527 |
Competitive businesses | 42,571 | - | 42,571 | 1,687,117 | - | 1,687,117 |
Total | 9,105,560 | 268,715 | 9,374,275 | 10,747,209 | 268,715 | 11,015,924 |
OPERATING EXPENSES | ||||||
Operating and Maintenance: | ||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,514,010 | 132,527 | 2,646,537 | 2,759,459 | 132,527 | 2,891,986 |
Purchased power | 2,549,368 | (13,707) | 2,535,661 | 2,519,739 | (13,707) | 2,506,032 |
Nuclear refueling outage expenses | 79,052 | - | 79,052 | 168,232 | - | 168,232 |
Other operation and maintenance | 1,460,732 | 69,827 | 1,530,559 | 2,162,596 | 69,827 | 2,232,423 |
Decommissioning | 80,384 | 83 | 80,467 | 141,452 | 83 | 141,535 |
Taxes other than income taxes | 330,749 | 36,854 | 367,603 | 391,358 | 36,854 | 428,212 |
Depreciation and amortization | 791,677 | 32,718 | 824,395 | 859,769 | 32,718 | 892,487 |
Other regulatory charges (credits) - net | (102,857) | 2,752 | (100,105) | (102,857) | 2,752 | (100,105) |
Total | 7,703,115 | 261,054 | 7,964,169 | 8,899,748 | 261,054 | 9,160,802 |
OPERATING INCOME | 1,402,445 | 7,661 | 1,410,106 | 1,847,461 | 7,661 | 1,855,122 |
OTHER INCOME (DEDUCTIONS) | ||||||
Allowance for equity funds used during construction | 46,583 | 4,689 | 51,272 | 46,583 | 4,689 | 51,272 |
Interest and dividend income | 140,020 | 3,546 | 143,566 | 164,390 | 3,546 | 167,936 |
Equity in earnings (loss) of unconsolidated equity affiliates | 11,964 | (3,465) | 8,499 | (538) | (3,465) | (4,003) |
Miscellaneous - net | (16,681) | (3,865) | (20,546) | (14,895) | (3,865) | (18,760) |
Total | 181,886 | 905 | 182,791 | 195,540 | 905 | 196,445 |
INTEREST AND OTHER CHARGES | ||||||
Interest on long-term debt | 459,878 | 3,518 | 463,396 | 470,437 | 3,518 | 473,955 |
Other interest - net | 96,255 | 6,360 | 102,615 | 72,382 | 6,360 | 78,742 |
Allowance for borrowed funds used during construction | (30,552) | (3,798) | (34,350) | (30,552) | (3,798) | (34,350) |
Preferred dividend requirements and other | 25,038 | 92 | 25,130 | 28,458 | 92 | 28,550 |
Total | 550,619 | 6,172 | 556,791 | 540,725 | 6,172 | 546,897 |
INCOME FROM CONTINUING OPERATIONS | ||||||
BEFORE INCOME TAXES | 1,033,712 | 2,394 | 1,036,106 | 1,502,276 | 2,394 | 1,504,670 |
Income taxes | 392,037 | 2,394 | 394,431 | 556,924 | 2,394 | 559,318 |
INCOME FROM CONTINUING OPERATIONS | 641,675 | - | 641,675 | 945,352 | - | 945,352 |
LOSS FROM DISCONTINUED OPERATIONS | ||||||
(net of taxes of $(15,831)) | (29,736) | - | (29,736) | (29,736) | - | (29,736) |
CONSOLIDATED NET INCOME | 611,939 | - | 611,939 | 915,616 | - | 915,616 |
*Adjustment to reflect ENOI reconsolidation | ||||||
Totals may not foot due to rounding |
Appendix F-7: Reconciliation of GAAP to Non-GAAP Consolidated Cash Flow Statement | |||
Three Months Ended June 30, 2006 | |||
($ in thousands) | |||
Consolidated | |||
ENOI | |||
GAAP | Adjustment* | Pro-forma | |
OPERATING ACTIVITIES | |||
Consolidated net income | 281,802 | - | 281,802 |
Adjustments to reconcile consolidated net income to net cash flow | |||
provided by operating activities: | |||
Reserve for regulatory adjustments | (479) | - | (479) |
Other regulatory credits - net | (58,928) | 1,037 | (57,891) |
Depreciation, amortization, and decommissioning | 254,825 | 8,507 | 263,332 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 56,498 | (9,414) | 47,084 |
Equity in earnings of unconsolidated equity affiliates - net of dividends | (8,484) | 10,682 | 2,198 |
Changes in working capital: | - | ||
Receivables | (9,539) | (51,245) | (60,784) |
Fuel inventory | 14,957 | (752) | 14,205 |
Accounts payable | (29,330) | 48,497 | 19,167 |
Taxes accrued | (12,027) | 75,680 | 63,653 |
Interest accrued | (4,893) | 267 | (4,626) |
Deferred fuel | 73,216 | (7,603) | 65,613 |
Other working capital accounts | (37,005) | (10,008) | (47,013) |
Provision for estimated losses and reserves | 10,008 | (81) | 9,927 |
Changes in other regulatory assets | (89,853) | (39,968) | (129,821) |
Other | 27,260 | 22,125 | 49,385 |
Net cash flow provided by operating activities | 468,028 | 47,724 | 515,752 |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (288,254) | (5,514) | (293,768) |
Allowance for equity funds used during construction | 8,908 | 909 | 9,817 |
Nuclear fuel purchases | (33,223) | - | (33,223) |
Proceeds from sale/leaseback of nuclear fuel | 32,282 | - | 32,282 |
Proceeds from sale of assets and businesses | 77,159 | - | 77,159 |
Payment for purchase of plant | - | - | - |
Insurance proceeds received for property damages | 10,330 | - | 10,330 |
Decrease in other investments | 37,730 | (40,251) | (2,521) |
Proceeds from nuclear decommissioning trust fund sales | 239,932 | - | 239,932 |
Investment in nuclear decommissioning trust funds | (261,504) | - | (261,504) |
Other regulatory investments | (19,031) | - | (19,031) |
Net cash flow used in investing activities | (195,671) | (44,856) | (240,527) |
FINANCING ACTIVITIES |
| ||
Proceeds from the issuance of: |
| ||
Long-term debt | 489,281 | - | 489,281 |
Preferred stock | - | - | - |
Common stock and treasury stock | 3,567 | - | 3,567 |
Retirement of long-term debt | (488,097) | - | (488,097) |
Repurchase of common stock | - | - | - |
Redemption of preferred stock | (178,810) | - | (178,810) |
Changes in credit line borrowings - net | - | - | - |
Dividends paid: |
| ||
Common stock | (112,268) | - | (112,268) |
Preferred stock | (9,099) | (92) | (9,191) |
Net cash flow provided by (used in) financing activities | (295,426) | (92) | (295,518) |
Effect of exchange rates on cash and cash equivalents | (383) | - | (383) |
Net increase in cash and cash equivalents | (23,452) | 2,776 | (20,676) |
Cash and cash equivalents at beginning of period | 752,386 | 25,545 | 777,931 |
Cash and cash equivalents at end of period | 728,934 | 28,321 | 757,255 |
| |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid (received) during the period for: |
| ||
Interest - net of amount capitalized | 136,025 | 1,266 | 137,291 |
Income taxes | 114,041 | (59,730) | 54,311 |
| |||
*Adjustment to reflect ENOI reconsolidation |
| ||
Totals may not foot due to rounding |
Appendix F-8: Reconciliation of GAAP to Non-GAAP Consolidated Cash Flow Statement | |||
Six Months Ended June 30, 2006 | |||
($ in thousands) | Consolidated | ||
ENOI | |||
GAAP | Adjustment* | Pro-forma | |
OPERATING ACTIVITIES | |||
Consolidated net income | 475,431 | - | 475,431 |
Adjustments to reconcile consolidated net income to net cash flow | |||
provided by operating activities: | |||
Reserve for regulatory adjustments | 41,683 | (37) | 41,646 |
Other regulatory credits - net | (102,946) | 2,080 | (100,866) |
Depreciation, amortization, and decommissioning | 496,632 | 15,972 | 512,604 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 427,272 | 61,465 | 488,737 |
Equity in earnings of unconsolidated equity affiliates - net of dividends | (9,896) | 16,325 | 6,429 |
Changes in working capital: | - | ||
Receivables | 318,480 | 5,244 | 323,724 |
Fuel inventory | (13,650) | 6,068 | (7,582) |
Accounts payable | (285,750) | (421) | (286,171) |
Taxes accrued | 23,941 | 5,888 | 29,829 |
Interest accrued | (21,754) | 549 | (21,205) |
�� Deferred fuel | 272,835 | (3,022) | 269,813 |
Other working capital accounts | 103,790 | (6,911) | 96,879 |
Provision for estimated losses and reserves | 25,037 | (81) | 24,956 |
Changes in other regulatory assets | (165,527) | (32,658) | (198,185) |
Other | (105,035) | 7,999 | (97,036) |
Net cash flow provided by operating activities | 1,480,543 | 78,460 | 1,559,003 |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (952,432) | (49,833) | (1,002,265) |
Allowance for equity funds used during construction | 24,367 | 1,988 | 26,355 |
Nuclear fuel purchases | (124,250) | - | (124,250) |
Proceeds from sale/leaseback of nuclear fuel | 41,109 | - | 41,109 |
Proceeds from sale of assets and businesses | 77,159 | - | 77,159 |
Payment for purchase of plant | (88,199) | - | (88,199) |
Insurance proceeds received for property damages | 10,330 | - | 10,330 |
Decrease in other investments | 50,070 | (50,251) | (181) |
Proceeds from nuclear decommissioning trust fund sales | 523,806 | - | 523,806 |
Investment in nuclear decommissioning trust funds | (573,921) | - | (573,921) |
Other regulatory investments | (42,479) | - | (42,479) |
Net cash flow used in investing activities | (1,054,440) | (98,096) | (1,152,536) |
FINANCING ACTIVITIES | |||
Proceeds from the issuance of: | |||
Long-term debt | 1,237,865 | (7) | 1,237,858 |
Preferred stock | 73,354 | - | 73,354 |
Common stock and treasury stock | 15,372 | - | 15,372 |
Retirement of long-term debt | (1,143,746) | - | (1,143,746) |
Repurchase of common stock | - | - | - |
Redemption of preferred stock | (181,060) | - | (181,060) |
Changes in credit line borrowings - net | (40,000) | - | (40,000) |
Dividends paid: | |||
Common stock | (224,458) | - | (224,458) |
Preferred stock | (16,760) | (92) | (16,852) |
Net cash flow provided by (used in) financing activities | (279,433) | (99) | (279,532) |
Effect of exchange rates on cash and cash equivalents | (556) | - | (556) |
Net increase in cash and cash equivalents | 146,114 | (19,735) | 126,379 |
Cash and cash equivalents at beginning of period | 582,820 | 48,056 | 630,876 |
Cash and cash equivalents at end of period | 728,934 | 28,321 | 757,255 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid (received) during the period for: | |||
Interest - net of amount capitalized | 282,454 | 457 | 282,911 |
Income taxes | (231,325) | (59,730) | (291,055) |
*Adjustment to reflect ENOI reconsolidation | |||
Totals may not foot due to rounding |
Appendix F-9: Reconciliation of GAAP to Non-GAAP Consolidated Cash Flow Statement | |||
Twelve Months Ended June 30, 2006 | |||
($ in thousands) | Consolidated | ||
GAAP | ENOI | Pro-forma | |
OPERATING ACTIVITIES | |||
Consolidated net income | 915,616 | - | 915,616 |
Adjustments to reconcile consolidated net income to net cash flow | - | ||
provided by operating activities: | - | ||
Reserve for regulatory adjustments | 33,572 | (298) | 33,274 |
Other regulatory credits - net | (102,857) | 2,752 | (100,105) |
Depreciation, amortization, and decommissioning | 1,004,026 | 32,802 | 1,036,828 |
Deferred income taxes, investment tax credits, and non-current taxes accrued | 767,604 | 79,628 | 847,232 |
Equity in earnings (loss) of unconsolidated equity affiliates - net of dividends | 6,412 | (235) | 6,177 |
Provision for asset impairments and restructuring charges | 39,767 | - | 39,767 |
Changes in working capital: | - | ||
Receivables | 75,363 | 71,443 | 146,806 |
Fuel inventory | (105,840) | (1,980) | (107,820) |
Accounts payable | 32,129 | 4,786 | 36,915 |
Taxes accrued | (22,967) | 3,292 | (19,675) |
Interest accrued | 11,094 | (1,137) | 9,957 |
Deferred fuel | 112,296 | (10,218) | 102,078 |
Other working capital accounts | 107,109 | (7,863) | 99,246 |
Provision for estimated losses and reserves | 9,797 | (449) | 9,348 |
Changes in other regulatory assets | (498,759) | (96,301) | (595,060) |
Other | (209,163) | (1,162) | (210,325) |
Net cash flow provided by operating activities | 2,175,199 | 75,060 | 2,250,259 |
INVESTING ACTIVITIES | |||
Construction/capital expenditures | (1,794,514) | (83,826) | (1,878,340) |
Allowance for equity funds used during construction | 46,582 | 4,689 | 51,271 |
Nuclear fuel purchases | (254,219) | - | (254,219) |
Proceeds from sale/leaseback of nuclear fuel | 99,832 | - | 99,832 |
Proceeds from sale of assets and businesses | 77,159 | - | 77,159 |
Payment for purchase of plant | (88,199) | - | (88,199) |
Insurance proceeds received for property damages | 10,330 | - | 10,330 |
Decrease (increase) in other investments | (3,218) | 39,749 | 36,531 |
Proceeds from nuclear decommissioning trust fund sales | 1,037,833 | - | 1,037,833 |
Investment in nuclear decommissioning trust funds | (1,134,992) | - | (1,134,992) |
Other regulatory investments | (369,135) | - | (369,135) |
Net cash flow used in investing activities | (2,372,541) | (39,388) | (2,411,929) |
FINANCING ACTIVITIES | |||
Proceeds from the issuance of: | |||
Long-term debt | 4,178,011 | (15) | 4,177,996 |
Preferred stock | 171,349 | - | 171,349 |
Common stock and treasury stock | 31,572 | - | 31,572 |
Retirement of long-term debt | (3,131,038) | (30,060) | (3,161,098) |
Repurchase of common stock | (238,368) | - | (238,368) |
Redemption of preferred stock | (212,529) | - | (212,529) |
Changes in credit line borrowings - net | - | 15,000 | 15,000 |
Dividends paid: | |||
Common stock | (448,613) | - | (448,613) |
Preferred stock | (29,453) | (334) | (29,787) |
Net cash flow provided by (used in) financing activities | 320,931 | (15,409) | 305,522 |
Effect of exchange rates on cash and cash equivalents | (1,287) | 0 | (1,287) |
Net increase in cash and cash equivalents | 122,302 | 20,263 | 142,565 |
Cash and cash equivalents at beginning of period | 606,632 | 8,058 | 614,690 |
Cash and cash equivalents at end of period | 728,934 | 28,321 | 757,255 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid (received) during the period for: | |||
Interest - net of amount capitalized | 501,379 | (7,425) | 493,954 |
Income taxes | (198,941) | (74,823) | (273,764) |
*Adjustment to reflect ENOI reconsolidation | |||
Totals may not foot due to rounding |
Entergy Corporation's common stock is listed on the New York and Chicago exchanges under the symbol "ETR".
Additional investor information can be accessed on-line at
www.entergy.com/investor_relations
**********************************************************************************************************************
In this release, Entergy makes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Many factors could cause the actual results to differ materially than the forward-looking information provided. These factors are discussed in more detail in Entergy Corporation's 2006 Annual Report on Form 10-K including (a) Forward-Looking Information, (b) Item 1A. Risk Factors, and (c) Item 7. Management's Financial Discussion and Analysis and subsequent SEC filings.
Entergy Corporation | |||||||
Consolidating Balance Sheet | |||||||
June 30, 2007 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents: | |||||||
Cash | $ 97,342 | $ 6,662 | $ - | $ 104,004 | |||
Temporary cash investments - at cost, | |||||||
which approximates market | 843,355 | 372,863 | - | 1,216,218 | |||
Total cash and cash equivalents | 940,697 | 379,525 | - | 1,320,222 | |||
Notes receivable - Entergy New Orleans DIP loan | - | - | - | - | |||
Notes receivable | 210,700 | 1,296,753 | (1,506,963) | 490 | |||
Accounts receivable: | |||||||
Customer | 463,543 | 417 | - | 463,960 | |||
Allowance for doubtful accounts | (27,231) | - | - | (27,231) | |||
Associated companies | 8,685 | 120,023 | (128,708) | - | |||
Other | 240,882 | 225,425 | - | 466,307 | |||
Accrued unbilled revenues | 333,477 | - | - | 333,477 | |||
Total receivables | 1,019,356 | 345,865 | (128,708) | 1,236,513 | |||
Accumulated deferred income taxes | - | - | - | - | |||
Fuel inventory - at average cost | 205,515 | 3,157 | - | 208,672 | |||
Materials and supplies - at average cost | 438,057 | 227,907 | - | 665,964 | |||
Deferred nuclear refueling outage costs | 72,598 | 143,846 | - | 216,444 | |||
Prepayments and other | 321,860 | 66,673 | - | 388,533 | |||
TOTAL | 3,208,783 | 2,463,726 | (1,635,671) | 4,036,838 | |||
OTHER PROPERTY AND INVESTMENTS | |||||||
Investment in affiliates - at equity | 7,854,308 | 156,082 | (7,931,327) | 79,063 | |||
Decommissioning trust funds | 1,338,658 | 1,885,243 | - | 3,223,901 | |||
Non-utility property - at cost (less accumulated depreciation) | 206,871 | 3,977 | - | 210,848 | |||
Other | 70,981 | 7,252 | (5,388) | 72,845 | |||
TOTAL | 9,470,818 | 2,052,554 | (7,936,715) | 3,586,657 | |||
PROPERTY, PLANT, AND EQUIPMENT | |||||||
Electric | 29,682,610 | 3,047,068 | (1,478) | 32,728,200 | |||
Property under capital lease | 728,683 | - | - | 728,683 | |||
Natural gas | 294,595 | - | - | 294,595 | |||
Construction work in progress | 685,421 | 169,728 | - | 855,149 | |||
Nuclear fuel under capital lease | 190,640 | - | - | 190,640 | |||
Nuclear fuel | 260,875 | 466,613 | - | 727,488 | |||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 31,842,824 | 3,683,409 | (1,478) | 35,524,755 | |||
Less - accumulated depreciation and amortization | 14,301,654 | 388,600 | - | 14,690,254 | |||
PROPERTY, PLANT AND EQUIPMENT - NET | 17,541,170 | 3,294,809 | (1,478) | 20,834,501 | |||
DEFERRED DEBITS AND OTHER ASSETS | |||||||
Regulatory assets: | |||||||
SFAS 109 regulatory asset - net | 655,642 | - | - | 655,642 | |||
Other regulatory assets | 2,774,223 | - | - | 2,774,223 | |||
Deferred fuel costs | 168,122 | - | - | 168,122 | |||
Long-term receivables | 17,293 | - | - | 17,293 | |||
Goodwill | 374,099 | 3,073 | - | 377,172 | |||
Other | 822,066 | 805,548 | (663,335) | 964,279 | |||
TOTAL | 4,811,445 | 808,621 | (663,335) | 4,956,731 | |||
TOTAL ASSETS | $ 35,032,216 | $ 8,619,710 | $ (10,237,199) | $ 33,414,727 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Balance Sheet | |||||||
June 30, 2007 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Currently maturing long-term debt | $ 183,701 | $ 88,241 | $ - | $ 271,942 | |||
Notes payable: | |||||||
Associated companies | 917,693 | 589,270 | (1,506,963) | - | |||
Other | 25,039 | - | - | 25,039 | |||
Account payable: | |||||||
Associated companies | 70,276 | 56,223 | (126,499) | - | |||
Other | 828,874 | 168,373 | - | 997,247 | |||
Customer deposits | 277,438 | - | - | 277,438 | |||
Taxes accrued | - | - | - | - | |||
Accumulated deferred income taxes | 18,545 | - | - | 18,545 | |||
Interest accrued | 143,319 | 6,422 | - | 149,741 | |||
Deferred fuel costs | 91,740 | - | - | 91,740 | |||
Obligations under capital leases | 152,682 | - | - | 152,682 | |||
Pension and other postretirement liabilities | 29,223 | 3,115 | - | 32,338 | |||
Other | 331,370 | 141,971 | - | 473,341 | |||
TOTAL | 3,069,900 | 1,053,615 | (1,633,462) | 2,490,053 | |||
NON-CURRENT LIABILITIES | |||||||
Accumulated deferred income taxes and taxes accrued | 5,705,294 | 464,965 | - | 6,170,259 | |||
Accumulated deferred investment tax credits | 352,634 | - | - | 352,634 | |||
Obligations under capital leases | 185,980 | - | - | 185,980 | |||
Other regulatory liabilities | 524,047 | - | - | 524,047 | |||
Decommissioning and retirement cost liabilities | 1,298,402 | 1,017,679 | - | 2,316,081 | |||
Transition to competition | 79,098 | - | - | 79,098 | |||
Regulatory reserves | - | - | - | - | |||
Accumulated provisions | 121,982 | 8,540 | - | 130,522 | |||
Pension and other postretirement liabilities | 1,131,636 | 332,084 | - | 1,463,720 | |||
Long-term debt | 10,063,389 | 309,196 | (80,890) | 10,291,695 | |||
Preferred stock with sinking fund | 8,250 | - | - | 8,250 | |||
Other | 1,268,209 | 574,487 | (592,291) | 1,250,405 | |||
TOTAL | 20,738,921 | 2,706,951 | (673,181) | 22,772,691 | |||
Preferred stock without sinking fund | 330,303 | 426,108 | (391,937) | 364,474 | |||
SHAREHOLDERS' EQUITY | |||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | |||||||
issued 248,174,087 shares in 2007 | 2,228,350 | 1,068,642 | (3,294,510) | 2,482 | |||
Paid-in capital | 6,681,799 | 1,941,309 | (3,782,049) | 4,841,059 | |||
Retained earnings | 5,571,034 | 1,427,655 | (626,002) | 6,372,687 | |||
Accumulated other comprehensive income (loss) | (81,141) | 38,746 | 626 | (41,769) | |||
Less - treasury stock, at cost (52,114,693 shares in 2007) | 3,506,950 | 43,316 | (163,316) | 3,386,950 | |||
TOTAL | 10,893,092 | 4,433,036 | (7,538,619) | 7,787,509 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 35,032,216 | $ 8,619,710 | $ (10,237,199) | $ 33,414,727 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Balance Sheet | |||||||
December 31, 2006 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents: | |||||||
Cash | $ 95,468 | $ 21,911 | $ - | $ 117,379 | |||
Temporary cash investments - at cost, | |||||||
which approximates market | 499,942 | 398,831 | - | 898,773 | |||
Total cash and cash equivalents | 595,410 | 420,742 | - | 1,016,152 | |||
Notes receivable - Entergy New Orleans DIP loan | 51,934 | - | - | 51,934 | |||
Notes receivable | 266,717 | 1,280,921 | (1,546,939) | 699 | |||
Accounts receivable: | |||||||
Customer | 410,512 | - | - | 410,512 | |||
Allowance for doubtful accounts | (19,348) | - | - | (19,348) | |||
Associated companies | (5,099) | 94,549 | (89,450) | - | |||
Other | 312,654 | 174,610 | - | 487,264 | |||
Accrued unbilled revenues | 249,165 | - | - | 249,165 | |||
Total receivables | 947,884 | 269,159 | (89,450) | 1,127,593 | |||
Accumulated deferred income taxes | 10,498 | 1,182 | - | 11,680 | |||
Fuel inventory - at average cost | 189,829 | 3,269 | - | 193,098 | |||
Materials and supplies - at average cost | 408,279 | 196,719 | - | 604,998 | |||
Deferred nuclear refueling outage costs | 65,349 | 82,172 | - | 147,521 | |||
Prepayments and other | 150,134 | 21,625 | - | 171,759 | |||
TOTAL | 2,686,034 | 2,275,789 | (1,636,389) | 3,325,434 | |||
OTHER PROPERTY AND INVESTMENTS | |||||||
Investment in affiliates - at equity | 7,725,189 | 152,066 | (7,648,166) | 229,089 | |||
Decommissioning trust funds | 1,274,676 | 1,583,847 | - | 2,858,523 | |||
Non-utility property - at cost (less accumulated depreciation) | 208,956 | 3,770 | - | 212,726 | |||
Other | 39,868 | 7,247 | - | 47,115 | |||
TOTAL | 9,248,689 | 1,746,930 | (7,648,166) | 3,347,453 | |||
PROPERTY, PLANT, AND EQUIPMENT | |||||||
Electric | 28,405,556 | 2,309,755 | (2,027) | 30,713,284 | |||
Property under capital lease | 730,182 | - | - | 730,182 | |||
Natural gas | 92,787 | - | - | 92,787 | |||
Construction work in progress | 609,431 | 176,716 | - | 786,147 | |||
Nuclear fuel under capital lease | 269,485 | - | - | 269,485 | |||
Nuclear fuel | 206,889 | 354,402 | - | 561,291 | |||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 30,314,330 | 2,840,873 | (2,027) | 33,153,176 | |||
Less - accumulated depreciation and amortization | 13,366,710 | 348,389 | - | 13,715,099 | |||
PROPERTY, PLANT AND EQUIPMENT - NET | 16,947,620 | 2,492,484 | (2,027) | 19,438,077 | |||
DEFERRED DEBITS AND OTHER ASSETS | |||||||
Regulatory assets: | |||||||
SFAS 109 regulatory asset - net | 740,110 | - | - | 740,110 | |||
Other regulatory assets | 2,768,352 | - | - | 2,768,352 | |||
Deferred fuel costs | 168,122 | - | - | 168,122 | |||
Long-term receivables | 19,349 | - | - | 19,349 | |||
Goodwill | 374,099 | 3,073 | - | 377,172 | |||
Other | 736,461 | 781,364 | (619,163) | 898,662 | |||
TOTAL | 4,806,493 | 784,437 | (619,163) | 4,971,767 | |||
TOTAL ASSETS | $ 33,688,836 | $ 7,299,640 | $ (9,905,745) | $ 31,082,731 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Consolidating Balance Sheet | |||||||
December 31, 2006 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Currently maturing long-term debt | $ 93,335 | $ 88,241 | $ - | $ 181,576 | |||
Notes payable: | |||||||
Associated companies | 979,198 | 567,741 | (1,546,939) | - | |||
Other | 25,039 | - | - | 25,039 | |||
Account payable: | |||||||
Associated companies | 69,355 | 17,949 | (87,304) | - | |||
Other | 901,434 | 221,162 | - | 1,122,596 | |||
Customer deposits | 248,031 | - | - | 248,031 | |||
Taxes accrued | 167,060 | 20,264 | - | 187,324 | |||
Accumulated deferred income taxes | - | - | - | - | |||
Interest accrued | 159,527 | 1,304 | - | 160,831 | |||
Deferred fuel costs | 73,031 | - | - | 73,031 | |||
Obligations under capital leases | 153,246 | - | - | 153,246 | |||
Pension and other postretirement liabilities | 39,008 | 2,904 | - | 41,912 | |||
Other | 100,501 | 171,043 | - | 271,544 | |||
TOTAL | 3,008,765 | 1,090,608 | (1,634,243) | 2,465,130 | |||
NON-CURRENT LIABILITIES | |||||||
Accumulated deferred income taxes and taxes accrued | 5,451,700 | 369,000 | - | 5,820,700 | |||
Accumulated deferred investment tax credits | 358,550 | - | - | 358,550 | |||
Obligations under capital leases | 188,033 | - | - | 188,033 | |||
Other regulatory liabilities | 449,237 | - | - | 449,237 | |||
Decommissioning and retirement cost liabilities | 1,249,482 | 774,364 | - | 2,023,846 | |||
Transition to competition | 79,098 | - | - | 79,098 | |||
Regulatory reserves | 219 | - | - | 219 | |||
Accumulated provisions | 81,053 | 7,849 | - | 88,902 | |||
Pension and other postretirement liabilities | 1,125,707 | 284,726 | - | 1,410,433 | |||
Long-term debt | 8,560,534 | 301,805 | (64,252) | 8,798,087 | |||
Preferred stock with sinking fund | 10,500 | - | - | 10,500 | |||
Other | 1,173,625 | 233,424 | (559,853) | 847,196 | |||
TOTAL | 18,727,738 | 1,971,168 | (624,105) | 20,074,801 | |||
Preferred stock without sinking fund | 310,751 | 426,099 | (391,937) | 344,913 | |||
SHAREHOLDERS' EQUITY | |||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | |||||||
issued 248,174,087 shares in 2006 | 2,228,350 | 1,068,642 | (3,294,510) | 2,482 | |||
Paid-in capital | 6,668,007 | 1,500,553 | (3,341,295) | 4,827,265 | |||
Retained earnings | 5,592,532 | 1,304,107 | (783,597) | 6,113,042 | |||
Accumulated other comprehensive income (loss) | (82,917) | (18,221) | 626 | (100,512) | |||
Less - treasury stock, at cost (45,506,311 shares in 2006) | 2,764,390 | 43,316 | (163,316) | 2,644,390 | |||
TOTAL | 11,641,582 | 3,811,765 | (7,255,460) | 8,197,887 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 33,688,836 | $ 7,299,640 | $ (9,905,745) | $ 31,082,731 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Pro Forma Consolidating Balance Sheet | |||||||
(Reflects Reconsolidation of Entergy New Orleans) | |||||||
December 31, 2006 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents: | |||||||
Cash | $ 99,354 | $ 21,911 | $ - | $ 121,265 | |||
Temporary cash investments - at cost, | |||||||
which approximates market | 513,149 | 398,831 | - | 911,980 | |||
Total cash and cash equivalents | 612,503 | 420,742 | - | 1,033,245 | |||
Notes receivable - Entergy New Orleans DIP loan | - | - | - | - | |||
Notes receivable | 266,717 | 1,280,921 | (1,546,939) | 699 | |||
Accounts receivable: | |||||||
Customer | 469,511 | - | - | 469,511 | |||
Allowance for doubtful accounts | (29,911) | - | - | (29,911) | |||
Associated companies | (5,099) | 94,549 | (89,450) | - | |||
Other | 226,396 | 174,610 | - | 401,006 | |||
Accrued unbilled revenues | 272,923 | - | - | 272,923 | |||
Total receivables | 933,820 | 269,159 | (89,450) | 1,113,529 | |||
Accumulated deferred income taxes | 7,574 | 1,182 | - | 8,756 | |||
Fuel inventory - at average cost | 194,870 | 3,269 | - | 198,139 | |||
Materials and supplies - at average cost | 416,104 | 196,719 | - | 612,823 | |||
Deferred nuclear refueling outage costs | 65,349 | 82,172 | - | 147,521 | |||
Prepayments and other | 155,774 | 21,625 | - | 177,399 | |||
TOTAL | 2,652,711 | 2,275,789 | (1,636,389) | 3,292,111 | |||
OTHER PROPERTY AND INVESTMENTS | |||||||
Investment in affiliates - at equity | 7,571,201 | 152,066 | (7,648,166) | 75,101 | |||
Decommissioning trust funds | 1,274,676 | 1,583,847 | - | 2,858,523 | |||
Non-utility property - at cost (less accumulated depreciation) | 210,063 | 3,770 | - | 213,833 | |||
Other | 39,868 | 7,247 | - | 47,115 | |||
TOTAL | 9,095,808 | 1,746,930 | (7,648,166) | 3,194,572 | |||
PROPERTY, PLANT, AND EQUIPMENT | |||||||
Electric | 29,103,637 | 2,309,755 | (2,027) | 31,411,365 | |||
Property under capital lease | 730,182 | - | - | 730,182 | |||
Natural gas | 279,719 | - | - | 279,719 | |||
Construction work in progress | 631,255 | 176,716 | - | 807,971 | |||
Nuclear fuel under capital lease | 269,485 | - | - | 269,485 | |||
Nuclear fuel | 206,889 | 354,402 | - | 561,291 | |||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 31,221,167 | 2,840,873 | (2,027) | 34,060,013 | |||
Less - accumulated depreciation and amortization | 13,813,383 | 348,389 | - | 14,161,772 | |||
PROPERTY, PLANT AND EQUIPMENT - NET | 17,407,784 | 2,492,484 | (2,027) | 19,898,241 | |||
DEFERRED DEBITS AND OTHER ASSETS | |||||||
Regulatory assets: | |||||||
SFAS 109 regulatory asset - net | 668,240 | - | - | 668,240 | |||
Other regulatory assets | 3,063,792 | - | - | 3,063,792 | |||
Deferred fuel costs | 168,122 | - | - | 168,122 | |||
Long-term receivables | 20,285 | - | - | 20,285 | |||
Goodwill | 374,099 | 3,073 | - | 377,172 | |||
Other | 741,285 | 781,364 | (619,163) | 903,486 | |||
TOTAL | 5,035,823 | 784,437 | (619,163) | 5,201,097 | |||
TOTAL ASSETS | $ 34,192,126 | $ 7,299,640 | $ (9,905,745) | $ 31,586,021 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Pro Forma Consolidating Balance Sheet | |||||||
(Reflects Reconsolidation of Entergy New Orleans) | |||||||
December 31, 2006 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Currently maturing long-term debt | $ 93,335 | $ 88,241 | $ - | $ 181,576 | |||
Notes payable: | |||||||
Associated companies | 979,198 | 567,741 | (1,546,939) | - | |||
Other | 25,039 | - | - | 25,039 | |||
Account payable: | |||||||
Associated companies | 69,355 | 17,949 | (87,304) | - | |||
Other | 960,468 | 221,162 | - | 1,181,630 | |||
Customer deposits | 262,839 | - | - | 262,839 | |||
Taxes accrued | 169,147 | 20,264 | - | 189,411 | |||
Accumulated deferred income taxes | - | - | - | - | |||
Interest accrued | 177,531 | 1,304 | - | 178,835 | |||
Deferred fuel costs | 54,035 | - | - | 54,035 | |||
Obligations under capital leases | 153,246 | - | - | 153,246 | |||
Pension and other postretirement liabilities | 39,024 | 2,904 | - | 41,928 | |||
Other | 106,639 | 171,043 | - | 277,682 | |||
TOTAL | 3,089,856 | 1,090,608 | (1,634,243) | 2,546,221 | |||
NON-CURRENT LIABILITIES | |||||||
Accumulated deferred income taxes and taxes accrued | 5,550,584 | 369,000 | - | 5,919,584 | |||
Accumulated deferred investment tax credits | 361,707 | - | - | 361,707 | |||
Obligations under capital leases | 188,033 | - | - | 188,033 | |||
Other regulatory liabilities | 449,237 | - | - | 449,237 | |||
Decommissioning and retirement cost liabilities | 1,252,073 | 774,364 | - | 2,026,437 | |||
Transition to competition | 79,098 | - | - | 79,098 | |||
Regulatory reserves | 219 | - | - | 219 | |||
Accumulated provisions | 89,437 | 7,849 | - | 97,286 | |||
Pension and other postretirement liabilities | 1,185,741 | 284,726 | - | 1,470,467 | |||
Long-term debt | 8,787,153 | 301,805 | (64,252) | 9,024,706 | |||
Preferred stock with sinking fund | 10,500 | - | - | 10,500 | |||
Other | 1,176,375 | 233,424 | (559,853) | 849,946 | |||
TOTAL | 19,130,157 | 1,971,168 | (624,105) | 20,477,220 | |||
Preferred stock without sinking fund | 330,531 | 426,099 | (391,937) | 364,693 | |||
SHAREHOLDERS' EQUITY | |||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | |||||||
issued 248,174,087 shares in 2006 | 2,228,350 | 1,068,642 | (3,294,510) | 2,482 | |||
Paid-in capital | 6,668,007 | 1,500,553 | (3,341,295) | 4,827,265 | |||
Retained earnings | 5,592,532 | 1,304,107 | (783,597) | 6,113,042 | |||
Accumulated other comprehensive income (loss) | (82,917) | (18,221) | 626 | (100,512) | |||
Less - treasury stock, at cost (45,506,311 shares in 2006) | 2,764,390 | 43,316 | (163,316) | 2,644,390 | |||
TOTAL | 11,641,582 | 3,811,765 | (7,255,460) | 8,197,887 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 34,192,126 | $ 7,299,640 | $ (9,905,745) | $ 31,586,021 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Pro Forma Consolidating Balance Sheet | |||||||
(Reflects Reconsolidation of Entergy New Orleans) | |||||||
June 30, 2007 vs December 31, 2006 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents: | |||||||
Cash | $ (2,012) | $ (15,249) | $ - | $ (17,261) | |||
Temporary cash investments - at cost, | |||||||
which approximates market | 330,206 | (25,968) | - | 304,238 | |||
Total cash and cash equivalents | 328,194 | (41,217) | - | 286,977 | |||
Notes receivable - Entergy New Orleans DIP loan | - | - | - | - | |||
Notes receivable | (56,017) | 15,832 | 39,976 | (209) | |||
Accounts receivable: | |||||||
Customer | (5,968) | 417 | - | (5,551) | |||
Allowance for doubtful accounts | 2,680 | - | - | 2,680 | |||
Associated companies | 13,784 | 25,474 | (39,258) | - | |||
Other | 14,486 | 50,815 | - | 65,301 | |||
Accrued unbilled revenues | 60,554 | - | - | 60,554 | |||
Total receivables | 85,536 | 76,706 | (39,258) | 122,984 | |||
Accumulated deferred income taxes | (7,574) | (1,182) | - | (8,756) | |||
Fuel inventory - at average cost | 10,645 | (112) | - | 10,533 | |||
Materials and supplies - at average cost | 21,953 | 31,188 | - | 53,141 | |||
Deferred nuclear refueling outage costs | 7,249 | 61,674 | - | 68,923 | |||
Prepayments and other | 166,086 | 45,048 | - | 211,134 | |||
TOTAL | 556,072 | 187,937 | 718 | 744,727 | |||
OTHER PROPERTY AND INVESTMENTS | |||||||
Investment in affiliates - at equity | 283,107 | 4,016 | (283,161) | 3,962 | |||
Decommissioning trust funds | 63,982 | 301,396 | - | 365,378 | |||
Non-utility property - at cost (less accumulated depreciation) | (3,192) | 207 | - | (2,985) | |||
Other | 31,113 | 5 | (5,388) | 25,730 | |||
TOTAL | 375,010 | 305,624 | (288,549) | 392,085 | |||
PROPERTY, PLANT, AND EQUIPMENT | |||||||
Electric | 578,973 | 737,313 | 549 | 1,316,835 | |||
Property under capital lease | (1,499) | - | - | (1,499) | |||
Natural gas | 14,876 | - | - | 14,876 | |||
Construction work in progress | 54,166 | (6,988) | - | 47,178 | |||
Nuclear fuel under capital lease | (78,845) | - | - | (78,845) | |||
Nuclear fuel | 53,986 | 112,211 | - | 166,197 | |||
TOTAL PROPERTY, PLANT AND EQUIPMENT | 621,657 | 842,536 | 549 | 1,464,742 | |||
Less - accumulated depreciation and amortization | 488,271 | 40,211 | - | 528,482 | |||
PROPERTY, PLANT AND EQUIPMENT - NET | 133,386 | 802,325 | 549 | 936,260 | |||
DEFERRED DEBITS AND OTHER ASSETS | |||||||
Regulatory assets: | |||||||
SFAS 109 regulatory asset - net | (12,598) | - | - | (12,598) | |||
Other regulatory assets | (289,569) | - | - | (289,569) | |||
Deferred fuel costs | - | - | - | - | |||
Long-term receivables | (2,992) | - | - | (2,992) | |||
Goodwill | - | - | - | - | |||
Other | 80,781 | 24,184 | (44,172) | 60,793 | |||
TOTAL | (224,378) | 24,184 | (44,172) | (244,366) | |||
TOTAL ASSETS | $ 840,090 | $ 1,320,070 | $ (331,454) | $ 1,828,706 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | |||||||
Pro Forma Consolidating Balance Sheet | |||||||
(Reflects Reconsolidation of Entergy New Orleans) | |||||||
June 30, 2007 vs December 31, 2006 | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Currently maturing long-term debt | $ 90,366 | $ - | $ - | $ 90,366 | |||
Notes payable: | |||||||
Associated companies | (61,505) | 21,529 | 39,976 | - | |||
Other | - | - | - | - | |||
Account payable: | |||||||
Associated companies | 921 | 38,274 | (39,195) | - | |||
Other | (131,594) | (52,789) | - | (184,383) | |||
Customer deposits | 14,599 | - | - | 14,599 | |||
Taxes accrued | (169,147) | (20,264) | - | (189,411) | |||
Accumulated deferred income taxes | 18,545 | - | - | 18,545 | |||
Interest accrued | (34,212) | 5,118 | - | (29,094) | |||
Deferred fuel costs | 37,705 | - | - | 37,705 | |||
Obligations under capital leases | (564) | - | - | (564) | |||
Pension and other postretirement liabilities | (9,801) | 211 | - | (9,590) | |||
Other | 224,731 | (29,072) | - | 195,659 | |||
TOTAL | (19,956) | (36,993) | 781 | (56,168) | |||
NON-CURRENT LIABILITIES | |||||||
Accumulated deferred income taxes and taxes accrued | 154,710 | 95,965 | - | 250,675 | |||
Accumulated deferred investment tax credits | (9,073) | - | - | (9,073) | |||
Obligations under capital leases | (2,053) | - | - | (2,053) | |||
Other regulatory liabilities | 74,810 | - | - | 74,810 | |||
Decommissioning and retirement cost liabilities | 46,329 | 243,315 | - | 289,644 | |||
Transition to competition | - | - | - | - | |||
Regulatory reserves | (219) | - | - | (219) | |||
Accumulated provisions | 32,545 | 691 | - | 33,236 | |||
Pension and other postretirement liabilities | (54,105) | 47,358 | - | (6,747) | |||
Long-term debt | 1,276,236 | 7,391 | (16,638) | 1,266,989 | |||
Preferred stock with sinking fund | (2,250) | - | - | (2,250) | |||
Other | 91,834 | 341,063 | (32,438) | 400,459 | |||
TOTAL | 1,608,764 | 735,783 | (49,076) | 2,295,471 | |||
Preferred stock without sinking fund | (228) | 9 | - | (219) | |||
SHAREHOLDERS' EQUITY | |||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | |||||||
issued 248,174,087 shares in 2007 and 2006 | - | - | - | - | |||
Paid-in capital | 13,792 | 440,756 | (440,754) | 13,794 | |||
Retained earnings | (21,498) | 123,548 | 157,595 | 259,645 | |||
Accumulated other comprehensive income (loss) | 1,776 | 56,967 | - | 58,743 | |||
Less - treasury stock, at cost | 742,560 | - | - | 742,560 | |||
TOTAL | (748,490) | 621,271 | (283,159) | (410,378) | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 840,090 | $ 1,320,070 | $ (331,454) | $ 1,828,706 | |||
*Totals may not foot due to rounding. | |||||||
Entergy Corporation | ||||||||
Consolidating Income Statement | ||||||||
Three Months Ended June 30, 2007 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
OPERATING REVENUES | U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | ||||
Electric | $ 2,195,646 | $ - | $ (1,002) | $ 2,194,644 | ||||
Natural gas | 42,909 | - | - | 42,909 | ||||
Competitive businesses | 7,413 | 529,925 | (5,539) | 531,799 | ||||
Total | 2,245,968 | 529,925 | (6,541) | 2,769,352 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 514,175 | 81,427 | - | 595,602 | ||||
Purchased power | 581,557 | 25,357 | (5,914) | 601,000 | ||||
Nuclear refueling outage expenses | 19,184 | 25,430 | - | 44,614 | ||||
Other operation and maintenance | 455,868 | 184,543 | (741) | 639,670 | ||||
Decommissioning | 22,103 | 19,978 | - | 42,080 | ||||
Taxes other than income taxes | 98,072 | 18,276 | - | 116,348 | ||||
Depreciation and amortization | 212,490 | 26,163 | - | 238,653 | ||||
Other regulatory charges (credits) - net | 13,345 | - | - | 13,345 | ||||
Total | 1,916,794 | 381,174 | (6,655) | 2,291,312 | ||||
OPERATING INCOME | 329,174 | 148,751 | 114 | 478,040 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 7,459 | - | - | 7,459 | ||||
Interest and dividend income | 34,784 | 38,152 | (18,989) | 53,948 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 341 | 136 | - | 477 | ||||
Miscellaneous - net | (2,589) | (3,755) | (114) | (6,459) | ||||
Total | 39,995 | 34,533 | (19,103) | 55,425 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 123,075 | 981 | - | 124,057 | ||||
Other interest - net | 37,879 | 14,649 | (18,975) | 33,553 | ||||
Allowance for borrowed funds used during construction | (4,386) | - | - | (4,386) | ||||
Preferred dividend requirements and other | 5,333 | 869 | (14) | 6,188 | ||||
Total | 161,901 | 16,499 | (18,989) | 159,412 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 207,268 | 166,785 | - | 374,053 | ||||
Income taxes | 86,688 | 19,763 | - | 106,451 | ||||
INCOME FROM CONTINUING OPERATIONS | 120,580 | 147,022 | - | 267,602 | ||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | - | - | - | - | ||||
CONSOLIDATED NET INCOME | $ 120,580 | $ 147,022 | - | $ 267,602 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $0.61 | $0.75 | $1.36 | |||||
DILUTED | $0.59 | $0.73 | $1.32 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | - | - | - | |||||
DILUTED | - | - | - | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $0.61 | $0.75 | $1.36 | |||||
DILUTED | $0.59 | $0.73 | $1.32 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 196,979,140 | |||||||
DILUTED | 203,423,646 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Consolidating Income Statement | ||||||||
Three Months Ended June 30, 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 2,178,280 | $ - | $ (570) | $ 2,177,710 | ||||
Natural gas | 13,612 | - | - | 13,612 | ||||
Competitive businesses | 9,628 | 435,520 | (7,968) | 437,180 | ||||
Total | 2,201,520 | 435,520 | (8,538) | 2,628,502 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 599,399 | 62,220 | - | 661,619 | ||||
Purchased power | 575,644 | 9,917 | (8,153) | 577,408 | ||||
Nuclear refueling outage expenses | 20,023 | 22,523 | - | 42,546 | ||||
Other operation and maintenance | 393,883 | 179,849 | (498) | 573,234 | ||||
Decommissioning | 20,540 | 15,718 | - | 36,258 | ||||
Taxes other than income taxes | 77,251 | 13,879 | - | 91,130 | ||||
Depreciation and amortization | 198,165 | 19,778 | - | 217,943 | ||||
Other regulatory charges (credits) - net | (58,929) | - | - | (58,929) | ||||
Total | 1,825,976 | 323,884 | (8,651) | 2,141,209 | ||||
OPERATING INCOME | 375,544 | 111,636 | 113 | 487,293 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 8,908 | - | - | 8,908 | ||||
Interest and dividend income | 29,666 | 26,859 | (21,386) | 35,139 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 11,520 | (3,037) | - | 8,483 | ||||
Miscellaneous - net | (4,248) | (3,603) | (114) | (7,965) | ||||
Total | 45,846 | 20,219 | (21,500) | 44,565 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 119,947 | 2,723 | - | 122,670 | ||||
Other interest - net | 21,385 | 15,223 | (21,373) | 15,235 | ||||
Allowance for borrowed funds used during construction | (5,405) | - | - | (5,405) | ||||
Preferred dividend requirements and other | 6,919 | 869 | (14) | 7,774 | ||||
Total | 142,846 | 18,815 | (21,387) | 140,274 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 278,544 | 113,040 | - | 391,584 | ||||
Income taxes | 78,545 | 44,356 | - | 122,901 | ||||
INCOME FROM CONTINUING OPERATIONS | 199,999 | 68,684 | - | 268,683 | ||||
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $7,190) | 13,119 | - | - | 13,119 | ||||
CONSOLIDATED NET INCOME | $ 213,118 | $ 68,684 | $ - | $ 281,802 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $0.96 | $0.33 | $1.29 | |||||
DILUTED | $0.94 | $0.33 | $1.27 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | $0.06 | - | $0.06 | |||||
DILUTED | $0.06 | - | $0.06 | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $1.02 | $0.33 | $1.35 | |||||
DILUTED | $1.00 | $0.33 | $1.33 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 207,982,485 | |||||||
DILUTED | 211,557,985 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Pro Forma Consolidating Income Statement | ||||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||||
Three Months Ended June 30, 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 2,225,240 | $ - | $ (570) | $ 2,224,670 | ||||
Natural gas | 31,740 | - | - | 31,740 | ||||
Competitive businesses | 9,628 | 435,520 | (7,968) | 437,180 | ||||
Total | 2,266,608 | 435,520 | (8,538) | 2,693,590 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 615,832 | 62,220 | - | 678,052 | ||||
Purchased power | 572,853 | 9,917 | (8,153) | 574,617 | ||||
Nuclear refueling outage expenses | 20,023 | 22,523 | - | 42,546 | ||||
Other operation and maintenance | 411,410 | 179,849 | (498) | 590,761 | ||||
Decommissioning | 20,582 | 15,718 | - | 36,300 | ||||
Taxes other than income taxes | 85,339 | 13,879 | - | 99,218 | ||||
Depreciation and amortization | 206,631 | 19,778 | - | 226,409 | ||||
Other regulatory charges (credits) - net | (57,891) | - | - | (57,891) | ||||
Total | 1,874,779 | 323,884 | (8,651) | 2,190,012 | ||||
OPERATING INCOME | 391,829 | 111,636 | 113 | 503,578 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 9,817 | - | - | 9,817 | ||||
Interest and dividend income | 29,907 | 26,859 | (21,386) | 35,380 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 838 | (3,037) | - | (2,199) | ||||
Miscellaneous - net | (4,228) | (3,603) | (114) | (7,945) | ||||
Total | 36,334 | 20,219 | (21,500) | 35,053 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 120,132 | 2,723 | - | 122,855 | ||||
Other interest - net | 21,838 | 15,223 | (21,373) | 15,688 | ||||
Allowance for borrowed funds used during construction | (6,148) | - | - | (6,148) | ||||
Preferred dividend requirements and other | 7,011 | 869 | (14) | 7,866 | ||||
Total | 142,833 | 18,815 | (21,387) | 140,261 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 285,330 | 113,040 | - | 398,370 | ||||
Income taxes | 85,331 | 44,356 | - | 129,687 | ||||
INCOME FROM CONTINUING OPERATIONS | 199,999 | 68,684 | - | 268,683 | ||||
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $7,190) | 13,119 | - | - | 13,119 | ||||
CONSOLIDATED NET INCOME | $ 213,118 | $ 68,684 | $ - | $ 281,802 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $0.96 | $0.33 | $1.29 | |||||
DILUTED | $0.94 | $0.33 | $1.27 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | $0.06 | - | $0.06 | |||||
DILUTED | $0.06 | - | $0.06 | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $1.02 | $0.33 | $1.35 | |||||
DILUTED | $1.00 | $0.33 | $1.33 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 207,982,485 | |||||||
DILUTED | 211,557,985 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Pro Forma Consolidating Income Statement | ||||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||||
Three Months Ended June 30, 2007 vs. 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ (29,594) | $ - | $ (432) | $ (30,026) | ||||
Natural gas | 11,169 | - | - | 11,169 | ||||
Competitive businesses | (2,215) | 94,405 | 2,429 | 94,619 | ||||
Total | (20,640) | 94,405 | 1,997 | 75,762 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | (101,657) | 19,207 | - | (82,450) | ||||
Purchased power | 8,704 | 15,440 | 2,239 | 26,383 | ||||
Nuclear refueling outage expenses | (839) | 2,907 | - | 2,068 | ||||
Other operation and maintenance | 44,458 | 4,694 | (243) | 48,909 | ||||
Decommissioning | 1,521 | 4,260 | - | 5,780 | ||||
Taxes other than income taxes | 12,733 | 4,397 | - | 17,130 | ||||
Depreciation and amortization | 5,859 | 6,385 | - | 12,244 | ||||
Other regulatory charges (credits )- net | 71,236 | - | - | 71,236 | ||||
Total | 42,015 | 57,290 | 1,996 | 101,300 | ||||
OPERATING INCOME | (62,655) | 37,115 | 1 | (25,538) | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | (2,358) | - | - | (2,358) | ||||
Interest and dividend income | 4,877 | 11,293 | 2,397 | 18,568 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | (497) | 3,173 | - | 2,676 | ||||
Miscellaneous - net | 1,639 | (152) | - | 1,486 | ||||
Total | 3,661 | 14,314 | 2,397 | 20,372 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 2,943 | (1,742) | - | 1,202 | ||||
Other interest - net | 16,041 | (574) | 2,398 | 17,865 | ||||
Allowance for borrowed funds used during construction | 1,762 | - | - | 1,762 | ||||
Preferred dividend requirements and other | (1,678) | - | - | (1,678) | ||||
Total | 19,068 | (2,316) | 2,398 | 19,151 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | (78,062) | 53,745 | - | (24,317) | ||||
Income taxes | 1,357 | (24,593) | - | (23,236) | ||||
INCOME FROM CONTINUING OPERATIONS | (79,419) | 78,338 | - | (1,081) | ||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes) | (13,119) | - | - | (13,119) | ||||
CONSOLIDATED NET INCOME | $ (92,538) | $ 78,338 | - | $ (14,200) | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | ($0.35) | $0.42 | $0.07 | |||||
DILUTED | ($0.35) | $0.40 | $0.05 | |||||
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | ($0.06) | - | ($0.06) | |||||
DILUTED | ($0.06) | - | ($0.06) | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | ($0.41) | $0.42 | $0.01 | |||||
DILUTED | ($0.41) | $0.40 | ($0.01) | |||||
*Totals may not foot due to rounding. |
Entergy Corporation | ||||||||
Consolidating Income Statement | ||||||||
Six Months Ended June 30, 2007 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 4,307,793 | $ - | $ (1,690) | $ 4,306,104 | ||||
Natural gas | 127,861 | - | - | 127,861 | ||||
Competitive businesses | 14,121 | 1,026,516 | (11,190) | 1,029,446 | ||||
Total | 4,449,775 | 1,026,516 | (12,880) | 5,463,411 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,241,104 | 141,910 | - | 1,383,014 | ||||
Purchased power | 1,020,862 | 36,299 | (11,922) | 1,045,239 | ||||
Nuclear refueling outage expenses | 38,586 | 49,003 | - | 87,589 | ||||
Other operation and maintenance | 860,055 | 345,177 | (1,186) | 1,204,046 | ||||
Decommissioning | 43,815 | 36,095 | - | 79,910 | ||||
Taxes other than income taxes | 204,196 | 34,835 | - | 239,031 | ||||
Depreciation and amortization | 425,825 | 45,237 | - | 471,063 | ||||
Other regulatory charges (credits) - net | 36,885 | - | - | 36,885 | ||||
Total | 3,871,328 | 688,556 | (13,108) | 4,546,777 | ||||
OPERATING INCOME | 578,447 | 337,960 | 228 | 916,634 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 24,717 | - | - | 24,717 | ||||
Interest and dividend income | 79,649 | 70,356 | (38,947) | 111,058 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 920 | 1,181 | - | 2,101 | ||||
Miscellaneous - net | (4,444) | (7,108) | (227) | (11,778) | ||||
Total | 100,842 | 64,429 | (39,174) | 126,098 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 245,139 | 2,017 | - | 247,156 | ||||
Other interest - net | 76,022 | 28,665 | (38,919) | 65,768 | ||||
Allowance for borrowed funds used during construction | (14,915) | - | - | (14,915) | ||||
Preferred dividend requirements and other | 10,699 | 1,737 | (27) | 12,409 | ||||
Total | 316,945 | 32,419 | (38,946) | 310,418 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 362,344 | 369,970 | - | 732,314 | ||||
Income taxes | 152,268 | 100,249 | - | 252,517 | ||||
INCOME FROM CONTINUING OPERATIONS | 210,076 | 269,721 | - | 479,797 | ||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | - | - | - | - | ||||
CONSOLIDATED NET INCOME | $ 210,076 | $ 269,721 | - | $ 479,797 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $1.05 | $1.36 | $2.41 | |||||
DILUTED | $1.02 | $1.32 | $2.34 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | - | - | - | |||||
DILUTED | - | - | - | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $1.05 | $1.36 | $2.41 | |||||
DILUTED | $1.02 | $1.32 | $2.34 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 198,754,673 | |||||||
DILUTED | 204,785,090 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Consolidating Income Statement | ||||||||
Six Months Ended June 30, 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 4,271,887 | $ - | $ (1,241) | $ 4,270,646 | ||||
Natural gas | 51,027 | - | - | 51,027 | ||||
Competitive businesses | 19,846 | 880,001 | (24,983) | 874,864 | ||||
Total | 4,342,760 | 880,001 | (26,224) | 5,196,537 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,381,075 | 120,716 | - | 1,501,791 | ||||
Purchased power | 1,044,774 | 19,244 | (25,240) | 1,038,778 | ||||
Nuclear refueling outage expenses | 39,859 | 44,681 | - | 84,540 | ||||
Other operation and maintenance | 745,482 | 358,394 | (1,212) | 1,102,664 | ||||
Decommissioning | 40,717 | 31,137 | - | 71,854 | ||||
Taxes other than income taxes | 163,530 | 30,938 | - | 194,468 | ||||
Depreciation and amortization | 385,735 | 37,597 | - | 423,332 | ||||
Other regulatory charges (credits) - net | (102,946) | - | - | (102,946) | ||||
Total | 3,698,226 | 642,707 | (26,452) | 4,314,481 | ||||
OPERATING INCOME | 644,534 | 237,294 | 228 | 882,056 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 24,367 | - | - | 24,367 | ||||
Interest and dividend income | 68,699 | 55,927 | (45,658) | 78,968 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 17,886 | (5,816) | - | 12,070 | ||||
Miscellaneous - net | (9,672) | (4,270) | (228) | (14,170) | ||||
Total | 101,280 | 45,841 | (45,886) | 101,235 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 238,551 | 4,600 | - | 243,151 | ||||
Other interest - net | 45,061 | 33,065 | (45,631) | 32,495 | ||||
Allowance for borrowed funds used during construction | (14,450) | - | - | (14,450) | ||||
Preferred dividend requirements and other | 14,102 | 1,737 | (27) | 15,812 | ||||
Total | 283,264 | 39,402 | (45,658) | 277,008 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 462,550 | 243,733 | - | 706,283 | ||||
Income taxes | 147,099 | 94,633 | - | 241,732 | ||||
INCOME FROM CONTINUING OPERATIONS | 315,451 | 149,100 | - | 464,551 | ||||
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $5,986) | 10,880 | - | - | 10,880 | ||||
CONSOLIDATED NET INCOME | $ 326,331 | $ 149,100 | $ - | $ 475,431 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $1.52 | $0.72 | $2.24 | |||||
DILUTED | $1.49 | $0.71 | $2.20 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | $0.05 | - | $0.05 | |||||
DILUTED | $0.05 | - | $0.05 | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $1.57 | $0.72 | $2.29 | |||||
DILUTED | $1.54 | $0.71 | $2.25 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 207,858,104 | |||||||
DILUTED | 211,467,674 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Pro Forma Consolidating Income Statement | ||||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||||
Six Months Ended June 30, 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 4,349,902 | $ - | $ (1,241) | $ 4,348,661 | ||||
Natural gas | 106,167 | - | - | 106,167 | ||||
Competitive businesses | 19,845 | 880,001 | (24,983) | 874,863 | ||||
Total | 4,475,914 | 880,001 | (26,224) | 5,329,691 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 1,432,175 | 120,716 | - | 1,552,891 | ||||
Purchased power | 1,034,929 | 19,244 | (25,240) | 1,028,933 | ||||
Nuclear refueling outage expenses | 39,859 | 44,681 | - | 84,540 | ||||
Other operation and maintenance | 777,596 | 358,394 | (1,212) | 1,134,778 | ||||
Decommissioning | 40,800 | 31,137 | - | 71,937 | ||||
Taxes other than income taxes | 180,219 | 30,938 | - | 211,157 | ||||
Depreciation and amortization | 401,624 | 37,597 | - | 439,221 | ||||
Other regulatory charges (credits) - net | (100,866) | - | - | (100,866) | ||||
Total | 3,806,336 | 642,707 | (26,452) | 4,422,591 | ||||
OPERATING INCOME | 669,578 | 237,294 | 228 | 907,100 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 26,355 | - | - | 26,355 | ||||
Interest and dividend income | 68,156 | 55,927 | (45,658) | 78,425 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 1,561 | (5,816) | - | (4,255) | ||||
Miscellaneous - net | (9,804) | (4,270) | (228) | (14,302) | ||||
Total | 86,268 | 45,841 | (45,886) | 86,223 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 238,920 | 4,600 | - | 243,520 | ||||
Other interest - net | 46,067 | 33,065 | (45,631) | 33,501 | ||||
Allowance for borrowed funds used during construction | (16,056) | - | - | (16,056) | ||||
Preferred dividend requirements and other | 14,194 | 1,737 | (27) | 15,904 | ||||
Total | 283,125 | 39,402 | (45,658) | 276,869 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 472,721 | 243,733 | - | 716,454 | ||||
Income taxes | 157,270 | 94,633 | - | 251,903 | ||||
INCOME FROM CONTINUING OPERATIONS | 315,451 | 149,100 | - | 464,551 | ||||
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $5,986) | 10,880 | - | - | 10,880 | ||||
CONSOLIDATED NET INCOME | $ 326,331 | $ 149,100 | $ - | $ 475,431 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $1.52 | $0.72 | $2.24 | |||||
DILUTED | $1.49 | $0.71 | $2.20 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | $0.05 | - | $0.05 | |||||
DILUTED | $0.05 | - | $0.05 | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $1.57 | $0.72 | $2.29 | |||||
DILUTED | $1.54 | $0.71 | $2.25 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 207,858,104 | |||||||
DILUTED | 211,467,674 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Pro Forma Consolidating Income Statement | ||||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||||
Six Months Ended June 30, 2007 vs. 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ (42,109) | $ - | $ (449) | $ (42,557) | ||||
Natural gas | 21,694 | - | - | 21,694 | ||||
Competitive businesses | (5,724) | 146,515 | 13,793 | 154,583 | ||||
Total | (26,139) | 146,515 | 13,344 | 133,720 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | (191,071) | 21,194 | - | (169,877) | ||||
Purchased power | (14,067) | 17,055 | 13,318 | 16,306 | ||||
Nuclear refueling outage expenses | (1,273) | 4,322 | - | 3,049 | ||||
Other operation and maintenance | 82,459 | (13,217) | 26 | 69,268 | ||||
Decommissioning | 3,015 | 4,958 | - | 7,973 | ||||
Taxes other than income taxes | 23,977 | 3,897 | - | 27,874 | ||||
Depreciation and amortization | 24,201 | 7,640 | - | 31,842 | ||||
Other regulatory charges (credits )- net | 137,751 | - | - | 137,751 | ||||
Total | 64,992 | 45,849 | 13,344 | 124,186 | ||||
OPERATING INCOME | (91,131) | 100,666 | - | 9,534 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | (1,638) | - | - | (1,638) | ||||
Interest and dividend income | 11,493 | 14,429 | 6,711 | 32,633 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | (641) | 6,997 | - | 6,356 | ||||
Miscellaneous - net | 5,360 | (2,838) | 1 | 2,524 | ||||
Total | 14,574 | 18,588 | 6,712 | 39,875 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 6,219 | (2,583) | - | 3,636 | ||||
Other interest - net | 29,955 | (4,400) | 6,712 | 32,267 | ||||
Allowance for borrowed funds used during construction | 1,141 | - | - | 1,141 | ||||
Preferred dividend requirements and other | (3,495) | - | - | (3,495) | ||||
Total | 33,820 | (6,983) | 6,712 | 33,549 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | (110,377) | 126,237 | - | 15,860 | ||||
Income taxes | (5,002) | 5,616 | - | 614 | ||||
INCOME FROM CONTINUING OPERATIONS | (105,375) | 120,621 | - | 15,246 | ||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes) | (10,880) | - | - | (10,880) | ||||
CONSOLIDATED NET INCOME | $ (116,255) | $ 120,621 | - | $ 4,366 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | ($0.47) | $0.64 | $0.17 | |||||
DILUTED | ($0.47) | $0.61 | $0.14 | |||||
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | ($0.05) | - | ($0.05) | |||||
DILUTED | ($0.05) | - | ($0.05) | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | ($0.52) | $0.64 | $0.12 | |||||
DILUTED | ($0.52) | $0.61 | $0.09 | |||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Consolidating Income Statement | ||||||||
Twelve Months Ended June 30, 2007 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 9,228,680 | $ - | $ (3,115) | $ 9,225,565 | ||||
Natural gas | 206,012 | - | - | 206,012 | ||||
Competitive businesses | 29,154 | 1,931,810 | (21,585) | 1,939,379 | ||||
Total | 9,463,846 | 1,931,810 | (24,700) | 11,370,956 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,847,321 | 284,409 | - | 3,131,731 | ||||
Purchased power | 2,057,884 | 75,843 | (22,833) | 2,110,894 | ||||
Nuclear refueling outage expenses | 76,837 | 95,780 | - | 172,617 | ||||
Other operation and maintenance | 1,748,325 | 758,724 | (2,323) | 2,504,726 | ||||
Decommissioning | 86,096 | 67,930 | - | 154,026 | ||||
Taxes other than income taxes | 422,660 | 68,729 | - | 491,389 | ||||
Depreciation and amortization | 864,152 | 86,947 | - | 951,099 | ||||
Other regulatory charges (credits) - net | 19,231 | - | - | 19,231 | ||||
Total | 8,122,506 | 1,438,362 | (25,156) | 9,535,713 | ||||
OPERATING INCOME | 1,341,340 | 493,448 | 456 | 1,835,243 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 41,334 | - | - | 41,334 | ||||
Interest and dividend income | 168,139 | 138,748 | (82,142) | 224,745 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 90,667 | 5,376 | - | 96,043 | ||||
Miscellaneous - net | 14,483 | 4,067 | (456) | 18,094 | ||||
Total | 314,623 | 148,191 | (82,598) | 380,216 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 499,569 | 6,587 | - | 506,155 | ||||
Other interest - net | 133,556 | 60,475 | (82,087) | 111,944 | ||||
Allowance for borrowed funds used during construction | (25,267) | - | - | (25,267) | ||||
Preferred dividend requirements and other | 22,154 | 3,475 | (55) | 25,574 | ||||
Total | 630,012 | 70,537 | (82,142) | 618,406 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 1,025,951 | 571,102 | - | 1,597,053 | ||||
Income taxes | 234,822 | 213,887 | - | 448,709 | ||||
INCOME FROM CONTINUING OPERATIONS | 791,129 | 357,215 | - | 1,148,344 | ||||
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of ($5,919)) | (11,376) | - | - | (11,376) | ||||
CONSOLIDATED NET INCOME | $ 779,753 | $ 357,215 | - | $ 1,136,968 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $3.90 | $1.76 | $5.66 | |||||
DILUTED | $3.84 | $1.73 | $5.57 | |||||
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | ($0.06) | - | ($0.06) | |||||
DILUTED | ($0.05) | - | ($0.05) | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $3.84 | $1.76 | $5.60 | |||||
DILUTED | $3.79 | $1.73 | $5.52 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 202,942,534 | |||||||
DILUTED | 206,001,813 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Consolidating Income Statement | ||||||||
Twelve Months Ended June 30, 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 8,973,689 | $ - | $ (2,897) | $ 8,970,792 | ||||
Natural gas | 89,300 | - | - | 89,300 | ||||
Competitive businesses | 42,571 | 1,711,857 | (67,311) | 1,687,117 | ||||
Total | 9,105,560 | 1,711,857 | (70,208) | 10,747,209 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,514,010 | 245,449 | - | 2,759,459 | ||||
Purchased power | 2,549,368 | 38,578 | (68,207) | 2,519,739 | ||||
Nuclear refueling outage expenses | 79,052 | 89,180 | - | 168,232 | ||||
Other operation and maintenance | 1,460,732 | 704,321 | (2,457) | 2,162,596 | ||||
Decommissioning | 80,384 | 61,068�� | - | 141,452 | ||||
Taxes other than income taxes | 330,749 | 60,609 | - | 391,358 | ||||
Depreciation and amortization | 791,677 | 68,092 | - | 859,769 | ||||
Other regulatory charges (credits) - net | (102,857) | - | - | (102,857) | ||||
Total | 7,703,115 | 1,267,297 | (70,664) | 8,899,748 | ||||
OPERATING INCOME | 1,402,445 | 444,560 | 456 | 1,847,461 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 46,583 | - | - | 46,583 | ||||
Interest and dividend income | 140,020 | 106,976 | (82,606) | 164,390 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 11,964 | (12,502) | - | (538) | ||||
Miscellaneous - net | (16,681) | 2,242 | (456) | (14,895) | ||||
Total | 181,886 | 96,716 | (83,062) | 195,540 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 459,878 | 10,559 | - | 470,437 | ||||
Other interest - net | 96,255 | 58,678 | (82,551) | 72,382 | ||||
Allowance for borrowed funds used during construction | (30,552) | - | - | (30,552) | ||||
Preferred dividend requirements and other | 25,038 | 3,475 | (55) | 28,458 | ||||
Total | 550,619 | 72,712 | (82,606) | 540,725 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 1,033,712 | 468,564 | - | 1,502,276 | ||||
Income taxes | 392,037 | 164,887 | - | 556,924 | ||||
INCOME FROM CONTINUING OPERATIONS | 641,675 | 303,677 | - | 945,352 | ||||
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of $(15,831)) | (29,736) | - | - | (29,736) | ||||
CONSOLIDATED NET INCOME | $ 611,939 | $ 303,677 | $ - | $ 915,616 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $3.09 | $1.46 | $4.55 | |||||
DILUTED | $3.03 | $1.44 | $4.47 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | ($0.14) | - | ($0.14) | |||||
DILUTED | ($0.14) | - | ($0.14) | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $2.95 | $1.46 | $4.41 | |||||
DILUTED | $2.89 | $1.44 | $4.33 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 207,779,033 | |||||||
DILUTED | 211,653,624 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Pro Forma Consolidating Income Statement | ||||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||||
Twelve Months Ended June 30, 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 9,141,177 | $ - | $ (2,897) | $ 9,138,280 | ||||
Natural gas | 190,527 | - | - | 190,527 | ||||
Competitive businesses | 42,571 | 1,711,857 | (67,311) | 1,687,117 | ||||
Total | 9,374,275 | 1,711,857 | (70,208) | 11,015,924 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 2,646,537 | 245,449 | - | 2,891,986 | ||||
Purchased power | 2,535,661 | 38,578 | (68,207) | 2,506,032 | ||||
Nuclear refueling outage expenses | 79,052 | 89,180 | - | 168,232 | ||||
Other operation and maintenance | 1,530,559 | 704,321 | (2,457) | 2,232,423 | ||||
Decommissioning | 80,467 | 61,068 | - | 141,535 | ||||
Taxes other than income taxes | 367,603 | 60,609 | - | 428,212 | ||||
Depreciation and amortization | 824,395 | 68,092 | - | 892,487 | ||||
Other regulatory charges (credits) - net | (100,105) | - | - | (100,105) | ||||
Total | 7,964,169 | 1,267,297 | (70,664) | 9,160,802 | ||||
OPERATING INCOME | 1,410,106 | 444,560 | 456 | 1,855,122 | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | 51,272 | - | - | 51,272 | ||||
Interest and dividend income | 143,566 | 106,976 | (82,606) | 167,936 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 8,499 | (12,502) | - | (4,003) | ||||
Miscellaneous - net | (20,546) | 2,242 | (456) | (18,760) | ||||
Total | 182,791 | 96,716 | (83,062) | 196,445 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 463,396 | 10,559 | - | 473,955 | ||||
Other interest - net | 102,615 | 58,678 | (82,551) | 78,742 | ||||
Allowance for borrowed funds used during construction | (34,350) | - | - | (34,350) | ||||
Preferred dividend requirements and other | 25,130 | 3,475 | (55) | 28,550 | ||||
Total | 556,791 | 72,712 | (82,606) | 546,897 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | 1,036,106 | 468,564 | - | 1,504,670 | ||||
Income taxes | 394,431 | 164,887 | - | 559,318 | ||||
INCOME FROM CONTINUING OPERATIONS | 641,675 | 303,677 | - | 945,352 | ||||
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of $(15,831)) | (29,736) | - | - | (29,736) | ||||
CONSOLIDATED NET INCOME | $ 611,939 | $ 303,677 | $ - | $ 915,616 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $3.09 | $1.46 | $4.55 | |||||
DILUTED | $3.03 | $1.44 | $4.47 | |||||
LOSS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | ($0.14) | - | ($0.14) | |||||
DILUTED | ($0.14) | - | ($0.14) | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $2.95 | $1.46 | $4.41 | |||||
DILUTED | $2.89 | $1.44 | $4.33 | |||||
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
BASIC | 207,779,033 | |||||||
DILUTED | 211,653,624 | |||||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||||
Pro Forma Consolidating Income Statement | ||||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||||
Twelve Months Ended June 30, 2007 vs. 2006 | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
U.S. Utilities/ Parent & Other | Competitive Businesses | Eliminations | Consolidated | |||||
OPERATING REVENUES | ||||||||
Electric | $ 87,503 | $ - | $ (218) | $ 87,285 | ||||
Natural gas | 15,485 | - | - | 15,485 | ||||
Competitive businesses | (13,417) | 219,953 | 45,726 | 252,262 | ||||
Total | 89,571 | 219,953 | 45,508 | 355,032 | ||||
OPERATING EXPENSES | ||||||||
Operating and Maintenance: | ||||||||
Fuel, fuel related expenses, and gas purchased for resale | 200,784 | 38,960 | - | 239,745 | ||||
Purchased power | (477,777) | 37,265 | 45,374 | (395,138) | ||||
Nuclear refueling outage expenses | (2,215) | 6,600 | - | 4,385 | ||||
Other operation and maintenance | 217,766 | 54,403 | 134 | 272,303 | ||||
Decommissioning | 5,629 | 6,862 | - | 12,491 | ||||
Taxes other than income taxes | 55,057 | 8,120 | - | 63,177 | ||||
Depreciation and amortization | 39,757 | 18,855 | - | 58,612 | ||||
Other regulatory charges (credits )- net | 119,336 | - | - | 119,336 | ||||
Total | 158,337 | 171,065 | 45,508 | 374,911 | ||||
OPERATING INCOME | (68,766) | 48,888 | - | (19,879) | ||||
OTHER INCOME (DEDUCTIONS) | ||||||||
Allowance for equity funds used during construction | (9,938) | - | - | (9,938) | ||||
Interest and dividend income | 24,573 | 31,772 | 464 | 56,809 | ||||
Equity in earnings (loss) of unconsolidated equity affiliates | 82,168 | 17,878 | - | 100,046 | ||||
Miscellaneous - net | 35,029 | 1,825 | - | 36,854 | ||||
Total | 131,832 | 51,475 | 464 | 183,771 | ||||
INTEREST AND OTHER CHARGES | ||||||||
Interest on long-term debt | 36,173 | (3,972) | - | 32,200 | ||||
Other interest - net | 30,941 | 1,797 | 464 | 33,202 | ||||
Allowance for borrowed funds used during construction | 9,083 | - | - | 9,083 | ||||
Preferred dividend requirements and other | (2,976) | - | - | (2,976) | ||||
Total | 73,221 | (2,175) | 464 | 71,509 | ||||
INCOME FROM CONTINUING OPERATIONS | ||||||||
BEFORE INCOME TAXES | (10,155) | 102,538 | - | 92,383 | ||||
Income taxes | (159,609) | 49,000 | - | (110,609) | ||||
INCOME FROM CONTINUING OPERATIONS | 149,454 | 53,538 | - | 202,992 | ||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes) | 18,360 | - | - | 18,360 | ||||
CONSOLIDATED NET INCOME | $ 167,814 | $ 53,538 | - | $ 221,352 | ||||
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations): | ||||||||
BASIC | $0.81 | $0.30 | $1.11 | |||||
DILUTED | $0.81 | $0.29 | $1.10 | |||||
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations): | ||||||||
BASIC | $0.08 | - | $0.08 | |||||
DILUTED | $0.09 | - | $0.09 | |||||
EARNINGS PER AVERAGE COMMON SHARE: | ||||||||
BASIC | $0.89 | $0.30 | $1.19 | |||||
DILUTED | $0.90 | $0.29 | $1.19 | |||||
*Totals may not foot due to rounding. | ||||||||
Entergy Corporation | ||||||
Consolidated Cash Flow Statement | ||||||
Three Months Ended June 30, 2007 vs. 2006 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2007 | 2006 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $267,602 | $281,802 | ($14,200) | |||
Adjustments to reconcile consolidated net income to net cash flow | ||||||
provided by operating activities: | ||||||
Reserve for regulatory adjustments | (2,901) | (479) | (2,422) | |||
Other regulatory charges (credits) - net | 13,345 | (58,928) | 72,273 | |||
Depreciation, amortization, and decommissioning | 280,733 | 254,825 | 25,908 | |||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 123,605 | 56,498 | 67,107 | |||
Equity in earnings of unconsolidated equity affiliates - net of dividends | (477) | (8,484) | 8,007 | |||
Changes in working capital: | ||||||
Receivables | (189,230) | (9,539) | (179,691) | |||
Fuel inventory | (10,727) | 14,957 | (25,684) | |||
Accounts payable | 145,145 | (29,330) | 174,475 | |||
Taxes accrued | - | (12,027) | 12,027 | |||
Interest accrued | (6,889) | (4,893) | (1,996) | |||
Deferred fuel | (116,355) | 73,216 | (189,571) | |||
Other working capital accounts | (62,695) | (37,005) | (25,690) | |||
Provision for estimated losses and reserves | 72,843 | 10,008 | 62,835 | |||
Changes in other regulatory assets | 64,269 | (89,853) | 154,122 | |||
Other | (107,455) | 27,260 | (134,715) | |||
Net cash flow provided by operating activities | 470,813 | 468,028 | 2,785 | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (414,548) | (288,254) | (126,294) | |||
Allowance for equity funds used during construction | 7,459 | 8,908 | (1,449) | |||
Nuclear fuel purchases | (34,522) | (33,223) | (1,299) | |||
Proceeds from sale/leaseback of nuclear fuel | 9,699 | 32,282 | (22,583) | |||
Proceeds from sale of assets and businesses | 400 | 77,159 | (76,759) | |||
Payment for purchase of plant | (336,211) | - | (336,211) | |||
Insurance proceeds received for property damages | 82,081 | 10,330 | 71,751 | |||
Decrease in other investments | (31,954) | 37,730 | (69,684) | |||
Proceeds from nuclear decommissioning trust fund sales | 853,407 | 239,932 | 613,475 | |||
Investment in nuclear decommissioning trust funds | (885,548) | (261,504) | (624,044) | |||
Other regulatory investments | - | (19,031) | 19,031 | |||
Net cash flow used in investing activities | (749,737) | (195,671) | (554,066) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 1,222,125 | 489,281 | 732,844 | |||
Preferred stock | - | - | - | |||
Common stock and treasury stock | 22,817 | 3,567 | 19,250 | |||
Retirement of long-term debt | (365,033) | (488,097) | 123,064 | |||
Repurchase of common stock | (267,274) | - | (267,274) | |||
Redemption of preferred stock | - | (178,810) | 178,810 | |||
Changes in credit line borrowings - net | - | - | - | |||
Dividends paid: | ||||||
Common stock | (106,505) | (112,268) | 5,763 | |||
Preferred stock | (7,265) | (9,099) | 1,834 | |||
Net cash flow provided by (used in) financing activities | 498,865 | (295,426) | 794,291 | |||
Effect of exchange rates on cash and cash equivalents | (232) | (383) | 151 | |||
Net increase (decrease) in cash and cash equivalents | 219,709 | (23,452) | 243,161 | |||
Cash and cash equivalents at beginning of period | 1,100,513 | 752,386 | 348,127 | |||
Cash and cash equivalents at end of period | $1,320,222 | $728,934 | $591,288 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Cash paid (received) during the period for: | ||||||
Interest - net of amount capitalized | $143,316 | $136,025 | $7,291 | |||
Income taxes | $197,317 | $114,041 | $83,276 | |||
Entergy Corporation | ||||||
Pro Forma Consolidated Cash Flow Statement | ||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||
Three Months Ended June 30, 2007 vs. 2006 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2007 | 2006 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $267,602 | $281,802 | ($14,200) | |||
Adjustments to reconcile consolidated net income to net cash flow | ||||||
provided by operating activities: | ||||||
Reserve for regulatory adjustments | (2,901) | (479) | (2,422) | |||
Other regulatory charges (credits) - net | 13,345 | (57,891) | 71,236 | |||
Depreciation, amortization, and decommissioning | 280,733 | 263,332 | 17,401 | |||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 123,605 | 47,084 | 76,521 | |||
Equity in earnings of unconsolidated equity affiliates - net of dividends | (477) | 2,198 | (2,675) | |||
Changes in working capital: | ||||||
Receivables | (189,230) | (60,784) | (128,446) | |||
Fuel inventory | (10,727) | 14,205 | (24,932) | |||
Accounts payable | 145,145 | 19,167 | 125,978 | |||
Taxes accrued | - | 63,653 | (63,653) | |||
Interest accrued | (6,889) | (4,626) | (2,263) | |||
Deferred fuel | (116,355) | 65,613 | (181,968) | |||
Other working capital accounts | (62,695) | (47,013) | (15,682) | |||
Provision for estimated losses and reserves | 72,843 | 9,927 | 62,916 | |||
Changes in other regulatory assets | 64,269 | (129,821) | 194,090 | |||
Other | (107,455) | 49,385 | (156,840) | |||
Net cash flow provided by operating activities | 470,813 | 515,752 | (44,939) | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (414,548) | (293,768) | (120,780) | |||
Allowance for equity funds used during construction | 7,459 | 9,817 | (2,358) | |||
Nuclear fuel purchases | (34,522) | (33,223) | (1,299) | |||
Proceeds from sale/leaseback of nuclear fuel | 9,699 | 32,282 | (22,583) | |||
Proceeds from sale of assets and businesses | 400 | 77,159 | (76,759) | |||
Payment for purchase of plant | (336,211) | - | (336,211) | |||
Insurance proceeds received for property damages | 82,081 | 10,330 | 71,751 | |||
Decrease in other investments | (31,954) | (2,521) | (29,433) | |||
Proceeds from nuclear decommissioning trust fund sales | 853,407 | 239,932 | 613,475 | |||
Investment in nuclear decommissioning trust funds | (885,548) | (261,504) | (624,044) | |||
Other regulatory investments | - | (19,031) | 19,031 | |||
Net cash flow used in investing activities | (749,737) | (240,527) | (509,210) | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 1,222,125 | 489,281 | 732,844 | |||
Preferred stock | - | - | - | |||
Common stock and treasury stock | 22,817 | 3,567 | 19,250 | |||
Retirement of long-term debt | (365,033) | (488,097) | 123,064 | |||
Repurchase of common stock | (267,274) | - | (267,274) | |||
Redemption of preferred stock | - | (178,810) | 178,810 | |||
Changes in credit line borrowings - net | - | - | - | |||
Dividends paid: | ||||||
Common stock | (106,505) | (112,268) | 5,763 | |||
Preferred stock | (7,265) | (9,191) | 1,926 | |||
Net cash flow provided by (used in) financing activities | 498,865 | (295,518) | 794,383 | |||
Effect of exchange rates on cash and cash equivalents | (232) | (383) | 151 | |||
Net increase (decrease) in cash and cash equivalents | 219,709 | (20,676) | 240,385 | |||
Cash and cash equivalents at beginning of period | 1,100,513 | 777,931 | 322,582 | |||
Cash and cash equivalents at end of period | $1,320,222 | $757,255 | $562,967 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Cash paid (received) during the period for: | ||||||
Interest - net of amount capitalized | $143,316 | $137,291 | $6,025 | |||
Income taxes | $197,317 | $54,311 | $143,006 | |||
Entergy Corporation Consolidated Cash Flow Statement Six Months Ended June 30, 2007 vs. 2006 (Dollars in thousands) (Unaudited) 2007 2006 Variance OPERATING ACTIVITIES Consolidated net income $479,797 $475,431 $4,366 Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: Reserve for regulatory adjustments 8,038 41,683 (33,645) Other regulatory charges (credits) - net 36,885 (102,946) 139,831 Depreciation, amortization, and decommissioning 550,973 496,632 54,341 Deferred income taxes, investment tax credits, and non-current taxes accrued 507,929 427,272 80,657 Equity in earnings of unconsolidated equity affiliates - net of dividends (2,101) (9,896) 7,795 Changes in working capital: Receivables (123,088) 318,480 (441,568) Fuel inventory (10,533) (13,650) 3,117 Accounts payable (137,102) (285,750) 148,648 Taxes accrued (189,410) 23,941 (213,351) Interest accrued (29,093) (21,754) (7,339) Deferred fuel 37,705 272,835 (235,130) Other working capital accounts (169,775) 103,790 (273,565) Provision for estimated losses and reserves 56,241 25,037 31,204 Changes in other regulatory assets 132,989 (165,527) 298,516 Other (185,323) (105,035) (80,288) Net cash flow provided by operating activities 964,132 1,480,543 (516,411) INVESTING ACTIVITIES Construction/capital expenditures (717,115) (952,432) 235,317 Allowance for equity funds used during construction 24,717 24,367 350 Nuclear fuel purchases (219,328) (124,250) (95,078) Proceeds from sale/leaseback of nuclear fuel 124,185 41,109 83,076 Proceeds from sale of assets and businesses 13,063 77,159 (64,096) Payment for purchase of plant (336,211) (88,199) (248,012) Insurance proceeds received for property damages 82,081 10,330 71,751 Decrease in other investments 73,969 50,070 23,899 Proceeds from nuclear decommissioning trust fund sales 1,013,414 523,806 489,608 Investment in nuclear decommissioning trust funds (1,075,084) (573,921) (501,163) Other regulatory investments - (42,479) 42,479 Net cash flow used in investing activities (1,016,309) (1,054,440) 38,131 FINANCING ACTIVITIES Proceeds from the issuance of: Long-term debt 2,042,123 1,237,865 804,258 Preferred stock - 73,354 (73,354) Common stock and treasury stock 53,706 15,372 38,334 Retirement of long-term debt (699,906) (1,143,746) 443,840 Repurchase of common stock (825,460) - (825,460) Redemption of preferred stock (2,250) (181,060) 178,810 Changes in credit line borrowings - net - (40,000) 40,000 Dividends paid: Common stock (215,472) (224,458) 8,986 Preferred stock (13,344) (16,760) 3,416 Net cash flow provided by (used in) financing activities 339,397 (279,433) 618,830 Effect of exchange rates on cash and cash equivalents (243) (556) 313 Net increase in cash and cash equivalents 286,977 146,114 140,863 Cash and cash equivalents at beginning of period 1,016,152 582,820 433,332 Effect of the reconsolidation of Entergy New Orleans on cash and cash equivalents 17,093 - 17,093 Cash and cash equivalents at end of period $1,320,222 $728,934 $591,288 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid (received) during the period for: Interest - net of amount capitalized $297,229 $282,454 $14,775 Income taxes $228,750 ($231,325) $460,075
Entergy Corporation | ||||||
Pro Forma Consolidated Cash Flow Statement | ||||||
(Reflects Reconsolidation of Entergy New Orleans) | ||||||
Six Months Ended June 30, 2007 vs. 2006 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
2007 | 2006 | Variance | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $479,797 | $475,431 | $4,366 | |||
Adjustments to reconcile consolidated net income to net cash flow | ||||||
provided by operating activities: | ||||||
Reserve for regulatory adjustments | 8,038 | 41,646 | (33,608) | |||
Other regulatory charges (credits) - net | 36,885 | (100,866) | 137,751 | |||
Depreciation, amortization, and decommissioning | 550,973 | 512,604 | 38,369 | |||
Deferred income taxes, investment tax credits, and non-current taxes accrued | 507,929 | 488,737 | 19,192 | |||
Equity in earnings of unconsolidated equity affiliates - net of dividends | (2,101) | 6,429 | (8,530) | |||
Changes in working capital: | ||||||
Receivables | (123,088) | 323,724 | (446,812) | |||
Fuel inventory | (10,533) | (7,582) | (2,951) | |||
Accounts payable | (137,102) | (286,171) | 149,069 | |||
Taxes accrued | (189,410) | 29,829 | (219,239) | |||
Interest accrued | (29,093) | (21,205) | (7,888) | |||
Deferred fuel | 37,705 | 269,813 | (232,108) | |||
Other working capital accounts | (169,775) | 96,879 | (266,654) | |||
Provision for estimated losses and reserves | 56,241 | 24,956 | 31,285 | |||
Changes in other regulatory assets | 132,989 | (198,185) | 331,174 | |||
Other | (185,323) | (97,036) | (88,287) | |||
Net cash flow provided by operating activities | 964,132 | 1,559,003 | (594,871) | |||
INVESTING ACTIVITIES | ||||||
Construction/capital expenditures | (717,115) | (1,002,265) | 285,150 | |||
Allowance for equity funds used during construction | 24,717 | 26,355 | (1,638) | |||
Nuclear fuel purchases | (219,328) | (124,250) | (95,078) | |||
Proceeds from sale/leaseback of nuclear fuel | 124,185 | 41,109 | 83,076 | |||
Proceeds from sale of assets and businesses | 13,063 | 77,159 | (64,096) | |||
Payment for purchase of plant | (336,211) | (88,199) | (248,012) | |||
Insurance proceeds received for property damages | 82,081 | 10,330 | 71,751 | |||
Decrease in other investments | 73,969 | (181) | 74,150 | |||
Proceeds from nuclear decommissioning trust fund sales | 1,013,414 | 523,806 | 489,608 | |||
Investment in nuclear decommissioning trust funds | (1,075,084) | (573,921) | (501,163) | |||
Other regulatory investments | - | (42,479) | 42,479 | |||
Net cash flow used in investing activities | (1,016,309) | (1,152,536) | 136,227 | |||
FINANCING ACTIVITIES | ||||||
Proceeds from the issuance of: | ||||||
Long-term debt | 2,042,123 | 1,237,858 | 804,265 | |||
Preferred stock | - | 73,354 | (73,354) | |||
Common stock and treasury stock | 53,706 | 15,372 | 38,334 | |||
Retirement of long-term debt | (699,906) | (1,143,746) | 443,840 | |||
Repurchase of common stock | (825,460) | - | (825,460) | |||
Redemption of preferred stock | (2,250) | (181,060) | 178,810 | |||
Changes in credit line borrowings - net | - | (40,000) | 40,000 | |||
Dividends paid: | ||||||
Common stock | (215,472) | (224,458) | 8,986 | |||
Preferred stock | (13,344) | (16,852) | 3,508 | |||
Net cash flow provided by (used in) financing activities | 339,397 | (279,532) | 618,929 | |||
Effect of exchange rates on cash and cash equivalents | (243) | (556) | 313 | |||
Net increase in cash and cash equivalents | 286,977 | 126,379 | 160,598 | |||
Cash and cash equivalents at beginning of period | 1,016,152 | 630,876 | 385,276 | |||
Effect of the reconsolidation of Entergy New Orleans on cash and cash equivalents | 17,093 | - | 17,093 | |||
Cash and cash equivalents at end of period | $1,320,222 | $757,255 | $562,967 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Cash paid (received) during the period for: | ||||||
Interest - net of amount capitalized | $297,229 | $282,911 | $14,318 | |||
Income taxes | $228,750 | ($291,055) | $519,805 | |||