 | NEWS | |
FOR IMMEDIATE RELEASE
Media relations contact:
Charles Coleman, (626) 302-7982
Investor relations contact:
Scott Cunningham, (626) 302-2540
Edison International Reports Third Quarter 2013 Results
ROSEMEAD, Calif., October 29, 2013 – Edison International (NYSE: EIX) today reported third quarter results, as summarized below.
Third Quarter and Year-to-Date Results Summary
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
| Per Share | 2013 | 2012 | 2013 | 2012 | ||
| Basic earnings from continuing operations | $1.42 | $1.09 | $1.88 | $2.20 | ||
| Basic earnings (loss) from discontinued operations | (0.08) | (0.51) | 0.00 | (1.11) | ||
| Basic earnings | $1.34 | $0.58 | $1.88 | $1.09 | ||
| Core earnings | $1.42 | $1.00 | $2.98 | $2.11 | ||
Note: See Use of Non-GAAP Financial Measures in Appendix.
“Edison International's earnings performance was solid this quarter reflecting continued cost management efforts and favorable tax benefits,” said Ted Craver, chairman and chief executive officer of Edison International. “Based on our year to date performance and positive outlook, we have increased our 2013 earnings guidance.”
Third Quarter Earnings Detail
Southern California Edison's (SCE) third quarter 2013 basic and core earnings were $1.46 per share compared to earnings of $1.11 per share in the third quarter of 2012. The change in core earnings was primarily due to the timing of finalizing SCE's 2012 General Rate Case and income tax benefits. In addition, SCE's return on its investment resulting from rate base growth was offset by a lower authorized 2013 return on common equity.
Edison International parent company and other reported third quarter 2013 basic losses from continuing operations of $(0.04) per share compared to $(0.02) per share in the third quarter of 2012. Third quarter 2013 core losses were $(0.04) per share compared to $(0.11) per share in the third quarter of 2012.The change in core earnings was mainly due to lower consolidated state income taxes.
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Edison International Reports Third Quarter 2013 Financial Results
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Year-to-Date Earnings Detail
SCE's year-to-date 2013 basic earnings were $1.97 per share compared to $2.26 per share for the same period last year. SCE's year-to-date core earnings were $3.09 per share compared to $2.26 per share for the same period last year. The change in core earnings was primarily due to the timing of finalizing SCE's 2012 General Rate Case and income tax benefits. In addition, SCE's return on its investment resulting from rate base growth was offset by a lower authorized 2013 return on common equity.
Edison International parent company and other reported year-to-date 2013 basic losses from continuing operations of $(0.09) per share compared to $(0.06) per share in the same period in 2012. Core losses from continuing operations in the year-to-date period of 2013 were $(0.11) per share compared to $(0.15) per share in the same period in 2012. The change in core earnings for the year-to-date period in 2013 was mainly due to lower consolidated state income taxes.
2013 Earnings Guidance
The company increased its 2013 core earnings guidance to $3.60 to $3.70 per share and its basic earnings guidance to $2.50 to $2.60 per share. Guidance increased largely due to updated income tax and lower operation and maintenance cost assumptions. See the risk disclosure statement in the Appendix and the presentation accompanying the company’s conference call for further information.
Reconciliation of 2013 Core Earnings Guidance to
Basic Earnings Guidance
| 2013 Earnings Guidance as of 8/1/13 | 2013 Earnings Guidance as of 10/29/13 | |
| SCE | $3.50 | $3.80 |
| EIX Parent & Other | (0.15) | (0.15) |
| EIX Core EPS | $3.25 - $3.45 | $3.60 - $3.70 |
| Non-core Items | (1.03) | (1.10) |
| EIX Basic EPS | $2.22 - $2.42 | $2.50 - $2.60 |
Note: See Use of Non-GAAP Financial Measures in Appendix. Non-core items from year-to-date period only.
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power and an investor in energy services and technologies, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.
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Edison International Reports Third Quarter 2013 Financial Results
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Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share (EPS) internally for financial planning and for analysis of performance. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to net income, basic EPS, core earnings, or core EPS also applies to the description of earnings or earnings per share.
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested stock options that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in EIX parent & other.
Risk Disclosure Statement
Forward-looking statements about the financial outlook for Edison International and its subsidiaries are included in this news release. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. Important factors that could cause different results are discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Edison International’s 2012 Form 10-K, most recent Form 10-Q, and other reports and presentations filed with the Securities and Exchange Commission which are available at: www.edisoninvestor.com. These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances.
Reminder: Edison International Will Hold a Conference Call Today
When: Tuesday, October 29, 2013, 2:00 p.m. (Pacific Daylight Time)
Telephone Numbers: 1-800-369-2198 (US) and 1-773-756-4618 (Int'l) - Passcode: Edison
Telephone Replay: 1-800-756-6241 (US) and 1-402-998-0456 (Int’l) - Passcode: 468529
Telephone replay available through November 7, 2013
Webcast: www.edisoninvestor.com
Edison International Reports Third Quarter 2013 Financial Results
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Summary Financial Schedules
Third Quarter Basic Earnings Per Share
Three Months Ended September 30, | |||||
Earnings (Loss) Per Share Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $1.46 | $1.11 | $0.35 | ||
| EIX parent & other | (0.04) | (0.02) | (0.02) | ||
| Earnings from continuing operations | 1.42 | 1.09 | $0.33 | ||
| Earnings (loss) from discontinued operations | (0.08) | (0.51) | $0.43 | ||
| Basic earnings | $1.34 | $0.58 | $0.76 | ||
| Diluted earnings | $1.34 | $0.58 | $0.76 | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Third Quarter Reconciliation of Core Earnings Per Share
to Basic Earnings Per Share
Three Months Ended September 30, | |||||||||
Earnings (Loss) Per Share Attributable to Edison International | 2013 | 2012 | Change | ||||||
| Core earnings | |||||||||
| SCE | $1.46 | $1.11 | $0.35 | ||||||
| EIX parent & other | (0.04) | (0.11) | 0.07 | ||||||
| Core earnings | 1.42 | 1.00 | 0.42 | ||||||
| Non-core items | |||||||||
| EIX parent & other | — | 0.09 | (0.09 | ) | |||||
| Earnings (loss) from discontinued operations | (0.08) | (0.51) | 0.43 | ||||||
| Total non-core items | (0.08) | (0.42) | 0.34 | ||||||
| Basic earnings | $1.34 | $0.58 | $0.76 | ||||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Third Quarter 2013 Financial Results
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Third Quarter Basic Earnings
Three Months Ended September 30, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $477 | $363 | $114 | ||
| EIX parent & other | (14) | (6) | (8) | ||
| Earnings from continuing operations | 463 | 357 | 106 | ||
| Earnings (loss) from discontinued operations | (25) | (167) | 142 | ||
| Basic earnings | $438 | $190 | $248 | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Third Quarter Reconciliation of Core Earnings to Basic Earnings
Three Months Ended September 30, | ||||||||
Earnings (Loss) (in millions) Attributable to Edison International | 2013 | 2012 | Change | |||||
| Core earnings | ||||||||
| SCE | $477 | $363 | $114 | |||||
| EIX parent & other | (14) | (37) | 23 | |||||
| Core earnings | 463 | 326 | 137 | |||||
| Non-core items | ||||||||
| EIX parent & other | — | 31 | (31 | ) | ||||
| Earnings (loss) from discontinued operations | (25) | (167) | 142 | |||||
| Total non-core items | (25) | (136) | 111 | |||||
| Basic earnings | $438 | $190 | $248 | |||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Third Quarter 2013 Financial Results
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Year-to-Date Basic Earnings Per Share
Nine Months Ended September 30, | |||||
Earnings (Loss) Per Share Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $1.97 | $2.26 | $(0.29) | ||
| EIX parent & other | (0.09) | (0.06) | (0.03) | ||
| Earnings from continuing operations | 1.88 | 2.20 | $(0.32) | ||
| Earnings (loss) from discontinued operations | 0.00 | (1.11) | $1.11 | ||
| Basic earnings | $1.88 | $1.09 | $0.79 | ||
| Diluted earnings | $1.87 | $1.09 | $0.78 | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Year-to-Date Reconciliation of Core Earnings Per Share
to Basic Earnings Per Share
Nine Months Ended September 30, | |||||||||
Earnings Per Share Attributable to Edison International | 2013 | 2012 | Change | ||||||
| Core earnings (loss) | |||||||||
| SCE | $3.09 | $2.26 | $0.83 | ||||||
| EIX parent & other | (0.11) | (0.15) | 0.04 | ||||||
| Core earnings | 2.98 | 2.11 | 0.87 | ||||||
| Non-core items | |||||||||
| SCE - asset impairment | (1.12 | ) | — | (1.12 | ) | ||||
| EIX parent & other | 0.02 | 0.09 | (0.07 | ) | |||||
| Earnings (loss) from discontinued operations | — | (1.11) | 1.11 | ||||||
| Total non-core items | (1.10) | (1.02) | (0.08) | ||||||
| Basic earnings | $1.88 | $1.09 | $0.79 | ||||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Third Quarter 2013 Financial Results
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Year-to-Date Basic Earnings
Nine Months Ended September 30, | |||||
Earnings (Loss) (in millions) Attributable to Edison International | 2013 | 2012 | Change | ||
| SCE | $642 | $736 | $(94) | ||
| EIX parent & other | (27) | (19) | (8) | ||
| Earnings from continuing operations | 615 | 717 | (102) | ||
| Earnings (loss) from discontinued operations | (1) | (360) | 359 | ||
| Basic earnings | $614 | $357 | $257 | ||
Note: Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Year-to-Date Reconciliation of Core Earnings to Basic Earnings
Nine Months Ended September 30, | ||||||||
Earnings (Loss) (in millions) Attributable to Edison International | 2013 | 2012 | Change | |||||
| Core earnings | ||||||||
| SCE | $1,007 | $736 | $271 | |||||
| EIX parent & other | (34) | (50) | 16 | |||||
| Core earnings | 973 | 686 | 287 | |||||
| Non-core items | ||||||||
| SCE - asset impairment | (365 | ) | — | (365 | ) | |||
| EIX parent & other | 7 | 31 | (24 | ) | ||||
| Earnings (loss) from discontinued operations | (1) | (360) | 359 | |||||
| Total non-core items | (359) | (329) | (30) | |||||
| Basic earnings | $614 | $357 | $257 | |||||
Note: See Use of Non-GAAP Financial Measures in Appendix. Results for Edison Mission Energy reported as non-core discontinued operations for both periods.
Edison International Reports Third Quarter 2013 Financial Results
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| Consolidated Statements of Income | Edison International | ||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| (in millions, except per-share amounts, unaudited) | 2013 | 2012 | 2013 | 2012 | |||||||||||
| Operating revenue | $ | 3,960 | $ | 3,734 | $ | 9,638 | $ | 8,802 | |||||||
| Fuel | 95 | 83 | 249 | 220 | |||||||||||
| Purchased power | 1,713 | 1,612 | 3,569 | 3,049 | |||||||||||
| Operation and maintenance | 971 | 993 | 2,809 | 2,891 | |||||||||||
| Depreciation, decommissioning and amortization | 392 | 399 | 1,224 | 1,187 | |||||||||||
| Asset impairment and others | — | (66 | ) | 575 | (65 | ) | |||||||||
| Total operating expenses | 3,171 | 3,021 | 8,426 | 7,282 | |||||||||||
| Operating income | 789 | 713 | 1,212 | 1,520 | |||||||||||
| Interest and other income | 28 | 38 | 91 | 110 | |||||||||||
| Interest expense | (137 | ) | (131 | ) | (402 | ) | (390 | ) | |||||||
| Other expenses | (15 | ) | (10 | ) | (38 | ) | (36 | ) | |||||||
| Income from continuing operations before income taxes | 665 | 610 | 863 | 1,204 | |||||||||||
| Income tax expense | 177 | 228 | 173 | 421 | |||||||||||
| Income from continuing operations | 488 | 382 | 690 | 783 | |||||||||||
| Loss from discontinued operations, net of tax | (25 | ) | (167 | ) | (1 | ) | (360 | ) | |||||||
| Net income | 463 | 215 | 689 | 423 | |||||||||||
| Dividends on preferred and preference stock of utility | 25 | 25 | 75 | 66 | |||||||||||
| Net income attributable to Edison International common shareholders | $ | 438 | $ | 190 | $ | 614 | $ | 357 | |||||||
| Amounts attributable to Edison International common shareholders: | |||||||||||||||
| Income from continuing operations, net of tax | $ | 463 | $ | 357 | $ | 615 | $ | 717 | |||||||
| Loss from discontinued operations, net of tax | (25 | ) | (167 | ) | (1 | ) | (360 | ) | |||||||
| Net income attributable to Edison International common shareholders | $ | 438 | $ | 190 | $ | 614 | $ | 357 | |||||||
| Basic earnings (loss) per common share attributable to Edison International common shareholders: | |||||||||||||||
| Weighted-average shares of common stock outstanding | 326 | 326 | 326 | 326 | |||||||||||
| Continuing operations | $ | 1.42 | $ | 1.09 | $ | 1.88 | $ | 2.20 | |||||||
| Discontinued operations | (0.08 | ) | (0.51 | ) | — | (1.11 | ) | ||||||||
| Total | $ | 1.34 | $ | 0.58 | $ | 1.88 | $ | 1.09 | |||||||
| Diluted earnings (loss) per common share attributable to Edison International common shareholders: | |||||||||||||||
| Weighted-average shares of common stock outstanding, including effect of dilutive securities | 328 | 329 | 329 | 328 | |||||||||||
| Continuing operations | $ | 1.41 | $ | 1.09 | $ | 1.87 | $ | 2.18 | |||||||
| Discontinued operations | (0.07 | ) | (0.51 | ) | — | (1.09 | ) | ||||||||
| Total | $ | 1.34 | $ | 0.58 | $ | 1.87 | $ | 1.09 | |||||||
| Dividends declared per common share | $ | 0.3375 | $ | 0.325 | $ | 1.0125 | $ | 0.975 | |||||||
Edison International Reports Third Quarter 2013 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
| (in millions, unaudited) | September 30, 2013 | December 31, 2012 | ||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 610 | $ | 170 | ||||
| Receivables, less allowances of $72 and $75 for uncollectible accounts at respective dates | 1,174 | 762 | ||||||
| Accrued unbilled revenue | 798 | 550 | ||||||
| Inventory | 272 | 340 | ||||||
| Prepaid taxes | 27 | 22 | ||||||
| Derivative assets | 47 | 129 | ||||||
| Margin and collateral deposits | 14 | 8 | ||||||
| Regulatory assets | 506 | 572 | ||||||
| Other current assets | 155 | 119 | ||||||
| Total current assets | 3,603 | 2,672 | ||||||
| Nuclear decommissioning trusts | 4,332 | 4,048 | ||||||
| Other investments | 201 | 186 | ||||||
| Total investments | 4,533 | 4,234 | ||||||
| Utility property, plant and equipment, less accumulated depreciation of $7,817 and $7,424 at respective dates | 29,734 | 30,200 | ||||||
| Nonutility property, plant and equipment, less accumulated depreciation of $74 and $123 at respective dates | 75 | 73 | ||||||
| Total property, plant and equipment | 29,809 | 30,273 | ||||||
| Derivative assets | 207 | 85 | ||||||
| Restricted deposits | 4 | 4 | ||||||
| Regulatory assets | 8,015 | 6,422 | ||||||
| Other long-term assets | 527 | 704 | ||||||
| Total long-term assets | 8,753 | 7,215 | ||||||
| Total assets | $ | 46,698 | $ | 44,394 | ||||
Edison International Reports Third Quarter 2013 Financial Results
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| Consolidated Balance Sheets | Edison International | |||||||
| (in millions, except share amounts, unaudited) | September 30, 2013 | December 31, 2012 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Short-term debt | $ | 1,528 | $ | 175 | ||||
| Current portion of long-term debt | 401 | — | ||||||
| Accounts payable | 1,240 | 1,423 | ||||||
| Accrued taxes | 103 | 61 | ||||||
| Accrued interest | 102 | 176 | ||||||
| Customer deposits | 199 | 193 | ||||||
| Derivative liabilities | 174 | 126 | ||||||
| Regulatory liabilities | 629 | 536 | ||||||
| Deferred income taxes | 159 | 64 | ||||||
| Other current liabilities | 854 | 990 | ||||||
| Total current liabilities | 5,389 | 3,744 | ||||||
| Long-term debt | 9,232 | 9,231 | ||||||
| Deferred income taxes | 6,546 | 6,127 | ||||||
| Deferred investment tax credits | 106 | 104 | ||||||
| Customer advances | 132 | 149 | ||||||
| Derivative liabilities | 1,137 | 939 | ||||||
| Pensions and benefits | 2,237 | 2,614 | ||||||
| Asset retirement obligations | 3,371 | 2,782 | ||||||
| Regulatory liabilities | 4,989 | 5,214 | ||||||
| Other deferred credits and other long-term liabilities | 2,117 | 2,299 | ||||||
| Total deferred credits and other liabilities | 20,635 | 20,228 | ||||||
| Total liabilities | 35,256 | 33,203 | ||||||
| Commitments and contingencies | ||||||||
| Common stock, no par value (800,000,000 shares authorized; 325,811,206 shares issued and outstanding at each date) | 2,397 | 2,373 | ||||||
| Accumulated other comprehensive loss | (79 | ) | (87 | ) | ||||
| Retained earnings | 7,371 | 7,146 | ||||||
| Total Edison International's common shareholders' equity | 9,689 | 9,432 | ||||||
| Preferred and preference stock of utility | 1,753 | 1,759 | ||||||
| Total noncontrolling interests | 1,753 | 1,759 | ||||||
| Total equity | 11,442 | 11,191 | ||||||
| Total liabilities and equity | $ | 46,698 | $ | 44,394 | ||||
Edison International Reports Third Quarter 2013 Financial Results
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| Consolidated Statements of Cash Flows | Edison International | |||||||
| Nine months ended September 30, | ||||||||
| (in millions, unaudited) | 2013 | 2012 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 689 | $ | 423 | ||||
| Less: Loss from discontinued operations | (1 | ) | (360 | ) | ||||
| Income from continuing operations | 690 | 783 | ||||||
| Adjustments to reconcile to net cash provided by operating activities: | ||||||||
| Depreciation, decommissioning and amortization | 1,224 | 1,187 | ||||||
| Regulatory impacts of net nuclear decommissioning trust earnings | 265 | 147 | ||||||
| Other amortization and other | 54 | 51 | ||||||
| Asset impairment | 575 | — | ||||||
| Gain on sale of assets and other | (2 | ) | (65 | ) | ||||
| Stock-based compensation | 18 | 24 | ||||||
| Deferred income taxes and investment tax credits | 257 | 176 | ||||||
| Proceeds from U.S. treasury grants | — | 29 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables | (406 | ) | (328 | ) | ||||
| Inventory | 68 | 13 | ||||||
| Margin and collateral deposits, net of collateral received | (74 | ) | 6 | |||||
| Prepaid taxes | (5 | ) | 319 | |||||
| Other current assets | (276 | ) | (254 | ) | ||||
| Rent payments in excess of levelized rent expense | — | |||||||
| Accounts payable | 155 | 162 | ||||||
| Accrued taxes | 27 | 61 | ||||||
| Other current liabilities | (130 | ) | (124 | ) | ||||
| Derivative assets and liabilities, net | 207 | 1 | ||||||
| Regulatory assets and liabilities, net | 94 | 210 | ||||||
| Other assets | 127 | (26 | ) | |||||
| Other liabilities | (615 | ) | 326 | |||||
| Operating cash flows from continuing operations | 2,253 | 2,698 | ||||||
| Operating cash flows from discontinued operations, net | — | (540 | ) | |||||
| Net cash provided by operating activities | 2,253 | 2,158 | ||||||
| Cash flows from financing activities: | ||||||||
| Long-term debt issued | 398 | 395 | ||||||
| Long-term debt issuance costs | (4 | ) | (4 | ) | ||||
| Long-term debt repaid | (5 | ) | (4 | ) | ||||
| Bonds remarketed, net | 195 | — | ||||||
| Bonds purchased | (196 | ) | — | |||||
| Preference stock issued, net | 387 | 804 | ||||||
| Preference stock redeemed | (400 | ) | (75 | ) | ||||
| Short-term debt financing, net | 1,352 | (31 | ) | |||||
| Settlements of stock-based compensation, net | (40 | ) | (34 | ) | ||||
| Dividends to noncontrolling interests | (82 | ) | (63 | ) | ||||
| Dividends paid | (330 | ) | (318 | ) | ||||
| Financing cash flows from continuing operations | 1,275 | 670 | ||||||
| Financing cash flows from discontinued operations, net | — | 354 | ||||||
| Net cash provided by financing activities | $ | 1,275 | $ | 1,024 | ||||
Edison International Reports Third Quarter 2013 Financial Results
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| Consolidated Statements of Cash Flows | Edison International | |||||||
| Nine months ended September 30, | ||||||||
| (in millions, unaudited) | 2013 | 2012 | ||||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | $ | (2,761 | ) | $ | (3,105 | ) | ||
| Proceeds from sale of nuclear decommissioning trust investments | 4,574 | 1,525 | ||||||
| Purchases of nuclear decommissioning trust investments and other | (4,857 | ) | (1,689 | ) | ||||
| Proceeds from sale of interest in project, net | — | 107 | ||||||
| Investments in new businesses | (18 | ) | — | |||||
| Customer advances for construction and other investments | (26 | ) | 7 | |||||
| Investing cash flows from continuing operations | (3,088 | ) | (3,155 | ) | ||||
| Investing cash flows from discontinued operations, net | — | (361 | ) | |||||
| Net cash used by investing activities | (3,088 | ) | (3,516 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 440 | (334 | ) | |||||
| Cash and cash equivalents at beginning of period | 170 | 1,469 | ||||||
| Cash and cash equivalents at end of period | 610 | 1,135 | ||||||
| Cash and cash equivalents from discontinued operations | — | 753 | ||||||
| Cash and cash equivalents from continuing operations | $ | 610 | $ | 382 | ||||