Exhibit 99.3
For further information:
E. Renae Conley, VP, Investor Relations
Phone 504/576-4947, Fax - 2897
Econley@entergy.com
April 24, 2000
ENTERGY REPORTS RECORD FIRST QUARTER,
SPURRED BY COMPETITIVE BUSINESSES
NEW ORLEANS - Entergy Corporation announced first quarter 2000
consolidated earnings per share of $0.42, compared with $0.25 in 1999. On
an operational basis, Entergy earned $0.48 per share, a record first
quarter and up 129% when compared with $0.21 in 1999. Weather had an
equally unfavorable impact on earnings in both years, reducing earnings by
$(0.08) per share in each period.
"Entergy had an outstanding first quarter," said J. Wayne Leonard,
Entergy's chief executive officer. "We continue to deliver on the
commitments we have made over the last couple of years, including: growing
earnings 8 to 10% a year, maintaining financial integrity and discipline,
and improving service to our customers. Today's announcement of an energy
commodity venture with Koch Industries further solidifies our position as a
formidable competitor in the wholesale power market. The venture
transforms our price risk management group into not only an integrated
energy services business, but also a credible and significant addition to
our earnings growth strategy."
- ----------------------------------------------------------------------------
Table 1: Entergy Corporation Consolidated Results
First Quarter 2000 vs.1999
- ----------------------------------------------------------------------------
(Per share in U.S. $)
2000 1999 Change
As Reported
U.S. Utility 0.33 0.29 0.04
Parent & Other - (0.01) 0.01
Competitive Businesses 0.09 (0.03) 0.12
-------------------------
Consolidated Earnings 0.42 0.25 0.17
Less Special Items
U.S. Utility (0.06) - (0.06)
Parent & Other - - -
Competitive Businesses - 0.04 (0.04)
-------------------------
Total (0.06) 0.04 (0.10)
Operational
U.S. Utility 0.39 0.29 0.10
Parent & Other - (0.01) 0.01
Competitive Businesses 0.09 (0.07) 0.16
-------------------------
Consolidated Earnings 0.48 0.21 0.27
Weather Impact (0.08) (0.08) -
Consolidated Operational 0.56 0.29 0.27
Earnings Excluding Weather
- ----------------------------------------------------------------------------
Table 2 provides a first quarter 2000 vs. 1999 reported earnings variance
analysis for "U.S. Utility, Parent & Other," "Competitive Businesses," and
"Consolidated."
- -------------------------------------------------------------------------------
Table 2: Entergy Corporation As Reported Earnings Variance Analysis
First Quarter 2000 vs. 1999
- -------------------------------------------------------------------------------
(Per share in U.S. $, sorted in consolidated
column, most to least favorable)
U. S. Utility Competitive
Parent & Other (a) Businesses Consolidated
1999 as reported earnings 0.28 (0.03) 0.25
Net Revenue (0.03) (b) 0.23 (c) 0.20
Miscellaneous - net 0.02 0.01 0.03
Depreciation/amortization 0.01 0.01 0.02
Share repurchase impact 0.02 - 0.02
Taxes other than income taxes 0.01 - 0.01
Interest and other charges 0.01 (0.01) -
Other O&M 0.01 (d) (0.03) (e) (0.02)
Gain on sale of assets - (0.02) (f) (0.02)
Income taxes - other - (0.07) (g) (0.07)
----- ----- -----
2000 as reported earnings 0.33 0.09 0.42
- -------------------------------------------------------------------------------
First quarter 2000 revenues were up more than 10% over the same period in
1999. Sales from the Pilgrim plant resulted in a 17% rise in revenues from
the competitive businesses. Utility revenues increased 9% in 2000, largely
due to higher fuel cost recovery driven by higher gas prices and fuel
surcharges. Higher gas prices in first quarter 2000 also explain increased
fuel expenses. Purchased power in first quarter 2000 was unchanged from
1999. A River Bend refueling outage increased the utility's 2000 purchased
power expenses, but reduced energy trading activity lowered purchased power
expenses at the competitive businesses. Other O&M increased slightly in
first quarter 2000 as Pilgrim operating expenses were partially offset by
lower utility spending. The resulting EBITDA was up over 20% in 2000,
driven by the competitive businesses' improved results.
Other income was down $8.8 million in the first quarter of 2000, as the
recent period did not include gains from the sale of retail assets and
losses from Parent charges that were included in first quarter 1999.
Interest on long-term debt was lower in 2000, but other interest increased
primarily due to the interest associated with the SERI refund adjustment
made in the second quarter of 1999. The effective tax rate was 43% in the
first quarter of 2000, compared with 38% in the year earlier period, due to
foreign tax credits recorded in 1999. Net income was up 59% in the first
quarter of 2000, while earnings per share were up 68%, because of fewer
shares outstanding.
_______________________________
(a) "Other" for 2000 includes the remaining carrier-of-carriers telecom
business and other assets from the Retail Group, most of which
were divested in 1999. Investment income on the funds remaining
from the gains on sales of international assets is also included
in this grouping for both 2000 and 1999.
(b) Net revenue decreased primarily as a result of regulatory and reserve
adjustments of $(0.06) per share (included as a Special Item in Table 4).
This decrease was partially offset by favorable sales growth of $0.03 per
share. There were no significant regulatory revenue reductions in either
period.
(c) Net revenue increased as a result of the inclusion of operations from
the Pilgrim Nuclear Power Station (acquired in July 1999) of $0.13 per
share, and favorable trading operations at Entergy Wholesale Operations
of $0.10 per share.
(d) Other O&M at the utility decreased $0.04 per share as a result of
lower information technology, nuclear insurance, and incentive
compensation expenses. This decrease was partially offset by a $(0.03)
per share increase at Parent & Other, due in part to the inclusion of the
remaining retail operations in 2000 results (see Note "a").
(e) Other O&M increased primarily as a result of the inclusion of
operations at Pilgrim Station, $(0.07) per share. This increase was
offset in part by the elimination of O&M expenses from the Retail
businesses divested in 1999.
(f) Gain on sale of assets decreased, as there were no asset sales in
2000. First quarter 1999 results included a $0.02 purchase price
adjustment for the 1998 CitiPower sale.
(g) Income statement line items are tax-affected at the statutory rate.
Differences between the statutory and effective rates are reflected in
the "Income tax - other" line. Income taxes for the competitive
businesses were affected in part by foreign tax credits in the first
quarter of 1999.
U.S. Utility
In the first quarter of 2000, the utility business reported earnings of
$0.33 per share, compared with $0.29 in 1999. Weather was equally
unfavorable in both years, with an $(0.08) impact per share in each period.
Earnings per share for the 2000 period were negatively impacted $(0.06) by
regulatory and reserve adjustments. This charge has been identified as a
special item (see Table 4). On an operational basis, quarterly earnings
per share were $0.39 in 2000, 34% above 1999 operational earnings of $0.29.
Strong retail sales growth and lower O&M expenses were the primary reasons
for increased operational earnings.
Parent & Other
Parent & Other earnings per share were zero in first quarter 2000, as
compared with $(0.01) in first quarter 1999. In first quarter 2000,
investment income was roughly equal to 1999 levels, while first quarter
2000 parent charges were lower than in the same period in 1999.
Competitive Businesses
On an as reported basis, earnings per share from competitive businesses
were $0.09, as compared with a loss of $(0.03) in 1999. First quarter 1999
results included $0.04 of special items (see Table 4). On an operational
basis, first quarter 2000 earnings per share were $0.09 compared with a
$(0.07) loss in 1999.
Entergy Wholesale Operations, on an operational basis, contributed $0.04 to
earnings per share in 2000 as compared with a loss of $(0.05) in the
previous year. In 2000, trading operations in both the U.S. and the U.K.
contributed strong earnings, while earnings from Latin American investments
largely offset project development costs. Entergy Nuclear earned $0.05 per
share in 2000 compared with zero in 1999, primarily due to operations at
the Pilgrim Nuclear Power Station.
Table 3 provides a 2000 vs. 1999 comparison of contributions by business
for the first quarter, on both an as reported and operational basis.
- ----------------------------------------------------------------------------
Table 3: Competitive Businesses Earnings
First Quarter 2000 vs.1999
- ----------------------------------------------------------------------------
(Per share in U.S. $)
2000 1999 $ Change
As Reported
Entergy Wholesale Operations 0.04 (0.06) 0.10
Entergy Nuclear 0.05 - 0.05
Divested Businesses - 0.03 (0.03)
-----------------------------
Total 0.09 (0.03) 0.12
Less Special Items (see Table 4)
Entergy Wholesale Operations - (0.01) 0.01
Entergy Nuclear - - -
Divested Businesses - 0.05 (0.05)
-----------------------------
Total - 0.04 (0.04)
Operational
Entergy Wholesale Operations 0.04 (0.05) 0.09
Entergy Nuclear 0.05 - 0.05
Divested Businesses - (0.02) 0.02
-----------------------------
Total 0.09 (0.07) 0.16
- ----------------------------------------------------------------------------
Share Repurchase Program
For the first quarter of 2000, 7.4 million shares were repurchased at a
total cost of $156 million. Since the share repurchase program was
initiated in July 1999, $385 million of the $750 million Board authorized
share repurchase program had been utilized to purchase 15.3 million shares.
The program is expected to be complete by the end of 2000.
Earnings Review and Outlook
"Financial results were strong in the first quarter," said C. John Wilder,
Entergy's chief financial officer. "The utility performed well in our
traditionally mild winter months, while the competitive businesses made a
very significant contribution, accounting for over 18% of total operational
earnings. We are pleased to be well on our way to achieving our 2000
earnings target of $2.35 - $2.45 per share."
Table 4 lists special items by business for the first quarters of 2000 and
1999. Special items are those events that are non-routine, are related to
prior periods, or result from discontinued operations. The intent is to
separate out the earnings impact of special events in order to report
solely the results of the company's ongoing operations.
- ----------------------------------------------------------------------------
Table 4: Entergy Special Items [shown as positive / (negative) impact
on earnings]
First Quarter 2000 vs.1999
- ----------------------------------------------------------------------------
(Per share in U.S. $)
2000 1999 Change
U.S. Utility Special Items
Regulatory and reserve adjustments (h) (0.06) - (0.06)
----------------------
Total (0.06) - (0.06)
----------------------
Parent Special Items - - -
Competitive Businesses Special Items
Divested Businesses - foreign tax - 0.03 (0.03)
benefits
Divested Businesses - CitiPower - 0.02 (0.02)
purchase price adjustment
EPG - write-off of start up costs (i) - (0.01) 0.01
----------------------
Total - 0.04 (0.04)
----------------------
Total Special Items (0.06) 0.04 (0.10)
- ----------------------------------------------------------------------------
___________________
(h) Regulatory and reserve adjustments were made in the first quarter of
2000 for potential rate actions, rate refunds, and ongoing litigation.
(i) The new accounting standard is AICPA Statement of Position 98-5,
"Recording the Costs of Start-Up Operations."
Table 5 provides Entergy's projection of 2000 earnings per share.
- ----------------------------------------------------------------------------
Table 5: 2000 Earnings Guidance
- ----------------------------------------------------------------------------
(Per share in U.S. $)
1999 Changes in 2000 2000 1Q 2000
Operational Guidance Operati
Range onal
Range of Impact
Utility Regulatory reductions (0.02) -
------------
(w/o weather) 2.17 Total (0.02) - 2.15 2.17 0.47
ENI Full year of Pilgrim 0.10 0.12
ownership
------------
0.06 Total 0.10 0.12 0.16 0.18 0.05
EWO
No Edesur sale (0.07) (0.07)
U.K. projects 0.05 0.08
Improved trading and JV 0.08 0.09
------------
0.05 Total 0.06 0.10 0.11 0.15 0.04
Parent & Other Expense reductions 0.23 0.24
Reduced investment income (0.11) (0.10)
Other 0.01 0.01
------------
(0.20) Total 0.13 0.15 (0.07) (0.05) -
-----------------------------------------------------------------
1999 Total 2.08 0.27 0.37 2.35 2.45 0.56
- ----------------------------------------------------------------------------------
Projected 2000 earnings from the U.K. power plants have been reduced to
reflect the previously announced construction delay at Saltend and the
reduction in U.K. electricity pool prices. The strength of first quarter
earnings helps ensure that projected 2000 earnings per share are
comfortably within the $2.35 - $2.45 range.
Other Performance Highlights
Operating cash flow increased substantially in the first quarter of 2000,
primarily due to increased cash flows from the competitive businesses as
their earnings improved.
Cash return on average investment declined for the twelve months ending
March 2000. This decline was a result of a reduction in assets due to the
sale of the international assets and a corresponding decline in EBITDA
because of the lost operating income associated with those assets. The
return on average common equity improved, reflecting strong income growth
in the twelve months ending March 2000. Finally, with fewer shares
outstanding, book value per share rose in the twelve months ending March
2000. The book value of common equity was largely unchanged between the
two periods as a $300 million increase in retained earnings was offset by a
$373 million reduction in common equity due to increased treasury stock
with the share repurchase.
Table 6 provides some key financial performance metrics.
- ----------------------------------------------------------------------------
Table 6: Entergy Corporation Key Financial Performance Metrics
First Quarter 2000 vs.1999
- ----------------------------------------------------------------------------
2000 1999 Change
For the first quarter:
Operating cash flow ($millions) $311 $210 $101
Operating cash flow per share $1.31 $0.85 $0.46
For 12 months ending March 31:
Cash return on average investment (j) 6.83% 7.80% (0.97)%
Return on average common equity (k) 8.36% 7.13% 1.23%
Book value per share (l) $30.13 $28.76 $1.37
End of period shares outstanding (millions) 232.2 246.7 (14.5)
- ----------------------------------------------------------------------------
30
Entergy's common stock is listed on the New York, Chicago, and Pacific
exchanges under the symbol "ETR".
Entergy Corporation's on-line address is http://www.entergy.com
***************************************************************************
**********************************************************
The following constitutes a "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995: Investors are cautioned that
forward-looking statements contained in the foregoing release with respect
to the revenues, earnings, performance, strategies, prospects and other
aspects of the business of Entergy Corporation may involve risks and
uncertainties. A number of factors could cause actual results or outcomes
to differ materially from those indicated by such forward-looking
statements. These factors include, but are not limited to, risks and
uncertainties relating to: the effects of weather, the performance of
generating units and transmission systems, the possession of nuclear
materials, fuel prices and availability, the effects of regulatory
decisions and changes in law, litigation, capital spending requirements,
the onset of competition, advances in technology, changes in accounting
standards, corporate restructuring and changes in capital structure,
movements in the markets for electricity and other energy-related
commodities, changes in interest rates and in financial and foreign
currency markets generally, changes in corporate strategies, and other
factors.
_______________________________
(j) "Cash return on average investment" is 12-months rolling EBITDA
divided by average total assets plus accumulated depreciation less
current liabilities. This metric is a measure of Entergy's ability to
generate cash relative to its gross investments.
(k) "Return on average common equity" is 12-months rolling net income
divided by average common equity - 1999 net income excludes the gains
from sales of London Electricity and CitiPower. This metric is a measure
of Entergy's ability to generate profits from equity received from common
shareholders.
(l) "Book value per share" is common equity divided by shares
outstanding. This metric is a measure of the book value of Entergy's net
assets per share.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 40,392 $ 1 $ 72,973 $ - $ 113,365
Temporary cash investments - at cost,
which approximates market 276,246 34,836 1,255,546 - 1,566,629
Special deposits - - 6,102 - 6,102
----------------------------------------------------------------------
Total cash and cash equivalents 316,638 34,837 1,334,621 - 1,686,096
----------------------------------------------------------------------
Other temporary investments - - - - -
Notes receivable 1,572 - 2,064 - 3,635
Accounts receivable:
Customer 257,638 - 91 - 257,729
Allowance for doubtful accounts (6,943) - (2,564) - (9,507)
Associated companies 7,744 203,065 2,339 (213,149) -
Other 65,390 (57) 169,614 - 234,947
Accrued unbilled revenues 274,202 - - - 274,202
----------------------------------------------------------------------
Total receivables 598,032 203,009 169,481 (213,149) 757,371
Deferred fuel costs 208,035 - - - 208,035
Fuel inventory - at average cost 114,417 - 3,456 (240) 117,633
Materials and supplies - at average cost 371,865 (13) 21,874 - 393,726
Rate deferrals 27,450 - - - 27,450
Deferred nuclear refueling outage costs 47,180 - - - 47,180
Prepayments and other 74,048 2,316 14,884 - 91,248
----------------------------------------------------------------------
TOTAL 1,759,235 240,149 1,546,380 (213,389) 3,332,374
----------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity 214 6,763,236 - (6,763,235) 214
Decommissioning trust funds 817,732 - 429,676 - 1,247,408
Non-utility property - at cost
(less accumulated depreciation) 220,748 - 101,237 - 321,984
Non-regulated investments - 1,000 245,240 - 246,240
Other - at cost (less accumulated depreciation) 17,479 - - - 17,480
----------------------------------------------------------------------
TOTAL 1,056,172 6,764,236 776,153 (6,763,235) 1,833,326
----------------------------------------------------------------------
UTILITY PLANT
Electric 23,077,731 4,340 155,486 - 23,237,556
Plant acquisition adjustment 402,563 - 300 - 402,863
Property under capital lease 774,184 - - - 774,184
Natural gas 187,632 - - - 187,632
Construction work in progress 812,599 790 955,813 - 1,769,202
Nuclear fuel under capital lease 268,220 - - - 268,220
Nuclear fuel 66,478 - 44,432 - 110,910
----------------------------------------------------------------------
TOTAL UTILITY PLANT 25,589,407 5,130 1,156,031 - 26,750,567
Less - accumulated depreciation and amortization 10,993,419 2,459 84,375 - 11,080,253
----------------------------------------------------------------------
UTILITY PLANT - NET 14,595,988 2,671 1,071,655 - 15,670,314
----------------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals 12,130 - - - 12,130
SFAS 109 regulatory asset - net 1,044,438 - - - 1,044,438
Unamortized loss on reacquired debt 197,092 - - - 197,092
Other regulatory assets 665,179 - - - 665,179
Long-term receivables 31,625 - - - 31,625
Other 194,629 402,514 380,651 (402,046) 575,749
----------------------------------------------------------------------
TOTAL 2,145,093 402,514 380,651 (402,046) 2,526,213
----------------------------------------------------------------------
-
TOTAL ASSETS $19,556,488 $7,409,570 $3,774,840 $(7,378,671) $ 23,362,227
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES
Currently maturing long-term debt $108,408 $ - $67,000 $ - $175,408
Notes payable:
Other 716 350,000 - - 350,716
Account payable:
Associated companies 32,508 769 15,576 (48,853) -
Other 426,028 1,022 164,081 - 591,132
Customer deposits 166,931 - - - 166,931
Taxes accrued 326,528 8,135 160,755 - 495,418
Accumulated deferred income taxes 59,833 - 20 - 59,853
Nuclear refueling outage costs 9,246 - - - 9,246
Interest accrued 101,112 462 1,113 - 102,687
Co-owner advances 11,549 - - (8,129) 3,420
Obligations under capital lease 176,530 - - - 176,530
Other 137,086 6,918 19,600 (8,310) 155,292
----------------------------------------------------------------------
TOTAL 1,556,474 367,306 428,143 (65,291) 2,286,633
----------------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,396,755 (16,676) (103,156) - 3,276,922
Accumulated deferred investment tax credits 513,009 - - - 513,009
Obligations under capital lease 184,751 - - - 184,751
FERC settlement - refund obligation 35,765 - - - 35,765
Other regulatory liabilities 200,607 - - - 200,607
Decommisioning 275,053 - 439,476 - 714,529
Transition to competition 164,486 - - - 164,486
Regulatory reserves 398,195 - - - 398,195
Accumulated provisions 279,263 - (71) - 279,192
Other 639,460 52,433 357,541 (394,157) 655,277
----------------------------------------------------------------------
TOTAL 6,087,344 35,757 693,790 (394,157) 6,422,733
----------------------------------------------------------------------
Long-term debt 5,929,184 - 1,112,505 (155,987) 6,885,702
Preferred stock with sinking fund 69,650 - - - 69,650
Preference stock 150,000 - - - 150,000
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely junior subordinated
deferrable debentures 215,000 - - - 215,000
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 335,961 - - - 335,961
Common stock 2,225,870 2,472 659,574 (2,885,444) 2,472
Authorized shares 500,000,000
Issued shares CY 247,172,239
Paid-in capital 1,779,381 4,636,475 845,100 (2,624,482) 4,636,474
Retained earnings 1,207,625 2,814,499 121,174 (1,328,798) 2,814,499
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (69,489) (69,489) 69,489 (69,489)
Net unrealized investment gains (losses) - - (9,958) - (9,958)
Less - treasury stock, at cost - 377,450 6,000 (6,000) 377,450
Shares CY 14,962,294
----------------------------------------------------------------------
TOTAL 5,548,837 7,006,507 1,540,401 (6,763,235) 7,332,509
----------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $19,556,488 $7,409,570 $3,774,840 $ (7,378,671) $23,362,227
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
December 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 35,970 $ 14 $ 72,214 $ - $ 108,198
Temporary cash investments - at cost,
which approximates market 101,199 16,479 987,843 - 1,105,521
Special deposits - - - - -
----------------------------------------------------------------------
Total cash and cash equivalents 137,169 16,493 1,060,057 - 1,213,719
----------------------------------------------------------------------
Other temporary investments - - 321,351 - 321,351
Notes receivable 97 - 2,064 - 2,161
Accounts receivable:
Customer 290,240 - 91 - 290,331
Allowance for doubtful accounts (6,943) - (2,564) - (9,507)
Associated companies 16,293 177,501 (319) (193,476) -
Other 55,190 (51) 152,759 - 207,898
Accrued unbilled revenues 298,616 - - - 298,616
----------------------------------------------------------------------
Total receivables 653,397 177,450 149,967 (193,476) 787,338
Deferred fuel costs 240,661 - - - 240,661
Fuel inventory - at average cost 87,362 - 7,424 (366) 94,419
Materials and supplies - at average cost 370,681 (18) 21,741 - 392,403
Rate deferrals 30,394 - - - 30,394
Deferred nuclear refueling outage costs 58,119 - - - 58,119
Prepayments and other 52,836 2,100 23,628 - 78,567
----------------------------------------------------------------------
TOTAL 1,630,717 196,025 1,586,232 (193,841) 3,219,132
----------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity 214 6,707,894 - (6,707,894) 214
Decommissioning trust funds 815,014 - 431,009 - 1,246,023
Non-utility property - at cost
(less accumulated depreciation) 217,622 - 99,544 - 317,165
Non-regulated investments - - 198,003 - 198,003
Other - at cost (less accumulated depreciation) 16,714 - - - 16,714
----------------------------------------------------------------------
TOTAL 1,049,563 6,707,894 728,556 (6,707,894) 1,778,119
----------------------------------------------------------------------
UTILITY PLANT
Electric 23,003,335 4,340 155,486 - 23,163,161
Plant acquisition adjustment - 406,630 300 - 406,929
Property under capital lease 768,500 - - - 768,500
Natural gas 186,041 - - - 186,041
Construction work in progress 708,431 688 791,498 - 1,500,617
Nuclear fuel under capital lease 286,476 - - - 286,476
Nuclear fuel 39,506 - 48,186 - 87,693
----------------------------------------------------------------------
TOTAL UTILITY PLANT 24,992,289 411,658 995,470 - 26,399,417
Less - accumulated depreciation and amortization 10,813,031 2,242 83,387 - 10,898,661
----------------------------------------------------------------------
UTILITY PLANT - NET 14,179,258 409,415 912,083 - 15,500,756
----------------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals 16,581 - - - 16,581
SFAS 109 regulatory asset - net 1,068,006 - - - 1,068,006
Unamortized loss on reacquired debt 198,631 - - - 198,631
Other regulatory assets 637,870 - - - 637,870
Long-term receivables 32,260 - - - 32,260
Other 143,863 47,574 342,294 - 533,732
----------------------------------------------------------------------
TOTAL 2,097,211 47,574 342,294 - 2,487,080
----------------------------------------------------------------------
TOTAL ASSETS $18,956,750 $7,360,908 $3,569,164 $(6,901,735) $ 22,985,087
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
December 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES
Currently maturing long-term debt $194,555 $ - $ - $ - $194,555
Notes payable:
Other 716 120,000 - - 120,715
Account payable:
Associated companies 1,604 2,165 21,807 (25,577) -
Other 468,278 17,786 221,614 - 707,678
Customer deposits 161,909 - - - 161,909
Taxes accrued 270,644 9,142 165,891 - 445,677
Accumulated deferred income taxes 72,640 - - - 72,640
Nuclear refueling outage costs 11,216 - - - 11,216
Interest accrued 126,177 148 2,702 - 129,028
Co-owner advances 15,147 - - (8,129) 7,018
Obligations under capital lease 178,247 - - - 178,247
Other 213,583 6,251 24,054 (118,139) 125,749
----------------------------------------------------------------------
TOTAL 1,714,717 155,493 436,067 (151,845) 2,154,432
----------------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,443,734 (16,165) (160,568) - 3,267,001
Accumulated deferred investment tax credits 519,910 - - - 519,910
Obligations under capital lease 205,464 - - - 205,464
FERC settlement - refund obligation 37,337 - - - 37,337
Other regulatory liabilities 199,139 - - - 199,139
Decommisioning 268,697 - 478,095 - 746,792
Transition to competition 157,034 - - - 157,034
Regulatory reserves 378,307 - - - 378,307
Accumulated provisions 222,008 57,938 (522) - 279,425
Other 250,338 39,216 237,840 7,763 535,156
----------------------------------------------------------------------
TOTAL 5,681,969 80,989 554,845 7,763 6,325,565
----------------------------------------------------------------------
Long-term debt 5,623,974 - 1,038,370 (49,760) 6,612,583
Preferred stock with sinking fund 69,650 - - - 69,650
Preference stock 150,000 - - - 150,000
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely junior subordinated
deferrable debentures 215,000 - - - 215,000
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 338,455 - - - 338,455
Common stock 2,225,870 2,471 659,561 (2,885,431) 2,471
Authorized shares 500,000,000
Issued shares CY 247,082,345
Paid-in capital 1,779,316 4,636,163 835,400 (2,614,718) 4,636,163
Retained earnings 1,157,800 2,786,467 124,726 (1,282,527) 2,786,467
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (68,782) (68,782) 68,782 (68,782)
Net unrealized investment gains (losses) - - (5,023) - (5,023)
Less - treasury stock, at cost - 231,894 6,000 (6,000) 231,894
Shares CY 8,045,434
----------------------------------------------------------------------
TOTAL 5,501,441 7,124,426 1,539,883 (6,707,893) 7,457,857
----------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $18,956,750 $7,360,908 $3,569,164 $ (6,901,735) $22,985,087
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2000 vs December 31, 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 4,422 $ (13) $ 759 $ - $ 5,168
Temporary cash investments - at cost,
which approximates market 175,047 18,357 267,703 - 461,107
Special deposits - - 6,102 - 6,102
----------------------------------------------------------------------
Total cash and cash equivalents 179,469 18,344 274,564 - 472,377
----------------------------------------------------------------------
Other temporary investments - - (321,351) - (321,351)
Notes receivable 1,474 - - - 1,474
Accounts receivable:
Customer (32,602) - - - (32,602)
Allowance for doubtful accounts - - - - -
Associated companies (8,549) 25,564 2,658 (19,673) -
Other 10,200 (6) 16,855 - 27,049
Accrued unbilled revenues (24,414) - - - (24,414)
----------------------------------------------------------------------
Total receivables (55,365) 25,558 19,514 (19,673) (29,967)
Deferred fuel costs (32,626) - - - (32,626)
Fuel inventory - at average cost 27,055 - (3,968) 125 23,213
Materials and supplies - at average cost 1,184 6 133 - 1,323
Rate deferrals (2,945) - - - (2,945)
Deferred nuclear refueling outage costs (10,940) - - - (10,940)
Prepayments and other 21,211 216 (8,744) - 12,686
----------------------------------------------------------------------
TOTAL 128,518 44,124 (39,852) (19,548) 113,244
----------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity - 55,342 - (55,342) -
Decommissioning trust funds 2,717 - (1,332) - 1,385
Non-utility property - at cost
(less accumulated depreciation) 3,126 - 1,693 - 4,819
Non-regulated investments - 1,000 47,237 - 48,237
Other - at cost (less accumulated depreciation) 766 - - - 766
----------------------------------------------------------------------
TOTAL 6,609 56,342 47,597 (55,342) 55,207
----------------------------------------------------------------------
UTILITY PLANT
Electric 74,396 - - - 74,396
Plant acquisition adjustment 402,563 (406,630) - - (4,066)
Property under capital lease 5,684 - - - 5,684
Natural gas 1,591 - - - 1,591
Construction work in progress 104,168 102 164,315 - 268,585
Nuclear fuel under capital lease (18,257) - - - (18,257)
Nuclear fuel 26,972 - (3,754) - 23,217
----------------------------------------------------------------------
TOTAL UTILITY PLANT 597,117 (406,528) 160,561 - 351,150
Less - accumulated depreciation and amortization 180,388 217 988 - 181,593
----------------------------------------------------------------------
UTILITY PLANT - NET 416,729 (406,745) 159,573 - 169,557
----------------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals (4,451) - - - (4,451)
SFAS 109 regulatory asset - net (23,568) - - - (23,568)
Unamortized loss on reacquired debt (1,539) - - - (1,539)
Other regulatory assets 27,309 - - - 27,309
Long-term receivables (635) - - - (635)
Other 50,766 354,941 38,357 (402,046) 42,017
----------------------------------------------------------------------
TOTAL 47,882 354,941 38,357 (402,046) 39,133
----------------------------------------------------------------------
TOTAL ASSETS $ 599,738 $ 48,662 $ 205,676 $ (476,935) $ 377,141
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2000 vs December 31, 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt $(86,147) $ - $67,000 $ - $(19,147)
Notes payable:
Other - 230,000 - - 230,001
Account payable:
Associated companies 30,903 (1,397) (6,231) (23,276) -
Other (42,250) (16,764) (57,534) - (116,547)
Customer deposits 5,022 - - - 5,022
Taxes accrued 55,884 (1,008) (5,136) - 49,741
Accumulated deferred income taxes (12,808) - 20 - (12,788)
Nuclear refueling outage costs (1,970) - - - (1,970)
Interest accrued (25,065) 314 (1,589) - (26,341)
Co-owner advances (3,599) - - - (3,599)
Obligations under capital lease (1,717) - - - (1,717)
Other (76,497) 667 (4,454) 109,829 29,543
----------------------------------------------------------------------
TOTAL (158,243) 211,813 (7,924) 86,553 132,198
----------------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes (46,980) (511) 57,411 - 9,921
Accumulated deferred investment tax credits (6,901) - - - (6,901)
Obligations under capital lease (20,713) - - - (20,713)
FERC settlement - refund obligation (1,572) - - - (1,572)
Other regulatory liabilities 1,468 - - - 1,468
Decommisioning 6,356 - (38,619) - (32,263)
Transition to competition 7,453 - - - 7,453
Regulatory reserves 19,888 - - - 19,888
Accumulated provisions 57,255 (57,938) 451 - (233)
Other 389,122 13,218 119,702 (401,920) 120,121
----------------------------------------------------------------------
TOTAL 405,375 (45,232) 138,945 (401,920) 97,169
----------------------------------------------------------------------
Long-term debt 305,210 - 74,136 (106,227) 273,120
Preferred stock with sinking fund - - - - -
Preference stock - - - - -
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely junior subordinated
deferrable debentures - - - - -
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund (2,493) - - - (2,493)
Common stock - 1 13 (13) 1
Paid-in capital 65 311 9,700 (9,765) 311
Retained earnings 49,825 28,032 (3,552) (46,272) 28,032
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (706) (707) 707 (706)
Net unrealized investment gains (losses) - - (4,935) - (4,935)
Less - treasury stock, at cost - 145,556 - - 145,556
----------------------------------------------------------------------
TOTAL 47,396 (117,919) 519 (55,342) (125,346)
----------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 599,738 $ 48,662 $ 205,676 $ (476,935) $ 377,141
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date March 31, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,355,562 $ - $ - $ (2,666) $ 1,352,896
Natural gas 45,881 - - - 45,881
Steam products - - - - -
Competitive businesses - 5,762 416,246 (9,294) 412,715
-----------------------------------------------------------------
Total 1,401,444 5,762 416,246 (11,959) 1,811,492
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 419,189 - 78,564 - 497,754
purchased for resale
Purchased power 136,241 - 243,414 (10,112) 369,544
Nuclear refueling outage expenses 18,557 - - - 18,557
Other operation and maintenance 300,443 19,940 59,320 (2,292) 377,410
Decommissioning 10,938 - - - 10,938
Taxes other than income taxes 77,965 277 1,376 - 79,618
-----------------------------------------------------------------
Total 963,333 20,217 382,674 (12,404) 1,353,821
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 438,111 (14,455) 33,571 445 457,671
-----------------------------------------------------------------
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 175,748 717 1,811 - 178,276
Other regulatory charges (credits) (14,605) - - - (14,605)
Amortization of rate deferrals 7,396 - - - 7,396
-----------------------------------------------------------------
Total 168,539 717 1,811 - 171,067
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 269,572 (15,172) 31,760 445 286,604
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 7,695 - - - 7,695
construction
Gain/(loss) on sale of assets - net 514 3 - - 517
Miscellaneous - net 4,398 20,791 7,489 (3,698) 28,982
-----------------------------------------------------------------
Total 12,607 20,794 7,489 (3,698) 37,194
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 114,342 - 126 (810) 113,659
Other interest - net 10,687 4,647 7,391 (2,443) 20,283
Distributions on preferred securities 4,709 - - - 4,709
of subsidiaries
Allowance for borrowed funds used (6,088) - - - (6,088)
during construction
-----------------------------------------------------------------
Total 123,651 4,647 7,518 (3,253) 132,563
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 158,529 974 31,732 - 191,235
INCOME TAXES 71,191 534 11,101 - 82,825
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 87,338 440 20,632 - 108,410
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 9,550 - - - 9,550
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 77,788 $ 440 $ 20,632 $ - $98,860
=================================================================
EARNINGS PER AVERAGE COMMON SHARE $0.33 $0.00 $0.09 $0.42
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 236,608,445
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date March 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,240,676 $ - $ - $ (2,092) $ 1,238,583
Natural gas 37,731 - - - 37,731
Steam products 8,296 - - - 8,296
Competitive businesses - - 356,534 (1,222) 355,312
-----------------------------------------------------------------
Total 1,286,703 - 356,534 (3,315) 1,639,922
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 344,597 - 58,376 - 402,973
purchased for resale
Purchased power 81,348 - 294,313 (1,862) 373,799
Nuclear refueling outage expenses 19,685 - - - 19,685
Other operation and maintenance 318,025 6,844 44,927 (2,165) 367,632
Decommissioning 12,674 - - - 12,674
Taxes other than income taxes 82,296 224 549 - 83,068
-----------------------------------------------------------------
Total 858,624 7,068 398,166 (4,026) 1,259,831
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 428,078 (7,068) (41,632) 712 380,091
-----------------------------------------------------------------
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 179,484 551 4,333 - 184,368
Other regulatory charges (credits) (16,125) - - - (16,125)
Amortization of rate deferrals 8,413 - - - 8,413
-----------------------------------------------------------------
Total 171,772 551 4,333 - 176,656
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 256,307 (7,618) (45,965) 712 203,435
-----------------------------------------------------------------
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 5,411 - - - 5,411
construction
Gain/(loss) on sale of assets - net 445 - 20,138 - 20,583
Miscellaneous - net 5,254 10,636 4,940 (879) 19,952
-----------------------------------------------------------------
Total 11,111 10,636 25,078 (879) 45,946
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 121,338 - 1,192 - 122,531
Other interest - net 3,679 3,403 1,626 (167) 8,541
Distributions on preferred securities 4,709 - - - 4,709
of subsidiaries
Allowance for borrowed funds used during (4,479) - - - (4,479)
construction
-----------------------------------------------------------------
Total 125,247 3,403 2,818 (167) 131,302
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 142,170 (385) (23,705) - 118,079
INCOME TAXES 59,594 1,158 (15,579) - 45,173
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 82,576 (1,543) (8,127) - 72,906
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 10,725 - - - 10,725
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 71,851 $ (1,543) $ (8,127) $ - $ 62,181
=================================================================
EARNINGS PER AVERAGE COMMON SHARE $0.29 ($0.01) ($0.03) $0.25
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 246,579,198
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date March 31, 2000 vs 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 114,887 $ - $ - $ (573) $ 114,313
Natural gas 8,150 - - - 8,150
Steam products (8,296) - - - (8,296)
Competitive businesses - 5,762 59,712 (8,071) 57,403
------------------------------------------------------------------
Total 114,741 5,762 59,712 (8,644) 171,570
------------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, 74,593 - 20,188 - 94,781
and gas purchased for resale
Purchased power 54,893 - (50,899) (8,250) (4,255)
Nuclear refueling outage expenses (1,128) - - - (1,128)
Other operation and maintenance (17,582) 13,096 14,393 (128) 9,779
Decommissioning (1,736) - - - (1,736)
Taxes other than income taxes (4,331) 54 827 - (3,452)
------------------------------------------------------------------
Total 104,708 13,149 (15,492) (8,378) 93,989
------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 10,033 (7,387) 75,203 (267) 77,581
------------------------------------------------------------------
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (3,736) 167 (2,522) - (6,091)
Other regulatory charges (credits) 1,519 - - - 1,519
Amortization of rate deferrals (1,017) - - - (1,017)
------------------------------------------------------------------
Total (3,233) 167 (2,522) - (5,589)
------------------------------------------------------------------
OPERATING INCOME (LOSS) 13,266 (7,554) 77,726 (267) 83,170
------------------------------------------------------------------
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used 2,284 - - - 2,284
during construction
Gain/(loss) on sale of assets - net 69 3 (20,138) - (20,066)
Miscellaneous - net (856) 10,155 2,549 (2,820) 9,029
------------------------------------------------------------------
Total 1,496 10,158 (17,589) (2,820) (8,753)
------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (6,996) - (1,066) (810) (8,872)
Other interest - net 7,008 1,244 5,766 (2,276) 11,742
Distributions on preferred securities 0 - - - 0
of subsidiaries
Allowance for borrowed funds used (1,609) - - - (1,609)
during construction
------------------------------------------------------------------
Total (1,597) 1,244 4,699 (3,086) 1,261
------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 16,359 1,360 55,437 - 73,156
INCOME TAXES 11,597 (624) 26,679 - 37,652
------------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 4,762 1,983 28,758 - 35,504
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (1,175) - - - (1,175)
------------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 5,937 $ 1,983 $ 28,758 $ - $ 36,679
==================================================================
EARNINGS PER AVERAGE COMMON SHARE $0.04 $0.01 $0.12 $0.17
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 6,403,303 $ - $ - $ (17,575) $ 6,385,728
Natural gas 118,520 - - - 118,520
Steam products 7,541 - - - 7,541
Competitive businesses - 5,762 2,457,719 (24,885) 2,438,595
----------------------------------------------------------------------
Total 6,529,364 5,762 2,457,719 (42,460) 8,950,384
----------------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and 1,746,668 - 431,707 (719) 2,177,656
gas purchased for resale
Purchased power 748,095 - 1,720,229 (30,096) 2,438,228
Nuclear refueling outage expenses 74,928 - - - 74,928
Other operation and maintenance 1,387,626 72,034 274,673 (13,424) 1,720,909
Decommissioning 44,252 - - - 44,252
Taxes other than income taxes 330,503 641 4,689 - 335,834
----------------------------------------------------------------------
Total 4,332,072 72,675 2,431,299 (44,240) 6,791,807
----------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,197,292 (66,913) 26,420 1,780 2,158,577
----------------------------------------------------------------------
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 681,984 1,605 8,727 - 692,316
Other regulatory charges (credits) 9,266 - - - 9,266
Amortization of rate deferrals 122,170 - - - 122,170
----------------------------------------------------------------------
Total 813,421 1,605 8,727 - 823,752
----------------------------------------------------------------------
OPERATING INCOME (LOSS) 1,383,871 (68,519) 17,693 1,780 1,334,825
----------------------------------------------------------------------
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used 31,575 - - - 31,575
during construction
Gain/(loss) on sale of assets - net 2,115 (830) 50,574 - 51,859
Miscellaneous - net 38,717 49,577 83,565 (8,406) 163,453
----------------------------------------------------------------------
Total 72,407 48,747 134,139 (8,406) 246,887
----------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 467,649 - 1,166 (810) 468,005
Other interest - net 72,653 7,388 19,989 (5,816) 94,213
Distributions on preferred securities 18,838 - - - 18,838
of subsidiaries
Allowance for borrowed funds used (24,193) - - - (24,194)
during construction
----------------------------------------------------------------------
Total 534,946 7,388 21,155 (6,626) 556,862
----------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 921,332 (27,159) 130,677 - 1,024,850
INCOME TAXES 363,045 32,367 (1,092) - 394,320
----------------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 558,286 (59,526) 131,769 - 630,530
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 41,392 - - - 41,392
----------------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 516,894 $(59,526) $ 131,769 $ - $ 589,138
======================================================================
EARNINGS PER AVERAGE COMMON SHARE $2.13 ($0.24) $0.54 $2.43
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 242,652,359
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 6,070,476 $ - $ - $ (15,623) $ 6,054,853
Natural gas 102,661 - - - 102,661
Steam products 43,063 - - - 43,063
Competitive businesses - - 4,640,663 (19,638) 4,621,025
---------------------------------------------------------------------
Total 6,216,200 - 4,640,663 (35,261) 10,821,602
---------------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and 1,551,750 - 209,808 (1,520) 1,760,038
gas purchased for resale
Purchased power 558,963 - 3,644,533 (22,926) 4,180,569
Nuclear refueling outage expenses 80,896 - - - 80,896
Other operation and maintenance 1,337,257 49,108 498,480 (12,861) 1,871,984
Decommissioning 47,401 - - - 47,401
Taxes other than income taxes 335,810 1,159 12,458 - 349,427
---------------------------------------------------------------------
Total 3,912,077 50,267 4,365,279 (37,307) 8,290,315
---------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,304,123 (50,267) 275,384 2,046 2,531,287
---------------------------------------------------------------------
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 716,593 2,068 165,358 - 884,019
Other regulatory charges (credits) 51,869 - - - 51,870
Amortization of rate deferrals 165,615 - - - 165,615
---------------------------------------------------------------------
Total 934,077 2,068 165,358 - 1,101,504
---------------------------------------------------------------------
OPERATING INCOME (LOSS) 1,370,046 (52,335) 110,026 2,046 1,429,783
---------------------------------------------------------------------
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used 15,527 - - - 15,527
during construction
Gain/(loss) on sale of assets - net 1,883 - 279,214 - 281,097
Miscellaneous - net 33,862 4,086 53,310 (2,834) 88,424
---------------------------------------------------------------------
Total 51,272 4,086 332,524 (2,834) 385,048
---------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 495,369 - 171,187 - 666,556
Other interest - net 33,663 14,958 15,653 (788) 63,486
Distributions on preferred securities 18,838 - 17,321 - 36,159
of subsidiaries
Allowance for borrowed funds used (13,360) - - - (13,360)
during construction
---------------------------------------------------------------------
Total 534,510 14,958 204,161 (788) 752,841
---------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 886,808 (63,207) 238,389 - 1,061,990
INCOME TAXES 339,737 2,871 (79,099) - 263,509
---------------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 547,071 (66,078) 317,488 - 798,481
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 45,509 - - - 45,509
---------------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 501,562 $ (66,078) $ 317,488 $ - $ 752,972
=====================================================================
EARNINGS PER AVERAGE COMMON SHARE $2.03 ($0.27) $1.29 $3.05
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 246,558,908
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2000 vs 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 332,827 $ - $ - $ (1,952) $ 330,875
Natural gas 15,859 - - - 15,859
Steam products (35,522) - - - (35,522)
Competitive businesses - 5,762 (2,182,944) (5,247) (2,182,430)
------------------------------------------------------------------
Total 313,163 5,762 (2,182,944) (7,199) (1,871,218)
------------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and 194,917 - 221,899 801 417,617
gas purchased for resale
Purchased power 189,132 - (1,924,304) (7,170) (1,742,341)
Nuclear refueling outage expenses (5,968) - - - (5,968)
Other operation and maintenance 50,369 22,926 (223,807) (563) (151,075)
Decommissioning (3,149) - - - (3,149)
Taxes other than income taxes (5,307) (518) (7,769) - (13,593)
------------------------------------------------------------------
Total 419,995 22,408 (1,933,980) (6,933) (1,498,509)
------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (106,831) (16,646) (248,964) (266) (372,709)
------------------------------------------------------------------
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (34,609) (463) (156,631) - (191,703)
Other regulatory charges (credits) (42,603) - - - (42,603)
Amortization of rate deferrals (43,445) - - - (43,445)
------------------------------------------------------------------
Total (120,657) (463) (156,631) - (277,751)
------------------------------------------------------------------
OPERATING INCOME (LOSS) 13,826 (16,184) (92,333) (266) (94,958)
------------------------------------------------------------------
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used 16,047 - - - 16,047
during construction
Gain/(loss) on sale of assets - net 233 (830) (228,640) - (229,237)
Miscellaneous - net 4,855 45,491 30,255 (5,572) 75,029
------------------------------------------------------------------
Total 21,134 44,661 (198,385) (5,572) (138,161)
------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (27,720) - (170,021) (810) (198,551)
Other interest - net 38,990 (7,570) 4,336 (5,028) 30,727
Distributions on preferred securities (0) - (17,321) - (17,321)
of subsidiaries
Allowance for borrowed funds used (10,833) - - - (10,834)
during construction
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Total 437 (7,570) (183,006) (5,838) (195,979)
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INCOME (LOSS) BEFORE INCOME TAXES 34,523 36,048 (107,712) - (37,140)
INCOME TAXES 23,308 29,496 78,007 - 130,811
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CONSOLIDATED NET INCOME (LOSS) 11,215 6,552 (185,719) - (167,951)
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (4,117) - - - (4,117)
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EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 15,333 $ 6,552 $ (185,719) $ - $(163,834)
==================================================================
EARNINGS PER AVERAGE COMMON SHARE $0.10 $0.03 ($0.75) ($0.62)
*Totals may not foot due to rounding.
Entergy Corporation
U.S. Utility Electric Energy Sales & Customers
Year to Date March
% % Weather
2000 1999 Reported Adjusted
(Millions of kwh)
<C
ELECTRIC ENERGY SALES:
Residential 6,512 6,417 1.5 0.7
Commercial 5,280 5,169 2.1 2.2
Governmental 587 589 (0.3) (0.3)
Industrial 10,617 10,216 3.9 3.9
------ ------
Total to Ultimate Customers 22,996 22,391 2.7 2.4
Wholesale 2,272 2,209 2.8
------ ------
Total Sales 25,268 24,600 2.7
====== ======
Twelve Months Ended March
2000 1999 %
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 30,726 31,112 (1.2)
Commercial 23,886 23,518 1.6
Governmental 2,562 2,620 (2.2)
Industrial 43,950 43,257 1.6
------- -------
Total to Ultimate Customers 101,124 100,507 0.6
Wholesale 9,777 11,466 (14.7)
------- -------
Total Sales 110,901 111,973 (1.0)
======= =======
March
2000 1999 %
ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE):
Residential 2,195,536 2,167,336 1.3
Commercial 286,013 278,500 2.7
Governmental 14,219 13,866 2.5
Industrial 39,716 39,194 1.3
--------- ---------
Total to Ultimate Customers 2,535,484 2,498,896 1.5
Wholesale 43 42 1.6
--------- ---------
Total Sales 2,535,527 2,498,938 1.5
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