Exhibit 99.10
For further information:
Nancy Morovich, VP, Investor Relations
Phone 504/576-5506, Fax - 2897
nmorovi@entergy.com
February 1, 2001
ENTERGY REPORTS RECORD EARNINGS -
FOR THE FOURTH QUARTER AND FULL YEAR 2000
NEW ORLEANS - Entergy Corporation announced fourth quarter
2000 consolidated earnings per share of $0.19, compared with
$0.02 in 1999. On an operational basis, Entergy earned
$0.31 per share in the fourth quarter, up almost fourfold
compared with $0.08 in 1999. Earnings per share from
operations set a fourth quarter record for the company.
For the full year, Entergy earned $2.97 per share in 2000,
compared with $2.25 in 1999. On an operational basis,
Entergy's 2000 earnings per share were $3.12 in 2000 versus
1999's total of $2.17. Excluding the impact of more
favorable weather in 2000 than in 1999, Entergy earned
$2.80, up 35 percent over 1999's total of $2.08.
"With another record-breaking quarter, Entergy is beginning
to realize its potential," said J. Wayne Leonard, Entergy's
chief executive officer. "The quarter capped off a year in
which Entergy exceeded almost everyone's expectations but
our own, both operationally and financially. Since our
third quarter release, we have made several significant
announcements, including:
- - Overwhelming shareholder approval for our proposed merger
of equals with FPL Group.
- - An agreement to acquire the Indian Point 2 nuclear plant
from Consolidated Edison.
- - Restoration of service following the two worst ice storms
in company history, each leaving more than 230,000 customers
without power.
- - Completing both the Saltend and Damhead Creek projects in
the U.K.
- - The closure of the Entergy-Koch venture and the start of
commercial operations today for our commodity trading
partnership, Axia Energy, and our pipeline, which was
renamed Gulf South Pipeline.
Clearly, the past few months were eventful, but 2000 was an
outstanding start to the new millennium. Other major
milestones we achieved in 2000 include a joint venture with
The Shaw Group to construct electric power plants, the
acquisition of two nuclear plants in New York, and the
expansion of our nuclear services business through
arrangements with TLG Services and Framatome Technologies.
Now, we must maximize the value of the opportunities we have
created and continue to create new businesses and new
opportunities at an unprecedented pace. 2000 was just the
start of what lies ahead."
Table 1 provides a comparative summary of earnings per
share for the fourth quarter and year-to-date 2000.
- ------------------------------------------------------------------------
Table 1: Entergy Corporation Consolidated Results
Fourth Quarter and Year-to-Date 2000 vs. 1999
(Per share in U.S. $)
- ------------------------------------------------------------------------
Fourth Quarter Year-to-Date
2000 1999 Change 2000 1999 Change
As Reported
U.S. Utility 0.20 (0.03) 0.23 2.56 2.08 0.48
Parent & Other (0.13) (0.10) (0.03) (0.05) (0.19) 0.14
Competitive Businesses 0.12 0.15 (0.03) 0.46 0.36 0.10
----------------------------------------
Consolidated Earnings 0.19 0.02 0.17 2.97 2.25 0.72
Less Special Items
U.S. Utility - (0.18) 0.18 (0.09) (0.18) 0.09
Parent & Other (0.12) - (0.12) (0.12) - (0.12)
Competitive Businesses - 0.12 (0.12) 0.06 0.26 (0.20)
----------------------------------------
Total (0.12) (0.06) (0.06) (0.15) 0.08 (0.23)
Operational
U.S. Utility 0.20 0.15 0.05 2.65 2.26 0.39
Parent & Other (0.01) (0.10) 0.09 0.07 (0.19) 0.26
Competitive Businesses 0.12 0.03 0.09 0.40 0.10 0.30
----------------------------------------
Consolidated Earnings 0.31 0.08 0.23 3.12 2.17 0.95
Weather Impact 0.14 (0.01) 0.15 0.32 0.09 0.23
Consolidated Operational
Earnings Excluding Weather 0.17 0.09 0.08 2.80 2.08 0.72
- ------------------------------------------------------------------------
Quarterly Overview
Fourth quarter 2000 consolidated revenues were 50 percent
higher than the same period in 1999, driven by large
increases at both the utility and the competitive
businesses. Utility electric revenues were up 30 percent
primarily due to higher sales volume and fuel clause
revenues. Revenues at the competitive businesses were 134
percent higher, largely as a result of operations at the
newly acquired Indian Point 3 and FitzPatrick nuclear plants
as well as higher trading volumes.
On a consolidated basis, fourth quarter fuel expenses were
47 percent higher in the fourth quarter of 2000. Primarily
resulting from higher gas prices, the increased fuel
expenses offset higher fuel clause revenues as fuel costs
are a direct pass-through to customers. Purchased power was
also up significantly in the fourth quarter, 151 percent
higher in 2000 than in 1999. Purchased power expense rose
at both the utility and competitive businesses, driven by
higher gas prices and lower generation at the utility and
increased trading volumes at Entergy Wholesale Operations.
In the fourth quarter of 2000, other O&M increased 12
percent compared with fourth quarter 1999, largely as a
result of operations at the newly acquired New York nuclear
plants. Depreciation and amortization were 14 percent
higher in 2000, primarily due to an increase in depreciable
plant at the utility. Quarterly operating income rose 167
percent on a consolidated basis in 2000.
Other income on a consolidated basis declined 101 percent in
the fourth quarter of 2000. The decline was largely
accounted for by an adjustment in the carrying values of
certain Latin American investments in 2000 and reserves
related to the sale of London Electricity that were released
in 1999. Total interest was little changed between the two
years. The effective tax rate was 43 percent in fourth
quarter 2000, down from 47 percent in 1999.
Tables 2 and 3 provide fourth quarter and year-to-date 2000
vs. 1999 reported earnings variance analyses for "U.S.
Utility and Parent & Other," "Competitive Businesses," and
"Consolidated."
- ------------------------------------------------------------------------
Table 2: Entergy Corporation As Reported Earnings Variance Analysis
Fourth Quarter 2000 vs. 1999
- ------------------------------------------------------------------------
(Per share in U.S. $) U.S. Utility and Competitive
Parent & Other Businesses Consolidated
1999 earnings (0.13) 0.15 0.02
Net Revenue 0.42 (a) 0.22 (b) 0.64
Preferred dividend requirements 0.02 - 0.02
Share repurchase / dilution effect 0.01 - 0.01
Nuclear refueling outage 0.01 - 0.01
Income taxes - other 0.03 (c) (0.03) (c) -
Interest and other charges (0.01) - (0.01)
Taxes other than income taxes (0.04) (d) (0.02) (0.06)
Depreciation/amortization (0.05) (e) (0.01) (0.06)
Miscellaneous - net 0.01 (0.10) (f) (0.09)
Gain (loss) on sale of assets-net (0.12) (g) (0.02) (0.14)
Other O&M (0.08) (h) (0.07) (i) (0.15)
----- ----- -----
2000 earnings 0.07 0.12 0.19
----- ----- -----
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
Table 3: Entergy Corporation As Reported Earnings Variance Analysis
Year-to-Date 2000 vs. 1999
- ------------------------------------------------------------------------
(Per share in U.S. $) U.S. Utility and Competitive
Parent & Other Businesses Consolidated
1999 earnings 1.89 0.36 2.25
Net Revenue 0.81 (a) 0.58 (b) 1.39
Share repurchase / dilution effect 0.17 0.03 0.20
Miscellaneous - net 0.07 0.02 0.09
Preferred dividend requirements 0.04 - 0.04
Decommissioning 0.02 - 0.02
Nuclear refueling outage 0.01 - 0.01
Interest and other charges 0.03 (0.03) -
Taxes other than income taxes (0.06) (d) (0.02) (0.08)
Depreciation/amortization (0.12) (e) - (0.12)
Income taxes - other 0.05 (c) (0.17) (c) (0.12)
Gain (loss) on sale of assets-net (0.12) (g) (0.09) (g) (0.21)
Other O&M (0.28) (h) (0.22) (i) (0.50)
----- ----- -----
2000 earnings 2.51 0.46 2.97
----- ----- -----
- ------------------------------------------------------------------------
______________________
(a) In the fourth quarter of 2000, net revenue increased primarily as a
result of colder than normal weather, special items recorded in fourth
quarter 1999, and a lower TCA accrual by Entergy Arkansas due to the
2000 ice storms. For the full year 2000, net revenue increased
primarily as a result of favorable weather, strong sales growth, and
special items recorded in 1999.
Utility Net Revenue Variance Analysis, 2000 vs. 1999 ($ EPS)
Fourth Quarter Year-to-Date
Weather 0.15 Weather 0.23
Sales growth/pricing (0.01) Sales growth/pricing 0.23
TCA 0.08 TCA 0.03
Special items & other 0.20 Special items & other 0.32
Total 0.42 Total 0.81
(b) In the fourth quarter of 2000, net revenue increased as a result of
operations at Indian Point 3 and FitzPatrick (acquired 11/21/00) and
favorable trading operations at Entergy Wholesale Operations. For the
full year 2000, net revenue increased primarily as a result of a full
year of Pilgrim operations, operations at the two NY nuclear plants
and favorable trading operations at EWO.
(c) Income statement line items are tax-affected at the statutory rate.
Differences between the statutory and effective rates are reflected
in "Income taxes - other." The year-to-date variance at the
competitive businesses primarily results from foreign tax credits
taken in 1999.
(d) Other taxes increased in 2000 primarily as the result of adjustments
and reserves due to state tax audits and local assessments.
(e) Depreciation increased in 4Q 2000 due to higher depreciable utility
plant. Full year variance includes a $0.04 adjustment recorded as a
special item in 3Q 1999.
(f) Miscellaneous-net decreased primarily as the result of a 1999 special
item of $0.10 related to the release of reserves for the 1998 sale of
London Electricity.
(g) Gain (loss) on sale of assets decreased in the 4Q 2000 as a result of
an adjustment in the carrying values of certain Latin American projects
resulting from an annual accounting review of non-core assets. For
full year 2000, the gain also decreased due to 1999 gains on the sale of
Edesur, Hyperion, Security, and a CitiPower purchase adjustment,
partially offset by a 2000 gain on the sale of the Freestone project.
(h) Other O&M increased primarily as the result of storm damage reserves
at Entergy Arkansas, increased reliability spending, and increased
plant-related expenses.
(i) Other O&M increased in 4Q 2000 primarily as the result of including
operations at the two NY plants. 2000 variance also includes a full
year of Pilgrim operations.
U.S. Utility
In the fourth quarter of 2000, as reported utility earnings
were $0.20 per share, compared with a loss of $(0.03) in the
same period in 1999. With no special items included in the
fourth quarter of 2000, operational earnings per share were
also $0.20, 33 percent higher than the $0.15 reported in
1999. Weather was colder in 2000, contributing $0.14 per
share to fourth quarter results compared with $(0.01) in
1999. Fourth quarter 2000 earnings also benefited from the
reduced number of shares outstanding due to the share
repurchase program. Partially offsetting these factors were
tax and depreciation adjustments, as well as current period
increases in O&M spending, primarily resulting from an
increase in Entergy Arkansas' storm damage reserves and
increased reliability spending across the system.
For the full year, the utility earned $2.65 per share on an
operational basis in 2000, compared with $2.26 in 1999. The
increase in 2000 was primarily due to more favorable
weather, the share repurchase impact, and sales growth.
Parent & Other
Parent & Other earnings per share were $(0.13) on an as
reported basis in fourth quarter 2000, compared with a loss
of $(0.10) in fourth quarter 1999. Fourth quarter 2000
included a $(0.12) adjustment to the carrying value of
certain Latin American investments resulting from an annual
accounting review of non-core assets. Excluding this
reserve, which was identified as a special item (see Table
6), operational earnings were $(0.01) in fourth quarter
2000. Results for the 2000 period benefited from lower O&M
expenses at the parent, reclassifying of the Gulf States
merger goodwill amortization from the parent to the utility,
and telecommunications earnings. For the full year, Parent
& Other had operational earnings of $0.07 in 2000, compared
with a loss of $(0.19) in 1999.
Competitive Businesses
Table 4 provides a 2000 vs. 1999 comparison of contributions
by business for the fourth quarter and year-to-date, on both
as reported and operational bases.
- ------------------------------------------------------------------------
Table 4: Competitive Businesses Contributions to Earnings Per Share
Fourth Quarter and Year-to-Date 2000 vs. 1999
- ------------------------------------------------------------------------
(Per share in U.S. $) Fourth Quarter Year-to-Date
2000 1999 $ Change 2000 1999 $ Change
As Reported
Entergy Wholesale Operations 0.03 (0.02) 0.05 0.24 0.04 0.20
Entergy Nuclear 0.09 0.03 0.06 0.22 0.06 0.16
Divested Businesses - 0.14 (0.14) 0.00 0.26 (0.26)
---------------------------------------
Total 0.12 0.15 (0.03) 0.46 0.36 0.10
Less Special Items
Entergy Wholesale Operations - - - 0.06 (0.01) 0.07
Entergy Nuclear - - - - - -
Divested Businesses - 0.12 (0.12) - 0.27 (0.27)
---------------------------------------
Total - 0.12 (0.12) 0.06 0.26 (0.20)
Operational
Entergy Wholesale Operations 0.03 (0.02) 0.05 0.18 0.05 0.13
Entergy Nuclear 0.09 0.03 0.06 0.22 0.06 0.16
Divested Businesses - 0.02 (0.02) - (0.01) 0.01
---------------------------------------
Total 0.12 0.03 0.09 0.40 0.10 0.30
- ------------------------------------------------------------------------
On an as reported basis, the competitive businesses earned
$0.12 per share in the fourth quarter of 2000, compared with
$0.15 in the same period in 1999. Excluding $0.12 in 1999
special items (see Table 6), operational earnings for the
fourth quarter of 2000 were four times higher than in 1999,
$0.12 vs. $0.03. For full year 2000, the competitive
businesses contributed $0.40 per share on an operational
basis, four times the $0.10 total in 1999.
On both an as reported and operational basis, Entergy
Wholesale Operations reported earnings of $0.03 per share in
the fourth quarter of 2000, compared with a loss of $(0.02)
in the same period in 1999. In the 2000 period, EWO
benefited from strong trading earnings, partially offset by
a slight loss at the Saltend power plant in the U.K. due to
unusually low electricity prices. For the full year, EWO
earned $0.18 per share on an operational basis in 2000, well
above 1999's total of $0.05. The increase in 2000 was
attributed to improved trading operations and liquidated
damages from the delayed construction of the Saltend
project.
Entergy Nuclear had earnings of $0.09 in the fourth quarter
of 2000, tripling the $0.03 earned in fourth quarter 1999.
During the quarter, the newly acquired Indian Point 3 and
FitzPatrick nuclear plants made stronger than expected
contributions due to a smooth transition to Entergy
ownership. For the full year 2000, EN earned $0.22 per
share, compared with $0.06 in 1999, benefiting from a full
year of Pilgrim ownership and the November addition of the
two New York plants.
Share Repurchase Program
During the fourth quarter of 2000, 1.5 million shares were
repurchased at a total cost of $53.8 million. From the
initiation of the share repurchase program in July 1999
through December 31, 2000, $779 million was utilized to
purchase 28.9 million shares. Of the total $1.06 billion
amount authorized for repurchasing shares, $284 million
remains. The repurchase program is expected to be completed
by the time of the merger's financial close.
Earnings Review and Outlook
"With another record-setting quarter, 2000 was a year of
consistently strong performance across our businesses," said
C. John Wilder, Entergy's chief financial officer. "2000's
record results give us great confidence that 2001 will be
another outstanding year for Entergy. Accordingly, we are
raising our earnings guidance for 2001 to a range of $3.00
to $3.20 per share. This range is consistent with our
financial commitment to deliver average annual earnings
growth of 8 to 10 percent excluding the impact of weather."
Table 5 provides Entergy's projection of 2001 operational
earnings per share.
- -----------------------------------------------------------------------------------------------------
Table 5: 2001 Earnings Per Share Guidance
- -----------------------------------------------------------------------------------------------------
(Per share in U.S. $)
2000 Operational Changes in 2001 2001 Guidance
Range
Range of Impact
Utility (excluding weather) Share repurchase & other 0.03 0.06
Suspension of goodwill amortization(j) 0.00 0.04
------------
2.33 Total 0.03 0.10 2.36 2.43
Entergy Nuclear Pilgrim outage & lower PPA price (0.09) (0.08)
Indian Point 3 & FitzPatrick operations 0.13 0.14
Indian Point 2 0.09 0.10
------------
0.22 Total 0.13 0.16 0.35 0.38
Entergy Wholesale Operations No liquidated damages (0.17) (0.17)
North American and European projects 0.28 0.32
------------
(0.01) Total 0.11 0.15 0.10 0.14
Entergy-Koch Axia Energy & Gulf South Pipeline 0.06 0.11
------------
0.19 Total 0.06 0.11 0.25 0.30
Parent & Other Lower investment income/higher
interest expense (0.13) (0.12)
------------
0.07 Total (0.13) (0.12) (0.06) (0.05)
-------------------------------------------------------------------------
Total 2.80 0.20 0.40 3.00 3.20
Weather Impact 0.32 - -
Total incl. weather 3.12 3.00 3.20
- -----------------------------------------------------------------------------------------------------
_____________________
(j) Contingent on FASB pronouncement, expected in June 2001.
Table 6 lists special items by business for the fourth
quarter and year-to-date for 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 identify separately the earnings impact of special
events in order to report solely the results of the
company's ongoing operations.
- --------------------------------------------------------------------------------------------------
Table 6: Entergy Corporation Special Items (Shown as positive/(negative)
impact on earnings
Fourth Quarter and Year-to-Date 2000 vs. 1999
- --------------------------------------------------------------------------------------------------
(Per share in U.S. $)
Fourth Quarter Year-to-Date
2000 1999 Change 2000 1999 Change
U.S. Utility Special Items
Change in unbilled revenue estimate 0.13 (0.13)
Depreciation adjustment 0.04 (0.04)
SERI refund adjustments (0.08) 0.08
Regulatory and reserve adjustments(k) (0.18) 0.18 (0.09) (0.27) 0.18
---------------------------------------------
Total (0.18) 0.18 (0.09) (0.18) 0.09
Parent & Other Special Items
Write-down of EWO's Latin American assets (0.12) (0.12) (0.12) (0.12)
Competitive Businesses Special Items
EPG Freestone Project Sale 0.06 0.06
Divested Businesses - London reserve adjustments 0.10 (0.10) 0.10 (0.10)
Divested Businesses - Security sale true-up 0.02 (0.02) 0.02 (0.02)
Divested Businesses - Foreign tax benefits 0.10 (0.10)
Divested Businesses - Gain on sale of Hyperion 0.03 (0.03)
Divested Businesses - CitiPower purchase price
adjustment 0.02 (0.02)
EPG - write-off of start up costs per new acctg.
standard(l) (0.01) 0.01
---------------------------------------------
Total 0.12 (0.12) 0.06 0.26 (0.20)
=============================================
Total Special Items (0.12) (0.06) (0.06) (0.15) 0.08 (0.23)
- --------------------------------------------------------------------------------------------------
</TABLE
Other Performance Highlights
Operating cash flows increased 78 percent in the fourth
quarter of 2000 as compared with the same period in 1999 and
rose 51 percent on a full-year basis in 2000. The increase
resulted from improved operations across the company, the
timing of fuel recovery activities, and the treatment of
deferred fuel balances at certain jurisdictions as
regulatory investments. The cash flow improvements were
amplified on a per share basis with fewer shares in 2000 as
a result of the share repurchase program.
In the twelve months ending December 31, 2000, cash return
on average investment improved by 7 percent over 1999 to
7.12 percent. EBITDA increased by 12 percent in 2000, while
the average investment only rose by 4 percent. Return on
average common equity rose even more dramatically in 2000,
up 36 percent to 10.13 percent. Operational earnings were
35 percent higher in the last four quarters, while average
common equity decreased by 1 percent. This decline was due
to higher retained earnings from strong net income growth
being more than offset by the share repurchase program's
equity-lowering effect. With 8 percent fewer shares in
2000, the $31.89 book value per share was 7 percent higher
for the period ending December 31, 2000 than for the earlier
period.
- -----------------------
(k) Regulatory and reserve adjustments were made in the
first and third quarters of 2000 for potential rate actions,
rate refunds, and ongoing litigation.
(l) The new accounting standard is AICPA Statement of
Position 98-5, "Recording the Costs of Start-Up Operations."
Table 7 provides a comparative summary of key financial
performance metrics for the fourth quarter and year-to-date
2000 vs. 1999.
- ----------------------------------------------------------------------------
Table 7: Entergy Corporation Key Financial Performance Metrics
Fourth Quarter and Year-to-Date 2000 vs. 1999
- ----------------------------------------------------------------------------
(In U.S. $)
Fourth Quarter Year-to-Date
2000 1999 Change 2000 1999 Change
----- ----- ------ ------ ------ ------
Operating cash flow ($ millions) $530 $298 $232 $1,968 $1,307 $661
Operating cash flow per share $2.37 $1.24 $1.13 $8.61 $5.33 $3.28
For 12 months ending December 31 2000 1999 Change
------- ------- -------
Cash return on average investment(m) 7.12% 6.64% 0.48%
Return on average common equity(n) 10.13% 7.45% 2.68%
Book value per share(o) $31.89 $29.78 $2.11
End of period shares outstanding (millions) 219.6 239.0 (19.4)
- ----------------------------------------------------------------------------
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.
____________________
(m) "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.
(n) "Return on average common equity" is 12-months rolling
net income divided by average common equity - net income
excludes all special items. This metric is a measure of
Entergy's ability to generate profits from equity received
from common shareholders.
(o) "Book value per share" is common equity divided by end
of period shares outstanding. This metric is a measure of
the book value of Entergy's net assets per share.
Entergy Corporation
Consolidating Balance Sheet
December 31, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 46,511 $ 151 $ 110,887 $ - $ 157,550
Temporary cash investments - at cost,
which approximates market 307,589 26,782 305,667 - 640,038
Special deposits - - 584,836 - 584,836
----------- ---------- ---------- ----------- -----------
Total cash and cash equivalents 354,100 26,933 1,001,390 - 1,382,424
----------- ---------- ---------- ----------- -----------
Other temporary investments - - - - -
Notes receivable 1,544 - 2,064 - 3,608
Accounts receivable:
Customer 447,036 - 50,785 - 497,821
Allowance for doubtful accounts (7,383) - (2,564) - (9,947)
Associated companies 21,587 117,019 12,862 (151,469) -
Other 100,612 (2,064) 296,969 - 395,518
Accrued unbilled revenues 415,409 - - - 415,409
----------- ---------- ---------- ----------- -----------
Total receivables 977,261 114,955 358,052 (151,469) 1,298,801
Deferred fuel costs 568,331 - - - 568,331
Fuel inventory - at average cost 91,859 - 1,802 18 93,679
Materials and supplies - at average cost 338,494 (13) 86,877 - 425,357
Rate deferrals 16,581 - - - 16,581
Deferred nuclear refueling outage costs 46,544 - - - 46,544
Prepayments and other 54,323 2,011 66,355 - 122,690
----------- ---------- ---------- ----------- -----------
TOTAL 2,449,037 143,886 1,516,540 (151,451) 3,958,015
----------- ---------- ---------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity 214 6,900,979 - (6,900,980) 214
Decommissioning trust funds 867,242 - 448,615 - 1,315,857
Non-utility property - at cost (less accumulated
depreciation) 224,443 - 109,827 - 334,270
Non-regulated investments - 1,000 330,604 - 331,604
Other - at cost (less accumulated depreciation) 17,859 - 4,439 - 22,298
----------- ---------- ---------- ----------- -----------
TOTAL 1,109,759 6,901,979 893,485 (6,900,980) 2,004,243
----------- ---------- ---------- ----------- -----------
UTILITY PLANT
Electric 24,020,884 4,340 481,307 - 24,506,531
Plant acquisition adjustment 390,364 - 300 - 390,664
Property under capital lease 769,370 - - - 769,370
Natural gas 190,989 - - - 190,989
Construction work in progress 447,562 1,048 1,119,206 - 1,567,816
Nuclear fuel under capital lease 277,673 - - - 277,673
Nuclear fuel 38,848 - 118,755 - 157,603
----------- ---------- ---------- ----------- -----------
TOTAL UTILITY PLANT 26,135,692 5,388 1,719,567 - 27,860,646
Less - accumulated depreciation and amortization 11,272,527 3,110 88,384 - 11,364,021
----------- ---------- ---------- ----------- -----------
UTILITY PLANT - NET 14,863,165 2,278 1,631,183 - 16,496,625
----------- ---------- ---------- ----------- -----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals - - - - -
SFAS 109 regulatory asset - net 980,266 - - - 980,266
Unamortized loss on reacquired debt 183,627 - - - 183,627
Deferred fuel costs 95,661 - - - 95,661
Other regulatory assets 792,515 - - - 792,515
Long-term receivables 29,586 - (11) - 29,575
Other 177,147 414,290 835,309 (402,046) 1,024,700
----------- ---------- ---------- ----------- -----------
TOTAL 2,258,803 414,290 835,298 (402,046) 3,106,344
----------- ---------- ---------- ----------- -----------
TOTAL ASSETS $20,680,764 $7,462,434 $4,876,505 $(7,454,476) $25,565,227
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
December 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 $ 309,738 $ - $ 62,677 $ - $ 372,415
Notes payable:
Associated companies - - - - -
Other 715 387,000 308 - 388,023
Account payable:
Associated companies 8,178 2,206 38,191 (48,575) -
Other 877,052 3,965 323,211 - 1,204,227
Customer deposits 172,169 - - - 172,169
Taxes accrued 310,395 13,123 128,293 - 451,811
Accumulated deferred income taxes 225,629 - 20 - 225,649
Nuclear refueling outage costs 10,209 - - - 10,209
Interest accrued 169,924 781 1,328 - 172,033
Co-owner advances - - - - -
Obligations under capital leases 156,907 - - - 156,907
Other 176,505 7,687 25,937 (17,222) 192,908
----------- ---------- ---------- ----------- -----------
TOTAL 2,417,420 414,762 579,965 (65,797) 3,346,351
----------- ---------- ---------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,336,353 (21,280) (65,990) - 3,249,083
Accumulated deferred investment tax credits 494,315 - - - 494,315
Obligations under capital leases 201,858 - 15 - 201,873
FERC settlement - refund obligation 30,745 - - - 30,745
Other regulatory liabilities 218,172 - - - 218,172
Decommisioning 295,801 - 453,907 - 749,708
Transition to competition 191,934 - - - 191,934
Regulatory reserves 396,789 - - - 396,789
Accumulated provisions 287,797 (4) 102,324 - 390,116
Other 719,070 64,256 471,839 (402,027) 853,137
----------- ---------- ---------- ----------- -----------
TOTAL 6,172,834 42,972 962,095 (402,027) 6,775,872
----------- ---------- ---------- ----------- -----------
Long-term debt 6,039,638 - 1,869,925 (85,669) 7,823,893
Preferred stock with sinking fund 65,758 - - - 65,758
Preference stock - - - - -
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 334,688 - - - 334,688
Common stock 2,225,870 2,481 675,081 (2,900,950) 2,481
Authorized shares 500,000,000
Issued shares CY 248,094,614
Paid-in capital 1,779,381 4,660,483 1,229,066 (3,008,447) 4,660,483
Retained earnings 1,430,175 3,190,639 (358,594) (1,071,583) 3,190,639
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (73,998) (73,998) 73,998 (73,998)
Net unrealized investment gains (losses) - - (1,035) - (1,035)
Less - treasury stock, at cost - 774,904 6,000 (6,000) 774,905
Shares CY 28,490,031
----------- ---------- ---------- ----------- -----------
TOTAL 5,770,114 7,004,700 1,464,520 (6,900,982) 7,338,353
----------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,680,764 $7,462,434 $4,876,505 $(7,454,476) $25,565,227
=========== ========== ========== =========== ===========
*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 61,231 (51) 152,759 - 213,939
Accrued unbilled revenues 298,616 - - - 298,616
----------- ---------- ---------- ----------- -----------
Total receivables 659,438 177,450 149,967 (193,476) 793,379
Deferred fuel costs 240,661 - - - 240,661
Fuel inventory - at average cost 66,174 - 7,424 (366) 73,231
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 1,615,570 196,025 1,586,232 (193,841) 3,203,985
----------- ---------- ---------- ----------- -----------
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
Steam products - - - - -
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
Deferred fuel costs - - - - -
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 $18,941,603 $7,360,908 $3,569,164 $(6,901,735) $22,969,940
=========== ========== ========== =========== ===========
*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:
Associated companies - - - - -
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 - - - - -
Obligations under capital leases 178,247 - - - 178,247
Other 213,583 6,251 24,054 (118,139) 125,749
----------- ---------- ---------- ----------- -----------
TOTAL 1,699,570 155,493 436,067 (143,716) 2,147,414
----------- ---------- ---------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,443,734 (16,165) (117,229) - 3,310,340
Accumulated deferred investment tax credits 519,910 - - - 519,910
Obligations under capital leases 205,464 - - - 205,464
FERC settlement - refund obligation 37,337 - - - 37,337
Other regulatory liabilities 199,139 - - - 199,139
Decommisioning 268,697 - 434,756 - 703,453
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 (366) 527,027
----------- ---------- ---------- ----------- -----------
TOTAL 5,681,969 80,989 554,845 (366) 6,317,436
----------- ---------- ---------- ----------- -----------
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 $18,941,603 $7,360,908 $3,569,164 $(6,901,735) $22,969,940
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
December 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 $ 10,541 $ 137 $ 38,673 $ - $ 49,352
Temporary cash investments - at cost,
which approximates market 206,390 10,303 (682,176) - (465,483)
Special deposits - - 584 836 - 584,836
----------- ---------- ---------- ----------- -----------
Total cash and cash equivalents 216,931 10,440 (58,667) - 168,705
----------- ---------- ---------- ----------- -----------
Other temporary investments - - (321,351) - (321,351)
Notes receivable 1,447 - - - 1,447
Accounts receivable:
Customer 156,796 - 50,694 - 207,490
Allowance for doubtful accounts (440) - - - (440)
Associated companies 5,294 (60,482) 13,181 42,007 -
Other 39,381 (2,013) 144,210 - 181,579
Accrued unbilled revenues 116,793 - - - 116,793
----------- ---------- ---------- ----------- -----------
Total receivables 317,823 (62,495) 208,085 42,007 505,422
Deferred fuel costs 327,670 - - - 327,670
Fuel inventory - at average cost 25,685 - (5,622) 384 20,448
Materials and supplies - at average cost (32,187) 6 65,136 - 32,954
Rate deferrals (13,813) - - - (13,813)
Deferred nuclear refueling outage costs (11,575) - - - (11,575)
Prepayments and other 1,487 (89) 42,727 - 44,123
----------- ---------- ---------- ----------- -----------
TOTAL 833,467 (52,139) (69,692) 42,390 754,029
----------- ---------- ---------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity - 193,085 - (193,086) -
Decommissioning trust funds 52,228 - 17,606 - 69,834
Non-utility property - at cost (less accumulated
depreciation) 6,821 - 10,283 - 17,105
Non-regulated investments - 1,000 132,601 - 133,601
Other - at cost (less accumulated depreciation) 1,145 - 4,439 - 5,584
----------- ---------- ---------- ----------- -----------
TOTAL 60,195 194,085 164,929 (193,086) 226,124
----------- ---------- ---------- ----------- -----------
UTILITY PLANT
Electric 1,017,549 - 325,821 - 1,343,370
Plant acquisition adjustment 390,364 (406,630) - - (16,265)
Property under capital lease 871 - - - 870
Natural gas 4,948 - - - 4,948
Steam products - - - - -
Construction work in progress (260,868) 360 327,708 - 67,199
Nuclear fuel under capital lease (8,803) - - - (8,803)
Nuclear fuel (658) - 70,569 - 69,910
----------- ---------- ---------- ----------- -----------
TOTAL UTILITY PLANT 1,143,402 (406,270) 724,097 - 1,461,229
Less - accumulated depreciation and amortization 459,496 868 4,997 - 465,360
----------- ---------- ---------- ----------- -----------
UTILITY PLANT - NET 683,907 (407,137) 719,100 - 995,869
----------- ---------- ---------- ----------- -----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals (16,581) - - - (16,581)
SFAS 109 regulatory asset - net (87,739) - - - (87,740)
Unamortized loss on reacquired debt (15,004) - - - (15,004)
Deferred fuel costs 95,661 - - - 95,661
Other regulatory assets 154,645 - - - 154,645
Long-term receivables (2,674) - (11) - (2,685)
Other 33,284 366,716 493,015 (402,046) 490,968
----------- ---------- ---------- ----------- -----------
TOTAL 161,592 366,716 493,004 (402,046) 619,265
----------- ---------- ---------- ----------- -----------
TOTAL ASSETS $ 1,739,161 $ 101,526 $1,307,341 $ (552,741) $ 2,595,287
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
December 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 $ 115,183 $ - $ 62,677 $ - $ 177,860
Notes payable:
Associated companies - - - - -
Other (1) 267,000 308 - 267,308
Account payable:
Associated companies 6,574 41 16,384 (22,998) -
Other 408,774 (13,821) 101,597 - 496,549
Customer deposits 10,260 - - - 10,260
Taxes accrued 39,751 3,981 (37,598) - 6,134
Accumulated deferred income taxes 152,989 - 20 - 153,009
Nuclear refueling outage costs (1,007) - - - (1,007)
Interest accrued 43,747 633 (1,374) - 43,005
Co-owner advances - - - - -
Obligations under capital leases (21,340) - - - (21,340)
Other (37,078) 1,436 1,883 100,917 67,159
----------- ---------- ---------- ----------- -----------
TOTAL 717,850 259,269 143,898 77,919 1,198,937
----------- ---------- ---------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes (107,381) (5,115) 51,239 - (61,257)
Accumulated deferred investment tax credits (25,595) - - - (25,595)
Obligations under capital leases (3,606) - 15 - (3,591)
FERC settlement - refund obligation (6,592) - - - (6,592)
Other regulatory liabilities 19,033 - - - 19,033
Decommisioning 27,104 - 19,151 - 46,255
Transition to competition 34,900 - - - 34,900
Regulatory reserves 18,482 - - - 18,482
Accumulated provisions 65,789 (57,942) 102,846 - 110,691
Other 468,732 25,040 233,999 (401,661) 326,110
----------- ---------- ---------- ----------- -----------
TOTAL 490,865 (38,017) 407,251 (401,661) 458,436
----------- ---------- ---------- ----------- -----------
Long-term debt 415,664 - 831,555 (35,909) 1,211,310
Preferred stock with sinking fund (3,892) - - - (3,892)
Preference stock (150,000) - - - (150,000)
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely junior subordinated deferrable debentures - - - - -
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund (3,767) - - - (3,767)
Common stock - 10 15,520 (15,519) 10
Authorized shares
Issued shares CY
Paid-in capital 65 24,319 393,666 (393,729) 24,320
Retained earnings 272,375 404,172 (483,320) 210,944 404,172
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (5,216) (5,216) 5,216 (5,216)
Net unrealized investment gains (losses) - - 3,988 - 3,988
Less - treasury stock, at cost - 543,011 - - 543,011
----------- ---------- ---------- ----------- -----------
TOTAL 268,673 (119,726) (75,363) (193,089) (119,504)
----------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,739,161 $ 101,526 $1,307,341 $ (552,741) $ 2,595,287
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 1,820,429 $ - $ - $ (3,400) $1,817,029
Natural gas 69,765 - - - 69,765
Steam products - - - - -
Competitive businesses - 9,934 757,047 (18,461) 748,521
----------- ---------- -------- ----------- ----------
Total 1,890,194 9,934 757,047 (21,861) 2,635,315
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 684,496 - 204,669 (302) 888,864
Purchased power 261,282 - 391,828 (20,438) 632,672
----------- ---------- -------- ----------- ----------
Gross Margin 944,416 9,934 160,550 (1,121) 1,113,779
Margin % 50.0% 100.0% 21.2% 5.1% 42.3%
Nuclear refueling outage expenses 16,887 - - - 16,887
Other operation and maintenance 430,930 25,750 114,336 (1,715) 569,301
Decommissioning 10,873 - - - 10,873
Taxes other than income taxes 97,799 532 5,667 - 103,997
----------- ---------- -------- ----------- ----------
Total 1,502,267 26,282 716,500 (22,455) 2,222,594
----------- ---------- -------- ----------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION 387,927 (16,348) 40,547 594 412,721
----------- ---------- -------- ----------- ----------
Margin % 20.5% (164.6%) 5.4% (2.7%) 15.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 192,773 934 6,428 - 200,136
Other regulatory charges (credits) (23,630) - - - (23,630)
Amortization of rate deferrals 4,616 - - - 4,616
----------- ---------- -------- ----------- ----------
Total 173,759 934 6,428 - 181,122
----------- ---------- -------- ----------- ----------
OPERATING INCOME (LOSS) 214,168 (17,282) 34,119 594 231,599
----------- ---------- -------- ----------- ----------
Margin % 11.3% (174.0%) 4.5% (2.7%) 8.8%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 7,124 - - - 7,124
Gain/(loss) on sale of assets - net 744 (42,500) - - (41,756)
Miscellaneous - net 9,516 17,361 9,215 (2,469) 33,623
----------- ---------- -------- ----------- ----------
Total 17,384 (25,139) 9,215 (2,469) (1,009)
----------- ---------- -------- ----------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 119,534 - 3,953 - 123,487
Other interest - net 14,360 4,618 2,304 (1,875) 19,408
Distributions on preferred securities of subsidiaries 4,709 - - - 4,709
Allowance for borrowed funds used during construction (5,361) - - - (5,361)
----------- ---------- -------- ----------- ----------
Total 133,242 4,618 6,257 (1,875) 142,243
----------- ---------- -------- ----------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 98,310 (47,039) 37,077 - 88,347
INCOME TAXES 45,027 (18,511) 11,788 - 38,304
----------- ---------- -------- ----------- ----------
CONSOLIDATED NET INCOME (LOSS) 53,283 (28,528) 25,289 - 50,043
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 6,735 - - - 6,735
----------- ---------- -------- ----------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 46,548 $ (28,528) $ 25,289 $ - $ 43,308
=========== ========== ======== =========== ==========
Margin % 2.5% (287.2%) 3.3% - 1.6%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.21 ($0.13) $0.12 $0.20
DILUTED $0.20 ($0.13) $0.12 $0.19
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 219,582,366
DILUTED 223,919,460
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,405,577 $ - $ - $ (5,093) $1,400,484
Natural gas 32,034 - - - 32,034
Steam products - - - - -
Competitive businesses - - 322,695 (2,844) 319,851
---------- -------- -------- --------- ----------
Total 1,437,611 - 322,695 (7,937) 1,752,369
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 497,306 - 107,514 - 604,820
Purchased power 116,611 - 141,245 (5,853) 252,003
---------- -------- -------- --------- ----------
Gross Margin 823,694 - 73,936 (2,084) 895,546
Margin % 57.3% - 22.9% 26.3% 51.1%
Nuclear refueling outage expenses 19,642 - - - 19,642
Other operation and maintenance 419,084 7,614 85,699 (2,529) 509,868
Decommissioning 10,984 - - - 10,984
Taxes other than income taxes 81,830 77 (1,772) - 80,135
---------- -------- -------- --------- ----------
Total 1,145,457 7,691 332,686 (8,382) 1,477,452
---------- -------- -------- --------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 292,154 (7,691) (9,991) 445 274,917
---------- -------- -------- --------- ----------
Margin % 20.3% - (3.1%) (5.6%) 15.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 172,866 315 2,535 - 175,716
Other regulatory charges (credits) 4,800 - - - 4,800
Amortization of rate deferrals 7,724 - - - 7,724
---------- -------- -------- --------- ----------
Total 185,390 315 2,535 - 188,240
---------- -------- -------- --------- ----------
OPERATING INCOME (LOSS) 106,763 (8,006) (12,526) 445 86,677
---------- -------- -------- --------- ----------
Margin % 7.4% - (3.9%) (5.6%) 4.9%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 8,655 - - - 8,655
Gain/(loss) on sale of assets - net 535 2 9,500 - 10,037
Miscellaneous - net 11,416 8,386 47,582 (2,055) 65,329
---------- -------- -------- --------- ----------
Total 20,606 8,388 57,082 (2,055) 84,021
---------- -------- -------- --------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 117,568 - - - 117,568
Other interest - net 17,469 442 7,766 (1,610) 24,068
Distributions on preferred securities of subsidiaries 4,709 - - - 4,709
Allowance for borrowed funds used during construction (6,115) - - - (6,115)
---------- -------- -------- --------- ----------
Total 133,631 442 7,766 (1,610) 140,230
---------- -------- -------- --------- ----------
INCOME (LOSS) BEFORE INCOME TAXES (6,262) (60) 36,790 - 30,468
INCOME TAXES (10,045) 24,118 191 - 14,264
---------- -------- -------- --------- ----------
CONSOLIDATED NET INCOME (LOSS) 3,783 (24,178) 36,599 - 16,204
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 11,922 - - - 11,922
---------- -------- -------- --------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (8,139) $(24,178) $ 36,599 $ - $ 4,282
========== ======== ======== ========= ==========
Margin % (0.6%) - 11.3% - 0.2%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC ($0.03) ($0.10) $0.15 $0.02
DILUTED ($0.03) ($0.10) $0.15 $0.02
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 240,930,695
DILUTED 241,065,885
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 2000 vs. 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $414,852 $ - $ - $ 1,693 $ 416,545
Natural gas 37,731 - - - 37,731
Steam products - - - - -
Competitive businesses - 9,934 434,352 (15,617) 428,670
--------- -------- -------- --------- ----------
Total 452,583 9,934 434,352 (13,924) 882,946
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 187,190 - 97,155 (302) 284,044
Purchased power 144,671 - 250,583 (14,585) 380,669
--------- -------- -------- --------- ----------
Gross Margin 120,722 9,934 86,614 963 218,233
Margin % (7.3%) 100.0% (1.7%) (21.1%) (8.8%)
Nuclear refueling outage expenses (2,755) - - - (2,755)
Other operation and maintenance 11,846 18,136 28,637 814 59,433
Decommissioning (111) - - - (111)
Taxes other than income taxes 15,969 455 7,439 - 23,862
--------- -------- -------- --------- ----------
Total 356,810 18,591 383,814 (14,073) 745,142
--------- -------- -------- --------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 95,773 (8,657) 50,538 149 137,804
--------- -------- -------- --------- ----------
Margin % 0.2% (164.6%) 8.5% 2.9% (0.0%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 19,907 619 3,893 - 24,420
Other regulatory charges (credits) (28,430) - - - (28,430)
Amortization of rate deferrals (3,108) - - - (3,108)
--------- -------- -------- --------- ----------
Total (11,631) 619 3,893 - (7,118)
--------- -------- -------- --------- ----------
OPERATING INCOME (LOSS) 107,404 (9,276) 46,645 149 144,922
--------- -------- -------- --------- ----------
Margin % 3.9% (174.0%) 8.4% 2.9% 3.8%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction (1,531) - - - (1,531)
Gain/(loss) on sale of assets - net 209 (42,502) (9,500) - (51,793)
Miscellaneous - net (1,900) 8,975 (38,367) (414) (31,706)
--------- -------- -------- --------- ----------
Total (3,222) (33,527) (47,867) (414) (85,030)
--------- -------- -------- --------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 1,966 - 3,953 - 5,919
Other interest - net (3,109) 4,176 (5,462) (265) (4,660)
Distributions on preferred securities of subsidiaries - - - - -
Allowance for borrowed funds used during construction 754 - - - 754
--------- -------- -------- --------- ----------
Total (389) 4,176 (1,509) (265) 2,013
--------- -------- -------- --------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 104,571 (46,979) 287 - 57,879
INCOME TAXES 55,072 (42,629) 11,597 - 24,040
--------- -------- -------- --------- ----------
CONSOLIDATED NET INCOME (LOSS) 49,499 (4,350) (11,310) - 33,839
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (5,187) - - - (5,187)
--------- -------- -------- --------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 54,686 $ (4,350) $(11,310) $ - $ 39,026
========= ======== ======== ========= ==========
Margin % 3.0% (287.2%) (8.0%) - 1.4%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.24 ($0.03) ($0.03) - $0.18
DILUTED $0.23 ($0.03) ($0.03) - $0.17
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date December 31, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $7,235,726 $ - $ - $ (16,039) $7,219,686
Natural gas 165,872 - - - 165,872
Steam products - - - - -
Competitive businesses - 32,449 2,645,960 (47,819) 2,630,590
---------- --------- ---------- ---------- -----------
Total 7,401,598 32,449 2,645,960 (63,858) 10,016,148
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 2,231,297 - 415,277 (739) 2,645,835
Purchased power 928,220 - 1,787,756 (53,095) 2,662,881
---------- --------- ---------- ---------- -----------
Gross Margin 4,242,081 32,449 442,927 (10,024) 4,707,432
Margin % 57.3% 100.0% 16.7% 15.7% 47.0%
Nuclear refueling outage expenses 70,511 - - - 70,511
Other operation and maintenance 1,501,022 71,746 340,496 (11,951) 1,901,314
Decommissioning 39,484 - - - 39,484
Taxes other than income taxes 358,364 1,586 10,394 - 370,344
---------- --------- ---------- ---------- -----------
Total 5,128,898 73,332 2,553,923 (65,785) 7,690,369
---------- --------- ---------- ---------- -----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,272,700 (40,883) 92,037 1,927 2,325,779
---------- --------- ---------- ---------- -----------
Margin % 30.7% (126.0%) 3.5% (3.0%) 23.2%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 730,660 3,278 12,187 - 746,125
Other regulatory charges (credits) 3,681 - - - 3,681
Amortization of rate deferrals 30,392 - - - 30,392
---------- --------- ---------- ---------- -----------
Total 764,733 3,278 12,187 - 780,198
---------- --------- ---------- ---------- -----------
OPERATING INCOME (LOSS) 1,507,967 (44,161) 79,850 1,927 1,545,581
---------- --------- ---------- ---------- -----------
Margin % 20.4% (136.1%) 3.0% (3.0%) 15.4%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 32,022 - - - 32,022
Gain/(loss) on sale of assets - net 2,337 (42,497) 19,694 - (20,466)
Miscellaneous - net 26,760 84,423 90,190 (11,244) 190,129
---------- --------- ---------- ---------- -----------
Total 61,119 41,926 109,884 (11,244) 201,685
---------- --------- ---------- ---------- -----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 473,550 - 4,332 (810) 477,071
Other interest - net 46,882 22,103 25,156 (8,507) 85,635
Distributions on preferred securities of subsidiaries 18,838 - - - 18,838
Allowance for borrowed funds used during construction (24,114) - - - (24,114)
---------- --------- ---------- ---------- -----------
Total 515,156 22,103 29,488 (9,317) 557,430
---------- --------- ---------- ---------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 1,053,930 (24,338) 160,246 - 1,189,836
INCOME TAXES 435,667 (12,927) 56,181 - 478,921
---------- --------- ---------- ---------- -----------
CONSOLIDATED NET INCOME (LOSS) 618,263 (11,411) 104,065 - 710,915
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 31,621 - - - 31,621
---------- --------- ---------- ---------- -----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 586,642 $(11,411) $104,065 $ - $679,294
========== ========= ========== ========== ===========
Margin % 7.9% (35.2%) 3.9% - 6.8%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.59 ($0.05) $0.46 $3.00
DILUTED $2.56 ($0.05) $0.46 $2.97
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 226,580,449
DILUTED 228,541,307
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date December 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $6,288,416 $ - $ - $ (17,002) $ 6,271,414
Natural gas 110,355 - - - 110,355
Steam products 15,852 - - - 15,852
Competitive businesses - - 2,392,421 (16,814) 2,375,607
---------- --------- ---------- ---------- -----------
Total 6,414,623 - 2,392,421 (33,816) 8,773,228
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 1,672,075 - 411,519 (719) 2,082,875
Purchased power 693,202 - 1,771,128 (21,846) 2,442,484
---------- --------- ---------- ---------- -----------
Gross Margin 4,049,346 - 209,774 (11,251) 4,247,869
Margin % 63.1% - 8.8% 33.3% 48.4%
Nuclear refueling outage expenses 76,057 - - - 76,057
Other operation and maintenance 1,405,208 58,938 254,695 (13,297) 1,705,545
Decommissioning 45,988 - - - 45,988
Taxes other than income taxes 334,834 588 3,862 - 339,284
---------- --------- ---------- ---------- -----------
Total 4,227,364 59,526 2,441,204 (35,862) 6,692,233
---------- --------- ---------- ---------- -----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,187,259 (59,526) (48,783) 2,046 2,080,995
---------- --------- ---------- ---------- -----------
Margin % 34.1% - (2.0%) (6.1%) 23.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 686,194 1,438 11,249 - 698,881
Other regulatory charges (credits) 14,833 - - - 14,833
Amortization of rate deferrals 115,627 - - - 115,627
---------- --------- ---------- ---------- -----------
Total 816,654 1,438 11,249 - 829,341
---------- --------- ---------- ---------- -----------
OPERATING INCOME (LOSS) 1,370,605 (60,964) (60,032) 2,046 1,251,654
---------- --------- ---------- ---------- -----------
Margin % 21.4% - (2.5%) (6.1%) 14.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 29,291 - - - 29,291
Gain/(loss) on sale of assets - net 2,046 (833) 70,712 - 71,926
Miscellaneous - net 39,573 39,421 81,015 (5,586) 154,423
---------- --------- ---------- ---------- -----------
Total 70,910 38,588 151,727 (5,586) 255,640
---------- --------- ---------- ---------- -----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 474,645 - 2,232 - 476,877
Other interest - net 65,645 6,143 14,223 (3,540) 82,471
Distributions on preferred securities of subsidiaries 18,838 - - - 18,838
Allowance for borrowed funds used during construction (22,585) - - - (22,585)
---------- --------- ---------- ---------- -----------
Total 536,543 6,143 16,455 (3,540) 555,601
---------- --------- ---------- ---------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 904,972 (28,519) 75,240 - 951,693
INCOME TAXES 351,448 19,161 (13,942) - 356,667
---------- --------- ---------- ---------- -----------
CONSOLIDATED NET INCOME (LOSS) 553,524 (47,680) 89,182 - 595,026
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 42,567 - - - 42,567
---------- --------- ---------- ---------- -----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 510,957 $(47,680) $ 89,182 $ - $ 552,459
========== ========= ========== ========== ===========
Margin % 8.0% - 3.7% - 6.3%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.08 ($0.19) $0.36 $2.25
DILUTED $2.08 ($0.19) $0.36 $2.25
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 245,127,460
DILUTED 245,326,883
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date December 31, 2000 vs. 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 947,310 $ - $ - $ 963 $ 948,272
Natural gas 55,517 - - - 55,517
Steam products (15,852) - - - (15,852)
Competitive businesses - 32,449 253,539 (31,005) 254,983
---------- --------- ---------- ---------- -----------
Total 986,975 32,449 253,539 (30,042) 1,242,920
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 559,222 - 3,758 (20) 562,960
Purchased power 235,018 - 16,628 (31,249) 220,397
---------- --------- ---------- ---------- -----------
Gross Margin 192,735 32,449 233,153 1,227 459,563
Margin % (5.8%) 100.0% 8.0% (17.6%) (1.4%)
Nuclear refueling outage expenses (5,546) - - - (5,546)
Other operation and maintenance 95,814 12,808 85,801 1,346 195,769
Decommissioning (6,504) - - - (6,504)
Taxes other than income taxes 23,530 998 6,532 - 31,060
---------- --------- ---------- ---------- -----------
Total 901,534 13,806 112,719 (29,923) 998,136
---------- --------- ---------- ---------- -----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 85,441 18,643 140,820 (119) 244,784
---------- --------- ---------- ---------- -----------
Margin % (3.4%) (126.0%) 5.5% 3.0% (0.5%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 44,466 1,840 938 - 47,244
Other regulatory charges (credits) (11,152) - - - (11,152)
Amortization of rate deferrals (85,235) - - - (85,235)
---------- --------- ---------- ---------- -----------
Total (51,921) 1,840 938 - (49,143)
---------- --------- ---------- ---------- -----------
OPERATING INCOME (LOSS) 137,362 16,803 139,882 (119) 293,927
---------- --------- ---------- ---------- -----------
Margin % (1.0%) (136.1%) 5.5% 3.0% 1.2%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 2,731 - - - 2,731
Gain/(loss) on sale of assets - net 291 (41,664) (51,018) - (92,392)
Miscellaneous - net (12,813) 45,002 9,175 (5,658) 35,706
---------- --------- ---------- ---------- -----------
Total (9,791) 3,338 (41,843) (5,658) (53,955)
---------- --------- ---------- ---------- -----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (1,095) - 2,100 (810) 194
Other interest - net (18,763) 15,960 10,933 (4,967) 3,164
Distributions on preferred securities of subsidiaries - - - - -
Allowance for borrowed funds used during construction (1,529) - - - (1,529)
---------- --------- ---------- ---------- -----------
Total (21,387) 15,960 13,033 (5,777) 1,829
---------- --------- ---------- ---------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 148,958 4,181 85,006 - 238,143
INCOME TAXES 84,219 (32,088) 70,123 - 122,254
---------- --------- ---------- ---------- -----------
CONSOLIDATED NET INCOME (LOSS) 64,739 36,269 14,883 - 115,889
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (10,946) - - - (10,946)
---------- --------- ---------- ---------- -----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 75,685 $ 36,269 $ 14,883 $ - $126,835
========== ========= ========== ========== ===========
Margin % (0.0%) (35.2%) 0.2% - 0.5%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.51 $0.14 $0.10 - $0.75
DILUTED $0.48 $0.14 $0.10 - $0.72
*Totals may not foot due to rounding.
Entergy Corporation
U. S. Utility Electric Energy Sales & Customers
Three Months Ended December
% Weather
2000 1999 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 7,055 6,357 11.0 (1.5)
Commercial 5,920 5,638 5.0 1.7
Governmental 639 632 1.1 (0.1)
Industrial 11,070 11,209 (1.2) (1.2)
------ ------
Total to Ultimate Customers 24,684 23,836 3.6 (0.6)
Wholesale 2,913 2,323 25.4
------ ------
Total Sales 27,597 26,159 5.5
====== ======
Year to Date December
% Weather
2000 1999 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 31,998 30,631 4.5 0.6
Commercial 24,657 23,775 3.7 2.4
Governmental 2,605 2,564 1.6 1.0
Industrial 43,956 43,549 0.9 0.9
------- -------
Total to Ultimate Customers 103,216 100,519 2.7 1.2
Wholesale 9,794 9,714 0.8
------- -------
Total Sales 113,010 110,233 2.5
======= =======
December
2000 1999 %
ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE):
Residential 2,205,539 2,180,248 1.2
Commercial 289,427 282,155 2.6
Governmental 14,350 13,986 2.6
Industrial 42,016 42,214 (0.5)
--------- ---------
Total to Ultimate Customers 2,551,332 2,518,603 1.3
Wholesale 37 43 (14.0)
--------- ---------
Total Sales 2,551,369 2,518,646 1.3
========= =========