Exhibit 99.11
Entergy Corporation
[Logo of Entergy] 639 Loyola Avenue
New Orleans, LA 70113
________________________________________________________________________
Date: February 1, 2001 News
For Release: Immediate Release
Contact: Yolanda Pollard (News Media)
504-576-4238
ypollar@entergy.com
Nancy Morovich (Investor Relations)
504-576-5506
nmorovi@entergy.com
Entergy Ends 2000 with Strong Fourth Quarter Earnings
New Orleans - Entergy Corporation (NYSE:ETR) today reported
fourth quarter 2000 and full year consolidated earnings that
were significantly higher than earnings in same periods of
1999. Earnings per share from operations set a fourth
quarter record for the company - completing four consecutive
record quarters in 2000.
Entergy's fourth quarter 2000 earnings were $43.3 million,
or 19 cents per share, compared with earnings of $4.3
million, or 2 cents per share, in fourth quarter 1999. On
an operational basis, Entergy's earnings were $70.9 million
or 31 cents per share in fourth quarter 2000, compared with
$17.9 million or 8 cents per share in the year-earlier
period. Colder-than-normal weather increased sales of
electricity, accounting for 15 cents of the 23-cent increase
in fourth quarter earnings per share from 1999 to 2000.
Other factors contributing to higher earnings per share
included stronger performance at Entergy's competitive
businesses and the effect of the company's ongoing program
to repurchase shares of its common stock.
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 compared to 1999, Entergy earned
$2.80, up 35 percent over 1999's total of $2.08.
"Fourth quarter results continue the trend of record-
breaking financial and operational performance for Entergy,"
said J. Wayne Leonard, Entergy's chief executive officer.
"It was also a year of superior execution on our key
strategic initiatives. Entergy is a fundamentally different
company today than it was a year ago, with greater capacity
to serve customers and to provide growing returns to
shareholders. In the fourth quarter, we advanced on several
fronts, including:
- securing overwhelming shareholder approval for our
proposed merger with FPL Group,
- completing merger approval filings in each of our
regulatory jurisdictions,
- closing, ahead of schedule, our acquisition of the Indian
Point 3 and FitzPatrick nuclear plants, and
- being chosen as the winning bidder for Indian Point 2.
"In addition," Leonard continued, "we have just closed the
Entergy-Koch venture. The energy commodity trading arm of
the EK venture begins commercial operations today under the
name Axia Energy, and the Koch Gateway Pipeline begins
conducting business under its new name, Gulf South
Pipeline."
Utility Operations
In the fourth quarter of 2000, utility earnings on an
operational basis were $46.5 million, or 20 cents per share,
compared with $34.7 million, or 15 cents per share, in
fourth quarter 1999. Weather was significantly colder,
contributing 14 cents per share to fourth quarter earnings.
In comparison, weather had a slight negative impact on
fourth quarter 1999 earnings. In addition, the year-over-
year increase in earnings per share reflects a reduction in
the number of outstanding shares, due to Entergy's ongoing
share repurchase program.
Partially offsetting these factors were tax and depreciation
adjustments, as well as current period increases in O&M
spending, resulting primarily from an increase in Entergy
Arkansas' storm damage reserves and increased reliability
spending across the system.
"Entergy's utility operations met the challenges of two
severe storms in December, the worst ice storms in our
company's history," Leonard said. "With the help of more
than 10,000 workers from 25 states, Entergy restored service
to over 230,000 Arkansas and Louisiana customers in each
storm within one week.
"We know that many natural gas customers have been hit with
higher bills as a result of cold weather and sharply higher
commodity gas costs this winter," he added. "Entergy does
not profit in any way from higher gas costs, and none of the
increase in earnings is attributable to higher gas costs to
our distribution customers. We're working with our
customers who are having trouble handling their winter bills
to defer and levelize payments and to access funds to assist
them. Entergy has contributed $1.4 million in New Orleans
to assist customers."
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 extreme weather,
the share repurchase impact, and sales growth.
Competitive Businesses
In fourth quarter 2000, Entergy's competitive businesses
earned $25.3 million, or 12 cents per share on an
operational basis, compared with $7.4 million, or 3 cents
per share, in fourth quarter 1999.
Entergy Wholesale Operations reported earnings per share of
3 cents in the fourth quarter of 2000, compared with a loss
of 2 cents per share in the same period of 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 seasonally low electricity prices. For
the full year, EWO earned 18 cents per share on an
operational basis in 2000, well above 1999's total of 5
cents per share. The increase in 2000 is attributed to
improved trading operations and liquidated damages from the
delayed construction of the Saltend project.
Entergy Nuclear earned 9 cents per share in the fourth
quarter of 2000, three times the 3 cents per share earned in
the fourth quarter of 1999. In 2000, the newly acquired
Indian Point 3 and FitzPatrick nuclear plants made stronger
than expected earnings contributions. For all of 2000,
Entergy Nuclear contributed 22 cents per share, compared
with 6 cents per share in 1999, benefiting from a full year
of Pilgrim ownership and the addition in November of the two
New York plants.
Parent & Other
Parent and Other earnings recorded a loss of 1 cent per
share on an operational basis in fourth quarter 2000,
compared with a loss of 10 cents per share in fourth quarter
1999. Results for the 2000 period benefited from lower O&M
expenses, reclassifying the Gulf States merger goodwill
amortization from the parent to the utility, and
telecommunications earnings.
Share Repurchase Program
During the fourth quarter of 2000, Entergy bought an
additional 1.5 million shares of its common stock under the
share repurchase program at a cost of $53.8 million. From
the initiation of the program through December 31, 2000,
Entergy has invested $779 million to repurchase 28.9 million
shares of its own stock, with $284 million remaining of the
total $1.06 billion authorized for repurchasing shares. The
repurchase program is expected to be completed by the time
of the financial close of the proposed merger with FPL
Group.
Outlook
"With another record-breaking quarter, Entergy finished a
great year in 2000," said C. John Wilder, Entergy's chief
financial officer. "As a result of our continued business
strength, we are raising our 2001 earnings guidance to a
range of $3.00 to $3.20 per share."
Entergy is a major global energy company with power
production, distribution operations and related diversified
services. Entergy owns, manages, or invests in power
plants generating over 30,000 megawatts of electricity
domestically and internationally, and delivers electricity
to about 2.5 million customers in portions of Arkansas,
Louisiana, Mississippi and Texas. It is also a leading
provider of wholesale energy marketing and trading services.
-30-
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.
ENTERGY CORPORATION
Earnings at a glance
Fourth Quarter 2000 1999 %
Operating Revenues $2,635.32 $1,752.37 50.4
Earnings $ 43.31 $ 4.28 911.4
Earnings per share* $ 0.19 $ 0.02 850.0
*Includes Special Items (EPS):
Loss on Latin American Investments $(0.12) -
Security sale true-up - $0.02
London reserve adjustments - 0.10
Regulatory & reserve adjustments - (0.18)
------ ------
Total $(0.12) $(0.06)
====== ======
Year to Date 2000 1999 %
Operating Revenues $10,016.15 $8,773.23 14.2
Earnings $ 679.29 $ 552.46 23.0
Earnings per share* $ 2.97 $ 2.25 32.0
*Includes Special Items (EPS):
Loss on Latin American Investments $(0.12) -
Gain on sale of Freestone Project 0.06 -
Change in unbilled revenue estimate - $0.13
Depreciation adjustment - 0.04
SERI refund adjustments - (0.08)
Regulatory & reserve adjustments (0.09) (0.27)
Security sale true-up - 0.02
London reserve adjustments - 0.10
Foreign tax benefits - 0.10
Gain on sale of Hyperion - 0.03
CitiPower purchase price adjustment - 0.02
EPG write-off of start-up costs per
new accounting standard - (0.01)
------ -----
Total $(0.15) $0.08
====== =====
Note - dollars in millions except per share amounts, which are
actual.
Entergy Corporation
Consolidated Income Statement
Three Months Ended December 31
(in thousands)
2000 1999 % Inc/(Dec)
(unaudited)
Operating Revenues:
Domestic electric $1,817,029 $1,400,484 29.7
Natural gas 69,765 32,034 117.8
Steam products - - -
Competitive businesses 748,521 319,851 134.0
---------- ----------
Total 2,635,315 1,752,369 50.4
---------- ----------
Operating Expenses:
Operation and maintenance:
Fuel, fuel-related expenses,
and gas purchased for resale 888,864 604,820 47.0
Purchased power 632,672 252,003 151.1
Nuclear refueling outage expenses 16,887 19,642 (14.0)
Other operation and maintenance 569,301 509,868 11.7
Decommissioning 10,873 10,984 (1.0)
Taxes other than income taxes 103,997 80,135 29.8
Depreciation and amortization 200,136 175,716 13.9
Other regulatory charges (credits) - net (23,630) 4,800 (592.3)
Amortization of rate deferrals 4,616 7,724 (40.2)
---------- ----------
Total 2,403,716 1,665,692 44.3
---------- ----------
Operating Income 231,599 86,677 167.2
---------- ----------
Other Income (Deductions):
Allowance for equity funds used during
construction 7,124 8,655 (17.7)
Gain (loss) on sales of assets - net (41,756) 10,037 (516.0)
Miscellaneous - net 33,623 65,329 (48.5)
---------- ----------
Total (1,009) 84,021 (101.2)
---------- ----------
Interest and Other Charges:
Interest on long-term debt 123,487 117,568 5.0
Other interest - net 19,408 24,068 (19.4)
Dividends on preferred securities of subsidiaries 4,709 4,709 -
Allowance for borrowed funds used during
construction (5,361) (6,115) (12.3)
---------- ----------
Total 142,243 140,230 1.4
---------- ----------
Income Before Income Taxes 88,347 30,468 190.0
Income Taxes 38,304 14,264 168.5
---------- ----------
Consolidated Net Income 50,043 16,204 208.8
Preferred dividend requirements of subsidiaries and other 6,735 11,922 (43.5)
---------- ----------
Earnings Applicable to Common Stock $43,308 $4,282 911.4
========== ==========
Earnings Per Average Common Share:
Basic $0.20 $0.02 900.0
Diluted $0.19 $0.02 850.0
Average Number of Common Shares Outstanding:
Basic 219,582,366 240,930,695
Diluted 223,919,460 241,065,885
Entergy Corporation
Consolidated Income Statement
Twelve Months Ended December 31
(in thousands)
2000 1999 % Inc/(Dec)
(unaudited)
Operating Revenues:
Domestic electric $7,219,686 $6,271,414 15.1
Natural gas 165,872 110,355 50.3
Steam products - 15,852 (100.0)
Competitive businesses 2,630,590 2,375,607 10.7
----------- ----------
Total 10,016,148 8,773,228 14.2
----------- ----------
Operating Expenses:
Operation and maintenance:
Fuel, fuel-related expenses,
and gas purchased for resale 2,645,835 2,082,875 27.0
Purchased power 2,662,881 2,442,484 9.0
Nuclear refueling outage expenses 70,511 76,057 (7.3)
Other operation and maintenance 1,901,314 1,705,545 11.5
Decommissioning 39,484 45,988 (14.1)
Taxes other than income taxes 370,344 339,284 9.2
Depreciation and amortization 746,125 698,881 6.8
Other regulatory charges (credits) - net 3,681 14,833 (75.2)
Amortization of rate deferrals 30,392 115,627 (73.7)
----------- ----------
Total 8,470,567 7,521,574 12.6
----------- ----------
Operating Income 1,545,581 1,251,654 23.5
----------- ----------
Other Income (Deductions):
Allowance for equity funds used during
construction 32,022 29,291 9.3
Gain (loss) on sales of assets - net (20,466) 71,926 (128.5)
Miscellaneous - net 190,129 154,423 23.1
----------- ----------
Total 201,685 255,640 (21.1)
----------- ----------
Interest and Other Charges:
Interest on long-term debt 477,071 476,877 0.0
Other interest - net 85,635 82,471 3.8
Dividends on preferred securities of subsidiaries 18,838 18,838 0.0
Allowance for borrowed funds used during
construction (24,114) (22,585) 6.8
----------- ----------
Total 557,430 555,601 0.3
----------- ----------
Income Before Income Taxes 1,189,836 951,693 25.0
Income Taxes 478,921 356,667 34.3
----------- ----------
Consolidated Net Income 710,915 595,026 19.5
Preferred dividend requirements of subsidiaries and other 31,621 42,567 (25.7)
----------- ----------
Earnings Applicable to Common Stock $679,294 $552,459 23.0
=========== ==========
Earnings Per Average Common Share:
Basic $3.00 $2.25 33.3
Diluted $2.97 $2.25 32.0
Average Number of Common Shares Outstanding:
Basic 226,580,449 245,127,460
Diluted 228,541,307 245,326,883
Entergy Corporation
U. S. Utility Electric Energy Sales & Customers
Three Months Ended December
2000 1999 %
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 7,055 6,357 11.0
Commercial 5,920 5,638 5.0
Governmental 639 632 1.1
Industrial 11,070 11,209 (1.2)
------ ------
Total to Ultimate Customers 24,684 23,836 3.6
Wholesale 2,913 2,323 25.4
------ ------
Total Sales 27,597 26,159 5.5
====== ======
Twelve Months Ended December
2000 1999 %
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 31,998 30,631 4.5
Commercial 24,657 23,775 3.7
Governmental 2,605 2,564 1.5
Industrial 43,956 43,549 0.9
------- -------
Total to Ultimate Customers 103,216 100,519 2.7
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
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