Exhibit 99.1
[Logo of Entergy] For further information:
Nancy Morovich, VP, Investor Relations
Phone 504/576-5506, Fax - 2897
INVESTOR NEWS nmorovi@entergy.com
April 25, 2001
ENTERGY REPORTS STRONG FIRST QUARTER,
COMPETITIVE BUSINESSES CONTINUE TO DELIVER
NEW ORLEANS - Entergy Corporation announced first quarter 2001
consolidated earnings per share of $0.69, compared with $0.42 in 2000.
On an operational basis, Entergy earned $0.75 per share, easily beating
the record results it posted in the first quarter 2000 of $0.48.
Excluding the impact of more favorable weather in 2001 than in 2000,
Entergy earned $0.70 per share, an increase of 25 percent over 2000's
total of $0.56.
"Entergy had yet another outstanding quarter," said J. Wayne Leonard,
Entergy's chief executive officer. "We're now clearly realizing the
financial benefits of our reinvestment plan with our competitive
businesses recording an increase in operational earnings for the quarter
equal to that of the utility. Our strategy is to achieve market-leading
positions in each line of business and we are beginning to see the
success of our efforts:
- - Our utility is providing a higher level of service and reliability to
our customers.
- - Entergy's unregulated nuclear business has achieved critical mass, and
is delivering significantly to overall earnings per share.
- - In our wholesale business, the development plan for new generating
projects offers considerable upside over the coming years as we deploy
our turbines.
- - And our investment in Entergy-Koch - a new venture which is already
contributing to earnings in its first quarter of operations - brings
industry-leading product development, risk management and structuring
capabilities.
Our integrated wholesale energy strategy is unfolding and the first
quarter has us off to a great start for the year 2001."
Table 1 provides a summary of Entergy Corporation's consolidated earnings
per share for the first quarter 2001 compared to the same period of 2000.
- -------------------------------------------------------------------------
Table 1: Entergy Corporation Consolidated Results
First Quarter 2001 vs. 2000
- -------------------------------------------------------------------------
(Per share in U.S. $)
2001 2000 Change
As Reported
U.S. Utility 0.51 0.33 0.18
Parent & Other (0.04) - (0.04)
Competitive Businesses 0.22 0.09 0.13
-------------------------
Consolidated Earnings 0.69 0.42 0.27
Less Special Items
U.S. Utility (0.01) (0.06) 0.05
Parent & Other (0.05) - (0.05)
Competitive Businesses - - -
-------------------------
Total (0.06) (0.06) -
Operational
U.S. Utility 0.52 0.39 0.13
Parent & Other 0.01 - 0.01
Competitive Businesses 0.22 0.09 0.13
-------------------------
Consolidated Earnings 0.75 0.48 0.27
Weather Impact 0.05 (0.08) 0.13
Consolidated Operational Earnings 0.70 0.56 0.14
Excluding Weather
- -------------------------------------------------------------------------
Quarterly Overview
First quarter 2001 consolidated revenues were 46 percent higher than the
same period in 2000, driven by significant increases at both the utility
and the competitive businesses. Utility electric revenue was up 38
percent primarily due to higher sales volume and fuel clause revenue.
Revenues at the competitive businesses were 62 percent higher. This
level of contribution was due to strong operations at the newly acquired
Indian Point 3 and FitzPatrick nuclear plants as well as the contribution
from the two United Kingdom plants, Saltend and Damhead Creek, that began
commercial operations in late 2000 and early 2001, respectively.
On a consolidated basis, fuel expense was 126 percent higher in the first
quarter of 2001 compared to the same period in 2000 as a result of higher
gas prices. The increased fuel expense offset higher fuel clause revenue
because fuel costs are a direct pass-through to customers.
In the first quarter of 2001, other operating and maintenance expenses
increased 25 percent compared with first quarter 2000. The increase is
due largely to the newly acquired New York nuclear plants and the Saltend
and Damhead units in the United Kingdom. Similarly, depreciation and
amortization expenses were 14 percent higher in 2001. Quarterly
operating income rose 26 percent on a consolidated basis in 2001.
Other income on a consolidated basis increased 131 percent in the first
quarter of 2001. The increase was driven by the close of the Entergy-
Koch venture, the income from which is reflected in other income in
accordance with applicable business venture accounting. In addition,
other income was higher due to liquidated damages received in connection
with Damhead Creek.
Total interest expense was 34 percent higher in the first quarter 2001
compared to the same period in 2000. The increase is due primarily to
higher interest expense at the utility where additional long term debt
and short term borrowings have been made. In addition, the competitive
businesses incurred more interest expense as a result of financing the
acquisition of the nuclear plants in New York, as well as recording
interest expense on the United Kingdom plants that was capitalized prior
to commercial operation. The effective tax rate was 40 percent in first
quarter 2001, down from 43 percent in 2000.
Table 2 provides a first quarter 2001 vs. 2000 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 2001 vs. 2000
- -------------------------------------------------------------------------
(Per share in U.S. $, sorted in consolidated
column, most to least favorable)
U.S.
Utility, Competitive
Parent & Businesses Consolidated
Other
2000 as reported earnings 0.33 0.09 0.42
Net Revenue 0.22 (a ) 0.33 ( b) 0.55
Other income (deductions) 0.01 0.12 ( c) 0.13
Share repurchase / dilution effect 0.03 0.01 0.04
Income taxes - other 0.01 ( j) 0.01 ( j) 0.02
Preferred dividend requirements 0.01 - 0.01
Decommissioning expense 0.01 - 0.01
Taxes other than income taxes (0.03) (d) (0.03) (d) (0.06)
Depreciation/amortization expenses (0.04) (e) (0.03) (e) (0.07)
Interest expense and other charges (0.05) (f) (0.07) (g) (0.12)
Other operating and maintenance (0.03) (h) (0.21) (i) (0.24)
expenses
--------------------------------
2001 as reported earnings 0.47 0.22 0.69
- -------------------------------------------------------------------------
U.S. Utility
In the first quarter of 2001, as reported utility earnings were $0.51 per
share, compared with $0.33 for the same period in 2000. Excluding a
minor adjustment for merger expenses reflected as a special item (see
Table 4), first quarter 2001 operational earnings per share were $0.52 or
33 percent higher than the $0.39 in first quarter 2000. Weather was
considerably more favorable in 2001, contributing $0.05 to earnings per
share compared to ($0.08) in the first quarter of 2000. First quarter
2001 earnings also benefited from the reduced number of shares
outstanding resulting from the share repurchase program.
Partially offsetting these factors were higher franchise tax expense and
depreciation expense, the latter related to increased reliability
spending. Interest expense was also higher in the first quarter 2001
compared to the same period last year due to increased long term debt and
short-term borrowings, as well as interest accrued on existing regulatory
reserves.
The utility experienced an exceptional quarter operationally. In
addition to completing restoration work in Arkansas following severe ice
storms, employees at Arkansas Nuclear One Unit 1 worked toward achieving
the shortest refueling outage in company history. On April 9, 2001, the
outage was completed in less than twenty-three days, a record time for a
Babcock-Wilcox design unit.
Parent & Other
Parent & Other earnings per share were ($0.04) on an as reported basis in
first quarter 2001, as compared with zero in first quarter 2000. First
quarter 2001 included merger related expenses of ($0.05) recorded during
the quarter. Excluding these costs, which were identified as a special
item (see Table 4), operational earnings were $0.01 in first quarter
2001.
Competitive Businesses
Table 3 provides a 2001 vs. 2000 comparison of contributions by business
for the first quarter, on both an as reported and operational basis.
- -------------------------------------------------------------------------
Table 3: Competitive Businesses Contributions to Earnings Per Share
First Quarter 2001 vs. 2000
- -------------------------------------------------------------------------
(Per share in U.S. $)
2001 2000 $ Change
As Reported
Entergy Nuclear 0.13 0.05 0.08
Entergy-Koch 0.08 0.05 0.03
Entergy Wholesale Operations 0.01 (0.01) 0.02
--------------------------
Total 0.22 0.09 0.13
Less Special Items
Entergy Nuclear - - -
Entergy-Koch - - -
Entergy Wholesale Operations - - -
--------------------------
Total - - -
Operational
Entergy Nuclear 0.13 0.05 0.08
Entergy-Koch 0.08 0.05 0.03
Entergy Wholesale Operations 0.01 (0.01) 0.02
--------------------------
Total 0.22 0.09 0.13
- -------------------------------------------------------------------------
On an as reported basis earnings per share from competitive businesses
were $0.22, as compared with $0.09 in 2000. There were no special items
recorded at the competitive businesses during the first quarter of either
year.
Entergy Nuclear
Entergy Nuclear earned $0.13 per share compared to $0.05 in the first
quarter 2000, due primarily to the addition of Indian Point 3 and
FitzPatrick nuclear units acquired in late 2000. The Pilgrim Nuclear
Station contributed $0.05 to earnings per share while operating at a
capacity factor of nearly 99% for the quarter. Indian Point 3 and
FitzPatrick contributed $0.07 to earnings per share with capacity factors
of nearly 103% and 99%, respectively. For the first quarter 2001,
Entergy Nuclear generated more than 5 million megawatt hours from its
unregulated portfolio, an increase of more than 250% over the comparable
period in 2000.
Entergy-Koch
Entergy-Koch began operations on February 1, 2001, and contributed $0.08
to earnings per share for only two months of operations. This compares
to $0.05 contributed by Entergy Power Marketing Corp. for the full
quarter in 2000. Entergy Power Marketing Corp. made virtually no
contribution to the current quarter's earnings, because its activities
were very limited in January prior to the closing of Entergy-Koch.
During the quarter, Entergy-Koch traded an average of 6.5 billion cubic
feet of gas per day and nearly 27 million megawatt hours of electricity.
In addition, the Gulf South Pipeline, the venture's gas pipeline and
storage business, transported nearly 222 billion cubic feet of gas. This
represents a decline of 10% compared to the same period of 2000 as large
industrials reduced demand in response to higher gas prices.
Entergy Wholesale Operations
On an operational basis EWO contributed $0.01 to earnings per share in
2001 as compared with a loss of $(0.01) in the previous year. Earnings
per share were positively impacted by the receipt of liquidated damages
on the Damhead Creek project in the United Kingdom. Damages were paid by
the construction contractor, $0.04 of which were recorded as income, due
to construction delays. Partially offsetting these amounts were interest
and depreciation expenses at Saltend and Damhead Creek as a result of
being placed into commercial operation.
Share Repurchase Program
There were no repurchases of Entergy shares in the first quarter of 2001.
The pending closure of the Entergy-Koch transaction limited repurchasing
opportunities early in the quarter and issues that surfaced in connection
with the then-pending merger had a similar effect later in the quarter.
Therefore, through March 31, 2001, the number of shares repurchased since
the initiation of the program in July 1999 remained at 28.9 million. A
total of $779 million was spent to purchase the shares at an average cost
less than $27.00 per share. Entergy anticipates limited repurchase
activity for the remainder of 2001, as it pursues various growth
investment opportunities. Average shares outstanding on a fully diluted
basis are expected to be approximately 224 million for the year 2001.
Special Items
Table 4 lists special items by business for the first quarters of 2001
and 2000. Special items are those events that are non-routine, related
to prior periods, or related to discontinued operations.
- -------------------------------------------------------------------------
Table 4: Entergy Special Items [shown as positive / (negative) impact on
earnings]
First Quarter 2001 vs. 2000
- -------------------------------------------------------------------------
(Per share in U.S. $)
2001 2000 Change
U.S. Utility Special Items
Merger expenses (0.01) - (0.01)
Regulatory and reserve adjustments - (0.06) 0.06
----------------------
Total (0.01) (0.06) 0.05
----------------------
Parent Special Items
Merger expenses (0.05) - (0.05)
----------------------
Competitive Businesses Special Items - - -
----------------------
Total Special Items (0.06) (0.06) -
======================
- -------------------------------------------------------------------------
Other Performance Highlights
While available cash at the end of the first quarter 2001 remained strong
at more than $1 billion, operating cash flow measures declined for the
three months ending March 2001 compared to the same period one year ago.
The reduction in operating cash flow reflects the impact of the storm
restoration costs at Entergy Arkansas that occurred near the end of 2000
as well as the continuing high cost of fuel and purchased power.
In the twelve months ended March 31, 2001, cash return on average
investment improved by 9 percent over 2000 to 7.44 percent. Return on
average common equity was up 24 percent over this same period, increasing
to 10.65 percent. Net margin on an operational basis improved by 7
percent compared to 2000, rising to 7.11 percent. In addition, net
interest coverage improved by 10 percent, increasing to 5.66 times
compared to the twelve month period ended March 31, 2000. Finally, with
fewer shares outstanding, book value per share rose in the twelve months
ending March 2001.
Table 5 provides a summary of key financial performance metrics.
- -------------------------------------------------------------------------
Table 5: Entergy Corporation Key Financial Performance Metrics
First Quarter 2001 vs. 2000
- -------------------------------------------------------------------------
2001 2000 Change
For the first quarter:
Operating cash flow ($millions) $185 $330 ($145)
Operating cash flow per share $0.83 $1.39 ($0.56)
For 12 months ending March 31:
Cash return on average investment 7.44% 6.83% 0.61%
Return on average common equity ( k ) 10.65% 8.58% 2.07%
Net margin - operational ( l ) 7.11% 6.64% 0.47%
Net interest coverage ( m ) 5.66 5.16 0.50
Book value per share $32.07 $30.13 $1.94
End of period shares outstanding 220.3 232.2 (11.9)
(millions)
- -------------------------------------------------------------------------
Earnings Review and Outlook
"We again achieved strong financial results in the first quarter," said
C. John Wilder, Entergy's chief financial officer. "The utility
remained steady, while the competitive businesses performed very well,
accounting for over 31% of consolidated operational earnings, excluding
weather. We continue to see solid evidence of our financial strength, as
demonstrated by improvement in numerous key financial measures such as
cash return, return on equity, net margin and net interest coverage. In
addition, our cash position still tops $1 billion with a net debt to
capital ratio of 51%, giving us the necessary resources to continue to
execute on our growth plan.
"While only one quarter of the year is behind us," Wilder continued, "our
strong start positions us well to achieve 2001 earnings within our target
range of $3.00 - $3.20 per share. We believe this range, as well as the
range we established for 2002 of $3.30 to $3.50, are clearly within
reach, even though share repurchases will be lower than previously
expected."
Table 6 provides Entergy's projection of 2001 operational earnings per
share.
- ---------------------------------------------------------------------------------
Table 6: 2001 Earnings Per Share Guidance
- ---------------------------------------------------------------------------------
(Per share in US $)
2000 2001
Operational Changes in 2001 Guidance
Range
Range of Impact
Utility excluding weather Operating 0.03 0.06
improvement/other
Suspension of 0.00 0.04
goodwill
amortization
-------------
2.33 Total 0.03 0.10 2.36 2.43
Entergy Nuclear Pilgrim Outage and (0.09) (0.08)
lower PPA Price
Indian Point 3 and 0.13 0.14
FitzPatrick
Indian Point 2 0.09 0.10
-------------
0.22 Total 0.13 0.16 0.35 0.38
Entergy-Koch Axia Energy and 0.06 0.11
Gulf South Pipeline
-------------
0.19 Total 0.06 0.11 0.25 0.30
Entergy Wholesale Operations Liquidated damages (0.13) (0.13)
North American and 0.24 0.28
European projects
-------------
(0.01) Total 0.11 0.15 0.10 0.14
Parent & Other Lower investment (0.13) (0.12)
income and higher
interest expense
-------------
0.07 Total (0.13) (0.12) (0.06) (0.05)
------------------------------------------------------
Total 2.80 0.20 0.40 3.00 3.20
Weather 0.32 - -
Total including 3.12 3.00 3.20
weather
- ---------------------------------------------------------------------------------
Table 7 provides Entergy's projection of 2002 operational earnings per
share.
- ---------------------------------------------------------------------------------
Table 7: 2002 Earnings Per Share Guidance
- ---------------------------------------------------------------------------------
(Per share in US $)
2001 2002
Guidance Changes in 2002 Guidance
Range Range
Impact
Utility excluding weather Operating 0.02
improvement/other
Suspension of 0.03
goodwill
amortization
-----
2.36 2.43 Total 0.05 2.41 2.48
Entergy Nuclear No Pilgrim Outage 0.06
Indian Point 3 and 0.04
FitzPatrick
Indian Point 2 0.03
New Project 0.07
-----
0.35 0.38 Total 0.20 0.55 0.58
Entergy-Koch Trading and 0.05
pipeline growth
-----
0.25 0.30 Total 0.05 0.30 0.35
Entergy Wholesale Development 0.06
Operations projects
-----
0.10 0.14 Total 0.06 0.16 0.20
Parent & Other Interest expense (0.06)
-----
(0.06) (0.05) Total (0.06) (0.12) (0.11)
----------------------------------------------------
Total 3.00 3.20 0.30 3.30 3.50
Weather - - - -
Total including 3.00 3.20 3.30 3.50
weather
- -------------------------------------------------------------------------------
Entergy Corporation, with annual revenues of more than $10 billion, is a
major global energy company engaged in power production, distribution
operations, and related diversified services, with more than 13,800
employees. Entergy owns, manages, or invests in power plants generating
nearly 30,000 megawatts of electricity domestically and internationally,
and delivers electricity to about 2.6 million customers in portions of
Arkansas, Louisiana, Mississippi and Texas. Through Entergy-Koch, L.P.,
it is also a leading provider of wholesale energy marketing and trading
services.
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.
_______________________________
(a) In the first quarter of 2001, net revenue increased primarily as a
result of abnormal weather and regulatory adjustments recorded in
March 2000 that are nonrecurring.
Utility Net Revenue Variance Analysis
2001 vs. 2000 ($ EPS)
First Quarter
Weather 0.13
Sales growth/pricing 0.01
Special items 0.06
Other (parent & other) 0.02
Total 0.22
(b) Net revenue increased primarily as a result of the New York nuclear
plants which were acquired in November 2000.
(c) Other income (deductions) increased due primarily to Entergy-Koch
earnings and Damhead Creek liquidated damages.
(d) Taxes other than income taxes increased as a result of an increase in
local franchise taxes at the utility resulting from higher revenue
(weather and fuel) and increased property taxes at Entergy Nuclear.
(e) Depreciation expense increased due to an increase in depreciable
plant at the utility, EWO (Saltend and Damhead Creek) and Entergy
Nuclear (Indian Point 3 and FitzPatrick).
(f) Interest expense and other charges increased due to increased long
term debt at the utility, increased regulatory reserves related
interest, and increased short term borrowings at the parent.
(g) Interest expense and other charges increased due to financing the
acquisition of Indian Point 3 and FitzPatrick as well the addition of
interest expense on Saltend and Damhead Creek.
(h) Other operating and maintenance expenses increased primarily due to
merger expenses of $(0.06) which are treated as special item.
(i) Other operating and maintenance expenses increased due primarily to
operations at Indian Point 3 and FitzPatrick at Entergy Nuclear and
from Saltend and Damhead Creek.
(j) Income statement line items are tax effected at statutory rate.
Difference between statutory and effective rate is reflected in the
"Income tax - other" line.
(k) "Return on average common equity" is 12-months rolling net income
divided by average common equity.
(l) "Net margin - operational" is 12-months rolling net income adjusted
to exclude the impact of special items divided by 12 months rolling
revenue.
(m) "Net interest coverage" is 12-months rolling EBITDA divided by 12-
months rolling net interest expense, which is gross interest less
dividend and interest income.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities & Other Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 68,866 $ 1,937 $ 90,618 $ - $ 161,420
Temporary cash investments - at cost,
which approximates market 297,656 86,052 339,064 - 722,772
Special deposits - - 145,639 - 145,639
----------------------------------------------------------------------
Total cash and cash equivalents 366,522 87,989 575,321 - 1,029,831
----------------------------------------------------------------------
Notes receivable 4,547 313,351 32,011 (343,367) 6,543
Accounts receivable:
Customer 428,222 - 99,211 - 527,433
Allowance for doubtful accounts (7,383) (2,064) (714) - (10,161)
Associated companies 15,708 157,940 (24,539) (149,109) -
Other 83,599 5,091 112,321 - 201,011
Accrued unbilled revenues 365,990 - 49 - 366,039
----------------------------------------------------------------------
Total receivables 886,136 160,967 186,328 (149,109) 1,084,322
Deferred fuel costs 537,362 - - - 537,362
Fuel inventory - at average cost 140,216 - 2,205 18 142,439
Materials and supplies - at average cost 342,079 13 95,456 - 437,548
Rate deferrals 12,130 - - - 12,130
Deferred nuclear refueling outage costs 38,324 - - - 38,324
Prepayments and other 48,738 2,866 27,968 - 79,573
----------------------------------------------------------------------
TOTAL 2,376,054 565,186 919,289 (492,458) 3,368,072
----------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 216 7,668,944 469,595 (7,668,943) 469,811
Decommissioning trust funds 874,734 - 455,610 - 1,330,343
Non-utility property - at cost
(less accumulated depreciation) 224,318 34,780 27,899 - 286,997
Non-regulated investments - 34,668 170,890 (26,320) 179,237
Other - at cost (less accumulated depreciation) 18,574 5,389 46,635 - 70,598
----------------------------------------------------------------------
TOTAL 1,117,843 7,743,781 1,170,629 (7,695,263) 2,336,986
----------------------------------------------------------------------
PROPERTY, PLANT, AND EQUIPMENT
Electric 24,022,875 4,551 1,442,716 - 25,470,142
Plant acquisition adjustment 386,298 - 300 - 386,598
Property under capital lease 767,404 - 78,602 - 846,006
Natural gas 192,388 - - - 192,388
Construction work in progress 580,528 2,553 160,340 - 743,421
Nuclear fuel under capital lease 283,929 - - - 283,929
Nuclear fuel 34,218 - 134,845 - 169,062
----------------------------------------------------------------------
TOTAL PROPERTY, PLANT, AND EQUIPMENT 26,267,640 7,104 1,816,803 - 28,091,546
Less - accumulated depreciation and amortization 11,534,994 3,414 107,113 - 11,645,521
----------------------------------------------------------------------
PROPERTY, PLANT, AND EQUIPMENT - NET 14,732,646 3,690 1,709,690 - 16,446,025
----------------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
SFAS 109 regulatory asset - net 972,696 - - - 972,696
Unamortized loss on reacquired debt 179,336 - - - 179,336
Deferred fuel costs 75,083 - - - 75,083
Other regulatory assets 873,838 - - - 873,838
Long-term receivables 28,860 (150) - - 28,710
Other 205,679 424,546 683,374 (402,586) 911,013
----------------------------------------------------------------------
TOTAL 2,335,492 424,396 683,374 (402,586) 3,040,676
----------------------------------------------------------------------
TOTAL ASSETS $20,562,035 $8,737,054 $4,482,981 $(8,590,307) $ 25,191,759
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities & Other Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES
Currently maturing long-term debt $673,108 $ - $154,477 $ - $827,585
Notes payable:
Associated companies - 32,000 312,861 (344,861) -
Other 118,715 500,000 4,304 - 623,019
Account payable:
Associated companies 115 41,224 (1,884) (39,455) -
Other 506,548 5,787 200,631 - 712,965
Customer deposits 174,520 - - - 174,520
Taxes accrued 366,195 126,995 26,181 - 519,370
Accumulated deferred income taxes 188,866 (12) (25) - 188,829
Nuclear refueling outage costs 13,253 - - - 13,253
Interest accrued 134,856 2,483 2,086 - 139,424
Obligations under capital lease 157,239 - - - 157,239
Other 171,763 9,675 67,638 (17,491) 231,586
----------------------------------------------------------------------
TOTAL 2,505,178 718,152 766,269 (401,807) 3,587,790
----------------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,378,838 (69,208) (27,432) - 3,282,199
Accumulated deferred investment tax credits 488,509 - - - 488,509
Obligations under capital lease 205,815 - 15 - 205,830
FERC settlement - refund obligation 28,965 - - - 28,965
Other regulatory liabilities 129,995 - - - 129,995
Decommisioning 302,171 - 458,930 - 761,100
Transition to competition 199,981 - - - 199,981
Regulatory reserves 425,581 - - - 425,581
Accumulated provisions 282,819 (7) 63,532 - 346,344
Other 750,201 74,288 319,235 (438,064) 705,659
----------------------------------------------------------------------
TOTAL 6,192,875 5,073 814,280 (438,064) 6,574,163
----------------------------------------------------------------------
Long-term debt 5,745,554 25,999 1,670,874 (90,669) 7,351,758
Preferred stock with sinking fund 63,760 - - - 63,760
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 334,687 - - - 334,687
Common stock 2,225,870 360,701 927,600 (3,511,688) 2,482
Authorized shares 500,000,000
Issued shares CY 248,174,087
Paid-in capital 1,779,419 5,555,549 464,768 (3,135,813) 4,663,923
Retained earnings 1,499,761 2,908,733 (16,039) (1,116,907) 3,275,548
Accumulated other comprehensive income (loss) (69) (77,769) (116,155) 76,025 (117,968)
Less - treasury stock, at cost - 759,384 28,616 (28,616) 759,384
Shares CY 27,865,077
----------------------------------------------------------------------
TOTAL 5,839,668 7,987,830 1,231,558 (7,659,767) 7,399,288
----------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,562,035 $8,737,054 $4,482,981 $ (8,590,307) $25,191,759
======================================================================
* 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 & Other Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 46,511 $ 821 $ 110,218 $ - $ 157,550
Temporary cash investments - at cost,
which approximates market 307,589 114,957 217,492 - 640,038
Special deposits - - 584,836 - 584,836
----------- ---------- ---------- ----------- -----------
Total cash and cash equivalents 354,100 115,778 912,546 - 1,382,424
----------- ---------- ---------- ----------- -----------
Notes receivable 1,544 780,878 - (778,814) 3,608
Accounts receivable:
Customer 447,036 - 50,785 - 497,821
Allowance for doubtful accounts (7,383) (2,064) (500) - (9,947)
Associated companies 21,587 124,533 5,348 (151,469) -
Other 100,612 1,908 292,998 - 395,518
Accrued unbilled revenues 415,409 - - - 415,409
----------- ---------- ---------- ----------- -----------
Total receivables 977,261 124,377 348,631 (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) 86,876 - 425,357
Rate deferrals 16,581 - - - 16,581
Deferred nuclear refueling outage costs 46,544 - - - 46,544
Prepayments and other 54,323 2,838 65,528 - 122,690
----------- ---------- ---------- ----------- -----------
TOTAL 2,449,037 1,023,858 1,415,383 (930,265) 3,958,015
----------- ---------- ---------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 214 7,005,736 - (7,005,737) 214
Decommissioning trust funds 867,242 - 448,615 - 1,315,857
Non-utility property - at cost (less accumulated
depreciation) 224,443 33,741 4,768 - 262,952
Non-regulated investments - 11,500 177,655 (1) 189,154
Other - at cost (less accumulated depreciation) 17,859 4,439 4,738 - 27,036
----------- ---------- ---------- ----------- -----------
TOTAL 1,109,759 7,055,416 635,776 (7,005,738) 1,795,213
----------- ---------- ---------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Electric 24,020,884 4,415 1,112,262 - 25,137,562
Plant acquisition adjustment 390,364 - 300 - 390,664
Property under capital lease 769,370 - 62,452 - 831,822
Natural gas 190,989 - - - 190,989
Construction work in progress 447,562 2,225 486,998 - 936,785
Nuclear fuel under capital lease 277,673 - - - 277,673
Nuclear fuel 38,848 - 118,755 - 157,603
----------- ---------- ---------- ----------- -----------
TOTAL PROPERTY, PLANT AND EQUIPMENT 26,135,692 6,640 1,780,767 - 27,923,098
Less - accumulated depreciation and amortization 11,385,858 3,187 88,307 - 11,477,352
----------- ---------- ---------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT - NET 14,749,834 3,453 1,692,460 - 16,445,745
----------- ---------- ---------- ----------- -----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
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 6,000 (6,011) - 29,575
Other 177,147 417,735 978,441 (402,046) 1,171,278
----------- ---------- ---------- ----------- -----------
TOTAL 2,258,803 423,735 972,430 (402,046) 3,252,922
----------- ---------- ---------- ----------- -----------
TOTAL ASSETS $20,567,433 $8,506,463 $4,716,048 $(8,338,048) $25,451,896
=========== ========== ========== =========== ===========
*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 & Other Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt $ 309,738 $ - $154,477 $ - $ 464,215
Notes payable:
Associated companies - 70,190 708,624 (778,814) -
Other 715 387,000 308 - 388,023
Account payable:
Associated companies 8,178 17,517 22,880 (48,575) -
Other 877,052 6,915 320,260 - 1,204,227
Customer deposits 172,169 - - - 172,169
Taxes accrued 310,395 134,324 7,092 - 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
Obligations under capital leases 156,907 - - - 156,907
Other 176,505 10,864 22,760 (17,222) 192,908
----------- ---------- ---------- ----------- -----------
TOTAL 2,417,420 627,611 1,237,729 (844,611) 3,438,151
----------- ---------- ---------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,336,353 (80,078) (7,192) - 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 104,841 - - - 104,841
Decommisioning 295,801 - 453,907 - 749,708
Transition to competition 191,934 - - - 191,934
Regulatory reserves 396,789 - - - 396,789
Accumulated provisions 287,797 (10) 102,329 - 390,116
Other 719,070 104,349 439,982 (410,264) 853,137
----------- ---------- ---------- ----------- -----------
TOTAL 6,059,503 24,261 989,041 (410,264) 6,662,541
----------- ---------- ---------- ----------- -----------
Long-term debt 6,039,638 25,999 1,752,125 (85,669) 7,732,093
Preferred stock with sinking fund 65,758 - - - 65,758
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 2,225,870 359,699 367,863 (2,950,950) 2,481
Authorized shares 500,000,000
Issued shares CY 248,094,614
Paid-in capital 1,779,381 5,457,993 511,690 (3,088,580) 4,660,483
Retained earnings 1,430,175 2,861,546 (63,111) (1,037,972) 3,190,639
Accumulated other comprehensive income (loss) - (75,742) (73,289) 73,998 (75,033)
Less - treasury stock, at cost - 774,905 6,000 (6,000) 774,905
Shares CY 28,490,031
----------- ---------- ---------- ----------- -----------
TOTAL 5,770,114 7,828,591 737,153 (6,997,504) 7,338,353
----------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,567,433 $8,506,463 $4,716,048 $(8,338,048) $25,451,896
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2001 vs December 31, 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities & Other Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 22,355 $ 1,116 $ (19,600) $ - $ 3,870
Temporary cash investments - at cost,
which approximates market (9,933) (28,905) 121,572 - 82,734
Special deposits - - (439,197) - (439,197)
----------------------------------------------------------------------
Total cash and cash equivalents 12,422 (27,789) (337,225) - (352,593)
----------------------------------------------------------------------
Notes receivable 3,003 (467,527) 32,011 435,447 2,935
Accounts receivable:
Customer (18,814) - 48,426 - 29,612
Allowance for doubtful accounts - - (214) - (214)
Associated companies (5,879) 33,407 (29,887) 2,360 -
Other (17,013) 3,183 (180,677) - (194,507)
Accrued unbilled revenues (49,419) - 49 - (49,370)
----------------------------------------------------------------------
Total receivables (91,125) 36,590 (162,303) 2,360 (214,479)
Deferred fuel costs (30,969) - - - (30,969)
Fuel inventory - at average cost 48,357 - 403 - 48,760
Materials and supplies - at average cost 3,585 26 8,580 - 12,191
Rate deferrals (4,451) - - - (4,451)
Deferred nuclear refueling outage costs (8,220) - - - (8,220)
Prepayments and other (5,585) 28 (37,560) - (43,117)
----------------------------------------------------------------------
TOTAL (72,983) (458,672) (496,094) 437,807 (589,943)
----------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 2 663,208 469,595 (663,206) 469,597
Decommissioning trust funds 7,492 - 6,995 - 14,486
Non-utility property - at cost
(less accumulated depreciation) (125) 1,039 23,131 - 24,045
Non-regulated investments - 23,168 (6,765) (26,319) (9,917)
Other - at cost (less accumulated depreciation) 715 950 41,897 - 43,562
----------------------------------------------------------------------
TOTAL 8,084 688,365 534,853 (689,525) 541,773
----------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT
Electric 1,991 136 330,454 - 332,581
Plant acquisition adjustment (4,066) - - - (4,066)
Property under capital lease (1,966) - 16,150 - 14,184
Natural gas 1,399 - - - 1,399
Steam products - - - - -
Construction work in progress 132,966 328 (326,658) - (193,364)
Nuclear fuel under capital lease 6,256 - - - 6,256
Nuclear fuel (4,630) - 16,090 - 11,459
----------------------------------------------------------------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 131,948 464 36,036 - 168,449
Less - accumulated depreciation and amortization 149,136 227 18,806 - 168,169
----------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT - NET (17,188) 237 17,230 - 280
----------------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
SFAS 109 regulatory asset - net (7,570) - - - (7,570)
Unamortized loss on reacquired debt (4,291) - - - (4,291)
Deferred fuel costs (20,578) - - - (20,578)
Other regulatory assets 81,323 - - - 81,323
Long-term receivables (726) (6,150) 6,011 - (865)
Other 28,532 6,811 (295,067) (540) (260,265)
----------------------------------------------------------------------
TOTAL 76,689 661 (289,056) (540) (212,246)
----------------------------------------------------------------------
TOTAL ASSETS $ (5,398) $ 230,591 $ (233,067) $ (252,259) $ (260,138)
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
March 31, 2001 vs December 31, 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities & Other Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt $363,370 $ - $ - $ - $363,370
Notes payable:
Associated companies - (38,190) (395,763) 433,953 -
Other 118,000 113,000 3,996 - 234,996
Account payable:
Associated companies (8,063) 23,707 (24,764) 9,120 -
Other (370,504) (1,128) (119,629) - (491,262)
Customer deposits 2,351 - - - 2,351
Taxes accrued 55,800 (7,329) 19,089 - 67,559
Accumulated deferred income taxes (36,763) (32) (25) - (36,820)
Nuclear refueling outage costs 3,044 - - - 3,044
Interest accrued (35,068) 1,702 758 - (32,609)
Obligations under capital lease 332 - - - 332
Other (4,742) (1,189) 44,878 (269) 38,678
----------------------------------------------------------------------
TOTAL 87,758 90,541 (471,460) 442,804 149,639
----------------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 42,485 10,870 (20,240) - 33,116
Accumulated deferred investment tax credits (5,806) - - - (5,806)
Obligations under capital lease 3,957 - - - 3,957
FERC settlement - refund obligation (1,780) - - - (1,780)
Other regulatory liabilities 25,154 - - - 25,154
Decommisioning 6,370 - 5,023 - 11,392
Transition to competition 8,047 - - - 8,047
Regulatory reserves 28,792 - - - 28,792
Accumulated provisions (4,978) 3 (38,797) - (43,772)
Other 31,131 (30,061) (120,747) (27,800) (147,478)
----------------------------------------------------------------------
TOTAL 133,372 (19,188) (174,761) (27,800) (88,378)
----------------------------------------------------------------------
Long-term debt (294,084) - (81,251) (5,000) (380,335)
Preferred stock with sinking fund (1,998) - - - (1,998)
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely junior subordinated
deferrable debentures - - - - -
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund (1) - - - (1)
Common stock - 1,002 559,737 (560,738) 1
Paid-in capital 38 97,556 (46,922) (47,233) 3,440
Retained earnings 69,586 47,187 47,072 (78,935) 84,909
Accumulated other comprehensive income (loss) (69) (2,027) (42,866) 2,027 (42,935)
Less - treasury stock, at cost - (15,521) 22,616 (22,616) (15,521)
----------------------------------------------------------------------
TOTAL 69,554 159,239 494,405 (662,263) 60,935
----------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ (5,398) $ 230,591 $ (233,067) $ (252,259) $ (260,138)
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,873,323 $ - $ - $ (778) $ 1,872,545
Natural gas 110,384 - - - 110,384
Competitive businesses - 12,390 657,321 (213) 669,498
---------------------------------------------------------------
Total 1,983,707 12,390 657,321 (991) 2,652,427
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased
for resale 827,295 - 298,568 - 1,125,863
Purchased power 225,810 - 137,622 447 363,879
---------------------------------------------------------------
Gross Margin 930,602 12,390 221,131 (1,438) 1,162,685
Margin % 46.9% 100.0% 33.6% 145.1% 43.8%
Nuclear refueling outage expenses 17,207 - - - 17,207
Other operation and maintenance 301,837 30,392 139,965 (1,735) 470,459
Decommissioning 8,901 - - - 8,901
Taxes other than income taxes 89,979 585 11,899 - 102,463
---------------------------------------------------------------
Total 1,471,029 30,977 588,054 (1,288) 2,088,772
---------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 512,678 (18,587) 69,267 297 563,655
---------------------------------------------------------------
Margin % 25.8% (150.0%) 10.5% (30.0%) 21.3%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 190,423 1,085 11,569 - 203,077
Other regulatory charges (credits) (4,842) - - - (4,842)
Amortization of rate deferrals 4,453 - - - 4,453
---------------------------------------------------------------
Total 190,034 1,085 11,569 - 202,688
---------------------------------------------------------------
OPERATING INCOME (LOSS) 322,644 (19,672) 57,698 297 360,967
---------------------------------------------------------------
Margin % 16.3% (158.8%) 8.8% (30.0%) 13.6%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 4,943 - - - 4,943
Gain/(loss) on sale of assets - net 584 - 4 - 588
Equity in earnings of unconsolidated equity affiliates - - 25,064 - 25,064
Miscellaneous - net 14,541 17,067 39,964 (16,180) 55,393
---------------------------------------------------------------
Total 20,068 17,067 65,032 (16,180) 85,988
---------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 119,957 - 9,014 - 128,971
Other interest - net 16,043 9,857 37,897 (15,883) 47,914
Distributions on preferred securities of subsidiaries 4,709 - - - 4,709
Allowance for borrowed funds used during construction (3,939) - - - (3,939)
---------------------------------------------------------------
Total 136,770 9,857 46,911 (15,883) 177,655
---------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 205,942 (12,462) 75,819 - 269,300
INCOME TAXES 85,505 (4,590) 27,515 - 108,429
---------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 120,437 (7,872) 48,304 - 160,871
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 6,716 - - - 6,716
---------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 113,721 $ (7,872) $ 48,304 $ - $ 154,155
===============================================================
Margin % 5.7% (63.5%) 7.3% - 5.8%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.52 ($0.04) $0.22 $0.70
DILUTED $0.51 ($0.04) $0.22 $0.69
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 219,917,139
DILUTED 223,785,716
*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
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
-----------------------------------------------------------------
Gross Margin 846,014 5,762 94,268 (1,847) 944,194
Margin % 60.4% 100.0% 22.6% 15.4% 52.1%
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) 33,572 445 457,671
-----------------------------------------------------------------
Margin % 31.3% (250.9%) 8.1% (3.7%) 25.3%
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) 31,761 445 286,604
-----------------------------------------------------------------
Margin % 19.2% (263.3%) 7.6% (3.7%) 15.8%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 7,695 - - - 7,695
construction
Gain/(loss) on sale of assets - net 514 3 - - 517
Equity in earnings of unconsolidated
equity affiliates - - - - -
Miscellaneous - net 4,398 20,661 7,619 (3,698) 28,982
-----------------------------------------------------------------
Total 12,607 20,664 7,619 (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 123,650 4,647 7,517 (3,253) 132,563
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 158,529 845 31,863 - 191,235
INCOME TAXES 71,191 534 11,101 - 82,825
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 87,338 310 20,762 - 108,410
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 9,550 - - - 9,550
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 77,788 $ 310 $ 20,762 $ - $98,860
=================================================================
Margin % 5.6% 5.4% 5.0% 0.0% 5.5%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.33 $0.00 $0.09 $0.42
DILUTED $0.33 $0.00 $0.09 $0.42
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 236,608,445
DILUTED 236,671,604
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2001 vs 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 517,761 $ - $ - $ 1,888 $ 519,649
Natural gas 64,503 - - - 64,503
Competitive businesses - 6,628 241,075 9,081 256,783
------------------------------------------------------------------
Total 582,263 6,628 241,075 10,968 840,935
------------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, 408,106 - 220,004 - 628,110
and gas purchased for resale
Purchased power 89,569 - (105,792) 10,559 (5,665)
------------------------------------------------------------------
Gross Margin 84,588 6,628 126,863 409 218,490
Margin % (13.5%) - 11.0% 129.7% (8.3%)
Nuclear refueling outage expenses (1,350) - - - (1,350)
Other operation and maintenance 1,394 10,452 80,645 557 93,049
Decommissioning (2,037) - - - (2,037)
Taxes other than income taxes 12,014 308 10,523 - 22,845
------------------------------------------------------------------
Total 507,696 10,760 205,380 11,116 734,952
------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 74,567 (4,132) 35,695 (148) 105,983
------------------------------------------------------------------
Margin % (5.4%) 100.9% 2.5% (26.3%) (4.0%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 14,675 368 9,758 - 24,801
Other regulatory charges (credits) 9,763 - - - 9,763
Amortization of rate deferrals (2,943) - - - (2,943)
------------------------------------------------------------------
Total 21,495 368 9,758 - 31,621
------------------------------------------------------------------
OPERATING INCOME (LOSS) 53,072 (4,500) 25,937 (148) 74,362
------------------------------------------------------------------
Margin % 3.0% 104.5% 1.1% (26.3%) (2.2%)
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used (2,752) - - - (2,752)
during construction
Gain/(loss) on sale of assets - net 70 (3) 4 - 71
Equity in earnings of unconsolidated
equity affiliates - - 25,064 - 25,064
Miscellaneous - net 10,143 (3,594) 32,345 (12,482) 26,412
------------------------------------------------------------------
Total 7,461 (3,597) 57,413 (12,482) 48,795
------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 5,615 - 8,888 810 15,313
Other interest - net 5,356 5,210 30,506 (13,440) 27,631
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 2,149 - - - 2,149
during construction
------------------------------------------------------------------
Total 13,120 5,210 39,394 (12,630) 45,093
------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 47,413 (13,307) 43,956 - 78,064
INCOME TAXES 14,314 (5,124) 16,414 - 25,604
------------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 33,099 (8,182) 27,542 - 52,460
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (2,834) - - - (2,834)
------------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 35,933 $ (8,182) $ 27,542 $ - $ 55,294
==================================================================
Margin % 0.2% (68.9%) 2.4% 0.0% 0.4%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.19 ($0.04) $0.13 - $0.28
DILUTED $0.18 ($0.04) $0.13 - $0.27
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 7,753,501 $ - $ - $ (14,151) $ 7,739,350
Natural gas 230,359 - - - 230,359
Steam products - - - - -
Competitive businesses - 12,246 2,913,865 (38,738) 2,887,373
----------------------------------------------------------------------
Total 7,983,860 12,246 2,913,865 (52,889) 10,857,082
----------------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and 2,639,402 - 635,280 (739) 3,273,943
gas purchased for resale
Purchased power 1,017,789 - 1,681,963 (42,536) 2,657,217
----------------------------------------------------------------------
Gross Margin 4,326,669 12,246 596,621 (9,614) 4,925,922
Margin % 54.2% 100.0% 20.5% 18.2% 45.4%
Nuclear refueling outage expenses 69,161 - - - 69,161
Other operation and maintenance 1,502,415 54,743 448,596 (11,394) 1,994,361
Decommissioning 37,447 - - - 37,447
Taxes other than income taxes 370,379 1,873 20,937 - 393,189
----------------------------------------------------------------------
Total 5,636,593 56,616 2,786,777 (54,668) 8,425,318
----------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,347,267 (44,370) 127,088 1,779 2,431,764
----------------------------------------------------------------------
Margin % 29.4% (362.3%) 4.4% (3.4%) 22.4%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 745,335 3,520 22,071 - 770,926
Other regulatory charges (credits) 13,444 - - - 13,444
Amortization of rate deferrals 27,450 - - - 27,450
----------------------------------------------------------------------
Total 786,229 3,520 22,071 - 811,820
----------------------------------------------------------------------
OPERATING INCOME (LOSS) 1,561,038 (47,890) 105,017 1,779 1,619,944
----------------------------------------------------------------------
Margin % 19.6% (391.1%) 3.6% (3.4%) 14.9%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used 29,270 - - - 29,270
during construction
Gain/(loss) on sale of assets - net 2,407 (12,500) (10,301) - (20,394)
Equity in earnings of unconsolidated
equity affiliates 2 - 25,064 - 25,066
Miscellaneous - net 36,901 79,968 123,396 (23,726) 216,539
----------------------------------------------------------------------
Total 68,580 67,468 138,159 (23,726) 250,481
----------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 479,165 - 13,220 - 492,385
Other interest - net 52,238 27,311 55,663 (21,947) 113,266
Distributions on preferred securities 18,838 - - - 18,838
of subsidiaries
Allowance for borrowed funds used (21,964) - - - (21,964)
during construction
----------------------------------------------------------------------
Total 528,277 27,311 68,884 (21,947) 602,525
----------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 1,101,341 (7,733) 174,292 - 1,267,900
INCOME TAXES 449,981 (7,651) 62,195 - 504,524
----------------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 651,360 (82) 112,097 - 763,376
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 28,787 - - - 28,787
----------------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 622,573 $ (82) $ 112,097 $ - $ 734,589
======================================================================
Margin % 7.8% (0.7%) 3.8% 0.0% 6.8%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.80 $0.00 $0.50 $3.30
DILUTED $2.76 $0.00 $0.50 $3.26
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 222,437,311
DILUTED 225,141,304
*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
----------------------------------------------------------------------
Gross Margin 4,034,601 5,762 305,783 (11,645) 4,334,500
Margin % 61.8% 100.0% 12.4% 27.4% 48.4%
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 2,431,298 (44,239) 6,791,807
----------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,197,292 (66,913) 26,421 1,779 2,158,577
----------------------------------------------------------------------
Margin % 33.7% (1161.3%) 1.1% (4.2%) 24.1%
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 813,420 1,605 8,727 - 823,752
----------------------------------------------------------------------
OPERATING INCOME (LOSS) 1,383,872 (68,518) 17,694 1,779 1,334,825
----------------------------------------------------------------------
Margin % 21.2% (1189.1%) 0.7% (4.2%) 14.9%
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
Equity in earnings of unconsolidated
equity affiliates - - - - -
Miscellaneous - net 38,717 49,577 83,565 (8,405) 163,453
----------------------------------------------------------------------
Total 72,407 48,747 134,139 (8,405) 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 534,947 7,388 21,155 (6,626) 556,862
----------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 921,332 (27,159) 130,678 - 1,024,850
INCOME TAXES 363,045 32,367 (1,092) - 394,320
----------------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 558,287 (59,526) 131,770 - 630,530
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 41,392 - - - 41,392
----------------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 516,895 $(59,526) $ 131,770 $ - $ 589,138
======================================================================
Margin % 7.9% (1033.1%) 5.4% (0.0%) 6.6%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.13 ($0.24) $0.54 $2.43
DILUTED $2.13 ($0.24) $0.54 $2.43
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 242,652,359
DILUTED 242,793,320
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2001 vs 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,350,198 $ - $ - $ 3,424 $1,353,622
Natural gas 111,839 - - - 111,839
Steam products (7,541) - - - (7,541)
Competitive businesses - 6,484 456,146 (13,853) 448,778
------------------------------------------------------------------
Total 1,454,496 6,484 456,146 (10,429) 1,906,698
------------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and 892,734 - 203,573 (20) 1,096,287
gas purchased for resale
Purchased power 269,694 - (38,266) (12,439) 218,989
------------------------------------------------------------------
Gross Margin 292,068 6,484 290,838 2,030 591,421
Margin % (7.6%) - 8.0% (9.2%) (3.1%)
Nuclear refueling outage expenses (5,767) - - - (5,767)
Other operation and maintenance 114,789 (17,291) 173,923 2,030 273,452
Decommissioning (6,805) - - - (6,805)
Taxes other than income taxes 39,876 1,232 16,248 - 57,356
------------------------------------------------------------------
Total 1,304,521 (16,059) 355,479 (10,429) 1,633,513
------------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 149,975 22,543 100,667 - 273,186
------------------------------------------------------------------
Margin % (4.3%) 799.0% 3.3% 0.8% (1.7%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 63,351 1,915 13,344 - 78,610
Other regulatory charges (credits) 4,178 - - - 4,178
Amortization of rate deferrals (94,720) - - - (94,720)
------------------------------------------------------------------
Total (27,191) 1,915 13,344 - (11,932)
------------------------------------------------------------------
OPERATING INCOME (LOSS) 177,166 20,628 87,323 - 285,118
------------------------------------------------------------------
Margin % (1.6%) 798.1% 2.9% 0.8% 0.0%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used (2,305) - - - (2,305)
during construction
Gain/(loss) on sale of assets - net 292 (11,670) (60,875) - (72,253)
Equity in earnings of unconsolidated
equity affiliates 2 - 25,064 - 25,066
Miscellaneous - net (1,816) 30,391 39,831 (15,321) 53,086
------------------------------------------------------------------
Total (3,827) 18,721 4,020 (15,321) 3,594
------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 11,516 - 12,054 810 24,380
Other interest - net (20,415) 19,923 35,674 (16,131) 19,052
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 2,229 - - - 2,230
during construction
------------------------------------------------------------------
Total (6,670) 19,923 47,729 (15,321) 45,662
------------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 180,009 19,426 43,614 (1) 243,049
INCOME TAXES 86,936 (40,018) 63,287 - 110,204
------------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 93,073 59,444 (19,673) (1) 132,845
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (12,605) - - - (12,605)
------------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 105,678 $ 59,444 $ (19,673) $ (1) $ 145,450
==================================================================
Margin % (0.1%) 1032.4% (1.5%) 0.0% 0.2%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.67 $0.24 ($0.04) $0.87
DILUTED $0.63 $0.24 ($0.04) $0.83
*Totals may not foot due to rounding.
Entergy Corporation
U.S. Utility Electric Energy Sales & Customers
Three Months Ended March
% Weather
2001 2000 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 7,537 6,512 15.7 1.6
Commercial 5,574 5,280 5.6 3.1
Governmental 615 586 4.9 3.5
Industrial 10,311 10,617 (2.9) (2.9)
------ ------
Total to Ultimate Customers 24,037 22,995 4.5 0.0
Wholesale 2,449 2,272 7.8
------ ------
Total Sales 26,486 25,267 4.8
====== ======
Twelve Months Ended March
2001 2000 %
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 33,023 30,726 7.5
Commercial 24,952 23,886 4.5
Governmental 2,633 2,562 2.8
Industrial 43,650 43,950 (0.7)
------- -------
Total to Ultimate Customers 104,258 101,124 3.1
Wholesale 9,971 9,777 2.0
------- -------
Total Sales 114,229 110,901 3.0
======= =======
March
2001 2000 %
ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE):
Residential 2,212,976 2,195,536 0.8
Commercial 293,730 286,013 2.7
Governmental 14,589 14,219 2.6
Industrial 38,353 39,716 (3.4)
--------- ---------
Total to Ultimate Customers 2,559,648 2,535,484 1.0
Wholesale 41 43 (4.7)
--------- ---------
Total Sales 2,559,689 2,535,527 1.0
========= =========