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
July 31, 2001
ENTERGY ACHIEVES RECORD SECOND QUARTER,
NUCLEAR AND TRADING EXCEED EXPECTATIONS
NEW ORLEANS - Entergy Corporation announced second quarter 2001 consolidated
earnings per share of $1.06, compared with $1.04 in 2000. On an operational
basis, Entergy earned $1.06 per share, up 8 percent when compared with $0.98
in 2000, in spite of mild weather in 2001. Entergy experienced unusually
hot weather in the second quarter of 2000 which accounted for $0.10 of the
earnings for that period. The 2001 increase was primarily driven by improved
results at Entergy's competitive nuclear and trading businesses.
"Another quarter of record earnings demonstrates Entergy's ability to deliver
on our commitments," said J. Wayne Leonard, Entergy's chief executive officer.
"Today we are pleased to share further evidence of the success and
profitability of our strategy as our businesses continue to exceed
expectations. We've yet to realize all the upside potential in these
businesses and will work during the remainder of 2001 and beyond to capture
every available opportunity to create tangible value for our shareholders."
Table 1 provides a comparative summary of earnings per share for the second
quarter and year-to-date 2001.
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Table 1: Entergy Corporation Consolidated Results
Second Quarter and Year-to-Date 2001 vs. 2000
- ----------------------------------------------------------------------------
(Per share in U.S. $)
Second Quarter Year-to-Date
-------------- ------------
2001 2000 $ Change 2001 2000 $ Change
----------------------------------------
As Reported
U.S. Utility 0.74 0.78 (0.04) 1.25 1.10 0.15
Parent & Other 0.03 0.06 (0.03) (0.01) 0.07 (0.08)
Competitive Businesses 0.29 0.20 0.09 0.51 0.28 0.23
---------------------------------------
Consolidated Earnings 1.06 1.04 0.02 1.75 1.45 0.30
Less Special Items
U.S. Utility - - - (0.01) (0.07) 0.06
Parent & Other - - - (0.05) - (0.05)
Competitive Businesses - 0.06 (0.06) - 0.06 (0.06)
---------------------------------------
Total - 0.06 (0.06) (0.06) (0.01) (0.05)
Operational
U.S. Utility 0.74 0.78 (0.04) 1.26 1.17 0.09
Parent & Other 0.03 0.06 (0.03) 0.04 0.07 (0.03)
Competitive Businesses 0.29 0.14 0.15 0.51 0.22 0.29
---------------------------------------
Consolidated Earnings 1.06 0.98 0.08 1.81 1.46 0.35
Weather Impact - 0.10 (0.10) 0.05 0.02 0.03
Consolidated Operational Earnings 1.06 0.88 0.18 1.76 1.44 0.32
Excluding Weather
- ----------------------------------------------------------------------------
U.S. Utility
In second quarter 2001, as reported and operational utility earnings were
$0.74 per share, compared with $0.78 for the same period in 2000. There were
no special items included at the utility in either quarter. The slight
decrease in earnings was due primarily to less favorable weather in the
current period. Weather in second quarter 2001 was relatively normal, while
much warmer than normal weather contributed $0.10 to earnings per share in
second quarter 2000.
Mild weather and reduced usage in the current period lowered residential
sales by 2 percent, compared to second quarter 2000. Commercial sales were
flat, while higher fuel prices and weak economic conditions reduced megawatt
hour sales in the industrial sector by 3 percent quarter over quarter. The
impact of reduced sales and net revenues was partially offset by lower
expenses in 2001. Operation and maintenance expenses per megawatt hour
generated were down 11 percent for the quarter, in part due to the reversal
of Entergy Arkansas' storm damage costs. Costs previously expensed were
transferred to a regulatory asset account to align with the Arkansas Public
Service Commission's recommendations for future recovery.
The utility continued its focus on reliability and customer service.
Reliability complaints to regulators declined 33% compared to second quarter
2000. Also, the utility's twelve month ended average outage frequency and
average outage duration decreased by 6 percent and 7 percent, respectively
and these improvements were achieved while working more safely.
Table 2 provides a summary of the utility's key operational measures with
quarter to quarter and year-to-date comparisons.
_______________________________________________________________________________
Table 2. Utility Operational Performance Measures
Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions
of measures)
Second Quarter Year-to-Date
2001 2000 % Change 2001 2000 % Change
Utility
Generation in GWh 23,814 24,110 -1% 45,284 44,595 2%
GWh billed
Residential 6,733 6,857 -2% 14,269 13,369 7%
Commercial and gov't 6,538 6,515 0% 12,727 12,382 3%
Industrial 10,710 11,021 -3% 21,022 21,638 -3%
Operation & maintenance exp. 14.33 16.10 -11% 14.58 15.86 -8%
Reliability
SAIFI 2.21 2.35 -6%
SAIDI 169.5 183.0 -7%
Reliability complaints 30 45 -33% 56 79 -29%
Safety 6 9 -33% 9 17 -35%
Number of customers
Residential 2,215,321 2,199,803 1%
Commercial 309,289 301,382 3%
Industrial 39,538 40,477 -2%
_______________________________________________________________________________
Parent & Other
Parent & Other earnings per share were $0.03 in second quarter 2001, compared
with $0.06 in second quarter 2000. The decrease in second quarter 2001 was
due primarily to lower investment income compared to second quarter 2000
as a result of a combination of reduced investment balances and investment
yields.
Competitive Businesses
On an as reported basis, the competitive businesses earned $0.29 per share
in second quarter 2001, an increase of 45 percent compared with the $0.20
earned in the same period of 2000. Second quarter 2000 results include one
special item, a $0.06 gain recorded at Entergy Wholesale Operations on the
sale of the Freestone project. Excluding this gain, operational earnings
increased 107 percent, from $0.14 in second quarter 2000 to $0.29 in second
quarter 2001.
Table 5 provides a 2001 vs. 2000 comparison of contributions by competitive
business for the second quarter and yearto-date, on both as reported and
operational bases.
_______________________________________________________________________________
Table 3: Competitive Businesses Contributions to Earnings Per Share
Second Quarter and Year-to-Date 2001 vs. 2000
_______________________________________________________________________________
(Per share in U.S. $)
Second Quarter Year-to-Date
2001 2000 $ Change 2001 2000 $ Change
------------------------------------------------
As Reported
Entergy Nuclear 0.15 0.05 0.10 0.29 0.10 0.19
Entergy-Koch 0.20 0.03 0.17 0.27 0.07 0.20
Entergy Wholesale Operations (0.06) 0.12 (0.18) (0.05) 0.11 (0.16)
----------------------------------------------
Total 0.29 0.20 0.09 0.51 0.28 0.23
Less Special Items
Entergy Nuclear - - - - - -
Entergy-Koch - - - - - -
Entergy Wholesale Operations - 0.06 (0.06) - 0.06 (0.06)
----------------------------------------------
Total - 0.06 (0.06) - 0.06 (0.06)
Operational
Entergy Nuclear 0.15 0.05 0.10 0.29 0.10 0.19
Entergy-Koch 0.20 0.03 0.17 0.27 0.07 0.20
Entergy Wholesale Operations (0.06) 0.06 (0.12) (0.05) 0.05 (0.10)
----------------------------------------------
Total 0.29 0.14 0.15 0.51 0.22 0.29
_______________________________________________________________________________
Entergy Nuclear
Entergy Nuclear earned $0.15 per share compared to $0.05 in second quarter
2000. The increase was due primarily to increased revenue resulting from
the addition of Indian Point 3 and FitzPatrick nuclear units acquired in late
2000. Also, operating expenses for second quarter 2001 were lower due to
refueling outages and the timing of other operation and maintenance expenses.
ENI achieved a 200 percent increase in earnings in spite of scheduled refueling
outages completed during second quarter 2001 at Pilgrim and Indian Point 3
resulting in each unit being out of service for nearly one-third of the
quarter. These refueling outages lowered ENI's average capacity factor to
77.8 percent for second quarter 2001. However, the outages were completed in
28 days at Pilgrim and 26 days at Indian Point 3, which were decreases of 54%
and 35%, respectively, compared to previous refueling outage times.
ENI's success in closing transactions and its ability to achieve operational
excellence resulted in an increase in its net MW in operation by 269 percent
over just one year ago and increased GWh generated by 195 percent during the
second quarter 2001 over the comparable period in 2000. ENI's overall
performance reflects its commitment to a continuous focus on safe and
efficient operations.
Table 4 provides a summary of Entergy Nuclear's key operational measures with
quarter to quarter and year-to-date comparisons.
_______________________________________________________________________________
Table 4. Entergy Nuclear Operational Performance Measures
Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions
of measures)
Second Quarter Year-to-Date
2001 2000 % Change 2001 2000 % Change
-------------------------------------------------
Entergy Nuclear
Net MW in operation 2,475 670 269%
Generation in GWh 4,208 1,427 195% 9,457 2,838 233%
Capacity factor 77.8% 97.5% -20% 88.0% 97.0% -9%
Refueling outage duration Current
Period Last Outage % Change
---------------------------------
Pilgrim 28 61 -54%
Indian Point 3 26 40 -35%
_______________________________________________________________________________
Entergy-Koch
Entergy-Koch completed its first full quarter of operations and contributed
$0.20 to earnings per share. This compares to $0.03 contributed by Entergy
Power Marketing Corp. in second quarter 2000.
Axia Energy, Entergy-Koch's trading and marketing subsidiary, contributed
the majority of the quarter's earnings. Axia's profitability was primarily
the result of electricity and gas trading during the second quarter, driven
by a 5 percent increase in gas marketed.
The Gulf South pipeline also experienced increased profitability in second
quarter 2001 due primarily to increases in average transportation rates.
Gulf South had higher earnings in spite of a 10 percent decrease in
throughput that drove the pipeline's per unit production cost up 6 percent
for the quarter, as fixed costs were spread over fewer units. The reduced
throughput resulted from reduced demand and weaker economic conditions.
Favorable market conditions caused reported earnings for Entergy-Koch to be
better than anticipated. In addition, results were affected by certain terms
of the partnership arrangements that allocate income (and the taxes on that
income) from various sources on a disproportionate basis. These
disproportionate allocations, which were favorable to Entergy in the
aggregate, contributed to the better than anticipated results.
Table 5 provides a summary of Entergy-Koch's key operational measures with
quarter to quarter and year-to-date comparisons.
_______________________________________________________________________________
Table 5. Entergy-Koch Operational Performance Measures
Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions
of measures)
Second Quarter Year-to-Date
2001 2000 % Change 2001 2000 % Change
--------------------------------------------------
Axia Energy Trading
Gas volatility 52% 54% -4% 71% 48% 48%
Electricity volatility 221% 314% -30% 213% 243% -12%
Electricity marketed (GWh) 26,386 27,612 -4% 57,395 54,247 6%
Gas marketed (Bcf/d) 6.8 6.5 5% 7.0 6.5 8%
Gulf South Pipeline
Throughput 2.26 2.51 -10% 2.36 2.61 -10%
Production cost $0.095 $0.090 6% $0.093 $0.089 4%
_______________________________________________________________________________
Entergy Wholesale Operations
EWO recorded a loss of $(0.06) in second quarter 2001 on an operational basis
as compared with $0.06 in earnings per share for second quarter 2000. Earnings
per share were positively impacted in 2000 by the receipt of liquidated damages
on the Saltend project in the United Kingdom. Unfavorable market conditions
in the U.K. during second quarter 2001 negatively impacted earnings results
for Saltend and Damhead Creek, EWO's two operating plants in the U.K. This
impact was partially offset by a $0.03 gain recorded in 2001 on the sale of
DeSoto, a development site in Florida. Entergy began including modest gains
or losses such as this in operational earnings in 2001, consistent with its
stated strategy of managing wholesale operations as a portfolio of assets.
As of the end of second quarter 2001, EWO's net MW in operation increased by
178 percent while MW under construction decreased by 74 percent due to the
start of commercial operations of Saltend and Damhead Creek. EWO announced
the sale of the Saltend plant to Calpine Corporation in early July 2001, the
gain on which will be recorded in Entergy's third quarter 2001 results. EWO's
total megawatts announced or in development increased substantially as of
June 30, 2001, compared to June 30, 2000, as a result of its continuing
efforts to site turbines in North America and to expand into European markets.
Table 6 provides a summary of Entergy Wholesale Operations key operational
measures with quarter to quarter comparisons.
_______________________________________________________________________________
Table 6. Entergy Wholesale Operations Operational Performance Measures
Second Quarter and Year-to-Date 2001 vs. 2000 (see table 14 for definitions
of measures)
_______________________________________________________________________________
Second Quarter Year-to-Date
2001 2000 % Change 2001 2000 % Change
-----------------------------------------------
Entergy Wholesale
Net MW in operation 3,368 1,210 178%
Net MW under construction 523 2,000 -74%
Net MW announced development 6,213 2,301 170%
_______________________________________________________________________________
Variance Analysis
Tables 7 and 8, on the following page, provide second quarter and year-to-date
2001 vs. 2000 reported earnings variance analyses for "U.S. Utility, Parent &
Other," "Competitive Businesses," and "Consolidated."
_______________________________________________________________________________
Table 7: Entergy Corporation Reported Earnings Per Share Variance Analysis
Second Quarter 2001 vs. 2000
_______________________________________________________________________________
(Per share in U.S. $) U.S. Utility, Competitive
Parent & Other Businesses Consolidated
2000 earnings 0.84 0.20 1.04
Net revenue (0.16) (a) 0.28 (b) 0.12
Other income (deductions) 0.01 0.10 (c) 0.11
Preferred dividend requirements 0.01 - 0.01
Share repurchase / dilution effect 0.01 - 0.01
Other operation & maintenance expense 0.11 (e) (0.11) (f) -
Depreciation/amortization expense 0.02 (0.03) (g) (0.01)
Nuclear refueling outage expense - (0.01) (0.01)
Decommissioning expense (0.01) - (0.01)
Taxes other than income taxes (0.01) (0.01) (0.02)
Gain (loss) on sale of assets-net - (0.03) (d) (0.03)
Income taxes - other (0.01) (h) (0.03) (h) (0.04)
Interest expense and other charges (0.04) (i) (0.07) (j) (0.11)
----- ----- -----
2001 earnings 0.77 0.29 1.06
----- ----- -----
_______________________________________________________________________________
_______________________________________________________________________________
Table 8: Entergy Corporation Reported Earnings Per Share Variance Analysis
Year-to-Date 2001 vs. 2000
_______________________________________________________________________________
(Per share in U.S. $) U.S. Utility, Competitive
Parent & Other Businesses Consolidated
2000 earnings 1.17 0.28 1.45
Net revenue 0.06 (a) 0.61 (b) 0.67
Other income (deductions) 0.02 0.22 (c) 0.24
Share repurchase / dilution effect 0.04 0.02 0.06
Preferred dividend requirements 0.02 - 0.02
Nuclear refueling outage expense - (0.01) (0.01)
Income taxes - other (0.01) (h) (0.01) (h) (0.02)
Gain (loss) on sale of assets-net - (0.03) (d) (0.03)
Taxes other than income taxes (0.04) (k) (0.04) (k) (0.08)
Depreciation/amortization expense (0.02) (0.06) (g) (0.08)
Interest expense and other charges (0.09) (i) (0.14) (j) (0.23)
Other operation & maintenance expense 0.09 (e) (0.33) (f) (0.24)
----- ----- -----
2001 earnings 1.24 0.51 1.75
----- ----- -----
_______________________________________________________________________________
(a) Net revenue decreased in second quarter 2001 due primarily to comparatively
milder weather in the current quarter vs. 2000, lower industrial sales,
and an adjustment to the Entergy Arkansas TCA account related to storm
damage costs as recommended by the APSC staff. Year-to-date 2001 net
revenue increased over 2000 due primarily to more favorable weather over
the first half of 2001 vs. 2000 and the absence of any regulatory and
other reserve adjustments which negatively impacted 2000 revenues.
Partially offsetting these positive impacts were lower industrial sales
and the 2001 TCA adjustment at Entergy Arkansas.
Utility Net Revenue Variance Analysis, 2001 vs. 2000 ($ EPS)
Second Quarter Year-to-Date
Weather (0.10) Weather 0.03
Sales growth/pricing (0.04) Sales growth/pricing (0.04)
EAI TCA adjustment (0.02) EAI TCA adjustment (0.02)
Special items - Special items 0.07
Other (parent & other) - Other (parent & other) 0.02
Total (0.16) Total 0.06
(b) Net revenue increased as a result of the inclusion of operations from
Indian Point 3 and Fitzpatrick of $0.26 and $0.56 per share, respectively.
(c) Other income (deductions) increased due primarily to Entergy -Koch
earnings of $0.20 and $0.27, for the quarter and year-to-date,
respectively. Damhead Creek liquidated damages of $0.04 received in
first quarter 2001 also improved the year-to-date comparative results.
Offsetting the increases in both periods was Saltend liquidated damages
of $0.10 recorded in second quarter 2000.
(d) Gain (loss) on sale of assets decreased due to the second quarter 2001
DeSoto project gain of $0.03 offset by second quarter 2000 Freestone
gain of $0.06.
(e) Other operation & maintenance expense decreased primarily due to
reversing $0.07 of storm damage expenses at Entergy Arkansas to align
with the APSC's recommendations for future recovery, and to lower
fossil and nuclear plant expenses.
(f) Other operation & maintenance expense increased due primarily to
inclusion of operations from Indian Point 3, Fitzpatrick, Saltend and
Damhead Creek.
(g) Depreciation expense increased in both periods due to the commercial
operation of the U.K. assets and the addition of Indian Point 3 and
Fitzpatrick.
(h) Income statement line items are tax -affected at the statutory rate
with differences between this rate and effective rates reflected in the
income taxes - other line.
(i) Interest expense & other charges increased for the quarter and
year-to-date due to increased long-term debt at the Utility, increased
regulatory reserve-related interest expense and increased short term
borrowings at the Parent.
(j) Interest expense & other charges increased for the quarter and
year-to-date due to financing the Indian Point 3 and Fitzpatrick
acquisitions and inclusion of interest expense for Saltend and Damhead
Creek, which was previously being capitalized during construction.
(k) Other taxes expense increased due to higher franchise taxes at utility
due to higher fuel revenue, and property taxes incurred for Indian
Point 3 and Fitzpatrick.
Table 9 lists special items by business for the second quarter and
year-to-date for 2001 and 2000. Special items are those events that are
non-routine, related to prior periods, or related to discontinued operations.
- -------------------------------------------------------------------------------
Table 9: Entergy Special Items [shown as positive / (negative) impact on
earnings]
Second Quarter and Year-to-Date 2001 vs. 2000
- -------------------------------------------------------------------------------
(Per share in U.S. $) Second Quarter Year-to-Date
2001 2000 $ Change 2001 2000 $ Change
---------------------------------------
U.S. Utility Special Items
Merger expenses - - - (0.01) - (0.01)
Regulatory and reserve adjustments - - - - (0.07) 0.07
Total - - - (0.01) (0.07) 0.06
Parent & Other Special Items
Merger expenses - - - (0.05) - (0.05)
Competitive Businesses Special Items
EWO - Gain on sale of Freestone Project - 0.06 (0.06) - 0.06 (0.06)
Total Special Items - 0.06 (0.06) (0.06) (0.01) (0.05)
- -------------------------------------------------------------------------------
Other Performance Highlights
Entergy generated $416 million in operating cash in second quarter 2001, a
decrease of 18 percent compared to second quarter 2000. Both quarterly and
year-to-date decreases in operating cash were attributed primarily to lower
earnings and liquidated damages from U.K. assets, fuel expenses and ice
storm costs at the utility and merger expenses and higher interest expense
at Parent. Entergy ended the second quarter with about $700 million of cash
and cash equivalents. The lower cash balance as compared to previous periods
also reflects short-term debt payments made near the end of the second quarter.
The current level of cash along with the additional borrowing capacity
continues to offer significant financial flexibility to Entergy.
Cash return on average investment for the twelve months ended June 2001 grew
to 8.9 percent, an improvement of 11 percent compared to one year ago.
Return on average common equity improved by 22 percent over one year ago
rising to 11 percent reflecting Entergy's continued earnings growth. Net
margin decreased during the period as a result of substantially higher levels
of fuel revenue in second quarter 2001 for which there is no margin recovered
from customers. Net interest coverage ended the period nearly unchanged
versus second quarter 2000.
Table 10 provides a summary of financial metrics for the second quarter and
year to date 2001 and 2000.
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Table 10: Entergy Corporation Key Financial Performance Metrics
Second Quarter and Year-to-Date 2001 vs. 2000
- -------------------------------------------------------------------------------
Second Quarter Year-to-Date
2001 2000 Change 2001 2000 Change
---------------------------------------------
Operating cash flow (millions) $416 $510 ($94) $601 $840 ($239)
Operating cash flow per share $1.84 $2.24 ($0.40) $2.67 $3.61 ($0.94)
For 12 months ending June 30 2001 2000 Change
----------------------
Cash return on average investment 8.90% 8.05% 0.85%
Return on average common equity(l) 11.03% 9.05% 1.98%
Net margin - operational (m) 7.02% 7.31% (0.29%)
Net interest coverage (n) 5.15 5.40 (0.25)
Book value per share $32.87 $31.02 $1.85
End of period shares outstanding (millions) 221.7 223.5 (1.8)
- -------------------------------------------------------------------------------
(l) "Return on average common equity" is 12-months rolling net income divided
by average common equity.
(m) "Net margin - operational" is 12-months rolling net income adjusted to
exclude the impact of special items divided by 12 months rolling revenue.
(n) "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.
Earnings Review and Outlook
"Through the first half of 2001 our financial results remain very solid
reinforced by the performance of our nuclear and trading businesses," said
C. John Wilder, Entergy's chief financial officer. "These businesses have
tripled their contribution to operational earnings in just one year and
the utility continues to provide strong earnings and cash flow. Our
financial metrics demonstrate another quarter of improvement in return on
equity and cash return on investment and our net interest coverage remains
quite good at 5.2 times. While we are disappointed with the year-to-date
earnings at EWO, we remain confident in our ability to meet previously
established earnings guidance in 2001 and beyond. Therefore, we are
reaffirming our current guidance at $3.00 to $3.20 per share for 2001,
and $3.30 to $3.50 for the year 2002, exclusive of the impact of weather
in both periods."
Entergy's 2001 earnings guidance, with 2000 operational results as its
starting point, is detailed in Table 11 below. Key assumptions and changes
incorporated since guidance was last issued in April 2001 are as follows:
- - More than 75 percent of 2001 earnings are expected to come from the
utility. Earnings guidance is based on existing rate plans and fuel
recovery mechanisms. The utility's previous guidance range of $2.36 to
$2.43 was updated to a new range of $2.36 to $2.39 to reflect the
delay in the cessation of goodwill amortization.
- - Approximately 15 percent of earnings are expected from Entergy Nuclear
where revenue streams are tied to purchase power agreements that cover
100 percent of the megawatt hours generated. The previous guidance range
of $0.35 to $0.38 was increased to $0.42 to $0.50 to reflect better than
expected cost and outage performance experienced year to date, as well
as higher output and improved cost performance projected for the remainder
of the year. The current guidance range also assumes the acquisition of
Indian Point 2 will occur in mid September.
- - Conservative assumptions, given year-to-date performance at Entergy-Koch,
drive 2001 earnings guidance for the venture. The previous guidance range
of $0.25 to $0.30 per share is increased to $0.34 to $0.39 per share
to reflect better than expected year-to-date results and the expectation
of moderate market volatility for the remainder of the year.
- - Continued weakness in U.K. power prices and the sale of the Saltend plant
reduce earnings guidance at EWO from the previous range of $0.10 to $0.14
to a loss in the range of $(0.08) to $(0.05).
- - Parent & Other guidance improves from the previous range of $(0.06) to
$(0.05) to $(0.04) to $(0.03) to reflect higher cash balances due to the
sale of Saltend and the delay in the Indian Point 2 closing.
Table 11 provides Entergy's projection of 2001 operational earnings per
share with 2000 operational results as its data starting point.
- -------------------------------------------------------------------------------
Table 11: 2001 Earnings Per Share Guidance Based on 2000 Operational Earnings
- -------------------------------------------------------------------------------
(Per share in US $)
2000 2001 Guidance
Operational Changes in 2001 Range
Range of Impact
Utility excluding weather Operating improvement & other 0.03 0.06
------------
2.33 Total 0.03 0.06 2.36 2.39
Entergy Nuclear Lower Pilgrim revenue due to
outage & PPA (0.05) (0.04)
Indian Point 3 (outage year)
and FitzPatrick 0.16 0.22
Indian Point 2 (closing
mid-Sept.) 0.09 0.10
------------
0.22 Total 0.20 0.28 0.42 0.50
Entergy-Koch Axia Energy and Gulf South
Pipeline 0.15 0.20
------------
0.19 Total 0.15 0.20 0.34 0.39
Entergy Wholesale Liquidated damages (0.13) (0.13)
Operations Domestic & international
earnings 0.06 0.09
------------
(0.01) Total (0.07) (0.04) (0.08) (0.05)
Parent & Other Net interest income/(expense) (0.09) (0.08)
Competitive retail start-up
expenses (0.02) (0.02)
------------
0.07 Total (0.11) (0.10) (0.04) (0.03)
-----------------------------------------------------------------
Total 2.80 0.20 0.40 3.00 3.20
Weather impact 0.32 0.05 0.05
Total including weather 3.12 3.05 3.25
- -------------------------------------------------------------------------------------------
Entergy's 2001 earnings guidance with June 2001 Year-To-Date actual results
as its starting point is detailed in Table 12 below. This table reflects the
projected changes in the earnings profile for each of Entergy's businesses
for the remainder of 2001.
- -------------------------------------------------------------------------------
Table 12: 2001 Earnings Per Share Guidance Based on June 2001 Year-To-Date
Earnings
- -------------------------------------------------------------------------------
(Per share in US $)
June 2001
Year-To- 2001 Guidance
Date July-December 2001 Range
Range of Impact
Utility excluding July - December earnings 1.15 1.18
------------
1.21 Total 1.15 1.18 2.36 2.39
Entergy Nuclear Pilgrim, IP3, Fitzpatrick,
IP2 Operations (Capacity
factor ranging from 85%-93%) 0.18 0.25
Increased outage amortization
expense (0.05) (0.04)
------------
0.29 Total 0.13 0.21 0.42 0.50
Entergy-Koch Low to normal volatility 0.07 0.12
------------
0.27 Total 0.07 0.12 0.34 0.39
Entergy Wholesale Domestic & international
Operations earnings 0.02 0.03
Development expense/other (0.05) (0.03)
------------
(0.05) Total (0.03) - (0.08) (0.05)
Parent & Other Net interest income/(expense) (0.02) (0.01)
Competitive retail start-up
expenses (0.02) (0.02)
Corporate expenses (0.04) (0.04)
------------
0.04 Total (0.08) (0.07) (0.04) (0.03)
-----------------------------------------------------------------
Total 1.76 1.24 1.44 3.00 3.20
Weather impact 0.05 0.05 0.05
Total including weather 1.81 3.05 3.25
- -----------------------------------------------------------------------------------------
Entergy's 2002 earnings guidance is detailed in Table 13 below. Key assumptions
and changes incorporated since guidance was last issued in April 2001 are as
follows:
- - A little more than 70 percent of 2002 earnings are expected to come from
the utility. Earnings guidance is based on existing rate plans and fuel
recovery mechanisms. The Utility's previous guidance range of $2.41 to
$2.48 was increased to $2.48 to $2.51 to reflect modest operational
improvements, and the full impact of the cessation of goodwill amortization.
- - Approximately 18 percent of earnings are expected from Entergy Nuclear
where revenue streams are tied to power agreements that cover 100% of the
megawatt hours generated. The previous guidance range of $0.55 to $0.58
was increased to $0.56 to $0.64 to reflect continued operating improvements
and higher output achieved across the nuclear fleet.
- - Entergy-Koch's 2002 earnings guidance assumes steady performance in both
the trading and pipeline businesses. The previous guidance range of $0.30
to $0.35 per share is increased to $0.34 to $0.39. Absent material changes
in market conditions beyond 2002, Entergy anticipates these types of
businesses will sustain earnings in this range or higher.
- - Continued weakness in U.K. power prices, offset to some extent by
contributions from new projects available for a portion of 2002, reduces
EWO's previous range of $0.16 to $0.20 to $(0.01) to $0.02.
- - Parent & Other's guidance improves from the previous range of $(0.12) to
$(0.11) to the revised range of $(0.07) to $(0.06) to reflect lower levels
of borrowings and related interest expense.
Table 13 provides Entergy's projection of 2002 operational earnings per share
with 2001 Guidance Range as its data starting point.
- -------------------------------------------------------------------------------
Table 13 2002 Earnings Per Share Guidance
- -------------------------------------------------------------------------------
(Per share in US $)
2001 Guidance 2002 Guidance
Range Changes in 2002 Range
Impact
Utility excluding weather Operational improvement 0.05
Suspension of goodwill
amortization 0.07
-----
2.36 2.39 Total 0.12 2.48 2.51
Entergy Nuclear Outage Differences 0.02
Indian Point 2 - full year
with outage 0.03
Additional revenue - Pilgrim
PPA 0.05
New project/other 0.04
-----
0.42 0.50 Total 0.14 0.56 0.64
Entergy-Koch Normalized trading (0.05)
New product/market growth 0.05
-----
0.34 0.39 Total - 0.34 0.39
Entergy Wholesale Domestic & international
Operations earnings 0.07
-----
(0.08) (0.05) Total 0.07 (0.01) 0.02
Parent & Other Net interest income/(expense) (0.03)
-----
(0.04) (0.03) Total (0.03) (0.07) (0.06)
-------------------------------------------------------------------
Total 3.00 3.20 0.30 3.30 3.50
Weather impact - - - -
Total including weather 3.00 3.20 3.30 3.50
- ----------------------------------------------------------------------------------------------
Supplemental Definitions
Table 14 provides definitions of operational performance measures referenced
in this release.
- -------------------------------------------------------------------------------
Table 14 Definitions of Operational Performance Measures
- -------------------------------------------------------------------------------
Utility
Generation in GWh Total number of GWh produced by all
utility generation facilities
GWh billed Total number of GWh billed to all customer classes
Operation & maintenance and Operation and maintenance and nuclear
nuclear refueling outage expenses refueling expenses per MWh generated,
excluding fuel
SAIFI System average interruption frequency index
SAIDI System average interruption duration index
Reliability complaints Number of complaints to regulators
concerning reliability issues
Safety Number of accidents resulting in lost work time
Number of customers Year-to-date average number of customers
Entergy Nuclear
Net MW in operation Installed capacity owned or operated by Entergy Nuclear
Generation in GWh Total number of GWh produced by all non-utility nuclear facilities
Capacity factor The percentage of the period that the plant
generates power calculated by dividing the
output by the capacity and normalizing the
time period
Refueling outage duration Number of generation days lost for a scheduled
refueling outage
Entergy-Koch
Axia Energy Trading
Gas volatility Average volatility of Henry Hub spot prices
for the period
Electricity volatility Average volatility of into-Entergy
power prices for the period
Electricity marketed (GWh) Total physical GWh volumes marketed during
the period
Gas marketed (Bcf/d) Physical Bcf/d volumes marketed during
the period
Gulf South Pipeline
Throughput Gas in Bcf/d transported by the pipeline
during the period
Production cost Cost in $/mmbtu associated with delivering
gas, excluding cost of gas
Entergy Wholesale Operations
Net MW in operation Total MW owned and operated
Net MW under construction Total MW owned and under construction
Net MW announced in development Total possible MW that have been announced publicly
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 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 herein with respect to the revenues,
earnings, performance, strategies, prospects and other aspects of the
business of Entergy Corporation, Entergy Arkansas, Inc., Entergy Gulf States,
Inc., Entergy Louisiana, Inc., Entergy Mississippi , Inc., Entergy New Orleans,
Inc., and System Energy Resources, Inc. and their affiliated companies 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 and purchased power prices and availability, the effects of
regulatory decisions and changes in law, litigation, capital spending
requirements, the onset of competition, including the ability to recover
net regulatory assets and other potential stranded costs, the effects of
recent developments in the California electricity market on the utility
industry nationally, advances in technology, changes in accounting standards,
corporate restructuring and changes in capital structure, the success of new
business ventures, changes in the markets for electricity and other
energy-related commodities, changes in interest rates and in financial and
foreign currency markets generally, the economic climate and growth in
Entergy's service territories, changes in corporate strategies, and other
factors.
Entergy Corporation
Consolidating Balance Sheet
June 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 104,600 $ 3,579 $ 78,185 $ - $ 186,365
Temporary cash investments - at cost,
which approximates market 265,665 98,046 137,873 - 501,583
Special deposits - - 10,747 - 10,747
----------- ---------- ---------- ----------- -----------
Total cash and cash equivalents 370,265 101,625 226,805 - 698,695
----------- ---------- ---------- ----------- -----------
Notes receivable (1) 336,661 103,715 (439,543) 833
Accounts receivable:
Customer 439,129 - 59,179 - 498,308
Allowance for doubtful accounts (7,383) (2,064) (1,942) - (11,389)
Associated companies 18,564 75,539 (29,616) (64,487) -
Other 65,685 2,755 117,589 - 186,029
Accrued unbilled revenues 445,016 - 138 - 445,154
----------- ---------- ---------- ----------- -----------
Total receivables 961,011 76,230 145,348 (64,487) 1,118,102
Deferred fuel costs 450,040 - - - 450,040
Fuel inventory - at average cost 110,234 - 3,178 18 113,430
Materials and supplies - at average cost 332,346 15 101,765 - 434,126
Rate deferrals 7,430 - - - 7,430
Deferred nuclear refueling outage costs 50,730 - 68,389 - 119,119
Prepayments and other 85,299 8,489 36,733 (5,600) 124,922
----------- ---------- ---------- ----------- -----------
TOTAL 2,367,354 523,020 685,933 (509,612) 3,066,696
----------- ---------- ---------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 216 7,854,316 573,431 (7,854,316) 573,647
Decommissioning trust funds 889,389 - 456,614 - 1,346,003
Non-utility property - at cost (less accumulated
depreciation) 224,175 34,932 29,415 - 288,522
Non-regulated investments - 34,658 135,207 (23,158) 146,707
Other - at cost (less accumulated depreciation) 18,825 5,389 306,262 - 330,476
----------- ---------- ---------- ----------- -----------
TOTAL 1,132,606 7,929,295 1,500,929 (7,877,474) 2,685,355
----------- ---------- ---------- ----------- -----------
PROPERTY, PLANT, AND EQUIPMENT
Electric 24,083,333 4,552 1,411,103 - 25,498,989
Plant acquisition adjustment 382,232 - 300 - 382,532
Property under capital lease 761,144 - 77,755 - 838,899
Natural gas 194,769 - - - 194,769
Construction work in progress 705,566 4,809 200,302 - 910,677
Nuclear fuel under capital lease 260,660 - - - 260,660
Nuclear fuel 36,231 - 153,834 - 190,065
----------- ---------- ---------- ----------- -----------
TOTAL PROPERTY, PLANT AND EQUIPMENT 26,423,935 9,361 1,843,294 - 28,276,591
Less - accumulated depreciation and amortization 11,602,382 3,648 119,568 - 11,725,598
----------- ---------- ---------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT - NET 14,821,553 5,713 1,723,726 - 16,550,993
----------- ---------- ---------- ----------- -----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
SFAS 109 regulatory asset - net 970,223 - - - 970,223
Unamortized loss on reacquired debt 175,060 - - - 175,060
Deferred fuel costs 53,522 - - - 53,522
Other regulatory assets 941,917 - - - 941,917
Long-term receivables 32,316 - - - 32,316
Other 211,543 486,001 678,911 (485,696) 890,760
----------- ---------- ---------- ----------- -----------
TOTAL 2,384,581 486,001 678,911 (485,696) 3,063,798
----------- ---------- ---------- ----------- -----------
TOTAL ASSETS $20,706,094 $8,944,030 $4,589,498 $(8,872,782) 25,366,842
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
June 30, 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 $719,408 $ - $108,914 $ - $ 828,322
Notes payable:
Associated companies - 102,801 337,354 (440,154) -
Other 10,715 472,000 2,804 - 485,519
Account payable:
Associated companies (1,333) 54,372 (14,286) (38,753) -
Other 473,621 5,036 162,715 - 641,371
Customer deposits 181,717 - - - 181,717
Taxes accrued 569,378 118,033 7,563 - 694,974
Accumulated deferred income taxes 141,470 (12) 27,395 - 168,853
Nuclear refueling outage costs 16,276 - - - 16,276
Interest accrued 148,282 1,936 22,972 - 173,189
Obligations under capital leases 155,803 - - - 155,803
Other 171,966 7,993 59,287 (30,723) 208,525
----------- ---------- ---------- ---------- -----------
TOTAL 2,587,303 762,159 714,718 (509,630) 3,554,549
----------- ---------- ---------- ---------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,368,735 (57,617) (3,626) - 3,307,492
Accumulated deferred investment tax
credits 482,702 - - - 482,702
Obligations under capital leases 177,722 - 15 - 177,737
FERC settlement - refund obligation 27,134 - - - 27,134
Other regulatory liabilities 146,765 - - - 146,765
Decommisioning 308,935 - 463,952 - 772,888
Transition to competition 212,576 - - - 212,576
Regulatory reserves 447,322 - - - 447,322
Accumulated provisions 278,221 (6) 59,366 - 337,581
Other 771,988 26,028 335,857 (434,534) 699,342
----------- ---------- ---------- ---------- -----------
TOTAL 6,222,100 (31,595) 855,564 (434,534) 6,611,539
----------- ---------- ---------- ---------- -----------
Long-term debt
5,682,550 25,939 1,680,133 (83,109) 7,305,513
Preferred stock with sinking fund 61,185 - - - 61,185
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 2,225,870 360,699 922,602 (3,506,689) 2,482
Authorized shares 500,000,000
Issued shares CY 248,174,087
Paid-in capital 1,779,439 5,503,004 497,175 (3,118,284) 4,661,334
Retained earnings 1,599,420 3,126,676 45,831 (1,326,785) 3,445,141
Accumulated other comprehensive income (loss) (1,460) (78,697) (97,909) 77,633 (100,433)
Less - treasury stock, at cost - 724,155 28,616 (28,616) 724,155
Shares CY 26,496,354
----------- ---------- ---------- ---------- -----------
TOTAL 5,937,956 8,187,527 1,339,083 (7,845,509) 7,619,056
----------- ---------- ---------- ---------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY. $20,706,094 $8,944,030 $4,589,498 $(8,872,782) $25,366,842
=========== ========== ========== =========== ===========
*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
June 30, 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 $ 58,089 $ 2,758 $ (32,033) $ - $ 28,815
Temporary cash investments - at cost,
which approximates market (41,924) (16,911) (79,619) - (138,455)
Special deposits - - (574,089) - (574,089)
----------------------------------------------------------------------
Total cash and cash equivalents 16,165 (14,153) (685,741) - (683,729)
----------------------------------------------------------------------
Notes receivable (1,545) (444,217) 103,715 339,271 (2,775)
Accounts receivable:
Customer (7,907) - 8,394 - 487
Allowance for doubtful accounts - - (1,442) - (1,442)
Associated companies (3,023) (48,994) (34,964) 86,982 -
Other (34,927) 847 (175,409) - (209,489)
Accrued unbilled revenues 29,607 - 138 - 29,745
----------------------------------------------------------------------
Total receivables (16,250) (48,147) (203,283) 86,982 (180,699)
Deferred fuel costs (118,291) - - - (118,291)
Fuel inventory - at average cost 18,375 - 1,376 - 19,751
Materials and supplies - at average cost (6,148) 28 14,889 - 8,769
Rate deferrals (9,151) - - - (9,151)
Deferred nuclear refueling outage costs 4,186 - 68,389 - 72,575
Prepayments and other 30,976 5,651 (28,795) (5,600) 2,232
----------------------------------------------------------------------
TOTAL (81,683) (500,838) (729,450) 420,653 (891,319)
----------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 2 848,580 573,431 (848,579) 573,433
Decommissioning trust funds 22,147 - 7,999 - 30,146
Non-utility property - at cost
(less accumulated depreciation) (268) 1,191 24,647 - 25,570
Non-regulated investments - 23,158 (42,448) (23,157) (42,447)
Other - at cost (less accumulated depreciation) 966 950 301,524 - 303,440
----------------------------------------------------------------------
TOTAL 22,847 873,879 865,153 (871,736) 890,142
----------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT
Electric 62,449 137 298,841 - 361,428
Plant acquisition adjustment (8,132) - - - (8,132)
Property under capital lease (8,226) - 15,303 - 7,077
Natural gas 3,780 - - - 3,780
Steam products - - - - -
Construction work in progress 258,004 2,584 (286,696) - (26,108)
Nuclear fuel under capital lease (17,013) - - - (17,013)
Nuclear fuel (2,617) - 35,079 - 32,462
----------------------------------------------------------------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 288,243 2,721 62,527 - 353,494
Less - accumulated depreciation and amortization 216,524 461 31,261 - 248,246
----------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT - NET 71,719 2,260 31,266 - 105,248
----------------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
SFAS 109 regulatory asset - net (10,043) - - - (10,043)
Unamortized loss on reacquired debt (8,567) - - - (8,567)
Deferred fuel costs (42,139) - - - (42,139)
Other regulatory assets 149,402 - - - 149,402
Long-term receivables 2,730 (6,000) 6,011 - 2,741
Other 34,396 68,266 (299,530) (83,650) (280,518)
----------------------------------------------------------------------
TOTAL 125,778 62,266 (293,519) (83,650) (189,124)
----------------------------------------------------------------------
TOTAL ASSETS $ 138,661 $ 437,567 $ (126,550) $ (534,734) $ (85,055)
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
June 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 $409,670 $ - $(45,563) $ - $364,107
Notes payable:
Associated companies - 32,611 (371,270) 338,660 -
Other 10,000 85,000 2,496 - 97,496
Account payable:
Associated companies (9,511) 36,855 (37,166) 9,822 -
Other (403,431) (1,879) (157,545) - (562,856)
Customer deposits 9,548 - - - 9,548
Taxes accrued 258,983 (16,291) 471 - 243,163
Accumulated deferred income taxes (84,159) (32) 27,395 - (56,796)
Nuclear refueling outage costs 6,067 - - - 6,067
Interest accrued (21,642) 1,155 21,644 - 1,156
Obligations under capital lease (1,104) - - - (1,104)
Other (4,539) (2,871) 36,527 (13,501) 15,617
----------------------------------------------------------------------
TOTAL 169,883 134,548 (523,011) 334,981 116,398
----------------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 32,382 22,461 3,566 - 58,409
Accumulated deferred investment tax credits (11,613) - - - (11,613)
Obligations under capital lease (24,136) - - - (24,136)
FERC settlement - refund obligation (3,611) - - - (3,611)
Other regulatory liabilities 41,924 - - - 41,924
Decommisioning 13,134 - 10,045 - 23,180
Transition to competition 20,642 - - - 20,642
Regulatory reserves 50,533 - - - 50,533
Accumulated provisions (9,576) 4 (42,963) - (52,535)
Other 52,918 (78,321) (104,125) (24,270) (153,795)
----------------------------------------------------------------------
TOTAL 162,597 (55,856) (133,477) (24,270) (51,002)
----------------------------------------------------------------------
Long-term debt (357,088) (60) (71,992) 2,560 (426,580)
Preferred stock with sinking fund (4,573) - - - (4,573)
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely junior subordinated
deferrable debentures - - - - -
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund (1) - - - -
Common stock - 1,000 554,739 (555,739) -
Authorized shares
Issued shares CY
Paid-in capital 58 45,011 (14,515) (29,704) 851
Retained earnings 169,245 265,130 108,942 (288,813) 254,502
Accumulated other comprehensive income (loss) (1,460) (2,955) (24,620) 3,635 (25,400)
Less - treasury stock, at cost - (50,750) 22,616 (22,616) (50,750)
----------------------------------------------------------------------
TOTAL 167,842 358,936 601,930 (848,005) 280,703
----------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 138,661 $ 437,567 $ (126,550) $ (534,734) $ (85,055)
======================================================================
* Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,991,807 $ - $ - $ (969) $ 1,990,838
Natural gas 30,548 - - - 30,548
Competitive businesses - 8,092 466,073 (275) 473,890
-----------------------------------------------------------------
Total 2,022,355 8,092 466,073 (1,244) 2,495,276
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 759,634 - 265,985 - 1,025,619
purchased for resale
Purchased power 233,513 - 13,211 (829) 245,895
-----------------------------------------------------------------
Gross Margin 1,029,208 8,092 186,877 (415) 1,223,762
Margin % 50.9% 100.0% 40.1% 33.3% 49.0%
Nuclear refueling outage expenses 17,987 - 5,090 - 23,077
Other operation and maintenance 323,216 14,132 111,948 (686) 448,610
Decommissioning 8,903 - - - 8,903
Taxes other than income taxes 83,952 880 4,830 - 89,662
-----------------------------------------------------------------
Total 1,427,205 15,012 401,064 (1,515) 1,841,766
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 595,150 (6,920) 65,009 272 653,510
-----------------------------------------------------------------
Margin % 29.4% (85.5%) 13.9% (21.9%) 26.2%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 169,425 1,068 12,879 - 183,372
Other regulatory charges (credits) 8,389 - - - 8,389
Amortization of rate deferrals 4,699 - - - 4,699
-----------------------------------------------------------------
Total 182,513 1,068 12,879 - 196,460
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 412,637 (7,988) 52,130 272 457,050
-----------------------------------------------------------------
Margin % 20.4% (98.7%) 11.2% (21.9%) 18.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 6,644 - - - 6,644
construction
Gain/(loss) on sale of assets - net 760 - 10,999 - 11,759
Equity in earnings of unconsolidated
equity affiliates - - 70,780 - 70,780
Miscellaneous - net 8,365 29,103 19,593 (10,536) 46,527
-----------------------------------------------------------------
Total 15,769 29,103 101,372 (10,536) 135,710
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 121,327 - 9,405 - 130,732
Other interest - net 17,478 11,729 32,443 (10,264) 51,386
Distributions on preferred securities 4,709 - - - 4,709
of subsidiaries
Allowance for borrowed funds used (5,492) - - - (5,492)
during construction
-----------------------------------------------------------------
Total 138,022 11,729 41,848 (10,264) 181,335
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 290,384 9,386 111,654 - 411,425
INCOME TAXES 115,228 2,239 48,376 - 165,842
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 175,156 7,147 63,278 - 245,583
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 6,677 - - - 6,677
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 168,479 $ 7,147 $ 63,278 $ - $238,906
=================================================================
Margin % 8.3% 88.3% 13.6% (0.0%) 9.6%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.76 $0.03 $0.29 $1.08
DILUTED $0.74 $0.03 $0.29 $1.06
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 221,113,598
DILUTED 225,706,421
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,669,082 $ - $ - $ (4,393) $ 1,664,688
Natural gas 28,396 - - - 28,396
Competitive businesses - 8,514 444,277 (8,087) 444,704
-----------------------------------------------------------------
Total 1,697,478 8,514 444,277 (12,480) 2,137,788
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 402,048 - 62,389 - 464,436
purchased for resale
Purchased power 217,031 - 295,303 (9,814) 502,521
-----------------------------------------------------------------
Gross Margin 1,078,399 8,514 86,585 (2,666) 1,170,831
Margin % 63.5% 100.0% 19.5% 21.4% 54.8%
Nuclear refueling outage expenses 16,629 - - - 16,629
Other operation and maintenance 371,591 9,372 72,224 (2,963) 450,223
Decommissioning 6,169 - - - 6,169
Taxes other than income taxes 81,336 444 1,761 - 83,540
-----------------------------------------------------------------
Total 1,094,804 9,816 431,677 (12,777) 1,523,518
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 602,674 (1,302) 12,600 297 614,270
-----------------------------------------------------------------
Margin % 35.5% (15.3%) 2.8% (2.4%) 28.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 176,097 794 1,857 - 178,749
Other regulatory charges (credits) (5,900) - - - (5,900)
Amortization of rate deferrals 7,883 - - - 7,883
-----------------------------------------------------------------
Total 178,080 794 1,857 - 180,732
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 424,594 (2,096) 10,743 297 433,538
-----------------------------------------------------------------
Margin % 25.0% (24.6%) 2.4% (2.4%) 20.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 8,041 - - - 8,041
construction
Gain/(loss) on sale of assets - net 531 - 20,526 - 21,057
Equity in earnings of unconsolidated
equity affiliates - - - - -
Miscellaneous - net 1,931 29,982 44,227 (2,488) 73,651
-----------------------------------------------------------------
Total 10,502 29,982 64,753 (2,488) 102,749
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 118,336 - 126 - 118,462
Other interest - net 10,688 7,324 7,549 (2,191) 23,369
Distributions on preferred securities 4,709 - - - 4,709
of subsidiaries
Allowance for borrowed funds used (5,889) - - - (5,889)
during construction
-----------------------------------------------------------------
Total 127,844 7,324 7,676 (2,191) 140,651
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 307,252 20,562 67,821 - 395,636
INCOME TAXES 120,306 6,377 23,180 - 149,863
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 186,946 14,186 44,641 - 245,773
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 8,581 - - - 8,581
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 178,365 $ 14,186 $ 44,641 $ - $237,192
=================================================================
Margin % 10.5% 166.6% 10.0% (0.0%) 11.1%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.78 $0.06 $0.20 $1.04
DILUTED $0.78 $0.06 $0.20 $1.04
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 228,097,385
DILUTED 228,152,627
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2001 vs. 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 322,725 $ - $ - $ 3,425 $ 326,150
Natural gas 2,152 - - - 2,152
Competitive businesses - (422) 21,796 7,812 29,186
-----------------------------------------------------------------
Total 324,877 (422) 21,796 11,237 357,488
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 357,586 - 203,596 - 561,183
purchased for resale
Purchased power 16,482 - (282,092) 8,985 (256,626)
-----------------------------------------------------------------
Gross Margin (49,191) (422) 100,292 2,252 52,931
Margin % (12.6%) - 20.6% 12.0% (5.7%)
Nuclear refueling outage expenses 1,358 - 5,090 - 6,448
Other operation and maintenance (48,375) 4,760 39,724 2,277 (1,614)
Decommissioning 2,734 - - - 2,734
Taxes other than income taxes 2,616 436 3,069 - 6,122
-----------------------------------------------------------------
Total 332,401 5,196 (30,613) 11,262 318,247
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (7,524) (5,618) 52,409 (25) 39,241
-----------------------------------------------------------------
Margin % (6.1%) (70.2%) 11.1% (19.5%) (2.5%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (6,672) 274 11,022 - 4,624
Other regulatory charges (credits) 14,289 - - - 14,289
Amortization of rate deferrals (3,184) - - - (3,184)
-----------------------------------------------------------------
Total 4,433 274 11,022 - 15,729
-----------------------------------------------------------------
OPERATING INCOME (LOSS) (11,957) (5,892) 41,387 (25) 23,513
-----------------------------------------------------------------
Margin % (4.6%) (74.1%) 8.8% (19.5%) (2.0%)
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during (1,397) - - - (1,396)
construction
Gain/(loss) on sale of assets - net 229 - (9,527) - (9,298)
Equity in earnings of unconsolidated
equity affiliates - - 70,780 - 70,780
Miscellaneous - net 6,435 (879) (24,634) (8,048) (27,127)
-----------------------------------------------------------------
Total 5,267 (879) 36,619 (8,048) 32,959
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 2,991 - 9,279 - 12,270
Other interest - net 6,790 4,405 24,894 (8,073) 28,017
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 397 - - - 397
during construction
-----------------------------------------------------------------
Total 10,178 4,405 34,172 (8,073) 40,683
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES (16,868) (11,176) 43,834 - 15,789
INCOME TAXES (5,078) (4,138) 25,196 - 15,980
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) (11,790) (7,039) 18,638 - (191)
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (1,904) - - - (1,904)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (9,886) $ (7,039) $ 18,638 $ - $ 1,714
=================================================================
Margin % (2.2%) (78.3%) 3.5% 0.0% (1.5%)
EARNINGS PER AVERAGE COMMON SHARE:
BASIC ($0.02) ($0.03) $0.09 - $0.04
DILUTED ($0.04) ($0.03) $0.09 - $0.02
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date June 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $3,865,130 $ - $ - $ (1,747) $ 3,863,383
Natural gas 140,931 - - - 140,931
Competitive businesses - 20,482 1,123,394 (488) 1,143,388
-----------------------------------------------------------------
Total 4,006,062 20,482 1,123,394 (2,235) 5,147,702
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 1,586,929 - 564,552 - 2,151,481
purchased for resale
Purchased power 459,323 - 150,833 (382) 609,774
-----------------------------------------------------------------
Gross Margin 1,959,810 20,482 408,009 (1,853) 2,386,447
Margin % 48.9% 100.0% 36.3% 82.9% 46.4%
Nuclear refueling outage expenses 35,193 - 5,090 - 40,283
Other operation and maintenance 625,053 44,524 251,913 (2,421) 919,069
Decommissioning 17,804 - - - 17,804
Taxes other than income taxes 173,931 1,465 16,729 - 192,125
-----------------------------------------------------------------
Total 2,898,233 45,989 989,117 (2,803) 3,930,536
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,107,829 (25,507) 134,277 568 1,217,166
-----------------------------------------------------------------
Margin % 27.7% (124.5%) 12.0% (25.4%) 23.6%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 359,848 2,153 24,447 - 386,448
Other regulatory charges (credits) 3,546 - - - 3,546
Amortization of rate deferrals 9,153 - - - 9,153
-----------------------------------------------------------------
Total 372,547 2,153 24,447 - 399,147
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 735,282 (27,660) 109,830 568 818,019
-----------------------------------------------------------------
Margin % 18.4% (135.0%) 9.8% (25.4%) 15.9%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 11,587 - - - 11,587
construction
Gain/(loss) on sale of assets - net 1,344 - 11,004 - 12,348
Equity in earnings of unconsolidated
equity affiliates - - 95,543 - 95,543
Miscellaneous - net 22,906 43,980 59,858 (24,525) 102,220
-----------------------------------------------------------------
Total 35,837 43,980 166,405 (24,525) 221,698
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 241,284 - 18,419 - 259,703
Other interest - net 33,521 21,586 68,150 (23,957) 99,300
Distributions on preferred securities 9,419 - - - 9,419
of subsidiaries
Allowance for borrowed funds used (9,431) - - - (9,431)
during construction
-----------------------------------------------------------------
Total 274,793 21,586 86,569 (23,957) 358,991
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 496,326 (5,265) 189,666 - 680,726
INCOME TAXES 200,733 (3,117) 76,657 - 274,272
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 295,593 (2,148) 113,009 - 406,454
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 13,393 - - - 13,393
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 282,200 $ (2,148) $ 113,009 $ - $393,061
=================================================================
Margin % 7.0% (10.5%) 10.1% - 7.6%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.28 ($0.01) $0.51 $1.78
DILUTED $1.25 ($0.01) $0.51 $1.75
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 220,518,674
DILUTED 224,749,374
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date June 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $3,024,629 $ - $ - $ (7,059) $ 3,017,570
Natural gas 74,292 - - - 74,292
Competitive businesses - 14,276 860,523 (17,381) 857,418
-----------------------------------------------------------------
Total 3,098,921 14,276 860,523 (24,441) 3,949,280
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 821,237 - 140,953 - 962,190
purchased for resale
Purchased power 353,272 - 538,718 (19,926) 872,064
-----------------------------------------------------------------
Gross Margin 1,924,411 14,276 180,852 (4,515) 2,115,026
Margin % 62.1% 100.0% 21.0% 18.5% 53.6%
Nuclear refueling outage expenses 35,186 - - - 35,186
Other operation and maintenance 672,033 29,742 131,114 (5,256) 827,634
Decommissioning 17,106 - - - 17,106
Taxes other than income taxes 159,300 722 3,136 - 163,158
-----------------------------------------------------------------
Total 2,058,135 30,464 813,921 (25,182) 2,877,338
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,040,786 (16,188) 46,602 741 1,071,942
-----------------------------------------------------------------
Margin % 33.6% (113.4%) 5.4% (3.0%) 27.1%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 351,845 1,532 3,648 - 357,025
Other regulatory charges (credits) (20,506) - - - (20,506)
Amortization of rate deferrals 15,279 - - - 15,279
-----------------------------------------------------------------
Total 346,619 1,532 3,648 - 351,798
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 694,167 (17,719) 42,954 741 720,144
-----------------------------------------------------------------
Margin % 22.4% (124.1%) 5.0% (3.0%) 18.2%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 15,735 - - - 15,735
construction
Gain/(loss) on sale of assets - net 1,045 3 20,526 - 21,574
Equity in earnings of unconsolidated
equity affiliates - - - -
Miscellaneous - net 6,329 51,185 51,305 (6,186) 102,633
-----------------------------------------------------------------
Total 23,109 51,188 71,831 (6,186) 139,942
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 232,678 - 252 (810) 232,121
Other interest - net 21,375 11,972 14,940 (4,635) 43,652
Distributions on preferred securities 9,419 - - - 9,419
of subsidiaries
Allowance for borrowed funds used (11,977) - - - (11,977)
during construction
-----------------------------------------------------------------
Total 251,495 11,972 15,192 (5,445) 273,215
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 465,781 21,497 99,593 - 586,871
INCOME TAXES 191,497 7,001 34,191 - 232,688
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 274,284 14,496 65,403 - 354,183
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 18,131 - - - 18,131
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 256,153 $ 14,496 $ 65,403 $ - $336,052
=================================================================
Margin % 8.3% 101.5% 7.6% (0.0%) 8.5%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.10 $0.07 $0.28 $1.45
DILUTED $1.10 $0.07 $0.28 $1.45
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 232,352,915
DILUTED 232,382,112
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date June 30, 2001 vs. 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 840,501 $ - $ - $ 5,312 $ 845,814
Natural gas 66,639 - - - 66,640
Competitive businesses - 6,206 262,871 16,893 285,970
-----------------------------------------------------------------
Total 907,141 6,206 262,871 22,206 1,198,424
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 765,692 - 423,599 - 1,189,291
purchased for resale
Purchased power 106,051 - (387,885) 19,544 (262,290)
-----------------------------------------------------------------
Gross Margin 35,399 6,206 227,157 2,662 271,423
Margin % (13.2%) - 15.3% 64.4% (7.2%)
Nuclear refueling outage expenses 7 - 5,090 - 5,097
Other operation and maintenance (46,980) 14,782 120,799 2,835 91,436
Decommissioning 698 - - - 698
Taxes other than income taxes 14,631 743 13,593 - 28,967
-----------------------------------------------------------------
Total 840,097 15,525 175,196 22,379 1,053,198
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 67,043 (9,319) 87,675 (173) 145,226
-----------------------------------------------------------------
Margin % (5.9%) (11.1%) 6.5% (22.4%) (3.5%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 8,003 622 20,799 - 29,423
Other regulatory charges (credits) 24,052 - - - 24,052
Amortization of rate deferrals (6,126) - - - (6,126)
-----------------------------------------------------------------
Total 25,928 622 20,799 - 47,348
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 41,115 (9,941) 66,876 (173) 97,877
-----------------------------------------------------------------
Margin % (4.0%) (10.9%) 4.8% (22.4%) (2.3%)
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during (4,148) - - - (4,148)
construction
Gain/(loss) on sale of assets - net 299 (3) (9,522) - (9,226)
Equity in earnings of unconsolidated
equity affiliates - - 95,543 - 95,543
Miscellaneous - net 16,577 (7,205) 8,553 (18,339) (413)
-----------------------------------------------------------------
Total 12,728 (7,208) 94,574 (18,339) 81,757
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 8,606 - 18,167 810 27,583
Other interest - net 12,146 9,614 53,210 (19,322) 55,648
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 2,546 - - - 2,546
during construction
-----------------------------------------------------------------
Total 23,298 9,614 71,377 (18,512) 85,776
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 30,545 (26,762) 90,073 - 93,858
INCOME TAXES 9,236 (10,118) 42,467 - 41,584
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 21,309 (16,644) 47,607 - 52,274
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (4,738) - - - (4,738)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 26,047 $ (16,644) $ 47,607 $ - $ 57,012
=================================================================
Margin % (1.2%) (112.0%) 2.5% 0.0% (0.9%)
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.18 ($0.08) $0.23 $0.33
DILUTED $0.15 ($0.08) $0.23 $0.30
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $8,076,227 $ - $ - $ (10,727) $ 8,065,500
Natural gas 232,511 - - - 232,511
Steam products - - - - -
Competitive businesses - 20,262 2,927,224 (30,926) 2,916,560
-----------------------------------------------------------------
Total 8,308,738 20,262 2,927,224 (41,653) 11,214,571
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 2,996,988 - 838,876 (739) 3,835,126
purchased for resale
Purchased power 1,034,271 - 1,399,871 (33,551) 2,400,591
-----------------------------------------------------------------
Gross Margin 4,277,479 20,262 688,476 (7,363) 4,978,854
Margin % 51.5% 100.0% 23.5% 17.7% 44.4%
Nuclear refueling outage expenses 70,519 - 5,090 - 75,609
Other operation and maintenance 1,454,042 67,970 479,853 (9,117) 1,992,748
Decommissioning 40,182 - - - 40,182
Taxes other than income taxes 372,995 2,309 24,006 - 399,310
-----------------------------------------------------------------
Total 5,968,997 70,279 2,747,697 (43,407) 8,743,566
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,339,741 (50,017) 179,527 1,754 2,471,005
-----------------------------------------------------------------
Margin % 28.2% (246.9%) 6.1% (4.2%) 22.0%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 738,663 3,829 33,057 - 775,549
Other regulatory charges (credits) 27,733 - - - 27,733
Amortization of rate deferrals 24,265 - - - 24,265
-----------------------------------------------------------------
Total 790,661 3,829 33,057 - 827,547
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 1,549,080 (53,846) 146,470 1,754 1,643,458
-----------------------------------------------------------------
Margin % 18.6% (265.7%) 5.0% (4.2%) 14.7%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 27,873 - - - 27,873
construction
Gain/(loss) on sale of assets - net 2,636 (30,000) 10,172 - (17,192)
Equity in earnings of unconsolidated
equity affiliates 2 - 95,543 - 95,545
Miscellaneous - net 43,336 64,463 98,999 (33,989) 172,809
-----------------------------------------------------------------
Total 73,847 34,463 204,714 (33,989) 279,035
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 482,156 - 22,498 - 504,654
Other interest - net 59,029 31,716 78,366 (32,235) 136,877
Distributions on preferred securities 18,838 - - - 18,838
of subsidiaries
Allowance for borrowed funds used (21,567) - - - (21,567)
during construction
-----------------------------------------------------------------
Total 538,456 31,716 100,865 (32,235) 638,802
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 1,084,471 (51,099) 250,319 - 1,283,691
INCOME TAXES 444,902 (23,054) 98,657 - 520,505
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 639,569 (28,045) 151,662 - 763,186
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 26,883 - - - 26,883
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 612,686 $ (28,045) $ 151,662 $ - $736,303
=================================================================
Margin % 7.4% (138.4%) 5.2% - 6.6%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.78 ($0.13) $0.69 $3.34
DILUTED $2.73 ($0.13) $0.68 $3.28
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 220,696,148
DILUTED 224,508,672
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $6,455,761 $ - $ - $ (18,481) $ 6,437,280
Natural gas 124,766 - - - 124,766
Steam products 286 - - - 286
Competitive businesses - 14,276 2,217,619 (28,046) 2,203,849
-----------------------------------------------------------------
Total 6,580,813 14,276 2,217,619 (46,527) 8,766,181
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 1,761,900 - 394,680 (593) 2,155,987
purchased for resale
Purchased power 830,747 - 1,467,885 (34,709) 2,263,923
-----------------------------------------------------------------
Gross Margin 3,988,166 14,276 355,054 (11,225) 4,346,271
Margin % 60.6% 100.0% 16.0% 24.1% 49.6%
Nuclear refueling outage expenses 74,422 - - - 74,422
Other operation and maintenance 1,420,834 52,211 289,884 (12,856) 1,750,073
Decommissioning 39,662 - - - 39,662
Taxes other than income taxes 329,741 914 5,665 - 336,320
-----------------------------------------------------------------
Total 4,457,306 53,125 2,158,114 (48,158) 6,620,387
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,123,507 (38,849) 59,505 1,631 2,145,794
-----------------------------------------------------------------
Margin % 32.3% (272.1%) 2.7% (3.5%) 24.5%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 683,800 2,095 8,463 - 694,358
Other regulatory charges (credits) 4,898 - - - 4,898
Amortization of rate deferrals 42,126 - - - 42,126
-----------------------------------------------------------------
Total 730,824 2,095 8,463 - 741,382
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 1,392,683 (40,944) 51,042 1,631 1,404,412
-----------------------------------------------------------------
Margin % 21.2% (286.8%) 2.3% (3.5%) 16.0%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 32,268 - - - 32,268
construction
Gain/(loss) on sale of assets - net 2,186 (13) 30,026 - 32,199
Equity in earnings of unconsolidated
equity affiliates - - - - -
Miscellaneous - net 29,895 66,981 110,468 (10,304) 197,040
-----------------------------------------------------------------
Total 64,349 66,968 140,494 (10,304) 261,507
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 466,593 - 519 (810) 466,302
Other interest - net 49,942 12,726 25,835 (7,863) 80,640
Distributions on preferred securities 18,838 - - - 18,838
of subsidiaries
Allowance for borrowed funds used (24,157) - - - (24,157)
during construction
-----------------------------------------------------------------
Total 511,216 12,726 26,354 (8,673) 541,623
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 945,816 13,298 165,182 - 1,124,296
INCOME TAXES 375,450 31,753 50,549 - 457,752
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 570,366 (18,455) 114,633 - 666,544
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 39,993 - - - 39,993
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 530,373 $ (18,455) $ 114,633 $ - $626,551
=================================================================
Margin % 8.1% (129.3%) 5.2% - 7.1%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.23 ($0.08) $0.48 $2.63
DILUTED $2.23 ($0.08) $0.48 $2.63
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 238,003,322
DILUTED 238,343,449
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2001 vs. 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,620,466 $ - $ - $ 7,754 $ 1,628,220
Natural gas 107,745 - - - 107,745
Steam products (286) - - - (286)
Competitive businesses - 5,986 709,605 (2,880) 712,711
-----------------------------------------------------------------
Total 1,727,925 5,986 709,605 4,874 2,448,390
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 1,235,088 - 444,196 (146) 1,679,139
purchased for resale
Purchased power 203,524 - (68,014) 1,158 136,668
-----------------------------------------------------------------
Gross Margin 289,313 5,986 333,422 3,862 632,583
Margin % (9.1%) - 7.5% (6.4%) (5.2%)
Nuclear refueling outage expenses (3,903) - 5,090 - 1,187
Other operation and maintenance 33,208 15,759 189,969 3,739 242,675
Decommissioning 520 - - - 520
Taxes other than income taxes 43,254 1,395 18,341 - 62,990
-----------------------------------------------------------------
Total 1,511,691 17,154 589,583 4,751 2,123,179
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 216,234 (11,168) 120,022 123 325,211
-----------------------------------------------------------------
Margin % (4.1%) 25.3% 3.4% (0.7%) (2.4%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 54,863 1,734 24,594 - 81,191
Other regulatory charges (credits) 22,835 - - - 22,835
Amortization of rate deferrals (17,861) - - - (17,861)
-----------------------------------------------------------------
Total 59,837 1,734 24,594 - 86,165
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 156,397 (12,902) 95,428 123 239,046
-----------------------------------------------------------------
Margin % (2.5%) 21.1% 2.7% (0.7%) (1.4%)
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during (4,395) - - - (4,395)
construction
Gain/(loss) on sale of assets - net 450 (29,987) (19,854) - (49,391)
Equity in earnings of unconsolidated
equity affiliates 2 - 95,543 - 95,545
Miscellaneous - net 13,441 (2,518) (11,469) (23,685) (24,231)
-----------------------------------------------------------------
Total 9,498 (32,505) 64,220 (23,685) 17,528
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 15,563 - 21,979 810 38,352
Other interest - net 9,087 18,990 52,531 (24,372) 56,237
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 2,590 - - - 2,590
during construction
-----------------------------------------------------------------
Total 27,240 18,990 74,511 (23,562) 97,179
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 138,655 (64,397) 85,137 - 159,395
INCOME TAXES 69,452 (54,807) 48,108 - 62,753
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 69,203 (9,590) 37,029 - 96,642
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (13,110) - - - (13,110)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 82,313 $ (9,590) $ 37,029 $ - $ 109,752
=================================================================
Margin % (0.7%) (9.1%) 0.0% - (0.6%)
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.55 ($0.05) $0.21 $0.71
DILUTED $0.50 ($0.05) $0.20 $0.65
*Totals may not foot due to rounding.
Entergy Corporation
U.S. Utility Electric Energy Sales & Customers
Three Months Ended June
% Weather
2001 2000 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 6,733 6,857 (1.8) (1.1)
Commercial 5,908 5,880 0.5 0.8
Governmental 630 635 (0.8) 0.0
Industrial 10,710 11,021 (2.8) (2.8)
------ ------ ----
Total to Ultimate Customers 23,981 24,393 (1.7) (1.4)
Wholesale 2,182 2,523 (13.5)
------ ------ ----
Total Sales 26,163 26,916 (2.8)
====== ====== ====
Year to Date June
% Weather
2001 2000 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 14,269 13,369 6.7 2.0
Commercial 11,482 11,160 2.9 2.7
Governmental 1,245 1,222 1.9 2.1
Industrial 21,022 21,638 (2.8) (2.8)
------ ------ ----
Total to Ultimate Customers 48,018 47,389 1.3 0.0
Wholesale 4,631 4,795 (3.4)
------ ------ ----
Total Sales 52,649 52,184 0.9
====== ====== ====
Twelve Months Ended June
2001 2000 %
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 32,898 30,733 7.0
Commercial 24,980 24,025 4.0
Governmental 2,627 2,573 2.1
Industrial 43,339 44,145 (1.8)
------- ------- ----
Total to Ultimate Customers 103,844 101,476 2.3
Wholesale 9,835 10,205 (3.6)
------- ------- ----
Total Sales 113,679 111,681 1.8
======= ======= ====
June
2001 1999 %
ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE):
Residential 2,215,321 2,199,803 0.7
Commercial 294,675 287,125 2.6
Governmental 14,614 14,257 2.5
Industrial 39,538 40,477 (2.3)
--------- --------- ----
Total to Ultimate Customers 2,564,148 2,541,662 0.9
Wholesale 39 40 (2.5)
--------- --------- ----
Total Sales 2,564,187 2,541,702 0.9
========= ========= ====