Exhibit 99.1
[Logo of Entergy] For further information:
Nancy Morovich, VP, Investor Relations
Phone 504/576-5506, Fax 504/576-2897
INVESTOR NEWS nmorovi@entergy.com
October 22, 2001
ENTERGY ACHIEVES SOLID THIRD QUARTER,
COMPETITIVE BUSINESSES CONTINUE TO DELIVER
NEW ORLEANS - Entergy Corporation announced third quarter 2001
consolidated earnings per share of $1.39, compared with $1.34 in 2000.
On an operational basis, Entergy earned $1.24 per share compared with
$1.37 in 2000, reflecting significantly milder weather in 2001. The
unusually hot weather in the third quarter of 2000 accounted for $0.17
of the earnings for that period. On a weather-adjusted basis, third
quarter 2001 results were $1.28 or 7 percent higher than one year ago.
This increase was driven by strong results at Entergy's competitive
businesses.
"The economic slowdown has not stalled our efforts to deliver superior
results," said J. Wayne Leonard, Entergy's chief executive officer.
"The investments we've made over the past three years to grow our
company are creating value for our shareholders and we continue to
maintain a sharp focus on operations in all of our businesses. We are
structured and integrated in a way that allows us to create and
capture value even in tough times, and we're on track for another
record-setting year."
Table 1 provides a comparative summary of earnings per share for the
third quarter and year-to-date 2001.
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Table 1: Entergy Corporation Consolidated Results
Third Quarter and Year-to-Date 2001 vs. 2000
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(Per share in U.S. $)
Third Quarter Year-to-Date
2001 2000 $ 2001 2000 $
Change Change
As Reported
U.S. Utility 0.99 1.27 (0.28) 2.25 2.35 (0.10)
Parent & Other (0.06) 0.01 (0.07) (0.07) 0.08 (0.15)
Competitive Businesses 0.46 0.06 0.40 0.96 0.34 0.62
----------------------------------------
Consolidated Earnings 1.39 1.34 0.05 3.14 2.77 0.37
Less Special Items
U.S. Utility - (0.03) 0.03 (0.01) (0.09) 0.08
Parent & Other - - - (0.05) - (0.05)
Competitive Businesses 0.15 - 0.15 0.15 0.06 0.09
----------------------------------------
Total 0.15 (0.03) 0.18 0.09 (0.03) 0.12
Operational
U.S. Utility 0.99 1.30 (0.31) 2.26 2.44 (0.18)
Parent & Other (0.06) 0.01 (0.07) (0.02) 0.08 (0.10)
Competitive Businesses 0.31 0.06 0.25 0.81 0.28 0.53
----------------------------------------
Consolidated Earnings 1.24 1.37 (0.13) 3.05 2.80 0.25
Weather Impact (0.04) 0.17 (0.21) 0.01 0.18 (0.17)
Consolidated Operational 1.28 1.20 0.08 3.04 2.62 0.42
Earnings Excluding Weather
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U.S. Utility
In third quarter 2001, as reported and operational utility earnings
were $0.99 per share, compared with $1.27 on an as reported basis and
$1.30 on an operational basis for the same period in 2000. The only
special item included at the utility in the comparable quarter was a
$(0.03) regulatory and reserve adjustment recorded in third quarter
2000. The decrease in earnings quarter to quarter was due primarily
to significantly less favorable weather which negatively impacted both
billed and unbilled sales. Weather in third quarter 2001 was slightly
milder than normal, while much warmer than normal weather contributed
$0.17 to earnings per share in third quarter 2000. In addition, the
continued slowdown in the economy reduced usage across some retail
customer segments.
Mild weather and reduced usage in the current period lowered
residential sales by 9 percent, compared to third quarter 2000. This
decrease was 1 percent after adjusting for weather. Commercial sales
were 3 percent lower, while the industrial sector experienced a 7
percent reduction quarter over quarter. This reduction was due to
continued weakness in the economy and to reclassifying certain
industrial customers from retail to wholesale. After removing the
impact of the reclassification, the reduction in industrial sales was
approximately 2 percent. 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 3 percent
for the quarter, in part due to lower nuclear and transition to
competition related costs.
The utility continued its focus on reliability and customer service as
evidenced by a reduction of 61 percent in the number of outage
complaints to regulators compared to third quarter 2000. Also, the
utility's twelve-month ended average outage frequency and average
outage duration decreased by 7 percent and 5 percent, respectively and
these improvements were achieved with a continuous focus on safe work
practices.
Table 2 provides a summary of the utility's key operational measures
with quarter to quarter and year-to-date comparisons.
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Table 2: Utility Operational Performance Measures
Third Quarter and Year-to-Date 2001 vs. 2000 (see table 13 for
definitions of measures)
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Third Quarter Year-to-Date
2001 2000 % 2001 2000 %
Change Change
Utility
Generation in GWh 28,081 28,623 -2% 73,365 73,218 0.2%
GWh billed
Residential 10,502 11,573 -9% 24,771 24,943 -0.7%
Commercial and Gov't 8,073 8,322 -3% 20,800 20,704 0.5%
Industrial 10,457 11,248 -7% 31,284 32,886 -5%
Weather cooling day (570) 1,422 -140% (942) 7,187 -113%
deviation from normal
Operation & maintenance exp. 14.17 14.55 -3% 14.42 15.35 -6%
Reliability
SAIFI 2.13 2.30 -7%
SAIDI 165.5 174 -5%
Reliability complaints 36 93 -61% 95 172 -45%
Safety 11 11 - 24 29 -17%
Number of customers
Residential 2,217,728 2,204,308 0.6%
Commercial & Gov't 310,467 302,769 3%
Industrial 41,587 42,476 -2%
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Parent & Other
Parent & Other earnings per share were $(0.06) in third quarter 2001,
compared with $0.01 in third quarter 2000. The decrease in third
quarter 2001 was due primarily to lower income compared to third
quarter 2000 as a result of a combination of reduced cash balances and
lower short-term yields.
Competitive Businesses
On an as reported basis, the competitive businesses earned $0.46 per
share in third quarter 2001, a significant increase over the $0.06
earned in the same period of 2000. Third quarter 2001 results include
a special item of $0.15. This special reflects the gain on the sale
of the Saltend project and a reserve taken on the pending cancellation
of certain gas turbines. Excluding this special item, operational
earnings increased more than 400 percent, from $0.06 in third quarter
2000 to $0.31 in third quarter 2001.
Table 3 provides a 2001 vs. 2000 comparison of contributions by
competitive business for the third quarter and year-to-date, on both
as reported and operational bases.
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Table 3: Competitive Businesses Contributions to Earnings Per Share
Third Quarter and Year-to-Date 2001 vs. 2000
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(Per share in U.S. $)
Third Quarter Year-to-Date
2001 2000 $ 2001 2000 $
Change Change
As Reported
Entergy Nuclear 0.16 0.03 0.13 0.44 0.13 0.31
Energy Commodity Services 0.30 0.03 0.27 0.52 0.21 0.31
--------------------------------------
Total 0.46 0.06 0.40 0.96 0.34 0.62
Less Special Items
Entergy Nuclear - - - - - -
Energy Commodity Services 0.15 - 0.15 0.15 0.06 0.09
--------------------------------------
Total 0.15 - 0.15 0.15 0.06 0.09
Operational
Entergy Nuclear 0.16 0.03 0.13 0.44 0.13 0.31
Energy Commodity Services 0.15 0.03 0.12 0.37 0.15 0.22
--------------------------------------
Total 0.31 0.06 0.25 0.81 0.28 0.53
----------------------------------------------------------------------
Entergy Nuclear
Entergy Nuclear earned $0.16 per share compared to $0.03 in third
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 and Indian Point 2 acquired in September
2001. EN's average capacity factor was 97.5 percent for third quarter
2001, an improvement of more than 11 percent over third quarter 2000.
EN achieved exceptional operating performance across its Northeast
portfolio during third quarter 2001.
EN's success in closing transactions and its ability to achieve
operational excellence resulted in an increase in its net MW in
operation by more than 400 percent over just one year ago. In
addition, GWh generated increased by more than 350 percent during
third quarter 2001 over the comparable period in 2000. EN'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.
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Table 4: Entergy Nuclear Operational Performance Measures
Third Quarter and Year-to-Date 2001 vs. 2000 (see table 13
for definitions of measures)
----------------------------------------------------------------------
Third Quarter Year-to-Date
2001 2000 % 2001 2000 %
Change Change
Entergy Nuclear
Net MW in operation 3,445 670 414%
Generation in GWh 5,887 1,293 355% 15,354 4,136 271%
Capacity factor 97.5% 87.7% 11% 91.5% 93.9% -3%
Refueling outage duration
No refueling outages during the period
----------------------------------------------------------------------
Energy Commodity Services
Energy Commodity Services, the combined reporting of Entergy-Koch L.P.
and Entergy Wholesale Operations, contributed $0.30 to earnings per
share in third quarter 2001 compared to just $0.03 in the same period
last year. On an operational basis, earnings were $0.15 per share,
representing an increase of 400 percent compared to the third quarter
2000. Entergy-Koch Trading, a subsidiary of Entergy-Koch L.P.,
contributed the majority of the quarter's operational earnings due to
solid results in power trading and very strong performance in gas
trading during third quarter as evidenced by an 8 percent increase in
gas marketed.
The Gulf South pipeline also experienced increased profitability in
third quarter 2001 due primarily to a 10 percent increase in pipeline
throughput. Throughput increased during the period due primarily to
lower gas prices and the resultant switching by customers from fuel
oil back to natural gas.
Entergy Wholesale Operations recorded a $0.15 special item in third
quarter 2001. Entergy announced the sale of Saltend to Calpine
Corporation in early July 2001 and realized a gain on the transaction
of $0.20 per share. This gain was reduced by a reserve recorded in
connection with the pending cancellation of four gas turbines
previously expected to be operational in 2005.
As of the end of third quarter 2001, Entergy Wholesale Operations had
2,330 net MW in operation, an increase of 93 percent due to the start
of commercial operations of Damhead Creek and Warren Power. In
addition, MW under construction decreased by 81 percent due to the
start of commercial operations of Saltend, Damhead Creek, and Warren
Power subsequent to third quarter 2000, offset slightly by the
addition of two new projects in development.
Table 5 provides a summary of Energy Commodity Services' key
operational measures with quarter to quarter and year-to-date
comparisons.
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Table 5: Energy Commodity Services Operational Performance Measures
Third Quarter and Year-to-Date 2001 vs. 2000 (see table 13
for definitions of measures)
----------------------------------------------------------------------
Third Quarter Year-to-Date
2001 2000 % 2001 2000 %
Change Change
Entergy-Koch Trading
Gas volatility 72% 43% 67% 66% 44% 50%
Electricity volatility 100% 138% -28% 136% 165% -18%
Electricity marketed (GWh) 24,873 26,645 -7% 82,268 80,893 2%
Gas marketed (Bcf/d) 7.0 6.5 8% 6.9 6.8 1%
Gulf South Pipeline
Throughput 2.56 2.33 10% 2.43 2.52 -4%
Production cost $0.088 $0.099 -11% $0.091 $0.092 -1%
Entergy Wholesale Operations
Net MW in operation 2,330 1,210 93%
Net MW under construction 373 2,000 -81%
Net MW announced development 6,213 2,301 170%
----------------------------------------------------------------------
Variance Analysis
Table 6 below and Table 7 on the following page, provide third quarter
and year-to-date 2001 vs. 2000 reported earnings variance analyses for
"U.S. Utility, Parent & Other," "Competitive Businesses," and
"Consolidated."
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Table 6: Entergy Corporation Reported Earnings Per Share Variance Analysis
Third Quarter 2001 vs. 2000
----------------------------------------------------------------------
(Per share in U.S. $, sorted in consolidated column, most to least
favorable)
U.S.
Utility,
Parent & Competitive
Other (a) Businesses Consolidated
2000 earnings 1.28 0.06 1.34
Depreciation/amortization expense 0.20 (b) (0.03) (c) 0.17
Other income (deductions) (0.01) 0.12 (d) 0.11
Decommissioning expense 0.09 (e) - 0.09
Income taxes - other 0.08 (f) (0.01) (f) 0.07
Preferred dividend requirements 0.01 - 0.01
Gain (loss) on sale of assets-net - 0.01 0.01
Taxes other than income taxes 0.02 (0.02) -
Nuclear refueling outage expense 0.01 (0.03) (g) (0.02)
Net revenue (0.66) (h) 0.57 (i) (0.09)
Other operation & maintenance expense 0.04 (j) (0.16) (k) (0.12)
Interest expense and other charges (0.13) (i) (0.05) (m) (0.18)
----- ----- -----
2001 earnings 0.93 0.46 1.39
----- ----- -----
----------------------------------------------------------------------
Notes to Table 6 are detailed on the following page below Table 7.
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Table 7: Entergy Corporation Reported Earnings Per Share Variance Analysis
Year-to-Date 2001 vs. 2000
----------------------------------------------------------------------
(Per share in U.S. $, sorted in consolidated column, most to least
favorable)
U.S.
Utility,
Parent & Competitive
Other (a) Businesses Consolidated
2000 earnings 2.43 0.34 2.77
Net revenue (0.58) (h) 1.17 (i) 0.59
Other income (deductions) 0.01 0.34 (d) 0.35
Decommissioning expense 0.09 (e) - 0.09
Depreciation/amortization expense 0.17 (b) (0.09) (c) 0.08
Share repurchase/dilution effect 0.05 0.02 0.07
Income taxes - other 0.09 (f) (0.02) (f) 0.07
Preferred dividend requirements 0.03 - 0.03
Gain (loss) on sale of assets-net - (0.02) (0.02)
Nuclear refueling outage expense 0.01 (0.04) (g) (0.03)
Taxes other than income taxes (0.02) (0.06) (n) (0.08)
Other operation & maintenance expense 0.12 (j) (0.49) (k) (0.37)
Interest expense and other charges (0.22) (l) (0.19) (m) (0.41)
----- ----- -----
2001 earnings 2.18 0.96 3.14
----- ----- -----
----------------------------------------------------------------------
(a) During third quarter 2001, Entergy recorded, on the Utility's
books, the impact on various revenue and expense accounts of a final
order issued by the Federal Energy Regulatory Commission resolving a
rate application made by System Energy Resources. The original 1995
application requested changes in return on equity, depreciation and
decommissioning costs. During the proceedings, Entergy recorded
accounting reserves for potential refunds.
(b) Depreciation expense decreased due primarily to recording the
effects of the FERC order addressing System Energy Resources' 1995
rate application.
(c) Depreciation expense increased due to increased depreciation on
U.K. assets, Indian Point 3 and FitzPatrick as well as the additional
depreciation expense resulting from the recently completed acquisition
of Indian Point 2.
(d) Quarter and year-to-date other income (deductions) increased due
primarily to Entergy-Koch earnings. In addition, the year-to-date
variance was impacted by the difference between liquidated damages
recorded in both periods. In 2001, $0.04 in liquidated damages were
recorded for Damhead Creek, while in 2000, Saltend liquidated damages
totaled $0.10.
(e) Decommissioning expense decreased due primarily to recording the
effects of the FERC order addressing System Energy Resources' 1995
rate application.
(f) Income statement line items are tax effected at the statutory
rate. Any difference between the statutory and effective tax rate is
reflected in the "Income tax-other" line.
(g) Nuclear refueling outage expense increased due to the amortization
of this cost for Pilgrim and Indian Point 3.
(h) Net revenue decreased in third quarter and year-to-date 2001 due
primarily to significantly milder weather in 2001 vs. 2000, the impact
of the System Energy Resources' refund, and lower sales volumes
across some retail customer segments due to the sluggish economy. In
addition, milder than normal weather near the end of the quarter
impacted unbilled revenue which is included in Other for the third
quarter and year-to-date periods.
Utility Net Revenue Variance Analysis, 2001 vs. 2000 ($ EPS)
Third Quarter Year-to-Date
Weather (0.21) Weather (0.17)
SERI refund (0.18) SERI refund (0.18)
Sales growth/pricing (0.09) Sales growth/pricing (0.13)
Other (0.18) Other (0.10)
Total (0.66) Total (0.58)
(i) Net revenue increased primarily as a result of the inclusion of
operations from the Indian Point 3 and FitzPatrick plants and Indian
Point 2, all of which totaled $0.37 and $0.94 per share respectively,
and the gain on the disposition of assets of $0.15, primarily related
to the sale of Saltend.
(j) Other operation & maintenance expense decreased for the quarter
and year-to-date periods due primarily to lower nuclear and transition
to competition costs, and lower vegetation control spending. In
addition, the year-to-date expense for 2001 was lower due to reversing
$0.07 of storm damage expenses at Entergy Arkansas to align with the
APSC's recommendations for future recovery.
(k) Other operation & maintenance expense increased due primarily to
inclusion of operations from Indian Point 2 and 3, FitzPatrick,
Saltend and Damhead Creek.
(l) Interest expense & other charges increased for the quarter and
year-to-date primarily due to recording the effects of the FERC order
addressing System Energy Resources' 1995 rate application.
(m) Interest expense & other charges increased for the quarter and
year-to-date due primarily 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.
(n) Other taxes expense increased due to higher property taxes
incurred for Indian Point 3 and FitzPatrick.
Table 8 lists special items by business for the third 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.
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Table 8: Entergy Special Items [shown as positive / (negative)
impact on earnings]
Third Quarter and Year-to-Date 2001 vs. 2000
-----------------------------------------------------------------------------
Third Quarter Year-to-Date
2001 2000 $ 2001 2000 $
Change Change
U.S. Utility Special Items
Merger expenses - - - (0.01) - (0.01)
Regulatory and reserve adjustments - (0.03) 0.03 - (0.09) 0.09
-----------------------------------------
Total - (0.03) 0.03 (0.01) (0.09) 0.08
Parent & Other Special Items
Merger expenses - - - (0.05) - (0.05)
-----------------------------------------
Competitive Businesses Special Items
Energy Commodity Services - 0.15 - 0.15 0.15 0.06 0.09
Gain (loss) on disposition of assets
-----------------------------------------
Total Special Items 0.15 (0.03) 0.18 0.09 (0.03) 0.12
-----------------------------------------------------------------------------
Other Performance Highlights
Entergy generated $628 million in operating cash in third quarter
2001, an increase of 5 percent compared to third quarter 2000. The
increase in quarterly operating cash is attributed primarily to
recovery of previously deferred fuel costs. The decrease in operating
cash in the year-to-date comparable periods is due primarily to lower
earnings and liquidated damages from U.K. assets, fuel expenses and
ice storm costs at the utility and merger expenses at Parent. Entergy
ended the third quarter with about $900 million of cash and cash
equivalents. The current level of cash along with significant
borrowing capacity continues to provide significant financial
flexibility to Entergy.
Net margin was 7.34 percent, its highest level since 1997. Cash
return on average investment for the twelve months ended September
2001 continued strong at 8.3 percent and return on average common
equity stayed in double digits at 10.4 percent. Net interest coverage
ended the period down from third quarter 2000, but at 4.31 times
coverage remains very strong.
Table 9 provides a summary of financial metrics for third quarter and
year to date 2001 and 2000.
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Table 9: Entergy Corporation Key Financial Performance Metrics
Third Quarter and Year-to-Date 2001 vs. 2000
----------------------------------------------------------------------
Third Quarter Year-to-Date
2001 2000 Change 2001 2000 Change
Operating cash flow (millions) $628 $599 $29 $1,229 $1,439 ($210)
Operating cash flow per share $2.79 2.67 $0.12 $5.47 $6.26 ($0.79)
For 12 months ending September 30 2001 2000 Change
Cash return on average investment 8.34% 8.13% 0.21%
Return on average common equity(o) 10.38% 9.22% 1.16%
Net margin - operational (p) 7.34% 7.26% 0.08%
Net interest coverage (q) 4.31 5.41 (1.10)
Book value per share $33.97 $32.14 $1.83
End of period shares outstanding (millions) 221.0 220.1 0.9
----------------------------------------------------------------------
(o) "Return on average common equity" is 12-months rolling net
income divided by average common equity.
(p) "Net margin - operational" is 12-months rolling net income
adjusted to exclude the impact of special items divided by 12 months
rolling revenue.
(q) "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 three quarters of 2001 our financial results are
solidly reinforced by the performance of our competitive businesses,"
said C. John Wilder, Entergy's chief financial officer. "These
businesses have increased their contribution to operational earnings
by almost 200 percent compared to results for the first three quarters
of 2000. With one quarter remaining this year we are already within
our previously targeted earnings guidance for the full year providing
us a real opportunity to finish near the high end of our guidance
range. Our financial metrics improved again this quarter with
stronger operational net margin and return on invested capital and
another quarter of double digit return on equity, while net debt
retreated to 49 percent. We are adjusting our current guidance to
$3.10 to $3.20 per share for 2001, and reaffirming 2002 guidance at
$3.30 to $3.50, 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 10 below. Key assumptions and
changes incorporated since guidance was last issued in July 2001 are
as follows:
- Earnings guidance is based on existing rate plans and fuel recovery
mechanisms. The utility's previous guidance range of $2.36 to $2.39 is
revised downward slightly to $2.29 to $2.31 to reflect lower revenues
resulting from continued weakness in the economy.
- More than 15 percent of earnings are expected from Entergy Nuclear
where revenue streams are tied to power purchase agreements that cover
100 percent of the megawatt hours generated. The previous guidance
range of $0.42 to $0.50 is increased to $0.50 to $0.54 to reflect
better than expected outage performance in terms of cost and duration,
and exceptional operating performance across the portfolio.
- Conservative assumptions are used to project results at Energy
Commodity Services. The previous guidance range of $0.26 to $0.34 per
share is increased to $0.37 to $0.39 per share to reflect better than
expected year-to-date results in trading.
- Parent & Other guidance is revised slightly from $(0.04) to $(0.03)
to $(0.06) to $(0.04) reflecting primarily the lower yields on cash
balances.
Table 10 provides Entergy's projection of 2001 operational earnings
per share with 2000 operational results as its data starting point.
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Table 10: 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 Lower revenues due to lower
sales growth partially offset
by operational improvements (0.04) (0.02)
------------
2.33 Total (0.04) (0.02) 2.29 2.31
Entergy Nuclear Lower Pilgrim revenue due to
outage & PPA (0.03) (0.03)
Indian Point 3 (outage year)
and FitzPatrick 0.22 0.25
Indian Point 2 (closing
9/6/01) 0.09 0.10
------------
0.22 Total 0.28 0.32 0.50 0.54
Entergy Commodity Trading, pipeline and project
earnings 0.32 0.34
Services Liquidated damages - U.K.
projects (0.13) (0.13)
------------
0.18 Total 0.19 0.21 0.37 0.39
Parent & Other Net interest income/(expense) (0.11) (0.10)
Competitive retail start-up
expenses (0.02) (0.01)
------------
0.07 Total (0.13) (0.11) (0.06) (0.04)
-----------------------------------------------------------------
Total 2.80 0.30 0.40 3.10 3.20
Weather impact 0.32 0.01 0.01
Total including weather 3.12 3.11 3.21
-------------------------------------------------------------------------------------------
Entergy's 2001 earnings guidance with September 2001 Year-To-Date
actual results as its starting point is detailed in Table 11 below.
This table reflects the projected changes in the earnings profile for
each of Entergy's businesses for the remainder of 2001.
-------------------------------------------------------------------------------
Table 11: 2001 Earnings Per Share Guidance Based on September 2001 Year-To-Date
Earnings
-------------------------------------------------------------------------------
(Per share in US $)
September 2001
Year-To- 2001 Guidance
Date October-December 2001 Range
Range of Impact
Utility excluding October - December earnings 0.04 0.06
weather ------------
2.25 Total 0.04 0.06 2.29 2.31
Entergy Nuclear Pilgrim, IP3, Fitzpatrick,
IP2 earnings 0.09 0.12
Increased outage amortization
expense (0.03) (0.02)
------------
0.44 Total 0.06 0.10 0.50 0.54
Entergy Commodity Trading, pipeline and project
Services earnings - 0.02
------------
0.37 Total - 0.02 0.37 0.39
Parent & Other Net interest income/(expense) (0.02) (0.01)
Competitive retail start-up
expenses (0.01) -
Corporate expenses (0.01) (0.01)
------------
(0.02) Total (0.04) (0.02) (0.06) (0.04)
-----------------------------------------------------------------
Total 3.04 0.06 0.16 3.10 3.20
Weather impact 0.01 0.01 0.01
Total including weather 3.05 3.11 3.21
-----------------------------------------------------------------------------------------
Entergy's 2002 earnings guidance is detailed in Table 12 below. Key
assumptions and changes incorporated since guidance was last issued in
July 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 $2.48 to $2.51 was decreased to $2.41 to $2.45 to reflect the
impact of the lower 2001 estimates. The incremental increase expected
in 2002 is essentially unchanged over previous guidance and result
from modest operational improvements, and the full impact of the
cessation of goodwill amortization.
- About 20 percent of earnings are expected from Entergy Nuclear where
revenue streams are tied to power purchase agreements that cover 100
percent of the megawatt hours generated. The previous guidance range
of $0.56 to $0.64 was increased to $0.64 to $0.74 to reflect stronger
performance at Indian Point 2, and additional contributions from
Vermont Yankee, a 510 MW nuclear acquisition that is expected to close
in Spring 2002.
- Energy Commodity Services' 2002 earnings guidance was adjusted
slightly from $0.33 to $0.41 to $0.36 to $0.41 to reflect some
moderation but continued solid performance in the trading business.
- Parent & Other's guidance improves from the previous range of
$(0.07) to $(0. 06) to the revised range of $(0.11) to $(0.10) to
reflect revised estimates for borrowings and related interest expense,
as well as declining yields on cash balances.
Table 12 provides Entergy's projection of 2002 operational earnings
per share with the mid-point of 2001 Guidance Range as its data
starting point.
-------------------------------------------------------------------------------
Table 12 2002 Earnings Per Share Guidance
-------------------------------------------------------------------------------
(Per share in US $)
2001 Guidance 2002 Guidance
Range Mid-Pt. Changes in 2002 Range
Range of Impact
Utility excluding weather Operational improvement
& Other 0.04 0.08
Suspension of goodwill
amortization 0.07 0.07
----- -----
2.30 Total 0.11 0.15 2.41 2.45
Entergy Nuclear Indian Point 2 (full year
with outage) 0.04 0.06
Increased revenue due to
Pilgrim PPA 0.04 0.05
Vermont Yankee (spring 2002
close, outage year) 0.07 0.11
Return to normal capacity
factor (0.03) -
----- -----
0.52 Total 0.12 0.22 0.64 0.74
Entergy Commodity Liquidated damages - U.K.
Services projects (0.04) (0.04)
Trading, pipeline and project
earnings 0.02 0.07
----- -----
0.38 Total (0.02) 0.03 0.36 0.41
Parent & Other Net interest income/(expense) (0.06) (0.05)
----- -----
(0.05) Total (0.06) (0.05) (0.11) (0.10)
-------------------------------------------------------------------------
Total 3.15 0.15 0.35 3.30 3.50
Weather impact - - -
Total including weather 3.15 3.30 3.50
---------------------------------------------------------------------------------------------------
Supplemental Definitions
Table 13 provides definitions of operational performance measures
referenced in this release.
--------------------------------------------------------------------------
Table 13: 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
Weather cooling day The deviation from historical normal
deviation from normal temperatures, measured in degree days.
Operation & maintenance Operation and maintenance and nuclear
and nuclear refueling refueling expenses per MWh generated,
outage expenses 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
Energy Commodity Services
Entergy-Koch 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 Total physical GWh volumes marketed
(GWh) 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 Total possible MW that have been
development 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
September 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $165,558 $ 2,904 $ 55,831 $ - $ 224,293
Temporary cash investments - at cost,
which approximates market 176,940 32,293 466,556 - 675,790
Special deposits - 78 1,116 - 1,193
----------------------------------------------------------------
Total cash and cash equivalents 342,498 35,275 523,503 - 901,276
----------------------------------------------------------------
Other temporary investments 239,310 11,290 - - 250,600
Notes receivable 82 287,386 53,687 (338,156) 3,000
Accounts receivable:
Customer 528,869 (1) 43,939 - 572,807
Allowance for doubtful accounts (7,383) (2,064) (500) - (9,947)
Associated companies 15,116 121,355 (87,043) (49,429) -
Other 85,928 1,468 102,591 - 189,988
Accrued unbilled revenues 368,772 - 131 - 368,903
----------------------------------------------------------------
Total receivables 991,302 120,760 59,118 (49,429) 1,121,751
Deferred fuel costs 310,880 - - - 310,880
Fuel inventory - at average cost 115,645 - 3,313 18 118,976
Materials and supplies - at average cost 325,659 30 131,851 - 457,539
Rate deferrals 1,402 - - - 1,402
Deferred nuclear refueling outage costs 40,059 - 61,168 - 101,227
Prepayments and other 64,193 3,449 22,418 - 90,060
----------------------------------------------------------------
TOTAL 2,431,030 458,190 855,059 (387,567) 3,356,711
----------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 216 8,798,252 640,626 (8,797,628) 641,466
Decommissioning trust funds 871,615 - 910,046 - 1,781,661
Non-utility property - at cost (less accumulated
depreciation) 224,362 38,430 30,065 - 292,857
Non-regulated investments - 34,658 127,698 (23,158) 139,198
Other - at cost (less accumulated depreciation) 19,076 35,389 299,598 - 354,063
----------------------------------------------------------------
TOTAL 1,115,269 8,906,730 2,008,034 (8,820,786) 3,209,245
----------------------------------------------------------------
PROPERTY, PLANT, AND EQUIPMENT
Electric 24,237,186 5,190 1,770,110 - 26,012,486
Plant acquisition adjustment 378,166 - 300 - 378,465
Property under capital lease 758,458 - - - 758,458
Natural gas 199,927 - - - 199,928
Construction work in progress 815,587 7,021 75,102 - 897,709
Nuclear fuel under capital lease 235,199 - - - 235,199
Nuclear fuel 37,121 - 206,549 - 243,671
----------------------------------------------------------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 26,661,644 12,211 2,052,061 - 28,725,916
Less - accumulated depreciation and amortization 11,669,593 3,881 114,146 - 11,787,620
----------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT - NET 14,992,051 8,330 1,937,915 - 16,938,296
----------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
SFAS 109 regulatory asset - net 1,001,884 - - - 1,001,884
Unamortized loss on reacquired debt 170,799 - - - 170,799
Deferred fuel costs 22,468 - - - 22,468
Other regulatory assets 709,312 - - - 709,312
Long-term receivables 28,870 - - - 28,870
Other 126,214 484,525 619,044 (485,735) 744,049
----------------------------------------------------------------
TOTAL 2,059,547 484,525 619,044 (485,735) 2,677,382
----------------------------------------------------------------
TOTAL ASSETS $20,597,897 $9,857,774 $5,420,051 $(9,694,088) $26,181,634
================================================================
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
September 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 518,058 - 83,879 - 601,937
Notes payable:
Associated companies - 52,775 285,420 (338,195) -
Other 713 1,050,001 304 - 1,051,018
Account payable:
Associated companies (2,901) 108,231 (77,155) (28,175) -
Other 477,477 4,913 111,931 - 594,320
Customer deposits 183,808 - - - 183,808
Taxes accrued 807,851 110,283 6,487 - 924,621
Accumulated deferred income taxes 43,752 (12) 24,508 - 68,248
Nuclear refueling outage costs 16,163 - - - 16,163
Interest accrued 140,856 4,610 39,974 - 185,440
Obligations under capital leases 154,713 - - - 154,713
Other 199,971 9,399 136,975 (21,254) 325,092
----------------------------------------------------------------
TOTAL 2,540,462 1,340,200 612,323 (387,624) 4,105,360
----------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,421,554 (56,291) 33,637 - 3,398,899
Accumulated deferred investment tax credits 476,895 - - - 476,895
Obligations under capital leases 150,666 - 15 - 150,681
FERC settlement - refund obligation 25,234 - - - 25,234
Other regulatory liabilities 139,095 - - - 139,095
Decommisioning 271,682 - 898,975 - 1,170,657
Transition to competition 222,021 - - - 222,021
Regulatory reserves 38,909 - - - 38,909
Accumulated provisions 277,488 (7) 95,055 - 372,537
Other 796,838 33,816 365,705 (435,385) 760,975
----------------------------------------------------------------
TOTAL 5,820,382 (22,482) 1,393,387 (435,385) 6,755,903
----------------------------------------------------------------
Long-term debt 6,027,510 25,939 1,267,273 (83,109) 7,237,613
Preferred stock with sinking fund 26,185 - - - 26,185
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 2,225,870 411,705 1,557,653 (4,192,745) 2,482
Authorized shares 500,000,000
Issued shares CY 248,174,087
Paid-in capital 1,779,439 5,486,104 567,022 (3,169,803) 4,662,762
Retained earnings 1,628,874 3,437,226 146,345 (1,523,822) 3,688,624
Accumulated other comprehensive income (loss) (512) (70,849) (95,336) 69,785 (96,913)
Less - treasury stock, at cost - 750,069 28,616 (28,616) 750,069
Shares CY 27,161,334
----------------------------------------------------------------
TOTAL 5,968,358 8,514,117 2,147,068 (8,787,970) 7,841,573
----------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,597,897 $9,857,774 $5,420,051 $(9,694,088) $26,181,634
================================================================
*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
----------- ---------- ---------- ----------- -----------
Other temporary investments - - - - -
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
September 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 $119,047 $ 2,083 $ (54,387) $ - $ 66,743
Temporary cash investments - at cost,
which approximates market (130,649) (82,664) 249,064 - 35,752
Special deposits - 78 (583,720) - (583,643)
----------- ---------- ---------- ----------- -----------
Total cash and cash equivalents 11,602 (80,503) (389,043) - (481,148)
----------- ---------- ---------- ----------- -----------
Other temporary investments 239,310 11,290 - - 250,600
Notes receivable (1,462) (493,492) 53,687 440,658 (608)
Accounts receivable:
Customer 81,833 (1) (6,846) - 74,986
Allowance for doubtful accounts - 1 - - 1
Associated companies (6,471) (3,178) (92,391) 102,040 -
Other (14,684) (400) (190,407) - (205,530)
Accrued unbilled revenues (46,637) - 131 - (46,506)
----------- ---------- ---------- ----------- -----------
Total receivables 14,041 (3,617) (289,513) 102,040 (177,050)
Deferred fuel costs (257,451) - - - (257,451)
Fuel inventory - at average cost 23,786 - 1,511 - 25,297
Materials and supplies - at average cost (12,835) 43 44,975 - 32,182
Rate deferrals (15,179) - - - (15,179)
Deferred nuclear refueling outage costs (6,485) - 61,168 - 54,683
Prepayments and other 9,870 611 (43,110) - (32,630)
----------- ---------- ---------- ----------- -----------
TOTAL (18,007) (565,668) (560,324) 542,698 (601,304)
----------- ---------- ---------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity 2 1,792,516 640,626 (1,791,891) 641,252
Decommissioning trust funds 4,373 - 461,431 - 465,804
Non-utility property - at cost (less accumulated
depreciation) (81) 4,689 25,297 - 29,905
Non-regulated investments - 23,158 (49,957) (23,157) (49,956)
Other - at cost (less accumulated depreciation) 1,217 30,950 294,860 - 327,027
----------- ---------- ---------- ----------- -----------
TOTAL 5,510 1,851,314 1,372,258 (1,815,048) 1,414,032
----------- ---------- ---------- ----------- -----------
PROPERTY, PLANT, AND EQUIPMENT
Electric 216,302 775 657,848 - 874,925
Plant acquisition adjustment (12,198) - - - (12,199)
Property under capital lease (10,912) - (62,452) - (73,364)
Natural gas 8,938 - - - 8,939
Steam products - - - - -
Construction work in progress 368,025 4,796 (411,896) - (39,076)
Nuclear fuel under capital lease (42,474) - - - (42,474)
Nuclear fuel (1,727) - 87,794 - 86,068
----------- ---------- ---------- ----------- -----------
TOTAL PROPERTY, PLANT AND EQUIPMENT 525,952 5,571 271,294 - 802,819
Less - accumulated depreciation and amortization 283,735 694 25,839 - 310,268
----------- ---------- ---------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT - NET 242,217 4,877 245,455 - 492,551
----------- ---------- ---------- ----------- -----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
SFAS 109 regulatory asset - net 21,618 - - - 21,618
Unamortized loss on reacquired debt (12,828) - - - (12,828)
Deferred fuel costs (73,193) - - - (73,193)
Other regulatory assets (83,203) - - - (83,203)
Long-term receivables (716) (6,000) 6,011 - (705)
Other (50,933) 66,790 (359,397) (83,689) (427,229)
----------- ---------- ---------- ----------- -----------
TOTAL (199,256) 60,790 (353,386) (83,689) (575,540)
----------- ---------- ---------- ----------- -----------
TOTAL ASSETS $ 30,465 $1,351,312 $ 704,003 $(1,356,040) $ 729,738
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Balance Sheet
September 30, 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 $ 208,320 $ - $(70,598) $ - $ 137,722
Notes payable:
Associated companies - (17,415) (423,204) 440,619 -
Other (2) 663,001 (4) - 662,995
Account payable:
Associated companies (11,079) 90,714 (100,035) 20,400 -
Other (399,575) (2,002) (208,329) - (609,907)
Customer deposits 11,639 - - - 11,639
Taxes accrued 497,456 (24,041) (605) - 472,810
Accumulated deferred income taxes (181,877) (32) 24,508 - (157,401)
Nuclear refueling outage costs 5,954 - - - 5,954
Interest accrued (29,068) 3,829 38,646 - 13,407
Obligations under capital leases (2,194) - - - (2,194)
Other 23,466 (1,465) 114,215 (4,032) 132,184
----------- ---------- ---------- ----------- -----------
TOTAL 123,042 712,589 (625,406) 456,987) 667,209
----------- ---------- ---------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 85,201 23,787 40,829 - 149,816
Accumulated deferred investment tax credits (17,420) - - - (17,420)
Obligations under capital leases (51,192) - - - (51,192)
FERC settlement - refund obligation (5,511) - - - (5,511)
Other regulatory liabilities 34,254 - - - 34,254
Decommisioning (24,119) - 445,068 - 420,949
Transition to competition 30,087 - - - 30,087
Regulatory reserves (357,880) - - - (357,880)
Accumulated provisions (10,309) 3 (7,274) - (17,579)
Other 77,768 (70,533) (74,277) (25,121) (92,162)
----------- ---------- ---------- ----------- -----------
TOTAL (239,121) (46,743) 404,346 (25,121) 93,362
----------- ---------- ---------- ----------- -----------
Long-term debt (12,128) (60) (484,852) 2,560 (494,480)
Preferred stock with sinking fund (39,573) - - - (39,573)
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 0 52,006 1,189,790 (1,241,795) 0
Authorized shares
Issued shares CY
Paid-in capital 58 28,111 55,332 (81,223) 2,279
Retained earnings 198,699 575,680 209,456 (485,850) 497,985
Accumulated other comprehensive income (loss) (512) 4,893 (22,047) (4,213) (21,880)
Less - treasury stock, at cost - (24,836) 22,616 (22,616) (24,836)
----------- ---------- ---------- ----------- -----------
TOTAL 198,244 685,526 1,409,915 (1,790,466) 503,220
----------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 30,464 $1,351,312 $ 704,003 $(1,356,040) $ 729,738
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $1,986,831 $ - $ - $ (493) $ 1,986,338
Natural gas 18,212 - - - 18,212
Competitive businesses - 5,969 565,543 (326) 571,186
-----------------------------------------------------------------
Total 2,005,043 5,969 565,543 (819) 2,575,736
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 694,248 - 231,204 - 925,452
purchased for resale
Purchased power 252,160 - 27,430 (530) 279,060
-----------------------------------------------------------------
Gross Margin 1,058,635 5,969 306,909 (289) 1,371,224
Margin % 52.8% 100.0% 54.3% 35.3% 53.2%
Nuclear refueling outage expenses 15,436 - 8,848 - 24,284
Other operation and maintenance 382,377 18,577 150,118 (734) 550,339
Decommissioning (22,553) - - - (22,553)
Taxes other than income taxes 92,164 488 10,940 - 103,593
-----------------------------------------------------------------
Total 1,413,832 19,065 428,540 (1,264) 1,860,175
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 591,211 (13,096) 137,003 445 715,561
-----------------------------------------------------------------
Margin % 29.5% (219.4%) 24.2% (54.3%) 27.8%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 112,631 1,108 13,911 - 127,650
Other regulatory charges (credits) (24,621) - - - (24,621)
Amortization of rate deferrals 6,029 - - - 6,029
-----------------------------------------------------------------
Total 94,039 1,108 13,911 - 109,058
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 497,172 (14,204) 123,092 445 606,503
-----------------------------------------------------------------
Margin % 24.8% (238.0%) 21.8% (54.3%) 23.5%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 7,672 - - - 7,672
construction
Gain/(loss) on sale of assets - net 622 77 1,366 - 2,066
Equity in earnings of unconsolidated
equity affiliates - - 58,414 - 58,414
Miscellaneous - net 21,473 4,133 19,191 (7,153) 37,643
-----------------------------------------------------------------
Total 29,767 4,210 78,971 (7,153) 105,795
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 117,144 - 9,526 - 126,670
Other interest - net 57,631 10,407 23,122 (6,708) 84,452
Distributions on preferred securities 4,709 - - - 4,709
of subsidiaries
Allowance for borrowed funds used (6,287) - - - (6,287)
during construction
-----------------------------------------------------------------
Total 173,197 10,407 32,648 (6,708) 209,544
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 353,742 (20,401) 169,415 - 502,754
INCOME TAXES 125,218 (7,454) 67,536 - 185,300
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 228,524 (12,947) 101,879 - 317,454
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 4,970 - - - 4,970
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 223,554 $ (12,947) $ 101,879 $ - $312,484
=================================================================
Margin % 11.1% (216.9%) 18.0% - 12.1%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.01 $(0.06) $0.46 $1.41
DILUTED $0.99 $(0.06) $0.46 $1.39
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 221,675,578
DILUTED 224,830,056
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $2,390,667 $ - $ - $ (5,580) $ 2,385,087
Natural gas 21,815 - - - 21,815
Competitive businesses - 8,239 1,028,390 (11,977) 1,024,653
-----------------------------------------------------------------
Total 2,412,482 8,239 1,028,390 (17,557) 3,431,555
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 725,564 - 69,655 (438) 794,782
purchased for resale
Purchased power 313,666 - 857,210 (12,731) 1,158,145
-----------------------------------------------------------------
Gross Margin 1,373,252 8,239 101,525 (4,388) 1,478,628
Margin % 56.9% 100.0% 9.9% 25.0% 43.1%
Nuclear refueling outage expenses 18,439 - - - 18,439
Other operation and maintenance 398,059 16,255 95,046 (4,981) 504,379
Decommissioning 11,505 - - - 11,505
Taxes other than income taxes 101,266 332 1,591 - 103,188
-----------------------------------------------------------------
Total 1,568,499 16,587 1,023,502 (18,150) 2,590,438
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 843,983 (8,348) 4,888 593 841,117
-----------------------------------------------------------------
Margin % 35.0% (101.3%) 0.5% (3.4%) 24.5%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 186,042 813 2,111 - 188,967
Other regulatory charges (credits) 47,816 - - - 47,816
Amortization of rate deferrals 10,497 - - - 10,497
-----------------------------------------------------------------
Total 244,355 813 2,111 - 247,280
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 599,628 (9,161) 2,777 593 593,837
-----------------------------------------------------------------
Margin % 24.9% (111.2%) 0.3% (3.4%) 17.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 9,163 - - - 9,163
construction
Gain/(loss) on sale of assets - net 548 - (832) - (284)
Equity in earnings of unconsolidated
equity affiliates - - - - -
Miscellaneous - net 10,916 15,878 29,670 (2,590) 53,873
-----------------------------------------------------------------
Total 20,627 15,878 28,838 (2,590) 62,752
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 121,338 - 126 - 121,464
Other interest - net 11,148 5,512 7,912 (1,997) 22,576
Distributions on preferred securities 4,709 - - - 4,709
of subsidiaries
Allowance for borrowed funds used (6,776) - - - (6,776)
during construction
-----------------------------------------------------------------
Total 130,419 5,512 8,038 (1,997) 141,973
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 489,836 1,205 23,577 - 514,616
INCOME TAXES 199,142 (1,417) 10,202 - 207,927
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 290,694 2,622 13,375 - 306,689
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 6,755 - - - 6,755
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 283,939 $ 2,622 $ 13,375 $ - $299,934
=================================================================
Margin % 11.8% 31.8% 1.3% - 8.7%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.28 $0.01 $0.06 $1.35
DILUTED $1.27 $0.01 $0.06 $1.34
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 222,159,091
DILUTED 224,352,165
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2001 vs. 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ (403,836) $ - $ - $ 5,087 $ (398,750)
Natural gas (3,603) - - - (3,603)
Competitive businesses - (2,270) (462,847) 11,651 (453,467)
-----------------------------------------------------------------
Total (407,439) (2,270) (462,847) 16,738 (855,820)
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas (31,316) - 161,549 438 130,670
purchased for resale
Purchased power (61,506) - (829,780) 12,201 (879,085)
-----------------------------------------------------------------
Gross Margin (314,617) (2,270) 205,384 4,099 (107,405)
Margin % (4.1%) - 44.4% 10.3% 10.1%
Nuclear refueling outage expenses (3,003) - 8,848 - 5,845
Other operation and maintenance (15,682) 2,322 55,072 4,247 45,960
Decommissioning (34,058) - - - (34,058)
Taxes other than income taxes (9,102) 156 9,349 - 405
-----------------------------------------------------------------
Total (154,667) 2,478 (594,962) 16,886 (730,263)
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (252,772) (4,748) 132,115 (148) (125,557)
-----------------------------------------------------------------
Margin % (5.5%) (118.1%) 23.7% (51.0%) 3.3%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (73,411) 295 11,800 - (61,317)
Other regulatory charges (credits) (72,437) - - - (72,437)
Amortization of rate deferrals (4,468) - - - (4,468)
-----------------------------------------------------------------
Total (150,316) 295 11,800 - (138,222)
-----------------------------------------------------------------
OPERATING INCOME (LOSS) (102,456) (5,043) 120,315 (148) 12,665
-----------------------------------------------------------------
Margin % (0.1%) (126.8%) 21.5% (51.0%) 6.2%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during (1,491) - - - (1,491)
construction
Gain/(loss) on sale of assets - net 74 77 2,198 - 2,349
Equity in earnings of unconsolidated
equity affiliates - - 58,414 - 58,414
Miscellaneous - net 10,557 (11,745) (10,479) (4,563) (16,230)
-----------------------------------------------------------------
Total 9,140 (11,668) 50,133 (4,563) 43,042
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (4,194) - 9,400 - 5,206
Other interest - net 46,483 4,895 15,210 (4,711) 61,876
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 489 - - - 489
during construction
-----------------------------------------------------------------
Total 42,778 4,895 24,610 (4,711) 67,571
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES (136,094) (21,606) 145,838 - (11,863)
INCOME TAXES (73,924) (6,037) 57,334 - (22,627)
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) (62,170) (15,569) 88,504 - 10,764
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (1,785) - - - (1,785)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (60,385) $ (15,569) $ 88,504 $ - $ 12,550
=================================================================
Margin % (0.6%) (248.7%) 16.7% - 3.4%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC ($0.27) ($0.07) $0.40 - $0.06
DILUTED ($0.28) ($0.07) $0.40 - $0.05
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date September 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $5,851,961 $ - $ - $ (2,240) $ 5,849,720
Natural gas 159,144 - - - 159,144
Competitive businesses - 26,451 1,688,937 (814) 1,714,574
-----------------------------------------------------------------
Total 6,011,105 26,451 1,688,937 (3,054) 7,723,438
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 2,281,176 - 795,756 - 3,076,932
purchased for resale
Purchased power 711,484 - 178,263 (912) 888,835
-----------------------------------------------------------------
Gross Margin 3,018,445 26,451 714,918 (2,142) 3,757,671
Margin % 50.2% 100.0% 42.3% 70.1% 48.7%
Nuclear refueling outage expenses 50,629 - 13,938 - 64,567
Other operation and maintenance 1,007,430 63,101 402,031 (3,155) 1,469,408
Decommissioning (4,749) - - - (4,749)
Taxes other than income taxes 266,095 1,953 27,669 - 295,717
-----------------------------------------------------------------
Total 4,312,066 65,054 1,417,658 (4,067) 5,790,710
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,699,039 (38,603) 271,279 1,013 1,932,728
-----------------------------------------------------------------
Margin % 28.3% (145.9%) 16.1% (33.2%) 25.0%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 472,480 3,261 38,358 - 514,099
Other regulatory charges (credits) (21,075) - - - (21,075)
Amortization of rate deferrals 15,181 - - - 15,181
-----------------------------------------------------------------
Total 466,586 3,261 38,358 - 508,205
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 1,232,453 (41,864) 232,921 1,013 1,424,523
-----------------------------------------------------------------
Margin % 20.5% (158.3%) 13.8% (33.2%) 18.4%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 19,259 - - - 19,259
construction
Gain/(loss) on sale of assets - net 1,967 77 12,370 - 14,414
Equity in earnings of unconsolidated
equity affiliates - - 153,957 - 153,957
Miscellaneous - net 44,379 48,113 79,049 (31,679) 139,862
-----------------------------------------------------------------
Total 65,605 48,190 245,376 (31,679) 327,492
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 358,429 - 27,945 - 386,373
Other interest - net 91,152 31,993 91,272 (30,665) 183,752
Distributions on preferred securities 14,128 - - - 14,128
of subsidiaries
Allowance for borrowed funds used (15,718) - - - (15,718)
during construction
-----------------------------------------------------------------
Total 447,991 31,993 119,217 (30,665) 568,535
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 850,067 (25,666) 359,079 - 1,183,480
INCOME TAXES 325,951 (10,726) 144,348 - 459,573
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 524,116 (14,940) 214,731 - 723,907
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 18,363 - - - 18,363
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 505,753 $ (14,940) $ 214,731 $ - $705,544
=================================================================
Margin % 8.4% (56.5%) 12.7% - 9.1%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.29 ($0.07) $0.97 $3.19
DILUTED $2.25 ($0.07) $0.96 $3.14
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 220,908,546
DILUTED 224,780,449
*Totals may not foot due to rounding.
Entergy Corporation
Entergy Corporation
Consolidating Income Statement
Year to Date September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $5,415,296 $ - $ - $ (12,639) $5,402,657
Natural gas 96,107 - - - 96,107
Steam products - - - - -
Competitive businesses - 22,515 1,888,914 (29,358) 1,882,071
--------- ------- -------- ---------- ----------
Total 5,511,403 22,515 1,888,914 (41,997) 7,380,835
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 1,546,801 - 210,608 (438) 1,756,972
Purchased power 666,938 - 1,395,928 (32,657) 2,030,210
--------- ------- -------- ---------- ----------
Gross Margin 3,297,664 22,515 282,377 (8,902) 3,593,653
Margin % 59.8% 100.0% 14.9% 21.2% 48.7%
Nuclear refueling outage expenses 53,625 - - - 53,625
Other operation and maintenance 1,070,092 45,996 226,161 (10,237) 1,332,012
Decommissioning 28,611 - - - 28,611
Taxes other than income taxes 260,566 1,053 4,727 - 266,346
--------- ------- -------- ---------- ----------
Total 3,626,634 47,049 1,837,423 (43,331) 5,467,776
--------- ------- -------- ---------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,884,769 (24,534) 51,490 1,335 1,913,059
--------- ------- -------- ---------- ----------
Margin % 34.2% (109.0%) 2.7% (3.2%) 25.9%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 537,887 2,344 5,759 - 545,991
Other regulatory charges (credits) 27,311 - - - 27,311
Amortization of rate deferrals 25,776 - - - 25,776
--------- ------- -------- ---------- ----------
Total 590,974 2,344 5,759 - 599,078
--------- ------- -------- ---------- ----------
OPERATING INCOME (LOSS) 1,293,795 (26,878) 45,731 1,335 1,313,981
--------- ------- -------- ---------- ----------
Margin % 23.5% (119.4%) 2.4% (3.2%) 17.8%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 24,898 - - - 24,898
Gain/(loss) on sale of assets - net 1,594 3 19,694 - 21,291
Miscellaneous - net 17,245 67,062 80,975 (8,777) 156,505
--------- ------- -------- ---------- ----------
Total 43,736 67,065 100,669 (8,777) 202,694
--------- ------- -------- ---------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 354,016 - 379 (810) 353,585
Other interest - net 32,523 17,485 22,852 (6,632) 66,227
Distributions on preferred securities of subsidiaries 14,128 - - - 14,128
Allowance for borrowed funds used during construction (18,753) - - - (18,753)
--------- ------- -------- ---------- ----------
Total 381,914 17,485 23,231 (7,442) 415,187
--------- ------- -------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 955,617 22,702 123,169 (0) 1,101,488
INCOME TAXES 390,640 5,583 44,393 - 440,616
--------- ------- -------- ---------- ----------
CONSOLIDATED NET INCOME (LOSS) 564,978 17,119 78,777 (0) 660,872
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 24,886 - - - 24,886
--------- ------- -------- ---------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 540,091 $17,119 $ 78,777 $ (0) $ 635,986
========= ======= ======== ========== ==========
Margin % 9.8% 76.0% 4.2% 0.0% 8.6%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.36 $0.08 $0.34 $2.78
DILUTED $2.35 $0.08 $0.34 $2.77
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 228,930,171
DILUTED 230,034,859
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Year to Date September 30, 2001 vs. 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 436,665 $ - $ - $ 10,399 $ 447,063
Natural gas 63,037 - - - 63,037
Competitive businesses - 3,936 (199,977) 28,544 (167,497)
-----------------------------------------------------------------
Total 499,702 3,936 (199,977) 38,943 342,603
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 734,375 - 585,148 438 1,319,960
purchased for resale
Purchased power 44,546 - (1,217,665) 31,745 (1,141,375)
-----------------------------------------------------------------
Gross Margin (279,219) 3,936 432,541 6,760 164,018
Margin % (9.6%) - 27.4% 48.9% (0.0%)
Nuclear refueling outage expenses (2,996) - 13,938 - 10,942
Other operation and maintenance (62,662) 17,105 175,871 7,082 137,396
Decommissioning (33,360) - - - (33,360)
Taxes other than income taxes 5,530 900 22,943 - 29,372
-----------------------------------------------------------------
Total 685,432 18,005 (419,766) 39,264 322,935
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (185,730) (14,069) 219,789 (322) 19,668
-----------------------------------------------------------------
Margin % (5.9%) (37.0%) 13.3% (30.0%) (0.9%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (65,407) 917 32,599 - (31,892)
Other regulatory charges (credits) (48,386) - - - (48,386)
Amortization of rate deferrals (10,595) - - - (10,595)
-----------------------------------------------------------------
Total (124,388) 917 32,599 - (90,873)
-----------------------------------------------------------------
OPERATING INCOME (LOSS) (61,342) (14,986) 187,190 (322) 110,541
-----------------------------------------------------------------
Margin % (3.0%) (38.9%) 11.4% (30.0%) 0.6%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during (5,639) - - - (5,639)
construction
Gain/(loss) on sale of assets - net 373 74 (7,324) - (6,876)
Equity in earnings of unconsolidated
equity affiliates - - 153,957 - 153,957
Miscellaneous - net 27,134 (18,949) (1,927) (22,902) (16,643)
-----------------------------------------------------------------
Total 21,869 (18,875) 144,706 (22,902) 124,798
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 4,413 - 27,566 810 32,789
Other interest - net 58,629 14,508 68,420 (24,033) 117,524
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 3,035 - - - 3,035
during construction
-----------------------------------------------------------------
Total 66,077 14,508 95,987 (23,223) 153,348
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES (105,550) (48,368) 235,910 - 81,991
INCOME TAXES (64,689) (16,309) 99,955 - 18,957
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) (40,861) (32,059) 135,955 - 63,034
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (6,523) - - - (6,523)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (34,338) $ (32,059) $ 135,955 $ - $ 69,557
=================================================================
Margin % (1.4%) (132.5%) 8.5% 0.0% 0.5%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC ($0.07) ($0.15) $0.63 $0.41
DILUTED ($0.10) ($0.15) $0.62 $0.37
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2001
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $7,672,390 $ 4 $ - $ (5,640) $ 7,666,754
Natural gas 228,908 - - - 228,908
Steam products - - - - -
Competitive businesses - 27,801 2,454,563 (19,275) 2,463,089
-----------------------------------------------------------------
Total 7,901,298 27,805 2,454,563 (24,915) 10,358,751
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 2,965,672 - 1,000,425 (302) 3,965,795
purchased for resale
Purchased power 972,765 - 570,094 (21,350) 1,521,506
-----------------------------------------------------------------
Gross Margin 3,962,861 27,805 884,047 (3,263) 4,871,450
Margin % 50.2% 100.0% 36.0% 13.1% 47.0%
Nuclear refueling outage expenses 67,516 - 13,938 - 81,454
Other operation and maintenance 1,438,360 80,146 525,071 (4,870) 2,038,707
Decommissioning 6,124 - - - 6,124
Taxes other than income taxes 363,894 2,466 33,356 - 399,716
-----------------------------------------------------------------
Total 5,814,331 82,612 2,142,881 (26,522) 8,013,302
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,086,967 (54,807) 311,682 1,607 2,345,449
-----------------------------------------------------------------
Margin % 26.4% (197.1%) 12.7% (6.4%) 22.6%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 665,253 4,159 44,821 - 714,233
Other regulatory charges (credits) (44,705) - - - (44,705)
Amortization of rate deferrals 19,797 - - - 19,797
-----------------------------------------------------------------
Total 640,345 4,159 44,821 - 689,325
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 1,446,622 (58,966) 266,861 1,607 1,656,124
-----------------------------------------------------------------
Margin % 18.3% (212.1%) 10.9% (6.4%) 16.0%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 26,383 - - - 26,383
construction
Gain/(loss) on sale of assets - net 2,711 (42,423) 12,370 - (27,342)
Equity in earnings of unconsolidated
equity affiliates 2 - 153,957 - 153,959
Miscellaneous - net 53,893 65,295 88,443 (34,147) 173,484
-----------------------------------------------------------------
Total 82,989 22,872 254,770 (34,147) 326,484
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 477,963 - 31,898 - 509,861
Other interest - net 105,512 36,611 93,576 (32,540) 203,159
Distributions on preferred securities 18,838 - - - 18,838
of subsidiaries
Allowance for borrowed funds used (21,079) - - - (21,079)
during construction
-----------------------------------------------------------------
Total 581,234 36,611 125,474 (32,540) 710,779
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 948,377 (72,705) 396,157 - 1,271,829
INCOME TAXES 370,978 (29,246) 156,146 - 497,878
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 577,399 (43,459) 240,011 - 773,951
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 25,098 - - - 25,098
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 552,301 $ (43,459) $ 240,011 $ - $748,853
=================================================================
Margin % 7.0% (156.3%) 9.8% - 7.2%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.51 ($0.20) $1.09 $3.40
DILUTED $2.46 ($0.20) $1.07 $3.33
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 220,574,276
DILUTED 224,689,451
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $6,820,873 $ - $ - $ (17,732) $6,803,141
Natural gas 128,141 - - - 128,141
Steam products - - - - -
Competitive businesses - 22,515 2,211,607 (32,202) 2,201,920
---------- --------- --------- ---------- ----------
Total 6,949,014 22,515 2,211,607 (49,934) 9,133,202
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased 2,044,107 - 318,122 (438) 2,361,791
for resale.
Purchased power 783,549 - 1,537,172 (38,509) 2,282,212
---------- --------- --------- ---------- ----------
Gross Margin 4,121,358 22,515 356,313 (10,987) 4,489,199
Margin % 59.3% 100.0% 16.1% 22.0% 49.2%
Nuclear refueling outage expenses 73,267 - - - 73,267
Other operation and maintenance 1,489,176 53,610 311,860 (12,766) 1,841,880
Decommissioning 39,596 - - - 39,596
Taxes other than income taxes 342,396 1,130 2,954 - 346,480
---------- --------- --------- ---------- ----------
Total 4,772,091 54,740 2,170,108 (51,713) 6,945,226
---------- --------- --------- ---------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,176,923 (32,225) 41,499 1,779 2,187,976
---------- --------- --------- ---------- ----------
Margin % 31.3% (143.1%) 1.9% (3.6%) 24.0%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 710,754 2,659 8,294 - 721,707
Other regulatory charges (credits) 32,111 - - - 32,111
Amortization of rate deferrals 33,500 - - - 33,500
---------- --------- --------- ---------- ----------
Total 776,365 2,659 8,294 - 787,318
---------- --------- --------- ---------- ----------
OPERATING INCOME (LOSS) 1,400,558 (34,884) 33,205 1,779 1,400,658
---------- --------- --------- ---------- ----------
Margin % 20.2% (154.9%) 1.5% (3.6%) 15.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 33,553 - - - 33,553
Gain/(loss) on sale of assets - net 2,128 5 29,194 - 31,327
Miscellaneous - net 28,661 71,366 132,639 (10,831) 221,835
---------- --------- --------- ---------- ----------
Total 64,342 71,371 161,833 (10,831) 286,715
---------- --------- --------- ---------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 471,584 - 379 (810) 471,153
Other interest - net 49,992 17,927 30,618 (8,242) 90,296
Distributions on preferred securities of subsidiaries 18,838 - - - 18,838
Allowance for borrowed funds used during construction (24,869) - - - (24,869)
---------- --------- --------- ---------- ----------
Total 515,545 17,927 30,997 (9,052) 555,418
---------- --------- --------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 949,355 18,560 164,041 - 1,131,955
INCOME TAXES 380,594 28,273 46,012 - 454,879
---------- --------- --------- ---------- ----------
CONSOLIDATED NET INCOME (LOSS) 568,761 (9,713) 118,029 - 677,076
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 36,808 - - - 36,808
---------- --------- --------- ---------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 531,953 $ (9,713) $ 118,029 $ - $ 640,268
========== ========= ========= ========== ==========
Margin % 7.7% (43.1%) 5.3% - 7.0%
EARNINGS PER AVERAGE COMMON SHARE
BASIC $2.29 ($0.04) $0.51 $2.76
DILUTED $2.28 ($0.04) $0.51 $2.75
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
BASIC 231,946,696
DILUTED 232,790,875
*Totals may not foot due to rounding.
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2001 vs. 2000
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
OPERATING REVENUES:
Domestic electric $ 851,517 $ 4 $ - $ 12,092 $ 863,613
Natural gas 100,767 - - - 100,767
Steam products - - - - -
Competitive businesses - 5,286 242,956 12,927 261,169
-----------------------------------------------------------------
Total 952,284 5,290 242,956 25,019 1,225,549
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 921,565 - 682,303 136 1,604,004
purchased for resale
Purchased power 189,216 - (967,081) 17,159 (760,706)
-----------------------------------------------------------------
Gross Margin (158,497) 5,290 527,734 7,724 382,251
Margin % (9.2%) - 19.9% (8.9%) (2.1%)
Nuclear refueling outage expenses (5,751) - 13,938 - 8,187
Other operation and maintenance (50,816) 26,536 213,211 7,896 196,827
Decommissioning (33,472) - - - (33,472)
Taxes other than income taxes 21,498 1,336 30,402 - 53,236
-----------------------------------------------------------------
Total 1,042,240 27,872 (27,227) 25,191 1,068,076
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (89,956) (22,582) 270,183 (172) 157,473
-----------------------------------------------------------------
Margin % (4.9%) (54.0%) 10.8% (2.9%) (1.3%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (45,501) 1,500 36,527 - (7,474)
Other regulatory charges (credits) (76,816) - - - (76,816)
Amortization of rate deferrals (13,703) - - - (13,703)
-----------------------------------------------------------------
Total (136,020) 1,500 36,527 - (97,993)
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 46,064 (24,082) 233,656 (172) 255,466
-----------------------------------------------------------------
Margin % (1.8%) (57.1%) 9.4% (2.9%) 0.7%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during (7,170) - - - (7,170)
construction
Gain/(loss) on sale of assets - net 583 (42,428) (16,824) - (58,669)
Equity in earnings of unconsolidated
equity affiliates 2 - 153,957 - 153,959
Miscellaneous - net 25,232 (6,071) (44,196) (23,316) (48,351)
-----------------------------------------------------------------
Total 18,647 (48,499) 92,937 (23,316) 39,769
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 6,379 - 31,519 810 38,708
Other interest - net 55,520 18,684 62,958 (24,298) 112,864
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 3,790 - - - 3,790
during construction
-----------------------------------------------------------------
Total 65,689 18,684 94,477 (23,488) 155,362
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES (978) (91,265) 232,116 - 139,873
INCOME TAXES (9,616) (57,519) 110,134 - 42,999
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 8,638 (33,746) 121,982 - 96,874
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (11,710) - - - (11,710)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 20,348 $ (33,746) $ 121,982 $ - $ 108,585
=================================================================
Margin % (0.7%) (113.2%) 4.4% - 0.2%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.21 ($0.16) $0.58 $0.64
DILUTED $0.17 ($0.15) $0.56 $0.58
*Totals may not foot due to rounding.
Entergy Corporation
U.S. Utility Electric Energy Sales & Customers
Three Months Ended September
% Weather
2001 2000 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 10,502 11,573 (9.3) (1.2)
Commercial 7,351 7,578 (3.0) 0.8
Governmental 722 744 (2.9) 0.2
Industrial 10,457 11,248 (7.0) (7.0)
------ ------ ----
Total to Ultimate Customers 29,032 31,143 (6.8) (2.8)
Wholesale 2,373 2,290 3.6
------ ------ ----
Total Sales 31,405 33,433 (6.1)
====== ====== ====
Year to Date September
% Weather
2001 2000 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 24,771 24,943 (0.7) (0.3)
Commercial 18,834 18,738 0.5 1.7
Governmental 1,967 1,966 0.1 0.9
Industrial 31,478 32,886 (4.3) (4.3)
------ ------ ----
Total to Ultimate Customers 77,050 78,533 (1.9) (1.5)
Wholesale 7,004 6,880 1.8
------ ------ ----
Total Sales 84,054 85,413 (1.6)
====== ====== ====
Twelve Months Ended September
2001 2000 %
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 31,826 31,300 1.7
Commercial 24,753 24,376 1.5
Governmental 2,606 2,598 0.3
Industrial 42,548 44,095 (3.5)
------- ------- ----
Total to Ultimate Customers 101,733 102,369 (0.6)
Wholesale 9,917 9,203 7.8
------- ------- ----
Total Sales 111,650 111,572 0.1
======= ======= ====
September
2001 1999 %
ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE):
Residential 2,217,728 2,204,308 0.6
Commercial 295,823 288,473 2.5
Governmental 14,644 14,296 2.4
Industrial 41,587 42,476 (2.1)
--------- --------- ----
Total to Ultimate Customers 2,569,782 2,549,553 0.8
Wholesale 39 38 2.6
--------- --------- ----
Total Sales 2,569,821 2,549,591 0.8
========= ========= ====