Entergy Corporation
639 Loyola Avenue
New Orleans, LA 70113
News
Release
Exhibit 99.1
Date: July 8, 2002
For Release: Immediate
Contact: Morgan Stewart (Media) Nancy Morovich (Investor Relations)
(504) 576-4238 (504) 576-5506
mstewa3@entergy.com nmorovi@entergy.com
Entergy Offers Second Quarter Earnings Guidance,
On Track to Achieve 2002 Guidance
New Orleans, La. - In accordance with Regulation FD, Entergy
Corporation (NYSE: ETR) today indicated that it expects to report
second quarter 2002 financial results of at least $1.15 in
operational earnings per share, including the impact of weather
which was near normal during the period. This level of earnings
exceeds the current consensus estimate and is consistent with
previously stated full year earnings guidance. The current
published First Call consensus estimate for Entergy's second
quarter earnings is $1.11 per share. Entergy reaffirmed
operational earnings guidance for the full year 2002 to be in the
range of $3.40 to $3.60 per share.
Entergy noted that it expects Utility results to be improved
over second quarter 2001 due in part to higher sales volumes
reflecting some firming in the economy. Entergy Nuclear is also
expected to record stronger results compared to second quarter 2001
due to the contribution of the Indian Point 2 nuclear plant in
Buchanan, N.Y. which was acquired in September 2001. Also, the
absence of refueling outages in second quarter 2002 is expected to
positively impact Entergy Nuclear's results compared to the same
period in 2001 when two plant refueling outages were completed.
Second quarter 2002 results at Energy Commodity Services are
expected to be lower when compared to the same quarter a year ago
when gas trading produced very strong results. Energy Commodity
Services includes the operations of Entergy-Koch, the company's
provider of wholesale energy marketing and trading services, and
the recently restructured Entergy Wholesale Operations businesses.
Results at Parent & Other are expected to be modestly lower
compared to second quarter 2001 due to lower yields on investment
balances.
On an as reported basis, earnings for second quarter 2002 are
expected to be negatively impacted by a special charge estimated to
be from $(0.10) to $(0.15) per share. This special item will
reflect the remaining restructuring charges, including severance
costs, at Entergy Wholesale Operations, partially offset by a gain
on the sale of certain assets which were sold as part of EWO's
restructuring efforts. A special charge of $(1.15) per share was
recorded in first quarter 2002, when the EWO restructuring was
originally announced. At that time, total restructuring charges
were estimated to range from $(1.15) to $(1.35) per share,
including amounts expected to be recorded in the second quarter.
A teleconference will be held on July 30, 2002, at 10:00 a.m.
CDST, and may be accessed by calling Premiere Conferencing at (719)
457-2641 no more than 15 minutes prior to the start of the call.
The confirmation number is 532311. Internet users may also access
the teleconference by visiting Entergy's website at
www.entergy.com/webcasts. For seven days following the
teleconference, a tape delay will be available and may be accessed
by dialing (719) 457-0820. The confirmation number is the same.
Entergy is a major global energy company with power
production, distribution operations and related diversified
services. Entergy owns, manages, or invests in power plants
generating more than 30,000 megawatts of electricity domestically
and internationally, and delivers electricity to about 2.6 million
customers in portions of Arkansas, Louisiana, Mississippi and
Texas. Through Entergy-Koch, L.P., it is also a leading provider
of wholesale energy marketing and trading services.
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Additional investor information can be accessed online at
www.entergy.com/earnings
The following constitutes a "Safe Harbor" statement under the
Private Securities Litigation Reform Act of 1995: Investors are
cautioned that forward-looking statements contained in the
foregoing release with respect to the revenues, earnings,
performance, strategies, prospects and other aspects of the
business of Entergy Corporation may involve risks and
uncertainties. Actual events and results may, for a variety of
reasons, prove to be materially different from those indicated in
these forward-looking statements, estimates and projections.
Factors that could influence actual future outcomes include
regulatory decisions, the effects of changes in law, the evolution
of markets and competition, changes in accounting, weather, the
performance of generating units, fuel prices and availability,
financial markets, risks associated with businesses conducted in
foreign countries, changes in business plan, the presence of
competitors with greater financial resources and the impact of
competitive products and pricing; the effect of the Entergy
Corporation's policies, including the amount and rate of growth of
Entergy Corporation's expenses; the continued availability to
Entergy Corporation of adequate funding sources and changes in
interest rates; delays or difficulties in the production, delivery
or installation of products and the provision of services; and
various legal, regulatory and litigation risks. Entergy Corporation
undertakes no obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future
events or otherwise. For a more detailed discussion of some of the
foregoing risks and uncertainties, see Entergy Corporation's
filings with the Securities and Exchange Commission.