Exhibit 99.1
For more information contact
MEDIA:
[CENTER POINT ENERGY LOGO] LETICIA LOWE
Phone 713.207.7702
INVESTORS:
MARIANNE PAULSEN
Phone 713.207.6500
FOR IMMEDIATE RELEASE
Page 1 of 5
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CENTERPOINT ENERGY REPORTS FIRST QUARTER 2005 EARNINGS
HOUSTON, TX - APRIL 29, 2005 - CenterPoint Energy, Inc. (NYSE: CNP)
today reported net income of $67 million, or $0.20 per diluted share, for the
first quarter of 2005 compared to $74 million, or $0.22 per diluted share, for
the same period of 2004.
Net income for the first quarter of 2005 included $0.4 million of
income from discontinued operations compared to $45 million, or $0.13 per
diluted share, of income from discontinued operations for the first quarter of
2004.
Income from continuing operations for the first quarter of 2005 was $67
million, or $0.20 per diluted share, compared to $29 million, or $0.09 per
diluted share, for the first quarter of 2004. The first quarter of 2005 included
income of $34 million pre-tax, or $22 million after-tax ($0.06 per diluted
share), related to interest on the company's authorized true-up balance.
"We're off to a great start this year, with overall solid financial
performance from our core energy delivery businesses," said David M. McClanahan,
president and chief executive officer of CenterPoint Energy. "Now that we've
completed the sale of our generation assets, we will focus on enhancing the
performance of our core businesses and look for opportunities to accelerate the
company's growth in a disciplined manner."
OPERATING INCOME BY SEGMENT DETAILED
ELECTRIC TRANSMISSION & DISTRIBUTION
The electric transmission & distribution segment reported operating
income of $80 million in the first quarter of 2005, consisting of $71 million
for the regulated electric transmission & distribution utility (TDU) and $9
million for the transition bond company, which is an amount sufficient to pay
interest on the transition bonds. Operating income for the first quarter of 2004
totaled $85 million, consisting of $75 million for the TDU and $10 million for
the transition bond company.
The TDU's revenues continued to benefit from solid customer growth,
with nearly 43,000 metered customers added since March 31, 2004. Revenues also
increased from higher transmission cost recovery. Operating expenses were
greater than last year primarily due to higher transmission costs, higher state
franchise and property taxes and increased depreciation. These higher expenses
were partially offset by reduced benefit and pension expenses.
- more -
For more information contact
MEDIA:
[CENTER POINT ENERGY LOGO] LETICIA LOWE
Phone 713.207.7702
INVESTORS:
MARIANNE PAULSEN
Phone 713.207.6500
FOR IMMEDIATE RELEASE
Page 2 of 5
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NATURAL GAS DISTRIBUTION
The natural gas distribution segment reported operating income of $139
million for the first quarter of 2005, compared to $117 million for the same
period of 2004. Revenues increased primarily from the impact of rate increases,
continued customer growth with the addition of over 43,000 customers since March
31, 2004, and higher income from the company's competitive natural gas sales
business. The increase in revenues was partially offset by milder weather and
decreased usage. Operation and maintenance expenses declined in the first
quarter of 2005 compared to the same period of 2004, which included an $8
million charge for staff reductions related to process improvements. Excluding
this charge, operation and maintenance expenses declined by $1 million resulting
primarily from a decrease in benefit and pension expenses, which more than
offset other expense increases.
PIPELINES AND GATHERING
The pipelines and gathering segment reported operating income of $64
million for the first quarter of 2005 compared to $45 million for the same
period of 2004. The improvement in operating income for the quarter resulted
primarily from higher operating margins in the pipeline business driven by
increased demand for transportation and ancillary services related to natural
gas price volatility. In addition, the company's core gas gathering operations
benefited from increased throughput and demand for its services.
OTHER OPERATIONS
The company's other operations reported an operating loss of $7 million
for each of the first quarters of 2004 and 2005.
OTHER
The company adopted EITF Issue No. 04-8, "Accounting Issues Related to
Certain Features of Contingently Convertible Debt and the Effect on Diluted
Earnings Per Share" (EITF 04-8) effective December 31, 2004. EITF 04-8 requires
certain contingently convertible debt instruments with a market price trigger to
be treated the same as traditional convertible debt instruments for earnings per
share (EPS) purposes. The contingently convertible debt instruments are taken
into consideration in the calculation of diluted EPS using the "if-converted"
method. The impact on the company's diluted EPS for each of the quarters ended
March 31, 2005 and 2004, related to its $575 million contingently convertible
notes was a decrease of $0.02 per share. The company is considering alternatives
for decreasing this dilutive effect, including an exchange offer for the notes.
- more -
For more information contact
MEDIA:
[CENTER POINT ENERGY LOGO] LETICIA LOWE
Phone 713.207.7702
INVESTORS:
MARIANNE PAULSEN
Phone 713.207.6500
FOR IMMEDIATE RELEASE
Page 3 of 5
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COMPLETION OF SALE OF GENERATION ASSETS
In April 2005, the company completed the final step of a two-part
transaction in which Texas Genco LLC (formerly known as GC Power Acquisition
LLC) agreed to acquire the company's generation assets. At that closing, in
which Texas Genco LLC acquired the company's nuclear generating assets,
CenterPoint Energy received a cash payment of $700 million.
In December 2004, the first step of the transaction, the sale of the
fossil assets, was completed with CenterPoint Energy receiving $2.231 billion in
cash.
As a result of the sale, the electric generation segment was
reclassified as discontinued operations in the third quarter of 2004. These
operations are presented as discontinued operations in accordance with SFAS No.
144, "Accounting for the Impairment or Disposal of Long-Lived Assets", for all
periods presented.
RECOVERY OF TRUE-UP BALANCE
In late 2004, the Texas Public Utility Commission (PUC) issued its
final true-up order in which it determined the stranded costs and other
generation-related assets it would allow the company to recover under the Texas
electric restructuring law. The PUC authorized recovery of $2.3 billion,
including interest through August 31, 2004, subject to certain adjustments. The
company and other parties have appealed certain aspects of the PUC's true-up
order.
In March 2005, the PUC issued a financing order authorizing the company
to issue transition bonds to securitize a portion of its true-up balance.
Subsequently, several parties have appealed the financing order to the Texas
courts. The company will not be able to issue transition bonds while the appeals
of the financing order are pending. Previously, the company had expected that
approximately $1.8 billion in transition bonds could be issued by mid-2005.
In January 2005, the company filed an application with the PUC for a
"Competition Transition Charge" (CTC) under which it would recover its adjusted
true-up balance that has not been securitized. Hearings were held on that
application in April, and an order is expected from the PUC in late May.
The company is entitled to accrue a return on the true-up balance until
it is fully recovered.
- more -
For more information contact
MEDIA:
[CENTER POINT ENERGY LOGO] LETICIA LOWE
Phone 713.207.7702
INVESTORS:
MARIANNE PAULSEN
Phone 713.207.6500
FOR IMMEDIATE RELEASE
Page 4 of 5
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NEW CREDIT FACILITIES
In March 2005, the company closed on three new bank credit facilities
to reduce interest costs, extend maturities and improve terms. The company:
- Replaced the $750 million parent company revolving credit facility
with a $1 billion, five-year revolving credit facility, with an
interest rate of LIBOR + 100 basis points
- Established a $200 million, five-year revolving credit facility at
CenterPoint Energy Houston Electric (CEHE), the company's electric
transmission and distribution subsidiary, with an interest rate of
LIBOR + 75 basis points
- Established a $1.31 billion secured revolving credit backstop facility
at CEHE, with an interest rate of LIBOR + 75 basis points, to be used
only to repay the $1.31 billion term loan at CEHE, due in November
2005, if sufficient transition bonds have not been issued by that date
QUASI-REORGANIZATION
On April 27, 2005, the CenterPoint Energy Board of Directors concluded
that it will not implement the accounting reorganization it had expected to
implement as of January 1, 2005. The accounting reorganization would have
extinguished the company's current retained earnings deficit in order to
facilitate the payment of dividends under constraints imposed by the Public
Utility Holding Company Act of 1935. After receiving management's report on the
accounting effects of the proposed reorganization, the Board of Directors
concluded that the action, if taken, would have negatively impacted the
company's common equity and would have adversely affected its schedule for
achieving the 30 percent common equity level generally expected to be maintained
by registered holding companies.
WEBCAST OF EARNINGS CONFERENCE CALL
CenterPoint Energy's management will host an earnings conference call
on Friday, April 29, 2005, at 10:30 a.m. Central time or 11:30 a.m. Eastern
time. Interested parties may listen to a live, audio broadcast of the conference
call at www.CenterPointEnergy.com/investors/events. A replay of the call can be
accessed approximately two hours after the completion of the call, and will be
archived on the web site for at least one year.
CenterPoint Energy, Inc., headquartered in Houston, Texas, is a
domestic energy delivery company that includes electric transmission &
distribution, natural gas distribution and sales, interstate pipeline and
gathering operations. The company serves nearly five million metered customers
primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas.
Assets total approximately $17 billion. With more than 9,000 employees,
CenterPoint Energy and its predecessor companies have been in business for more
than 130 years. For more information, visit the Web site at
www.CenterPointEnergy.com.
- more -
For more information contact
MEDIA:
[CENTER POINT ENERGY LOGO] LETICIA LOWE
Phone 713.207.7702
INVESTORS:
MARIANNE PAULSEN
Phone 713.207.6500
FOR IMMEDIATE RELEASE
Page 5 of 5
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*****
This news release includes forward-looking statements. Actual events
and results may differ materially from those projected. The statements in this
news release regarding future financial performance and results of operations
and other statements that are not historical facts are forward-looking
statements. Factors that could affect actual results include the timing and
outcome of the true-up proceeding and any legal proceedings related thereto, the
timing and impact of future regulatory and legislative decisions, effects of
competition, weather variations, changes in CenterPoint Energy's or its
subsidiaries' business plans, financial market conditions, the timing and extent
of changes in commodity prices, particularly natural gas, the impact of
unplanned facility outages and other factors discussed in CenterPoint Energy's
and its subsidiaries' Form 10-K's for the period ended December 31, 2004, and
other filings with the Securities and Exchange Commission.
###
CenterPoint Energy, Inc. and Subsidiaries
Statements of Consolidated Income
(Thousands of Dollars)
(Unaudited)
Quarter Ended March 31,
-------------------------------
2005 2004
----------- -----------
Revenues:
Electric Transmission & Distribution $ 344,994 $ 330,313
Natural Gas Distribution 2,330,232 2,131,332
Pipelines and Gathering 120,781 102,403
Other Operations 6,679 2,889
Eliminations (40,878) (39,119)
----------- -----------
Total 2,761,808 2,527,818
----------- -----------
Expenses:
Natural gas 1,948,336 1,761,877
Operation and maintenance 313,071 315,842
Depreciation and amortization 129,773 116,218
Taxes other than income taxes 94,661 93,988
----------- -----------
Total 2,485,841 2,287,925
----------- -----------
Operating Income 275,967 239,893
----------- -----------
Other Income (Expense) :
Gain on Time Warner investment (41,114) (24,453)
Loss on indexed debt securities 39,529 27,014
Interest and other finance charges (173,340) (182,973)
Interest on transition bonds (9,220) (9,674)
Return on true-up balance 34,082 --
Other - net 3,812 1,507
----------- -----------
Total (146,251) (188,579)
----------- -----------
Income from Continuing Operations Before
Income Taxes 129,716 51,314
Income Tax Expense (63,064) (22,416)
----------- -----------
Income from Continuing Operations 66,652 28,898
----------- -----------
Discontinued Operations:
Income from Texas Genco, net of tax 13,673 56,286
Minority Interest in income from Texas Genco -- (11,597)
Loss on Disposal of Texas Genco, net of tax (13,237) --
----------- -----------
Total 436 44,689
----------- -----------
Net Income $ 67,088 $ 73,587
=========== ===========
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Selected Data From Statements of Consolidated Income
(Thousands of Dollars, Except Per Share Amounts)
(Unaudited)
Quarter Ended
March 31,
------------------------------
2005 2004
--------- ---------
Basic Earnings Per Common Share:
Income from Continuing Operations $ 0.22 $ 0.09
Income from Discontinued Operations, net of tax - 0.15
--------- ---------
Net Income $ 0.22 $ 0.24
========= =========
Diluted Earnings Per Common Share:
Income from Continuing Operations $ 0.20 $ 0.09
Income from Discontinued Operations, net of tax - 0.13
--------- ---------
Net Income $ 0.20 $ 0.22
========= =========
Dividends Declared per Common Share $ 0.20(1) $ 0.10
Weighted Average Common Shares Outstanding (000):
- Basic 308,470 306,012
- Diluted 360,623 357,806
OPERATING INCOME (LOSS) BY SEGMENT
- ----------------------------------
Electric Transmission & Distribution:
Transmission & Distribution Operations $ 70,609 $ 75,307
Transition Bond Company 9,083 9,608
--------- ---------
Total Electric Transmission & Distribution 79,692 84,915
Natural Gas Distribution 139,493 116,624
Pipelines and Gathering 64,031 44,856
Other Operations (7,249) (6,502)
--------- ---------
Total $ 275,967 $ 239,893
========= =========
(1) On January 26, 2005, the Company's board of directors declared a dividend of
$0.10 per share of common stock payable on March 10, 2005 to shareholders of
record as of the close of business on February 16, 2005. On March 3, 2005, the
Company's board of directors declared a dividend of $0.10 per share of common
stock payable on March 31, 2005 to shareholders of record as of the close of
business on March 16, 2005. This additional first quarter dividend was declared
in lieu of the regular second quarter dividend to address technical restrictions
that might limit the Company's ability to pay a regular dividend during the
second quarter of this year.
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
ELECTRIC TRANSMISSION & DISTRIBUTION
------------------------------------
Quarter Ended
March 31,
---------------------- % Diff
2005 2004 Fav/(Unfav)
-------------------- -----------
RESULTS OF OPERATIONS:
Electric transmission and distribution revenues $323 $315 3%
---- ----
Electric transmission and distribution expenses:
Operation and maintenance 138 133 (4%)
Depreciation and amortization 64 60 (7%)
Taxes other than income taxes 50 47 (6%)
---- ----
Total electric transmission and distribution expenses 252 240 (5%)
---- ----
Operating Income - Electric transmission and distribution utility 71 75 (5%)
Operating Income - Transition bond company 9 10 (10%)
---- ----
Total Segment Operating Income $ 80 $ 85 (6%)
==== ====
ELECTRIC TRANSMISSION & DISTRIBUTION Quarter Ended
OPERATING DATA: March 31,
---------------------
ACTUAL MWH DELIVERED 2005 2004
--------- ---------
Residential 4,141,664 4,401,825 (6%)
Total 15,826,314 15,520,086 2%
WEATHER (AVERAGE FOR SERVICE AREA):
Percentage of normal:
Cooling degree days 126% 104% 22%
Heating degree days 77% 85% (8%)
AVERAGE NUMBER OF METERED CUSTOMERS:
Residential 1,661,320 1,621,945 2%
Commercial and Industrial 225,700 220,731 2%
--------- ---------
Total 1,887,020 1,842,676 2%
========= =========
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
NATURAL GAS DISTRIBUTION
------------------------------------------------------
Quarter Ended
March 31,
------------------------------ % Diff
2005 2004 Fav/(Unfav)
----------- ----------- -----------------
RESULTS OF OPERATIONS:
Revenues $ 2,330 $ 2,131 9%
----------- -----------
Expenses:
Natural gas 1,975 1,790 (10%)
Operation and maintenance 140 149 6%
Depreciation and amortization 38 35 (9%)
Taxes other than income taxes 38 40 5%
----------- -----------
Total 2,191 2,014 (9%)
----------- -----------
Operating Income $ 139 $ 117 19%
=========== ===========
NATURAL GAS DISTRIBUTION OPERATING DATA:
THROUGHPUT DATA IN BCF
Residential 77 85 (9%)
Commercial and Industrial 77 83 (7%)
Non-rate regulated 183 139 32%
Elimination (49) (10) (390%)
----------- -----------
Total Throughput 288 297 (3%)
=========== ===========
WEATHER (AVERAGE FOR SERVICE AREA)
Percentage of normal:
Heating degree days 91% 96% (5%)
AVERAGE NUMBER OF CUSTOMERS:
Residential 2,851,514 2,811,458 1%
Commercial and Industrial 248,826 246,664 1%
Non-rate regulated 6,510 6,190 5%
----------- -----------
Total 3,106,850 3,064,312 1%
=========== ===========
PIPELINES AND GATHERING
---------------------------------------------------
Quarter Ended
March 31,
------------------------------ % Diff
2005 2004 Fav/(Unfav)
----------- ----------- -----------------
RESULTS OF OPERATIONS:
Revenues $ 121 $ 102 19%
----------- -----------
Expenses:
Natural gas 7 9 22%
Operation and maintenance 34 33 (3%)
Depreciation and amortization 11 11 -
Taxes other than income taxes 5 4 (25%)
----------- -----------
Total 57 57 -
----------- -----------
Operating Income $ 64 $ 45 42%
=========== ===========
PIPELINES AND GATHERING OPERATING DATA:
THROUGHPUT DATA IN BCF
Natural Gas Sales 1 2 (50%)
Transportation 271 270 -
Gathering 83 75 11%
Elimination (1) (2) 50%
----------- -----------
Total Throughput 354 345 3%
=========== ===========
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
OTHER OPERATIONS
------------------------------------------
Quarter Ended
March 31,
----------------------- % Diff
2005 2004 Fav/(Unfav)
----------------------- -----------
RESULTS OF OPERATIONS:
Revenues $ 7 $ 3 133%
Expenses 14 10 (40%)
-------- -------
Operating Loss $ (7) $ (7) -
======== =======
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
Quarter Ended
March 31,
--------------
2005 2004
---- ----
CAPITAL EXPENDITURES BY SEGMENT
Electric Transmission & Distribution $ 55 $ 42
Natural Gas Distribution 40 37
Pipelines and Gathering 22 15
Other Operations 5 5
---- ----
Total $122 $ 99
==== ====
Interest Expense Detail
(Millions of Dollars)
(Unaudited)
Quarter Ended
March 31,
---------------
2005 2004
---- ----
INTEREST EXPENSE DETAIL
Amortization of Deferred Financing Cost $ 20 $ 22
Capitalization of Interest Cost (1) (1)
Transition Bond Interest Expense 9 9
Other Interest Expense 155 163
----- -----
Total Interest Expense 183 193
----- -----
Amortization of Deferred Financing Cost
Reclassified to Discontinued Operations - 1
Other Interest Reclassified to Discontinued Operations - 11
----- -----
Total Interest Reclassified to Discontinued Operations (1) - 12
----- -----
Interest Expense Incurred by Discontinued Operations 1 -
----- -----
Total Interest Expense in Discontinued Operations 1 12
----- -----
Total Interest Expense Incurred $ 184 $ 205
===== =====
(1) In accordance with Emerging Issues Task Force Issue No. 87-24 "Allocation of
Interest to Discontinued Operations", we have reclassified interest to
discontinued operations of Texas Genco based on net proceeds received from the
sale of Texas Genco of $2.5 billion, and have applied the proceeds to the amount
of debt assumed to be paid down in 2004 according to the terms of the respective
credit facilities in effect for that period. In periods where only the term loan
was assumed to be repaid, the actual interest paid was reclassified. In periods
where a portion of the revolver was assumed to be repaid, the percentage of that
portion of the revolver to the total outstanding balance was calculated, and
that percentage was applied to the actual interest paid in those periods to
compute the amount of interest reclassified.
Total interest expense was $184 million and $205 million for the three months
ended March 31, 2005 and 2004, respectively. Interest expense of $12 million for
the three months ended March 31, 2004, was reclassified to discontinued
operations of Texas Genco.
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Thousands of Dollars)
(Unaudited)
March 31, December 31,
2005 2004
----------- -----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 305,293 $ 164,645
Other current assets 1,807,049 2,158,111
Current assets of discontinued operations 122,908 513,768
----------- -----------
Total current assets 2,235,250 2,836,524
----------- -----------
PROPERTY, PLANT AND EQUIPMENT, NET 8,201,013 8,186,393
----------- -----------
OTHER ASSETS:
Goodwill, net 1,740,510 1,740,510
Regulatory assets 3,389,785 3,349,944
Other non-current assets 944,048 997,428
Non-current assets of discontinued operations 1,044,483 1,051,158
----------- -----------
Total other assets 7,118,826 7,139,040
----------- -----------
TOTAL ASSETS $17,555,089 $18,161,957
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of transition bond long-term debt $ 49,352 $ 46,806
Current portion of other long-term debt 1,784,772 1,789,182
Other current liabilities 2,263,262 2,902,238
Current liabilities of discontinued operations 104,795 448,974
----------- -----------
Total current liabilities 4,202,181 5,187,200
----------- -----------
OTHER LIABILITIES:
Accumulated deferred income taxes, net and investment tax credit 2,491,368 2,468,833
Regulatory liabilities 1,042,580 1,081,370
Other non-current liabilities 673,462 705,643
Non-current liabilities of discontinued operations 367,176 420,393
----------- -----------
Total other liabilities 4,574,586 4,676,239
----------- -----------
LONG-TERM DEBT:
Transition bond 610,453 628,903
Other 7,032,735 6,564,113
----------- -----------
Total long-term debt 7,643,188 7,193,016
----------- -----------
SHAREHOLDERS' EQUITY 1,135,134 1,105,502
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $17,555,089 $18,161,957
=========== ===========
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Statements of Consolidated Cash Flows
(Thousands of Dollars)
(Unaudited)
Three Months Ended March 31,
----------------------------
2005 2004
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 67,088 $ 73,587
Discontinued operations, net of tax (436) (44,689)
--------- ---------
Income from continuing operations 66,652 28,898
Adjustments to reconcile income from continuing operations to net
cash provided by (used in) operating activities:
Depreciation and amortization 149,897 137,977
Deferred income taxes and investment tax credit 47,623 18,526
Changes in net regulatory assets and liabilities (86,460) (54,965)
Changes in other assets and liabilities (361,994) 190,955
Other, net 4,875 23,674
--------- ---------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (179,407) 345,065
NET CASH USED IN INVESTING ACTIVITIES (120,204) (104,548)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 385,577 (188,503)
NET CASH PROVIDED BY DISCONTINUED OPERATIONS 54,682 67,223
--------- ---------
NET INCREASE IN CASH AND CASH EQUIVALENTS 140,648 119,237
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 164,645 86,922
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 305,293 $ 206,159
========= =========
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.