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Share Name | Share Symbol | Market | Type |
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Cleco Corp. | NYSE:CNL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.36 | 0 | 01:00:00 |
Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Diluted Earnings Per Share ------------------------ Three months ended June 30 ------------------------ Subsidiary 2010 2009 ----------- ----------- Cleco Power LLC $ 0.64 $ 0.50 Cleco Midstream Resources LLC(1) (0.03) (0.08) Corporate and Other(1,2) (0.05) 0.01 ----------- ----------- Operational earnings per share (Non-GAAP) 0.56 0.43 Adjustments(3) 0.02 0.02 ----------- ----------- Earnings per share applicable to common stock $ 0.58 $ 0.45 GAAP refers to United States generally accepted accounting principles. (1) Includes affiliate interest charges/interest income on affiliate debt related to Cleco's investment in Acadia of $0.01 per share for the quarter ended June 30, 2009 (2) Includes dividends on preferred stock (3) Refer to "Operational Earnings Adjustments" in this news release Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Diluted Earnings Per Share ------------------------ SIx months ended June 30 ------------------------ Subsidiary 2010 2009 ----------- ----------- Cleco Power LLC $ 1.18 $ 0.75 Cleco Midstream Resources LLC(1) (excluding 2010 gains from the Evangeline and Acadia transactions) (0.07) (0.22) Corporate and Other(1,2) 0.03 0.02 ----------- ----------- Operational earnings per share (Non-GAAP) 1.14 0.55 Adjustments(3) 1.92 0.01 ----------- ----------- Earnings per share applicable to common stock $ 3.06 $ 0.56 GAAP refers to United States generally accepted accounting principles. (1) Includes affiliate interest charges/interest income on affiliate debt related to Cleco's investment in Acadia of $0.02 per share for the six months ended June 30, 2009 (2) Includes dividends on preferred stock (3) Refer to "Operational Earnings Adjustments" in this news release
"We had a great second quarter primarily due to favorable weather and new base rates which went into effect when our 600-megawatt solid-fuel unit commenced commercial operations," said Mike Madison, president and chief executive officer of Cleco Corp. "Our strategy to strengthen the basic infrastructure of our core business, Cleco Power, is working. For the past several years, we have invested approximately $1.3 billion to transform Cleco Power's generating fleet. Today, we have one of the most diversified fleets in the southeast region which will serve our customers well for years to come."
Earnings Guidance:
Cleco has revised its consolidated 2010 GAAP earnings target (excluding the one-time results of the Evangeline transaction and each of the Acadia transactions) from a range of $2.05 - $2.15 per share to a range of $2.10 - $2.20 per share. This revised estimate assumes normal weather for the third and fourth quarters of 2010.
Financial Highlights:
Second Quarter 2010
Year-to-Date 2010
Quarter-Over-Quarter Operational Earnings Per Share Reconciliation:
$ 0.43 2009 second-quarter diluted operational earnings per share 0.64 Non-fuel revenue 0.06 Income taxes (0.21) Other expenses, net (0.35) AFUDC (allowance for funds used during construction) ------- $ 0.14 Cleco Power results 0.05 Cleco Midstream results (0.06) Corporate results ------- $ 0.56 2010 second-quarter diluted operational earnings per share 0.02 Adjustments(1) ------- $ 0.58 Reported GAAP diluted earnings per share (1) Refer to "Operational Earnings Adjustments" in this news release
Cleco Power
Cleco Midstream Resources
Corporate and Other
Year-Over-Year Operational Earnings Per Share Reconciliation:
$ 0.55 Six months ended June 30, 2009, diluted operational earnings per share 1.09 Non-fuel revenue 0.01 Energy hedging, net 0.13 Income taxes (0.31) Other expenses, net (0.49) AFUDC ------- $ 0.43 Cleco Power results 0.15 Cleco Midstream results 0.01 Corporate results ------- $ 1.14 Six months ended June 30, 2010, diluted operational earnings per share 1.92 Adjustments(1) ------- $ 3.06 Reported GAAP diluted earnings per share (1) Refer to "Operational Earnings Adjustments" in this news release
Cleco Power
Cleco Midstream Resources
For a discussion of other transactions affecting the results of Cleco Midstream, please refer to "Operational Earnings Adjustments -- Gains from Evangeline and Acadia Unit 1 Transactions" below.
Corporate and Other
Operational Earnings Adjustments:
Cleco's management uses operational earnings per share to evaluate the operations of Cleco and to establish goals for management and employees. Management believes this presentation is appropriate and enables investors to more accurately compare Cleco's operational financial performance over the periods presented. Operational earnings as presented here may not be comparable to similarly titled measures used by other companies. The following table provides a reconciliation of operational earnings per share to reported GAAP earnings per share.
Reconciliation of Operational Earnings Per Share to Reported GAAP Earnings Per Share Diluted Earnings Per Share ------------------------ Three months ended June 30 ------------------------ 2010 2009 ----------- ----------- Operational earnings per share $ 0.56 $ 0.43 Company/trust-owned life insurance policy adjustments - 0.02 Tax levelization 0.02 - ----------- ----------- Reported GAAP earnings per share $ 0.58 $ 0.45 Diluted Earnings Per Share ------------------------ Six months ended June 30 ------------------------ 2010 2009 ----------- ----------- Operational earnings per share $ 1.14 $ 0.55 Company/trust-owned life insurance policy adjustments - 0.01 Gain from Evangeline transaction 1.51 - Gain from Acadia Unit 1 transaction 0.41 - ----------- ----------- Reported GAAP earnings per share $ 3.06 $ 0.56
Reconciling adjustments from operational earnings per share to GAAP earnings per share are as follows:
COLI/TOLI Adjustments
Cleco has both Company-Owned Life Insurance and Trust-Owned Life Insurance (COLI/TOLI) policies covering certain members of management. These policies are payable to Cleco upon death of the insured. COLI/TOLI assets are acquired at fair value and adjusted for changes in market value and any payments/redemptions of cash surrender values. The resulting adjustments for these items had no impact for the second quarter of 2010 and increased earnings by $0.02 per share for the second quarter of 2009. These adjustments had no impact for the first six months of 2010 and increased earnings by $0.01 per share for the first six months of 2009. Cleco is unable to predict changes in the market values and amounts of cash surrender values of these policies and management does not consider these adjustments to be a component of operational earnings.
Tax Levelization
Generally accepted accounting principles require companies to apply an effective tax rate to interim periods that is consistent with a company's estimated annual effective tax rate. As a result, quarterly, Cleco projects the annual effective tax rate and then adjusts the tax expense recorded in that quarter to reflect the projected annual effective tax rate. During the second quarter of 2010, Cleco recorded a $0.02 per share benefit from the levelization of its annual tax rate to bring the actual tax rate in line with the projected annual effective tax rate. During the second quarter of 2009, there was no change to the projected annual effective tax rate; therefore, no tax levelization adjustment was necessary. The incremental adjustment for tax levelization is not related to operational earnings because it reflects the effect of the change in tax rates on operational earnings for the entire year.
Gains from Evangeline and Acadia Unit 1 Transactions
On Feb. 22, 2010, the existing Evangeline tolling agreement was terminated and a new tolling agreement was executed with the same counterparty, resulting in the recognition of a gain of $1.51 per share for the first six months of 2010. On Feb. 23, 2010, Cleco Power's acquisition of Acadia Unit 1, the related materials and supplies, and half of Acadia Power Station's common facilities was completed, resulting in the recognition of a gain of $0.41 per share for the first six months of 2010. Because these are one-time gains, management does not consider these adjustments to be components of operational earnings.
Cleco management will discuss the company's second-quarter 2010 results during a conference call scheduled for 11 a.m. Eastern time (10 a.m. Central time) Thursday, Aug. 5, 2010. The call will be webcast live on the Internet. A replay will be available for 12 months. Investors may access the webcast through the company's Web site at www.cleco.com by selecting "For Investors" and then "Cleco Corp. Second-Quarter 2010 Earnings Conference Call."
Cleco Corp. is a regional energy company headquartered in Pineville, La. It operates a regulated electric utility company, Cleco Power LLC, which serves about 277,000 retail customers across Louisiana. Cleco also operates a wholesale energy business, Cleco Midstream Resources LLC, which includes the pending sale of Acadia Unit 2. This year marks the 75th anniversary of Cleco Power serving Louisiana customers. For more information about Cleco, visit www.cleco.com.
For the three months ended June 30 ------------------------------------------------------ (Unaudited) (million kWh) (thousands) -------------------- -------------------------------- 2010 2009 Change 2010 2009 Change ----- ----- ------ ----------- ---------- ------- Electric Sales Residential 854 791 8.0 % $ 62,012 $ 36,320 70.7 % Commercial 627 596 5.2 % 39,140 23,119 69.3 % Industrial 543 469 15.8 % 19,050 12,314 54.7 % Other retail 34 34 - 2,249 1,410 59.5 % Surcharge - - - 1,660 4,405 (62.3)% Other - - - (1,704) - - ----- ----- ----------- ---------- Total retail 2,058 1,890 8.9 % 122,407 77,568 57.8 % Sales for resale 110 144 (23.6)% 10,673 5,488 94.5 % Unbilled 251 325 (22.8)% 23,977 11,864 102.1 % ----- ----- ----------- ---------- Total retail and wholesale customer sales 2,419 2,359 2.5 % $ 157,057 $ 94,920 65.5 % For the six months ended June 30 ------------------------------------------------------- (Unaudited) (million kWh) (thousands) -------------------- --------------------------------- 2010 2009 Change 2010 2009 Change ----- ----- ------ ----------- ----------- ------- Electric Sales Residential 1,893 1,607 17.8 % $ 108,509 $ 68,516 58.4 % Commercial 1,219 1,139 7.0 % 68,703 46,068 49.1 % Industrial 1,087 1,056 2.9 % 33,211 25,133 32.1 % Other retail 69 66 4.5 % 4,006 2,797 43.2 % Surcharge - - - 5,855 9,620 (39.1)% Other - - - (2,679) - - ----- ----- ----------- ----------- Total retail 4,268 3,868 10.3 % 217,605 152,134 43.0 % Sales for resale 300 233 28.8 % 19,456 8,599 126.3 % Unbilled 127 192 (33.9)% 34,944 7,005 398.8 % ----- ----- ----------- ----------- Total retail and wholesale customer sales 4,695 4,293 9.4 % $ 272,005 $ 167,738 62.2 % CLECO CORP. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Thousands, except share and per share amounts) (Unaudited) For the three months ended June 30 2010 2009 ----------- ----------- Operating revenue Electric operations $ 261,101 $ 195,651 Tolling operations 4,399 - Other operations 10,245 8,712 Affiliate revenue 158 2,863 ----------- ----------- Total operating revenue 275,903 207,226 ----------- ----------- Operating expenses Fuel used for electric generation 81,558 50,326 Power purchased for utility customers 24,508 56,547 Other operations 29,845 25,941 Maintenance 21,633 14,766 Depreciation 29,798 19,479 Taxes other than income taxes 8,565 8,300 Gain on sales of assets (98) - ----------- ----------- Total operating expenses 195,809 175,359 ----------- ----------- Operating income 80,094 31,867 Interest income 80 271 Allowance for other funds used during construction 359 17,538 Equity loss from investees (1,129) (3,125) Other income 266 1,633 Other expense (2,577) (480) Interest charges Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest 24,663 20,150 Allowance for borrowed funds used during construction (145) (6,421) ----------- ----------- Total interest charges 24,518 13,729 ----------- ----------- Income before income taxes 52,575 33,975 Federal and state income tax expense 17,389 6,949 ----------- ----------- Net income 35,186 27,026 Preferred dividends requirements, net of tax 12 12 ----------- ----------- Net income applicable to common stock $ 35,174 $ 27,014 =========== =========== Average shares of common stock outstanding Basic 60,431,930 60,175,528 Diluted 60,705,269 60,451,665 Basic earnings per share Net income applicable to common stock $ 0.58 $ 0.45 Diluted earnings per share Net income applicable to common stock $ 0.58 $ 0.45 Cash dividends paid per share of common stock $ 0.250 $ 0.225 CLECO CORP. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Thousands, except share and per share amounts) (Unaudited) For the six months ended June 30 2010 2009 ----------- ----------- Operating revenue Electric operations $ 513,899 $ 398,517 Tolling operations 11,863 - Other operations 21,119 15,820 Affiliate revenue 1,307 5,825 ----------- ----------- Total operating revenue 548,188 420,162 ----------- ----------- Operating expenses Fuel used for electric generation 176,140 138,629 Power purchased for utility customers 72,727 102,265 Other operations 56,499 50,892 Maintenance 35,470 25,325 Depreciation 54,051 38,613 Taxes other than income taxes 17,367 15,333 Gain on sales of assets (57) - ----------- ----------- Total operating expenses 412,197 371,057 ----------- ----------- Operating income 135,991 49,105 Interest income 242 682 Allowance for other funds used during construction 10,165 34,529 Equity income (loss) from investees 36,718 (14,876) Gain on toll settlement 148,402 - Other income 807 2,674 Other expense (2,962) (1,332) Interest charges Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest 50,670 41,466 Allowance for borrowed funds used during construction (3,718) (12,634) ----------- ----------- Total interest charges 46,952 28,832 ----------- ----------- Income before income taxes 282,411 41,950 Federal and state income tax expense 97,256 8,275 ----------- ----------- Net income 185,155 33,675 Preferred dividends requirements, net of tax 23 23 ----------- ----------- Net income applicable to common stock $ 185,132 $ 33,652 =========== =========== Average shares of common stock outstanding Basic 60,374,233 60,132,358 Diluted 60,519,066 60,279,903 Basic earnings per share Net income applicable to common stock $ 3.07 $ 0.56 Diluted earnings per share Net income applicable to common stock $ 3.06 $ 0.56 Cash dividends paid per share of common stock $ 0.475 $ 0.450 CLECO CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Thousands) (Unaudited) At June 30, At Dec. 31, 2010 2009 ----------- ----------- Assets Current Assets Cash and cash equivalents $ 52,155 $ 145,193 Accounts receivable, net 78,866 70,557 Other current assets 285,793 278,175 ----------- ----------- Total Current Assets 416,814 493,925 Property, plant and equipment, net 2,749,441 2,247,030 Equity investment in investees 84,401 251,617 Prepayments, deferred charges and other 676,455 702,275 ----------- ----------- Total Assets $ 3,927,111 $ 3,694,847 ----------- ----------- Liabilities Current Liabilities Short-term debt $ 150,000 $ - Long-term debt due within one year 21,869 11,478 Accounts payable 85,532 114,541 Other current liabilities 184,775 115,785 ----------- ----------- Total Current Liabilities 442,176 241,804 Deferred credits 990,999 1,016,672 Long-term debt, net 1,218,302 1,320,299 ----------- ----------- Total Liabilities 2,651,477 2,578,775 ----------- ----------- Shareholders' Equity Preferred stock 1,029 1,029 Common shareholders' equity 1,285,930 1,126,334 Accumulated other comprehensive loss (11,325) (11,291) ----------- ----------- Total Shareholders' Equity 1,275,634 1,116,072 ----------- ----------- Total Liabilities and Shareholders' Equity $ 3,927,111 $ 3,694,847 =========== ===========
Please note: In addition to historical financial information, this news release contains forward-looking statements about future results and circumstances. There are many risks and uncertainties with respect to such forward-looking statements, including the weather and other natural phenomena, state and federal legislative and regulatory initiatives, the timing and extent of changes in commodity prices and interest rates, the operating performance of Cleco Power's and Cleco Midstream's facilities, the financial condition of the company's tolling agreement counterparty, the performance of the tolling agreement by such counterparty, the completion of the Acadiana Load Pocket project, the completion of the Acadia Unit 2/Entergy Louisiana transaction, the impact of the global economic environment, and other risks and uncertainties more fully described in the company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Actual results may differ materially from those indicated in such forward-looking statements.
Analyst Contact: Cleco Corp. Russell Davis (318) 484-7501 Email Contact Investor Contact: Cleco Corp. Rodney Hamilton (318) 484-7593 Email Contact Media Contact: Cleco Corp. Fran Phoenix (318) 484-7467
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