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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 | |
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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 Sept. 30 -------------------- Subsidiary 2010 2009 --------- ---------- Cleco Power LLC $ 0.86 $ 0.66 Cleco Midstream Resources LLC(1) 0.09 0.14 Corporate and Other(1),(2) (0.12) 0.13 --------- ---------- Operational diluted earnings per share (Non-GAAP) 0.83 0.93 Adjustments(3) (0.01) 0.06 --------- ---------- Diluted earnings per share applicable to common stock $ 0.82 $ 0.99 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 Sept. 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 -------------------- Nine months ended Sept. 30 -------------------- Subsidiary 2010 2009 --------- --------- Cleco Power LLC $ 2.04 $ 1.47 Cleco Midstream Resources LLC(1) (excluding 2010 gains from the Evangeline and Acadia transactions) 0.01 (0.08) Corporate and Other(1),(2) (0.11) 0.13 --------- --------- Operational diluted earnings per share (Non-GAAP) 1.94 1.52 Adjustments(3) 1.93 0.03 --------- --------- Diluted earnings per share applicable to common stock $ 3.87 $ 1.55 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 ($0.01 per share and $0.04 per share for the nine months ended Sept. 30, 2010 and 2009, respectively) (2) Includes dividends on preferred stock (3) Refer to "Operational Earnings Adjustments" in this news release
"We could not be more pleased with our year-to-date results and our outlook. Our overall earnings growth, excluding the one-time gains from the Evangeline and Acadia transactions, reflects the significant investments we have made in our electrical system to continue meeting our customers' needs," said Mike Madison, president and chief executive officer of Cleco Corp. "The successful recovery of those investments is having a very positive impact on our earnings primarily because of our new rates and favorable weather during the year. In fact, we set new winter and summer peak loads this year."
"The results of the third quarter follow strong first- and second-quarter 2010 earnings. Due to our strong performance thus far this year, we are increasing our 2010 earnings guidance. In addition, we anticipate refunding an estimated $6.3 million, subject to state regulatory approval, to our retail customers next year in accordance with the terms of our Formula Rate Plan. This is good news for our shareholders and our customers."
Earnings Guidance:
Cleco has revised its consolidated 2010 GAAP earnings target (excluding the one-time results of the Evangeline and Acadia transactions) from a range of $2.10 - $2.20 per share to a range of $2.15 - $2.25 per share. This revised estimate assumes normal weather for the fourth quarter of 2010.
Financial Highlights:
Third Quarter 2010
Year-to-Date 2010
Quarter-Over-Quarter Operational Earnings Per Share Reconciliation:
$ 0.93 2009 third-quarter diluted operational earnings per share 0.71 Non-fuel revenue, net of rate refund accrual (0.03) Income taxes (0.14) Other expenses, net (0.34) AFUDC (allowance for funds used during construction) ------- $ 0.20 Cleco Power results (0.05) Cleco Midstream results (0.25) Corporate results ------- $ 0.83 2010 third-quarter diluted operational earnings per share (0.01) Adjustments(1) ------- $ 0.82 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:
$ 1.52 Nine months ended Sept. 30, 2009, diluted operational earnings per share 1.81 Non-fuel revenue, net of rate refund accrual 0.01 Energy hedging, net 0.03 Income taxes (0.45) Other expenses, net (0.83) AFUDC ------- $ 0.57 Cleco Power results 0.09 Cleco Midstream results (0.24) Corporate results ------- $ 1.94 Nine months ended Sept. 30, 2010, diluted operational earnings per share 1.93 Adjustments(1) ------- $ 3.87 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 Diluted Earnings Per Share Diluted Earnings Per Share -------------------- Three months ended Sept. 30 -------------------- 2010 2009 --------- ---------- Operational earnings per share $ 0.83 $ 0.93 Company/trust-owned life insurance policy adjustments 0.01 0.02 Tax levelization (0.02) 0.04 --------- ---------- Reported GAAP diluted earnings per share applicable to common stock $ 0.82 $ 0.99 Diluted Earnings Per Share --------------------- Nine months ended Sept. 30 --------------------- 2010 2009 ---------- ---------- Operational earnings per share $ 1.94 $ 1.52 Company/trust-owned life insurance policy adjustments 0.01 0.03 Gain from Evangeline transaction 1.51 - Gain from Acadia Unit 1 transaction 0.41 - ---------- ---------- Reported GAAP diluted earnings per share applicable to common stock $ 3.87 $ 1.55
Reconciling adjustments from operational earnings per share to GAAP diluted 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 increased earnings by $0.01 per share for the third quarter of 2010 and increased earnings by $0.02 per share for the third quarter of 2009. These adjustments increased earnings by $0.01 per share the first nine months of 2010 and increased earnings by $0.03 per share for the first nine 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 third quarters of 2010 and 2009, Cleco recorded a $0.02 per share expense and a $0.04 per share benefit, respectively, from the levelization of its annual tax rate to bring the actual tax rate in line with the projected annual effective tax rate. 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 nine 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 nine 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 third-quarter 2010 results during a conference call scheduled for 11 a.m. Eastern time (10 a.m. Central time) Monday, Nov. 1, 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. Third-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 Sept. 30 ------------------------------------------------------- (Unaudited) (million kWh) (thousands) --------------------- -------------------------------- 2010 2009 Change 2010 2009 Change ----- ----- ------- ---------- ---------- ------- Electric Sales Residential 1,263 1,207 4.6 % $ 100,301 $ 53,970 85.8 % Commercial 771 743 3.8 % 48,193 25,802 86.8 % Industrial 592 577 2.6 % 22,563 12,912 74.7 % Other retail 37 36 2.8 % 2,721 1,491 82.5 % Surcharge - - - 1,350 5,054 (73.3)% Other - - - (1,704) - - ----- ----- ---------- ---------- Total retail 2,663 2,563 3.9 % 173,424 99,229 74.8 % Sales for resale 283 199 42.2 % 14,745 7,435 98.3 % Unbilled (125) (95) (31.6)% (11,585) (3,466) (234.2)% ----- ----- ---------- ---------- Total retail and wholesale customer sales 2,821 2,667 5.8 % $ 176,584 $ 103,198 71.1 % For the nine months ended Sept. 30 -------------------------------------------------------- (Unaudited) (million kWh) (thousands) ---------------------- -------------------------------- 2010 2009 Change 2010 2009 Change ------ ------ ------ ---------- ----------- ------- Electric Sales Residential 3,156 2,814 12.2 % $ 208,811 $ 122,486 70.5 % Commercial 1,990 1,882 5.7 % 116,897 71,871 62.6 % Industrial 1,679 1,633 2.8 % 55,774 38,046 46.6 % Other retail 106 103 2.9 % 6,727 4,288 56.9 % Surcharge - - - 7,205 14,674 (50.9)% Other - - - (4,383) - - ------ ------ ---------- ----------- Total retail 6,931 6,432 7.8 % 391,031 251,365 55.6 % Sales for resale 584 432 35.2 % 34,199 16,034 113.3 % Unbilled 2 98 (98.0)% 23,359 3,538 560.2 % ------ ------ ---------- ----------- Total retail and wholesale customer sales 7,517 6,962 8.0 % $ 448,589 $ 270,937 65.6 % CLECO CORP. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Thousands, except share and per share amounts) (Unaudited) For the three months ended Sept. 30 2010 2009 ----------- ----------- Operating revenue Electric operations $ 325,629 $ 228,952 Tolling operations 11,153 - Other operations 13,305 9,859 Affiliate revenue 119 2,689 ----------- ----------- Gross operating revenue 350,206 241,500 Electric customer credits (6,314) - ----------- ----------- Operating revenue, net 343,892 241,500 Operating expenses Fuel used for electric generation 100,587 74,585 Power purchased for utility customers 51,678 61,943 Other operations 30,288 26,667 Maintenance 23,362 10,452 Depreciation 28,847 19,620 Taxes other than income taxes 9,123 7,479 Loss on sales of assets 20 77 ----------- ----------- Total operating expenses 243,905 200,823 ----------- ----------- Operating income 99,987 40,677 Interest income 128 369 Allowance for other funds used during construction 887 17,813 Equity income from investees 2,494 15,587 Other income 2,755 2,079 Other expense (1,416) (849) Interest charges Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest 25,404 17,361 Allowance for borrowed funds used during construction (336) (6,523) ----------- ----------- Total interest charges 25,068 10,838 ----------- ----------- Income before income taxes 79,767 64,838 Federal and state income tax expense 30,155 4,983 ----------- ----------- Net income 49,612 59,855 Preferred dividends requirements, net of tax 12 12 ----------- ----------- Net income applicable to common stock $ 49,600 $ 59,843 =========== =========== Average shares of common stock outstanding Basic 60,471,183 60,234,243 Diluted 60,825,298 60,556,768 Basic earnings per share Net income applicable to common stock $ 0.82 $ 0.99 Diluted earnings per share Net income applicable to common stock $ 0.82 $ 0.99 Cash dividends paid per share of common stock $ 0.25 $ 0.225 CLECO CORP. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Thousands, except share and per share amounts) (Unaudited) For the nine months ended Sept. 30 2010 2009 ----------- ----------- Operating revenue Electric operations $ 839,528 $ 627,469 Tolling operations 23,016 - Other operations 34,425 25,680 Affiliate revenue 1,426 8,513 ----------- ----------- Gross operating revenue 898,395 661,662 Electric customer credits (6,314) - ----------- ----------- Operating revenue, net 892,081 661,662 ----------- ----------- Operating expenses Fuel used for electric generation 276,727 213,213 Power purchased for utility customers 124,404 164,209 Other operations 86,786 77,557 Maintenance 58,832 35,777 Depreciation 82,899 58,233 Taxes other than income taxes 26,490 22,812 (Gain) loss on sales of assets (37) 77 ----------- ----------- Total operating expenses 656,101 571,878 ----------- ----------- Operating income 235,980 89,784 Interest income 369 1,051 Allowance for other funds used during construction 11,052 52,341 Equity income from investees 39,212 710 Gain on toll settlement 148,402 - Other income 3,563 4,753 Other expense (4,379) (2,181) Interest charges Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest 76,074 58,827 Allowance for borrowed funds used during construction (4,054) (19,157) ----------- ----------- Total interest charges 72,020 39,670 ----------- ----------- Income before income taxes 362,179 106,788 Federal and state income tax expense 127,411 13,258 ----------- ----------- Net income 234,768 93,530 Preferred dividends requirements, net of tax 35 35 ----------- ----------- Net income applicable to common stock $ 234,733 $ 93,495 =========== =========== Average shares of common stock outstanding Basic 60,405,388 60,167,644 Diluted 60,632,138 60,390,454 Basic earnings per share Net income applicable to common stock $ 3.89 $ 1.55 Diluted earnings per share Net income applicable to common stock $ 3.87 $ 1.55 Cash dividends paid per share of common stock $ 0.725 $ 0.675 CLECO CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Thousands) (Unaudited) At Sept. 30, At Dec. 31, 2010 2009 ----------- ----------- Assets Current Assets Cash and cash equivalents $ 67,836 $ 145,193 Accounts receivable, net 107,196 70,557 Other current assets 276,095 278,175 ----------- ----------- Total Current Assets 451,127 493,925 Property, plant and equipment, net 2,756,775 2,247,030 Equity investment in investees 87,095 251,617 Prepayments, deferred charges and other 668,543 702,275 ----------- ----------- Total Assets $ 3,963,540 $ 3,694,847 ----------- ----------- Liabilities Current Liabilities Short-term debt $ 150,000 $ - Long-term debt due within one year 36,440 11,478 Accounts payable 107,071 114,541 Other current liabilities 186,574 115,785 ----------- ----------- Total Current Liabilities 480,085 241,804 Deferred credits 984,015 1,016,672 Long-term debt, net 1,187,806 1,320,299 ----------- ----------- Total Liabilities 2,651,906 2,578,775 ----------- ----------- Shareholders' Equity Preferred stock 1,029 1,029 Common shareholders' equity 1,322,059 1,126,334 Accumulated other comprehensive loss (11,454) (11,291) ----------- ----------- Total Shareholders' Equity 1,311,634 1,116,072 ----------- ----------- Total Liabilities and Shareholders' Equity $ 3,963,540 $ 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. Robbyn Cooper (318) 484-7136
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