CenterPoint Energy Reports Third Quarter 2009 Earnings

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HOUSTON, Oct. 28 /PRNewswire-FirstCall/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $114 million, or $0.31 per diluted share, for the third quarter of 2009 compared to $136 million, or $0.39 per diluted share, for the same period of 2008. Operating income for the third quarter of 2009 was $287 million compared to $337 million for the same period of 2008. (Logo: http://www.newscom.com/cgi-bin/prnh/20020930/CNPLOGO) "Our core regulated operations, which represent more than 80 percent of our operating income, reported solid earnings this quarter despite the challenging economic climate," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "However, lower natural gas and natural gas liquids prices, a decline in natural gas throughput from the traditional basins and reduced basis differentials negatively impacted the performance of our field services and competitive natural gas sales segments. We continue to believe that the overall fundamentals of our balanced portfolio of electric and natural gas businesses position us well as the economy recovers and the energy markets rebound." For the nine months ended September 30, 2009, net income was $267 million, or $0.74 per diluted share, compared to $359 million, or $1.05 per diluted share, for the same period of 2008. Operating income for the nine months ended September 30, 2009, was $825 million compared to $970 million for the same period of 2008. OPERATING INCOME BY SEGMENT Electric Transmission & Distribution The electric transmission & distribution segment reported operating income of $218 million for the third quarter of 2009, consisting of $187 million from the regulated electric transmission & distribution utility operations (TDU) and $31 million related to transition bonds. Operating income for the third quarter of 2008 was $202 million, consisting of $169 million from the TDU and $33 million related to transition bonds. Operating income for the TDU benefited from growth of over 26,000 metered customers since September 2008, favorable weather and higher net transmission revenues, partially offset by higher operation and maintenance expenses. In addition, the third quarter of 2008 was negatively impacted by $12 million as a result of Hurricane Ike. Operating income for the nine months ended September 30, 2009, was $450 million, consisting of $353 million from the TDU and $97 million related to transition bonds. Operating income for the same period of 2008 was $457 million, consisting of $352 million from the TDU, $100 million related to transition bonds and $5 million from the competition transition charge (CTC). The CTC was discontinued in February 2008 when the company securitized the remaining true-up balance. Natural Gas Distribution The natural gas distribution segment reported an operating loss of $15 million for the third quarter of 2009 compared to an operating loss of $6 million for the same period of 2008. The decline in operating income was primarily the result of higher pension and other operation and maintenance expenses, which more than offset rate increases and higher miscellaneous revenues. Due to seasonal impacts, this segment typically reports a loss in the third quarter. Operating income for the nine months ended September 30, 2009, was $105 million compared to $119 million for the same period of 2008. Interstate Pipelines The interstate pipelines segment reported operating income of $64 million for the third quarter of 2009 compared to $55 million for the same period of 2008. Operating income benefited from higher revenue from new contracts on the Carthage to Perryville pipeline and for deliveries to gas-fired power generators. These benefits were partially offset by higher pension and other operation and maintenance expenses. In addition, operating income for the third quarter of 2008 included a $7 million write-down associated with pipeline assets removed from service. In addition to operating income, this segment recorded an equity loss of $5 million for the third quarter of 2009 from its 50 percent interest in the Southeast Supply Header (SESH), a new pipeline that went into service in September 2008. The equity loss included a non-cash charge of $11 million during the quarter to reflect SESH's decision to discontinue the use of regulatory accounting. In the third quarter of 2008, equity income was $18 million primarily from allowance for funds used during construction. Operating income for the nine months ended September 30, 2009, was $194 million compared to $227 million for the same period of 2008. Operating income for the nine months ended September 30, 2008, included a net gain of $11 million associated with a gain from the sale of two storage development projects and a write-down of pipeline assets removed from service. In addition to operating income, this business had equity income of $2 million for the nine months ended September 30, 2009, from its interest in SESH. The equity income included non-cash charges of $16 million to reflect SESH's decision to discontinue the use of regulatory accounting. For the nine months ended September 30, 2008, equity income was $34 million primarily from allowance for funds used during construction. Field Services The field services segment reported operating income of $23 million for the third quarter of 2009 compared to $44 million for the same period of 2008. The decline in operating income was primarily the result of commodity prices that were significantly lower in 2009 than in 2008 as well as the impact of lower natural gas throughput from traditional basins, which was partially offset by increased throughput from the unconventional shale plays. In addition to operating income, this segment recorded equity income of $2 million in the third quarter of 2009 compared to $4 million in the third quarter of 2008 from its 50 percent interest in a gas processing plant. The decline was primarily due to lower natural gas liquids prices. Operating income for the nine months ended September 30, 2009, was $72 million compared to $121 million for the same period of 2008. Operating income for the nine months ended September 30, 2008, included gains of $17 million associated with the sale of non-strategic assets and the settlement of a contractual dispute. Equity income from the jointly-owned gas processing plant was $6 million for the nine months ended September 30, 2009, compared to $12 million for the same period of 2008. Competitive Natural Gas Sales and Services The competitive natural gas sales and services segment reported an operating loss of $8 million for the third quarter of 2009 compared to operating income of $35 million for the same period of 2008. Operating income for the third quarter of 2009 included charges of $6 million resulting from mark-to-market accounting for derivatives used to lock in economic margins of certain forward natural gas sales compared to gains of $46 million for the same period of 2008. The third quarter of 2008 also included a $24 million write-down of natural gas inventory to the lower of average cost or market. In addition, reduced locational price differentials, and to a lesser extent lower retail sales volumes, contributed to the decline. This segment recorded no operating income for the nine months ended September 30, 2009, compared to $36 million for the same period of 2008. Operating income for the nine months ended September 30, 2009, included charges of $22 million resulting from mark-to-market accounting compared to gains of $14 million for the same period of 2008. The nine months ended September 30, 2009, also included $6 million in write-downs of inventory to the lower of average cost or market compared to $24 million in inventory write-downs for the same period of 2008. DIVIDEND DECLARATION On October 22, 2009, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.19 per share of common stock payable on December 10, 2009, to shareholders of record as of the close of business on November 16, 2009. OUTLOOK FOR 2009 CenterPoint Energy reaffirmed its 2009 earnings guidance of $1.05 to $1.15 per diluted share. This guidance takes into consideration performance to date as well as various economic and operational assumptions related to the business segments in which the company operates. The company has made certain assumptions regarding the timing and cost of certain financing activities, including timing of the sale of storm cost restoration bonds, and the impact to earnings of various regulatory proceedings. In providing this guidance, the company has not included the impact of any changes in accounting standards, any impact from acquisitions or divestitures, the timing effects of mark-to-market or inventory accounting in the company's competitive natural gas sales and services business, or the outcome of the TDU's true-up appeal. The company has also excluded any impact to income from the change in value of Time Warner stocks and the related ZENS securities. FILING OF FORM 10-Q FOR CENTERPOINT ENERGY, INC. Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Quarterly Report on Form 10-Q for the period ended September 30, 2009. A copy of that report is available on the company's Web site, http://www.centerpointenergy.com/, under the Investors section. Other filings the company makes with the SEC and other documents relating to its corporate governance can also be found on that site. WEBCAST OF EARNINGS CONFERENCE CALL CenterPoint Energy's management will host an earnings conference call on Wednesday, October 28, 2009, 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 http://www.centerpointenergy.com/. 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, competitive natural gas sales and services, interstate pipelines, and field services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. Assets total nearly $19 billion. With about 8,800 employees, CenterPoint Energy and its predecessor companies have been in business for more than 135 years. For more information, visit the Web site at http://www.centerpointenergy.com/. 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 appeals from the true-up proceedings, the timing and impact of future regulatory, legislative, and IRS 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' Forms 10-K for the fiscal year ended December 31, 2008, CenterPoint Energy's and its subsidiaries' Forms 10-Q for the periods ended March 31, 2009, and June 30, 2009, CenterPoint Energy's Form 10-Q for the period ended September 30, 2009, and other filings with the SEC. For more information contact Media: Leticia Lowe Phone 713.207.7702 Investors: Marianne Paulsen Phone 713.207.6500 CenterPoint Energy, Inc. and Subsidiaries Statements of Consolidated Income (Millions of Dollars) (Unaudited) Quarter Nine Months Ended Ended September 30, September 30, ------------- ------------- 2008 2009 2008 2009 ---- ---- ---- ---- Revenues: Electric Transmission & Distribution $552 $608 $1,471 $1,541 Natural Gas Distribution 550 402 2,976 2,341 Competitive Natural Gas Sales and Services 1,269 399 3,632 1,596 Interstate Pipelines 143 153 468 461 Field Services 71 63 191 176 Other Operations 3 3 8 9 Eliminations (73) (52) (198) (142) --- --- ---- ---- Total 2,515 1,576 8,548 5,982 ----- ----- ----- ----- Expenses: Natural gas 1,532 582 5,675 3,081 Operation and maintenance 371 415 1,078 1,226 Depreciation and amortization 194 208 540 562 Taxes other than income taxes 81 84 285 288 --- --- --- --- Total 2,178 1,289 7,578 5,157 ----- ----- ----- ----- Operating Income 337 287 970 825 --- --- --- --- Other Income (Expense) : Gain (loss) on marketable securities (36) 47 (73) 68 Gain (loss) on indexed debt securities 33 (30) 66 (54) Interest and other finance charges (116) (126) (346) (384) Interest on transition bonds (34) (32) (102) (98) Equity in earnings of unconsolidated affiliates 23 (3) 46 8 Other - net 6 9 10 31 --- --- --- --- Total (124) (135) (399) (429) ---- ---- ---- ---- Income Before Income Taxes 213 152 571 396 Income Tax Expense (77) (38) (212) (129) --- --- ---- ---- Net Income $136 $114 $359 $267 ==== ==== ==== ==== Reference is made to the Notes to the Consolidated Financial Statements contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc. CenterPoint Energy, Inc. and Subsidiaries Selected Data From Statements of Consolidated Income (Millions of Dollars, Except Share and Per Share Amounts) (Unaudited) Nine Months Quarter Ended Ended September 30, September 30, ------------- ------------- 2008 2009 2008 2009 ---- ---- ---- ---- Basic Earnings Per Common Share $0.40 $0.31 $1.08 $0.75 ===== ===== ===== ===== Diluted Earnings Per Common Share $0.39 $0.31 $1.05 $0.74 ===== ===== ===== ===== Dividends Declared per Common Share $0.1825 $0.19 $0.5475 $0.57 Weighted Average Common Shares Outstanding (000): - Basic 342,228 369,512 333,652 356,570 - Diluted 344,584 371,742 342,187 358,745 Operating Income (Loss) by Segment ---------------------------------- Electric Transmission & Distribution: Electric Transmission and Distribution Operations $169 $187 $352 $353 Competition Transition Charge - - 5 - --- --- --- --- Total Electric Transmission and Distribution Utility 169 187 357 353 Transition Bond Companies 33 31 100 97 --- --- --- --- Total Electric Transmission & Distribution 202 218 457 450 Natural Gas Distribution (6) (15) 119 105 Competitive Natural Gas Sales and Services 35 (8) 36 - Interstate Pipelines 55 64 227 194 Field Services 44 23 121 72 Other Operations 7 5 10 4 --- --- --- --- Total $337 $287 $970 $825 ==== ==== ==== ==== Reference is made to the Notes to the Consolidated Financial Statements contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc. CenterPoint Energy, Inc. and Subsidiaries Results of Operations by Segment (Millions of Dollars) (Unaudited) Electric Transmission & Distribution ------------------------------------ Quarter Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues: Electric transmission and distribution utility $455 $503 11% Transition bond companies 97 105 8% --- --- Total 552 608 10% --- --- Expenses: Operation and maintenance 167 194 (16%) Depreciation and amortization 71 70 1% Taxes other than income taxes 48 52 (8%) Transition bond companies 64 74 (16%) --- --- Total 350 390 (11%) --- --- Operating Income $202 $218 8% ==== ==== Operating Income: Electric transmission and distribution operations $169 $187 11% Competition transition charge - - - Transition bond companies 33 31 (6%) --- --- Total Segment Operating Income $202 $218 8% ==== ==== Electric Transmission & Distribution Operating Data: Actual MWH Delivered Residential 8,445,744 9,242,635 9% Total 21,594,051 22,963,434 6% Weather (average for service area): Percentage of 10-year average: Cooling degree days 97% 107% 10% Heating degree days 0% 0% 0% Number of metered customers - end of period: Residential 1,824,238 1,849,158 1% Total 2,068,568 2,094,847 1% Nine Months Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues: Electric transmission and distribution utility $1,220 $1,281 5% Transition bond companies 251 260 4% --- --- Total 1,471 1,541 5% ----- ----- Expenses: Operation and maintenance 502 563 (12%) Depreciation and amortization 208 207 - Taxes other than income taxes 153 158 (3%) Transition bond companies 151 163 (8%) --- --- Total 1,014 1,091 (8%) ----- ----- Operating Income $457 $450 (2%) ==== ==== Operating Income: Electric transmission and distribution operations $352 $353 - Competition transition charge 5 - (100%) Transition bond companies 100 97 (3%) --- --- Total Segment Operating Income $457 $450 (2%) ==== ==== Electric Transmission & Distribution Operating Data: Actual MWH Delivered Residential 19,623,125 20,040,598 2% Total 58,523,281 57,946,697 (1%) Weather (average for service area): Percentage of 10-year average: Cooling degree days 104% 108% 4% Heating degree days 95% 89% (6%) Number of metered customers - end of period: Residential 1,824,238 1,849,158 1% Total 2,068,568 2,094,847 1% Natural Gas Distribution ------------------------ Quarter Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $550 $402 (27%) ---- ---- Expenses: Natural gas 351 198 44% Operation and maintenance 139 157 (13%) Depreciation and amortization 40 40 - Taxes other than income taxes 26 22 15% --- --- Total 556 417 25% --- --- Operating Income (Loss) $(6) $(15) (150%) === ==== Natural Gas Distribution Operating Data: Throughput data in BCF Residential 13 13 - Commercial and Industrial 41 38 (7%) --- --- Total Throughput 54 51 (6%) === === Weather (average for service area) Percentage of 10-year average: Heating degree days 57% 58% 1% Number of customers - end of period: Residential 2,936,777 2,954,095 1% Commercial and Industrial 244,959 241,036 (2%) ------- ------- Total 3,181,736 3,195,131 - ========= ========= Nine Months Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $2,976 $2,341 (21%) ------ ------ Expenses: Natural gas 2,196 1,538 30% Operation and maintenance 436 478 (10%) Depreciation and amortization 118 121 (3%) Taxes other than income taxes 107 99 7% --- --- Total 2,857 2,236 22% ----- ----- Operating Income (Loss) $119 $105 (12%) ==== ==== Natural Gas Distribution Operating Data: Throughput data in BCF Residential 117 111 (5%) Commercial and Industrial 171 154 (10%) --- --- Total Throughput 288 265 (8%) === === Weather (average for service area) Percentage of 10-year average: Heating degree days 106% 102% (4%) Number of customers - end of period: Residential 2,936,777 2,954,095 1% Commercial and Industrial 244,959 241,036 (2%) ------- ------- Total 3,181,736 3,195,131 - ========= ========= Reference is made to the Notes to the Consolidated Financial Statements contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc. CenterPoint Energy, Inc. and Subsidiaries Results of Operations by Segment (Millions of Dollars) (Unaudited) Competitive Natural Gas Sales and Services ------------------------------------------ Quarter Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $1,269 $399 (69%) ------ ---- Expenses: Natural gas 1,225 396 68% Operation and maintenance 8 10 (25%) Depreciation and amortization 1 1 - Taxes other than income taxes - - - --- --- Total 1,234 407 67% ----- --- Operating Income (Loss) $35 $(8) (123%) === === Competitive Natural Gas Sales and Services Operating Data: Throughput data in BCF 125 115 (8%) === === Number of customers - end of period 8,988 10,934 22% ===== ====== Nine Months Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $3,632 $1,596 (56%) ------ ------ Expenses: Natural gas 3,567 1,562 56% Operation and maintenance 26 30 (15%) Depreciation and amortization 2 3 (50%) Taxes other than income taxes 1 1 - --- --- Total 3,596 1,596 56% ----- ----- Operating Income (Loss) $36 $- (100%) === === Competitive Natural Gas Sales and Services Operating Data: Throughput data in BCF 392 370 (6%) === === Number of customers - end of period 8,988 10,934 22% ===== ====== Interstate Pipelines -------------------- Quarter Ended September 30, ------------ % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $143 $153 7% ---- ---- Expenses: Natural gas 24 22 8% Operation and maintenance 47 47 - Depreciation and amortization 11 12 (9%) Taxes other than income taxes 6 8 (33%) --- --- Total 88 89 (1%) --- --- Operating Income $55 $64 16% === === Pipelines Operating Data: Throughput data in BCF Transportation 360 378 5% === === Nine Months Ended September 30, ------------ % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $468 $461 (1%) ---- ---- Expenses: Natural gas 97 85 12% Operation and maintenance 93 123 (32%) Depreciation and amortization 34 36 (6%) Taxes other than income taxes 17 23 (35%) --- --- Total 241 267 (11%) --- --- Operating Income $227 $194 (15%) ==== ==== Pipelines Operating Data: Throughput data in BCF Transportation 1,145 1,235 8% ===== ===== Reference is made to the Notes to the Consolidated Financial Statements contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc. CenterPoint Energy, Inc. and Subsidiaries Results of Operations by Segment (Millions of Dollars) (Unaudited) Field Services -------------- Quarter Ended September 30, ------------ % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $71 $63 (11%) --- --- Expenses: Natural gas 5 18 (260%) Operation and maintenance 19 17 11% Depreciation and amortization 3 4 (33%) Taxes other than income taxes - 1 - --- --- Total 27 40 (48%) --- --- Operating Income $44 $23 (48%) === === Field Services Operating Data: Throughput data in BCF Gathering 109 106 (3%) === === Nine Months Ended September 30, ------------ % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $191 $176 (8%) ---- ---- Expenses: Natural gas 11 36 (227%) Operation and maintenance 48 54 (13%) Depreciation and amortization 9 11 (22%) Taxes other than income taxes 2 3 (50%) --- --- Total 70 104 (49%) --- --- Operating Income $121 $72 (40%) ==== === Field Services Operating Data: Throughput data in BCF Gathering 311 312 - === === === Other Operations ---------------- Quarter Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $3 $3 -% Expenses (4) (2) (50%) --- --- Operating Income $7 $5 (29%) === === Nine Months Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues $8 $9 13% Expenses (2) 5 (350%) --- --- Operating Income $10 $4 (60%) === === Capital Expenditures by Segment (Millions of Dollars) (Unaudited) Quarter Nine Months Ended Ended September 30, September 30, ------------- ------------ 2008 2009 2008 2009 ---- ---- ---- ---- Capital Expenditures by Segment Electric Transmission & Distribution $80 $99 $256 $288 Hurricane Ike 141 8 141 26 --- --- --- --- Total Electric Transmission & Distribution 221 107 397 314 Natural Gas Distribution 57 44 151 121 Competitive Natural Gas Sales and Services 1 1 3 2 Interstate Pipelines 60 44 130 118 Field Services 31 113 77 217 Other Operations 5 9 18 18 --- --- --- --- Total $375 $318 $776 $790 ==== ==== ==== ==== Interest Expense Detail (Millions of Dollars) (Unaudited) Quarter Nine Months Ended Ended September 30, September 30, ------------- ------------- 2008 2009 2008 2009 ---- ---- ---- ---- Interest Expense Detail Amortization of Deferred Financing Cost $6 $9 $18 $27 Capitalization of Interest Cost (3) (1) (10) (4) Transition Bond Interest Expense 34 32 102 98 Other Interest Expense 113 118 338 361 --- --- --- --- Total Interest Expense $150 $158 $448 $482 ==== ==== ==== ==== Reference is made to the Notes to the Consolidated Financial Statements contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc. CenterPoint Energy, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Millions of Dollars) (Unaudited) December 31, September 30, 2008 2009 ---- ---- ASSETS Current Assets: Cash and cash equivalents $167 $61 Other current assets 2,868 1,934 ----- ----- Total current assets 3,035 1,995 ----- ----- Property, Plant and Equipment, net 10,296 10,548 ------ ------ Other Assets: Goodwill 1,696 1,696 Regulatory assets 3,684 3,701 Other non-current assets 965 713 --- --- Total other assets 6,345 6,110 ----- ----- Total Assets $19,676 $18,653 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Short-term borrowings $153 $40 Current portion of transition bond long-term debt 208 221 Current portion of other long-term debt 125 339 Other current liabilities 2,362 1,712 ----- ----- Total current liabilities 2,848 2,312 ----- ----- Other Liabilities: Accumulated deferred income taxes, net and investment tax credit 2,632 2,775 Regulatory liabilities 821 916 Other non-current liabilities 1,172 1,235 ----- ----- Total other liabilities 4,625 4,926 ----- ----- Long-term Debt: Transition bond 2,381 2,160 Other 7,800 6,667 ----- ----- Total long-term debt 10,181 8,827 ------ ----- Shareholders' Equity 2,022 2,588 ----- ----- Total Liabilities and Shareholders' Equity $19,676 $18,653 ======= ======= Reference is made to the Notes to the Consolidated Financial Statements contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc. CenterPoint Energy, Inc. and Subsidiaries Condensed Statements of Consolidated Cash Flows (Millions of Dollars) (Unaudited) Nine Months Ended September 30, ----------- 2008 2009 ---- ---- Cash Flows from Operating Activities: Net income $359 $267 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 561 591 Deferred income taxes 471 250 Write-down of natural gas inventory 24 6 Changes in net regulatory assets (48) 19 Changes in other assets and liabilities (608) 296 Other, net (35) 8 --- --- Net Cash Provided by Operating Activities 724 1,437 Net Cash Used in Investing Activities (991) (582) Net Cash Provided by (Used in) Financing Activities 222 (961) --- ---- Net Decrease in Cash and Cash Equivalents (45) (106) Cash and Cash Equivalents at Beginning of Period 129 167 --- --- Cash and Cash Equivalents at End of Period $84 $61 === === Reference is made to the Notes to the Consolidated Financial Statements contained in the Quarterly Report on Form 10-Q of CenterPoint Energy, Inc. http://www.newscom.com/cgi-bin/prnh/20020930/CNPLOGO http://photoarchive.ap.org/ DATASOURCE: CenterPoint Energy, Inc. CONTACT: Media, Leticia Lowe, +1-713-207-7702, or Investors, Marianne Paulsen, +1-713-207-6500, both of CenterPoint Energy, Inc. Web Site: http://www.centerpointenergy.com/

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