UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1999 Commission file number 1-15759
Or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
CLECO CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
LOUISIANA 72-1445282
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2030 DONAHUE FERRY ROAD, PINEVILLE, LOUISIANA 71360-5226
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (318) 484-7400
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
Common Stock, $2.00 Par Value New York Stock Exchange
Pacific Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
TITLE OF EACH CLASS
Cumulative Preferred Stock, $100 Par Value
4.50%
Convertible, Series of 1991
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.[ ]
As of March 1, 2000, the aggregate value of the Registrant's voting stock held
by non-affiliates was $692,478,798. The Registrant's Cumulative Preferred Stock
is not listed on any exchange, nor are prices for the Cumulative Preferred Stock
quoted on NASDAQ; therefore, its market value is not readily determinable and is
not included in the foregoing amount.
As of March 1, 2000, there were 22,442,093 shares outstanding of the
Registrant's Common Stock, par value $2.00 per share.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant's Annual Report to Shareholders for the year ended
December 31, 1999 (1999 Annual Report to Shareholders), furnished to the
Securities and Exchange Commission pursuant to Rule 14a-3(c) under the
Securities Exchange Act of 1934, are filed as Exhibit 13 to this report and
incorporated by reference into Part II herein. Portions of the Registrant's
definitive Proxy Statement relating to the Annual Meeting of Shareholders to be
held on April 28, 2000, are incorporated by reference into Part III herein.
<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS
ON FORM 8-K
<TABLE>
<CAPTION>
1999 ANNUAL
FORM 10-K/A REPORT TO
ANNUAL REPORT SHAREHOLDERS
------------- ------------
<S> <C> <C> <C>
14(a)(1) Consolidated Statements of Income for the years ended
December 31, 1999, 1998 and 1997 31
Consolidated Balance Sheets at December 31, 1999 and 1998 32
Consolidated Statements of Cash Flows for the years ended
December 31, 1999, 1998 and 1997 34
Consolidated Statements of Changes in Common Shareholders'
Equity for the years ended December 31, 1999, 1998 and
1997 35
Notes to Consolidated Financial Statements 36
Report of Independent Accountants 53
14(a)(2) Financial Statement Schedules
Report of Independent Accountants 7
Schedule I - Financial Statements of Cleco Corporation
Condensed Statement of Income 8
Condensed Balance Sheet 9
Condensed Statement of Cash Flows 11
Condensed Statement of Changes in Common Shareholder's
Equity 12
Notes to the Condensed Financial Statements 13
Schedule II - Valuation and Qualifying Accounts 16
Financial Statement Schedules other than those shown in the
above index are omitted because they are either not required
or are not applicable or the required information is shown
in the Consolidated Financial Statements and Notes thereto.
14(a)(3) List of Exhibits
</TABLE>
The Exhibits designated by an asterisk are filed herewith. The Exhibits not so
designated have been previously filed with the SEC and are incorporated herein
by reference. The Exhibits designated by two asterisks are management contracts
and compensatory plans and arrangements required to be filed as Exhibits to this
Report.
2
<PAGE>
<TABLE>
<CAPTION>
SEC FILE OR REGISTRATION
REGISTRATION STATEMENT EXHIBIT
EXHIBITS NUMBER OR REPORT NUMBER
- --------------------------------------------------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
2(a) Plan of Reorganization and 333-71643-01 S-4(6/30/99) C
Share Exchange Agreement
3(a) Articles of Incorporation of the 333-71643-01 S-4(6/30/99) A
Company, effective July 1, 1999
3(b) Bylaws of the Company, 333-71643-01 S-4(6/30/99) B
effective July 1, 1999
4(a)(1) Indenture of Mortgage dated as of July 1, 1-5663 10-K(1997) 4(a)(1)
1950, between the Company and First
National Bank of New Orleans, as Trustee
4(a)(2) First Supplemental Indenture dated as 1-5663 10-K(1997) 4(a)(2)
of October 1, 1951, to Exhibit 4(a)(1)
4(a)(3) Second Supplemental Indenture dated as 1-5563 10-K(1997) 4(a)(3)
of June 1, 1952, to Exhibit 4(a)(1)
4(a)(4) Third Supplemental Indenture dated as 1-5563 10-K(1997) 4(a)(4)
of January 1, 1954, to Exhibit 4(a)(1)
4(a)(5) Fourth Supplemental Indenture dated as 1-5563 10-K(1997) 4(a)(5)
of November 1, 1954, to Exhibit 4(a)(1)
4(a)(6) Tenth Supplemental Indenture dated as 1-5663 10-K(1986) 4(a)(11)
of September 1, 1965, to Exhibit 4(a)(1)
4(a)(7) Eleventh Supplemental Indenture dated 1-5663 10-K(1998) 4(a)(8)
as of April 1, 1969, to Exhibit 4(a)(1)
4(a)(8) Eighteenth Supplemental Indenture dated as 1-5663 10-K(1993) 4(a)(8)
of December 1, 1982, to Exhibit 4(a)(1)
4(a)(9) Nineteenth Supplemental Indenture dated as 1-5663 10-K(1993) 4(a)(9)
of January 1, 1983, to Exhibit 4(a)(1)
4(a)(10) Twenty-Sixth Supplemental Indenture dated as 1-5663 8-K(3/90) 4(a)(27)
of March 15, 1990, to Exhibit 4(a)(1)
4(b) Indenture between the Company and Bankers 33-24896 S-3(10/11/88) 4(b)
Trust Company, as Trustee, dated as of
October 1, 1988
4(b)(1) Agreement Appointing Successor Trustee 333-02895 S-3(4/26/96) 4(a)(2)
dated as of April 1, 1996 by and among Central
Louisiana Electric Company, Inc., Bankers
Trust Company and The Bank of New York
4(c) $100,000,000 Credit Agreement 1-5663 10-Q(6/95) 4
dated as of June 15, 1995, among Utility
Group, certain Banks parties thereto,
and The Bank of New York, as Agent
3
<PAGE>
4(d) $120,000,000 364-Day Credit 333-71643-01 10-Q(9/99) 4(a)
Agreement dated August 25, 1999 among
the Company, the lenders party thereto, the
First National Bank of Chicago, as
Syndicate Agent, Westdeutsche Landesbank
Girozentrale, as Documentation Agent, Fleet
National Bank, as Managing Agent and the
Bank of New York, as Administrative Agent
4(e) $80,000,000 Three year Credit 333-71643-01 10-Q(9/99) 4(b)
Agreement dated August 25, 1999 among
the Company, the lenders party thereto, the
First National Bank of Chicago, as
Syndicate Agent, Westdeutsche Landesbank
Girozentrale, as Documentation Agent, Fleet
National Bank, as Managing Agent and the
Bank of New York, as Administrative Agent
4(f) Agreement Under Regulation S-K 333-71643-01 10-Q(9/99) 4(c)
Item 601(b)(4)(iii)(A)
*4(m) Trust Indenture dated as of December 10, 1999
Between Cleco Evangeline LLC and Bank
One Trust Company, N.A. as Trustee
Relating to $218,600,000, 8.82% Senior
Secured Bonds due 2019
**10(a) 1990 Long-Term Incentive Compensation Plan 1-5663 1990 Proxy A
Statement (4/90)
**10(b) 1981 Incentive Stock Option Plan 1-5663 10-K(1992) 10(i)
**10(c) Participation Agreement, Annual Incentive
Compensation Plan
**10(d) Deferred Compensation Plan for Directors 1-5663 10-K(1992) 10(n)
**10(e)(1) Supplemental Executive Retirement Plan 1-5663 10-K(1992) 10(o)(1)
**10(e)(2) Form of Supplemental Executive Retirement 1-5663 10-K(1992) 10(o)(2)
Plan Participation Agreement between the
Company and the following officers:
Gregory L. Nesbitt, David M. Eppler,
Catherine C. Powell, Darrell J. Dubroc and
Thomas J. Howlin
**10(f) Form of Executive Severance Agreement between 1-5663 10-K(1995) 10(f)
the Company and the following officers:
Gregory L. Nesbitt, David M. Eppler,
Catherine C. Powell, Darrell J. Dubroc and
Thomas J. Howlin.
4
<PAGE>
10(h)(1) Term Loan Agreement dated as of April 2, 1991, 1-5663 10-Q(3/91) 4(b)
among the 401(k) Savings and Investment Plan
ESOP Trust, the Company, as Guarantor, the
Banks listed therein and The Bank of New York,
as Agent
10(h)(2) Assignment and Assumption Agreement, effective 1-5663 10-Q(3/91) 4(c)
as of May 6, 1991, between The Bank of New York
and the Canadian Imperial Bank of Commerce,
relating to Exhibit 10(h)(1)
10(h)(3) Assignment and Assumption Agreement dated as of 1-5663 10-K(1991) 10(y)(3)
July 3, 1991, between The Bank of New York
and Rapides Bank and Trust Company in
Alexandria, relating to Exhibit 10(h)(1)
10(h)(4) Assignment and Assumption Agreement dated as of 1-5663 10-K(1992) 10(bb)(4)
July 6, 1992, among The Bank of New York,
CIBC, Inc. and Rapides Bank and Trust Company
in Alexandria, as Assignors, the 401(k)
Savings and Investment Plan ESOP Trust, as
Borrower, and the Company, as Guarantor,
relating to Exhibit 10(h)(1)
10(i) Reimbursement Agreement (The Industrial 1-5663 10-K(1997) 10(i)
Development Board of the Parish of Rapides,
Inc. (Louisiana) Adjustable Tender Pollution
Control Revenue Refunding Bonds, Series
1991) dated as of October 15, 1997, among the
Company, various financial institutions, and
Westdeutsche Landesbank Gironzentiale,
New York Branch, as Agent
10(l) Selling Agency Agreement between the Company 333-02895 S-3(12/10/96) 1
and Salomon Brothers Inc, Merrill Lynch & Co.,
Smith Barney Inc. and First Chicago Capital
Markets, Inc. dated as of December 12, 1996
10(m) 401(k) Savings and Investment Plan ESOP 1-5663 10-K(1997) 10(m)
Trust Agreement dated as of August 1, 1997,
between UMB Bank, N.A. and the Company
10(m)(1) First Amendment to 401(k) Savings and Investment 1-5663 10-K(1997) 10(m)(1)
Plan ESOP Trust Agreement dated as of
October 1, 1997, between UMB Bank, N.A. and
the Company
5
<PAGE>
10(n) Form of Notice and Acceptance of Grant 333-71643-01 10-Q(9/99) 10(a)
of Nonqualified Stock Options, with
fixed option price.
10(o) Form of Notice and Acceptance of Grant 333-71643-01 10-Q(9/99) 10(b)
of Nonqualified Stock Options, with
variable option prices.
10(p) Form of Notice and Acceptance of Grant 333-71643-01 10-Q(9/99) 10(c)
of Nonqualified Stock Options, awarded to
Gregory L. Nesbitt.
* 11 Computation of Net Income Per Common Share
* 12 Computation of Earnings to Fixed Charges and
Earnings to Combined Fixed Charges and
Preferred Stock Dividends
* 13 Management's Discussion and Analysis of
Financial Condition and Results of Operations,
Consolidated Financial Statements and Notes
and Report of Independent Accountants
* 21 Subsidiaries of the Registrant
* 23 Consent of Independent Accountants
* 24 Power of Attorney from each Director of the
Company whose signature is affixed to this
Form 10-K for the year ended December 31,
1999
* 27 Financial Data Schedule UT
</TABLE>
14(b) Reports on Form 8-K
During the three-month period ended December 31, 1999, the Company filed no
Current Reports on Form 8-K.
6
<PAGE>
Report of Independent Accountants on
Financial Statement Schedules
To the Board of Directors
of Cleco Corporation:
Our audits of the consolidated financial statements referred to in our
report dated January 31, 2000 appearing in the 1999 Annual Report to
Shareholders of Cleco Corporation (which report and consolidated financial
statements are incorporated by reference in this Annual Report on Form 10-K)
also included an audit of the financial statement schedules listed in Item
14(a)(2) of the Form 10-K. In our opinion, these financial statement schedules
present fairly, in all material respects, the information set forth therein when
read in conjunction with the related consolidated financial statements.
PricewaterhouseCoopers LLP
New Orleans, Louisiana
January 31, 2000
7
<PAGE>
Schedule 1
Cleco Corporation
(Parent Company Only)
Condensed Statement of Income
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
(In thousands)
<S> <C>
Income
Equity in income of subsidiaries $ 34,260
Subsidiary revenues 43,308
Other income 153
--------
Total income 77,721
--------
Expenses and other Deductions
Administrative and General 273
Subsidiary costs 43,308
Interest 666
---------
Expenses and other deductions 44,247
---------
Net income before income taxes
and preferred dividends 33,474
Income tax benefit (512)
---------
Net income before preferred dividends 33,986
Preferred dividends 963
---------
Net income $ 33,023
=========
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
8
<PAGE>
Schedule 1
Cleco Corporation
(Parent Company Only)
Condensed Balance Sheet
At December 31, 1999
<TABLE>
<CAPTION>
(In thousands)
<S> <C>
ASSETS
Current assets
Cash and cash equivalents $ 9,314
Receivable from subsidiaries 31,334
Interest receivable 74
--------
Total current assets 40,722
Restricted cash 15,000
Notes receivables from subsidiaries 5,620
Investment in subsidiaries, equity basis 435,513
---------
Total Assets $ 496,855
=========
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
(Continued on next page)
9
<PAGE>
Schedule 1
Cleco Corporation
(Parent Company Only)
Condensed Balance Sheet (Continued)
At December 31, 1999
<TABLE>
<CAPTION>
(In thousands)
<S> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term debt $ 20,000
Accounts payable 652
Interest accrued 42
Payable to subsidiaries 24,313
Taxes accrued 91
---------
Total current liabilities 45,098
Deferred credits 248
---------
Total liabilities and deferred credits 45,346
---------
Shareholder's equity
Preferred stock
Not subject to mandatory redemption 28,880
Deferred compensation related to preferred
stock held by ESOP (14,991)
---------
Total preferred stock not subject to
mandatory redemption 13,889
---------
Common stock, $2 par value, authorized
50,000,000 shares, issued 22,531,870
and zero shares at December 31, 1999
and 1998, respectively 45,064
Premium on capital stock 112,733
Retained earnings 282,825
Treasury stock, at cost, 90,094 and zero
at December 31, 1999 and 1998 respectively (3,002)
---------
Total common shareholders' equity 437,620
---------
Total shareholders' equity 451,509
---------
Total liabilities and shareholders' equity $ 496,855
=========
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
10
<PAGE>
Schedule 1
Cleco Corporation
(Parent Company Only)
Condensed Statement of Cash Flows
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
(In thousands)
<S> <C>
Operating Activities
Net Income $ 33,986
Noncash items included in net income
Equity in earnings of subsidiaries (34,260)
Changes in assets and liabilities
Accounts receivable from subsidiaries (31,334)
Interest receivable (74)
Accounts payable to affiliates 24,313
Accounts payable 652
Interest payable 42
Taxes accrued 91
Other, net (670)
--------
Net cash used in operating activities (7,254)
--------
Investing activities
Common stock dividends from subsidiaries 39,829
Notes receivable from subsidiaries (5,620)
--------
Net cash provided by investing activities 34,209
--------
Financing activities
Repurchase of common stock (3,002)
Transfer of cash into restricted account (15,000)
Increase in short term debt, net 20,000
Dividends paid on common and preferred stock (19,639)
--------
Net cash used in financing activities (17,641)
--------
Net increase in cash and cash equivalents 9,314
Cash and cash equivalents, beginning of year -
--------
Cash and cash equivalents, beginning of year $ 9,314
========
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amount capitalized $ 251
========
Income taxes, paid net of amount reimbursed by
subsidiaries $ 0
========
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
11
<PAGE>
<TABLE>
<CAPTION>
Schedule 1
Cleco Corporation
(Parent Company Only)
Condensed Statement of Changes in Common Shareholders' Equity
For the Year Ended December 31, 1999
(In thousands except share and per share amounts)
Common Stock Premium Treasury Stock
---------------------- On Capital Retained ------------------
Shares Amount Stock Earnings Shares Cost
---------- -------- -------- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1998 1,000
Purchase of Treasury Shares 90,094 $3,002
Cancellation of original shares (1,000)
Reorganization into a holding company 22,531,870 $ 45,064 $112,733 $271,036
Adjustment for a step-by-step
acquisition of a subsidiary (2,558)
Dividend requirements
preferred stock, net (963)
Cash dividend paid, common stock,
$0.83 per share (18,676)
Net income 33,986
---------- -------- -------- -------- ------ ------
Balance, December 31, 1999 22,531,870 $ 45,064 $112,733 $282,825 90,094 $3,002
========== ======== ======== ======== ====== ======
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
12
<PAGE>
CLECO CORPORATION
(PARENT COMPANY ONLY)
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
NOTE A - HOLDING COMPANY STRUCTURE
Cleco Holding Corporation was originally formed on October 29, 1999
with 1,000 shares of common stock, no par value. All of Cleco Holding
Corporation common stock was held by the parent company, Cleco Corporation
(formerly Central Louisiana Electric Company, Inc.). At the Annual Meeting of
Shareholders held on April 9, 1999, a resolution was passed to reorganize the
structure of Cleco Corporation and Cleco Holding Corporation. The effective date
of the resolution was July 1, 1999.
Effective July 1, 1999, Cleco Corporation was renamed Cleco Utility
Group Inc. (Utility Group) and was reorganized into a holding company structure.
This reorganization resulted in the creation of a new holding company, Cleco
Corporation (formerly Cleco Holding Corporation, Parent Company Only, and
together with its subsidiaries, the Company), which holds investments in several
subsidiaries, one of which, Utility Group, contains the Louisiana Public Service
Commission (LPSC) jurisdictional generation, transmission and distribution
electric utility operations serving the Company's traditional retail and
wholesale customers. Another subsidiary, Cleco Midstream Resources LLC
(Midstream), operates competitive LPSC non-jurisdictional electric generation,
oil and natural gas production, energy marketing and natural gas pipeline
businesses. A third subsidiary, Utility Construction & Technology Solutions LLC
(UtiliTech, formerly Cleco Services LLC), provides utility engineering and line
construction services to municipal governments, rural electric cooperatives and
investor-owned electric companies. There was no impact to Cleco Corporation's
Consolidated Financial Statements because the reorganization was accounted for
similarly to a pooling of interest.
Under the terms of the reorganization, Cleco Corporation became the
owner of all of Utility Group's outstanding common stock, and holders of
existing common stock and two series of preferred stock exchanged their stock in
Utility Group for stock in Cleco Corporation. Shares of preferred stock in
three series that did not approve the reorganization were redeemed for $5.7
million.
Financial statements are presented for the year ended December 31, 1999
because operations of Parent Company Only were immaterial for the previous year.
The operating results and investment in subsidiaries are included in the Parent
Company Only condensed statement of income from July 1, 1999, the effective date
of the organization described above.
NOTE B - BASIS OF PRESENTATION
The accompanying financial statements have been prepared to present the
unconsolidated financial position, results of operations and cash flows of
Parent Company Only. Investments in subsidiaries and other investees are stated
at cost plus equity in undistributed earnings from date of acquisition.
13
<PAGE>
These Parent Company Only financial statements should be read in conjunction
with Cleco Corporation's consolidated financial statements.
NOTE C - CONTINGENCIES
Cleco Corporation has issued guarantees to several of its subsidiaries.
An $11.0 million guarantee was issued to UtiliTech to support a line of credit
and equipment operating leases. Cleco Corporation has agreed to extend to
Midstream up to $90 million in guarantees to counterparties to support energy
trading operations. At December 31, 1999 Cleco Corporation had extended $32.2
million in such guarantees to counterparties.
NOTE D - DIVIDENDS RECEIVED
Cleco Corporation received $39.8 million in cash dividends from Utility
Group during the year 1999.
NOTE E - RESTRICTED CASH
Restricted cash represents cash to be used for specific purposes. The
$15 million in restricted cash represents deposits into an escrow account for
credit support as required by a provision of the Capacity Sale and Tolling
Agreement between Cleco Evangeline LLC (Evangeline) and Williams Energy
Marketing & Trading Company. The credit support is to be maintained as security
for the performance of Evangeline in regards to the Capacity Sale and Tolling
Agreement. Upon the fulfillment of certain conditions, the credit support can be
reduced to $13 million.
NOTE F - PREFERRED STOCK
All shares of the 4.5% Series 1955, 4.65% Series 1964, and 4.75% Series
1965 of preferred stock of Utility Group were redeemed at a cost of $5.7 million
in June 1999. The shareholders of these series of preferred stock voted "no" on
the formation of the holding company in May 1999. As part of the share exchange
agreement, preferred shareholders of these series had their shares redeemed.
In connection with the establishment of the ESOP, Utility Group sold
300,000 shares of 8.125% convertible preferred stock to the ESOP. As part of the
holding company reorganization, each share of Utility Group 8.125% convertible
preferred stock was exchanged for one share of Cleco Corporation 8.125%
convertible preferred stock. Each share of Cleco Corporation 8.125% preferred
stock is convertible into 4.8 shares of Cleco Corporation common stock. The
amount of total capitalization reflected in the condensed financial statements
has been reduced by an amount of deferred compensation expense related to the
shares of convertible preferred stock which have not yet been allocated to ESOP
participants.
Upon involuntary liquidation, preferred shareholders are entitled to
receive par value for shares held before any distribution is made to common
shareholders. Upon voluntary liquidation,
14
<PAGE>
preferred shareholders are entitled to receive the redemption price per share
applicable at the time such liquidation occurs plus any accrued dividends.
Information about the components of preferred stock capitalization is
as follows:
<TABLE>
<CAPTION>
(In thousands, except share amounts)
Balance Balance
Dec. 31, Dec. 31,
1998 Change 1999
-------- ---------- ----------
<S> <C> <C> <C>
CUMULATIVE PREFERRED STOCK,
$100 par value
NOT SUBJECT TO MANDATORY
REDEMPTION
4.50%............................ $ 1,029 $ 1,029
Convertible, Series of 1991,
Variable rate.................... 27,851 27,851
---------- ----------
$ 28,880 $ 28,880
========== ==========
Deferred compensation related to
convertible preferred stock held
Bby the ESOP....................... $ (14,991) $ (14,991)
========== ==========
CUMULATIVE PREFERRED STOCK,
$100 par value
Number of shares
Authorized....................... 1,352,000 1,352,000
Issued and outstanding........... 288,804 288,804
========== ==========
CUMULATIVE PREFERRED STOCK,
$25 par value
Number of shares authorized
(None outstanding)............... 3,000,000 3,000,000
========== ==========
</TABLE>
15
<PAGE>
CLECO CORPORATION
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Years ended December 31, 1999, 1998 and 1997
(In thousands)
================================================================================
<TABLE>
<CAPTION>
COL. A COL. B COL. C COL. D COL. E
------ ------ ------ ------ ------
ADDITIONS UNCOLLECTIBLE
BALANCE AT CHARGED TO ACCOUNTS BALANCE AT
BEGINNING COSTS AND WRITE-OFFS, END
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS OF PERIOD EXPENSES LESS RECOVERIES OF PERIOD (1)
- ------------------------------------ --------- -------- --------------- -------------
<S> <C> <C> <C> <C>
Year Ended December 31, 1999 $812 $ 751 $725 $838
Year Ended December 31, 1998 $684 $1,069 $942 $812
Year Ended December 31, 1997 $681 $ 770 $767 $684
</TABLE>
(1) Deducted in the balance sheet.
16
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CLECO CORPORATION
(Registrant)
By: /S/ Thomas J. Howlin
-------------------------------
Thomas J. Howlin
Senior Vice President of Finance
and Chief Financial Officer
(Principal Accounting Officer)
Date: May 24, 2000
17
