UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 22, 1999
CLECO CORPORATION
(Exact name of registrant as specified in its charter)
Louisiana 1-5663 72-0244480
(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
2030 Donahue Ferry Road,
Pineville, Louisiana 71360-5226
(Address of principal executive officers) (Zip Code)
Registrant's telephone number, including area code: (318) 484-7400
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Item 5. Other Events
PINEVILLE, LA., March 22, 1999 -- Cleco Corporation (CNL: NYSE, PSE) plans
to buy back a portion of its common stock for use in its Employees Stock
Ownership Plan (ESOP), announced David M. Eppler, president and chief
operating officer.
"This buyback program is a continuation of a process begun in 1991 when
Cleco's ESOP was first implemented," Eppler said.
"In 1991, the Cleco board authorized the repurchase of up to $30 million of
Cleco common stock for eventual issuance to ESOP participants when they
retire or otherwise leave the company. Since then, we have repurchased
approximately $7 million of Cleco common stock, leaving a balance of $23
million to repurchase for the ESOP."
Eppler said the company had not repurchased stock for the program since 1994.
He indicated the stock would be repurchased in the future on an as-needed
basis or when the price of the stock looked particularly attractive.
Cleco Corporation provides retail electric services to approximately 242,000
customers in about one-third of Louisiana's parishes (counties). Through
subsidiaries, Cleco also markets unregulated energy and energy management
services, engages in energy asset development opportunities and provides
distribution construction and engineering services throughout the southeastern
United States.
<PAGE>
Item 7. Financial Statements and Exhibits
(c) Exhibits
1. News Release dated March 22, 1999 announcing Cleco's plans to buy
back a portion of its common stock. The common stock will be issued
to employees as they leave the company's ESOP plan.
SIGNATURES
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 hereunto duly authorized.
Cleco Corporation
(Registrant)
Date: March 25, 1999 /s/ Thomas J. Howlin
Thomas J. Howlin
Senior Vice President, Finance
and Chief Financial Officer
(Principal Accounting Officer)
