SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
For the Fiscal Year Ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File Number 000-20371
GULF STATES UTILITIES COMPANY EMPLOYEES' THRIFT PLAN
(Full title of the plan)
ENTERGY CORPORATION
639 Loyola
New Orleans, Louisiana 70113
(Issuer and address of principal executive office)
<PAGE>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
Table of Contents
Page
Number
Herein
(a)Financial Statements and Supplemental Schedules:
Report of Independent Accountants 3
Statement of Net Assets Available for Benefits
With Fund Information December 31, 1994 4
Statement of Net Assets Available for Benefits
With Fund Information December 31, 1993 5
Statement of Changes in Net Assets Available for
Benefits With Fund Information- Year ended
December 31, 1994 6
Statement of Changes in Net Assets Available for
Benefits With Fund Information- Year ended
December 31, 1993 7
Notes to Financial Statements 8
Item 27a - Schedule of Assets Held for Investment
Purposes - December 31, 1994 14
Item 27d - Schedule of Reportable Transactions -
December 31, 1994 16
Signature 17
(b)Exhibit:
Consent of Coopers & Lybrand L.L.P. 18
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustee and Participants of the
Gulf States Utilities Company Employees' Thrift Plan:
We have audited the accompanying statements of net assets available for
benefits of Gulf States Utilities Company Employees' Thrift Plan (the
Plan) as of December 31, 1994 and 1993, and the related statements of
changes in net assets available for benefits for the years then ended.
These financial statements are the responsibility of the Employee
Benefits Committee. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits
of the Plan as of December 31, 1994 and 1993, and the changes in net
assets available for benefits for the years then ended in conformity
with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules listed in the table of contents on page 2 are presented for
the purpose of additional analysis and are not a required part of the
basic financial statements but are supplementary information required
by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974.
The Fund Information in the statement of net assets available for
benefits and statement of changes in net assets available for benefits
is presented for purposes of additional analysis rather than to present
the net assets available for benefits and changes in net assets
available for benefits of each fund. The supplemental schedules and
Fund Information have been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion,
are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Coopers & Lybrand L.L.P.
New Orleans, Louisiana
June 16, 1995
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<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
as of December 31, 1994
Fund Information
Investment
Common Preferred Acorn Guardian Puritan Savings Contract Participant
Stock Stock Fund Fund Fund Fund Fund Loans Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PLAN ASSETS:
Interest receivable $3,227 $3,026 $599 $371 $307,481 $229,053 $543,757
Participant loans $11,301,990 11,301,990
Investment in securities,
at market value:
Entergy Corporation
common stock,
975,434 shares
(cost $22,077,660)* 21,337,619 21,337,619
Gulf States Utilities
Company $4.40
Dividend Preferred
Stock, 712 shares
(cost $44,098) $39,872 39,872
Gulf States Utilities
Company $9.75
Dividend Preferred
Stock, 218 shares
(cost $27,062) 21,364 21,364
Investment in mutual
funds, at market value:
Acorn Fund, 1,745,144
units (cost
$19,768,063) * 21,220,954 21,220,954
Guardian Fund, 285,183
units (cost $5,313,923) 5,198,888 5,198,888
Puritan Fund, 256,809 units
(cost $4,108,201) 3,803,336 3,803,336
U. S. Government Securities,
at market value:
U. S. Treasury Bills
(in aggregate),
(cost $17,522,019) * 17,525,114 17,525,114
U. S. Treasury Notes
(in aggregate),
(cost $8,638,371) * 8,657,870 8,657,870
Federal National
Mortgage Association
Discount Note, 6.02%,
due 3/24/95
(cost $2,561,986) 2,560,238 2,560,238
Investment Contracts, at
contract value:
Principal Mutual Life
Insurance Company 6,672,092 6,672,092
Provident Life &
Accident Insurance
Company 3,827,741 3,827,741
Provident National
Assurance Company 6,447,667 6,447,667
State Mutual Life
Assurance Company 3,822,213 3,822,213
CNA Insurance Company 3,947,784 3,947,784
Investment in IDS Trust
Fund, at market value,
459,882 units (cost
$17,096,439)* 17,185,773 17,185,773
Temporary cash investments 809,017 1,098,129 234,152 199,962 8,362,608 949,561 11,653,429
------------------------------------------------------------------------------------------------------
Net Assets Available for
Benefits $22,149,863 $61,236 $22,322,109 $5,433,639 $4,003,669 $37,413,311 $43,081,884 $11,301,990 $145,767,701
======================================================================================================
* Investment represents 5% or more of total net assets
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
as of December 31, 1993
Fund Information
Investment
Common Preferred Acorn Guardian Puritan Savings Contract Participant
Stock Stock Fund Fund Fund Fund Fund Loans Total
<S> <C> <C> <C>
PLAN ASSETS:
Interest receivable $210,041 $44,155 $254,196
Participant loans $12,536,457 12,536,457
Investment in securities,
at market value:
Entergy Corporation
common stock, 995,243
shares (cost
$21,600,230) * $35,828,748 35,828,748
Gulf States Utilities
Company $4.40 Dividend
Preferred Stock,
961 shares (cost $60,471) $62,465 62,465
Gulf States Utilities
Company $9.75 Dividend
Preferred Stock,
280 shares (cost $34,869) 27,544 27,544
Investment in mutual funds,
at market value:
Acorn Fund, 1,539,606 units
(cost $16,025,838) * $21,477,501 21,477,501
Guardian Fund, 152,460 units
(cost $2,815,391) $2,835,751 2,835,751
Puritan Fund, 143,894 units
(cost $2,306,869) $2,266,337 2,266,337
U. S. Government Notes, at
market value:
Federal Home Loan Bank
Discount Note, 3.20%, due
1/4/94 (cost $16,244,540) * 16,244,545 16,244,545
Tennessee Valley Authority
Zero Coupon Note, 3.19%,
due 2/10/94(cost $9,946,094)* 9,946,090 9,946,090
Other notes (in
aggregate)(cost $20,635,715).* 15,885,032 4,763,176 20,648,208
Investment Contracts, at
contract value:
Principal Mutual Life
Insurance Company 6,244,837 6,244,837
Provident Life &
Accident Insurance
Company 3,643,779 3,643,779
Provident National
Assurance Company 5,957,745 5,957,745
The Prudential Insurance
Company of America * 9,769,170 9,769,170
State Mutual Life
Assurance Company 3,641,990 3,641,990
CNA Insurance Company 3,751,871 3,751,871
Investment in IDS Trust
Fund, at market
value, 141,419
units (cost $4,950,143) 4,975,815 4,975,815
Temporary cash
investments 245,448 791,024 868,877 544,729 1,043,938 2,145,123 5,639,139
------------------------------------------------------------------------------------------------------
Net Assets Available for
Benefits $36,074,196 $90,009 $22,268,525 $3,704,628 $2,811,066 $43,329,646 $44,937,661 $12,536,457 $165,752,188
======================================================================================================
* Investment represents 5% or more of total net assets
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
for the year ended December 31, 1994
Fund Information
Investment
Common Preferred Acorn Guardian Puritan Savings Contract Participant
Stock Stock Fund Fund Fund Fund Fund Loans Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employees $1,148,338 $2,201,995 $655,671 $464,337 $2,547,609 $2,464,541 $9,482,491
Employer 473,505 831,502 251,619 186,192 1,179,552 979,662 3,902,032
-------------------------------------------------------------------------------------------------------
1,621,843 3,033,497 907,290 650,529 3,727,161 3,444,203 13,384,523
-------------------------------------------------------------------------------------------------------
Net Investment Income:
Interest income 18,456 16,723 6,636 4,852 1,541,584 2,819,947 $780,354 5,188,552
Dividend income 1,709,764 $5,678 1,159,107 123,558 317,076 3,315,183
-------------------------------------------------------------------------------------------------------
1,728,220 5,678 1,175,830 130,194 321,928 1,541,584 2,819,947 780,354 8,503,735
-------------------------------------------------------------------------------------------------------
Net appreciation
realized/unrealized
(depreciation) in
market value of
investments (13,666,706) (6,362) (3,545,207) (136,991) (279,583) 8,353 63,662 (17,562,834)
-------------------------------------------------------------------------------------------------------
Distributions:
Cash (1,293,588) (1,892,174) (233,608) (265,584) (9,269,807) (6,444,499) (19,399,260)
Securities withdrawn
in kind (2,220,712) (6,061) (1,543,950) (240,247) (276,438) (4,287,408)
Loans distributed (623,243) (623,243)
-------------------------------------------------------------------------------------------------------
(3,514,300) (6,061) (3,436,124) (473,855) (542,022) (9,269,807) (6,444,499) (623,243) (24,309,911)
-------------------------------------------------------------------------------------------------------
Transfers between funds (93,390) (22,028) 2,825,588 1,302,373 1,041,751 (1,923,626) (1,739,090) (1,391,578) -
-------------------------------------------------------------------------------------------------------
Increase (decrease) in
Net Assets Available
for Benefits (13,924,333) (28,773) 53,584 1,729,011 1,192,603 (5,916,335) (1,855,777) (1,234,467) (19,984,487)
Net Assets Available
for Benefits,
Beginning of Year 36,074,196 90,009 22,268,525 3,704,628 2,811,066 43,329,646 44,937,661 12,536,457 165,752,188
-------------------------------------------------------------------------------------------------------
Net Assets Available
for Benefits,
End of Year $22,149,863 $61,236 $22,322,109 $5,433,639 $4,003,669 $37,413,311 $43,081,884 $11,301,990 $145,767,701
=======================================================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
for the year ended December 31, 1993
Fund Information
Investment
Common Preferred Acorn Guardian Puritan Savings Contract Participant
Stock Stock Fund Fund Fund Fund Fund Loans Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employees $1,433,562 $1,909,919 $89,679 $61,481 $3,468,619 $3,122,515 $10,085,775
Employer 587,980 690,899 31,443 21,077 1,582,537 1,189,017 4,102,953
------------------------------------------------------------------------------------------------------
2,021,542 2,600,818 121,122 82,558 5,051,156 4,311,532 14,188,728
------------------------------------------------------------------------------------------------------
Net Investment Income:
Interest income 5,029 3,649 383 315 1,447,050 2,710,110 $848,323 5,014,859
Dividend income $6,962 955,821 73,763 1,036,546
------------------------------------------------------------------------------------------------------
5,029 6,962 959,470 383 74,078 1,447,050 2,710,110 848,323 6,051,405
------------------------------------------------------------------------------------------------------
Net appreciation
realized/unrealized
(depreciation) in
market value of
investments 7,586,006 67 3,632,565 20,359 (40,533) 12,494 25,672 11,236,630
------------------------------------------------------------------------------------------------------
Distributions:
Cash (300,666) (2,199) (118,741) (912) (912) (2,356,056) (1,070,310) (3,849,796)
Securities withdrawn
in kind (311,993) (4,749) (316,742)
Loans distributed (38,376) (38,376)
------------------------------------------------------------------------------------------------------
(612,659) (2,199) (123,490) (912) (912) (2,356,056) (1,070,310) (38,376) (4,204,914)
------------------------------------------------------------------------------------------------------
Transfers between
funds (8,808,976) (7,062) 2,316,806 3,563,676 2,695,875 (6,296,677) 5,893,009 643,349 -
------------------------------------------------------------------------------------------------------
Increase (decrease) in
Net Assets Available
for Benefits 190,942 (2,232) 9,386,169 3,704,628 2,811,066 (2,142,033) 11,870,013 1,453,296 27,271,849
Net Assets Available
for Benefits,
Beginning of Year 35,883,254 92,241 12,882,356 - - 45,471,679 33,067,648 11,083,161 138,480,339
------------------------------------------------------------------------------------------------------
Net Assets Available
for Benefits,
End of Year $36,074,196 $90,009 $22,268,525 $3,704,628 $2,811,066 $43,329,646 $44,937,661 $12,536,457 $165,752,188
======================================================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
Notes to Financial Statements
1. Summary of Significant Accounting Policies
Basis of presentation: The accompanying financial statements have
been prepared on the accrual basis and present the net assets
available for benefits and the changes in net assets available for
benefits for Gulf States Utilities Company (GSU) Employees' Thrift
Plan (Plan).
Benefits payable for terminations and withdrawals are included in
net assets available for benefits and are charged against net
assets when paid. This accounting method differs from that
required in the Department of Labor Form 5500 which requires
benefits payable to be accrued and charged against net assets in
the period the liability arises. Net assets available for benefits
as of December 31, 1994 and 1993 and the net increase in net assets
available for benefits for each of the years in the two-year period
ended December 31, 1994 differ from that to be reported in the Form
5500 as follows:
Net Assets Available
for Benefits
1994 1993
As reported herein $145,767,701 $165,752,188
Accrued benefits payable (5,009,619) -
Accrued interest - (254,196) *
------------ ------------
To be reported in Form 5500 $140,758,082 $165,497,992
============ ============
Net Increase in Net Assets
Available for Benefits
1994 1993
As reported herein ($19,984,487) $27,271,849
Accrued benefits payable (4,755,423) -
Accrued interest - (254,196) *
------------ -----------
To be reported in Form 5500 $(24,739,910) $27,017,653
============ ===========
* The 1993 Form 5500 was prepared on the cash basis of accounting.
During 1994 the Company changed to the accrual basis of accounting
for the Form 5500.
Investments: Investments in common stock and fixed income
securities are stated at their fair value as determined by quoted
market prices on the valuation date, in compliance with the
Department of Labor Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974 (ERISA), as amended. Investments in preferred stock are
valued in the same manner where such prices are available. If such
prices are not available, the preferred stock is valued based upon
an approximation of market value made by a registered securities
dealer. Cash equivalents are valued at cost, which approximates
fair value. The values of guaranteed investment contracts (GICs)
are recorded at cost, which approximates fair value. Cost
represents amounts invested under the GICs, plus interest earned
and reinvested through the valuation date at the contracted rate.
Participant loans are carried at unpaid principal balance since
there is no market for these loans.
Expenses: All costs and expenses incurred in the direct purchase or
sale of securities and fees charged under the Investment Contract
Fund are charged to participants' accounts. All administrative
expenses of the Plan are borne by the Company. However, the Plan
reserves the right to have future administrative expenses paid from
the Plan's assets.
Purchases and sales of securities are accounted for on the trade
date.
Tax status: The Internal Revenue Service has issued a favorable
determination letter on September 23, 1988 stating that the Plan
qualifies under the provisions of Section 401(a) of the Internal
Revenue Code (Code) and is exempt from federal income taxes under
Section 501(a) of the Code. In July 1994, GSU submitted an
application for a favorable determination pursuant to the Tax
Reform Act of 1986 for the Plan which was amended and restated. It
is expected that the Plan, as amended, will comply with the
provisions of the Tax Reform Act of 1986, and will continue to meet
the requirements of the Code. Accordingly, no provisions for
federal income taxes have been made in the accompanying financial
statements.
Concentration of credit risk: Periodically the Plan invests in
certificates of deposit with a small number of banks. For deposit
insurance purposes, the certificates of deposit are considered to
be owned by each participant and insured up to $100,000 per
participant. However, since December 19, 1992, the insurance
coverage of $100,000 per participant will be available only if the
bank issuing the certificate of deposit is eligible to accept
"brokered deposits" under the FDIC Improvement Act of 1991.
The Plan invests in government notes and securities which include
direct obligations of the United States Government (U.S.), or
obligations of agencies or instrumentalities thereof, which are
backed by the full faith and credit of the U.S.
The Plan invests in guaranteed investment contracts with five
insurance companies and is subject to credit risk with respect to
these insurance companies.
2. Summary of Plan Provisions
The following description of the Plan is provided for general
information purposes only. Plan participants should refer to the
Plan document for a more complete description of the Plan's
provisions.
General: The Plan is a defined contribution plan of GSU and is
subject to the provisions of ERISA. The ERISA provisions set forth
the requirements for participation, vesting of benefits, fiduciary
conduct for administering and handling Plan assets, and for
disclosure of Plan Information.
Eligibility: The Plan is available to all employees of GSU who
have completed one year of service during which they worked 1,000
or more hours. See "Entergy Corporation/Gulf States Utilities
Company Merger" below.
Contributions: Contributions made by or on behalf of participants
are deposited with Texas Commerce Bank in Beaumont as Trustee for
the Plan. Effective January 1, 1995, Hibernia National Bank of New
Orleans became Trustee for the Plan. All assets of the Plan were
transferred to Hibernia in early January 1995. Participants may
elect to contribute, through payroll deductions, 2 to 6 percent of
their base salary (Basic). GSU will make matching contributions to
the Plan in an amount equal to 50 percent of a participant's Basic
contribution (Matching). Participants may contribute an additional
2 to 10 percent of their base salary (Supplemental) for which there
are no Matching contributions. Basic and Supplemental
contributions may be made on a before-tax basis (401(k)
contributions), an after-tax basis or a combination of both.
Contributions are monitored and limited by federal tax legislation.
The limit for the 1994 401(k) contribution was $9,240.
Investments: Employee and Company contributions made on behalf of
participants are invested by the Trustee as specified by each
employee participant. Earnings on participant contributions are
allocated based on participants' account balances as of the first
day of each month.
In 1977, the Company amended the Plan to eliminate the investment
option in the Company's $4.40 Dividend and $9.75 Dividend Preferred
Stocks; consequently, no employees are making contributions under
this option. Investments in Preferred Stock held prior to the
amendment date are still retained as assets available for benefits.
Effective September 1, 1993, the Board amended the Plan to include
two mutual funds, the Puritan Fund and the Guardian Fund, as new
investment options under the Plan.
Participant's may direct contributions to the following investment
options as available:
Option A: Entergy Corporation Common Stock Fund - Funds
are invested in common stock of Entergy Corporation.
Options B: GSU $4.4O Preferred Stock and GSU $9.75
Preferred Stock - the Plan was amended to eliminate this
investment option effective December 15, 1977. However,
balances are retained as assets available for benefits.
Options C: Savings Fund - funds are invested in saving
accounts and certificates of deposit, and other
investments backed by the full faith and credit of the
United States of America and its agencies and
instrumentalities.
Options D: Investment Contract Fund - funds are invested
in various investment contracts and cash reserves, and
pooled or commingled funds holding investment contracts
and similar fixed income investments.
Options E: Acorn Fund - funds are invested in common
stock and securities convertible into common stock.
Additionally investments may be made in preferred stock,
transactions in option, securities in future contracts
and in obligations such as bonds, debenture and notes.
This mutual fund invests with the objective of capital
growth.
Options F: Puritan Fund - funds are invested in a
broadly diversified portfolio of high-yielding
securities, including common stocks, preferred stocks and
bonds. This mutual fund invests with the objective of
obtaining as much income as possible, consistent with the
preservation and conservation of capital.
Options G: Guardian Fund - funds are invested in a large
number of common stocks of long-established, high quality
companies. This mutual fund invests with the objective
of capital appreciation first, and then secondarily for
current income.
As of December 31, 1994, the Plan had the following number of
participants in each investment option:
Number of
Participants
Option A: Common Stock 2,227
Option B: Preferred Stock 39
Option C: Savings 3,288
Option D: Investment Contract Fund 1,951
Option E: Acorn Fund 1,523
Option F: Puritan Fund 553
Option G: Guardian Fund 656
Vesting: Amounts contributed by participants and the Company are
fully vested at time of deposit.
Plan Termination: Although it has not expressed any intent to do
so, the Company has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination,
participants will receive the total value of their accounts,
determined as of the date of termination.
In-Service Withdrawals: While employed, participants may, with
certain restrictions, withdraw all or a portion of the value of
their Basic and Supplemental after-tax. These withdrawals may be
subject to a 10% penalty unless the participant is age 59 1/2 or
older. The Plan also has a financial hardship withdrawal
provision.
Loans to Participants: The Plan has a loan provision whereby
participants who are actively employed may borrow an amount from
their eligible account(s) based on the balance of such account(s).
The amount borrowed is deducted from the participant's eligible
account(s) and repaid with interest in accordance with an
established schedule. If a participant with an outstanding loan
separates from service, and is not retired, the remaining principal
balance of the loan is treated as a taxable distribution and may be
subject to 10% penalty unless the amount is repaid in full within a
specified period from the date of separation.
Distributions Upon Separation from Service: Upon leaving the
Company, participants become eligible to receive a single-sum
distribution of the entire vested value of the Plan accounts, with
certain additional provisions regarding account balances under
$3,500 and attaining age 70 1/2.
Asset Value Per Unit: The net asset value per unit for the Common
Stock Fund, Preferred Stock Fund, Acorn Fund, Guardian Fund and
Puritan Fund as of December 31, 1994 and 1993, were as follows:
1994 1993
Common Stock Fund:
Net Asset Value per unit $21.88 $36.00
Preferred Stock Fund:
Net Asset Value per unit -
$4.40 Dividend Series $56.00 $65.00
Net Asset Value per unit -
$9.75 Dividend Series $98.00 $98.37
Acorn Fund:
Net Asset Value per unit $12.16 $13.95
Guardian Fund:
Net Asset Value per unit $18.23 $18.60
Puritan Fund:
Net Asset Value per unit $14.81 $15.75
Inactive accounts: The amounts allocated to accounts of Plan
participants who have withdrawn from participation in the earnings
and operations of the Plan, but for which disbursements of those
funds from the Plan has not yet been made is $40,269,342.
3. Entergy Corporation/Gulf States Utilities Company Merger
On December 31, 1993, Entergy Corporation and Gulf States Utilities
Company (GSU) consummated their merger. GSU became a wholly owned
subsidiary of Entergy Corporation. Accordingly, 1,783,590 shares of
Gulf States Utilities common stock held by the Plan were converted
to 995,243 shares of Entergy Corporation common stock effective
December 31, 1993. On May 5, 1994, the Board of Directors of
Entergy Corporation (Board) approved the combination of the Entergy
Savings Plan and the Plan. This combination was approved by the
GSU Board of Directors on May 23, 1994. The combination was
completed on January 1, 1995 for GSU management, however is
currently pending collective bargaining approval.
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
ITEM 27 (a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1994
Par/Maturity
Description of Investment Value Cost Current Value
<S> <C> <C> <C>
Entergy Corporation Common Stock $.01 par value $22,077,660 $21,337,619
=========== ===========
Gulf States Utilities Company:
$4.40 dividend preferred stock $71,200 $44,098 $39,872
$9.75 dividend preferred stock 21,800 27,062 21,364
----------- ----------- -----------
$93,000 $71,160 $61,236
=========== =========== ===========
Investment Contracts:
Continental Assurance Pension
Investment Fund GP# 12825 3,947,784 3,947,784
Principal Mutual Pension GIC #4-3226 6,672,092 6,672,092
Provident National Assurance Company
GIC Contract #027-04834
9.02% due 3/31/96 6,447,667 6,447,667
Provident Life & Accident Insurance Company
GIC Contract #GA-627-06486
5.53%,due 9/30/97 3,827,741 3,827,741
State Mutual Life Assurance Company
GIC Contract #GA-92030A
5.42%, due 9/30/97 3,822,213 3,822,213
IDS Trust - #IM1700 17,096,439 17,185,773
----------- -----------
$41,813,936 $41,903,270
=========== ===========
Government Notes and Securities:
Federal National MTG Assn
Discount Note, 6.02 %, due 3/24/95 $2,600,000 $2,561,986 $2,560,238
U.S. Treasury Bills
due 2/16/95 4,250,000 4,146,612 4,145,602
U.S. Treasury Note
3.875%, DTD 3/1/93, due 2/28/95 2,000,000 1,987,656 1,995,000
U.S. Treasury Notes
3.875%, due 4/30/95 4,700,000 4,657,590 4,664,750
U.S. Treasury Note
4.25%, due 1/31/95 2,000,000 1,993,125 1,998,120
U.S. Treasury Bills
5.35% due 2/09/95 6,000,000 5,925,180 5,927,160
U.S. Treasury Bills
5.429% due 3/23/95 2,000,000 1,950,735 1,949,705
U.S. Treasury Bills
4.29% due 4/6/95 1,300,000 1,243,610 1,238,617
U.S. Treasury Bills
5.173% DTD 7/28/94, due 1/26/95 4,300,000 4,255,882 4,264,030
----------- ----------- -----------
$29,150,000 $28,722,376 $28,743,222
=========== =========== ===========
Acorn Investment Trust - Acorn Fund $19,768,063 $21,220,954
=========== ===========
Neuberger & Berman Equity Trust - Guardian Fund $5,313,923 $5,198,888
=========== ===========
Fidelity Puritan Fund Incorporated - Puritan Fund $4,108,201 $3,803,336
=========== ===========
Temporary Cash Investments:
Fidelity Institutional Cash
Portfolio U.S. Treasury
Portfolio II #695 1,565,290 8,362,608 8,362,608
Fidelity Institutional Cash 3,290,821 3,290,821
----------- -----------
$11,653,429 $11,653,429
=========== ===========
Interest Receivable - $ 543,757
=========== ===========
Participant Loans (Rate 6% - 8.5%) - $11,301,990
=========== ===========
Total Assets Held for Investment Purposes $133,528,748 $145,767,701
============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
ITEM 27 (d) - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1994
Selling or
Purchase Redemption Gain/
Description of Transactions Price (1) Price (1) Cost (1) Loss
<S> <C> <C> <C>
Purchases of U.S. Government Notes 7,948,667
17,976,029
9,967,100
18,064,527
11,911,361
8,339,860
Aggregate purchases of U.S. Government Notes 289,200,020
Redemptions of U.S. Government Notes 16,244,540 16,244,540 -
17,976,029 17,976,029 -
7,933,824 7,933,824 -
7,948,667 7,948,667 -
9,946,094 9,946,094 -
9,967,100 9,967,100 -
18,064,527 18,064,527 -
8,367,485 8,367,485 -
12,909,141 12,909,141 -
8,339,860 8,339,860 -
Aggregate redemptions of U. S. Government Notes 275,572,830 275,584,758 (11,928)
Aggregate purchases of Entergy Corporation's
Common Stock 9,372,335
Aggregate redemption of Entergy Corporation's 2,539,515 2,203,322 336,193
Common Stock
(1) Amounts include all fees incurred in connection with the transaction.
</TABLE>
<PAGE>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
SIGNATURE
The Plan. Pursuant to the requirements of the Securities and
Exchange Act of 1934, the Employee Benefits Committee has duly caused
this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
By: /s/ William O. VanAs
William O. VanAs
Director of
Employee Benefits
Dated: June 26, 1995
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the
registration statement of Gulf States Utilities Company on
Form S-8 (File No. 2-76551) of our report dated June 16,
1995, on our audits of the financial statements of Gulf
States Utilities Company Employees' Thrift Plan as of
December 31, 1994 and 1993 and for the two years ended
December 31, 1994 and 1993 which report is included in this
Annual Report on Form 11-K.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
New Orleans, Louisiana
June 22, 1995
