Exhibit 99.7
For further information:
Nancy Morovich, VP, Investor Relations
Phone 504/576-5506, Fax - 2897
[email protected]
October 19, 2000
ENTERGY REPORTS A THIRD STRAIGHT
QUARTER OF RECORD EARNINGS
NEW ORLEANS - Entergy Corporation announced third quarter 2000
consolidated earnings per share of $1.34, compared with $1.16 in 1999.
On an operational basis, Entergy earned $1.37 per share, up 19% when
compared with $1.15 in 1999. Earnings per share from operations set a
third quarter record for the company.
"With another record-breaking quarter for Entergy, we continue to
exceed expectations and to establish a record of strong execution
throughout the organization," said J. Wayne Leonard, Entergy's chief
executive officer. "In a quarter full of various milestone
achievements that position Entergy for industry leadership, it's
significant that ongoing operations have consistently improved:
customer service, reliability and safety continue to improve even more
rapidly than the record earnings level. In addition to announcing a
merger of equals with FPL Group, achievements during the quarter
included: closing our joint venture with The Shaw Group, acquiring the
nuclear decommissioning firm TLG Services, and breaking ground on the
425-megawatt RS Cogen facility in Louisiana. Also, just today we
announced a settlement of the Delaney lawsuit, removing another
uncertainty from our future."
Table 1 provides a comparative summary of earnings per share for the
third quarter and year-to-date 2000.
------------------------------------------------------------------------
Table 1: Entergy Corporation Consolidated Results
Third Quarter and Year-to-Date 2000 vs. 1999
------------------------------------------------------------------------
(Per share in U.S. $)
Third Quarter Year-to-Date
2000 1999 Change 2000 1999 Change
As Reported
U.S. Utility 1.27 1.15 0.12 2.35 2.11 0.24
Parent & Other 0.01 (0.03) 0.04 0.08 (0.09) 0.17
Competitive Businesses 0.06 0.04 0.02 0.34 0.20 0.14
----------------------------------------
Consolidated Earnings 1.34 1.16 0.18 2.77 2.22 0.55
Less Special Items
U.S. Utility (0.03) 0.01 (0.04) (0.09) - (0.09)
Parent & Other - - - - - -
Competitive Businesses - - - 0.06 0.14 (0.08)
----------------------------------------
Total (0.03) 0.01 (0.04) (0.03) 0.14 (0.17)
Operational
U.S. Utility 1.30 1.14 0.16 2.44 2.11 0.33
Parent & Other 0.01 (0.03) 0.04 0.08 (0.09) 0.17
Competitive Businesses 0.06 0.04 0.02 0.28 0.06 0.22
----------------------------------------
Consolidated Earnings 1.37 1.15 0.22 2.80 2.08 0.72
Weather Impact 0.17 0.11 0.06 0.18 0.11 0.07
Consolidated Operational 1.20 1.04 0.16 2.62 1.97 0.65
Earnings Excluding Weather
------------------------------------------------------------------------
Tables 2 and 3 provide third quarter and year-to-date 2000 vs. 1999
reported earnings variance analyses for "U.S. Utility and Parent &
Other," "Competitive Businesses," and "Consolidated."
------------------------------------------------------------------------
Table 2: Entergy Corporation Reported Earnings Variance Analysis
Third Quarter 2000 vs. 1999
------------------------------------------------------------------------
(Per share in U.S. $) U.S.
Utility and Competitive
Parent & Businesses Consolidated
Other
1999 earnings 1.12 0.04 1.16
Net Revenue 0.30 (a) - 0.30
Share repurchase/ 0.11 0.01 0.12
dilution effect
Miscellaneous - net 0.01 0.05 (b) 0.06
Preferred dividend 0.01 - 0.01
requirements
Income taxes - other 0.01 0.01 0.02
Taxes other than (0.03) (c) 0.01 (0.02)
income taxes
Interest and other (0.02) (0.01) (0.03)
charges
Depreciation/amortization (0.07) (d) - (0.07)
Other O&M (0.16) (e) (0.05) (f) (0.21)
----- ----- -----
2000 earnings 1.28 0.06 1.34
----- ----- -----
------------------------------------------------------------------------
------------------------------------------------------------------------
Table 3: Entergy Corporation Reported Earnings
Variance Analysis
Year-to-Date 2000 vs. 1999
------------------------------------------------------------------------
(Per share in U.S. $) U.S.
Utility and Competitive
Parent & Businesses Consolidated
Other
1999 earnings 2.02 0.20 2.22
Net Revenue 0.40 (a) 0.36 (g) 0.76
Share repurchase/ 0.16 0.03 0.19
dilution effect
Miscellaneous - net 0.05 0.13 (b) 0.18
Decommissioning 0.02 - 0.02
Preferred dividend 0.02 - 0.02
requirements
Nuclear refueling 0.01 - 0.01
outage
Interest and other 0.04 (0.04) -
charges
Taxes other than (0.02) - (0.02)
income taxes
Depreciation/amortization (0.06) (d) 0.01 (0.05)
Gain on sale of assets - (0.07) (h) (0.07)
Income taxes - other (0.01) (0.14) (i) (0.15)
Other O&M (0.20) (e) (0.14) (f) (0.34)
----- ----- -----
2000 earnings 2.43 0.34 2.77
----- ----- -----
------------------------------------------------------------------------
Quarterly Overview
Third quarter 2000 consolidated revenues were up 12% compared with the
same period of 1999, driven by an 18% increase at the utility. Utility
revenues were higher due to strong sales growth across customer
classes, fuel clause revenues, and more favorable weather. Third
quarter revenues at the competitive businesses were down 0.6% in 2000
as compared with 1999 due to lower trading revenues at Entergy
Wholesale Operations (EWO), partially offset by a slight increase in
Pilgrim Nuclear Power Station revenues from a full quarter of ownership
in 2000.
On a consolidated basis, third quarter 2000 fuel expenses increased 36%
in 2000, rising significantly at the utility, offset partially by a
decline at EWO due to lower trading volumes. The utility's fuel
expense rose 65% on a quarterly basis due to both a rise in gas prices
and an increase in generation. Purchased power was down at the utility
in 2000, due to both lower volumes purchased and lower wholesale
prices.
In the third quarter of 2000, other O&M increased 21% compared with
third quarter 1999, as expenses rose at both the utility and the
competitive businesses. Other O&M at the utility rose in 2000 as a
result of increased nuclear expenses, including expenses related to the
steam turbine inspections at Arkansas Nuclear One (ANO); other plant-
related expenses; increased reliability spending; and increased storm
damage accruals. Other O&M at the competitive businesses increased
primarily as a result of higher O&M at Pilgrim (resulting from 3Q 2000
outage expenses and a full quarter of ownership in 2000 versus only two
and a half months in 3Q 1999), as well as development cost reserves at
EWO. Depreciation on a consolidated basis increased 17% in 2000,
largely due to a 1999 adjustment that was identified as a special item.
Quarterly operating income was down 0.6% on a consolidated basis in
2000.
Other income increased 67% in third quarter 2000, as miscellaneous net
rose due to the liquidated damages received from Raytheon Engineers and
Constructors for delayed construction of the Saltend plant in the
United Kingdom. Interest expense increased 11% on a consolidated basis
in 2000, largely as a result of an increase in long-term debt at the
utility and short-term borrowing at the parent. The effective tax rate
was 40.3% in third quarter 2000, slightly lower than 1999's rate of
41.6%.
U.S. Utility
In the third quarter of 2000, utility earnings on an as reported basis
were $1.27 per share, compared with $1.15 for the same period in 1999.
Third quarter 2000 results included a $(0.03) special item related to
regulatory and reserve adjustments. On an operational basis, quarterly
earnings per share were $1.30 in 2000, 14% higher than the $1.14 in
third quarter 1999. Weather was more favorable in 2000, contributing
$0.17 per share to third quarter earnings compared with $0.11 in 1999.
Third quarter 2000 earnings per share were also helped by sales growth
of 1.7% on a weather-adjusted volume basis (see appendix) and a
reduction in the number of outstanding shares due to the share
repurchase program. Partially offsetting these factors were current-
period increases in O&M spending, primarily resulting from increased
nuclear expenses (including expenses related to the steam turbine
inspections at ANO), other plant-related expenses, increased
reliability spending, and increased storm damage accruals.
Parent & Other
Parent & Other earnings per share were $0.01 in third quarter 2000,
compared with a loss of $(0.03) in third quarter 1999. Results for the
2000 period benefited from lower O&M expenses at the parent,
reclassifying of the Gulf States merger goodwill amortization from the
parent to the utility, and telecommunications earnings. Partially
offsetting these improvements were slightly lower investment income and
higher interest expense in 2000.
Competitive Businesses
On both an as reported basis and an operational basis, the competitive
businesses earned $0.06 per share in the third quarter of 2000,
compared with $0.04 in the same period of 1999. Entergy Wholesale
Operations reported earnings per share of $0.03 in the third quarter of
2000, unchanged from the same period in 1999. Strong trading earnings
of $0.06 and liquidated damages of $0.07 for delayed construction of
the Saltend project were partially offset by development cost reserves,
compensation-related foreign tax adjustments and ongoing development
expenses at EWO.
Entergy Nuclear earned $0.03 per share in the third quarter of 2000,
equal to earnings in the third quarter of 1999. Both periods benefited
from strong operations at the Pilgrim Nuclear Power Station, which has
run at a 94% capacity factor in 2000.
The combined results of the competitive businesses in third quarter
2000 do not include a 1999 loss of $(0.02) per share reported by retail
operations, which were divested in 1999.
Table 4 provides a 2000 vs. 1999 comparison of contributions by
business for the third quarter and year-to-date, on both as reported
and operational bases.
------------------------------------------------------------------------
Table 4: Competitive Businesses Contributions to Earnings Per Share
Third Quarter and Year-to-Date 2000 vs. 1999
------------------------------------------------------------------------
(Per share in U.S. $)
Third Quarter Year-to-Date
2000 1999 $ Change 2000 1999 $ Change
As Reported
Entergy Wholesale 0.03 0.03 - 0.21 0.05 0.16
Operations
Entergy Nuclear 0.03 0.03 - 0.13 0.03 0.10
Divested Businesses - (0.02) 0.02 - 0.12 (0.12)
--------------------------------------------
Total 0.06 0.04 0.02 0.34 0.20 0.14
Less Special Items
Entergy Wholesale - - - 0.06 (0.01) 0.07
Operations
Entergy Nuclear - - - - - -
Divested Businesses - - - - 0.15 (0.15)
--------------------------------------------
Total - - - 0.06 0.14 (0.08)
Operational
Entergy Wholesale 0.03 0.03 - 0.15 0.06 0.09
Operations
Entergy Nuclear 0.03 0.03 - 0.13 0.03 0.10
Divested Businesses - (0.02) 0.02 - (0.03) 0.03
--------------------------------------------
Total 0.06 0.04 0.02 0.28 0.06 0.22
------------------------------------------------------------------------
Share Repurchase Program
During the third quarter of 2000, 3.3 million shares were repurchased
at a total cost of $108 million. From the initiation of the share
repurchase program in July 1999 through September 30, 2000, $726
million was utilized to purchase 27.4 million shares. The merger
agreement with FPL Group, announced on July 31, 2000, expanded
Entergy's share repurchase program. Including the initial $750 million
authorized by the Board in July 1999, the total amount authorized for
repurchasing shares increased to $1.06 billion. The entire program is
expected to be completed by the time of the merger's financial close.
Earnings Review and Outlook
"Financial results again were strong in the third quarter," said C.
John Wilder, Entergy's chief financial officer. "The utility continued
to perform extremely well, and the competitive businesses are making a
growing contribution to the company's overall earnings. We are more
confident than ever that 2000 will be an outstanding operational and
financial year for Entergy. We are increasing our guidance on earnings
to a range of $2.85 to $2.90 per share. This new range reflects 18
cents per share contributed by weather-induced earnings, and the
remainder is attributed to improved operating performance expected at
the utility and EWO."
Table 5 lists special items by business for the third quarter and year-
to-date for 2000 and 1999. Special items are those events that are non-
routine, are related to prior periods, or result from discontinued
operations. The intent is to identify separately the earnings impact
of special events in order to report solely the results of the
company's ongoing operations.
------------------------------------------------------------------------
Table 5: Entergy Corporation Special Items (Shown as
positive / (negative) impact on earnings)
Third Quarter and Year-to-Date 2000 vs. 1999
------------------------------------------------------------------------
(Per share in U.S. $)
Third Quarter Year-to-Date
2000 1999 Change 2000 1999 Change
U.S. Utility Special Items
Regulatory and reserve (0.03) (0.03) - (0.09) (0.09) -
adjustments(j)
Depreciation adjustment 0.04 (0.04) 0.04 (0.04)
Change in unbilled revenue 0.13 (0.13)
estimate
SERI refund adjustments (0.08) 0.08
-----------------------------------------
Total (0.03) 0.01 (0.04) (0.09) - (0.09)
Parent Special Items
Competitive Businesses Special Items
EWO - Freestone project sale 0.06 0.06
EWO - write-off of start-up (0.01) 0.01
costs per new accounting
standard(k)
Divested Businesses - foreign 0.10 (0.10)
tax benefits
Divested Businesses - gain on 0.03 (0.03)
sale of Hyperion
Divested Businesses - CitiPower 0.02 (0.02)
purchase price adjustment
-----------------------------------------
Total 0.06 0.14 (0.08)
Total Special Items (0.03) 0.01 (0.04) (0.03) 0.14 (0.17)
------------------------------------------------------------------------
Table 6 provides Entergy's projection of 2000 operational earnings per
share.
------------------------------------------------------------------------
Table 6: 2000 Earnings Per Share Guidance
------------------------------------------------------------------------
(Per share in U.S. $)
1999 Changes in 2000 2000 Guidance 3Q 2000 YTD
Range Operational
Range of Impact
Utility Share repurchase 0.17 0.18
(excluding and other
weather) -----------
2.17 Total 0.17 0.18 2.34 2.35 2.26
Entergy Full year of 0.10 0.11
Nuclear Pilgrim ownership
------------
0.06 Total 0.10 0.11 0.16 0.17 0.13
Entergy No Edesur sale (0.07) (0.07)
Wholesale
Operations
U.K. projects 0.19 0.20
(LD's &
operations)
Improved trading 0.07 0.08
Development costs (0.04) (0.04)
and other
-----------
0.05 Total 0.15 0.17 0.20 0.22 0.15
Parent & Expense 0.20 0.21
Other reductions & other
Reduced (0.03) (0.03)
investment income
-----------
(0.20) Total 0.17 0.18 (0.03)(0.02) 0.08
------------------------------------------------------------
Total 2.08 0.59 0.64 2.67 2.72 2.62
Weather 0.09 0.18 0.18 0.18
Impact
Total 2.17 2.85 2.90 2.80
incl.
weather
------------------------------------------------------------------------
Table 7 provides Entergy's projection of 2001 operational earnings per
share.
------------------------------------------------------------------------
Table 7: 2001 Earnings Per Share Guidance
(Per share in U.S. $)
------------------------------------------------------------------------
Proj. Changes in 2001 2001
2000 Guidance
Operational Range
Range of Impact
Utility (excluding Share repurchase & 0.11 0.12
weather) other
------------
2.34 2.35 Total 0.11 0.12 2.45 2.47
Entergy Pilgrim outage & (0.09) (0.08)
Nuclear lower PPA price
Indian Point 3 & 0.16 0.18
FitzPatrick
operations
Other 0.00 0.09
------------
0.16 0.17 Total 0.07 0.19 0.23 0.36
Entergy No liquidated (0.17) (0.17)
Wholesale damages
Operations
Saltend & Damhead 0.15 0.16
Creek operations
------------
0.11 0.12 Total (0.02) (0.01) 0.09 0.11
Entergy Gateway Pipeline & 0.16 0.17
Trading Entergy-Koch L.P.
------------
0.09 0.10 Total 0.16 0.17 0.25 0.27
Parent & Lower investment (0.09) (0.09)
Other income
------------
(0.03) (0.02) Total (0.09) (0.09) (0.12) (0.11)
------------------------------------------------------------
Total 2.67 2.72 0.23 0.38 2.90 3.10
Weather 0.18 0.18 0.00 0.00
Impact
Total 2.85 2.90 2.90 3.10
incl.
weather
------------------------------------------------------------------------
Other Performance Highlights
Operating cash flows increased 5% in the third quarter of 2000 as
compared with the same period in 1999 and rose 16% on a year-to-date
basis in 2000. The increase largely resulted from higher net income in
2000 and was amplified on a per share basis with fewer shares in 2000
as a result of the share repurchase program.
In the twelve months ending September 30, 2000, cash return on average
investment improved by 15% over the prior period to 6.8%. EBITDA
increased significantly in the last twelve months, while the average
investment was lower in the more recent period because non-productive
assets were divested in late 1998. Return on average common equity
rose even more dramatically in the most recent twelve months, up 18% to
9.2%. Net income was 21% higher in the last four quarters, while
average common equity only increased 1%. This was due to higher
retained earnings from strong net income growth being mostly offset by
the share repurchase program's equity-lowering effect. With 10% fewer
shares in 2000, the book value per share was higher for the period
ending September 30, 2000 than for the earlier period.
Table 8 provides a comparative summary of key financial performance
metrics for the third quarter and year-to-date 2000 vs. 1999.
------------------------------------------------------------------------
Table 8: Entergy Corporation Key Financial Performance Metrics
Third Quarter and Year-to-Date 2000 vs. 1999
------------------------------------------------------------------------
Third Quarter Year-to-Date
2000 1999 Change 2000 1999 Change
Operating cash flow $437 $417 $20 $1,174 $1,009 $165
($ millions)
Operating cash flow $1.95 $1.69 $0.26 $5.10 $4.09 $1.01
per share
For 12 months ending 2000 1999 Change
September 30
Cash return on 6.81% 5.94% 0.87%
average investment(l)
Return on average 9.19% 7.79% 1.40%
common equity(m)
Book value per $32.14 $30.06 $2.08
share(n)
End of period shares 220.1 243.3 (23.2)
outstanding (millions)
------------------------------------------------------------------------
Entergy's common stock is listed on the New York, Chicago, and Pacific
exchanges under the symbol "ETR".
Entergy Corporation's on-line address is http://www.entergy.com
***********************************************************************
**************************************************************
The following constitutes a "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995: Investors are cautioned that
forward-looking statements contained in the foregoing release with
respect to the revenues, earnings, performance, strategies, prospects
and other aspects of the business of Entergy Corporation may involve
risks and uncertainties. A number of factors could cause actual
results or outcomes to differ materially from those indicated by such
forward-looking statements. These factors include, but are not limited
to, risks and uncertainties relating to: the effects of weather, the
performance of generating units and transmission systems, the
possession of nuclear materials, fuel prices and availability, the
effects of regulatory decisions and changes in law, litigation, capital
spending requirements, the onset of competition, advances in
technology, changes in accounting standards, corporate restructuring
and changes in capital structure, movements in the markets for
electricity and other energy-related commodities, changes in interest
rates and in financial and foreign currency markets generally, changes
in corporate strategies, and other factors.
_______________________________
(a) Net revenue increased primarily as a result of strong sales growth
and hotter than normal weather. Weather-adjusted sales growth for
the quarter and year-to-date was 1.7% (see appendix).
Utility Net Revenue Variance Analysis, 2000 vs. 1999 ($ EPS)
Third Quarter Year-to-Date
Weather 0.06 Weather 0.07
Sales growth/pricing 0.21 Sales growth/pricing 0.25
Special items - Special items 0.03
Other 0.03 Other 0.05
Total 0.30 Total 0.40
(b) Miscellaneous-net for both the third quarter and year-to-date 2000
increased primarily as a result of liquidated damages received in
compensation for lost earnings from operations of EWO's delayed
Saltend plant in the U.K.
(c) Other taxes increased as a result of an adjustment in sales and use
taxes stemming from recently completed state tax audits.
(d) Depreciation increased primarily as a result of a $0.04
depreciation adjustment recorded as a special item in 3Q 1999 and
also because of a current period increase in depreciable utility
plant.
(e) Other O&M increased primarily as a result of increased nuclear
expenses (including expenses related to the steam turbine inspections
at ANO), other plant-related expenses, increased reliability
spending, and increased storm damage accruals.
(f) Other O&M increased primarily as a result of higher O&M at the
Pilgrim Nuclear Power Station (resulting from 3Q 2000 outage expenses
and a full quarter of ownership in 2000 versus only two and a half
months in 3Q 1999), as well as development cost reserves at EWO.
(g) Net revenue increased as a result of the inclusion of Pilgrim
operations (acquired 7/13/99) and favorable trading operations at
EWO.
(h) Gain on sale of assets decreased as a result of prior year gains of
$0.07 per share on the sale of Edesur, $0.03 per share on the sale of
Hyperion, and $0.02 per share for a CitiPower purchase price
adjustment, offset by 2000's second quarter gain of $0.06 per share
on the sale of EWO's Freestone project in Texas.
(i) Income taxes-other increased primarily as a result of foreign tax
credits taken in 1999.
(j) Regulatory and reserve adjustments were made in the first and third
quarters of 2000 for potential rate actions, rate refunds, and
ongoing litigation.
(k) The new accounting standard is AICPA Statement of Position 98-5,
"Recording the Costs of Start-Up Operations."
(l) "Cash return on average investment" is 12-months rolling EBITDA
divided by average total assets plus accumulated depreciation less
current liabilities - 1999 EBTIDA excludes the gains from sales of
London Electricity and CitiPower. This metric is a measure of
Entergy's ability to generate cash relative to its gross investments.
(m) "Return on average common equity" is 12-months rolling net income
divided by average common equity - net income excludes all special
items. This metric is a measure of Entergy's ability to generate
profits from equity received from common shareholders.
(n) "Book value per share" is common equity divided by end of period
shares outstanding. This metric is a measure of the book value of
Entergy's net assets per share.
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
ASSETS
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 67,757 $ 198 $ 43,301 $ - $ 111,255
Temporary cash investments - at cost,
which approximates market 341,090 60,499 718,704 - 1,120,292
Special deposits - - 1,542 - 1,542
----------- ---------- ---------- ----------- -----------
Total cash and cash equivalents 408,846 60,697 763,546 - 1,233,089
----------- ---------- ---------- ----------- -----------
Other temporary investments - - 21,897 - 21,897
Notes receivable 1,577 - 2,590 - 4,166
Accounts receivable:
Customer 543,609 - 100 - 543,708
Allowance for doubtful accounts (6,943) - (2,064) - (9,007)
Associated companies 14,713 107,703 4,852 (127,269) -
Other 73,036 (516) 300,708 - 373,228
Accrued unbilled revenues 433,784 - - - 433,784
----------- ---------- ---------- ----------- -----------
Total receivables 1,058,199 107,188 303,595 (127,269) 1,341,713
Deferred fuel costs 539,000 - - - 539,000
Fuel inventory - at average cost 114,024 - 7,583 (528) 121,079
Materials and supplies - at average cost 339,804 (13) 23,016 - 362,807
Rate deferrals 19,797 - - - 19,797
Deferred nuclear refueling outage costs 28,621 - - - 28,621
Prepayments and other 65,145 2,200 9,939 - 77,285
----------- ---------- ---------- ----------- -----------
TOTAL 2,575,014 170,072 1,132,165 (127,797) 3,749,454
----------- ---------- ---------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity 214 6,546,405 - (6,546,405) 214
Decommissioning trust funds 898,651 - 456,135 - 1,354,785
Non-utility property - at cost (less accumulated
depreciation) 223,444 - 107,256 - 330,699
Non-regulated investments - 1,000 299,691 - 300,691
Other - at cost (less accumulated depreciation) 17,929 - 4,439 - 22,368
----------- ---------- ---------- ----------- -----------
TOTAL 1,140,237 6,547,405 867,520 (6,546,405) 2,008,757
----------- ---------- ---------- ----------- -----------
UTILITY PLANT
Electric 23,512,481 4,340 155,534 - 23,672,355
Plant acquisition adjustment 394,431 - 300 - 394,731
Property under capital lease 768,135 - - - 768,135
Natural gas 190,895 - - - 190,895
Construction work in progress 868,030 1,266 1,069,358 - 1,938,654
Nuclear fuel under capital lease 271,021 - - - 271,021
Nuclear fuel 44,188 - 37,474 - 81,662
----------- ---------- ---------- ----------- -----------
TOTAL UTILITY PLANT 26,049,181 5,606 1,262,666 - 27,317,453
Less - accumulated depreciation and amortization 11,313,999 2,893 86,374 - 11,403,267
----------- ---------- ---------- ----------- -----------
UTILITY PLANT - NET 14,735,182 2,712 1,176,292 - 15,914,186
----------- ---------- ---------- ----------- -----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals 1,402 - - - 1,402
SFAS 109 regulatory asset - net 1,002,350 - - - 1,002,350
Unamortized loss on reacquired debt 188,025 - - - 188,025
Other regulatory assets 703,639 - - - 703,639
Long-term receivables 30,281 - - - 30,281
Other 184,050 414,271 232,732 (402,046) 429,009
----------- ---------- ---------- ----------- -----------
TOTAL 2,109,748 414,271 232,732 (402,046) 2,354,706
----------- ---------- ---------- ----------- -----------
TOTAL ASSETS $20,560,181 $7,134,460 $3,408,709 $(7,076,247) $24,027,103
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Currently maturing long-term debt $ 339,858 $ - $ 67,000 $ - $ 406,858
Notes payable:
Associated companies - - 5,322 (5,322) -
Other 715 - 321 - 1,036
Account payable:
Associated companies 7,316 1,184 16,344 (24,844) -
Other 591,989 4,400 270,199 - 866,587
Customer deposits 168,163 - - - 168,163
Taxes accrued 578,503 13,648 181,489 - 773,641
Accumulated deferred income taxes 159,710 - 20 - 159,730
Nuclear refueling outage costs 6,854 - - - 6,854
Interest accrued 150,288 (17) 5,477 - 155,748
Co-owner advances 13,250 - - (8,129) 5,121
Obligations under capital leases 176,224 - - - 176,224
Other 188,950 13,355 33,897 (22,533) 213,668
----------- ---------- ---------- ----------- -----------
TOTAL 2,381,819 32,571 580,069 (60,829) 2,933,630
----------- ---------- ---------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,310,198 (18,105) (103,412) - 3,188,681
Accumulated deferred investment tax credits 500,229 - - - 500,229
Obligations under capital leases 181,810 - 15 - 181,825
FERC settlement - refund obligation 32,471 - - - 32,471
Other regulatory liabilities 252,173 - - - 252,173
Decommisioning 288,172 - 449,097 - 737,269
Transition to competition 201,797 - - - 201,797
Regulatory reserves 341,551 - - - 341,551
Accumulated provisions 282,194 - 10,100 - 292,294
Other 706,439 50,547 203,949 (394,444) 566,489
----------- ---------- ---------- ----------- -----------
TOTAL 6,097,034 32,442 559,748 (394,444) 6,294,779
----------- ---------- ---------- ----------- -----------
Long-term debt 6,037,260 - 1,144,078 (74,569) 7,106,769
Preferred stock with sinking fund 69,650 - - - 69,650
Preference stock - - - - -
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely junior subordinated deferrable debentures 215,000 - - - 215,000
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 331,240 - - - 331,240
Common stock 2,225,870 2,472 664,577 (2,890,446) 2,472
Authorized shares 500,000,000
Issued shares CY 247,172,239
Paid-in capital 1,779,381 4,636,811 891,571 (2,670,952) 4,636,811
Retained earnings 1,422,928 3,216,395 (360,841) (1,062,087) 3,216,395
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (71,081) (71,081) 71,081 (71,081)
Net unrealized investment gains (losses) - - 6,588 - 6,588
Less - treasury stock, at cost - 715,150 6,000 (6,000) 715,150
Shares CY 27,040,581
----------- ---------- ---------- ----------- -----------
TOTAL 5,759,418 7,069,447 1,124,814 (6,546,405) 7,407,275
----------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,560,181 $7,134,460 $3,408,709 $(7,076,247) $24,027,103
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
December 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
ASSETS
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 35,970 $ 14 $ 72,214 $ - $ 108,198
Temporary cash investments - at cost,
which approximates market 101,199 16,479 987,843 - 1,105,521
Special deposits - - - - -
----------- ---------- ---------- ----------- -----------
Total cash and cash equivalents 137,169 16,493 1,060,057 - 1,213,719
----------- ---------- ---------- ----------- -----------
Other temporary investments - - 321,351 - 321,351
Notes receivable 97 - 2,064 - 2,161
Accounts receivable:
Customer 290,240 - 91 - 290,331
Allowance for doubtful accounts (6,943) - (2,564) - (9,507)
Associated companies 16,293 177,501 (319) (193,476) -
Other 55,190 (51) 152,759 - 207,898
Accrued unbilled revenues 298,616 - - - 298,616
----------- ---------- ---------- ----------- -----------
Total receivables 653,397 177,450 149,967 (193,476) 787,338
Deferred fuel costs 240,661 - - - 240,661
Fuel inventory - at average cost 87,362 - 7,424 (366) 94,419
Materials and supplies - at average cost 370,681 (18) 21,741 - 392,403
Rate deferrals 30,394 - - - 30,394
Deferred nuclear refueling outage costs 58,119 - - - 58,119
Prepayments and other 52,836 2,100 23,628 - 78,567
----------- ---------- ---------- ----------- -----------
TOTAL 1,630,717 196,025 1,586,232 (193,841) 3,219,132
----------- ---------- ---------- ----------- -----------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity 214 6,707,894 - (6,707,894) 214
Decommissioning trust funds 815,014 - 431,009 - 1,246,023
Non-utility property - at cost (less accumulated
depreciation) 217,622 - 99,544 - 317,165
Non-regulated investments - - 198,003 - 198,003
Other - at cost (less accumulated depreciation) 16,714 - - - 16,714
----------- ---------- ---------- ----------- -----------
TOTAL 1,049,563 6,707,894 728,556 (6,707,894) 1,778,119
----------- ---------- ---------- ----------- -----------
UTILITY PLANT
Electric 23,003,335 4,340 155,486 - 23,163,161
Plant acquisition adjustment - 406,630 300 - 406,929
Property under capital lease 768,500 - - - 768,500
Natural gas 186,041 - - - 186,041
Steam products - - - - -
Construction work in progress 708,431 688 791,498 - 1,500,617
Nuclear fuel under capital lease 286,476 - - - 286,476
Nuclear fuel 39,506 - 48,186 - 87,693
----------- ---------- ---------- ----------- -----------
TOTAL UTILITY PLANT 24,992,289 411,658 995,470 - 26,399,417
Less - accumulated depreciation and amortization 10,813,031 2,242 83,387 - 10,898,661
----------- ---------- ---------- ----------- -----------
UTILITY PLANT - NET 14,179,258 409,415 912,083 - 15,500,756
----------- ---------- ---------- ----------- -----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals 16,581 - - - 16,581
SFAS 109 regulatory asset - net 1,068,006 - - - 1,068,006
Unamortized loss on reacquired debt 198,631 - - - 198,631
Other regulatory assets 637,870 - - - 637,870
Long-term receivables 32,260 - - - 32,260
Other 143,863 47,574 342,294 - 533,732
----------- ---------- ---------- ----------- -----------
TOTAL 2,097,211 47,574 342,294 - 2,487,080
----------- ---------- ---------- ----------- -----------
TOTAL ASSETS $18,956,750 $7,360,908 $3,569,164 $(6,901,735) $22,985,087
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
December 31, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Currently maturing long-term debt $ 194,555 $ - $ - $ - $ 194,555
Notes payable:
Associated companies - - - - -
Other 716 120,000 - - 120,715
Account payable:
Associated companies 1,604 2,165 21,807 (25,577) -
Other 468,278 17,786 221,614 - 707,678
Customer deposits 161,909 - - - 161,909
Taxes accrued 270,644 9,142 165,891 - 445,677
Accumulated deferred income taxes 72,640 - - - 72,640
Nuclear refueling outage costs 11,216 - - - 11,216
Interest accrued 126,177 148 2,702 - 129,028
Co-owner advances 15,147 - - (8,129) 7,018
Obligations under capital leases 178,247 - - - 178,247
Other 213,583 6,251 24,054 (118,139) 125,749
----------- ---------- ---------- ----------- -----------
TOTAL 1,714,717 155,493 436,067 (151,845) 2,154,432
----------- ---------- ---------- ----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,443,734 (16,165) (117,229) - 3,310,340
Accumulated deferred investment tax credits 519,910 - - - 519,910
Obligations under capital leases 205,464 - - - 205,464
FERC settlement - refund obligation 37,337 - - - 37,337
Other regulatory liabilities 199,139 - - - 199,139
Decommisioning 268,697 - 434,756 - 703,453
Transition to competition 157,034 - - - 157,034
Regulatory reserves 378,307 - - - 378,307
Accumulated provisions 222,008 57,938 (522) - 279,425
Other 250,338 39,216 237,840 7,763 535,156
----------- ---------- ---------- ----------- -----------
TOTAL 5,681,969 80,989 554,845 7,763 6,325,565
----------- ---------- ---------- ----------- -----------
Long-term debt 5,623,974 - 1,038,370 (49,760) 6,612,583
Preferred stock with sinking fund 69,650 - - - 69,650
Preference stock 150,000 - - - 150,000
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely junior subordinated deferrable debentures 215,000 - - - 215,000
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund 338,455 - - - 338,455
Common stock 2,225,870 2,471 659,561 (2,885,431) 2,471
Authorized shares 500,000,000
Issued shares CY 247,082,345
Paid-in capital 1,779,316 4,636,163 835,400 (2,614,718) 4,636,163
Retained earnings 1,157,800 2,786,467 124,726 (1,282,527) 2,786,467
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (68,782) (68,782) 68,782 (68,782)
Net unrealized investment gains (losses) - - (5,023) - (5,023)
Less - treasury stock, at cost - 231,894 6,000 (6,000) 231,894
Shares CY 8,045,434
----------- ---------- ---------- ----------- -----------
TOTAL 5,501,441 7,124,426 1,539,883 (6,707,893) 7,457,857
----------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $18,956,750 $7,360,908 $3,569,164 $(6,901,735) $22,985,087
=========== ========== ========== =========== ===========
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
September 30, 2000 vs December 31, 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
ASSETS
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 31,787 $ 184 $ (28,913) $ - $ 3,057
Temporary cash investments - at cost,
which approximates market 239,890 44,020 (269,139) - 14,771
Special deposits - - 1,542 - 1,542
---------- --------- --------- ---------- ----------
Total cash and cash equivalents 271,677 44,204 (296,511) - 19,370
---------- --------- --------- ---------- ----------
Other temporary investments - - (299,455) - (299,455)
Notes receivable 1,479 - 526 - 2,005
Accounts receivable: - - - - -
Customer 253,368 - 8 - 253,377
Allowance for doubtful accounts - - 500 - 500
Associated companies (1,580) (69,798) 5,171 66,207 -
Other 17,846 (465) 147,949 - 165,330
Accrued unbilled revenues 135,168 - - - 135,168
---------- --------- --------- ---------- ----------
Total receivables 404,802 (70,262) 153,628 66,207 554,375
Deferred fuel costs 298,340 - - - 298,340
Fuel inventory - at average cost 26,663 - 159 (162) 26,660
Materials and supplies - at average cost (30,878) 6 1,275 - (29,597)
Rate deferrals (10,597) - - - (10,597)
Deferred nuclear refueling outage costs (29,498) - - - (29,498)
Prepayments and other 12,309 100 (13,689) - (1,281)
---------- --------- --------- ---------- ----------
TOTAL 944,297 (25,953) (454,067) 66,045 530,322
---------- --------- --------- ---------- ----------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity - (161,489) - 161,489 -
Decommissioning trust funds 83,637 - 25,126 - 108,762
Non-utility property - at cost (less accumulated
depreciation) 5,822 - 7,712 - 13,534
Non-regulated investments - 1,000 101,687 - 102,687
Other - at cost (less accumulated depreciation) 1,216 - 4,439 - 5,655
---------- --------- --------- ---------- ----------
TOTAL 90,674 (160,489) 138,965 161,489 230,638
---------- --------- --------- ---------- ----------
UTILITY PLANT
Electric 509,146 - 49 - 509,195
Plant acquisition adjustment 394,431 (406,630) - - (12,199)
Property under capital lease (364) - - - (364)
Natural gas 4,853 - - - 4,853
Steam products - - - - -
Construction work in progress 159,599 578 277,860 - 438,037
Nuclear fuel under capital lease (15,455) - - - (15,455)
Nuclear fuel 4,682 - (10,712) - (6,031)
---------- --------- --------- ---------- ----------
TOTAL UTILITY PLANT 1,056,892 (406,052) 267,196 - 918,036
Less - accumulated depreciation and amortization 500,968 651 2,987 - 504,606
---------- --------- --------- ---------- ----------
UTILITY PLANT - NET 555,924 (406,703) 264,209 - 413,430
---------- --------- --------- ---------- ----------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals (15,179) - - - (15,179)
SFAS 109 regulatory asset - net (65,656) - - - (65,656)
Unamortized loss on reacquired debt (10,606) - - - (10,606)
Other regulatory assets 65,769 - - - 65,769
Long-term receivables (1,979) - - - (1,979)
Other 40,187 366,698 (109,562) (402,046) (104,723)
---------- --------- --------- ---------- ----------
TOTAL 12,537 366,698 (109,562) (402,046) (132,374)
---------- --------- --------- ---------- ----------
TOTAL ASSETS $1,603,431 $(226,448) $(160,455) $ (174,512) $1,042,016
========== ========= ========= ========== ==========
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
September 30, 2000 vs December 31, 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent Competitive Eliminations Consolidated
Utilities Company Businesses
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES
Currently maturing long-term debt $ 145,303 $ - $ 67,000 $ - $ 212,303
Notes payable:
Associated companies - - 5,322 (5,322) -
Other (1) (120,000) 321 - (119,679)
Account payable:
Associated companies 5,712 (981) (5,463) 732 -
Other 123,712 (13,386) 48,584 - 158,909
Customer deposits 6,254 - - - 6,254
Taxes accrued 307,859 4,506 15,599 - 327,964
Accumulated deferred income taxes 87,069 - 20 - 87,089
Nuclear refueling outage costs (4,362) - - - (4,362)
Interest accrued 24,111 (166) 2,775 - 26,720
Co-owner advances (1,897) - - - (1,897)
Obligations under capital leases (2,023) - - - (2,023)
Other (24,633) 7,104 9,842 95,606 87,919
---------- --------- --------- ---------- ----------
TOTAL 667,102 (122,922) 144,002 91,016 779,197
---------- --------- --------- ---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes (133,537) (1,940) 13,817 - (121,660)
Accumulated deferred investment tax credits (19,681) - - - (19,681)
Obligations under capital leases (23,654) - 15 - (23,638)
FERC settlement - refund obligation (4,867) - - - (4,867)
Other regulatory liabilities 53,034 - - - 53,034
Decommisioning 19,475 - 14,341 - 33,815
Transition to competition 44,764 - - - 44,764
Regulatory reserves (36,756) - - - (36,756)
Accumulated provisions 60,186 (57,938) 10,622 - 12,870
Other 456,102 11,331 (33,891) (402,207) 31,332
---------- --------- --------- ---------- ----------
TOTAL 415,065 (48,547) 4,904 (402,207) (30,786)
---------- --------- --------- ---------- ----------
Long-term debt 413,287 - 105,708 (24,809) 494,186
Preferred stock with sinking fund - - - - -
Preference stock (150,000) - - - (150,000)
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust holding
solely junior subordinated deferrable debentures - - - - -
SHAREHOLDERS' EQUITY
Preferred stock without sinking fund (7,215) - - - (7,215)
Common stock - 1 5,016 (5,016) 1
Authorized shares
Issued shares CY
Paid-in capital 65 647 56,171 (56,235) 648
Retained earnings 265,127 429,928 (485,567) 220,440 429,929
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (2,298) (2,299) 2,299 (2,298)
Net unrealized investment gains (losses) - - 11,611 - 11,611
Less - treasury stock, at cost - 483,257 - - 483,257
---------- --------- --------- ---------- ----------
TOTAL 257,977 (54,979) (415,068) 161,488 (50,582)
---------- --------- --------- ---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,603,431 $(226,448) $(160,455) $ (174,512) $1,042,016
========== ========= ========= ========== ==========
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Consolidated
Utilities Other Businesses Eliminations
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $2,390,667 $ - $ - $(5,580) $2,385,087
Natural gas 21,815 - - - 21,815
Steam products - - - - -
Competitive businesses - 8,239 1,028,390 (11,977) 1,024,653
---------- ------ --------- ------- ----------
Total 2,412,482 8,239 1,028,390 (17,557) 3,431,555
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for 725,564 - 69,655 (438) 794,782
resale
Purchased power 313,666 - 857,210 (12,731) 1,158,145
---------- ------ --------- ------- ----------
Gross Margin 1,373,252 8,239 101,525 (4,388) 1,478,628
Margin % 56.9% 100.0% 9.9% 25.0% 43.1%
Nuclear refueling outage expenses 18,439 - - - 18,439
Other operation and maintenance 398,059 16,255 95,046 (4,981) 504,379
Decommissioning 11,505 - - - 11,505
Taxes other than income taxes 101,266 332 1,591 - 103,188
---------- ------ --------- ------- ----------
Total 1,568,499 16,587 1,023,502 (18,150) 2,590,438
---------- ------ --------- ------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 843,983 (8,348) 4,888 593 841,117
---------- ------ --------- ------- ----------
Margin % 35.0% (101.3%) 0.5% (3.4%) 24.5%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 186,042 813 2,111 - 188,967
Other regulatory charges (credits) 47,816 - - - 47,816
Amortization of rate deferrals 10,497 - - - 10,497
---------- ------ --------- ------- ----------
Total 244,355 813 2,111 - 247,280
---------- ------ --------- ------- ----------
OPERATING INCOME (LOSS) 599,628 (9,161) 2,777 593 593,837
---------- ------ --------- ------- ----------
Margin % 24.9% (111.2%) 0.3% (3.4%) 17.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 9,163 - - - 9,163
Gain/(loss) on sale of assets - net 548 - (832) - (284)
Miscellaneous - net 10,916 15,878 29,670 (2,590) 53,873
---------- ------ --------- ------- ----------
Total 20,627 15,878 28,838 (2,590) 62,752
---------- ------ --------- ------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 121,338 - 126 - 121,464
Other interest - net 11,148 5,512 7,912 (1,997) 22,576
Distributions on preferred securities of subsidiaries 4,709 - - - 4,709
Allowance for borrowed funds used during construction (6,776) - - - (6,776)
---------- ------ --------- ------- ----------
Total 130,419 5,512 8,038 (1,997) 141,973
---------- ------ --------- ------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 489,836 1,205 23,577 - 514,616
INCOME TAXES 199,142 (1,417) 10,202 - 207,927
---------- ------ --------- ------- ----------
CONSOLIDATED NET INCOME (LOSS) 290,694 2,622 13,375 - 306,689
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 6,755 - - - 6,755
---------- ------ --------- ------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 283,939 $2,622 $13,375 $ - $ 299,934
========== ====== ========= ======= ==========
Margin % 11.8% 31.8% 1.3% - 8.7%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.28 $0.01 $0.06 $1.35
DILUTED $1.27 $0.01 $0.06 $1.34
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 222,159,091
DILUTED 224,352,165
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Consolidated
Utilities Other Businesses Eliminations
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $2,025,842 $ - $ - $(6,329) $2,019,513
Natural gas 18,441 - - - 18,441
Steam products - - - - -
Competitive businesses - - 1,034,529 (7,948) 1,026,581
---------- ------ --------- ------- ----------
Total 2,044,283 - 1,034,529 (14,277) 3,064,535
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased 438,591 - 146,339 (719) 584,211
for resale
Purchased power 360,862 - 787,923 (8,930) 1,139,855
---------- ------ --------- ------- ----------
Gross Margin 1,244,830 - 100,267 (4,628) 1,340,469
Margin % 60.9% - 9.7% 32.4% 43.7%
Nuclear refueling outage expenses 19,594 - - - 19,594
Other operation and maintenance 334,484 14,855 73,071 (5,071) 417,339
Decommissioning 11,572 - - - 11,572
Taxes other than income taxes 88,610 115 4,303 - 93,028
---------- ------ --------- ------- ----------
Total 1,253,713 14,970 1,011,636 (14,720) 2,265,599
---------- ------ --------- ------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 790,570 (14,970) 22,893 443 798,936
---------- ------ --------- ------- ----------
Margin % 38.7% - 2.2% (3.1%) 26.1%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 159,088 248 2,280 - 161,616
Other regulatory charges (credits) 29,003 - - - 29,003
Amortization of rate deferrals 10,722 - - - 10,722
---------- ------ --------- ------- ----------
Total 198,813 248 2,280 - 201,341
---------- ------ --------- ------- ----------
OPERATING INCOME (LOSS) 591,757 (15,218) 20,613 443 597,595
---------- ------ --------- ------- ----------
Margin % 28.9% - 2.0% (3.1%) 19.5%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 7,877 - - - 7,877
Gain/(loss) on sale of assets - net 605 (18) - - 587
Miscellaneous - net 12,145 11,492 7,501 (2,061) 29,077
---------- ------ --------- ------- ----------
Total 20,627 11,474 7,501 (2,061) 37,541
---------- ------ --------- ------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 116,348 - 267 - 116,615
Other interest - net 11,098 312 3,129 (1,618) 12,921
Distributions on preferred securities of subsidiaries 4,709 - - - 4,709
Allowance for borrowed funds used during construction (6,064) - - - (6,064)
---------- ------ --------- ------- ----------
Total 126,091 312 3,396 (1,618) 128,181
---------- ------ --------- ------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 486,293 (4,056) 24,718 - 506,955
INCOME TAXES 193,996 2,062 14,739 - 210,797
---------- ------ --------- ------- ----------
CONSOLIDATED NET INCOME (LOSS) 292,297 (6,118) 9,979 - 296,158
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 9,939 - - - 9,939
---------- ------ --------- ------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 282,358 $ (6,118) $ 9,979 $ - $ 286,219
========== ======== ========= ======= ==========
Margin % 13.8% - 1.0% - 9.3%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.15 ($0.03) $0.04 $1.16
DILUTED $1.15 ($0.03) $0.04 $1.16
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 246,253,929
DILUTED 246,389,119
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2000 vs. 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Consolidated
Utilities Other Businesses Eliminations
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $364,825 $ - $ - $ 749 $ 365,574
Natural gas 3,374 - - - 3,374
Steam products - - - - -
Competitive businesses - 8,239 (6,139) (4,029) (1,928)
-------- -------- -------- ------ ----------
Total 368,199 8,239 (6,139) (3,280) 367,020
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for 286,973 - (76,684) 281 210,571
resale
Purchased power (47,196) - 69,287 (3,801) 18,290
-------- -------- -------- ------ ----------
Gross Margin 128,422 8,239 1,258 240 138,159
Margin % (4.0%) 100.0% 0.2% (7.4%) (0.7%)
Nuclear refueling outage expenses (1,155) - - - (1,155)
Other operation and maintenance 63,575 1,400 21,975 90 87,040
Decommissioning (67) - - - (67)
Taxes other than income taxes 12,656 217 (2,712) - 10,160
-------- -------- -------- ------ ----------
Total 314,786 1,617 11,866 (3,430) 324,839
-------- -------- -------- ------ ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 53,413 6,622 (18,005) 150 42,181
-------- -------- -------- ------ ----------
Margin % (3.7%) (101.3%) (1.7%) (0.3%) (1.6%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 26,954 565 (169) - 27,351
Other regulatory charges (credits) 18,813 - - - 18,813
Amortization of rate deferrals (225) - - - (225)
-------- -------- -------- ------ ----------
Total 45,542 565 (169) - 45,939
-------- -------- -------- ------ ----------
OPERATING INCOME (LOSS) 7,871 6,057 (17,836) 150 (3,758)
-------- -------- -------- ------ ----------
Margin % (4.1%) (111.2%) (1.7%) (0.3%) (2.2%)
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 1,286 - - - 1,286
Gain/(loss) on sale of assets - net (57) 18 (832) - (871)
Miscellaneous - net (1,229) 4,386 22,169 (529) 24,796
-------- -------- -------- ------ ----------
Total - 4,404 21,337 (529) 25,211
-------- -------- -------- ------ ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 4,990 - (141) - 4,849
Other interest - net 50 5,200 4,783 (379) 9,655
Distributions on preferred securities of subsidiaries - - - - -
Allowance for borrowed funds used during construction (712) - - - (712)
-------- -------- -------- ------ ----------
Total 4,328 5,200 4,642 (379) 13,792
-------- -------- -------- ------ ----------
INCOME (LOSS) BEFORE INCOME TAXES 3,543 5,261 (1,141) - 7,661
INCOME TAXES 5,146 (3,479) (4,537) - (2,870)
-------- -------- -------- ------ ----------
CONSOLIDATED NET INCOME (LOSS) (1,603) 8,740 3,396 - 10,531
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (3,184) - - - (3,184)
-------- -------- -------- ------ ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 1,581 $ 8,740 $ 3,396 $ - $ 13,715
======== ======== ======== ====== ==========
Margin % (2.0%) 31.8% 0.3% - (0.6%)
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.13 $0.04 $0.02 $0.19
DILUTED $0.12 $0.04 $0.02 $0.18
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Entergy Corporation
Consolidating Income Statement
Year to Date September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $5,415,296 $ - $ - $ (12,639) $5,402,657
Natural gas 96,107 - - - 96,107
Steam products - - - - -
Competitive businesses - 22,515 1,888,914 (29,358) 1,882,071
--------- ------- -------- ---------- ----------
Total 5,511,403 22,515 1,888,914 (41,997) 7,380,835
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 1,546,801 - 210,608 (438) 1,756,972
Purchased power 666,938 - 1,395,928 (32,657) 2,030,210
--------- ------- -------- ---------- ----------
Gross Margin 3,297,664 22,515 282,377 (8,902) 3,593,653
Margin % 59.8% 100.0% 14.9% 21.2% 48.7%
Nuclear refueling outage expenses 53,625 - - - 53,625
Other operation and maintenance 1,070,092 45,996 226,161 (10,237) 1,332,012
Decommissioning 28,611 - - - 28,611
Taxes other than income taxes 260,566 1,053 4,727 - 266,346
--------- ------- -------- ---------- ----------
Total 3,626,634 47,049 1,837,423 (43,331) 5,467,776
--------- ------- -------- ---------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,884,769 (24,534) 51,490 1,335 1,913,059
--------- ------- -------- ---------- ----------
Margin % 34.2% (109.0%) 2.7% (3.2%) 25.9%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 537,887 2,344 5,759 - 545,991
Other regulatory charges (credits) 27,311 - - - 27,311
Amortization of rate deferrals 25,776 - - - 25,776
--------- ------- -------- ---------- ----------
Total 590,974 2,344 5,759 - 599,078
--------- ------- -------- ---------- ----------
OPERATING INCOME (LOSS) 1,293,795 (26,878) 45,731 1,335 1,313,981
--------- ------- -------- ---------- ----------
Margin % 23.5% (119.4%) 2.4% (3.2%) 17.8%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 24,898 - - - 24,898
Gain/(loss) on sale of assets - net 1,594 3 19,694 - 21,291
Miscellaneous - net 17,245 67,062 80,975 (8,777) 156,505
--------- ------- -------- ---------- ----------
Total 43,736 67,065 100,669 (8,777) 202,694
--------- ------- -------- ---------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 354,016 - 379 (810) 353,585
Other interest - net 32,523 17,485 22,852 (6,632) 66,227
Distributions on preferred securities of subsidiaries 14,128 - - - 14,128
Allowance for borrowed funds used during construction (18,753) - - - (18,753)
--------- ------- -------- ---------- ----------
Total 381,914 17,485 23,231 (7,442) 415,187
--------- ------- -------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 955,617 22,702 123,169 (0) 1,101,488
INCOME TAXES 390,640 5,583 44,393 - 440,616
--------- ------- -------- ---------- ----------
CONSOLIDATED NET INCOME (LOSS) 564,978 17,119 78,777 (0) 660,872
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 24,886 - - - 24,886
--------- ------- -------- ---------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 540,091 $17,119 $ 78,777 $ (0) $ 635,986
========= ======= ======== ========== ==========
Margin % 9.8% 76.0% 4.2% 0.0% 8.6%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.36 $0.08 $0.34 $2.78
DILUTED $2.35 $0.08 $0.34 $2.77
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 228,930,171
DILUTED 230,034,859
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Year to Date September 30, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $4,883,141 $ - $ - $ (11,909) $4,871,232
Natural gas 78,321 - - - 78,321
Steam products 15,550 - - - 15,550
Competitive businesses - - 2,069,728 (13,970) 2,055,758
--------- -------- --------- ----------- ----------
Total 4,977,012 - 2,069,728 (25,879) 7,020,861
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for 1,174,769 - 304,005 (719) 1,478,055
resale.
Purchased power 576,590 - 1,629,884 (15,993) 2,190,481
--------- -------- --------- ----------- ----------
Gross Margin 3,225,653 - 135,839 (9,167) 3,352,325
Margin % 64.8% - 6.6% 35.4% 47.7%
Nuclear refueling outage expenses 56,414 - - - 56,414
Other operation and maintenance 986,124 51,324 168,996 (10,767) 1,195,677
Decommissioning 35,004 - - - 35,004
Taxes other than income taxes 253,003 511 5,635 - 259,149
--------- -------- --------- ----------- ----------
Total 3,081,904 51,835 2,108,520 (27,479) 5,214,780
--------- -------- --------- ----------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,895,108 (51,835) (38,792) 1,600 1,806,081
--------- -------- --------- ----------- ----------
Margin % 38.1% - (1.9%) (6.2%) 25.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 513,328 1,123 8,714 - 523,165
Other regulatory charges (credits) 10,033 - - - 10,033
Amortization of rate deferrals 107,902 - - - 107,902
--------- -------- --------- ----------- ----------
Total 631,263 1,123 8,714 - 641,100
--------- -------- --------- ----------- ----------
OPERATING INCOME (LOSS) 1,263,845 (52,958) (47,506) 1,600 1,164,981
--------- -------- --------- ----------- ----------
Margin % 25.4% - (2.3%) (6.2%) 16.6%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 20,636 - - - 20,636
Gain/(loss) on sale of assets - net 1,511 (835) 61,212 - 61,888
Miscellaneous - net 28,155 35,117 29,351 (3,530) 89,093
--------- -------- --------- ----------- ----------
Total 50,302 34,282 90,563 (3,530) 171,617
--------- -------- --------- ----------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 357,078 - 2,232 - 359,310
Other interest - net 48,176 5,701 6,457 (1,930) 58,404
Distributions on preferred securities of subsidiaries 14,128 - - - 14,128
Allowance for borrowed funds used during construction (16,469) - - - (16,469)
--------- -------- --------- ----------- ----------
Total 402,913 5,701 8,689 (1,930) 415,373
--------- -------- --------- ----------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 911,234 (24,377) 34,368 - 921,225
INCOME TAXES 361,493 (3,529) (15,561) - 342,403
--------- -------- --------- ----------- ----------
CONSOLIDATED NET INCOME (LOSS) 549,741 (20,848) 49,929 - 578,822
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 30,645 - - - 30,645
--------- -------- --------- ----------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 519,096 $(20,848) $ 49,929 $ - $ 548,177
========= ======== ========= =========== ==========
Margin % 10.4% - 2.4% - 7.8%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.11 ($0.09) $0.20 $2.22
DILUTED $2.11 ($0.09) $0.20 $2.22
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 246,541,754
DILUTED 246,770,002
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Year to Date September 30, 2000 vs. 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $ 532,155 $ - $ - $ (730) $ 531,425
Natural gas 17,786 - - - 17,786
Steam products (15,550) - - - (15,550)
Competitive businesses - 22,515 (180,814) (15,388) (173,687)
-------- --------- ---------- ----------- -----------
Total 534,391 22,515 (180,814) (16,118) 359,974
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased 372,032 - (93,397) 281 278,917
for resale.
Purchased power 90,348 - (233,956) (16,664) (160,271)
-------- --------- ---------- ----------- -----------
Gross Margin 72,011 22,515 146,538 265 241,329
Margin % (5.0%) 100.0% 8.4% (14.2%) 0.9%
Nuclear refueling outage expenses (2,789) - - - (2,789)
Other operation and maintenance 83,968 (5,328) 57,165 530 136,335
Decommissioning (6,393) - - - (6,393)
Taxes other than income taxes 7,563 542 (908) - 7,197
-------- --------- ---------- ----------- -----------
Total 544,730 (4,786) (271,097) (15,852) 252,995
-------- --------- ---------- ----------- -----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (10,339) 27,301 90,282 (265) 106,979
-------- --------- ---------- ----------- -----------
Margin % (3.9%) (109.0%) 4.6% 3.0% 0.2%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 24,559 1,221 (2,955) - 22,826
Other regulatory charges (credits) 17,278 - - - 17,278
Amortization of rate deferrals (82,126) - - - (82,126)
-------- --------- ---------- ----------- -----------
Total (40,289) 1,221 (2,955) - (42,022)
-------- --------- ---------- ----------- -----------
OPERATING INCOME (LOSS) 29,950 26,080 93,237 (265) 149,001
-------- --------- ---------- ----------- -----------
Margin % (1.9%) (119.4%) 4.7% 3.0% 1.2%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 4,262 - - - 4,262
Gain/(loss) on sale of assets - net 83 838 (41,518) - (40,597)
Miscellaneous - net (10,910) 31,945 51,624 (5,247) 67,412
-------- --------- ---------- ----------- -----------
Total (6,566) 32,783 10,106 (5,247) 31,077
-------- --------- ---------- ----------- -----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (3,062) - (1,853) (810) (5,725)
Other interest - net (15,653) 11,784 16,395 (4,702) 7,823
Distributions on preferred securities of subsidiaries 0 - - - 0
Allowance for borrowed funds used during construction (2,284) - - - (2,284)
-------- --------- ---------- ----------- -----------
Total (20,999) 11,784 14,542 (5,512) (186)
-------- --------- ---------- ----------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 44,383 47,079 88,801 (0) 180,264
INCOME TAXES 29,147 9,112 59,954 - 98,213
-------- --------- ---------- ----------- -----------
CONSOLIDATED NET INCOME (LOSS) 15,237 37,967 28,848 (0) 82,051
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (5,759) - - - (5,759)
-------- --------- ---------- ----------- -----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 20,995 $ 37,967 $ 28,848 $ (0) $ 87,810
======== ========= ========== =========== ===========
Margin % (0.6%) 76.0% 1.8% 0.0% 0.8%
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $0.25 $0.17 $0.14 $0.56
DILUTED $0.24 $0.17 $0.14 $0.55
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2000
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $6,820,873 $ - $ - $ (17,732) $6,803,141
Natural gas 128,141 - - - 128,141
Steam products - - - - -
Competitive businesses - 22,515 2,211,607 (32,202) 2,201,920
---------- --------- --------- ---------- ----------
Total 6,949,014 22,515 2,211,607 (49,934) 9,133,202
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased 2,044,107 - 318,122 (438) 2,361,791
for resale.
Purchased power 783,549 - 1,537,172 (38,509) 2,282,212
---------- --------- --------- ---------- ----------
Gross Margin 4,121,358 22,515 356,313 (10,987) 4,489,199
Margin % 59.3% 100.0% 16.1% 22.0% 49.2%
Nuclear refueling outage expenses 73,267 - - - 73,267
Other operation and maintenance 1,489,176 53,610 311,860 (12,766) 1,841,880
Decommissioning 39,596 - - - 39,596
Taxes other than income taxes 342,396 1,130 2,954 - 346,480
---------- --------- --------- ---------- ----------
Total 4,772,091 54,740 2,170,108 (51,713) 6,945,226
---------- --------- --------- ---------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,176,923 (32,225) 41,499 1,779 2,187,976
---------- --------- --------- ---------- ----------
Margin % 31.3% (143.1%) 1.9% (3.6%) 24.0%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 710,754 2,659 8,294 - 721,707
Other regulatory charges (credits) 32,111 - - - 32,111
Amortization of rate deferrals 33,500 - - - 33,500
---------- --------- --------- ---------- ----------
Total 776,365 2,659 8,294 - 787,318
---------- --------- --------- ---------- ----------
OPERATING INCOME (LOSS) 1,400,558 (34,884) 33,205 1,779 1,400,658
---------- --------- --------- ---------- ----------
Margin % 20.2% (154.9%) 1.5% (3.6%) 15.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 33,553 - - - 33,553
Gain/(loss) on sale of assets - net 2,128 5 29,194 - 31,327
Miscellaneous - net 28,661 71,366 132,639 (10,831) 221,835
---------- --------- --------- ---------- ----------
Total 64,342 71,371 161,833 (10,831) 286,715
---------- --------- --------- ---------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 471,584 - 379 (810) 471,153
Other interest - net 49,992 17,927 30,618 (8,242) 90,296
Distributions on preferred securities of subsidiaries 18,838 - - - 18,838
Allowance for borrowed funds used during construction (24,869) - - - (24,869)
---------- --------- --------- ---------- ----------
Total 515,545 17,927 30,997 (9,052) 555,418
---------- --------- --------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 949,355 18,560 164,041 - 1,131,955
INCOME TAXES 380,594 28,273 46,012 - 454,879
---------- --------- --------- ---------- ----------
CONSOLIDATED NET INCOME (LOSS) 568,761 (9,713) 118,029 - 677,076
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 36,808 - - - 36,808
---------- --------- --------- ---------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 531,953 $ (9,713) $ 118,029 $ - $ 640,268
========== ========= ========= ========== ==========
Margin % 7.7% (43.1%) 5.3% - 7.0%
EARNINGS PER AVERAGE COMMON SHARE $2.29 ($0.04) $0.51 $2.76
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 231,946,696
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 1999
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $6,166,330 $ - $ - $ (14,083) $6,152,247
Natural gas 102,060 - - - 102,060
Steam products 27,001 - - - 27,001
Competitive businesses - - 2,840,885 (15,913) 2,824,972
---------- -------- --------- ---------- ----------
Total 6,295,391 - 2,840,885 (29,996) 9,106,280
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased 1,567,548 - 360,476 (719) 1,927,305
for resale
Purchased power 677,854 - 2,106,539 (19,364) 2,765,029
---------- -------- --------- ---------- ----------
Gross Margin 4,049,989 - 373,870 (9,913) 4,413,946
Margin % 64.3% - 13.2% 33.0% 48.5%
Nuclear refueling outage expenses 76,165 - - - 76,165
Other operation and maintenance 1,354,341 63,552 311,459 (11,957) 1,717,395
Decommissioning 45,246 - - - 45,246
Taxes other than income taxes 333,906 780 9,471 - 344,157
---------- -------- --------- ---------- ----------
Total 4,055,060 64,332 2,787,945 (32,040) 6,875,297
---------- -------- --------- ---------- ----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,240,331 (64,332) 52,940 2,044 2,230,983
---------- -------- --------- ---------- ----------
Margin % 35.6% - 1.9% (6.8%) 24.5%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 693,669 1,703 48,558 - 743,930
Other regulatory charges (credits) 33,410 - - - 33,410
Amortization of rate deferrals 125,697 - - - 125,697
---------- -------- --------- ---------- ----------
Total 852,776 1,703 48,558 - 903,037
---------- -------- --------- ---------- ----------
OPERATING INCOME (LOSS) 1,387,555 (66,035) 4,382 2,044 1,327,946
---------- -------- --------- ---------- ----------
Margin % 22.0% - 0.2% (6.8%) 14.6%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 23,451 - - - 23,451
Gain/(loss) on sale of assets - net 2,152 (835) 389,603 - 390,920
Miscellaneous - net 41,243 37,906 45,689 (4,068) 120,770
---------- -------- --------- ---------- ----------
Total 66,846 37,071 435,292 (4,068) 535,141
---------- -------- --------- ---------- ----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 476,122 - 53,004 - 529,126
Other interest - net 69,925 8,874 11,040 (2,024) 87,815
Distributions on preferred securities of subsidiaries 18,837 - 4,384 - 23,221
Allowance for borrowed funds used during construction (19,215) - - - (19,215)
---------- -------- --------- ---------- ----------
Total 545,669 8,874 68,428 (2,024) 620,947
---------- -------- --------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES 908,732 (37,838) 371,246 - 1,242,140
INCOME TAXES 338,990 13,553 63,775 - 416,318
---------- -------- --------- ---------- ----------
CONSOLIDATED NET INCOME (LOSS) 569,742 (51,391) 307,471 - 825,822
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 42,114 - - - 42,114
---------- -------- --------- ---------- ----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 527,628 $ (51,391) $ 307,471 $ - $ 783,708
========== ======== ========= ========== ==========
Margin % 8.4% - 10.8% - 8.6%
EARNINGS PER AVERAGE COMMON SHARE $2.14 ($0.21) $1.25 $3.18
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 246,553,405
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2000 vs. 1999
Increase/(Decrease)
(Dollars in thousands)
(Unaudited)
U.S. Parent & Competitive Eliminations Consolidated
Utilities Other Businesses
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Domestic electric $ 654,543 $ - $ - $ (3,649) $ 650,894
Natural gas 26,081 - - - 26,081
Steam products (27,001) - - - (27,001)
Competitive businesses - 22,515 (629,278) (16,289) (623,052)
-------- --------- --------- ---------- -----------
Total 653,623 22,515 (629,278) (19,938) 26,922
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased 476,559 - (42,354) 281 434,486
for resale
Purchased power 105,695 - (569,367) (19,145) (482,817)
-------- --------- --------- ---------- -----------
Gross Margin 71,369 22,515 (17,557) (1,074) 75,253
Margin % (5.0%) 100.0% 3.0% (11.0%) 0.7%
Nuclear refueling outage expenses (2,898) - - - (2,898)
Other operation and maintenance 134,835 (9,942) 401 (809) 124,485
Decommissioning (5,650) - - - (5,650)
Taxes other than income taxes 8,490 350 (6,517) - 2,323
-------- --------- --------- ---------- -----------
Total 717,031 (9,592) (617,837) (19,673) 69,929
-------- --------- --------- ---------- -----------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (63,408) 32,107 (11,441) (265) (43,007)
-------- --------- --------- ---------- -----------
Margin % (4.3%) (143.1%) 0.0% 3.3% (0.5%)
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 17,085 956 (40,264) - (22,223)
Other regulatory charges (credits) (1,299) - - - (1,299)
Amortization of rate deferrals (92,197) - - - (92,197)
-------- --------- --------- ---------- -----------
Total (76,411) 956 (40,264) - (115,719)
-------- --------- --------- ---------- -----------
OPERATING INCOME (LOSS) 13,003 31,151 28,823 (265) 72,712
-------- --------- --------- ---------- -----------
Margin % (1.9%) (154.9%) 1.3% 3.3% 0.8%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction 10,102 - - - 10,102
Gain/(loss) on sale of assets - net (24) 840 (360,409) - (359,593)
Miscellaneous - net (12,582) 33,460 86,950 (6,763) 101,065
-------- --------- --------- ---------- -----------
Total (2,504) 34,300 (273,459) (6,763) (248,426)
-------- --------- --------- ---------- -----------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (4,538) - (52,625) (810) (57,973)
Other interest - net (19,933) 9,053 19,578 (6,218) 2,481
Distributions on preferred securities of subsidiaries 1 - (4,384) - (4,383)
Allowance for borrowed funds used during construction (5,654) - - - (5,654)
-------- --------- --------- ---------- -----------
Total (30,124) 9,053 (37,431) (7,028) (65,530)
-------- --------- --------- ---------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 40,623 56,398 (207,205) - (110,184)
INCOME TAXES 41,604 14,720 (17,763) - 38,561
-------- --------- --------- ---------- -----------
CONSOLIDATED NET INCOME (LOSS) (981) 41,678 (189,442) - (148,746)
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (5,306) - - - (5,306)
-------- --------- --------- ---------- -----------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 4,325 $ 41,678 $(189,442) $ - $ (143,440)
======== ========= ========= ========== ===========
Margin % (0.7%) (43.1%) (5.5%) - (1.6%)
EARNINGS PER AVERAGE COMMON SHARE 0.15 0.17 (0.74) - (0.42)
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
U.S. Utility Electric Energy Sales & Customers
Three Months Ended September
% Weather
2000 1999 % Adjusted
(Millions of kwh)
<S> <C> <C> <C> <C>
ELECTRIC ENERGY SALES:
Residential 11,573 11,007 5.1 2.7
Commercial 7,578 7,227 4.9 3.6
Governmental 744 720 3.4 2.6
Industrial 11,248 11,297 (0.4) (0.4)
------ ------
Total to Ultimate Customers 31,143 30,251 2.9 1.7
Wholesale 2,290 3,087 (25.8)
------ ------
Total Sales 33,433 33,338 0.3
====== ======
</TABLE>
<TABLE>
<CAPTION>
Year to Date September
% Weather
2000 1999 % Adjusted
(Millions of kwh)
<S> <C> <C> <C> <C>
ELECTRIC ENERGY SALES:
Residential 24,943 24,274 2.8 1.2
Commercial 18,738 18,137 3.3 2.6
Governmental 1,966 1,932 1.7 1.4
Industrial 32,886 32,340 1.7 1.7
------ ------
Total to Ultimate Customers 78,533 76,683 2.4 1.7
Wholesale 6,880 7,391 (6.9)
------ ------
Total Sales 85,413 84,074 1.6
====== ======
</TABLE>
<TABLE>
<CAPTION>
Twelve Months Ended September
2000 1999 %
(Millions of kwh)
<S> <C> <C> <C>
ELECTRIC ENERGY SALES:
Residential 31,300 31,043 0.8
Commercial 24,376 23,868 2.1
Governmental 2,598 2,549 1.9
Industrial 44,095 43,216 2.0
------- -------
Total to Ultimate Customers 102,369 100,676 1.7
Wholesale 9,203 10,998 (16.3)
------- -------
Total Sales 111,572 111,674 (0.1)
======= =======
</TABLE>
<TABLE>
<CAPTION>
September
2000 1999 %
<S> <C> <C> <C>
ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE):
Residential 2,204,308 2,178,367 1.2
Commercial 288,473 281,267 2.6
Governmental 14,296 13,944 2.5
Industrial 42,476 42,496 (0.0)
--------- ---------
Total to Ultimate Customers 2,549,553 2,516,074 1.3
Wholesale 38 42 (9.4)
--------- ---------
Total Sales 2,549,591 2,516,116 1.3
========= =========
</TABLE>
