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File No. 70--8861
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
_________________________________________
FORM U-1
_________________________________________
AMENDMENT NO. 1
to the
APPLICATION-DECLARATION
under
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
_________________________________________
Entergy Corporation Entergy Operations, Inc.
639 Loyola Avenue Echelon One
New Orleans, Louisiana 70113 1340 Echelon Parkway
Jackson, Mississippi 39213
Entergy Services, Inc.
639 Loyola Avenue
New Orleans, Louisiana 70113
(Names of companies filing this statement and
addresses of principal executive offices)
_________________________________________
Entergy Corporation
(Name of top registered holding company parent
of each applicant or declarant)
_________________________________________
Edwin A. Lupberger Donald C. Hintz
Chairman of the Board and President and Chief Executive Officer
Chief Executive Officer Entergy Operations, Inc.
Entergy Corporation Echelon One
639 Loyola Avenue 1340 Echelon Parkway
New Orleans, Louisiana 70113 Jackson, Mississippi 39213
Jerry D. Jackson
Executive Vice President -
External Affairs
Entergy Services, Inc.
639 Loyola Avenue
New Orleans, Louisiana 70113
(Names and addresses of agents for service)
_________________________________________
The Commission is also requested to send copies of any
communications in connection with this matter to:
Joseph L. Blount, Esq. Larry Hamric, Esq.
Entergy Operations, Inc. Mark Hoffman, Esq.
Echelon One Entergy Services, Inc.
1340 Echelon Parkway 639 Loyola Avenue
Jackson, Mississippi 39213 New Orleans, Louisiana 70113
Robert B. McGehee, Esq.
Wise Carter Child & Caraway
Professional Association
401 East Capitol Street
Jackson, Mississippi 39201
William T. Baker, Jr., Esq.
Reid & Priest LLP
40 West 57th Street
New York, New York 10019
<PAGE>
Item 2. Fees, Commissions and Expenses.
The fees, commissions and expenses paid or incurred, or to
be paid or incurred, in connection with the proposed transactions
are not expected to exceed the following:
Application-Declaration $ 2,000
Filing Fee
*Legal Fees 12,000
-------
*TOTAL EXPENSES: $14,000
=======
____________________
*Estimated
Item 6. Exhibits and Financial Statements
a. Exhibits:
F-1 Opinion of Wise Carter Child &
Caraway, Professional Association, Counsel to
Entergy
F-2 Opinion of Wise Carter Child &
Caraway, Professional Association, Counsel to
Entergy Operations
F-3 Opinion of Wise Carter Child &
Caraway, Professional Corporation, Counsel to
Entergy Services
G Financial Data Schedules
b. Financial Statements:
Financial Statements of Entergy, Entergy Operations,
Entergy Services and Entergy and Subsidiaries, consolidated,
as of March 31, 1996.
Except as reflected in the Financial Statements, no material
changes not in the ordinary course of business have taken place
since March 31, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, as amended, each undersigned company has
duly caused this Amendment No. 1 to the Application-Declaration
to be signed on its behalf by the undersigned thereunto duly
authorized.
ENTERGY CORPORATION
BY: /s/ Donald C. Hintz
Donald C. Hintz
Executive Vice President
and Chief Nuclear Officer
ENTERGY OPERATIONS, INC.
BY: /s/ Donald C. Hintz
Donald C. Hintz
President and
Chief Executive Officer
ENTERGY SERVICES, INC.
BY: /s/ Michael G. Thompson
Michael G. Thompson
Senior Vice President and
General Counsel
Date: May 16, 1996
EXHIBIT F-1
May 16, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
With respect to the Application-Declaration on Form U-1, as
amended, (File No. 70-8861) (hereinafter referred to as the
"Application-Declaration"), filed by Entergy Corporation
("Entergy"), Entergy Operations, Inc. and Entergy Services, Inc.
with the Securities and Exchange Commission (the "Commission")
under the Public Utility Holding Company Act of 1935, as amended,
contemplating, among other things, the establishment and
financing of a wholly-owned subsidiary of Entergy to be named
Entergy Nuclear, Inc. ("Entergy Nuclear"), which will provide
nuclear-related services, directly or through special purpose
subsidiaries of Entergy Nuclear, to non-affiliated companies, we
advise you that in our opinion:
In the event the proposed transactions are consummated in
accordance with the Application-Declaration and the related order
or orders of the Commission:
(a) all state laws applicable to the participation by
Entergy in the proposed transactions will have been complied
with;
(b) Entergy will legally acquire the common stock of
Entergy Nuclear; and
(c) the consummation of the proposed transactions by
Entergy will not violate the legal rights of the holders of
any securities issued by Entergy or any associate company
thereof.
We are members of the Mississippi Bar and do not hold
ourselves out as experts on the laws of any other state; however,
we have made a study of the laws of other states insofar as they
are involved in the conclusions stated in this opinion.
We hereby consent to the use of this opinion as an exhibit
to the Application-Declaration.
Very truly yours,
Wise Carter Child & Caraway
Professional Association
By: /s/ Betty Toon Collins
Betty Toon Collins
EXHIBIT F-2
May 16, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
With respect to the Application-Declaration on Form U-1, as
amended, (File No. 70-8861) (hereinafter referred to as the
"Application-Declaration"), filed by Entergy Corporation
("Entergy"), Entergy Operations, Inc. ("Entergy Operations") and
Entergy Services, Inc. with the Securities and Exchange
Commission (the "Commission") under the Public Utility Holding
Company Act of 1935, as amended, contemplating, among other
things, the participation by Entergy Operations in an agreement
with Entergy Nuclear, Inc., a wholly-owned subsidiary of Entergy
to be established and financed by Entergy for the purpose of
providing nuclear-related services to non-affiliated companies,
as referred to and described in the Application-Declaration, we
advise you that in our opinion:
In the event the proposed transactions are consummated in
accordance with the Application-Declaration and the related order
or orders of the Commission:
(a) all state laws applicable to the participation by
Entergy Operations in said transactions will have been
complied with; and
(b) the consummation of the proposed transactions by
Entergy Operations will not violate the legal rights of the
holders of any securities issued by Entergy Operations or
any associate company thereof.
We are members of the Mississippi Bar and do not hold
ourselves out as experts on the laws of other state; however, we
have made a study of the laws of other states insofar as they are
involved in the conclusions stated in this opinion.
We hereby consent to the use of this opinion as an exhibit
to the Application-Declaration.
Very truly yours,
Wise Carter Child & Caraway
Professional Association
By: /s/ Betty Toon Collins
Betty Toon Collins
EXHIBIT F-3
May 16, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
With respect to the Application-Declaration on Form U-1, as
amended, (File No. 70-8861) (hereinafter referred to as the
"Application-Declaration"), filed by Entergy Corporation
("Entergy"), Entergy Operations, Inc. and Entergy Services, Inc.
("Entergy Services") with the Securities and Exchange Commission
(the "Commission") under the Public Utility Holding Company Act
of 1935, as amended, contemplating, among other things, the
participation by Entergy Services in an agreement with Entergy
Nuclear, Inc., a wholly-owned subsidiary of Entergy to be
established and financed by Entergy for the purpose of providing
nuclear-related services to non-affiliated companies, as referred
to and described in the Application-Declaration, we advise you
that in our opinion:
In the event the proposed transactions are consummated in
accordance with the Application-Declaration and the related order
or orders of the Commission:
(a) all state laws applicable to the participation by
Entergy Services in said transactions will have been
complied with; and
(b the consummation of the proposed transactions by
Entergy Services will not violate the legal rights of the
holders of any securities issued by Entergy Services or any
associate company thereof.
We are members of the Mississippi Bar and do not hold
ourselves out as experts on the laws of any other state; however,
we have made a study of the laws of other states insofar as they
are involved in the conclusions stated in this opinion.
We hereby consent to the use of this opinion as an exhibit
to the Application-Declaration.
Very truly yours,
Wise Carter Child & Caraway
Professional Association
By: /s/ Betty Toon Collins
Betty Toon Collins
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 017
<NAME> ENTERGY CORPORATION & SUBSIDARIES (CONSOLIDATED)
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> MAR-31-1996 MAR-31-1996
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 16,352,180 16,352,180
<OTHER-PROPERTY-AND-INVEST> 750,190 750,190
<TOTAL-CURRENT-ASSETS> 2,427,280 2,427,280
<TOTAL-DEFERRED-CHARGES> 3,719,603 3,719,603
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 23,249,253 23,249,253
<COMMON> 2,300 2,300
<CAPITAL-SURPLUS-PAID-IN> 4,201,117 4,201,117
<RETAINED-EARNINGS> 2,042,902 2,042,902
<TOTAL-COMMON-STOCKHOLDERS-EQ> 6,203,613 6,203,613
233,755 233,755
550,955 550,955
<LONG-TERM-DEBT-NET> 7,637,897 7,637,897
<SHORT-TERM-NOTES> 322,667 322,667
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 715,568 715,568
0 0
<CAPITAL-LEASE-OBLIGATIONS> 285,717 285,717
<LEASES-CURRENT> 150,799 150,799
<OTHER-ITEMS-CAPITAL-AND-LIAB> 7,105,576 7,105,576
<TOT-CAPITALIZATION-AND-LIAB> 23,249,253 23,249,253
<GROSS-OPERATING-REVENUE> 6,548,798 6,548,798
<INCOME-TAX-EXPENSE> 361,698 361,698
<OTHER-OPERATING-EXPENSES> 4,947,510 4,947,510
<TOTAL-OPERATING-EXPENSES> 5,309,208 5,309,208
<OPERATING-INCOME-LOSS> 1,239,590 1,239,590
<OTHER-INCOME-NET> (146,514) (146,514)
<INCOME-BEFORE-INTEREST-EXPEN> 1,093,076 1,093,076
<TOTAL-INTEREST-EXPENSE> 674,360 674,360
<NET-INCOME> 418,716 418,716
76,200 76,200
<EARNINGS-AVAILABLE-FOR-COMM> 342,516 342,516
<COMMON-STOCK-DIVIDENDS> 410,095 410,095
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 016
<NAME> ENTERGY CORPORATION
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> MAR-31-1996 MAR-31-1996
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 6,463,534 6,473,534
<TOTAL-CURRENT-ASSETS> 149,355 139,355
<TOTAL-DEFERRED-CHARGES> 81,129 81,129
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 6,694,018 6,694,018
<COMMON> 2,300 2,300
<CAPITAL-SURPLUS-PAID-IN> 4,214,751 4,214,751
<RETAINED-EARNINGS> 2,042,902 2,042,902
<TOTAL-COMMON-STOCKHOLDERS-EQ> 6,199,992 6,199,992
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 270,000 270,000
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 164,065 164,065
<TOT-CAPITALIZATION-AND-LIAB> 6,694,018 6,694,018
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> (2,907) (2,907)
<OTHER-OPERATING-EXPENSES> 58,211 58,211
<TOTAL-OPERATING-EXPENSES> 55,304 55,304
<OPERATING-INCOME-LOSS> (55,304) (55,304)
<OTHER-INCOME-NET> 402,357 402,357
<INCOME-BEFORE-INTEREST-EXPEN> 347,053 347,053
<TOTAL-INTEREST-EXPENSE> 4,537 4,537
<NET-INCOME> 342,516 342,516
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 342,516 342,516
<COMMON-STOCK-DIVIDENDS> 410,095 410,095
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 020
<NAME> ENTERGY OPERATIONS, INC.
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> MAR-31-1996 MAR-31-1996
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 5,413 5,413
<TOTAL-CURRENT-ASSETS> 18,252 18,252
<TOTAL-DEFERRED-CHARGES> 1,483 1,483
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 25,148 25,148
<COMMON> 5 5
<CAPITAL-SURPLUS-PAID-IN> 995 995
<RETAINED-EARNINGS> 0 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,000 1,000
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 7,610 7,610
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 16,538 16,538
<TOT-CAPITALIZATION-AND-LIAB> 25,148 25,148
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> 403 403
<OTHER-OPERATING-EXPENSES> 645,161 645,161
<TOTAL-OPERATING-EXPENSES> 645,564 645,564
<OPERATING-INCOME-LOSS> (645,564) (645,564)
<OTHER-INCOME-NET> 646,100 646,100
<INCOME-BEFORE-INTEREST-EXPEN> 536 536
<TOTAL-INTEREST-EXPENSE> 536 536
<NET-INCOME> 0 0
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 0 0
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 027
<NAME> ENTERGY SERVICES, INC.
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1995
<PERIOD-END> MAR-31-1996 MAR-31-1996
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 78,676 78,676
<OTHER-PROPERTY-AND-INVEST> 0 0
<TOTAL-CURRENT-ASSETS> 101,973 101,973
<TOTAL-DEFERRED-CHARGES> 2,803 2,803
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 183,452 183,452
<COMMON> 20 20
<CAPITAL-SURPLUS-PAID-IN> 0 0
<RETAINED-EARNINGS> 0 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 20 20
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 49,869 49,869
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 133,563 133,563
<TOT-CAPITALIZATION-AND-LIAB> 183,452 183,452
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> (4) (4)
<OTHER-OPERATING-EXPENSES> 393,354 393,354
<TOTAL-OPERATING-EXPENSES> 393,350 393,350
<OPERATING-INCOME-LOSS> (393,350) (393,350)
<OTHER-INCOME-NET> 397,305 397,305
<INCOME-BEFORE-INTEREST-EXPEN> 3,955 3,955
<TOTAL-INTEREST-EXPENSE> 3,955 3,955
<NET-INCOME> 0 0
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 0 0
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEET
MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
Before In Present After
ASSETS Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
<S> <C> <C> <C>
Utility Plant:
Electric $22,332,245 $22,332,245
Plant acquisition adjustment - GSU 467,623 467,623
Electric plant under leases 676,275 676,275
Property under capital leases - electric 140,400 140,400
Natural gas 167,919 167,919
Steam products 77,558 77,558
Construction work in progress 539,412 539,412
Nuclear fuel under capital leases 296,514 296,514
Nuclear fuel 67,500 67,500
----------- ----------- -----------
Total 24,765,446 24,765,446
Less - accumulated depreciation
and amortization 8,413,266 8,413,266
----------- ----------- -----------
Utility plant - net 16,352,180 16,352,180
----------- ----------- -----------
Other Property and Investments:
Decommissioning trust funds 295,618 295,618
Other 454,572 454,572
----------- ----------- -----------
Total 750,190 750,190
----------- ----------- -----------
Current Assets:
Cash and cash equivalents:
Cash 38,979 38,979
Temporary cash investments - at cost,
which approximates market 392,248 392,248
Special deposits 177,170 177,170
----------- ----------- -----------
Total cash and cash equivalents 608,397 608,397
Notes receivable 6,087 6,087
Accounts receivable:
Customer (less allowance for
doubtful accounts of $8.2 million) 353,939 353,939
Other 67,118 67,118
Accrued unbilled revenues 283,916 283,916
Deferred fuel 70,099 70,099
Fuel inventory - at average cost 98,955 98,955
Materials and supplies - at average cost 355,712 355,712
Rate deferrals 422,760 422,760
Prepayments and other 160,297 160,297
----------- ----------- -----------
Total 2,427,280 2,427,280
----------- ----------- -----------
Deferred Debits and Other Assets:
Regulatory Assets:
Rate deferrals 733,902 733,902
SFAS 109 regulatory asset - net 1,199,525 1,199,525
Unamortized loss on reacquired debt 223,187 223,187
Other regulatory assets 376,162 376,162
Long-term receivables 225,130 225,130
Citipower license (net of $3.3 million of amortization) 616,947 616,947
Other 344,750 344,750
----------- ----------- -----------
Total 3,719,603 3,719,603
----------- ----------- -----------
TOTAL $23,249,253 $23,249,253
=========== =========== ===========
</TABLE>
<PAGE>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEET
MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
CAPITALIZATION AND LIABILITIES Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
Capitalization:
Common stock, $.01par value, authorized
500,000,000 shares; issued 230,017,485
shares $2,300 $2,300
Paid-in capital 4,201,117 4,201,117
Retained earnings 2,042,902 2,042,902
Cumulative foreign currency translation adjustment 17,255 17,255
Less - treasury stock (1,983,639 shares) 59,961 59,961
----------- ----------- -----------
Total common shareholders' equity 6,203,613 6,203,613
Subsidiary's preference stock 150,000 150,000
Subsidiaries' preferred stock:
Without sinking fund 550,955 550,955
With sinking fund 233,755 233,755
Long-term debt 7,637,897 7,637,897
----------- ----------- -----------
Total 14,776,220 14,776,220
Other Noncurrent Liabilities:
Obligations under capital leases 285,717 285,717
Other 348,071 348,071
----------- ----------- -----------
Total 633,788 633,788
----------- ----------- -----------
Current Liabilities:
Currently maturing long-term debt 715,568 715,568
Notes payable 322,667 322,667
Accounts payable 468,047 468,047
Customer deposits 146,481 146,481
Taxes accrued 273,117 273,117
Accumulated deferred income taxes 97,427 97,427
Interest accrued 130,321 130,321
Dividends declared 109,970 109,970
Obligations under capital leases 150,799 150,799
Other 210,889 210,889
----------- ----------- -----------
Total 2,625,286 2,625,286
----------- ----------- -----------
Deferred Credits:
Accumulated deferred income taxes 3,631,832 3,631,832
Accumulated deferred investment tax credits 605,796 605,796
Other 976,331 976,331
----------- ----------- -----------
Total 5,213,959 5,213,959
----------- ----------- -----------
TOTAL $23,249,253 $23,249,253
=========== =========== ===========
</TABLE>
<PAGE>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
Operating Revenues:
Electric $6,223,596 $6,223,596
Natural gas 120,795 120,795
Steam Products 54,241 54,241
Nonregulated and foreign energy-related businesses 150,166 150,166
----------- ----------- -----------
Total 6,548,798 6,548,798
----------- ----------- -----------
Operating Expenses:
Operation and maintenance:
Fuel and fuel-related expenses
and gas purchased for resale 1,482,693 1,482,693
Purchased power 432,244 432,244
Nuclear refueling outage expenses 80,167 80,167
Other operation and maintenance 1,521,970 1,521,970
Depreciation, amortization and decommissioning 719,952 719,952
Taxes other than income taxes 312,456 312,456
Income taxes 361,698 361,698
Rate deferrals (19,802) (19,802)
Amortization of rate deferrals 417,830 417,830
----------- ----------- -----------
Total 5,309,208 5,309,208
----------- ----------- -----------
Operating Income 1,239,590 1,239,590
----------- ----------- -----------
Other Income (Deductions):
Allowance for equity funds used
during construction 9,693 9,693
Write-off of River Bend rate deferrals (194,498) (194,498)
Miscellaneous - net 24,215 24,215
Income taxes 14,076 14,076
----------- ----------- -----------
Total (146,514) (146,514)
----------- ----------- -----------
Interest Charges:
Interest on long-term debt 646,063 646,063
Other interest - net 36,606 36,606
Allowance for borrowed funds used
during construction (8,309) (8,309)
Preferred dividend requirements 76,200 76,200
----------- ----------- -----------
Total 750,560 750,560
----------- ----------- -----------
Net Income 342,516 342,516
=========== =========== ===========
</TABLE>
<PAGE>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
Retained Earnings - April 1, 1995 $2,110,891 $2,110,891
Add
Net Income 342,516 342,516
----------- ----------- -----------
Total 2,453,407 2,453,407
----------- ----------- -----------
Deduct:
Dividends declared on common stock 410,095 410,095
Capital stock and other expenses 410 410
----------- ----------- -----------
Total 410,505 410,505
----------- ----------- -----------
Retained Earnings - March 31, 1996 $2,042,902 $2,042,902
=========== =========== ===========
</TABLE>
<PAGE>
ENTERGY CORPORATION
PRO FORMA BALANCE SHEET
MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
ASSETS Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
NOTE A.
Investment in Wholly-owned Subsidiaries $6,463,534 $ 10,000 $6,473,534
----------- ----------- -----------
Current Assets:
Cash and cash equivalents:
Cash 23 23
Temporary cash investments - at cost,
which approximates market
Associated companies 18,821 (10,000) 8,821
Other 36,677 36,677
----------- ----------- -----------
Total cash and cash equivalents 55,521 45,521
Accounts receivable:
Associated companies 7,002 7,002
Other 356 356
Interest receivable 77,147 77,147
Other 9,329 9,329
----------- ----------- -----------
Total 149,355 139,355
----------- ----------- -----------
Deferred Debits 81,129 81,129
----------- ----------- -----------
TOTAL $6,694,018 $6,694,018
=========== =========== ===========
Note A: This proforma adjusatment gives the effect of the full amount, or $10,000, in
connection with the financing of Entergy Nuclear, Inc. The initial amount of funding
will be less than the proforma amount, and Entergy Corporation may invest additional amounts
(up to $10,000) after contracts and agreements are signed with Entergy Nuclear, Inc. customers.
</TABLE>
<PAGE>
ENTERGY CORPORATION
PRO FORMA BALANCE SHEET
MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
CAPITALIZATION AND LIABILITIES Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
NOTE A.
Capitalization:
Common stock, $.01par value, authorized
500,000,000 shares; issued 230,017,485
shares $2,300 $2,300
Paid-in capital 4,214,751 4,214,751
Retained earnings 2,042,902 2,042,902
Less - treasury stock (1,983,639 shares) 59,961 59,961
----------- ----------- -----------
Total common shareholders' equity 6,199,992 6,199,992
----------- ----------- -----------
Current Liabilities:
Notes payable 270,000 270,000
Accounts payable:
Associated companies 3,597 3,597
Other 1,578 1,578
Dividends declared 102,615 102,615
Other current liabilities 11,750 11,750
----------- ----------- -----------
Total 389,540 389,540
----------- ----------- -----------
Deferred Credits and Noncurrent Liabilities 104,486 104,486
----------- ----------- -----------
TOTAL $6,694,018 $6,694,018
=========== =========== ===========
Note A: This proforma adjusatment gives the effect of the full amount, or $10,000, in
connection with the financing of Entergy Nuclear, Inc. The initial amount of funding
will be less than the proforma amount, and Entergy Corporation may invest additional amounts
(up to $10,000) after contracts and agreements are signed with Entergy Nuclear, Inc. customers.
</TABLE>
<PAGE>
ENTERGY CORPORATION
PRO FORMA STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
NOTE A.
Income:
Equity in income of subsidiaries $388,930 $388,930
Interest on temporary investments 13,517 13,517
Miscellaneous income (90) (90)
----------- ----------- -----------
Total 402,357 402,357
----------- ----------- -----------
Expenses and Other Deductions:
Administrative and general expenses 57,023 57,023
Income taxes (credit) (2,907) (2,907)
Taxes other than income taxes (credit) 1,188 1,188
Interest (credit) 4,537 4,537
----------- ----------- -----------
Total 59,841 59,841
----------- ----------- -----------
Net Income $342,516 $342,516
=========== =========== ===========
Note A: This proforma adjusatment gives the effect of the full amount, or $10,000, in
connection with the financing of Entergy Nuclear, Inc. The initial amount of funding
will be less than the proforma amount, and Entergy Corporation may invest additional amounts
(up to $10,000) after contracts and agreements are signed with Entergy Nuclear, Inc. customers.
</TABLE>
<PAGE>
ENTERGY CORPORATION
PRO FORMA STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
NOTE A.
Retained Earnings - April 1, 1995 $2,110,891 $2,110,891
Add
Net Income 342,516 342,516
----------- ----------- -----------
Total 2,453,407 2,453,407
----------- ----------- -----------
Deduct:
Dividends declared on common stock 410,095 410,095
Capital stock and other expenses 410 410
----------- ----------- -----------
Total 410,505 410,505
----------- ----------- -----------
Retained Earnings - March 31, 1996 $2,042,902 $2,042,902
=========== =========== ===========
Note A: This proforma adjusatment gives the effect of the full amount, or $10,000, in
connection with the financing of Entergy Nuclear, Inc. The initial amount of funding
will be less than the proforma amount, and Entergy Corporation may invest additional amounts
(up to $10,000) after contracts and agreements are signed with Entergy Nuclear, Inc. customers.
</TABLE>
<PAGE>
ENTERGY CORPORATION
JOURNAL ENTRIES
(In Thousands)
Entry No. 1
Investment in wholly owned subsidiaries $10,000
Temporary cash investments - associated cos $10,000
To give effect to the investment of up to $10,000 by Entergy Corporation.
<PAGE>
ENTERGY OPERATIONS, INC.
PRO FORMA BALANCE SHEET
MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
ASSETS Transaction Filing Transaction
----------- ----------- -----------
(In Thousands)
Property and Facilities - at cost:
Service company property (including NOTE B
leasehold improvements) $11,254 $11,254
Construction work in progress 349 349
----------- ----------- -----------
Total 11,603 11,603
Less - Accumulated depreciation
and amortization 6,190 6,190
----------- ----------- -----------
Property and Facilities - net 5,413 5,413
----------- ----------- -----------
Current Assets:
Cash and cash equivalents:
Cash 99 99
Temporary cash investments - at cost,
which approximates market -
associated companies - 0
----------- ----------- -----------
Total cash and cash equivalents 99 0 99
Accounts receivable - associated companies 17,898 17,898
Prepayments and other 255 255
----------- ----------- -----------
Total 18,252 0 18,252
----------- ----------- -----------
Deferred Debits and Other Assets:
Accumulated deferred income taxes 1,029 1,029
Other 454 454
----------- ----------- -----------
Total 1,483 1,483
----------- ----------- -----------
TOTAL $25,148 $0 $25,148
============ ============ ============
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $5 par value,
authorized 2,000 shares;
issued and outstanding 1,000 shares $5 $5
Paid-in capital 995 995
----------- ----------- -----------
Total common shareholder's equity 1,000 1,000
----------- ----------- -----------
Current Liabilities:
Notes payable associated companies 7,610 7,610
Accounts payable:
Associated companies 11,945 11,945
Other 1,542 1,542
Other 1,127 1,127
----------- ----------- -----------
Total 22,224 0 22,224
----------- ----------- -----------
Deferred Credits - other 1,924 1,924
----------- ----------- -----------
Total 1,924 1,924
----------- ----------- -----------
TOTAL $25,148 $0 $25,148
============ ============ ============
Note B: Pro forma adjustments cannot be provided at this time since the level of
services that are to be provided to and received from Entergy Nuclear
cannot be determined at this time.
</TABLE>
<PAGE>
ENTERGY OPERATIONS, INC.
PRO FORMA STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
Transactions Filing Transactions
----------- ----------- -----------
(In Thousands)
Income: NOTE B
Services rendered at cost $646,100 $646,100
----------- ----------- -----------
Expenses:
Salaries and wages 256,432 256,432
Other administrative and general 164,673 164,673
Outside services employed 189,953 189,953
Rent expense 14,416 14,416
Depreciation and decommissioning 1,296 1,296
Taxes other than income taxes 18,391 18,391
Interest Charges - associated cos. 536 536
----------- ----------- -----------
Total 645,697 0 645,697
----------- ----------- -----------
Income Before Income Taxes 403 403
----------- ----------- -----------
Provision for (Benefit of) Inc. Taxes 403 403
----------- ----------- -----------
Net income NONE NONE NONE
============ ============ ============
$0 $0 $0
============ ============ ============
Note B: Pro forma adjustments cannot be provided at this time since the level of
services that are to be provided to and received from Entergy Nuclear
cannot be determined at this time.
</TABLE>
<PAGE>
ENTERGY SERVICES, INC.
PRO FORMA BALANCE SHEET
March 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
ASSETS Transactions Filing Transaction
----------- ----------- -----------
(In Thousands)
Note C
Utility Plant
Electric $143,524 $143,524
Electric plant under lease 725 725
Construction work in progress 9,063 9,063
----------- ----------- -----------
Total 153,312 153,312
Less - Accumulated depreciation
and amortization 74,636 74,636
----------- ----------- -----------
Utility plant - net 78,676 78,676
----------- ----------- -----------
CURRENT ASSETS:
Cash 14,891 14,891
Special deposits 259 259
Accounts receivable:
Associated companies 71,038 71,038
Other 14,493 14,493
Materials and supplies - at avg. cost 252 252
Prepayments and other 1,040 1,040
----------- ----------- -----------
Total 101,973 101,973
----------- ----------- -----------
DEFERRED DEBITS:
Accumulated deferred income taxes 1,577 1,577
Other 1,226 1,226
----------- ----------- -----------
Total 2,803 2,803
----------- ----------- -----------
TOTAL $183,452 $183,452
============ ============ ============
Note C: Pro forma adjustments cannot be provided at this time because
the extent of the services Entergy Services will provide
to Entergy Nuclear cannot be determined at this time.
</TABLE>
<PAGE>
ENTERGY SERVICES, INC.
PRO FORMA BALANCE SHEET
March 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
LIABILITIES Transactions Filing Transaction
----------- ----------- -----------
(In Thousands)
Note C
COMMON STOCK - $10 Par Value;
authorized 50,000 shares; issued
and outstanding. 2,000 shares $20 $20
----------- ----------- -----------
OTHER NONCURRENT LIABILITIES 10,445 10,445
----------- ----------- -----------
CURRENT LIABILITIES:
Notes payable:
Associated companies-money pool 27,830 27,830
Other 22,039 22,039
Accounts payable:
Associated companies 27,759 27,759
Other 44,822 44,822
Accrued taxes 1,138 1,138
Taxes collections payable 773 773
Other 6,565 6,565
----------- ----------- -----------
Total 130,926 130,926
----------- ----------- -----------
DEFERRED CREDITS:
Accumulated deferred investment
tax credits 991 991
Accrued pension and supplemental
pension plan liabilities 29,961 29,961
Unamortized gain on sale of Computer Center 2,119 2,119
Canceled lease payable 846 846
Other 8,144 8,144
----------- ----------- -----------
Total 42,061 42,061
----------- ----------- -----------
TOTAL $183,452 $183,452
============ ============ ============
Note C: Pro forma adjustments cannot be provided at this time because
the extent of the services Entergy Services will provide
to Entergy Nuclear cannot be determined at this time.
</TABLE>
<PAGE>
ENTERGY SERVICES, INC.
PRO FORMA STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Adjustments to Reflect
Transactions Proposed
<S> <C> <C> <C>
Before In Present After
Transactions Filing Transaction
----------- ----------- -----------
(In Thousands)
Income: Note C
Service rendered at cost $396,995 $396,995
Miscellaneous income 310 310
----------- ----------- -----------
Total 397,305 397,305
----------- ----------- -----------
Expenses:
Salaries and wages 168,835 168,835
Rent and lease payments 38,143 38,143
Other general and administrative 152,689 152,689
Depreciation and amortization 18,334 18,334
Interest 3,955 3,955
Taxes other than income taxes 15,353 15,353
----------- ----------- -----------
Total 397,309 397,309
----------- ----------- -----------
Loss Before Income Taxes (4) (4)
----------- ----------- -----------
Provision for (Benefit of) Income Taxes:
Income taxes - state 573 573
Deferred state income taxes (1,170) (1,170)
Investment tax credit - net 593 593
----------- ----------- -----------
Total (4) (4)
----------- ----------- -----------
Net Income $0 $0
============ ============ ============
Note C: Pro forma adjustments cannot be provided at this time because
the extent of the services Entergy Services will provide
to Entergy Nuclear cannot be determined at this time.
</TABLE>
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