Exhibit 99.5
For further information:
E. Renae Conley, VP, Investor Relations
Phone 504/576-4947, Fax - 2897
[email protected]
July 26, 2000
ENTERGY REPORTS ANOTHER QUARTER OF RECORD EARNINGS,
UP 36% OVER 1999
NEW ORLEANS - Entergy Corporation announced second quarter 2000
consolidated earnings per share of $1.04, compared with $0.81 in 1999. On
an operational basis, Entergy earned $0.98 per share, up 36% when compared
with $0.72 in 1999. The increase was driven by improved results in all of
Entergy's businesses. Earnings per share from operations set a second
quarter record for the company - following a record first quarter.
"With two consecutive record-setting quarters, we are well on our way to a
year of outstanding execution and earnings," said J. Wayne Leonard,
Entergy's chief executive officer. "The core utility business continues to
contribute solid earnings, while the competitive businesses are producing
strong earnings growth. In the second quarter, we laid the groundwork for
sustained earnings growth from our competitive businesses. Key events
announced in the second quarter included an energy commodity venture with
Koch Industries, a joint venture with The Shaw Group to construct electric
power plants, and a memorandum of understanding with Framatome Technologies
to assist U.S. nuclear plant operators in securing renewal of their
operating licenses."
Table 1 provides a comparative summary of earnings per share for the second
quarter and year-to-date 2000.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Table 1: Entergy Corporation Consolidated Results
Second Quarter and Year-to-Date 2000 vs. 1999
----------------------------------------------------------------------------
(Per share in U.S. $)
Second Quarter Year-to-Date
-------------- ------------
2000 1999 Change 2000 1999 Change
----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
As Reported
U.S. Utility 0.78 0.67 0.11 1.10 0.96 0.14
Parent & Other 0.06 (0.05) 0.11 0.07 (0.06) 0.13
Competitive Businesses 0.20 0.19 0.01 0.28 0.16 0.12
---------------------------------------
Consolidated Earnings 1.04 0.81 0.23 1.45 1.06 0.39
Less Special Items
U.S. Utility - (0.01) 0.01 (0.07) (0.01) (0.06)
Parent & Other - - - - - -
Competitive Businesses 0.06 0.10 (0.04) 0.06 0.14 (0.08)
---------------------------------------
Total 0.06 0.09 (0.03) (0.01) 0.13 (0.14)
Operational
U.S. Utility 0.78 0.68 0.10 1.17 0.97 0.20
Parent & Other 0.06 (0.05) 0.11 0.07 (0.06) 0.13
Competitive Businesses 0.14 0.09 0.05 0.22 0.02 0.20
---------------------------------------
Consolidated Earnings 0.98 0.72 0.26 1.46 0.93 0.53
Weather Impact 0.10 0.08 0.02 0.02 - 0.02
Consolidated Operational Earnings 0.88 0.64 0.24 1.44 0.93 0.51
Excluding Weather
----------------------------------------------------------------------------
</TABLE>
Tables 2 and 3 provide second quarter and year-to-date 2000 vs. 1999
reported earnings variance analyses for "U.S. Utility, Parent & Other,"
"Competitive Businesses," and "Consolidated."
----------------------------------------------------------------------------
Table 2: Entergy Corporation Reported Earnings Per Share Variance Analysis
Second Quarter 2000 vs. 1999
----------------------------------------------------------------------------
(Per share in U.S. $) U.S. Utility and Competitive
Parent & Other Businesses Consolidated
---------------- ----------- ------------
1999 earnings 0.62 0.19 0.81
Net Revenue 0.13 (a) 0.14 (b) 0.27
Miscellaneous - net 0.02 0.07 (c) 0.09
Share repurchase 0.06 0.02 0.08
Interest and other charges 0.05 (d) (0.01) 0.04
Decommissioning 0.01 - 0.01
Preferred dividend requirements 0.01 - 0.01
Depreciation/amortization (0.01) - (0.01)
Gain on sale of assets - (0.04) (e) (0.04)
Other O&M (0.05) (f) (0.05) (g) (0.10)
Income taxes - other - (h) (0.12) (h) (0.12)
----- ----- -----
2000 earnings 0.84 0.20 1.04
----- ----- -----
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Table 3: Entergy Corporation Reported Earnings Per Share Variance Analysis
Year-to-Date 2000 vs. 1999
----------------------------------------------------------------------------
(Per share in U.S. $) U.S. Utility and Competitive
Parent & Other Businesses Consolidated
---------------- ----------- ------------
1999 earnings 0.90 0.16 1.06
Net Revenue 0.10 (a) 0.36 (b) 0.46
Miscellaneous - net 0.04 0.07 (c) 0.11
Share repurchase 0.06 0.02 0.08
Interest and other charges 0.06 (d) (0.02) 0.04
Decommissioning 0.02 - 0.02
Taxes other than income taxes 0.01 - 0.01
Depreciation/amortization - 0.01 0.01
Preferred dividend requirements 0.01 - 0.01
Gain on sale of assets - (0.06) (e) (0.06)
Other O&M (0.04) (f) (0.09) (g) (0.13)
Income taxes - other 0.01 (h) (0.17) (h) (0.16)
2000 earnings 1.17 0.28 1.45
----------------------------------------------------------------------------
________________
(a) Net revenue increases in 2000 were a result of strong sales growth and
hotter than normal weather in the second quarter, increasing earnings per
share by $0.03 and $0.06 for the quarter and year-to-date, respectively.
2000 net revenue was also up over 1999 due to two prior year special
items: a $(0.06) per share regulatory and reserve adjustment and a
$(0.03) per share SERI refund adjustment. 2000 year-to-date net revenue
was unfavorably impacted by a $(0.07) regulatory and reserve special item
adjustment in the first quarter.
Utility Net Revenue Variance Analysis, 2000 vs. 1999 ($ EPS)
Second Quarter Year-to-Date
Weather 0.02 Weather 0.02
Sales growth/pricing 0.01 Sales growth/pricing 0.04
Special items 0.09 Special items 0.02
Other 0.01 Other 0.02
Total 0.13 Total 0.10
(b) Net revenue increased in 2000 as a result of Pilgrim operations
(acquired in July 1999), contributing $0.14 and $0.27 per share for the
quarter and year-to-date, respectively. Year-to-date 2000 net revenue
also increased due to trading operations, up $0.12 per share over 1999.
(c) Miscellaneous-net increased $0.10 in second quarter 2000 from
liquidated damages received in compensation for lost earnings from
operations of EWO's delayed Saltend plant in the U.K.
(d) Interest & other charges decreased in 2000 primarily as a result of a
1999 interest expense adjustment of ($0.05) per share recorded for the
pending refund at SERI.
(e) Gain on sale of assets in 2000 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 CitiPower purchase price
adjustment, offset by the current quarter's gain of $0.06 per share on
the sale of the Freestone project in Texas.
(f) Other O&M increased in 2000 primarily as a result of increased plant-
related expenses and reliability spending.
(g) Other O&M increased in 2000 primarily as a result of Pilgrim operations
offset by lower O&M resulting from retail business divestitures in 1999.
(h) Income statement line items are tax-affected at the statutory rate.
Differences between the statutory and effective rates are reflected in
the income taxes - other line. Income taxes - other at the Competitive
Businesses were affected by foreign tax credits taken in 1999.
<PAGE>
Quarterly Overview
Second quarter 2000 revenues were down 8% overall compared with 1999 due to
power trading operations, which had lower volumes in 2000 than in 1999. At
the utility, electric revenues increased 3% in second quarter 2000, driven
by favorable weather, sales growth, and increased fuel revenues. Excluding
trading, revenues for the competitive businesses were up sharply because of
operations at the Pilgrim plant, which was acquired in July 1999.
For the consolidated company, second quarter 2000 fuel expenses were down
5% from 1999, due to lower fuel expenses in the trading business, partially
offset by higher fuel costs at the utility due to the rise in natural gas
prices. Purchased power was down 26% overall due to trading operations.
Purchased power at the utility, however, increased as a result of higher
prices in 2000 and plant maintenance outages. Other O&M increased 10%
overall in 2000, due to Pilgrim operations at the competitive businesses
and maintenance outages at the utility. Operating income increased 19% in
the second quarter of 2000, primarily as a result of the competitive
businesses' improved operations.
Other income increased 17% in the second quarter of 2000. The gain on sale
of assets was lower in 2000, as 1999's second quarter included the sales of
Edesur and Hyperion. This was partially offset by a gain from the sale of
the Freestone plant in 2000. Miscellaneous net increased in 2000 as a
result of the liquidated damages received due to delayed construction of
the Saltend plant in the U.K. Interest expenses were lower by 10% in 2000,
primarily as a result of the SERI refund adjustment made in 1999, which was
identified as a special item. The effective tax rate was 37.9% in second
quarter 2000, higher than 1999's rate of 29.2%, due to foreign tax credits
identified as a special item in 1999.
U.S. Utility
In the second quarter of 2000, utility operational earnings were $0.78 per
share, 15% higher than second quarter 1999's total of $0.68. Weather was
more favorable in 2000, contributing $0.10 per share to second quarter
earnings compared with $0.08 in 1999. Second quarter 2000 earnings per
share were also helped by sales growth of 1.1% on a weather-adjusted volume
basis (see appendix), special item regulatory reserves recorded in the
prior period and fewer outstanding shares due to the share repurchase
program. Partially offsetting these are special item adjustments for a
change in the calculation of unbilled revenues reported in the second
quarter of 1999 and current period increases in O&M spending on various
reliability initiatives to prepare for summer peak demand.
Parent & Other
Parent & Other earnings per share were $0.06 in second quarter 2000,
compared with a loss of $(0.05) in 1999. While investment income was the
same as last year at $0.04 per share, 2000 results benefited from lower O&M
expenses at the parent, shifting of the Gulf States merger goodwill
amortization from parent to the utility, and telecommunications earnings.
Competitive Businesses
On an as reported basis, the competitive businesses earned $0.20 per share
in the second quarter of 2000, compared with $0.19 in the same period of
1999. Second quarter 2000 results include a $0.06 per share gain from
Entergy Wholesale Operation's (EWO) sale of the Freestone project in Texas.
This gain has been identified as a special item (see Table 5).
On an operational basis, second quarter 2000 earnings per share from the
competitive businesses were $0.14, 56% higher than the $0.09 total in 1999.
EWO earned $0.09 per share in 2000, comprised primarily of $0.10 per share
for liquidated damages for delayed construction of the Saltend project and
$0.02 from trading operations. On a comparative basis, EWO's 2000
operational earnings contribution for the second quarter was flat to 1999,
which included a $0.07 gain from the sale of the Edesur project in
Argentina. Entergy Nuclear earned $0.05 per share in the second quarter of
2000, compared with zero earnings in the same period of 1999 as a result of
continued strong performance at the Pilgrim Nuclear Power Station.
Table 4 provides a 2000 vs. 1999 comparison of contributions by business
for the second quarter and year-to-date, on both as reported and
operational bases.
----------------------------------------------------------------------------
Table 4: Competitive Businesses Contributions to Earnings Per Share
Second Quarter and Year-to-Date 2000 vs. 1999
----------------------------------------------------------------------------
(Per share in U.S. $)
Second Quarter Year-to-Date
-------------- ------------
2000 1999 $ Change 2000 1999 $ Change
--------------------------------------------
As Reported
Entergy Wholesale Operations 0.15 0.09 0.06 0.18 0.02 0.16
Entergy Nuclear 0.05 - 0.05 0.10 - 0.10
Divested Businesses - 0.10 (0.10) - 0.14 (0.14)
-----------------------------------------
Total 0.20 0.19 0.01 0.28 0.16 0.12
Less Special Items
Entergy Wholesale Operations 0.06 - 0.06 0.06 (0.01) 0.07
Entergy Nuclear - - - - - -
Divested Businesses - 0.10 (0.10) - 0.15 (0.15)
-----------------------------------------
Total 0.06 0.10 (0.04) 0.06 0.14 (0.08)
Operational
Entergy Wholesale Operations 0.09 0.09 - 0.12 0.03 0.09
Entergy Nuclear 0.05 - 0.05 0.10 - 0.10
Divested Businesses - - - - (0.01) 0.01
-----------------------------------------
Total 0.14 0.09 0.05 0.22 0.02 0.20
----------------------------------------------------------------------------
Table 5 lists special items by business for the second 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>
<CAPTION>
----------------------------------------------------------------------------
Table 5: Entergy Corporation Special Items
(Shown as Positive / (Negative) Impact on Earnings Per Share)
Second Quarter and Year-to-Date 2000 vs. 1999
----------------------------------------------------------------------------
(Per share in U.S. $)
Second Quarter Year-to-Date
-------------- ------------
2000 1999 Change 2000 1999 Change
------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
U.S. Utility Special Items
Change in unbilled revenue estimate 0.13 (0.13) 0.13 (0.13)
SERI refund adjustments (0.08) 0.08 (0.08) 0.08
Regulatory and reserve adjustments (0.06) 0.06 (0.7) (i) (0.06) (0.01)
-----------------------------------------
Total (0.01) 0.01 (0.7) (0.01) (0.06)
Competitive Businesses Special Items
EWO - Gain on sale of Freestone Project 0.06 0.06 0.06 0.06
Divested Businesses - Foreign tax benefits 0.07 (0.07) 0.10 (0.10)
Divested Businesses - Gain on sale of Hyperion 0.03 (0.03) 0.03 (0.03)
Divested Businesses - CitiPower purchase price 0.02 (0.02)
adjustment
EWO - Write-off of start up costs per new (0.01) 0.01
acctg. standard(j)
-----------------------------------------
Total 0.06 0.10 (0.04) 0.6 0.14 (0.08)
=========================================
Total Special Items 0.06 0.09 (0.03) (0.1) 0.13 (0.14)
----------------------------------------------------------------------------
</TABLE>
_______________________
(i) Regulatory and reserve adjustments were made in the first quarter of
2000 for potential rate actions, rate refunds, and ongoing litigation.
(j) The new accounting standard is AICPA Statement of Position 98-5,
"Recording the Costs of Start-Up Operations."
<PAGE>
Share Repurchase Program
During second quarter 2000, 8.8 million shares were repurchased at a total
cost of $233 million. Since the share repurchase program was initiated in
July 1999, through June 30, 2000, $618 million of the $750 million Board
authorized share repurchase program were utilized to purchase 24.1 million
shares. The program is expected to be completed by the end of 2000.
Earnings Review and Outlook
"Financial results were very strong in the second quarter," said C. John
Wilder, Entergy's chief financial officer. "Solid performance at the
utility drove earnings growth well beyond the impact of favorable weather,
while the competitive businesses contributed over 14% of total operational
earnings. Based on the strong first half of the year, we have increased
our 2000 earnings target to $2.55 to $2.65 per share up from $2.35 to $2.45
- an 8% increase, and 18 to 22% above 1999 operational results."
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 2Q 2000
Operational Guidance YTD
Range Operational
----------------------------------------------------------------------------
Range of Impact
Utility Regulatory reductions (0.02) 0.00
Sales growth & 0.12 0.13
share repurchase
------------
Total 0.10 0.13 2.27 2.30 1.17
2.17 (k)
ENI Full year of 0.10 0.12
Pilgrim ownership
------------
0.06 Total 0.10 0.12 0.16 0.18 0.10
EWO No Edesur sale (0.07) (0.07)
U.K. projects (LD's 0.11 0.13
& operations)
Improved trading 0.08 0.09
and JV
------------
0.05 Total 0.12 0.15 0.17 0.20 0.12
Parent Expense reductions 0.20 0.21
& Other & other
Reduced investment (0.05) (0.04)
income
------------
(0.20) Total 0.15 0.17 (0.05) (0.03) 0.07
------------------------------------------------------------------
1999 2.08 0.47 0.57 2.55 2.65 1.46
Total
Weather 0.09 0.02
Impact
----------------------------------------------------------------------------
_________________
(k) Excludes $0.09 favorable weather impact.
<PAGE>
Table 7 reconciles the change in guidance for 2000 earnings announced on
July 13, 2000 to the guidance given in the first quarter earnings release.
----------------------------------------------------------------------------
Table 7: Reconciliation of First to Second Quarter 2000 Earnings Guidance
----------------------------------------------------------------------------
(Per share in U.S. $)
2000 Guidance Range
First Quarter Guidance 2.35 2.45
Changes
Higher than projected liquidated damages 0.06
Accelerated share repurchase program 0.06
Favorable weather and utility sales growth 0.06
Change in parent projections, including higher 0.02
investment income -----
Total 0.20
Second Quarter Guidance 2.55 2.65
----------------------------------------------------------------------------
Other Performance Highlights
Operating cash flows increased 12% in second quarter 2000 when compared
with the same period in 1999, largely as a result of higher income in the
2000 period. The improvements in cash flow are amplified on a per share
basis with fewer shares in 2000 as a result of the repurchase program.
Cash return on average investment improved slightly in the twelve months
ending June 2000. Return on average common equity rose significantly in
the twelve months ending June 2000, up 20% relative to the same period
ending June 1999. The increase was a result of strong income growth and a
reduction in common equity in the more recent period due to the stock
repurchase program. The share repurchase program reduced the book value of
the company as treasury stock reduced common equity by $618 million. This
was partially offset by a $342 million increase in retained earnings. With
9% fewer shares in 2000, however, the book value per share for June 2000
was higher than for the earlier period.
Table 8 provides a comparative summary of key financial performance metrics
for the second quarter and year-to-date 2000 vs. 1999.
----------------------------------------------------------------------------
Table 8: Entergy Corporation Key Financial Performance Metrics
Second Quarter and Year-to-Date 2000 vs. 1999
----------------------------------------------------------------------------
(In U.S. $)
Second Quarter Year-to-Date
-------------- ------------
2000 1999 Change 2000 1999 Change
-------------------- -------------------
Operating cash flow ($ millions) $427 $381 $46 $738 $591 $147
Operating cash flow per share $1.87 $1.54 $0.33 $3.18 $2.40 $0.78
For 12 months ending June 30 2000 1999 Change
Cash return on average investment (l) 6.7% 6.6% 0.1%
Return on average common equity (m) 9.1% 7.6% 1.5%
Book value per share(n) $31.02 $29.27 $1.75
End of period shares outstanding
(millions) 223.5 246.8 (23.3)
----------------------------------------------------------------------------
__________________________
(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.
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.
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
June 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 $ 53,779 $ 0 $ 102,289 $ - $ 156,068
Temporary cash investments - at cost,
which approximates market 449,570 148,318 1,039,140 - 1,637,028
Special deposits - - 3,978 - 3,978
---------------------------------------------------------------
Total cash and cash equivalents 503,349 148,318 1,145,407 - 1,797,074
---------------------------------------------------------------
Other temporary investments - - 23,100 - 23,100
Notes receivable 1,579 - 2,064 - 3,643
Accounts receivable:
Customer 299,857 - 91 - 299,948
Allowance for doubtful accounts (6,943) - (2,064) - (9,007)
Associated companies 18,106 109,886 3,804 (131,796) (0)
Other 100,821 (57) 253,955 - 354,719
Accrued unbilled revenues 375,983 - - - 375,983
---------------------------------------------------------------
Total receivables 787,824 109,829 255,786 (131,796) 1,021,643
Deferred fuel costs 394,875 - - - 394,875
Fuel inventory - at average cost 118,872 - 4,165 (202) 122,835
Materials and supplies - at average cost 336,753 (13) 21,477 - 358,217
Rate deferrals 24,265 - - - 24,265
Deferred nuclear refueling outage costs 33,708 - - - 33,708
Prepayments and other 70,360 2,365 29,069 - 101,796
---------------------------------------------------------------
TOTAL 2,271,586 260,499 1,481,068 (131,997) 3,881,156
---------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity 214 6,763,971 757 (6,764,727) 214
Decommissioning trust funds 849,126 - 435,175 - 1,284,301
Non-utility property - at cost (less accumulated depreciation) 222,938 - 104,252 - 327,191
Non-regulated investments - 1,000 263,442 - 264,442
Other - at cost (less accumulated depreciation) 17,704 - 4,439 - 22,145
---------------------------------------------------------------
TOTAL 1,089,983 6,764,971 808,066 (6,764,727) 1,898,293
---------------------------------------------------------------
UTILITY PLANT
Electric 23,261,933 4,340 155,534 - 23,421,808
Plant acquisition adjustment 398,497 - 300 - 398,797
Property under capital lease 771,466 - - - 771,466
Natural gas 190,000 - - - 190,000
Construction work in progress 913,326 971 1,046,220 - 1,960,517
Nuclear fuel under capital lease 262,996 - - - 262,996
Nuclear fuel 68,372 - 40,726 - 109,098
---------------------------------------------------------------
TOTAL UTILITY PLANT 25,866,590 5,311 1,242,780 - 27,114,682
Less - accumulated depreciation and amortization 11,160,327 2,676 85,367 - 11,248,370
---------------------------------------------------------------
UTILITY PLANT - NET 14,706,264 2,635 1,157,414 - 15,866,312
---------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals 7,430 - - - 7,430
SFAS 109 regulatory asset - net 1,031,503 - - - 1,031,503
Unamortized loss on reacquired debt 192,493 - - - 192,493
Other regulatory assets 706,401 - - - 706,401
Long-term receivables 30,970 - - - 30,970
Other 191,402 402,549 517,812 (402,046) 709,718
---------------------------------------------------------------
TOTAL 2,160,200 402,549 517,812 (402,046) 2,678,515
---------------------------------------------------------------
TOTAL ASSETS $20,228,032 $7,430,654 $3,964,360 $(7,298,770) $24,324,276
================================================================
*Totals may not foot due to rounding.
</TABLE
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
June 30, 2000
(Dollars in thousands)
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
<S> <C> <C> <C> <C> <C>
Currently maturing long-term debt $ 127,108 $ - $ 67,000 $ - $ 194,108
Notes payable:
Other 716 435,000 - - 435,716
Account payable:
Associated companies 7,338 1,634 19,524 (28,496) -
Other 580,800 4,490 211,270 - 796,560
Customer deposits 164,986 - - - 164,986
Taxes accrued 379,278 6,628 194,687 - 580,593
Accumulated deferred income taxes 115,967 - 20 - 115,987
Nuclear refueling outage costs 2,329 - - - 2,329
Interest accrued 150,585 1,363 1,439 - 153,388
Co-owner advances 22,511 - - (8,129) 14,382
Obligations under capital leases 175,466 - - - 175,466
Other 176,197 7,449 29,594 (39,374) 173,865
----------------------------------------------------------------
TOTAL 1,903,281 456,564 523,533 (75,999) 2,807,380
----------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes 3,348,088 (16,669) (106,990) - 3,224,430
Accumulated deferred investment tax credits 506,142 - - - 506,142
Obligations under capital leases 177,874 - - - 177,874
FERC settlement - refund obligation 34,143 - - - 34,143
Other regulatory liabilities 225,843 - - - 225,843
Decommisioning 281,572 - 444,286 - 725,858
Transition to competition 176,722 - - - 176,722
Regulatory reserves 415,420 - - - 415,420
Accumulated provisions 280,020 - 359 - 280,378
Other 655,347 52,323 505,160 (394,118) 818,711
----------------------------------------------------------------
TOTAL 6,101,172 35,654 842,815 (394,118) 6,585,521
----------------------------------------------------------------
Long-term debt 6,262,572 - 1,179,955 (63,925) 7,378,602
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 335,961 - - - 335,961
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 4,636,407 874,140 (2,653,521) 4,636,407
Retained earnings 1,335,144 2,982,495 (38,572) (1,296,571) 2,982,495
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (69,811) (69,811) 69,811 (69,811)
Net unrealized investment gains (losses) - - (6,275) - (6,275)
Less - treasury stock, at cost - 613,126 6,000 (6,000) 613,126
Shares CY 23,709,144
----------------------------------------------------------------
TOTAL 5,676,356 6,938,436 1,418,058 (6,764,727) 7,268,123
----------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $20,228,032 $7,430,654 $3,964,360 $(7,298,770) $24,324,276
================================================================
*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
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 -
CURRENT LIABILITIES
<S> <C> <C> <C> <C> <C>
Currently maturing long-term debt $194,555 $ - $ - $ - $194,555
Notes payable:
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 lease 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) (160,568) - 3,267,001
Accumulated deferred investment tax credits 519,910 - - - 519,910
Obligations under capital lease 205,464 - - - 205,464
FERC settlement - refund obligation 37,337 - - - 37,337
Other regulatory liabilities 199,139 - - - 199,139
Decommisioning 268,697 - 478,095 - 746,792
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
June 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 $ 17,809 $ (14) $ 30,075 $ - $ 47,871
Temporary cash investments - at cost,
which approximates market 348,370 131,839 51,297 - 531,506
Special deposits - - 3,978 - 3,978
----------------------------------------------------------------------
Total cash and cash equivalents 366,179 131,825 85,350 - 583,355
----------------------------------------------------------------------
Other temporary investments - - (298,251) - (298,251)
Notes receivable 1,482 - - - 1,482
Accounts receivable:
Customer 9,617 - - - 9,617
Allowance for doubtful accounts - - 500 - 500
Associated companies 1,813 (67,616) 4,122 61,680 -
Other 45,631 (6) 101,196 - 146,821
Accrued unbilled revenues 77,367 - - - 77,367
----------------------------------------------------------------------
Total receivables 134,427 (67,621) 105,819 61,680 234,305
Deferred fuel costs 154,214 - - - 154,214
Fuel inventory - at average cost 31,510 - (3,259) 164 28,416
Materials and supplies - at average cost (33,928) 6 (263) - (34,186)
Rate deferrals (6,129) - - - (6,129)
Deferred nuclear refueling outage costs (24,411) - - - (24,411)
Prepayments and other 17,524 265 5,441 - 23,229
----------------------------------------------------------------------
TOTAL 640,869 64,474 (105,163) 61,844 662,023
----------------------------------------------------------------------
OTHER PROPERTY AND INVESTMENTS
Investment in subsidiary companies - at equity - 56,077 757 (56,833) -
Decommissioning trust funds 34,112 - 4,166 - 38,278
Non-utility property - at cost
(less accumulated depreciation) 5,317 - 4,709 - 10,026
Non-regulated investments - 1,000 65,439 - 66,439
Other - at cost (less accumulated depreciation) 991 - 4,439 - 5,431
----------------------------------------------------------------------
TOTAL 40,420 57,077 79,510 (56,833) 120,173
----------------------------------------------------------------------
UTILITY PLANT
Electric 258,598 - 49 - 258,647
Plant acquisition adjustment 398,497 (406,630) - - (8,133)
Property under capital lease 2,966 - - - 2,966
Natural gas 3,959 - - - 3,959
Construction work in progress 204,895 283 254,722 - 459,900
Nuclear fuel under capital lease (23,480) - - - (23,480)
Nuclear fuel 28,866 - (7,460) - 21,406
----------------------------------------------------------------------
TOTAL UTILITY PLANT 874,301 (406,346) 247,311 - 715,265
Less - accumulated depreciation and amortization 347,296 434 1,980 - 349,709
----------------------------------------------------------------------
UTILITY PLANT - NET 527,005 (406,780) 245,331 - 365,556
----------------------------------------------------------------------
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Rate deferrals (9,150) - - - (9,150)
SFAS 109 regulatory asset - net (36,503) - - - (36,503)
Unamortized loss on reacquired debt (6,138) - - - (6,138)
Other regulatory assets 68,531 - - - 68,531
Long-term receivables (1,290) - - - (1,290)
Other 47,539 354,975 175,519 (402,046) 175,986
----------------------------------------------------------------------
TOTAL 62,989 354,975 175,519 (402,046) 191,435
----------------------------------------------------------------------
TOTAL ASSETS $ 1,271,282 $ 69,746 $ 395,196 $ (397,035) $ 1,339,189
======================================================================
* Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Balance Sheet
June 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
CURRENT LIABILITIES
<S> <C> <C> <C> <C> <C>
Currently maturing long-term debt $ 67,447 $ - $(67,000) $ - $ 447
Notes payable:
Other - 315,000 - - 315,001
Account payable:
Associated companies 5,734 (531) (2,284) (2,919) -
Other 112,523 (13,296) (10,345) - 88,881
Customer deposits 3,076 - - - 3,076
Taxes accrued 108,634 (2,514) 28,796 - 134,916
Accumulated deferred income taxes 43,327 - 20 - 43,347
Nuclear refueling outage costs (8,887) - - - (8,887)
Interest accrued 24,408 1,215 (1,263) - 24,360
Co-owner advances 7,363 - - - 7,363
Obligations under capital lease (2,781) - - - (2,781)
Other (37,385) 1,198 5,539 78,765 48,116
----------------------------------------------------------------------
TOTAL 188,564 301,071 87,466 75,845 652,947
----------------------------------------------------------------------
DEFERRED CREDITS AND OTHER LIABILITIES
Accumulated deferred income taxes (95,646) (503) 10,239 - (85,911)
Accumulated deferred investment tax credits (13,768) - - - (13,768)
Obligations under capital lease (27,590) - - - (27,590)
FERC settlement - refund obligation (3,194) - - - (3,194)
Other regulatory liabilities 26,704 - - - 26,704
Decommisioning 12,874 - 9,531 - 22,405
Transition to competition 19,689 - - - 19,689
Regulatory reserves 37,113 - - - 37,113
Accumulated provisions 58,011 (57,938) 881 - 954
Other 405,009 13,107 267,320 (401,881) 283,555
----------------------------------------------------------------------
TOTAL 419,204 (45,335) 287,970 (401,881) 259,956
----------------------------------------------------------------------
Long-term debt 638,599 - 141,585 (14,165) 766,019
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 (2,493) - - - (2,493)
Common stock - 1 5,016 (5,016) 1
Paid-in capital 65 244 38,740 (38,803) 244
Retained earnings 177,344 196,027 (163,298) (14,044) 196,029
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustment - (1,029) (1,029) 1,029 (1,029)
Net unrealized investment gains (losses) - - (1,253) - (1,253)
Less - treasury stock, at cost - 381,233 - - 381,233
----------------------------------------------------------------------
TOTAL 174,915 (185,990) (121,825) (56,834) (189,734)
----------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,271,282 $ 69,746 $ 395,196 $ (397,035) $ 1,339,189
======================================================================
* Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 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 $1,669,082 $ - $ - $ (4,393) $ 1,664,688
Natural gas 28,396 - - - 28,396
Steam products - - - - -
Competitive businesses - 8,514 444,277 (8,087) 444,704
-----------------------------------------------------------------
Total 1,697,477 8,514 444,277 (12,480) 2,137,788
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 402,048 - 62,389 - 464,436
purchased for resale
Purchased power 217,031 - 295,303 (9,814) 502,521
-----------------------------------------------------------------
Gross Margin 1,078,399 8,514 86,585 (2,667) 1,170,831
Margin % 63.5% 100.0% 19.5% 21.4% 54.8%
Nuclear refueling outage expenses 16,629 - - - 16,629
Other operation and maintenance 371,591 9,372 72,224 (2,963) 450,223
Decommissioning 6,169 - - - 6,169
Taxes other than income taxes 81,336 444 1,761 - 83,540
-----------------------------------------------------------------
Total 1,094,803 9,816 431,677 (12,777) 1,523,518
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 602,674 (1,302) 12,600 297 614,270
-----------------------------------------------------------------
Margin % 35.5% (15.3%) 2.8% (2.4%) 28.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 176,097 794 1,857 - 178,749
Other regulatory charges (credits) (5,900) - - - (5,900)
Amortization of rate deferrals 7,883 - - - 7,883
-----------------------------------------------------------------
Total 178,080 794 1,857 - 180,732
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 424,594 (2,096) 10,743 297 433,538
-----------------------------------------------------------------
Margin % 25.0% (24.6%) 2.4% (2.4%) 20.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 8,041 - - - 8,041
construction
Gain/(loss) on sale of assets - net 531 - 20,526 - 21,057
Miscellaneous - net 1,931 29,982 44,227 (2,488) 73,651
-----------------------------------------------------------------
Total 10,502 29,982 64,753 (2,488) 102,749
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 118,336 - 126 - 118,462
Other interest - net 10,688 7,324 7,549 (2,191) 23,369
Distributions on preferred securities 4,709 - - - 4,709
of subsidiaries
Allowance for borrowed funds used (5,889) - - - (5,889)
during construction
-----------------------------------------------------------------
Total 127,844 7,324 7,676 (2,191) 140,651
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 307,253 20,562 67,820 - 395,636
INCOME TAXES 120,306 6,377 23,180 - 149,863
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 186,946 14,186 44,640 - 245,773
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 8,581 - - - 8,581
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 178,365 $ 14,186 $ 44,640 $ - $237,192
=================================================================
Margin % 10.5% 166.6% 10.0% (0.0%) 11.1%
EARNINGS PER AVERAGE COMMON SHARE $0.78 $0.06 $0.20 $1.04
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 228,097,385
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 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 $1,616,624 $ - $ (1) $ (3,488) $ 1,613,136
Natural gas 22,149 - - - 22,149
Steam products 7,254 - - - 7,254
Competitive businesses - - 678,665 (4,800) 673,865
-----------------------------------------------------------------
Total 1,646,027 - 678,665 (8,288) 2,316,404
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 391,582 - 99,290 - 490,871
purchased for resale
Purchased power 134,379 - 547,648 (5,201) 676,827
-----------------------------------------------------------------
Gross Margin 1,120,066 - 31,727 (3,086) 1,148,706
Margin % 68.0% - 4.7% 37.2% 49.6%
Nuclear refueling outage expenses 17,135 - - - 17,135
Other operation and maintenance 333,616 29,625 50,997 (3,531) 410,707
Decommissioning 10,759 - - - 10,758
Taxes other than income taxes 82,097 172 783 - 83,053
-----------------------------------------------------------------
Total 969,568 29,797 698,719 (8,733) 1,689,351
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 676,460 (29,797) (20,054) 445 627,053
-----------------------------------------------------------------
Margin % 41.1% - (3.0%) (5.4%) 27.1%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 174,282 324 2,101 - 176,707
Other regulatory charges (credits) (2,372) - - - (2,372)
Amortization of rate deferrals 88,767 - - - 88,767
-----------------------------------------------------------------
Total 178,080 324 2,101 - 263,102
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 415,783 (30,121) (22,155) 445 363,951
-----------------------------------------------------------------
Margin % 25.3% - (3.3%) (5.4%) 15.7%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 7,347 - - - 7,348
construction
Gain/(loss) on sale of assets - net 460 (817) 41,074 - 40,718
Miscellaneous - net 10,753 12,989 16,912 (590) 40,064
-----------------------------------------------------------------
Total 18,560 12,172 57,986 (590) 88,130
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 119,392 - 772 - 120,164
Other interest - net 33,398 1,986 1,702 (145) 36,942
Distributions on preferred securities 4,709 - - - 4,710
of subsidiaries
Allowance for borrowed funds used (5,926) - - - (5,926)
during construction
-----------------------------------------------------------------
Total 151,574 1,986 2,475 (145) 155,890
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 282,769 (19,935) 33,356 - 296,191
INCOME TAXES 107,902 (6,748) (14,721) - 86,433
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 174,868 (13,187) 48,077 - 209,758
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 9,980 - - - 9,981
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 164,887 $ (13,187) $ 48,077 $ - $199,777
=================================================================
Margin % 10.0% - 7.1% (0.0%) 8.6%
EARNINGS PER AVERAGE COMMON SHARE $0.67 ($0.05) $0.19 $0.81
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 246,795,710
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 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 $ 52,458 $ - $ - $ (906) $ 51,553
Natural gas 6,246 - - - 6,246
Steam products (7,255) - - - (7,255)
Competitive businesses - 8,514 (234,388) (3,287) (229,161)
-----------------------------------------------------------------
Total 51,449 8,514 (234,388) (4,193) (178,617)
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 10,466 - (36,901) - (26,435)
purchased for resale
Purchased power 82,651 - (252,344) (4,613) (174,306)
-----------------------------------------------------------------
Gross Margin (41,668) 8,514 54,858 420 22,124
Margin % (4.5%) 100.0% 14.8% (15.9%) 5.2%
Nuclear refueling outage expenses (506) - - - (506)
Other operation and maintenance 37,975 (20,253) 21,226 568 39,516
Decommissioning (4,590) - - - (4,590)
Taxes other than income taxes (762) 272 978 - 488
-----------------------------------------------------------------
Total 125,235 (19,981) (267,042) (4,044) (165,832)
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (73,785) 28,495 32,654 (149) (12,785)
-----------------------------------------------------------------
Margin % (5.6%) (15.3%) 5.8% 3.0% 1.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 1,816 470 (244) - 2,041
Other regulatory charges (credits) (4,368) - - - (4,368)
Amortization of rate deferrals (80,044) - - - (80,044)
-----------------------------------------------------------------
Total (82,596) 470 (244) - (82,371)
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 8,811 28,025 32,898 (149) 69,586
-----------------------------------------------------------------
Margin % (0.2%) (24.6%) 5.7% 3.0% 4.6%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 693 - - - 693
construction
Gain/(loss) on sale of assets - net 71 817 (20,548) - (19,660)
Miscellaneous - net (8,822) 16,993 27,315 (1,898) 33,587
-----------------------------------------------------------------
Total (8,058) 17,810 6,767 (1,898) 14,620
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (1,056) - (646) - (1,702)
Other interest - net (22,711) 5,337 5,847 (2,047) (13,573)
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used 36 - - - 36
during construction
-----------------------------------------------------------------
Total (23,730) 5,337 5,201 (2,047) (15,238)
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 24,483 40,498 34,464 - 99,445
INCOME TAXES 12,405 13,125 37,901 - 63,431
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 12,079 27,373 (3,437) - 36,014
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (1,399) - - - (1,399)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 13,478 $ 27,373 $ (3,437) $ - $ 37,413
=================================================================
Margin % 0.5% 166.6% 3.0% 0.0% 2.5%
EARNINGS PER AVERAGE COMMON SHARE $0.11 $0.11 $0.01 $0.23
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Year to Date June 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 $3,024,629 $ - $ 1 $ (7,059) $ 3,017,570
Natural gas 74,292 - - - 74,292
Steam products - - - - -
Competitive businesses - 14,276 860,523 (17,381) 857,418
-----------------------------------------------------------------
Total 3,098,921 14,276 860,523 (24,440) 3,949,280
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 821,237 - 140,953 - 962,190
purchased for resale
Purchased power 353,272 - 538,718 (19,926) 872,064
-----------------------------------------------------------------
Gross Margin 1,924,411 14,276 180,852 (4,514) 2,115,026
Margin % 62.1% 100.0% 21.0% 18.5% 53.6%
Nuclear refueling outage expenses 35,186 - - - 35,186
Other operation and maintenance 672,033 29,742 131,114 (5,256) 827,634
Decommissioning 17,106 - - - 17,106
Taxes other than income taxes 159,300 722 3,136 - 163,158
-----------------------------------------------------------------
Total 2,058,135 30,464 813,921 (25,181) 2,877,338
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,040,785 (16,188) 46,602 741 1,071,942
-----------------------------------------------------------------
Margin % 33.6% (113.4%) 5.4% (3.0%) 27.1%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 351,845 1,532 3,648 - 357,025
Other regulatory charges (credits) (20,506) - - - (20,506)
Amortization of rate deferrals 15,279 - - - 15,279
-----------------------------------------------------------------
Total 346,619 1,532 3,648 - 351,798
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 694,166 (17,719) 42,954 741 720,144
-----------------------------------------------------------------
Margin % 22.4% (124.1%) 5.0% (3.0%) 18.2%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 15,735 - - - 15,735
construction
Gain/(loss) on sale of assets - net 1,045 3 20,526 - 21,574
Miscellaneous - net 6,329 51,185 51,305 (6,186) 102,633
-----------------------------------------------------------------
Total 23,109 51,188 71,831 (6,186) 139,942
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 232,678 - 252 (810) 232,121
Other interest - net 21,375 11,972 14,940 (4,635) 43,652
Distributions on preferred securities 9,419 - - - 9,419
of subsidiaries
Allowance for borrowed funds used (11,977) - - - (11,977)
during construction
-----------------------------------------------------------------
Total 251,494 11,972 15,192 (5,445) 273,215
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 465,781 21,497 99,593 - 586,871
INCOME TAXES 191,497 7,001 34,191 - 232,688
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 274,284 14,496 65,403 - 354,183
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 18,131 - - - 18,131
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 256,153 $ 14,496 $ 65,403 $ - $336,052
=================================================================
Margin % 8.3% 101.5% 7.6% (0.0%) 8.5%
EARNINGS PER AVERAGE COMMON SHARE $1.10 $0.07 $0.28 $1.45
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 232,352,915
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Year to Date June 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 $2,857,299 $ - $ - $ (5,580) $ 2,851,719
Natural gas 59,881 - - - 59,880
Steam products 15,550 - - - 15,550
Competitive businesses - - 1,035,325 (6,148) 1,029,177
-----------------------------------------------------------------
Total 2,932,730 - 1,035,325 (11,729) 3,956,326
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 736,179 - 157,792 (126) 893,844
purchased for resale
Purchased power 215,727 - 841,961 (7,063) 1,050,626
-----------------------------------------------------------------
Gross Margin 1,980,824 - 35,571 (4,539) 2,011,856
Margin % 67.5% - 3.4% 38.7% 50.9%
Nuclear refueling outage expenses 36,820 - - - 36,820
Other operation and maintenance 651,640 36,469 95,925 (5,696) 778,338
Decommissioning 23,432 - - - 23,432
Taxes other than income taxes 164,393 396 1,333 - 166,121
-----------------------------------------------------------------
Total 1,828,192 36,864 1,097,011 (12,885) 2,949,181
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 1,104,538 (36,864) (61,686) 1,157 1,007,145
-----------------------------------------------------------------
Margin % 37.7% - (6.0%) (9.9%) 25.5%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 354,239 875 6,434 - 361,549
Other regulatory charges (credits) (18,970) - - - (18,970)
Amortization of rate deferrals 97,180 - - - 97,180
-----------------------------------------------------------------
Total 432,448 875 6,434 - 439,759
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 672,090 (37,740) (68,121) 1,157 567,386
-----------------------------------------------------------------
Margin % 22.9% - (6.6%) (9.9%) 14.3%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 12,759 - - - 12,759
construction
Gain/(loss) on sale of assets - net 905 (817) 61,212 - 61,301
Miscellaneous - net 16,007 23,625 21,852 (1,469) 60,016
-----------------------------------------------------------------
Total 29,671 22,809 83,064 (1,469) 134,076
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 240,730 - 1,965 - 242,695
Other interest - net 37,077 5,389 3,328 (312) 45,483
Distributions on preferred securities 9,419 - - - 9,419
of subsidiaries
Allowance for borrowed funds used (10,405) - - - (10,405)
during construction
-----------------------------------------------------------------
Total 276,821 5,389 5,293 (312) 287,192
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 424,939 (20,321) 9,650 - 414,270
INCOME TAXES 167,495 (5,591) (30,300) - 131,606
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 257,444 (14,730) 39,950 - 282,664
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 20,706 - - - 20,706
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 236,738 $ (14,730) $ 39,950 $ - $261,958
=================================================================
Margin % 8.1% - 3.9% (0.0%) 6.6%
EARNINGS PER AVERAGE COMMON SHARE $0.96 ($0.06) $0.16 $1.06
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 246,688,052
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Year to Date June 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 $ 167,329 $ - $ 1 $ (1,479) $ 165,851
Natural gas 14,411 - - - 14,411
Steam products (15,550) - - - (15,550)
Competitive businesses - 14,276 (174,802) (11,233) (171,759)
-----------------------------------------------------------------
Total 166,190 14,276 (174,802) (12,711) (7,046)
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 85,058 - (16,839) 126 68,345
purchased for resale
Purchased power 137,545 - (303,243) (12,863) (178,561)
-----------------------------------------------------------------
Gross Margin (56,413) 14,276 145,281 25 103,170
Margin % (5.4%) 100.0% 17.6% (20.2%) 2.7%
Nuclear refueling outage expenses (1,634) - - - (1,634)
Other operation and maintenance 20,393 (6,728) 35,190 441 49,295
Decommissioning (6,326) - - - (6,326)
Taxes other than income taxes (5,093) 326 1,803 - (2,963)
-----------------------------------------------------------------
Total 229,943 (6,403) (283,090) (12,296) (71,845)
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (63,753) 20,678 108,288 (415) 64,798
-----------------------------------------------------------------
Margin % (4.1%) (113.4%) 11.4% 6.8% 1.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (2,394) 656 (2,786) - (4,524)
Other regulatory charges (credits) (1,534) - - - (1,534)
Amortization of rate deferrals (81,901) - - - (81,901)
-----------------------------------------------------------------
Total (85,829) 656 (2,786) - (87,959)
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 22,077 20,021 111,075 (415) 152,758
-----------------------------------------------------------------
Margin % (0.5%) (124.1%) 11.6% 6.8% 3.9%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 2,977 - - - 2,977
construction
Gain/(loss) on sale of assets - net 140 819 (40,686) - (39,727)
Miscellaneous - net (9,678) 27,559 29,454 (4,718) 42,617
-----------------------------------------------------------------
Total (6,562) 28,379 (11,232) (4,718) 5,868
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (8,052) - (1,712) (810) (10,574)
Other interest - net (15,703) 6,583 11,612 (4,323) (1,831)
Distributions on preferred securities - - - - -
of subsidiaries
Allowance for borrowed funds used (1,572) - - - (1,572)
during construction
-----------------------------------------------------------------
Total (25,327) 6,583 9,900 (5,133) (13,977)
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 40,842 41,817 89,943 - 172,603
INCOME TAXES 24,002 12,592 64,490 - 101,083
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 16,840 29,225 25,453 - 71,520
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (2,575) - - - (2,575)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 19,415 $ 29,225 $ 25,453 $ - $ 74,094
=================================================================
Margin % 0.2% 101.5% 3.7% 0.0% 1.9%
EARNINGS PER AVERAGE COMMON SHARE $0.14 $0.13 $0.12 $0.39
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 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 $6,455,761 $ - $ - $ (18,481) $ 6,437,280
Natural gas 124,766 - - - 124,766
Steam products 286 - - - 286
Competitive businesses - 14,276 2,217,619 (28,046) 2,203,849
-----------------------------------------------------------------
Total 6,580,813 14,276 2,217,619 (46,527) 8,766,181
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 1,761,900 - 394,680 (593) 2,155,987
purchased for resale
Purchased power 830,747 - 1,467,885 (34,709) 2,263,923
-----------------------------------------------------------------
Gross Margin 3,988,166 14,276 355,054 (11,225) 4,346,271
Margin % 60.6% 100.0% 16.0% 24.1% 49.6%
Nuclear refueling outage expenses 74,422 - - - 74,422
Other operation and maintenance 1,420,834 52,211 289,884 (12,856) 1,750,073
Decommissioning 39,662 - - - 39,662
Taxes other than income taxes 329,741 914 5,665 - 336,320
-----------------------------------------------------------------
Total 4,457,306 53,125 2,158,114 (48,158) 6,620,387
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,123,507 (38,849) 59,505 1,631 2,145,794
-----------------------------------------------------------------
Margin % 32.3% (272.1%) 2.7% (3.5%) 24.5%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 683,800 2,095 8,463 - 694,358
Other regulatory charges (credits) 4,898 - - - 4,898
Amortization of rate deferrals 42,126 - - - 42,126
-----------------------------------------------------------------
Total 730,824 2,095 8,463 - 741,382
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 1,392,683 (40,944) 51,042 1,631 1,404,412
-----------------------------------------------------------------
Margin % 21.2% (286.8%) 2.3% (3.5%) 16.0%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 32,268 - - - 32,268
construction
Gain/(loss) on sale of assets - net 2,186 (13) 30,026 - 32,199
Miscellaneous - net 29,895 66,981 110,468 (10,304) 197,040
-----------------------------------------------------------------
Total 64,349 66,968 140,494 (10,304) 261,507
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 466,593 - 519 (810) 466,302
Other interest - net 49,942 12,726 25,835 (7,863) 80,640
Distributions on preferred securities 18,838 - - - 18,838
of subsidiaries
Allowance for borrowed funds used (24,157) - - - (24,157)
during construction
-----------------------------------------------------------------
Total 511,216 12,726 26,354 (8,673) 541,623
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 945,816 13,298 165,182 - 1,124,296
INCOME TAXES 375,450 31,753 50,549 - 457,752
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 570,366 (18,455) 114,633 - 666,544
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 39,993 - - - 39,993
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 530,373 $ (18,455) $ 114,633 $ - $626,551
=================================================================
Margin % 8.1% (129.3%) 5.2% (0.0%) 7.1%
EARNINGS PER AVERAGE COMMON SHARE $2.23 ($0.08) $0.48 $2.63
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 238,003,322
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 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 $6,180,986 $ - $ - $ (15,354) $ 6,165,632
Natural gas 100,622 - - - 100,622
Steam products 38,192 - - - 38,192
Competitive businesses - - 4,341,577 (16,831) 4,324,746
-----------------------------------------------------------------
Total 6,319,800 - 4,341,577 (32,185) 10,629,192
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 1,632,114 - 292,461 (1,520) 1,923,055
purchased for resale
Purchased power 503,942 - 3,564,487 (19,297) 4,049,132
-----------------------------------------------------------------
Gross Margin 4,183,744 - 484,629 (11,368) 4,657,005
Margin % 66.2% - 11.2% 35.3% 43.8%
Nuclear refueling outage expenses 77,016 - - - 77,016
Other operation and maintenance 1,339,181 67,127 379,291 (13,414) 1,772,185
Decommissioning 46,233 - - - 46,233
Taxes other than income taxes 335,902 972 5,288 - 342,162
-----------------------------------------------------------------
Total 3,934,388 68,099 4,241,527 (34,231) 8,209,783
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION 2,385,412 (68,099) 100,050 2,046 2,419,409
-----------------------------------------------------------------
Margin % 37.7% - 2.3% (6.4%) 22.8%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization 711,895 1,908 112,327 - 826,130
Other regulatory charges (credits) 75,949 - - - 75,949
Amortization of rate deferrals 186,306 - - - 186,306
-----------------------------------------------------------------
Total 974,150 1,908 112,327 - 1,088,385
-----------------------------------------------------------------
OPERATING INCOME (LOSS) 1,411,262 (70,007) (12,277) 2,046 1,331,024
-----------------------------------------------------------------
Margin % 22.3% - (0.3%) (6.4%) 12.5%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 19,601 - - - 19,601
construction
Gain/(loss) on sale of assets - net 1,952 (817) 321,986 - 323,121
Miscellaneous - net 40,431 21,602 39,681 (2,740) 98,974
-----------------------------------------------------------------
Total 61,984 20,785 361,667 (2,740) 441,696
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 483,349 - 112,061 - 595,410
Other interest - net 63,935 12,864 10,270 (694) 86,375
Distributions on preferred securities 18,838 - 13,081 - 31,919
of subsidiaries
Allowance for borrowed funds used (16,604) - - - (16,604)
during construction
-----------------------------------------------------------------
Total 549,518 12,864 135,412 (694) 697,100
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 923,728 (62,086) 213,978 - 1,075,620
INCOME TAXES 347,652 2,652 (66,944) - 283,360
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) 576,076 (64,738) 280,922 - 792,260
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER 43,786 - - - 43,786
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ 532,290 $ (64,738) $ 280,922 $ - $748,474
=================================================================
Margin % 8.4% - 6.5% 0.0% 7.0%
EARNINGS PER AVERAGE COMMON SHARE $2.16 ($0.27) $1.14 $3.03
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 246,644,571
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 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 $ 274,775 $ - $ - $ (3,127) $ 271,648
Natural gas 24,144 - - - 24,144
Steam products (37,906) - - - (37,906)
Competitive businesses - 14,276 (2,123,958) (11,215) (2,120,897)
-----------------------------------------------------------------
Total 261,013 14,276 (2,123,958) (14,342) (1,863,011)
-----------------------------------------------------------------
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas 129,786 - 102,219 927 232,932
purchased for resale
Purchased power 326,805 - (2,096,602) (15,412) (1,785,209)
-----------------------------------------------------------------
Gross Margin (195,578) 14,276 (129,575) 143 (310,734)
Margin % (5.6%) 100.0% 4.8% (11.2%) 5.8%
Nuclear refueling outage expenses (2,594) - - - (2,594)
Other operation and maintenance 81,653 (14,916) (89,407) 558 (22,112)
Decommissioning (6,571) - - - (6,571)
Taxes other than income taxes (6,161) (58) 377 - (5,842)
-----------------------------------------------------------------
Total 522,918 (14,974) (2,083,413) (13,927) (1,589,396)
-----------------------------------------------------------------
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,
AND AMORTIZATION (261,905) 29,250 (40,545) (415) (273,615)
-----------------------------------------------------------------
Margin % (5.5%) (272.1%) 0.4% 2.9% 1.7%
DEPRECIATION AND AMORTIZATION:
Depreciation and amortization (28,095) 187 (103,864) - (131,772)
Other regulatory charges (credits) (71,051) - - - (71,051)
Amortization of rate deferrals (144,180) - - - (144,180)
-----------------------------------------------------------------
Total (243,326) 187 (103,864) - (347,003)
-----------------------------------------------------------------
OPERATING INCOME (LOSS) (18,579) 29,063 63,319 (415) 73,388
-----------------------------------------------------------------
Margin % (1.2%) (286.8%) 2.6% 2.9% 3.5%
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during 12,667 - - - 12,667
construction
Gain/(loss) on sale of assets - net 234 804 (291,960) - (290,922)
Miscellaneous - net (10,536) 45,379 70,787 (7,564) 98,066
-----------------------------------------------------------------
Total 2,365 46,183 (221,173) (7,564) (180,189)
-----------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt (16,756) - (111,542) (810) (129,108)
Other interest - net (13,993) (138) 15,565 (7,169) (5,735)
Distributions on preferred securities - - (13,081) - (13,081)
of subsidiaries
Allowance for borrowed funds used (7,553) - - - (7,553)
during construction
-----------------------------------------------------------------
Total (38,302) (138) (109,058) (7,979) (155,477)
-----------------------------------------------------------------
INCOME (LOSS) BEFORE INCOME TAXES 22,088 75,384 (48,796) - 48,676
INCOME TAXES 27,798 29,101 117,493 - 174,392
-----------------------------------------------------------------
CONSOLIDATED NET INCOME (LOSS) (5,710) 46,283 (166,289) - (125,716)
PREFERRED DIVIDEND REQUIREMENTS OF SUBSIDIARIES
AND OTHER (3,793) - - - (3,793)
-----------------------------------------------------------------
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK $ (1,917) $ 46,283 $ (166,289) $ - $(121,923)
=================================================================
Margin % (0.4%) (129.3%) (1.3%) 0.0% 0.1%
EARNINGS PER AVERAGE COMMON SHARE $0.07 $0.19 ($0.66) ($0.40)
*Totals may not foot due to rounding.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Entergy Corporation
U.S. Utility Electric Energy Sales & Customers
Three Months Ended June
% Weather
2000 1999 % Adjusted
(Millions of kwh)
<S> <C> <C> <C> <C>
ELECTRIC ENERGY SALES:
Residential 6,857 6,850 0.1 (0.8)
Commercial 5,880 5,741 2.4 1.8
Governmental 635 624 1.8 1.5
Industrial 11,021 10,827 1.8 1.8
------ ------ ----
Total to Ultimate Customers 24,393 24,041 1.5 1.1
Wholesale 2,523 2,095 20.4
------ ------ ----
Total Sales 26,916 26,136 3.0
====== ====== ====
Year to Date June
% Weather
2000 1999 % Adjusted
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 13,369 13,267 0.8 0.0
Commercial 11,160 10,910 2.3 2.0
Governmental 1,222 1,213 0.8 0.6
Industrial 21,638 21,043 2.8 2.8
------ ------ ----
Total to Ultimate Customers 47,389 46,432 2.1 1.8
Wholesale 4,795 4,304 11.4
------ ------ ----
Total Sales 52,184 50,736 2.9
====== ====== ====
Twelve Months Ended June
2000 1999 %
(Millions of kwh)
ELECTRIC ENERGY SALES:
Residential 30,733 31,265 (1.7)
Commercial 24,025 23,762 1.1
Governmental 2,573 2,575 (0.1)
Industrial 44,145 43,230 2.1
------- ------- ----
Total to Ultimate Customers 101,476 100,832 0.6
Wholesale 10,205 10,916 (6.5)
------- ------- ----
Total Sales 111,681 111,747 (0.1)
======= ======= ====
June
2000 1999 %
ELECTRIC CUSTOMERS (YEAR TO DATE AVERAGE):
Residential 2,199,803 2,172,952 1.2
Commercial 287,125 279,819 2.6
Governmental 14,257 13,907 2.5
Industrial 40,477 40,316 0.4
--------- --------- ----
Total to Ultimate Customers 2,541,661 2,506,994 1.4
Wholesale 40 42 (4.7)
--------- --------- ----
Total Sales 2,541,701 2,507,037 1.4
========= ========= ====
</TABLE>
