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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): October 11, 1999
CALPINE CORPORATION
(A Delaware Corporation)
Commission File Number: 033-73160
I.R.S. Employer Identification No. 77-0212977
50 West San Fernando Street
San Jose, California 95113
Telephone: (408) 995-5115
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ITEM 5. OTHER EVENTS
On October 11, 1999, Calpine Corporation, a Delaware corporation, announced
that it expects financial results for the three and nine months ending September
30, 1999 to exceed previous expectations.
(C) Exhibits.
99.0 Press release dated October 11, 1999, announcing expectation of higher
financial results for the three and nine months ended September 30, 1999.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CALPINE CORPORATION
By: /s/ Ann B. Curtis
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Ann B. Curtis
Executive Vice President and
Chief Financial Officer
October 11, 1999
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EXHIBIT 99.0
NEWS RELEASE Contact: 408/995-5115
Media Relations: Katherine Potter, X1168
Investor Relations:Rick Barraza, X1125
Calpine Announces Expected Higher Financial Results
For The Third Quarter 1999
(SAN JOSE, CALIF.) October 11, 1999-Calpine Corporation [NYSE:CPN]
announced today that it expects financial results for the three and nine months
ending September 30, 1999 to exceed previous expectations.
For the quarter ended September 30, 1999, the company expects to recognize
net income in the range of $40.5 to $41.5 million, compared with $23.1 million
for the third quarter of 1998. Diluted earnings per share is expected to be in
the range of $0.70 to $0.72 per share compared to $0.56 per share for the same
period last year. Weighted shares outstanding for the quarter ended September
30, 1999 were approximately 58.0 million shares on a diluted basis after
accounting for the recently completed two-for-one stock split.
For the nine months ended September 30, 1999, net income in the range of
approximately $61.9 to $62.9 million is expected, compared with $31.6 million
for the same period last year. Diluted earnings per share in the range of $1.16
to $1.19 per share is expected compared to $0.77 for the same period last year.
Financial results for both the three and nine months ended September 30,
1999 benefited primarily from the acquisition of 14 geothermal power
plants-totaling approximately 700 megawatts-from Pacific Gas and Electric
Company, completed in May 1999. For certain of these facilities, revenue
includes amounts received under a Reliability Must Run contract with the
California Independent System Operator, which is awaiting final Federal Energy
Regulatory Commission approval.
Calpine Corporation is national power company dedicated to providing
customers with reliable and competitively priced electricity and thermal energy.
Calpine currently has approximately 9,800 megawatts of capacity in operation,
pending acquisition, under construction or in announced development in 14 states
- - enough energy to power nearly ten million households. Calpine has headquarters
in San Jose, Calif., with regional offices in Houston, Texas; Pleasanton,
Calif.; and Boston, Mass. The company was founded in 1984 and is publicly traded
on the New York Stock Exchange under the symbol CPN. To learn more about
Calpine, visit its website at www.calpine.com.
This news release discusses certain matters that may be considered
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, including statements regarding the intent, belief or current
expectations of Calpine Corporation ("the Company") and its management.
Prospective investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve a number of risks and
uncertainties that could materially affect actual results such as, but not
limited to,(i) changes in government regulations and anticipated deregulation of
the electric energy industry; (ii) the risk associated with obtaining regulatory
approvals; (iii) commercial operations of new plants that may be delayed because
of various development and construction risks, such as a failure to obtain
financing and the necessary permits to operate or the failure of third-party
contractors to perform their contractual obligations (iv) the assurance that the
Company will develop additional plants, (v) a competitor's development of a
lower-cost generating gas-fired power plant or (vi) the risks associated with
marketing and selling power from power plants in the newly competitive energy
market. Prospective investors are also referred to the other risks identified
from time to time in the Company's reports and registration statements filed
with the Securities and Exchange Commission.
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