PINEVILLE, La., Feb. 26, 2016
- Cleco Corporation (NYSE: CNL) reports 2015 operational earnings
of $139.3 million, or $2.29 per diluted share, down $26.6 million
from the $165.9 million, or $2.74 per diluted share recorded in
2014. GAAP earnings for 2015 were $133.7 million, or $2.20 per
diluted share, down $21.0 million from the $154.7 million recorded
in 2014. Fourth quarter GAAP earnings were $21.9 million, or $0.36
per diluted share, up $0.6 million from the $21.3 million recorded
in the fourth quarter of 2014. Operational earnings for 2015
exclude life insurance policies and merger transaction costs. The
2015 costs associated with the merger were $4.6 million, or $0.08
per diluted share compared to $17.8 million, or $0.23 per diluted
share for 2014.
Consolidated
Earnings - Reconciliation of GAAP to Non-GAAP Measures |
|
|
Diluted Earnings Per Share |
|
For the three months ended Dec.
31 |
|
For the year
ended Dec. 31 |
Subsidiary |
2015 |
|
2014 |
|
2015 |
|
2014 |
Cleco
Power LLC |
|
$0.39 |
|
|
|
$0.53 |
|
|
|
$2.33 |
|
|
|
$2.54 |
|
Corporate and Other |
(0.01) |
|
|
0.07 |
|
|
(0.04) |
|
|
0.20 |
|
Operational diluted earnings per share
(Non-GAAP) |
0.38 |
|
|
0.60 |
|
|
2.29 |
|
|
2.74 |
|
Adjustments1 |
(0.02) |
|
|
(0.25) |
|
|
(0.09) |
|
|
(0.19) |
|
Diluted earnings per share applicable to common
stock |
|
$0.36 |
|
|
|
$0.35 |
|
|
|
$2.20 |
|
|
|
$2.55 |
|
GAAP refers to United States generally accepted
accounting principles.
Quarter-Over-Quarter Operational
Diluted Earnings Per Share Reconciliation
|
$0.60 |
|
|
2014 fourth-quarter operational diluted earnings
per share |
|
|
|
0.03 |
|
|
Non-fuel revenue |
0.01 |
|
|
Rate
refund |
(0.17) |
|
|
Other
expenses, net |
0.01 |
|
|
Interest charges |
(0.01) |
|
|
AFUDC (allowance for funds used during
construction) |
(0.01) |
|
|
Income taxes |
|
$(0.14) |
|
|
Cleco Power results quarter-over-quarter |
|
|
|
(0.08) |
|
|
Corporate and Other results
quarter-over-quarter |
|
|
|
|
$0.38 |
|
|
2015 fourth-quarter operational diluted earnings
per share |
|
|
|
(0.02) |
|
|
Adjustments1 |
|
|
|
|
$0.36 |
|
|
2015 fourth-quarter reported GAAP diluted earnings
per share |
1Refer to
"Operational Earnings Adjustments" in this news release
Cleco
Power
-
Non-fuel revenue increased
earnings by $0.03 per share compared to the fourth quarter of
2014 primarily due to $0.10 per share of higher revenue related
to the Mercury and Air Toxics Standards (MATS) project, $0.02 per
share related to Cleco Power's formula rate plan, and $0.02 per
share of higher revenue related to usage. These amounts were
partially offset by $0.09 per share of lower sales to wholesale
customers and $0.02 per share of lower transmission and
distribution revenue.
-
Rate refund increased earnings
by $0.01 per share compared to the fourth quarter of 2014
primarily related to an energy efficiency program.
-
Other expenses, net, decreased
earnings by $0.17 per share compared to the fourth quarter of
2014 primarily due to $0.08 per share of higher maintenance
expense largely from higher generating station outages, $0.08 per
share of higher depreciation and amortization expense, $0.03 per
share of higher pension expense, and $0.01 per share of higher
other administrative and general expenses. These decreases were
partially offset by $0.02 per share of lower non-recoverable fuel
expenses primarily related to lower MISO transmission expenses and
administrative fees and $0.01 per share of lower taxes other than
income taxes.
-
Interest charges increased
earnings by $0.01 per share compared to the fourth quarter of
2014 primarily due to the absence of settlements with taxing
authorities and the retirement of long-term debt.
-
AFUDC decreased earnings by
$0.01 per share compared to the fourth quarter of 2014
primarily due to the completion of the MATS project.
-
Income taxes decreased earnings
by $0.01 per share compared to the fourth quarter of 2014
primarily due to $0.01 per share for the flowthrough of state tax
benefits and $0.01 per share for miscellaneous tax items. These
decreases were partially offset by $0.01 per share for tax
credits.
Corporate and
Other
-
Other expenses, net, decreased
earnings by $0.04 per share compared to the fourth quarter of
2014 primarily related to $0.06 per share related to the
absence of a gain on the sale of property. This decrease was
partially offset by $0.01 per share due to the absence of a
write-off of uncollectible accounts and $0.01 per share of lower
miscellaneous expenses.
-
Income taxes decreased earnings
by $0.04 per share compared to the fourth quarter of 2014
primarily related to $0.05 per share for the adjustment to record
tax expense at the consolidated projected annual effective tax
rate, partially offset by $0.01 per share for tax credits.
For a discussion of other transactions affecting
Cleco Power and Corporate and Other results, please refer to
"Operational Earnings Adjustments" below.
Year-Over-Year Operational
Diluted Earnings Per Share Reconciliation
|
$2.74 |
|
|
Year ended Dec. 31, 2014, operational diluted
earnings per share |
|
|
|
(0.11) |
|
|
Non-fuel revenue |
0.21 |
|
|
Rate
refund |
(0.16) |
|
|
Other
expenses, net |
(0.01) |
|
|
Interest charges |
(0.05) |
|
|
AFUDC |
(0.09) |
|
|
Income taxes |
|
$(0.21) |
|
|
Cleco Power results year-over-year |
|
|
|
(0.24) |
|
|
Corporate and Other results
year-over-year |
|
|
|
|
$2.29 |
|
|
Year ended Dec. 31, 2015, operational diluted
earnings per share |
|
|
|
(0.09) |
|
|
Adjustments1 |
|
|
|
|
$2.20 |
|
|
Year ended Dec. 31, 2015, reported GAAP diluted
earnings per share |
1Refer to
"Operational Earnings Adjustments" in this press release
Cleco
Power
-
Non-fuel revenue decreased
earnings by $0.11 per share compared to 2014 primarily due to
$0.33 per share of lower sales to wholesale customers and $0.07 per
share related to Cleco Power's formula rate plan. These amounts
were partially offset by $0.15 per share of higher revenue related
to the MATS project, $0.12 per share of higher revenue related to
usage, and $0.02 per share of higher transmission and distribution
revenue.
-
Rate refund increased earnings
by $0.21 per share compared to 2014 primarily due to $0.22 per
share related to the absence of provisions for refunds as a result
of the formula rate plan extension approved in June 2014 and $0.01
per share related to lower site-specific generated refunds. These
amounts were partially offset by $0.02 per share related to
provisions for a transmission refund.
-
Other expenses, net, decreased
earnings by $0.16 per share compared to 2014 primarily due to
$0.12 per share of higher operations expense primarily related to
pension expense, $0.05 per share of taxes other than income taxes
related to the absence of favorable settlements with taxing
authorities, $0.04 per share of higher non-recoverable fuel
expenses primarily related to higher MISO transmission expenses and
administrative fees, and $0.04 per share of higher depreciation and
amortization expense. These amounts were partially offset by $0.09
per share of lower maintenance expense largely from fewer planned
generating station outages.
-
Interest charges decreased
earnings by $0.01 per share compared to 2014 primarily due to
$0.05 per share related to the absence of favorable settlements
with taxing authorities. This amount was partially offset by $0.02
per share related to the absence of a customer surcredit and $0.02
per share related to the retirement of long-term debt.
-
AFUDC decreased earnings by
$0.05 per share compared to 2014 primarily due to the
completion of the MATS project.
-
Income taxes decreased earnings
by $0.09 per share compared to 2014 primarily due to $0.04 per
share for the flowthrough of state tax benefits, $0.04 per share
due to the absence of favorable settlements with taxing
authorities, $0.01 per share due to adjustments for permanent tax
differences, and $0.01 per share for miscellaneous tax items. These
decreases were partially offset by $0.01 per share for tax
credits.
Corporate and
Other
-
Revenue decreased earnings by
$0.06 per share compared 2014 primarily due to the transfer of
Coughlin to Cleco Power.
-
Other expenses, net, decreased
earnings by $0.02 per share compared to 2014 primarily related
to $0.06 per share related to the absence of a gain on the sale of
property and $0.01 per share of higher miscellaneous expense. These
decreases were partially offset by $0.03 per share of lower
operations and maintenance expense and $0.01 per share of lower
depreciation expense, both primarily related to the transfer of
Coughlin to Cleco Power, and $0.01 per share due to the absence of
a write-off of uncollectible accounts.
-
Interest charges decreased
earnings by $0.02 per share compared to 2014 primarily due to
the absence of favorable settlements with taxing authorities.
-
Income taxes decreased earnings
by $0.14 per share compared to 2014 primarily due to $0.12 per
share due to the absence of favorable settlements with taxing
authorities, $0.01 per share for adjustments for tax returns as
filed and $0.01 per share for tax credits.
For a discussion of other transactions affecting
Cleco Power and Corporate and Other results, please refer to
"Operational Earnings Adjustments" below.
Operational Earnings
Adjustments:
Cleco's management uses operational diluted
earnings per share, which is a non-GAAP measure, to evaluate the
operations of Cleco and establish goals for management and
employees. Management believes this presentation is appropriate and
enables investors to more accurately compare Cleco's operational
financial performance over the periods presented. Operational
earnings and operational diluted earnings as presented here may not
be comparable to similarly titled measures used by other companies.
Operational earnings and operational diluted earnings per share
should not be considered alternatives to, or more meaningful than,
net income, cash flows from operating activities, or any other
measure presented in accordance with GAAP. The following table
provides a reconciliation of operational diluted earnings per share
to reported GAAP diluted earnings per share.
Reconciliation of
Operational Diluted Earnings Per Share to Reported GAAP Diluted
Earnings Per Share
|
Diluted Earnings Per Share |
|
For the three months ended Dec.
31 |
|
For the year
ended Dec. 31 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Operational diluted earnings per share |
|
$0.38 |
|
|
|
$0.60 |
|
|
|
$2.29 |
|
|
|
$2.74 |
|
Life
insurance policies |
0.01 |
|
|
- |
|
|
(0.01) |
|
|
0.03 |
|
Tax
levelization |
(0.01) |
|
|
(0.05) |
|
|
- |
|
|
- |
|
Acadia
Unit 2 indemnifications |
- |
|
|
- |
|
|
- |
|
|
0.01 |
|
Merger
transaction costs |
(0.02) |
|
|
(0.20) |
|
|
(0.08) |
|
|
(0.23) |
|
Reported GAAP diluted earnings per share
applicable to common stock |
|
$0.36 |
|
|
|
$0.35 |
|
|
|
$2.20 |
|
|
|
$2.55 |
|
Reconciling adjustments from operational diluted
earnings per share to GAAP diluted earnings per share are as
follows:
Life Insurance
Policies
Cleco has life insurance policies covering certain
members of management. These policies have a cash surrender value
component that is carried as an asset and adjusted due to market
changes, premium payments, or policy redemptions. Cleco is unable
to predict market changes, cash surrender value amounts, or the
timing of death benefits related to these policies, and management
does not consider these items to be a component of operational
earnings. The resulting adjustments for these items increased
earnings by $0.01 per share for the quarter ended Dec. 31, 2015.
For the quarter ended Dec. 31, 2014, the resulting adjustments for
these items had no impact on earnings. The resulting adjustments
for these items decreased earnings by $0.01 per share for the year
ended Dec. 31, 2015, and increased earnings by $0.03 per share
for the year ended Dec. 31, 2014.
Tax
Levelization
GAAP requires companies to apply an effective tax
rate to interim periods that is consistent with the company's
estimated annual effective tax rate. As a result, on a quarterly
basis, Cleco projects the annual effective tax rate and then
adjusts the tax expense recorded in that quarter to reflect the
projected annual effective tax rate. For the quarters ended Dec.
31, 2015 and 2014, Cleco recorded a $0.01 per share and $0.05 per
share expense, respectively, from the levelization of its annual
tax rate to bring the actual tax rate in line with the projected
annual effective tax rate. The incremental adjustment for tax
levelization is not related to the current quarter's operational
earnings because it reflects the effect of the change in tax rates
on operational earnings for the prior quarter.
Acadia Unit 2
Indemnifications
Acadia Power Partners, LLC provided limited
guarantees and indemnifications to Entergy Louisiana when it
acquired Acadia Unit 2 in April 2011. The indemnification liability
was reduced either through expiration of the contractual life or
through changes in the probability of a claim arising. The
resulting adjustment for this item for the year ended Dec. 31,
2014, increased earnings by $0.01 per share. During the quarter and
year ended Dec. 31, 2015, and the quarter ended Dec. 31,
2014, the contractual expiration of the underlying indemnification
had no impact on earnings.
Merger
Transaction Costs
On October 20, 2014, Cleco Corporation announced
that it had entered into an agreement to be acquired by a North
American investor group led by Macquarie Infrastructure and Real
Assets and by British Columbia Investment Management Corporation.
For the quarter ended Dec. 31, 2015 and 2014, merger transaction
costs decreased earnings by $0.02 per share and $0.20 per share,
respectively. For the year ended Dec. 31, 2015 and 2014, merger
transaction costs decreased earnings by $0.08 per share and $0.23
per share, respectively. Because these are one-time expenses,
management does not consider these items to be a component of
operational earnings.
Please note: Statements in this
press release include "forward-looking statements" about future
events, circumstances and results within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934,
both as amended by the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
included in this press release, including, without limitation,
statements containing the words "may," "might," "will," "should,"
"could," "anticipate," "estimate," "expect," "predict," "project,"
"future", "potential," "intend," "seek to," "plan," "assume,"
"believe," "target," "forecast," "goal," "objective," "continue" or
the negative of such terms or other variations thereof and similar
expressions, are statements that could be deemed forward-looking
statements. These statements are based on the current expectations
of Cleco's management.
Although Cleco believes that the expectations
reflected in such forward-looking statements are reasonable, such
forward-looking statements are based on numerous assumptions (some
of which may prove to be incorrect) and are subject to risks and
uncertainties that could cause the actual results and events in
future periods to differ materially from Cleco's expectations and
those expressed or implied by these forward-looking statements
because of a number of risks, uncertainties and other factors.
Risks, uncertainties and other factors include, but are not limited
to: (i) the occurrence of any event, change or other circumstances
that could give rise to the termination of the merger agreement; or
could otherwise cause the failure of the merger to close; (ii) the
failure to obtain Louisiana Public Service Commission approval
required for the merger, or required Louisiana Public Service
Commission approval delaying the merger or causing the parties to
abandon the merger; (iii) the failure to obtain any financing
necessary to complete the merger; (iv) risks related to disruption
of management's attention from Cleco's ongoing business operations
due to the merger; (v) the outcome of any legal proceedings,
regulatory proceedings or enforcement matters that may be
instituted against Cleco and others relating to the merger
agreement; (vi) the risk that the pendency of the merger disrupts
current plans and operations and the potential difficulties in
employee retention as a result of the pendency of the merger; (vii)
the fact that actual or expected credit ratings of Cleco or any of
its affiliates, or otherwise relating to the merger, may be
different from what the parties expect; (viii) the effect of the
announcement of the merger on Cleco's relationships with its
customers, operating results and business generally; (ix) the
amount of the costs, fees, expenses and charges related to the
merger; (x) the receipt of an unsolicited offer from another party
to acquire assets or capital stock of Cleco that could interfere
with the merger; (xi) future regulatory or legislative actions
that could adversely affect Cleco; and (xii) other economic,
business and/or competitive factors. Other unknown or unpredictable
factors could also have material adverse effects on future results,
performance or achievements of Cleco. Therefore, forward-looking
statements are not guarantees or assurances of future performance,
and actual results could differ materially from those indicated by
the forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on any
forward-looking statements.
Additional factors that may cause
results to differ materially from those described in the
forward-looking statements are set forth in Cleco's Annual Report
on Form 10-K for the fiscal year ended Dec. 31, 2015, which was
filed with the Securities and Exchange Commission on Feb. 26, 2016,
under the headings Part I, Item 1A, "Risk Factors" and Part II,
Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations." All subsequent written and
oral forward-looking statements attributable to Cleco or persons
acting on its behalf are expressly qualified in their entirety by
the factors identified above. The forward-looking statements
represent Cleco's views as of the date on which such statements
were made and Cleco undertakes no obligation to update any
forward-looking statements, whether as a result of changes in
actual results, change in assumptions, or other factors affecting
such statements.
Cleco Corporation is a public
utility holding company headquartered in Pineville, La. Cleco
owns a regulated electric utility company, Cleco Power LLC, which
is engaged principally in the generation, transmission,
distribution, and sale of electricity, primarily in Louisiana.
Cleco Power owns 10 generating units with a total nameplate
capacity of 3,333 megawatts. Cleco Power serves approximately
287,000 customers in Louisiana through its retail business, and it
supplies wholesale power in Louisiana and Mississippi. Cleco
Corporation announced on Oct. 20, 2014, that it entered into an
agreement to be acquired by a North American investor group led by
Macquarie Infrastructure and Real Assets and by British Columbia
Investment Management Corporation. Louisiana Public Service
Commission approval of the transaction is required. For more
information about Cleco, visit www.cleco.com.
Analyst Contact: |
Tom
Miller |
tom.miller@cleco.com |
(318)
484-7642 |
|
Media Contact: |
Robbyn
Cooper |
robbyn.cooper@cleco.com |
(318)
484-7136 |
|
For the three months ended Dec.
31 |
(Unaudited) |
(million kWh) |
|
(thousands) |
|
2015 |
|
2014 |
|
Change |
|
2015 |
|
2014 |
|
Change |
Electric Sales |
|
|
|
|
|
|
|
|
|
|
|
Residential |
763 |
|
|
813 |
|
|
(6.2)% |
|
|
|
$61,219 |
|
|
|
$62,337 |
|
|
(1.8)% |
|
Commercial |
646 |
|
|
648 |
|
|
(0.3)% |
|
|
46,935 |
|
|
45,383 |
|
|
3.4 % |
|
Industrial |
499 |
|
|
520 |
|
|
(4.0)% |
|
|
22,521 |
|
|
21,981 |
|
|
2.5 % |
|
Other
retail |
32 |
|
|
31 |
|
|
3.2 % |
|
|
2,609 |
|
|
2,438 |
|
|
7.0 % |
|
Surcharge |
- |
|
|
- |
|
|
- |
|
|
5,217 |
|
|
5,204 |
|
|
0.2 % |
|
Total
retail |
1,940 |
|
|
2,012 |
|
|
(3.6)% |
|
|
138,501 |
|
|
137,343 |
|
|
0.8 % |
|
Sales
for resale |
732 |
|
|
989 |
|
|
(26.0)% |
|
|
14,280 |
|
|
22,174 |
|
|
(35.6)% |
|
Unbilled |
(114) |
|
|
(197) |
|
|
42.1 % |
|
|
585 |
|
|
(11,559) |
|
|
105.1 % |
|
Total retail and wholesale
customer sales |
2,558 |
|
|
2,804 |
|
|
(8.8)% |
|
|
|
$153,366 |
|
|
|
$147,958 |
|
|
3.7 % |
|
|
For the year ended Dec. 31 |
(Unaudited) |
(million kWh) |
|
(thousands) |
|
2015 |
|
2014 |
|
Change |
|
2015 |
|
2014 |
|
Change |
Electric Sales |
|
|
|
|
|
|
|
|
|
|
|
Residential |
3,789 |
|
|
3,783 |
|
|
0.2 % |
|
|
|
$296,846 |
|
|
|
$293,871 |
|
|
1.0 % |
|
Commercial |
2,763 |
|
|
2,689 |
|
|
2.8 % |
|
|
191,202 |
|
|
188,012 |
|
|
1.7 % |
|
Industrial |
1,927 |
|
|
2,212 |
|
|
(12.9)% |
|
|
84,988 |
|
|
86,823 |
|
|
(2.1)% |
|
Other
retail |
134 |
|
|
130 |
|
|
3.1 % |
|
|
10,558 |
|
|
10,215 |
|
|
3.4 % |
|
Surcharge |
- |
|
|
- |
|
|
- |
|
|
21,597 |
|
|
15,833 |
|
|
36.4 % |
|
Total
retail |
8,613 |
|
|
8,814 |
|
|
(2.3)% |
|
|
605,191 |
|
|
594,754 |
|
|
1.8 % |
|
Sales
for resale |
3,353 |
|
|
3,412 |
|
|
(1.7)% |
|
|
62,768 |
|
|
81,371 |
|
|
(22.9)% |
|
Unbilled |
(95) |
|
|
171 |
|
|
(155.6)% |
|
|
2,571 |
|
|
7,440 |
|
|
(65.4)% |
|
Total retail and wholesale
customer sales |
11,871 |
|
|
12,397 |
|
|
(4.2)% |
|
|
|
$670,530 |
|
|
|
$683,565 |
|
|
(1.9)% |
|
CLECO
CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share
amounts)
(Unaudited) |
For the three months ended Dec.
31 |
2015 |
|
2014 |
Operating revenue |
|
|
|
Electric operations |
|
$262,220 |
|
|
|
$286,441 |
|
Other
operations |
15,715 |
|
|
18,177 |
|
Gross
operating revenue |
277,935 |
|
|
304,618 |
|
Electric customer credits |
1,468 |
|
|
25 |
|
Operating revenue, net |
279,403 |
|
|
304,643 |
|
Operating expenses |
|
|
|
Fuel
used for electric generation |
95,929 |
|
|
102,490 |
|
Power
purchased for utility customers |
20,338 |
|
|
45,077 |
|
Other
operations |
34,395 |
|
|
31,834 |
|
Maintenance |
27,437 |
|
|
19,826 |
|
Depreciation and amortization |
36,712 |
|
|
29,360 |
|
Taxes
other than income taxes |
10,400 |
|
|
10,978 |
|
Merger
transaction costs |
2,030 |
|
|
16,310 |
|
Gain
on sale of assets |
- |
|
|
(5,961) |
|
Total
operating expenses |
227,241 |
|
|
249,914 |
|
Operating income |
52,162 |
|
|
54,729 |
|
Interest income |
161 |
|
|
400 |
|
Allowance for equity funds used during construction |
866 |
|
|
1,088 |
|
Equity
loss from investees, before tax |
(8) |
|
|
- |
|
Other
income |
1,233 |
|
|
476 |
|
Other
expense |
(943) |
|
|
(782) |
|
Interest charges |
|
|
|
Interest charges, including amortization of debt issuance costs,
premiums, and discounts, net |
19,612 |
|
|
20,418 |
|
Allowance for borrowed funds used during construction |
(247) |
|
|
(321) |
|
Total
interest charges |
19,365 |
|
|
20,097 |
|
Income before income taxes |
34,106 |
|
|
35,814 |
|
Federal and state income tax expense |
12,256 |
|
|
14,467 |
|
Net income applicable to common stock |
|
$21,850 |
|
|
|
$21,347 |
|
|
|
|
|
Basic
average number of common shares outstanding |
60,482,155 |
|
|
60,388,616 |
|
Diluted average number of common shares outstanding |
60,723,888 |
|
|
60,604,159 |
|
Basic
earnings per average common share outstanding |
|
$0.36 |
|
|
|
$0.35 |
|
Diluted earnings per average common share outstanding |
|
$0.36 |
|
|
|
$0.35 |
|
|
CLECO
CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share
amounts)
(Unaudited) |
For the year ended Dec. 31 |
2015 |
|
2014 |
Operating revenue |
|
|
|
Electric operations |
|
$1,142,389 |
|
|
|
$1,225,960 |
|
Other
operations |
69,186 |
|
|
67,055 |
|
Gross
operating revenue |
1,211,575 |
|
|
1,293,015 |
|
Electric customer credits |
(2,173) |
|
|
(23,530) |
|
Operating revenue, net |
1,209,402 |
|
|
1,269,485 |
|
Operating expenses |
|
|
|
Fuel
used for electric generation |
373,117 |
|
|
322,696 |
|
Power
purchased for utility customers |
130,095 |
|
|
242,219 |
|
Other
operations |
127,410 |
|
|
117,369 |
|
Maintenance |
88,137 |
|
|
98,999 |
|
Depreciation and amortization |
149,579 |
|
|
146,505 |
|
Taxes
other than income taxes |
49,134 |
|
|
43,924 |
|
Merger
transaction costs |
4,591 |
|
|
17,848 |
|
Gain
on sale of assets |
- |
|
|
(6,107) |
|
Total
operating expenses |
922,063 |
|
|
983,453 |
|
Operating income |
287,339 |
|
|
286,032 |
|
Interest income |
895 |
|
|
1,768 |
|
Allowance for equity funds used during construction |
3,063 |
|
|
5,380 |
|
Equity
loss from investees, before tax |
(8) |
|
|
- |
|
Other
income |
1,443 |
|
|
4,790 |
|
Other
expense |
(3,368) |
|
|
(2,509) |
|
Interest charges |
|
|
|
Interest charges, including amortization of debt issuance costs,
premiums, and discounts, net |
78,877 |
|
|
75,186 |
|
Allowance for borrowed funds used during construction |
(886) |
|
|
(1,580) |
|
Total
interest charges |
77,991 |
|
|
73,606 |
|
Income before income taxes |
211,373 |
|
|
221,855 |
|
Federal and state income tax expense |
77,704 |
|
|
67,116 |
|
Net income applicable to common stock |
|
$133,669 |
|
|
|
$154,739 |
|
|
|
|
|
Basic
average number of common shares outstanding |
60,476,066 |
|
|
60,406,001 |
|
Diluted average number of common shares outstanding |
60,689,269 |
|
|
60,601,458 |
|
Basic
earnings per average common share outstanding |
|
$2.21 |
|
|
|
$2.56 |
|
Diluted earnings per average common share outstanding |
|
$2.20 |
|
|
|
$2.55 |
|
CLECO
CORPORATION
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited) |
|
At Dec. 31, 2015 |
|
At Dec. 31, 2014 |
Assets |
|
|
|
Current assets |
|
|
|
Cash
and cash equivalents |
|
$68,246 |
|
|
|
$44,423 |
|
Accounts receivable, net |
70,932 |
|
|
69,598 |
|
Other
current assets |
309,681 |
|
|
386,583 |
|
Total
current assets |
448,859 |
|
|
500,604 |
|
Property, plant, and equipment, net |
3,191,563 |
|
|
3,165,458 |
|
Equity
investment in investees |
16,822 |
|
|
14,540 |
|
Prepayments, deferred charges, and other |
666,110 |
|
|
687,816 |
|
Total
assets |
|
$4,323,354 |
|
|
|
$4,368,418 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Long-term debt due within one year |
|
$19,421 |
|
|
|
$18,272 |
|
Accounts payable |
93,822 |
|
|
127,268 |
|
Other
current liabilities |
93,336 |
|
|
92,230 |
|
Total
current liabilities |
206,579 |
|
|
237,770 |
|
Long-term liabilities and deferred credits |
1,174,231 |
|
|
1,164,380 |
|
Long-term debt, net |
1,267,703 |
|
|
1,338,998 |
|
Total
liabilities |
2,648,513 |
|
|
2,741,148 |
|
Shareholders' equity |
|
|
|
Common
shareholders' equity |
1,701,426 |
|
|
1,659,935 |
|
Accumulated other comprehensive loss |
(26,585) |
|
|
(32,665) |
|
Total
shareholders' equity |
1,674,841 |
|
|
1,627,270 |
|
Total
liabilities and shareholders' equity |
|
$4,323,354 |
|
|
|
$4,368,418 |
|
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cleco Corp. via Globenewswire
HUG#1989979
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