Cleco Corp. (NYSE:CNL) today reported third-quarter net income of
$41.9 million, or $0.82 per diluted share, up from the $26.9
million, or $0.55 per share, posted during the third quarter of
2004. The main drivers of the increase were higher Cleco Power
revenue, lower Cleco Power nonfuel expenses, as well as improved
results at Cleco Midstream Resources and lower net interest expense
at the holding company level. For the nine months ended Sept. 30,
2005, the company recorded net income of $71.0 million, or $1.40
per diluted share, compared to $50.1 million, or $1.04 per share,
reported for the same period of 2004. Primary factors behind the
improved results include higher Cleco Power revenue and the absence
of the $10.0 million, or $0.14 per share, in charges from the fuel
audit settlement with the Louisiana Public Service Commission
(LPSC) recorded in the second quarter of 2004, as well as improved
results at Cleco Midstream Resources and lower net interest expense
at the holding company level. "Our financial results are strong for
the quarter and the year, but they pale in comparison to the work
of our employees in overcoming the biggest storm restoration
challenge our company has ever faced," said Michael Madison,
president and CEO of Cleco Corp. "The performance of our employees
in restoring power to the 223,000 customers affected by Hurricanes
Katrina and Rita was awe inspiring. "At the same time, we were able
to make substantial progress in other key areas as well. We
continued moving ahead with our proposal to build a new solid-fuel
unit at our Rodemacher plant site. While we still need regulatory
and environmental agency approvals, we have reached a significant
milestone with the signing of an engineering, procurement and
construction contract. This project is vital to diversifying our
fuel supply, helping stabilize our customers' costs and providing
an economic boost to Louisiana," Madison said. "In addition,
effective in October the bankruptcy court approved the
reorganization plan for our Perryville subsidiaries, essentially
wrapping up all aspects of the Perryville bankruptcy, asset sale
and claims against Mirant," Madison said. -0- *T Consolidated
Diluted Earnings Per Share Allocated to Subsidiaries
-----------------------------------------------------------------
Diluted EPS ----------- Three Months Ended Sept. 30,
---------------------------- Subsidiary 2005 2004 ---------- ----
---- Cleco Power LLC $0.53 $0.35 Cleco Midstream Resources LLC 0.26
0.23 Corporate and Other(1) 0.03 (0.02) ------------- -------------
Earnings from continuing operations $0.82 $0.56 Cleco Energy LLC
discontinued operations -- (0.01) ------------- -------------
Earnings applicable to common stock $0.82 $0.55 =============
============= Diluted EPS ----------- Nine Months Ended Sept. 30,
--------------------------- Subsidiary 2005 2004 ---------- ----
---- Cleco Power LLC $1.03 $0.81 Cleco Midstream Resources LLC 0.39
0.34 Corporate and Other(1) (0.01) (0.10) -------------
------------- Earnings from continuing operations $1.41 $1.05 Cleco
Energy LLC discontinued operations (0.01) (0.01) -------------
------------- Earnings applicable to common stock $1.40 $1.04
============= ============= Results for Third Quarter 2005:
------------------------------- Major Reconciling Items for
Third-Quarter EPS 2005 vs. 2004:
------------------------------------------------------------ $0.55
2004 Third-Quarter Diluted EPS 0.14 Higher Cleco Power nonfuel
revenue, net of customer refund accrual under rate stabilization
plan 0.07 Lower Cleco Power nonfuel expenses 0.03 Higher earnings
contribution from Cleco Midstream (0.03) Effect of higher number of
outstanding shares 0.05 Lower corporate expenses, primarily
interest expense ------ 0.81 0.01 Absence of 2004 Cleco Energy loss
from discontinued ------ operations $0.82 2005 Third-Quarter
Diluted EPS ====== (1) Includes dividends on preferred stock *T
Cleco Power LLC Cleco Power's 2005 third-quarter earnings were
$0.18 per share higher than in the third quarter of 2004. Nonfuel
revenue, net of customer refund accruals, increased $0.14 per share
in the quarter-to-quarter comparison largely due to an increase in
base revenue, a mark-to-market gain on fuel hedging positions,
higher transmission service revenue, and lower accruals for
customer refunds. Base revenue was up $0.05 per share compared to
the third quarter of 2004 primarily due to warmer-than-normal
weather and higher sales to two municipal wholesale customers. The
increase was partially offset by the impact of extended
storm-related customer outages related to Hurricanes Katrina and
Rita. Kilowatt-hour sales increased 3.2 percent over the third
quarter of 2004. Cooling degree-days were up 21 percent compared to
the third quarter of 2004 and 17 percent above normal. -0- *T
(Million kWh) For the three months ended Sept. 30,
-------------------------------------- 2005 2004 Change
------------ ------------ ------------ Electric Sales Residential
1,155 1,107 4.34 % Commercial 540 537 0.56 % Industrial 760 736
3.26 % Other retail 174 169 2.96 % Unbilled (74) (16) (362.50)%
------------------------- Total retail 2,555 2,533 0.87 % Sales for
resale 203 139 46.04 % ------------------------- Total retail and
wholesale customer sales 2,758 2,672 3.22 % *T Adding to the
utility's positive results over the same period a year ago was
$0.06 per share from mark-to-market gains on fuel hedge
transactions tied to a new wholesale power contract with a
municipality. That fixed-price contract starts in January. Cleco
Power anticipates a large portion of the gains will be offset by
losses in future periods stemming from the contract. In light of
these economic hedge transactions, volatility in natural gas prices
will likely cause fluctuation in Cleco Power's future earnings. In
addition, transmission revenue was $0.02 per share higher than the
third quarter of 2004. Another $0.01 per share to the positive was
attributable to a lower customer refund accrual compared to last
year's third quarter. Nonfuel expenses were $0.07 per share lower
than in the same quarter of 2004. One of the primary differences
was approximately $0.06 per share of lower capacity payments. The
absence of fuel audit legal fees reduced expenses by $0.03 per
share compared to the third quarter of 2004. In addition, there was
a $0.02 per share decrease in maintenance expense largely due to
lower transmission and distribution right-of-way clearing costs.
Also, state income tax expense was $0.03 per share lower primarily
due to the effect of a hurricane casualty loss deduction. Finally,
there was a $0.02 per share decrease in interest expense linked
mainly to the redemption of mortgage bonds earlier this year.
Operating expenses increased $0.06 per share primarily due to
higher employee incentive costs and higher professional fees. In
addition, there was a $0.03 per share increase in depreciation and
other expenses compared to the third quarter of 2004. Finally, the
utility's earnings were reduced by $0.03 per share because of an
increase in the number of outstanding shares of common stock. Cleco
Midstream Resources LLC Cleco Midstream's earnings from continuing
operations were $0.26 per share in the third quarter of 2005, $0.03
per share higher than the same quarter of 2004. The Acadia project
contributed $0.05 per share more than it did in the third quarter
of 2004. The improved performance was primarily driven by lower
maintenance expense during the quarter versus a year ago and an
annual accelerated payment received due to the settlement reached
between Acadia and Calpine Energy Services (CES) relating to
certain transmission-related issues under tolling agreements with
CES. Evangeline's contribution was down $0.02 per share from a year
ago. The major factors affecting the plant's results were higher
sales taxes paid on natural gas purchases, increased maintenance
expense, and lower revenue due to lower plant capacity, as well as
increased heat-rate penalties. Other Corporate and other expenses
were $0.05 per share lower in the quarter-to-quarter comparison.
The primary reasons were a decrease in interest expense related to
the June 2005 repayment of $100 million of senior notes at the
holding company level and a benefit related to corporate-owned life
insurance policies. In addition, results were affected by the
absence of the $0.01 per share loss in 2004 from the discontinued
operations of Cleco Energy LLC. Substantially all of Cleco Energy's
assets were sold in the last half of 2004. Perryville The U.S.
Bankruptcy Court for the Western District of Louisiana, Alexandria
division, approved the reorganization plan for Perryville Energy
Partners, L.L.C. and Perryville Energy Holdings LLC (collectively
referred to as Perryville) effective Oct. 11, 2005. After the
effective date of the reorganization plan, approximately $2.2
million in pre-petition claims were paid in full in compliance with
the plan. In addition, cash distributions of $90.0 million were
dividended by Perryville to Cleco Corp. Because Perryville's
results were deconsolidated from Cleco Corp.'s financial statements
effective with its Jan. 28, 2004, bankruptcy filing, Perryville
operations are only reflected in corporate consolidated results
prior to that date. For the third quarter of 2004, Perryville
recorded a loss of $0.9 million. Perryville recorded net income of
$110.5 million during the third quarter of 2005 from its claims
from the Mirant bankruptcy settlement, as well as transmission
revenue. The financial results of the Perryville subsidiaries will
be reintegrated with Cleco's consolidated financial results in the
fourth quarter of 2005. -0- *T Results for Nine Months ended Sept.
30, 2005: --------------------------------------------- Major
Reconciling Items for Nine Months ended Sept. 30 EPS 2005 vs. 2004:
--------------------------------------------- $1.04 Nine Months
ended Sept. 30, 2004, Diluted EPS 0.17 Higher Cleco Power nonfuel
revenue, net of customer refund accrual under rate stabilization
plan (excludes 2004 LPSC fuel audit settlement) 0.03 Sale of Cleco
Power property (0.07) Higher Cleco Power nonfuel expenses (excludes
2004 LPSC fuel audit adjustments) 0.14 Absence of $10 million LPSC
fuel audit settlement adjustments (0.05) Effect of higher number of
outstanding shares 0.05 Higher earnings contribution from Cleco
Midstream 0.09 Lower corporate and other expense ------ $1.40 Nine
Months ended Sept. 30, 2005, Diluted EPS ====== *T Cleco Power LLC
For the nine months ended Sept. 30, 2005, Cleco Power's earnings
were $0.22 per share higher than in the same period of 2004.
Nonfuel revenue increased $0.17 per share when compared to the
first nine months of 2004. Transmission and miscellaneous revenues
were up by $0.04 per share over the first three quarters of 2004,
and there was a $0.06 per share mark-to-market gain on natural gas
hedges associated with a new municipal wholesale customer. In
addition, customer refunds were $0.05 per share lower than in the
same period of 2004. Cleco Power's results also improved compared
to a year ago because of a $0.02 per share revenue adjustment
related to gas transportation costs. Despite warmer-than-normal
summer weather, revenue from electric sales to retail customers was
down slightly compared to a year ago primarily because of the
impact of the hurricanes, a lower fuel surcharge adjustment, and
the May 2004 loss of a contract with a municipal customer. -0- *T
(Million kWh) For the nine months ended Sept. 30
-------------------------------------- 2005 2004 Change
------------ ------------ ------------ Electric Sales Residential
2,696 2,696 0 % Commercial 1,383 1,392 (0.65)% Industrial 2,146
2,157 (0.51)% Other retail 454 445 2.02 % Unbilled 56 34 64.71 %
------------------------- Total retail 6,735 6,724 0.16 % Sales for
resale 409 502 (18.53)% ------------------------- Total retail and
wholesale customer sales 7,144 7,226 (1.13)% *T Nonfuel expenses
increased $0.07 per share over the same period of 2004. Operating
and maintenance expenses were up $0.14 per share in
period-to-period comparisons, approximately $0.11 per share of
which was due to increased employee incentives. The remainder of
increased O&M expenses stemmed from a major inspection at
Rodemacher Unit 1 and the expensing of costs associated with
generation resource planning. The increase in O&M expenses was
offset by $0.06 per share of lower capacity payments compared to
the first nine months of 2004. Interest charges were $0.02 per
share lower for the first nine months of 2005 after the redemption
of mortgage bonds earlier in the year. In addition, income taxes
were $0.02 per share lower than a year ago due to a hurricane
casualty loss deduction. Other expenses were up $0.03 per share
compared to the first three quarters of 2004, most of which was due
to increased depreciation expense. The nine-months-ended results
for 2005 also included a $0.03 per share gain from the sale of
certain distribution assets and other property completed in 2005
and excluded a $0.14 per share charge taken in 2004 stemming from
the settlement of the state fuel audit and associated investigation
and litigation of trading activities. Lastly, a $0.05 per share
dilution in earnings was caused by the larger number of outstanding
shares. Cleco Midstream Resources LLC Cleco Midstream's earnings
were $0.39 per share for the first nine months of 2005, a $0.05 per
share increase over the same period of 2004. Earnings from the
Acadia project were $0.05 per share more during the first nine
months of 2005 than in the same period a year ago primarily due to
lower maintenance expense, as well as an annual accelerated payment
received as a result of a settlement reached between Acadia and
CES. These increases were partially offset by Acadia's heat rate
settlement with CES. Evangeline's results were down $0.03 per share
compared to the first three quarters of 2004 primarily because of
higher sales taxes on natural gas purchases and lower revenue due
to lower plant capacity. Another element of Midstream's performance
was the absence of a $0.03 per share loss recorded before
Perryville filed for bankruptcy protection on Jan. 28, 2004.
Perryville was deconsolidated from corporate results after the
bankruptcy filing. Other Corporate and other expenses decreased by
$0.09 per share compared to the first three quarters of 2004. The
main reasons for the decrease were a reduction in net interest
expense stemming from the repayment of $100 million in senior
corporate notes in June 2005 and from a benefit related to
corporate-owned life insurance policies. Because the Perryville
project's results were deconsolidated from Cleco Corp.'s financial
statements effective with its Jan. 28, 2004, bankruptcy filing,
2004 Perryville operations are only reflected in corporate
consolidated results prior to that date. Year-to-date, Perryville
reported $112.9 million in net income primarily from the sale of
its generating assets and its claims from the Mirant bankruptcy
settlement. From Jan. 28, 2004, through Sept. 30, 2004, Perryville
recorded a net loss of $3.1 million after its deconsolidation.
Strategic Update: "We've overcome a remarkable series of challenges
in the last few months, and at the same time we've been able to
make progress on major strategic initiatives," Madison said. "We've
estimated the cost of restoring power after Katrina at
approximately $115 million, and we expect the final tally for Rita
to be in the neighborhood of $50 million. Work is still ongoing in
restoring the distribution system to the condition it was in prior
to the storms. "We have capitalized approximately 82 percent of the
costs recorded as of Sept. 30, 2005, for Katrina and approximately
83 percent of the costs for Rita," Madison said. "The LPSC approved
amortizing the remaining O&M portion of the storm restoration
costs over 10 years starting in October. "We're in discussions with
Louisiana regulators on possible methods to recover the cost of
rebuilding the region's electrical system without placing an undue
financial strain on our customers," Madison said. "We have an
obligation to our customers to investigate every feasible method to
ease their burden as they work to rebuild their homes and
communities. An avenue we're looking into is federal relief from
one of a number of bills currently before Congress." At the same
time, Cleco Power is diligently pursuing its proposal to build a
600-megawatt solid fuel unit at its existing Rodemacher plant site.
"We still have major hurdles to clear before the first shovel of
dirt can be turned, but the extreme natural gas prices everyone is
facing certainly supports the need to diversify Cleco's and
Louisiana's fuel mix. Not only can the plant be part of a long-term
answer to the state's fuel issues, it can provide an immediate
economic shot in the arm to Louisiana. We anticipate the
construction phase will employ approximately 1,200 people," Madison
said. "Our goal is to have LPSC approval and the necessary
environmental permits in hand by the end of the first quarter of
2006 and for the plant to be operational in 2009. "One of the
issues we handled in the middle of Katrina was approval of the
extension of our rate stabilization plan through Sept. 30, 2006,
under the plan's existing terms and conditions. By extending the
plan, which sets an effective maximum regulatory return on equity
of 12.625 percent, we and the LPSC have the ability to consider our
rate structure as part of our request to build the plant," Madison
said. Cleco Power also has two power purchase contracts -- a
four-year, 500-MW agreement with Williams Power Co. and a one-year,
200-MW agreement with CES - up for approval before the LPSC. The
contracts are intended to replace existing contracts expiring at
the end of this year. "Another positive step for Cleco was the
decision by Standard & Poor's and Moody's rating agencies to
affirm our credit ratings and for Moody's to change our corporate
outlook to stable from negative," Madison said. "I think their
actions recognize both the sound plan we have in place and our
ability to follow through." Earnings Update "We had previously
targeted a range of $1.35 per share to $1.40 per share for 2005
earnings excluding any Perryville income, but we're already at the
top of that range at the end of the third quarter," Madison said.
"So far this year, weather has been strong for sales despite
third-quarter hurricane-forced outages, and we've recorded more
than $0.10 per share in unanticipated gains from assets sales,
insurance proceeds and natural gas hedge mark-to-market positions.
Additionally, interest rates have remained favorable. "During the
fourth quarter, we know we'll have higher expenses due to increased
depreciation, storm expense amortization, franchise taxes, and some
catch-up on maintenance work not done during the third quarter due
to storm restoration work," he said. "Given those factors, and
assuming normal weather and performance by Midstream
counterparties, we're now targeting earnings for the year in the
range of $1.55 to $1.60 per share," Madison said. Cleco management
will discuss the company's 2005 third-quarter results during a
conference call scheduled for 11 a.m. EST (10 a.m. CST) Thursday,
Nov. 3, 2005. The call will be broadcast live on the Internet, and
replays will be available for 12 months. Investors may access the
webcast through the company's Web site at www.cleco.com by
selecting "For Investors" and then "3rd Quarter 2005 Earnings
Conference Call." -0- *T Cleco's businesses referred to in this
news release are: Cleco Power LLC Cleco Midstream Resources LLC
Cleco Evangeline LLC Perryville Energy Partners, L.L.C.; Perryville
Energy Holdings LLC Acadia Power Partners, LLC; Acadia Power
Holdings LLC Cleco Energy LLC Other (Cleco Corporation; Cleco
Support Group LLC, Cleco Innovations LLC) *T Cleco Corp. is a
regional energy services company headquartered in Pineville, La. It
operates a regulated electric utility company that serves
approximately 265,000 customers across Louisiana. Cleco also
operates a wholesale energy business that has approximately 1,400
megawatts of generating capacity. For more information about Cleco,
visit www.cleco.com. Financial tables follow: -0- *T CLECO
CORPORATION
----------------------------------------------------------------------
Condensed Consolidated Statements of Income (Unaudited)
----------------------------------------------------------------------
FOR THE THREE MONTHS ENDED SEPTEMBER 30, -----------------------
(THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) 2005 2004
----------------------------------------------------------------------
Operating revenue Electric operations $267,958 $219,747 Other
operations 14,240 8,610 Affiliate revenue 1,758 2,377
----------------------------------------------------------------------
Gross operating revenue 283,956 230,734 Electric customer credits
(300) (1,344)
----------------------------------------------------------------------
Operating revenue, net 283,656 229,390
----------------------------------------------------------------------
Operating expenses Fuel used for electric generation 54,665 60,380
Power purchased for utility customers 125,190 79,586 Other
operations 22,724 19,165 Maintenance 9,723 11,803 Depreciation
15,182 14,507 Taxes other than income taxes 10,938 10,587
----------------------------------------------------------------------
Total operating expenses 238,422 196,028
----------------------------------------------------------------------
Operating income 45,234 33,362 Interest income 1,136 607 Allowance
for other funds used during construction 325 976 Equity income from
investees 25,249 23,056 Other income 2,626 171 Other expense (861)
(2,246) Interest charges Interest charges, including amortization
of debt expenses, premium and discount, net of capitalized interest
9,535 12,063 Allowance for borrowed funds used during construction
(108) (326)
----------------------------------------------------------------------
Total interest charges 9,427 11,737
----------------------------------------------------------------------
Income from continuing operations before income taxes 64,282 44,189
Federal and state income tax expense 21,948 16,500
----------------------------------------------------------------------
Income from continuing operations 42,334 27,689 Discontinued
operations Loss from discontinued operations, net of tax (25) (35)
Loss on disposal of segment, net of tax - (271)
----------------------------------------------------------------------
Total loss from discontinued operations (25) (306)
----------------------------------------------------------------------
Net income 42,309 27,383 Preferred dividends requirements, net 451
468
----------------------------------------------------------------------
Net income applicable to common stock $41,858 $26,915
----------------------------------------------------------------------
Average shares of common stock outstanding Basic 49,548,835
47,114,330 Diluted 51,714,320 49,342,187 Basic earnings (loss) per
share From continuing operations $0.82 $0.56 From discontinued
operations $- $(0.01) Net income applicable to common stock $0.82
$0.55 Diluted earnings (loss) per share From continuing operations
$0.82 $0.56 From discontinued operations $- $(0.01) Net income
applicable to common stock $0.82 $0.55 Cash dividends paid per
share of common stock $0.225 $0.225
----------------------------------------------------------------------
CLECO CORPORATION
----------------------------------------------------------------------
Condensed Consolidated Statements of Income (Unaudited)
----------------------------------------------------------------------
FOR THE NINE MONTHS ENDED SEPTEMBER 30, -----------------------
(THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) 2005 2004
----------------------------------------------------------------------
Operating revenue Electric operations $614,670 $545,417 Tolling
operations - 10,255 Other operations 29,493 22,505 Affiliate
revenue 6,488 5,361
----------------------------------------------------------------------
Gross operating revenue 650,651 583,538 Electric customer credits
(771) (21,177)
----------------------------------------------------------------------
Operating revenue, net 649,880 562,361
----------------------------------------------------------------------
Operating expenses Fuel used for electric generation 117,139
110,230 Power purchased for utility customers 268,206 206,490 Other
operations 66,215 60,389 Maintenance 32,848 31,306 Depreciation
45,059 45,150 Taxes other than income taxes 30,646 30,335 Gain on
sales of assets (2,207) -
----------------------------------------------------------------------
Total operating expenses 557,906 483,900
----------------------------------------------------------------------
Operating income 91,974 78,461 Interest income 2,987 3,012
Allowance for other funds used during construction 2,104 2,702
Equity income from investees 46,121 40,660 Other income 3,445 479
Other expense (1,652) (2,869) Interest charges Interest charges,
including amortization of debt expenses, premium and discount, net
of capitalized interest 32,584 41,077 Allowance for borrowed funds
used during construction (702) (896)
----------------------------------------------------------------------
Total interest charges 31,882 40,181
----------------------------------------------------------------------
Income from continuing operations before income taxes 113,097
82,264 Federal and state income tax expense 40,490 29,950
----------------------------------------------------------------------
Income from continuing operations 72,607 52,314 Discontinued
operations Loss from discontinued operations, net of tax (230)
(165) Loss on disposal of segment, net of tax - (271)
----------------------------------------------------------------------
Total loss from discontinued operations (230) (436)
----------------------------------------------------------------------
Net income 72,377 51,878 Preferred dividends requirements, net
1,374 1,745
----------------------------------------------------------------------
Net income applicable to common stock $71,003 $50,133
----------------------------------------------------------------------
Average shares of common stock outstanding Basic 49,443,912
47,031,650 Diluted 51,625,000 47,108,952 Basic earnings (loss) per
share From continuing operations $1.41 $1.05 From discontinued
operations $(0.01) $(0.01) Net income applicable to common stock
$1.40 $1.04 Diluted earnings (loss) per share From continuing
operations $1.41 $1.05 From discontinued operations $(0.01) $(0.01)
Net income applicable to common stock $1.40 $1.04 Cash dividends
paid per share of common stock $0.675 $0.675
----------------------------------------------------------------------
CLECO CORPORATION
----------------------------------------------------------------------
Cleco Corporation Consolidated Balance Sheets (Unaudited)
----------------------------------------------------------------------
(THOUSANDS) Sept. 30, Dec. 31, 2005 2004
----------------------------------------------------------------------
Assets Current assets Cash and cash equivalents $37,339 $123,787
Account receivable, net 88,434 60,306 Other current assets 126,954
103,673
----------------------------------------------------------------------
Total current assets 252,727 287,766 Property, plant and equipment,
net 1,183,786 1,060,045 Equity investment in investees 332,027
314,284 Prepayments, deferred charges and other 193,320 174,968
----------------------------------------------------------------------
Total assets $1,961,860 1,837,063
----------------------------------------------------------------------
Liabilities Current liabilities Long-term debt due within one year
$40,000 $160,000 Accounts payable 203,813 75,770 Other current
liabilities 145,192 101,907
----------------------------------------------------------------------
Total current liabilities 389,005 337,677 Deferred credits and
other liabilities 505,819 487,770 Long-term debt, net 460,363
450,552
----------------------------------------------------------------------
Total liabilities 1,355,187 1,275,999
----------------------------------------------------------------------
Shareholders' equity Preferred stock 19,980 19,226 Common
shareholders' equity 590,026 545,106 Accumulated other
comprehensive loss (3,333) (3,268)
----------------------------------------------------------------------
Total shareholders' equity 606,673 561,064
----------------------------------------------------------------------
Total liabilities and shareholders' equity $1,961,860 $1,837,063
----------------------------------------------------------------------
*T Please note: In addition to historical financial information,
this news release contains forward-looking statements about future
results and circumstances with respect to which there are many
risks and uncertainties, including the weather and other natural
phenomena, state and federal legislative and regulatory
initiatives, the timing and extent of changes in commodity prices
and interest rates, the operating performance of Cleco Power's and
Midstream's facilities, the financial condition of the company's
tolling agreement counterparties, the performance of the tolling
agreements by such counterparties, regulatory treatment of storm
restoration costs, regulatory approval and rate treatment of the
proposed Rodemacher Unit 3, and the other risks and uncertainties
more fully described in the company's latest Annual Report on Form
10-K and Quarterly Report on Form 10-Q. Actual results may differ
materially from those indicated in such forward-looking statements.
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