Cleco Corp. (NYSE: CNL)
- 2010 Operational Diluted Earnings Per Share of
$2.26, Up 31% from 2009
- 2011 Operational Earnings Guidance of $2.25 -
$2.35 Per Diluted Share
- 2011/2012 Dividend Guidance Provided
Below
"Our 2010 operational earnings are up 31 percent compared to
2009 operational earnings primarily because we successfully
completed major projects that have been under way for a long time,"
said Mike Madison, president and chief executive officer of Cleco
Corp.
"At Cleco Power, we brought Madison Unit 3 online, acquired
Acadia Unit 1 and implemented new retail rates, the first increase
in base rates for Cleco Power in more than 20 years. These projects
diversified our fuel mix and increased our generating capacity. In
addition, we have aligned our rates with the current cost structure
of the utility," Madison said.
"At Midstream, we made progress on our goals to reduce our risk
in the wholesale energy business and maximize the value of our
wholesale assets by completing the Acadia Unit 1 transaction with
Cleco Power and entering into an interim power sales agreement with
Entergy Louisiana for the remaining half of the plant, Acadia Unit
2, until our pending sale agreement with Entergy Louisiana is
closed in March of this year. The Louisiana Public Service
Commission approved Entergy Louisiana's purchase of Acadia Unit 2
in January of this year. Finally, at Midstream, we restructured our
tolling agreement for Coughlin Power Station and extracted all of
the remaining value in the toll. At the expiration of the tolling
agreement, we will have a 775-megawatt unencumbered asset with
attractive prospects based on today's marketplace," Madison
said.
"Together, these projects have strengthened our company and put
us on firm financial footing as we head into 2011," Madison said.
"Our 2011 operational earnings guidance and our 2011/2012 dividend
guidance reflect the continued growth we see in our business and
underscore the confidence we have in the overall financial health
of Cleco."
Earnings Guidance:
Cleco is targeting 2011 consolidated operational earnings in the
range of $2.25 - $2.35 per diluted share. The 2011 consolidated
operational earnings estimate assumes normal weather and excludes
adjustments related to company- and trust-owned life insurance
(COLI/TOLI) policies and the expected gain in the range of $0.53 -
$0.59 per diluted share relating to the pending Acadia Unit 2
transaction. Please refer to "Operational Earnings Adjustments" in
this news release for a description of such adjustments and for the
impact of COLI/TOLI on the company's earnings per diluted share in
2010 and 2009.
Dividend Guidance:
The board of directors of Cleco Corp. intends to increase
Cleco's quarterly dividend rate from $0.25 per common share to
$0.28 per common share beginning with the dividend payable May 16,
2011. The 12 percent increase in the dividend, subject to the
board's official declaration of the dividend in April, will result
in an annual dividend rate of $1.12 per common share.
Additionally, the board has indicated its intention to further
increase the quarterly dividend to $0.3125 per common share
beginning with the dividend payable in May 2012. This additional 12
percent increase in the dividend, subject to the board's official
declaration of the dividend in April 2012, will result in an annual
dividend rate of $1.25 per common share.
"These planned dividend increases by our board of directors
continue the progress started last year toward achieving our
long-term goal of a dividend payout level in the range of 50
percent to 60 percent of our sustainable earnings," Madison said.
"We're following through on our commitment to deliver competitive
total returns to our shareholders upon the successful completion of
major projects."
The declaration of dividend payments is at the board's sole
discretion and future dividend increases are subject to numerous
factors that ordinarily affect dividend policy, including the
result of Cleco's operations and its financial position as well as
general economic and business conditions.
Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
Diluted Earnings
Per Share
--------------
Three months
ended Dec. 31
--------------
Subsidiary 2010 2009
------ ------
Cleco Power LLC $ 0.40 $ 0.35
Cleco Midstream Resources LLC(1) (0.04) (0.21)
Corporate and Other(1),(2) (0.02) 0.01
------ ------
Operational diluted earnings per share (Non-GAAP) 0.34 0.15
Adjustments(3) - 0.06
------ ------
Diluted earnings per share applicable to common stock $ 0.34 $ 0.21
GAAP refers to United States generally accepted accounting principles.
(1) Includes affiliate interest charges/interest income on affiliate debt
related to Cleco's investment in Acadia of $0.01 per share for the quarter
ended Dec. 31, 2009
(2) Includes dividends on preferred stock
(3) Refer to "Operational Earnings Adjustments" in this news release
Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
Diluted Earnings
Per Share
--------------
Year ended
Dec. 31
--------------
Subsidiary 2010 2009
------ ------
Cleco Power LLC $ 2.42 $ 1.84
Cleco Midstream Resources LLC(1) (excluding 2010 gains
from the Evangeline and Acadia Unit 1 transactions) (0.04) (0.29)
Corporate and Other(1),(2) (0.12) 0.18
------ ------
Operational diluted earnings per share (Non-GAAP) 2.26 1.73
Adjustments(3) 1.94 0.03
------ ------
Diluted earnings per share applicable to common stock $ 4.20 $ 1.76
GAAP refers to United States generally accepted accounting principles.
(1) Includes affiliate interest charges/interest income on affiliate debt
related to Cleco's investment in Acadia ($0.01 per share and $0.05 per
share for the years ended Dec. 31, 2010, and 2009, respectively)
(2) Includes dividends on preferred stock
(3) Refer to "Operational Earnings Adjustments" in this news release
Financial Highlights:
Fourth Quarter 2010
- Cleco reports fourth-quarter earnings applicable to common
stock of $20.6 million, or $0.34 per diluted share, compared to
$12.8 million, or $0.21 per diluted share, for the fourth quarter
of 2009.
Year-to-Date 2010
- Cleco reports earnings applicable to common stock for 2010 of
$255.3 million, or $4.20 per diluted share, compared to $106.3
million, or $1.76 per diluted share, for 2009.
Quarter-Over-Quarter Operational Earnings Per Share Reconciliation:
$ 0.15 2009 fourth-quarter diluted operational earnings per share
0.59 Non-fuel revenue, net of rate refund accrual
0.01 Income taxes
(0.16) Other expenses, net
(0.39) AFUDC (allowance for funds used during construction)
------
$ 0.05 Cleco Power results
0.17 Cleco Midstream results
(0.03) Corporate results
------
$ 0.34 2010 fourth-quarter diluted operational earnings per share
- Adjustments(1)
------
$ 0.34 Reported GAAP diluted earnings per share
(1) Refer to "Operational Earnings Adjustments" in this news release
Cleco Power
- Non-fuel revenue, net of rate refund accrual,
increased earnings by $0.59 per share compared to the fourth
quarter of 2009. The impact of the retail base rate increases
that became effective in February 2010, which included Madison Unit
3 and Acadia Unit 1, contributed approximately $0.55 per share,
while the impact from weather contributed approximately $0.06 per
share. Higher transmission revenue and customer forfeited discounts
also contributed $0.01 per share. These increases were partially
offset by $0.03 per share as a result of recording an estimated
accrual for a rate refund.
- Income taxes increased earnings by $0.01 per
share compared to the fourth quarter of 2009 primarily due to
miscellaneous tax items.
- Other expenses, net, were $0.16 per share
higher compared to the fourth quarter of 2009 primarily due to
$0.10 per share of higher operating and maintenance expenses and
$0.08 per share of higher depreciation expense both primarily
resulting from Madison Unit 3 being placed in service and the
acquisition of Acadia Unit 1 both in the first quarter of 2010 and
$0.03 per share of higher other miscellaneous expenses. These
increases were partially offset by $0.02 per share of lower
capacity payments made during the fourth quarter of 2010 primarily
due to the commencement of commercial operations at Madison Unit 3
and the acquisition of Acadia Unit 1 in the first quarter of 2010
and $0.03 per share of lower interest charges.
- AFUDC, primarily associated with the first
quarter 2010 completion of Madison Unit 3, reduced earnings by
$0.39 per share compared to the fourth quarter of 2009. The
equity portion of AFUDC primarily associated with the Madison Unit
3 project decreased $0.32 per share, while the debt portion of
AFUDC decreased $0.07 per share compared to the fourth quarter of
2009.
Cleco Midstream Resources
- Evangeline's results increased earnings by
$0.10 per share compared to the fourth quarter of 2009
primarily due to lower interest charges and lower maintenance
expenses. These increases were partially offset by lower tolling
revenue due to the Evangeline restructuring and pricing of the new
tolling agreement.
- Acadia's results increased earnings by $0.07
per share compared to the fourth quarter of 2009 primarily due
to the absence of removal and retirement costs and lower turbine
and general maintenance expenses.
Corporate and Other
- Higher interest charges decreased earnings by
$0.08 per share compared to the fourth quarter of 2009
primarily due to $0.07 per share of net interest charges related to
uncertain tax positions and $0.01 per share related to a bank term
loan executed in February 2010.
- Lower income taxes increased earnings by $0.03
per share compared to the fourth quarter of 2009 as a result
of a $0.04 per share decrease in tax expense to reflect tax expense
at the consolidated annual effective tax rate. This increase was
partially offset by $0.01 per share for miscellaneous tax
items.
- Lower other miscellaneous expenses increased
earnings by $0.02 per share compared to the fourth quarter of
2009.
Year-Over-Year Operational Earnings Per Share Reconciliation:
$ 1.73 Year ended Dec. 31, 2009, diluted operational earnings per share
2.39 Non-fuel revenue, net of rate refund accrual
0.01 Energy hedging, net
0.01 Income taxes
(0.61) Other expenses, net
(1.22) AFUDC
------
$ 0.58 Cleco Power results
0.25 Cleco Midstream results
(0.30) Corporate results
------
$ 2.26 Year ended Dec. 31, 2010, diluted operational earnings per share
1.94 Adjustments(1)
------
$ 4.20 Reported GAAP diluted earnings per share
(1) Refer to "Operational Earnings Adjustments" in this news release
Cleco Power
- Non-fuel revenue, net of rate refund accrual,
increased earnings by $2.39 per share in the year-to-year
comparison. The impact of the retail base rate increases that
became effective in February 2010, which included Madison Unit 3
and Acadia Unit 1, contributed approximately $2.12 per share. The
impact from favorable weather was approximately $0.17 per share,
while the impact from new service to a wholesale customer was
approximately $0.12 per share. Mineral lease payments, higher
transmission revenue, and higher customer forfeited discounts
contributed $0.08 per share. These increases were partially offset
by $0.10 per share as a result of recording an estimated accrual
for a rate refund.
- Favorable results from energy hedging
positions tied to a fixed-price wholesale contract increased
earnings by $0.01 per share year over year.
- Income taxes increased earnings by $0.01 per
share year over year due to $0.05 per share related to the
implementation of new retail rates and $0.01 per share for
miscellaneous tax items. These increases were partially offset by
$0.03 per share for Medicare Part D resulting from health care
legislation enacted in the first quarter of 2010 and $0.02 per
share for the tax impact of a valuation allowance for capital loss
carryforwards.
- Other expenses, net, were $0.61 per share
higher compared to 2009 primarily due to $0.29 per share of
higher depreciation expense resulting from Madison Unit 3 being
placed in service and the acquisition of Acadia Unit 1 both in the
first quarter of 2010, along with $0.37 per share of higher
operating and maintenance expenses. Also contributing to the
increase was $0.03 per share of higher payroll and state franchise
taxes and $0.06 per share of higher other net miscellaneous
expenses. These increases were partially offset by $0.14 per share
of lower capacity payments, primarily resulting from Madison Unit 3
being placed in service and the acquisition of Acadia Unit 1, which
resulted in less capacity purchased from third parties.
- AFUDC, primarily associated with the first
quarter 2010 completion of the Madison Unit 3 project, reduced
earnings by $1.22 per share compared to 2009. The equity
portion of AFUDC primarily associated with the Madison Unit 3
project decreased earnings by $1.00 per share, while the debt
portion of AFUDC decreased earnings by $0.22 per share compared to
2009.
Cleco Midstream Resources
- Acadia's results increased earnings by $0.26
per share year over year primarily due to lower removal and
asset retirement costs, lower depreciation expense resulting from
certain Acadia assets meeting the criteria of assets held for sale,
the contractual expiration of an underlying indemnification related
to the sale of Acadia Unit 1, lower legal fees and lower interest
charges.
- Evangeline's results were comparable to the
same period last year. Tolling revenue was lower as a result
of the Evangeline restructuring and pricing of the new tolling
agreement. However, this decrease was offset by lower interest
charges as a result of the payoff of Evangeline's debt and lower
maintenance expenses resulting from the absence of a 2009
outage.
- Higher other expenses at Midstream decreased
results by $0.01 per share year over year.
For a discussion of other transactions affecting the results of
Cleco Midstream, please refer to "Operational Earnings Adjustments
-- Gains from Evangeline and Acadia Unit 1 Transactions" below.
Corporate and Other
- Higher income taxes decreased earnings by
$0.02 per share compared to 2009 due to $0.01 per share for
Medicare Part D resulting from health care legislation enacted in
the first quarter of 2010 and $0.01 per share for miscellaneous tax
items.
- Higher interest charges decreased earnings by
$0.20 per share compared to 2009 primarily due to $0.13 per
share of net interest charges related to uncertain tax positions,
$0.03 per share related to the absence of a 2009 favorable
settlement of a franchise tax lawsuit and $0.04 per share related
to a bank term loan executed in February 2010.
- Higher other miscellaneous expenses decreased
earnings by $0.08 per share compared to last year primarily
due to $0.05 per share of lower interest income, $0.02 per share
from the absence of adjustments related to amended franchise tax
returns filed in 2009, and $0.01 per share from other net
miscellaneous expenses.
Operational Earnings Adjustments:
Cleco's management uses operational earnings per share to
evaluate the operations of Cleco and to 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 as presented here may not be
comparable to similarly titled measures used by other companies.
The following table provides a reconciliation of operational
earnings per share to reported GAAP earnings per share.
Reconciliation of Operational Earnings Per Share to Reported
GAAP Diluted Earnings Per Share
Diluted Earnings
Per Share
-----------------
Three months
ended Dec. 31
-----------------
2010 2009
------- --------
Operational earnings per share $ 0.34 $ 0.15
Company- and trust-owned life insurance policy
adjustments 0.01 0.01
Tax levelization (0.01) 0.05
------- --------
Reported GAAP diluted earnings per share applicable to
common stock $ 0.34 $ 0.21
Diluted Earnings
Per Share
-----------------
Year ended
Dec. 31
-----------------
2010 2009
------- --------
Operational earnings per share $ 2.26 $ 1.73
Company- and trust-owned life insurance policy
adjustments 0.02 0.03
Gain from Evangeline transaction 1.51 -
Gain from Acadia Unit 1 transaction 0.41 -
------- --------
Reported GAAP diluted earnings per share applicable to
common stock $ 4.20 $ 1.76
Reconciling adjustments from operational earnings per share to
GAAP diluted earnings per share are as follows:
COLI/TOLI Adjustments
Cleco has both Company-Owned Life Insurance and Trust-Owned Life
Insurance policies covering certain members of management. These
policies are payable to Cleco upon death of the insured. COLI/TOLI
assets are acquired at fair value and adjusted for changes in
market value and any payments/redemptions of cash surrender values.
The resulting adjustments for these items increased earnings by
$0.01 per share for the fourth quarters of 2010 and 2009. These
adjustments increased earnings by $0.02 per share for 2010 and
increased earnings by $0.03 per share for 2009. Cleco is unable to
predict changes in the market values and amounts of cash surrender
values of these policies and management does not consider these
adjustments to be a component of operational earnings.
Tax Levelization
Generally accepted accounting principles require companies to
apply an effective tax rate to interim periods that is consistent
with a company's estimated annual effective tax rate. As a result,
quarterly, 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. During the fourth quarters of
2010 and 2009, Cleco recorded a $0.01 per share expense and a $0.05
per share benefit, 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 operational earnings because it
reflects the effect of the change in tax rates on operational
earnings for the entire year.
Gains from Evangeline and Acadia Unit 1
Transactions
On Feb. 22, 2010, the existing Evangeline tolling agreement was
terminated and a new tolling agreement was executed with the same
counterparty resulting in the recognition of a gain of $1.51 per
share for 2010. On Feb. 23, 2010, Cleco Power's acquisition of
Acadia Unit 1 and half of Acadia Power Station's common facilities
was completed resulting in the recognition of a gain of $0.41 per
share for 2010. Because these are one-time gains, management does
not consider these adjustments to be components of operational
earnings.
Cleco management will discuss the company's fourth-quarter and
full year 2010 results during a conference call scheduled for 11
a.m. Eastern time (10 a.m. Central time) Friday, Feb. 25, 2011. The
call will be webcast live on the Internet. A replay will be
available for 12 months. Investors may access the webcast through
the company's Web site at www.cleco.com by selecting "Investor
Relations" and then "Q4 2010 Cleco Corp. Earnings Conference
Call."
Cleco Corp. is a regional energy company headquartered in
Pineville, La. It operates a regulated electric utility company,
Cleco Power LLC, which serves about 279,000 retail customers across
Louisiana. Cleco also operates a wholesale energy business, Cleco
Midstream Resources LLC, which includes the pending sale of Acadia
Unit 2. For more information about Cleco, visit www.cleco.com.
For the three months ended Dec. 31
--------------------------------------------------
(Unaudited) (million kWh) (thousands)
--------------------------------------------------
2010 2009 Change 2010 2009 Change
----- ----- ------- -------- -------- ------
Electric Sales
Residential 822 823 (0.1)% $ 62,970 $ 35,186 79.0 %
Commercial 614 602 2.0 % 43,142 23,582 82.9 %
Industrial 592 599 (1.2)% 22,385 12,911 73.4 %
Other retail 33 34 (2.9)% 2,458 1,426 72.4 %
Surcharge - - - 1,683 4,987 (66.3)%
Other - - - (1,621) - -
----- ----- -------- --------
Total retail 2,061 2,058 0.1 % 131,017 78,092 67.8 %
Sales for resale 223 128 74.2 % 13,755 7,337 87.5 %
Unbilled 45 (38) 218.4 % (684) (1,275) 46.4 %
----- ----- -------- --------
Total retail and
wholesale customer
sales 2,329 2,148 8.4 % $144,088 $ 84,154 71.2 %
For the year ended Dec. 31
--------------------------------------------------
(Unaudited) (million kWh) (thousands)
--------------------------------------------------
2010 2009 Change 2010 2009 Change
----- ----- ------- -------- -------- ------
Electric Sales
Residential 3,978 3,637 9.4 % $271,781 $157,672 72.4 %
Commercial 2,605 2,484 4.9 % 160,039 95,453 67.7 %
Industrial 2,271 2,232 1.7 % 78,158 50,957 53.4 %
Other retail 138 136 1.5 % 9,186 5,715 60.7 %
Surcharge - - - 8,888 19,661 (54.8)%
Other - - - (6,005) - -
----- ----- -------- --------
Total retail 8,992 8,489 5.9 % 522,047 329,458 58.5 %
Sales for resale 807 560 44.1 % 47,954 23,371 105.2 %
Unbilled 46 60 (23.3)% 22,675 2,262 902.4 %
----- ----- -------- --------
Total retail and
wholesale customer
sales 9,845 9,109 8.1 % $592,676 $355,091 66.9 %
CLECO CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and
per share amounts)
(Unaudited)
For the three months ended Dec. 31 2010 2009
---------- ----------
Operating revenue
Electric operations $ 246,574 $ 181,178
Tolling operations 3,052 -
Other operations 10,105 7,971
Affiliate revenue 137 2,947
---------- ----------
Gross operating revenue 259,868 192,096
Electric customer credits (3,282) -
---------- ----------
Operating revenue, net 256,586 192,096
Operating expenses
Fuel used for electric generation 86,823 48,243
Power purchased for utility customers 17,459 52,697
Other operations 32,731 31,497
Maintenance 22,396 15,523
Depreciation 29,304 19,971
Taxes other than income taxes 8,136 7,135
Loss on sales of assets 375 -
---------- ----------
Total operating expenses 197,224 175,066
---------- ----------
Operating income 59,362 17,030
Interest income 40 461
Allowance for other funds used during construction 1,361 20,928
Equity loss from investees (363) (18,134)
Other income 1,678 827
Other expense (2,611) (626)
Interest charges
Interest charges, including amortization of debt
expenses, premium, and discount, net of
capitalized interest 24,265 18,401
Allowance for borrowed funds used during
construction (510) (7,016)
---------- ----------
Total interest charges 23,755 11,385
---------- ----------
Income before income taxes 35,712 9,101
Federal and state income tax expense (benefit) 15,087 (3,678)
---------- ----------
Net income 20,625 12,779
Preferred dividends requirements, net of tax 12 12
---------- ----------
Net income applicable to common stock $ 20,613 $ 12,767
========== ==========
Average shares of common stock outstanding
Basic 60,511,692 60,254,541
Diluted 60,892,646 60,622,385
Basic earnings per share
Net income applicable to common stock $ 0.34 $ 0.21
Diluted earnings per share
Net income applicable to common stock $ 0.34 $ 0.21
Cash dividends paid per share of common stock $ 0.250 $ 0.225
CLECO CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and
per share amounts)
(Unaudited)
For the year ended Dec. 31 2010 2009
----------- -----------
Operating revenue
Electric operations $ 1,086,102 $ 808,646
Tolling operations 26,067 -
Other operations 44,529 33,651
Affiliate revenue 1,564 11,461
----------- -----------
Gross operating revenue 1,158,262 853,758
Electric customer credits (9,596) -
----------- -----------
Operating revenue, net 1,148,666 853,758
----------- -----------
Operating expenses
Fuel used for electric generation 363,550 261,456
Power purchased for utility customers 141,864 216,906
Other operations 119,516 109,060
Maintenance 81,228 51,300
Depreciation 112,203 78,204
Taxes other than income taxes 34,626 29,947
Loss on sales of assets 338 76
----------- -----------
Total operating expenses 853,325 746,949
----------- -----------
Operating income 295,341 106,809
Interest income 409 1,512
Allowance for other funds used during
construction 12,413 73,269
Equity income (loss) from investees 38,849 (17,423)
Gain on toll settlement 148,402 -
Other income 5,242 5,581
Other expense (6,991) (2,807)
Interest charges
Interest charges, including amortization of
debt expenses, premium, and discount, net of
capitalized interest 100,339 77,228
Allowance for borrowed funds used during
construction (4,563) (26,173)
----------- -----------
Total interest charges 95,776 51,055
----------- -----------
Income before income taxes 397,889 115,886
Federal and state income tax expense 142,498 9,579
----------- -----------
Net income 255,391 106,307
Preferred dividends requirements, net of tax 46 46
----------- -----------
Net income applicable to common stock $ 255,345 $ 106,261
=========== ===========
Average shares of common stock outstanding
Basic 60,431,142 60,187,894
Diluted 60,754,589 60,498,205
Basic earnings per share
Net income applicable to common stock $ 4.23 $ 1.77
Diluted earnings per share
Net income applicable to common stock $ 4.20 $ 1.76
Cash dividends paid per share of common stock $ 0.975 $ 0.900
CLECO CORP.
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited)
At Dec. 31, At Dec. 31,
2010 2009
----------- -----------
Assets
Current Assets
Cash and cash equivalents $ 191,128 $ 145,193
Accounts receivable, net 92,197 70,557
Other current assets 325,525 278,175
----------- -----------
Total Current Assets 608,850 493,925
Property, plant and equipment, net 2,784,225 2,247,030
Equity investment in investees 86,732 251,617
Prepayments, deferred charges and other 681,603 702,275
----------- -----------
Total Assets $ 4,161,410 $ 3,694,847
----------- -----------
Liabilities
Current Liabilities
Short-term debt $ 150,000 $ -
Long-term debt due within one year 12,269 11,478
Accounts payable 125,923 114,541
Other current liabilities 189,489 115,785
----------- -----------
Total Current Liabilities 477,681 241,804
Deferred credits 965,813 1,016,672
Long-term debt, net 1,399,709 1,320,299
----------- -----------
Total Liabilities 2,843,203 2,578,775
----------- -----------
Shareholders' Equity
Preferred stock 1,029 1,029
Common shareholders' equity 1,328,816 1,126,334
Accumulated other comprehensive loss (11,638) (11,291)
----------- -----------
Total Shareholders' Equity 1,318,207 1,116,072
----------- -----------
Total Liabilities and Shareholders' Equity $ 4,161,410 $ 3,694,847
=========== ===========
Please note: In addition to historical financial information,
this news release contains forward-looking statements about future
results and circumstances. There are many risks and uncertainties
with respect to such forward-looking statements, 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 Cleco Midstream's facilities, the financial
condition of the company's tolling agreement counterparty, the
performance of the tolling agreement by such counterparty, the
completion of the Acadiana Load Pocket project, the completion of
the Acadia Unit 2/Entergy Louisiana transaction, the impact of the
global economic environment, and other risks and uncertainties more
fully described in the company's latest Annual Report on Form 10-K.
Actual results may differ materially from those indicated in such
forward-looking statements.
Analyst Contact: Cleco Corp. Russell Davis (318) 484-7501
Russell.Davis@cleco.com Investor Contact: Cleco Corp. Rodney
Hamilton (318) 484-7593 Rodney.Hamilton@cleco.com Media Contact:
Cleco Corp. Fran Phoenix (318) 484-7467
Cleco (NYSE:CNL)
Historical Stock Chart
From Apr 2024 to May 2024
Cleco (NYSE:CNL)
Historical Stock Chart
From May 2023 to May 2024
