CenterPoint Energy Reports Second Quarter 2007 Earnings
HOUSTON, Aug 2, 2007 (PrimeNewswire via COMTEX News Network) --
CenterPoint Energy, Inc. (NYSE:CNP) today reported net income of $70 million, or $0.20 per diluted share, for the second quarter of 2007 compared to $194 million, or $0.61 per diluted share, for the same period of 2006.
The second quarter 2006 results were favorably impacted by $140 million, or $0.44 per diluted share, due to an agreement reached on a settlement of a tax dispute with the Internal Revenue Service and the resolution of certain other legacy tax issues, but were negatively impacted by $21 million after-tax, or $0.07 per diluted share, from a settlement related to the company's 2001 unbundled cost of service order (UCOS) issued by the Texas Public Utility Commission. Excluding the net effect of these items, net income for the second quarter of 2006 would have been $75 million, or $0.24 per diluted share.
For the six months ended June 30, 2007, net income was $200 million, or $0.58 per diluted share, compared to $282 million, or $0.89 per diluted share, for the same period of 2006. Excluding the impacts of the items discussed above and a related charge recorded in the first quarter of 2006 ($14 million, or $0.04 per diluted share), net income for the six months ended June 30, 2006, would have been $177 million, or $0.56 per diluted share.
"Our interstate pipeline and field services businesses turned in strong performances this quarter primarily due to the completion of Phase I of our Carthage to Perryville pipeline and strong demand for gas gathering and ancillary services," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "Our gas distribution business continued its improved performance from a year ago. Despite the impacts of mild weather on our electric utility and the timing of expenses in our energy services business, we still had a very solid quarter overall. I believe these results demonstrate the value of our balanced portfolio of gas and electric businesses."
OPERATING INCOME BY SEGMENT
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $157 million in the second quarter of 2007, consisting of $118 million from the core regulated electric transmission & distribution utility (TDU), exclusive of an additional $10 million from the competition transition charge (CTC), and $29 million related to transition bonds. Operating income for the second quarter of 2006 was $151 million, consisting of $104 million from the TDU, exclusive of an additional $15 million from the CTC, and $32 million related to transition bonds.
Operating income for the second quarter of 2007 included a $17 million favorable settlement related to the final fuel reconciliation of the formerly integrated electric utility. Operating income for the second quarter of 2006 included a $32 million charge related to the UCOS settlement. Operating income for the TDU for the second quarter of 2007 was negatively impacted by lower usage primarily due to milder weather, a rate settlement implemented in October of 2006 and higher transmission costs. These impacts were partially offset by customer growth of over 43,000 metered customers since June 2006.
Operating income for the six months ended June 30, 2007, was $261 million, consisting of $180 million from the TDU, exclusive of an additional $21 million from the CTC, and $60 million related to transition bonds. Operating income for the same period of 2006 was also $261 million, consisting of $166 million from the TDU, exclusive of an additional $31 million from the CTC, and $64 million related to transition bonds.
Natural Gas Distribution
The natural gas distribution segment reported operating income of $8 million for the second quarter of 2007 compared to an operating loss of $2 million for the same period of 2006. The increase in operating income was driven primarily by labor and benefit savings associated with staff reductions in 2006, customer growth of nearly 60,000 customers since June 2006 and a prior year write-off of certain rate case expenses. The increase in operating income was partially offset by higher expenses principally associated with initiatives undertaken to improve customer service.
Operating income for the six months ended June 30, 2007, was $137 million compared to $101 million for the same period of 2006.
Competitive Natural Gas Sales and Services
The competitive natural gas sales and services segment reported an operating loss of $4 million for the second quarter of 2007 compared to operating income of $7 million for the same period of 2006. The decrease in operating income was primarily due to a reduction in locational and seasonal natural gas price differentials. In addition, the second quarter of 2007 included a $6 million charge resulting from mark-to-market accounting for non-trading financial derivatives and a $5 million write-down of natural gas inventory to the lower of average cost or market, compared to an $8 million gain resulting from mark-to-market accounting and a $17 million inventory write-down for the same period of 2006.
Operating income for the six months ended June 30, 2007, was $52 million compared to $32 million for the same period of 2006.
Interstate Pipelines
The interstate pipelines segment reported operating income of $52 million for the second quarter of 2007 compared to $40 million for the same period of 2006. The increase in operating income was driven primarily by the new Carthage to Perryville pipeline, which went into commercial service in May 2007, and by increased ancillary services.
Operating income for the six months ended June 30, 2007, was $96 million compared to $89 million for the same period of 2006.
Field Services
The field services segment reported operating income of $27 million for the second quarter of 2007 compared to $21 million for the same period of 2006. Operating income increased from higher throughput and increased ancillary services. In addition, this business recorded equity income of $2 million in each of the second quarters of 2007 and 2006 from its 50 percent interest in a jointly-owned gas processing plant. These amounts are included in Other - net under the Other Income (Expense) caption.
Operating income for the six months ended June 30, 2007, was $49 million compared to $45 million for the same period of 2006. Equity income from the jointly-owned gas processing plant was $4 million for the six months ended June 30, 2007, compared to $5 million for the same period of 2006.
DIVIDEND DECLARATION
On July 26, 2007, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.17 per share of common stock payable on September 10, 2007, to shareholders of record as of the close of business on August 16, 2007.
OUTLOOK FOR 2007
CenterPoint Energy continues to expect diluted earnings per share for 2007 to be in the range of $1.02 to $1.12. This guidance takes into consideration various economic and operational assumptions related to the business segments in which the company operates. The company has made certain assumptions regarding the impact to earnings of various regulatory proceedings, but cannot predict the ultimate outcome of any of those proceedings. In providing this guidance, the company has not projected the impact of any changes in accounting standards, any impact from acquisitions or divestitures, or the outcome of the TDU's true-up appeal.
FILING OF FORM 10-Q FOR CENTERPOINT ENERGY, INC.
Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Quarterly Report on Form 10-Q for the period ended June 30, 2007. A copy of that report is available on the company's web site, www.CenterPointEnergy.com, under the "Investors" section. Other filings the company makes at the SEC and other documents relating to its corporate governance can also be found on that site.
WEBCAST OF EARNINGS CONFERENCE CALL
CenterPoint Energy's management will host an earnings conference call on Thursday, August 2, 2007, at 10:30 a.m. Central time or 11:30 a.m. Eastern time. Interested parties may listen to a live audio broadcast of the conference call at www.CenterPointEnergy.com/investors/events. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the web site for at least one year.
CenterPoint Energy, Inc., headquartered in Houston, Texas, is a domestic energy delivery company that includes electric transmission & distribution, natural gas distribution, competitive natural gas sales and services, and interstate pipeline and field services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. Assets total over $17 billion. With about 8,600 employees, CenterPoint Energy and its predecessor companies have been in business for more than 130 years. For more information, visit the Web site at www.CenterPointEnergy.com.
The CenterPoint Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3588
This news release includes forward-looking statements. Actual events and results may differ materially from those projected. The statements in this news release regarding future financial performance and results of operations and other statements that are not historical facts are forward-looking statements. Factors that could affect actual results include the timing and outcome of appeals from the true-up proceedings, the timing and impact of future regulatory, legislative and IRS decisions, effects of competition, weather variations, changes in CenterPoint Energy's or its subsidiaries' business plans, financial market conditions, the timing and extent of changes in commodity prices, particularly natural gas, the impact of unplanned facility outages, and other factors discussed in CenterPoint Energy's and its subsidiaries' Form 10-Ks for the period ended December 31, 2006, CenterPoint Energy's and its subsidiaries' Form 10-Qs for the period ended March 31, 2007, CenterPoint Energy's Form 10-Q for the period ended June 30, 2007, and other filings with the Securities and Exchange Commission.
CenterPoint Energy, Inc. and Subsidiaries
Statements of Consolidated Income
(Millions of Dollars)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
--------------- ---------------
2006 2007 2006 2007
------ ------ ------ ------
Revenues:
Electric Transmission
& Distribution $ 456 $ 465 $ 841 $ 871
Natural Gas Distribution 549 576 2,029 2,143
Competitive Natural Gas Sales
and Services 750 881 1,913 1,945
Interstate Pipelines 104 121 193 211
Field Services 34 42 75 81
Other Operations 5 3 9 5
Eliminations (55) (55) (140) (117)
------ ------ ------ ------
Total 1,843 2,033 4,920 5,139
------ ------ ------ ------
Expenses:
Natural gas 1,035 1,208 3,228 3,358
Operation and maintenance 340 330 671 682
Depreciation and amortization 153 160 293 305
Taxes other than income taxes 95 93 202 199
------ ------ ------ ------
Total 1,623 1,791 4,394 4,544
------ ------ ------ ------
Operating Income 220 242 526 595
------ ------ ------ ------
Other Income (Expense):
Gain (Loss) on Time Warner
investment 11 28 (3) (16)
Gain (Loss) on indexed debt
securities (11) (27) (1) 14
Interest and other finance charges (118) (119) (233) (242)
Interest on transition bonds (33) (32) (66) (63)
Other - net 9 6 15 12
------ ------ ------ ------
Total (142) (144) (288) (295)
------ ------ ------ ------
Income from Before Income Taxes 78 98 238 300
Income Tax (Expense) Benefit 116 (28) 44 (100)
------ ------ ------ ------
Net Income $ 194 $ 70 $ 282 $ 200
====== ====== ====== ======
Reference is made to the Notes to the Consolidated Financial
Statements contained in the Quarterly Report on Form 10-Q of
CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Selected Data From Statements of Consolidated Income
(Millions of Dollars, Except Share and Per Share Amounts)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
----------------- -----------------
2006 2007 2006 2007
------- ------- ------- -------
Basic Earnings Per
Common Share:
Net Income $ 0.62 $ 0.22 $ 0.91 $ 0.62
======= ======= ======= =======
Diluted Earnings Per
Common Share:
Net Income $ 0.61 $ 0.20 $ 0.89 $ 0.58
======= ======= ======= =======
Dividends Declared per
Common Share $ 0.15 $ 0.17 $ 0.30 $ 0.34
Weighted Average Common Shares
Outstanding (000):
- Basic 311,440 320,927 311,145 319,501
- Diluted 316,816 343,770 317,744 342,024
Operating Income (Loss) by Segment
----------------------------------
Electric Transmission
& Distribution:
Transmission & Distribution
Utility $ 119 $ 128 $ 197 $ 201
Transition Bond Companies 32 29 64 60
------- ------- ------- -------
Total Electric Transmission
& Distribution 151 157 261 261
Natural Gas Distribution (2) 8 101 137
Competitive Natural Gas Sales
and Services 7 (4) 32 52
Interstate Pipelines 40 52 89 96
Field Services 21 27 45 49
Other Operations 3 2 (2) --
------- ------- ------- -------
Total $ 220 $ 242 $ 526 $ 595
======= ======= ======= =======
Reference is made to the Notes to the Consolidated Financial
Statements contained in the Quarterly Report on Form 10-Q of
CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Electric Transmission & Distribution
------------------------------------
Quarter Ended
June 30, % Diff
------------------------ Fav/
2006 2007 (Unfav)
---------- ---------- --------
Results of Operations:
Revenues:
Electric transmission and
distribution utility $ 386 $ 395 2%
Transition bond companies 70 70 --
---------- ----------
Total 456 465 2%
---------- ----------
Expenses:
Operation and maintenance 147 150 (2%)
Depreciation and amortization 61 61 --
Taxes other than income taxes 59 56 5%
Transition bond companies 38 41 (8%)
---------- ----------
Total 305 308 (1%)
---------- ----------
Operating Income $ 151 $ 157 4%
========== ==========
Operating Income - Electric
transmission and distribution
utility 119 128 8%
Operating Income - Transition bond
companies 32 29 (9%)
---------- ----------
Total Segment Operating Income $ 151 $ 157 4%
========== ==========
Electric Transmission & Distribution
Operating Data:
Actual MWH Delivered
Residential 6,807,984 6,020,714 (12%)
Total 20,422,341 19,175,278 (6%)
Weather (average for service area):
Percentage of normal:
Cooling degree days 111% 94% (17%)
Heating degree days 0% 197% 197%
Average number of metered customers:
Residential 1,730,130 1,767,749 2%
Total 1,965,180 2,006,840 2%
------------------------
Six Months Ended
June 30, % Diff
------------------------ Fav/
2006 2007 (Unfav)
---------- ---------- --------
Results of Operations:
Revenues:
Electric transmission and
distribution utility $ 717 $ 742 3%
Transition bond companies 124 129 4%
---------- ----------
Total 841 871 4%
---------- ----------
Expenses:
Operation and maintenance 281 304 (8%)
Depreciation and amortization 124 124 --
Taxes other than income taxes 115 113 2%
Transition bond companies 60 69 (15%)
---------- ----------
Total 580 610 (5%)
---------- ----------
Operating Income $ 261 $ 261 --
========== ==========
Operating Income
- Electric transmission and
distribution utility 197 201 2%
Operating Income - Transition bond
companies 64 60 (6%)
---------- ----------
Total Segment Operating Income $ 261 $ 261 --
========== ==========
Electric Transmission & Distribution
Operating Data:
Actual MWH Delivered
Residential 10,794,374 10,678,773 (1%)
Total 36,409,221 35,835,191 (2%)
Weather (average for service area):
Percentage of normal:
Cooling degree days 114% 96% (18%)
Heating degree days 60% 114% 54%
Average number of metered customers:
Residential 1,723,983 1,760,006 2%
Total 1,958,005 1,998,291 2%
Natural Gas Distribution
----------------------------------
Quarter Ended
June 30, % Diff
------------------------ Fav/
2006 2007 (Unfav)
---------- ---------- --------
Results of Operations:
Revenues $ 549 $ 576 5%
----------- -----------
Expenses:
Natural gas 343 366 (7%)
Operation and maintenance 142 135 5%
Depreciation and amortization 37 38 (3%)
Taxes other than income taxes 29 29 --
----------- -----------
Total 551 568 (3%)
----------- -----------
Operating Income (Loss) $ (2) $ 8 500%
=========== ===========
Natural Gas Distribution
Operating Data:
Throughput data in BCF
Residential 17 20 18%
Commercial and Industrial 44 44 --
----------- -----------
Total Throughput 61 64 5%
=========== ===========
Weather (average for service area)
Percentage of normal:
Heating degree days 60% 95% 35%
Average number of customers:
Residential 2,871,107 2,925,120 2%
Commercial and Industrial 243,420 247,550 2%
----------- -----------
Total 3,114,527 3,172,670 2%
=========== ===========
------------------------
Six Months Ended
June 30, % Diff
------------------------ Fav/
2006 2007 (Unfav)
---------- ---------- --------
Results of Operations:
Revenues $ 2,029 $ 2,143 6%
----------- -----------
Expenses:
Natural gas 1,489 1,578 (6%)
Operation and maintenance 292 282 3%
Depreciation and amortization 75 76 (1%)
Taxes other than income taxes 72 70 3%
----------- -----------
Total 1,928 2,006 (4%)
----------- -----------
Operating Income (Loss) $ 101 $ 137 36%
=========== ===========
Natural Gas Distribution
Operating Data:
Throughput data in BCF
Residential 84 106 26%
Commercial and Industrial 116 126 9%
----------- -----------
Total Throughput 200 232 16%
=========== ===========
Weather (average for service area)
Percentage of normal:
Heating degree days 81% 99% 18%
Average number of customers:
Residential 2,882,008 2,935,661 2%
Commercial and Industrial 244,475 246,564 1%
----------- -----------
Total 3,126,483 3,182,225 2%
=========== ===========
Reference is made to the Notes to the Consolidated Financial
Statements contained in the Quarterly Report on Form 10-Q of
CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Competitive Natural Gas Sales and Services
---------------------------------------------------
Quarter Ended Six Months Ended
June 30, % Diff June 30, % Diff
---------------- Fav/ ---------------- Fav/
2006 2007 (Unfav) 2006 2007 (Unfav)
------- ------- ----- ------- ------- -----
Results of
Operations:
Revenues $ 750 $ 881 17% $ 1,913 $ 1,945 2%
------- ------- ------- -------
Expenses:
Natural gas 735 877 (19%) 1,864 1,875 (1%)
Operation and
maintenance 7 7 -- 15 16 (7%)
Depreciation and
amortization 1 1 -- 1 1 --
Taxes other than
income taxes -- -- -- 1 1 --
------- ------- ------- -------
Total 743 885 (19%) 1,881 1,893 (1%)
------- ------- ------- -------
Operating Income
(Loss) $ 7 $ (4) (157%) $ 32 $ 52 63%
======= ======= ======= =======
Competitive Natural
Gas Sales and
Services
Operating Data:
Throughput data
in BCF
Wholesale - third
parties 72 74 3% 161 168 4%
Wholesale -
affiliates 8 2 (75%) 19 5 (74%)
Retail &
Pipeline 41 44 7% 99 102 3%
------- ------- ------- -------
Total Throughput 121 120 (1%) 279 275 (1%)
======= ======= ======= =======
Average number of
customers:
Wholesale 132 248 88% 138 235 70%
Retail &
Pipeline 6,604 6,829 3% 6,639 6,797 2%
------- ------- ------- -------
Total 6,736 7,077 5% 6,777 7,032 4%
======= ======= ======= =======
Interstate Pipelines
---------------------------------------------------
Quarter Ended Six Months Ended
June 30, % Diff June 30, % Diff
---------------- Fav/ ---------------- Fav/
2006 2007 (Unfav) 2006 2007 (Unfav)
------- ------- ----- ------- ------- -----
Results of
Operations:
Revenues $104 $121 16% $193 $211 9%
---- ---- ---- ----
Expenses:
Natural gas 14 24 (71%) 12 28 (133%)
Operation and
maintenance 38 29 24% 65 56 14%
Depreciation and
amortization 8 11 (38%) 18 21 (17%)
Taxes other than
income taxes 4 5 (25%) 9 10 (11%)
---- ---- ---- ----
Total 64 69 (8%) 104 115 (11%)
---- ---- ---- ----
Operating Income $ 40 $ 52 30% $ 89 $ 96 8%
==== ==== ==== ====
Pipelines Operating
Data:
Throughput data
in BCF
Transportation 240 274 14% 514 568 11%
---- ---- ---- ----
Total Throughput 240 274 14% 514 568 11%
==== ==== ==== ====
Reference is made to the Notes to the Consolidated Financial
Statements contained in the Quarterly Report on Form 10-Q of
CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Field Services
---------------------------------------------------
Quarter Ended Six Months Ended
June 30, % Diff June 30, % Diff
-------------- Fav/ -------------- Fav/
2006 2007 (Unfav) 2006 2007 (Unfav)
----- ----- ----- ----- ----- -----
Results of
Operations:
Revenues $ 34 $ 42 24% $ 75 $ 81 8%
----- ----- ----- -----
Expenses:
Natural gas (4) (4) -- (3) (7) 133%
Operation and
maintenance 14 16 (14%) 27 32 (19%)
Depreciation and
amortization 2 3 (50%) 5 6 (20%)
Taxes other than
income taxes 1 -- 100% 1 1 --
----- ----- ----- -----
Total 13 15 (15%) 30 32 (7%)
----- ----- ----- -----
Operating Income $ 21 $ 27 29% $ 45 $ 49 9%
===== ===== ===== =====
Field Services
Operating Data:
Throughput data
in BCF
Gathering 94 100 6% 182 193 6%
----- ----- ----- -----
Total Throughput 94 100 6% 182 193 6%
===== ===== ===== =====
Other Operations
---------------------------------------------------
Quarter Ended Six Months Ended
June 30, % Diff June 30, % Diff
-------------- Fav/ -------------- Fav/
2006 2007 (Unfav) 2006 2007 (Unfav)
----- ----- ----- ----- ----- -----
Results of
Operations:
Revenues $ 5 $ 3 (40%) $ 9 $ 5 (44%)
Expenses 2 1 50% 11 5 55%
----- ----- ----- -----
Operating Income
(Loss) $ 3 $ 2 (33%) $ (2) $ -- 100%
===== ===== ===== =====
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
-------------- ----------------
Quarter Ended Six Months Ended
June 30, June 30,
-------------- ----------------
2006 2007 2006 2007
----- ----- ----- -----
Capital Expenditures by Segment
Electric Transmission
& Distribution $ 111 $ 111 $ 190 $ 221
Natural Gas Distribution 45 44 85 77
Competitive Natural Gas Sales
and Services 4 2 10 4
Interstate Pipelines 42 60 61 214
Field Services 12 13 23 40
Other Operations 4 6 14 17
----- ----- ----- -----
Total $ 218 $ 236 $ 383 $ 573
===== ===== ===== =====
Interest Expense Detail
(Millions of Dollars)
(Unaudited)
-------------- ----------------
Quarter Ended Six Months Ended
June 30, June 30,
-------------- ----------------
2006 2007 2006 2007
----- ----- ----- -----
Interest Expense Detail
Amortization of Deferred
Financing Cost $ 13 $ 12 $ 26 $ 31
Capitalization of Interest Cost (2) (7) (3) (15)
Transition Bond Interest Expense 33 32 66 63
Other Interest Expense 107 114 210 226
----- ----- ----- -----
Total Interest Expense $ 151 $ 151 $ 299 $ 305
===== ===== ===== =====
Reference is made to the Notes to the Consolidated Financial
Statements contained in the Quarterly Report on Form 10-Q of
CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
December 31, June 30,
2006 2007
------- -------
ASSETS
Current Assets:
Cash and cash equivalents $ 127 $ 112
Other current assets 2,868 2,285
------- -------
Total current assets 2,995 2,397
------- -------
Property, Plant and Equipment, net 9,204 9,549
------- -------
Other Assets:
Goodwill 1,709 1,709
Regulatory assets 3,290 3,209
Other non-current assets 435 411
------- -------
Total other assets 5,434 5,329
------- -------
Total Assets $17,633 $17,275
======= =======
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings $ 187 $ 225
Current portion of transition bond
long-term debt 147 152
Current portion of other
long-term debt 1,051 994
Other current liabilities 2,836 2,090
------- -------
Total current liabilities 4,221 3,461
------- -------
Other Liabilities:
Accumulated deferred income taxes,
net and investment tax credit 2,362 2,295
Regulatory liabilities 792 822
Other non-current liabilities 900 840
------- -------
Total other liabilities 4,054 3,957
------- -------
Long-term Debt:
Transition bond 2,260 2,183
Other 5,542 5,988
------- -------
Total long-term debt 7,802 8,171
------- -------
Shareholders' Equity 1,556 1,686
------- -------
Total Liabilities and
Shareholders' Equity $17,633 $17,275
======= =======
Reference is made to the Notes to the Consolidated Financial
Statements contained in the Quarterly Report on Form 10-Q of
CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Statements of Consolidated Cash Flows
(Millions of Dollars)
(Unaudited)
Six Months Ended
June 30,
----------------
2006 2007
----- -----
Cash Flows from Operating Activities:
Net income $ 282 $ 200
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 321 338
Deferred income taxes and investment
tax credit (109) 12
Tax and interest reserves reductions
related to ZENS and ACES (119) --
Changes in net regulatory assets 54 31
Changes in other assets and liabilities 73 (164)
Other, net 15 10
----- -----
Net Cash Provided by Operating Activities 517 427
Net Cash Used in Investing Activities (396) (709)
Net Cash Provided by Financing Activities 202 267
----- -----
Net Increase (Decrease) in Cash and Cash Equivalents 323 (15)
Cash and Cash Equivalents at Beginning of Period 74 127
----- -----
Cash and Cash Equivalents at End of Period $ 397 $ 112
===== =====
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: CenterPoint Energy, Inc.
CenterPoint Energy, Inc.
Media:
Leticia Lowe
713-207-7702
Investors:
Marianne Paulsen
713-207-6500
(C) Copyright 2007 PrimeNewswire, Inc. All rights reserved.
News Provided by COMTEX