CenterPoint Energy Reports Solid Second Quarter 2004 Earnings
HOUSTON, Aug 6, 2004 /PRNewswire-FirstCall via COMTEX/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $58 million, or $0.19 per diluted share, for the second quarter of 2004 compared to income from continuing operations of $83 million, or $0.27 per diluted share, for the second quarter of 2003.
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Net income for the second quarter of 2003 was $63 million, or $0.21 per diluted share including a loss of $20 million ($0.06 per diluted share) from discontinued operations related primarily to the sale of the company's energy management services business.
"Although milder weather significantly impacted our quarterly results compared to last year, I am pleased with the progress we're making in our core business operations," said David McClanahan, president and chief executive officer of CenterPoint Energy. "Texas Genco, for which we recently announced a buyer, had a solid quarter due to increased wholesale electricity prices. With the prospective sale of this business, we are executing our strategy of de-leveraging the company with the proceeds from the monetization of our generation assets and focusing on our energy delivery businesses."
For the six months ended June 30, 2004, net income was $131 million, or $0.42 per diluted share. For the six months ended June 30, 2003, income from continuing operations before cumulative effect of accounting change was $164 million, or $0.54 per diluted share, and net income was $232 million, or $0.76 per diluted share. During the first six months of 2003, the company recorded a benefit of $80 million relating to the implementation of Statement of Financial Accounting Standards No. 143, "Accounting for Asset Retirement Obligations" and a $13 million loss from discontinued operations.
SECOND QUARTER 2004 HIGHLIGHTS
Results for the second quarter of 2004 do not include any revenues related to Excess Cost over Market (ECOM) which was discontinued as of December 31, 2003, in accordance with the Texas electric restructuring law. In the second quarter of 2003, ECOM revenues amounted to $101 million. Results for the second quarter of 2004 include an improvement in operating income from Texas Genco of $69 million when compared to the second quarter of 2003. As a result of the pending sale of the company's 81 percent interest in Texas Genco, the electric generation segment will be reclassified as discontinued operations in the third quarter of 2004.
The core business operations of the company are electric transmission & distribution, natural gas distribution and pipelines and gathering. Core business operations results for the second quarter of 2004 compared to the same period of 2003 benefited from:
-- continued customer growth, with the addition of over 96,000 metered
electric and gas customers
-- a decrease in interest expense of $19 million
-- the reversal of $23 million, including $8 million in interest, of the
$117 million reserve recorded in the fourth quarter of 2003 related
to the final fuel reconciliation of the formerly integrated electric
utility
Core business operations results for the second quarter of 2004 compared to the same period of 2003 were negatively impacted by:
-- milder weather in 2004, impacting the quarter by $16 million
-- higher net transmission costs of $5 million
On March 31, 2004, the company filed its true-up application with the Public Utility Commission of Texas (PUC) marking one of the final steps in the implementation of the Texas electric restructuring law. In this application the company is seeking to recover a total true-up balance of $3.7 billion, excluding interest, in accordance with the Texas electric restructuring law enacted in 1999. A hearing on the merits, presided over by the Texas Public Utility Commissioners, began on June 21st and concluded on July 7th. Various parties in the proceeding disputed the amounts the company is seeking and proposed complete or partial disallowance of its request. The company anticipates a decision from the PUC addressing issues other than interest in late August 2004 and a decision addressing the interest issue after a hearing scheduled for September 8, 2004.
SALE OF TEXAS GENCO
On July 21, 2004, CenterPoint Energy and Texas Genco announced a definitive agreement for GC Power Acquisition LLC, a newly formed entity owned in equal parts by affiliates of The Blackstone Group, Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co. L.P. and Texas Pacific Group, to acquire Texas Genco for approximately $3.65 billion in cash. The transaction, subject to customary regulatory approvals, will be accomplished in two steps. The first step, expected to be completed in the fourth quarter of 2004, involves Texas Genco's purchase of the 19 percent of its shares owned by the public for $47 per share, followed by GC Power Acquisition's purchase of a Texas Genco unit that will be formed to own its coal, lignite and gas-fired generation plants. In the second step of the transaction, expected to take place in the first quarter of 2005 following receipt of approval by the Nuclear Regulatory Commission, GC Power Acquisition will complete the acquisition of Texas Genco, the principal remaining asset of which will then be Texas Genco's interest in the South Texas Project nuclear facility. Total cash proceeds to CenterPoint Energy from both steps of the transaction will be approximately $2.9 billion, or $45.25 per share for its 81 percent interest in Texas Genco.
In connection with the transaction, Texas Genco entered into a master power purchase and sale agreement under which it has sold forward a substantial quantity of its remaining available baseload capacity through 2008. Texas Genco's obligations under the power purchase agreement will continue regardless of whether the transaction is completed.
As a result of this definitive agreement, Texas Genco will be reclassified as discontinued operations in the third quarter of 2004 and the company will record an after-tax loss of approximately $250 million related to the sale.
OPERATING INCOME BY SEGMENT DETAILED
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $127 million in the second quarter of 2004, consisting of $118 million for the regulated transmission and distribution utility (TDU) and $9 million for the transition bond company, which is an amount sufficient to pay interest on the transition bonds. Operating income for the same period of 2003 totaled $235 million, consisting of $124 million for the TDU, $10 million for the transition bond company and $101 million of non-cash income associated with ECOM. ECOM is recoverable under the Texas electric restructuring law and is included in the company's true-up application filed with the PUC in March 2004. ECOM is the difference between the market prices received in 2002 and 2003 by its affiliated power generation company in the PUC mandated auctions and the projections for the same periods made previously by the PUC. Beginning in 2004, there is no ECOM contribution to earnings.
The TDU continues to benefit from solid customer growth as over 51,000 metered customers were added since June 2003. However, milder weather ($14 million) more than offset this growth. Higher operation and maintenance expenses related to increased transmission payments to transmission providers were more than offset by a $15 million reversal of an $87 million reserve related to the final fuel reconciliation of the formerly integrated electric utility recorded in the fourth quarter of 2003.
Operating income for the six months ended June 30, 2004, was $212 million, consisting of $193 million for the TDU and $19 million for the transition bond company. Operating income for the same period of 2003 totaled $440 million, consisting of $187 million for the TDU, $20 million for the transition bond company and $233 million of non-cash income associated with ECOM.
Electric Generation
Texas Genco reported operating income of $119 million for the second quarter of 2004 compared to $50 million for the same period of 2003 due primarily to higher prices for baseload products. Operation and maintenance expenses for the second quarter of 2004 were lower than the prior year resulting primarily from lower expenses associated with planned and unplanned outages.
Operating income for the six months ended June 30, 2004, was $210 million compared to $33 million for the same period of 2003.
Natural Gas Distribution
The natural gas distribution segment reported operating income of $23 million for the second quarter of 2004 compared to $21 million for the same period of 2003. Continued customer growth, with the addition of approximately 45,000 customers since June 2003, and higher revenues from rate increases were partially offset by milder weather ($2 million) and reduced contribution from the company's competitive commercial and industrial sales business.
Operating income for the six months ended June 30, 2004, was $139 million, compared to $151 million for the same period of 2003.
Pipelines and Gathering
The pipelines and gathering segment reported operating income of $42 million for both the second quarters of 2003 and 2004. Increased transportation and gas gathering margins were offset by higher operation and maintenance expenses primarily related to pipeline integrity expenditures.
Operating income for the six months ended June 30, 2004, was $87 million compared to $85 million for the same period of 2003.
Other Operations
The company's other operations reported an operating loss of $3 million for the second quarter of 2004 compared to an operating loss of $2 million for the same period of 2003.
The operating loss for the six months ended June 30, 2004, was $5 million compared to an operating loss of $2 million for the same period of 2003.
WEBCAST OF EARNINGS CONFERENCE CALL
The managements of CenterPoint Energy and Texas Genco will host an earnings conference call on Friday, August 6, 2004, at 10:30 a.m. Central time. Interested parties may listen to a live, audio broadcast of the conference call at http://www.CenterPointEnergy.com/investors/events , or at http://www.txgenco.com/investor.html . A replay of the call can be accessed approximately two hours after the completion of the call, and will be archived on CenterPoint Energy's 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 and sales, interstate pipeline and gathering operations, and more than 14,000 megawatts of power generation in Texas, of which approximately 2,500 megawatts are currently in mothball status. The company serves nearly five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. Assets total over $21 billion. With more than 11,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 130 years. For more information, visit the Web site at http://www.CenterPointEnergy.com .
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 impact of future regulatory and legislative decisions, successful consummation and timing of the sale of Texas Genco, 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, 2003, Form 10-Qs for the period ended March 31, 2004 and other filings with the Securities and Exchange Commission.
CenterPoint Energy, Inc. and Subsidiaries
Statements of Consolidated Income
(Thousands of Dollars)
(Unaudited)
Quarter Ended Six months Ended
June 30, June 30,
2004 2003 2004 2003
--------- --------- --------- ---------
Revenues:
Electric Transmission &
Distribution $374,003 $481,772 $703,153 $929,175
Electric Generation 552,718 578,511 991,847 937,098
Natural Gas Distribution 1,244,985 970,576 3,376,317 3,015,327
Pipelines and Gathering 113,397 121,716 215,800 230,824
Other Operations 2,891 9,322 5,780 18,252
Eliminations (46,817) (70,997) (92,533) (139,608)
Total 2,241,177 2,090,900 5,200,364 4,991,068
Expenses:
Fuel and cost of gas sold 1,264,655 1,080,857 3,206,913 2,940,003
Purchased power 18,098 22,974 26,368 34,968
Operation and maintenance 391,373 393,085 801,985 805,961
Depreciation and amortization 160,681 157,263 317,268 309,544
Taxes other than income taxes 98,297 90,691 204,542 193,535
Total 1,933,104 1,744,870 4,557,076 4,284,011
Operating Income 308,073 346,030 643,288 707,057
Other Income (Expense):
Gain (loss) on Time Warner
investment 15,581 113,178 (8,872) 64,704
Gain (loss) on indexed debt
securities (17,891) (98,253) 9,123 (55,550)
Interest and other finance
charges (200,803) (219,150) (395,555) (447,194)
Interest on transition bonds (9,547) (9,836) (19,221) (19,684)
Other - net 15,731 1,629 17,555 4,788
Total (196,929) (212,432) (396,970) (452,936)
Income from Continuing
Operations Before Income
Taxes, Minority Interest
and Cumulative Effect of
Accounting Change 111,144 133,598 246,318 254,121
Income Tax Expense (38,243) (44,346) (88,240) (85,455)
Minority Interest (15,249) (6,295) (26,839) (4,229)
Income from Continuing
Operations Before
Cumulative Effect of
Accounting Change 57,652 82,957 131,239 164,437
Discontinued Operations:
Loss from Other Operations,
net of tax --- (403) --- (865)
Loss on Disposal of Other
Operations, net of tax --- (19,331) --- (11,989)
Total --- (19,734) --- (12,854)
Cumulative Effect of
Accounting Change, net of
minority interest and tax --- --- --- 80,072
Net Income $57,652 $63,223 $131,239 $231,655
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Selected Data From Statements of Consolidated Income
(Thousands of Dollars, Except Per Share Amounts)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
------- ------- ------- --------
Basic Earnings Per Common
Share:
Income from Continuing
Operations before
Cumulative Effect of
Accounting Change $0.19 $0.27 $0.43 $0.54
Discontinued Operations:
Loss from Other
Operations, net of tax --- --- --- ---
Loss on Disposal of Other
Operations, net of tax --- (0.06) --- (0.04)
Cumulative Effect of
Accounting Change, net of
minority interest and tax --- --- --- 0.27
Net Income $0.19 $0.21 $0.43 $0.77
Diluted Earnings Per Common
Share:
Income from Continuing
Operations before
Cumulative Effect of
Accounting Change $0.19 $0.27 $0.42 $0.54
Discontinued Operations:
Loss from Other
Operations, net of tax --- --- --- ---
Loss on Disposal of Other
Operations, net of tax --- (0.06) --- (0.04)
Cumulative Effect of
Accounting Change, net of
minority interest and tax --- --- --- 0.26
Net Income $0.19 $0.21 $0.42 $0.76
Dividends Declared per
Common Share $0.10 $0.20 (A) $0.20 $0.30 (A)
Weighted Average Common
Shares Outstanding (000):
- Basic 307,250 304,046 306,631 302,373
- Diluted 309,638 306,104 308,977 304,149
Operating Income (Loss) by Segment
Electric Transmission &
Distribution:
Transmission &
Distribution Operations $117,822 $123,541 $193,107 $187,435
Transition Bond Company 9,498 9,775 19,106 19,519
ECOM True-up --- 101,318 --- 233,281
Total Electric
Transmission
& Distribution 127,320 234,634 212,213 440,235
Electric Generation 119,027 50,044 209,619 32,928
Natural Gas Distribution 22,774 20,951 139,385 150,512
Pipelines and Gathering 42,237 42,355 87,093 85,249
Other Operations (3,285) (1,954) (5,022) (1,867)
Total $308,073 $346,030 $643,288 $707,057
(A) Includes a dividend declared on June 18, 2003 payable on
September 10, 2003.
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K 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
2004 2003 Fav/(Unfav)
------ ------ -----------
Results of Operations:
Revenues:
Electric revenues $356 $364 (2%)
ECOM revenues --- 101 ---
Transition bond revenues 18 17 6%
Total Revenues 374 482 (22%)
Expenses:
Operation and maintenance 124 126 2%
Depreciation and amortization 63 61 (3%)
Taxes other than income taxes 51 53 4%
Transition bond expenses 9 7 (29%)
Total 247 247 ---
Operating Income $127 $235 (46%)
Electric Transmission & Distribution Quarter Ended
Operating Data: June 30,
Actual MWH Delivered 2004 2003
---------- ----------
Residential 5,800,958 6,490,357 (11%)
Total 18,545,202 19,086,163 (3%)
Weather (average for service area):
Percentage of normal:
Cooling degree days 100% 118% (18%)
Heating degree days 100% 71% 29%
Average number of metered customers:
Residential 1,634,202 1,585,815 3%
Commercial and Industrial 222,644 221,620 ---
Total 1,856,846 1,807,435 3%
Electric Transmission & Distribution
Six Months Ended
June 30, % Diff
2004 2003 Fav/(Unfav)
------ ------ -----------
Results of Operations:
Revenues:
Electric revenues $670 $666 1%
ECOM revenues --- 233 ---
Transition bond revenues 33 30 10%
Total Revenues 703 929 (24%)
Expenses:
Operation and maintenance 256 259 1%
Depreciation and amortization 123 123 ---
Taxes other than income taxes 98 97 (1%)
Transition bond expenses 14 10 (40%)
Total 491 489 ---
Operating Income $212 $440 (52%)
Electric Transmission & Distribution Six Months Ended
Operating Data: June 30,
Actual MWH Delivered 2004 2003
---------- ----------
Residential 10,202,783 11,048,552 (8%)
Total 34,065,288 33,874,139 1%
Weather (average for service area):
Percentage of normal:
Cooling degree days 100% 110% (10%)
Heating degree days 86% 111% (25%)
Average number of metered customers:
Residential 1,628,074 1,581,465 3%
Commercial and Industrial 221,688 221,364 ---
Total 1,849,762 1,802,829 3%
Electric Generation
Quarter Ended % Diff
June 30,
2004 2003 Fav/(Unfav)
------ ------ -----------
Results of Operations:
Revenues $553 $578 (4%)
Expenses:
Fuel 264 349 24%
Purchased power 18 23 22%
Operation and maintenance 99 105 6%
Depreciation and amortization 41 39 (5%)
Taxes other than income taxes 12 12 ---
Total 434 528 18%
Operating Income $119 $50 138%
Electric Generation Operating Data:
Sales (MWH) 11,962,375 12,517,492 (4%)
Generation (MWH) 11,542,226 12,077,631 (4%)
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
Electric Generation
Six Months Ended % Diff
June 30,
2004 2003 Fav/(Unfav)
------ ------ -----------
Results of Operations:
Revenues $992 $937 6%
Expenses:
Fuel 451 557 19%
Purchased power 26 35 26%
Operation and maintenance 200 211 5%
Depreciation and amortization 81 78 (4%)
Taxes other than income taxes 24 23 (4%)
Total 782 904 13%
Operating Income $210 $33 536%
Electric Generation Operating Data:
Sales (MWH) 22,683,153 21,793,836 4%
Generation (MWH) 21,691,416 21,072,384 3%
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Natural Gas Distribution
Quarter Ended
June 30, % Diff
2004 2003 Fav/(Unfav)
------- ------ -----------
Results of Operations:
Revenues $1,245 $971 28%
Expenses:
Natural gas 1,027 761 (35%)
Operation and maintenance 133 137 3%
Depreciation and amortization 35 34 (3%)
Taxes other than income taxes 27 18 (50%)
Total 1,222 950 (29%)
Operating Income $23 $21 10%
Natural Gas Distribution Operating Data:
Throughput data in BCF
Residential 21 20 5%
Commercial and Industrial 49 39 26%
Non-rate regulated Commercial and
Industrial 167 116 44%
Elimination (63) (25) (152%)
Total Throughput 174 150 16%
Weather (average for service area)
Percentage of normal:
Heating degree days 92% 89% 3%
Average number of customers:
Residential 2,789,897 2,746,489 2%
Commercial and Industrial 245,511 245,059 ---
Non-rate regulated Commercial and
Industrial 6,265 5,317 18%
Total 3,041,673 2,996,865 1%
Natural Gas Distribution
Six Months Ended
June 30, % Diff
2004 2003 Fav/(Unfav)
------- ------ -----------
Results of Operations:
Revenues $3,376 $3,015 12%
Expenses:
Natural gas 2,817 2,455 (15%)
Operation and maintenance 283 284 ---
Depreciation and amortization 70 67 (4%)
Taxes other than income taxes 67 58 (16%)
Total 3,237 2,864 (13%)
Operating Income $139 $151 (8%)
Natural Gas Distribution Operating Data:
Throughput data in BCF
Residential 106 114 (7%)
Commercial and Industrial 132 128 3%
Non-rate regulated Commercial
and Industrial 306 245 25%
Elimination (73) (40) (83%)
Total Throughput 471 447 5%
Weather (average for service area)
Percentage of normal:
Heating degree days 96% 104% (8%)
Average number of customers:
Residential 2,798,979 2,758,274 1%
Commercial and Industrial 247,788 246,413 1%
Non-rate regulated Commercial and
Industrial 6,228 5,245 19%
Total 3,052,995 3,009,932 1%
Pipelines and Gathering
Quarter Six Months
Ended Ended
June 30, % Diff June 30, % Diff
Fav/ Fav/
2004 2003 (Unfav) 2004 2003 (Unfav)
---- ---- ------- ---- ---- -------
Results of Operations:
Revenues $113 $122 (7%) $216 $231 (6%)
Expenses:
Natural gas 18 35 49% 28 56 50%
Operation and maintenance 37 30 (23%) 70 60 (17%)
Depreciation and amortization 11 11 --- 22 21 (5%)
Taxes other than income taxes 5 4 (25%) 9 9 ---
Total 71 80 11% 129 146 12%
Operating Income $42 $42 --- $87 $85 2%
Pipelines and Gathering Operating Data:
Throughput data in BCF
Natural Gas Sales 4 4 --- 7 8 (13%)
Transportation 207 203 2% 477 471 1%
Gathering 79 74 7% 154 146 5%
Elimination (3) (2) (50%) (5) (4) (25%)
Total Throughput 287 279 3% 633 621 2%
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Results of Operations by Segment
(Millions of Dollars)
(Unaudited)
Other Operations
Quarter Six Months
Ended Ended
June 30, % Diff June 30, % Diff
Fav/ Fav/
2004 2003 (Unfav) 2004 2003 (Unfav)
---- ---- ------- ---- ---- -------
Results of Operations:
Revenues $3 $9 (67%) $6 $18 (67%)
Expenses 6 11 45% 11 20 45%
Operating Loss $(3) $(2) (50%) $(5) $(2) (150%)
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
---- ---- ---- ----
Capital Expenditures by Segment
Electric Transmission & Distribution $52 $58 $94 $105
Electric Generation 13 33 37 78
Natural Gas Distribution 43 52 80 82
Pipelines and Gathering 9 8 24 29
Other Operations 7 7 12 7
Total $124 $158 $247 $301
CenterPoint Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Thousands of Dollars)
(Unaudited)
June 30, December 31,
2004 2003
ASSETS ---------- ----------
Current Assets:
Cash and cash equivalents $280,912 $131,480
Other current assets 1,749,199 2,141,225
Total current assets 2,030,111 2,272,705
Property, Plant and Equipment, net 11,795,502 11,811,536
Other Assets:
Goodwill, net 1,740,510 1,740,510
Regulatory assets 4,959,059 4,930,793
Other non-current assets 627,182 621,120
Total other assets 7,326,751 7,292,423
Total Assets $21,152,364 $21,376,664
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of transition bond
long-term debt $43,099 $41,189
Short-term borrowings and current
portion of other long-term debt 164,669 184,234
Other current liabilities 2,167,188 2,292,913
Total current liabilities 2,374,956 2,518,336
Other Liabilities:
Accumulated deferred income taxes,
net and investment tax credit 3,272,231 3,222,308
Regulatory liabilities 1,254,318 1,358,030
Other non-current liabilities 1,584,134 1,555,459
Total other liabilities 6,110,683 6,135,797
Long-term Debt:
Transition bond 659,773 675,665
Other 9,941,314 10,107,399
Total long-term debt 10,601,087 10,783,064
Minority Interest in Consolidated
Subsidiaries 198,131 178,910
Shareholders' Equity 1,867,507 1,760,557
Total Liabilities and
Shareholders' Equity $21,152,364 $21,376,664
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Statements of Consolidated Cash Flows
(Thousands of Dollars)
(Unaudited)
Six Months Ended June 30,
2004 2003
-------- --------
Cash Flows from Operating Activities:
Net income $131,239 $231,655
Discontinued operations, net of tax --- 12,854
Cumulative effect of accounting
change, net --- (80,072)
Income from continuing operations
and cumulative effect of
accounting change 131,239 164,437
Adjustments to reconcile income
from continuing operations to net
cash provided by operating activities:
Depreciation and amortization 376,260 390,142
Deferred income taxes and
investment tax credit 41,817 147,589
Changes in net regulatory assets
and liabilities (157,728) (357,740)
Changes in other assets and liabilities 280,280 (119,792)
Other, net 18,492 17,534
Net Cash Provided by Operating Activities 690,360 242,170
Net Cash Used in Investing Activities (256,677) (299,274)
Net Cash Used in Financing Activities (284,251) (210,632)
Net Cash Provided by Discontinued Operations --- 13,619
Net Increase (Decrease) in Cash and
Cash Equivalents 149,432 (254,117)
Cash and Cash Equivalents at
Beginning of Period 131,480 304,281
Cash and Cash Equivalents at End of Period $280,912 $50,164
SOURCE CenterPoint Energy, Inc.
media, Leticia Lowe, +1-713-207-7702, or investors, Marianne Paulsen, +1-713-207-6500, both of CenterPoint Energy, Inc. /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020930/CNPLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com
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