CenterPoint Energy Reports Fourth Quarter and Full Year 2006 Earnings
HOUSTON, Feb 28, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income and income from continuing operations of $67 million, or $0.20 per diluted share, for the fourth quarter of 2006 compared to $81 million, or $0.25 per diluted share, for the same period of 2005. Results for the fourth quarter of 2006 were reduced by $12 million, or $0.04 per diluted share, related to a final agreement with the Internal Revenue Service (IRS) as described below.
Net income for the year 2006 was $432 million, or $1.33 per diluted share, compared to $252 million, or $0.75 per diluted share, for 2005. Income from continuing operations before extraordinary item for 2006 was also $432 million, or $1.33 per diluted share, compared to $225 million, or $0.67 per diluted share, for 2005.
Results for the year 2006 included the impact of the resolution of two issues relating to prior years. The first was an agreement with the Appeals Division of the IRS regarding the tax treatment of the company's Zero Premium Exchangeable Subordinated Notes (ZENS) and its former Automatic Common Exchange Securities. As a result of that agreement, in the second quarter of 2006 the company reduced its previously accrued tax and related interest reserves, adding $119 million ($0.37 per diluted share) to income. In the fourth quarter of 2006, the company increased these reserves, reducing income by $12 million, or $0.04 per diluted share, to reflect the final agreement as approved by the Joint Committee on Taxation of the U.S. Congress. A second issue resolved in 2006 was the remand to the Texas Public Utility Commission of the company's 2001 unbundled cost of service order (UCOS). As a result of the agreement, which settled all issues, the company reduced income by $21 million after-tax, or $0.06 per diluted share in the second quarter of 2006. Excluding all impacts related to the ZENS tax issue and the UCOS, earnings for the fourth quarter of 2006 and for the year 2006 would have been $0.24 and $1.11 per diluted share, respectively.
Net income for the year 2005, included an extraordinary gain of $30 million, or $0.09 per diluted share, reflecting an adjustment to the extraordinary loss recorded in the second half of 2004 to write down generation-related regulatory assets. In addition, net income for 2005 included a loss of $3 million, or $0.01 per diluted share, from discontinued operations.
"I am very pleased with the overall results that we are reporting today," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "Our interstate pipelines, field services and competitive natural gas marketing businesses turned in strong performances. However, mild weather and decreased usage led to disappointing results in our natural gas utilities. We have taken a number of steps to better position our company going forward, and I am optimistic about our future."
OPERATING INCOME BY SEGMENT DETAILED
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $96 million in the fourth quarter of 2006, consisting of $66 million for the regulated electric transmission & distribution utility (TDU) (including $11 million for the competition transition charge (CTC)) and $30 million related to the transition bonds. Operating income for the fourth quarter of 2005 totaled $102 million, consisting of $90 million for the TDU (including $16 million for the CTC) and $12 million related to the transition bonds.
The TDU recorded lower revenues in the fourth quarter of 2006 compared to the same period of 2005 primarily due to the reduction in base rates implemented in October of 2006, a lower CTC amount resulting from the reduction in the allowed rate of return, milder weather and decreased usage. The TDU's revenues continued to benefit from solid customer growth, with over 37,000 metered customers added during 2006, ending the year with 1.98 million metered customers. Operation and maintenance expenses increased slightly primarily due to increased spending on low income assistance and energy efficiency programs.
Operating income for the year 2006 was $576 million, consisting of $450 million for the TDU (including $55 million for the CTC) and $126 million related to the transition bonds. Operating income for 2005 totaled $487 million, consisting of $448 million for the TDU (including $19 million for the CTC) and $39 million related to the transition bonds. Operating income increased due to customer growth, a higher CTC amount collected in 2006, higher revenues from ancillary services and proceeds from land sales. These increases were partially offset by milder weather and decreased usage, the implementation of reduced base rates and increased spending on low income assistance and energy efficiency programs. In addition, the TDU's operating income for 2006 included the $32 million adverse impact of the resolution of the 2001 UCOS order recorded in the second quarter.
Natural Gas Distribution
The natural gas distribution segment reported operating income of $34 million for the fourth quarter of 2006 compared to $59 million for the same period of 2005. Results for the fourth quarter of 2006 included a $21 million write-off for purchased natural gas costs for periods prior to July 2004. The Minnesota Public Utilities Commission denied recovery of these costs. Operating income was also adversely affected by milder weather and increased costs associated with staff reductions and higher employee-related expenses. Operation and maintenance expenses for 2005 included an $11 million increase in litigation reserves.
Operating income for the year 2006 was $124 million compared to $175 million for 2005. In addition to the factors noted above, higher revenues from rate increases and customer growth were more than offset by decreased usage and higher bad debt and other expenses.
Competitive Natural Gas Sales and Services
The competitive natural gas sales and services segment reported operating income of $33 million for the fourth quarter of 2006 compared to $30 million for the same period of 2005. The increase was primarily driven by increased sales of gas from inventory, partially offset by a $10 million year-end write- down of natural gas inventory to the lower of average cost or market. The company purchases and stores natural gas to meet certain future sales requirements and enters into derivative contracts to hedge the economic value of the future sales.
Operating income for the year 2006 was $77 million compared to $60 million for 2005. The increase in operating income for 2006 was driven primarily by improved margins resulting from seasonal price differentials, increased sales of gas from inventory and favorable basis differentials over the pipeline capacity that the company controls. In addition, results for 2006 reflect a $37 million favorable change in unrealized gains resulting from mark-to-market accounting for non-trading financial derivatives, and $66 million of write- downs of natural gas inventory.
Interstate Pipelines
Beginning with the fourth quarter of 2006, the company separated the "pipelines and field services" segment into two reporting segments, "interstate pipelines" and "field services". All prior period segment information has been recast to conform to the 2006 presentation.
The interstate pipelines segment reported operating income of $44 million for the fourth quarter of 2006 compared to $46 million for the same period of 2005. Higher operating income from the sale of excess gas no longer required following improvements to a storage facility was more than offset by a write- off of expenses associated with the Mid-Continent Crossing pipeline project that was discontinued.
Operating income for the year 2006 was $181 million compared to $165 million for 2005. In addition to the factors noted above, operating income for 2006 benefited from increased transportation and ancillary services and reduced litigation reserves, partially offset by increased operating expenses.
Field Services
The field services segment reported operating income of $23 million for the fourth quarter of 2006 compared to $21 million for the same period of 2005. The increase was driven by increased gas gathering and ancillary services, which reflect contributions from new facilities placed in service, partially offset by lower commodity prices occurring in the fourth quarter of 2006 and increased operating expenses.
Operating income for the year 2006 was $89 million compared to $70 million for 2005. The increase in operating income was due to the same factors noted above. Equity income from the company's 50 percent interest in a jointly- owned gas processing plant was $6 million for each of the years 2006 and 2005. These amounts are included in Other -- net under the Other Income (Expense) caption.
DIVIDEND DECLARATION
On February 1, 2007, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.17 per share of common stock payable on March 9, 2007, to shareholders of record as of the close of business on February 16, 2007.
OUTLOOK FOR 2007
CenterPoint Energy expects 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-K FOR CENTERPOINT ENERGY, INC.
Today, CenterPoint Energy, Inc. filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K for the fiscal year ended December 31, 2006 . 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 at that site.
WEBCAST OF EARNINGS CONFERENCE CALL
CenterPoint Energy's management will host an earnings conference call on Wednesday, February 28, 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 http://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, interstate pipelines 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 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 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 Form 10- K for the period ended December 31, 2006, and other filings with the Securities and Exchange Commission.
Statements of Consolidated Income
(Millions of Dollars)
(Unaudited)
Quarter Ended Twelve Months
December 31, Ended December 31,
--------------- ------------------
2005 2006 2005 2006
------ ------- -------- --------
Revenues:
Electric Transmission &
Distribution $401 $407 $1,644 $1,781
Natural Gas Distribution 1,441 1,079 3,846 3,593
Competitive Natural Gas Sales and
Services 1,346 908 4,129 3,651
Interstate Pipelines 104 89 386 388
Field Services 31 36 120 150
Other Operations 4 3 19 15
Eliminations (115) (58) (422) (259)
Total 3,212 2,464 9,722 9,319
Expenses:
Natural gas 2,348 1,623 6,509 5,909
Operation and maintenance 384 381 1,358 1,399
Depreciation and amortization 130 147 541 599
Taxes other than income taxes 98 78 375 367
Total 2,960 2,229 8,783 8,274
Operating Income 252 235 939 1,045
Other Income (Expense):
Gain (Loss) on Time Warner investment (15) 77 (44) 94
Gain (Loss) on indexed debt securities 15 (67) 49 (80)
Interest and other finance charges (149) (117) (670) (470)
Interest on transition bonds (13) (32) (40) (130)
Return on true-up balance 17 --- 121 ---
Other -- net 5 8 23 35
Total (140) (131) (561) (551)
Income from Continuing Operations Before
Income Taxes and Extraordinary Item 112 104 378 494
Income Tax Expense (31) (37) (153) (62)
Income from Continuing Operations Before
Extraordinary Item 81 67 225 432
Discontinued Operations:
Income from Texas Genco, net of tax --- --- 11 ---
Loss on Disposal of Texas Genco, net
of tax --- --- (14) ---
Total --- --- (3) ---
Income Before Extraordinary Item 81 67 222 432
Extraordinary Item, net of tax --- --- 30 ---
Net Income $81 $67 $252 $432
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
(Millions of Dollars, Except Share and Per Share Amounts)
(Unaudited)
Twelve Months
Quarter Ended Ended
December 31, December 31,
------------- -------------
2005 2006 2005 2006
---- ---- ---- ----
Basic Earnings Per Common Share:
Income from Continuing Operations $0.26 $0.21 $0.72 $1.39
Income from Discontinued Operations --- --- (0.01) ---
Extraordinary item, net of tax --- --- 0.10 ---
Net Income $0.26 $0.21 $0.81 $1.39
Diluted Earnings Per Common Share:
Income from Continuing Operations $0.25 $0.20 $0.67 $1.33
Income from Discontinued Operations --- --- (0.01) ---
Extraordinary item, net of tax --- --- 0.09 ---
Net Income $0.25 $0.20 $0.75 $1.33
Dividends Declared per Common Share $0.06 $0.15 $0.40 $0.60
Weighted Average Common Shares
Outstanding (000):
-- Basic 310,147 313,048 309,349 311,826
-- Diluted 320,351 334,618 346,028 324,778
Operating Income (Loss) by Segment
Electric Transmission & Distribution:
Transmission & Distribution
Operations $90 $66 $448 $450
Transition Bond Companies 12 30 39 126
Total Electric Transmission &
Distribution 102 96 487 576
Natural Gas Distribution 59 34 175 124
Competitive Natural Gas Sales and
Services 30 33 60 77
Interstate Pipelines 46 44 165 181
Field Services 21 23 70 89
Other Operations (6) 5 (18) (2)
Total $252 $235 $939 $1,045
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
----------------------------------------------------
Twelve Months
Quarter Ended Ended
December 31, December 31,
-------------- % Diff -------------- % Diff
2005 2006 Fav/(Unfav) 2005 2006 Fav/(Unfav)
Results of ------ ----- ---------- ------ ---- -----------
Operations:
Revenues:
Electric
transmission and
distribution
utility $374 $346 (7%) $1,538 $1,516 (1%)
Transition bond
companies 27 61 126% 106 265 150%
Total 401 407 1% 1,644 1,781 8%
Expenses:
Operation and
maintenance 172 175 (2%) 618 611 1%
Depreciation and
amortization 61 61 --- 258 243 6%
Taxes other than
income taxes 51 44 14% 214 212 1%
Transition bond
companies 15 31 (107%) 67 139 (107%)
Total 299 311 (4%) 1,157 1,205 (4%)
Operating Income $102 $96 (6%) $487 $576 18%
Operating Income --
Electric transmission
and distribution
utility 90 66 (27%) 448 450 ---
Operating Income --
Transition bond
companies 12 30 150% 39 126 223%
Total Segment
Operating Income $102 $96 (6%) $487 $576 18%
Electric Transmission
& Distribution
Operating Data:
Actual MWH
Delivered
Residential 5,317,080 4,637,585 (13%) 24,923,995 23,954,745 (4%)
Total 17,055,414 16,638,022 (2%) 74,189,448 75,876,929 2%
Weather (average
for service area):
Percentage of normal:
Cooling degree days 128% 116% (12%) 112% 106% (6%)
Heating degree days 91% 81% (10%) 82% 68% (14%)
Average number of
metered
customers:
Residential 1,704,690 1,742,580 2% 1,683,100 1,732,656 3%
Total 1,936,685 1,979,890 2%
1,912,346 1,968,114 3%
Natural Gas Distribution
----------------------------------------------------
Twelve Months
Quarter Ended Ended
December 31, % Diff December 31, % Diff
---------------- Fav/ --------------- Fav/
2005 2006 (Unfav) 2005 2006 (Unfav)
Results of ------- ----- --------- ------ ------ -------
Operations:
Revenues $1,441 $1,079 (25%) $3,846 $3,593 (7%)
Expenses:
Natural gas 1,148 811 29% 2,841 2,598 9%
Operation and
maintenance 158 165 (4%) 551 594 (8%)
Depreciation and
amortization 37 39 (5%) 152 152 ---
Taxes other than
income taxes 39 30 23% 127 125 2%
Total 1,382 1,045 24% 3,671 3,469 6%
Operating Income
(Loss) $59 $34 (42%) $175 $124 (29%)
Natural Gas Distribution
Operating Data:
Throughput data in BCF
Residential 53 54 2% 160 152 (5%)
Commercial and
Industrial 57 64 12% 215 224 4%
Total Throughput 110 118 7% 375 376 ---
Weather (average for
service area)
Percentage of normal:
Heating degree days 94% 85% (9%) 91% 84% (7%)
Average number of
customers:
Residential 2,860,032 2,909,673 2%
2,839,947 2,883,927 2%
Commercial and
Industrial 241,563 244,030 1% 244,782 243,265 (1%)
Total 3,101,595 3,153,703 2% 3,084,729 3,127,192 1%
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)
Competitive Natural Gas Sales and Services
------------------------------------------------------
Twelve Months
Quarter Ended Ended
December 31, December 31,
--------------- % Diff ------------- % Diff
2005 2006 Fav/(Unfav) 2005 2006 Fav/(Unfav)
Results of ------ ------ ---------- ----- ------ ----------
Operations:
Revenues $1,346 $908 (33%) $4,129 $3,651 (12%)
Expenses:
Natural gas 1,305 867 34% 4,033 3,540 12%
Operation and
maintenance 9 7 22% 30 30 ---
Depreciation and
amortization 1 --- --- 2 1 50%
Taxes other than
income taxes 1 1 --- 4 3 25%
Total 1,316 875 34% 4,069 3,574 12%
Operating Income $30 $33 10% $60 $77 28%
Competitive Natural
Gas Sales and Services
Operating Data:
Throughput data in BCF
Wholesale --
third parties 69 84 22% 304 335 10%
Wholesale --
affiliates 4 9 125% 27 36 33%
Retail 44 39 (11%) 156 149 (4%)
Pipeline 10 7 (30%) 51 35 (31%)
Total Throughput 127 139 9% 538 555 3%
Average number of
customers:
Wholesale 121 140 16% 138 140 1%
Retail 6,616 6,561 (1%) 6,328 6,452 2%
Pipeline 135 136 1% 142 138 (3%)
Total 6,872 6,837 (1%) 6,608 6,730 2%
Interstate Pipelines
-----------------------------------------------------
Twelve Months
Quarter Ended Ended
December 31, December 31,
------------- % Diff ------------ % Diff
2005 2006 Fav/(Unfav) 2005 2006 Fav/(Unfav)
Results of ------ ---- ---------- ---- ---- -----------
Operations:
Revenues $104 $89 (14%) $386 $388 1%
Expenses:
Natural gas 13 8 38% 47 31 34%
Operation and
maintenance 31 23 26% 121 120 1%
Depreciation and
amortization 9 9 --- 36 37 (3%)
Taxes other than
income taxes 5 5 --- 17 19 (12%)
Total 58 45 22% 221 207 6%
Operating Income $46 $44 (4%) $165 $181 10%
Pipelines Operating
Data:
Throughput data in BCF
Natural Gas Sales 2 4 (100%) 6 7 17%
Transportation 214 221 3% 914 939 3%
Elimination --- (4) --- (4) (6) (50%)
Total Throughput 216 221 2% 916 940 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)
Field Services
-----------------------------------------------------
Twelve Months
Quarter Ended Ended
December 31, December 31,
------------- % Diff -------------- % Diff
2005 2006 Fav/(Unfav) 2005 2006 Fav/(Unfav)
Results of ------ ----- ---------- ------ ------ -----------
Operations:
Revenues $31 $36 16% $120 $150 25%
Expenses:
Natural gas (5) (6) (20%) (10) (10) ---
Operation and
maintenance 13 17 (31%) 49 59 (20%)
Depreciation and
amortization 2 2 --- 9 10 (11%)
Taxes other than
income taxes --- --- --- 2 2 ---
Total 10 13 (30%) 50 61 (22%)
Operating Income $21 $23 10% $70 $89 27%
Field Services
Operating Data:
Throughput data
in BCF
Gathering 91 96 5% 353 375 6%
Total Throughput 91 96 5% 353 375 6%
Other Operations
----------------------------------------------------
Twelve Months
Quarter Ended Ended
December 31, December 31,
------------- % Diff ------------- % Diff
2005 2006 Fav/(Unfav) 2005 2006 Fav/(Unfav)
---- ---- ---------- ----- ----- -----------
Results of Operations:
Revenues $4 $3 (25%) $19 $15 (21%)
Expenses 10 (2) 120% 37 17 54%
Operating Income
(Loss) $(6) $5 (183%) $(18) $(2) 89%
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
---------------- -------------------
Quarter Ended Twelve Months Ended
December 31, December 31,
---------------- -------------------
2005 2006 2005 2006
---- ---- ---- ----
Capital Expenditures
by Segment
Electric Transmission
& Distribution $82 $111 $281 $389
Natural Gas Distribution 80 54 249 187
Competitive Natural Gas
Sales and Services 8 4 12 18
Interstate Pipelines 37 259 118 437
Field Services 11 24 38 65
Other Operations 4 7 21 25
Total $222 $459 $719 $1,121
Interest Expense Detail
(Millions of Dollars)
(Unaudited)
---------------- -------------------
Quarter Ended Twelve Months Ended
December 31, December 31,
---------------- -------------------
2005 2006 2005 2006
---- ---- ---- ----
Interest Expense Detail
Amortization of
Deferred Financing Cost $17 $13 $75 $53
Capitalization of
Interest Cost (1) (4) (4) (10)
Transition Bond Interest
Expense 13 32 40 130
Other Interest Expense 133 108 599 427
Interest Expense Incurred
by Discontinued
Operations --- --- 1 ---
Total Interest
Expense $162 $149 $711 $600
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 Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
December 31, December 31,
2005 2006
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $74 $127
Other current assets 2,817 2,868
Total current assets 2,891 2,995
Property, Plant and Equipment, net 8,492 9,204
Other Assets:
Goodwill 1,709 1,709
Regulatory assets 2,955 3,290
Other non-current assets 1,069 435
Total other assets 5,733 5,434
Total Assets $17,116 $17,633
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings $--- $187
Current portion of transition bond
long-term debt 73 147
Current portion of other long-term debt 266 1,051
Other current liabilities 2,675 2,836
Total current liabilities 3,014 4,221
Other Liabilities:
Accumulated deferred income taxes,
net and investment tax credit 2,520 2,362
Regulatory liabilities 728 792
Other non-current liabilities 990 900
Total other liabilities 4,238 4,054
Long-term Debt:
Transition bond 2,407 2,260
Other 6,161 5,542
Total long-term debt 8,568 7,802
Shareholders' Equity 1,296 1,556
Total Liabilities and Shareholders' Equity $17,116 $17,633
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
(Millions of Dollars)
(Unaudited)
Twelve Months Ended December 31,
--------------------------------
2005 2006
---- ----
Cash Flows from Operating Activities:
Net income $252 $432
Discontinued operations, net of tax 3 ---
Extraordinary item, net of tax (30) ---
Income from continuing operations 225 432
Adjustments to reconcile income from
continuing operations to net cash
provided by operating activities:
Depreciation and amortization 618 655
Deferred income taxes and investment
tax credit 224 (241)
Tax and interest reserves reductions
related to ZENS and ACES settlement --- (107)
Write-down of natural gas inventory --- 66
Changes in net regulatory assets (192) 79
Changes in other assets and liabilities (792) 108
Other, net 18 (1)
Net Cash Provided by Operating Activities
of Continuing Operations 101 991
Net Cash Used in Operating Activities
of Discontinued Operations (38) ---
Net Cash Provided by Operating Activities 63 991
Net Cash Provided by (Used in)
Investing Activities 17 (1,056)
Net Cash Provided by (Used in)
Financing Activities (171) 118
Net Increase (Decrease) in Cash and
Cash Equivalents (91) 53
Cash and Cash Equivalents at Beginning
of Period 165 74
Cash and Cash Equivalents at End of Period $74 $127
SOURCE CenterPoint Energy, Inc.
media, Leticia Lowe, +1-713-207-7702, or investors, Marianne Paulsen, +1-713-207-6500, both of CenterPoint Energy, Inc.
http://www.centerpointenergy.com
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