CenterPoint Energy Reports Third Quarter 2010 Earnings
HOUSTON, Oct 28, 2010 /PRNewswire via COMTEX News Network/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $123 million, or $0.29 per diluted share, for the third quarter of 2010 compared to $114 million, or $0.31 per diluted share, for the same period of 2009. Operating income for the third quarter of 2010 was $327 million compared to $287 million for the same period of 2009.
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"I am pleased with the overall results from our business units this quarter," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "Our regulated electric and natural gas utilities performed well and we continue to see the benefits of the significant investments we have made in our field services and pipeline businesses."
For the nine months ended September 30, 2010, net income was $318 million, or $0.78 per diluted share, compared to $267 million, or $0.74 per diluted share, for the same period of 2009. Operating income for the nine months ended September 30, 2010, was $947 million compared to $825 million for the same period of 2009.
OPERATING INCOME BY SEGMENT
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $212 million for the third quarter of 2010, consisting of $178 million from the regulated electric transmission & distribution utility operations (TDU) and $34 million related to transition and system restoration bonds. Operating income for the third quarter of 2009 was $218 million, consisting of $187 million from the TDU and $31 million related to transition bonds. Operating income for the TDU increased from growth of nearly 21,000 metered customers since September 2009, but was more than offset by reduced revenues associated with the credit to customers' bills reflecting the benefit of deferred taxes associated with Hurricane Ike storm restoration costs, and increased operation and maintenance expenses.
Operating income for the nine months ended September 30, 2010, was $477 million, consisting of $371 million from the TDU and $106 million related to transition and system restoration bonds. Operating income for the same period of 2009 was $450 million, consisting of $353 million from the TDU and $97 million related to transition bonds.
Natural Gas Distribution
The natural gas distribution segment reported an operating loss of $4 million for the third quarter of 2010 compared to an operating loss of $15 million for the same period of 2009. Operating results benefited from rate increases and rate design changes, and higher system throughput, partially offset by higher operation and maintenance expenses. Due to seasonal impacts, this segment typically reports a loss in the third quarter.
Operating income for the nine months ended September 30, 2010, was $145 million compared to $105 million for the same period of 2009.
Interstate Pipelines
The interstate pipelines segment reported operating income of $68 million for the third quarter of 2010 compared to $64 million for the same period of 2009. Operating income increased due to higher revenue from firm contracts associated with Phase IV of the Carthage to Perryville pipeline and for deliveries to gas-fired power generators, as well as lower operation and maintenance expenses, partially offset by reduced revenues from ancillary services.
In addition to operating income, this segment recorded equity income of $8 million for the third quarter of 2010 primarily from its 50 percent interest in the Southeast Supply Header (SESH) compared to an equity loss of $5 million for the third quarter of 2009, which included a non-cash charge of $11 million to reflect SESH's discontinued use of regulatory accounting.
Operating income for the nine months ended September 30, 2010, was $207 million compared to $194 million for the same period of 2009. In addition to operating income, this segment recorded equity income of $15 million for the nine months ended September 30, 2010, primarily from its 50 percent interest in SESH compared to $2 million for the nine months ended September 30, 2009, which included non-cash charges of $16 million to reflect SESH's discontinued use of regulatory accounting.
Field Services
The field services segment reported operating income of $40 million for the third quarter of 2010 compared to $23 million for the same period of 2009. Revenue growth from higher gathering volumes was partially offset by increased operation and maintenance expenses primarily related to facility expansions.
In addition to operating income, this business had equity income of $3 million in the third quarter of 2010 compared to $2 million in the third quarter of 2009 from its 50 percent interest in a gas processing plant.
Operating income for the nine months ended September 30, 2010, was $94 million compared to $72 million for the same period of 2009. Equity income from the jointly-owned gas processing plant was $8 million for the nine months ended September 30, 2010, compared to $6 million for the same period of 2009.
Competitive Natural Gas Sales and Services
The competitive natural gas sales and services segment reported operating income of $7 million for the third quarter of 2010 compared to an operating loss of $8 million for the same period of 2009. Operating income for the third quarter of 2010 included gains of $19 million resulting from mark-to-market accounting for derivatives associated with certain forward natural gas purchases and sales used to lock in economic margins compared to charges of $6 million for the same period of 2009. The third quarter of 2010 also included a $6 million write-down of natural gas inventory to the lower of average cost or market.
Operating income for the nine months ended September 30, 2010, was $16 million compared to no operating income for the same period of 2009. Operating income for the nine months ended September 30, 2010, included gains of $14 million resulting from mark-to-market accounting compared to charges of $22 million for the same period of 2009. Each of the nine months ended September 30, 2010 and 2009, also included $6 million in inventory write-downs.
DIVIDEND DECLARATION
On October 21, 2010, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.195 per share of common stock payable on December 10, 2010, to shareholders of record as of the close of business on November 16, 2010.
OUTLOOK REAFFIRMED FOR 2010
CenterPoint Energy reaffirmed its 2010 earnings guidance of $1.02 to $1.12 per diluted share. This guidance takes into consideration performance to date, equity issuances and various economic and operational assumptions related to the business segments in which the company operates. The company has made certain assumptions regarding the timing and cost of financing activities and the impact to earnings of various regulatory proceedings. In providing this guidance, the company has not included the impact of any changes in accounting standards, any impact from significant acquisitions or divestitures, any impact to income from the change in value of Time Warner stocks and the related ZENS securities, the timing effects of mark-to-market or inventory accounting in the company's competitive natural gas sales and services business, or the outcome of the TDU's true-up appeal. The company has also excluded increased taxes recorded in the first quarter of 2010 as a result of recent health care legislation. For the impact of these factors on the company's earnings for the three months and nine months ended September 30, 2010, see the reconciliation below.
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 September 30, 2010. 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 with 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, October 28, 2010, 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. 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 $19 billion. With about 8,800 employees, CenterPoint Energy and its predecessor companies have been in business for more than 135 years. For more information, visit the Web site at 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 the company's earnings outlook for 2010 and 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 the appeal 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 natural gas and natural gas liquids prices, the impact of unplanned facility outages, and other factors discussed in CenterPoint Energy's and its subsidiaries' Forms 10-K for the fiscal year ended December 31, 2009, CenterPoint Energy's and its subsidiaries' Forms 10-Q for the periods ended March 31, 2010, and June 30, 2010, CenterPoint Energy's Form 10-Q for the period ended September 30, 2010, and other filings with the SEC.
For more information contact
Media:
Leticia Lowe
Phone 713.207.7702
Investors:
Marianne Paulsen
Phone 713.207.6500
CenterPoint Energy, Inc. and Subsidiaries
Reconciliation of reported Net Income and diluted EPS to the basis
used in providing annual earnings guidance
Quarter Ended
September 30, 2010
------------------
Net
Income EPS
------- ---
(in
millions)
As reported $123 $0.29
Timing effects impacting
CES(1):
Mark-to-market (gains)
losses - natural gas
derivative contracts (12) (0.03)
Natural gas inventory write-
downs 4 0.01
ZENS-related mark-to-
market (gains) losses:
Marketable securities(2) (12) (0.03)
Indexed debt securities 3 0.01
Tax impact of federal health
care legislation - -
--- ---
Per the basis used in
providing annual earnings
guidance $106 $0.25
==== =====
Nine Months Ended
September 30, 2010
------------------
Net
Income EPS
------- ---
(in
millions)
As reported $318 $0.78
Timing effects impacting
CES(1):
Mark-to-market (gains)
losses - natural gas
derivative contracts (9) (0.02)
Natural gas inventory write-
downs 4 0.01
ZENS-related mark-to-
market (gains) losses:
Marketable securities(2) (23) (0.06)
Indexed debt securities - -
Tax impact of federal health
care legislation 21 0.05
--- ----
Per the basis used in
providing annual earnings
guidance $311 $0.76
==== =====
(1) Competitive natural gas sales and services
(2) Time Warner Inc., Time Warner Cable Inc. and AOL Inc.
CenterPoint Energy, Inc. and Subsidiaries
Statements of Consolidated Income
(Millions of Dollars)
(Unaudited)
Quarter Ended
September 30,
-------------
2009 2010
---- ----
Revenues:
Electric Transmission & Distribution $608 $655
Natural Gas Distribution 402 398
Competitive Natural Gas Sales and
Services 399 647
Interstate Pipelines 153 170
Field Services 63 94
Other Operations 3 3
Eliminations (52) (59)
Total 1,576 1,908
----- -----
Expenses:
Natural gas 582 808
Operation and maintenance 415 444
Depreciation and amortization 208 243
Taxes other than income taxes 84 86
Total 1,289 1,581
----- -----
Operating Income 287 327
--- ---
Other Income (Expense) :
Gain on marketable securities 47 19
Loss on indexed debt securities (30) (5)
Interest and other finance charges (126) (121)
Interest on transition and system
restoration bonds (32) (34)
Equity in earnings (losses) of
unconsolidated affiliates (3) 10
Other - net 9 3
Total (135) (128)
---- ----
Income Before Income Taxes 152 199
Income Tax Expense (38) (76)
--- ---
Net Income $114 $123
==== ====
Nine Months Ended
September 30,
-------------
2009 2010
---- ----
Revenues:
Electric Transmission & Distribution $1,541 $1,699
Natural Gas Distribution 2,341 2,400
Competitive Natural Gas Sales and
Services 1,596 2,059
Interstate Pipelines 461 456
Field Services 176 242
Other Operations 9 9
Eliminations (142) (178)
Total 5,982 6,687
----- -----
Expenses:
Natural gas 3,081 3,521
Operation and maintenance 1,226 1,268
Depreciation and amortization 562 660
Taxes other than income taxes 288 291
Total 5,157 5,740
----- -----
Operating Income 825 947
--- ---
Other Income (Expense) :
Gain on marketable securities 68 35
Loss on indexed debt securities (54) -
Interest and other finance charges (384) (364)
Interest on transition and system
restoration bonds (98) (106)
Equity in earnings (losses) of
unconsolidated affiliates 8 22
Other - net 31 7
--- ---
Total (429) (406)
---- ----
Income Before Income Taxes 396 541
Income Tax Expense (129) (223)
---- ----
Net Income $267 $318
==== ====
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
September 30,
-------------
2009 2010
---- ----
Basic Earnings Per Common Share $0.31 $0.29
===== =====
Diluted Earnings Per Common Share $0.31 $0.29
===== =====
Dividends Declared per Common Share $0.190 $0.195
Weighted Average Common Shares
Outstanding (000):
- Basic 369,512 422,178
- Diluted 371,742 424,968
Operating Income (Loss) by Segment
----------------------------------
Electric Transmission & Distribution:
Electric Transmission and Distribution
Operations $187 $178
Transition and System Restoration Bond
Companies 31 34
Total Electric Transmission &
Distribution 218 212
Natural Gas Distribution (15) (4)
Competitive Natural Gas Sales and
Services (8) 7
Interstate Pipelines 64 68
Field Services 23 40
Other Operations 5 4
Total $287 $327
==== ====
Nine Months Ended
September 30,
-------------
2009 2010
---- ----
Basic Earnings Per Common Share $0.75 $0.79
===== =====
Diluted Earnings Per Common Share $0.74 $0.78
===== =====
Dividends Declared per Common Share $0.57 $0.585
Weighted Average Common Shares
Outstanding (000):
- Basic 356,570 404,957
- Diluted 358,745 407,728
Operating Income (Loss) by Segment
----------------------------------
Electric Transmission & Distribution:
Electric Transmission and Distribution
Operations $353 $371
Transition and System Restoration Bond
Companies 97 106
Total Electric Transmission &
Distribution 450 477
Natural Gas Distribution 105 145
Competitive Natural Gas Sales and
Services - 16
Interstate Pipelines 194 207
Field Services 72 94
Other Operations 4 8
Total $825 $947
==== ====
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
September 30, % Diff
-------------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of
Operations:
Revenues:
Electric transmission
and distribution
utility $503 $520 3%
Transition and system
restoration bond
companies 105 135 29%
--- ---
Total 608 655 8%
--- ---
Expenses:
Operation and
maintenance 194 215 (11%)
Depreciation and
amortization 70 75 (7%)
Taxes other than
income taxes 52 52 -
Transition and system
restoration bond
companies 74 101 (36%)
---
Total 390 443 (14%)
--- ---
Operating Income $218 $212 (3%)
==== ====
Operating Income:
Electric transmission
and distribution
operations $187 $178 (5%)
Transition and system
restoration bond
companies 31 34 10%
---
Total Segment
Operating Income $218 $212 (3%)
==== ====
Electric Transmission
& Distribution
Operating Data:
Actual MWH Delivered
Residential 9,242,635 9,262,154 -
Total 22,963,434 23,342,324 2%
Weather (average for
service area):
Percentage of 10-year
average:
Cooling degree days 107% 109%
Heating degree days 0% 0%
Number of metered
customers -end of
period:
Residential 1,849,158 1,868,421 1%
Total 2,094,847 2,115,595 1%
Electric Transmission & Distribution
------------------------------------
Nine Months Ended
September 30, % Diff
-------------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of
Operations:
Revenues:
Electric
transmission and
distribution
utility $1,281 $1,355 6%
Transition and
system
restoration bond
companies 260 344 32%
--- ---
Total 1,541 1,699 10%
----- -----
Expenses:
Operation and
maintenance 563 609 (8%)
Depreciation and
amortization 207 219 (6%)
Taxes other than
income taxes 158 156 1%
Transition and
system
restoration bond
companies 163 238 (46%)
--- ---
Total 1,091 1,222 (12%)
----- -----
Operating Income $450 $477 6%
==== ====
Operating Income:
Electric
transmission and
distribution
operations $353 $371 5%
Transition and
system
restoration bond
companies 97 106 9%
--- ---
Total Segment
Operating Income $450 $477 6%
==== ====
Electric
Transmission &
Distribution
Operating Data:
Actual MWH
Delivered
Residential 20,040,598 21,499,427 7%
Total 57,946,697 59,952,416 3%
Weather (average
for service
area):
Percentage of
10-year average:
Cooling degree
days 108% 104%
Heating degree
days 89% 160%
Number of metered
customers -end
of period:
Residential 1,849,158 1,868,421 1%
Total 2,094,847 2,115,595 1%
Natural Gas Distribution
------------------------
Quarter Ended
September 30, % Diff
-------------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $402 $398 (1%)
---- ----
Expenses:
Natural gas 198 180 9%
Operation and maintenance 157 160 (2%)
Depreciation and
amortization 40 40 -
Taxes other than income
taxes 22 22 -
Total 417 402 4%
Operating Income (Loss) $(15) $(4) 73%
==== ===
Natural Gas Distribution
Operating Data:
Throughput data in BCF
Residential 13 13 -
Commercial and Industrial 41 46 12%
Total Throughput 54 59 9%
=== ===
Weather (average for
service area)
Percentage of 10-year
average:
Heating degree days 58% 97%
Number of customers -end
of period:
Residential 2,954,095 2,969,452 1%
Commercial and Industrial 241,036 242,032 -
Total 3,195,131 3,211,484 1%
========= =========
Natural Gas Distribution
------------------------
Nine Months Ended
September 30, % Diff
-------------
2009 2010 Fav/(Unfav)
---- ---- -----------
Results of Operations:
Revenues $2,341 $2,400 3%
------ ------
Expenses:
Natural gas 1,538 1,563 (2%)
Operation and
maintenance 478 471 1%
Depreciation and
amortization 121 124 (2%)
Taxes other than
income taxes 99 97 2%
Total 2,236 2,255 (1%)
Operating Income
(Loss) $105 $145 38%
==== ====
Natural Gas
Distribution
Operating Data:
Throughput data in BCF
Residential 111 125 13%
Commercial and
Industrial 164 182 11%
Total Throughput 275 307 12%
=== ===
Weather (average for
service area)
Percentage of 10-year
average:
Heating degree days 102% 110%
Number of customers -
end of period:
Residential 2,954,095 2,969,452 1%
Commercial and
Industrial 241,036 242,032 -
Total 3,195,131 3,211,484 1%
========= =========
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
September 30, % Diff
-------------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $399 $647 62%
---- ----
Expenses:
Natural gas 396 629 (59%)
Operation and
maintenance 10 10 -
Depreciation and
amortization 1 1 -
Taxes other than income
taxes - - -
Total 407 640 (57%)
Operating Income (Loss) $(8) $7 188%
=== ===
Competitive Natural Gas
Sales and Services
Operating Data:
Throughput data in BCF 115 135 17%
=== ===
Number of customers -
end of period 10,934 11,883 9%
====== ======
Competitive Natural Gas Sales and
Services
---------------------------------
Nine Months Ended
September 30, % Diff
-------------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $1,596 $2,059 29%
------ ------
Expenses:
Natural gas 1,562 2,009 (29%)
Operation and maintenance 30 29 3%
Depreciation and
amortization 3 3 -
Taxes other than income
taxes 1 2 (100%)
Total 1,596 2,043 (28%)
Operating Income (Loss) $- $16 -
=== ===
Competitive Natural Gas
Sales and Services
Operating Data:
Throughput data in BCF 370 404 9%
=== ===
Number of customers -end
of period 10,934 11,883 9%
====== ======
Interstate Pipelines
--------------------
Quarter Ended
September 30, % Diff
-------------
Fav/
2009 2010 (Unfav)
---- ---- -------
Results of Operations:
Revenues $153 $170 11%
---- ----
Expenses:
Natural gas 22 38 (73%)
Operation and maintenance 47 42 11%
Depreciation and amortization 12 13 (8%)
Taxes other than income taxes 8 9 (13%)
Total 89 102 (15%)
Operating Income $64 $68 6%
=== ===
Pipelines Operating Data:
Throughput data in BCF
Transportation 378 422 12%
Interstate Pipelines
--------------------
Nine Months Ended
September 30, % Diff
-------------
Fav/
2009 2010 (Unfav)
---- ---- -------
Results of Operations:
Revenues $461 $456 (1%)
---- ----
Expenses:
Natural gas 85 72 15%
Operation and maintenance 123 112 9%
Depreciation and amortization 36 39 (8%)
Taxes other than income taxes 23 26 (13%)
Total 267 249 7%
Operating Income $194 $207 7%
==== ====
Pipelines Operating Data:
Throughput data in BCF
Transportation 1,235 1,260 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)
Field Services
--------------
Quarter Ended
September 30, % Diff
-------------
2009 2010 Fav/(Unfav)
---- ---- -----------
Results of Operations:
Revenues $63 $94 49%
--- ---
Expenses:
Natural gas 18 19 (6%)
Operation and maintenance 17 29 (71%)
Depreciation and amortization 4 6 (50%)
Taxes other than income taxes 1 - -
Total 40 54 (35%)
Operating Income $23 $40 74%
=== ===
Field Services Operating Data:
Throughput data in BCF
Gathering 106 180 70%
=== ===
Field Services
--------------
Nine Months Ended
September 30, % Diff
-------------
2009 2010 Fav/(Unfav)
---- ---- -----------
Results of Operations:
Revenues $176 $242 38%
---- ----
Expenses:
Natural gas 36 53 (47%)
Operation and maintenance 54 75 (39%)
Depreciation and amortization 11 17 (55%)
Taxes other than income taxes 3 3 -
Total 104 148 (42%)
Operating Income $72 $94 31%
=== ===
Field Services Operating Data:
Throughput data in BCF
Gathering 312 464 49%
=== ===
Other Operations
----------------
Quarter Ended
September 30, % Diff
-------------
2009 2010 Fav/(Unfav)
---- ---- -----------
Results of Operations:
Revenues $3 $3 -
Expenses (2) (1) (50%)
Operating Income $5 $4 (20%)
=== ===
Other Operations
----------------
Nine Months Ended
September 30, % Diff
-------------
2009 2010 Fav/(Unfav)
---- ---- -----------
Results of Operations:
Revenues $9 $9 -
Expenses 5 1 80%
Operating Income $4 $8 100%
=== ===
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
Quarter Ended
September 30,
-------------
2009 2010
---- ----
Capital Expenditures by Segment
Electric Transmission & Distribution $99 $121
Hurricane Ike 8 -
--- ---
Total Electric Transmission & Distribution 107 121
Natural Gas Distribution 44 54
Competitive Natural Gas Sales and Services 1 1
Interstate Pipelines 44 31
Field Services 113 131
Other Operations 9 8
Total $318 $346
==== ====
Nine Months Ended
September 30,
-------------
2009 2010
---- ----
Capital Expenditures by Segment
Electric Transmission & Distribution $288 $317
Hurricane Ike 26 -
--- ---
Total Electric Transmission & Distribution 314 317
Natural Gas Distribution 121 128
Competitive Natural Gas Sales and Services 2 2
Interstate Pipelines 118 71
Field Services 217 472
Other Operations 18 15
Total $790 $1,005
==== ======
(Millions of Dollars)
(Unaudited)
Quarter Ended
September 30,
-------------
2009 2010
---- ----
Interest Expense Detail
Amortization of Deferred Financing Cost $9 $6
Capitalization of Interest Cost (1) (2)
Transition and System Restoration Bond Interest
Expense 32 34
Other Interest Expense 118 117
Total Interest Expense $158 $155
==== ====
Nine Months Ended
September 30,
-------------
2009 2010
---- ----
Interest Expense Detail
Amortization of Deferred Financing Cost $27 $18
Capitalization of Interest Cost (4) (5)
Transition and System Restoration Bond
Interest Expense 98 106
Other Interest Expense 361 351
Total Interest Expense $482 $470
==== ====
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, September 30,
2009 2010
---- ----
ASSETS
Current Assets:
Cash and cash
equivalents $740 $99
Other current assets 2,164 2,044
Total current assets 2,904 2,143
----- -----
Property, Plant and
Equipment, net 10,788 11,420
------ ------
Other Assets:
Goodwill 1,696 1,696
Regulatory assets 3,677 3,444
Other non-current
assets 708 696
Total other assets 6,081 5,836
Total Assets $19,773 $19,399
======= =======
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings $55 $73
Current portion of
transition and system
restoration bonds long-
term debt 241 283
Current portion of
indexed debt 121 125
Current portion of other
long-term debt 541 570
Other current
liabilities 2,080 1,830
Total current
liabilities 3,038 2,881
----- -----
Other Liabilities:
Accumulated deferred
income taxes, net and
investment tax credit 2,792 2,850
Regulatory liabilities 921 978
Other non-current
liabilities 1,264 1,294
Total other liabilities 4,977 5,122
----- -----
Long-term Debt:
Transition and system
restoration bonds 2,805 2,522
Other 6,314 5,745
Total long-term debt 9,119 8,267
----- -----
Shareholders' Equity 2,639 3,129
Total Liabilities and
Shareholders' Equity $19,773 $19,399
======= =======
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)
Nine Months Ended September 30,
-------------------------------
2009 2010
---- ----
Cash Flows from Operating
Activities:
Net income $267 $318
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 591 681
Deferred income taxes 250 112
Write-down of natural gas inventory 6 6
Changes in net regulatory assets 19 23
Changes in other assets and
liabilities 296 (170)
Other, net 8 13
Net Cash Provided by Operating
Activities 1,437 983
Net Cash Used in Investing
Activities (582) (1,014)
Net Cash Used in Financing
Activities (961) (610)
---- ----
Net Decrease in Cash and Cash
Equivalents (106) (641)
Cash and Cash Equivalents at
Beginning of Period 167 740
Cash and Cash Equivalents at End of
Period $61 $99
=== ===
Reference is made to the Notes to the Consolidated Financial
Statements
contained in the Quarterly Report on Form 10-Q of CenterPoint Energy,
Inc.
SOURCE CenterPoint Energy, Inc.
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