CenterPoint Energy Reports Second Quarter 2010 Earnings
HOUSTON, Aug 04, 2010 /PRNewswire via COMTEX News Network/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $81 million, or $0.20 per diluted share, for the second quarter of 2010 compared to $86 million, or $0.24 per diluted share, for the same period of 2009. Operating income for the second quarter of 2010 was $263 million compared to $253 million for the same period of 2009.
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"I am pleased with our operating performance this quarter," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "Our electric and natural gas distribution businesses recorded solid results and we benefited from the investments that we have made in our interstate pipeline and field services segments. The continued stability of our regulated utilities, together with opportunities to invest in energy infrastructure projects, position us well for the future."
For the six months ended June 30, 2010, net income was $195 million, or $0.49 per diluted share, compared to $153 million, or $0.44 per diluted share, for the same period of 2009. Operating income for the six months ended June 30, 2010, was $620 million compared to $538 million for the same period of 2009.
OPERATING INCOME BY SEGMENT
Electric Transmission & Distribution
The electric transmission & distribution segment reported operating income of $158 million for the second quarter of 2010, consisting of $122 million from the regulated electric transmission & distribution utility operations (TDU) and $36 million related to transition and system restoration bonds. Operating income for the second quarter of 2009 was $162 million, consisting of $129 million from the TDU and $33 million related to transition bonds. Operating income for the TDU benefited from growth of over 21,000 metered customers since June 2009 and slightly higher usage, which were more than offset by increased operation and maintenance expenses, in part due to higher labor and benefit costs, higher net transmission costs and reduced revenue associated with a credit to customers' bills to reflect the benefit of deferred taxes after Hurricane Ike.
Operating income for the six months ended June 30, 2010, was $265 million, consisting of $193 million from the TDU and $72 million related to transition and system restoration bonds. Operating income for the same period of 2009 was $232 million, consisting of $166 million from the TDU and $66 million related to transition bonds.
Natural Gas Distribution
The natural gas distribution segment reported operating income of $10 million for the second quarter of 2010 compared to $2 million for the same period of 2009. Operating income benefited from rate changes, higher non-volumetric revenues and lower operation and maintenance expenses resulting primarily from reduced bad debt expense. These benefits were partially offset by lower system throughput.
Operating income for the six months ended June 30, 2010, was $149 million compared to $120 million for the same period of 2009.
Interstate Pipelines
The interstate pipelines segment reported operating income of $67 million for the second quarter of 2010 compared to $61 million for the same period of 2009. Operating income increased due to higher revenue from new firm contracts primarily associated with Phase IV of the Carthage to Perryville pipeline as well as lower operation and maintenance expenses, partially offset by reduced revenues from off-system sales and ancillary services.
In addition to operating income, this segment recorded equity income of $4 million for the second quarter of 2010 primarily from its 50 percent interest in the Southeast Supply Header (SESH) compared to $9 million for the second quarter of 2009, which included $5 million related to a reduction in estimated property tax and a one-time fee received in connection with the construction of the pipeline.
Operating income for the six months ended June 30, 2010, was $139 million compared to $130 million for the same period of 2009. In addition to operating income, this segment recorded equity income of $7 million for the six months ended June 30, 2010 primarily from its 50 percent interest in the Southeast Supply Header (SESH) compared to $7 million for the six months ended June 30, 2009, which included a non-cash charge of $5 million to reflect SESH's discontinued use of regulatory accounting and $5 million related to a property tax reduction and a one-time receipt of a construction fee.
Field Services
The field services segment reported operating income of $31 million for the second quarter of 2010 compared to $23 million for the same period of 2009. Revenue growth from higher gathering volumes and higher commodity prices 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 second quarter of 2010 compared to $2 million in the second quarter of 2009 from its 50 percent interest in a gas processing plant.
Operating income for the six months ended June 30, 2010, was $54 million compared to $49 million for the same period of 2009. Equity income from the jointly-owned gas processing plant was $5 million for the six months ended June 30, 2010, compared to $4 million for the same period of 2009.
Competitive Natural Gas Sales and Services
The competitive natural gas sales and services segment reported an operating loss of $6 million for the second quarter of 2010 compared to operating income of $6 million for the same period of 2009. Operating income for the second quarter of 2010 included charges of $8 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 gains of $3 million for the same period of 2009.
Operating income for the six months ended June 30, 2010, was $9 million compared to $8 million for the same period of 2009. Operating income for the six months ended June 30, 2010, included charges of $5 million resulting from mark-to-market accounting compared to charges of $16 million for the same period of 2009. The six months ended June 30, 2009 also included a $6 million write-down of natural gas inventory to the lower of average cost or market.
DIVIDEND DECLARATION
On July 22, 2010, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.195 per share of common stock payable on September 10, 2010, to shareholders of record as of the close of business on August 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, increased taxes recorded in the first quarter of 2010 as a result of recent health care legislation, any impact from acquisitions or divestitures, 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 any impact to income from the change in value of Time Warner stocks and the related ZENS securities. For the impact of these factors on the company's earnings for the three months and six months ended June 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 June 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 Wednesday, August 4, 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 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 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 period ended March 31, 2010, CenterPoint Energy's Form 10-Q for the period ended June 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 Six Months Ended
June 30, 2010 June 30, 2010
------------- -------------
Net Net
Income EPS Income EPS
------- --- ------- ---
(in (in
millions) millions)
As reported $81 $0.20 $195 $0.49
Timing effects
impacting CES(1):
Mark-to-market
(gains) losses -
natural gas
derivative
contracts 5 0.01 3 0.01
Natural gas
inventory write-
downs - - - -
ZENS-related mark-
to-market (gains)
losses:
Marketable
securities(2) 14 0.04 (10) (0.02)
Indexed debt
securities (21) (0.05) (3) (0.01)
Tax impact of
federal health
care legislation - - 21 0.05
--- --- --- ----
Per the basis used
in providing
annual earnings
guidance $79 $0.20 $206 $0.52
=== ===== ==== =====
(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 Six Months
Ended Ended
June 30, June 30,
-------- --------
2009 2010 2009 2010
---- ---- ---- ----
Revenues:
Electric Transmission &
Distribution $521 $562 $933 $1,044
Natural Gas Distribution 518 465 1,939 2,002
Competitive Natural Gas Sales
and Services 432 560 1,197 1,412
Interstate Pipelines 155 148 308 286
Field Services 56 80 113 148
Other Operations 3 3 6 6
Eliminations (45) (62) (90) (119)
Total 1,640 1,756 4,406 4,779
----- ----- ----- -----
Expenses:
Natural gas 710 778 2,499 2,713
Operation and maintenance 398 410 811 824
Depreciation and amortization 188 217 354 417
Taxes other than income taxes 91 88 204 205
Total 1,387 1,493 3,868 4,159
----- ----- ----- -----
Operating Income 253 263 538 620
--- --- --- ---
Other Income (Expense) :
Gain (loss) on marketable
securities 55 (22) 21 16
Gain (loss) on indexed debt
securities (46) 32 (24) 5
Interest and other finance
charges (129) (121) (258) (243)
Interest on transition and
system restoration bonds (33) (36) (66) (72)
Equity in earnings of
unconsolidated affiliates 11 7 11 12
Other - net 18 3 22 4
--- ---
Total (124) (137) (294) (278)
---- ---- ---- ----
Income Before Income Taxes 129 126 244 342
Income Tax Expense (43) (45) (91) (147)
--- --- --- ----
Net Income $86 $81 $153 $195
=== === ==== ====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual 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)
Six Months
Quarter Ended Ended
June 30, June 30,
-------- --------
2009 2010 2009 2010
---- ---- ---- ----
Basic Earnings
Per Common
Share $0.24 $0.20 $0.44 $0.49
===== ===== ===== =====
Diluted Earnings
Per Common
Share $0.24 $0.20 $0.44 $0.49
===== ===== ===== =====
Dividends
Declared per
Common Share $0.190 $0.195 $0.38 $0.39
Weighted Average
Common Shares
Outstanding
(000):
- Basic 352,461 399,515 346,660 396,203
- Diluted 354,280 401,993 348,522 398,689
Operating Income
(Loss) by
Segment
----------------
Electric
Transmission &
Distribution:
Electric
Transmission
and
Distribution
Operations $129 $122 $166 $193
Transition and
System
Restoration
Bond Companies 33 36 66 72
Total Electric
Transmission &
Distribution 162 158 232 265
Natural Gas
Distribution 2 10 120 149
Competitive
Natural Gas
Sales and
Services 6 (6) 8 9
Interstate
Pipelines 61 67 130 139
Field Services 23 31 49 54
Other Operations (1) 3 (1) 4
Total $253 $263 $538 $620
==== ==== ==== ====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual 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/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues:
Electric transmission and
distribution utility $432 $449 4%
Transition and system
restoration bond
companies 89 113 27%
--- ---
Total 521 562 8%
--- ---
Expenses:
Operation and maintenance 181 204 (13%)
Depreciation and
amortization 69 71 (3%)
Taxes other than income
taxes 53 52 2%
Transition and system
restoration bond
companies 56 77 (38%)
---
Total 359 404 (13%)
--- ---
Operating Income $162 $158 (2%)
==== ====
Operating Income:
Electric transmission and
distribution operations $129 $122 (5%)
Transition and system
restoration bond
companies 33 36 9%
---
Total Segment Operating
Income $162 $158 (2%)
==== ====
Electric Transmission &
Distribution
Operating Data:
Actual MWH Delivered
Residential 6,831,444 7,064,276 3%
Total 19,840,955 20,173,782 2%
Weather (average for
service area):
Percentage of 10-year
average:
Cooling degree days 108% 109%
Heating degree days 112% 78%
Number of metered
customers -end of
period:
Residential 1,846,908 1,866,699 1%
Total 2,092,209 2,113,695 1%
Natural Gas Distribution
------------------------
Quarter Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $518 $465 (10%)
---- ----
Expenses:
Natural gas 295 244 17%
Operation and maintenance 152 144 5%
Depreciation and
amortization 41 44 (7%)
Taxes other than income
taxes 28 23 18%
Total 516 455 12%
Operating Income $2 $10 400%
=== ===
Natural Gas Distribution
Operating Data:
Throughput data in BCF
Residential 20 16 (20%)
Commercial and Industrial 46 49 7%
Total Throughput 66 65 (2%)
=== ===
Weather (average for
service area)
Percentage of 10-year
average:
Heating degree days 109% 66%
Number of customers -end
of period:
Residential 2,961,941 2,973,013 -
Commercial and Industrial 241,875 244,089 1%
Total 3,203,816 3,217,102 -
========= =========
Electric Transmission & Distribution
------------------------------------
Six Months Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of
Operations:
Revenues:
Electric
transmission and
distribution
utility $778 $835 7%
Transition and
system restoration
bond companies 155 209 35%
--- ---
Total 933 1,044 12%
--- -----
Expenses:
Operation and
maintenance 369 394 (7%)
Depreciation and
amortization 137 144 (5%)
Taxes other than
income taxes 106 104 2%
Transition and
system restoration
bond companies 89 137 (54%)
--- ---
Total 701 779 (11%)
--- ---
Operating Income $232 $265 14%
==== ====
Operating Income:
Electric
transmission and
distribution
operations $166 $193 16%
Transition and
system restoration
bond companies 66 72 9%
--- ---
Total Segment
Operating Income $232 $265 14%
==== ====
Electric
Transmission &
Distribution
Operating Data:
Actual MWH Delivered
Residential 10,797,963 12,237,273 13%
Total 34,983,263 36,610,092 5%
Weather (average for
service area):
Percentage of
10-year average:
Cooling degree days 109% 99%
Heating degree days 89% 160%
Number of metered
customers -end of
period:
Residential 1,846,908 1,866,699 1%
Total 2,092,209 2,113,695 1%
Natural Gas Distribution
------------------------
Six Months Ended
June 30, % Diff
--------
2009 2010 Fav/(Unfav)
---- ---- -----------
Results of
Operations:
Revenues $1,939 $2,002 3%
------ ------
Expenses:
Natural gas 1,340 1,383 (3%)
Operation and
maintenance 321 311 3%
Depreciation and
amortization 81 84 (4%)
Taxes other than
income taxes 77 75 3%
Total 1,819 1,853 (2%)
Operating Income $120 $149 24%
==== ====
Natural Gas
Distribution
Operating Data:
Throughput data in
BCF
Residential 98 112 14%
Commercial and
Industrial 123 136 11%
Total Throughput 221 248 12%
=== ===
Weather (average for
service area)
Percentage of
10-year average:
Heating degree days 103% 111%
Number of customers
-end of period:
Residential 2,961,941 2,973,013 -
Commercial and
Industrial 241,875 244,089 1%
Total 3,203,816 3,217,102 -
========= =========
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual 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
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $432 $560 30%
---- ----
Expenses:
Natural gas 414 554 (34%)
Operation and maintenance 10 10 -
Depreciation and
amortization 1 1 -
Taxes other than income
taxes 1 1 -
Total 426 566 (33%)
Operating Income (Loss) $6 $(6) (200%)
=== ===
Competitive Natural Gas
Sales and Services
Operating Data:
Throughput data in BCF 114 128 12%
=== ===
Number of customers -end
of period 10,878 11,694 8%
====== ======
Interstate Pipelines
--------------------
Quarter Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $155 $148 (5%)
---- ----
Expenses:
Natural gas 34 24 29%
Operation and maintenance 41 35 15%
Depreciation and
amortization 12 13 (8%)
Taxes other than income
taxes 7 9 (29%)
Total 94 81 14%
Operating Income $61 $67 10%
=== ===
Pipelines Operating Data:
Throughput data in BCF
Transportation 396 400 1%
=== ===
Competitive Natural Gas Sales and Services
------------------------------------------
Six Months Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $1,197 $1,412 18%
------ ------
Expenses:
Natural gas 1,166 1,380 (18%)
Operation and maintenance 20 19 5%
Depreciation and
amortization 2 2 -
Taxes other than income
taxes 1 2 (100%)
Total 1,189 1,403 (18%)
Operating Income (Loss) $8 $9 13%
=== ===
Competitive Natural Gas
Sales and Services
Operating Data:
Throughput data in BCF 255 269 5%
=== ===
Number of customers -end
of period 10,878 11,694 8%
====== ======
Interstate Pipelines
--------------------
Six Months Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $308 $286 (7%)
---- ----
Expenses:
Natural gas 63 34 46%
Operation and maintenance 76 70 8%
Depreciation and
amortization 24 26 (8%)
Taxes other than income
taxes 15 17 (13%)
Total 178 147 17%
Operating Income $130 $139 7%
==== ====
Pipelines Operating Data:
Throughput data in BCF
Transportation 857 838 (2%)
=== ===
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual 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
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $56 $80 43%
--- ---
Expenses:
Natural gas 11 18 (64%)
Operation and maintenance 18 25 (39%)
Depreciation and amortization 3 5 (67%)
Taxes other than income taxes 1 1 -
Total 33 49 (48%)
Operating Income $23 $31 35%
=== ===
Field Services Operating Data:
Throughput data in BCF
Gathering 102 156 53%
=== ===
Other Operations
----------------
Quarter
Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $3 $3 -
Expenses 4 - 100%
Operating Income (Loss) $(1) $3 400%
=== ===
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
Quarter
Ended
June 30,
--------
2009 2010
---- ----
Capital Expenditures by Segment
Electric Transmission & Distribution $108 $101
Hurricane Ike 2 -
--- ---
Total Electric Transmission &
Distribution 110 101
Natural Gas Distribution 43 45
Competitive Natural Gas Sales and
Services - 1
Interstate Pipelines 27 32
Field Services 66 220
Other Operations 2 3
Total $248 $402
==== ====
(Millions of Dollars)
(Unaudited)
Quarter
Ended
June 30,
--------
2009 2010
---- ----
Interest Expense Detail
Amortization of Deferred Financing Cost $9 $5
Capitalization of Interest Cost (1) (2)
Transition and System Restoration Bond
Interest Expense 33 36
Other Interest Expense 121 118
Total Interest Expense $162 $157
==== ====
Field Services
--------------
Six Months Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $113 $148 31%
---- ----
Expenses:
Natural gas 18 34 (89%)
Operation and maintenance 37 46 (24%)
Depreciation and amortization 7 11 (57%)
Taxes other than income taxes 2 3 (50%)
Total 64 94 (47%)
Operating Income $49 $54 10%
=== ===
Field Services Operating Data:
Throughput data in BCF
Gathering 206 284 38%
=== ===
Other Operations
----------------
Six Months Ended
June 30, % Diff
--------
Fav/
2009 2010 (Unfav)
---- ---- --------
Results of Operations:
Revenues $6 $6 -
Expenses 7 2 71%
Operating Income (Loss) $(1) $4 500%
=== ===
Capital Expenditures by Segment
(Millions of Dollars)
(Unaudited)
Six Months Ended
June 30,
--------
2009 2010
---- ----
Capital Expenditures by Segment
Electric Transmission & Distribution $189 $196
Hurricane Ike 18 -
--- ---
Total Electric Transmission &
Distribution 207 196
Natural Gas Distribution 77 74
Competitive Natural Gas Sales and
Services 1 1
Interstate Pipelines 74 40
Field Services 104 341
Other Operations 9 7
Total $472 $659
==== ====
(Millions of Dollars)
(Unaudited)
Six Months Ended
June 30,
--------
2009 2010
---- ----
Interest Expense Detail
Amortization of Deferred Financing Cost $18 $12
Capitalization of Interest Cost (3) (3)
Transition and System Restoration Bond
Interest Expense 66 72
Other Interest Expense 243 234
Total Interest Expense $324 $315
==== ====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-Q of CenterPoint Energy, Inc.
CenterPoint Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Millions of Dollars)
(Unaudited)
December June
31, 30,
2009 2010
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $740 $583
Other current assets 2,164 1,769
Total current assets 2,904 2,352
----- -----
Property, Plant and Equipment, net 10,788 11,217
------ ------
Other Assets:
Goodwill 1,696 1,696
Regulatory assets 3,677 3,540
Other non-current assets 708 716
Total other assets 6,081 5,952
Total Assets $19,773 $19,521
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term borrowings $55 $32
Current portion of transition and system restoration
bonds long-term debt 241 274
Current portion of indexed debt 121 124
Current portion of other long-term debt 541 769
Other current liabilities 2,080 1,833
Total current liabilities 3,038 3,032
----- -----
Other Liabilities:
Accumulated deferred income taxes, net and investment
tax credit 2,792 2,786
Regulatory liabilities 921 967
Other non-current liabilities 1,264 1,265
Total other liabilities 4,977 5,018
----- -----
Long-term Debt:
Transition and system restoration bonds 2,805 2,665
Other 6,314 5,745
Total long-term debt 9,119 8,410
----- -----
Shareholders' Equity 2,639 3,061
Total Liabilities and Shareholders' Equity $19,773 $19,521
======= =======
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual 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,
----------------
2009 2010
---- ----
Cash Flows from Operating Activities:
Net income $153 $195
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 374 431
Deferred income taxes 78 (37)
Write-down of natural gas inventory 6 -
Changes in net regulatory assets 19 26
Changes in other assets and liabilities 422 195
Other, net 4 8
Net Cash Provided by Operating Activities 1,056 818
Net Cash Used in Investing Activities (504) (719)
Net Cash Used in Financing Activities (568) (256)
---- ----
Net Decrease in Cash and Cash Equivalents (16) (157)
Cash and Cash Equivalents at Beginning of Period 167 740
Cash and Cash Equivalents at End of Period $151 $583
==== ====
Reference is made to the Notes to the Consolidated Financial Statements
contained in the Annual Report on Form 10-Q of CenterPoint Energy, Inc.
SOURCE CenterPoint Energy, Inc.
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