Texas (State or other jurisdiction of incorporation) |
1-31447 (Commission File Number) |
74-0694415 (IRS Employer Identification No.) |
1111 Louisiana | ||
Houston, Texas | 77002 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. | |||
99.1 | Press Release issued November 2, 2007 regarding CenterPoint Energy, Inc.s third quarter 2007 earnings. |
CENTERPOINT ENERGY, INC. |
||||
Date: November 2, 2007 | By: | /s/ James S. Brian | ||
James S. Brian | ||||
Senior Vice President and Chief Accounting Officer |
||||
EXHIBIT | ||
NUMBER | EXHIBIT DESCRIPTION | |
99.1
|
Press Release issued November 2, 2007 regarding CenterPoint Energy, Inc.s third quarter 2007 earnings |
For more information contact Media: Leticia Lowe Phone 713.207.7702 Investors: Marianne Paulsen Phone 713.207.6500 |
For Immediate Release | Page 1 of 4 |
-more-
For more information contact Media: Leticia Lowe Phone 713.207.7702 Investors: Marianne Paulsen Phone 713.207.6500 |
For Immediate Release | Page 2 of 4 |
-more-
For more information contact Media: Leticia Lowe Phone 713.207.7702 Investors: Marianne Paulsen Phone 713.207.6500 |
For Immediate Release | Page 3 of 4 |
-more-
For more information contact Media: Leticia Lowe Phone 713.207.7702 Investors: Marianne Paulsen Phone 713.207.6500 |
For Immediate Release | Page 4 of 4 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2006 | 2007 | 2006 | 2007 | |||||||||||||
Revenues: |
||||||||||||||||
Electric Transmission & Distribution |
$ | 533 | $ | 528 | $ | 1,374 | $ | 1,399 | ||||||||
Natural Gas Distribution |
485 | 458 | 2,514 | 2,601 | ||||||||||||
Competitive Natural Gas Sales and Services |
830 | 770 | 2,743 | 2,715 | ||||||||||||
Interstate Pipelines |
106 | 137 | 299 | 348 | ||||||||||||
Field Services |
39 | 44 | 114 | 125 | ||||||||||||
Other Operations |
3 | 3 | 12 | 8 | ||||||||||||
Eliminations |
(61 | ) | (58 | ) | (201 | ) | (175 | ) | ||||||||
Total |
1,935 | 1,882 | 6,855 | 7,021 | ||||||||||||
Expenses: |
||||||||||||||||
Natural gas |
1,058 | 991 | 4,286 | 4,349 | ||||||||||||
Operation and maintenance |
347 | 349 | 1,018 | 1,031 | ||||||||||||
Depreciation and amortization |
159 | 170 | 452 | 475 | ||||||||||||
Taxes other than income taxes |
87 | 85 | 289 | 284 | ||||||||||||
Total |
1,651 | 1,595 | 6,045 | 6,139 | ||||||||||||
Operating Income |
284 | 287 | 810 | 882 | ||||||||||||
Other Income (Expense) : |
||||||||||||||||
Gain (Loss) on Time Warner investment |
20 | (58 | ) | 17 | (74 | ) | ||||||||||
Gain (Loss) on indexed debt securities |
(12 | ) | 56 | (13 | ) | 70 | ||||||||||
Interest and other finance charges |
(120 | ) | (126 | ) | (353 | ) | (368 | ) | ||||||||
Interest on transition bonds |
(32 | ) | (30 | ) | (98 | ) | (93 | ) | ||||||||
Distribution from AOL Time Warner litigation settlement |
| 32 | | 32 | ||||||||||||
Additional distribution to ZENS holders |
| (27 | ) | | (27 | ) | ||||||||||
Other net |
12 | 11 | 27 | 23 | ||||||||||||
Total |
(132 | ) | (142 | ) | (420 | ) | (437 | ) | ||||||||
Income from Before Income Taxes |
152 | 145 | 390 | 445 | ||||||||||||
Income Tax Expense |
(69 | ) | (54 | ) | (25 | ) | (154 | ) | ||||||||
Net Income |
$ | 83 | $ | 91 | $ | 365 | $ | 291 | ||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2006 | 2007 | 2006 | 2007 | |||||||||||||
Basic Earnings Per Common Share: |
||||||||||||||||
Net Income |
$ | 0.27 | $ | 0.29 | $ | 1.17 | $ | 0.91 | ||||||||
Diluted Earnings Per Common Share: |
||||||||||||||||
Net Income |
$ | 0.26 | $ | 0.27 | $ | 1.14 | $ | 0.85 | ||||||||
Dividends Declared per Common Share |
$ | 0.15 | $ | 0.17 | $ | 0.45 | $ | 0.51 | ||||||||
Weighted Average Common Shares Outstanding (000): |
||||||||||||||||
- Basic |
311,945 | 321,192 | 311,414 | 320,071 | ||||||||||||
- Diluted |
324,716 | 340,974 | 319,974 | 342,222 | ||||||||||||
Operating Income (Loss) by Segment |
||||||||||||||||
Electric Transmission & Distribution: |
||||||||||||||||
Electric Transmission and Distribution Operations |
$ | 173 | $ | 155 | $ | 340 | $ | 335 | ||||||||
Competition Transition Charge |
14 | 11 | 44 | 32 | ||||||||||||
Total Electric Transmission and Distribution Utility |
187 | 166 | 384 | 367 | ||||||||||||
Transition Bond Companies |
32 | 30 | 96 | 90 | ||||||||||||
Total Electric Transmission & Distribution |
219 | 196 | 480 | 457 | ||||||||||||
Natural Gas Distribution |
(11 | ) | (8 | ) | 90 | 129 | ||||||||||
Competitive Natural Gas Sales and Services |
12 | 4 | 44 | 56 | ||||||||||||
Interstate Pipelines |
48 | 70 | 137 | 166 | ||||||||||||
Field Services |
21 | 26 | 66 | 75 | ||||||||||||
Other Operations |
(5 | ) | (1 | ) | (7 | ) | (1 | ) | ||||||||
Total |
$ | 284 | $ | 287 | $ | 810 | $ | 882 | ||||||||
Electric Transmission & Distribution | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | % Diff | September 30, | % Diff | |||||||||||||||||||||
2006 | 2007 | Fav/(Unfav) | 2006 | 2007 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Electric transmission and distribution utility |
$ | 453 | $ | 445 | (2 | %) | $ | 1,170 | $ | 1,187 | 1 | % | ||||||||||||
Transition bond companies |
80 | 83 | 4 | % | 204 | 212 | 4 | % | ||||||||||||||||
Total |
533 | 528 | (1 | %) | 1,374 | 1,399 | 2 | % | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||
Operation and maintenance |
155 | 163 | (5 | %) | 436 | 467 | (7 | %) | ||||||||||||||||
Depreciation and amortization |
58 | 58 | | 182 | 182 | | ||||||||||||||||||
Taxes other than income taxes |
53 | 58 | (9 | %) | 168 | 171 | (2 | %) | ||||||||||||||||
Transition bond companies |
48 | 53 | (10 | %) | 108 | 122 | (13 | %) | ||||||||||||||||
Total |
314 | 332 | (6 | %) | 894 | 942 | (5 | %) | ||||||||||||||||
Operating Income |
$ | 219 | $ | 196 | (11 | %) | $ | 480 | $ | 457 | (5 | %) | ||||||||||||
Operating Income: |
||||||||||||||||||||||||
Electric transmission and distribution operations |
$ | 173 | $ | 155 | (10 | %) | $ | 340 | $ | 335 | (1 | %) | ||||||||||||
Competition transition charge |
14 | 11 | (21 | %) | 44 | 32 | (27 | %) | ||||||||||||||||
Transition bond companies |
32 | 30 | (6 | %) | 96 | 90 | (6 | %) | ||||||||||||||||
Total Segment Operating Income |
$ | 219 | $ | 196 | (11 | %) | $ | 480 | $ | 457 | (5 | %) | ||||||||||||
Electric Transmission & Distribution
Operating Data: |
||||||||||||||||||||||||
Actual MWH Delivered |
||||||||||||||||||||||||
Residential |
8,522,786 | 8,381,258 | (2 | %) | 19,317,160 | 19,060,031 | (1 | %) | ||||||||||||||||
Total |
22,829,685 | 22,725,500 | | 59,238,907 | 58,560,692 | (1 | %) | |||||||||||||||||
Weather (average for service area): |
||||||||||||||||||||||||
Percentage of normal: |
||||||||||||||||||||||||
Cooling degree days |
100 | % | 102 | % | 2 | % | 105 | % | 100 | % | (5 | %) | ||||||||||||
Heating degree days |
0 | % | 0 | % | 0 | % | 60 | % | 114 | % | 54 | % | ||||||||||||
Average number of metered customers: |
||||||||||||||||||||||||
Residential |
1,740,079 | 1,782,281 | 2 | % | 1,729,348 | 1,767,431 | 2 | % | ||||||||||||||||
Total |
1,976,559 | 2,022,448 | 2 | % | 1,964,189 | 2,006,344 | 2 | % |
Natural Gas Distribution | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | % Diff | September 30, | % Diff | |||||||||||||||||||||
2006 | 2007 | Fav/(Unfav) | 2006 | 2007 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 485 | $ | 458 | (6 | %) | $ | 2,514 | $ | 2,601 | 3 | % | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
298 | 267 | 10 | % | 1,787 | 1,845 | (3 | %) | ||||||||||||||||
Operation and maintenance |
137 | 139 | (1 | %) | 429 | 421 | 2 | % | ||||||||||||||||
Depreciation and amortization |
38 | 38 | | 113 | 114 | (1 | %) | |||||||||||||||||
Taxes other than income taxes |
23 | 22 | 4 | % | 95 | 92 | 3 | % | ||||||||||||||||
Total |
496 | 466 | 6 | % | 2,424 | 2,472 | (2 | %) | ||||||||||||||||
Operating Income (Loss) |
$ | (11 | ) | $ | (8 | ) | 27 | % | $ | 90 | $ | 129 | 43 | % | ||||||||||
Natural Gas Distribution Operating Data: |
||||||||||||||||||||||||
Throughput data in BCF |
||||||||||||||||||||||||
Residential |
14 | 12 | (14 | %) | 98 | 118 | 20 | % | ||||||||||||||||
Commercial and Industrial |
44 | 42 | (5 | %) | 160 | 168 | 5 | % | ||||||||||||||||
Total Throughput |
58 | 54 | (7 | %) | 258 | 286 | 11 | % | ||||||||||||||||
Weather (average for service area) |
||||||||||||||||||||||||
Percentage of normal: |
||||||||||||||||||||||||
Heating degree days |
104 | % | 75 | % | (29 | %) | 81 | % | 98 | % | 17 | % | ||||||||||||
Average number of customers: |
||||||||||||||||||||||||
Residential |
2,862,020 | 2,910,041 | 2 | % | 2,875,345 | 2,927,122 | 2 | % | ||||||||||||||||
Commercial and Industrial |
240,083 | 246,021 | 2 | % | 243,011 | 246,382 | 1 | % | ||||||||||||||||
Total |
3,102,103 | 3,156,062 | 2 | % | 3,118,356 | 3,173,504 | 2 | % | ||||||||||||||||
Competitive Natural Gas Sales and Services | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | % Diff | September 30, | % Diff | |||||||||||||||||||||
2006 | 2007 | Fav/(Unfav) | 2006 | 2007 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 830 | $ | 770 | (7 | %) | $ | 2,743 | $ | 2,715 | (1 | %) | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
809 | 756 | 7 | % | 2,673 | 2,631 | 2 | % | ||||||||||||||||
Operation and maintenance |
8 | 7 | 13 | % | 23 | 23 | | |||||||||||||||||
Depreciation and amortization |
| 3 | | 1 | 4 | (300 | %) | |||||||||||||||||
Taxes other than income taxes |
1 | | | 2 | 1 | 50 | % | |||||||||||||||||
Total |
818 | 766 | 6 | % | 2,699 | 2,659 | 1 | % | ||||||||||||||||
Operating Income |
$ | 12 | $ | 4 | (67 | %) | $ | 44 | $ | 56 | 27 | % | ||||||||||||
Competitive Natural Gas Sales and
Services Operating Data: |
||||||||||||||||||||||||
Throughput data in BCF |
||||||||||||||||||||||||
Wholesale third parties |
90 | 74 | (18 | %) | 251 | 241 | (4 | %) | ||||||||||||||||
Wholesale affiliates |
8 | 2 | (75 | %) | 27 | 7 | (74 | %) | ||||||||||||||||
Retail & Pipeline |
40 | 43 | 8 | % | 138 | 145 | 5 | % | ||||||||||||||||
Total Throughput |
138 | 119 | (14 | %) | 416 | 393 | (6 | %) | ||||||||||||||||
Average number of customers: |
||||||||||||||||||||||||
Wholesale |
140 | 233 | 66 | % | 140 | 235 | 68 | % | ||||||||||||||||
Retail & Pipeline |
6,351 | 6,743 | 6 | % | 6,554 | 6,779 | 3 | % | ||||||||||||||||
Total |
6,491 | 6,976 | 7 | % | 6,694 | 7,014 | 5 | % | ||||||||||||||||
Interstate Pipelines | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | % Diff | September 30, | % Diff | |||||||||||||||||||||
2006 | 2007 | Fav/(Unfav) | 2006 | 2007 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 106 | $ | 137 | 29 | % | $ | 299 | $ | 348 | 16 | % | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
10 | 27 | (170 | %) | 22 | 55 | (150 | %) | ||||||||||||||||
Operation and maintenance |
33 | 29 | 12 | % | 98 | 85 | 13 | % | ||||||||||||||||
Depreciation and amortization |
10 | 11 | (10 | %) | 28 | 32 | (14 | %) | ||||||||||||||||
Taxes other than income taxes |
5 | | | 14 | 10 | 29 | % | |||||||||||||||||
Total |
58 | 67 | (16 | %) | 162 | 182 | (12 | %) | ||||||||||||||||
Operating Income |
$ | 48 | $ | 70 | 46 | % | $ | 137 | $ | 166 | 21 | % | ||||||||||||
Pipelines Operating Data: |
||||||||||||||||||||||||
Throughput data in BCF |
||||||||||||||||||||||||
Transportation |
204 | 312 | 53 | % | 718 | 880 | 23 | % | ||||||||||||||||
Total Throughput |
204 | 312 | 53 | % | 718 | 880 | 23 | % | ||||||||||||||||
Field Services | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | % Diff | September 30, | % Diff | |||||||||||||||||||||
2006 | 2007 | Fav/(Unfav) | 2006 | 2007 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 39 | $ | 44 | 13 | % | $ | 114 | $ | 125 | 10 | % | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
(1 | ) | (2 | ) | (100 | %) | (4 | ) | (9 | ) | 125 | % | ||||||||||||
Operation and maintenance |
15 | 17 | (13 | %) | 42 | 49 | (17 | %) | ||||||||||||||||
Depreciation and amortization |
3 | 2 | 33 | % | 8 | 8 | | |||||||||||||||||
Taxes other than income taxes |
1 | 1 | | 2 | 2 | | ||||||||||||||||||
Total |
18 | 18 | | 48 | 50 | (4 | %) | |||||||||||||||||
Operating Income |
$ | 21 | $ | 26 | 24 | % | $ | 66 | $ | 75 | 14 | % | ||||||||||||
Field Services Operating Data: |
||||||||||||||||||||||||
Throughput data in BCF |
||||||||||||||||||||||||
Gathering |
97 | 104 | 7 | % | 279 | 297 | 6 | % | ||||||||||||||||
Total Throughput |
97 | 104 | 7 | % | 279 | 297 | 6 | % | ||||||||||||||||
Other Operations | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | % Diff | September 30, | % Diff | |||||||||||||||||||||
2006 | 2007 | Fav/(Unfav) | 2006 | 2007 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 3 | $ | 3 | | $ | 12 | $ | 8 | (33 | %) | |||||||||||||
Expenses |
8 | 4 | 50 | % | 19 | 9 | 53 | % | ||||||||||||||||
Operating Loss |
$ | (5 | ) | $ | (1 | ) | 80 | % | $ | (7 | ) | $ | (1 | ) | 86 | % | ||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2006 | 2007 | 2006 | 2007 | |||||||||||||
Capital Expenditures by Segment |
||||||||||||||||
Electric Transmission & Distribution |
$ | 88 | $ | 83 | $ | 278 | $ | 304 | ||||||||
Natural Gas Distribution |
48 | 58 | 133 | 135 | ||||||||||||
Competitive Natural Gas Sales and Services |
4 | 1 | 14 | 5 | ||||||||||||
Interstate Pipelines |
117 | 39 | 178 | 253 | ||||||||||||
Field Services |
18 | 15 | 41 | 55 | ||||||||||||
Other Operations |
4 | 5 | 18 | 22 | ||||||||||||
Total |
$ | 279 | $ | 201 | $ | 662 | $ | 774 | ||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2006 | 2007 | 2006 | 2007 | |||||||||||||
Interest Expense Detail |
||||||||||||||||
Amortization of Deferred Financing Cost |
$ | 14 | $ | 11 | $ | 40 | $ | 42 | ||||||||
Capitalization of Interest Cost |
(3 | ) | (3 | ) | (6 | ) | (18 | ) | ||||||||
Transition Bond Interest Expense |
32 | 30 | 98 | 93 | ||||||||||||
Other Interest Expense |
109 | 118 | 319 | 344 | ||||||||||||
Total Interest Expense |
$ | 152 | $ | 156 | $ | 451 | $ | 461 | ||||||||
December 31, | September 30, | |||||||
2006 | 2007 | |||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 127 | $ | 54 | ||||
Other current assets |
2,868 | 2,296 | ||||||
Total current assets |
2,995 | 2,350 | ||||||
Property, Plant and Equipment, net |
9,204 | 9,629 | ||||||
Other Assets: |
||||||||
Goodwill |
1,705 | 1,705 | ||||||
Regulatory assets |
3,290 | 3,139 | ||||||
Other non-current assets |
439 | 480 | ||||||
Total other assets |
5,434 | 5,324 | ||||||
Total Assets |
$ | 17,633 | $ | 17,303 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current Liabilities: |
||||||||
Short-term borrowings |
$ | 187 | $ | 150 | ||||
Current portion of transition bond long-term debt |
147 | 159 | ||||||
Current portion of other long-term debt |
1,051 | 1,195 | ||||||
Other current liabilities |
2,836 | 1,881 | ||||||
Total current liabilities |
4,221 | 3,385 | ||||||
Other Liabilities: |
||||||||
Accumulated deferred income taxes, net and investment tax credit |
2,362 | 2,295 | ||||||
Regulatory liabilities |
792 | 825 | ||||||
Other non-current liabilities |
900 | 871 | ||||||
Total other liabilities |
4,054 | 3,991 | ||||||
Long-term Debt: |
||||||||
Transition bond |
2,260 | 2,101 | ||||||
Other |
5,542 | 6,090 | ||||||
Total long-term debt |
7,802 | 8,191 | ||||||
Shareholders Equity |
1,556 | 1,736 | ||||||
Total Liabilities and Shareholders Equity |
$ | 17,633 | $ | 17,303 | ||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2006 | 2007 | |||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 365 | $ | 291 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
489 | 519 | ||||||
Deferred income taxes and investment tax credit |
(87 | ) | 23 | |||||
Tax and interest reserves reductions related to ZENS and ACES |
(119 | ) | | |||||
Changes in net regulatory assets |
65 | 57 | ||||||
Changes in other assets and liabilities |
8 | (410 | ) | |||||
Other, net |
7 | 12 | ||||||
Net Cash Provided by Operating Activities |
728 | 492 | ||||||
Net Cash Used in Investing Activities |
(626 | ) | (933 | ) | ||||
Net Cash Provided by Financing Activities |
109 | 368 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents |
211 | (73 | ) | |||||
Cash and Cash Equivalents at Beginning of Period |
74 | 127 | ||||||
Cash and Cash Equivalents at End of Period |
$ | 285 | $ | 54 | ||||