1 Jan

Entergy Corp sees profits decline in first quarter

first_img Appendix A: Consolidated Earnings – Reconciliation of GAAP to Non- GAAP Measures First Quarter 2009 vs. 2008 (Per share in U.S. $) First Quarter ————- 2009 2008 Change As-Reported Utility, Parent & Other 0.32 0.48 (0.16) Entergy Nuclear 0.91 1.12 (0.21) Non-Nuclear Wholesale Assets (0.03) (0.04) 0.01 Consolidated As-Reported Earnings 1.20 1.56 (0.36) Less Special Items Utility, Parent & Other (0.05) – (0.05) Entergy Nuclear (0.04) – (0.04) Non-Nuclear Wholesale Assets – – – Consolidated Special Items (0.09) – (0.09) Operational Utility, Parent & Other 0.37 0.48 (0.11) Entergy Nuclear 0.95 1.12 (0.17) Non-Nuclear Wholesale Assets (0.03) (0.04) 0.01 Consolidated Operational Earnings 1.29 1.56 (0.27)  Entergy Corporation Consolidated Income Statement Three Months Ended Mar. 31 (in thousands) 2009 2008 %Inc/(Dec) (unaudited) Operating Revenues: Electric $2,026,916 $2,046,227 (0.9) Natural gas 74,049 89,395 (17.2) Competitive businesses 688,147 729,112 (5.6) Total 2,789,112 2,864,734 (2.6) Operating Expenses: Operation and maintenance: Fuel, fuel-related expenses, and gas purchased for resale 846,332 540,501 56.6 Purchased power 323,255 620,642 (47.9) Nuclear refueling outage expenses 56,779 51,258 10.8 Other operation and maintenance 644,702 611,268 5.5 Decommissioning 48,742 45,996 6.0 Taxes other than income taxes 134,397 108,571 23.8 Depreciation and amortization 257,852 244,985 5.3 Other regulatory charges (credits) – net (29,474) 35,280 (183.5) Total 2,282,585 2,258,501 1.1 Operating Income 506,527 606,233 (16.4) Other Income (Deductions): Allowance for equity funds used during construction 16,947 9,286 82.5 Interest and dividend income 30,650 54,282 (43.5) Equity in earnings (loss) of unconsolidated equity affiliates (3,127) (929) 236.6 Miscellaneous – net (10,172) (11,556) (12.0) Total 34,298 51,083 (32.9) Interest and Other Charges: Interest on long-term debt 127,965 123,144 3.9 Other interest – net 19,293 32,538 (40.7) Allowance for borrowed funds used during construction (9,812) (5,116) 91.8 Total 137,446 150,566 (8.7) Income Before Income Taxes 403,379 506,750 (20.4) Income Taxes 163,046 193,003 (15.5) Consolidated Net Income 240,333 313,747 (23.4) Preferred Dividend Requirements of Subsidiaries 4,998 4,998 – Net Income Attributable to Entergy Corporation $235,335 $308,749 (23.8) Earnings Per Average Common Share Basic $1.22 $1.60 (23.8) Diluted $1.20 $1.56 (23.1) Average Number of Common Shares Outstanding – Basic 192,593,601 192,639,605 Average Number of Common Shares Outstanding – Diluted 198,058,002 198,300,041 Entergy Corporation Utility Electric Energy Sales & Customers Three Months Ended Mar. 31 2009 2008 % % Change Weather- Adjusted (Millions of kwh) Electric Energy Sales: Residential 7,893 8,011 (1.5) (1.8) Commercial 6,194 6,238 (0.7) (1.2) Governmental 562 569 (1.1) (1.6) Industrial 8,139 9,377 (13.2) (13.2) Total to Ultimate Customers 22,788 24,195 (5.8) (6.0) Wholesale 1,387 1,290 7.5 Total Sales 24,175 25,485 (5.1) Mar. 31 2009 2008 % Change Electric Customers (End of period): Residential 2,321,488 2,297,765 1.0 Commercial 328,352 325,905 0.8 Governmental 15,519 15,161 2.4 Industrial 38,892 40,860 (4.8) Total Ultimate Customers 2,704,251 2,679,691 0.9 Wholesale 33 32 3.1 Total Customers 2,704,284 2,679,723 0.9 Source: Entergy.  NEW ORLEANS, May 4 /PRNewswire-FirstCall/ — Northstar Vermont Yankee,Entergy Corporation (NYSE: ETR) today reported first quarter 2009 as-reported earnings of $235.3 million, or $1.20 per share, compared with $308.7 million, or $1.56 per share, for first quarter 2008. On an operational basis, Entergy’s first quarter 2009 earnings were $252.6 million, or $1.29 per share, compared with $308.7 million, or $1.56 per share, in first quarter 2008.  Consolidated Earnings – Reconciliation of GAAP to Non-GAAP Measures First Quarter 2009 vs. 2008 (Per share in U.S. $) 2009 2008 Change As-Reported Earnings 1.20 1.56 (0.36) Less Special Items (0.09) – (0.09) Operational Earnings 1.29 1.56 (0.27) *GAAP refers to United States generally accepted accounting principles. Operational Earnings Highlights for First Quarter 2009 Utility, Parent & Other results were lower due to higher other taxes and depreciation and amortization expenses.Entergy Nuclear earnings decreased as a result of lower production due to additional planned refueling outage days and impairments recorded on decommissioning trust fund investments.Entergy’s Non-Nuclear Wholesale Assets results were essentially flat. “In the current uncertain climate, we have focused significant effort on positioning the company for long-term success while weathering the current economic storm,” said J. Wayne Leonard, Entergy’s chairman and chief executive officer. “While we cannot predict what will come next in these times, we will be relentless in seeking value and managing risk, and we are prepared to seize opportunities that add value for our stakeholders.” Other Business Highlights Leonard was named one of the nation’s “Best CEOs” by Institutional Investor magazine, his sixth consecutive year for achieving the honor.Entergy received its 12th and 13th industry awards for restoring power after major storms and is the only company recognized 11 years in a row by Edison Electric Institute for its storm restoration work.Indian Point 3 completed 678 continuous days of operation as it entered its refueling outage in March. This run marked an operating record for Westinghouse Pressurized Water Reactors which account for nearly one-fourth of the commercial nuclear power reactors in the U.S. Entergy will host a teleconference to discuss this release at 10 a.m. CDT on Monday, May 4, 2009, with access by telephone, 719-457-2080, confirmation code 8064872. The call and presentation slides can also be accessed via Entergy’s Web site at www.entergy.com(link is external). A replay of the teleconference will be available for seven days thereafter by dialing 719-457-0820, confirmation code 8064872. The replay will also be available on Entergy’s Web site atwww.entergy.com(link is external). Utility, Parent & OtherIn first quarter 2009, Utility, Parent & Other had earnings of $60.0 million, or 32 cents per share, on an as-reported basis and $70.7 million, or 37 cents per share, on an operational basis, compared to earnings of $95.3 million, or 48 cents per share, on as-reported and operational bases in first quarter 2008. Operational results for Utility, Parent & Other in first quarter 2009 reflect higher taxes other than income taxes due to the absence of the benefit associated with favorable resolution of tax audit issues that was included in results in first quarter 2008. Higher depreciation and amortization expense also contributed to lower results in the current quarter. Residential megawatt-hour sales in first quarter 2009, on a weather-adjusted basis, showed a 1.8 percent decrease compared to first quarter 2008, which was also a leap year. Commercial and governmental sales, after adjusting for weather, decreased 1.2 percent year over year. Industrial sales in the first quarter were down 13.2 percent compared to the same quarter of 2008. The residential and commercial and governmental sales sectors reflected a decrease quarter to quarter as the continued weakening in the economy affected customer usage across these sectors. Sales in the industrial sector for first quarter 2009 decreased significantly compared to the same quarter of 2008 primarily due to a weak economic climate that worsened in the current period. Small and mid-sized industrial customers are also being negatively affected by overseas competition. Despite the lower sales volume, net revenue at the Utility was essentially flat, in part due to the fact that a significant portion of the industrial customer bill is based on a fixed charge basis that does not vary linearly with volume changes. Entergy NuclearEntergy Nuclear earned $180.9 million, or 91 cents per share, on an as-reported basis and $187.5 million, or 95 cents per share, on an operational basis in first quarter 2009, compared to $221.7 million, or $1.12 per share, on as-reported and operational bases in first quarter 2008. Entergy Nuclear’s earnings decreased primarily as a result of lower revenue due to lower generation resulting from additional planned refueling outage days and lower revenue amortization for the Palisades below-market Power Purchase Agreement. Impairments recorded in the current period associated with decommissioning trust fund investments also contributed to lower earnings. Non-Nuclear Wholesale AssetsEntergy’s Non-Nuclear Wholesale Assets business incurred a loss of $5.6 million, or three cents per share, on both as-reported and operational bases in first quarter 2009 compared to a loss of $8.2 million, or four cents per share, a year ago. OutlookEntergy is reaffirming 2009 earnings guidance in the range of $6.70 to $7.30 per share on an operational basis, assuming a business-as-usual operation for the full year. As-reported guidance ranges from $6.56 to $7.16 and reflects (14) cents per share of projected dis-synergies associated with the spin-off of Entergy’s non-utility nuclear business and plans to enter into a nuclear services joint venture, both discussed below. Guidance for 2009 does not include a special item for expenses, which were incurred beginning in 2008 and continuing in first quarter 2009, anticipated in connection with the outside services provided to pursue the spin-off. Entergy has indicated that should the current economic climate and power prices on Entergy Nuclear’s open position persist for the balance of 2009, earnings could approach the lower end of the guidance ranges. Business SeparationOn Nov. 3, 2007, Entergy’s Board of Directors approved a plan to pursue a separation of the non-utility nuclear business from Entergy’s regulated utility business through a tax-free spin-off of the non-utility nuclear business. Enexus Energy Corporation will be a new, independent publicly traded company. In addition, Entergy and Enexus intend to enter into a nuclear services joint venture, with equal ownership. EquaGen LLC has been selected as the name for the joint venture. Progress achieved since the last quarter update and/or current status includes: An advisory committee of announced members of the Enexus Board has begun to meet periodically.Discussions continue with regulators in Vermont and New YorkIn Vermont, all scheduled procedural matters have been completed and a decision from the Vermont Public Service Board is pending.In New York, settlement discussions are ongoing per the December 2008 notification by the ALJs that the parties intended to conduct a settlement discussion.Entergy and Enexus remain in a rolling readiness posture. The state regulatory decisions and financing continue as the critical path items. The rolling readiness posture enables Entergy to execute the spin-off following receipt of regulatory approvals and once the timing is right to access the credit markets, both on acceptable terms. Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the United States. Entergy delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $13 billion and approximately 14,700 employees. Additional information regarding Entergy’s quarterly results of operations, regulatory proceedings, and other operations is available in Entergy’s investor news release dated May 4, 2009, a copy of which has been filed today with the Securities Exchange Commission on Form 8-K and is available on Entergy’s investor relations Web site atwww.entergy.com/investor_relations(link is external). In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in (i) Entergy’s Form 10-K for the year ended December 31, 2008 and (ii) Entergy’s other reports and filings made under the Securities Exchange Act of 1934, (b) the uncertainties associated with efforts to remediate the effects of Hurricanes Gustav and Ike and the January 2009 Arkansas ice storm and recovery of costs associated with restoration, and (c) the following transactional factors (in addition to others described elsewhere in this news release and in subsequent securities filings): (i) risks inherent in the contemplated spin-off, joint venture and related transactions (including the level of debt to be incurred by Enexus Energy Corporation and the terms and costs related thereto), (ii) legislative and regulatory actions, and (iii) conditions of the capital markets during the periods covered by the forward-looking statements. Entergy cannot provide any assurances that the spin-off or any of the proposed transactions related thereto will be completed, nor can it give assurances as to the terms on which such transactions will be consummated. The transaction is subject to certain conditions precedent, including regulatory approvals and the final approval by the Board of Directors of Entergy. Appendix A provides a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings. last_img read more

18 Jan

Wicked good: LeBron undaunted by Boston, Celtics’ mystique

first_img“Just the history, you look up in the rafters and you see all the greats that has either played there or the previous arena they played in,” he said. “It’s a sports town. You look at the Patriots. You look at the Bruins. You look at the Red Sox. You add them, look at all that history. It’s just a sports town. If you’re not green, they don’t mess with you.”Sports Related Videospowered by AdSparcRead Next Cleveland’s star has bounced the Celtics from the playoffs four times in the past seven years, and James carries a six-game postseason winning streak at Boston into this year’s Eastern Conference finals, which open Sunday at TD Garden.As a member of both the Miami Heat and Cavaliers, James — whose success against Boston did a 180-degree turn with a mesmerizing Game 6 performance in 2012 — has made the Celtics green(er) with envy.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownBut while the 33-year-old has the utmost respect for the NBA’s most decorated franchise, James’ admiration hasn’t stopped him from standing in the way of Boston stuffing more Larry O’Brien trophies into its crowded case.And if he beats the Celtics again and advances to his eighth straight NBA Finals, James would join a club currently exclusive to Boston players with legendary status. Only Bill Russell (10), Sam Jones (9), Tommy Heinsohn (9) and Frank Ramsey (8) have played in more consecutive Finals than James, who said he hasn’t reflected on the possibility of admission to their group.“I do know that this is my eighth straight conference finals and I have an opportunity to play for a championship if I’m able to be successful in this conference finals, so I don’t take that for granted,” James said Friday. “You dream about being able to play in big games in the NBA. Even when I got to the NBA that was one of my only goals — to be as great as I can be, to play in big games in the NBA and be remembered — and I think I’ve done that in my career.“Just trying to add onto it while I can.”Early in his career, James saw the Celtics as a postseason exit ramp.The “Big 3” Boston team featuring Kevin Garnett, Paul Pierce and Ray Allen ousted him and the Cavs in 2008 and 2010, the latter series ending with James famously storming off the floor and pulling off his jersey to foreshadow his free-agent departure later that summer for South Beach.ADVERTISEMENT He avenged that loss the following year in the conference semifinals, and then in 2012, James had one of his most magnificent postseason exhibitions of his career in Boston. With the Heat down 3-2 in the series, James scored 45 points on 19 of 26 shooting and added 15 rebounds as Miami forced a Game 7 and went on to win consecutive titles.Since then, he’s 8-1 against the Celtics with a four-game sweep in 2015 and a five-game dusting last year in the conference finals.James has scored 979 points in 34 playoff games against the Celtics, the most by one player against a single team. And in his past six games on Boston’s parquet, he’s averaging 34.3 points, 9.5 rebounds and 6.5 assists.James has eight playoff wins in Boston, more than all but four current Celtics.One of them, Jaylen Brown, knows what’s coming.“Physically, he is more superior than any guy that is on the floor,” Brown said. “He’s 260-plus pounds. Can run like a gazelle. Athletic. He’s physical. He’s just unstoppable. We gotta be mentally locked in and have a mindset to try and do the best we can. LeBron is top 3, top 5 of all-time. He’s going to do what he does. We just gotta take away the other guys and have a great mindset of mentally being locked in every possession.”Boston’s notorious crowd is known for rattling opposing players. In the first round, Celtics fans taunted Milwaukee guard Eric Bledsoe with chants of “Who Is Bledsoe?” after he unwisely made a comment about Celtics playoff phenom Terry Rozier.James and his teammates know they’ll have their ears rung as well.“One of the rowdy environments,” Cavaliers forward Kyle Korver said. “Boston is fun. They have a great crowd. They’re ready to get behind their team. There’s been moments where I’ve been on a team where there’s a decent lead and then they make one shot and the place just erupts. You’re like, ‘Man, they’re going to come back.’ You just feel it. It’s a great place to play, especially in the playoffs.”Boston’s roar only seems to strengthen James, who appreciates the passion and pride in the Celtics. MOST READ Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Scientists seek rare species survivors amid Australia flames LATEST STORIES In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Jo Koy draws ire for cutting through Cebu City traffic with ‘wang-wang’center_img P16.5-M worth of aid provided for Taal Volcano eruption victims — NDRRMC Volcano watch: Island fissures steaming, lake water receding Green group flags ‘overkill’ use of plastic banderitas in Manila Sto. Niño feast Truck driver killed in Davao del Sur road accident Nadal’s magical clay court streak ended by Thiem in Madrid Don’t miss out on the latest news and information. Jiro Manio arrested for stabbing man in Marikina BOSTON, MA – FEBRUARY 11: Lebron James #23 of the Cleveland Cavaliers reacts in the second half during a game against the Boston Celtics at TD Garden on February 11, 2018 in Boston, Massachusetts. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Adam Glanzman/Getty Images/AFPINDEPENDENCE, Ohio — There haven’t been any championship banners hoisted into Boston’s hallowed rafters since 2008.LeBron James won’t let go of the rope.ADVERTISEMENT View commentslast_img read more

18 Jan

Health Workers Stay on Strike, Demand MOU, Withdrawal of Dismissal Letters…

first_imgStalwarts of the Liberian Senate, including Pro Tempore Gbehzohngar Findley, John Ballout and Oscar Cooper, stooped to the lowest and almost broke down in tears in the Joint Chambers of the Legislature Thursday, February 20, evening, as they unsuccessfully appealed to the striking health workers to end their indefinite strike and go back to work while that body worked with the Executive to ensure that their demands are met to the letter.“We know we have not paid the needed attention to your plight as we should have, and that is wrong; we are appealing to you as those who take care of our mothers, fathers and children to see reason and help us put a halt to the suffering of our ailing citizens,” Margibi County Senator Cooper, almost in tears,  repeated. But the health workers represented by Messrs Joseph Tamba, President, and George Williams, Secretary General, remained resolute and vowed in equally pathetic tones that they have given the Legislature sufficient time since February, 2013, to address the salaries and other needs of health workers, but they (Senators) failed to take them seriously.“What do you want us to do? Health Minister Walter Gwenigale does not have any respect for us and as a result, has failed to address our plight; instead he has gone ahead and dismissed 22 of our colleagues, who are from the leadership of the health workers. We are willing to go to work if Minister Gwenigale signs a Memorandum of Understanding (MOU) that he will not threaten our colleagues and will reinstate those he has already dismissed, “Secretary Williams declared.The workers’ secretary general continued: “Honorable Senators, we took your message and appealed for calm. We told health and social welfare workers your preparedness to work with them in making Senator Jallah’s recommendations a reality. They have agreed in principle to return to work, however, they will have me to inform you that given what they do know about the current Health and Social Welfare Ministry authorities, that certain the following be observed: that an MOU be signed that will protect and guaranteed them all; that the Ministry of Health makes a media- pronouncement—both electronic and print—of the withdrawal of dismissal letters, and the release of their January and February incentives and salaries; and that there be a timeline of Senator Jallah’s committee recommendations provided that will give us vivid indications of when and how we can see that these things are being done. We thank you for your kind intervention.” Immediately following the reading of that statement, the eight Senators present informed the over 30-man delegation of health workers that everything was already put in place for a speedy implementation of their demands, but that they (workers) need to call on their colleagues in the various counties to cut off the strike while another meeting that will include the Senators and Ministry of Health, and health workers are held this morning.The health workers refused to bulge and maintained that as much as they have respect for the Legislators and their willingness to help resolve the impasse, the same can’t be said for Minister Gwenigale and his deputies; hence, they vowed to stick to their demands.Some of the workers told our reporter that the situation now calls for the intervention of President Ellen Johnson-Sirleaf who is said to be winding up a three-day visit to Lofa County. Others think that members of the House of Representatives, who have larger constituencies and have direct dealings with electorates, will now take over from where the Senate left off.Complaints by health workers about their plight came to the knowledge of the Senate in February 2013, and a committee headed by Gbarpolu County Senator Armah Jallah was mandated to investigate and make recommendations to plenary (all members in attendance).But as one of the Senators said on Tuesday, when news of the health workers reached the floor of the Senate: “We did not make appropriations for the health workers, but were more concerned about ourselves.”BONG COUNTYMeanwhile, for the fifth day running, health workers in Bong County have resolved not to return to work until their demands are adequately addressed by the Ministry of Health and Social Welfare and the Government of Liberia. At a mass meeting at the Dolokelen Gboveh High School in Gbarnga on Thursday, February 20, the health workers through their vice president of the National Health Workers Association of Liberia Bong County Chapter, Viakandeya Forkpa, vividly stated that their concerns are not limited to salary increment and improved working conditions, but the reinstatement of their dismissed colleagues and the resignation of Health Minister Dr. Walter T. Gwenigale along with two of his principal deputies, including Dr. Bernice Dahn and Cllr. Vivian Cherue.Mr. Forkpa in an interview with this paper said they have not received any communications from their national leadership in Monrovia to call on them to cut off their strike action.The Bong County health workers in their meeting strongly warned their colleagues, who they termed as “cowards or charlatans,” not to return to work despite government’s persistent threat to dismiss those who will not go back to work.“We will not go back to work until the Ministry of Health and the Government of Liberia can see reason to address our concerns. We pity the conditions of our kinsmen but let us receive our just benefits that belong to us” Mr. Forkpa emphasized.Government Health Workers in Bong County on Monday February 17, joined their colleagues across the country to institute an indefinite strike action.The health workers are demanding for employment, improved salary as well as better working conditions and the resignation of the trio.The meeting was attended by Bong County Superintendent Selena Polson Mappy, the Catholic Justice and Peace Regional Coordinator Jesse Cole, Civil Society Organizations, the National Teacher Association of Liberia Bong County Branch and some members of the traditional elders.In a brief statement, Bong County Superintendent Selena Polson Mappy appealed to the strikers to go back to their places of assignment as government is doing everything to address their demands if not all.The Bong County Superintendent reminded the aggrieved health practitioners to always remain constructive in their engagement but not to follow the path of violence as a course of resolving problems.Superintendent Mappy encouraged the health workers to for all times open their doors for dialogue with the Government of Liberia.In an interview with this paper via mobile phone from Monrovia on Thursday February 20, the newly elected Chairman of the Bong County Legislative Caucus, Senator Henry W. Yallah, said the Senate along with representatives of the strikers and the Ministry of Health agreed on Wednesday February 19, in a special session of the Senate to return to work while negotiations are being concluded.Senator Yallah informed this paper that both parties concurred that the dismissed health workers be reinstated and the US$55 deducted from the health workers be placed in their accounts.Health Minister Dr. Walter T. Gwenigale recently dismissed about 22 health workers in the wake of the on-going strike action instituted by aggrieved health workers across the country and promised to fire all the little over 4000 health workers as of Friday February 21, 2014 if they remain defiance to return to work.Hospitals in Bong County still remain closed. However, few medical doctors are attending to critical patients.  Discussions continue…Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more