Texas | 1-31447 | 74-0694415 | ||
(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
of incorporation) | Identification No.) |
1111 Louisiana | ||
Houston, Texas | 77002 | |
(Address of principal executive offices) | (Zip Code) |
(d) | Exhibits. | ||
99.1 | Press Release issued August 6, 2008 regarding CenterPoint Energy, Inc.s second quarter 2008 earnings. |
CENTERPOINT ENERGY, INC. |
||||
Date: August 6, 2008 | By: | /s/ Walter L. Fitzgerald | ||
Walter L. Fitzgerald | ||||
Senior Vice President and
Chief Accounting Officer |
EXHIBIT | ||
NUMBER | EXHIBIT DESCRIPTION | |
99.1
|
Press Release issued August 6, 2008 regarding CenterPoint Energy, Inc.s second quarter 2008 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2008 | 2007 | 2008 | |||||||||||||
Revenues: |
||||||||||||||||
Electric Transmission & Distribution |
$ | 465 | $ | 510 | $ | 871 | $ | 919 | ||||||||
Natural Gas Distribution |
576 | 726 | 2,143 | 2,426 | ||||||||||||
Competitive Natural Gas Sales and Services |
881 | 1,243 | 1,945 | 2,363 | ||||||||||||
Interstate Pipelines |
121 | 192 | 211 | 325 | ||||||||||||
Field Services |
42 | 62 | 81 | 120 | ||||||||||||
Other Operations |
3 | 2 | 5 | 5 | ||||||||||||
Eliminations |
(55 | ) | (65 | ) | (117 | ) | (125 | ) | ||||||||
Total |
2,033 | 2,670 | 5,139 | 6,033 | ||||||||||||
Expenses: |
||||||||||||||||
Natural gas |
1,208 | 1,750 | 3,358 | 4,143 | ||||||||||||
Operation and maintenance |
330 | 342 | 682 | 707 | ||||||||||||
Depreciation and amortization |
160 | 188 | 305 | 346 | ||||||||||||
Taxes other than income taxes |
93 | 93 | 199 | 204 | ||||||||||||
Total |
1,791 | 2,373 | 4,544 | 5,400 | ||||||||||||
Operating Income |
242 | 297 | 595 | 633 | ||||||||||||
Other Income (Expense) : |
||||||||||||||||
Gain (loss) on Time Warner investment |
28 | 17 | (16 | ) | (37 | ) | ||||||||||
Gain (loss) on indexed debt securities |
(27 | ) | (17 | ) | 14 | 33 | ||||||||||
Interest and other finance charges |
(119 | ) | (113 | ) | (242 | ) | (228 | ) | ||||||||
Interest on transition bonds |
(32 | ) | (35 | ) | (63 | ) | (68 | ) | ||||||||
Other net |
6 | 14 | 12 | 27 | ||||||||||||
Total |
(144 | ) | (134 | ) | (295 | ) | (273 | ) | ||||||||
Income Before Income Taxes |
98 | 163 | 300 | 360 | ||||||||||||
Income Tax Expense |
(28 | ) | (62 | ) | (100 | ) | (136 | ) | ||||||||
Net Income |
$ | 70 | $ | 101 | $ | 200 | $ | 224 | ||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2008 | 2007 | 2008 | |||||||||||||
Basic Earnings Per Common Share: |
||||||||||||||||
Net Income |
$ | 0.22 | $ | 0.30 | $ | 0.62 | $ | 0.68 | ||||||||
Diluted Earnings Per Common Share: |
||||||||||||||||
Net Income |
$ | 0.20 | $ | 0.30 | $ | 0.58 | $ | 0.66 | ||||||||
Dividends Declared per Common Share |
$ | 0.17 | $ | 0.1825 | $ | 0.34 | $ | 0.365 | ||||||||
Weighted Average Common Shares Outstanding (000): |
||||||||||||||||
- Basic |
320,927 | 331,354 | 319,501 | 329,316 | ||||||||||||
- Diluted |
343,770 | 342,027 | 342,024 | 340,873 | ||||||||||||
Operating Income (Loss) by Segment |
||||||||||||||||
Electric Transmission & Distribution: |
||||||||||||||||
Electric Transmission and Distribution Operations |
$ | 118 | $ | 129 | $ | 180 | $ | 183 | ||||||||
Competition Transition Charge |
10 | | 21 | 5 | ||||||||||||
Total Electric Transmission and Distribution Utility |
128 | 129 | 201 | 188 | ||||||||||||
Transition Bond Companies |
29 | 35 | 60 | 67 | ||||||||||||
Total Electric Transmission & Distribution |
157 | 164 | 261 | 255 | ||||||||||||
Natural Gas Distribution |
8 | 4 | 137 | 125 | ||||||||||||
Competitive Natural Gas Sales and Services |
(4 | ) | (5 | ) | 52 | 1 | ||||||||||
Interstate Pipelines |
52 | 101 | 96 | 172 | ||||||||||||
Field Services |
27 | 32 | 49 | 77 | ||||||||||||
Other Operations |
2 | 1 | | 3 | ||||||||||||
Total |
$ | 242 | $ | 297 | $ | 595 | $ | 633 | ||||||||
Electric Transmission & Distribution | ||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | % Diff | June 30, | % Diff | |||||||||||||||||||||
2007 | 2008 | Fav/(Unfav) | 2007 | 2008 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Electric transmission and distribution utility |
$ | 395 | $ | 419 | 6 | % | $ | 742 | $ | 765 | 3 | % | ||||||||||||
Transition bond companies |
70 | 91 | 30 | % | 129 | 154 | 19 | % | ||||||||||||||||
Total |
465 | 510 | 10 | % | 871 | 919 | 6 | % | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||
Operation and maintenance |
150 | 167 | (11 | %) | 304 | 335 | (10 | %) | ||||||||||||||||
Depreciation and amortization |
61 | 71 | (16 | %) | 124 | 137 | (10 | %) | ||||||||||||||||
Taxes other than income taxes |
56 | 52 | 7 | % | 113 | 105 | 7 | % | ||||||||||||||||
Transition bond companies |
41 | 56 | (37 | %) | 69 | 87 | (26 | %) | ||||||||||||||||
Total |
308 | 346 | (12 | %) | 610 | 664 | (9 | %) | ||||||||||||||||
Operating Income |
$ | 157 | $ | 164 | 4 | % | $ | 261 | $ | 255 | (2 | %) | ||||||||||||
Operating Income: |
||||||||||||||||||||||||
Electric transmission and distribution operations |
$ | 118 | $ | 129 | 9 | % | $ | 180 | $ | 183 | 2 | % | ||||||||||||
Competition transition charge |
10 | | (100 | %) | 21 | 5 | (76 | %) | ||||||||||||||||
Transition bond companies |
29 | 35 | 21 | % | 60 | 67 | 12 | % | ||||||||||||||||
Total Segment Operating Income |
$ | 157 | $ | 164 | 4 | % | $ | 261 | $ | 255 | (2 | %) | ||||||||||||
Electric Transmission & Distribution
Operating Data: |
||||||||||||||||||||||||
Actual MWH Delivered |
||||||||||||||||||||||||
Residential |
6,020,714 | 6,774,069 | 13 | % | 10,678,773 | 11,177,381 | 5 | % | ||||||||||||||||
Total |
19,175,278 | 20,359,540 | 6 | % | 35,835,191 | 36,929,230 | 3 | % | ||||||||||||||||
Weather (average for service area): |
||||||||||||||||||||||||
Percentage of 10-year average: |
||||||||||||||||||||||||
Cooling degree days |
94 | % | 111 | % | 17 | % | 96 | % | 113 | % | 17 | % | ||||||||||||
Heating degree days |
197 | % | 73 | % | (124 | %) | 114 | % | 95 | % | (19 | %) | ||||||||||||
Average number of metered customers: |
||||||||||||||||||||||||
Residential |
1,767,749 | 1,814,840 | 3 | % | 1,760,006 | 1,808,056 | 3 | % | ||||||||||||||||
Total |
2,006,840 | 2,058,171 | 3 | % | 1,998,291 | 2,050,316 | 3 | % |
Natural Gas Distribution | ||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | % Diff | June 30, | % Diff | |||||||||||||||||||||
2007 | 2008 | Fav/(Unfav) | 2007 | 2008 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 576 | $ | 726 | 26 | % | $ | 2,143 | $ | 2,426 | 13 | % | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
366 | 512 | (40 | %) | 1,578 | 1,845 | (17 | %) | ||||||||||||||||
Operation and maintenance |
135 | 141 | (4 | %) | 282 | 297 | (5 | %) | ||||||||||||||||
Depreciation and amortization |
38 | 39 | (3 | %) | 76 | 78 | (3 | %) | ||||||||||||||||
Taxes other than income taxes |
29 | 30 | (3 | %) | 70 | 81 | (16 | %) | ||||||||||||||||
Total |
568 | 722 | (27 | %) | 2,006 | 2,301 | (15 | %) | ||||||||||||||||
Operating Income |
$ | 8 | $ | 4 | (50 | %) | $ | 137 | $ | 125 | (9 | %) | ||||||||||||
Natural Gas Distribution Operating Data: |
||||||||||||||||||||||||
Throughput data in BCF |
||||||||||||||||||||||||
Residential |
20 | 20 | | 106 | 104 | (2 | %) | |||||||||||||||||
Commercial and Industrial |
44 | 47 | 7 | % | 126 | 130 | 3 | % | ||||||||||||||||
Total Throughput |
64 | 67 | 5 | % | 232 | 234 | 1 | % | ||||||||||||||||
Weather (average for service area) |
||||||||||||||||||||||||
Percentage of 10-year average: |
||||||||||||||||||||||||
Heating degree days |
95 | % | 113 | % | 18 | % | 99 | % | 107 | % | 8 | % | ||||||||||||
Average number of customers: |
||||||||||||||||||||||||
Residential |
2,925,120 | 2,956,291 | 1 | % | 2,935,661 | 2,965,941 | 1 | % | ||||||||||||||||
Commercial and Industrial |
247,550 | 249,776 | 1 | % | 246,564 | 250,382 | 2 | % | ||||||||||||||||
Total |
3,172,670 | 3,206,067 | 1 | % | 3,182,225 | 3,216,323 | 1 | % | ||||||||||||||||
Competitive Natural Gas Sales and Services | ||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | % Diff | June 30, | % Diff | |||||||||||||||||||||
2007 | 2008 | Fav/(Unfav) | 2007 | 2008 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 881 | $ | 1,243 | 41 | % | $ | 1,945 | $ | 2,363 | 21 | % | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
877 | 1,237 | (41 | %) | 1,875 | 2,342 | (25 | %) | ||||||||||||||||
Operation and maintenance |
7 | 10 | (43 | %) | 16 | 18 | (13 | %) | ||||||||||||||||
Depreciation and amortization |
1 | | | 1 | 1 | | ||||||||||||||||||
Taxes other than income taxes |
| 1 | | 1 | 1 | | ||||||||||||||||||
Total |
885 | 1,248 | (41 | %) | 1,893 | 2,362 | (25 | %) | ||||||||||||||||
Operating Income (Loss) |
$ | (4 | ) | $ | (5 | ) | (25 | %) | $ | 52 | $ | 1 | (98 | %) | ||||||||||
Competitive Natural Gas Sales and Services Operating Data: |
||||||||||||||||||||||||
Throughput data in BCF |
120 | 129 | 8 | % | 275 | 267 | (3 | %) | ||||||||||||||||
Average number of customers |
7,077 | 9,186 | 30 | % | 7,032 | 8,840 | 26 | % | ||||||||||||||||
Interstate Pipelines | ||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | % Diff | June 30, | % Diff | |||||||||||||||||||||
2007 | 2008 | Fav/(Unfav) | 2007 | 2008 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 121 | $ | 192 | 59 | % | $ | 211 | $ | 325 | 54 | % | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
24 | 58 | (142 | %) | 28 | 73 | (161 | %) | ||||||||||||||||
Operation and maintenance |
29 | 16 | 45 | % | 56 | 46 | 18 | % | ||||||||||||||||
Depreciation and amortization |
11 | 11 | | 21 | 23 | (10 | %) | |||||||||||||||||
Taxes other than income taxes |
5 | 6 | (20 | %) | 10 | 11 | (10 | %) | ||||||||||||||||
Total |
69 | 91 | (32 | %) | 115 | 153 | (33 | %) | ||||||||||||||||
Operating Income |
$ | 52 | $ | 101 | 94 | % | $ | 96 | $ | 172 | 79 | % | ||||||||||||
Pipelines Operating Data: |
||||||||||||||||||||||||
Throughput data in BCF |
||||||||||||||||||||||||
Transportation |
274 | 361 | 32 | % | 568 | 785 | 38 | % | ||||||||||||||||
Field Services | ||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | % Diff | June 30, | % Diff | |||||||||||||||||||||
2007 | 2008 | Fav/(Unfav) | 2007 | 2008 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 42 | $ | 62 | 48 | % | $ | 81 | $ | 120 | 48 | % | ||||||||||||
Expenses: |
||||||||||||||||||||||||
Natural gas |
(4 | ) | 8 | (300 | %) | (7 | ) | 6 | (186 | %) | ||||||||||||||
Operation and maintenance |
16 | 18 | (13 | %) | 32 | 29 | 9 | % | ||||||||||||||||
Depreciation and amortization |
3 | 3 | | 6 | 6 | | ||||||||||||||||||
Taxes other than income taxes |
| 1 | | 1 | 2 | (100 | %) | |||||||||||||||||
Total |
15 | 30 | (100 | %) | 32 | 43 | (34 | %) | ||||||||||||||||
Operating Income |
$ | 27 | $ | 32 | 19 | % | $ | 49 | $ | 77 | 57 | % | ||||||||||||
Field Services Operating Data: |
||||||||||||||||||||||||
Throughput
data in BCF |
||||||||||||||||||||||||
Gathering |
100 | 104 | 4 | % | 193 | 202 | 5 | % | ||||||||||||||||
Other Operations | ||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | % Diff | June 30, | % Diff | |||||||||||||||||||||
2007 | 2008 | Fav/(Unfav) | 2007 | 2008 | Fav/(Unfav) | |||||||||||||||||||
Results of Operations: |
||||||||||||||||||||||||
Revenues |
$ | 3 | $ | 2 | (33 | %) | $ | 5 | $ | 5 | | |||||||||||||
Expenses |
1 | 1 | | 5 | 2 | 60 | % | |||||||||||||||||
Operating Income (Loss) |
$ | 2 | $ | 1 | (50 | %) | $ | | $ | 3 | | |||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2008 | 2007 | 2008 | |||||||||||||
Capital Expenditures by Segment |
||||||||||||||||
Electric Transmission & Distribution |
$ | 111 | $ | 87 | $ | 221 | $ | 176 | ||||||||
Natural Gas Distribution |
44 | 56 | 77 | 94 | ||||||||||||
Competitive Natural Gas Sales and Services |
2 | 1 | 4 | 2 | ||||||||||||
Interstate Pipelines |
60 | 42 | 214 | 70 | ||||||||||||
Field Services |
13 | 28 | 40 | 46 | ||||||||||||
Other Operations |
6 | 5 | 17 | 13 | ||||||||||||
Total |
$ | 236 | $ | 219 | $ | 573 | $ | 401 | ||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2008 | 2007 | 2008 | |||||||||||||
Interest Expense Detail |
||||||||||||||||
Amortization of Deferred Financing Cost |
$ | 12 | $ | 6 | $ | 31 | $ | 12 | ||||||||
Capitalization of Interest Cost |
(7 | ) | (4 | ) | (15 | ) | (7 | ) | ||||||||
Transition Bond Interest Expense |
32 | 35 | 63 | 68 | ||||||||||||
Other Interest Expense |
114 | 111 | 226 | 223 | ||||||||||||
Total Interest Expense |
$ | 151 | $ | 148 | $ | 305 | $ | 296 | ||||||||
December 31, | June 30, | |||||||
2007 | 2008 | |||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | 129 | $ | 150 | ||||
Other current assets |
2,659 | 2,448 | ||||||
Total current assets |
2,788 | 2,598 | ||||||
Property, Plant and Equipment, net |
9,740 | 9,908 | ||||||
Other Assets: |
||||||||
Goodwill |
1,696 | 1,696 | ||||||
Regulatory assets |
2,993 | 2,847 | ||||||
Other non-current assets |
655 | 1,027 | ||||||
Total other assets |
5,344 | 5,570 | ||||||
Total Assets |
$ | 17,872 | $ | 18,076 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current Liabilities: |
||||||||
Short-term borrowings |
$ | 232 | $ | 200 | ||||
Current portion of transition bond long-term debt |
159 | 186 | ||||||
Current portion of other long-term debt |
1,156 | 123 | ||||||
Other current liabilities |
2,244 | 2,304 | ||||||
Total current liabilities |
3,791 | 2,813 | ||||||
Other Liabilities: |
||||||||
Accumulated deferred income taxes, net and investment tax credit |
2,266 | 2,255 | ||||||
Regulatory liabilities |
828 | 806 | ||||||
Other non-current liabilities |
813 | 883 | ||||||
Total other liabilities |
3,907 | 3,944 | ||||||
Long-term Debt: |
||||||||
Transition bond |
2,101 | 2,485 | ||||||
Other |
6,263 | 6,869 | ||||||
Total long-term debt |
8,364 | 9,354 | ||||||
Shareholders Equity |
1,810 | 1,965 | ||||||
Total Liabilities and Shareholders Equity |
$ | 17,872 | $ | 18,076 | ||||
Six Months Ended June 30, | ||||||||
2007 | 2008 | |||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 200 | $ | 224 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
338 | 360 | ||||||
Deferred income taxes |
12 | 12 | ||||||
Changes in net regulatory assets |
31 | 14 | ||||||
Changes in other assets and liabilities |
(164 | ) | 256 | |||||
Other, net |
10 | 2 | ||||||
Net Cash Provided by Operating Activities |
427 | 868 | ||||||
Net Cash Used in Investing Activities |
(709 | ) | (700 | ) | ||||
Net Cash Provided by (Used in) Financing Activities |
267 | (147 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents |
(15 | ) | 21 | |||||
Cash and Cash Equivalents at Beginning of Period |
127 | 129 | ||||||
Cash and Cash Equivalents at End of Period |
$ | 112 | $ | 150 | ||||