CenterPoint Energy Reports Third Quarter 2013 Earnings Reaffirms Full Year 2013 Guidance

Nov 06, 2013, 08:15 ET from CenterPoint Energy, Inc.

HOUSTON, Nov. 6, 2013 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) today reported net income of $151 million, or $0.35 per diluted share, for the third quarter of 2013.  

(Logo: http://photos.prnewswire.com/prnh/20020930/CNPLOGO)

Net income for the third quarter of 2012 was $10 million, or $0.02 per diluted share. Last year's results included two unusual items: (i) a $252 million non-cash goodwill impairment charge associated with its competitive natural gas sales and services business, which has no tax effect and (ii) a $136 million non-cash, pre-tax gain associated with the midstream acquisition of the additional 50 percent interest in a gathering and processing joint venture. Excluding the two unusual items, net income in the third quarter of 2012 would have been $174 million, or $0.40 per diluted share.

"Our regulated electric and gas distribution utilities had solid performances this quarter," said David M. McClanahan, president and chief executive officer of CenterPoint Energy. "We continue to make progress at Enable Midstream Partners, our midstream joint venture formed in May of this year. Enable's gathering and processing operations performed well while its interstate pipeline operations faced challenging market conditions."

For the nine months ended September 30, 2013, net income was $198 million, or $0.46 per diluted share. These 2013 results included two unusual items recorded in the second quarter related to the formation of the midstream partnership: (i) a $225 million non-cash deferred tax charge and (ii) $10 million of partnership formation expenses. This compares to net income for the nine months ended September 30, 2012, of $283 million, or $0.66 per diluted share, which included the two unusual items detailed above. Excluding the effects of the unusual items, net income would have been $431 million, or $1.00 per diluted share, for the nine months ended September 30, 2013, compared to $447 million, or $1.04 per diluted share, for the same period of 2012.

Operating income for the third quarter and for the nine months ended September 30, 2013, was $244 million and $799 million, respectively. Following the May 1, 2013, formation of Enable Midstream Partners, CenterPoint Energy reports its investment in midstream operations as equity income rather than operating income. As a result, CenterPoint Energy's operating income for the third quarter and the nine months ended September 30, 2013, is not comparable to prior results.

Electric Transmission & Distribution

The electric transmission & distribution segment reported operating income of $239 million for the third quarter of 2013, consisting of $207 million from the regulated electric transmission & distribution utility operations (TDU) and $32 million related to securitization bonds. Operating income for the third quarter of 2012 was $242 million, consisting of $205 million from the TDU and $37 million related to securitization bonds.

Third quarter operating income for the TDU benefited from revenue increases associated with the growth of more than 44,000 metered customers since September 2012 and slightly warmer weather. These increases were largely offset by higher operation and maintenance expenses, depreciation and property taxes.

Operating income for the nine months ended September 30, 2013, was $488 million, consisting of $387 million from the TDU and $101 million related to securitization bonds. Operating income for the same period of 2012 was $540 million, consisting of $428 million from the TDU and $112 million related to securitization bonds.

Natural Gas Distribution

The natural gas distribution segment reported operating income of $5 million for the third quarter of 2013, unchanged from the same period of 2012. The third quarter generally contributes less to the annual performance of the segment due to the seasonal nature of this business.

Operating income benefited primarily from annual rate recovery mechanisms, as well as from increased economic activity across its footprint, including customer growth of approximately 24,000 customers since September 2012. Increases in operation and maintenance expenses, depreciation and property taxes offset these improvements.

Operating income for the nine months ended September 30, 2013, was $169 million, compared to $135 million for the same period of 2012.

Competitive Natural Gas Sales and Services

The competitive natural gas sales and services segment reported operating income of $2 million for the third quarter of 2013. This compares to a third quarter 2012 operating loss of $7 million, excluding a $252 million goodwill impairment charge.

Operating income for the nine months ended September 30, 2013, was $12 million. This compares to an operating loss of $10 million for the same period of 2012, excluding a $252 million goodwill impairment charge. After adjusting for mark-to-market accounting, the business performance was in line with the same period of 2012.

Midstream Investments

For the third quarter of 2013, the midstream investments segment reported equity income of $80 million from its 58.3 percent ownership interest in Enable Midstream Partners and from a 25.05 percent interest in the Southeast Supply Header. Although these results cannot be readily compared with results from 2012, Enable Midstream's gathering and processing operations continue to perform well while its interstate pipelines faced low seasonal and geographic price differentials, reduced demand for ancillary services and challenging market conditions.

Dividend Declaration

On October 23, 2013, CenterPoint Energy's board of directors declared a regular quarterly cash dividend of $0.2075 per share of common stock payable on December 10, 2013, to shareholders of record as of the close of business on November 15, 2013. 

Guidance Reaffirmed for 2013

CenterPoint Energy reaffirmed its estimate for 2013 earnings on a guidance basis in the range of $1.17 to $1.25 per diluted share. Earnings guidance is being provided in the form of a range to reflect economic and operational variables associated with the company's various business segments and ownership interest in Enable Midstream Partners and takes into consideration performance to date. Significant variables include the impact to earnings of commodity prices, volume throughput, ancillary services, weather, regulatory and judicial proceedings, effective tax rates and financing activities. In providing this guidance, the company does not include the impact of any changes in accounting standards, any impact to earnings from the change in the value of Time Warner stocks and the related ZENS securities, or the timing effects of mark-to-market and inventory accounting in the company's competitive natural gas sales and services business.

 

Reconciliation of Net Income and diluted EPS to the basis used in providing 2013 annual earnings guidance

 Quarter Ended 

 Year To Date 

 September 30, 2013 

 September 30, 2013 

Net Income (in millions) 

 EPS 

 Net Income (in millions) 

 EPS 

As reported

$              151

$        0.35

$              198

$         0.46

Deferred Tax Charge(1)

-

0.00

225

0.52

Midstream Partnership Formation Costs, after-tax

1

0.00

8

0.02

Excluding Unusual Items(1)

$              152

$        0.35

$              431

$         1.00

Timing effects impacting CES (2):

Mark-to-market (gain) losses

(4)

(0.01)

(4)

(0.01)

ZENS-related mark-to-market (gains) losses:

Marketable securities(3)

(35)

(0.08)

(103)

(0.24)

Indexed debt securities

27

0.07

78

0.18

Per the basis used in providing 2013 annual earnings guidance

$              140

$        0.33

$              402

$         0.93

(1)  Associated with formation of the Midstream Partnership

(2)  Competitive natural gas sales and services segment

(3)  Time Warner Inc., Time Warner Cable Inc. and AOL Inc.

Filing of Form 10-Q for CenterPoint Energy, Inc.

Today, CenterPoint Energy, Inc. filed its Form 10-Q with the Securities and Exchange Commission (SEC) for the period ended September 30, 2013. A copy is available on the company's website, under the Investors section. Company SEC filings and other documents relating to its corporate governance can also be found on the website. 

Webcast of Earnings Conference Call

CenterPoint Energy's management will host an earnings conference call on Wednesday, November 6, 2013, 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 on the company's website under the Investors section. A replay of the call can be accessed approximately two hours after the completion of the call and will be archived on the website 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 and competitive natural gas sales and services operations. The company serves more than five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. The company also owns a 58.3 percent limited partner interest in Enable Midstream Partners, a partnership it jointly controls with OGE Energy Corp. with operations in major natural gas and liquids producing areas of Oklahoma, Texas, Arkansas and Louisiana. With more than 8,700 employees, CenterPoint Energy and its predecessor companies have been in business for more than 135 years. For more information, visit the website at www.CenterPointEnergy.com.

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. The statements in this news release regarding the company's earnings outlook for 2013 and future financial performance and results of operations, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of November 6, 2013. Factors that could affect actual results include (1) state and federal legislative and regulatory actions or developments affecting various aspects of CenterPoint Energy's businesses (including the businesses of its midstream partnership with OGE Energy Corp. and affiliates of ArcLight Capital Partners, LLC (Enable)), including, among others, energy deregulation or re-regulation, pipeline integrity and safety, health care reform, financial reform, tax legislation, and actions regarding the rates charged by CenterPoint Energy's regulated businesses; (2) state and federal legislative and regulatory actions or developments relating to the environment, including those related to global climate change; (3) timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment; (4) the timing and outcome of any audits, disputes or other proceedings related to taxes; (5) problems with construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or in cost overruns that cannot be recouped in rates; (6) industrial, commercial and residential growth in CenterPoint Energy's service territories and changes in market demand, including the effects of energy efficiency measures and demographic patterns; (7) the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, and the effects of geographic and seasonal commodity price differentials; (8) weather variations and other natural phenomena, including the impact of severe weather events on operations and capital; (9) any direct or indirect effects on CenterPoint Energy's facilities, operations and financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt its businesses or the businesses of third parties, or other catastrophic events; (10) the impact of unplanned facility outages; (11) timely and appropriate regulatory actions allowing securitization or other recovery of costs associated with any future hurricanes or natural disasters; (12) changes in interest rates or rates of inflation; (13) commercial bank and financial market conditions, CenterPoint Energy's access to capital, the cost of such capital, and the results of its financing and refinancing efforts, including availability of funds in the debt capital markets; (14) actions by credit rating agencies; (15) effectiveness of CenterPoint Energy's risk management activities; (16) inability of various counterparties to meet their obligations; (17) non-payment for services due to financial distress of CenterPoint Energy's customers; (18) the ability of GenOn Energy, Inc. (formerly known as RRI Energy, Inc.), a wholly owned subsidiary of NRG Energy, Inc., and its subsidiaries to satisfy their obligations to CenterPoint Energy and its subsidiaries; (19) the ability of retail electric providers, and particularly the two largest customers of the TDU, to satisfy their obligations to CenterPoint Energy and its subsidiaries; (20) the outcome of litigation brought by or against CenterPoint Energy or its subsidiaries; (21) CenterPoint Energy's ability to control costs; (22) the investment performance of pension and postretirement benefit plans; (23) potential business strategies, including restructurings, joint ventures, and acquisitions or dispositions of assets or businesses, for which no assurance can be given that they will be completed or will provide the anticipated benefits to CenterPoint Energy; (24) acquisition and merger activities involving CenterPoint Energy or its competitors; (25) future economic conditions in regional and national markets and their effects on sales, prices and costs; (26)  the performance of Enable, the amount of cash distributions CenterPoint Energy receives from Enable, and the value of its interest in Enable, and factors that may have a material impact on such performance, cash distributions and value, including certain of the factors specified above and: (A) the integration of the operations of the businesses contributed to Enable with those contributed by OGE and ArcLight; (B) the achievement of anticipated operational and commercial synergies and expected growth opportunities, and the successful implementation of Enable's business plan; (C) competitive conditions in the midstream industry, and actions taken by the Enable's customers and competitors, including the extent and timing of the entry of additional competition in the markets served by Enable; (D) the timing and extent of changes in commodity prices, particularly natural gas and natural gas liquids, the competitive effects of the available pipeline capacity in the regions served by Enable, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable's interstate pipelines; (E) the demand for natural gas, NGLs and transportation and storage services; (F) changes in tax status; (G) access to growth capital ; (H) the availability and prices of raw materials for current and future construction projects; (I) the timing and terms of Enable's planned initial public offering, the actual consummation of which is subject to market conditions, regulatory requirements and other factors; and (27) other factors discussed in CenterPoint Energy's Form 10-K for the period ended December 31, 2012, as well as in CenterPoint Energy's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2013, June 30, 2013 and September 30, 2013, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.

For more information contact Media: Leticia Lowe Phone      713.207.7702 Investors: Carla Kneipp Phone      713.207.6500

 

CenterPoint Energy, Inc. and Subsidiaries

Statements of Consolidated Income

(Millions of Dollars)

(Unaudited)

Quarter Ended

Nine Months Ended

September 30,

September 30,

2012

2013

2012

2013

Revenues:

Electric Transmission & Distribution 

$            748

$            745

$         1,955

$         1,933

Natural Gas Distribution

355

381

1,575

1,961

Competitive Natural Gas Sales and Services

389

520

1,222

1,745

Interstate Pipelines 

122

-

374

186

Field Services

141

-

350

196

Other Operations

3

4

9

10

Eliminations

(53)

(10)

(171)

(109)

    Total

1,705

1,640

5,314

5,922

Expenses:

Natural gas

520

595

1,898

2,671

Natural gas - affiliates

-

42

-

70

Operation and maintenance

458

422

1,364

1,352

Depreciation and amortization

301

248

800

741

Taxes other than income taxes

86

89

272

289

Goodwill impairment

252

-

252

-

    Total

1,617

1,396

4,586

5,123

Operating Income

88

244

728

799

Other Income (Expense) :

Gain on marketable securities

77

54

136

158

Loss on indexed debt securities

(52)

(42)

(76)

(120)

Interest and other finance charges

(104)

(86)

(318)

(269)

Interest on transition and system restoration bonds

(37)

(32)

(112)

(101)

Equity in earnings of unconsolidated affiliates

8

80

25

122

Step acquisition gain

136

-

136

-

Other - net

12

11

28

17

    Total

40

(15)

(181)

(193)

Income Before Income Taxes 

128

229

547

606

Income Tax Expense

118

78

264

408

Net Income 

$              10

$            151

$            283

$            198

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

Nine Months Ended

September 30,

September 30,

2012

2013

2012

2013

Basic Earnings Per Common Share

$                 0.02

$                 0.35

$                 0.66

$                 0.46

Diluted Earnings Per Common Share

$                 0.02

$                 0.35

$                 0.66

$                 0.46

Dividends Declared per Common Share

$             0.2025

$             0.2075

$             0.6075

$             0.6225

     Weighted Average Common Shares Outstanding (000):

    - Basic

427,406

428,628

427,086

428,389

    - Diluted

429,983

430,867

429,655

430,624

Operating Income (Loss) by Segment 

Electric Transmission & Distribution:

    Electric Transmission and Distribution Operations

$                  205

$                  207

$                  428

$                  387

    Transition and System Restoration Bond Companies

37

32

112

101

        Total Electric Transmission & Distribution

242

239

540

488

Natural Gas Distribution

5

5

135

169

Competitive Natural Gas Sales and Services

(259)

2

(262)

12

Interstate Pipelines

48

-

160

72

Field Services

55

-

153

73

Other Operations

(3)

(2)

2

(15)

Total

$                    88

$                  244

$                  728

$                  799

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 

Nine Months Ended

September 30,

% Diff

September 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues:

Electric transmission and distribution utility

$               563

$            600

7%

$         1,492

$         1,534

3%

Transition and system restoration bond companies

185

145

(22%)

463

399

(14%)

    Total

748

745

-

1,955

1,933

(1%)

Expenses:

Operation and maintenance

228

256

(12%)

680

740

(9%)

Depreciation and amortization

76

80

(5%)

224

238

(6%)

Taxes other than income taxes

54

57

(6%)

160

169

(6%)

Transition and system restoration bond companies

148

113

24%

351

298

15%

    Total

506

506

-

1,415

1,445

(2%)

Operating Income

$               242

$            239

(1%)

$            540

$            488

(10%)

Operating Income:

Electric transmission and distribution operations

$               205

$            207

1%

$            428

$            387

(10%)

Transition and system restoration bond companies

37

32

(14%)

112

101

(10%)

    Total Segment Operating Income

$               242

$            239

(1%)

$            540

$            488

(10%)

Electric Transmission & Distribution

Operating Data:

Actual MWH Delivered

Residential

9,524,144

9,945,256

4%

21,966,632

21,736,219

(1%)

Total

23,752,736

24,409,786

3%

61,284,447

61,543,907

-

Weather (average for service area):

Percentage of 10-year average:

Cooling degree days

101%

104%

3%

111%

99%

(12%)

Heating degree days

0%

0%

-

54%

92%

38%

Number of metered customers - end of period:

Residential

1,934,078

1,973,270

2%

1,934,078

1,973,270

2%

Total

2,189,796

2,234,041

2%

2,189,796

2,234,041

2%

Natural Gas Distribution

Quarter Ended 

Nine Months Ended

September 30,

% Diff

September 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues

$               355

$            381

7%

$         1,575

$         1,961

25%

Expenses:

Natural gas

134

142

(6%)

763

1,066

(40%)

Operation and maintenance

151

158

(5%)

470

488

(4%)

Depreciation and amortization

43

47

(9%)

129

138

(7%)

Taxes other than income taxes

22

29

(32%)

78

100

(28%)

    Total

350

376

(7%)

1,440

1,792

(24%)

Operating Income 

$                   5

$                5

-

$            135

$            169

25%

Natural Gas Distribution Operating Data:

Throughput data in BCF

Residential

12

12

-

90

117

30%

Commercial and Industrial

49

49

-

175

191

9%

    Total Throughput

61

61

-

265

308

16%

Weather (average for service area)

Percentage of 10-year average:

    Heating degree days

100%

52%

(48%)

70%

105%

35%

Number of customers - end of period:

Residential

3,022,320

3,045,701

1%

3,022,320

3,045,701

1%

Commercial and Industrial

242,001

242,587

-

242,001

242,587

-

    Total

3,264,321

3,288,288

1%

3,264,321

3,288,288

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 

Nine Months Ended

September 30,

% Diff

September 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues

$           389

$           520

34%

$        1,222

$        1,745

43%

Expenses:

Natural gas

382

503

(32%)

1,193

1,693

(42%)

Operation and maintenance

12

13

(8%)

34

35

(3%)

Depreciation and amortization

2

2

-

4

4

-

Taxes other than income taxes

-

-

-

1

1

-

Goodwill impairment

252

-

-

252

-

-

    Total

648

518

20%

1,484

1,733

(17%)

Operating Income (Loss)

$         (259)

$               2

101%

$         (262)

$             12

105%

Competitive Natural Gas Sales and Services Operating Data:

Throughput data in BCF

129

134

4%

417

433

4%

Number of customers - end of period

14,816

17,537

18%

14,816

17,537

18%

Interstate Pipelines

Quarter Ended 

Nine Months Ended

September 30,

% Diff

September 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013 (1)

Fav/(Unfav)

Results of Operations:

Revenues

$           122

$             -

-

$           374

$           186

(50%)

Expenses:

Natural gas

15

-

-

36

35

3%

Operation and maintenance

37

-

-

111

51

54%

Depreciation and amortization

15

-

-

43

20

53%

Taxes other than income taxes

7

-

-

24

8

67%

    Total

74

-

-

214

114

47%

Operating Income

$             48

$             -

-

$           160

$             72

(55%)

Equity in Earnings of Unconsolidated Affiliates

$               8

$             -

-

$             20

$               7

(65%)

Pipelines Operating Data:

Throughput data in BCF

Transportation

306

-

-

1,030

482

(53%)

(1) Represents January-April 2013 results only.

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 

Nine Months Ended

September 30,

% Diff

September 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013 (1)

Fav/(Unfav)

Results of Operations:

Revenues

$           141

$             -

-

$           350

$           196

(44%)

Expenses:

Natural gas

42

-

-

75

54

28%

Operation and maintenance

29

-

-

82

45

45%

Depreciation and amortization

13

-

-

35

20

43%

Taxes other than income taxes

2

-

-

5

4

20%

    Total

86

-

-

197

123

38%

Operating Income

$             55

$             -

-

$           153

$             73

(52%)

Equity in Earnings of Unconsolidated Affiliates

$             -

$             -

-

$               5

$             -

-

Field Services Operating Data:

Throughput data in BCF

Gathering

221

-

-

691

252

(64%)

(1) Represents January-April 2013 results only.

Other Operations

Quarter Ended 

Nine Months Ended

September 30,

% Diff

September 30,

% Diff

2012

2013

Fav/(Unfav)

2012

2013

Fav/(Unfav)

Results of Operations:

Revenues

$               3

$               4

33%

$               9

$             10

11%

Expenses

6

6

-

7

25

(257%)

Operating Income (Loss)

$             (3)

$             (2)

33%

$               2

$           (15)

(850%)

 Capital Expenditures by Segment 

(Millions of Dollars)

(Unaudited)

Quarter Ended 

Nine Months Ended

September 30,

September 30,

2012

2013

2012

2013

Capital Expenditures by Segment

Electric Transmission & Distribution

$           147

$           190

$           417

$           515

Natural Gas Distribution

94

127

250

313

Competitive Natural Gas Sales and Services

1

-

4

3

Interstate Pipelines

36

-

81

29

Field Services

10

-

35

16

Other Operations

8

12

21

31

    Total

$           296

$           329

$           808

$           907

Interest Expense Detail

(Millions of Dollars)

(Unaudited)

Quarter Ended 

Nine Months Ended

September 30,

September 30,

2012

2013

2012

2013

Interest Expense Detail

Amortization of Deferred Financing Cost

$               7

$               6

$             20

$             20

Capitalization of Interest Cost

(2)

(4)

(6)

(8)

Transition and System Restoration Bond Interest Expense

37

32

112

101

Other Interest Expense

99

84

304

257

    Total Interest Expense

$           141

$           118

$           430

$           370

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,

2012

2013

                                        ASSETS

Current Assets:

  Cash and cash equivalents

$              646

$                219

  Other current assets

2,228

2,100

      Total current assets

2,874

2,319

Property, Plant and Equipment, net

13,597

9,386

Other Assets:

  Goodwill

1,468

840

  Regulatory assets

4,324

3,992

  Investment in unconsolidated affiliates

405

4,525

  Other non-current assets

203

513

      Total other assets

6,400

9,870

        Total Assets

$          22,871

$            21,575

                         LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

  Short-term borrowings

$                38

$                  70

  Current portion of transition and system restoration bonds long-term debt

447

353

  Current portion of indexed debt

138

141

  Current portion of other long-term debt

815

59

  Other current liabilities

2,137

1,972

      Total current liabilities

3,575

2,595

Other Liabilities:

  Accumulated deferred income taxes, net 

4,153

4,504

  Regulatory liabilities

1,093

1,153

  Other non-current liabilities

1,392

1,304

      Total other liabilities

6,638

6,961

Long-term Debt:

  Transition and system restoration bonds

3,400

3,106

  Other

4,957

4,652

      Total long-term debt

8,357

7,758

Shareholders' Equity

4,301

4,261

      Total Liabilities and Shareholders' Equity

$          22,871

$            21,575

Reference is made to the Notes to the Consolidated Financial Statements

contained in the Annual Report on Form 10-K of CenterPoint Energy, Inc.

 

 

 

CenterPoint Energy, Inc. and Subsidiaries

Condensed Statements of Consolidated Cash Flows

(Millions of Dollars)

(Unaudited)

Nine Months Ended September 30,

2012

2013

Cash Flows from Operating Activities:

  Net income

$               283

$               198

  Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

823

764

    Deferred income taxes

237

356

    Goodwill impairment

252

-

    Step acquisition gain

(136)

-

    Write-down of natural gas inventory

4

4

    Changes in net regulatory assets

71

78

    Changes in other assets and liabilities

(165)

(281)

    Other, net

10

13

Net Cash Provided by Operating Activities

1,379

1,132

Net Cash Used in Investing Activities

(1,209)

(926)

Net Cash Provided by (Used in) Financing Activities

332

(633)

Net Increase (Decrease) in Cash and Cash Equivalents

502

(427)

Cash and Cash Equivalents at Beginning of Period

220

646

Cash and Cash Equivalents at End of Period

$               722

$               219

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.



RELATED LINKS

http://www.centerpointenergy.com