Entergy's Competitive Non-Regulated Businesses Contribute to Strong First Quarter Earnings

Apr 25, 2001, 01:00 ET from Entergy Corporation

    NEW ORLEANS, April 25 /PRNewswire/ -- Entergy Corporation (NYSE:   ETR)
 today reported first quarter 2001 consolidated earnings that were
 significantly higher than earnings in the same period of 2000.  The increase
 resulted primarily from the company's competitive businesses, including new
 business ventures that became operational in the past year.  These competitive
 businesses are not subject to state and local regulation.
     Earnings per share from Entergy's operations, which include the
 competitive businesses, set a first quarter record for the company -- easily
 beating record first quarter results a year ago.  On an operational basis,
 Entergy's earnings were $168.2 million, or 75 cents per share, in first
 quarter 2001, compared with $114.2 million, or 48 cents per share, in the
 year-earlier period.  As reported earnings, which include the impact of
 special items, were $154.1 million, or 69 cents per share, in first quarter
 2001, compared with $98.8 million, or 42 cents per share, in the year-earlier
 period.  The only special item recorded during the quarter totaled 6 cents per
 share for expenses related to the merger with FPL Group, Inc. which was
 terminated on April 2.  None of these costs will be charged to Entergy's
 utility customers.
     Excluding the impact of weather, first quarter earnings from Entergy's
 operations increased 25 percent compared to the same period of 2000, primarily
 due to improved results at Entergy's unregulated nuclear business and the
 Entergy-Koch joint venture.
     "Entergy had yet another outstanding quarter," said J. Wayne Leonard,
 Entergy's chief executive officer.  "We're now clearly realizing the financial
 benefits of our reinvestment plan that began in 1998 with our competitive
 businesses making substantial contributions to increased revenues and
 earnings.  Our strategy is to achieve market-leading positions in each line of
 business as part of an integrated wholesale energy strategy.  The success of
 our efforts is evident in all areas:
     --  Improved performance in our regulated utility is providing a higher
         level of service and reliability to our customers.
     --  Entergy's non-utility nuclear business has achieved critical mass and
         is delivering significantly to overall earnings per share.
     --  In our wholesale business, the development plan for new generating
         projects offers us considerable upside over the coming years, as our
         turbines are deployed.
     --  And our investment in Entergy-Koch, our wholesale energy marketing and
         trading venture, is already contributing to earnings in its first
         quarter of operations.  Entergy-Koch has industry-leading capabilities
         to manage price risk and support strong earnings growth.
     Our integrated wholesale energy strategy is unfolding, and the first
 quarter has us off to a great start for the year 2001."
 
                               Utility Operations
     Excluding the impact of weather, utility earnings on an operational basis
 were flat at 47 cents per share in the first quarter of 2001 compared to the
 same period one year ago.  Including the impact of weather, operational
 earnings were $116.1 million, or 52 cents per share for the first quarter of
 this year.  This compares with $93.2 million, or 39 cents per share, in first
 quarter of 2000 -- an increase of 33 percent in earnings per share year over
 year.  Weather impacted first quarter 2001 by adding 5 cents per share to
 earnings.  In comparison, milder-than-normal weather decreased earnings by
 8 cents per share in the first quarter of 2000.
     Other favorable factors affecting utility earnings per share for the
 quarter, such as the reduction in the number of outstanding shares due to
 Entergy's share repurchase program, were offset by higher franchise tax
 expense and depreciation expense.  Higher depreciation expense reflects the
 investment Entergy has made in the utility infrastructure, including new
 substations, upgraded power lines, and other electric distribution equipment
 such as transformers to improve reliability for the customers of its regulated
 utilities.  Interest expense was also higher in the first quarter 2001
 compared to the same period last year resulting primarily from increased debt
 and short-term borrowings and interest accrued on existing regulatory
 reserves.
     On an as reported basis, utility earnings per share includes a special
 item for merger related expenses, which decreased utility earnings per share
 by 1 cent.  The company will not seek recovery of these costs from customers.
     Due to higher natural gas purchase prices, Entergy's fuel expense was
 substantially higher in the first quarter of 2001 compared to the same period
 in 2000.  Entergy's regulated utilities do not profit in any way from higher
 gas costs, and none of the increase in consolidated or utility earnings is
 attributable to higher gas costs incurred by utility customers.
 
                      Competitive Non-Regulated Businesses
     In first quarter 2001, Entergy's competitive businesses earned
 $48.3 million, or 22 cents per share, compared with $20.8 million or 9 cents
 per share in first quarter 2000, on both an operational and as reported basis.
 There were no special items recorded at the competitive businesses during the
 first quarter of either year.
     On an operational basis, Entergy Nuclear earned 13 cents per share in the
 first quarter of 2001 compared to 5 cents per share in the first quarter 2000,
 due primarily to the addition of the Indian Point 3 and FitzPatrick nuclear
 units acquired in late 2000.  Entergy-Koch began operations during the first
 quarter 2001 and contributed 8 cents per share.  This compares to earnings of
 5 cents per share contributed in the first quarter 2000 by Entergy Power
 Marketing Corp. which has been moved into the Entergy-Koch venture.  Entergy
 Wholesale Operations contributed earnings of 1 cent per share in the first
 quarter 2001 as compared with a loss of 1 cent per share in the previous year.
 
                                 Parent & Other
     Parent & Other earnings were 1 cent per share on an operational basis in
 first quarter 2001.  Expenses of 5 cents per share related to the merger with
 FPL Group, Inc. which was terminated on April 2, were recorded at Parent
 during the quarter.  These expenses, which were identified as a special item,
 resulted in a first quarter loss of 4 cents per share at Parent & Other on an
 as reported basis.
 
                            Share Repurchase Program
     There were no repurchases of Entergy shares in the first quarter of 2001.
 Therefore, through March 31, 2001, the number of shares repurchased since the
 initiation of the program in July 1999 remained at 28.9 million shares, with
 $779 million of expenditures to acquire these shares at an average cost less
 than $27.00 per share.  Entergy anticipates limited repurchase activity for
 the remainder of 2001, as it pursues various growth investment opportunities.
 Average shares outstanding on a fully diluted basis are expected to be
 approximately 224 million for the year 2001.
 
                                    Outlook
     "We again achieved strong financial results in the first quarter," said C.
 John Wilder, Entergy's chief financial officer.  "The utility remained strong,
 while the competitive businesses performed very well, accounting for over
 31 percent of consolidated operational earnings, excluding weather.  While
 only one quarter of the year is behind us, our strong start positions us well
 to achieve 2001 earnings within our target range of $3.00 - $3.20 per share.
 We believe this range, as well as the range we established for 2002 of
 $3.30 to $3.50, are clearly within reach, even though share repurchases will
 be lower than previously expected."
 
     Entergy Corporation, with annual revenues of more than $10 billion, is a
 major global energy company engaged in power production, distribution
 operations, and related diversified services, with more than 13,800 employees.
 Entergy owns, manages, or invests in power plants generating nearly
 30,000 megawatts of electricity domestically and internationally, and delivers
 electricity to about 2.6 million customers in portions of Arkansas, Louisiana,
 Mississippi and Texas.  Through Entergy-Koch, L.P., it is also a leading
 provider of wholesale energy marketing and trading services.
     Entergy's online address is www.entergy.com.
 
     The following constitutes a "Safe Harbor" statement under the Private
 Securities Litigation Reform Act of 1995:  Investors are cautioned that
 forward-looking statements contained in the foregoing release with respect to
 the revenues, earnings, performance, strategies, prospects and other aspects
 of the business of Entergy Corporation may involve risks and uncertainties.
 Actual events and results may, for a variety of reasons, prove to be
 materially different from those indicated in these forward-looking statements,
 estimates and projections.  Factors that could influence actual future
 outcomes include regulatory decisions, the effects of changes in law, the
 evolution of markets and competition, changes in accounting, weather, the
 performance of generating units, fuel prices and availability, financial
 markets, risks associated with businesses conducted in foreign countries,
 changes in business plan, the presence of competitors with greater financial
 resources and the impact of competitive products and pricing; the effect of
 the Entergy Corporation's policies, including the amount and rate of growth of
 Entergy Corporation's expenses; the continued availability to Entergy
 Corporation of adequate funding sources and changes in interest rates; delays
 or difficulties in the production, delivery or installation of products and
 the provision of services; and various legal, regulatory and litigation risks.
 Entergy Corporation undertakes no obligation to publicly update or revise any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.  For a more detailed discussion of some of the foregoing
 risks and uncertainties, see Entergy Corporation's filings with the Securities
 and Exchange Commission.
 
 
                              ENTERGY CORPORATION
                              Earnings at a glance
 
     First Quarter                                2001        2000         %
 
     Operating Revenues                         $2,652.43   $1,811.49    46.4
     Earnings                                   $  154.16   $   98.86    55.9
     As Reported Earnings per diluted share*    $    0.69   $    0.42    64.3
     Operational Earnings per diluted share     $    0.75   $    0.48    56.3
 
     * Includes Special Items (EPS):
       Merger expenses                          $   (0.06)        ---
       Regulatory & reserve adjustments               ---   $   (0.06)
 
           Total                                $   (0.06)  $   (0.06)
 
     Note - dollars in millions except per share amounts, which are actual.
 
 
                              Entergy Corporation
                         Consolidated Income Statement
                          Three Months Ended March 31
                                 (in thousands)
 
                                         2001            2000       % Inc/(Dec)
                                             (unaudited)
 
     Operating Revenues:
       Domestic electric              $1,872,545      $1,352,896          38.4
       Natural gas                       110,384          45,881         140.6
       Competitive businesses            669,498         412,715          62.2
           Total                       2,652,427       1,811,492          46.4
     Operating Expenses:
       Operation and maintenance:
         Fuel, fuel-related expenses,
          and gas purchased for resale 1,125,863         497,754         126.2
         Purchased power                 363,879         369,544          (1.5)
         Nuclear refueling outage
          expenses                        17,207          18,557          (7.3)
         Other operation and maintenance 470,459         377,410          24.7
       Decommissioning                     8,901          10,938         (18.6)
       Taxes other than income taxes     102,463          79,618          28.7
       Depreciation and amortization     203,077         178,276          13.9
       Other regulatory charges
        (credits) - net                   (4,842)        (14,605)        (66.8)
       Amortization of rate deferrals      4,453           7,396         (39.8)
           Total                       2,291,460       1,524,888          50.3
 
     Operating Income                    360,967         286,604          25.9
 
     Other Income (Deductions):
       Allowance for equity funds used
        during construction                4,943           7,695         (35.8)
       Gain (loss) on sales of
        assets - net                         588             517          13.7
       Equity in earnings of
        unconsolidated equity affiliates  25,064                           ---
       Miscellaneous - net                55,393          28,982          91.1
           Total                          85,988          37,194         131.2
 
     Interest and Other Charges:
       Interest on long-term debt        128,971         113,659          13.5
       Other interest - net               47,914          20,283         136.2
       Dividends on preferred securities
        of subsidiaries                    4,709           4,709           ---
       Allowance for borrowed funds
        used during construction          (3,939)         (6,088)        (35.3)
           Total                         177,655         132,563          34.0
 
     Income Before Income Taxes          269,300         191,235          40.8
     Income Taxes                        108,429          82,825          30.9
 
     Consolidated Net Income             160,871         108,410          48.4
     Preferred dividend requirements
      of subsidiaries and other            6,716           9,550         (29.7)
     Earnings Applicable to
      Common Stock                      $154,155         $98,860          55.9
     Earnings Per Average Common Share:
       Basic                               $0.70           $0.42          66.7
       Diluted                             $0.69           $0.42          64.3
     Average Number of Common Shares
      Outstanding:
       Basic                         219,917,139     236,608,445
       Diluted                       223,785,716     236,671,604
 
 
                              Entergy Corporation
                         Consolidated Income Statement
                          Twelve Months Ended March 31
                                 (in thousands)
 
                                         2001            2000       % Inc/(Dec)
                                             (unaudited)
     Operating Revenues:
       Domestic electric              $7,739,350      $6,385,728          21.2
       Natural gas                       230,359         118,520          94.4
       Steam products                        ---           7,541        (100.0)
       Competitive businesses          2,887,373       2,438,595          18.4
           Total                      10,857,082       8,950,384          21.3
     Operating Expenses:
       Operation and maintenance:
         Fuel, fuel-related expenses,
          and gas purchased for resale 3,273,943       2,177,656          50.3
         Purchased power               2,657,217       2,438,228           9.0
         Nuclear refueling outage
          expenses                        69,161          74,928          (7.7)
         Other operation and
          maintenance                  1,994,361       1,720,909          15.9
       Decommissioning                    37,447          44,252         (15.4)
       Taxes other than income taxes     393,189         335,834          17.1
       Depreciation and amortization     770,926         692,316          11.4
       Other regulatory charges
        (credits) - net                   13,444           9,266          45.1
       Amortization of rate deferrals     27,450         122,170         (77.5)
           Total                       9,237,138       7,615,559          21.3
 
     Operating Income                  1,619,944       1,334,825          21.4
 
     Other Income (Deductions):
       Allowance for equity funds
        used during construction          29,270          31,575          (7.3)
       Gain (loss) on sales of
        assets - net                     (20,394)         51,859        (139.3)
       Equity in earnings of
        unconsolidated equity affiliates  25,066                           ---
       Miscellaneous - net               216,539         163,453          32.5
           Total                         250,481         246,887           1.5
 
     Interest and Other Charges:
       Interest on long-term debt        492,385         468,005           5.2
       Other interest - net              113,266          94,213          20.2
       Dividends on preferred securities
        of subsidiaries                   18,838          18,838           0.0
       Allowance for borrowed funds
        used during construction         (21,964)        (24,194)         (9.2)
           Total                         602,525         556,862           8.2
 
     Income Before Income Taxes        1,267,900       1,024,850          23.7
     Income Taxes                        504,524         394,320          27.9
 
     Consolidated Net Income             763,376         630,530          21.1
     Preferred dividend requirements
      of subsidiaries and other           28,787          41,392         (30.5)
     Earnings Applicable to
      Common Stock                      $734,589        $589,138          24.7
     Earnings Per Average Common Share:
       Basic                               $3.30           $2.43          35.8
       Diluted                             $3.26           $2.43          34.2
     Average Number of Common
      Shares Outstanding:
       Basic                         222,437,311     242,652,359
       Diluted                       225,141,304     242,793,320
 
 
                              Entergy Corporation
                 U.S. Utility Electric Energy Sales & Customers
 
                            Three Months Ended March
 
                                        2001              2000             %
                                          (Millions of kwh)
     Electric Energy Sales:
     Residential                        7,537             6,512          15.7
     Commercial                         5,574             5,280           5.6
     Governmental                         615               586           4.9
     Industrial                        10,311            10,617          (2.9)
       Total to Ultimate Customers     24,037            22,995           4.5
     Wholesale                          2,449             2,272           7.8
       Total Sales                     26,486            25,267           4.8
 
                           Twelve Months Ended March
 
                                        2001              2000             %
                                          (Millions of kwh)
     Electric Energy Sales:
     Residential                       33,023            30,726           7.5
     Commercial                        24,952            23,886           4.5
     Governmental                       2,633             2,562           2.8
     Industrial                        43,650            43,950          (0.7)
       Total to Ultimate Customers    104,258           101,124           3.1
     Wholesale                          9,971             9,777           2.0
       Total Sales                    114,229           110,901           3.0
 
                                     March
 
                                        2001              2000             %
     Electric Customers
      (Year to date average):
     Residential                    2,212,976         2,195,536           0.8
     Commercial                       293,730           286,013           2.7
     Governmental                      14,589            14,219           2.6
     Industrial                        38,353            39,716          (3.4)
       Total to Ultimate Customers  2,559,648         2,535,484           1.0
     Wholesale                             41                43          (4.7)
       Total Customers              2,559,689         2,535,527           1.0
 
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SOURCE Entergy Corporation
    NEW ORLEANS, April 25 /PRNewswire/ -- Entergy Corporation (NYSE:   ETR)
 today reported first quarter 2001 consolidated earnings that were
 significantly higher than earnings in the same period of 2000.  The increase
 resulted primarily from the company's competitive businesses, including new
 business ventures that became operational in the past year.  These competitive
 businesses are not subject to state and local regulation.
     Earnings per share from Entergy's operations, which include the
 competitive businesses, set a first quarter record for the company -- easily
 beating record first quarter results a year ago.  On an operational basis,
 Entergy's earnings were $168.2 million, or 75 cents per share, in first
 quarter 2001, compared with $114.2 million, or 48 cents per share, in the
 year-earlier period.  As reported earnings, which include the impact of
 special items, were $154.1 million, or 69 cents per share, in first quarter
 2001, compared with $98.8 million, or 42 cents per share, in the year-earlier
 period.  The only special item recorded during the quarter totaled 6 cents per
 share for expenses related to the merger with FPL Group, Inc. which was
 terminated on April 2.  None of these costs will be charged to Entergy's
 utility customers.
     Excluding the impact of weather, first quarter earnings from Entergy's
 operations increased 25 percent compared to the same period of 2000, primarily
 due to improved results at Entergy's unregulated nuclear business and the
 Entergy-Koch joint venture.
     "Entergy had yet another outstanding quarter," said J. Wayne Leonard,
 Entergy's chief executive officer.  "We're now clearly realizing the financial
 benefits of our reinvestment plan that began in 1998 with our competitive
 businesses making substantial contributions to increased revenues and
 earnings.  Our strategy is to achieve market-leading positions in each line of
 business as part of an integrated wholesale energy strategy.  The success of
 our efforts is evident in all areas:
     --  Improved performance in our regulated utility is providing a higher
         level of service and reliability to our customers.
     --  Entergy's non-utility nuclear business has achieved critical mass and
         is delivering significantly to overall earnings per share.
     --  In our wholesale business, the development plan for new generating
         projects offers us considerable upside over the coming years, as our
         turbines are deployed.
     --  And our investment in Entergy-Koch, our wholesale energy marketing and
         trading venture, is already contributing to earnings in its first
         quarter of operations.  Entergy-Koch has industry-leading capabilities
         to manage price risk and support strong earnings growth.
     Our integrated wholesale energy strategy is unfolding, and the first
 quarter has us off to a great start for the year 2001."
 
                               Utility Operations
     Excluding the impact of weather, utility earnings on an operational basis
 were flat at 47 cents per share in the first quarter of 2001 compared to the
 same period one year ago.  Including the impact of weather, operational
 earnings were $116.1 million, or 52 cents per share for the first quarter of
 this year.  This compares with $93.2 million, or 39 cents per share, in first
 quarter of 2000 -- an increase of 33 percent in earnings per share year over
 year.  Weather impacted first quarter 2001 by adding 5 cents per share to
 earnings.  In comparison, milder-than-normal weather decreased earnings by
 8 cents per share in the first quarter of 2000.
     Other favorable factors affecting utility earnings per share for the
 quarter, such as the reduction in the number of outstanding shares due to
 Entergy's share repurchase program, were offset by higher franchise tax
 expense and depreciation expense.  Higher depreciation expense reflects the
 investment Entergy has made in the utility infrastructure, including new
 substations, upgraded power lines, and other electric distribution equipment
 such as transformers to improve reliability for the customers of its regulated
 utilities.  Interest expense was also higher in the first quarter 2001
 compared to the same period last year resulting primarily from increased debt
 and short-term borrowings and interest accrued on existing regulatory
 reserves.
     On an as reported basis, utility earnings per share includes a special
 item for merger related expenses, which decreased utility earnings per share
 by 1 cent.  The company will not seek recovery of these costs from customers.
     Due to higher natural gas purchase prices, Entergy's fuel expense was
 substantially higher in the first quarter of 2001 compared to the same period
 in 2000.  Entergy's regulated utilities do not profit in any way from higher
 gas costs, and none of the increase in consolidated or utility earnings is
 attributable to higher gas costs incurred by utility customers.
 
                      Competitive Non-Regulated Businesses
     In first quarter 2001, Entergy's competitive businesses earned
 $48.3 million, or 22 cents per share, compared with $20.8 million or 9 cents
 per share in first quarter 2000, on both an operational and as reported basis.
 There were no special items recorded at the competitive businesses during the
 first quarter of either year.
     On an operational basis, Entergy Nuclear earned 13 cents per share in the
 first quarter of 2001 compared to 5 cents per share in the first quarter 2000,
 due primarily to the addition of the Indian Point 3 and FitzPatrick nuclear
 units acquired in late 2000.  Entergy-Koch began operations during the first
 quarter 2001 and contributed 8 cents per share.  This compares to earnings of
 5 cents per share contributed in the first quarter 2000 by Entergy Power
 Marketing Corp. which has been moved into the Entergy-Koch venture.  Entergy
 Wholesale Operations contributed earnings of 1 cent per share in the first
 quarter 2001 as compared with a loss of 1 cent per share in the previous year.
 
                                 Parent & Other
     Parent & Other earnings were 1 cent per share on an operational basis in
 first quarter 2001.  Expenses of 5 cents per share related to the merger with
 FPL Group, Inc. which was terminated on April 2, were recorded at Parent
 during the quarter.  These expenses, which were identified as a special item,
 resulted in a first quarter loss of 4 cents per share at Parent & Other on an
 as reported basis.
 
                            Share Repurchase Program
     There were no repurchases of Entergy shares in the first quarter of 2001.
 Therefore, through March 31, 2001, the number of shares repurchased since the
 initiation of the program in July 1999 remained at 28.9 million shares, with
 $779 million of expenditures to acquire these shares at an average cost less
 than $27.00 per share.  Entergy anticipates limited repurchase activity for
 the remainder of 2001, as it pursues various growth investment opportunities.
 Average shares outstanding on a fully diluted basis are expected to be
 approximately 224 million for the year 2001.
 
                                    Outlook
     "We again achieved strong financial results in the first quarter," said C.
 John Wilder, Entergy's chief financial officer.  "The utility remained strong,
 while the competitive businesses performed very well, accounting for over
 31 percent of consolidated operational earnings, excluding weather.  While
 only one quarter of the year is behind us, our strong start positions us well
 to achieve 2001 earnings within our target range of $3.00 - $3.20 per share.
 We believe this range, as well as the range we established for 2002 of
 $3.30 to $3.50, are clearly within reach, even though share repurchases will
 be lower than previously expected."
 
     Entergy Corporation, with annual revenues of more than $10 billion, is a
 major global energy company engaged in power production, distribution
 operations, and related diversified services, with more than 13,800 employees.
 Entergy owns, manages, or invests in power plants generating nearly
 30,000 megawatts of electricity domestically and internationally, and delivers
 electricity to about 2.6 million customers in portions of Arkansas, Louisiana,
 Mississippi and Texas.  Through Entergy-Koch, L.P., it is also a leading
 provider of wholesale energy marketing and trading services.
     Entergy's online address is www.entergy.com.
 
     The following constitutes a "Safe Harbor" statement under the Private
 Securities Litigation Reform Act of 1995:  Investors are cautioned that
 forward-looking statements contained in the foregoing release with respect to
 the revenues, earnings, performance, strategies, prospects and other aspects
 of the business of Entergy Corporation may involve risks and uncertainties.
 Actual events and results may, for a variety of reasons, prove to be
 materially different from those indicated in these forward-looking statements,
 estimates and projections.  Factors that could influence actual future
 outcomes include regulatory decisions, the effects of changes in law, the
 evolution of markets and competition, changes in accounting, weather, the
 performance of generating units, fuel prices and availability, financial
 markets, risks associated with businesses conducted in foreign countries,
 changes in business plan, the presence of competitors with greater financial
 resources and the impact of competitive products and pricing; the effect of
 the Entergy Corporation's policies, including the amount and rate of growth of
 Entergy Corporation's expenses; the continued availability to Entergy
 Corporation of adequate funding sources and changes in interest rates; delays
 or difficulties in the production, delivery or installation of products and
 the provision of services; and various legal, regulatory and litigation risks.
 Entergy Corporation undertakes no obligation to publicly update or revise any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.  For a more detailed discussion of some of the foregoing
 risks and uncertainties, see Entergy Corporation's filings with the Securities
 and Exchange Commission.
 
 
                              ENTERGY CORPORATION
                              Earnings at a glance
 
     First Quarter                                2001        2000         %
 
     Operating Revenues                         $2,652.43   $1,811.49    46.4
     Earnings                                   $  154.16   $   98.86    55.9
     As Reported Earnings per diluted share*    $    0.69   $    0.42    64.3
     Operational Earnings per diluted share     $    0.75   $    0.48    56.3
 
     * Includes Special Items (EPS):
       Merger expenses                          $   (0.06)        ---
       Regulatory & reserve adjustments               ---   $   (0.06)
 
           Total                                $   (0.06)  $   (0.06)
 
     Note - dollars in millions except per share amounts, which are actual.
 
 
                              Entergy Corporation
                         Consolidated Income Statement
                          Three Months Ended March 31
                                 (in thousands)
 
                                         2001            2000       % Inc/(Dec)
                                             (unaudited)
 
     Operating Revenues:
       Domestic electric              $1,872,545      $1,352,896          38.4
       Natural gas                       110,384          45,881         140.6
       Competitive businesses            669,498         412,715          62.2
           Total                       2,652,427       1,811,492          46.4
     Operating Expenses:
       Operation and maintenance:
         Fuel, fuel-related expenses,
          and gas purchased for resale 1,125,863         497,754         126.2
         Purchased power                 363,879         369,544          (1.5)
         Nuclear refueling outage
          expenses                        17,207          18,557          (7.3)
         Other operation and maintenance 470,459         377,410          24.7
       Decommissioning                     8,901          10,938         (18.6)
       Taxes other than income taxes     102,463          79,618          28.7
       Depreciation and amortization     203,077         178,276          13.9
       Other regulatory charges
        (credits) - net                   (4,842)        (14,605)        (66.8)
       Amortization of rate deferrals      4,453           7,396         (39.8)
           Total                       2,291,460       1,524,888          50.3
 
     Operating Income                    360,967         286,604          25.9
 
     Other Income (Deductions):
       Allowance for equity funds used
        during construction                4,943           7,695         (35.8)
       Gain (loss) on sales of
        assets - net                         588             517          13.7
       Equity in earnings of
        unconsolidated equity affiliates  25,064                           ---
       Miscellaneous - net                55,393          28,982          91.1
           Total                          85,988          37,194         131.2
 
     Interest and Other Charges:
       Interest on long-term debt        128,971         113,659          13.5
       Other interest - net               47,914          20,283         136.2
       Dividends on preferred securities
        of subsidiaries                    4,709           4,709           ---
       Allowance for borrowed funds
        used during construction          (3,939)         (6,088)        (35.3)
           Total                         177,655         132,563          34.0
 
     Income Before Income Taxes          269,300         191,235          40.8
     Income Taxes                        108,429          82,825          30.9
 
     Consolidated Net Income             160,871         108,410          48.4
     Preferred dividend requirements
      of subsidiaries and other            6,716           9,550         (29.7)
     Earnings Applicable to
      Common Stock                      $154,155         $98,860          55.9
     Earnings Per Average Common Share:
       Basic                               $0.70           $0.42          66.7
       Diluted                             $0.69           $0.42          64.3
     Average Number of Common Shares
      Outstanding:
       Basic                         219,917,139     236,608,445
       Diluted                       223,785,716     236,671,604
 
 
                              Entergy Corporation
                         Consolidated Income Statement
                          Twelve Months Ended March 31
                                 (in thousands)
 
                                         2001            2000       % Inc/(Dec)
                                             (unaudited)
     Operating Revenues:
       Domestic electric              $7,739,350      $6,385,728          21.2
       Natural gas                       230,359         118,520          94.4
       Steam products                        ---           7,541        (100.0)
       Competitive businesses          2,887,373       2,438,595          18.4
           Total                      10,857,082       8,950,384          21.3
     Operating Expenses:
       Operation and maintenance:
         Fuel, fuel-related expenses,
          and gas purchased for resale 3,273,943       2,177,656          50.3
         Purchased power               2,657,217       2,438,228           9.0
         Nuclear refueling outage
          expenses                        69,161          74,928          (7.7)
         Other operation and
          maintenance                  1,994,361       1,720,909          15.9
       Decommissioning                    37,447          44,252         (15.4)
       Taxes other than income taxes     393,189         335,834          17.1
       Depreciation and amortization     770,926         692,316          11.4
       Other regulatory charges
        (credits) - net                   13,444           9,266          45.1
       Amortization of rate deferrals     27,450         122,170         (77.5)
           Total                       9,237,138       7,615,559          21.3
 
     Operating Income                  1,619,944       1,334,825          21.4
 
     Other Income (Deductions):
       Allowance for equity funds
        used during construction          29,270          31,575          (7.3)
       Gain (loss) on sales of
        assets - net                     (20,394)         51,859        (139.3)
       Equity in earnings of
        unconsolidated equity affiliates  25,066                           ---
       Miscellaneous - net               216,539         163,453          32.5
           Total                         250,481         246,887           1.5
 
     Interest and Other Charges:
       Interest on long-term debt        492,385         468,005           5.2
       Other interest - net              113,266          94,213          20.2
       Dividends on preferred securities
        of subsidiaries                   18,838          18,838           0.0
       Allowance for borrowed funds
        used during construction         (21,964)        (24,194)         (9.2)
           Total                         602,525         556,862           8.2
 
     Income Before Income Taxes        1,267,900       1,024,850          23.7
     Income Taxes                        504,524         394,320          27.9
 
     Consolidated Net Income             763,376         630,530          21.1
     Preferred dividend requirements
      of subsidiaries and other           28,787          41,392         (30.5)
     Earnings Applicable to
      Common Stock                      $734,589        $589,138          24.7
     Earnings Per Average Common Share:
       Basic                               $3.30           $2.43          35.8
       Diluted                             $3.26           $2.43          34.2
     Average Number of Common
      Shares Outstanding:
       Basic                         222,437,311     242,652,359
       Diluted                       225,141,304     242,793,320
 
 
                              Entergy Corporation
                 U.S. Utility Electric Energy Sales & Customers
 
                            Three Months Ended March
 
                                        2001              2000             %
                                          (Millions of kwh)
     Electric Energy Sales:
     Residential                        7,537             6,512          15.7
     Commercial                         5,574             5,280           5.6
     Governmental                         615               586           4.9
     Industrial                        10,311            10,617          (2.9)
       Total to Ultimate Customers     24,037            22,995           4.5
     Wholesale                          2,449             2,272           7.8
       Total Sales                     26,486            25,267           4.8
 
                           Twelve Months Ended March
 
                                        2001              2000             %
                                          (Millions of kwh)
     Electric Energy Sales:
     Residential                       33,023            30,726           7.5
     Commercial                        24,952            23,886           4.5
     Governmental                       2,633             2,562           2.8
     Industrial                        43,650            43,950          (0.7)
       Total to Ultimate Customers    104,258           101,124           3.1
     Wholesale                          9,971             9,777           2.0
       Total Sales                    114,229           110,901           3.0
 
                                     March
 
                                        2001              2000             %
     Electric Customers
      (Year to date average):
     Residential                    2,212,976         2,195,536           0.8
     Commercial                       293,730           286,013           2.7
     Governmental                      14,589            14,219           2.6
     Industrial                        38,353            39,716          (3.4)
       Total to Ultimate Customers  2,559,648         2,535,484           1.0
     Wholesale                             41                43          (4.7)
       Total Customers              2,559,689         2,535,527           1.0
 
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 SOURCE  Entergy Corporation