HOUSTON, Oct. 28 /PRNewswire-FirstCall/ -- CenterPoint Energy, Inc.
(NYSE: CNP) today reported net income of $114 million, or $0.31 per
diluted share, for the third quarter of 2009 compared to $136
million, or $0.39 per diluted share, for the same period of 2008.
Operating income for the third quarter of 2009 was $287 million
compared to $337 million for the same period of 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020930/CNPLOGO) "Our core
regulated operations, which represent more than 80 percent of our
operating income, reported solid earnings this quarter despite the
challenging economic climate," said David M. McClanahan, president
and chief executive officer of CenterPoint Energy. "However, lower
natural gas and natural gas liquids prices, a decline in natural
gas throughput from the traditional basins and reduced basis
differentials negatively impacted the performance of our field
services and competitive natural gas sales segments. We continue to
believe that the overall fundamentals of our balanced portfolio of
electric and natural gas businesses position us well as the economy
recovers and the energy markets rebound." For the nine months ended
September 30, 2009, net income was $267 million, or $0.74 per
diluted share, compared to $359 million, or $1.05 per diluted
share, for the same period of 2008. Operating income for the nine
months ended September 30, 2009, was $825 million compared to $970
million for the same period of 2008. OPERATING INCOME BY SEGMENT
Electric Transmission & Distribution The electric transmission
& distribution segment reported operating income of $218
million for the third quarter of 2009, consisting of $187 million
from the regulated electric transmission & distribution utility
operations (TDU) and $31 million related to transition bonds.
Operating income for the third quarter of 2008 was $202 million,
consisting of $169 million from the TDU and $33 million related to
transition bonds. Operating income for the TDU benefited from
growth of over 26,000 metered customers since September 2008,
favorable weather and higher net transmission revenues, partially
offset by higher operation and maintenance expenses. In addition,
the third quarter of 2008 was negatively impacted by $12 million as
a result of Hurricane Ike. Operating income for the nine months
ended September 30, 2009, was $450 million, consisting of $353
million from the TDU and $97 million related to transition bonds.
Operating income for the same period of 2008 was $457 million,
consisting of $352 million from the TDU, $100 million related to
transition bonds and $5 million from the competition transition
charge (CTC). The CTC was discontinued in February 2008 when the
company securitized the remaining true-up balance. Natural Gas
Distribution The natural gas distribution segment reported an
operating loss of $15 million for the third quarter of 2009
compared to an operating loss of $6 million for the same period of
2008. The decline in operating income was primarily the result of
higher pension and other operation and maintenance expenses, which
more than offset rate increases and higher miscellaneous revenues.
Due to seasonal impacts, this segment typically reports a loss in
the third quarter. Operating income for the nine months ended
September 30, 2009, was $105 million compared to $119 million for
the same period of 2008. Interstate Pipelines The interstate
pipelines segment reported operating income of $64 million for the
third quarter of 2009 compared to $55 million for the same period
of 2008. Operating income benefited from higher revenue from new
contracts on the Carthage to Perryville pipeline and for deliveries
to gas-fired power generators. These benefits were partially offset
by higher pension and other operation and maintenance expenses. In
addition, operating income for the third quarter of 2008 included a
$7 million write-down associated with pipeline assets removed from
service. In addition to operating income, this segment recorded an
equity loss of $5 million for the third quarter of 2009 from its 50
percent interest in the Southeast Supply Header (SESH), a new
pipeline that went into service in September 2008. The equity loss
included a non-cash charge of $11 million during the quarter to
reflect SESH's decision to discontinue the use of regulatory
accounting. In the third quarter of 2008, equity income was $18
million primarily from allowance for funds used during
construction. Operating income for the nine months ended September
30, 2009, was $194 million compared to $227 million for the same
period of 2008. Operating income for the nine months ended
September 30, 2008, included a net gain of $11 million associated
with a gain from the sale of two storage development projects and a
write-down of pipeline assets removed from service. In addition to
operating income, this business had equity income of $2 million for
the nine months ended September 30, 2009, from its interest in
SESH. The equity income included non-cash charges of $16 million to
reflect SESH's decision to discontinue the use of regulatory
accounting. For the nine months ended September 30, 2008, equity
income was $34 million primarily from allowance for funds used
during construction. Field Services The field services segment
reported operating income of $23 million for the third quarter of
2009 compared to $44 million for the same period of 2008. The
decline in operating income was primarily the result of commodity
prices that were significantly lower in 2009 than in 2008 as well
as the impact of lower natural gas throughput from traditional
basins, which was partially offset by increased throughput from the
unconventional shale plays. In addition to operating income, this
segment recorded equity income of $2 million in the third quarter
of 2009 compared to $4 million in the third quarter of 2008 from
its 50 percent interest in a gas processing plant. The decline was
primarily due to lower natural gas liquids prices. Operating income
for the nine months ended September 30, 2009, was $72 million
compared to $121 million for the same period of 2008. Operating
income for the nine months ended September 30, 2008, included gains
of $17 million associated with the sale of non-strategic assets and
the settlement of a contractual dispute. Equity income from the
jointly-owned gas processing plant was $6 million for the nine
months ended September 30, 2009, compared to $12 million for the
same period of 2008. Competitive Natural Gas Sales and Services The
competitive natural gas sales and services segment reported an
operating loss of $8 million for the third quarter of 2009 compared
to operating income of $35 million for the same period of 2008.
Operating income for the third quarter of 2009 included charges of
$6 million resulting from mark-to-market accounting for derivatives
used to lock in economic margins of certain forward natural gas
sales compared to gains of $46 million for the same period of 2008.
The third quarter of 2008 also included a $24 million write-down of
natural gas inventory to the lower of average cost or market. In
addition, reduced locational price differentials, and to a lesser
extent lower retail sales volumes, contributed to the decline. This
segment recorded no operating income for the nine months ended
September 30, 2009, compared to $36 million for the same period of
2008. Operating income for the nine months ended September 30,
2009, included charges of $22 million resulting from mark-to-market
accounting compared to gains of $14 million for the same period of
2008. The nine months ended September 30, 2009, also included $6
million in write-downs of inventory to the lower of average cost or
market compared to $24 million in inventory write-downs for the
same period of 2008. DIVIDEND DECLARATION On October 22, 2009,
CenterPoint Energy's board of directors declared a regular
quarterly cash dividend of $0.19 per share of common stock payable
on December 10, 2009, to shareholders of record as of the close of
business on November 16, 2009. OUTLOOK FOR 2009 CenterPoint Energy
reaffirmed its 2009 earnings guidance of $1.05 to $1.15 per diluted
share. This guidance takes into consideration performance to date
as well as various economic and operational assumptions related to
the business segments in which the company operates. The company
has made certain assumptions regarding the timing and cost of
certain financing activities, including timing of the sale of storm
cost restoration bonds, and the impact to earnings of various
regulatory proceedings. In providing this guidance, the company has
not included the impact of any changes in accounting standards, any
impact from acquisitions or divestitures, the timing effects of
mark-to-market or inventory accounting in the company's competitive
natural gas sales and services business, or the outcome of the
TDU's true-up appeal. The company has also excluded any impact to
income from the change in value of Time Warner stocks and the
related ZENS securities. FILING OF FORM 10-Q FOR CENTERPOINT
ENERGY, INC. Today, CenterPoint Energy, Inc. filed with the
Securities and Exchange Commission (SEC) its Quarterly Report on
Form 10-Q for the period ended September 30, 2009. A copy of that
report is available on the company's Web site,
http://www.centerpointenergy.com/, under the Investors section.
Other filings the company makes with the SEC and other documents
relating to its corporate governance can also be found on that
site. WEBCAST OF EARNINGS CONFERENCE CALL CenterPoint Energy's
management will host an earnings conference call on Wednesday,
October 28, 2009, 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 at http://www.centerpointenergy.com/. A replay
of the call can be accessed approximately two hours after the
completion of the call and will be archived on the Web site 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,
competitive natural gas sales and services, interstate pipelines,
and field services operations. The company serves more than five
million metered customers primarily in Arkansas, Louisiana,
Minnesota, Mississippi, Oklahoma, and Texas. Assets total nearly
$19 billion. With about 8,800 employees, CenterPoint Energy and its
predecessor companies have been in business for more than 135
years. For more information, visit the Web site at
http://www.centerpointenergy.com/. This news release includes
forward-looking statements. Actual events and results may differ
materially from those projected. The statements in this news
release regarding future financial performance and results of
operations and other statements that are not historical facts are
forward-looking statements. Factors that could affect actual
results include the timing and outcome of appeals from the true-up
proceedings, the timing and impact of future regulatory,
legislative, and IRS decisions, effects of competition, weather
variations, changes in CenterPoint Energy's or its subsidiaries'
business plans, financial market conditions, the timing and extent
of changes in commodity prices, particularly natural gas, the
impact of unplanned facility outages, and other factors discussed
in CenterPoint Energy's and its subsidiaries' Forms 10-K for the
fiscal year ended December 31, 2008, CenterPoint Energy's and its
subsidiaries' Forms 10-Q for the periods ended March 31, 2009, and
June 30, 2009, CenterPoint Energy's Form 10-Q for the period ended
September 30, 2009, and other filings with the SEC. For more
information contact Media: Leticia Lowe Phone 713.207.7702
Investors: Marianne Paulsen Phone 713.207.6500 CenterPoint Energy,
Inc. and Subsidiaries Statements of Consolidated Income (Millions
of Dollars) (Unaudited) Quarter Nine Months Ended Ended September
30, September 30, ------------- ------------- 2008 2009 2008 2009
---- ---- ---- ---- Revenues: Electric Transmission &
Distribution $552 $608 $1,471 $1,541 Natural Gas Distribution 550
402 2,976 2,341 Competitive Natural Gas Sales and Services 1,269
399 3,632 1,596 Interstate Pipelines 143 153 468 461 Field Services
71 63 191 176 Other Operations 3 3 8 9 Eliminations (73) (52) (198)
(142) --- --- ---- ---- Total 2,515 1,576 8,548 5,982 ----- -----
----- ----- Expenses: Natural gas 1,532 582 5,675 3,081 Operation
and maintenance 371 415 1,078 1,226 Depreciation and amortization
194 208 540 562 Taxes other than income taxes 81 84 285 288 --- ---
--- --- Total 2,178 1,289 7,578 5,157 ----- ----- ----- -----
Operating Income 337 287 970 825 --- --- --- --- Other Income
(Expense) : Gain (loss) on marketable securities (36) 47 (73) 68
Gain (loss) on indexed debt securities 33 (30) 66 (54) Interest and
other finance charges (116) (126) (346) (384) Interest on
transition bonds (34) (32) (102) (98) Equity in earnings of
unconsolidated affiliates 23 (3) 46 8 Other - net 6 9 10 31 --- ---
--- --- Total (124) (135) (399) (429) ---- ---- ---- ---- Income
Before Income Taxes 213 152 571 396 Income Tax Expense (77) (38)
(212) (129) --- --- ---- ---- Net Income $136 $114 $359 $267 ====
==== ==== ==== 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) Nine Months Quarter Ended Ended September 30, September
30, ------------- ------------- 2008 2009 2008 2009 ---- ---- ----
---- Basic Earnings Per Common Share $0.40 $0.31 $1.08 $0.75 =====
===== ===== ===== Diluted Earnings Per Common Share $0.39 $0.31
$1.05 $0.74 ===== ===== ===== ===== Dividends Declared per Common
Share $0.1825 $0.19 $0.5475 $0.57 Weighted Average Common Shares
Outstanding (000): - Basic 342,228 369,512 333,652 356,570 -
Diluted 344,584 371,742 342,187 358,745 Operating Income (Loss) by
Segment ---------------------------------- Electric Transmission
& Distribution: Electric Transmission and Distribution
Operations $169 $187 $352 $353 Competition Transition Charge - - 5
- --- --- --- --- Total Electric Transmission and Distribution
Utility 169 187 357 353 Transition Bond Companies 33 31 100 97 ---
--- --- --- Total Electric Transmission & Distribution 202 218
457 450 Natural Gas Distribution (6) (15) 119 105 Competitive
Natural Gas Sales and Services 35 (8) 36 - Interstate Pipelines 55
64 227 194 Field Services 44 23 121 72 Other Operations 7 5 10 4
--- --- --- --- Total $337 $287 $970 $825 ==== ==== ==== ====
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 September 30,
------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- -----------
Results of Operations: Revenues: Electric transmission and
distribution utility $455 $503 11% Transition bond companies 97 105
8% --- --- Total 552 608 10% --- --- Expenses: Operation and
maintenance 167 194 (16%) Depreciation and amortization 71 70 1%
Taxes other than income taxes 48 52 (8%) Transition bond companies
64 74 (16%) --- --- Total 350 390 (11%) --- --- Operating Income
$202 $218 8% ==== ==== Operating Income: Electric transmission and
distribution operations $169 $187 11% Competition transition charge
- - - Transition bond companies 33 31 (6%) --- --- Total Segment
Operating Income $202 $218 8% ==== ==== Electric Transmission &
Distribution Operating Data: Actual MWH Delivered Residential
8,445,744 9,242,635 9% Total 21,594,051 22,963,434 6% Weather
(average for service area): Percentage of 10-year average: Cooling
degree days 97% 107% 10% Heating degree days 0% 0% 0% Number of
metered customers - end of period: Residential 1,824,238 1,849,158
1% Total 2,068,568 2,094,847 1% Nine Months Ended September 30,
------------- % Diff 2008 2009 Fav/(Unfav) ---- ---- -----------
Results of Operations: Revenues: Electric transmission and
distribution utility $1,220 $1,281 5% Transition bond companies 251
260 4% --- --- Total 1,471 1,541 5% ----- ----- Expenses: Operation
and maintenance 502 563 (12%) Depreciation and amortization 208 207
- Taxes other than income taxes 153 158 (3%) Transition bond
companies 151 163 (8%) --- --- Total 1,014 1,091 (8%) ----- -----
Operating Income $457 $450 (2%) ==== ==== Operating Income:
Electric transmission and distribution operations $352 $353 -
Competition transition charge 5 - (100%) Transition bond companies
100 97 (3%) --- --- Total Segment Operating Income $457 $450 (2%)
==== ==== Electric Transmission & Distribution Operating Data:
Actual MWH Delivered Residential 19,623,125 20,040,598 2% Total
58,523,281 57,946,697 (1%) Weather (average for service area):
Percentage of 10-year average: Cooling degree days 104% 108% 4%
Heating degree days 95% 89% (6%) Number of metered customers - end
of period: Residential 1,824,238 1,849,158 1% Total 2,068,568
2,094,847 1% Natural Gas Distribution ------------------------
Quarter Ended September 30, ------------- % Diff 2008 2009
Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues
$550 $402 (27%) ---- ---- Expenses: Natural gas 351 198 44%
Operation and maintenance 139 157 (13%) Depreciation and
amortization 40 40 - Taxes other than income taxes 26 22 15% ---
--- Total 556 417 25% --- --- Operating Income (Loss) $(6) $(15)
(150%) === ==== Natural Gas Distribution Operating Data: Throughput
data in BCF Residential 13 13 - Commercial and Industrial 41 38
(7%) --- --- Total Throughput 54 51 (6%) === === Weather (average
for service area) Percentage of 10-year average: Heating degree
days 57% 58% 1% Number of customers - end of period: Residential
2,936,777 2,954,095 1% Commercial and Industrial 244,959 241,036
(2%) ------- ------- Total 3,181,736 3,195,131 - =========
========= Nine Months Ended September 30, ------------- % Diff 2008
2009 Fav/(Unfav) ---- ---- ----------- Results of Operations:
Revenues $2,976 $2,341 (21%) ------ ------ Expenses: Natural gas
2,196 1,538 30% Operation and maintenance 436 478 (10%)
Depreciation and amortization 118 121 (3%) Taxes other than income
taxes 107 99 7% --- --- Total 2,857 2,236 22% ----- ----- Operating
Income (Loss) $119 $105 (12%) ==== ==== Natural Gas Distribution
Operating Data: Throughput data in BCF Residential 117 111 (5%)
Commercial and Industrial 171 154 (10%) --- --- Total Throughput
288 265 (8%) === === Weather (average for service area) Percentage
of 10-year average: Heating degree days 106% 102% (4%) Number of
customers - end of period: Residential 2,936,777 2,954,095 1%
Commercial and Industrial 244,959 241,036 (2%) ------- -------
Total 3,181,736 3,195,131 - ========= ========= 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 September 30, ------------- % Diff 2008 2009
Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues
$1,269 $399 (69%) ------ ---- Expenses: Natural gas 1,225 396 68%
Operation and maintenance 8 10 (25%) Depreciation and amortization
1 1 - Taxes other than income taxes - - - --- --- Total 1,234 407
67% ----- --- Operating Income (Loss) $35 $(8) (123%) === ===
Competitive Natural Gas Sales and Services Operating Data:
Throughput data in BCF 125 115 (8%) === === Number of customers -
end of period 8,988 10,934 22% ===== ====== Nine Months Ended
September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ----
----------- Results of Operations: Revenues $3,632 $1,596 (56%)
------ ------ Expenses: Natural gas 3,567 1,562 56% Operation and
maintenance 26 30 (15%) Depreciation and amortization 2 3 (50%)
Taxes other than income taxes 1 1 - --- --- Total 3,596 1,596 56%
----- ----- Operating Income (Loss) $36 $- (100%) === ===
Competitive Natural Gas Sales and Services Operating Data:
Throughput data in BCF 392 370 (6%) === === Number of customers -
end of period 8,988 10,934 22% ===== ====== Interstate Pipelines
-------------------- Quarter Ended September 30, ------------ %
Diff 2008 2009 Fav/(Unfav) ---- ---- ----------- Results of
Operations: Revenues $143 $153 7% ---- ---- Expenses: Natural gas
24 22 8% Operation and maintenance 47 47 - Depreciation and
amortization 11 12 (9%) Taxes other than income taxes 6 8 (33%) ---
--- Total 88 89 (1%) --- --- Operating Income $55 $64 16% === ===
Pipelines Operating Data: Throughput data in BCF Transportation 360
378 5% === === Nine Months Ended September 30, ------------ % Diff
2008 2009 Fav/(Unfav) ---- ---- ----------- Results of Operations:
Revenues $468 $461 (1%) ---- ---- Expenses: Natural gas 97 85 12%
Operation and maintenance 93 123 (32%) Depreciation and
amortization 34 36 (6%) Taxes other than income taxes 17 23 (35%)
--- --- Total 241 267 (11%) --- --- Operating Income $227 $194
(15%) ==== ==== Pipelines Operating Data: Throughput data in BCF
Transportation 1,145 1,235 8% ===== ===== 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 September 30, ------------ % Diff 2008
2009 Fav/(Unfav) ---- ---- ----------- Results of Operations:
Revenues $71 $63 (11%) --- --- Expenses: Natural gas 5 18 (260%)
Operation and maintenance 19 17 11% Depreciation and amortization 3
4 (33%) Taxes other than income taxes - 1 - --- --- Total 27 40
(48%) --- --- Operating Income $44 $23 (48%) === === Field Services
Operating Data: Throughput data in BCF Gathering 109 106 (3%) ===
=== Nine Months Ended September 30, ------------ % Diff 2008 2009
Fav/(Unfav) ---- ---- ----------- Results of Operations: Revenues
$191 $176 (8%) ---- ---- Expenses: Natural gas 11 36 (227%)
Operation and maintenance 48 54 (13%) Depreciation and amortization
9 11 (22%) Taxes other than income taxes 2 3 (50%) --- --- Total 70
104 (49%) --- --- Operating Income $121 $72 (40%) ==== === Field
Services Operating Data: Throughput data in BCF Gathering 311 312 -
=== === === Other Operations ---------------- Quarter Ended
September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ---- ----
----------- Results of Operations: Revenues $3 $3 -% Expenses (4)
(2) (50%) --- --- Operating Income $7 $5 (29%) === === Nine Months
Ended September 30, ------------- % Diff 2008 2009 Fav/(Unfav) ----
---- ----------- Results of Operations: Revenues $8 $9 13% Expenses
(2) 5 (350%) --- --- Operating Income $10 $4 (60%) === === Capital
Expenditures by Segment (Millions of Dollars) (Unaudited) Quarter
Nine Months Ended Ended September 30, September 30, -------------
------------ 2008 2009 2008 2009 ---- ---- ---- ---- Capital
Expenditures by Segment Electric Transmission & Distribution
$80 $99 $256 $288 Hurricane Ike 141 8 141 26 --- --- --- --- Total
Electric Transmission & Distribution 221 107 397 314 Natural
Gas Distribution 57 44 151 121 Competitive Natural Gas Sales and
Services 1 1 3 2 Interstate Pipelines 60 44 130 118 Field Services
31 113 77 217 Other Operations 5 9 18 18 --- --- --- --- Total $375
$318 $776 $790 ==== ==== ==== ==== Interest Expense Detail
(Millions of Dollars) (Unaudited) Quarter Nine Months Ended Ended
September 30, September 30, ------------- ------------- 2008 2009
2008 2009 ---- ---- ---- ---- Interest Expense Detail Amortization
of Deferred Financing Cost $6 $9 $18 $27 Capitalization of Interest
Cost (3) (1) (10) (4) Transition Bond Interest Expense 34 32 102 98
Other Interest Expense 113 118 338 361 --- --- --- --- Total
Interest Expense $150 $158 $448 $482 ==== ==== ==== ==== 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, 2008 2009 ---- ---- ASSETS Current
Assets: Cash and cash equivalents $167 $61 Other current assets
2,868 1,934 ----- ----- Total current assets 3,035 1,995 -----
----- Property, Plant and Equipment, net 10,296 10,548 ------
------ Other Assets: Goodwill 1,696 1,696 Regulatory assets 3,684
3,701 Other non-current assets 965 713 --- --- Total other assets
6,345 6,110 ----- ----- Total Assets $19,676 $18,653 =======
======= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities:
Short-term borrowings $153 $40 Current portion of transition bond
long-term debt 208 221 Current portion of other long-term debt 125
339 Other current liabilities 2,362 1,712 ----- ----- Total current
liabilities 2,848 2,312 ----- ----- Other Liabilities: Accumulated
deferred income taxes, net and investment tax credit 2,632 2,775
Regulatory liabilities 821 916 Other non-current liabilities 1,172
1,235 ----- ----- Total other liabilities 4,625 4,926 ----- -----
Long-term Debt: Transition bond 2,381 2,160 Other 7,800 6,667 -----
----- Total long-term debt 10,181 8,827 ------ ----- Shareholders'
Equity 2,022 2,588 ----- ----- Total Liabilities and Shareholders'
Equity $19,676 $18,653 ======= ======= 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 Statements of
Consolidated Cash Flows (Millions of Dollars) (Unaudited) Nine
Months Ended September 30, ----------- 2008 2009 ---- ---- Cash
Flows from Operating Activities: Net income $359 $267 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 561 591 Deferred income
taxes 471 250 Write-down of natural gas inventory 24 6 Changes in
net regulatory assets (48) 19 Changes in other assets and
liabilities (608) 296 Other, net (35) 8 --- --- Net Cash Provided
by Operating Activities 724 1,437 Net Cash Used in Investing
Activities (991) (582) Net Cash Provided by (Used in) Financing
Activities 222 (961) --- ---- Net Decrease in Cash and Cash
Equivalents (45) (106) Cash and Cash Equivalents at Beginning of
Period 129 167 --- --- Cash and Cash Equivalents at End of Period
$84 $61 === === Reference is made to the Notes to the Consolidated
Financial Statements contained in the Quarterly Report on Form 10-Q
of CenterPoint Energy, Inc.
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CONTACT: Media, Leticia Lowe, +1-713-207-7702, or Investors,
Marianne Paulsen, +1-713-207-6500, both of CenterPoint Energy, Inc.
Web Site: http://www.centerpointenergy.com/
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