We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
Xcel Energy had a difficult 2002 due to challenges faced by the entire energy industry and issues specific to NRG Energy, its subsidiary. Core utility operations performed well but earnings were reduced by market conditions and an $3.5 billion loss from NRG. Looking forward, Xcel Energy will focus on its strong core utility businesses and improving its financial position by resolving the NRG restructuring and pursuing top performance.
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
Sovereign Bancorp achieved strong financial results in 2000, with cash earnings per share increasing 10% and the balance sheet transforming into a more diversified commercial bank model. A key accomplishment was successfully integrating the largest branch divestiture in banking history from FleetBoston. Sovereign's goal is to achieve above average shareholder returns through consistent focus on critical success factors and implementing its growth strategy, with an aim to increase shareholder value 300% over the next five years by building on its strengthened foundation.
This annual report summarizes WPS Resources Corporation's financial highlights for 2002. Key highlights include consolidated revenues of $1.6 billion for nonregulated operations and $1.05 billion for utility operations. Income available for common shareholders was $109.4 million, a 41% increase from 2001. Earnings per share increased 25% from 2001. The report also provides an overview of WPS Resources Corporation and its two main subsidiary utilities, Wisconsin Public Service Corporation and Upper Peninsula Power Company.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
This document is Capital One's 1996 Annual Report. It summarizes that in 1996, Capital One achieved record financial results including net income increasing 23% to $155.3 million and managed loans increasing 23% to $12.8 billion. Capital One's success is driven by its proprietary information-based strategy which allows it to customize products, manage risk conservatively, and continuously innovate. The company added nearly 2,000 employees in 1996 and remains focused on testing new products.
Capital One had a remarkable year in 1997, setting records for financial and operating performance. They added 3.2 million new customers, ending the year with 11.7 million accounts. Capital One's success demonstrates the power of their information-based strategy and innovation. Going forward, they see opportunity for continued growth in the US and internationally by applying their strategy of mass customization.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
Xcel Energy had a difficult 2002 due to challenges faced by the entire energy industry and issues specific to NRG Energy, its subsidiary. Core utility operations performed well but earnings were reduced by market conditions and an $3.5 billion loss from NRG. Looking forward, Xcel Energy will focus on its strong core utility businesses and improving its financial position by resolving the NRG restructuring and pursuing top performance.
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
Sovereign Bancorp achieved strong financial results in 2000, with cash earnings per share increasing 10% and the balance sheet transforming into a more diversified commercial bank model. A key accomplishment was successfully integrating the largest branch divestiture in banking history from FleetBoston. Sovereign's goal is to achieve above average shareholder returns through consistent focus on critical success factors and implementing its growth strategy, with an aim to increase shareholder value 300% over the next five years by building on its strengthened foundation.
This annual report summarizes WPS Resources Corporation's financial highlights for 2002. Key highlights include consolidated revenues of $1.6 billion for nonregulated operations and $1.05 billion for utility operations. Income available for common shareholders was $109.4 million, a 41% increase from 2001. Earnings per share increased 25% from 2001. The report also provides an overview of WPS Resources Corporation and its two main subsidiary utilities, Wisconsin Public Service Corporation and Upper Peninsula Power Company.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
This document is Capital One's 1996 Annual Report. It summarizes that in 1996, Capital One achieved record financial results including net income increasing 23% to $155.3 million and managed loans increasing 23% to $12.8 billion. Capital One's success is driven by its proprietary information-based strategy which allows it to customize products, manage risk conservatively, and continuously innovate. The company added nearly 2,000 employees in 1996 and remains focused on testing new products.
Capital One had a remarkable year in 1997, setting records for financial and operating performance. They added 3.2 million new customers, ending the year with 11.7 million accounts. Capital One's success demonstrates the power of their information-based strategy and innovation. Going forward, they see opportunity for continued growth in the US and internationally by applying their strategy of mass customization.
The document is American Express Company's 2001 annual report. It summarizes the company's financial performance for the year, which was significantly impacted by weak economic conditions, the September 11th attacks, and losses from rebalancing its investment portfolio. Net income declined 53% to $1.31 billion due to these factors. It also outlines steps the company took to strengthen its business model and lower its risk profile going forward.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
Devon Energy Corporation is an oil and gas exploration and production company ranked among the top five independent producers in the US. In 2000, Devon had revenues of $2.8 billion, a 118% increase from 1999. Devon's net earnings were $730 million in 2000 compared to a net loss in 1999. Devon owns oil and gas properties in North America and internationally, with approximately 75% of its proved reserves located in North America. Devon's goal is to build shareholder value through exploration, acquisitions, production optimization, and maintaining a strong balance sheet.
The document is FedEx Corporation's 2000 Annual Report. It summarizes that in FY2000, FedEx saw a 9% increase in revenue to $18.3 billion and a 9% increase in net income to $688 million. Earnings per share grew 10% to $2.32. It also outlines FedEx's new strategic plan called "Project ARISE" to strengthen the FedEx brand and provide more integrated services and solutions for customers. The plan aims to drive revenue and profit growth through cross-selling services, expanding international business, leveraging e-commerce, and providing supply chain solutions.
Ken Lewis, Chairman, President and CEO of Bank of America, presented at the Citigroup Financial Services Conference on January 31, 2007. The presentation highlighted opportunities for growth at Bank of America and summarized key financial metrics for 2006, including 10% revenue growth and 16% growth in net income compared to the previous year. Lewis also outlined the company's short-term outlook and strategies to continue achieving attractive earnings growth in a challenging environment.
This document is a letter to stockholders from Toll Brothers, a luxury home builder, addressing the company's performance in the first quarter of fiscal year 2008. It summarizes that housing market conditions remained weak with declining sales. The company reported a net loss for the quarter due to write-downs, though earnings excluding write-downs were positive. Backlog and gross contracts signed declined significantly year-over-year as the company continued adjusting to soft market conditions.
- Cascade Financial reported a net loss of $4.8 million for Q1 2009 compared to earnings of $2.6 million in Q1 2008, due to increasing its provision for loan losses to $13.9 million.
- Checking deposits grew 83% year-over-year to a record level, while total loans increased 8% to $1.25 billion despite a slowdown in new loan originations.
- Nonperforming loans rose to represent 4.05% of total loans as the weak housing market continued to present challenges, leading to a higher allowance for loan losses.
- The company remained well capitalized with strong capital ratios, while continuing to focus on residential and small business lending to
The document is Southern Company's 2003 annual report. It summarizes the company's strong financial and operational performance in 2003, with earnings of $1.47 billion, or $2.03 per share. It discusses the company's focus on its core businesses of power generation and delivery in the Southeast US. The report also announces that Chairman and CEO Allen Franklin will retire in July 2004, and that David Ratcliffe will succeed him as president in April and CEO in July. Ratcliffe expresses confidence in Southern Company's strategy and people to continue its record of success.
Sovereign Bancorp reported financial results for the first quarter of 2004. Net income was $102 million, up 35% from the prior year, though it included one-time merger charges. Excluding these charges, operating earnings were $122 million, up 28% from the previous year. Cash earnings also increased 24% year-over-year to $137 million. Loan and deposit balances grew due to acquisitions completed in the quarter. The company also announced additional upcoming acquisitions expected to be accretive to earnings.
This document is Gannett's 2003 annual report. It discusses Gannett's financial results for 2003, which included record operating revenues of $6.7 billion and net income of $1.21 billion, up 4% from 2002. It provides an overview of Gannett's business segments, which include newspapers, broadcasting stations, and digital media. The letter to shareholders discusses some of the challenges Gannett faced in 2003 from economic conditions and regulatory changes, but also highlights areas of growth such as new youth-oriented newspaper publications and increased online revenues. Acquisitions that expanded Gannett's operations in the U.S. and U.K. are also summarized.
Black & Decker reported first quarter 2007 earnings of $1.61 per diluted share, up from $1.45 per diluted share in the first quarter of 2006. Sales increased 3% to a record $1.6 billion due to acquisitions and foreign currency translation. Free cash flow also increased to a record $137 million for the quarter, up more than $115 million from the prior year. The company modestly increased its full-year earnings per share guidance to $6.35 to $6.60 per share and expects roughly flat sales and earnings per share of $1.70 to $1.75 in the second quarter.
The document summarizes CenterPoint Energy's annual report for shareholders. It discusses the company's solid financial performance in 2007, with operating income growing 13.5% and dividends increasing 13%. It highlights achievements and growth across the company's various energy delivery businesses, including natural gas distribution, interstate pipelines, and field services. It also covers the company's focus on meeting future energy needs through investments in infrastructure, energy efficiency, and renewable energy while creating long-term shareholder value.
1) WPS Resources Corporation faced challenges in 2003 including delays in regulatory approval that reduced earnings, maintenance issues and high fuel costs that impacted some non-regulated assets, and a difficult market environment for non-regulated businesses.
2) However, the company also had many successes, such as receiving approval to build a new power plant, selling some non-core assets, increasing its dividend for the 45th consecutive year, and meeting peak energy demand records.
3) The company took steps to adjust to the new market environment for non-regulated businesses, including downsizing some operations and refocusing its non-regulated subsidiaries, while maintaining the goal of deriving the majority of its earnings from utility investments.
The document discusses Gannett's strategic plan and progress in 2006 toward transforming the company to embrace changes in consumer demand and technology. Key points:
- Gannett formed Gannett Digital to grow its digital business and capture a share of the growing online advertising market.
- Gannett made acquisitions and partnerships to enhance its capabilities in areas like local search, mobile, video and rich media advertising.
- The strategic plan focused on innovation, transforming newsrooms into information centers, and developing leadership. Significant progress was made in 2006 on these initiatives.
- Financial results for 2006 were strong, with operating revenues reaching a record $8.03 billion, though operating income declined slightly.
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with growth in building, management services, and lower revenues in civil works.
- Pretax income rose 45% to $44.9 million and net income was $36 million.
- The company had a strong balance sheet with $136 million in cash and only $9 million in debt.
- Perini completed several large projects on time including a casino resort and power plant in Iraq.
- The company aims to leverage its expertise in management services, building, and newly acquired civil contractor.
This document is Gannett's 2003 annual report. It includes a 2003 financial summary showing increases in operating revenues, net income, and earnings per share. The letter to shareholders discusses key events in 2003, including the war in Iraq which impacted the economy and advertising. Congress passed new media ownership rules and a "Do Not Call" registry, both of which impacted Gannett's business. Despite challenges, Gannett achieved record financial results through the hard work of its employees.
CenterPoint Energy's annual report summarizes its performance in 2006. The company reported $432 million in net income and delivered strong returns for shareholders. It operates electric transmission and distribution utilities serving millions, as well as natural gas distribution, interstate pipelines, field services, and competitive gas sales businesses across several states. In 2006 it invested in infrastructure and pursued rate agreements to support future growth and regulatory certainty across its diverse energy delivery operations.
This document is the 2004 annual report of Gannett Co., Inc. It summarizes the company's strong financial performance in 2004, with record revenues of $7.4 billion, net income of $1.32 billion, and diluted earnings per share of $4.92. The CEO credits these results to the company's strategies of pursuing growth opportunities, delivering news and information across multiple platforms, and investing in people and new technologies. Challenges in 2004 included an uneven economy and restrictive media ownership regulations.
This document is the 2004 annual report of Gannett Co., Inc. It summarizes the company's strong financial performance in 2004, with record revenues of $7.4 billion, net income of $1.32 billion, and diluted earnings per share of $4.92. The CEO credits these results to the company's strategies of pursuing growth opportunities, delivering news and information across multiple platforms, and investing in people and new technologies. Challenges in 2004 included an uneven economy and restrictive media ownership regulations.
Expeditors International of Washington, 4th02qerfinance39
Expeditors International of Washington, Inc. announced quarterly earnings of $35,996,000 for Q4 2002, a 33% increase over Q4 2001. Net revenues increased 30% to $201,602,000. For the full year 2002, net earnings increased 16% to $112,529,000 and net revenues grew 12% to $682,213,000. The company's CEO attributed the strong results to the tremendous efforts of employees in serving customers during an unprecedented period with many disruptions.
The document is American Express Company's 2001 annual report. It summarizes the company's financial performance for the year, which was significantly impacted by weak economic conditions, the September 11th attacks, and losses from rebalancing its investment portfolio. Net income declined 53% to $1.31 billion due to these factors. It also outlines steps the company took to strengthen its business model and lower its risk profile going forward.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
Devon Energy Corporation is an oil and gas exploration and production company ranked among the top five independent producers in the US. In 2000, Devon had revenues of $2.8 billion, a 118% increase from 1999. Devon's net earnings were $730 million in 2000 compared to a net loss in 1999. Devon owns oil and gas properties in North America and internationally, with approximately 75% of its proved reserves located in North America. Devon's goal is to build shareholder value through exploration, acquisitions, production optimization, and maintaining a strong balance sheet.
The document is FedEx Corporation's 2000 Annual Report. It summarizes that in FY2000, FedEx saw a 9% increase in revenue to $18.3 billion and a 9% increase in net income to $688 million. Earnings per share grew 10% to $2.32. It also outlines FedEx's new strategic plan called "Project ARISE" to strengthen the FedEx brand and provide more integrated services and solutions for customers. The plan aims to drive revenue and profit growth through cross-selling services, expanding international business, leveraging e-commerce, and providing supply chain solutions.
Ken Lewis, Chairman, President and CEO of Bank of America, presented at the Citigroup Financial Services Conference on January 31, 2007. The presentation highlighted opportunities for growth at Bank of America and summarized key financial metrics for 2006, including 10% revenue growth and 16% growth in net income compared to the previous year. Lewis also outlined the company's short-term outlook and strategies to continue achieving attractive earnings growth in a challenging environment.
This document is a letter to stockholders from Toll Brothers, a luxury home builder, addressing the company's performance in the first quarter of fiscal year 2008. It summarizes that housing market conditions remained weak with declining sales. The company reported a net loss for the quarter due to write-downs, though earnings excluding write-downs were positive. Backlog and gross contracts signed declined significantly year-over-year as the company continued adjusting to soft market conditions.
- Cascade Financial reported a net loss of $4.8 million for Q1 2009 compared to earnings of $2.6 million in Q1 2008, due to increasing its provision for loan losses to $13.9 million.
- Checking deposits grew 83% year-over-year to a record level, while total loans increased 8% to $1.25 billion despite a slowdown in new loan originations.
- Nonperforming loans rose to represent 4.05% of total loans as the weak housing market continued to present challenges, leading to a higher allowance for loan losses.
- The company remained well capitalized with strong capital ratios, while continuing to focus on residential and small business lending to
The document is Southern Company's 2003 annual report. It summarizes the company's strong financial and operational performance in 2003, with earnings of $1.47 billion, or $2.03 per share. It discusses the company's focus on its core businesses of power generation and delivery in the Southeast US. The report also announces that Chairman and CEO Allen Franklin will retire in July 2004, and that David Ratcliffe will succeed him as president in April and CEO in July. Ratcliffe expresses confidence in Southern Company's strategy and people to continue its record of success.
Sovereign Bancorp reported financial results for the first quarter of 2004. Net income was $102 million, up 35% from the prior year, though it included one-time merger charges. Excluding these charges, operating earnings were $122 million, up 28% from the previous year. Cash earnings also increased 24% year-over-year to $137 million. Loan and deposit balances grew due to acquisitions completed in the quarter. The company also announced additional upcoming acquisitions expected to be accretive to earnings.
This document is Gannett's 2003 annual report. It discusses Gannett's financial results for 2003, which included record operating revenues of $6.7 billion and net income of $1.21 billion, up 4% from 2002. It provides an overview of Gannett's business segments, which include newspapers, broadcasting stations, and digital media. The letter to shareholders discusses some of the challenges Gannett faced in 2003 from economic conditions and regulatory changes, but also highlights areas of growth such as new youth-oriented newspaper publications and increased online revenues. Acquisitions that expanded Gannett's operations in the U.S. and U.K. are also summarized.
Black & Decker reported first quarter 2007 earnings of $1.61 per diluted share, up from $1.45 per diluted share in the first quarter of 2006. Sales increased 3% to a record $1.6 billion due to acquisitions and foreign currency translation. Free cash flow also increased to a record $137 million for the quarter, up more than $115 million from the prior year. The company modestly increased its full-year earnings per share guidance to $6.35 to $6.60 per share and expects roughly flat sales and earnings per share of $1.70 to $1.75 in the second quarter.
The document summarizes CenterPoint Energy's annual report for shareholders. It discusses the company's solid financial performance in 2007, with operating income growing 13.5% and dividends increasing 13%. It highlights achievements and growth across the company's various energy delivery businesses, including natural gas distribution, interstate pipelines, and field services. It also covers the company's focus on meeting future energy needs through investments in infrastructure, energy efficiency, and renewable energy while creating long-term shareholder value.
1) WPS Resources Corporation faced challenges in 2003 including delays in regulatory approval that reduced earnings, maintenance issues and high fuel costs that impacted some non-regulated assets, and a difficult market environment for non-regulated businesses.
2) However, the company also had many successes, such as receiving approval to build a new power plant, selling some non-core assets, increasing its dividend for the 45th consecutive year, and meeting peak energy demand records.
3) The company took steps to adjust to the new market environment for non-regulated businesses, including downsizing some operations and refocusing its non-regulated subsidiaries, while maintaining the goal of deriving the majority of its earnings from utility investments.
The document discusses Gannett's strategic plan and progress in 2006 toward transforming the company to embrace changes in consumer demand and technology. Key points:
- Gannett formed Gannett Digital to grow its digital business and capture a share of the growing online advertising market.
- Gannett made acquisitions and partnerships to enhance its capabilities in areas like local search, mobile, video and rich media advertising.
- The strategic plan focused on innovation, transforming newsrooms into information centers, and developing leadership. Significant progress was made in 2006 on these initiatives.
- Financial results for 2006 were strong, with operating revenues reaching a record $8.03 billion, though operating income declined slightly.
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with growth in building, management services, and lower revenues in civil works.
- Pretax income rose 45% to $44.9 million and net income was $36 million.
- The company had a strong balance sheet with $136 million in cash and only $9 million in debt.
- Perini completed several large projects on time including a casino resort and power plant in Iraq.
- The company aims to leverage its expertise in management services, building, and newly acquired civil contractor.
This document is Gannett's 2003 annual report. It includes a 2003 financial summary showing increases in operating revenues, net income, and earnings per share. The letter to shareholders discusses key events in 2003, including the war in Iraq which impacted the economy and advertising. Congress passed new media ownership rules and a "Do Not Call" registry, both of which impacted Gannett's business. Despite challenges, Gannett achieved record financial results through the hard work of its employees.
CenterPoint Energy's annual report summarizes its performance in 2006. The company reported $432 million in net income and delivered strong returns for shareholders. It operates electric transmission and distribution utilities serving millions, as well as natural gas distribution, interstate pipelines, field services, and competitive gas sales businesses across several states. In 2006 it invested in infrastructure and pursued rate agreements to support future growth and regulatory certainty across its diverse energy delivery operations.
This document is the 2004 annual report of Gannett Co., Inc. It summarizes the company's strong financial performance in 2004, with record revenues of $7.4 billion, net income of $1.32 billion, and diluted earnings per share of $4.92. The CEO credits these results to the company's strategies of pursuing growth opportunities, delivering news and information across multiple platforms, and investing in people and new technologies. Challenges in 2004 included an uneven economy and restrictive media ownership regulations.
This document is the 2004 annual report of Gannett Co., Inc. It summarizes the company's strong financial performance in 2004, with record revenues of $7.4 billion, net income of $1.32 billion, and diluted earnings per share of $4.92. The CEO credits these results to the company's strategies of pursuing growth opportunities, delivering news and information across multiple platforms, and investing in people and new technologies. Challenges in 2004 included an uneven economy and restrictive media ownership regulations.
Expeditors International of Washington, 4th02qerfinance39
Expeditors International of Washington, Inc. announced quarterly earnings of $35,996,000 for Q4 2002, a 33% increase over Q4 2001. Net revenues increased 30% to $201,602,000. For the full year 2002, net earnings increased 16% to $112,529,000 and net revenues grew 12% to $682,213,000. The company's CEO attributed the strong results to the tremendous efforts of employees in serving customers during an unprecedented period with many disruptions.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
After a difficult 2002, Xcel Energy is focusing on its core regulated utility businesses to drive future performance. The company reported a net loss of $2.2 billion for 2002 due to issues with its investment in NRG Energy. Excluding NRG, Xcel Energy's pro forma earnings from its utility operations were $522 million. Looking ahead, Xcel Energy will concentrate on operating its utility assets efficiently and meeting customer and environmental commitments, as these businesses form the foundation for future value creation.
Northern Trust's 2007 annual report summarizes the company's strong financial performance in 3 sentences:
Northern Trust achieved record results in 2007, with net income increasing 9% to $727 million, assets under custody growing 17% to $4.1 trillion, and assets under management increasing 9% to $757 billion. The company continued its strategic focus on sound growth and providing exceptional client service, expertise and integrity during a turbulent year for many financial firms. Northern Trust's strong performance led to a 26% increase in its stock price, outperforming banking industry indexes.
United Health Group [PDF Document] UnitedHealth Group Financial Reviewfinance3
This document provides an overview of UnitedHealth Group's financial performance in 2004. Key points include:
- Revenues increased 29% to $37.2 billion, driven by acquisitions as well as 8% organic revenue growth.
- Net earnings increased 42% to $2.6 billion and operating cash flows grew 38% to $4.1 billion.
- The medical care ratio improved slightly to 80.6% due to premium rate increases slightly outpacing medical cost growth.
- Earnings from operations grew 40% to over $4.1 billion, with all business segments showing growth.
The document summarizes The Home Depot's 2004 annual report. It discusses that in 2004, The Home Depot had record sales of $73.1 billion and saw increases in net earnings, earnings per share, total assets, and store count. Key accomplishments included comparable store sales growth of 5.4%, operating margin reaching 10.8%, and returning $4 billion to shareholders through stock buybacks and dividends. The company focused on enhancing its core business through merchandising resets and new products, extending into new store formats, and investing in its employees.
This annual report summarizes Corning Inc.'s financial performance in 2001, which saw a significant downturn from 2000 due to challenging conditions in the telecommunications sector and global economic weakness. Net sales fell 12% to $6.3 billion and the company reported a net loss of $5.5 billion compared to net income of $409 million in 2000. Corning took actions to reduce costs, including eliminating 12,000 jobs and closing plants. However, the company ended 2001 with $2.2 billion in cash and believes it is well positioned financially and strategically for long-term growth opportunities in key markets like optical fiber and displays.
Expeditors International of Washington, 1st01qerfinance39
Expeditors International of Washington, Inc. announced a 58% increase in net earnings for the first quarter of 2001 compared to the same period in 2000. Net revenues increased 26% while operating income rose 48%. However, Expeditors lost its contract to be the US customs broker for Ford Motor Corporation, eliminating 110 jobs in its Detroit office. While the financial impact is limited, Expeditors is committed to helping its displaced employees through transfers or continued pay if they cannot relocate. Strong first quarter results were driven by increased revenues across all business segments, but the loss of the Ford contract was difficult both financially and personally.
The annual report summarizes Dole Food Company's operations and financial performance in 1995. Some key points:
- Dole successfully separated its real estate and resorts business into a new publicly-traded company, Castle & Cooke, enhancing shareholder value.
- Dole's food business saw revenue grow 14% to $3.8 billion in 1995. Operating income increased 40% to $193 million due to improved performance across banana, vegetable, and pineapple operations.
- Dole expanded its value-added salad business in Europe and entered new joint ventures and acquisitions to grow in European markets.
- Financially, Dole paid down over $700 million in debt,
This document provides the annual report for Gannett Co., Inc. for the year 2006. It includes the financial summary which shows operating revenues increased 5.7% to $8.03 billion. It also discusses the company's strategic plan to transform into a digital media powerhouse and focus on customers. Key aspects of the plan include growing the digital business through acquisitions and partnerships, transforming newsrooms, and focusing on innovation, leadership, and diversity. Progress made in 2006 included growing digital revenues, partnerships in areas like mobile and video, and launching initiatives like the Gannett Center for Design and Innovation to spur new ideas.
Owens & Minor is a Fortune 500 healthcare supply distribution company headquartered in Richmond, Virginia. In 2002, Owens & Minor generated $3.96 billion in revenue. As the leading distributor of medical and surgical supplies in the US, Owens & Minor serves over 4,000 hospital and healthcare customers from 41 distribution centers. Owens & Minor prioritizes its mission, vision, and values of serving customers, partners, employees and shareholders with integrity and trust. For the year, Owens & Minor reported income of $47.2 million and earnings per share of $1.40 on net sales of $3.96 billion.
The document is the 2001 annual report for Xcel Energy. It summarizes that in 2001, a challenging year for the energy industry, Xcel Energy delivered solid financial results and grew its business. Specifically, it met its earnings target of $2.30 per share, delivered dividends of $1.50 per share, and acquired all publicly held shares of its subsidiary NRG Energy to increase shareholder value. Going forward, Xcel Energy aims to maximize the value of its existing assets, grow its energy supply business, and deliver on its promises to stakeholders.
This document is Xcel Energy's 2001 annual report. It summarizes the company's financial performance for 2001 and highlights some of its key accomplishments that year. Specifically:
- Xcel Energy met its earnings target for 2001 despite challenges in the energy industry like price swings, regulatory changes, and a softening economy. Its non-regulated subsidiary, NRG Energy, contributed significantly.
- The company delivered $1.50 in dividends per share, expanded its customer base, successfully traded electricity in deregulated markets, and improved reliability.
- Xcel Energy also completed repowering its Fort St. Vrain nuclear plant with natural gas, expanded its wind generation portfolio, and received recognition for its Wind
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
WESCO reported first quarter 2009 results with sales down 16% and net income of $23.3 million. Cost reduction efforts are estimated to save $100 million in 2009 and liquidity remains strong at $365 million. Guidance forecasts 2009 revenues to decline 15-20% but expense reductions, a lower tax rate, and continued cash flow are expected to partially offset revenue declines. Capital expenditures are forecast at $16 million for 2009.
Similar to center- point energy annual reports 2004 (20)
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
This document provides an overview of PHI's 41st EEI Financial Conference held from November 5-8, 2006. It includes sections on PHI's financial performance for Q3 and year-to-date 2006, drivers of performance, sales and customer trends, regulated distribution summaries, upcoming regulatory activities including transmission formula rate filings and rate cases, and PHI's proposed MAPP transmission project. Key highlights are lower sales due to mild weather, lower transmission revenue, and plans to file rate cases in late 2006/early 2007.
This document provides an overview and summary of Power Holdings Inc.'s (PHI) various business segments. It discusses PHI's regulated electric and gas delivery business, which accounts for 67% of operating income. It also summarizes Conectiv Energy's competitive merchant generation and load service business, which accounts for 33% of operating income. Key highlights from rate cases and recent regulatory activities involving PHI's delivery businesses are also provided. The document contains forward-looking statements and non-GAAP financial measures.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
The document provides an overview of Pepco Holdings Inc.'s (PHI) various businesses including its regulated electric and gas delivery business, competitive energy generation business, and energy services business. It discusses PHI's infrastructure investment strategies, the status of major projects like the Mid-Atlantic Power Pathway, and the company's regulatory environment. Financial projections show expectations for continued investment and growth across PHI's businesses.
The document discusses Pepco Holdings' strategic focus on infrastructure investments and customer programs to position the company for continued success. It outlines plans to invest $1.2 billion in the Mid-Atlantic Power Pathway transmission project through 2014 and $646 million in advanced metering infrastructure and other programs through the company's Blueprint for the Future initiative between 2008-2014. Regulatory support is essential for cost recovery for these investments, which aim to enhance reliability, manage costs and protect the environment for customers.
This document provides an overview of Pepco Holdings' transmission and distribution business. It discusses plans to invest over $5 billion from 2007-2012 to upgrade aging infrastructure and improve reliability. A key project is the $1.05 billion Mid-Atlantic Power Pathway, a 230-mile 500kV transmission line from Northern Virginia to Southern New Jersey to be completed by 2013. The presentation outlines the project timeline, environmental stewardship efforts, and cost recovery approach through PJM and FERC. It also reviews the company's focus on replacing aging transmission equipment to further enhance reliability.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
This document provides an overview of Pepco Holdings, Inc.'s power delivery business. It discusses planned infrastructure investments totaling $4.99 billion from 2008-2012 to improve reliability, support load growth, and implement new technology. A key project is the $1.05 billion Mid-Atlantic Power Pathway transmission line. The document also reviews regulatory highlights, including recent rate cases, and outlines operational and financial summaries for the company's distribution and transmission businesses.
- Pepco Holdings held its annual meeting and provided its annual report to shareholders.
- In 2002, Pepco Holdings earned $210.5 million in consolidated earnings, or $1.61 per share. Earnings were driven by strong performance from regulated utility businesses and some competitive energy businesses.
- The letter discusses the company's strategy, leadership, and financial and operational performance across its various business segments in 2002. It also encourages shareholders to vote and continue supporting the company.
- Pepco Holdings provided its first annual report after merging Pepco and Conectiv in August 2002.
- In 2002, PHI earned $210.5 million, or $1.61 per share, on $4.3 billion in revenue. Excluding merger costs, earnings were $1.74 per share.
- The letter discusses the company's regulated utility and competitive energy businesses, noting stable earnings from utilities and growth potential from competitive businesses. It encourages shareholders to vote and thanks them for their confidence and investment.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 and achieved a total shareholder return of over 22% for 2003-2004.
3) The regulated power delivery business continues as the primary focus and driver of steady cash flow. Earnings from this segment improved to $233.4 million in 2004.
4) Competitive energy businesses also posted
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 as part of its balance sheet improvement goals.
3) The regulated power delivery business continues as the primary focus due to its stability and cash generation. Earnings from this segment grew to $233.4 million in 2004.
4) Competitive energy businesses also posted profits in 2004 despite challenging markets
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
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Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
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1. 2004
A YEAR OF MILESTONES
2 0 0 4 A N N U A L R E P O RT
2. MILESTONE HIGHLIGHTS
• Sold our power generation subsidiary,
Texas Genco, for $3.65 billion in two phases,
the second of which was completed
in mid April 2005
• Received approval from the Public Utility
Commission of Texas (PUC) for the
recovery of a portion of our true-up request
• Reduced our debt and cut interest costs
A YEAR OF MILESTONES
A major part of our plan when we formed CenterPoint Energy
was to sell Texas Genco, our power generation subsidiary.
Mission accomplished. We sold our 81 percent interest in
Texas Genco for $2.9 billion. With proceeds from the sale,
we began paying down debt.
Recovering the amounts due the company under the 1999
Texas Electric Restructuring Law was another important
part of the original plan for CenterPoint Energy. However,
the PUC granted our electric transmission and distribution
subsidiary considerably less than we requested. We were
disappointed in the PUC’s actions and filed an appeal with
the Texas courts. In the meantime, we received approval
of a financing order that would allow us to issue approxi-
mately $1.8 billion in transition bonds. Unfortunately,
appeals by other parties will delay our issuance of the
bonds. In addition, about $600 million will be recovered over
time through a charge to retail electric providers.
Proceeds from the sale of Texas Genco and the amounts
we receive under the Texas Electric Restructuring Law will
allow us to significantly reduce our debt and save hundreds
of millions of dollars in interest during 2006.
3.
4. A B O U T O U R C O M PA N Y
CenterPoint Energy, Inc., based in Houston, Texas, is
a domestic energy delivery company with operations
that include electric transmission and distribution, natural
gas distribution and sales, interstate pipelines and natural
gas gathering. The company serves nearly five million
metered electric and natural gas distribution customers
in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma
and Texas. Assets total about $17 billion after the sale
of our subsidiary, Texas Genco. With more than 9,000
employees, CenterPoint Energy and its predecessor
companies have been in business for more than 130 years.
For more information, please visit our Web site at
www.CenterPointEnergy.com.
Above: Jim Brush, Lead Construction and Maintenance
Technician in Little Rock, welds pipe before installation;
Pam Riche supervises gathering services in Shreveport,
TABLE OF CONTENTS and from left, Linemen Roy McDonald, Shannon Thames
and James Kohler head out prepared for inclement weather.
Financial Highlights 3
Letter to Shareholders 4
On the Cover:
Committed to Shareholders 8 Outside top: Ronald Bruno, Cable Splicer, Underground,
emerges from a manhole in downtown Houston. Bottom:
Committed to Customers 14
Fred Pitcher, Construction Inspector, conducts an inspection
Committed to Employees 22 at a natural gas construction site in Houston. Inside from
top left clockwise: Peaches Hardison reads meters in
Committed to Community 26
Houston; Robert Zych, left, and Kevin Fahey are part of
Board of Directors 30 a construction and maintenance crew in Minnesota;
Chivonne Miller dispatches repair jobs in Minnesota; and
Officers 31
John Lobue is a Gathering Technician at Stateline Waskom
Financial Information 32 on the Texas-Louisiana border.
5. OVER 130 YEARS
OF RELIABLE SERVICE
FINANCIAL HIGHLIGHTS
Year Ended December 31
2002 2003 2004
(In Millions Of Dollars Except Per Share Amounts)
Revenues $ 6,438 $ 7,790 $ 8,510
Operating Income $ 1,440 $ 1,355 $ 864
Income From Continuing Operations (1) $ 482 $ 409 $ 205
Per Share of Common Stock:
Income From Continuing Operations, Basic (1) $ 1.62 $ 1.35 $ 0.67
Income From Continuing Operations, Diluted (1) $ 1.61 $ 1.24 $ 0.61
Book Value – Year End $ 4.74 $ 5.77 $ 3.59
Market Price – Year End $ 8.01 $ 9.69 $ 11.30
Common Dividend Paid $ 1.07 $ 0.40 $ 0.40
Capitalization:
Long-term Debt (Includes Current Maturities) $ 9,996 $ 10,939 $ 9,029
Trust Preferred Securities (2) $ 706 $ — $ —
Common Stock Equity $ 1,422 $ 1,761 $ 1,106
Total Capitalization (Includes Current Maturities) $ 12,124 $ 12,700 $ 10,135
Total Assets $ 16,041 $ 17,217 $ 16,597
(3)
Capital Expenditures (3) $ 566 $ 497 $ 530
Common Stock Outstanding (4) (in thousands) 300,102 305,385 308,045
Number of Common Shareholders 67,308 63,660 59,448
Number of Employees 12,019 11,046 9,093
1. Before extraordinary loss.
2. See footnote (4) on page 34.
3. Excluding discontinued operations. See page 34.
4. Excludes ESOP shares of 4,915,577 and 911,847 at December 31, 2002, and 2003, respectively.
3
6. LETTER TO SHAREHOLDERS
DEAR FELLOW SHAREHOLDERS,
Thank you for investing your trust in CenterPoint Energy.
Our vision is “to be recognized as America’s leading energy
delivery company . . . and more.” We believe we will have
achieved this vision when CenterPoint Energy delivers
world-class performance to four key stakeholder groups
beginning with you, our shareholders, but also including our
Milton Carroll, left, Chairman of the Board,
customers, our employees and the communities we serve.
and David McClanahan, President and
We are pleased with the progress we made in 2004, but we
Chief Executive Officer
know there is more work that needs to be done.
Investors today seek sound investments in companies that
share their values. At CenterPoint Energy, our core values of
integrity, accountability, initiative and respect guide
everything we do. To achieve our vision, we need strong
values and a sound corporate strategy. Though detailed in its
execution, our strategy can be easily summarized:
“One Company, Get it Right, and Grow.”
By “One Company,” we mean that we will leverage our
talents and resources across our entire company rather than
operate as a collection of smaller, autonomous business
units. By “Get it Right,” we mean that we will constantly
focus on making our businesses more efficient and cost-
effective. Finally, by “Grow,” we mean that we want to
7. OUR VISION IS “TO BE RECOGNIZED AS
A M E R I C A’ S L E A D I N G E N E R G Y D E L I V E R Y
COMPANY . . . AND MORE.”
expand our company and increase the value of your $2.2 billion, in late 2004 with the sale of 11 coal, lignite
investment over time. (See page 21 of this report for and gas-fired power plants. Following approval of the
examples of our One Company, Get it Right, and Grow Nuclear Regulatory Commission, we were able to complete
strategic initiatives). the final phase of the sale in April 2005 by selling our
investment in the South Texas Project nuclear power plant
for $700 million.
Sale of Texas Genco and our electric subsidiary
“true-up” proceeding
2004 was a watershed year. Since CenterPoint Energy was The second key event is the recovery of costs associated
created in 2002 as a regulated utility company with a with the transition to electric competition in Texas. The
significant amount of debt, we have looked forward to recovery of these costs was provided for in the 1999 law
completing the two key events that would allow us to return that restructured Texas’ electric utility industry. In March
to debt levels more typical for a utility our size and help 2004, we filed a “true-up” request with the Public Utility
solidify our investment-grade credit ratings. These two Commission of Texas (PUC) to recover $3.7 billion in
important events were the sale of our electric generation stranded costs and regulatory assets, excluding interest.
assets and the recovery of our “stranded” costs associated In December, the PUC approved (subject to certain
with the restructuring of the Texas electric market. We adjustments) approximately $2.3 billion, including interest
are pleased to report we made significant progress on through August 31.
both events last year.
Frankly, we were very disappointed by this ruling. We don’t
In July 2004, we announced the sale of our electric believe the Commission followed the law or its own
generation business, Texas Genco, for $3.65 billion. regulations on a number of significant issues, and in
CenterPoint Energy received $2.9 billion for our 81 percent January, we filed an appeal with the Texas state courts.
interest in the company. The sale was structured in two However, it will likely take a number of years before
phases. We finished the first phase, for which we received the appeals process is complete.
5
8. LETTER TO SHAREHOLDERS
With the proceeds from the first step in the sale of 2004: a solid year for core electric, gas and
Texas Genco, we were able to reduce our company’s pipeline operations
Even as our senior management team focused much
indebtedness by $2 billion in 2004. This year, by combining
attention in 2004 on the sale of Texas Genco and our true-up
the proceeds from the second step in the sale of our
case, employees in our core electric, gas and pipeline
interest in the power generation subsidiary along with
operations turned in their best performance in our brief
the sale of approximately $1.8 billion in low-cost transition
history as CenterPoint Energy.
bonds, we will be in position to further reduce our
company’s debt. These low-cost bonds cover most of
In Houston, our electric transmission and distribution
the transition costs that were approved by the PUC in
operations continued to show overall improvement. We
our true-up case.
increased our core operating income by $33 million over
2003, added nearly 47,000 new metered customers and met
Unfortunately, several parties have appealed the financing
system reliability goals after establishing an aggressive
order authorizing the bond sale, which will delay our recovery
special program to cut outage times.
of these costs for a number of months. We will, however,
continue to earn interest on the approved amount during
Our natural gas delivery and gas marketing operations also
the consideration of these appeals.
had their best year, raising operating income by $20
million. Spurred by strong growth in the metropolitan
The sale of our power generation subsidiary and the
areas of Houston and Minneapolis, we added about 45,000
transition bonds are not, however, the only ways we are
customers. We also achieved high customer satisfaction
working to improve our company. Through our One
scores. Our gas marketing business increased sales to
Company, Get it Right and Grow strategic initiatives, we
electric and gas utilities as well as to large commercial and
are taking important steps to make our company more
industrial customers.
efficient, cost effective and profitable.
9. W E S O L D O U R P O W E R G E N E R AT I O N B U S I N E S S
F O R $ 2 . 9 B I L L I O N A N D S I G N I F I C A N T LY
REDUCED OUR DEBT
Likewise, our pipeline group had its best year ever, company is well positioned to successfully pursue our vision
improving operating income by $22 million. We connected of being recognized as America’s leading energy delivery
a record number of new natural gas wells and began an company … and more.
expansion of our pipelines, storage facilities and remote
wellhead monitoring services. Thank you for your continued confidence in us.
2005: positioned for the future
We achieved much in 2004, and we’re excited about our
future. In the near term, we will continue to execute our plan Milton Carroll
to reduce the company’s debt and enhance operations to Chairman of the Board
better serve our customers.
As the financial strength of the company continues to
improve, we will actively pursue potential growth opportu- David M. McClanahan
nities in areas that complement our core energy delivery President and Chief Executive Officer
business. However, we will pursue these opportunities
only when we believe they will create sustainable
shareholder value.
The CenterPoint Energy management team is committed
to achieving our vision and strategy. We believe our
accomplishments last year are evidence of this. We met the
difficult challenges we faced in 2004 and we feel the
7
10. COMMITTED TO SHAREHOLDERS
17,000
New Customers
MINNEAPOLIS
CHICAGO
ST. LOUIS
WICHITA
LITTLE ROCK
OXFORD
LAWTON
Inset photo: Key finance execu-
TYLER SHREVEPORT
tives, Brenda Cauthen, VP Audit
GULFPORT/
BILOXI
Services, Jim Brian, Senior VP
LAKE CHARLES
HOUSTON
and Chief Accounting Officer,
and Walter Fitzgerald, VP and
74,000 Controller, examine internal
LAREDO
New Gas and controls and audit processes in
Electric Metered Customers compliance with the new federal
rules related to the Sarbanes-
Oxley Act.
11. A YEAR OF
EXCEPTIONAL PROGRESS
CenterPoint Energy is committed to providing shareholders Our natural gas distribution segment reported operating
a well-managed company dedicated to paying competitive income of $222 million, an increase from $202 million in
dividends and building shareholder value. As described on 2003. This higher income was the result of rate increases, a
the inside front cover of this report, we are focused on using higher customer count and more efficient operations.
proceeds from the sale of Texas Genco and the true-up
proceeding to reduce debt and interest costs. While we An aggressive restructuring plan that improved operational
reported losses in 2004 related to the sale of our generating efficiencies and lowered ongoing operating expenses
assets and stranded cost proceedings, our core electric, contributed to the income gains. However, one-time charges
gas and pipeline delivery businesses posted solid gains in related to the restructuring plan, and mild winter
operating income. weather that led to lower customer gas usage, partially
offset these gains.
All core segments report higher operating income
Our electric transmission and distribution business continued Our pipelines and gathering segment increased operating
to perform well in 2004, ending the year with core operating income to $180 million from $158 million in 2003. The
income of $441 million (excluding the impact of ECOM increase was driven by favorable market pricing and higher
revenues, the transition bond company and the final fuel demand on our interstate pipelines business, increased
reconciliation). Driven primarily by the addition of nearly throughput, an increase in treating and processing by our
47,000 new metered customers, core operating income gas gathering unit and higher third party earnings
increased by $33 million (excluding the impact of ECOM in Pipeline Services.
revenues, the transition bond company and the final fuel
reconciliation). Operating income also benefited from lower Customer base growing across our business
employee-related costs and proceeds from a land sale, but We experienced customer growth in each of our energy
was partially offset by decreased usage due to milder delivery businesses in 2004. These increases provided both
weather and higher transmission costs. current revenue growth and, we expect, the basis for future
9
12. COMMITTED TO SHAREHOLDERS
OUR CORE ENERGY DELIVERY BUSINESSES ACHIEVED
EXCELLENT FINANCIAL RESULTS WHILE CONTINUING
T O M A K E O P E R AT I O N A L I M P R O V E M E N T S
earnings growth. Houston and Minneapolis, two of the Improving earnings through rate relief and rate design
nation’s fastest growing metropolitan areas, together added We remain committed to achieving our allowed rate of
more than 91,000 electric and natural gas customers in 2004. return in our regulated businesses. As part of this strategy,
we will seek rate increases when necessary. In 2004,
In the Houston area, we added a total of 47,000 new electric CenterPoint Energy sought and received significant rate
meters to our previous base of 1.8 million and 27,000 new relief in several jurisdictions.
natural gas customers to the 1 million we currently serve.
The strong residential housing market in the Minneapolis In the Houston metropolitan area, we received approval for
area accounted for most of the approximately 17,000 new $14 million in base rate increases from the Texas Railroad
customers in Minnesota, where we serve 750,000 customers. Commission, the city of Houston and 28 other cities. In
We also added gas distribution customers in Little Rock, addition to the base rate changes, we also established gas
Ark., Shreveport, La., suburban Jackson, Miss., and the cost adjustment clauses that help mitigate fuel price risks
corridor between Austin and San Antonio, Texas. by enhancing our ability to more quickly reflect the current
estimated cost of gas in customers’ bills.
Our interstate pipelines operations signed new seven-year
contracts with our Arkansas, Louisiana and Texas gas We also obtained rate relief in Louisiana and Oklahoma,
distribution operations that will provide long-term stability. resulting in a $2 million increase in base rates and
The gas gathering business enjoyed a record-setting year, service charges in our southern Louisiana service
connecting 393 new natural gas wells, completing eight new territory, a $7 million increase in base rates and service
major gathering projects and installing 1,800 additional charges in northern Louisiana and a $3 million rate increase
ServiceStar units, our remote wellhead monitoring and in Oklahoma. We also obtained rate stabilization clauses
measuring product. Pipeline Services continued to make in northern Louisiana and Oklahoma, which are similar
progress providing pipeline operations, maintenance and to the clause that is already in effect in southern Louisiana.
technical services to third party clients. The stabilization clauses allow us to make small annual
13. Robert Newberry, Project Manager,
Corporate Communications, sizes
up a storage tank at the Sligo Plant
in Haughton, La.
adjustments to rates without filing expensive and time-
consuming rate cases.
In Minnesota, our request for a $22 million rate increase and
new rate design to improve margin stability is currently
under review by regulators. Interim rates of $17 million went
into effect on Oct. 1, 2004, for all customers, subject to
refund. We have reached a settlement with the Minnesota
Department of Commerce for an annualized increase of
approximately $9 million, subject to approval by the
Minnesota Public Utilities Commission (MPUC). A decision Jason Hobbs, Lineman at the Fort Bend Service Center
by the MPUC is expected in the second quarter of 2005, and near Houston, stands ready to serve customers.
we expect to implement new rates by the end of the summer.
In April 2005, we received approval from the Texas our company’s size and skills to continually improve
Railroad Commission for a $2 million base rate increase our operating performance.
for unincorporated areas in Texas. In November of 2004,
we filed a request with the Arkansas Public Service CenterPoint Energy’s electric transmission and distribution
Commission for about $34 million in increases. We expect organization is in the third year of its ongoing program to
a decision to be made on this request in the second improve performance and achieve top-quartile status in
half of 2005. service reliability, cost efficiency and customer satisfaction,
while at the same time, lowering capital spending. They
Get it Right – improving our operating efficiency have had success in improving their operating income
A key element of our strategy to “Get it Right” is to leverage and reducing capital spending, and they are working to
11
14. COMMITTED TO SHAREHOLDERS
Reynaldo Carabajal, Construction and Maintenance Technician,
uncoils piping at a construction site in New Braunfels, Texas.
control costs and continue to make improvements in Targeting new customers for growth
their overall performance. While we continue to experience strong customer growth
in many of our service territories, we are committed to
Our gas delivery business turned in a strong performance in expanding our business by strategically targeting new
2004. In Houston, we achieved our target earnings, despite growth opportunities.
warmer weather during the heating season, primarily
by effectively managing costs. Employees were able to In Minnesota, we are focusing our customer acquisition
stay within budget while meeting service objectives and efforts on high-growth residential areas, ethanol production
controlling capital expenditures and operating and facilities and large natural gas-fired electric generation
maintenance costs. facilities. During 2004, we signed contracts to serve four
new commercial/industrial customers who will use more
Our pipeline businesses are ranked in the top quartile than 5 billion cubic feet (Bcf) of natural gas annually,
among pipeline companies with operations similar to ours, which is equivalent to the consumption of 50,000 residential
according to the results of an internal study conducted in customers. With nearly 240,000 repair plan customers, our
2004. The study benchmarked the operating costs for appliance sales and repair business in Minnesota, Home
Service Plus® (HSP), covers more than 1.3 million appliances
pipelines in the United States as a starting point for
comparisons. We were ranked in the top quartile in all and is the largest furnace and appliance repair provider
measures. Still, recognizing that newly enacted regulatory in Minnesota. It is also the largest provider of residential
requirements are placing increased pressure on our heating, ventilation and air conditioning replacement
operating costs, Pipeline Services and Field Services began equipment in the state.
a full review of our construction and maintenance processes
in 2005 to ensure that we continue to operate our business at In our pipelines business, we signed contracts and filed a
maximum efficiency. request seeking regulatory approval for major pipeline
growth and for an expansion of our Chiles Dome storage
15. W E A R E C O M M I T T E D T O S T R AT E G I C A L LY TA R G E T I N G
NEW GROWTH OPPORTUNITIES
field in Oklahoma. Additionally, we are pursuing on- and off- for Longhorn Partners Pipeline, LP; modernizing our Ada
system storage opportunities to meet increasing customer Storage compression facilities; completing our Integrity
demand brought about by highly volatile commodity prices Management Plan; and developing a strategic workforce
and shifts in gas flows. Increased traditional drilling in our plan to ensure that we meet our future labor requirements.
major supply basins, new coal-bed methane drilling in the
Arkoma Basin and strong relationships with our current
customers offer us new and continuing opportunities to
grow our field services operations.
Similarly, we are aggressively looking for ways to grow and
leverage our ServiceStar business, an industry leading
provider of remote monitoring automation and measurement
services. Plans are under way to unbundle our current
product offerings and add new services that include commu-
nication services, automation of existing electronic flow
measurement devices and monitors, and development of a
personal data application for manual monitoring.
Pipeline Services continued to expand in 2004, managing
customer pipeline integrity projects and offering onshore
and offshore pipeline operations and technical services.
Pipeline Services also continued to provide services to
No matter how remote, ServiceStar, in the fenced
our affiliated pipelines and distribution units. Major
area to the right, can provide monitoring service for
projects we completed included commissioning services
well and compression operations.
13
16. COMMITTED TO CUSTOMERS
Clockwise from top left, Linemen
Nick White left, and James
Candelari ride high at a Houston
freeway construction site; Scott
O’Brien at Houston’s H.O. Clarke
Service Center and Dante Evans,
who helped restore power in
Florida after Hurricane Ivan
caused damage that included
leaving boats aground.
17. W E ’ R E “ A LW AY S T H E R E ” F O R O U R
CUSTOMERS – DELIVERING SAFE AND
R E L I A B L E E N E R G Y S E RV I C E S
CenterPoint Energy has a strong commitment to delivering monthly targets designed to reduce allowable outage time a
safe and reliable electric and natural gas service to our little each month so we could still meet our original goal by
customers. This is at the heart of what we mean when we the end of the year. With hard work by everyone in service
say we are “Always There” for our customers. In 2004, we restoration, we reached our goal. This accomplishment is
delivered on that promise, not only for our own customers, especially significant because it was achieved while
but also for our neighbors in Florida and Alabama, alternating crews shuttled back and forth between Florida
who found themselves without power following four and Alabama to help neighboring utilities restore power
devastating hurricanes. following hurricanes Charley, Frances, Ivan and Jeanne.
Electric Reliability – outage goals achieved Gas Reliability – emergency response times improve
Despite assisting other utilities with their restoration efforts, Delivering natural gas to homes and businesses is
and facing a series of small but powerful spring storms in one of the most reliable forms of energy delivery. We
the Houston area, our employees worked together to find a determine the reliability of our natural gas distribution
way to meet the company’s electric service reliability goals. businesses by measuring both the number of gas
outages and how quickly our crews restore service when
We measure overall reliability results using the there is trouble.
System Average Interruption Duration Index (SAIDI), which
records the number of minutes the average customer is In Houston, the reliability of our natural gas delivery system
without power during the year. Following the unusual series improved over the previous year. We experienced fewer gas
of storms early in the year, it appeared unlikely we could outages and successfully reduced our emergency response
meet our SAIDI goal. By the end of July, we were on a path time by 8.3 percent over 2003.
that would exceed our total allowable outage time by 20
percent. To get back on track, we established a special In Minnesota, system damage and damage location requests
SAIDI Recovery Plan. The plan set aggressive daily and showed an 8.5 percent decrease. We also reduced the
15
18. COMMITTED TO CUSTOMERS
Angel Dominguez reads meters in Houston. Randy Draper, Gas Gathering Technician at the
Haughton, La., office, checks a storage tank.
number of gas outages and the time customers were without 2003. The safety record of our southern gas operations was
service. There were 1,271 customers affected by gas outages exemplary, earning our company the American Gas
in 2004, totaling 6,103 hours. This is an improvement over Association’s (AGA) top safety award for 2003. We improved
2003 when 1,559 customers were without service for a on the 2003 record during 2004, all but assuring a top ranking
total of 6,460 hours. in the next AGA ratings. Similarly, our Houston operations
received an AGA safety award last year for being a leader in
In our southern states, we created a combined Gas Control accident prevention in 2003. Our employees in Houston
Group, which has the ability to track the status of the gas worked 1 million hours without a lost time injury during a
system in “real time.” This allows us to make quicker and one-year period that ended Aug. 27, 2004.
more accurate decisions on how to respond to a cut line or
other problem on the system. It also helps reduce the time In Minnesota, we did not reach our safety goals for
necessary to restore the system and the number of people preventable vehicle collisions, so we implemented several
who may be affected by an outage. measures to reduce vehicle accidents in the future. We have:
• Implemented a program to address distracted driving;
Continuing award-winning safety in our communities
In the communities we serve, we recognize that customers • Provided National Safety Council courses for
count on us to provide safe and reliable energy delivery, our drivers; and
and we honor the trust they have in us. Ensuring that our • Changed our vehicle collision review process
employees operate our systems safely is a key element to include review boards with front-line
of our continuing commitment to both our employees employees, supervisors and managers from
and our customers. multiple divisions.
The overall safety record for our natural gas operations was Our Pipeline Services business achieved the best safety
very good last year, showing significant improvement over performance in its history in 2004, reducing the
19. W E A R E C O M M I T T E D T O C O N T I N U A L LY
IMPROVING OUR SERVICE TO CUSTOMERS
Occupational Safety & Health Administration (OSHA)
Recordable Incident Rate by 15 percent while increasing the
number of hours worked by 9 percent. Our pipelines safety
record is one of the best in the industry.
Operational Excellence –
improving service and response time
All of our business units reported successes in their
operations in 2004.
Our electric operations unit expanded a shared trenching
effort that now includes the installation of both telephone Construction Inspectors Johnny Rawls, left,
and cable lines in the same trench with our electric cable and Fred Pitcher inspect work at a Houston
and gas pipe. As a result of this initiative, we lowered construction site.
installation costs and expect to realize future savings
to receive timely electric service. The new system now
through reduced cable cuts and buried line locator expenses.
identifies instances in which there are multiple service
requests for a single address, and it “stacks” them so they
Also, along with the rest of the Texas retail electric market,
can all be processed at the same time. As a result,
CenterPoint Energy helped launch and complete a massive
CenterPoint Energy’s manual work load is reduced by
two-year project to automate the move-in/move-out process
90 percent, saving us time and money.
for electricity customers. This was a major milestone
involving a collaborative process in which market
Our natural gas delivery business is focusing on implementing
participants worked together to benefit customers. As a
new computer technology to reduce costs and improve
result, customers moving into a new home can expect
17
20. COMMITTED TO CUSTOMERS
Fans of the Houston Livestock Show and Rodeo enjoy the
benefits of electric power and natural gas.
service times. Currently, we are implementing a new and implement a new customer care computer system.
customer care computer system that will replace three We expect to realize annual savings of $10 million beginning in
different computer applications and allow us to realize 2005 as a result of these changes.
significant savings by retiring aging legacy computer
systems. By the end of 2004, we had completed 43 percent of We also granted open access on our rural Texas distribution
this system upgrade and achieved software and personnel systems to qualified commercial and industrial customers.
cost savings. We are scheduled to complete this project With open access, qualified customers obtain their own
by the end of 2005. natural gas supplies and use CenterPoint Energy to
transport these supplies to their facilities. This service was
Additionally, approximately 80 percent of our natural gas already available in Arkansas, northern Louisiana and
distribution crews are now equipped with a new mobile data Oklahoma. The conversion to open access will be complete
system, which uses laptop computers in our trucks, to give us when qualified commercial and industrial customers in
more efficient dispatching and rapid customer service. We southern Louisiana, Mississippi and Houston, Texas, are
plan to have 100 percent of our business using mobile data granted this option in the future.
systems by the fourth quarter of 2005.
In Arkansas, we replaced 84 miles of older cast iron
Technological improvements, however, are not the only and bare steel pipe with more than $23 million worth of
ways we are working to improve service quality. In our new piping. This is part of a 10-year, 1,700-mile pipe
southern gas service territories in Arkansas, Louisiana, replacement program.
Mississippi, Oklahoma and Texas, we completed a major
organizational restructuring program in 2004 without Customer Satisfaction –
operational disruptions. This allowed us to reduce the striving for top-quartile performance
number of payment centers across the service territory, Providing safe, reliable and efficient natural gas and electric
centralize customer call center operations in Shreveport, La., service is where our commitment to customers begins, but
21. WE AIM FOR EXCELLENCE IN OUR WORK SO
O U R C U S T O M E R S C A N E N J O Y W H AT I S M O S T
IMPORTANT IN THEIR LIVES
it doesn’t end until we exceed their expectations for the
products and services we provide. Our customer satisfaction
results in 2004 were mostly positive, with high and improving
scores in our gas operations, but lower scores in our electric
operations. CenterPoint Energy’s goal for all areas of our
company remains top-quartile performance.
In the J.D. Power and Associates (JDPA) annual residential
study of natural gas utilities, our Minnesota customers gave
us a top quartile ranking for customer service in the Midwest
region, an improvement from the second quartile ranking
we achieved last year. Our gas operations in the southern
We help customers enjoy themselves by providing
states outside the city of Houston, which was ranked
lighting at athletic fields.
separately, also showed improved performance, moving up
from the fourth to third quartile in the South region.
storms. These storms occurred at the same time JDPA was
In Houston, our natural gas customer satisfaction scores
surveying customers, which we believe resulted in the
held steady compared to last year, maintaining a second
lower customer ratings.
quartile ranking.
Even though we ultimately achieved our 2004 electric
Our electric customer satisfactions scores, however,
reliability goals, we have renewed our focus on improving
declined from top quartile to third quartile in the power
restoration plan performance by increasing our emphasis on
quality and reliability measure of the JDPA residential study
tree trimming and developing a new strategy to address
of electric utilities. As described on page 15, our service
momentary outages.
territory was hit last spring by a number of unusually strong
19
22. COMMITTED TO CUSTOMERS
WE STRIVE TO MAKE OUR CUSTOMERS’ LIVES MORE
COMFORTABLE, PRODUCTIVE AND ENJOYABLE
During 2004, we placed a heightened emphasis on
increasing customer satisfaction in Pipelines and Field
Services. The results of the independent Mastio Customer
Satisfaction Survey showed significant improvements for
both our interstate pipelines, CenterPoint Energy Gas
Transmission Company (CEGT) and CenterPoint Energy-
Mississippi River Transmission Corporation (MRT). Both
pipelines were ranked in the top quartile, with MRT ranking
third out of 42 pipelines in the Overall Satisfaction Index
and CEGT ranking eighth. A Field Services survey also
showed us with high marks for service, with 73 percent of
our customers rating us either above average or excellent in
CenterPoint Energy natural gas customers such as Ed Lowe meeting their expectations. When asked how well our serv-
enjoy backyard grilling with family and friends. ices are adding value to their business versus expectations,
94 percent said we met or exceeded their expectations.
23. I N S U M M A RY:
E X E C U T I N G O U R C O R P O R AT E S T R AT E G Y
When CenterPoint Energy was created a little more than two • We implemented training and reporting tools to
years ago, we outlined our strategy of One Company, improve internal controls and support Sarbanes-Oxley
Get it Right and Grow. Our successes in 2004 include: Act compliance.
• We expanded our joint trenching program, resulting in
additional cost reductions.
One Company
• We implemented a common computer network and • We helped implement an automated move-in/move-out
work order processing system across our gas process for electric customers.
distribution businesses. • We installed design software that provides savings in
• We held employee conferences to improve commun- overhead and underground electric line construction.
ication between executives and front-line employees. • We cut in half the prep time for building new electric
• We launched CNP University, providing employees access service to subdivisions.
to career development resources and opportunities.
• We stopped using our heritage names, Arkla, Entex Grow
and Minnegasco. • We added more than 91,000 new metered customers.
• We launched our “On the Spot” ad campaign, leveraging • We expanded wholesale gas capabilities in the Midwest.
safety, marketing and service messages to define • We began an open access program to move qualified
CenterPoint Energy to customers. commercial and industrial gas distribution customers
from distribution rates to transportation rates.
• We increased CenterPoint Energy Gas Services
Get It Right
• We completed a major restructuring program in our retail sales and sales to electric and gas utilities.
southern gas operations, estimated to save $10 million • We expanded the Pipeline Group’s gas gathering system.
annually beginning in 2005. • We launched pipeline and gas storage expansions.
• We initiated rate relief proceedings in several
jurisdictions (see pages 10-11 for details).
21
24. COMMITTED TO EMPLOYEES
Top photo from left, Leah Kasparek and
H.O. Clarke Service Area Manager, Marie
Bogan listen as Lineman Carlos Pereda
recounts experiences on the job in Houston.
Inset photo: Human Resources employees,
from left, Alice Otchere, Director; Dinny
Tan, Payroll Tax Accountant; Patricia
Frank, Director; Ira Winsten, Director;
Anthony Serrato, Labor Relations Manager;
and Myrna Saavedra-Flores, Executive
Secretary, discuss employee health plans.
25. WE WORK HARD FOR OUR
E M P L O Y E E S ’ H E A LT H , W E L L - B E I N G
AND OVERALL DEVELOPMENT
“For a forest to be green, each tree must be green
.”
Competitive Compensation –
– Maharishi Mahesh Yogi
incentives, rewards and benefits
CenterPoint Energy strives to attract, motivate and retain
employees by offering competitive pay and benefits. In
CenterPoint Energy’s employees are the source of our
addition to base pay, employees may receive awards for
success. They operate and maintain our energy delivery
exceptional performance and annual short-term incentives
infrastructure. They work to satisfy our customers’ energy
for their role in achieving company goals. These objectives,
needs, whether on the front lines or in the back offices. They
which are tailored for each of our business units, focus
procure materials, process invoices and perform all the
on areas such as financial performance, safety, system
functions necessary and vital to our business. They lead the
reliability and customer satisfaction. Tied to overall company
way in delivering energy to our customers, volunteer service
performance, the measures determine if employee bonuses
to our communities and earnings to our shareholders.
are paid. Bonuses are paid only if the company’s dividends
are paid at least at the previous year’s level. Bonuses were
Safety – our priority
paid to employees in 2004.
Our first commitment to our employees is to keep them
safe. We provide our employees safety training, wellness
Employees may also choose from an array of flexible
information, health and safety updates, and safety policies
benefits to select the medical, dental and vision plans
and practices. Our leadership attends safety meetings, and
that are right for them and their families. Our employee
individual managers and supervisors conduct and document
assistance program provides confidential counseling, legal
periodic on-site safety inspections. Safety initiatives and
help and financial services.
training, such as our online safety training Web sites,
are regularly updated to help improve the safety of our
In addition to a company-funded pension plan, employees
employees. We track vehicular incident and lost time
may contribute a portion of their pay to a 401(k) savings
incident rates and other measures to assess progress toward
plan. Employees are immediately vested in the plan, to
our goal of first quartile safety performance in our industry.
23
26. COMMITTED TO EMPLOYEES
Customer Service Advisors and Representatives in Houston, from left,
Carlos Bueno, Angie Ray, Dianna Ford, Gloria Pinnekins and Anna Nelson.
which the company makes a matching contribution based Our management team is carefully reviewing the suggestions
on a portion of eligible pay. When qualified employees retire, made by employees and will develop and implement plans
they receive credits based on their years of service to help to make the suggested changes.
them pay for medical and dental coverage.
Employee Development –
Employee Surveys – every opinion counts building a world-class workforce
We recognize the critical role employees play in ensuring The survey highlighted our employees’ continued belief in
CenterPoint Energy’s success, so we conduct an employee the importance of career growth and development opportu-
survey every 18 months to ask how we are doing. In 2004, nities. Company management agrees and has made developing
we conducted the second CenterPoint Energy Employee employee skills a key element of our corporate strategy.
Survey based on a set of questions the Hay Group developed
specifically for CenterPoint Energy. The survey allows We took a major step toward improving employee
us to compare our work environment to 300 other development in 2004 by creating CNP University, an online
companies and gives us an indication of how employees resource of virtual and classroom training opportunities
think we can improve. and helpful materials. In addition to a core curriculum of
required training on CenterPoint Energy values, ethics and
The 2004 survey showed high employee satisfaction overall regulatory compliance issues, employees can access three
and provided both positive feedback and opportunities for Schools of Excellence: leadership, business excellence and
further improvement in the company. The survey also personal effectiveness. Services offered include assessments
indicated that employees understand and support the and team-building for workgroups at on-site training facilities
company’s goals, and they believe they can make meaning- and a library of books, videos and other media.
ful contributions to achieving them. Our employees are
focused on our customers and are proud of the quality of
service the company provides.
27. O U R E M P L O Y E E S L E A D T H E WAY I N D E L I V E R I N G E N E R G Y
TO OUR CUSTOMERS, VOLUNTEER SERVICE TO OUR
C O M M U N I T I E S A N D VA L U E T O O U R S H A R E H O L D E R S
Dorothy Rodgers is a
Measurement Analyst
in Shreveport, La.
Dick Walker, Gathering
Technician, works
in Waskom, La.
Ray Robbins, Gathering Technician, stays in touch at the
Sligo Plant in Haughton, La.
Glenn Lea is a Construction
CenterPoint Energy’s employees are also committed to each
& Maintenance Technician
other. As one generation of leaders prepares for retirement,
in New Braunfels, Texas.
it must transfer knowledge to help develop our
leaders of tomorrow. Even after leaving their day-to-day
employment at the company, our commitment to employees
continues, as our retirement and savings plans show. In
2004, the company reaffirmed that commitment by
contributing $476 million to the pension plan. In addition to
benefiting both current and retired employees, this move
added $350 million to shareholders’ equity in 2004.
25
28. COMMITTED TO COMMUNITY
Clockwise from top left, Adrian
Moreno, Service Consultant, and
Donna Novak, Field Service
Representative, repair a home in
Houston; inset: Volunteers clear
away debris during a “Trash
Bash” clean-up near Galveston,
Texas; and, at left, Janie Norton
and Julie Beitler, Engineering
Systems, help restore native
plants at the Dakota Peak
Shaving Station in Minnesota.
29. WE ROLL UP OUR SLEEVES TO HELP
OUR NEIGHBORS IN THE MANY
C O M M U N I T I E S W E S E RV E
Respect for our communities is one of CenterPoint Energy’s Pancake Supper to help fund eye care and educational
core values. Our employees take the initiative to make a dif- summer camps. In Brazoria County, Texas, employees held
ference in other people’s lives through volunteer efforts, with a holiday gift drive for disadvantaged children. In Minnesota,
a special focus on education and economic development. employees raised more than $6,000 for the Food Share
program – enough to feed 318 families of four for a week
by selling 6,000 flowers. Food Share purchases supplies in
Employee Giving – meeting community needs
CenterPoint Energy employees volunteered 95,508 hours in bulk, and every dollar raised buys eight pounds of food.
2004 at corporate-sponsored walkathons, food and blood
drives, fundraising events and independent initiatives.
Based on a standard volunteer rate of $17.19 per hour, this
represents $1.6 million in benefits to our communities. Our
company and employees also made more than $2 million in
direct cash contributions to support 85 United Way agencies
across our service areas. Contributions by our Houston
employees placed us among the top 10 givers in Houston.
Also in the Houston area, the MS150 bicycle team had a
record 100 plus riders and raised more than $65,000 for the
fight against multiple sclerosis.
In Oklahoma, employees raised thousands of dollars for the
American Cancer Society Relay for Life. In Batesville, Ark.,
employees participated in the Special Olympics Master’s Jina Faith, valedictorian at Chavez High School gets
Fun Day. Employees from Alice and Kingsville, Texas, flipped pointers from Ben Carranza, Senior Engineer, H.O.
600 flapjacks at the Premont Lion’s Club’s 51st Annual Clarke Service Center in Houston.
27
30. COMMITTED TO COMMUNITY
nonprofit organizations to share strategies for managing
Community Partnerships – building for tomorrow
We live, work, worship and play in the communities we political, social, economic and technological challenges for
serve. We partner with organizations to make the community the improvement of life in our communities.
a better place. We provide sponsorships, grants and
assistance for education, economic development and family Supporting Education – helping young minds grow
programs. We also support the use and development of CenterPoint Energy knows knowledge is power. In 2004,
minority and women-owned business enterprises, and in employees in our speaker’s bureau made 574 speeches to a
2004, spending with these diverse suppliers was nearly 12 combined audience of 18,638 people. The Electric Universe
percent of our total qualified procurement dollars, excluding and Energy Underground Web sites are popular resources
fuel and certain other expenses. Additionally, our economic for teachers and students. We sponsor or support education
development department worked with 16 companies to
expand or relocate to our Houston service area, bringing
2,251 new jobs and adding $6 billion to the area’s economy.
Our employees in Houston and Minnesota have partnered
with Habitat for Humanity for 15 and 12 years, respectively,
building homes for those in need. In June, more than 125
employees and retirees in Minnesota spent a week siding,
insulating and building a home in Anoka. In Houston, we
received the Texas Public Relations Association’s Silver
Spur Award for our partnership with the University of
Houston in presenting the Power Tools for Nonprofits
Conference. Over the past 11 years, this annual event has Amanda Newsome, left, Employee Service
brought together more than 6,200 professionals from 2,600 Specialist, and Lena Clark, Project Manager,
walked for the United Negro College Fund.
31. W E S U P P O R T E D U C AT I O N A L A N D E N V I R O N M E N TA L
EFFORTS THROUGHOUT THE COMMUNITIES
WHERE WE PROVIDE SERVICE
efforts such as the Houston Hispanic Forum’s Career and communities where we live. Several organizations recognized
Education Day, Junior Achievement and National Scholars us in 2004 for the work we have done to preserve our
Initiative. The Houston Independent School District environment. In Minnesota, employees are helping restore
recognized our 24-year partnership with the district by indigenous species of plants at the Dakota Peak Shaving
inducting CenterPoint Energy into the HISD Hall of Fame. Station in the Minnesota River Valley.
In Mississippi, the Ridgeland Chamber of Commerce “Trees make our communities more livable,” wrote The
recognized district manager Tina Lakey for her work with National Arbor Day Foundation when it named CenterPoint
the Junior Diplomat program, which prepares future leaders. Energy a Tree Line USA Utility in recognition of our “national
Stuart Mouton, a senior service technician in Abbeville, La., leadership in caring for trees while meeting service
taught fourth graders that recognizing the odor of natural objectives.” Tree Line USA is sponsored in cooperation with
gas could save their lives. the National Association of State Foresters.
CenterPoint Energy’s sense of community stretches beyond CenterPoint Energy received the Mayor’s Proud Partners
our service territory. Our company and employees donated award from Houston Mayor Bill White and the Keep
$135,000 to aid tsunami victims in southeast Asia. Our Houston Beautiful program after our volunteers helped
employees spent weeks away from home helping restore remove 11 tons of trash from a two-plus mile stretch of
power to hurricane-ravaged Florida and Alabama. And the Galveston Bay shoreline.
children of the Destino del Reino orphanage in Honduras
will remember their CenterPoint Energy friends who built The National Pollution Prevention Roundtable presented
the power lines that brought them electricity. CenterPoint Energy’s ENERGY STAR program a national
award for helping prevent pollution through the construction
of more energy efficient homes.
Caring for the environment
CenterPoint Energy cares about the environment in the
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32. BOARD OF DIRECTORS
Left to Right: Michael E. Shannon, Robert T. O’Connell, O. Holcombe Crosswell, David M. McClanahan, Milton Carroll,
John T. Cater, Thomas F. Madison and Derrill Cody.
Milton Carroll, 54, is Chairman of the Board. He is also Minnesota Mutual Life Insurance Company. He has been a
Chairman and founder of Instrument Products, Inc., an oilfield CenterPoint Energy board member since 2003. He serves on the
equipment manufacturing company in Houston. He has been a Audit and Compensation Committees.
board member of CenterPoint Energy and its predecessor compa-
nies since 1992. He is Chairman of the Governance Committee and David M. McClanahan, 55, is President and Chief Executive
also serves on the Compensation Committee. Officer of CenterPoint Energy. He has been a member of the
Board of Directors since 2002.
John T. Cater, 69, is a private investor and former Chairman of
Compass Bank – Houston. He has been a board member of Michael E. Shannon, 68, is President of MEShannon &
CenterPoint Energy and its predecessor companies since 1983. He Associates, Inc., a corporate financial advisory services and
is the Chairman of the Compensation Committee and also serves investments company in Houston. He served as Chairman of
on the Finance and Governance Committees. the Board and Chief Administrative and Financial Officer of
Ecolab, Inc., a Fortune 500 specialty chemical company. He has
Derrill Cody, 66, is presently of counsel to the law firm of been a CenterPoint Energy board member since 2003. He is the
McKinney & Stringer, P.C. in Oklahoma City, Okla. He is a former Chairman of the Audit Committee and also serves on the
Executive Vice President of Texas Eastern Corporation and Finance Committee.
Chairman and Chief Executive Officer of Texas Eastern Gas
Pipeline Company. He has been a CenterPoint Energy board Robert T. O’Connell, 66, is a business consultant focusing on
member since 2003. He serves on the Audit, Compensation and financial, strategic and business development matters. He is
Governance Committees. a board member of Commonwealth Corporation and a member
of the Boston Finance Commission, two Massachusetts public
O. Holcombe Crosswell, 64, is President of Griggs Corporation, service entities. He previously served as a director of
a real estate and investment company in Houston. He has been RWD Technologies, Inc.; as Senior Vice President and
a board member of CenterPoint Energy and its predecessor Chief Staff Officer of EMC Corporation; as Chief Financial
companies since 1997. He is Chairman of the Finance Committee Officer of General Motors Corporation and as Chairman of
and also serves on the Audit Committee. General Motors Acceptance Corporation. He has been a
CenterPoint Energy board member since 2004 and serves on
Thomas F. Madison, 69, is President and Chief Executive Officer the Audit and Finance Committees.
of MLM Partners, a small business consulting and investments
company in Minneapolis, Minn. He is a former President of US
West Communications – Markets and served as Vice Chairman of
33. OFFICERS
Left to Right: Dean Liollio, Preston Johnson, Georgianna Nichols, Gary Whitlock, Byron Kelley, David McClanahan,
Tom Standish, Scott Rozzell, Gary Cerny and Wayne Stinnett.
Executive Committee Business Unit Leadership
David M. McClanahan, 55 Walter L. Fitzgerald, 47 Gary M. Cerny, 49
President Vice President Division President
and Chief Executive Officer and Controller and Chief Operating Officer
CenterPoint Energy
Scott E. Rozzell, 56 Carol R. Helliker, 44 Minnesota Gas
Executive Vice President, Vice President,
General Counsel Corporate Compliance Officer Byron R. Kelley, 57 *
and Corporate Secretary and Associate General Counsel Group President
and Chief Operating Officer
Gary L. Whitlock, 55 Marc Kilbride, 52 CenterPoint Energy Pipelines,
Executive Vice President Vice President Pipeline Services and
and Chief Financial Officer and Treasurer Field Services
Floyd J. LeBlanc, 45 Constantine S. Liollio, 46
Vice President Division President
Other Corporate Officers
Corporate Communications and Chief Operating Officer
James S. Brian, 57 CenterPoint Energy
Senior Vice President Joseph B. McGoldrick, 51 Southern Gas Operations
and Chief Accounting Officer Vice President
Strategic Planning Georgianna E. Nichols, 56
Preston Johnson, Jr., 49 Division President
Senior Vice President Rufus S. Scott, 61 and Chief Operating Officer
Human Resources and Vice President, CenterPoint Energy Houston Gas
Shared Services Deputy General Counsel
and Assistant Corporate Secretary Thomas R. Standish, 55 *
Jeff W. Bonham, 42 Group President and
Vice President William J. Starr, 51 Chief Operating Officer
Government Relations Vice President CenterPoint Energy
Tax Houston Electric &
Brenda S. Cauthen, 43 Information Technology
Vice President
Audit Services Wayne D. Stinnett, 54
Division Senior Vice President
CenterPoint Energy Gas Services
* Also Corporate Officers (Senior Vice President)
31
34. F I N A N C I A L I N F O R M AT I O N
The accompanying financial information regarding
CenterPoint Energy and its subsidiaries should be read
in conjunction with the company’s consolidated financial
statements as well as the management’s discussion
and analysis of financial condition and results of
operations, which are presented in the company’s 2004
Annual Report on Form 10-K.
Investors may request, without charge, the company’s
Annual Report on Form 10-K for the year ended Dec. 31, 2004,
by writing or calling CenterPoint Energy Investor Services at
1-888-468-3020. Additional investor information can be found
on the inside back cover of this report and on our Web site,
www.CenterPointEnergy.com/investors.
TABLE OF CONTENTS
Selected Financial Data 33
Condensed Statements of Consolidated Operations 35
Condensed Statements of Consolidated
Comprehensive Income 36
Condensed Consolidated Balance Sheets 37
Condensed Statements of Consolidated Cash Flows 38
Condensed Statements of
Consolidated Shareholders’ Equity 39
Investor Information Inside Back Cover
35. S E L E C T E D F I N A N C I A L D ATA
Year Ended December 31,
2000 2001(1) 2002 2003(2) 2004(3)
(In millions, except per share amounts)
Revenues $ 6,949 $ 7,148 $ 6,438 $ 7,790 $ 8,510
Income from continuing operations before extraordinary
loss and cumulative effect of accounting change 52 357 482 409 205
Discontinued operations, net of tax 395 565 (4,402) 75 (133)
Extraordinary loss, net of tax — — — — (977)
Cumulative effect of accounting change, net of tax — 58 — — —
Net income (loss) attributable to common shareholders $ 447 $ 980 $ (3,920) $ 484 $ (905)
Basic earnings (loss) per common share:
Income from continuing operations before extraordinary
loss and cumulative effect of accounting change $ 0.18 $ 1.23 $ 1.62 $ 1.35 $ 0.67
Discontinued operations, net of tax 1.39 1.95 (14.78) 0.24 (0.43)
Extraordinary loss, net of tax — — — — (3.18)
Cumulative effect of accounting change, net of tax — 0.20 — — —
Basic earnings (loss) per common share $ 1.57 $ 3.38 $ (13.16) $ 1.59 $ (2.94)
Diluted earnings (loss) per common share:
Income from continuing operations before extraordinary
loss and cumulative effect of accounting change $ 0.18 $ 1.22 $ 1.61 $ 1.24 $ 0.61
Discontinued operations, net of tax 1.38 1.93 (14.69) 0.22 (0.37)
Extraordinary loss, net of tax — — — — (2.72)
Cumulative effect of accounting change, net of tax — 0.20 — — —
Diluted earnings (loss) per common share $ 1.56 $ 3.35 $ (13.08) $ 1.46 $ (2.48)
Cash dividends paid per common share $ 1.50 $ 1.50 $ 1.07 $ 0.40 $ 0.40
Dividend payout ratio from continuing operations 833% 122% 66% 30% 60%
Return from continuing operations on average common equity 1.0% 5.8% 11.8% 25.7% 14.4%
Ratio of earnings from continuing operations to fixed charges 1.39 1.99 2.03 1.81 1.43
33
36. Year Ended December 31,
2000 2001
(1)
2002 2003(2) 2004(3)
(In millions, except per share amounts)
At year-end:
Book value per common share $ 19.10 $ 22.77 $ 4.74 $ 5.77 $ 3.59
Market price per common share 43.31 26.52 8.01 9.69 11.30
Market price as a percent of book value 227% 116% 169% 168% 315%
Assets of discontinued operations $ 18,479 $ 16,840 $ 4,594 $ 4,244 $ 1,565
Total assets 35,936 32,020 20,635 21,461 18,162
Short-term borrowings 4,799 3,469 347 63 —
Long-term debt obligations, including current maturities 4,989 4,712 9,996 10,939 9,029
Trust preferred securities(4) 705 706 706 — —
Cumulative preferred stock 10 — — — —
Capitalization:
Common stock equity 49% 55% 12% 14% 11%
Trust preferred securities 6% 6% 6% — —
Long-term debt, including current maturities 45% 39% 82% 86% 89%
Capital expenditures, excluding discontinued operations $ 653 $ 802 $ 566 $ 497 $ 530
(1)
2001 net income includes the cumulative effect of an accounting change resulting from the adoption of SFAS No. 133, “Accounting for
Derivative Instruments and Hedging Activities” ($58 million after-tax gain, or $0.20 earnings per basic and diluted share). For additional
information related to the cumulative effect of accounting change, please read Note 5 to our consolidated financial statements.
(2)
2003 net income includes the cumulative effect of an accounting change resulting from the adoption of SFAS No. 143, “Accounting for
Asset Retirement Obligations” ($80 million after-tax gain, or $0.26 and $0.24 earnings per basic and diluted share, respectively), which is
included in discontinued operations related to Texas Genco.
(3)
2004 net income includes an after-tax extraordinary loss of $977 million ($3.18 and $2.72 loss per basic and diluted share, respectively)
based on our analysis of the Texas Utility Commission’s deliberations in the 2004 True-Up Proceeding. Additionally, we recorded a net
after-tax loss of approximately $133 million ($0.43 and $0.37 loss per basic and diluted share, respectively) in 2004 related to our interest
in Texas Genco. For more information on these and other matters currently affecting us, please see “Management’s Discussion and
Analysis of Financial Condition and Results of Operations — Executive Summary — Significant Events in 2005” in our 2004 Form 10-K.
(4)
The subsidiary trusts that issued trust preferred securities have been deconsolidated as a result of the adoption of FIN 46 “Consolidation
of Variable Interest Entities, an Interpretation of Accounting Research Bulletin No. 51” (FIN 46) and the subordinated debentures issued
to those trusts are now reported as long-term debt effective December 31, 2003. For additional information related to the adoption of FIN
46, please read Note 2(n) to our consolidated financial statements.
37. C O N D E N S E D S TAT E M E N T S O F C O N S O L I D AT E D O P E R AT I O N S
Year Ended December 31,
2002 2003 2004
(In thousands, except per share amounts)
$ 6,437,505 $ 7,789,681 $ 8,510,428
Revenues
Expenses:
Natural gas 2,953,871 4,297,914 5,524,451
Other operating expenses 1,586,283 1,670,783 1,632,540
Depreciation and amortization 457,608 465,571 489,642
Total 4,997,762 6,434,268 7,646,633
1,439,743 1,355,413 863,795
Operating Income
(685,534) (741,578) (519,774)
Other Income (Expense)
Income From Continuing Operations Before Income Taxes and
754,209 613,835 344,021
Extraordinary Loss
Income Tax Expense (272,246) (205,064) (138,306)
481,963 408,771 205,715
Income From Continuing Operations Before Extraordinary Loss
(4,402,197) 74,896 (133,083)
Discontinued Operations, net of tax
(3,920,234) 483,667 72,632
Income (Loss) Before Extraordinary Loss
Extraordinary Loss, net of tax — — (977,336)
$ (3,920,234) $ 483,667 $ (904,704)
Net Income (Loss)
Basic Earnings Per Share:
Income from Continuing Operations $ 1.62 $ 1.35 $ 0.67
Discontinued Operations, net of tax (14.78) 0.24 (0.43)
Extraordinary Loss, net of tax — — (3.18)
Net Income (Loss) $ (13.16) $ 1.59 $ (2.94)
Diluted Earnings Per Share:
Income from Continuing Operations $ 1.61 $ 1.24 $ 0.61
Discontinued Operations, net of tax (14.69) 0.22 (0.37)
Extraordinary Loss, net of tax — — (2.72)
Net Income (Loss) $ (13.08) $ 1.46 $ (2.48)
See Notes to the Consolidated Financial Statements in the Company’s Form 10-K.
35
38. C O N D E N S E D S TAT E M E N T S O F C O N S O L I D AT E D C O M P R E H E N S I V E I N C O M E
Year Ended December 31,
2002 2003 2004
(In thousands of dollars)
Net income (loss) $(3,920,234) $ 483,667 $ (904,704)
Other comprehensive income (loss), net of tax:
Minimum pension liability adjustment (414,254) 47,296 366,594
Other comprehensive income (loss) from continuing operations (29,910) 30,988 (16,316)
Other comprehensive income (loss) from discontinued operations 161,176 680 (3,573)
Other comprehensive income (loss) (282,988) 78,964 346,705
Comprehensive income (loss) $(4,203,222) $ 562,631 $ (557,999)
See Notes to the Consolidated Financial Statements in the Company’s Form 10-K.
39. C O N D E N S E D C O N S O L I D AT E D B A L A N C E S H E E T S
December 31,
2003 2004
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents $ 86,922 $ 164,645
Other current assets 1,967,944 2,158,111
Current assets of discontinued operations 301,765 513,768
Total current assets 2,356,631 2,836,524
8,084,924 8,186,393
Property, Plant and Equipment, net
Other Assets:
Goodwill, net 1,740,510 1,740,510
Regulatory assets 4,930,793 3,349,944
Other non-current assets 405,936 997,428
Non-current assets of discontinued operations 3,942,296 1,051,158
Total other assets 11,019,535 7,139,040
$ 21,461,090 $ 18,161,957
Total Assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-term borrowings and current portion of long-term debt $ 223,927 $ 1,835,988
Regulatory liabilities 186,239 225,158
Other current liabilities 1,794,936 2,677,080
Current liabilities of discontinued operations 332,125 448,974
Total current liabilities 2,537,227 5,187,200
Other Liabilities:
Accumulated deferred income taxes and unamortized investment tax credits 2,292,263 2,468,833
Regulatory liabilities 1,358,030 1,081,370
Other non-current liabilities 1,278,646 705,643
Non-current liabilities of discontinued operations 1,277,760 420,393
Total other liabilities 6,206,699 4,676,239
10,777,934 7,193,016
Long-term Debt
Commitments and Contingencies
178,673 —
Minority Interest in Discontinued Operations
1,760,557 1,105,502
Shareholders’ Equity
$ 21,461,090 $ 18,161,957
Total Liabilities and Shareholders’ Equity
See Notes to the Consolidated Financial Statements in the Company’s Form 10-K.
37