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Meldungen 06.11.2002

6.11.2002: Meldung: Calpine Corporation: Third Quarter 2002 Financial Results

Calpine Reports Third Quarter 2002 Financial Results

Tuesday November 5, 8:32 am ET

 

SAN JOSE, Calif., Nov. 5 / San Jose, Calif.-based Calpine Corporation (NYSE: CPN - News), the nation"s leading independent power company, today announced financial and operating results for the quarter and nine months ended September 30, 2002.

For the third quarter 2002, Calpine reported $0.36 diluted earnings per share, or $161.3 million in net income, compared with $0.88 diluted earnings per share, or $320.8 million of net income, in the third quarter of 2001. Before certain non-recurring items (as detailed in the attached Supplemental Data), Calpine reported $0.38 diluted earnings per share, or $170.9 million in net income.

 

For the nine months ended September 30, 2002, Calpine earned $0.45 diluted earnings per share, or $159.6 million in net income, compared with $1.57 diluted earnings per share, or $548.1 million of net income, for the same period of 2001. Before certain non-recurring items (as detailed in the attached Supplemental Data), Calpine reported $0.74 diluted earnings per share, or $293.9 million in net income.

 

Third Quarter

2002 2001 % Chg

 

Megawatt-hours Generated (millions) 23.4 13.7 71%

Megawatts in Operation 18,650 11,100 68%

Revenue (millions) $2,495 $2,520 (1)%

GAAP:

Net Income (millions) $161.3 $320.8 (50)%

Diluted Earnings Per Share $0.36 $0.88 (59)%

Recurring:

Net Income (millions) (a) $170.9 $320.8 (47)%

Diluted Earnings Per Share (a) $0.38 $0.88 (57)%

EBITDA, as adjusted (millions) (b) $482.9 $625.2 (23)%

Recurring EBITDA,

as adjusted (millions) (c) $478.6 $625.2 (23)%

Total Assets (billions) $23 $19 21%

 

(a) See attached Supplemental Data for reconciliation of GAAP net income

to net income from recurring operations.

(b) Earnings Before Interest, Tax, Depreciation and Amortization, as

adjusted; see attached Supplemental Data for reconciliation from net

income.

(c) See attached Supplemental Data for reconciliation of EBITDA, as

adjusted to recurring EBITDA, as adjusted.

 

 

"I am pleased to report that Calpine earned $170.9 million of recurring net income for the third quarter of 2002," stated Calpine Chairman and CEO Peter Cartwright. "Our consistent and disciplined strategy and seasoned management team have proven successful under difficult market conditions. In the beginning of the year, Calpine set in motion a revised business plan to meet the challenges and uncertainties of the power industry and capital markets. We implemented this program to achieve critical near-term goals in an incremental and decisive manner, while continuing to execute upon a proven business model to sustain the long-term value of our core power generating business.

 

"We continue to execute and refine this program with measurable and effective results. We have reduced our 2002/2003 capital spending by more than $4 billion, continued to strengthen liquidity through non-strategic asset sales, and we have improved our balance sheet through the retirement of debt. Equally important, Calpine has completed more than $3 billion of financings this year, and we are in active discussions with our lenders as we prepare to launch our 2003 refinancing program.

 

"Over the past twelve months, Calpine has developed and is now implementing a new organizational structure designed to transition Calpine from a development and construction-focused company to one of North America"s premier power producers, focused on operating our generating assets to maximize efficiencies, lower costs and further leverage economies of scale. We will continue to focus on marketing our products and services to enhance value for our customers and Calpine. This new organizational structure benefits Calpine and our customers and will contribute significantly to our goal of becoming the lowest cost producer in the markets we serve.

 

"By the end of 2002, Calpine will own and operate one of the industry"s cleanest, largest and most fuel-efficient fleet of natural gas-fired generating facilities. Calpine has the core earnings power, strong operating assets, predictable cash flow and the demonstrated business model that meets the challenges and opportunities in today"s dynamic power industry."

 

2002 Third Quarter Financial Results

 

Financial results for the three and nine months ended September 30, 2002, were affected by a significant decrease in electricity prices and spark spreads compared with the same periods in 2001, primarily reflecting an increase in supply. The company has experienced a significant drop in margin from trading activities, which reflects the company"s decision to limit this activity due to costs associated with credit support for trading.

 

Total electrical generating production for the three and nine months ended September 30, 2002, increased by 71% and 87%, respectively, as the company brought additional facilities into operation. However, the combination of lower spark spreads on electrical generation, lower revenue on sales of oil and gas, and lower trading gains resulted in decreases of 30% and 26%, respectively, in gross profit for the three and nine months ended September 30, 2002, compared with the same periods in 2001. Calpine"s low-cost of production, economies of scale and portfolio of long-term contracts helped to mitigate the effects of the depressed power market on Calpine"s financial results.

 

Financial results for the third quarter of 2002 reflect higher project development costs, as the company expensed costs related to the indefinite suspension of certain development projects; increased other income, primarily as a result of a $38.6 million pre-tax gain from the termination of a power sales agreement; and a lower effective tax rate.

 

In accordance with the requirements of Emerging Issues Task Force (EITF) Issue No. 02-03: Recognition and Reporting of Gains and Losses on Energy Trading Contracts, Calpine has shown trading activity on a net rather than gross basis in its financial results for the current period and has restated prior period results accordingly. Also, in compliance with Statement of Financial Accounting Standards (SFAS) No. 144: Accounting for the Impairment or Disposal of Long-Lived Assets, the company has reclassified results for certain assets sold or held for sale as discontinued operations and has restated prior period results accordingly. Additionally, effective July 1, 2002, the company has early-adopted SFAS No. 145, which rescinds Financial Accounting Standards Board Statement No. 4, Reporting Gains and Losses from Extinguishment of Debt. As a result of the early adoption of SFAS No. 145, Calpine has reclassified debt extinguishment gains and losses from extraordinary gain or loss to other income or expense for both current and prior periods. The accounting changes noted above do not change reported net income in either the current or prior periods. As a result of the foregoing accounting changes, Deloitte & Touche, Calpine"s independent auditor, will re-audit the company"s results for the years ended December 31, 2000 and 2001.

 

Operations-Focused Industry Leader

 

Calpine is one of North America"s largest power producers, with 75 energy centers in operation today. Its fleet of modern energy centers, representing more than 18,600 megawatts of capacity, is considered one of the most modern, efficient and environmentally sound natural gas-fired portfolios of its kind in the power industry.

 

The company continues to maintain a very high level of availability for its generating assets, and it has lowered its cost of production through improved efficiencies and economies of scale. These facilities are strategically located in significant energy markets across North America, with a large natural gas-fired unit in the United Kingdom.

 

Operations highlights:

 

Achieved a 93% average availability for the past 12 months;

Commissioned 20 plants in 2002, adding more than 7,600 megawatts;

Increased power production by 87% over 2001 levels, to 53.8 million

megawatt-hours for the first nine months of 2002;

 

Achieved an average merchant baseload heat rate of under 7,000 British thermal units per kilowatt-hour; and

Continued construction for 24 natural gas-fired facilities, representing an additional 9,800 megawatts of capacity.

Customer-Focused Marketing Program

 

Consistent with its proven business model, Calpine continues to enter into long-term contracts directly with load-serving customers throughout North America. In addition, Calpine Energy Services acquires low-cost natural gas to fuel the company"s generating facilities, sells electricity from Calpine"s generating plants, as well as a variety of ancillary services, and continues to maximize the value of Calpine"s portfolio. This proven and consistent marketing model has significantly contributed to Calpine"s continued ability to generate earnings and cash flow during extremely volatile market conditions.

 

"Despite the turmoil in the energy trading markets, Calpine Energy Services continues to perform in an efficient and highly ethical manner, reliably and cost-effectively moving gas to our plants and power to our customers," stated Cartwright.

 

Over the past 12 months, Calpine has entered into long-term contracts with load-serving and industrial customers, totaling nearly 4,000 megawatts of power sales. The company is currently in negotiations with other load-serving entities for up to 3,000 megawatts of additional long-term power sales.

 

Liquidity-Enhancing Initiatives

 

Calpine continues to make significant progress in 2002 toward completing its previously identified liquidity-enhancing initiatives:

 

-- Through completed or pending transactions of asset sales, will

generate approximately $300 million of cash; in the aggregate,

assets sales exceeded book value; company continues to evaluate

additional asset sales, including certain contracted power

facilities, oil and gas properties and contract monetizations;

-- Received approximately $160 million in cash from the initial public

offering of its Calpine Power Income Fund in Canada; a follow-on

offering of the fund during the next several months is under review;

-- Reduced outstanding debt by approximately $300 million through the

sale of oil and gas properties;

-- Completed a $106-million, non-recourse project financing for its

Blue Spruce Energy Center in Colorado;

-- Continued to finalize funding for lease financing for an 11-unit

California peaking program, representing approximately 500-megawatts

of capacity; financing is expected to generate approximately

$400 million in cash: 50% of financing is expected to close in the

fourth quarter, with the balance of financing to be finalized upon

completion of construction program in the first quarter of 2003; and

-- Continued to finalize the lease financing of its Zion peaking

facility; company expects to complete this $150-million transaction

by the end of 2002.

 

 

"Calpine remains committed to building a significant liquidity cushion to fund our 2003 capital commitments," stated Calpine Chief Financial Officer Bob Kelly. "We have made significant progress this year and have identified additional opportunities that will further enhance our liquidity position and strengthen our balance sheet."

 

Discussions continue with the company"s major equipment manufacturers, General Electric, Siemens-Westinghouse and Toshiba, to restructure its existing orders for gas and steam turbines. The company expects to complete these negotiations by the end of 2002.

 

2002 Earnings Guidance

 

The company is updating its expectations for diluted earnings per share from recurring operations for the year ending December 31, 2002 to approximately $0.75 to $0.80 per share. The company intends to provide guidance on 2003 earnings when it reports 2002 year-end results.

 

Conference Call Information

 

Calpine will host a conference call to discuss third quarter 2002 results. The conference call will occur Tuesday, November 5, 2002, at 7:30 am PST. To participate via the teleconference (in listen-only mode), dial 1-888-603-6685 at least five minutes before the start of the conference call. In addition, Calpine will simulcast the conference call live via the Internet. The web cast can be accessed and will be available for 30 days on the investor relations page of Calpine"s website at www.calpine.com.

 

About Calpine

 

Based in San Jose, Calif., Calpine Corporation is an independent power company that is dedicated to providing wholesale and industrial customers with clean, efficient, natural gas-fired power generation. It generates and markets power through plants it develops, owns and operates in 23 states in the United States, three provinces in Canada and in the United Kingdom. Calpine also is the world"s largest producer of renewable geothermal energy, and it owns approximately 1.0 trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit its website at www.calpine.com.

 

 

CALPINE CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements of Operations

For the Three and Nine Months Ended September 30, 2002 and 2001

(In thousands, except per share amounts)

(unaudited)

 

Three Months Ended Nine Months Ended

September 30, September 30,

2002 2001 2002 2001

Revenue:

Electric generation

and marketing revenue

Electricity and

steam revenue $947,326 $710,506 $2,269,892 $1,804,889

Sales of purchased

power for hedging

and optimization 1,282,976 1,653,088 2,526,555 2,680,488

Total electric

generation and

marketing revenue 2,230,302 2,363,594 4,796,447 4,485,377

Oil and gas production

and marketing revenue

Oil and gas sales 21,827 54,693 89,585 239,940

Sales of purchased

gas for hedging

and optimization 231,893 56,916 666,095 412,782

Total oil and gas

production and

marketing revenue 253,720 111,609 755,680 652,722

Trading revenue, net

Realized revenue on

power and gas trading

transactions, net 6,845 16,700 15,276 21,340

Unrealized mark-to-market

gain (loss) on power and

gas transactions, net (10,957) 7,128 (5,952) 107,862

Total trading

revenue, net (4,112) 23,828 9,324 129,202

Income from

unconsolidated investments

in power projects 10,176 6,859 10,499 9,021

Other revenue 4,924 14,261 14,792 28,444

Total revenue 2,495,010 2,520,151 5,586,742 5,304,766

Cost of revenue:

Electric generation

and marketing expense

Plant operating expense 141,262 93,709 374,497 246,045

Royalty expense 4,743 5,255 13,092 23,181

Purchased power expense

for hedging and

optimization 1,059,840 1,394,871 2,039,954 2,396,804

Total electric

generation and

marketing expense 1,205,845 1,493,835 2,427,543 2,666,030

Oil and gas production

and marketing expense

Oil and gas

production expense 22,953 13,009 67,381 62,371

Purchased gas expense

for hedging and

optimization 220,775 52,856 678,192 389,814

Total oil and

gas production and

marketing expense 243,728 65,865 745,573 452,185

Fuel expense 525,478 327,947 1,208,092 846,195

Depreciation, depletion

and amortization expense 117,568 80,044 310,943 199,509

Operating lease expense 36,520 27,830 108,917 83,289

Other expense 3,539 3,485 8,333 9,474

Total cost

of revenue 2,132,678 1,999,006 4,809,401 4,256,682

Gross profit 362,332 521,145 777,341 1,048,084

Project development expense 23,922 4,894 59,973 25,106

Equipment cancellation and

asset impairment charge 3,714 -- 172,185 --

General and

administrative expense 57,280 29,357 170,369 114,924

Merger expense -- -- -- 41,627

Income from operations 277,416 486,894 374,814 866,427

Interest expense 113,847 47,657 239,112 107,473

Distributions on trust

preferred securities 15,386 15,385 46,159 45,948

Interest income (10,842) (21,073) (32,780) (60,870)

Other income, net (33,778) (7,875) (49,128) (15,092)

Income before provision

for income taxes 192,803 452,800 171,451 788,968

Provision for income taxes 48,406 139,304 38,805 278,161

Income before discontinued

operations, extraordinary

gain (loss), and cumulative

effect of a change in

accounting principle 144,397 313,496 132,646 510,807

Discontinued operations,

net of taxprovision of

$9,675, $4,903, $15,059

and $24,374 16,950 7,303 26,950 36,284

Cumulative effect of a

change in accounting

principle, net of tax

provision of $-, $-,

$- and $669 -- -- -- 1,036

Net income $161,347 $320,799 $159,596 $548,127

 

Basic earnings per common share:

Weighted average

shares of common

stock outstanding 376,957 304,666 346,816 302,649

Income before discontinued

operations and cumulative

effect of a change in

accounting principle $0.38 $1.03 $0.38 $1.69

Income from discontinued

operations, net of tax $0.05 $0.02 $0.08 $0.12

Cumulative effect of a

change in accounting principle $-- $-- $-- $--

Net income $0.43 $1.05 $0.46 $1.81

Diluted earnings per common share:

Weighted average

shares of common

stock outstanding before

dilutive effect of certain

convertible securities 382,607 318,552 355,577 317,880

Income before dilutive

effect of certain convertible

securities, discontinued

operations and cumulative

effect of a change in

accounting principle $0.38 $0.98 $0.37 $1.61

Dilutive effect of certain

convertible securities (A) $(0.05) $(0.12) $-- $(0.14)

Income before discontinued

operations and cumulative

effect of a change in

accounting principle $0.33 $0.86 $0.37 $1.47

Income from discontinued

operations, net of tax $0.03 $0.02 $0.08 $0.10

Cumulative effect of a

change in accounting principle $-- $-- $-- $--

Net income $0.36 $0.88 $0.45 $1.57

 

 

 

The financial information presented above and in the Supplemental Data attached hereto is subject to adjustment until the company files its Form 10-Q with the Securities and Exchange Commission for the quarter ended September 30, 2002.

 

(A) Includes the effect of the assumed conversion of certain dilutive

convertible securities. No convertible securities were included in

the nine months ended 2002 amounts as the securities were

antidilutive. For the three months ended September 30, 2002, and

for the three and nine months ended September 30, 2001, the assumed

conversion calculation added 99,377, 58,153, and 52,353 shares of

common stock and $14,326, $12,435, and $33,204 to the net income

results, respectively.

 

 

CALPINE CORPORATION AND SUBSIDIARIES

Supplemental Data

(unaudited)

 

RECONCILIATION OF GAAP NET INCOME TO NET INCOME

FROM RECURRING OPERATIONS

Three Diluted Three Diluted

Months Earnings Months Earnings

Ended (loss) Ended (loss)

Sept. 30, per Sept. 30, per

2002 Share 2001 Share

 

(in thousands, except per share amounts)

(all amounts are reflected net of tax (A) )

 

GAAP net income $161,347 $0.36 $320,799 $0.88

Gain on sale of

discontinued operations (12,905) (0.03) -- --

Severance and other costs

in connection with

reduction in work force 3,039 0.01 -- --

Deferred project

cost write-offs 5,414 0.01 -- --

Loss on sale of turbines 2,094 -- -- --

Tax true-up of first

quarter equipment

cancellation charge 9,333 0.02 -- --

Equipment cancellation cost 2,606 0.01 -- --

Net income from

recurring operations $170,928 $0.38 $320,799 $0.88

 

 

Nine Diluted Nine Diluted

Months Earnings Months Earnings

Ended (loss) Ended (loss)

Sept. 30, per Sept. 30, per

2002 Share 2001 Share

 

(in thousands, except per share amounts)

(all amounts are reflected net of tax (A) )

 

GAAP net income $159,596 $0.45 $548,127 $1.57

Gain on sale of

discontinued operations (12,905) (0.03) -- --

Severance and other

costs in connection with

reduction in work force 6,370 0.01 -- --

Deferred project

cost write-offs 19,753 0.04 -- --

Loss on sale of turbines 2,105 -- -- --

Cumulative effect of

a change in

accounting principle -- -- (1,036) --

Equipment cancellation cost 121,459 0.28 -- --

(Gain) loss on

extinguishment of debt (2,463) (0.01) 1,300 --

Merger expense -- -- 27,311 0.07

Net income from

recurring operations $293,915 $0.74 $575,702 $1.64

 

 

CASH FLOW DATA

Nine Months Ended

September 30,

2002 2001

(in thousands)

 

Cash provided by operating activities $811,444 $487,716

Cash used in investing activities (3,241,719) (6,099,513)

Cash provided by financing activities 1,562,319 5,492,094

Effect of exchange rate

changes on cash and cash equivalents 2,223 --

Net increase (decrease)

in cash and cash equivalents $(865,733) $(119,703)

 

 

RECONCILIATION OF GAAP NET INCOME TO EBITDA, AS ADJUSTED (B)

 

Three Months Ended Nine Months Ended

September 30, September 30,

2002 2001 2002 2001

(in thousands)

 

GAAP net income $161,347 $320,799 $159,596 $548,127

(Income) from

unconsolidated

investments in

power projects (10,176) (6,859) (10,499) (9,022)

Distributions from

unconsolidated

investments in

power projects 2,126 1,137 2,144 3,596

Adjusted net income 153,297 315,077 151,241 542,701

 

Interest expense 113,847 47,657 239,112 107,473

1/3 of operating

lease expense 12,173 9,277 36,305 27,763

Distributions on trust

preferred securities 15,386 15,385 46,159 45,947

Provision for income taxes 48,406 139,304 38,805 278,161

Depreciation, depletion

and amortization expense 117,568 80,044 310,943 199,509

Interest expense,

provision for income

taxes and depreciation from

discontinued operations 22,178 18,411 51,286 66,014

EBITDA, as adjusted $482,855 $625,155 $873,851 $1,267,568

 

 

RECONCILIATION OF EBITDA, AS ADJUSTED TO RECURRING EBITDA, AS ADJUSTED

 

Three Months Ended Nine Months Ended

September 30, September 30,

2002 2001 2002 2001

(in thousands)

 

EBITDA, as adjusted $482,855 $625,155 $873,851 $1,267,568

Equipment cancellation cost 3,714 -- 172,185 --

Deferred project cost,

turbine write-offs 7,716 -- 28,002 --

Severance and other costs

in connection with

reduction in work force 4,331 -- 9,031 --

Loss on sale of turbines 2,983 -- 2,983 --

Merger expense -- -- -- 41,627

(Gain) loss on

extinguishment of debt -- -- (3,492) 2,134

Gain on sale of

discontinued operations (22,996) -- (22,996) --

Cumulative effective of a

change in accounting

principle, net of tax provision -- -- -- (1,036)

Recurring EBITDA,

as adjusted $478,603 $625,155 $1,059,564 $1,310,293

 

 

SUPPLEMENTARY POWER DATA

Three Months Ended Nine Months Ended

September 30, September 30,

2002 2001 2002 2001

 

Generation (in MWh) (C) 23,375,000 13,687,000 53,809,000 28,804,000

 

Average electric price

realized (per MWh) $50.26 $71.10 $51.41 $72.89

 

Average spark spread

realized (per MWh) $26.14 $46.54 $26.48 $41.05

 

 

SUPPLEMENTARY NATURAL GAS DATA

Three Months Ended Nine Months Ended

September 30, September 30,

2002 2001 2002 2001

(in Bcfe)

 

Natural Gas Production

United States 15 12 42 30

Canada 19 24 61 72

Total 34 36 103 102

 

Average Daily Production Rate 0.365 0.387 0.375 0.374

 

 

CALPINE CONTRACTUAL PORTFOLIO - AS OF SEPTEMBER 30, 2002

 

2003 2004 2005 2006 2007

Estimated Generation

(in millions of mwh)

- Baseload 156.2 178.7 190.5 190.5 190.5

- Peaking 22.9 25.5 26.3 26.3 26.3

Total 179.1 204.2 216.8 216.8 216.8

 

Contractual Generation

(in millions of mwh)

- Baseload 80.6 69.5 71.1 68.7 58.8

- Peaking 18.4 18.5 18.5 17.4 17.4

Total 99.0 88.0 89.6 86.1 76.2

 

% Sold

- Baseload 52% 39% 37% 36% 31%

- Peaking 80% 73% 70% 66% 66%

Total 55% 43% 41% 40% 35%

 

Contractual Spark

Spread per mwh $21.05 $22.46 $21.85 $21.67 $22.34

 

 

CAPITALIZATION As of As of

Sept. 30, 2002 Dec. 31, 2001

 

Cash balance (in billions) $0.7 $1.5

 

Total debt (in billions) $13.4 $12.7

 

Debt to capitalization ratio 72% 75%

 

Present value of operating leases (in billions) $2.2 $2.3

 

Unconsolidated debt of equity

method investments

(estimated, in billions) (D) $0.2 $0.2

 

(in thousands):

 

Short-term debt

Notes payable and borrowings under

lines of credit, current portion $250,389 $23,238

Capital lease obligation, current portion 3,001 2,206

Construction/project

financing, current portion 167,509 --

Zero-Coupon Convertible

Debentures Due 2021 -- 878,000

Total short-term debt 420,899 903,444

 

Long-term debt

Notes payable and borrowings

under lines of credit, net

of current portion 1,002,453 74,750

Capital lease obligation,

net of current portion 205,149 207,219

Construction/project financing,

net of current portion 3,510,595 3,393,410

Convertible Senior Notes Due 2006 1,200,000 1,100,000

Senior notes 7,089,746 7,049,038

Total long-term debt 13,007,943 11,824,417

 

Total debt $13,428,842 $12,727,861

 

Company-obligated mandatorily

redeemable convertible preferred

securities of subsidiary trusts $1,123,787 $1,123,024

Minority interests $198,875 $47,389

Total stockholders" equity (E) $3,920,942 $3,010,569

 

Total capitalization $18,672,446 $16,908,843

 

Debt to capitalization ratio

Total debt $13,428,842 $12,727,861

Total capitalization $18,672,446 $16,908,843

Debt to capitalization 72% 75%

 

(A) Based on the company"s effective tax rate of approximately 29.8% and

29.5% for the three and nine months ended, respectively.

(B) This non-GAAP measure is presented not as a measure of operating

results, but rather as a measure of our ability to service debt. It

should not be construed as an alternative to either (i) income

(loss) from operations or (ii) cash flows from operating activities

to be disclosed in the company"s Form 10-Q for the quarter ended

September 30, 2002. It is defined as net income less income from

unconsolidated investments, plus cash received from unconsolidated

investments, plus provision for tax, plus interest expense, plus

one-third of operating lease expense, plus depreciation, depletion

and amortization, plus distributions on trust preferred securities.

The interest, tax and depreciation and amortization components of

discontinued operations are added back in calculating EBITDA, as

adjusted.

(C) Does not include MWh generated by unconsolidated investments in

power projects.

(D) Amounts based on Calpine"s ownership percentage.

(E) Includes other comprehensive loss ("OCI") of $230,616 at

September 30, 2002 and $226,574 at December 31, 2001. Excluding OCI

from stockholders" equity would change the debt to capitalization

ratio to 71% at September 30, 2002, and would change the ratio to

74% at December 31, 2001.

 

 

Source: Calpine Corporation

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