2.5.2005: Meldung: Calpine Corp.: First Quarter 2005 Financial Update
Friday April 29, 7:30 am ET
EBITDA, Earnings and Cash In-Line With Company Expectations
SAN JOSE, Calif., April 29 / -- Calpine Corporation (NYSE: CPN - News) is providing an estimate of key financial highlights for the three months ended March 31, 2005. These preliminary results are unaudited and subject to final adjustments. Further details will be provided in the company"s first quarter earnings conference call scheduled for May 5, 2005, at 8:30 a.m. Pacific Daylight Time.
"Calpine is providing this update to assure investors that first quarter financial results were in-line with our expectations and that we remain on track to achieve our 2005 earnings," stated Calpine Chief Financial Officer Bob Kelly.
"While preliminary, we believe this update is necessary given the recent equity and bond trading volatility triggered by false rumors in the market. It is regrettable that reckless and unfounded rumors continue to impact the trading in Calpine"s securities," continued Kelly. "We look forward to providing a more detailed discussion of Calpine"s earnings and liquidity in our May 5 news release and conference call."
Cash and Earnings Update
Calpine ended the quarter with cash and cash equivalents on hand of approximately $800 million. In addition, the company"s current portion of restricted cash totaled approximately $500 million.
EBITDA, as adjusted for non-cash and other charges, is expected to be approximately $240 million for the quarter ended March 31, 2005. For the year ended Dec. 31, 2005, Calpine is confirming that the company expects EBITDA, as adjusted for non-cash and other charges, to be in the range of $1.6-$1.7 billion.
The recent market activity in the capital markets has not impacted Calpine Energy Services" (CES) ability to manage its portfolio of assets. In addition, CES remains fully collateralized with most of its counterparties, and has not been forced to post any material margin over the past week directly with counterparties.
Although the company did not issue quarterly earnings guidance, pre-tax earnings for the three months ended March 31, 2005 were in-line with Calpine"s internal estimates. Calpine is anticipating a fully-diluted loss per share of approximately $0.38 for the first quarter. The company expects to achieve its forecasted earnings for the year ending Dec. 31, 2005, with a GAAP loss per share remaining in the range of $0.80 - $0.90 based on indications that market spark spreads are remaining in-line with our earlier expectations.
Calpine will host a conference call to discuss its first quarter 2005 financial and operating results on Thursday, May 5, 2005, at 8:30 a.m. Pacific Daylight Time. Interested parties may access the teleconference via a web cast on Calpine"s Investor Relations page, www.calpine.com, or by dialing 1- 888-603-6685 (1-706-634-1265 for international callers) at least five minutes before the start of the call. The call will be open to the public in a listen-only mode by telephone and web broadcast. A replay and transcript of the conference call will be available for 30 days on Calpine"s Investor Relations page at www.calpine.com.
A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states, three Canadian provinces and the United Kingdom. In 2004, Calpine delivered approximately 3.5% of all electricity consumed in the United States. Its customized products and services include wholesale and retail electricity, natural gas, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and operations services. Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit http://www.calpine.com .
For the company, EBITDA is not a measure of operating results, but rather a measure of its ability to service debt and to raise additional funds. It should not be construed as an alternative to either (i) income from operations or (ii) cash flows from operating activities. It is defined as net income less income from unconsolidated investments, plus cash received from unconsolidated investments; plus provision for tax; plus interest expense (including distributions on trust preferred securities and one-third of operating lease expense, which is management"s estimate of the component of operating lease expense that constitutes interest expense); plus depreciation, depletion and amortization. The interest, tax, and depreciation and amortization components of discontinued operations are added back in calculating EBITDA, as adjusted. The non-GAAP measure, EBITDA, as adjusted for non-cash and other charges, is presented as a further refinement of EBITDA, as adjusted, to reflect the company"s ability to service debt with cash.
Source: Calpine Corporation