9.2.2004: Meldung: Calpine Provides 4th Quarter 2003 Update
On December 31, 2003, liquidity for the company totaled approximately $2.3 billion. This included cash and cash equivalents on hand of approximately $1.0 billion, the current portion of restricted cash of approximately $0.9 billion and approximately $0.4 billion of borrowing capacity under the company"s various credit facilities.
EBITDA, as adjusted before non-cash and other charges is expected to be approximately $0.4 billion and $1.6 billion for the three and twelve months ended December 31, 2003, respectively.
For the quarter ended December 31, 2003, the company is anticipating GAAP fully diluted earnings per share of approximately $0.30 per share, or $125 million of net income. During the period, the company"s power plants operated at a 49% capacity factor generating over 20 million megawatt hours. Core operating earnings are expected to be a net loss of approximately $0.13 per share, or a $54 million net loss. On-peak spark spreads during the quarter were below expectations primarily due to milder weather during December. These lower spark spreads reduced expected earnings by approximately $19 million, or $0.05 per share.
The results for the quarter include a gain of approximately $0.38 per share due to a change in accounting principle and certain mark-to-market activity, a gain of approximately $0.10 per share on the sale of assets and a gain of approximately $0.09 per share for the purchases of outstanding debt and preferred securities. Offsetting these gains, the company recorded a loss of approximately $0.14 per share for other charges related primarily to equipment cost and office space write-downs and costs associated with the termination of long-term service contracts.
Calpine has rescheduled its year-end 2003 earnings conference call to February 26, 2004 due to conflicting schedules relating to its recently announced intent to commence offerings to refinance its CCFC II debt.
The conference call to discuss the financial and operating results for the three and twelve months ended December 31, 2003 will now take place on Thursday, February 26, 2004, at 8:30 a.m. Pacific Standard Time. To participate via the teleconference (in listen-only mode), dial 1-888-603-6685 at least five minutes before the start of the 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 Calpine"s Investor Relations page at www.calpine.com.
Calpine Corporation, celebrating its 20th year in power in 2004, is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world"s largest producer of renewable geothermal energy, and owns or controls approximately one 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 www.calpine.com.
Reconciliation of GAAP net income to EBITDA, as adjusted (1)
Three Months Ended Twelve Months Ended
December 31, 2003 December 31, 2003
GAAP net income $125 $288
Income from unconsolidated investments
in power projects (9) (77)
Distributions from unconsolidated
investments in power projects 16 141
Subtotal 132 352
Interest expense 231 728
1/3 of operating lease expense 9 37
Distributions on trust preferred
securities -- 47
Provision for income taxes (2) 17
Depreciation, depletion and
amortization expense 170 608
Interest expense, provision for income
taxes and depreciation,depletion and
amortization from discontinued
operations 1 2
EBITDA, as adjusted $541 $1,791
Non-cash and other charges, net (110) (203)
EBITDA, as adjusted, for non-cash
and other charges (2) $431 $1,588
(1) 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 from
operations or (ii) cash flows from operating activities to be
disclosed in the company"s Form 10-K for the year ended December 31,
2003. 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, depletion and amortization
components of discontinued operations are added back in calculating
EBITDA, as adjusted.
(2) This non-GAAP measure is presented as a further refinement of
EBITDA, as adjusted, to reflect the company"s ability to service
debt with cash.
The financial information presented above is subject to adjustment until the company files its Form 10-k with the Securities and Exchange Commission for the YEAR ended DECEMBER 31, 2003.
50 West San Fernando Street
San Jose, CA 95113