SOURCE: Cleco Corp.

November 09, 2006 17:39 ET

Cleco Corp. Posts Third-Quarter Net Income of $27.6 Million

Maintains Earnings Target for 2006

PINEVILLE, LA -- (MARKET WIRE) -- November 9, 2006 --Cleco Corp. (NYSE: CNL) today reported net income applicable to common stock of $27.6 million for the third quarter of 2006. Net income is down from the $42.0 million recorded in the third quarter of 2005, excluding the $108.0 million of net income from the 2005 Perryville reconsolidation(1).

Earnings for the third quarter of 2006 were $0.50 per diluted share, $0.32 per share lower than the $0.82 per share reported in the third quarter of 2005 excluding the Perryville reconsolidated earnings. Including the Perryville reconsolidated results, third-quarter 2005 earnings were $2.91 per diluted share.

The main reason for the quarter-to-quarter decrease at Cleco Power was mark-to-market losses on energy hedging positions tied to a fixed-price municipal contract as compared to mark-to-market gains in the third quarter of 2005. Excluding the Perryville reconsolidation, Cleco Midstream Resources' results were primarily affected by the absence of the tolling payments from Calpine Energy Services and higher expenses at Evangeline. Additionally, there was $0.03 per share dilution resulting from the issuance of 6.9 million shares of common stock in August.


(1)In the fourth quarter of 2005, Cleco recognized $108.0 million from the reconsolidation of Perryville into Cleco's consolidated financial results following the sale of the subsidiary's generating plant and related claims and its emergence from bankruptcy. The reconsolidation of Perryville was applied retroactively. Consequently, Cleco has adjusted retroactively and recorded net income of $150.0 million for the third-quarter 2005 to include the $108.0 million of earnings from the Perryville reconsolidated results. This retroactive adjustment did not have an impact on Cleco's consolidated results for the year ended December 31, 2005. (See Cleco Corporation's Form 10-Q for the quarterly period ended September 30, 2006, for discussion of this adjustment.)


For the nine months ended Sept. 30, 2006, Cleco recorded $62.1 million of net income. Net income for the same period of 2005, excluding income from the 2005 Perryville reconsolidation was $71.1 million. Including the $108.0 million from the Perryville reconsolidated earnings, net income was $179.1 million for the first three quarters of 2005.

Cleco recorded earnings of $1.18 per diluted share for the first three quarters of 2006. During the same period of 2005, excluding the Perryville reconsolidation, Cleco recorded earnings of $1.39 per share. Loss of the Calpine tolling payments and higher expenses at Evangeline, as well as mark-to-market losses on Cleco Power energy hedges, were the primary drivers of the decrease. With the Perryville reconsolidation included, earnings were $3.50 per diluted share for the same period of 2005.

Cleco Power's third quarter 2006 kilowatt-hour sales were up 1.4 percent over third quarter 2005, and 2006 year-to-date sales were up 2.4 percent compared to the same 2005 period.

"We remain on target to meet our financial expectations for the year," Michael Madison, president and CEO of Cleco Corp., said. "And while it is still very early in the game, we're also meeting our schedule in the construction of the new solid-fuel unit at our Rodemacher Power Station near Boyce."

  Consolidated Diluted Earnings Per Share Allocated to Subsidiaries

                                  Diluted EPS
                          ----------------------------
                          Three Months Ended Sept. 30,
                          ----------------------------
Subsidiary                    2006          2005
                          ------------    -----------
Cleco Power LLC           $       0.39    $      0.53
Cleco Midstream Resources
 LLC (excluding
 Perryville for 2005)             0.07           0.26
Corporate and Other(2)            0.04           0.03
                          ------------    -----------
  Earnings excluding
   Perryville             $       0.50    $      0.82
Earnings from Perryville
 reconsolidation                    --           2.09
                          ------------    -----------
  Earnings applicable to
   common stock           $       0.50    $      2.91
                          ============    ===========

                                  Diluted EPS
                          ----------------------------
                           Nine Months Ended Sept. 30,
                          ----------------------------
Subsidiary                    2006            2005
                          ------------    -----------
Cleco Power LLC           $       1.00    $      1.02
Cleco Midstream Resources
 LLC (excluding
 Perryville for 2005)             0.11           0.38
Corporate and Other(2)            0.07          (0.01)
                          ------------    -----------
  Earnings excluding
   Perryville             $       1.18    $      1.39
Proceeds from Perryville
 transactions                       --           2.11
                          ------------    -----------
  Earnings applicable to
   common stock           $       1.18    $      3.50
                          ============    ===========

(2) Includes dividends on preferred stock

Results for Third Quarter 2006:

Major Reconciling Items for Third-Quarter EPS 2006 vs. 2005:


       $2.91         2005 Third-Quarter Diluted EPS
       (2.09)        Less: Impact of reconsolidation of Perryville
       -----
       $0.82
        0.10         Higher Cleco Power nonfuel revenue
       (0.08)        Energy hedging, net
       (0.13)        Higher Cleco Power nonfuel expenses
       (0.03)        Effect of higher number of outstanding shares
       (0.19)        Lower Cleco Midstream contribution
        0.01         Lower corporate expense
       -----
       $0.50         2006 Third-Quarter Diluted EPS
Cleco Power LLC

Cleco Power's 2006 third-quarter earnings were $0.14 per share lower than in the same quarter of 2005.

Overall, nonfuel revenue increased $0.10 per share in the quarter-to-quarter comparison with 2005:

--  Higher kilowatt-hour sales contributed $0.02 per share to the increase.
    Retail customer usage was higher, while sales to municipalities declined.
    
--  Third quarter 2006 retail and wholesale kilowatt-hour sales were up 1.4
    percent, for the same period a year ago, largely due to the absence of
    outages from hurricanes Katrina and Rita. Cooling degree-days were 4
    percent higher than normal but 11 percent lower than in the third quarter
    of 2005.
    
         (Million kWh)          For the three months ended Sept. 30,
                               -------------------------------------
                                   2006         2005       Change
                               -----------  -----------  ----------
Electric Sales
  Residential                        1,190        1,155        3.03%
  Commercial                           651          540       20.56%
  Industrial                           784          760        3.16%
  Other retail                         101          174      (41.95)%
                               -----------  -----------
    Total retail                     2,726        2,629        3.69%
  Sales for resale                     159          203      (21.67)%
  Unbilled                             (89)         (74)      20.27%
                               -----------  -----------
Total retail and wholesale
 customer sales                      2,796        2,758        1.38%
--  Another $0.08 per share of the increase was from the collection of a
    storm surcharge, which started in May 2006 as a result of the Louisiana
    Public Service Commission's approval of an interim storm recovery plan.
    Cleco anticipates the LPSC will determine the final recovery amount in
    early 2007.
    
Results of energy hedging, net were down compared to third quarter 2005:
--  The $0.08 per share decrease was the result of mark-to-market losses on
    energy hedging positions tied to a fixed-price municipal contract as
    compared to mark-to-market gains in the same period of 2005.
    
    
Nonfuel expenses were $0.13 per share higher than in the same quarter of 2005:
--  Nonrecoverable fuel expenses were even as compared to the same period of
    2005, with $0.03 per share increase tied to the fixed-price contract with a
    municipality mentioned above, offset by a $0.03 per share decrease due to
    the reclassification of certain capacity charges to operations expense. The
    contract began January 1, 2006.
    
--  Operations and maintenance expenses increased by $0.02 per share
    compared to the same period of 2005. Of that amount $0.03 was primarily due
    to higher generation and transmission costs, $0.03 due to a
    reclassification of certain capacity charges to operations expense,
    partially offset by $0.04 from the reclassification of certain storm
    amortization costs from maintenance expense to depreciation expense.
    
--  Depreciation expense increased $0.11 per share largely due to a $0.06
    per share increase in storm cost amortization, $0.04 per share increase due
    to the reclassification of certain storm amortization costs from operations
    and maintenance, as well as $0.01 per share of additional depreciation
    expense from routine property, plant and equipment additions.
    
--  Net interest expense increased by $0.02 per share over the same period
    of 2005 primarily as a result of a higher level of outstanding debt.
    
--  Income tax expense was up $0.01 per share compared to the same period of
    2005.
    
--  Partially offsetting the increased expenses was $0.03 per share of
    higher AFUDC (allowance for funds used during construction) associated with
    the Rodemacher project.
    
Other factors included:
--  The issuance of 6.9 million shares of common stock in August 2006
    resulted in a $0.03 share dilutive effect.
    
Cleco Midstream Resources LLC

Cleco Midstream's earnings were down $0.19 per share in the third quarter of 2006 compared to the same period of 2005. The quarter-to-quarter comparison excludes the $2.09 per share impact from the Perryville reconsolidation.

Acadia's results were down $0.11 per share largely due to the loss of tolling revenue, the write-off of irreparable turbine parts, and higher interest expense. Partially offsetting those decreases was revenue from energy sales through a third-party energy management contract.

Evangeline's contribution was down $0.08 per share from a year ago. The major factors affecting the plant's results were lower variable revenue, higher maintenance expense, and higher income tax expense due to an adjustment of state income taxes as a result of an analysis of income taxes payable following completion of an audit for tax years 1997 to 2000.

Other

Corporate and other expenses were $0.01 per share lower in the quarter-to-quarter comparison. The primary reasons were higher interest income offset by lower proceeds from corporate-owned life insurance policies compared to the same period of 2005.

Results for Nine Months ended Sept. 30, 2006:

Major Reconciling Items for Nine Months ended Sept. 30 EPS 2006 vs. 2005:


$3.50      Nine Months ended Sept. 30, 2005, Diluted EPS
(2.11)     Less: Impact of reconsolidation of Perryville
-----
$1.39
 0.28      Higher Cleco Power nonfuel revenue
(0.12)     Energy hedging, net
(0.16)     Higher Cleco Power nonfuel expenses
(0.02)     Effect of higher number of outstanding shares
(0.27)     Lower Cleco Midstream contribution
 0.08      Lower corporate expense
-----
$1.18      Nine Months ended Sept. 30, 2006, Diluted EPS
Cleco Power LLC

For the nine months ended Sept. 30, 2006, Cleco Power's earnings were $0.02 per share lower than in the same period of 2005.

Nonfuel revenue increased $0.28 per share when compared to the first nine months of 2005.

--  Sales to retail customers were $0.08 per share higher, and sales to
    municipal customers were $0.01 per share higher in the year-to-date
    comparison. Kilowatt-hour sales were up 2.4 percent over the same period a
    year ago, largely due to the absence of outages from hurricanes Katrina and
    Rita. Cooling degree-days were 11 percent higher than normal but 3 percent
    lower than in the same period of 2005.
    
                                               For the nine months ended
             (Million kWh)                              Sept. 30
                                              -----------------------------
                                                2006      2005     Change
                                              --------- --------- ---------
Electric Sales
  Residential                                     2,760     2,696    2.37 %
  Commercial                                      1,529     1,383   10.56 %
  Industrial                                      2,201     2,146    2.56 %
  Other retail                                      380       454  (16.30)%
                                              --------- ---------
    Total retail                                  6,870     6,679    2.86 %
  Sales for resale                                  391       409   (4.40)%
  Unbilled                                           53        56   (5.36)%
                                              --------- ---------
Total retail and wholesale customer sales         7,314     7,144    2.38 %
--  Storm surcharge collections increased earnings $0.13 per share.
    
--  Miscellaneous revenue was $0.02 per share higher than in the same period
    of 2005 primarily due to higher customer service fees and pole attachment
    revenue.
    
--  The reversal of customer refund accruals for the years 2002 to 2006
    added $0.07 per share to Cleco Power's results compared to a year ago. The
    increase was partially offset by $0.03 per share from the absence of a 2005
    fuel surcharge adjustment and other miscellaneous adjustments.
    
Results of energy hedging, net:

--  Mark-to-market losses on energy hedging positions tied to a fixed-price
    contract with a municipality as compared to mark-to-market gains in the
    same period 2005 resulted in a $0.12 per share decline in earnings.
    
Nonfuel expenses were up $0.16 per share compared to the first three quarters of 2005:
--  Fuel and power purchases for a fixed-price municipal contract added
    $0.08 per share to expenses, partially offset by a $0.03 per share
    reduction in capacity costs compared to the same period of 2005.
    
--  Operations and maintenance expenses were down $0.04 per share in the
    year-to-date comparison. Among the major factors behind the decrease were
    $0.08 per share attributable to the transfer of previously expensed storm
    costs to a regulatory asset, and $0.02 per share of lower employee benefit
    costs. Partially offsetting the decreased expenses were $0.04 per share of
    higher professional and miscellaneous fees, and $0.02 per share of higher
    transmission and distribution maintenance costs.
    
--  Depreciation expense was up $0.13 per share compared to a year ago. Of
    that amount, $0.10 per share was due to the amortization of deferred storm
    costs, and $0.03 per share was from normal property, plant and equipment
    additions.
    
--  Other expenses rose $0.07 per share compared to the first three quarters
    of 2005. Contributing to that increase was $0.04 per share of higher net
    interest expense, while $0.03 per share of the increase was due to the
    absence of proceeds from the 2005 sale of distribution assets.
    
--  Miscellaneous expenses were $0.02 per share lower largely due to $0.04
    per share of higher allowances for AFUDC, partially offset by $0.02 per
    share of higher franchise and regulatory fees.
    
--  Income tax expense was down $0.03 per share compared to the first three
    quarters of 2005, stemming from the positive resolution of federal and
    state tax audits.
    
Other factors included:
--  Results were lowered $0.02 per share from the impact of the August 2006
    common stock offering.
    
Cleco Midstream Resources LLC

Cleco Midstream's earnings were down $0.27 per share in the first nine months of 2006 compared to the same period of 2005. The comparison excludes the $2.11 per share impact from the Perryville reconsolidation. Perryville's settlement of an insurance claim and transmission revenue in 2006 added $0.02 per share to results. Additionally, there was a $0.01 per share decrease in Midstream administrative costs.

Earnings from the Acadia project were $0.18 per share lower than during the first nine months of 2005 largely due to the loss of tolling revenue and a write-off of irreparable parts, partly offset by merchant revenue, the drawdown of the full $15 million letter of credit from Calpine, and insurance claim settlements.

Evangeline's results were down $0.12 per share compared to the first three quarters of 2005, primarily due to increased turbine expense caused by higher plant run times, and an adjustment of state income taxes as a result of an analysis of income taxes payable following completion of an audit for tax years 1997 to 2000, and an adjustment related to 2003 state income taxes.

Other

Corporate and other expenses dropped $0.08 per share compared to the first three quarters of 2005. The main reason for the decrease was a reduction in net interest expense stemming from the repayment of $100 million in senior corporate notes in June 2005.

Strategic Update

"We continue to make progress in all areas of our solid-fuel unit project," Madison said. "We were pleased with the $157.7 million of net proceeds we received from the sale of 6.9 million shares of common stock in August. In addition, in early September, the state approved the issuance of up to $60 million of tax-exempt bonds we'll use to finance solid-waste disposal facilities at the Rodemacher project. We anticipate the Rapides Finance Authority issuing the bonds on our behalf in the fourth quarter of this year."

Storm Cost Recovery

"Our application for Community Development Block Grants to recover some of our storm recovery costs is still pending. We recognize the chance of receiving funding from that source is slim, but we will continue urging the need to ease the financial burden on our customers," Madison said.

"At the same time, we are continuing to pursue securitization of our storm costs. We are working closely with LPSC staff on a draft financing order. Assuming everything goes as planned, we could be issuing bonds by next summer," Madison said. "On a related topic, Cleco Power's request for a $50 million storm reserve is currently before the LPSC as part of the storm recovery docket. We have asked for permission to create a restricted funded reserve, which we hope to fund with securitized debt. We anticipate the LPSC will take up the issue in the first quarter of 2007."

RFP Proposals

"Barring some unforeseen event, we expect the LPSC to vote in the coming weeks on Cleco Power's request for approval of two new one-year power purchase agreements for 2007," Madison said. "The power purchase agreements for up to 250 megawatts were the result of a 2006 RFP by Cleco Power to replace expiring contracts."

Earnings Guidance

"We are maintaining our earnings guidance of $1.25 to $1.35 per share for 2006," Madison said. The target range assumes normal weather patterns, continuation of our rate stabilization plan, and the continued performance of the Evangeline tolling agreement. The earnings guidance also includes management's assumptions about Acadia's ability to sell power and capacity into the merchant power market. In addition, the target range assumes approximately $200 million of expenditures for the Rodemacher project this year.

Cleco management will discuss the company's 2006 third-quarter results during a conference call scheduled for 11 a.m. ET (10 a.m. CT) Friday, Nov. 10, 2006. The call will be broadcast live on the Internet, and replays will be available for 12 months. Investors may access the webcast through the company's Web site at www.cleco.com by selecting "For Investors" and then "3rd Quarter 2006 Earnings Conference Call."

Cleco's businesses referred to in this news release are:

Cleco Power LLC
Cleco Midstream Resources LLC
Perryville Energy Partners, L.L.C.; Perryville Energy Holdings LLC
Acadia Power Holdings LLC
Other (Cleco Corporation; Cleco Support Group LLC, Cleco
Innovations LLC.)
Cleco Corp. is a regional energy services company headquartered in Pineville, La. It operates a regulated electric utility company that serves 267,000 customers across Louisiana. Cleco also operates a wholesale energy business that has approximately 1,350 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com.

                            CLECO CORPORATION
          Condensed Consolidated Statements of Income (Unaudited)


                                                    FOR THE THREE MONTHS
                                                    ENDED SEPTEMBER 30,
                                                  ------------------------
(THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)       2006         2005
                                                  -----------  -----------

Operating revenue
  Electric operations                             $   284,490  $   267,958
  Other operations                                      7,644       14,240
  Affiliate revenue                                     1,969        1,758
                                                  -----------  -----------
    Gross operating revenue                           294,103      283,956
      Electric customer credits                             -         (300)
                                                  -----------  -----------
    Operating revenue, net                            294,103      283,656
                                                  -----------  -----------
Operating expenses
  Fuel used for electric generation                    80,627       54,665
  Power purchased for utility customers               106,940      124,261
  Other operations                                     25,670       23,647
  Maintenance                                           8,850        9,723
  Depreciation                                         23,750       15,182
  Taxes other than income taxes                        11,066       10,938
                                                  -----------  -----------
    Total operating expenses                          256,903      238,416
                                                  -----------  -----------
Operating income                                       37,200       45,240
Interest income                                         2,782        1,136
Allowance for other funds used during
 construction                                           2,190          325
Equity income from investees                           15,197      200,986
Other income                                              702        2,626
Other expense                                            (463)        (861)
Interest charges
  Interest charges, including amortization of
   debt expenses, premium and discount, net of
   capitalized interest                                11,094        9,535
  Allowance for borrowed funds used during
   construction                                          (816)        (108)
                                                  -----------  -----------
    Total interest charges                             10,278        9,427
                                                  -----------  -----------
Income from continuing operations before income
 taxes                                                 47,330      240,025
Federal and state income tax expense                   19,350       89,569
                                                  -----------  -----------
Income from continuing operations                      27,980      150,456
Discontinued operations
  Income (loss) from discontinued operations, net
   of tax                                                  36          (25)
                                                  -----------  -----------
Net income                                             28,016      150,431
Preferred dividends requirements, net                     424          451
                                                  -----------  -----------
Net income applicable to common stock             $    27,592  $   149,980
                                                  ===========  ===========
Average shares of common stock outstanding
  Basic                                            53,630,494   49,548,835
  Diluted                                          55,938,995   51,714,320
Basic earnings per share
  From continuing operations                      $      0.50  $      2.92
  Net income applicable to common stock           $      0.50  $      2.92
Diluted earnings per share
  From continuing operations                      $      0.50  $      2.91
  Net income applicable to common stock           $      0.50  $      2.91
Cash dividends paid per share of common stock     $     0.225  $     0.225
                                                  -----------  -----------


                            CLECO CORPORATION

          Condensed Consolidated Statements of Income (Unaudited)



                                                    FOR THE NINE MONTHS
                                                    ENDED SEPTEMBER 30,
                                                  ------------------------
(THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)       2006         2005
                                                  -----------  -----------

Operating revenue
  Electric operations                             $   736,765  $   614,670
  Other operations                                     22,167       29,493
  Affiliate revenue                                     5,157        6,488
                                                  -----------  -----------
    Gross operating revenue                           764,089      650,651
      Electric customer credits                         4,382         (771)
                                                  -----------  -----------
    Operating revenue, net                            768,471      649,880
                                                  -----------  -----------
Operating expenses
  Fuel used for electric generation                   186,980      117,139
  Power purchased for utility customers               306,426      265,441
  Other operations                                     66,776       68,974
  Maintenance                                          29,003       32,848
  Depreciation                                         55,108       45,059
  Taxes other than income taxes                        31,655       30,646
  Gain on sales of assets                                 (71)      (2,207)
                                                  -----------  -----------
    Total operating expenses                          675,877      557,900
                                                  -----------  -----------
Operating income                                       92,594       91,980
Interest income                                         7,217        2,987
Allowance for other funds used during
 construction                                           4,231        2,104
Equity income from investees                           30,802      221,859
Other income                                              929        3,445
Other expense                                          (1,177)      (1,652)
Interest charges
  Interest charges, including amortization of
   debt expenses, premium and discount, net of
   capitalized interest                                33,673       32,584
  Allowance for borrowed funds used during
   construction                                        (1,535)        (702)
                                                  -----------  -----------
    Total interest charges                             32,138       31,882
                                                  -----------  -----------
Income from continuing operations before income
 taxes                                                102,458      288,841
Federal and state income tax expense                   38,923      108,112
                                                  -----------  -----------
Income from continuing operations                      63,535      180,729
Discontinued operations
  Loss from discontinued operations, net of tax          (154)        (230)
                                                  -----------  -----------
Net income                                             63,381      180,499
Preferred dividends requirements, net                   1,310        1,374
                                                  -----------  -----------
Net income applicable to common stock             $    62,071  $   179,125
                                                  ===========  ===========
Average shares of common stock outstanding
  Basic                                            51,408,708   49,443,912
  Diluted                                          53,621,679   51,625,000
Basic earnings per share
  From continuing operations                      $      1.19  $      3.50
  Net income applicable to common stock           $      1.19  $      3.50
Diluted earnings per share
  From continuing operations                      $      1.18  $      3.50
  Net income applicable to common stock           $      1.18  $      3.50
Cash dividends paid per share of common stock     $     0.675  $     0.675
                                                  -----------  -----------


                            CLECO CORPORATION

            Condensed Consolidated Balance Sheets (Unaudited)



                                                  AT SEPTEMBER AT DECEMBER
                                                      30,          31,
(Thousands)                                         2006          2005
                                                  -----------  -----------
Assets
  Current assets
    Cash and cash equivalents                     $   196,022  $   219,153
    Accounts receivable, net                           91,267       89,750
    Other current assets                              245,377      125,565
                                                  -----------  -----------
      Total current assets                            532,666      434,468
  Property, plant and equipment, net                1,234,911    1,188,703
  Equity investment in investees                      327,309      317,762
  Prepayments, deferred charges and other             310,208      208,555
                                                  -----------  -----------
      Total assets                                $ 2,405,094  $ 2,149,488
                                                  ===========  ===========
Liabilities
  Current liabilities
    Short-term debt                               $    20,000  $         -
    Long-term debt due within one year                 25,000       40,000
    Accounts payable                                  125,684      147,899
    Other current liabilities                         197,904      106,205
                                                  -----------  -----------
      Total current liabilities                       368,588      294,104
  Deferred credits and other liabilities              550,970      539,478
  Long-term debt, net                                 584,428      609,643
                                                  -----------  -----------
      Total liabilities                             1,503,986    1,443,225
Shareholders’ equity
  Preferred stock                                      20,263       20,034
  Common shareholders’ equity                         885,032      690,359
  Accumulated other comprehensive loss                 (4,187)      (4,130)
                                                  -----------  -----------
    Total shareholders’ equity                        901,108      706,263
                                                  -----------  -----------
      Total liabilities and shareholders’ equity  $ 2,405,094  $ 2,149,488
                                                  ===========  ===========

Please note: In addition to historical financial information, this news release contains forward-looking statements about future results and circumstances, including, without limitation, regarding the Rodemacher Unit 3 project and earnings guidance. There are many risks and uncertainties with respect to such forward-looking statements, including the weather and other natural phenomena, state and federal legislative and regulatory initiatives, the timing and extent of changes in commodity prices and interest rates, the operating performance of Cleco Power's and Cleco Midstream's facilities, the financial condition of the company's tolling agreement counterparties, the performance of the tolling agreements by such counterparties, the resolution of claims arising from the Calpine bankruptcy, construction and operational startup of the new unit at Rodemacher Power Station, and the other risks and uncertainties more fully described in the company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Actual results may differ materially from those indicated in such forward-looking statements.

Contact Information

  • Investor Contacts:
    Cleco Corporation:
    Keith Crump
    (318) 484-7719
    Ryan Gunter
    (318) 484-7724

    Shareholder Services:
    Rodney Hamilton
    (318) 484-7593

    Analyst Inquiries:
    Dresner Companies
    Kristine Walczak
    (312) 780-7205

    Media Contact:
    Cleco Corporation:
    Michael Burns
    (318) 484-7663