SOURCE: Cleco Corp.

February 27, 2007 16:39 ET

Cleco Corp. Reports Full-Year 2006 Earnings

Issues Guidance for 2007

PINEVILLE, LA -- (MARKET WIRE) -- February 27, 2007 -- Cleco Corp. (NYSE: CNL) today reported 2006 net income applicable to common stock of $72.9 million. Excluding $108.0 million of 2005 Perryville-related net income, 2006 net income was essentially equivalent to net income recorded in 2005.

On an earnings per share (EPS) basis, Cleco recorded earnings of $1.36 per diluted share, down $0.06 per share from the $1.42 per share recorded in 2005, excluding Perryville-related results of $2.11 per diluted share.

Earnings for 2006 were diluted $0.07 per share by the August issuance of 6.9 million shares of common stock, the net proceeds of which will be used to fund a portion of Rodemacher Unit 3 construction costs.

Excluding 2005 Perryville-related results, 2006 net income improved both at Cleco Power LLC (Cleco Power) and corporate but was partially offset by lower net income at Cleco Midstream Resources LLC (Cleco Midstream).

For the quarter, Cleco recorded net income of $10.8 million, up $9.1 million compared to the fourth quarter of 2005. Earnings for the fourth quarter of 2006 were $0.19 per diluted share, up $0.16 compared to $0.03 per diluted share recorded in the fourth quarter of 2005. The change was driven in part by increased earnings at Cleco Power, as well as higher corporate results.

"We are pleased with the progress thus far on our strategy to diversify our fuel mix and create a foundation for the long-term growth of the company. We are headed into the second year of construction on our $1 billion solid-fuel unit at Rodemacher Power Station, and while it is still early, we are on schedule to have the unit operational in late 2009," Cleco President and CEO Michael Madison said.

Consolidated Diluted Earnings Per Share Allocated to Subsidiaries


                                    Diluted EPS
                          -------------------------------
                            Three Months Ended Dec. 31
                          -------------------------------
Subsidiary                     2006            2005
                          --------------- ---------------
Cleco Power LLC                   $ 0.22          $ 0.14
Cleco Midstream Resources
 LLC (excluding
 Perryville for 2005)              (0.14)          (0.11)
Corporate and Other(1)              0.11              --
                                  ------          ------
  Earnings excluding
   Perryville                     $ 0.19          $ 0.03
Earnings from 2005
 Perryville reconsolidation           --              --
                                  ------          ------
  Earnings applicable to
   common stock                   $ 0.19          $ 0.03
                                  ======          ======


                                    Diluted EPS
                          -------------------------------
                             Twelve Months Ended Dec. 31
                          -------------------------------
Subsidiary                     2006            2005
                          --------------- ---------------
Cleco Power LLC                   $ 1.21          $ 1.15
Cleco Midstream Resources
 LLC (excluding
 Perryville for 2005)              (0.04)           0.28
Corporate and Other(1)              0.19           (0.01)
                                  ------          ------
  Earnings excluding
   Perryville                     $ 1.36          $ 1.42
Earnings from 2005
 Perryville reconsolidation           --            2.11
                                  ------          ------
  Earnings applicable to
   common stock                   $ 1.36          $ 3.53
                                  ======          ======

(1)Includes dividends on preferred stock



Results for Fourth Quarter 2006:

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


  $0.03                    2005 Fourth-Quarter Diluted EPS

   0.05                    Higher Cleco Power nonfuel revenue
  (0.01)                   Energy hedging, net
   0.07                    Lower Cleco Power nonfuel expenses
  (0.03)                   Effect of increased number of outstanding shares
  (0.03)                   Lower Cleco Midstream contribution
   0.11                    Higher corporate results
  -----

  $0.19                    2006 Fourth-Quarter Diluted EPS
Cleco Power LLC

Cleco Power's 2006 fourth-quarter earnings were $0.08 per share higher than in the fourth quarter of 2005.

Overall, nonfuel revenue increased $0.05 per share in the quarter-to-quarter comparison with 2005.

--  The collection of a storm cost recovery surcharge contributed $0.06
    per share to fourth quarter 2006 results.  The collection began in May 2006
    after the Louisiana Public Service Commission approved an interim storm
    cost recovery plan.
    
--  Lower kilowatt-hour sales resulted in a $0.01 per share decrease.
    Fourth quarter 2006 kilowatt-hour sales were down 1.8 percent from the same
    period a year ago largely due to milder weather affecting residential,
    other retail, and wholesale customers but was partially offset by stronger
    kilowatt-hour sales to commercial and industrial customers, as well as a
    wholesale contract that began in January 2006.  Cooling degree-days were
    approximately 4 percent above normal, but fell 22 percent below 2005 fourth
    quarter levels.  Heating degree-days for the quarter were about 5 percent
    below normal and 9 percent below 2005 fourth quarter levels.
    

                                                   For the three months
(Million kWh)                                          ended Dec. 31
                                                 -------------------------
                                                   2006     2005   Change
                                                 -------  -------  ------
Electric Sales
  Residential                                        792      820    (3.4)%
  Commercial                                         580      455    27.5 %
  Industrial                                         762      715     6.6 %
  Other retail                                        32      156   (79.5)%
                                                 -------  -------  ------
    Total retail                                   2,166    2,146     0.9 %
  Sales for resale                                    89      142   (37.3)%
  Unbilled                                           (46)     (38)  (21.1)%
                                                 -------  -------  ------
Total retail and wholesale customer sales          2,209    2,250    (1.8)%

Results of energy hedging, net were down $0.01 per share compared to fourth quarter 2005.

--  The $0.01 per share decrease was the result of 2006 mark-to-market
    losses on energy hedging positions tied to a fixed-price wholesale contract
    as compared to mark-to-market gains in the same period of 2005.
    
Nonfuel expenses were down $0.07 per share compared to the same quarter of 2005.
--  A $0.05 per share decrease was due to the reclassification of 2005
    storm labor costs from the storm reserve to expense in 2005, and a $0.01
    decrease came from the transfer of storm costs from expense to a regulatory
    asset in 2006. Partially offsetting these items was a $0.02 per share
    increase in salaries and benefits, and a $0.01 increase in production
    expenses.
    
--  Storm amortization costs increased expenses by $0.04 per share, and
    depreciation of routine property, plant and equipment additions increased
    expenses by $0.01 per share.
    
--  Interest expense, net increased $0.02 per share primarily due to a
    full quarter of interest expense on Senior Notes issued in November 2005.
    
--  Capacity payments were $0.01 per share lower primarily due to the
    March termination of a 2006 power purchase agreement with Calpine Energy
    Services, offset by a $0.01 per share increase in non-recoverable fuel and
    purchased power for a fixed-price wholesale contract that began in January
    2006.
    
--  AFUDC (allowance for funds used during construction) associated with
    the Rodemacher project contributed $0.05 per share.
    
--  Income tax benefits mainly due to tax reserve adjustments related to
    favorable settlements of federal and state income tax audits and appeals
    and the permanent flow-thru of AFUDC equity contributed $0.05 per share.
    Lower ad valorem taxes contributed $0.01 per share.
    
Other:
--  The issuance of 6.9 million shares of common stock in August 2006
    resulted in a $0.03 per share dilution.
    
Cleco Midstream Resources LLC

Cleco Midstream's earnings were down $0.03 per share in the fourth quarter of 2006 compared to the fourth quarter of 2005 primarily due to a $0.02 lower contribution from Acadia and a $0.01 per share lower contribution from Evangeline.

Other

Corporate earnings increased $0.11 per share in the quarter-to-quarter comparison. The increase was due to $0.07 per share in proceeds from corporate-owned life insurance policies, $0.03 per share of higher interest income and $0.02 per share of lower income taxes, partially offset by a $0.01 per share increase in other expenses.

Results for 12 Months ended Dec. 31, 2006:

Major Reconciling Items for 12 Months ended Dec. 31 EPS 2006 vs. 2005:

      $3.53           12 Months ended Dec. 31, 2005, Diluted EPS
      (2.11)          Less:  Impact of Perryville transactions
      -----
      $1.42

       0.34           Higher Cleco Power nonfuel revenue
      (0.12)          Energy hedging, net
      (0.06)          Higher Cleco Power nonfuel expenses
      (0.03)          Gain on 2005 sale of Cleco Power distribution assets
      (0.07)          Effect of increased number of outstanding shares
      (0.32)          Lower Cleco Midstream contribution
       0.20           Higher corporate results
      -----

      $1.36           2006 Diluted EPS


Cleco Power

For 2006, Cleco Power's earnings were $1.21 per share, up $0.06 per share from 2005 results.

Overall, nonfuel revenue increased $0.34 per share compared to 2005 results.

--  Kilowatt-hour sales were $0.05 per share higher, primarily due to
    higher retail kilowatt-hour sales and sales to a fixed-price wholesale
    contract which began in January 2006, partially offset by lower municipal
    sales.  Cooling degree-days were down 5 percent in 2006 compared to 2005
    but were 10 percent above normal. Heating degree-days were 6 percent down
    compared to 2005 levels and 22 percent below normal.  Retail kilowatt-hour
    sales were higher in 2006, despite milder weather due to the outages in
    2005 from hurricanes Katrina and Rita, as well as stronger sales to
    commercial and industrial customers.
    
                                                  For the 12 months ended
 (Million kWh)                                            Dec. 31
                                                 --------------------------
                                                   2006     2005   Change
                                                 -------- -------- ------
Electric Sales
     Residential                                    3,552    3,516    1.0 %
     Commercial                                     2,109    1,838   14.7 %
     Industrial                                     2,963    2,861    3.6 %
     Other retail                                     412      610  (32.5)%
                                                 -------- -------- ------
          Total retail                              9,036    8,825    2.4 %
     Sales for resale                                 480      552  (13.0)%
     Unbilled                                           7       18  (61.1)%
                                                 -------- -------- ------
Total retail and wholesale customer sales           9,523    9,395    1.4 %
--  The collection of a storm cost recovery surcharge, which began in May
    2006, increased revenue $0.19 per share.
    
--  Reversal of previous accruals for rate refund cycles 2002 through 2006
    resulted in a $0.07 per share increase.
    
--  Higher customer service fees and other miscellaneous revenue increased
    $0.03 per share compared to 2005.
    
Results of energy hedging, net were lower compared to 2005.
--  Mark-to-market losses on energy hedging positions tied to a fixed-
    price wholesale contract compared to mark-to-market gains in 2005 resulted
    in a $0.12 per share decline in earnings.
    
Nonfuel expenses were up $0.06 per share compared to 2005.
--  Lower capacity payments primarily due to the March termination of the
    2006 power purchase agreement with Calpine contributed $0.03 per share,
    offset by an $0.08 per share increase in non-recoverable fuel and purchased
    power for a fixed-price wholesale contract that began in January 2006.
    
--  An $0.08 per share decrease was due to the transfer of storm costs
    from expense to a regulatory asset in 2006, and a $0.05 per share decrease
    was due to the reclassification of 2005 storm labor costs from the storm
    reserve to expense in 2005.  Partially offsetting these decreases were a
    $0.04 per share increase in salaries and professional fees, and $0.02 per
    share of higher miscellaneous expenses.
    
--  Amortization of deferred storm costs increased expense $0.15 per
    share, and depreciation expense from routine property, plant and equipment
    additions increased $0.03 per share.
    
--  Interest expense, net was up $0.06 per share primarily due to higher
    debt levels outstanding on Senior Notes issued in November of 2005.
    
--  Higher AFUDC, primarily related to construction of Rodemacher Unit 3,
    provided an increase in earnings of $0.09 per share.
    
--  Income tax benefits mainly due to tax reserve adjustments related to
    favorable settlements of federal and state income tax audits and appeals
    and the permanent flow-thru of AFUDC equity contributed $0.06 per share.
    Lower ad valorem taxes contributed $0.01 per share compared to the same
    period of 2005.
    
Other:

Cleco Power's earnings decreased $0.03 per share due to the absence of the 2005 sale of distribution assets.

Finally, Cleco Power's 2006 earnings were reduced $0.07 per share resulting from an increase in the number of outstanding shares of common stock.

Cleco Midstream

Cleco Midstream recorded a loss of $0.04 per share for 2006. Excluding 2005 Perryville-related results of $2.11 per share, earnings were down $0.32 per share compared to 2005.

Evangeline's results were down $0.13 per share from 2005. The primary factors for the decrease were $0.05 per share due to higher turbine maintenance costs associated with higher plant run times, $0.03 per share related to prior year adjustments related to fixed asset accounting and depreciation, $0.03 per share associated with tax true-ups, and $0.02 per share of miscellaneous items.

Acadia recorded a loss of $0.12 per share for 2006 compared to earnings of $0.10 recorded in 2005. The primary reasons for the loss were the suspension of the Calpine tolling agreements and higher interest expense, partially offset by revenue from merchant energy sales and $0.17 per share from the drawdown on a $15 million letter of credit.

The Perryville and Attala transmission assets contributed an additional $0.03 per share to 2006 results.

Other

Corporate and other posted a $0.20 per share higher contribution than in 2005. Contributing to this increase were $0.08 of higher interest income from Acadia, $0.07 of lower interest expense primarily due to the repayment of senior notes in 2005, $0.06 in proceeds from corporate-owned life insurance policies, and a $0.01 decrease in income taxes, partially offset by a $0.02 per share increase in other expenses.

2007 Outlook:

Strategic Update

"I am pleased to say that construction on our Rodemacher project remains on schedule and on budget. Construction on our Rodemacher project will accelerate this year with estimated 2007 capital expenditures on the project totaling approximately $440 million, including approximately $25 million of AFUDC," Madison said.

"To address our anticipated short-term capacity needs for 2008, we recently issued a one-year request for proposals (RFP) for up to 350 MW of short-term baseload, intermediate, and peaking. Looking farther ahead, we have started an internal assessment of our resource planning needs in preparation for issuing a long-term RFP in mid-2007. Both Cleco Power self-build proposals and market proposals will have an opportunity to bid into the process. Our target is to select a short-list from the bids received by mid-2008," Madison said.

Storm Cost Recovery

Madison continued, "We continue to move forward in finalizing the amount of recoverable costs related to 2005 hurricanes Katrina and Rita. This month we agreed on a settlement term sheet with the Louisiana Public Service Commission (LPSC) staff whereby we will recover essentially all restoration costs. We anticipate approval of the settlement by the LPSC during the second quarter of 2007. We hope to securitize those costs, as well as $50 million dedicated to a restricted storm reserve for future storms, in late 2007."

Acadia Issues:

Madison stated, "We have actively pursued the resolution of issues surrounding the Calpine bankruptcy and its effect on the Acadia project. We are hopeful that we will be in a position very soon to announce how Cleco will maintain the value we've built in the asset as well as capture the value of the Calpine tolling agreements."

2007 Earnings Guidance:

"We are targeting consolidated 2007 earnings in the range of $1.20 to $1.30 per share," Madison said. "Our 2007 earnings estimate includes Cleco Power results of $1.25 to $1.35 per share, a Midstream loss of $0.15 per share, and corporate results of $0.10 per share.

"Cleco Power's earnings estimate assumes normal weather, 2007 capital expenditures of about $440 million (including AFUDC) on the Rodemacher project, and the continuation of our current rate plan. The 2007 target includes approximately $0.50 per share of AFUDC equity income, an approximate $0.40 per share increase from 2006. Offsetting that positive effect are several items that will exert downward pressure on 2007 profitability: the absence of the 2006 benefits from settlement of the 2001-2003 rate stabilization plan filings, the absence of the 2006 reclassification of storm expense to a regulatory asset, increased expense for Electric Reliability Organization compliance, increased transmission expense due to the December 2006 expiration of a 1955 transmission coordination agreement, expenses for a major planned outage at one of our generation facilities, and dilution from the 2006 issuance of 6.9 million shares of common stock.

"Midstream's earnings estimate assumes continued performance by Evangeline's tolling counterparty and is based on assumptions about Acadia's plant operations and market conditions. The 2007 target is lower than 2006 results, since 2007 will not benefit from the $0.17 per share drawdown on the Acadia letter of credit. The 2007 target does not include any assumptions concerning restructuring of the Acadia partnership or resolution of Acadia's claim in the Calpine bankruptcy. Any earnings effects from resolution of these issues will be added to guidance once they are known.

"Another factor to remember in comparing 2007 estimates to 2006 results was the receipt of corporate-owned life insurance policies which contributed $0.06 per share in 2006," Madison said.

"Earnings for 2007 through 2009 not only will be influenced by the Rodemacher construction but will be affected by increasing costs of providing service," Madison continued. "Despite rising costs, we have committed to maintaining Cleco Power's base rates at current levels until the new unit is complete. In 2008 we will begin a rate case not only to determine how we will recover our investment in Rodemacher 3 but also to re-set base rates based on current cost levels. So, although we will strive for increased profitability over the next three years, our primary focus is the ultimate optimization of customer costs as well as the maximization of the company's earnings potential once the unit is complete."

Cleco management will discuss the company's annual and fourth-quarter 2006 results during a conference call scheduled for 11 a.m. EST (10 a.m. CST) Wednesday, February 28, 2007. 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 "Cleco Corporation Fourth-Quarter 2006 Earnings Conference Call."

Cleco Corp. is a regional energy company headquartered in Pineville, La. It operates a regulated electric utility company that serves 268,000 customers across Louisiana. Cleco also operates a wholesale energy business with approximately 1,350 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com.

Financial tables follow:

                              CLECO CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
                 (Thousands, except share and per share amounts)



For the three months ended Dec. 31,                      2006       2005
                                                      ---------  ---------

Operating revenue
     Electric operations                              $ 222,628  $ 259,887
     Other operations                                     8,065      9,217
     Affiliate revenue                                    1,199      1,391
                                                      ---------  ---------
          Gross operating revenue                       231,892    270,495
               Electric customer credits                    310       (221)
                                                      ---------  ---------
          Operating revenue, net                        232,202    270,274
Operating expenses
     Fuel used for electric generation                   78,470     80,776
     Power purchased for utility customers               68,285    107,403
     Other operations                                    22,600     22,977
     Maintenance                                         11,078     13,670
     Depreciation                                        19,865     15,271
     Taxes other than income taxes                        9,515     10,423
                                                      ---------  ---------
          Total operating expenses                      209,813    250,520
                                                      ---------  ---------
Operating income                                         22,389     19,754
Interest income                                           3,235      2,323
Allowance for other funds used during construction        3,548        245
Equity income from investees                             (6,351)    (3,418)
Other income                                              6,483      1,121
Other expense                                            (2,910)    (1,285)
Interest charges
     Interest charges, including amortization of debt
      expenses, premium and discount, net
      of capitalized interest                            13,443      8,854
     Allowance for borrowed funds used during
      construction                                       (1,311)      (201)
                                                      ---------  ---------
          Total interest charges                         12,132      8,653
                                                      ---------  ---------

Income from continuing operations before income taxes    14,262     10,087
Federal and state income tax expense                      3,126      7,839
                                                      ---------  ---------

Income from continuing operations                        11,136      2,248
Discontinued operations
     Income (loss) from discontinued operations, net
      of tax                                                 75       (104)
                                                      ---------  ---------
          Total income (loss) from discontinued
           operations                                        75       (104)
                                                      ---------  ---------
Net income                                               11,211      2,144
Preferred dividends requirements, net                       425        490
                                                      ---------  ---------

Net income applicable to common stock                 $  10,786  $   1,654
                                                      =========  =========
Average shares of common stock outstanding
     Basic                                          57,202,384  49,615,708
     Diluted                                        59,460,959  49,928,179

Basic earnings per share
     From continuing operations                    $      0.19 $      0.03
     Net income applicable to common stock         $      0.19 $      0.03

Diluted earnings per share
     From continuing operations                    $      0.19 $      0.03
     Net income applicable to common stock         $      0.19 $      0.03

Cash dividends paid per share of common stock      $     0.225 $     0.225


                            CLECO CORPORATION
                    CONSOLIDATED STATEMENTS OF INCOME
              (Thousands, except share and per share amounts)
                                (UNAUDITED)




For the 12 months ended Dec. 31,                        2006       2005
                                                      ---------  ---------
Operating revenue
     Electric operations                              $ 959,393  $ 874,557
     Other operations                                    30,233     38,710
     Affiliate revenue                                    6,356      7,879
                                                      ---------  ---------
          Gross operating revenue                       995,982    921,146
               Electric customer credits                  4,693       (992)
                                                      ---------  ---------
          Operating revenue, net                      1,000,675    920,154
Operating expenses
     Fuel used for electric generation                  265,450    197,915
     Power purchased for utility customers              374,712    372,844
     Other operations                                    90,661     91,951
     Maintenance                                         40,082     46,517
     Depreciation                                        74,975     60,330
     Taxes other than income taxes                       39,888     41,069
     Gain on sales of assets                                (71)    (2,206)
                                                      ---------  ---------
          Total operating expenses                      885,697    808,420
                                                      ---------  ---------
Operating income                                        114,978    111,734
Interest income                                          10,452      5,310
Allowance for other funds used during construction        7,779      2,349
Equity income from investees                             24,452    218,441
Other income                                              7,412      4,567
Other expense                                            (4,083)    (2,937)
Interest charges
     Interest charges, including amortization of debt
      expenses, premium and discount, net of
      capitalized interest                               47,116     41,438
     Allowance for borrowed funds used during
      construction                                       (2,845)      (903)
                                                      ---------  ---------
          Total interest charges                         44,271     40,535
                                                      ---------  ---------
Income from continuing operations before income taxes   116,719    298,929
Federal and state income tax expense                     42,049    115,951
                                                      ---------  ---------
Income from continuing operations                        74,670    182,978
Discontinued operations
     Loss from discontinued operations, net of tax          (79)      (334)
                                                      ---------  ---------
          Total loss from discontinued operations           (79)      (334)
                                                      ---------  ---------
Net income                                               74,591    182,644
Preferred dividends requirements, net                     1,735      1,865
                                                      ---------  ---------
Net income applicable to common stock                 $  72,856  $ 180,779
                                                      =========  =========

Average shares of common stock outstanding
     Basic                                            52,751,021 49,486,790
     Diluted                                          55,028,211 51,760,220

Basic earnings per share
     From continuing operations                       $     1.36 $     3.54
     Net income applicable to common stock            $     1.36 $     3.54
Diluted earnings per share
     From continuing operations                       $     1.36 $     3.53
     Net income applicable to common stock            $     1.36 $     3.53

Cash dividends paid per share of common stock         $    0.900 $    0.900




                            CLECO CORPORATION
                        CONSOLIDATED BALANCE SHEETS
                                (Thousands)


                                                       At           At
                                                     Dec.31,     Dec. 31,
                                                      2006         2005
                                                  -----------  -----------
Assets
Current Assets
     Cash and cash equivalents                    $   192,471  $   219,153
     Accounts receivable, net                          79,048       89,750
     Other current assets                             265,789      125,565
                                                  -----------  -----------
          Total Current Assets                        537,308      434,468
Property, plant and equipment, net                  1,304,887    1,188,703
Equity investment in investees                        307,136      317,762
Prepayments, deferred charges and other               311,773      208,555
                                                  -----------  -----------
     Total Assets                                 $ 2,461,104  $ 2,149,488
                                                  -----------  -----------

Liabilities
Current Liabilities
     Long-term debt due within one year           $    50,000  $    40,000
     Accounts payable                                 151,653      147,899
     Other current liabilities                        186,858      106,205
                                                  -----------  -----------
          Total Current Liabilities                   388,511      294,104
Deferred credits and other liabilities                557,031      539,478
Long-term debt, net                                   619,341      609,643
                                                  -----------  -----------
     Total Liabilities                              1,564,883    1,443,225
                                                  -----------  -----------
Shareholders’ Equity
     Preferred stock                                   20,092       20,034
     Common shareholders’ equity                      885,439      690,359
     Other comprehensive income                        (9,310)      (4,130)
                                                  -----------  -----------
Total Shareholders’ Equity                            896,221      706,263
                                                  -----------  -----------
     Total Liabilities and Shareholders’ Equity   $ 2,461,104  $ 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 other risks and uncertainties more fully described in the company's latest Annual Report on Form 10-K. Actual results may differ materially from those indicated in such forward-looking statements.

Contact Information

  • Contacts:

    Investor Contacts:
    Cleco Corporation
    Keith Crump
    (318) 484-7719
    Ryan Gunter
    (318) 484-7724
    Rodney J. Hamilton
    (318) 484-7593

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

    Media Contact:
    Cleco Corporation:
    Michael Burns
    (318) 484-7673