Cleco Corp. (CNL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Cleco Corp. has a market cap of $1.67 billion; its shares were traded at around $27.54 with a P/E ratio of 16.3 and P/S ratio of 2. The dividend yield of Cleco Corp. stocks is 3.3%.CNL is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc, John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Equity income from investees increased $49.6 million, or 422.1%, in the first quarter of 2010 compared to the first quarter of 2009 primarily due to increased equity earnings at APH primarily from the recognition of a $41.0 million gain from the acquisition of one of Acadia s two 580-MW units, the related materials and supplies, and half of its common facilities by Cleco Power. For additional information on Acadia, see Item 1, “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 9 — Variable Interest Entities and Note 15 — Acadia Transaction.” Also contributing to the increase was the change in method of accounting for Evangeline effective January 1, 2010.
Federal and state income taxes increased $78.5 million during the first quarter of 2010 compared to the first quarter of 2009 primarily due to an increase in pre-tax income, excluding AFUDC equity. Federal and state income taxes increased $88.1 million for the change in pre-tax income and $1.9 million for a Medicare Part D adjustment resulting from new legislation. These increases were offset by decreases of $6.3 million to record tax expense at the annual projected effective tax rate, $3.0 million for an adjustment related to the new rates, $1.7 million for state flow-through benefits, and $0.5 million for tax credits. The effective income tax rate is less than the expected statutory rate due to the significant impact of flow-through treatment on electric plant-related differences such as equity AFUDC and a flow-through adjustment for new rates. This is partially offset by the tax impact of the PPACA which included a change in the tax treatment for the Medicare Part D subsidy.
Read the The complete Report
Cleco Corp. has a market cap of $1.67 billion; its shares were traded at around $27.54 with a P/E ratio of 16.3 and P/S ratio of 2. The dividend yield of Cleco Corp. stocks is 3.3%.CNL is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc, John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Cleco Power applied for a grant in August 2009 under the DOE s small-grant process, which caps awards at $20.0 million. In October 2009, the DOE notified Cleco Power that it had been selected to receive a $20.0 million grant to implement smart-grid technology for all of its customers. On May 3, 2010, Cleco Power accepted the terms of the $20.0 million grant from the DOE. Cleco Power estimates the project will cost $73.0 million, with the DOE grant providing $20.0 million toward the project and Cleco Power providing the remaining $53.0 million. The grant program is a part of the American Recovery and Reinvestment Act of 2009, an economic stimulus package passed by Congress in February 2009. Smart-grid technology includes the installation of “smart electric meters” that enable two-way communication capabilities between a home or business and a utility company. In April 2010, Cleco Power received board approval for the project conditioned upon approval by the LPSC. Cleco Power expects to file an application with the LPSC during the second quarter of 2010 and will request expedited approval prior to the end of 2010. Upon approval from the LPSC, Cleco Power expects to complete the project by the first quarter of 2013. If Cleco Power does not receive LPSC approval, the project will be re-evaluated at that time.Equity income from investees increased $49.6 million, or 422.1%, in the first quarter of 2010 compared to the first quarter of 2009 primarily due to increased equity earnings at APH primarily from the recognition of a $41.0 million gain from the acquisition of one of Acadia s two 580-MW units, the related materials and supplies, and half of its common facilities by Cleco Power. For additional information on Acadia, see Item 1, “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 9 — Variable Interest Entities and Note 15 — Acadia Transaction.” Also contributing to the increase was the change in method of accounting for Evangeline effective January 1, 2010.
Federal and state income taxes increased $78.5 million during the first quarter of 2010 compared to the first quarter of 2009 primarily due to an increase in pre-tax income, excluding AFUDC equity. Federal and state income taxes increased $88.1 million for the change in pre-tax income and $1.9 million for a Medicare Part D adjustment resulting from new legislation. These increases were offset by decreases of $6.3 million to record tax expense at the annual projected effective tax rate, $3.0 million for an adjustment related to the new rates, $1.7 million for state flow-through benefits, and $0.5 million for tax credits. The effective income tax rate is less than the expected statutory rate due to the significant impact of flow-through treatment on electric plant-related differences such as equity AFUDC and a flow-through adjustment for new rates. This is partially offset by the tax impact of the PPACA which included a change in the tax treatment for the Medicare Part D subsidy.
Read the The complete Report
