Cleco Corp. Posts 2010 Second-Quarter Earnings of $35.2 Million

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Source: Marketwire

PINEVILLE, LA -- (Marketwire) -- 08/04/10 -- Cleco Corp. (NYSE: CNL)

  • Second-quarter GAAP earnings of $0.58 per diluted share
  • First six months of 2010 GAAP earnings of $3.06 per diluted share
  • Revised consolidated 2010 GAAP earnings target (excluding the one-time results of the Evangeline transaction and each of the Acadia transactions) to $2.10 - $2.20 per share

  Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures

                                                    Diluted Earnings Per
                                                            Share
                                                  ------------------------
                                                     Three months ended
                                                           June 30
                                                  ------------------------
Subsidiary                                            2010         2009
                                                  -----------  -----------
  Cleco Power LLC                                 $      0.64  $      0.50
  Cleco Midstream Resources LLC(1)                      (0.03)       (0.08)
  Corporate and Other(1,2)                              (0.05)        0.01
                                                  -----------  -----------
Operational earnings per share (Non-GAAP)                0.56         0.43
  Adjustments(3)                                         0.02         0.02
                                                  -----------  -----------
Earnings per share applicable to common stock     $      0.58  $      0.45


GAAP refers to United States generally accepted accounting principles.

(1) Includes affiliate interest charges/interest income on affiliate debt
    related to Cleco's investment in Acadia of $0.01 per share for the
    quarter ended June 30, 2009
(2) Includes dividends on preferred stock
(3) Refer to 'Operational Earnings Adjustments' in this news release



   Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures

                                                    Diluted Earnings Per
                                                            Share
                                                  ------------------------
                                                  SIx months ended June 30
                                                  ------------------------
Subsidiary                                            2010         2009
                                                  -----------  -----------
  Cleco Power LLC                                 $      1.18  $      0.75
  Cleco Midstream Resources LLC(1) (excluding
   2010 gains from the Evangeline and Acadia
   transactions)                                        (0.07)       (0.22)
  Corporate and Other(1,2)                               0.03         0.02
                                                  -----------  -----------
Operational earnings per share (Non-GAAP)                1.14         0.55
  Adjustments(3)                                         1.92         0.01
                                                  -----------  -----------
Earnings per share applicable to common stock     $      3.06  $      0.56


GAAP refers to United States generally accepted accounting principles.

(1) Includes affiliate interest charges/interest income on affiliate debt
    related to Cleco's investment in Acadia of $0.02 per share for the
    six months ended June 30, 2009
(2) Includes dividends on preferred stock
(3) Refer to 'Operational Earnings Adjustments' in this news release

'We had a great second quarter primarily due to favorable weather and new base rates which went into effect when our 600-megawatt solid-fuel unit commenced commercial operations,' said Mike Madison, president and chief executive officer of Cleco Corp. 'Our strategy to strengthen the basic infrastructure of our core business, Cleco Power, is working. For the past several years, we have invested approximately $1.3 billion to transform Cleco Power's generating fleet. Today, we have one of the most diversified fleets in the southeast region which will serve our customers well for years to come.'

Earnings Guidance:

Cleco has revised its consolidated 2010 GAAP earnings target (excluding the one-time results of the Evangeline transaction and each of the Acadia transactions) from a range of $2.05 - $2.15 per share to a range of $2.10 - $2.20 per share. This revised estimate assumes normal weather for the third and fourth quarters of 2010.

Financial Highlights:

Second Quarter 2010

  • Cleco reports second-quarter earnings applicable to common stock of $35.2 million, or $0.58 per diluted share, compared to $27.0 million, or $0.45 per diluted share, for the second quarter of 2009.

Year-to-Date 2010

  • Cleco reports earnings applicable to common stock for the first six months of 2010 of $185.1 million, or $3.06 per diluted share, compared to $33.7 million, or $0.56 per diluted share, for the first six months of last year.

Quarter-Over-Quarter Operational Earnings Per Share Reconciliation:

$ 0.43     2009 second-quarter diluted operational earnings per share

  0.64     Non-fuel revenue
  0.06     Income taxes
 (0.21)    Other expenses, net
 (0.35)    AFUDC (allowance for funds used during construction)
-------
$ 0.14     Cleco Power results

  0.05     Cleco Midstream results

 (0.06)    Corporate results
-------
$ 0.56    2010 second-quarter diluted operational earnings per share

  0.02    Adjustments(1)
-------
$ 0.58    Reported GAAP diluted earnings per share


(1) Refer to 'Operational Earnings Adjustments' in this news release

Cleco Power

  • Non-fuel revenue increased $0.64 per share compared to the second quarter of 2009. The impact of the retail base rate increase that became effective upon the commercial operation of Madison Unit 3 was approximately $0.57 per share, while the impact from warmer weather was approximately $0.06 per share. Also contributing to the increase was $0.01 per share of higher transmission revenue and customer fees.

  • Income taxes increased earnings by $0.06 per share compared to the second quarter of 2009 due to $0.03 per share to record tax expense at the annual projected effective tax rate, $0.03 per share in state flow-through tax benefits, and $0.02 per share in miscellaneous items. Partially offsetting this increase was $0.02 per share for a valuation allowance on the deferred tax asset for a capital loss carryforward.

  • Other expenses, net were $0.21 per share higher compared to the second quarter of 2009 primarily due to $0.10 per share of higher operating and maintenance expenses, $0.09 per share of higher depreciation expense resulting from Madison Unit 3 being placed in service in the first quarter of 2010 and the acquisition of Acadia Unit 1 in the first quarter of 2010, $0.05 per share of higher interest charges, and $0.01 per share related to amortization of an acquisition adjustment related to the acquisiton of Acadia Unit 1. Partially offsetting these increases was $0.04 per share of lower capacity payments made during the second quarter of 2010 primarily due to the commencement of commercial operations at Madison Unit 3 and the acquisition of Acadia Unit 1.

  • AFUDC, primarily associated with the first quarter 2010 completion of Madison Unit 3, reduced earnings $0.35 per share compared to the second quarter of 2009. The equity portion of AFUDC associated with the Madison Unit 3 project decreased $0.29 per share, while the debt portion of AFUDC decreased $0.06 per share compared to the second quarter of 2009.

Cleco Midstream Resources

  • Evangeline's results decreased $0.04 per share compared to the second quarter of 2009 primarily due to lower tolling revenue resulting from the Evangeline restructuring and the pricing of the new tolling agreement. Partially offsetting this decrease was lower maintenance expenses and lower interest charges.

  • Acadia's results increased $0.08 per share compared to the second quarter of 2009 primarily from lower removal and asset retirement costs and lower turbine and general maintenance expenses. Also contributing to the increase was lower depreciation expense resulting from certain Acadia assets meeting the criteria of assets held for sale. These increases were partially offset by lower tolling revenue from the absence of the interim tolling agreement with Cleco Power during the second quarter of 2010.

  • Lower other expenses at Midstream increased results $0.01 per share compared to the second quarter of 2009.

Corporate and Other

  • Income taxes decreased earnings by $0.02 per share compared to the second quarter of 2009 primarily to record tax expense at the annual projected consolidated effective tax rate.

  • Higher other miscellaneous expenses decreased earnings by $0.04 per share compared to the second quarter of 2009 primarily due to higher interest charges, lower interest income, and higher charitable donations.

Year-Over-Year Operational Earnings Per Share Reconciliation:

$  0.55   Six months ended June 30, 2009, diluted operational earnings
           per share

   1.09   Non-fuel revenue
   0.01   Energy hedging, net
   0.13   Income taxes
  (0.31)  Other expenses, net
  (0.49)  AFUDC
 -------
$  0.43   Cleco Power results

   0.15   Cleco Midstream results

   0.01   Corporate results
 -------
$  1.14   Six months ended June 30, 2010, diluted operational earnings
           per share

   1.92   Adjustments(1)
 -------
$  3.06   Reported GAAP diluted earnings per share


(1) Refer to 'Operational Earnings Adjustments' in this news release

Cleco Power

  • Non-fuel revenue increased $1.09 per share compared to the first six months of 2009. The impact of the retail base rate increase that became effective upon the commercial operation of Madison Unit 3 was approximately $0.84 per share, while the impact from favorable weather and new service to a wholesale customer was approximately $0.22 per share. Also contributing to the increase was $0.03 per share primarily related to the receipt of mineral lease bonus payments and higher transmission revenue.

  • Lower net realized and mark-to-market losses on energy hedging positions tied to a fixed-price wholesale contract increased earnings by $0.01 per share year over year.

  • Income taxes increased earnings by $0.13 per share compared to the first six months of 2009 due to $0.06 per share in state flow-through tax benefits, $0.05 per share related to the implementation of new retail rates, $0.04 per share to record tax expense at the annual projected effective tax rate, and $0.03 per share in miscellaneous items. Partially offsetting this increase was $0.03 per share for Medicare Part D resulting from health care legislation enacted in the first quarter of 2010, and $0.02 per share for a valuation allowance on the deferred tax asset for a capital loss carryforward.

  • Other expenses, net were $0.31 per share higher compared to the first six months of 2009 primarily due to $0.13 per share of higher depreciation expense resulting from Madison Unit 3 being placed in service in the first quarter of 2010 and the acquisition of Acadia Unit 1 in the first quarter of 2010, along with $0.13 per share of higher operating and maintenance expenses. Also contributing to the increases were $0.06 per share of higher interest charges. Partially offsetting these increases was $0.01 per share of lower other net miscellaneous expenses.

  • AFUDC, primarily associated with the first quarter 2010 completion of the Madison Unit 3 project, reduced earnings $0.49 per share compared to the first six months of 2009. The equity portion of AFUDC associated with the Madison Unit 3 project decreased $0.40 per share, while the debt portion of AFUDC decreased $0.09 per share compared to the first six months of 2009.

Cleco Midstream Resources

  • Evangeline's results increased $0.03 per share compared to the first six months of 2009 primarily due to lower maintenance expenses resulting from the absence of a 2009 outage and lower interest charges. Partially offsetting this increase was lower tolling revenue resulting from the Evangeline restructuring and the pricing of the new tolling agreement.

  • Acadia's results increased $0.10 per share compared to the first six months of 2009 primarily due to lower depreciation expense resulting from certain Acadia assets meeting the criteria of assets held for sale, lower removal and asset retirement costs, and lower legal fees.

  • Lower other expenses at Midstream increased results $0.02 per share compared to the first six months of 2009.

For a discussion of other transactions affecting the results of Cleco Midstream, please refer to 'Operational Earnings Adjustments -- Gains from Evangeline and Acadia Unit 1 Transactions' below.

Corporate and Other

  • Income taxes increased earnings by $0.09 per share compared to the first six months of 2009 as a result of the adjustment to record tax expense at the annual projected consolidated effective tax rate. The projected consolidated effective tax rate is 34.37 percent for 2010. In the first six months of 2010, Cleco had a disproportionate level of earnings at Midstream arising primarily from the Evangeline transaction which was taxed at a rate higher than the projected effective tax rate. Accordingly, a favorable adjustment of $0.05 per share was recorded in the first six months of 2010 at the corporate level to bring the consolidated effective tax rate back to 34.37 percent. In the first six months of 2009, a corresponding unfavorable adjustment of $0.04 per share was recorded.

  • Higher other miscellaneous expenses decreased earnings by $0.08 per share compared to the first six months of 2009 primarily due to the absence of adjustments related to amended franchise tax returns filed in 2009, higher interest charges, lower interest income, and higher other net miscellaneous expenses.

Operational Earnings Adjustments:

Cleco's management uses operational earnings per share to evaluate the operations of Cleco and to establish goals for management and employees. Management believes this presentation is appropriate and enables investors to more accurately compare Cleco's operational financial performance over the periods presented. Operational earnings as presented here may not be comparable to similarly titled measures used by other companies. The following table provides a reconciliation of operational earnings per share to reported GAAP earnings per share.

            Reconciliation of Operational Earnings Per Share to
                     Reported GAAP Earnings Per Share

                                                 Diluted Earnings Per Share
                                                  ------------------------
                                                     Three months ended
                                                           June 30
                                                  ------------------------
                                                      2010        2009
                                                  -----------  -----------
Operational earnings per share                    $      0.56  $      0.43
  Company/trust-owned life insurance policy
   adjustments                                              -         0.02
  Tax levelization                                       0.02            -
                                                  -----------  -----------
Reported GAAP earnings per share                  $      0.58  $      0.45

                                                 Diluted Earnings Per Share
                                                  ------------------------
                                                      Six months ended
                                                           June 30
                                                  ------------------------
                                                      2010        2009
                                                  -----------  -----------
Operational earnings per share                    $      1.14  $      0.55
  Company/trust-owned life insurance policy
   adjustments                                              -         0.01
  Gain from Evangeline transaction                       1.51            -
  Gain from Acadia Unit 1 transaction                    0.41            -
                                                  -----------  -----------
Reported GAAP earnings per share                  $      3.06  $      0.56

Reconciling adjustments from operational earnings per share to GAAP earnings per share are as follows:

COLI/TOLI Adjustments

Cleco has both Company-Owned Life Insurance and Trust-Owned Life Insurance (COLI/TOLI) policies covering certain members of management. These policies are payable to Cleco upon death of the insured. COLI/TOLI assets are acquired at fair value and adjusted for changes in market value and any payments/redemptions of cash surrender values. The resulting adjustments for these items had no impact for the second quarter of 2010 and increased earnings by $0.02 per share for the second quarter of 2009. These adjustments had no impact for the first six months of 2010 and increased earnings by $0.01 per share for the first six months of 2009. Cleco is unable to predict changes in the market values and amounts of cash surrender values of these policies and management does not consider these adjustments to be a component of operational earnings.

Tax Levelization

Generally accepted accounting principles require companies to apply an effective tax rate to interim periods that is consistent with a company's estimated annual effective tax rate. As a result, quarterly, Cleco projects the annual effective tax rate and then adjusts the tax expense recorded in that quarter to reflect the projected annual effective tax rate. During the second quarter of 2010, Cleco recorded a $0.02 per share benefit from the levelization of its annual tax rate to bring the actual tax rate in line with the projected annual effective tax rate. During the second quarter of 2009, there was no change to the projected annual effective tax rate; therefore, no tax levelization adjustment was necessary. The incremental adjustment for tax levelization is not related to operational earnings because it reflects the effect of the change in tax rates on operational earnings for the entire year.

Gains from Evangeline and Acadia Unit 1 Transactions

On Feb. 22, 2010, the existing Evangeline tolling agreement was terminated and a new tolling agreement was executed with the same counterparty, resulting in the recognition of a gain of $1.51 per share for the first six months of 2010. On Feb. 23, 2010, Cleco Power's acquisition of Acadia Unit 1, the related materials and supplies, and half of Acadia Power Station's common facilities was completed, resulting in the recognition of a gain of $0.41 per share for the first six months of 2010. Because these are one-time gains, management does not consider these adjustments to be components of operational earnings.

Cleco management will discuss the company's second-quarter 2010 results during a conference call scheduled for 11 a.m. Eastern time (10 a.m. Central time) Thursday, Aug. 5, 2010. The call will be webcast live on the Internet. A replay 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 Corp. Second-Quarter 2010 Earnings Conference Call.'

Cleco Corp. is a regional energy company headquartered in Pineville, La. It operates a regulated electric utility company, Cleco Power LLC, which serves about 277,000 retail customers across Louisiana. Cleco also operates a wholesale energy business, Cleco Midstream Resources LLC, which includes the pending sale of Acadia Unit 2. This year marks the 75th anniversary of Cleco Power serving Louisiana customers. For more information about Cleco, visit www.cleco.com.


                               For the three months ended June 30
                     ------------------------------------------------------
(Unaudited)             (million kWh)               (thousands)
                     -------------------- --------------------------------
                     2010  2009  Change       2010       2009      Change
                     ----- ----- ------   -----------  ---------- -------
Electric Sales
  Residential          854   791    8.0 % $    62,012  $   36,320    70.7 %
  Commercial           627   596    5.2 %      39,140      23,119    69.3 %
  Industrial           543   469   15.8 %      19,050      12,314    54.7 %
  Other retail          34    34      -         2,249       1,410    59.5 %
  Surcharge              -     -      -         1,660       4,405   (62.3)%
  Other                  -     -      -        (1,704)          -       -
                     ----- -----          -----------  ----------
    Total retail     2,058 1,890    8.9 %     122,407      77,568    57.8 %
  Sales for resale     110   144  (23.6)%      10,673       5,488    94.5 %
  Unbilled             251   325  (22.8)%      23,977      11,864   102.1 %
                     ----- -----          -----------  ----------
Total retail and
 wholesale customer
 sales               2,419 2,359   2.5 %  $   157,057  $   94,920    65.5 %


                               For the six months ended June 30
                    -------------------------------------------------------
(Unaudited)            (million kWh)                (thousands)
                    -------------------- ---------------------------------
                    2010  2009  Change       2010        2009      Change
                    ----- ----- ------   -----------  ----------- -------
Electric Sales
  Residential       1,893 1,607   17.8 % $   108,509  $    68,516    58.4 %
  Commercial        1,219 1,139    7.0 %      68,703       46,068    49.1 %
  Industrial        1,087 1,056    2.9 %      33,211       25,133    32.1 %
  Other retail         69    66    4.5 %       4,006        2,797    43.2 %
  Surcharge             -     -      -         5,855        9,620   (39.1)%
  Other                 -     -      -        (2,679)           -       -
                    ----- -----          -----------  -----------
    Total retail    4,268 3,868   10.3 %     217,605      152,134    43.0 %
  Sales for resale    300   233   28.8 %      19,456        8,599   126.3 %
  Unbilled            127   192  (33.9)%      34,944        7,005   398.8 %
                    ----- -----          -----------  -----------
Total retail and
 wholesale customer
 sales              4,695 4,293    9.4 % $   272,005  $   167,738    62.2 %





                                CLECO CORP.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              (Thousands, except share and per share amounts)
                                (Unaudited)

For the three months ended June 30                    2010         2009
                                                  -----------  -----------
Operating revenue
  Electric operations                             $   261,101  $   195,651
  Tolling operations                                    4,399            -
  Other operations                                     10,245        8,712
  Affiliate revenue                                       158        2,863
                                                  -----------  -----------
        Total operating revenue                       275,903      207,226
                                                  -----------  -----------
Operating expenses
  Fuel used for electric generation                    81,558       50,326
  Power purchased for utility customers                24,508       56,547
  Other operations                                     29,845       25,941
  Maintenance                                          21,633       14,766
  Depreciation                                         29,798       19,479
  Taxes other than income taxes                         8,565        8,300
  Gain on sales of assets                                 (98)           -
                                                  -----------  -----------
        Total operating expenses                      195,809      175,359
                                                  -----------  -----------
Operating income                                       80,094       31,867
Interest income                                            80          271
Allowance for other funds used during
 construction                                             359       17,538
Equity loss from investees                             (1,129)      (3,125)
Other income                                              266        1,633
Other expense                                          (2,577)        (480)
Interest charges
  Interest charges, including amortization of
   debt expenses, premium, and discount, net
   of capitalized interest                             24,663       20,150
  Allowance for borrowed funds used during
   construction                                          (145)      (6,421)
                                                  -----------  -----------
        Total interest charges                         24,518       13,729
                                                  -----------  -----------
Income before income taxes                             52,575       33,975
Federal and state income tax expense                   17,389        6,949
                                                  -----------  -----------
Net income                                             35,186       27,026
Preferred dividends requirements, net of tax               12           12
                                                  -----------  -----------
Net income applicable to common stock             $    35,174  $    27,014
                                                  ===========  ===========

Average shares of common stock outstanding
  Basic                                             60,431,930   60,175,528
  Diluted                                           60,705,269   60,451,665
Basic earnings per share
  Net income applicable to common stock           $       0.58 $       0.45
Diluted earnings per share
  Net income applicable to common stock           $       0.58 $       0.45
Cash dividends paid per share of common stock     $      0.250 $      0.225





                                CLECO CORP.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              (Thousands, except share and per share amounts)
                                (Unaudited)


For the six months ended June 30                      2010         2009
                                                  -----------  -----------
Operating revenue
  Electric operations                             $   513,899  $   398,517
  Tolling operations                                   11,863            -
  Other operations                                     21,119       15,820
  Affiliate revenue                                     1,307        5,825
                                                  -----------  -----------
        Total operating revenue                       548,188      420,162
                                                  -----------  -----------
Operating expenses
  Fuel used for electric generation                   176,140      138,629
  Power purchased for utility customers                72,727      102,265
  Other operations                                     56,499       50,892
  Maintenance                                          35,470       25,325
  Depreciation                                         54,051       38,613
  Taxes other than income taxes                        17,367       15,333
  Gain on sales of assets                                 (57)           -
                                                  -----------  -----------
        Total operating expenses                      412,197      371,057
                                                  -----------  -----------
Operating income                                      135,991       49,105
Interest income                                           242          682
Allowance for other funds used during
 construction                                          10,165       34,529
Equity income (loss) from investees                    36,718      (14,876)
Gain on toll settlement                               148,402            -
Other income                                              807        2,674
Other expense                                          (2,962)      (1,332)
Interest charges
  Interest charges, including amortization of
   debt expenses, premium, and discount, net
   of capitalized interest                             50,670       41,466
  Allowance for borrowed funds used during
   construction                                        (3,718)     (12,634)
                                                  -----------  -----------
        Total interest charges                         46,952       28,832
                                                  -----------  -----------
Income before income taxes                            282,411       41,950
Federal and state income tax expense                   97,256        8,275
                                                  -----------  -----------
Net income                                            185,155       33,675
Preferred dividends requirements, net of tax               23           23
                                                  -----------  -----------
Net income applicable to common stock             $   185,132  $    33,652
                                                  ===========  ===========

Average shares of common stock outstanding
  Basic                                             60,374,233   60,132,358
  Diluted                                           60,519,066   60,279,903
Basic earnings per share
  Net income applicable to common stock           $       3.07 $       0.56
Diluted earnings per share
  Net income applicable to common stock           $       3.06 $       0.56
Cash dividends paid per share of common stock     $      0.475 $      0.450




                                CLECO CORP.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                (Thousands)
                                (Unaudited)


                                                  At June 30,  At Dec. 31,
                                                      2010         2009
                                                  -----------  -----------
Assets
Current Assets
  Cash and cash equivalents                       $    52,155  $   145,193
  Accounts receivable, net                             78,866       70,557
  Other current assets                                285,793      278,175
                                                  -----------  -----------
        Total Current Assets                          416,814      493,925
Property, plant and equipment, net                  2,749,441    2,247,030
Equity investment in investees                         84,401      251,617
Prepayments, deferred charges and other               676,455      702,275
                                                  -----------  -----------
  Total Assets                                    $ 3,927,111  $ 3,694,847
                                                  -----------  -----------
Liabilities
Current Liabilities
  Short-term debt                                 $   150,000  $         -
  Long-term debt due within one year                   21,869       11,478
  Accounts payable                                     85,532      114,541
  Other current liabilities                           184,775      115,785
                                                  -----------  -----------
        Total Current Liabilities                     442,176      241,804
Deferred credits                                      990,999    1,016,672
Long-term debt, net                                 1,218,302    1,320,299
                                                  -----------  -----------
  Total Liabilities                                 2,651,477    2,578,775
                                                  -----------  -----------
Shareholders' Equity
  Preferred stock                                       1,029        1,029
  Common shareholders' equity                       1,285,930    1,126,334
  Accumulated other comprehensive loss                (11,325)     (11,291)
                                                  -----------  -----------
Total Shareholders' Equity                          1,275,634    1,116,072
                                                  -----------  -----------
  Total Liabilities and Shareholders' Equity      $ 3,927,111  $ 3,694,847
                                                  ===========  ===========

Please note: In addition to historical financial information, this news release contains forward-looking statements about future results and circumstances. 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 counterparty, the performance of the tolling agreement by such counterparty, the completion of the Acadiana Load Pocket project, the completion of the Acadia Unit 2/Entergy Louisiana transaction, the impact of the global economic environment, and other risks and uncertainties more fully described in the company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Actual results may differ materially from those indicated in such forward-looking statements.

Analyst Contact:
Cleco Corp.
Russell Davis
(318) 484-7501
Email Contact

Investor Contact:
Cleco Corp.
Rodney Hamilton
(318) 484-7593
Email Contact

Media Contact:
Cleco Corp.
Fran Phoenix
(318) 484-7467

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