Calpine Posts Record Third Quarter 2000 EPS Of $0.96
Company Announces Two-for-One Stock Split
SAN JOSE, Calif., Oct 26, 2000 (BUSINESS WIRE) -- San Jose, Calif.-based Calpine Corporation (NYSE: CPN chart, msgs), the nation's fastest growing independent power company, announced today record earnings for the three and nine months ended September 30, 2000.
In addition, Calpine's Board of Directors has authorized a two-for-one split of its common stock for stockholders of record as of November 6, 2000. The shares resulting from this split are expected to be distributed after the market closes on November 14, 2000.
"Calpine has turned in another record quarter of earnings -- the 17th consecutive record quarter since Calpine went public in 1996. We are anticipating a strong fourth quarter, and our prospects for 2001 and beyond continue to be excellent," said Calpine President and CEO Peter Cartwright. "We attribute our success to the continued strong performance from our operating facilities, strategic acquisitions in high-growth energy sectors and the execution of an aggressive development program."
"We'll continue to capitalize on our first-mover advantage," added Cartwright. "By the end of 2004, we expect to be one of the nation's leading and most profitable power generation companies, with more than 40,000 megawatts of generation on line in attractive energy markets throughout the U.S."
Net income before extraordinary charge was $147.1 million for the quarter ended September 30, 2000, representing a 243% increase compared to net income of $42.9 million for the third quarter of 1999. Diluted earnings per share rose 159% to $0.96 per share for the quarter, from $0.37 per share for the same period in 1999. Revenue for the quarter increased 168%, from $253.0 million a year ago to $678.9 million. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased 214% to $325.9 million for the quarter compared to $103.8 million a year ago.
For the nine months ended September 30, 2000, net income before extraordinary charge was $216.9 million, an increase of 231% compared to $65.5 million for the same period in 1999. Diluted earnings per share before extraordinary charge rose 145% to $1.52 per share, compared to $0.62 per share for the nine months of 1999. Revenue for the nine months was $1,278.0 million, a 113% increase from $600.2 million a year ago. EBITDA for the nine months rose 134% to $562.8 million, from $240.9 million in 1999. Total assets as of September 30, 2000, were $7.2 billion, up 80% from $4.0 billion at December 31, 1999.
Financial results for both the three and nine months ended September 30, 2000 benefited primarily from strong energy prices in certain markets, commencement of commercial operation of the Pasadena expansion and Hidalgo projects, and strategic 1999 acquisitions, including geothermal steam fields and energy facilities at The Geysers, Calif. and six gas-fired energy centers. Earnings also benefited from strong operations throughout Calpine's power portfolio. |
