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NRG Energy, Inc. Reports Second Quarter 2020 Results

PRINCETON, N.J.--(BUSINESS WIRE)--$NRG #Earnings--NRG Energy, Inc. (NYSE: NRG) today reported second quarter 2020 income from continuing operations of $313 million, or $1.27 per diluted common share and Adjusted EBITDA for the second quarter of $574 million.

“NRG delivered strong results in the first half of 2020, and our platform continues to demonstrate resilience during these critical summer months,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “We are excited by the recently announced Direct Energy acquisition and the regional diversity and expanded products and services the combination will bring to our integrated platform.”

Consolidated Financial Results

 

 

 

Three Months Ended

 

 

Six Months Ended

($ in millions)

 

6/30/2020

 

6/30/2019

 

 

6/30/2020

 

6/30/2019

Income from Continuing Operations

 

$

313

 

 

$

189

 

 

 

$

434

 

 

$

283

 

Cash provided by Continuing Operations

 

$

484

 

 

$

516

 

 

 

$

692

 

 

$

417

 

Adjusted EBITDA

 

$

574

 

 

$

469

 

 

 

$

922

 

 

$

801

 

Free Cash Flow Before Growth Investments (FCFbG)

 

$

402

 

 

$

230

 

 

 

$

569

 

 

$

237

 

 

Segments Results

Table 1: Income/(Loss) from Continuing Operations

($ in millions)

 

Three Months Ended

 

Six Months Ended

Segment

 

6/30/2020

 

6/30/2019

 

6/30/2020

 

6/30/2019

Texas

 

$

350

 

 

$

259

 

 

$

512

 

 

$

409

 

East

 

146

 

 

60

 

 

170

 

 

159

 

West/Othera

 

(183)

 

 

(130)

 

 

(248)

 

 

(285)

 

Income from Continuing Operationsb

 

$

313

 

 

$

189

 

 

$

434

 

 

$

283

 

a. Includes Corporate segment

b. In accordance with GAAP, 2019 results have been recast to reflect the discontinued operations of the South Central Portfolio and Carlsbad Energy Center.

Second quarter Income from Continuing Operations was $313 million, $124 million higher than second quarter 2019, driven by mark-to-market on hedge positions in 2020 versus 2019 from large movements in gas prices and ERCOT heat rates.

 

Table 2: Adjusted EBITDA

($ in millions)

 

Three Months Ended

 

Six Months Ended

Segment

 

6/30/2020

 

6/30/2019

 

6/30/2020

 

6/30/2019

Texas

 

$

378

 

 

$

326

 

 

$

573

 

 

$

505

 

East

 

138

 

 

93

 

 

228

 

 

237

 

West/Othera

 

58

 

 

50

 

 

121

 

 

59

 

Adjusted EBITDAb,c

 

$

574

 

 

$

469

 

 

$

922

 

 

$

801

 

a. Includes Corporate segment
b. In accordance with GAAP, 2019 results have been recast to reflect the discontinued operations of the South Central Portfolio and Carlsbad Energy Center.
c. See Appendices A-1 through A-2 for Operating Segment Reg G reconciliations.

Texas: Second quarter Adjusted EBITDA was $378 million, $52 million higher than second quarter of 2019. This increase is driven by the acquisition of Stream Energy and lower supply costs resulting from reductions in power and fuel prices.

East: Second quarter Adjusted EBITDA was $138 million, $45 million higher than second quarter of 2019. This increase is driven by the acquisition of Stream Energy, lower supply costs due to reductions in power and natural gas prices and lower operating costs; partially offset by lower capacity revenues.

West/Other: Second quarter Adjusted EBITDA was $58 million, $8 million higher than second quarter of 2019, driven by higher margin from Sunrise facility due to improved availability and an increase in California resource adequacy pricing in 2020; partially offset by Canal 3 completion payment earned in 2019.

 

Liquidity and Capital Resources

Table 3: Corporate Liquidity

($ in millions)

 

06/30/20

 

12/31/19

Cash and Cash Equivalents

 

$

418

 

 

$

345

 

Restricted Cash

 

8

 

 

8

Total

 

$

426

 

 

$

353

 

Total credit facility availability

 

1,782

 

 

1,794

 

Total Liquidity, excluding collateral received

 

$

2,208

 

 

$

2,147

 

As of June 30, 2020, NRG cash was at $0.4 billion, and $1.8 billion was available under the Company’s credit facilities. Total liquidity was $2.2 billion, including restricted cash. Overall liquidity as of the end of the second quarter 2020 was $61 million higher than at the end of 2019, driven by free cash flow generated by the Company partially offset by share repurchases and the repayment of balances outstanding on NRG's revolver.

NRG Strategic Developments

Acquisition of Direct Energy

On July 24, 2020, the Company entered into a definitive purchase agreement with Centrica plc to acquire Direct Energy, a North American subsidiary of Centrica plc. Direct Energy is a leading retail provider of electricity, natural gas, and home and business energy related products and services in North America, with operations in all 50 U.S. states and 6 Canadian provinces. The acquisition will add over 3 million customers to NRG’s business and build on and complement its integrated model, enabling better matching of power generation with customer demand. It will also broaden the Company’s presence in the Northeast and into states and locales where it does not currently operate, supporting NRG’s objective to diversify its business.

The Company will pay an aggregate purchase price of $3.625 billion in cash, subject to customary purchase price adjustments. The Company expects to fund the purchase price using a combination of cash on hand, approximately $2.4 billion in newly-issued secured and unsecured corporate debt and approximately $750 million in convertible preferred stock or other equity-linked instrument. The Company also expects to increase its collateral facilities by $3.5 billion through a combination of new letter of credit facilities and an increase to its existing Revolving Credit Facility.

The acquisition is subject to approval by the shareholders of Centrica plc, as well as customary closing conditions, consents and regulatory approvals, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Act, and the receipt of approvals or expiration of applicable waiting periods under the Federal Power Act and the Canadian Competition Act.

Midwest Generation lease buyout

On July 22, 2020, Midwest Generation, LLC signed purchase agreements to acquire all of the ownership interests in the Powerton facility and Units 7 and 8 of the Joliet facility, which were being leased through 2034 and 2030, respectively, for approximately $260 million. The Company intends to fund the purchase with borrowings under its Revolving Credit Facility in an amount equal to the existing operating lease liability of $148 million as of June 30, 2020, and the remainder from cash-on-hand. The closing is conditioned, among other items, on the receipt of regulatory approvals from FERC and under the Hart-Scott-Rodino Act.

COVID-19

In March 2020, the World Health Organization categorized COVID-19 as a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. Electricity was deemed a 'critical and essential business operation' under various state and federal governmental COVID-19 mandates. As a result of COVID-19, there has been a reduction in load within the markets in which we operate since the President’s national emergency declaration; however, as state restrictions have been eased or lifted, loads have begun to recover. The rebound in demand has varied across the Company's market footprint, as restrictions vary regionally. The Company expects demand uncertainty to continue in the near future.

NRG had activated its Crisis Management Team ("CMT") in January 2020, which proactively began managing the Company's response to the impacts of COVID-19. The CMT implemented the business continuity plans for the Company and has taken a variety of measures to ensure the ongoing availability of the Company’s services, while maintaining the Company's commitment to its core values of health and safety. Pursuant to the Company’s Infectious Disease & Pandemic Policy, in March 2020, NRG implemented restrictions on business travel and face-to-face sales channels, instituted remote work practices and enhanced cleaning and hygiene protocols in all of its facilities. During the second quarter of 2020, the Company began to evaluate alternatives for return to normal work operations. In addition, in order to effectively serve the Company’s customers, select essential employees and contractors are continuing to report to plant and certain office locations. The Company requires pre-entry screening, including temperature checks, separation of work crews, additional personal protective equipment for employees and contractors when social distancing cannot be maintained, and a ban on all non-essential visitors. As a result of these business continuity measures, the Company has not experienced any material disruptions in its ability to continue its business operations to date.

NRG continues to remain focused on protecting the health and well-being of its employees, while supporting its customers and the communities in which it operates and assuring the continuity of its operations. On April 1, 2020, NRG committed $2 million to COVID-19 relief efforts, including funding for urgently needed safety equipment supporting first responders, as well as funds that aid local communities and teachers. The Company also allocated funding to the NRG Employee Relief Fund, which assists employees adversely impacted by natural disasters and other extraordinary

Reaffirming 2020 and 2021 Guidance

NRG is reaffirming its guidance range for 2020 and 2021 with respect to Adjusted EBITDA, Cash From Operations and Free Cash Flow before Growth Investments (FCFbG) as set forth below.

 

Table 4: 2020 and 2021 Adjusted EBITDA, Cash from Operations, and FCFbG Guidance

 

2020

 

2021

($ in millions)

Guidance

 

Guidance

Adjusted EBITDAa

$1,900-$2,100

 

$1,900-$2,100

Cash From Operations

$1,440-$1,640

 

$1,445-$1,645

FCFbG

$1,275-$1,475

 

$1,275-$1,475

a. Non-GAAP financial measure; see Appendix Tables A-5 for GAAP Reconciliation to Net Income that excludes fair value adjustments related to derivatives. The Company is unable to provide guidance for Net Income due to the impact of such fair value adjustments related to derivatives in a given year

Capital Allocation Update

As part of the Company's long-term capital allocation policy, the return of capital to shareholders during the first half of 2020 was comprised of a quarterly dividend of $0.30 per share, or $148 million, and share repurchases of $228 million through August 6, 2020 at an average price of $33.05 per share.

The Company does not anticipate executing any further share repurchases over the remainder of 2020 and has allocated all of its remaining 2020 excess capital to fund the Direct Energy acquisition.

The Company’s common stock dividend, debt reduction and share repurchases are subject to available capital, market conditions and compliance with associated laws and regulations.

Earnings Conference Call

NRG’s July 24, 2020 business update and conference call served as its second quarter earnings call. The Company provided a comprehensive update and review of its strategy, 2020 & 2021 guidance, capital allocation and preliminary second quarter results. Today's materials and the July 24, 2020 materials and webcast can be found on NRG’s website at http://www.nrg.com and clicking on “Presentations & Webcasts” in the “Investors” section found at the top of the home page.

About NRG

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.

Forward-Looking Statements

In addition to historical information, the information presented in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about the Company’s future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.

Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, the potential impact of COVID-19 or any other pandemic on the Company’s operations, financial position, risk exposure and liquidity, general economic conditions, hazards customary in the power industry, weather conditions, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulations, the condition of capital markets generally, our ability to access capital markets, cyberterrorism and inadequate cybersecurity, unanticipated outages at our generation facilities, adverse results in current and future litigation, failure to identify, execute or successfully implement acquisitions, repowerings or asset sales, our ability to implement value enhancing improvements to plant operations and companywide processes, our ability to achieve margin enhancement under our publicly announced transformation plan, our ability to achieve our net debt targets, our ability to maintain investment grade credit metrics, our ability to proceed with projects under development or the inability to complete the construction of such projects on schedule or within budget, the inability to maintain or create successful partnering relationships, our ability to operate our business efficiently, our ability to retain retail customers, our ability to realize value through our commercial operations strategy, the ability to consummate the Direct Energy acquisition, the ability to successfully integrate businesses of acquired companies including Direct Energy, our ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, and our ability to execute our Capital Allocation Plan. Achieving investment grade credit metrics is not a indication of or guarantee that the Company will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions.

NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The adjusted EBITDA, free cash flow guidance and excess cash guidance are estimates as of August 6, 2020. These estimates are based on assumptions the company believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this press release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.

 

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three months ended June 30,

 

Six months ended June 30,

(In millions, except for per share amounts)

2020

 

2019

 

2020

 

2019

Operating Revenues

 

 

 

 

 

 

 

Total operating revenues

$

2,238

 

 

$

2,465

 

 

$

4,257

 

 

$

4,630

 

Operating Costs and Expenses

 

 

 

 

 

 

 

Cost of operations

1,434

 

 

1,845

 

 

2,891

 

 

3,496

 

Depreciation and amortization

110

 

 

85

 

 

219

 

 

170

 

Impairment losses

 

 

1

 

 

 

 

1

 

Selling, general and administrative costs

208

 

 

211

 

 

417

 

 

405

 

Reorganization costs

 

 

2

 

 

3

 

 

15

 

Development costs

2

 

 

2

 

 

5

 

 

4

 

Total operating costs and expenses

1,754

 

 

2,146

 

 

3,535

 

 

4,091

 

Gain on sale of assets

 

 

1

 

 

6

 

 

2

 

Operating Income

484

 

 

320

 

 

728

 

 

541

 

Other Income/(Expense)

 

 

 

 

 

 

 

Equity in earnings/(losses) of unconsolidated affiliates

12

 

 

 

 

1

 

 

(21)

 

Impairment losses on investments

 

 

 

 

(18)

 

 

 

Other income, net

14

 

 

20

 

 

41

 

 

32

 

Loss on debt extinguishment, net

 

 

(47)

 

 

(1)

 

 

(47)

 

Interest expense

(96)

 

 

(105)

 

 

(193)

 

 

(219)

 

Total other expense

(70)

 

 

(132)

 

 

(170)

 

 

(255)

 

Income from Continuing Operations Before Income Taxes

414

 

 

188

 

 

558

 

 

286

 

Income tax expense/(benefit)

101

 

 

(1)

 

 

124

 

 

3

 

Income from Continuing Operations

313

 

 

189

 

 

434

 

 

283

 

Income from discontinued operations, net of income tax

 

 

13

 

 

 

 

401

 

Net Income

313

 

 

202

 

 

434

 

 

684

 

Less: Net income attributable to redeemable noncontrolling interests

 

 

1

 

 

 

 

1

 

Net Income Attributable to NRG Energy, Inc.

$

313

 

 

$

201

 

 

$

434

 

 

$

683

 

Earnings per Share

 

 

 

 

 

 

 

Weighted average number of common shares outstanding — basic

245

 

 

265

 

 

246

 

 

272

 

Income from continuing operations per weighted average common share — basic

$

1.28

 

 

$

0.71

 

 

$

1.76

 

 

$

1.04

 

Income from discontinued operations per weighted average common share — basic

$

 

 

$

0.05

 

 

$

 

 

$

1.47

 

Earnings per Weighted Average Common Share — Basic

$

1.28

 

 

$

0.76

 

 

$

1.76

 

 

$

2.51

 

Weighted average number of common shares outstanding — diluted

246

 

 

267

 

 

247

 

 

274

 

Income from continuing operations per weighted average
common share — diluted

$

1.27

 

 

$

0.70

 

 

$

1.76

 

 

$

1.03

 

Income from discontinued operations per weighted
average common share — diluted
.........................................................................................................

$

 

 

$

0.05

 

 

$

 

 

$

1.46

 

Earnings per Weighted Average Common Share — Diluted

$

1.27

 

 

$

0.75

 

 

$

1.76

 

 

$

2.49

 

 

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

Three months ended June 30,

 

Six months ended June 30,

 

2020

 

2019

 

2020

 

2019

 

(In millions)

Net Income

$

313

 

 

$

202

 

 

$

434

 

 

$

684

 

Other Comprehensive Income/(Loss)

 

 

 

 

 

 

 

Foreign currency translation adjustments

13

 

 

(1)

 

 

(2)

 

 

 

Available-for-sale securities

 

 

1

 

 

 

 

1

 

Defined benefit plans

 

 

(3)

 

 

 

 

(6)

 

Other comprehensive income/(loss)

13

 

 

(3)

 

 

(2)

 

 

(5)

 

Comprehensive Income

326

 

 

199

 

 

432

 

 

679

 

Less: Comprehensive income attributable to redeemable noncontrolling interest

 

 

1

 

 

 

 

1

 

Comprehensive Income Attributable to NRG Energy, Inc.

$

326

 

 

$

198

 

 

$

432

 

 

$

678

 

 

 

 

 

 

 

 

 

 

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

June 30, 2020

 

December 31, 2019

(In millions, except share data)

(Unaudited)

 

(Audited)

ASSETS

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$

418

 

 

$

345

 

Funds deposited by counterparties

36

 

 

32

 

Restricted cash

8

 

 

8

 

Accounts receivable, net

1,015

 

 

1,025

 

Inventory

388

 

 

383

 

Derivative instruments

791

 

 

860

 

Cash collateral paid in support of energy risk management activities

136

 

 

190

 

Prepayments and other current assets

284

 

 

245

 

Total current assets

3,076

 

 

3,088

 

Property, plant and equipment, net

2,533

 

 

2,593

 

Other Assets

 

 

 

Equity investments in affiliates

372

 

 

388

 

Operating lease right-of-use assets, net

429

 

 

464

 

Goodwill

579

 

 

579

 

Intangible assets, net

733

 

 

789

 

Nuclear decommissioning trust fund

794

 

 

794

 

Derivative instruments

439

 

 

310

 

Deferred income taxes

3,170

 

 

3,286

 

Other non-current assets

212

 

 

240

 

Total other assets

6,728

 

 

6,850

 

Total Assets

$

12,337

 

 

$

12,531

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current Liabilities

 

 

 

Current portion of long-term debt

$

7

 

 

$

88

 

Current portion of operating lease liabilities

69

 

 

73

 

Accounts payable

736

 

 

722

 

Derivative instruments

728

 

 

781

 

Cash collateral received in support of energy risk management activities

36

 

 

32

 

Accrued expenses and other current liabilities

581

 

 

663

 

Total current liabilities

2,157

 

 

2,359

 

Other Liabilities

 

 

 

Long-term debt

5,810

 

 

5,803

 

Non-current operating lease liabilities

458

 

 

483

 

Nuclear decommissioning reserve

307

 

 

298

 

Nuclear decommissioning trust liability

478

 

 

487

 

Derivative instruments

299

 

 

322

 

Deferred income taxes

17

 

 

17

 

Other non-current liabilities

1,061

 

 

1,084

 

Total other liabilities

8,430

 

 

8,494

 

Total Liabilities

10,587

 

 

10,853

 

Redeemable noncontrolling interest in subsidiaries

 

 

20

 

Commitments and Contingencies

 

 

 

Stockholders' Equity

 

 

 

Common stock; $0.01 par value; 500,000,000 shares authorized; 423,031,777 and 421,890,790 shares issued and 244,137,848 and 248,996,189 shares outstanding at June 30, 2020 and December 31, 2019, respectively

4

 

 

4

 

Additional paid-in-capital

8,505

 

 

8,501

 

Accumulated deficit

(1,331)

 

 

(1,616)

 

Less treasury stock, at cost - 178,893,929 and 172,894,601 shares at June 30, 2020 and December 31, 2019, respectively

(5,234)

 

 

(5,039)

 

Accumulated other comprehensive loss

(194)

 

 

(192)

 

Total Stockholders' Equity

1,750

 

 

1,658

 

Total Liabilities and Stockholders' Equity

$

12,337

 

 

$

12,531

 

 

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six months ended June 30,

(In millions)

2020

 

2019

Cash Flows from Operating Activities

 

 

 

Net Income

$

434

 

 

$

684

 

Income from discontinued operations, net of income tax

 

 

401

 

Income from continuing operations

434

 

 

283

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

Distributions from and equity in (earnings)/losses of unconsolidated affiliates.

7

 

 

22

 

Depreciation and amortization

219

 

 

170

 

Accretion of asset retirement obligations.

18

 

 

14

 

Provision for credit losses

48

 

 

52

 

Amortization of nuclear fuel

25

 

 

27

 

Amortization of financing costs and debt discount/premiums

12

 

 

13

 

Loss on debt extinguishment, net

1

 

 

47

 

Amortization of emissions allowances and energy credits

33

 

 

14

 

Amortization of unearned equity compensation

12

 

 

10

 

(Gain)/loss on sale of assets and disposal of assets

(15)

 

 

1

 

Impairment losses

18

 

 

1

 

Changes in derivative instruments

(131)

 

 

(22)

 

Changes in deferred income taxes and liability for uncertain tax benefits

116

 

 

(5)

 

Changes in collateral deposits in support of energy risk management activities

58

 

 

125

 

Changes in nuclear decommissioning trust liability

36

 

 

17

 

Changes in other working capital

(199)

 

 

(352)

 

Cash provided by continuing operations

692

 

 

417

 

Cash provided by discontinued operations

 

 

8

 

Net Cash Provided by Operating Activities

692

 

 

425

 

Cash Flows from Investing Activities

 

 

 

Payments for acquisitions of businesses

(5)

 

 

(21)

 

Capital expenditures

(116)

 

 

(107)

 

Net purchases of emission allowances

(4)

 

 

(1)

 

Investments in nuclear decommissioning trust fund securities

(257)

 

 

(209)

 

Proceeds from the sale of nuclear decommissioning trust fund securities

220

 

 

191

 

Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees

15

 

 

1,289

 

Net distributions from investments in unconsolidated affiliates

2

 

 

7

 

Contributions to discontinued operations

 

 

(44)

 

Cash (used)/provided by continuing operations

(145)

 

 

1,105

 

Cash used by discontinued operations

 

 

(2)

 

Net Cash (Used)/Provided by Investing Activities

(145)

 

 

1,103

 

Cash Flows from Financing Activities

 

 

 

Payments of dividends to common stockholders

(148)

 

 

(16)

 

Payments for share repurchase activity

(229)

 

 

(1,075)

 

Payments for debt extinguishment costs

 

 

(24)

 

Purchase of and distributions to noncontrolling interests from subsidiaries

(2)

 

 

(1)

 

Proceeds from issuance of common stock

1

 

 

2

 

Proceeds from issuance of long-term debt

59

 

 

1,833

 

Payment of debt issuance costs

(1)

 

 

(33)

 

Repayments of long-term debt

(61)

 

 

(2,485)

 

Net repayment of Revolving Credit Facility

(83)

 

 

 

Other

(5)

 

 

 

Cash used by continuing operations

(469)

 

 

(1,799)

 

Cash provided by discontinued operations

 

 

43

 

Net Cash Used by Financing Activities

(469)

 

 

(1,756)

 

Effect of exchange rate changes on cash and cash equivalents

(1)

 

 

 

Change in Cash from discontinued operations

 

 

49

 

Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash

77

 

 

(277)

 

Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period
.............................................................................................................................................................................

385

 

 

613

 

Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period
..............................................................................................................................................................................

$

462

 

 

$

336

 


Contacts

Media:
Candice Adams
609.524.5428

Investors:
Kevin L. Cole, CFA
609.524.4526


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