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Cleco Corp. (NYSE: CNL) reported today 2008 second-quarter net income applicable to common stock of $29.4 million, up $14.3 million from the $15.1 million recorded in the second quarter of 2007, excluding the $48.1 million net gain from the settlement of claims against Calpine Energy Services L.P. and Calpine Corp. (collectively, CES) in 2007.
On an earnings per share basis, Cleco recorded earnings of $0.49 per diluted share for the quarter, up $0.24 per share from the $0.25 per share in the second quarter of 2007, excluding the net gain in second-quarter 2007 of $0.80 per share from the settlement of the CES claims.
For the six months ended June 30, 2008, net income applicable to common stock was $51.4 million, or $0.86 per diluted share, up $0.47 per share from the $0.39 per share for the same period in 2007, excluding the net gain in 2007 of $0.81 per share from the settlement of the CES claims.
Results for both the quarter and year-to-date comparisons were driven primarily by higher allowance for funds used during construction (AFUDC) from the Rodemacher Unit 3 project.
“Construction of our Rodemacher Unit 3 project continues to go well and has exceeded expectations,” Cleco President and CEO Michael Madison said. “As a result of this progress, Cleco Power and Shaw amended the Engineering, Procurement and Construction (EPC) contract to move up the substantial completion date to June 30, 2009. As of June 30, 2008, we have spent roughly $772 million of the billion-dollar budget.”
Consolidated Diluted Earnings Per Share Allocated to Subsidiaries
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