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Calpine third-quarter income from operations climbs to $367 million
By Caroline Salls
Pittsburgh, Nov. 7 - Calpine Corp. reported a $367 million income from operations for the quarter ended Sept. 30 on $2.24 billion in total revenue, according to its 10-Q filed Wednesday with the Securities and Exchange Commission.
The figures show improvement over a $355 million income from operations for the period ended Sept. 30, 2006, when the company posted $2.16 billion in total revenues.
The net income for the third quarter of 2007 improved dramatically, jumping to $3.80 billion from a $2 million net income for the third quarter of 2006.
Among the improvements in the third-quarter 2007 numbers was $127 million in "net other income," compared with $10 million recorded in the third quarter of 2006. Calpine said the increase primarily reflected a $129 million customer claim settlement.
In the first nine months of 2007, Calpine posted a $596 million income from operations on $5.83 billion in total revenues, up from a $435 million income from operations for the first nine months of 2006 on $5.11 billion in total revenues.
The net income for the first nine months of this year was $2.84 billion, compared with a $1.41 billion net loss for the same period of 2006.
Cash and cash equivalents on Sept. 30 were $1.70 billion, compared with $1.08 billion on Dec. 31, 2006.
According to the 10-Q, the company expects its financial results could be volatile throughout the remainder of 2007 and through its emergence from Chapter 11 because its restructuring activities will likely result in additional charges for expected allowed claims, adjustments to existing provisions for expected allowed claims based on approved settlements or resolutions and other reorganization items.
Calpine, a San Jose, Calif., power company, filed for bankruptcy on Dec. 20, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-60200.
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