Energy Future Holdings net loss grows to $609 million in first quarter

By Caroline Salls

Pittsburgh, May 7 - Energy Future Holdings Corp. reported a $609 million net loss for the three months ended March 31 on $1,517,000,000 in operating revenue, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

In comparison, Energy Future posted a $569 million net loss for the three months ended March 31, 2013 on operating revenue of $1.26 billion.

The company had $733 million in cash and cash equivalents at March 31, down from $2,311,000,000 at March 31, 2013 and $1,217,000,000 at Dec. 31.

According to the 10-Q, after-tax net expenses from corporate and other activities totaled $122 million and $89 million for the first quarters of 2014 and 2013, respectively.

The company said the change reflects a $23 million income tax benefit in 2013 related to the corporate and other portion of the $84 million income tax benefit related to resolution of Internal Revenue Service audit matters and $8 million, or $12 million pre-tax, in legal and other professional fees incurred in 2014 related to Energy Future's debt restructuring activities.

The amounts in both years include recurring interest expense on outstanding debt, as well as corporate general and administrative expenses, the report said.

Energy Future, a Dallas-based power generation company and utility operator, filed bankruptcy on April 29 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-10979.

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