Calpine Corp. (San Jose, CA) announced that it is providing a pre-earnings update. The preliminary results are unaudited. On December 31, 2003, liquidity for the company totaled approximately $2.3 billion. This included cash and cash equivalents on hand of approximately $1 billion, the current portion of restricted cash of approximately $0.9 billion and approximately $0.4 billion of borrowing capacity under the company's various credit facilities.
EBITDA, as adjusted before non-cash and other charges, is expected to be approximately $0.4 billion and $1.6 billion for the 3 and 12 months ended December 31, 2003, respectively. For the quarter ended December 31, 2003, the company is anticipating GAAP fully diluted earnings per share of approximately $0.30 per share, or $125 million of net income.
The results for the quarter include a gain of approximately $0.38 per share due to a change in accounting principle and certain mark-to-market activity, a gain of approximately $0.10 per share on the sale of assets, and a gain of approximately $0.09 per share for the purchases of outstanding debt and preferred securities. Offsetting these gains, the company recorded a loss of approximately $0.14 per share for other charges related primarily to equipment cost and office space write-downs and costs associated with the termination of long-term service contracts.
