Mirant

[Joe Stocks]

DJ Mirant Posts $83.9 Mln Net Loss For Sep

WASHINGTON (Dow Jones)--This information is from Mirant Corp.'s (MIRKQ) monthly operating report for September, filed Monday with the U.S. Bankruptcy Court in Fort Worth, Texas. Monthly operating reports must be submitted to the bankruptcy court by companies under Chapter 11 bankruptcy protection, such as Mirant. (In an item that moved at 11:03 a.m. EST, Mirant's net loss was incorrectly reported as a net profit. Also, a typographical error in the line for net income from discontinued operations made it unclear whether that amount was income or a loss.) CONSOLIDATED INCOME STATEMENT =---------------------------- September ------------ REVENUE Generation $ 307,105,435 Net trading revenue 34,037,918 Distribution 45,789,020 Other 4,048,899 --------- Net revenue 390,981,272 OPERATING EXPENSES Energy cost 208,760,752 Operations & maintenance 47,771,147 Depreciation & amortization 30,544,173 Selling, general, & administrative 42,081,907 Gain on sale of property & investments 23,907,988 Impairment loss 1,277,741 Restructuring costs (2,353,010) --------- Total operating expenses 351,990,698 Income before nonoperating income & expense 38,990,574 OTHER INCOME & EXPENSES Interest income 1,496,839 Interest expense (10,809,519) Equity in income of affiliates 2,654,878 Other (1,251,674) Reorganization items (152,705,781) Minority interest (4,866,476) Net income from discontinued operations 1,334,697 --------- Total other income/(expense) $(164,147,036) Provision for income tax 41,257,977 ---------- Net Profit (Loss) $ (83,898,485) ========== CONSOLIDATED BALANCE SHEET =-------------------------- Sept. 30 -------------- ASSETS Cash and cash equivalents $ 1,581,903,925 Accounts receivable (net) 2,025,583,738 Assets from risk mgmt activities 76,061,143 Inventories 280,979,298 Other 352,853,286 ----------- Total current assets 4,317,381,390 Property, plant & equipment 6,275,154,462 Less: accumulated Depreciation / depletion 696,400,249 Leasehold interests (net) 1,594,471,405 Construction work in progress 278,530,027 Investment in suspended construction 712,475,406 ----------- Total net property, plant & equipment 8,164,231,051 ------------- Investments 204,667,266 L/T accounts receivable (net) (74,822,976) Notes receivable (net) (2,913,255) Assets from risk mgmt activities 131,158,600 Goodwill (net) 607,972,068 Other intangibles (net) 515,413,386 Restricted cash, noncurrent 49,133,023 Other long-term assets (87,389) Miscellaneous deferred charges 174,534,057 ----------- Total noncurrent assets 1,605,054,780 ------------- Total Assets 14,086,667,221 POSTPETITION LIABILITIES Debt 1,429,191,495 Accounts payable 1,405,059,516 Liabilities from risk mgmt activities 207,311,651 Obligations under energy delivery commitments 604,737,081 Derivative hedging instruments S/T 17,836,696 Other 106,307,503 Miscellaneous deferred credits 518,337,470 ----------- Total postpetition liabilities 4,288,781,412 PREPETITION LIABILITIES Total prepetition liabilities 8,444,455,118 ------------- Total Liabilities 12,733,236,530 EQUITY Minority interest in subsidiaries 270,766,268 Mandatorily redeemable securities 345,000,000 Common stock 4,056,621 Additional paid-in capital 4,917,963,428 Retained earnings (4,128,779,683) Treasury stock, at cost (2,260,000) Accumulated other comprehensive income (53,315,943) ---------- Total Equity 1,353,430,691 ------------- Total Liabilities & Owners' Equity $ 14,086,667,221 =============== Figures in parentheses are losses. (END) Dow Jones Newswires

November 19, 2003 11:57 ET (16:57 GMT)