WASHINGTON (dpa-AFX) - Dynegy Inc. (DYN) posted first quarter net loss of $58 million or $0.47 per share, narrower than $77 million or $0.64 per share last year.
Revenues declined to $177 million from $505 million in the prior-year quarter.
On average, two analysts polled by Thomson Reuters expected the company to report loss of $0.71 per share, on revenues of $323.55 million. Analysts' estimates typically exclude special items.
'Our operating performance for the first quarter 2012 achieved significantly higher capacity factors in a particularly difficult commodity environment along with weaker demand resulting from unusually warm winter weather,' said Robert Flexon, Dynegy President and Chief Executive Officer. 'Our gas fleet ran at historically high capacity factors and had the highest generation levels in over a decade due to coal-to-gas generation switching while our Illinois-based coal fleet generation declined slightly with the unseasonably mild weather. The Company also made a significant step forward in our corporate restructuring efforts by working productively with our major creditors leading to the Settlement Agreement that was filed with the bankruptcy court on May 1, 2012.'
The Settlement Agreement was filed with and is subject to bankruptcy court approval. The Plan Support Agreement envisions a significantly stronger balance sheet for the company upon completion of the restructuring. The company will have reduced debt and lease obligations by over $4 billion and expects net debt at completion of the restructuring to be approximately $600 million. A hearing on the Settlement Agreement has been scheduled for June 1, 2012.
The Plan Support Agreement contemplates the filing of a revised Plan and Disclosure Statement by May 30, 2012 and the completion of the restructuring by September 28, 2012.
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© 2012 AFX News
