reported a loss for the first quarter, as mild winter weather and weak market fundamentals hurt the company's results.
After equipment cancellation costs and an extraordinary gain, Calpine reported a loss of $74.3 million, or 24 cents a share, compared with earnings of $119.7 million, or 36 cents a share, a year ago.
In the first quarter, Calpine took a charge of $168.5 million for canceling orders for 34 gas turbine generators, one steam turbine generator and other equipment. Also during the quarter, the company sold its 11.4% interest in the Lockport power plant for a pretax gain of $9.7 million.
Excluding the charge and other extraordinary items, Calpine reported recurring earnings of 10 cents a share. Those results were in line with analysts' estimates, according to Thomson Financial/First Call. Revenue in the quarter was up 30% to $1.74 billion from $1.34 billion in the same period last year.
collapse last year, liquidity concerns have been swirling around Calpine, forcing the company to sell assets and restructure the way it purchases equipment. "Calpine continues to make significant progress toward strengthening liquidity and improving creditworthiness," the company's chief executive, Peter Cartwright, said in a statement.
Calpine said since late December it has raised nearly $4 billion in capital, retired about $953 million in debt and restructured its turbine program to cut spending by more than $3 billion in 2002 and 2003.
"While we expect 2002 will be a challenging year for the power sector, we are encouraged by signs in several major markets of rising demand and stronger prices as the economy recovers," Cartwright said.
In recent trading, shares of Calpine were off 17 cents at $10.17. They're down about 80% from a year ago.