Cleco Corporation reports full-year 2012 operational earnings of $2.46 per share

Tue Feb 19, 2013 4:36pm EST

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*Sustainable cost management efforts helped offset below normal 2012 weather 
*Demonstrated growth through long-term regulated wholesale contract with Dixie Electric Membership
Corporation (DEMCO) 
*Additional wholesale load justified adding generating capacity at Cleco Power with Coughlin Power
Station selected as low-cost option 
*2013 operational earnings guidance affirmed at $2.45 to $2.55 per diluted share 

PINEVILLE, LA., Feb. 19, 2013 - Cleco Corporation (NYSE:CNL) posted 2012 earnings of $163.6
million, or $2.70 per diluted share, down $32.1 million from the $195.7 million recorded in 2011.
Fourth-quarter earnings were $23.1 million or $0.38 per diluted share, down $7.5 million from the
$30.6 million recorded in the fourth quarter of 2011. Operational earnings for 2012, which exclude
the Acadia Units 1 and 2 indemnifications and other nonoperational gains, were $149.1 million, or
$2.46 per diluted share, while operational earnings for 2011 were $152.9 million or $2.51 per
diluted share, which excludes the gains on the Acadia Unit 2 transaction and other nonoperational
gains.

"Our full-year operational earnings of $2.46 are at the top of our final 2012 guidance range of
$2.40 to $2.46 per share.  We achieved this despite less than favorable weather through our focus
on low-cost and reliable operations of our regulated utility business," said Bruce Williamson,
president and CEO of Cleco Corporation. "During 2012, we focused the company on driving down many
areas of our cost structure while maintaining operational reliability. In addition to our
sustainable cost management program, we resolved a number of legacy tax issues in a positive
fashion for our shareholders and customers.  

"In addition to delivering solid earnings per share, we positioned the company for the future
through a number of strategic initiatives. These include advancing our utility's wholesale growth
strategy with the signing of our largest ever long-term full-requirements wholesale power
agreement with DEMCO.  We continued the path to winding down our Cleco Midstream business with the
announcement that Coughlin Power Station was the winning bidder in Cleco Power's 2012 request for
proposals for additional generation capacity," said Williamson. "In 2012, we also completed our
transmission project in south Louisiana and settled our Federal Energy Regulatory Commission
(FERC) transmission rate case. In addition, we used our strong cash flow to self-fund system
improvement projects and environmental upgrades to our plants to help keep our fleet out in front
of our competitors as our industry faces stricter environmental mandates.

 "As we head into 2013, we are focused on three main areas," said Williamson.  

*"We will continue to deliver competitive, reliable energy to our customers by maintaining focus
on our cost structure.  

*We will work closely with the Louisiana Public Service Commission on the transfer of Coughlin
into Cleco Power and on several other regulatory issues that will provide certainty for our
investors and customers.  

*We will seek additional long-term wholesale contracts modeled on the DEMCO contract, which
includes capacity, energy and services and allows progressive municipalities and cooperatives to
drive economic growth through stable electric rates."   

Earnings Guidance:

Cleco is affirming its 2013 consolidated operational earnings in the range of $2.45 to $2.55 per
diluted share.  This estimate assumes normal weather for the year and an estimated consolidated
tax rate of 32 percent.  The guidance range excludes adjustments related to life insurance
policies and expiring indemnifications.  Please refer to "Operational Earnings Adjustments" in
this news release for a description of these adjustments.

Financial Highlights:

Fourth Quarter 2012

*Cleco reports fourth-quarter GAAP earnings applicable to common stock of $23.1 million, or $0.38
per diluted share, compared to $30.6 million, or $0.51 per diluted share for the fourth quarter of
2011. 

Year-to-Date 2012

*Cleco reports GAAP earnings applicable to common stock for 2012 of $163.6 million, or $2.70 per
diluted share, compared to $195.7 million, or $3.22 per diluted share for 2011.

                                           Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures                                           
                                                                                                                                                         
                                                                                           Diluted Earnings Per Share                                    
                                                               For the three months ended Dec. 31                    For the year ended Dec. 31          
 Subsidiary                                                     2012                        2011                    2012                     2011        
 Cleco Power LLC                                                $0.41                       $0.39                   $2.42                    $2.34       
 Cleco Midstream Resources LLC                                 (0.05)                        0.06                  (0.07)                     0.05       
 Corporate and Other1                                               -                           -                    0.11                     0.12       
 Operational diluted earnings per share (Non-GAAP)               0.36                        0.45                    2.46                     2.51       
 Adjustments2                                                    0.02                        0.06                    0.24                     0.71       
 Diluted earnings per share applicable to common stock          $0.38                       $0.51                   $2.70                    $3.22       


GAAP refers to United States generally accepted accounting principles.

1 Includes dividends and redemption costs on preferred stock
2 Refer to "Operational Earnings Adjustments" in this news release

Quarter-Over-Quarter Operational Diluted Earnings Per Share Reconciliation:

        $0.45      2011 fourth-quarter operational diluted earnings per share  
                                                                               
         0.05      Non-fuel revenue                                            
         0.02      Rate refund accrual                                         
       (0.04)      Other expenses, net                                         
         0.03      Interest charges                                            
         0.02      AFUDC (allowance for funds used during construction)        
       (0.06)      Income taxes                                                
        $0.02      Cleco Power results                                         
                                                                               
       (0.11)      Cleco Midstream results                                     
                                                                               
            -      Corporate and Other results                                 
                                                                               
        $0.36      2012 fourth-quarter operational diluted earnings per share  
                                                                               
         0.02      Adjustments1                                                
                                                                               
        $0.38      Reported GAAP diluted earnings per share                    


1Refer to "Operational Earnings Adjustments" in this news release

Cleco Power

*Higher non-fuel revenue increased earnings by $0.05 per share compared to the fourth quarter of
2011 primarily due to $0.06 per share of higher base revenue due to an annual base rate adjustment
related to the formula rate plan, favorable weather, and higher commercial sales.  This amount was
partially offset by $0.01 per share of lower other net miscellaneous revenue. 
*Lower rate refund accrual increased earnings by $0.02 per share compared to the fourth quarter of
2011 primarily due to a change in estimated accruals. 

*Higher other expenses, net, decreased earnings by $0.04 per share compared to the fourth quarter
of 2011 primarily due to $0.03 per share of higher depreciation and amortization expense and $0.01
per share of higher net other miscellaneous expenses. 
*Lower interest charges increased earnings by $0.03 per share compared to the fourth quarter of
2011 primarily due to $0.03 per share related to uncertain tax positions, $0.01 per share related
to reacquired debt in October and December 2011, and $0.01 per share related to the retirement of
pollution control bonds in January and May 2012.  The issuance of private placement notes in
December 2011 and May 2012 partially offset these amounts by $0.02 per share. 
*Higher AFUDC increased earnings by $0.02 per share compared to the fourth quarter of 2011
primarily due to higher AFUDC related to the advanced metering infrastructure project and
miscellaneous transmission projects. 
*Higher income taxes decreased earnings by $0.06 per share compared to the fourth quarter of 2011
primarily due to $0.04 per share for the loss of state tax benefits related to tax credits and
other state attributes and $0.02 per share related to the absence of the settlement of the 2001
through 2003 IRS audit. 

Cleco Midstream Resources

*Midstream's results decreased earnings by $0.11 per share compared to the fourth quarter of 2011
primarily due to $0.12 per share related to the absence of the settlement of the 2001 through 2003
IRS audit, partially offset by $0.01 per share of lower other miscellaneous expenses. 

For a discussion of other transactions affecting Cleco Midstream's results, please refer to
"Operational Earnings Adjustments - Acadia Units 1 and 2 Indemnifications" below.

Corporate and Other

*Higher interest charges decreased earnings by $0.01 per share compared to the fourth quarter of
2011 primarily due to higher amounts related to uncertain tax positions. 
*Lower income taxes increased earnings by $0.01 per share compared to the fourth quarter of 2011
as a result of $0.02 per share for the loss of state tax benefits related to tax credits and other
state attributes, and $0.01 per share for tax returns filed, partially offset by $0.01 per share
related to the absence of the settlement of the 2001 through 2003 IRS audit, and $0.01 per share
for tax credits. 

Year-Over-Year Operational Diluted Earnings Per Share Reconciliation:

        $2.51      Year ended Dec. 31, 2011, operational diluted earnings per share  
                                                                                     
       (0.08)      Non-fuel revenue                                                  
         0.06      Rate refund accrual                                               
       (0.12)      Other expenses, net                                               
         0.16      Interest charges                                                  
         0.03      AFUDC (allowance for funds used during construction)              
         0.03      Income taxes                                                      
        $0.08      Cleco Power results                                               
                                                                                     
       (0.12)      Cleco Midstream results                                           
                                                                                     
       (0.01)      Corporate and Other results                                       
                                                                                     
        $2.46      Year ended Dec. 31, 2012, operational diluted earnings per share  
                                                                                     
         0.24      Adjustments1                                                      
                                                                                     
        $2.70      Reported GAAP diluted earnings per share                          


1Refer to "Operational Earnings Adjustments" in this news release

Cleco Power

*Lower non-fuel revenue decreased earnings by $0.08 per share compared to 2011 primarily due to
$0.09 per share relating to milder weather, $0.06 per share from lower mineral lease payments, and
$0.05 per share from the absence of a gain on the sale of Cleco Power's fuel oil inventory.  These
amounts were partially offset by $0.11 per share from an annual base rate adjustment related to
the formula rate plan and $0.01 per share of higher other miscellaneous revenue.  
*Lower rate refund accrual increased earnings by $0.06 per share compared to 2011 primarily due to
a change in estimated accruals. 

*Higher other expenses, net, decreased earnings by $0.12 per share compared to 2011 primarily due
to $0.10 per share of higher depreciation and amortization expense, $0.07 per share of higher net
non-recoverable wholesale power purchases and other capacity charges, and $0.02 per share of
higher other taxes, primarily due to property taxes.  These amounts were partially offset by $0.05
per share of lower other operations and maintenance expenses, and $0.02 per share of higher
royalty income.  
*Lower interest charges increased earnings by $0.16 per share compared to 2011 primarily due to
$0.12 per share related to uncertain tax positions, $0.08 per share related to reacquired debt in
October and December 2011, and $0.03 per share related to the retirement of pollution control
bonds in January and May 2012.  Partially offsetting these amounts were $0.07 per share related to
the issuance of private placement notes in December 2011 and May 2012. 
*Higher AFUDC increased earnings by $0.03 per share compared to 2011 primarily due to higher AFUDC
accruals related to the advanced metering infrastructure project and miscellaneous transmission
projects. 
*Lower income taxes increased earnings by $0.03 per share compared to 2011 primarily due to $0.04
per share for tax returns filed, $0.03 per share for the settlement of legacy tax issues, and
$0.03 per share for tax credits. These amounts were partially offset by $0.03 per share for the
loss of state tax benefits related to tax credits and other state attributes, $0.02 per share
related to the absence of the settlement of the 2001 through 2003 IRS audit, and $0.02 per share
related to the absence in 2012 of the valuation allowance reversal in 2011. 

Cleco Midstream Resources

*Midstream's results decreased earnings by $0.12 per share compared to 2011 primarily due to $0.12
from the absence of the settlement of the 2001 through 2003 IRS audit and $0.07 per share of
higher operating and maintenance expenses.  These amounts were partially offset by $0.07 per share
of higher tolling revenue. 

For a discussion of other transactions affecting Cleco Midstream's results, please refer to
"Operational Earnings Adjustments - Gain from Acadia Unit 2 Transaction and Acadia Units 1 and 2
Indemnifications" below.

Corporate and Other

*Higher income taxes decreased earnings by $0.01 per share compared to 2011 primarily due to $0.06
per share for tax returns filed and $0.01 per share related to the absence of the settlement of
the 2001 through 2003 IRS audit. These amounts were partially offset by $0.06 per share for tax
credits. 

Operational Earnings Adjustments:

Cleco's management uses operational earnings per share, which is a non-GAAP measure, to evaluate
the operations of Cleco and establish goals for management and employees.  Management believes
this presentation is appropriate and enables investors to more accurately compare Cleco's
operational financial performance over the periods presented.  Operational diluted earnings per
share as presented here may not be comparable to similarly titled measures used by other
companies.  The following table provides a reconciliation of operational diluted earnings per
share to reported GAAP diluted earnings per share.

Reconciliation of Operational Diluted Earnings Per Share to Reported GAAP Diluted Earnings Per
Share

                                                                                                         Diluted Earnings Per Share                                    
                                                                             For the three months ended Dec. 31                    For the year ended Dec. 31          
                                                                              2012                        2011                    2012                     2011        
 Operational diluted earnings per share                                       $0.36                       $0.45                   $2.46                    $2.51       
 Life insurance policies                                                          -                        0.06                    0.02                     0.06       
 Gain on Acadia Unit 2 transaction                                                -                           -                       -                     0.63       
 Acadia Unit 1 indemnifications                                                   -                           -                    0.08                     0.02       
 Acadia Unit 2 indemnifications                                                0.02                           -                    0.14                        -       
 Reported GAAP diluted earnings per share applicable to common stock          $0.38                       $0.51                   $2.70                    $3.22       


Reconciling adjustments from operational diluted earnings per share to GAAP diluted earnings per
share are as follows:

Life Insurance Policies

Cleco has life insurance policies covering certain members of management.  These policies have a
cash surrender value component that is carried as an asset and adjusted due to market changes,
premium payments, or policy redemptions.  Cleco is unable to predict market changes and cash
surrender value amounts of these policies, and management does not consider these adjustments to
be a component of operational earnings.

Gain from Acadia Unit 2 Transaction

On April 29, 2011, the disposition of Acadia Unit 2 and half of Acadia Power Station's common
facilities was completed resulting in the recognition of a gain of $0.63 per share for 2011. 
Because this is a one-time gain, management does not consider this adjustment to be a component of
operational earnings.

Acadia Units 1 and 2 Indemnifications

Acadia Power Partners, LLC provided limited guarantees and indemnifications to Cleco Power and
Entergy Louisiana when they acquired Acadia Units 1 and 2 in February 2010 and April 2011,
respectively.  Acadia Power Partners, LLC and Acadia Power Holdings will reduce the
indemnification liabilities either through expiration of the contractual life or through changes
in the probability of a claim arising.  During the fourth quarter of 2012, the contractual
expiration of the underlying indemnifications increased earnings by $0.02 per share.  The
resulting adjustment for this item had no impact for the fourth quarter of 2011.  During the year
ended December 31, 2012 and 2011, the contractual expiration of the underlying indemnifications
increased earnings $0.22 per share and $0.02 per share, respectively.

Cleco management will discuss the company's fourth-quarter 2012 results during a conference call
scheduled for 7:30 a.m. Central time (8:30 a.m. Eastern time) Wednesday, February 20, 2013.  The
call will be webcast live on the Internet.  A replay will be available for 12 months.  Investors
may access the webcast through the company's website at www.cleco.com by selecting "Investor
Relations" and then "Q4 2012 Cleco Corporation Earnings Conference Call." 

Please note:  In addition to historical financial information, this news release contains
forward-looking statements about future results and circumstances.  There are many risks and
uncertainties with respect to such forward-looking statements, including the weather and other
natural phenomena, state and federal legislative and regulatory initiatives, the timing and extent
of changes in commodity prices and interest rates, the operating performance of Cleco Power's and
Cleco Midstream's facilities, the impact of the global economic environment, and other risks and
uncertainties more fully described in the company's latest Annual Report on Form 10-K.  Actual
results may differ materially from those indicated in such forward-looking statements. 

Cleco Corporation is a regional energy company headquartered in Pineville, La. Cleco owns a
regulated electric utility company, Cleco Power LLC, which owns 9 generating units with a total
nameplate capacity of 2,565 megawatts and serves approximately 283,000 customers in Louisiana
through its retail business and 10 communities across Louisiana and Mississippi through wholesale
power contracts.  Cleco also owns a wholesale energy business, Cleco Midstream Resources LLC,
which owns two generating units with a total nameplate capacity of 775 megawatts.  For more
information about Cleco, visit www.cleco.com.

 Analyst Contact:  
 Tom Miller        
 (318) 484-7642    
                   
 Media Contact:    
 Robbyn Cooper     
 (318) 484-7136    


                                                                               For the three months ended Dec. 31                                           
 (Unaudited)                                            (million kWh)                                      (thousands)                                      
                                               2012            2011            Change               2012                    2011                 Change     
 Electric Sales                                                                                                                                             
 Residential                                   790             772            2.3%                   $61,884                 $58,404            6.0 %       
 Commercial                                    634             613            3.4%                    44,884                  42,652            5.2 %       
 Industrial                                    601             596            0.8%                    22,457                  21,642            3.8 %       
 Other retail                                   32              32               -                     2,472                   2,331            6.0 %       
 Surcharge                                       -               -               -                     2,333                   3,161          (26.2)%       
 Other                                           -               -               -                   (1,565)                 (1,552)           (0.8)%       
 Total retail                                2,057           2,013            2.2%                   132,465                 126,638            4.6 %       
 Sales for resale                              461             393           17.3%                    11,813                  11,200            5.5 %       
 Unbilled                                     (54)            (49)           10.2%                   (3,501)                 (2,980)          (17.5)%       
 Total retail and wholesale customer sales   2,464           2,357            4.5%                  $140,777                $134,858            4.4 %       


                                                                                     For the year ended Dec. 31                                                 
 (Unaudited)                                              (million kWh)                                       (thousands)                                       
                                                2012             2011            Change                2012                     2011                 Change     
 Electric Sales                                                                                                                                                 
 Residential                                  3,624            3,877           (6.5)%                  $281,378                 $294,076           (4.3)%       
 Commercial                                   2,655            2,650            0.2 %                   181,093                  179,786            0.7 %       
 Industrial                                   2,311            2,366           (2.3)%                    85,675                   85,965           (0.3)%       
 Other retail                                   133              134           (0.7)%                     9,908                    9,815            0.9 %       
 Surcharge                                        -                -                -                     9,133                   10,695          (14.6)%       
 Other                                            -                -                -                   (6,252)                  (6,426)            2.7 %       
 Total retail                                 8,723            9,027           (3.4)%                   560,935                  573,911           (2.3)%       
 Sales for resale                             1,934            1,888            2.4 %                    47,767                   45,633            4.7 %       
 Unbilled                                      (43)            (139)           69.1 %                   (2,125)                 (14,520)           85.4 %       
 Total retail and wholesale customer sales   10,614           10,776           (1.5)%                  $606,577                 $605,024            0.3 %       


                                                          CLECO CORPORATION                                                          
                                                  CONSOLIDATED STATEMENTS OF INCOME                                                  
                                           (Thousands, except share and per share amounts)                                           
                                                             (Unaudited)                                                             
 For the three months ended Dec. 31                                                            2012                    2011          
 Operating revenue                                                                                                                   
 Electric operations                                                                            $223,393                $228,472     
 Tolling operations                                                                                    -                   2,868     
 Other operations                                                                                 11,693                  11,187     
 Gross operating revenue                                                                         235,086                 242,527     
 Electric customer credits                                                                       (1,655)                 (3,406)     
 Operating revenue, net                                                                          233,431                 239,121     
 Operating expenses                                                                                                                  
 Fuel used for electric generation                                                                72,789                  85,245     
 Power purchased for utility customers                                                             9,065                   9,872     
 Other operations                                                                                 33,996                  33,569     
 Maintenance                                                                                      25,010                  22,411     
 Depreciation                                                                                     33,380                  30,829     
 Taxes other than income taxes                                                                     9,317                   7,587     
 Loss on sales of assets                                                                             108                     959     
 Total operating expenses                                                                        183,665                 190,472     
 Operating income                                                                                 49,766                  48,649     
 Interest income                                                                                     183                      97     
 Allowance for other funds used during construction                                                2,414                   1,190     
 Equity loss from investees, before tax                                                              (1)                       -     
 Other income                                                                                      4,894                   5,584     
 Other expense                                                                                   (1,976)                 (2,785)     
 Interest charges                                                                                                                    
 Interest charges, including amortization of debt expense, premium, and discount, net             21,777                 (6,923)     
 Allowance for borrowed funds used during construction                                             (826)                   (430)     
 Total interest charges                                                                           20,951                 (7,353)     
 Income before income taxes                                                                       34,329                  60,088     
 Federal and state income tax expense                                                             11,217                  29,445     
 Net income applicable to common stock                                                           $23,112                 $30,643     
                                                                                                                                     
 Average number of basic common shares outstanding                                            60,353,185              60,282,040     
 Average number of diluted common shares outstanding                                          60,625,139              60,557,515     
 Basic earnings per share                                                                                                            
 Net income applicable to common stock                                                             $0.38                   $0.51     
 Diluted earnings per share                                                                                                          
 Net income applicable to common stock                                                             $0.38                   $0.51     
 Cash dividends paid per share of common stock                                                   $0.3375                 $0.3125     
                                                                                                                                     


                                                           CLECO CORPORATION                                                           
                                                   CONSOLIDATED STATEMENTS OF INCOME                                                   
                                            (Thousands, except share and per share amounts)                                            
                                                              (Unaudited)                                                              
 For the year ended Dec. 31                                                                    2012                     2011           
 Operating revenue                                                                                                                     
 Electric operations                                                                            $944,169                $1,051,956     
 Tolling operations                                                                                    -                    19,004     
 Other operations                                                                                 50,158                    52,962     
 Affiliate revenue                                                                                     -                       202     
 Gross operating revenue                                                                         994,327                 1,124,124     
 Electric customer credits                                                                         (630)                   (6,811)     
 Operating revenue, net                                                                          993,697                 1,117,313     
 Operating expenses                                                                                                                    
 Fuel used for electric generation                                                               280,553                   383,254     
 Power purchased for utility customers                                                            53,134                    70,462     
 Other operations                                                                                120,898                   123,849     
 Maintenance                                                                                      86,488                    82,076     
 Depreciation                                                                                    132,407                   122,578     
 Taxes other than income taxes                                                                    38,515                    36,356     
 Loss on sales of assets                                                                              51                       491     
 Total operating expenses                                                                        712,046                   819,066     
 Operating income                                                                                281,651                   298,247     
 Interest income                                                                                     346                       891     
 Allowance for other funds used during construction                                                6,711                     4,947     
 Equity income from investees, before tax                                                              -                    62,050     
 Other income                                                                                     29,117                     8,914     
 Other expense                                                                                   (4,694)                   (5,646)     
 Interest charges                                                                                                                      
 Interest charges, including amortization of debt expense, premium, and discount, net             86,448                    72,445     
 Allowance for borrowed funds used during construction                                           (2,292)                   (1,787)     
 Total interest charges                                                                           84,156                    70,658     
 Income before income taxes                                                                      228,975                   298,745     
 Federal and state income tax expense                                                             65,327                   102,897     
 Net income                                                                                      163,648                   195,848     
 Preferred dividends requirements                                                                      -                        26     
 Preferred stock redemption costs                                                                      -                       112     
 Net income applicable to common stock                                                          $163,648                  $195,710     
                                                                                                                                       
 Average number of basic common shares outstanding                                            60,370,588                60,488,740     
 Average number of diluted common shares outstanding                                          60,628,129                60,833,564     
 Basic earnings per share                                                                                                              
 Net income applicable to common stock                                                             $2.71                     $3.24     
 Diluted earnings per share                                                                                                            
 Net income applicable to common stock                                                             $2.70                     $3.22     
 Cash dividends paid per share of common stock                                                     $1.30                   $1.1225     


                                           CLECO CORPORATION                                           
                                      CONSOLIDATED BALANCE SHEETS                                      
                                              (Thousands)                                              
                                              (Unaudited)                                              
                                             At Dec. 31, 2012              At Dec. 31, 2011            
 Assets                                                                                                
 Current assets                                                                                        
 Cash and cash equivalents                               $31,020                       $93,576         
 Accounts receivable, net                                 77,034                        79,864         
 Other current assets                                    339,284                       283,345         
 Total current assets                                    447,338                       456,785         
 Property, plant and equipment, net                    3,009,461                     2,893,899         
 Equity investment in investees                           14,540                        14,540         
 Prepayments, deferred charges and other                 676,010                       684,978         
 Total assets                                         $4,147,349                    $4,050,202         
 Liabilities                                                                                           
 Current liabilities                                                                                   
 Long-term debt due within one year                      $91,140                       $26,099         
 Accounts payable                                        102,695                       127,467         
 Other current liabilities                               100,795                       167,436         
 Total current liabilities                               294,630                       321,002         
 Deferred credits                                      1,096,248                       972,287         
 Long-term debt, net                                   1,257,258                     1,337,056         
 Total liabilities                                     2,648,136                     2,630,345         
 Shareholders' equity                                                                                  
 Common shareholders' equity                           1,531,583                     1,447,996         
 Accumulated other comprehensive loss                   (32,370)                      (28,139)         
 Total shareholders' equity                            1,499,213                     1,419,857         
 Total liabilities and shareholders' equity           $4,147,349                    $4,050,202         



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Source: Cleco Corp. via Thomson Reuters ONE


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