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CMS Energy Announces Third Quarter Earnings Of $0.46 Per Share; Oct. 24 Analyst Day To Be Webcast At 3 pm (EDT)



   CMS Energy Announces Third Quarter Earnings Of $0.46 Per Share; Oct. 24
                   Analyst Day To Be Webcast At 3 pm (EDT)

PR Newswire

JACKSON, Mich., Oct. 23, 2013

JACKSON, Mich., Oct. 23, 2013 /PRNewswire/ -- CMS Energy announced today
reported net income of $126 million, or $0.46 per share, for the third quarter
of 2013 and $350 million, or $1.29 per share, for the first nine months of the
year.  Adjusted (non-Generally Accepted Accounting Principles) net income for
the third quarter and first nine months was the same as the reported amounts. 
 

For the first nine months of 2013, CMS Energy continued to implement its
strategy of focusing on customer service, reducing costs, enhancing
reliability, and investing to help strengthen Michigan's economy.  

"Customers remain our primary focus as we implement measures to provide safe,
reliable and affordable service," said John Russell, CMS Energy's president
and chief executive officer.  "Our plan is to avoid electric and gas base rate
increases through 2014, reduce our costs and provide full support to our
customers' growth and expansion efforts." 

In reviewing recent major events, Russell cited completion of a $175 million
natural gas system upgrade at its Ray Compressor Station, implementation of an
historic agreement with the Utility Workers Union of America to transition
safety and operational training to the union, and publication of the Company's
first Accountability Report.

CMS Energy will conduct a 90-minute webcast for investors on Thursday, Oct. 24
at 3 p.m. (EDT), which will include presentations by John Russell, chief
financial officer Tom Webb, and other members of the management team.

CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and
natural gas utility, Consumers Energy, as its primary business and also owns
and operates independent power generation businesses.

CMS Energy provides historical financial results on both a reported (Generally
Accepted Accounting Principles) and adjusted (non-GAAP) basis and provides
forward-looking guidance on an adjusted basis. Management views adjusted
earnings as a key measure of the company's present operating financial
performance, unaffected by discontinued operations, asset sales, impairments,
regulatory items from prior years, or other items detailed in the attached
summary financial statements. These items have the potential to impact,
favorably or unfavorably, the company's reported earnings in future periods. 
Because the company is not able to estimate the impact of these matters, the
company is not providing a reconciliation to the comparable future period
reported earnings.

This news release contains "forward-looking statements" as defined in Rule
3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of
1933, and relevant legal decisions. The forward-looking statements are subject
to risks and uncertainties. All forward-looking statements should be
considered in the context of the risk and other factors detailed from time to
time in CMS Energy's and Consumers Energy's Securities and Exchange Commission
filings.  Forward-looking statements should be read in conjunction with
"FORWARD-LOOKING STATEMENTS AND INFORMATION" and "RISK FACTORS" sections of
CMS Energy's Form 10-K and Consumers Energy's Form 10-K each for the year
ended December 31, 2012 and as updated in CMS Energy's and Consumers Energy's
Forms 10-Q.

CMS Energy's and Consumers Energy's "FORWARD-LOOKING STATEMENTS AND
INFORMATION" and "RISK FACTORS" sections are incorporated herein by reference
and discuss important factors that could cause CMS Energy's and Consumers
Energy's results to differ materially from those anticipated in such
statements.

For more information on CMS Energy, please visit our web site at: 
www.cmsenergy.com

 

CMS Energy Corporation
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME 
(In Millions, Except Per Share Amounts)
                               Third Quarter           Nine Months
                               (Unaudited)             (Unaudited)
                               2013        2012        2013        2012
Operating Revenue              $    1,445  $    1,507  $    4,830  $    4,583
Operating Expenses             1,128       1,164       3,952       3,792
Operating Income               $      317  $      343  $      878  $      791
Other Income                   -           -           13          15
Interest Charges               99          96          299         293
Income before Income Taxes     $      218  $      247  $      592  $      513
Income Tax Expense             91          98          240         203
Income from Continuing         $      127  $      149  $      352  $      310
Operations
Income from Discontinued       -           -           -           7
Operations
Net Income                     $      127  $      149  $      352  $      317
Income Attributable to         1           1           2           2
Noncontrolling Interests
Net Income Available to Common $      126  $      148  $      350  $      315
Stockholders
Income Per Share 
             Basic             $     0.48  $     0.56  $     1.32  $     1.21
             Diluted           0.46        0.55        1.29        1.17

 

 

CMS Energy Corporation
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(In Millions)
                                            September 30      December 31
                                            2013              2012
                                            (Unaudited)
Assets
Cash and cash equivalents                   $           260   $           93
Restricted cash and cash equivalents        32                29
Other current assets                        2,109             2,300
   Total current assets                     $         2,401   $       2,422
Plant, property, and equipment              12,154            11,551
Other non-current assets                    2,431             3,158
Total Assets                                $       16,986    $     17,131
Liabilities and Equity
Current liabilities                         $           932   $       1,146
Non-current liabilities                     4,860             5,233
Capitalization
   Debt and capital and finance leases (*)
      Long-term debt and capital leases
(excluding non-recourse debt,
         finance leases and securitization  7,083             6,854
debt)
      Non-recourse debt and finance leases  575               527
   Total debt and capital and finance       7,658             7,381
leases
   Noncontrolling interests                 37                44
   Common stockholders' equity              3,396             3,194
   Total capitalization                     $       11,091    $     10,619
Securitization debt                         103               133
Total Liabilities and Equity                $       16,986    $     17,131
(*) Current and long-term
CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)
                                            Nine Months
                                            (Unaudited)
                                            2013              2012
Beginning of Period Cash                    $             93  $         161
Cash provided by operating activities       $         1,118   $         934
Cash used in investing activities           (1,004)           (938)
Cash flow from operating and investing      $           114   $            (4)
activities
Cash provided by (used in) financing        53                (29)
activities
Total Cash Flow                             $           167   $          (33)
End of Period Cash                          $           260   $         128

 

 

CMS Energy Corporation
SUMMARY OF CONSOLIDATED EARNINGS
Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income 
(In Millions, Except Per Share Amounts)
                                     Third Quarter           Nine Months
                                     (Unaudited)             (Unaudited)
                                     2013      2012          2013    2012
Net Income Available to Common       $         $      148    $       $      
Stockholders                          126                     350    315
Reconciling Items:
         Discontinued Operations     -         -             -       (7)
         Income
         Electric Decoupling Court   -         -             -       36
         Order
         Downsizing Program          -         -             -       7
         Restructuring Costs and     -         (3)           -       (1)
         Other
Adjusted Net Income - Non-GAAP Basis $         $      145    $       $      
                                      126                     350    350
Average Number of Common Shares
Outstanding
         Basic                       265       263           264     260
         Diluted                     272       269           272     268
Basic Earnings Per Average Common
Share
Net Income Per Share as Reported     $         $     0.56    $       $    
                                     0.48                    1.32     1.21
Reconciling Items:
         Discontinued Operations     -         -             -       (0.03)
         Income
         Electric Decoupling Court   -         -             -       0.14
         Order
         Downsizing Program          -         -             -       0.03
         Restructuring Costs and     -         (0.01)        -       -
         Other
Adjusted Net Income - Non-GAAP Basis $         $     0.55    $       $    
                                     0.48                    1.32     1.35
Diluted Earnings Per Average Common
Share
Net Income Per Share as Reported     $         $     0.55    $       $    
                                     0.46                    1.29     1.17
Reconciling Items:
         Discontinued Operations     -         -             -       (0.03)
         Income
         Electric Decoupling Court   -         -             -       0.14
         Order
         Downsizing Program          -         -             -       0.03
         Restructuring Costs and     -         (0.01)        -       -
         Other
Adjusted Net Income - Non-GAAP Basis $         $     0.54    $       $    
                                     0.46                    1.29     1.31
         Management views adjusted (non-Generally Accepted Accounting
         Principles) earnings as a  

         key measure of the Company's present operating financial
Note:    performance, unaffected by

         discontinued operations, asset sales, impairments, regulatory items
         from prior years,

         or other items detailed in these summary financial statements.

SOURCE CMS Energy

Website: http://www.cmsenergy.com
Contact: Media Contacts: Dan Bishop, 517/788-2395 or Brian Wheeler,
517/788-2394, Investment Analyst Contact: CMS Energy Investor Relations,
517/788-2590
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