Energy Future 2012 Preliminary Net Loss Widens to $2.17 BillionMark Chediak
Energy Future Holdings Corp., the largest power producer in Texas, said its 2012 net loss widened to $2.17 billion from $1.91 billion the previous year as revenue fell.
The 2012 loss doesn’t include non-cash charges that may result from impairment to goodwill or intangible assets, the Dallas-based company said today in a filing of preliminary results with the U.S. Securities and Exchange Commission.
Energy Future said its 2012 operating revenues fell about 20 percent to $5.64 billion from the previous year, according to the filing. The company’s adjusted earnings before interest, taxes, depreciation and amortization for 2012 rose to $5.26 billion compared to $5.04 billion. Total liquidity was $2.78 billion as of Dec. 31.
Energy Future, which was taken private in 2007 in the largest buyout in history, has sought to has sought to protect the profitable part of its company from a potential restructuring at its unregulated unit by paying off intercompany loans and extending and amending debt maturities amid a slump in electricity prices.
Creditors agreed to exchange $1.37 billion of the company’s bonds and to amend rules governing its securities to shift liabilities before a potential restructuring, the company said Jan. 9.
The company is scheduled to report fourth-quarter and full year 2012 results on Feb. 15.