Calpine shows $211 million second-quarter income from operations

By Caroline Salls

Pittsburgh, Aug. 8 - Calpine Corp. reported a $211 million income from operations for the second quarter on $1.975 billion in revenues, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

The figures show improvement over an $89 million income from operations recorded in the second quarter of 2006 on $1.208 billion in revenues.

According to the 10-Q, the increase in sales resulted primarily from a 20% increase in electricity and steam revenue and a 32% increase in sales of purchased power and gas for hedging and optimization.

The net loss for the three months ended June 30 was $500 million, narrowing from an $818 million net loss for the same period of 2006.

Income from operations for the first six months of 2007 was $229 million on $2.722 billion in revenues, up from an $80 million income from operations for the first half of 2006 on $2.228 billion in revenues.

The net loss for the first half of 2007 was $959 million, an improvement over a $1.407 billion net loss for the first half of 2006.

Cash and cash equivalents on June 30 were $1.404 billion, compared with $844 million on June 30, 2006.

Calpine, a San Jose, Calif., power company, filed for bankruptcy on Dec. 20, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-60200.

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