Calpine posts $26 million May income from operations

By Caroline Salls

Pittsburgh, July 13 - Calpine Corp. reported a $26 million income from operations for May on $628 million in revenues, according to its monthly operating report filed Friday with the Securities and Exchange Commission.

In comparison, the company posted a $37 million April income from operations on $573 million in revenues.

The net loss for May was $408 million, a significant decline over a $93 million April net loss.

Cash and cash equivalents on May 31 were $1.405 billion, compared with $1.328 billion at the end of April.

In addition, Calpine revised the estimate of impairment charges it will incur in connection with the sale of its 50% interest in Acadia Power Partners, LLC to $131 million from $116 million.

The additional impairment charges are being recorded as reorganization items.

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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