e10vkza
Table of Contents

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K/A
Amendment No. 1
     
þ   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2005
Or
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission file number 1-15759
CLECO CORPORATION
(Exact name of registrant as specified in its charter)
     
Louisiana
(State or other jurisdiction of incorporation or organization)
  72-1445282
(I.R.S. Employer Identification No.)
     
2030 Donahue Ferry Road, Pineville, Louisiana
(Address of principal executive offices)
  71360-5226
(Zip Code)
Registrant’s telephone number, including area code: (318) 484-7400
Securities registered pursuant to Section 12(b) of the Act:
     
Title of each class   Name of each exchange on which registered
     
Common Stock, $1.00 par value, and associated rights to
purchase Preferred Stock
  New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
4.50% Cumulative Preferred Stock, $100 Par Value Convertible Cumulative Preferred Stock, $100 Par Value, Series of 1991
 
     Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes þ No o
     Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o No þ
     Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
     Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ
     Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
     Large accelerated filer þ                      Accelerated filer o                      Non-accelerated filer o
     Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o No þ
     The aggregate market value of the Cleco Corporation voting stock held by non-affiliates was $1,003,238,841 as of the last business day of Cleco Corporation’s most recently completed second fiscal quarter, based on a price of $21.57 per common share, the closing price of Cleco Corporation’s common stock as reported on the New York Stock Exchange on such date. Cleco Corporation’s Cumulative Preferred Stock is not listed on any national securities exchange, nor are prices for the Cumulative Preferred Stock quoted on any national automated quotation system; therefore, its market value is not readily determinable and is not included in the foregoing amount.
     As of February 1, 2006, there were 50,137,351 outstanding shares of Cleco Corporation’s Common Stock, par value $1.00 per share.
DOCUMENTS INCORPORATED BY REFERENCE
     Portions of Cleco Corporation’s definitive Proxy Statement relating to its Annual Meeting of Shareholders to be held on April 21, 2006, are incorporated by reference into Part III herein.


Table of Contents

CLECO CORPORATION   2005 FORM 10-K/A
 
EXPLANATORY NOTE
This amendment to Cleco Corporation’s 2005 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2006 (the “10-K”), is made to include the following:
  §   Financial Statements of Cleco Evangeline LLC as required by Rule 3-09 of Regulation S-X;
 
  §   Financial Statements of Perryville Energy Partners, L.L.C. as required by Rule 3-09 of Regulation S-X;
 
  §   Consolidated Financial Statements of Acadia Power Partners, LLC and Subsidiary, as required by Rule 3-09 of Regulation S-X; and
 
  §   certain exhibits to the 10-K.
     The 10-K is part of a combined Form 10-K filed separately by Cleco Corporation and its wholly owned subsidiary, Cleco Power LLC. This Form 10-K/A is filed separately by Cleco Corporation, relates only to the 10-K and does not amend or affect Cleco Power LLC’s Annual Report on Form 10-K that is part of the combined Form 10-K. This amendment consists solely of the preceding cover page, this explanatory note, the information required by Item 15 of Form 10-K, a signature page, the accountants’ consents and certifications required to be filed as exhibits hereto. In accordance with Rule 12b-15 promulgated under the Securities Exchange Act of 1934, the complete text of Item 15, as amended, is included herein. However, other than the inclusion of the Financial Statements of Cleco Evangeline LLC, the Financial Statements of Perryville Energy Partners, L.L.C., and the Consolidated Financial Statements of Acadia Power Partners, LLC and Subsidiary, no changes to any financial statements in the 10-K have been made.

2


TABLE OF CONTENTS

PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
SIGNATURES
Consent of Independent Registered Public Accounting Firm
Consent of Independent Registered Public Accounting Firm
Consent of Independent Registered Public Accounting Firm
CEO and CFO Certification in accordance with section 302
CEO and CFO Certification pursuant to section 906
Cleco Evangeline LLC Financial Statements
Perryville Energy Partners L.L.C. Financial Statements
Acadia Power Partners, LLC and Subsidiary Consolidated Financial Statements


Table of Contents

CLECO CORPORATION   2005 FORM 10-K/A
 
PART IV
 
             
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES  
        FORM 10-K  
        ANNUAL  
        REPORT(1)  
 
   
Report of Independent Registered Public Accounting Firm (2)
    57  
   
Management’s Report on Internal Control Over Financial Reporting
    58  
15(a)(1)  
Consolidated Statements of Operations for the years ended December 31, 2005, 2004, and 2003
    59  
   
Consolidated Balance Sheets at December 31, 2005, and 2004
    60  
   
Consolidated Statements of Cash Flows for the years ended December 31, 2005, 2004, and 2003
    62  
   
Consolidated Statements of Comprehensive Income for the years ended December 31, 2005, 2004, and 2003
    64  
   
Consolidated Statements of Changes in Common Shareholders’ Equity for the years ended December 31, 2005, 2004, and 2003
    64  
   
Notes to the Financial Statements
    70  
15(a)(2)  
Financial Statement Schedules (2)
       
   
Schedule I — Financial Statements of Cleco Corporation
       
   
Condensed Statements of Operations for the years ended December 31, 2005, 2004, and 2003
    7  
   
Condensed Balance Sheets at December 31, 2005 and 2004
    8  
   
Condensed Statements of Cash Flows for the years ended December 31, 2005, 2004, and 2003
    9  
   
Notes to the Condensed Financial Statements
    10  
   
Schedule II — Valuation and Qualifying Accounts
    11  
   
Financial Statement Schedules other than those shown in the above index are omitted because they are either not required or are not applicable or the required information is shown in the Consolidated Financial Statements and Notes thereto
       
15(a)(3)  
List of Exhibits
    4  
 
(1)      Page number cross references to items other than 15(a)(2) and 15(a)(3) are to the Form 10-K filed February 28, 2006. Page number cross references to items under 15(a)(2) and 15(a)(3) are to this Form 10-K/A.
(2)     The Financial Statement Schedules and Report of Independent Registered Public Accounting Firm on Financial Statement Schedules (Report) were filed on February 28, 2006 with the Form 10-K to which this Form 10-K/A amends. The Report is not included in this Form 10-K/A. No changes have been made to the Financial Statement Schedules included in this Form 10-K/A.
     The Exhibits designated by an asterisk were filed on February 28, 2006 with the Form 10-K to which this Form 10-K/A relates. The Exhibits not so designated have been previously filed with the SEC and are incorporated herein by reference. The Exhibits designated by two asterisks are management contracts and compensatory plans and arrangements required to be filed as Exhibits to this Report. The Exhibits designated by three asterisks are filed herewith.

3


Table of Contents

CLECO CORPORATION   2005 FORM 10-K/A
 
                         
EXHIBITS
            SEC FILE OR   REGISTRATION    
            REGISTRATION   STATEMENT OR   EXHIBIT
            NUMBER   REPORT   NUMBER
 
  2 (a)  
Plan of Reorganization and Share Exchange Agreement
  333-71643-01   S-4(6/30/99)     C  
  3(a )(1)  
Articles of Incorporation of the Company, effective July 1, 1999
  333-71643-01   S-4(6/30/99)     A  
  3(a )(2)  
Articles of Amendment to the Amended and Restated Articles of Incorporation of Cleco setting forth the terms of the $25 Preferred Stock
  1-15759   8-K(7/28/00)     1  
  3(a )(3)  
Articles of Amendment to the Amended and Restated Articles of Incorporation to increase amount authorized common stock and to effect a two-for-one split of the Company’s common stock
  1-15759   2001 Proxy
Statement (3/01)
    B-1  
  3 (b)  
Bylaws of Cleco Corporation (revised effective October 24, 2003)
  1-5663   10-Q(11/6/03)     3(a)
  4(a )(1)  
Indenture of Mortgage dated as of July 1, 1950, between Cleco and First National Bank of New Orleans, as Trustee
  1-5663   10-K(1997)     4(a )(1)
  4(a )(2)  
First Supplemental Indenture dated as of October 1, 1951, to Exhibit 4(a)(1)
  1-5663   10-K(1997)     4(a )(2)
  4(a )(3)  
Second Supplemental Indenture dated as of June 1, 1952, to Exhibit 4(a)(1)
  1-5563   10-K(1997)     4(a )(3)
  4(a )(4)  
Third Supplemental Indenture dated as of January 1, 1954, to Exhibit 4(a)(1)
  1-5563   10-K(1997)     4(a )(4)
  4(a )(5)  
Fourth Supplemental Indenture dated as of November 1, 1954, to Exhibit 4(a)(1)
  1-5563   10-K(1997)     4(a )(5)
  4(a )(6)  
Tenth Supplemental Indenture dated as of September 1, 1965, to Exhibit 4(a)(1)
  1-5663   10-K(1986)     4(a )(11)
  4(a )(7)  
Eleventh Supplemental Indenture dated as of April 1, 1969, to Exhibit 4(a)(1)
  1-5663   10-K(1998)     4(a )(8)
  4(a )(8)  
Eighteenth Supplemental Indenture dated as of December 1, 1982, to Exhibit 4(a)(1)
  1-5663   10-K(1993)     4(a )(8)
  4(a )(9)  
Nineteenth Supplemental Indenture dated as of January 1, 1983, to Exhibit 4(a)(1)
  1-5663   10-K(1993)     4(a )(9)
  4(a )(10)  
Indenture between Cleco and Bankers Trust Company, as Trustee, dated as of October 1, 1988
  33-24896   S-3(10/11/88)     4 (b)
  4(a )(11)  
Twenty-Sixth Supplemental Indenture dated as of March 15, 1990, to Exhibit 4(a)(1)
  1-5663   8-K(3/90)     4(a )(27)
       
Trust Indenture dated as of December 10, 1999 Between Cleco Evangeline LLC and Bank One
               
  4(a )(12)  
Trust Company, N.A. as Trustee Relating to $218,600,000, 8.82% Senior Secured Bonds due 2019
  1-15759   10-K(1999)     4 (m)
  4(a )(13)  
Senior Indenture, dated as of May 1, 2000, between Cleco and Bank One, N.A., as trustee
  333-33098   S-3/A(5/8/00)     4 (a)
  4(a )(14)  
Supplemental Indenture No. 1, dated as of May 25, 2000, to Senior Indenture providing for the issuance of Cleco’s 8 3/4% Senior Notes due 2005
  1-15759   8-K(5/24/00)     4.1  
  4(a )(15)  
Form of Supplemental Indenture No. 2 providing for the issuance of $100,000,000 principal amount of 7.000% Notes due May 1, 2008
  1-15759   10-Q(3/31/03)     4 (a)
  4 (b)  
Agreement Appointing Successor Trustee dated as of April 1, 1996, by and among Central Louisiana Electric Company, Inc., Bankers Trust Company, and The Bank of New York
  333-02895   S-3(4/26/96)     4(a )(2)
  4 (c)  
Agreement Under Regulation S-K Item 601(b)(4)(iii)(A)
  333-71643-01   10-Q(9/99)     4 (c)
  4 (d)  
Form of 8 3/4% Senior Notes due 2005 (included in Exhibit 4(f) above)
  1-15759   8-K(5/24/00)     4.1  
  4 (e)  
Rights agreement between Cleco and EquiServe Trust Company, as Right Agent
  1-15759   8-K(7/28/00)     1  
  4 (f)  
Perryville Energy Partners, LLC Construction and Term Loan Agreement dated as of June 7, 2001
  1-15759   10-K(2002)     4.I  
  4 (g)  
Form of $100,000,000 7.000% Notes due May 1, 2008
  1-15759   10-Q(3/31/03)
1990 Proxy
    4 (b)
  **10(a )(1)  
1990 Long-Term Incentive Compensation Plan
  1-5663   Statement(4/90)
2000 Proxy
    A  
  **10(a )(2)  
2000 Long-Term Incentive Compensation Plan
  333-71643-01   Statement(3/00)     A  
  **10(a )(3)  
2000 Long-Term Incentive Compensation Plan, Amendment Number 1, Effective as of December 12, 2003
  1-15759   10-Q(5/3/05)     10 (a)
  **10(a )(4)  
2000 Long-Term Incentive Compensation Plan, Amendment Number 2, Effective as of July 23, 2004
  1-15759   10-Q(9/30/04)     10 (a)
  **10(a )(5)  
2000 Long-Term Incentive Compensation Plan, Amendment Number 3, Dated as of January 28, 2005
  1-15759   10-Q(5/3/05)     10 (b)
  *10(a )(6)  
2000 Long-Term Incentive Compensation Plan, Administrative Procedure No. 1
               
  **10 (b)  
Annual Incentive Compensation Plan amended and restated as of January 23, 2003
  1-15759   10-K(2003)     10 (b)
  **10 (c)  
Participation Agreement, Annual Incentive Compensation Plan
  1-5663   10-K(1995)     10 (c)
  *10(d )(1)  
Table of 2006 Base Salaries and Bonuses for Cleco Corporation Named Executive Officers
               
  *10(d )(2)  
Table of Cycle 13 (2003-2005) LTIP Payouts for the Named Executive Officers of the Company
               
  *10(d )(3)  
Table of Additional Awards for the Named Executive Officers of the Company
               
  **10(e )(1)  
Summary of Director Compensation and Benefits
  1-15759   8-K(1/28/05)     10.2  
  **10(e )(2)  
Summary of Director Compensation, Benefits and Policies
  1-15754   8-K(7/28/05)     10.1  
  **10(f )(1)  
Supplemental Executive Retirement Plan
  1-5663   10-K(1992)     10(o )(1)
  **10(f )(2)  
First Amendment to Supplemental Executive Retirement Plan effective July 1, 1999
  1-15759   10-K(2003)     10(e)(1 )(a)
  **10(f )(3)  
Second Amendment to Supplemental Executive Retirement Plan dated July 28, 2000
  1-15759   10-K(2003)     10(e)(1 )(b)
  **10(f )(4)  
Supplemental Executive Retirement Trust dated December 13, 2000
  1-15759   10-K(2003)     10(e)(1 )(c)
  **10(f )(5)  
Form of Supplemental Executive Retirement Plan Participation Agreement between the Company and the following officers: David M. Eppler and Catherine C. Powell
  1-5663   10-K(1992)     10(o )(2)

4


Table of Contents

CLECO CORPORATION   2005 FORM 10-K/A
 
                         
  **10(f )(6)  
Supplemental Executive Retirement Plan Participation Agreement between Cleco and Dilek Samil
  1-15759   10-K(2002)     10(z )(1)
  **10(f )(7)  
Supplemental Executive Retirement Plan Participation Agreement between Cleco and Samuel H. Charlton, III
  1-15759   10-K(2002)     10(z )(2)
  **10(f )(8)  
Supplemental Executive Retirement Plan Participation Agreement between Cleco and Michael H. Madison
  1-15759   10-K(2004)     10(v )(3)
  **10(f )(9)  
Supplemental Executive Retirement Plan Participation Agreement between Cleco and R. O’Neal Chadwick, Jr.
  1-15759   10-K(2004)     10(v )(4)
  **10(f )(10)  
Supplemental Executive Retirement Plan Participation Agreement between Cleco and David M. Eppler
  1-15759   10-K(2004)     10(v )(5)
  **10(g )(1)  
Executive Employment Agreement between Cleco and Dilek Samil
  1-15759   10-K(2002)   10(AA)(1)
  **10(g )(2)  
Amendment to Executive Employment Agreement between Cleco Corporation and Dilek Samil dated September 26, 2003
  1-15759   10-K(2003)   10(AA)(1)(a)
       
Amended and Restated Executive Employment Agreement between Cleco Corporation and David
               
  **10(g )(3)  
Eppler dated January 1, 2002
  1-15759   10-K(2003)   10(AA)(2)
  **10(g )(4)  
Executive Employment Agreement between Cleco Corporation and Sam Charlton dated August 28, 2002
  1-15759   10-K(2003)   10(AA)(3)

5


Table of Contents

CLECO CORPORATION   2005 FORM 10-K/A
 
                         
 
            SEC FILE OR   REGISTRATION    
            REGISTRATION   STATEMENT OR   EXHIBIT
            NUMBER   REPORT   NUMBER
 
  **10(g )(5)  
Executive Employment Agreement between Cleco Corporation and Neal Chadwick dated October 25, 2002
  1-15759   10-K(2003)   10(AA)(4)
  **10(g )(6)  
Executive Employment Agreement between Cleco Corporation and Michael H. Madison dated October 1, 2003
  1-15759   10-K(2004)   10(AA)(4)(a)
  **10(g )(7)  
Amended and Restated Executive Employment Agreement between Cleco Corporation and Cathy Powell dated January 1, 2002
  1-15759   10-K(2003)   10(AA)(5)
  *10(g )(8)  
Letter Agreement with Samuel H. Charlton, III, dated February 21, 2001
               
  **10 (h)  
Form of Executive Severance Agreement between Cleco and the following officers: David M. Eppler and Catherine C. Powell
  1-5663   10-K(1995)     10 (f)
  10 (i)  
Term Loan Agreement dated as of April 2, 1991, among the 401(k) Savings and Investment Plan ESOP Trust, Cleco, as Guarantor, the Banks listed therein and The Bank of New York, as Agent
  1-5663   10-Q(3/91)     4 (b)
  10 (j)  
Reimbursement Agreement (The Industrial Development Board of the Parish of Rapides, Inc. (Louisiana) Adjustable Tender Pollution Control Revenue Refunding Bonds, Series 1991) dated as of October 15, 1997, among the Company, various financial institutions, and Westdeutsche Landesbank Gironzentrale, New York Branch, as Agent
  1-5663   10-K(1997)     10 (i)
  10(k )(1)  
Assignment and Assumption Agreement, effective as of May 6, 1991, between The Bank of New York and the Canadian Imperial Bank of Commerce, relating to Exhibit 10(h)(1)
  1-5663   10-Q(3/91)     4 (c)
  10(k )(2)  
Assignment and Assumption Agreement dated as of July 3, 1991, between The Bank of New York and Rapides Bank and Trust Company in Alexandria, relating to Exhibit 10(h)(1)
  1-5663   10-K(1991)     10(y )(3)
  10(k )(3)  
Assignment and Assumption Agreement dated as of July 6, 1992, among The Bank of New York, CIBC, Inc. and Rapides Bank and Trust Company in Alexandria, as Assignors, the 401(k) Savings and Investment Plan ESOP Trust, as Borrower, and Cleco, as Guarantor, relating to Exhibit 10(h)(1)
  1-5663   10-K(1992)   10(bb)(4)
  10(l )(1)  
401(k) Savings and Investment Plan ESOP Trust Agreement dated as of August 1, 1997, between UMB Bank, N.A. and Cleco
  1-5663   10-K(1997)     10 (m)
  10(l )(2)  
First Amendment to 401(k) Savings and Investment Plan ESOP Trust Agreement dated as of October 1, 1997, between UMB Bank, N.A. and Cleco
  1-5663   10-K(1997)     10(m )(1)
  10(m )(1)  
Form of Notice and Acceptance of Grant of Nonqualified Stock Options, with fixed option price under Cleco’s 1990 Long-term Incentive Compensation Plan
  333-71643-01   10-Q(9/99)     10 (a)
  10(m )(2)  
Form of Notice and Acceptance of Grant of Nonqualified Stock Options, with variable option prices
  333-71643-01   10-Q(9/99)     10 (b)
  10(m )(3)  
Form of Notice and Acceptance of Directors’ Grant of Nonqualified Stock Options under Cleco’s 2000 Long-Term Incentive Compensation Plan
  1-15759   10-Q(6/00)     10 (a)
  10(m )(4)  
Form of Notice and Acceptance of Grant of Nonqualified Stock Options, with fixed option price under Cleco’s 2000 Long-Term Incentive Compensation Plan
  1-15759   10-Q(6/00)     10 (c)
  10(m )(5)  
Form of Notice and Acceptance of Grant of Nonqualified Stock Options, with variable option price under Cleco’s 2000 Long-Term Incentive Compensation Plan
  1-15759   10-Q(6/00)     10 (d)
  **10(m )(6)  
Formal Notice and Acceptance of Director’s Grant of Nonqualified Stock Option
  1-5663   10-Q(9/01)     10  
  10(n )(1)  
Form of Notice and Acceptance of Grant of Restricted Stock under Cleco’s 2000 Long-Term Incentive Compensation Plan
  1-15759   10-Q(6/00)     10 (b)
  10(n )(2)  
Notice and Acceptance of Grant of Restricted Stock and Allocation of Opportunity Shares
  1-15759   10-Q(11/2/05)     10 (c)
  *10(n )(3)  
Notice and Acceptance of Grant of Restricted Stock, Common Stock Equivalent Units and
               
  10(o )(1)  
Allocation of Opportunity Shares and Opportunity Common Stock Equivalents Cleco Corporation Employee Stock Purchase Plan
  333-44364   S-8(8/23/00)     4.3  
  10(o )(2)  
Employee Stock Purchase Plan, Amendment No. 1, dated January 22, 2004
  1-15759   10-K(2003)     10(s )(1)
  10(o )(3)  
Employee Stock Purchase Plan, Amendment No. 2, effective as of January 1, 2006
  1-15759   10-Q(8/2/05)     10 (a)
  **10(p )(1)  
Cleco Corporation Deferred Compensation Plan
  333-59696   S-8(4/27/01)     4.3  
  10(p )(2)  
Deferred Compensation Trust dated January 2001
  1-15759   10-K(2003)     10 (u)
  10 (q)  
Credit Agreement dated as of April 25, 2005 among Cleco Corporation, the Bank of New York, as Administrative Agent, and the lenders and other parties thereto
  1-15759   8-K(4/29/05)     10.1  
  10(r )(1)  
Acadia Power Partners – Second amended and restated limited liability company agreement dated May 9, 2003
  1-15759   10-Q(6/30/03)     10 (c)
  10(r )(2)  
Acadia Power Partners, LLC — First Amendment to Second Amended and Restated Limited Liability Company Agreement dated August 9, 2005
  1-15759   10-Q(11/2/05)     10 (a)
  10(s )(1)  
Purchase and Sale Agreement by and between Perryville Energy Partners, L.L.C. and Entergy Louisiana, Inc. dated January 28, 2004
  1-15759   10-K(2003)   10(AC)
  10(s )(2)  
Purchase and Sale Agreement by and between Perryville Energy Partners, L.L.C. and Entergy Louisiana, Inc. dated October 21, 2004
  1-15759   10-K(2004)   10(AD)
  10 (t)  
Settlement Agreement dated May 26, 2005 by and among Mirant Corporation, Mirant Americas Energy Marketing, LP, Mirant Americas, Inc., Perryville Energy Partners, L.L.C. and Perryville Energy Holdings LLC
  1-15759   8-K(6/1/05)     99.1  
  *12 (a)  
Computation of Ratios of Earnings (loss) to Fixed Charges and of Earnings (loss) to Combined Fixed Charges and Preferred Stock Dividends
               
  *21    
Subsidiaries of the Registrant
               
  *23 (a)  
Consent of Independent Registered Public Accounting Firm
               

6


Table of Contents

CLECO CORPORATION   2005 FORM 10-K/A
 
                         
  ***23 (b)  
Consent of Independent Registered Public Accounting Firm
               
  ***23 (c)  
Consent of Independent Registered Public Accounting Firm
               
  ***23 (d)  
Consent of Independent Registered Public Accounting Firm
               
  *24 (a)  
Power of Attorney from each Director of Cleco whose signature is affixed to this Form 10-K for the year ended December 31, 2005
               
  *31 (a)  
CEO and CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002
               
  ***31(a )(1)  
CEO and CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002
               
                         
 
            SEC FILE OR   REGISTRATION    
            REGISTRATION   STATEMENT OR   EXHIBIT
            NUMBER   REPORT   NUMBER
 
  *32 (a)  
CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002
               
       
CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002
               
  ***32(a )(1)  
CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002
               
       
CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002
               
  99 (a)  
Perryville Energy Partners, L.L.C. and Perryville Energy Holdings LLC — Debtors’ First Amended Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code effective October 11, 2005
  1-15759   10-Q(11/2/05)     99 (a)
  ***99 (b)  
Cleco Evangeline LLC Financial Statements for the years ended December 2005, 2004 and 2003
               
  ***99 (c)  
Perryville Energy Partners, L.L.C. Financial Statements for the years ended December 2005, 2004 and 2003
               
  ***99 (d)  
Acadia Power Partners, LLC and Subsidiary Consolidated Financial Statements for the years ended December 2005, 2004 and 2003
               

7


Table of Contents

     
CLECO CORPORATION
  2005 FORM 10-K/A
 
     
CLECO CORPORATION (Parent Company Only)
  SCHEDULE I
 
                         
Condensed Statements of Operations            
 
    FOR THE YEAR ENDED DECEMBER 31,  
(THOUSANDS)   2005     2004     2003  
 
Operating expenses
                       
Administrative and general
  $ 1,171     $ 2,124     $ 3,666  
Other operating expense
    715       1,246       1,258  
 
Total operating expenses
  $ 1,886     $ 3,370     $ 4,924  
 
Operating loss
    (1,886 )     (3,370 )     (4,924 )
Equity income (loss) of subsidiaries, net of tax
    181,187       71,052       (29,714 )
Interest income
    16,754       13,900       14,116  
Interest charges
    (12,726 )     (18,172 )     (17,345 )
 
Income (loss) before income taxes
    183,329       63,410       (37,867 )
 
Income tax (expense) benefit
    (685 )     2,779       2,938  
 
Net income (loss)
    182,644       66,189       (34,929 )
 
Preferred dividends requirements, net
    1,865       2,216       1,861  
 
Income (loss) applicable to common stock
  $ 180,779     $ 63,973     $ (36,790 )
 
The accompanying notes are an integral part of the condensed financial statements.

8


Table of Contents

     
CELCO CORPORATION
  2005 FORM 10-K/A
 
     
CLECO CORPORATION (Parent Company Only)
  SCHEDULE I
 
                 
Condensed Balance Sheets        
 
    AT DECEMBER 31,  
(THOUSANDS)   2005     2004  
 
Assets
               
Current assets
               
Cash and cash equivalents
  $ 35,737     $ 69,589  
Accounts receivable — affiliate
    209,605       204,189  
Other accounts receivable
    1,321       112  
Taxes receivable
          5,291  
Cash surrender value of life insurance policies
    17,808       14,120  
 
Total currents assets
    264,471       293,301  
Investment in subsidiaries
    578,064       490,896  
Deferred charges
    5,917       4,603  
 
Total assets
  $ 848,452     $ 788,800  
 
Liabilities and shareholders’ equity
               
Liabilities
               
Current liabilities
               
Long-term due within one year
  $     $ 100,000  
Accounts payable — affiliate
    17,047       20,902  
Other current liabilities
    25,098       6,786  
 
Total current liabilities
    42,145       127,688  
Long-term debt, net
    100,000       100,000  
Deferred credits
    44       48  
 
Total liabilities
    142,189       227,736  
 
Shareholders’ equity
               
Preferred stock
               
Not subject to mandatory redemption, $100 par value, authorized 1,491,900 shares, issued 218,170 and 234,160 shares at December 31, 2005 and 2004, respectively
    21,817       23,416  
Deferred compensation related to preferred stock held by ESOP
    (1,783 )     (4,190 )
 
Total preferred stock not subject to mandatory redemption
    20,034       19,226  
 
Common shareholders’ equity
               
Common stock, $1 par value, authorized 100,000,000 shares, issued 50,030,035 and 49,667,861 shares at December 31, 2005 and 2004, respectively
    50,030       49,668  
Premium on common stock
    202,416       194,055  
Retained earnings
    443,912       308,003  
Unearned compensation
    (5,285 )     (5,733 )
Treasury stock, at cost 36,644 and 44,275 shares at December 31, 2005 and 2004, respectively
    (714 )     (887 )
Accumulated other comprehensive loss
    (4,130 )     (3,268 )
 
Total common shareholders’ equity
    686,229       541,838  
 
Total shareholders’ equity
    706,263       561,064  
 
Total liabilities and shareholders’ equity
  $ 848,452     $ 788,800  
 
The accompanying notes are an integral part of the condensed financial statements.

9


Table of Contents

CLECO CORPORATION   2005 FROM 10-K/A
 
     
CLECO CORPORATION (Parent Company Only)   SCHEDULE I
 
Condensed Statements of Cash Flows
 
                         
 
    FOR THE YEAR ENDED DECEMBER 31,  
(THOUSANDS)   2005     2004     2003  
 
Operating activities
                       
Net cash provided by operating activities
  $ 184,384     $ 72,592     $ 23,603  
 
Investing activities
                       
Notes receivable from subsidiaries
    (5,188 )     43,049       40,358  
Investment in subsidiaries
    (75,000 )     (17,915 )     (58,771 )
Return of equity investment in investee
    9,631       16,698       41,232  
Investment in cost method investments
    (1,385 )     (5,485 )      
Other investing
    (3,066 )     (6,294 )     (2,411 )
 
Net cash (used in) provided by investing activities
    (75,008 )     30,053       20,408  
 
Financing activities
                       
Sale of common stock
          35,705        
Change in short-term debt, net
          (50,000 )     (121,550 )
Issuance of long-term debt
                100,000  
Retirement of long-term obligations
    (100,000 )           (202 )
Dividends paid on preferred stock
    (1,915 )     (2,350 )     (1,861 )
Dividends paid on common stock
    (44,870 )     (42,767 )     (42,486 )
Other financing
    3,557       2,136       1,337  
 
Net cash (used in) provided by financing activities
    (143,228 )     (57,276 )     (64,762 )
 
Net (decrease) increase in cash and cash equivalents
    (33,852 )     45,369       (20,751 )
Cash and cash equivalents at beginning of period
    69,589       24,220       44,971  
 
Cash and cash equivalents at end of period
  $ 35,737     $ 69,589     $ 24,220  
 
Supplementary noncash financing activity
                       
 
Issuance of treasury stock – LTICP and ESOP plans
  $ 173     $ 1,492     $ 2,734  
 
Issuance of common stock — LTICP/ESOP/ESPP
  $ 2,820     $ 4,784     $  
 
The accompanying notes are an integral part of the condensed financial statements.

10


Table of Contents

CLECO CORPORATION   2005 FROM 10-K/A
 
Cleco Corporation (Parent Company Only) Notes to the Condensed Financial Statements
 

Note 1 — Summary of Significant Accounting Policies
 
The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Corporation which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2005, Cleco Corporation’s restricted net assets of consolidated subsidiaries were $297.0 million and exceeded 25% of its total consolidated net assets.
     Cleco Corporation’s major, first-tier subsidiaries consist of Cleco Power and Midstream.
     Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving Cleco’s traditional retail and wholesale customers. Midstream owns and operates merchant generation stations, invests in joint ventures that own and operate merchant generation stations, and owns and operates transmission interconnection facilities.
     The accompanying financial statements have been prepared to present the financial position, results of operations, and cash flows of Cleco Corporation on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are stated at cost plus equity in undistributed earnings from the date of acquisition. These financial statements should be read in conjunction with Cleco’s consolidated financial statements.
     Certain reclassifications have been made to the 2004 financial statements to conform them to the presentation used in the 2005 financial statements. These reclassifications had no effect on Cleco Corporation Parent Company Only net income applicable to common stock or total common shareholders’ equity. In these notes, “Cleco” refers to Cleco Corporation and its subsidiaries.
Note 2 — Debt
 
Cleco Corporation had no short-term debt outstanding at December 31, 2005, or December 31, 2004. On June 1, 2005, Cleco Corporation repaid $100.0 million of long-term debt due within one year relating to its 8.75% Senior Notes, due June 1, 2005, with cash on hand.
     On April 25, 2005, Cleco Corporation replaced its then existing $150.0 million, three-year credit facility with a $150.0 million, five-year facility. This facility provides for working capital and other needs. Cleco Corporation’s borrowing costs under this facility are equal to LIBOR plus 0.875%. Cleco Corporation’s borrowing costs under the prior facility were equal to LIBOR plus 1.50%, and the weighted average cost of borrowings was 3.795%. At December 31, 2005, off-balance sheet commitments reduced available borrowings by an additional $23.6 million, leaving available capacity of $126.4 million. On
May 10, 2005, Cleco renewed an uncommitted line of credit. The line of credit was increased from $5.0 million to $10.0 million and is available to support Cleco’s working capital needs. This line of credit is available to either Cleco Corporation or Cleco Power.
     Total indebtedness was as follows:
                 
   
    FOR THE YEAR ENDED  
    DECEMBER 31,  
(THOUSANDS)   2005     2004  
 
Senior notes, 8.75% due 2005
  $     $ 100,000  
Senior notes, 7.00% due 2008
    100,000       100,000  
Gross amount of long-term debt
    100,000       200,000  
Less amount due in one year
          100,000  
 
Total long-term debt, net
  $ 100,000     $ 100,000  
 
     The amounts payable under long-term debt agreements for each year through 2010 and thereafter are listed below:
                                                 
   
(THOUSANDS)   2006     2007     2008     2009     2010     THEREAFTER  
 
Amounts payable under long-term debt agreements
  $     $     $ 100,000     $     $     $  
 
Note 3 — Dividends Received
 
Cleco Corporation received $52.9 million, $44.7 million, and $44.4 million in cash dividends from Cleco Power during the years 2005, 2004, and 2003, respectively. Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Corporation by Cleco Power under specified circumstances. The most restrictive covenant requires Cleco Power’s total indebtedness to be less than or equal to 65% of total capitalization. At December 31, 2005, approximately $237.2 million of member’s equity were unrestricted.
     Cleco Corporation received $106.0 million, $27.7 million, and $20.5 million in cash dividends from Midstream during the years ended 2005, 2004, and 2003, respectively.
Note 4 — Income Taxes
 
In addition to the income tax expense (benefit) of $0.7 million, ($2.8) million, and ($2.9) million reflected in Cleco Corporation (Parent Company Only) Condensed Statements of Operations, income tax expense (benefit) of $115.3 million, $38.6 million, and ($18.5) million is reflected in equity income of subsidiaries, net of tax for the years ending 2005, 2004, and 2003, respectively.


11


Table of Contents

CLECO CORPORATION   2005 FROM 10-K/A
 
     
CLECO CORPORATION   SCHEDULE II
 
VALUATION AND QUALIFYING ACCOUNTS
Years ended December 31, 2005, 2004 and 2003
                                 
   
    BALANCE AT     ADDITIONS     UNCOLLECTIBLE     BALANCE AT  
    BEGINNING     CHARGED TO COSTS     ACCOUNT WRITE-OFFS     END OF  
Allowance For Uncollectible Accounts (THOUSANDS)   OF PERIOD     AND EXPENSES     LESS RECOVERIES     PERIOD(1)  
 
Year Ended December 31, 2005
  $ 506     $ 3,202     $ 2,446     $ 1,262  
Year Ended December 31, 2004
  $ 1,407 (2)   $ 1,610     $ 2,511     $ 506  
 
                               
Year Ended December 31, 2003
  $ 1,071     $ 17,407     $ 1,324     $ 17,154 (3)
 
(1)   Deducted in the balance sheet
 
(2)   Adjustment due to deconsolidation of Perryville of $15,747
 
(3)   At December 31, 2003, customer and other allowance for uncollectible accounts were $16,502 and $652, respectively

12


Table of Contents

CLECO CORPORATION   2005 FROM 10-K/A
 
SIGNATURES
 
     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Amendment to be signed on its behalf by the undersigned, thereunto duly authorized.
             
 
      CLECO CORPORATION
 
   
 
      (Registrant)    
 
           
 
  By::   /s/ Michael H. Madison    
 
           
 
      (Michael H. Madison)    
 
      (President, Chief Executive Officer and Director)    
Date: March 29, 2006
     Pursuant to the requirements of the Securities Exchange Act of 1934, this Amendment has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
SIGNATURE   TITLE   DATE
 
         
/s/ Michael H. Madison   President, Chief Executive Officer and Director   March 29, 2006
         
(Michael H. Madison)   (Principal Executive Officer)    
         
/s/ Kathleen F. Nolen   Senior Vice President and Chief Financial Officer   March 29, 2006
         
(Kathleen F. Nolen)   (Principal Financial Officer)    
         
/s/ R. Russell Davis   Vice President and Chief Accounting Officer   March 29, 2006
         
(R. Russell Davis)   (Principal Accounting Officer)    
         
    DIRECTORS*    
 
  SHERIAN G. CADORIA    
 
  RICHARD B. CROWELL    
 
  J. PATRICK GARRETT    
 
  F. BEN JAMES, JR.    
 
  ELTON R. KING    
 
  MICHAEL H. MADISON    
 
  WILLIAM L. MARKS    
 
  RAY B. NESBITT    
 
  ROBERT T. RATCLIFF, SR.    
 
  WILLIAM H. WALKER, JR.    
 
  W. LARRY WESTBROOK    
             
*By:
  /s/ Michael H. Madison
 
(Michael H. Madison, as Attorney-in-Fact)
       March 29, 2006

13