e11vk
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2005
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
For the transition period from to
Commission file number 1-15759
A. Full title of the plan and the address of the plan, if different from that of the issuer
named below:
Cleco Power LLC 401(k) Savings and Investment Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its
principal executive office:
CLECO CORPORATION
2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226
Cleco
Power LLC 401(k) Savings and Investment Plan
Financial Statements and Supplemental Schedule
December 31, 2005 and 2004
Cleco Power LLC 401(k) Savings and Investment Plan
Index
December 31, 2005 and 2004
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Note:
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Schedules other than those listed above as required by the Department of Labors
Rules and Regulations for Reporting and Disclosure have been omitted because they are
either not required or not applicable. |
Report of Independent Registered Public Accounting Firm
To the Participants and Administrator of the
Cleco Power LLC 401(k) Savings and Investment Plan
In our opinion, the accompanying statements of net assets available for benefits and the related
statement of changes in net assets available for benefits present fairly, in all material respects,
the net assets available for benefits of the Cleco Power LLC 401(k) Savings and Investment Plan
(the Plan) at December 31, 2005 and 2004, and the changes in net assets available for benefits
for the year ended December 31, 2005 in conformity with accounting principles generally accepted in
the United States of America. These financial statements are the responsibility of the Plans
management. Our responsibility is to express an opinion on these financial statements based on our
audits. We conducted our audits of these statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedule of assets is presented for the purpose of additional
analysis and is not a required part of the basic financial statements but is supplementary
information required by the Department of Labors Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule
is the responsibility of the Plans management. The supplemental schedule has been subjected to
the auditing procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.
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/s/ PricewaterhouseCoopers LLP |
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June 29, 2006 |
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Cleco Power LLC 401(k) Savings and Investment Plan
Statements of Net Assets Available for Benefits
December 31, 2005 and 2004
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2005 |
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2004 |
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Nonparticipant Directed |
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Participant |
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Nonparticipant Directed |
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Participant |
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Allocated |
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Unallocated |
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Directed |
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Total |
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Allocated |
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Unallocated |
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Directed |
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Total |
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Investment in company
convertible preferred stock, at fair value |
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$ |
40,632,680 |
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$ |
976,180 |
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$ |
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$ |
41,608,860 |
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$ |
38,614,069 |
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$ |
4,927,556 |
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$ |
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$ |
43,541,625 |
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Mutual funds, at fair value
(see Note 2) |
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90,868,840 |
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90,868,840 |
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83,563,442 |
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83,563,442 |
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Company common stock,
at fair value |
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17,864,793 |
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17,864,793 |
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18,124,243 |
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18,124,243 |
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Participant loans, at cost |
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3,331,338 |
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3,331,338 |
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3,465,230 |
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3,465,230 |
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40,632,680 |
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976,180 |
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112,064,971 |
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153,673,831 |
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38,614,069 |
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4,927,556 |
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105,152,915 |
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148,694,540 |
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Cash and cash equivalents |
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1,254,722 |
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1,254,722 |
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1,238,282 |
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1,238,282 |
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Contributions receivable -
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Employee |
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216,011 |
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216,011 |
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211,589 |
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211,589 |
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Employer |
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243,431 |
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243,431 |
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711,410 |
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711,410 |
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Dividends receivable |
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449,014 |
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449,014 |
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483,518 |
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483,518 |
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40,632,680 |
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2,923,347 |
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112,280,982 |
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155,837,009 |
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38,614,069 |
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7,360,766 |
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105,364,504 |
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151,339,339 |
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Interest payable |
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39,468 |
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39,468 |
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79,651 |
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79,651 |
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Note payable |
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2,305,035 |
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2,305,035 |
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4,651,885 |
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4,651,885 |
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2,344,503 |
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2,344,503 |
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4,731,536 |
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4,731,536 |
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Net assets available for benefits |
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$ |
40,632,680 |
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$ |
578,844 |
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$ |
112,280,982 |
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$ |
153,492,506 |
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$ |
38,614,069 |
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$ |
2,629,230 |
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$ |
105,364,504 |
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$ |
146,607,803 |
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The accompanying notes are an integral part of the financial statements.
2
Cleco Power LLC 401(k) Savings and Investment Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2005
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Nonparticipant Directed |
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Participant |
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Allocated |
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Unallocated |
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Directed |
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Total |
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Income from investment activities |
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Interest and dividends |
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$ |
1,674,331 |
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$ |
160,757 |
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$ |
4,812,764 |
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$ |
6,647,852 |
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Net appreciation in fair
value of investments |
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1,330,156 |
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21,394 |
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1,333,221 |
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2,684,771 |
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Net investment income |
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3,004,487 |
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182,151 |
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6,145,985 |
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9,332,623 |
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Contributions |
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Dividends reinvested in company
convertible preferred stock |
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(1,674,331 |
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1,674,331 |
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Employer |
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243,431 |
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243,431 |
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Employee |
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6,377,938 |
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6,377,938 |
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Allocation of company convertible
preferred stock at fair value |
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3,982,478 |
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(3,982,478 |
) |
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Total contributions |
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2,308,147 |
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(2,064,716 |
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6,377,938 |
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6,621,369 |
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Total additions (deductions) |
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5,312,634 |
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(1,882,565 |
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12,523,923 |
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15,953,992 |
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Employee distributions and withdrawals |
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1,737,650 |
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7,163,818 |
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8,901,468 |
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Diversification of preferred stock |
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1,556,373 |
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(1,556,373 |
) |
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Interest expense |
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167,821 |
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167,821 |
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Total deductions |
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3,294,023 |
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167,821 |
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5,607,445 |
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9,069,289 |
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Increase (decrease) in net
assets available for benefits |
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2,018,611 |
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(2,050,386 |
) |
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6,916,478 |
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6,884,703 |
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Net assets available for benefits,
beginning of year |
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38,614,069 |
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2,629,230 |
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105,364,504 |
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146,607,803 |
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Net assets available for benefits,
end of year |
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$ |
40,632,680 |
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$ |
578,844 |
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$ |
112,280,982 |
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$ |
153,492,506 |
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The accompanying notes are an integral part of the financial statements.
3
Cleco Power LLC 401(k) Savings and Investment Plan
Notes to the Financial Statements
December 31, 2005 and 2004
1. |
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Summary of Significant Accounting Policies and Description of Plan |
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Plan Description |
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The Cleco Power LLC 401(k) Savings and Investment Plan (formerly known as the Cleco
Corporation 401(k) Savings and Investment Plan) (the Plan), which was adopted January 1,
1985, and last amended on October 1, 2005, is intended to provide eligible employees of
Cleco Corporation and its subsidiaries (Cleco) with long-term savings and investment
opportunities. The Plan is a defined contribution plan. It includes a nonparticipant
directed, leveraged employee stock ownership plan (the ESOP), and is designed to comply
with Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended (the Code), and
is subject to the applicable provisions of the Employee Retirement Income Security Act of
1974. The ESOP provides a 66-2/3% match with Cleco Corporation convertible Preferred Stock
Series of 1991 with a par value of $100 (the preferred stock). This match is limited to
the first 6% of annual compensation contributed by participants. At March 31, 2006,
substantially all of the preferred stock was fully allocated to current and former plan
participants. Beginning April 1, 2006, Cleco Corporation made its matching contributions
and funded dividend payments to the Plan participants with Cleco Corporation common stock.
Beginning July 1, 2005, Plan participants were allowed to choose whether to have dividends
on Cleco Corporation common stock distributed in cash or reinvested in additional shares of
Cleco Corporation common stock. Dividends on the preferred stock continued to be reinvested
in additional shares of the preferred stock. Effective January 1, 2006, the option to have
dividends distributed in cash or reinvested in additional shares of Cleco Corporation common
stock was extended to preferred stock as well. For tax years beginning after December 31,
2001, participants who were at least 50 years old by the end of the tax year may make an
additional catch-up contribution (above the 401(k) annual deferral limit) in increments of
$1,000 annually starting in 2002 until the $5,000 catch-up limit is reached in 2006.
Participation in the Plan is voluntary. Active Cleco employees are eligible to participate.
For a complete description of the Plan, refer to the Cleco Power LLC 401(k) Savings and
Investment Plan (the Plan Document). |
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The Plan purchased the preferred stock using the proceeds of a bank note, which was
subsequently purchased by Cleco Power LLC (Cleco Power) (see Note 4) and holds stock in a
trust established under the Plan. The note shall be repaid over a period of seven years by
fully deductible Cleco contributions to the trust fund. Prior to substantially all of the
preferred stock being fully allocated, as the Plan made each payment of principal, an
appropriate percentage of preferred stock was allocated to eligible employees accounts in
accordance with applicable regulations under the Code. |
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The note is collateralized by the unallocated shares of preferred stock. Cleco has no
rights against shares once they are allocated under the ESOP. The financial statements of
the Plan for the years 2005 and 2004 present separately the assets and liabilities and
changes pertaining to: |
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the accounts of employees with vested rights in allocated preferred stock
(allocated); |
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b) |
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preferred stock not yet allocated to employees (unallocated); and |
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c) |
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the accounts of employees with vested rights in investments other than
preferred stock (other). |
Plan Administration
The administration of the Plan is the responsibility of an administrative committee (the
Committee) comprised of employees of Cleco. The Committee is appointed by Cleco Powers
Board of Managers. Administrative expenses incurred by the Plan are borne by Cleco. Cleco
Power is the Plan sponsor. The responsibilities for the investment, reinvestment, control
and disbursement of the funds of the Plan rests with JPMorgan Chase Bank (Trustee) and
with JP Morgan Retirement Plan Services (Agent) acting as the agent of the Trustee and
recordkeeper to the Plan.
4
Cleco Power LLC 401(k) Savings and Investment Plan
Notes to the Financial Statements
December 31, 2005 and 2004
Contributions
Participant contributions are recorded in the period that Cleco makes payroll deductions
from participants. Unless otherwise restricted by law, participants may contribute on a
pretax basis up to 50% of annual compensation, not to exceed $14,000. For tax years
beginning after December 31, 2001, participants who were at least 50 years old by the end of
the tax year may make an additional catch-up contribution (above the 401(k) annual
deferral limit) in increments of $1,000 annually starting in 2002 until the $5,000 catch-up
limit is reached in 2006. Clecos matching contribution is 66-2/3% of the employees total
pretax basic contribution, up to the first 6% of the participants annual compensation.
Cleco Power contributions, paid annually, are made in amounts necessary to satisfy debt
service requirements, after considering dividends received on the Cleco Corporation
preferred stock. The Trustee, in accordance with the participants directives, invests the
employee contributions in one or more of twelve publicly traded mutual funds, in one
self-directed account with access to over 1,000 mutual funds, and in Cleco Corporations $1
par value common stock. Certain qualified 401(k) rollovers are permitted under the Plan.
Participants Accounts
The Agent maintains accounts on behalf of each Plan participant. Each account is credited
with (a) the participants pretax, after tax or rollover contribution, (b) the matching
contribution of allocated shares and (c) the participants share of Plan earnings.
Allocations are based on participant compensation or account balances, as defined.
Vesting
Participants are fully vested in their accounts at all times.
Withdrawals and Loans
Funds in participants accounts may be distributed upon death or separation from service in
either a lump-sum amount equal to the value of their accounts or as a distribution in kind
of shares held for their account in the ESOP fund or common stock fund. A participant is
entitled to receive a whole number of shares of Cleco Corporation common stock. The amounts
of any fractional shares are distributed in cash. Under IRS regulations, active employees
may withdraw funds from their accounts after age 59-1/2 or in the case of certain defined
financial hardships.
Loans are available to participants up to specified limits. The term of loans shall not
exceed five years and the interest rate is calculated based on the prime rate published in
the Wall Street Journal on the first day of the month before the loan is requested plus 2%.
Interest rates on participant loans ranged from 6.00% to 11.50% in 2005 and 2004.
Benefits payable for terminations and withdrawals are included in net assets available for
benefits and are charged to net assets available for benefits when paid.
Diversification
Diversification is offered to participants close to retirement so that they may have the
opportunity to move part of the value of their investment in preferred stock into other
investment alternatives. Participants who are at least age 45 with at least 5 years of
participation in the Plan may elect to diversify a portion of their account. Each year, a
participant may diversify up to 25 percent of the number of shares of preferred stock
allocated to his or her account, less any shares of preferred stock previously diversified.
During the year after the participant both reaches age 61 and has participated in the Plan
for ten or more years, the percentage changes to 50 percent. After that year, the
percentage goes down to 25 percent. When participants diversify, the preferred shares are
converted into Cleco common stock, usually by Cleco issuing new shares. However, Cleco can
choose to use treasury shares. The common shares are then sold on the open market.
Participants who elect to diversify can invest the proceeds from the sale of the preferred
stock in the investment options offered by the Plan.
5
Cleco Power LLC 401(k) Savings and Investment Plan
Notes to the Financial Statements
December 31, 2005 and 2004
Voting Rights
Each participant is entitled to exercise voting rights attributable to the shares of
preferred stock allocated to his or her account and is notified by the Trustee prior to the
time that such rights are to be exercised. The Trustee is not permitted to vote any
allocated shares of preferred stock for which instructions have not been given by a
participant. The Trustee is required, however, to vote any unallocated shares of preferred
stock on behalf of the collective best interest of plan participants and beneficiaries.
Investment Valuation
Investments in securities and mutual funds traded on national securities exchanges are
valued based on the last reported sales price as of the end of each fiscal year.
Participant loans are valued at cost, which approximates fair value. The preferred stock is
valued based on the greater of quoted market value of the equivalent shares of Cleco
Corporation common stock or par value of the preferred stock. As of December 31, 2005 and
2004, the preferred stock was valued based on the quoted market value of the equivalent shares of Cleco Corporation common stock.
Income Recognition
Purchases and sales of securities are recorded on a trade-date basis. The Plan presents in
the Statement of Changes in Net Assets Available for Benefits the net appreciation in the
fair value of its investments which consists of the realized gains or losses and the
unrealized appreciation on those investments. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
Priority Upon Termination of Plan
The Plan may be terminated at any time by Cleco Powers Board of Managers. Upon
termination, all assets are to be distributed to Plan participants or their beneficiaries.
Participants would receive their proportionate share of the assets as determined by
individual account balances on the date of termination.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of increases (decreases) in net assets available for benefits during the reporting
period. Actual results could differ from those estimates.
Reclassifications
Certain reclassifications have been made to the 2004 statement of net assets available for
benefits to conform it to the presentation used in 2005. Cash and dividends receivable
previously reported in the Nonparticipant Allocated column is now shown in the
Nonparticipant Unallocated column. This presentation reflects the use of the cash and
dividend receivable to reduce the note and interest payable. These reclassifications had no
effect on the Plans total net assets available for benefits.
6
Cleco Power LLC 401(k) Savings and Investment Plan
Notes to the Financial Statements
December 31, 2005 and 2004
2. |
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Investments |
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Information relative to investments as of December 31, 2005 and 2004, respectively, is as
follows: |
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Description |
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2005 |
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2004 |
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Mutual Funds: |
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* |
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American Century Income & Growth Fund |
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$ 28,129,521 |
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$ |
27,676,295 |
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JP Morgan Prime Money Market Fund*** |
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3,507,588 |
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3,125,771 |
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|
|
|
|
American Century GNMA Fund |
|
4,341,596 |
|
|
4,196,003 |
|
|
|
* |
|
Dodge & Cox Balanced Fund |
|
19,573,141 |
|
|
17,415,976 |
|
|
|
|
|
American Century Vista Fund |
|
5,613,305 |
|
|
5,149,985 |
|
|
|
|
|
American Century Strategic Allocation: |
|
|
|
|
|
|
|
|
|
|
Conservative Fund |
|
685,366 |
|
|
804,738 |
|
|
|
|
|
American Century Strategic Allocation: |
|
|
|
|
|
|
|
|
|
|
Moderate Fund |
|
1,337,409 |
|
|
1,364,498 |
|
|
|
|
|
American Century Strategic Allocation: |
|
|
|
|
|
|
|
|
|
|
Aggressive Fund |
|
2,129,353 |
|
|
2,026,941 |
|
|
|
* |
|
American Century Growth Fund |
|
9,353,199 |
|
|
9,080,477 |
|
|
|
|
|
American Century Equity Income Fund |
|
4,104,927 |
|
|
2,657,849 |
|
|
|
|
|
American Century Equity Index Fund |
|
5,819,366 |
|
|
4,764,730 |
|
|
|
|
|
Morgan Stanley International Equity Fund |
|
5,228,299 |
|
|
4,448,590 |
|
|
|
|
|
Schwab Personal Choice Retirement Account |
|
1,045,770 |
|
|
851,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mutual funds |
|
90,868,840 |
|
|
83,563,442 |
|
|
|
|
|
|
|
|
|
|
* |
|
Cleco Corporation Common Stock |
|
17,864,793 |
|
|
18,124,243 |
|
* |
|
Cleco Corporation Convertible Preferred Stock
Series of 1991** |
|
41,608,860 |
|
|
43,541,625 |
|
|
|
Participant loans |
|
3,331,338 |
|
|
3,465,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$153,673,831 |
|
$ |
148,694,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Denotes investment exceeds 5% of the net assets available for benefits. |
|
** |
|
Nonparticipant-directed investment |
|
*** |
|
Valued at cost plus reinvested interest |
7
Cleco Power LLC 401(k) Savings and Investment Plan
Notes to the Financial Statements
December 31, 2005 and 2004
The Plans holding in the preferred stock which has not been allocated to
participants was 4,877 and 25,335 shares as of December 31, 2005 and 2004, respectively,
is as follows:
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
2004 |
Cleco Corporation Convertible Preferred Stock
Series of 1991: |
|
|
|
|
|
|
|
|
Cost |
|
$ |
487,661 |
|
|
$ |
2,533,496 |
|
|
|
|
|
|
|
|
|
|
Market Value |
|
$ |
976,180 |
|
|
$ |
4,927,556 |
|
Each share of the preferred stock is convertible into 9.6 shares of Cleco Corporation common
stock. The market value of the preferred stock is determined by multiplying the fair value
of the common stock by the 9.6 conversion factor. The preferred stock is redeemable at the
option of Cleco Corporation at the redemption price of $100.00 per share. The dividend rate
on the preferred stock was 8.64% in 2005.
The Plans investments (including gains and losses on investments bought and sold, as well
as held during the year) appreciated in value by $2,684,771 for the year ended December 31,
2005, as follows:
|
|
|
|
|
Cleco Corporation common stock |
|
$ |
476,003 |
|
Cleco Corporation convertible preferred stock |
|
|
1,351,550 |
|
Mutual funds |
|
|
857,218 |
|
|
|
|
|
|
|
$ |
2,684,771 |
|
|
|
|
|
3. |
|
Related Party Transactions |
Certain Plan investments are managed by affiliates of the Agent and Trustee. The Agent is
the recordkeeper as defined by the Plan. Participants may elect to invest in shares of
Cleco Corporation common stock. In 2005, the Plan purchased 245,275 shares of Cleco
Corporation common stock with an approximate market value of $5,042,854 and sold 249,917 shares of Cleco
Corporation common stock with an approximate market value of $5,138,294.
In 2005, the Plan allocated 20,458 shares of the preferred stock with a cost of $100 per
share for a total cost of $2,045,800, with a market value of $3,982,478 on account of Clecos matching contribution and dividend
reinvestment for 2005. At December 31, 2005 and 2004, the ESOP held 203,001 and 198,534
shares of the preferred stock with a fair value of $40,632,680 and $38,614,069,
respectively, which had been allocated to participants accounts.
Dividends received on Clecos convertible preferred stock by plan participants represented
as allocated shares are reinvested in additional shares of Cleco convertible preferred
stock. Preferred shares are moved from unallocated to the allocated as the quarterly
dividends are received. In 2005, $1,674,331 of dividends was reinvested in additional
preferred shares. The reinvested dividends are used by unallocated, along with dividends
paid on unallocated shares and additional contributions by Cleco, to pay debt and interest
on the note payable.
The Plan purchased the preferred stock using the proceeds of a bank note, which was
purchased by Cleco Power. The ESOP makes debt service payments to Cleco Power. For
additional information, see Note 4 below.
Other related parties include Cleco employees who participate in the Plan and the Committee
which is comprised of employees of Cleco and is responsible for the administration of the
Plan.
8
Cleco Power LLC 401(k) Savings and Investment Plan
Notes to the Financial Statements
December 31, 2005 and 2004
On April 2, 1991, the Plan entered into a $30 million borrowing agreement with the Bank of
New York (the Bank) to finance the purchase of 300,000 shares of the preferred stock.
Cleco Power purchased the outstanding principal balance of the loan. The ESOP makes debt
service payments to Cleco Power from dividends received on the preferred stock and, if
necessary, from additional contributions by Cleco Power in amounts necessary to satisfy debt
service requirements. No debt service payments are required under the borrowing agreement
until the year 2008; however, as noted below the Plan has made early payments on the debt.
Effective in January 1993, the rate of interest on the note payable was fixed at 7.4%.
Principal payments began in January 1999 and a final payment will be made during 2006. In
January 2006 and April 2006, the Plan made principal payments of approximately $1,904,100
and $381,050 respectively. The final principal payment of approximately $19,885 is expected
to be made later during 2006. In January 2005, the Plan made principal payments of
approximately $2,346,850. The unallocated shares of the preferred stock have been pledged
as collateral for the loan. Pursuant to the Employee Retirement Income Security Act of 1974
regulations, debt service payments must be made to unencumbered shares of the preferred
stock for allocation to participant accounts.
The Plan is qualified under Sections 401(a) and 401(k) of the Internal Revenue Code and,
accordingly, the associated trust is exempt from federal income taxes under provision of
Section 501(a). The Internal Revenue Service has informed Cleco Power by letter dated March
22, 2006, that the Plan and related trust are designed in accordance with applicable
sections of the Internal Revenue Code.
Participants pretax contributions, Clecos contributions, rollover contributions as well as
interest, dividends and profits earned by the Plan are not subject to federal income taxes
until these amounts are distributed.
6. |
|
Risks and Uncertainties |
The Plan invests in various investment securities. Investment securities are exposed to
various risks such as interest rate, market and credit risks. Due to the level of risk
associated with certain investment securities, it is at least reasonably possible that
changes in the values of investment securities will occur in the near term and that such
changes could materially effect participants account balances and the amounts reported in
the statement of net assets available for benefits.
9
Cleco Power LLC 401(k) Savings and Investment Plan
Schedule H, line 4i Schedule of Assets (Held at End of Year)
December 31, 2005
EIN: 72-0244480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description of investment, including |
|
|
|
|
|
Identity of issuer, borrower, |
|
maturity date, rate of interest, |
|
|
|
Current |
|
lessor or similar party |
|
collateral par, and maturity value |
|
Cost |
|
Value |
|
|
|
* |
|
American Century Income & Growth Fund |
|
Mutual fund |
|
|
|
$ |
28,129,521 |
|
|
|
* |
|
JP Morgan Prime Money Market Fund |
|
Mutual fund |
|
|
|
|
3,507,588 |
|
|
|
* |
|
American Century GNMA Fund |
|
Mutual fund |
|
|
|
|
4,341,596 |
|
|
|
|
|
Dodge & Cox Balanced Fund |
|
Mutual fund |
|
|
|
|
19,573,141 |
|
|
|
* |
|
American Century Vista Fund |
|
Mutual fund |
|
|
|
|
5,613,305 |
|
|
|
* |
|
American Century Strategic |
|
|
|
|
|
|
|
|
|
|
|
|
Allocation: Conservative Fund |
|
Mutual fund |
|
|
|
|
685,366 |
|
|
|
* |
|
American Century Strategic |
|
|
|
|
|
|
|
|
|
|
|
|
Allocation: Moderate Fund |
|
Mutual fund |
|
|
|
|
1,337,409 |
|
|
|
* |
|
American Century Strategic |
|
|
|
|
|
|
|
|
|
|
|
|
Allocation: Aggressive Fund |
|
Mutual fund |
|
|
|
|
2,129,353 |
|
|
|
* |
|
American Century Growth Fund |
|
Mutual fund |
|
|
|
|
9,353,199 |
|
|
|
* |
|
American Century Equity Income Fund |
|
Mutual fund |
|
|
|
|
4,104,927 |
|
|
|
* |
|
American Century Equity Index Fund |
|
Mutual fund |
|
|
|
|
5,819,366 |
|
|
|
* |
|
Morgan Stanley International Equity Fund |
|
Mutual fund |
|
|
|
|
5,228,299 |
|
|
|
|
|
Schwab Personal Choice |
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Account |
|
Participant Directed Brokerage Account |
|
|
|
|
1,045,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mutual funds |
|
|
|
|
|
$ |
90,868,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Cleco Corporation |
|
Common Stock |
|
|
|
$ |
17,864,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Cleco Corporation |
|
Convertible Preferred Stock
Series of 1991 |
|
$20,787,800 |
|
$ |
41,608,860 |
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Participant loans |
|
Participant loan accounts with interest rates
ranging from 6.00% to 11.5% and maturity
dates ranging from 2006 to 2010 |
|
|
|
$ |
3,331,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets Held |
|
|
|
$ |
153,673,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Denotes party-in-interest. |
10
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
CLECO POWER LLC
401(k) SAVINGS AND INVESTMENT PLAN |
|
|
|
|
|
Date: June 29, 2006
|
|
By: /s/ Kathleen Nolen |
|
|
|
|
|
|
(Kathleen Nolen, Chairman of the Retirement
Committee of Cleco Corporation, Plan
Administrator) |
|
EXHIBIT
INDEX
|
|
|
Exhibit Number |
|
Description |
|
23
|
|
Consent of PricewaterhouseCoopers LLP |
|
99
|
|
Section 906 Certification of Kathleen Nolen |