Enron Corp. - University of California | Office of The President

Enron India Expects State Power Board to Meet Debt Payments
U.S. power major Enron Corp.'s India unit said Wednesday that it expects the
Maharashtra State Electricity Board to meet outstanding payments for electricity
generated by Enron-controlled Dabhol Power Corp.... "We expect that the existing
contractual obligations will be honored and are hopeful that the MSEB will clear
DPC's outstanding payments shortly," a spokesman for Enron India told Dow Jones
Newswires in an e-mailed response to questions.
280. Due to defendants' positive statements and reassurances, Enron stock recovered to
$84-1/16 per share by 01/02/01. However, as rumors continued to circulate regarding Enron's
business and accounting, the stock fell sharply to $66-1/16 on 1/17/01, dangerously near an equity
issue trigger of about $60. Thus, when Enron announced its 00 results, it was determined to present
them and its business in an exceptionally favorable light to boost the stock price.
results:
281. On 1/22/01, Enron reported better-than-expected "record" 4thQ 00 and full year 00
Enron Corp. announced today record financial and operating results for
the full year 2000, including:
• a 25 percent increase in earnings per diluted share to $1.47;
• a 32 percent increase in net income to $1.3 billion;
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• an almost doubling of new retail energy services contracts to
$16.1 billion.
"Our strong results reflect breakout performance in all of our operations,"
said Kenneth L. Lay, Enron's chairman and CEO. "Our wholesale services, retail
energy and broadband businesses further expanded their leading market positions,
as reflected in record levels of ... profitability...."
Enron also announced a very successful fourth quarter of 2000, generating
recurring earnings of $0.41 per diluted share, an increase of 32 percent from $0.31
a year ago.
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