Dynegy Announces Service Agreements, 2010 Results (DYN)

Dynegy Inc. DYN today announced that Adjusted EBITDA for 2010 was
$539 million, compared to $803 million for 2009. The company also reported a
net loss attributable to Dynegy Inc. of $234 million or $(1.95) per diluted
share for 2010, compared to a net loss of $1.2 billion or $(7.60) per
diluted share for 2009. The net loss in 2010 included asset impairments, a
net loss on the sale of the company's investment in PPEA Holding Company,
LLC, merger agreement transaction costs and restructuring charges, partially
offset by mark-to-market gains. The net loss in 2009 included asset and
goodwill impairments, a net loss on asset sales, mark-to-market losses and
debt extinguishment costs.
For the fourth quarter 2010, Adjusted EBITDA was $103 million, compared to
$105 million for the fourth quarter 2009. The company also reported a net
loss attributable to Dynegy Inc. of $164 million or $(1.36) per diluted
share for the fourth quarter 2010, compared to a net loss of $355 million or
$(2.33) per diluted share for the fourth quarter 2009. The net loss in the
fourth quarter 2010 included a net loss on the sale of the company's
investment in PPEA Holding Company, LLC, merger agreement transaction costs,
restructuring charges and mark-to-market losses. The net loss in the fourth
quarter 2009 included a net loss on asset sales, mark-to-market losses and
debt extinguishment costs.
Period-over-period comparisons of full-year and fourth quarter 2010 results,
including items that affected the GAAP measures of net income and net loss,
are provided in more detail in the charts below and the schedules that
accompany this news release.
2010 Annual and Fourth Quarter Comparative Results
Comparisons of the company's full-year and fourth quarter results
period-over-period are set forth in the table below (in millions of dollars,
except per share amounts). The non-GAAP financial measures of EBITDA,
Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash
Flow are used by management to evaluate Dynegy's business on an ongoing
basis. Definitions, purposes and uses of such non-GAAP measures are included
in Item 2.02 to our Current Report on Form 8-K filed with the SEC on March
8, 2011, which is available on the company's website free of charge at
www.dynegy.com. Reconciliations of these measures to the most directly
comparable GAAP measures are included in the accompanying schedules to this
news release.