Entergy 2003 Annual Report Download - page 9

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7
We will continue to evaluate other mechanisms to deploy cash such as stock buybacks and, of
course, dividends, consistent with our acquisition opportunities and successes. We will not sit on
excess cash earning very low interest. At the same time, we know that liquidity is an advantage.
With the market in turmoil, we don’t know which opportunities will open first, or when, and being
able to move quickly to put cash on the table could be decisive to seizing the best opportunities.
It is worth emphasizing here that we are not about “break-out” investments. Markets tend to be
fairly efficient in this regard. We do seek “break-out” performance in the combination of diversity,
synergy, price risk management, operational excellence, locational advantage, and a host of other
daily blocking and tackling that adds up over time to consistently superior results.
Thanks for Great Performances
Before closing we want to recognize Don Hintz, who will retire as a full-time employee in April
2004. Don has been the driving force behind the turnaround in the performance of Entergy’s legacy
nuclear fleet, and the adoption and successful execution of our nuclear growth strategy, and he has
served with distinction as president of Entergy since 1999. Over the last few years Don has made
personal sacrifices to hold off on retirement until he could assemble the right team to carry on his
legacy of operational excellence and continuous improvement in nuclear and other operations. Don
has been nominated to the Board of Directors, and we’re grateful for his willingness to serve
Entergy in this new role.
We welcome Leo Denault to his new role as Executive Vice President and Chief Financial Officer.
As a key member of Entergy's finance team for the past five years, Leo is deeply prepared for the role
of CFO, and he has extensive knowledge of the utility industry and of commodity markets.
We also want to recognize Admiral George Davis, who is retiring from the Board, for the valuable
contribution he has made to our company over the past six years. And we welcome Steven Wilkinson,
who was elected to the Board this past October.
We owe special thanks to our employees, who not only continued to improve service, reliability,
and efficiency day after day, and who not only rose to the challenge once again of a major tropical
storm in our service area, but who also contributed an unprecedented effort to power restoration in
Maryland and Virginia in the wake of massive damage caused by Hurricane Isabel last September.
As we celebrate the 90th anniversary of the founding of our company, we recognize and appreciate
those who built a great company, and acknowledge the serious responsibility to maintain that legacy
for investors, customers, and employees.
And we thank you, our audience, for your attention and support.
ROBERT V.D. LUFT,
CHAIRMAN
J. WAYNE LEONARD,
CHIEF EXECUTIVE OFFICER
ENTERGY CORPORATION AND SUBSIDIARIES 2003
As we celebrate the 90th anniversary of the founding of our company, we recognize and
appreciate those who built a great company, and acknowledge the serious responsibility
to maintain that legacy for investors, customers, and employees.
“
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