Exhibit 99.1

 

News Release

 

Media Relations contact:

Dave Thompson, 678 579 5298

dave.thompson@mirant.com

 

Investor Relations contact:

Sarah Stashak, 678 579 6940

sarah.stashak@mirant.com

 

 

Stockholder inquiries:

 

678 579 7777

 

 

March 14, 2006

 

Mirant Reports 2005 Year-End Results

 

ATLANTA – Mirant Corporation (NYSE: MIR) today reported a net loss of $1.3 billion for the year ended December 31, 2005. This loss reflects the recognition in 2005 of $1.4 billion of interest expense on liabilities subject to compromise for the period from the company’s bankruptcy filing on July 14, 2003 through December 31, 2005. The loss also includes other significant impacts of the company’s Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court on December 9, 2005. Mirant emerged from bankruptcy on January 3, 2006.

 

Adjusted EBITDA for the period was $779 million. Adjusted EBITDA excludes non-recurring charges, such as bankruptcy restructuring charges and unrealized gains and losses associated with the company’s hedging activities.

 

Cash from operations for 2005 was $33 million, reflecting strong results from business operations. These results were offset by significant uses of cash for collateral postings of $305 million and payments of $171 million for professional fees and other expenses related to bankruptcy.

 

As of March 3, 2006, the company’s total liquidity (defined as unrestricted cash and cash equivalents plus credit facility availability) was approximately $2.1 billion, an increase of $597 million since December 31, 2005. The company’s total debt balance is currently $4.2 billion, net of a term loan cash collateral account of $200 million.

 

During its analyst meeting today, the company will provide an adjusted EBITDA outlook for 2006 in the range of $1.1 billion to $1.3 billion. This guidance is sensitive to a variety of factors, including, but not limited to, weather, operational performance and realized power and fuel prices.

 


The following information was filed by Mirant Corp (MIR) on Tuesday, March 14, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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