PNM Resources Reports Strong Third-Quarter Earnings
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Unregulated Retail Operations in Texas Drive Results
Increased 2009 Earnings Outlook Announced
ALBUQUERQUE, N.M.--(BUSINESS WIRE)-- PNM Resources (NYSE: PNM)
2009 THIRD-QUARTER SUMMARY
-- Quarterly GAAP (generally accepted accounting principles) earnings of
$0.59 per diluted share, compared with losses of $0.06 per diluted share
in 2008
-- Quarterly ongoing earnings of $0.63 per diluted share, compared with
$0.27 per diluted share in 2008
YEAR-TO-DATE SUMMARY
-- Year-to-date GAAP earnings of $1.61 per diluted share, compared with
losses of $2.42 per diluted share in 2008
-- Year-to-date ongoing earnings of $0.94 per diluted share, compared with
$0.24 per diluted share in 2008
PNM Resources (NYSE: PNM) today reported unaudited 2009 third-quarter consolidated GAAP earnings of $54.2 million, or $0.59 per diluted share, compared with losses of $5.5 million, or $0.06 per diluted share, in 2008.
Unaudited, consolidated ongoing quarterly earnings were $57.8 million, or $0.63 per diluted share, compared with $23.6 million, or $0.27 per diluted share, in 2008. Reconciliations of GAAP to non-GAAP measures are shown in the attached schedules 1 through 8.
"Early last year we provided a checklist with nine primary goals that needed to be achieved in order to restore PNM Resources' value. We are pleased to report that our third-quarter and year-to-date results reflect significant progress made in many areas," said Jeff Sterba, PNM Resources chairman and CEO.
"Specific to the third quarter, financial results were driven by strong performance at our Texas unregulated retail subsidiary, First Choice Power, and reduced overall interest expense, which will help us improve our credit metrics," Sterba said.
"While considerable achievements already have been accomplished this year, drivers such as economic conditions - and consumers' response to those conditions - uncertain power markets, utility cost pressures, climate change mandates and the continuing need for adequate and timely regulatory recovery will pose challenges for PNM Resources and our industry into 2010 and beyond."
Sterba said quarterly retail energy sales and use-per-customer statistics suggest the impact of the 2008-2009 recession has stabilized. "While we still are seeing load loss in our New Mexico service territory, the trend is improving," he said.
Adjusted for weather, quarterly PNM retail load decreased 2.5 percent and residential use-per-customer increased slightly by 0.1 percent, comparing 2009 with 2008. For TNMP, quarterly retail load increased 6.1 percent and residential use-per-customer increased 7.7 percent in 2009 compared with the same period last year. Adjusted for the impacts of Hurricane Ike, which greatly reduced consumption in September 2008, TNMP load increased slightly by 0.6 percent and residential use-per-customer increased by 2.1 percent.
YEAR-TO-DATE RESULTS
For the first nine months of 2009, PNM Resources reported unaudited consolidated GAAP earnings of $147.5 million, or $1.61 per diluted share, compared with losses of $197.6 million, or $2.42 per diluted share, in 2008. GAAP results in 2009 reflect various non-recurring items recorded primarily in the first quarter, including the $71.7 million after-tax gain from the sale of the company's natural gas operations. In 2008, year-to-date GAAP results included impairment charges of $147.7 million.
Unaudited, consolidated ongoing earnings for the first nine months of the year were $86.4 million, or $0.94 per diluted share, compared with $19.3 million, or $0.24 per diluted share, in 2008. Year-to-date results in 2008 included PNM gas operations ongoing earnings of $15.0 million, or $0.18 per diluted share. Prior to being sold in January, PNM gas operations contributed $7.6 million, or $0.08 per diluted share, to consolidated earnings.
QUARTERLY SEGMENT REPORTING OF EARNINGS
Regulated Operations
PNM - a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
-- PNM reported ongoing earnings of $31.7 million, or $0.35 per diluted
share, compared with $28.7 million, or $0.33 per diluted share, in 2008.
GAAP earnings were $30.8 million, or $0.33 per diluted share, compared
with $15.8 million, or $0.18 per diluted share, in 2008.
-- Higher retail rates implemented in July and lower interest expense were
offset partially by reduced customer demand and lower pension income.
TNMP - an electric transmission and distribution utility in Texas.
-- TNMP reported ongoing earnings of $5.5 million, or $0.06 per diluted
share, compared with $8.2 million, or $0.10 per diluted share, in 2008.
GAAP earnings were $6.2 million, or $0.07 per diluted share, compared
with $8.1 million, or $0.09 per diluted share, in 2008.
-- Earnings were negatively affected by higher interest costs associated
with $315.5 million of refinanced debt. These higher costs are reflected
in the new TNMP rates that went into effect Sept. 1. Other factors that
negatively affected earnings include lower pension income and higher
operating expenses.
Unregulated Operations
First Choice Power - an unregulated retail electric provider in Texas.
-- First Choice Power reported ongoing earnings of $18.3 million, or $0.20
per diluted share, compared with losses of $3.0 million, or $0.03 per
diluted share, in 2008. GAAP earnings were $17.1 million, or $0.19 per
diluted share, compared with 2008 losses of $16.5 million, or $0.19 per
diluted share.
-- Lower purchased power prices significantly improved average retail
margins during the quarter. A 5.3 percent decline in electricity sales
offset some of the positive pricing impacts. Quarterly bad-debt expense
decreased from $10.3 million in 2008 to $9.1 million in 2009. Lower
customer default rates and better management of outstanding accounts
receivable contributed to lower 2009 bad debt expense compared with
2008.
Optim Energy - jointly owned by PNM Resources and a subsidiary of Cascade Investment, L.L.C., Optim Energy owns three generating assets in Texas, totaling nearly 1,200 megawatts.
-- PNM Resources' equity in Optim Energy net ongoing earnings was $4.5
million, or $0.05 per diluted share, compared with $0.2 million in 2008.
PNM Resources' equity in the net GAAP earnings of Optim Energy was $4.2
million, or $0.04 per diluted share, compared with 2008 losses of $0.9
million, or $0.01 per diluted share.
-- PNM Resources' share of Optim Energy's ongoing EBITDA was $14.3 million,
compared with $5.4 million in 2008. Improved financial performance
resulted from the addition of Cedar Bayou 4, favorable hedged positions,
Twin Oaks Power fuel savings and operational cost reductions.
-- Twin Oaks had an equivalent availability factor of 98.5 percent during
the quarter. Availability factors for Altura Cogen and Cedar Bayou 4
were 99.0 percent and 95.5 percent, respectively.
Corporate/Other - a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense related to debt. For the purposes of this news release, the Corporate/Other segment excludes the quarterly contribution of Optim Energy reported above.
-- Corporate/Other reported ongoing losses of $2.1 million, or $0.03 per
diluted share, compared with 2008 ongoing losses of $6.3 million, or
$0.08 per diluted share. GAAP losses were $2.6 million, or $0.03 per
diluted share, compared with GAAP losses of $11.3 million, or $0.13 per
diluted share in 2008.
-- Less outstanding debt, lower short-term debt interest rates and the
repurchase of certain senior unsecured notes reduced ongoing financing
costs by $6.7 million.
2009 EARNINGS OUTLOOK
PNM Resources today updated its 2009 earnings outlook range. Management now expects ongoing earnings to be in the range of $0.76 to $0.81 per diluted share. The previous range was $0.40 to $0.55 per diluted share. The increase in the range was driven largely by First Choice Power's financial performance. Management will discuss the outlook in more detail during the third-quarter earnings call.
THIRD-QUARTER EARNINGS CALL: 9 A.M. EDT TODAY
PNM Resources will discuss third-quarter earnings results and the 2009 earnings outlook during a live conference call and Web cast today at 9 a.m. EDT. Speaking on the call will be Jeff Sterba, PNM Resources chairman and CEO; Pat Vincent-Collawn, PNM Resources president and COO; and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the Web site at least 30 minutes before the event to register, download and install any necessary audio software.
Investors, analysts and other participants can listen to the live conference call by dialing (877) 440-5791 (toll free) or (719) 325-4868 (toll) five to 10 minutes prior to the event and referencing "the PNM Resources earnings conference call." A telephone replay will be available at noon Eastern until midnight Nov. 5 by dialing (888) 203-1112 (toll free) or (719) 457-0820 and using confirmation code 3529459.
MANAGEMENT TO PRESENT AT EEI FINANCIAL CONFERENCE
PNM Resources management will conduct a presentation during the annual Edison Electric Institute Financial Conference in Hollywood, Florida. The presentation will be webcast live at 9 a.m. Eastern on Tuesday, Nov. 3. Interested parties can access all of the EEI webcasts at: http://phx.corporate-ir.net/phoenix.zhtml?c=130144&p=conferenceAgenda&id=2471665&day=1.
Management also will meet with industry analysts and investors Sunday, Nov. 1 through Tuesday, Nov. 3. Supporting material for the investor meetings will be available beginning Nov. 1 on PNM Resources' Web site at http://pnm.client.shareholder.com/investors/events.cfm.
E-MAIL ALERTS, RSS FEEDS AVAILABLE
PNM Resources encourages analysts, investors and other interested parties to visit www.PNMResources.com and register to automatically receive company financial information by e-mail. Once registered, participants can choose from a menu to automatically receive requested information, including news releases, notices of webcasts and filings with the U.S. Securities and Exchange Commission. Participants can unsubscribe at any time and will not receive information that was not requested.
Interested parties also can register to automatically receive feeds through Really Simple Syndication, or RSS, a format designed for sharing updated web content such as headlines. An RSS feed automatically highlights fresh material from the PNM Resources Web site so registrants don't have to repeatedly check the site for updates. To sign up for e-mail alerts and RSS feeds, visit www.PNMResources.com, enter the Investor Relations section and click on the icons at the bottom of the page.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2008 consolidated operating revenues from continuing and discontinued operations of $2.5 billion. Through its utility and energy subsidiaries, PNM Resources has more than 2,680 megawatts of generation resources and serves electricity to more than 884,000 homes and businesses in New Mexico and Texas. The company also has a 50-percent ownership of Optim Energy, which owns nearly 1,200 megawatts of generation resources. For more information, visit the company's Web site at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources', PNM's, or TNMP's (collectively, the "Companies") expectations, projections, estimates, intentions, goals, targets and strategies, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and the Companies assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Companies caution readers not to place undue reliance on these statements. The Companies' business, financial condition, cash flow and operating results are influenced by many factors, which are often beyond their control that can cause actual results to differ from those expressed or implied by the forward-looking statements. These factors include conditions affecting the Companies' ability to access the financial markets or Optim Energy's access to additional debt financing following the utilization of its existing credit facility, including actions by ratings agencies affecting the Companies' credit ratings; the recession, its consequent extreme disruption in the credit markets, and its impacts on the electricity usage of the Companies' customers; state and federal regulatory and legislative decisions and actions, including appeals of prior regulatory proceedings; the ability of PNM to meet the renewable energy requirements established by the New Mexico Public Regulation Commission, including the resource diversity requirement, within the specified cost parameters, and the Company's ability to obtain federal and/or state funding and incentives for the development of alternative or renewable energy; the performance of generating units, including the Palo Verde Nuclear Generating Station, the San Juan Generating Station, the Four Corners Plant, and Optim Energy generating units, and transmission systems; the risk that Optim Energy desires to expand its generation capacity but is unable to identify and implement profitable acquisitions, or that PNM Resources and ECJV will not agree to make additional capital contributions to Optim Energy; the potential unavailability of cash from PNM Resources' subsidiaries or Optim Energy due to regulatory, statutory or contractual restrictions; the impacts of the decline in the values of marketable equity securities on the trust funds maintained to provide nuclear decommissioning funding and pension and other postretirement benefits, including the levels of funding and expense; the ability of First Choice Power to attract and retain customers and collect amounts billed; changes in Electric Reliability Council of Texas protocols; changes in the cost of power acquired by First Choice Power; collections experience; insurance coverage available for claims made in litigation; fluctuations in interest rates; weather; water supply; changes in fuel costs; availability of fuel supplies; uncertainty regard the requirements and related costs of decommissioning power plants owned or partially owned by PNM and Optim Energy and coal mines supplying certain PNM power plants as well as the ability to recover decommissioning costs through charges to customers; the risk that replacement power costs incurred by PNM related to not meeting the specified capacity factor for its generating units under its Emergency Fuel and Purchase Power Cost Adjustment Clause will not be approved by the New Mexico Public Regulation Commission; the risk that PNM may not be able to renew rights-of-way on Native American lands or that the costs of rights-of-way are not allowed to be recovered through rates charged to customers; the effectiveness of risk management and commodity risk transactions; seasonality and other changes in supply and demand in the market for electric power; variability of wholesale power prices and natural gas prices; volatility and liquidity in the wholesale power markets and the natural gas markets; uncertainty regarding the ongoing validity of government programs for emission allowances; the risk that the resolution of the bankruptcy of the Lyondell Chemical Company results in significant adverse impacts on the operations of the Altura Cogen facility and Optim Energy; changes in the competitive environment in the electric industry; the risk that the Companies and Optim Energy may have to commit to substantial capital investments and additional operating costs to comply with new environmental control requirements, including possible future requirements to address concerns about global climate change; the risks associated with completion of generation, transmission, distribution, and other projects, including construction delays and unanticipated cost overruns; the outcome of legal proceedings; changes in applicable accounting principles; and the performance of state, regional, and national economies.
Non-GAAP Financial Measures
PNM Resources ("the Company") uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) and EBITDA (earnings before interest charges, income taxes, depreciation and amortization) to evaluate the operations of the Company and to establish goals for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with generally accepted accounting principles in the U.S. (GAAP). The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company's calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies.
PNM Resources
Schedule 1
2009 Reconciliation of Ongoing to GAAP Earnings
(Preliminary and Unaudited)
Three Months Ended September 30, 2009
(in thousands)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 31,738 $ 5,460 $ - $ 18,274 $ 4,512 $ (2,147 ) $ 57,837
Non-Recurring Items
Economic mark-to-market 4,087 - - (1,222 ) (343 ) - 2,522
hedges
Gain on sale of PNM Gas - - (1,083 ) - - - (1,083 )
Increases in legal (8,297 ) - - - - (449 ) (8,746 )
reserves
Interest on uncertain 889 - - - - - 889
tax positions
Net change in unrealized
impairments of NDT 2,362 - - - - - 2,362
securities
Post sale discontinued - - (279 ) - - - (279 )
operations
Regulatory - 691 - - - - 691
recoveries/disallowances
Total Non-Recurring (959 ) 691 (1,362 ) (1,222 ) (343 ) (449 ) (3,644 )
Items
GAAP Earnings (Loss)
from Continuing 30,779 6,151 17,052 4,169 (2,596 ) 55,555
Operations
GAAP Earnings from (1,362 ) (1,362 )
Discontinued Operations
GAAP Net Earnings (Loss) $ 30,779 $ 6,151 $ (1,362 ) $ 17,052 $ 4,169 $ (2,596 ) $ 54,193
Attributable to PNMR
Nine Months Ended September 30, 2009
(in thousands)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 41,327 $ 9,082 $ 7,621 $ 37,642 $ 2,728 $ (12,013 ) $ 86,387
Non-Recurring Items
Business improvement (319 ) - - - - 349 30
plan
CapRock settlement - - - - - 9,062 9,062
Depreciation associated - - 1,112 - - - 1,112
with sale of gas assets
Economic mark-to-market 2,939 - - 2,402 (2,158 ) - 3,183
hedges
Gain on reacquired debt - - - - - 4,415 4,415
Gain on sale of gas - - 71,690 - - - 71,690
operations
Increases in legal (15,909 ) - - - - (449 ) (16,358 )
reserves
Interest on uncertain 3,534 - - - - - 3,534
tax positions
Net change in unrealized
impairments of NDT 2,560 - - - - - 2,560
securities
Post sale discontinued - - (2,721 ) - - 6 (2,715 )
operations
Regulatory (16,078 ) 257 - - - - (15,821 )
recoveries/disallowances
Sale of water rights - - - - - 768 768
Work continuance (382 ) - - - - - (382 )
planning
Total Non-Recurring (23,655 ) 257 70,081 2,402 (2,158 ) 14,151 61,078
Items
GAAP Earnings (Loss)
from Continuing 17,672 9,339 40,044 570 2,138 69,763
Operations
GAAP Earnings (Loss)
from Discontinued 77,702 77,702
Operations
GAAP Net Earnings (Loss) $ 17,672 $ 9,339 $ 77,702 $ 40,044 $ 570 $ 2,138 $ 147,465
Attributable to PNMR
PNM Resources
Schedule 2
2008 Reconciliation of Ongoing to GAAP Earnings
(Preliminary and Unaudited)
Three Months Ended September 30, 2008
(in thousands)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 28,650 $ 8,235 $ (4,184 ) $ (3,015 ) $ 242 $ (6,287 ) $ 23,641
Non-Recurring Items
Acquisition/Divestiture (339 ) - (4 ) - - (3,055 ) (3,398 )
Business improvement (116 ) (142 ) (68 ) (1,966 ) (2,292 )
plan
Depreciation on gas - - 3,276 - - - 3,276
assets
Economic mark-to-market (9,378 ) - 342 (6,287 ) 8,543 - (6,780 )
hedges
Impairment of - - - (7,316 ) (97 ) - (7,413 )
intangible assets
Net change in unrealized
impairments of NDT (3,015 ) - - - - - (3,015 )
securities
Speculative trading - - - 82 1 - 83
Write-off of emission - - - - (9,587 ) - (9,587 )
allowances
Total Non-Recurring (12,848 ) (142 ) 3,546 (13,521 ) (1,140 ) (5,021 ) (29,126 )
Items
GAAP Earnings (Loss)
from Continuing 15,802 8,093 (16,536 ) (898 ) (11,308 ) (4,847 )
Operations
GAAP Earnings from (638 ) (638 )
Discontinued Operations
GAAP Net Earnings
(Loss) Attributable to $ 15,802 $ 8,093 $ (638 ) $ (16,536 ) $ (898 ) $ (11,308 ) $ (5,485 )
PNMR
Nine Months Ended September 30, 2008
(in thousands)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 18,261 $ 17,643 $ 14,993 $ (13,871 ) $ 2,783 (20,489 ) $ 19,320
Non-Recurring Items
Acquisition/Divestiture (339 ) - (9 ) - - (3,348 ) (3,696 )
Afton write-down (1,199 ) - - - - - (1,199 )
Business improvement 171 (146 ) (143 ) - - (4,434 ) (4,552 )
plan
Depreciation on gas - - 9,705 - - - 9,705
assets
Economic mark-to-market (3,016 ) - 70 (446 ) (3,247 ) - (6,639 )
hedges
Gain on sale of 3,083 - - - - - 3,083
merchant portfolio
Impairment of (51,143 ) (34,456 ) - (55,317 ) (6,784 ) - (147,700 )
intangible assets
Interest on uncertain (1,922 ) 29 6 66 - 12 (1,809 )
tax positions
Net change in unrealized
impairments of NDT (4,070 ) - - - - - (4,070 )
securities
Regulatory (18,273 ) - - - - - (18,273 )
disallowances
Speculative trading - - - (31,452 ) (739 ) - (32,191 )
Write-off of emission - - - - (9,587 ) - (9,587 )
allowances
Total Non-Recurring (76,708 ) (34,573 ) 9,629 (87,149 ) (20,357 ) (7,770 ) (216,928 )
Items
GAAP Earnings (Loss)
from Continuing (58,447 ) (16,930 ) (101,020 ) (17,574 ) (28,259 ) (222,230 )
Operations
GAAP Earnings (Loss)
from Discontinued 24,622 24,622
Operations
GAAP Net Earnings
(Loss) Attributable to $ (58,447 ) $ (16,930 ) $ 24,622 $ (101,020 ) $ (17,574 ) $ (28,259 ) (197,608 )
PNMR
PNM Resources
Schedule 3
2009 Reconciliation of Ongoing to GAAP Earnings Per Share
(Preliminary and Unaudited)
Three Months Ended September 30, 2009
(earnings per diluted share)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 0.35 $ 0.06 $ - $ 0.20 $ 0.05 $ (0.03 ) $ 0.63
Non-Recurring Items
Economic mark-to-market 0.04 - - (0.01 ) (0.01 ) - 0.02
hedges
Gain on sale of PNM Gas - - (0.01 ) - - - (0.01 )
Increases in legal (0.09 ) - - - - - (0.09 )
reserves
Interest on uncertain 0.01 - - - - - 0.01
tax positions
Net change in unrealized
impairments of NDT 0.02 - - - - - 0.02
securities
Post sale discontinued - - - - - - -
operations
Regulatory - 0.01 - - - - 0.01
recoveries/disallowances
Total Non-Recurring (0.02 ) 0.01 (0.01 ) (0.01 ) (0.01 ) - (0.04 )
Items
GAAP Earnings (Loss)
from Continuing 0.33 0.07 0.19 0.04 (0.03 ) 0.60
Operations
GAAP Earnings from (0.01 ) (0.01 )
Discontinued Operations
GAAP Net Earnings (Loss) $ 0.33 $ 0.07 $ (0.01 ) $ 0.19 $ 0.04 $ (0.03 ) $ 0.59
Attributable to PNMR
Average Diluted Shares
Outstanding: 91,831,241
Nine Months Ended September 30, 2009
(earnings per diluted share)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 0.45 $ 0.10 $ 0.08 $ 0.41 $ 0.03 $ (0.13 ) $ 0.94
Non-Recurring
Items
Business improvement - - - - - - -
plan
CapRock settlement - - - - - 0.10 0.10
Depreciation associated - - 0.01 - - - 0.01
with sale of gas assets
Economic mark-to-market 0.03 - - 0.03 (0.02 ) - 0.04
hedges
Gain on reacquired debt - - - - - 0.05 0.05
Gain on sale of gas - 0.79 - - - 0.79
operations
Increases in legal (0.18 ) - - - - (0.01 ) (0.19 )
reserves
Interest on uncertain 0.04 - - - - - 0.04
tax positions
Net change in unrealized
impairments of NDT 0.03 - - - - - 0.03
securities
Post sale discontinued - - (0.03 ) - - - (0.03 )
operations
Regulatory (0.18 ) - - - - - (0.18 )
recoveries/disallowances
Sale of water rights - - - - - 0.01 0.01
Work continuance - - - - - - -
planning
Total Non-Recurring (0.26 ) 0.00 0.77 0.03 (0.02 ) 0.15 0.67
Items
GAAP Earnings (Loss)
from Continuing 0.19 0.10 0.44 0.01 0.02 0.76
Operations
GAAP Earnings (Loss)
from Discontinued 0.85 0.85
Operations
GAAP Net Earnings (Loss) $ 0.19 $ 0.10 $ 0.85 $ 0.44 $ 0.01 $ 0.02 $ 1.61
Attributable to PNMR
Average Diluted Shares
Outstanding: 91,602,780
PNM Resources
Schedule 4
2008 Reconciliation of Ongoing to GAAP Earnings Per Share
(Preliminary and Unaudited)
Three Months Ended September 30, 2008
(earnings per diluted share)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 0.33 $ 0.10 $ (0.05 ) $ (0.03 ) $ 0.00 $ (0.08 ) $ 0.27
Non-Recurring Items
Acquisition/Divestiture - - - - - (0.04 ) (0.04 )
Business improvement - (0.01 ) - - - (0.01 ) (0.02 )
plan
Depreciation on gas - - 0.05 - - - 0.05
assets
Economic mark-to-market (0.11 ) - - (0.07 ) 0.10 - (0.08 )
hedges
Impairment of - - - (0.09 ) - - (0.09 )
intangible assets
Speculative trading - - - - - - -
Net change in
unrealized impairments (0.04 ) - - - - - (0.04 )
of NDT securities
Write-off of emission - - - - (0.11 ) - (0.11 )
allowances
Total Non-Recurring (0.15 ) (0.01 ) 0.05 (0.16 ) (0.01 ) (0.05 ) (0.33 )
Items
GAAP Earnings (Loss)
from Continuing 0.18 0.09 (0.19 ) (0.01 ) (0.13 ) (0.06 )
Operations
GAAP Earnings from 0.00 0.00
Discontinued Operations
GAAP Net Earnings
(Loss) Attributable to $ 0.18 $ 0.09 $ 0.00 $ (0.19 ) $ (0.01 ) $ (0.13 ) $ (0.06 )
PNMR
Average Diluted Shares
Outstanding: 86,408,035
Nine Months Ended September 30, 2008
(earnings per diluted share)
Utilities
First Optim Corp/
PNM TNMP Choice Energy Other PNMR
Electric Electric PNM Gas (50%)
Ongoing Earnings (Loss) $ 0.22 $ 0.22 $ 0.18 $ (0.17 ) $ 0.03 $ (0.24 ) $ 0.24
Non-Recurring Items
Acquisition/Divestiture - - - - - (0.04 ) (0.04 )
Afton write-down (0.02 ) - - - - - (0.02 )
Business improvement - - - - - (0.05 ) (0.05 )
plan
Depreciation on gas - - 0.12 - - - 0.12
assets
Economic mark-to-market (0.04 ) - - (0.01 ) (0.04 ) - (0.09 )
hedges
Interest on uncertain (0.02 ) - - - - - (0.02 )
tax positions
Gain on sale of 0.04 - - - - - 0.04
merchant portfolio
Impairment of (0.63 ) (0.43 ) - (0.68 ) (0.09 ) - (1.83 )
intangible assets
Regulatory (0.22 ) - - - - - (0.22 )
disallowances
Speculative trading - - - (0.38 ) (0.01 ) - (0.39 )
Net change in
unrealized impairments (0.05 ) - - - - - (0.05 )
of NDT securities
Write-off of emission - - - - (0.11 ) - (0.11 )
allowances
Total Non-Recurring (0.94 ) (0.43 ) 0.12 (1.07 ) (0.25 ) (0.09 ) (2.66 )
Items
GAAP Earnings (Loss)
from Continuing (0.72 ) (0.21 ) (1.24 ) (0.22 ) (0.33 ) (2.72 )
Operations
GAAP Earnings (Loss)
from Discontinued 0.30 0.30
Operations
GAAP Net Earnings
(Loss) Attributable to $ (0.72 ) $ (0.21 ) $ 0.30 $ (1.24 ) $ (0.22 ) $ (0.33 ) $ (2.42 )
PNMR
Average Diluted Shares
Outstanding: 81,669,330
PNM Resources
Schedule 5
Segment Reconciliation of GAAP Net Earnings to Ongoing EBITDA
(Earnings Before Interest Charges, Income Taxes, Depreciation and Amortization)
(Preliminary and Unaudited)
(in millions)
Three Months Ended September 30, 2009
PNM TNMP First Corporate PNMR
Electric Electric PNM Gas Choice & Consolidated
Other
GAAP Net
Earnings
(Loss) $ 30.8 $ 6.2 ($1.4 ) $ 17.1 $ 1.5 $ 54.2
Attributable
to PNMR
Interest 16.8 8.0 0.0 0.6 5.1 30.5
charges
Income taxes 19.8 4.1 (0.8 ) 9.7 (2.2 ) 30.6
Depreciation
and 22.7 10.3 0.0 0.4 3.9 37.3
amortization
EBITDA 90.1 28.6 (2.2 ) 27.8 8.4 152.7
Ongoing
adjustments 1.7 (1.1 ) 2.2 1.8 0.5 5.1
(before tax)
Ongoing $ 91.8 $ 27.5 $ 0.0 $ 29.6 $ 8.9 $ 157.8
EBITDA
Nine Months Ended September 30, 2009
PNM TNMP First Corporate PNMR
Electric Electric PNM Gas Choice & Consolidated
Other
GAAP Net
Earnings
(Loss) $ 17.7 $ 9.3 $ 77.7 $ 40.0 $ 2.8 $ 147.5
Attributable
to PNMR
Interest 51.4 20.0 1.0 2.4 17.5 92.3
charges
Income taxes 11.3 6.3 41.2 22.5 (2.3 ) 79.0
Depreciation
and 68.1 27.8 0.0 1.4 13.1 110.4
amortization
EBITDA 148.5 63.4 119.9 66.3 31.0 429.1
Ongoing
adjustments 38.0 (0.4 ) (104.4 ) (3.6 ) (20.7 ) (91.1 )
(before tax)
Ongoing $ 186.5 $ 63.0 $ 15.5 $ 62.7 $ 10.3 $ 338.0
EBITDA
PNM Resources
Schedule 6
Segment Reconciliation of GAAP Net Earnings to Ongoing EBITDA
(Earnings Before Interest Charges, Income Taxes, Depreciation and Amortization)
(Preliminary and Unaudited)
(in millions)
Three Months Ended September 30, 2008
PNM TNMP PNM Gas First Corporate & PNMR
Electric Electric Choice Other Consolidated
GAAP Net
Earnings
(Loss) $ 15.8 $ 8.1 ($0.6 ) ($16.5 ) ($12.3 ) ($5.5 )
Attributable
to PNMR
Interest 20.3 4.2 3.4 1.8 12.8 42.5
charges
Income taxes 9.5 4.9 0.8 (6.8 ) (10.7 ) (2.3 )
Depreciation
and 21.0 9.9 0.0 0.6 4.5 36.0
amortization
EBITDA 66.6 27.1 3.6 (20.9 ) (5.7 ) 70.7
Ongoing
adjustments 21.3 0.2 (5.9 ) 17.6 10.2 43.4
(before tax)
Ongoing $ 87.9 $ 27.3 ($2.3 ) ($3.3 ) $ 4.5 $ 114.1
EBITDA
Nine Months Ended September 30, 2008
PNM TNMP First Corporate PNMR
Electric Electric PNM Gas Choice & Consolidated
Other
GAAP Net
Earnings
(Loss) ($58.4 ) ($16.9 ) $ 24.6 ($101.0 ) ($45.9 ) ($197.6 )
Attributable
to PNMR
Interest 51.8 13.6 9.9 2.5 30.9 108.7
charges
Income taxes (5.1 ) 10.6 16.3 (28.4 ) (32.7 ) (39.3 )
Depreciation
and 62.8 27.0 0.0 1.7 13.2 104.7
amortization
EBITDA 51.1 34.3 50.8 (125.2 ) (34.5 ) (23.5 )
Ongoing
adjustments 93.5 34.6 (15.9 ) 108.0 46.5 266.7
(before tax)
Ongoing $ 144.6 $ 68.9 $ 34.9 ($17.2 ) $ 12.0 $ 243.2
EBITDA
PNM Resources
Schedule 7
Calculation of Optim Energy Ongoing EBITDA
(Earnings Before Interest Charges, Income Taxes, Depreciation and
Amortization)
(Preliminary and Unaudited)
Three Months Ended Nine Months Ended
September 30, 2009 September 30, 2009
(in millions)
GAAP Net Earnings $ 15.6 $ 4.8
Interest expense 4.1 9.6
Income tax 0.3 0.4
Depreciation and amortization expense 10.0 25.8
Purchase accounting amortizations (2.5 ) 6.2
Losses on forward mark on economic 1.1 7.1
hedges
Ongoing Optim Energy EBITDA 28.6 53.9
50 percent of Ongoing EBITDA (PNMR $ 14.3 $ 27.0
share)
Three Months Ended Nine Months Ended
September 30, 2008 September 30, 2008
(in millions)
GAAP Net Earnings $ (2.3 ) $ (58.9 )
Interest expense 3.7 15.0
Income tax 0.1 (0.2 )
Depreciation and amortization expense 7.7 22.9
Purchase accounting amortizations (2.0 ) 2.4
Losses on forward mark on economic (28.3 ) 10.7
hedges
Losses on speculative trade 0.0 2.4
Write-off of emission allowances 31.7 31.7
Impairment of intangible assets 0.3 22.9
Ongoing Optim Energy EBITDA 10.9 48.9
50 percent of Ongoing EBITDA (PNMR $ 5.4 $ 24.5
share)
PNM Resources
Schedule 8
Reconciliation of Ongoing (non-GAAP) Net Earnings
to GAAP Consolidated Statement of Earnings (Loss)
(Preliminary and Unaudited)
(in thousands, except per share data)
Nine Months Ended September 30,
2009 2008
GAAP Adjustments Ongoing GAAP Adjustments Ongoing
(in thousands, except per share data)
Operating $ 1,264,701 $ 25,909 (a) $ 1,290,610 $ 1,551,889 $ (7,863 ) (i) $ 1,544,026
revenues
Cost of energy 556,149 20,891 (b) 577,040 1,026,702 (51,263 ) (k) 975,439
Gross margin 708,552 5,018 713,570 525,187 43,400 568,587
Other operating 441,168 (29,384 ) (c) 411,784 567,816 (188,855 ) (l) 378,961
expenses
Depreciation
and 111,067 (2,121 ) (d) 108,946 105,438 (705 ) (d) 104,733
amortization
Operating 156,317 36,523 192,840 (148,067 ) 232,960 84,893
income (loss)
Equity in net
earnings (loss) 944 3,571 (e) 4,515 (29,091 ) 33,698 (m) 4,607
of Optim Energy
Net other
income 49,903 (33,629 ) (f) 16,274 3,195 9,774 (n) 12,969
(deductions)
Interest 91,301 - 91,301 99,006 (1,729 ) (o) 97,277
charges
Earnings (Loss)
before Income 115,863 6,465 122,328 (272,969 ) 278,161 5,192
Taxes
Income Taxes 37,814 5,352 (g) 43,166 (55,587 ) 56,056 (g) 469
(Benefit)
Earnings (Loss)
from Continuing 78,049 1,113 79,162 (217,382 ) 222,105 4,723
Operations
Earnings from
Discontinued 77,702 (70,081 ) (h) 7,621 24,622 (9,629 ) (p) 14,993
Operations, net
of Income Taxes
Net Earnings 155,751 (68,968 ) 86,783 (192,760 ) 212,476 19,716
(Loss)
Earnings
Attributable to
Valencia (7,890 ) 7,890 (d) - (4,452 ) 4,452 (d) -
Non-controlling
Interest
Preferred Stock
Dividend (396 ) - (396 ) (396 ) - (396 )
Requirements of
Subsidiary
Net Earnings
(Loss) $ 147,465 $ (61,078 ) $ 86,387 $ (197,608 ) $ 216,928 $ 19,320
Attributable to
PNMR
Earnings (Loss)
from Continuing
Operations
Attributable to
PNMR per Common
Share:
Basic $ 0.76 $ 0.10 $ 0.86 $ (2.72 ) $ 2.78 $ 0.06
Diluted $ 0.76 $ 0.10 $ 0.86 $ (2.72 ) $ 2.78 $ 0.06
Net Earnings
(Loss)
Attributable to
PNMR per Common
Share:
Basic $ 1.61 $ (0.66 ) $ 0.95 $ (2.42 ) $ 2.66 $ 0.24
Diluted $ 1.61 $ (0.67 ) $ 0.94 $ (2.42 ) $ 2.66 $ 0.24
Average common
shares
outstanding:
Basic 91,398 81,669
Diluted 91,603 81,669
(a) Economic mark-to-market hedges $(291); Addition to legal reserve $26,200
(b) Economic mark-to-market hedges $8,305; Consolidation of Valencia $12,586
Business improvement plan $37; Post sale discontinued operations $6; Work
(c) continuance planning $(633); Regulatory recoveries/disallowances $(26,219);
Consolidation of Valencia $(2,575)
(d) Consolidation of Valencia
(e) Economic mark-to-market hedges
Net settlement of unrealized impairments of NDT securities $(4,185);
(f) Business improvement plan $(10); Gain on reacquired debt $(7,312); Sale of
water rights $(1,272); Interest on uncertain tax positions $(5,850);
CapRock settlement $(15,000)
(g) Net taxes on nonrecurring items
(h) Depreciation associated with sale of gas assets $(1,112); Gain on sale of
gas operations $(71,690); Post sale discontinued operations $2,735
(i) Economic mark-to-market hedges $(372); Speculative trading $48,875; Gain on
sale of merchant portfolio $(56,366)
(k) Economic mark-to-market hedges $(6,058); Gain on sale of merchant portfolio
$(51,263); Consolidation of Valencia $6,058
Business improvement plan $(7,261); Acquisition/Divestiture $(4,600);
(l) Regulatory disallowances $(30,248); Impairment of intangible assets $
(144,085); Afton write-down $(1,985); Consolidation of Valencia $(676)
Economic mark-to-market hedges $5,374; Speculative trading $1,223;
(m) Impairment of intangible assets $11,231; Write-off of emission allowances
$15,870
(n) Business improvement plan $22; Interest on uncertain tax positions $3,014;
Net settlements of unrealized impairments of NDT securities $6,738
(o) Acquisition/Divestiture $(1,504); Consolidation of Valencia $(225)
Acquisition/Divestiture $9; Business improvement plan $143; Depreciation on
(p) gas assets $(9,705); Economic mark-to-market hedges $(70); Interest on
uncertain tax positions $(6)
PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
(In thousands, except per share amounts)
Operating Revenues:
Electric $ 477,665 $ 607,023 $ 1,264,503 $ 1,551,668
Other 62 53 198 221
Total operating 477,727 607,076 1,264,701 1,551,889
revenues
Operating Expenses:
Cost of energy 199,648 393,623 556,149 1,026,702
Administrative and 67,774 60,999 191,461 167,753
general
Energy production costs 40,130 46,471 135,821 143,231
Impairment of goodwill
and other intangible - 7,906 - 144,085
assets
Regulatory - - 27,286 30,248
disallowances
Depreciation and 38,050 36,752 111,067 105,438
amortization
Transmission and 16,029 14,981 46,444 43,467
distribution costs
Taxes other than income 14,560 12,680 40,156 39,032
taxes
Total operating 376,191 573,412 1,108,384 1,699,956
expenses
Operating income (loss) 101,536 33,664 156,317 (148,067 )
Other Income and
Deductions:
Interest income 6,902 7,248 23,348 17,190
Gains (losses) on 3,936 (5,697 ) 2,023 (10,079 )
investments held by NDT
Other income 3,168 2,834 31,489 4,950
Equity in net earnings 6,902 (1,485 ) 944 (29,091 )
(loss) of Optim Energy
Other deductions (2,325 ) (1,785 ) (6,957 ) (8,866 )
Net other income 18,583 1,115 50,847 (25,896 )
(deductions)
Interest Charges:
Interest on long-term 29,198 29,518 83,488 72,622
debt
Other interest charges 1,337 9,634 7,813 26,384
Total interest charges 30,535 39,152 91,301 99,006
Earnings (Loss) before 89,584 (4,373 ) 115,863 (272,969 )
Income Taxes
Income Taxes (Benefit) 31,361 (3,109 ) 37,814 (55,587 )
Earnings (Loss) from 58,223 (1,264 ) 78,049 (217,382 )
Continuing Operations
Earnings (Loss) from
Discontinued
Operations, net of
Income
Taxes (Benefit) of $
(785), $820, $41,196 (1,362 ) (638 ) 77,702 24,622
and $16,299
Net Earnings (Loss) 56,861 (1,902 ) 155,751 (192,760 )
Earnings Attributable
to Valencia (2,536 ) (3,451 ) (7,890 ) (4,452 )
Non-controlling
Interest
Preferred Stock
Dividend Requirements (132 ) (132 ) (396 ) (396 )
of Subsidiary
Net Earnings (Loss) $ 54,193 $ (5,485 ) $ 147,465 $ (197,608 )
Attributable to PNMR
Earnings (Loss) from
Continuing Operations
Attributable to PNMR
per Common Share:
Basic $ 0.61 $ (0.06 ) $ 0.76 $ (2.72 )
Diluted $ 0.60 $ (0.06 ) $ 0.76 $ (2.72 )
Net Earnings (Loss)
Attributable to PNMR
per Common Share:
Basic $ 0.59 $ (0.06 ) $ 1.61 $ (2.42 )
Diluted $ 0.59 $ (0.06 ) $ 1.61 $ (2.42 )
Dividends Declared per $ 0.125 $ 0.125 $ 0.375 $ 0.480
Common Share
PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2009 2008
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents $ 70,255 $ 140,619
Special deposits 52 3,480
Accounts receivable, net of allowance for 136,196 119,174
uncollectible accounts of $16,350 and $21,466
Unbilled revenues 70,064 81,126
Other receivables 75,902 73,083
Materials, supplies, and fuel stock 49,061 49,397
Regulatory assets 1,208 1,541
Derivative instruments 44,959 51,250
Income taxes receivable - 49,584
Current assets of discontinued operations - 107,986
Other current assets 61,642 75,393
Total current assets 509,339 752,633
Other Property and Investments:
Investment in PVNGS lessor notes 137,853 168,729
Equity investment in Optim Energy 232,537 239,950
Investments held by NDT 130,354 111,671
Other investments 29,332 32,966
Non-utility property, net of accumulated 8,169 9,135
depreciation of $3,532 and $2,582
Total other property and investments 538,245 562,451
Utility Plant:
Electric plant in service 4,471,390 4,329,169
Common plant in service and plant held for future 159,659 147,576
use
4,631,049 4,476,745
Less accumulated depreciation and amortization 1,591,806 1,545,950
3,039,243 2,930,795
Construction work in progress 166,764 202,556
Nuclear fuel, net of accumulated amortization of 74,248 58,674
$21,482 and $16,018
Net utility plant 3,280,255 3,192,025
Deferred Charges and Other Assets:
Regulatory assets 505,394 629,141
Goodwill 321,310 321,310
Other intangible assets, net of accumulated 26,717 27,167
amortization of $5,122 and $4,672
Derivative instruments 13,139 25,620
Non-current assets of discontinued operations - 561,915
Other deferred charges 67,802 75,720
Total deferred charges and other assets 934,362 1,640,873
$ 5,262,201 $ 6,147,982
PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2009 2008
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term debt $ 193,000 $ 744,667
Current installments of long-term debt 2,004 205,694
Accounts payable 87,896 174,068
Accrued interest and taxes 89,904 51,618
Regulatory liabilities 2,326 1,746
Derivative instruments 23,271 33,951
Current liabilities of discontinued - 77,082
operations
Other current liabilities 129,541 139,562
Total current liabilities 527,942 1,428,388
Long-term Debt 1,531,170 1,379,011
Deferred Credits and Other
Liabilities:
Accumulated deferred income taxes 471,782 572,719
Accumulated deferred investment tax 21,163 23,834
credits
Regulatory liabilities 353,197 327,175
Asset retirement obligations 69,537 63,492
Accrued pension liability and 241,791 246,136
postretirement benefit cost
Derivative instruments 4,944 6,934
Non-current liabilities of - 94,615
discontinued operations
Other deferred credits 145,648 149,237
Total deferred credits and other 1,308,062 1,484,142
liabilities
Total liabilities 3,367,174 4,291,541
Commitments and Contingencies (See
Note 9)
Cumulative Preferred Stock of
Subsidiary
without mandatory redemption
requirements ($100 stated value, 11,529 11,529
10,000,000 shares authorized: issued
and outstanding 115,293 shares)
Equity:
PNMR Convertible Preferred Stock,
Series A without mandatory redemption
requirements (no stated value, 100,000 100,000
10,000,000 shares authorized: issued
and outstanding 477,800 shares)
PNMR common stockholders' equity:
Common stock outstanding (no par
value, 120,000,000 shares authorized: 1,289,625 1,288,168
issued and outstanding 86,673,174 and
86,531,644 shares)
Accumulated other comprehensive income (36,815 ) 30,948
(loss), net of income taxes
Retained earnings 440,464 327,290
Total PNMR common stockholders' equity 1,693,274 1,646,406
Non-controlling interest in Valencia 90,224 98,506
Total equity 1,883,498 1,844,912
$ 5,262,201 $ 6,147,982
PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
2009 2008
(In thousands)
Cash Flows From Operating Activities:
Net earnings (loss) $ 155,751 $ (192,760 )
Adjustments to reconcile net earnings (loss) to
net cash flows from operating activities:
Depreciation and amortization 131,247 116,797
Amortization of pre-payments on PVNGS (19,426 ) (10,313 )
firm-sales contracts
Bad debt expense 35,383 28,258
Deferred income tax expense (benefit) (46,008 ) (26,056 )
Equity in net (earnings) loss of Optim Energy (944 ) 29,091
Net unrealized (gains) losses on derivatives (7,223 ) 14,222
(Gains) losses on investments held by NDT (2,023 ) 10,079
Impairment of goodwill and other intangible - 144,085
assets
Gain on sale of PNM Gas (108,936 ) -
Gain on reacquired debt (7,316 ) -
Stock-based compensation expense 1,844 2,810
Regulatory disallowances 27,286 30,248
Increase in legal reserve 26,200 -
Other, net (824 ) (4,597 )
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues (84,574 ) (20,752 )
Materials, supplies, and fuel stock 486 (9,486 )
Other current assets 29,899 (31,346 )
Other assets (2,114 ) (29,440 )
Accounts payable (94,075 ) 1,624
Accrued interest and taxes 87,779 2,016
Other current liabilities (19,703 ) 10,750
Other liabilities (17,831 ) (783 )
Net cash flows from operating activities 84,878 64,447
Cash Flows From Investing Activities:
Utility plant additions (194,598 ) (235,672 )
Proceeds from sales of investments held by NDT 88,858 105,055
Purchases of investments held by NDT (90,921 ) (106,437 )
Proceeds from sale of PNM Gas 653,095 -
Return of principal on PVNGS lessor notes 26,726 22,164
Reduction in restricted special deposits 359 6,581
Other, net (15,303 ) (1,595 )
Net cash flows from investing activities 468,216 (209,904 )
PNM RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
2009 2008
(In thousands)
Cash Flows From Financing Activities:
Short-term borrowings (repayments), net (551,667 ) 112,767
Long-term borrowings
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