Form 8-K PNM RESOURCES INC For: May 01

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/13/2026

1. CSCO
2. CBRS
3. COHR
4. SPY
5. WYFI
6. STUB
7. EAT
8. NVDA
9. GO
10. ARX

May 1, 2015 8:28 AM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
CURRENT REPORT
 
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
Date of Report (Date of earliest event reported)
May 1, 2015
 
 
(May 1, 2015)
 
 
Commission
 
Name of Registrants, State of Incorporation,
 
I.R.S. Employer
File Number
 
Address and Telephone Number
 
Identification No.
 
 
 
 
 
001-32462
 
PNM Resources, Inc.
 
85-0468296
 
 
(A New Mexico Corporation)
 
 
 
 
414 Silver Ave. SW
 
 
 
 
Albuquerque, New Mexico 87102-3289
 
 
 
 
(505) 241-2700
 
 
 
 
 
 
 
001-06986
 
Public Service Company of New Mexico
 
85-0019030
 
 
(A New Mexico Corporation)
 
 
 
 
414 Silver Ave. SW
 
 
 
 
Albuquerque, New Mexico 87102-3289
 
 
 
 
(505) 241-2700
 
 
 
 
 
 
 
002-97230
 
Texas-New Mexico Power Company
 
75-0204070
 
 
(A Texas Corporation)
 
 
 
 
577 N. Garden Ridge Blvd.
 
 
 
 
Lewisville, Texas 75067
 
 
 
 
(972) 420-4189
 
 
______________________________
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02    Results of Operations and Financial Condition.

On May 1, 2015, PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing results of operations for the three months ended March 31, 2015. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

The Company's press release and other communications from time to time may include certain financial measures that are not determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A “non-GAAP financial measure” is defined as a numerical measure of a company's financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company include presentations, on an ongoing basis, of revenues, operating expenses, operating income, other income and deductions, earnings, and earnings per share. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals for management and employees. Certain non-GAAP financial measures utilized by the Company exclude the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized impairments on available-for-sale securities, and certain other non-recurring or infrequent items. The Company's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of fundamental changes in the earnings capacity of the Company's operations. Management also believes that the presentation of the non-GAAP financial measures is largely consistent with its past practice, as well as industry practice in general, and will enable investors and analysts to compare current non-GAAP measures with non-GAAP measures with respect to prior periods.

The non-GAAP financial measures used by the Company should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP earnings, nor their probable impact on GAAP earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance. Reconciling items may include revenues and expenses resulting from transactions that do not occur in the normal course of the Company's business operations, as well as net unrealized mark-to-market gains and losses on economic hedges and the net change in unrealized impairments on available-for-sale securities, as discussed above.

Limitation on Incorporation by Reference

In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section and not deemed incorporated by reference in any filing under the Securities Act of 1933.






Item 9.01    Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number    Description

99.1        Press Release dated May 1, 2015.





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

 
PNM RESOURCES, INC.
 
PUBLIC SERVICE COMPANY OF NEW MEXICO
 
TEXAS-NEW MEXICO POWER COMPANY
 
(Registrants)
 
 
 
 
Date: May 1, 2015
/s/ Joseph D. Tarry
 
Joseph D. Tarry
 
Vice President and Corporate Controller
 
(Officer duly authorized to sign this report)







Exhibit 99.1

For Immediate Release
May 1, 2015
PNM Resources Reports 2015 First Quarter Results
2015 Guidance Affirmed, Conference Call Set for 11 a.m. EDT Today

PNM Resources (In millions, except EPS)
 
Q1 2015
Q1 2014
GAAP net earnings
$14.3
$12.5
GAAP diluted EPS
$0.18
$0.16
Ongoing net earnings
$16.5
$14.2
Ongoing diluted EPS
$0.21
$0.18

(ALBUQUERQUE, N.M.) – PNM Resources (NYSE: PNM) today released the company’s 2015 first quarter earnings results. In addition, management affirmed its 2015 consolidated ongoing earnings guidance range of $1.50 to $1.62 per diluted share.

“The company’s first quarter results continue the momentum we’ve established, and we are in a strong position to meet the challenges ahead of us,” said Pat Vincent-Collawn, PNM Resources Chairman, President and CEO. “More importantly, today we plan to file substantially final agreements for the ownership restructuring of San Juan Generating Station, and for a post-2017 coal supply which will provide a significant cost benefit to customers. We are hopeful that with these critical pieces in place we will be able to move forward to finalize the plans for San Juan.”

SEGMENT REPORTING OF 2015 FIRST QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.        
PNM (In millions, except EPS)
 
Q1 2015
Q1 2014
GAAP net earnings
$10.0
$7.5
GAAP diluted EPS
$0.12
$0.09
Ongoing net earnings
$11.1
$9.0
Ongoing diluted EPS
$0.14
$0.11
•
In the first quarter PNM’s ongoing earnings benefitted from the half-priced Palo Verde Unit 1 leases, income from refined coal, reimbursement for spent fuel for Palo Verde, gains from the Palo Verde Nuclear Decommissioning Trust, and AFUDC. These were partially offset by decreased load, the termination of the Gallup wholesale generation contract, and increased depreciation and property tax expenses.

(MORE)





PNM Resources Reports Q1 Earnings            5-1-15                    p. 2 of 3

TNMP – an electric transmission and distribution utility in Texas.

TNMP (In millions, except EPS)
 
Q1 2015
Q1 2014
GAAP net earnings
$7.7
$6.8
GAAP diluted EPS
$0.10
$0.09
Ongoing net earnings
$7.7
$6.8
Ongoing diluted EPS
$0.10
$0.09

•
In the first quarter, TNMP’s ongoing earnings benefitted from rate relief, which was partially offset by increased depreciation and property tax expenses.

Corporate and Other – a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense related to debt.

Corporate and Other (In millions, except EPS)
 
Q1 2015
Q1 2014
GAAP net earnings (loss)
($3.3)
($1.9)
           GAAP diluted EPS
($0.04)
($0.02)
Ongoing net earnings (loss)
($2.3)
($1.6)
Ongoing diluted EPS
($0.03)
($0.02)
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FIRST QUARTER CONFERENCE CALL: 11 AM EASTERN TODAY
PNM Resources will discuss first quarter earnings results during a live conference call and webcast today at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, 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 website at least 30 minutes before the event to register, download and install any necessary audio software. Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: http://dpregister.com/10063728. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (866) 807-9684 or (412) 317-5415 fifteen minutes prior to the event and referencing “the PNM Resources fourth quarter conference call.”

Supporting material for PNM Resources’ earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.



(MORE)





PNM Resources Reports Q1 Earnings            5-1-15                        p. 3 of 3


Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2014 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,707 megawatts of generation capacity and provides electricity to more than 753,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.



CONTACTS:
Analysts                        Media
Jimmie Blotter                        Pahl Shipley
(505) 241-2227                    (505) 241-2782




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’ (“PNMR”), Public Service Company of New Mexico’s (“PNM”), or Texas-New Mexico Power Company’s (“TNMP”) (collectively, the “Company”) 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. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's 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. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

    

Non-GAAP Financial Measures
The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) 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. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP net earnings, nor their probable impact on GAAP net earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.


(END)





PNM Resources, Inc. and Subsidiaries
Schedule 1
Reconciliation of GAAP to Ongoing Earnings
(Preliminary and Unaudited)
                        
 
 
PNM
 
TNMP
 
Corporate and Other
 
Consolidated
 
 
(in thousands)
Quarter Ended March 31, 2015
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
9,990

 
$
7,694

 
$
(3,344
)
 
$
14,340

Adjusting items, net of income tax effects
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges1
 
1,045

 
—

 
—

 
1,045

Net change in unrealized impairments of available-for-sale securities2
 
(261
)
 
—

 
—

 
(261
)
New Mexico corporate income tax rate change3
 
(470
)
 
—

 
(203
)
 
(673
)
Regulatory disallowance4
 
131

 
—

 
—

 
131

State tax credit and NOL impairment3
 
658

 
—

 
342

 
1,000

Loss related to businesses previously disposed of5
 
—

 
—

 
902

 
902

Total Adjustments
 
1,103

 
—

 
1,041


2,144

Ongoing Earnings (Loss)
 
$
11,093

 
$
7,694

 
$
(2,303
)
 
$
16,484

 
 
 
 
 
 
 
 
 
Quarter Ended March 31, 2014
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
7,542

 
$
6,803

 
$
(1,877
)
 
$
12,468

Adjusting items, net of income tax effects
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges6
 
1,673

 
—

 
—

 
1,673

Net change in unrealized impairments of available-for-sale securities2
 
(219
)
 
—

 
—

 
(219
)
New Mexico corporate income tax rate change3
 
—

 
—

 
240

 
240

Total Adjustments
 
1,454

 
—

 
240

 
1,694

Ongoing Earnings (Loss)
 
$
8,996

 
$
6,803

 
$
(1,637
)
 
$
14,162

 
 
 
 
 
 
 
 
 
2015 income tax effects calculated using tax rates of 35.00% for TNMP and 39.19% for other segments.
2014 income tax effects calculated using tax rates of 35.00% for TNMP and 39.42% for other segments.
 
 
 
 
 
 
 
 
 
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax7 impacts reflected as $1,648 thousand reduction in "Electric Operating Revenues" and $71 thousand increase in "Cost of energy"
2Pre-tax7 impact reflected in "Gains on available-for-sale securities'"
3Impact reflected in "Income Taxes"
4Pre-tax7 impact reflected in "Regulatory disallowances"
5Pre-tax7 impacts reflected as $291 thousand increase in "Taxes other than income taxes"; $69 thousand increase in "Interest charges"; and $1,122 thousand increase in "Other (deductions)"
6Pre-tax7 impacts reflected as $2,923 thousand reduction in "Electric Operating Revenues" and $161 thousand reduction in "Cost of energy"
7Tax impacts reflected in "Income Taxes"







PNM Resources, Inc. and Subsidiaries
Schedule 2
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share
(Preliminary and Unaudited)

 
 
PNM
 
TNMP
 
Corporate and Other
 
Consolidated
 
 
(per diluted share)
Quarter Ended March 31, 2015
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
0.12

 
$
0.10

 
$
(0.04
)
 
$
0.18

Adjusting items
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges
 
0.01

 
—

 
—

 
0.01

Net change in unrealized impairments of available-for-sale securities
 
—

 
—

 
—

 
—

New Mexico corporate income tax rate change
 
—

 
—

 
—

 
—

Regulatory disallowance
 
—

 
—

 
—

 
—

State tax credit and NOL impairment
 
0.01

 
—

 
—

 
0.01

Loss related to businesses previously disposed of
 
—

 
—

 
0.01

 
0.01

Total Adjustments
 
0.02

 
—

 
0.01

 
0.03

Ongoing Earnings (Loss)
 
$
0.14

 
$
0.10

 
$
(0.03
)
 
$
0.21

Average Diluted Shares Outstanding: 80,152,957
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended March 31, 2014
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
0.09

 
$
0.09

 
$
(0.02
)
 
$
0.16

Adjusting items
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges
 
0.02

 
—

 
—

 
0.02

Net change in unrealized impairments of available-for-sale securities
 
—

 
—

 
—

 
—

New Mexico corporate income tax rate change
 
—

 
—

 
—

 
—

Total Adjustments
 
0.02

 
—

 
—

 
0.02

Ongoing Earnings (Loss)
 
$
0.11

 
$
0.09

 
$
(0.02
)
 
$
0.18

Average Diluted Shares Outstanding: 80,387,297
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







PNM Resources, Inc. and Subsidiaries
Schedule 3
Condensed Consolidated Statement of Earnings
(Preliminary and Unaudited)

 
Three Months Ended March 31,
 
2015
 
2014
 
(In thousands, except per share amounts)
Electric Operating Revenues 
$
332,868

 
$
328,897

Operating Expenses:
 
 
 
Cost of energy
115,645

 
112,614

Administrative and general
43,859

 
43,859

Energy production costs
42,669

 
47,288

Regulatory disallowances
215

 
—

Depreciation and amortization
45,461

 
41,965

Transmission and distribution costs
16,487

 
16,906

Taxes other than income taxes
18,963

 
17,512

Total operating expenses
283,299

 
280,144

Operating income
49,569

 
48,753

Other Income and Deductions:
 
 
 
Interest income
1,750

 
2,117

Gains on available-for-sale securities
4,024

 
2,573

Other income
4,961

 
1,574

Other (deductions)
(3,662
)
 
(2,931
)
Net other income and deductions
7,073

 
3,333

Interest Charges
30,273

 
29,535

Earnings before Income Taxes
26,369

 
22,551

Income Taxes
8,517

 
6,420

Net Earnings
17,852

 
16,131

(Earnings) Attributable to Valencia Non-controlling Interest
(3,380
)
 
(3,531
)
Preferred Stock Dividend Requirements of Subsidiary
(132
)
 
(132
)
Net Earnings Attributable to PNMR
$
14,340

 
$
12,468

Net Earnings Attributable to PNMR per Common Share:
 
 
 
Basic
$
0.18

 
$
0.16

Diluted
$
0.18

 
$
0.16

Dividends Declared per Common Share
$
0.200

 
$
0.185






Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings