EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

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Media: Jessie Wuerst (509) 495-8578 jessie.wuerst@avistacorp.com

Investors: Jason Lang (509) 495-2930 jason.lang@avistacorp.com

Avista 24/7 Media Access (509) 495-4174

Avista Corp. Reports Improved Financial Results for Fiscal Year and the Fourth Quarter 2009

Board of Directors Increases Common Stock Dividend by 19 Percent

SPOKANE, Wash. – Feb. 18, 2010, 4:05 a.m. PT: Avista Corp. (NYSE: AVA) today reported net income attributable to Avista Corp. of $87.1 million, or $1.58 per diluted share, for the year ended Dec. 31, 2009, compared to $73.6 million, or $1.36 per diluted share, for the year ended Dec. 31, 2008. For the fourth quarter of 2009 net income attributable to Avista Corp. was $22.1 million, or $0.40 per diluted share, compared to $17.5 million or $0.32 per diluted share for the fourth quarter of 2008.

“Overall, we are pleased with our results for 2009, which showed considerable improvement over 2008,” said Avista Chairman, President and Chief Executive Officer Scott L. Morris.

“We are also pleased to announce that on Feb. 12, 2010, our board of directors increased the common stock dividend to $0.25 per diluted share. The dividend increase is indicative of the board’s confidence in our continued progress toward achieving our goals, and it provides a demonstration of that confidence to our shareholders.

“In 2009, we made progress in the recovery of our costs and capital investments in our generation, transmission and distribution infrastructure. We reset general rates in all of our jurisdictions since the middle of 2009.

“Although we were disappointed with the Washington Commission’s decision in our general rate case, which authorized a rate increase effective Jan. 1, 2010, the order provides additional guidance for procedures and documentation that we believe will facilitate improved cost recovery in the future.

“Even in these challenging economic times this past year, the number of retail customers grew with net additions of over 2,000 natural gas customers and 1,800 electric customers.


“Our power supply costs were less than the amount included in retail rates in Washington primarily due to lower wholesale electric and natural gas fuel prices. However, this was partially offset by below normal hydroelectric generation and an extended outage at the Colstrip Plant in Montana. The net result was a benefit under the Energy Recovery Mechanism.

“Also, contributing to our improved results for 2009 as compared to 2008 were lower interest costs, resulting from financing transactions and decisions we made in 2008 and 2009.

“We continued to strengthen our financial position with the September 2009 issuance of $250 million of long-term debt with an interest rate of 5.125 percent and the reduction in deferred power cost balances. We have also been able to fund a significant portion of our capital expenditures with cash flows from operations.

“In November, we lowered natural gas rates for customers in all jurisdictions, ranging from 22 to 26 percent, because of a decline in wholesale prices. In Washington and Idaho, this was the third reduction in natural gas rates in 2009. These Purchased Gas Adjustments are designed to pass through changes in natural gas costs to our customers with no change in gross margin or net income.

“In addition, the Washington Commission approved our request to lower electric rates for our Washington customers by 7 percent effective Feb. 12, 2010, through the elimination of the Energy Recovery Mechanism surcharge. The surcharge was eliminated because the previous balance of Washington deferred power costs has been substantially recovered. The elimination of the surcharge will not change gross margin or net income.

“Lastly, we are confirming our 2010 earnings guidance, and I believe we are well positioned to continue our long-term earnings growth,” Morris said.

Fourth Quarter and Fiscal Year 2009 Highlights

Avista Utilities: Avista Utilities contributed net income of $86.7 million, or $1.58 per diluted share, for 2009 compared to $70.0 million or $1.30 per diluted share, for 2008. For the fourth quarter of 2009, Avista Utilities contributed net income of $23.5 million, or $0.43 per diluted share, compared to $18.2 million or $0.33 per diluted share, for the fourth quarter of 2008. The increase in our annual and quarterly utility net income was due in part to an increase in gross margin (operating revenues less resource costs). The increase in gross margin was primarily due to the implementation of the general rate increases in Washington and Idaho, which more closely reflect the costs of providing service to customers.


The improvement in annual results also reflects a decrease in interest expense, net of capitalized interest, of $8.5 million that was achieved by refinancing maturing higher cost debt with lower cost long-term debt. Lower interest rates on borrowings under our $320 million committed line of credit also contributed to the decrease in interest expense.

In addition, results for 2009 were positively impacted by adjustments related to Internal Revenue Service audits and adjustments for the 2008 filed federal tax return. In total, these adjustments (recorded in the third quarter of 2009) had a favorable impact on recorded income tax expense of $3.2 million.

These positive impacts on net income were partially offset by an increase in other operating expenses, depreciation and amortization, and taxes other than income taxes.

We had a benefit of $3.0 million under the Washington Energy Recovery Mechanism (ERM) for fiscal year 2009 compared to an expense of $7.4 million for 2008, which increased electric gross margin and income from operations by $10.4 million in 2009 as compared to 2008. The ERM is an accounting method used to track certain differences between actual net power supply costs and the amount included in base retail rates for our Washington customers.

We had a benefit of $9.1 million under the ERM in the fourth quarter of 2009 compared to an expense of $0.1 million in the fourth quarter of 2008, which increased electric gross margin and income from operations by $9.2 million in the fourth quarter of 2009 as compared to the fourth quarter of 2008.

Avista Utilities’ operating revenues decreased $177.5 million for 2009 as compared to 2008 due to decreased natural gas revenues of $179.8 million, partially offset by increased electric revenues of $2.3 million. The decrease in natural gas revenues was primarily the result of decreased wholesale revenues of $138.1 million (due to decreased prices, offset by increased volumes) and retail natural gas revenues of $44.5 million (primarily due to decreased prices and partially due to decreased volumes). These decreases were partially offset by an increase in other natural gas revenues.

The increase in electric revenues was primarily due to increased retail revenues of $68.8 million (primarily due to the Washington general rate increase implemented on Jan. 1, 2009 and the Idaho general rate increases implemented on Oct. 1, 2008 and Aug. 1, 2009), partially offset by decreased wholesale revenues of $53.3 million (due to a decrease in prices, partially offset by an increase in volumes) and sales of fuel of $11.7 million.

Resource costs for Avista Utilities decreased $232.5 million for 2009 as compared to 2008 due to decreases in natural gas resource costs of $186.1 million and electric resource costs of $46.3 million. The decrease in natural gas


resource costs primarily reflects a decrease in the price of natural gas purchases. The decrease in electric resource costs was primarily due to a decrease in fuel costs (due to a decrease in thermal generation and natural gas fuel prices).

Utility other operating expenses increased $23.4 million for 2009 as compared to 2008 primarily due to an increase of $8.9 million in electric generation operating and maintenance expenses, an increase of $4.3 million in natural gas distribution and service costs, as well as a $10.7 million increase in pension and other benefit costs.

Utility depreciation and amortization increased $5.9 million for 2009 as compared to 2008 primarily due to additions to utility plant.

Utility taxes other than income taxes increased $4.5 million for 2009 as compared to 2008 due to increased revenue-related taxes and increased property taxes.

Advantage IQ: Advantage IQ’s net income attributable to Avista Corporation was $5.3 million, or $0.09 per diluted share, for 2009 compared to $6.1 million or $0.11 per diluted share, for 2008. For the fourth quarter of 2009, Advantage IQ’s net income attributable to Avista Corporation was $1.5 million, or $0.03 per diluted share, compared to $1.4 million or $0.03 per diluted share, for the fourth quarter of 2008. The decrease for 2009 as compared to 2008 was primarily due to lower short-term interest rates (which decreases interest revenue on funds held for customers), the decrease in our ownership percentage in the business in connection with the acquisition of Cadence Network effective July 2, 2008 and increased amortization of intangible assets (related to the Cadence Network and Ecos Consulting acquisitions). During 2009, we experienced slower internal growth at Advantage IQ than was originally expected, as some of its clients are experiencing bankruptcies and store closures in these difficult economic times. Additionally, interest revenue was lower in 2009 due to the historic low short-term interest rate environment that we are experiencing, which is expected to continue in 2010. The decrease in interest revenue was offset by other customer billing services, which increased operating revenues for 2009 as compared to 2008.

Advantage IQ’s revenues for 2009 increased 31 percent as compared to 2008 and totaled $77.3 million. The increase in revenues was primarily due to the third quarter 2008 acquisition of Cadence Network and the third quarter 2009 acquisition of Ecos Consulting, as well as other customer billing services. These increases in operating revenues were partially offset by a decrease in interest revenue on funds held for customers (due to a decrease in interest rates).

In 2009, Advantage IQ managed bills totaling $17.4 billion, an increase of $0.7 billion, or 4 percent, as compared to 2008. The acquisition of Cadence Network added $1.7 billion in managed bills for 2009 as compared to 2008. Advantage IQ had a 6 percent increase in the number of accounts managed at December 31, 2009 as compared to December 31, 2008.


Other Businesses: For 2009, the net loss attributable to Avista Corporation was $0.09 per diluted share for the other businesses, compared to a net loss of $0.05 for 2008. For the fourth quarter of 2009, the net loss attributable to Avista Corporation was $0.06 per diluted share for the other businesses, compared to a net loss of $0.04 for the fourth quarter of 2008. Contributing to the net loss attributable to Avista Corporation for the full year and fourth quarter of 2009 was a $3.0 million impairment of a commercial building. Losses on long-term venture fund investments were $0.8 million in 2009 compared to $1.4 million in 2008.

Summary Results: Avista Corp.’s results for the fourth quarter of 2009 and the year ended Dec. 31, 2009, as compared to the respective periods of 2008 are presented in the table below:

 

($ in thousands, except per-share data)

   Q4 2009     Q4 2008     Year 2009     Year 2008  

Operating Revenues

   $ 403,292      $ 447,461      $ 1,512,565      $ 1,676,763   

Income from Operations

   $ 52,977      $ 44,028      $ 200,658      $ 184,911   

Net Income attributable to Avista Corporation

   $ 22,053      $ 17,485      $ 87,071      $ 73,620   

Net Income (Loss) attributable to Avista Corporation by Business Segment:

        

Avista Utilities

   $ 23,541      $ 18,239      $ 86,744      $ 70,032   

Advantage IQ

   $ 1,473      $ 1,406      $ 5,329      $ 6,090   

Other

   $ (2,961   $ (2,160   $ (5,002   $ (2,502

Contribution to earnings per diluted share attributable to Avista Corporation by Business Segment:

  

 

Avista Utilities

   $ 0.43      $ 0.33      $ 1.58      $ 1.30   

Advantage IQ

   $ 0.03      $ 0.03      $ 0.09      $ 0.11   

Other

   $ (0.06   $ (0.04   $ (0.09   $ (0.05

Total earnings per diluted share attributable to Avista Corporation

   $ 0.40      $ 0.32      $ 1.58      $ 1.36   

Liquidity and Capital Resources: In November 2009, we entered into a new committed line of credit in the total amount of $75 million with an expiration date of April 5, 2011. The new committed line of credit replaced a $200 million committed line of credit that expired in November 2009. We reduced the facility based on our forecasted liquidity needs.

As of Dec.31, 2009, we had a combined $365 million of available liquidity under our $320 million committed line of credit, our $75 million committed line of credit and our $85 million revolving accounts receivable sales facility.


In December 2009, we purchased $17 million of our Pollution Control Bonds. We are planning, subject to market conditions, to refund these bonds in 2010 along with $66.7 million of our Pollution Control Bonds we purchased in December 2008.

In December 2009, we entered into an amended and restated sales agency agreement with a sales agent to issue up to 1.25 million shares of our common stock from time to time.

We are planning to issue up to $45 million of common stock in 2010 in order to finance a portion of our capital expenditures and maturing long-term debt, while maintaining our capital structure at an appropriate level for our business.

Utility capital expenditures were $205 million for 2009. We are expecting capital expenditures of $210 million for 2010, excluding costs for projects associated with stimulus funding. Actual capital expenditures may vary from our estimates due to factors such as changes in business conditions, construction schedules and environmental requirements.

Board of Directors Increases Common Stock Dividend by 19 Percent

On Feb. 12, 2010, Avista Corp.’s board of directors declared a quarterly dividend of $0.25 per share on the company’s common stock, an increase of $0.04 per share or 19 percent. The common stock dividend is payable March 15, 2010, to shareholders of record at the close of business on Feb. 25, 2010.

The declaration of dividends is at the sole discretion of the board of directors. The board considers the level of dividends on a regular basis, taking into account numerous factors, including financial results, business strategies, and economic and competitive conditions.

Earnings Guidance and Outlook

Avista is confirming its 2010 guidance for consolidated earnings to be in the range of $1.55 to $1.75 per diluted share. We expect Avista Utilities to contribute in the range of $1.45 to $1.60 per diluted share for 2010. Our range for Avista Utilities encompasses a certain level of variability in power supply costs, including the variability of applying the ERM in Washington and Power Cost Adjustment mechanism in Idaho. Our outlook for Avista Utilities also assumes, among other variables, normal precipitation, temperatures and hydroelectric generation for the remainder of the year. We expect Advantage IQ to contribute in the range of $0.10 to $0.13 per diluted share and the other businesses to be between break-even and a contribution of $0.02 per diluted share.

Although the recent rate adjustments in Washington, Idaho and Oregon provide progress in the recovery of utility costs, we will continue to experience regulatory


lag in 2010 due to a delay in the recovery of incremental capital investment and increased operating expenses. We will actively manage our capital investment and operating costs, while continuing to provide safe and reliable service for our customers. Avista plans to file general rate cases in Washington and Idaho by the end of the first quarter and we expect to file a general rate case in Oregon by the end of the second quarter to more closely align earned returns with those authorized.

NOTE: We will host a conference call with financial analysts and investors on Feb. 18, 2010, at 10:30 a.m. ET to discuss this news release. The call is available at (866) 788-0544, Pass code: 22686109. A simultaneous webcast of the call is available on our website, www.avistacorp.com. A replay of the conference call will be available through Feb. 25, 2010. Call (888) 286-8010, Pass code 65134651 to listen to the replay.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 356,000 homes and businesses and natural gas to 316,000 homes and businesses in three Western states, serving more than 485,000 customers. Avista’s primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol “AVA.” For more information about Avista, please visit www.avistacorp.com.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.

The attached condensed consolidated statements of income, condensed consolidated balance sheets, and financial and operating highlights are integral parts of this earnings release.

This news release contains forward-looking statements, including statements regarding our current expectations for future financial performance and cash flows, capital expenditures, financing plans, our current plans or objectives for future operations and other factors, which may affect the company in the future. Such statements are subject to a variety of risks, uncertainties and other factors, most of which are beyond our control and many of which could have significant impact on our operations, results of operations, financial condition or cash flows and could cause actual results to differ materially from those anticipated in such statements.

The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: weather conditions (temperatures and precipitation levels) and their effects on energy demand and electric generation, including the effect of precipitation and temperatures on the availability of hydroelectric resources, the effect of temperatures on customer demand, and similar impacts on supply and demand in the wholesale energy markets; the effect of state and federal regulatory decisions on our ability to recover costs and earn a reasonable return including, but not limited to, the


disallowance of costs and investments, and delay in the recovery of capital investments and operating costs; changes in wholesale energy prices that can affect, among other things, the cash requirements to purchase electricity and natural gas, the value received for sales in the wholesale energy market, the necessity to request changes in rates that are subject to regulatory approval, collateral required of us by counterparties on wholesale energy transactions and credit risk to us from such transactions, and the market value of derivative assets and liabilities; global financial and economic conditions (including the impact on capital markets) and their effect on our ability to obtain funding at a reasonable cost; our ability to obtain financing through the issuance of debt and/or equity securities, which can be affected by various factors including our credit ratings, interest rates and other capital market conditions; economic conditions in our service areas, including the effect on the demand for, and customers’ payment for, our utility services; the potential effects of legislation or administrative rulemaking, including the possible adoption of national or state laws requiring resources to meet certain standards and placing restrictions on greenhouse gas emissions to mitigate concerns over global climate changes; changes in actuarial assumptions, interest rates and the actual return on plan assets for our pension plan, which can affect future funding obligations, pension expense and pension plan liabilities; volatility and illiquidity in wholesale energy markets, including the availability of willing buyers and sellers, and prices of purchased energy and demand for energy sales; unplanned outages at any of our generating facilities or the inability of facilities to operate as intended; the outcome of pending regulatory and legal proceedings arising out of the “western energy crisis” of 2000 and 2001, and including possible refunds; the outcome of legal proceedings and other contingencies; changes in, and compliance with, environmental and endangered species laws, regulations, decisions and policies, including present and potential environmental remediation costs; wholesale and retail competition including, but not limited to, alternative energy sources, suppliers and delivery arrangements; the ability to comply with the terms of the licenses for our hydroelectric generating facilities at cost-effective levels; natural disasters that can disrupt energy generation, transmission and distribution, as well as the availability and costs of materials, equipment, supplies and support services; blackouts or disruptions of interconnected transmission systems; disruption to information systems, automated controls and other technologies that we rely on for operations, communications and customer service; the potential for terrorist attacks or other malicious acts, particularly with respect to our utility assets; delays or changes in construction costs, and our ability to obtain required permits and materials for present or prospective facilities; changes in the long-term climate of the Pacific Northwest, which can affect, among other things, customer demand patterns and the volume and timing of streamflows to our hydroelectric resources; changes in industrial, commercial and residential growth and demographic patterns in our service territory or the loss of significant customers; the loss of key suppliers for materials or services; default or nonperformance on the part of any parties from which we purchase and/or sell capacity or energy; deterioration in the creditworthiness of our customers and counterparties; the effect of any potential


decline in our credit ratings, including impeded access to capital markets, higher interest costs, and certain covenants with ratings triggers in our financing arrangements and wholesale energy contracts; increasing health care costs and the resulting effect on health insurance provided to our employees and retirees; increasing costs of insurance, more restricted coverage terms and our ability to obtain insurance; work force issues, including changes in collective bargaining unit agreements, strikes, work stoppages or the loss of key executives, availability of workers in a variety of skill areas, and our ability to recruit and retain employees; the potential effects of negative publicity regarding business practices, whether true or not, which could result in, among other things, costly litigation and a decline in our common stock price; changes in technologies, possibly making some of the current technology obsolete; changes in tax rates and/or policies; and changes in our strategic business plans, which may be affected by any or all of the foregoing, including the entry into new businesses and/or the exit from existing businesses.

For a further discussion of these factors and other important factors, please refer to our Annual Report on Form 10-K for the year ended Dec. 31, 2008 and Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2009. The forward-looking statements contained in this news release speak only as of the date hereof. We undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on our business or the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

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AVISTA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in Thousands except Per Share Amounts)

 

     Fourth Quarter     Year Ended December 31,  
     2009     2008     2009     2008  

Operating revenues

   $ 403,292      $ 447,461      $ 1,512,565      $ 1,676,763   
                                

Operating expenses:

        

Resource costs

     222,835        291,453        822,947        1,055,542   

Other operating expenses

     85,775        71,842        312,602        271,621   

Depreciation and amortization

     25,783        23,712        99,775        92,632   

Utility taxes other than income taxes

     15,922        16,426        76,583        72,057   
                                

Total operating expenses

     350,315        403,433        1,311,907        1,491,852   
                                

Income from operations

     52,977        44,028        200,658        184,911   
                                

Other income (expense):

        

Interest expense, net of capitalized interest

     (18,802     (15,903     (66,489     (74,975

Other income (expense) - net

     1,419        (31     802        10,446   
                                

Total other income (expense) - net

     (17,383     (15,934     (65,687     (64,529
                                

Income before income taxes

     35,594        28,094        134,971        120,382   

Income tax expense

     13,289        10,081        46,323        45,625   
                                

Net income

     22,305        18,013        88,648        74,757   

Less: net income attributable to noncontrolling interests

     (252     (528     (1,577     (1,137
                                

Net income attributable to Avista Corporation

   $ 22,053      $ 17,485      $ 87,071      $ 73,620   
                                

Weighted-average common shares outstanding (thousands), basic

     54,796        54,445        54,694        53,637   

Weighted-average common shares outstanding (thousands), diluted

     55,122        54,822        54,942        54,028   

Earnings per common share attributable to Avista Corporation:

        

Basic

   $ 0.40      $ 0.32      $ 1.59      $ 1.37   
                                

Diluted

   $ 0.40      $ 0.32      $ 1.58      $ 1.36   
                                

Dividends paid per common share

   $ 0.21      $ 0.18      $ 0.81      $ 0.69   
                                

Issued February 18, 2010


AVISTA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in Thousands)

 

     December 31,
2009
   December 31,
2008

Assets

     

Cash and cash equivalents

   $ 37,035    $ 24,313

Accounts and notes receivable

     210,645      218,846

Other current assets

     171,243      239,068

Total net utility property

     2,607,011      2,492,191

Total other property and investments

     137,538      138,876

Regulatory assets for deferred income taxes

     97,945      115,005

Regulatory assets for pensions and other postretirement benefits

     141,085      172,278

Other regulatory assets

     109,825      85,112

Non-current utility energy commodity derivative assets

     45,483      49,313

Power cost deferrals

     27,771      57,607

Other deferred charges

     21,378      38,138
             

Total Assets

   $ 3,606,959    $ 3,630,747
             

Liabilities and Equity

     

Accounts payable

   $ 160,861    $ 176,116

Current portion of long-term debt

     35,189      17,207

Short-term borrowings

     92,700      252,200

Other current liabilities

     216,651      243,021

Long-term debt

     1,036,149      809,258

Long-term debt to affiliated trusts

     51,547      113,403

Regulatory liability for utility plant retirement costs

     217,176      213,747

Pensions and other postretirement benefits

     123,281      184,588

Deferred income taxes

     494,666      488,940

Other non-current liabilities and deferred credits

     116,161      124,178
             

Total Liabilities

     2,544,381      2,622,658
             

Equity

     

Avista Corporation Stockholders’ Equity:

     

Common stock - net (54,836,781 and 54,487,574 outstanding shares)

     778,647      774,986

Retained earnings and accumulated other comprehensive loss

     272,640      221,897
             

Total Avista Corporation Stockholders’ Equity

     1,051,287      996,883

Noncontrolling interests

     11,291      11,206
             

Total Equity

     1,062,578      1,008,089
             

Total Liabilities and Equity

   $ 3,606,959    $ 3,630,747
             

Issued February 18, 2010

     


AVISTA CORPORATION

FINANCIAL AND OPERATING HIGHLIGHTS (UNAUDITED)

(Dollars in Thousands)

 

     Fourth Quarter     Year Ended
December 31,
 
     2009     2008     2009     2008  

Avista Utilities

        

Retail electric revenues

   $ 187,652      $ 173,581      $ 703,951      $ 635,102   

Retail kWh sales (in millions)

     2,390        2,357        8,942        9,017   

Retail electric customers at end of period

     356,536        354,657        356,536        354,657   

Wholesale electric revenues

   $ 21,658      $ 30,786      $ 88,414      $ 141,744   

Wholesale kWh sales (in millions)

     497        458        2,354        1,964   

Sales of fuel

   $ 3,513      $ 4,197      $ 32,992      $ 44,695   

Other electric revenues

   $ 3,663      $ 4,989      $ 15,426      $ 16,916   

Retail natural gas revenues

   $ 116,443      $ 143,980      $ 396,203      $ 440,692   

Wholesale natural gas revenues

   $ 33,473      $ 59,409      $ 143,524      $ 281,668   

Transportation and other natural gas revenues

   $ 3,821      $ 2,981      $ 14,691      $ 11,847   

Total therms delivered (in thousands)

     239,730        264,944        888,301        845,710   

Retail natural gas customers at end of period

     316,201        314,102        316,201        314,102   

Income from operations (pre-tax)

   $ 54,164      $ 42,296      $ 195,389      $ 174,245   

Net income attributable to Avista Corporation

   $ 23,541      $ 18,239      $ 86,744      $ 70,032   

Advantage IQ

        

Revenues

   $ 22,162      $ 17,342      $ 77,275      $ 59,085   

Income from operations (pre-tax)

   $ 3,141      $ 2,857      $ 11,603      $ 11,297   

Net income attributable to Avista Corporation

   $ 1,473      $ 1,406      $ 5,329      $ 6,090   

Other

        

Revenues

   $ 10,907      $ 10,196      $ 40,089      $ 45,014   

Loss from operations (pre-tax)

   $ (4,328   $ (1,125   $ (6,334   $ (631

Net loss attributable to Avista Corporation

   $ (2,961   $ (2,160   $ (5,002   $ (2,502

Issued February 18, 2010