EX-99.1 2 exh99-1_081908.htm EXHIBIT 99.1 exh99-1_081908.htm

Exhibit 99.1

 

 

PNM Resources
Schedule 3
2007 Reconciliation of Ongoing to GAAP Earnings
               (Unaudited)


 
   
Quarter Ended June 30, 2007
    
   
(in thousands)
    
   
 
Utilities
 
Altura
 
FCP
EnergyCo
(50%)
Corp/
Other
  
 
PNMR
   
PNM
Electric
TNMP Electric
PNM Gas
            
Ongoing Earnings (Loss)
  
 $   6,941
 $  4,234
$  (2,034)
$  4,542
$    5,284
 $   1,373
$  (5,253) 
 
$  15,087
                     
Non-Recurring Items
                    
JV formation costs
  
                    -
                -
               -
               -
               -
                    -
        (1,878)
  
       (1,878)
Favorable IRS decision
              
       16,038
  
      16,038
Twin Oaks III Impairment
              
       (2,042)
  
      (2,042)
Loss on contribution of Altura (Twin Oaks)
              
        (2,197)
  
       (2,197)
Speculative trading
  
                    -
                -
               -
               -
         1,082
                    -
                -
  
         1,082
Unrealized impairments of NDT securities
  
                 (62)
                -
               -
               -
               -
                    -
                -
  
            (62)
Economic mark-to-market hedges
  
           (6,234)
                -
           446
               -
               -
                    -
                -
  
      (5,788)
Total Non-Recurring Items
  
    (6,296)
         -
     446
        -
   1,082
           -
    9,921
  
   5,153
                     
                     
GAAP Earnings (Loss) from Continuing Operations
  
         645
   4,234
  
  4,542
   6,366
      1,373
   4,668
  
 21,828
GAAP Earnings (Loss) from Discontinued Operations
      
 (1,588)
          
  (1,588)
GAAP Net Earnings (Loss)
  
 $      645
 $  4,234
$  (1,588)
$  4,542
$  6,366
 $  1,373
 $  4,668
  
$  20,240
                     

Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.


 
 
 

PNM Resources
Schedule 4
2007 Reconciliation of Ongoing to GAAP Earnings
               (Unaudited)

 
   
Six Months Ended June 30, 2007
    
   
(in thousands)
    
   
 
Utilities
 
Altura
 
FCP
EnergyCo
(50%)
Corp/
Other
  
 
PNMR
   
PNM
Electric
TNMP Electric
PNM Gas
            
Ongoing Earnings (Loss)
  
 $  19,202
 $  5,172
$12,613
$ 5,983
$12,417
 $     973
$ (11,541)
  
$ 44,819
                     
Non-Recurring Items
                    
JV formation costs
  
                    -
                -
               -
               -
               -
                    -
       (2,533)
  
      (2,533)
Favorable IRS decision
              
       16,038
  
      16,038
Twin Oaks III Impairment
              
       (2,042)
  
      (2,042)
Loss on contribution of Altura (Twin Oaks)
              
        (2,197)
  
       (2,197)
Speculative trading
  
                    -
                -
               -
               -
       (1,069)
                    -
                -
  
       (1,069)
Unrealized impairments of NDT securities
  
              (208)
                -
               -
               -
               -
                    -
                -
  
         (208)
Economic mark-to-market hedges
  
            (4,123)
                -
            321
               -
           900
                    -
                -
  
      (2,902)
Total Non-Recurring Items
  
     (4,331)
         -
      321
        -
     (169)
           -
   9,266
  
  5,087
                     
                     
GAAP Earnings (Loss) from Continuing Operations
  
     14,871
    5,172
  
  5,983
 12,248
         973
  (2,275)
  
 36,972
GAAP Earnings (Loss) from Discontinued Operations
      
 12,934
          
 12,934
GAAP Net Earnings (Loss)
  
 $  14,871
 $  5,172
$12,934
$ 5,983
$12,248
 $     973
$  (2,275)
  
$ 49,906
                     

Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.

 
PNM Resources
Schedule 7:
2007 Reconciliation of Ongoing to GAAP Earnings Per Share
(Unaudited)

 

   
Quarter Ended June 30, 2007
    
                     
   
 
Utilities
 
Altura
 
FCP
EnergyCo
(50%)
Corp/
Other
 
PNMR
   
PNM Electric
TNMP Electric
   PNM
    Gas
          
Ongoing Earnings (Loss)
  
 $ 0.09
 $0.05
$  (0.03)
$  0.06
$  0.07
 $   0.02
$  (0.07)
  
         $  0.19
                     
Non-Recurring Items
                    
JV formation costs
  
              -
             -
           -
           -
          -
                  -
      (0.02)
  
     (0.02)
Favorable IRS decision
              
               0.20
  
               0.20
Twin Oaks III Impairment
              
      (0.02)
  
     (0.02)
Loss on contribution of Altura (Twin Oaks)
              
      (0.03)
  
     (0.03)
Speculative trading
  
              -
             -
           -
           -
      0.01
                  -
             -
  
               0.01
Unrealized impairments of NDT securities
  
              -
             -
           -
           -
          -
                  -
             -
  
            -
Economic mark-to-market hedges
  
       (0.08)
             -
       0.01
           -
          -
                  -
             -
  
     (0.07)
Total Non-Recurring Items
  
(0.08)
0.00
0.01
0.00
0.01
0.00
              0.13
  
             0.07
                     
                     
GAAP Earnings (Loss) from Continuing Operations
  
0.01
0.05
  
0.06
0.08
0.02
             0.06
  
             0.28
GAAP Earnings (Loss) from Discontinued Operations
      
(0.02)
          
(0.02)
GAAP Net Earnings (Loss)
  
 $ 0.01
 $0.05
$  (0.02)
$  0.06
$  0.08
 $   0.02
         $  0.06
  
        $   0.26
Average Diluted Shares Outstanding: 78,792,899
                    
                     

Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.

 
 
PNM Resources
Schedule 8:
2007 Reconciliation of Ongoing to GAAP Earnings Per Share
(Unaudited)

 
   
Six Months Ended June 30, 2007
    
                     
   
 
Utilities
 
Altura
 
FCP
EnergyCo
(50%)
Corp/
 Other
 
PNMR
   
PNM Electric
TNMP Electric
    PNM
     Gas
          
Ongoing Earnings (Loss)
  
 $ 0.24
 $0.07
$  0.16
$  0.08
$  0.16
 $    0.01
$  (0.15)
  
$  0.57
                     
Non-Recurring Items
                    
JV formation costs
  
              -
             -
           -
           -
          -
                  -
      (0.03)
  
     (0.03)
Favorable IRS decision
              
               0.20
  
               0.20
Twin Oaks III Impairment
              
      (0.02)
  
     (0.02)
Loss on contribution of Altura (Twin Oaks)
              
      (0.03)
  
     (0.03)
Speculative trading
  
              -
             -
           -
           -
    (0.01)
                  -
             -
  
      (0.01)
Unrealized impairments of NDT securities
  
       (0.00)
             -
           -
           -
          -
                  -
             -
  
     (0.00)
Economic mark-to-market hedges
  
       (0.05)
             -
           -
           -
      0.01
                  -
             -
  
     (0.04)
Total Non-Recurring Items
  
(0.05)
0.00
0.00
0.00
0.00
0.00
0.12
  
0.07
                     
                     
GAAP Earnings (Loss) from Continuing Operations
  
0.19
0.07
  
0.08
0.16
0.01
(0.03)
  
0.48
GAAP Earnings (Loss) from Discontinued Operations
      
0.16
          
0.16
GAAP Net Earnings (Loss)
  
 $ 0.19
 $0.07
$  0.16
$  0.08
$  0.16
 $    0.01
$  (0.03)
  
$  0.64
Average Diluted Shares Outstanding: 78,446,067
                    

Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.