0001108426-13-000060.txt : 20130506 0001108426-13-000060.hdr.sgml : 20130506 20130506083433 ACCESSION NUMBER: 0001108426-13-000060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130506 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130506 DATE AS OF CHANGE: 20130506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXAS NEW MEXICO POWER CO CENTRAL INDEX KEY: 0000022767 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 750204070 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-97230 FILM NUMBER: 13814544 BUSINESS ADDRESS: STREET 1: 4100 INTERNATIONAL PLZ STREET 2: PO BOX 2943 CITY: FORT WORTH STATE: TX ZIP: 76113 BUSINESS PHONE: 8177310099 MAIL ADDRESS: STREET 1: 4100 INTERNATIONAL PLAZA STREET 2: PO BOX 2943 CITY: FORT WORTH STATE: TX ZIP: 76113 FORMER COMPANY: FORMER CONFORMED NAME: COMMUNITY PUBLIC SERVICE CO DATE OF NAME CHANGE: 19810617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF NEW MEXICO CENTRAL INDEX KEY: 0000081023 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 850019030 STATE OF INCORPORATION: NM FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06986 FILM NUMBER: 13814545 BUSINESS ADDRESS: STREET 1: 414 SILVER AVE. SW CITY: ALBUQUERQUE STATE: NM ZIP: 87102-3289 BUSINESS PHONE: 5058482700 MAIL ADDRESS: STREET 1: 414 SILVER AVE. SW CITY: ALBUQUERQUE STATE: NM ZIP: 87102-3289 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PNM RESOURCES INC CENTRAL INDEX KEY: 0001108426 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 850019030 STATE OF INCORPORATION: NM FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32462 FILM NUMBER: 13814543 BUSINESS ADDRESS: STREET 1: 414 SILVER AVE. SW CITY: ALBUQUERQUE STATE: NM ZIP: 87102-3289 BUSINESS PHONE: 5052412700 MAIL ADDRESS: STREET 1: 414 SILVER AVE. SW STREET 2: ATTN: MS 0905 - CATHY MARTINEZ CITY: ALBUQUERQUE STATE: NM ZIP: 87102-3289 FORMER COMPANY: FORMER CONFORMED NAME: MANZANO CORP DATE OF NAME CHANGE: 20000303 8-K 1 a05062013earningsrelease8-k.htm 8-K 05062013 Earnings Release 8-K


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 6, 2013
 
 
(May 6, 2013)
 
 
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
 
 
______________________________
 
(Former name or former address, if changed since last report)
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 6, 2013, PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing its results of operations for the three months ended March 31, 2013. 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, net 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 assets held in trusts for nuclear decommissioning, 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 assets held in trusts for nuclear decommissioning, 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 6, 2013.





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 6, 2013
/s/ Thomas G. Sategna
 
Thomas G. Sategna
 
Vice President and Corporate Controller
 
(Officer duly authorized to sign this report)





 EX-99.1 2 a05062013exhibit991.htm EXHIBIT 99.1 05062013 Exhibit 99.1


Exhibit 99.1

For Immediate Release
May 6, 2013

PNM Resources Reports First Quarter Results
2013 Earnings Guidance Range Affirmed; S&P Upgrades PNM Resources
Conference call scheduled for 11 a.m. EDT today

FIRST QUARTER SUMMARY
•
GAAP (generally accepted accounting principles) earnings of $0.13 per diluted share, compared with $0.21 per diluted share in 2012
•
Ongoing earnings of $0.18 per diluted share, compared with $0.17 per diluted share in 2012
(ALBUQUERQUE, N.M.) - PNM Resources (NYSE: PNM) today reported unaudited 2013 first quarter consolidated GAAP earnings of $10.6 million, or $0.13 per diluted share, compared with $17.1 million, or $0.21 per diluted share, in 2012.

Quarterly unaudited consolidated ongoing earnings were $14.7 million, or $0.18 per diluted share, compared with $13.5 million, or $0.17 per diluted share, in 2012. Reconciliations of GAAP to non-GAAP measures such as ongoing earnings are shown on the attached schedules 1 and 2.

On April 5 Standard and Poor's upgraded its credit ratings for PNM Resources, PNM, and TNMP.

“The upgrade by Standard and Poor's marks the achievement of one of our critical long-term goals,” said Pat Vincent-Collawn, PNM Resources chairman, president, and CEO. “Overall, we're pleased with the first quarter results, which reflect our continued strong financial performance.”

Quarterly financial materials are available at http://www.pnmresources.com/investors/results.cfm.
SEGMENT REPORTING OF 2013 FIRST QUARTER EARNINGS
PNM - a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
•
PNM reported ongoing earnings of $14.0 million, or $0.17 per diluted share, compared with $14.1 million, or $0.18 per diluted share, in 2012. GAAP earnings were $11.4 million, or $0.14 per diluted share, compared with $17.7 million, or $0.22 per diluted share, during the same period in 2012.
•
PNM benefitted from lower maintenance costs at San Juan Generating Station, higher rates due to the FERC settlement with Navopache Electric and the renewable energy rider approved by the PRC in 2012, and higher market prices at Palo Verde Unit 3. The net impact of load and weather partially offset these benefits.
(MORE)





PNM Resources Reports Q1 Earnings        5-6-13         p. 2 of 3

TNMP - an electric transmission and distribution utility in Texas.
•
TNMP reported ongoing earnings of $3.7 million, or $0.05 per diluted share, compared with $3.1 million, or $0.04 per diluted share, in 2012. GAAP earnings were $3.7 million, or $0.05 per diluted share, compared with $3.0 million, or $0.04 per diluted share in 2012.
•
TNMP is benefitting from a robust Texas economy, with earnings primarily driven by expanding load and rate increases. Gains were offset slightly by higher depreciation and property tax expenses.
Corporate/Other - a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense.
•
Corporate/Other reported ongoing losses of $3.0 million, or $0.04 per diluted share, compared with $3.6 million, or $0.05 per diluted share, in 2012. GAAP losses were $4.5 million, or $0.06 per diluted share, compared with losses of $3.6 million, or $0.05 per diluted share in 2012.

2013 Guidance Range Affirmed
PNM Resources today affirmed its 2013 financial outlook. Management expects 2013 consolidated ongoing earnings to be in the range of $1.32 - $1.42 per diluted share.

FIRST QUARTER EARNINGS CALL: 11 A.M. EDT TODAY
PNM Resources will discuss first quarter earnings results, financial forecasts and other relevant company matters during a live conference call and Web cast today at 11 a.m. EDT. Speaking on the call will be Pat Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.

A live Web cast 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 dialing (877) 377-7098 or (631) 291-4547 (international calls) and referencing “the PNM Resources first-quarter conference call.” A telephone replay will be available at 2 p.m. EDT until midnight May 20 by dialing (855) 859-2056 or (404) 537-3406 and using conference ID 29865423. Supporting material for PNM Resources' earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2012 consolidated operating revenues of $1.3 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,538 megawatts of generation capacity and serves electricity to more than 738,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com

(END)

CONTACTS:
Analysts                        Media
Jimmie Blotter                    Valerie Smith
(505) 241-2227                    (505) 241-2892








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 earnings, nor their probable impact on GAAP earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.









PNM Resources
Schedule 1
Reconciliation of Ongoing to GAAP Earnings
(Preliminary and Unaudited)
                        
 
 
PNM
Electric
 
TNMP Electric
 
Corporate and Other
 
Consolidated
 
 
(in thousands)
Quarter Ended March 31, 2013
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
11,437

 
$
3,726

 
$
(4,537
)
 
$
10,626

Adjusting items, net of income tax effects
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges
 
2,962

 
—

 
—

 
2,962

Net change in unrealized impairments of NDT securities
 
(362
)
 
—

 
—

 
(362
)
State tax credit impairment
 
—

 
—

 
1,518

 
1,518

Total Adjustments
 
2,600

 
—

 
1,518

 
4,118

Ongoing Earnings (Loss)
 
$
14,037

 
$
3,726

 
$
(3,019
)
 
$
14,744

 
 
 
 
 
 
 
 
 
Quarter Ended March 31, 2012
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
17,680

 
$
3,011

 
$
(3,611
)
 
$
17,080

Adjusting items, net of income tax effects
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges
 
(2,115
)
 
—

 
—

 
(2,115
)
Net change in unrealized impairments of NDT securities
 
(1,728
)
 
—

 
—

 
(1,728
)
Process improvement initiatives
 
228

 
66

 
—

 
294

Total Adjustments
 
(3,615
)
 
66

 
—

 
(3,549
)
Ongoing Earnings (Loss)
 
$
14,065

 
$
3,077

 
$
(3,611
)
 
$
13,531

 
 
 
 
 
 
 
 
 
Income tax effects calculated using tax rates of 35.00% for TNMP and 39.59% for all other segments unless otherwise indicated







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

 
 
PNM
Electric
 
TNMP Electric
 
Corporate and Other
 
Consolidated
 
 
(per diluted share)
Quarter Ended March 31, 2013
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
0.14

 
$
0.05

 
$
(0.06
)
 
$
0.13

Adjusting items
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges
 
0.04

 
—

 
—

 
0.04

Net change in unrealized impairments of NDT securities
 
(0.01
)
 
—

 
—

 
(0.01
)
State tax credit impairment
 
—

 
—

 
0.02

 
0.02

Total Adjustments
 
0.03

 
—

 
0.02

 
0.05

Ongoing Earnings (Loss)
 
$
0.17

 
$
0.05

 
$
(0.04
)
 
$
0.18

Average Diluted Shares Outstanding: 80,580,184
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended March 31, 2012
 
 
 
 
 
 
 
 
GAAP Net Earnings (Loss) Attributable to PNMR:
 
$
0.22

 
$
0.04

 
$
(0.05
)
 
$
0.21

Adjusting items
 
 
 
 
 
 
 
 
Mark-to-market impact of economic hedges
 
(0.02
)
 
—

 
—

 
(0.02
)
Net change in unrealized impairments of NDT securities
 
(0.02
)
 
—

 
—

 
(0.02
)
Process improvement initiatives
 
—

 
—

 
—

 
—

Total Adjustments
 
(0.04
)
 
—

 
—

 
(0.04
)
Ongoing Earnings (Loss)
 
$
0.18

 
$
0.04

 
$
(0.05
)
 
$
0.17

Average Diluted Shares Outstanding: 80,475,328