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) | November 1, 2013 | |
(November 1, 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) |
| 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)) |
PNM RESOURCES, INC. | |
PUBLIC SERVICE COMPANY OF NEW MEXICO | |
TEXAS-NEW MEXICO POWER COMPANY | |
(Registrants) | |
Date: November 1, 2013 | /s/ Thomas G. Sategna |
Thomas G. Sategna | |
Vice President and Corporate Controller | |
(Officer duly authorized to sign this report) |
Q3 2013 | Q3 2012 | YTD 2013 | YTD 2012 | |
GAAP net earnings | $54.6 | $57.9 | $92.9 | $96.5 |
GAAP EPS | $0.68 | $0.72 | $1.15 | $1.20 |
Ongoing net earnings | $51.7 | $55.1 | $96.8 | $95.1 |
Ongoing EPS | $0.64 | $0.69 | $1.20 | $1.18 |
Q3 2013 | Q3 2012 | YTD 2013 | YTD 2012 | |
GAAP net earnings | $47.7 | $50.8 | $85.1 | $85.2 |
GAAP EPS | $0.59 | $0.63 | $1.06 | $1.06 |
Ongoing net earnings | $43.6 | $48.7 | $82.0 | $84.4 |
Ongoing EPS | $0.54 | $0.61 | $1.02 | $1.05 |
• | PNM’s ongoing earnings were boosted by Palo Verde Unit 3 pricing, offset primarily by a decrease in weather due to mild temperatures and a decrease in industrial load. |
Q3 2013 | Q3 2012 | YTD 2013 | YTD 2012 | |
GAAP net earnings | $10.1 | $9.1 | $22.2 | $20.1 |
GAAP EPS | $0.13 | $0.11 | $0.28 | $0.25 |
Ongoing net earnings | $10.1 | $9.1 | $22.2 | $20.3 |
Ongoing EPS | $0.13 | $0.11 | $0.28 | $0.25 |
• | TNMP’s ongoing earnings benefitted from additional revenue from rate relief and continued overall load growth. |
Q3 2013 | Q3 2012 | YTD 2013 | YTD 2012 | |
GAAP net earnings | ($3.20) | ($2.00) | ($14.40) | ($8.90) |
GAAP EPS | ($0.04) | ($0.02) | ($0.18) | ($0.11) |
Ongoing net earnings | ($2.00) | ($2.70) | ($7.40) | ($9.50) |
Ongoing EPS | ($0.03) | ($0.03) | ($0.10) | ($0.12) |
PNM | TNMP | Corporate and Other | Consolidated | ||||||||||||||
(in thousands) | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 47,691 | $ | 10,106 | $ | (3,242 | ) | $ | 54,555 | ||||||||
Adjusting items, net of income tax effects | |||||||||||||||||
Mark-to-market impact of economic hedges | (4,629 | ) | — | — | (4,629 | ) | |||||||||||
Net change in unrealized impairments of NDT securities | (472 | ) | — | — | (472 | ) | |||||||||||
Loss on reacquired debt | — | — | 1,202 | 1,202 | |||||||||||||
Regulatory disallowance | 1,048 | — | — | 1,048 | |||||||||||||
Total Adjustments | (4,053 | ) | — | 1,202 | 1 | (2,851 | ) | ||||||||||
Ongoing Earnings (Loss) | $ | 43,638 | $ | 10,106 | $ | (2,040 | ) | $ | 51,704 | ||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 85,120 | $ | 22,170 | $ | (14,431 | ) | $ | 92,859 | ||||||||
Adjusting items, net of income tax effects | |||||||||||||||||
New Mexico corporate income tax rate change | — | — | 1,234 | 1,234 | |||||||||||||
Mark-to-market impact of economic hedges | (3,538 | ) | — | — | (3,538 | ) | |||||||||||
Net change in unrealized impairments of NDT securities | (606 | ) | — | — | (606 | ) | |||||||||||
Loss on reacquired debt | — | — | 1,908 | 1,908 | |||||||||||||
State tax credit impairment | — | — | 3,880 | 3,880 | |||||||||||||
Regulatory disallowance | 1,048 | — | — | 1,048 | |||||||||||||
Total Adjustments | (3,096 | ) | — | 7,022 | 3,926 | ||||||||||||
Ongoing Earnings (Loss) | $ | 82,024 | $ | 22,170 | $ | (7,409 | ) | $ | 96,785 | ||||||||
Income tax effects calculated using tax rates of 35.00% for TNMP and 39.59% for all other segments unless otherwise noted |
PNM | TNMP | Corporate and Other | Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 50,779 | $ | 9,084 | $ | (1,999 | ) | $ | 57,864 | |||||||
Adjusting items, net of income tax effects | ||||||||||||||||
Building consolidation | 144 | 42 | — | 186 | ||||||||||||
Gain on sale of First Choice | — | — | (651 | ) | (651 | ) | ||||||||||
Mark-to-market impact of economic hedges | 662 | — | — | 662 | ||||||||||||
Net change in unrealized impairments of NDT securities | (2,769 | ) | — | — | (2,769 | ) | ||||||||||
Process improvement initiatives | (145 | ) | (43 | ) | — | (188 | ) | |||||||||
Total Adjustments | (2,108 | ) | (1 | ) | (651 | ) | (2,760 | ) | ||||||||
Ongoing Earnings (Loss) | $ | 48,671 | $ | 9,083 | $ | (2,650 | ) | $ | 55,104 | |||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 85,211 | $ | 20,113 | $ | (8,868 | ) | $ | 96,456 | |||||||
Adjusting items, net of income tax effects | ||||||||||||||||
Building consolidation | 144 | 42 | — | 186 | ||||||||||||
Gain on sale of First Choice | — | — | (651 | ) | (651 | ) | ||||||||||
Mark-to-market impact of economic hedges | 1,858 | — | — | 1,858 | ||||||||||||
Net change in unrealized impairments of NDT securities | (3,263 | ) | — | — | (3,263 | ) | ||||||||||
Process improvement initiatives | 427 | 124 | — | 551 | ||||||||||||
Total Adjustments | (834 | ) | 166 | (651 | ) | (1,319 | ) | |||||||||
Ongoing Earnings (Loss) | $ | 84,377 | $ | 20,279 | $ | (9,519 | ) | $ | 95,137 | |||||||
Income tax effects calculated using tax rates of 35.00% for TNMP and 39.59% for all other segments unless otherwise noted |
PNM | TNMP | Corporate and Other | Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.59 | $ | 0.13 | $ | (0.04 | ) | $ | 0.68 | |||||||
Adjusting items | ||||||||||||||||
Mark-to-market impact of economic hedges | (0.05 | ) | — | — | (0.05 | ) | ||||||||||
Net change in unrealized impairments of NDT securities | (0.01 | ) | — | — | (0.01 | ) | ||||||||||
Loss on reacquired debt | — | — | 0.01 | 0.01 | ||||||||||||
Regulatory disallowance | 0.01 | — | — | 0.01 | ||||||||||||
Total Adjustments | (0.05 | ) | — | 0.01 | (0.04 | ) | ||||||||||
Ongoing Earnings (Loss) | $ | 0.54 | $ | 0.13 | $ | (0.03 | ) | $ | 0.64 | |||||||
Average Diluted Shares Outstanding: 80,333,822 | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 1.06 | $ | 0.28 | $ | (0.18 | ) | $ | 1.15 | |||||||
Adjusting items | ||||||||||||||||
New Mexico corporate income tax rate change | — | — | 0.02 | 0.02 | ||||||||||||
Mark-to-market impact of economic hedges | (0.04 | ) | — | — | (0.04 | ) | ||||||||||
Net change in unrealized impairments of NDT securities | (0.01 | ) | — | — | (0.01 | ) | ||||||||||
Loss on reacquired debt | — | — | 0.02 | 0.02 | ||||||||||||
State tax credit impairment | — | — | 0.05 | 0.05 | ||||||||||||
Regulatory disallowance | 0.01 | — | — | 0.01 | ||||||||||||
Total Adjustments | (0.04 | ) | — | 0.09 | 0.05 | |||||||||||
Ongoing Earnings (Loss) | $ | 1.02 | $ | 0.28 | $ | (0.10 | ) | $ | 1.20 | |||||||
Average Diluted Shares Outstanding: 80,456,181 | ||||||||||||||||
Tables may not appear visually accurate due to rounding. |
PNM | TNMP | Corporate and Other | Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.63 | $ | 0.11 | $ | (0.02 | ) | $ | 0.72 | |||||||
Adjusting items | ||||||||||||||||
Building consolidation | — | — | — | — | ||||||||||||
Gain on sale of First Choice | — | — | (0.01 | ) | (0.01 | ) | ||||||||||
Mark-to-market impact of economic hedges | 0.01 | — | — | 0.01 | ||||||||||||
Net change in unrealized impairments of NDT securities | (0.03 | ) | — | — | (0.03 | ) | ||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||
Total Adjustments | (0.02 | ) | — | (0.01 | ) | (0.03 | ) | |||||||||
Ongoing Earnings (Loss) | $ | 0.61 | $ | 0.11 | $ | (0.03 | ) | $ | 0.69 | |||||||
Average Diluted Shares Outstanding: 80,390,385 | ||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 1.06 | $ | 0.25 | $ | (0.11 | ) | $ | 1.20 | |||||||
Adjusting items | ||||||||||||||||
Building consolidation | — | — | — | — | ||||||||||||
Gain on sale of First Choice | — | — | (0.01 | ) | (0.01 | ) | ||||||||||
Mark-to-market impact of economic hedges | 0.02 | — | — | 0.02 | ||||||||||||
Net change in unrealized impairments of NDT securities | (0.04 | ) | — | — | (0.04 | ) | ||||||||||
Process improvement initiatives | 0.01 | — | — | 0.01 | ||||||||||||
Total Adjustments | (0.01 | ) | — | (0.01 | ) | (0.02 | ) | |||||||||
Ongoing Earnings (Loss) | $ | 1.05 | $ | 0.25 | $ | (0.12 | ) | $ | 1.18 | |||||||
Average Diluted Shares Outstanding: 80,410,479 |