-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jf0Vz2r+bd454cgt2RfxdEKuEZhGgrIZDK88RXGJEn4qTIn13K6jYE49/Kh3vLVU pPZpYUDqek3Bj3rbECVPVg== 0000927016-03-000485.txt : 20030210 0000927016-03-000485.hdr.sgml : 20030210 20030210171919 ACCESSION NUMBER: 0000927016-03-000485 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030210 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC POWER CO CENTRAL INDEX KEY: 0000090144 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880044418 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00508 FILM NUMBER: 03548012 BUSINESS ADDRESS: STREET 1: 6100 NEIL RD STREET 2: P O BOX 10100 CITY: RENO STATE: NV ZIP: 89520-0400 BUSINESS PHONE: 7026895408 MAIL ADDRESS: STREET 1: 6100 NEIL ROAD STREET 2: P.O. BOX 10100 CITY: RENO STATE: NV ZIP: 89520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEVADA POWER CO CENTRAL INDEX KEY: 0000071180 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 880045330 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-28348 FILM NUMBER: 03548013 BUSINESS ADDRESS: STREET 1: 6226 W SAHARA AVE CITY: LAS VEGAS STATE: NV ZIP: 89146 BUSINESS PHONE: 7023675000 MAIL ADDRESS: STREET 1: P O BOX 230 CITY: LAS VEGAS STATE: NV ZIP: 89151 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN NEVADA POWER CO DATE OF NAME CHANGE: 19701113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC RESOURCES /NV/ CENTRAL INDEX KEY: 0000741508 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880198358 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08788 FILM NUMBER: 03548014 BUSINESS ADDRESS: STREET 1: PO BOX 30150 STREET 2: 6100 NEIL RD CITY: RENO STATE: NV ZIP: 89511 BUSINESS PHONE: 7758344011 MAIL ADDRESS: STREET 1: P O BOX 30150 STREET 2: 6100 NEIL ROAD CITY: RENO STATE: NV ZIP: 89511 8-K 1 d8k.txt FORM 8K 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) February 10, 2003 -----------------
Registrant, State of Incorporation, Address of Commission File Principal Executive Offices and Telephone I.R.S. employer Number Number Identification Number 1-8788 SIERRA PACIFIC RESOURCES 88-0198358 P.O. Box 10100 (6100 Neil Road) Reno, Nevada 89520-0400 (89511) (775) 834-4011 1-4698 NEVADA POWER COMPANY 88-0045330 6226 West Sahara Avenue Las Vegas, Nevada 89146 (702) 367-5000 0-508 SIERRA PACIFIC POWER COMPANY 88-0044418 P.O. Box 10100 (6100 Neil Road) Reno, Nevada 89520-0400 (89511) (775) 834-4011
None - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Item 5. Other Events - ---------------------- On February 10, 2003, Sierra Pacific Resources (the "Company") issued a press release reporting financial results for the quarter ended December 31, 2002 and the year ended December 31, 2002 for the Company and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company. The press release is attached as Exhibit 99.1 hereto. Item 7. Financial Statements and Exhibits - ----------------------------------------- (a) Financial Statements of Businesses Acquired -------------------------------------------- Not required (b) Pro forma financial information ------------------------------- Not required (c) Exhibits -------- 99.1 -Press Release issued February 10, 2003. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have each duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized. Sierra Pacific Resources ------------------------ (Registrant) Date: February 10, 2003 By: /s/ John Brown --------------------------- John Brown Vice President, Controller Nevada Power Company -------------------- (Registrant) Date: February 10, 2003 By: /s/ John Brown --------------------------- John Brown Vice President, Controller Sierra Pacific Power Company ---------------------------- (Registrant) Date: February 10, 2003 By: /s/ John Brown --------------------------- John Brown Vice President, Controller Exhibit Index ------------- Exhibit 99.1 -Press Release issued February 10, 2003. EX-99.1 3 dex991.txt PRESS RELEASE DATED FEBRUARY 10, 2003 Exhibit 99.1 FROM: Sierra Pacific Resources TO: PR Newswire Analyst Contact: US1 Vicki Erickson 775-834-5646 1-800-473-5152 Media Contact: Karl Walquist 775-834-3891 Feb. 10, 2003 Sierra Pacific Resources Reports Fourth Quarter and Year-End 2002 Financial Results Las Vegas - Sierra Pacific Resources (NYSE: SRP) today announced financial results for 2002, a year in which it would have recorded a profit except for a pre-tax write-off of $527 million. For the year ended Dec. 31, 2002, the company reported a net loss of $(307.5) million, or $(3.01) per share, compared with net earnings of $56.7 million, or $0.65 per share, in 2001. Excluding the write-off related to disallowances on deferred energy costs during 2002, Sierra Pacific Resources would have recorded net income of approximately $35 million for the year. In the fourth quarter of 2002, Sierra Pacific Resources had a loss of $(39.5) million, or $(0.39) per share, compared with net income of $5.8 million, or $0.06 per share, for the comparable quarter in 2001. The loss is attributable to milder-than-normal weather, higher interest expense and other charges. Walt Higgins, chairman, president and chief executive officer, said, "While the past year was extremely difficult due to the extraordinary events, we are focusing our efforts on strengthening the company's balance sheet and liquidity with several initiatives, some of which we recently announced. Our number one priority continues to be restoring the company's financial health." Last week, the company announced that it had reached agreements to exchange 30 percent of its mandatorily convertible securities for common stock, reducing the company's outstanding debt by approximately $105 million and its future interest expense by approximately $26 million through 2005. The $527 million pre-tax write-off of deferred energy charges and related carrying charges resulted from decisions by regulators to disallow the recovery of a significant portion of purchased power and gas costs incurred by the company's utility subsidiaries, Nevada Power Company and Sierra Pacific Power Company. Regulators disallowed recovery of $434.1 million in deferred energy costs, excluding carrying charges, for Nevada Power and $57 million in deferred energy and gas costs, excluding carrying charges, for Sierra Pacific Power. Nevada Power recorded a fourth quarter 2002 loss of $(19) million, compared with net income of $6.9 million for the comparable quarter in 2001. Sierra Pacific Power reported a fourth quarter 2002 loss of $(5.5) million, compared with earnings of $9.3 million in the comparable quarter a year earlier. Webcast Scheduled for 7 a.m. PST Today Senior management of Sierra Pacific will review the company's quarterly and year-end financial results during a conference call and webcast today at 7 a.m. Pacific Standard Time. Interested parties can access the conference call at 1-800-553-2720 Callers must use conference call ID number 3041928 to listen to the call. Interested parties can access a webcast of the call with the following link: www.on24.com/clients/default/irevent.html?eventid=1503 ------------------------------------------------------ The webcast will be accessible on the Sierra Pacific Resources' web site at http://www.sierrapacificresources.com/investors/news/. An archived version ----------------------------------------------------- of the webcast will be available on the Sierra Pacific Resources web site. To listen to a recording of the call by telephone, call 1-888-211-2648 and use the conference call ID number to access the recording. Headquartered in Nevada, Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Company, the electric utility for most of southern Nevada, and Sierra Pacific Power Company, the electric utility for most of northern Nevada and the Lake Tahoe area of California. Sierra Pacific Power Company also distributes natural gas in the Reno-Sparks area of northern Nevada. Other subsidiaries include the Tuscarora Gas Pipeline Company, which owns 50 percent interest in an interstate natural gas transmission partnership, Sierra Pacific Communications, a telecommunications company, and Sierra Pacific Energy (e-three), an energy conservation services company. This press release contains forward-looking statements regarding the future performance of Sierra Pacific Resources and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. For Sierra Pacific Resources, these risks and uncertainties include, but are not limited to, Resource's ability to access the capital markets to refinance upcoming debt maturities and for general corporate purposes, Resource's ability to receive dividends from its subsidiaries in the near future and the financial performance of the Company's subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company. For Nevada Power Company and Sierra Pacific Power Company, these risks and uncertainties include, but are not limited to, unfavorable rulings in their pending and future rate cases, their ability to access the capital markets to refinance debt and for general corporate purposes, their ability to purchase sufficient power to meet their power demands, whether terminated power suppliers will be successful in pursuing claims against Nevada Power and Sierra Pacific Power for liquidated damages under their terminated power contracts and weather conditions during the summer of 2003 and beyond. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Sierra Pacific Resources, Nevada Power Company and Sierra Pacific Power Company are contained in their Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 filed with the SEC. The Companies undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Financial Highlights: Sierra Pacific Resources Financial Highlights (In thousands, except for per share amount)
SRP NPC SPP --------------------------- ---------------------------------------------------- Fourth Quarter 2002 2002 2001 2002 2001 2002 2001 ---- ---- ---- ---- ---- ---- Revenues $630,811 $732,996 $355,167 $462,154 $274,337 $265,351 Operating Expenses 596,342 680,125 337,756 437,915 259,182 241,611 Net Income (Loss) Available for Common (39,497) 5,768 (19,045) 6,946 (5,479) 9,338 Net Income (Loss) Per Share $(0.39) $0.06 - - - - Net Income (Loss) Contribution Per Share - - $(0.19) $0.07 $(0.05) $0.09 SRP Weighted Average Shares Outstanding 102,150 102,099 102,150 102,099 102,150 102,099 Year to Date December 31, 2002 2002 2001 2002 2001 2002 2001 ---- ---- ---- ---- ---- ---- Revenues $2,991,703 $4,591,374 $1,901,034 $3,025,103 $1,081,034 $1,547,430 Operating Expenses 3,024,759 4,368,505 2,005,037 2,880,739 1,025,742 1,468,462 Net Income (Loss) Available For Common (307,521) 56,733 (235,070) 63,405 (17,868) 45,910 Net Income (Loss) Per Share $(3.01) $0.65 - - - - Net Income (Loss) Contribution Per Share - - $(2.30) $0.72 $(0.17) $0.52 SRP Weighted Average Shares Outstanding 102,126 87,542 102,126 87,542 102,126 87,542
-----END PRIVACY-ENHANCED MESSAGE-----