EX-99 1 tnpfinan.htm FINANCIAL STATEMENTS OF TNP ENTERPRISES, INC. U3a2_2000
  Exhibit A  
     
TNP ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF INCOME (LOSS)
For the Year Ended December 31, 2000
(Amounts in Thousands)
                         
          Texas-New Mexico Power Company Consolidated TNP Operating Company TNP Enterprises, Inc.   Consolidating Entries TNP Enterprises, Inc. Consolidated
                               
OPERATING REVENUES $ 644,035 $ -   $ -     $ -   $ 644,035
          __________ __________ __________   __________   ___________
OPERATING EXPENSES:                      
  Purchased power and fuel 348,461 -   -     -   348,461
  Other operating and maintenance 97,466 -   10,023   -   107,489
  Depreciation of utility plant 41,353 -   8,523   -   49,876
  Charge for recovery of stranded plant 18,306 -   -   -   18,306
  Taxes other than income taxes 34,615 36 970   -   35,621
  Income taxes 22,375 21 (15,551)   -   6,845
          __________ __________ __________   __________   ___________
    Total operating expenses   562,576 57 3,965   -   566,598
          __________ __________ __________   __________   ___________
NET OPERATING INCOME (LOSS)   81,459 (57) (3,965)   -   77,437
          __________ __________ __________   __________   ___________
OTHER INCOME (LOSS):                        
  Other income and deductions, net   1,626 98 42,356   __________   44,080
  Income taxes   (606) - (7)   -   (613)
      __________ __________ __________   __________   ___________
    Other income (loss), net of taxes   1,020 98 42,349   -   43,467
        __________ __________ __________   __________   ___________
INCOME (LOSS) BEFORE INTEREST CHARGES   82,479 41 38,384   -   120,904
          __________ __________ __________     __________   ___________
INTEREST CHARGES:                        
  Interest on long-term debt   35,231 - 32,139   -   67,370
  Other interest and amortization of debt-related costs 5,291 - 1,222   -   6,513
          __________ __________ __________   __________   ___________
    Total interest charges   40,522 - 33,361   -   73,883
          __________ __________ __________   __________   ___________
INCOME FROM CONTINUING OPERATIONS         -   -   -     -   -  
  Loss from discontinued nonregulated operations,                            
    net of taxes                       -  
NET INCOME (LOSS)   41,957 41 5,023   -   47,021
Dividends on preferred stock and other   38 - 10,954   -   10,992
          __________ __________ __________   __________   ___________
INCOME (LOSS) APPLICABLE TO COMMON STOCK   $ 41,919 $ 41 $ (5,931)   $ -   $ 36,029
          __________ __________ __________   __________   ___________
                               
TNP ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF RETAINED EARNINGS
For the Year Ended December 31, 2000
(Amounts in Thousands)
                               
          Texas-New Mexico Power Company Consolidated   TNP Operating Company   TNP Enterprises, Inc.   Facility Works, Inc.   Consolidating Entries   TNP Enterprises, Inc. Consolidated
                               
PREDECESSOR                      
BALANCE AT DECEMBER 31, 1999 $ 90,302   $ 1,098   $ 130,425   $ (28,689)   $ (62,711)   $ 130,425
  Net income (loss) 7,763   7   3,848   -   (7,765)   3,853
  Dividends on preferred stock (18)   -   -   -   -   (18)
  Dividends on common stock -   -   (3,908)   -   -   (3,908)
  Gain on retirement of preferred stock 13   -   -   -   -   13
          ___________   __________   __________   ___________   ___________   ____________
BALANCE AT MARCH 31, 2000 98,060   1,105   130,365   (28,689)   (70,476)   130,365
                               
SUCCESSOR                      
Acquisition of predecessor -   -   (130,365)   -   -   (130,365)
          ___________   __________   __________   ___________   ___________   ____________
    98,060   1,105   -   (28,689)   (70,476)   -
  Net income (loss) 34,194   34   1,175   -   (34,195)   1,208
  Dividends on preferred stock (33)   -   (10,692)   -   -   (10,725)
  Dividends on common stock (31,500)   -   -   -   31,500   -
  Preferred stock issuance costs -   -   (3,601)   -   -   (3,601)
  Preferred stock discount and warrant accretion -   -   (262)   -   -   (262)
          ___________   __________   __________   ___________   ___________   ____________
BALANCE AT DECEMBER 31, 2000 $ 100,721 # $ 1,139   $ (13,380)   $ (28,689)   $ (73,171)   $ (13,380)
          ___________   __________   __________   ___________   ___________   ____________
          ___________   __________   __________   ___________   ___________   ____________
                               
                              Exhibit A
   
TNP ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 2000
(Amounts in Thousands)
 
          Texas-New Mexico Power Company Consolidated   TNP Operating Company   TNP Enterprises, Inc.   Facility Works, Inc.   Consolidating Entries   TNP Enterprises, Inc. Consolidated
ASSETS                        
UTILITY PLANT $ 1,327,804   $ -   $ 317   $ -   $ (508,366)   $ 819,755
  Less: accumulated depreciation 415,816   -   3   -   (388,253)   27,566
          ____________   ____________   ____________   ___________   ____________   ____________
  Net utility plant 911,988   -   314   -   (120,113)   792,189
          ____________   ____________   ____________   ___________   ____________   ____________
INVESTMENT IN SUBSIDIARY COMPANIES -   -   329,180   -   (329,180)   -
TNP ONE REPLACEMENT NOTES -   -   -   -   -   -
OTHER PROPERTY AND INVESTMENTS, at cost 206   930   2,500   -   -   3,636
CURRENT ASSETS:                      
  Cash and cash equivalents 2,613   647   3,390   1,460   -   8,110
  Accounts receivable 21,368   -   1,064   290   (1,064)   21,658
  Deferred purchased power and fuel costs 1,977   -   -   -   -   1,977
  Accumulated deferred income taxes -   -   -   339   (339)   -
  Other current assets 5,037   -   54   -   -   5,091
          ____________   ____________   ____________   ___________   ____________   ____________
    Total current assets 30,995   647   4,508   2,089   (1,403)   36,836
          ____________   ____________   ____________   ___________   ____________   ____________
LONG-TERM AND OTHER ASSETS:                      
  Goodwill -   -   281,870   -   -   281,870
  Recoverable stranded costs -   -   -   -   119,857   119,857
  Deferred purchased power and fuel costs 37,251   -   -   -   -   37,251
  Deferred charges 18,057   109   9,666   424   28,836   57,092
                               
          ____________   ____________   ____________   ___________   ____________   ____________
    Total long-term and other assets 55,308   109   291,536   424   148,693   496,070
          ____________   ____________   ____________   ___________   ____________   ____________
          $ 998,497   $ 1,686   $ 628,038   $ 2,513   $ (302,003)   $ 1,328,731
          ____________   ____________   ____________   ___________   ____________   ____________
CAPITALIZATION AND LIABILITIES                      
CAPITALIZATION:                      
  Common shareholder's equity:                      
    Common stock $ 107   $ 100   $ 100,000   $ 1   $ (208)   $ 100,000
    Capital in excess of par value 222,149   400   -   33,418   (255,967)   -
    Retained earnings (deficit) 100,721   1,140   (13,380)   (28,689)   (73,172)   (13,380)
          ____________   ____________   ____________   ___________   ____________   ____________
      Total common shareholder's equity   322,977   1,640   86,620   4,730   (329,347)   86,620
  Redeemable cumulative preferred stock -   -   104,393   -   -   104,393
  Long-term debt, less current maturities 426,327   -   432,200   -   -   858,527
          ____________   ____________   ____________   ___________   ____________   ____________
    Total capitalization 749,304   1,640   623,213   4,730   (329,347)   1,049,540
          ____________   ____________   ____________   ___________   ____________   ____________
CURRENT LIABILITIES:                      
  Current maturities of long-term debt -   -   1,600   -   -   1,600
  Accounts payable 38,326   -   -   346   -   38,672
  Other current liabilities 67,414   46   4,918   (2,563)   (1,465)   68,350
          ____________   ____________   ____________   ___________   ____________   ____________
    Total current liabilities 105,740   46   6,518   (2,217)   (1,465)   108,622
          ____________   ____________   ____________   ___________   ____________   ____________
LONG-TERM AND OTHER LIABILITIES:                      
  Regulatory tax liabilities 6,371   -   -   -   -   6,371
  Accumulated deferred income taxes 100,177   -   (1,824)   -   -   98,353
  Accumulated deferred investment tax credits 22,377   -   -   -   -   22,377
  Deferred credits 14,528   -   131   -   28,809   43,468
          ____________   ____________   ____________   ___________   ____________   ____________
    Total long-term and other liabilities 143,453   -   (1,693)   -   28,809   170,569
          ____________   ____________   ____________   ___________   ____________   ____________
          $ 998,497   $ 1,686   $ 628,038   $ 2,513   $ (302,003)   $ 1,328,731
          ____________   ____________   ____________   ___________   ____________   ____________
          ____________   ____________   ____________   ___________   ____________   ____________
                               
                               
  Exhibit B
 
TNP ENTERPRISES, INC. AND SUBSIDIARIES
Financial Data Schedule
For the Period Ending December 31, 2000
(Amounts in Thousands)
 
         
         
Item No.   Caption Heading   Amount
         
1   Total Assets   $ 1,328,731
         
2   Total Operating Revenues   644,035
         
3   Net Income (Loss)   47,021