EX-99 4 exhibit_992.txt EXHIBIT 99.2 Exhibit 99.2 PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES Other Financial Information 1. 2001 vs. 2000 Third Quarter Earnings Three Months Ended September 30 ----------------------------- 2001 2000 ----------- ----------- Net Earnings per common share (diluted) $ 0.82 $ 1.18 Special items............................... 0.06 (0.21) Western Resources Acquisition Costs......... 0.08 0.04 Net Earnings before special items ----------- ----------- per common share (diluted)................ $ 0.96 $ 1.01 =========== =========== 2. Itemization of Third Quarter 2001 Non-Recurring Items Pre-tax Net Earnings per common share (diluted) $ 0.82 Write-off of investment in energy-related technology company........ 0.06 $ 4,171 Other Income Western Resources Acquisition Costs........ 0.08 $ 3,397 Other Income Net Earnings before special items ----------- per common share (diluted)............... $ 0.96 =========== 3. Year-to-date and Twelve Months-to-date Earnings Nine Months Twelve Months Ended Ended 9/30/01 9/30/01 Net Earnings per common share (diluted) $ 3.66 $ 4.01 Special items*............................... 0.47 0.64 Western Resources Acquisition costs.......... 0.18 0.25 Net Earnings before special items ---------- ----------- per common share (diluted)................. $ 4.31 $ 4.90 ========== =========== -------------------------------------------------------------------------- 2001 Earnings Estimate Range $4.50+ *Included in the special items are prior write-offs for investments in energy-related technology companies of $0.13 in the first quarter 2001, $0.01 in the second quarter 2001 and $0.06 in the third quarter 2001. 8 Exhibit 99.2 (Continued) 4. Issues Update Issue Status Formation of PNM will form its holding co., PNM Resources, Inc., Holding Co. by Dec. 1, 2001. At the same time, the company has asked the New Mexico Supreme Court to review certain conditions imposed by the PRC in the order approving the holding company. Acquisition of The company has asked a New York court to resolve its Western Resources disagreement with WR regarding the pending acquisition of WR's electric utilities. No timeline has been set. New Long-term PNM is building a 135 MW gas-fired CT plant that will be Power contract operational by the fall of 2002, to help serve the load of the new long-term with Texas-New Mexico Power. The company plans to expand the plant to 220 MW in late 2003. Generating The company's generating plants have been operating at above Resources 84% capacity factor in 2001. Even in the event of unplanned outages, PNM is well-positioned to meet its requirements for power. 9