8-K 1 f8k_12172003pnmr.txt HEARING EXAMINER ENDORSES PNM GAS RATES PROPOSAL 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 events reported) December 17, 2003 ------------------------ (December 16, 2003) ------------------------ Commission Name of Registrants, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. ----------- -------------------------------------------- ------------------ 333-32170 PNM Resources, Inc. 85-0468296 (A New Mexico Corporation) Alvarado Square Albuquerque, New Mexico 87158 (505) 241-2700 1-6986 Public Service Company of New Mexico 85-0019030 (A New Mexico Corporation) Alvarado Square Albuquerque, New Mexico 87158 (505) 241-2700 ------------------------------ (Former name, former address and former fiscal year, if changed since last report) Item 5. Other Events The following is a press release issued by the Company on December 16, 2003. Hearing Examiner Endorses PNM Gas Rates Proposal ALBUQUERQUE, N.M., December 16, 2003 - A New Mexico Public Regulation Commission hearing examiner has recommended that the commission approve a $22 million revenue increase for the PNM Resources (NYSE: PNM) gas utility. The proposed settlement modifies an earlier agreement rejected by the commission last month. The new plan leaves intact the 10.25 percent return on equity provided in the original agreement, but postpones the start of the residential portion of the rate increase until April 2004. New rates for business customers would take effect as soon as the commission issues a final order in the case. PNM estimates the company would have collected an additional $11.7 million in gas margin during the 2003-2004 winter months if the new residential rates had been implemented in November 2003 as originally requested. The commission has until February 9 to vote on the settlement. Parties to the agreement include the commission staff and the New Mexico Industrial Energy Consumers. PNM Resources is an energy holding company based in Albuquerque, New Mexico. PNM, the principal subsidiary of PNM Resources, serves about 450,000 natural gas customers and 390,000 electric customers in New Mexico. The company also sells power on the wholesale market in the Western U.S. PNM Resources stock is traded primarily on the NYSE under the symbol PNM. For more information about our company, see our web site at www.pnm.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -------------------------------------------------------------------------------- Statements made in this filing and documents the Company files with the SEC that relate to future events or the Company expectations, projections, estimates, intentions, goals, targets and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. You are cautioned that all forward-looking statements are based upon current expectations and estimates and we assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by the forward-looking statements, PNM Resources cautions you not to place undue reliance on these statements. Many factors could cause actual results to differ, and will affect the Company's future financial condition, cash flow and operating results. These factors include interest rates, weather, fuel costs, changes in supply and demand in the market for electric power, wholesale power prices, market liquidity, the competitive environment in the electric and natural gas industries, the performance of generating units and transmission system, state and federal regulatory and legislative decisions and actions, the outcome of legal proceedings and the performance of state, regional and national economies. For a detailed discussion of the important factors that affect PNM Resources and that could cause actual results to differ from those expressed or implied by the Company's forward-looking statements, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's current and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and the Company's current and future Current Reports on Form 8-K, filed with the SEC. 2 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PNM RESOURCES, INC. AND PUBLIC SERVICE COMPANY OF NEW MEXICO ---------------------------------------------- (Registrants) Date: December 17, 2003 /s/ John R. Loyack ---------------------------------------------- John R. Loyack Senior Vice President and Chief Financial Officer (Officer duly authorized to sign this report) 3