8-K

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)	February 28, 2014
	(February 28, 2014)

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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 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))

Item 2.02Results of Operations and Financial Condition.

On February 28, 2014, PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing its results of operations for the three months and year ended December 31, 2013. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

The Company's press release and other communications from time to time may include certain financial measures that are not determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A “non-GAAP financial measure” is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company include presentations, on an ongoing basis, of revenues, operating expenses, operating income, other income and deductions, net earnings, and earnings per share. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals for management and employees. Certain non-GAAP financial measures utilized by the Company exclude the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized impairments on assets held in trusts for nuclear decommissioning, and certain other non-recurring or infrequent items. The Company's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of fundamental changes in the earnings capacity of the Company's operations. Management also believes that the presentation of the non-GAAP financial measures is largely consistent with its past practice, as well as industry practice in general, and will enable investors and analysts to compare current non-GAAP measures with non-GAAP measures with respect to prior periods.

The non-GAAP financial measures used by the Company should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP earnings, nor their probable impact on GAAP earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance. Reconciling items may include revenues and expenses resulting from transactions that do not occur in the normal course of the Company's business operations, as well as net unrealized mark-to-market gains and losses on economic hedges and the net change in unrealized impairments on assets held in trusts for nuclear decommissioning, as discussed above.

Limitation on Incorporation by Reference

In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section and not deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits:

Exhibit NumberDescription

99.1        Press Release dated February 28, 2014.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

	PNM RESOURCES, INC.
	PUBLIC SERVICE COMPANY OF NEW MEXICO
	TEXAS-NEW MEXICO POWER COMPANY
	(Registrants)
Date: February 28, 2014	/s/ Thomas G. Sategna
	Thomas G. Sategna
	Vice President and Corporate Controller
	(Officer duly authorized to sign this report)

EX-99.1

Exhibit 99.1

For Immediate Release

February 28, 2014

PNM Resources Reports 2013 Q4 and Year-End Results

2014 Guidance Affirmed, Conference Call Set for 11 a.m. EST Today

PNM Resources (In millions, except EPS)

	Q4 2013	Q4 2012	YE 2013	YE 2012
GAAP net earnings	$7.6	$9.1	$100.5	$105.5
GAAP EPS	$0.10	$0.11	$1.25	$1.31
Ongoing net earnings	$16.7	$10.5	$113.5	$105.6
Ongoing EPS	$0.21	$0.13	$1.41	$1.31

(ALBUQUERQUE, N.M.) - PNM Resources (NYSE: PNM) today released the company’s 2013 fourth quarter and year-end earnings results. In addition, management affirmed its 2014 consolidated ongoing earnings guidance range of $1.42 to $1.52 per diluted share.

“2013 was another year of operational and financial success as a result of running our regulated utilities efficiently and keeping the needs of our customers a top priority,” said Pat Vincent-Collawn, PNM Resources’ chairman, president, and CEO. “We delivered continued high levels of reliability in New Mexico and Texas, achieved strong financial results across the company, and successfully managed our New Mexico business in an economy that continues to face challenges. In the year ahead, we will keep our focus on continuing these successes as well as constructively working through the regulatory process, particularly as it relates to the San Juan Generating Station.”

Vincent-Collawn also noted that on January 30, Moody’s raised the credit rating of PNM Resources, PNM and TNMP. “The upgrade is a reflection of Moody’s more favorable view of the financial strength of utilities in general, but it is also an important milestone for the company, as all three entities are now rated investment grade by both Moody’s and Standard and Poor’s,” she added. Moody’s continues to have the company on positive outlook.

SEGMENT REPORTING OF 2013 FOURTH QUARTER & YEAR-END EARNINGS

PNM- a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.

PNM (In millions, except EPS)

	Q4 2013	Q4 2012	YE 2013	YE 2012
GAAP net earnings	$2.5	$5.8	$87.6	$91.0
GAAP EPS	$0.03	$0.07	$1.09	$1.13
Ongoing net earnings	$11.5	$7.3	$93.5	$91.7
Ongoing EPS	$0.14	$0.09	$1.16	$1.14

PNM Resources Reports Q4 Earnings2-28-14p. 2 of 3

• In the fourth quarter, PNM’s ongoing earnings benefitted primarily from a reduction in power plant outages, cost control, weather and AFUDC. These were offset primarily by a decrease in load and a contribution to the PNM Resources Foundation.

TNMP- an electric transmission and distribution utility in Texas.

TNMP (In millions, except EPS)

	Q4 2013	Q4 2012	YE 2013	YE 2012
GAAP net earnings	$6.9	$6.6	$29.1	$26.7
GAAP EPS	$0.09	$0.08	$0.36	$0.33
Ongoing net earnings	$6.9	$6.5	$29.1	$26.8
Ongoing EPS	$0.09	$0.08	$0.36	$0.33

• In the fourth quarter, TNMP’s ongoing earnings benefitted from additional revenue from rate relief, continued strong load growth, and weather. These were partially offset by an increase in operations and maintenance expenses and a contribution to the PNM Resources Foundation.

Corporate and Other - a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense related to debt.

Corporate and Other (In millions, except EPS)

	Q4 2013	Q4 2012	YE 2013	YE 2012
GAAP net earnings	($1.8)	($3.4)	($16.2)	($12.2)
GAAP EPS	($0.02)	($0.04)	($0.20)	($0.15)
Ongoing net earnings	($1.7)	($3.4)	($9.1)	($12.9)
Ongoing EPS	($0.02)	($0.04)	($0.11)	($0.16)

• In the fourth quarter, Corporate and Other’s ongoing earnings benefitted primarily from lower interest expense.

Financial materials are available at http://www.pnmresources.com/investors/results.cfm.

FOURTH QUARTER CONFERENCE CALL: 11 A.M. EASTERN TODAY

PNM Resources will discuss fourth quarter and year-end earnings results during a live conference call and webcast today at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.

A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. Investors and analysts can participate in the live conference call by dialing (877) 377-7098 or (631) 291-4547 five to 10 minutes prior to the event and referencing “the PNM Resources fourth quarter conference call.”

(MORE)

PNM Resources Reports Q4 Earnings2-28-14p. 3 of 3

A telephone replay will be available at 2 p.m. Eastern until midnight March 14 by dialing (855) 859-2056 or (404) 537-3406 and using the confirmation code 51363320. Supporting material for PNM Resources’ earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2013 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,572 megawatts of generation capacity and provides electricity to more than 746,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com

CONTACTS:

AnalystsMedia

Jimmie BlotterPahl Shipley

(505) 241-2227(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release that relate to future events or PNM Resources’ (“PNMR”), Public Service Company of New Mexico’s (“PNM”), or Texas-New Mexico Power Company’s (“TNMP”) (collectively, the “Company”) expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

Non-GAAP Financial Measures

The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with generally accepted accounting principles in the U.S. (GAAP). The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company’s calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP earnings, nor their probable impact on GAAP earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.

(END)

PNM Resources

Schedule 1

Reconciliation of Ongoing to GAAP Earnings

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(in thousands)
Quarter Ended December 31, 2013
GAAP Net Earnings (Loss) Attributable to PNMR:	$	2,507		$	6,920	$	(1,780	)	$	7,647
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges	2,411			—		—			2,411
Net change in unrealized impairments of NDT securities	226			—		—			226
Loss on reacquired debt	—			—		57			57
Regulatory disallowance	6,343			—		—			6,343
Total Adjustments	8,980			—		57			9,037
Ongoing Earnings (Loss)	$	11,487		$	6,920	$	(1,723	)	$	16,684
Year Ended December 31, 2013
GAAP Net Earnings (Loss) Attributable to PNMR:	$	87,627		$	29,090	$	(16,210	)	$	100,507
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	(1,127		)	—		—			(1,127		)
Net change in unrealized impairments of NDT securities	(380		)	—		—			(380		)
Loss on reacquired debt	—			—		1,964			1,964
State tax credit impairment	—			—		3,880			3,880
Regulatory disallowance	7,391			—		—			7,391
Total Adjustments	5,884			—		7,078			12,962
Ongoing Earnings (Loss)	$	93,511		$	29,090	$	(9,132	)	$	113,469
Income tax effects calculated using tax rates of 35.00% for TNMP and 39.59% for all other segments unless otherwise indicated

PNM Resources

Schedule 2

Reconciliation of Ongoing to GAAP Earnings

(Preliminary and Unaudited)

	PNM			TNMP			Corporate and Other			Consolidated
	(in thousands)
Quarter Ended December 31, 2012
GAAP Net Earnings (Loss) Attributable to PNMR:	$	5,812		$	6,634		$	(3,354	)	$	9,092
Adjusting items, net of income tax effects
Building consolidation	4,180			935			—			5,115
Mark-to-market impact of economic hedges	(2,823		)	—			—			(2,823		)
Net change in unrealized impairments of NDT securities	135			—			—			135
TNMP 1999/2000 transmission rate settlement	—			(1,036		)	—			(1,036		)
Total Adjustments	1,492			(101		)	—			1,391
Ongoing Earnings (Loss)	$	7,304		$	6,533		$	(3,354	)	$	10,483
Year Ended December 31, 2012
GAAP Net Earnings (Loss) Attributable to PNMR:	$	91,023		$	26,747		$	(12,223	)	$	105,547
Adjusting items, net of income tax effects
Building consolidation	4,324			976			—			5,300
Gain on sale of First Choice Power(1)	—			—			(651		)	(651		)
Mark-to-market impact of economic hedges	(965		)	—			—			(965		)
Net change in unrealized impairments of NDT securities	(3,128		)	—			—			(3,128		)
Process improvement initiatives	427			125			—			552
TNMP 1999/2000 transmission rate settlement	—			(1,036		)	—			(1,036		)
Total Adjustments	658			65			(651		)	72
Ongoing Earnings (Loss)	$	91,681		$	26,812		$	(12,874	)	$	105,619
Income tax effects calculated using tax rates of 35.00% for TNMP and 39.59% for all other segments unless otherwise indicated
(1) Gain on sale of First Choice Power is net of income taxes of $361

PNM Resources

Schedule 3

Reconciliation of Ongoing to GAAP Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(per diluted share)
Quarter Ended December 31, 2013
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.03		$	0.09	$	(0.02	)	$	0.10
Adjusting items
Mark-to-market impact of economic hedges	0.03			—		—			0.03
Net change in unrealized impairments of NDT securities	—			—		—			—
Loss on reacquired debt	—			—		—			—
Regulatory disallowance	0.08			—		—			0.08
Total Adjustments	0.11			—		—			0.11
Ongoing Earnings (Loss)	$	0.14		$	0.09	$	(0.02	)	$	0.21
Average Diluted Shares Outstanding: 80,355,172
Year Ended December 31, 2013
GAAP Net Earnings (Loss) Attributable to PNMR:	$	1.09		$	0.36	$	(0.20	)	$	1.25
Adjusting items
New Mexico corporate income tax rate change	—			—		0.02			0.02
Mark-to-market impact of economic hedges	(0.01		)	—		—			(0.01		)
Net change in unrealized impairments of NDT securities	—			—		—			—
Loss on reacquired debt	—			—		0.02			0.02
State tax credit impairment	—			—		0.05			0.05
Regulatory disallowance	0.09			—		—			0.09
Total Adjustments	0.08			—		0.09			0.16
Ongoing Earnings (Loss)	$	1.16		$	0.36	$	(0.11	)	$	1.41
Average Diluted Shares Outstanding: 80,430,929

Tables may not appear visually accurate due to rounding.

PNM Resources

Schedule 4

Reconciliation of Ongoing to GAAP Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP			Corporate and Other			Consolidated
	(per diluted share)
Quarter Ended December 31, 2012
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.07		$	0.08		$	(0.04	)	$	0.11
Adjusting items
Building consolidation	0.05			0.01			—			0.06
Mark-to-market impact of economic hedges	(0.04		)	—			—			(0.04		)
Net change in unrealized impairments of NDT securities	0.01			—			—			0.01
TNMP 1999/2000 transmission rate settlement	—			(0.01		)	—			(0.01		)
Total Adjustments	0.02			—			—			0.02
Ongoing Earnings (Loss)	$	0.09		$	0.08		$	(0.04	)	$	0.13
Average Diluted Shares Outstanding: 80,435,093
Year Ended December 31, 2012
GAAP Net Earnings (Loss) Attributable to PNMR:	$	1.13		$	0.33		$	(0.15	)	$	1.31
Adjusting items
Building consolidation	0.05			0.01			—			0.06
Gain on sale of First Choice Power	—			—			(0.01		)	(0.01		)
Mark-to-market impact of economic hedges	(0.01		)	—			—			(0.01		)
Net change in unrealized impairments of NDT securities	(0.04		)	—			—			(0.04		)
Process improvement initiatives	0.01			—			—			0.01
TNMP 1999/2000 transmission rate settlement	—			(0.01		)	—			(0.01		)
Total Adjustments	0.01			—			(0.01		)	—
Ongoing Earnings (Loss)	$	1.14		$	0.33		$	(0.16	)	$	1.31
Average Diluted Shares Outstanding: 80,416,633