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)	May 2, 2014
	(May 2, 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
______________________________

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 May 2, 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 ended March 31, 2014. 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, 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 available-for-sale securities, 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 available-for-sale securities, 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 May 2, 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: May 2, 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

May 2, 2014

PNM Resources Reports 2014 First Quarter Results

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

PNM Resources (In millions, except EPS)

	Q1 2014	Q1 2013
GAAP net earnings	$12.5	$10.6
GAAP EPS	$0.16	$0.13
Ongoing earnings	$14.2	$14.7
Ongoing EPS	$0.18	$0.18

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

“In the first quarter, PNM Resources delivered consistent earnings by efficiently managing operations and successfully navigating a still-sluggish economy” said Pat Vincent-Collawn, PNM Resources’ chairman, president, and CEO. “The company is on track financially, and we remain focused on delivering excellent reliability and responding to the needs of our customers. Significantly, on April 30 Standard and Poor’s recognized continued improvements in our business by changing the outlook for PNM Resources, PNM, and TNMP to positive.”

On April 30, the U.S. Environmental Protection Agency (EPA) issued its draft proposed approval for the Revised State Implementation Plan for PNM’s San Juan Generating Station. The company anticipates that EPA will issue a final determination on the plan by the end of September. PNM has also requested approval from the New Mexico Public Regulation Commission for the two-unit retirement and the company’s proposals for replacement power.

SEGMENT REPORTING OF 2014 FIRST QUARTER EARNINGS

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

PNM (In millions, except EPS)

	Q1 2014	Q1 2013
GAAP net earnings	$7.5	$11.4
GAAP EPS	$0.09	$0.14
Ongoing earnings	$9.0	$14.0
Ongoing EPS	$0.11	$0.17

(MORE)

PNM Resources Reports Q1 Earnings5-2-14p. 2 of 3

• In the first quarter, PNM’s ongoing earnings benefitted primarily from rate relief, higher market prices for Palo Verde unit 3, and nuclear decommissioning trust gains. These benefits only partially offset the impacts of weather, a decrease in load, and an increase in power plant outage expenses.

TNMP- an electric transmission and distribution utility in Texas.

TNMP (In millions, except EPS)

	Q1 2014	Q1 2013
GAAP net earnings	$6.8	$3.7
GAAP EPS	$0.09	$0.05
Ongoing earnings	$6.8	$3.7
Ongoing EPS	$0.09	$0.05

• In the first quarter, TNMP’s ongoing earnings benefitted from additional revenue from transmission cost of service rate relief, continued strong load growth, and weather.

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)

	Q1 2014	Q1 2013
GAAP net earnings (loss)	($1.9)	($4.5)
GAAP EPS	($0.02)	($0.06)
Ongoing earnings (loss)	($1.6)	($3.0)
Ongoing EPS	($0.02)	($0.04)

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

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

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

PNM Resources will discuss first quarter 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 first quarter conference call.”

A telephone replay will be available at 2 p.m. Eastern until midnight May 16 by dialing (855) 859-2056 or (404) 537-3406 and using the confirmation code 31424826. Supporting material for PNM Resources’ earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

(MORE)

PNM Resources Reports Q1 Earnings5-2-14p. 3 of 3

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 net earnings, nor their probable impact on GAAP net earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.

(END)

PNM Resources, Inc. and Subsidiaries

Schedule 1

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(in thousands)
Quarter Ended March 31, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	7,542		$	6,803	$	(1,877	)	$	12,468
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1	1,673			—		—			1,673
Net change in unrealized impairments of available-for-sale securities2	(219		)	—		—			(219		)
New Mexico corporate income tax rate change3	—			—		240			240
Total Adjustments	1,454			—		240			1,694
Ongoing Earnings (Loss)	$	8,996		$	6,803	$	(1,637	)	$	14,162
Quarter Ended March 31, 2013
GAAP Net Earnings (Loss) Attributable to PNMR:	$	11,437		$	3,726	$	(4,537	)	$	10,626
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges4	2,962			—		—			2,962
Net change in unrealized impairments of available-for-sale securities2	(362		)	—		—			(362		)
State tax credit impairment3	—			—		1,518			1,518
Total Adjustments	2,600			—		1,518			4,118
Ongoing Earnings (Loss)	$	14,037		$	3,726	$	(3,019	)	$	14,744
2014 income tax effects calculated using tax rates of 35.00% for TNMP and 39.42% for other segments.
2013 income tax effects calculated using tax rates of 35.00% for TNMP and 39.59% for other segments.
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax5 impacts reflected in "Electric Operating Revenues" ($2,923 thousand reduction) and "Cost of energy" ($161 thousand reduction)
2Pre-tax5 impact reflected in "Gains on available-for-sale securities'"
3Impact reflected in "Income Taxes"
4Pre-tax5 impacts reflected in "Electric Operating Revenues" ($5,920 thousand reduction) and "Cost of energy" ($1,018 thousand reduction)
5Tax impacts reflected in "Income Taxes"

PNM Resources, Inc. and Subsidiaries

Schedule 2

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(per diluted share)
Quarter Ended March 31, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.09		$	0.09	$	(0.02	)	$	0.16
Adjusting items
Mark-to-market impact of economic hedges	0.02			—		—			0.02
Net change in unrealized impairments of available-for-sale securities	—			—		—			—
New Mexico corporate income tax rate change	—			—		—			—
Total Adjustments	0.02			—		—			0.02
Ongoing Earnings (Loss)	$	0.11		$	0.09	$	(0.02	)	$	0.18
Average Diluted Shares Outstanding: 80,387,297
Quarter Ended March 31, 2013
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.14		$	0.05	$	(0.06	)	$	0.13
Adjusting items
Mark-to-market impact of economic hedges	0.04			—		—			0.04
Net change in unrealized impairments of available-for-sale securities	(0.01		)	—		—			(0.01		)
State tax credit impairment	—			—		0.02			0.02
Total Adjustments	0.03			—		0.02			0.05
Ongoing Earnings (Loss)	$	0.17		$	0.05	$	(0.04	)	$	0.18
Average Diluted Shares Outstanding: 80,580,184

PNM Resources, Inc. and Subsidiaries

Schedule 3

Condensed Consolidated Statement of Earnings

(Preliminary and Unaudited)

	Three Months Ended March 31,
	2014			2013
	(In thousands, except per share amounts)
Electric Operating Revenues	$	328,897		$	317,665
Operating Expenses:
Cost of energy	112,614			104,706
Administrative and general	43,859			44,691
Energy production costs	47,288			43,573
Depreciation and amortization	41,965			40,807
Transmission and distribution costs	16,906			16,295
Taxes other than income taxes	17,512			16,889
Total operating expenses	280,144			266,961
Operating income	48,753			50,704
Other Income and Deductions:
Interest income	2,117			2,634
Gains on available-for-sale securities	2,573			1,530
Other income	1,574			1,710
Other (deductions)	(2,931		)	(3,350		)
Net other income and deductions	3,333			2,524
Interest Charges	29,535			31,297
Earnings before Income Taxes	22,551			21,931
Income Taxes	6,420			7,969
Net Earnings	16,131			13,962
(Earnings) Attributable to Valencia Non-controlling Interest	(3,531		)	(3,204		)
Preferred Stock Dividend Requirements of Subsidiary	(132		)	(132		)
Net Earnings Attributable to PNMR	$	12,468		$	10,626
Net Earnings Attributable to PNMR per Common Share:
Basic	$	0.16		$	0.13
Diluted	$	0.16		$	0.13
Dividends Declared per Common Share	$	0.185		$	0.165