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)	July 31, 2015
	(July 31, 2015)

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 July 31, 2015, PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing results of operations for the three and six months ended June 30, 2015. 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 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 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 July 31, 2015.

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: July 31, 2015	/s/ Joseph D. Tarry
	Joseph D. Tarry
	Vice President and Corporate Controller
	(Officer duly authorized to sign this report)

EX-99.1

Exhibit 99.1

For Immediate Release

July 31, 2015

PNM Resources Reports Second Quarter Results

2015 Earnings Guidance Affirmed, Conference call set for 11 a.m. Eastern today

PNM Resources (In millions, except EPS)

	Q2 2015	Q2 2014	YTD 2015	YTD 2014
GAAP net earnings	$31.7	$29.1	$46.0	$41.6
GAAP diluted EPS	$0.40	$0.36	$0.57	$0.52
Ongoing net earnings	$35.4	$31.5	$51.8	$45.7
Ongoing diluted EPS	$0.44	$0.39	$0.65	$0.57

(ALBUQUERQUE, N.M.)- PNM Resources (NYSE: PNM) today released the company’s 2015 second quarter earnings results. In addition, management affirmed its 2015 consolidated ongoing earnings guidance range of $1.50 to $1.62 per diluted share.

“PNM Resources is focused on serving our customers and improving our system,” said Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO. “In the second quarter, the company continued to perform as expected and remains on track. Strong numbers in Texas helped maintain our momentum, while in New Mexico we are successfully meeting the challenges of a still soft economy. In the regulatory proceeding on the plan for San Juan Generating Station, PNM expects to deliver the remaining signatures on the restructuring agreement and testimony later today.”

SEGMENT REPORTING OF 2015 SECOND QUARTER AND YEAR TO DATE EARNINGS

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

PNM (In millions, except EPS)

	Q2 2015	Q2 2014	YTD 2015	YTD 2014
GAAP net earnings	$21.4	$20.2	$31.4	$27.8
GAAP diluted EPS	$0.27	$0.25	$0.39	$0.35
Ongoing net earnings	$25.1	$22.5	$36.2	$31.5
Ongoing diluted EPS	$0.31	$0.28	$0.46	$0.39

(MORE)

PNM Resources Reports Q2 Earnings7-31-15p. 2 of 3

•

• In the second quarter, PNM’s ongoing earnings benefited from the half-priced Palo Verde Unit 1 leases, an El Paso Natural Gas FERC tariff refund, income from refined coal, gains from the Palo Verde Nuclear Decommissioning Trust, the purchase of the Rio Bravo Generating Station, AFUDC, and the 2014 impacts of an IRS settlement. These were partially offset by load, the termination of the Gallup wholesale generation contract, off system sales sharing, depreciation and property tax expenses and milder weather.

TNMP - an electric transmission and distribution utility in Texas.

TNMP (In millions, except EPS)

	Q2 2015	Q2 2014	YTD 2015	YTD 2014
GAAP net earnings	$11.9	$9.5	$19.6	$16.3
GAAP diluted EPS	$0.15	$0.12	$0.24	$0.20
Ongoing net earnings	$11.9	$9.6	$19.6	$16.4
Ongoing diluted EPS	$0.15	$0.12	$0.24	$0.20

•

• In the second quarter, TNMP’s ongoing earnings benefitted from rate relief and increased load which were partially offset by higher depreciation and property tax expenses.

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)

	Q2 2015	Q2 2014	YTD 2015	YTD 2014
GAAP net earnings (loss)	$(1.6)	$(0.6)	$(4.9)	$(2.5)
GAAP diluted EPS	$(0.02)	$(0.01)	$(0.06)	$(0.03)
Ongoing net earnings (loss)	$(1.6)	$(0.6)	$(3.9)	$(2.2)
Ongoing diluted EPS	$(0.02)	$(0.01)	$(0.05)	$(0.02)

•

• Corporate and Other benefitted from a net improvement in interest expense related to the retirement of long-term debt in May 2015.  This was more than offset by the impact of the 2014 IRS settlement, which is offset in the PNM segment.

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

SECOND QUARTER CONFERENCE CALL: 11 AM EASTERN TODAY

PNM Resources will discuss second 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.

(MORE)

PNM Resources Reports Q2 Earnings7-31-15p. 3 of 3

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 pre-registering using the following link to receive a special dial-in number and PIN: http://dpregister.com/10069228Telephone participants who are unable to pre-register may participate in the live conference call by dialing (866) 807-9684 or (412) 317-5415 fifteen minutes prior to the event and referencing “the PNM Resources second quarter conference call.”

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 2014 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,707 megawatts of generation capacity and provides electricity to more than 753,000 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)
Three Months Ended June 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	21,381		$	11,865	$	(1,573	)	$	31,673
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1	2,680			—		—			2,680
Net change in unrealized impairments of available-for-sale securities2	727			—		—			727
Regulatory disallowances3	930			—		—			930
(Gain) loss related to previously disposed of activities4	(660		)	—		3			(657		)
Total Adjustments	3,677			—		3			3,680
Ongoing Earnings (Loss)	$	25,058		$	11,865	$	(1,570	)	$	35,353
Six Months Ended June 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	31,371		$	19,559	$	(4,917	)	$	46,013
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges5	3,726			—		—			3,726
Net change in unrealized impairments of available-for-sale securities2	466			—		—			466
New Mexico corporate income tax rate change6	(470		)	—		(203		)	(673		)
Regulatory disallowances3	1,061			—		—			1,061
State tax credit and NOL impairment6	658			—		342			1,000
(Gain) loss related to previously disposed of activities7	(660		)	—		905			245
Total Adjustments	4,781			—		1,044			5,825
Ongoing Earnings (Loss)	$	36,152		$	19,559	$	(3,873	)	$	51,838
2015 income tax effects calculated using tax rates of 35.00% for TNMP and 39.19% for other segments.
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax8 impacts reflected as $4,370 thousand reduction in "Electric Operating Revenues" and $38 thousand increase in "Cost of energy"
2Pre-tax8 impact reflected in "Gains on available-for-sale securities"
3Pre-tax8 impact reflected in "Regulatory disallowances"
4Pre-tax8 impacts reflected as $1,086 thousand increase in "Other income" and $5 thousand increase in "Interest charges"
5Pre-tax8 impacts reflected as $6,018 thousand reduction in "Electric Operating Revenues" and $109 thousand increase in "Cost of energy"
6Impact reflected in "Income Taxes"
7 Pre-tax8 impacts reflected as $1,086 thousand increase in "Other income", $291 thousand increase in "Taxes other than income taxes", $74 thousand increase in "Interest charges", and $1,122 thousand increase in "Other deductions"
8 Tax impacts reflected in "Income Taxes"

PNM Resources, Inc. and Subsidiaries

Schedule 2

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(in thousands)
Three Months Ended June 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	20,214		$	9,534	$	(607	)	$	29,141
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1	258			—		—			258
Net change in unrealized impairments of available-for-sale securities2	(55		)	—		—			(55		)
Process improvement initiatives3	1,115			34		—			1,149
San Juan Coal Company audit arbitration4	1,015			—		—			1,015
Total Adjustments	2,333			34		—			2,367
Ongoing Earnings (Loss)	$	22,547		$	9,568	$	(607	)	$	31,508
Six Months Ended June 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	27,757		$	16,336	$	(2,484	)	$	41,609
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges5	1,931			—		—			1,931
Net change in unrealized impairments of available-for-sale securities2	(274		)	—		—			(274		)
New Mexico corporate income tax rate change6	—			—		241			241
Process improvement initiatives3	1,115			34		—			1,149
San Juan Coal Company audit arbitration4	1,015			—		—			1,015
Total Adjustments	3,787			34		241			4,062
Ongoing Earnings (Loss)	$	31,544		$	16,370	$	(2,243	)	$	45,671
2014 income tax effects calculated using tax rates of 35.00% for TNMP and 39.42% for other segments.
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax7 impacts reflected as $442 thousand reduction in "Electric Operating Revenues" and $16 thousand reduction in "Cost of energy"
2Pre-tax7 impact reflected in "Gains on available-for-sale securities"
3Pre-tax7 impact reflected in "Administrative and general"
4Pre-tax7 impact reflected in "Cost of energy"
5Pre-tax7 impacts reflected as $3,365 thousand reduction in "Electric Operating Revenues" and $177 thousand reduction in "Cost of energy"
6Impact reflected in "Income Taxes"
7Tax impacts reflected in "Income Taxes"

PNM Resources, Inc. and Subsidiaries

Schedule 3

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(per diluted share)
Three Months Ended June 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.27		$	0.15	$	(0.02	)	$	0.40
Adjusting items
Mark-to-market impact of economic hedges	0.03			—		—			0.03
Net change in unrealized impairments of available-for-sale securities	0.01			—		—			0.01
Regulatory disallowances	0.01			—		—			0.01
(Gain) loss related to previously disposed of activities	(0.01		)	—		—			(0.01		)
Total Adjustments	0.04			—		—			0.04
Ongoing Earnings (Loss)	$	0.31		$	0.15	$	(0.02	)	$	0.44
Average Diluted Shares Outstanding: 80,133,154
Six Months Ended June 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.39		$	0.24	$	(0.06	)	$	0.57
Adjusting items
Mark-to-market impact of economic hedges	0.05			—		—			0.05
Net change in unrealized impairments of available-for-sale securities	0.01			—		—			0.01
New Mexico corporate income tax rate change	—			—		—			—
Regulatory disallowances	0.01			—		—			0.01
State tax credit and NOL impairment	0.01			—		—			0.01
(Gain) loss related to previously disposed of activities	(0.01		)	—		0.01			—
Total Adjustments	0.07			—		0.01			0.08
Ongoing Earnings (Loss)	$	0.46		$	0.24	$	(0.05	)	$	0.65
Average Diluted Shares Outstanding: 80,143,056

PNM Resources, Inc. and Subsidiaries

Schedule 4

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM		TNMP		Corporate and Other			Consolidated
	(per diluted share)
Three Months Ended June 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.25	$	0.12	$	(0.01	)	$	0.36
Adjusting items
Mark-to-market impact of economic hedges	—		—		—			—
Net change in unrealized impairments of available-for-sale securities	—		—		—			—
Process improvement initiatives	0.01		—		—			0.01
San Juan Coal Company audit arbitration	0.01		—		—			0.01
Total Adjustments	0.02		—		—			0.02
Ongoing Earnings (Loss)	$	0.28	$	0.12	$	(0.01	)	$	0.39
Average Diluted Shares Outstanding: 80,227,063
Six Months Ended June 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.35	$	0.20	$	(0.03	)	$	0.52
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	—		—		—			—
Process improvement initiatives	0.01		—		—			0.01
San Juan Coal Company audit arbitration	0.01		—		—			0.01
Total Adjustments	0.04		—		—			0.04
Ongoing Earnings (Loss)	$	0.39	$	0.20	$	(0.02	)	$	0.57
Average Diluted Shares Outstanding: 80,307,180
Tables may not appear visually accurate due to rounding.

PNM Resources, Inc. and Subsidiaries

Schedule 5

Condensed Consolidated Statement of Earnings

(Preliminary and Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands, except per share amounts)
Electric Operating Revenues	$	352,887		$	346,160		$	685,755		$	675,057
Operating Expenses:
Cost of energy	114,038			109,419			229,683			222,033
Administrative and general	39,928			45,235			83,787			89,093
Energy production costs	44,790			45,846			87,459			93,134
Regulatory disallowances	1,529			—			1,744			—
Depreciation and amortization	46,049			42,163			91,510			84,130
Transmission and distribution costs	16,868			16,068			33,354			32,974
Taxes other than income taxes	17,271			16,133			36,234			33,644
Total operating expenses	280,473			274,864			563,771			555,008
Operating income	72,414			71,296			121,984			120,049
Other Income and Deductions:
Interest income	1,941			2,040			3,691			4,158
Gains on available-for-sale securities	5,556			4,699			9,580			7,272
Other income	5,717			3,180			10,679			4,754
Other (deductions)	(3,707		)	(2,169		)	(7,370		)	(5,102		)
Net other income and deductions	9,507			7,750			16,580			11,082
Interest Charges	28,913			29,972			59,186			59,506
Earnings before Income Taxes	53,008			49,074			79,378			71,625
Income Taxes	17,353			15,893			25,870			22,313
Net Earnings	35,655			33,181			53,508			49,312
(Earnings) Attributable to Valencia Non-controlling Interest	(3,850		)	(3,908		)	(7,231		)	(7,439		)
Preferred Stock Dividend Requirements of Subsidiary	(132		)	(132		)	(264		)	(264		)
Net Earnings Attributable to PNMR	$	31,673		$	29,141		$	46,013		$	41,609

Net Earnings Attributable to PNMR per Common Share:
Basic	$	0.40	$	0.37	$	0.58	$	0.52
Diluted	$	0.40	$	0.36	$	0.57	$	0.52
Dividends Declared per Common Share	$	0.200	$	0.185	$	0.400	$	0.370