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)	April 29, 2016
	(April 29, 2016)

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 April 29, 2016, 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 months ended March 31, 2016. 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 April 29, 2016.

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: April 29, 2016	/s/ Joseph D. Tarry
	Joseph D. Tarry
	Vice President, Corporate Controller, and Chief Information Officer
	(Officer duly authorized to sign this report)

EX-99.1

Exhibit 99.1

For Immediate Release

April 29, 2016

PNM Resources Reports First Quarter Results2016 Earnings Guidance Affirmed, Conference call set for 11 a.m. Eastern today

PNM Resources (In millions, except EPS)

	Q1 2016	Q1 2015
GAAP net earnings	$10.5	$14.3
GAAP diluted EPS	$0.13	$0.18
Ongoing net earnings	$10.8	$16.5
Ongoing diluted EPS	$0.13	$0.21

(ALBUQUERQUE, N.M.)– PNM Resources (NYSE: PNM) today released the company’s 2016 first quarter earnings results. In addition, management affirmed its 2016 consolidated ongoing earnings guidance of $1.55 to $1.76 per diluted share.

“The company’s performance remains consistent with our expectations. Our general rate case continues to move ahead as we seek approval for recovery of our investments in New Mexico,” said Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO. “As always, we remain focused on providing reliable, affordable and environmentally responsible power, and superior customer service.”

SEGMENT REPORTING OF 2016 FIRST QUARTER EARNINGS

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

PNM (In millions, except EPS)

	Q1 2016	Q1 2015
GAAP net earnings	$4.1	$10.0
GAAP diluted EPS	$0.05	$0.12
Ongoing net earnings	$4.1	$11.1
Ongoing diluted EPS	$0.05	$0.14

(MORE)

PNM Resources Reports Q1 Earnings            4-29-16                    p. 2 of 4

• In the first quarter, PNM’s ongoing earnings benefitted primarily from the elimination of Palo Verde Unit 2 lease costs following the purchase of 64 MW’s of leases in January 2016. This was more than offset by plant outage costs, increased depreciation expense and property tax from new investments, lower Palo Verde Unit 3 market sales prices and higher interest expense from the issuance of new long-term debt.

TNMP – an electric transmission and distribution utility in Texas.

TNMP (In millions, except EPS)

	Q1 2016	Q1 2015
GAAP net earnings	$7.5	$7.7
GAAP diluted EPS	$0.09	$0.10
Ongoing net earnings	$7.5	$7.7
Ongoing diluted EPS	$0.09	$0.10

• In the first quarter, TNMP’s ongoing earnings benefitted from transmission rate relief, offset by milder weather and higher depreciation and property tax expenses resulting from additional capital investments.

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 2016	Q1 2015
GAAP net earnings (loss)	$(1.1)	$(3.3)
GAAP diluted EPS	$(0.01)	$(0.04)
Ongoing net earnings (loss)	$(0.8)	$(2.3)
Ongoing diluted EPS	$(0.01)	$(0.03)

• Corporate and Other benefitted from a net improvement in interest expense related to the repayment of long-term debt in May 2015 and net interest earned on the loan provided to Westmoreland Coal Company to finance its purchase of the San Juan Coal Company.

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

(MORE)

PNM Resources Reports Q1 Earnings            4-29-16                    p. 3 of 4

FIRST QUARTER CONFERENCE CALL: 11 AM 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 pre-registering using the following link to receive a special dial-in number and PIN: http://dpregister.com/10083356. Telephone participants who are unable to pre-register mayparticipate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing “the PNM Resources first 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 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

CONTACTS:

Analysts                        Media

Jimmie Blotter                        Pahl 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, Inc.’s (“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.

(MORE)

PNM Resources Reports Q1 Earnings            4-29-16                    p. 4 of 4

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 March 31, 2016
GAAP Net Earnings (Loss) Attributable to PNMR	$	4,142		$	7,456	$	(1,052	)	$	10,546
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1	(875		)	—		—			(875		)
Net change in unrealized impairments of available-for-sale securities2	(986		)	—		—			(986		)
New Mexico corporate income tax rate change8	804			—		(92		)	712
Regulatory disallowances and restructuring costs3	472			—		357			829
Pension expense related to previously disposed of gas distribution business4	564			—					564
Total Adjustments	(21		)	—		265			244
Ongoing Earnings (Loss)	$	4,121		$	7,456	$	(787	)	$	10,790
Three Months Ended March 31, 2015
GAAP Net Earnings (Loss) Attributable to PNMR	$	9,990		$	7,694	$	(3,344	)	$	14,340
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges5	1,045			—		—			1,045
Net change in unrealized impairments of available-for-sale securities2	(261		)	—		—			(261		)
New Mexico corporate income tax rate change8	(470		)	—		(203		)	(673		)
Regulatory disallowances6	131			—		—			131
State tax credit and NOL impairment8	658			—		342			1,000
Loss related to previously disposed of activities7	—			—		902			902
Total Adjustments	1,103			—		1,041			2,144
Ongoing Earnings (Loss)	$	11,093		$	7,694	$	(2,303	)	$	16,484
2016 income tax effects calculated using tax rates of 35.00% for TNMP and 39.02% for other segments.
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 $1,364 thousand increase in "Electric Operating Revenues" and $71 thousand reduction in "Cost of energy"
2Pre-tax8 impact reflected in "Gains on available-for-sale securities"
3Pre-tax8 impact reflected as $774 thousand increase in "Regulatory disallowances and restructuring costs" and $586 thousand increase in "Other (deductions)"
4Pre-tax8 impact reflected in "Administrative and general"
5Pre-tax8 impacts reflected as $1,648 thousand reduction in "Electric Operating Revenues" and $71 thousand increase in "Cost of energy"
6Pre-tax8 impact reflected in "Regulatory disallowances and restructuring costs"
7Pre-tax8 impacts reflected as $291 thousand increase in "Taxes other than income taxes", $69 thousand increase in "Interest charges", and $1,122 thousand increase in "Other (deductions)"
8Tax 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)
Three Months Ended March 31, 2016
GAAP Net Earnings (Loss) Attributable to PNMR	$	0.05		$	0.09	$	(0.01	)	$	0.13
Adjusting items
Mark-to-market impact of economic hedges	(0.01		)	—		—			(0.01		)
Net change in unrealized impairments of available-for-sale securities	(0.01		)	—		—			(0.01		)
New Mexico corporate income tax rate change	0.01			—		—			0.01
Regulatory disallowances and restructuring costs	0.01			—		—			0.01
Pension expense related to previously disposed of gas distribution business	—			—		—			—
Total Adjustments	—			—		—			—
Ongoing Earnings (Loss)	$	0.05		$	0.09	$	(0.01	)	$	0.13
Average Diluted Shares Outstanding: 80,163,736
Three Months Ended March 31, 2015
GAAP Net Earnings (Loss) Attributable to PNMR	$	0.12		$	0.10	$	(0.04	)	$	0.18
Adjusting items
Mark-to-market impact of economic hedges	0.01			—		—			0.01
Net change in unrealized impairments of available-for-sale securities	—			—		—			—
New Mexico corporate income tax rate change	—			—		—			—
Regulatory disallowances	—			—		—			—
State tax credit and NOL impairment	0.01			—		—			0.01
Loss related to previously disposed of activities	—			—		0.01			0.01
Total Adjustments	0.02			—		0.01			0.03
Ongoing Earnings (Loss)	$	0.14		$	0.10	$	(0.03	)	$	0.21
Average Diluted Shares Outstanding: 80,152,957

PNM Resources, Inc. and Subsidiaries

Schedule 3

Condensed Consolidated Statement of Earnings

(Preliminary and Unaudited)

	Three Months Ended March 31,
	2016			2015
	(In thousands, except per share amounts)
Electric Operating Revenues	$	310,961		$	332,868
Operating Expenses:
Cost of energy	92,369			115,645
Administrative and general	47,109			43,859
Energy production costs	42,686			42,669
Regulatory disallowances and restructuring costs	774			215
Depreciation and amortization	49,829			45,461
Transmission and distribution costs	16,594			16,487
Taxes other than income taxes	20,092			18,963
Total operating expenses	269,453			283,299
Operating income	41,508			49,569
Other Income and Deductions:
Interest income	3,622			1,750
Gains on available-for-sale securities	6,218			4,024
Other income	4,264			4,961
Other (deductions)	(2,999		)	(3,662		)
Net other income and deductions	11,105			7,073
Interest Charges	31,491			30,273
Earnings before Income Taxes	21,122			26,369

Income Taxes	7,157			8,517
Net Earnings	13,965			17,852
(Earnings) Attributable to Valencia Non-controlling Interest	(3,287		)	(3,380		)
Preferred Stock Dividend Requirements of Subsidiary	(132		)	(132		)
Net Earnings Attributable to PNMR	$	10,546		$	14,340
Net Earnings Attributable to PNMR per Common Share:
Basic	$	0.13		$	0.18
Diluted	$	0.13		$	0.18
Dividends Declared per Common Share	$	0.22		$	0.20