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0000950135-06-001620.txt : 20060315 0000950135-06-001620.hdr.sgml : 20060315 20060315172140 ACCESSION NUMBER: 0000950135-06-001620 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060315 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060315 DATE AS OF CHANGE: 20060315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC RESOURCES /NV/ CENTRAL INDEX KEY: 0000741508 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880198358 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08788 FILM NUMBER: 06689140 BUSINESS ADDRESS: STREET 1: PO BOX 30150 STREET 2: 6100 NEIL RD CITY: RENO STATE: NV ZIP: 89511 BUSINESS PHONE: 7758344011 MAIL ADDRESS: STREET 1: P O BOX 30150 STREET 2: 6100 NEIL ROAD CITY: RENO STATE: NV ZIP: 89511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC POWER CO CENTRAL INDEX KEY: 0000090144 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880044418 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00508 FILM NUMBER: 06689141 BUSINESS ADDRESS: STREET 1: 6100 NEIL RD STREET 2: P O BOX 10100 CITY: RENO STATE: NV ZIP: 89520-0400 BUSINESS PHONE: 7026895408 MAIL ADDRESS: STREET 1: 6100 NEIL ROAD STREET 2: P.O. BOX 10100 CITY: RENO STATE: NV ZIP: 89520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEVADA POWER CO CENTRAL INDEX KEY: 0000071180 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 880045330 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-28348 FILM NUMBER: 06689142 BUSINESS ADDRESS: STREET 1: 6226 W SAHARA AVE CITY: LAS VEGAS STATE: NV ZIP: 89146 BUSINESS PHONE: 7023675000 MAIL ADDRESS: STREET 1: P O BOX 230 CITY: LAS VEGAS STATE: NV ZIP: 89151 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN NEVADA POWER CO DATE OF NAME CHANGE: 19701113 8-K 1 b59833spe8vk.htm FORM 8-K - SIERRA PACIFIC RESOURCES, INC. e8vk

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) March 15, 2006


Commission File Number	Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone Number	I.R.S. Employer Identification Number

1-08788	SIERRA PACIFIC RESOURCES Nevada P.O. Box 10100 (6100 Neil Road) Reno, Nevada 89520-0400 (89511) (775) 834-4011	88-0198358

2-28348	NEVADA POWER COMPANY Nevada 6226 West Sahara Avenue Las Vegas, Nevada 89146 (702) 367-5000	88-0420104

0-00508	SIERRA PACIFIC POWER COMPANY Nevada P.O. Box 10100 (6100 Neil Road) Reno, Nevada 89520-0400 (89511) (775) 834-4011	88-0044418

None

(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


	Section 7—Regulation FD
	Item 7.01 Regulation FD Disclosure
	Section 9—Financial Statements and Exhibits
	Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Ex-99.1 Information from investor presentation

Section 7—Regulation FD

Item 7.01 Regulation FD Disclosure

Sierra Pacific Resources will be conducting meetings with investors, bankers and analysts. Exhibit 99.1 hereto contains certain information that will be included in presentations made by Sierra Pacific Resources together with reconciliations of non-GAAP financial information to the most directly comparable financial measures calculated and presented in accordance with GAAP. Pursuant to general instruction B.2 to Form 8-K, the information furnished pursuant to Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Section 9—Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Information from investor presentation.

SIGNATURES

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


	Sierra Pacific Resources (Registrant)
Date: March 15, 2006	By:	/s/ John E. Brown
		John E. Brown
		Controller

	Nevada Power Company (Registrant)
Date: March 15, 2006	By:	/s/ John E. Brown
		John E. Brown
		Controller

	Sierra Pacific Power Company (Registrant)
Date: March 15, 2006	By:	/s/ John E. Brown
		John E. Brown
		Controller

EX-99.1 2 b59833spexv99w1.htm EX-99.1 INFORMATION FROM INVESTOR PRESENTATION exv99w1

Exhibit 99.1

The information set forth below are reconciliations of certain non-GAAP financial information that will be included in presentations to investors, bankers and analysts. The information furnished pursuant to this exhibit shall not be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The following tables define Funds from Operations (FFO) and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the periods shown below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in Thousands)

Sierra Pacific Resources

Funds From Operations (FFO)


	Year ended December 31,
	2005			2004			2003			2002
Net Income (Loss)	$	86,137		$	32,471		$	(136,629	)	$	(303,621	)

Non-Cash items included in net income
Depreciation and amortization		214,662			205,647			191,259			174,200
Deferred taxes and deferred investment tax credit		41,609			33,690			(50,724	)		(169,714	)
AFUDC and capitalized interest		(45,013	)		(14,536	)		(11,741	)		(5,234	)
Deferred Energy Costs Disallowed		—			1,586			90,964			493,053
Goodwill Impairment		—			11,695			—			—
Early retirement and severance amortization		—			—			2,786			2,706
Unrealized loss on derivative instrument		—			—			46,065			—
Impairment of assets of subsidiary		—			—			32,911			—
Loss on disposal of discontinued operations		—			2,346			9,555			—
Plant Costs disallowed		—			47,092			—			—
Other non-cash		(4,119	)		(27,353	)		(7,131	)		10,341
Funds from Operations (Before Deferred Energy Costs)		293,276			292,638			167,315			201,731

Amortization Deferred energy costs — electric		188,221			265,418			250,134			176,718
Amortization Deferred energy costs — gas		1,446			3,242			13,095			13,231
Deferral of energy costs — electric plus terminated suppliers		(241,103	)(1)		(147,589	)		(179,827	)		(434,279	)
Deferral of energy costs — gas		(2,519	)		(7,480	)		2,592			10,270
Adjusted Funds from Operations	$	239,321		$	406,229		$	253,309		$	(32,329	)


Long-term Debt		3,817,122			4,081,281			3,579,674			3,266,281
Current maturities of long term debt plus short-term debt		58,909			8,491			243,970			672,895

Total Debt	$	3,876,031		$	4,089,772		$	3,823,644		$	3,899,176

Preferred Stock		50,000			50,000			50,000			50,000

Net interest expense		284,927			306,427			366,282			279,057
AFUDC		(24,691	)		(8,587	)		(5,976	)		(5,270	)

Adjusted Interest Expense	$	309,618		$	315,014		$	372,258		$	284,327

Debt/Funds from operations		13.22x			13.98x			22.85x			19.33x
Debt/adjusted FFO		16.20x			10.07x			15.09x			-120.61x
Funds from Operations Interest Coverage		1.95x			1.93x			1.45x			1.71x
Adjusted Funds From Operations Interest Coverage		1.77x			2.29x			1.68x			0.89x
Common shareholders equity	$	2,060,154		$	1,498,616		$	1,435,394		$	1,327,166
Total Capitalization	$	5,986,185		$	5,638,388		$	5,309,038		$	5,276,342
Debt/Capitalization		64.75	%		72.53	%		72.02	%		73.90	%

(1) For 2005, deferral of energy costs electric plus terminated suppliers does not include the non-cash net change in deferred energy of $218 million associated primarily with the November 2005 settlement with Enron.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in Thousands)

Nevada Power Company

Funds From Operations (FFO)


	Year ended December 31,
	2005			2004			2003			2002
Net Income (Loss)	$	132,734		$	104,312		$	19,277		$	(235,070	)

Non-Cash items included in net income
Depreciation and amortization		124,098			118,841			109,655			98,198
Deferred taxes and deferred investment tax credit		86,910			57,066			2,710			(131,076	)
AFUDC and capitalized interest		(41,870	)		(9,969	)		(5,545	)		(3,259	)
Deferred Energy Costs Disallowed		—			1,586			45,964			434,125
Plant Costs disallowed		—			—			—			—
Other non-cash		(7,433	)		(44,149	)		(8,962	)		(6,332	)
Funds from Operations (Before Deferred Energy Costs)		294,439			227,687			163,099			156,586

Amortization Deferred energy costs		131,471			228,765			204,610			146,554
Deferral of energy costs plus terminated suppliers		(186,338	)(1)		(112,992	)		(131,591	)		(338,152	)
Adjusted Funds from Operations	$	239,572		$	343,460		$	236,118		$	(35,012	)


Long-term Debt		2,214,063			2,275,690			1,899,709			1,683,310
Current maturities of long term debt		6,509			6,091			135,570			354,677

Total Debt	$	2,220,572		$	2,281,781		$	2,035,279		$	2,037,987

Net interest expense		134,657			137,388			190,472			132,510
AFUDC		(23,187	)		(5,738	)		(2,700	)		(3,412	)

Adjusted Interest Expense	$	157,844		$	143,126		$	193,172		$	135,922

Debt/Funds from operations		7.54x			10.02x			12.48x			13.02x
Debt/adjusted FFO		9.27x			6.64x			8.62x			-58.21x
Funds from Operations Interest Coverage		2.87x			2.59x			1.84x			2.15x
Adjusted Funds From Operations Interest Coverage		2.52x			3.40x			2.22x			0.74x
Common shareholders equity	$	1,762,089		$	1,436,788		$	1,174,645		$	1,149,131
Total Capitalization	$	3,982,661		$	3,718,569		$	3,209,924		$	3,187,118
Debt/Capitalization		55.76	%		61.36	%		63.41	%		63.94	%

(1) For 2005, deferral of energy costs electric plus terminated suppliers does not include the non-cash net change in deferred energy of $155 million associated primarily with the November 2005 settlement with Enron.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in Thousands)

Sierra Pacific Power Company

Funds From Operations (FFO)


	Year ended December 31,
	2005			2004			2003			2002
Net Income (Loss)	$	52,074		$	18,577		$	(23,275	)	$	(13,968	)

Non-Cash items included in net income Depreciation and amortization		90,569			86,806			81,514			76,373
Deferred taxes and deferred investment tax credit		209			11,640			(23,676	)		(5,107	)
AFUDC and capitalized interest		(3,143	)		(4,567	)		(6,196	)		(1,975	)
Deferred Energy Costs Disallowed		—			—			45,000			58,928
Early retirement and severance amortization		—			—			2,786			2,706
Plant Costs disallowed		—			47,092			—			—
Other non-cash		318			474			(5,203	)		(4,093	)
Funds from Operations (Before Deferred Energy Costs)		140,027			160,022			70,950			112,864

Amortization Deferred energy costs — electric		56,750			36,653			45,524			30,164
Amortization Deferred energy costs — gas		1,446			3,241			13,095			13,231
Deferral of energy costs — electric plus terminated suppliers		(54,765	)(1)		(34,598	)		(48,236	)		(96,127	)
Deferral of energy costs — gas		(2,519	)		(7,480	)		2,592			10,270
Adjusted Funds from Operations	$	140,939		$	157,838		$	83,925		$	70,402


Long-term Debt		941,804			994,309			912,800			914,788
Current maturities of long term debt plus short term debt		52,400			2,400			108,400			101,400

Total Debt	$	994,204		$	996,709		$	1,021,200		$	1,016,188

Preferred Stock		50,000			50,000			50,000			50,000

Net interest expense		69,067			62,831			96,093			75,279
AFUDC		(1,504	)		(2,849	)		(3,276	)		(1,858	)

Adjusted Interest Expense	$	70,571		$	65,680		$	99,369		$	77,137

Debt/Funds from operations		7.10x			6.23x			14.39x			9.00x
Debt/adjusted FFO		7.05x			6.31x			12.17x			14.43x
Funds from Operations Interest Coverage		2.98x			3.44x			1.71x			2.46x
Adjusted Funds From Operations Interest Coverage		3.00x			3.40x			1.84x			1.91x
Common shareholders equity	$	727,777		$	705,395		$	593,771		$	639,295
Total Capitalization	$	1,771,981		$	1,752,104		$	1,664,971		$	1,705,483
Debt/Capitalization		56.11	%		56.89	%		61.33	%		59.58	%

(1) For 2005, deferral of energy costs electric plus terminated suppliers does not include the non-cash net change in deferred energy of $63 million associated primarily with the November 2005 settlement with Enron.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands)

Sierra Pacific Resources

EBITDA


	Year ended December 31,
	2005			2004			2003			2002
Net Income (Loss)	$	86,137		$	32,471		$	(136,629	)	$	(303,621	)

Interest Charges		284,927			306,427			366,282			279,057
Income taxes		43,173			20,631			(44,207	)		(161,191	)
Depreciation and Amortization		214,662			205,647			191,259			174,200


EBITDA	$	628,899		$	565,176		$	376,705		$	(11,555	)


EBITDA/Interest Expense		2.03x			1.79x			1.01x			-0.04x
Debt/EBITDA		6.16x			7.24x			10.15x			-337.44x


Sierra Pacific Resources

Net interest expense	$	284,927			306,427			366,282			279,057
AFUDC		(24,691	)		(8,587	)		(5,976	)		(5,270	)

Adjusted Interest Expense	$	309,618		$	315,014		$	372,258		$	284,327

Long-Term Debt	$	3,817,122		$	4,081,281		$	3,579,674		$	3,226,281
Current maturities of long term debt plus short-term borrowings		58,909			8,491			243,970			672,895

Total Debt	$	3,876,031		$	4,089,772		$	3,823,644		$	3,899,176

Nevada Power
EBITDA	Year ended December 31,
	2005			2004			2003			2002

Net Income (Loss)	$	132,734		$	104,312		$	19,277		$	(235,070	)

Interest Charges		134,657			137,388			190,472			132,510
Income taxes		63,995			56,572			(614	)		(131,784	)
Depreciation and Amortization		124,098			118,841			109,655			98,198


EBITDA	$	455,484		$	417,113		$	318,790		$	(136,146	)


EBITDA/Interest Expense		2.89x			2.91x			1.65x			-1.00x
Debt/EBITDA		4.88x			5.47x			6.38x			-14.97x


Nevada Power Company

Net interest expense	$	134,657		$	137,388		$	190,472		$	132,510
AFUDC		(23,187	)		(5,738	)		(2,700	)		(3,412	)

Adjusted Interest Expense	$	157,844		$	143,126		$	193,172		$	135,922

Long-Term Debt	$	2,214,063		$	2,275,690		$	1,899,709		$	1,683,310
Current maturities of long term debt		6,509			6,091			135,570			354,677

Total Debt	$	2,220,572		$	2,281,781		$	2,035,279		$	2,037,987

Sierra Pacific Power
EBITDA	Year ended December 31,
	2005			2004			2003			2002

Net Income (Loss)	$	52,074		$	18,577		$	(23,275	)	$	(13,968	)

Interest Charges		69,067			62,831			96,093			75,279
Income Taxes		28,379			325			(12,237	)		(4,491	)
Depreciation and Amortization		90,569			86,806			81,514			76,373


EBITDA	$	240,089		$	168,539		$	142,095		$	133,193


EBITDA/Interest Expense		3.40x			2.57x			1.43x			1.73x
Debt/EBITDA		4.14x			5.91x			7.19x			7.63x


Sierra Pacific Power Company

Net interest expense	$	69,067		$	62,831		$	96,093		$	75,279
AFUDC		(1,504	)		(2,849	)		(3,276	)		(1,858	)

Adjusted Interest Expense	$	70,571		$	65,680		$	99,369		$	77,137

Long-Term Debt	$	941,804		$	994,309		$	912,800		$	914,788
Current maturities of long term debt plus short-term borrowings		52,400			2,400			108,400			101,400

Total Debt	$	994,204		$	996,709		$	1,021,200		$	1,016,188

Table of Contents

Table of Contents

Table of Contents