-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hoolzps/ZDQO8rqbdzkT5dvd35HBe9n4KKLG3yVtMAidqHEtbN75cWAmkjvdNS9U 5cexfVvZNV/10l71vthM8A== 0000950162-96-000549.txt : 19961018 0000950162-96-000549.hdr.sgml : 19961018 ACCESSION NUMBER: 0000950162-96-000549 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961011 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961017 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWESTERN PUBLIC SERVICE CO CENTRAL INDEX KEY: 0000092521 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 750575400 STATE OF INCORPORATION: NM FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03789 FILM NUMBER: 96644676 BUSINESS ADDRESS: STREET 1: SPS TOWER STREET 2: TYLER AT SIXTH ST CITY: AMARILLO STATE: TX ZIP: 79170 BUSINESS PHONE: 8063782121 MAIL ADDRESS: STREET 1: PO BOX 1261 CITY: AMARILLO STATE: TX ZIP: 79170 8-K 1 FORM 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): OCTOBER 11, 1996 ------------------- SOUTHWESTERN PUBLIC SERVICE COMPANY (Exact name of registrant as specified in its charter) NEW MEXICO 1-3789 75-0575400 (State or other jurisdiction of (Commission File No.) (I.R.S. Employer incorporation or organization) Identification No.) TYLER AT SIXTH, AMARILLO, TEXAS 79101 (Address of principal executive offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (806) 378-2121 ITEM 5. OTHER EVENTS Reference is made to the press release filed as an exhibit hereto for information with respect to the Company's release of its fiscal 1996 earnings. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. The following exhibits are filed herewith: 99 Press Release, dated October 11, 1996, of Southwestern Public Service Company. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SOUTHWESTERN PUBLIC SERVICE COMPANY By: /s/ Doyle R. Bunch II ------------------------------- Doyle R. Bunch II Executive Vice President Accounting and Corporate Development DATE: October 11, 1996 EX-99 2 PRESS RELEASE RELEASE OCT. 11, 1996 SPS ANNOUNCES 1996 FISCAL YEAR EARNINGS (AMARILLO, TEXAS) -- Southwestern Public Service Company (NYSE:SPS) today reported for the fiscal year ended Aug. 31, 1996, earnings of $2.52 per share, down 28 cents, or 9.9 percent, from record earnings of $2.80 in fiscal 1995. Bill D. Helton, SPS chairman of the board, noted that earnings in the 1995 comparison period had been enhanced by one-time adjustments totaling 24 cents per share. Helton also noted the sale by the company's subsidiary Quixx Corporation of water rights located in the Texas Panhandle affected fiscal 1996 earnings positively. The after-tax gain on the sale was $7.7 million, or 19 cents per share. Helton additionally attributed the fiscal year 1996 comparative decline in earnings to non-recurring expenses and to increased operating expenses. Merger-related and business integration expenses during the period totaled approximately $5.7 million and $2.2 million, respectively, decreasing earnings per share by 17 cents. SPS expects to merge with Denver-based Public Service Co. of Colorado (NYSE:PSR) in early 1997. Operating expense increases were due primarily to greater production maintenance expenses and to costs associated with the acquisition in September 1995 of electric properties in the Texas Panhandle from Texas-New Mexico Power Company. Helton reported that in fiscal 1996 SPS recorded increased operating revenues of $899.4 million, up $65.3 million, or 7.8 percent, from last year. Kilowatt-hour sales, excluding non-firm, increased by 4.9 percent. Fiscal 1996 operating revenues increased due to greater kwh sales and to higher fuel revenues, the latter a result of increased fuel costs caused primarily by higher prices for natural gas. Fuel-rated revenues are a pass-through item, and do not affect earnings. Operating income of $150.7 million was down $3.5 million because operating expenses substantially offset the effects of increased retail sales and wholesale sales to rural electric cooperatives. The increase in kwh sales, excluding non-firm sales, was primarily attributable to hotter-than- normal late spring and early summer weather that resulted in increased sales to all retail customers and to rural electric cooperatives. Additionally, the West Texas area of Cap Rock Electric Cooperative, of Midland, Texas, was a full-requirements customer of SPS during only seven months of fiscal 1995, but throughout fiscal 1996. Improved economic conditions in the SPS service area also bolstered sales. Consolidated construction expenditures of $112.0 million in fiscal 1996 were up $17.3 million, or 18.3 percent, from the previous year. Fiscal 1997 consolidated construction is budgeted at $196.0 million. Helton indicted that, assuming normal weather conditions, SPS expects 1997 operating income will remain relatively flat, but that net earnings for 1997 will be negatively impacted by increased merger-related and business integration expenses. The one-time adjustments to income in the 1995 fiscal year were results of the previously reported FERC rate case settlement with New Mexico wholesale customers and of an adjustment to delivered-but-not-billed kwh. Those adjustments had added eleven cents and thirteen cents, respectively, to per share earnings in fiscal 1995. Southwestern Public Service company is a regional electric utility that primarily provides electric service to a population of about one million people in a 52,000-square-mile area covering eastern and southeastern New Mexico, the South Plains and Panhandle of Texas, the Oklahoma Panhandle and southwestern Kansas. Corporate headquarters is in Amarillo, Texas.
%INCREASE EARNINGS SUMMARY 1996 1995 (DECREASE) - -------------------------------------- ------------ ----------- ---------- (in thousands except per share amounts) Operating revenues $899,397 $834,083 7.8% Operating income 150,666 154,211 (2.3)% Net Earnings 105,773 119,477 (11.5)% Earnings applicable to common stock 103,279 114,599 (9.9)% STATISTICAL SUMMARY - -------------------------------------- Earnings per common share* $2.52 $2.80 (9.9)% Dividends per common share 2.20 2.20 0.0% Weighted average shares outstanding 40,918 40,918 0.0% Total kilowatt-hour sales 20,888,439 20,335,576 2.7% Electric customers 379,123 367,524 3.2% Construction expenditures $111,986 $94,662 18.3%
* Based on weighted average shares outstanding. -----END PRIVACY-ENHANCED MESSAGE-----