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03.08.2010 10:00:00
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UniSource Energy Reports Second Quarter 2010 Earnings, Maintains 2010 Earnings Guidance Range
UniSource Energy Corporation (NYSE: UNS) today reported second quarter 2010 net income of $28.7 million, or $0.73 per diluted share of common stock, compared with $31.3 million, or $0.80 per diluted share, in the same period last year. For the six months ended June 30, 2010, UniSource Energy’s net income was $48.7 million, or $1.25 per diluted share of common stock, compared with net income of $36.2 million, or $0.95 per diluted share, in the first six months of 2009.
UniSource Energy’s financial results primarily reflect those of its principal subsidiary, Tucson Electric Power (TEP), which reported income of $27.6 million in the second quarter of 2010, compared with net income of $26.5 million in the same period last year.
Overall kilowatt-hour (kWh) sales to TEP’s retail customers were down 2.6 percent compared with the second quarter of 2009. Mild weather and weak economic conditions contributed to the sales decline. For the first six months of the year, TEP’s total retail kWh sales were down 1.5 percent compared with the same period in 2009.
Sales to TEP’s mining customers increased 2.3 percent compared with the second quarter of 2009 as rising demand for copper has led to increased mining operations.
"Although TEP’s customer base continues to grow at a modest pace, the decline in sales to TEP’s commercial and industrial customers signals that our local economy has not yet turned the corner,” said Paul Bonavia, Chairman, President and CEO of UniSource Energy. "We’re controlling our costs, realizing operating efficiencies and managing our business in a way that will help us achieve sustainable success under current conditions.”
Energy sales to TEP’s long-term wholesale customers rose 31 percent, contributing to an increase in pre-tax margin revenues of $2 million, compared with the second quarter of 2009.
Seasonality of Earnings
The net income and results of operations of TEP as well as of UNS Gas and UNS Electric – operating subsidiaries of UniSource Energy Services (UES) – are seasonal in nature. TEP and UNS Electric typically record a majority of their net income during the second and third quarters, when hot weather contributes to higher energy consumption. TEP’s retail prices, which include higher rates for higher levels of energy use, also shift a larger share of the company’s earnings into those periods.
Energy demand from UNS Gas customers typically peaks during the winter. Accordingly, UNS Gas records the majority of its net income during the first and fourth quarters.
Tucson Electric Power
Retail kWh Sales
TEP’s retail kWh sales declined 2.6 percent in the second quarter of 2010 compared with the same period last year. Weather was mild, resulting in a 13 percent drop in the number of cooling degree days compared with the 10-year average for the period and 5 percent below last year’s levels. Commercial and industrial sales were down 2.4 percent and 2.5 percent, respectively, while sales to mining customers were up 2.3 percent compared with the second quarter of 2009.
Retail Revenues
Retail margin revenues decreased $5 million, or 3.6 percent, in the second quarter of 2010 compared with the second quarter of 2009. These revenues do not include a $7 million increase in customer surcharges used to fund renewable energy and energy efficiency programs or a $5 million decrease in charges to cover fuel and purchased power costs.
Long-Term Wholesale Revenues
Long-term wholesale kWh sales increased 31 percent in the second quarter of 2010 compared with the same period last year due to an increase in sales to the Navajo Tribal Utility Authority. Margin on long-term wholesale sales increased $2 million compared with the second quarter of 2009.
Transmission Revenues
Revenues from the wholesale transmission of electricity were $4 million in the second quarters of 2010 and 2009.
Other Operating Expenses
Lower pension, wages and administrative and general expense contributed to a $2 million reduction in TEP’s base O&M expense compared with the second quarter of 2009. Base O&M excludes costs directly offset by customer surcharges and third-party reimbursements.
In the second quarter of 2009, adjustments related to a change in accounting for TEP’s investment in Springerville Unit 1 lease equity, that netted $0.6 million of pre-tax income, were made to depreciation, amortization, other income and expense, and interest on capital leases.
Excluding those accounting adjustments, depreciation expense decreased $2 million due primarily to new, lower depreciation rates for transmission assets and lower depreciation on Unit 4 at TEP’s H. Wilson Sundt Generating Station. Those savings were partially offset by depreciation related to new plant additions.
Excluding the 2009 accounting adjustment, amortization expense decreased $3 million due to lower capital lease amortization.
Benefits of SGS Units 3 and 4
The December 2009 completion of Unit 4 at TEP’s Springerville Generating Station (SGS) contributed to a $3 million increase in second-quarter rents and fees for the operations of SGS Units 3 and 4, which totaled $6 million for the quarter. Salt River Project (SRP) owns the new unit, while Tri-State Generation and Transmission Association owns Unit 3. TEP operates all four units at the plant.
UNS Gas
UNS Gas reported net income of $0.6 million in the second quarter of 2010, compared with no earnings in the second quarter of 2009. UNS Gas’ earnings are seasonal in nature with peak usage occurring in the winter months. The change is due primarily to a 10-percent increase in retail therm sales linked to colder weather. Higher therm sales led to a $1 million increase in retail margin revenues compared with the second quarter of 2009.
In March 2010, the Arizona Corporation Commission (ACC) approved a base rate increase for UNS Gas of $3 million, or 2 percent, to cover increased capital and operating costs. The new rates took effect on April 1, 2010.
UNS Electric
UNS Electric reported net income of $2 million in the second quarter of 2010 compared with $1.5 million in the second quarter of 2009. UNS Electric’s retail kWh sales and retail margin revenues were essentially flat with the second quarter of 2009. Sales to mining customers were up 29.3 percent, while mild weather and weak economic conditions led to decreases in sales to residential and commercial customers of 4.5 percent, and 1.5 percent, respectively.
In April 2009, UNS Electric filed a general rate case with the ACC requesting an average base rate increase of $13.5 million, or 7.4 percent, to cover its operating and capital costs. The ACC staff recommended a rate increase that would result in additional revenue of approximately $8 million. A hearing before an administrative law judge was completed in mid-February, and the ACC is expected to issue a final order in the next several months.
| Net Income and Earnings Per Share Summary | ||||||||||||||
| 2nd Quarter | YTD June 30, | |||||||||||||
| Net Income | 2010 | 2009 | 2010 | 2009 | ||||||||||
| -Millions- | -Millions- | |||||||||||||
| Tucson Electric Power | $ | 27.6 | $ | 26.5 | $ | 38.0 | $ | 26.0 | ||||||
| UNS Gas | 0.6 | - | 6.4 | 4.9 | ||||||||||
| UNS Electric | 2.0 | 1.5 | 5.0 | 2.3 | ||||||||||
| Other (1) | (1.5 | ) | 3.3 | (0.7 | ) | 3.0 | ||||||||
| Net Income | $ | 28.7 | $ | 31.3 | $ | 48.7 | $ | 36.2 | ||||||
| Avg. Basic Shares Outstanding (millions) | 36.3 | 35.7 | 36.2 | 35.7 | ||||||||||
| Avg. Diluted Shares Outstanding (millions) | 40.9 | 40.2 | 40.8 | 40.2 | ||||||||||
| 2nd Quarter | YTD June 30, | |||||||||||||
| Earnings Per UniSource Energy Share | 2010 | 2009 | 2010 | 2009 | ||||||||||
| Tucson Electric Power | $ | 0.76 | $ | 0.74 | $ | 1.05 | $ | 0.73 | ||||||
| UNS Gas | 0.02 | 0.00 | 0.18 | 0.14 | ||||||||||
| UNS Electric | 0.06 | 0.04 | 0.14 | 0.06 | ||||||||||
| Other (1) |
(0.05 |
) |
0.10 |
(0.03 |
) | 0.08 | ||||||||
| Net Income per Basic Share | $ | 0.79 | $ | 0.88 | $ | 1.34 | $ | 1.01 | ||||||
| Net Income per Diluted Share (2) | $ | 0.73 | $ | 0.80 | $ | 1.25 | $ | 0.95 | ||||||
(1) Includes UniSource Energy on a stand-alone basis and results from Millennium Energy Holdings, Inc. and UniSource Energy Development, wholly-owned subsidiaries of UniSource Energy.
(2) Stock options to purchase 232,000 and 395,000 shares of Common Stock were outstanding during the six months ended June 30, 2010 and 2009, respectively, but were not included in the computation of diluted EPS because the stock options’ exercise prices were greater than the average market price of the Common Stock.
UniSource Energy believes the presentation of TEP, UNS Gas, UNS Electric and Other segment net income or loss on a per basic UniSource Energy share basis, which are non-GAAP financial measures, provides useful information to investors by disclosing the results of operations of its business segments on a basis consistent with UniSource Energy's reported earnings or losses.
Conference Call and Webcast
The company will host a conference call on Tuesday, August 3 at 2:00 p.m. EDT to discuss the financial results and outlook. To participate in the call, please dial in five to 10 minutes prior to the start.
Dial-in number: (877) 582-0446
Reference code: 89575998
The conference call also can be heard live on UniSource Energy’s website. The webcast can be accessed at uns.com and will be available for replay for seven days.
Replay number: (800) 642-1687
Reference code: 89575998
In conjunction with this earnings announcement, UniSource Energy has provided detailed information on its performance during the second quarter of 2010. These materials have been filed with the Securities and Exchange Commission and are also available at uns.com.
UniSource Energy is a Tucson, Arizona-based company with consolidated assets of approximately $3.6 billion. UniSource Energy's primary subsidiaries include Tucson Electric Power, which serves more than 400,000 customers in southern Arizona, and UniSource Energy Services, provider of natural gas and electric service for about 236,000 customers in northern and southern Arizona. For more information about UniSource Energy and its subsidiaries, visit uns.com.
This release contains forward-looking information that involves risks and uncertainties, including factors that could affect UniSource Energy's ability to reach the 2010 earnings guidance. These risks and uncertainties include, but are not limited to: state and federal regulatory and legislative decisions and actions; regional economic and market conditions which could affect customer growth and energy usage; weather variations affecting energy usage; the cost of debt and equity capital and access to capital markets; the performance of the stock market and changing interest rate environment, which affect the value of the company’s pension and other postretirement benefit plan assets and the related contribution requirements and expense; unexpected increases in O&M expense; resolution of pending litigation matters; changes in accounting standards; changes in critical accounting estimates; the ongoing restructuring of the electric industry; changes to long-term contracts; the cost of fuel and power supplies; performance of TEP's generating plants; and other factors listed in UniSource Energy's Form 10-K and 10-Q filings with the Securities and Exchange Commission. The preceding factors may cause future results to differ materially from outcomes currently expected by UniSource Energy.
| UNISOURCE ENERGY 2010 RESULTS | |||||||||||||||
| UniSource Energy Corporation | |||||||||||||||
| Comparative Condensed Consolidated Statements of Income | Three Months Ended | ||||||||||||||
| (in thousands of dollars, except per share amounts) | June 30, |
Increase / (Decrease) |
|||||||||||||
| (UNAUDITED) | 2010 | 2009 | Amount | Percent | |||||||||||
| Operating Revenues | |||||||||||||||
| Electric Retail Sales | $ | 259,940 | $ | 267,200 | $ | (7,260 | ) | (2.7 | ) | ||||||
| Electric Wholesale Sales | 27,174 | 27,950 | (776 | ) | (2.8 | ) | |||||||||
| Gas Revenue | 24,677 | 24,661 | 16 | 0.1 | |||||||||||
| Other Revenues | 26,030 | 17,973 | 8,057 | 44.8 | |||||||||||
| Total Operating Revenues | 337,821 | 337,784 | 37 | 0.0 | |||||||||||
| Operating Expenses | |||||||||||||||
| Fuel | 69,246 | 69,047 | 199 | 0.3 | |||||||||||
| Purchased Energy | 65,376 | 64,219 | 1,157 | 1.8 | |||||||||||
| Transmission | 2,878 | 2,991 | (113 | ) | (3.8 | ) | |||||||||
| Increase (Decrease) to Reflect PPFAC/PGA Recovery Treatment | (10,330 | ) | 3,618 | (13,948 | ) | N/M | |||||||||
| Total Fuel and Purchased Energy | 127,170 | 139,875 | (12,705 | ) | (9.1 | ) | |||||||||
| Other Operations and Maintenance | 87,134 | 78,929 | 8,205 | 10.4 | |||||||||||
| Depreciation | 32,223 | 40,752 | (8,529 | ) | (20.9 | ) | |||||||||
| Amortization | 7,048 | 6,775 | 273 | 4.0 | |||||||||||
| Taxes Other Than Income Taxes | 11,952 | 12,363 | (411 | ) | (3.3 | ) | |||||||||
| Total Operating Expenses | 265,527 | 278,694 | (13,167 | ) | (4.7 | ) | |||||||||
| Operating Income | 72,294 | 59,090 | 13,204 | 22.3 | |||||||||||
| Other Income (Deductions) | |||||||||||||||
| Interest Income | 1,953 | 4,823 | (2,870 | ) | (59.5 | ) | |||||||||
| Other Income | 1,158 | 13,878 | (12,720 | ) | (91.7 | ) | |||||||||
| Other Expense | (1,253 | ) | (695 | ) | (558 | ) | (80.3 | ) | |||||||
| Total Other Income (Deductions) | 1,858 | 18,006 | (16,148 | ) | (89.7 | ) | |||||||||
| Interest Expense | |||||||||||||||
| Long-Term Debt | 15,816 | 14,719 | 1,097 | 7.5 | |||||||||||
| Capital Leases | 11,425 | 11,450 | (25 | ) | (0.2 | ) | |||||||||
| Other Interest Expense Net of Interest Capitalized | 186 | 342 | (156 | ) | (45.6 | ) | |||||||||
| Total Interest Expense | 27,427 | 26,511 | 916 | 3.5 | |||||||||||
| Income Before Income Taxes | 46,725 | 50,585 | (3,860 | ) | (7.6 | ) | |||||||||
| Income Tax Expense | 18,010 | 19,310 | (1,300 | ) | (6.7 | ) | |||||||||
| Net Income | $ | 28,715 | $ | 31,275 | $ | (2,560 | ) | (8.2 | ) | ||||||
| Weighted-Average Shares of Common Stock Outstanding (000) | 36,322 | 35,687 | 635 | 1.8 | |||||||||||
| Basic Earnings per Share | $ | 0.79 | $ | 0.88 | $ | (0.09 | ) | (10.2 | ) | ||||||
| Diluted Earnings per Share | $ | 0.73 | $ | 0.80 | $ | (0.07 | ) | (8.8 | ) | ||||||
| Dividends Declared per Share | $ | 0.39 | $ | 0.29 | $ | 0.10 | 34.5 | ||||||||
| Three Months Ended | |||||||||||||||
| Tucson Electric Power | June 30, | Increase / (Decrease) | |||||||||||||
| Electric MWh Sales: | 2010 | 2009 | Amount | Percent | |||||||||||
| Retail Sales | 2,294,004 | 2,356,390 | (62,386 | ) | (2.6 | ) | |||||||||
| Long-Term Wholesale Sales | 216,000 | 165,000 | 51,000 | 30.9 | |||||||||||
| N/M - Not Meaningful | |||||||||||||||
| Reclassifications have been made to prior periods to conform to the current period's presentation. | |||||||||||||||
| UNISOURCE ENERGY 2010 RESULTS | |||||||||||||||
| UniSource Energy Corporation | |||||||||||||||
| Comparative Condensed Consolidated Statements of Income | Six Months Ended | ||||||||||||||
| (in thousands of dollars, except per share amounts) | June 30, | Increase / (Decrease) | |||||||||||||
| (UNAUDITED) | 2010 | 2009 | Amount | Percent | |||||||||||
| Operating Revenues | |||||||||||||||
| Electric Retail Sales | $ | 464,686 | $ | 468,552 | $ | (3,866 | ) | (0.8 | ) | ||||||
| Electric Wholesale Sales | 63,319 | 63,246 | 73 | 0.1 | |||||||||||
| California Power Exchange (CPX) Provision for Wholesale Refunds | (2,970 | ) | - | (2,970 | ) | N/M | |||||||||
| Gas Revenue | 80,458 | 82,963 | (2,505 | ) | (3.0 | ) | |||||||||
| Other Revenues | 50,230 | 34,880 | 15,350 | 44.0 | |||||||||||
| Total Operating Revenues | 655,723 | 649,641 | 6,082 | 0.9 | |||||||||||
| Operating Expenses | |||||||||||||||
| Fuel | 129,694 | 123,864 | 5,830 | 4.7 | |||||||||||
| Purchased Energy | 147,261 | 140,914 | 6,347 | 4.5 | |||||||||||
| Transmission | 5,308 | 5,251 | 57 | 1.1 | |||||||||||
| Increase (Decrease) to Reflect PPFAC/PGA Recovery Treatment | (22,962 | ) | 10,320 | (33,282 | ) | N/M | |||||||||
| Total Fuel and Purchased Energy | 259,301 | 280,349 | (21,048 | ) | (7.5 | ) | |||||||||
| Other Operations and Maintenance | 170,042 | 163,882 | 6,160 | 3.8 | |||||||||||
| Depreciation | 63,322 | 74,354 | (11,032 | ) | (14.8 | ) | |||||||||
| Amortization | 13,620 | 13,848 | (228 | ) | (1.6 | ) | |||||||||
| Taxes Other Than Income Taxes | 24,225 | 24,818 | (593 | ) | (2.4 | ) | |||||||||
| Total Operating Expenses | 530,510 | 557,251 | (26,741 | ) | (4.8 | ) | |||||||||
| Operating Income | 125,213 | 92,390 | 32,823 | 35.5 | |||||||||||
| Other Income (Deductions) | |||||||||||||||
| Interest Income | 3,880 | 6,921 | (3,041 | ) | (43.9 | ) | |||||||||
| Other Income | 7,137 | 14,385 | (7,248 | ) | (50.4 | ) | |||||||||
| Other Expense | (2,018 | ) | (1,228 | ) | (790 | ) | (64.3 | ) | |||||||
| Total Other Income (Deductions) | 8,999 | 20,078 | (11,079 | ) | (55.2 | ) | |||||||||
| Interest Expense | |||||||||||||||
| Long-Term Debt | 31,056 | 29,363 | 1,693 | 5.8 | |||||||||||
| Capital Leases | 23,509 | 24,258 | (749 | ) | (3.1 | ) | |||||||||
| Other Interest Expense Net of Interest Capitalized | 514 | 87 | 427 | N/M | |||||||||||
| Total Interest Expense | 55,079 | 53,708 | 1,371 | 2.6 | |||||||||||
| Income Before Income Taxes | 79,133 | 58,760 | 20,373 | 34.7 | |||||||||||
| Income Tax Expense | 30,445 | 22,566 | 7,879 | 34.9 | |||||||||||
| Net Income | $ | 48,688 | $ | 36,194 | $ | 12,494 | 34.5 | ||||||||
| Weighted-Average Shares of Common Stock Outstanding (000) | 36,215 | 35,676 | 539 | 1.5 | |||||||||||
| Basic Earnings per Share | $ | 1.34 | $ | 1.01 | $ | 0.33 | 32.7 | ||||||||
| Diluted Earnings per Share | $ | 1.25 | $ | 0.95 | $ | 0.30 | 31.6 | ||||||||
| Dividends Declared per Share | $ | 0.78 | $ | 0.58 | $ | 0.20 | 34.5 | ||||||||
| Six Months Ended | |||||||||||||||
|
Tucson Electric Power |
June 30, | Increase / (Decrease) | |||||||||||||
| Electric MWh Sales: | 2010 | 2009 | Amount | Percent | |||||||||||
| Retail Sales | 4,222,816 | 4,285,649 | (62,833 | ) | (1.5 | ) | |||||||||
| Long-Term Wholesale Sales | 504,000 | 440,000 | 64,000 | 14.5 | |||||||||||
| N/M - Not Meaningful | |||||||||||||||
| Reclassifications have been made to prior periods to conform to the current period's presentation. | |||||||||||||||
| TUCSON ELECTRIC POWER COMPANY 2010 RESULTS | |||||||||||||||
| TUCSON ELECTRIC POWER COMPANY | |||||||||||||||
| Comparative Condensed Consolidated Statements of Income | Three Months Ended | ||||||||||||||
| (in thousands of dollars) | June 30, | Increase / (Decrease) | |||||||||||||
| (UNAUDITED) | 2010 | 2009 | Amount | Percent | |||||||||||
| Operating Revenues | |||||||||||||||
| Electric Retail Sales | $ | 217,555 | $ | 220,007 | $ | (2,452 | ) | (1.1 | ) | ||||||
| Electric Wholesale Sales | 27,983 | 31,985 | (4,002 | ) | (12.5 | ) | |||||||||
| Other Revenues | 27,864 | 19,552 | 8,312 | 42.5 | |||||||||||
| Total Operating Revenues | 273,402 | 271,544 | 1,858 | 0.7 | |||||||||||
| Operating Expenses | |||||||||||||||
| Fuel | 66,694 | 65,038 | 1,656 | 2.5 | |||||||||||
| Purchased Energy | 32,122 | 36,375 | (4,253 | ) | (11.7 | ) | |||||||||
| Transmission | 1,049 | 1,259 | (210 | ) | (16.7 | ) | |||||||||
| Decrease to Reflect PPFAC Recovery Treatment | (7,618 | ) | (3,634 | ) | (3,984 | ) | N/M | ||||||||
| Total Fuel and Purchased Energy | 92,247 | 99,038 | (6,791 | ) | (6.9 | ) | |||||||||
| Other Operations and Maintenance | 76,143 | 69,103 | 7,040 | 10.2 | |||||||||||
| Depreciation | 24,893 | 33,775 | (8,882 | ) | (26.3 | ) | |||||||||
| Amortization | 8,024 | 7,994 | 30 | 0.4 | |||||||||||
| Taxes Other Than Income Taxes | 9,779 | 10,040 | (261 | ) | (2.6 | ) | |||||||||
| Total Operating Expenses | 211,086 | 219,950 | (8,864 | ) | (4.0 | ) | |||||||||
| Operating Income | 62,316 | 51,594 | 10,722 | 20.8 | |||||||||||
| Other Income (Deductions) | |||||||||||||||
| Interest Income | 1,696 | 4,740 | (3,044 | ) | (64.2 | ) | |||||||||
| Other Income | 1,115 | 7,389 | (6,274 | ) | (84.9 | ) | |||||||||
| Other Expense | (818 | ) | (521 | ) | (297 | ) | (57.0 | ) | |||||||
| Total Other Income (Deductions) | 1,993 | 11,608 | (9,615 | ) | (82.8 | ) | |||||||||
| Interest Expense | |||||||||||||||
| Long-Term Debt | 10,154 | 9,213 | 941 | 10.2 | |||||||||||
| Capital Leases | 11,423 | 11,446 | (23 | ) | (0.2 | ) | |||||||||
| Other Interest Expense Net of Interest Capitalized | 68 | (163 | ) | 231 | N/M | ||||||||||
| Total Interest Expense | 21,645 | 20,496 | 1,149 | 5.6 | |||||||||||
| Income Before Income Taxes | 42,664 | 42,706 | (42 | ) | (0.1 | ) | |||||||||
| Income Tax Expense | 15,028 | 16,199 | (1,171 | ) | (7.2 | ) | |||||||||
| Net Income | $ | 27,636 | $ | 26,507 | $ | 1,129 | 4.3 | ||||||||
| N/M - Not Meaningful | |||||||||||||||
| Reclassifications have been made to prior periods to conform to the current period's presentation. | |||||||||||||||
|
TUCSON ELECTRIC POWER COMPANY 2010 RESULTS |
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|
|
|
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|
TUCSON ELECTRIC POWER COMPANY |
||||||||||||||||
| Comparative Condensed Consolidated Statements of Income |
Six Months Ended |
|||||||||||||||
| (in thousands of dollars) |
June 30, |
Increase / (Decrease) | ||||||||||||||
| (UNAUDITED) |
2010 |
2009 |
Amount | Percent | ||||||||||||
|
|
|
|||||||||||||||
| Operating Revenues |
|
|
||||||||||||||
| Electric Retail Sales |
$ |
384,974 |
$ |
377,771 |
$ | 7,203 | 1.9 | |||||||||
| Electric Wholesale Sales |
68,025 |
69,743 |
(1,718 | ) | (2.5 | ) | ||||||||||
| California Power Exchange (CPX) Provision for Wholesale Refunds |
(2,970 |
) |
- |
(2,970 | ) | N/M | ||||||||||
| Other Revenues |
53,507 |
37,303 |
16,204 | 43.4 | ||||||||||||
| Total Operating Revenues |
503,536 |
484,817 |
18,719 | 3.9 | ||||||||||||
|
|
|
|||||||||||||||
| Operating Expenses |
|
|
||||||||||||||
| Fuel |
125,045 |
116,478 |
8,567 | 7.4 | ||||||||||||
| Purchased Energy |
55,857 |
59,417 |
(3,560 | ) | (6.0 | ) | ||||||||||
| Transmission |
1,845 |
1,807 |
38 | 2.1 | ||||||||||||
| Decrease to Reflect PPFAC Recovery Treatment |
(10,736 |
) |
(4,003 |
) | (6,733 | ) | N/M | |||||||||
| Total Fuel and Purchased Energy |
172,011 |
173,699 |
(1,688 | ) | (1.0 | ) | ||||||||||
| Other Operations and Maintenance |
148,165 |
143,837 |
4,328 | 3.0 | ||||||||||||
| Depreciation |
48,953 |
60,532 |
(11,579 | ) | (19.1 | ) | ||||||||||
| Amortization |
15,810 |
16,288 |
(478 | ) | (2.9 | ) | ||||||||||
| Taxes Other Than Income Taxes |
19,778 |
20,295 |
(517 | ) | (2.5 | ) | ||||||||||
| Total Operating Expenses |
404,717 |
414,651 |
(9,934 | ) | (2.4 | ) | ||||||||||
| Operating Income |
98,819 |
70,166 |
28,653 | 40.8 | ||||||||||||
|
|
|
|||||||||||||||
|
Other Income (Deductions) |
|
|
||||||||||||||
| Interest Income |
3,386 |
6,809 |
(3,423 | ) | (50.3 | ) | ||||||||||
| Other Income |
2,333 |
7,977 |
(5,644 | ) | (70.8 | ) | ||||||||||
| Other Expense |
(1,598 |
) |
(906 |
) | (692 | ) | (76.4 | ) | ||||||||
|
Total Other Income (Deductions) |
4,121 |
13,880 |
(9,759 | ) | (70.3 | ) | ||||||||||
|
|
|
|||||||||||||||
| Interest Expense |
|
|
||||||||||||||
| Long-Term Debt |
20,032 |
18,404 |
1,628 | 8.8 | ||||||||||||
| Capital Leases |
23,504 |
24,251 |
(747 | ) | (3.1 | ) | ||||||||||
| Other Interest Expense Net of Interest Capitalized |
42 |
(449 |
) | 491 | N/M | |||||||||||
| Total Interest Expense |
43,578 |
42,206 |
1,372 | 3.3 | ||||||||||||
| Income Before Income Taxes |
59,362 |
41,840 |
17,522 | 41.9 | ||||||||||||
| Income Tax Expense |
21,376 |
15,887 |
5,489 | 34.6 | ||||||||||||
|
|
|
|||||||||||||||
| Net Income | $ |
37,986 |
$ |
25,953 |
$ | 12,033 | 46.4 | |||||||||
|
|
|
|||||||||||||||
|
N/M - Not Meaningful |
||||||||||||||||
|
Reclassifications have been made to prior periods to conform to the current period's presentation. |
||||||||||||||||
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