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PNM ANNOUNCES THIRD QUARTER EARNINGS

 PNM ANNOUNCES THIRD QUARTER EARNINGS
 ALBUQUERQUE, N.M., Oct. 23 /PRNewswire/ -- Yesterday, Public


Service Co. of New Mexico (PNM) (NYSE: PNM) reported net earnings for the third quarter 1992 of $8.5 million, compared with $8.9 million in the third quarter 1991. Net earnings available for common in the third quarter of 1992 were $6.7 million or 16 cents per share, as compared with $6.5 million, 16 cents per share, for the like period in 1991. The company took an after-tax write-off of $2.4 million (5 cents/share) as a result of its decision to shelve activities associated with the Ambrosia-Coronado Transmission Project (ACP).
 Total operating revenues for the third quarter were $206.3 million, an increase of $7.1 million from $199.2 million in the comparable quarter 1991. The rise in total revenues is largely attributable to increases in electric off-system sales.
 Electric operating revenues for the third quarter rose 5.0 percent, or $7.9 million, to $165.1 million from $157.2 million in 1991. Retail and other operating revenues increased 1.7 percent, $2.2 million, from the third quarter 1991, as KWh sales increased 3.2 percent. Wholesale revenues increased 18.4 percent, $5.7 million, as wholesale KWh sales increased 26.4 percent, attributable to the 81 MW sale to Imperial Irrigation District and improved spot market conditions. Gas operating revenues, however, dropped 3.6 percent, $1.4 million from the comparable quarter, due to lower gas costs.
 Non-fuel operations and maintenance expense was flat compared to the third quarter 1991. Administrative and general expenses increased $2.0 million. This was offset by reduced Palo Verde lease payments of $1.4 million, the result of the company's purchase of approximately 22 percent of the lessor's interests in PNM's Palo Verde Units 1 and 2 leases.
 Other income and deductions (net of taxes) were $(2.9) million, a $2.3 million decrease compared to 1991, largely due to the ACP write-off. ACP was a proposed 230 kV transmission line that would have provided greater access to western markets including Nevada and southern California. Bill Eglinton, PNM's chief operating officer, stated that "the ACP concept remains a viable one if and when additional transmission requirements materialize for us. However, with the current weakness of the wholesale power market, the company has determined the transmission line project fails to meet PNM's current and near term business needs."
 -0- 10/23/92
 /CONTACT: Michael Temple, 505-848-2210; Sam Brothwell, 505-848-2287; or Pam Lett, 505-848-4673, of Public Service Co. of New Mexico/
 (PNM) CO: Public Service Co. of New Mexico ST: New Mexico IN: UTI SU: ERN


BB -- DV004 -- 4115 10/23/92 11:31 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
Words:451
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