PNM Resources Reports 2006 First Quarter Earnings.ALBUQUERQUE Albuquerque (ăl`bəkûr'kē), city (1990 pop. 384,736), seat of Bernalillo co., W central N.Mex., on the upper Rio Grande; inc. 1890. , N.M. -- Palo Pa´lo n. 1. A pole or timber of any kind; - in the names of trees. Verde Verde (vûrd`ē, vĕrd`ē), river, c.190 mi (310 km) long, rising in central Ariz. and flowing S to the Salt River. The valley supported early Native American civilizations and is dotted with ruins, such as those at Tuzigoot National outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. reduces margins; Earnings guidance reaffirmed 1st QUARTER HIGHLIGHTS --GAAP (generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) reported earnings of $0.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the first quarter of 2006. --Ongoing earnings of $0.39 per diluted share. --Strong PNM PNM Public Service Company of New Mexico PNM People's National Movement (Trinidad) PNM Perpustakaan Negara Malaysia (National Library, Malaysia) PNM Price Negotiation Memorandum Electric load growth of 4.1 percent. --Wholesale activity softens impact of Palo Verde Unit 1 outage. --Lower customer natural gas usage reduces margin. PNM Resources PNM Resources NYSE: PNM is an energy holding company based in the U.S. state of New Mexico. Headquartered in Albuquerque, PNM Resources supplies electricity to 725,000 homes and businesses in New Mexico and Texas and natural gas to 471,000 customers in New Mexico through its (NYSE NYSE See: New York Stock Exchange : PNM) today reported unaudited first quarter 2006 consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: ongoing earnings per diluted share of $0.39, compared with $0.50 in 2005. Ongoing earnings exclude acquisition-related charges. The company also reported unaudited 2006 consolidated GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings per diluted share of $0.38, compared with $0.50 in 2005. Net earnings available for common stock decreased 13.7 percent to $26.3 million during the quarter, compared with the same period in 2005. Customers reduced natural gas consumption by nearly 10.0 percent, lowering consolidated margins for the quarter. While the extended outage of Unit 1 at the Palo Verde Nuclear Generating Station The Palo Verde Nuclear Generating Station, a nuclear power plant located in Wintersburg, Arizona, about 45 miles (80 km) west of central Phoenix, is currently the largest nuclear generation facility in the United States, producing over 30,000 gigawatt hours of electricity annually also reduced consolidated margins, the plant's other two units and the company's coal-fired Adj. 1. coal-fired - fueled by burning coal; "a coal-fired ship" coal-burning fueled - heated, driven, or produced by burning fuel facilities had strong performance during the quarter. "Despite the extended outage at Palo Verde Unit 1, forward sales forward sales npl → ventas fpl a término entered into last year and strong performance at other units partially offset the impact," said Jeff Sterba, PNM Resources chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We will continue our efforts to alleviate Alleviate To make something easier to be endured. Mentioned in: Kinesiology, Applied the impact of the Unit 1 extended outage through the second quarter and we look forward to all three Palo Verde units returning to their historically high performance." RECONCILIATION OF GAAP-REPORTED EARNINGS TO ONGOING EARNINGS PER SHARE
Quarter Ended March 31,
2006 2005
----------------- -----------------
Earnings Earnings
(in Diluted (in Diluted
000s) EPS 000s) EPS
-------- -------- -------- --------
Net Earnings Available to
Common Shareholders $26,325 $0.38 $30,509 $0.50
Adjustments for TNP
Acquisition-Related
Charges (net of income tax
effects):
TNP Acquisition Integration
Costs 569 0.01
-------- -------- -------- --------
Total Adjustments 569 0.01
-------- -------- -------- --------
Net Ongoing Earnings Available
to Common Shareholders $26,894 $0.39 $30,509 $0.50
======== ======== ======== ========
Avg. Diluted Shares -- GAAP
Earnings 69,375 61,509
Avg. Diluted Shares -- Ongoing
Earnings (a) 69,375 61,423
(a) Diluted shares used to calculate ongoing earnings per share
assume that 3,910,000 shares of PNM Resources common stock issued
in March 2005 for TNP acquisition financing instead were issued
June 6, 2005, the closing date of the TNP acquisition.
FIRST QUARTER 2006 PERFORMANCE SUMMARY Load growth of 4.1 percent in PNM electric's service territory contributed $4.0 million to gross margin, but was partially offset by the 2.5 percent electric rate decrease that went into effect in September September: see month. 2005 -- the last rate reduction agreed to in the Global Settlement -- and reduced margin by $3.5 million for the quarter. Forward sales entered into last year, coupled with reduced market prices in the first quarter of 2006, allowed the company to remarket power and enhance wholesale revenues and gross margin. Strong plant performance at coal facilities and at Palo Verde units 2 and 3, along with improved PNM Wholesale short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. sales resulting from the remarketing of power during the quarter, reduced the impact of the extended outage of Palo Verde Unit 1. The San Juan San Juan, city, Argentina San Juan (săn wän, Span. sän hwän), city (1991 pop. 353,476), capital of San Juan prov., W Argentina. It is a commercial and industrial center in an agricultural region. plant had a strong quarter with an equivalent availability factor The availability factor of a power plant is the amount of time that it is able to produce electricity over a certain period, divided by the amount of the time in the period. Occasions where only partial capacity is available may or may not be deducted. of 90.4 percent. Units 4 and 5 at Four Corners also experienced strong performance with a combined equivalent availability factor of 91.6 percent. Units 2 and 3 at Palo Verde had superior performance with equivalent availability factors of 99.3 percent and 95.3 percent, respectively. The Palo Verde Unit 1 outage reduced consolidated gross margin by $9.9 million -- $2.9 million for PNM Electric margin and $7.0 million for PNM Wholesale margin. Because of traditionally low customer electric usage during the first quarter, Texas-New Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. Power and First Choice Power provided modest contributions to earnings during the period. Debt associated with the acquisition of TNMP TNMP Texas New Mexico Power (Company) and First Choice Power increased interest expense by $7.0 million and decreased earnings per share by $0.06 for the quarter. Equity that was issued diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of by $0.06. The acquisition, however, remains on track to be more than 10 percent accretive to consolidated earnings per share and 20 percent accretive to free cash flow. FIRST QUARTER 2006 SEGMENT REPORTING segment reporting A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four Regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. Operations PNM - a natural gas and vertically integrated electric utility in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). with distribution, transmission and generation assets. Electric: --PNM Electric operations reported revenues of $138.8 million, a 3.4 percent increase over the same period in 2005. --Gross margin decreased $2.4 million, mainly due to the extended Palo Verde Unit 1 outage and the September 2005 rate decrease. Strong load growth of 4.1 percent partially offset the decrease. Gas: --Higher natural gas prices pushed PNM Gas operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. to $207.5 million, an increase of 25.6 percent quarter-over-quarter. --Gross margin decreased $1.0 million -- or 2.0 percent -- to $49.8 million. --Customers lowered natural gas usage by nearly 10.0 percent; reduced usage per customer decreased margin by $4.0 million. Customer growth of 2.2 percent partially offset lower usage, increasing margin by $2.6 million. TNMP Electric - a vertically integrated electric utility in New Mexico and a transmission-distribution company in Texas. --TNMP Electric reported operating revenues of $62.7 million, a 4.9 percent decrease compared with the same pre-acquisition period in 2005. --Quarter-over-quarter, gross margin decreased 8.4 percent to $35.5 million, mainly due to rate reductions and synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. savings givebacks Givebacks is a union term for the reduction or elimination of previously won benefits. in Texas and New Mexico. Unregulated Adj. 1. unregulated - not regulated; not subject to rule or discipline; "unregulated off-shore fishing" regulated - controlled or governed according to rule or principle or law; "well regulated industries"; "houses with regulated temperature" 2. Operations PNM Wholesale - a business segment of PNM consisting of the generation and sale of electricity into the wholesale markets. --Operating revenues increased 36.0 percent to $179.5 million. Gross margin increased $2.9 million to $31.4 million - or 10.0 percent. --Forward sales made in September 2005 enhanced wholesale revenues and gross margin. First Choice Power - a competitive retail electric provider in Texas. --First Choice Power reported operating revenues of $105.1 million, a 7.3 percent increase compared with the same pre-acquisition period in 2005. --Increased margins were offset by higher bad debt expenses primarily due to state regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. moratoriums that impacted the collection of outstanding customer balances. 2006 EARNINGS GUIDANCE PNM Resources today reaffirmed its earlier 2006 earnings guidance. The company estimates ongoing earnings, excluding acquisition-related and other non-recurring charges, will range between $1.65 and $1.90. Based on the current schedule for the extended Palo Verde Unit 1 outage, it is expected that the facility will operate at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. the same equivalent availability factor as last year, which, as previously indicated, would place 2006 earnings at the lower end of the range. Earnings variability earnings variability Fluctuations in a corporation's net income or earnings per share during a given period. Past earnings variability is generally considered undesirable because it makes investors less certain of future earnings per share and dividends. within the expected range will be affected by a number of factors, including: --Power plant performance. --Twin Oaks earnings accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the . --Natural gas prices and wholesale electricity prices. --Customer growth and retention. --First Choice Power price-to-beat rate reset. --Weather. FIRST QUARTER EARNINGS CALL PNM Resources will conduct its first quarter 2006 earnings conference call on Wednesday Wednesday: see week. , May 3, at 9 a.m. Eastern. Analysts in the United States call: 866-713-8564 Analysts outside the United States call: 617-597-5312 Pass code: 71305424 Participating analysts should dial in after 8:45 a.m. Eastern. The call will be broadcast live and the presentation available at PNMResources.com. A transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record of the call also will be on the Web site as soon as possible. A replay will be available through May 10, 2006: Analysts in the United States call: 888-286-8010 Analysts outside the United States call: 617-801-6888 Pass code: 58638701 Background PNM Resources is an energy holding company based in Albuquerque, N.M., with consolidated operating revenues of $2.1 billion. Through its utility and energy service subsidiaries, PNM Resources supplies electricity to 748,500 homes and businesses in New Mexico and Texas and natural gas to 480,500 customers in New Mexico. Its utility subsidiaries are PNM and Texas-New Mexico Power. Other subsidiaries include First Choice Power, a deregulated competitive retail electric provider in Texas, and Avistar Avistar Communications Corporation  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. , an energy research and development company. The company has generation resources of approximately 2,840 megawatts and sells power on the wholesale market throughout the Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Statements made in this release that relate to future events or the company's expectations, projections, estimates, intentions, goals, targets and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. You are cautioned that all forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are based upon current expectations and estimates and the company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements, the company cautions you not to place undue reliance on these statements. The company's business, financial condition, cash flow and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. These factors include the potential unavailability un·a·vail·a·ble adj. Not available, accessible, or at hand. un  a·vail of cash from TNP TNP The New Paper (Singapore newspaper)TNP Tratado de No Proliferación Nuclear (French) TNP Trattato di Non Proliferazione Nucleare (Italian) Enterprises Inc. and its subsidiaries, the risk that TNP Enterprises and its subsidiaries will not be integrated successfully into the company, the risk that the benefits of the acquisition of TNP Enterprises and its subsidiaries will not be fully realized or will take longer to realize than expected, disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. from the acquisition of TNP Enterprises and its subsidiaries making it more difficult to maintain relationships with customers, employees, suppliers or other third parties, the outcome of any appeals of the Public Utility Commission of Texas order in the stranded strand 1 n. The land bordering a body of water; a beach. v. strand·ed, strand·ing, strands v.tr. 1. To drive or run ashore or aground. 2. cost true-up proceeding, the ability of First Choice Power to attract and retain customers, changes in Electric Reliability Council of Texas  The Electric Reliability Council of Texas (ERCOT) formed in 1970, as the successor to the Texas Interconected System (TIS). protocols, changes in the cost of power acquired by First Choice Power,
collections experience, insurance coverage available for claims made in
litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.When a person begins a civil lawsuit, the person enters into a process called litigation. , fluctuations in interest rates, conditions in the financial markets affecting the company's permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. for the Twin Oaks Twin Oaks may refer to any of the following:
1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the and liquidity in the wholesale power markets and the natural gas markets, changes in the competitive environment in the electric and natural gas industries, the performance of generating units, including PVNGS PVNGS Palo Verde Nuclear Generating Station , and transmission systems, the market for electrical generating equipment, the ability to secure long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. power sales, the risks associated with completion of the construction of generation, transmission, distribution and other projects, including construction delays and unanticipated cost overruns Noun 1. cost overrun - excess of cost over budget; "the cost overrun necessitated an additional allocation of funds in the budget" cost - the total spent for goods or services including money and time and labor , state and federal regulatory and legislative decisions and actions, the outcome of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , changes in applicable accounting principles and the performance of state, regional and national economies. For a detailed discussion of the important factors that affect the company and that could cause actual results to differ from those expressed or implied by the company's forward-looking statements, please see "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in the company's current and future Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and the company's current and future Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , filed with the SEC.
PNM RESOURCES INC. AND SUBSIDIARIES
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended
March 31,
-------------------
2006 2005
--------- ---------
(In thousands,
except per share
amounts)
Operating Revenues:
Electric $448,216 $262,443
Gas 207,476 165,233
Other 109 237
--------- ---------
Total operating revenues 655,801 427,913
--------- ---------
Operating Expenses:
Cost of energy sold 425,972 247,478
Administrative and general 65,305 41,309
Energy production costs 37,587 36,033
Depreciation and amortization 34,330 28,827
Transmission and distribution costs 19,050 14,062
Taxes, other than income taxes 16,964 8,871
Income taxes 10,247 13,391
--------- ---------
Total operating expenses 609,455 389,971
--------- ---------
Operating income 46,346 37,942
--------- ---------
Other Income and Deductions:
Interest income 10,151 9,770
Other income 3,167 3,240
Carrying charges on regulatory assets 1,973 -
Other deductions (1,516) (2,136)
Other income taxes (5,101) (3,884)
--------- ---------
Net other income and deductions 8,674 6,990
Interest Charges 28,563 14,291
Preferred Stock Dividend Requirements 132 132
--------- ---------
Net Earnings $26,325 $30,509
========= =========
Net Earnings per Common Share
Basic $0.38 $0.50
========= =========
Diluted $0.38 $0.50
========= =========
Dividends Declared per Common Share $0.220 $0.185
========= =========
PNM RESOURCES INC. AND SUBSIDIARIES
PRELIMINARY COMPARATIVE OPERATING STATISTICS
The following table shows PNM Electric revenues by customer class
and average customers:
PNM Electric Revenues
Three Months Ended
March 31,
----------------------
2006 2005 Variance
---------- ---------- ---------
(In thousands, except customers)
Residential $55,328 $54,014 $1,314
Commercial 57,079 56,166 913
Industrial 14,741 15,203 (462)
Transmission 7,045 4,464 2,581
Other 4,585 4,335 250
---------- ---------- ---------
Total $138,778 $134,182 $4,596
========== ========== =========
Average customers 425,919 413,825 12,094
========== ========== =========
Company management has combined two segments previously reported separately, Transmission and Electric, to form one reportable segment, PNM Electric. The prior year amounts have been reclassified to reflect this change for comparison purposes. The average customers amounts reflect traditional electric customers only and do not include transmission customers.
The following table shows PNM Electric sales by customer class:
PNM Electric Sales
Three Months Ended
March 31,
------------------------
2006 2005 Variance
----------- ----------- ---------
(Megawatt hours)
Residential 688,472 654,093 34,379
Commercial 803,700 767,376 36,324
Industrial 314,008 315,816 (1,808)
Other 54,863 51,869 2,994
----------- ----------- ---------
Total 1,861,043 1,789,154 71,889
=========== =========== =========
The megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt hours shown above reflect traditional electric
revenues only; transmission does not have associated megawatt hours in a
comparable fashion.
PNM RESOURCES INC. AND SUBSIDIARIES
PRELIMINARY COMPARATIVE OPERATING STATISTICS
The following table shows TNMP Electric revenues by customer class
and average customers:
TNMP Electric Revenues
Three Months Ended
March 31,
------------------------
Post- Pre-
Acquisition Acquisition
----------- -----------
2006 2005 Variance
----------- ----------- ---------
(In thousands, except customers)
Residential $19,280 $20,823 $(1,543)
Commercial 20,846 21,188 (342)
Industrial 13,064 14,521 (1,457)
Other 9,495 9,349 146
----------- ----------- ---------
Total $62,685 $65,881 $(3,196)
=========== =========== =========
Average customers (1) 260,936 256,283 4,653
=========== =========== =========
The following table shows TNMP Electric sales by customer class:
TNMP Electric Sales
Three Months Ended
March 31,
--------------------------
Post- Pre-
Acquisition Acquisition
------------ ------------
2006 2005 Variance
------------ ------------ ----------
(Megawatt hours)
Residential 528,346 547,102 (18,756)
Commercial 495,057 455,981 39,076
Industrial 541,119 585,216 (44,097)
Other 28,959 29,178 (219)
------------ ------------ ----------
Total (1) 1,593,481 1,617,477 (23,996)
============ ============ ==========
(1) Under the Texas Electric Choice Act, customers of TNMP in Texas
have the ability to choose First Choice or any other Retail
Electric Provider ("REP") to provide energy; however, TNMP
delivers energy to customers within TNMP's service area regardless
of the REP chosen. Therefore TNMP earns revenue for that delivery
and First Choice earns revenue on the usage of that energy by its
customers. The average customers reported above include 149,014
and 160,737 customers of TNMP at March 31, 2006 and 2005,
respectively, who have chosen First Choice as their REP. The
megawatt hours reported include 474,841 and 529,640 megawatt
hours used by customers of TNMP during the three months ended
March 31, 2006 and 2005, respectively, who have chosen First
Choice as their REP. These customers and megawatt hours are also
included below in the First Choice segment. For PNMR consolidated
reporting purposes, these are included only once in the
consolidated amounts.
PNM RESOURCES INC. AND SUBSIDIARIES
PRELIMINARY COMPARATIVE OPERATING STATISTICS
The following table shows PNM Gas revenues by customer and average
customers:
PNM Gas Revenues
Three Months Ended
March 31,
----------------------
2006 2005 Variance
---------- ---------- ---------
(In thousands, except customers)
Residential $141,637 $108,269 $33,368
Commercial 44,021 31,931 12,090
Industrial 737 643 94
Transportation (a) 4,659 3,988 671
Other 16,471 20,455 (3,984)
---------- ---------- ---------
Total $207,525 $165,286 $42,239
========== ========== =========
Average customers 480,655 470,336 10,319
========== ========== =========
(a) Customer-owned gas.
The following table shows PNM Gas throughput by customer class:
PNM Gas Throughput
Three Months Ended
March 31,
----------------------
2006 2005 Variance
---------- ---------- ---------
(Thousands of decatherms)
Residential 11,962 12,758 (796)
Commercial 4,166 4,309 (143)
Industrial 72 85 (13)
Transportation (a) 11,031 8,150 2,881
Other 1,566 2,791 (1,225)
---------- ---------- ---------
Total 28,797 28,093 704
========== ========== =========
(a) Customer-owned gas.
PNM RESOURCES INC. AND SUBSIDIARIES
PRELIMINARY COMPARATIVE OPERATING STATISTICS
The following table shows PNM Wholesale revenues by customer class:
PNM Wholesale Revenues
Three Months Ended
March 31,
----------------------
2006 2005 Variance
---------- ---------- --------
(In thousands)
Long-term contracts $31,234 $37,475 $(6,241)
Short-term sales 148,254 94,529 53,725
---------- ---------- --------
Total $179,488 $132,004 $47,484
========== ========== ========
The following table shows PNM Wholesale sales by customer class:
PNM Wholesale Sales
Three Months Ended
March 31,
------------------------
2006 2005 Variance
----------- ----------- ---------
(Megawatt hours)
Long-term contracts 578,544 725,403 (146,859)
Short-term sales 2,220,752 2,125,023 95,729
----------- ----------- ---------
Total 2,799,296 2,850,426 (51,130)
=========== =========== =========
Note: For comparative purposes, wholesale revenues for the three
months ended March 31, 2006 and 2005, have not been reclassified to a
net margin basis in accordance with GAAP. The impact would be to
reduce first quarter 2006 and 2005 short-term sales revenues by $4.7
million and $2.1 million, respectively.
PNM RESOURCES INC. AND SUBSIDIARIES
PRELIMINARY COMPARATIVE OPERATING STATISTICS
The following table shows First Choice revenues by customer class and
average customers:
First Choice Revenues
Three Months Ended
March 31,
-------------------------
Post- Pre-
Acquisition Acquisition
------------ -----------
2006 2005 Variance
------------ ----------- --------
(In thousands, except customers)
Residential $59,601 $54,875 $4,726
Mass-Market 18,941 14,720 4,221
Mid-Market 19,447 24,262 (4,815)
Other 7,093 4,114 2,979
------------ ----------- --------
Total $105,082 $97,971 $7,111
============ =========== ========
Average customers (1) 209,338 217,651 (8,313)
============ =========== ========
The following table shows First Choice sales by customer class:
First Choice Sales
Three Months Ended
March 31,
-------------------------
Post- Pre-
Acquisition Acquisition
----------- ------------
2006 2005 Variance
----------- ------------ ---------
(Megawatt hours)
Residential 427,544 480,776 (53,232)
Mass-Market 121,770 97,685 24,085
Mid-Market 177,643 288,631 (110,988)
Other 12,262 12,498 (236)
----------- ------------ ---------
Total (1) 739,219 879,590 (140,371)
=========== ============ =========
(1) See note above in the TNMP Electric segment discussion.
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