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SOUTHWESTERN PUBLIC SERVICE CO. ANNOUNCES SECOND QUARTER EARNINGS

 SOUTHWESTERN PUBLIC SERVICE CO. ANNOUNCES SECOND QUARTER EARNINGS
 AMARILLO, Texas, March 27 /PRNewswire/ -- Southwestern Public Service Company (NYSE: SPS) today reported second-quarter earnings of $18.8 million, or 46 cents per common share, compared with earnings in the same period last year of $22.3 million or 54 cents per share. The electric utility reported earnings of $98.8 million -- or $2.41 per common share -- for the 12 months ended Feb. 29, 1992. That compares with earnings in the same period last year of $105.2 million or $2.57 per common share.
 Bill D. Helton, chairman of the board, said current quarterly earnings declined primarily because of higher property taxes in Texas, as well as increased maintenance and operating expenses.
 Helton attributed the decline in earnings for the current 12-month period to the previously disclosed Federal Energy Regulatory Commission order in a 1985 wholesale rate case which added nine cents per share to last year's earnings. Contributing to the decline was the increase in property taxes in Texas.
 Total kwh sales, excluding non-firm, increased 1.8 percent and 1.5 percent in the three- and 12-month periods, respectively. The increases resulted primarily from greater sales to industrial customers and to rural electric cooperatives.
 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 comprising eastern and southeastern New Mexico, the South Plains and Panhandle of Texas, the Oklahoma Panhandle and southwestern Kansas. Corporate headquarters is in Amarillo.
 SOUTHWESTERN PUBLIC SERVICE COMPANY
 Consolidated Financial Statement
 (in thousands except per share amounts)
 Three Months Ended Percent increase
 2-29-92 2-28-91 (Decrease)
 Operating revenues $173,037 $167,193 3.5
 Operating income 28,738 33,065 (13.1)
 Earnings before interest
 charges 30,577 35,463 (13,8)
 Net earnings 20,573 24,130 (14.7)
 Earnings applicable to
 common stock 18,757 22,285 (15.8)
 Earnings per common share $ 0.46(A) $ 0.54(A) (15.8)(B)
 Weighted average shares
 outstanding 40,918 40,918 -
 Twelve Months Ended Percent increase
 2-29-92 2-28-91 (Decrease)
 Operating revenues $731,797 $738,732 (0.9)
 Operating income 141,290 148,753 (5.0)
 Earnings before interest
 charges 149,921 158,830 (5.6)
 Net earnings 106,103 112,643 (5.8)
 Earnings applicable to
 common stock 98,800 105,222 (6.1)
 Earnings per common share $ 2.41(A) $ 2.57(A) (6.1)(B)
 Weighted average shares
 outstanding 40,918 40,918 -
 (A) Based on weighted average shares outstanding.
 (B) Earnings per share variance calculated before rounding to nearest cent.
 -0- 03/27/92
 /CONTACT: Jim Steinhilper of Southwestern Public Service Company, 806-378-2843/
 (SPS) CO: Southwestern Public Service Company ST: Texas IN: UTI SU: ERN


AH -- NY061 -- 2551 03/27/92 17:25 EST
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Publication:PR Newswire
Date:Mar 27, 1992
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