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SPS ANNOUNCES FIRST QUARTER EARNINGS

 AMARILLO, Texas, Jan. 6 /PRNewswire/ -- Southwestern Public Service Company (NYSE: SPS) today reported a decline in quarterly earnings, as well as an increase in kilowatt-hour sales.
 SPS reported first-quarter earnings of $22.4 million, or 55 cents per common share, compared with earnings in the same period last year of $23.3 million, or 57 cents per share. The electric utility reported earnings of $94.9 million, or $2.32 per common share, for the 12 months ended Nov. 30, 1992. That compares with earnings in the same period last year of $102.3 million, or $2.50 per common share.
 Bill D. Helton, chairman of the board, attributed the declines principally to other-operating, maintenance and depreciation expenses, as well as higher property taxes in Texas.
 Total kwh sales, excluding non-firm, increased 6.9 percent and 1.3 percent in the three- and 12-month periods, respectively. The increases in the three-month period resulted primarily from greater sales to rural electric cooperatives. Increased sales to industrial customers favorably impacted both periods, principally due to increased oil and gas related activities. Firm wholesale sales to El Paso Electric Company also positively impacted both periods.
 SPS is a regional electric utility that serves 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 reports the following consolidated financial information for the three- and 12-month periods ended Nov. 30, 1992, with comparable information for prior periods:
 SOUTHWESTERN PUBLIC SERVICE COMPANY
 (In thousands except per share amounts)
 Percent
 Increase
 For the three months ended: 11/30/92 11/30/91 Decrease
 Operating revenues $192,247 $183,970 4.5
 Operating income 33,027 33,194 (0.5)
 Earns. bef. int. charges 34,262 35,711 (4.1)
 Net earnings 24,214 25,081 (3.5)
 Earnings applicable to
 common stock 22,418 23,253 (3.6)
 Earnings per common share $0.55 (A) $0.57 (A) (3.6) (B)
 Weighted average shares
 outstanding 40,918 40,918 --
 Percent
 Increase
 For the 12 months ended: 11/30/92 11/30/91 Decrease
 Operating revenues $757,431 $725,954 4.3
 Operating income 137,588 145,617 (5.5)
 Earns. bef. in. charges 143,522 154,808 (7.3)
 Net earnings 102,119 109,660 (6.9)
 Earnings applicable to
 common stock 94,907 102,328 (7.3)
 Earnings per common share $2.32 (A) $2.50 (A) (7.3) (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- 1/6/93
 /CONTACT: Phil Roth (media), public information supervisor, 806-378-2120, or Jim Steinhilper (security analysts), group manager of finance, 806-378-2843, both of Southwestern Public Service Company/
 (SPS)


CO: Southwestern Public Service Company ST: Texas IN: UTI SU: ERN

SH -- NY049 -- 2308 01/06/93 15:29 EST
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Publication:PR Newswire
Date:Jan 6, 1993
Words:499
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