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SPS ANNOUNCES FISCAL 1992 EARNINGS

 SPS ANNOUNCES FISCAL 1992 EARNINGS
 AMARILLO, Texas, Oct. 14 /PRNewswire/ -- Southwestern Public Service


Company (NYSE: SPS) today reported fiscal 1992 earnings of $2.34 per common share, down from earnings of $2.63 per share for fiscal 1991.
 The electric utility reported operating revenues of $749.2 million, up $24.3 million, or 3.4 percent, from the previous year, while kilowatt-hour sales, excluding non-firm, decreased 0.1 percent. Operating income of $137.8 million was down 8.1 percent, or $12.2 million.
 Bill D. Helton, SPS chairman of the board, attributed the decline in earnings mostly to higher general and administrative expenses and property taxes, combined with the flat level of firm kwh sales. The increase in property taxes was the result of school-finance reform in Texas and changes in tax rates. Also, contributing to earnings the previous year was a Federal Energy Regulatory Commission order in a 1985 wholesale rate case which added nine cents per share.
 "Mild weather kept kwh sales in our service area essentially flat," Helton said, "but it's a positive sign for this area's economy that industrial kwh sales continue to improve and rose 3.1 percent. In addition, total kwh sales were up 2.7 percent because of a substantial increase in non-firm sales to other electric systems."
 Operating revenues were up, Helton said, due to higher non-firm sales and increased fuel-related collections resulting from higher fuel costs.
 Consolidated construction expenditures of $73.3 million in fiscal 1992 were down $6.4 million, or 8.1 percent, from the previous year due to the completion of a 345-kilovolt transmission line in 1991. Fiscal 1993 consolidated construction is budgeted at $98.2 million.
 SPS is a regional utility that 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, Texas.
 Southwestern Public Service Company reports the following consolidated financial information for the fiscal year ended Aug. 31, 1992, with comparable information for fiscal 1991:
 SOUTHWESTERN PUBLIC SERVICE COMPANY
 1992 1991 Pct. Increase
 (Decrease)
 Earnings Summary
 Operating revenues $749,154 $724,825 3.4
 Operating income 137,755 149,966 (8.1)
 Net earnings 102,987 114,836 (10.3)
 Earnings applicable to common stock 95,744 107,475 (10.9)
 Statistical Summary
 Earnings per common share (A) $2.34 $2.63 (10.9)
 Dividends per common share 2.20 2.20 --
 Weighted average shares
 outstanding 40,917,908 40,917,908 --
 Total kilowatt-hour sales (000) 18,258,584 17,771,834 2.7
 Electric customers 355,692 352,468 0.9
 Construction expenditures $73,338 $79,759 (8.1)
 (A) Based on weighted average shares outstanding.
 -0- 10/14/92
 /CONTACT: Jim Steinhilper, group manager - Finance of Southwestern Public Service Company, 806-378-2843/
 (SPS) CO: Southwestern Public Service Company ST: Texas IN: UTI SU: ERN


AH -- NY036 -- 9834 10/14/92 11:50 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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