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PNM ANNOUNCES FIRST QUARTER 1993 EARNINGS

 ALBUQUERQUE, N.M., April 26 /PRNewswire/ -- Public Service Co. of New Mexico (PNM) (NYSE: PNM) today reported first quarter 1993 net earnings available for common of $10.2 million or 25 cents per share, versus $14.3 million or 34 cents per share for the comparable quarter in 1992. Excluding the effects of non-recurring items, first quarter 1993 earnings available for common were 41 cents per share.
 Total operating revenues for the first quarter were $248.6 million, an increase of $11.8 million (5 percent) from the comparable quarter in 1992.
 ELECTRIC revenues were $146.2 million, a $4.8 million increase over first quarter 1992, largely the result of a 52.5 percent increase in wholesale megawatt-hour sales. Retail sales increased by 4.4 percent. Electric gross margin (revenues less fuel and purchased power) improved by $10.1 million, due to increased revenues and the recognition of the provision for losses associated with the MSR purchase power contract in 1992.
 GAS revenues were $100.0 million, an increase of $6.8 million over last year's comparable quarter but gas gross margin (revenues less gas purchased for resale) declined $3.2 million as a result of warmer weather and the effect of a change in the accounting of unbilled revenues.
 Total gross margin was negatively affected ($5.8 million, 8 cents/share) by an accounting change which caused year-end unbilled revenues to be recorded in December instead of January, as had been done in the past. The effect on earnings is largely a timing difference and should be normalized by the end of the year.
 NON FUEL O&M increased $19.9 million due to a $23.3 million pre-tax charge (34 cents/share) associated with the company's voluntary severance program. Before the charge, non-fuel O&M decreased by $3.4 million from the first quarter 1992 due largely to the recategorization of the Palo Verde lease from O&M to interest and depreciation (a consequence of purchasing 22 percent of the lessors' interests in Palo Verde units 1&2 leases).
 The company also realized a $12.5 million pre-tax gain (18 cents/share) on the sale of shares of ACE Ltd., a non-utility investment. Total cash proceeds were $18.1 million.
 -0- 4/26/93
 /CONTACT: Michael Temple, 505-848-2210; or Sam Brothwell, 505-848-2287, both of Public Service Co. of New Mexico/
 (PNM)


CO: Public Service Co. of New Mexico ST: New Mexico IN: UTI SU: ERN

BB -- DV007 -- 0791 04/26/93 14:14 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
Words:417
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