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PNM ANNOUNCES FIRST QUARTER EARNINGS

 PNM ANNOUNCES FIRST QUARTER EARNINGS
 ALBUQUERQUE, N.M., April 24 /PRNewswire/ -- Today, Public Service


Co. of New Mexico (PNM) (NYSE: PNM) reported net earnings for the first quarter 1992 of $16.2 million, compared with net earnings of $13.2 million in the first quarter 1991. Net earnings available for common in the first quarter of 1992 were $14.3 million or 34 cents per share, 31 percent higher than 1991's net earnings of $10.8 million or 26 cents per share.
 Total operating revenues for the first quarter were $236.8 million, a reduction of $11.7 million from $248.5 million in the comparable quarter 1991. The drop in total revenues is attributable to a $16.3 million decrease in gas revenues from $109.5 million in 1991 to $93.2 million in 1992, the result of lower gas prices and warmer than normal weather. Gas margin (gas revenue less gas cost) remained flat over the comparable period.
 Electric operating revenues rose $4.5 million to $141.3 million from $136.8 million in 1991, a 3 percent increase, due largely to a $3.2 million increase in retail revenues. Retail kilowatt hour sales increased by 2.9 percent. Wholesale revenues also increased by 5.3 percent or $1.3 million. Wholesale kilowatt hour sales increased 15.1 percent, the result of two short-term block sales to California IOU's in the first quarter 1992.
 Non-fuel operations and maintenance expense decreased for the current quarter $1.6 million from the comparable quarter last year, largely the result of lower production O&M (a minor maintenance outage at Four Corners in 1992 as compared to a major outage in 1991). The drop in expenses also demonstrates that the company remains committed to controlling administrative and operating costs.
 Other income and deductions were $.8 million, a $2.9 million increase, largely due to a first quarter 1991 adjustment to Four Corners AFUDC and depreciation expenses.
 -0- 4/24/92
 /CONTACT: Michael Temple, 505-848-2210, Pam Lett, 505-848-4673, Ernie C'deBaca, 505-848-2806 all of Public Service Co. of N.M./
 (PNM) CO: Public Service Co. of New Mexico ST: New Mexico IN: UTI SU: ERN


MC -- DV002 -- 2348 04/24/92 10:17 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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