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 ALBUQUERQUE, N.M., Oct. 25 /PRNewswire/ -- Public Service Co. of New Mexico (NYSE: PNM) (PNM) today reported third quarter 1993 net earnings available for common of $22.2 million or 53 cents per share, versus $6.7 million or 16 cents per share for the comparable quarter in 1992. A one-time gain from the sale of 50 MW of San Juan Unit 4 to the City of Anaheim, Calif. contributed 18 cents per share to third quarter results. Increased electric gross margin of $5.2 million reflecting the 1992 write-off of the purchase power contract with M-S-R Public Power Agency increased earnings by 7 cents per share. A decrease in labor-related costs resulting from the company's cost-cutting efforts also contributed to increased earnings.
 Electric revenues were $159.7 million compared to $165 million for the like period in 1992. The $5.3 million decrease is attributable to lower wholesale revenues, a result of the reduction during the quarter in generating capacity at Palo Verde Nuclear Generating Station. Retail sales increased 2.5 percent from last year, reflecting continued growth in the New Mexico economy.
 Gas revenues of $40 million reflect a $2.8 million increase from the third quarter of 1992, as a result of the increased cost of gas which is passed through to gas customers. Gas gross margin for the quarter remained substantially the same.
 -0- 10/25/93
 /CONTACT: Barbara Barsky, 505-848-2662; Sam Brothwell, 505-848-2287; or Rita Martinez, 505-848-2810, all of Public Service Co. of New Mexico/

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

MC -- DV001 -- 6217 10/25/93 10:35 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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