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PUBLIC SERVICE CO. OF NEW MEXICO ANNOUNCES SECOND QUARTER EARNINGS

 PUBLIC SERVICE CO. OF NEW MEXICO ANNOUNCES SECOND QUARTER EARNINGS
 ALBUQUERQUE, N.M., July 21 /PRNewswire/ -- Today, Public Service Co. of New Mexico (PNM) (NYSE: PNM) reported net earnings for the second quarter 1992 of $5.1 million, compared with a net loss of $1.6 million in the second quarter 1991. Net earnings available for common in the second quarter of 1992 were $3.3 million or 8 cents per share, as compared with a net loss of $4.0 million or (10 cents) per share.
 Total operating revenues for the second quarter were $189.5 million, a reduction of $4.7 million from $194.2 million in the comparable quarter 1991. The drop in total revenues is attributable to the reduction in gas revenues of $12.6 million, the result of lower gas costs. Gas gross margin (revenues less gas cost) for the second quarter 1992 remained flat compared to last year's second quarter.
 Electric operating revenues rose $7.9 million to $139.2 million from $131.3 million in 1991, a 6.0 percent increase. Retail and other operating revenues increased 1.8 percent or $2.0 million compared to the second quarter 1991, as retail kilowatt hour sales increased by 2.3 percent. Wholesale revenues increased by $5.9 million or 27.5 percent, as wholesale kilowatt hour sales increased 38.6 percent, largely the result of the March 1992 power sale to Imperial Irrigation District in California.
 Non-fuel operations and maintenance expense decreased for the current quarter $4.1 million from the comparable quarter last year, largely the result of a decrease in administrative and general expenses. The drop in expenses reflects the company's ongoing commitment to control administrative and operating costs.
 Other income and deductions (net of taxes) were $.9 million, a $3.7 million increase, largely due to write-offs taken in the second quarter 1991 that were not taken in the second quarter 1992, and a $1.4 million after tax gain, or 3 cents per share, from the sale of one of the company's last remaining non-utility investments.
 -0- 7/21/92
 /CONTACT: Michael Temple, 505-848-2210, Ernie C'deBaca, 505-848-2806, or Sam Brothwell, 505-848-2287, all of Public Service Co. of New Mexico/
 (PNM) CO: Public Service Co. of New Mexico ST: New Mexico IN: UTI SU: ERN


MC -- DV005 -- 1295 07/21/92 11:43 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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