TNP ENTERPRISES ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
TNP ENTERPRISES ANNOUNCES FIRST QUARTER FINANCIAL RESULTS FORT WORTH, Texas, April 30 /PRNewswire/ -- TNP Enterprises, Inc.
(NYSE: TNP) today announced a 15 percent increase in consolidated earnings available for common stock for the 12 months ended March 31, 1992, compared to the 12 months ended March 31, 1991, resulting in a return on common equity of 9.1 percent. Consolidated earnings for the most recent 12 months were $16 million, or $1.93 per share, compared to $14 million, or $1.70 per share, for the prior 12 months. Revenues for the same period increased 8 percent, from $408 million in 1991 to $439 million in 1992.
For the quarter just ended, the company reported a consolidated loss of $1 million, or $0.12 per share. This compares to earnings of $1.4 million, or $0.17 per share, for the first quarter of 1991. Revenues for the same period decreased two percent, from $100.4 million in 1991 to $98.7 million in 1992. TNP Enterprises, Inc. is a Forth Worth-based holding company of Texas-New Mexico Power Company, an electric utility. Texas-New Mexico Power Company (Utility), the principal subsidiary of TNP Enterprises, Inc., attributed increased utility earnings for the year just ended to an increase in net operating income that offset an increase in interest charges. Net operating income increased because revenues, affected primarily by higher rates, grew faster than operating expenses. The utilities's loss during the quarter just ended is explained by an increase in interest charges due, in part, to the assumption of the financing facility related to Unit 2 of TNP One and because a portion of the financing facilities for Unit 1 and Unit 2 were refinanced during January 1992 with securities that have higher interest rates. The increase in interest charges was not fully offset by an increase in net operating income. The operation of TNP One, a two-unit, lignite-fueled generating plant in Robertson County, Texas, led to increases in certain operating expenses and interest charges; however, the utility experienced a decrease in the expense of power purchased for resale as a result of the plant's operation. A summary of consolidated earnings for the quarter and 12 months ended March 31, 1992, and for the same period in 1991 is shown below. TNP ENTERPRISES (Amounts in thousands, except per share) Periods ended Three Months 12 Months March 31 1992 1991 1992 1991 Operating revenues $98,719 $100,371 $439,691 $408,196 Net earnings (772) 1,685 17,076 15,148 Earnings available for common stock: Utility operations (1,038) 1,565 16,159 13,336 Nonutility operations 11 (169) (127) 632 Consolidated earnings available for common stock (1,027) 1,396 16,032 13,968 Earnings per share of common stock: Utility operations (0.12) 0.19 1.95 1.62 Nonutility operations 0.00 (0.02) (0.02) 0.08 Consolidated earnings per share of common stock $(0.12) $ 0.17 $1.93 $1.70 Weighted average number of common shares outstanding 8,333 8,244 8,297 8,222 -0- 4/30/92 /CONTACT: D.R. Barnard of TNP Enterprises, 817/731-0099, ext.319/ (TNP) CO: TNP Enterprises Inc. ST: Texas IN: UTI SU: ERN
LR -- NY072 -- 4988 04/30/92 13:19 EDT
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|Date:||Apr 30, 1992|
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