Exhibit 99.1
|
| |
| FOR IMMEDIATE RELEASE | February 25, 2014 |
| Media Contact: Joseph Barrios, (520) 884-3725 | Page 1 of 8 |
| Financial Analyst Contact: Chris Norman, (520) 884-3649 | |
UNS ENERGY REPORTS 2013 EARNINGS, DECLARES DIVIDEND
| |
| • | UNS Energy’s net income for 2013 was $127 million, or $3.04 per diluted share of common stock, compared with net income of $91 million, or $2.20 per diluted share in 2012. |
| |
| • | UNS Energy’s primary subsidiary, Tucson Electric Power Company (TEP), reported net income of $101 million million in 2013 compared with net income of $65 million in 2012. The improvement is primarily due to the non-fuel base rate increase at TEP effective on July 1, 2013, as well as a decrease in capital lease interest expense, partially offset by higher generating plant maintenance expense and expenses related to UNS Energy's pending merger with Fortis Inc. (Fortis). |
| |
| • | UNS Energy's 2013 net income also includes: an $11.0 million reduction to income tax expense related to a regulatory asset that was recorded during the second quarter for deferred tax expenses that will be recovered in future periods; and a $3.0 million pre-tax ($1.8 million after-tax) charge to fuel expense related to a credit to retail customers that was approved in TEP's recently completed rate case. Results in 2012 include a $1.8 million pre-tax loss ($1.1 million after-tax) related to an unplanned outage at a power plant that TEP operates on behalf of another party. |
| |
| • | UNS Energy's Board of Directors declared a first quarter 2014 dividend for common shareholders of 48 cents per share. |
Tucson, Ariz. – UNS Energy Corporation (NYSE: UNS) today reported 2013 net income of $127 million, or $3.04 per diluted share of common stock, compared with net income of $91 million, or $2.20 per diluted share in 2012.
"I am very proud of the company's accomplishments during 2013," said Paul Bonavia, UNS Energy's Chairman and Chief Executive Officer. "We reached several significant milestones while achieving financial results that were consistent with our expectations."
Bonavia continued, "In 2013, we implemented a new rate structure at TEP with adjustor mechanisms designed to smooth out future customer bill impacts. We also executed two key phases of our integrated resource strategy with the expected addition of a modern, natural gas-fired generating facility, while blending down the future amount of coal-based resources in TEP's generating portfolio. And late last year, our Board of Directors unanimously approved a merger agreement that, if finalized, will provide our company with new financial strength, ensuring our ability to maintain safe, reliable and affordable service for our utility customers."
As previously disclosed, on December 11, 2013, UNS Energy's Board of Directors approved a definitive merger agreement with Fortis, Inc. (Fortis), Canada's largest investor-owned gas and electric distribution utility.
"Fortis shares our deep commitment to customer service and community support. They have pledged to maintain or expand our charitable giving, philanthropic partnerships and low-income assistance programs," said David Hutchens, UNS Energy's President and Chief Operating Officer.
The merger agreement calls for Fortis to acquire all of the outstanding common stock of UNS Energy for $60.25 per share in cash. The transaction is subject to the approval of regulators, including the Arizona Corporation
Commission (ACC) and Federal Energy Regulatory Commission; the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and the satisfaction of customary closing conditions. UNS Energy shareholders will vote on the proposed merger at a special meeting scheduled for March 26, 2014. UNS Energy anticipates the transaction will be finalized by the end of 2014.
Tucson Electric Power
Retail kWh Sales and Revenues
TEP’s retail kWh sales increased by 0.2 percent in 2013, due in part to a 4.8 percent increase in cooling degree days when compared with 2012. The implementation of new base rates on July 1, 2013 as well as higher sales volumes, led to a $41 million, or 7.7 percent, increase in TEP’s retail margin revenues compared with 2012.
Other Expenses
TEP’s Base Operations and Maintenance (Base O&M) expense was $246 million on in 2013 compared with $234 million in 2012. The increase was due in part to scheduled and unscheduled maintenance at generating plants operated by TEP and others, as well as $6 million of expenses related to the proposed merger transaction. Base O&M excludes costs directly offset by customer surcharges and third-party reimbursements.
TEP's total interest expense declined by $9 million in 2013 primarily due to the reduction in the balance of capital lease obligations compared with the same period last year.
Other Factors
TEP's 2013 results include: an $11.0 million reduction to income tax expense related to a regulatory asset that was recorded during the second quarter for deferred tax expenses that will be recovered in future periods; and a $3.0 million pre-tax ($1.8 million after-tax) charge to fuel expense related to a credit to retail customers that was approved in TEP's recently completed rate case. Results in 2012 include a $1.8 million pre-tax loss ($1.1 million after-tax) related to an unplanned outage at a power plant that TEP operates on behalf of another party.
UNS Electric
UNS Electric reported net income of $12 million in 2013 compared with $17 million in 2012. The decrease in net income was due in part to the loss of an industrial customer and lower mining kWh sales.
UNS Gas
UNS Gas reported net income of $11 million in 2013 compared with $9 million in 2012. The increase in net income is due to a non-fuel base rate increase that was effective in May 2012 and colder weather in 2013 than in 2012.
Common Stock Dividend
UNS Energy's Board of Directors declared a first quarter dividend of 48 cents per share. The dividend will be paid on March 25, 2014, to common shareholders of record as of March 13, 2014.
The declaration of dividend payments is at the board's sole discretion and is subject to numerous factors that ordinarily affect dividend policy, including the results of UNS Energy's operations and its financial position as well as general economic and business conditions.
Net Income and Earnings Per Share Summary
|
| | | | | | | | | | | | | | | |
| | 4th Quarter | | YTD December 31, |
| Net Income (Loss) | 2013 | | 2012 | | 2013 | | 2012 |
| | Millions of Dollars |
| Tucson Electric Power | $ | 4.9 |
| | $ | 0.5 |
| | $ | 101.3 |
| | $ | 65.5 |
|
| UNS Electric | 0.9 |
| | 3.2 |
| | 12.2 |
| | 16.9 |
|
| UNS Gas | 4.5 |
| | 4.1 |
| | 10.9 |
| | 9.1 |
|
Other(1) | 3.2 |
| | (0.3 | ) | | 3.1 |
| | (0.6 | ) |
| Net Income | $ | 13.5 |
| | $ | 7.5 |
| | $ | 127.5 |
|
| $ | 90.9 |
|
| Avg. Basic Shares Outstanding (millions) | 41.7 |
| | 41.5 |
| | 41.6 |
| | 40.4 |
|
| Avg. Diluted Shares Outstanding (millions) | 42.1 |
| | 41.9 |
| | 42.0 |
| | 41.8 |
|
|
| | | | | | | | | | | | | | | |
| | 4th Quarter | | YTD December 31, |
| Earnings (Loss) Per UNS Energy Share | 2013 | | 2012 | | 2013 | | 2012 |
| Tucson Electric Power | $ | 0.12 |
| | $ | 0.01 |
| | $ | 2.44 |
| | $ | 1.62 |
|
| UNS Electric | 0.02 |
| | 0.08 |
| | 0.29 |
| | 0.42 |
|
| UNS Gas | 0.11 |
| | 0.10 |
| | 0.26 |
| | 0.23 |
|
Other(1) | 0.07 |
| | (0.01 | ) | | 0.07 |
| | (0.02 | ) |
| Net Income per Basic Share | $ | 0.32 |
| | $ | 0.18 |
| | $ | 3.06 |
| | $ | 2.25 |
|
| Net Income per Diluted Share | $ | 0.32 |
| | $ | 0.18 |
| | $ | 3.04 |
| | $ | 2.20 |
|
| |
(1) | Includes UNS Energy on a stand-alone basis and results from Millennium Energy Holdings, Inc. and UniSource Energy Development, wholly owned subsidiaries of UNS Energy. |
UNS Energy believes the presentation of TEP, UNS Electric and UNS Gas net income or loss on a per basic UNS Energy share basis (which are non-GAAP financial measures) provides useful information to investors by disclosing the results of operations of its business segments on a basis consistent with UNS Energy's reported earnings or losses.
Seasonality of Earnings
The net income and results of operations of TEP as well as of UNS Electric and UNS Gas – operating subsidiaries of UniSource Energy Services – are seasonal in nature. TEP and UNS Electric typically record the majority of their net income during the second and third quarters when hot weather contributes to higher energy consumption. TEP’s retail rates, which include higher charges for higher levels of energy use, also shift a larger share of the company’s earnings into those periods.
Energy demand from UNS Gas customers typically peaks during the winter. Accordingly, UNS Gas typically records the majority of its net income during the first and fourth quarters.
About UNS Energy
UNS Energy is a Tucson, Arizona-based company with consolidated assets of approximately $4 billion. TEP serves approximately 413,000 customers in southern Arizona. UES provides natural gas and electric service for approximately 243,000 customers in northern and southern Arizona. UNS Energy shares are listed on the New York Stock Exchange and trade under the symbol UNS. To learn more, visit uns.com.
Forward Looking Statements
Statements included in this news release and any documents incorporated by reference which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements” for purposes of the safe harbor provided by Section 21E of the Exchange Act. Forward-looking statements may be identified by words including “anticipates,” “intends,” “estimates,” “believes,” “projects,” “expects,” “plans,” “assumes,” “seeks,” and similar expressions. Forward-looking statements including, without limitation, those relating to UNS Energy Corporation’s and its subsidiaries’ future business prospects, revenues, proceeds, working capital, investment valuations, liquidity, income, and margins, as well as the timing and consequences of the Fortis acquisition, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors, including those identified from time-to-time in the forward-looking statements. Those factors include, but are not limited to: the possibility that various conditions precedent to the consummation of the Fortis transaction will not be satisfied or waived; the ability to obtain shareholder and regulatory approvals of the Fortis transaction on the timing and terms thereof; state and federal regulatory and legislative decisions and actions; regional economic and market conditions which could affect customer growth and energy usage; weather variations affecting energy usage; the cost of debt and equity capital and access to capital markets; the performance of the stock market and changing interest rate environment, which affect the value of our pension and other retiree benefit plan assets and the related contribution requirements and expense; unexpected increases in O&M expense; resolution of pending litigation matters; changes in accounting standards; changes in critical accounting estimates; the ongoing restructuring of the electric industry; changes to long-term contracts; the cost of fuel and power supplies; cyber attacks or challenges to our information security; and the performance of TEP's generating plants; and certain presently unknown or unforeseen factors, including, but not limited to, acts of terrorism. UNS Energy Corporation and its subsidiaries undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Given these uncertainties, undue reliance should not be placed on the forward-looking statements.
UNS Energy Corporation
Comparative Consolidated Statements of Income
|
| | | | | | | | | | | | | | |
| | Three Months Ended | | | | |
| (in thousands of dollars, except per share amounts) | December 31, | | Increase / (Decrease) |
| (UNAUDITED) | 2013 | | 2012 | | Amount | | Percent |
| Operating Revenues | | | | | | | |
| Electric Retail Sales | $ | 234,245 |
| | $ | 236,304 |
| | $ | (2,059 | ) | | (0.9 | ) |
| Electric Wholesale Sales | 42,578 |
| | 36,946 |
| | 5,632 |
| | 15.2 |
|
| Gas Retail Sales | 39,047 |
| | 37,512 |
| | 1,535 |
| | 4.1 |
|
| Other Revenues | 34,291 |
| | 37,512 |
| | (3,221 | ) | | (8.6 | ) |
| Total Operating Revenues | 350,161 |
| | 348,274 |
| | 1,887 |
| | 0.5 |
|
| Operating Expenses | | | | | | | |
| Fuel | 79,030 |
| | 81,899 |
| | (2,869 | ) | | (3.5 | ) |
| Purchased Energy | 63,148 |
| | 59,618 |
| | 3,530 |
| | 5.9 |
|
| Transmission and Other PPFAC Recoverable Costs | 7,243 |
| | 3,802 |
| | 3,441 |
| | 90.5 |
|
| Increase (Decrease) to Reflect PPFAC/PGA Recovery Treatment | (9,498 | ) | | 2,516 |
| | (12,014 | ) | | (477.5 | ) |
| Total Fuel and Purchased Energy | 139,923 |
| | 147,835 |
| | (7,912 | ) | | (5.4 | ) |
| Operations and Maintenance | 111,454 |
| | 100,102 |
| | 11,352 |
| | 11.3 |
|
| Depreciation | 38,440 |
| | 35,984 |
| | 2,456 |
| | 6.8 |
|
| Amortization | 5,957 |
| | 8,939 |
| | (2,982 | ) | | (33.4 | ) |
| Taxes Other Than Income Taxes | 13,354 |
| | 12,495 |
| | 859 |
| | 6.9 |
|
| Total Operating Expenses | 309,128 |
| | 305,355 |
| | 3,773 |
| | 1.2 |
|
| Operating Income | 41,033 |
| | 42,919 |
| | (1,886 | ) | | (4.4 | ) |
| Other Income (Deductions) | | | | | | | |
| Interest Income | 503 |
| | 125 |
| | 378 |
| | 302.4 |
|
| Other Income | 2,334 |
| | 1,074 |
| | 1,260 |
| | 117.3 |
|
| Other Expense | (1,645 | ) | | (6,217 | ) | | 4,572 |
| | (73.5 | ) |
| Appreciation (Depreciation) in Fair Value of Investments | 969 |
| | 271 |
| | 698 |
| | 257.6 |
|
| Total Other Income (Deductions) | 2,161 |
| | (4,747 | ) | | 6,908 |
| | (145.5 | ) |
| Interest Expense | | | | | | | |
| Long-Term Debt | 17,646 |
| | 18,098 |
| | (452 | ) | | (2.5 | ) |
| Capital Leases | 6,319 |
| | 8,507 |
| | (2,188 | ) | | (25.7 | ) |
| Other Interest Expense | 355 |
| | 271 |
| | 84 |
| | 31.0 |
|
| Interest Capitalized | (1,131 | ) | | (507 | ) | | (624 | ) | | 123.1 |
|
| Total Interest Expense | 23,189 |
| | 26,369 |
| | (3,180 | ) | | (12.1 | ) |
| Income Before Income Taxes | 20,005 |
| | 11,803 |
| | 8,202 |
| | 69.5 |
|
| Income Tax Expense | 6,480 |
| | 4,298 |
| | 2,182 |
| | 50.8 |
|
| Net Income | 13,525 |
| | 7,505 |
| | 6,020 |
| | 80.2 |
|
| Weighted-Average Shares of Common Stock Outstanding (000) | | | | | | | |
| Basic | 41,684 |
| | 41,500 |
| | 184 |
| | 0.4 |
|
| Diluted | 42,077 |
| | 41,867 |
| | 210 |
| | 0.5 |
|
| Earnings Per Share | | | | | | | |
| Basic | $ | 0.32 |
| | $ | 0.18 |
| | $ | 0.14 |
| | 77.8 |
|
| Diluted | $ | 0.32 |
| | $ | 0.18 |
| | $ | 0.14 |
| | 77.8 |
|
| Dividends Declared Per Share | $ | 0.435 |
| | $ | 0.43 |
| | $ | 0.005 |
| | 1.2 |
|
UNS Energy Corporation
Comparative Consolidated Statements of Income
|
| | | | | | | | | | | | | | |
| (in thousands of dollars, except per share amounts) | Year Ended December 31, | | Increase / (Decrease) |
| (UNAUDITED) | 2013 | | 2012 | | Amount | | Percent |
| Operating Revenues | | | | | | | |
| Electric Retail Sales | $ | 1,102,769 |
| | $ | 1,087,279 |
| | $ | 15,490 |
| | 1.4 |
|
| Electric Wholesale Sales | 135,160 |
| | 125,414 |
| | 9,746 |
| | 7.8 |
|
| Gas Retail Sales | 125,478 |
| | 123,133 |
| | 2,345 |
| | 1.9 |
|
| Other Revenues | 121,153 |
| | 125,940 |
| | (4,787 | ) | | (3.8 | ) |
| Total Operating Revenues | 1,484,560 |
| | 1,461,766 |
| | 22,794 |
| | 1.6 |
|
| Operating Expenses | | | | | | | |
| Fuel | 332,279 |
| | 327,832 |
| | 4,447 |
| | 1.4 |
|
| Purchased Energy | 252,532 |
| | 224,696 |
| | 27,836 |
| | 12.4 |
|
| Transmission and Other PPFAC Recoverable Costs | 23,012 |
| | 14,540 |
| | 8,472 |
| | 58.3 |
|
| Increase (Decrease) to Reflect PPFAC/PGA Recovery Treatment | (16,313 | ) | | 32,246 |
| | (48,559 | ) | | (150.6 | ) |
| Total Fuel and Purchased Energy | 591,510 |
| | 599,314 |
| | (7,804 | ) | | (1.3 | ) |
| Operations and Maintenance | 389,699 |
| | 383,689 |
| | 6,010 |
| | 1.6 |
|
| Depreciation | 149,615 |
| | 141,303 |
| | 8,312 |
| | 5.9 |
|
| Amortization | 27,557 |
| | 35,784 |
| | (8,227 | ) | | (23.0 | ) |
| Taxes Other Than Income Taxes | 54,683 |
| | 49,881 |
| | 4,802 |
| | 9.6 |
|
| Total Operating Expenses | 1,213,064 |
| | 1,209,971 |
| | 3,093 |
| | 0.3 |
|
| Operating Income | 271,496 |
| | 251,795 |
| | 19,701 |
| | 7.8 |
|
| Other Income (Deductions) | | | | | | | |
| Interest Income | 534 |
| | 1,106 |
| | (572 | ) | | (51.7 | ) |
| Other Income | 7,880 |
| | 4,928 |
| | 2,952 |
| | 59.9 |
|
| Other Expense | (3,463 | ) | | (7,723 | ) | | 4,260 |
| | (55.2 | ) |
| Appreciation in Fair Value of Investments | 2,833 |
| | 1,892 |
| | 941 |
| | 49.7 |
|
| Total Other Income (Deductions) | 7,784 |
| | 203 |
| | 7,581 |
| | 3,734.5 |
|
| Interest Expense | | | | | | | |
| Long-Term Debt | 71,180 |
| | 71,909 |
| | (729 | ) | | (1.0 | ) |
| Capital Leases | 25,140 |
| | 33,613 |
| | (8,473 | ) | | (25.2 | ) |
| Other Interest Expense | 538 |
| | 1,983 |
| | (1,445 | ) | | (72.9 | ) |
| Interest Capitalized | (3,483 | ) | | (2,153 | ) | | (1,330 | ) | | 61.8 |
|
| Total Interest Expense | 93,375 |
| | 105,352 |
| | (11,977 | ) | | (11.4 | ) |
| Income Before Income Taxes | 185,905 |
| | 146,646 |
| | 39,259 |
| | 26.8 |
|
| Income Tax Expense | 58,427 |
| | 55,727 |
| | 2,700 |
| | 4.8 |
|
| Net Income | $ | 127,478 |
| | $ | 90,919 |
| | $ | 36,559 |
| | 40.2 |
|
| Weighted-Average Shares of Common Stock Outstanding (000) | | | | | | | |
| Basic | 41,618 |
| | 40,362 |
| | 1,256 |
| | 3.1 |
|
| Diluted | 41,975 |
| | 41,755 |
| | 220 |
| | 0.5 |
|
| Earnings Per Share | | | | | | | |
| Basic | $ | 3.06 |
| | $ | 2.25 |
| | $ | 0.81 |
| | 36.0 |
|
| Diluted | $ | 3.04 |
| | $ | 2.20 |
| | $ | 0.84 |
| | 38.2 |
|
| Dividends Declared Per Share | $ | 1.74 |
| | $ | 1.72 |
| | $ | 0.02 |
| | 1.2 |
|
Tucson Electric Power Company
Comparative Consolidated Statements of Income
|
| | | | | | | | | | | | | | |
| | Three Months Ended | | | | |
| (in thousands of dollars, except per share amounts) | December 31, | | Increase / (Decrease) |
| (UNAUDITED) | 2013 | | 2012 | | Amount | | Percent |
| Operating Revenues | | | | | | | |
| Electric Retail Sales | $ | 195,210 |
| | $ | 198,886 |
| | $ | (3,676 | ) | | (1.8 | ) |
| Electric Wholesale Sales | 41,997 |
| | 33,706 |
| | 8,291 |
| | 24.6 |
|
| Other Revenues | 36,230 |
| | 38,761 |
| | (2,531 | ) | | (6.5 | ) |
| Total Operating Revenues | 273,437 |
| | 271,353 |
| | 2,084 |
| | 0.8 |
|
| Operating Expenses | | | | | | | |
| Fuel | 78,488 |
| | 80,971 |
| | (2,483 | ) | | (3.1 | ) |
| Purchased Power | 22,636 |
| | 18,073 |
| | 4,563 |
| | 25.2 |
|
| Transmission and Other PPFAC Recoverable Costs | 4,697 |
| | 1,445 |
| | 3,252 |
| | 225.1 |
|
| Increase (Decrease) to Reflect PPFAC Recovery Treatment | (7,379 | ) | | 5,962 |
| | (13,341 | ) | | (223.8 | ) |
| Total Fuel and Purchased Energy | 98,442 |
| | 106,451 |
| | (8,009 | ) | | (7.5 | ) |
| Operations and Maintenance | 96,151 |
| | 86,462 |
| | 9,689 |
| | 11.2 |
|
| Depreciation | 30,347 |
| | 28,274 |
| | 2,073 |
| | 7.3 |
|
| Amortization | 6,902 |
| | 9,872 |
| | (2,970 | ) | | (30.1 | ) |
| Taxes Other Than Income Taxes | 10,581 |
| | 9,998 |
| | 583 |
| | 5.8 |
|
| Total Operating Expenses | 242,423 |
| | 241,057 |
| | 1,366 |
| | 0.6 |
|
| Operating Income | 31,014 |
| | 30,296 |
| | 718 |
| | 2.4 |
|
| Other Income (Deductions) | | | | | | | |
| Interest Income | 106 |
| | 39 |
| | 67 |
| | 171.8 |
|
| Other Income | 1,866 |
| | 912 |
| | 954 |
| | 104.6 |
|
| Other Expense | (3,221 | ) | | (8,689 | ) | | 5,468 |
| | (62.9 | ) |
| Appreciation (Depreciation) in Fair Value of Investments | 969 |
| | 271 |
| | 698 |
| | 257.6 |
|
| Total Other Income (Deductions) | (280 | ) | | (7,467 | ) | | 7,187 |
| | (96.3 | ) |
| Interest Expense | | | | | | | |
| Long-Term Debt | 13,966 |
| | 14,476 |
| | (510 | ) | | (3.5 | ) |
| Capital Leases | 6,319 |
| | 8,507 |
| | (2,188 | ) | | (25.7 | ) |
| Other Interest Expense | 173 |
| | 108 |
| | 65 |
| | 60.2 |
|
| Interest Capitalized | (883 | ) | | (400 | ) | | (483 | ) | | 120.8 |
|
| Total Interest Expense | 19,575 |
| | 22,691 |
| | (3,116 | ) | | (13.7 | ) |
| Income Before Income Taxes | 11,159 |
| | 138 |
| | 11,021 |
| | 7,986.2 |
|
| Income Tax Expense (Benefit) | 6,249 |
| | (314 | ) | | 6,563 |
| | (2,090.1 | ) |
| Net Income (Loss) | 4,910 |
| | 452 |
| | 4,458 |
| | 986.3 |
|
Tucson Electric Power Company
Comparative Consolidated Statements of Income
|
| | | | | | | | | | | | | | |
| (in thousands of dollars, except per share amounts) | Year Ended December 31, | | Increase / (Decrease) |
| (UNAUDITED) | 2013 | | 2012 | | Amount | | Percent |
| Operating Revenues | | | | | | | |
| Electric Retail Sales | $ | 934,357 |
| | $ | 915,879 |
| | $ | 18,478 |
| | 2.0 |
|
| Electric Wholesale Sales | 132,500 |
| | 111,194 |
| | 21,306 |
| | 19.2 |
|
| Other Revenues | 129,833 |
| | 134,587 |
| | (4,754 | ) | | (3.5 | ) |
| Total Operating Revenues | 1,196,690 |
| | 1,161,660 |
| | 35,030 |
| | 3.0 |
|
| Operating Expenses | | | | |
| |
|
|
| Fuel | 325,903 |
| | 318,901 |
| | 7,002 |
| | 2.2 |
|
| Purchased Power | 112,452 |
| | 80,137 |
| | 32,315 |
| | 40.3 |
|
| Transmission and Other PPFAC Recoverable Costs | 12,233 |
| | 5,722 |
| | 6,511 |
| | 113.8 |
|
| Increase (Decrease) to Reflect PPFAC Recovery Treatment | (12,458 | ) | | 31,113 |
| | (43,571 | ) | | (140.0 | ) |
| Total Fuel and Purchased Energy | 438,130 |
| | 435,873 |
| | 2,257 |
| | 0.5 |
|
| Operations and Maintenance | 335,321 |
| | 334,553 |
| | 768 |
| | 0.2 |
|
| Depreciation | 118,076 |
| | 110,931 |
| | 7,145 |
| | 6.4 |
|
| Amortization | 31,294 |
| | 39,493 |
| | (8,199 | ) | | (20.8 | ) |
| Taxes Other Than Income Taxes | 43,498 |
| | 40,323 |
| | 3,175 |
| | 7.9 |
|
| Total Operating Expenses | 966,319 |
| | 961,173 |
| | 5,146 |
| | 0.5 |
|
| Operating Income | 230,371 |
| | 200,487 |
| | 29,884 |
| | 14.9 |
|
| Other Income (Deductions) | | | | |
| |
|
|
| Interest Income | 120 |
| | 136 |
| | (16 | ) | | (11.8 | ) |
| Other Income | 5,770 |
| | 3,953 |
| | 1,817 |
| | 46.0 |
|
| Other Expense | (10,715 | ) | | (13,574 | ) | | 2,859 |
| | (21.1 | ) |
| Appreciation (Depreciation) in Fair Value of Investments | 2,833 |
| | 1,892 |
| | 941 |
| | 49.7 |
|
| Total Other Income (Deductions) | (1,992 | ) | | (7,593 | ) | | 5,601 |
| | (73.8 | ) |
| Interest Expense | | | | |
| |
|
| Long-Term Debt | 56,378 |
| | 55,038 |
| | 1,340 |
| | 2.4 |
|
| Capital Leases | 25,140 |
| | 33,613 |
| | (8,473 | ) | | (25.2 | ) |
| Other Interest Expense | 87 |
| | 1,446 |
| | (1,359 | ) | | (94.0 | ) |
| Interest Capitalized | (2,554 | ) | | (1,782 | ) | | (772 | ) | | 43.3 |
|
| Total Interest Expense | 79,051 |
| | 88,315 |
| | (9,264 | ) | | (10.5 | ) |
| Income Before Income Taxes | 149,328 |
| | 104,579 |
| | 44,749 |
| | 42.8 |
|
| Income Tax Expense (Benefit) | 47,986 |
| | 39,109 |
| | 8,877 |
| | 22.7 |
|
| Net Income (Loss) | $ | 101,342 |
| | $ | 65,470 |
| | $ | 35,872 |
| | 54.8 |
|
