Exhibit 99
IDACORP
February 19, 2009
FOR IMMEDIATE RELEASE
Lawrence F. Spencer, Director of Investor Relations
Phone: (208) 388-2664
lspencer@idacorpinc.com
IDACORP Announces Year-End and Fourth Quarter 2008 Results
BOISE—IDACORP, Inc. (NYSE:IDA) reported 2008 net income of $98.4 million or $2.17 per diluted share compared to $82.3 million or $1.86 per diluted share in 2007. IDACORP reported 2008 fourth quarter net income of $7.4 million or $0.16 per diluted share, compared to $10.3 million or $0.23 per diluted share in 2007. Idaho Power Company (IPC), IDACORP’s principal subsidiary, reported fourth quarter net income of $7.7 million compared to $13.0 million in 2007.
“Our company faced many challenges navigating the economic and capital market turbulence of the past year, and managed through a multitude of issues to deliver improved annual results,” said LaMont Keen, IDACORP, Inc. and Idaho Power Company’s President and CEO. “We rigorously pursued lowering operating costs and recovering investment dollars throughout the past year, while still maintaining our low-cost position and high customer satisfaction marks.
“Our regulatory efforts met with mixed results. The Idaho Public Utilities Commission approved positive changes to our power cost adjustment mechanism; however, the recent 2008 general rate case order was disappointing.
“We remain focused on effectively managing our costs, assessing operations for additional efficiencies and working with regulators to obtain needed regulatory relief to achieve improved financial results both in the near term, given the challenges of the current environment, and the long term.”
Performance Summary
A summary of IDACORP’s and each IDACORP subsidiary’s net income for the fourth quarter and year ended December 31, 2008 as compared to 2007 is as follows:
Page 1 of 8
| Quarter Ended | Year Ended | |||||||
| December 31, | December 31, | |||||||
| 2008 | 2007 | 2008 | 2007 | |||||
| (in thousands except per diluted share amounts) | ||||||||
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| |
Earnings From: |
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|
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|
| |
| Idaho Power Company | $ | 7,711 | $ | 12,976 | $ | 94,115 | $ | 76,579 |
| IDACORP Financial Services (IFS) |
| 1,214 |
| 1,738 |
| 3,426 |
| 7,112 |
| Ida-West Energy |
| 182 |
| 189 |
| 2,353 |
| 2,223 |
| Holding Company |
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|
|
|
|
|
|
|
| and All Other |
| (1,663) |
| (4,608) |
| (1,480) |
| (3,575) |
Total Earnings | $ | 7,444 | $ | 10,295 | $ | 98,414 | $ | 82,339 | |
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| |
Average outstanding shares–diluted |
| 46,027 |
| 44,918 |
| 45,332 |
| 44,291 | |
Earnings per diluted share | $ | 0.16 | $ | 0.23 | $ | 2.17 | $ | 1.86 | |
The key factor affecting the change in IDACORP’s net income was IPC’s operating income, which decreased $2.0 million for the quarter and increased $34.6 million for the year. Rate increases during 2007 and 2008 increased general business revenues in 2008 as compared to 2007. These increases, combined with more favorable hydroelectric generating conditions, resulted in improved operating income. However, increases in operating and maintenance expenses and interest expense due to higher long-term debt balances reduced the earnings contribution at IPC. IPC earnings in the fourth quarter and for the year were also negatively impacted by a Federal Energy Regulatory Commission (FERC) decision increasing IPC’s Open Access Transmission Tariff (OATT) refund to its transmission service customers and an impairment charge for a decline in the market value of equity securities.
The following table presents a reconciliation of IDACORP net income for the quarter and year ended December 31, 2007 to December 31, 2008. These items are shown net of tax, in thousands of dollars.
| Quarter Ended |
| Year Ended |
|
| December 31, |
| December 31, |
|
IDACORP 2007 Net Income | $ 10,295 |
| $ 82,339 |
|
Increased (Decreased) electric utility operating income | (1,202) | (1) | 21,070 | (2) |
Gain on sale of Southwest Intertie Project | - |
| 1,849 |
|
Decreased net income at IFS | (524) |
| (3,686) |
|
Decreased loss at holding company | 2,634 |
| 1,585 |
|
Increased IPC interest expense | (2,336) |
| (6,518) |
|
Impairment of equity securities | (4,159) |
| (4,159) |
|
Settlement of prior years’ tax returns | 2,753 |
| 2,753 |
|
Other net increases | (17) |
| 3,181 |
|
IDACORP 2008 Net Income | $ 7,444 |
| $ 98,414 |
|
(1) Decreased electric utility operating income includes increased general business revenue of $15.0 million, decreased other revenue of $4.8 million due to the OATT refund, increased net power supply costs (fuel and purchased power less off-system sales) of $6.0 million, a PCA expense decrease of $3.0 million, and increased O&M expense of $2.5 million.
(2) Increased electric utility operating income includes increased general business revenue of $70.6 million, decreased other revenue of $4.8 million due to the OATT refund, decreased net power supply costs of $5.9 million, a PCA expense decrease of $44.9 million, and increased O&M expense of $4.6 million.
Page 2 of 8
2009 Outlook
The outlook for key operating and financial metrics is:
| 2009 | 2008 | ||
Key Operating & Financial Metrics | Estimate | Actual | ||
Idaho Power Operation & |
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| ||
| Maintenance Expense (Millions) | $280-$290 | $294 | |
Idaho Power Capital |
|
| ||
| Expenditures (Millions) (1) | $220-$230 | $244 | |
Idaho Power Hydroelectric |
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| ||
Generation (Million MWh) (2) | 6.5-8.5 | 6.9 | ||
Non-Regulated Subsidiary Earnings |
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| ||
| and Holding Company Expenses (Millions) (3) | $0.0-$3.0 | $4.3 | |
Effective Tax Rates: |
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| ||
| Idaho Power | 31%-35% | 29% | |
| Consolidated – IDACORP | 24%-28% | 16% | |
(1) IPC Capital Expenditures exclude costs for a base load energy resource. Subject to Board approval, IPC will seek approval from the IPUC relating to the base load resource during the first quarter of 2009 with a decision from the IPUC expected later this year. For the three-year period, 2009-2011, IPC expects to spend approximately $780 - $800 million. This amount includes expenditures for the siting and permitting of major transmission expansions for Boardman to Hemingway, Gateway West, Hemingway Station and the Hemingway Hubbard facilities, but excludes the costs for a base load energy resource.
(2) The projected range for annual hydroelectric generation is based on 2008-09 Snake River Basin snowpack at 77 percent of average on February 17 with reservoir levels approximately 10 percent above normal.
(3) The decrease from prior years is a result of expected declines in contributions from IFS because of lower tax benefits from aging investments.
Web Cast / Conference Call
IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live Web cast, or by calling (706) 902-2991 for listen-only mode. The conference ID is 81151797, but no password is required. Details of the conference call logistics are posted on the company’s Web site (http://www.idacorpinc.com). A replay of the conference call will be available on the company’s Web site for a period of 12 months.
Background Information / Safe Harbor Statement
Boise, Idaho-based IDACORP, formed in 1998, is a holding company comprised of Idaho Power Company, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. To learn more about Idaho Power or IDACORP, visit www.idahopower.com or www.idacorpinc.com.
Page 3 of 8
Certain statements contained in this news release, including statements with respect to future earnings, ongoing operations, and financial conditions, are “forward-looking statements” within the meaning of federal securities laws. Although IDACORP and Idaho Power believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. Factors that could cause actual results to differ materially from the forward-looking statements include: the effect of state and federal regulatory decisions affecting our ability to recover costs and/or earn a reasonable rate of return including, but not limited to, the disallowance of costs that have been deferred; changes in and compliance with state and federal laws, policies and regulations including the cost and effect of compliance, investigations and audits, penalties and costs of remediation that may or may not be recoverable through rates; changes in tax laws or related regulations or new interpretations of applicable law by the Internal Revenue Service or other taxing jurisdiction; litigation and regulatory proceedings, including those resulting from the energy situation in the western United States, and penalties and settlements that influence business and profitability; changes in and compliance with laws, regulations, and policies including changes in law and compliance with environmental, natural resources, endangered species and safety laws, regulations and policies and the adoption of laws and regulations addressing greenhouse gas emissions, global climate change, and energy policies; global climate change and regional weather variations affecting customer demand and hydroelectric generation; over-appropriation of surface and groundwater in the Snake River Basin resulting in reduced generation at hydroelectric facilities; construction of power generation, transmission and distribution facilities, including an inability to obtain required governmental permits and approvals, rights-of-way and siting, and risks related to contracting, construction and start-up; operation of power generating facilities including performance below expected levels, breakdown or failure of equipment, availability of transmission and fuel supply; changes in operating expenses and capital expenditures, including costs and availability of materials, fuel and commodities; blackouts or other disruptions of Idaho Power Company’s transmission system or the western interconnected transmission system; population growth rates and other demographic patterns; market prices and demand for energy, including structural market changes; increases in uncollectible customer receivables; fluctuations in sources and uses of cash; results of financing efforts, including the ability to obtain financing or refinance existing debt when necessary or on favorable terms, which can be affected by factors such as credit ratings, volatility in the financial markets and other economic conditions; actions by credit rating agencies, including changes in rating criteria and new interpretations of existing criteria; changes in interest rates or rates of inflation; performance of the stock market, interest rates, credit spreads and other financial market conditions, as well as changes in government regulations, which affect the amount and timing of required contributions to pension plans and the reported costs of providing pension and other postretirement benefits; increases in health care costs and the resulting effect on medical benefits paid for employees; increasing costs of insurance, changes in coverage terms and the ability to obtain insurance; homeland security, acts of war or terrorism; natural disasters and other natural risks, such as earthquake, flood, drought, lightning, wind and fire; adoption of or changes in critical accounting policies or estimates; and new accounting or Securities and Exchange Commission requirements, or new interpretation or application of existing requirements. Any such forward-looking statements should be considered in light of such factors and others noted in the companies’ Annual Report on Form 10-K for the year ended December 31, 2007, and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008, and other reports on file with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
Page 4 of 8
IDACORP, Inc. | |||||||||
Condensed Consolidated Statements of Income | |||||||||
Summary Financial Information | |||||||||
(unaudited) | |||||||||
(thousands of dollars except for per share amounts) | |||||||||
| |||||||||
| Quarter Ended |
| Year Ended | ||||||
| December 31, |
| December 31, | ||||||
| 2008 | 2007 |
| 2008 | 2007 | ||||
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Operating Revenues: |
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Electric utility: |
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General business | $ | 181,611 | $ | 156,966 |
| $ | 784,311 | $ | 668,303 |
Off-system sales | 27,789 | 25,089 |
| 121,429 | 154,948 | ||||
Other revenues | 6,828 | 14,374 |
| 50,336 | 52,150 | ||||
Total electric utility revenues | 216,228 | 196,429 |
| 956,076 | 875,401 | ||||
Other | 804 | 1,017 |
| 4,338 | 3,993 | ||||
Total operating revenues | 217,032 | 197,446 |
| 960,414 | 879,394 | ||||
Operating Expenses: |
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Electric utility: |
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Purchased power | 56,237 | 48,091 |
| 231,137 | 289,484 | ||||
Fuel expense | 37,018 | 32,598 |
| 149,403 | 134,322 | ||||
Power cost adjustment | (8,735) | (13,674) |
| (47,413) | (121,131) | ||||
Other operations and maintenance | 74,708 | 70,639 |
| 294,029 | 286,510 | ||||
Energy efficiency programs(1) | 5,631 | 4,518 |
| 18,880 | 13,487 | ||||
Gain on sale of emission allowances | - | - |
| (504) | (2,754) | ||||
Depreciation | 24,001 | 26,203 |
| 102,086 | 103,072 | ||||
Taxes other than income taxes | 4,653 | 3,366 |
| 19,083 | 17,634 | ||||
Total electric utility expenses | 193,513 | 171,741 |
| 766,701 | 720,624 | ||||
Other expense | (286) | 1,910 |
| 3,046 | 6,692 | ||||
Total operating expenses | 193,227 | 173,651 |
| 769,747 | 727,316 | ||||
Operating Income (Loss): |
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| ||||
Electric utility | 22,715 | 24,688 |
| 189,375 | 154,777 | ||||
Other | 1,090 | (893) |
| 1,292 | (2,699) | ||||
Total operating income | 23,805 | 23,795 |
| 190,667 | 152,078 | ||||
Other Income (loss) | (3,267) | 6,657 |
| 11,861 | 20,524 | ||||
Earnings (Losses) of Unconsolidated Equity- Method Investments | 675 | (1,567) |
| (3,997) | (4,824) | ||||
Other Expense | 2,912 | 1,597 |
| 7,861 | 8,434 | ||||
Interest Expense: |
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Interest on long-term debt | 17,404 | 16,655 |
| 67,251 | 59,961 | ||||
Other interest | 2,587 | (502) |
| 5,805 | 3,380 | ||||
Total interest expense | 19,991 | 16,153 |
| 73,056 | 63,341 | ||||
Income (Loss) Before Income Taxes | (1,690) | 11,135 |
| 117,614 | 96,003 | ||||
Income Tax Expense (Benefit) | (9,134) | 840 |
| 19,200 | 13,731 | ||||
Income from Continuing Operations | 7,444 | 10,295 |
| 98,414 | 82,272 | ||||
Income from Discontinued Operations, net of tax | - | - |
| - | 67 | ||||
Net Income | $ | 7,444 | $ | 10,295 |
| $ | 98,414 | $ | 82,339 |
Weighted Average Common Shares |
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Outstanding - Basic (000's) | 45,812 | 44,754 |
| 45,147 | 44,151 | ||||
Weighted Average Common Shares |
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Outstanding - Diluted (000's) | 46,027 | 44,918 |
| 45,332 | 44,291 | ||||
Earnings Per Share of Common Stock-diluted: |
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Earnings per share from Continuing Operations | $ | 0.16 | $ | 0.23 |
| $ | 2.17 | $ | 1.86 |
Earnings per share from Discontinued Operations | - | - |
| - | - | ||||
Earnings Per Share of Common Stock-diluted | $ | 0.16 | $ | 0.23 |
| $ | 2.17 | $ | 1.86 |
Dividends Paid Per Share of Common Stock | $ | 0.30 | $ | 0.30 |
| $ | 1.20 | $ | 1.20 |
(1)
(1) The “Demand-side management” line title was changed to “Energy efficiency programs” to reflect the terminology commonly used for these programs.
Page 5 of 8
IDACORP, Inc. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
For the Years Ended December 31, 2008 and 2007 | |||||||
Summary Financial Information | |||||||
(unaudited) | |||||||
(Thousands of Dollars) | |||||||
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| Year Ended | |||
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| December 31, | |||
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| 2008 | 2007 | ||
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Operating Activities |
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| Net Income | $ | 98,414 | $ | 82,339 | ||
| Adjustments to reconcile net income to |
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| net cash provided by operating activities: |
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| |
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| Depreciation and amortization |
| 122,440 |
| 120,368 |
|
|
| Deferred income taxes and investment tax credits |
| 4,661 |
| 11,026 |
|
|
| Changes in regulatory assets and liabilities |
| (64,068) |
| (128,089) |
|
|
| Undistributed earnings of subsidiaries |
| (7,423) |
| (6,273) |
|
|
| Gain on sales of assets |
| (3,446) |
| (4,758) |
|
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| Other non-cash adjustments to net income |
| 12,521 |
| 3,953 |
| Excess tax benefit from share-based payment arrangement |
| (149) |
| (68) | ||
| Change in: |
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| Accounts receivable and prepayments |
| (1,725) |
| (10,284) |
|
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| Accounts payable and other accrued liabilities |
| 16,248 |
| 2,206 |
|
|
| Taxes accrued |
| (26,454) |
| (9,466) |
|
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| Other |
| (14,506) |
| 19,647 |
|
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| Net cash provided by operating activities |
| 136,513 |
| 80,601 | |
|
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Investing Activities |
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| Additions to property, plant and equipment |
| (243,544) |
| (287,219) | ||
| Proceeds from the sale of IDACOMM |
| - |
| 7,283 | ||
| Proceeds from the sale of non-utility assets |
| 5,847 |
| - | ||
| Proceeds from the sale of emissions allowances |
| 2,959 |
| 19,846 | ||
| Investments in affordable housing |
| (8,314) |
| 348 | ||
| Investments in unconsolidated affiliates |
| (3,038) |
| (8,535) | ||
| Purchase of available-for-sale securities |
| - |
| (24,349) | ||
| Proceeds from the sale of available-for-sale securities |
| - |
| 26,110 | ||
| Purchase of held-to-maturity securities |
| (4,248) |
| (3,116) | ||
| Maturity of held-to-maturity securities |
| 6,060 |
| 3,317 | ||
| Tax deposit withdrawal |
| 44,903 |
| - | ||
| Other |
| (3,449) |
| (795) | ||
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| Net cash used in investing activities |
| (202,824) |
| (267,110) | |
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Financing Activities |
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| Increase in term loans |
| 170,000 |
| - | ||
| Issuance of long-term debt |
| 120,000 |
| 240,000 | ||
| Retirement of long-term debt |
| (11,349) |
| (95,033) | ||
| Purchase of pollution control bonds |
| (166,100) |
| - | ||
| Dividends on common stock |
| (54,239) |
| (53,012) | ||
| Net change in short-term borrowings |
| (39,095) |
| 57,445 | ||
| Issuance of common stock(1) |
| 50,863 |
| 37,181 | ||
| Acquisition of treasury stock |
| (304) |
| (346) | ||
| Excess tax benefit from share-based payment arrangement |
| 149 |
| 68 | ||
| Other |
| (2,752) |
| (1,720) | ||
|
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| Net cash provided by financing activities |
| 67,173 |
| 184,583 | |
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| Net increase (decrease) in cash and cash equivalents |
| 862 |
| (1,926) | ||
|
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| Cash and cash equivalents at beginning of year |
| 7,966 |
| 9,892 | ||
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| Cash and cash equivalents at end of year | $ | 8,828 | $ | 7,966 | ||
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(1) 2008 includes $42 million from the issuance of 1.5 million shares of common stock under the continuous equity program.
Page 6 of 8
IDACORP, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
As of December 31, 2008 and 2007 | |||||||
Summary Financial Information | |||||||
(unaudited) | |||||||
(Thousands of Dollars) | |||||||
| |||||||
| December 31,
| ||||||
| 2008 | 2007 | |||||
Assets | |||||||
| Cash and cash equivalents | $ | 8,828 | $ | 7,966 | ||
| Receivables, net of allowance |
| 91,380 |
| 118,695 | ||
| Other current assets |
| 166,076 |
| 140,046 | ||
|
| Total current assets |
| 266,284 |
| 266,707 | |
|
|
|
|
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| |
| Investments |
| 198,552 |
| 201,085 | ||
| Property, plant and equipment-net |
| 2,758,165 |
| 2,616,552 | ||
|
|
|
|
|
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| |
| Regulatory assets |
| 696,332 |
| 449,668 | ||
| Employee notes – long-term |
| 54 |
| 2,325 | ||
| Other assets |
| 103,458 |
| 116,971 | ||
|
| Total other assets |
| 799,844 |
| 568,964 | |
|
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| |
|
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| Total Assets | $ | 4,022,845 | $ | 3,653,308 |
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Liabilities and Shareholders’ Equity | |||||||
| Current maturities of long-term debt | $ | 86,528 | $ | 11,456 | ||
| Notes payable |
| 151,250 |
| 186,445 | ||
| Accounts payable |
| 96,785 |
| 85,116 | ||
| Other current liabilities |
| 61,105 |
| 92,298 | ||
|
| Total current liabilities |
| 395,668 |
| 375,315 | |
|
|
|
|
|
|
| |
| Deferred income taxes |
| 515,719 |
| 466,182 | ||
| Regulatory liabilities |
| 276,266 |
| 274,204 | ||
| Other liabilities |
| 349,304 |
| 173,412 | ||
|
| Total other liabilities |
| 1,141,289 |
| 913,798 | |
|
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|
|
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| |
| Long-term debt |
| 1,183,451 |
| 1,156,880 | ||
| Shareholders’ equity |
| 1,302,437 |
| 1,207,315 | ||
|
|
|
|
|
| ||
|
| Total Liabilities & Shareholders’ Equity | $ | 4,022,845 | $ | 3,653,308 | |
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Page 7 of 8
Idaho Power Company Supplemental Operating Statistics | |||||||||||||
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| Quarter Ended |
| Year Ended | ||||||||||
| December 31, |
| December 31, | ||||||||||
| 2008 |
| 2007 |
| 2008 |
| 2007 | ||||||
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Energy Use – MWh |
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| Residential | 1,366,338 |
| 1,395,370 |
| 5,297,257 |
| 5,227,166 | |||||
| Commercial | 977,265 |
| 978,309 |
| 3,969,734 |
| 3,937,321 | |||||
| Industrial | 831,736 |
| 877,700 |
| 3,355,202 |
| 3,453,633 | |||||
| Irrigation | 85,489 |
| 61,705 |
| 1,921,520 |
| 1,923,705 | |||||
|
| Total General Business | 3,260,828 |
| 3,313,084 |
| 14,543,713 |
| 14,541,825 | ||||
| Off-System Sales | 527,235 |
| 633,188 |
| 2,047,604 |
| 2,743,647 | |||||
|
| Total | 3,788,063 |
| 3,946,272 |
| 16,591,317 |
| 17,285,472 | ||||
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Revenue ($000’s) |
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| Residential | $ | 93,480 | $ | 83,674 | $ | 353,262 | $ | 308,208 | ||||
| Commercial |
| 51,412 |
| 43,330 |
| 203,035 |
| 170,001 | ||||
| Industrial |
| 32,178 |
| 27,140 |
| 122,302 |
| 101,409 | ||||
| Irrigation |
| 4,541 |
| 2,822 |
| 105,712 |
| 88,685 | ||||
| Total General Business |
| 181,611 |
| 156,966 |
| 784,311 |
| 668,303 | ||||
| Off-System Sales |
| 27,789 |
| 25,089 |
| 121,429 |
| 154,948 | ||||
|
| Total | $ | 209,400 | $ | 182,055 | $ | 905,740 | $ | 823,251 | |||
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Weather Statistics |
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| Heating Degree-days |
| 2,029 |
| 2,119 |
| 5,586 |
| 5,128 | ||||
| Cooling Degree-days |
| 14 |
| 1 |
| 1,068 |
| 1,290 | ||||
| Precipitation (inches) |
| 3.89 |
| 3.36 |
| 9.25 |
| 8.09 | ||||
|
|
|
|
|
|
|
|
|
|
| |||
Customers – Period End |
| ||||||||||||
|
|
|
|
|
|
|
| ||||||
| Residential |
| 404,373 |
| 400,637 |
| |||||||
| Commercial |
| 64,125 |
| 62,765 |
| |||||||
| Industrial |
| 125 |
| 123 |
| |||||||
| Irrigation |
| 18,542 |
| 18,126 |
| |||||||
|
| Total |
| 487,165 |
| 481,651 |
| ||||||
Page 8 of 8
