Exhibit 99.1
PNM Resources
Schedule 3
2007 Reconciliation of Ongoing to GAAP Earnings
(Unaudited)
Quarter Ended June 30, 2007 | ||||||||||
(in thousands) | ||||||||||
Utilities | Altura | FCP | EnergyCo (50%) | Corp/ Other | PNMR | |||||
PNM Electric | TNMP Electric | PNM Gas | ||||||||
Ongoing Earnings (Loss) | $ 6,941 | $ 4,234 | $ (2,034) | $ 4,542 | $ 5,284 | $ 1,373 | $ (5,253) | $ 15,087 | ||
Non-Recurring Items | ||||||||||
JV formation costs | - | - | - | - | - | - | (1,878) | (1,878) | ||
Favorable IRS decision | 16,038 | 16,038 | ||||||||
Twin Oaks III Impairment | (2,042) | (2,042) | ||||||||
Loss on contribution of Altura (Twin Oaks) | (2,197) | (2,197) | ||||||||
Speculative trading | - | - | - | - | 1,082 | - | - | 1,082 | ||
Unrealized impairments of NDT securities | (62) | - | - | - | - | - | - | (62) | ||
Economic mark-to-market hedges | (6,234) | - | 446 | - | - | - | - | (5,788) | ||
Total Non-Recurring Items | (6,296) | - | 446 | - | 1,082 | - | 9,921 | 5,153 | ||
GAAP Earnings (Loss) from Continuing Operations | 645 | 4,234 | 4,542 | 6,366 | 1,373 | 4,668 | 21,828 | |||
GAAP Earnings (Loss) from Discontinued Operations | (1,588) | (1,588) | ||||||||
GAAP Net Earnings (Loss) | $ 645 | $ 4,234 | $ (1,588) | $ 4,542 | $ 6,366 | $ 1,373 | $ 4,668 | $ 20,240 | ||
Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.
PNM Resources
Schedule 4
2007 Reconciliation of Ongoing to GAAP Earnings
(Unaudited)
Six Months Ended June 30, 2007 | ||||||||||
(in thousands) | ||||||||||
Utilities | Altura | FCP | EnergyCo (50%) | Corp/ Other | PNMR | |||||
PNM Electric | TNMP Electric | PNM Gas | ||||||||
Ongoing Earnings (Loss) | $ 19,202 | $ 5,172 | $12,613 | $ 5,983 | $12,417 | $ 973 | $ (11,541) | $ 44,819 | ||
Non-Recurring Items | ||||||||||
JV formation costs | - | - | - | - | - | - | (2,533) | (2,533) | ||
Favorable IRS decision | 16,038 | 16,038 | ||||||||
Twin Oaks III Impairment | (2,042) | (2,042) | ||||||||
Loss on contribution of Altura (Twin Oaks) | (2,197) | (2,197) | ||||||||
Speculative trading | - | - | - | - | (1,069) | - | - | (1,069) | ||
Unrealized impairments of NDT securities | (208) | - | - | - | - | - | - | (208) | ||
Economic mark-to-market hedges | (4,123) | - | 321 | - | 900 | - | - | (2,902) | ||
Total Non-Recurring Items | (4,331) | - | 321 | - | (169) | - | 9,266 | 5,087 | ||
GAAP Earnings (Loss) from Continuing Operations | 14,871 | 5,172 | 5,983 | 12,248 | 973 | (2,275) | 36,972 | |||
GAAP Earnings (Loss) from Discontinued Operations | 12,934 | 12,934 | ||||||||
GAAP Net Earnings (Loss) | $ 14,871 | $ 5,172 | $12,934 | $ 5,983 | $12,248 | $ 973 | $ (2,275) | $ 49,906 | ||
Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.
PNM Resources
Schedule 7:
2007 Reconciliation of Ongoing to GAAP Earnings Per Share
(Unaudited)
Quarter Ended June 30, 2007 | ||||||||||
Utilities | Altura | FCP | EnergyCo (50%) | Corp/ Other | PNMR | |||||
PNM Electric | TNMP Electric | PNM Gas | ||||||||
Ongoing Earnings (Loss) | $ 0.09 | $0.05 | $ (0.03) | $ 0.06 | $ 0.07 | $ 0.02 | $ (0.07) | $ 0.19 | ||
Non-Recurring Items | ||||||||||
JV formation costs | - | - | - | - | - | - | (0.02) | (0.02) | ||
Favorable IRS decision | 0.20 | 0.20 | ||||||||
Twin Oaks III Impairment | (0.02) | (0.02) | ||||||||
Loss on contribution of Altura (Twin Oaks) | (0.03) | (0.03) | ||||||||
Speculative trading | - | - | - | - | 0.01 | - | - | 0.01 | ||
Unrealized impairments of NDT securities | - | - | - | - | - | - | - | - | ||
Economic mark-to-market hedges | (0.08) | - | 0.01 | - | - | - | - | (0.07) | ||
Total Non-Recurring Items | (0.08) | 0.00 | 0.01 | 0.00 | 0.01 | 0.00 | 0.13 | 0.07 | ||
GAAP Earnings (Loss) from Continuing Operations | 0.01 | 0.05 | 0.06 | 0.08 | 0.02 | 0.06 | 0.28 | |||
GAAP Earnings (Loss) from Discontinued Operations | (0.02) | (0.02) | ||||||||
GAAP Net Earnings (Loss) | $ 0.01 | $0.05 | $ (0.02) | $ 0.06 | $ 0.08 | $ 0.02 | $ 0.06 | $ 0.26 | ||
Average Diluted Shares Outstanding: 78,792,899 | ||||||||||
Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.
PNM Resources
Schedule 8:
2007 Reconciliation of Ongoing to GAAP Earnings Per Share
(Unaudited)
Six Months Ended June 30, 2007 | ||||||||||
Utilities | Altura | FCP | EnergyCo (50%) | Corp/ Other | PNMR | |||||
PNM Electric | TNMP Electric | PNM Gas | ||||||||
Ongoing Earnings (Loss) | $ 0.24 | $0.07 | $ 0.16 | $ 0.08 | $ 0.16 | $ 0.01 | $ (0.15) | $ 0.57 | ||
Non-Recurring Items | ||||||||||
JV formation costs | - | - | - | - | - | - | (0.03) | (0.03) | ||
Favorable IRS decision | 0.20 | 0.20 | ||||||||
Twin Oaks III Impairment | (0.02) | (0.02) | ||||||||
Loss on contribution of Altura (Twin Oaks) | (0.03) | (0.03) | ||||||||
Speculative trading | - | - | - | - | (0.01) | - | - | (0.01) | ||
Unrealized impairments of NDT securities | (0.00) | - | - | - | - | - | - | (0.00) | ||
Economic mark-to-market hedges | (0.05) | - | - | - | 0.01 | - | - | (0.04) | ||
Total Non-Recurring Items | (0.05) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 0.07 | ||
GAAP Earnings (Loss) from Continuing Operations | 0.19 | 0.07 | 0.08 | 0.16 | 0.01 | (0.03) | 0.48 | |||
GAAP Earnings (Loss) from Discontinued Operations | 0.16 | 0.16 | ||||||||
GAAP Net Earnings (Loss) | $ 0.19 | $0.07 | $ 0.16 | $ 0.08 | $ 0.16 | $ 0.01 | $ (0.03) | $ 0.64 | ||
Average Diluted Shares Outstanding: 78,446,067 |
Ongoing earnings include earnings from discontinued operations and exclude the impact of non-recurring items and net unrealized mark-to-market gains and losses on economic hedges. Ongoing earnings also exclude gains and losses from speculative trading activity and unrealized losses recorded as impairments of assets held in the Nuclear Decommissioning Trust.