Exhibit 99
TNP ENTERPRISES, INC.
P.O. Box 2943, Fort Worth, TX 76113 NEWS
FOR IMMEDIATE RELEASE For more information, contact:
TNP Enterprises, | Texas New-Mexico Power Company |
Ted Babcock | Patrick Bridges |
(516) 933-3105 | (817) 377-5541 |
email:tbabcock@tnpe.com | email:pbridges@tnpe.com |
TNP ENTERPRISES REPORTS SECOND QUARTER EARNINGS
FORT WORTH, Texas -Aug. 17, 2000- TNP Enterprises, Inc. today announced that net income was $0.5 million for the three months ended June 30, 2000, while net income for Texas-New Mexico Power Company (TNMP), the principal subsidiary of TNP, was $11.2 million for the same period. TNMP's net income for comparable period ended June 30, 1999, was $14.2 million.
Detailed below are certain financial highlights for TNP Enterprises, for the three months ended June 30, 2000 compared to the three months ended June 30, 1999:
TNP ENTERPRISES, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Dollars in Thousands)
Three Months Ended June 30, | ||
2000 | 1999 | |
_____________________ | ________________ | |
Operating revenues | $ 155,931 | $ 144,027 |
Net Income | $532 | 12,403 |
Income (Loss) Applicable to Common Stock | 2,782) | 12,497 |
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | 40,227 | 41,202 |
MWH Sales | $ 2,321 | $ 2,359 |
TNMP's net income of $11.2 million for the quarter ended June 30, 2000, was $3 million less than the same period of 1999. Higher revenues, resulting from increased weather related sales, were offset by base rate reductions, and higher non-pass through purchased power expenses incurred on sales to an industrial customer under a replacement power contract.
Detailed below are sales by customer classification:
Three Months ended June 30 | ||||
2000 | 1999 | Variance | % | |
| ________________ | ________________ | ________________ | ________________ |
Residential | 588 | 549 | 39 | 7.1 |
Commercial | 516 | 472 | 44 | 9.3 |
Industrial |
|
|
|
|
Firm | 152 | 132 | 20 | 15.2 |
Economy | 1,008 | 1,153 | (145) | (12.6) |
Other (including power marketing | 57 | 53 | 4 | 7.5 |
| ________________ | ________________ | ________________ | ________________ |
Total GWH Sales | 2,321 | 2,359 | (38) | (1.6) |
The quarterly results ending June 30, 2000, for TNP Enterprises are for the first reporting period since the April 7, 2000, acquisition of TNP by an investor group led by Dr. William J. Catacosinos, managing partner of Laurel Hill Capital Partners LLC.
On August 15, 2000, the board of directors of Texas-New Mexico Power Company declared a $17 million common dividend payable September 1, 2000, to TNP Enterprises. The Boards of Directors of both TNP and TNMP also declared the regular dividend on all series of preferred stocks.
Additional information on quarterly results can be obtained in the Company's Form 10-Q on file with the Securities Exchange Commission.
On Thursday, August 17, 2000, at 10:00 a. m. Central Time (11:00 a.m. Eastern Time), company officials will hold a conference call to review the second quarter results. The conference call can be accessed by dialing 1-800-883-9624.
