UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) April 11, 2001
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April 5, 2001
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PUBLIC SERVICE COMPANY OF NEW MEXICO
(Exact name of registrant as specified in its charter)
New Mexico 85-0019030
--------------------------- Commission ----------------------
(State or Other Jurisdiction File Number 1-6986 (I.R.S. Employer
of Incorporation) ------ Identification) Number)
Alvarado Square, Albuquerque, New Mexico 87158
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(Address of principal executive offices) (Zip Code)
(505) 241-2700
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
Item 9. Regulation FD Disclosure
The following is a press release issued by the Company on April 5, 2001 and is
being filed herewith as a Regulation FD Disclosure.
`Transforming' Annual Report Traces PNM Success Story
ALBUQUERQUE, N.M. April 5, 2001 - PNM, Public Service Company of New Mexico,
(NYSE:PNM) this week issued, "Transforming Ideas Into Results," the company's
2000 Annual Report to Shareholders.
`Transforming Ideas into Results,' traces PNM's success in expanding beyond its
core business as New Mexico's largest electric and gas utility into the
competitive regional power market. That strategy has fueled a rapid growth in
revenues and earnings for the company in recent years.
PNM wholesale power revenues surged from just $80.9 million in 1995 to $365.4
million in 1999 to $748.2 million in 2000. PNM earnings per diluted share rose
25.9 percent in 2000, to $2.53, compared to $2.01 in 1999.
"Our strategy remains unchanged in 2001," PNM Chairman, President and Chief
Executive Officer Jeff Sterba writes in his letter to shareholders in the new
report. "We are committed to remaining in the regulated utility business while
continuing to expand our wholesale power marketing operation."
To support continued expansion of its power marketing operation, PNM plans to
double its electric generation resources over the next five years, investing as
much as $800 million to add about 1,500 megawatts of owned or contracted
generation.
PNM has also announced plans to build on its success by agreeing to acquire the
electric utility assets of Western Resources in Kansas. Shareholders will be
asked to approve that transaction later this year, Sterba said.
"Adding these strategically placed generation, transmission and distribution
systems will more than quadruple our generation capacity, provide us access to
expanding new wholesale markets in the Midwest and give us the scale and market
reach we need to continue to compete successfully," Sterba continued.
The complete PNM 2000 Annual Report, "Transforming Ideas into Results," can be
ordered from PNM Investor Relations at (505) 241-2477.
PNM is a combined electric and gas utility serving approximately 1.3 million
people in New Mexico. The company also sells power on the wholesale market in
the Western U.S. PNM stock is traded primarily on the NYSE under the symbol PNM.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this filing that relate to future events are made pursuant to
the Private Securities Litigation Reform Act of 1995. Readers are cautioned that
such forward-looking statements with respect to revenues, earnings, performance,
strategies, prospects and other aspects of the business of the Company are based
upon current expectations and are subject to risk and uncertainties. The Company
assumes no obligation to update this information.
Because actual results may differ materially from expectations, the Company
cautions readers not to place undue reliance on these statements. A number of
factors, including weather, fuel costs, changes in supply and demand in the
market for electric power, the performance of generating units and transmission
system, and state and federal regulatory and legislative decisions and actions,
including rulings issued by the New Mexico Public Regulation Commission pursuant
to the Electric Utility Industry Restructuring Act of 1999 and the recently
enacted delay bill and in other cases now pending or which may be brought before
the commission and any action by the New Mexico Legislature to further amend or
repeal that Act, or other actions relating to restructuring or stranded cost
recovery, or federal or state regulatory, legislative or legal action connected
with the California wholesale power market, could cause the Company's results or
outcomes to differ materially from those indicated by such forward-looking
statements in this filing.
In addition, factors that could cause actual results or outcomes related to the
proposed acquisition of Western Resources to differ materially from those
indicated by such forward looking statements include, but are not limited to,
risks and uncertainties relating to: the possibility that shareholders of the
Company and/or Western Resources will not approve the transaction, the risks
that the businesses will not be integrated successfully, the risk that the
benefits of the transaction may not be fully realized or may take longer to
realize than expected, disruption from the transaction making it more difficult
to maintain relationships with clients, employees, suppliers or other third
parties, conditions in the financial markets relevant to the proposed
transaction, the receipt of regulatory and other approvals of the transaction,
that future circumstances could cause business decisions or accounting treatment
to be decided differently than now intended, changes in laws or regulations,
changing governmental policies and regulatory actions with respect to allowed
rates of return on equity and equity ratio limits, industry and rate structure,
stranded cost recovery, operation of nuclear power facilities, acquisition,
disposal, depreciation and amortization of assets and facilities, operation and
construction of plant facilities, recovery of fuel and purchased power costs,
decommissioning costs, present or prospective wholesale and retail competition
(including retail wheeling and transmission costs), political and economic
risks, changes in and compliance with environmental and safety laws and
policies, weather conditions (including natural disasters such as tornadoes),
population growth rates and demographic patterns, competition for retail and
wholesale customers, availability, pricing and transportation of fuel and other
energy commodities, market demand for energy from plants or facilities, changes
in tax rates or policies or in rates of inflation or in accounting standards,
unanticipated delays or changes in costs for capital projects, unanticipated
changes in operating expenses and capital expenditures, capital market
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conditions, competition for new energy development opportunities and legal and
administrative proceedings (whether civil, such as environmental, or criminal)
and settlements, the outcome of Protection One accounting issues reviewed by the
SEC staff as disclosed in previous Western Resources SEC filings, and the impact
of Protection One's financial condition on Western Resources' consolidated
results.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PUBLIC SERVICE COMPANY OF NEW MEXICO
(Registrant)
Date: April 11, 2001 /s/ John R. Loyack
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John R. Loyack
Vice President, Corporate Controller
and Chief Accounting Officer
(Officer duly authorized
to sign this report)
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