Exhibit 99.2
PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES
Other Financial Information
1. 2001 vs. 2000 Third Quarter Earnings
Three Months Ended
September 30
-----------------------------
2001 2000
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Net Earnings per common share (diluted) $ 0.82 $ 1.18
Special items............................... 0.06 (0.21)
Western Resources Acquisition Costs......... 0.08 0.04
Net Earnings before special items
----------- -----------
per common share (diluted)................ $ 0.96 $ 1.01
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2. Itemization of Third Quarter 2001 Non-Recurring Items
Pre-tax
Net Earnings per common share (diluted) $ 0.82
Write-off of investment in
energy-related technology company........ 0.06 $ 4,171 Other Income
Western Resources Acquisition Costs........ 0.08 $ 3,397 Other Income
Net Earnings before special items
-----------
per common share (diluted)............... $ 0.96
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3. Year-to-date and Twelve Months-to-date Earnings
Nine Months Twelve Months
Ended Ended
9/30/01 9/30/01
Net Earnings per common share (diluted) $ 3.66 $ 4.01
Special items*............................... 0.47 0.64
Western Resources Acquisition costs.......... 0.18 0.25
Net Earnings before special items
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per common share (diluted)................. $ 4.31 $ 4.90
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2001 Earnings Estimate Range $4.50+
*Included in the special items are prior write-offs for investments in
energy-related technology companies of $0.13 in the first quarter 2001, $0.01 in
the second quarter 2001 and $0.06 in the third quarter 2001.
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Exhibit 99.2 (Continued)
4. Issues Update
Issue Status
Formation of PNM will form its holding co., PNM Resources, Inc.,
Holding Co. by Dec. 1, 2001. At the same time, the company has asked the
New Mexico Supreme Court to review certain conditions
imposed by the PRC in the order approving the holding
company.
Acquisition of The company has asked a New York court to resolve its
Western Resources disagreement with WR regarding the pending acquisition of
WR's electric utilities. No timeline has been set.
New Long-term PNM is building a 135 MW gas-fired CT plant that will be
Power contract operational by the fall of 2002, to help serve the
load of the new long-term with Texas-New Mexico Power. The
company plans to expand the plant to 220 MW in late 2003.
Generating The company's generating plants have been operating at above
Resources 84% capacity factor in 2001. Even in the event of unplanned
outages, PNM is well-positioned to meet its requirements for
power.
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