EXHIBIT 99
NCE Company Logo Here
News Release
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New Century Energies, Inc. Contact: Media Relations
1225 17th Street, Suite 2000 (303)
294-8900
Denver, Colo. 80202
For Immediate Release
Reference: NCE Earnings Results
October 19, 1998
DENVER - New Century Energies, Inc. on Monday reported net income of $90.8
million, or 82 cents per share, on revenues of $915.9 million for the third
quarter ended September 30, 1998.
For the same period in 1997 - excluding the extraordinary United Kingdom
windfall tax of $1.06 per share associated with the company's 50 percent
interest in Yorkshire Electricity - NCE reported net income of $63.3 million, or
61 cents per share, on revenues of $793.5 million. Including the extraordinary
item, NCE reported a third quarter net loss of $47.2 million or 45 cents per
share.
The increase in third quarter earnings as compared to the same period in
1997 - before the extraordinary item - is attributable to continuing customer
growth and higher electric sales due to warmer than normal weather in the third
quarter of 1998. In addition, the 1997 earnings were reduced by significant
costs associated with the merger between Public Service Co. of Colorado and
Southwestern Public Service Co., which resulted in the creation of NCE.
For the nine months ended September 30, 1998, New Century Energies
reported net income of $233.5 million, or $2.10 per share, on revenues of $2.7
billion. For the same period in 1997 net income-before the extraordinary item -
was $175.5 million or $1.68 per share, on revenues of $2.5 billion. Net income
including the extraordinary item was $65.0 million, or 62 cents per share.
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Net income for the 12 months ended September 30, 1998, was $319.5 million,
or $2.90 per share, on revenues of $3.6 billion. This compared to net income -
before the extraordinary item - of $235.7 million, or $2.26 per share on
revenues of $3.3 billion for the same 12-month period a year ago. Net income
including the extraordinary item was $125.1 million, or $1.20 per share.
income statement on next page
NEW CENTURY ENERGIES, INC.
SUMMARY INCOME STATEMENT INFORMATION
(Unaudited)
(Thousands of Dollars, Except Earnings Per Share Data)
Three Months Nine Months Twelve Months
September 30, September 30, September 30,
% Change % Change % Change
Increase or Increase or Increase or
1998 1997 (Decrease) 1998 1997 (Decrease) 1998 1997 (Decrease)
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Operating Revenues:
Electric $ 784,465 $ 670,787 16.9 $ 2,044,218 $ 1,853,809 10.3 $2,663,768 $2,454,688 8.5
Gas 115,526 109,396 5.6 613,363 571,494 7.3 858,465 771,004 11.3
Other 15,907 13,289 19.7 57,442 33,332 72.3 76,680 43,770 75.2
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915,898 793,472 15.4 2,715,023 2,458,635 10.4 3,598,913 3,269,462 10.1
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Operating Expenses:
Electric energy costs 423,724 337,875 25.4 1,038,980 902,423 15.1 1,339,849 1,193,072 12.3
Gas purchased for resale 70,054 63,403 10.5 419,364 385,898 8.7 576,757 510,299 13.0
Other operating expenses 157,851 144,241 9.4 468,499 427,757 9.5 635,101 586,915 8.2
Depreciation and amortization 65,520 61,359 6.8 195,012 182,843 6.7 255,247 241,289 5.8
Taxes (other than income taxes) 34,576 33,426 3.4 100,492 100,007 0.5 129,765 128,787 0.8
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751,725 640,304 17.4 2,222,347 1,998,928 11.2 2,936,719 2,660,362 10.4
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Operating Income 164,173 153,168 7.2 492,676 459,707 7.2 662,194 609,100 8.7
Other Income and Deductions 11,152 (1,700) - 5,390 (36,211) - 14,412 (53,863) -
Interest Charges and
Preferred Dividends 52,140 54,413 (4.2) 155,230 153,290 1.3 208,570 197,383 5.7
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Income Before Income Taxes 123,185 97,055 26.9 342,836 270,206 26.9 468,036 357,854 30.8
Income Taxes 32,413 33,715 (3.9) 109,322 94,665 15.5 148,576 122,189 21.6
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Income Before Extraordinary Item 90,772 63,340 43.3 233,514 175,541 33.0 319,460 235,665 35.6
Extraordinary Item - U.K.
Windfall Tax - (110,565) - - (110,565) - - (110,565) -
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Net Income (Loss) $ 90,772 $ (47,225) - $ 233,514 $ 64,976 - $ 319,460 $ 125,100 -
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Shares of Common Stock Outstanding (thousands):
End of period 111,731 104,603 6.8 111,731 104,603 6.8 111,731 104,603 6.8
Weighted Average 111,606 104,481 6.8 111,320 104,247 6.8 110,113 104,090 5.8
Earnings Per Weighted Average Share
of Common Stock Outstanding:
Income before extraordinary item $0.82 $0.61 34.4 $2.10 $1.68 25.0 $2.90 $2.26 28.3
Extraordinary item - ($1.06) - - ($1.06) - - ($1.06) -
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Net Income (Loss) $0.82 ($0.45) - $2.10 $0.62 - $2.90 $1.20 -
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