May 3, 2017

El Paso Electric Announces First Quarter 2017 Financial Results

EL PASO, Texas--(BUSINESS WIRE)--

El Paso Electric Company (NYSE:EE):

Overview

  • For the first quarter of 2017, El Paso Electric Company ("EE" or the "Company") reported a net loss of $4.0 million, or $0.10 basic and diluted loss per share. Net loss in the first quarter of 2016 was $5.8 million, or $0.14 basic and diluted loss per share.

"These results reflect the need to complete the second half of our rate relief process so we can recover our infrastructure investment in the region. As we have said for several years, the current rate case is the culmination of a two-part process to recover the nearly $1.8 billion we have invested over the last seven years to meet the energy needs of our growing community. These results also reflect that most of our sales occur during the summer months," said Mary Kipp, Chief Executive Officer. "Finally, we are proud of our partnership with our customers to bring more renewables to our region for the benefit of our communities and the environment. Our new Texas Community Solar Program, which expands our renewable technology portfolio, was fully subscribed within one month of launch."

Summary Results

The table and explanations below present the major factors affecting first quarter 2017 net loss relative to first quarter 2016 net loss (in thousands except per share data):

    Quarter Ended

Pre-Tax
Effect

   

After-Tax
Effect

    Basic EPS
March 31, 2016 $ (5,808 ) $ (0.14 )
Changes in:
Allowance for funds used during construction (2,388 ) (2,085 ) (0.05 )
O&M at fossil-fuel generating plants (2,500 ) (1,625 ) (0.04 )
Interest on long-term debt (1,768 ) (1,149 ) (0.03 )
Retail non-fuel base revenues 5,169 3,360 0.08
Depreciation and amortization 1,359 884 0.02
Investment and interest income 1,057 812 0.02
Other revenues 1,037 674 0.02
Other 726   948     0.02  
March 31, 2017 $ (3,989 ) $ (0.10 )
 

Financial Effect of the Public Utility Commission of Texas ("PUCT") Final Order

On August 25, 2016, the PUCT issued its final order in the Company's rate case in Docket No. 44941 (the "PUCT Final Order"). The PUCT Final Order had a significant effect on the Company's first quarter 2017 financial results, the impacts of which are reflected in the table above and discussed below. For financial reporting purposes, the Company deferred any recognition of the Company's request in its 2015 Texas Retail Rate Case until it received the PUCT Final Order in August 2016. Accordingly, it recorded in the third quarter of 2016 the cumulative effect of the PUCT Final Order that related back to January 12, 2016. The impact of the PUCT Final Order recorded in August 2016 relating to the first quarter of 2016 would have increased net income by approximately $4.6 million.

First Quarter 2017

Loss for the quarter ended March 31, 2017, when compared to the quarter ended March 31, 2016, was negatively affected by (presented on a pre-tax basis):

  • Decreased allowance for funds used during construction ("AFUDC") due to (i) lower balances of construction work in progress ("CWIP"), primarily due to Montana Power Station ("MPS") Units 3 and 4 being placed in service in May and September 2016, respectively, and (ii) a reduction in the AFUDC rate effective January 2017.
  • Increased operations and maintenance ("O&M") expenses related to our fossil-fuel generating plants primarily due to (i) increased maintenance expense for outages at Newman Units 1, 3, & 4 and (ii) increased routine maintenance at MPS and Rio Grande Power Station ("Rio Grande"). These increases were partially offset by the sale of the Company's interest in Units 4 and 5 of the Four Corners Power Plant in July 2016 and a maintenance outage at Rio Grande Unit 7 in 2016 with no comparable activity in 2017.
  • Increased interest on long-term debt primarily due to the $150 million principal amount of senior notes issued in March 2016.

Loss for the quarter ended March 31, 2017, when compared to the quarter ended March 31, 2016, was positively affected by (presented on a pre-tax basis):

  • Increased retail non-fuel base revenues primarily due to the non-fuel base rate increase approved in the PUCT Final Order. The first quarter of 2016 did not include approximately $5.9 million of retail non-fuel base revenues for the period from January 12, 2016 through March 31, 2016, which revenues were not recognized until the PUCT Final Order was approved in August 2016. The 1.7% growth in the average number of retail customers served also contributed to the increase in retail non-fuel base revenues. This increase was partially offset by a decrease in kWh sales from residential customers primarily due to mild weather in the first quarter of 2017 compared to the first quarter of 2016. Non-fuel base revenues and kWh sales are provided by customer class on page 9 of this news release.
  • Decreased depreciation and amortization primarily due to (i) reductions of approximately $2.9 million resulting from changes in depreciation rates as approved by the PUCT and the New Mexico Public Regulation Commission ("NMPRC") in the PUCT Final Order and the final order of the NMPRC in Case No. 15-00127-UT issued on June 8, 2016 (the "NMPRC Final Order"), respectively, and (ii) the sale of the Company's interest in Units 4 and 5 of the Four Corners Power Plant. These decreases were partially offset by increases in plant, including MPS Units 3 and 4, which were placed in service in May and September 2016, respectively.
  • Increased investment and interest income primarily due to higher realized gains on securities sold from the Company's Palo Verde decommissioning trust in the first quarter of 2017 compared to the first quarter of 2016.
  • Increased other revenues primarily due to (i) additional miscellaneous service revenues as a result of rate increases approved in the PUCT Final Order and in the NMPRC Final Order and (ii) the New Mexico energy efficiency bonus.
  • Other includes primarily decreased administrative and general expenses and Palo Verde O&M expenses.

Retail Non-fuel Base Revenues

Excluding the $5.9 million PUCT Final Order impact, for the first quarter of 2017, retail non-fuel base revenues decreased $0.8 million pre-tax, or 0.7%, compared to the first quarter of 2016. This decrease in sales was primarily due to mild weather. Heating degree days for the first quarter of 2017 were 28.6% below the 10-year average. For the quarter ended March 31, 2017, the number of heating degree days recorded was the lowest total recorded in more than 70 years. Continued growth of 1.5% in the average number of residential customers served partially offset some of the weather impact. The decrease in retail non-fuel base revenues was partially offset by a $1.0 million increase in revenues from small commercial and industrial customers, largely due to a 3.8% increase in the average number of customers served.

Rate Cases

2017 Texas Retail Rate Case Filing

On February 13, 2017, the Company filed with the City of El Paso, other municipalities incorporated in the Company's Texas service territory and the PUCT in Docket No. 46831, a request for an increase in non-fuel base revenues of approximately $42.5 million. The Company requested, pursuant to its statutory right, to have its new rates relate back for consumption on and after July 18, 2017, which is the 155th day after the filing of the rate case. The difference in rates that would have been billed will be surcharged or refunded to customers after the PUCT's final order in Docket No. 46831. The PUCT has the authority to require the Company to surcharge or refund such difference over a period not to exceed 18 months. The Company cannot predict the outcome or the timing of the rate case at this time.

New Mexico Rate Case Update

NMPRC Case No. 15-00109-UT required the Company to make a rate filing in New Mexico in the second quarter of 2017 using a historical test year ended December 31, 2016. On March 24, 2017, the Company, NMPRC Utility Division Staff and the New Mexico Attorney General filed a Joint Motion to Modify Filing Date Stated in Final Order requesting that the rate filing date be changed to no later than July 31, 2019, using the appropriate test year period. The joint request was approved by the NMPRC on April 12, 2017.

Capital and Liquidity

In March 2016, we issued $150 million in aggregate principal amount of 5.00% Senior Notes due December 1, 2044 to repay outstanding short-term borrowings on our Revolving Credit Facility ("RCF") used for working capital and general corporate purposes, which may include funding capital expenditures. We continue to maintain a strong capital structure in which common stock equity represented 42.9% of our capitalization (common stock equity, long-term debt, current maturities of long-term debt and short-term borrowings under the RCF) as of March 31, 2017. At March 31, 2017, we had a balance of $5.2 million in cash and cash equivalents. Based on current projections, we believe that we will have adequate liquidity through our current cash balances, cash from operations and available borrowings under our RCF to meet all of our anticipated cash requirements for the next twelve months including the maturity of $50.0 million aggregate principal amount of our Series B 4.47% Senior Notes (due August 2017) and $33.3 million aggregate principal amount of 2012 Series A 1.875% Pollution Control Bonds which are subject to mandatory tender for purchase in September 2017.

Cash flows from operations for the three months ended March 31, 2017 were $26.1 million, compared to $13.9 million for the three months ended March 31, 2016. The primary factors contributing to the increase in cash flows from operations were changes in accounts payable and net under/over-collection of fuel revenues. A component of cash flows from operations is the change in net over-collection and under-collection of fuel revenues. The difference between fuel revenues collected and fuel expense incurred is deferred to be either refunded (over-recoveries) or surcharged (under-recoveries) to customers in the future. During the three months ended March 31, 2017, we had fuel over-recoveries of $8.5 million compared to over-recoveries of fuel costs of $4.1 million during the three months ended March 31, 2016. At March 31, 2017, we had a net fuel under-recovery balance of $2.3 million, including an under-recovery of $2.5 million in Texas offset by an over-recovery of $0.2 million in New Mexico. On November 30, 2016, we filed a request to increase our Texas fixed fuel factor by approximately 28.8% to reflect increased fuel expenses primarily related to an increase in the price of natural gas used to generate power. The increase in our Texas fixed fuel factor was effective on an interim basis on January 1, 2017 and was approved by the PUCT on January 10, 2017.

During the three months ended March 31, 2017, our primary capital requirements were for the construction and purchase of our electric utility plant, payment of common stock dividend and purchases of nuclear fuel. Capital requirements for new electric utility plant were $53.9 million for the three months ended March 31, 2017 and $52.7 million for the three months ended March 31, 2016. Capital expenditures for 2017 are expected to be approximately $215.0 million. Capital requirements for purchases of nuclear fuel were $10.9 million for the three months ended March 31, 2017, and $11.2 million for the three months ended March 31, 2016.

On March 31, 2017, we paid a quarterly cash dividend of $0.31 per share, or $12.6 million, to shareholders of record as of the close of business on March 17, 2017. We expect to continue paying quarterly cash dividends. We expect our board of directors to review the dividend policy in the second quarter of 2017.

No shares of common stock were repurchased during the three months ended March 31, 2017. As of March 31, 2017, a total of 393,816 shares remain available for repurchase under our currently authorized stock repurchase program. We may in the future make purchases of its common stock in open market transactions at prevailing prices and may engage in private transactions where appropriate.

We maintain the RCF for working capital and general corporate purposes and financing of nuclear fuel through the Rio Grande Resources Trust (the "RGRT"). The RGRT, the trust through which we finance our portion of nuclear fuel for Palo Verde, is consolidated in our financial statements. On January 9, 2017, we exercised the option to extend the maturity of the RCF by one year to January 14, 2020 and to increase the size of the facility by $50 million to $350 million. We still have the option to extend the facility by one additional year to January 2021 and to increase the RCF by up to $50 million (up to a total of $400 million) upon the satisfaction of certain conditions, more fully set forth in the agreement, including obtaining commitments from lenders or third party financial institutions. The total amount borrowed for nuclear fuel by the RGRT, excluding debt issuance costs, was $135.2 million at March 31, 2017, of which $40.2 million had been borrowed under the RCF, and $95.0 million was borrowed through the issuance of senior notes. Borrowings by the RGRT for nuclear fuel, excluding debt issuance costs, were $132.1 million as of March 31, 2016, of which $37.1 million had been borrowed under the RCF and $95.0 million was borrowed through the issuance of senior notes. Interest costs on borrowings to finance nuclear fuel are accumulated by the RGRT and charged to us as fuel is consumed and recovered through fuel recovery charges. At March 31, 2017, $94.0 million was outstanding under the RCF for working capital and general corporate purposes, which may include funding capital expenditures. At March 31, 2016, $50.0 million was outstanding under the RCF for working capital and general corporate purposes. Total aggregate borrowings under the RCF at March 31, 2017 were $134.2 million with an additional $215.3 million available to borrow, after giving consideration to the $50 million increase on January 9, 2017.

We received approval from the NMPRC on October 7, 2015, and from the FERC on October 19, 2015, to issue up to $310 million in new long-term debt and to guarantee the issuance of up to $65 million of new debt by the RGRT to finance future purchases of nuclear fuel and to refinance existing nuclear fuel debt obligations. We also requested approval from the FERC to continue to utilize our existing RCF without change from the FERC's previously approved authorization. The FERC authorization is effective from November 15, 2015 through November 15, 2017. The approvals granted in these cases supersede prior approvals. Under this authorization, on March 24, 2016, we issued $150 million in aggregate principal amount of 5.00% Senior Notes due December 1, 2044. The proceeds from the issuance of these senior notes, after deducting the underwriters' commission, were $158.1 million. These proceeds included accrued interest of $2.4 million and a $7.1 million premium before expenses. The effective interest rate for these senior notes is approximately 4.77%. The net proceeds from the sale of these senior notes were used to repay outstanding short-term borrowings under the RCF. These senior notes constitute an additional issuance of our 5.00% Senior Notes due 2044, of which $150 million was previously issued on December 1, 2014, for a total principal amount outstanding of $300 million.

2017 Earnings Guidance

On February 13, 2017, the Company filed a rate case in Texas as discussed above. The outcome of this case could have a significant impact on the Company's results of operations in 2017. Since we cannot predict the outcome of this rate case at this time, the Company is not currently providing earnings guidance.

Conference Call

A conference call to discuss the first quarter 2017 financial results is scheduled for 10:30 A.M. Eastern Time, on May 3, 2017. The dial-in number is 888-352-6798 with a conference ID number of 4992591. The international dial-in number is 719-325-2351. The conference leader will be Lisa Budtke, Director Treasury Services and Investor Relations. A replay will run through May 17, 2017 with a dial-in number of 888-203-1112 and a conference ID number of 4992591. The replay international dial-in number is 719-457-0820. The conference call and presentation slides will be webcast live on the Company's website found at http://www.epelectric.com. A replay of the webcast will be available shortly after the call.

Safe Harbor

This news release includes statements that are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those expressed in forward-looking statements is contained in EE's most recently filed periodic reports and in other filings made by EE with the U.S. Securities and Exchange Commission (the "SEC"), and include, but is not limited to: (i) increased prices for fuel and purchased power and the possibility that regulators may not permit EE to pass through all such increased costs to customers or to recover previously incurred fuel costs in rates; (ii) full and timely recovery of capital investments and operating costs through rates in Texas and New Mexico; (iii) uncertainties and instability in the general economy and the resulting impact on EE's sales and profitability; (iv) changes in customers' demand for electricity as a result of energy efficiency initiatives and emerging competing services and technologies, including distributed generation; (v) unanticipated increased costs associated with scheduled and unscheduled outages of generating plant; (vi) unanticipated maintenance, repair, or replacement costs for generation, transmission, or distribution facilities and the recovery of proceeds from insurance policies providing coverage for such costs; (vii) the size of our construction program and our ability to complete construction on budget and on time; (viii) potential delays in our construction schedule due to legal challenges or other reasons; (ix) costs at Palo Verde; (x) deregulation and competition in the electric utility industry; (xi) possible increased costs of compliance with environmental or other laws, regulations and policies; (xii) possible income tax and interest payments as a result of audit adjustments proposed by the IRS or state taxing authorities; (xiii) uncertainties and instability in the financial markets and the resulting impact on EE's ability to access the capital and credit markets; (xiv) possible physical or cyber attacks, intrusions or other catastrophic events; and (xv) other factors of which we are currently unaware or deem immaterial. EE's filings are available from the SEC or may be obtained through EE's website, http://www.epelectric.com. Any such forward-looking statement is qualified by reference to these risks and factors. EE cautions that these risks and factors are not exclusive. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date of this news release, and EE does not undertake to update any forward-looking statement contained herein.

 
 
El Paso Electric Company
Statements of Operations
Quarter Ended March 31, 2017 and 2016
(In thousands except for per share data)
(Unaudited)
           
2017 2016 Variance
 
Operating revenues $ 171,335   $ 157,809   $ 13,526  
Energy expenses:
Fuel 36,606 34,319 2,287
Purchased and interchanged power   13,673     9,646     4,027  
  50,279     43,965     6,314  
Operating revenues net of energy expenses   121,056     113,844     7,212  
Other operating expenses:
Other operations 56,123 58,387 (2,264 )
Maintenance 20,990 17,515 3,475
Depreciation and amortization 21,934 23,293 (1,359 )
Taxes other than income taxes   15,730     14,812     918  
  114,777     114,007     770  
Operating income (loss)   6,279     (163 )   6,442  
Other income (deductions):
Allowance for equity funds used during construction 815 2,336 (1,521 )
Investment and interest income, net 3,986 2,929 1,057
Miscellaneous non-operating income 85 656 (571 )
Miscellaneous non-operating deductions   (740 )   (466 )   (274 )
  4,146     5,455     (1,309 )
Interest charges (credits):
Interest on long-term debt and revolving credit facility 18,367 16,599 1,768
Other interest 420 562 (142 )
Capitalized interest (1,294 ) (1,242 ) (52 )
Allowance for borrowed funds used during construction   (791 )   (1,658 )   867  
  16,702     14,261     2,441  
Loss before income taxes (6,277 ) (8,969 ) 2,692
Income tax benefit   (2,288 )   (3,161 )   873  
Net loss $ (3,989 ) $ (5,808 ) $ 1,819  
 
Basic loss per share $ (0.10 ) $ (0.14 ) $ 0.04  
 
Diluted loss per share $ (0.10 ) $ (0.14 ) $ 0.04  
 
Dividends declared per share of common stock $ 0.310   $ 0.295   $ 0.015  
Weighted average number of shares outstanding   40,387     40,325     62  

Weighted average number of shares and dilutive potential shares outstanding

  40,387     40,325     62  
 
 
El Paso Electric Company
Cash Flow Summary
Quarter Ended March 31, 2017 and 2016
(In thousands and Unaudited)
       
2017 2016
Cash flows from operating activities:
Net loss $ (3,989 ) $ (5,808 )
Adjustments to reconcile net loss to net cash provided by operations:
Depreciation and amortization of electric plant in service 21,934 23,293
Amortization of nuclear fuel 11,278 11,800
Deferred income taxes, net (3,209 ) (3,632 )
Net gains on sale of decommissioning trust funds (2,191 ) (1,388 )
Other 4,008 1,493
Change in:
Accounts receivable 8,663 8,296
Net under/over-collection of fuel revenues 8,530 4,104
Accounts payable (13,766 ) (21,827 )
Other   (5,126 )   (2,396 )
Net cash provided by operating activities   26,132     13,935  
 
Cash flows from investing activities:
Cash additions to utility property, plant and equipment (53,867 ) (52,675 )
Cash additions to nuclear fuel (10,873 ) (11,220 )
Decommissioning trust funds (2,427 ) (2,466 )
Other   (1,579 )   (3,054 )
Net cash used for investing activities   (68,746 )   (69,415 )
 
Cash flows from financing activities:
Dividends paid (12,565 ) (11,928 )
Borrowings (repayments) under the revolving credit facility, net 52,604 (54,688 )
Proceeds from issuance of senior notes 157,052
Other   (679 )   (1,793 )
Net cash provided by financing activities   39,360     88,643  
 
Net increase (decrease) in cash and cash equivalents (3,254 ) 33,163
 
Cash and cash equivalents at beginning of period   8,420     8,149  
 
Cash and cash equivalents at end of period $ 5,166   $ 41,312  
 
 
El Paso Electric Company
Quarter Ended March 31, 2017 and 2016
Sales and Revenues Statistics
           
Increase (Decrease)
2017 2016 Amount     Percentage

kWh sales (in thousands):

Retail:
Residential 545,128 569,085 (23,957 ) (4.2 )%
Commercial and industrial, small 500,590 500,226 364 0.1 %
Commercial and industrial, large 252,998 244,926 8,072 3.3 %
Public authorities   335,563     346,235     (10,672 ) (3.1 )%
Total retail sales   1,634,279     1,660,472     (26,193 ) (1.6 )%
Wholesale:
Sales for resale 10,921 11,841 (920 ) (7.8 )%
Off-system sales   596,762     578,673     18,089   3.1 %
Total wholesale sales   607,683     590,514     17,169   2.9 %
Total kWh sales   2,241,962     2,250,986     (9,024 ) (0.4 )%

Operating revenues (in thousands):

Non-fuel base revenues:
Retail:
Residential $ 51,310 $ 47,743 $ 3,567 7.5 %
Commercial and industrial, small 33,785 32,140 1,645 5.1 %
Commercial and industrial, large 7,900 8,093 (193 ) (2.4 )%
Public authorities   17,550     17,400     150   0.9 %
Total retail non-fuel base revenues (a) 110,545 105,376 5,169 4.9 %
Wholesale:
Sales for resale   463     369     94   25.5 %
Total non-fuel base revenues   111,008     105,745     5,263   5.0 %
 
Fuel revenues:
Recovered from customers during the period 47,620 22,534 25,086
Over collection of fuel (b) (8,530 ) (4,103 ) (4,427 )
New Mexico fuel in base rates (c)       16,226     (16,226 )
Total fuel revenues (d)   39,090     34,657     4,433   12.8 %
 
Off-system sales:
Fuel cost 11,528 8,492 3,036 35.8 %
Shared margins 2,213 2,555 (342 ) (13.4 )%
Retained margins   459     360     99   27.5 %
Total off-system sales 14,200 11,407 2,793 24.5 %
Other (e)   7,037     6,000     1,037   17.3 %
Total operating revenues $ 171,335   $ 157,809   $ 13,526   8.6 %
(a)   2016 excludes $5.9 million of relate back revenues in Texas from January 12, 2016 through March 31, 2016, which were recorded in August 2016.
(b) Includes the portion of DOE refunds related to spent fuel storage of $1.4 million and $1.6 million in 2017 and 2016, respectively, that were credited to customers through the applicable fuel adjustment clauses.
(c) Historically, fuel and purchased power costs in the New Mexico jurisdiction were recorded through base rates and a Fuel and Purchased Power Cost Adjustment Clause (the "FPPCAC") that accounts for the changes in the costs of fuel relative to the amount included in base rates. Effective July 1, 2016, with the implementation of the NMPRC Final Order, these costs are no longer recovered through base rates but are recovered through the FPPCAC.
(d) Includes deregulated Palo Verde Unit 3 revenues for the New Mexico jurisdiction of $2.8 million and $2.2 million in 2017 and 2016, respectively.
(e) Represents revenues with no related kWh sales.
 
 
El Paso Electric Company
Quarter Ended March 31, 2017 and 2016
Other Statistical Data
               
Increase (Decrease)
2017 2016 Amount Percentage
 

Average number of retail customers: (a)

Residential 365,311 360,048 5,263 1.5 %
Commercial and industrial, small 42,076 40,537 1,539 3.8 %
Commercial and industrial, large 49 49
Public authorities   5,433     5,372     61   1.1 %
Total   412,869     406,006     6,863   1.7 %
 

Number of retail customers (end of period): (a)

Residential 366,298 360,676 5,622 1.6 %
Commercial and industrial, small 42,223 40,767 1,456 3.6 %
Commercial and industrial, large 49 49
Public authorities   5,572     5,331     241   4.5 %
Total   414,142     406,823     7,319   1.8 %
 

Weather statistics: (b)

10-Yr Average
Cooling degree days 72 23 34
Heating degree days 810 1,054 1,135
 

Generation and purchased power (kWh, in thousands):

Increase (Decrease)
2017 2016 Amount Percentage
 
Palo Verde 1,363,527 1,380,497 (16,970 ) (1.2 )%
Four Corners (c) 81,006 (81,006 )
Gas plants   570,825     637,430     (66,605 ) (10.4 )%
Total generation 1,934,352 2,098,933 (164,581 ) (7.8 )%
Purchased power:
Photovoltaic 64,735 67,764 (3,029 ) (4.5 )%
Other   363,375     205,157     158,218   77.1 %
Total purchased power   428,110     272,921     155,189   56.9 %
Total available energy 2,362,462 2,371,854 (9,392 ) (0.4 )%
Line losses and Company use   120,500     120,868     (368 ) (0.3 )%
Total kWh sold   2,241,962     2,250,986     (9,024 ) (0.4 )%
 

Palo Verde capacity factor

101.5

%

101.7

%

(0.2

)%

 

Palo Verde O&M expenses

$

21,608

$

22,343

$

(735

)

(a)   The number of retail customers is based on the number of service locations.
(b) A degree day is recorded for each degree that the average outdoor temperature varies from a standard of 65 degrees Fahrenheit.
(c) The Company sold its interest in Four Corners on July 6, 2016.
 
 
El Paso Electric Company
Financial Statistics
At March 31, 2017 and 2016
(In thousands, except number of shares, book value per common share, and ratios)
       
Balance Sheet 2017 2016
 
Cash and cash equivalents $ 5,166   $ 41,312  
 
Common stock equity $ 1,063,062 $ 999,741
Long-term debt   1,195,630     1,278,449  
Total capitalization $ 2,258,692   $ 2,278,190  
 
Current maturities of long-term debt $ 83,206   $  
 
Short-term borrowings under the revolving credit facility $ 134,178   $ 87,050  
 
Number of shares - end of period   40,558,528     40,484,815  
 
Book value per common share $ 26.21   $ 24.69  
 
Common equity ratio (a) 42.9 % 42.3 %
Debt ratio 57.1 % 57.7 %
(a)   The capitalization component includes common stock equity, long-term debt and the current maturities of long-term debt, and short-term borrowings under the RCF.

El Paso Electric Company
Media Contact
Eddie Gutierrez, 915-543-5763
eduardo.gutierrez@epelectric.com
or
Investor Relations
Lisa Budtke, 915-543-5947
lisa.budtke@epelectric.com

Source: El Paso Electric Company

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