EL PASO, Texas--(BUSINESS WIRE)--
El Paso Electric (NYSE:EE):
Overview
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For the third quarter of 2013, El Paso Electric Company ("EE")
reported net income of $50.6 million, or $1.26 basic and diluted
earnings per share, respectively. In the third quarter of 2012, EE
reported net income of $51.8 million, or $1.29 basic and diluted
earnings per share.
-
For the nine months ended September 30, 2013, EE reported net income
of $87.4 million, or $2.17 basic and diluted earnings per share. Net
income for the nine months ended September 30, 2012 was $86.0 million,
or $2.15 and $2.14 basic and diluted earnings per share, respectively.
"Earnings for the quarter ending September 30, 2013 met our expectations
despite slightly cooler weather in 2013 than in 2012," said Tom
Shockley, Chief Executive Officer. "We also continue to move through the
required regulatory processes for the construction of clean and
efficient local generation necessary to meet the needs of our growing
customer base while providing enhanced flexibility to support additional
renewable resources."
Earnings Summary
The table and explanations below present the major factors affecting
2013 net income relative to 2012 net income.
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Quarter Ended
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Nine Months Ended
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Pre-Tax Effect
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After- Tax Net Income
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Basic EPS
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Pre-Tax Effect
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After-Tax Net Income
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Basic EPS
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September 30, 2012
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$
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51,789
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$
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1.29
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$
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86,027
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$
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2.15
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Changes in:
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Palo Verde O&M expense
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$
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1,175
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775
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0.02
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$
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1,528
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1,008
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0.02
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O&M expense at fossil fuel generating plants
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696
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459
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0.01
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2,799
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1,847
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0.04
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Deregulated Palo Verde Unit 3 revenues
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461
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304
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0.01
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2,167
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1,430
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0.03
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Taxes other than income taxes
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(2,800
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)
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(1,847
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)
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(0.05
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)
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(1,151
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)
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(759
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)
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(0.02
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)
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Interest on long-term debt
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(964
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)
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(637
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)
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(0.02
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)
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(3,002
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)
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(1,982
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)
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(0.05
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)
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Retail non-fuel base revenues
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(593
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)
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(392
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)
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(0.01
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)
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(1,274
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)
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(841
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)
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(0.02
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)
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Administrative and general expense
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(412
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)
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(272
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)
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(0.01
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)
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(2,563
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)
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(1,692
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)
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(0.04
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)
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Allowance for funds used during construction
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(184
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)
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(167
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)
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—
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1,502
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1,289
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0.03
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Other
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553
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0.02
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1,065
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0.03
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September 30, 2013
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$
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50,565
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$
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1.26
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$
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87,392
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$
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2.17
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Third Quarter 2013
Income for the quarter ended September 30, 2013, when compared to the
same period last year, was positively affected by:
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Decreased operations and maintenance expense at Palo Verde partially
due to reduced employee benefit costs and other operations expenses.
Income for the quarter ended September 30, 2013, when compared to the
same period last year, was negatively affected by:
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Increased taxes other than income taxes due to increased property tax
accruals reflecting both increased property values and estimated
assessment rates.
-
Increased interest on long-term debt due to interest on $150 million
of 3.30% senior notes issued in December 2012.
Other items impacting earnings included lower operations and maintenance
expenses at fossil fuel generating plants and higher deregulated Palo
Verde Unit 3 prices reflecting higher proxy prices offset by lower
retail base revenues and higher administrative and general expenses.
Year to Date
Income for the nine months ended September 30, 2013, when compared to
the same period last year, was positively affected by:
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Decreased fossil-fuel plant operations and maintenance expense
primarily due to the timing of planned maintenance of our gas-fired
generating units. In 2012, we performed scheduled major maintenance at
Rio Grande Unit 8 and Newman Unit 1 with a reduced level of
maintenance activity in the current period.
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Increased revenues from retail sales of deregulated Palo Verde Unit 3
power due to a 15.8% increase in power prices in 2013 and a 14.7%
increase in generation at Palo Verde Unit 3 due to the 2012 spring
refueling outage with no comparable outage in the nine months ended
September 30, 2013. Palo Verde Unit 3 began its next scheduled
refueling outage on October 5, 2013.
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Increased allowance for funds used during construction ("AFUDC") due
to higher balances of construction work in progress subject to AFUDC.
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Decreased operations and maintenance expense at Palo Verde primarily
due to reduced operations expense at Unit 3.
Income for the nine months ended September 30, 2013, when compared to
the same period last year, was negatively affected by:
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Increased interest on long-term debt due to interest on $150 million
of 3.30% senior notes issued in December 2012.
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Increased administrative and general expense primarily due to
increased outside services related to software systems support and
improvements.
-
Decreased retail non-fuel base revenues primarily due to decreased
revenues from sales to our commercial and industrial customers
reflecting the reduction in our non-fuel base rates in Texas effective
on May 1, 2012 partially offset by higher revenues from increased
retail kWh sales to our residential customers.
-
Increased taxes other than income taxes due to increased property tax
accruals reflecting higher valuations and assessments.
Retail Non-fuel Base Revenues
Retail non-fuel base revenues decreased $0.6 million, pre-tax, or 0.3%
in the third quarter of 2013 compared to the same period in 2012. The
decrease in retail non-fuel base revenues was primarily due to a 1.9%
and 0.5% decrease in kWh sales to small commercial and industrial
customers, and residential customers, respectively, reflecting slightly
cooler weather in 2013 as compared to 2012. Cooling degree days
decreased 3.5% compared to the same period last year and were slightly
lower than the 10-year average. The decreases in kWh sales to small
commercial and industrial customers, and residential customers were
partially offset by a 1.0% increase in the average number of small
commercial and industrial customers served and a 1.3% increase in the
average number of residential customers served. While kWh sales
increased 6.0%, non-fuel base revenues from sales to large commercial
and industrial customers decreased 1.3% which reflected increased use of
lower off-peak and interruptible rates by several customers. The
decrease in retail non-fuel base revenues was partially offset by
increased non-fuel base revenues from sales to public authorities of
1.3%. KWh sales to public authority customers increased by 1.4%
primarily due to increased sales related to municipal water pumping.
Non-fuel base revenues and kilowatt-hour sales are provided by customer
class on page 10 of the release.
For the nine months ended September 30, 2013, retail non-fuel base
revenues decreased $1.3 million, pre-tax, or 0.3% compared to the same
period in 2012. The decrease in retail non-fuel base revenues was
primarily due to decreased revenues from our commercial and industrial
customers which reflect the impact of the reduction in non-fuel base
rates for our Texas customers which became effective May 1, 2012 and
primarily impacted commercial and industrial customers. Non-fuel base
revenues from sales to small commercial and industrial customers and
large commercial and industrial customers decreased 1.7% and 4.2%,
respectively. KWh sales to small commercial and industrial customers
decreased 0.7% while kWh sales to large commercial and industrial
customers increased 2.3%. The decrease in retail non-fuel base revenues
was partially offset by an increase of 1.3% in non-fuel base revenues
from sales to residential customers reflecting a 1.2% increase in kWh
sales to our residential customer class. The increase in kWh sales to
our residential customers reflects a 1.3% increase in the average number
of residential customers served. Retail non-fuel base revenues from
sales to public authorities remained relatively unchanged. Cooling
degree days decreased 3.6% when compared to the same period last year
but were higher than the 10-year average by 3.7%. Heating degree days
increased 16.8% over last year and were 9.7% higher than the 10-year
average. Non-fuel base revenues and kilowatt-hour sales are provided by
customer class on page 12 of the release.
Capital and Liquidity
We continue to maintain a strong capital structure to ensure access to
capital markets at reasonable rates. At September 30, 2013, common stock
equity represented 46.8% of our capitalization (common stock equity,
long-term debt, and short-term borrowings under the revolving credit
facility (the"RCF")). At September 30, 2013, we had a balance of $61.9
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 the RCF
to meet all of our anticipated cash requirements for the next twelve
months. We may issue long-term debt in the capital markets to finance
capital requirements in 2014.
Cash flows from operations for the nine months ended September 30, 2013
were $184.9 million compared to $201.8 million in the corresponding
period in 2012. The primary factor affecting the decreased cash flow was
an under-collection of fuel revenues in 2013 versus an over-recovery in
the prior year period. 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 nine months ended September 30, 2013, the Company had
a fuel under-recovery of $8.4 million compared to an over-recovery of
fuel costs, net of refunds, of $14.0 million during the nine months
ended September 30, 2012. At September 30, 2013, we had a net fuel
under-recovery balance of $3.7 million, including an under-recovery
balance of $6.6 million in Texas and an over-recovery balance of $2.9
million in New Mexico. In October 2013, we implemented an increased
fixed fuel factor in Texas which was based upon a formula that reflects
projected prices for natural gas.
During the nine months ended September 30, 2013, our primary capital
requirements were for the construction and purchase of electric utility
plant, payment of common stock dividends, and purchases of nuclear fuel.
Capital requirements for new electric plant were $165.3 million for the
nine months ended September 30, 2013 and $144.6 million for the nine
months ended September 30, 2012. Capital requirements for purchases of
nuclear fuel were $19.9 million for the nine months ended September 30,
2013 and $41.7 million for the nine months ended September 30, 2012. Rio
Grande Resources Trust (the "RGRT") is the trust through which we
finance our portion of nuclear fuel for Palo Verde and is consolidated
in the Company's financial statements.
On September 30, 2013, we paid a quarterly cash dividend of $0.265 per
share or $10.7 million to shareholders of record on September 13, 2013.
We have paid a total of $31.4 million in cash dividends during the nine
months ended September 30, 2013. At the current dividend rate, we would
expect to pay cash dividends of approximately $42.1 million during 2013.
No shares of common stock were repurchased during the nine months ended
September 30, 2013. As of September 30, 2013, a total of 393,816 shares
remain available for repurchase under the currently authorized stock
repurchase program. The Company may repurchase shares in the open market
from time to time.
We maintain the RCF for working capital and general corporate purposes
and financing of nuclear fuel through the RGRT. The RCF has a term
ending September 2016. The aggregate unsecured borrowing available under
the RCF is $300 million and the amounts we borrow under the RCF may be
used for working capital and general corporate purposes. The total
amount borrowed for nuclear fuel by RGRT was $125.5 million at September
30, 2013 of which $15.5 million had been borrowed under the RCF and $110
million was borrowed through senior notes. Borrowings by RGRT for
nuclear fuel were $139.5 million as of September 30, 2012, of which
$29.5 million had been borrowed under the RCF and $110 million was
borrowed through senior notes. Interest costs on borrowings to finance
nuclear fuel are accumulated by RGRT and charged to us as fuel is
consumed and recovered through fuel recovery charges. No borrowings were
outstanding at September 30, 2013 under the RCF for working capital or
general corporate purposes. At September 30, 2012, $32.0 million was
outstanding under the RCF for working capital and general corporate
purposes.
We have received approval from the New Mexico Public Regulation
Commission and have filed an application with the Federal Energy
Regulatory Commission to amend our existing $300 million revolving
credit facility to include an option, subject to lender's approval, to
expand the amount of the potential borrowings available under the
facility to $400 million and extend the maturity date by up to four
years to September 2020. The applications also included requests for
authorization to issue up to $300 million in new long-term debt and to
guarantee the issuance of up to $50 million of new debt by the RGRT to
finance future purchases of nuclear fuel and to refinance existing
nuclear fuel debt obligations.
2013 Earnings Guidance
We are revising our 2013 earnings guidance to a range of $2.25 to $2.40
per basic share from a range of $2.20 to $2.50 per basic share.
Conference Call
A conference call to discuss third quarter 2013 earnings is scheduled
for 10:30 A.M. Eastern Time, on November 6, 2013. The dial-in number is
888-505-4375 with a conference ID number of 7695768. The international
dial-in number is 719-457-1512. The conference leader will be Steven P.
Busser, Vice President - Treasurer. A replay will run through November
20, 2013 with a dial-in number of 888-203-1112 and a conference ID
number of 7695768. 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 may constitute
forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. This
information may involve risks and uncertainties that could cause actual
results to differ materially from such forward-looking statements.
Factors that could cause or contribute to such differences include, but
are 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) 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) unanticipated increased costs associated
with scheduled and unscheduled outages of generating plant; (v) the size
of our construction program and our ability to complete construction on
budget; (vi) potential delays in our construction schedule due to legal
challenges or other reasons; (vii) costs at Palo Verde;
(viii) deregulation and competition in the electric utility industry;
(ix) possible increased costs of compliance with environmental or other
laws, regulations and policies; (x) possible income tax and interest
payments as a result of audit adjustments proposed by the IRS or state
taxing authorities; (xi) uncertainties and instability in the financial
markets and the resulting impact on EE's ability to access the capital
and credit markets; and (xii) other factors detailed by EE in its public
filings with the Securities and Exchange Commission. EE's filings are
available from the Securities and Exchange Commission 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. EE does not undertake to update any forward-looking statement
that may be made from time to time by or on behalf of EE except as
required by law.
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El Paso Electric Company and Subsidiary
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Consolidated Statements of Operations
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Quarter Ended September 30, 2013 and 2012
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(In thousands except for per share data)
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(Unaudited)
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2013
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2012
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Variance
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Operating revenues, net of energy expenses:
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Base revenues
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$
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184,687
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$
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185,221
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$
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(534
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)
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(a)
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Deregulated Palo Verde Unit 3 revenues
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3,047
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2,586
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461
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Other
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8,264
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6,887
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1,377
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Operating Revenues Net of Energy Expenses
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195,998
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194,694
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1,304
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Other operating expenses:
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Other operations and maintenance
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51,519
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52,548
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(1,029
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)
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Palo Verde operations and maintenance
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20,014
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21,189
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(1,175
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)
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Taxes other than income taxes
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18,153
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15,353
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2,800
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Other income
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1,561
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2,424
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(863
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)
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Earnings Before Interest, Taxes, Depreciation and Amortization
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107,873
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108,028
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(155
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)
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(b)
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Depreciation and amortization
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20,416
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19,208
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1,208
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Interest on long-term debt
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14,623
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13,659
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|
964
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AFUDC and capitalized interest
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4,968
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5,174
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(206
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)
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Other interest expense
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|
153
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|
387
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(234
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)
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Income Before Income Taxes
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|
77,649
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79,948
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(2,299
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)
|
|
|
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|
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|
|
|
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Income tax expense
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|
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27,084
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28,159
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(1,075
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)
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|
|
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|
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Net Income
|
|
|
|
$
|
50,565
|
|
|
|
$
|
51,789
|
|
|
|
$
|
(1,224
|
)
|
|
|
|
|
|
|
|
|
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|
Basic Earnings per Share
|
|
|
|
$
|
1.26
|
|
|
|
$
|
1.29
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
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|
Diluted Earnings per Share
|
|
|
|
$
|
1.26
|
|
|
|
$
|
1.29
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
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|
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Dividends declared per share of common stock
|
|
|
|
$
|
0.265
|
|
|
|
$
|
0.25
|
|
|
|
$
|
0.015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
|
40,132
|
|
|
|
40,010
|
|
|
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive potential shares
outstanding
|
|
|
|
40,132
|
|
|
|
40,092
|
|
|
|
40
|
|
|
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(a) Base revenues exclude fuel recovered through New Mexico base
rates of $22.7 million and $23.2 million, respectively.
|
|
(b) Earnings before interest, taxes, depreciation and amortization
("EBITDA") is a non-generally accepted accounting principles
("GAAP") financial measure and is not a substitute for net income
or other measures of financial performance in accordance with GAAP.
|
|
|
El Paso Electric Company and Subsidiary
|
Consolidated Statements of Operations
|
Nine Months Ended September 30, 2013 and 2012
|
(In thousands except for per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues, net of energy expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Base revenues
|
|
|
|
$
|
445,533
|
|
|
|
$
|
446,832
|
|
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$
|
(1,299
|
)
|
(a)
|
Deregulated Palo Verde Unit 3 revenues
|
|
|
|
9,260
|
|
|
|
7,093
|
|
|
|
2,167
|
|
|
Other
|
|
|
|
23,990
|
|
|
|
21,718
|
|
|
|
2,272
|
|
|
Operating Revenues Net of Energy Expenses
|
|
|
|
478,783
|
|
|
|
475,643
|
|
|
|
3,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Other operations and maintenance
|
|
|
|
147,600
|
|
|
|
148,735
|
|
|
|
(1,135
|
)
|
|
Palo Verde operations and maintenance
|
|
|
|
67,470
|
|
|
|
68,998
|
|
|
|
(1,528
|
)
|
|
Taxes other than income taxes
|
|
|
|
44,782
|
|
|
|
43,631
|
|
|
|
1,151
|
|
|
Other income
|
|
|
|
2,524
|
|
|
|
3,600
|
|
|
|
(1,076
|
)
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
|
|
|
221,455
|
|
|
|
217,879
|
|
|
|
3,576
|
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
59,346
|
|
|
|
59,329
|
|
|
|
17
|
|
|
Interest on long-term debt
|
|
|
|
43,829
|
|
|
|
40,827
|
|
|
|
3,002
|
|
|
AFUDC and capitalized interest
|
|
|
|
15,896
|
|
|
|
14,475
|
|
|
|
1,421
|
|
|
Other interest expense
|
|
|
|
456
|
|
|
|
865
|
|
|
|
(409
|
)
|
|
Income Before Income Taxes
|
|
|
|
133,720
|
|
|
|
131,333
|
|
|
|
2,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
46,328
|
|
|
|
45,306
|
|
|
|
1,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
$
|
87,392
|
|
|
|
$
|
86,027
|
|
|
|
$
|
1,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
|
|
|
|
$
|
2.17
|
|
|
|
$
|
2.15
|
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
|
|
|
|
$
|
2.17
|
|
|
|
$
|
2.14
|
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of common stock
|
|
|
|
$
|
0.78
|
|
|
|
$
|
0.72
|
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
|
40,108
|
|
|
|
39,960
|
|
|
|
148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive potential shares
outstanding
|
|
|
|
40,124
|
|
|
|
40,044
|
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Base revenues exclude fuel recovered through New Mexico base
rates of $57.2 million and $57.9 million, respectively.
|
|
(b) EBITDA is a non-GAAP financial measure and is not a substitute
for net income or other measures of financial performance in
accordance with GAAP.
|
|
|
El Paso Electric Company and Subsidiary
|
Cash Flow Summary
|
Nine Months Ended September 30, 2013 and 2012
|
(In thousands and Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
87,392
|
|
|
|
$
|
86,027
|
|
Adjustments to reconcile net income to net cash provided by
operations:
|
|
|
|
|
|
|
|
Depreciation and amortization of electric plant in service
|
|
|
|
59,346
|
|
|
|
59,329
|
|
Amortization of nuclear fuel
|
|
|
|
33,621
|
|
|
|
33,278
|
|
Deferred income taxes, net
|
|
|
|
45,479
|
|
|
|
43,818
|
|
Other
|
|
|
|
4,396
|
|
|
|
3,751
|
|
Change in:
|
|
|
|
|
|
|
|
Net overcollection (undercollection) of fuel revenues
|
|
|
|
(8,362
|
)
|
|
|
13,994
|
|
Accounts receivable
|
|
|
|
(35,097
|
)
|
|
|
(22,107
|
)
|
Accounts payable
|
|
|
|
(3,729
|
)
|
|
|
(6,757
|
)
|
Other
|
|
|
|
1,865
|
|
|
|
(9,534
|
)
|
Net cash provided by operating activities
|
|
|
|
184,911
|
|
|
|
201,799
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Cash additions to utility property, plant and equipment
|
|
|
|
(165,303
|
)
|
|
|
(144,576
|
)
|
Cash additions to nuclear fuel
|
|
|
|
(19,895
|
)
|
|
|
(41,747
|
)
|
Decommissioning trust funds
|
|
|
|
(6,994
|
)
|
|
|
(6,775
|
)
|
Other
|
|
|
|
(3,575
|
)
|
|
|
(4,605
|
)
|
Net cash used for investing activities
|
|
|
|
(195,767
|
)
|
|
|
(197,703
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
(31,379
|
)
|
|
|
(28,861
|
)
|
Borrowings under the revolving credit facility, net
|
|
|
|
(6,664
|
)
|
|
|
28,163
|
|
Other
|
|
|
|
(210
|
)
|
|
|
(2,942
|
)
|
Net cash used for financing activities
|
|
|
|
(38,253
|
)
|
|
|
(3,640
|
)
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
(49,109
|
)
|
|
|
456
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
111,057
|
|
|
|
8,208
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
61,948
|
|
|
|
$
|
8,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Paso Electric Company and Subsidiary
|
Quarter Ended September 30, 2013 and 2012
|
Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Amount
|
|
|
Percentage
|
kWh sales (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
880,105
|
|
|
|
884,809
|
|
|
|
(4,704
|
)
|
|
|
(0.5
|
)%
|
Commercial and industrial, small
|
|
|
|
680,380
|
|
|
|
693,774
|
|
|
|
(13,394
|
)
|
|
|
(1.9
|
)%
|
Commercial and industrial, large
|
|
|
|
276,232
|
|
|
|
260,567
|
|
|
|
15,665
|
|
|
|
6.0
|
%
|
Public authorities
|
|
|
|
449,469
|
|
|
|
443,418
|
|
|
|
6,051
|
|
|
|
1.4
|
%
|
Total retail sales
|
|
|
|
2,286,186
|
|
|
|
2,282,568
|
|
|
|
3,618
|
|
|
|
0.2
|
%
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
|
20,173
|
|
|
|
20,565
|
|
|
|
(392
|
)
|
|
|
(1.9
|
)%
|
Off-system sales
|
|
|
|
683,600
|
|
|
|
537,071
|
|
|
|
146,529
|
|
|
|
27.3
|
%
|
Total wholesale sales
|
|
|
|
703,773
|
|
|
|
557,636
|
|
|
|
146,137
|
|
|
|
26.2
|
%
|
Total kWh sales
|
|
|
|
2,989,959
|
|
|
|
2,840,204
|
|
|
|
149,755
|
|
|
|
5.3
|
%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
$
|
80,003
|
|
|
|
$
|
80,325
|
|
|
|
$
|
(322
|
)
|
|
|
(0.4
|
)%
|
Commercial and industrial, small
|
|
|
|
60,259
|
|
|
|
60,776
|
|
|
|
(517
|
)
|
|
|
(0.9
|
)%
|
Commercial and industrial, large
|
|
|
|
12,426
|
|
|
|
12,587
|
|
|
|
(161
|
)
|
|
|
(1.3
|
)%
|
Public authorities
|
|
|
|
31,222
|
|
|
|
30,815
|
|
|
|
407
|
|
|
|
1.3
|
%
|
Total retail non-fuel base revenues
|
|
|
|
183,910
|
|
|
|
184,503
|
|
|
|
(593
|
)
|
|
|
(0.3
|
)%
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
|
777
|
|
|
|
718
|
|
|
|
59
|
|
|
|
8.2
|
%
|
Total non-fuel base revenues
|
|
|
|
184,687
|
|
|
|
185,221
|
|
|
|
(534
|
)
|
|
|
(0.3
|
)%
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period (a)
|
|
|
|
42,962
|
|
|
|
39,222
|
|
|
|
3,740
|
|
|
|
9.5
|
%
|
Over collection of fuel
|
|
|
|
(577
|
)
|
|
|
(5,238
|
)
|
|
|
4,661
|
|
|
|
(89.0
|
)%
|
New Mexico fuel in base rates
|
|
|
|
22,662
|
|
|
|
23,174
|
|
|
|
(512
|
)
|
|
|
(2.2
|
)%
|
Total fuel revenues (b)
|
|
|
|
65,047
|
|
|
|
57,158
|
|
|
|
7,889
|
|
|
|
13.8
|
%
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
|
|
|
20,223
|
|
|
|
13,640
|
|
|
|
6,583
|
|
|
|
48.3
|
%
|
Shared margins
|
|
|
|
4,007
|
|
|
|
2,222
|
|
|
|
1,785
|
|
|
|
80.3
|
%
|
Retained margins
|
|
|
|
478
|
|
|
|
265
|
|
|
|
213
|
|
|
|
80.4
|
%
|
Total off-system sales
|
|
|
|
24,708
|
|
|
|
16,127
|
|
|
|
8,581
|
|
|
|
53.2
|
%
|
Other (c)
|
|
|
|
8,219
|
|
|
|
8,743
|
|
|
|
(524
|
)
|
|
|
(6.0
|
)%
|
Total operating revenues
|
|
|
|
$
|
282,661
|
|
|
|
$
|
267,249
|
|
|
|
$
|
15,412
|
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes $6.8 million of refunds in 2012 related to prior
periods Texas deferred fuel revenues.
|
|
(b) Includes deregulated Palo Verde Unit 3 revenues for the New
Mexico jurisdiction of $3.0 million and $2.6 million, respectively.
|
|
(c) Represents revenues with no related kWh sales.
|
|
|
El Paso Electric Company and Subsidiary
|
Quarter Ended September 30, 2013 and 2012
|
Other Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of retail customers: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
348,557
|
|
|
|
344,188
|
|
|
|
4,369
|
|
|
|
1.3
|
%
|
Commercial and industrial, small
|
|
|
|
38,971
|
|
|
|
38,577
|
|
|
|
394
|
|
|
|
1.0
|
%
|
Commercial and industrial, large
|
|
|
|
51
|
|
|
|
51
|
|
|
|
—
|
|
|
|
—
|
|
Public authorities
|
|
|
|
5,009
|
|
|
|
4,813
|
|
|
|
196
|
|
|
|
4.1
|
%
|
Total
|
|
|
|
392,588
|
|
|
|
387,629
|
|
|
|
4,959
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers (end of
period): (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
349,077
|
|
|
|
344,418
|
|
|
|
4,659
|
|
|
|
1.4
|
%
|
Commercial and industrial, small
|
|
|
|
38,926
|
|
|
|
38,486
|
|
|
|
440
|
|
|
|
1.1
|
%
|
Commercial and industrial, large
|
|
|
|
51
|
|
|
|
51
|
|
|
|
—
|
|
|
|
—
|
|
Public authorities
|
|
|
|
5,044
|
|
|
|
4,843
|
|
|
|
201
|
|
|
|
4.2
|
%
|
Total
|
|
|
|
393,098
|
|
|
|
387,798
|
|
|
|
5,300
|
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather statistics: (b)
|
|
|
|
|
|
|
|
|
|
10 Yr Average
|
|
|
|
Heating degree days
|
|
|
|
—
|
|
|
|
6
|
|
|
|
1
|
|
|
|
|
Cooling degree days
|
|
|
|
1,444
|
|
|
|
1,497
|
|
|
|
1,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation and purchased power (kWh, in
thousands):
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
|
|
|
1,369,267
|
|
|
|
1,348,586
|
|
|
|
20,681
|
|
|
|
1.5
|
%
|
Four Corners
|
|
|
|
162,474
|
|
|
|
158,858
|
|
|
|
3,616
|
|
|
|
2.3
|
%
|
Gas plants
|
|
|
|
1,235,419
|
|
|
|
1,159,970
|
|
|
|
75,449
|
|
|
|
6.5
|
%
|
Total generation
|
|
|
|
2,767,160
|
|
|
|
2,667,414
|
|
|
|
99,746
|
|
|
|
3.7
|
%
|
Purchased power:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Photovoltaic
|
|
|
|
31,035
|
|
|
|
31,898
|
|
|
|
(863
|
)
|
|
|
|
(2.7
|
)%
|
Other
|
|
|
|
390,260
|
|
|
|
343,805
|
|
|
|
46,455
|
|
|
|
13.5
|
%
|
Total purchased power
|
|
|
|
421,295
|
|
|
|
375,703
|
|
|
|
45,592
|
|
|
|
12.1
|
%
|
Total available energy
|
|
|
|
3,188,455
|
|
|
|
3,043,117
|
|
|
|
145,338
|
|
|
|
4.8
|
%
|
Line losses and Company use
|
|
|
|
198,496
|
|
|
|
202,913
|
|
|
|
(4,417
|
)
|
|
|
|
(2.2
|
)%
|
Total kWh sold
|
|
|
|
2,989,959
|
|
|
|
2,840,204
|
|
|
|
149,755
|
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde capacity factor
|
|
|
|
99.7
|
%
|
|
|
98.1
|
%
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The number of retail customers presented for both the current
and prior periods are based on the number of service locations.
Previous presentations of the number of retail customers in 2012
were based on the number of bills rendered including consolidated
bills for customers operating multiple facilities. Management
believes that the number of service locations provides a more
accurate indicator of customers served than the number of bills
rendered.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) A degree day is recorded for each degree that the average
outdoor temperature varies from a standard of 65 degrees
Fahrenheit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Paso Electric Company and Subsidiary
|
Nine Months Ended September 30, 2013 and 2012
|
Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Amount
|
|
|
Percentage
|
kWh sales (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
2,138,436
|
|
|
|
2,113,071
|
|
|
|
25,365
|
|
|
|
1.2
|
%
|
Commercial and industrial, small
|
|
|
|
1,813,330
|
|
|
|
1,826,463
|
|
|
|
(13,133
|
)
|
|
|
(0.7
|
)%
|
Commercial and industrial, large
|
|
|
|
813,099
|
|
|
|
794,727
|
|
|
|
18,372
|
|
|
|
2.3
|
%
|
Public authorities
|
|
|
|
1,245,801
|
|
|
|
1,226,886
|
|
|
|
18,915
|
|
|
|
1.5
|
%
|
Total retail sales
|
|
|
|
6,010,666
|
|
|
|
5,961,147
|
|
|
|
49,519
|
|
|
|
0.8
|
%
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
|
52,313
|
|
|
|
53,062
|
|
|
|
(749
|
)
|
|
|
(1.4
|
)%
|
Off-system sales
|
|
|
|
1,891,861
|
|
|
|
1,966,560
|
|
|
|
(74,699
|
)
|
|
|
(3.8
|
)%
|
Total wholesale sales
|
|
|
|
1,944,174
|
|
|
|
2,019,622
|
|
|
|
(75,448
|
)
|
|
|
(3.7
|
)%
|
Total kWh sales
|
|
|
|
7,954,840
|
|
|
|
7,980,769
|
|
|
|
(25,929
|
)
|
|
|
(0.3
|
)%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
$
|
190,242
|
|
|
|
$
|
187,738
|
|
|
|
$
|
2,504
|
|
|
|
1.3
|
%
|
Commercial and industrial, small
|
|
|
|
146,763
|
|
|
|
149,296
|
|
|
|
(2,533
|
)
|
|
|
(1.7
|
)%
|
Commercial and industrial, large
|
|
|
|
30,995
|
|
|
|
32,340
|
|
|
|
(1,345
|
)
|
|
|
(4.2
|
)%
|
Public authorities
|
|
|
|
75,666
|
|
|
|
75,566
|
|
|
|
100
|
|
|
|
0.1
|
%
|
Total retail non-fuel base revenues
|
|
|
|
443,666
|
|
|
|
444,940
|
|
|
|
(1,274
|
)
|
|
|
(0.3
|
)%
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
|
1,867
|
|
|
|
1,892
|
|
|
|
(25
|
)
|
|
|
(1.3
|
)%
|
Total non-fuel base revenues
|
|
|
|
445,533
|
|
|
|
446,832
|
|
|
|
(1,299
|
)
|
|
|
(0.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period (a)
|
|
|
|
102,057
|
|
|
|
102,725
|
|
|
|
(668
|
)
|
|
|
(0.7
|
)%
|
Under (over) collection of fuel
|
|
|
|
8,369
|
|
|
|
(20,828
|
)
|
|
|
29,197
|
|
|
|
—
|
|
New Mexico fuel in base rates
|
|
|
|
57,213
|
|
|
|
57,881
|
|
|
|
(668
|
)
|
|
|
(1.2
|
)%
|
Total fuel revenues (b)
|
|
|
|
167,639
|
|
|
|
139,778
|
|
|
|
27,861
|
|
|
|
19.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
|
|
|
51,379
|
|
|
|
45,612
|
|
|
|
5,767
|
|
|
|
12.6
|
%
|
Shared margins
|
|
|
|
10,254
|
|
|
|
6,865
|
|
|
|
3,389
|
|
|
|
49.4
|
%
|
Retained margins
|
|
|
|
1,227
|
|
|
|
824
|
|
|
|
403
|
|
|
|
48.9
|
%
|
Total off-system sales
|
|
|
|
62,860
|
|
|
|
53,301
|
|
|
|
9,559
|
|
|
|
17.9
|
%
|
Other (c)
|
|
|
|
24,033
|
|
|
|
24,168
|
|
|
|
(135
|
)
|
|
|
(0.6
|
)%
|
Total operating revenues
|
|
|
|
$
|
700,065
|
|
|
|
$
|
664,079
|
|
|
|
$
|
35,986
|
|
|
|
5.4
|
%
|
|
(a) Excludes $6.8 million of refunds in 2012 related to prior
periods Texas deferred fuel revenues.
|
|
(b) Includes deregulated Palo Verde Unit 3 revenues for the New
Mexico jurisdiction of $9.3 million and $7.1 million, respectively.
|
|
(c) Represents revenues with no related kWh sales.
|
|
|
El Paso Electric Company and Subsidiary
|
Nine Months Ended September 30, 2013 and 2012
|
Other Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of retail customers: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
347,357
|
|
|
|
342,770
|
|
|
|
4,587
|
|
|
|
1.3
|
%
|
Commercial and industrial, small
|
|
|
|
38,704
|
|
|
|
38,591
|
|
|
|
113
|
|
|
|
0.3
|
%
|
Commercial and industrial, large
|
|
|
|
50
|
|
|
|
50
|
|
|
|
—
|
|
|
|
—
|
|
Public authorities
|
|
|
|
4,980
|
|
|
|
4,798
|
|
|
|
182
|
|
|
|
3.8
|
%
|
Total
|
|
|
|
391,091
|
|
|
|
386,209
|
|
|
|
4,882
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers (end of
period): (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
349,077
|
|
|
|
344,418
|
|
|
|
4,659
|
|
|
|
1.4
|
%
|
Commercial and industrial, small
|
|
|
|
38,926
|
|
|
|
38,486
|
|
|
|
440
|
|
|
|
1.1
|
%
|
Commercial and industrial, large
|
|
|
|
51
|
|
|
|
51
|
|
|
|
—
|
|
|
|
—
|
|
Public authorities
|
|
|
|
5,044
|
|
|
|
4,843
|
|
|
|
201
|
|
|
|
4.2
|
%
|
Total
|
|
|
|
393,098
|
|
|
|
387,798
|
|
|
|
5,300
|
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather statistics: (b)
|
|
|
|
|
|
|
|
|
|
10 Yr Average
|
|
|
|
Heating degree days
|
|
|
|
1,419
|
|
|
|
1,215
|
|
|
|
1,293
|
|
|
|
|
Cooling degree days
|
|
|
|
2,615
|
|
|
|
2,712
|
|
|
|
2,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation and purchased power (kWh, in
thousands):
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2013
|
|
|
2012
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
|
|
|
3,922,200
|
|
|
|
3,898,862
|
|
|
|
23,338
|
|
|
|
0.6
|
%
|
Four Corners
|
|
|
|
486,544
|
|
|
|
480,555
|
|
|
|
5,989
|
|
|
|
1.2
|
%
|
Gas plants
|
|
|
|
2,846,346
|
|
|
|
2,854,338
|
|
|
|
(7,992
|
)
|
|
|
|
(0.3
|
)%
|
Total generation
|
|
|
|
7,255,090
|
|
|
|
7,233,755
|
|
|
|
21,335
|
|
|
|
0.3
|
%
|
Purchased power:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Photovoltaic
|
|
|
|
97,098
|
|
|
|
77,836
|
|
|
|
19,262
|
|
|
|
24.7
|
%
|
Other
|
|
|
|
1,046,284
|
|
|
|
1,194,274
|
|
|
|
(147,990
|
)
|
|
|
|
(12.4
|
)%
|
Total purchased power
|
|
|
|
1,143,382
|
|
|
|
1,272,110
|
|
|
|
(128,728
|
)
|
|
|
|
(10.1
|
)%
|
Total available energy
|
|
|
|
8,398,472
|
|
|
|
8,505,865
|
|
|
|
(107,393
|
)
|
|
|
|
(1.3
|
)%
|
Line losses and Company use
|
|
|
|
443,632
|
|
|
|
525,096
|
|
|
|
(81,464
|
)
|
|
|
|
(15.5
|
)%
|
Total kWh sold
|
|
|
|
7,954,840
|
|
|
|
7,980,769
|
|
|
|
(25,929
|
)
|
|
|
|
(0.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde capacity factor
|
|
|
|
96.2
|
%
|
|
|
95.3
|
%
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The number of retail customers presented for both the current
and prior periods are based on the number of service locations.
Previous presentations of the number of retail customers in 2012
were based on the number of bills rendered including consolidated
bills for customers operating multiple facilities. Management
believes that the number of service locations provides a more
accurate indicator of customers served than the number of bills
rendered.
|
|
(b) A degree day is recorded for each degree that the average
outdoor temperature varies from a standard of 65 degrees
Fahrenheit.
|
|
|
El Paso Electric Company and Subsidiary
|
Financial Statistics
|
At September 30, 2013 and 2012
|
(In thousands, except number of shares, book value per share, and
ratios)
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
61,948
|
|
|
|
$
|
8,664
|
|
|
|
|
|
|
|
|
|
Common stock equity
|
|
|
|
$
|
893,698
|
|
|
|
$
|
830,274
|
|
Long-term debt
|
|
|
|
999,598
|
|
|
|
849,838
|
|
Total capitalization
|
|
|
|
$
|
1,893,296
|
|
|
|
$
|
1,680,112
|
|
|
|
|
|
|
|
|
|
Short-term borrowings under the revolving credit facility
|
|
|
|
$
|
15,491
|
|
|
|
$
|
61,542
|
|
|
|
|
|
|
|
|
|
Number of shares - end of period
|
|
|
|
40,253,783
|
|
|
|
40,116,373
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
|
|
$
|
22.20
|
|
|
|
$
|
20.70
|
|
|
|
|
|
|
|
|
|
Common equity ratio (a)
|
|
|
|
46.8
|
%
|
|
|
47.7
|
%
|
Debt ratio
|
|
|
|
53.2
|
%
|
|
|
52.3
|
%
|
|
|
|
|
|
|
|
|
(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
Media Contacts
Eddie Gutierrez,
915-543-5763
Eduardo.gutierrez@epelectric.com
or
El
Paso Electric Investor Relations
Steve Busser, 915-543-5983
steve.busser@epelectric.com
or
Lisa
Budtke, 915-543-5947
lisa.budtke@epelectric.com
Source: El Paso Electric
News Provided by Acquire Media