LAS VEGAS, July 25 /PRNewswire-FirstCall/ -- Sierra Pacific
Resources (NYSE:SRP) today announced consolidated net income
applicable to common stock of $36.1 million, or 15 cents per share,
for the quarter ended June 30, 2008, compared with net income
applicable to common stock of $25.8 million, or 12 cents per share,
for the same period in 2007. The improvement in earnings is
primarily a result of a rate increase and an increase to allowance
for funds used during construction related primarily to the
construction of additional generating units at Clark Power Station
in Las Vegas and the Tracy Combined Cycle Plant near Reno. During
the first six months of 2008, Sierra Pacific Resources earned $60.2
million, or 26 cents per share, compared with $41.4 million, or 19
cents per share, for the first six months of 2007. Michael Yackira,
president and chief executive officer of Sierra Pacific Resources,
said, "We are very pleased that our financial and operating results
remain strong as we address the challenges that lie ahead. The
current economic downturn is impacting our operations somewhat, but
we are pleased that Nevada's population continues to grow and major
resort projects are scheduled to come on line in southern Nevada
over the next two years which should improve the economic outlook.
"In keeping with our core strategy, we are focused on efficiency
and conservation programs, moving forward with renewable energy
development and adding efficient traditional generating
facilities," Yackira added. "Recently, in order to better serve our
growing customer base, we've added 541 megawatts of baseload
generation in northern Nevada and by summer's end will have added
over 600 megawatts of peaking power in southern Nevada. We've also
announced plans to acquire the 598-megawatt, gas-fired, combined
cycle Bighorn Generating Station south of Las Vegas, which we
expect to close by year end. These projects are consistent with our
strategy to help ensure our customers benefit from reliable service
and have less dependence on energy markets outside Nevada." Sierra
Pacific Resources' utilities contributed gross margin of $304.2
million for the quarter ended June 30, 2008, an increase of 5.7
percent, compared with $287.8 million in the same period in 2007.
Retail megawatt hour sales were down 6.1 percent and 2 percent at
Nevada Power and Sierra Pacific Power respectively for the second
quarter 2008 when compared with the second quarter 2007, primarily
due to decreased usage driven by cooler weather and a change in
customer usage patterns. Customer growth remains strong with the
average number of residential, commercial and industrial electric
customers served by Nevada Power increasing by 1.1 percent, 3.1
percent and 3.4 percent, respectively, for the first six-months of
2008 compared with the average customer counts for the same period
in 2007. Sierra Pacific Power's average residential, commercial and
industrial electric customers increased by 0.9 percent, 2.4 percent
and 2 percent, respectively, for the first six months of 2008
compared with the average customer counts for the first six months
of 2007. The companies expect to file their Quarterly Reports on
Form 10-Q for the period ended June 30, 2008, with the Securities
and Exchange Commission on or about August 6, 2008, at which time
the Form 10-Q reports will be available without charge through the
EDGAR system at the SEC's website. The Form 10-Q reports will also
be posted on Sierra Pacific Resources' website,
http://www.sierrapacificresources.com/. Webcast Scheduled for 7
a.m. PDT Today Senior management of Sierra Pacific Resources will
review the company's second quarter 2008 financial results,
regulatory issues and other matters during a conference call and
live webcast today, July 25, at 7 a.m. Pacific Daylight Time. The
webcast will be accessible on the Sierra Pacific Resources website:
http://www.sierrapacificresources.com/. An archived version of the
webcast will remain on the Sierra Pacific Resources' website for
approximately one month following the live webcast. To listen to a
recording of the call by telephone, call (800) 475-6701, and
international callers should dial (320) 365-3844. Use the
conference call access code, 953877, to listen to the recording.
Headquartered in Nevada, Sierra Pacific Resources is a holding
company whose principal subsidiaries are Nevada Power Company, the
electric utility for Las Vegas and surrounding areas, and Sierra
Pacific Power Company, the electric utility for most of northern
Nevada and the Lake Tahoe area of California. Sierra Pacific Power
Company also distributes natural gas in the Reno-Sparks area of
northern Nevada. This press release contains forward-looking
statements regarding the future performance of Sierra Pacific
Resources and its subsidiaries, Nevada Power Company and Sierra
Pacific Power Company, within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are subject to a
variety of risks and uncertainties that could cause actual results
to differ materially from current expectations. For Sierra Pacific
Resources, these risks and uncertainties include, but are not
limited to, Sierra Pacific Resources' ability to maintain access to
the capital markets, Sierra Pacific Resources' ability to receive
dividends from its subsidiaries, the financial performance of
Sierra Pacific Resources' subsidiaries, particularly Nevada Power
Company and Sierra Pacific Power Company, and the discretion of
Sierra Pacific Resources' Board of Directors with respect to the
payment of future dividends based on its periodic review of factors
that ordinarily affect dividend policy, such as current and
prospective financial condition, earnings and liquidity,
prospective business conditions, regulatory factors, and dividend
restrictions in Sierra Pacific Resources' and its subsidiaries'
financing agreements. For Nevada Power Company and Sierra Pacific
Power Company, these risks and uncertainties include, but are not
limited to, economic conditions both nationally and regionally,
changes in the rate of industrial, commercial and residential
growth in their service territories, unfavorable rulings in their
pending and future regulatory filings, their ability to maintain
access to the capital markets for general corporate purposes and to
finance construction projects, their ability to purchase sufficient
fuel, natural gas and power to meet their power demands and natural
gas demands for Sierra Pacific Power Company, financial market
conditions, changes in environmental laws and regulations, and
construction risks. Additional cautionary statements regarding
other risk factors that could have an effect on the future
performance of Sierra Pacific Resources, Nevada Power Company and
Sierra Pacific Power Company are contained in their Quarterly
Reports on Form 10-Q for the quarter ended March 31, 2008 and their
Annual Reports on Form 10-K and/or Form 10-K/A for the year ended
December 31, 2007, each filed with the SEC. The companies undertake
no obligation to release publicly the result of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. Financial Highlights (Dollars in
thousands, except per share amounts) (Unaudited) Sierra Pacific
Resources Three Months Ended Six Months Ended June 30, June 30,
2008 2007 2008 2007 Operating revenues $838,794 $851,894 $1,643,845
$1,608,325 Other operating expenses $98,647 $92,268 $190,322
$177,015 Maintenance $21,472 $30,633 $44,594 $54,378 Depreciation
and amortization $64,341 $59,678 $126,411 $115,911 Income taxes
$12,928 $7,244 $21,547 $6,489 Taxes other than income $12,658
$11,640 $26,565 $24,619 Operating income $94,201 $86,431 $171,014
$148,361 Other income (expenses): Allowance for other funds used
during construction $13,113 $6,612 $25,070 $13,179 Income taxes
$(4,099) $(4,675) $(12,188) $(16,058) Interest charges (net of
AFUDC) $67,300 $70,617 $135,804 $140,286 Preferred stock dividend
requirements $- $- $- $- Net Income Applicable to Common Stock
$36,134 $25,754 $60,192 $41,361 Amount per share basic and diluted
- Net income applicable to common stock $0.15 $0.12 $0.26 $0.19
Weighted Average Shares of Common Stock Outstanding: Basic -
233,992,721 221,412,345 233,914,046 221,329,347 Diluted -
234,519,562 221,821,195 234,420,336 221,738,312 Capital Structure
June 30, 2008 June 30, 2007 Current maturities of long-term debt
$10,298 0.1% $109,092 1.5% Long-term debt 4,451,781 59.5% 4,291,833
60.7% Total Debt $4,462,079 59.6% $4,400,925 62.2% Common
shareholders' equity $3,024,027 40.4% $2,673,234 37.8% Total
Capitalization (including current maturities of long-term debt)
$7,486,106 100.0% $7,074,159 100.0% Nevada Power Company Three
Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007
Operating revenues $570,223 $575,108 $1,039,395 $993,273 Other
operating expenses $62,617 $55,162 $119,712 $106,001 Maintenance
$13,608 $20,319 $30,258 $37,783 Depreciation and amortization
$42,323 $38,833 $82,953 $74,594 Income taxes $12,865 $8,654 $14,997
$442 Taxes other than income $7,427 $6,692 $15,749 $14,426
Operating income $67,067 $61,228 $107,864 $89,196 Other income
(expenses): Allowance for other funds used during construction
$7,692 $3,247 $14,550 $6,345 Carrying charge for Lenzie $- $5,998
$- $16,080 Reinstated interest on deferred energy $- $- $- $11,076
Income taxes $(3,131) $(3,553) $(7,522) $(14,131) Interest charges
(net of AFUDC) $40,988 $44,268 $82,461 $88,260 Net Income $33,175
$23,604 $41,146 $28,186 Capital Structure June 30, 2008 June 30,
2007 Current maturities of long-term debt $8,636 0.1% $7,449 0.2%
Long-term debt 2,664,929 51.2% 2,655,630 54.6% Total Debt
$2,673,565 51.3% $2,663,079 54.8% Common shareholder's equity
$2,534,866 48.7% $2,200,590 45.2% Total Capitalization (including
current maturities of long-term debt) 5,208,431 100.0% $4,863,669
100.0% Sierra Pacific Power Three Months Ended Six Months Ended
June 30, June 30, 2008 2007 2008 2007 Operating revenues $268,567
$276,734 $604,439 $614,733 Other operating expenses $34,765 $35,994
$68,270 $68,842 Maintenance $7,864 $10,314 $14,336 $16,595
Depreciation and amortization $22,018 $20,845 $43,458 $41,317
Income taxes $3,952 $2,686 $13,611 $11,046 Taxes other than income
$5,198 $4,902 $10,726 $10,088 Operating Income $24,539 $22,213
$58,508 $56,124 Other income (expenses): Allowance for other funds
used during construction $5,421 $3,365 $10,520 $6,834 Income taxes
$(953) $(1,282) $(4,527) $(2,493) Interest charges (net of AFUDC)
$15,879 $15,454 $32,466 $30,237 Dividend requirements of preferred
stock $- $- $- $- Net Income $10,849 $10,008 $35,133 $31,976
Capital Structure June 30, 2008 June 30, 2007 Current maturities of
long-term debt $1,662 0.1% $101,643 4.8% Long-term debt 1,261,788
55.8% 1,085,764 51.6% Total Debt $1,263,450 55.9% $1,187,407 56.4%
Common shareholder's equity $998,221 44.1% $916,994 43.6% Total
Capitalization (including current maturities of long-term debt)
$2,261,671 100.0% $2,104,401 100.0% Gross margin is presented by
Nevada Power Company and Sierra Pacific Power Company in order to
provide information by segment that management believes aids the
reader in determining how profitable the electric and gas business
is at the most fundamental level. Gross margin, which is a
"non-GAAP financial measure" as defined in accordance with SEC
rules, provides a measure of income available to support the other
operating expenses of the business and is utilized by management in
its analysis of its business. Nevada Power Company and Sierra
Pacific Power Company believe presenting gross margin allows the
reader to assess the impact of regulatory treatment and their
overall regulatory environment on a consistent basis. Gross margin,
as a percentage of revenue, is primarily impacted by the
fluctuations in regulated electric and natural gas supply costs
versus the fixed rates collected from customers. While these
fluctuating costs impact gross margin as a percentage of revenue,
they only impact gross margin amounts if the costs cannot be passed
through to customers. Gross margin, which Nevada Power Company and
Sierra Pacific Power Company calculate as operating revenues less
fuel and purchased power costs, provides a measure of income
available to support the other operating expenses. Gross margin
changes based on such factors as general base rate adjustments
(which are required to be filed by statute every three years) and
reflect Nevada Power Company and Sierra Pacific Power Company's
strategy to increase internal power generation versus purchased
power, which generates no gross margin. Reconciliations between
GAAP operating revenues and gross margin are provided in tables
herein. These non-GAAP measures should not be considered as
substitutes for the GAAP measures. RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES Gross Margin (Dollars in thousands) (Unaudited)
Nevada Power Company Three Months Ended Six Months Ended June 30,
June 30, 2008 2007 2008 2007 Operating Revenues: Electric $570,223
$575,108 $1,039,395 $993,273 Energy Costs: Purchased Power $164,087
$175,716 $257,837 $271,310 Fuel for power generation 209,920
140,773 373,941 304,858 Deferral of energy costs-net (9,691) 67,731
36,084 94,663 $364,316 $384,220 $667,862 $670,831 Gross Margin
$205,907 $190,888 $371,533 $322,442 Sierra Pacific Power Company
Three Months Ended Six Months Ended June 30, June 30, 2008 2007
2008 2007 Operating Revenues: Electric $236,415 $245,356 $486,693
$498,235 Gas 32,152 31,378 117,746 116,498 $268,567 $276,734
$604,439 $614,733 Energy Costs: Purchased Power $97,363 $86,309
$187,469 $169,619 Fuel for power generation 60,705 51,285 118,292
115,354 Deferral of energy costs-electric-net (11,695) 18,770
(3,188) 32,631 Gas purchased for resale 27,632 19,862 94,528 91,508
Deferral of energy costs-gas-net (3,774) 3,554 (1,571) 1,609
$170,231 $179,780 $395,530 $410,721 Energy Costs by Segment:
Electric $146,373 $156,364 $302,573 $317,604 Gas 23,858 23,416
92,957 93,117 $170,231 $179,780 $395,530 $410,721 Gross Margin by
Segment: Electric $90,042 $88,992 $184,120 $180,631 Gas 8,294 7,962
24,789 23,381 $98,336 $96,954 $208,909 $204,012 DATASOURCE: Sierra
Pacific Resources CONTACT: analysts, Britta Carlson,
+1-702-402-5624, or media, Karl Walquist, +1-775-834-3891, both of
Sierra Pacific Resources Web site:
http://www.sierrapacificresources.com/
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