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NV Energy, Inc., Reports Third Quarter Earnings
PR Newswire
Oct 26, 2009
LAS VEGAS, Oct. 26 /PRNewswire-FirstCall/ -- NV Energy, Inc. (NYSE: NVE) today announced consolidated net income of $182.6 million, or 78 cents per share, for the quarter ended Sept. 30, 2009, compared with consolidated net income of $150.8 million, or 64 cents per share, for the same period in 2008.
"We are very pleased with the results we achieved in this year's third quarter," Michael Yackira, president and chief executive officer of NV Energy, said. "While the increase was largely due to higher revenues associated with investment in generating facilities, it was also due to cost discipline throughout the company."
Webcast Scheduled for 7 a.m. PDT today, Monday, October 26, 2009
Senior management of NV Energy will review the company's 2009 third quarter financial results and other matters during a conference call and live webcast today, Monday, Oct. 26, at 7 a.m. Pacific Daylight Time.
The webcast will be accessible on the NV Energy website:
www.nvenergy.com.
An archived version of the webcast will remain on the NV Energy website for approximately one month following the live webcast.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, 118500, to listen to the recording.
Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.
This press release may contain forward-looking statements regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy, 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. These risks and uncertainties include, but are not limited to, NV Energy Inc.'s ability to maintain access to the capital markets, NV Energy Inc.'s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.'s subsidiaries, particularly Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy, and the discretion of NV Energy Inc.'s 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 NV Energy Inc.'s and its subsidiaries' financing agreements. For Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Renewable Energy Portfolio Standard, changes in environmental laws and regulations, construction risks, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, including changes in and renewals of collective bargaining agreements, strikes or work stoppages, unseasonable weather, drought, threat of wildfire and other natural phenomena, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their pending and future regulatory filings. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy are contained in their quarterly reports on Form 10-Q for the quarters ended March 31, 2009, and June 30, 2009, and their Annual Reports on Form 10-K for the year ended December 31, 2008, each filed with the SEC. NV Energy Inc., Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy 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.
NV ENERGY, INC.
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
OPERATING
REVENUES:
Electric $1,199,254 $1,098,744 $2,680,204 $2,624,832
Gas 19,745 19,379 132,686 137,125
Other 8 8 25 19
--- --- --- ---
1,219,007 1,118,131 2,812,915 2,761,976
--------- --------- --------- ---------
OPERATING
EXPENSES:
Operation:
Fuel for power
generation 250,085 332,872 684,474 825,105
Purchased power 313,828 383,329 634,185 828,635
Gas purchased
for resale 11,269 13,760 101,457 108,288
Deferral of
energy costs -
electric - net 73,557 (89,575) 213,132 (56,679)
Deferral of
energy costs -
gas - net 2,286 (725) 1,923 (2,296)
Other 107,992 105,087 332,555 295,409
Maintenance 20,187 20,337 82,219 64,931
Depreciation and
amortization 82,541 59,245 240,912 185,656
Taxes:
Income taxes 80,780 61,148 71,208 82,695
Other than
income 15,177 13,701 43,577 40,266
------ ------ ------ ------
957,702 899,179 2,405,642 2,372,010
------- ------- --------- ---------
OPERATING INCOME 261,305 218,952 407,273 389,966
OTHER INCOME
(EXPENSE):
Allowance for
other funds used
during
construction 4,327 7,865 19,093 32,935
Interest accrued
on deferred energy (1,799) 2,349 (873) 4,042
Other income 7,749 6,583 31,209 24,787
Other expense (2,387) (3,007) (17,425) (10,804)
Income taxes (1,745) (4,263) (9,496) (16,451)
------ ------ ------ -------
6,145 9,527 22,508 34,509
----- ----- ------ ------
Total Income Before
Interest Charges 267,450 228,479 429,781 424,475
INTEREST CHARGES:
Long-term debt 82,865 75,483 244,613 215,826
Other 5,618 8,391 22,230 23,092
Allowance for
borrowed funds
used during
construction (3,679) (6,178) (15,847) (25,418)
------ ------ ------- -------
84,804 77,696 250,996 213,500
------ ------ ------- -------
NET INCOME $182,646 $150,783 $178,785 $210,975
======== ======== ======== ========
Amount per share
basic and diluted
Net Income per
share -basic
and diluted $0.78 $0.64 $0.76 $0.90
Weighted Average
Shares of Common
Stock
Outstanding -
basic 234,629,761 234,096,559 234,479,605 233,975,552
=========== =========== =========== ===========
Weighted Average
Shares of Common
Stock
Outstanding -
diluted 235,368,919 234,655,132 235,025,554 234,499,269
=========== =========== =========== ===========
Dividends
Declared Per
Share of Common
Stock $0.10 $0.08 $0.30 $0.24
===== ===== ===== =====
NEVADA POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
OPERATING
REVENUES:
Electric $933,520 $826,825 $1,945,818 $1,866,220
OPERATING
EXPENSES:
Operation:
Fuel for power
generation 160,960 240,027 455,355 613,968
Purchased power 288,248 319,324 541,746 577,161
Deferral of energy
costs-net 46,911 (80,191) 144,910 (44,107)
Other 68,521 69,432 206,771 189,144
Maintenance 12,014 12,469 58,280 42,727
Depreciation and
amortization 54,996 37,902 160,869 120,855
Taxes:
Income taxes 75,214 54,595 57,702 69,592
Other than income 8,970 8,266 26,394 24,015
----- ----- ------ ------
715,834 661,824 1,652,027 1,593,355
------- ------- --------- ---------
OPERATING INCOME 217,686 165,001 293,791 272,865
OTHER INCOME
(EXPENSE):
Allowance for other
funds used
during construction 3,385 6,543 16,558 21,093
Interest accrued on
deferred energy 248 2,803 2,891 5,681
Other income 3,776 4,116 18,726 12,970
Other expense (1,537) (2,028) (12,335) (5,045)
Income taxes (1,612) (3,828) (8,155) (11,350)
------ ------ ------ -------
4,260 7,606 17,685 23,349
----- ----- ------ ------
Total Income Before
Interest Charges 221,946 172,607 311,476 296,214
INTEREST CHARGES:
Long-term debt 56,672 46,662 166,492 129,283
Other 4,498 6,737 17,526 17,952
Allowance for borrowed
funds used
during construction (2,815) (5,128) (13,483) (16,503)
------ ------ ------- -------
58,355 48,271 170,535 130,732
------ ------ ------- -------
NET INCOME $163,591 $124,336 $140,941 $165,482
======== ======== ======== ========
SIERRA PACIFIC POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
OPERATING REVENUES:
Electric $265,734 $271,919 $734,386 $758,612
Gas 19,745 19,379 132,686 137,125
------ ------ ------- -------
285,479 291,298 867,072 895,737
------- ------- ------- -------
OPERATING EXPENSES:
Operation:
Fuel for power
generation 89,125 92,845 229,119 211,137
Purchased
power 25,580 64,005 92,439 251,474
Gas purchased for resale 11,269 13,760 101,457 108,288
Deferral of energy
costs - electric -
net 26,646 (9,384) 68,222 (12,572)
Deferral of
energy
costs - gas - net 2,286 (725) 1,923 (2,296)
Other 38,843 35,474 123,748 103,744
Maintenance 8,173 7,868 23,939 22,204
Depreciation and
amortization 27,545 21,343 80,043 64,801
Taxes:
Income taxes 10,445 10,602 24,275 24,213
Other than income 6,162 5,402 17,046 16,128
----- ----- ------ ------
246,074 241,190 762,211 787,121
------- ------- ------- -------
OPERATING INCOME 39,405 50,108 104,861 108,616
OTHER INCOME (EXPENSE):
Allowance for other funds
used during
construction 942 1,322 2,535 11,842
Interest accrued on
deferred energy (2,047) (454) (3,764) (1,639)
Other income 3,792 2,367 12,299 11,331
Other expense (813) (749) (4,601) (5,430)
Income taxes (226) (683) (1,651) (5,210)
---- ---- ------ ------
1,648 1,803 4,818 10,894
----- ----- ----- ------
Total Income
Before Interest
Charges 41,053 51,911 109,679 119,510
INTEREST CHARGES:
Long-term debt 16,760 18,635 49,820 55,975
Other 891 1,407 4,017 4,398
Allowance for borrowed
funds used during
construction (864) (1,050) (2,364) (8,915)
---- ------ ------ ------
16,787 18,992 51,473 51,458
------ ------ ------ ------
NET INCOME $24,266 $32,919 $58,206 $68,052
======= ======= ======= =======
Gross margin is presented by Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy 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 d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy 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 d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy 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 Nine Months Ended
September 30, September 30,
------------------ ------------------
Change Change
from from
Prior Prior
2009 2008 Year % 2009 2008 Year %
---- ---- ------ ---- ---- ------
Operating
Revenues:
Electric $933,520 $826,825 12.9% $1,945,818 $1,866,220 4.3%
Energy Costs:
Fuel for
power
generation 160,960 240,027 455,355 613,968
Purchased
power 288,248 319,324 541,746 577,161
Deferral
of energy
costs-net 46,911 (80,191) 144,910 (44,107)
------ ------- ------- -------
$496,119 $479,160 1,142,011 $1,147,022
-------- -------- --------- ----------
Gross Margin $437,401 $347,665 25.8% $803,807 $719,198 11.8%
======== ======== ======== ========
Sierra Pacific Power Company
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
Change Change
from from
Prior Prior
2009 2008 Year % 2009 2008 Year %
---- ---- ------ ---- ---- ------
Operating
Revenues:
Electric $265,734 $271,919 $734,386 $758,612
Gas 19,745 19,379 132,686 137,125
------ ------ ------- -------
$285,479 $291,298 -2.0% $867,072 $895,737 -3.2%
-------- -------- -------- --------
Energy Costs:
Fuel for
power
generation 89,125 92,845 229,119 211,137
Purchased
power 25,580 64,005 92,439 251,474
Deferral
of energy
costs-
electric-
net 26,646 (9,384) 68,222 (12,572)
Gas
purchased
for resale 11,269 13,760 101,457 108,288
Deferral
of energy
costs-gas-
net 2,286 (725) 1,923 (2,296)
----- ---- ----- ------
$154,906 $160,501 $493,160 $556,031
-------- -------- -------- --------
Energy Costs
by Segment:
Electric $141,351 $147,466 $389,780 $450,039
Gas 13,555 13,035 103,380 105,992
------ ------ ------- -------
$154,906 $160,501 $493,160 $556,031
-------- -------- -------- --------
Gross Margin
by Segment:
Electric $124,383 $124,453 $344,606 $308,573
Gas 6,190 6,344 29,306 31,133
----- ----- ------ ------
$130,573 $130,797 -0.2% $373,912 $339,706 10.1%
======== ======== ======== ========
Summary of Selected Operating Statistics
Nevada Power Company
Electric Operating Revenue
(dollars in thousands)
Three Months Ended
September 30,
---------------------------------------
Change from
2009 2008 Prior Year %
---- ---- ------------
Electric Operating
Revenues:
Residential $484,561 $435,986 11.1%
Commercial 148,504 134,391 10.5%
Industrial 278,728 228,141 22.2%
------- -------
Retail revenues 911,793 798,518 14.2%
Other 21,727 28,307 -23.2%
------ ------
Total Revenues $933,520 $826,825 12.9%
======== ========
Retail sales in thousands
of MWhs 7,197 7,413 -2.9%
Nine Months Ended
September 30,
------------------------------------------------------
Change from Avg. Change
2009 2008 Prior Year % in customers
---- ----
Electric Operating
Revenues:
Residential $939,488 $887,173 5.9% 0.1%
Commercial 365,595 362,850 0.8% 0.6%
Industrial 578,661 537,930 7.6% 2.0%
------- -------
Retail
Revenues 1,883,744 1,787,953 5.4%
Other 62,074 78,267 -20.7%
------ ------
Total
Revenues $1,945,818 $1,866,220 4.3%
========== ==========
Retail sales in
thousands
of MWhs 16,626 16,952 -1.9%
Sierra Pacific Power Company
Electric Operating Revenue
(dollars in thousands)
Three Months Ended
September 30,
------------------------------------------
Change from
2009 2008 Prior Year %
---- ---- ------------
Electric Operating
Revenues:
Residential $93,594 $96,558 -3.1%
Commercial 108,167 108,596 -0.4%
Industrial 56,328 59,163 -4.8%
------ ------
Retail revenues 258,089 264,317 -2.4%
Other 7,645 7,602 0.6%
----- -----
Total Revenues $265,734 $271,919 -2.3%
======== ========
Retail sales in
thousands
of MWhs 2,206 2,339 -5.7%
Nine Months Ended
September 30,
------------------------------------------------
Change from Avg. Change
2009 2008 Prior Year % in customers
---- ---- ------------ ------------
Electric Operating
Revenues:
Residential $263,287 $256,726 2.6% -0.1%
Commercial 296,671 289,327 2.5% 1.6%
Industrial 151,671 187,942 -19.3% 1.9%
------- -------
Retail revenues 711,629 733,995 -3.0%
Other 22,757 24,617 -7.6%
------ ------
Total Revenues $734,386 $758,612 -3.2%
======== ========
Retail sales in
thousands
of MWhs 6,128 6,537 -6.3%
Sierra Pacific Power Company
Gas Operating Revenue
(dollars in thousands)
Three Months Ended
September 30,
------------------------------------
Change from
2009 2008 Prior Year %
---- ---- ------------
Gas Operating Revenues:
Residential $10,740 $10,269 4.6%
Commercial 4,913 4,885 0.6%
Industrial 2,155 1,873 15.1%
----- -----
Retail revenues 17,808 17,027 4.6%
Wholesale revenue 1,406 1,858 -24.3%
Miscellaneous 531 494 7.5%
--- ---
Total Revenues $19,745 $19,379 1.9%
======= =======
Retail sales in
thousands of
decatherms 1,183 1,231 -3.9%
Nine Months Ended
September 30,
----------------------------------------------
Change from Avg. Change
2009 2008 Prior Year % in customers
---- ---- ------------ ------------
Gas Operating
Revenues:
Residential $74,410 $79,074 -5.9%
Commercial 35,191 37,768 -6.8%
Industrial 11,779 13,726 -14.2%
------ ------
Retail
revenues 121,380 130,568 -7.0% 0.3%
Wholesale
revenue 9,567 4,663 105.2%
Miscellaneous 1,739 1,894 -8.2%
----- -----
Total
Revenues $132,686 $137,125 -3.2%
======== ========
Retail
sales in
thousands
of decatherms 9,549 10,420 -8.4%
Financial Highlights
(Dollars in Thousands)
(Unaudited)
NV Energy, Inc
Capital Structure September 30, 2009 September 30, 2008
------------------ ------------------
Current maturities of
long-term debt $9,286 0.1% $9,794 0.1%
Long-term debt 5,549,052 63.0% 4,793,078 60.2%
--------- ---- --------- ----
Total Debt $5,558,338 63.1% $4,802,872 60.3%
Common
shareholders'
equity 3,243,820 36.9% 3,156,607 39.7%
--------- ---- --------- ----
Total Capitalization
(including current
maturities of
long-term debt) $8,802,158 100.0% $7,959,479 100.0%
========== ===== ========== =====
Nevada Power Company
Capital Structure September 30, 2009 September 30, 2008
------------------ ------------------
Current maturities of
long-term debt $9,286 0.2% $8,656 0.2%
Long-term debt 3,701,308 57.8% 2,975,201 53.0%
--------- ---- --------- ----
Total Debt $3,710,594 58.0% $2,983,857 53.2%
Common
shareholder's
equity 2,691,551 42.0% 2,629,078 46.8%
--------- ---- --------- ----
Total Capitalization
(including current
maturities of
long-term
debt) $6,402,145 100.0% $5,612,935 100.0%
========== ===== ========== =====
Sierra Pacific Power Company
Capital Structure September 30, 2009 September 30, 2008
------------------ ------------------
Current maturities of
long-term debt $- 0.0% $1,139 0.0%
Long-term debt 1,362,002 57.8% 1,292,867 56.0%
--------- ---- --------- ----
Total Debt $1,362,002 57.8% $1,294,006 56.0%
Common shareholder's
equity 994,495 42.2% 1,015,690 44.0%
------- ---- --------- ----
Total Capitalization
(including current
maturities of long-term
debt) $2,356,497 100.0% $2,309,696 100.0%
========== ===== ========== =====
NVE Available Liquidity as of September 30, 2009
(dollars in millions)
------------------------------------------------
NVE NPC SPPC
--- --- ----
Cash and Cash
Equivalents $6.2 $30.8 $58.4
Balance available
on Revolving
Credit Facilities N/A 555.3 316.1
--- ----- -----
$6.2 $586.1 $374.5
==== ====== ======
SOURCE NV Energy
Copyright (2009) PR Newswire. All Rights Reserved.
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