UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) April 5, 2002
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(April 4, 2002)
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PNM RESOURCES, INC.
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(Formerly known as Manzano Corporation)
(Exact name of registrant as specified in its charter)
New Mexico 85-0468296
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(State or Other Jurisdiction (I.R.S. Employer
of Incorporation) Identification) Number)
Alvarado Square, Albuquerque, New Mexico 87158
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(Address of principal executive offices) (Zip Code)
(505) 241-2700
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
The following is a press release issued by the Company on April 4, 2002 and is
being filed herewith under Item 5. Other Events.
PNM Resources Expects Low Power Prices Will Reduce 2002 Earnings
Albuquerque, N.M., April 4, 2002 -- Thinner profit margins in the wholesale
power market are likely to adversely impact 2002 earnings for PNM Resources
(NYSE:PNM).
"Although first quarter earnings are expected to meet Wall Street's
expectations, the continuing depressed price levels in the power market make it
more difficult to achieve our previous earnings forecast of $3.00 per share in
2002," PNM Resources Chairman, President and Chief Executive Officer Jeff Sterba
said today.
"Our previous earnings guidance was premised on, first, normal weather
conditions in the region; second, an economic upturn in the Western US; and
third, the re-emergence of liquidity in the wholesale market," Sterba continued.
"Although we have seen some improvement in all these factors, the indications
for the rest of the year are not as positive as we anticipated they would be by
this point. As a result, although our electric and gas utility operations have
been performing better than expected so far this year, our wholesale marketing
group has not been meeting the targets originally set."
The company is now in the process of revising its market forecast and reviewing
its business operations for the remainder of 2002. Based on that analysis,
management will provide updated earnings guidance when first quarter earnings
are announced April 23.
PNM Resources is an energy holding company based in Albuquerque, New Mexico. Its
principal subsidiary is Public Service Company of New Mexico, which provides
electric power and natural gas utility services to more than 1.3 million people
in New Mexico. The company also sells power on the wholesale market in the
Western U.S. PNM Resources stock is traded primarily on the NYSE under the
symbol PNM.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events are made
pursuant to the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based upon current expectations and the company
assumes no obligation to update this information. Because actual results may
differ materially from expectations, the company cautions readers not to place
undue reliance on these statements. A number of factors, including weather, fuel
costs, changes in supply and demand in the market for electric power, the
performance of generating units and transmission system and uncertainties
relating to PNM's litigation with Western Resources and related costs, and state
and federal regulatory and legislative decisions and actions, including the
wholesale electric power pricing mitigation plan ordered by the Federal Energy
Regulatory Commission (FERC) on June 18, 2001, rulings issued by the New Mexico
Public Regulation Commission (NMPRC) pursuant to the Electric Utility Industry
Restructuring Act of 1999, as amended, and in other cases now pending or which
may be brought before the FERC or NMPRC could cause PNM operating revenues and
earnings to differ from results forecast in this news release. For a detailed
discussion of the important factors affecting PNM Resources, please see
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's Form 10-K for the year ended December 31, 2001 and
Form 8-K filings with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNM RESOURCES, INC.
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(Registrant)
Date: April 5, 2002 /s/ John R. Loyack
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John R. Loyack
Vice President, Corporate Controller
and Chief Accounting Officer
(Officer duly authorized to sign this report)
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