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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): MAY 5, 2000
SIERRA PACIFIC RESOURCES
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(Exact name of the registrant as specified in its charter)
NEVADA
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(State or other jurisdiction of incorporation)
1-8788 88-0198358
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(Commission File Number) (IRS Employer Identification Number)
P.O. BOX 30150 (6100 NEIL ROAD), RENO, NEVADA 89511
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(Address of principal executive offices) (Zip Code)
775-834-4011
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On May 5, 2000, Sierra Pacific Resources issued a press release announcing
financial results for the quarter ended March 31, 2000. A copy of the press
release is filed herewith as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Sierra Pacific Resources - Press Release issued May 5, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: MAY 5, 2000
SIERRA PACIFIC RESOURCES
By: /S/ WILLIAM E. PETERSON
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William E. Peterson
Title: Senior Vice President,
General Counsel and
Corporate Secretary
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EXHIBIT INDEX
EXHIBIT DESCRIPTION
99.1 Sierra Pacific Resources - Press Release issued May 5, 2000.
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FROM: SIERRA PACIFIC RESOURCES TO: PRNEWSWIRE
MARK RUELLE US1
(775) 834-5400 (415) 543-3555
RICH ATKINSON 5 MAY 2000
(775) 834-4358
(Reno) - Sierra Pacific Resources (NYSE: SRP) today reported net income of
$18.2 million for common stock for the quarter ended March 31, 2000. Net income
for the same period in 1999 was $20.1 million for Sierra Pacific Resources and
$4.4 million for Nevada Power, before their merger in July 1999. Basic earnings
per share for the quarter were 23 cents. Included in net income was a one time
pre-tax charge of $2.5 million, reflecting the company's decision to exit the
retail energy sales business.
First quarter revenues for Nevada Power Company and Sierra Pacific Power
Company, the two utilities owned by Sierra Pacific Resources, increased by 7.5
and 5.2 percent, respectively, over the same period in 1999. These revenue gains
were attributed mainly to continued customer growth for both companies and rate
increases for Nevada Power for fuel and purchased power, offset by lower use per
customer due to mild weather in Nevada. Expenses were affected by higher energy
costs and were partially offset by the recognition of merger savings.
Nevada Power operating revenues for the quarter increased by $13.6 million
over first quarter 1999 to $196 million. The number of residential, commercial
and industrial customers increased by 5.8, 5.0 and 5.4 percent, respectively.
The cost of generated power increased by 28.6 percent due primarily to higher
fuel prices and additional megawatt hours (MWh) generated. Average purchased
power cost per MWh was 14.6 percent higher than in 1999, offset by lower MWh
purchases. Other
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operating and maintenance expenses decreased by 16.6 percent from 1999 mainly
due to efficiencies resulting from the merger and lower plant maintenance costs.
Lower non-cash Allowance for Funds Used During Construction (AFUDC) of $1.8
million, due primarily to the completion of the Crystal Transmission Project,
also contributed to lower income.
Sierra Pacific Power Company operating revenues for the quarter increased
by $10.1 million over first quarter 1999 to $202.7 million. Electric revenues,
as adjusted, increased by 6.1 percent over 1999 due to customer growth and to
greater low-margin wholesale sales. Gas revenues were 8.4 percent lower than in
1999 due to mild weather, partially offset by increased customers. The cost of
purchased and generated power increased by 17.3 percent primarily as a result of
higher prices. The average cost of gas purchased for utility retail sales
increased by 13.6 percent over 1999, offset by lower decatherms purchased
resulting from mild weather. Other operating and maintenance expenses, adjusted
for a reclassification to revenue, decreased by 3.6 percent due mainly to
efficiencies resulting from the merger and lower plant maintenance costs.
Headquartered in Reno, Nev., Sierra Pacific Resources is a holding company
whose principal subsidiaries are Nevada Power Co., the electric utility for
southern Nevada, and Sierra Pacific Power Co., the electric utility for most of
northern Nevada and the Lake Tahoe area of California, and a natural gas and
water distributor in the Reno - Sparks area. Other subsidiaries include the
Tuscarora Gas Pipeline Co., which owns 50 percent interest in an interstate
natural gas transmission partnership and Sierra Pacific Communications, a
telecommunications company.
Sierra Pacific announced in November that it will be acquiring Portland
General Electric for $2.1 billion from Enron Corp. The proposed transaction,
which is subject to customary regulatory approvals, is expected to close in the
second half of 2000 and will increase Sierra Pacific's customer base by 700,000.
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SIERRA PACIFIC RESOURCES
FINANCIAL HIGHLIGHTS
(In thousands, except for per share amounts)
FIRST QUARTER
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2000 1999
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Revenues $ 402,898 $ 182,433
Operating Expenses $ 342,198 $ 161,472
Net Income Available
for Common $ 18,178 $ 4,441
Average Shares Outstanding 78,416 51,265
Net Income Per Share $ 0.23 $ 0.09
Note: 1999 comparative numbers reflect the results of Nevada Power Company.
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