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) October 3, 2000
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October 2, 2000
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PUBLIC SERVICE COMPANY OF NEW MEXICO
(Exact name of registrant as specified in its charter)
New Mexico 85-0019030
--------------------------- Commission ----------------------
(State or Other Jurisdiction File Number 1-6986 (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)
<PAGE>
Item 5. Other Event
The following is a press release recently issued by the Company and is being
filed herewith as current event.
PNM Names New Chairman
ALBUQUERQUE, N.M. October 2, 2000 - Jeff Sterba, president and chief executive
officer of PNM, Public Service Company of New Mexico (NYSE:PNM), has been
elected Chairman of the company's Board of Directors.
"These are exciting times for PNM, and I'm pleased to be leading our company
through a period of revolutionary change in our industry, " Sterba said. "We are
expanding beyond our traditional base as a regulated electric and gas utility,
building on our long experience in the wholesale power market and pursuing
selected technology investments to become a competitive energy company.
"The PNM strategic plan is already producing solid results. Earnings and
revenues are growing rapidly this year," Sterba continued. "Our challenge now is
to continue to build on that success."
Sterba, 45, succeeds Benjamin F. Montoya, PNM president and chief executive
officer from August 1993 until earlier this year and the company's chairman
since 1999. Although stepping down as chairman, Mr. Montoya continues as a
member of the PNM Board.
"Over the past seven years, we were able to restore the company to
profitability, reinstate our common stock dividend and regain an
investment-grade credit rating," Montoya said. "I have worked closely with Jeff
during those years, and I look forward to watching him build on those successes
in the years to come."
PNM operates a combined electric and gas utility serving approximately 1.3
million people in New Mexico and sells power on the wholesale market. Avistar, a
wholly-owned subsidiary of PNM, operates an advanced meter servicing business in
California and Nevada, offers energy and water management solutions for
government and institutional clients in the Southwest, and is assisting
e-commerce provider AMDAX.com in launching an Internet-based energy auction
system. PNM stock is traded primarily on the NYSE under the symbol PNM.
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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 the actions of
state and federal regulatory agencies including rulings pursuant to the Electric
Utility Industry Restructuring Act of 1999 relating to restructuring and
stranded cost recovery could cause PNM operating revenues and earnings to differ
from results forecast in this press release. For a detailed discussion of the
important factors affecting PNM, 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, 1999, Form 10-Q for the quarter ended June
30, 2000 and Form 8-K filings with the Securities and Exchange Commission.
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<PAGE>
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.
PUBLIC SERVICE COMPANY OF NEW MEXICO
(Registrant)
Date: October 3, 2000 /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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