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) August 18, 2000
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(August 4, 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)
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Item 5. Other Event
The following are press releases recently issued by the Company and are being
filed herewith as current events.
PNM Plans to Buy Back $35 Million in Common Stock
Albuquerque, N.M., August 8, 2000 -- PNM, Public Service Company of New Mexico
(NYSE:PNM), today announced plans to repurchase up to $35 million of its common
stock through the end of the first quarter of 2001.
"Given our current circumstances, repurchase of outstanding shares represents
the best use of the excess cash the company has available at this time," said
PNM President and Chief Executive Officer Jeff Sterba. "Reducing the number of
shares available in the marketplace is one of the most direct ways of
translating PNM's strong financial performance into enhanced shareholder value."
PNM plans to buy shares on the open market from time to time, depending on
prevailing market conditions and other factors. The company may discontinue
purchase of the common stock at any time that management determines additional
purchases are not warranted.
There are 39,535,699 shares of PNM common stock now outstanding.
PNM Proposes Settlement of Gas Rate Cases
ALBUQUERQUE, N.M. August 4, 2000 -- PNM, Public Service Company of New Mexico
(NYSE:PNM), has asked the state Public Regulation Commission (PRC) to adopt a
stipulated settlement that would resolve two pending gas rate cases.
The stipulated agreement negotiated between the company and the commission staff
resolves two cases originally decided by a former regulatory commission,
appealed to the state Supreme Court and remanded to the PRC by the court earlier
this year. Three gas transportation customers oppose the stipulation.
The settlement would resolve all issues raised by the Supreme Court's remand
through a global settlement. If approved by the commission, the settlement would
add about $1.2 million to PNM revenues in the final quarter of 2000, $4.7
million in 2001, and $3.9 million in 2002.
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Upon approval, PNM will reverse certain reserves for costs recovered in the
settlement that were recorded against earnings at the time of the original
regulatory orders, resulting in a one-time gain of $5.4 million, or 8 cents per
share. That amount will be collected from customers in rates over the next 13
years.
Hearings on the proposed settlement are scheduled to begin August 14. The
commission has previously said it expects to issue a final decision on the two
gas rate cases by the end of September.
Statements made in this filing 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. Continued growth of the company's sales and
revenues is dependent upon a number of factors, which the company is unable to
predict at this time and which may have an impact on PNM's future profitability.
For a more detailed discussion of these and other 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, and Form 10-Q for the quarter ended June 30, 2000 and the Company's
various Form 8-K's filed 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.
PUBLIC SERVICE COMPANY OF NEW MEXICO
(Registrant)
Date: August 18, 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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