UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the period ended November 30, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________________________ to
__________________________
Commission file number 1-3789
SOUTHWESTERN PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
New Mexico 75-0575400
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Tyler at Sixth, Amarillo, Texas 79101
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (806) 378-2121
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No __
As of January 6, 1995, 40,917,908 shares of the Company's common stock
were outstanding.
SOUTHWESTERN PUBLIC SERVICE COMPANY
FORM 10-Q
For the Quarter Ended November 30, 1994
TABLE OF CONTENTS
Page
PART I. Financial Information
(Unaudited, except Condensed Consolidated Balance Sheet
at August 31, 1994)
Condensed Consolidated Balance Sheets at November 30, 1994
and August 31, 1994 3, 4
Condensed Consolidated Statements of Earnings for the three and
twelve months ended November 30, 1994 and November 30, 1993 5
Condensed Consolidated Statements of Cash Flows for the three and
twelve months ended November 30, 1994 and November 30, 1993 6
Notes to Condensed Consolidated Financial Statements 7
Independent Accountants' Report 8
Management's Discussion and Analysis of Financial Condition and
Results of Operations 9, 10
PART II. Other Information 11
Signatures 12
Exhibit 12. Statement of Computation of Ratio of Earnings 13
PART I. FINANCIAL INFORMATION
<TABLE>
<CAPTION>
SOUTHWESTERN PUBLIC SERVICE COMPANY
Condensed Consolidated Balance Sheets
Assets
<S> <C> <C>
November 30, August 31,
1994 1994
(Unaudited)
(In Thousands)
Utility plant:
Utility plant in service $2,277,103 $2,280,126
Accumulated depreciation (805,243) (794,102)
Net plant in service 1,471,860 1,486,024
Construction work in progress 42,734 22,590
Net utility plant 1,514,594 1,508,614
Nonutility property and investments 43,228 41,868
Current assets:
Cash and temporary investments 12,080 20,782
Accounts receivable, net 53,747 69,357
Accrual for unbilled revenues 11,466 21,318
Materials and supplies, at average cost 19,611 18,238
Prepayments and other current assets 8,202 8,555
Total current assets 105,106 138,250
Deferred debits 131,285 132,503
Total assets $1,794,213 $1,821,235
Continued . . .
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<TABLE>
<CAPTION>
SOUTHWESTERN PUBLIC SERVICE COMPANY
Condensed Consolidated Balance Sheets
Capitalization and Liabilities
<S> <C> <C>
November 30, August 31,
1994 1994
(Unaudited)
(In Thousands)
Capitalization:
Common stock, $1 par value, authorized - 100,000,000 shares;
issued and outstanding - 40,917,908 shares $ 40,918 $ 40,918
Premium on capital stock 306,376 306,376
Retained earnings 346,323 348,878
Total common shareholders' equity 693,617 696,172
Preferred stock - redemption not required 72,680 72,680
Long-term debt 506,467 506,487
Total capitalization 1,272,764 1,275,339
Current liabilities:
Short-term debt -- 14,994
Current maturities of long-term debt 16,611 16,741
Accounts payable 10,881 12,301
Liability for refunds to customers 5,340 3,804
Interest accrued 14,346 8,799
Fuel and purchased power expense accrued 28,656 40,884
Taxes accrued 31,446 30,359
Dividends payable on common stock 22,505 22,505
Other current liabilities 32,436 35,092
Total current liabilities 162,221 185,479
Deferred credits:
Deferred income taxes 341,881 339,456
Unamortized investment tax credits 6,241 6,303
Other 11,106 14,658
Total deferred credits 359,228 360,417
Total capitalization and liabilities $1,794,213 $1,821,235
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<TABLE>
<CAPTION>
SOUTHWESTERN PUBLIC SERVICE COMPANY
Condensed Consolidated Statements of Earnings
(Unaudited)
<S> <C> <C> <C> <C>
Three Months Ended Twelve Months Ended
11-30-94 11-30-93 11-30-94 11-30-93
(In Thousands, Except Per Share Amounts)
Operating revenues $187,216 $203,071 $827,594 $820,577
Operating expenses:
Operation:
Fuel 84,026 95,614 391,618 384,595
Purchased power 1,098 1,296 4,406 5,162
Other 25,733 25,588 107,440 105,208
Maintenance 7,890 6,672 29,494 27,422
Depreciation and amortization 15,292 15,885 59,957 61,866
Taxes other than property and income taxes 4,810 4,905 19,376 15,563
Property taxes 5,844 5,451 22,862 22,003
Income taxes 12,435 13,803 56,490 57,245
Total operating expenses 157,128 169,214 691,643 679,064
Operating income 30,088 33,857 135,951 141,513
Other income, net:
Income taxes (486) (847) (171) (1,704)
Other, net 1,535 3,017 1,921 7,872
Total other income, net 1,049 2,170 1,750 6,168
Earnings before interest charges 31,137 36,027 137,701 147,681
Interest charges 9,968 9,982 40,410 40,596
Net earnings 21,169 26,045 97,291 107,085
Dividends and premiums on cumulative preferred stock 1,219 1,219 4,878 5,432
Earnings applicable to common stock $ 19,950 $ 24,826 $ 92,413 $101,653
Earnings per common share* $ .49 $ .61 $ 2.26 $ 2.48
Weighted average shares outstanding 40,918 40,918 40,918 40,918
Dividends declared per common share $ .55 $ .55 $ 2.20 $ 2.20
( ) Denotes deduction.
*Based on weighted average shares outstanding.
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<TABLE>
<CAPTION>
SOUTHWESTERN PUBLIC SERVICE COMPANY
Condensed Consolidated Statements of Cash Flows
(Unaudited)
<S> <C> <C> <C> <C>
Three Months Ended Twelve Months Ended
11-30-94 11-30-93 11-30-94 11-30-93
(In Thousands)
Operating Activities:
Cash received from customers $213,958 $226,232 $839,328 $809,222
Cash paid to suppliers and employees (135,212) (134,718) (537,112) (511,646)
Interest paid (4,258) (3,863) (39,964) (35,903)
Income taxes paid (11,010) (10,323) (47,813) (45,105)
Taxes other than income taxes paid (9,059) (8,916) (41,531) (39,839)
Other operating cash receipts and payments, net (2,107) (7,914) 6,493 (2,368)
Net cash provided by operating activities 52,312 60,498 179,401 174,361
Investing Activities:
Construction expenditures (22,146) (23,738) (90,195) (91,449)
Financing Activities:
Issuance of long-term debt -- -- -- 190,000
Retirement of long-term debt (150) (223) (26,170) (177,386)
Change in short-term debt (14,994) 4,500 (4,500) 4,500
Redemption of cumulative preferred stock -- -- -- (26,777)
Dividends paid (common and preferred) (23,724) (23,724) (94,898) (95,068)
Net cash used in financing activities (38,868) (19,447) (125,568) (104,731)
Net Increase (Decrease) in Cash and Temporary Investments (8,702) 17,313 (36,362) (21,819)
Cash and Temporary Investments at Beginning of Period 20,782 31,129 48,442 70,261
Cash and Temporary Investments at End of Period $ 12,080 $ 48,442 $ 12,080 $ 48,442
Reconciliation of Net Earnings to Net Cash Provided
by Operating Activities:
Net earnings $ 21,169 $ 26,045 $ 97,291 $107,085
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 15,292 15,885 59,957 61,866
Deferred income taxes 2,482 312 13,734 11,403
Investment tax credits (62) (62) (250) (250)
Allowance for equity funds used during construction (43) (359) (243) (1,939)
Total 38,838 41,821 170,489 178,165
Cash flows impacted by changes in:
Accounts receivable 15,610 17,628 2,063 (4,901)
Accrual for unbilled revenues 9,852 4,493 7,663 2,833
Materials and supplies (1,373) (334) (2,534) 521
Accounts payable (1,420) (2,014) 1,665 611
Fuel and purchased power expense accrued (12,228) (8,346) (4,188) 3,291
Taxes accrued 1,087 5,600 99 3,694
Liability for refunds to customers 1,536 1,288 3,016 (8,212)
Other, net 410 362 1,128 (1,641)
Net cash provided by operating activities $ 52,312 $ 60,498 $179,401 $174,361
See accompanying notes to condensed consolidated financial statements.
</TABLE>
SOUTHWESTERN PUBLIC SERVICE COMPANY
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(1) Interim periods. The results of operations for the interim periods are not
necessarily an indication of the expected results for the fiscal year due to
the seasonal nature of Southwestern Public Service Company's (the Company)
business. The unaudited condensed consolidated financial statements included
herein were prepared from the books of the Company in accordance with generally
accepted accounting principles and reflect all adjustments (none of which are
other than normal recurring adjustments) which are, in the opinion of
management, necessary to provide a fair statement of the results of operations
and financial position for the interim periods. Such financial statements
generally conform to the presentation reflected in the Company's Annual Report
to Stockholders. The current interim period reported herein is included in the
fiscal year subject to independent audit at the end of the year.
(2) Income taxes. The components of income tax expense (benefit) are as
follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Three Months Ended Twelve Months Ended
11-30-94 11-30-93 11-30-94 11-30-93
(In Thousands)
Taxes on operating income:
Federal-current $ 9,658 $12,385 $41,151 $43,646
Federal-deferred 2,490 1,002 13,876 12,028
Investment tax credits (62) (62) (250) (250)
State-current 349 478 1,713 1,821
12,435 13,803 56,490 57,245
Taxes on other income:
Federal-current 495 1,537 313 2,329
Federal-deferred (9) (690) (142) (625)
486 847 171 1,704
Total income taxes $12,921 $14,650 $56,661 $58,949
</TABLE>
(3) Rate and Regulatory Matters. On December 19, 1989, the FERC issued its
order regarding the 1985 rate case (see Note 10 in Form 10-K for fiscal years
1985 and 1989), and on October 18, 1990, denied rehearing of that order. The
Company appealed certain portions of the order that related to recognition in
rates of the reduction of the federal income tax rate from 46% to 34%. The
United States Court of Appeals for the District of Columbia Circuit remanded
the case, directing the FERC to reconsider the Company's claim of an offsetting
cost and limiting the FERC's actions. The FERC issued its Order on Remand in
July, 1992, required filings were made and a hearing was completed in February
1994. In October 1994, the administrative law judge issued a favorable initial
decision that, if approved by the FERC, would result in a substantial recovery
by the Company. Until a final order is issued by the FERC, the Company is
unable to accurately estimate the amount recoverable from these proceedings.
(4) General. See note (1) of Notes to Consolidated Financial Statements in the
Company's 1994 Annual Report on Form 10-K for a summary of the Company's
significant accounting policies.
Independent Accountant's Report
Southwestern Public Service Company:
We have reviewed the accompanying consolidated balance sheet of Southwestern
Public Service Company and subsidiaries as of November 30, 1994, and the
related condensed consolidated statements of earnings and cash flows for the
three-month and twelve-month periods ended November 30, 1994 and 1993. These
financial statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and of making inquires of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit in
accordance with generally accepted auditing standards, the objective of which
is the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to such condensed consolidated financial statements for them to be in
conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Southwestern Public Service
Company and subsidiaries as of August 31, 1994, and the related consolidated
statements of income, stockholders' equity, and cash flows for the year then
ended (not presented herein); and in our report dated October 7, 1994, we
expressed an unqualified opinion on those consolidated financial statements. In
our opinion, the information set forth in the accompanying condensed
consolidated balance sheet as of December 31, 1994, is fairly stated, in all
material respects, in relation to the consolidated balance sheet form which it
has been derived.
DELOITTE & TOUCHE LLP
January 10, 1995
Dallas, Texas
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Operating Revenues and Kilowatt-Hour Sales
Substantially all of the Company's operating revenues result from the sale of
electric energy. The principal factors determining revenues are the amount and
price per unit of energy sold. The following table describes the principal
components of changes in revenues.
<TABLE>
<CAPTION>
<S> <C> <C>
Increase (Decrease) From
Corresponding Prior Period
Three Months Twelve Months
Ended Ended
11-30-94 11-30-94
(Dollars In Thousands)
Estimated effect on revenues of variations in:
Kilowatt-hour (kwh) sales* $ 615 $ 34,741
Rates (3,072) (16,316)
Fuel and purchased power cost recovery (8,478) (3,148)
Subtotal (10,935) 15,277
Non-firm kwh sales (4,919) (8,260)
Total revenue increase (decrease) $(15,854) $ 7,017
Increase in kwh sales* (in millions) 46 885
Decrease in non-firm kwh sales (in millions) (169) (255)
<F>
*Comprised of retail and wholesale excluding economy and interruptible (non-
firm) wholesale kwh sales.
</F>
</TABLE>
Variations in Kwh Sales. The revenue increase for the three-month period
resulted primarily from increased sales to rural electric cooperative (RECs)
due principally to the addition of wholesale service to Cap Rock Electric
Cooperative in February 1994. The increase for the twelve-month period was due
to greater sales to all classes of customers with notable gains in sales to
RECs. These increases were due primarily to dry, hot weather in the twelve-
month period that favorably impacted agriculture-related sales and to modest
improvement in the area economy that impacted both periods.
Variations in Rates. These revenue decreases are the result of the fiscal
1994 retail rate reductions in Texas and New Mexico. In Texas reduced rates
totaling approximately $13 million annually were implemented October 15, 1993.
In New Mexico an approximate $4 million annual reduction became effective April
1, 1994.
Variations in Fuel and Purchased Power Cost Recovery. Revenue decreases are
due to lower natural gas prices in both periods and lower coal costs in the
quarter.
Variations in Non-Firm Kwh Sales. The amount of revenues arising from non-
firm sales is dependent, in large part, upon the amount of power the Company
has available for sale, the demand for power, the price at which such power can
be sold, and the availability of competing hydroelectric power from the
Northwest and competing generation from major plants in the West. Declines in
non-firm sales for both periods were primarily due to the
lack of any major generation outages in the West while mild weather conditions
also contributed to the decline
in the quarter.
Operating Expenses and Non-Operating Items
Fuel and purchased power expense comprised 54.2% and 57.3% of total operating
expenses for the three and twelve months ended November 30, 1994, respectively.
When compared to the corresponding periods last year, these expenses decreased
$11.8 million, or 12.2%, for the three-month period and increased $6.3 million,
or 1.6%, for the twelve-month period. Decreased generation of electricity
contributed to the decline in the three-month period while increased generation
was the primary reason for the increase during the twelve-month period. Fuel
expense (excluding purchased power expense), per net kwh generated, decreased
from 1.86 to 1.68 cents and from 1.85 to 1.82 cents for the respective three-
and twelve-month periods because of lower spot-market prices for natural gas
and coal. These low spot-market prices are likely to be temporary in nature.
Total operating expenses, excluding fuel and purchased power, decreased $0.3
million or 0.4% for the three-month period, and increased $6.3 million or 2.2%
for the twelve-month period. The adoption of Statement of Financial Accounting
Standards No. 106, "Employers' Accounting for Postretirement Benefits Other
Than Pensions" (Statement 106) which requires accrual of retiree medical costs,
added approximately $2.3 million of additional operating expense to the twelve-
month period. Additionally, a $3.2 million one-time Texas franchise tax refund
in December 1992 reduced taxes other than income and property taxes last year.
Maintenance expense increases were the result of scheduled power plant
maintenance.
A decline in other income in the three-month period reflects the receipt last
year of interest on a wholesale rate case settlement and lower allowance for
funds used during construction (AFUDC) in the current period. The decrease in
other income in the twelve-month period was caused by the recognition in August
1994 of nonrecurring expenses totaling $3.4 million. These nonrecurring
expenses related to engineering and design costs of a previously planned
generating facility and business development costs related to a generation
project in Missouri. Lower AFUDC and interest income also contributed to the
decline in other income in the twelve-month period.
Earnings
Current operating income and earnings applicable to common stock declined for
both periods because of the implementation of lower retail rates in Texas and
New Mexico. Also impacting both periods were increased operating expenses,
excluding fuel and purchased power, reduced other income, and lower AFUDC.
Assuming normal weather conditions, earnings for the 1995 fiscal year are
expected to remain relatively level or decline somewhat due to the 1994 retail
rate reductions and increased operating expenses.
LIQUIDITY AND CAPITAL REURCES
The Company's demand for capital is primarily related to the construction of
utility plant and equipment. Cash construction expenditures excluding AFUDC for
the three and twelve months ended November 30, 1994, were $22.1 million and
$90.2 million, respectively. The Company cannot accurately forecast the portion
of internally generated funds to be used for capital expenditures, but expects
that it will be approximately 70% in fiscal 1995.
The Company has effective a shelf registration under which an aggregate of
$200 million of First Mortgage Bonds and Cumulative Preferred Stock may be
issued (a maximum of $40 million Preferred Stock is issuable thereunder).
CHANGES IN ACCOUNTING STANDARDS
In November 1992, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 112, "Employers' Accounting for
Postemployment Benefits" (Statement 112). Statement 112 requires the accrual of
certain postemployment benefits provided to former or inactive employees. The
implementation of Statement 112, in the current period, did not have a material
effect on the Company's financial position or results of operations.
PART II. OTHER INFORMATION
Item 5. Other Information.
The Company's ratio of earnings to fixed charges for the twelve months ended
November 30, 1994, was 4.60. The ratio of earnings to fixed charges and
preferred dividend requirements combined was 3.90 for such period.
On December 6, 1994, the Company signed a definitive agreement with Texas-New
Mexico Power Company (TNP) for the purchase of certain Texas properties located
in the Panhandle area for $29.2 million, subject to appropriate regulatory
approval and other conditions. These Panhandle area properties consist of the
cities of Spearman, Perryton, Booker, Follett, Higgins and Darrouzett located
in Hansford, Ochiltree and Lipscomb counties. The acquisition will add
approximately 7,300 customers. The sale is expected to be completed during the
summer of 1995.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
12 Statement showing computations of ratio of earnings to
fixed charges and preferred dividend requirements
combined for the twelve months ended November 30, 1994
15 Letter of DELOITTE & TOUCHE LLP regarding condensed
consolidated interim financial information
(b) Reports on Form 8-K:
None
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.
SOUTHWESTERN PUBLIC SERVICE COMPANY
Doyle R. Bunch II
Executive Vice-President
Accounting and Corporate Development
DATE: January 10, 1995
<TABLE>
<CAPTION>
SOUTHWESTERN PUBLIC SERVICE COMPANY
EXHIBIT 12. Statement of Computation of Ratio of Earnings
Twelve Months Ended
November 30, 1994
(Dollars In Thousands)
<S> <C>
Computation of Ratio of Earnings to Fixed Charges:
Fixed charges, as defined:
Interest on long-term debt $ 37,715
Amortization of debt premium, discount and expense 516
Other interest 3,337
Estimated interest factor of rental charges 1,184
Total fixed charges $ 42,752
Earnings as defined:
Net earnings per statement of earnings $ 97,291
Fixed charges as shown 42,752
Income taxes:
Federal-current 41,464
Federal-deferred 13,734
State 1,713
Investment tax credits (250)
Earnings available for fixed charges $196,704
Ratio of earnings to fixed charges 4.60
Computation of Ratio of Earnings to Fixed Charges
and Preferred Dividend Requirements Combined:
Total fixed charges, as shown above $ 42,752
Preferred dividend requirements* 7,668
Total fixed charges and preferred
dividend requirements combined $ 50,420
Earnings available for fixed charges and preferred dividend
requirements combined $196,704
Ratio of earnings to fixed charges and preferred dividend
requirements combined 3.90
*Preferred dividend requirements:
Annual preferred dividend requirement $ 4,878
Less amount deductible for income tax purposes 84
Net requirement [A] $ 4,794
1 / (100% - effective tax rate) [B] 1.582
Effective tax rate 36.8%
[A] x [B] $ 7,584
Add amount deductible for income tax purposes 84
Preferred dividend requirements $ 7,668
</TABLE>
EXHIBIT 15.
Southwestern Public Service Company:
We have made a review, in accordance with standards established by the American
Institute of Certified Public Accountants, of the unaudited condensed interim
financial information of Southwestern Public Service Company and subsidiaries
for the periods ended November 30, 1994 and 1993, as indicated in our report
dated January 10, 1995; because we did not perform an audit, we expressed no
opinion on that information.
We are aware that our report referred to above, which is included in your
Quarterly Report on Form 10-Q for the quarter ended November 30, 1995, is
incorporated by reference in Amendment No. 1 to Registration Statement No. 33-
53171 on Form S-3 and Registration Statement No. 33-27452 on Form S-8.
We also are aware that the aforementioned report, pursuant to Rule 436(c) under
the Securities Act of 1933, is not considered a part of the Registration
Statement prepared or certified by an accountant or a report prepared or
certified by an accountant within the meaning of Sections 7 and 11 of that Act.
DELOITTE & TOUCHE LLP
January 10, 1995
Dallas, Texas
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<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-END> NOV-30-1994
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<OPERATING-INCOME-LOSS> 30088
<OTHER-INCOME-NET> 1049
<INCOME-BEFORE-INTEREST-EXPEN> 31137
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