UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) August 3, 2004
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(July 26, 2004)
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Commission Name of Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
----------- ------------------------------------------- ------------------
333-32170 PNM Resources, Inc. 85-0468296
(A New Mexico Corporation)
Alvarado Square
Albuquerque, New Mexico 87158
(505) 241-2700
______________________________
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. OTHER EVENTS
On July 26, 2004, PNM Resources, Inc. (the "Company") filed a current
report on Form 8-K related to its press release issued July 26, 2004 which
reported the Company's unaudited results of operations for the three and six
months ended June 30, 2004. A copy of the Company's press release was attached
as Exhibit 99.1 to that Form 8-K. The unaudited consolidated statement of
earnings for the six months ended June 30, 2003 presented in the press release
did not reflect the cumulative effect of a change in accounting principle for
pension and other post-retirement benefits.
In 2003, the Company changed the actuarial valuation measurement date for
the pension plan and other post-retirement benefits from September 30 to
December 31 to better reflect the actual pension balances as of the Company's
balance sheet dates and recognized a cumulative effect of a change in accounting
principle of $0.8 million, net of taxes of $0.5 million. A corrected unaudited
consolidated statement of earnings for the six months ended June 30, 2003 is
presented in Exhibit 99.1.
EXHIBIT INDEX
Exhibit Number Description
99.1 Amended unaudited consolidated statement of earnings for the
six months ended June 30, 2003.
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EXHIBIT 99.1
PNM RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(Unaudited)
Six Months Ended
June 30,
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(In thousands,
except per share
amounts)
2003
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Operating Revenues:
Electric.......................................... $507,528
Gas............................................... 203,706
Other............................................. 112
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Total operating revenues........................ 711,346
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Operating Expenses:
Cost of energy sold............................... 384,713
Administrative and general........................ 74,642
Energy production costs........................... 69,609
Depreciation and amortization..................... 57,224
Transmission and distribution costs............... 31,353
Taxes, other than income taxes.................... 14,506
Income taxes...................................... 15,959
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Total operating expenses........................ 648,006
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Operating income................................ 63,340
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Other Income and Deductions:
Other income...................................... 23,951
Other deductions.................................. (21,932)
Income tax expense................................ (725)
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Net other income and deductions................. 1,294
Interest Charges.................................... 35,997
Preferred Stock Dividend Requirements
of Subsidiary.................................... 293
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Net Earnings Before Cumulative Effect of
Changes in Accounting Principles................. 28,344
Cumulative Effect of Changes in Accounting
Principles, Net of Tax of $23,999................ 36,621
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Net Earnings........................................ $ 64,965
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Net Earnings per Common Share:
Basic............................................. $ 1.10
================
Diluted........................................... $ 1.09
================
Dividends Paid per Common Share..................... $ 0.30
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SIGNATURE
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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.
(Registrant)
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Date: August 3, 2004 /s/ Thomas G. Sategna
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Thomas G. Sategna
Vice President and Corporate Controller
(Officer duly authorized to sign this report)
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