Q3 Results Reflect Improvement for Avista Utilities and a Net Loss
at Avista Energy Primarily as a Result of Natural Gas Inventory
SPOKANE, Wash., Oct. 27 /PRNewswire-FirstCall/ -- Avista Corp.
(NYSE:AVA) today reported a net loss of $9.0 million, or $0.19 per
diluted share, for the third quarter of 2005. For the third quarter
of 2004, the net loss was $9.8 million, or $0.20 per diluted share.
Avista Corp.'s net income was $19.8 million, or $0.40 per diluted
share, for the nine months ended Sept. 30, 2005, an increase from
$12.6 million, or $0.26 per diluted share, for the nine months
ended September 30, 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO ) "It
continues to be a challenging year for Avista Energy. As was the
case during the first quarter, substantial increases in natural gas
prices have had a continuing negative effect on Avista Energy's
earnings primarily due to the accounting treatment for Avista
Energy's management of natural gas inventory. This negative impact
is expected to reverse in future periods when the natural gas is
withdrawn from storage," said Avista Chairman, President and Chief
Executive Officer Gary G. Ely. "The utility results for the third
quarter of 2005 were affected by higher electric resource costs and
the absorption of excess costs under the Energy Recovery Mechanism
dead band in the state of Washington. We believe that our utility
operations are well positioned for a strong fourth quarter and
modest improvement for 2006 primarily as a result of general rate
increases. However, we are concerned about the effect that higher
energy prices may have on our customers and ultimately our
shareholders," Ely said. Results for the third quarter of 2005 and
the nine months ended Sept. 30, 2005 (YTD), as compared to the
respective periods of 2004: ($ in thousands, except per-share data)
Q3 2005 Q3 2004 YTD 2005 YTD 2004 Operating Revenues $265,679
$241,552 $901,175 $811,172 Income from Operations $4,811 $4,545
$92,213 $84,339 Net Income (Loss) $(9,037) $(9,782) $19,756 $12,574
Business Segments: (contribution to earnings (loss) per diluted
share) Avista Utilities $(0.04) $(0.15) $0.72 $0.26 Energy
Marketing & Resource Management $(0.17) $(0.03) $(0.34) $0.08
Avista Advantage $0.03 $0.01 $0.06 -- Other $(0.01) $(0.03) $(0.04)
$(0.07) SUBTOTAL (before cumulative effect of accounting change)
$(0.19) $(0.20) $0.40 $0.27 Cumulative effect of accounting change
-- -- -- $(0.01) Total earnings (loss) per diluted share $(0.19)
$(0.20) $0.40 $0.26 Recent Legal Developments On Oct. 19, 2005, the
United States District Court for the Eastern District of Washington
issued an order granting Avista's motion to dismiss a shareholder
lawsuit. This complaint, originally filed against the company and
certain current and former officers in September 2002, alleged
violations of federal securities laws through alleged misstatements
and omissions of material facts with respect to the company's
energy trading practices in western power markets. The order of
dismissal was issued by the Court without prejudice, allowing the
plaintiffs 14 days to amend their complaint to address certain
issues identified by the Court. Third Quarter and Year-to-Date 2005
Highlights Avista Utilities: Avista Utilities had a net loss of
$1.8 million, or $0.04 per diluted share, for the third quarter of
2005, compared to a net loss of $7.3 million, or $0.15 per diluted
share, for the third quarter of 2004. The third quarter is
typically the lowest earnings quarter for Avista Utilities. The
results for the third quarter of 2005 were further reduced
primarily due to higher electric resource costs and the absorption
of $8.2 million of the Energy Recovery Mechanism (ERM) dead band
during the period, which included the reversal of the $0.7 million
benefit from the first half of 2005. In 2004, the entire $9 million
dead band was expensed during the first half of the year. The net
loss for the third quarter of 2004 was primarily due to write-offs
of $14.7 million ($9.6 million, net of taxes) related to the Idaho
Public Utilities Commission (IPUC) general rate case order. Avista
Utilities contributed $35.6 million to net income, or $0.72 per
diluted share, for the nine months ended Sept. 30, 2005, an
increase from $12.6 million, or $0.26 per diluted share, for the
nine months ended Sept. 30, 2004. The increase reflects the
positive effects of general rate increases implemented during the
second half of 2004 in Washington and Idaho and the gain on the
sale of Avista Utilities' South Lake Tahoe natural gas properties.
Comparing 2005 to 2004, in 2004 year-to-date results were reduced
by write-offs related to the IPUC general rate case order. On a
year-to-date basis for 2005, Avista has expensed $7.5 million of
the $9 million dead band and expects to absorb the remaining $1.5
million during the fourth quarter. The expensing of the $9 million
dead band was anticipated in Avista's 2005 earnings guidance.
During the period from January through the first half of March
2005, the Inland Northwest experienced an unusually warm and dry
winter. However, during late March through the second quarter of
2005, precipitation and hydroelectric conditions improved. Avista
expects hydroelectric generation will be approximately 94 percent
of normal in 2005, even with a forecast of below normal
precipitation and streamflows for the fourth quarter. This
expectation is subject to change based upon precipitation,
temperatures and other variables. The earnings impact of below
normal hydroelectric generation is mitigated by regulatory
mechanisms in Washington and Idaho that defer 90 percent of
increased power supply costs for recovery in future periods,
excluding the $9 million dead band in Washington. In March 2005,
Avista Utilities filed a request with the Washington Utilities and
Transportation Commission (WUTC) to increase its base electric and
natural gas rates. On Aug. 12, 2005, Avista, the WUTC staff, the
Northwest Industrial Gas Users and the Energy Project entered into
a settlement that, if approved by the WUTC, would resolve all
issues in Avista's electric and natural gas general rate cases. The
Public Counsel Section of the Washington Attorney General's Office
and the Industrial Customers of Northwest Utilities did not join in
the settlement agreement. Hearings were held in October 2005, and
the parties have requested that the settlement agreement become
effective January 1, 2006. The WUTC can take several actions with
respect to the settlement including, but not limited to, approving
it as presented, rejecting it and ordering additional rate case
proceedings, or approving it with conditions that would also be
subject to the acceptance of the settling parties. The revised rate
increase requests in the settlement are designed to increase annual
electric and natural gas revenues by $22.1 million and $1.0
million, respectively. The majority of the increase in electric
revenues provides for an increased level of power supply costs to
be recovered in base rates. As such, this portion of the increase
will not increase gross margin or net income. The settlement
agreement provides for an overall rate of return of 9.11 percent,
including a return on common equity of 10.4 percent based on an
equity level of 40 percent. Under the settlement agreement, Avista
has agreed to increase the utility equity component to 35 percent
by the end of 2007 and 38 percent by the end of 2008. If these
targets are not met, it could result in a reduction in base retail
rates. The utility equity component was approximately 31 percent as
of September 30, 2005. The settlement agreement also provides for
modifications to the ERM, including a reduction in the dead band
from $9.0 million to $3.0 million. In addition, the current ERM
surcharge of 9.8 percent would be increased to 10.8 percent to
increase the rate at which deferred power costs are recovered.
During the third quarter of 2005, Avista filed purchased gas cost
adjustment requests in Washington, Idaho and Oregon to increase
natural gas rates to reflect higher natural gas costs. Oregon
natural gas rates were increased 22.5 percent effective October 1,
and Avista has received approval for a 23.5 percent increase in
Washington to become effective November 1. Avista has requested a
23.8 percent increase in Idaho to become effective November 1.
These natural gas rate increases are designed to pass through
changes in purchased natural gas costs to customers with no change
in Avista Utilities' gross margin or net income. The company filed
its license application with the Federal Energy Regulatory
Commission (FERC) in July 2005 for the Spokane River Project
representing five hydroelectric plants on the Spokane River.
Avista's current license for the Spokane River Project expires on
Aug. 1, 2007. The company has requested the FERC to consider a
license for Post Falls that is separate from the other four
hydroelectric plants. This is due to the fact that Post Falls
presents more complex issues that may take longer to resolve than
those dealing with the other facilities of the Spokane River
Project. Energy Marketing and Resource Management: This business
segment had a net loss of $8.3 million, or $0.17 per diluted share,
for the third quarter of 2005, compared to a net loss of $1.2
million, or $0.03 per diluted share, for the third quarter of 2004.
The net loss for the third quarter of 2005 was primarily related to
losses in Avista Energy's natural gas portfolio with a significant
portion of the loss due to the accounting for the management of
natural gas inventory that is further discussed below. The net loss
for the third quarter of 2004 was due to an impairment charge
related to a generating asset owned by Avista Power. This business
segment had a net loss of $16.9 million, or $0.34 per diluted
share, for the nine months ended Sept. 30, 2005, compared to net
income of $3.8 million, or $0.08 per diluted share, for the nine
months ended Sept. 30, 2004. The net loss for year-to-date 2005 was
primarily related to losses in Avista Energy's natural gas
portfolio during the first and third quarters. Increases in natural
gas prices had an overall negative impact on results for 2005.
While Avista Energy's portfolio is within its internally
established limits and in accordance with its risk management
practices, losses can and do occur when the market moves contrary
to Avista Energy's positions, which has occurred during 2005. As
markets moved counter to certain positions, Avista Energy acted to
adjust its position consistent with established risk management
practices. This reduced the market risk but had the effect of
locking in losses that were recorded during the first and third
quarters of 2005. These losses can be magnified when there are
large unforeseen fluctuations or disruptions in the market, such as
those caused by the hurricanes in the southeastern United States
during the third quarter. Avista Energy continued to produce
positive results on the electric side of its business that includes
trading, marketing and managing the output and availability of
combustion turbines and hydroelectric assets owned by other
entities. Avista Energy continues to seek opportunities to expand
its business of optimizing generation assets owned by other
entities and has expanded its natural gas end-user business to
commercial and industrial customers in Montana. The operations of
Avista Energy are managed on an economic basis, reflecting all
contracts and assets under management at estimated market value
consistent with industry practices, which is different from the
required accounting for certain contracts and physical assets under
management. Under Statement of Financial Accounting Standards No.
133, "Accounting for Derivative Instruments and Hedging
Activities," certain contracts that are considered derivatives and
accounted for at market value, economically hedge other contracts
and physical assets under management that are not considered
derivatives and are generally accounted for at the lower of cost or
market value. The accounting treatment does not impact the
underlying cash flows or economics of these transactions. These
differences are generally reversed in future periods as market
values change or the contracts are settled or realized. These
differences primarily relate to Avista Energy's management of
natural gas inventory, as well as Avista Energy's control of
natural gas-fired generation through a power purchase agreement.
These differences had a $7.7 million negative effect on results for
the third quarter of 2005 and accounted for almost 70 percent of
the net loss for Avista Energy during the nine months ended Sept.
30, 2005. Avista Energy anticipates that losses of approximately
$12 million, net of tax, associated with natural gas inventory will
be reversed when the natural gas is withdrawn from storage, which
is forecasted to occur during the first quarter of 2006. However,
the loss could increase or decrease prior to that time depending on
changes in natural gas prices. In July 2005, Avista Energy amended
its committed credit agreement to increase the amount available
from $110 million to $145 million and to extend the expiration date
by two years to July 2007. Avista Advantage: This business segment
completed its fifth consecutive quarter of positive earnings,
contributing $1.3 million, or $0.03 per diluted share, for the
third quarter of 2005. This is compared to net income of $0.4
million, or $0.01 per diluted share, for the third quarter of 2004.
For the nine months ended Sept. 30, 2005, Avista Advantage
contributed $3.0 million to net income, or $0.06 per diluted share,
compared to net income of less than $0.1 million for the nine
months ended Sept. 30, 2004. Through Sept. 30, 2005, Avista
Advantage has already exceeded its original earnings guidance for
the full year of 2005. The improvement for the third quarter and
year-to-date 2005 over 2004 was primarily due to an increase in
operating revenues from customer growth, as well as the settlement
of an employment contract during 2004. Avista Advantage's revenues
increased by 38 percent for the nine months ended Sept. 30, 2005,
as compared to the same period one year ago, while the average cost
of processing a bill decreased by 7 percent for the same period.
Other Business Segment: This business segment had a net loss of
$0.2 million, or $0.01 per diluted share, for the third quarter of
2005, compared to a net loss of $1.6 million, or $0.03 per diluted
share, for the third quarter of 2004. For the nine months ended
Sept. 30, 2005, this business segment had a net loss of $2.0
million, or $0.04 per diluted share, compared to a net loss of $3.4
million (excluding the cumulative effect of accounting change), or
$0.07 per diluted share, for the nine months ended Sept. 30, 2004.
Liquidity and Capital Resources: During the nine months ended Sept.
30, 2005, positive cash flows from operations, proceeds from the
sale of Avista's South Lake Tahoe natural gas distribution
properties and a reduction in the company's total cash position
were used to fund the majority of Avista's cash requirements,
including utility capital expenditures and dividends. Utility
capital expenditures totaled approximately $150 million, the most
significant of which was the acquisition of the remaining interest
in Coyote Springs 2. For 2006, Avista is establishing a utility
capital budget of approximately $160 million. In September 2005,
Avista Corp. terminated the lease agreement with and acquired the
Rathdrum CT from WP Funding LP (an entity whose financial
statements have been consolidated since 2003). As a result of this
transaction, Avista Corp. is no longer including WP Funding LP in
its consolidated financial statements as of Sept. 30, 2005. This
transaction and deconsolidation did not have a material effect on
the company's total consolidated assets, liabilities, stockholders'
equity or results of operations. From a consolidated perspective,
the $56.3 million of WP Funding LP debt and third-party investment
was replaced with borrowings on Avista Corp.'s committed line of
credit. Avista Corp. expects to issue long-term debt during the
fourth quarter of 2005 to, among other things, refinance these
borrowings. The balance outstanding under Avista Corp.'s five-year
$350 million committed line of credit increased $89 million during
the nine months ended Sept. 30, 2005, to $157 million as of Sept.
30, 2005, primarily to fund the debt redemption and maturities
including the WP Funding LP transaction. Excluding the planned
long-term debt issuance during the fourth quarter of 2005, Avista
expects cash flows from operations and Avista Corp.'s committed
line of credit to provide adequate resources to pay dividends, fund
capital expenditures, repay maturing long-term debt and meet other
contractual commitments. Earnings Guidance and Outlook For 2005,
Avista is revising its guidance for consolidated earnings to a
range of $0.65 to $0.75 per diluted share from a range of $0.95 to
$1.05 per diluted share, due to the underperformance of the Energy
Marketing and Resource Management segment. The company still
expects Avista Utilities to contribute in the range of $0.95 to
$1.05 per diluted share for 2005. The outlook for the utility
assumes normal weather and temperatures, and below normal
hydroelectric generation for the fourth quarter of 2005. The 2005
outlook for the Energy Marketing and Resource Management segment
has been revised to a range of a loss of $0.30 to $0.35 per diluted
share from a range of a loss of $0.05 to a contribution of $0.05
per diluted share. The revised outlook for this segment assumes
stable natural gas prices and no positive or negative effect of
accounting for the management of natural gas inventory. For the
year 2005, the company expects Avista Advantage to contribute
approximately $0.08 per diluted share and the Other segment to lose
$0.05 per diluted share. For 2006, Avista is initiating its
guidance for consolidated earnings to be in the range of $1.30 to
$1.45 per diluted share. The company expects Avista Utilities to
contribute in the range of $1.00 to $1.15 per diluted share for
2006. The outlook for the utility assumes normal weather,
temperatures and hydroelectric generation, as well as the
implementation of the Washington general rate increase as designed
in the settlement agreement on January 1, 2006. The 2006 outlook
for the Energy Marketing and Resource Management segment is a range
of a contribution of $0.20 to $0.30 per diluted share, excluding
any positive or negative effects of changes in prices on the
accounting for the management of natural gas inventory. The company
expects Avista Advantage to contribute in a range of $0.10 to $0.12
per diluted share and the Other business segment to lose $0.05 per
diluted share. In addition to the earnings forecasts for 2006, if
natural gas prices remain at September 30, 2005 levels, the company
estimates that an additional $0.25 of earnings per diluted share
will be recognized in consolidated earnings in the Energy Marketing
and Resource Management segment when natural gas is withdrawn from
storage. This is forecasted to occur during the first quarter of
2006. Avista Corp. is an energy company involved in the production,
transmission and distribution of energy as well as other
energy-related businesses. Avista Utilities is a company operating
division that provides service to 330,000 electric and 285,000
natural gas customers in three Western states. Avista's
non-regulated subsidiaries include Avista Advantage and Avista
Energy. Avista Corp.'s stock is traded under the ticker symbol
"AVA." For more information about Avista, please visit
http://www.avistacorp.com/. NOTE: Avista Corp. and the Avista Corp.
logo are trademarks of Avista Corporation. NOTE: Avista Corp. will
host a conference call on October 27, 2005, at 10:30 a.m. EDT to
discuss this report with financial analysts. Investors, news media
and other interested parties may listen to the simultaneous webcast
of this conference call. To register for the webcast, please go to
http://www.avistacorp.com/. A replay of the conference call will be
available from 12:30 p.m. EDT on October 27 through 11:59 p.m. EST
November 3, 2005. Call 888-286-8010, passcode 56776911 to listen to
the replay. The webcast will be archived at
http://www.avistacorp.com/ for one year. The attached income
statement, balance sheet, and financial and operating highlights
are integral parts of this earnings release. This news release
contains forward-looking statements, including statements regarding
the company's current expectations for future financial performance
and cash flows, capital expenditures, the company's current plans
or objectives for future operations, future hydroelectric
generation projections, and other factors, which may affect the
company in the future. Such statements are subject to a variety of
risks, uncertainties and other factors, most of which are beyond
the company's control and many of which could have significant
impact on the company's operations, results of operations,
financial condition or cash flows and could cause actual results to
differ materially from the those anticipated in such statements.
The following are among the important factors that could cause
actual results to differ materially from the forward-looking
statements: weather conditions, including the effect of
precipitation and temperatures on the availability of hydroelectric
resources and the effect of temperatures on customer demand;
changes in the utility regulatory environment; the impact of
regulatory decisions; the potential effects of any legislation or
administrative rulemaking passed into law; the impact from the
potential formation of a Regional Transmission Organization; the
ability to relicense the Spokane River Project at a cost-effective
level with reasonable terms and conditions; volatility and
illiquidity in wholesale energy markets; changes in wholesale
energy prices; changes in global energy markets; wholesale and
retail competition; unplanned outages at any company-owned
generating facilities; unanticipated delays or changes in
construction costs; natural disasters that can disrupt energy
delivery; blackouts or large disruptions of transmission systems;
changes in industrial, commercial and residential growth and
demographic patterns; the loss of significant customers and/or
suppliers; failure to deliver on the part of any parties from which
the company purchases and/or sells capacity or energy; changes in
the creditworthiness of customers and energy trading
counterparties; the company's ability to obtain financing; the
impact of any potential change in the company's credit ratings;
changes in future economic conditions in the company's service
territory and the United States in general; changes in rapidly
advancing technologies; the potential for future terrorist attacks;
changes in tax rates and/or policies; changes in, and compliance
with, environmental and endangered species laws, regulations,
decisions and policies; the outcome of legal and regulatory
proceedings concerning the company or affecting directly or
indirectly its operations; employee issues, including changes in
collective bargaining unit agreements, strikes, work stoppages or
the loss of key executives, as well as the ability to recruit and
retain employees; changes in actuarial assumptions and the return
on assets with respect to the company's pension plan; increasing
health care costs and the resulting effect on health insurance
premiums; and increasing costs of insurance, changes in coverage
terms and the ability to obtain insurance. For a further discussion
of these factors and other important factors, please refer to the
company's Annual Report on Form 10-K for the year ended Dec. 31,
2004 and Quarterly Report on Form 10-Q for the quarter ended June
30, 2005. The forward-looking statements contained in this news
release speak only as of the date hereof. The company undertakes no
obligation to update any forward-looking statement or statements to
reflect events or circumstances that occur after the date on which
such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it
is not possible for management to predict all of such factors, nor
can it assess the impact of each such factor on the company's
business or the extent to which any such factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statement. AVISTA CORPORATION
CONSOLIDATED COMPARATIVE STATEMENTS OF INCOME (UNAUDITED) (Dollars
in Thousands except Per Share Amounts) Nine Months Ended Third
Quarter September 30, 2005 2004 2005 2004 OPERATING REVENUES
$265,679 $241,552 $901,175 $811,172 OPERATING EXPENSES: Resource
costs 167,025 136,000 520,157 434,761 Operations and maintenance
35,828 39,900 103,874 106,919 Administrative and general 23,156
26,479 72,490 76,745 Depreciation and amortization 21,368 20,458
65,462 58,770 Taxes other than income taxes 14,375 14,170 51,072
49,638 Total operating expenses 261,752 237,007 813,055 726,833
GAIN ON SALE OF UTILITY PROPERTIES 884 -- 4,093 -- INCOME FROM
OPERATIONS 4,811 4,545 92,213 84,339 OTHER INCOME (EXPENSE):
Interest expense (21,583) (21,481) (64,723) (65,584) Interest
expense to affiliated trusts (1,582) (1,314) (4,548) (4,399)
Capitalized interest 392 417 979 1,393 Net interest expense
(22,773) (22,378) (68,292) (68,590) Other income - net 3,511 2,356
7,173 6,728 Total other income (expense) - net (19,262) (20,022)
(61,119) (61,862) INCOME (LOSS) BEFORE INCOME TAXES (14,451)
(15,477) 31,094 22,477 INCOME TAXES (5,414) (5,695) 11,338 9,443
NET INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE
(9,037) (9,782) 19,756 13,034 CUMULATIVE EFFECT OF ACCOUNTING
CHANGE (net of tax) (Note 1) -- -- -- (460) NET INCOME (LOSS)
$(9,037) $(9,782) $19,756 $12,574 Weighted-average common shares
outstanding (thousands), Basic 48,538 48,416 48,508 48,384
Weighted-average common shares outstanding (thousands), Diluted
48,538 48,416 49,046 48,899 EARNINGS (LOSS) PER COMMON SHARE,
BASIC: Earnings (loss) per common share before cumulative effect of
accounting change $(0.19) $(0.20) $0.41 $0.27 Loss per common share
from cumulative effect of accounting change (Note 1) -- -- --
(0.01) Total earnings (loss) per common share, basic $(0.19)
$(0.20) $0.41 $0.26 EARNINGS (LOSS) PER COMMON SHARE, DILUTED:
Earnings (loss) per common share before cumulative effect of
accounting change $(0.19) $(0.20) $0.40 $0.27 Loss per common share
from cumulative effect of accounting change (Note 1) -- -- --
(0.01) Total earnings (loss) per common share, diluted $(0.19)
$(0.20) $0.40 $0.26 Dividends paid per common share $0.135 $0.130
$0.405 $0.385 Note 1. Amount for the nine months ended September
30, 2004 represents the implementation of Financial Accounting
Standards Board Interpretation No. 46R, "Consolidation of Variable
Interest Entities," which resulted in the consolidation of several
minor entities. Issued October 27, 2005 AVISTA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in
Thousands) September 30, December 31, 2005 2004 Assets Cash and
cash equivalents $62,965 $88,317 Restricted cash 39,466 26,175
Accounts and notes receivable 334,845 308,459 Current energy
commodity assets 1,522,517 284,231 Current utility energy commodity
derivative assets 139,794 12,557 Other current assets 188,459
182,961 Total net utility property 2,079,975 1,956,063 Investment
in exchange power-net 34,096 35,933 Non-utility properties and
investments-net 77,790 78,564 Non-current energy commodity assets
583,796 254,657 Investment in affiliated trusts 13,403 13,403 Other
property and investments-net 18,594 19,721 Regulatory assets for
deferred income taxes 121,151 123,159 Other regulatory assets
22,061 43,428 Non-current utility energy commodity derivative
assets 108,835 55,825 Power and natural gas deferrals 139,600
148,206 Unamortized debt expense 48,647 53,413 Other deferred
charges 23,041 21,109 Total Assets $5,559,035 $3,706,181
Liabilities and Stockholders' Equity Accounts payable $358,757
$325,194 Current energy commodity liabilities 1,511,624 253,527
Current portion of long-term debt 51,516 85,432 Short-term
borrowings 157,498 68,517 Other current liabilities 293,946 143,728
Long-term debt 844,291 901,556 Long-term debt to affiliated trusts
113,403 113,403 Preferred stock (subject to mandatory redemption)
26,250 28,000 Non-current energy commodity liabilities 559,631
215,055 Regulatory liability for utility plant retirement costs
184,021 175,575 Non-current utility energy commodity derivative
liabilities 41,212 33,490 Deferred income taxes 498,612 488,471
Other non-current liabilities and deferred credits 164,316 121,028
Total Liabilities 4,805,077 2,952,976 Common stock - net
(48,561,216 and 48,471,511 outstanding shares) 620,178 617,884
Retained earnings and accumulated other comprehensive loss 133,780
135,321 Total Stockholders' Equity 753,958 753,205 Total
Liabilities and Stockholders' Equity $5,559,035 $3,706,181 Issued
October 27, 2005 AVISTA CORPORATION FINANCIAL AND OPERATING
HIGHLIGHTS (Dollars in Thousands) Nine Months Ended Third Quarter
September 30, 2005 2004 2005 2004 Avista Utilities Retail electric
revenues $121,992 $124,556 $373,211 $374,170 Retail kWh sales (in
millions) 2,047 2,080 6,227 6,176 Retail electric customers at end
of period 333,598 327,410 333,598 327,410 Wholesale electric
revenues $40,260 $15,012 $100,737 $40,514 Wholesale kWh sales (in
millions) 597 326 1,959 1,079 Sales of fuel $6,869 $19,569 $33,122
$58,926 Other electric revenues $4,089 $5,759 $11,932 $14,801 Total
natural gas revenues $48,499 $33,696 $260,741 $200,332 Total therms
delivered (in thousands) 80,441 66,959 373,779 331,330 Retail
natural gas customers at end of period 290,121 300,020 290,121
300,020 Income from operations (pre-tax) $17,284 $8,446 $117,792
$83,800 Net income (loss) $(1,803) $(7,332) $35,590 $12,576 Energy
Marketing and Resource Management Gross margin (operating revenues
less resource costs) $(9,588) $7,617 $(14,398) $24,728 Income
(loss) from operations (pre-tax) $(14,460) $(2,874) $(29,241)
$3,624 Net income (loss) $(8,266) $(1,241) $(16,874) $3,793
Electric sales (millions of kWhs) 7,785 9,019 21,454 24,754 Natural
gas sales (thousands of dekatherms) 45,197 40,561 131,313 155,240
Avista Advantage Revenues $8,201 $6,021 $23,143 $16,808 Income from
operations (pre-tax) $2,201 $823 $5,336 $650 Net income $1,274 $391
$3,000 $24 Other Revenues $4,843 $4,066 $13,476 $12,645 Loss from
operations (pre-tax) $(214) $(1,850) $(1,674) $(3,735) Net loss
before cumulative effect of accounting change $(242) $(1,600)
$(1,960) $(3,359) Net loss $(242) $(1,600) $(1,960) $(3,819) Issued
October 27, 2005
http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO
http://photoarchive.ap.org/ DATASOURCE: Avista Corp. CONTACT:
media, Jessie Wuerst, +1-509-495-8578, or , or investors, Jason
Lang, +1-509-495-2930, or , or Avista 24/7 Media Access,
+1-509-495-4174, all of Avista Corp. Web site:
http://www.avistacorp.com/
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