SPOKANE, Wash., Oct. 28 /PRNewswire-FirstCall/ -- Avista Corp.
(NYSE: AVA) today reported net income attributable to Avista Corp.
of $12.3 million, or $0.22 per diluted share, for the third quarter of
2010, compared to $8.1 million, or
$0.15 per diluted share, for the
third quarter of 2009. For the nine months ended Sept. 30, 2010, net income attributable to Avista
Corp. was $66.7 million or
$1.20 per diluted share, compared to
$65.0 million, or $1.18 per diluted share for the nine months ended
Sept. 30, 2009.
(Logo:
http://photos.prnewswire.com/prnh/20091223/AVISTALOGO)
(Logo:
http://www.newscom.com/cgi-bin/prnh/20091223/AVISTALOGO)
"We had a strong third quarter, and we are on track to meet our
consolidated guidance for 2010. Our annual earnings will be
limited by a challenging first quarter due to one of the warmest
January to March periods on record. However, this has been mostly
offset by lower power supply costs and the continued management of
our operating expenses," said Avista Chairman, President and Chief
Executive Officer Scott L. Morris.
"We continue to execute on our regulatory strategy to increase
recovery of operating costs and capital investments in our utility
business. In September, we filed a natural gas general rate
case in Oregon. Effective
Oct. 1, new electric and natural gas
rates went into effect in Idaho
with the approval of our general rate case settlement by the Idaho
Public Utilities Commission. In August, we reached a
settlement in the Washington
general rate case. If approved by the Washington Utilities
and Transportation Commission, new rates would become effective
Dec. 1. We believe that both
settlements provide a fair and reasonable outcome for customers and
shareholders.
"We are initiating our 2011 earnings guidance, which shows
improvement over our expected 2010 results. While we expect a
return to normal weather conditions and the impact of general rate
increases, our earnings growth will be limited by weak economic
conditions, continued delay in the recovery of our costs and
increased operating and maintenance expenses," Morris said.
Summary Results: Avista Corp.'s results for the third
quarter of 2010 and the nine months ended Sept. 30, 2010 (YTD), as compared to the
respective periods of 2009 are presented in the table below:
|
|
($ in thousands, except
per-share data)
|
Q3
2010
|
Q3
2009
|
YTD
2010
|
YTD
2009
|
|
Operating Revenues
|
$367,172
|
$314,692
|
$1,184,320
|
$1,109,273
|
|
Income from
Operations
|
$37,744
|
$23,754
|
$167,317
|
$147,681
|
|
Net Income attributable to
Avista Corporation
|
$12,346
|
$8,139
|
$66,696
|
$65,018
|
|
Net Income
(Loss) attributable to Avista Corporation by Business
Segment:
|
|
Avista
Utilities
|
$9,058
|
$7,239
|
$60,898
|
$63,203
|
|
Advantage IQ
|
$2,936
|
$1,413
|
$5,895
|
$3,855
|
|
Other
|
$352
|
$(513)
|
$(97)
|
$(2,040)
|
|
Contribution to earnings per
diluted share attributable to Avista Corporation by Business
Segment:
|
|
Avista
Utilities
|
$0.16
|
$0.13
|
$1.10
|
$1.15
|
|
Advantage IQ
|
$0.05
|
$0.03
|
$0.10
|
$0.07
|
|
Other
|
$0.01
|
$(0.01)
|
$
-
|
$(0.04)
|
|
Total earnings per diluted share
attributable to Avista Corporation
|
$0.22
|
$0.15
|
$1.20
|
$1.18
|
|
|
|
|
|
|
|
|
The increase in our quarterly utility net income was primarily
due to an increase in gross margin (operating revenues less
resource costs), partially offset by an increase in interest
expense, other operating expenses, depreciation and amortization,
and income tax expense. The increase in gross margin was
primarily due to the implementation of general rate increases and
partially due to higher retail loads.
The decrease in net income for Avista Utilities on a
year-to-date basis was primarily due to increases in interest
expense, other operating expenses, and depreciation and
amortization, partially offset by an increase in gross margin.
The increase in gross margin was primarily due to the
implementation of general rate increases, partially offset by
warmer weather that reduced retail loads (particularly for natural
gas) during the first quarter.
The increase in net income for Advantage IQ on both a quarterly
and year-to-date basis was primarily due to the acquisition of Ecos
Consulting, Inc. (Ecos) effective Aug. 31,
2009. In addition, Advantage IQ had a business and
occupation tax refund in the third quarter of 2010. Advantage
IQ's earnings continue to be moderated by low short-term interest
rates and economic conditions that have limited organic growth.
The improvement in results from the other businesses was due in
part to increased earnings at METALfx and decreased litigation
costs related to the remaining contracts and previous operations of
Avista Energy.
Avista Utilities: For the third quarter of 2010 as
compared to 2009, operating revenues increased $47.3 million and resource costs increased
$33.7 million, which resulted in an
increase of $13.6 million in gross
margin. The gross margin on natural gas sales increased
$1.2 million and the gross margin on
electric sales increased $12.4
million. The increase in our natural gas gross margin
was due to colder weather that increased retail loads and the
implementation of general rate increases in Washington effective Jan. 1, 2010, in Oregon effective Nov.
1, 2009 and in Idaho
effective Aug. 1, 2009. The
increase in electric gross margin was due to the implementation of
the general rate increases in Washington and Idaho and a slight increase in retail
loads.
The increase in third quarter operating revenues was primarily
due to an increase in electric revenues of $47.8 million. The increase in electric
revenues was primarily due to increased wholesale revenues of
$32.0 million (due to an increase in
volumes and wholesale prices) and sales of fuel of $16.9 million. These increases in electric
revenues were partially offset by a decrease in retail revenues of
$3.6 million (due to a decrease in
prices, partially offset by an increase in volumes).
On a year-to-date basis, operating revenues increased
$56.7 million and resource costs
increased $46.1 million, which
resulted in an increase of $10.6
million in gross margin. The gross margin on natural
gas sales decreased $4.9 million and
the gross margin on electric sales increased $15.5 million. The decrease in our natural
gas gross margin was primarily due to warmer weather that reduced
retail loads in the first quarter, partially offset by the
implementation of general rate increases. The increase in
electric gross margin was due to the implementation of the general
rate increases, partially offset by warmer weather in the first
quarter (which reduced retail loads).
Natural gas revenues decreased $39.8
million for the nine months ended Sept. 30, 2010 as compared to 2009. This
was primarily due to a decrease in retail natural gas revenues of
$89.1 million, partially offset by an
increase in wholesale revenues of $48.4
million.
The decrease in retail natural gas revenues was due to lower
retail rates and a decrease in volumes. We sold less retail
natural gas in the nine months ended Sept.
30, 2010 primarily due to warmer weather in the first
quarter of 2010 as compared to the first quarter of 2009.
This was partially offset by colder second and third
quarters. The decrease in retail rates reflects the purchased
gas adjustments (which did not impact gross margin or net income)
implemented in 2009, partially offset by general rate increases in
each jurisdiction.
The increase in our wholesale natural gas revenues reflects an
increase in prices and volumes. Part of the increase in the
volume of wholesale natural gas sales reflects lower than expected
retail loads and the sale of excess natural gas purchased to
wholesale customers. Additionally, we engage in optimization
of available interstate pipeline transportation and storage
capacity through wholesale purchases and sales of natural gas.
With lower retail loads in 2010 as compared to 2009, we had
more opportunity to optimize transportation resources.
Variances between the revenues and costs of the sale of
resources in excess of retail load requirements are accounted for
through purchased gas adjustment mechanisms.
On a year-to-date basis, electric revenues increased
$96.5 million primarily due to
increased wholesale revenues of $64.9
million and sales of fuel of $50.7
million, partially offset by a decrease in retail revenues
of $22.5 million.
Wholesale electric revenues increased due to increases in sales
prices and an increase in sales volumes. The increase in
sales volume primarily relates to resource optimization activities
and lower-than-expected retail sales in the first quarter.
When electric wholesale market prices are below the cost of
operating our natural gas-fired thermal generating units, we sell
the natural gas purchased for generation in the wholesale market as
sales of fuel. Sales of fuel increased due to an increase in
thermal generation resource optimization activities in 2010 as
compared to 2009.
Retail electric revenues decreased due to a decline in use per
customer as a result of warmer weather in the first quarter heating
season and a decrease in rates. The decrease in rates was
primarily due to the elimination of the ERM surcharge in
February 2010 (which did not impact
gross margin or net income), partially offset by the Washington and Idaho general rate increases.
Utility net income on a quarterly and year-to-date basis was
lowered due to an increase in interest expense. During 2009
we carried relatively high average balances under our $320 million committed line of credit at
relatively low interest rates. We refinanced these borrowings
in September 2009 with the issuance
of first mortgage bonds at a historically favorable long-term
interest rate.
Adjustments associated with reconciling the 2009 federal income
tax return to the amount included in the financial statements for
2009 and prior year return amendments decreased income tax expense
by $1.7 million for 2010. In
September 2009, we recorded
adjustments related to IRS audits and adjustments for the 2008
filed federal tax return that had a total favorable impact to
income tax expense of $3.2 million
for 2009.
Advantage IQ: Advantage IQ's revenues for the third
quarter of 2010 increased 30 percent as compared to the third
quarter of 2009 and totaled $25.6
million. On a year-to-date basis, revenues increased
36 percent and totaled $74.7 million.
The increase in revenues on a quarterly and year-to-date
basis was primarily due to the acquisition of Ecos.
In the nine months ended Sept. 30,
2010, Advantage IQ managed bills totaling $13.2 billion, a decrease of $0.3 billion, or 2 percent, as compared to same
period of 2009. This decrease was due to a decrease in the
average value of each bill processed. Advantage IQ had a 6
percent increase in the number of accounts managed for 2010 as
compared to 2009.
Other Businesses: On a quarterly basis, operating
revenues increased $6.1 million and
operating expenses increased $3.3
million. On a year-to-date basis, operating revenues
increased $18.2 million and operating
expenses increased $11.3 million.
The increase in operating revenues and expenses was primarily
due to the consolidation of Spokane Energy effective Jan. 1, 2010, which had no impact on the net loss
attributable to Avista Corporation. Losses on long-term
venture fund investments were $0.8
million for 2010 compared to $0.9
million for 2009.
Liquidity and Capital Resources: As of Sept. 30, 2010, we had a combined $335 million of available liquidity under our
$320 million committed line of
credit, our $75 million committed
line of credit and our $50 million
revolving accounts receivable financing facility.
In the fourth quarter of 2010, we are planning, subject to
market conditions, to cause the redemption of $83.7 million of our Pollution Control bonds we
purchased in 2008 and 2009 and refund these with new bond issues.
As the holder of these bonds to be redeemed and refunded, we
would receive all redemption proceeds.
We expect to issue up to $45
million of common stock in 2010 and up to $25 million of common stock in 2011 in order to
finance a portion of our capital expenditures and maturing
long-term debt, while maintaining our capital structure at an
appropriate level for our business. We are party to a sales
agency agreement under which we sell shares of our common stock
from time to time. In 2010, we sold a total of 1.6 million
shares for a total of $33.3
million. As of Sept. 30,
2010, we had 1.5 million shares available to be issued under
this agreement.
Utility capital expenditures were $138
million for the first nine months of 2010. We are
expecting capital expenditures of about $210
million for 2010, excluding costs for projects associated
with stimulus funding. Actual capital expenditures may vary
from our estimates due to factors such as changes in business
conditions, construction schedules and environmental requirements.
Earnings Guidance and Outlook
2010 Earnings Guidance: Avista is confirming its 2010
guidance for consolidated earnings to be in the range of
$1.55 to $1.75 per diluted share.
This is an improvement from our report at the end of the
second quarter of 2010 when we expected to be in the lower half of
this range. We expect a contribution from Avista Utilities in
the range of $1.45 to $1.60 per
diluted share for 2010. Our outlook for Avista Utilities
assumes, among other variables, normal precipitation and
temperatures for the remainder of the year, as well as
implementation of the Washington
general rate case settlement on Dec. 1,
2010. Our guidance also assumes Washington power supply costs below the level
authorized in retail rates. In the Washington general rate case settlement, the
parties have agreed that deferred net costs associated with the
Lancaster Plant will be limited to $6.8
million for 2010 and that there will not be any deferrals
under the Energy Recovery Mechanism for 2010. We expect the
effects of the settlement for the Lancaster Plant deferrals and the
ERM to come close to offsetting each other.
We continue to expect Advantage IQ to contribute in the range of
$0.10 to $0.13 per diluted share for
2010. Although we are not changing our 2010 guidance for the
other businesses of between break-even and a contribution of
$0.02 per diluted share, we may
experience a slight loss.
2011 Earnings Guidance: Avista is initiating its 2011
guidance for consolidated earnings to be in the range of
$1.60 to $1.80 per diluted share.
We expect Avista Utilities to contribute in the range of
$1.47 to $1.62 per diluted share for
2011. As compared to 2010, we expect our 2011 utility
earnings to be positively impacted by a return to normal weather
conditions and the effects of the general rate increases. We
expect our 2011 utility earnings to be negatively impacted by slow
load growth due to the economy, continued delay in the recovery of
operating expenses and capital investments, as well as increased
operating and maintenance costs, including scheduled
generation plant major maintenance expenses, and pension and
medical costs. Our range for Avista Utilities encompasses
expected variability in power supply costs and the application of
the ERM to that power supply cost variability. The midpoint
of our utility guidance range does not include any benefit or
expense under the ERM. We are expecting a benefit under the
ERM in 2011 within the 90 percent customer/10 percent company
sharing band. It is important to note that the forecast of
our position in the ERM can vary significantly due to a variety of
factors including the level of hydroelectric generation and retail
loads, as well as changes in purchased power and natural gas fuel
prices. Our outlook for Avista Utilities assumes, among other
variables, normal precipitation, temperatures and hydroelectric
generation, as well as implementation of the Washington general rate case settlement on
Dec. 1, 2010.
We expect Advantage IQ to contribute in the range of
$0.13 to $0.16 per diluted share for
2011 and the other businesses to be between break-even and a
contribution of $0.02 per diluted
share.
NOTE: We will host a conference call with financial
analysts and investors on Oct. 28,
2010, at 10:30 a.m. ET to
discuss this news release. The call is available at (866)
383-8108, Pass code: 53330152. A simultaneous webcast of the
call is available on our website, www.avistacorp.com. A
replay of the conference call will be available through
Nov. 4, 2010. Call (888)
286-8010, Pass code 33701576 to listen to the replay.
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 our operating
division that provides electric service to 357,000 customers and
natural gas to 316,000 customers. Our service territory
covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern
Oregon, with a population of 1.5
million. Avista's primary, non-regulated subsidiary is
Advantage IQ. Our stock is traded under the ticker symbol
"AVA." For more information about Avista, please visit
www.avistacorp.com.
Avista Corp. and the Avista Corp. logo are trademarks of Avista
Corporation.
The attached condensed consolidated statements of income,
condensed consolidated balance sheets, and financial and operating
highlights are integral parts of this earnings release.
This news release contains forward-looking statements,
including statements regarding our current expectations for future
financial performance and cash flows, capital expenditures,
financing plans, our current plans or objectives for future
operations 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 our
control and many of which could have significant impact on our
operations, results of operations, financial condition or cash
flows and could cause actual results to differ materially from
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 (temperatures and
precipitation levels) and their effects on energy demand and
electric generation, including the effect of precipitation and
temperatures on the availability of hydroelectric resources, the
effect of temperatures on customer demand, and similar impacts on
supply and demand in the wholesale energy markets; the effect of
state and federal regulatory decisions on our ability to recover
costs and earn a reasonable return including, but not limited to,
the disallowance of costs and investments, and delay in the
recovery of capital investments and operating costs; changes
in wholesale energy prices that can affect, among other things, the
cash requirements to purchase electricity and natural gas, the
value received for sales in the wholesale energy market, the
necessity to request changes in rates that are subject to
regulatory approval, collateral required of us by counterparties on
wholesale energy transactions and credit risk to us from such
transactions, and the market value of derivative assets and
liabilities; the exposure to volatility in power supply costs for
2010 due to our agreement to not defer any costs under the ERM in
the Washington general rate case
settlement; global financial and economic conditions (including the
impact on capital markets) and their effect on our ability to
obtain funding at a reasonable cost; our ability to obtain
financing through the issuance of debt and/or equity securities,
which can be affected by various factors including our
credit ratings, interest rates and other capital market conditions;
economic conditions in our service areas, including the effect on
the demand for, and customers' payment for, our utility services;
the potential effects of legislation or administrative rulemaking,
including the possible adoption of national or state laws requiring
resources to meet certain standards and placing restrictions on
greenhouse gas emissions to mitigate concerns over global climate
changes; changes in actuarial assumptions, interest rates and the
actual return on plan assets for our pension plan, which can affect
future funding obligations, pension expense and pension plan
liabilities; volatility and illiquidity in wholesale energy
markets, including the availability of willing buyers and sellers,
and prices of purchased energy and demand for energy sales;
unplanned outages at any of our generating facilities or the
inability of facilities to operate as intended; the outcome of
pending regulatory and legal proceedings arising out of the
"western energy crisis" of 2000 and 2001, and including possible
refunds; the outcome of legal proceedings and other contingencies;
changes in, and compliance with, environmental and endangered
species laws, regulations, decisions and policies, including
present and potential environmental remediation costs; wholesale
and retail competition including, but not limited to, alternative
energy sources, suppliers and delivery arrangements; the ability to
comply with the terms of the licenses for our hydroelectric
generating facilities at cost-effective levels; natural disasters
that can disrupt energy generation, transmission and distribution,
as well as the availability and costs of materials, equipment,
supplies and support services; explosions, fires, accidents, or
mechanical breakdowns that may occur while operating and
maintaining our generation, transmission and distribution systems;
blackouts or disruptions of interconnected transmission systems;
disruption to information systems, automated controls and other
technologies that we rely on for operations, communications and
customer service; the potential for terrorist attacks or other
malicious acts, that cause damage to our utility assets, as well as
the national economy in general; including the impact of acts of
terrorism or vandalism that damage or disrupt information
technology systems; delays or changes in construction costs, and
our ability to obtain required permits and materials for present or
prospective facilities; changes in the long-term climate of the
Pacific Northwest, which can affect, among other things, customer
demand patterns and the volume and timing of streamflows to our
hydroelectric resources; changes in industrial, commercial and
residential growth and demographic patterns in our service
territory or the loss of significant customers; the loss of key
suppliers for materials or services; default or nonperformance on
the part of any parties from which we purchase and/or sell capacity
or energy; deterioration in the creditworthiness of our customers
and counterparties; the effect of any potential decline in our
credit ratings, including impeded access to capital markets, higher
interest costs, and certain covenants with ratings triggers in our
financing arrangements and wholesale energy contracts; increasing
health care costs and the resulting effect on health insurance
provided to our employees and retirees; increasing costs of
insurance, more restricted coverage terms and our ability to obtain
insurance; work force issues, including changes in collective
bargaining unit agreements, strikes, work stoppages or the loss of
key executives, availability of workers in a variety of skill
areas, and our ability to recruit and retain employees; the
potential effects of negative publicity regarding business
practices, whether true or not, which could result in, among other
things, costly litigation and a decline in our common stock price;
changes in technologies, possibly making some of the current
technology obsolete; changes in tax rates and/or policies; and
changes in our strategic business plans, which may be affected by
any or all of the foregoing, including the entry into new
businesses and/or the exit from existing businesses.
For a further discussion of these factors and other important
factors, please refer to our Annual Report on Form 10-K for the
year ended Dec. 31, 2009 and Quarterly Report on Form 10-Q
for the quarter ended June 30,
2010. The forward-looking statements contained in
this news release speak only as of the date hereof. We undertake 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 our 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
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|
(Dollars in
Thousands except Per Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
Third
Quarter
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
$367,172
|
|
$314,692
|
|
$1,184,320
|
|
$1,109,273
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Resource costs
|
203,992
|
|
173,701
|
|
637,313
|
|
600,112
|
|
|
Other operating
expenses
|
82,944
|
|
75,797
|
|
245,619
|
|
226,827
|
|
|
Depreciation and
amortization
|
26,650
|
|
25,156
|
|
79,192
|
|
73,992
|
|
|
Utility taxes other than income
taxes
|
15,842
|
|
16,284
|
|
54,879
|
|
60,661
|
|
|
|
Total operating
expenses
|
329,428
|
|
290,938
|
|
1,017,003
|
|
961,592
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
37,744
|
|
23,754
|
|
167,317
|
|
147,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of
capitalized interest
|
(18,573)
|
|
(15,326)
|
|
(56,412)
|
|
(47,687)
|
|
|
Other income (expense) -
net
|
(807)
|
|
153
|
|
(3,475)
|
|
(617)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
18,364
|
|
8,581
|
|
107,430
|
|
99,377
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
5,030
|
|
(53)
|
|
38,732
|
|
33,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
13,334
|
|
8,634
|
|
68,698
|
|
66,343
|
|
|
Less: Net income
attributable to noncontrolling interests
|
(988)
|
|
(495)
|
|
(2,002)
|
|
(1,325)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Avista Corporation
|
$ 12,346
|
|
$ 8,139
|
|
$ 66,696
|
|
$ 65,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding (thousands), basic
|
55,616
|
|
54,706
|
|
55,175
|
|
54,659
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding (thousands), diluted
|
55,801
|
|
55,094
|
|
55,384
|
|
54,881
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
attributable to Avista Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$0.22
|
|
$0.15
|
|
$1.21
|
|
$1.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$0.22
|
|
$0.15
|
|
$1.20
|
|
$1.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid per common
share
|
$0.25
|
|
$0.21
|
|
$0.75
|
|
$0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued October 28,
2010
|
|
|
|
|
|
|
|
|
|
|
|
AVISTA
CORPORATION
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$56,682
|
|
$37,035
|
|
|
Accounts and notes
receivable
|
159,533
|
|
210,645
|
|
|
Other current assets
|
242,414
|
|
171,243
|
|
|
Total net utility
property
|
2,675,041
|
|
2,607,011
|
|
|
Total other property and
investments
|
196,824
|
|
137,538
|
|
|
Regulatory assets for deferred
income taxes
|
93,462
|
|
97,945
|
|
|
Regulatory assets for pensions
and other postretirement benefits
|
134,252
|
|
141,085
|
|
|
Other regulatory
assets
|
101,268
|
|
109,825
|
|
|
Non-current utility energy
commodity derivative assets
|
5,751
|
|
45,483
|
|
|
Power deferrals
|
29,750
|
|
27,771
|
|
|
Other deferred
charges
|
57,650
|
|
21,378
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$3,752,627
|
|
$3,606,959
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
$148,906
|
|
$160,861
|
|
|
Current portion of long-term
debt
|
25,350
|
|
35,189
|
|
|
Current portion of nonrecourse
long-term debt of Spokane Energy
|
12,181
|
|
-
|
|
|
Short-term borrowings
|
75,000
|
|
92,700
|
|
|
Other current
liabilities
|
270,187
|
|
214,667
|
|
|
Long-term debt
|
1,039,234
|
|
1,036,149
|
|
|
Nonrecourse long-term debt of
Spokane Energy
|
49,676
|
|
-
|
|
|
Long-term debt to affiliated
trusts
|
51,547
|
|
51,547
|
|
|
Regulatory liability for utility
plant retirement costs
|
221,997
|
|
217,176
|
|
|
Pensions and other
postretirement benefits
|
109,432
|
|
123,281
|
|
|
Deferred income taxes
|
475,570
|
|
494,666
|
|
|
Other non-current liabilities
and deferred credits
|
124,523
|
|
95,276
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
2,603,603
|
|
2,521,512
|
|
|
|
|
|
|
|
|
Redeemable Noncontrolling
Interests
|
43,153
|
|
34,833
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Avista Corporation Stockholders'
Equity:
|
|
|
|
|
|
Common stock - net (56,570,569
and 54,836,781 outstanding shares)
|
815,011
|
|
778,647
|
|
|
Retained earnings and
accumulated other comprehensive loss
|
291,479
|
|
272,640
|
|
|
|
Total Avista Corporation
Stockholders' Equity
|
1,106,490
|
|
1,051,287
|
|
|
Noncontrolling
interests
|
(619)
|
|
(673)
|
|
|
|
|
|
|
|
|
|
|
Total Equity
|
1,105,871
|
|
1,050,614
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
$3,752,627
|
|
$3,606,959
|
|
|
|
|
|
|
|
|
Issued October 28, 2010
|
|
|
|
|
|
|
|
AVISTA
CORPORATION
|
|
FINANCIAL
AND OPERATING HIGHLIGHTS (UNAUDITED)
|
|
(Dollars in
Thousands)
|
|
|
|
|
|
|
|
|
Nine Months
Ended,
|
|
|
|
|
Third
Quarter
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Avista Utilities
|
|
|
|
|
|
|
|
|
|
|
Retail electric
revenues
|
$161,779
|
|
$165,350
|
|
$493,792
|
|
$516,299
|
|
|
|
Retail kWh sales (in
millions)
|
2,147
|
|
2,119
|
|
6,448
|
|
6,552
|
|
|
|
Retail electric customers at end
of period
|
356,950
|
|
355,035
|
|
356,950
|
|
355,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale electric
revenues
|
$47,478
|
|
$15,512
|
|
$131,679
|
|
$66,756
|
|
|
|
Wholesale kWh sales (in
millions)
|
984
|
|
398
|
|
2,950
|
|
1,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of fuel
|
$30,254
|
|
$13,316
|
|
$80,181
|
|
$29,479
|
|
|
|
Other electric
revenues
|
$6,687
|
|
$4,262
|
|
$15,159
|
|
$11,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail natural gas
revenues
|
$29,767
|
|
$33,807
|
|
$190,666
|
|
$279,760
|
|
|
|
Wholesale natural gas
revenues
|
$51,877
|
|
$48,456
|
|
$158,453
|
|
$110,051
|
|
|
|
Transportation and other natural
gas revenues
|
$3,700
|
|
$3,546
|
|
$11,760
|
|
$10,870
|
|
|
|
Total therms delivered (in
thousands)
|
191,821
|
|
217,561
|
|
672,949
|
|
648,571
|
|
|
|
Retail natural gas customers at
end of period
|
315,753
|
|
312,771
|
|
315,753
|
|
312,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
(pre-tax)
|
$29,708
|
|
$21,541
|
|
$150,013
|
|
$141,225
|
|
|
|
Net income attributable to
Avista Corporation
|
$9,058
|
|
$7,239
|
|
$60,898
|
|
$63,203
|
|
|
|
|
|
|
|
|
|
|
|
|
Advantage IQ
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$25,568
|
|
$19,727
|
|
$74,725
|
|
$55,113
|
|
|
|
Income from operations
(pre-tax)
|
$6,049
|
|
$3,075
|
|
$12,471
|
|
$8,462
|
|
|
|
Net income attributable to
Avista Corporation
|
$2,936
|
|
$1,413
|
|
$5,895
|
|
$3,855
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$16,813
|
|
$10,716
|
|
$47,337
|
|
$29,182
|
|
|
|
Income (loss) from operations
(pre-tax)
|
$1,987
|
|
$(862)
|
|
$4,833
|
|
$(2,006)
|
|
|
|
Net income (loss) attributable
to Avista Corporation
|
$352
|
|
$(513)
|
|
$(97)
|
|
$(2,040)
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued October 28, 2010
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Avista Corp.
Copyright . 28 PR Newswire