Avista Corp. (NYSE: AVA) today reported net income attributable to
Avista Corp. of $100.2 million, or $1.72 per diluted share, for the
year ended Dec. 31, 2011, compared to $92.4 million, or $1.65 per
diluted share, for the year ended Dec. 31, 2010. For the fourth
quarter of 2011, net income attributable to Avista Corp. was $24.6
million, or $0.42 per diluted share, compared to $25.7 million, or
$0.45 per diluted share for the fourth quarter of 2010.
"Avista had a solid year in 2011 with consolidated earnings per
share in the upper half of our guidance range. The improvement
reflects higher earnings in each segment of our business," said
Avista Chairman, President and Chief Executive Officer Scott L.
Morris.
"Above normal snowpack last winter and a cool and wet spring
produced excellent river run-off conditions in 2011. This resulted
in one of the best hydroelectric generation years on record. In
addition, purchased power and natural gas fuel prices were below
the level included in base rates. As such, the company received a
benefit of $6.4 million and $12.9 million was deferred for the
future benefit of customers under the Energy Recovery Mechanism in
Washington.
"New rates went into effect in Idaho on Oct. 1, 2011, and in
Washington on Jan. 1, 2012, based on settlement agreements approved
by the Idaho and Washington regulatory commissions. We believe that
both settlements provide a reasonable outcome for our customers and
our shareholders.
"To maintain service reliability and meet the energy needs of
our customers, we expect to continue to make significant capital
investments in our generation, transmission and distribution
systems. Our utility capital expenditures in 2011 were $240
million, and we anticipate capital investments in our utility
operations to be about $250 million for each of 2012 and 2013. We
expect to continue to request rate adjustments to provide for the
timely recovery of these capital investments and increasing
operating costs, and to provide the opportunity to improve our
earned returns as allowed by regulators.
"Ecova continues to expand its business from a focus on expense
management to delivery of comprehensive energy and sustainability
management services. In November, Ecova completed the acquisition
of Prenova, an Atlanta-based energy management company, and in
January the acquisition of LPB Energy Management, a Dallas-based
energy management company, was completed. The total net cash paid
for these acquisitions was approximately $80 million. While we do
not expect these acquisitions to have an impact on 2012 earnings,
they increase Ecova's market share and allow Ecova to offer its
clients a broader range of services leading to potential future
earnings growth. We are pleased that Ecova's 2011 earnings per
share contribution increased 23 percent as compared to 2010.
"We are confirming our 2012 earnings guidance, which reflects
increased revenues from the general rate increases and the
continued growth from Ecova. We are also forecasting power supply
costs to be below the amount included in base rates. We expect,
however, that our earnings growth in 2012 will continue to be
limited by a weak economy in our service area, delay in the
recovery of our costs and increased operating expenses, including
pension and other post-retirement benefit costs," Morris said.
Summary Results: Avista Corp.'s results
for the fourth quarter of 2011 and the year ended Dec. 31, 2011, as
compared to the respective periods of 2010 are presented in the
table below:
----------------------------------------------------------------------------
($ in thousands, except per-share
data) Q4 2011 Q4 2010 Year 2011 Year 2010
----------------------------------------------------------------------------
Operating Revenues $438,927 $374,420 $1,619,780 $1,558,740
----------------------------------------------------------------------------
Income from Operations $60,395 $62,871 $235,622 $230,188
----------------------------------------------------------------------------
Net Income attributable to Avista
Corporation $24,603 $25,729 $100,224 $92,425
----------------------------------------------------------------------------
Net Income (Loss) attributable to Avista Corporation by Business Segment:
----------------------------------------------------------------------------
Avista Utilities $22,169 $25,783 $90,902 $86,681
----------------------------------------------------------------------------
Ecova (formerly Advantage IQ) $2,656 $1,538 $9,671 $7,433
----------------------------------------------------------------------------
Other $(222) $(1,592) $(349) $(1,689)
----------------------------------------------------------------------------
Earnings (Loss) per diluted share by Business Segment attributable to Avista
Corporation:
----------------------------------------------------------------------------
Avista Utilities $0.38 $0.45 $1.56 $1.55
----------------------------------------------------------------------------
Ecova $0.04 $0.03 $0.16 $0.13
----------------------------------------------------------------------------
Other $ -- $(0.03) $ -- $(0.03)
----------------------------------------------------------------------------
Total earnings per diluted share
attributable to Avista Corporation $0.42 $0.45 $1.72 $1.65
----------------------------------------------------------------------------
The decrease in quarterly utility net income was primarily due
to a decrease in gross margin (operating revenues less resource
costs), as well as an increase in depreciation and amortization,
and taxes other than income taxes. Other operating expenses
decreased for the fourth quarter of 2011 as compared to the fourth
quarter of 2010. The decrease in quarterly gross margin was
primarily due to the timing of the recognition of the benefit under
the Energy Recovery Mechanism (ERM) in Washington, as we recognized
most of the benefit during the first nine months of 2011. In 2010,
the majority of the benefit of lower power supply costs was
recognized in the fourth quarter.
Utility earnings for the full year of 2011 were positively
impacted by an increase in gross margin primarily due to higher
retail loads caused by colder weather during the first quarter and
power supply costs below the amount included in base retail rates,
as well as general rate increases. The first quarter of 2011 was
significantly colder than the first quarter of 2010 and slightly
colder than average. The first quarter of 2010 was one of the
warmest January-to-March periods on record in our service
territory. The increase in gross margin was partially offset by an
increase in other operating expenses, depreciation and
amortization, and taxes other than income taxes. The increase in
other operating expenses was primarily due to increased plant
maintenance expenses, pensions and other post-retirement benefits,
and labor costs.
The increase in net income for Ecova for the fourth quarter and
year ended Dec. 31, 2011, as compared to the prior year, was
primarily due to strong growth from energy management services and,
moderate growth from expense management services, as well as the
acquisition of The Loyalton Group (Loyalton) effective Dec. 31,
2010.
The improvement in quarterly and annual results from the other
businesses was primarily due to increased earnings at METALfx and a
decrease in the net loss on investments.
Avista Utilities: On a quarterly basis,
operating revenues increased $44.8 million, and resource costs
increased $48.5 million, which resulted in a decrease of $3.7
million in gross margin. The gross margin on electric sales
decreased $7.8 million, and the gross margin on natural gas sales
increased $4.1 million. For the three months ended Dec. 31, 2011,
we recognized a benefit of $0.7 million under the ERM in
Washington. As part of a rate case settlement, there were no
deferrals under the ERM in 2010. For the three months ended Dec.
31, 2010, power supply costs were $8.4 million below the level
included in base retail rates in Washington.
For 2011, operating revenues increased $23.7 million, and
resource costs decreased $5.0 million, which resulted in an
increase of $28.7 million in gross margin. The gross margin on
electric sales increased $8.8 million, and the gross margin on
natural gas sales increased $19.9 million. The increase in electric
gross margin was due to colder weather during the first quarter
that increased retail loads, and to general rate increases. For
2011, we recognized a benefit of $6.4 million under the ERM in
Washington. For 2010, power supply costs were $7.1 million below
the level included in base retail rates in Washington. The increase
in our natural gas gross margin was primarily due to colder weather
that increased retail loads and partially due to general rate
increases.
Electric revenues increased $13.9 million for 2011 as compared
to 2010. Retail electric revenues increased by $51.1 million, sales
of fuel increased by $47.1 million, and other electric revenues
increased $2.9 million, while wholesale electric revenues decreased
by $87.2 million.
Retail electric revenues increased due to an increase in use per
customer as a result of colder weather during the first quarter and
to the impact of general rate increases.
Wholesale electric revenues decreased due to a decrease in
wholesale prices and volumes. The decrease in sales volumes was
primarily due to decreased wholesale power optimization and higher
than expected retail sales caused by colder weather in the first
quarter of 2011.
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 of electricity in the
wholesale market rather than operate the generating units. The
revenues from sales of fuel increased due to an increase in volumes
sold as part of thermal generation resource optimization and lower
usage of our thermal generation plants. This was due in part to
increased hydroelectric generation.
Natural gas revenues increased $37.0 million primarily due to an
increase in retail natural gas revenues.
The increase in retail natural gas revenues was due to an
increase in volumes and higher retail rates. We delivered more
retail natural gas in 2011 as compared to 2010 primarily due to
colder weather during the first quarter. Residential natural gas
use per customer increased 9 percent, and commercial use per
customer increased 10 percent as compared to 2010. The increase in
retail rates reflects changes from purchased gas adjustments, as
well as general rate increases.
Intracompany revenues and resource costs of $93.1 million for
2011 and $65.9 million for 2010, represent purchases and sales of
natural gas between our natural gas distribution operations and our
electric generation operations (as fuel for our generation plants).
These transactions are eliminated in the consolidated financial
statements.
Ecova: For 2011, Ecova's revenues
increased $35.8 million, as compared to 2010, and totaled $137.8
million. The increase in revenues was primarily due to growth from
energy management and expense management services, and the
acquisition of Loyalton, which added $8.5 million of revenue.
During the fourth quarter of 2011, Ecova determined that certain
revenues, which previously had been reported net of expenses,
should be reported on a gross basis. This increased both Ecova's
operating revenues and expenses by $9.2 million with no change to
net income for 2011. Ecova's organic revenue growth was
approximately 13 percent from 2010 to 2011.
In 2011, Ecova managed bills totaling $18.3 billion, an increase
of $1.0 billion, or 6 percent, as compared to 2010. The increase
was due to an increase in both the average value of each bill
processed and the number of accounts managed. Ecova had a 7 percent
increase in the number of accounts managed for the fourth quarter
of 2011 due in part to acquisitions.
The $80 million of total net cash paid for the November 2011
acquisition of Prenova and the January 2012 acquisition of LPB
Energy Management was funded by Ecova through borrowings under its
committed credit agreement, a $20 million equity infusion from
certain existing shareholders and available cash.
Other Businesses: For 2011, operating
revenues decreased $20.7 million, and operating expenses decreased
$20.2 million for the other businesses. The decrease in operating
revenues and operating expenses was primarily due to the assignment
of the Lancaster power purchase agreement to Avista Corp. in
December 2010.
Earnings from METALfx increased to $1.4 million for 2011,
compared to $0.8 million for 2010.
Losses on investments were $0.5 million for 2011 compared to
losses of $3.3 million for 2010. The loss for 2010 includes a $2.2
million impairment of our investment in a fuel cell business.
Liquidity and Capital Resources: As of
Dec. 31, 2011, we had $310 million of available liquidity under our
$400 million committed line of credit, with $61 million of cash
borrowings and $29 million in letters of credit outstanding. In
December 2011, this committed line of credit was amended to extend
the expiration date to February 2017 and to improve the pricing
terms.
In December 2011, we issued $85 million of 4.45 percent First
Mortgage Bonds due in 2041. The net proceeds from the sale of the
bonds were used to repay a portion of the borrowings outstanding
under our $400 million committed line of credit. We expect to issue
up to $100 million of long-term debt in 2012.
We issued $26.5 million of common stock in 2011, including $19.5
million under a sales agency agreement. We expect to issue up to
$45 million of common stock in 2012 in order to maintain our
capital structure at an appropriate level for our business. We have
0.2 million shares available to be issued under the sales agency
agreement, and we expect to expand this agreement for a significant
portion of our 2012 common stock issuances.
We contributed $26 million to the pension plan in 2011. The
pension plan funding deficit increased significantly in 2011,
primarily due to a decrease in the discount rate used in
determining the benefit obligation. We expect to contribute a total
of $176 million (or $44 million per year) to the pension plan in
the period 2012 through 2015.
In April 2011, Ecova entered into a new $40 million three-year
committed line of credit agreement with a financial institution. In
December 2011, the amount of this committed line of credit was
increased to $60 million, and Ecova may further expand this
facility in 2012. There were $35 million of borrowings outstanding
under Ecova's credit agreement as of Dec. 31, 2011.
Earnings Guidance and Outlook
Avista Corp. is confirming its 2012 guidance for consolidated
earnings to be in the range of $1.65 to $1.85 per diluted
share.
We expect Avista Utilities to contribute in the range of $1.51
to $1.66 per diluted share for 2012. We expect our 2012 utility
earnings to be positively impacted by general rate increases. We
expect our 2012 utility earnings to continue to be limited by slow
load growth due to the weak regional economy, the delay in the
recovery of capital investments and operating expenses, as well as
increased operating costs, including pension and other
post-retirement benefit 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. However, we are expecting a benefit under
the ERM in 2012 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.
For 2012, we expect Ecova to contribute in the range of $0.16 to
$0.19 per diluted share and the other businesses to be between
break-even and a loss of $0.02 per diluted share.
NOTE: We will host a conference call with
financial analysts and investors on Feb. 15, 2012, at 10:30 a.m. ET
to discuss this news release. The call is available at (866)
825-1709, pass code: 34817008. A simultaneous webcast of the call
is available on our website, www.avistacorp.com. A replay of the
conference call will be available through Feb. 22, 2012. Call (888)
286-8010, pass code 51022022, 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 360,000 customers and
natural gas to 321,000 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 Ecova. 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; 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 our 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, cyber security 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, cyber security
attacks or vandalism that damage or disrupt information technology
systems; delays or changes in construction costs, and/or 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, 2010 and Quarterly Report on Form 10-Q for the
quarter ended Sept. 30, 2011. 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.
To unsubscribe from Avista's news release distribution, send
reply message to Shirley.wolf@avistacorp.com.
AVISTA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in Thousands except Per Share Amounts)
Year Ended
Fourth Quarter December 31,
---------------------- ----------------------
2011 2010 2011 2010
---------- ---------- ---------- ----------
Operating revenues $ 438,927 $ 374,420 $1,619,780 $1,558,740
---------- ---------- ---------- ----------
Operating expenses:
Utility resource costs 214,758 166,211 790,048 795,075
Other operating expenses 112,619 98,391 397,161 352,459
Depreciation and
amortization 29,327 28,434 113,600 107,626
Utility taxes other than
income taxes 21,828 18,513 83,349 73,392
---------- ---------- ---------- ----------
Total operating expenses 378,532 311,549 1,384,158 1,328,552
---------- ---------- ---------- ----------
Income from operations 60,395 62,871 235,622 230,188
Interest expense, net of
capitalized interest 17,605 19,714 71,266 76,126
Other expense - net 1,124 4,482 4,185 7,957
---------- ---------- ---------- ----------
Income before income taxes 41,666 38,675 160,171 146,105
Income tax expense 15,695 12,425 56,632 51,157
---------- ---------- ---------- ----------
Net income 25,971 26,250 103,539 94,948
Net income attributable to
noncontrolling interests (1,368) (521) (3,315) (2,523)
---------- ---------- ---------- ----------
Net income attributable to
Avista Corporation $ 24,603 $ 25,729 $ 100,224 $ 92,425
========== ========== ========== ==========
Weighted-average common
shares outstanding
(thousands), basic 58,304 56,835 57,872 55,595
Weighted-average common
shares outstanding
(thousands), diluted 58,583 57,126 58,092 55,824
Earnings per common share
attributable to Avista
Corporation:
Basic $ 0.42 $ 0.45 $ 1.73 $ 1.66
========== ========== ========== ==========
Diluted $ 0.42 $ 0.45 $ 1.72 $ 1.65
========== ========== ========== ==========
Dividends paid per common
share $ 0.275 $ 0.25 $ 1.10 $ 1.00
========== ========== ========== ==========
Issued February 15, 2012
AVISTA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)
December 31, December 31,
2011 2010
------------- -------------
Assets
Cash and cash equivalents $ 74,662 $ 69,413
Accounts and notes receivable 225,292 230,229
Investments and funds held for customers 96,579 100,543
Other current assets 217,906 179,380
Total net utility property 2,860,776 2,714,237
Other non-current assets 212,209 195,793
Regulatory assets for deferred income taxes 84,576 90,025
Regulatory assets for pensions and other
postretirement benefits 260,359 178,985
Other regulatory assets 160,083 146,859
Other deferred charges 21,972 34,631
------------- -------------
Total Assets $ 4,214,414 $ 3,940,095
============= =============
Liabilities and Equity
Accounts payable $ 188,794 $ 171,707
Current portion of long-term debt 7,474 358
Current portion of nonrecourse long-term debt
of Spokane Energy 13,668 12,463
Short-term borrowings 96,000 110,000
Customer fund obligations 96,368 100,543
Other current liabilities 224,753 184,104
Long-term debt 1,169,826 1,101,499
Nonrecourse long-term debt of Spokane Energy 32,803 46,471
Long-term debt to affiliated trusts 51,547 51,547
Regulatory liability for utility plant
retirement costs 227,282 223,131
Pensions and other postretirement benefits 246,177 161,189
Deferred income taxes 505,954 495,474
Other non-current liabilities and deferred
credits 116,084 109,703
------------- -------------
Total Liabilities 2,976,730 2,768,189
------------- -------------
Redeemable Noncontrolling Interests 51,809 46,722
Equity
Avista Corporation Stockholders' Equity:
Common stock (58,422,781 and 57,119,723
outstanding shares) 855,188 827,592
Retained earnings and accumulated other
comprehensive loss 330,513 298,192
------------- -------------
Total Avista Corporation Stockholders'
Equity 1,185,701 1,125,784
Noncontrolling interests 174 (600)
------------- -------------
Total Equity 1,185,875 1,125,184
------------- -------------
Total Liabilities and Equity $ 4,214,414 $ 3,940,095
============= =============
Issued February 15, 2012
AVISTA CORPORATION
FINANCIAL AND OPERATING HIGHLIGHTS (UNAUDITED)
(Dollars in Thousands)
Year Ended,
Fourth Quarter December 31,
---------------------- ----------------------
2011 2010 2011 2010
---------- ---------- ---------- ----------
Avista Utilities
Retail electric revenues $ 190,109 $ 189,548 $ 734,475 $ 683,340
Retail kWh sales (in
millions) 2,358 2,395 9,023 8,843
Retail electric
customers at end of
period 360,361 358,895 360,361 358,895
Wholesale electric
revenues $ 23,108 $ 33,874 $ 78,305 $ 165,553
Wholesale kWh sales (in
millions) 674 853 2,796 3,803
Sales of fuel $ 22,111 $ 26,194 $ 153,470 $ 106,375
Other electric revenues $ 6,038 $ 3,856 $ 21,937 $ 19,015
Retail natural gas
revenues $ 112,527 $ 107,254 $ 338,220 $ 297,920
Wholesale natural gas
revenues $ 46,843 $ 38,911 $ 195,882 $ 197,364
Transportation and other
natural gas revenues $ 3,445 $ 4,205 $ 14,123 $ 15,965
Total therms delivered
(in thousands) 279,369 250,147 1,006,413 923,096
Retail natural gas
customers at end of
period 320,592 318,996 320,592 318,996
Intracompany revenues $ 21,430 $ 65,886 $ 93,090 $ 65,886
Income from operations
(pre-tax) $ 52,771 $ 58,091 $ 208,970 $ 208,104
Net income attributable
to Avista Corporation $ 22,169 $ 25,783 $ 90,902 $ 86,681
Ecova
Revenues $ 46,641 $ 27,310 $ 137,848 $ 102,035
Income from operations
(pre-tax) $ 7,016 $ 3,394 $ 20,917 $ 15,865
Net income attributable
to Avista Corporation $ 2,656 $ 1,538 $ 9,671 $ 7,433
Other
Revenues $ 9,985 $ 13,730 $ 40,410 $ 61,067
Income from operations
(pre-tax) $ 608 $ 1,386 $ 5,735 $ 6,219
Net loss attributable to
Avista Corporation $ (222) $ (1,592) $ (349) $ (1,689)
Issued February 15, 2012
Contact: Media: Jessie Wuerst (509) 495-8578 Email Contact
Investors: Jason Lang (509) 495-2930 Email Contact Avista 24/7
Media Access (509) 495-4174
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