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El Paso Electric Announces First Quarter Financial Results

  2012 MAY 20 - (VerticalNews.com) -- El Paso Electric (NYSE: EE): Overview For the first quarter of 2012, EE reported net income of $3.3 million, or $0.08 basic and diluted earnings per share. In the first quarter of 2011, EE reported net income of $6.8 million, or $0.16 basic and diluted earnings per share.

  "In the first quarter of 2012, we experienced an anticipated decline in net income, due primarily to an increase in the level of scheduled maintenance at our generating plants and lower allowance for funds used during construction associated with the completion of Phase II for Newman Unit 5 in April 2011," said Tom Shockley, Interim Chief Executive Officer. "This decline was partially offset by increased revenues, reflecting a steady increase in retail sales, which includes 1.5% growth in the average number of customers served. The recent rate settlement with the City of El Paso is designed to encourage economic growth, which is a common goal shared by the City of El Paso and the Company." Earnings Summary The table and explanations below present the major factors affecting 2012 net income relative to 2011 net income.

   Quarter Ended Pre-Tax Effect

   After-Tax Net Income

   Basic EPS March 31, 2011

  $

  6,775

  $

  0.16

  Keywords: Finance, Investing and Investments.

  This article was prepared by VerticalNews Internet editors from staff and other reports. Copyright 2012, VerticalNews Internet via VerticalNews.com.