The Board of Directors of El Paso Electric declared a regular quarterly cash dividend on its common stock of $0.265 per share. he dividend was declared on May 9, 2013 and is payable on June 28, 2013 to shareholders of record on June 13, 2013. This is an increase in the annual cash dividend from $1.00 per share to $1.06 per share.

El Paso Electric Co. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company has posted operating revenues net of energy expenses of $120,014,000 against $116,585,000 a year ago. Earnings before interest, taxes, depreciation and amortization were $39,474,000 against $33,924,000 a year ago. Income before income taxes was $10,949,000 against $4,121,000 a year ago. Net income was $7,634,000 or $0.19 basic and diluted per share against $3,344,000 or $0.08 basic and diluted per share a year ago. Net cash provided by operating activities was $7,733,000 against $34,855,000 a year ago. Cash additions to utility property, plant and equipment were $55,406,000 against $48,164,000 a year ago. Cash additions to nuclear fuel were $9,888,000 against $32,725,000 a year ago. Book value per common share was $20.63 against $18.98 a year ago. Income for the quarter ended March 31, 2013, when compared to the same period last year, was positively affected by increased retail non-fuel base revenues primarily due to a 7.7% increase in kWh sales to residential customer class. The increase in kWh sales to residential customers reflects colder weather in 2013 compared to 2012. Heating degree days increased 15.4% over last year and were 9.7% over the 10-year average. Decreased O&M at fossil-fuel generating plants primarily due to the timing of planned maintenance at gas-fired generating units. In the first quarter of 2012, the company performed scheduled major maintenance at Rio Grande Unit 8 and Newman Unit 1 with a reduced level of maintenance activity in the current period. Increased allowance for funds used during construction (AFUDC) due to higher balances of construction work in progress subject to AFUDC. Decreased Palo Verde O&M primarily due to timing of the spring refueling outage. The 2013 spring refueling outage for Unit 1 began March 30, 2013. The 2012 spring refueling outage of Unit 3 began March 17, 2012 and was completed on April 17, 2012. Decreased depreciation and amortization due to reduced depreciation rates on gas-fired generating units and on transmission and distribution plant as a result of the 2012 Texas rate case settlement. Income for the quarter ended March 31, 2013, when compared to the same period last year, was negatively affected by increased administrative and general expenses due to increased outside services. Administrative and general expense also increased due to increased pensions and benefits expense primarily due to a significant forfeiture of employee stock awards in 2012 with no comparable activity in 2013. Increased interest on long-term debt due to interest on the $150 million of 3.30% senior notes issued in December 2012. The company reiterated earnings guidance for 2013 within a range of $2.20 to $2.60 per basic share.

El Paso Electric Co., Q1 2013 Earnings Call, May 01, 2013