UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
SOUTHWESTERN PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
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New Mexico |
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75-0575400 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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Tyler at Sixth, |
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79101 |
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(Address of principal executive |
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(Zip Code) |
Registrant’s telephone number, including area code (303) 571-7511
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
o Yes ý No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at April 28, 2005 |
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Common Stock, $1 par value |
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100 shares |
Southwestern Public Service Company meets the conditions set forth in General Instruction H (1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H (2) to such Form 10-Q.
Table of Contents
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This Form 10-Q is filed by Southwestern Public Service Co. (SPS). SPS is a wholly owned subsidiary of Xcel Energy Inc. (Xcel Energy). Xcel Energy is a registered holding company under the Public Utility Holding Company Act of 1935 (PUHCA). Additional information on Xcel Energy is available on various filings with the Securities and Exchange Commission (SEC).
2
PART 1. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
SOUTHWESTERN PUBLIC SERVICE CO.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Thousands of Dollars)
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Three Months Ended |
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2005 |
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2004 |
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Operating revenues |
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$ |
312,403 |
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$ |
306,557 |
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Operating expenses: |
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Electric fuel and purchased power |
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195,947 |
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189,319 |
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Other operating and maintenance expenses |
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45,610 |
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45,395 |
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Depreciation and amortization |
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23,616 |
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22,305 |
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Taxes (other than income taxes) |
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12,729 |
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13,545 |
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Total operating expenses |
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277,902 |
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270,564 |
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Operating income |
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34,501 |
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35,993 |
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Other income: |
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Interest and other income, net of nonoperating expenses (see Note 6) |
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484 |
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261 |
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Allowance for funds used during construction – equity |
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384 |
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771 |
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Total other income |
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868 |
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1,032 |
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Interest charges and financing costs: |
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Interest charges — net of amounts capitalized, includes other financing costs of $1,525 and $1,756, respectively |
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13,384 |
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13,297 |
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Allowance for funds used during construction – debt |
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(513 |
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(509 |
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Total interest charges and financing costs |
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12,871 |
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12,788 |
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Income before income taxes |
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22,498 |
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24,237 |
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Income taxes |
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8,402 |
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9,441 |
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Net income |
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$ |
14,096 |
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$ |
14,796 |
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See Notes to Consolidated Financial Statements
3
SOUTHWESTERN PUBLIC SERVICE CO.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Thousands of Dollars)
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Three Months Ended |
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2005 |
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2004 |
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Operating activities: |
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Net income |
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$ |
14,096 |
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$ |
14,796 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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25,667 |
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24,492 |
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Deferred income taxes |
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3,335 |
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8,536 |
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Amortization of investment tax credits |
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(63 |
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(63 |
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Allowance for equity funds used during construction |
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(384 |
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(771 |
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Change in recoverable electric energy costs |
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(2,337 |
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(24,370 |
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Change in accounts receivable |
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615 |
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11,445 |
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Change in unbilled revenues |
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14,870 |
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8,355 |
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Change in inventories |
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(37 |
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229 |
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Change in other current assets |
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1,247 |
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1,532 |
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Change in accounts payable |
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(26,959 |
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(1,853 |
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Change in other current liabilities |
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21,076 |
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(11,891 |
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Change in other noncurrent assets |
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(3,057 |
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(4,148 |
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Change in other noncurrent liabilities |
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1,464 |
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1,752 |
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Net cash provided by operating activities |
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49,533 |
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28,041 |
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Investing activities: |
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Capital/construction expenditures |
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(26,894 |
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(24,161 |
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Allowance for equity funds used during construction |
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384 |
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771 |
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Other investments – net |
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1,419 |
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276 |
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Net cash used in investing activities |
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(25,091 |
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(23,114 |
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Financing activities: |
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Short-term borrowings – net |
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(2,000 |
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20,000 |
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Dividends paid to parent |
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(22,442 |
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(23,987 |
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Net cash used in financing activities |
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(24,442 |
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(3,987 |
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Net increase (decrease) in cash and cash equivalents |
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— |
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940 |
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Cash and cash equivalents at beginning of period |
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5 |
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9,869 |
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Cash and cash equivalents at end of period |
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$ |
5 |
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$ |
10,809 |
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See the Notes to Consolidated Financial Statements
4
SOUTHWESTERN PUBLIC SERVICE CO.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Thousands of Dollars)
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March 31, |
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Dec. 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
5 |
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