LAS VEGAS, July 15 /PRNewswire/ -- Nevada Power Company (NYSE: NVP) today
reported net income of $11,754,000 for the second quarter ended June 30, 1999,
compared with net income of $10,446,000 for the second quarter of 1998.
Earnings after requirements for preferred stock dividends were $11,712,000
or $0.23 per average common share (per share) compared with $10,401,000 or
$0.20 per share in 1998. Revenues and earnings were higher due to weather and
customer growth.
The Company also reported net income of $82,528,000 for the twelve months
ended June 30, 1999, compared with $73,157,000 a year earlier. After
requirements for preferred stock dividends, earnings per share were $1.61, up
$0.16 from the prior twelve-month period. Revenues and earnings were higher
due to weather and customer growth, offset by increased interest and
depreciation expenses due to infrastructure requirements associated with
customer growth. The annual customer growth rate was 6.0 percent.
Nevada Power Company provides electricity and energy services to more than
1.4 million residents of Las Vegas and southern Nevada and is the nation's
fastest-growing electric utility.
Quarter Ended June 30 1999 1998
Revenues $237,937,000 $198,935,000
Net Income $11,754,000 $10,446,000
Earnings Available for
Common Stock $11,712,000 $10,401,000
Weighted Average Common
Shares Outstanding 51,265,000 50,920,000
Earnings per Average
Common Share $0.23 $0.20
12 Months Ended June 30 1999 1998
Revenues $929,854,000 $808,022,000
Net Income $82,528,000 $73,157,000
Earnings Available for
Common Stock $82,358,000 $72,978,000
Weighted Average Common
Shares Outstanding 51,248,000 50,414,000
Earnings per Average
Common Share $1.61 $1.45
SOURCE Nevada Power Company
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800-758-5804, ext. 604296
CONTACT:
Media: Sonya Headen, 702-367-5680, or
Investors: Lauran Watson, Interim Director of
Investor/Shareholder Relations, 702-367-5610, both of Nevada
Power Company
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