UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) October 4, 2002
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(October 1, 2002)
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PNM RESOURCES, INC.
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(Exact name of registrant as specified in its charter)
New Mexico Commission 85-0468296
---------------------------- File Number 333-32170 -----------------------
(State or Other Jurisdiction --------- (I.R.S. Employer
of Incorporation) Identification) Number)
Alvarado Square, Albuquerque, New Mexico 87158
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(Address of principal executive offices) (Zip Code)
(505) 241-2700
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year, if changed since last
report)
Item 5. Other Events
The following is a press release issued by the Company on October 1, 2002.
PNM Resources Declares Common Stock Dividend
Albuquerque, N.M., October 1, 2002 -- The Board of Directors of PNM Resources
(NYSE:PNM), has declared the regular quarterly dividend of $0.22 per share on
common stock, for an indicated annual dividend of $0.88 per share. The dividend
is payable November 15, 2002 to shareholders of record on November 4, 2002.
"Preserving an investment grade credit rating and offering a reasonable dividend
to investors are key to PNM's financial strategy," said PNM Resources Chairman,
President and Chief Executive Officer Jeff Sterba. "We remain committed to the
dividend policy adopted earlier this year, which targets an 8 to 10 percent
annual increase in the common stock dividend until the payout ratio reaches 50
to 60 percent of earnings from our regulated utility business."
PNM Resources is an energy holding company based in Albuquerque, New Mexico.
PNM, the principal subsidiary of PNM Resources, provides natural gas service to
441,000 gas customers and electric utility service to 378,000 customers in New
Mexico. The company also sells power on the wholesale market in the Western U.S.
PNM Resources stock is traded primarily on the NYSE under the symbol PNM.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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Statements made in this filing that relate to future events are made pursuant to
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based upon current expectations and the company assumes no
obligation to update this information. Because actual results may differ
materially from expectations, the company cautions readers not to place undue
reliance on these statements. A number of factors, including weather, fuel
costs, changes in supply and demand in the market for electric power, wholesale
power prices, market liquidity, the performance of generating units and
transmission system, and state and federal regulatory and legislative decisions
and actions, including rulings issued by the New Mexico Public Regulation
Commission (NMPRC) pursuant to the Electric Utility Industry Restructuring Act
of 1999, as amended, and in other cases now pending or which may be brought
before the FERC or NMPRC are factors that could affect the company's dividend
policy. For a detailed discussion of the important factors affecting PNM
Resources, please see "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the Company's Form 10-K for the year
ended December 31, 2001, Form 10-Q for the quarter ended June 30, 2002 and Form
8-K filings with the Securities and Exchange Commission.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNM RESOURCES, INC.
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(Registrant)
Date: October 4, 2002 /s/ John R. Loyack
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John R. Loyack
Vice President and Chief Accounting Officer
(Officer duly authorized to sign this report)
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