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NV's Management Discusses Q4 2011 Earnings Results - Earnings Call Transcript

These statements are current expectations and as such are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risk and uncertainties include the factors discussed in our Form 10Qs for periods ended March, June and September 2011 and the Form 10K for the year ended December 31, 2010.

You’ll also find reconciliations of certain non-GAAP financial information on our website at www.NVEnergy.com. With us this morning are Michael Yackira, President and Chief Executive Officer and Dilek Samil, Senior Vice President, Chief Financial Officer and Treasurer. I’ll now turn the call over to Dilek.

Dilek L. Samil

As we announced this morning, for the fourth quarter of 2011 we had a net loss of $25 million or $0.11 per diluted share as compared with net income of $14 million or $0.06 per share for the same period a year ago. This brings total earnings for the year 2011 to $0.69 per diluted share compared with $0.96 in 2010.

Major drivers of our fourth quarter results are shown on Slide Two. Gross margin was virtually unchanged for the fourth quarter. Weather and customer growth were slightly positive, megawatt hour sales increased about 1% driven by customer growth of just under 1% as well as colder weather compared to last year. Offsetting this increase was a decrease in margin due to the sale of our California operation which was completed in January 2011.

Turning to items below the gross margin line, you’ll recall that we completed the Harry Allen combined cycle plant in the second quarter. Placing this plant in service reduced AFUDC, increased depreciation and increased operating and maintenance expense. The total impact of Harry Allen was $0.05 negative for the fourth quarter compared to the same period last year.

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