Avista Expects to Report Third-Quarter 2002 Loss
Avista Corp. (Spokane, WA) reported that it expects to post a loss for third-quarter 2002 as a result of lower revenues at Avista Utilities and Avista Energy. For the year, Avista expects consolidated corporate earnings to be in the range of $0.60 to $0.70 per diluted share, compared to previous estimates of between $0.70 and $0.80 per diluted share.
"Despite issues facing us this quarter, Avista Utilities is on the road to financial recovery, and our strategies remain on track in both our regulated and unregulated businesses," said Gary Ely, Avista chairman, president and CEO. "Compared to just one year ago, we have made significant progress toward restoring our financial health. We have also reduced outstanding debt by more than $200.0 million since January."