Avista Reports First-Quarter 2003 Earnings
Avista Corp. (Spokane, WA) reported first-quarter 2003 consolidated revenues of $311.9 million and net income available for common stock of $15.6 million, or earnings of $0.32 per diluted share. For the equivalent quarter last year, Avista reported revenues of $326.8 million and net income available for common stock of $10.5 million, or $0.22 per diluted share.
"Avista's first-quarter 2003 earnings results demonstrate that our back-to-basics strategy is on track," said Gary Ely, Avista chairman, president and chief executive officer. "We're seeing positive results in several key areas from our focus on improving cash flows and earnings and rebuilding our financial health. Interest expense was reduced as Avista continues to reduce high-cost debt, and we're also experiencing better results in our information and technology businesses. And we're making progress toward our goal of finding a partner for Avista Labs."