Avista Reports Second-Quarter 2003 Earnings

July 30, 2003 by Jeff Shepard

Avista Corp. (Spokane, WA) reported second-quarter 2003 consolidated revenues of $218.6 million, and earnings of $0.25 per diluted share, from continuing operations. Net income available for common stock totaled $8.4 million, or $0.17 per diluted share, including the discontinued operations of Avista Labs.

"Avista continues to make progress in achieving the goals we set to return the company to financial health," said Gary Ely, Avista chairman, president and chief executive officer. "We are pleased to report that our continuing operations delivered strong earnings this quarter, and that the planned reduction in our majority ownership of Avista Labs has been accomplished."

Avista revised its 2003 consolidated corporate earnings outlook upward to between $0.85 and $1.05 per diluted share because of the strong performance of Avista Energy. For 2004, the company anticipates consolidated diluted earnings to exceed $1 per share, including continued improving performance at Avista Utilities and $0.20 to $0.30 per diluted share from Avista Energy.