Avista Reports Third-Quarter 2001 Earnings
Avista Corp. (Spokane, WA) reported third-quarter 2001 consolidated revenues of $1.40 billion and a loss for the quarter of $32.9 million, or $0.69 per diluted share. The loss was due to a $38.4 million after-tax loss, or $0.81 per diluted share, related to the planned divestiture of the Avista Communications business unit.
Avista reported third-quarter 2001 earnings from continuing operations of $0.12 per diluted share, exceeding earnings estimates. For the equivalent quarter last year, Avista reported revenues of $2.86 billion and earnings of $0.72 per diluted share. Avista's 2001 year-to-date earnings from continuing operations were $1.32 per diluted share and, after the Avista Communications losses, were $0.38 per diluted share. This compares to $0.15 per diluted share from continuing operations, and $0.01 per diluted share after the Avista Communications losses in the first nine months of 2000.
Gary Ely, Avista chairman, president and CEO, said, “This was a critical quarter for Avista. We faced a number of challenges and instituted several aggressive measures to relieve financing pressure related to unprecedented low-hydro conditions, power plant construction expenditures and high power-cost-deferral balances. Additionally, we are working through an orderly transition to divest Avista Communications."