IDACORP Reports 2003 Annual Earnings

February 09, 2004 by Jeff Shepard

IDACORP Inc. (Boise, ID) reported 2003 earnings of $1.22 per share, a $0.41 per-share decline from last year's $1.63 per share. The company reported improved fourth-quarter earnings of $0.10 per share compared to last year's net loss of $0.08 per share. Net income for the fourth quarter was $3.8 million, compared to a net loss of $3 million for the same period a year earlier. IDACORP's annual net income was $46.6 million for 2003 and $61.7 million in 2002.

"Our financial performance in 2003 is consistent with our previous guidance, and reflects the impacts of increased power supply costs, escalating maintenance expenses, and charges due to the wind down of two of our non-regulated businesses," said IDACORP President and Chief Executive Officer Jan Packwood. "With the difficult year behind us, we are poised to provide long-term value for our stakeholders with a strategy focused on our core electricity business while allowing for modest investments in growth initiatives."