IDACORP Reports Second-Quarter 2003 Results

August 13, 2003 by Jeff Shepard

IDACORP Inc. (Boise, ID) reported a net loss of $0.9 million, or $0.02 per share, for the second quarter of 2003 due to continued losses related to the wind down of the energy trading business at IDACORP Energy, the effects of intra-period tax allocations, the continued impact of below-normal hydroelectric generating conditions, and increases in operating expenses at Idaho Power. Year-to-date IDACORP has recorded a net loss of $4 million, or $0.10 per share. Last year's earnings were $0.08 per share for the second quarter and $0.74 per share for the first half of the year.

"Certainly these results do not meet our expectations or those of our shareholders," said IDACORP President and Chief Executive Officer Jan Packwood. "However, by continuing to manage through the ongoing drought conditions, combined with the expected reversal of the tax allocation impacts, we remain confident that we will achieve our previously stated earnings guidance for 2003."