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Sierra Pacific Resources Corporation (SRP)

Q3 FY08 Earnings Call

November 3, 2008, 10:00 AM ET


Britta Carlson - Manager of Investor and Shareholder Relations

Michael W. Yackira - President and CEO

William D. Rogers - Corporate Sr. VP and CFO


Dan Eggers - Credit Suisse

Gregory Gordon - Citigroup

Lasan Johong - RBC Capital Markets

John Kiani - Deutsche Bank Securities Including

Paul Pederson - Glenrock Associates

Jonathan Arnold - Merrill Lynch

Michael Lapides - Goldman Sachs

Brian Russo - Ladenburg Thalmann



Ladies and gentlemen, thank you for standing by. Welcome to the Sierra Pacific Resources Third Quarter Earnings Call to Investors. At this time, all participants are in a listen-only mode, and later we will conduct a question-and-answer session. The instructions will be given at that time. [Operator Instructions]. As a reminder, this conference is being recorded. I'd now like to turn the conference over to Ms. Britta Carlson. Please go ahead.

Britta Carlson - Manager of Investor and Shareholder Relations

Good morning. This is Britta Carlson, Manager of Investor and Shareholder Relations. Thank you for joining us this morning to review Sierra Pacific Resources results for the third quarter 2008. In addition to the press release that was issued over the Newswire earlier today, we expect to file our 2008 third quarter Form 10-Q with the SEC this week.

I would like to remind you that comments we make during this call, may include forward-looking statements within the meaning of the Private Securities Litigation Reforms Act of 1995. Regarding the future performance of Sierra Pacific Resources and its subsidiaries, Nevada Power Company, and Sierra Pacific Power Company both doing business as NV Energy.

These statements are current expectations and as such are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include the factors discussed in the Company's Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008, and Form 10-K for the year ended December 31, 2007.

I would like to mention that reconciliation of certain non-GAAP financial information presented during today's call can be found in our earnings press release, which is posted on our Company website at

With me this morning, are Michael Yackira, President and Chief Executive Officer, and Bill Rogers, Corporate Senior Vice President and Chief Financial Officer. Michael will begin our call this morning.

Michael W. Yackira - President and Chief Executive Officer

Thanks Britta. Good morning everyone. Thank you for joining us this morning. Before Bill reviews the third quarter financial results, I've like to offer a few comments on our decision to re-brand the two utilities that have been serving Nevada for over 100 years.

In September, we announced that the company's utilities Nevada Power Company and Sierra Pacific Power Company will now be doing business as NV Energy. The new name provides a better description of who we are, and it's a better fit for our long... with our long-term energy strategy.

We have scheduled a special Shareholders Meeting on November 19th at our offices in Las Vegas to seek shareholder approval, to change the name of the holding company from Sierra Pacific Resources to NV Energy, Inc. If the name change is approved by shareholders, our stock will be traded on the New York Stock Exchange under the Symbol NVE.

Our decision to change the name to NV Energy was down after much thought and research. In 1999 Sierra Pacific Resource and Nevada Power Company merged, and since then, we have consolidated many of the functions of the two companies, in order to reduce operating costs, but until now the two utilities have pertained their separate identities.

The new name underscores the fact, that we are first and foremost a Nevada company providing energy products and services for Nevadans. This name change and new logo, signals our commitment to our customers, employees, and investors to become the premier provider of energy products and services for Nevada.

I'm also pleased to announce that last week, the Sierra Pacific Resource Board of Directors, declared a cash dividend of $0.10 per share, payable on December 17, 2008 to common shareholders of record on December 2, 2008. This is a 25% increase from our prior quarterly dividend of $0.08 per share. As you are aware, we reinstated the dividend during the third quarter of 2007. In that reinstatement, we took the balance few of pay-out to shareholders and retained earnings for our substantial investment opportunities, with more weighting to the latter. We continue to have that balanced and relative weighting philosophy.

Although we do not have a stated dividend policy, our methodology when setting the pay-out analysis our current year earnings and visibility for next year's earnings. We view the third quarter as providing the best visibility of current and future year earnings. Therefore our Board is comfortable with increasing the pay-out per share, to a level that reflects the view of our earnings.

I'll now turn the call over to Bill Rogers, and I'll later address some of the other key developments for our company.

William D. Rogers - Corporate Senior Vice President and Chief Financial Officer

Thank you Michael and Good morning everyone. In our earnings press release, we included certain financial highlights from our company's income statements and balance sheets. So rather than repeat our financials; I will discuss key drivers and trends that affect our earnings.

As released this morning, Sierra Pacific Resources earned a $151 million or $0.64 per share in the third quarter 2008, compared to a $152 million, or $0.69 per share in the same 2007 quarter. In the first nine months of 2008, Sierra Pacific earned $211 million, or $0.90 per share, an increase of 9% compared with the $194 million or $0.87 per share in the same period last year.

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