Power and natural gas utility Avista has reported a net income of $17.5 million, or $0.32 per diluted share, for the fourth quarter of 2008, compared to $14.1 million, or $0.26 per diluted share, for the same period of 2007.
For the year ended December 31, 2008, Avista has reported a net income of $73.6 million, or $1.36 per diluted share, compared to $38.5 million, or $0.72 per diluted share, for the year ended December 31, 2007.
The company has reported operating revenues of $447.46 million for the fourth quarter of 2008, compared to $386.9 million for the same period of 2007. Avista has reported operating revenues of $1.68 billion for the year 2008, compared to $1.42 billion for the year 2007.
Scott Morris, chairman, president and CEO of Avista, said: We are pleased with our overall results which showed considerable improvement over a disappointing 2007. We expect continued improvement in our financial results for 2009.
Although the 2008 results for the utility represent an improvement over 2007, we are still earning less than the return authorised by state regulatory commissions due to the lag in recovery of costs related to capital investments and operating expenses.
