On a recurring basis, the company’s adjusted consolidated net income applicable to common stock was $197.7 million, or 89 cents per share, for 2007, compared with an adjusted net income applicable to common stock of $120.3 million, or 58 cents per share, for 2006.
Fourth-quarter consolidated net income applicable to common stock totaled $3.7 million, or two cents per share, for 2007, compared with $26.1 million, or 12 cents per share, for the same quarter in 2006. Non-recurring items were also responsible for the decline in the fourth-quarter comparisons.
Michael Yackira, president and CEO of Sierra Pacific Resources, said: We are pleased with the company’s solid financial and operating results for 2007. Our cash from operating revenues increased significantly. We invested approximately $1.2 billion during the year on capital expenditures that were dedicated to both executing our strategy of building new power plants in Nevada for Nevadans as well as improvements throughout our operations.
