Business Context and Reporting Period
This Form 8-K is a combined current report filed by Pinnacle West Capital Corporation and its subsidiary, Arizona Public Service Company (APS). The report covers the fiscal quarter ended September 30, 2005, with the filing date and press release issuance occurring on October 27, 2005. The document serves to disclose quarterly results of operations and financial condition pursuant to Item 2.02 and Regulation FD.
Key Financial Metrics
The filing text itself does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are referenced as being contained within the attached exhibits, specifically:
- Exhibit 99.2: Quarterly consolidated statistical summary for periods ended September 30, 2005, and 2004.
- Exhibit 99.7: Earnings variance explanations and condensed consolidated statements of income for the three and nine months ended September 30, 2005, and 2004.
- Exhibit 99.9: Earnings News Release issued on October 27, 2005.
The filing explicitly states that the information in the text is a reference to these exhibits and does not provide the raw financial data directly.
Material Changes and Non-GAAP Measures
The registrants highlight the use of non-GAAP financial measures defined as "on-going earnings" and "on-going earnings per share." Management utilizes these metrics to provide a useful indicator of results comparable among periods by excluding the effects of unusual items that may occur on an irregular basis. A reconciliation of these non-GAAP measures to net income (the most directly comparable GAAP measure) is provided in Exhibit 99.9 and Exhibit 99.10.
Guidance, Outlook, and Risks
The filing includes standard disclosures regarding the nature of the provided information:
- Preliminary Nature: Some information is preliminary and could be subject to significant adjustment.
- Third-Party Data: Certain information is based on data received from third parties and may contain inaccuracies for which the Company assumes no responsibility.
- Update Obligation: The Company assumes no obligation to update or correct the information and reserves the right to discontinue the provision of such information at any time.
- Legal Status: The information furnished pursuant to Item 2.02 and the related exhibits shall not be deemed "filed" for purposes of Section 18 of the Exchange Act and is not subject to the liabilities of that Section, except as expressly set forth by specific reference.
Investor Verification Checklist
- Review Exhibit 99.9 (Earnings News Release) for specific revenue, net income, and earnings per share figures for the quarter ended September 30, 2005.
- Examine Exhibit 99.7 for the detailed earnings variance explanations to understand drivers of performance changes versus the prior year.
- Analyze the reconciliation in Exhibit 99.10 to understand the specific adjustments made to derive "on-going earnings" from GAAP net income.
- Verify the preliminary nature of the statistical summaries in Exhibit 99.2 against final audited reports when available.