Sierra Pacific Resources last week reported a net loss of $16.5 million, or 15 cents a share, for the first quarter, compared with a net loss of $303.9 million, or $2.98 per share, in the same quarter of 2002.
The 2003 first quarter loss resulted from higher interest costs at the Renobased holding company, as well as higher interest costs and lower energy sales at the company's utility subsidiaries, Nevada Power Co.
and Sierra Pacific Power Co.
The 2002 first quarter loss reflected approximately $465 million in pre-tax write-offs related to rate case disallowances.
Chairman and Chief Executive Officer Walter M.
Higgins said lower credit ratings for the company resulted in substantial increases in its interest costs Nevada Power, which serves the Las Vegas area, incurred a net loss of $15.2 million for the first quarter, and Sierra Pacific Power, which serves northern Nevada and the Lake Tahoe area, reported net income of $4 million.
Warmer-than-usual winter weather cut sales of electricity and natural gas in both regions.
The company's annual meeting of shareholders is scheduled May 12.
