Pinnacle West Capital Corp PNW
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/22/2013

Operator: Greetings, and welcome to the Pinnacle West Capital Corporation 2012 Fourth Quarter and Full Year Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Rebecca Hickman, Director of Investor Relations for Pinnacle West Capital Corporation. Thank you. You may begin.

Rebecca L. Hickman - Director, IR: Thank you, Christine. I'd like to thank everyone for participating in this conference call or webcast to review our fourth quarter and full year 2012 earnings, recent developments and operating performance. Our speakers today will be our Chairman and CEO, Don Brandt and our CFO, Jim Hatfield. Jeff Guldner, who is APS Senior Vice President of Customers & Regulation is also here with us.

Before I turn the call over to our speakers, I need to cover a few details with you. First, the slides to which we refer are available on our Investor Relations website along with our earnings release and related information. Please note that the slides contain reconciliations of certain non-GAAP financial information. Also all of our references to per share amounts will be after income taxes and based on diluted shares outstanding. It is my responsibility to advise you that this call and our slides contain forward-looking statements based on current expectations and the Company assumes no obligation to update these statements. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements.

Our 2012 Form 10-K was filed this morning. Please refer to that document for forward-looking statements, cautionary language, as well as the risk factors and MD&A sections, which identify risks and uncertainties that could cause actual results to differ materially from those contained in our disclosures.

A replay of this call will be available on our website for the next 30 days. It will also be available by telephone through March 1.

At this point, I'll turn the call over to Don.

Donald E. Brandt - Chairman, President and CEO, Pinnacle West Capital Corporation and Chairman and CEO, Arizona Public Service Company: Thanks, Becky, and thank you all for joining us today. In 2012, we made progress in a number of key areas as we focused on our core electric utility business. This progress included demonstrating sustained improvement in the Arizona's regulatory environment, making strategic capital investments, maintaining operational excellence, strengthening our financial profile and positioning ourselves to benefit from economic recovery in Arizona. Jim and I will provide more information on these areas through our remarks today.

Looking first to Arizona regulation. Early last month, the composition of the Arizona Corporation Commission changed the commissioners elected in November, Bob Stump, Susan Bitter Smith and Bob Burns were sworn in and Bob Stumpf was elected Chairman of the Commission. With two new members and Commissioner Stumpf, Brenda Burns and Gary Pierce continuing in office the Commission is now comprised of five Republicans.

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