Nonrecurring

Quarterly results were essentially flat when excluding nonrecurring items for Southwest Gas Corp. which faces the challenge of fine tuning its strategy for maximizing its regulatory climate and gaining rate changes. Last week the Las Vegas, NV-based company reported a loss of $337,000, or 1 cent/share, for the second quarter, compared with profits of $3.7 million, or 9 cents/share, for the same period last year.

While second quarter results were essentially flat when excluding nonrecurring items, the continuing moderation of growth in Nevada and Arizona challenges Las Vegas, NV-based Southwest Gas Corp. to fine tune its strategy for maximizing its regulatory climate and gaining rate changes that minimize weather and seasonal impacts on its rates. Southwest reported a loss of $337,000, or 1 cent/share, for the second quarter Monday, compared with profits of $3.7 million, or 9 cents/share for the same period last year.

With or without adjustments for one-time, nonrecurring items, Sierra Pacific Resources last Friday reported increased profits for the third-quarter and nine-month periods this year, compared to the same periods last year. The company attributed the increase to continued customer growth at Sierra’s two Nevada utilities, Nevada Power Co. and Sierra Pacific Power Co., along with carrying charges associated with the new Chuck Lenzie Generating Station near Las Vegas, NV.

Williams said it will take a $54 million nonrecurring, after-tax charge in the second quarter of 2006 as a result of jury verdicts returned earlier this week against two of its subsidiaries for breach of contract and fraud in connection with the design and construction of four Louisiana gas processing plants.

Without one-time charges, MCN Energy lost plenty in the thirdquarter, and a huge hit of $2.14/share in nonrecurring chargesdidn’t help at all.