Avista Corp. earns $28.8 million

Avista Corp. reported net income of $28.8 million, or 52 cents per diluted share, for the first quarter of 2010, compared to $31 million, or 57 cents per diluted share, for the first quarter of 2009.

"We had a challenging first quarter because our region experienced one of the warmest January to March periods on record combined with low precipitation and snowpack. This weather pattern reduced our retail loads, hydroelectric generation and net income," said Avista Chairman, President and Chief Executive Officer Scott L. Morris.

He said that largely due to warmer than normal weather, residential electric use per customer was down 11 percent and residential natural gas use per customer was down 21 percent as compared to the first quarter of 2009. Commercial use per customer decreased 8 percent for electric and 23 percent for natural gas.

"Although the weather hurt our first quarter results, we are confirming our 2010 earnings guidance with the expectation that we will be at the low end of the range. We continue to aggressively manage our business, and I believe we are well positioned to continue our long-term earnings growth.

"Also of note in the first quarter, our board of directors increased the quarterly common stock dividend to 25 cents per share. This increase is indicative of the board's confidence in our continued progress toward achieving our goals," Morris said.

Avista Utilities provides electric service to 356,000 customers and natural gas to 316,000 customers. Its service territory covers 30,000 square miles in eastern Washington, North Idaho and parts of southern and eastern Oregon.