Avista announces 2012 report

Avista Corp. on Wednesday reported results of net income attributable to Avista Corp. shareholders of $78.2 million, or $1.32 per diluted share, for the year ended Dec. 31, compared to $100.2 million, or $1.72 per diluted share for the year ended Dec. 31, 2011.

For the fourth quarter of 2012, net income attributable to Avista Corp. shareholders was $15.9 million, or 26 cents per diluted share, compared to $24.6 million, or 42 cents per diluted share, for the fourth quarter of 2011.

"We had a challenging year in 2012, with earnings below our expectations, reflecting under-performance in all of our business segments," said Avista Chairman, President and Chief Executive Officer Scott L. Morris. "This was primarily due to warmer weather in the first and fourth quarters, which decreased earnings at our core utility business, expenses related to our voluntary severance incentive program and continued slow load growth."

The Washington Commission approved Avista's multi-party general rate case settlement in December with new rates that went into effect on Jan. 1, 2013, and additional rate increases to become effective on Jan. 1, 2014.