Item 2.02 Results of Operations and Financial Condition
On August 3, 2009, UniSource Energy Corporation ("UniSource Energy") issued a
press release announcing earnings for the quarter and six months ended June 30,
2009 for UniSource Energy and Tucson Electric Power Company. A copy of the press
release is attached hereto as Exhibit 99.1. UniSource Energy also posted
supplemental information accessible from a link on its website, www.uns.com. A
copy of the supplemental information is attached hereto as Exhibit 99.2.
The Company's press releases and other communications may include certain
non-Generally Accepted Accounting Principles (GAAP) financial measures. A
"non-GAAP financial measure" is defined as a numerical measure of a company's
financial performance, financial position or cash flows that excludes (or
includes) amounts that are included in (or excluded from) the most directly
comparable measure calculated and presented in accordance with GAAP in the
Company's financial statements.
Non-GAAP financial measures utilized by the Company include presentations of
revenues, operating expenses, operating income and earnings (loss) per share.
The Company uses these non-GAAP measures to evaluate the operations of the
Company. Certain non-GAAP financial measures utilized by the Company exclude:
the impact of non-recurring items: the effect of accounting changes or
adjustments; expenses that are reimbursed by third parties; and other items. The
Company's management believes that these non-GAAP financial measures provide
useful information to investors by removing the effect of variances in GAAP
reported results of operations that are not indicative of fundamental changes in
the earnings or cash flow capacity of the Company's operations. Management also
believes that the presentation of the non-GAAP financial measures is largely
consistent with its past practice, as well as industry practice in general, and
will enable investors and analysts to compare current non-GAAP measures with
non-GAAP measures with respect to prior periods.
Item 9.01 Financial Statements and Exhibits
Exhibit 99.1 UniSource Energy Corporation Press Release, dated August 3,
2009.
Exhibit 99.2 Supplemental earnings information posted on UniSource
Energy's website, dated August 3, 2009.
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