Avista Corp., of Spokane, has posted third-quarter net income of $5.8 million, or 10 cents a diluted share, down from $10.7 million, or 18 cents a share, during the year-earlier period.
Company Chairman, President, and CEO Scott L. Morris says in a press release, "As we initially reported on Oct. 22, 2012, our results for the third quarter and forecasted results for the remainder of 2012 are below our expectations."
Avista had disclosed last month that its earnings would be less than expected due partly to weak results at Ecova Inc., its utility-bill management subsidiary, and losses at other non-utility businesses. The company attributes the decline in profitability at Ecova partly to increased costs related to its acquisitions of two companies, Prenova Inc. and LPB Energy Management.
For the utility side of the business, which accounts for more than 90 percent of its earnings, net income inched up to $7.66 million in the third quarter from $7.58 million in the year-earlier period.