Pinnacle West Reports 2004 Second Quarter Earnings


PHOENIX - Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the quarter ended June 30, 2004, of $71 million, or $0.78 per diluted share of common stock.  This result compares with net income of $56 million, or $0.61 per diluted share, for the same quarter a year ago.

On-going consolidated earnings in the second quarter of 2004 were $50 million, or $0.55 per share, compared with $56 million, or $0.61 per share in the comparable 2003 quarter.  On-going earnings exclude a gain of $21 million after income taxes, or $0.23 per share, from the second quarter 2004 sale of the Company's interest in the Phoenix Suns professional basketball team partnership.

On-going earnings were adversely impacted by new generating plants placed in service in 2003 and 2004 which have not been given rate treatment and higher replacement power costs due to unplanned plant outages.

"Operationally, we have dealt with several events this summer which have tested the strength of our system and our people" said Pinnacle West Chairman Bill Post.  "Our people have performed admirably and decisions over the last few years to expand both our generation and transmission systems have allowed us to meet the state's growing demand."

For more information on Pinnacle West's operating statistics and earnings, please visit

Conference Call

Pinnacle West invites interested parties to listen to the live webcast of management's conference call to discuss the Company's 2004 second quarter earnings and recent developments at 12 noon (ET) today, July 29, 2004. The webcast can be accessed at and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 8376241. A replay of the call also will be available until 12 midnight (ET), Thursday, August 5, 2004, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering reservation number 8376241.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9.8 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States.  It also develops residential, commercial, and industrial real estate projects.


Alan Bunnell, (602) 250-3376

Rebecca Hickman, (602) 250-5668
Lisa Malagon, (602) 250-5671

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