11-Year Operations
and Financial Review (1991-1986)
|
11-Year Operations and Financial Review (1996-1992)
Year Ended September 30
|
1996 |
1995 |
1994 |
1993(6) |
1992 |
|
OPERATIONS (Thousands) |
|
|
Utility operating revenues |
$ 530,594 |
$ 403,810 |
$ 475,297 |
$ 499,278 |
$ 411,260 |
Cost of gas |
320,131 |
218,495 |
280,988 |
313,553 |
250,927 |
|
Margin |
210,463 |
185,315 |
194,309 |
185,725 |
160,333 |
Utility operating expenses |
156,910 |
139,127 |
146,466 |
141,452 |
122,206 |
|
Utility operating income |
53,553 |
46,188 |
47,843 |
44,273 |
38,127 |
Interest and other |
14,923 |
14,079 |
13,247 |
15,739 |
12,384 |
|
Utility income |
38,630 |
32,109 |
34,596 |
28,534 |
25,743 |
Nonutility income (loss) |
3,571 |
847 |
(155) |
6,329 |
(64) |
|
Income before preferred dividends and cumulative effect of change in accounting principle |
42,201 |
32,956 |
34,441 |
34,863 |
25,679 |
Preferred dividend requirement of subsidiary |
- |
- |
- |
285 |
1,710 |
|
Income before cumulative effect of change in accounting principle |
42,201 |
32,956 |
34,441 |
34,578 |
23,969 |
Cumulative effect of change in accounting principle - net of taxes |
- |
- |
- |
- |
- |
|
Net income |
$ 42,201 |
$ 32,956 |
$ 34,441 |
$ 34,578 |
$ 23,969 |
|
COMMON STOCK DATA(1) |
|
|
Average common shares outstanding (thousands) |
22,513 |
22,560 |
22,554 |
21,376 |
20,706 |
Earnings per average share of common stock |
$ 1.87 |
$ 1.46 |
$ 1.53 |
$ 1.62 |
$ 1.16 |
Dividends per share of common stock |
$ 1.11 |
$ 1.07 |
$ 1.03 |
99 1/2¢ |
95 2/3¢ |
Common stock dividend payout ratio |
59% |
73% |
67% |
61% |
82% |
Common shareholders' equity per share |
$ 13.19 |
$ 12.44 |
$ 12.02 |
$ 11.52 |
$ 10.22 |
|
CAPITALIZATION STRUCTURE (Thousands) |
|
|
Common shareholders' equity |
$ 296,322 |
$ 280,715 |
$ 271,245 |
$ 258,647 |
$ 212,310 |
Redeemable preferred shareholder's equity(2) |
- |
- |
- |
- |
20,000 |
Long-term debt (2) |
178,335 |
176,563 |
158,979 |
184,901 |
150,311 |
|
|
$ 474,657 |
$ 457,278 |
$ 430,224 |
$ 443,548 |
$ 382,621 |
|
GAS SOLD AND TRANSPORTED - UTILITY (MDth) |
|
|
Residential |
50,507 |
40,592 |
46,634 |
44,690 |
41,065 |
Commercial |
20,178 |
16,195 |
18,258 |
17,613 |
15,711 |
Industrial |
56,057 |
52,721 |
51,393 |
49,051 |
45,209 |
|
Total throughput |
126,742 |
109,508 |
116,285 |
111,354 |
101,985 |
|
UTILITY OPERATING REVENUES (Thousands) |
|
|
Residential |
$ 316,836 |
$ 240,941 |
$ 283,622 |
$ 275,474 |
$ 230,174 |
Commercial |
111,763 |
82,624 |
97,800 |
96,784 |
77,418 |
Industrial |
96,307 |
76,161 |
89,355 |
123,758 |
100,382 |
Miscellaneous revenue |
5,688 |
4,084 |
4,520 |
3,262 |
3,286 |
|
Total revenues |
$ 530,594 |
$ 403,810 |
$ 475,297 |
$ 499,278 |
$ 411,260 |
|
UTILITY CUSTOMERS SERVED - AVERAGE |
|
|
Residential |
419,621 |
410,053 |
399,611 |
389,677 |
380,513 |
Commercial |
44,369 |
43,605 |
42,727 |
42,132 |
41,321 |
Industrial |
1,176 |
1,159 |
1,160 |
1,191 |
1,163 |
|
Total customers |
465,166 |
454,817 |
443,498 |
433,000 |
422,997 |
|
AVERAGE REVENUE PER Dth |
|
|
Residential |
$ 6.27 |
$ 5.94 |
$ 6.08 |
$ 6.16 |
$ 5.61 |
Commercial |
$ 5.54 |
$ 5.10 |
$ 5.36 |
$ 5.50 |
$ 4.93 |
|
Average cost of gas per Dth purchased |
$ 3.14 |
$ 2.53 |
$ 2.89 |
$ 2.90 |
$ 2.65 |
Capital expenditures (thousands) |
$ 66,381 |
$ 54,943 |
$ 57,138 |
$ 56,945 |
$ 59,060 |
Total assets at year-end (thousands) |
$ 682,463 |
$ 663,397 |
$ 656,645 |
$ 631,280 |
$ 627,719 |
Annual heating degree-days as percent of normal |
108% |
87% |
102% |
99% |
90% |
|
(1) Adjusted to reflect the three-for-two stock split October 1, 1993.
(2) Includes current maturities; excludes sinking fund requirements.
(3) In fiscal 1987, the company recognized revenues for volumes delivered but not billed (unbilled revenue); it previously recognized revenues only when billed. Before the cumulative effect of accruing unbilled revenues, earnings available for common stock were $14,147 or 86¢ per average share.
(4) Based on earnings available for common stock excluding the cumulative effect of accruing unbilled revenues.
(5) Includes consolidation of EnTrade Corporation, a majority-owned subsidiary, beginning January 1990, and Richmond Gas Corporation and Terre Haute Gas Corporation beginning August 1990.
(6) Reflects the gain on the sale by IGC Energy, Inc. of its interest in EnTrade Corporation on December 29, 1992.
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