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Previous: ENERGYSOUTH INC, 8-K12G3, 1998-02-02 |
Next: VIB CORP, S-4/A, 1998-02-02 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-3A-2
File No. 0-234
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION UNDER RULE U-3A-2 FROM
THE PROVISIONS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To Be Filed Annually Prior to March 1
ENERGYSOUTH, INC.
(Name of company)
hereby files with the Securities and Exchange Commission (the Commission),
pursuant to Rule 2, its statement claiming exemption as a holding company from
the provisions of the Public Utility Holding Company Act of 1935 (the "Act"),
and submits the following information:
1. The Claimant ENERGYSOUTH, INC., an Alabama corporation, is a holding
company which directly or indirectly holds interests in the following
subsidiaries, each of which is also organized under the laws of the State of
Alabama:
a. Mobile Gas Service Corporation ("Mobile Gas"), a natural gas
distribution company;
b. MGS Storage Services, Inc., which owns an 87 1/2% general partnership
interest in Bay Gas Storage Company, Ltd.;
c. Bay Gas Storage Company, Ltd. ("Bay Gas"), a limited partnership
engaged in the business of underground natural gas storage;
d. MGS Energy Services, Inc., which is engaged in the business of
providing contract and consulting work for utilities and industrial
customers and which owns a 51% interest in Southern Gas Transmission
Company;
e. Southern Gas Transmission Company ("SGT"), a general partnership which
operates a gas pipeline; and
f. MGS Marketing Services, Inc., which was incorporated to assist
existing and potential customers of Mobile Gas in the purchase of
natural gas.
<PAGE> 2
The business address of the Claimant and each of its subsidiaries is:
2828 Dauphin Street
Mobile, Alabama 36606
2. Mobile Gas is a "gas utility company" under the provisions of Section
2(a)(4) of the Act and is regulated by the Alabama Public Service Commission.
The properties of Mobile Gas consist primarily of natural gas distribution
systems, including mains, services, meters and regulating equipment, serving
communities in southwest Alabama, including the City of Mobile and adjacent
areas, all of which is located in Mobile County, Alabama. Mobile Gas owns
office buildings and other miscellaneous equipment and property, all of which
is located in Mobile County, Alabama.
The properties of Bay Gas consist of an underground gas storage cavern located
in McIntosh, Alabama and related compression, dehydration and pipeline
facilities, all located primarily in Washington County, Alabama.
The properties of SGT consist of a 50-mile natural gas pipeline from Claiborne,
Alabama to near Flomaton, Alabama, all located primarily in Monroe County,
Alabama.
Neither Claimant nor any of its subsidiaries other than Mobile Gas is a "gas
utility company" under the provisions of Section 2(a)(4) of the Act.
3. The following is information for the last fiscal year with respect to
Claimant and its subsidiary public utility company, Mobile Gas:
a. Mcf of natural or manufactured gas distributed at retail: 31,907,400
Mcf
b. Mcf of natural or manufactured gas distributed at retail outside the
State in which each such company is organized: None
c. Mcf of natural or manufactured gas sold at wholesale outside the State
in which such company is organized, or at the State line: None
d. Mcf of natural or manufactured gas purchased outside the State in
which each such company is organized or at the State line: 2,871,666 Mcf
4. The Claimant does not hold directly or indirectly any interest in an
EWG or a foreign utility company.
EXHIBIT A. A consolidating statement of income and retained earnings of the
Claimant and its subsidiary companies for the last fiscal year ended September
30, 1997, together with a consolidating balance sheet of Claimant and its
subsidiary companies as of the close of such fiscal year is attached hereto as
Exhibit A and made a part hereof. (1)
EXHIBIT B. A Financial Data Schedule is attached hereto as Exhibit B, including
the financial and other data required to be set forth therein pursuant to the
requirements of this Exhibit B to Form U-3A-2. (1)
EXHIBIT C. Not Applicable.
(1) The reorganization by which Claimant became the holding company of Mobile
Gas became effective of February 2, 1998. Accordingly, the financial statements
presented are based on the financial statements of Mobile Gas for the fiscal
year ended September 30, 1997, the most recent date for which such information
is available.
<PAGE> 3
The above-named Claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 2nd day of February, 1998.
ENERGYSOUTH, INC.
(Name of Claimant)
By /s/Charles P. Huffman
--------------------------------------
Charles P. Huffman
Its Chief Financial Officer and Treasurer
CORPORATE SEAL
ATTEST:
By /s/ G. Edgar Downing, Jr.
-------------------------
G. Edgar Downing, Jr.
Its Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Charles P. Huffman
Chief Financial Officer and Treasurer
2828 Dauphin Street
Mobile, Alabama 36606
<PAGE> 4
ENERGYSOUTH, INC.
CONSOLIDATING INCOME STATEMENT
AND STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
(UNAUDITED)
(Dollars in thousands)
EXHIBIT A
<TABLE>
<CAPTION>
SOUTHERN GAS
ACCOUNT DESCRIPTION ENERGYSOUTH MOBILE GAS MGS ENERGY TRANSMISSION MGS STORAGE
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas Revenues $ - $ 67,310 $ - $ 1,038 $ -
Merchandise Sales and Jobbing 3,010 38
---------------------------------------------------------------------------------------
Total Operating Revenues - 70,320 38 1,038
---------------------------------------------------------------------------------------
Operating Expenses
Cost of Gas 25,958
Cost of Merchandise and Jobbing 2,210 30
Operations 17,116 150
Maintenance 1,452 16
Depreciation 4,761 86
Taxes, Other Than Income Taxes 5,161 1 30 (7)
---------------------------------------------------------------------------------------
Total Operating Expenses - 56,658 31 282 (7)
---------------------------------------------------------------------------------------
Operating Income - 13,662 7 756 7
---------------------------------------------------------------------------------------
Other Income and (Expense)
Interest Expense (3,869) (1) (114)
Allowance for Borrowed Funds Used
During Construction 177
Interest Income 1,114 3 4
Income From Subsidiaries/Partnerships 1,119 645 1,597
Less Minority Interest (316) (200)
---------------------------------------------------------------------------------------
Total Other Income (Expense) - (1,459) 328 (111) 1,401
---------------------------------------------------------------------------------------
Income Before Income Taxes - 12,203 335 645 1408
---------------------------------------------------------------------------------------
Income Taxes - 4,077 121 - 510
---------------------------------------------------------------------------------------
Net Income $ - $ 8,126 $ 214 $ 645 $ 898
Retained Earnings at September 30, 1996 33,004 1,002 919 541
Dividends Paid (3,748) (150)
---------------------------------------------------------------------------------------
Retained Earnings at September 30, 1997 $ - $ 37,382 $ 1,066 $ 1,564 $ 1,439
=======================================================================================
<CAPTION>
BAY GAS CONSOLIDATED
ACCOUNT DESCRIPTION STORAGE MGS MARKETING TOTAL ELIMINATION TOTAL
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Operating Revenues
Gas Revenues $ 5,323 $ 100 $ 73,771 $ (4,149) $ 69,622
Merchandise Sales and Jobbing 3,048 3,048
-----------------------------------------------------------------------------------
Total Operating Revenues 5,323 100 76,819 (4,149) 72,670
-----------------------------------------------------------------------------------
Operating Expenses
Cost of Gas 83 26,041 (4,146) 21,895
Cost of Merchandise and Jobbing 2,240 2,240
Operations 737 6 18,009 (3) 18,006
Maintenance 74 1,542 1,542
Depreciation 893 5,740 5,740
Taxes, Other Than Income Taxes 84 5,269 5,269
-----------------------------------------------------------------------------------
Total Operating Expenses 1,788 89 58,841 (4,149) 54,692
-----------------------------------------------------------------------------------
Operating Income 3,535 11 17,978 - 17,978
-----------------------------------------------------------------------------------
Other Income and (Expense)
Interest Expense (1,983) (5,967) 175 (5,792)
Allowance for Borrowed Funds Used
During Construction 177 177
Interest Income 45 1,166 (175) 991
Income From Subsidiaries/Partnerships 3,361 (3,361) -
Less Minority Interest (516) (516)
-----------------------------------------------------------------------------------
Total Other Income (Expense) (1,938) - (1,779) (3,361) (5,140)
-----------------------------------------------------------------------------------
Income Before Income Taxes 1,597 11 16,199 (3,361) 12,838
-----------------------------------------------------------------------------------
Income Taxes - 4 4,712 4,712
-----------------------------------------------------------------------------------
Net Income $ 1,597 $ 7 $ 11,487 $ (3,361) $ 8,126
Retained Earnings at September 30, 1996 1,079 1 36,546 (3,542) 33,004
Dividends Paid (3,898) 150 (3,748)
-----------------------------------------------------------------------------------
Retained Earnings at September 30, 1997 $ 2,676 $ 8 $ 44,135 $ (6,753) $ 37,382
===================================================================================
</TABLE>
<PAGE> 5
ENERGYSOUTH, INC.
CONSOLIDATING BALANCE SHEET
AT SEPTEMBER 30, 1997
(UNAUDITED)
(Dollars in thousands)
EXHIBIT A
<TABLE>
<CAPTION>
SOUTHERN GAS
ACCOUNT DESCRIPTION ENERGYSOUTH MOBILE GAS MGS ENERGY TRANSMISSION MGS STORAGE
- ------------------------------------------------------------------------------------------------------------------------------------
Assets
<S> <C> <C> <C> <C> <C>
Property, Plant & Equipment $ - $ 123,728 $ - $ 3,465 $ -
Less Accumulated Depreciation and Amortization 37,194 482
-------------------------------------------------------------------------------------
Property, Plant & Equipment - Net - 86,534 - 2,983 -
Construction Work in Progress 946
-------------------------------------------------------------------------------------
Total Property, Plant & Equipment - 87,480 - 2,983 -
-------------------------------------------------------------------------------------
Current Assets:
Cash and Cash Equivalents 741 1,193 3 12,002
Receivables:
Gas 2,816 81
Merchandise 2,715
Other 16,601 35
Less Allowance for Doubtful Accounts (536)
Materials, Supplies, and Mdse (at average cost) 1,241
Gas Stored Underground For Current Use 2,152
Deferred Purchased Gas Adjustment 809
Deferred Gas Costs 231
Deferred Income Taxes 818
Prepayments 925
-------------------------------------------------------------------------------------
Total Current Assets - 28,513 1,193 84 12,037
Investment in Mobile Gas Service Corporation -
Investment in MGS Energy Services, Inc. 1,067
Investment in MGS Storage Services, Inc. 11,929
Investment in MGS Marketing Services, Inc. 8
Investment in Partnerships - 1,198 12,837
Regulatory Assets 1,138
Merchandise Receivables Due After One Year 4,827
Deferred Charges 610 169
-------------------------------------------------------------------------------------
Total Assets $ - $ 135,572 $ 2,391 $ 3,236 $ 24,874
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
BAY GAS CONSOLIDATED
ACCOUNT DESCRIPTION STORAGE MGS MARKETING TOTAL ELIMINATION TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Assets
<S> <C> <C> <C> <C> <C>
Property, Plant & Equipment $ 38,015 $ - $ 165,208 $ - $ 165,208
Less Accumulated Depreciation and Amortization 2,613 40,289 40,289
----------------------------------------------------------------------------------
Property, Plant & Equipment - Net 35,402 - 124,919 - 124,919
Construction Work in Progress 946 946
----------------------------------------------------------------------------------
Total Property, Plant & Equipment 35,402 - 125,865 - 125,865
----------------------------------------------------------------------------------
Current Assets:
Cash and Cash Equivalents 2,307 14 16,260 16,260
Receivables:
Gas 102 14 3,013 3,013
Merchandise 2,715 2,715
Other 379 17,015 (16,406) 609
Less Allowance for Doubtful Accounts (536) (536)
Materials, Supplies, and Mdse (at average cost) 1,241 1,241
Gas Stored Underground For Current Use 2,152 2,152
Deferred Purchased Gas Adjustment 809 809
Deferred Gas Costs 231 231
Deferred Income Taxes 818 818
Prepayments 494 1,419 1,419
----------------------------------------------------------------------------------
Total Current Assets 3,282 28 45,137 (16,406) 28,731
Investment in Mobile Gas Service Corporation - -
Investment in MGS Energy Services, Inc. 1,067 (1,067) -
Investment in MGS Storage Services, Inc. 11,929 (11,929) -
Investment in MGS Marketing Services, Inc. 8 (8) -
Investment in Partnerships 14,035 (14,035) -
Regulatory Assets 1,138 1,138
Merchandise Receivables Due After One Year 4,827 4,827
Deferred Charges 527 1,306 1,306
----------------------------------------------------------------------------------
Total Assets $ 39,211 $ 28 $205,312 $ (43,445) $ 161,867
==================================================================================
</TABLE>
<PAGE> 6
ENERGYSOUTH, INC.
CONSOLIDATING BALANCE SHEET
AT SEPTEMBER 30, 1997
(UNAUDITED)
(Dollars in thousands)
EXHIBIT A
<TABLE>
<CAPTION>
SOUTHERN GAS BAY GAS
ACCOUNT DESCRIPTION ENERGYSOUTH MOBILE GAS MGS ENERGY TRANSMISSION MGS STORAGE STORAGE
---------------------------------------------------------------------------------
Capitalization and Liabilities
<S> <C> <C> <C> <C> <C> <C>
Capitalization:
Stockholders' Equity $ - $ 32 $ 1 $ - $ - $ -
Capital in Excess of Par Value 17,763 10,491
Partner's Capital 785 11,996
Retained Earnings 37,382 1,066 1,564 1,439 2,676
---------------------------------------------------------------------------------
Total Stockholders' Equity - 55,177 1,067 2,349 11,930 14,672
Minority Interest
Long-Term Debt (Less Current Maturities) 43,104 213 20,263
---------------------------------------------------------------------------------
Total Capitalization - 98,281 1,067 2,562 11,930 34,935
---------------------------------------------------------------------------------
Current Liabilities:
Current Maturities of Long-Term Debt 1,613 613 704
Notes Payable 10,700 1,100 25 211 2,650
Accounts Payable 4,422 2 12,007 54
Dividends Declared 971
Customer Deposits 1,556
Taxes Accrued 2,912 171 34 (581) 284
Interest Accrued 1,325 572
Other Liabilities 2,156 12
---------------------------------------------------------------------------------
Total Current Liabilities - 25,655 1,271 674 11,637 4,276
Accrued Pension Cost 1,718
Accrued Postretirement Benefit Cost 1,087
Deferred Income Taxes 8,387 53 1,307
Deferred Investment Tax Credits 444
---------------------------------------------------------------------------------
Total Capitalization and Liabilities $ - $ 135,572 $ 2,391 $ 3,236 $ 24,874 $ 39,211
=================================================================================
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED
ACCOUNT DESCRIPTION MGS MARKETING TOTAL ELIMINATION TOTAL
-------------------------------------------------------------
Capitalization and Liabilities
<S> <C> <C> <C> <C>
Capitalization:
Stockholders' Equity $ - $ 33 $ (1) $ 32
Capital in Excess of Par Value 28,254 (10,491) 17,763
Parnter's Capital 12,781 (12,781) -
Retained Earnings 8 44,135 (6,753) 37,382
-------------------------------------------------------------
Total Stockholders' Equity 8 85,203 (30,026) 55,177
Minority Interest 2,985 2,985
Long-Term Debt (Less Current Maturities) 63,580 63,580
-------------------------------------------------------------
Total Capitalization 8 148,783 (27,041) 121,742
-------------------------------------------------------------
Current Liabilities:
Current Maturities of Long-Term Debt 2,930 2,930
Notes Payable 14,686 (3,986) 10,700
Accounts Payable 13 16,498 (12,418) 4,080
Dividends Declared 971 971
Customer Deposits 1,556 1,556
Taxes Accrued 7 2,827 2,827
Interest Accrued 1,897 1,897
Other Liabilities 2,168 2,168
-------------------------------------------------------------
Total Current Liabilities 20 43,533 (16,404) 27,129
Accrued Pension Cost 1,718 1,718
Accrued Postretirement Benefit Cost 1,087 1,087
Deferred Income Taxes 9,747 9,747
Deferred Investment Tax Credits 444 444
-------------------------------------------------------------
Total Capitalization and Liabilities $ 28 $ 205,312 $ (43,445) $ 161,867
=============================================================
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1,000
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 161,867
<TOTAL-OPERATING-REVENUES> 72,670
<NET-INCOME> 8,126
</TABLE>
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