Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995.
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
ACT OF 1934
For the transition period from _______________ to _______________.
Commission File Number 1-7978
Black Hills Corporation
Incorporated in South Dakota IRS Identification Number 46-0111677
625 Ninth Street
Rapid City, South Dakota 57709
Registrant's telephone number (605)-348-1700
NONE
Former name, former address, and former fiscal year if changed since
last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the last practicable date.
Class Outstanding at July 31, 1995
Common stock, $1.00 par value 14,408,754 shares
BLACK HILLS CORPORATION
I N D E X
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets- 2-3
June 30, 1995, December 31, 1994,
and June 30, 1994
Consolidated Statements of Income- 4
Three, Six, and Twelve Months
Ended June 30, 1995 and 1994
Consolidated Statements of Cash Flows- 5
Three, Six, and Twelve Months
Ended June 30, 1995 and 1994
Consolidated Statements of Shareholders' Equity- 6
Three, Six, and Twelve Months Ended
June 30, 1995 and 1994
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of 7-10
Financial Position and Consolidated
Statements of Earnings
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
<TABLE>
BLACK HILLS CORPORATION
Consolidated Balance Sheets
(unaudited)
<CAPTION>
June 30 December 31 June 30
1995 1994 1994
(in thousands)
Assets
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 4,567 $ 12,174 $ 13,476
Securities available for sale 10,263 24,134 23,101
Receivables-
Customers 10,537 12,409 12,306
Other 2,446 4,045 2,052
Materials, supplies,
and fuel 7,619 7,139 6,726
Prepaid expenses 1,273 1,564 1,160
-------- -------- --------
36,705 61,465 58,821
-------- -------- --------
Property and investments:
Electric 455,399 425,690 365,614
Coal mining 51,139 52,267 52,157
Oil and gas 37,072 38,842 35,527
Other 3,312 2,785 2,700
-------- -------- --------
546,922 519,584 455,998
Less accumulated depreciation
and depletion (162,764) (156,046) (152,551)
-------- -------- --------
Net property and
investments 384,158 363,538 303,447
-------- -------- --------
Deferred charges:
Federal income taxes 7,678 7,505 7,314
Other 5,060 4,369 3,755
-------- -------- --------
12,738 11,874 11,069
-------- -------- --------
Total $433,601 $436,877 $373,337
======== ======== ========
</TABLE>
<PAGE>
<TABLE>
BLACK HILLS CORPORATION
Consolidated Balance Sheets
(unaudited)
<CAPTION>
June 30 December 31 June 30
1995 1994 1994
(in thousands)
Liabilities and Capitalization
<S> <C> <C> <C>
Current liabilities:
Current maturities of
long-term debt $ 2,034 $ 2,144 $ 2,089
Notes payable 3,568 37,018 33,161
Accounts payable 8,642 12,018 7,746
Accrued liabilities-
Income taxes 469 572 48
Other taxes 5,771 5,759 5,289
Interest 3,642 2,795 1,589
Fuel and purchased
power refunds 1,325 1,025 975
Other 6,284 7,101 6,788
-------- -------- --------
31,735 68,432 57,685
-------- -------- --------
Deferred credits:
Federal income taxes 41,385 39,953 37,154
Investment tax credits 5,270 5,521 5,774
Reclamation costs 7,928 7,618 7,550
Regulatory liability 6,699 6,925 6,912
Other 4,439 4,093 3,355
-------- -------- --------
65,721 64,110 60,745
-------- -------- --------
Capitalization:
Common stock equity-
Common stock 14,409 14,386 14,345
Additional paid-in
capital 46,099 45,740 44,941
Retained earnings 117,275 115,284 111,144
-------- -------- --------
Total common stock equity 177,783 175,410 170,430
Long-term debt 158,362 128,925 84,477
-------- -------- --------
336,145 304,335 254,907
-------- -------- --------
Total $433,601 $436,877 $373,337
======== ======== ========
</TABLE>
<PAGE>
<TABLE>
BLACK HILLS CORPORATION
Consolidated Statements of Income
(unaudited)
<CAPTION>
Three Months Six Months Twelve Months
June 30 June 30 June 30
1995 1994 1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
Operating revenues:
Electric $23,990 $25,969 $50,013 $51,840 $102,929 $102,500
Coal mining 7,797 5,354 14,736 12,533 30,797 27,971
Oil and gas 2,816 3,168 5,794 5,779 12,068 11,754
------- ------- ------- ------- ------- -------
34,603 34,491 70,543 70,152 145,794 142,225
------- ------- ------- ------- ------- -------
Operating expenses:
Fuel and purchased
power 9,743 11,720 19,770 21,714 40,025 40,840
Operations and
maintenance 6,540 6,949 12,870 13,868 27,705 29,090
Administrative and
general 1,799 1,553 4,478 3,519 8,881 7,434
Depreciation,
depletion,
and amortization 4,900 4,392 9,648 8,886 18,437 17,550
Taxes, other than
income taxes 2,719 2,366 5,372 4,976 10,775 10,110
------- ------- ------- ------- ------- -------
25,701 26,980 52,138 52,963 105,823 105,024
------- ------- ------- ------- ------- -------
Operating income:
Electric 4,946 5,057 11,190 11,661 24,606 24,554
Coal mining 3,537 1,966 6,456 4,929 13,348 11,560
Oil and gas 419 488 759 599 2,017 1,087
------- ------- ------- ------- ------- -------
8,902 7,511 18,405 17,189 39,971 37,201
------- ------- ------- ------- ------- -------
Other (income) and
expense:
Interest expense 3,448 2,331 7,015 4,477 12,875 8,883
Investment income (261) (382) (661) (727) (1,571) (1,619)
Allowance for funds
used during
construction (2,530) (716) (4,826) (1,076) (7,732) (1,587)
Other (50) (91) (120) (22) (260) (195)
------- ------- ------- ------- ------- -------
607 1,142 1,408 2,652 3,312 5,482
------- ------- ------- ------- ------- -------
Income before income
taxes 8,295 6,369 16,997 14,537 36,659 31,719
Income taxes (2,653) (1,986) (5,355) (4,356) (11,394) (9,270)
------- ------- ------- ------- ------- -------
Net income available
for common stock $ 5,642 $ 4,383 $11,642 $10,181 $25,265 $22,449
======= ======= ======= ======= ======= =======
Weighted average common
shares outstanding 14,405 14,324 14,400 14,305 14,386 14,107
Earnings per share $0.39 $0.31 $0.81 $0.71 $1.76 $1.59
Dividends paid per
share of common stock $0.335 $0.330 $0.670 $0.660 $1.330 $1.300
</TABLE>
<PAGE>
<TABLE>
BLACK HILLS CORPORATION
Consolidated Statements of Cash Flows
(unaudited)
<CAPTION>
Three Months Six Months Twelve Months
June 30 June 30 June 30
1995 1994 1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
Operating activities:
Net Income $ 5,642 $ 4,383 $11,642 $10,181 $25,265 $22,449
Principal non-cash items-
Depreciation, depletion,
and amortization 4,900 4,392 9,648 8,886 18,437 17,550
Deferred income taxes
and investment tax
credits, net 179 450 522 653 2,088 1,544
Allowance for other funds
used during construction (1,564) (401) (2,982) (563) (4,791) (797)
(Increase) decrease in
receivables, inventories,
and other current assets 2,146 (366) 3,283 (524) 369 (2,326)
Increase (decrease) in
other current
liabilities (2,977) (2,796) (3,138) (1,781) 3,698 3,646
Other, net 242 (306) 2,081 (1,150) 9,222 2,064
------- ------- ------- ------- ------- -------
8,568 5,356 21,056 15,702 54,288 44,130
------- ------- ------- ------- ------- -------
Investment activities:
Neil Simpson Unit #2
construction costs,
excluding allowance for
other funds used during
construction (8,188)(14,125) (21,756) (18,088) (75,622) (29,356)
Other property additions,
excluding allowance for
other funds used during
construction (4,606) (6,073) (7,697) (9,489) (26,941) (26,178)
Securities available
for sale purchased (599) (7,500) (8,434) (15,025) (35,332) (35,548)
Securities available
for sale sold 8,561 10,624 22,305 16,141 48,170 27,832
Proceeds from sale of
long-term investments - 851 311 5,066 203 19,797
------- ------- ------- ------- ------- -------
(4,832)(16,223) (15,271) (21,395) (89,522) (43,453)
------- ------- ------- ------- ------- -------
Financing activities:
Dividends paid (4,826) (4,724) (9,651) (9,436) (19,134) (18,381)
Common stock issued 157 795 382 1,596 1,222 15,061
Net short-term borrowings 1,350 11,493 (33,450) 21,393 (29,593) 18,543
Long-term debt issued - - 31,644 - 77,439 -
Long-term debt retired (14) (8) (2,317) (2,250) (3,609) (3,492)
------- ------- ------- ------- ------- -------
(3,333) 7,556 (13,392) 11,303 26,325 11,731
------- ------- ------- ------- ------- -------
Increase (decrease)
in cash and cash
equivalents 403 (3,311) (7,607) 5,610 (8,909) 12,408
Cash and cash
equivalents:
Beginning of period 4,164 16,787 12,174 7,866 13,476 1,068
------- ------- ------- ------- ------- -------
End of period $ 4,567 $13,476 $ 4,567 $13,476 $ 4,567 $13,476
======= ======= ======= ======= ======= =======
Supplemental disclosure
of cash flow information
Cash paid during the
period for:
Interest $ 2,639 $ 2,942 $ 6,168 $ 4,588 $10,822 $ 8,777
Income taxes $ 1,925 $ 4,025 $ 4,145 $ 4,025 $ 7,410 $ 7,950
</TABLE>
<PAGE>
<TABLE>
BLACK HILLS CORPORATION
Statements of Shareholders' Equity
(unaudited)
<CAPTION>
Three Months Six Months Twelve Months
June 30 June 30 June 30
1995 1994 1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
Common stock:
Beginning of period $ 14,400 $ 14,307 $ 14,386 $ 14,270 $ 14,345 $ 13,711
Issuance of $1 par
value shares 9 38 23 75 64 634
-------- -------- -------- -------- -------- --------
End of period 14,409 14,345 14,409 14,345 14,409 14,345
-------- -------- -------- -------- -------- --------
Additional paid-in
capital:
Beginning of period 45,951 44,184 45,740 43,420 44,941 30,514
Excess of proceeds
over par value of
stock issued 149 736 361 1,488 1,224 15,042
Expenses related to
issuance of stock (1) 21 (2) 33 (66) (615)
-------- -------- -------- ------- -------- --------
End of period 46,099 44,941 46,099 44,941 46,099 44,941
-------- -------- -------- ------- -------- --------
Retained earnings:
Beginning of period 116,459 111,485 115,284 110,399 111,144 107,076
Net income 5,642 4,383 11,642 10,181 25,265 22,449
Cash dividends on
common stock (4,826) (4,724) (9,651) (9,436) (19,134) (18,381)
-------- -------- -------- -------- -------- --------
End of period 117,275 111,144 117,275 111,144 117,275 111,144
-------- -------- -------- -------- -------- --------
Total shareholders'
equity $177,783 $170,430 $177,783 $170,430 $177,783 $170,430
======== ======== ======== ======== ======== ========
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
BLACK HILLS CORPORATION
Notes to Consolidated Financial Statements
(Reference is made to Notes to Consolidated Financial Statements
included in the Company's Annual Report)
(1) Management's Statement
The financial statements included herein have been prepared by Black
Hills Corporation (the Company) without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations; however, the
Company believes that the footnotes adequately disclose the information
presented. It is suggested that these financial statements be read in
conjunction with the financial statements and the notes thereto, included in
the Company's 1994 Annual Report on Form 10-K filed with the Securities and
Exchange Commission.
In March 1995, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 121, Accounting for the Impairment of
Long-Lived Assets and Long-Lived Assets to be Disposed Of. This statement
imposes stricter criteria for regulatory assets by requiring that such assets
be probable of future recovery at each balance sheet date. The Company
anticipates adopting this standard on January 1, 1996, and does not expect
that adoption will have a material impact on the financial position or
results of operations of the Company based on the current regulatory
structure in which the Company operates.
Accounting methods historically employed require certain estimates as of
interim dates. The information furnished in the accompanying financial
statements reflects all adjustments which are, in the opinion of management,
necessary for a fair presentation of the June 30, 1995, December 31, 1994,
and June 30, 1994, financial information and are of a normal recurring
nature. The results of operations for the three and six months ended June
30, 1995, are not necessarily indicative of the results to be expected for
the full year.
Management's Discussion and Analysis of Financial Condition
and Results of Operations
Liquidity, Capital Resources, and Commitments
In the past the Company has depended upon internally generated funds,
issuance of short and long-term debt, and sales of common stock to finance
its activities. It is expected future activities will also be financed by
the most appropriate mix of these various sources of funds.
The Company currently has bank lines of credit totaling $41,000,000
which provides for interim borrowings and the opportunity for timing of
permanent financing. At June 30, 1995, the Company had borrowings of
$3,525,000 outstanding under these lines of credit. There are no
compensating balance requirements associated with these lines of credit.
The Company filed a Form S-3, shelf registration for $100,000,000 first
mortgage bonds, with the Securities and Exchange Commission on June 28, 1994.
The registration statement became effective on July 13, 1994. The Company
issued $45,000,000 of bonds under this filing on September 1, 1994,
$30,000,000 of bonds on February 3, 1995 and $15,000,000 on July 14, 1995.
The $30,000,000 bond issue has a 15 year life, carries an 8.06 percent
interest rate, and the bondholders have a one-time option to cause the
Company to redeem the bonds on February 1, 2002. The $15,000,000 bond issue
has a 7 year life and carries a 6.50 percent interest rate. The bonds were
used to finance Neil Simpson Unit #2, an 80 MW coal fired generating plant,
located adjacent to Wyodak Resources Development Corp's coal mine. This
issue will complete the long-term debt financing associated with Neil
Simpson Unit #2.
Construction of the Plant is proceeding ahead of schedule and costs
incurred to date are under the initial project budget. Total construction
costs of the plant are estimated to be approximately $121,000,000. The
Company has incurred approximately $113,000,000 of costs related to the Plant
and such costs are reflected in the Company's Balance Sheet at June 30, 1995.
On June 30, 1995, the Company was authorized a 6.76 percent overall
increase in its electric rates to be charged to its South Dakota customers
beginning August 1, 1995. Based on test year ended September 30, 1994,
this increase would result in additional annual revenues from South Dakota
customers of approximately $5,725,000. The settlement also stated that
unless a specified extraordinary event occurs, the Company will not file for
an increase in rates or invoke any fuel and purchased power automatic
adjustment tariff to take effect during a freeze period ending January 1,
2000. (For further information see the Company's Form 8-K dated June 30,
1995.)
The Company and the City of Gillette, Wyoming, the Company's only firm
power wholesale customer, representing approximately 7 percent of the
Company's total electric sales have agreed to a new contract providing for
rate increases commencing September 1, 1995, as reported in the 1994 Form
10-K Annual Report to Shareholders. The Gillette contract is subject to
approval by the Federal Energy Regulatory Commission.
Action by the Wyoming Public Service Commission is pending on the
Company's application for a rate increase for the Company's Wyoming retail
customers, representing approximately 7 percent of the Company's total
electric sales. The Company expects final resolution of the Wyoming
application before September 1, 1995.
Results of Operations
Black Hills Corporation is an energy services company consisting of
three principal businesses: electric, coal mining, and oil and gas
production.
Consolidated income was $5,642,000 for the three months ended,
$11,642,000 for the six months ended, and $25,265,000 for the twelve months
ended June 30, 1995, an increase of $1,259,000, $1,461,000, and $2,816,000
for the three, six, and twelve month periods, respectively.
The 29 percent increase in consolidated net income for the second
quarter was the result of a $627,000 increase in electric earnings and a
$698,000 increase in coal mining earnings offset by a $66,000 decrease in
earnings from the oil and gas operations. Earnings increased 14 percent for
the six month period and 13 percent for the twelve month period with all
three industry segments contributing to the increase.
Consolidated revenue and income from continuing operations provided by
the three businesses as a percentage of the total were as follows:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended Twelve Months Ended
June 30 June 30 June 30
1995 1994 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Revenue
Electric 69% 75% 71% 74% 71% 72%
Coal mining 23 16 21 18 21 20
Oil and gas 8 9 8 8 8 8
--- --- --- --- --- ---
100% 100% 100% 100% 100% 100%
=== === === === === ===
Net Income
Electric 50% 49% 53% 55% 53% 53%
Coal mining 45 43 43 43 41 44
Oil and gas 5 8 4 2 6 3
--- --- --- --- --- ---
100% 100% 100% 100% 100% 100%
=== === === === === ===
</TABLE>
Capital expenditures and depreciation, depletion, and amortization by
industry segment were as follows:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended Twelve Months Ended
June 30 June 30 June 30
1995 1994 1995 1994 1995 1994
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
Capital Expenditures
(includes AFDC)
Neil Simpson
Unit #2 $ 9,690 $14,434 $24,632 $18,549 $ 80,064 $29,935
Other electric 3,560 3,654 5,600 5,491 14,297 11,881
Coal mining 81 (201) 183 487 5,608 6,797
Oil and gas 1,027 2,711 2,020 3,612 7,385 7,718
------- ------- ------- ------- -------- -------
$14,358 $20,598 $32,435 $28,139 $107,354 $56,331
======= ======= ======= ======= ======== =======
Depreciation,
Depletion, and
Amortization
Electric $2,661 $2,557 $ 5,305 $ 5,146 $10,473 $10,167
Coal mining 1,090 560 1,997 1,133 3,366 2,168
Oil and gas 1,149 1,275 2,346 2,607 4,598 5,215
------ ------ ------- ------- ------- -------
$4,900 $4,392 $ 9,648 $ 8,886 $18,437 $17,550
====== ====== ======= ======= ======= =======
</TABLE>
Electric Operations
Electric revenue decreased 8 percent and 4 percent for the three and six
months ended and increased 0.4 percent for the twelve months ended June 30,
1995. Electric revenue for the three and six month periods decreased as a
result of a decrease in fuel and purchased power expense that is passed on to
the customer through the automatic fuel and purchased power adjustment clause
offset by a 2.3 percent and 1.1 percent increase in firm kilowatthour sales.
The Wyodak Plant was down for maintenance during the second quarter of 1994
causing an increase in purchased power costs. Electric revenue for the
twelve month period increased as a result of a 3.1 percent increase in firm
kilowatthour sales.
Electric expenses decreased 9 percent and 3 percent for the three and
six months ended and increased 0.5 percent for the twelve months ended June
30, 1995, compared to the same periods last year. The decrease in expenses
was primarily due to a decrease in purchased power costs offset by an
increase in administrative and general expenses.
Non-operating income increased for the three, six, and twelve months
ended June 30, 1995, primarily due to the allowance for funds used during
construction recorded on the Neil Simpson Unit #2 construction project.
Allowance for funds used during construction increased $1,814,000,
$3,750,000, and $6,145,000 for the three, six, and twelve months ended June
30, 1995, while interest expense increased $1,118,000, $2,510,000, and
$4,041,000, respectively.
Mining Operations
Mining revenue increased 46 percent, 18 percent, and 10 percent for the
three, six, and twelve month periods ended June 30, 1995, compared to the
same periods last year. Tons of coal sold increased 49 percent, 18 percent,
and 9 percent for the three, six, and twelve month periods, respectively.
The Wyodak Plant was out of service for maintenance for 35 days during the
second quarter of 1994 thereby reducing the tons of coal sold significantly.
Mining operating expenses increased 24 percent, 7 percent, and 5 percent
for the three, six, and twelve month periods ended June 30, 1995, primarily
due to the increase in tons of coal sold and an increase in depreciation
expense.
Oil and Gas Production Operations
Oil and gas production revenue which represents less than 10 percent of
consolidated revenue decreased 11 percent for the three months ended and
increased 0.3 percent and 3 percent for the six and twelve months ended June
30, 1995, directly related to a decrease in gas prices offset by an increase
in equivalent barrels of oil sold as a result of the Company's 1993 and 1994
drilling program, along with an increase in oil prices.
Operating expenses decreased 11 percent, 3 percent, and 6 percent for
the three, six, and twelve month periods ended June 30, 1995, due to lower
depletion expense.
<PAGE>
BLACK HILLS CORPORATION
Part II - Other Information
Item 1. Legal Proceedings
The Company and PacifiCorp have reached agreement in principle
to settle a claim filed by the Company on May 2, 1995 against PacifiCorp
before the Federal Energy Regulatory Commission (FERC). In the filing the
Company alleged that since 1987 PacifiCorp has overcharged the Company for
electric capacity delivered under the Power Sales Agreement, dated
December 31, 1983 (Agreement). The settlement will result in a reduction
in electric capacity costs paid by the Company to PacifiCorp under the
Agreement commencing July 1, 1995 of approximately $490,000 each year and
continuing for the remaining 23 years during which capacity payments are
due. In addition the Company and PacifiCorp will enter into contracts
under which (i) the Company will sell to PacifiCorp any excess nonfirm
energy generated by the Company from September 1, 1995 through December 31,
2000; (ii) the Company will be granted an option to be exercised every
6 months for 10 years to purchase from PacifiCorp up to 60 MW of peaking
capacity; and (iii) the Company will have an option to be exercised from
time to time during a five-year period ending December 31, 2000 to bank
energy with PacifiCorp with the right to draw on the banked energy during
scheduled and forced outages of the Wyodak and Neil Simpson Unit #2 electric
generating plants. The Company believes the settlement will have some
favorable impact on earnings during the next five years, but the extent of
the benefit will depend on general business conditions, including the
Company's electric load and market value of nonfirm energy during that
five-year period. A definitive settlement agreement has not been drafted,
and any such agreement is subject to approval or acceptance by the FERC.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
None
b. Reports on Form 8-K
The Registrant filed a Form 8-K on June 1, 1995, reporting
the items voted on at the Annual Meeting of Shareholders.
The Registrant filed a Form 8-K on June 30, 1995, reporting
the settlement reached on the South Dakota rate case.
The Registrant filed a Form 8-K on July 17, 1995, reporting
the issuance and sale of $15,000,000 First Mortgage Bonds, Series AD, 6.50
percent, due July 15, 2002, under a Registration Statement on Form S-3
(Registration No. 33-54329).
BLACK HILLS CORPORATION
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BLACK HILLS CORPORATION
/s/Roxann R. Basham
Roxann R. Basham, Secretary and Treasurer
(Principal Financial Officer)
/s/Gary R. Fish
Gary R. Fish, Controller
(Principal Accounting Officer)
Dated: August 11, 1995
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 334,142,000
<OTHER-PROPERTY-AND-INVEST> 50,016,000
<TOTAL-CURRENT-ASSETS> 36,705,000
<TOTAL-DEFERRED-CHARGES> 12,738,000
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 433,601,000
<COMMON> 14,409,000
<CAPITAL-SURPLUS-PAID-IN> 46,099,000
<RETAINED-EARNINGS> 117,275,000
<TOTAL-COMMON-STOCKHOLDERS-EQ> 177,783,000
0
0
<LONG-TERM-DEBT-NET> 158,362,000
<SHORT-TERM-NOTES> 3,568,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 2,034,000
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 91,854,000
<TOT-CAPITALIZATION-AND-LIAB> 433,601,000
<GROSS-OPERATING-REVENUE> 70,543,000
<INCOME-TAX-EXPENSE> 5,355,000
<OTHER-OPERATING-EXPENSES> 52,138,000
<TOTAL-OPERATING-EXPENSES> 57,493,000
<OPERATING-INCOME-LOSS> 13,050,000
<OTHER-INCOME-NET> 5,607,000
<INCOME-BEFORE-INTEREST-EXPEN> 18,657,000
<TOTAL-INTEREST-EXPENSE> 7,015,000
<NET-INCOME> 11,642,000
0
<EARNINGS-AVAILABLE-FOR-COMM> 11,642,000
<COMMON-STOCK-DIVIDENDS> 9,651,000
<TOTAL-INTEREST-ON-BONDS> 6,495,000
<CASH-FLOW-OPERATIONS> 21,056,000
<EPS-PRIMARY> 0.81
<EPS-DILUTED> 0.81
</TABLE>
