Securities and Exchange Commission
Washington, D.C. 20549
Form 10Q-A
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 1998.
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
Former name, former address, and former fiscal year if changed since last report
NONE
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 April 30, 1998
Common stock, $1.00 par value 21,711,598 shares
<PAGE>
BLACK HILLS CORPORATION
I N D E X
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets- 4-5
March 31, 1998, December 31, 1997
and March 31, 1997
Consolidated Statements of Income- 6
Three and Twelve Months
Ended March 31, 1998 and 1997
Consolidated Statements of Cash Flows- 7
Three and Twelve Months
Ended March 31, 1998 and 1997
Notes to Consolidated Financial Statements 8-10
Item 2. Management's Discussion and Analysis of 11-13
Financial Position and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 14
Item 6. Exhibits and Reports on Form 8-K 14
Signatures 15
TEXT OF AMENDMENT
Explanatory Note:
Each of the above listed Items is hereby amended by deleting the Item in its
entirety and replacing it with the Items attached hereto and filed herewith.
The purpose of this amendment is to amend the Company's 10-Q for the period
ended March 31, 1998, (the "Original Filing") to reflect changes resulting from
the Company filing its Form 10-K, for the period ended December 31, 1998
originally filed on March 9, 1999 which restated its 1998 historical financial
statements. In the fourth quarter of 1998, Enserco Energy, Inc. reacquired the
shares not owned by the Company resulting in 100% ownership by the Company. The
Company's results of operations and financial position for the periods from
January 1, 1998 to the time the Company acquired majority ownership in Enserco
Energy, Inc. have been restated to reflect the consolidation of Enserco Energy.
Enserco Energy's 1997 results were recorded using the equity method of
accounting. Net income for the 1998 and 1997 periods did not significantly
change.
Any item in the Original Filing not expressly changed hereby shall be as set
forth in the Original Filing. All information contained in this amendment and
the Original Filing is subject to updating and supplementing as provided in the
Company's periodic reports filed with the SEC subsequent to the date of such
reports.
<PAGE>
BLACK HILLS CORPORATION
Consolidated Balance Sheets
Unaudited Unaudited
March 31 December 31 March 31
1998 1997 1997
------------- ------------ -------------
(in thousands)
Assets
Current assets:
Cash and cash equivalents ... $ 22,433 $ 16,774 $ 17,831
Securities available for sale 19,313 13,969 15,270
Receivables, net
Customers ................. 65,204 39,639 12,603
Other ..................... 3,269 3,414 2,362
Materials, supplies, and fuel 8,409 8,642 7,895
Prepaid expenses ............ 2,021 1,571 1,585
--------- --------- ---------
120,649 84,009 57,546
--------- --------- ---------
Property and investments:
Electric .................... 489,036 487,424 480,158
Coal mining ................. 53,039 52,804 53,388
Oil and gas ................. 53,043 52,412 46,344
Other ....................... 5,218 5,666 4,549
--------- --------- ---------
600,336 598,306 584,439
Less accumulated depreciation
and depletion ................ (202,520) (197,179) (186,182)
--------- --------- ---------
Net property and investments 397,816 401,127 398,257
--------- --------- ---------
Other assets:
Federal income taxes ........ 8,020 8,061 8,013
Regulatory asset ............ 3,926 3,776 3,326
Other ....................... 11,845 11,768 4,813
--------- --------- ---------
23,791 23,605 16,152
--------- --------- ---------
Total .................... $ 542,256 $ 508,741 $ 471,955
========= ========= =========
See accompanying notes to consolidated financial statements.
<PAGE>
BLACK HILLS CORPORATION
Consolidated Balance Sheets
Unaudited Unaudited
March 31 December 31 March 31
1998 1997 1997
------------- ------------ -------------
(in thousands)
Liabilities and Capitalization
Current liabilities:
Current maturities of long-term debt $ 1,330 $ 1,331 $ 1,310
Notes payable ...................... 12 23 23
Accounts payable ................... 59,893 32,622 5,207
Accrued liabilities-
Taxes ............................ 13,220 8,040 12,725
Interest ......................... 3,131 3,991 2,996
Other ............................ 6,340 7,800 6,206
-------- -------- --------
83,926 53,807 28,467
-------- -------- --------
Deferred credits:
Federal income taxes ............... 53,605 53,010 49,254
Investment tax credits ............. 3,889 4,014 4,390
Reclamation costs .................. 16,840 16,664 16,446
Regulatory liability ............... 6,028 6,152 6,568
Other .............................. 6,480 6,331 5,897
-------- -------- --------
86,842 86,171 82,555
-------- -------- --------
Capitalization:
Common stock equity-
Common stock ..................... 21,712 21,705 14,457
Additional paid-in
capital ......................... 40,143 39,995 46,973
Retained earnings ................ 146,799 143,703 135,339
-------- -------- --------
Total common stock equity .......... 208,654 205,403 196,769
Long-term debt ..................... 162,834 163,360 164,164
-------- -------- --------
371,488 368,763 360,933
-------- -------- --------
Total ......................... $542,256 $508,741 $471,955
======== ======== ========
See accompanying notes to consolidated financial statements.
<PAGE>
BLACK HILLS CORPORATION
Consolidated Statements of Income
(unaudited)
<TABLE>
<CAPTION>
Three Months Twelve Months
March 31 March 31
1998 1997 1998 1997
--------- --------- --------- ---------
(in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Operating revenues:
Electric .................................... $ 31,990 $ 32,034 $ 126,452 $ 120,447
Coal mining ................................. 7,924 8,125 30,878 31,372
Oil and gas ................................. 3,186 3,719 12,762 13,543
Energy marketing ............................ 110,737 -- 253,528 --
--------- --------- --------- ---------
153,837 43,878 423,620 165,362
--------- --------- --------- ---------
Operating expenses:
Fuel and purchased power .................... 118,229 9,466 286,072 34,846
Operations and maintenance .................. 8,244 7,431 32,423 30,432
Administrative and general .................. 3,110 2,476 12,662 8,872
Depreciation, depletion, and amortization ... 6,145 5,579 22,857 22,967
Taxes, other than income taxes .............. 3,234 3,298 11,922 12,599
--------- --------- --------- ---------
138,962 28,250 365,936 109,716
--------- --------- --------- ---------
Operating income (loss):
Electric .................................... 12,315 11,208 45,718 39,711
Coal mining ................................. 3,197 3,430 11,984 12,359
Oil and gas ................................. 272 1,068 2,110 3,761
Energy marketing and others ................. (909) (78) (2,128) (185)
--------- --------- --------- ---------
14,875 15,628 57,684 55,646
--------- --------- --------- ---------
Other income and (expense):
Interest expense ............................ (3,624) (3,479) (14,268) (13,954)
Investment income ........................... 604 369 2,371 1,507
Allowance for funds used during construction 29 65 151 299
Other, net .................................. 353 (106) 505 1,220
--------- --------- --------- ---------
(2,638) (3,151) (11,241) (10,928)
--------- --------- --------- ---------
Income before income taxes .................... 12,237 12,477 46,443 44,718
Income taxes .................................. (3,693) (3,891) (14,127) (13,880)
--------- --------- --------- ---------
Net income available for common stock ....... $ 8,544 $ 8,586 $ 32,316 $ 30,838
========= ========= ========= =========
Earnings per share - basic and diluted ........ $ 0.39 $ 0.40 $ 1.49 $ 1.42
========= ========= ========= =========
Weighted average common shares outstanding ... 21,712 21,681 21,699 21,669
========= ========= ========= =========
Dividends paid per share of common stock ..... $ 0.25 $ 0.24 $ 0.96 $ 0.93
========= ========= ========= =========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
BLACK HILLS CORPORATION
Consolidated Statements of Cash Flows
(unaudited)
<TABLE>
<CAPTION>
Three Months Twelve Months
March 31 March 31
1998 1997 1998 1997
-------- -------- -------- --------
(in thousands)
<S> <C> <C> <C> <C>
Operating activities:
Net Income .................................................... $ 8,544 $ 8,586 $ 32,316 $ 30,838
Principal non-cash items-
Depreciation, depletion, and amortization .................... 6,145 5,579 22,857 22,967
Deferred income taxes and investment tax credits ............. 245 583 1,881 1,632
Allowance for other funds
used during construction .................................... (18) (36) (81) (151)
(Increase) decrease in receivables,
inventories, and other current assets ....................... (25,637) 1,754 (54,458) 2,210
Increase (decrease) in other current liabilities ............. 30,131 696 55,450 2,140
Other, net ................................................... 442 (179) 1,261 2,041
-------- -------- -------- --------
19,852 16,983 59,226 61,677
-------- -------- -------- --------
Investing activities:
Available for sale securities sold ............................ 3,880 2,341 19,789 35,518
Property additions, excluding allowance
for other funds used during construction ..................... (3,018) (2,816) (21,597) (24,605)
Available for sale securities purchased ....................... (9,224) (6,153) (23,832) (37,323)
Energy marketing assets ....................................... -- -- (7,232) --
-------- -------- -------- --------
(8,362) (6,628) (32,872) (26,410)
-------- -------- -------- --------
Financing activities:
Dividends paid ................................................ (5,448) (5,132) (20,856) (20,083)
Common stock issued ........................................... 155 139 425 470
Net short-term borrowings ..................................... (11) (120) (11) (900)
Long-term debt issued ......................................... -- -- -- --
Long-term debt payments ....................................... (527) (751) (1,310) (1,313)
-------- -------- -------- --------
(5,831) (5,864) (21,752) (21,826)
-------- -------- -------- --------
Increase (decrease) in
cash and cash equivalents ................................... 5,659 4,491 4,602 13,441
Cash and cash equivalents:
Beginning of period ........................................... 16,774 13,340 17,831 4,390
-------- -------- -------- --------
End of period ................................................. $ 22,433 $ 17,831 $ 22,433 $ 17,831
======== ======== ======== ========
Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest ................................................... $ 4,593 $ 4,518 $ 14,133 $ 13,968
Income taxes ............................................... $ 2,000 $ -- $ 13,840 $ 12,016
Assumption of Clovis Point reclamation liability .............. $ - $ -- $ -- $ 7,957
</TABLE>
See accompanying notes to consolidated financial statements
<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 and Form 10-K)
(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. These financial
statements should be read in conjunction with the financial statements and the
notes thereto, included in the Company's 1997 Annual Report on Form 10-K filed
with the Securities and Exchange Commission.
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 March 31, 1998, December 31, 1997 and
March 31, 1997, financial information and are of a normal recurring nature. The
results of operations for the three and twelve months ended March 31, 1998, are
not necessarily indicative of the results to be expected for the full year.
(2) Capital Stock
In January, 1998, the Board of Directors declared a 3-for-2 Common Stock
Split effected in the form of a stock dividend. The stock dividend was paid
March 10, 1998 to shareholders of record on February 13, 1998. The common stock
share and per share information in the accompanying consolidated financial
statements and notes have been restated to reflect the stock distribution.
<PAGE>
(3) Net Income Per Share
The Company adopted the Financial Accounting Standards Board (FASB)
Statement No. 128 "Earnings Per Share" in 1997 which requires the presentation
of basic and diluted earnings per share. Basic earnings per share is computed by
dividing net income available to common shareholders by the weighted average
number of common shares outstanding during each year. Diluted earnings per share
is computed under the treasury stock method and is calculated to compute the
dilutive effect of outstanding stock options. A reconciliation of these amounts
is as follows (in thousands, except per share amounts):
Three MonthsEnded Twelve Months Ended
March 31 March 31
1998 1997 1998 1997
---- ---- ---- ----
Net Income ............................ $ 8,544 $ 8,586 $32,316 $30,838
======= ======= ======= =======
Weighted average common shares outstanding:
Basic ........................ 21,712 21,681 21,699 21,669
Dilutive effect of option plan . 24 7 16 4
------- ------- ------- -------
Diluted ...................... 21,736 21,688 21,715 21,673
======= ======= ======= =======
Earnings per share (Basic and Diluted):.. $ 0.39 $ 0.40 $ 1.49 $ 1.42
======= ======= ======= =======
(4) Comprehensive Income
The Company adopted FASB Statement No. 130, "Reporting Comprehensive
Income", effective January 1, 1998. Statement No. 130 establishes standards for
reporting and display of comprehensive earnings and its components in financial
statements; however, the adoption of this Statement had no impact on the
Company's net earnings or shareholders' equity. Statement No. 130 requires
minimum pension liability adjustments, unrealized gains or losses on the
Company's available-for-sale securities and foreign currency translation
adjustments, which prior to adoption were reported separately in shareholders'
equity, to be included in other comprehensive earnings. There were no material
differences between net earnings and comprehensive earnings for any periods
presented on the accompanying financial statements.
(5) Accounting Pronouncements
The FASB has issued two accounting pronouncements which the Company
will adopt in the fourth quarter of 1998. FASB Statement No. 131 "Disclosures
about Segments of an Enterprise and Related Information" requires that a
publicly-held company report financial and descriptive information about its
operating segments in financial statements issued to shareholders for interim
and annual periods. The Statement also required additional disclosures with
respect to products and services, geographic areas of operation, and major
customers. The Company has historically presented segment information in the
consolidated financial statements and related notes and as such does not expect
adoption of the disclosures requirements of this pronouncement will have a
material impact on its financial statements.
<PAGE>
FASB Statement No. 132 "Employers' Disclosures about Pensions and Other
Postretirement Benefits - an amendment of FASB Statements No. 87, 88, and 106"
requires revised disclosures about pension and other postretirement benefit
plans. The Company does not expect that adoption of the disclosure requirements
of this pronouncement will have a material impact on its financial statements.
In March, 1998, the American Institute of Certified Public Accounts
issued Statement of Position 98-1 ("SOP 98-1"), "Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use." The Statement is
effective for fiscal years beginning after December 15, 1998. Earlier
application is encouraged in fiscal years for which annual financial statements
have not been issued. The statement defines which costs of computer software
developed or obtained for internal use are capital and which costs are expense.
The Company has not yet determined when they will adopt the new Statement. The
effect of adoption is not expected to materially affect the Company's financial
position or result operations.
(6) Restatement of Financial Statements
In the fourth quarter of 1998, Enserco Energy, Inc. reacquired the
shares not owned by the Company resulting in 100% ownership by the Company. The
Company's results of operations and financial position for the periods from
January 1, 1998 to the time the Company acquired majority ownership in Enserco
Energy, Inc. have been restated to reflect the consolidation of Enserco Energy.
Enserco Energy's 1997 results were recorded using the equity method of
accounting. Net income for the 1998 and 1997 periods did not significantly
change.
(7) Reclassifications
Certain 1998 and 1997 amounts in the financial statements have been
reclassified to conform to the 1998 presentation in the Company's Form 10-K.
These reclassifications did not have a material effect on the Company's
stockholders' investment or results of operations.
<PAGE>
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 that 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 $12,000,000, which
provide for interim borrowings and the opportunity for timing of permanent
financing. The Company had no balances outstanding under these lines of credit
on March 31, 1998. There are no compensating balance requirements associated
with these lines of credit.
In addition to the above lines of credit, Black Hills Energy Resources,
Inc. has an uncommitted demand credit facility for up to $65 million. This
facility allows $50 million for a transactional line of credit and $15 million
overdraft line of credit. This facility is used to support the issuance of
letters of credit. At March 31, 1998, Black Hills Energy Resources has
approximately $28 million of outstanding letters of credit.
In addition to the above lines of credit, Wyodak Resources Development
Corp. has guaranteed a $15,000,000 line of credit for Enserco Energy, Inc. to
use to guarantee letters of credit. At March 31, 1998, there were no balances
outstanding on this line of credit.
Results of Operations
Black Hills Corporation is an energy company consisting of four principal
businesses: electric, coal mining, oil and gas production, and crude oil and
natural gas marketing.
Consolidated net income was $8,544,000 for the three months ended and
$32,316,000 for the twelve months ended March 31, 1998, representing stable
earnings and an increase of 5 percent, respectively. The increase in earnings
for the twelve months ended March 31, 1998 was primarily due to increased sales
volumes for the electric operations, resulting from sales to Montana-Dakota
Utilities, Sheridan, Wyoming load, which commenced January 1, 1997, partially
offset by lower oil and gas commodity prices, mild weather and weak market
conditions in the areas served by the energy marketing companies. Consolidated
revenues and fuel and purchased power expense increased for the three and twelve
months ended March 31, 1998 primarily due to oil and natural gas purchases and
sales from the energy marketing operations.
<PAGE>
Consolidated revenue and income from continuing operations provided by
the four businesses as a percentage of the total were as follows:
Three Months Ended Twelve Months Ended
March 31 March 31
1998 1997 1998 1997
---- ---- ---- ----
Revenues
- --------
Electric ........ 21% 73% 30% 73%
Coal mining ..... 5 19 7 19
Oil and gas ..... 2 8 3 8
Energy marketing 72 -- 60 --
---- ---- ---- ----
100% 100% 100% 100%
Net Income/(Loss)
- -----------------
Electric ........ 75% 64% 71% 61%
Coal mining ..... 28 29 28 31
Oil and gas ..... 2 8 5 9
Energy marketing
and Other ..... (5) (1) (4) (1)
---- ---- ---- ----
100% 100% 100% 100%
Capital expenditures and depreciation, depletion, and amortization by
business segment were as follows (in thousands):
Three Months Ended Twelve Months Ended
March 31 March 31
1998 1997 1998 1997
---- ---- ---- ----
Capital Expenditures
- --------------------
(includes AFDC)
Electric ............... $ 2,162 $ 1,490 $13,254 $13,251
Coal mining ............ 245 205 1,546 1,988
Oil and gas ............ 630 1,126 6,699 9,439
Energy marketing ....... -- -- 7,232 --
Other .................. (1) 31 179 78
------- ------- ------- -------
$ 3,036 $ 2,852 $28,910 $24,756
======= ======= ======= =======
Depreciation, Depletion,
and Amortization
- ------------------------
Electric ............... $ 3,797 $ 3,821 $14,584 $16,220
Coal mining ............ 855 761 3,282 3,079
Oil and gas ............ 1,342 997 4,606 3,668
Energy marketing ....... 151 -- 385 --
------- ------- ------- -------
$ 6,145 $ 5,579 $22,857 $22,967
======= ======= ======= =======
<PAGE>
Electric Operations
Electric revenue were stable and increased 5% for the three and twelve
month periods ending March 31, 1998. Firm kilowatthour sales decreased 4 percent
for the three month period due to milder weather and the Homestake
reorganization, and increased 8 percent for twelve month periods due to serving
the Montana-Dakota Utilities, Sheridan, Wyoming Load beginning January 1, 1997.
In January the Company's third largest electric customer (5.6 percent of 1997
electric revenues), Homestake Mining Company, implemented a reorganization plan
which included a temporary shutdown of its gold mine. The mine reopened in April
1998 with a reduced workforce. In addition, our low-cost generation allowed the
Company to recapture a portion of the margin loss from Homestake in the spot
energy market.
Electric expenses decreased 8% and increased 3% for the three and twelve
months ended March 31, 1998 due to continued cost containment and lower
purchased power and fuel costs. For the twelve months ended March 31, 1998, such
cost containment and lower purchased power and fuel costs partially offset
additional cost associated with serving the Sheridan, Wyoming load.
Mining Operations
Mining earnings decreased 2% and 7% for the three and twelve month
periods ending March 31, 1998. Earnings decreased $658,000 for the twelve month
period primarily as a result of a gain from the sale and retirement of property
recognized in the fourth quarter of 1996. Tons of coal sold were relatively flat
compared to the prior year.
Oil and Gas Production Operations
Oil and gas earnings decreased $546,000 and $1,128,000 for the three and
twelve month periods primarily as a result of decreased commodity prices. Oil
and natural gas prices decreased 33 percent and 28 percent, respectively for the
three month period and decreased 21 percent and 4 percent, respectively for the
twelve month period ended March 31, 1998. Production increased 7 percent and 2
percent for the three and twelve month periods, respectively.
Energy Marketing Operations
Energy marketing revenues and related fuel and purchased power expenses
represents the crude oil and natural gas purchases and sales of Black Hills
Energy Resources, Inc. which was acquired on July 25, 1997, and Enserco Energy,
Inc. (the energy marketing companies). Crude oil and natural gas wholesale
marketing operations are high-volume, low margin operations. Mild weather in the
East Coast and Midwest markets served and high storage levels through the winter
depressed margins for the periods. The energy marketing companies marketed
435,700 mmbtus and 14,900 barrels of oil per day for the three month period
ended March 31, 1998 and Black Hills Energy Resources marketed 258,900 mmbtus
and 13,400 barrels of oil per day since the Company acquired the assets in July
1997.
<PAGE>
BLACK HILLS CORPORATION
Part II - Other Information
Item 1. Legal Proceedings
There are no legal proceedings to be reported on for the
quarter ending March 31, 1998.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
None
b. Reports on Form 8-K
None
<PAGE>
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, Vice President - Finance
(Principal Financial Officer)
/s/ Mark T. Thies
------------------------------------------
Mark T. Thies, Controller
(Principal Accounting Officer)
Dated: May 13, 1999
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 333,132,000
<OTHER-PROPERTY-AND-INVEST> 64,684,000
<TOTAL-CURRENT-ASSETS> 120,649,000
<TOTAL-DEFERRED-CHARGES> 23,791,000
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 542,256,000
<COMMON> 21,712,000
<CAPITAL-SURPLUS-PAID-IN> 40,143,000
<RETAINED-EARNINGS> 146,799,000
<TOTAL-COMMON-STOCKHOLDERS-EQ> 208,654,000
0
0
<LONG-TERM-DEBT-NET> 162,834,000
<SHORT-TERM-NOTES> 12,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 1,330,000
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 169,426,000
<TOT-CAPITALIZATION-AND-LIAB> 542,256,000
<GROSS-OPERATING-REVENUE> 153,837,000
<INCOME-TAX-EXPENSE> 3,693,000
<OTHER-OPERATING-EXPENSES> 138,962,000
<TOTAL-OPERATING-EXPENSES> 142,655,000
<OPERATING-INCOME-LOSS> 11,182,000
<OTHER-INCOME-NET> 986,000
<INCOME-BEFORE-INTEREST-EXPEN> 12,168,000
<TOTAL-INTEREST-EXPENSE> 3,624,000
<NET-INCOME> 8,544,000
0
<EARNINGS-AVAILABLE-FOR-COMM> 8,544,000
<COMMON-STOCK-DIVIDENDS> 5,448,000
<TOTAL-INTEREST-ON-BONDS> 3,326,000
<CASH-FLOW-OPERATIONS> 19,852,000
<EPS-PRIMARY> 0.39
<EPS-DILUTED> 0.39
</TABLE>
