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Previous: CARROLS CORP, 10-Q, 1997-05-15 |
Next: CENCOR INC, 10-Q, 1997-05-15 |
<PAGE>
FORM 10-Q / A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT No. 1 TO QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
Commission file number: 1-7196
CASCADE NATURAL GAS CORPORATION
(Exact name of registrant as specified in its charter)
WASHINGTON 91-0599090
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
222 FAIRVIEW AVENUE NORTH, SEATTLE, WA 98109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (206) 624-3900
<PAGE>
The undersigned registrant hereby amends Part I, Item 1 of its Quarterly
Report on Form 10-Q for the period ended March 31, 1997, as follows:
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF NET EARNINGS
AVAILABLE TO COMMON SHAREHOLDERS
(unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- ---------------------------
Mar 31, 1997 Mar 31, 1996 Mar 31, 1997 Mar 31, 1996
------------ ------------ ------------ ------------
(thousands except per share data)
<S> <C> <C> <C> <C>
Operating revenues $71,174 $67,620 $136,145 $124,528
Less: Gas purchases 38,644 37,400 74,333 69,021
Revenue taxes 4,904 4,583 8,575 7,856
------- ------- -------- --------
Operating margin 27,626 25,637 53,237 47,651
------- ------- -------- --------
Cost of operations:
Operating expenses 9,321 8,358 18,306 16,075
Depreciation and amortization 3,286 3,056 6,509 6,084
Property and payroll taxes 834 1,178 1,862 2,112
------- ------- -------- --------
13,441 12,592 26,677 24,271
------- ------- -------- --------
Earnings from operations 14,185 13,045 26,560 23,380
Less interest and other
deductions - net 2,249 2,450 4,580 4,920
------- ------- -------- --------
Earnings before income taxes 11,936 10,595 21,980 18,460
Income taxes 4,336 3,825 7,933 6,491
------- ------- -------- --------
Net earnings 7,600 6,770 14,047 11,969
Preferred dividends 128 131 255 262
------- ------- -------- --------
Net earnings available to
common shareholders $ 7,472 $ 6,639 $ 13,792 $ 11,707
------- ------- -------- --------
------- ------- -------- --------
Common shares outstanding:
Weighted average 10,840 9,163 10,814 9,131
End of period 10,869 9,196 10,869 9,196
Net earnings per common share $ 0.69 $ 0.72 $ 1.28 $ 1.28
------- ------- -------- --------
------- ------- -------- --------
Cash dividends per share $ 0.24 $ 0.24 $ 0.48 $ 0.48
------- ------- -------- --------
------- ------- -------- --------
</TABLE>
See notes to consolidated condensed financial statements
2
<PAGE>
CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
Mar 31, 1997 Sep 30, 1996
------------ ------------
(Dollars in Thousands)
(Unaudited)
<S> <C> <C>
ASSETS
Utility Plant, net after accumulated
depreciation of $154,349 and $147,599 $ 250,837 $ 236,172
Construction work in progress 5,689 19,497
---------- ----------
256,526 255,669
---------- ----------
Other Assets:
Investments 668 667
Notes receivable, less current maturities 1,747 1,777
---------- ----------
2,415 2,444
---------- ----------
Current Assets:
Cash and cash equivalents 2,215 543
Accounts receivable, less allowance of $580
and $439 for doubtful accounts 22,909 11,646
Current maturities of notes receivable 637 631
Materials, supplies and inventories 6,070 6,063
Prepaid expenses and other assets 2,444 5,723
---------- ----------
34,275 24,606
---------- ----------
Deferred Charges 12,780 13,662
---------- ----------
$ 305,996 $ 296,381
---------- ----------
---------- ----------
COMMON SHAREHOLDERS' EQUITY,
PREFERRED STOCKS AND LIABILITIES
Common Shareholders' Equity:
Common stock, par value $1 per share, authorized 15,000,000
shares, issued and outstanding 10,869,032 and 10,786,585 shares $ 10,869 $ 10,787
Additional paid-in capital 94,643 93,438
Retained earnings 13,483 4,901
---------- ----------
118,995 109,126
---------- ----------
Redeemable Preferred Stocks, aggregate redemption
amount of $6,845 and $7,097 6,630 6,851
---------- ----------
Long-term Debt 101,550 101,850
---------- ----------
Current Liabilities:
Notes payable and commercial paper 13,000 -
Accounts payable 13,179 17,599
Property, payroll and excise taxes 5,503 3,113
Dividends and interest payable 6,610 6,570
Other current liabilities 6,466 2,931
---------- ----------
44,758 30,213
---------- ----------
Deferred Credits:
Gas cost changes 8,146 21,578
Other 25,917 26,763
---------- ----------
34,063 48,341
---------- ----------
Commitments and Contingencies - -
$ 305,996 $ 296,381
---------- ----------
---------- ----------
</TABLE>
See notes to consolidated condensed financial statements
3
<PAGE>
CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
---------------------------
Mar 31, 1997 Mar 31, 1996
------------ ------------
(dollars in thousands)
<S> <C> <C>
OPERATING ACTIVITIES
Net earnings $ 14,047 $ 11,969
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depreciation 6,509 6,084
Amortization of gas cost changes (1,719) 2,166
Decrease in deferred income taxes (1,217) (125)
Decrease in deferred investment tax credits (117) (150)
Cash provided (used) by changes in operating assets and liabilities:
Current assets and liabilities (6,201) (57)
Gas cost changes (11,713) 11,869
Other deferrals and non-current liabilities 1,147 (3,150)
---------- ----------
Net cash provided by operating activities 736 28,606
---------- ----------
INVESTING ACTIVITIES:
Capital expenditures (13,379) (20,526)
Customer contributions in aid of construction 5,941 265
New consumer loans (697) (758)
Receipts on consumer loans 769 1,316
Purchase of securities available for sale - (2,293)
Proceeds from securities available for sale - 4,375
---------- ----------
Net cash used by investing activities (7,366) (17,621)
---------- ----------
FINANCING ACTIVITIES:
Issuance of common stock 712 1,006
Redemption of preferred stock (216) (345)
Proceeds from issuance of long-term debt - 2,100
Repayment of long-term debt (300) (5,000)
Changes in notes payable and commercial paper, net 13,000 (3,001)
Dividends paid (4,894) (4,123)
---------- ----------
Net cash provided (used) by financing activities 8,302 (9,363)
---------- ----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,672 1,622
CASH AND CASH EQUIVALENTS:
Beginning of period 543 718
---------- ----------
End of period $ 2,215 $ 2,340
---------- ----------
---------- ----------
</TABLE>
See notes to consolidated condensed financial statements
4
<PAGE>
CASCADE NATURAL GAS CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
THREE AND SIX MONTH PERIODS ENDED MARCH 31, 1997
The preceding statements were taken from the books and records of the
Company and reflect all adjustments which are, in the opinion of management,
necessary for a fair statement of the results for the interim periods. All
adjustments were of a normal and recurring nature.
Because of the highly seasonal nature of the business, earnings or loss
for any portion of the year are disproportionate in relation to the full year.
Reference is directed to the Notes to Consolidated Financial Statements
contained in the 1996 Transition Report on Form 10-K for the period January
1, 1996 to September 30, 1996, and comments included therein under
"Management's Discussion and Analysis of Financial Condition and Results of
Operations".
NEW ACCOUNTING STANDARDS - In February, 1997, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standards No. 128,
Earnings per Share. This new standard is effective for interim and annual
periods ending after December 15, 1997. The standard prescribes the method of
calculating and reporting earnings per share (EPS) amounts. It replaces the
presentation of primary EPS with a presentation of basic EPS. For entities
with other than a simple capital structure, it requires the dual presentation
of basic and diluted EPS on the face of the income statement. The Company
does not expect implementation of this standard to have a material effect on
reported earnings per share.
5
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
CASCADE NATURAL GAS CORPORATION
(Registrant)
By: /s/ J D Wessling
--------------------------------------------------------
J D Wessling
Vice President - Finance and Chief Financial Officer
(Principal Financial Officer)
Date: May 13, 1997
-------------
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