FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-19179
CT COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 56-1837282
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
68 Cabarrus Avenue, East
P.O. Box 227, Concord, N.C. 28025
(Address of principal executive offices) (Zip Code)
(704) 782-7000
(Registrant's telephone number, including area code)
(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
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
1,488,917 shares of Common Stock outstanding as of
March 31, 1997.
Class A Voting - 225,980
Class B Non-Voting - 1,262,937
CT COMMUNICATIONS, INC.
INDEX
Page No.
PART I. Financial Information
Balance Sheets --
March 31, 1997 and December 31, 1996 2-3
Statements of Income --
Three Months Ended March 31, 1997 and
March 31, 1996 4
Statements of Cash Flows --
Three Months Ended March 31, 1997 and
March 31, 1996 5
Notes to Financial Statements 6-7
Management's Discussion and Analysis of
Financial Condition and Results of Operations 8-11
PART II. Other Information 12
-1-
PART I. FINANCIAL INFORMATION
CT COMMUNICATIONS, INC.
Consolidated Balance Sheets
Unaudited
ASSETS
March 31, December 31,
1997 1996
____________ ____________
Current assets:
Cash and cash equivalents $ 1,975,453 $ 2,162,698
Short-term investments 321,734 316,158
Accounts receivable, net of allowance
for doubtful accounts of $100,000 7,617,827 7,614,737
Refundable income taxes --- 14,736
Materials and supplies 3,387,135 2,860,114
Deferred income taxes 73,282 103,399
Prepaid expenses and other assets 468,262 476,774
____________ __________
Total current assets 13,843,693 13,548,616
____________ __________
Investment securities 1,572,480 3,637,445
Investments in affiliates 27,736,780 25,888,315
Property, plant, and equipment:
Telephone plant in service:
Land, buildings, and general equipment 22,125,124 22,146,226
Central office equipment 57,895,664 55,912,450
Poles, wire, cables and conduit 73,145,670 72,466,757
Construction in progress 3,701,380 2,778,779
___________ ___________
156,867,838 153,304,212
Less accumulated depreciation 82,428,058 81,314,625
___________ ___________
Net property, plant, and equipment 74,439,780 71,989,587
___________ ___________
TOTAL ASSETS $117,592,733 $115,063,963
============ ============
(Continued)
See accompanying notes to consolidated financial statements.
-2-
Consolidated Balance Sheets, (Continued)
LIABILITIES & STOCKHOLDERS' EQUITY
Unaudited
March 31, December 31,
1997 1996
___________ ____________
Current liabilities:
Current portion of long-term debt and
redeemable preferred stock $ 632,500 $ 2,072,500
Accounts payable 8,344,034 9,962,149
Customer deposits and advance billings 1,364,662 1,271,562
Accrued payroll 642,636 1,250,396
Accrued income taxes 1,673,949 ---
Other accrued liabilities 598,976 469,492
_____________ ___________
Total current liabilities 13,256,757 15,026,099
_____________ ___________
Long-term debt 3,859,000 2,014,000
_____________ ___________
Deferred credits and other liabilities:
Deferred income taxes 1,041,459 1,106,910
Investment tax credits 1,005,244 1,033,965
Regulatory liability 2,507,029 2,507,029
Accrued pension cost 2,043,708 1,043,974
Postretirement benefits other than pension 9,713,228 9,422,573
Other 1,103,098 1,103,098
____________ __________
17,413,766 16,217,549
Redeemable preferred stock: 4.8% series;
authorized 5,000 shares; issued and
outstanding 1,625 shares in 1997
and 1996, respectively 150,000 150,000
___________ __________
Total liabilities 34,679,523 33,407,648
___________ __________
Stockholders' equity:
Preferred stock not subject to mandatory redemption:
5% series, $100 par value; 15,087 shares
outstanding 1,508,700 1,508,700
4.5% series, $100 par value; 2,000 shares
outstanding 200,000 200,000
Discount on 5% preferred stock (16,059) (16,059)
Common stock:
Voting; 225,980 shares outstanding 3,829,901 4,021,094
Nonvoting; 1,262,937 and 1,258,357 shares
outstanding in 1997 and 1996, respectively 23,886,819 23,377,120
Other capital 298,083 298,083
Unearned compensation (674,718) (188,055)
Unrealized gain (loss) on securities
available-for-sale (153,777) 195,419
Retained earnings 54,034,261 52,260,013
__________ __________
Total stockholders' equity 82,913,210 81,656,315
__________ __________
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $117,592,733 $115,063,963
=========== ===========
See accompanying notes to consolidated financial statements.
-3-
CT COMMUNICATIONS, INC.
Consolidated Statements of Income
For 3 months ended March 31, 1997 and 1996
Unaudited
1997 1996
Operating revenues:
Local service $ 6,423,242 $ 5,658,533
Access and toll service 8,568,332 7,125,462
Other and unregulated 2,938,572 2,582,102
Less provisions for uncollectible
accounts (77,917) (72,237)
____________ ___________
Total operating revenues 17,852,229 15,293,860
Operating expenses:
Plant specific 6,284,285 4,695,809
Depreciation and amortization 1,905,267 2,225,619
Customer operations 2,662,370 1,623,221
Corporate operations 1,761,618 2,113,100
__________ _________
Total operating expenses 12,613,540 10,657,749
__________ __________
Net operating revenues 5,238,689 4,636,111
Other income (expenses):
Equity in income of affiliates 179,119 791,359
Interest, dividend income and
gain on sale of investments 40,280 164,459
Expense related to early retirement plan (1,020,000)
Other expenses, principally interest (105,128) (122,508)
___________ __________
Total other income (905,729) 833,310
___________ __________
Income before income taxes 4,332,960 5,469,421
Income taxes 1,683,568 2,136,821
___________ _________
Net income 2,649,392 3,332,600
Dividends on preferred stock 23,059 23,209
___________ _________
Earnings for common stock $ 2,626,333 $ 3,309,391
=========== =========
Earnings per common share* $ 1.76 $ 2.23
=========== =========
Dividends per common share* $ .70 $ .68
=========== =========
Weighted average shares outstanding* 1,489,590 1,484,070
* In April 1996, the Registrant effected a three for one stock split in
the form of a two for one stock dividend to shareholders of record at
May 3, 1996. Earnings per share, dividends per share and weighted
average shares outstanding have been restated for prior periods.
See accompanying notes to consolidated financial statements.
-4-
CT COMMUNICATIONS, INC.
Consolidated Statements of Cash Flows
For 3 months ended March 31, 1997 and 1996
Unaudited
1997 1996
Cash flows from operating activities:
Net income $ 2,649,392 $ 3,332,600
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 1,905,267 2,225,619
Deferred income taxes and tax credits (124,289) (691,268)
Postretirement benefits 290,655 305,052
Loss on sale of investments 3,241 17,774
Undistributed income of affiliates (179,119) (791,359)
(Increase)decrease in accounts receivable (3,090) 1,507,202
Increase in materials and supplies (527,021) (163,166)
Decrease in other assets 8,512 166,122
Decrease in accounts payable (1,618,115) (1,383,208)
Increase in customer deposits and
advance billings 93,100 33,550
Increase in liability for early
retirement plan 1,020,000 ---
Decrease in accrued liabilities (498,542) (114,493)
Increase in income taxes payable 1,688,685 1,669,028
___________ __________
Net cash provided by operating activities 4,708,676 6,113,453
___________ __________
Cash flows from investing activities:
Capital expenditures in telephone plant (4,313,898) (3,590,878)
Salvage value - telephone plant retired (41,562) (60,999)
Purchases of investments in affiliates (1,669,346) (1,713,100)
Purchases of investment securities (110,824) (811,048)
Sales and maturities of investment securities 1,594,520 820,000
Partnership capital distribution --- 230,673
__________ ___________
Net cash used in investing activities (4,541,110) (5,125,352)
___________ ___________
Cash flows from financing activities:
Repayment of long-term debt (1,595,000) (175,000)
Dividends paid (1,046,492) (1,019,152)
Proceeds from common stock issuance 509,699 24,624
Purchase of shares (191,193) ---
Borrowing on line of credit 2,000,000 ---
Other (31,825) 76,871
__________ _________
Net cash used in financing activities (354,811) (1,092,657)
__________ _________
Net decrease in cash and cash equivalents (187,245) (104,556)
__________ _________
Cash and cash equivalents-beginning of period 2,162,698 4,751,204
__________ _________
Cash and cash equivalents-end of period $ 1,975,453 $ 4,646,648
========== =========
See accompanying notes to consolidated financial statements.
-5-
CT COMMUNICATIONS, INC.
NOTES TO FINANCIAL STATEMENTS
1. In the opinion of Management, the accompanying unaudited financial
statements contain all adjustments (consisting of only normal recurring
accruals) necessary to present fairly the financial position as of
March 31, 1997, and the results of operations for the three months then
ended and cash flows for the three months then ended.
2. The results of operations for the three months ended March 31, 1997 and
1996 are not necessarily indicative of the results to be expected for
the full year.
3. The following is a summary of common stock transactions during the three
months ended March 31, 1997.
.....Voting.....
Shares Value
Outstanding at December 31, 1996... 227,019 $4,021,094
Purchase of shares................. (1,039) (191,193)
_______ _________
Outstanding at March 31, 1997...... 225,980 $3,829,901
======= =========
Weighted average shares outstanding
for the three months ending
March 31, 1997.................. 226,653
..Non-Voting Class B..
Shares Value
Outstanding at December 31, 1996.. 1,258,357 $23,377,120
Issuance of common stock.......... 4,580 509,699
_________ __________
Outstanding at March 31, 1997..... 1,262,937 $23,886,819
========= ==========
Weighted average shares outstanding
for three months ending
March 31, 1997................. 1,262,937
-6-
4. SECURITIES AVAILABLE-FOR-SALE
March 31, 1997
Gross Unrealized
_______________________
Securities Amortized Fair
Available-for-Sale Cost Gains Losses Value
__________________ _________ _______ _________ __________
State, county and municipal
debt securities $1,269,167 1,530 (355) $1,270,342
Equity securities 877,205 2,252,199 (2,505,532) 623,872
_________ _________ _________ _________
Total $2,146,372 2,253,729 (2,505,887) $1,894,214
========= ========= ========= =========
Amortized Cost Fair Value
______________ ___________
Current $ 321,734 $ 321,734
Due after one through five years 947,433 948,608
Equity securities 877,205 623,872
__________ _________
Total $ 2,146,372 $ 1,894,214
========== =========
5. INVESTMENTS IN AFFILIATED COMPANIES
March 31,1997 December 31,1996
________________ __________________
ITC Associates Partnership (cost method) $ 5,519,832 $ 5,519,832
RSA 15 Partnership (equity method) 7,411,202 6,516,008
BellSouth Carolinas PCS, LP (equity method) 4,900,573 5,581,051
U.S. Telecom Holdings (equity method) 3,445,386 3,556,294
Wireless 1 - Carolinas (equity method) 2,910,659 1,371,000
ITC Holdings (cost method) 658,354 658,354
U.S. Intelco (cost method) 1,068,624 1,068,624
Ellerbe Partnership (equity method) 1,283,344 1,188,967
Access On (equity method) 200,472 199,095
Other (cost method) 338,334 229,090
____________ ____________
TOTAL $ 27,736,780 $ 25,888,315
============ ============
6. LONG-TERM DEBT:
Long-term debt excluding annual maturities comprised the following:
First Mortgage Bonds: March 31, 1997 December 31, 1996
__________________________ _______________ ____________________
Note payable to a bank @ 7.25%
due in installments until 2001 $ 1,859,000 $ 2,014,000
Rural Telephone Finance Corp.
maturing on March 8, 1999 2,000,000 ---
________________ ____________________
TOTAL $ 3,859,000 $ 2,014,000
================ ====================
Annual maturities of the long-term debt outstanding amounts to $465,000 in
1997; $620,000 in 1998; $2,620,000 in 1999; $620,000 in 2000; and
$154,000 thereafter.
-7-
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
The liquidity of the Company increased during the three month period
ended March 31, 1997. Current assets exceeded current liabilities by
$586,936 at March 31, 1997. In comparison, current liabilities exceeded
current assets by $1,477,483 at December 31, 1996.
Current assets increased $295,077 when compared to December 31, 1996.
This increase is primarily due to an increase in materials and supplies
of $527,021 to complete outside plant construction as planned.
Current liabilities decreased by $1,769,342 during the three months
ending on March 31, 1997. This decrease is primarily from the decrease
in accounts payable of $1,618,115. The decrease in accounts payable is
primarily due to Registrant's payment to Nortel for switching equipment
being installed in Registrant's headquarters office (the "Central
Office"). Current liabilities were also decreased by a decrease in the
current portion of long-term debt of $1,440,000 due to the payment of
current maturities and resulting retirement of First Mortgage Bonds on
March 1, 1997; and the decrease in accrued payroll of $607,760 due to
the timing of payroll dates. These decreases were offset in part by an
increase in accrued income taxes of $1,673,949 due to the timing of
income tax deposits and an increase in other accrued liabilities of
$129,484 due primarily to additional accrual for property taxes.
The Registrant's primary source of liquidity is funds provided by
operations. During the three months ended March 31, 1997, cash provided
by operations totaled $4,708,676. The Registrant also drew on a line of
credit with the Rural Telephone Finance Corporation ("RTFC") as of
January 17, 1997, in the amount of $2,000,000, in order to pay Nortel
for the switch equipment being installed at Registrant's Central Office.
There is $8,000,000 of available credit remaining under the Registrant's
line of credit with RTFC. The Registrant also has a $3,500,000 line of
credit with First Charter National Bank that is unused.
The primary use of cash during this period was for normal additions
to telephone plant - $4,313,898, purchase of investments in affiliates
- $1,669,346, payment of dividends - $1,046,492 and purchase of
investment securities - $110,824. Of the cash expended for investments
in affiliates, $1,506,100 was invested in CT Wireless Cable, Inc. in
connection with its investment in Wireless One of North Carolina, L.L.C.
("WONC") and WONC's expenditures to acquire the rights to lease certain
television channel frequencies from the University of North Carolina.
Funds needed in excess of those generated by operations were generated
by the sale or maturity of investments available for sale and borrowing
on the RTFC line of credit as described above. Sales and maturities of
these investments totaled $1,594,520 during the three months ending
March 31, 1997.
-8-
Liquidity and Capital Resources (Con't.)
At March 31, 1997, the Registrant's investment portfolio totaled $1.9
million, all of which could be pledged to secure additional borrowing,
or sold, if needed for liquidity purposes. At March 31, 1997, the
Company had available lines of credit totaling $13,500,000, of which
$2,000,000 was outstanding.
The Registrant anticipates that all of the capital requirements in
1997 associated with its construction program, payments associated with
long-term debt and investments as summarized above will be provided by
cash flows from operations, existing cash, cash equivalents and
short-term investments and currently available lines of credit. If
additional funds are required during 1997, management expects that such
funds will be raised through additional bank borrowings.
Results of Operations
3 months ended March 31, 1997 and March 31, 1996
Operating revenues increased $2,558,369 or 17% for the three months
ended March 31, 1997 when compared to the same period of 1996.
Local service revenues increased $764,709 or 14% when compared to the
quarter ending on March 31, 1996. This increase was comprised of a
$240,000 increase in basic local service revenues; a $175,000 increase
in Digital Communications Services ("DCS") revenues from the operations
of Registrant's Carolinas Personal Communications, Inc. (doing business
as "CT Wireless, Inc.") subsidiary; and a $150,000 increase in custom
calling features. The remaining increase was primarily attributable to
revenue growth from increased calling activity under Concord Telephone
Company's metro calling plan. Due to access line growth and increased
customer demand, this area of operations is expected to continue to grow.
Access and toll revenues increased $1,442,870 or 20% over the
comparable period ending on March 31, 1996. This increase was comprised
of $690,000 in interstate and intrastate interlata toll revenues;
$250,000 of area calling settlement charge revenues; and $285,000 of
other access revenue. The remainder of this increase is primarily gains
in intrastate intralata toll revenue. With the continued emphasis
on toll operations by the Registrant and expansion into areas outside of
its traditional service area of operations, growth is expected to
continue in the access and toll revenue category.
Other and unregulated income increased $356,470 or 14% over the
comparable period ending on March 31, 1996. This increase was comprised
of $120,000 in DCS telephone sales; a $115,000 increase in business
systems sales; and approximately $60,000 in increase sales for voice mail
service. The remaining amount relates to increases of inside wire
maintenance revenue. The Registrant is continually placing
more emphasis on revenues and sales from the non-regulated area of
operations, and it is expected that non-regulated revenues will continue
to increase.
-9-
Results of Operations (Con't.)
3 months ended March 31, 1997 and March 31, 1996 (Con't.)
As a result of improved collection results, Registrant's provision
for uncollectible accounts increased only modestly in spite of increased
volume of business activity.
Operating expenses, exclusive of depreciation, increased $2,276,143 or
approximately 27% when compared to the previous quarter ending on
March 31, 1996.
Plant specific expenses increased $1,588,476 or 34% when compared to
the previous period ending March 31, 1996. This increase was a result of
increased intrastate intralata access expenses of approximately $480,000;
an increase of $235,000 in DCS cost of goods sold associated with the CT
Wireless, Inc. subsidiary; an increase in interstate and intrastate
interlata access expense of $185,000 due to additional sales of toll
services; an increase in DCS access expense of $135,000 for the ongoing
start up costs associated with the offering of DCS services; and
increased non-regulated plant specific expenditures of $135,000 due to
increased sales efforts in the non-regulated area of operations. The
remaining increase is primarily expenses associated with local plant
operations and increased costs associated with the allocation of post
retirement benefits.
Customer operations expenses increased $1,039,149 or 64% when compared
to the previous period ending on March 31, 1996. This increase was
comprised of costs associated with additional long distance sales and
marketing efforts of approximately $360,000 and cost increases of
$370,000 due to DCS sales and marketing efforts. The remaining increases
are due to additional expenditures in local regulated and non-regulated
operations for customer service, sales and marketing.
Corporate operations decreased $351,482 or approximately 17% when
compared to the expenses period ending on March 31, 1996. This decrease
is primarily the result of the allocation of post retirement benefit cost
to the departments and functions which generate these costs. This
allocation results in some of these costs being capitalized and not
expensed currently.
Depreciation expenses decreased by $320,352 when compared to the
previous quarter ending on March 31, 1996. This results from the
reclassification of circuit equipment amounts into the Central Office
switching category and recalculating previously recorded depreciation
expense at the lower rates used for switching equipment. The reduction
of depreciation expense is $736,971. Without this one-time change to
reclassify previously deducted interest amounts, this expense would have
been increased by $416,619, which would be expected due to increased
depreciable plant balances.
-10-
Results of Operations (Con't.)
3 months ended March 31, 1997 and March 31, 1996 (Con't.)
Other income decreased by $1,739,039 when compared to the previous
period. This reduction is a result of reduced equity in income of
affiliates of $612,240, which is primarily a result of Registrant's pro
rata share of start up losses incurred by BellSouth Carolinas PCS Limited
Partnership and its DCS network which became operational in the third
quarter of 1996, as well as a one-time expense of $1,020,000 during the
first quarter of 1997 related to an early retirement plan offered to
certain Concord Telephone Company employees.
Other Events
The Registrant formed a new subsidiary, CTC Exchange Services, in the
first quarter of 1997. This new subsidiary will offer competitive local
access to customers out of the Registrant's traditional service area when
approved by the North Carolina Utilities Commission (NCUC).
The Registrant appeared in March 1997 before the NCUC in a public
hearing on the new rate plan request filed by the Registrant on November 1,
1996, as disclosed in earlier filings. The NCUC has not yet ruled on the
Registrant's request. Such a ruling is expected by June 1997.
Factors That May Affect Future Results
The foregoing discussion contains forward-looking statements about the
Registrant's financial condition and results of operations, which are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those reflected in the forward-looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's judgment only as
of the date hereof. The Registrant undertakes no obligation to publicly
revise these forward-looking statements to reflect events and
circumstances that arise after the date hereof.
Factors that may cause actual results to differ materially from these
forward-looking statements are (1) the Registrant's ability to respond
effectively to the sweeping changes in industry conditions created by the
Telecommunications Act of 1996, and related state and federal legislation
and regulations, (2) whether the North Carolina Utilities Commission
grants the Registrant's proposed rate plan and, if granted, the
Registrant's ability to implement the plan, (3) the Registrant's
ability to recover the substantial costs to be incurred in connection with
the implementation of its DCS business, (4) the Registrant's ability to
retain its existing customer base against local and long distance service
competition, and to market such services to new customers, (5) the
Registrant's ability to effectively manage rapid changes in technology
and (6) whether the Registrant can effectively respond to the actions of
its competitors.
-11-
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(A) Exhibits
Exhibit No. Description of Exhibit
3.1 Articles of Incorporation of the Registrant
effective October 25, 1993. (Incorporated
by reference to Exhibit 3.1 of the Registrant's
Annual Report Form 10-K dated March 29, 1994.)
3.2 By-laws of the Registrant effective October 25,
1993. (Incorporated by reference to Exhibit 3.2 of
the Registrant's Annual Report Form 10-K dated
March 29, 1994.)
11 Computation of Earnings Per Share.
27 Financial Data Schedule.
(B) Reports on Form 8-K.
None
-12-
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.
CT COMMUNICATIONS, INC.
(Registrant)
/S/ BARRY R. RUBENS
Sr. Vice President, Secretary
and Chief Financial Officer
May 14, 1997
Date
(The above signatory has dual responsibility as duly authorized
officer and principal financial and accounting officer of the
Registrant.)
-13-
EXHIBIT 11
CT COMMUNICATIONS, INC.
AND SUBSIDIARIES
Computation of Earnings Per Share
Three Months Ended
______________________________
March 31 March 31
1997 1996
_____________ _____________
Computation of share totals
used in computing earnings
per share:
Weighted average number of
shares outstanding 1,489,590 1,484,070
(Adjusted for stock dividend
May 3, 1996)
Primary average shares
a - Outstanding 1,489,590 1,484,070
Incremental shares arising
from outstanding stock options 17,846 12,861
______________ ____________
b - Totals 1,507,436 1,496,931
============== ============
c - Net Income $2,626,333 $3,309,391
============== ============
Net Income Per Share
Primary - c/a $ 1.76 $ 2.23
============== ============
Net Income Per Share
assuming full dilution - c/b $ 1.74 $ 2.21
============== ============
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Appendix A to Item 601(c) of Regulation S-K
Commercial and Industrial Companies
Article 5 of Regulation S-X
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<CASH> 1,975,453
<SECURITIES> 1,894,214
<RECEIVABLES> 7,717,827
<ALLOWANCES> (100,000)
<INVENTORY> 3,387,135
<CURRENT-ASSETS> 13,843,693
<PP&E> 156,867,838
<DEPRECIATION> 82,428,058
<TOTAL-ASSETS> 117,592,733
<CURRENT-LIABILITIES> 13,256,757
<BONDS> 3,859,000
150,000
1,692,641
<COMMON> 27,716,720
<OTHER-SE> 53,503,849
<TOTAL-LIABILITY-AND-EQUITY> 82,913,210
<SALES> 0
<TOTAL-REVENUES> 17,852,229
<CGS> 0
<TOTAL-COSTS> 12,613,540
<OTHER-EXPENSES> 800,601
<LOSS-PROVISION> 77,917
<INTEREST-EXPENSE> 105,128
<INCOME-PRETAX> 4,332,960
<INCOME-TAX> 1,683,568
<INCOME-CONTINUING> 2,649,392
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,649,392
<EPS-PRIMARY> 1.76
<EPS-DILUTED> 1.74
</TABLE>
