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Previous: CAROLINA TELEPHONE & TELEGRAPH CO, 10-Q, 1997-05-13 |
Next: CENTRAL FIDELITY BANKS INC, 10-Q, 1997-05-13 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO 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 0-8084
Connecticut Water Service, Inc.
(Exact name of registrant as specified in its charter)
Connecticut 06-0739839
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
93 West Main Street, Clinton, CT 06413-1600
(Address of principal executive offices) (Zip Code)
(860) 669-8636
(Registrant's telephone number, including area code)
Not Applicable
(Former name, 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 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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a count. Yes 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.
3,016,286
Number of shares of common stock outstanding, March 31, 1997
<PAGE> 2
CONNECTICUT WATER SERVICE, INC.
Financial Report
March 31, 1997 and 1996
TABLE OF CONTENTS
PART I, ITEM 1: FINANCIAL STATEMENTS
Consolidated Balance Sheets at March 31, 1997
and December 31, 1996 Page 3
Consolidated Statements of Capitalization at
March 31, 1997 and December 31, 1996 Page 4
Consolidated Statements of Income for Three Months
Ended March 31, 1997 and 1996 Page 5
Consolidated Statements of Income for Twelve Months
Ended March 31, 1997 and 1996 Page 6
Consolidated Statements of Retained Earnings for Three
Months Ended March 31, 1997 and 1996 Page 7
Consolidated Statements of Retained Earnings for Twelve
Months Ended March 31, 1997 and 1996 Page 7
Consolidated Statements of Cash Flows for Three Months
Ended March 31, 1997 and 1996 Page 8
Notes to Consolidated Financial Statements Page 9
PART I, ITEM 2: Management's Discussion and Analysis of
Financial Condition and Results of Operations Page 10
PART II, ITEM 4: Submission of Matters to a Vote
of Security Holders Page 11
Signature Page Page 12
<PAGE> 3
<TABLE>
<CAPTION>
Page 3
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
AT MARCH 31, 1997 AND DECEMBER 31, 1996
MARCH 31,
1997 DEC. 31,
ASSETS (UNAUDITED) 1996
- ------ -------------------- ---------------
(THOUSANDS OF DOLLARS)
<S> <C> <C>
Utility Plant
Utility Plant $195,221 $195,223
Construction Work in Progress 10,472 8,940
Utility Plant Acquisition Adjustments (1,206) (1,206)
-------------------- ---------------
204,487 202,957
Accumulated Provision for Depreciation (49,949) (49,059)
-------------------- ---------------
Net Utility Plant 154,538 153,898
-------------------- ---------------
Investments 1,477 1,290
-------------------- ---------------
Current Assets
Cash 37 35
Accounts Receivable (Less Allowance, 1997- $140; 1996 - $140) 3,739 3,736
Accrued Unbilled Revenues 2,784 2,830
Prepayments and Other Current Assets 1,533 736
-------------------- ---------------
Total Current Assets 8,093 7,337
-------------------- ---------------
Deferred Charges
Unamortized Debt Issuance Expense 5,164 5,212
Taxes Recoverable Through Future Rates 9,000 9,000
Postretirement Benefits Other Than Pension Recoverable
Through Future Rates 1,036 1,036
Recoverable Contamination Clean-Up Costs 5,400 5,400
Prepaid Income Taxes on Contributions in Aid of Construction 552 528
Other Costs 1,021 939
-------------------- ---------------
Total Deferred Charges 22,173 22,115
-------------------- ---------------
TOTAL ASSETS $186,281 $184,640
==================== ===============
CAPITALIZATION AND LIABILITIES
- ------------------------------
Capitalization (See accompanying statements)
Common Stockholders' Equity $54,577 $54,395
Preferred Stock 772 772
Long-Term Debt 54,430 54,430
-------------------- ---------------
Total Capitalization 109,779 109,597
-------------------- ---------------
Current Liabilities
Interim Bank Loans Payable 8,096 5,795
Accounts Payable and Accrued Taxes and Interest 6,178 7,166
Accrued Recoverable Contamination Clean-Up Costs 300 300
Other 1,962 1,951
-------------------- ---------------
Total Current Liabilities 16,536 15,212
-------------------- ---------------
Long-Term Liabilities
Accrued Recoverable Contamination Clean-Up Costs 2,702 2,757
Advances for Construction 13,555 13,600
Contributions in Aid of Construction 18,563 18,563
Deferred Federal Income Taxes 12,967 12,717
Unfunded Future Income Taxes 9,000 9,000
Unfunded Postretirement Benefits Other Than Pension 1,036 1,036
Unamortized Investment Tax Credits 2,143 2,158
-------------------- ---------------
Total Long-Term Liabilities 59,966 59,831
-------------------- ---------------
TOTAL CAPITALIZATION AND LIABILITIES $186,281 $184,640
==================== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
Page 4
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CAPITALIZATION
AT MARCH 31, 1997 AND DECEMBER 31, 1996
MARCH 31,
1997 DEC. 31,
(UNAUDITED) 1996
-------------------- ----------------
(THOUSANDS OF DOLLARS)
<S> <C> <C>
Common Stockholders' Equity
Common Stock Without Par Value Authorized - 7,500,000 Shares;
Shares Issued and Outstanding: 1997 -3,016,286; 1996 - 3,012,083 $43,725 $43,672
Stock Issuance Expense (1,239) (1,216)
Retained Earnings 12,091 11,939
-------------------- ----------------
Total Common Stockholders' Equity 54,577 54,395
-------------------- ----------------
Cumulative Preferred Stock of Connecticut Water Service, Inc.
Series A Voting, $20 Par Value; Authorized, Issued and
Outstanding 15,000 Shares, Redeemable at $21.00 Per Share 300 300
Series $.90 Non-Voting, $16 Par Value; Authorized 50,000 Shares
Issued and Outstanding 29,499 Shares, Redeemable at $16.00 Per Share 472 472
-------------------- ----------------
Total Preferred Stock of Connecticut Water Service, Inc. 772 772
-------------------- ----------------
Long-Term Debt
The Connecticut Water Company
First Mortgage Bonds
6.9% Series Q, due 2021 10,000 10,000
5 7/8% Series R, due 2022 14,830 14,830
6.65% Series S, due 2020 8,000 8,000
5 3/4% Series T, due 2028 5,000 5,000
5.3% Series U, due 2028 4,550 4,550
6.94% Series V, due 2029 12,050 12,050
-------------------- ----------------
Total Long-Term Debt 54,430 54,430
-------------------- ----------------
TOTAL CAPITALIZATION $109,779 $109,597
==================== ================
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
Page 5
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31, 1997 and 1996
1997 1996
(Unaudited) (Unaudited)
----------------- -----------------
(In thousands except per share amounts)
<S> <C> <C>
Operating Revenues $9,012 $9,087
----------------- -----------------
Operating Expenses
Operation 3,164 3,343
Maintenance 410 446
Depreciation 870 820
Federal Income Taxes 733 770
Connecticut Corporation Business Taxes 155 189
Municipal Taxes 812 806
Payroll Taxes 169 190
Connecticut Gross Earnings Tax 450 453
----------------- -----------------
Total Operating Expenses 6,763 7,017
----------------- -----------------
Utility Operating Income 2,249 2,070
----------------- -----------------
Other Income (Deductions)
Interest 24 24
Allowance for Funds Used During Construction 153 52
Other 117 30
Taxes on Other Income (50) (1)
----------------- -----------------
Total Other Income (Deductions) 244 105
----------------- -----------------
Interest and Debt Expense
Interest on Long-Term Debt 865 865
Other Interest Charges 123 75
Amortization of Debt Expense 47 47
----------------- -----------------
Total Interest and Debt Expense 1,035 987
----------------- -----------------
Net Income 1,458 1,188
Preferred Stock Dividend Requirement 10 10
----------------- -----------------
Net Income Applicable to Common Stockholders $1,448 $1,178
================= =================
Weighted Average Common Shares Outstanding 3,014 2,973
================= =================
Earnings Per Average Common Share $0.48 $0.40
================= =================
Dividends Per Common Share $0.43 $0.42
================= =================
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
Page 6
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
For the Twelve Months Ended March 31, 1997 and 1996
March 31,
1997 1996
(Unaudited) (Unaudited)
------------------ ------------------
(In thousands except per share amounts)
<S> <C> <C>
Operating Revenues $38,517 $39,618
------------------ ------------------
Operating Expenses
Operation 12,785 13,691
Maintenance 1,628 2,053
Depreciation 3,365 3,165
Federal Income Taxes 3,841 3,928
Connecticut Corporation Business Taxes 900 1,014
Municipal Taxes 3,290 3,249
Payroll Taxes 474 532
Connecticut Gross Earnings Tax 1,927 1,979
------------------ ------------------
Total Operating Expenses 28,210 29,611
------------------ ------------------
Utility Operating Income 10,307 10,007
------------------ ------------------
Other Income (Deductions)
Interest 179 138
Allowance for Funds Used During Construction 438 88
Other 34 143
Taxes on Other Income (70) (35)
------------------ ------------------
Total Other Income (Deductions) 581 334
------------------ ------------------
Interest and Debt Expense
Interest on Long-Term Debt 3,460 3,460
Other Interest Charges 367 289
Amortization of Debt Expense 188 188
------------------ ------------------
Total Interest and Debt Expense 4,015 3,937
------------------ ------------------
Net Income 6,873 6,404
Preferred Stock Dividend Requirement 38 38
------------------ ------------------
Net Income Applicable to Common Stockholders $6,835 $6,366
================== ==================
Weighted Average Common Shares Outstanding 3,007 2,950
================== ==================
Earnings Per Average Common Share $2.27 $2.16
================== ==================
Dividends Per Common Share $1.71 $1.68
================== ==================
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
Page 7
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
1997 1996
(UNAUDITED) (UNAUDITED)
------------------ ---------------------
(THOUSANDS OF DOLLARS)
<S> <C> <C>
Balance at Beginning of Period $11,939 $10,468
Net Income 1,458 1,188
------------------ ---------------------
13,397 11,656
------------------ ---------------------
Dividends Declared:
Cumulative Preferred, Class A, $.20 per share 3 3
Cumulative Preferred, Series $.90, $.225 per share 7 7
Common Stock - 1997 $.43 per share; 1996 $.42 per share 1,296 1,248
------------------ ---------------------
1,306 1,258
------------------ ---------------------
Balance at End of Period $12,091 $10,398
================== =====================
FOR THE TWELVE MONTHS ENDED MARCH 31, 1997 AND 1996
Balance at Beginning of Period $10,398 $8,969
Net Income 6,873 6,404
------------------ ---------------------
17,271 15,373
------------------ ---------------------
Dividends Declared:
Cumulative Preferred, Class A, $.80 per share 12 12
Cumulative Preferred, Series $.90, $.90 per share 26 26
Common Stock - 1997 $1.71 per share; 1996 $1.68 per share 5,142 4,937
------------------ ---------------------
5,180 4,975
------------------ ---------------------
Balance at End of Period $12,091 $10,398
================== =====================
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
Page 8
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
1997 1996
(UNAUDITED) (UNAUDITED)
---------------- -------------------
(THOUSANDS OF DOLLARS)
<S> <C> <C>
Operating Activities:
Net Income Before Preferred Dividends of Parent $1,458 $1,188
---------------- -------------------
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation (including $28 in 1997, $25 in 1996 charged to other accounts) 898 845
Change in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable and Accrued Unbilled Revenues 43 555
(Increase) Decrease in Other Current Assets (797) (1,103)
(Increase) Decrease in Other Non-Current Items (301) (245)
Increase (Decrease) in Accounts Payable, Accrued Expenses and
Other Current Liabilities (976) (1,950)
Increase (Decrease) in Deferred Federal Income Taxes and
Investment Tax Credits, Net 235 (15)
---------------- -------------------
Total Adjustments (898) (1,913)
---------------- -------------------
Net Cash Provided by Operating Activities 560 (725)
---------------- -------------------
Investing Activities:
Gross Additions to Utility Plant (including Allowance for Funds
Used During Construction of $153 in 1997 and $52 in 1996) (1,532) (829)
---------------- -------------------
Financing Activities:
Proceeds from Interim Bank Loans 8,096 5,009
Repayment of Interim Bank Loans (5,795) (2,646)
Proceeds from Issuance of Common Stock 52 663
Advances, Contributions and Funds From Others for Construction, Net of (Refunds) (51) 431
Costs Incurred to Issue Long-Term Debt, Preferred Stock, and Common Stock (22) 0
Cash Dividends Paid (1,306) (1,258)
---------------- -------------------
Net Cash Provided by (Used in) Financing Activities 974 2,199
---------------- -------------------
Net Increase (Decrease) in Cash 2 645
Cash at Beginning of Year 35 124
---------------- -------------------
Cash at End of Year $37 $769
================ ===================
Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Year for:
Interest (Net of Amounts Capitalized) $1,597 $1,527
Income Taxes $275 $300
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE> 9
Page 9
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The consolidated financial statements included herein have been prepared by
CONNECTICUT WATER SERVICE, INC. (the Company), without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission and reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for interim periods. Certain information and footnote
disclosures have been omitted pursuant to such rules and regulations, although
the Company believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these consolidated financial
statements be read in conjunction with the financial statements and the notes
thereto included in the Company's latest annual report on 10-K.
The results for interim periods are not necessarily indicative of
results to be expected for the year since the consolidated earnings are subject
to seasonal factors.
2. Earnings per average common share are calculated by dividing net income
applicable to common stock by the average number of shares of common stock
outstanding during the respective periods as detailed:
<TABLE>
<CAPTION>
3 Months Ended 12 Months Ended
-------------------------- -----------------------------------------
3/31/97 3/31/96 3/31/97 3/31/96 12/31/96
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Common Shares Outstanding:
January 1, 1996 -- -- -- -- 2,966,757
April 1, 1996 & 1995
respectively -- 2,991,038 2,904,827 --
January 1, 1997 & 1996
respectively 3,012,083 2,966,757 -- -- --
Common Shares Issued:
To DRIP - June 15, 1995 -- -- -- 23,328 --
To 401-K - June 30, 1995 -- -- -- 662 --
To DRIP - September 15, 1995 -- -- -- 18,906 --
To 401-K - September 30, 1995 -- -- -- 674 --
To DRIP - December 15, 1995 -- -- -- 18,360 --
To 401-K - January 2, 1996 -- 703 -- 703 703
To PSP- February 16, 1996 -- 4,220 -- 4,220 4,220
To DRIP - March 15, 1996 -- 18,615 -- 18,615 18,615
To 401-K - March 30, 1996 -- 743 -- 743 743
To DRIP - June 15 1996 -- -- 18,299 -- 18,299
To 401-K - June 30, 1996 -- -- 754 -- 754
To PSP - July 1, 1996 -- -- 687 -- 687
To 401-K - September 30, 1996 -- -- 655 -- 655
To 401-K - December 31, 1996 -- -- 650 -- 650
To PSP - February 14, 1997 3,526 -- 3,526 -- --
To 401-K - March 30, 1997 677 -- 677 -- --
---------- ---------- ---------- ---------- ----------
Common Shares Outstanding:
March 31, 1997 & 1996
respectively 3,016,286 2,991,038 3,016,286 2,991,038
========= ========= ========= =========
December 31, 1996 3,012,083
=========
Weighted Average Common Shares Outstanding:
Days outstanding basis 3,013,821 2,973,041 3,007,459 2,949,531 2,997,337
========= ========= ========= ========= =========
</TABLE>
DRIP = Dividend Reinvestment Plan
PSP = Performance Stock Program
401-K = Company contribution to employees' 401-K savings plan
<PAGE> 10
Page 10
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
3. Adoption of SFAS 128 - In March 1997 the Financial Accounting Standards Board
issued SFAS No. 128, "Earnings Per Share" (SFAS 128), which establishes new
standards for computing and presenting earnings per share. SFAS 128 is effective
for financial statements issued for periods ending after December 31, 1997, and
earlier adoption is not permitted. The Company does not expect adoption of this
statement to have a material impact on the calculation of earnings per share.
PART I, ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY AND CORPORATE RESOURCES
At March 31, 1997 the Company had $3,904,000 of unused lines of interim
bank loan credit available.
RESULT OF OPERATIONS
THE FOLLOWING FACTORS HAD A SIGNIFICANT EFFECT UPON THE COMPANY'S NET
INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED WITH THE NET INCOME
FOR THE SAME PERIOD LAST YEAR.
Net income applicable to common stock for the three months ended March
31, 1997 increased from that of March 31, 1996 by $270,000, or $.08, per average
common share on an increased number of common shares. The improvement in net
income resulted from a $179,000 increase in operating income and a $139,000
increase in other income and deductions, partially offset by a $48,000 increase
in interest and debt expense.
The increase in operating income is due to a 3.8% decrease in operating
expense, partially offset by a .8% decrease in operating revenues.
The reduction in operating expense is primarily due to a reduction in
property and liability insurance premiums and a greater percentage of the
Subsidiary's overall labor activity being devoted to capital related projects.
The reduction in revenues is primarily due to a reduction in average residential
water consumption, in part due to the mild winter. Historically, residential
customers' water usage declines during mild winters and increases during colder
winters.
The increase in other income and deductions is primarily due to a
$72,000 net gain realized from the sale of real estate in the first quarter of
1997, and an increase in AFUDC relating to several of the Subsidiary's on-going
construction projects.
<PAGE> 11
Page 11
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARY
PART II, ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On April 25, 1997, at its annual meeting, the stockholders of
Connecticut Water Service, Inc. elected the following directors for a three year
term until 2000:
<TABLE>
<CAPTION>
Number of Common Shares Cast
----------------------------
Abstentions
Affirmative Negative and Non-Votes
----------- -------- -------------
<S> <C> <C> <C>
Francis E. Baker 2,236,341 -- 197,097
Rudolph E. Luginbuhl 2,233,534 -- 199,903
Harvey G. Moger 2,240,525 -- 192,912
Warren C. Packard 2,238,499 -- 194,938
</TABLE>
Preferred Series A stockholders cast 6,700 affirmative votes for each
of the Directors listed above. There were no abstentions.
Directors whose term of office continue until 1998 are Marshall T.
Chiaraluce, William F. Guillaume, Marcia L. Hincks, William C. Lichtenfels,
and Robert F. Neal.
Directors whose term of office continue until 1999 are Harold E.
Bigler, Jr., Astrid T. Hanzalek, Frederick E. Hennick, and Donald B. Wilbur.
Other matters voted on at the annual meeting are the appointment of
Arthur Andersen LLP as independent auditor and a shareholder proposal for
cumulative voting:
<TABLE>
<CAPTION>
Number of Shares Cast
---------------------
Abstentions
Arthur Andersen LLP Affirmative Negative and Non-Votes
- ------------------- ----------- -------- -------------
<S> <C> <C> <C>
Common Stock 2,370,748 32,769 29,920
Preferred Series A Stock 6,375 300 25
</TABLE>
Stockholder proposal - To provide for cumulative voting in the election
of directors:
<TABLE>
<CAPTION>
Number of Shares Cast
---------------------
Abstentions
Cumulative Voting Affirmative Negative and Non-Votes
- ----------------- ----------- -------- -------------
<S> <C> <C> <C>
Common Stock 718,875 959,461 755,101
Preferred Series A Stock 2,640 3,775 285
</TABLE>
Each share of common stock is entitled to three votes and each share of
Cumulative Preferred Stock, Series A, is entitled to one vote.
<PAGE> 12
Page 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.
Connecticut Water Service, Inc.
(Registrant)
Date: May 12, 1997 By /s/ David C. Benoit
David C. Benoit
Vice President - Finance
Date: May 12 1997 By: /s/ Peter J. Bancroft
Peter J. Bancroft
Assistant Treasurer
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 154,538
<OTHER-PROPERTY-AND-INVEST> 1,477
<TOTAL-CURRENT-ASSETS> 8,093
<TOTAL-DEFERRED-CHARGES> 22,173
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 186,281
<COMMON> 42,486
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 12,091
<TOTAL-COMMON-STOCKHOLDERS-EQ> 54,577
0
772
<LONG-TERM-DEBT-NET> 54,430
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 76,502
<TOT-CAPITALIZATION-AND-LIAB> 186,281
<GROSS-OPERATING-REVENUE> 9,012
<INCOME-TAX-EXPENSE> 888
<OTHER-OPERATING-EXPENSES> 5,875
<TOTAL-OPERATING-EXPENSES> 6,763
<OPERATING-INCOME-LOSS> 2,249
<OTHER-INCOME-NET> 244
<INCOME-BEFORE-INTEREST-EXPEN> 2,493
<TOTAL-INTEREST-EXPENSE> 1,035
<NET-INCOME> 1,458
10
<EARNINGS-AVAILABLE-FOR-COMM> 1,448
<COMMON-STOCK-DIVIDENDS> 1,296
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 560
<EPS-PRIMARY> 0.48
<EPS-DILUTED> 0.48
</TABLE>
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