<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, 2000
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)
<TABLE>
<CAPTION>
<S> <C>
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)
</TABLE>
(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.
4,843,968
Number of shares of common stock outstanding, March 31, 2000
<PAGE> 2
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
Financial Report
March 31, 2000 and 1999
TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S> <C>
PART I, ITEM 1: FINANCIAL STATEMENTS
Consolidated Balance Sheets at March 31, 2000
and December 31, 1999 Page 3
Consolidated Statements of Capitalization at
March 31, 2000 and December 31, 1999 Page 4
Consolidated Statements of Income for the Three Months
Ended March 31, 2000 and 1999 Page 5
Consolidated Statements of Income for the Twelve Months
Ended March 31, 2000 and 1999 Page 6
Consolidated Statements of Retained Earnings both the
Three and Twelve Months Ended March 31, 2000 and 1999 Page 7
Consolidated Statements of Cash Flows for Three Months
Ended March 31, 2000 and 1999 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
Signatures Page Page 12
</TABLE>
<PAGE> 3
Page 3
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT MARCH 31, 2000 AND DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
MARCH 31,
2000 DEC. 31,
(UNAUDITED) 1999
----------- ----------
<S> <C> <C>
ASSETS
Utility Plant
Utility Plant $241,915 $240,122
Construction Work in Progress 4,333 5,804
Utility Plant Acquisition Adjustments (1,273) (1,273)
----------- ----------
244,975 244,653
Accumulated Provision for Depreciation (64,555) (63,311)
----------- ----------
Net Utility Plant 180,420 181,342
----------- ----------
Other Property and Investments 2,730 2,747
----------- ----------
Current Assets
Cash 1,027 1,013
Accounts Receivable
(Less Allowance, 2000--$352; 1999--$455) 4,758 5,301
Accrued Unbilled Revenues 2,793 2,805
Materials and Supplies, at Average Cost 802 761
Prepayments and Other Current Assets 1,201 237
----------- ----------
Total Current Assets 10,581 10,117
----------- ----------
Deferred Charges and Regulatory Assets
Unamortized Debt Issuance Expense 5,667 5,722
Unrecovered Income Taxes 8,864 8,843
Postretirement Benefits Other Than Pension 1,083 1,083
Other Costs 992 1,031
------------ ----------
Total Deferred Charges and Regulatory Assets 16,606 16,679
----------- ----------
TOTAL ASSETS $210,337 $210,885
=========== ==========
CAPITALIZATION AND LIABILITIES
Capitalization (See accompanying statements)
Common Stockholders' Equity $ 62,605 $ 62,495
Preferred Stock 772 772
Long-Term Debt 65,346 65,399
----------- ----------
Total Capitalization 128,723 128,666
----------- ----------
Current Liabilities
Current Portion of Long Term Debt 194 194
Interim Bank Loans Payable 3,401 2,411
Accounts Payable and Accrued Taxes and Interest 6,588 8,405
Other 2,748 2,864
----------- ----------
Total Current Liabilities 12,931 13,874
----------- ----------
Long-Term Liabilities
Advances for Construction 16,111 15,994
Contributions in Aid of Construction 24,150 24,165
Deferred Federal Income Taxes 16,993 16,743
Unfunded Future Income Taxes 8,349 8,349
Unfunded Postretirement Benefits
Other Than Pension 1,083 1,083
Unamortized Investment Tax Credits 1,997 2,011
Commitments and Contingencies
----------- ----------
Total Long-Term Liabilities 68,683 68,345
----------- ----------
TOTAL CAPITALIZATION AND LIABILITIES $210,337 $210,885
=========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 4
PAGE 4
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CAPITALIZATION
AT MARCH 31, 2000 AND DECEMBER 31, 1999
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
MARCH 31,
2000 DEC. 31,
(UNAUDITED) 1999
----------- --------
<S> <C> <C>
Common Stockholders' Equity
Common Stock Without Par Value Authorized - 7,500,000 Shares: ........... 46,050 46,039
Shares Issued and Outstanding: 2000 - 4,843,968; 1999 - 4,838,794
Stock Issuance Expense................................................. (1,385) (1,385)
Retained Earnings...................................................... 17,940 17,841
-------- --------
Total Common Stockholders' Equity.................................. 62,605 62,495
-------- --------
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
5 7/8% Series R, due 2022............................................ 14,800 14,800
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
-------- --------
44,400 44,400
Unsecured Water Facilities Revenue Refinancing Bonds
5.05% 1998 Series A, due 2028....................................... 10,000 10,000
5.125% 1998 Series B, due 2028....................................... 8,000 8,000
Other
5.5% Unsecured Promissory Note....................................... 82 103
-------- --------
Total Connecticut Water Company.................................... 62,492 62,503
Crystal Water Utilities Corporation
8.0% New London Trust, Due 2017...................................... 133 133
-------- --------
Crystal Water Company of Danielson
7.82% Connecticut Development Authority, Due 2020.................... 515 518
8.0% New London Trust, Due 2011...................................... 2,267 2,298
-------- --------
Total Crystal........................................................ 2,782 2,816
-------- --------
Chester Realty
6% Note Payable, Due 2006............................................ 133 141
-------- --------
Total Connecticut Water Service, Inc. ............................. 65,540 65,593
-------- --------
Less Current Portion............................................... (194) (194)
-------- --------
Total Long-Term Debt............................................... 65,346 65,399
-------- --------
TOTAL CAPITALIZATION............................................... $128,723 $128,666
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 5
Page 5
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
2000 1999
(UNAUDITED) (UNAUDITED)
----------- -----------
<S> <C> <C>
Operating Revenues $9,728 $9,450
------ ------
Operating Expenses
Operation and Maintenance 4,205 4,146
Depreciation 1,141 1,099
Federal and State Income Taxes 888 729
Other Taxes 1,087 1,062
------ ------
Total Operating Expenses 7,321 7,036
------ ------
Utility Operating Income 2,407 2,414
------ ------
Other Income (Deductions)
Interest 62 62
Allowance for Funds Used During Construction 100 119
Gain on Sale of Property 34 5
Non-Water Sales Earnings 78 50
Miscellaneous Income (Deductions) (3) (3)
Taxes on Other Income (34) (17)
------ ------
Total Other Income (Deductions) 237 216
------ ------
Interest and Debt Expense
Interest on Long-Term Debt 985 987
Other Interest Charges 63 68
Amortization of Debt Expense 55 56
------ ------
Total Interest and Debt Expense 1,103 1,111
------ ------
Net Income Before Preferred Dividends 1,541 1,519
Preferred Stock Dividend Requirement 9 9
------ ------
Net Income Applicable to Common Stockholders $1,532 $1,510
====== ======
Weighted Average Common Shares Outstanding 4,845 4,832
====== ======
Basic and Fully Diluted Earnings Per Average
Common Share $ 0.32 $ 0.31
====== ======
Dividends Per Common Share $ 0.30 $ 0.28
====== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 6
Page 6
Connecticut Water Service, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
FOR THE TWELVE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
2000 1999
(UNAUDITED) (UNAUDITED)
----------- -----------
<S> <C> <C>
Operating Revenues.............................. $42,902 $40,513
----------- -----------
Operating Expenses
Operating and Maintenance...................... 17,871 17,451
Depreciation................................... 4,432 4,227
Federal and State Income Taxes................. 5,167 3,941
Other Taxes.................................... 4,212 4,123
----------- -----------
Total Operating Expenses.................... 31,682 29,742
----------- -----------
Utility Operating Income........................ 11,220 10,771
----------- -----------
Other Income (Deductions)
Interest....................................... 135 185
Allowance for Funds Used During Construction... 435 464
Gain on Sale of Property....................... 190 480
Non-Water Sales Earnings....................... 198 250
Miscellaneous Income (Deductions).............. (70) (42)
Taxes on Other Income.......................... (74) (279)
----------- -----------
Total Other Income (Deductions)............. 814 1,058
----------- -----------
Interest and Debt Expense
Interest on Long-Term Debt..................... 3,941 3,966
Other Interest Charges......................... 332 378
Amortization of Debt Expense................... 245 223
----------- -----------
Total Interest and Debt Expense............. 4,518 4,567
----------- -----------
Net Income Before Preferred Dividends........... 7,516 7,262
Preferred Stock Dividend Requirement............ 38 38
----------- -----------
Net Income Applicable to Common Stockholders.... $ 7,478 $ 7,224
=========== ===========
Weighted Average Common Shares Outstanding...... 4,840 4,829
=========== ===========
Basic and Fully Diluted Earnings Per Average
Common Share.................................. $ 1.55 $ 1.49
=========== ===========
Dividends Per Common Share $ 1.17 $ 1.12
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 7
Page 7
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
2000 1999
(UNAUDITED) (UNAUDITED)
----------- -----------
<S> <C> <C>
Balance at Beginning of Period $17,841 $15,923
Net Income Before Preferred Dividends 1,541 1,519
----------- -----------
19,382 17,442
----------- -----------
Dividends Declared:
Cumulative Preferred, Class A, $.20 per share 3 3
Cumulative Preferred, Series $.90,
$.225 per share 6 6
Common Stock -- 2000 $.30 per share;
1999 $.28 per share 1,433 1,330
----------- -----------
1,442 1,339
----------- -----------
Balance at End of Period $17,940 $16,103
=========== ===========
</TABLE>
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
2000 1999
(UNAUDITED) (UNAUDITED)
----------- -----------
<S> <C> <C>
Balance at Beginning of Period $16,103 $14,295
Net Income Before Preferred Dividends 7,516 7,262
----------- -----------
23,619 21,557
----------- -----------
Dividends Declared:
Cumulative Preferred, Class A, $.80 per share 12 12
Cumulative Preferred, Series $.90,
$.90 per share 26 26
Common Stock -- 2000 $1.17 per share;
1999 $1.12 per share 5,641 5,416
----------- -----------
5,679 5,454
----------- -----------
Balance at End of Period $17,940 $16,103
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 8
Page 8
Connecticut Water Service, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
2000 1999
(UNAUDITED) (UNAUDITED)
----------- -----------
<S> <C> <C>
Operating Activities:
Net Income Before Preferred Dividends $1,541 $1,519
------ ------
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation (including $30 in 2000, $31 in 1999 charged to other accounts) 1,171 1,130
Change in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable and Accrued Unbilled Revenues 555 833
(Increase) Decrease in Other Current Assets (1,005) (764)
(Increase) Decrease in Other Non-Current Items 90 5
Increase (Decrease) in Accounts Payable, Accrued Expenses and
Other Current Liabilities (1,933) (1,564)
Increase (Decrease) in Deferred Federal Income Taxes and
Investment Tax Credits, Net 236 221
------ ------
Total Adjustments (886) (139)
------ ------
Net Cash Provided by (Used for) Operating Activities 655 1,380
------ ------
Investing Activities:
Gross Additions to Utility Plant (including Allowance for Funds
Used During Construction of $100 in 2000 and $119 in 1999) (249) (966)
------ ------
Financing Activities:
Proceeds from Interim Bank Loans 3,401 3,724
Repayment of Interim Bank Loans (2,411) (1,895)
Proceeds from Issuance of Common Stock 11 (90)
Net Proceeds from Issuance of Long-Term Debt 0 0
Repayment of Long-Term Debt (53) (53)
Advances, Contributions and Funds From Others for Construction, Net 102 335
Costs Incurred to Issue Long-Term Debt, Preferred Stock, and Common Stock 0 0
Cash Dividends Paid (1,442) (1,339)
------ ------
Net Cash Provided by (Used in) Financing Activities (392) 682
------ ------
Net Increase (Decrease) in Cash 14 1,096
Cash at Beginning of Year 1,013 372
------ ------
Cash at End of Period $1,027 $1,468
====== ======
Supplemental Disclosures of Cash Flow Information:
Cash Paid During the Year for:
Interest (Net of Amounts Capitalized) $1,026 $1,129
State and Federal Income Taxes $215 $300
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> 9
Page 9
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
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 Form 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
--------------------------- -------------------------------------------
3/31/00 3/31/99 3/31/00 3/31/99 12/31/99
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Common Shares Outstanding:
January 1, 1999 -- -- -- -- 4,828,619
April 1, 1999 & 1998
respectively -- 4,838,424 4,827,583 --
January 1, 2000 & 1999
respectively 4,838,794 4,828,619 -- -- --
Common Shares Issued:
To CSE - June 15, 1998 -- -- -- 95 --
To 401-K - June 30, 1998 -- -- -- 446 --
Liquidation of Fractional Shares -- -- -- (587) --
To CSE - September 15, 1998 -- -- -- 82 --
To 401-K - September 30, 1998 -- -- -- 528 --
To CSE - December 15, 1998 -- -- -- 81 --
To 401-K - December 31, 1998 -- -- -- 391 --
To PSP- March 1, 1999 -- 9,658 -- 9,658 9,658
To CSE - March 15, 1999 -- 147 -- 147 147
To CSE - June 15, 1999 -- -- 139 -- 139
To CSE - September 15, 1999 -- -- 125 -- 125
To CSE - December 15, 1999 -- -- 106 -- 106
To PSP - January 13, 2000 10,099 -- 5,029 -- --
To PSP - February 17, 2000 (5,070) -- 5,029 -- --
To CSE - March 15, 2000 145 -- 145 -- --
--------- --------- --------- --------- ---------
Common Shares Outstanding:
March 31, 2000 & 1999
respectively 4,843,968 4,838,424 4,843,968 4,838,424
========== ========== ========== ==========
December 31, 1999 4,838,794
==========
Weighted Average Common Shares Outstanding:
Days outstanding basis* 4,845,137 4,831,972 4,840,031 4,828,938 4,836,951
========== ========== ========== ========== ==========
</TABLE>
* Basic and Fully diluted are the same
PSP = Performance Stock Program
401-K = Company contribution to employees' 401-K savings plan
CSE = Common Stock Equivalents
<PAGE> 10
Page 10
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
PART I, ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY AND CORPORATE RESOURCES
The Company has a total of $9,000,000 in lines of credit provided by
three banks. The available lines of credit as of March 31, 2000 was $5,345,000.
In addition to the $3,401,000 of interim borrowing against these lines of
credit, an additional $254,000 has been allocated to secure a Letter of Credit
for one of the Company's real estate development projects.
RESULT OF OPERATIONS
THE FOLLOWING FACTORS HAD A SIGNIFICANT EFFECT UPON THE COMPANY'S NET
INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2000 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, 2000 increased from that of March 31, 1999 by $22,000, or $.01 per average
common share. The increase in net income resulted in part from a $278,000, or
2.9% increase in operating revenues. The higher revenues were primarily driven
by customer growth. Partially offsetting the revenue increase were the normal
increases in operating expenses. The largest contributing factor to the
Company's 1.4% increase in Operation and Maintenance expense was a $81,000
increase in wage and salary expense due to the regular annual wage increase
granted to all our employees on January 1, 2000.
FORWARD LOOKING INFORMATION
This report, including management's discussion and analysis, contains
certain forward looking statements regarding the Company's results of operations
and financial position. These forward looking statements are based on current
information and expectations, and are subject to risks and uncertainties, which
could cause the Company's actual results to differ materially from expected
results.
<PAGE> 11
Page 11
CONNECTICUT WATER SERVICE, INC. AND SUBSIDIARIES
PART II, ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On April 28, 2000, at its annual meeting, the stockholders of
Connecticut Water Service, Inc. elected the following directors for, a three
year term until 2003:
<TABLE>
<CAPTION>
Number of Common Shares Cast
---------------------------------------------------------
Abstentions
Affirmative Negative and Non-Votes
----------- -------- -------------
<S> <C> <C> <C>
Roger Engle 4,069,619 0 36,077
Lisa J. Thibdaue 4,061,588 0 44,108
Donald B. Wilbur 4,070,014 0 35,682
</TABLE>
Preferred Series A stockholders cast 6,246 affirmative votes for each
of the Directors listed above. There were no abstentions for each of the
Directors listed above.
Directors whose term of office continue until 2001 are Marcia L.
Hincks, Marshall T. Chiaraluce, and Robert F. Neal.
Directors whose term of office continue until 2002 are Harold E.
Bigler, Mary Ann Hanley, and Ronald D. Lengyel.
The other matter voted on at the annual meeting was the appointment of
Arthur Andersen LLP as independent auditor.
<TABLE>
<CAPTION>
Number of Shares Cast
--------------------------------------------------------
Abstentions
Arthur Andersen LLP Affirmative Negative and Non-Votes
- ------------------- ----------- -------- -------------
<S> <C> <C> <C>
Common Stock 4,018,027 49,016 38,653
Preferred Series A Stock 6,021 100 125
</TABLE>
<PAGE> 12
Page 12
SIGNATURES PAGE
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 10, 2000 By /s/ David C. Benoit
-------------------
David C. Benoit
Vice President - Finance
Date: May 10, 2000 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> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-30-2000
<EXCHANGE-RATE> 1
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 241,915
<OTHER-PROPERTY-AND-INVEST> 2,730
<TOTAL-CURRENT-ASSETS> 10,581
<TOTAL-DEFERRED-CHARGES> 16,606
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 210,337
<COMMON> 44,665
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 17,940
<TOTAL-COMMON-STOCKHOLDERS-EQ> 62,605
0
772
<LONG-TERM-DEBT-NET> 65,346
<SHORT-TERM-NOTES> 3,401
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 194
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 78,019
<TOT-CAPITALIZATION-AND-LIAB> 210,337
<GROSS-OPERATING-REVENUE> 9,728
<INCOME-TAX-EXPENSE> 888
<OTHER-OPERATING-EXPENSES> 6,433
<TOTAL-OPERATING-EXPENSES> 7,321
<OPERATING-INCOME-LOSS> 2,407
<OTHER-INCOME-NET> 237
<INCOME-BEFORE-INTEREST-EXPEN> 2,644
<TOTAL-INTEREST-EXPENSE> 1,103
<NET-INCOME> 1,541
9
<EARNINGS-AVAILABLE-FOR-COMM> 1,532
<COMMON-STOCK-DIVIDENDS> 1,433
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 655
<EPS-BASIC> 0.32
<EPS-DILUTED> 0.32
</TABLE>
