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File No. 69-255
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-3A-2
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION
UNDER RULE U-3A-2 FROM THE PROVISIONS OF
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To Be Filed Annually Prior to March 1
WICOR, Inc.
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(Name of holding company claiming exemption)
Robert A. Nuernberg
626 East Wisconsin Avenue
Milwaukee, WI 53202
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(Name and address of agent for service)
It is respectfully requested that a copy of all communications relating
to this filing to be sent to:
Joseph P. Wenzler Robert A. Nuernberg
Vice President, Treasurer Secretary
and Chief Financial Officer WICOR, Inc.
WICOR, Inc. 626 East Wisconsin Avenue
626 East Wisconsin Avenue Milwaukee, Wisconsin 53202
Milwaukee, Wisconsin 53202
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FORM U-3A-2
WICOR, Inc. ("WICOR") hereby files with the Securities and Exchange
Commission, pursuant to Rule 2, its statement claiming exemption as a holding
company from the provisions of the Public Utility Holding Company Act, and
submits the following information:
1. Name, State of organization, location and nature of business of
claimant and every subsidiary thereof, other than any exempt wholesale generator
(EWG) or foreign utility company in which claimant directly or indirectly holds
an interest.
WICOR, the holding company claiming exemption from the provisions of the
Act, is incorporated under the laws of the State of Wisconsin and maintains its
principal office and place of business at 626 East Wisconsin Avenue, Milwaukee,
Wisconsin. It is not engaged directly in any business. It is the sole
shareholder of Wisconsin Gas Company ("Wisconsin Gas"), Sta-Rite Industries,
Inc. ("Sta-Rite"), SHURflo Pump Manufacturing Co. ("SHURflo") and WEXCO of
Delaware, Inc. ("WEXCO").
Wisconsin Gas is incorporated under the laws of the State of Wisconsin and
maintains its principal office and place of business at 626 East Wisconsin
Avenue, Milwaukee, Wisconsin. Wisconsin Gas is a "gas utility company" and a
"public-utility company" under the Act. At December 31, 1994, Wisconsin Gas
distributed gas to 495,000 customers in 496 communities in Wisconsin, where all
of its business is conducted. Wisconsin Gas is subject to the jurisdiction of
the Public Service Commission of Wisconsin as to various phases of its
operations, including rates, service and issuance of securities.
Sta-Rite is incorporated under the laws of the State of Wisconsin and
maintains its principal office and place of business at 293 Wright Street,
Delavan, Wisconsin. Sta-Rite is a manufacturer of pumps and water processing
equipment for markets throughout the world. Sta-Rite has manufacturing and
assembly activities which are carried on in four plants in the United States,
two in Australia and Italy, and one each in Germany, New Zealand, and Russia.
SHURflo is incorporated under the laws of California and maintains its
principal office and place of business at 12650 Westminster Avenue, Santa Ana,
California. SHURflo is a manufacturer and marketer of pumps for the beverage,
recreational vehicle and marine, industrial and water markets. SHURflo has its
manufacturing plant in Santa Ana, California, a distribution facility in
Indiana, and a sales distribution facility in England.
WEXCO is incorporated under the laws of the State of Delaware and
maintains its principal office and place of business at 626 East Wisconsin
Avenue, Milwaukee, Wisconsin. WEXCO was engaged in natural gas and oil
exploration and development through financial partnerships with established
independent producers. WEXCO sold substantially all of its properties in 1993.
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2. A brief description of the properties of claimant and each of its
subsidiary public utility companies used for the generation, transmission, and
distribution of electric energy for sale, or for the production, transmission,
and distribution of natural or manufactured gas, indicating the location of
principal generating plants, transmission line, producing fields, gas
manufacturing plant, and electric and gas distribution facilities including all
such properties which are outside the State in which claimant and its
subsidiaries are organized and all transmission or pipelines which deliver or
receive electric energy or gas at the borders of such State.
Wisconsin Gas, the only "public-utility company" of WICOR, operates
integrated transmission and distribution facilities in the State of Wisconsin
only. On December 31, 1994, Wisconsin Gas' distribution systems included
approximately 7,000 miles of mains, 407,000 services and 533,000 active meters.
Wisconsin Gas also owns its main office building in Milwaukee, office buildings
in certain other communities in which it serves, regulating and metering
stations, peaking facilities and its major service centers, including garage and
warehouse facilities. All of Wisconsin Gas' properties are located in
Wisconsin.
3. The following information for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
(a) Number of kwh of electric energy sold (at retail or wholesale),
and Mcf of natural or manufactured gas distributed at retail.
For the calendar year ended December 31, 1994, 119,636 Mdth of natural gas
were sold at retail or transported by Wisconsin Gas. (One dekatherm (dth)
equals 1,000,000 Btu's. "Mdth" means one thousand dekatherms, or one billion
Btu's.) Neither WICOR nor Wisconsin Gas distributed any manufactured gas at
retail during this period.
(b) Number of kwh of electric energy and Mcf of natural or
manufactured gas distributed at retail outside the State in which each
such company is organized.
For the calendar year ended December 31, 1994, neither WICOR nor Wisconsin
Gas distributed at retail any manufactured or natural gas outside Wisconsin, the
State in which each of these companies is organized.
(c) Number of kwh of electric energy and Mcf of natural or
manufactured gas sold at wholesale outside the State in which each such
company is organized, or at the State line.
For the calendar year ended December 31, 1994, neither WICOR nor Wisconsin
Gas sold at wholesale any natural or manufactured gas outside Wisconsin, the
State in which each of these companies is organized, or at the State line.
(d) Number of kwh of electric energy and Mcf of natural gas or
manufactured gas purchased outside the State in which each such company
is organized, or at the State line.
For the calendar year ended December 31, 1994, Wisconsin Gas purchased
107,080 Mdth of natural gas outside the State of Wisconsin for its Wisconsin
general system supply.
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4. The following information for the reporting period with respect to
claimant and each interest it holds directly or indirectly in an EWG or a
foreign utility company, stating monetary amounts in U.S. dollars.
(a) Name, location, business address and description of the
facilities used by the EWG or foreign company for the generation,
transmission and distribution of electric energy for sale or for the
distribution at retail of natural or manufactured gas.
None.
(b) Name of each system company that holds an interest in such EWG
or foreign utility company; and description of the interest held.
Not applicable.
(c) Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or indirect
guarantee of the security of the EWG or foreign utility company by the
holding company claiming exemption; and any debt or other financial
obligation for which there is recourse, directly or indirectly, to the
holding company claiming exemption or another system company, other than
the EWG or foreign utility company.
None.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Not applicable.
(e) Identify any service, sale or construction contract(s) between
the EWG or foreign utility company and a system company, and describe the
services to be rendered or goods sold and fees or revenues under such
agreement(s).
Not applicable.
EXHIBIT 1
A consolidating statement of income and surplus of the claimant and its
subsidiary companies for the last calendar year, together with a consolidating
balance sheet of claimant and its subsidiary companies as of the close of such
calendar year.
The following consolidating financial statements of WICOR are filed
herewith.
WICOR, Inc. and Subsidiaries
- Consolidating Statement of Income, Year Ended December 31,
1994
- Consolidating Statement of Retained Earnings, Year Ended
December 31, 1994
- Consolidating Balance Sheet, December 31, 1994
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EXHIBIT 2
Not required.
EXHIBIT 3
An organization chart showing the relationship of each EWG or foreign
utility company to associate companies in the holding-company system.
Not applicable.
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on this 24th day of February, 1995.
WICOR, Inc.
By /Joseph P. Wenzler/
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Joseph P. Wenzler
Vice President, Treasurer and
Chief Financial Officer
ATTEST:
[CORPORATE SEAL]
/Robert A. Nuernberg/
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Robert A. Nuernberg
Secretary
Name, title and address of officer to whom notices and correspondence concerning
the statement should be addressed.
Robert A. Nuernberg, Secretary
WICOR, Inc.
626 E. Wisconsin Avenue
Milwaukee, WI 53202
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WICOR, Inc.
Exhibit Index - Form U-3A-2
Exhibit No. Exhibit
- ----------- -------------------------------------------------
1 Consolidating financial statements of WICOR, Inc.
27 Financial data schedule - OPUR3<PAGE>
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EXHIBIT 1
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WICOR, Inc. and Subsidiaries
Consolidating Statement of Income
Year Ended December 31, 1994
(Thousands of Dollars)
<TABLE>
<CAPTION>
SHURflo
Wisconsin Sta-Rite Pump WEXCO of Elim.
WICOR, Gas Industries, Manufac- Delaware, and Consol-
Inc. Company Inc. turing Co. Inc. Reclass. idated
--------- ---------- ---------- ---------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues:
Operating revenues $ - $ 556,587 $ 259,011 $ 52,132 $ 25 $ - $ 867,755
Equity in earnings of
subsidiary companies 33,154 - - - - (33,154) -
--------- ---------- ---------- ---------- --------- --------- ----------
33,154 556,587 259,011 52,132 25 (33,154) 867,755
--------- ---------- ---------- ---------- --------- --------- ----------
Costs and Expenses:
Cost of gas sold - 357,482 - - - - 357,482
Manufacturing cost
of sales - - 191,369 31,310 - - 222,679
Operating and
maintenance 236 115,806 51,105 14,637 36 - 181,820
Depreciation and
amortization 156 29,260 - - - - 29,416
Taxes, other than
income taxes 63 9,675 - - 10 - 9,748
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455 512,223 242,474 45,947 46 - 801,145
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Operating Income 32,699 44,364 16,537 6,185 (21) (33,154) 66,610
--------- ---------- ---------- ---------- --------- --------- ----------
Interest Expense (163) (14,348) (2,387) (82) - 282 (16,698)
Other Income and Expense 373 (127) (12) 213 273 (146) 574
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210 (14,475) (2,399) 131 273 136 (16,124)
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Income Before Income Taxes 32,909 29,889 14,138 6,316 252 (33,018) 50,486
Income Taxes (265) 10,993 4,229 2,517 (162) - 17,312
--------- ---------- ---------- ---------- --------- --------- ----------
Net Income $ 33,174 $ 18,896 $ 9,909 $ 3,799 $ 414 $(33,018) $ 33,174
========= ========== ========== ========== ========= ========= ==========
</TABLE>
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WICOR, Inc. and Subsidiaries
Consolidating Statement of Retained Earnings
Year Ended December 31, 1994
(Thousands of Dollars)
<TABLE>
<CAPTION>
SHURflo
Wisconsin Sta-Rite Pump WEXCO of Elim.
WICOR, Gas Industries, Manufac- Delaware, and Consol-
Inc. Company Inc. turing Co. Inc. Reclass. idated
--------- ---------- ----------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance - Beginning of Year $ 94,643 $ 61,337 $ 40,379 $ 8,637 $(12,792) $ (97,561) $ 94,643
Add: Net income 33,174 18,896 9,909 3,799 414 (33,018) 33,174
--------- ---------- ----------- ---------- --------- ---------- ---------
127,817 80,233 50,288 12,436 (12,378) (130,579) 127,817
--------- ---------- ----------- ---------- --------- ---------- ---------
Deduct:
Common stock dividends,
$1.58 per share* 26,399 16,000 5,000 2,000 - (23,000) 26,399
--------- ---------- ----------- ---------- --------- ---------- ---------
26,399 16,000 5,000 2,000 - (23,000) 26,399
--------- ---------- ----------- ---------- --------- ---------- ---------
Balance - End of Year $101,418 $ 64,233 $ 45,288 $ 10,436 $(12,378) $(107,579) $101,418
========= ========== =========== ========== ========= ========== =========
</TABLE>
* Refers to consolidated information.
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WICOR, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(Thousands of Dollars)
<TABLE>
<CAPTION>
SHURflo
Wisconsin Sta-Rite Pump WEXCO of Elim.
WICOR, Gas Industries, Manufac- Delaware, and Consol-
Inc. Company Inc. turing Co. Inc. Reclass. idated
---------- ----------- ------------ ----------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
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Current Assets:
Cash and cash equivalents $ 13,076 $ 17,279 $ 4,066 $ 658 $ 59 $ - $ 35,138
Accounts receivable, less allowance
for doubtful accounts of $9,233* - 42,662 56,394 4,431 - - 103,487
Accounts receivable - intercompany 3,640 1,359 - - 4,978 (9,977) -
Accrued utility revenues - 40,327 - - - - 40,327
Gas in storage - 38,050 - - - - 38,050
Manufacturing inventories - - 53,117 7,122 - - 60,239
Deferred income taxes - 13,183 1,596 761 - - 15,540
Prepayments and other 79 12,065 4,385 248 - 2,742 19,519
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16,795 164,925 119,558 13,220 5,037 (7,235) 312,300
---------- ----------- ------------ ----------- ---------- ---------- ------------
Investments - Associated Companies 283,022 - - - - (283,022) -
---------- ----------- ------------ ----------- ---------- ---------- ------------
Property, Plant and Equipment, at cost - 718,988 92,109 11,587 - - 822,684
Less - Accumulated Depreciation - 356,033 43,786 7,302 - - 407,121
---------- ----------- ------------ ----------- ---------- ---------- ------------
- 362,955 48,323 4,285 - - 415,563
---------- ----------- ------------ ----------- ---------- ---------- ------------
Deferred Charges and Other:
Deferred income taxes - - - - - - -
Prepaid pensions - 25,394 5,471 - - - 30,865
Gas transition costs - 7,411 - - - - 7,411
Deferred environmental costs - 41,942 - - - - 41,942
Other regulatory assets - 51,543 - - - - 51,543
Systems development costs - 34,071 - - - - 34,071
Other 4,194 19,610 12,816 392 1 - 37,013
---------- ----------- ------------ ----------- ---------- ---------- ------------
4,194 179,971 18,287 392 1 - 202,845
---------- ----------- ------------ ----------- ---------- ---------- ------------
$ 304,011 $ 707,851 $ 186,168 $ 17,897 $ 5,038 $(290,257) $ 930,708
========== =========== ============ =========== ========== ========== ============
</TABLE>
* Refers to consolidated information.
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WICOR, Inc. and Subsidiaries
Consolidating Balance Sheet
December 31, 1994
(Thousands of Dollars)
<TABLE>
<CAPTION>
SHURflo
Wisconsin Sta-Rite Pump WEXCO of Elim.
WICOR, Gas Industries, Manufac- Delaware, and Consol-
Inc. Company Inc. turing Co. Inc. Reclass. idated
---------- ----------- ------------ ----------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Liabilities and Capitalization
- ------------------------------
Current Liabilities:
Accounts payable $ 12 $ 44,645 $ 20,362 $ 607 $ - $ - $ 65,626
Refundable gas costs - 18,058 - - - - 18,058
Accounts payable - intercompany 1,601 - 4,100 1,259 276 (7,236) -
Short-term borrowings - 85,000 26,506 - - - 111,506
Current portion of long-term debt - 4,000 1,021 10 - - 5,031
Accrued payroll and benefits - 7,313 7,202 626 - - 15,141
Accrued taxes 4,423 1,164 2,669 144 - - 8,400
Other 87 3,477 9,739 2,358 - - 15,661
---------- ----------- ------------ ----------- ---------- ---------- ------------
6,123 163,657 71,599 5,004 276 (7,236) 239,423
---------- ----------- ------------ ----------- ---------- ---------- ------------
Deferred Credits:
Deferred income taxes (204) 40,002 3,163 (679) 40 - 42,322
Unamortized investment tax credit - 8,187 - - - - 8,187
Environmental remediation costs - 37,188 - - - - 37,188
Gas transition costs - 7,411 - - - - 7,411
Postretirement benefit obligation - 55,624 14,106 - - - 69,730
Other regulatory liabilities - 54,636 - - - - 54,636
Other 254 14,320 3,910 (54) - 244 18,674
---------- ----------- ------------ ----------- ---------- ---------- ------------
50 217,368 21,179 (733) 40 244 238,148
---------- ----------- ------------ ----------- ---------- ---------- ------------
Capitalization:
Long-term debt 6,370 143,831 11,360 108 - - 161,669
Redeemable preferred stock - - - - - - -
Common equity:
Common stock 16,918 9 1 100 2 (112) 16,918
Other paid-in capital 180,000 118,753 36,741 2,982 17,098 (175,574) 180,000
Retained earnings 101,418 64,233 45,288 10,436 (12,378) (107,579) 101,418
Unearned compensation (6,868) - - - - - (6,868)
---------- ----------- ------------ ----------- ---------- ---------- ------------
297,838 326,826 93,390 13,626 4,722 (283,265) 453,137
---------- ----------- ------------ ----------- ---------- ---------- ------------
$ 304,011 $ 707,851 $ 186,168 $ 17,897 $ 5,038 $(290,257) $ 930,708
========== =========== ============ =========== ========== ========== ============
</TABLE>
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<TABLE> <S> <C>
<ARTICLE> OPUR3
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 930,708
<TOTAL-OPERATING-REVENUES> 867,755
<NET-INCOME> 33,174
</TABLE>
