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THE PROVIDENCE ENERGY CORPORATION
FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1999
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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 1-10032
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PROVIDENCE ENERGY CORPORATION
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(Exact name of registrant as specified in its charter)
Rhode Island 05-0389170
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(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
100 Weybosset Street, Providence, Rhode Island 02903
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(Address of principal executive offices)
(Zip Code)
401-272-5040
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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 .
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APPLICABLE ONLY TO CORPORATE ISSUERS:
Common stock, $1.00 par value, 6,141,488 shares outstanding at January 31, 2000.
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This amendment to the Quarterly Report on Form 10-Q of the Providence Energy
Corporation for the quarter ended December 31, 1999 is made for the purpose of
correcting a clerical error in the income statement. This change does not
effect the reported earnings per share or any of the subtotals within the income
statement.
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PART I. FINANCIAL INFORMATION
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ITEM 1. FINANCIAL STATEMENTS
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<TABLE>
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PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF INCOME
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FOR THE PERIODS ENDED DECEMBER 31
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(Unaudited)
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THREE MONTHS TWELVE MONTHS
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1999 1998 1999 1998
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(thousands, except per share amounts)
<S> <C> <C> <C> <C>
Energy revenues $70,781 $64,722 $231,088 $218,892
Cost of energy 40,611 35,010 124,644 118,062
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Operating margin 30,170 29,712 106,444 100,830
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Operating expenses:
Operation and maintenance 13,208 13,500 52,755 53,436
Depreciation and amortization 4,741 4,355 17,882 15,261
Taxes:
State gross earnings 1,682 1,681 5,674 5,519
Local property and other 2,229 2,055 9,054 8,451
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Total operating expenses 21,860 21,591 85,365 82,667
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Operating income 8,310 8,121 21,079 18,163
Other income (loss):
Merger related expenses (1,084) - (1,084) -
Other 332 20 1,435 (111)
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Total other income (loss) (752) 20 351 (111)
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Interest expense:
Long-term debt 1,768 1,552 7,043 6,453
Other 830 516 2,576 1,917
Interest capitalized (59) (76) (372) (249)
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2,539 1,992 9,247 8,121
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Income before Federal income taxes 5,019 6,149 12,183 9,931
Provision for Federal income taxes 1,735 2,078 4,197 3,473
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Income before preferred dividends of
subsidiary 3,284 4,071 7,986 6,458
Preferred dividends of subsidiary 70 104 314 452
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Net income $ 3,214 $ 3,967 $ 7,672 $ 6,006
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Net income per
common share - basic $ .53 $ .66 $ 1.27 $ 1.01
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Net income per
common share - diluted $ .52 $ .66 $ 1.26 $ 1.01
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Weighted average number of
shares outstanding:
Basic 6,118.8 5,974.0 6,051.9 5,946.1
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Diluted 6,176.1 5,985.0 6,081.9 5,956.6
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The accompanying notes are an integral part of these consolidated financial
statements.
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PROVIDENCE ENERGY CORPORATION AND SUBSIDIARIES
It is the opinion of management that the financial information contained in this
report reflects all adjustments necessary for a fair statement of results for
the periods reported, but such results are not necessarily indicative of results
to be expected for the year due to the seasonal nature of the Registrant's
operations. All accounting policies and practices have been applied in a manner
consistent with prior periods.
SIGNATURE
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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.
Providence Energy Corporation
(Registrant)
BY: /s/ KENNETH W. HOGAN
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KENNETH W. HOGAN
Vice President, Chief Financial
Officer, and Treasurer
Dated: February 23, 2000
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