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Previous: NORTH EAST INSURANCE CO, 8-K, 1998-12-18 |
Next: FIRST TRUST OF INSURED MUNICIPAL BONDS SERIES 65, 24F-2NT, 1998-12-18 |
(As filed December 18, 1998)
File No. 70-9395
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------
FORM U-1/A
Amendment No. 1
to
APPLICATION OR DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
--------------------------------------------------------
Interstate Energy Corporation
Alliant Industries, Inc.
222 West Washington Avenue
Madison, Wisconsin 53703
Whiting Petroleum Corporation
1700 Broadway, Suite 2300
Denver, Colorado 80290
(Names of companies filing this statement and
addresses of principal executive offices)
--------------------------------------------------------
Interstate Energy Corporation
(Name of top registered holding company parent)
--------------------------------------------------------
Erroll B. Davis, Jr.
President and
Chief Executive Officer
Interstate Energy Corporation
222 West Washington Avenue
Madison, Wisconsin 53703-0192
(Name and address of agent for service)
<PAGE>
The Commission is requested to send copies of all notices,
orders and communications in connection with this
Application/Declaration to:
Barbara J. Swan, General Counsel William T. Baker, Jr., Esq.
Steven R. Suleski, Senior Attorney Thelen Reid & Priest LLP
Interstate Energy Corporation 40 West 57th Street
222 West Washington Avenue New York, New York 10019
Madison, Wisconsin 53703-0192
<PAGE>
The Application or Declaration in this proceeding is hereby
amended by filing the following exhibits and financial statements
listed in Item 6 -- Exhibits and Financial Statements.
---------------------------------
A. - EXHIBITS.
--------
F Opinion of Counsel.
G-1 Financial Data Schedule Per Book -
Interstate. (Incorporated by reference to
Exhibit 27 to the Quarterly Report on Form
10-Q of Interstate) (File No. 1-9894).
G-2 Financial Data Schedule Pro Forma Interstate.
B. - FINANCIAL STATEMENTS.
--------------------
1.5 Pro Forma Capitalization of Interstate and
consolidated subsidiaries after giving effect
to the transactions contemplated herein.
1.6 Pro Forma Income Statement of Interstate and
consolidated subsidiaries after giving effect
to the transactions contemplated herein.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, as amended, the undersigned companies have
duly caused this statement amending the Application or
Declaration filed herein to be signed on their behalf by the
undersigned thereunto duly authorized.
INTERSTATE ENERGY CORPORATION
By: /s/Erroll B. Davis, Jr.
-----------------------------------
Name: Erroll B. Davis, Jr.
Title: President and Chief
Executive Officer
ALLIANT INDUSTRIES, INC.
By: /s/James E. Hoffman
-----------------------------------
Name: James E. Hoffman
Title: President
WHITING PETROLEUM CORPORATION
By: /s/John R. Hazlett
-----------------------------------
Name: John R. Hazlett
Title: Vice President
Date: December 18, 1998
-4-
<PAGE>
EXHIBIT INDEX
Exhibit Descrption
------- ----------
F Opinion of Counsel.
G-1 Financial Data Schedule Per Book -
Interstate. (Incorporated by reference to
Exhibit 27 to the Quarterly Report on Form
10-Q of Interstate) (File No. 1-9894).
G-2 Financial Data Schedule Pro Forma Interstate.
FINANCIAL STATEMENTS.
--------------------
1.5 Pro Forma Capitalization of Interstate and
consolidated subsidiaries after giving effect
to the transactions contemplated herein.
1.6 Pro Forma Income Statement of Interstate and
consolidated subsidiaries after giving effect
to the transactions contemplated herein.
Exhibit F
December 16, 1998
United States Securities
and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Interstate Energy Company (the "Company"), et al. -
Statement on Form U-1, as Amended - File No. 70-9395
Dear Ladies and Gentlemen:
I have read the Statement on Form U-1, as amended, in the
above-referenced proceeding (the "Application") and am furnishing
this opinion with respect to the proposed transactions described
therein, which relate to the acquisition by Whiting Petroleum
Corporation ("Whiting"), an indirect subsidiary of the Company,
of all of the issued and outstanding common stock of Golden Gas
Production Company ("Golden Gas"), an unaffiliated company, in
exchange for common stock to be issued by the Company (the
"Transaction").
I am of the opinion that, upon the issuance of your order or
orders in this proceeding granting or permitting the Application
to become effective with respect to such proposed Transaction,
and in the event that the proposed Transaction is consummated in
accordance with said Application and your order or orders in
respect thereto:
(a) all state laws applicable to the proposed
Transaction will have been complied with;
(b) the Company is (i) validly organized and duly
existing, and (ii) the shares of common stock of
the Company to be issued will be validly issued,
fully paid and nonassessable (except as otherwise
provided in Section 180.0622(2)(b) of the
Wisconsin Business Corporation Law), and the
holders thereof will be entitled to the rights and
privileges appertaining thereto set forth in the
Company's articles of incorporation;
(c) Whiting will legally acquire the outstanding
common stock of Golden Gas; and
(d) the consummation of the proposed Transaction will
not violate the legal rights of the holders of any
securities issued by the Company or any associate
company thereof.
I am an attorney licensed to practice in the State of
Wisconsin and have acted as counsel to the Company and Whiting in
connection with the proposed Transaction. I express no opinion
with respect to the laws of any other State or jurisdiction.
I hereby give my written consent to the use of this opinion
in connection with the Application.
Very truly yours,
/s/ Steven R. Suleski
Steven R. Suleski
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
Proforma Financial Data Schedule UT
This schedule contains summary financial information extracted from the
September 30, 1998 Proforma Combined Financial Statements and is qualified in
in its entirety by reference to such Financial Statements.
</LEGEND>
<CIK> 0000352541
<NAME> INTERSTATE ENERGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 3,068,953
<OTHER-PROPERTY-AND-INVEST> 896,890
<TOTAL-CURRENT-ASSETS> 331,746
<TOTAL-DEFERRED-CHARGES> 101,841
<OTHER-ASSETS> 321,181
<TOTAL-ASSETS> 4,720,611
<COMMON> 774
<CAPITAL-SURPLUS-PAID-IN> 897,518
<RETAINED-EARNINGS> 654,736<F1>
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,553,028
24,363
89,102
<LONG-TERM-DEBT-NET> 1,487,462
<SHORT-TERM-NOTES> 74
<LONG-TERM-NOTES-PAYABLE> 56,975
<COMMERCIAL-PAPER-OBLIGATIONS> 54,000
<LONG-TERM-DEBT-CURRENT-PORT> 68,764
0
<CAPITAL-LEASE-OBLIGATIONS> 15,745
<LEASES-CURRENT> 13,211
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,357,887
<TOT-CAPITALIZATION-AND-LIAB> 4,720,611
<GROSS-OPERATING-REVENUE> 1,605,351
<INCOME-TAX-EXPENSE> 54,006<F2>
<OTHER-OPERATING-EXPENSES> 1,376,513
<TOTAL-OPERATING-EXPENSES> 1,376,513<F2>
<OPERATING-INCOME-LOSS> 228,838
<OTHER-INCOME-NET> (3,192)
<INCOME-BEFORE-INTEREST-EXPEN> 225,646
<TOTAL-INTEREST-EXPENSE> 95,150
<NET-INCOME> 76,490
5,024
<EARNINGS-AVAILABLE-FOR-COMM> 71,466
<COMMON-STOCK-DIVIDENDS> 117,933
<TOTAL-INTEREST-ON-BONDS> 91,926
<CASH-FLOW-OPERATIONS> 377,614
<EPS-PRIMARY> 0.93
<EPS-DILUTED> 0.93
<FN>
<F1>Includes $103,982 of Accumulated Other Comprehensive Income.
<F2>Income tax expense is not included in Operating Expense in the
Consolidated Statements of Income.
</FN>
</TABLE>
FINANCIAL STATEMENT 1.5
INTERSTATE ENERGY CORPORATION
UNAUDITED PROFORMA COMBINED BALANCE SHEET
SEPTEMBER 30, 1998
IEC Golden Gas
ASSETS (As Reported) Subsidiary
----------------------------------------------------------------
(in thousands)
PROPERTY, PLANT AND EQUIPMENT:
Utility -
Plant in service -
Electric $ 4,820,913 $
Gas 506,895
Other 386,132
------------ --------------
5,713,940
Less - Accumulated depreciation 2,812,179
------------ --------------
2,901,761
Construction work in progress 118,988
Nuclear fuel, net of
amortization 48,204
------------ --------------
3,068,953
Other property, plant and
equipment, net 343,104 4,034
------------ --------------
3,412,057 4,034
------------ --------------
----------------------------------------------------------------
CURRENT ASSETS:
Cash and temporary cash
investments 9,467 103
Accounts receivable, net:
Customer 93,554 747
Other 19,013
Notes receivable 13,465
Production fuel, at average cost 43,141
Materials and supplies, at
average cost 52,600
Gas stored underground, at
average cost 22,627
Regulatory assets 35,488
Prepaid gross receipts tax 18,372
Other 22,978 191
------------ --------------
330,705 1,041
------------ --------------
----------------------------------------------------------------
INVESTMENTS:
Investment in McLeodUSA, Inc. 223,499
Nuclear decommissioning trust
funds 212,745
Investment in foreign entities 57,519
Investment in subsidiaries
Other 50,759
------------ --------------
544,522
------------ --------------
----------------------------------------------------------------
OTHER ASSETS:
Regulatory assets 321,181
Deferred charges and other 101,663 178
------------ --------------
422,844 178
------------ --------------
$ 4,710,128 $ 5,253
============ ==============
----------------------------------------------------------------
IEC Purchase
ASSETS Subtotal of Golden Gas
----------------------------------------------------------------
(in thousands)
PROPERTY, PLANT AND EQUIPMENT:
Utility -
Plant in service -
Electric $ 4,820,913 $
Gas 506,895
Other 386,132
------------ --------------
5,713,940
Less - Accumulated depreciation 2,812,179
------------ --------------
2,901,761
Construction work in progress 118,988
Nuclear fuel, net of
amortization 48,204
------------ --------------
3,068,953
Other property, plant and
equipment, net 347,138
------------ --------------
3,416,091
------------ --------------
----------------------------------------------------------------
CURRENT ASSETS:
Cash and temporary cash
investments 9,570
Accounts receivable, net:
Customer 94,301
Other 19,013
Notes receivable 13,465
Production fuel, at average cost 43,141
Materials and supplies, at
average cost 52,600
Gas stored underground, at
average cost 22,627
Regulatory assets 35,488
Prepaid gross receipts tax 18,372
Other 23,169
------------ --------------
331,746
------------ --------------
----------------------------------------------------------------
INVESTMENTS:
Investment in McLeodUSA, Inc. 223,499
Nuclear decommissioning trust
funds 212,745
Investment in foreign entities 57,519
Investment in subsidiaries 8,052
Other 50,759
------------ --------------
544,522 8,052
------------ --------------
----------------------------------------------------------------
OTHER ASSETS:
Regulatory assets 321,181
Deferred charges and other 101,841
------------ --------------
423,022
------------ --------------
$ 4,715,381 $ 8,052
============ ==============
----------------------------------------------------------------
Adjust to
Fair Value/ Proforma
ASSETS Eliminations Combined
----------------------------------------------------------------
(in thousands)
PROPERTY, PLANT AND EQUIPMENT:
Utility -
Plant in service -
Electric $ $ 4,820,913
Gas 506,895
Other 386,132
------------- ------------
5,713,940
Less - Accumulated depreciation 2,812,179
------------- ------------
2,901,761
Construction work in progress 118,988
Nuclear fuel, net of
amortization 48,204
------------- ------------
3,068,953
Other property, plant and
equipment, net 5,230 352,368
------------- ------------
5,230 3,421,321
------------- ------------
----------------------------------------------------------------
CURRENT ASSETS:
Cash and temporary cash
investments 9,570
Accounts receivable, net:
Customer 94,301
Other 19,013
Notes receivable 13,465
Production fuel, at average cost 43,141
Materials and supplies, at
average cost 52,600
Gas stored underground, at
average cost 22,627
Regulatory assets 35,488
Prepaid gross receipts tax 18,372
Other 23,169
------------- ------------
331,746
------------- ------------
----------------------------------------------------------------
INVESTMENTS:
Investment in McLeodUSA, Inc. 223,499
Nuclear decommissioning trust
funds 212,745
Investment in foreign entities 57,519
Investment in subsidiaries (8,052)
Other 50,759
------------- ------------
(8,052) 544,522
------------- ------------
----------------------------------------------------------------
OTHER ASSETS:
Regulatory assets 321,181
Deferred charges and other 101,841
------------- ------------
423,022
------------- ------------
$ (2,822) $ 4,720,611
============= ============
----------------------------------------------------------------
<PAGE>
FINANCIAL STATEMENT 1.5 (CONTINUED)
INTERSTATE ENERGY CORPORATION
UNAUDITED PROFORMA COMBINED BALANCE SHEET (CONTINUED)
SEPTEMBER 30, 1998
IEC
CAPITALIZATION AND LIABILITIES (As Reported)
---------------------------------------------------------------
(in thousands,
except share
amounts)
CAPITALIZATION:
Common stock $ 771
Additional paid-in capital 889,469
Retained earnings 550,754
Accumulated other comprehensive income 103,982
-------------
Total common equity 1,544,976
-------------
Cumulative preferred stock of subsidiaries:
Par/Stated Authorized Shares Mandatory
Value Shares Outstanding Redemption
---------- ----------- ----------- ----------
$ 100 * 449,765 No 44,977
$ 25 * 599,460 No 14,986
$ 50 466,406 366,406 No 18,320
$ 50 ** 216,381 No 10,819
$ 50 ** 545,000 Yes*** 27,250
-------------
116,352
Less: unamortized expenses (2,887)
-------------
Total cumulative preferred stock of
subsidiaries 113,465
-------------
Long-term debt (excluding current portion) 1,485,607
-------------
3,144,048
-------------
---------------------------------------------------------------
CURRENT LIABILITIES:
Current maturities and sinking funds 68,764
Variable rate demand bonds 56,975
Commercial paper 54,000
Notes payable 74
Capital lease obligations 13,211
Accounts payable 164,380
Accrued taxes 101,465
Other 119,488
-------------
578,357
-------------
---------------------------------------------------------------
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes 641,284
Accumulated deferred investment tax credits 78,743
Environmental liabilities 55,643
Customer advances 36,002
Capital lease obligations 15,745
Other 160,306
-------------
987,723
-------------
----------------------------------------------------------------
$ 4,710,128
=============
----------------------------------------------------------------
Golden Gas
CAPITALIZATION AND LIABILITIES Subsidiary
---------------------------------------------------------------
(in thousands,
except share
amounts)
CAPITALIZATION:
Common stock $
Additional paid-in capital (107)
Retained earnings 2,929
Accumulated other comprehensive income
-------------
Total common equity 2,822
-------------
Cumulative preferred stock of subsidiaries:
Par/Stated Authorized Shares Mandatory
Value Shares Outstanding Redemption
---------- ----------- ----------- ----------
$ 100 * 449,765 No
$ 25 * 599,460 No
$ 50 466,406 366,406 No
$ 50 ** 216,381 No
$ 50 ** 545,000 Yes***
-------------
Less: unamortized expenses
-------------
Total cumulative preferred stock of
subsidiaries
-------------
Long-term debt (excluding current portion) 1,855
-------------
4,677
-------------
---------------------------------------------------------------
CURRENT LIABILITIES:
Current maturities and sinking funds
Variable rate demand bonds
Commercial paper
Notes payable
Capital lease obligations
Accounts payable 470
Accrued taxes
Other
-------------
470
-------------
---------------------------------------------------------------
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes (37)
Accumulated deferred investment tax credits
Environmental liabilities
Customer advances
Capital lease obligations
Other 143
-------------
106
-------------
----------------------------------------------------------------
$ 5,253
=============
----------------------------------------------------------------
CAPITALIZATION AND LIABILITIES Subtotal
---------------------------------------------------------------
(in thousands,
except share
amounts)
CAPITALIZATION:
Common stock $ 771
Additional paid-in capital 889,362
Retained earnings 553,683
Accumulated other comprehensive income 103,982
-------------
Total common equity 1,547,798
-------------
Cumulative preferred stock of subsidiaries:
Par/Stated Authorized Shares Mandatory
Value Shares Outstanding Redemption
---------- ----------- ----------- ----------
$ 100 * 449,765 No 44,977
$ 25 * 599,460 No 14,986
$ 50 466,406 366,406 No 18,320
$ 50 ** 216,381 No 10,819
$ 50 ** 545,000 Yes*** 27,250
-------------
116,352
Less: unamortized expenses (2,887)
-------------
Total cumulative preferred stock of
subsidiaries 113,465
-------------
Long-term debt (excluding current portion) 1,487,462
-------------
3,148,725
-------------
---------------------------------------------------------------
CURRENT LIABILITIES:
Current maturities and sinking funds 68,764
Variable rate demand bonds 56,975
Commercial paper 54,000
Notes payable 74
Capital lease obligations 13,211
Accounts payable 164,850
Accrued taxes 101,465
Other 119,488
-------------
578,827
-------------
---------------------------------------------------------------
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes 641,247
Accumulated deferred investment tax credits 78,743
Environmental liabilities 55,643
Customer advances 36,002
Capital lease obligations 15,745
Other 160,449
-------------
987,829
-------------
----------------------------------------------------------------
$ 4,715,381
=============
----------------------------------------------------------------
IEC Purchase
CAPITALIZATION AND LIABILITIES of Golden Gas
---------------------------------------------------------------
(in thousands,
except share
amounts)
CAPITALIZATION:
Common stock $ 3
Additional paid-in capital 8,049
Retained earnings
Accumulated other comprehensive income
-------------
Total common equity 8,052
-------------
Cumulative preferred stock of subsidiaries:
Par/Stated Authorized Shares Mandatory
Value Shares Outstanding Redemption
---------- ----------- ----------- ----------
$ 100 * 449,765 No
$ 25 * 599,460 No
$ 50 466,406 366,406 No
$ 50 ** 216,381 No
$ 50 ** 545,000 Yes***
-------------
Less: unamortized expenses
-------------
Total cumulative preferred stock of
subsidiaries
-------------
Long-term debt (excluding current portion)
-------------
8,052
-------------
---------------------------------------------------------------
CURRENT LIABILITIES:
Current maturities and sinking funds
Variable rate demand bonds
Commercial paper
Notes payable
Capital lease obligations
Accounts payable
Accrued taxes
Other
-------------
-------------
---------------------------------------------------------------
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes
Accumulated deferred investment tax credits
Environmental liabilities
Customer advances
Capital lease obligations
Other
-------------
-------------
----------------------------------------------------------------
$ 8,052
=============
----------------------------------------------------------------
Adjust to
Fair Value/
CAPITALIZATION AND LIABILITIES Eliminations
---------------------------------------------------------------
(in thousands,
except share
amounts)
CAPITALIZATION:
Common stock $
Additional paid-in capital 107
Retained earnings (2,929)
Accumulated other comprehensive income
-------------
Total common equity (2,822)
-------------
Cumulative preferred stock of subsidiaries:
Par/Stated Authorized Shares Mandatory
Value Shares Outstanding Redemption
---------- ----------- ----------- ----------
$ 100 * 449,765 No
$ 25 * 599,460 No
$ 50 466,406 366,406 No
$ 50 ** 216,381 No
$ 50 ** 545,000 Yes***
-------------
Less: unamortized expenses
-------------
Total cumulative preferred stock of
subsidiaries
-------------
Long-term debt (excluding current portion)
-------------
(2,822)
-------------
----------------------------------------------------------------
CURRENT LIABILITIES:
Current maturities and sinking funds
Variable rate demand bonds
Commercial paper
Notes payable
Capital lease obligations
Accounts payable
Accrued taxes
Other
-------------
-------------
----------------------------------------------------------------
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes
Accumulated deferred investment tax credits
Environmental liabilities
Customer advances
Capital lease obligations
Other
-------------
-------------
----------------------------------------------------------------
$ (2,822)
=============
----------------------------------------------------------------
Proforma
CAPITALIZATION AND LIABILITIES Combined
---------------------------------------------------------------
(in thousands,
except share
amounts)
CAPITALIZATION:
Common stock $ 774
Additional paid-in capital 897,518
Retained earnings 550,754
Accumulated other comprehensive income 103,982
-------------
Total common equity 1,553,028
-------------
Cumulative preferred stock of subsidiaries:
Par/Stated Authorized Shares Mandatory
Value Shares Outstanding Redemption
---------- ----------- ----------- ----------
$ 100 * 449,765 No 44,977
$ 25 * 599,460 No 14,986
$ 50 466,406 366,406 No 18,320
$ 50 ** 216,381 No 10,819
$ 50 ** 545,000 Yes*** 27,250
-------------
116,352
Less: unamortized expenses (2,887)
-------------
Total cumulative preferred stock of
subsidiaries 113,465
-------------
Long-term debt (excluding current portion) 1,487,462
-------------
3,153,955
-------------
----------------------------------------------------------------
CURRENT LIABILITIES:
Current maturities and sinking funds 68,764
Variable rate demand bonds 56,975
Commercial paper 54,000
Notes payable 74
Capital lease obligations 13,211
Accounts payable 164,850
Accrued taxes 101,465
Other 119,488
-------------
578,827
-------------
----------------------------------------------------------------
OTHER LONG-TERM LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes 641,247
Accumulated deferred investment tax credits 78,743
Environmental liabilities 55,643
Customer advances 36,002
Capital lease obligations 15,745
Other 160,449
-------------
987,829
-------------
----------------------------------------------------------------
$ 4,720,611
=============
----------------------------------------------------------------
* 3,750,000 authorized shares in total between the two classes
** 2,000,000 authorized shares in total between the two classes
*** $53.20 mandatory redemption price
THE PRO FORMA COMBINED BALANCE SHEETS ARE PRESENTED AS IF THE
PURCHASE HAD TAKEN PLACE ON SEPTEMBER 30, 1998.
FINANCIAL STATEMENT 1.6
INTERSTATE ENERGY CORPORATION
UNAUDITED PROFORMA COMBINED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
IEC
(As Reported) Golden Gas
(Restated) Subsidiary Subtotal
----------------------------------------------------------------
(in thousands)
OPERATING REVENUES:
Electric utility $ 1,199,139 $ $ 1,199,139
Gas utility 204,395 204,395
Nonregulated and
other 199,074 2,743 201,817
------------ ------------ ------------
1,602,608 2,743 1,605,351
------------ ------------ ------------
----------------------------------------------------------------
OPERATING EXPENSES:
Electric and steam
production fuels 224,948 224,948
Purchased power 198,930 198,930
Cost of utility gas
sold 113,401 113,401
Other operation 456,113 2,222 458,335
Maintenance 87,921 87,921
Depreciation and
amortization 212,787 387 213,174
Taxes and other than
income taxes 79,804 79,804
------------ ------------ ------------
1,373,904 2,609 1,376,513
------------ ------------ ------------
----------------------------------------------------------------
OPERATING INCOME 228,704 134 228,838
------------ ------------ ------------
----------------------------------------------------------------
INTEREST EXPENSE AND
OTHER:
Interest expense 95,045 105 95,150
Allowance for funds
used during
construction (5,024) (5,024)
Preferred dividend
requirements of
subsidiaries 5,024 5,024
Miscellaneous, net 8,289 (73) 8,216
------------ ------------ ------------
103,334 32 103,366
------------ ------------ ------------
----------------------------------------------------------------
INCOME BEFORE INCOME
TAXES 125,370 102 125,472
------------ ------------ ------------
----------------------------------------------------------------
INCOME TAXES 53,889 117 54,006
------------ ------------ ------------
----------------------------------------------------------------
NET INCOME $ 71,481 $ (15) $ 71,466
============ ============ ============
----------------------------------------------------------------
AVERAGE NUMBER OF
COMMON SHARES
OUTSTANDING 76,796 251 77,047
============ ============ ============
----------------------------------------------------------------
EARNINGS PER AVERAGE
COMMON SHARE (BASIC
AND DILUTED) $ 0.93 $ $ 0.93
============ ============ ============
----------------------------------------------------------------
DIVIDENDS DECLARED PER
COMMON SHARE $ 1.50 $ $ 1.50
============ ============ ============
----------------------------------------------------------------
Proforma
Eliminations Combined
----------------------------------------------------------------
(in thousands)
OPERATING REVENUES:
Electric utility $ $ 1,199,139
Gas utility 204,395
Nonregulated and other 201,817
------------ ------------
1,605,351
------------ ------------
----------------------------------------------------------------
OPERATING EXPENSES:
Electric and steam production
fuels 224,948
Purchased power 198,930
Cost of utility gas sold 113,401
Other operation 458,335
Maintenance 87,921
Depreciation and amortization 213,174
Taxes and other than income taxes 79,804
------------ ------------
1,376,513
------------ ------------
----------------------------------------------------------------
OPERATING INCOME 228,838
------------ ------------
----------------------------------------------------------------
INTEREST EXPENSE AND OTHER:
Interest expense 95,150
Allowance for funds used during
construction (5,024)
Preferred dividend requirements of
subsidiaries 5,024
Miscellaneous, net 8,216
------------ ------------
103,366
------------ ------------
----------------------------------------------------------------
INCOME BEFORE INCOME TAXES 125,472
------------ ------------
----------------------------------------------------------------
INCOME TAXES 54,006
------------ ------------
----------------------------------------------------------------
NET INCOME $ $ 71,466
============ ============
----------------------------------------------------------------
AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING 76,796 77,047
============ ============
----------------------------------------------------------------
EARNINGS PER AVERAGE COMMON SHARE
(BASIC AND DILUTED) $ 0.93 $ 0.93
============ ============
----------------------------------------------------------------
DIVIDENDS DECLARED PER COMMON SHARE $ 1.50 $ 1.50
============ ============
----------------------------------------------------------------
THE PROFORMA COMBINED STATEMENTS OF INCOME ARE PRESENTED AS IF
THE PURCHASE HAD TAKEN PLACE ON DECEMBER 31, 1997.
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