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Previous: PARAMOUNT COMMUNICATIONS INC /DE/, SC 14D9/A, 1994-02-08 |
Next: HARVARD INDUSTRIES INC, SC 13G, 1994-02-08 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date earliest event reported) February 8, 1994
(February 1, 1994)
GULF STATES UTILITIES COMPANY
(Exact name of registrant as specified in charter)
TEXAS
(State or other jurisdiction of incorporation)
1-2703 74-0662730
(Commission file number) (IRS Employer Identification No.)
350 Pine Street, Beaumont, Texas 77701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (409) 838-6631
<PAGE>
INDEX
Item 1. Changes in Control of Registrant - (none)
Item 2. Acquisition or Disposition of Assets - (none)
Item 3. Bankruptcy or Receivership - (none)
Item 4. Changes in Registrant's Certifying Accountant - (none)
Item 5. Other Materially Important Events - p. 1
Item 6. Resignations of Registrant's Directors - (none)
Item 7. Financial Statements and Exhibits - p. 2
<PAGE>
Form 8-K Gulf States Utilities Company Page 1
February 8, 1994
Item 5. Other Materially Important Events
(1) On January 28, 1994, the Company's Board of Directors
declared a common stock dividend of $100 million which was
paid on February 1, 1994, to its parent, Entergy Corporation
(Entergy). Prior to the February 1, 1994 dividend payment
the Company had not paid a common dividend since June 1986.
(2) The Company released the following unaudited financial
information on February 4, 1994:
Financial results for the year ended December 31, 1993
include three significant charges totaling $73.8 million
related to the merger with Entergy and a fourth-quarter 1993
rate settlement. These items include:
Merger-related charges for investment advisory fees, and
early retirement and severance packages, which increased
operations and maintenance costs by $52.3 million;
A $19.2 million charge for a one-time credit to Texas
ratepayers that was part of a rate settlement approved
during the fourth quarter, which was a change from the
Company's previously reported intention to amortize such
costs over the period November 1993 through August 1994;
and
A rate reduction, which was included in the rate settlement
referred to above, that resulted in a $2.3 million decrease
in the Company's fourth quarter 1993 net revenues.
<PAGE>
Form 8-K Gulf States Utilities Company Page 2
February 8, 1994
Gulf States Utilities Company
Consolidated Income Statement
For the Three Months Ended December 31
(in thousands)
<TABLE>
<CAPTION>
1993 1992 % Inc/(Dec)
-------- -------- -----------
(unaudited)
<S> <C> <C> <C>
Operating Revenues:
Electric $383,934 $414,702 (7.4)
Steam 13,561 11,751 15.4
Natural gas 9,117 8,378 8.8
-------- --------
Total 406,612 434,831 (6.5)
-------- --------
Operating Expenses:
Fuel and fuel-related expenses,
purchased power, purchased gas 162,300 164,964 (1.6)
Nuclear outage expenses 2,520 3,360 (25.0)
SFAS 106 3,982 - -
Operation & maintenance 159,398 114,325 39.4
Depreciation and decommissioning 48,575 46,695 4.0
Taxes other than income taxes 22,873 23,580 (3.0)
Income taxes (9,649) (3,964) 143.4
Rate deferrals:
Rate deferrals - 375 (100.0)
Amortization of rate deferrals 15,426 13,499 14.3
-------- --------
Total 405,425 362,834 11.7
-------- --------
Operating Income 1,187 71,997 (98.4)
-------- --------
Other Income:
Allowance for equity funds used
during construction 343 51 *
Miscellaneous - net 4,306 7,156 (39.8)
Income taxes (2,520) (1,349) 86.8
-------- --------
Total 2,129 5,858 (63.7)
-------- --------
Interest and Other Charges:
Interest on long-term debt 48,697 58,980 (17.4)
Other interest - net 1,645 2,028 (18.9)
Allowance for borrowed funds used
during construction (259) (57) *
-------- --------
Total 50,083 60,951 (17.8)
-------- --------
Income (Loss) Before Extraordinary Items and
the Cumulative Effect of Changes in
Accounting Method (46,767) 16,904 *
Extraordinary Items (net of income taxes) - (2,802) 100.0
Cumulative Effect of Changes in
Accounting Method (net of income taxes) - - -
-------- --------
Net Income (Loss) (46,767) 14,102 *
Preferred and Preference Stock Dividends 7,463 10,111 (26.2)
-------- --------
Earnings (Loss) Applicable to Common Stock ($54,230) $ 3,991 *
======= ========
</TABLE>
* Increase (Decrease) greater than 200 percent.
<PAGE>
Form 8-K Gulf States Utilities Company Page 3
February 8, 1994
Gulf States Utilities Company
Consolidated Income Statement
Year Ended December 31
(in thousands)
<TABLE>
<CAPTION>
1993 1992 % Inc/(Dec)
---------- ----------
(unaudited)
<S> <C> <C> <C>
Operating Revenues:
Electric $1,747,961 $1,694,536 3.2
Steam 47,193 50,315 (6.2)
Natural gas 32,466 28,523 13.8
---------- ----------
Total 1,827,620 1,773,374 3.1
---------- ----------
Operating Expenses:
Fuel and fuel-related expenses,
purchased power, purchased gas 694,352 625,152 11.1
Nuclear outage expenses 10,706 29,087 (63.2)
SFAS 106 13,216 - -
Operation & maintenance 445,461 409,378 8.8
Depreciation and decommissioning 190,405 188,393 1.1
Taxes other than income taxes 95,742 91,740 4.4
Income taxes 46,007 38,058 20.9
Rate deferrals:
Rate deferrals 697 2,290 (69.6)
Amortization of rate deferrals 60,418 50,656 19.3
---------- ----------
Total 1,557,004 1,434,754 8.5
---------- ----------
Operating Income 270,616 338,620 (20.1)
---------- ----------
Other Income:
Allowance for equity funds used
during construction 726 1,226 (40.8)
Miscellaneous - net 19,996 64,837 (69.2)
Income taxes (12,009) (17,801) (32.5)
---------- ----------
Total 8,713 48,262 (81.9)
---------- ----------
Interest and Other Charges:
Interest on long-term debt 202,235 239,341 (15.5)
Other interest - net 8,364 9,075 (7.8)
Allowance for borrowed funds used
during construction (731) (947) (22.8)
---------- ----------
Total 209,868 247,469 (15.2)
---------- ----------
Income Before Extraordinary Items and the
Cumulative Effect of Changes in Accounting
Method 69,461 139,413 (50.2)
Extraordinary Items (net of income taxes) (1,259) (9,597) (86.9)
Cumulative Effect of Changes in
Accounting Method (net of income taxes) 10,660 4,032 164.4
---------- ----------
Net Income 78,862 133,848 (41.1)
Preferred and Preference Stock Dividends 35,581 49,702 (28.4)
---------- ----------
Earnings Applicable to Common Stock $ 43,281 $ 84,146 (48.6)
========== ==========
</TABLE>
<PAGE>
Form 8-K Gulf States Utilities Company Page 4
February 8, 1994
____________________
SIGNATURE
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 hereunto duly authorized.
GULF STATES UTILITIES COMPANY
BY: /s/ BOBBY J. WILLIS
BOBBY J. WILLIS
VICE PRESIDENT AND CONTROLLER
Dated: February 8, 1994
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