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 June 30, 1995
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 1-3632
INTERSTATE POWER COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 42-0329500
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1000 Main Street, P.O. Box 769, Dubuque, Iowa 52004-0769
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 319-582-5421
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
Indicate the number of shares outstanding of each of the issuer's
classes of common stock.
Shares Outstanding
August 1, 1995
Common Stock Par Value $3.50 Per Share 9,564,287 Shares
INTERSTATE POWER COMPANY
Form 10-Q
Table of Contents
Part I - Financial Information
Item 1. Statements of Income - Three Months Ended 1
Statements of Income - Six Months Ended 2
Balance Sheets - Assets 3
Balance Sheets - Capitalization and Liabilities 4
Statements of Cash Flows 5
Summarized Financial Information 6
Notes to Financial Statements 6
Item 2. Management's Discussion and Analysis 7
Part II - Other Information
Item 1. Legal Proceedings 12
Item 2. Changes in Securities 12
Item 3. Defaults Upon Senior Securities 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K 12
INTERSTATE POWER COMPANY
STATEMENTS OF INCOME
Three Months
Ended June 30
1995 1994
(In Thousands)
OPERATING REVENUES:
Electric $ 65,085 $ 63,911
Gas 6,969 7,952
72,054 71,863
OPERATING EXPENSES:
Operation:
Fuel for electric generation 15,778 16,220
Power purchased 15,061 16,190
Cost of gas sold 3,874 5,619
Other operating expenses 6,943 12,591
Maintenance 3,802 5,082
Depreciation 7,261 6,803
Income taxes:
Federal currently payable 2,051 (1,272)
State currently payable 620 (368)
Deferred taxes-net 1,801 1,601
Investment tax credit amortization (257) (257)
Property and other taxes 4,240 4,194
Total operating expenses 61,174 66,403
OPERATING INCOME 10,880 5,460
OTHER INCOME AND DEDUCTIONS (2,836) 179
INCOME BEFORE INTEREST CHARGES 8,044 5,639
INTEREST CHARGES:
Long-term debt 3,703 3,843
Other interest charges 593 509
Allowance for borrowed funds used during construction (117) (67)
Total interest charges 4,179 4,285
NET INCOME 3,865 1,354
PREFERRED AND PREFERENCE STOCK DIVIDENDS 614 613
NET INCOME AVAILABLE FOR COMMON STOCK $ 3,251 $ 741
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 9,564 9,448
EARNINGS PER COMMON SHARE OUTSTANDING $ .34 $ .07
DIVIDENDS PAID PER COMMON SHARE $ .52 $ .52
The accompanying Notes to Financial Statements are an integral part of these
statements.
INTERSTATE POWER COMPANY
STATEMENTS OF INCOME
Six Months
Ended June 30
1995 1994
(In Thousands)
OPERATING REVENUES:
Electric $128,887 $126,285
Gas 25,932 31,152
154,819 157,437
OPERATING EXPENSES:
Operation:
Fuel for electric generation 32,618 31,814
Power purchased 27,163 27,743
Cost of gas sold 13,831 18,629
Other operating expenses 18,974 24,796
Maintenance 7,242 8,610
Depreciation 14,487 13,665
Income taxes:
Federal currently payable 5,039 2,234
State currently payable 1,513 671
Deferred taxes-net 3,026 2,773
Investment tax credit amortization (514) (514)
Property and other taxes 8,745 8,505
Total operating expenses 132,124 138,926
OPERATING INCOME 22,695 18,511
OTHER INCOME AND DEDUCTIONS (2,677) 317
INCOME BEFORE INTEREST CHARGES 20,018 18,828
INTEREST CHARGES:
Long-term debt 7,514 7,686
Other interest charges 1,081 630
Allowance for borrowed funds used during construction (199) (93)
Total interest charges 8,396 8,223
NET INCOME 11,622 10,605
PREFERRED AND PREFERENCE STOCK DIVIDENDS 1,228 1,226
NET INCOME AVAILABLE FOR COMMON STOCK $ 10,394 $ 9,379
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 9,564 9,424
EARNINGS PER COMMON SHARE OUTSTANDING $ 1.08 $ .99
DIVIDENDS PAID PER COMMON SHARE $ 1.04 $ 1.04
The accompanying Notes to Financial Statements are an integral part of these
statements.
INTERSTATE POWER COMPANY
BALANCE SHEETS
ASSETS
June 30 Dec. 31
1995 1994
(In Thousands)
UTILITY PLANT (at original cost) $889,535 $879,897
Less accumulated provision for depreciation 390,739 379,216
Utility plant - net 498,796 500,681
OTHER PROPERTY AND INVESTMENTS 546 522
CURRENT ASSETS:
Cash and cash equivalents 1,301 1,537
Accounts receivable less reserve 24,684 22,350
Inventories - at average cost:
Fuel 18,858 24,220
Materials and supplies 6,101 5,208
Prepaid income tax 6,407 6,197
Other prepayments and current assets 6,567 5,954
Total current assets 63,918 65,466
DEFERRED DEBITS:
Regulatory assets for deferred income taxes 27,902 27,469
Deferred energy efficiency costs 15,723 16,961
Other 26,717 17,746
Total deferred debits 70,342 62,176
TOTAL $633,602 $628,845
The accompanying Notes to Financial Statements are an integral part of these
statements.
INTERSTATE POWER COMPANY
BALANCE SHEETS
CAPITALIZATION AND LIABILITIES
June 30 Dec. 31
1995 1994
(In Thousands)
CAPITALIZATION:
Common stock, par value $3.50 per share;
Authorized - 30,000,000 shares; issued
and outstanding - 9,564,287 in 1995
and 9,564,287 in 1994 $ 33,475 $ 33,475
Additional paid-in capital 103,118 103,137
Retained earnings 56,340 55,893
Total common equity 192,933 192,505
Preferred stock, par value $50 per share 34,802 34,752
Total stockholders' equity 227,735 227,257
Long-term debt 189,068 189,032
Total capitalization 416,803 416,289
CURRENT LIABILITIES:
Commercial paper payable 46,750 35,600
Long-term debt maturing within one year 0 14,000
Accounts payable 11,005 14,133
Payroll, interest and taxes accrued 21,122 19,342
Other 12,217 12,147
Total current liabilities 91,094 95,222
DEFERRED CREDITS AND OTHER NON-CURRENT LIABILITIES:
Accumulated deferred income taxes 91,462 88,176
Accumulated deferred investment tax credits 18,555 19,069
Other 15,688 10,089
Total deferred credits and other non-current
liabilities 125,705 117,334
TOTAL $633,602 $628,845
The accompanying Notes to Financial Statements are an integral part of these
statements.
INTERSTATE POWER COMPANY
STATEMENTS OF CASH FLOWS
Six Months
Ended June 30
1995 1994
(In Thousands)
RECONCILIATION OF NET INCOME TO CASH FLOWS
FROM OPERATING ACTIVITIES:
Net income $11,622 $10,605
Adjustment for non-cash items:
Depreciation 14,487 13,665
Deferred income taxes 2,853 2,524
Investment tax credit amortization (514) (514)
Allowance for equity funds used during construction 0 (87)
Deferred pension cost 0 23
Changes in assets and liabilities:
Accounts receivable - net (2,334) (1,486)
Fuel 5,367 7,759
Materials and supplies (893) (1,441)
Accounts payable and other current liabilities (2,896) 3,016
Accrued and prepaid taxes 1,242 (2,656)
Interest accrued (103) (7)
Other prepayments and current assets (613) (3,002)
Rate refund payable 0 2,423
Deferred energy conservation costs 1,238 (2,768)
Regulatory assets 565 (612)
Other operating activities (3,075) 1,762
Cash flows from operating activities 26,946 29,204
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to utility plant (12,642) (17,935)
Allowance for borrowed funds used during construction (199) (93)
Other (341) (872)
Cash flows from investing activities (13,182) (18,900)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock 0 2,576
Issuance of long-term debt 0 13,250
Retirement of long-term debt (14,006) (13,256)
Dividends on common, preferred and preference stock (11,144) (10,998)
Sale of commercial paper - net 11,150 (2,200)
Cash flows from financing activities (14,000) (10,628)
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS: $ (236) $ (324)
CASH AND CASH EQUIVALENTS:
Beginning of period $ 1,537 $ 3,083
End of period $ 1,301 $ 2,759
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest (net of amount capitalized) $ 8,460 $ 7,974
Income taxes $ 3,073 $ 4,331
The accompanying Notes to Financial Statements are an integral part of these
statements.
INTERSTATE POWER COMPANY
Summarized Financial Information
The June 30, 1995 financial statements included herein have been prepared by
the company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. The accounting policies followed by the
company are set forth in Note 1 to the company's financial statements in the
1994 Form 10-K. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and the notes thereto
included in the company's Form 10-K for the year ended December 31, 1994.
In the opinion of the company, the financial statements reflect all
adjustments, consisting only of normal recurring accruals, necessary to
fairly state the results of operations.
Notes to Financial Statements
Effective in 1996, SFAS 121, "Accounting for the Impairment of Long-Lived
Assets", will require the write-off of regulatory assets if it is no longer
probable that future revenue in an amount at least equal to the regulatory
asset will result from the ratemaking process. Significant changes in the
regulatory environment or losses of major customers that result in stranded
costs are examples of events that indicate the need for a utility to review
its assets for impairment.
In March 1995 the company filed an application with the Iowa Utilities Board
for an increase in electric rates in an annual amount of approximately $13.1
million. Increased interim rates in an annual amount of $7.1 million were
placed in effect in June 1995, subject to refund. The interim rate increase
is being collected subject to refund upon final determination by the Board.
A decision on the final rate increase is anticipated by February 1996.
In May 1995 the company filed an application with the Minnesota Public
Utilities Commission for an increase in gas rates in an annual amount of $2.4
million. Increased interim rates in an annual amount $1.5 million were
placed in effect in June 1995, subject to refund. The interim rate increase
is being collected subject to refund upon final determination by the
Commission. A decision on the final rate increase is expected by March 1996.
In June 1995 the company filed an application with the Minnesota Public
Utilities Commission for an increase in electric rates in an annual amount of
$4.6 million. A decision on the final rate increase is anticipated by the
second quarter of 1996.
In August 1995 the company filed an application with the Iowa Utilities Board
for an increase in gas rates in an annual amount of $2.2 million. The
application includes a request for increased interim rates in an annual
amount of $2.1 million to be effective August 31, 1995. The Board has until
October 29, 1995 to rule on the level and effective date of the requested
interim rate increase. Any interim rate increase will be collected subject
to refund upon final determination by the Board. A decision on the final
rate increase is expected by June 1996.
INTERSTATE POWER COMPANY
PART I - FINANCIAL INFORMATION
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
The company's results of operations and financial condition are affected by
numerous factors, including weather, sales, and the amount of changes in
customer rates. The dividend of $2.08 per share annually and $0.52 per
quarter has been maintained, however, the Board of Directors will be
monitoring future dividends and the current level cannot be assured.
COMPARISON OF THE QUARTERS ENDED JUNE 30, 1995 AND 1994
EARNINGS PER SHARE for the second quarter of 1995 were $0.34 compared to
$0.07 for the second quarter of 1994. Net income for the second quarter of
1995 was $3.9 million, compared to $1.4 million for the second quarter of
1994. As discussed below, improved electric and gas margins and reduced
maintenance expense were the major contributors to the improved earnings.
The ELECTRIC MARGIN (revenue less cost of fuel and purchased power) for the
second quarter of 1995 was $34.2 million compared to $31.5 million for the
second quarter of 1994. The increase in the electric margin resulted mainly
from higher residential and industrial sales. The electric margin for the
second quarter of 1994 was depressed due to provision for an Iowa electric
rate refund overcollection, which included $1.4 million related to earlier
periods.
Three Months Ended June 30
ELECTRIC SALES (Mwh) 1995 1994 % Change
Residential 227,309 224,332 1.3
Commercial 166,222 167,452 (0.7)
Industrial 812,426 785,616 3.4
Interchange 13,083 31,403 (58.3)
Sales for Resale 58,377 57,332 1.8
Other 13,938 14,147 (1.5)
Total Electric Sales 1,291,355 1,280,282 0.9
The increase in residential electric sales was primarily due to air
conditioning. The increase in industrial sales was generally due to
favorable economic conditions. Interchange sales to other utilities for the
second quarter of 1994 were unusually high due to non-recurring economy
sales.
Three Months Ended June 30
ELECTRIC REVENUES (000's) 1995 1994 % Change
Residential $17,470 $17,717 (1.4)
Commercial 11,395 11,750 (3.0)
Industrial 31,271 31,580 (1.0)
Interchange 256 564 (54.6)
Sales for Resale 2,467 2,397 2.9
Other 2,225 (98) N/A
Total Electric Revenues $65,084 $63,910 1.8
The increased revenues for the second quarter of 1995 reflected the increased
industrial sales and the recovery of approximately $0.25 million of Iowa
demand side management costs. Other revenues for the second quarter of 1994
were depressed by the cumulative rate overcollection through the second
quarter of 1994. The actual reduction in revenue by customer class was
recorded at the time of the refund in the fourth quarter of 1994.
The COST OF GAS SOLD decreased $1.7 million, or 31.1%, during the second
quarter of 1995 compared to the same period in 1994 primarily due to a $0.8
million pipeline rate refund and to favorable prices resulting from a mild
1994-1995 heating season. These factors were partially offset by $0.5
million of FERC Order 636 transition costs paid by the company in the second
quarter of 1995. There have been no significant developments concerning FERC
Order 636 transition costs since the company's discussion of this matter in
the 1994 Annual Report to Stockholders.
Three Months Ended June 30
GAS DELIVERIES (MMcf) 1995 1994 % Change
Residential 823 732 12.4
Commercial 465 419 11.0
Industrial 209 362 (42.3)
Other 21 38
Total Gas Sales 1,518 1,551 (2.1)
Gas Transportation 6,437 6,066 6.1
Total Gas Deliveries 7,955 7,617 4.4
The increase in residential and commercial gas sales was primarily a result
of more heating sales during the second quarter of 1995. Overall industrial
deliveries (retail and transportation) were up 3.1% compared to 1994.
Three Months Ended June 30
GAS REVENUES $ (000's) 1995 1994 % Change
Residential $ 4,004 $ 4,224 (5.2)
Commercial 1,765 1,951 (9.5)
Industrial 516 1,050 (50.8)
Other 54 142
Total Gas Sales Revenues 6,339 7,367 (13.9)
Gas Transportation 630 586 7.5
Total Gas Revenues $ 6,969 $ 7,953 (12.4)
The decrease in revenues was mainly due to reduced retail industrial sales
and a $0.8 million pipeline rate refund which was passed through to customers
in June 1995.
COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
EARNINGS PER SHARE for the six months ended June 30, 1995 were $1.08 compared
to $0.99 for the corresponding period in 1994. The increase in earnings was
mainly due to the higher second quarter 1995 earnings as discussed above.
The year-to-date ELECTRIC MARGIN increased to $69.1 million in 1995 from
$66.7 million in 1994. The 1995 margin was boosted by increased residential
and industrial sales during the second quarter of 1995. The electric margin
for the first six months of 1994 was depressed by $0.5 million of Iowa
electric rate overcollection recorded in 1994 but attributable to 1993.
ELECTRIC SALES during the six months ended June 30, 1995 were 1.3% higher
than the same period a year ago. The increase was primarily attributable to
industrial sales which increased 5.5%. This increase was offset by reduced
residential and commercial sales due to mild weather during the first quarter
of 1995, and a reduction in interchange sales which were unusually high last
year due to economy sales to other utilities.
ELECTRIC REVENUES increased 2.1% during the six months ended June 30, 1995
compared to the same period of 1994. The increased revenues reflected the
increased industrial sales and the recovery of approximately $0.5 million of
Iowa demand side management costs. In addition, 1994 revenues were down as a
result of the second quarter 1994 entry to record the overcollection of
interim Iowa electric rates. This entry included $0.5 million of
overcollection attributable to 1993.
The year-to-date GAS MARGIN has decreased to $12.1 million in 1995 from $12.5
million in 1994 due mainly to lower residential and commercial sales during
the first quarter of 1995.
GAS DELIVERIES increased 2.5% during the six months ended June 30, 1995
compared to the same period in 1994. Although residential, commercial and
industrial sales decreased 7.0%, 6.1% and 28.0%, respectively, overall
deliveries were up as a result of the 8.9% increase in transportation
deliveries.
The 16.8% reduction in GAS REVENUES during the six months ended June 30, 1995
compared to the same period in 1994 was primarily due to decreased sales
during the first quarter of 1995 and a $0.8 million pipeline rate refund in
the second quarter of 1995, as discussed above.
Although kilowatt-hours generated by the company increased 4.8%, FUEL FOR
ELECTRIC GENERATION decreased $0.4 million, or 2.7%, during the second
quarter of 1995 compared to the same period in 1994. Fuel costs for the
second quarter of 1994 were unusually high due to the 10-week unavailability
of one of the company's more efficient units (M.L. Kapp) during a shutdown to
inspect the turbine and install low nox burners.
PURCHASED POWER EXPENSE decreased $1.1 million, or 7.0%, during the second
quarter of 1995 compared to 1994. This decrease was primarily a result of
the 5.1% decrease in Kwh's purchased. Capacity charges included in purchased
power expense were $7.0 million for both the second quarter of 1995 and the
second quarter of 1994.
The reduction in other operating expense and the increase in miscellaneous
other deductions was primarily attributable to accounting entries made upon
receipt of an order issued by the Minnesota Public Utilities Commission
(MPUC). The MPUC order granted the company permission to accumulate post-
July 11, 1994 environmental clean-up expenditures related to the Albert Lea
and Rochester coal tar sites in a deferred debit account. The order granted
the company permission to seek recovery from gas customers in a rate
proceeding. A rate order addressing this issue is expected in 1996.
MAINTENANCE EXPENSE decreased $1.3 million during the second quarter of 1995
compared to the same period in 1994. This is primarily attributable to a
reduction in contract maintenance and an increased emphasis on controlling
costs of operating and maintenance projects. In addition maintenance expense
for the second quarter of 1994 included $0.4 million for the cost of a five-
year period turbine inspection at the M.L. Kapp plant and $0.2 million for
repairs to a large substation transformer.
DEPRECIATION EXPENSE increased by $0.5 million or 6.7% for the second quarter
of 1995 compared to the second quarter of 1994. This is primarily due to
increased investment in utility plant and increased depreciation rates
approved by the Minnesota Commission in the fourth quarter of 1994.
Total INCOME TAX EXPENSE increased approximately $2.4 million during the
second quarter of 1995 compared to the second quarter of 1994. The increase
is mainly due to higher income before taxes.
OTHER INCOME for the second quarter of 1995 included $287,000 of energy
efficiency carrying costs and air conditioner curtailment credits compared to
$212,000 for the same period in 1994. The increase is primarily due to an
increase in the total amount of deferred energy efficiency costs ($15.7
million at June 30, 1995 compared to $12.4 million at June 30, 1994). In
addition the second quarter of 1995 included a recording of $252,000 of
Minnesota electric lost margins.
OTHER INTEREST EXPENSE increased $84,000 for the second quarter of 1995
compared to the same period of 1994 primarily due to interest on short-term
borrowings. The average outstanding balance of short-term borrowings during
the second quarter of 1995 was $35.3 million compared to $5.7 million during
the second quarter of 1994. Interest rates for the second quarter of 1995
averaged 6.07% compared to 4.17% in 1994.
AVERAGE TEMPORARY INVESTMENTS during the second quarter of 1995 were $1.4
million compared to $3.4 million in 1994. The average interest
rate was 5.85% in the second quarter of 1995 compared to 3.68% in 1994.
CONSTRUCTION EXPENDITURES during the second quarter of 1995 totaled $7.8
million compared to $12.2 million in 1994. Approximately $2.3 million of the
1995 construction expenditures was attributable to waste water treatment
facilities and a flue gas conditioning system at the company's M. L. Kapp
generating station, two transmission line rebuild projects, and replacement
of the SCADA system in the Energy Management Center. Construction work in
progress as of June 30, 1995 totaled $5.9 million compared to $8.9 million at
June 30, 1994. The 1995 construction program is estimated to be $30 million.
In 1993 the company adopted Statement of Financial Accounting Standards
(SFAS) 106, "EMPLOYER'S ACCOUNTING FOR POSTRETIREMENT BENEFITS OTHER THAN
PENSIONS". Under the provisions of SFAS 106, the estimated future cost of
providing postretirement benefits will be accrued during the employees'
service periods. The Iowa Utilities Board has allowed the company to recover
SFAS 106 costs in its Iowa gas rates effective May 1993 and Iowa electric
rates effective October 1993. As of June 30, 1995, the company has deferred
approximately $1.8 million of SFAS 106 costs applicable to its Minnesota
jurisdictions pending the filing of rate cases to recover the costs.
In March 1995 the company filed an application with the Iowa Utilities Board
for an increase in electric rates in an annual amount of approximately $13.1
million. Increased interim rates in an annual amount of $7.1 million were
placed in effect in June 1995, subject to refund. The interim rate increase
is being collected subject to refund upon final determination by the Board.
A decision on the final rate increase is anticipated by February 1996.
In May 1995 the company filed an application with the Minnesota Public
Utilities Commission for an increase in gas rates in an annual amount of $2.4
million. Increased interim rates in an annual amount $1.5 million were
placed in effect in June 1995, subject to refund. The interim rate increase
is being collected subject to refund upon final determination by the
Commission. A decision on the final rate increase is expected by March 1996.
In June 1995 the company filed an application with the Minnesota Public
Utilities Commission for an increase in electric rates in an annual amount of
$4.6 million. A decision on the final rate increase is anticipated by the
second quarter of 1996.
On August 1, 1995 the company filed an application with the Iowa Utilities
Board for an increase in gas rates in an annual amount of $2.2 million. The
application includes a request for increased interim rates in an annual
amount of $2.1 million to be effective August 31, 1995. The Board has until
October 29, 1995 to rule on the level and effective date of the requested
interim rate increase. Any interim rate increase will be collected subject
to refund upon final determination by the Board. A decision on the final
rate increase is expected by June 1996.
The company's potential liability for coal tar waste at former manufactured
gas plant sites was discussed in the 1994 Annual Report to Stockholders. The
status of the former manufactured gas plant sites remains substantially
unchanged, except that:
1. In April 1995 the company received a deferral accounting order from
the Minnesota Public Utilities Commission. The accounting order
allows the company to seek recovery of certain previously expensed
investigation and remediation costs in the state of Minnesota.
2. In 1994, the company filed a lawsuit in Cook County, Illinois,
Circuit Court-Chancery Division against certain of its insurers to
recover the costs of investigating and remediating, as necessary,
the sites of former manufactured gas plants. Subsequently, in an
April 1995 ruling, the Chancery Division dismissed the action on
grounds of forum non conveniens. The company has refiled the case
in the State of Iowa.
INTERSTATE POWER COMPANY
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to the 1994 Form 10-K Item 3 for certain pending
legal proceedings. Reference is also made to the Management
Discussion and Analysis included herein. Other than these items,
there are no material pending legal proceedings, or proceedings
known to be contemplated by governmental authorities, other than
ordinary routine litigation incidental to the business, to which
the company is a party or of which any of the company's property is
the subject.
ITEM 2. CHANGES IN SECURITIES
The rights of holders of registered securities have not been
materially modified, limited or qualified.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No defaults upon senior securities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) THE DATE OF THE MEETING AND WHETHER IT WAS AN ANNUAL OR SPECIAL
MEETING.
(b) IF THE MEETING INVOLVED THE ELECTION OF DIRECTORS, THE NAME OF EACH
DIRECTOR ELECTED AT THE MEETING AND THE NAME OF EACH OTHER DIRECTOR
WHOSE TERM OF OFFICE AS A DIRECTOR CONTINUED AFTER THE MEETING.
(c) A BRIEF DESCRIPTION OF EACH OTHER MATTER VOTED UPON AT THE MEETING
AND STATE THE NUMBER OF VOTES CAST FOR, AGAINST OR WITHHELD, AS
WELL AS THE NUMBER OF ABSTENTIONS AND BROKER NON-VOTES, AS TO EACH
SUCH MATTER, INCLUDING A SEPARATE TABULATION WITH RESPECT TO EACH
NOMINEE FOR OFFICE.
No submission of matters to a vote of security holders.
ITEM 5. OTHER INFORMATION
No other materially important information or events other than the
election of directors as reported in the first quarter Form 10-Q
filed on May 10, 1995.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits filed as a part of this report:
EX-27 Financial Data Schedule (required for electronic
filing only in accordance with Item 601 (c) (1) of
Regulation S-K).
(b) No reports were filed on Form 8-K.
SIGNATURES
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.
Interstate Power Company
(Registrant)
Date August 11, 1995 /s/ W. C. Troy
W. C. Troy, Controller
(Duly Authorized Officer and
Principal Accounting Officer)
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<TOTAL-OPERATING-EXPENSES> 132,124
<OPERATING-INCOME-LOSS> 22,695
<OTHER-INCOME-NET> (2,677)
<INCOME-BEFORE-INTEREST-EXPEN> 20,018
<TOTAL-INTEREST-EXPENSE> 8,396
<NET-INCOME> 11,622
1,228
<EARNINGS-AVAILABLE-FOR-COMM> 10,394
<COMMON-STOCK-DIVIDENDS> 9,947
<TOTAL-INTEREST-ON-BONDS> 14,949
<CASH-FLOW-OPERATIONS> (236)
<EPS-PRIMARY> $1.08
<EPS-DILUTED> $1.08
</TABLE>
