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 of earliest event reported): July 29, 1997
IES UTILITIES INC.
(Exact name of registrant as specified in its charter)
Iowa 0-4117-1 42-0331370
(State or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification No.)
incorporation)
IES Tower, Cedar Rapids, Iowa 52401
(Address of principal executive offices, including zip code)
(319) 398-4411
(Registrant's telephone number)
Item 5. Other Events.
The following are selected summaries of the consolidated results of
operations for IES Utilities Inc. for the periods ended June 30, 1997
and 1996:
Quarter Ended Six Months Ended Twelve Months Ended
June 30 June 30 June 30
1997 1996 1997 1996 1997 1996
(in thousands)
Operating revenues $ 169,623 $ 164,240 $ 396,021 $ 363,008 $ 787,993 $ 742,323
Operating income $ 26,437 $ 23,009 $ 59,026 $ 57,212 $ 155,539 $ 149,138
Net income available
for common stock $ 6,662 $ 7,001 $ 18,285 $ 20,900 $ 60,199 $ 62,494
Operating income for the quarter was up versus the prior period
primarily due to increased electric and steam sales. The recording of a
reserve for non-utility investments and higher interest expense
resulting from increased borrowings to fund the growth of the company's
utility business partially offset the sales increases.
Earnings for the six-month period ended June 30, 1997, were down
versus the same period last year due to higher interest and depreciation
expenses and the investment reserve, partially offset by increased
electric and steam sales.
IES Utilities continued to realize sales growth in its service
territory, reporting increased electric kilowatt-hour sales, excluding
off-system sales, of 4 percent for the quarter and six month periods, as
compared to a year ago. In addition, sales to IES Utilities' electric
industrial customers increased 6 percent and 8 percent during the three
and six month periods, respectively. Natural gas volumes sold and
transported were up 2.6 percent for the quarter.
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.
IES UTILITIES INC.
(Registrant)
By /s/ John E. Ebright
(Signature)
John E. Ebright
Controller & Chief Accounting Officer
Date: July 29, 1997
