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<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q/A
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended June 30, 1999
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 0-10007
COLONIAL GAS COMPANY
--------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-1558100
------------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
40 Market Street, Lowell, Massachusetts 01852
--------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 322-3000
Former name, former address and former fiscal year, if changed since last
report: Not applicable
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 [_]
The number of shares of the registrant's common stock, $3.33 par value,
outstanding as of July 1, 1999 was 8,950,717
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Quarterly Report for the six
months ended June 30, 1999, on Form 10-Q as set forth in the pages attached
hereto to reflect a revision in the cost of gas sold and other items affected
thereby in the financial statements for the first quarter of 1999 which is
reflected in the six months ended June 30, 1999.
Part 1
Item 1 - Financial Statements
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
COLONIAL GAS COMPANY AND SUBSIDIARIES
-------------------------------------
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
-----------------------------------------------
(UNAUDITED)
-----------
<TABLE>
<CAPTION>
AMENDED
Three Months Ended
June 30,
-------
1999 1998
---- ----
(In Thousands Except
Per Share Amounts)
<S> <C> <C>
Operating Revenues $25,579 $25,684
Cost of gas sold 12,118 13,662
------- -------
Operating Margin 13,461 12,022
------- -------
Operating Expenses:
Operations 7,912 6,958
Maintenance 1,538 1,136
Depreciation and Amortization 3,783 3,229
Taxes, other than income 1,554 1,494
------- -------
Total Operating Expenses 14,787 12,817
------- -------
Income Taxes (Credit) (1,007) (1,051)
------- -------
Utility Operating Loss (319) 256
Other Operating Income (Loss):
Energy Trucking revenues 803 617
Energy Trucking expenses, including income
taxes and interest 880 825
------- -------
Energy Trucking loss (77) (208)
Other, net of income taxes (11) 107
------- -------
Total Other Operating Loss (88) (101)
Non-Operating Income, Net 138 260
Merger Related Expenses, Net of Income Tax (253) --
------- -------
Income (Loss) Before Interest and Debt Expense (522) 415
Interest and Debt Expense 2,275 2,186
------- -------
Net Loss $(2,797) $(1,771)
======= =======
Average Common Shares Outstanding 8,950 8,740
======= =======
Loss per Average Common Share $ (0.31) $ (0.20)
======= =======
Dividends Paid per Common Share $ .355 $ .345
======= =======
</TABLE>
(See accompanying notes to consolidated condensed financial statements)
2
<PAGE>
COLONIAL GAS COMPANY AND SUBSIDIARIES
-------------------------------------
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
-----------------------------------------------
(UNAUDITED)
-----------
<TABLE>
<CAPTION>
AMENDED
Six Months Ended
June 30,
--------
1999 1998
---- ----
(In Thousands Except
Per Share Amounts)
<S> <C> <C>
Operating Revenues $113,573 $103,507
Cost of gas sold 61,231 54,579
-------- --------
Operating Margin 52,342 48,928
-------- --------
Operating Expenses:
Operations 15,339 13,608
Maintenance 2,851 2,204
Depreciation and Amortization 7,565 6,413
Taxes, other than income 2,918 2,748
-------- --------
Total Operating Expenses 28,673 24,973
-------- --------
Income Taxes 7,782 7,624
-------- --------
Utility Operating Income 15,887 16,331
Other Operating Income (Loss):
Energy Trucking revenues 1,864 1,023
Energy Trucking expenses, including income
taxes and interest 2,017 1,186
-------- --------
Energy Trucking net loss (153) (163)
Other, net of income taxes (55) 158
-------- --------
Total Other Operating Income (Loss) (208) (5)
Non-Operating Income, Net 236 436
Merger Related Expenses, Net of Income Taxes (491) --
-------- --------
Income Before Interest and Debt Expense 15,424 16,762
Interest and Debt Expense 4,505 4,321
-------- --------
Net Income $ 10,919 $ 12,441
======== ========
Average Common Shares Outstanding 8,936 8,722
======== ========
Income per Average Common Share $ 1.22 $ 1.43
======== ========
Dividends Paid per Common Share $ 0.70 $ 0.68
======== ========
</TABLE>
(See accompanying notes to consolidated condensed financial statements)
3
<PAGE>
COLONIAL GAS COMPANY AND SUBSIDIARIES
-------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEETS
-------------------------------------
ASSETS
------
<TABLE>
<CAPTION>
AMENDED
June 30, December 31, June 30,
1999 1998 1998
-------------- --------------- --------------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C> <C>
Utility Property:
At original cost $ 403,274 $ 394,222 $379,866
Accumulated depreciation (109,383) (102,009) (94,832)
--------- --------- --------
Net utility property 293,891 292,213 285,034
Non-Utility Property - Net 6,829 7,129 7,423
--------- --------- --------
Net property 300,720 299,342 292,458
--------- --------- --------
Capital Leases - Net 1,667 1,583 1,740
--------- --------- --------
Current Assets:
Cash and cash equivalents 2,491 3,125 1,218
Accounts receivable 13,984 14,591 15,940
Allowance for doubtful accounts (1,657) (1,350) (3,420)
Accrued utility revenues 560 7,876 821
Unbilled gas costs (4,484) 18,195 8,125
Fuel and other inventories 12,359 15,618 12,144
Prepayments and other current assets 6,207 9,513 6,994
--------- --------- --------
Total current assets 29,460 67,568 41,822
--------- --------- --------
Deferred Charges and Other Assets:
Unrecovered deferred income taxes 7,961 8,349 8,626
Unrecovered Demand Side Management -
costs 6,431 6,661 8,058
Unrecovered environmental expenses -
incurred 2,774 3,633 3,349
Unrecovered environmental expenses -
accrued 200 200 607
Unrecovered transition costs - accrued 700 700 2,800
Other 13,146 12,968 12,898
--------- --------- --------
Total deferred charges
and other assets 31,212 32,511 36,338
--------- --------- --------
Total Assets $ 363,059 $ 401,004 $372,358
========= ========= ========
</TABLE>
(See accompanying notes to consolidated condensed financial statements)
4
<PAGE>
COLONIAL GAS COMPANY AND SUBSIDIARIES
-------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEETS
-------------------------------------
LIABILITIES AND CAPITALIZATION
------------------------------
<TABLE>
<CAPTION>
AMENDED
June 30, December 31, June 30,
1999 1998 1998
-------------- --------------- --------------
(Unaudited) (Unaudited)
(In Thousands)
<S> <C> <C> <C>
Capitalization:
Common equity:
Common Stock - part value $ 3.33 per share
Authorized - 15,000 shares
Issued and outstanding - 8,951
8,910 and 8,766 $ 29,806 $ 29,669 $ 29,191
Premium on common stock 64,341 63,080 59,177
Retained earnings 40,838 36,173 42,433
-------- -------- --------
Total Common equity 134,985 128,922 130,801
Long-term debt 120,000 120,000 110,015
-------- -------- --------
Total capitalization 254,985 248,922 240,816
-------- -------- --------
Capital Lease Obligations 1,021 963 276
-------- -------- --------
Current Liabilities:
Current maturities of long-term debt 15 102 171
Current capital lease obligations 646 620 1,464
Notes payable 8,500 52,000 37,000
Gas inventory purchase obligations 8,269 14,125 8,084
Accounts payable 11,370 12,186 8,997
Other 16,604 10,550 12,070
-------- -------- --------
Total current liabilities 45,404 89,583 67,786
-------- -------- --------
Deferred Credits and Reserves:
Deferred income taxes-funded 45,445 44,555 43,364
Deferred income taxes-unfunded 7,961 8,349 8,626
Accrued environmental expenses 200 200 607
Accrued transition costs 700 700 2,800
Other 7,343 7,732 8,083
-------- -------- --------
Total deferred credits and reserves 61,649 61,536 63,480
-------- -------- --------
Total Capitalization and Liabilities $363,059 $401,004 $372,358
======== ======== ========
</TABLE>
(See accompanying notes to consolidated condensed financial statements)
5
<PAGE>
COLONIAL GAS COMPANY AND SUBSIDIARIES
-------------------------------------
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
-----------------------------------------------
(UNAUDITED)
-----------
<TABLE>
<CAPTION>
AMENDED
Six Months Ended
June 30,
--------
1999 1998
---- ----
(In Thousands)
<S> <C> <C>
Cash Flows From Operating Activities:
Net income $ 10,919 $ 12,441
Adjustments to reconcile net income to net cash 4,852 8,166
Changes in current assets and liabilities 47,134 21,703
-------- --------
Net cash provided by operating activities 62,905 42,310
-------- --------
Cash Flows From Investing Activities:
Capital expenditures (9,559) (16,962)
Non-utility capital expenditures 19 (369)
Change in deferred accounts 305 209
-------- --------
Net cash used in investing activities (9,235) (17,122)
-------- --------
Cash Flows From Financing Activities:
Dividends paid on Common Stock (6,255) (5,932)
Issuance of Common Stock 1,398 2,160
Issuance of long-term debt, net of issuance costs (4) 9,238
Retirement of long-term debt (87) (10,484)
Change in notes payable (43,500) (12,400)
Change in gas inventory purchase obligations (5,856) (6,811)
-------- --------
Net cash used in financing activities (54,304) (24,229)
-------- --------
Net (decrease) increase in cash and cash equivalents (634) 959
Cash and cash equivalents at beginning of period 3,125 259
-------- --------
Cash and cash equivalents at end of period $ 2,491 $ 1,218
======== ========
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest - net of amount capitalized $ 5,621 $ 5,358
======== ========
Income and franchise taxes $ 3,595 $ 3,608
======== ========
</TABLE>
(See accompanying notes to consolidated condensed financial statements)
6
<PAGE>
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.
COLONIAL GAS COMPANY
--------------------
(Registrant)
Date: August 24, 1999 /s/ F. L. Putnam, III
--------------- -------------------------------------
F. L. Putnam, III
President and Chief Executive Officer
Date: August 24, 1999 /s/ Nickolas Stavropoulos
--------------- -------------------------------------
Nickolas Stavropoulos
Executive Vice President - Finance,
Marketing and Chief Financial Officer
7
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 293,891
<OTHER-PROPERTY-AND-INVEST> 8,496
<TOTAL-CURRENT-ASSETS> 29,460
<TOTAL-DEFERRED-CHARGES> 18,066
<OTHER-ASSETS> 13,146
<TOTAL-ASSETS> 363,059
<COMMON> 29,806
<CAPITAL-SURPLUS-PAID-IN> 64,341
<RETAINED-EARNINGS> 40,838
<TOTAL-COMMON-STOCKHOLDERS-EQ> 134,985
0
0
<LONG-TERM-DEBT-NET> 120,000
<SHORT-TERM-NOTES> 16,769
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 15
0
<CAPITAL-LEASE-OBLIGATIONS> 1,021
<LEASES-CURRENT> 646
<OTHER-ITEMS-CAPITAL-AND-LIAB> 89,623
<TOT-CAPITALIZATION-AND-LIAB> 363,059
<GROSS-OPERATING-REVENUE> 113,573
<INCOME-TAX-EXPENSE> 7,782
<OTHER-OPERATING-EXPENSES> 89,904
<TOTAL-OPERATING-EXPENSES> 97,686
<OPERATING-INCOME-LOSS> 15,887
<OTHER-INCOME-NET> (463)
<INCOME-BEFORE-INTEREST-EXPEN> 15,424
<TOTAL-INTEREST-EXPENSE> 4,505
<NET-INCOME> 10,919
0
<EARNINGS-AVAILABLE-FOR-COMM> 10,919
<COMMON-STOCK-DIVIDENDS> 6,255
<TOTAL-INTEREST-ON-BONDS> 4,266
<CASH-FLOW-OPERATIONS> 62,905
<EPS-BASIC> 1.22
<EPS-DILUTED> 1.22
</TABLE>
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