_________________________________________________________________
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 September 30, 1994
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 0-1125
MADISON GAS AND ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
WISCONSIN 39-0444025
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
133 South Blair Street
Post Office Box 1231
Madison, Wisconsin 53701-1231
(Address of principal executive offices)
(ZIP Code)
(608) 252-7923
(Registrant's telephone number, including area code)
Common Stock outstanding at November 14, 1994: 10,719,812 shares
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,
and (2) has been subject to such filing requirements for the past
90 days. Yes [X] No [ ]
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<TABLE>
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
Consolidated Statements of Income and Retained Income
(Thousands of Dollars, Except Per-Share Amounts)
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
STATEMENTS OF INCOME
Operating Revenues (Note 4):
Electric . . . . . . . . . . . . . . $43,577 $43,066 $115,273 $112,943
Gas . . . . . . . . . . . . . . . . 8,615 10,446 69,424 63,825
Total Operating Revenues . . . . . 52,192 53,512 184,697 176,768
Operating Expenses:
Fuel for electric generation . . . . 6,770 6,175 21,009 17,925
Purchased power . . . . . . . . . . 4,126 3,718 7,922 8,611
Natural gas purchased . . . . . . . 4,669 6,895 44,219 40,873
Other operations . . . . . . . . . . 13,702 13,606 42,842 41,275
Maintenance . . . . . . . . . . . . 2,419 2,695 8,881 9,496
Depreciation and amortization . . . 5,610 5,522 16,818 16,275
Other general taxes . . . . . . . . 2,114 2,088 6,533 6,216
Income tax items . . . . . . . . . . 3,995 4,167 11,164 10,392
Total Operating Expenses . . . . . 43,405 44,866 159,388 151,063
Net Operating Income . . . . . . . . 8,787 8,646 25,309 25,705
AFUDC - equity funds . . . . . . . . 36 18 91 45
Other income, net . . . . . . . . . . 423 471 1,519 1,491
Income before interest expense . . . 9,246 9,135 26,919 27,241
Interest Expense:
Interest on long-term debt . . . . . 2,645 2,754 7,897 8,586
Other interest . . . . . . . . . . . 157 75 302 216
AFUDC - borrowed funds . . . . . . . (21) (10) (51) (28)
Net Interest Expense . . . . . . . 2,781 2,819 8,148 8,774
Net Income . . . . . . . . . . . . . 6,465 6,316 18,771 18,467
Preferred stock dividends . . . . . . 117 121 356 369
Earnings on common stock . . . . . . $ 6,348 $ 6,195 $ 18,415 $ 18,098
Earnings per share of common
stock (Note 3) . . . . . . . . . . . $0.59 $0.58 $1.72 $1.69
STATEMENTS OF RETAINED INCOME
Balance at beginning of period . . . $74,964 $70,548 $ 72,865 $ 68,380
Earnings on common stock . . . . . . 6,348 6,195 18,415 18,098
Cash dividends on common stock
(Note 3) . . . . . . . . . . . . . . (5,039) (4,981) (15,007) (14,716)
Balance at end of period . . . . . . $76,273 $71,762 $ 76,273 $ 71,762
<FN>
The accompanying notes are an integral part of the above statements.
/TABLE
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<TABLE>
MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(Thousands of Dollars)
(Unaudited)
<CAPTION>
Sept. 30, Dec. 31,
1994 1993
<S> <C> <C>
ASSETS
Utility plant, at original cost:
In service - Electric . . . . . . . . . . . . . . $476,318 $466,984
- Gas . . . . . . . . . . . . . . . . . 162,944 158,458
Gross plant in service . . . . . . . . . . . . . . 639,262 625,442
Less accumulated provision for depreciation . . . (318,785) (302,904)
Net plant in service . . . . . . . . . . . . . . 320,477 322,538
Construction work in progress . . . . . . . . . . 14,016 12,251
Nuclear decommissioning fund (Note 2) . . . . . . 27,424 25,499
Nuclear fuel, net . . . . . . . . . . . . . . . . 6,006 8,305
Total Utility Plant . . . . . . . . . . . . . . 367,923 368,593
Other property and investments . . . . . . . . . . 9,501 9,822
Current Assets
Cash and cash equivalents . . . . . . . . . . . . . 881 1,391
Deposits for jointly owned electric power
production facilities . . . . . . . . . . . . . . 1,983 2,787
Accounts receivable, less reserves of $1,240
and $973, respectively (Note 9) . . . . . . . . . 21,783 10,593
Unbilled revenue . . . . . . . . . . . . . . . . . 5,430 11,458
Materials and supplies, at average cost . . . . . . 6,685 7,254
Fossil fuel, at average cost . . . . . . . . . . . 1,848 3,333
Stored natural gas, at average cost . . . . . . . . 9,118 10,562
Prepaid taxes . . . . . . . . . . . . . . . . . . . 4,246 5,693
Other prepayments . . . . . . . . . . . . . . . . . 1,423 1,126
Total Current Assets . . . . . . . . . . . . . . 53,397 54,197
Deferred charges . . . . . . . . . . . . . . . . . 35,828 32,752
Total Assets . . . . . . . . . . . . . . . . . . $466,649 $465,364
CAPITALIZATION AND LIABILITIES
Capitalization (see statement) . . . . . . . . . . $321,775 $310,791
Current Liabilities
Preferred stock sinking fund requirements . . . . . 200 100
Interim loans - commercial paper outstanding . . . 13,500 23,500
Accounts payable . . . . . . . . . . . . . . . . . 13,750 17,890
Accrued taxes . . . . . . . . . . . . . . . . . . . 3,320 2,056
Accrued interest . . . . . . . . . . . . . . . . . 3,999 2,810
Other . . . . . . . . . . . . . . . . . . . . . . . 5,211 5,998
Total Current Liabilities . . . . . . . . . . . 39,980 52,354
Other Credits
Accumulated deferred income taxes . . . . . . . . . 54,791 54,167
Regulatory liability (Note 7) . . . . . . . . . . . 25,467 25,264
Investment tax credit - deferred . . . . . . . . . 13,200 13,781
Other . . . . . . . . . . . . . . . . . . . . . . . 11,436 9,007
Total Other Credits . . . . . . . . . . . . . . 104,894 102,219
Commitments and Contingencies (Note 5) . . . . . . - -
Total Capitalization and Liabilities . . . . . . $466,649 $465,364
<FN>
The accompanying notes are an integral part of the above balance sheets.
</TABLE>
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<TABLE>
MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
Consolidated Statements of Capitalization
(Thousands of Dollars)
(Unaudited)
<CAPTION>
Sept. 30, Dec. 31,
1994 1993
<S> <C> <C>
Common Shareholders' Equity
Common stock - par value $8 per share:
Authorized 28,000,000 shares
Outstanding 10,719,812 shares . . . . . . . . . . $ 85,758 $ 85,758
Amount received in excess of par value . . . . . . 26,372 26,372
Retained income . . . . . . . . . . . . . . . . . . 76,273 72,865
Total Common Shareholders' Equity . . . . . . . 188,403 184,995
Redeemable Preferred Stock, cumulative, $25 par
value, authorized 1,191,000 and 1,199,000 shares,
respectively. Series E, 8.70%, 212,000 and 220,000
shares outstanding, respectively, less current
sinking fund requirements of $200 and $100,
respectively . . . . . . . . . . . . . . . . . . . 5,100 5,400
First Mortgage Bonds
5.45% - 1996 series . . . . . . . . . . . . . . . 7,920 8,000
7 3/4% - 2001 series . . . . . . . . . . . . . . . 11,478 11,482
6 1/2% - 2006 series (Pollution Control Revenue
Bonds, principal amount $8,780, less construction
fund of $1,599 and $1,556, respectively) . . . . 7,181 7,224
8.50% - 2022 series . . . . . . . . . . . . . . . 40,000 40,000
6.75% - 2027A series (Industrial Development
Revenue Bonds, principal amount $28,000, less
construction fund of $9,443 and $17,426,
respectively) . . . . . . . . . . . . . . . . . . 18,557 10,574
6.70% - 2027B series (Industrial Development
Revenue Bonds) . . . . . . . . . . . . . . . . . 19,300 19,300
7.70% - 2028 series . . . . . . . . . . . . . . . 25,000 25,000
First Mortgage Bonds Outstanding . . . . . . . . 129,436 121,580
Unamortized discount and premium on bonds, net . . (1,164) (1,184)
Total First Mortgage Bonds . . . . . . . . . . . 128,272 120,396
Total Capitalization . . . . . . . . . . . . . . $321,775 $310,791
<FN>
The accompanying notes are an integral part of the above statements.
</TABLE>
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<TABLE>
MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Thousands of Dollars)
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Operating Activities
Net income . . . . . . . . . . . . . . $ 6,465 $ 6,316 $18,771 $18,467
Items not affecting working capital:
Depreciation and amortization . . . . 5,610 5,522 16,818 16,275
Deferred income taxes . . . . . . . . (86) 521 825 2,262
Amortization of nuclear fuel . . . . . 858 697 1,953 1,777
Amortization of investment tax
credits . . . . . . . . . . . . . . . (194) (200) (581) (600)
AFUDC - equity funds . . . . . . . . . (36) (18) (91) (45)
Other . . . . . . . . . . . . . . . . (82) (157) 155 (384)
Net Funds Provided from Operations . . 12,535 12,681 37,850 37,752
Changes in working capital, excluding
cash, sinking funds, maturities, and
interim loans:
(Increase)/decrease in current
assets . . . . . . . . . . . . . . . (724) (5,237) 290 4,799
Increase/(decrease) in current
liabilities . . . . . . . . . . . . . 476 3,980 (2,474) (1,216)
Other noncurrent items, net . . . . . . (2,571) (4,787) 244 (8,542)
Cash Provided by Operating Activities . 9,716 6,637 35,910 32,793
Financing Activities
Common stock issued . . . . . . . . . . - 142 - 142
Cash dividends on common and
preferred stock . . . . . . . . . . . (5,156) (5,102) (15,363) (15,085)
Sale of First Mortgage Bonds . . . . . - - - 25,000
Maturities/redemptions of
First Mortgage Bonds . . . . . . . . . - (8,788) - (33,788)
Other increases/(decreases) in
First Mortgage Bonds . . . . . . . . . 7 18 (64) (128)
Decrease in preferred stock . . . . . . (200) (200) (200) (200)
Decrease in bond - construction funds . 3,141 1,159 7,940 4,007
(Decrease)/increase in interim loans . (500) 11,500 (10,000) 2,000
Cash Used for Financing Activities . . (2,708) (1,271) (17,687) (18,052)
Investing Activities
Additions to utility plant and
nuclear fuel . . . . . . . . . . . . . (8,261) (4,416) (16,757) (12,970)
AFUDC - borrowed funds . . . . . . . . (21) (10) (51) (28)
Increase in decommissioning fund . . . (668) (764) (1,925) (2,195)
Cash Used for Investing Activities . . (8,950) (5,190) (18,733) (15,193)
Changes in Cash (Note 6) . . . . . . . (1,942) 176 (510) (452)
Cash at beginning of period . . . . . . 2,823 1,402 1,391 2,030
Cash at end of period . . . . . . . . . $ 881 $ 1,578 $ 881 $ 1,578
<FN>
The accompanying notes are an integral part of the above statements.
</TABLE>
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<PAGE>
MADISON GAS AND ELECTRIC COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
September 30, 1994
The consolidated financial statements included herein have been prepared by
the Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company believes that the
disclosures made are adequate to make the information presented not
misleading. In the opinion of Company management, all adjustments (consisting
of only normal recurring adjustments) necessary to fairly present results have
been made. It is suggested that these consolidated financial statements be
read in conjunction with the financial statements and the notes thereto set
forth on pages 17 through 26 of the Company's 1993 Annual Report to
Shareholders as incorporated in the Company's 1993 Annual Report on Form 10-K.
1. Summary of Significant Accounting Policies
The accounting and financial policies relative to the following items
have been described in the "Notes to Consolidated Financial Statements"
in the Company's 1993 Annual Report to Shareholders and have been omitted
herein because they have not changed materially through the date of this
report.
a. Basis of consolidation
b. Revenue recognition
c. Utility plant
d. Nuclear fuel
e. Joint plant ownership
f. Depreciation
g. Income taxes
h. Pension plans
i. Postretirement benefits other than pensions
j. Postemployment benefits other than pensions and health care
k. Fair value of financial investments
l. Capitalization matters: common stock; redeemable preferred stock;
First Mortgage Bonds, notes payable to banks, commercial paper, and
lines of credit
m. Segments of business
2. Nuclear Decommissioning
The Company's share of decommissioning costs for Kewaunee are estimated
to be $61 million in current dollars based upon a site-specific study
performed in 1992 using immediate dismantlement as the method of
decommissioning. As of September 30, 1994, the accumulated provision for
depreciation included accumulated provisions for decommissioning
totalling $27 million. Physical decommissioning is expected to occur
during the period 2014 to 2021, with additional expenditures being
incurred during the period 2022 to 2050 related to the storage of spent
nuclear fuel at the site. The Company's share of future year costs of
decommissioning are estimated to be expended between the years 2014 to
2050 is $339.2 million.
<PAGE>
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
The Company is currently addressing the changes in future decommissioning
costs as a part of its current rate filing.
3. Per-Share Amounts
Earnings per share of common stock computed on the basis of the weighted
average of the daily number of shares outstanding for the three months
and for the nine months ended September 30, 1994, were 10,719,812; and
for the three months and nine months ended September 30, 1993, were
10,702,957 and 10,699,152 shares, respectively.
Dividends declared and paid per share of common stock for the periods
ended September 30, 1994 and 1993, were, respectively: for the three
months, $0.47 and $0.465; for the nine months, $1.40 and $1.375.
4. Rate Matters
In April 1994, the Company announced its intention to reduce electric
rates by approximately $5.8 million and freeze natural gas rates.
At its open meeting on November 3, 1994, the Public Service Commission of
Wisconsin (PSCW) reached a tentative decision on the Company-pending rate
case. The PSCW decided to effectively reduce electric rates by
$5.1 million and freeze natural gas rates for the test period beginning
January 1, 1995. The proposed changes would remain in effect through
December 31, 1996. This decision was based on a return on common equity
of 11.7 percent.
5. Commitments and Contingencies
ANR Pipeline Company (ANR) and Northern Natural Gas Company (NNG) have
both entered into settlements with their gas suppliers concerning take-
or-pay provisions of gas supply contracts that are being canceled.
Remaining charges applicable to the Company for take-or-pay to ANR are
$28,000 including interest. This is being paid to ANR as a fixed charge
through July 1, 1995. Also, a volumetric surcharge is being paid to both
ANR and NNG. ANR's surcharge is applied through April 1998; NNG's is
effective through May 1996. The PSCW has approved procedures whereby the
Company is allowed to recover both fixed and volumetric take-or-pay
charges in rates.
6. Supplemental Cash Flow Information
Cash payments for interest (net of amounts capitalized) and income taxes
for the periods ended September 30 were as follows (in thousands of
dollars):
Three Nine
Months Ended Months Ended
1994 1993 1994 1993
Interest, net of
amounts capitalized $1,589 $1,954 $6,920 $7,633
Income taxes paid $3,301 $1,501 $9,302 $7,754
<PAGE>
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
7. Regulatory Liability
The regulatory liability of $25,467,000, which represents the probable
future cash flow associated with deferred taxes previously collected
from ratepayers.
8. Accounting Policies
Effective January 1, 1994, the Company adopted SFAS No. 115, "Accounting
for Certain Investments in Debt and Equity Securities," which addresses
the accounting and reporting for investments in equity securities that
have readily determinable fair values and for all investments in debt
securities. The adoption of SFAS No. 115 did not have a material effect
on the financial position or results of operations of the Company.
9. Accounts Receivable
On June 30, 1994, the Company bought back $15 million of its accounts
receivable from a wholly owned subsidiary of The First National Bank of
Chicago. The Company sold $15 million of its accounts receivable in
December 1990. The Company issued short-term debt for the buy-back of
its receivables.
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
LIQUIDITY AND CAPITAL RESOURCES
The Company's internally generated funds were greater than the funds used for
construction and nuclear fuel expenditures during all of the periods ended
September 30, 1994. It is anticipated that 1994 construction and nuclear fuel
expenditures will be $24.5 million. The Company also expects to expend and
capitalize about $3 million on conservation programs. The Company expects to
meet these requirements with internally generated funds. A portion of the
Company's electric construction program during this period will be met with
construction fund draw-downs.
Bank lines of credit available to the Company are currently $22 million.
The Company's capitalization ratios were as follows:
Sept. 30, 1994 Dec. 31, 1993
Common Shareholders' Equity 56.2% 55.3%
Redeemable Preferred Stock* 1.6 1.7
Long-term Debt 38.2 36.0
Short-term Debt 4.0 7.0
*Includes current maturities and current sinking fund requirements.
The Company's bonds are currently rated Aa2 by Moody's Investors Service,
Inc., and AA by Standard & Poor's Corporation. The Company's dealer-issued
commercial paper carries the highest ratings assigned by Moody's and
Standard & Poor's.
RESULTS OF OPERATIONS
Electric Revenues
Continued customer growth throughout the service territory led to the increase
in electric sales and revenues for both the three and nine months ended
September 30, 1994, over the prior year. Electric revenues increased approxi-
mately 1 percent for this year's third quarter over last year's. Electric
revenues increased approximately 2 percent for the nine months of 1994 when
compared to the same time period a year ago.
Changes in electric retail sales (MWH), as compared to the same periods the
previous year, were as follows:
For the periods ended September 30 Retail Electric Sales
Three Months
Increase in MWH Sales 15,657
Percentage Change 2%
Nine Months
Increase in MWH Sale 68,876
Percentage Change 4%
<PAGE>
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations (continued)
Gas Revenues
For the nine months ended September 30, 1994, gas revenues increased about
9 percent compared to the same 1993 period. The increase in gas revenues for
the nine months ended September 30, 1994, is mainly attributable to the
extremely cold first quarter of this year. For the three months ended
September 30, 1994, gas revenues decreased approximately 18 percent as
compared to the same period last year. The decrease in gas revenues is mainly
attributable to a shift in a major customer from system rates to transporta-
tion rates. Transportation revenues are only recorded on a margin basis,
while system revenues are recorded on a total revenue basis.
Electric Fuel and Natural Gas Costs
Fuel and purchased power costs for the three- and nine-month periods ended
September 30, 1994, increased 10 and 9 percent, respectively, when compared to
the same periods last year. The increase in electric fuel costs for both the
three- and nine-month periods is attributable to customer growth and increased
electric fuel costs due to the Soo Line Railroad Company strike and increased
demand throughout our region, which led to an increase in the cost of energy
purchases.
Purchased gas costs are 8 percent higher for the first nine months of 1994
versus 1993 due mainly to the increased demand during the first quarter of
this year.
Natural gas purchased for the three-month period ended September 30, 1994,
decreased when compared to the same time period a year ago due to the shift of
a major customer to transportation service.
Other Items
Interest on long-term debt decreased approximately 4 percent and 8 percent for
the three- and nine-month periods ended September 30, 1994, when compared to
the same periods for 1993. This is attributable in part to the Company's
refinancing of several of its First Mortgage bond issues at lower interest
rates and the call for redemption in September 1993 of its 8 percent, 1999
Series, First Mortgage bonds.
<PAGE>
<PAGE>
PART I. OTHER INFORMATION
Item 6 (a) Exhibits
Exh. No. Description of Document
4 Indenture of Mortgage and Deed of Trust between the Company and
Firstar Trust Company, as Trustee (and supplements) reference was
provided in the Company's 1993 Annual Report on Form 10-K
(Commission File No. 0-1125).
27 Appendix E to Item 601(c) of Regulation S-K: Public Utility
Companies Financial Data Schedule UT
Item 6 (b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter for which
this report is filed.
Item 12 Ratio of Earnings to Fixed Charges
Nine Months Ended
Sept. 30, 1994
Earnings
Income before interest expense $26,919
Add:
Income tax items 11,164
Income tax on other income 374
Amortization of debt discount, premium
expense 130
Allowance for funds used during
construction - borrowed funds 51
Interest on rentals 164
Total Earnings $38,802
Fixed Charges:
Interest on long-term debt $ 7,897
Other interest 302
Amortization of debt discount premium
expense 130
Interest on rentals 164
Total Fixed Charges $ 8,493
Ratio of Earnings to Fixed Charges 4.57x
<PAGE>
<PAGE>
S I G N A T U R E S
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.
MADISON GAS AND ELECTRIC COMPANY
(Registrant)
Date: November 14, 1994 /s/ David C. Mebane
David C. Mebane
Chairman, President and
Chief Executive Officer
(Duly Authorized Officer)
Date: November 14, 1994 /s/ Joseph T. Krzos
Joseph T. Krzos
Vice President - Finance
(Chief Financial and Accounting Officer)
<PAGE>
<PAGE>
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM SEC FORM 10-Q FOR THE QUARTERLY PERIOD ENDED 9-30-1994 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 367,923
<OTHER-PROPERTY-AND-INVEST> 9,501
<TOTAL-CURRENT-ASSETS> 53,397
<TOTAL-DEFERRED-CHARGES> 35,828
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 466,649
<COMMON> 85,758
<CAPITAL-SURPLUS-PAID-IN> 26,372
<RETAINED-EARNINGS> 76,273
<TOTAL-COMMON-STOCKHOLDERS-EQ> 188,403
0
5,100
<LONG-TERM-DEBT-NET> 128,272
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 13,500
<LONG-TERM-DEBT-CURRENT-PORT> 0
200
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 131,174
<TOT-CAPITALIZATION-AND-LIAB> 466,649
<GROSS-OPERATING-REVENUE> 184,697
<INCOME-TAX-EXPENSE> 11,164
<OTHER-OPERATING-EXPENSES> 148,224
<TOTAL-OPERATING-EXPENSES> 159,388
<OPERATING-INCOME-LOSS> 25,309
<OTHER-INCOME-NET> 1,610
<INCOME-BEFORE-INTEREST-EXPEN> 26,919
<TOTAL-INTEREST-EXPENSE> 8,148
<NET-INCOME> 18,771
356
<EARNINGS-AVAILABLE-FOR-COMM> 18,415
<COMMON-STOCK-DIVIDENDS> (15,007)
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 35,910
<EPS-PRIMARY> 1.72
<EPS-DILUTED> 1.72
</TABLE>
