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<PAGE> 1
MIDWEST BOTTLE GAS CO.
AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF
CONSOLIDATED MIDWEST, INC.)
LA CROSSE, WISCONSIN
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED JANUARY 31, 1998
<PAGE> 2
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
CONSOLIDATED FINANCIAL STATEMENTS
Year Ended January 31, 1998
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Independent Auditor's Report 1
Consolidated Financial Statements:
Consolidated Balance Sheet 2
Consolidated Statement of Income 3
Consolidated Statement of Stockholder's Equity 4
Consolidated Statement of Cash Flows 5 - 6
Notes to Consolidated Financial Statements 7 - 18
</TABLE>
<PAGE> 3
-1-
[WIPFLI ULLRICH BERTELSON LLP LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
Board of Directors
Midwest Bottle Gas Co.
La Crosse, Wisconsin
We have audited the accompanying consolidated balance sheet of MIDWEST BOTTLE
GAS CO. (A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.) AND
SUBSIDIARIES as of January 31, 1998 and the related consolidated statements of
income, stockholder's equity and cash flows for the year then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of MIDWEST BOTTLE GAS CO. AND
SUBSIDIARIES at January 31, 1998 and the results of their operations and cash
flows for the year then ended in conformity with generally accepted accounting
principles.
Wipfli Ullrich Bertelson LLP
------------------------------------------
Wipfli Ullrich Bertelson LLP
April 9, 1998
Eau Claire, Wisconsin
<PAGE> 4
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
CONSOLIDATED BALANCE SHEET
January 31, 1998
ASSETS
------
<TABLE>
<S> <C>
Current assets:
Cash and cash equivalents $ 1,502,223
Receivables - less allowance for doubtful accounts
of $298,000 6,565,919
Refundable income taxes 88,166
Inventories 7,050,243
Prepaid expenses 349,382
Deferred income taxes 294,000
-----------
Total current assets 15,849,933
Investments 88,370
Property, plant and equipment 27,166,058
Other assets and deferred charges 1,975,814
-----------
TOTAL ASSETS $45,080,175
===========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 5
-2-
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
<TABLE>
<S> <C>
Current liabilities:
Notes payable - unsecured $ 229,542
Current maturities of long-term debt 2,283,821
Accounts payable 5,435,559
Accrued expenses and other current liabilities 1,338,364
Income taxes currently payable -
------------
Total current liabilities 9,287,286
Long-term debt 19,240,372
Deferred credits 3,829,550
Stockholder's equity:
Common stock 179,700
Additional paid-in capital 2,500
Retained earnings 17,473,989
------------
17,656,189
Less:
Reduction in stockholder's equity for advances
to parent company 4,929,322
Treasury stock - at cost 3,900
------------
Total stockholder's equity 12,722,967
------------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 45,080,175
============
</TABLE>
<PAGE> 6
-3-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
CONSOLIDATED STATEMENT OF INCOME
Year Ended January 31, 1998
<TABLE>
<S> <C>
Revenue:
Sales $62,040,782
Other income 1,728,638
-----------
Total revenue 63,769,420
Costs and expenses:
Cost of sales 47,708,046
Operating expenses:
Salaries and wages
4,947,565
Depreciation
2,503,979
Interest 1,595,152
Other operating expenses
5,828,959
-----------
Total costs and expenses 62,583,701
-----------
Income before provision for income taxes 1,185,719
Provision for income taxes 435,000
-----------
Net income $ 750,719
===========
Earnings per share $ 4.20
===========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 7
-4-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
CONSOLIDATED STATEMENT OF STOCKHOLDER'S EQUITY
Year Ended January 31, 1998
<TABLE>
<CAPTION>
Common Stock
------------ Reduction in Treasury
Voting Nonvoting Stockholder's Stock, Common
$1 Par Value $1 Par Value Additional Equity for At Cost Total
200,000 Auth. 200,000 Auth. Paid-In Retained Advances to 225 Voting, Stockholder's
78,450 Issued 101,250 Issued Capital Earnings Parent Company 750 Nonvoting Equity
------------- -------------- ------- -------- -------------- ------------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance - January 31, 1997 $78,450 $101,250 $2,500 $16,723,270 $(4,738,939) $(3,900) $12,162,631
Net income - - - 750,719 - - 750,719
Advances to parent company - - - - (190,383) - (190,383)
------- -------- ------ ----------- ----------- ------- -----------
Balance - January 31, 1998 $78,450 $101,250 $2,500 $17,473,989 $(4,929,322) $(3,900) $12,722,967
======= ======== ====== =========== =========== ======= ===========
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 8
-5-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended January 31, 1998
<TABLE>
<S> <C>
Increase (decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income
$ 750,719
-----------
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 2,739,782
Deferred income taxes 384,000
Gain on sale of property and equipment (86,183)
Increase in cash value of life insurance in excess of
premiums paid (11,194)
Other (7,457)
Changes in operating assets and liabilities:
Receivables 4,436,027
Refundable income taxes (88,166)
Inventories (2,750,786)
Prepaid expenses 171,817
Accounts payable (2,535,355)
Accrued expenses and other current liabilities (8,409)
Income taxes currently payable (291,950)
-----------
Total adjustments 1,952,126
-----------
Net cash provided by operating activities 2,702,845
-----------
Cash flows from investing activities:
Proceeds from sale of property and equipment 122,704
Property and equipment additions (1,487,012)
Utility plant expansion
(424,736)
Net advances from officers 7,725
Premiums paid on officers' life insurance
(149,340)
-----------
Net cash used in investing activities (1,930,659)
-----------
</TABLE>
<PAGE> 9
-6-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended January 31, 1998
(Continued)
<TABLE>
<S> <C>
Increase (decrease) in cash and cash equivalents (Continued):
Cash flows from financing activities:
Net repayments under line of credit agreements $ (871,000)
Proceeds from sale of subordinated capital debentures 1,912,100
Proceeds from issuance of other debt
45,241
Payments of subordinated capital debentures
(1,174,900)
Payments of other debt (1,176,785)
Advances to parent company (190,383)
Deferred debt expenses paid (20,727)
-----------
Net cash used in financing activities (1,476,454)
-----------
Net decrease in cash and cash equivalents (704,268)
Cash and cash equivalents at beginning 2,206,491
-----------
Cash and cash equivalents at end $ 1,502,223
===========
Supplemental cash flow information:
Cash paid during the year for:
Interest $ 1,611,833
Income taxes
432,854
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE> 10
-7-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation
The consolidated financial statements include the accounts of Midwest Bottle Gas
Co. and all of its wholly owned subsidiaries as follows:
Dawson Oil Company, Ltd.
Hiawatha Valley Gas Co.
Midwest Bottle Gas Company of Minnesota
Midwest Natural Gas, Inc.
Olson's LP Gas, Inc.
Midwest LPG Insurance Specialists, Inc.
Tomah LP Gas Service, Inc.
Tru-Gas of Florida, Inc.
All consolidated companies have a common year end. All significant intercompany
accounts and transactions are eliminated in consolidation.
Investments in 20% to 50% owned entities are recorded at cost and adjusted for
the Company's equity in undistributed earnings or losses subsequent to the date
of acquisition (equity method). Long-term advances to/from these companies are
also included as investments in associated companies.
Use of Estimates in Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Cash Equivalents
The Company considers all highly liquid investments purchased with an original
maturity of three months or less to be cash equivalents.
Inventories
Propane and other gas inventories are valued at the lower of cost, determined on
the last-in, first-out (LIFO) method, or market. All other inventories are
valued at the lower of cost, determined on the first-in, first-out (FIFO)
method, or market.
Property, Plant, Equipment and Depreciation
Property, plant and equipment are valued at cost less accumulated depreciation.
Such amounts do not purport to represent replacement or realizable values.
<PAGE> 11
-8-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property, Plant, Equipment and Depreciation (Continued)
Maintenance and repairs are charged to expense as incurred. Renewals and
replacements which improve or extend the life of existing properties are
capitalized. Upon sale or retirement of property, plant and equipment, the
related costs and accumulated depreciation are removed from the respective
accounts and any resulting gain or loss is reflected in operations.
Depreciation for financial reporting purposes is computed using the
straight-line method over the estimated useful lives of the assets.
Income Taxes
Deferred income taxes have been provided under the liability method. Deferred
tax assets and liabilities are determined based upon the difference between the
financial statement and tax basis of assets and liabilities, as measured by the
enacted tax rates which will be in effect when these differences are expected to
reverse. Deferred tax expense is the result of changes in the deferred tax asset
and liability.
No deferred income taxes have been recognized on the undistributed net income of
the wholly owned, consolidated subsidiaries because it is expected that any
distributions would be made in a manner which would be substantially tax free.
The cumulative amount of undistributed earnings of the consolidated subsidiaries
on which no deferred income taxes have been recognized is $9,681,000 at January
31, 1998.
The Company and its subsidiaries file a consolidated federal income tax return
with its parent company, Consolidated Midwest, Inc., and the provision for
income taxes is based on the income of the consolidated group (except for
Consolidated Midwest, Inc.) as a single tax paying entity.
Earnings Per Share
Earnings per common share are determined by dividing net income by the weighted
average number of common shares outstanding during the year.
NOTE 2 - INVENTORIES
At January 31, 1998, $5,054,105 of propane and other gas inventories were valued
using the LIFO method. If all inventories valued at LIFO cost had been valued at
FIFO cost, net income would have decreased $449,000 or $2.51 per share. In
addition, if the FIFO method of inventory accounting had been used by the
Company for inventories valued at LIFO, inventories would have been $257,000
higher than reported.
<PAGE> 12
-9-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 - INVENTORIES (CONTINUED)
Inventories consist of the following:
<TABLE>
<S> <C>
Propane $ 5,057,071
Appliances, parts and furnaces 1,704,502
Fertilizer and other 288,670
-----------
$ 7,050,243
===========
</TABLE>
NOTE 3 - PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consists of the following:
<TABLE>
<CAPTION>
Estimated
Useful Lives
------------
<S> <C> <C>
Land $ 1,513,609
Buildings and bulk plants 5-40 yrs. 4,908,790
Manufactured home park facilities 3-33 yrs. 590,785
Customer service facilities 3-20 yrs. 17,580,694
Vehicles 3-10 yrs. 6,577,088
Natural gas utility plant 28-40 yrs. 14,294,671
Other equipment 3-35 yrs. 3,651,668
-----------
Total costs 49,117,305
Less accumulated depreciation 21,951,247
-----------
$27,166,058
===========
NOTE 4 - OTHER ASSETS AND DEFERRED CHARGES
Other assets and deferred charges consist of the following:
Advances to officers $ 75,865
Cash value of life insurance, less policy loans of $629,765 701,283
Unamortized deferred debt expenses amortizable over the life of related debt
issue (5 to 20 years) on the straight-line basis 71,307
Unamortized noncompete agreements amortizable over the life of the
agreements (3 to 10 years) 1,087,982
Other deferred charges 39,377
-----------
$ 1,975,814
===========
</TABLE>
<PAGE> 13
-10-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 - SHORT-TERM BORROWINGS AND LONG-TERM DEBT
Long-term unsubordinated indebtedness consists of the following:
Midwest Bottle Gas Co.
<TABLE>
<S> <C>
Revolving term bank loan agreement $ 3,971,000
Term notes payable in monthly installments with interest rates of
9.45% and 8.03% collateralized by accounts receivable, inventory
and equipment of the Company and guaranteed by the stockholders
of Consolidated Midwest, Inc.
2,916,667
Mortgages payable in monthly or annual installments, interest
rate of 9% (book value of collateral of $3,179,191)
1,453,790
Other unsecured notes payable, interest rates ranging from 8.75% to
9.00% 1,011,692
-----------
9,353,149
Less current maturities 722,596
-----------
Long-term maturities - Midwest Bottle Gas Co. 8,630,553
Consolidated Subsidiaries
Mortgages payable, interest rates ranging from 8.25% to 8.75% (book
value of collateral of $1,651,691) 1,071,792
Mortgage revenue bond payable in quarterly installments with
interest rate of 10% (book value of collateral of $10,354,972)
3,838,852
-----------
4,910,644
Less current maturities 375,425
-----------
Long-term maturities - Consolidated Subsidiaries 4,535,219
-----------
Total long-term unsubordinated indebtedness 13,165,772
Long-term subordinated capital debentures 6,074,600
-----------
Total long-term debt $19,240,372
===========
</TABLE>
<PAGE> 14
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Consolidated Midwest, Inc.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 - SHORT-TERM BORROWINGS AND LONG-TERM DEBT (CONTINUED)
Subordinated capital debentures of Midwest Bottle Gas Co. consist of the
following:
<TABLE>
<CAPTION>
Series Title, Interest Rates and Maximum Issuable Per Indenture
-----------------------------------------------------------------------------------------------
A-18 A-17 A-16 A-15 A-14 A-13 A-12
7.75%- 7.50%- 7.50%- 7.50%- 7.75%- 8.50%-
8.13% 8.13% 8.00% 8.50% 7.50% 8.50% 9.75%
$2,500,000 $2,500,000 $2,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Outstanding and
Maturing Year Ending
January 31,
1999 $ - $ - $ - $ - $706,600 $ 474,400 $ 3,800
2000 - - - 1,102,800 292,800 - -
2001 - - 645,200 380,800 - - -
2002 - 825,600 418,400 - - - -
2003 1,174,100 399,300 188,200 - - - -
Later Years 262,200 268,800 107,200 - - - -
---------- ---------- ---------- ---------- -------- --------- -------
Total outstanding $1,436,300 $1,493,700 $1,359,000 $1,483,600 $999,400 $ 474,400 $ 3,800
========== ========== ========== ========== ======== ========= =======
Long-term subordinated capital debentures
<CAPTION>
Series Title, Interest Rates and Maximum Issuable Per Indenture
-----------------------------------------------------------------------------------------------
A-11 A-5
9.75%- 13.25%
10.05% 14.25%
$1,000,000 $1,000,000 Total
---------- ---------- -----
Outstanding and
Maturing Year Ending
January 31,
-----------
<S> <C> <C> <C>
1999 $1,000 $ - $1,185.800
2000 - - 1,395,600
2001 - 5,600 1,031,600
2002 - 3,600 1,247,600
2003 - - 1,761,600
Later Years - - 638,200
------ -------- ----------
Total outstanding $1,000 $ 9,200 7,260,400
====== ========
Less current maturities 1,185,800
----------
Long-term subordinated capital debentures $6,074,600
==========
</TABLE>
<PAGE> 15
-12-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 - SHORT-TERM BORROWINGS AND LONG-TERM DEBT (CONTINUED)
As of January 31, 1998, aggregate principal payment requirements on long-term
debt for the next five fiscal years are as follows:
<TABLE>
<CAPTION>
Unsubordinated Debt
------------------- Subordinated
Year Ending Midwest Bottle Consolidated Capital Consolidated
January 31, Gas Co. Subsidiaries Debentures Total
----------- ------- ------------ ---------- -----
<S> <C> <C> <C> <C>
1999 $ 722,596 $ 375,425 $1,185,800 $ 2,283,821
2000 5,722,931 409,557 1,395,600 7,528,088
2001 1,406,333 447,002 1,031,600 2,884,935
2002 351,793 488,558 1,247,600 2,087,951
2003 264,772 1,062,589 1,761,600 3,088,961
Subsequent Years 884,724 2,127,513 638,200 3,650,437
----------- ----------- ---------- -----------
$ 9,353,149 $ 4,910,644 $7,260,400 $21,524,193
=========== =========== ========== ===========
</TABLE>
Revolving Term Bank Loan Agreement
Under the provisions of a revolving term bank loan agreement dated January 26,
1998, the Company may borrow up to a maximum of $5,000,000 at a rate of interest
equal to the prime rate (8.50%). Pursuant to the agreement, the commitment
terminates May 31, 1999, and any loan balance outstanding shall be paid on that
date. The commitment is collateralized by all accounts receivable, inventories
and equipment of the Company and guaranteed by the principal stockholders of
Consolidated Midwest, Inc. (see Note 9). At January 31, 1998, the Company had
$3,971,000 outstanding under this agreement, which has subsequently been repaid.
Maximum month-end borrowings for this bank loan agreement (and a similar
agreement in effect prior to January 26, 1998) was $3,971,000. The average
aggregate amount of this debt outstanding based on month-end borrowing levels
was $808,000. The weighted average interest rate using month-end borrowing
levels and rates was 8.4% for the year.
Under the terms of the bank loan agreement (and related agreements underlying
the term notes payable with the same financial institution), the Company is
required to maintain a debt service coverage ratio and a debt-to-net-worth ratio
at levels as required by the agreement.
Indenture Restrictions
The indentures covering the issuance of the subordinated capital debentures
contain restrictions with respect to payment of cash dividends and reacquisition
of outstanding capital stock. The payment of principal and interest on all of
the subordinated capital debentures is expressly subordinated to the payment of
all other indebtedness of the Company.
The indenture covering the mortgage revenue bonds of Midwest Natural Gas, Inc.
(a consolidated subsidiary) contains restrictions with respect to the subsidiary
as to the payment of dividends, stock redemptions, total indebtedness and
long-term leases. In addition, the subsidiary must maintain the ratio of income
available for fixed charges and its net worth at varying levels as outlined in
the indenture agreement.
<PAGE> 16
-13-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 - INCOME TAXES
The provision for income taxes is summarized as follows:
<TABLE>
<S> <C>
Income taxes currently paid or payable:
Federal income taxes $ 28,900
State income taxes 23,800
--------
Total current income taxes 52,700
Deferred income taxes 384,000
Amortization of deferred investment tax credits (1,700)
--------
Provision for income taxes $435,000
========
</TABLE>
Deferred income taxes are provided for the temporary differences between the
financial reporting bases and the tax bases of the Company's assets and
liabilities. Significant components of deferred income tax assets and
liabilities are as follows:
<TABLE>
<S> <C>
Deferred income tax assets:
Alternative minimum tax credits $ 565,900
Net operating loss carryforwards 154,100
Allowance for doubtful accounts 115,300
Vacation and wage accruals 70,000
Other 108,900
------------
Total deferred income tax assets 1,014,200
------------
Deferred income tax liabilities:
Tax over book depreciation (4,474,500)
Cash value of officers' life insurance
in excess of premiums paid (61,700)
-----------
Total deferred income tax liabilities (4,536,200)
-----------
Net deferred income taxes $(3,522,000)
===========
</TABLE>
<PAGE> 17
-14-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 - INCOME TAXES (CONTINUED)
The total deferred tax assets (liabilities) are presented in the balance sheet
as follows:
<TABLE>
<S> <C>
Deferred tax asset $ 294,000
Deferred tax liability (3,816,000)
------------
Net deferred tax liability $ (3,522,000)
============
The federal statutory tax rate on corporations was 34% for the year. The Company's effective tax rate (provision for income taxes
as a percentage of income before provision for income taxes) was 37%. A reconciliation of the statutory federal income tax rate to
Company's effective income tax rate is as follows:
Federal statutory rate 34%
State income taxes - less federal benefit 4
Other reconciling items (1)
-----
Effective income tax rate 37%
=====
NOTE 7 - DEFERRED CREDITS
Deferred credits are summarized as follows:
Deferred income taxes $3,816,000
Deferred investment tax credits (natural gas utility) 13,550
----------
$3,829,550
==========
</TABLE>
<PAGE> 18
-15-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8 - RETIREMENT PLANS
The Company sponsors a defined contribution profit sharing plan that covers
substantially all employees who have attained age 21. Contributions to the Plan
are based on a percentage of each participant's eligible contribution for the
Plan year. Employer contributions to the Plan totaled $24,000 for the year.
NOTE 9 - RELATED-PARTY TRANSACTIONS
Midwest Bottle Gas Co. (MBG) is a wholly owned subsidiary of Consolidated
Midwest, Inc. (CMI). Through January 31, 1998, MBG has made advances to CMI
aggregating $4,929,322, and it is anticipated that future CMI cash flow
requirements will be financed through additional cash transfers from MBG. The
long-term debt of CMI consists of the following:
<TABLE>
<S> <C>
7.5% mortgage note payable to a bank in monthly installments of
$7,953 including interest, balance of principal and interest due
on February 1, 2003 and guaranteed by MBG. The MBG guarantee is
collateralized by the La Crosse office and appliance showroom
building. $ 849,892
8.25% term note payable to a bank in monthly installments of
$9,820 including interest, balance of principal and interest due
July 31, 1999 and guaranteed by MBG. The MBG guarantee is
collateralized by all accounts receivable, inventories and
equipment of the Company and guaranteed by
the principal stockholders of Consolidated Midwest, Inc. 153,082
----------
$1,002,974
==========
</TABLE>
Aggregate annual long-term debt payments applicable to CMI for the years
subsequent to January 31, 1998 are:
<TABLE>
<CAPTION>
Year Ending
January 31, Principal Interest Total
- ---------- --------- -------- -----
<S> <C> <C> <C>
1999 $ 141,136 $ 72,146 $ 213,282
2000 79,185 60,983 140,168
2001 38,032 57,409 95,441
2002 40,984 54,457 95,441
2003 44,166 51,275 95,441
Thereafter 659,471 - 659,471
----------- -------- ----------
$1,002,974 $296,270 $1,299,244
=========== ======== ==========
</TABLE>
<PAGE> 19
-16-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10 - CONCENTRATION OF CREDIT RISK
Financial instruments which potentially subject the Company to concentrations of
credit risk consist principally of trade receivables.
The Company operates various operating segments (see Note 13), principally
propane and appliance sales to consumers (retail segment), propane sales to
resellers (wholesale segment) and a natural gas utility (utility segment)
throughout the upper Midwest, primarily Minnesota and Wisconsin, and in Florida
and Georgia. Concentration of credit risk with respect to trade receivables is
minimal for the retail and utility segments due to the large number of customers
comprising the Company's customer base and their dispersion across different
businesses and geographic regions. Trade receivables generated from the
wholesale segment represents amounts due from other propane retailers and
resellers primarily located throughout the upper Midwest and comprise
approximately 48% of total Company trade receivables.
To reduce credit risk, the Company performs credit evaluations of its customers'
financial conditions but does not generally require collateral.
NOTE 11 - SELF-FUNDED HEALTH INSURANCE
The Company's group health insurance coverage for full-time employees includes
Company self-insurance participation. The Company's liability is limited through
its arrangement with a commercial insurance carrier to indemnify it against
losses in excess of prescribed specific and aggregate limits (stop-loss
coverage). Claims over $20,000 per individual per year are covered by the
stop-loss coverage to a maximum lifetime amount of $2 million. At January 31,
1998, accrued expenses include a reserve of $249,000 for unpaid claims
outstanding.
NOTE 12 - DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value estimates, methods and assumptions for the Company's financial
instruments are summarized as follows:
Cash and Cash Equivalents
The carrying values approximate the fair value of these assets.
Short-Term and Long-Term Debt
Fair value is estimated using discounted cash flow analysis based on the
interest rates that are currently available to the Company for issuance of debt
with similar terms and remaining maturities. The carrying value approximates the
fair value of these liabilities.
<PAGE> 20
-17-
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 13 - OPERATING SEGMENT INFORMATION
The Company operates primarily in five segments as detailed below:
(1) Propane and appliance sales to consumers (individuals and
commercial).
(2) Propane sales to resellers.
(3) Natural gas utility business; sales of natural gas to
individual and commercial consumers. This business is
regulated by the Public Service Commission of Wisconsin.
(4) Fertilizer business; primarily sales of fertilizer to
agricultural consumers.
(5) Manufactured home park; home sales and lot rentals.
Operating profit is total revenue less operating expenses. In computing
operating profit, the following items have not been added or deducted: interest
expense, income taxes and equity in the earnings of associated companies.
Identifiable assets by operating segment are those assets which are used in the
Company's operations in each segment. General corporate assets are principally
cash, prepaid expenses, deferred income taxes, investments, other assets and
deferred charges.
<PAGE> 21
MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES
(A WHOLLY OWNED SUBSIDIARY OF CONSOLIDATED MIDWEST, INC.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 13 - OPERATING SEGMENT INFORMATION (CONTINUED)
<TABLE>
<CAPTION>
Propane and Natural
Appliance Propane Gas
Sales to Sales to Utility Fertilizer
Consumers Resellers Business Business
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total revenue $ 25,005,222 $ 29,229,940 $ 8,402,249 $ 470,021
============ ============ ============ ============
Operating profit $ 613,702 $ 525,233 $ 1,213,853 $ 39,350
Equity in earnings of associated companies 5,737 - - -
Interest expense (977,901) (99,204) (495,279) -
------------ ------------ ------------ ------------
Income before provision for income taxes $ (358,462) $ 426,029 $ 718,574 $ 39,350
============ ============ ============ ============
Identifiable assets $ 20,430,369 $ 7,554,881 $ 12,107,422 $ 120,497
============ ============ ============ ============
Investment in associated companies
Total assets
Capital additions $ 1,297,482 $ 1,654 $ 594,662 $ 17,950
============ ============ ============ ============
Depreciation and amortization expense $ 2,190,471 $ 4,961 $ 491,048 $ 14,003
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
General
Manufactured Other Corporate
Home Park Segments Items Consolidated
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total revenue $ 432,358 $ 162,618 $ 61,275 $ 63,763,683
============ ============ ============ ============
Operating profit $ 256,184 65,537 $ 61,275 $ 2,775,134
Equity in earnings of associated companies - - - 5,737
Interest expense (22,768) - - (1,595,152)
------------ ------------ ------------ ------------
Income before provision for income taxes $ 233,416 $ 65,537 $ 61,275 $ 1,185,719
============ ============ ============ ============
Identifiable assets $ 576,239 $ 80,978 $ 4,148,690 $ 45,019,076
============ ============ ============
Investment in associated companies 61,099
------------
Total assets $ 45,080,175
============
Capital additions $ - $ - $ - $ 1,911,748
============ ============ ============ ============
Depreciation and amortization expense $ 19,451 19,848 $ - $ 2,739,782
============ ============ ============ ============
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
LA CROSSE MONDOVI RICHLAND CTR C & H CHETEK PRAIRIE TRUCK TRANS
--------- --------- ------------ ---------- ----------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS MIDWEST BOTTLE GAS CO
1/31/98
CASH 1783454.26 2831.30 8335.25 4586.18 8261.03 5938.56 -121.87
TRADE NOTES AND ACCOUNTS REC 212149.16 32197.72 56242.56 112196.94 36084.63 18420.42 0.00
ALLOWANCE FOR BAD DEBTS -20000.00 -3000.00 -3500.00 -10000.00 -2500.00 -3000.00 0.00
INVENTORIES 1228855.75 41457.21 43919.65 36292.50 16468.78 24409.38 0.00
PREPAID EXPENSES 33100.00 3945.00 5548.00 4309.00 4983.00 2156.00 3902.00
ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE,OTHER 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LOANS TO STOCKHOLDERS 75865.06 0.00 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE, INTERCOMPANY 19462997.49 876.00 0.00 30.14 0.00 404.00 0.00
OTHER INVESTMENTS 25201.32 744.87 0.00 0.00 0.00 0.00 575.68
BUILDINGS & OTHER DEPRECIABLE 4813656.06 613809.12 588425.63 1056470.81 984846.43 361893.13 416626.18
ACCUMULATED DEPRECIATION -2943368.45 -404515.27 -443653.90 -660451.70 -400436.81 -213268.81 -197822.03
LAND 380086.46 5296.82 1221.00 13022.00 12000.00 9000.00 0.00
INTANGIBLE ASSETS 0.00 0.00 0.00 1000.00 1000.00 0.00 0.00
CSV LIFE INSURANCE 701282.77 0.00 0.00 0.00 0.00 0.00 0.00
INVESTMENT IN WHOLLY OWNED SUB 11370121.06 0.00 0.00 0.00 0.00 0.00 0.00
INVESTMENT IN ASSOCIATED CO 61098.60 0.00 0.00 0.00 0.00 0.00 0.00
UNAMORTIZED DEFERRED DEBT EXPE 50128.78 0.00 0.00 0.00 0.00 0.00 0.00
LAND HELD FOR INVESTMENT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
GOODWILL 7000.00 0.00 0.00 0.00 5611.00 2046.00 0.00
MISCELLANEOUS DEFERRED DEBITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------- --------- --------- --------- --------- ---------- ---------
TOTAL ASSETS 37241628.32 293642.77 256538.19 557455.87 666318.06 207998.68 223159.96
=========== ========= ========= ========= ========= ========== =========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 920118.97 14008.22 41772.45 10627.52 34445.72 2214.83 9028.82
ACCRUED PAYROLL 65650.81 4512.54 6030.11 2417.17 4120.68 2301.95 2569.74
TAXES OTHER THAN INCOME 45658.26 2436.29 3467.25 3998.45 2724.41 1725.53 0.00
INTEREST PAYABLE 167665.29 0.00 0.00 0.00 0.00 0.00 0.00
INCOME TAXES PAYABLE -79166.59 0.00 0.00 0.00 0.00 0.00 0.00
CUSTOMER DEPOSITS 33975.32 3780.00 0.00 0.00 0.00 100.00 0.00
DIVIDENDS PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OTHER CURRENT LIABILITIES 251600.32 0.00 0.00 0.00 0.00 0.00 0.00
NOTES PAYABLE INTERCOMPANY 5465579.43 18850.92 25875.30 331049.89 322623.41 259153.70 24800.00
NOTES PAYABLE 13240168.58 0.00 0.00 0.00 0.00 0.00 0.00
DEFERRED INCOME TAXES 258900.00 76300.00 77200.00 51300.00 126400.00 52900.00 73000.00
OTHER DEFERRED CREDITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEFERRED LOSS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PREFERRED STOCK 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COMMON STOCK 179700.00 0.00 0.00 0.00 0.00 0.00 0.00
PAID IN OR CAPITAL SURPLUS 2500.00 0.00 0.00 0.00 0.00 0.00 0.00
RETAINED EARNINGS 16693177.93 173754.80 102193.08 158062.84 176003.84 -110397.33 113761.40
TREASURY STOCK -3900.00 0.00 0.00 0.00 0.00 0.00 0.00
----------- --------- --------- --------- --------- ---------- ---------
TOTAL LIABILITIES & EQUITY 37241628.32 293642.77 256538.19 557455.87 666318.06 207998.68 223159.96
=========== ========= ========= ========= ========= ========== =========
<CAPTION>
TANK CAR WILL`S REEDSGAS EAU CLAIRE SHELL LAKE MINOCQUA TOTAL MBG
---------- ----------- ---------- ---------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS MIDWEST BOTTLE GAS CO
1/31/98
CASH 0.00 6330.86 11789.05 2727.57 3356.09 30465.43 1867953.71
TRADE NOTES AND ACCOUNTS REC 41553.46 57814.68 123058.28 72051.89 140499.76 184869.20 1087138.70
ALLOWANCE FOR BAD DEBTS 0.00 -8000.00 -10000.00 -10000.00 -13000.00 -35000.00 -118000.00
INVENTORIES 0.00 37923.93 44069.27 15564.49 28168.07 39498.55 1556627.58
PREPAID EXPENSES 0.00 9732.00 8267.00 4751.00 5076.00 11577.00 97346.00
ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE,OTHER 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LOANS TO STOCKHOLDERS 0.00 0.00 0.00 0.00 0.00 0.00 75865.06
NOTES RECEIVABLE, INTERCOMPANY 0.00 0.00 3428.23 11817.00 0.00 0.00 19479552.86
OTHER INVESTMENTS 0.00 0.00 0.00 0.00 0.00 0.00 26521.87
BUILDINGS & OTHER DEPRECIABLE 344646.00 1585380.10 1944104.63 844147.63 1113280.39 2685848.12 17353134.23
ACCUMULATED DEPRECIATION -344646.00 -724397.32 -536078.25 -179528.27 -245809.19 -419640.16 -7713616.16
LAND 0.00 7000.00 14000.00 46432.50 5000.00 45000.00 538058.78
INTANGIBLE ASSETS 0.00 0.00 0.00 1000.00 1000.00 8409.50 12409.50
CSV LIFE INSURANCE 0.00 0.00 0.00 0.00 0.00 0.00 701282.77
INVESTMENT IN WHOLLY OWNED SUB 0.00 0.00 0.00 0.00 0.00 0.00 11370121.06
INVESTMENT IN ASSOCIATED CO 0.00 0.00 0.00 0.00 0.00 0.00 61098.60
UNAMORTIZED DEFERRED DEBT EXPE 0.00 0.00 0.00 0.00 0.00 0.00 50128.78
LAND HELD FOR INVESTMENT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
GOODWILL 0.00 1000.00 5000.00 0.00 0.00 0.00 20657.00
MISCELLANEOUS DEFERRED DEBITS 0.00 25625.29 207479.79 0.00 0.00 685058.10 918163.18
--------- --------- ---------- ---------- ---------- ---------- -----------
TOTAL ASSETS 41553.46 998409.54 1815118.00 808963.81 1037571.12 3236085.74 47384443.52
========= ========= ========== ========== ========== ========== ===========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 3291.72 18736.38 39228.89 23088.67 37119.17 61663.90 1215345.26
ACCRUED PAYROLL 0.00 10427.13 6656.77 3194.05 9959.47 13695.32 131535.74
TAXES OTHER THAN INCOME 0.00 3678.05 6209.49 2690.15 1811.04 14478.66 88877.58
INTEREST PAYABLE 0.00 529.22 0.00 0.00 0.00 15268.44 183462.95
INCOME TAXES PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 -79166.59
CUSTOMER DEPOSITS 0.00 0.00 23732.56 0.00 0.00 0.00 61587.88
DIVIDENDS PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OTHER CURRENT LIABILITIES 0.00 0.00 0.00 49.38 0.00 -12216.10 239433.60
NOTES PAYABLE INTERCOMPANY 107770.46 669150.57 733944.09 996930.27 923926.96 901020.24 10780675.24
NOTES PAYABLE 0.00 163748.79 1349999.87 0.00 0.00 2089173.45 16843090.69
DEFERRED INCOME TAXES 10700.00 189700.00 72100.00 -9800.00 62400.00 117900.00 1159000.00
OTHER DEFERRED CREDITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEFERRED LOSS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PREFERRED STOCK 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COMMON STOCK 0.00 0.00 0.00 0.00 0.00 0.00 179700.00
PAID IN OR CAPITAL SURPLUS 0.00 0.00 0.00 0.00 0.00 0.00 2500.00
RETAINED EARNINGS -80208.72 -57560.60 -416753.67 -207188.71 2354.48 35101.83 16582301.17
TREASURY STOCK 0.00 0.00 0.00 0.00 0.00 0.00 -3900.00
--------- --------- ---------- ----------- ---------- ---------- -----------
TOTAL LIABILITIES & EQUITY 41553.46 998409.54 1815118.00 808963.81 1037571.12 3236085.74 47384443.52
========= ========= ========== =========== ========== ========== ===========
</TABLE>
<PAGE> 23
<TABLE>
<CAPTION>
TGF-HDQ KAY DAWSON COMMERCIAL EARLY MORING THRIFTY TROUP
---------- ----------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS TRU - GAS OF FLORIDA, INC.
1/31/98
CASH 0.00 104468.10 4582.09 4231.01 166368.12 22618.59 3154.17
TRADE NOTES AND ACCOUNTS REC 0.00 88364.94 67046.82 73412.77 533550.16 67106.34 74005.24
ALLOWANCE FOR BAD DEBTS 0.00 -7000.00 -3400.00 -2500.00 -50000.00 -6100.00 -2500.00
INVENTORIES -59302.87 63684.45 74569.87 54394.15 326845.15 54877.63 75849.18
PREPAID EXPENSES 308.00 10394.00 10375.75 8110.00 40712.00 6864.00 9944.00
ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE,OTHER 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LOANS TO STOCKHOLDERS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE, INTERCOMPANY 4573366.65 1648.45 27395.48 0.00 3197.86 162.00 0.00
OTHER INVESTMENTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BUILDINGS & OTHER DEPRECIABLE 68660.38 1134385.26 1044204.43 573366.61 5111940.90 1011726.23 853803.84
ACCUMULATED DEPRECIATION -28691.03 -517779.55 -871497.41 -486058.78 -3116268.94 -695251.54 -720329.16
LAND 0.00 18000.00 35445.66 4000.00 96619.92 98708.06 9000.00
INTANGIBLE ASSETS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CSV LIFE INSURANCE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INVESTMENT IN WHOLLY OWNED SUB 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INVESTMENT IN ASSOCIATED CO 0.00 0.00 0.00 0.00 0.00 0.00 0.00
UNAMORTIZED DEFERRED DEBT EXPE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAND HELD FOR INVESTMENT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
GOODWILL 0.00 2000.00 0.00 1000.00 1000.00 1050.00 0.00
MISCELLANEOUS DEFERRED DEBITS 0.00 169819.13 0.00 0.00 0.00 0.00 0.00
---------- ---------- --------- --------- ---------- --------- ---------
TOTAL ASSETS 4554341.13 1067984.78 388722.69 229955.76 3113965.17 561761.31 302927.27
========== ========== ========= ========= ========== ========= =========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 0.00 32991.94 34281.04 28247.47 110572.79 25962.57 55360.88
ACCRUED PAYROLL 28662.50 9824.18 12258.46 8850.82 40023.42 8200.69 5433.62
TAXES OTHER THAN INCOME 944.90 5656.05 6704.43 5326.53 28715.16 3501.16 8584.07
INTEREST PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INCOME TAXES PAYABLE -16384.32 0.00 0.00 0.00 0.00 0.00 0.00
CUSTOMER DEPOSITS 0.00 0.00 62975.00 0.00 0.00 54854.70 50960.00
DIVIDENDS PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OTHER CURRENT LIABILITIES 0.00 406.19 0.00 0.00 -82.29 1764.92 0.00
NOTES PAYABLE INTERCOMPANY 0.00 1559050.33 19162.00 72272.50 742330.44 47421.63 40000.00
NOTES PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEFERRED INCOME TAXES -43900.00 79000.00 119100.00 33500.00 599700.00 126000.00 103600.00
OTHER DEFERRED CREDITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEFERRED LOSS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PREFERRED STOCK 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COMMON STOCK 0.00 0.00 500.00 0.00 0.00 500.00 2500.00
PAID IN OR CAPITAL SURPLUS 0.00 0.00 188466.06 0.00 0.00 0.00 7500.00
RETAINED EARNINGS 4585018.05 -618943.91 -54724.30 81758.44 1592705.65 293555.64 28988.70
TREASURY STOCK 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------- ---------- --------- --------- ---------- --------- ---------
TOTAL LIABILITIES & EQUITY 4554341.13 1067984.78 388722.69 229955.76 3113965.17 561761.31 302927.27
========== ========== ========= ========= ========== ========= =========
<CAPTION>
ECONOMY MARION CTY ARROWOOD TOTAL TGF
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
ASSETS TRU - GAS OF FLORIDA, INC.
1/31/98
CASH 12569.13 815.24 -3776.53 315029.92
TRADE NOTES AND ACCOUNTS REC 38143.32 36862.28 -2918.60 975573.27
ALLOWANCE FOR BAD DEBTS -3500.00 -3500.00 0.00 -78500.00
INVENTORIES 35739.86 19622.67 0.00 646280.09
PREPAID EXPENSES 5573.00 2860.00 8171.00 103311.75
ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00 0.00
NOTES RECEIVABLE,OTHER 0.00 0.00 0.00 0.00
LOANS TO STOCKHOLDERS 0.00 0.00 0.00 0.00
NOTES RECEIVABLE, INTERCOMPANY 133.59 3316.02 0.00 4609220.05
OTHER INVESTMENTS 0.00 0.00 0.00 0.00
BUILDINGS & OTHER DEPRECIABLE 596030.99 521360.66 553560.89 11469040.19
ACCUMULATED DEPRECIATION -323697.89 -311319.05 -414378.91 -7485272.26
LAND 90769.15 15450.00 439707.34 807700.13
INTANGIBLE ASSETS 0.00 0.00 0.00 0.00
CSV LIFE INSURANCE 0.00 0.00 0.00 0.00
INVESTMENT IN WHOLLY OWNED SUB 0.00 0.00 0.00 0.00
INVESTMENT IN ASSOCIATED CO 0.00 0.00 0.00 0.00
UNAMORTIZED DEFERRED DEBT EXPE 0.00 0.00 0.00 0.00
LAND HELD FOR INVESTMENT 0.00 0.00 0.00 0.00
GOODWILL 0.00 0.00 0.00 5050.00
MISCELLANEOUS DEFERRED DEBITS 0.00 0.00 0.00 169819.13
--------- --------- --------- -----------
TOTAL ASSETS 451761.15 285467.82 580365.19 11537252.27
========= ========= ========= ===========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 17170.84 12404.00 2909.39 319900.92
ACCRUED PAYROLL 2981.42 2706.63 2488.17 121429.91
TAXES OTHER THAN INCOME 1885.10 1529.76 3779.35 66626.51
INTEREST PAYABLE 0.00 0.00 0.00 0.00
INCOME TAXES PAYABLE 0.00 0.00 0.00 -16384.32
CUSTOMER DEPOSITS 0.00 8680.00 0.00 177469.70
DIVIDENDS PAYABLE 0.00 0.00 0.00 0.00
OTHER CURRENT LIABILITIES 0.00 0.00 0.00 2088.82
NOTES PAYABLE INTERCOMPANY 519857.16 99517.19 44887.31 3144498.56
NOTES PAYABLE 0.00 0.00 244738.82 244738.82
DEFERRED INCOME TAXES 125200.00 87400.00 74400.00 1304000.00
OTHER DEFERRED CREDITS 0.00 0.00 0.00 0.00
DEFERRED LOSS 0.00 0.00 0.00 0.00
PREFERRED STOCK 0.00 0.00 0.00 0.00
COMMON STOCK 0.00 0.00 0.00 3500.00
PAID IN OR CAPITAL SURPLUS 0.00 0.00 0.00 195966.06
RETAINED EARNINGS -215333.37 73230.24 207162.15 5973417.29
TREASURY STOCK 0.00 0.00 0.00 0.00
---------- --------- --------- -----------
TOTAL LIABILITIES & EQUITY 451761.15 285467.82 580365.19 11537252.27
========== ========= ========= ===========
</TABLE>
<PAGE> 24
<TABLE>
<CAPTION>
DAWSON NGL DAWSON HDQ TOTAL DAWSON
---------- ---------- ------------
<S> <C> <C> <C>
ASSETS DAWSON OIL CO. LTD
1/31/98
CASH -702336.24 -32111.83 -734448.07
TRADE NOTES AND ACCOUNTS REC 3200542.75 41.55 3200584.30
ALLOWANCE FOR BAD DEBTS -53000.00 0.00 -53000.00
INVENTORIES 4439246.06 -40912.72 4398333.34
PREPAID EXPENSES 20548.72 10434.00 30982.72
ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00
NOTES RECEIVABLE,OTHER 0.00 0.00 0.00
LOANS TO STOCKHOLDERS 0.00 0.00 0.00
NOTES RECEIVABLE, INTERCOMPANY 173489.48 720433.73 893923.21
OTHER INVESTMENTS 0.00 0.00 0.00
BUILDINGS & OTHER DEPRECIABLE 52361.95 1245536.74 1297898.69
ACCUMULATED DEPRECIATION -43357.33 -172731.42 -216088.75
LAND 0.00 0.00 0.00
INTANGIBLE ASSETS 0.00 0.00 0.00
CSV LIFE INSURANCE 0.00 0.00 0.00
INVESTMENT IN WHOLLY OWNED SUB 0.00 0.00 0.00
INVESTMENT IN ASSOCIATED CO 0.00 0.00 0.00
UNAMORTIZED DEFERRED DEBT EXPE 0.00 0.00 0.00
LAND HELD FOR INVESTMENT 0.00 0.00 0.00
GOODWILL 1000.00 0.00 1000.00
MISCELLANEOUS DEFERRED DEBITS 0.00 0.00 0.00
---------- ---------- ----------
TOTAL ASSETS 7088495.39 1730690.05 8819185.44
========== ========== ==========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 2678032.22 28064.13 2706096.35
ACCRUED PAYROLL 10038.30 0.00 10038.30
TAXES OTHER THAN INCOME 3975.08 155.44 4130.52
INTEREST PAYABLE 0.00 195.28 195.28
INCOME TAXES PAYABLE 0.00 2447.33 2447.33
CUSTOMER DEPOSITS 0.00 0.00 0.00
DIVIDENDS PAYABLE 0.00 0.00 0.00
OTHER CURRENT LIABILITIES 2489.40 0.00 2489.40
NOTES PAYABLE INTERCOMPANY 4582744.35 0.00 4582744.35
NOTES PAYABLE 0.00 827053.13 827053.13
DEFERRED INCOME TAXES -11200.00 151200.00 140000.00
OTHER DEFERRED CREDITS 0.00 0.00 0.00
DEFERRED LOSS 0.00 0.00 0.00
PREFERRED STOCK 0.00 0.00 0.00
COMMON STOCK 10000.00 0.00 10000.00
PAID IN OR CAPITAL SURPLUS 0.00 0.00 0.00
RETAINED EARNINGS -187583.96 721574.74 533990.78
TREASURY STOCK 0.00 0.00 0.00
---------- ---------- ----------
TOTAL LIABILITIES & EQUITY 7088495.39 1730690.05 8819185.44
========== ========== ==========
</TABLE>
<PAGE> 25
<TABLE>
<CAPTION>
HIAWATHA MBG-MINN OLSON`S TOMAH MNG MIDWEST LPG TOTAL OT SUB
---------- ---------- ---------- ---------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS OTHER SUBSIDIARIES
1/31/98
CASH 5773.04 7163.06 4801.26 5573.01 30506.67 -129.76 53687.28
TRADE NOTES AND ACCOUNTS REC 89593.67 67247.01 62095.13 18065.16 1364122.02 0.00 1601122.99
ALLOWANCE FOR BAD DEBTS -12000.00 -2000.00 -2500.00 -5000.00 -27500.00 0.00 -49000.00
INVENTORIES 12229.60 19238.62 98292.60 18351.41 300890.10 0.00 449002.33
PREPAID EXPENSES 4636.00 5203.00 15704.80 4033.00 87871.18 294.00 117741.98
ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE,OTHER 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LOANS TO STOCKHOLDERS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE, INTERCOMPANY 0.00 0.00 603.20 0.00 47.00 0.00 650.20
OTHER INVESTMENTS 0.00 0.00 0.00 0.00 750.00 0.00 750.00
BUILDINGS & OTHER DEPRECIABLE 595460.95 504866.07 919858.04 578558.45 14864442.79 20435.73 17483622.03
ACCUMULATED DEPRECIATION -420344.40 -399588.44 -724015.66 -469040.09 -4506598.84 -16682.17 -6536269.60
LAND 22297.87 20449.84 11037.00 2000.00 112065.59 0.00 167850.30
INTANGIBLE ASSETS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CSV LIFE INSURANCE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INVESTMENT IN WHOLLY OWNED SUB 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INVESTMENT IN ASSOCIATED CO 0.00 0.00 0.00 0.00 0.00 0.00 0.00
UNAMORTIZED DEFERRED DEBT EXPE 0.00 0.00 0.00 0.00 21178.48 0.00 21178.48
LAND HELD FOR INVESTMENT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
GOODWILL 0.00 0.00 0.00 250.00 0.00 0.00 250.00
MISCELLANEOUS DEFERRED DEBITS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- ----------- ------- -----------
TOTAL ASSETS 297646.73 222579.16 385876.37 152790.94 12247774.99 3917.80 13310585.99
========= ========= ========= ========= =========== ======= ===========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 17721.92 55575.99 56952.35 23331.50 743334.34 0.00 896916.10
ACCRUED PAYROLL 7277.99 8590.40 10969.96 4597.43 47145.01 0.00 78580.79
TAXES OTHER THAN INCOME 5231.00 5004.43 5931.86 3483.59 27192.68 0.00 46843.56
INTEREST PAYABLE 0.00 0.00 0.00 0.00 106388.56 0.00 106388.56
INCOME TAXES PAYABLE -258.53 549.69 -100.23 1354.32 1601.45 1791.00 4937.70
CUSTOMER DEPOSITS 4640.00 6680.00 80.00 16560.00 30283.19 0.00 58243.19
DIVIDENDS PAYABLE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OTHER CURRENT LIABILITIES 0.00 0.00 0.00 0.00 256242.91 0.00 256242.91
NOTES PAYABLE INTERCOMPANY 17665.00 20836.00 62095.34 7483.64 1428664.05 9362.00 1546106.03
NOTES PAYABLE 0.00 0.00 0.00 0.00 3838852.12 0.00 3838852.12
DEFERRED INCOME TAXES 73600.00 47800.00 36300.00 63600.00 679200.00 18500.00 919000.00
OTHER DEFERRED CREDITS 0.00 0.00 0.00 0.00 13549.84 0.00 13549.84
DEFERRED LOSS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PREFERRED STOCK 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COMMON STOCK 1000.00 40000.00 136900.00 500.00 627070.00 1000.00 806470.00
PAID IN OR CAPITAL SURPLUS 0.00 3895.00 2755.00 0.00 1557961.00 0.00 1564611.00
RETAINED EARNINGS 170769.35 33647.65 73992.09 31880.46 2890289.84 -26735.20 3173844.19
TREASURY STOCK 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- ----------- --------- -----------
TOTAL LIABILITIES & EQUITY 297646.73 222579.16 385876.37 152790.94 12247774.99 3917.80 13310585.99
========= ========= ========= ========= =========== ========= ===========
</TABLE>
<PAGE> 26
<TABLE>
<CAPTION>
CMI
-----------
<S> <C>
ASSETS CONSOLIDATED MIDWEST, INC. (ONLY)
1/31/98
CASH 0.00
TRADE NOTES AND ACCOUNTS REC 0.00
ALLOWANCE FOR BAD DEBTS 0.00
INVENTORIES 0.00
PREPAID EXPENSES 0.00
ACCRUED INTEREST RECEIVABLE 0.00
NOTES RECEIVABLE,OTHER 0.00
LOANS TO STOCKHOLDERS 0.00
NOTES RECEIVABLE, INTERCOMPANY 0.00
OTHER INVESTMENTS 0.00
BUILDINGS & OTHER DEPRECIABLE 0.00
ACCUMULATED DEPRECIATION 0.00
LAND 0.00
INTANGIBLE ASSETS 0.00
CSV LIFE INSURANCE 0.00
INVESTMENT IN WHOLLY OWNED SUB 17599908.11
INVESTMENT IN ASSOCIATED CO 0.00
UNAMORTIZED DEFERRED DEBT EXPE 0.00
LAND HELD FOR INVESTMENT 0.00
GOODWILL 0.00
MISCELLANEOUS DEFERRED DEBITS 0.00
-----------
TOTAL ASSETS 17599908.11
===========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 0.00
ACCRUED PAYROLL 0.00
TAXES OTHER THAN INCOME 0.00
INTEREST PAYABLE 0.00
INCOME TAXES PAYABLE 930.00
CUSTOMER DEPOSITS 0.00
DIVIDENDS PAYABLE 0.00
OTHER CURRENT LIABILITIES 0.00
NOTES PAYABLE INTERCOMPANY 4929322.14
NOTES PAYABLE 1002974.48
DEFERRED INCOME TAXES 0.00
OTHER DEFERRED CREDITS 0.00
DEFERRED LOSS 0.00
PREFERRED STOCK 0.00
COMMON STOCK 178725.00
PAID IN OR CAPITAL SURPLUS 1535221.00
RETAINED EARNINGS 9952735.49
TREASURY STOCK 0.00
-----------
TOTAL LIABILITIES & EQUITY 17599908.11
===========
</TABLE>
<PAGE> 27
ASSETS
<TABLE>
<CAPTION>
LA CROSSE MONDOVI RICHARD CTR C & H CHETEK PRAIRIE TRUCK TRANS TANK CAR
----------- --------- ----------- --------- --------- ------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MIDWEST BOTTLE GAS CO.
01/31/98
INCOME
GROSS SALES LESS RETURNS 5576807.26 680360.74 813100.15 606911.52 695633.91 280847.68 0.00 51944.10
COST OF GOODS SOLD 3768046.62 386370.96 470092.30 366831.25 417171.09 167617.69 -489223.06 0.00
----------- --------- --------- --------- --------- --------- ---------- --------
GROSS PROFIT 1808760.64 293989.78 343007.85 240080.27 278462.82 113229.99 489223.06 51944.10
DIVIDEND INCOME 146.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INTEREST INCOME 962281.86 4993.91 5490.60 8077.89 2537.71 1777.40 329.06 0.00
GROSS RENTS 181309.15 1840.00 760.23 0.00 250.00 447.50 0.00 0.00
GAIN(LOSS)SALE OF FIXED ASSETS 4837.49 -200.08 0.00 0.00 100.00 0.00 0.00 0.00
SERVICE CALLS & CONTRACTED SER 155005.13 8599.62 10584.19 5912.79 9441.42 6036.83 0.00 0.00
ADMINISTRATIVE FEE 416949.32 -16517.36 -18239.20 -13281.91 -17432.89 -5586.23 -11400.00 0.00
CYLINDER & LEASE INCOME 454.00 661.00 38.00 286.64 5936.48 2577.00 0.00 0.00
MISCELLANEOUS INCOME 6284.69 5892.25 139.08 219.97 182.83 346.21 1792.01 0.00
----------- --------- --------- --------- --------- --------- ---------- --------
TOTAL INCOME 3536028.84 299259.12 341780.75 241295.65 279478.37 118828.70 479944.13 51944.10
----------- --------- --------- --------- --------- --------- ---------- --------
SALARIES & WAGES 1206694.93 84063.99 114482.92 99476.53 83727.07 56305.27 106543.72 0.00
REPAIRS 175640.60 13524.68 4468.99 8839.16 3965.40 11387.94 44553.44 14550.74
BAD DEBTS 9191.55 2609.03 2944.74 12537.64 361.48 2901.20 0.00 0.00
RENTS 131573.79 0.00 3100.00 0.00 0.00 1600.00 0.00 0.00
TAXES 166198.45 8883.70 11665.84 10307.12 8682.44 6599.81 0.00 -897.98
INTEREST 946317.97 795.65 171.64 26577.35 29773.09 20663.31 1171.57 8180.41
CONTRIBUTIONS 1763.28 131.76 70.40 55.00 275.00 0.00 0.00 0.00
DEPRECIATION 194467.02 35227.87 30665.00 53700.48 70627.15 23447.85 55315.24 0.00
ADVERTISING 219298.46 8318.76 8723.45 14427.95 5099.61 6601.59 0.00 0.00
PENSION, PROFIT SHARING 14266.17 326.89 608.77 -114.00 0.00 0.00 0.00 0.00
EMPLOYEE BENEFIT PROGRAMS 50224.87 15049.35 11442.18 8479.81 11764.45 3243.87 44856.50 0.00
AMORTIZATION 39990.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BONDS & LICENSES 2587.00 0.00 0.00 450.00 370.00 150.00 6127.21 0.00
DUES & SUBSCRIPTIONS 13011.20 390.30 507.30 419.55 480.30 390.30 0.00 0.00
INSURANCE 51592.25 6987.00 8271.00 5914.00 8725.00 3789.00 5190.00 341.00
PROFESSIONAL FEES 89369.74 700.00 700.00 700.00 700.00 700.00 275.00 243.00
ADMINISTRATIVE, OFFICE 67315.71 7147.43 4784.89 7400.62 7235.73 7086.65 161.94 275.00
AUTO & TRUCK EXPENSE 159126.93 18531.74 16488.74 27930.50 17647.23 12111.34 70001.32 0.00
TRAVEL 174298.34 443.53 37.28 14.73 0.00 12.17 3089.01 0.00
TELEPHONE 27136.43 4257.11 2928.36 3341.00 1717.09 1831.73 276.82 0.00
UTILITIES 32697.08 3896.44 1556.73 1632.27 2014.09 1975.01 412.97 0.00
SELLING EXPENSE 10725.49 590.00 1669.78 1321.22 600.00 250.00 0.00 0.00
SHOP SUPPLIES EXPENSE 12075.20 1611.99 762.49 1293.10 765.83 1266.76 0.00 0.00
MISCELLANEOUS 9920.36 312.97 1748.00 143.31 533.83 292.39 520.75 1913.39
OUTSIDE SERVICES & COLLECTION -150962.56 6926.32 6556.70 4560.88 6140.26 6011.25 3600.00 0.00
UTILITY MERCHANDISING,JOBBING 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
UTILITY PLANT OPERATING EXPENS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COMMITMENT FEE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------- --------- --------- --------- --------- --------- ---------- --------
TOTAL DEDUCTIONS 3654520.72 220726.51 234355.20 289408.22 261205.05 168617.44 342095.49 24605.56
INCOME TAXES -88400.00 27600.00 36900.00 -15100.00 7500.00 -17600.00 48400.00 9300.00
----------- --------- --------- --------- --------- --------- ---------- --------
NET INCOME(LOSS) -30091.88 50932.61 70525.55 -33012.57 10773.32 -32188.74 89448.64 18038.54
=========== ========== ========= ========= ========= ========= ========== ========
<CAPTION>
WILL'S REEDSGAS EAU CLAIRE SHELL LAKE MINOCQUA TOTAL MBG
------ -------- ---------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
MIDWEST BOTTLE GAS CO.
01/31/98
GROSS SALES LESS RETURNS 1123488.74 1299914.45 557037.21 884020.49 2248523.19 14818625.44
COST OF GOODS SOLD 633603.62 740193.75 241788.10 544742.28 1200737.41 8547972.01
---------- ---------- ---------- --------- ---------- -----------
GROSS PROFIT 489885.12 559720.70 215249.11 339278.21 1047821.78 6270653.43
DIVIDEND INCOME 0.00 51.54 0.00 0.00 0.00 198.10
INTEREST INCOME 6668.90 17203.31 6314.61 12125.74 17515.83 1045316.82
GROSS RENTS 0.00 3611.39 0.00 0.00 0.00 188218.27
GAIN(LOSS)SALE OF FIXED ASSETS 0.00 -1600.00 0.00 0.00 0.00 3137.41
SERVICE CALLS & CONTRACTED SER 15432.30 11860.33 3536.57 6805.05 36185.02 269399.25
ADMINISTRATIVE FEE -24573.93 -32080.09 -13633.06 -23427.60 -2187.66 238589.39
CYLINDER & LEASE INCOME 80.00 262.85 206.01 64.00 37153.29 47719.27
MISCELLANEOUS INCOME 3030.02 414.53 669.61 95.00 514.55 19580.75
---------- ---------- ---------- --------- ---------- -----------
TOTAL INCOME 490522.41 559444.56 212342.85 334940.40 1137002.81 8082812.69
---------- ---------- ---------- --------- ---------- -----------
SALARIES & WAGES 153301.71 144108.59 89366.17 86713.55 259913.06 2484697.51
REPAIRS 5464.02 44120.31 23506.40 5160.38 16165.37 371347.43
BAD DEBTS 9912.85 12431.16 11613.35 1083.23 12980.14 78566.37
RENTS 0.00 0.00 0.00 0.00 3600.00 139873.79
TAXES 14519.52 14941.87 13328.53 8109.53 28030.13 290368.96
INTEREST 77074.98 166944.38 69180.33 72960.84 258998.24 1678809.76
CONTRIBUTIONS 45.00 19.27 126.00 490.00 60.00 3035.71
DEPRECIATION 141676.46 162087.88 78622.16 88890.56 210430.53 1145158.20
ADVERTISING 20308.45 10675.97 9332.61 2860.93 47069.22 352717.00
PENSION, PROFIT SHARING 280.60 236.31 169.00 514.56 1851.66 18139.96
EMPLOYEE BENEFIT PROGRAMS 14240.06 17454.79 6676.22 3449.34 25903.00 212784.44
AMORTIZATION 51250.08 75447.24 0.00 0.00 87184.80 253872.58
BONDS & LICENSES 395.00 0.00 300.00 480.00 459.50 11318.71
DUES & SUBSCRIPTIONS 390.30 1165.30 459.30 390.30 825.30 18429.45
INSURANCE 13299.00 14940.00 7617.00 9399.00 19570.00 155634.25
PROFESSIONAL FEES 700.00 700.00 700.00 700.00 73872.08 170059.82
ADMINISTRATIVE, OFFICE 7612.32 15095.83 7125.87 7995.17 23539.43 162776.59
AUTO & TRUCK EXPENSE 29320.98 60977.01 29614.91 31885.60 62209.03 535845.33
TRAVEL 409.19 19.57 357.06 0.00 134.72 178815.60
TELEPHONE 3312.31 4347.74 4499.89 3879.44 6137.28 63665.20
UTILITIES 6434.56 3587.69 1954.20 1472.76 3556.79 61190.59
SELLING EXPENSE 884.60 2588.96 110.00 750.00 3561.35 23051.40
SHOP SUPPLIES EXPENSE 2296.11 2778.98 1560.75 1176.44 4232.41 29820.06
MISCELLANEOUS 871.65 795.05 539.51 306.97 10727.50 28625.68
OUTSIDE SERVICES & COLLECTION 6395.26 6776.64 6144.12 6004.78 6064.00 -85782.35
UTILITY MERCHANDISING,JOBBING 0.00 0.00 0.00 0.00 0.00 0.00
UTILITY PLANT OPERATING EXPENS 0.00 0.00 0.00 0.00 0.00 0.00
COMMITMENT FEE 0.00 0.00 0.00 0.00 0.00 0.00
---------- ---------- ---------- --------- ---------- -----------
TOTAL DEDUCTIONS 560395.01 762240.54 362903.38 334673.38 1167075.54 8382822.04
INCOME TAXES -23200.00 -68800.00 -49400.00 4900.00 4900.00 -123000.00
---------- ---------- ---------- --------- ---------- -----------
NET INCOME(LOSS) -46672.60 -133995.98 -101160.53 -4632.98 -34972.73 -177009.35
========== ========== ========== ========= ========== ===========
</TABLE>
<PAGE> 28
<TABLE>
<CAPTION>
TGF-HDQ KAY DAWSON COMMERCIAL EARLY MORING THRIFTY TROUP ECONOMY
--------- ---------- ---------- --------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TRU-GAS OF FLORIDA, INC.
1/31/98
INCOME
GROSS SALES LESS RETURNS 0.00 643798.73 691994.29 610677.48 3353889.33 453872.06 528851.16 355350.17
COST OF GOODS SOLD -81285.05 309780.08 326229.88 371186.90 1670547.66 194342.10 191037.22 141535.38
---------- ---------- --------- --------- ---------- --------- --------- ---------
GROSS PROFIT 81285.05 334018.65 365764.41 239490.58 1683341.67 259529.88 337813.94 213814.79
DIVIDEND INCOME 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INTEREST INCOME 94273.90 5073.55 1719.82 2325.98 51304.91 3057.52 3303.73 1819.79
GROSS RENTS 11090.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00
GAIN(LOSS)SALE OF FIXED ASSETS 4737.00 0.00 -1750.00 -300.00 -1500.00 -500.00 65135.42 0.00
SERVICE CALLS & CONTRACTED SER 0.00 19210.29 29749.68 10352.50 46778.87 25350.00 22534.72 6718.02
ADMINISTRATIVE FEE 0.00 -12266.45 -12164.41 -16964.29 -64486.55 -5349.10 -6888.09 -6145.20
CYLINDER & LEASE INCOME 0.00 22254.79 12484.81 16568.59 311.51 23934.80 35283.00 12894.00
MISCELLANEOUS INCOME 0.00 1363.37 2751.10 1977.12 6533.01 1301.95 1273.49 574.49
--------- ---------- --------- --------- ---------- --------- --------- ---------
TOTAL INCOME 191386.15 369654.20 398555.41 253450.48 1722283.42 307325.05 458456.21 229675.89
--------- ---------- --------- --------- ---------- --------- --------- ---------
SALARIES & WAGES 107227.77 190615.08 137354.09 97559.30 626653.56 112167.06 121500.07 73495.89
REPAIRS 335.32 14869.45 11335.03 8088.70 89194.15 4876.62 10029.87 6459.08
BAD DEBTS 0.00 4869.57 3958.45 1001.93 46827.58 4991.34 2280.19 2180.62
RENTS 0.00 6585.89 3600.00 0.00 0.00 0.00 0.00 0.00
TAXES 6250.15 18192.57 17938.97 7851.22 72063.12 15652.01 17046.79 7688.79
INTEREST 0.00 111094.06 727.61 4547.39 58813.37 257.26 311.34 39588.50
CONTRIBUTIONS 0.00 0.00 0.00 0.00 9055.76 0.00 0.00 0.00
DEPRECIATION 7635.39 89306.87 38068.52 21834.67 319541.52 41051.27 25406.59 33279.78
ADVERTISING 0.00 6288.49 2654.62 1440.91 12578.87 3904.33 2989.80 2801.20
PENSION, PROFIT SHARING 393.95 156.00 1003.11 328.14 547.71 423.22 713.33 210.00
EMPLOYEE BENEFIT PROGRAMS 10315.33 21086.24 15632.21 19972.16 73828.23 8306.20 19176.82 7330.94
AMORTIZATION 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BONDS & LICENSES 205.00 5016.50 1254.00 200.00 2696.50 507.00 1050.25 530.00
DUES & SUBSCRIPTIONS 100.00 781.51 589.15 727.15 2515.60 611.65 589.15 571.65
INSURANCE 945.00 13902.00 14659.00 10481.00 62762.00 11386.00 18346.00 7284.00
PROFESSIONAL FEES 625.00 1060.00 1262.80 1450.00 10069.72 1400.00 1363.50 955.00
ADMINISTRATIVE, OFFICE 16.09 12854.49 12396.77 8044.55 54547.46 13970.22 9176.59 7105.94
AUTO & TRUCK EXPENSE 0.00 43882.33 36008.45 27777.38 332487.45 21101.50 37448.85 30574.40
TRAVEL 114587.01 616.91 1478.89 682.82 1570.42 1195.21 2.00 0.00
TELEPHONE 0.00 12952.21 3690.03 2450.92 25682.18 3269.55 4320.66 1874.14
UTILITIES 0.00 4611.37 2793.97 2850.70 10185.84 4746.46 4450.64 1040.19
SELLING EXPENSE 0.00 50.00 50.00 0.00 163.00 25.00 157.40 25.00
SHOP SUPPLIES EXPENSE 0.00 763.68 878.90 266.85 7302.34 1273.72 997.72 199.53
MISCELLANEOUS 13.40 1757.06 2784.96 272.13 3000.79 1554.20 1734.07 895.70
OUTSIDE SERVICES & COLLECTION 6000.00 7200.00 7499.36 7238.00 10789.44 7450.13 7200.00 7543.49
UTILITY MERCHANDISING,JOBBING 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
UTILITY PLANT OPERATING EXPENS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COMMITMENT FEE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------- ---------- --------- --------- ---------- --------- --------- ---------
TOTAL DEDUCTIONS 254649.41 568512.28 317618.89 225065.92 1832876.61 260119.95 286291.63 231633.84
INCOME TAXES -23100.00 -74500.00 29700.00 11100.00 -41900.00 17500.00 64500.00 -1400.00
--------- ---------- --------- --------- ---------- --------- --------- ---------
NET INCOME(LOSS) -40163.26 -124358.08 51236.52 17284.56 -68693.19 29705.10 107664.58 -557.95
========= ========== ========= ========= ========== ========= ========= =========
<CAPTION>
MARION CITY ARROWOOD TOTAL TGF
----------- -------- ---------
<S> <C> <C> <C>
TRU-GAS OF FLORIDA, INC.
1/31/98
INCOME
GROSS SALES LESS RETURNS 391733.32 7150.00 7037316.54
COST OF GOODS SOLD 168343.87 0.00 3291718.12
----------- -------- ----------
GROSS PROFIT 223389.45 7150.00 3745598.42
DIVIDEND INCOME 0.00 0.00 0.00
INTEREST INCOME 1602.34 377.69 164859.23
GROSS RENTS 0.00 385947.68 397037.88
GAIN(LOSS)SALE OF FIXED ASSETS 0.00 0.00 65822.42
SERVICE CALLS & CONTRACTED SER 7060.99 0.00 167755.07
ADMINISTRATIVE FEE -6383.82 -24000.00 -154647.91
CYLINDER & LEASE INCOME 18010.78 0.00 141742.28
MISCELLANEOUS INCOME 266.36 2246.88 18287.77
--------- --------- ----------
TOTAL INCOME 243946.10 371722.25 4546455.16
--------- --------- ----------
SALARIES & WAGES 84613.98 26819.44 1578006.24
REPAIRS 14445.36 14844.67 174478.25
BAD DEBTS -541.82 0.00 65567.86
RENTS 3600.00 9281.00 23066.89
TAXES 6810.54 39045.39 208539.55
INTEREST 7699.74 22925.21 245964.48
CONTRIBUTIONS 0.00 20.00 9075.76
DEPRECIATION 32146.23 19447.67 627718.51
ADVERTISING 14158.20 3896.90 50713.32
PENSION, PROFIT SHARING 163.44 0.00 3938.90
EMPLOYEE BENEFIT PROGRAMS 10251.57 603.00 186502.70
AMORTIZATION 0.00 0.00 0.00
BONDS & LICENSES 649.00 1657.00 13765.25
DUES & SUBSCRIPTIONS 571.65 1937.50 8995.01
INSURANCE 4779.00 6940.00 151484.00
PROFESSIONAL FEES 1205.00 850.00 20241.02
ADMINISTRATIVE, OFFICE 6049.40 1005.09 125166.60
AUTO & TRUCK EXPENSE 37980.06 576.63 567837.05
TRAVEL 0.00 0.00 120133.26
TELEPHONE 1531.81 641.19 56412.69
UTILITIES 2447.68 34869.22 67996.07
SELLING EXPENSE 2361.60 400.00 3232.00
SHOP SUPPLIES EXPENSE 413.49 136.51 12232.74
MISCELLANEOUS 1082.89 710.31 13805.51
OUTSIDE SERVICES & COLLECTION 7378.91 3600.00 71899.33
UTILITY MERCHANDISING,JOBBING 0.00 0.00 0.00
UTILITY PLANT OPERATING EXPENS 0.00 0.00 0.00
COMMITMENT FEE 0.00 0.00 0.00
--------- --------- ----------
TOTAL DEDUCTIONS 239797.73 190206.73 4406772.99
INCOME TAXES 1200.00 67900.00 51000.00
--------- --------- ----------
NET INCOME(LOSS) 2948.37 113615.52 88682.17
========= ========= ==========
</TABLE>
<PAGE> 29
<TABLE>
<CAPTION>
DAWSON NGL DAWSON HDQ TOTAL DAWSON
---------- ---------- ------------
<S> <C> <C> <C>
DAWSON OIL CO., LTD.
1/31/98
INCOME
GROSS SALES LESS RETURNS 28984714.63 0.00 28984714.63
COST OF GOODS SOLD 28731176.95 -441625.12 28289551.83
----------- ---------- -----------
GROSS PROFIT 253537.68 441625.12 695162.80
DIVIDEND INCOME 0.00 0.00 0.00
INTEREST INCOME 78040.81 14431.44 92472.25
GROSS RENTS 0.00 0.00 0.00
GAIN(LOSS)SALE OF FIXED ASSETS 0.00 0.00 0.00
SERVICE CALLS & CONTRACTED SER 0.00 0.00 0.00
ADMINISTRATIVE FEE -24000.00 0.00 -24000.00
CYLINDER & LEASE INCOME 2544.00 0.00 2544.00
MISCELLANEOUS INCOME 0.00 45.00 45.00
----------- ---------- -----------
TOTAL INCOME 310122.49 456101.56 766224.05
----------- ---------- -----------
SALARIES & WAGES 117761.80 0.00 117761.80
REPAIRS 0.00 0.00 0.00
BAD DEBTS 18000.00 0.00 18000.00
RENTS 10633.72 15653.16 26286.88
TAXES 8133.61 0.00 8133.61
INTEREST 99233.53 75900.88 175134.41
CONTRIBUTIONS 650.00 0.00 650.00
DEPRECIATION 4960.98 111623.78 116584.76
ADVERTISING 1567.40 0.00 1567.40
PENSION, PROFIT SHARING 770.46 0.00 770.46
EMPLOYEE BENEFIT PROGRAMS 3009.25 0.00 3009.25
AMORTIZATION 0.00 0.00 0.00
BONDS & LICENSES 50.00 50.00 100.00
DUES & SUBSCRIPTIONS 1641.95 1564.53 3206.48
INSURANCE 5201.00 11863.75 17064.75
PROFESSIONAL FEES 8267.35 625.00 8892.35
ADMINISTRATIVE, OFFICE 46441.10 145.62 46586.72
AUTO & TRUCK EXPENSE 0.00 0.00 0.00
TRAVEL 2727.28 -147596.83 -144869.55
TELEPHONE 9391.30 253.14 9644.44
UTILITIES 0.00 0.00 0.00
SELLING EXPENSE 0.00 0.00 0.00
SHOP SUPPLIES EXPENSE 0.00 0.00 0.00
MISCELLANEOUS 2966.48 42.06 3008.54
OUTSIDE SERVICES & COLLECTION 0.00 6000.00 6000.00
UTILITY MERCHANDISING,JOBBING 0.00 0.00 0.00
UTILITY PLANT OPERATING EXPENS 0.00 0.00 0.00
COMMITMENT FEE 0.00 0.00 0.00
----------- ---------- -----------
TOTAL DEDUCTIONS 341407.21 76125.09 417532.30
INCOME TAXES -9300.00 141300.00 132000.00
----------- ---------- -----------
NET INCOME(LOSS) -21984.72 238676.47 216691.75
=========== ========== ===========
</TABLE>
<PAGE> 30
<TABLE>
<CAPTION>
HIAWATHA MBG-MINN OLSON'S TOMAH MNG MIDWEST LPG TOTAL OT SUB
--------- --------- --------- --------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
OTHER SUBSIDIARIES
1/31/98
INCOME
GROSS SALES LESS RETURNS 665372.96 688862.41 933297.04 580307.29 8332286.12 0.00 11200125.82
COST OF GOODS SOLD 358860.31 421559.86 590348.12 365135.17 5842900.87 0.00 7578804.33
--------- --------- --------- ---------- ---------- --------- ----------
GROSS PROFIT 306512.65 267302.55 342948.92 215172.12 2489385.25 0.00 3621321.49
DIVIDEND INCOME 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INTEREST INCOME 10298.58 3945.70 8713.47 3571.96 1000.62 135.86 27666.19
GROSS RENTS 180.00 39260.50 2715.93 60.00 2700.00 0.00 44916.43
GAIN(LOSS)SALE OF FIXED ASSETS 0.00 -1139.74 0.00 24100.00 100.00 0.00 23060.26
SERVICE CALLS & CONTRACTED SER 5660.11 8199.95 9664.56 5728.75 66161.87 66579.43 161994.67
ADMINISTRATIVE FEE -16212.38 -17097.14 -11382.20 -15249.76 0.00 0.00 -59941.48
CYLINDER & LEASE INCOME 10.00 49.00 218.00 27.00 0.00 0.00 304.00
MISCELLANEOUS INCOME 78.94 421.93 783.75 107.18 0.00 0.00 1391.80
--------- --------- --------- --------- ---------- --------- ----------
TOTAL INCOME 306527.90 300942.75 353662.43 233517.25 2559347.74 66715.29 3820713.36
--------- --------- --------- --------- ---------- --------- ----------
SALARIES & WAGES 87365.10 92836.08 153938.74 79112.58 353847.07 0.00 767099.57
REPAIRS 7177.17 4113.71 10898.12 8840.34 86072.69 0.00 117102.03
BAD DEBTS 869.30 3929.10 6293.70 6390.18 31574.79 0.00 49057.07
RENTS 0.00 5473.00 17186.09 507.56 30380.00 0.00 53546.65
TAXES 9250.82 13875.52 16505.98 8459.11 134983.12 0.00 183074.55
INTEREST 2148.03 641.86 5473.82 771.02 495279.14 48.95 504362.82
CONTRIBUTIONS 1300.54 200.10 159.00 0.00 0.00 0.00 1659.64
DEPRECIATION 41905.99 22811.61 32166.39 25298.87 488627.23 3707.15 614517.24
ADVERTISING 7971.04 3207.07 8710.76 4008.72 -3522.83 0.00 20374.76
PENSION, PROFIT SHARING 310.35 352.13 376.00 416.26 1252.67 0.00 2707.41
EMPLOYEE BENEFIT PROGRAMS 8593.38 10141.22 11484.26 7690.18 24575.46 0.00 62484.50
AMORTIZATION 0.00 0.00 0.00 0.00 2420.40 0.00 2420.40
BONDS & LICENSES 105.00 110.00 50.00 25.00 0.00 444.00 734.00
DUES & SUBSCRIPTIONS 444.15 544.15 443.30 390.50 0.00 165.00 1987.10
INSURANCE 7920.00 8932.00 9197.00 7403.00 11755.00 511.00 45718.00
PROFESSIONAL FEES 950.00 950.00 2200.00 1200.00 23040.81 400.00 28740.81
ADMINISTRATIVE, OFFICE 7774.66 5213.08 6038.50 7216.52 22476.71 437.57 49157.04
AUTO & TRUCK EXPENSE 19349.91 17672.63 24597.55 29567.04 0.00 5854.61 97041.74
TRAVEL 0.00 12.17 587.74 0.00 0.00 2289.93 2889.84
TELEPHONE 1936.20 2116.01 2648.51 868.98 0.00 2067.42 9637.12
UTILITIES 1258.25 6605.32 4103.43 1874.15 0.00 0.00 13841.15
SELLING EXPENSE 315.00 530.00 1326.67 1000.00 10743.81 0.00 13915.48
SHOP SUPPLIES EXPENSE 785.77 1165.13 4345.25 156.49 0.00 0.00 6452.64
MISCELLANEOUS 1009.37 2485.04 23219.55 454.87 10883.92 0.00 38052.75
OUTSIDE SERVICES & COLLECTION 6000.00 2400.00 6000.00 6000.00 79819.73 0.00 100219.73
UTILITY MERCHANDISING,JOBBING 0.00 0.00 0.00 0.00 0.00 0.00 0.00
UTILITY PLANT OPERATING EXPENS 0.00 0.00 0.00 0.00 36564.20 0.00 36564.20
COMMITMENT FEE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
--------- --------- --------- --------- ---------- --------- ----------
TOTAL DEDUCTIONS 214740.03 206316.93 347950.36 197651.37 1840773.92 15925.63 2823358.24
INCOME TAXES 31600.00 32800.00 2300.00 14600.00 273200.07 20500.00 375000.07
--------- --------- --------- --------- ---------- --------- ----------
NET INCOME(LOSS) 60187.87 61825.82 3412.07 21265.88 445373.75 30289.66 622355.05
========= ========= ========= ========= ========== ========= ==========
</TABLE>
<PAGE> 31
<TABLE>
<CAPTION>
CMI
---------
<S> <C>
CONSOLIDATED MIDWEST, INC. (ONLY)
1/31/98
INCOME
GROSS SALES LESS RETURNS 0.00
COST OF GOODS SOLD 0.00
---------
GROSS PROFIT 0.00
DIVIDEND INCOME 0.00
INTEREST INCOME 0.00
GROSS RENTS 0.00
GAIN(LOSS)SALE OF FIXED ASSETS 0.00
SERVICE CALLS & CONTRACTED SER 0.00
ADMINISTRATIVE FEE 0.00
CYLINDER & LEASE INCOME 0.00
MISCELLANEOUS INCOME 0.00
---------
TOTAL INCOME 0.00
---------
SALARIES & WAGES 0.00
REPAIRS 0.00
BAD DEBTS 0.00
RENTS 0.00
TAXES 0.00
INTEREST 83058.01
CONTRIBUTIONS 0.00
DEPRECIATION 0.00
ADVERTISING 0.00
PENSION, PROFIT SHARING 0.00
EMPLOYEE BENEFIT PROGRAMS 0.00
AMORTIZATION 0.00
BONDS & LICENSES 25.00
DUES & SUBSCRIPTIONS 0.00
INSURANCE 0.00
PROFESSIONAL FEES 0.00
ADMINISTRATIVE, OFFICE 0.00
AUTO & TRUCK EXPENSE 0.00
TRAVEL 0.00
TELEPHONE 0.00
UTILITIES 0.00
SELLING EXPENSE 0.00
SHOP SUPPLIES EXPENSE 0.00
MISCELLANEOUS 0.00
OUTSIDE SERVICES & COLLECTION 0.00
UTILITY MERCHANDISING,JOBBING 0.00
UTILITY PLANT OPERATING EXPENS 0.00
COMMITMENT FEE 0.00
---------
TOTAL DEDUCTIONS 83083.01
INCOME TAXES -28000.00
---------
NET INCOME(LOSS) -55083.01
=========
</TABLE>
<PAGE> 32
<TABLE>
<CAPTION>
TOT TGF TOT DAWSON TOT OTH SUB OTAL MBG GRAND TOTAL
--------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS - CONSOLIDATED 1/31/98
CASH 315029.92 -734448.07 53687.28 1867953.71 1502222.84
TRADE NOTES AND ACCOUNTS REC 975573.27 3200584.30 1601122.99 1087138.70 6864419.26
ALLOWANCE FOR BAD DEBTS -78500.00 -53000.00 -49000.00 -118000.00 -298500.00
INVENTORIES 646280.09 4398333.34 449002.33 1556627.58 7050243.34
PREPAID EXPENSES 103311.75 30982.72 117741.98 97346.00 349382.45
ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00 0.00 0.00
NOTES RECEIVABLE,OTHER 0.00 0.00 0.00 0.00 0.00
LOANS TO STOCKHOLDERS 0.00 0.00 0.00 75865.06 75865.06
NOTES RECEIVABLE, INTERCOMPANY 4609220.05 893923.21 650.20 19479552.86 24983346.32
OTHER INVESTMENTS 0.00 0.00 750.00 26521.87 27271.87
BUILDINGS & OTHER DEPRECIABLE 11469040.19 1297898.69 17483622.03 17353134.23 47603695.14
ACCUMULATED DEPRECIATION -7485272.26 -216088.75 -6536269.60 -7713616.16 21951246.77
LAND 807700.13 0.00 167850.30 538058.78 1513609.21
INTANGIBLE ASSETS 0.00 0.00 0.00 12409.50 12409.50
CSV LIFE INSURANCE 0.00 0.00 0.00 701282.77 701282.77
INVESTMENT IN WHOLLY OWNED SUB 0.00 0.00 0.00 11370121.06 11370121.06
INVESTMENT IN ASSOCIATED CO 0.00 0.00 0.00 61098.60 61098.60
UNAMORTIZED DEFERRED DEBT EXPE 0.00 0.00 21178.48 50128.78 71307.26
LAND HELD FOR INVESTMENT 0.00 0.00 0.00 0.00 0.00
GOODWILL 5050.00 1000.00 250.00 20657.00 26957.00
MISCELLANEOUS DEFERRED DEBITS 169819.13 0.00 0.00 918163.18 1087982.31
----------- ---------- ----------- ----------- -----------
TOTAL ASSETS 11537252.27 8819185.44 13310585.99 47384443.52 81051467.22
=========== ========== =========== =========== ===========
LIABILITIES & EQUITY
ACCOUNTS PAYABLE 319900.92 2706096.35 896916.10 1215345.26 5138258.63
ACCRUED PAYROLL 121429.91 10038.30 78580.79 131535.74 341584.74
TAXES OTHER THAN INCOME 66626.51 4130.52 46843.56 88877.58 206478.17
INTEREST PAYABLE 0.00 195.28 106388.56 183462.95 290046.79
INCOME TAXES PAYABLE -16384.32 2447.33 4937.70 -79166.59 -88165.88
CUSTOMER DEPOSITS 177469.70 0.00 58243.19 61587.88 297300.77
DIVIDENDS PAYABLE 0.00 0.00 0.00 0.00 0.00
OTHER CURRENT LIABILITIES 2088.82 2489.40 256242.91 239433.60 500254.73
NOTES PAYABLE INTERCOMPANY 3144498.56 4582744.35 1546106.03 10780675.24 20054024.18
NOTES PAYABLE 244738.82 827053.13 3838852.12 16843090.69 21753734.76
DEFERRED INCOME TAXES 1304000.00 140000.00 919000.00 1159000.00 3522000.00
OTHER DEFERRED CREDITS 0.00 0.00 13549.84 0.00 13549.84
DEFERRED LOSS 0.00 0.00 0.00 0.00 0.00
PREFERRED STOCK 0.00 0.00 0.00 0.00 0.00
COMMON STOCK 3500.00 10000.00 806470.00 179700.00 999670.00
PAID IN OR CAPITAL SURPLUS 195966.06 0.00 1564611.00 2500.00 1763077.06
RETAINED EARNINGS 5973417.29 533990.78 3173844.19 16582301.17 26263553.43
TREASURY STOCK 0.00 0.00 0.00 -3900.00 -3900.00
----------- ---------- ----------- ----------- -----------
TOTAL LIABILITIES & EQUITY 11537252.27 8819185.44 13310585.99 47384443.52 81051467.22
=========== ========== =========== =========== ===========
</TABLE>
<PAGE> 33
<TABLE>
<CAPTION>
TOT TGF TOT DAWSON TOT OTH SUB TOTAL MBG GRAND TOTAL
---------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
CONSOLIDATED 1/31/98
INCOME
GROSS SALES LESS RETURNS 7037316.54 28984714.63 11200125.82 14818625.44 62040782.43
COST OF GOODS SOLD 3291718.12 28289551.83 7578804.33 8547972.01 47708046.29
---------- ----------- ----------- ----------- -----------
GROSS PROFIT 3745598.42 695162.80 3621321.49 6270653.43 14332736.14
DIVIDEND INCOME 0.00 0.00 0.00 198.10 198.10
INTEREST INCOME 164859.23 92472.25 27666.19 1045316.82 1330314.49
GROSS RENTS 397037.88 0.00 44916.43 188218.27 630172.58
GAIN(LOSS)SALE OF FIXED ASSETS 65822.42 0.00 23060.26 3137.41 92020.09
SERVICE CALLS & CONTRACTED SER 167755.07 0.00 161994.67 269399.25 599148.99
ADMINISTRATIVE FEE -154647.91 -24000.00 -59941.48 238589.39 0.00
CYLINDER & LEASE INCOME 141742.28 2544.00 304.00 47719.27 192309.55
MISCELLANEOUS INCOME 18287.77 45.00 1391.80 19580.75 39305.32
---------- ----------- ----------- ----------- -----------
TOTAL INCOME 4546455.16 766224.05 3820713.36 8082812.69 17216205.26
---------- ----------- ----------- ----------- -----------
SALARIES & WAGES 1578006.24 117761.80 767099.57 2484697.51 4947565.12
REPAIRS 174478.25 0.00 117102.03 371347.43 662927.71
BAD DEBTS 65567.86 18000.00 49057.07 78566.37 211191.30
RENTS 23066.89 26286.88 53546.65 139873.79 242774.21
TAXES 208539.55 8133.61 183074.55 290368.96 690116.67
INTEREST 245964.48 175134.41 504362.82 1678809.76 2604271.47
CONTRIBUTIONS 9075.76 650.00 1659.64 3035.71 14421.11
DEPRECIATION 627718.51 116584.76 614517.24 1145158.20 2503978.71
ADVERTISING 50713.32 1567.40 20374.76 352717.00 425372.48
PENSION, PROFIT SHARING 3938.90 770.46 2707.41 18139.96 25556.73
EMPLOYEE BENEFIT PROGRAMS 186502.70 3009.25 62484.50 212784.44 464780.89
AMORTIZATION 0.00 0.00 2420.40 253872.58 256292.98
BONDS & LICENSES 13765.25 100.00 734.00 11318.71 25917.96
DUES & SUBSCRIPTIONS 8995.01 3206.48 1987.10 18429.45 32618.04
INSURANCE 151484.00 17064.75 45718.00 155634.25 369901.00
PROFESSIONAL FEES 20241.02 8892.35 28740.81 170059.82 227934.00
ADMINISTRATIVE, OFFICE 125166.60 46586.72 49157.04 162776.59 383686.95
AUTO & TRUCK EXPENSE 567837.05 0.00 97041.74 535845.33 1200724.12
TRAVEL 120133.26 -144869.55 2889.84 178815.60 156969.15
TELEPHONE 56412.69 9644.44 9637.12 63665.20 139359.45
UTILITIES 67996.07 0.00 13841.15 61190.59 143027.81
SELLING EXPENSE 3232.00 0.00 13915.48 23051.40 40198.88
SHOP SUPPLIES EXPENSE 12232.74 0.00 6452.64 29820.06 48505.44
MISCELLANEOUS 13805.51 3008.54 38052.75 28625.68 83492.48
OUTSIDE SERVICES & COLLECTION 71899.33 6000.00 100219.73 -85782.35 92336.71
UTILITY MERCHANDISING,JOBBING 0.00 0.00 0.00 0.00 0.00
UTILITY PLANT OPERATING EXPENS 0.00 0.00 36564.20 0.00 36564.20
COMMITMENT FEE 0.00 0.00 0.00 0.00 0.00
---------- ----------- ----------- ----------- -----------
TOTAL DEDUCTIONS 4406772.99 417532.30 2823358.24 8382822.04 16030485.57
INCOME TAXES 51000.00 132000.00 375000.07 -123000.00 435000.07
---------- ----------- ----------- ----------- -----------
NET INCOME(LOSS) 88682.17 216691.75 622355.05 -177009.35 750719.62
========== =========== =========== =========== ===========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS OF MIDWEST BOTTLE GAS CO. AND SUBSIDIARIES AS AT
JANUARY 31, 1998 AND RELATED CONSOLIDATED STATEMENTS OF INCOME, STOCKHOLDER'S
EQUITY AND CASH FLOWS FOR THE YEARS THEN ENDED AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 45,080,175
<TOTAL-OPERATING-REVENUES> 63,769,420
<NET-INCOME> 750,719
</TABLE>
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