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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 2, 1995
THE MONTANA POWER COMPANY
(Exact name of registrant as specified in its charter)
Montana 1-4566 81-0170530
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
40 East Broadway, Butte, Montana 59701
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (406) 723-5421
Exhibit Index is found on page 3.
<PAGE>
ITEM 7. Exhibits
21a Preliminary Condensed Balance Sheet at December 31, 1994
and 1993.
21b Preliminary Consolidated Statement of Income for the
Quarters Ended December 31, 1994 and 1993.
21c Preliminary Consolidated Statement of Income for the
Years Ended December 31, 1994 and 1993.
<PAGE>
Exhibit Index
Exhibit Page
21a Preliminary Condensed Balance Sheet
at December 31, 1994 and 1993. 4
21b Preliminary Consolidated Statement of
Income for the Quarters Ended
December 31, 1994 and 1993. 5
21c Preliminary Consolidated Statement of
Income for the Years Ended
December 31, 1994 and 1993. 6
<PAGE>
<TABLE>
Exhibit 21a
THE MONTANA POWER COMPANY AND SUBSIDIARIES
PRELIMINARY CONDENSED BALANCE SHEET
<CAPTION>
December 31, December 31,
1994 1993
Thousands of Dollars
<S> <C> <C>
Assets:
Utility and Other Plant. . . . . . . . . . . . . . . $ 1,992,239 $ 1,904,462
Plant under Construction . . . . . . . . . . . . . . 79,510 38,966
Less - accumulated depreciation and depletion. . . . 619,195 572,141
1,452,554 1,371,287
Entech Property. . . . . . . . . . . . . . . . . . . 530,167 526,692
Less - accumulated depreciation and depletion. . . . 189,926 182,129
340,241 344,563
Independent Power Group. . . . . . . . . . . . . . . 70,253 70,198
Less - accumulated depreciation. . . . . . . . . . . 17,560 16,822
52,693 53,376
Miscellaneous Investments. . . . . . . . . . . . . . 104,110 96,985
Current Assets . . . . . . . . . . . . . . . . . . . 294,630 269,866
Deferred Charges . . . . . . . . . . . . . . . . . . 268,469 249,950
$ 2,512,697 $ 2,386,027
Liabilities:
Common Shareholders' Equity. . . . . . . . . . . . . $ 955,520 $ 911,232
Preferred Stock. . . . . . . . . . . . . . . . . . . 101,416 101,419
Long-term Debt . . . . . . . . . . . . . . . . . . . 588,876 571,870
1,645,812 1,584,521
Current Liabilities. . . . . . . . . . . . . . . . . 313,068 288,223
Deferred Income Taxes and Credits. . . . . . . . . . 553,817 513,283
$ 2,512,697 $ 2,386,027
The accompanying note is an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
Exhibit 21b
THE MONTANA POWER COMPANY AND SUBSIDIARIES
PRELIMINARY CONSOLIDATED STATEMENT OF INCOME
<CAPTION>
Quarter Ended
December 31,
1994 1993
Thousands of Dollars
<S> <C> <C>
Utility Operating Revenues:
Electric . . . . . . . . . . . . . . . . . . . $ 128,111 $ 132,341
Natural Gas. . . . . . . . . . . . . . . . . . 38,331 36,677
Total 166,442 169,018
Utility Operating Expenses:
Operation. . . . . . . . . . . . . . . . . . . 68,508 65,030
Purchased Gas. . . . . . . . . . . . . . . . . 5,627 6,180
Fuel for Electric Generation . . . . . . . . . 10,493 9,639
Depreciation and Depletion . . . . . . . . . . 12,042 11,520
Taxes-Other than Income Taxes. . . . . . . . . 14,228 13,255
Income Taxes . . . . . . . . . . . . . . . . . 18,050 19,903
Total 128,948 125,527
Utility Operating Income . . . . . . . . . . . . . 37,494 43,491
Other Income and Expenses:
Interest and Dividend Income and Other . . . . 1,146 351
Income Taxes Applicable to Other Income. . . . 41 64
Total 1,187 415
Interest Charges:
Interest on Long-Term Debt . . . . . . . . . . 9,599 11,045
Other Interest . . . . . . . . . . . . . . . . 1,240 903
Total 10,839 11,948
Income from Utility Operations . . . . . . . . . . 27,842 31,958
Entech Operations:
Revenues . . . . . . . . . . . . . . . . . . . 110,242 108,603
Cost of Sales. . . . . . . . . . . . . . . . . 63,399 61,538
Taxes-Other than Income Taxes. . . . . . . . . 10,790 10,899
Depreciation and Depletion . . . . . . . . . . 8,268 8,020
Selling, General and Administrative. . . . . . 11,331 10,023
Interest . . . . . . . . . . . . . . . . . . . 233 508
Other-Net. . . . . . . . . . . . . . . . . . . 788 (6,855)
Income Taxes . . . . . . . . . . . . . . . . . 1,537 6,913
Total 96,346 91,046
Income from Entech Operations. . . . . . . . . . . 13,896 17,557
Independent Power Group Operations:
Revenues . . . . . . . . . . . . . . . . . . . 25,413 29,208
Expenses . . . . . . . . . . . . . . . . . . . 21,727 28,598
Income from Independent
Power Group Operations . . . . . . . . . . . . 3,686 610
Consolidated Net Income. . . . . . . . . . . . . . 45,424 50,125
Dividends on Preferred Stock . . . . . . . . . . . 1,807 1,511
Net Income Available for Common Stock. . . . . . . $ 43,617 $ 48,614
Net Income Per Share of Common Stock . . . . . . . $ 0.82 $ 0.93
Average Number of Shares Outstanding (000) . . . . 53,498 52,404
The accompanying note is an integral part of these financial statements.
/TABLE
<PAGE>
<TABLE>
Exhibit 21c
THE MONTANA POWER COMPANY AND SUBSIDIARIES
PRELIMINARY CONSOLIDATED STATEMENT OF INCOME
<CAPTION>
Twelve Months Ended
December 31,
1994 1993
Thousands of Dollars
<S> <C> <C>
Utility Operating Revenues:
Electric . . . . . . . . . . . . . . . . . . . $ 432,909 $ 433,602
Natural Gas. . . . . . . . . . . . . . . . . . 107,812 111,288
Total 540,721 544,890
Utility Operating Expenses:
Operation. . . . . . . . . . . . . . . . . . . 254,533 245,896
Purchased Gas. . . . . . . . . . . . . . . . . 17,782 24,399
Fuel for Electric Generation . . . . . . . . . 36,755 33,338
Depreciation and Depletion . . . . . . . . . . 48,083 46,056
Taxes-Other than Income Taxes. . . . . . . . . 55,923 51,729
Income Taxes . . . . . . . . . . . . . . . . . 33,245 37,505
Total 446,321 438,923
Utility Operating Income . . . . . . . . . . . . . 94,400 105,967
Other Income and Expenses:
Interest and Dividend Income and Other . . . . 3,947 839
Income Taxes Applicable to Other Income. . . . 74 141
Total 4,021 980
Interest Charges:
Interest on Long-Term Debt . . . . . . . . . . 39,986 44,359
Other Interest . . . . . . . . . . . . . . . . 3,026 2,526
Total 43,012 46,885
Income from Utility Operations . . . . . . . . . . 55,409 60,062
Entech Operations:
Revenues . . . . . . . . . . . . . . . . . . . 420,580 410,451
Cost of Sales. . . . . . . . . . . . . . . . . 240,329 240,701
Taxes-Other than Income Taxes. . . . . . . . . 41,361 38,933
Depreciation and Depletion . . . . . . . . . . 33,058 31,653
Selling, General and Administrative. . . . . . 42,694 38,256
Interest . . . . . . . . . . . . . . . . . . . 1,425 2,284
Other-Net. . . . . . . . . . . . . . . . . . . 235 (5,829)
Income Taxes . . . . . . . . . . . . . . . . . 13,590 17,263
Total 372,692 363,261
Income from Entech Operations. . . . . . . . . . . 47,888 47,190
Independent Power Group Operations:
Revenues . . . . . . . . . . . . . . . . . . . 89,575 120,255
Expenses . . . . . . . . . . . . . . . . . . . 79,280 120,296
Income (Loss) from Independent
Power Group Operations . . . . . . . . . . . . 10,295 (41)
Consolidated Net Income. . . . . . . . . . . . . . 113,592 107,211
Dividends on Preferred Stock . . . . . . . . . . . 7,227 4,353
Net Income Available for Common Stock. . . . . . . $ 106,365 $ 102,858
Net Income Per Share of Common Stock . . . . . . . $ 2.00 $ 1.98
Average Number of Shares Outstanding (000) . . . . 53,125 52,040
The accompanying note is an integral part of these financial statements.
/TABLE
<PAGE>
Notes to the Preliminary Consolidated Financial Statements
NOTE 1 - Summary of Significant Accounting Policies
On August 1, 1994, the Independent Power Group sold 50% of its wholly
owned subsidiary, North American Energy Services Company (NAES). As a result
of the sale, NAES, which was previously consolidated, will be included in the
IPG operations on the equity basis of accounting as of January 1, 1994.
Certain reclassifications have been made to the prior year balance sheet
amounts to make them comparable to the 1994 presentation. These changes had
no impact on previously reported results of operations or shareholders'
equity.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE MONTANA POWER COMPANY
(Registrant)
By /s/ J. P. Pederson
J. P. Pederson
Vice President and Chief Financial
Officer
Dated: February 2, 1995
