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UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
____________________________________________
In the Matter of SIXTH
NATIONAL FUEL GAS COMPANY CERTIFICATE
UTILITY CONSTRUCTORS, INC. PURSUANT TO
RULE 24
File No. 70-7367
(Public Utility Holding Company Act of 1935)
____________________________________________
In accordance with the Order of the Securities and Exchange
Commission ("Commission") in this File 70-7367 dated December 6, 1994
(HCAR No. 26181) Utility Constructors, Inc. ("UCI") hereby files, as
Exhibit "A", its balance sheet as of September 30, 1994 and, as
Exhibit "B" its income statement for the twelve months ended
September 30, 1994.
During its 1994 fiscal year, (twelve months ended
September 30, 1994) UCI continued its pipeline construction and
auxiliary construction and maintenance services for associate and
non-associate companies. During the fiscal year, UCI undertook
approximately 32 projects.
Twelve projects were undertaken for associate companies in
New York and Pennsylvania. Five projects each were done for National
Fuel Gas Supply Corporation ("Supply") (transmission pipeline and
storage pipeline and metering work) and National Fuel Gas
Distribution Corporation (residential service installations and
pipeline work). Two projects were undertaken for Seneca Resources
Corporation (well lines and well services).
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The remaining projects were undertaken for non-associate
companies. Twelve projects were undertaken for upstream pipeline
suppliers, Tennessee Gas Pipeline, CNG Transmission Corp., and
Columbia Gas Transmission Corp. The work for these companies was in
New York, Pennsylvania and West Virginia and ranged from cathodic
protection of existing pipelines to the installation of nine miles of
30-inch diameter pipeline.
The remaining eight projects were divided among: a producer
that supplied gas to the National Fuel system, another New York local
distribution company that has been a customer of Supply, a
Pennsylvania municipal utility authority, the Pennsylvania Department
of Environmental Resources and two private parties.
Because of the relatively low wellhead prices of natural gas
and limited drilling activity in the Appalachian Basin, UCI sold its
drilling rig during the first quarter of the fiscal year. UCI will
still be active in the well maintenance areas with its service rigs.
IN WITNESS WHEREOF, the undersigned companies have duly
caused this certificate to be signed this 10th day of February, 1995.
UTILITY CONSTRUCTORS, INC.
By_/s/David F. Smith____________
David F. Smith, Secretary
\jes\uci\rul24_6.wp
SIXTH RULE 24 CERTIFICATE
SEC FILE NO. 70-7367 EXHIBIT "A"
UTILITY CONSTRUCTORS, INC.
BALANCE SHEET AT SEPTEMBER 30, 1994
(Unaudited)
ASSETS
Current Assets:
Cash $ 96,785
Accounts Receivable -
Contracts 4,264,185
Intercompany 640,298
Miscellaneous -
Materials and Supplies -
Prepayments 77,026
5,078,294
----------
Property, Plant and Equipment 9,869,337
Less: Acc. Depr, Depl & Amort 5,360,270
----------
4,509,067
----------
Other Assets:
Trade receivable - Long Term 2,310,686
Other 153,377
----------
2,464,063
$12,051,424
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable -
Trade $1,376,407
Intercompany 32,452
Note Payable -
Intercompany 7,300,000
Income Taxes -
Federal (1,076,817)
State (136,826)
Other Accruals 821,261
-----------
8,316,477
----------
Other Liabilities:
Accumulated Deferred Income Taxes 207,259
Def. Credits & Long-Term Liabilities 637,763
-----------
845,022
----------
Stockholders' Equity:
Common Stock, No Par Value
Auth, Issued & Outstanding - 1,000 Sh 1,000
Paid-In-Capital 5,958,753
Earnings Reinvested in the Business (3,069,828)
----------
2,889,925
----------
$12,051,424
==========
SIXTH RULE 24 CERTIFICATE
SEC FILE NO. 70-7367 EXHIBIT "B"
UTILITY CONSTRUCTORS, INC.
INCOME STATEMENT
(Unaudited)
TWELVE MONTHS ENDED SEPT. 1994
CONTRACT REVENUES
Pipeline $9,708,712
Service Rig 334,412
Other 3,545,386
----------
TOTAL REVENUES 13,588,510
----------
COST OF CONTRACT REVENUES 12,884,265
----------
GROSS PROFIT (LOSS) 704,245
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OPERATING EXPENSES
General & Administrative Expense 2,206,807
Rental Expense 47,369
Depreciation Expense 1,330,043
Property & Other Taxes 77,585
Other 129,647
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3,791,451
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OPERATING INCOME (LOSS) (3,087,206)
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OTHER INCOME
Interest - Other 434,328
Miscellaneous 193,278
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627,606
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INTEREST EXPENSE - Other 4,970
- Intercompany 249,302
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NET INCOME (LOSS) BEFORE INCOME TAXES (2,713,872)
----------
INCOME TAXES
Federal (605,490)
State (31,962)
Deferred - Federal 247,622
Deferred - State 173,880
----------
(711,194)
----------
NET INCOME (LOSS) ($2,002,678)