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Previous: NASHUA CORP, 10-Q, 1996-05-13 |
Next: NATIONAL STEEL CORP, 10-Q, 1996-05-13 |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
_____________________________________________
In the Matter of
SEVENTEENTH
NATIONAL FUEL GAS COMPANY CERTIFICATE
NATIONAL FUEL RESOURCES, INC. PURSUANT TO
RULE 24
File No. 70-7833
(Public Utility Holding Company Act of 1935)
_____________________________________________
In accordance with the terms of the Order dated
December 20, 1991 issued to National Fuel Gas Company ("National")
authorizing National to acquire the common stock of National Fuel
Resources, Inc. ("NFR") (File No. 70-7833, HCAR No. 35-25437),
attached as Exhibit "A" is an Income Statement of NFR for the Six
and Twelve Months ended March 31, 1996. Also attached as Exhibit
"B", is the Balance Sheet of NFR as of March 31, 1996.
IN WITNESS WHEREOF, the undersigned companies have duly
caused this Certificate to be signed this 13th day of May, 1996.
NATIONAL FUEL RESOURCES, INC.
By:_/s/ R. J. Kreppel________
R. J. Kreppel, President
NATIONAL FUEL GAS COMPANY
By:_/s/ G. T. Wehrlin________
G. T. Wehrlin, Controller
\jes\nfr\rul24_17.doc
EXHIBIT A
17TH RULE 24 CERTIFICATE
FILE NO. 70-7833
NATIONAL FUEL RESOURCES, INC.
INCOME STATEMENT
(Unaudited)
Six Months Twelve Months
Ended Ended
March 1996 March 1996
Operating Revenues:
Gas - Retail $32,268,412 $48,369,781
Gas - Wholesale 3,499,776 4,543,916
Other (79,840) (79,931)
____________ ____________
$35,688,348 $52,833,766
Operating Expenses:
Purchase Gas 33,004,001 48,741,647
General and Administrative 701,137 1,579,000
Depletion, Depreciation and Amortization 6,491 12,981
Franchise and Other Taxes 105,072 170,857
____________ ____________
$33,816,701 $50,504,485
Operating Income $ 1,871,647 $ 2,329,281
____________ ____________
Interest Income 145,309 334,651
Interest Expense 7,533 21,179
Amortization and Misc Deductions (56,191) (56,045)
____________ ____________
$ 193,967 $ 369,517
Net Income Before Tax $ 2,065,614 $ 2,698,798
____________ ____________
Income Taxes:
Federal 762,945 1,259,156
State 65,889 216,462
Deferred (65,610) (422,389)
____________ ____________
$ 763,224 $ 1,053,229
Net Income $ 1,302,390 $ 1,645,569
============ ============
EXHIBIT B (PAGE 1 OF 2)
17TH RULE 24 CERTIFICATE
FILE NO. 70-7833
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
AT MARCH 31, 1996
(Unaudited)
ASSETS
Current Assets:
Cash $ 1,246,199
Short Term Investments 4,233,027
Accounts Receivable 8,667,455
Accounts Receivable-Intercompany 21,668
Reserve for Doubtful Accounts (596,901)
Other Current Assets 242,002
____________
$13,813,450
Property, Plant, and Equipment
Furniture and Fixtures 71,473
Less - Accumulated Depreciation 20,818
____________
$ 50,655
Other Assets:
Long Term Investments 828,359
Other Deferred Debits 68,448
Deferred Tax Asset --
____________
$ 896,807
____________
$14,760,912
============
EXHIBIT B (PAGE 2 OF 2)
17TH RULE 24 CERTIFICATE
FILE NO. 70-7833
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
AT MARCH 31, 1996
(Unaudited)
LIABILITIES
Current Liabilities:
Accounts Payable $ 3,364,368
Accrued Liabilities 1,234,438
Accrued Sales Tax 25,953
Current Income Taxes-Federal 46,514
-State 95,851
Accounts Payable-Intercompany 1,210,166
____________
5,977,290
Long Term Liabilities:
Deferred Income Taxes (211,999)
Miscellaneous Deferred Credits 476,438
____________
$ 264,439
Stockholder's Equity:
Common Stock 10,000
Capital Paid in Excess of Par 3,490,000
Retained Earnings 5,089,184
Retained Earnings - Dividends (70,000)
____________
$ 8,519,183
____________
$14,760,912
============
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