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Previous: NASHUA CORP, 10-Q, 1998-11-13 |
Next: GP STRATEGIES CORP, 4, 1998-11-13 |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
____________________________________________
In the Matter of
NATIONAL FUEL GAS COMPANY TWENTY-SEVENTH
NATIONAL FUEL RESOURCES, INC. CERTIFICATE
PURSUANT TO
File No. 70-7833 RULE 24
(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
Twelve Months ended September 30, 1998. Also attached as Exhibit "B" is the
Balance sheet of NFR as of September 30, 1998. IN WITNESS WHEREOF, the
undersigned companies have duly caused this Certificate to be signed this 11th
day of November, 1998.
NATIONAL FUEL RESOURCES, INC.
By: /s/ Robert J. Kreppel
----------------------------------
R. J. Kreppel
President
NATIONAL FUEL GAS COMPANY
By: /s/ James R. Peterson
----------------------------------
James R. Peterson
Assistant Secretary
Exhibit A
NATIONAL FUEL RESOURCES, INC.
INCOME STATEMENT
Twelve
Months Ended
September 30, 1998
------------------
Actual
------------------
Operating Revenues:
Gas - Retail $48,394,623
Gas - Wholesale 36,885,860
Electric 252,729
Transportation 275,991
Other 1,378,204
-----------
87,187,407
-----------
Operating Expenses:
Purchase Gas 82,620,571
General & Administrative 3,314,235
Depreciation, Depletion
& Amortization 90,766
Franchise & Other Taxes 320,050
-----------
86,345,622
-----------
Operating Income 841,785
-----------
Interest Income 446,623
Interest Expense 31,054
-----------
415,569
-----------
Net Income (Loss) Before Taxes 1,257,354
-----------
Income Taxes:
Federal 562,240
State 46,920
Deferred (138,394)
-----------
470,766
-----------
Net Income $ 786,588
===========
Exhibit B
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
-------------
AT SEPTEMBER 30,
----------------
1998 1997
---- ----
ASSETS
Current Assets:
Cash & Temp. Cash Investments $ 7,032,083 $ 2,324,631
Notes Receivable - Intercompany - 7,000,000
Accounts Receivable 7,287,156 6,952,291
Accounts Receivable-Interco 4,636 38,909
Reserve for Bad Debts (633,134) (541,440)
Gas Stored Underground 2,077,051 -
Prepayments 51,509 191,798
----------- -----------
15,819,301 15,966,189
----------- -----------
Property, Plant, and Equipment
Furniture and Fixtures 484,644 164,750
Less - Accumulated DD&A (132,137) (41,371)
----------- -----------
352,507 123,379
----------- -----------
Other Assets:
Long Term Investments 588,427 831,022
Other Deferred Debits 183,270 162,740
----------- -----------
771,697 993,762
----------- -----------
$16,943,505 $17,083,330
=========== ===========
LIABILITIES
Current Liabilities:
Accounts Payable $ 2,146,453 $ 3,277,938
Accrued Liabilities 40,302 113,878
Current Income Taxes-Federal (36,129) (385,937)
Other Taxes 45,734 97,038
Accounts Payable-Intercompany 1,032,645 39,302
Dividends Payable-Intercompany 35,000 35,000
Notes Payable-Intercompany 2,200,000 -
----------- -----------
5,464,005 3,177,219
----------- -----------
Long Term Liabilities:
Deferred Income Taxes (871,401) (733,007)
Miscellaneous Deferred Credits 1,042,170 3,976,976
----------- -----------
170,769 3,243,969
----------- -----------
Stockholder's Equity:
Common Stock 10,000 10,000
Capital Paid in Excess of Par 3,490,000 3,490,000
Retained Earnings 7,808,731 7,162,142
----------- -----------
Total Equity 11,308,731 10,662,142
----------- -----------
$16,943,505 $17,083,330
=========== ===========
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