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Previous: NATIONAL CITY BANCORPORATION, 10-Q, 1999-05-12 |
Next: NATIONAL RESEARCH CORP, 10-Q, 1999-05-12 |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
NATIONAL FUEL GAS COMPANY TWENTY-NINTH
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 Six and Twelve Months ended March 31, 1999. Also attached as Exhibit "B" is
the Balance sheet of NFR as of March 31, 1999.
IN WITNESS WHEREOF, the undersigned companies have duly caused
this Certificate to be signed this 12th day of May, 1999.
NATIONAL FUEL RESOURCES, INC.
By: /s/ R. 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
Six Months Twelve Months
Ended Ended
March 31, 1999 March 31, 1999
-------------- --------------
Operating Revenues:
Gas - Retail $40,303,432 $59,514,155
Gas - Wholesale 19,856,533 35,240,216
Electric 707,997 914,564
Transportation 1,511,162 1,599,379
Other (5,301,900) (5,359,089)
----------- -----------
57,077,224 91,909,225
----------- -----------
Operating Expenses:
Purchased Gas 53,075,245 85,499,734
Purchased Electric 587,480 788,030
General & Administrative 1,866,174 3,519,830
Amortization 70,240 121,981
Franchise & Other Taxes 105,961 261,589
----------- -----------
55,705,100 90,191,164
----------- -----------
Operating Income 1,372,124 1,718,061
----------- -----------
Interest Income 123,364 274,805
Miscellaneous Income 113,618 219,867
Interest Expense 204,549 205,040
----------- -----------
32,433 289,632
----------- -----------
Net Income Before Taxes 1,404,557 2,007,693
----------- -----------
Income Taxes:
Federal 483,075 867,714
State 41,771 69,412
Deferred (5,694) (192,406)
----------- -----------
519,152 744,720
----------- -----------
Net Income $ 885,405 $ 1,262,973
=========== ===========
Exhibit B
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET
AT MARCH 31,
----------------------------
1999 1998
----------- -----------
ASSETS
Current Assets:
Cash $ 148,186 $ 602,926
Short Term Investments 6,721,129 5,756,427
Accounts Receivable 14,739,818 7,737,828
Accounts Receivable-Interco 4,839 9,639
Reserve for Bad Debts (646,498) (533,862)
Gas Storage 1,821,084 296,253
Other Current Assets 29,376 1,645,212
----------- -----------
22,817,934 15,514,423
----------- -----------
Property, Plant, and Equipment
Furniture and Fixtures 681,439 382,217
Less - Accumulated DD&A (202,377) (80,397)
----------- -----------
479,062 301,820
----------- -----------
Other Assets:
Long Term Investments 406,482 791,391
Other Deferred Debits 516,079 354,503
----------- -----------
922,561 1,145,894
----------- -----------
$24,219,557 $16,962,137
=========== ===========
LIABILITIES
Current Liabilities:
Accounts Payable $ 278,818 $ 1,846,285
Accrued Liabilities 3,046,982 2,856,963
Current Income Taxes-Federal 397,206 (869,875)
Current Income Taxes-State 48,383 55,396
Accounts Payable-Intercompany 279,215 1,163,149
Dividends Payable 35,000 35,000
Intercompany Borrowing 9,700,000 0
----------- -----------
13,785,604 5,086,918
----------- -----------
Long Term Liabilities:
Deferred Income Taxes (867,094) (674,688)
Miscellaneous Deferred Credits (823,070) 1,548,748
----------- -----------
(1,690,164) 874,060
----------- -----------
Stockholder's Equity:
Common Stock 10,000 10,000
Capital Paid in Excess of Par 3,490,000 3,490,000
Retained Earnings 9,149,117 7,886,159
Retained Earnings - Dividends (525,000) (385,000)
----------- -----------
Total Equity 12,124,117 11,001,159
----------- -----------
$24,219,557 $16,962,137
=========== ===========
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