<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 1995
Commission File Number 0-11035
ENERGYNORTH, INC.
(Exact name of registrant as specified in its charter)
New Hampshire 02-0363755
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1260 Elm Street, P.O. Box 329, Manchester, NH 03105
(Address and zip code of principal executive offices)
(603)625-4000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes [X] No [ ]
EnergyNorth, Inc. had 3,170,810 shares of $1.00 par value common
stock outstanding on May 2, 1995, the filing date of this Report.
An exhibit index appears at page 13.
<PAGE> PAGE 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ENERGYNORTH, INC.
Condensed Consolidated Balance Sheets
Assets
(Unaudited, except for September 30, 1994 data)
(Thousands of dollars)
March 31, September 30,
1995 1994 1994
-------------------- -------------
Property:
Utility plant, at cost $126,972 $121,396 $124,617
Accumulated depreciation and
amortization 40,435 37,242 38,521
-------- ------------ -------------
Net utility plant 86,537 84,154 86,096
Net non-utility property, at cost 8,163 8,013 7,907
-------- ------------ -------------
Net property 94,700 92,167 94,003
-------- ------------ -------------
Current assets:
Cash and temporary cash investments 5,131 4,329 3,048
Accounts receivable (net of allowances of
$951, $1,133 and $1,050, respectively)9,932 14,292 2,261
Unbilled revenues 1,374 1,429 544
Inventories, at average cost:
Materials and supplies 1,635 1,765 1,650
Supplemental gas supplies 3,473 1,370 8,047
Prepaid and deferred taxes 1,244 760 1,468
Recoverable FERC 636 transition costs 1,330 1,327 2,351
Prepaid expenses and other 754 854 1,226
-------- ------------ -------------
Total current assets 24,873 26,126 20,595
-------- ------------ -------------
Deferred charges:
Regulatory asset - income taxes 2,370 - 2,370
Recoverable environmental costs 3,834 1,525 2,901
Other deferred charges 1,096 1,168 1,150
-------- ------------ -------------
Total deferred charges 7,300 2,693 6,421
-------- ------------ -------------
Total Assets $126,873 $120,986 $121,019
======== ============ =============
See accompanying notes to condensed consolidated financial statements.
2
<PAGE> PAGE 3
ENERGYNORTH, INC.
Condensed Consolidated Balance Sheets
Capitalization and Liabilities
(Unaudited, except for September 30, 1994 data)
(Thousands of dollars)
March 31, September 30,
1995 1994 1994
-------------- -------------
Capitalization:
Common stock - par value of $1 per
share, 10,000,000 shares authorized;
3,169,253, 3,122,636 and 3,141,572
shares issued and outstanding,
respectively $ 3,169 $ 3,123 $ 3,142
Amount in excess of par 29,206 28,561 28,860
Retained earnings 15,239 15,568 8,776
------------------ ----------
Total common stockholders' equity 47,614 47,252 40,778
Long-term debt 32,649 34,697 32,971
Capital lease obligations 391 669 530
------------------ ----------
Total capitalization 80,654 82,618 74,279
------------------ ----------
Current liabilities:
Notes payable to banks - 90 -
Current portion of long-term debt 2,100 1,728 2,036
Current portion of capital lease
obligations 272 263 272
Inventory purchase obligation 3,891 2,530 7,334
Accounts payable 6,366 6,744 4,848
Deferred gas costs 4,822 170 4,736
Accrued interest 857 848 843
Accrued taxes 3,859 4,778 414
Accrued FERC 636 transition costs 1,330 1,327 2,351
Customer deposits, environmental
and other 2,787 3,768 4,109
------------------ -----------
Total current liabilities 26,284 22,246 26,943
------------------ -----------
Commitments and contingencies
Deferred credits:
Deferred income taxes 14,111 10,101 13,779
Unamortized investment tax credits 2,081 2,224 2,151
Regulatory liability 1,563 1,565 1,620
Contributions in aid of construction
and other 2,180 2,232 2,247
------------------ ----------
Total deferred credits 19,935 16,122 19,797
------------------ ----------
Total Capitalization and Liabilities $ 126,873 $120,986 $121,019
=================== ==========
See accompanying notes to condensed consolidated financial statements.
3
<PAGE> PAGE 4
<TABLE>
ENERGYNORTH, INC.
Condensed Consolidated Statements of Income
For the periods ended March 31
(Unaudited)
(Thousands of dollars except for per share amounts and shares outstanding)
<S> <C> <C> <C> <C>
Three Months Six Months Twelve Months
1995 1994 1995 1994 1995 1994
------------------------------------------------------------------
Total operating revenues $35,209 $47,008 $57,681 $72,922 $81,809 $93,762
------------------------------------------------------------------
Operating expenses:
Cost of gas sold 17,987 27,418 27,986 39,877 43,240 52,599
Operations and maintenance 5,039 5,616 10,776 11,316 21,260 21,272
Depreciation and amortization 1,250 1,222 2,501 2,449 4,906 4,686
Taxes other than income taxes 848 1,234 1,883 2,206 3,587 3,862
Federal and state income taxes 3,342 3,429 4,637 4,948 2,305 2,468
-----------------------------------------------------------------
Total operating expenses 28,466 38,919 47,783 60,796 75,298 84,887
-----------------------------------------------------------------
Operating income 6,743 8,089 9,898 12,126 6,511 8,875
-----------------------------------------------------------------
Other income:
Net rentals, service
and appliance sales 205 141 425 338 735 616
Other, net 32 27 77 64 12 143
-----------------------------------------------------------------
Total other income 237 168 502 402 747 759
-----------------------------------------------------------------
Income before interest expense 6,980 8,257 10,400 12,528 7,258 9,634
-----------------------------------------------------------------
Interest expense:
Interest on long-term debt 797 826 1,597 1,656 3,226 3,322
Other interest 288 153 588 354 938 565
Interest charged to construction (9) (5) (13) (8) (30) (26)
----------------------------------------------------------------
Total interest expense 1,076 974 2,172 2,002 4,134 3,861
----------------------------------------------------------------
Earnings applicable to common stock $ 5,904 $ 7,283 $ 8,228 $10,526 $ 3,124 $5,773
================================================================
Weighted average shares outstanding 3,158,343 3,115,365 3,151,542 3,110,691 3,140,073 3,101,314
================================================================
Earnings per share $1.87 $2.34 $2.61 $3.38 $0.99 $1.86
================================================================
Dividends declared per share $0.28 $0.27 $0.56 $0.54 $1.10 $1.07
================================================================
</TABLE>
See accompanying notes to condensed consolidated financial statements.
4
<PAGE> PAGE 5
ENERGYNORTH, INC.
Condensed Consolidated Statements of Cash Flows
For the six months ended March 31
(Unaudited)
(Thousands of dollars)
1995 1994
---------- --------
Cash was provided (used) by:
Operating activities:
Earnings applicable to common stock $ 8,228 $10,526
Non-cash items:
Depreciation and amortization 2,900 2,817
Deferred taxes and investment tax credits, net 238 (185)
---------- --------
Total funds provided by operating activities 11,366 13,158
Changes in:
Accounts receivable, net (7,671) (12,398)
Unbilled revenues (830) (961)
Inventories 4,589 7,278
Prepaid expenses and other 472 714
Deferred gas costs 86 933
Accounts payable 1,518 2,105
Accrued liabilities (189) (462)
Accrued/prepaid taxes 3,635 4,715
Payments for environmental costs and other (2,214) 103
---------- --------
Net cash provided by operating activities 10,762 15,185
---------- --------
Investing activities:
Additions to property (3,512) (3,260)
---------- --------
Financing activities:
Issues of common stock 373 351
Issues of long-term debt 360 217
Change in notes payable to banks - (2,960)
Change in inventory purchase obligation (3,443) (4,497)
Change in customer deposits 132 133
Change in contributions in aid of construction
and other (67) 59
Cash dividends on common stock (1,765) (1,679)
Refunding requirements:
Repayment of long-term debt (618) (268)
Repayment of capital lease obligations (139) (128)
---------- --------
Net cash used by financing activities (5,167) (8,772)
---------- --------
Net increase in cash and temporary cash investments 2,083 3,153
Cash and temporary cash investments,
beginning of period 3,048 1,176
---------- --------
Cash and temporary cash investments, end of period $ 5,131 $ 4,329
========== ========
See accompanying notes to condensed consolidated financial statements.
5
<PAGE> PAGE 6
ENERGYNORTH, INC.
Notes to Condensed Consolidated Financial Statements
March 31, 1995
(Unaudited)
EnergyNorth, Inc. is an exempt public utility holding company
operating in southern and central New Hampshire. Its principal
operating subsidiaries include EnergyNorth Natural Gas, Inc.
("ENGI"), a natural gas distribution utility, and EnergyNorth
Propane, Inc. ("ENPI"), a retail propane company.
Note 1. Basis of Presentation
The accompanying condensed consolidated financial statements of
EnergyNorth, Inc. (the "Company") include the accounts of all
subsidiaries. All significant intercompany accounts and
transactions have been eliminated in the accompanying financial
statements.
The condensed consolidated financial statements included herein
have been prepared by the Company, without audit, pursuant to the
rules and regulations of the U. S. Securities and Exchange
Commission. Certain footnote disclosures and other information,
normally included in financial statements prepared in accordance
with generally accepted accounting principles, have been condensed
or omitted from these interim financial statements, pursuant to
such rules and regulations, although the Company believes that the
disclosures are adequate to make the information not misleading.
In the opinion of the Company, the accompanying unaudited condensed
consolidated financial statements contain all adjustments, which
include only normal recurring adjustments, necessary to present
fairly the financial position as of March 31, 1995 and 1994 and the
results of operations for the three, six and twelve months then
ended and statements of cash flows for the six months ended
March 31, 1995 and 1994. All accounting policies and practices
have been applied in a manner consistent with prior periods. These
interim financial statements should be read in conjunction with the
consolidated financial statements and notes thereto contained in
the Company's Annual Report to Shareholders for the year ended
September 30, 1994.
The business of ENGI and ENPI is influenced by seasonal weather
conditions. The amount of gas sold for central and space heating
purposes and, to a lesser extent, water heating, is directly
related to the ambient air temperature. Consequently, more gas is
sold during the winter months than is sold during the summer
months. Therefore, the results of operations for the interim
periods presented are not indicative of the results to be expected
for all or any part of the balance of the current fiscal year.
Certain reclassifications have been made to previously issued
financial statements to conform to the current presentation.
6
<PAGE> PAGE 7
ENERGYNORTH, INC.
Notes to Condensed Consolidated Financial Statements (continued)
March 31, 1995
(Unaudited)
Note 2. Cash Flows
Supplemental disclosures of cash flow information for the six
months ended March 31 are as follows (in thousands):
1995 1994
---- ----
Cash paid during the period for:
Interest (net of amount capitalized) $1,874 $1,923
Income taxes, net of refunds 497 734
In preparing the accompanying condensed consolidated statements
of cash flows, all highly liquid investments having maturities of
three months or less were considered cash equivalents.
Note 3. Common Stock
For the six months ended March 31, 1995, the Company sold through
the Dividend Reinvestment and Stock Purchase Plan approximately
25,600 shares of its $1.00 par value common stock with net proceeds
of approximately $408,800.
Note 4. Commitments and Contingencies
For a discussion of commitments and contingencies, please refer to
Footnote 10 in the Company's 1994 Annual Report to Shareholders.
7
<PAGE> PAGE 8
ENERGYNORTH, INC.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
March 31, 1995
Results of Operations
- ---------------------
The earnings applicable to common stock decreased by $1,379,000 to
$5,904,000, or $1.87 per share, for the three months ended
March 31, 1995, from $7,283,000, or $2.34 per share, in 1994. For
the six months ended March 31, 1995, earnings applicable to common
stock were $8,228,000, or $2.61 per share compared to $10,526,000,
or $3.38 per share for the six months ended March 31, 1994. For
the twelve months ended March 31, 1995, earnings applicable to
common stock were $3,124,000, or $.99 per share compared to
$5,773,000, or $1.86 per share in the prior period.
Temperatures for all periods presented were warmer when compared to
normal and significantly warmer than in the prior comparable
periods. The following chart discloses degree day data as recorded
at the U.S. weather station in Concord, New Hampshire, comparing
actual degree days to the previous period and to normal. Due to the
size and topographical variations of ENGI's service territory,
weather conditions vary. Concord, New Hampshire weather data is
considered to be representative of the territory.
Actual Actual Change vs. Change vs.
03-31-95 03-31-94 Normal Previous Period Normal
-------- -------- ------ --------------- ----------
3 months 3,265 4,028 3,622 -18.9% - 9.9%
6 months 5,502 6,656 6,230 -17.3% -11.7%
12 months 6,723 7,813 7,525 -14.0% -10.7%
Quarterly Comparison
- --------------------
The decline in earnings resulted primarily from a $1,652,000 or 10%
decrease in margin earned from utility natural gas operations. Firm
sendout decreased almost 17% as the weather was 18.9% warmer than
the same quarter last year. Also, with the repeal of the franchise
tax, gross utility revenues declined $514,000.
The margin from retail propane operations declined $237,000, or
10.6%, from the prior period as the margin per gallon sold
decreased approximately 2%. While the average number of propane
customers increased nearly 12%, the warmer temperatures served to
decrease the volume of gallons sold by 9%.
Operations and maintenance expenses decreased 10.3% due mainly to a
reduction in labor costs, lower bad debt expense due to the lower
level of operating revenues and continuing cost containment
efforts.
8
<PAGE> PAGE 9
ENERGYNORTH, INC.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
March 31, 1995
The decrease in taxes other than income taxes was attributable
primarily to the elimination of the state utility franchise tax
assessed on the sales of natural gas. The franchise tax was
permitted as a credit against the New Hampshire Business Profits
Tax ("NHBPT"). With its repeal, ENGI incurred state income tax
expense during the period. The increase in state income tax
expense was offset by a decrease in Federal income tax expense
correlating to the reduction in pre-tax earnings for the quarter.
The increase in other interest expense is due to interest related
to deferred gas costs. A $3.3 million refund received in 1994 from
the Tennessee Gas Pipeline Company is being returned to firm gas
customers, along with interest, through the cost of gas adjustment.
Also, beginning in April 1995, ENGI will be returning to firm gas
customers a $2.9 million refund received in February 1995.
Six-Month Comparison
- --------------------
For the six-month period presented, the weather was 17.3% warmer
than the same period last year resulting in a decrease in firm
sendout of over 14%. Margin earned from utility natural gas
operations decreased $2,414,000 or 8.6%. In addition, gross
utility revenues declined $735,000 due mainly to the repeal of the
franchise tax.
The average number of retail propane customers increased 11.6%.
However, gallons sold decreased 4.9% due to the warmer
temperatures.
Operations and maintenance expenses decreased 4.8%. Reductions in
labor costs and bad debt expense and other cost saving efforts were
achieved during the six-month period.
The decrease in taxes other than income taxes was attributable
primarily to the elimination of the franchise tax, which was
partially offset by higher property tax assessments made by cities
and towns. The decrease in Federal and state income tax expense
results from an increase in the NHBPT, offset by a decrease in
Federal income tax expense correlating with the decrease in pre-tax
earnings.
Other interest expense increased by $234,000, mainly because of
interest related to deferred gas costs resulting from the net
impact in the current period of the Tennessee refunds and the
recovery from firm customers of take-or-pay gas costs flowing
through the cost of gas adjustment in the prior period.
Twelve-Month Comparison
- -----------------------
For the twelve-month period presented, margin earned from utility
natural gas operations decreased by $1,915,000, or 5.6%, from the
9
<PAGE> PAGE 10
ENERGYNORTH, INC.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
March 31, 1995
prior year. Temperatures were approximately 14% warmer than the
prior year, resulting in a decrease in firm sendout of 10%.
Additionally, gross utility revenues decreased by $778,000 due
mainly to the repeal of the franchise tax.
Despite the warmer temperatures, retail propane operation gallons
sold increased 2% during the twelve-month period as the average
number of customers increased 16%. Margin increased $44,000 during
the period.
Approximately the same level of operations and maintenance expense
was maintained during the period. The increase in depreciation and
amortization expense was a direct result of continuing investment
in property, plant and equipment.
The decrease in taxes other than income taxes was attributable
primarily to the elimination of the franchise tax, which was
partially offset by higher property tax assessments made by cities
and towns. The net impact of the NHBPT expense incurred during the
period and a reduction in pre-tax earnings resulted in the decrease
in Federal and state income tax expense for the period.
Other interest expense increased by $373,000 mainly because of interest
on the net impact of the Tennessee refunds and the recovery
of take-or-pay gas costs flowing through the cost of gas adjustment.
Capital Resources and Liquidity
- -------------------------------
The Company's major capital requirements result from normal
replacements and efforts to improve the efficiency of existing
plant and serve additional customers. For the six months ended
March 31, 1995, capital expenditures totaled approximately $3.5
million.
Cash flow patterns reflect the seasonality of the Company's
business. The greatest demand for cash is in the fall and early
winter as construction projects are brought to completion and
during the winter as accounts receivable balances grow.
Capital expenditures and working capital requirements were financed
by internally generated funds and supplemented by short-term bank
borrowings and proceeds from the Dividend Reinvestment and Stock
Purchase Plan ("DRIP"). During the six months ended March 31,
1995, the Company issued approximately 25,600 shares of common
stock with net proceeds of approximately $408,800. At March 31,
1995, the Company had unsecured bank lines of credit of $13
million, all of which was available.
10
<PAGE> PAGE 11
ENERGYNORTH, INC.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
March 31, 1995
Construction expenditures for fiscal 1995 are expected to be
approximately $8 million. Construction expenditures, long-term
debt repayments and working capital requirements will continue to
be funded through cash generated by operations supplemented by
available lines of credit and additional equity obtained through
the DRIP.
In June 1994, ENGI received a $3.3 million refund from the
Tennessee Gas Pipeline Company ("Tennessee") resulting from rate
case settlements with the FERC. The refund has been recorded in
deferred gas costs and is being returned to firm gas customers
through the operation of the cost of gas adjustment mechanism. ENGI
received an additional refund from Tennessee of $2.9 million in
February 1995. This refund has also been recorded in deferred gas
costs and will be returned to firm gas customers starting in April
1995. The receipt of the refunds has reduced the requirements to
borrow under the short-term lines of credit.
Future financing requirements are subject to the amount and timing
of internally generated funds, rate relief, sales volumes,
construction requirements, regulatory actions and market
conditions.
FERC Order 636
- --------------
Accrued transition cost charges from ENGI's pipeline gas supplier
resulting from FERC Order 636 are $1,330,000 at March 31, 1995 and
are being recovered through the cost of gas adjustment mechanism.
Additional transition costs are expected to range from $1.3 million
to $4.7 million.
Environmental Matters
- ---------------------
At March 31, 1995, ENGI has recorded in deferred charges $3.7
million associated with the investigation, plan development and
disposal of the contents of the gasholder situated on a former gas
manufacturing site. ENGI has filed for a step increase in rates
for the recovery of the costs described above. The Commission
previously approved a method allowing for current deferral and
future recovery of these costs over a seven-year period without
return on the unamortized balance. Prudency hearings were
conducted in March 1995 at which time the Commission staff stated
their opinion that ENGI's actions were prudent. The Commission
also re-examined their determination of the cost recovery period,
and hearings on this issue were completed in April 1995. The
Company is awaiting final Commission decision on these issues.
In addition, $160,000 has been accrued for sampling and analysis of
certain compounds identified at various locations in the area of a
former gas manufacturing site. ENGI is unable to predict at this
11
<PAGE> PAGE 12
ENERGYNORTH, INC.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
March 31, 1995
time the magnitude of any liability that may be imposed on it for
the cost of additional studies or the performance of remedial
action in connection with this site. ENGI will pursue recovery
from insurance carriers and claims against any other responsible
parties seeking to ensure that they contribute appropriately to
reimburse ENGI for any costs incurred. ENGI intends to seek rate
relief at such time that it has determined the extent of the
contamination and has received recommendations with regards to
remediation.
12
<PAGE> PAGE 13
ENERGYNORTH, INC.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
March 31, 1995
PART II. OTHER INFORMATION
Items 1, 2, 3 and 5 are not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
The shareholders of the Company elected certain directors and
ratified the appointment of auditors at the annual meeting held
on February 1, 1995. Numbers of votes for each nominee and for
the ratification of auditors are shown in the following table.
Against or Broker
For Withheld Abstain Nonvotes
----------------------------------------
Director Nominees
- -----------------
Richard J. Censits 2,469,556 99,186 - -
Joan P. Cudhea 2,469,301 99,441 - -
Sylvio L. Dupuis 2,498,148 70,594 - -
Auditor Ratification 2,528,944 13,559 26,239 -
- --------------------
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
27 - Financial Data Schedule.
(Submitted only in electronic format to the
Securities and Exchange Commission)
(b) Reports on Form 8-K:
The Company did not file any reports on Form 8-K
during the quarter ended March 31, 1995.
13
<PAGE> PAGE 14
ENERGYNORTH, INC.
SIGNATURE
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.
EnergyNorth, Inc.
(Registrant)
Date: May 2, 1995 /s/DAVID A. SKRZYSOWSKI
-------------------------------------
David A. Skrzysowski, duly authorized
Vice President & Controller
(Principal Accounting Officer)
14
<PAGE>
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ENERGYNORTH, INC. CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1995 AND
CONDENSED CONSOLIDATED STATEMENT OF INCOME AND STATEMENT OF CASH FLOWS FOR THE
SIX MONTHS ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $86,537
<OTHER-PROPERTY-AND-INVEST> 8,163<F1>
<TOTAL-CURRENT-ASSETS> 24,873
<TOTAL-DEFERRED-CHARGES> 7,300
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 126,873
<COMMON> 3,169
<CAPITAL-SURPLUS-PAID-IN> 29,206
<RETAINED-EARNINGS> 15,239
<TOTAL-COMMON-STOCKHOLDERS-EQ> 47,614
0
0
<LONG-TERM-DEBT-NET> 32,649
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 2,100
0
<CAPITAL-LEASE-OBLIGATIONS> 391
<LEASES-CURRENT> 272
<OTHER-ITEMS-CAPITAL-AND-LIAB> 43,847
<TOT-CAPITALIZATION-AND-LIAB> 126,873
<GROSS-OPERATING-REVENUE> 57,681
<INCOME-TAX-EXPENSE> 4,637
<OTHER-OPERATING-EXPENSES> 43,146
<TOTAL-OPERATING-EXPENSES> 47,783
<OPERATING-INCOME-LOSS> 9,898
<OTHER-INCOME-NET> 502
<INCOME-BEFORE-INTEREST-EXPEN> 10,400
<TOTAL-INTEREST-EXPENSE> 2,172
<NET-INCOME> 8,228
0
<EARNINGS-AVAILABLE-FOR-COMM> 8,228
<COMMON-STOCK-DIVIDENDS> 1,765
<TOTAL-INTEREST-ON-BONDS> 2,852<F2>
<CASH-FLOW-OPERATIONS> 10,762
<EPS-PRIMARY> $2.61
<EPS-DILUTED> $0.00
<FN>
<F1>net of accumulated depreciation of $7.014 million
<F2>$2.852 million represents the forecasted ANNUAL interest on bonds for the
fiscal year ending September 30, 1995. Actual interest on bonds for the six
and twelve months ended March 31, 1995 was $1.441 million and $2.917 million,
respectively.
</FN>
</TABLE>
