<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended September 30, 1996 Commission File No. 1-4698
------------------ ------
Nevada Power Company
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 88-0045330
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6226 West Sahara Avenue, Las Vegas, Nevada 89102
- ------------------------------------------ ---------
(Address of principal executive offices) (Zip Code)
(702) 367-5000
------------------------------------------------------
(Registrant's telephone number, including area code)
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
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 .
---- ---
Indicate the number of shares outstanding of each of the
issuer's classes of Common Stock, as of the latest practicable
date.
Common Stock outstanding October 17, 1996, 48,445,056 shares.
----------
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PART I. FINANCIAL INFORMATION
STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)
FOR THE FOR THE
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1996 1995 1996 1995
-------- -------- -------- --------
ELECTRIC REVENUES ..................... $293,536 $280,135 $640,132 $598,667
OPERATING EXPENSES AND TAXES:
Fuel ............................. 40,759 34,690 84,897 79,129
Purchased and interchanged power . 91,627 79,804 208,451 182,392
Deferred energy cost
adjustments, net ................ (1,120) 16,114 5,271 34,241
-------- -------- -------- --------
Net energy costs ................ 131,266 130,608 298,619 295,762
Other production operations ...... 4,848 5,109 12,447 13,844
Other operations ................. 26,807 26,003 74,717 73,163
Maintenance and repairs .......... 9,937 6,865 32,753 25,804
Provision for depreciation ....... 15,536 14,019 45,769 40,548
General taxes .................... 5,078 4,889 15,007 14,228
Federal income taxes ............. 30,792 28,381 43,631 35,654
-------- -------- -------- --------
224,264 215,874 522,943 499,003
-------- -------- -------- --------
OPERATING INCOME ...................... 69,272 64,261 117,189 99,664
-------- -------- -------- --------
OTHER INCOME (EXPENSES):
Allowance for other funds used
during construction ............. 1,849 1,229 5,300 4,401
Miscellaneous, net ............... (1,406) (682) (3,614) 1,045
-------- -------- -------- --------
443 547 1,686 5,446
-------- -------- -------- --------
INCOME BEFORE INTEREST DEDUCTIONS ..... 69,715 64,808 118,875 105,110
-------- -------- -------- --------
INTEREST DEDUCTIONS:
Interest on long-term debt ....... 11,919 12,110 35,597 35,400
Other interest ................... 796 305 2,253 1,298
Allowance for borrowed funds used
during construction ............. (435) (666) (1,110) (2,611)
-------- -------- -------- --------
12,280 11,749 36,740 34,087
-------- -------- -------- --------
NET INCOME ............................ 57,435 53,059 82,135 71,023
DIVIDEND REQUIREMENTS ON PREFERRED
STOCK ................................ 989 991 2,968 2,975
-------- -------- -------- --------
EARNINGS AVAILABLE FOR COMMON STOCK ... $ 56,446 $ 52,068 $79,167 $ 68,048
======== ======== ======== ========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING .......................... 48,209 46,516 47,757 46,081
======== ======== ======== ========
EARNINGS PER AVERAGE COMMON SHARE ..... $ 1.17 $ 1.12 $1.66 $ 1.48
======== ======== ======== ========
DIVIDENDS PER COMMON SHARE ............ $ 0.40 $ 0.40 $1.20 $ 1.20
======== ======== ======== ========
See Notes to Financial Statements.
2
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BALANCE SHEETS
ASSETS
(Unaudited)
September 30, December 31,
1996 1995
------------- ------------
(In Thousands)
ELECTRIC PLANT:
Original cost .................................... $2,150,849 $2,036,775
Less accumulated depreciation .................... 581,695 546,803
---------- ----------
Net plant in service ........................... 1,569,154 1,489,972
Construction work in progress .................... 143,947 129,255
Other plant, net ................................. 77,519 81,893
---------- ----------
1,790,620 1,701,120
---------- ----------
INVESTMENTS ........................................ 10,161 9,989
---------- ----------
CURRENT ASSETS:
Cash and temporary cash investments .............. 864 25,507
Customer receivables ............................. 106,413 65,079
Other receivables ................................ 8,537 6,321
Fuel stock and materials and supplies ............ 34,403 38,710
Deferred energy costs ............................ (25,058) (18,844)
Prepayments ...................................... 6,378 8,144
---------- ----------
131,537 124,917
---------- ----------
DEFERRED CHARGES ................................... 209,486 211,585
---------- ----------
$2,141,804 $2,047,611
========== ==========
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock, 48,359,337 and 47,038,193
shares issued and outstanding, respectively ... $ 51,564 $ 50,243
Premium and unamortized expense on capital stock 621,795 595,258
Retained earnings .............................. 140,979 118,860
---------- ----------
814,338 764,361
---------- ----------
Cumulative preferred stock ....................... 41,664 41,863
---------- ----------
Long-term debt ................................... 801,767 799,999
---------- ----------
1,657,769 1,606,223
---------- ----------
CURRENT LIABILITIES:
Notes payable .................................... 7,000 -
Current maturities and sinking fund requirements . 5,739 5,809
Accounts payable ................................. 68,547 64,518
Accrued taxes .................................... 32,009 19,457
Accrued interest ................................. 10,290 6,059
Deferred taxes on deferred energy costs .......... (8,770) (6,595)
Customers' service deposits and other ............ 34,946 34,605
---------- ----------
149,761 123,853
---------- ----------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred investment tax credits .................. 31,369 32,464
Deferred taxes on income ......................... 228,921 215,315
Customers' advances for construction and other ... 73,984 69,756
---------- ----------
334,274 317,535
---------- ----------
$2,141,804 $2,047,611
========== ==========
See Notes to Financial Statements.
3
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STATEMENTS OF CASH FLOWS
(Unaudited)
FOR THE NINE MONTHS
ENDED SEPTEMBER 30,
--------------------
1996 1995
-------- --------
(In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .......................................... $ 82,135 $ 71,023
Adjustments to reconcile net income to net cash
provided-
Depreciation and amortization ...................... 52,316 48,614
Deferred income taxes and investment tax credits ... 4,112 (12,226)
Allowance for other funds used during construction . (5,300) (4,401)
Changes in-
Receivables ........................................ (43,550) (37,389)
Fuel stock and materials and supplies .............. 4,307 2,150
Accounts payable and other current liabilities ..... 3,061 14,138
Deferred energy costs .............................. 6,968 33,750
Accrued taxes and interest ......................... 16,783 40,993
Other assets and liabilities ........................ 7,610 623
-------- --------
Net cash provided by operating activities ......... 128,442 157,275
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction expenditures and gross additions ....... (135,250) (121,340)
Investment in subsidiaries and other ................ 402 13,637
Salvage net of removal cost ......................... 77 2,672
-------- --------
Net cash used in investing activities ............. (134,771) (105,031)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of capital stock ........................... 27,879 25,776
Issuance of long-term debt .......................... - 85,000
Change in funds held in trust ....................... 5,478 7,158
Retirement of preferred stock and long-term debt .... (4,163) (69,892)
Change in short-term borrowing ...................... 7,000 14,000
Cash dividends ...................................... (60,026) (58,021)
Other financing activities .......................... 5,518 8,754
-------- --------
Net cash (used in) provided by financing activities (18,314) 12,775
-------- --------
CASH AND TEMPORARY CASH INVESTMENTS:
Net increase (decrease) during the period ........... (24,643) 65,019
Beginning of period ................................. 25,507 123
-------- --------
End of period ....................................... $ 864 $ 65,142
======== ========
CASH PAID DURING THE PERIOD FOR:
Interest, net of amounts capitalized ................ $ 40,681 $ 37,187
======== ========
Income taxes ........................................ $ 26,225 $ 10,785
======== ========
See Notes to Financial Statements.
4
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NOTES TO FINANCIAL STATEMENTS
The condensed financial statements included herein have been
prepared by the registrant, pursuant to the rules and regulations
of the Securities and Exchange Commission, and reflect all
adjustments which, in the opinion of management are necessary for
a fair presentation. Certain information and footnote disclosures
have been condensed in accordance with generally accepted
accounting principles and pursuant to such rules and regulations.
The registrant believes that the disclosures are adequate to make
the information presented not misleading. It is suggested that
these condensed financial statements and notes thereto be read in
conjunction with the financial statements and the notes thereto
included in the registrant's latest annual report. Certain prior
period amounts have been reclassified, with no effect on income or
common shareholders' equity, to conform with the current period
presentation.
(1) FEDERAL INCOME TAXES:
For interim financial reporting purposes, Nevada Power
Company (Company) reflects in the computation of the federal
income tax provision liberalized depreciation based upon the
expected annual percentage relationship of book and tax
depreciation and reflects the allowance for funds used during
construction on an actual basis. The total federal income tax
expense as set forth in the accompanying statements of income
results in an effective federal income tax rate different than the
statutory federal income tax rate. The table below shows the
effects of those transactions which created this difference.
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1996 1995 1996 1995
------- ------- ------- -------
(In Thousands)
Federal income tax at statutory rate .. $30,963 $28,607 $44,336 $38,364
Investment tax credit amortization .... (365) (365) (1,095) (1,095)
Other ................................. 433 433 1,299 1,317
------- ------- ------- -------
Recorded federal income taxes ......... $31,031 $28,675 $44,540 $38,586
======= ======= ======= =======
Federal income taxes included in-
Operating expenses .................. $30,792 $28,381 $43,631 $35,654
Other income, net ................... 239 294 909 2,932
------- ------- ------- -------
Recorded federal income taxes ......... $31,031 $28,675 $44,540 $38,586
======= ======= ======= =======
(2) COMMITMENTS AND CONTINGENCIES:
Hearings began March 11, 1996 for the last phase of the 1995
deferred energy case to consider the prudency of the Company's
fuel and purchased power expenditures during the period June 1993
to May 1995, a buyout of a coal supply agreement and a credit to
customers related to use of coal reserves in an unregulated
subsidiary company. Hearings concluded in September 1996 and a
decision is expected in November 1996. The PSC Staff and Consumer
Advocate Office initially filed testimony seeking disallowance
from recovery and credit to the Company's customers of
approximately $25 million, plus carrying charges but revised that
to approximately $13 million during the hearings. The Company
believes its expenditures and use of coal reserves were prudent
and reasonable, and has vigorously defended against the proposed
disallowances.
Saguaro Power Company (Saguaro), a cogeneration power
producer, and the Company are parties to a 30-year power
purchase contract (Contract) wherein
5
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the Company agreed to purchase power from Saguaro's plant near
Henderson, Nevada. On June 22, 1995, Saguaro filed a demand
for arbitration with the American Arbitration Association (AAA)
and a lawsuit in District Court, Clark County, Nevada, seeking
damages and injunctive relief as a result of being curtailed in
its power deliveries during periods of low load conditions on
the Company's system. The lawsuit alleged that the Company
refused to accept and pay for approximately $2 million of
electric energy and capacity, and that the Company should
reimburse Saguaro for $2 million related to the construction of
the interconnection line. Saguaro also alleged that the Company
has refused to pay Saguaro for excess capacity. Lastly, Saguaro
alleged that the Company has committed fraud and
anticipatory breach of the Contract and requested punitive damages
of $75 million.
The Nevada District Court denied the Company's request that
the issues regarding low load conditions and the lawsuit for
curtailment damages be heard before the Public Service Commission
of Nevada based on the arbitration clause of the Contract. The
Nevada District Court ordered all the parties to arbitrate the
above issues with the exception of Saguaro's claim concerning the
interconnection line.
The arbitration between the Company and Saguaro was concluded
on May 30, 1996. The arbitrator in a written decision rendered on
August 28, 1996, determined that Nevada Power Company's actions
were proper and denied Saguaro relief on all counts.
The Federal Clean Air Act Amendments of 1990 (Amendments)
include provisions for reduction of emissions of oxides of
nitrogen by establishing new emission limits for coal-fired
generating units. This will require the installation of
additional pollution-control technology at some of the Reid
Gardner Station generating units before 2000 at an estimated cost
to the Company of no more than $6 million.
The Amendments also mandated creation of the Grand Canyon
Visibility Transport Commission (Commission) to work toward the
goal of visibility improvement in the Grand Canyon and other
national parks of the Colorado Plateau. The Commission completed
its report and recommendations to the Environmental Protection
Agency (EPA) in June, 1996. The Commission's study anticipates
emission reductions from stationary sources, including power
plants, over the next 40 years, from other provisions of the
Amendments, therefore, additional power plant controls are not
mandated at this time. EPA will develop regulations to implement
the Commission's recommendations. The new regulations are
expected to be promulgated in 1997.
Related to visibility, the United States Congress authorized
the EPA to study the potential impact the Mohave Generating
Station (Mohave) may have on visibility in the Grand Canyon
area. Results of this study are expected in 1997. The cost of
any improvements that may be required cannot be determined at this
time.
In 1991, the EPA published an order requiring the Navajo
Generating Station (Navajo) to install scrubbers to remove 90
percent of sulfur dioxide emissions beginning in 1997. As an 11.3
percent owner of Navajo, the Company will be required to fund an
estimated $53.1 million for installation of the scrubbers. The
first of three scrubber units is expected to be on line in
November 1997. At that point, the project will be approximately
50 percent complete. The first of the other two units is expected
to be on line in 1998 and the last unit in 1999. The Company has
spent $24 million through June 1996 on the scrubbers'
construction. In 1992, the Company received resource planning
approval from the PSC for its share of the cost of the scrubbers.
6
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On October 18, 1996, Coconino County, Arizona issued $20
million 6 3/8% Series 1996 pollution control revenue bonds (PCRBs)
(Nevada Power Company Project) due 2036. Net proceeds from the
sale of the PCRBs were placed on deposit with a trustee and are
being used to finance the construction of the Navajo scrubber
facilities which qualify for tax-exempt financing.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
On July 15, 1996, the Company filed a request with the Public
Service Commission of Nevada (PSC) for authorization to decrease
energy rates by approximately $41 million under the state's
deferred energy accounting procedures. Hearings are set to begin
in November 1996. The Company proposes that large power users
receive the decrease since, according to Company studies, they are
currently subsidizing residential users. The proposed energy
rates would more closely reflect the customer's cost of service.
If approved by the PSC, the Company expects the decrease to be
effective in early 1997.
Hearings concluded in September 1996 for the last phase of
the 1995 deferred energy case to consider various fuel related
issues. (See Note 2 to Financial Statements included in this
quarterly report.)
The Company's customer growth rate during 1995 and 1994 was
6.0 percent. The increase in customers for the first nine months
of 1996 was at an annualized rate of 7.2 percent. At September
30, 1996, the Company provided electric service to 478,620
customers.
Pursuant to Nevada law, every three years the Company is
required to file with the PSC a forecast of electricity demands
for the next 20 years and the Company's plans to meet those
demands. Among the major items in the Company's 1994 Resource
Plan, as refiled and amended, which were approved by the PSC in
1994 and 1995 are the following:
(1) the Company will continue to pursue a strategy of relying on short-term
power purchases to meet the forecasted increases in load;
(2) the Company will maintain sufficient flexibility to implement an
efficient cost-effective resource acquisition process where
appropriate, noting that the competitive solicitation process remains
the preferred method for comparing resource options;
(3) the Company will proceed with the installation of the initial 230 kV
circuit and associated substation and communication facilities on the
previously approved Arden-Northwest 230 kV Transmission Line;
(4) the Company will proceed with the rerouting of a portion of the #2
Arden-McCullough 230 kV Transmission Line;
(5) the Company will proceed with limited resource planning approval to
seek the necessary UEPA and other permitting approvals, and to acquire
necessary sites and rights-of-way for two 230 kV switching stations;
(6) the Company will proceed with a Renewable Energy Program for the
Company to utilize all appropriate incentives, resources, and expertise
to foster the development of economically competitive renewable energy
systems with the intent to provide Southern Nevada customers with 20
megawatts of solar-generated electricity by the year 2002.
7
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On April 1, 1996, the Company filed a status report on the
results of transmission studies along with an amendment requesting
approval of three energy service company contracts. Hearings on
the amendment were held in June and July 1996. The PSC issued an
order on August 27, 1996 denying approval of the contracts.
To meet capital expenditure requirements through 1997, the
Company plans to utilize internally generated cash, the proceeds
from industrial development revenue bonds (IDBs), first mortgage
bonds (FMBs), preferred securities and common stock issues through
public offerings and the Stock Purchase and Dividend Reinvestment
Plan (SPP).
The Company has the option of issuing new shares or using
open market purchases of its common stock to meet the requirements
of the SPP. Under the SPP the Company issued 1,577,977 and
1,257,005 shares, respectively, of its common stock in 1995 and
the first nine months of 1996.
On October 12, 1995, Clark County, Nevada issued $76.75
million Series 1995A IDBs (Nevada Power Company Project) due 2030.
Net proceeds from the sale of the IDBs were placed on deposit with
a trustee and are being used to finance the construction of
certain facilities which qualify for tax-exempt financing. At
September 30, 1996, $72 million remained on deposit with the
trustee.
In September 1996, the Company received PSC approval to issue
up to 7 million additional shares of common stock through public
offerings or the SPP, up to $80 million of new taxable debt, up to
$45 million of preferred stock for the purpose of refinancing
existing preferred stock and up to $80 million of new tax-
advantaged preferred securities as an alternative to an equal
amount of new taxable debt with such authorization to expire on
December 31, 1997. Approval to issue new tax-advantaged preferred
securities was given with the condition that future tax risks
associated with the securities be borne by shareholders. Approval
was also received for the extension of authorization to issue up
to $150 million of unsecured promissory notes through December 31,
1999.
On September 27, 1996 the Company received approval from the
PSC to issue $20 million Coconino County, Arizona PCRBs. On
October 18, 1996, Coconino County, Arizona issued $20 million 6
3/8% Series 1996 PCRBs (Nevada Power Company Project) due 2036.
Net proceeds from the sale of the PCRBs were placed on deposit
with a trustee and are being used to finance the construction of
the Navajo scrubber facilities which qualify for tax-exempt
financing.
Hearings are scheduled to be concluded in October 1996 for
the Company's application with the PSC for approval to issue up to
$100 million of IDBs.
8
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OPERATING RESULTS OF FIRST NINE MONTHS OF 1996
COMPARED TO FIRST NINE MONTHS OF 1995
Earnings per average common share were $1.66 for the first
nine months of 1996, compared to $1.48 for the same period in
1995. The increase in earnings was due to increased revenues.
The average number of customers increased 6.8 percent and
kilowatthour sales, excluding sales for resale, were up 12
percent, as compared to the first nine months of 1995. Revenues
increased due to customer growth and warmer weather.
Fuel expense increased $5.8 million due to higher average
fuel rates. Purchased power increased $26.1 million due to
increased power purchases offset in part by lower average
purchased power costs. Maintenance and repairs increased $6.9
million primarily due to increased maintenance expense at Reid
Gardner. Depreciation expense increased $5.2 million because of a
growing asset base. Other income miscellaneous, net decreased
$4.7 million due in part to the first quarter 1995 recording of
the sale of mining property by the Company's unregulated
subsidiary, Nevada Electric Investment Company and also due to
decreased carrying charges on deferred energy costs.
Average common shares increased because of the sale of
additional common shares through the SPP to partially provide
funds for the construction of facilities necessary to meet
increased customer demand for electricity.
OPERATING RESULTS OF THIRD QUARTER OF 1996
COMPARED TO THIRD QUARTER OF 1995
Earnings per average common share were $1.17 for the third
quarter of 1996, compared to $1.12 for the same period in 1995.
The increase in earnings was due to increased revenues. The
average number of customers increased 7.2 percent and kilowatthour
sales, excluding sales for resale, were up 8.6 percent, as
compared to the third quarter of 1995. Revenues increased due to
customer growth.
Fuel expense increased by $6.1 million due to increased
generation and higher average fuel rates. Purchased power
increased $11.8 million due to increased power purchases offset in
part by lower average purchased power costs. Maintenance and
repairs increased $3.1 million primarily due to increased
maintenance expense at Reid Gardner. Depreciation expense
increased $1.5 million because of a growing asset base.
Average common shares increased because of the sale of
additional common shares through the SPP to partially provide
funds for the construction of facilities necessary to meet
increased customer demand for electricity.
9
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PART II. OTHER INFORMATION
Items 1 through 5. None.
Item 6. Exhibits and Reports on Form 8-K.
a. Exhibits.
Exhibits Filed Description
-------------- -----------
27 Financial Data Schedule
b. Reports on Form 8-K.
None.
Signatures
-----------
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.
Nevada Power Company
--------------------
(Registrant)
STEVEN W.RIGAZIO
--------------------------------------
(Signature)
Date: October 25, 1996 Steven W.Rigazio
----------------
Vice President, Finance and Planning,
Treasurer, Chief Financial Officer
10
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<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET OF NEVADA POWER COMPANY AS OF SEPTEMBER 30, 1996 AND THE RELATED
STATEMENTS OF INCOME AND CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,790,620
<OTHER-PROPERTY-AND-INVEST> 10,161
<TOTAL-CURRENT-ASSETS> 131,537
<TOTAL-DEFERRED-CHARGES> 209,486
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,141,804
<COMMON> 51,564
<CAPITAL-SURPLUS-PAID-IN> 621,795
<RETAINED-EARNINGS> 140,979
<TOTAL-COMMON-STOCKHOLDERS-EQ> 814,338
38,000
3,664
<LONG-TERM-DEBT-NET> 709,257
<SHORT-TERM-NOTES> 7,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 300
200
<CAPITAL-LEASE-OBLIGATIONS> 92,510
<LEASES-CURRENT> 5,239
<OTHER-ITEMS-CAPITAL-AND-LIAB> 471,296
<TOT-CAPITALIZATION-AND-LIAB> 2,141,804
<GROSS-OPERATING-REVENUE> 640,132
<INCOME-TAX-EXPENSE> 43,631
<OTHER-OPERATING-EXPENSES> 479,312
<TOTAL-OPERATING-EXPENSES> 522,943
<OPERATING-INCOME-LOSS> 117,189
<OTHER-INCOME-NET> 1,686
<INCOME-BEFORE-INTEREST-EXPEN> 118,875
<TOTAL-INTEREST-EXPENSE> 36,740
<NET-INCOME> 82,135
2,968
<EARNINGS-AVAILABLE-FOR-COMM> 79,167
<COMMON-STOCK-DIVIDENDS> 57,049
<TOTAL-INTEREST-ON-BONDS> 0<F1>
<CASH-FLOW-OPERATIONS> 128,442
<EPS-PRIMARY> 1.66
<EPS-DILUTED> 0<F1>
<FN>
<F1>INAPPLICABLE.
</FN>
<PAGE>
</TABLE>
