<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ............ to ..............
Commission file number 0-82
NORTH CAROLINA NATURAL GAS CORPORATION
--------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 56-0646235
------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
150 Rowan Street, Fayetteville, North Carolina 28301-4993
----------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(910) 483-0315
--------------
(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 and 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, $2.50 par value 6,410,193
----------------------------- ----------------
Class Number of Shares
<PAGE> 2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
NORTH CAROLINA NATURAL GAS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
ASSETS
March 31 September 30
1995 1994
-------- ------------
Gas Utility Plant $257,570 $243,877
Less-Accumulated Depreciation and
Amortization (82,774) (79,034)
------- -------
Utility Plant, net 174,796 164,843
------- -------
Nonutility Property 5,514 5,285
Less-Accumulated Depreciation (2,438) (2,417)
------- -------
Nonutility Plant, net 3,076 2,868
------- -------
Current Assets:
Cash 1,249 158
Restricted Temporary Cash Investments 4,533 9,282
Accounts Receivable, Less Reserve 18,929 11,795
Recoverable Purchased Gas Costs - 1,505
Inventories, at Average Cost -
Gas in Storage 3,965 8,091
Materials, Supplies & Merchandise 3,830 4,049
Deferred Gas Cost-Unbilled Volumes 1,792 473
Other Current Assets 505 387
------- -------
Total Current Assets 34,803 35,740
------- -------
Investment in Exploration Ventures 89 90
Deferred Charges and Other Assets 1,962 1,546
------- -------
Total Assets $214,726 $205,087
======= =======
(The accompanying notes are an integral part of these balance sheets.)
<PAGE> 3
NORTH CAROLINA NATURAL GAS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
CAPITALIZATION AND LIABILITIES
March 31 September 30
1995 1994
-------- ------------
Capitalization:
Stockholders' Investment:
Common Stock, Par Value $2.50;
Shares Outstanding 03/31/95, 6,410;
09/30/94, 6,367 $16,025 $15,916
Capital in Excess of Par Value 26,276 25,499
Retained Earnings 52,125 44,984
------- -------
Total Stockholders' Investment 94,426 86,399
------- -------
Long-Term Debt 37,000 37,000
------- -------
Total Capitalization 131,426 123,399
------- -------
Current Liabilities:
Current Maturities of Long-Term Debt 2,000 2,000
Notes Payable 20,000 26,000
Accounts Payable 12,610 9,675
Restricted Supplier Refunds 4,533 9,282
Refunds Payable to Customers 5,196 -
Taxes Payable 4,884 1,685
Other Current Liabilities 5,938 5,990
------- -------
Total Current Liabilities 55,161 54,632
------- -------
Other Credits:
Deferred Income Taxes 19,185 18,279
Unamortized Investment Tax Credits 3,020 3,122
Regulatory Liability Related to Income Taxes 3,785 3,923
Postretirement Benefit Liability (FASB 106) 1,004 634
Other 1,145 1,098
------- -------
Total Other Credits 28,139 27,056
------- -------
Total Capitalization and Liabilities $214,726 $205,087
======= =======
(The accompanying notes are an integral part of these balance sheets.)
<PAGE> 4
NORTH CAROLINA NATURAL GAS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
For the Three Months Ended March 31, 1995 and 1994
(in thousands except per share amounts)
1995 1994
------ ------
Operating Revenues $52,513 $62,615
Cost of Gas 30,682 41,535
------ ------
Gross Margin 21,831 21,080
------ ------
Operating Expenses and Taxes:
Operations and Maintenance 5,384 4,866
Depreciation 2,002 1,824
General Taxes 2,324 2,653
Income Taxes 4,086 4,061
------ ------
Total Operating Expenses and Taxes 13,796 13,404
------ ------
Operating Income 8,035 7,676
Other Income, Net 800 633
Utility Interest Charges 1,214 1,008
------ ------
Net Income $7,621 $7,301
====== ======
Average Common Shares Outstanding 6,396 6,326
====== ======
Earnings Per Share $1.19 $1.15
====== ======
Dividends Declared Per Share $0.305 $0.29
====== ======
(The accompanying notes are an integral part of these statements.)
<PAGE> 5
NORTH CAROLINA NATURAL GAS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
For the Six Months Ended March 31, 1995 and 1994
(in thousands except per share amounts)
1995 1994
------ ------
Operating Revenues $86,928 $104,697
Cost of Gas 50,661 68,481
------- -------
Gross Margin 36,267 36,216
------- -------
Operating Expenses and Taxes:
Operations and Maintenance 10,348 9,800
Depreciation 3,933 3,627
General Taxes 3,966 4,565
Income Taxes 5,895 6,117
------- -------
Total Operating Expenses and Taxes 24,142 24,109
------- -------
Operating Income 12,125 12,107
Other Income, Net 1,094 950
Utility Interest Charges 2,281 2,063
------- -------
Net Income $10,938 $10,994
======= =======
Average Common Shares Outstanding 6,382 6,314
======= =======
Earnings Per Share $1.71 $1.74
======= =======
Dividends Declared Per Share $0.595 $0.56
======= ======
(The accompanying notes are an integral part of these statements.)
<PAGE> 6
NORTH CAROLINA NATURAL GAS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
For the Twelve Months Ended March 31, 1995 and 1994
(in thousands except per share amounts)
1995 1994
------ ------
Operating Revenues $142,568 $172,531
Cost of Gas 87,420 116,339
------- -------
Gross Margin 55,148 56,192
------- -------
Operating Expenses and Taxes:
Operations and Maintenance 20,028 18,958
Depreciation 7,679 7,134
General Taxes 6,924 7,623
Income Taxes 6,096 6,762
------- -------
Total Operating Expenses and Taxes 40,727 40,477
------- -------
Operating Income 14,421 15,715
Other Income, Net 945 565
Utility Interest Charges 4,273 4,162
------- -------
Net Income $11,093 $12,118
======= =======
Average Common Shares Outstanding 6,365 6,300
======= =======
Earnings Per Share $1.74 $1.92
======= =======
Dividends Declared Per Share $1.175 $1.10
======= =======
(The accompanying notes are an integral part of these statements.)
<PAGE> 7
NORTH CAROLINA NATURAL GAS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Six Months Ended March 31, 1995 and 1994
(in thousands)
1995 1994
------ ------
Cash Flows From Operating Activities:
Net Income $10,938 $10,994
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 3,950 3,851
Change in deferred income taxes and
deferred investment tax credits, net 668 421
Change in other current assets and liabilities 8,298 2,155
Other 417 (429)
------ ------
Net cash provided by operating activities 24,271 16,992
------ ------
Cash Flows From Investing Activities:
Property additions (14,348) (10,444)
Other, net 81 16
------ ------
Net cash used in investing activities (14,267) (10,428)
------ ------
Cash Flows From Financing Activities:
Decrease in notes payable (6,000) (3,500)
Cash dividends paid (3,797) (3,536)
Issuance of common stock through dividend
reinvestment and employee stock purchase plans 886 881
------ ------
Net cash used in financing activities (8,911) (6,155)
------ ------
Net increase in cash and temporary cash investments 1,093 409
Cash and temporary cash investments,
beginning of period 158 1,591
------ ------
Cash and temporary cash investments, end of period $ 1,251 $ 2,000
====== ======
Interest, net of amounts capitalized $ 2,590 $ 2,236
Income taxes, net of refunds 1,887 3,027
(The accompanying notes are an integral part of these statements.)
<PAGE> 8
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1995
Note 1: The condensed financial statements included in this report reflect
only normal recurring adjustments which are, in the opinion of management,
necessary to a fair statement of the results for the periods shown. Because
of the seasonal nature of the Company's business, the results of operations
for the six-month period ended March 31, 1995 are not necessarily indicative
of the results for the full year. These financial statements have been
prepared by the Company, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company believes that
the disclosures are adequate to make the information presented not
misleading. It is suggested that these condensed financial statements
be read in conjunction with the financial statements and the notes thereto
included in the Company's latest annual report on Form 10-K for the fiscal
year ended September 30, 1994.
Note 2: Long-Term Debt at March 31, 1995:
Amount Due
Within
Issue One Year Total
----- ---------- -------
9.21% Debentures, Series C,
due 11/15/11 $ - $25,000,000
8 3/4% Debentures, Series B,
due 06/15/01 2,000,000 14,000,000
--------- ----------
Long-Term Debt $2,000,000 $39,000,000
========= ==========
Note 3: During the six months ended March 31, 1995, the Comany received
additional supplier refunds from Transco and Columbia of $1,760,080. Upon
order of the NCUC, the Company has invested all of these funds in U.S.
Treasury securities until such time as the Commission orders the funds
transferred to an Expansion Fund administered by the Commission pursuant to
legislation passed in July 1991 which encourages the expansion of Natural
Gas service into unserved areas of the State, including substantial portions
of the Company's franchised service territory. At March 31, 1995, $4,533,000
of temporary cash investments are restricted for transfer to the Expansion
Fund which was established for the Company by Order of the NCUC dated
February 8, 1993. On April 30, 1993 and October 19, 1994, respectively, the
Company transferred $3.8 million and $6.6 million to the Expansion Fund
administered by the Commission pursuant to the Order. At March 31, 1995, a
total of $11.1 million is in the Expansion Fund amdinistered by the NCUC and
is available to the Company only upon application to the NCUC for an expansion
project approved by the NCUC.
<PAGE> 9
Note 4: The Financial Accounting Standards (FASB) issued Statement No. 112,
"Employers' Accounting for Postemployment Benefits", which requires that all
types of benefits provided to former or inactive employees and their families
prior to retirement be accounted for on an accrual basis. The Company
implemented this accounting standard during the quarter ended March 31, 1995.
Total liability has been determined to be $266,952 which will be recorded
during the remainder of fiscal 1995. The Company is requesting to include
one-third of these costs in its annual cost of service contained in the
General Rate Case filed with the North Carolina Utilities Commission on May
2, 1995.
<PAGE> 10
Item 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------------------------------------------------
(1) Material Changes in Financial Condition
---------------------------------------
Current cash requirements are financed primarily through internally
generated cash, the issue of new common stock through dividend reinvestment
and employee stock plans and committed bank lines of credit totaling $40
million plus the cost of gas in storage. At March 31, 1995, loans totaling
$20 million were outstanding under the lines of credit compared to $26
million outstanding at September 30, 1994.
Construction spending was $14.3 million for the six months ended March
31, 1995 compared to $10.4 million for the same period in 1993. Construction
expenditures for the remainder of the fiscal year 1995 are projected at
$12.9 million. Management believes that the Company's lines of credit and
cash provided from operating activities will be sufficient to satisfy the
Company's anticipated short-term cash requirements during the remainder of
fiscal year 1995. However, it is likely that the Company will issue long-term
debt in calendar year 1995 to reduce the amount of short-term debt
outstanding.
The Company's business is seasonal in nature as fluctations in weather
dictate injecting and withdrawing from Company storage and billings to
residential and commercial customers. Injections of natural gas into storage
and a reduction in customer billings occur during the periods of warm weather
(April through October). Withdrawals from storage and increased customer
billings occur during periods of cold weather (November through March). This
seasonality is primarily the reason for a decrease in gas in storage and an
increase in accounts receivable at March 31, 1995 as compared to September
30, 1995.
Net cash provided by operating activities increased $7,279,000 for
the six months ended March 31, 1995 as compared to the same period last year.
This increase was primarily due to an increase in refunds payable to
customers caused by the actual cost of gas being lower than the cost of gas
underlying the Company's sales rates as gas prices have remained soft since
the summer of 1994. The Company is required to defer the difference and
refund the calculated amount to our customers through rate decrements.
Net cash used in financing activities decreased $2,756,000 for the six
months ended March 31, 1995 as compared to the same period last year. The
primary reasons for this decrease were a reduction in short-term borrowing
and an increase in dividends paid to stockholders.
<PAGE> 11
(2) Material Changes in Results of Operations
Net income increased $320,000 in the three months period and decreased
$56,000 and $1,025,000, respectively, for the six and twelve months period
ended March 31, 1995 compared to the same periods last year. The primary
reason for the increase in the three months period was growth in the
Company's margin driven by a 5.1% increase in the customer base from 1994
to 1995. Affecting the decreases in the six and twelve months were (1)
a decline in volumes sold to one customer who elected to buy power from an
electric utility rather than using natural gas to generate power as it did
in the 1994 periods; (2) increases in operating and maintenance expenses;
(3) higher depreciation expense; and (4) an increase in interest expense.
Gross margin increased $751,000, and $51,000, respectively, for the
three and six month periods ended March 31, 1995 as compared to the same
periods last year. These increases in gross margin were caused by (1)
customer growth which resulted in increased revenues from facilities
charges, and (2) decreased commodity cost of gas that has the effect of
increasing demand for natural gas, especially from price sensitive
industrial customers leading to an increase in throughput volumes despite
significantly warmer weather compared to the last year and 30-year averages.
Gross margin decreased $1,044,000 for the twelve months period ended
March 31, 1995 as compared to the same period last year due to a decline in
volumes delivered to one customer for electric power generation and warmer
weather resulting in reduced sales volumes to residential and commercial
customers. Partially offsetting these decreases were the Weather
Normalization Adjustment in the Company's rates, customer growth, and more
competitive gas prices.
The chart below compares the Company's throughput volumes by market
segment in thousands of dekatherms (Mdt) for the three month, six month
and twelve month periods:
THROUGHPUT VOLUMES (Mdt) BY MARKET SEGMENT
3 Months 6 Months 12 Months
--------------- -------------- ---------------
1995 1994 1995 1994 1995 1994
---- ---- ---- ---- ---- ----
Core Market
(Non-IST) 12,455 12,308 20,331 20,945 32,704 34,448
IST Customers
(those with #6
of as
alternative
fuel) 2,990 2,705 7,074 6,008 14,748 13,211
------ ------ ------ ------ ------ ------
Total 15,445 15,013 27,405 26,953 47,452 47,659
====== ====== ====== ====== ====== ======
<PAGE> 12
The modest increase in the core market volumes for the three-month
period was a result of customer growth offset primarily by reduced sales
volumes to an electric utility and to residential and commercial customers
due to warmer weather. Decreases in both the six and twelve-month periods
were a direct result of a reduction in sales to the electric company mentioned
above. Affecting all periods was a mix change to fewer sales volumes and more
transportation. Changes in IST volumes have no impact on the Company's
realized margin as the IST ratemaking mechanism stablizes margin at the level
approved in the Company's last general rate case.
The following table shows the throughput in terms of sales and
transportation volumes:
THROUGHPUT VOLUMES (Mdt) BY TYPE OF SERVICE
3 Months 6 Months 12 Months
------------ -------------- --------------
1995 1994 1995 1994 1995 1994
---- ---- ---- ---- ---- ----
Sales 13,399 13,420 21,132 22,050 32,570 36,271
Transportation 2,046 1,593 6,273 4,903 14,882 11,388
------ ------ ------ ------ ------ ------
Total 15,445 15,013 27,405 26,953 47,452 47,659
====== ====== ====== ====== ====== ======
Operating revenues decreased $10,102,000, $17,769,000, and $29,963,000,
respectively, for the three, six and twelve months ended March 31, 1995.
The primary factors causing the decrease in revenues were (1) a mix change
to greater transportation volumes and lower sales volumes as shown in the
table, "Throughput Volumes (Mdt) By Type of Service" above, and (2) a
significant decline in natural gas market prices. The commodity cost of
gas associated with transportation volumes is paid by the customer directly
to the customer's supplier and is therefore, not incurred nor billed by
the Company.
Cost of gas decreased $10,853,000, $17,820,000, and $28,919,000,
respectively, for the three month, six month and twelve month periods ended
March 31, 1995 as compared to the same periods last year. The decreases for
these periods were caused primarily by gas commodity price decreases of 49%,
43%, and 33%, respectively, for the three month, six month and twelve month
periods. The change in mix to fewer sales volumes and more transportation
volumes also reduced gas costs. Additionally, the Company executed capacity
release transactions which reduced gas costs by $293,000, $795,000, and
$1,936,000, respectively, for the three month, six month and twelve month
periods ended March 31, 1995 compared to the same periods ended March 31,
1994.
<PAGE> 13
Operations and maintenance expenses increased $518,000, $548,000, and
$1,070,000, respectively, for the three, six, and twelve month periods
compared to the same periods last year. Affecting all periods were increased
distribution operations expenses, higher wages and employee benefits, and
higher costs associated with the addition of nearly 8,000 new customers from
March 31, 1994 to March 31, 1995. However, warmer weather caused reductions
in operating expenses of the Company's compressor and LNG storage facility
that offset the increases in other expenses in the six-month period as
compared to the three-month period. Affecting the six and twelve month
periods were increased distribution operations expenses associated with
customer growth as mentioned above and increased post retirement benefit
expenses brought about by the adoption of FASB 106.
Depreciation expenses increased in all periods as compared to the same
periods last year due to the addition of utility plant in service, primarily
transmission and distribution plant, related to system expansion and customer
growth.
General taxes decreased in all periods as compared to the same periods
last year. The primary tax included in this category is the state gross
receipts tax which is based on revenues and, therefore, it tracks the
change in revenues.
Income taxes increased $25,000 for the quarter as compared to the
same period last year. This increase was caused by an increase in operating
income partially offset by increased interest charges.
Income taxes decreased $222,000 and $666,000, respectively, for the
six and twelve months ended March 31, 1995 as compared to the same periods
last year. Affecting both periods were increased interest charges. The
twelve-month period was also affected by a decrease in operating income
primarily related to decreased gross margin.
Utility interest charges increased $206,000, $218,000, and $111,000,
respectively, for the three, six, and twelve months ended March 31, 1995 as
compared to the same periods last year. All periods were affected by an
increase in net refunds payable to customers (which carry a NCUC-mandated
10% interest rate) compared to the same periods last year and higher
interest rates on short-term borrowing partially offset by increased
allowance for funds used during construction (AFUDC) due to more
construction work in progress for system strengthening and expansion projects.
The six and twelve months periods were affected by decreases in interest
on long-term debt due to sinking fund payments.
<PAGE> 14
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in the Rights of the Company's Security Holders
None.
Item 3. Default Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
On May 2, 1995, the Company filed for approval of a general rate
increase that would generate additional revenues to the Company of
approximately $4.6 million per year. The Company anticipates the hearing
on this request to be held in the fall. The new rates, if approved, will
become effective early in the 1995-1996 winter period.
In 1991, the North Carolina Department of Environment, Health and
Natural Resources advised the Company of a possible environmental
contamination arising from the site of a former manufactured gas facility
in Kinston, North Carolina. The Company retained an environmental services
consulting firm which has estimated the costs of investigation and
remediation based on its work to date to be between $1.4 million and
$2.8 million over a four-to-six year period. The Company believes that any
appreciable costs not previously provided for will be recovered from third
parties, including liability insurance carriers, or in natural gas rates.
<PAGE> 15
The Company also owns another site of a former manufactured gas plant
in New Bern, North Carolina, and was a previous owner of three small former
manufactured gas plant sites on which no significant problems have arisen.
The Company does not anticipate that any environmental contamination
will have any adverse impact on the Company's financial position, result
of operation and net cash flows.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
None.
<PAGE> 16
SIGNATURE
---------
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
NORTH CAROLINA NATURAL GAS CORPORATION
--------------------------------------
(Registrant)
Date: May 15, 1995 /s/ Gerald A. Teele
--------------------------------------
Gerald A. Teele
Senior Vice President, Treasurer and
Chief Financial Officer
(Principal Financial Officer)
Date: May 15, 1995 /s/ Charles W. Siska, Jr.
--------------------------------------
Charles W. Siska, Jr.
Controller
(Principal Accounting Officer)
<PAGE> 17
NORTH CAROLINA NATURAL GAS CORPORATION AND SUBSIDIARIES
INDEX OF EXHIBITS
The following exhibit is filed as part of this Form 10-Q for the
period ended March 31, 1995.
Exhibit
Number
-------
27 - Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> UT
<CIK> 0000072596
<NAME> NORTH CAROLINA NATURAL GAS CORPORATION
<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> 174,796
<OTHER-PROPERTY-AND-INVEST> 3,131
<TOTAL-CURRENT-ASSETS> 36,399
<TOTAL-DEFERRED-CHARGES> 400
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 214,726
<COMMON> 16,025
<CAPITAL-SURPLUS-PAID-IN> 26,276
<RETAINED-EARNINGS> 52,125
<TOTAL-COMMON-STOCKHOLDERS-EQ> 94,426
0
0
<LONG-TERM-DEBT-NET> 37,000
<SHORT-TERM-NOTES> 20,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 2,000
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 61,300
<TOT-CAPITALIZATION-AND-LIAB> 214,726
<GROSS-OPERATING-REVENUE> 86,928
<INCOME-TAX-EXPENSE> 5,895
<OTHER-OPERATING-EXPENSES> 68,908
<TOTAL-OPERATING-EXPENSES> 74,803
<OPERATING-INCOME-LOSS> 12,125
<OTHER-INCOME-NET> 1,094
<INCOME-BEFORE-INTEREST-EXPEN> 13,219
<TOTAL-INTEREST-EXPENSE> 2,281
<NET-INCOME> 10,938
0
<EARNINGS-AVAILABLE-FOR-COMM> 10,938
<COMMON-STOCK-DIVIDENDS> 3,797
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 24,271
<EPS-PRIMARY> $1.71
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