<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 June 30, 1996
OR
[] 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 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 6,559,254
- ----------------------------- -----------
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
June 30, September 30,
1996 1995
--------- -------------
Gas Utility Plant $276,191 $265,289
Less-Accumulated Depreciation
and Amortization (93,316) (86,493)
-------- --------
Utility Plant, net 182,875 178,796
-------- --------
Nonutility Property 5,889 5,675
Less-Accumulated Depreciation (2,329) (2,589)
-------- --------
Nonutility Property, net 3,560 3,086
-------- --------
Current Assets:
Cash 1,108 1,639
Unrestricted Temporary Cash Investments 7,000 -
Restricted Temporary Cash Investments 5,180 4,785
Accounts Receivable, Less Reserve 18,309 12,952
Recoverable Purchased Gas Costs 6,791 -
Inventories, at Average Cost -
Gas in Storage 6,109 7,207
Materials, Supplies & Merchandise 4,117 3,679
Deferred Gas Cost-Unbilled Volumes 122 328
Other Current Assets 348 272
-------- --------
Total Current Assets 49,084 30,862
-------- --------
Investment in Exploration Ventures 86 87
Deferred Charges and Other Assets 3,046 2,049
-------- --------
Total Assets $238,651 $214,880
======== ========
(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
June 30, September 30,
1996 1995
-------- -------------
Capitalization:
Stockholders' Investment:
Common Stock, Par Value $2.50; Shares Outstanding
06/30/96, 6,557; 09/30/95, 6,477 $16,393 $16,193
Capital in Excess of Par Value 29,224 27,513
Retained Earnings 57,836 49,072
-------- --------
Total Stockholders' Investment 103,453 92,778
-------- --------
Long-Term Debt 63,000 62,000
-------- --------
Total Capitalization 166,453 154,778
-------- --------
Current Liabilities:
Current Maturities of Long-Term Debt 2,000 2,000
Accounts Payable 18,997 12,390
Restricted Supplier Refunds 5,180 4,785
Refunds Payable to Customers 3,783 3,646
Taxes Payable 5,014 1,871
Customer Deposits 2,118 1,964
Accrued Interest 1,068 1,626
Other Current Liabilities 3,104 2,290
-------- --------
Total Current Liabilities 41,264 30,572
-------- --------
Other Credits:
Deferred Income Taxes 21,897 20,584
Unamortized Investment Tax Credits 2,770 2,920
Regulatory Liability Related to Income Taxes 3,139 3,300
Postretirement and Postemployment Benefit Liability 2,103 1,646
Other 1,025 1,080
-------- --------
Total Other Credits 30,934 29,530
-------- --------
Total Capitalization and Liabilities $238,651 $214,880
======== ========
(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 June 30, 1996 and 1995
(in thousands except per share amounts)
1996 1995
-------------- ------------
Operating Revenues $44,875 $34,271
Cost of Gas 30,877 23,358
------- -------
Gross Margin 13,998 10,913
------- -------
Operating Expenses and Taxes:
Operations and Maintenance 6,308 5,293
Depreciation 2,398 2,039
General Taxes 2,156 1,749
Income Taxes 712 308
------- -------
Total Operating Expenses and Taxes 11,574 9,389
------- -------
Operating Income 2,424 1,524
Other Income (Loss), net 42 (79)
------- -------
Income Before Utility Interest Charges 2,466 1,445
Utility Interest Charges 1,271 1,006
------- -------
Net Income $1,195 $439
======= =======
Average Common Shares Outstanding 6,544 6,418
======= =======
Earnings Per Share $0.18 $0.07
======= =======
Dividends Declared Per Share $0.325 $0.305
======= =======
(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 Nine Months Ended June 30, 1996 and 1995
(in thousands except per share amounts)
1996 1995
------ -------
Operating Revenues $165,218 $121,199
Cost of Gas 108,387 74,019
-------- --------
Gross Margin 56,831 47,180
-------- --------
Operating Expenses and Taxes:
Operations and Maintenance 16,926 15,642
Depreciation 7,024 5,971
General Taxes 7,264 5,715
Income Taxes 8,127 6,203
-------- --------
Total Operating Expenses and Taxes 39,341 33,531
-------- --------
Operating Income 17,490 13,649
Other Income, net 1,396 1,015
-------- --------
Income Before Utility Interest Charges 18,886 14,664
Utility Interest Charges 3,901 3,287
-------- --------
Net Income $14,985 $11,377
======== ========
Average Common Shares Outstanding 6,514 6,394
======== ========
Earnings Per Share $2.30 $1.78
======== ========
Dividends Declared Per Share $0.955 $0.90
======== ========
(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 June 30, 1996 and 1995
(in thousands except per share amounts)
1996 1995
---------- ----------
Operating Revenues $189,692 $147,316
Cost of Gas 122,123 90,519
------- -------
Gross Margin 67,569 56,797
------- -------
Operating Expenses and Taxes:
Operations and Maintenance 22,356 20,726
Depreciation 9,101 7,858
General Taxes 8,645 7,102
Income Taxes 8,390 6,314
------- -------
Total Operating Expenses and Taxes 48,492 42,000
------- -------
Operating Income 19,077 14,797
Other Income, net 1,403 887
------- -------
Income Before Utility Interest Charges 20,480 15,684
Utility Interest Charges 5,062 4,279
------- -------
Net Income $15,418 $11,405
======= =======
Average Common Shares Outstanding 6,500 6,384
======= =======
Earnings Per Share $2.37 $1.79
======= =======
Dividends Declared Per Share $1.26 $1.19
======= =======
(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 Nine Months Ended June 30, 1996 and 1995
(in thousands)
1996 1995
--------- ----------
Cash Flows From Operating Activities:
Net Income $14,985 $11,377
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 7,275 5,999
Change in deferred income taxes
and deferred investment tax
credits, net 1,004 1,130
Change in other current assets
and liabilities (2,135) 13,457
Other 403 703
------ ------
Net cash provided by operating activities 21,532 32,666
------ ------
Cash Flows From Investing Activities:
Property additions (11,379) (18,943)
Other, net (374) (164)
------ ------
Net cash used in investing activities (11,753) (19,107)
------ ------
Cash Flows From Financing Activities:
Decrease in notes payable (27,000) (7,000)
Retirement of long-term debt (2,000) (2,000)
Issuance of long-term debt 30,000 -
Cash dividends paid (6,221) (5,752)
Issuance of common stock through
dividend reinvestment, employee
stock purchase, and key employee
stock option plans 1,911 1,743
------ ------
Net cash used in financing activities (3,310) (13,009)
------ ------
Net increase in cash and temporary
cash investments 6,469 550
Cash and temporary cash investments,
beginning of period 1,639 158
------ ------
Cash and temporary cash investments,
end of period $8,108 $708
====== =====
Cash paid for:
Interest, net of amounts capitalized $4,644 $4,290
Income taxes, net of refunds 4,964 3,367
(See accompanying notes are an integral part of these statements.)
<PAGE> 8
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1996
-------------
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 three-month and nine-month periods ended
June 30, 1996 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
annual report for the fiscal year ended September 30, 1995.
Note 2: Long-Term Debt at June 30, 1996:
Amount Due
Within
Issue One Year Total
----- ----------- ----------
7.15% Senior Notes,
due 11/15/15 $ - $30,000,000
9.21% Debentures, Series C,
due 11/15/11 - 25,000,000
8.75% Debentures, Series B,
due 06/15/01 2,000,000 10,000,000
--------- ----------
Long-Term Debt $2,000,000 $65,000,000
========= ==========
Note 3: During the nine months ended June 30, 1996, the Company received
additional supplier refunds of $581,115 from Transco and Columbia. 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 (the Fund). The Fund is administered by
<PAGE> 9
the Commission pursuant to legislation passed in July 1991, and it encourages
the expansion of Natural Gas service into unserved areas of the State,
including substantial portions of the Company's franchised service territory.
At June 30, 1996, $5.2 million of temporary cash investments are restricted
for transfer to the 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
Fund. On July 17, 1996, the Company filed with the NCUC a request for approval
of Expansion Fund deposit in the amount of $3.4 million plus interest. At
June 30, 1996, a total of $12 million is in the Fund and is available to the
Company only upon application to the NCUC for an expansion project approved
by the NCUC.
<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 issuance of new common stock through
dividend reinvestment, employee stock purchase and key employee stock
option plans, and committed bank lines of credit totaling $25 million plus
the cost of gas in storage. At June 30, 1996, no loans were outstanding under
the lines of credit compared to $27 million outstanding at September
30, 1995. The amount outstanding at September 30, 1995 was classified as
long-term debt on the Condensed Consolidated Balance Sheet because in
September 1995 the Company arranged a private placement of $30 million of
its 7.15% Senior Notes due 2015. The transaction closed November 10, 1995,
and all short-term debt was repaid.
Construction spending was $11.4 million for the nine months ended
June 30, 1996 compared to $18.9 million for the same period in 1995. This
decrease was due to nonrecurring expenditures for system strengthening and
the Mt. Olive expansion project in 1994. Construction expenditures for the
remainder of the fiscal year 1996 are projected at $8 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 1996.
The Company's business is seasonal in nature as fluctuations 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). In addition, the cost of gas included in storage and rates are
subject to changes in market conditions. This seasonality is the primary
reason for the lower volumes of gas in storage, which is somewhat offset by
higher average gas costs. The seasonality and higher gas costs included in
rates also accounts for the higher level of accounts receivable.
Recoverble Purchased Gas Costs represent the difference between the
Company's benchmark price charged to customers and the actual cost of gas. The
increase is due to higher gas costs in the winter months; and the balance
will be recovered in rates to customers in future periods.
<PAGE> 11
Net cash provided by operating activities decreased $11.1 million
for the nine months ended June 30, 1996 as compared to the same period last
year. This decrease was due primarily to (1) an increase in customer accounts
receivable caused by higher gas consumption of residential and commercial
customers at higher rates, and (2) a decrease in refunds payable to customers
caused by the actual cost of gas being higher than the cost of gas underlying
the Company's sales rates which have increased substantially during the fiscal
year due to colder weather.
Net cash used in financing activities decreased $9.7 million for the
nine months ended June 30, 1996 as compared to the same period last year.
The primary reason for this decrease was the private placement of $30 million
Senior Notes used to repay all of the short-term debt.
(2) Material Changes in Results of Operations
Net income increased $756,000, $3,608,000, and $4,013,000 while
earnings per share increased $.11, $.52, and $.58, respectively, for the
three month, nine month and twelve month periods ended June 30, 1996 as
compared to the same periods last year. Significant factors having a
favorable impact on results of operations for these periods were (1) a
general rate increase effective November 1, 1995; (2) higher throughput
volumes driven by above-average customer growth and colder than normal
weather; (3) an increase in customer base in excess of 5% which resulted in
increased facilities charges as well as increased sales volumes; and (4)
higher earnings realized by the Company's propane division and subsidiary gas
marketing activities in all periods.
Gross margins increased $3.1 million, $9.7 million, and $10.8
million, respectively, for the three month, nine month and twelve month
periods ended June 30, 1996 compared to the same periods last year. The
chart below compares margins for the three month, nine month and twelve month
periods by customer class (000s omitted):
GROSS MARGIN BY CUSTOMER CLASS
3 Months 9 Months 12 Months
------------------ ---------------- ------------------
1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ----
Residential $ 5,084 $ 3,247 $21,228 $14,872 $23,609 $17,121
Commercial 2,574 1,662 11,463 8,354 13,074 9,921
Industrial 5,257 5,200 17,501 18,165 23,333 23,164
Municipal 1,083 804 6,639 5,789 7,553 6,591
------ ------ ------ ------ ------ ------
Total $13,998 $10,913 $56,831 $47,180 $67,569 $56,797
====== ====== ====== ====== ====== ======
<PAGE> 12
Residential, commercial and municipal margins increased in all
periods because of the November 1, 1995 general rate increase, continued
strong customer growth and additional sales and transportation volumes
resulting from the customer growth and colder weather. However, the
operation of the Weather Normalization Adjustment mechanism largely offsets
the impact that colder than normal weather had on gross margin.
Gross margin for the industrial class remained relatively
unchanged compared to last year. Even though industrial growth continued in
the Company's service area, the gross margin remained about the same because
(1) there were more weather-induced curtailments; (2) the Industrial Sales
Tracker (IST) ratemaking mechanism which stabilized margins regardless of
volume throughput was no longer in the Company's rates; and (3) the
Company's largest industrial customer used less than normal volumes due to
major maintenance at its facility.
The chart below shows sales and transportation throughput volumes
(in thousands of dekatherms) by customer class for both the three month, nine
month and twelve month periods for 1996 and 1995:
THROUGHPUT VOLUMES (Mdt) BY CUSTOMER CLASS
3 Months 9 Months 12 Months
------------------- ----------------- ----------------
1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ----
Residential 1,293 898 6,824 5,265 7,127 5,566
Commercial 979 788 4,557 3,672 5,403 4,526
Industrial 8,591 8,979 22,036 23,690 32,045 31,157
Municipal 1,636 1,494 8,151 6,936 9,480 8,170
------ ------ ------ ------ ------ ------
Total 12,499 12,159 41,568 39,563 54,055 49,419
====== ====== ====== ====== ====== ======
<PAGE> 13
The following chart shows the same total throughput volumes classified
by sales and transportation:
THROUGHPUT VOLUMES (Mdt) BY TYPE OF SERVICE
3 Months 9 Months 12 Months
------------------- ---------------- ------------------
1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ----
Sales 9,412 9,255 34,748 30,386 39,077 35,560
Transportation 3,087 2,904 6,820 9,177 14,978 13,859
------ ------ ------ ------ ------ ------
Total 12,499 12,159 41,568 39,563 54,055 49,419
====== ====== ====== ====== ====== ======
Total throughput volumes increased due to a substantial increase in
demand for gas in the Company's service area from all customer classes.
However, transportation volumes decreased in the nine-month period because
(1) the rising price of natural gas caused some customers to switch to sales
service from transportation in the first two quarters; (2) there were more
weather-induced curtailments of the larger industrial boiler fuel customers
who use heavy oil as an alternative fuel; and (3) colder weather caused
residential, commercial and municipal sales volumes to increase significantly.
The Company earns the same profit margin on transportation of
customer-owned gas as it earns from sales transactions to those customers.
However, changes in the mix of transportation and sales volumes can
have significant impacts on operating revenues and cost of gas, because
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.
Operating revenues increased $10.6 million, $44.0 million, and
$42.4 million, respectively, for the three month, nine month, and twelve
month periods ended June 30, 1996 as compared to the same periods last
year. The primary factors causing these increases were (1) an increase of
5.2% in the customer base; (2) increased sales volumes caused by the
customer growth and colder winter weather in 1996; (3) higher natural gas
commodity prices; and (4) the general rate increase.
Cost of gas increased $7.5 million, $34.4 million, and $31.6
million, respectively, for the three month, nine month, and twelve month
periods ended June 30, 1996 as compared to the same periods last year. These
increases were due to increased quantities purchased related to higher sales
volumes and an increase in the commodity costs of gas of 45%, 48%, and 38% for
the three month, nine month and twelve month periods, respectively.
<PAGE> 14
Operations and maintenance expenses increased $1 million, $1.3
million, and $1.6 million, respectively, for the three month, nine month
and twelve month periods ended June 30, 1996 as compared to the same periods
last year. Affecting all periods were increased transmission operations
expenses, distribution maintenance expenses, higher wages and higher costs
associated with the addition of 7,039 new customers from June 30, 1995 to
June 30, 1996. Salaries and wages represent a substantial amount of the
Company's operations and maintenance expenses, and they increased
approximately 6% during the twelve months ended June 30, 1996. The
second largest factor was the increased expense of higher provisions for
postretirement and postemployment benefit obligations related to FAS 106
and FAS 112, respectively.
The rate of increase in non-wage operations and maintenance expenses
declined in the three months and nine months ended June 30, 1996 principally
because of a nonrecurring reduction in group medical insurance costs,
together with planned reductions in maintenance, demonstration and selling
expenses and travel-related expenses. Management expects that on a
going-forward basis, total operations and maintenance expenses will
increase at a rate somewhat greater than the overall inflation rate because of
the Company's ongoing customer growth rate of 5-6% annually.
Depreciation expense increased in all periods as compared to the
same periods last year. These increases were caused by (1) the addition of
utility plant in service, primarily transmission and distribution plant,
related to system expansion and customer growth; and (2) an increase
in the depreciation rate which became effective concurrently with the
Company's general rate case, November 1, 1995.
General taxes increased in all periods as compared to the same
periods last year. The most significant tax is the state gross receipts
tax which is based on revenues and, therefore, it tracks the change in
revenues. Also, higher property and payroll taxes affected all periods.
Income taxes increased $404,000, $1,924,000, and $2,076,000,
respectively, for the three month, nine month and twelve month periods
compared to 1995. These increases were caused by an increase in operating
income.
<PAGE> 15
Other income, net, increased $121,000, $381,000, and $516,000,
respectively, for the three, nine and twelve month periods ended June 30,
1996 as compared to the same periods last year. These increases were caused
primarily by increased profits from the Company's propane division. Partially
offsetting these increases was a write-down of non-utility assets whose
realization is uncertain.
Utility interest charges increased $265,000, $614,000, and
$783,000, respectively, for the three month, nine month, and twelve month
periods ended June 30, 1996 as compared to the same periods last year.
Affecting all periods were (1) increased interest expense on long-term
debt related to the November 10, 1995 issuance of $30,000,000 principal
amount of 7.15% Senior Notes, offset somewhat by repayment of short-term debt
then outstanding, and (2) a decrease in allowance for funds used during
construction (AFUDC) due to less construction work in progress.
<PAGE> 16
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
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K
None.
<PAGE> 17
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.
NORTH CAROLINA NATURAL GAS CORPORATION
(Registrant)
Date: August 12, 1996 /s/ Gerald A. Teele
--------------------------------------
Gerald A. Teele
Senior Vice President, Treasurer and
Chief Financial Officer
(Principal Financial Officer)
Date: August 12, 1996 /s/ Ronald J. Josephson
-------------------------------------
Ronald J. Josephson
Vice President-Financial Services
(Principal Accounting Officer)
<PAGE> 18
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 June 30, 1996.
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> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> JUN-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 182875
<OTHER-PROPERTY-AND-INVEST> 3560
<TOTAL-CURRENT-ASSETS> 49084
<TOTAL-DEFERRED-CHARGES> 3132
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 238651
<COMMON> 16393
<CAPITAL-SURPLUS-PAID-IN> 29224
<RETAINED-EARNINGS> 57836
<TOTAL-COMMON-STOCKHOLDERS-EQ> 103453
0
0
<LONG-TERM-DEBT-NET> 63000
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 2000
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 70198
<TOT-CAPITALIZATION-AND-LIAB> 238651
<GROSS-OPERATING-REVENUE> 165218
<INCOME-TAX-EXPENSE> 8127
<OTHER-OPERATING-EXPENSES> 139601
<TOTAL-OPERATING-EXPENSES> 147728
<OPERATING-INCOME-LOSS> 17490
<OTHER-INCOME-NET> 1396
<INCOME-BEFORE-INTEREST-EXPEN> 18886
<TOTAL-INTEREST-EXPENSE> 3901
<NET-INCOME> 14985
0
<EARNINGS-AVAILABLE-FOR-COMM> 14985
<COMMON-STOCK-DIVIDENDS> 6221
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 21532
<EPS-PRIMARY> 2.30
<EPS-DILUTED> 2.30
</TABLE>
