SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 23, 1995
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Date of Report (Date of earliest event reported)
NORTHWEST NATURAL GAS COMPANY
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(Exact name of registrant as specified in its charter)
Oregon 0-994 93-0256722
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(State of (Commission (IRS Employer
incorporation) File Number) Identification No.)
220 NW Second Avenue, Portland, Oregon 97209
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(Address of principal executive offices)
(503) 226-4211
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Registrant's telephone number, including area code
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Item 5. Other Events
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The following press release was issued January 23,
1995:
PORTLAND, Ore.-- Northwest Natural Gas Company (Nasdaq
Stock Market: NWNG) reported earnings of $1.29 a share for its
fourth quarter ended December 31, 1994, up from earnings of $1.05
a share in the same quarter a year earlier. The Company's
consolidated earnings applicable to common stock for the fourth
quarter were $17.3 million, up 24.7 percent from last year's
fourth quarter.
NWNG earned $1.32 a share from utility operations
compared to $1.17 a share in the fourth quarter of 1993. Weather
in the fourth quarter was 4 percent colder than average and 2
percent colder than last year.
"Our strong fourth quarter was the result of the cooler
weather, continuing customer growth, and productivity
improvements in serving our customers," Robert L. Ridgley,
president and chief executive officer, said Monday.
"In 1994 we grew by 19,211 customers, expanding our
customer base by 5.2 percent," said Ridgley. "Our customer
additions in the residential and commercial markets were 58
percent due to new construction and 42 percent due to conversions
from other fuels, reflecting balanced growth in the vibrant
economy of Oregon and southwest Washington."
"We are especially pleased," Ridgley added, "with the
progress of our employees toward achieving two of our corporate
key goals in 1994 -- greater productivity in serving existing
customers and profitability in adding new ones. These goals will
continue to be important, since our customer base has grown at a
compound rate of 5.2 percent over the past five years."
The Company's earnings for the full year 1994 were
$2.44 a share, the second highest in history. Earnings included
$2.08 a share from utility operations and $0.36 a share from
subsidiary operations. The utility's results for the year were
depressed by the effects of warm weather in the first and second
quarters. Weather conditions in the Company's service territory
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in 1994 were 10 percent warmer than last year and 7 percent
warmer than average.
Gas sales and transportation to residential,
commercial, and industrial firm customers in 1994 were 554
million therms, down from 581 million therms last year.
Deliveries to the industrial interruptible market were 436
million therms, down from 463 million therms last year. The
Company had 391,638 customers at year-end 1994.
The Board of Directors of Northwest Natural Gas has
declared a quarterly dividend of $0.44 a share on the Company's
common stock as well as regular quarterly dividends on its
preferred and preference stock. The dividends will be paid on
February 15, 1995 to shareholders of record on January 31, 1995.
NWNG also announced Monday that it plans to offer
approximately 1.1 million shares of its Common Stock in the first
quarter of 1995, through an underwriting that will be lead-
managed by Merrill Lynch & Co. and co-managed by Smith Barney
Inc. and A.G. Edwards & Sons, Inc. The net proceeds to be
received from the offering will be added to the general funds of
the Company and used for corporate purposes, primarily to repay
short-term debt incurred to fund the Company's utility
construction program.
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NORTHWEST NATURAL GAS COMPANY
Comparative Income Statement
(Consolidated - Unaudited)
Three Months Ended
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12/31/94 12/31/93 Increase
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1. Total Operating
Revenues $124,748,000 $120,763,000 $3,985,000
2. Net Income $ 17,990,000 $ 14,650,000 $3,340,000
*3. Earnings
Applicable to
Common Stock $ 17,250,000 $ 13,835,000 $3,415,000
4. Average Shares
of Common Stock
Outstanding 13,381,000 13,152,000 229,000
*5. Primary Earnings
Per Share of
Common Stock $1.29 $1.05 $0.24
Twelve Months Ended
--------------------------- Increase
12/31/94 12/31/93 (Decrease)
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1. Total Operating
Revenues $368,261,000 $358,717,000 $ 9,544,000
2. Net Income $ 35,461,000 $ 37,647,000 $(2,186,000)
*3. Earnings
Applicable to
Common Stock $ 32,478,000 $ 34,159,000 $(1,681,000)
4. Average Shares
of Common Stock
Outstanding 13,295,000 13,074,000 221,000
*5. Primary Earnings
Per Share
of Common Stock $2.44 $2.61 $(0.17)
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*After allowance for preferred and preference stock dividend
requirements.
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NORTHWEST NATURAL GAS COMPANY
Financial Highlights
(Thousands, except share amounts)
Fourth Quarter - 1994
1994
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Three Months Ended Year
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Mar 31 Jun 30 Sep 30 Dec 31 Dec 31
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Operating Revenues $128,534 $66,505 $48,474 $124,748 $368,261
Operating Margin $ 72,325 $37,219 $26,922 $ 69,007 $205,473
Operating Expense $ 35,017 $32,629 $31,578 $ 33,978 $133,202
Operating Income
(Loss) $ 37,308 $ 4,590 $(4,656) $ 35,029 $ 72,271
Other Income
(Expense) $ 71 $ 4,880 $ 3,137 $ 494 $ 8,582
Interest Charges
- Net $ 6,177 $ 5,900 $ 6,144 $ 6,698 $ 24,919
Net Income (Loss) $ 18,780 $ 2,465 $(3,774) $ 17,990 $ 35,461
Preferred & Preference
Dividends $ 740 $ 757 $ 746 $ 740 $ 2,983
Earnings (Loss) on
Common Stock $ 18,040 $ 1,708 $(4,520) $ 17,250 $ 32,478
Common Shares Outstanding
End of Period 13,244 13,296 13,348 13,419 13,419
Average (12 month) 13,127 13,183 13,238 13,295 13,295
Earnings (Loss)
Per Share $1.37 $0.13 $(0.34) $1.29 $2.44
Dividends Paid
Per Share $0.44 $0.44 $0.44 $0.44 $1.76
Book Value Per Share $20.61 $20.32 $19.57 $20.45 $20.45
Market Closing Price $33.750 $30.000 $32.000 $29.500 $29.500
Total Customers
(end of period) 377,070 376,809 377,215 391,638 391,638
Gas Deliveries (therms)
Res. & Comm.
Customers 170,019 71,555 42,756 170,294 454,624
(weather sensitive)
Industrial
Customers 135,920 128,623 125,197 145,968 535,708
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Total 305,939 200,178 167,953 316,262 990,332
Degree Days
Normal (20-year
Average) 1,891 701 110 1,622 4,324
Actual 1,749 544 39 1,688 4,020
Colder (warmer) normal (8%) (22%) (65%) 4% (7%)
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NORTHWEST NATURAL GAS COMPANY
Financial Highlights
(Thousands, except share amounts)
Fourth Quarter - 1994
1993
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Three Months Ended Year
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Mar 31 Jun 30 Sep 30 Dec 31 Dec 31
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Operating Revenues $128,714 $61,789 $47,451 $120,763 $358,717
Operating Margin $ 82,116 $40,141 $30,805 $ 66,822 $219,884
Operating Expense $ 35,700 $31,444 $31,417 $ 37,406 $135,967
Operating Income
(Loss) $ 46,416 $ 8,697 $ (612) $ 29,416 $ 83,917
Other Income
(Expense) $ (1,230) $ 1,590 $ 1,266 $ (693) $ 933
Interest Charges
- Net $ 6,357 $ 6,144 $ 6,306 $ 6,300 $ 25,107
Net Income (Loss) $ 24,653 $ 2,767 $(4,423) $ 14,650 $ 37,647
Preferred & Preference
Dividends $ 956 $ 862 $ 855 $ 815 $ 3,488
Earnings (Loss) on
Common Stock $ 23,697 $ 1,905 $(5,278) $ 13,835 $ 34,159
Common Shares Outstanding
End of Period 13,022 13,073 13,127 13,177 13,177
Average (12 month) 12,205 12,501 12,799 13,074 13,074
Earnings (Loss)
Per Share $1.82 $0.15 $(0.40) $1.05 $2.61
Dividends Paid
Per Share $0.43 $0.44 $0.44 $0.44 $1.75
Book Value Per Share $20.05 $19.79 $18.97 $19.62 $19.62
Market Closing Price $30.875 $34.000 $37.125 $34.250 $34.250
Total Customers
(end of period) 358,182 357,289 357,163 372,427 372,427
Gas Deliveries (therms)
Res. & Comm.
Customers 197,686 74,012 45,398 164,208 481,304
(weather sensitive)
Industrial
Customers 156,417 134,455 131,665 139,788 562,325
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Total 354,103 208,467 177,063 303,996 1,043,629
Degree Days
Normal (20-year
Average) 1,880 704 111 1,618 4,313
Actual 2,091 595 111 1,655 4,452
Colder (warmer) normal 11% (15%) 0% 2% 3%
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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 hereunto duly authorized.
NORTHWEST NATURAL GAS COMPANY
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Registrant
By /s/ Bruce R. DeBolt
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Bruce R. DeBolt
Senior Vice President and
Chief Financial Officer
Date: January 23, 1995
