SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
AMENDMENT NO. 1
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: February 5, 1998
Exact Name of
Commission Registrant State or other IRS Employer
File as specified Jurisdiction of Identification
Number in its charter Incorporation Number
- ----------- -------------- --------------- --------------
1-12609 PG&E Corporation California 94-3234914
1-2348 Pacific Gas and California 94-0742640
Electric Company
77 Beale Street, P.O. Box 770000, San Francisco, California 94177
(Address of principal executive offices) (Zip Code)
Registrants' telephone number, including area code:(415) 973-7000
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Item 5. Other Events
B. 1997 Consolidated Earnings (unaudited)
Attached hereto as an appendix is a copy of the unaudited Condensed
Statement of Consolidated Income for PG&E Corporation for the three
months and year ended December 31, 1997 and 1996 which was
inadvertently omitted from the Current Report on Form 8-K dated
January 22, 1998. PG&E Corporation reported earnings per common share
of $1.75 for the year ended December 31, 1997.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrants have duly caused this report to be signed on their
behalf by the undersigned thereunto duly authorized.
PG&E CORPORATION
and
PACIFIC GAS AND ELECTRIC COMPANY
LESLIE H. EVERETT
By ________________________________
LESLIE H. EVERETT
Vice President and Corporate Secretary
(PG&E Corporation)
Vice President and Corporate Secretary
(Pacific Gas and Electric Company)
Dated: February 5, 1998
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Appendix
<TABLE>
PG&E CORPORATION
CONDENSED STATEMENT OF CONSOLIDATED INCOME
(unaudited)
<CAPTION>
- ------------------------------------------------------------------------------------------------------
Three months ended December 31, Twelve months ended December 31,
(in thousands, ------------------------------ -------------------------------
except per share amounts) 1997 1996 1997 1996
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATING REVENUES
Electric and gas utility $ 2,401,177 $ 2,324,647 $ 9,494,995 $ 8,988,896
Energy trading (a) 1,854,377 283,000 4,612,260 283,000
Other (b) 633,044 93,039 1,292,659 338,076
------------ ------------ ------------ ------------
Total operating revenues $ 4,888,598 $ 2,700,686 $ 15,399,914 $ 9,609,972
------------ ------------ ------------ ------------
OPERATING EXPENSES
Cost of electric energy and gas (a) 3,157,870 1,001,042 8,484,582 3,065,325
Maintenance and operating 669,081 596,102 2,414,952 2,410,671
Depreciation and decommissioning 491,316 305,908 1,888,697 1,221,952
Administrative and general 304,923 288,664 883,402 1,016,439
------------ ------------ ------------ ------------
Total operating expenses 4,623,190 2,191,716 13,671,633 7,714,387
------------ ------------ ------------ ------------
OPERATING INCOME 265,408 508,970 1,728,281 1,895,585
------------ ------------ ------------ ------------
Interest income 26,747 10,784 71,339 72,900
Interest expense, net (180,629) (154,880) (664,673) (632,043)
Other income and expense 80,977 (37,036) 162,023 (26,239)
Preferred dividend requirement and
redemption premium (8,278) (8,279) (33,113) (33,113)
------------ ------------ ----------- ------------
PRETAX INCOME 184,225 319,559 1,263,857 1,277,090
------------ ------------ ----------- ------------
INCOME TAXES 90,338 178,808 547,917 554,994
------------ ------------ ----------- ------------
NET INCOME: EARNINGS AVAILABLE FOR
COMMON STOCK $ 93,887 $ 140,751 $ 715,940 $ 772,096
============ ============ =========== ============
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 419,432 408,982 410,040 412,542
EARNINGS PER COMMON SHARE, BASIC
AND DILUTED $ 0.22 $ 0.34 $ 1.75 $ 1.75
DIVIDENDS DECLARED PER COMMON SHARE $ 0.30 $ 0.30 $ 1.20 $ 1.77
Earnings per share information for selected lines of business are as follows:
- ------------------------------------------------------------------------------------------------------
Three months ended December 31, Twelve months ended December 31,
------------------------------ -------------------------------
1997 1996 1997 1996
- ------------------------------------------------------------------------------------------------------
Pacific Gas and Electric Company $ 0.43 $ 0.42 $ 1.79 $ 1.71
Other (c) (0.21) (0.08) (0.04) 0.04
-------- -------- -------- --------
Total $ 0.22 $ 0.34 $ 1.75 $ 1.75
======== ======== ======== ========
(a) Increases are primarily due to the acquisition of Energy Source (ESI) in December 1996, Teco
Pipeline Company (Teco) in January 1997, and Valero Energy Corporation's gas business (Valero)
in July 1997. ESI's, Teco's, and Valero's trading activities (now conducted through PG&E Energy
Trading)include the purchase and sale of natural gas and natural gas futures.
(b) Other revenues include revenues derived from gas transmission (including Teco's and Valero's gas
transmission activities now conducted through PG&E Gas Transmission) and nonutility electric
generation and energy services.
(c) Other earnings per share includes earnings derived from PG&E Gas Transmission, PG&E Energy
Services, PG&E Energy Trading, U.S. Generating Company, Ltd., International Generating Company,
Ltd., and PG&E Enterprises.
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