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
April 29, 1996 (April 26, 1996)
Date of Report (Date of earliest event reported)
PEOPLES ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Illinois 1-5540 36-2642766
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
24th Floor, 130 East Randolph Drive, Chicago, Illinois 60601-6207
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 240-4000
None
(Former name or former address, if changed since last report)
Item 5. OTHER EVENTS
FINANCIAL INFORMATION
Peoples Energy Corporation released the following press
release on Friday, April 26, 1996:
Ed Joyce
April 26, 1996 (312) 240-4567
CHICAGO--Peoples Energy Corporation today reported a 35 per cent
increase in second quarter net income and said results for the
entire fiscal year are expected to far exceed levels of a year
ago.
The Chicago-based parent of two natural gas utilities said
consolidated net income for its second period--the three months
ended March 31--amounted to $62 million, compared with $45.8
million for the year-ago period. On a per-share basis, earnings
in the current quarter amounted to $1.77 against $1.31 in last
year's second quarter.
Richard E. Terry, Peoples Energy's chairman and chief
executive, said that current results were bolstered primarily by
recent rate increases for the company's two utility subsidiaries
and by weather that was 12 per cent colder than in last year's
second quarter.
Higher gas deliveries, mainly due to lower temperatures,
added 27 cents a share to this quarter's earnings, he said, while
higher rates added another 22 cents. Last year's numbers were
helped by a gain from a federal income tax settlement.
Operating revenues for the current quarter amounted to
$498.6 million, up nearly 18 per cent from last year's level.
This reflects increased volumes of gas delivered, the
utilities' rate increases, and the effect of higher gas-supply
costs brought about by last winter's prolonged nationwide cold
spell.
Net income for the first six months this year amounted to
$98.1 million, up over 38 per cent from the $70.9 million
reported for last year's first half. Current six-month earnings
amounted to $2.81 a share, compared with $2.03 for the year-ago
period.
Results for the first six months this year likewise profited
from the utilities' rate increases and from weather that was 20
per cent colder than in the prior period. Year-ago results
included benefits from the federal income tax settlement and from
the sale of interests in certain oil and gas rights.
For the 12-month period ended March 31, the company had net
income of $89.3 million, or $2.56 per share. This compares with
$58 million, or $1.66 a share, for the year-ago period.
Operating revenues through mid year totaled $816.2 million,
up almost 12 per cent from a year ago. Revenues for the latest
12 months rose nearly 6 per cent to $1.118 billion.
"With the heating season winding down," Terry said, "it's
now clear that Peoples Energy's earnings for fiscal 1996 will
represent a substantial improvement over last year's level of
$1.78 a share. At this point, we expect 1996's results to
exceed the $2.56 being reported for the current 12-month period."
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934 and the
Company intends that such forward-looking statements be subject
to the safe harbors created thereby. These forward-looking
statements relate to financial results for the entire fiscal
year, including the forward-looking statement regarding fiscal
1996 earnings. The forward-looking statements are based on
current expectations regarding important risk factors.
Accordingly, actual results may differ materially from those
expressed in the forward-looking statements, and the inclusion of
such statements should not be regarded as a representation by the
Company or any other person that the results expressed therein
will be achieved. Important risk factors include, but are not
limited to, operating and maintenance expenses, the occurrence
of extraordinary events (including natural events and acts of
God, fires, floods, and accidents), regulatory decisions and
actions, availability and deliverability of gas supplies, adverse
results in significant litigation matters, changes in accounting
policies and practices and the application of such policies and
practices, the effects of organizational changes within the
Company or its subsidiaries, and adverse state and federal
legislation.
<TABLE>
PEOPLES ENERGY CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
Second Quarter Three Months Ended March 31,
----------------------------
1996 1995
---- ----
<S> <C> <C>
Revenues $498,556,000 $424,386,000
Net Income $ 62,015,000 $ 45,819,000
Earnings Per Share $1.77 $1.31
Average Shares Outstanding 34,939,000 34,899,000
<CAPTION>
Six Months Ended March 31,
----------------------------
1996 1995
----- -------
<S> <C> <C>
Revenues $ 816,162,000 $731,508,000
Net Income $ 98,131,000 $ 70,946,000
Earnings Per Share $2.81 $2.03
Average Shares Outstanding 34,933,000 34,892,000
<CAPTION>
Twelve Months Ended March 31,
-------------------------------
1996 1995
---- ----
<S> <C> <C>
Revenues $1,118,054,000 $1,057,122,000
Net Income $ 89,339,000 $ 57,953,000
Earnings Per Share $2.56 $1.66
Average Shares Outstanding 34,922,000 34,878,000
</TABLE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
PEOPLES ENERGY CORPORATION
-----------------------------
(Registrant)
April 29, 1996 By: /s/ K. S. BALASKOVITS
----------------- ----------------------------
(Date) K. S. Balaskovits
Vice President and Controller
