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Previous: OPPENHEIMER GROWTH FUND, 485APOS, EX-1, 2000-10-27 |
Next: PEOPLES ENERGY CORP, 8-K, 2000-10-27 |
UNITED STATES
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
October 27, 2000
Date of Report (Date of earliest event reported)
PEOPLES ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
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Illinois |
1-5540 |
36-2642766 |
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(State or other jurisdiction of |
(Commission |
(I.R.S. Employer |
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incorporation or organization) |
File Number) |
Identification No.) |
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24th Floor, 130 East Randolph Drive, Chicago, Illinois |
60601-6207 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant's telephone number, including area code |
(312) 240-4000 |
None
(Former name or former address, if changed since last report)
Item 9. Regulation FD Disclosure
On October 27, 2000, Peoples Energy Corporation released its preliminary financial results for its fiscal year ended September 30, 2000. The following is additional information regarding these preliminary results.
| Peoples Energy Corporation | Preliminary | |||
| Summary of Selected Financial and Operating Data (Unaudited) | ||||
| Twelve Months Ended | ||||
| September 30, | ||||
| 2000 | 1999 | |||
| Operating Results (thousands) | ||||
| Natural Gas Distribution Revenues | ||||
| Sales - Residential | ||||
| - Heating | $788,990 | $684,263 | ||
| - Non-heating | 47,771 | 42,832 | ||
| -Commercial | 122,350 | 95,530 | ||
| -Industrial | 22,676 | 18,783 | ||
| Total Natural Gas Distribution Sales | 981,787 | 841,408 | ||
| Transportation | 109,316 | 124,903 | ||
| Other | 25,038 | 13,814 | ||
| Total Natural Gas Distribution Revenues | 1,116,141 | 980,125 | ||
| Diversified Energy Revenues | 301,392 | 214,256 | ||
| Total Operating Revenues | 1,417,533 | 1,194,381 | ||
| Less - Cost of energy sold | 746,619 | 573,288 | ||
| Gross Margin | 670,914 | 621,093 | ||
| Net Income | $86,415 | $92,636 | ||
| Natural Gas Distribution Deliveries (MDth) | ||||
| Sales - Residential | ||||
| - Heating | 114,412 | 114,642 | ||
| - Non-heating | 3,402 | 3,198 | ||
| -Commercial | 18,974 | 17,411 | ||
| -Industrial | 4,003 | 4,080 | ||
| Transportation | 98,810 | 105,657 | ||
| Total Natural Gas Distribution Deliveries | 239,601 | 244,988 | ||
| Number of Natural Gas Distribution Customers (average) | ||||
| Sales - Residential | ||||
| - Heating | 741,514 | 731,324 | ||
| - Non-heating | 177,682 | 180,458 | ||
| -Commercial | 48,540 | 44,382 | ||
| -Industrial | 3,188 | 2,902 | ||
| Transportation | 17,213 | 23,604 | ||
| Total Natural Gas Distribution Customers | 988,137 | 982,670 | ||
| Degree Days - actual | 5,650 | 5,646 | ||
| Per cent colder (warmer) than normal | -13.6% | -13.6% | ||
| Peoples Energy Corporation | Preliminary | |||
| Consolidated Statements of Income (Unaudited) | ||||
| Twelve Months Ended | ||||
| (Thousands, except per-share amounts) | September 30, | |||
| 2000 | 1999 | |||
| Operating Revenues | $1,417,533 | $1,194,381 | ||
| Operating Expenses: | ||||
| Cost of energy sold | 746,619 | 573,288 | ||
| Operation and maintenance | 269,274 | 251,036 | ||
| Depreciation, depletion and amortization | 100,935 | 83,531 | ||
| Taxes - other than income taxes | 141,522 | 130,512 | ||
| Total Operating Expenses | 1,258,350 | 1,038,367 | ||
| Operating Income | 159,183 | 156,014 | ||
| Equity Investment Income | 17,694 | 8,874 | ||
| Total Operating and Equity Investment Income | 176,877 | 164,888 | ||
| Other Income and (Deductions) | 5,803 | 19,840 | ||
| Interest Expense | 52,919 | 39,511 | ||
| Earnings Before Income Taxes | 129,761 | 145,217 | ||
| Income Taxes | 43,346 | 52,581 | ||
| Net Income | $86,415 | $92,636 | ||
| Average Shares of Common | ||||
| Stock Outstanding | 35,413 | 35,477 | ||
| Basic Earnings Per Share of | ||||
| Common Stock | $2.44 | $2.61 | ||
| Diluted Earnings Per Share of | ||||
| Common Stock | $2.44 | $2.61 | ||
| Peoples Energy Corporation | Preliminary | |||||
| Consolidated Balance Sheets (Unaudited) | ||||||
| September 30, | September 30, | |||||
| 2000 | 1999 | |||||
| Properties and Other Assets | ||||||
| Capital Investments: | ||||||
| Property, plant and equipment, at original cost | $2,517,100 | $2,330,919 | ||||
| Less - Accumulated depreciation and depletion | 871,760 | 811,083 | ||||
| Net property, plant and equipment | 1,645,340 | 1,519,836 | ||||
| Other investments | 164,752 | 130,629 | ||||
| Total Capital Investments - Net | 1,810,092 | 1,650,465 | ||||
| Current Assets | 366,322 | 273,863 | ||||
| Other Assets | 325,504 | 177,207 | ||||
| Total Properties and Other Assets | $2,501,918 | $2,101,535 | ||||
| Capitalization and Liabilities | ||||||
| Common Stockholders' Equity: | ||||||
| Common stock | $298,042 | $296,712 | ||||
| Retained earnings | 488,314 | 472,483 | ||||
| Treasury stock | (6,817) | - | ||||
| Accumulated other comprehensive income | (2,457) | (465) | ||||
| Total Common Stockholders' Equity | 777,082 | 768,730 | ||||
| Long-term debt of subsidiaries | 419,663 | 521,734 | ||||
| Total Capitalization | 1,196,745 | 1,290,464 | ||||
| Current Liabilities | 848,459 | 404,314 | ||||
| Deferred Credits and Other Liabilities | 456,714 | 406,757 | ||||
| Total Capitalization and Liabilities | $2,501,918 | $2,101,535 | ||||
| Common Stock Information at End of Period | ||||||
| (Unaudited) | ||||||
| Annualized dividend rate | $2.00 | $1.96 | ||||
| Dividend yield (per cent) | 6.0% | 5.6% | ||||
| Book value per share | $22.02 | $21.66 | ||||
| Market price | $33.38 | $35.19 | ||||
| Market price as a per cent of book value | 152% | 162% | ||||
| Peoples Energy Corporation | Preliminary | ||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||
| Twelve Months Ended | |||||
| (Thousands) | September 30, | ||||
| 2000 | 1999 | ||||
| Operating Activities: | |||||
| Net Income | $ 86,415 | $ 92,636 | |||
| Adjustments to reconcile net income to net cash: | |||||
| Depreciation, depletion and amortization | |||||
| Per income statement | 100,935 | 83,531 | |||
| Charged to other accounts | 4,791 | 4,646 | |||
| Deferred income taxes and investment tax credits - net | 38,764 | 22,457 | |||
| Change in deferred credits and other liabilities | 11,194 | (6,773) | |||
| Change in other assets | (56,333) | (14,029) | |||
| Undistributed earnings from equity investments | (11,545) | (8,672) | |||
| Change in current assets and liabilities: | |||||
| Receivables - net | (68,561) | (20,425) | |||
| Accrued unbilled revenues | (14,454) | (10,850) | |||
| Materials and supplies | 1,587 | 1,963 | |||
| Gas in storage | (3,024) | 9,281 | |||
| Gas costs recoverable | (43,699) | (6,705) | |||
| Regulatory assets | 265 | 2,175 | |||
| Prepayments | 477 | (288) | |||
| Accounts payable | 29,615 | 41,403 | |||
| Customer gas service and credit deposits | (1,852) | (2,314) | |||
| Accrued taxes | (22,330) | 12,588 | |||
| Gas sales revenue refundable | 1,039 | (10,336) | |||
| Accrued interest | (2,058) | (611) | |||
| Net Cash Used In Operating Activities | 51,226 | 189,677 | |||
| Investing Activities: | |||||
| Capital spending | (247,054) | (234,044) | |||
| Temporary investments and special deposits | (1,237) | (3,019) | |||
| Advances to joint venture partnerships | (68,442) | - | |||
| Other assets | (3,133) | 720 | |||
| Net Cash Used in Investing Activities | (319,866) | (236,343) | |||
| Financing Activities: | |||||
| Short-term debt | 412,215 | 120,100 | |||
| Issuance of long-term debt of subsidiaries | 100,000 | 30,035 | |||
| Retirement of long-term debt of subsidiaries | (175,071) | (35,305) | |||
| Dividends paid on common stock | (70,068) | (68,800) | |||
| Proceeds from issuance of common stock | 1,330 | 3,021 | |||
| Treasury Stock Purchases | (6,817) | - | |||
| Net Cash Provided by Financing Activities | 261,589 | 49,051 | |||
| Net Increase (Decrease) in Cash and Cash Equivalents | (7,051) | 2,385 | |||
| Cash and Cash Equivalents at Beginning of Period | 13,007 | 10,622 | |||
| Cash and Cash Equivalents at End of period | $ 5,956 | $ 13,007 | |||
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.
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PEOPLES ENERGY CORPORATION |
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(Registrant) |
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October 27, 2000 |
By: /s/ J. M. LUEBBERS |
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(Date) |
J. M. Luebbers |
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Chief Financial Officer and Controller |
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