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Previous: FRANKLIN TEMPLETON GLOBAL TRUST, 497, 1998-07-31 |
Next: EMMIS COMMUNICATIONS CORP, 8-K, 1998-07-31 |
July 31, 1998
Securities and Exchange Commission
Operations Center
6432 General Green Way
Alexandria, VA 22312-2413
Gentlemen:
We are transmitting herewith Indiana Energy, Inc.'s
Current Report on Form 8-K.
Very truly yours,
/s/ Douglas S. Schmidt
Douglas S. Schmidt
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
Date of Report (Date of earliest event reported): July 31, 1998
INDIANA ENERGY, INC.
(Exact name of registrant as specified in its charter)
INDIANA 1-9091 35-1654378
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification
Number)
1630 North Meridian Street, Indianapolis, Indiana 46202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (317) 926-3351
Item 5. Other Events
On July 31, 1998, the board of directors of Indiana Energy, Inc. (the
company) authorized a four-for-three stock split of the issued and
outstanding shares of its common stock to shareholders of record on
September 18, 1998. The shares will be issued on October 2, 1998.
Additionally, on July 31, 1998, the company released unaudited
summary financial information to the investment community regarding
the company's results of operations, financial position and cash
flows for the three-, nine- and twelve-month periods ended June 30,
1998. The financial information released, which does not reflect the
stock split referred to above, is included herein. This information
is summary in nature, does not include footnote disclosures and
should not be considered complete financial statements.
Item 7. Exhibits
99 Financial Analyst Report - Third Quarter 1998
SIGNATURES
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.
INDIANA ENERGY, INC.
Registrant
Dated July 31, 1998 /s/Niel C. Ellerbrook
Niel C. Ellerbrook
President and Chief Operating Officer
Dated July 31, 1998 /s/Jerome A. Benkert
Jerome A. Benkert
Vice President and Controller
<TABLE>
Indiana Energy, Inc. and Subsidiary Companies
Highlights June 30, June 30,
(Unaudited) 1998 1997
<S> <C> <C>
Basic and Diluted Earnings Per Average Share:
Three Months Ended $0.12 $0.29
Twelve Months Ended $0.74 $1.87
Twelve Months Ended Before Restructuring $1.82 $1.87
Dividends Paid (per common share, 12 months) $1.18 $1.14
Annualized Dividend $1.24 $1.18
Dividend Yield (at close) 4.1% 4.8%
Dividend Payout Ratio (1) 159.5% 61.0%
Dividend to Book Value (1) 8.8% 8.2%
Return on Average Shareholder Equity (ROE) 5.2% 13.3%
ROE Before Restructuring 12.3% 13.3%
Book Value Per Share (1) $14.05 $14.46
Market to Book Value (1) 213% 169%
Common Stock Prices (IEI - NYSE)
High (12 Month) $34.25 $28.50
Low (12 Month) $24.25 $22.63
Close $29.88 $24.44
Price/Earnings Ratio (1) 40.4 13.1
Percent Internally Generated Funds-Utility (2) 53% 61%
Ratio of Earnings to Fixed Charges
- SEC Method (1) 2.4 4.7
Credit Ratings:
Indiana Gas AA- / Aa2 AA- / Aa3
Indiana Energy A+ / Aa3 n/a
(1) Amounts are after restructuring costs.
(2) Amounts are after cash restructuring costs.
</TABLE>
<TABLE>
For 3 Months For 9 Months For 12 Months
SELECTED UTILITY Ended June 30 Ended June 30 Ended June 30
OPERATING STATISTICS
(Unaudited) 1998 1997 1998 1997 1998 1997
<S> <C> <C> <C> <C> <C> <C>
WEATHER AS A PERCENT OF NORMAL 80% 143% 87% 101% 87% 101%
MARGIN (Thousands):
Operating Revenues $70,560 $83,733 $403,823 $471,909 $462,321 $534,430
Cost of Gas 35,032 40,084 236,325 290,265 268,582 324,718
Margin $35,528 $43,649 $167,498 $181,644 $193,739 $209,712
GAS SOLD & TRANSPORTED (MDth):
Residential 4,905 7,434 39,510 45,134 41,882 47,644
Commercial 2,138 2,744 16,006 17,876 17,265 19,194
Contract 11,986 12,226 44,302 45,062 55,445 55,657
19,029 22,404 99,818 108,072 114,592 122,495
OPERATING REVENUES (Thousands):
Residential $45,083 $53,388 $266,818 $297,237 $298,779 $327,797
Commercial 15,511 16,401 96,111 106,381 107,768 117,436
Contract 8,637 12,531 36,242 63,415 49,930 83,307
Miscellaneous Revenue 1,329 1,413 4,652 4,876 5,844 5,890
$70,560 $83,733 $403,823 $471,909 $462,321 $534,430
AVERAGE CUSTOMERS:
Residential 443,343 432,674 443,144 431,659 439,751 427,667
Commercial 45,739 45,179 45,738 45,198 45,438 44,881
Contract 1,083 1,063 1,065 1,070 1,063 1,069
490,165 478,916 489,947 477,927 486,252 473,617
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
ASSETS
(Thousands - Unaudited)
June 30 September 30
1998 1997 1997
<S> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 11,715 $ 20 $ 48
Accounts receivable, less reserves of $553,
$2,253 and $1,784 respectively 23,357 20,657 22,318
Accrued unbilled revenues 7,639 7,994 8,964
Materials and supplies - at average cost 198 428 63
Liquefied petroleum gas - at average cost 865 847 872
Gas in underground storage - at last-in,
first-out cost 7,558 9,918 19,240
Recoverable gas costs - 967 5,843
Prepayments and other 4,803 424 3,703
56,135 41,255 61,051
INVESTMENTS IN UNCONSOLIDATED AFFILIATES 30,011 24,875 24,549
UTILITY PLANT:
Original cost 923,385 968,416 951,617
Less - accumulated depreciation and amortization 362,531 357,694 361,936
560,854 610,722 589,681
NONUTILITY PLANT:
Original cost 49,293 4,114 4,114
Less - accumulated depreciation and amortization 11,061 750 779
38,232 3,364 3,335
DEFERRED CHARGES:
Unamortized debt discount and expense 13,185 7,115 7,074
Other 4,504 5,497 5,155
17,689 12,612 12,229
$ 702,921 $ 692,828 $ 690,845
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
(Thousands except shares - Unaudited)
June 30 September 30
1998 1997 1997
<S> <C> <C> <C>
CURRENT LIABILITIES:
Maturities and sinking fund requirements of long-term debt $ 272 $ 35,272 $ 35,272
Notes payable 1,000 12,550 23,800
Accounts payable 19,146 23,327 25,523
Refundable gas costs 27,155 - -
Customer deposits and advance payments 5,484 6,670 20,405
Accrued taxes 13,065 12,319 8,659
Accrued interest 4,372 4,457 2,629
Other current liabilities 24,721 27,558 31,817
95,215 122,153 148,105
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 56,797 68,533 55,205
Accrued postretirement benefits other than pensions 25,156 17,432 23,038
Unamortized investment tax credit 9,547 10,477 10,243
Regulatory income tax liability 1,874 2,835 1,874
Other 2,025 1,888 1,992
95,399 101,165 92,352
COMMITMENTS AND CONTINGENCIES - - -
CAPITALIZATION:
Long-term debt 194,889 142,899 157,791
Common stock (no par value) - authorized 200,000,000
shares - issued and outstanding 22,589,570, 22,580,998
and 22,580,543 shares, respectively 146,758 146,508 146,498
Less unearned compensation - restricted stock grants 1,360 1,798 1,589
145,398 144,710 144,909
Retained earnings 172,020 181,901 147,688
Total common shareholders' equity 317,418 326,611 292,597
512,307 469,510 450,388
$ 702,921 $ 692,828 $ 690,845
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands except per share data)
(Unaudited)
Three Months Nine Months
Ended June 30 Ended June 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Utility $ 70,560 $ 83,733 $ 403,823 $ 471,909
Other 210 95 568 95
70,770 83,828 404,391 472,004
OPERATING EXPENSES:
Cost of gas 35,032 40,084 234,808 289,884
Other operating 17,925 20,870 55,525 60,703
Depreciation and amortization 9,605 8,794 27,907 26,259
Taxes other than income taxes 2,985 3,847 12,641 13,615
65,547 73,595 330,881 390,461
OPERATING INCOME 5,223 10,233 73,510 81,543
OTHER INCOME:
Equity in earnings of unconsolidated
affiliates 1,423 629 7,208 3,860
Other - net 845 3,126 1,726 3,698
2,268 3,755 8,934 7,558
INCOME BEFORE INTEREST AND
INCOME TAXES 7,491 13,988 82,444 89,101
INTEREST EXPENSE 3,581 3,996 12,780 12,906
INCOME BEFORE INCOME TAXES 3,910 9,992 69,664 76,195
INCOME TAXES 1,199 3,526 25,455 28,095
NET INCOME $ 2,711 $ 6,466 $ 44,209 $ 48,100
AVERAGE COMMON SHARES
OUTSTANDING 22,593 22,581 22,593 22,580
BASIC AND DILUTED EARNINGS PER AVERAGE
SHARE OF COMMON STOCK $ 0.12 $ 0.29 $ 1.96 $ 2.13
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands except per share data)
(Unaudited)
Twelve Months
Ended June 30
1998 1997
<S> <C> <C>
OPERATING REVENUES:
Utility $ 462,321 $ 534,430
Other 615 93
462,936 534,523
OPERATING EXPENSES:
Cost of gas 267,065 324,537
Other operating 74,824 83,159
Restructuring costs 39,531 -
Depreciation and amortization 36,810 34,779
Taxes other than income taxes 16,024 16,882
434,254 459,357
OPERATING INCOME 28,682 75,166
OTHER INCOME:
Equity in earnings of unconsolidated
affiliates 11,990 4,850
Other - net 1,255 2,843
13,245 7,693
INCOME BEFORE INTEREST AND
INCOME TAXES 41,927 82,859
INTEREST EXPENSE 17,005 16,785
INCOME BEFORE INCOME TAXES 24,922 66,074
INCOME TAXES 8,310 23,902
NET INCOME $ 16,612 $ 42,172
AVERAGE COMMON SHARES OUTSTANDING 22,590 22,554
BASIC AND DILUTED EARNINGS PER AVERAGE
SHARE OF COMMON STOCK $ 0.74 $ 1.87
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands - Unaudited)
Nine Months Twelve Months
Ended June 30 Ended June 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 44,209 $ 48,100 $ 16,612 $ 42,172
Adjustments to reconcile net income to cash
provided from operating activities -
Noncash restructuring costs - - 32,838 -
Depreciation and amortization 28,047 26,318 36,997 34,858
Deferred income taxes 1,592 1,671 (12,697) 1,209
Investment tax credit (697) (697) (930) (930)
Gain on sale of assets (2,102) (2,923) (2,102) (2,923)
Undistributed earnings of unconsolidated
affiliates (7,208) (3,860) (11,990) (4,850)
19,632 20,509 42,116 27,364
Changes in assets and liabilities -
Receivables - net 286 (5,895) (2,345) 11,318
Inventories 11,554 33,008 2,572 13,532
Accounts payable, customer deposits, advance
payments and other current liabilities (28,394) (18,249) (8,204) (1,349)
Accrued taxes and interest 6,149 10,018 661 (4,134)
Recoverable/refundable gas costs 32,998 1,743 28,122 (7,489)
Prepayments (1,100) (378) (4,379) 103
Accrued postretirement benefits other than
pensions 2,118 2,528 7,724 3,589
Other - net (1,207) (6,247) 4,109 (4,337)
Total adjustments 42,036 37,037 70,376 38,597
Net cash flows from operations 86,245 85,137 86,988 80,769
CASH FLOWS REQUIRED FOR FINANCING ACTIVITIES:
Sale of long-term debt 95,044 49 110,059 65
Reduction in long-term debt (92,946) (213) (93,069) (19,296)
Net change in short-term borrowings (22,800) (15,486) (11,550) 8,750
Dividends on common stock (19,877) (19,171) (26,493) (25,552)
Net cash flows required for financing activities (40,579) (34,821) (21,053) (36,033)
CASH FLOWS REQUIRED FOR INVESTING ACTIVITIES:
Capital expenditures (46,477) (52,416) (65,968) (83,065)
Nonutility investments - net (3,209) (900) (3,959) (900)
Cash distribution from unconsolidated affiliate 6,483 - 6,483 -
Proceeds from sale of assets 9,204 3,000 9,204 3,000
Net cash flows required for investing activities (33,999) (50,316) (54,240) (80,965)
NET INCREASE (DECREASE) IN CASH 11,667 - 11,695 (36,229)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 48 20 20 36,249
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 11,715 $ 20 $ 11,715 $ 20
</TABLE>
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