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Previous: PRINCIPAL TAX EXEMPT BOND FUND INC, 485APOS, 1999-04-30 |
Next: APPLIED VOICE RECOGNITION INC /DE/, 10KSB/A, 1999-04-30 |
April 30, 1999
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): April 30, 1999
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 April 30, 1999, Indiana Energy, Inc. (the company) released
summary financial information to the investment community regarding
the company's results of operations, financial position and cash
flows for the three-, six- and twelve-month periods ended March 31,
1999. The financial information released 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 - Second Quarter 1999
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 April 30, 1999 /s/Carl L. Chapman
Carl L. Chapman
Senior Vice President and
Chief Financial Officer
Dated April 30, 1999 /s/Jerome A. Benkert
Jerome A. Benkert
Vice President and Controller
<TABLE>
Indiana Energy, Inc. and Subsidiary Companies
Highlights March 31, March 31,
(Unaudited) 1999 1998 (2)
<S> <C> <C>
Basic and Diluted Earnings Per
Average Share (1) :
Three Months Ended -
Indiana Gas and IEI Services $0.85 $0.66
IEI Investments $0.09 $0.11
Total $0.94 $0.77
Twelve Months Ended -
Indiana Gas and IEI Services $1.18 $0.36
IEI Investments $0.19 $0.32
Total $1.37 $0.68
Dividends Paid (per common share,
12 months) (1) $0.92 $0.88
Annualized Dividend (1) $0.93 $0.89
Dividend Yield (at close) 4.9% 3.8%
Dividend Payout Ratio 67.2% 130.0%
Dividend to Book Value 8.5% 8.3%
Return on Average Shareholder Equity 12.7% 6.3%
Book Value Per Share (1) $10.96 $10.67
Market to Book Value 173% 217%
Common Stock Prices (IEI - NYSE) (1)
High (12 Month) $26.38 $25.69
Low (12 Month) $18.94 $17.35
Close $18.94 $23.16
Price/Earnings Ratio 13.8 34.3
Percent Internally Generated Funds - Utility 68% 57%
Ratio of Earnings to Fixed Charges
- SEC Method 4.8 2.7
Credit Ratings:
Indiana Gas AA- / Aa2 AA- / Aa2
Indiana Energy A+ / Aa3 A+ / Aa3
</TABLE>
(1) Adjusted to reflect the four-for-three stock split October 2, 1998.
(2) Reflects the recording of restructuring costs of $39.5 million ($24.5
million after-tax or $.81 per common share) at Indiana Gas during the
quarter ended September 30, 1997.
<TABLE>
For 3 Months For 6 Months For 12 Months
SELECTED UTILITY Ended March 31 Ended March 31 Ended March 31
OPERATING STATISTICS
(Unaudited) 1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C>
WEATHER AS A PERCENT
OF NORMAL 92% 77% 88% 87% 87% 93%
MARGIN (Thousands):
Operating Revenues $161,484 $163,131 $286,431 $333,263 $418,812 $475,494
Cost of Gas 83,993 94,241 151,930 201,293 221,641 273,634
Margin $77,491 $68,890 $134,501 $131,970 $197,171 $201,860
GAS SOLD & TRANSPORTED
(MDth):
Residential 22,109 18,406 35,615 34,605 42,638 44,410
Commercial 8,390 7,271 13,553 13,868 16,785 17,898
Contract 17,554 16,314 32,729 32,316 56,480 55,659
48,053 41,991 81,897 80,789 115,903 117,967
OPERATING REVENUES
(Thousands):
Residential $111,773 $109,009 $196,743 $221,735 $274,574 $308,226
Commercial 39,399 39,241 67,870 80,600 94,724 109,325
Contract 8,671 12,585 18,990 27,605 44,167 52,015
Miscellaneous Revenue 1,641 2,296 2,828 3,323 5,347 5,928
$161,484 $163,131 $286,431 $333,263 $418,812 $475,494
AVERAGE CUSTOMERS:
Residential 455,814 446,478 452,678 443,045 446,947 437,084
Commercial 46,502 46,074 46,198 45,739 45,810 45,299
Contract 1,030 1,063 1,028 1,057 1,046 1,057
503,346 493,615 499,904 489,841 493,803 483,440
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
ASSETS
(Thousands - Unaudited)
March 31 September 30
1999 1998 1998
<S> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 2,164 $ 24,147 $ 9,325
Accounts receivable, less reserves of $2,660,
$2,565 and $900 respectively 42,454 43,451 10,939
Accrued unbilled revenues 23,603 23,275 6,453
Liquefied petroleum gas - at average cost 808 868 883
Gas in underground storage - at last-in,
first-out cost 6,106 904 19,373
Prepayments and other 6,351 5,201 5,483
81,486 97,846 52,456
INVESTMENTS IN UNCONSOLIDATED AFFILIATES 39,022 30,396 32,186
UTILITY PLANT:
Original cost 958,685 935,390 937,977
Less - accumulated depreciation and
amortization 384,207 366,936 370,872
574,478 568,454 567,105
NONUTILITY PLANT:
Original cost 61,412 48,264 55,225
Less - accumulated depreciation and
amortization 15,616 10,128 12,613
45,796 38,136 42,612
DEFERRED CHARGES AND OTHER ASSETS:
Unamortized debt discount and expense 12,419 12,649 12,954
Regulatory income tax asset 1,778 - 1,778
Other 6,388 5,813 4,466
20,585 18,462 19,198
$ 761,367 $ 753,294 $ 713,557
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
(Thousands except shares - Unaudited)
March 31 September 30
1999 1998 1998
<S> <C> <C> <C>
CURRENT LIABILITIES:
Maturities and sinking fund requirements of
long-term debt $ 10,174 $ 272 $ 10,119
Notes payable 31,579 80,100 33,705
Accounts payable 28,621 26,957 19,416
Refundable gas costs 28,013 19,282 10,730
Customer deposits and advance payments 8,758 9,118 19,229
Accrued taxes 18,044 22,104 4,728
Accrued interest 1,425 1,687 1,974
Other current liabilities 22,909 26,769 26,319
149,523 186,289 126,220
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred income taxes 60,712 56,266 60,448
Accrued postretirement benefits other than pensions 26,914 24,450 25,388
Unamortized investment tax credit 8,849 9,779 9,313
Regulatory income tax liability - 1,874 -
Other 5,556 5,258 4,994
102,031 97,627 100,143
COMMITMENTS AND CONTINGENCIES - - -
CAPITALIZATION:
Long-term debt 183,375 149,873 183,489
Common stock (no par value) - authorized 200,000,000
shares - issued and outstanding 29,792,755,
30,126,017 and 30,063,667 shares, respectively (1) 136,866 143,595 142,653
Retained earnings 189,572 175,910 161,052
Total common shareholders' equity 326,438 319,505 303,705
509,813 469,378 487,194
$ 761,367 $ 753,294 $ 713,557
(1) Adjusted to reflect the four-for-three stock split October 2, 1998.
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands except per share data)
(Unaudited)
Three Months Six Months
Ended March 31 Ended March 31
1999 1998 1999 1998
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Utility $ 161,484 $ 163,131 $ 286,431 $ 333,263
Other 355 155 649 358
161,839 163,286 287,080 333,621
OPERATING EXPENSES:
Cost of gas 83,993 92,724 151,930 199,776
Other operating 19,061 19,580 38,387 37,600
Depreciation and amortization 9,839 9,396 19,754 18,302
Taxes other than income taxes 4,839 4,743 9,090 9,656
117,732 126,443 219,161 265,334
OPERATING INCOME 44,107 36,843 67,919 68,287
OTHER INCOME:
Equity in earnings of unconsolidated
affiliates 4,294 3,822 5,719 5,785
Other - net 381 476 757 881
4,675 4,298 6,476 6,666
INCOME BEFORE INTEREST AND
INCOME TAXES 48,782 41,141 74,395 74,953
INTEREST EXPENSE 4,297 4,538 8,528 9,199
INCOME BEFORE INCOME TAXES 44,485 36,603 65,867 65,754
INCOME TAXES 16,382 13,461 23,488 24,256
NET INCOME $ 28,103 $ 23,142 $ 42,379 $ 41,498
AVERAGE COMMON SHARES OUTSTANDING (1) 29,808 30,125 29,908 30,123
BASIC AND DILUTED EARNINGS PER AVERAGE
SHARE OF COMMON STOCK (1) $ 0.94 $ 0.77 $ 1.42 $ 1.38
(1) Adjusted to reflect the four-for-three stock split October 2, 1998.
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Thousands except per share data)
(Unaudited)
Twelve Months
Ended March 31
1999 1998
<S> <C> <C>
OPERATING REVENUES:
Utility $ 418,812 $ 475,494
Other 1,076 511
419,888 476,005
OPERATING EXPENSES:
Cost of gas 221,641 272,117
Other operating 76,370 77,780
Restructuring costs - 39,531
Depreciation and amortization 39,107 35,999
Taxes other than income taxes 14,169 16,886
351,287 442,313
OPERATING INCOME 68,601 33,692
OTHER INCOME:
Equity in earnings of unconsolidated
affiliates 7,160 11,195
Other - net 2,379 3,536
9,539 14,731
INCOME BEFORE INTEREST AND
INCOME TAXES 78,140 48,423
INTEREST EXPENSE 15,974 17,420
INCOME BEFORE INCOME TAXES 62,166 31,003
INCOME TAXES 21,081 10,636
NET INCOME $ 41,085 $ 20,367
AVERAGE COMMON SHARES OUTSTANDING (1) 30,008 30,116
BASIC AND DILUTED EARNINGS PER AVERAGE
SHARE OF COMMON STOCK (1) $ 1.37 $ 0.68
(1) Adjusted to reflect the four-for-three stock split October 2, 1998.
</TABLE>
<TABLE>
INDIANA ENERGY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands - Unaudited)
Six Months Twelve Months
Ended March 31 Ended March 31
1999 1998 1999 1998
<S> <C> <C> <C> <C>
CASH FLOWS FROM (REQUIRED FOR)
OPERATING ACTIVITIES:
Net income $ 42,379 $ 41,498 $ 41,085 $ 20,367
Adjustments to reconcile net income to cash
provided from operating activities -
Noncash restructuring costs - - - 32,838
Depreciation and amortization 19,815 18,302 39,261 35,999
Deferred income taxes 264 1,061 794 (12,672)
Investment tax credit (465) (465) (930) (930)
Gain on sale of assets - - (2,102) (2,923)
Undistributed earnings of unconsolidated
affiliates (5,719) (5,785) (7,160) (11,195)
13,895 13,113 29,863 41,117
Changes in assets and liabilities -
Receivables - net (48,665) (35,444) 669 4,219
Inventories 13,299 18,181 (5,154) 3,153
Accounts payable, customer deposits, advance
payments and other current liabilities (4,676) (14,901) (2,556) 447
Accrued taxes and interest 12,767 12,503 (4,322) 1,266
Recoverable/refundable gas costs 17,283 25,125 8,731 34,379
Prepayments (825) (1,276) (1,138) (4,190)
Accrued postretirement benefits other than
pensions 1,526 1,412 2,464 7,699
Other - net 583 (4,897) 1,612 (3,034)
Total adjustments 5,187 13,816 30,169 85,056
Net cash flows from (required for)
operations 47,566 55,314 71,254 105,423
CASH FLOWS FROM (REQUIRED FOR)
FINANCING ACTIVITIES:
Repurchase of common stock (5,857) - (7,046) -
Sale of long-term debt - 50,028 45,052 65,060
Reduction in long-term debt (59) (92,946) (1,648) (93,069)
Net change in short-term borrowings (2,126) 56,300 (48,521) 37,800
Dividends on common stock (13,829) (13,251) (27,419) (26,258)
Net cash flows from (required for)
financing activities (21,871) 131 (39,582) (16,467)
CASH FLOWS REQUIRED FOR INVESTING ACTIVITIES:
Capital expenditures (32,132) (32,873) (65,289) (68,104)
Nonutility investments in unconsolidated
affiliates - net (2,131) (3,211) (5,382) (4,461)
Cash distributions from unconsolidated affiliates 1,407 4,738 3,699 4,738
Proceeds from sale of assets - - 13,317 3,000
Net cash flows required for investing
activities (32,856) (31,346) (53,655) (64,827)
NET INCREASE (DECREASE) IN CASH (7,161) 24,099 (21,983) 24,129
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 9,325 48 24,147 18
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,164 $ 24,147 $ 2,164 $ 24,147
</TABLE>
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