SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
FORM U5S
ANNUAL REPORT
For the year ended December 31, 1996
Filed pursuant to the Public Utility Holding
Company Act of 1935
By
PECO ENERGY POWER COMPANY
2301 Market Street, Philadelphia, Pennsylvania 19101
<PAGE>
- 2 -
<TABLE>
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1996
<CAPTION>
% of Issuer Owner's
Number of Common Voting Book Book
Name of Company Shares Owned Power Value Value
<S> <C> <C> <C> <C>
PECO Energy Power
Company (PEPCO)
(the registrant
and owner) (1)
Susquehanna Power
Company
(SPCO) (the issuer) 1,273,000 100% $73.61 $73.61
The Proprietors of the
Susquehanna Canal (2)
<FN>
(1) $93,708,879 investment in Susquehanna Power Company
(2) This Company was acquired in connection with the development of the
Conowingo Hydroelectric Project. It is an inactive company, owning no
properties and conducting no business activities of any nature. The total
investment therein is reflected on the books of Susquehanna Power Company
at $1.
</FN>
</TABLE>
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
None
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM
SECURITIES
None
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
None
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES
None
<PAGE>
- 3 -
ITEM 6. OFFICERS AND DIRECTORS
PART I. AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
Name of System
Companies with
Which Connected
--------------------------
PEPCO SPCO
<S> <C> <C> <C>
C. A. McNeill, Jr. 2301 Market St., Philadelphia, PA 19101 Pres. - Director Pres. - Director
K .G. Lawrence 2301 Market St., Philadelphia, PA 19101 VP - Director VP - Director
J. M. Madara, Jr. 2301 Market St., Philadelphia, PA 19101 VP - Director VP - Director
J. B. Mitchell 2301 Market St., Philadelphia, PA 19101 Treasurer Treasurer
K. K. Combs 2301 Market St., Philadelphia, PA 19101 Secretary Secretary
E. J. Cullen, Jr. 2301 Market St., Philadelphia, PA 19101 Assist. Sec. Assist. Sec.
D. M. Kelly 2301 Market St., Philadelphia, PA 19101 Assist. Treas. Assist. Treas.
G. S. Shicora 2301 Market St., Philadelphia, PA 19101 Assist. Treas. Assist. Treas.
J. W. Durham 2301 Market St., Philadelphia, PA 19101 Director Director
J. F. Paquette, Jr. 2301 Market St., Philadelphia, PA 19101 Director Director
</TABLE>
PART II.
<TABLE>
<CAPTION>
Position Held Applicable
Name of Officer Name and Location of in Financial Exemption
or Director Financial Institution Institution Rule
--------------- --------------------- ------------- ----------
<S> <C> <C> <C>
None
</TABLE>
<PAGE>
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PART III.
(a) COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS OF SYSTEM
COMPANIES
None
(b) STOCK OPTIONS OR OTHER RIGHTS TO ACQUIRE SECURITIES
None
(c) CONTRACTS AND TRANSACTIONS
None
(d) INDEBTEDNESS
None
(e) BONUS AND PROFIT SHARING ARRANGEMENTS
None
(f) INDEMNIFICATION
None
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
None
ITEM 8. SERVICE, SALES, AND CONSTRUCTION CONTRACTS
Part I: None
Part II: None
Part III: None
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
Part I: None
Part II: None
Part III: None
<PAGE>
- 5 -
ITEM10. FINANCIAL STATEMENTS AND EXHIBITS (a) Index to Financial Statements and
Schedules:
PAGE
----
6 Report of Independent Accountants
7 Consolidating Statement of Income for the year ended December
31, 1996
8 - 9 Consolidating Balance Sheet as of December 31, 1996
10 Consolidating Statement of Cash Flows for the year ended
December 31, 1996 11 Consolidating Statement of Changes in
Shareholder's Equity for the year ended December 31, 1996
12-15 Notes to Consolidating Financial Statements
Ex. 27 Financial Data Schedule as of December 31, 1996
(b) Index to Exhibits
Exhibit A
None
Exhibit B
1. PECO Energy Power Company's Certificate of Organization and
Charter, By-laws amended as of December 23, 1993, and amendment
to Articles of Incorporation filed February 8, 1994, are
incorporated herein by reference (1991 Form U5S and 1993 Form
10-K, File No.1-1392).
2. Susquehanna Power Company's Certificate of Organization is
incorporated herein by reference (1991 Form U5S, File No.
1-1392); By-laws amended December 23, 1993, and Charter
amendment filed February 8, 1994 are incorporated herein by
reference (1993 Form U5S, File No. 1-1392).
Exhibit C
None
Exhibit D
None
Exhibit E
None
Exhibit F
None
Exhibit G
See Item 10(a), Index to Financial Statements and Schedules.
Exhibit H
None
Exhibit I
None
<PAGE>
- 6 -
COOPERS Coopers & Lybrand L.L.P.
& LYBRAND a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors
PECO Energy Power Company
Philadelphia, Pennsylvania
We have audited the consolidating and individual financial statements and the
financial statement schedule of PECO Energy Power Company (subsidiary of PECO
Energy Company) and subsidiary company listed in Item 10 of this Form U5S. These
financial statements and the financial statement schedule are the responsibility
of the Company's management. Our responsibility is to express an opinion on
these financial statements and financial statement schedule based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidating and individual financial positions of
PECO Energy Power Company and subsidiary company as of December 31, 1996, and
the consolidated and individual results of their operations and their cash flows
for the year ended December 31, 1996, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND, L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 3, 1997
<PAGE>
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<TABLE>
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1996
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ----------
Rentals from Utility Plant Leased to Others
<S> <C> <C> <C> <C>
Affiliates $929,804 $17,870,163 --- $18,799,967
Others 274,189 --- --- 274,189
---------- ------------ ---------- ------------
Total Rentals from Utility Plant
Leased to Others 1,203,993 17,870,163 --- 19,074,156
---------- ------------ ---------- ------------
Expenses of Utility Plant Leased to Others
General 3,750 (2,541) --- 1,209
Depreciation and Amortization 45,294 1,611,808 --- 1,657,102
Income Taxes 387,221 6,760,687 --- 7,147,908
Other Taxes 292,079 2,347,881 --- 2,639,960
---------- ------------ ---------- ------------
Total Expenses of Utility Plant
Leased to Others 728,344 10,717,835 --- 11,446,179
---------- ------------ ---------- ------------
Income from Leased Utility Plant 475,649 7,152,328 --- 7,627,977
---------- ----------- ---------- ------------
Other Income and Deductions
Allowance for Other Funds Used
During Construction --- 182,743 --- 182,743
Income Taxes 316 (38,943) --- (38,627)
Other, Net (763) (11,268) --- (12,031)
Equity in Net Income of Subsidiary 7,465,865 --- (7,465,865) ---
---------- ----------- ----------- ------------
Total Other Income and Deductions 7,465,418 132,532 (7,465,865) 132,085
---------- ------------ ----------- ------------
Income Before Interest Charges 7,941,067 7,284,860 (7,465,865) 7,760,062
---------- ------------ ----------- ------------
Net Interest Charges
Allowance for Borrowed Funds Used
During Construction --- (181,005) --- (181,005)
---------- ------------ ----------- ------------
Net Interest Charges --- (181,005) --- (181,005)
---------- ------------ ---------- ------------
Net Income $7,941,067 $7,465,865 ($7,465,865) $7,941,067
========== =========== =========== ===========
See Notes to Consolidating Financial Statements
</TABLE>
<PAGE>
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<TABLE>
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
(ASSETS)
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ------------ ------------ ----------
ASSETS
<S> <C> <C> <C> <C>
Utility Plant - at original cost $6,103,452 $121,873,274 --- $127,976,726
Less Accumulated Provision for
Depreciation and Amortization 644,069 35,669,386 --- 36,313,455
------------- ------------ -------------- -------------
5,459,383 86,203,888 --- 91,663,271
------------- ------------ -------------- -------------
Construction Work in Progress --- 13,133,360 --- 13,133,360
------------- ------------ -------------- -------------
5,459,383 99,337,248 --- 104,796,631
------------- ------------ -------------- -------------
Investments
Investment in Subsidiary Company 93,708,879 --- ($93,708,879) ---
Nonutility Property, Net 384,727 991,772 --- 1,376,499
------------- ------------ -------------- -------------
94,093,606 991,772 (93,708,879) 1,376,499
------------- ------------ -------------- -------------
Current Assets
Cash and Temporary Cash Investments 1,919,590 2,054,859 --- 3,974,449
Accounts Receivable, Affiliates 1,682,642 2,610,262 (1,527,600) 2,765,304
Accounts Receivable, Other 87,303 (4,180) --- 83,123
Prepayments 30,168 196,408 --- 226,576
------------- ------------ -------------- -------------
3,719,703 4,857,349 (1,527,600) 7,049,452
------------- ------------ -------------- -------------
Deferred Debits
Recoverable Deferred Income Taxes 78,457 10,444,712 --- 10,523,169
Deferred Debits (200) 29,623 --- 29,423
------------- ------------ -------------- -------------
78,257 10,474,335 --- 10,552,592
------------- ------------ -------------- -------------
Total Assets $103,350,949 $115,660,704 ($95,236,479) $123,775,174
============= ============ ============== =============
See Notes to Consolidating Financial Statements.
</TABLE>
<PAGE>
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<TABLE>
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1996
(CAPITALIZATION & LIABILITIES)
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
CAPITALIZATION & LIABILITIES
Capitalization
Common Shareholder's Equity
Common Stock ($25 par)
Authorized 1,500,000 Shares, $24,600,000 --- --- $24,600,000
Outstanding 984,000 Shares
Common Stock (without par value) --- $47,047,450 ($47,047,450) ---
Authorized 1,500,000 Shares,
Outstanding 1,273,000 Shares
Other Paid-In Capital 68,740,078 40,215,078 (40,215,078) 68,740,078
Retained Earnings 7,393,122 6,446,351 (6,446,351) 7,393,122
------------- ------------ -------------- --------------
100,733,200 93,708,879 (93,708,879) 100,733,200
------------- ------------ -------------- --------------
Current Liabilities
Accounts Payable, Affiliates 1,672,800 1,852,296 (1,527,600) 1,997,496
Accounts Payable, Other 15,241 188,000 --- 203,241
Taxes Accrued 584,154 4,143,893 --- 4,728,047
Interest Accrued (5,231) (5,303) --- (10,534)
- ------------- ------------ -------------- --------------
2,266,964 6,178,886 (1,527,600) 6,918,250
------------- ------------ -------------- --------------
Deferred Credits
Deferred Income Taxes 350,785 15,772,939 --- 16,123,724
------------- ------------ -------------- --------------
350,785 15,772,939 --- 16,123,724
------------- ------------ -------------- --------------
Total Capitalization & Liabilities $103,350,949 $115,660,704 ($95,236,479) $123,775,174
============= ============ ============== =============
See Notes to Consolidating Financial Statements.
</TABLE>
<PAGE>
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<TABLE>
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 1996
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Cash Flows from Operating Activities
Net Income $7,941,067 $7,465,865 ($7,465,865) $7,941,067
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation and Amortization 45,294 1,611,808 --- 1,657,102
Deferred Income Taxes (4,331) (3,958,107) --- (3,962,438)
Investment Tax Credits, Net --- (949,633) --- (949,633)
Decrease/(Increase) in Receivables 6,795,660 (1,261,841) --- 5,533,819
Decrease in Payables and
Accrued Expenses (7,118,686) (7,464,313) --- (14,582,999)
Recoverable Deferred Income Taxes 22,008 5,472,356 --- 5,494,364
Other, Net --- 2,424,645 --- 2,424,645
---------- ------------ ----------- ------------
Net Cash Flows Provided by Operating
Activities 7,681,012 3,340,780 (7,465,865) 3,555,927
---------- ------------ ----------- ------------
Cash Flows from Investing Activities
Investment in Utility Plant --- (14,084,624) --- (14,084,624)
Nonutility Plant --- 8,360 --- 8,360
Net Investment in Subsidiary Company (19,482,765) --- 19,482,765 ---
---------- ------------ ----------- ------------
Net Cash Flows Used by Investing Activities (19,482,765) (14,076,264) 19,482,765 (14,076,264)
---------- ------------ ----------- ------------
Cash Flows from Financing Activities
Capital Contribution from Parent Company 20,000,000 18,000,000 (18,000,000) 20,000,000
Dividends on Common Stock (6,346,800) (5,983,100) 5,983,100 (6,346,800)
- ---------- ------------ ------------ ------------
Net Cash Flows Used by Financing Activities 13,653,200 12,016,900 (12,016,900) 13,653,200
---------- ------------ ----------- ------------
Increase in Cash and Cash Equivalents 1,851,447 1,281,416 --- 3,132,863
---------- ------------ ----------- ------------
Cash & Cash Equivalents at beginning of period 68,143 773,443 --- 841,586
---------- ------------ ----------- ------------
Cash & Cash Equivalents at end of period $1,919,590 $2,054,859 --- $3,974,449
========== ============ =========== ============
See Notes to Consolidating Financial Statements.
</TABLE>
<PAGE>
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<TABLE>
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
For the Year Ended December 31, 1996
<CAPTION>
Capital
Contributions
From
Balance Net Parent Balance
1/1/96 Dividends Income Company 12/31/96
---------- ---------- ---------- -------------- --------
<S> <C> <C> <C> <C> <C>
PECO Energy Power Company
Common Stock $24,600,000 --- --- --- $24,600,000
Other Paid-In Capital 48,740,078 --- --- 20,000,000 68,740,078
Retained Earnings 5,798,855 (6,346,800)* 7,941,067 --- 7,393,122
Susquehanna Power Company
Common Stock 47,047,450 --- --- --- 47,047,450
Other Paid-In Capital 22,215,078 --- --- 18,000,000 40,215,078
Retained Earnings 4,963,586 (5,983,100)** 7,465,865 --- 6,446,351
Eliminations
Common Stock (47,047,450) --- --- --- (47,047,450)
Other Paid-In Capital (22,215,078) --- --- (18,000,000) (40,215,078)
Retained Earnings (4,963,586) 5,983,100 (7,465,865) --- (6,446,351)
Consolidated
Common Stock 24,600,000 --- --- --- 24,600,000
Other Paid-In Capital 48,740,078 --- --- 20,000,000 68,740,078
Retained Earnings 5,798,855 (6,346,800) 7,941,067 --- 7,393,122
* $6.45 per share
** $4.70 per share
</TABLE>
<PAGE>
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NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CONSOLIDATION
The consolidating financial statements include the accounts of PECO
Energy Power Company (Company) and its subsidiary, Susquehanna Power
Company (SPCO). The Company and SPCO (Companies) are owned by PECO
Energy Company (Parent Company), which together with another
subsidiary leases and operates the utility plant of the Company and
SPCO.
The Companies are joint holders of a license from the Federal Energy
Regulatory Commission (FERC) for Project No. 405 (Conowingo Project).
DEPRECIATION AND AMORTIZATION
The annual provision for depreciation is provided over the estimated
service lives of plant on the straight-line method. The annual
provision for financial reporting purposes in 1996, expressed as a
percent of average depreciable plant in service, was 1.07% for the
property of the Company and 1.41% for the property of SPCO.
Costs for relicensing the Conowingo Hydroelectric Project are being
amortized over 30 years on the straight-line method.
INCOME TAXES
The Companies join with the Parent Company and its other subsidiaries
in filing a consolidated federal income tax return. The provision for
federal income taxes is computed on a separate return basis after
giving consideration to consolidated return savings.
ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (AFUDC)
AFUDC is the cost, during the period of construction, of debt and
equity funds used to finance construction projects. AFUDC is recorded
as a charge to Construction Work in Progress and the credits are to
Interest Charges for the cost of borrowed funds and to Other Income
and Deductions for the remainder as the allowance for other funds. The
rate used for capitalizing AFUDC, which averaged 9.38% in 1996, was
computed under a method prescribed by the regulatory authorities on
the basis of the Parent Company's book balances and cost rates, and is
utilized by all of the subsidiaries of the Parent Company, including
the Companies. AFUDC is not included in regular taxable income and the
depreciation of capitalized AFUDC is not tax deductible.
<PAGE>
- 13 -
2. Income Taxes:
Income tax expense is composed of the following components:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- -----------
<S> <C> <C> <C>
Current $369,543 $6,196,071 $6,565,614
Deferred 17,678 580,888 598,566
Amortization of investment
tax credits --- (16,272) (16,272)
--------- ----------- -----------
Total 387,221 6,760,687 7,147,908
Included in other income-
current and deferred (316) 38,943 38,627
--------- ----------- -----------
Total income tax provision $ 386,905 $6,799,630 $7,186,535
========= =========== ===========
</TABLE>
In accordance with Statement of Financial Accounting Standards (SFAS)
No. 71, "Accounting for the Effects of Certain Types of Regulation," the
Companies have recorded a recoverable deferred income tax asset of $10.5
million at December 31, 1996. These recoverable deferred income taxes
include the deferred tax effects associated principally with liberalized
depreciation accounted for in accordance with the ratemaking policies of
the Pennsylvania Public Utility Commission (PUC), as well as the revenue
impacts thereon, and assume recovery of these costs in future rates.
<PAGE>
- 14 -
The tax effect of temporary differences which give rise to the Companies' net
deferred tax liability as of December 31, 1996 are as follows:
<TABLE>
<CAPTION>
Nature of Temporary Difference: Liability or (Asset)
-------------------------------------
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ------------ ------------
<S> <C> <C> <C>
Utility plant
Plant basis difference $ 350,785 $14,839,578 $15,190,363
Deferred investment tax credit - 933,361 933,361
---------- ----------- -----------
Deferred income taxes per
the balance sheet $ 350,785 $15,772,939 $16,123,724
========== =========== ===========
</TABLE>
The net deferred tax liability shown above is comprised of $16.7 million of
deferred tax liabilities partly offset by $573,000 of deferred tax assets.
<TABLE>
The total income tax provisions differed from amounts computed by applying
the federal statutory rate to income as shown below:
<CAPTION>
Percent of Income Before Income Taxes
-------------------------------------
PECO Energy Susquehanna
Power Power
Company Company Consolidated
------------ ----------- -----------
<S> <C> <C> <C>
Federal statutory rate 35% 35% 35%
State income tax, net of federal
income tax benefits 7 5 5
AFUDC - (1) (1)
Prior period adjustments 8 14 14
---- --- ---
Effective rate 50% 53% 53%
==== === ===
</TABLE>
<PAGE>
- 15 -
3. Taxes, Other Than Income Taxes:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
<S> <C> <C> <C>
Capital stock $110,335 $634,800 $745,135
Real estate 181,744 1,704,000 1,885,744
Gross receipts - (10,087) (10,087)
Superfund 763 12,813 13,576
Other - 10,768 10,768
-------- ---------- ----------
$292,842 $2,352,294 $2,645,136
======== ========== ==========
</TABLE>
4. Notes Payable, Banks:
There are no specific requirements for compensating balances in
conjunction with the bank loans. The Parent Company maintains normal
working balances with all lending banks. During 1996, the Parent Company
discontinued its compensating balance agreements for these credit lines.
At December 31, 1996, the Companies had no outstanding loans under
formal and informal lines of credit aggregating approximately $3.0
million.
5. Utility Plant - Leased to Related Parties:
Utility plant consists principally of a hydroelectric generating station
and related transmission facilities and is leased to and operated by
affiliated companies. Rentals are based on an annual return on net
original cost of utility plant plus working capital together with a
reimbursement of operating expenses, taxes and depreciation as reflected
in the Consolidating Statement of Income. The license granted by the
Federal Energy Regulatory Commission for the Conowingo Project expires
in 2014. Minimum rental payments due in future years through 2014
aggregated $153.8 million at December 31, 1996, with approximately $9.2
million of rentals, net of expenses, due in each of the next five years.
6. Cash and Cash Equivalents:
For purposes of the Consolidating Statement of Cash Flows, the Companies
consider all highly liquid debt instruments purchased with a maturity of
three months or less to be cash equivalents. The following disclosures
supplement the accompanying Consolidating Statement of Cash Flows:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
<S> <C> <C> <C>
Cash Paid During the Year:
Income taxes (net of refunds) $ 203,743 $5,059,023 $5,262,766
</TABLE>
<PAGE>
SIGNATURE
The undersigned system company has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized pursuant to
the requirements of the Public Utility Holding Company Act of 1935. The
signature of the undersigned company shall be deemed to relate only to matters
having reference to such company or its subsidiary.
PECO ENERGY POWER COMPANY
Date: April 4, 1997 By: /S/ J. BARRY MITCHELL
----------------------- ---------------------------
J. Barry Mitchell, Treasurer
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 1
<NAME> SUSQUEHANNA POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 104797
<OTHER-PROPERTY-AND-INVEST> 1377
<TOTAL-CURRENT-ASSETS> 7050
<TOTAL-DEFERRED-CHARGES> 10553
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 123775
<COMMON> 24600
<CAPITAL-SURPLUS-PAID-IN> 68740
<RETAINED-EARNINGS> 7393
<TOTAL-COMMON-STOCKHOLDERS-EQ> 10773
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 23040
<TOT-CAPITALIZATION-AND-LIAB> 123775
<GROSS-OPERATING-REVENUE> 19074
<INCOME-TAX-EXPENSE> 7142
<OTHER-OPERATING-EXPENSES> 4298
<TOTAL-OPERATING-EXPENSES> 11446
<OPERATING-INCOME-LOSS> 7628
<OTHER-INCOME-NET> 132
<INCOME-BEFORE-INTEREST-EXPEN> 7760
<TOTAL-INTEREST-EXPENSE> (181)
<NET-INCOME> 7941
0
<EARNINGS-AVAILABLE-FOR-COMM> 7941
<COMMON-STOCK-DIVIDENDS> 6346
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 3556
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
