<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
------ ------
Commission File Number 1-9052
------
DPL INC.
(Exact name of registrant as specified in its charter)
OHIO 31-1163136
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Courthouse Plaza Southwest
Dayton, Ohio 45402
(Address of principal executive offices)
(513) 224-6000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
Yes X No
----- -----
Indicate the number of shares of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, $.01 par value
and Preferred Share Purchase
Rights 106,955,602
- - --------------------------- ----------------------------------
(Title of each class) (Outstanding on April 5, 1994)
<PAGE>
<PAGE>
DPL INC.
INDEX
Page No.
--------
Part I - Financial Information
Item 1. Financial Statements
Consolidated Statement of
Results of Operations 1
Consolidated Statement of
Cash Flows 2
Consolidated Balance Sheet 3
Notes to Consolidated Financial
Statements 5
Operating Statistics 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 9
Part II - Other Information 11
Signatures 13
i
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
DPL Inc.
Three Months Ended
March 31
------------------
1994 1993
---- ----
--thousands--
<S> <C> <C>
INCOME
Utility service revenues . . . . . . . . . . . . $372,115 $345,842
Interest and other income . . . . . . . . . . . 4,536 6,218
-------- --------
Total Income . . . . . . . . . . . . . . . 376,651 352,060
-------- --------
EXPENSES
Fuel used in electric and steam production . . . 58,681 59,471
Gas purchased for resale . . . . . . . . . . . . 79,215 72,797
Operating and administrative . . . . . . . . . . 44,429 49,512
Maintenance of equipment and facilities . . . . 16,166 13,024
Depreciation and amortization . . . . . . . . . 28,555 27,509
General taxes . . . . . . . . . . . . . . . . . 29,055 27,531
Interest expense . . . . . . . . . . . . . . . . 23,428 25,930
Allowance for funds used during construction . . (205) 114
Regulatory deferrals (Note 3) . . . . . . . . . 2,630 (6,151)
Preferred dividend requirements of
The Dayton Power and Light Company . . . . . 2,120 2,311
-------- --------
Total Expenses . . . . . . . . . . . . . 284,074 272,048
-------- --------
Income Before Income Taxes . . . . . . . . . . . 92,577 80,012
Income Taxes . . . . . . . . . . . . . . . . . . 37,225 26,783
-------- --------
Net Income . . . . . . . . . . . . . . . . . . . $ 55,352 $ 53,229
======== ========
Average Number of Common Shares
Outstanding (000)(a) . . . . . . . . . . . . . 97,931 97,806
Earnings Per Share of Common Stock (a) . . . . . $ 0.57 $ 0.54
Dividends Paid Per Share of Common Stock . . . . $ 0.295 $ 0.28
(a) Average shares and earnings per share for 1993 were restated to reflect
adoption of a new Financial Accounting Standards Board approved Statement
of Position on accounting for Employee Stock Ownership Plans.
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
</TABLE>
1
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENT OF CASH FLOWS
DPL Inc.
Three Months Ended
March 31
------------------
1994 1993
---- ----
--thousands--
<S> <C> <C>
Operating Activities
- - --------------------
Cash received from utility customers . . . . . . . . . . . . . . . . . . $ 355,183 $ 314,634
Other operating cash receipts . . . . . . . . . . . . . . . . . . . . . 3,967 5,975
Cash paid for:
Fuel and purchased power . . . . . . . . . . . . . . . . . . . . . . . (57,443) (54,225)
Purchased gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,057) (42,425)
Operation and maintenance labor . . . . . . . . . . . . . . . . . . . (25,564) (20,953)
Non-labor operating expenditures . . . . . . . . . . . . . . . . . . . (43,293) (76,355)
Interest (net of amounts capitalized) . . . . . . . . . . . . . . . . (25,127) (10,888)
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (488) 3,651
Property, excise and payroll taxes . . . . . . . . . . . . . . . . . . (45,768) (41,200)
--------- ---------
Net cash provided by operating activities . . . . . . . . . . . . . . . 108,410 78,214
--------- ---------
Investing Activities
- - --------------------
Net cash used for property expenditures and other . . . . . . . . . . . (27,155) (18,739)
--------- ---------
Financing Activities
- - --------------------
Dividends paid on common stock . . . . . . . . . . . . . . . . . . . . . (28,836) (28,683)
Retirement of short-term debt . . . . . . . . . . . . . . . . . . . . . (25,000) (152,000)
Retirement of long-term debt . . . . . . . . . . . . . . . . . . . . . . (38) (330,035)
Issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . - 536,000
Issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . 4,799 -
--------- ---------
Net cash provided by (used for) financing activities . . . . . . . . . . (49,075) 25,282
--------- ---------
Net increase (decrease) in cash and temporary cash investments . . . . . 32,180 84,757
Cash and temporary cash investments at beginning of period . . . . . . . . 81,640 108,102
--------- ---------
Cash and temporary cash investments at end of period . . . . . . . . . . . $ 113,820 $ 192,859
========= =========
</TABLE>
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
2
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEET
DPL Inc.
At At
March 31, December 31,
1994 1993
------------- ------------
--thousands--
<S> <C> <C>
ASSETS
Utility property and plant. . . . . . . . . . . . . . . . . . . . . . . . $3,217,601 $3,204,690
Other property and plant . . . . . . . . . . . . . . . . . . . . . . . . 52,097 49,252
Construction work in progress . . . . . . . . . . . . . . . . . . . . . . 35,828 35,824
---------- ----------
3,305,526 3,289,766
Less--
Accumulated depreciation and amortization . . . . . . . . . . . . . . . (1,002,141) (977,201)
---------- ----------
Net property and plant . . . . . . . . . . . . . . . . . . . . . . . 2,303,385 2,312,565
---------- ----------
Current Assets
Cash and temporary cash investments, at cost. . . . . . . . . . . . . . . 113,820 81,640
Accounts receivable, less provision for uncollectible accounts (Note 2) . 211,637 135,025
Inventories, at average cost . . . . . . . . . . . . . . . . . . . . . . 70,095 86,386
Taxes applicable to subsequent years . . . . . . . . . . . . . . . . . . 46,682 72,751
Gas costs recoverable . . . . . . . . . . . . . . . . . . . . . . . . . . 11,158 23,052
Prepayments and other . . . . . . . . . . . . . . . . . . . . . . . . . . 42,310 41,736
---------- ----------
Total current assets . . . . . . . . . . . . . . . . . . . . . . . 495,702 440,590
---------- ----------
Other Assets
Regulatory deferrals (Note 3) . . . . . . . . . . . . . . . . . . . . . . 175,471 172,832
Income taxes recoverable through future revenues . . . . . . . . . . . . 263,944 269,144
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,048 109,899
---------- ----------
Total other assets. . . . . . . . . . . . . . . . . . . . . . . . . 555,463 551,875
---------- ----------
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,354,550 $3,305,030
========== ==========
</TABLE>
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
3
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEET
(continued)
DPL Inc.
At At
March 31, December 31,
1994 1993
------------- ------------
--thousands--
<S> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization
Common shareholders' equity--
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,070 $ 1,035
Other paid-in capital (Note 2) . . . . . . . . . . . . . . . . . . . . 776,320 708,151
Common stock held by employee plans . . . . . . . . . . . . . . . . . . (106,481) (105,217)
Earnings reinvested in the business . . . . . . . . . . . . . . . . . . 449,189 423,363
---------- ----------
Total common shareholders' equity . . . . . . . . . . . . . . . . . . 1,120,098 1,027,332
Preferred stock of The Dayton Power and Light Company--
Without mandatory redemption provisions . . . . . . . . . . . . . . . . 82,850 82,850
With mandatory redemption provisions . . . . . . . . . . . . . . . . . 30,000 30,000
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,102,868 1,102,889
---------- ----------
Total capitalization . . . . . . . . . . . . . . . . . . . . . . . 2,335,816 2,243,071
---------- ----------
Current Liabilities
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,204 113,075
Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 25,000
Current portion of first mortgage bonds and preferred stock . . . . . . . 8,980 8,980
Accrued taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,204 114,389
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,162 24,338
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,448 51,434
---------- ----------
Total current liabilities . . . . . . . . . . . . . . . . . . . . . 283,998 337,216
---------- ----------
Deferred Credits and Other
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,478 519,319
Unamortized investment tax credit . . . . . . . . . . . . . . . . . . . . 84,384 85,139
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,874 120,285
---------- ----------
Total deferred credits and other . . . . . . . . . . . . . . . . . 734,736 724,743
---------- ----------
Total Capitalization and Liabilities . . . . . . . . . . . . . . . . . . $3,354,550 $3,305,030
========== ==========
</TABLE>
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
4
<PAGE>
<PAGE>
Notes to Consolidated Financial Statements
1. On March 1, 1994, 245,604 shares of common stock valued at
$4.8 million were issued to participants in the dividend
reinvestment plan.
2. On March 28, 1994, DPL Inc. issued 3,200,000 shares of common
stock through an Underwriting Agreement. The net proceeds of
$63.2 million, included in Accounts Receivable and Other Paid-In
Capital at March 31, 1994, were contributed to DPL Inc.'s
principal subsidiary, The Dayton Power and Light Company. DP&L
used the funds, along with internal cash, to redeem all of the
outstanding shares of its Preferred Stock Series D, E, F, H and I
on May 6, 1994. The common stock issue increases DPL Inc.'s total
outstanding common shares to 106,955,602.
3. Pursuant to the Public Utilities Commission of Ohio
("PUCO")-approved phased in electric rate increase, the third and
final increase of 6.4% took effect January 1, 1994. Deferrals
(including carrying charges) which were capitalized through 1993,
are being recovered over seven years commencing in 1994.
Regulatory deferrals on the balance sheet were:
<TABLE>
<CAPTION>
March 31, Dec. 31,
1994 1993
-------- -------
--millions--
<S> <C> <C>
Phase-in $ 83.5 $ 85.8
Demand Side Management 28.9 23.3
Deferred interest-Zimmer 63.1 63.7
------ ------
Total $175.5 $172.8
====== ======
</TABLE>
5
<PAGE>
<PAGE>
4. Statement of Cash Flow Reconciliation
Reconciliation of Net Income to Net Cash Provided by
Operating Activities:
<TABLE>
<CAPTION>
Three Months Ended
March 31
1994 1993
---- ----
--millions--
<S> <C> <C>
Net Income . . . . . . . . . . . . . . . . . $ 55.3 $ 53.2
Adjustments for non-cash items:
Depreciation and amortization . . . . . . 28.6 27.5
Deferred income taxes . . . . . . . . . . (3.8) 2.7
Taxes applicable to subsequent years . . . 26.2 25.4
Allowance for equity funds used
during construction . . . . . . . . . . (0.1) 0.1
Regulatory deferrals (Note 3) . . . . . . 2.6 (6.1)
Changes in Working Capital:
Accounts receivable and unbilled revenue . (15.7) (24.8)
Accounts payable . . . . . . . . . .. . . (20.6) (10.9)
Other . . . . . . . . . . . . . . . . . . 27.4 31.9
Other operating activities . . . . . . . . . 8.5 (20.8)
------ ------
Net cash provided by operating activities . $108.4 $ 78.2
====== ======
</TABLE>
5. Reclassifications have been made in certain prior years'
amounts to conform to the current reporting presentation of
DPL Inc.
6. The consolidated financial statements in this report
have been prepared by DPL Inc., without audit, pursuant to the
rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance
with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations.
These consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes
thereto in DPL Inc.'s 1993 Annual Report on Form 10-K.
The information included in this Form 10-Q reflects all
adjustments which are, in the opinion of management, necessary
for a fair statement of the results of operations for the
periods presented. Any adjustments are of a normal recurring
nature.
6
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
OPERATING STATISTICS
The Dayton Power and Light Company
Three Months Ended
March 31
------------------
1994 1993
---- ----
<S> <C> <C>
ELECTRIC
Sales (millions of kWh)--
Residential . . . . . . . . . . . . . . . . . 1,426 1,372
Commercial . . . . . . . . . . . . . . . . . 749 733
Industrial . . . . . . . . . . . . . . . . . 1,039 941
Other . . . . . . . . . . . . . . . . . . . . 544 843
------- -------
Total . . . . . . . . . . . . . . . . . . . 3,758 3,889
Revenues (thousands of dollars)--
Residential . . . . . . . . . . . . . . . . . 115,575 105,215
Commercial . . . . . . . . . . . . . . . . . 53,005 48,548
Industrial . . . . . . . . . . . . . . . . . 55,170 47,794
Other . . . . . . . . . . . . . . . . . . . . 26,548 31,391
------- -------
Total . . . . . . . . . . . . . . . . . . . 250,298 232,948
Other Electric Statistics--
Average price per kWh--
retail and wholesale customers (cents) . . 6.60 5.92
Fuel cost per net kWh
generated (cents) . . . . . . . . . . . . . 1.47 1.42
Electric customers at end of period . . . . . 465,934 461,464
Average kWh use per residential customer . . 3,417 3,317
Peak demand--maximum
one hour use (mw), (net) . . . . . . . . . 2,747 2,434
</TABLE>
7
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
OPERATING STATISTICS
(continued)
The Dayton Power and Light Company
Three Months Ended
March 31
------------------
1994 1993
---- ----
<S> <C> <C>
GAS
Sales (thousands of mcf)--
Residential . . . . . . . . . . . . . . . . . 14,753 13,952
Commercial . . . . . . . . . . . . . . . . . 4,284 3,911
Industrial . . . . . . . . . . . . . . . . . 1,894 1,503
Other . . . . . . . . . . . . . . . . . . . . 1,415 1,389
Transportation gas delivered . . . . . . . . 5,177 4,342
------- -------
Total . . . . . . . . . . . . . . . . . . . 27,523 25,097
Revenues (thousands of dollars)--
Residential . . . . . . . . . . . . . . . . . 79,004 73,744
Commercial . . . . . . . . . . . . . . . . . 21,905 19,905
Industrial . . . . . . . . . . . . . . . . . 8,797 7,128
Other . . . . . . . . . . . . . . . . . . . . 9,170 9,353
------- -------
Total . . . . . . . . . . . . . . . . . . . 118,876 110,130
Other Gas Statistics--
Average price per mcf--
retail customers (dollars) . . . . . . . . 5.21 5.17
Gas customers at end of period . . . . . . . 287,640 284,820
DEGREE DAYS (based on calendar month)--
Heating . . . . . . . . . . . . . . . . . . . 3,194 2,953
Cooling . . . . . . . . . . . . . . . . . . . 0 0
</TABLE>
8
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
DPL Inc.'s earnings for the first quarter of 1994 are
$0.57 per share, up from $0.54 per share in the first quarter of
1993. The improved first quarter earnings are due to continued
cost containment and increased energy sales, resulting from the
strong West Central Ohio economy and cold winter weather.
Electric retail sales grew 5% in the first quarter with business
sales increasing 7%. On January 18, 1994, DP&L's customers
established a new winter peak electricity usage of 2,747 MW,
exceeding the previous winter peak by 9%. Natural gas sales
increased by 10% over the first quarter of 1993.
Earnings per share for 1993 were restated from $0.52 to
$0.54 reflecting adoption of a new Financial Accounting
Standards Board approved Statement of Position on accounting for
Employee Stock Ownership Plans.
An analysis of the financial condition and results of
operation for the first quarter ended March 31, 1994 and 1993 is
discussed below.
Financial Condition
- - -------------------
Construction plans are subject to continuing review and
are expected to be revised in light of changes in financial and
economic conditions, load forecasts, legislative and regulatory
developments and changing environmental standards, among other
factors. DP&L's ability to complete its capital projects and
the reliability of future service will be affected by its
financial condition, the availability of external funds at
reasonable cost and adequate and timely rate increases.
In late March and early April 1994, DPL Inc. completed
a public offering of 3.2 million common shares. The net
proceeds were used on May 6, 1994, along with internal cash, to
redeem all of the outstanding shares of DP&L's Preferred Stock
Series D, E, F, H and I. The preferred dividend savings will
have a positive impact on earnings and will offset the impact
of the additional common shares issued.
As of March 31, 1994, DPL Inc.'s cash and temporary
cash investment balance was $114 million.
DP&L has available to it $97 million in short-term
informal lines of credit. As of March 31, 1994, DP&L had no
short-term debt outstanding. DPL Inc. and its subsidiaries have
$200 million available through a Revolving Credit Agreement. As
of March 31, 1994, DPL Inc. had no outstanding borrowings under
9
<PAGE>
<PAGE>
this Credit Agreement. DP&L has authority from the PUCO to
issue long and short-term debt up to a maximum limit of
$300 million which could include loans from DPL Inc. under the
terms of the Credit Agreement. DP&L's short-term debt is
limited to up to $200 million pursuant to that PUCO
authorization.
DPL Inc. anticipates that it has sufficient capacity to
issue First Mortgage Bonds of DP&L to satisfy its requirements
in connection with the financing of its construction and
refunding programs during the five year period 1994-1998.
Results of Operations
- - ---------------------
Electric revenues increased $17.3 million for the first
quarter of 1994. Total retail electric sales increased 5% due
to cold weather and the strong local economy. Implementation of
the third and final phase of the electric rate increase of 6.4%
effective in January 1994 also contributed to the increase in
revenues.
Fuel used in electric and steam production decreased
$0.8 million from last year. A decrease in purchased power
costs resulted from lower sales to other utilities.
Gas revenues and gas purchased for resale increased
$8.7 million and $6.4 million respectively, over the first
quarter of 1993. The higher amounts resulted from a
weather-related gas retail sales increase of 8% and a higher gas
cost recovery factor.
Operating and administrative expenses decreased $5.1
million in 1994 as compared to 1993. Bond redemption costs of
$15 million are included in the 1993 expenses, partially offset
in 1994 by increased benefits and claims costs.
Maintenance expenses increased $3.1 million over the
first quarter of 1993 due to generating station and distribution
maintenance activities.
Interest expense decreased $2.5 million in 1994 due to
the issuance of new First Mortgage Bonds in 1993 overlapping the
related debt series to be redeemed and lower interest rates on
long term debt obtained through refinancings.
Phase-in deferrals capitalized in years prior to 1994
are being recovered over a seven year period commencing in 1994.
Income taxes increased $10.4 million over the first
quarter of 1993 resulting from a corresponding increase in
taxable income over the same period a year ago.
10
<PAGE>
<PAGE>
Part II. Other Information
---------------------------
Item 4. Submission of Matters to a Vote of Security Holders
At DPL Inc.'s Annual Meeting of Shareholders held on
April 19, 1994, three directors of DPL Inc. were elected, each
of whom will serve a three year term expiring in 1997. The
nominees were elected as follows: Ernie Green,
90,918,169 shares FOR, 989,620 shares WITHHELD; David R. Holmes,
90,677,633 shares FOR, 1,230,156 shares WITHHELD; and
Burnell R. Roberts, 90,959,663 shares FOR, 948,126 shares
WITHHELD.
Item 5. Other Information.
Gas Operations and Gas Supply
- - -----------------------------
The PUCO supports open access, nondiscriminatory
transportation of natural gas by the state's local distribution
companies for end-use customers. The PUCO has guidelines to
provide a standardized structure for end-use transportation
programs which require a tariff providing the prices, terms and
conditions for such service. DP&L filed a transportation tariff
to comply with these guidelines in December 1993. That tariff
was approved by the PUCO on March 30, 1994 and became effective
on April 6, 1994. The tariff governs DP&L's sales to end-use
transportation customers. For the twelve months ended March 31,
1994, DP&L had 208 end-use customers transporting 14.2 million
cubic feet of natural gas under pre-existing natural gas trans-
portation agreements or this tariff.
Rate Regulations and Government Legislation
- - -------------------------------------------
DP&L has in place a percentage of income payment plan
("PIPP") for eligible low-income households as required by the
PUCO. This plan prohibits disconnections for nonpayment of
customer bills if eligible low-income households pay a specified
percentage of their household income toward their utility bill.
The PUCO has approved a surcharge by way of a temporary base
rate tariff rider which allows companies to recover arrearages
accumulated under PIPP. In 1993 DP&L reached a settlement with
the PUCO staff, the Office of the Ohio Consumers' Counsel and
the Legal Aid Society to provide new and expanded programs for
PIPP eligible customers. The expanded programs include greater
arrears crediting, lower monthly payments, educational programs
and information reports. In exchange, DP&L may accelerate
recovery of PIPP and pre-PIPP arrearages and recover program
costs. The settlement also established a four year moratorium
11
<PAGE>
on changes to the program. The PUCO approved the settlement on
December 2, 1993. Pursuant to the terms of the settlement, DP&L
filed an application on January 21, 1994 to lower its PIPP
rate. The application was approved by the PUCO on March 24,
1994.
Item 6. Exhibits and Reports on Form 8-K.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed by DPL Inc. during
the quarter ended March 31, 1994.
12
<PAGE>
<PAGE>
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.
DPL INC.
----------------------------------
(Registrant)
Date: May 16, 1994 Stephen F. Koziar
- - ------------------------ ----------------------------------
Stephen F. Koziar
Group Vice President
Date: May 16, 1994 Thomas M. Jenkins
- - ------------------------ ----------------------------------
Thomas M. Jenkins
Group Vice President and Treasurer
(Principal Financial Officer)
13
<PAGE>
