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Previous: NEW YORK TAX EXEMPT INCOME FUND INC, N-2/A, 1995-02-28 |
Next: OPPENHEIMER MAIN STREET FUNDS INC, NSAR-A, 1995-02-28 |
<PAGE>
FORM U-3A-2
File No. 69-340
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
Statement by Holding Company Claiming Exemption
Under Rule U-2 from Provisions of the Public Utility
Holding Company Act of 1935
To be filed annually prior to March 1
NIPSCO Industries, Inc.
(Name of Company)
hereby files with the Securities and Exchange Commission, pursuant to
Rule U-2, its statement claiming exemption as a holding company from
the provisions of the Public Utility Holding Company Act of 1935 and
submits the following information:
1. Name, State of organization, location and nature of business of
claimant and every subsidiary thereof other than any exempt wholesale
generator (EWG) or foreign utility company in which claimant directly
or indirectly holds an interest.
<TABLE>
<CAPTION>
State of Nature of
Name of Company Organization Location Business
====================== ============= ================= ==============
<S> <C> <C> <C>
NIPSCO Industries, Inc. Indiana Hammond, Indiana Holding
company
801 East Corp. Indiana Merrillville, Management
Indiana services
Hamilton Harbour Indiana Hammond, Indiana Captive
Services, Ltd. insurance
program
Kokomo Gas and Fuel Indiana Kokomo, Indiana Gas utility
Company
Lakeside Energy Indiana Merrillville, Electric
Corporation Indiana generator
project
NIPSCO Capital Markets, Indiana Hammond, Indiana Funding agent
Inc. for all
non-utility
ventures
NIPSCO Development Indiana Hammond, Indiana Investments
Company, Inc. including
real estate
Analytic Systems Indiana Hobart, Indiana Fluid
Laboratories, Inc. (1) filtration
systems
G. R. Clark Corporation Indiana Hobart, Indiana Design of
(2) pollution
control
systems
Harbor Coal Company (2) Indiana Hammond, Indiana Coal
pulverization
joint
venture
JOF Transportation Indiana Hammond, Indiana Rail freight
Company (2) joint-venture
Lake Erie Land Company Indiana Hammond, Indiana Development
(2) of
commercial
real estate
SCC Services, Inc. (3) Indiana Hammond, Indiana Operation of
golf course
KOGAF Enterprises, Inc. Indiana Kokomo, Indiana Real estate
(2) investments
Metals Technology Indiana Shirley, Indiana Metals
Corporation (4) foundry
NDC Douglas Properties, Indiana Hammond, Indiana Affordable
Inc. (2) housing
projects
NIPSCO International Indiana Hammond, Indiana Investing in
Power System Company (2) overseas
power
generation
NIPSCO Security Services, Indiana Hammond, Indiana Security
Inc. (2) services
Process and Control Indiana Hobart, Indiana Design of
Technology Corporation pollution
(2) control
systems
Riverside Caloric Company Indiana Hammond, Indiana Tire-derived
(2) fuel
processing
facilities
RIC, Inc. (2) Indiana Schererville, Real estate
Indiana investing and
management
Cardinal Property Indiana Schererville, Building and
Management, Inc. (5) Indiana property
management
NIPSCO Energy Services, Indiana Hammond, Indiana Supervises
Inc. energy-
related
diversified
projects
Crossroads Pipeline Indiana Hammond, Indiana Intrastate
Company (6) gas
transmission
NIPSCO Energy Trading Indiana Hammond, Indiana Gas and other
Corp. (6) energy
brokering
businesses
NIPSCO Fuel Company, Indiana Hammond, Indiana Investments
Inc. (6) in gas and
oil ventures
NFCO Acquisition Company Texas Dallas, Texas Investment in
(7) gas and oil
properties
NI-TEX, Inc. (6) Indiana Hammond, Indiana Gas supply
and
transpor-
tation
Triumph Natural Gas, Inc. Delaware Dallas, Texas Gas supply
(8) and brokering
Northern Indiana Fuel and Indiana Auburn, Indiana Gas utility
Light Company, Inc.
Northern Indiana Trading Indiana Auburn, Indiana Gas brokering
Company (9)
Northern Indiana Public Indiana Hammond, Indiana Electric and
Service Company gas utility
NIPSCO Exploration Company, Indiana Hammond, Indiana Gas
Inc. (10) exploration
investment
in off-shore
Gulf of
Mexico oil
and gas
leases
Shore Line Shops, Indiana Hammond, Indiana Real estate
Incorporated (10) purchase and
sale of
transferred
employees
residences
North Lake Energy Indiana Merrillville, Electric
Corporation Indiana generation
project
<FN>
(1) Majority-owned subsidiary of NIPSCO Development Company, Inc.
(2) Wholly-owned subsidiary of NIPSCO Development Company, Inc.
(3) Wholly-owned subsidiary of Lake Erie Land Company.
(4) Majority-owned subsidiary of KOGAF Enterprises, Inc.
(5) Wholly-owned subsidiary of RIC, Inc.
(6) Wholly-owned subsidiary of NIPSCO Energy Services, Inc.
(7) Wholly-owned subsidiary of NIPSCO Fuel Company, Inc.
(8) Majority-owned subsidiary of NIPSCO Energy Services, Inc.
(9) Wholly-owned subsidiary of Northern Indiana Fuel and Light
Company, Inc.
(10) Wholly-owned subsidiary of Northern Indiana Public Service
Company.
</TABLE>
2. A brief description of the properties of claimant and each of its
subsidiary public utility companies used for the generation,
transmission and distribution of electric energy for sale, or for the
production, transmission, and distribution of natural or manufactured
gas, indicating the location of principal generating plants,
transmission lines, producing fields, gas manufacturing plants, and
electric and gas distribution facilities, including all such properties
which are outside the State in which claimant and its subsidiaries are
organized and all transmission or pipelines which deliver or receive
electric energy or gas at the borders of such State.
The claimant, NIPSCO Industries, Inc. (Industries), owns no physical
properties. All the physical properties of Northern Indiana Public
Service Company (Northern Indiana), Kokomo Gas and Fuel Company (Kokomo
Gas) and Northern Indiana Fuel and Light Company, Inc. (NIFL) are
located in the State of Indiana. Crossroads Pipeline Company
(Crossroads) owns a 202-mile natural gas pipeline running from
northwest Indiana to Cygnet, Ohio. Only the Indiana portion of the
line is presently in service as an intrastate gas pipeline.
The only significant real properties owned by other subsidiaries of
Industries are: the Southlake Complex, a 325,000 square foot office
building in Merrillville, Indiana, leased to Northern Indiana and owned
by NIPSCO Development Company, Inc. (Development); a 36-mile
intrastate natural gas pipeline, located in southern Texas and
half-owned by NI-TEX, Inc.; a golf course and surrounding residential
development in Chesterton, Indiana, owned by Lake Erie Land Company;
and commercial real estate joint ventures, half-owned by KOGAF
Enterprises, located in Kokomo, Indiana.
Northern Indiana Public Service Company. Northern Indiana is a
public utility operating company engaged in supplying natural gas and
electrical energy to the public. It operates in 30 counties in the
northern part of Indiana, serving an area of about 12,000 square miles
with a population of approximately 2.2 million. Northern Indiana, at
December 31, 1994, served approximately 631,800 customers with gas and
approximately 400,500 with electricity.
ELECTRIC. Northern Indiana owns and operates four electric generating
stations using fossil fuels with net capability of 3,179,000 kilowatts
(kw), two hydroelectric generating plants with rated net capabilities
of 10,000 kw, four gas fired combustion turbine generating units with
net capabilities of 203,000 kw, for a total system capacity of
3,392,000 kw. All of Northern Indiana's generating units are located in
Northwest Indiana.
Northern Indiana has 292 substations with an aggregate transformer
capacity of 22,575,400 KVA. Its transmission system with voltages from
34,500 to 345,000 consists of approximately 3,050 circuit miles of
line. The electric distribution system extends into 21 counties and
consists of approximately 7,684 circuit miles of overhead and
approximately 1,156 cable miles of underground primary distribution
lines operating at various voltages from 2,400 to 12,500 volts.
GAS. In 1994, all of the gas was transported by Natural Gas Pipeline
Company of America (Natural), Midwestern Gas Transmission Company
(Midwestern), Panhandle Eastern Pipe Line Company (Panhandle),
Trunkline Gas Company (Trunkline) and ANR Pipeline Company (ANR).
Approximately 20% of Northern Indiana's 1994 gas supply was purchased
from the spot market and generally on a 30-day agreement.
The transportation and storage rates of Natural, Midwestern,
Panhandle, Trunkline and ANR to Northern Indiana are subject to change
in accordance with rate proceedings filed with the Federal Energy
Regulatory Commission.
Northern Indiana has in operation an underground gas storage field at
Royal Center, Indiana, which currently has a storage capacity of 6.75
million Mcf. In addition, Northern Indiana has several gas storage
service agreements which make possible the withdrawal of substantial
quantities of gas from other storage facilities. All of the storage
agreements have limitations on the daily withdrawal volumes and the
timing thereof.
Northern Indiana has a liquefied natural gas plant in LaPorte
County,Indiana, which is designed for peak shaving and has the following
capacities: maximum storage of 4,000,000 Mcf; maximum liquefaction
rate (gas to liquid), 20,000 Mcf per day; maximum vaporization rate
(output to distribution system), 400,000 Mcf per day. Northern Indiana
has approximately 12,854 miles of gas mains.
OTHER PROPERTIES. Northern Indiana owns and has a substantial investment
in offices and service buildings, salesrooms, garages, repair shops,
motor vehicles, construction equipment and tools, and office
furniture and equipment, and also leases offices and storerooms in
various localities. It also owns miscellaneous parcels of real estate
not now used in utility operations.
Kokomo Gas and Fuel Company. Kokomo Gas is a public utility operating
company which provides natural gas and natural gas transportation
services to approximately 31,500 customers at December 31, 1994.
Kokomo's service territories include all of Howard County, and parts
of Carroll, Cass, Clinton, Miami, and Tipton Counties in Indiana.
Kokomo's service area has a population in excess of 100,000 people and
includes 23 cities, towns, and communities.
Kokomo Gas purchased gas on the spot market from NI-TEX, Inc. a
subsidiary of NIPSCO Energy Services, Inc., to satisfy all of its
system requirements in 1994.
Kokomo Gas has a liqueified natural gas plant in Howard County which has
the following capacities: maximum storage of 400,000 Mcf; maximum
liquefication rate (gas to liquid), 2,850 Mcf per day; maximum
vaporization rate (output to distribution system), 30,000 Mcf per day.
Kokomo Gas also has a gas holder with a storage capacity of 12,000
Mcf. Kokomo Gas has approximately 719 miles of mains.
Northern Indiana Fuel and Light Company, Inc. NIFL is a public utility
operating company which provides natural gas and natural gas
transportation services to approximately 29,800 customers at
December 31, 1994. NIFL's service territories include all of DeKalb and
Steuben, and parts of Allen, LaGrange, and Noble Counties in Indiana.
NIFL's service area has a population in excess of 66,700 people and
includes 22 cities, towns, and communities.
NIFL purchased gas on the spot market from a number of suppliers
including NI-TEX, Inc., a subsidiary of NIPSCO Energy Services, Inc.,
to satisfy all of its system requirements in 1994. NIFL has
approximately 751 miles of gas mains.
Crossroads Pipeline Company. In April 1993, Industries purchased a
20-inch crude-oil pipeline that extends from near the Illinois-Indiana
state line east 202 miles to Cygnet, Ohio. The Crossroads line has
been converted from oil to natural gas and was approved in late
December, 1993, by the Indiana Utility Regulatory Commission as an
intrastate gas pipeline. Crossroads was in operation during 1994.
3. The following information for the year 1994 with respect to claimant
and each of its subsidiary public utility companies:
(a) Number of Kwh of electric energy sold (at retail or wholesale)
and Mcf of natural or manufactured gas distributed at retail.
<TABLE>
<CAPTION>
Total Electric Retail Gas
Sales Distributed
Company (Kwh) (Mcf)
=============================== =============== =============
(S) <C> <C>
Northern Indiana Public Service
Company 15,536,393,762 273,215,335
Kokomo Gas and Fuel Company NONE 8,057,901
Northern Indiana Fuel and Light
Company, Inc. NONE 8,626,056
</TABLE)
(b) Number of Kwh of electric energy and Mcf of natural or
manufactured gas distributed at retail outside the State in which
each such company is organized.
NONE.
(c) Number of Kwh of electric energy and Mcf of natural or
manufactured gas sold at wholesale outside the State in which each
such company is organized, or at the State line.
</TABLE>
<TABLE>
<CAPTION>
Electric Sales Gas Sales
Company (Kwh) (Mcf)
=============================== =============== =============
<S> <C> <C>
Northern Indiana Public Service
Company 188,417,000* NONE
Kokomo Gas and Fuel Company NONE NONE
Northern Indiana Fuel and Light
Company, Inc. NONE NONE
<FN>
* Sold 101,098,000 Kwh to Consumers Power Company at the
Indiana-Michigan state line, 8,013,000 Kwh to Central Illinois
Public Service Company at the Indiana-Illinois state line, and
79,306,000 Kwh to Commonwealth Edison Company, Inc. at the
Indiana-Illinois state line.
</TABLE>
(d) Number of Kwh of electric energy and Mcf of natural or
manufactured gas purchased outside the State in which each such
company is organized or at the State line.
<TABLE>
<CAPTION>
Electric
Purchases Gas Purchases
Company (Kwh) (Mcf)
=============================== =============== =============
<S> <C> <C>
Northern Indiana Public Service
Company 694,912,000** NONE
Kokomo Gas and Fuel Company NONE NONE
Northern Indiana Fuel and Light
Company, Inc. NONE NONE
<FN>
** Purchased 10,904,000 Kwh from Consumers Power Company at the
Indiana-Michigan state line, 60,028,000 Kwh from Central Illinois
Public Service Company at the Indiana-Illinois state line, and
623,980,000 Kwh from Commonwealth Edison Company, Inc. at the
Indiana-Illinois state line.
</TABLE>
4. The following information for the reporting period with respect to
claimant and each interest it holds directly or indirectly in an EWG or
a foreign utility company, stating monetary amounts in United States
dollars:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation,transmission and distribution of electric energy for
sale or for the distribution at retail of natural or manufactured
gas.
Elm Energy and Recycling (UK) Ltd. ("Elm Energy"), an exempt
wholesale generator, is a whole tires-to-energy facility whose
registered address is Sparklemore House, Biddings Lane, Bilston,
Wolverhampton WV159NN, England. The facility incinerates waste
tires, raises steam and generates electricity for export to the
grid.
(b) Name of each system company that holds an interest in such EWG
or foreign utility company; and description of the interest held.
Development holds a 95% equity ownership position in Elm
Energy.
(c) Type and amount of capital invested, directly or indirectly, by
the holding company claiming exemption; any direct or indirect
guarantee of the security of the EWG or foreign utility company by
the holding company claiming exemption; and any debt or other
financial obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption or another
system company, other than the EWG or foreign utility company.
Industries invested $23,121,000 for Ordinary Shares of Elm
Energy indirectly through Development. Industries has provided no
guarantees nor is there any debt having recourse to Industries.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
<TABLE>
<CAPTION>
Elm Energy and Recycling (UK) Ltd. (Dollars in
1994 thousands)
====================================== ============
<S> <C>
Capitalization at December 31, 1994:
Shareholders' equity $17,993
Long-term debt 37,868
_______
Total $55,861
=======
Net income $ 369
=======
</TABLE>
(e) Identify any service, sales or construction contract(s) between
the EWG or foreign utility company and a system company, and
describe the services to be rendered or goods sold and fees or
revenues under such agreement(s).
Pursuant to the Engineering Services Agreement dated June 22,
1994 between Elm Energy and Development, Development has agreed to
provide personnel to supervise the engineering operations and
planning related to the Whole Tyre Recycling Facility at
Wolverhampton. Development is to be paid 250,000 pounds sterling
yearly for these services with quarterly invoicing in arrears.
Development received $194,387.50 in payment of these services
during 1994.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements of NIPSCO Industries, Inc. for twelve months ended
December 31, 1994, and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 3,944,543
<TOTAL-OPERATING-REVENUES> 1,676,401
<NET-INCOME> 163,987
</TABLE>
(EXHIBIT A)
December 31, 1994 ORGANIZATION CHART
A.1 NIPSCO Industries, Inc.
A.2 801 East Corp.:
Income Statement (No Activity)
Statement of Retained Earnings (None - Zero Amounts)
A.3 Hamilton Harbour Insurance Services, Ltd.:
Income Statement (No Activity)
Statement of Retained Earnings (None - Zero Amounts)
A.4 Kokomo Gas and Fuel Company
A.5 Lakeside Energy Corporation:
Balance Sheet (None - Zero Amounts)
Income Statement (No Activity)
Statement of Retained Earnings (None - Zero Amounts)
A.6 NIPSCO Capital Markets, Inc.
A.7 NIPSCO Development Company, Inc.
A.8 Analytic Systems Laboratories, Inc.
A.9 G. R. Clark Corporation
A.10 Harbor Coal Company
A.11 JOF Transportation Company
A.12 Lake Erie Land Company
A.13 SCC Services, Inc.
A.14 KOGAF Enterprises, Inc.
A.15 Metals Technology Corporation
A.16 NDC Douglas Properties, Inc.
A.17 NIPSCO International Power Systems Company:
Income Statement (No Activity)
A.18 NIPSCO Security Services, Inc.
A.19 Process and Control Technology Corporation:
Income Statement (No Activity)
A.20 Riverside Caloric Company
A.21 RIC, Inc.
A.22 Cardinal Property Management, Inc.
A.23 NIPSCO Energy Services, Inc.
A.24 Crossroads Pipeline Company
A.25 NIPSCO Energy Trading Corp.
A.26 NIPSCO Fuel Company, Inc.
A.27 NFCO Acquisition Company
A.28 NI-TEX, Inc.
A.29 Triumph Natural Gas, Inc.:
Balance Sheet (None - Zero Amounts)
Income Statement (No Activity)
Statement of Retained Earnings (None - Zero Amounts)
A.30 Northern Indiana Fuel & Light Company, Inc.
A.31 Northern Indiana Trading Company
A.32 Northern Indiana Public Service Company
A.33 NIPSCO Exploration Company, Inc.
A.34 Shore Line Shops, Incorporated
A.35 North Lake Energy Corporation:
Income Statement (No Activity)
Statement of Retained Earnings (None - Zero Amounts)
<TABLE>
<CAPTION>
A.1 NIPSCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Utility Plant, At Original Cost
(including construction work in
progress of $221,830):
Electric $3,858,118
Gas 1,258,801
Common 316,120
__________
5,433,039
Less-Accumulated provision for
depreciation and amortization 2,202,082
__________
Total Utility Plant 3,230,957
__________
Other Property and Investments:
Other property, at cost, less accumulated
provision for depreciation 126,632
Investments, at equity 27,023
Investments, at cost 10,355
__________
Total Other Property and Investments 164,010
__________
Current Assets:
Cash and cash equivalents 40,441
Accounts receivable, less reserve of $4,899 86,299
Fuel adjustment clause 1,614
Gas cost adjustment clause 25,972
Materials and supplies, at average cost 66,397
Electric production fuel, at average cost 18,347
Natural gas in storage, at last-in, first-out cost 77,794
Payments and other 11,081
__________
Total Current Assets 327,945
__________
Other Assets:
Regulatory assets 195,449
Deferred charges and other non-current assets 26,182
__________
Total Other Assets 221,631
__________
TOTAL ASSETS $3,944,543
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shareholders' equity $1,107,848
Preferred stocks -
Northern Indiana Public Service Company:
Series without mandatory redemption provisions 86,389
Series with mandatory redemption provisions 66,057
NIPSCO Industries, Inc.:
Series with mandatory redemption provisions 35,000
Long-term debt, excluding amounts due within one year 1,180,338
__________
Total Capitalization 2,475,632
__________
Current Liabilities:
Obligations due within one year -
Northern Indiana Public Service Company:
Commercial paper 156,500
First Mortgage Bonds -
Series N, 4-5/8% - due May 15, 1995 22,436
Notes payable -
Issued at interest rates between 6.00%
and 6.33% with a weighted average
interest rate of 6.15% and various
maturities between January 4, 1995
and February 14, 1995 92,700
NIPSCO Capital Markets, Inc.:
Commercial paper 49,600
Notes payable -
Issued at interest rates of 6.27% and
6.30% with a weighted average interest
rate of 6.30% and maturities of
January 17, 1995 and January 27, 1995 12,700
Elm Energy and Recycling (UK), Ltd.:
Term loan facility 3,262
NDC Douglas Properties, Inc.:
Notes payable 1,013
__________
338,211
__________
Other Current Liabilities -
Accounts payable 158,463
Sinking funds due within one year 2,578
Dividends declared on common and preferred stocks 27,077
Customer deposits 9,291
Taxes accrued 50,168
Interest accrued 10,561
Other accruals 44,639
__________
302,777
__________
Total Current Liabilities 640,988
__________
Other:
Deferred income taxes 575,323
Deferred investment tax credits, being
amortized over life of related property 123,181
Deferred credits 45,001
Regulatory income tax liability 18,599
Other noncurrent liabilities 65,819
__________
Total Other 827,923
__________
TOTAL LIABILITIES $3,944,543
==========
<CAPTION>
CONSOLIDATED STATEMENT OF CAPITALIZATION
<S> <C>
Common shareholders' equity $1,107,848
__________
Preferred Stocks, Which Are Redeemable Solely
At Option of Issuer:
Northern Indiana Public Service Company -
Cumulative preferred stock - $100 par value
4-1/4% series - 211,266 shares outstanding 21,127
4-1/2% series - 79,996 shares outstanding 8,000
4.22% series - 106,200 shares outstanding 10,620
4.88% series - 100,000 shares outstanding 10,000
7.44% series - 41,900 shares outstanding 4,190
7.50% series - 34,842 shares outstanding 3,484
Premium on preferred stock 254
Cumulative preferred stock - no par value -
Adjustable Rate (6.00% at December 31, 1994) -
Series A (stated value - $50 per share),
574,285 shares outstanding 28,714
__________
86,389
__________
Redeemable Preferred Stocks, Subject to Mandatory
Redemption Requirements or Whose Redemption
Is Outside the Control of Issuer:
Northern Indiana Public Service Company -
Cumulative preferred stock - $100 par value -
8.85% series - 100,000 shares outstanding 10,000
7-3/4% series - 55,568 shares outstanding 5,557
8.35% series - 75,000 shares outstanding 7,500
Cumulative preferred stock - no par value -
6.50% series - 430,000 shares outstanding 43,000
__________
66,057
__________
NIPSCO Industries, Inc. -
Cumulative preferred shares - without
par value - 8.75% series (stated value -
$100 per share), 350,000 shares outstanding 35,000
__________
Long-term Debt 1,180,338
__________
TOTAL CAPITALIZATION $2,475,632
==========
<CAPTION>
CONSOLIDATED STATEMENT OF LONG-TERM DEBT
<S> <C>
Northern Indiana Public Service Company:
First mortgage bonds -
Series O, 6-3/8% - due September 1, 1997 $ 25,747
Series P, 6-7/8% - due October 1, 1998 14,509
Series T, 7-1/2% - due April 1, 2002 40,543
Series U, 8-1/8% - due July 15, 2003 55,239
Series Z, 8-1/8% - due August 15, 2007 39,569
Series NN, 7.10% - due July 1, 2017 55,000
__________
Total 230,607
__________
Pollution control notes and bonds -
Series A note - City of Michigan City -
5.70% due October 1, 2003 20,750
Series 1988 bonds - Jasper County -
Series A, B and C
3.68% weighted average at December 31, 1994,
due November 1, 2016 130,000
Series 1988 bonds - Jasper County - Series D
3.90% weighted average at December 31, 1994,
due November 1, 2007 24,000
Series 1994 Bonds - Jasper County - Series A
6.15% weighted average at December 31, 1994,
due August 1,2010 10,000
Series 1994 bonds - Jasper County - Series B
6.15% weighted average at December 31, 1994,
due June 1, 2013 18,000
Series 1994 bonds - Jasper County - Series C
6.15% weighted average at December 31, 1994,
due April 1, 2019 41,000
__________
Total 243,750
__________
Medium-term Notes -
Issued at interest rates between 4.94% and
7.64%, with a weighted average interest
rate of 6.47% and various maturities
between July 25, 1996 and January 19, 2024 594,750
__________
Unamortized premium and discount on
long-term debt, net (3,756)
__________
Total Long-term Debt of
Northern Indiana Public Service Company 1,065,351
__________
NIPSCO Capital Markets, Inc.:
Medium-term note - 9.95% - due June 10, 1996 7,500
Unamortized discount (9)
Zero Coupon Notes - 7.57%, $72,500 at maturity,
due December 1, 1997 58,373
__________
Total Long-Term Debt of
NIPSCO Capital Markets, Inc. 65,864
__________
NIPSCO Development Company, Inc.:
Lake Erie Land Company - Notes Payable -
Interest rates between 8.50% and 9.50% with
a weighted average interest rate of 8.91%
and various maturities between July 5, 1996
and June 30, 1998 3,155
Elm Energy and Recycling (UK), Ltd. Term Loan
Facility - 6.79% - due December 31, 2004 34,606
Metals Technology Corporation - Notes Payable -
Mortgage note, 9.00% - due September 25, 2005 98
NDC Douglas Properties, Inc. - Notes Payable -
Interest rates between 6.72% and 7.94% with a
weighted average interest rate of 7.54% and
maturities through January 1, 2005 11,264
__________
Total Long-term Debt of
NIPSCO Development Company, Inc. 49,123
__________
TOTAL LONG-TERM DEBT,
EXCLUDING AMOUNTS DUE IN ONE YEAR $1,180,338
==========
</TABLE>
<TABLE>
<CAPTION>
A.1 NIPSCO INDUSTRIES, INC.
CONSOLIDATED INCOME STATEMENT
December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Gas $ 681,909
Electric 994,492
__________
1,676,401
__________
Cost of Energy:
Gas costs 403,437
Fuel for electric generation 247,134
Power purchased 32,503
__________
683,074
__________
Operating Margin 993,327
__________
Operating Expenses and Taxes (except income):
Operation 287,766
Maintenance 80,170
Depreciation and amortization 194,283
Taxes (except income) 72,227
__________
634,446
__________
Operating Income Before Utility Income Taxes 358,881
__________
Utility Income Taxes 97,732
__________
Operating Income 261,149
__________
Other Income (Deductions):
Other, net 2,216
__________
Income Before Interest and Other Charges 263,365
__________
Interest and Other Charges:
Interest on long-term debt 78,292
Other interest 11,650
Allowance for borrowed funds used during
construction and carrying charges (4,374)
Amortization of premium, reacquisition
premium, discount and expense on debt, net 3,897
Dividend requirements on preferred stocks
of subsidiary 9,913
__________
99,378
__________
Net Income 163,987
Dividend Requirements on Preferred Shares 3,063
__________
Balance Available for Common Shareholders $ 160,924
==========
Average Common Shares Outstanding 64,820,039
Earnings Per Average Common Share $ 2.48
==========
Dividends Declared Per Common Share $ 1.47
==========
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENT OF COMMON SHAREHOLDERS' EQUITY
December 31, 1994
(Dollars in Thousands)
______________________________________
Additional
Common Paid-In
Total Shares Capital
============================== ========== ========== ==========
<S> <C> <C> <C>
Balance, December 31, 1993 $1,094,672 $ 870,930 $ 27,631
Net income 163,987
Dividends:
Preferred shares (3,063)
Common shares (94,803)
Treasury shares acquired (58,717)
Issued:
Employee stock purchase plan 598 293
Long-term incentive plan 1,449 31
Other 3,725 1,702
__________ __________ __________
Balance, December 31, 1994 $1,107,848 $ 870,930 $ 29,657
========== ========== ==========
<CAPTION>
(Dollars in Thousands)
______________________________________
Unearned
Retained Treasury Compen-
Earnings Shares sation
============================== ========== ========== ==========
<S> <C> <C> <C>
Balance, December 31, 1993 $ 380,888 $ (180,212) $ (1,684)
Net income 163,987
Dividends:
Preferred shares (3,063)
Common shares (94,803)
Treasury shares acquired (58,717)
Issued:
Employee stock purchase plan 305
Long-term incentive plan 1,431 (13)
Other (81) 727
__________ __________ __________
Balance, December 31, 1994 $ 446,928 $ (237,193) $ (970)
========== ========== ==========
<CAPTION>
(Dollars in
Thousands) Shares
____________ ________________________
Currency
Translation Common Treasury
Adjustment Shares Shares
============================== ========== ========== ==========
<S> <C> <C> <C>
Balance, December 31, 1993 $ (2,881) 73,892,109 (8,063,271)
Net income
Dividends:
Preferred shares
Common shares
Treasury shares acquired (2,002,586)
Issued:
Employee stock purchase plan 19,248
Long-term incentive plan 59,889
Other 1,377
__________ __________ __________
Balance, December 31, 1994 $ (1,504) 73,892,109 (9,986,720)
========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
A.2 801 EAST CORP.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 149
Accounts receivable - associated companies 237
__________
Total Current Assets 386
__________
$ 386
TOTAL ASSETS ==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Current Liabilities:
Total accounts payable $ 177
Taxes accrued (3)
Notes payable to associated companies 256
Taxes withheld payables (44)
__________
Total Current Liabilities 386
__________
TOTAL LIABILITIES $ 386
==========
</TABLE>
<TABLE>
<CAPTION>
A.2 801 EAST CORP.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(No Activity) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.2 801 East Corp.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(None - Zero Amounts) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.3 HAMILTON HARBOUR INSURANCE SERVICES, LTD.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Prepayments $ 40
__________
Total Current Assets 40
__________
TOTAL ASSETS $ 40
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Current Liabilities:
Total accounts payable $ 40
__________
Total Current Liabilities 40
__________
TOTAL LIABILITIES $ 40
==========
</TABLE>
<TABLE>
<CAPTION>
A.3 HAMILTON HARBOUR INSURANCE SERVICES, LTD.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(No Activity) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.3 HAMILTON HARBOUR INSURANCE SERVICES, LTD.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(None - Zero Amounts) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.4 KOKOMO GAS AND FUEL COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Utility Plant:
Utility Plant $ 67,506
Less - accumulated provision for depreciation (24,271)
__________
Total Utility Plant 43,235
__________
Other Property and Investments:
Investments at cost 5
__________
Total Other Property and Investments 5
__________
Current Assets:
Cash and cash equivalents 2,664
Accounts receivable, less reserve 3,281
Gas cost adjustment clause (1,561)
Material and supplies at average cost 333
Natural gas in storage, at LIFO cost 2,273
Prepayments and other 6,502
__________
Total Current Assets 13,492
__________
Other Assets:
Regulatory assets 167
Deferred charges and other 48
__________
Total Other Assets 215
__________
TOTAL ASSETS $ 56,947
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 46,170
Retained earnings (605)
__________
Total Capitalization 45,565
__________
Current Liabilities:
Total accounts payable 3,310
Customer deposits 443
Taxes accrued 1,315
Interest accrued 132
Other accruals 126
__________
Total Current Liabilities 5,326
__________
Other:
Deferred income taxes 2,354
Deferred income tax credits amortized 753
Deferred credits 2
Regulatory income tax liability 1,644
Other non-current liabilities 1,303
__________
Total Other 6,056
__________
TOTAL LIABILITIES $ 56,947
==========
</TABLE>
<TABLE>
<CAPTION>
A.4 KOKOMO GAS AND FUEL COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Gas $ 31,164
Other income (183)
__________
Total 30,981
__________
Operating Expenses and Taxes:
Gas costs 19,946
Operation expenses 3,516
Administrative and general expenses 3,338
Taxes other than income 965
Interest expense 24
Tax expense 1,122
__________
Total 28,911
__________
Net Income (Loss) $ 2,070
==========
</TABLE>
<TABLE>
<CAPTION>
A.4 KOKOMO GAS AND FUEL COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (275)
Net Income 2,070
Dividends declared common (2,400)
__________
Balance at End of Year $ (605)
==========
</TABLE>
<TABLE>
<CAPTION>
A.5 LAKESIDE ENERGY CORPORATION
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
<S> <C>
(None - Zero Amounts) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.5 LAKESIDE ENERGY CORPORATION
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(No Activity) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.5 LAKESIDE ENERGY CORPORATION
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(None - Zero Amounts) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.6 NIPSCO CAPITAL MARKETS, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 6
Accounts receivable - associated companies 1,062
Notes receivable - associated companies 130,227
Prepayments 131
__________
Total Current Assets 131,426
__________
Other Assets:
Deferred charges and other 444
__________
Total Other Assets 444
__________
TOTAL ASSETS $ 131,870
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1,000
Retained earnings 2,206
Retained earnings - current year 366
NIPSCO Industries, Inc:
Long-term debt other 65,873
Unamortized discount - long term debt (9)
__________
Total Capitalization 69,436
__________
Current Liabilities:
Commercial paper - NIPSCO Capital Markets, Inc. 49,600
Notes payable - NIPSCO Capital Markets, Inc. 12,700
Total accounts payable 34
Interest accrued 97
__________
Total Current Liabilities 62,431
__________
Other:
Deferred credits 3
__________
Total Other 3
__________
TOTAL LIABILITIES $ 131,870
==========
</TABLE>
<TABLE>
<CAPTION>
A.6 NIPSCO CAPITAL MARKETS, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 8,208
__________
Total 8,208
__________
Operating Expenses and Taxes:
Administrative and general expenses 57
Taxes other than income 1
Interest expense 7,574
Tax expense 210
__________
Total 7,842
__________
Net Income (Loss) $ 366
==========
</TABLE>
<TABLE>
<CAPTION>
A.6 NIPSCO CAPITAL MARKETS, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 2,206
Net Income 366
__________
Balance at End of Year $ 2,572
==========
</TABLE>
<TABLE>
<CAPTION>
A.7 NIPSCO DEVELOPMENT COMPANY, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 1,918
Notes receivable 427
Other accounts receivable 161
Accounts receivable - associated companies 3,632
Notes receivable - associated companies 1,515
Prepayments 21
__________
Total Current Assets 7,674
__________
Other Property and Investments:
Other property at cost less depreciation 11,094
Investments at equity 24,521
Investments at cost 4,842
__________
Total Other Property and Investments 40,457
__________
Other Assets:
Deferred charges and other 76
__________
Total Other Assets 76
__________
TOTAL ASSETS $ 48,207
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Foreign currency translation adjustment (1,504)
Retained earnings (7,193)
Retained earnings - current year (8,091)
__________
Total Capitalization (16,787)
__________
Current Liabilities:
Total accounts payable 3,390
Taxes accrued 672
Notes payable to associated companies 63,393
__________
Total Current Liabilities 67,455
__________
Other:
Deferred income taxes (2,690)
Deferred credits 229
__________
Total Other (2,461)
__________
TOTAL LIABILITIES $ 48,207
==========
</TABLE>
<TABLE>
<CAPTION>
A.7 NIPSCO DEVELOPMENT COMPANY, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 3,343
Other income (1,858)
__________
Total 1,485
__________
Operating Expenses and Taxes:
Administrative and general expenses 2,614
Taxes other than income 72
Depreciation expense 341
Interest expense 4,425
Tax expense (2,595)
__________
Total 4,857
__________
Income (Loss) Before Subsidiaries (3,372)
__________
Subsidiary Gain (Loss) (4,719)
__________
Net Income (Loss) $ (8,091)
==========
</TABLE>
<TABLE>
<CAPTION>
A.7 NIPSCO DEVELOPMENT COMPANY, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (7,194)
Net Income (8,091)
__________
Balance at End of Year $ (15,285)
==========
</TABLE>
<TABLE>
<CAPTION>
A.8 ANALYTIC SYSTEMS LABORATORIES, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 21
Other accounts receivable 81
Material and supplies at average cost 81
Prepayments 2
__________
Total Current Assets 185
__________
Other Property and Investments:
Other property at cost less depreciation 97
__________
Total Other Property and Investments 97
__________
Other Assets:
Deferred charges and other 3
__________
Total Other Assets 3
__________
TOTAL ASSETS $ 285
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 561
Retained earnings (1,672)
Retained earnings - current year (935)
__________
Total Capitalization (2,046)
__________
Current Liabilities:
Total accounts payable 807
Notes payable to associated companies 1,515
Other accruals 9
__________
Total Current Liabilities 2,331
__________
TOTAL LIABILITIES $ 285
==========
</TABLE>
<TABLE>
<CAPTION>
A.8 ANALYTIC SYSTEMS LABORATORIES, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 749
Other income 5
__________
Total 754
__________
Operating Expenses and Taxes:
Operating expenses 275
Administrative and general expenses 1,202
Taxes other than income 21
Depreciation expense 23
Interest expense 168
__________
Total 1,689
__________
Net Income (Loss) $ (935)
==========
</TABLE>
<TABLE>
<CAPTION>
A.8 ANALYTIC SYSTEMS LABORATORIES, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (1,672)
Net Income (935)
__________
Balance at End of Year $ (2,607)
==========
</TABLE>
<TABLE>
<CAPTION>
A.9 G. R. CLARK CORPORATION
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 561
Other accounts receivable 766
Accounts receivable - associated companies 135
Prepayments 15
__________
Total Current Assets 1,477
__________
Other Property and Investments:
Other property at cost less depreciation 17
__________
Total Other Property and Investments 17
__________
Other Assets:
Deferred Charges and Other 12
__________
Total Other Assets 12
__________
TOTAL ASSETS $ 1,506
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Additional paid-in-capital 2,236
Retained earnings (813)
Retained earnings - current year (173)
__________
Total Capitalization 1,251
__________
Current Liabilities:
Total accounts payable 69
Notes payable to associated companies 3
Other accruals 27
__________
Total Current Liabilities 99
__________
Other:
Deferred income taxes 156
__________
Total Other 156
__________
TOTAL LIABILITIES $ 1,506
==========
</TABLE>
<TABLE>
<CAPTION>
A.9 G. R. CLARK CORPORATION
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 294
Other income (13)
__________
Total 281
__________
Operating Expenses and Taxes:
Operating expenses 272
Administrative and general expenses 274
Interest expense 17
Tax expense (109)
__________
Total 454
__________
Net Income (Loss) $ (173)
==========
</TABLE>
<TABLE>
<CAPTION>
A.9 G. R. CLARK CORPORATION
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (813)
Net Income (173)
__________
Balance at End of Year $ (986)
==========
</TABLE>
<TABLE>
<CAPTION>
A.10 HARBOR COAL COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 5
Accounts receivable - associated companies 2,311
Prepayments 33
__________
Total Current Assets 2,349
__________
Other Property and Investments:
Investments at equity (322)
__________
Total Other Property and Investments (322)
__________
TOTAL ASSETS $ 2,027
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings (249)
Retained earnings - current year (3,327)
__________
Total Capitalization (3,575)
__________
Current Liabilities:
Total accounts payable 325
Notes payable to associated companies 6,910
__________
Total Current Liabilities 7,235
__________
Other:
Deferred income taxes (1,633)
__________
Total Other (1,633)
__________
TOTAL LIABILITIES $ 2,027
==========
</TABLE>
<TABLE>
<CAPTION>
A.10 HARBOR COAL COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ (4,939)
__________
Total (4,939)
__________
Operating Expenses and Taxes:
Administrative and general expenses 101
Taxes other than income 51
Interest expense 300
Tax expense (2,064)
__________
Total (1,612)
__________
Net Income (Loss) $ (3,327)
==========
</TABLE>
<TABLE>
<CAPTION>
A.10 HARBOR COAL COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (249)
Net Income (3,327)
__________
Balance at End of Year $ (3,576)
==========
</TABLE>
<TABLE>
<CAPTION>
A.11 JOF TRANSPORTATION COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 2,538
Accounts receivable - associated companies 122
__________
Total Current Assets 2,660
__________
Other Property and Investments:
Investments at equity 2,284
__________
Total Other Property and Investments 2,284
__________
TOTAL ASSETS $ 4,944
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings 2,999
Retained earnings - current year 955
__________
Total Capitalization 3,955
__________
Current Liabilities:
Total accounts payable 585
Taxes accrued (55)
__________
Total Current Liabilities 530
__________
Other:
Deferred income taxes 459
__________
Total Other 459
__________
TOTAL LIABILITIES $ 4,944
==========
</TABLE>
<TABLE>
<CAPTION>
A.11 JOF TRANSPORTATION COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 1,412
Other income 75
__________
Total 1,487
__________
Operating Expenses and Taxes:
Administrative and general expenses 1
Taxes other than income (4)
Tax expense 535
__________
Total 532
__________
Net Income (Loss) $ 955
==========
</TABLE>
<TABLE>
<CAPTION>
A.11 JOF TRANSPORTATION COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 2,999
Net Income 955
__________
Balance at End of Year $ 3,954
==========
</TABLE>
<TABLE>
<CAPTION>
A.12 LAKE ERIE LAND COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 294
Notes receivable 375
Other accounts receivable 194
Accounts receivable - associated companies 1,599
Material and supplies at average cost 967
Prepayments 142
__________
Total Current Assets 3,571
__________
Other Property and Investments:
Other property at cost less depreciation 7,909
Investments at equity 56
Investments at cost 3,211
__________
Total Other Property and Investments 11,176
__________
TOTAL ASSETS $ 14,747
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Additional paid-in capital 6,050
Retained earnings (1,994)
Retained earnings - current year (909)
Long term debt excluding amounts due 3,155
__________
Total Capitalization 6,303
__________
Current Liabilities:
Total accounts payable 1,324
Customer deposits 8
Taxes accrued 76
Interest accrued 20
Notes payable to associated companies 6,856
Other accruals 128
__________
Total Current Liabilities 8,412
__________
Other:
Deferred income taxes 23
Deferred credits 9
__________
Total Other 32
__________
TOTAL LIABILITIES $ 14,747
==========
</TABLE>
<TABLE>
<CAPTION>
A.12 LAKE ERIE LAND COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 2,058
Other income (372)
__________
Total 1,686
__________
Operating Expenses and Taxes:
Operating expenses 529
Administrative and general expenses 1,107
Taxes other than income 40
Depreciation expense 406
Interest expense 753
Tax expense (361)
__________
Total 2,474
__________
Income (Loss) Before Subsidiaries (788)
__________
Subsidiary Gain (Loss) (121)
__________
Net Income (Loss) $ (909)
==========
</TABLE>
<TABLE>
<CAPTION>
A.12 LAKE ERIE LAND COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (1,994)
Net Income (909)
__________
Balance at End of Year $ (2,903)
==========
</TABLE>
<TABLE>
<CAPTION>
A.13 SCC SERVICES, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 109
Other accounts receivable 96
Accounts receivable - associated companies 1,038
Material and supplies at average cost 144
__________
Total Current Assets 1,387
__________
Other Assets:
Deferred charges and other 29
__________
Total Other Assets 29
__________
TOTAL ASSETS $ 1,416
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Additional paid-in-capital 57
Retained earnings 119
Retained earnings - current year (121)
__________
Total Capitalization 56
__________
Current Liabilities:
Total accounts payable 1,280
__________
Total Current Liabilities 1,280
__________
Other:
Deferred credits 80
__________
Total Other 80
__________
TOTAL LIABILITIES $ 1,416
==========
</TABLE>
<TABLE>
<CAPTION>
A.13 SCC SERVICES, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 2,578
__________
Total 2,578
__________
Operating Expenses and Taxes:
Administrative and general expenses 2,634
Taxes other than income 138
Tax expense (73)
__________
Total 2,699
__________
Net Income (Loss) $ (121)
==========
</TABLE>
<TABLE>
<CAPTION>
A.13 SCC SERVICES, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 119
Net Income (121)
__________
Balance at End of Year $ (2)
==========
</TABLE>
<TABLE>
<CAPTION>
A.14 KOGAF ENTERPRISES, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 42
Notes receivable 605
Other accounts receivable 188
__________
Total Current Assets 835
__________
Other Property and Investments:
Other property at cost less depreciation 243
Investments at equity 1,551
__________
Total Other Property and Investments 1,794
__________
TOTAL ASSETS $ 2,629
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 2,103
Retained earnings 29
Retained earnings - current year 188
__________
Total Capitalization 2,320
__________
Current Liabilities:
Total accounts payable 3
Taxes accrued 52
Notes payable to associated companies 300
__________
Total Current Liabilities 355
__________
Other:
Deferred income taxes (46)
__________
Total Other (46)
__________
TOTAL LIABILITIES $ 2,629
==========
</TABLE>
<TABLE>
<CAPTION>
A.14 KOGAF Enterprises, Inc.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 256
__________
Total 256
__________
Operating Expenses and Taxes:
Administrative and general expenses 120
Depreciation expense 6
Tax expense 5
__________
Total 131
__________
Income (Loss) Before Subsidiaries 125
__________
Subsidiary Gain (Loss) 63
__________
Net Income (Loss) $ 188
==========
</TABLE>
<TABLE>
<CAPTION>
A.14 KOGAF ENTERPRISES, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 29
Net Income 188
__________
Balance at End of Year $ 217
==========
</TABLE>
<TABLE>
<CAPTION>
A.15 METALS TECHNOLOGY CORPORATION
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 547
Other accounts receivable 462
Material and supplies at average cost 400
__________
Total Current Assets 1,409
__________
Other Property and Investments:
Other property at cost less depreciation 441
__________
Total Other Property and Investments 441
__________
TOTAL ASSETS $ 1,850
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 310
Additional paid-in-capital 1
Retained earnings 1,116
Retained earnings - current year 92
Less - cost of treasury shares (212)
Long term debt - other 98
__________
Total Capitalization 1,405
__________
Current Liabilities:
Other current liabilities 10
Total accounts payable 224
Taxes accrued 154
Other accruals 57
__________
Total Current Liabilities 445
__________
TOTAL LIABILITIES $ 1,850
==========
</TABLE>
<TABLE>
<CAPTION>
A.15 METALS TECHNOLOGY CORPORATION
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 147
__________
Total 147
__________
Operating Expenses and Taxes:
Tax expense 55
__________
Total 55
__________
Net Income (Loss) $ 92
==========
</TABLE>
<TABLE>
<CAPTION>
A.15 METALS TECHNOLOGY CORPORATION
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 1,115
Net Income 92
__________
Balance at End of Year $ 1,207
==========
</TABLE>
<TABLE>
<CAPTION>
A.16 NDC DOUGLAS PROPERTIES, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 39
Notes receivable 63
Other accounts receivable 2
Accounts receivable - associated companies 936
__________
Total Current Assets 1,040
__________
Other Property and Investments:
Investments at equity 12,836
__________
Total Other Property and Investments 12,836
__________
TOTAL ASSETS $ 13,876
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings (11)
Retained earnings - current year (314)
Long term debt excluding amounts due 11,264
__________
Total Capitalization 10,940
__________
Current Liabilities:
Total accounts payable 21
Interest accrued 234
Notes payable to associated companies 1,647
Other accruals 1,013
__________
Total Current Liabilities 2,915
__________
Other:
Deferred income taxes 11
Deferred credits 10
__________
Total Other 21
__________
TOTAL LIABILITIES $ 13,876
==========
</TABLE>
<TABLE>
<CAPTION>
A.16 NDC DOUGLAS PROPERTIES, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ (1,162)
__________
Total (1,162)
__________
Operating Expenses and Taxes:
Administrative and general expenses 90
Taxes other than income 1
Interest expense 351
Tax expense (1,290)
__________
Total (848)
__________
Net Income (Loss) $ (314)
==========
</TABLE>
<TABLE>
<CAPTION>
A.16 NDC DOUGLAS PROPERTIES, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (11)
Net Income (314)
__________
Balance at End of Year $ (325)
==========
</TABLE>
<TABLE>
<CAPTION>
A.17 NIPSCO INTERNATIONAL POWER SYSTEMS COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 1
__________
Total Current Assets 1
__________
TOTAL ASSETS $ 1
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings (1)
__________
Total Capitalization 0
__________
Current Liabilities:
Notes payable to associated companies 1
__________
Total Current Liabilities 1
__________
TOTAL LIABILITIES $ 1
==========
</TABLE>
<TABLE>
<CAPTION>
A.17 NIPSCO INTERNATIONAL POWER SYSTEMS COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(No Activity) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.17 NIPSCO INTERNATIONAL POWER SYSTEMS COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (1)
Net Income 0
__________
Balance at End of Year $ (1)
==========
</TABLE>
<TABLE>
<CAPTION>
A.18 NIPSCO SECURITY SERVICES, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 3
Other accounts receivable 118
Accounts receivable - associated companies 184
Material and supplies at average cost 62
Prepayments 4
__________
Total Current Assets 371
__________
Other Property and Investments:
Other property at cost less depreciation 12
__________
Total Other Property and Investments 12
__________
TOTAL ASSETS $ 383
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Additional paid-in-capital 54
Retained earnings (10)
Retained earnings - current year (286)
__________
Total Capitalization (241)
__________
Current Liabilities:
Total accounts payable 51
Customer deposits 12
Taxes accrued 1
Notes payable to associated companies 538
Taxes withheld payables 2
__________
Total Current Liabilities 604
__________
Other:
Deferred income taxes (1)
Deferred credits 21
__________
Total Other 20
__________
TOTAL LIABILITIES $ 383
==========
</TABLE>
<TABLE>
<CAPTION>
A.18 NIPSCO SECURITY SERVICES, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 282
__________
Total 282
__________
Operating Expenses and Taxes:
Operating expenses 150
Administrative and general expenses 560
Taxes other than income 24
Depreciation expense 1
Interest expense 19
Tax expense (185)
__________
Total 569
__________
Net Income (Loss) $ (287)
==========
</TABLE>
<TABLE>
<CAPTION>
A.18 NIPSCO SECURITY SERVICES, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (10)
Net Income (287)
__________
Balance at End of Year $ (297)
==========
</TABLE>
<TABLE>
<CAPTION>
A.19 PROCESS AND CONTROL TECHNOLOGY CORPORATION
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Other Assets:
Deferred charges and other $ 1,184
__________
Total Other Assets 1,184
__________
TOTAL ASSETS $ 1,184
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Additional paid-in-capital $ 800
Retained earnings (755)
__________
Total Capitalization 45
__________
Current Liabilities:
Total accounts payable 1,118
Other accruals 21
__________
Total Current Liabilities 1,139
__________
TOTAL LIABILITIES $ 1,184
==========
</TABLE>
<TABLE>
<CAPTION>
A.19 PROCESS AND CONTROL TECHNOLOGY CORPORATION
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(No Activity) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.19 PROCESS AND CONTROL TECHNOLOGY CORPORATION
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (755)
Net Income 0
__________
Balance at End of Year $ (755)
==========
</TABLE>
<TABLE>
<CAPTION>
A.20 RIVERSIDE CALORIC COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 1
Accounts receivable - associated companies 39
__________
Total Current Assets 40
__________
Other Property and Investments:
Investments at equity 2,000
__________
Total Other Property and Investments 2,000
__________
TOTAL ASSETS $ 2,040
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings - current year (73)
__________
Total Capitalization (72)
__________
Current Liabilities:
Total accounts payable 15
Taxes accrued (9)
Notes payable to associated companies 2,104
__________
Total Current Liabilities 2,110
__________
Other:
Deferred credits 2
__________
Total Other 2
__________
TOTAL LIABILITIES $ 2,040
==========
</TABLE>
<TABLE>
<CAPTION>
A.20 RIVERSIDE CALORIC COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Expenses and Taxes:
Administrative and general expenses $ 17
Interest expense 104
Tax expense (48)
__________
Total 73
__________
Net Income (Loss) $ (73)
==========
</TABLE>
<TABLE>
<CAPTION>
A.20 RIVERSIDE CALORIC COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 0
Net Income (73)
__________
Balance at End of Year $ (73)
==========
</TABLE>
<TABLE>
<CAPTION>
A.21 RIC, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 7
Other accounts receivable 14
Accounts receivable - associated companies 225
__________
Total Current Assets 246
__________
Other Property and Investments:
Other property at cost less depreciation 14
Investments at equity (27)
__________
Total Other Property and Investments (13)
__________
Other Assets:
Deferred charges and other 20
__________
Total Other Assets 20
__________
TOTAL ASSETS $ 253
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Additional paid-in-capital 350
Retained earnings (2,680)
Retained earnings - current year (493)
__________
Total Capitalization (2,822)
__________
Current Liabilities:
Total accounts payable 67
Customer deposits 1
Notes payable to associated companies 2,875
__________
Total Current Liabilities 2,943
__________
Other:
Deferred income taxes 121
Deferred credits 11
__________
Total Other 132
__________
TOTAL LIABILITIES $ 253
==========
</TABLE>
<TABLE>
<CAPTION>
A.21 RIC, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 6
__________
Total 6
__________
Operating Expenses and Taxes:
Operating expenses 129
Administrative and general expenses 145
Taxes other than income 9
Depreciation expense 1
Interest expense 219
Tax expense (51)
__________
Total 452
__________
Income (Loss) Before Subsidiaries (446)
__________
Subsidiary Gain (Loss) (46)
__________
Net Income (Loss) $ (492)
==========
</TABLE>
<TABLE>
<CAPTION>
A.21 RIC, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (2,680)
Net Income (492)
__________
Balance at End of Year $ (3,172)
==========
</TABLE>
<TABLE>
<CAPTION>
A.22 CARDINAL PROPERTY MANAGEMENT, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 43
Accounts receivable - associated companies 70
__________
Total Current Assets 113
__________
Other Property and Investments:
Other property at cost less depreciation 24
__________
Total Other Property and Investments 24
__________
Other Assets:
Deferred charges and other 2
__________
Total Other Assets 2
__________
TOTAL ASSETS $ 139
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings 18
Retained earnings - current year (46)
__________
Total Capitalization (27)
__________
Current Liabilities:
Total accounts payable 57
Notes payable to associated companies 44
__________
Total Current Liabilities 101
__________
Other:
Deferred income taxes 3
Deferred credits 62
__________
Total Other 65
__________
TOTAL LIABILITIES $ 139
==========
</TABLE>
<TABLE>
<CAPTION>
A.22 CARDINAL PROPERTY MANAGEMENT, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 518
__________
Total 518
__________
Operating Expenses and Taxes:
Administrative and general expenses 568
Taxes other than income 15
Depreciation expense 4
Interest expense 1
Tax expense (24)
__________
Total 564
__________
Net Income (Loss) $ (46)
==========
</TABLE>
<TABLE>
<CAPTION>
A.22 CARDINAL PROPERTY MANAGEMENT, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 19
Net Income (46)
__________
Balance at End of Year $ (27)
==========
</TABLE>
<TABLE>
<CAPTION>
A.23 NIPSCO ENERGY SERVICES, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 55
Other accounts receivable 25
Accounts receivable - associated companies 6,262
__________
Total Current Assets 6,342
__________
Other Property and Investments:
Other property at cost less depreciation 51
Investments at equity 8,527
__________
Total Other Property and Investments 8,578
__________
TOTAL ASSETS $ 14,920
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings 848
Retained earnings - current year (169)
__________
Total Capitalization 680
__________
Current Liabilities:
Total accounts payable 5,777
Notes payable to associated companies 8,412
Taxes withheld payables (1)
__________
Total Current Liabilities 14,188
__________
Other:
Deferred credits 52
__________
Total Other 52
__________
TOTAL LIABILITIES $ 14,920
==========
</TABLE>
<TABLE>
<CAPTION>
A.23 NIPSCO ENERGY SERVICES, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ (17)
__________
Total (17)
__________
Operating Expenses and Taxes:
Administrative and general expenses 780
Taxes other than income 11
Interest expense 280
Tax expense (379)
__________
Total 692
__________
Income (Loss) Before Subsidiaries (709)
__________
Subsidiary Gain (Loss) 540
__________
Net Income (Loss) $ (169)
==========
</TABLE>
<TABLE>
<CAPTION>
A.23 NIPSCO ENERGY SERVICES, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 848
Net Income (169)
__________
Balance at End of Year $ 679
==========
</TABLE>
<TABLE>
<CAPTION>
A.24 CROSSROADS PIPELINE COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Utility Plant:
Plant $ 26,320
Less - accumulated provision for depreciation
and amortization (475)
__________
Total Utility Plant 25,845
__________
Current Assets:
Cash and cash equivalents 28
Accounts receivable, less reserve 1,349
Material and supplies at average cost 44
Prepayments and other 106
__________
Total Current Assets 1,527
__________
TOTAL ASSETS $ 27,372
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings (109)
Retained earnings - current year (1,056)
__________
Total Capitalization (1,164)
Current Liabilities:
Total accounts payable 1,114
Taxes accrued 383
Notes payable to associated companies 26,844
__________
Total Current Liabilities 28,341
__________
Other:
Deferred income taxes 106
Deferred credits 89
__________
Total Other 195
__________
TOTAL LIABILITIES $ 27,372
==========
</TABLE>
<TABLE>
<CAPTION>
A.24 CROSSROADS PIPELINE COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Gas $ 1,770
Other income 1
__________
Total 1,771
__________
Operating Expenses and Taxes:
Operation expenses 801
Administrative and general expenses 951
Taxes other than income 184
Interest expense 1,542
Tax expense (651)
__________
Total 2,827
__________
Net Income (Loss) $ (1,056)
==========
</TABLE>
<TABLE>
<CAPTION>
A.24 CROSSROADS PIPELINE COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (109)
Net Income (1,056)
__________
Balance at End of Year $ (1,165)
==========
</TABLE>
<TABLE>
<CAPTION>
A.25 NIPSCO ENERGY TRADING CORP.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 3,822
Other accounts receivable 4,456
Reserve - customer accounts (465)
Accounts receivable - associated companies 1,105
__________
Total Current Assets 8,918
__________
Other Property and Investments:
Other property at cost less depreciation 89
__________
Total Other Property and Investments 89
__________
TOTAL ASSETS $ 9,007
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings 4,044
Retained earnings - current year 438
__________
Total Capitalization 4,483
__________
Current Liabilities:
Total accounts payable 4,759
__________
Total Current Liabilities 4,759
__________
Other:
Deferred income taxes (300)
Deferred credits 65
__________
Total Other (235)
__________
TOTAL LIABILITIES $ 9,007
==========
</TABLE>
<TABLE>
<CAPTION>
A.25 NIPSCO Energy Trading Corp.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 1,014
Other income 207
__________
Total 1,221
__________
Operating Expenses and Taxes:
Administrative and general expenses 514
Taxes other than income 18
Depreciation expense 12
Tax expense 239
__________
Total 783
__________
Net Income (Loss) $ 438
==========
</TABLE>
<TABLE>
<CAPTION>
A.25 NIPSCO ENERGY TRADING CORP.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 4,044
Net Income 438
__________
Balance at End of Year $ 4,482
==========
</TABLE>
<TABLE>
<CAPTION>
A.26 NIPSCO FUEL COMPANY, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Other accounts receivable $ 175
Accounts receivable - associated companies 1,814
Prepayments 25
__________
Total Current Assets 2,014
__________
Other Property and Investments:
Other property at cost less depreciation 37,558
Investments at equity 477
Investments at cost 1,000
__________
Total Other Property and Investments 39,035
__________
Other Assets:
Deferred charges and other 435
__________
Total Other Assets 435
__________
TOTAL OTHER ASSETS $ 41,484
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings (5,291)
Retained earnings - current year (2,471)
__________
Total Capitalization (7,761)
__________
Current Liabilities:
Total accounts payable 1,933
Notes payable to associated companies 40,818
__________
Total Current Liabilities 42,751
__________
Other:
Deferred income taxes 6,483
Deferred credits 11
__________
Total Other 6,494
__________
TOTAL LIABILITIES $ 41,484
==========
</TABLE>
<TABLE>
<CAPTION>
A.26 NIPSCO FUEL COMPANY, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 4,571
Other income 14
__________
Total 4,585
__________
Operating Expenses and Taxes:
Operating expenses 1,763
Administrative and general expenses 446
Taxes other than income 2
Amortization and depletion 3,606
Interest expense 2,691
Tax expense (1,426)
__________
Total 7,082
__________
Income (Loss) Before Subsidiaries (2,497)
__________
Subsidiary Gain (Loss) 26
__________
Net Income (Loss) $ (2,471)
==========
</TABLE>
<TABLE>
<CAPTION>
A.26 NIPSCO FUEL COMPANY, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (5,291)
Net Income (2,471)
__________
Balance at End of Year $ (7,762)
==========
</TABLE>
<TABLE>
<CAPTION>
A.27 NFCO ACQUISITION COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 68
Other accounts receivable 23
Material and supplies at average cost 2
__________
Total Current Assets 93
__________
Other Property and Investments:
Other property at cost less depreciation 429
__________
Total Other Property and Investments 429
__________
TOTAL ASSETS $ 522
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Additional paid-in-capital $ 451
Retained earnings - current year 26
__________
Total Capitalization 477
__________
Current Liabilities:
Total accounts payable 45
__________
Total Current Liabilities 45
__________
TOTAL LIABILITIES $ 522
==========
</TABLE>
<TABLE>
<CAPTION>
A.27 NFCO ACQUISITION COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 177
__________
Total 177
__________
Operating Expenses and Taxes:
Operating expenses 105
Administrative and general expense 1
Amortization and depletion 29
Tax expense 16
__________
Total 151
__________
Net Income (Loss) $ 26
==========
</TABLE>
<TABLE>
<CAPTION>
A.27 NFCO ACQUISITION COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 0
Net Income 26
__________
Balance at End of Year $ 26
==========
</TABLE>
<TABLE>
<CAPTION>
A.28 NI-TEX, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 3,534
Other accounts receivable 1
Accounts receivable - associated companies 5,402
Natural gas in storage, at LIFO cost 530
Prepayments 23
__________
Total Current Assets 9,490
__________
Other Property and Investments:
Investments at equity 5,219
__________
Total Other Property and Investments 5,219
__________
Other Assets:
Deferred charges and other 40
__________
Total Other Assets 40
__________
TOTAL ASSETS $ 14,749
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings 2,269
Retained earnings - current year 3,546
__________
Total Capitalization 5,816
__________
Current Liabilities:
Total accounts payable 8,234
Taxes accrued 327
__________
Total Current Liabilities 8,561
__________
Other:
Deferred income taxes 350
Deferred credits 22
__________
Total Other 372
__________
TOTAL LIABILITIES $ 14,749
==========
</TABLE>
<TABLE>
<CAPTION>
A.28 NI-TEX, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 69,423
Other income 93
__________
Total 69,516
__________
Operating Expenses and Taxes:
Operating expenses 63,352
Administrative and general expenses 145
Taxes other than income 33
Interest expense 254
Tax expense 2,186
__________
Total 65,970
__________
Net Income (Loss) $ 3,546
==========
</TABLE>
<TABLE>
<CAPTION>
A.28 NI-TEX, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 2,268
Net Income 3,546
__________
Balance at End of Year $ 5,814
==========
</TABLE>
<TABLE>
<CAPTION>
A.29 TRIUMPH NATURAL GAS, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
<S> <C>
(None - Zero Amounts) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.29 TRIUMPH NATURAL GAS, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(No Activity) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.29 TRIUMPH NATURAL GAS, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(None - Zero Amounts) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.30 NORTHERN INDIANA FUEL & LIGHT COMPANY, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Utility Plant:
Utility Plant $ 57,900
Less - accumulated provision for depreciation (14,507)
__________
Total Utility Plant 43,393
__________
Other Property and Investments:
Investments at equity 573
Investments at cost 3
__________
Total Other Property and Investments 576
__________
Current Assets:
Cash and cash equivalents 130
Accounts receivable, less reserve 2,641
Gas adjustment clause (311)
Material and supplies at average cost 529
Natural gas in storage, at LIFO cost 2,529
Prepayments and other 21
__________
Total Current Assets 5,539
__________
Other Assets:
Regulatory assets 473
Deferred charges and other 1,071
__________
Total Other Assets 1,544
__________
TOTAL ASSETS $ 51,052
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 30,674
Additional paid-in-capital 7,294
Retained earnings 2,600
__________
Total Capitalization 40,568
__________
Current Liabilities:
Total accounts payable 2,468
Customer deposits 150
Taxes accrued (279)
Interest accrued 34
Other accruals 2,217
__________
Total Current Liabilities 4,590
__________
Other:
Deferred income taxes 1,845
Deferred income tax credits amortized 606
Deferred credits 1,113
Regulatory income tax liability 2,330
__________
Total Other 5,894
__________
TOTAL LIABILITIES $ 51,052
==========
</TABLE>
<TABLE>
<CAPTION>
A.30 NORTHERN INDIANA FUEL & LIGHT COMPANY, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Gas $ 28,381
Other income (386)
__________
Total 27,995
__________
Operating Expenses and Taxes:
Gas costs 17,680
Operation expenses 2,926
Administrative and general expenses 4,371
Taxes other than income 661
Interest expense 502
Tax expense 787
__________
Total 26,927
__________
Subsidiary Gain (Loss) 143
__________
Net Income (Loss) $ 1,211
==========
</TABLE>
<TABLE>
<CAPTION>
A.30 NORTHERN INDIANA FUEL & LIGHT COMPANY, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 1,389
Net Income 1,211
__________
Balance at End of Year $ 2,600
==========
</TABLE>
<TABLE>
<CAPTION>
A.31 NORTHERN INDIANA TRADING COMPANY
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 24
Other accounts receivable 1,048
Accounts receivable - associated companies 100
__________
Total Current Assets 1,172
__________
Other Property and Investments:
Other property at cost less depreciation 422
__________
Total Other Property and Investments 422
__________
TOTAL ASSETS $ 1,594
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1
Retained earnings 429
Retained earnings - current year 143
__________
Total Capitalization 573
__________
Current Liabilities:
Total accounts payable 883
Taxes accrued 100
Refunds due customers within one year 1
__________
Total Current Liabilities 984
__________
Other:
Deferred income taxes 37
__________
Total Other 37
__________
TOTAL LIABILITIES $ 1,594
==========
</TABLE>
<TABLE>
<CAPTION>
A.31 NORTHERN INDIANA TRADING COMPANY
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Other income $ 220
__________
Total 220
__________
Operating Expenses and Taxes:
Tax expense 77
__________
Total 77
__________
Net Income (Loss) $ 143
==========
</TABLE>
<TABLE>
<CAPTION>
A.31 NORTHERN INDIANA TRADING COMPANY
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 429
Net Income 143
__________
Balance at End of Year $ 572
==========
</TABLE>
<TABLE>
<CAPTION>
A.32 NORTHERN INDIANA PUBLIC SERVICE COMPANY
CONSOLIDATED BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Utility Plant, At 0riginal Cost (Including
Construction Work in Progress of $215,395:
Electric $3,858,118
Gas 1,107,075
Common 316,120
__________
5,281,313
Less - accumulated provision for
depreciation and amortization 2,162,828
__________
Total Utility Plant 3,118,485
__________
Other Property and Investments 10,155
__________
Current Assets:
Cash and cash equivalents 20,994
Accounts receivable, less reserve of $3,955 80,977
Fuel adjustment clause 1,614
Gas cost adjustment clause 27,844
Materials and supplies at average cost 63,835
Electric production fuel, at average cost 18,347
Natural gas in storage, at last-in, first-out cost 72,462
Prepayments and other 10,169
__________
Total Current Assets 296,242
__________
Other Assets:
Regulatory assets 194,809
Deferred charges and other 4,620
__________
Total Other Assets 199,429
__________
TOTAL ASSETS $3,624,311
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shareholder's equity $1,016,680
Preferred stocks -
Series without mandatory redemption provisions 86,389
Series with mandatory redemption provisions 66,057
Long-term debt 1,065,351
__________
Total Capitalization 2,234,477
__________
Current Liabilities:
Obligations due within one year -
Commercial paper 156,500
First mortgage bonds -
Series N, 4-5/8% - due May 15, 1995 22,436
Notes payable -
Issued at interest rates between 6.00% and
6.33% with a weighted average interest rate
of 6.15% and various maturities between
January 4, 1995 and February 14, 1995 92,700
__________
271,636
__________
Other Current Liabilities -
Accounts payable 142,018
Sinking funds due within one year 2,578
Dividends declared on common and preferred stocks 44,758
Customer deposits 8,678
Taxes accrued 55,349
Interest accrued 10,043
Other accruals 43,154
__________
306,578
__________
Total Current Liabilities 578,214
__________
Other:
Deferred income taxes 569,298
Deferred investment tax credits, being
amortized over life of related property 121,822
Deferred credits 41,758
Regulatory income tax liability 14,625
Other noncurrent liabilities 64,117
__________
Total Other 811,620
__________
TOTAL CAPITALIZATION AND LIABILITIES $3,624,311
==========
<CAPTION>
CONSOLIDATED STATEMENT OF CAPITALIZATION
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Common Shareholder's Equity:
Common shares - without par value - authorized
75,000,000 shares - issued and outstanding
73,282,258 shares $ 859,488
Additional paid-in capital 11,903
Retained earnings 145,289
__________
Total Common Shareholder's Equity 1,016,680
__________
Preferred Stocks, Which Are Redeemable
Solely at Option of Northern Indiana
Public Service Company:
Cumulative preferred stock - $100 par value -
4-1/4% series - 211,266 shares outstanding 21,127
4-1/2% series - 79,996 shares outstanding 8,000
4.22% series - 106,200 shares outstanding 10,620
4.88% series - 100,000 shares outstanding 10,000
7.44% series - 41,900 shares outstanding 4,190
7.50% series - 34,842 shares outstanding 3,484
Premium on preferred stock 254
Cumulative preferred stock - no par value
Adjustable Rate (6.00% at December 31, 1994) -
Series A (stated value - $50 per share),
574,285 shares outstanding 28,714
__________
86,389
__________
Redeemable Preferred Stocks, subject to
mandatory redemption requirements or
whose redemption is outside the control of
Northern Indiana Public Service Company:
Cumulative preferred stock - $100 par value -
8.85% series - 100,000 shares outstanding 10,000
7-3/4% series - 55,568 shares outstanding 5,557
8.35% series - 75,000 shares outstanding 7,500
Cumulative preferred stock - no par value -
6.50% series - 430,000 shares outstanding 43,000
__________
66,057
__________
Long-term Debt 1,065,351
__________
TOTAL CAPITALIZATION $2,234,477
==========
<CAPTION>
CONSOLIDATED STATEMENT OF LONG-TERM DEBT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
First Mortgage Bonds -
Series O, 6-3/8% - due September 1, 1997 $ 25,747
Series P, 6-7/8% - due October 1, 1998 14,509
Series T, 7-1/2% - due April 1, 2002 40,543
Series U, 8-1/8% - due July 15, 2003 55,239
Series Z, 8-1/8% - due August 15, 2007 39,569
Series NN, 7.10% - due July 1, 2017 55,000
__________
230,607
__________
Pollution Control Notes and Bonds -
Series A note - City of Michigan City -
5.70% due October 1, 2003 20,750
Series 1988 bonds - Jasper County -
Series A, B, and C,
3.68% weighted average at December 31, 1994,
due November 1, 2016 130,000
Series 1988 bonds - Jasper County - Series D,
3.90% weighted average at December 31, 1994,
due November 1, 2007 24,000
Series 1994 bonds - Jasper County - Series A,
6.15% at December 31, 1994, due August 1, 2010 10,000
Series 1994 bonds - Jasper County - Series B,
6.15% at December 31, 1994, due June 1, 2013 18,000
Series 1994 bonds - Jasper County - Series C,
6.15 at December 31, 1994, due April 1, 2019 41,000
__________
243,750
__________
Medium-term Notes -
Issued at interest rates between 4.94% and 7.64%,
with a weighted average interest rate of 6.47%
with various maturities between July 25, 1996
and January 19, 2024 594,750
__________
Unamortized premium and discount on long-term
debt, net (3,756)
__________
TOTAL LONG-TERM DEBT, EXCLUDING
AMOUNTS DUE WITHIN ONE YEAR $1,065,351
==========
</TABLE>
<TABLE>
<CAPTION>
A.32 NORTHERN INDIANA PUBLIC SERVICE COMPANY
CONSOLIDATED STATEMENT OF INCOME
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Gas $ 619,503
Electric 994,492
__________
1,613,995
__________
Cost of Energy:
Gas costs 365,811
Fuel for electric generation 247,134
Power purchased 32,503
__________
645,448
__________
Operating Margin 968,547
__________
Operating Expenses and Taxes (except income):
Operation 275,514
Maintenance 78,872
Depreciation and amortization 191,426
Taxes (except income) 70,417
__________
616,229
__________
Operating Income Before Utility Income Taxes 352,318
__________
Utility Income Taxes 96,257
__________
Operating Income 256,061
__________
Other Income (Deductions):
Other, net 3,726
__________
Income Before Interest Charges 259,787
__________
Interest Charges:
Interest on long-term debt 70,771
Other interest 9,550
Allowance for borrowed funds used during
construction and carrying charges (4,034)
Amortization of premium, reacquisition
premium, discount, and expense on debt, net 3,597
__________
79,884
__________
Net Income 179,903
Dividend Requirements on Preferred Stocks 9,913
__________
Balance Availabie for Common Shares $ 169,990
==========
Common Dividends Declared $ 168,815
==========
</TABLE>
<TABLE>
<CAPTION>
A.32 NORTHERN INDIANA PUBLIC SERVICE COMPANY
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 144,114
Add:
Net Income 179,903
Deduct:
Dividends on cumulative preferred shares 9,913
Common share dividends 168,815
__________
Balance at End of Year $ 145,289
==========
</TABLE>
<TABLE>
<CAPTION>
A.33 NIPSCO EXPLORATION COMPANY, INC.
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 814
Accounts receivable - associated companies 2,293
__________
Total Current Assets 3,107
__________
TOTAL ASSETS $ 3,107
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 1,400
Retained earnings 104
Retained earnings - current year 1,125
__________
Total Capitalization 2,629
__________
Current Liabilities:
Total accounts payable 737
__________
Total Current Liabilities 737
__________
Other:
Deferred income taxes (259)
__________
Total Other (259)
__________
TOTAL LIABILITIES $ 3,107
==========
</TABLE>
<TABLE>
<CAPTION>
A.33 NIPSCO EXPLORATION COMPANY, INC.
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ 352
Other income 1,513
__________
Total 1,865
__________
Operating Expenses and Taxes:
Operating expenses 4
Taxes other than income 574
Interest expense 54
Tax expense 108
__________
Total 740
__________
Net Income (Loss) $ 1,125
==========
</TABLE>
<TABLE>
<CAPTION>
A.33 NIPSCO EXPLORATION COMPANY, INC.
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ 104
Net Income 1,125
__________
Balance at End of Year $ 1,229
==========
</TABLE>
<TABLE>
<CAPTION>
A.34 SHORE LINE SHOPS, INCORPORATED
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Current Assets:
Cash and cash equivalents $ 87
Accounts receivable - associated companies 553
__________
Total Current Assets 640
__________
Other Property and Investments:
Other property at cost less depreciation 16
Investments at cost 783
__________
Total Other Property and Investments 799
__________
TOTAL ASSETS $ 1,439
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Capitalization:
Common shares without par value $ 74
Retained earnings (1,957)
Retained earnings - current year (2)
__________
Total Capitalization (1,885)
__________
Current Liabilities:
Total accounts payable 2,549
Taxes accrued 18
Notes payable to associated companies 1,035
__________
Total Current Liabilities 3,602
__________
Other:
Deferred income taxes (278)
__________
Total Other (278)
__________
TOTAL LIABILITIES $ 1,439
==========
</TABLE>
<TABLE>
<CAPTION>
A.34 SHORE LINE SHOPS, INCORPORATED
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Operating Revenues:
Total operating revenue $ (45)
__________
Total (45)
__________
Operating Expenses and Taxes:
Administrative and general expenses 11
Taxes other than income 12
Interest expense 46
Tax expense (112)
__________
Total (43)
__________
Net Income (Loss) $ (2)
==========
</TABLE>
<TABLE>
<CAPTION>
A.34 SHORE LINE SHOPS, INCORPORATED
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
Balance at Beginning of Year $ (1,957)
Net Income (2)
__________
Balance at End of Year $ (1,959)
==========
</TABLE>
<TABLE>
<CAPTION>
A.35 NORTH LAKE ENERGY CORPORATION
BALANCE SHEET
December 31, 1994
(Dollars in Thousands)
ASSETS
<S> <C>
Other Property and Investments:
Other property at cost less depreciation $ 154
__________
Total Other Property and Investments 154
__________
TOTAL ASSETS $ 154
==========
<CAPTION>
CAPITALIZATION AND LIABILITIES
<S> <C>
Current Liabilities:
Total accounts payable $ 154
__________
Total Current Liabilities 154
__________
TOTAL LIABILITIES $ 154
==========
</TABLE>
<TABLE>
<CAPTION>
A.35 NORTH LAKE ENERGY CORPORATION
INCOME STATEMENT
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(No Activity) $ 0
==========
</TABLE>
<TABLE>
<CAPTION>
A.35 NORTH LAKE ENERGY CORPORATION
STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1994
(Dollars in Thousands)
<S> <C>
(None - Zero Amounts) $ 0
==========
</TABLE>
<PAGE>
EX-99.B
NIPSCO Industries, Inc.
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on the 28th day of February, 1995.
NIPSCO Industries, Inc.
By /s/ Jerry M. Springer
_________________________
Corporate Seal Jerry M. Springer
Attest: Controller
Nina M. Rausch
Secretary
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Jerry M. Springer
Controller
NIPSCO Industries, Inc.
5265 Hohman Avenue
Hammond, Indiana 46320
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