SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1997
-----------------
Commission File No. 0-367
-----------------
ROANOKE GAS COMPANY
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(Exact name of Registrant as Specified in its Charter)
VIRGINIA 54-0359895
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
519 Kimball Ave., N.E., Roanoke, VA 24016
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(Address of Principal Executive Offices) (Zip Code)
(540) 983-3800
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(Registrant's Telephone Number, Including Area Code)
None
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(Former Name, Former Address and Former Fiscal Year, if
Changed Since Last Report)
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 outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
Class Outstanding at March 31, 1997
-------------------------- --------------------------------
Common Stock, $5 Par Value 1,503,040 Shares
<PAGE>
<TABLE>
<CAPTION>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
- ----------------------------------------------------------------------------
UNAUDITED
- ---------
March 31, September 30,
1997 1996
-------- -------------
<S> <C> <C>
ASSETS
- ------
UTILITY PLANT:
Utility Plant in Service $63,011,639 $60,454,905
Accumulated Depreciation 21,684,307 20,822,398
----------- -----------
Utility Plant in Service, Net 41,327,332 39,632,507
Construction Work-In-Progress 1,336,296 1,277,999
----------- -----------
Utility Plant, Net 42,663,628 40,910,506
----------- -----------
NONUTILITY PROPERTY:
Propane 6,018,626 4,403,630
Accumulated Depreciation 2,297,660 2,070,405
----------- -----------
Nonutility Property, Net 3,720,966 2,333,225
----------- -----------
CURRENT ASSETS:
Cash and Cash Equivalents 167,310 633,322
Accounts Receivable - (Less Allowance
for Uncollectibles of $885,388,
and $279,316, Respectively) 11,376,471 3,857,407
Inventories 3,178,698 7,402,586
Prepaid Income Taxes - 297,521
Deferred Income Taxes 1,584,328 379,356
Purchased Gas Adjustments - 1,782,590
Other 662,914 479,926
----------- -----------
Total Current Assets 16,969,721 14,832,708
----------- -----------
OTHER ASSETS 723,546 844,660
----------- -----------
TOTAL $64,077,861 $58,921,099
=========== ===========
</TABLE>
See consolidated notes to condensed consolidated financial statements.
<PAGE>
<TABLE>
<CAPTION>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
- ----------------------------------------------------------------------------
UNAUDITED
- ---------
March 31, September 30,
1997 1996
-------- -------------
<S> <C> <C>
LIABILITIES
- -----------
CAPITALIZATION:
Stockholders' Equity:
Common Stock - Par Value $5; Authorized,
3,000,000 Shares; Issued and Outstanding
1,503,040 and 1,475,843 Shares,
Respectively $ 7,515,200 $ 7,379,215
Capital in Excess of Par Value 4,985,404 4,647,163
Retained Earnings 9,333,553 6,948,623
----------- -----------
Total Stockholders' Equity 21,834,157 18,975,001
Long-Term Debt (Less Current Maturities) 19,858,146 20,222,124
----------- -----------
Total Capitalization 41,692,303 39,197,125
----------- -----------
CURRENT LIABILITIES:
Current Maturities of Long-Term Debt 673,501 669,423
Notes Payable 6,775,000 6,652,500
Dividends Payable 391,357 376,795
Accounts Payable 3,857,047 4,931,467
Income Taxes Payable 1,658,821 -
Customers' Deposits 491,403 362,384
Accrued Expenses 3,927,502 3,214,953
Refunds From Suppliers - Due Customers - 23,865
Purchased gas adjustments 1,051,712 -
----------- -----------
Total Current Liabilities 18,826,343 16,231,387
----------- -----------
DEFERRED CREDITS AND OTHER LIABILITIES:
Deferred Income Taxes 3,046,264 2,960,795
Deferred Investment Tax Credits 512,951 531,792
----------- -----------
Total Deferred Credits and Other Liabilities 3,559,215 3,492,587
----------- -----------
TOTAL $64,077,861 $58,921,099
=========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE MONTH AND SIX MONTH PERIODS
ENDED MARCH 31, 1997 AND 1996
- ---------------------------------------------------------------------------------------
UNAUDITED
- ---------
Three Months Ended Six Months Ended
March 31, March 31,
1997 1996 1997 1996
----------------------------- ----------------------------
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Gas utilities $21,796,469 $27,129,480 $41,624,436 $43,413,411
Propane operations 2,784,314 2,495,910 5,368,771 4,205,738
----------- ----------- ----------- -----------
Total operating revenues 24,580,783 29,625,390 46,993,207 47,619,149
----------- ----------- ----------- -----------
COST OF GAS:
Gas utilities 15,047,006 20,018,797 29,003,487 30,401,222
Propane operations 1,420,611 1,355,634 2,980,442 2,171,777
----------- ----------- ----------- -----------
Total cost of gas 16,467,617 21,374,431 31,983,929 32,572,999
----------- ----------- ----------- -----------
OPERATING MARGIN 8,113,166 8,250,959 15,009,278 15,046,150
----------- ----------- ----------- -----------
OTHER OPERATING EXPENSES:
Gas utilities:
Other operations 2,160,397 2,238,246 4,133,478 4,138,006
Maintenance 385,473 456,357 752,615 887,506
Taxes - general 816,095 840,805 1,556,884 1,516,968
Taxes - income 749,574 888,243 1,316,026 1,536,007
Depreciation and amortization 656,430 585,113 1,290,212 1,169,424
Propane operations (including taxes -
income of $252,299 $169,251, $399,479
and $299,233 respectively 950,198 829,446 1,724,534 1,519,989
----------- ----------- ----------- -----------
Total other operating expenses 5,718,167 5,838,210 10,773,749 10,767,900
----------- ----------- ----------- -----------
OPERATING EARNINGS 2,394,999 2,412,749 4,235,529 4,278,250
----------- ----------- ----------- -----------
OTHER INCOME AND DEDUCTIONS:
Gas utilities:
Interest Income 0 244 7,071 244
Merchandising and jobbing, net 23,415 38,003 63,329 61,648
Other deductions (18,243) (29,776) (37,241) (49,550)
Taxes - income (1,701) (3,129) (12,394) (4,647)
Propane operations, net 31,320 6,567 70,774 47,409
----------- ----------- ----------- -----------
Total other income and deductions 34,791 11,909 91,539 55,104
----------- ----------- ----------- -----------
Earnings before interest charges 2,429,790 2,424,658 4,327,068 4,333,354
----------- ----------- ----------- -----------
<PAGE>
INTEREST CHARGES:
Gas utilities:
Long-term debt 471,734 411,987 833,051 825,782
Other interest 107,750 57,816 308,116 117,290
Propane operations 18,550 599 22,869 1,254
----------- ----------- ----------- -----------
Total interest charges 598,034 470,402 1,164,036 944,326
----------- ----------- ----------- -----------
NET EARNINGS $ 1,831,756 $ 1,954,256 $ 3,163,032 $ 3,389,028
=========== =========== =========== ===========
EARNINGS PER COMMON SHARE $1.22 $1.35 $2.12 $2.35
=========== =========== =========== ===========
CASH DIVIDENDS PER SHARE $0.260 $0.255 $0.520 $0.510
=========== =========== =========== ===========
</TABLE>
See consolidated notes to condensed consolidated financial statements.
<PAGE>
<TABLE><CAPTION>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE MONTH AND SIX MONTH PERIODS
ENDED MARCH 31, 1997 AND 1996
- ---------------------------------------------------------------------------------------
UNAUDITED
- ---------
Three Months Ended Six Months Ended
March 31, March 31,
1997 1996 1997 1996
----------------------------- ----------------------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $1,831,756 $1,954,256 $3,163,032 $3,389,028
Adjustments to reconcile net earnings to
net cash used in operating activities:
Depreciation and amortization 819,028 710,070 1,612,695 1,419,091
(Gain) loss from disposal of property (2,338) 343 (4,169) 588
Changes in assets and liabilities which
used cash, exclusive of changes and
noncash transactions shown separately 3,847,858 573,840 38,532 (2,670,655)
----------- ----------- ----------- -----------
Net cash used in operating activities 6,496,304 3,238,509 4,810,090 2,138,052
----------- ----------- ----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to utility plant in service and
under construction and nonutility property (2,330,528) (1,017,977) (4,675,341) (2,195,558)
Cost of removal of utility plant, net (34,875) (21,965) (92,990) (49,715)
Proceeds from disposal of equipment 10,103 38,942 18,944 45,694
----------- ----------- ----------- -----------
Net cash used in investing activities (2,355,300) (1,001,000) (4,749,387) (2,199,579)
----------- ----------- ----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Retirement of long-term debt and payments on
obligations under capital leases (351,913) (354,029) (359,900) (373,909)
Net borrowings under lines of credit (3,739,000) (1,859,000) 122,500 880,000
Cash dividends paid (386,746) (368,721) (763,541) (727,464)
Proceeds from issuance of stock 314,904 208,888 474,226 364,314
----------- ----------- ----------- -----------
Net cash provided by (used in)
financing activities (4,162,755) (2,372,862) (526,715) 142,941
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (21,751) (135,353) (466,012) 81,414
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 189,061 719,662 633,322 502,895
----------- ----------- ----------- -----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 167,310 $ 584,309 $ 167,310 $ 584,309
=========== =========== =========== ===========
SUPPLEMENTAL INFORMATION:
Interest paid $ 317,964 $ 306,391 $1,035,039 $ 565,101
Income taxes paid $ 951,590 $ 531,311 $ 909,900 $ 862,011
</TABLE>
See consolidated notes to condensed consolidated financial statements.
<PAGE>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
CONDENSED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
- --------------------------------------------------------------
UNAUDITED
- ---------
1. In the opinion of management, the accompanying unaudited condensed
consolidated financial statements contain all adjustments (consisting of only
normal recurring accruals) necessary to present fairly Roanoke Gas Company's
financial position as of March 31, 1997 and September 30, 1996 and the
results of operations and its cash flows for the three months and six months
ended March 31, 1997 and 1996. The results of operations for the six months
ended March 31, 1997 are not necessarily indicative of the results to be
expected for the fiscal year ending September 30, 1997.
The condensed consolidated financial statements and condensed notes are
presented as permitted by Form 10-Q and do not contain certain information
included in the Company's annual consolidated financial statements and notes.
2. Quarterly earnings are affected by the highly seasonal nature of the
business as variations in weather conditions generally result in greater
earnings during the winter months.
3. Net earnings per share are based on the weighted average number of
shares outstanding during each period (1,495,958 and 1,450,842 for the
three-month periods ended March 31, 1997 and 1996, and 1,488,897 and
1,445,176 for the six-month periods ended March 31, 1997 and 1996,
respectively). The calculation of weighted average shares outstanding for
1997 and 1996 does not include the effect of common stock equivalents (CSEs),
since the impact of including CSEs in the weighted average shares outstanding
is less than three percent.
4. Both Roanoke Gas Company and Bluefield Gas Company operated
manufactured gas plants (MGPs) as a source of fuel for lighting and heating
until the early 1950's. The process involved heating coal in a low-oxygen
environment to produce a manufactured gas that could be distributed through
the Company's pipeline system to customers. A by-product of the process was
coal tar, and the potential exists for on-site tar waste contaminants at both
former plant sites. The extent of contaminants at these sites, if any, is
unknown at this time, and the Company has not performed formal analysis at
the Roanoke Gas Company MGP site. An analysis at the Bluefield Gas Company
site indicates some soil contamination. The Company, with concurrence of
legal counsel, does not believe any events have occurred requiring regulatory
reporting. Further, the Company has not received any notices of violation or
liabilities associated with environmental regulations related to the MGP
sites and is not aware of any off-site contamination or pollution as a result
of these prior operations. Therefore, the Company has no plans for
subsurface remediation at either of the MGP sites. Should the Company be
required to remediate either of the MGP sites, the Company will pursue all
prudent and reasonable means to recover any related costs, including
insurance claims and regulatory approval for rate case recognition of
expenses associated with any work required. Based upon prior orders of the
<PAGE>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
CONDENSED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
- --------------------------------------------------------------
UNAUDITED
- ---------
State Corporation Commission of Virginia related to environmental matters at
other companies, the Company believes it will be able to recover prudently
incurred costs. Additionally, a stipulated rate case agreement between the
Company and the West Virginia Public Service Commission recognizes the
Company's right to defer MGP clean-up costs, should any be incurred, and to
seek rate relief for such costs. If the Company eventually incurs costs
associated with a required clean-up of either MGP site, the Company
anticipates recording a regulatory asset for such clean-up costs which are
anticipated to be recoverable in future rates. Based on anticipated
regulatory actions and current practices, management believes that any costs
incurred related to the previously-mentioned environmental matters will not
have a material effect on the Company's consolidated financial position.
<PAGE>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- ----------------------------------------------------------------------------
Consolidated net earnings for the three-month and six-month periods ended
March 31, 1997 were $1,831,756 and $3,163,032 compared to $1,954,256 and
$3,389,028 for the same period last year.
Operating margin for the three months ended March 31, 1997 decreased $137,793
or 1.7 percent from the comparable period last year due to decreases in
delivered gas volumes associated with a quarter that was 19.4 percent warmer
than the same quarter last year. Total MCF deliveries were down 10.5 percent
or 468,723 MCF with a reduction of 13.3 percent in the higher margin firm gas
volumes and an increase of 7.6 percent in lower margin interruptible
deliveries. The firm gas volume decline corresponds to the decrease in
heating degree days for the current quarter. The interruptible volume
increase is attributable to a reduction in the number and duration of service
interruptions to those customers as a result of the current period's warmer
weather. The magnitude of the operating margin decline from natural gas
sales was mitigated by the implementation of new rates for Roanoke Gas
Company placed in effect on January 1, 1997. The new rates were placed into
effect under bond and subject to refund pending the issuance of a final rate
order from the State Corporation Commission of Virginia. The Company has
established a reserve to cover revenues subject to refund through March 31,
1997. Propane margins also served to minimize the operating margin decline
despite a reduction in propane volumes delivered for the quarter. Profit
margins on propane volumes more that offset a decline of 6.1 percent in
propane gallons delivered for the quarter.
Other operations expenses for the current quarter declined slightly from last
year's levels due to a return to normal operating costs after last year's
much colder weather. The cold weather during the second quarter of last year
resulted in higher costs to operate and maintain the Company's distribution
system. Maintenance expenses decreased $70,884 or 15.5% due to the milder
weather in the current quarter and the absence of corporate office renovation
costs incurred last year. General taxes declined as a result of a reduction
in revenue sensitive taxes. Depreciation expense has grown as the Company
continues to add plant for new customers and renew existing facilities.
Propane operations expense increased primarily due to higher income taxes
resulting from higher income levels. Reductions in propane delivery costs
were offset by costs attributable to increasing customer growth through
marketing activities. Other income and deductions increased over last year
due to greater activity in the gas marketing area. Many of our large
industrial customers elected to transport gas during the current quarter and
purchased their gas supply through the Company's gas marketing operation.
Interest charges increased as the Company's total debt position has increased
by more than $6 million over the prior year comparable period. The Company's
total average debt outstanding during the current quarter increased due to
the temporary financing of higher average accounts receivable balances, gas
inventories and capital expenditures associated with customer growth and
system renewal programs.
<PAGE>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- ----------------------------------------------------------------------------
For the six-month period ended March 31, 1997, operating margins were
comparable to the same period last year. The 6.8 percent decline in natural
gas deliveries was offset by increases associated with new natural gas rates
placed into effect during the current quarter and an increase of 6.1 percent
in propane deliveries. The reasons for expense fluctuations for the
six-month period ended March 31, 1997 in relation to the same period last
year mirror those for the current quarter as compared to the corresponding
prior year quarter, as discussed in the preceding paragraphs.
On December 2, 1996, Roanoke Gas Company filed an application for general
rate increase of $959,277 in additional gross revenues. On January 1, 1997,
Roanoke Gas Company placed into effect new rates allowing for the additional
gross revenues subject to refund. The hearing on the proposed rate increase
has been scheduled for June 25, 1997. Based upon management's analysis of
the Virginia State Corporation Commission's field audit conducted in March
1997, the Company believes that revenues have been fairly stated to
correspond with any anticipated adjustments resulting from the issuance of a
final rate order late this summer.
Both Roanoke Gas Company and Bluefield Gas Company operated manufactured gas
plants (MGPs) as a source of fuel for lighting and heating until the early
1950's. The process involved heating coal in a low-oxygen environment to
produce a manufactured gas that could be distributed through the Company's
pipeline system to customers. A by-product of the process was coal tar, and
the potential exists for on-site tar waste contaminants at both former plant
sites. The extent of contaminants at these sites, if any, is unknown at this
time, and the Company has not performed formal analysis at the Roanoke Gas
Company MGP site. An analysis at the Bluefield Gas Company site indicates
some soil contamination. The Company, with concurrence of legal counsel,
does not believe any events have occurred requiring regulatory reporting.
Further, the Company has not received any notices of violation or liabilities
associated with environmental regulations related to the MGP sites and is not
aware of any off-site contamination or pollution as a result of these prior
operations. Therefore, the Company has no plans for subsurface remediation
at either of the MGP sites. Should the Company be required to remediate
either of the MGP sites, the Company will pursue all prudent and reasonable
means to recover any related costs, including insurance claims and regulatory
approval for rate case recognition of expenses associated with any work
required. Based upon prior orders of the State Corporation Commission of
Virginia related to environmental matters at other companies, the Company
believes it will be able to recover prudently incurred costs. Additionally,
a stipulated rate case agreement between the Company and the West Virginia
Public Service Commission recognizes the Company's right to defer MGP
clean-up costs, should any be incurred, and to seek rate relief for such
costs. If the Company eventually incurs costs associated with a required
clean-up of either MGP site, the Company anticipates recording a regulatory
asset for such clean-up costs which are anticipated to be recoverable in
future rates. Based on anticipated regulatory actions and current practices,
management believes that any costs incurred related to the
previously-mentioned environmental matters will not have a material effect on
the Company's consolidated financial position.
<PAGE>
ROANOKE GAS COMPANY AND SUBSIDIARIES
- ------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- ----------------------------------------------------------------------------
Prior to October 1, 1996, the Company accounted for its stock options in
accordance with the provisions of Accounting Principles Board (APB) Opinion
No. 25, Accounting for Stock Issued to Employees, and related
interpretations. As such, compensation expense was recorded on the date of
grant only if the current market price of the underlying stock exceeded the
exercise price. On October 1, 1996, the Company adopted Statement of
Financial Accounting Standards No. 123, Accounting for Stock-Based
Compensation (Statement 123), which permits entities to recognize as expense
over the vesting period the fair value of all stock-based awards on the date
of grant. Alternatively, Statement 123 also allows entities to continue to
apply the provisions of APB Opining No. 25 and provide pro forma net income
and pro forma net income per common share disclosures for stock option grants
made subsequent to October 1, 1995 as if the fair-value-based method defined
in Statement 123 had been applied. The Company has elected to apply the
provisions of APB Opinion No. 25 for purposes of recording compensation
expense in the condensed consolidated financial statements and will provide
the pro forma disclosure provisions of Statement 123 in its consolidated
financial statements for the year ended September 30, 1997.
In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 128, Earnings Per Share (Statement
128). Statement 128 supersedes APB Opinion No. 15, Earnings Per Share, and
specifies the computation, presentation and disclosure requirements for
earnings per share (EPS) for entities with publicly-held common stock or
potential common stock. Statement 128 replaces Primary EPS and Fully Diluted
EPS per APB Opinion No. 15 with Basic EPS and Diluted EPS, respectively. It
also requires dual presentation of Basic EPS and Diluted EPS on the face of
the consolidated income statement and requires a reconciliation of the
numerator and denominator of the Basic EPS computation to the numerator and
denominator of the Diluted EPS computation. The Company is required to adopt
the provisions of Statement 128 on October 1, 1997. The Company believes the
adoption of Statement 128 will not have a material impact on its EPS
calculations.
The six-month earnings presented herein should not be considered as
reflective of the Company's consolidated financial results for the fiscal
year ending September 30, 1997. The total revenues during the first six
months reflect higher billings due to the weather sensitive nature of the gas
business. As warmer weather dominates the remaining six months of the
Company's fiscal year, net operating losses are normally expected for the
final two quarters which will reduce the Company's net earnings for the
fiscal year.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
--------
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K.
-------------------
There were no reports on Form 8-K filed for the three
months ended March 31, 1997.
<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.
ROANOKE GAS COMPANY
Date: May 5, 1997 By: /s/Roger L. Baumgardner
-----------------------
Roger L. Baumgardner
Vice President/Secretary,
Treasurer and Principal
Accounting Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ROANOKE GAS
COMPANY'S UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENT FOR THE QUARTER
ENDED MARCH 31, 1997, AS SET FORTH IN THE COMPANY'S QUARTERLY REPORT ON FORM
10-Q, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-30-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 42,663,628
<OTHER-PROPERTY-AND-INVEST> 3,720,966
<TOTAL-CURRENT-ASSETS> 16,969,721
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 723,546
<TOTAL-ASSETS> 64,077,861
<COMMON> 7,515,200
<CAPITAL-SURPLUS-PAID-IN> 4,985,404
<RETAINED-EARNINGS> 9,333,553
<TOTAL-COMMON-STOCKHOLDERS-EQ> 21,834,157
0
0
<LONG-TERM-DEBT-NET> 19,858,146
<SHORT-TERM-NOTES> 6,775,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 673,501
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 14,937,057
<TOT-CAPITALIZATION-AND-LIAB> 64,077,861
<GROSS-OPERATING-REVENUE> 46,993,207
<INCOME-TAX-EXPENSE> 1,316,026
<OTHER-OPERATING-EXPENSES> 41,441,652
<TOTAL-OPERATING-EXPENSES> 42,757,678
<OPERATING-INCOME-LOSS> 4,235,529
<OTHER-INCOME-NET> 91,539
<INCOME-BEFORE-INTEREST-EXPEN> 4,327,068
<TOTAL-INTEREST-EXPENSE> 1,164,036
<NET-INCOME> 3,163,032
0
<EARNINGS-AVAILABLE-FOR-COMM> 3,163,032
<COMMON-STOCK-DIVIDENDS> 778,103
<TOTAL-INTEREST-ON-BONDS> 218,841
<CASH-FLOW-OPERATIONS> 4,810,090
<EPS-PRIMARY> 1.22
<EPS-DILUTED> 1.22
</TABLE>
