UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-3576
ST. JOSEPH LIGHT & POWER COMPANY
(Exact name of registrant as specified in its charter)
State of Missouri 44-04l9850
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
520 Francis Street, P. O. Box 998, St. Joseph, Missouri 64502-0998
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (816) 233-8888
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (l) has filed all
reports required to be filed by Section l3 or l5(d) of the
Securities Exchange Act of l934 during the preceding l2 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 latest practicable date.
Common Stock, without par value 3,906,369 shares
(Class) (Outstanding at July 31, 1995)<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
FINANCIAL STATEMENTS
The unaudited financial statements included herein have been
prepared by the Company, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and
footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules
and regulations, although the Company believes that the
disclosures are adequate to make the information presented not
misleading. It is suggested that these condensed financial
statements be read in conjunction with the financial statements
and the notes thereto included in the Company's l994 Annual Report
to Shareholders incorporated by reference in the Company's Form
l0-K Annual Report for l994.
STATEMENTS OF INCOME
(Unaudited Interim Report)
Three Months Ended
June 30
1995 1994
OPERATING REVENUES
Electric
Retail sales & other $17,978,718 $17,623,285
Sales for resale 75,044 2,876,819
Other 2,370,815 2,200,451
$20,424,577 $22,700,555
OPERATING EXPENSES:
Production fuel $3,299,538 $4,399,769
Purchased power-System
energy 2,037,548 1,791,867
Resale 60,000 2,663,541
Gas purchased for resale 402,686 445,532
Other operations 4,519,193 (570,800)
Maintenance 2,934,894 1,538,014
Depreciation 2,473,855 2,476,350
Taxes - General 1,558,545 1,546,357
Income 324,051 2,879,577
$17,610,310 $17,170,207
OPERATING INCOME $2,814,267 $5,530,348
OTHER INCOME & DEDUCTIONS:
Allowance for equity funds
used during construction $17,203 $42,272
Other - including income taxes
on nonutility operations $119,199 (47,955)
$136,402 (5,683)
INCOME BEFORE INTEREST
CHARGES $2,950,669 $5,524,665
INTEREST CHARGES (Net):
Long-term debt $1,498,082 $1,065,750
Interest on bank notes 360 35,395
Other 32,085 26,698
Allowance for borrowed funds
used during construction (85,032) (29,584)
$1,445,495 $1,098,259
NET INCOME AVAILABLE
FOR COMMON STOCK $1,505,174 $4,426,406
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 3,906,369 3,955,358
EARNINGS PER AVERAGE
COMMON SHARE $0.39 $1.12
DIVIDENDS PAID PER
COMMON SHARE $0.46 $0.45
STATEMENTS OF INCOME
(Unaudited Interim Report)
Six Months Ended
June 30
1995 1994
OPERATING REVENUES
Electric
Retail sales & other $36,663,484 $35,678,670
Sales for resale 162,785 3,170,990
Other 6,398,424 6,665,287
$43,224,693 $45,514,947
OPERATING EXPENSES:
Production fuel $6,768,754 $8,780,818
Purchased power-System
energy 4,249,417 3,693,171
Resale 106,498 2,896,189
Gas purchased
for resale 1,654,039 2,333,402
Other operations 8,968,946 4,339,933
Maintenance 5,619,897 3,278,998
Depreciation 4,926,790 4,889,167
Taxes - General 3,248,674 3,187,856
Income 1,282,312 3,563,082
$36,825,327 $36,962,616
OPERATING INCOME $6,399,366 $8,552,331
OTHER INCOME & DEDUCTIONS:
Allowance for equity funds used
during construction $28,600 $97,834
Other - including income taxes
on nonutility operations $586,128 (57,530)
$614,728 $40,304
INCOME BEFORE INTEREST
CHARGES $7,014,094 $8,592,635
INTEREST CHARGES (Net):
Long-term debt $2,633,499 $2,129,304
Interest on bank notes 118,170 37,630
Other 77,703 53,311
Allowance for borrowed funds
used during construction (124,733) (56,446)
$2,704,639 $2,163,799
NET INCOME AVAILABLE
FOR COMMON STOCK $4,309,455 $6,428,836
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 3,907,003 3,971,793
EARNINGS PER AVERAGE
COMMON SHARE $1.10 $1.62
DIVIDENDS PAID PER
COMMON SHARE $0.92 $0.90
STATEMENTS OF INCOME
(Unaudited Interim Report)
Twelve Months Ended
JUNE 30
1995 1994
OPERATING REVENUES
Electric
Retail sales & other $76,293,460 $74,156,246
Sales for resale 652,587 4,002,321
Other 11,545,859 12,837,634
$88,491,906 $90,996,201
OPERATING EXPENSES:
Production fuel $15,457,621 $17,019,835
Purchased power-System
energy 8,004,138 9,704,391
Resale 420,458 3,560,436
Gas purchased
for resale 2,617,136 3,829,627
Other operations 18,782,613 14,319,005
Maintenance 10,602,626 7,914,657
Depreciation 9,871,310 9,701,437
Taxes - General 6,421,144 6,232,598
Income 2,930,110 4,489,943
$75,107,156 $76,771,929
OPERATING INCOME 13,384,750 $14,224,272
OTHER INCOME & DEDUCTIONS:
Allowance for equity funds used
during construction $47,458 $161,849
Other - including income taxes on
nonutility operations 515,116 (5,266)
$562,574 $156,583
INCOME BEFORE INTEREST
CHARGES $13,947,324 $14,380,855
INTEREST CHARGES (Net):
Long-term debt $4,764,999 $4,201,729
Interest on bank notes 262,809 122,734
Other 131,098 88,120
Allowance for borrowed funds
used during construction (157,850) (96,276)
$5,001,056 $4,316,307
NET INCOME AVAILABLE
FOR COMMON STOCK $8,946,268 $10,064,548
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 3,909,751 3,990,415
EARNINGS PER AVERAGE
COMMON SHARE $2.29 $2.52
DIVIDENDS PAID PER
COMMON SHARE $1.82 $1.78
The accompanying Notes to Financial Statements are an integral part of
these statements.<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
BALANCE SHEETS
<CAPTION>
June 30, December 31,
1995 1994
(Unaudited)
<C> <C>
<S>
ASSETS
UTILITY PLANT:
Electric $270,344,502 $269,283,356
Other 9,584,303 9,472,124
$279,928,805 $278,755,480
Less-Reserves for 137,762,341 135,414,641
depreciation $142,166,464 $143,340,839
Construction work
in progress 11,338,242 4,951,211
$153,504,706 $148,292,050
OTHER INVESTMENTS $ 1,626,851 $ 2,345,938
CURRENT ASSETS:
Cash and cash equivalents $ 295,343 $ 407,392
Temporary investments 9,430,341 990,110
Receivables, less reserves 5,973,428 6,986,150
Unbilled revenue 3,535,688 3,523,432
Fuel, at average cost 4,205,617 3,831,468
Materials and supplies, at 5,371,744 5,323,948
average cost
Prepayments and other 1,484,086 1,232,848
$ 30,296,247 $ 22,295,348
DEFERRED CHARGES
Debt expense $ 1,720,169 $ 1,393,299
Lease payments receivable 3,597,715 3,659,444
Prepaid pension expense 8,305,076 7,690,792
Regulatory assets 13,918,521 13,395,196
Other 422,026 626,611
$ 27,963,507 $ 26,765,342
$213,391,311 $199,698,678
CAPITALIZATION & LIABILITIES
CAPITALIZATION (See statements):
Common stock and retained
earnings $78,256,388 $77,591,646
Long-term debt 73,100,000 53,100,000
$151,356,388 $130,691,646
CURRENT LIABILITIES:
Outstanding checks in
excess of cash balances $ 1,674,381 2,802,771
Accounts payable 4,996,257 7,298,448
Notes payable - 6,300,000
Accrued income & general
taxes 2,962,424 837,654
Accrued interest 1,843,824 1,526,345
Accrued vacation 1,402,886 1,170,344
Other 364,228 372,069
$ 13,244,000 $ 20,307,631
DEFERRED CREDITS AND
NON-CURRENT LIABILITIES:
Capital lease obligations $ 2,519,753 $ 2,527,495
Deferred income taxes 28,404,512 27,186,103
Investment tax credit 5,112,337 5,323,225
Accrued claims and benefits 1,144,229 1,590,184
Deferred revenues 2,549,892 2,609,331
Regulatory liabilities 7,474,349 7,984,979
Other 1,585,851 1,478,084
$ 48,790,923 $ 48,699,401
$213,391,311 $199,698,678
<FN> The accompanying Notes to Financial Statements are an
integral part of these statements.
</TABLE>
PAGE
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
STATEMENTS OF CAPITALIZATION
<CAPTION> June 30, December 31,
1995 1994
(Unaudited)
<C> <C>
<S>
COMMON STOCK AND RETAINED EARNINGS:
Common stock--authorized 25,000,000
shares, without par value, issued
4,626,374 shares $ 33,816,099 $ 33,816,099
Retained earnings 61,423,039 60,708,144
Other paid-in capital 380,148 380,148
Less-treasury stock, at cost,
720,005 and 718,483 shares
respectively (17,362,898) (17,312,745)
$ 78,256,388 $ 77,591,646
LONG-TERM DEBT:
First Mortgage Bonds -
9.44% Series due
February 1, 2021 $ 22,500,000 $ 22,500,000
7-3/8% Pollution Control Revenue
Bonds, Series due February 1, 2013 - 5,600,000
$ 22,500,000 $ 28,100,000
Unsecured Pollution Control Bonds-
5.85% Series due February 1, 2013 $ 5,600,000 $ -
Medium-term notes-
5.77% due December 8, 1998 $ 5,000,000 $ 5,000,000
7.13% due November 29, 2013 1,000,000 1,000,000
7.16% due November 29, 2013 9,000,000 9,000,000
7.17% due December 1, 2023 7,000,000 7,000,000
7.33% due November 30, 2023 3,000,000 3,000,000
8.36% due March 15, 2005 20,000,000 -
$ 45,000,000 $ 25,000,000
Total Long-Term Debt $ 73,100,000 $ 53,100,000
Total Capitalization $151,356,388 $130,691,646
<FN> The accompanying Notes to Financial Statements
are an integral part of these statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
STATEMENTS OF CASH FLOWS
(Unaudited Interim Report)
<CAPTION> Six Months Ended June 30
1995 1994
<C> <C>
<S>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 4,309,455 $ 6,428,836
Adjustments to reconcile net income
to cash provided by operating
activities:
Depreciation 4,926,790 4,889,167
Pension expense (614,284) (5,823,511)
Other post retirement
benefits (463,084) 525,250
Deferred taxes and investment credit (115,421) 1,873,879
Allowance for equity funds used
during construction (28,600) (97,834)
Gain on unit coal trains (805,874) -
Net changes in working capital items
not considered elsewhere:
Accounts receivable and unbilled
revenues 1,000,466 1,335,604
Fuel (374,149) (55,640)
Accounts payable and outstanding
checks (3,430,581) (4,802,609)
Accrued income and general taxes 2,124,770 1,436,348
Other, net 243,146 (72,702)
Net changes in regulatory
assets and liabilities 88,987 859,930
Net changes in other assets
and liabilities (152,036) (925,379)
Net cash provided by
operating activities $ 6,709,585 $ 5,571,339
CASHFLOWS FROM INVESTING ACTIVITIES:
Gross additions to plant $(10,115,247) $(5,002,723)
Allowance for borrowed funds used
during construction 124,733 56,446
Investments (7,721,144) (455,544)
Sale of unit coal trains 930,870 -
Other (96,133) 41,388
Net cash used in investing
activities ($16,876,921) $(5,360,433)
CASHFLOWS FROM FINANCING ACTIVITIES:
Notes payable $(6,300,000) $ 5,500,000
Long-term debt issued 20,000,000 -
Common stock purchased (50,153) (1,913,044)
Dividends paid (3,594,560) (3,580,266)
Net cash used in financing
activities $10,055,287 $ 6,690
NET INCREASE IN CASH AND
CASH EQUIVALENTS $ (112,049) $ 217,596
CASH AND CASH
EQUIVALENTS $ 407,392 $ 269,720
AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS
AT END OF YEAR $ 295,343 $ 487,316
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid during year:
Interest $ 2,456,820 $ 1,884,711
Income taxes $ 927,000 $ 2,004,156
<FN>For purposes of the Statements of Cash Flows,
the Company considers all highly liquid debt
instruments purchased with an original maturity
of three months or less to be cash equivalents.
<FN> The accompanying Notes to Financial
Statements are an integral part of these statements.
</TABLE>
PAGE
<PAGE>
<TABLE>
ST. JOSEPH LIGHT & POWER COMPANY
STATEMENTS OF RETAINED EARNINGS
(Unaudited Interim Report)
<CAPTION> Three Months Ended
June 30
1995 1994
<C> <C>
<S>
Balance at beginning
of period $59,917,165 $55,165,896
Net Income 1,505,174 4,426,406
$61,422,339 $59,592,302
Dividends on common stock (700) (1,485)
Balance at end of period $61,423,039 $59,593,787
<CAPTION> Six Months Ended
June 30
1995 1994
<C> <C>
<S>
Balance at beginning
of period $60,708,144 $56,745,217
Net Income 4,309,455 6,428,836
$65,017,599 $63,174,053
Dividends on common stock 3,594,560 3,580,266
Balance at end of period $61,423,039 $59,593,787
<CAPTION> Twelve Months Ended
June 30
1995 1994
<C> <C>
<S>
Balance at beginning
of period $59,593,787 $56,637,494
Net Income 8,946,268 10,064,548
$68,540,055 $66,702,042
Dividends on common stock 7,117,016 7,108,255
Balance at end of period $61,423,039 $59,593,787
<FN> The accompanying Notes to Financial Statements are an
integral part of these statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Company's interim financial statements have been prepared in accordance
with the accounting policies described in the financial statements and
related notes included in the Company's 1994 Annual Report to Shareholders
incorporated by reference in the Company's Form 10-K Annual Report for 1994.
There are no significant differences in the Company's interim and annual
accounting policies. However, due to estimates inherent in the accounting
process for other than annual periods, the accuracy of the amounts in the
interim financial statements is in some respects dependent upon facts that
will exist and reviews that will be performed by the Company later in the
fiscal year.
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of."
Adoption of SFAS No. 121 is required for fiscal years beginning after
December 15, 1995. The Company will adopt this new standard effective
January 1, 1996, and believes these costs will not have a material impact on
the Company's financial position or results of operations.
2. RATE MATTERS
In February 1995, the Missouri Public Service Commission (MPSC) approved a
stipulated agreement regarding the allocation of investments and expenses
among the Company's three business segments. Revenue-neutral to the Company,
the agreement will annually reduce industrial steam revenue by $550,000 and
increase electric and natural gas revenues by $500,000 and $50,000,
respectively. In addition electrical rates were restructured among the
various customer classes. These revised tariffs were implemented on June 15,
1995.
<PAGE>
MANAGEMENT STATEMENT
The information contained in these financial statements reflects all
adjustments which are, in the opinion of management, necessary to state
fairly the results of the interim periods.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL - The Company is a public utility engaged primarily in the business of
generating and distributing electric energy in a ten-county area in
Northwestern Missouri. It also sells natural gas and industrial steam in
limited areas.
RESULTS OF OPERATIONS -
Comparison of the quarters ended June 30, 1995 and 1994
Electric retail sales and other revenues increased 2.0%, while sales
decreased 2.1% primarily due to cooler than normal temperatures. The revenue
increase is primarily attributable to a 3.1% electric rate increase which
became effective June 15, 1994, and the implementation of the June 15, 1995,
rate agreement. Although the 1995 agreement was revenue neutral to the
Company, rates for the electric operation were increased.
Sales for resale and related purchased power expense decreased for the
quarter reflecting reduced transactions with regional utilities.
Other operating revenues increased 7.7% primarily due to a November 1994
industrial steam price increase and slightly increased industrial steam
sales. A partially offsetting factor was the effect of the June 15, 1995,
rate decision for the industrial steam operation.
System energy costs decreased 13.8% while system energy requirements
decreased 1.8%. Lower unit fuel prices resulted in significant savings. The
amortization of previously incurred ash disposal costs at the Lake Road
facility in the previous period also contributed to the decrease.
Other operations expense increased for the quarter primarily as a result of
the June 1994 rate order adjustment. The order reduced pension expense by a
one-time adjustment of $5.9 million.
Maintenance expense increased significantly due to scheduled maintenance
projects at the Lake Road plant.
The principal factor in comparison of the quarters' income tax expense was
the impact of the June 1994 rate order which increased income tax expense by
a one-time adjustment of $2.6 million.
Other income increased due to a gain on the sale of securities and interest
on investments.
Investable balances increased due to the issuance of $20 million of
medium-term notes in March 1995.
Interest charges for the period was impacted by the issuance of the $20
million of medium-term notes.
Comparison of the six months ended June 30, 1995 and 1994
Electric retail sales and other revenue increased 2.8% while sales remained
relatively stable. The increase for the period reflects the full effect of
the June 1994 electric rate increase in the 1995 period. Increased
commercial and industrial usage offset a 2.8% reduction in sales to the
weather sensitive residential class.
Sales for resale and related purchased power expenses decreased due to reduced
transactions with regional utilities.
Other revenues decreased by 4.0% due to reductions in the natural gas
segment. Natural gas sales were down 5.9% due to more industrial customers
opting for transportation services instead of tariff sales. Lower unit
prices for gas, which is passed on to the customer through the Purchased Gas
Adjustment, also impacted gas revenues for the period. Partially offsetting
the decrease were increased industrial steam revenues which reflect a
November 1994 price increase.
System energy cost decreased 11.7% while system energy requirements decreased
1.2% for the six months ended. The decrease in costs was primarily
attributable to lower unit fuel prices and the amortization of ash disposal
costs in the previous period.
Decreased costs of gas purchased for resale resulted from reduced sales and
lower unit prices.
Other operations expense increased for the six months ended primarily as a
result of the June 1994 rate case order which changed the Company's
accounting for pension expense.
Maintenance expense increased 71.4% primarily due to a scheduled overhaul of
a boiler and turbine at the Lake Road plant.
Income taxes decreased for the six months period. The principal factor was
the impact of an accounting change included in the June 1994 electric rate
case decision that resulted in a one-time adjustment of $2.6 million.
Other income increased due to a gain on the sale of unit coal trains at the
Iatan plant. The net of tax gain from the sale was approximately $.5 million.
The leasing of more efficient aluminum trains will result in reduced
delivered fuel costs and train emissions. Gains on the sale of securities
and interest on investments also were responsible for the increase.
Interest charges for the six month period was impacted by the issuance of $20
million of medium-term notes in March 1995.
Comparison of the twelve months ended June 30, 1995 and 1994
Electric retail sales and other revenue increased 2.9% for the period
reflecting the June 1994 electric rate increase while sales for the period
remained constant. Growth in the commercial sector offset decreased sales to
the residential class due to more moderate weather conditions.
Sales for resale and related purchased power expenses decreased due to reduced
transactions with regional utilities.
Other revenues decreased by 10.1% for the period reflecting decreases in the
natural gas segment. Natural gas sales were down 10.0% due to more moderate
temperatures reducing residential heating requirements and more industrial
customers using transportation services. Lower unit prices for gas, which
is passed on to the customer through the Purchased Gas Adjustment, also
impacted gas revenues for the period.
System energy cost decreased 12.2% for the twelve months ended period
primarily due to reduced unit fuel cost and increased use of the Iatan plant,
the Company's most efficient unit. This unit had limited availability during
the fall of 1993. The additional generation reduced the need for more
expensive purchased power.
The decrease in gas purchased for resale is a result of reduced sales and
lower unit prices.
Other operations expense increased for the period primarily as a result of
the June 1994 rate case order which required a one-time adjustment to the
pension expense. The reduction in regulatory expenses associated with the
case partially offset the increase.
Maintenance expense increased 34.0%, primarily due to scheduled maintenance at
the Lake Road plant. Partially offsetting the increase was reduced
maintenance requirements at the Iatan plant.
Income tax expense decreased due to the tax effect of the pension expense
adjustment required by the 1994 rate order. Partially offsetting the
adjustment was an increase in pre-tax income.
The increase in other income was primarily attributable to the gain on the
sale of the unit coal trains. The net of tax gain from the sale was
approximately $.5 million.
Interest charges increased 15.9%, primarily as a result of increased
short-term borrowings and the issuance of $20 million of medium-term notes
in March 1995.
LIQUIDITY AND CAPITAL RESOURCES - At June 30, 1995, the Company had $9.7
million in cash and temporary investments and $1.6 million in other
investments. The Company has $21.4 in unused lines of credit. Financial
coverages are at levels in excess of those required for issuance of debt and
preferred stock.
The Company's short-term construction program (net of Allowance for Funds
Used During Construction) is currently projected at $26.8 million for 1995
and about $128 million during the next five years. Construction requirements
will be met with internally generated funds supplemented by external
financing as necessary.
PART II
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
a. The annual meeting of common stockholders was held May 17, 1995.
b. The following persons were elected Directors of the Company to serve
until the 1998 annual meeting of common stockholders.
John P. Barclay Jr. (3,158,075 votes for; 50,065 withheld)
David W. Shinneman (3,160,398 votes for; 47,743 withheld)
William J. Gremp (3,152,223 votes for; 55,918 withheld)
c. The appointment of Arthur Andersen LLP as independent auditors for 1995
was approved.
(3,158,105 votes for; 22,917 against; and 27,118 withheld)
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibit 27 - Financial Data Schedule
b. No Form 8-K Current Report was filed during the quarter ended June 30,
1995.<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.
ST. JOSEPH LIGHT & POWER COMPANY
(Registrant)
Dated: August 11, 1995
L. J. STOLL
Vice President-Finance, Treasurer
and Assistant Secretary
(Duly Authorized Officer)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-31-1995
<BOOK-VALUE> PER BOOK
<TOTAL-NET-UTILITY-PLANT> 153504706
<OTHER-PROPERTY-AND-INVEST> 1626851
<TOTAL-CURRENT-ASSETS> 30296247
<TOTAL-DEFERRED-CHARGES> 27963507
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 213391311
<COMMON> 16453201
<CAPITAL-SURPLUS-PAID-IN> 380148
<RETAINED-EARNINGS> 61423039
<TOTAL-COMMON-STOCKHOLDERS-EQ> 78256388
0
0
<LONG-TERM-DEBT-NET> 73100000
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 2519753
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 59515170
<TOT-CAPITALIZATION-AND-LIAB> 213391311
<GROSS-OPERATING-REVENUE> 43224693
<INCOME-TAX-EXPENSE> 1282312
<OTHER-OPERATING-EXPENSES> 35543015
<TOTAL-OPERATING-EXPENSES> 36825327
<OPERATING-INCOME-LOSS> 6399366
<OTHER-INCOME-NET> 614728
<INCOME-BEFORE-INTEREST-EXPEN> 7014094
<TOTAL-INTEREST-EXPENSE> 2704639
<NET-INCOME> 4309455
0
<EARNINGS-AVAILABLE-FOR-COMM> 4309455
<COMMON-STOCK-DIVIDENDS> 3594560
<TOTAL-INTEREST-ON-BONDS> 4764999
<CASH-FLOW-OPERATIONS> 6709585
<EPS-PRIMARY> 1.10
<EPS-DILUTED> 1.10
</TABLE>
