<PAGE>
=================================================================
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 September 30, 1998
/ / 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 44-0419850
(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 8,126,173 shares
(Class) (Outstanding at October 30, 1998)
=================================================================
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
INDEX
Page Number
Part I. Financial Information
Item 1. Consolidated Financial Statements:
Statements of Income.............................3
Balance Sheets...................................4
Statements of Capitalization.....................5
Statements of Retained Earnings..................5
Statements of Cash Flows.........................6
Notes to Consolidated Financial Statements.......7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................9
Part II. Other Information
Item 1. Legal Proceedings..................................12
Item 2. Changes in the Rights of the Company's Security
Holders............................................12
Item 3. Default Upon Senior Securities.....................12
Item 4. Submission of Matters to a Vote of Security
Holders............................................12
Item 5. Other Information..................................12
Item 6. Exhibits and Reports on Forms 8-K..................12
Signature.....................................................13
Page 2 of 13
<PAGE>
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric utility $ 29,767,259 $ 27,947,089 $ 71,231,781 $ 67,793,165
Other utility 1,871,518 1,736,463 7,853,500 8,472,714
Manufacturing 5,727,491 7,431,932 18,053,543 9,559,165
37,366,268 37,115,484 97,138,824 85,825,044
OPERATING EXPENSES:
Production fuel 6,074,453 5,568,407 15,448,165 14,360,004
Purchased power 4,012,551 2,022,056 8,216,616 5,869,407
Gas purchased for resale 159,289 158,860 1,808,279 2,382,781
Manufacturing cost of goods sold 4,840,510 6,431,818 15,038,149 8,207,420
Other operations 5,353,539 6,179,138 16,886,409 15,996,731
Maintenance 1,903,205 1,875,796 5,624,919 5,808,696
Depreciation 2,886,331 2,789,252 8,587,169 8,217,415
Taxes other than income taxes 2,014,621 1,862,165 5,566,506 5,289,872
27,244,499 26,887,492 77,176,212 66,132,326
OPERATING INCOME 10,121,769 10,227,992 19,962,612 19,692,718
INTEREST CHARGES (Net) 1,669,447 1,748,098 5,146,259 4,806,074
OTHER INCOME (Net) 141,156 81,059 655,565 201,624
INCOME BEFORE INCOME TAXES AND
MINORITY INTEREST 8,593,478 8,560,953 15,471,918 15,088,268
INCOME TAXES 3,391,346 3,322,848 5,851,437 5,605,921
INCOME BEFORE MINORITY INTEREST 5,202,132 5,238,105 9,620,481 9,482,347
MINORITY INTEREST IN INCOME (LOSS) OF
SUBSIDIARY (11,838) (156,803) 15,014 (171,714)
NET INCOME $ 5,213,970 $ 5,394,908 $ 9,605,467 $ 9,654,061
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 8,114,921 8,004,627 8,087,920 7,975,108
BASIC EARNINGS PER AVERAGE COMMON
SHARE $0.64 $0.67 $1.19 $1.21
DILUTED EARNINGS PER AVERAGE COMMON
SHARE $0.64 $0.67 $1.18 $1.21
DIVIDENDS PAID PER COMMON SHARE $0.245 $0.24 $0.735 $0.72
</TABLE>
See Notes to Consolidated Financial Statements.
Page 3 of 13
<PAGE>
<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED BALANCE SHEETS
September 30,
1998 December 31,
(Unaudited) 1997
A S S E T S
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant $ 318,185,842 $ 309,027,825
Other 20,048,924 18,865,038
338,234,766 327,892,863
Less - Reserves for depreciation (164,763,457) (157,127,144)
173,471,309 170,765,719
Construction work in progress 5,429,129 6,086,063
178,900,438 176,851,782
OTHER INVESTMENTS 4,913,267 3,477,351
CURRENT ASSETS:
Cash and cash equivalents 519,890 350,385
Temporary investments 6,985 1,649,413
Receivables, net of reserves 12,334,929 9,819,655
Accrued utility revenue 3,705,608 3,286,867
Manufacturing inventories 3,057,573 3,570,559
Fuel 3,174,433 3,007,565
Materials and supplies 5,435,082 5,778,192
Prepayments and other 2,210,610 1,626,739
30,445,110 29,089,375
DEFERRED CHARGES:
Debt expense 1,383,504 1,570,970
Lease payments receivable 3,196,477 3,289,070
Prepaid pension expense 15,691,432 13,571,592
Regulatory assets 13,540,634 13,939,598
Other 2,044,286 1,979,390
35,856,333 34,350,620
$ 250,115,148 $ 243,769,128
C A P I T A L I Z A T I O N AND L I A B I L I T I E S
CAPITALIZATION (See Statements):
Common equity $ 94,347,445 $ 91,167,951
Long-term debt 68,959,234 68,744,804
163,306,679 159,912,755
MINORITY INTEREST IN CONSOLIDATED
SUBSIDIARY 1,313,089 1,298,076
CURRENT LIABILITIES:
Outstanding checks in excess of
cash balances 248,102 3,288,237
Current maturities of long-term
obligations 8,874,934 8,628,004
Accounts payable 10,877,673 11,399,497
Notes payable 2,224,141 2,620,719
Accrued income and general taxes 5,988,849 735,210
Accrued interest 501,628 1,960,463
Accrued vacation 1,439,202 1,153,889
Other 2,838,663 564,865
32,993,192 30,350,884
NON-CURRENT LIABILITIES AND DEFERRED CREDITS:
Capital lease obligations 2,951,546 3,093,360
Deferred income taxes 30,115,251 29,635,113
Investment tax credit 3,791,646 4,095,882
Accrued claims and benefits 1,404,466 1,744,112
Deferred revenues 2,166,900 2,254,705
Regulatory liabilities 8,970,205 8,970,205
Other 3,102,174 2,414,036
52,502,188 52,207,413
$ 250,115,148 $ 243,769,128
</TABLE>
See Notes to Consolidated Financial Statements.
Page 4 of 13
<PAGE>
<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION
September 30,
1998 December 31,
(Unaudited) 1997
<S> <C> <C>
COMMON EQUITY:
Common stock--authorized 25,000,000 shares,
without par value, issued 9,252,748 shares $ 33,816,099 $ 33,816,099
Retained earnings 72,391,277 70,714,339
Other paid-in capital 1,736,017 1,251,180
Less--treasury stock, at cost, 1,127,223
and 1,211,110 shares (13,595,948) (14,613,667)
94,347,445 91,167,951
LONG-TERM DEBT:
First mortgage bonds-
9.44% series due February 1, 2021 22,500,000 22,500,000
Unsecured pollution control revenue bonds-
5.85% series due February 1, 2013 5,600,000 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 20,000,000
45,000,000 45,000,000
Other long-term debt 4,734,168 4,272,808
Less current maturities (8,874,934) (8,628,004)
68,959,234 68,744,804
Total capitalization $ 163,306,679 $ 159,912,755
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Balance at beginning of $ $ $ $
period 71,154,576 67,976,664 70,714,339 67,532,568
Net income 5,213,970 5,394,908 9,605,467 9,654,061
76,368,546 73,371,572 80,319,806 77,186,629
Less-dividends on common
stock (3,977,269) (3,842,896) (7,928,529) (7,657,953)
Balance at end of period $ 72,391,277 $ 69,528,676 $ 72,391,277 $ 69,528,676
</TABLE>
See Notes to Consolidated Financial Statements.
Page 5 of 13
<PAGE>
<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 9,605,467 $ 9,654,061
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 9,166,522 8,663,470
Pension expense (1,676,581) (1,463,498)
Deferred taxes and investment tax
credit 175,902 144,628
Allowance for equity funds used during
construction (182,417) (81,750)
Net changes in working capital items
not considered elsewhere:
Accounts receivable and accrued utility
revenue (2,934,015) (1,608,186)
Inventories 689,228 (2,001,765)
Accounts payable and outstanding checks (3,561,959) (5,538,274)
Accrued income and general taxes 5,253,639 4,536,105
Other, net (1,474,791) (1,050,840)
Net change in regulatory assets and
liabilities 398,964 358,119
Net changes in other assets and liabilities 816,526 (479,043)
Net cash provided by operating activities 16,276,485 11,133,027
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant (11,984,097) (8,662,096)
Allowance for borrowed funds used during
construction 110,072 47,755
Investments 206,512 2,649,734
Other 72,345 (51,085)
Net cash (used in) provided by
investing activities (11,595,168) (6,015,692)
CASH FLOWS FROM FINANCING ACTIVITIES:
Notes payable (decrease) increase (396,578) 112,825
Principal payments under capital lease
obligations (141,814) (131,686)
Long-term debt retired (2,558,702) (770,960)
Long-term debt issued 3,020,061 --
Common stock purchased -- (4,025)
Common stock issued 1,502,556 1,458,504
Dividends paid (5,937,335) (5,733,673)
Net cash (used in) provided by
financing activities (4,511,812) (5,069,015)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 169,505 48,320
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 350,385 688,466
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 519,890 $ 736,786
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 6,444,191 $ 5,335,314
Income taxes (net of refunds) $ 2,794,945 $ 3,167,960
</TABLE>
For purposes of the Consolidated 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.
See Notes to Consolidated Financial Statements.
Page 6 of 13
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION: The consolidated financial
statements include St. Joseph Light & Power Company and its
wholly owned subsidiary, SJLP Inc., and its subsidiary, Percy
Kent Bag Co., Inc. Collectively, these entities are referred to
herein as the "Company." All significant intercompany
transactions have been eliminated.
GENERAL: The unaudited consolidated 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. See Notes to Consolidated
Financial Statements included in the Company's 1997 Annual Report
to Shareholders incorporated by reference in the Company's 1997
Annual Report on Form 10-K.
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. The information contained in these consolidated financial
statements reflects all adjustments which are, in the opinion of
management, necessary to state fairly the results of the interim
periods.
The results for the three and nine months ended September 30,
1998 are not necessarily indicative of the results for the entire
year 1998.
RECLASSIFICATIONS: Certain reclassifications have been made in
the financial statements to enhance comparability.
(2) RATE PROCEEDINGS
In October 1998, the staff of the Missouri Public Service
Commission filed a complaint requesting a reduction of
approximately $8 million in electric revenues. The Company does
not believe any reduction in rates is justified and will
vigorously defend this position. Hearing dates have not been
scheduled, but are expected for mid-1999.
Page 7 of 13
<PAGE>
(3) BASIC AND DILUTED EARNINGS PER COMMON SHARE CALCULATION
Earnings per share is calculated by dividing net income by the
following:
For the three months For the nine months
ended September 30 ended September 30
1998 1997 1998 1997
Denominator for
basic EPS -
Weighted average
number of shares
of common stock
outstanding during
the year 8,114,921 8,004,627 8,087,920 7,975,108
Effect of Dilutive
Stock Options: 33,977 7,726 33,030 7,549
Denominator for
diluted EPS 8,148,898 8,012,353 8,120,950 7,982,657
Page 8 of 13
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following Management's Discussion and Analysis of
Financial Condition and Results of Operations should be read in
conjunction with Management's Discussion and Analysis of
Financial Condition and Results of Operations in the Company's
1997 Annual Report on Form 10-K.
The Company is engaged primarily in the business of generating
and distributing electric energy in a ten-county area of
northwestern Missouri. It also sells natural gas and industrial
steam in limited areas. In the electric utility industry,
results of operations generally show a seasonal pattern of higher
revenues and earnings in the third quarter due to weather.
SJLP Inc. was formed to pursue unregulated investments.
Effective May 31, 1997, SJLP Inc. acquired controlling interest
in Percy Kent Bag Co., Inc. (Percy Kent), a manufacturer of
multiwall and small paper bags.
RESULTS OF OPERATIONS
COMPARISON OF THE QUARTERS ENDED SEPTEMBER 30, 1998 AND 1997
Electric operating revenues increased $1.8 million or 7%
primarily due to increased sales. Electric retail sales
increased 10% with all classes posting gains as a result of
warmer temperatures than in the prior year and continued economic
growth in the service territory. Partially offsetting the
increase in retail sales was a decrease in sales for resale
caused by increased system demands and reduced availability of
the Company's generation due to unscheduled outages.
Total energy costs increased 32% for the period reflecting
increased system requirements, expensive replacement energy
required by outages at the Iatan generating station, and
increased per unit costs for purchased power. The Company
expects these higher prices for purchased energy to continue.
Other utility revenues increased 8% primarily due to
increased sales to industrial steam customers.
Manufacturing revenues and related manufacturing cost of
goods sold reflect the operations of Percy Kent. The net results
for Percy Kent were insignificant in all periods.
Other operations expense decreased due primarily to lower
benefit costs. Partially offsetting the decrease were higher
costs associated with the Year 2000 remediation efforts than in
the previous period.
Increased depreciation expense is the result of higher
depreciable plant balances.
COMPARISON OF THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
Electric operating revenues were up $3.4 million or 5% for the
period with electric retail sales posting a 6% increase. Sales
to all classes increased, reflecting warmer weather than in the
previous period and the continued economic expansion in the
service territory.
Page 9 of 13
<PAGE>
Total energy costs increased 17% for the period. This
increase was primarily due to increased system requirements,
incremental costs of replacement power for Iatan outages, and
increased per unit costs for purchased power.
Other utility revenues decreased 7% for the period primarily
due to reduced heating requirements and lower market prices in
the natural gas segment. Related gas purchased for resale
reflected the lower market prices which are passed on to
customers through the Purchased Gas Adjustment.
Manufacturing revenues increased 89% for the period as the
consolidated results for the nine-month period in 1997 reflect
only four months of Percy Kent's operations.
Other operations expense increased as a result of higher
administrative and Year 2000 costs and the inclusion of Percy
Kent, with lower benefit costs partially offsetting the increase.
Maintenance expense was lower for the period primarily due to
reduced maintenance at the Lake Road facility and a favorable
vendor settlement. Partially offsetting the decrease were
increased costs related to unscheduled outages at the Iatan
plant.
Increased depreciation expense is the result of higher
depreciable plant balances, as well as the inclusion of
depreciation related to Percy Kent.
The increase in interest expense is due to Percy Kent
borrowings.
Other income increased for the period primarily as a result of
earnings on investments.
LIQUIDITY AND CAPITAL RESOURCES
The Company believes its liquidity and capital resources are
sufficient and provide adequate financial flexibility.
Historically, operations have generated strong positive cash
flow. Financial coverages are at levels in excess of those
required for the issuance of debt and preferred stock. At
September 30, 1998, the Company had $527,000 in cash and
temporary investments.
The Company's short-term financing requirements are satisfied
through borrowings under unsecured lines of credit maintained
with banks. At September 30, 1998, the Company had available
lines of credit of $5.4 million. In addition, the Company's
consolidated subsidiaries' secured credit agreements had
available balances of $1 million. In early November 1998, the
Company obtained a new line of credit providing an additional $5
million of availability.
Capital expenditures, excluding allowance for funds used
during construction and including non-utility investments, are
currently projected to be $6 million for the remainder of 1998
and about $60 million for the remainder of the five-year period
ending 2002. The Company expects to finance these expenditures
primarily through internally generated funds supplemented by
external financing as necessary.
Page 10 of 13
<PAGE>
IMPACT OF THE YEAR 2000 ISSUE
The Company is currently involved in an ongoing project to
identify, evaluate and implement Year 2000 modifications which is
the result of computer programs being written using two digits
rather than four to define the applicable year. Computer programs
that have date-sensitive software may recognize a date using "00"
as the year 1900 rather than the year 2000. Additionally, other
equipment may have microchips with embedded logic which may fail
to function correctly after December 31, 1999, resulting in
system failure or miscalculations causing disruptions of
operations.
The Company is utilizing both internal and external resources
to reprogram or replace and test hardware, software, and embedded
systems for Year 2000 modifications. The Company developed and
implemented a written plan of action for Year 2000 remediation in
1997, and expects to complete the Year 2000 project in 1998 with
additional testing scheduled for 1999. At September 30, 1998,
the Company had completed 90% of the assessment phase of the
project and 50% of the remediation and testing procedures
necessary to achieve Year 2000 compliance. Costs incurred to
date for remediation efforts related to Year 2000 issues are
approximately $300,000, excluding the cost of redeployment of
existing resources. Additional spending for these modifications
is expected to be less than $700,000 over the next year and
will be expensed as incurred.
The costs of the project and the date on which the Company
plans to complete the Year 2000 modifications are based on
management's best estimates, which were derived utilizing
numerous assumptions of future events, including the continued
availability of certain resources, the ability to locate and
correct all relevant computer codes and similar uncertainties.
However, there can be no guarantee that these estimates will be
achieved and actual results could differ materially from those
plans.
Although the Company has found no specific exposure related to
the Year 2000 Issue for third parties' failure to remediate their
own Year 2000 Issue, there can be no guarantee that the systems
of other companies on which the Company's systems rely will be
timely converted, or that a failure to convert by another
company, or a conversion that is incompatible with the Company's
systems, would not have a material adverse effect on the Company.
The Company presently believes that with modifications to
existing software and conversions to new software, the Year 2000
Issue can be mitigated with no adverse effect on customers or
disruption to business operations. If such modifications are not
completed, the Year 2000 could have a material adverse effect on
the Company. Contingency plans are currently being developed to
substantially mitigate the effect of unforeseen problems with
critical systems.
FORWARD LOOKING INFORMATION
This quarterly report contains forward looking information
that is intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of
1995. Although the Company believes that its expectations are
based on reasonable assumptions, actual results could differ
materially from those currently anticipated. Factors that could
cause actual results to differ from those anticipated include,
but are not limited to, the effects of regulatory actions,
competition, future economic conditions, and weather.
Page 11 of 13
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in the Rights of the Company's Security Holders
None.
Item 3. Default Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit 27 - Financial Data Schedule
b. No Current Report on Form 8-K was filed during the
quarter ended September 30, 1998.
Page 12 of 13
<PAGE>
SIGNATURE
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)
/s/ L. J. Stoll
---------------------------------
Dated: November 6, 1998 L. J. STOLL
Vice President-Finance, Treasurer
and Assistant Secretary
(Duly Authorized Officer)
Page 13 of 13
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 170949356
<OTHER-PROPERTY-AND-INVEST> 12864349
<TOTAL-CURRENT-ASSETS> 30445110
<TOTAL-DEFERRED-CHARGES> 35856333
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 250115148
<COMMON> 20220151
<CAPITAL-SURPLUS-PAID-IN> 1736017
<RETAINED-EARNINGS> 72391277
<TOTAL-COMMON-STOCKHOLDERS-EQ> 94347445
0
0
<LONG-TERM-DEBT-NET> 68959234
<SHORT-TERM-NOTES> 2224141
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 8874934
0
<CAPITAL-LEASE-OBLIGATIONS> 2951546
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 72757848
<TOT-CAPITALIZATION-AND-LIAB> 250115148
<GROSS-OPERATING-REVENUE> 97138824
<INCOME-TAX-EXPENSE> 5668316
<OTHER-OPERATING-EXPENSES> 77176212
<TOTAL-OPERATING-EXPENSES> 82844528
<OPERATING-INCOME-LOSS> 14294296
<OTHER-INCOME-NET> 457430
<INCOME-BEFORE-INTEREST-EXPEN> 14751726
<TOTAL-INTEREST-EXPENSE> 5146259
<NET-INCOME> 9605467
0
<EARNINGS-AVAILABLE-FOR-COMM> 9605467
<COMMON-STOCK-DIVIDENDS> 7928529
<TOTAL-INTEREST-ON-BONDS> 5965348
<CASH-FLOW-OPERATIONS> 16276485
<EPS-PRIMARY> 1.19
<EPS-DILUTED> 1.18
</TABLE>
