SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A
AMENDMENT 1
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
--------------- ---------------
Commission Registrant; State of Incorporation IRS Employer
file number Address; and Telephone Number Identification No.
- ----------- ---------------------------------- ------------------
1-11337 WPS RESOURCES CORPORATION 39-1775292
(A Wisconsin Corporation)
700 North Adams Street
P. O. Box 19001
Green Bay, WI 54307-9001
920-433-4901
Securities registered pursuant to Section 12(b) of the Act:
- -----------------------------------------------------------
Title of Name of each exchange
each class on which registered
---------- ---------------------
WPS RESOURCES CORPORATION Common Stock, New York Stock Exchange
$1 par value
Rights to purchase New York Stock Exchange
Common Stock pursuant
to Rights Agreement
dated December 12, 1996
-1-
<PAGE>
Securities registered pursuant to Section 12(g) of the Act:
- -----------------------------------------------------------
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 by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X]
State the aggregate market value of the voting stock held by nonaffiliates of
- -----------------------------------------------------------------------------
the Registrant.
- ---------------
WPS RESOURCES CORPORATION
$806,498,927 as of March 22, 1999
Number of shares outstanding of each class of common stock, as of December 31,
- ------------------------------------------------------------------------------
1998
- ----
WPS RESOURCES CORPORATION Common Stock, $1 par value,
26,551,405 shares
DOCUMENTS INCORPORATED BY REFERENCE
(1) Definitive proxy statement for the WPS Resources Corporation Annual
Meeting of Shareholders on May 6, 1999 is incorporated into Parts I and
III.
-2-
<PAGE>
This Amendment 1 to the Form 10-K for WPS Resources Corporation for the fiscal
year ended December 31, 1998 includes revised Financial Data Schedules
(Exhibits 27.1 through 27.7) which have been adjusted as part of a restatement
to reflect a pooling of interest transaction.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
WPS RESOURCES CORPORATION
(Registrant)
By /s/ L. L. Weyers
--------------------------
L. L. Weyers
Chairman, President, and
Chief Executive Officer
WPS Resources Corporation
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Signature Title Date
- ------------------------------------------------------------------------------
A. Dean Arganbright Director June 8, 1999
Michael S. Ariens Director
Richard A. Bemis Director
Daniel A. Bollom Director
Clarence R. Fisher Director
Robert C. Gallagher Director By /s/ L. L. Weyers
Kathryn M. Hasselblad-Pascale Director --------------------------
James L. Kemerling Director L. L. Weyers
Attorney-in-Fact*
/s/ L. L. Weyers Principal Executive June 8, 1999
- ---------------------------------Officer and Director
L. L. Weyers
/s/ D. P. Bittner Principal Financial June 8, 1999
- ---------------------------------Officer
D. P. Bittner
/s/ D. L. Ford Principal Accounting June 8, 1999
- ---------------------------------Officer
D. L. Ford
* The required Powers of Attorney were filed with the original Form 10-K as
Exhibit 24.
-4-
<PAGE>
EXHIBITS
27.1 Financial Data Schedule for WPS Resources Corporation at and for the
period ended December 31, 1996
27.2 Financial Data Schedule for WPS Resources Corporation at and for the
period ended March 31, 1997
27.3 Financial Data Schedule for WPS Resources Corporation at and for the
period ended June 30, 1997
27.4 Financial Data Schedule for WPS Resources Corporation at and for the
period ended September 30, 1997
27.5 Financial Data Schedule for WPS Resources Corporation at and for the
period ended December 31, 1997
27.6 Financial Data Schedule for WPS Resources Corporation at and for the
period ended March 31, 1998
27.7 Financial Data Schedule for WPS Resources Corporation at and for the
period ended June 30, 1998
-5-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> UT EXHIBIT 27.1
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE DECEMBER 31, 1996 FINANCIAL STATEMENTS OF WPS RESOURCES
CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. CERTAIN ADJUSTMENTS HAVE BEEN MADE TO THE
PRIOR PERIOD AMOUNTS AS PART OF THE RESTATEMENT TO REFLECT THE
POOLING OF INTERESTS TRANSACTION.
</LEGEND>
<RESTATED>
<CIK> 0000916863
<NAME> WPS RESOURCES CORPORATION
<SUBSIDIARY>
<NUMBER> 1
<NAME> WISCONSIN PUBLIC SERVICE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 996,793
<OTHER-PROPERTY-AND-INVEST> 28,470
<TOTAL-CURRENT-ASSETS> 233,933
<TOTAL-DEFERRED-CHARGES> 98,344
<OTHER-ASSETS> 105,776
<TOTAL-ASSETS> 1,463,316
<COMMON> 26,551
<CAPITAL-SURPLUS-PAID-IN> 163,904
<RETAINED-EARNINGS> 320,187
<TOTAL-COMMON-STOCKHOLDERS-EQ> 510,642
456
51,200
<LONG-TERM-DEBT-NET> 349,054
<SHORT-TERM-NOTES> 31,600
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 31,350
<LONG-TERM-DEBT-CURRENT-PORT> 242
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 488,772
<TOT-CAPITALIZATION-AND-LIAB> 1,463,316
<GROSS-OPERATING-REVENUE> 916,449
<INCOME-TAX-EXPENSE> 27,216
<OTHER-OPERATING-EXPENSES> 803,797
<TOTAL-OPERATING-EXPENSES> 803,797<F1>
<OPERATING-INCOME-LOSS> 112,652<F2>
<OTHER-INCOME-NET> (648)
<INCOME-BEFORE-INTEREST-EXPEN> 112,004<F3>
<TOTAL-INTEREST-EXPENSE> 29,117
<NET-INCOME> 56,019<F4>
3,134
<EARNINGS-AVAILABLE-FOR-COMM> 52,885
<COMMON-STOCK-DIVIDENDS> 48,683
<TOTAL-INTEREST-ON-BONDS> 26,146
<CASH-FLOW-OPERATIONS> 127,679
<EPS-BASIC> 1.99
<EPS-DILUTED> 1.99
<FN>
<F1>Operating expenses exclude income taxes of $27,216.
<F2>Operating income is before income taxes of $27,216.
<F3>Income before interest expense is before income taxes of
$27,216.
<F4>Net income includes minority interest of $(348).
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT EXHIBIT 27.2
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE MARCH 31, 1997 FINANCIAL STATEMENTS OF WPS RESOURCES
CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. CERTAIN ADJUSTMENTS HAVE BEEN MADE TO THE
PRIOR PERIOD AMOUNTS AS PART OF THE RESTATEMENT TO REFLECT THE
POOLING OF INTERESTS TRANSACTION.
</LEGEND>
<RESTATED>
<CIK> 0000916863
<NAME> WPS RESOURCES CORPORATION
<SUBSIDIARY>
<NUMBER> 1
<NAME> WISCONSIN PUBLIC SERVICE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 993,136
<OTHER-PROPERTY-AND-INVEST> 28,976
<TOTAL-CURRENT-ASSETS> 191,605
<TOTAL-DEFERRED-CHARGES> 88,578
<OTHER-ASSETS> 109,530
<TOTAL-ASSETS> 1,411,825
<COMMON> 26,551
<CAPITAL-SURPLUS-PAID-IN> 163,905
<RETAINED-EARNINGS> 327,595
<TOTAL-COMMON-STOCKHOLDERS-EQ> 518,051
456
51,200
<LONG-TERM-DEBT-NET> 349,552
<SHORT-TERM-NOTES> 22,950
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 5,000
<LONG-TERM-DEBT-CURRENT-PORT> 242
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 464,374
<TOT-CAPITALIZATION-AND-LIAB> 1,411,825
<GROSS-OPERATING-REVENUE> 279,199
<INCOME-TAX-EXPENSE> 10,210
<OTHER-OPERATING-EXPENSES> 242,123
<TOTAL-OPERATING-EXPENSES> 242,123<F1>
<OPERATING-INCOME-LOSS> 37,076<F2>
<OTHER-INCOME-NET> 1,370
<INCOME-BEFORE-INTEREST-EXPEN> 38,446<F3>
<TOTAL-INTEREST-EXPENSE> 7,574
<NET-INCOME> 20,943<F4>
784
<EARNINGS-AVAILABLE-FOR-COMM> 20,159
<COMMON-STOCK-DIVIDENDS> 12,307
<TOTAL-INTEREST-ON-BONDS> 9,465
<CASH-FLOW-OPERATIONS> 63,899
<EPS-BASIC> 0.76
<EPS-DILUTED> 0.76
<FN>
<F1>Operating expenses exclude income taxes of $10,210.
<F2>Operating income is before income taxes of $10,210.
<F3>Income before interest expense is before income taxes of
$10,210.
<F4>Net income includes minority interest of $(281).
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT EXHIBIT 27.3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE JUNE 30, 1997 FINANCIAL STATEMENTS OF WPS RESOURCES
CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. CERTAIN ADJUSTMENTS HAVE BEEN MADE TO THE
PRIOR PERIOD AMOUNTS AS PART OF THE RESTATEMENT TO REFLECT THE
POOLING OF INTERESTS TRANSACTION.
</LEGEND>
<RESTATED>
<CIK> 0000916863
<NAME> WPS RESOURCES CORPORATION
<SUBSIDIARY>
<NUMBER> 1
<NAME> WISCONSIN PUBLIC SERVICE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 995,402
<OTHER-PROPERTY-AND-INVEST> 27,729
<TOTAL-CURRENT-ASSETS> 183,210
<TOTAL-DEFERRED-CHARGES> 89,325
<OTHER-ASSETS> 117,033
<TOTAL-ASSETS> 1,412,699
<COMMON> 26,551
<CAPITAL-SURPLUS-PAID-IN> 163,874
<RETAINED-EARNINGS> 327,400
<TOTAL-COMMON-STOCKHOLDERS-EQ> 517,825
451
51,200
<LONG-TERM-DEBT-NET> 348,038
<SHORT-TERM-NOTES> 20,500
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 7,600
<LONG-TERM-DEBT-CURRENT-PORT> 253
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 466,832
<TOT-CAPITALIZATION-AND-LIAB> 1,412,699
<GROSS-OPERATING-REVENUE> 484,019
<INCOME-TAX-EXPENSE> 15,473
<OTHER-OPERATING-EXPENSES> 429,230
<TOTAL-OPERATING-EXPENSES> 429,230<F1>
<OPERATING-INCOME-LOSS> 54,789<F2>
<OTHER-INCOME-NET> 7,075
<INCOME-BEFORE-INTEREST-EXPEN> 61,864<F3>
<TOTAL-INTEREST-EXPENSE> 14,894
<NET-INCOME> 31,963<F4>
1,567
<EARNINGS-AVAILABLE-FOR-COMM> 30,396
<COMMON-STOCK-DIVIDENDS> 24,613
<TOTAL-INTEREST-ON-BONDS> 13,657
<CASH-FLOW-OPERATIONS> 99,635
<EPS-BASIC> 1.15
<EPS-DILUTED> 1.15
<FN>
<F1>Operating expenses exclude income taxes of $15,473.
<F2>Operating income is before income taxes of $15,473.
<F3>Income before interest expense is before income taxes of
$15,473.
<F4>Net income includes minority interest of $(466).
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT EXHIBIT 27.4
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE SEPTEMBER 30, 1997 FINANCIAL STATEMENTS OF WPS RESOURCES
CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. CERTAIN ADJUSTMENTS HAVE BEEN MADE TO THE
PRIOR PERIOD AMOUNTS AS PART OF THE RESTATEMENT TO REFLECT THE
POOLING OF INTERESTS TRANSACTION.
</LEGEND>
<RESTATED>
<CIK> 0000916863
<NAME> WPS RESOURCES CORPORATION
<SUBSIDIARY>
<NUMBER> 1
<NAME> WISCONSIN PUBLIC SERVICE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 994,184
<OTHER-PROPERTY-AND-INVEST> 28,057
<TOTAL-CURRENT-ASSETS> 174,044
<TOTAL-DEFERRED-CHARGES> 83,220
<OTHER-ASSETS> 119,834
<TOTAL-ASSETS> 1,399,339
<COMMON> 26,551
<CAPITAL-SURPLUS-PAID-IN> 163,496
<RETAINED-EARNINGS> 327,220
<TOTAL-COMMON-STOCKHOLDERS-EQ> 517,267
445
51,200
<LONG-TERM-DEBT-NET> 348,525
<SHORT-TERM-NOTES> 19,600
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 19,230
<LONG-TERM-DEBT-CURRENT-PORT> 253
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 442,819
<TOT-CAPITALIZATION-AND-LIAB> 1,399,339
<GROSS-OPERATING-REVENUE> 682,862
<INCOME-TAX-EXPENSE> 23,854
<OTHER-OPERATING-EXPENSES> 600,303
<TOTAL-OPERATING-EXPENSES> 600,303<F1>
<OPERATING-INCOME-LOSS> 82,559<F2>
<OTHER-INCOME-NET> 8,720
<INCOME-BEFORE-INTEREST-EXPEN> 91,279<F3>
<TOTAL-INTEREST-EXPENSE> 22,532
<NET-INCOME> 45,502<F4>
2,350
<EARNINGS-AVAILABLE-FOR-COMM> 43,152
<COMMON-STOCK-DIVIDENDS> 37,159
<TOTAL-INTEREST-ON-BONDS> 22,904
<CASH-FLOW-OPERATIONS> 120,852
<EPS-BASIC> 1.63
<EPS-DILUTED> 1.63
<FN>
<F1>Operating expenses exclude income taxes of $23,854.
<F2>Operating income is before income taxes of $23,854.
<F3>Income before interest expense is before income taxes of
$23,854.
<F4>Net income includes minority interest of $(609).
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT EXHIBIT 27.5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE DECEMBER 31, 1997 FINANCIAL STATEMENTS OF WPS RESOURCES
CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. CERTAIN ADJUSTMENTS HAVE BEEN MADE TO THE
PRIOR PERIOD AMOUNTS AS PART OF THE RESTATEMENT TO REFLECT THE
POOLING OF INTERESTS TRANSACTION.
</LEGEND>
<RESTATED>
<CIK> 0000916863
<NAME> WPS RESOURCES CORPORATION
<SUBSIDIARY>
<NUMBER> 1
<NAME> WISCONSIN PUBLIC SERVICE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 988,820
<OTHER-PROPERTY-AND-INVEST> 28,188
<TOTAL-CURRENT-ASSETS> 213,453
<TOTAL-DEFERRED-CHARGES> 79,849
<OTHER-ASSETS> 125,494
<TOTAL-ASSETS> 1,435,804
<COMMON> 26,551
<CAPITAL-SURPLUS-PAID-IN> 163,454
<RETAINED-EARNINGS> 328,759
<TOTAL-COMMON-STOCKHOLDERS-EQ> 518,764
445
51,200
<LONG-TERM-DEBT-NET> 347,015
<SHORT-TERM-NOTES> 19,500
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 20,706
<LONG-TERM-DEBT-CURRENT-PORT> 260
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 477,914
<TOT-CAPITALIZATION-AND-LIAB> 1,435,804
<GROSS-OPERATING-REVENUE> 935,837
<INCOME-TAX-EXPENSE> 31,106
<OTHER-OPERATING-EXPENSES> 827,676
<TOTAL-OPERATING-EXPENSES> 827,676<F1>
<OPERATING-INCOME-LOSS> 108,161<F2>
<OTHER-INCOME-NET> 12,106
<INCOME-BEFORE-INTEREST-EXPEN> 120,267<F3>
<TOTAL-INTEREST-EXPENSE> 31,016
<NET-INCOME> 58,942<F4>
3,133
<EARNINGS-AVAILABLE-FOR-COMM> 55,809
<COMMON-STOCK-DIVIDENDS> 49,698
<TOTAL-INTEREST-ON-BONDS> 26,669
<CASH-FLOW-OPERATIONS> 149,533
<EPS-BASIC> 2.10
<EPS-DILUTED> 2.10
<FN>
<F1>Operating expenses exclude income taxes of $31,106.
<F2>Operating income is before income taxes of $31,106.
<F3>Income before interest expense is before income taxes of
$31,106.
<F4>Net income includes minority interest of $(797).
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT EXHIBIT 27.6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE MARCH 31, 1998 FINANCIAL STATEMENTS OF WPS RESOURCES
CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. CERTAIN ADJUSTMENTS HAVE BEEN MADE TO THE
PRIOR PERIOD AMOUNTS AS PART OF THE RESTATEMENT TO REFLECT THE
POOLING OF INTERESTS TRANSACTION.
</LEGEND>
<RESTATED>
<CIK> 0000916863
<NAME> WPS RESOURCES CORPORATION
<SUBSIDIARY>
<NUMBER> 1
<NAME> WISCONSIN PUBLIC SERVICE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 981,033
<OTHER-PROPERTY-AND-INVEST> 30,791
<TOTAL-CURRENT-ASSETS> 221,468
<TOTAL-DEFERRED-CHARGES> 77,991
<OTHER-ASSETS> 130,246
<TOTAL-ASSETS> 1,441,529
<COMMON> 26,551
<CAPITAL-SURPLUS-PAID-IN> 163,454
<RETAINED-EARNINGS> 333,801
<TOTAL-COMMON-STOCKHOLDERS-EQ> 523,806
445
51,200
<LONG-TERM-DEBT-NET> 347,468
<SHORT-TERM-NOTES> 20,511
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 11,600
<LONG-TERM-DEBT-CURRENT-PORT> 260
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 486,239
<TOT-CAPITALIZATION-AND-LIAB> 1,441,529
<GROSS-OPERATING-REVENUE> 291,226
<INCOME-TAX-EXPENSE> 10,119
<OTHER-OPERATING-EXPENSES> 257,723
<TOTAL-OPERATING-EXPENSES> 257,723<F1>
<OPERATING-INCOME-LOSS> 33,503<F2>
<OTHER-INCOME-NET> 2,460
<INCOME-BEFORE-INTEREST-EXPEN> 35,963<F3>
<TOTAL-INTEREST-EXPENSE> 7,321
<NET-INCOME> 18,735<F4>
783
<EARNINGS-AVAILABLE-FOR-COMM> 17,952
<COMMON-STOCK-DIVIDENDS> 12,539
<TOTAL-INTEREST-ON-BONDS> 9,103
<CASH-FLOW-OPERATIONS> 53,678
<EPS-BASIC> 0.68
<EPS-DILUTED> 0.68
<FN>
<F1>Operating expenses exclude income taxes of $10,119.
<F2>Operating income is before income taxes of $10,119.
<F3>Income before interest expense is before income taxes of
$10,119.
<F4>Net income includes minority interest of $(212).
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT EXHIBIT 27.7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE JUNE 30, 1998 FINANCIAL STATEMENTS OF WPS RESOURCES
CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. CERTAIN ADJUSTMENTS HAVE BEEN MADE TO THE
PRIOR PERIOD AMOUNTS AS PART OF THE RESTATEMENT TO REFLECT THE
POOLING OF INTERESTS TRANSACTION.
</LEGEND>
<RESTATED>
<CIK> 0000916863
<NAME> WPS RESOURCES CORPORATION
<SUBSIDIARY>
<NUMBER> 1
<NAME> WISCONSIN PUBLIC SERVICE CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 982,324
<OTHER-PROPERTY-AND-INVEST> 37,563
<TOTAL-CURRENT-ASSETS> 245,637
<TOTAL-DEFERRED-CHARGES> 73,687
<OTHER-ASSETS> 135,100
<TOTAL-ASSETS> 1,474,311
<COMMON> 26,551
<CAPITAL-SURPLUS-PAID-IN> 163,438
<RETAINED-EARNINGS> 333,972
<TOTAL-COMMON-STOCKHOLDERS-EQ> 523,961
398
51,200
<LONG-TERM-DEBT-NET> 294,795
<SHORT-TERM-NOTES> 71,761
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 55,668
<LONG-TERM-DEBT-CURRENT-PORT> 277
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 476,251
<TOT-CAPITALIZATION-AND-LIAB> 1,474,311
<GROSS-OPERATING-REVENUE> 523,280
<INCOME-TAX-EXPENSE> 15,019
<OTHER-OPERATING-EXPENSES> 468,147
<TOTAL-OPERATING-EXPENSES> 468,147<F1>
<OPERATING-INCOME-LOSS> 55,133<F2>
<OTHER-INCOME-NET> 4,292
<INCOME-BEFORE-INTEREST-EXPEN> 59,425<F3>
<TOTAL-INTEREST-EXPENSE> 14,637
<NET-INCOME> 29,984<F4>
1,567
<EARNINGS-AVAILABLE-FOR-COMM> 28,417
<COMMON-STOCK-DIVIDENDS> 25,078
<TOTAL-INTEREST-ON-BONDS> 13,586
<CASH-FLOW-OPERATIONS> 87,676
<EPS-BASIC> 1.07
<EPS-DILUTED> 1.07
<FN>
<F1>Operating expenses exclude income taxes of $15,019.
<F2>Operating income is before income taxes of $15,019.
<F3>Income before interest expense is before income taxes of
$15,019.
<F4>Net income includes minority interest of $(215).
</FN>
</TABLE>
