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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) DECEMBER 23, 1996
SOUTHWEST GAS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
CALIFORNIA 1-7850 88-0085720
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
5241 SPRING MOUNTAIN ROAD
POST OFFICE BOX 98510
LAS VEGAS, NEVADA 89193-8510
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (702) 876-7237
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ITEM 5. OTHER EVENTS
The following table sets forth the ratios of earnings to fixed charges for
(a) the continuing operations of Southwest Gas Corporation (the Company) and
(b) the continuing operations of the Company adjusted for interest allocated
to the discontinued operations of PriMerit Bank.
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<CAPTION>
FOR THE TWELVE FOR THE YEAR ENDED DECEMBER 31,
MONTHS ENDED ----------------------------------------
SEPTEMBER 30, 1996 1995 1994 1993 1992 1991
------------------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Ratios of earnings to fixed charges (1):
Continuing operations (2) 1.06 1.69 1.47 2.21 1.70
Adjusted for interest allocated to
discontinued operations (2) 1.05 1.61 1.40 2.03 1.61
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(1) For purposes of computing the ratios of earnings to fixed charges,
earnings are defined as the sum of pretax income from continuing operations
plus fixed charges. Fixed charges consist of all interest expense including
capitalized interest, preferred securities distributions, one-third of rent
expense (which approximates the interest component of such expense), and
amortized debt expense.
(2) For the twelve months ended September 30, 1996, pretax earnings from
continuing operations were insufficient to cover fixed charges by $784,000.
This was primarily due to the record warm temperatures experienced throughout
the Company's service areas during the 1995/1996 heating season.
ITEM 7. EXHIBITS
12.01 Computation of Ratios of Earnings to Fixed Charges.
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 hereunto duly authorized.
SOUTHWEST GAS CORPORATION
/s/ EDWARD A. JANOV
Date: December 23, 1996 -----------------------------
Edward A. Janov
Vice President/Controller and
Chief Accounting Officer
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EXHIBIT 12.01
SOUTHWEST GAS CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
<CAPTION>
FOR THE TWELVE MONTHS ENDED
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DECEMBER 31,
SEPTEMBER 30, ------------------------------------------------------------------------
CONTINUING OPERATIONS 1996 1995 1994 1993 1992 1991
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
1. Fixed charges:
A) Interest expense $ 53,712 $ 52,844 $ 48,688 $ 40,883 $ 35,533 $ 38,028
B) Amortization 1,605 1,569 1,426 1,330 1,183 1,089
C) Interest portion of rentals 5,702 4,435 4,743 4,556 4,468 4,525
D) Preferred securities distributions 5,019 913 -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total fixed charges $ 66,038 $ 59,761 $ 54,857 $ 46,769 $ 41,184 $ 43,642
============ ============ ============ ============ ============ ============
2. Earnings (as defined):
E) Pretax income (loss) from
continuing operations $ (784) $ 3,493 $ 38,119 $ 21,959 $ 49,752 $ 30,397
Fixed Charges (1. above) 66,038 59,761 54,857 46,769 41,184 43,642
------------ ------------ ------------ ------------ ------------ ------------
Total earnings as defined $ 65,254 $ 63,254 $ 92,976 $ 68,728 $ 90,936 $ 74,039
============ ============ ============ ============ ============ ============
3. Ratio of earnings to fixed charges 0.99 1.06 1.69 1.47 2.21 1.70
============ ============ ============ ============ ============ ============
FOR THE TWELVE MONTHS ENDED
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DECEMBER 31,
SEPTEMBER 30, ------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ADJUSTED FOR INTEREST ALLOCATED TO
DISCONTINUED OPERATIONS
1. Fixed charges
A) Interest expense $ 53,712 $ 52,844 $ 48,688 $ 40,883 $ 35,533 $ 38,028
B) Amortization 1,605 1,569 1,426 1,330 1,183 1,089
C) Interest portion of rentals 5,702 4,435 4,743 4,556 4,468 4,525
D) Preferred securities distributions 5,019 913 -- -- -- --
E) Allocated interest 2,409[1] 9,636 7,874 7,874 7,333 5,975
------------ ------------ ------------ ------------ ------------ ------------
Total fixed charges $ 68,447 $ 69,397 $ 62,731 $ 54,643 $ 48,517 $ 49,617
============ ============ ============ ============ ============ ============
2. Earnings (as defined):
F) Pretax income (loss) from
continuing operations $ (784) $ 3,493 $ 38,119 $ 21,959 $ 49,752 $ 30,397
Fixed Charges (1. above) 68,447 69,397 62,731 54,643 48,517 49,617
------------ ------------ ------------ ------------ ------------ ------------
Total earnings as defined $ 67,663 $ 72,890 $ 100,850 $ 76,602 $ 98,269 $ 80,014
============ ============ ============ ============ ============ ============
3. Ratio of earnings to fixed charges 0.99 1.05 1.61 1.40 2.03 1.61
============ ============ ============ ============ ============ ============
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[1] Represents allocated interest through the period ended December 31, 1995.
Carrying costs for the period subsequent to year end through the disposition
of the discontinued operations were accrued and recorded as disposal costs.
