<PAGE> 1
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 March 31, 2000
---------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period _____ to _____
Commission File Number 1-5007
TAMPA ELECTRIC COMPANY
------------------------------------------------------
(Exact name of registrant as specified in its charter)
FLORIDA 59-0475140
- ------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
702 N. FRANKLIN STREET, TAMPA, FLORIDA 33602
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (813) 228-4111
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of 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 [ ]
Number of shares outstanding of each of the issuer's classes of common stock, as
of the latest practicable date (April 30, 2000):
Common Stock, Without Par Value 10
The registrant meets the conditions set forth in General Instruction (H)(1)(a)
and (b) of Form 10-Q and is therefore filing this form with the reduced
disclosure format.
Index to Exhibits Appears on Page 12
Page 1 of 13
<PAGE> 2
FORM 10-Q
PART I. FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
In the opinion of management, the unaudited condensed consolidated
financial statements include all adjustments which are of a recurring nature and
necessary to present fairly the results for the three-month periods ended March
31, 2000 and 1999. Reference should be made to the explanatory notes affecting
the income and balance sheet accounts contained in Tampa Electric Company's
Annual Report on Form 10-K for the year ended Dec. 31, 1999 and to the notes on
page 6 of this report.
2
<PAGE> 3
FORM 10-Q
CONSOLIDATED BALANCE SHEETS
(in millions)
<TABLE>
<CAPTION>
MARCH 31, DEC. 31,
2000 1999
UNAUDITED AUDITED
--------- --------
<S> <C> <C>
ASSETS
PROPERTY, PLANT AND EQUIPMENT, AT ORIGINAL COST
Utility plant in service
Electric $3,898.1 $3,892.1
Gas 609.7 590.0
Construction work in progress 124.0 81.6
-------- --------
4,631.8 4,563.7
Accumulated depreciation (1,844.0) (1,818.7)
-------- --------
2,787.8 2,745.0
Other property 7.8 7.9
-------- --------
2,795.6 2,752.9
-------- --------
CURRENT ASSETS
Cash and cash equivalents 0.3 26.1
Receivables, less allowance for uncollectibles 139.4 147.1
Inventories, at average cost
Fuel 89.7 73.2
Materials and supplies 50.7 49.0
Prepayments 11.4 10.9
-------- --------
291.5 306.3
-------- --------
DEFERRED DEBITS
Unamortized debt expense 13.7 14.2
Deferred income taxes 123.1 121.6
Regulatory asset - tax related 42.3 42.9
Other 70.2 84.6
-------- --------
249.3 263.3
-------- --------
$3,336.4 $3,322.5
======== ========
LIABILITIES AND CAPITAL
CAPITAL
Common stock $1,126.1 $1,043.1
Retained earnings 291.2 283.9
-------- --------
1,417.3 1,327.0
LONG-TERM DEBT, LESS AMOUNT DUE WITHIN ONE YEAR 689.9 690.3
-------- --------
2,107.2 2,017.3
-------- --------
CURRENT LIABILITIES
Long-term debt due within one year 84.8 84.8
Notes payable 164.2 271.2
Accounts payable 146.5 163.8
Customer deposits 80.4 79.9
Interest accrued 27.0 12.9
Taxes accrued 65.1 30.9
-------- --------
568.0 643.5
-------- --------
DEFERRED CREDITS
Deferred income taxes 458.5 458.3
Investment tax credits 39.3 40.5
Regulatory liability-tax related 54.3 56.1
Other 109.1 106.8
-------- --------
661.2 661.7
-------- --------
$3,336.4 $3,322.5
======== ========
</TABLE>
The accompanying notes are an integral part of the
consolidated financial statements.
3
<PAGE> 4
FORM 10-Q
CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
(MILLIONS)
FOR THE THREE MONTHS ENDED MARCH 31, 2000 1999
------ ------
REVENUES
Electric $292.4 $260.9
Gas 86.6 71.1
------ ------
379.0 332.0
------ ------
OPERATING EXPENSES
Operation
Fuel 79.5 67.5
Purchased power 25.8 20.4
Natural gas sold 40.7 29.3
Other 55.3 52.9
Maintenance 26.7 19.6
Depreciation 45.1 42.7
Taxes-Federal and state income 21.2 20.4
Taxes-Other than income 30.8 29.7
------ ------
325.1 282.5
------ ------
OPERATING INCOME 53.9 49.5
OTHER INCOME (EXPENSE) 0.4 0.6
------ ------
INCOME BEFORE INTEREST CHARGES 54.3 50.1
------ ------
INTEREST CHARGES
Interest on long-term debt 12.9 12.7
Other interest 4.3 2.8
------ ------
17.2 15.5
------ ------
NET INCOME $ 37.1 $ 34.6
====== ======
The accompanying notes are an integral part of the
consolidated financial statements.
4
<PAGE> 5
FORM 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(MILLIONS)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED MARCH 31, 2000 1999
------ ------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 37.1 $ 34.6
Adjustments to reconcile net income to net cash
Depreciation 45.1 42.7
Deferred income taxes (2.0) 1.1
Investment tax credits, net (1.1) (1.1)
Allowance for funds used during construction (0.5) --
Deferred revenue -- 1.4
Deferred recovery clause 3.5 2.0
Receivables, less allowance for uncollectibles 7.7 12.9
Inventories (18.2) (20.7)
Taxes accrued 34.1 37.3
Interest accrued 14.1 9.0
Accounts payable (17.3) (47.1)
Other 13.2 5.1
------ ------
115.7 77.2
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (88.2) (60.2)
Allowance for funds used during construction 0.5 --
------ ------
(87.7) (60.2)
------ ------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from contributed capital from parent 83.0 8.0
Repayment of long-term debt -- (0.3)
Net increase (decrease) in short-term debt (107.0) 12.2
Dividends (29.8) (36.8)
------ ------
(53.8) (16.9)
------ ------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (25.8) 0.1
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 26.1 0.8
------ ------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 0.3 $ 0.9
====== ======
</TABLE>
The accompanying notes are an integral part of the
consolidated financial statements.
5
<PAGE> 6
FORM 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A. Tampa Electric Company (the company) is a wholly owned
subsidiary of TECO Energy, Inc.
B. The company has made certain commitments in connection with
its continuing construction program. Total construction expenditures
during 2000 are estimated to be $234 million for its electric division
(referred to as Tampa Electric) and $66 million for its natural gas
division (referred to as Peoples Gas System).
Tampa Electric Company is a potentially responsible party for
certain superfund sites and, through its Peoples Gas System division,
for certain former manufactured gas plant sites. While the joint and
several liability associated with these sites presents the potential
for significant response costs, the company estimates its ultimate
financial liability at approximately $20 million over the next 10
years. The environmental remediation costs associated with these sites
are not expected to have a significant impact on customer prices.
C. Revenues in the first quarter of 1999 reflected the
deferral for refund of $1.4 million of electric revenues at Tampa
Electric. These deferred revenues resulted from Tampa Electric's
regulatory agreement that ended on Dec. 31, 1999. Tampa Electric
expects the Florida Public Service Commission (FPSC) staff to closely
monitor the company's achieved return on equity during 2000, but not to
require Tampa Electric to negotiate a new regulatory plan. The Florida
Industrial Power Users Group (FIPUG) protested the FPSC decisions for
Tampa Electric's 1997 and 1998 earnings under the deferred revenue
stipulation, including the FPSC decision to cap the company's equity
ratio at 58.7-percent. A hearing is scheduled for August 2000.
D. CONTRIBUTION BY OPERATING DIVISION
(millions)
<TABLE>
<CAPTION>
OPERATING NET
REVENUES INCOME INCOME
-------- --------- ------
<S> <C> <C> <C>
THREE MONTHS ENDED MARCH 31, 2000
Electric division (1) (2) $292.6 $ 42.4 $ 28.6
Peoples Gas System (3) 86.6 11.5 8.5
------ ------ ------
379.2 53.9 37.1
Other and eliminations (0.2) -- --
------ ------ ------
Tampa Electric Company $379.0 $ 53.9 $ 37.1
====== ====== ======
THREE MONTHS ENDED MARCH 31, 1999
Electric division (1) (2) $260.9 $ 39.5 $ 27.3
Peoples Gas System (3) 71.1 10.0 7.3
------ ------ ------
332.0 49.5 34.6
Other and eliminations -- -- --
------ ------ ------
Tampa Electric Company $332.0 $ 49.5 $ 34.6
====== ====== ======
</TABLE>
(1) Operating income is net of income tax expense of $15.9 million in
2000 and $15.7 million in 1999.
(2) The electric division deferred revenues of $1.4 million in 1999 for
refund to customers. (See Note C above.)
(3) Operating income is net of income tax expense of $5.3 million in
2000 and $4.7 million in 1999.
E. On Feb. 29, 2000, Tampa Electric Company, the U.S.
Environmental Protection Agency and the U.S. Department of Justice
announced they had resolved the federal agencies' pending enforcement
actions filed last year against Tampa Electric. The resolution, which
was in the form of a consent decree, resulted in full and final
settlement of the November 1999 federal litigation and Notice of
Violation (NOV) alleging violations of the New Source Review (NSR)
requirements of the Clean Air Act. Since no comments were received
during the public comment period, the Consent Decree is expected to
become effective shortly.
6
<PAGE> 7
FORM 10-Q
ITEM 2. MANAGEMENT'S NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS
This Quarterly Report on Form 10-Q contains forward-looking statements
which are subject to the inherent uncertainties in predicting future results and
conditions. Certain factors that could cause actual results to differ materially
from those projected in these forward-looking statements include the following:
general economic conditions, particularly those in Tampa Electric's service area
affecting energy sales; weather variations affecting energy sales and operating
costs; potential competitive changes in the electric and gas industries,
particularly in the area of retail competition; regulatory actions affecting
Tampa Electric and Peoples Gas System; commodity price changes affecting the
competitive positions of Tampa Electric and Peoples Gas System; and changes in
and compliance with environmental regulations that may impose additional costs
or curtail some activities. These factors are discussed more fully under
"Investments Considerations" in TECO Energy's Annual Report on Form 10-K for the
year ended Dec. 31, 1999, and reference is made thereto.
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000:
Tampa Electric Company's net income for the quarter ended March 31,
2000 was $37.1 million, up from $34.6 million for the three-month period ended
March 31, 1999. The 7 percent increase over last year's net income reflects
revenue growth at Tampa Electric and Peoples Gas System. Consolidated operating
income from continuing operations was $53.9 million compared with last year's
operating income of $49.5 million.
TAMPA ELECTRIC COMPANY - ELECTRIC DIVISION (TAMPA ELECTRIC)
Tampa Electric's net income for the quarter increased approximately 5
percent, reflecting 8 percent higher retail energy volumes, which were partially
offset by higher expenses. Total energy sales volumes were higher due to
customer growth of 2.8 percent and the favorable impact of slightly cooler
weather, offset by slightly lower pricing. Expenses were higher due to the
anticipated expiration of U.S. Department of Energy funding related to the Polk
Power Station and the scheduling of outages. A summary of the operating
statistics for the three-months ended March 31, 2000 and 1999 is below:
<TABLE>
<CAPTION>
OPERATING REVENUES KILOWATT-HOUR SALES
-------------------------------- --------------------------------
(in millions) 2000 1999 CHANGE 2000 1999 CHANGE
------ ------ ------ ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Residential $131.8 $120.3 9.5% 1,592.3 1,474.1 8.0%
Commercial 82.7 77.9 6.1% 1,225.4 1,189.6 3.0%
Industrial - Phosphate 14.2 11.1 28.4% 334.8 292.4 14.5%
Industrial - Other 14.4 13.3 8.7% 258.9 245.9 5.3%
Other sales of electricity 21.4 20.1 6.4% 302.3 292.4 3.4%
Deferred and other revenues (2.0) (4.6) -56.5% -- -- --
------ ------ ------- -------
262.5 238.1 10.2% 3,713.7 3,494.4 6.3%
Sales for resale 22.1 15.8 40.0% 514.8 349.9 47.1%
Other operating revenue 8.0 7.0 14.8% -- -- --
------ ------ ------- -------
$292.6 $260.9 12.2% 4,228.5 3,844.3 10.0%
====== ====== ======= =======
Average customers 556.3 540.9 2.8%
====== ======
</TABLE>
7
<PAGE> 8
FORM 10-Q
TAMPA ELECTRIC - NATURAL GAS DIVISION (PEOPLES GAS SYSTEM)
Net income at Peoples Gas System (PGS) increased more than 16 percent
to $8.5 million for the quarter ended March 31, 2000 compared with $7.3 million
for the same period last year. The increase was driven by customer growth of 3.5
percent along with the favorable impact of slightly cooler weather. Natural gas
volumes were higher in the first quarter than for the same period last year,
with residential volumes up more than 19 percent and commercial volumes up more
than 13 percent. Operating expenses and depreciation were higher, primarily
reflecting growth, including the addition of PGS' Southwest Florida expansion. A
summary of the operating statistics for the three-months ended March 31, 2000
and 1999 is below:
<TABLE>
<CAPTION>
(in millions) OPERATING REVENUES THERMS
------------------------------- ------------------------------
2000 1999 CHANGE 2000 1999 CHANGE
----- ----- ------ ----- ----- ------
<S> <C> <C> <C> <C> <C> <C>
BY CUSTOMER SEGMENT:
Residential $25.4 $19.1 33.3% 23.9 20.0 19.4%
Commercial 38.4 36.8 4.1% 84.4 74.4 13.3%
Industrial 12.7 4.4 185.2% 110.3 79.3 39.1%
Power generation 2.5 2.5 1.0% 102.4 86.4 18.6%
Other revenues 7.6 8.3 -7.8% -- -- --
----- ----- ----- -----
$86.6 $71.1 21.8% 321.0 260.1 23.4%
===== ===== ===== =====
BY SALES TYPE:
System supply $66.1 $54.8 20.5% 103.9 86.2 20.5%
Transportation 12.9 8.0 61.4% 217.1 173.9 24.8%
Other revenues 7.6 8.3 -7.8% -- -- --
----- ----- ----- -----
$86.6 $71.1 21.8% 321.0 260.1 23.4%
===== ===== ===== =====
Average customers 258.6 247.8 4.3%
===== =====
</TABLE>
The franchise agreement between the City of Lakeland and PGS expired
on March 12, 2000 but negotiations are ongoing for a renewed franchise
agreement. Normal operations in Lakeland have continued under the terms of the
expired agreement. Lakeland provided approximately $2 million of PGS' annual
operating revenues in 1999.
OTHER
Allowance for funds used during construction (AFUDC) was $0.3 million
for the three-months ended March 31, 2000; no AFUDC was recorded for the same
period in 1999. AFUDC is expected to increase over the next several years
reflecting Tampa Electric's generation expansion activities.
Interest charges were $17.2 million for the three-months ended March
31, 2000 compared to $15.5 million for the same period in 1999. Financing costs
increased in the first quarter reflecting higher borrowing levels and higher
interest rates.
YEAR 2000 COMPUTER SYSTEMS
The company has encountered no significant problems related to the
Year 2000 issue, and all computer systems are performing as expected to date.
The company does not anticipate any significant additional costs related to
this issue.
8
<PAGE> 9
FORM 10-Q
ACCOUNTING STANDARDS
ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING
In 1998, the FASB issued FAS 133, Accounting for Derivative Instruments
and Hedging. This standard is effective for fiscal years beginning after June
15, 2000. The new standard, as amended, requires an entity to recognize
derivatives as either assets or liabilities in the financial statements, to
measure those instruments at fair value and to reflect the changes in fair value
of those instruments as either components of comprehensive income or in net
income, depending on the types of those instruments.
In preparation for adoption of this Statement effective Jan. 1, 2001,
the company has completed an analysis of the information required by FAS 133.
From time to time, Tampa Electric has entered into futures, swaps and options
contracts to limit exposure to gas price increases at both the regulated natural
gas utility, and to moderate its exposure to interest rate changes. The benefits
of these arrangements are at risk only in the event of non-performance by the
other party to the agreement, which the company does not anticipate. At this
point, the company does not anticipate that the adoption of FAS 133 will
significantly impact its financial statements since any activity in derivatives
has been relatively minimal and short-term in duration. Management will continue
to evaluate all current and possible future uses of derivatives, including their
effectiveness for hedging treatment, and to apply procedures and methods for
valuing them.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
Tampa Electric Company is exposed to changes in interest rates
primarily as a result of its borrowing activities. A hypothetical 10-percent
increase in Tampa Electric Company's weighted average interest rate on its
variable rate debt would not have a significant impact on Tampa Electric
Company's pretax earnings over the next fiscal year.
A hypothetical 10-percent decrease in interest rates would not have a
significant impact on the estimated fair value of Tampa Electric Company's
long-term debt at March 31, 2000.
Based on policies and procedures approved by the Board of Directors,
from time to time Tampa Electric Company may enter into futures, swaps and
option contracts to moderate exposure to interest rate changes.
Commodity Price Risk
Currently, at Tampa Electric and Peoples Gas System, commodity price
increases due to changes in market conditions for fuel, purchased power and
natural gas are recovered through cost recovery clauses, with no effect on
earnings.
From time to time, Tampa Electric and Peoples Gas System, may enter
into futures, swaps and options contracts to limit exposure to gas price
increases at both the regulated natural gas utility.
Tampa Electric Company does not use derivatives or other financial
products for speculative purposes.
9
<PAGE> 10
FORM 10-Q
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
12 Ratio of earnings to fixed charges
27 Financial data schedule - three months ended March 31, 2000.
(EDGAR filing only)
(b) Reports on Form 8-K
The registrant filed a Current Report on Form 8-K dated Feb. 29,
2000, reporting under "Item 5. Other Events" announcing Tampa
Electric Company's agreement with the U.S. Environmental
Protection Agency and the U.S. Department of Justice to resolve
the federal agencies' pending enforcement actions against the
Tampa Electric Company.
10
<PAGE> 11
FORM 10-Q
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.
TAMPA ELECTRIC COMPANY
(Registrant)
Date: May 12, 2000 *By: /s/ G. L. GILLETTE
----------------------------
G. L. GILLETTE
Vice President - Finance
and Chief Financial Officer
(Principal Financial Officer)
11
<PAGE> 12
FORM 10-Q
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION OF EXHIBITS PAGE NO.
12 Ratio of earnings to fixed charges 13
27 Financial data schedule - three months ended
March 31, 2000. (EDGAR filing only) --
12
<PAGE> 1
EXHIBIT 12
TAMPA ELECTRIC COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the company's ratio of earnings to fixed
charges for the periods indicated.
<TABLE>
<CAPTION>
THREE MONTHS TWELVE MONTHS YEAR ENDED DECEMBER 31,
ENDED ENDED -------------------------------------------------
MARCH 31, 2000 MARCH 31, 2000 1999 1998 1997 1996(4) 1995(4)
-------------- -------------- -------- -------- ----- ------- -------
<S> <C> <C> <C> <C> <C> <C>
4.21x 3.79x (1) 3.82x(2) 4.51x(3) 4.38x 4.40x 4.28x
</TABLE>
For the purposes of calculating these ratios, earnings consist of
income before income taxes and fixed charges. Fixed charges consist of interest
on indebtedness, amortization of debt premium, the interest component of rentals
and preferred stock dividend requirements.
- ------------------
(1) Includes the effect of non-recurring pretax charges totaling $18.3
million recorded in the third and fourth quarters of 1999. Charges
consisted of the following: $10.5 million recorded based on FPSC audits
of its 1997 and 1998 earnings which limited its equity ratio to 58.7
percent; $3.5 million to resolve litigation filed by the U.S.
Environmental Protection Agency; and $4.3 million for corporate income
tax settlements related to prior years' tax returns. The effect of
these charges was to reduce the ratio of earnings to fixed charges. Had
these charges been excluded from the calculation, the ratio of earning
to fixed charges would have been 4.56x for the twelve-months ended
March 31, 2000.
(2) Includes the effect of one-time, pretax charges totaling $18.3 million
described in (1) above. The effect of these charges was to reduce the
ratio of earnings to fixed charges. Had these charges been excluded
from the calculation, the ratio of earnings to fixed charges would have
been 4.61x for the year ended Dec. 31, 1999.
(3) Includes the effect of one-time, pretax charges totaling $16.9 million.
The effect of these charges was to reduce the ratio of earnings to
fixed charges. Had these charges been excluded from the calculation,
the ratio of earnings to fixed charges would have been 4.66x for the
year ended Dec. 31, 1998.
(4) Amounts have been restated to reflect the merger of Peoples Gas System,
Inc., with and into Tampa Electric Company.
13
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TAMPA
ELECTRIC COMPANY BALANCE SHEETS, STATEMENTS OF INCOME AND STATEMENTS OF CASH
FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000096271
<NAME> TAMPA ELECTRIC COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,788
<OTHER-PROPERTY-AND-INVEST> 8
<TOTAL-CURRENT-ASSETS> 291
<TOTAL-DEFERRED-CHARGES> 249
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 3,336
<COMMON> 119
<CAPITAL-SURPLUS-PAID-IN> 1,007
<RETAINED-EARNINGS> 291
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,417
0
0
<LONG-TERM-DEBT-NET> 690
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 164
<LONG-TERM-DEBT-CURRENT-PORT> 85
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 980
<TOT-CAPITALIZATION-AND-LIAB> 3,336
<GROSS-OPERATING-REVENUE> 379
<INCOME-TAX-EXPENSE> 21
<OTHER-OPERATING-EXPENSES> 304
<TOTAL-OPERATING-EXPENSES> 325
<OPERATING-INCOME-LOSS> 54
<OTHER-INCOME-NET> 0
<INCOME-BEFORE-INTEREST-EXPEN> 54
<TOTAL-INTEREST-EXPENSE> 17
<NET-INCOME> 37
0
<EARNINGS-AVAILABLE-FOR-COMM> 37
<COMMON-STOCK-DIVIDENDS> 30
<TOTAL-INTEREST-ON-BONDS> 11
<CASH-FLOW-OPERATIONS> 116
<EPS-BASIC> .00
<EPS-DILUTED> .00
</TABLE>
