-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JA2Kbu8PVsPWlNkjcBcCa/cUcNbtdaL4WToe7pSRHabwXhRUS7uRVjOaxM2PkwTo zxw8pvJG4IjZnSrgFW8SbA== 0000950144-96-004859.txt : 19960807 0000950144-96-004859.hdr.sgml : 19960807 ACCESSION NUMBER: 0000950144-96-004859 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960802 ITEM INFORMATION: Other events FILED AS OF DATE: 19960806 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED CITIES GAS CO CENTRAL INDEX KEY: 0000101105 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 361801540 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01284 FILM NUMBER: 96604260 BUSINESS ADDRESS: STREET 1: 5300 MARYLAND WAY CITY: BRENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: 6153735310 MAIL ADDRESS: STREET 1: 5300 MARYLAND WAY CITY: BRENTWOOD STATE: TN ZIP: 37027 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHEASTERN ILLINOIS GAS CO DATE OF NAME CHANGE: 19670829 8-K 1 UNITED CITIES GAS 8-K DATED AUGUST 2, 1996 1 \ SECURITIES AND EXCHANGE COMMISSION Washington, DC 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) August 2, 1996 -------------------------- United Cities Gas Company - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Illinois & Virginia 0-12841 36-1801540 - -------------------------------------------------------------------------------- (State or other (Commission File (I.R.S. Employer jurisdiction of Number) Identification No.) incorporation) 5300 Maryland Way, Brentwood, Tennessee 37027 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (615) 373-5310 -------------------------- 2 ITEM 5. OTHER EVENTS Pursuant to Instruction F to Form 8-K, the information contained in the press release filed as Exhibit 99.1, hereto is hereby incorporated by reference in answer to Item 5 of this Form 8-K. -2- 3 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. UNITED CITIES GAS COMPANY Date: August 6, 1996 By /s/ James B. Ford -------------------------------------- James B. Ford Senior Vice President and Treasurer -3- 4 EXHIBIT INDEX
EXHIBIT SEQUENTIALLY NUMBER DESCRIPTION OF EXHIBIT NUMBERED PAGE 99.1 Press release dated August 2, 1996 relating to 2nd Quarter Financial Results and Dividend Declaration
E-1 EX-99.1 2 PRESS RELEASE DATED AUGUST 2, 1996 1 Exhibit 99.1 NEWS RELEASE FOR RELEASE: CONTACT: Immediately Linda Kelley 615-373-0104 Ext. 224 UNITED CITIES REPORTS 2ND QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND BRENTWOOD, TENN.--August 2, 1996--United Cities Gas Co., (NASDAQ:UCIT), a multistate distributor of natural and propane gas, today reported a second quarter loss of $3.1 million or $.24 per share compared with $4 million or $.35 per share for the same period in 1995. United Cities reported total operating revenues for the quarter rose from $42.2 million to $60.7 million. The company traditionally reports a loss for both the second and third quarters as United Cities' revenues are primarily derived during the winter heating season. Gene C. Koonce, United Cities' chairman, president and CEO, attributed the improvement in revenues to slightly colder weather and rate increases in Tennessee, Missouri, Kansas, Iowa and Virginia. United Cities also announced that its board of directors had declared a dividend of $.255 per share for shareholders of record on August 30, 1996, payable on September 13, 1996. United Cities Gas Company distributes natural and propane gas to approximately 335,000 customers in ten states. The company is also engaged in other energy-related businesses. See Attached Financial Tables -0- [United Cities Gas Company logo] UNITED CITIES GAS COMPANY 5300 Maryland Way Brentwood, Tennessee 37027 615-373-0104 2 CONDENSED CONSOLIDATED STATEMENTS OF INCOME United Cities Gas Company & Subsidiaries
Three Months Ended Six Months Ended Twelve Months Ended June 30, June 30, June 30, (Unaudited, in thousands, except per share amounts) 1996 1995 1996 1995 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------- UTILITY OPERATING REVENUES $ 60,698 $ 42,246 $205,407 $148,252 $329,015 $256,693 Natural gas cost 39,872 24,023 133,675 85,945 206,906 148,879 - ----------------------------------------------------------------------------------------------------------------------------- UTILITY OPERATING MARGIN 20,826 18,223 71,732 62,307 122,109 107,814 - ----------------------------------------------------------------------------------------------------------------------------- OTHER UTILITY OPERATING EXPENSES: Operations and maintenance 15,097 14,524 31,347 29,764 63,410 57,423 Depreciation and amortization 3,922 3,708 8,168 7,372 15,916 14,371 Federal and state income taxes (1,862) (2,430) 6,802 4,448 6,403 3,416 Other taxes 3,148 2,978 6,618 6,397 12,521 11,579 - ----------------------------------------------------------------------------------------------------------------------------- Total other utility operating expenses 20,305 18,780 52,935 47,981 98,250 86,789 - ----------------------------------------------------------------------------------------------------------------------------- UTILITY OPERATING INCOME (LOSS) 521 (557) 18,797 14,326 23,859 21,025 OTHER UTILITY INCOME, NET OF TAX 95 215 234 173 717 37 - ----------------------------------------------------------------------------------------------------------------------------- 616 (342) 19,031 14,499 24,576 21,062 UTILITY INTEREST EXPENSE 3,466 3,470 7,208 7,208 14,299 14,587 - ----------------------------------------------------------------------------------------------------------------------------- UTILITY INCOME (LOSS) (2,850) (3,812) 11,823 7,291 10,277 6,475 OTHER INCOME (LOSS): Net income (loss) of UCG Energy Corporation (489) (304) 2,192 1,769 3,873 3,463 Net income of United Cities Gas Storage Company 227 154 396 305 831 604 - ----------------------------------------------------------------------------------------------------------------------------- COMMON STOCK EARNINGS (LOSS) $ (3,112) $ (3,962) $ 14,411 $ 9,365 $ 14,981 $ 10,542 - ----------------------------------------------------------------------------------------------------------------------------- COMMON STOCK EARNINGS (LOSS) PER SHARE $ (.24) $ (.35) $ 1.11 $ .86 $ 1.17 $ .99 - ----------------------------------------------------------------------------------------------------------------------------- AVERAGE NUMBER OF SHARES 13,053 11,197 13,007 10,937 12,819 10,700 - ----------------------------------------------------------------------------------------------------------------------------- DIVIDENDS PER SHARE $ .255 $ .255 $ .51 $ .51 $ 1.02 $ 1.015 - -----------------------------------------------------------------------------------------------------------------------------
OTHER INFORMATION - ----------------------------------------------------------------------------------------------------------------------------- Natural gas through-put (Mcf):* Residential 3,006 2,645 15,687 13,011 25,577 20,810 Commercial 2,507 2,143 9,778 8,388 16,555 13,944 Industrial 4,068 4,349 9,532 10,135 18,641 19,309 Transportation 4,383 3,865 8,741 8,148 17,777 14,811 - ----------------------------------------------------------------------------------------------------------------------------- Total natural gas through-put 13,964 13,002 43,738 39,682 78,550 68,874 - ----------------------------------------------------------------------------------------------------------------------------- Customers (average for period): Residential 277,666 266,537 277,760 267,254 271,783 263,769 Commercial 35,756 34,580 35,864 34,752 34,990 34,168 Industrial 637 656 634 656 636 654 - ----------------------------------------------------------------------------------------------------------------------------- Natural gas 314,059 301,773 314,258 302,662 307,409 298,591 Propane 26,083 23,290 25,841 23,170 24,733 22,507 - ----------------------------------------------------------------------------------------------------------------------------- Total customers 340,142 325,063 340,099 325,832 332,142 321,098 - ----------------------------------------------------------------------------------------------------------------------------- Percent colder (warmer) than normal** *** *** 7.5% (10.7)% 8.9% (14.4)% - -----------------------------------------------------------------------------------------------------------------------------
June 30, 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------- Number of common shares outstanding (in thousands) 13,103 12,548 - ----------------------------------------------------------------------------------------------------------------------------- Book value per share $12.13 $11.90 - ----------------------------------------------------------------------------------------------------------------------------- Market value per share $15.13 $15.00 - ----------------------------------------------------------------------------------------------------------------------------- Employees 1,237 1,353 - -----------------------------------------------------------------------------------------------------------------------------
* In thousands. ** Based on system weighted average. Data for 1996 is preliminary. *** Not meaningful. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements included herein are unaudited and should be read in conjunction with the Notes to Consolidated Financial Statements included in the company's 1995 Annual Report. The company's business is seasonal in nature resulting in greater earnings during the winter months. The results of operations for the three month period and six month period ended June 30, 1996, are not necessarily indicative of the results to be expected for the full year. Certain reclassifications were made conforming prior year's financial statements with 1996 financial statement presentation. 3 CONDENSED CONSOLIDATED BALANCE SHEETS United Cities Gas Company & Subsidiaries
June 30, (Unaudited, in thousands) 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------------- ASSETS UTILITY PROPERTY - NET $294,256 $273,958 NONUTILITY PROPERTY - NET 52,661 50,490 CURRENT ASSETS: Cash and temporary investments 5,391 5,420 Accounts receivable, less allowances 30,138 16,219 Materials, supplies and gas in storage 24,625 23,549 Gas costs to be billed in the future 7,837 13,134 Other current assets 2,430 2,372 - ----------------------------------------------------------------------------------------------------------------------------------- Total current assets 70,421 60,694 DEFERRED CHARGES AND OTHER ASSETS 25,842 22,063 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $443,180 $407,205 - ----------------------------------------------------------------------------------------------------------------------------------- CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stock equity $158,963 $149,345 Long-term debt 158,192 137,637 - ----------------------------------------------------------------------------------------------------------------------------------- Total capitalization 317,155 286,982 - ----------------------------------------------------------------------------------------------------------------------------------- CURRENT LIABILITIES: Current portion of long-term obligations 5,419 8,692 Notes payable 9,404 12,952 Accounts payable 25,081 20,270 Other current liabilities 41,086 39,008 - ----------------------------------------------------------------------------------------------------------------------------------- Total current liabilities 80,990 80,922 - ----------------------------------------------------------------------------------------------------------------------------------- DEFERRED CREDITS 45,035 39,301 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $443,180 $407,205 - -----------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDER NOTES - -------------------------------------------------------------------------------- STOCK LISTING NASDAQ symbol: UCIT PRICE RANGE OF COMMON STOCK The following table provides high and low trading prices for the common stock of United Cities Gas Company for the quarters indicated: QUARTER ENDED HIGH LOW CLOSE June 30, 1996 17 14 3/4 15 1/8 March 31, 1996 19 15 3/4 17 3/4 December 31, 1995 19 3/4 14 3/4 18 3/4 September 30, 1995 16 3/4 14 3/4 16 1/2 June 30, 1995 16 1/4 14 1/4 15 DIVIDENDS Quarterly dividend amounts are considered by the company's board of directors at regularly scheduled meetings held each quarter. Dividends are normally payable on the 15th day of March, June, September and December. ANNUAL DIVIDEND RATE PER SHARE 1991 $ .96 1992 $ .98 1993 $1.00 1994 $1.02 1995 $1.02 STOCK OWNERSHIP As of June 30, 1996, the company had 13,102,913 shares of common stock outstanding, owned by 8,347 holders of record in 49 states and four foreign countries. Shareholders include individuals, brokers, nominees, custodians and trustees, and institutions such as banks, insurance companies and pension funds. Some of these hold large blocks of stock on behalf of other individuals or firms. -----END PRIVACY-ENHANCED MESSAGE-----