-----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, BYqrothiP6EVQE6QIbxJwz9HkYsuvodAPUB0P/nEPP43FFaOpbgRDDPd8RrgcIMp LNq/BYyCfYC21nChciU0ew== 0000012400-99-000013.txt : 19990517 0000012400-99-000013.hdr.sgml : 19990517 ACCESSION NUMBER: 0000012400-99-000013 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACK HILLS CORP CENTRAL INDEX KEY: 0000012400 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 460111677 STATE OF INCORPORATION: SD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-07978 FILM NUMBER: 99621948 BUSINESS ADDRESS: STREET 1: 625 NINTH ST STREET 2: PO BOX 1400 CITY: RAPID CITY STATE: SD ZIP: 57709 BUSINESS PHONE: 6053481700 MAIL ADDRESS: STREET 1: P O BOX 1400 CITY: RAPID CITY STATE: SD ZIP: 57709 FORMER COMPANY: FORMER CONFORMED NAME: BLACK HILLS POWER & LIGHT CO DATE OF NAME CHANGE: 19860409 10-Q/A 1 AMENDED QUARTERLY REPORT FOR PERIOD ENDING 3/31/98 Securities and Exchange Commission Washington, D.C. 20549 Form 10Q-A X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998. OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the transition period from _______________ to _______________. Commission File Number 1-7978 Black Hills Corporation Incorporated in South Dakota IRS Identification Number 46-0111677 625 Ninth Street Rapid City, South Dakota 57709 Registrant's telephone number (605)-348-1700 Former name, former address, and former fiscal year if changed since last report NONE 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 the number of shares outstanding of each of the issuer's classes of common stock as of the last practicable date. Class Outstanding at April 30, 1998 Common stock, $1.00 par value 21,711,598 shares BLACK HILLS CORPORATION I N D E X Page Number PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets- 4-5 March 31, 1998, December 31, 1997 and March 31, 1997 Consolidated Statements of Income- 6 Three and Twelve Months Ended March 31, 1998 and 1997 Consolidated Statements of Cash Flows- 7 Three and Twelve Months Ended March 31, 1998 and 1997 Notes to Consolidated Financial Statements 8-10 Item 2. Management's Discussion and Analysis of 11-13 Financial Position and Results of Operations PART II. OTHER INFORMATION Item 1. Legal Proceedings 14 Item 6. Exhibits and Reports on Form 8-K 14 Signatures 15 TEXT OF AMENDMENT Explanatory Note: Each of the above listed Items is hereby amended by deleting the Item in its entirety and replacing it with the Items attached hereto and filed herewith. The purpose of this amendment is to amend the Company's 10-Q for the period ended March 31, 1998, (the "Original Filing") to reflect changes resulting from the Company filing its Form 10-K, for the period ended December 31, 1998 originally filed on March 9, 1999 which restated its 1998 historical financial statements. In the fourth quarter of 1998, Enserco Energy, Inc. reacquired the shares not owned by the Company resulting in 100% ownership by the Company. The Company's results of operations and financial position for the periods from January 1, 1998 to the time the Company acquired majority ownership in Enserco Energy, Inc. have been restated to reflect the consolidation of Enserco Energy. Enserco Energy's 1997 results were recorded using the equity method of accounting. Net income for the 1998 and 1997 periods did not significantly change. Any item in the Original Filing not expressly changed hereby shall be as set forth in the Original Filing. All information contained in this amendment and the Original Filing is subject to updating and supplementing as provided in the Company's periodic reports filed with the SEC subsequent to the date of such reports. BLACK HILLS CORPORATION Consolidated Balance Sheets Unaudited Unaudited March 31 December 31 March 31 1998 1997 1997 ------------- ------------ ------------- (in thousands) Assets Current assets: Cash and cash equivalents ... $ 22,433 $ 16,774 $ 17,831 Securities available for sale 19,313 13,969 15,270 Receivables, net Customers ................. 65,204 39,639 12,603 Other ..................... 3,269 3,414 2,362 Materials, supplies, and fuel 8,409 8,642 7,895 Prepaid expenses ............ 2,021 1,571 1,585 --------- --------- --------- 120,649 84,009 57,546 --------- --------- --------- Property and investments: Electric .................... 489,036 487,424 480,158 Coal mining ................. 53,039 52,804 53,388 Oil and gas ................. 53,043 52,412 46,344 Other ....................... 5,218 5,666 4,549 --------- --------- --------- 600,336 598,306 584,439 Less accumulated depreciation and depletion ................ (202,520) (197,179) (186,182) --------- --------- --------- Net property and investments 397,816 401,127 398,257 --------- --------- --------- Other assets: Federal income taxes ........ 8,020 8,061 8,013 Regulatory asset ............ 3,926 3,776 3,326 Other ....................... 11,845 11,768 4,813 --------- --------- --------- 23,791 23,605 16,152 --------- --------- --------- Total .................... $ 542,256 $ 508,741 $ 471,955 ========= ========= ========= See accompanying notes to consolidated financial statements. BLACK HILLS CORPORATION Consolidated Balance Sheets Unaudited Unaudited March 31 December 31 March 31 1998 1997 1997 ------------- ------------ ------------- (in thousands) Liabilities and Capitalization Current liabilities: Current maturities of long-term debt $ 1,330 $ 1,331 $ 1,310 Notes payable ...................... 12 23 23 Accounts payable ................... 59,893 32,622 5,207 Accrued liabilities- Taxes ............................ 13,220 8,040 12,725 Interest ......................... 3,131 3,991 2,996 Other ............................ 6,340 7,800 6,206 -------- -------- -------- 83,926 53,807 28,467 -------- -------- -------- Deferred credits: Federal income taxes ............... 53,605 53,010 49,254 Investment tax credits ............. 3,889 4,014 4,390 Reclamation costs .................. 16,840 16,664 16,446 Regulatory liability ............... 6,028 6,152 6,568 Other .............................. 6,480 6,331 5,897 -------- -------- -------- 86,842 86,171 82,555 -------- -------- -------- Capitalization: Common stock equity- Common stock ..................... 21,712 21,705 14,457 Additional paid-in capital ......................... 40,143 39,995 46,973 Retained earnings ................ 146,799 143,703 135,339 -------- -------- -------- Total common stock equity .......... 208,654 205,403 196,769 Long-term debt ..................... 162,834 163,360 164,164 -------- -------- -------- 371,488 368,763 360,933 -------- -------- -------- Total ......................... $542,256 $508,741 $471,955 ======== ======== ======== See accompanying notes to consolidated financial statements. BLACK HILLS CORPORATION Consolidated Statements of Income (unaudited)
Three Months Twelve Months March 31 March 31 1998 1997 1998 1997 --------- --------- --------- --------- (in thousands, except per share amounts) Operating revenues: Electric .................................... $ 31,990 $ 32,034 $ 126,452 $ 120,447 Coal mining ................................. 7,924 8,125 30,878 31,372 Oil and gas ................................. 3,186 3,719 12,762 13,543 Energy marketing ............................ 110,737 -- 253,528 -- --------- --------- --------- --------- 153,837 43,878 423,620 165,362 --------- --------- --------- --------- Operating expenses: Fuel and purchased power .................... 118,229 9,466 286,072 34,846 Operations and maintenance .................. 8,244 7,431 32,423 30,432 Administrative and general .................. 3,110 2,476 12,662 8,872 Depreciation, depletion, and amortization ... 6,145 5,579 22,857 22,967 Taxes, other than income taxes .............. 3,234 3,298 11,922 12,599 --------- --------- --------- --------- 138,962 28,250 365,936 109,716 --------- --------- --------- --------- Operating income (loss): Electric .................................... 12,315 11,208 45,718 39,711 Coal mining ................................. 3,197 3,430 11,984 12,359 Oil and gas ................................. 272 1,068 2,110 3,761 Energy marketing and others ................. (909) (78) (2,128) (185) --------- --------- --------- --------- 14,875 15,628 57,684 55,646 --------- --------- --------- --------- Other income and (expense): Interest expense ............................ (3,624) (3,479) (14,268) (13,954) Investment income ........................... 604 369 2,371 1,507 Allowance for funds used during construction 29 65 151 299 Other, net .................................. 353 (106) 505 1,220 --------- --------- --------- --------- (2,638) (3,151) (11,241) (10,928) --------- --------- --------- --------- Income before income taxes .................... 12,237 12,477 46,443 44,718 Income taxes .................................. (3,693) (3,891) (14,127) (13,880) --------- --------- --------- --------- Net income available for common stock ....... $ 8,544 $ 8,586 $ 32,316 $ 30,838 ========= ========= ========= ========= Earnings per share - basic and diluted ........ $ 0.39 $ 0.40 $ 1.49 $ 1.42 ========= ========= ========= ========= Weighted average common shares outstanding ... 21,712 21,681 21,699 21,669 ========= ========= ========= ========= Dividends paid per share of common stock ..... $ 0.25 $ 0.24 $ 0.96 $ 0.93 ========= ========= ========= =========
See accompanying notes to consolidated financial statements. BLACK HILLS CORPORATION Consolidated Statements of Cash Flows (unaudited)
Three Months Twelve Months March 31 March 31 1998 1997 1998 1997 -------- -------- -------- -------- (in thousands) Operating activities: Net Income .................................................... $ 8,544 $ 8,586 $ 32,316 $ 30,838 Principal non-cash items- Depreciation, depletion, and amortization .................... 6,145 5,579 22,857 22,967 Deferred income taxes and investment tax credits ............. 245 583 1,881 1,632 Allowance for other funds used during construction .................................... (18) (36) (81) (151) (Increase) decrease in receivables, inventories, and other current assets ....................... (25,637) 1,754 (54,458) 2,210 Increase (decrease) in other current liabilities ............. 30,131 696 55,450 2,140 Other, net ................................................... 442 (179) 1,261 2,041 -------- -------- -------- -------- 19,852 16,983 59,226 61,677 -------- -------- -------- -------- Investing activities: Available for sale securities sold ............................ 3,880 2,341 19,789 35,518 Property additions, excluding allowance for other funds used during construction ..................... (3,018) (2,816) (21,597) (24,605) Available for sale securities purchased ....................... (9,224) (6,153) (23,832) (37,323) Energy marketing assets ....................................... -- -- (7,232) -- -------- -------- -------- -------- (8,362) (6,628) (32,872) (26,410) -------- -------- -------- -------- Financing activities: Dividends paid ................................................ (5,448) (5,132) (20,856) (20,083) Common stock issued ........................................... 155 139 425 470 Net short-term borrowings ..................................... (11) (120) (11) (900) Long-term debt issued ......................................... -- -- -- -- Long-term debt payments ....................................... (527) (751) (1,310) (1,313) -------- -------- -------- -------- (5,831) (5,864) (21,752) (21,826) -------- -------- -------- -------- Increase (decrease) in cash and cash equivalents ................................... 5,659 4,491 4,602 13,441 Cash and cash equivalents: Beginning of period ........................................... 16,774 13,340 17,831 4,390 -------- -------- -------- -------- End of period ................................................. $ 22,433 $ 17,831 $ 22,433 $ 17,831 ======== ======== ======== ======== Supplemental disclosure of cash flow information Cash paid during the period for: Interest ................................................... $ 4,593 $ 4,518 $ 14,133 $ 13,968 Income taxes ............................................... $ 2,000 $ -- $ 13,840 $ 12,016 Assumption of Clovis Point reclamation liability .............. $ - $ -- $ -- $ 7,957
See accompanying notes to consolidated financial statements BLACK HILLS CORPORATION Notes to Consolidated Financial Statements (Reference is made to Notes to Consolidated Financial Statements included in the Company's Annual Report and Form 10-K) (1) Management's Statement The financial statements included herein have been prepared by Black Hills Corporation (the Company) without audit, 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; however, the Company believes that the footnotes adequately disclose the information presented. These financial statements should be read in conjunction with the financial statements and the notes thereto, included in the Company's 1997 Annual Report on Form 10-K filed with the Securities and Exchange Commission. Accounting methods historically employed require certain estimates as of interim dates. The information furnished in the accompanying financial statements reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the March 31, 1998, December 31, 1997 and March 31, 1997, financial information and are of a normal recurring nature. The results of operations for the three and twelve months ended March 31, 1998, are not necessarily indicative of the results to be expected for the full year. (2) Capital Stock In January, 1998, the Board of Directors declared a 3-for-2 Common Stock Split effected in the form of a stock dividend. The stock dividend was paid March 10, 1998 to shareholders of record on February 13, 1998. The common stock share and per share information in the accompanying consolidated financial statements and notes have been restated to reflect the stock distribution. (3) Net Income Per Share The Company adopted the Financial Accounting Standards Board (FASB) Statement No. 128 "Earnings Per Share" in 1997 which requires the presentation of basic and diluted earnings per share. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each year. Diluted earnings per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options. A reconciliation of these amounts is as follows (in thousands, except per share amounts): Three MonthsEnded Twelve Months Ended March 31 March 31 1998 1997 1998 1997 ---- ---- ---- ---- Net Income ............................ $ 8,544 $ 8,586 $32,316 $30,838 ======= ======= ======= ======= Weighted average common shares outstanding: Basic ........................ 21,712 21,681 21,699 21,669 Dilutive effect of option plan . 24 7 16 4 ------- ------- ------- ------- Diluted ...................... 21,736 21,688 21,715 21,673 ======= ======= ======= ======= Earnings per share (Basic and Diluted):.. $ 0.39 $ 0.40 $ 1.49 $ 1.42 ======= ======= ======= ======= (4) Comprehensive Income The Company adopted FASB Statement No. 130, "Reporting Comprehensive Income", effective January 1, 1998. Statement No. 130 establishes standards for reporting and display of comprehensive earnings and its components in financial statements; however, the adoption of this Statement had no impact on the Company's net earnings or shareholders' equity. Statement No. 130 requires minimum pension liability adjustments, unrealized gains or losses on the Company's available-for-sale securities and foreign currency translation adjustments, which prior to adoption were reported separately in shareholders' equity, to be included in other comprehensive earnings. There were no material differences between net earnings and comprehensive earnings for any periods presented on the accompanying financial statements. (5) Accounting Pronouncements The FASB has issued two accounting pronouncements which the Company will adopt in the fourth quarter of 1998. FASB Statement No. 131 "Disclosures about Segments of an Enterprise and Related Information" requires that a publicly-held company report financial and descriptive information about its operating segments in financial statements issued to shareholders for interim and annual periods. The Statement also required additional disclosures with respect to products and services, geographic areas of operation, and major customers. The Company has historically presented segment information in the consolidated financial statements and related notes and as such does not expect adoption of the disclosures requirements of this pronouncement will have a material impact on its financial statements. FASB Statement No. 132 "Employers' Disclosures about Pensions and Other Postretirement Benefits - an amendment of FASB Statements No. 87, 88, and 106" requires revised disclosures about pension and other postretirement benefit plans. The Company does not expect that adoption of the disclosure requirements of this pronouncement will have a material impact on its financial statements. In March, 1998, the American Institute of Certified Public Accounts issued Statement of Position 98-1 ("SOP 98-1"), "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use." The Statement is effective for fiscal years beginning after December 15, 1998. Earlier application is encouraged in fiscal years for which annual financial statements have not been issued. The statement defines which costs of computer software developed or obtained for internal use are capital and which costs are expense. The Company has not yet determined when they will adopt the new Statement. The effect of adoption is not expected to materially affect the Company's financial position or result operations. (6) Restatement of Financial Statements In the fourth quarter of 1998, Enserco Energy, Inc. reacquired the shares not owned by the Company resulting in 100% ownership by the Company. The Company's results of operations and financial position for the periods from January 1, 1998 to the time the Company acquired majority ownership in Enserco Energy, Inc. have been restated to reflect the consolidation of Enserco Energy. Enserco Energy's 1997 results were recorded using the equity method of accounting. Net income for the 1998 and 1997 periods did not significantly change. (7) Reclassifications Certain 1998 and 1997 amounts in the financial statements have been reclassified to conform to the 1998 presentation in the Company's Form 10-K. These reclassifications did not have a material effect on the Company's stockholders' investment or results of operations. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity, Capital Resources, and Commitments In the past the Company has depended upon internally generated funds, issuance of short and long-term debt and sales of common stock to finance its activities. It is expected that future activities will also be financed by the most appropriate mix of these various sources of funds. The Company currently has bank lines of credit totaling $12,000,000, which provide for interim borrowings and the opportunity for timing of permanent financing. The Company had no balances outstanding under these lines of credit on March 31, 1998. There are no compensating balance requirements associated with these lines of credit. In addition to the above lines of credit, Black Hills Energy Resources, Inc. has an uncommitted demand credit facility for up to $65 million. This facility allows $50 million for a transactional line of credit and $15 million overdraft line of credit. This facility is used to support the issuance of letters of credit. At March 31, 1998, Black Hills Energy Resources has approximately $28 million of outstanding letters of credit. In addition to the above lines of credit, Wyodak Resources Development Corp. has guaranteed a $15,000,000 line of credit for Enserco Energy, Inc. to use to guarantee letters of credit. At March 31, 1998, there were no balances outstanding on this line of credit. Results of Operations Black Hills Corporation is an energy company consisting of four principal businesses: electric, coal mining, oil and gas production, and crude oil and natural gas marketing. Consolidated net income was $8,544,000 for the three months ended and $32,316,000 for the twelve months ended March 31, 1998, representing stable earnings and an increase of 5 percent, respectively. The increase in earnings for the twelve months ended March 31, 1998 was primarily due to increased sales volumes for the electric operations, resulting from sales to Montana-Dakota Utilities, Sheridan, Wyoming load, which commenced January 1, 1997, partially offset by lower oil and gas commodity prices, mild weather and weak market conditions in the areas served by the energy marketing companies. Consolidated revenues and fuel and purchased power expense increased for the three and twelve months ended March 31, 1998 primarily due to oil and natural gas purchases and sales from the energy marketing operations. Consolidated revenue and income from continuing operations provided by the four businesses as a percentage of the total were as follows: Three Months Ended Twelve Months Ended March 31 March 31 1998 1997 1998 1997 ---- ---- ---- ---- Revenues - -------- Electric ........ 21% 73% 30% 73% Coal mining ..... 5 19 7 19 Oil and gas ..... 2 8 3 8 Energy marketing 72 -- 60 -- ---- ---- ---- ---- 100% 100% 100% 100% Net Income/(Loss) - ----------------- Electric ........ 75% 64% 71% 61% Coal mining ..... 28 29 28 31 Oil and gas ..... 2 8 5 9 Energy marketing and Other ..... (5) (1) (4) (1) ---- ---- ---- ---- 100% 100% 100% 100% Capital expenditures and depreciation, depletion, and amortization by business segment were as follows (in thousands): Three Months Ended Twelve Months Ended March 31 March 31 1998 1997 1998 1997 ---- ---- ---- ---- Capital Expenditures - -------------------- (includes AFDC) Electric ............... $ 2,162 $ 1,490 $13,254 $13,251 Coal mining ............ 245 205 1,546 1,988 Oil and gas ............ 630 1,126 6,699 9,439 Energy marketing ....... -- -- 7,232 -- Other .................. (1) 31 179 78 ------- ------- ------- ------- $ 3,036 $ 2,852 $28,910 $24,756 ======= ======= ======= ======= Depreciation, Depletion, and Amortization - ------------------------ Electric ............... $ 3,797 $ 3,821 $14,584 $16,220 Coal mining ............ 855 761 3,282 3,079 Oil and gas ............ 1,342 997 4,606 3,668 Energy marketing ....... 151 -- 385 -- ------- ------- ------- ------- $ 6,145 $ 5,579 $22,857 $22,967 ======= ======= ======= ======= Electric Operations Electric revenue were stable and increased 5% for the three and twelve month periods ending March 31, 1998. Firm kilowatthour sales decreased 4 percent for the three month period due to milder weather and the Homestake reorganization, and increased 8 percent for twelve month periods due to serving the Montana-Dakota Utilities, Sheridan, Wyoming Load beginning January 1, 1997. In January the Company's third largest electric customer (5.6 percent of 1997 electric revenues), Homestake Mining Company, implemented a reorganization plan which included a temporary shutdown of its gold mine. The mine reopened in April 1998 with a reduced workforce. In addition, our low-cost generation allowed the Company to recapture a portion of the margin loss from Homestake in the spot energy market. Electric expenses decreased 8% and increased 3% for the three and twelve months ended March 31, 1998 due to continued cost containment and lower purchased power and fuel costs. For the twelve months ended March 31, 1998, such cost containment and lower purchased power and fuel costs partially offset additional cost associated with serving the Sheridan, Wyoming load. Mining Operations Mining earnings decreased 2% and 7% for the three and twelve month periods ending March 31, 1998. Earnings decreased $658,000 for the twelve month period primarily as a result of a gain from the sale and retirement of property recognized in the fourth quarter of 1996. Tons of coal sold were relatively flat compared to the prior year. Oil and Gas Production Operations Oil and gas earnings decreased $546,000 and $1,128,000 for the three and twelve month periods primarily as a result of decreased commodity prices. Oil and natural gas prices decreased 33 percent and 28 percent, respectively for the three month period and decreased 21 percent and 4 percent, respectively for the twelve month period ended March 31, 1998. Production increased 7 percent and 2 percent for the three and twelve month periods, respectively. Energy Marketing Operations Energy marketing revenues and related fuel and purchased power expenses represents the crude oil and natural gas purchases and sales of Black Hills Energy Resources, Inc. which was acquired on July 25, 1997, and Enserco Energy, Inc. (the energy marketing companies). Crude oil and natural gas wholesale marketing operations are high-volume, low margin operations. Mild weather in the East Coast and Midwest markets served and high storage levels through the winter depressed margins for the periods. The energy marketing companies marketed 435,700 mmbtus and 14,900 barrels of oil per day for the three month period ended March 31, 1998 and Black Hills Energy Resources marketed 258,900 mmbtus and 13,400 barrels of oil per day since the Company acquired the assets in July 1997. BLACK HILLS CORPORATION Part II - Other Information Item 1. Legal Proceedings There are no legal proceedings to be reported on for the quarter ending March 31, 1998. Item 6. Exhibits and Reports on Form 8-K a. Exhibits None b. Reports on Form 8-K None BLACK HILLS CORPORATION 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. BLACK HILLS CORPORATION /s/ Roxann R. Basham ------------------------------------------ Roxann R. Basham, Vice President - Finance (Principal Financial Officer) /s/ Mark T. Thies ------------------------------------------ Mark T. Thies, Controller (Principal Accounting Officer) Dated: May 13, 1999 EX-27 2
UT 3-MOS DEC-31-1998 MAR-31-1998 PER-BOOK 333,132,000 64,684,000 120,649,000 23,791,000 0 542,256,000 21,712,000 40,143,000 146,799,000 208,654,000 0 0 162,834,000 12,000 0 0 1,330,000 0 0 0 169,426,000 542,256,000 153,837,000 3,693,000 138,962,000 142,655,000 11,182,000 986,000 12,168,000 3,624,000 8,544,000 0 8,544,000 5,448,000 3,326,000 19,852,000 0.39 0.39
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