-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, oU/3NSozfByiStngioolD7koE1pUjZ5oUFtd9wQXvY9ew6F9hp+l5pTZFLbsn4Zg +upS/DF5G8fILFf/5IcWYg== 0000762129-95-000007.txt : 19950511 0000762129-95-000007.hdr.sgml : 19950511 ACCESSION NUMBER: 0000762129-95-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950510 SROS: MSE SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CILCORP INC CENTRAL INDEX KEY: 0000762129 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 371169387 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-8946 FILM NUMBER: 95536297 BUSINESS ADDRESS: STREET 1: 300 HAMILTON BLVD STE 300 CITY: PEORIA STATE: IL ZIP: 61602 BUSINESS PHONE: 3096758850 MAIL ADDRESS: STREET 1: 300 HAMILTON BLVD STREET 2: STE 300 CITY: PEORIA STATE: IL ZIP: 61602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL ILLINOIS LIGHT CO CENTRAL INDEX KEY: 0000018651 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 370211050 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-02732 FILM NUMBER: 95536274 BUSINESS ADDRESS: STREET 1: 300 LIBERTY ST CITY: PEORIA STATE: IL ZIP: 61602 BUSINESS PHONE: 3096725271 MAIL ADDRESS: STREET 1: 300 LIBERTY STREET CITY: PEORIA STATE: IL ZIP: 61602 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended March 31, 1995 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. 1-8946 CILCORP Inc. 37-1169387 (An Illinois Corporation) 300 Hamilton Blvd, Suite 300 Peoria, Illinois 61602 (309) 675-8810 1-2732 CENTRAL ILLINOIS LIGHT COMPANY 37-0211050 (An Illinois Corporation) 300 Liberty Street Peoria, Illinois 61602 (309) 675-8810 Indicate by check mark whether the Registrants (1) have 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 Registrants were required to file such reports), and (2) have 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 latest practicable date: CILCORP Inc. Common stock, no par value, shares outstanding at April 28, 1995 13,072,351 CENTRAL ILLINOIS LIGHT COMPANY Common stock, no par value, shares outstanding and privately held by CILCORP Inc. at April 28, 1995 13,563,871 CILCORP INC. AND CENTRAL ILLINOIS LIGHT COMPANY FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1995 INDEX PART I. FINANCIAL INFORMATION Page No. Item 1: Financial Statements CILCORP INC. Consolidated Balance Sheets 3-4 Consolidated Statements of Income 5 Consolidated Statements of Cash Flows 6-7 CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets 8-9 Consolidated Statements of Income 10 Consolidated Statements of Cash Flows 11-12 Notes to Consolidated Financial Statements CILCORP Inc. and Central Illinois Light Company 13-15 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations CILCORP Inc. and Central Illinois Light Company 16-24 PART II. OTHER INFORMATION Item 1: Legal Proceedings 25 Item 4: Submission of Matters to a Vote of Security Holders 26 Item 5: Other Information 26-28 Item 6: Exhibits and Reports on Form 8-K 28 Signatures 29-30 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands)
March 31, December 31, 1995 1994 ASSETS (Unaudited) Current assets: Cash and temporary cash investments $ 1,327 $ 1,604 Receivables, less reserves of $2,632 and $2,291 65,866 55,779 Accrued unbilled revenue 34,444 40,474 Fuel, at average cost 15,416 14,765 Materials and supplies, at average cost 16,513 16,731 Gas in underground storage, at average cost 6,073 17,484 Prepayments and other 12,722 12,402 ---------- ---------- Total current assets 152,361 159,239 ---------- ---------- Investments and other property: Investment in leveraged leases 122,554 120,961 Cash surrender value of company-owned life insurance, net of related policy loans of $28,831 2,093 1,637 Other investments 3,415 3,790 ---------- ---------- Total investments and other property 128,062 126,388 ---------- ---------- Property, plant and equipment: Utility plant, at original cost Electric 1,098,737 1,092,382 Gas 360,917 355,270 ---------- ---------- 1,459,654 1,447,652 Less - accumulated provision for depreciation 663,422 653,571 ---------- ---------- 796,232 794,081 Construction work in progress 70,658 71,105 Plant acquisition adjustments, being amortized to 1999 3,177 3,355 Other, net of depreciation 23,551 23,152 ---------- ---------- Total property, plant and equipment 893,618 891,693 ---------- ---------- Other assets: Prepaid pension expense 13,044 13,423 Cost in excess of net assets of acquired businesses, net of accumulated amortization of $3,765 and $3,589 24,372 24,548 Other 20,771 23,093 ---------- ---------- Total other assets 58,187 61,064 ---------- ---------- Total assets $1,232,228 $1,238,384 ========== ========== The accompanying Notes to the Consolidated Financial Statements are an integral part of these Balance Sheets.
CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY March 31, December 31, 1995 1994 (Unaudited) Current liabilities: Current portion of long-term debt $ 19,195 $ 21,200 Notes payable 45,600 29,400 Accounts payable 36,001 51,952 Accrued taxes 14,986 7,729 Accrued interest 4,757 9,024 Purchased gas adjustment over-recoveries 3,752 2,142 Other 18,347 16,557 ---------- ---------- Total current liabilities 142,638 138,004 ---------- ---------- Long-term debt 310,694 326,695 ---------- ---------- Deferred credits and other liabilities: Deferred income taxes 246,796 246,815 Net regulatory liability of regulated subsidiary 58,923 59,997 Deferred investment tax credit 25,754 26,178 Customers' advances for construction and other 31,866 29,860 --------- ---------- Total deferred credits 363,339 362,850 Preferred stock of subsidiary 66,120 66,120 Stockholders' equity: Common stock, no par value; authorized 50,000,000 shares - outstanding 13,071,488 and 13,035,756 shares 169,253 167,987 Retained earnings 180,184 176,728 ---------- ---------- Total stockholders' equity 349,437 344,715 ---------- ---------- Total liabilities and stockholders' equity $1,232,228 $1,238,384 ========== ========== The accompanying Notes to the Consolidated Financial Statements are an integral part of these Balance Sheets.
CILCORP INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands)* (Unaudited)
Three Months Ended March 31, 1995 1994 Revenue: Electric $74,345 $ 73,707 Gas 58,882 71,679 Environmental and engineering services 34,674 29,384 Other businesses 2,686 2,666 ------- -------- Total 170,587 177,436 Operating expenses: Fuel for generation and purchased power 27,543 27,912 Gas purchased for resale 29,107 42,946 Other operations and maintenance 59,918 57,054 Depreciation and amortization 15,816 15,472 Taxes, other than income taxes 11,119 11,220 ------- -------- Total 143,503 154,604 Fixed charges and other: Interest expense 7,456 6,516 Preferred stock dividends of subsidiary 835 703 Allowance for funds used during construction (231) (91) Other 191 127 ------- ------- Total 8,251 7,255 ------- ------- Income before income taxes 18,833 15,577 Income taxes 7,360 5,876 ------- ------- Net income available for common stockholders $11,473 $ 9,701 ======= ======= Average common shares outstanding 13,045 13,004 Net income per common share $ .88 $ .75 Dividends per common share $ .615 $ .615 *Except per share amounts The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.
CILCORP INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands) (Unaudited)
Three Months Ended March 31, 1995 1994 Cash flows from operating activities: Net income before preferred dividends $ 12,308 $ 10,405 -------- -------- Adjustments to reconcile net income to net cash provided by operating activities: Non-cash lease & investment income (1,550) (1,810) Depreciation and amortization 15,816 15,472 Deferred income taxes, investment tax credit and regulatory liability of subsidiary, net (1,517) 324 Changes in operating assets and liabilities: Increase in accounts receivable and accrued unbilled revenue (4,057) (589) Decrease in inventories 10,978 15,786 Decrease in accounts payable (15,951) (14,863) Increase in accrued taxes 7,257 6,946 (Increase) decrease in other assets 2,703 (205) Increase (decrease) in other liabilities 1,152 (189) -------- -------- Total adjustments 14,831 20,872 -------- -------- Net cash provided by operating activities 27,139 31,277 -------- -------- Cash flows from investing activities: Additions to plant (16,790) (12,416) Proceeds from sale of long-term investments 500 -- Other (1,740) (757) -------- ------- Net cash used in investing activities (18,030) (13,173) -------- ------- Cash flows from financing activities: Net increase (decrease) in short-term debt 16,200 (12,200) Repayment of long-term debt (18,000) -- Common dividends paid (8,017) (8,012) Preferred dividends paid (835) (703) Proceeds from issuance of stock 1,266 2,325 -------- -------- Net cash used in financing activities (9,386) (18,590) ------- ------- Net increase (decrease) in cash and temporary cash investments (277) (486) Cash and temporary cash investments at beginning of year 1,604 1,440 ------- ------- Cash and temporary cash investments at end of quarter $ 1,327 $ 954 ======= ======== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 11,082 $ 11,083 Income Taxes $ 1,179 $ 73 The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.
CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (In thousands)
March 31, December 31, ASSETS 1995 1994 (Unaudited) Utility plant, at original cost: Electric $1,098,737 $1,092,382 Gas 360,917 355,270 ---------- ---------- 1,459,654 1,447,652 Less - accumulated provision for depreciation 663,422 653,571 ---------- ---------- 796,232 794,081 Construction work in progress 70,658 71,105 Plant acquisition adjustments, net of amortization 3,177 3,355 ---------- ---------- Total utility plant 870,067 868,541 ---------- ---------- Other property and investments: Cash surrender value of company-owned life insurance (net of related policy loans of $28,831) 2,093 1,637 Other 1,038 1,041 ---------- ---------- Total other property and investments 3,131 2,678 ---------- ---------- Current assets: Cash and temporary cash investments 610 629 Receivables, less reserves of $835 and $600 35,058 30,543 Accrued unbilled revenue 16,803 22,340 Fuel, at average cost 15,416 14,765 Materials and supplies, at average cost 16,513 16,731 Gas in underground storage, at average cost 6,073 17,484 Prepaid taxes 286 2,103 Other 8,006 7,217 ---------- ---------- Total current assets 98,765 111,812 ---------- ---------- Deferred debits: Unamortized loss on reacquired debt 6,372 6,486 Unamortized debt expense 2,204 2,212 Prepaid pension cost 13,044 13,423 Other 11,325 13,957 ---------- ---------- Total deferred debits 32,945 36,078 ---------- ---------- Total assets $1,004,908 $1,019,109 ========== ========== The accompanying Notes to the Consolidated Financial Statements are an integral part of these Balance Sheets.
CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (In thousands)
March 31, December 31, CAPITALIZATION AND LIABILITIES 1995 1994 (Unaudited) Capitalization: Common shareholder's equity: Common stock, no par value; authorized 20,000,000 shares; outstanding 13,563,871 shares $ 185,661 $ 185,661 Retained earnings 125,355 122,125 ---------- ---------- Total common shareholder's equity 311,016 307,786 Preferred stock without mandatory redemption 44,120 44,120 Preferred stock with mandatory redemption 22,000 22,000 Long-term debt 262,369 278,359 ---------- ---------- Total capitalization 639,505 652,265 ---------- ---------- Current liabilities: Current maturities of long-term debt 16,000 -- Notes payable 20,600 23,400 Accounts payable 31,639 47,536 Accrued taxes 11,132 6,387 Accrued interest 4,792 8,477 Purchased gas adjustment over-recoveries 3,752 2,142 Level payment plan 2,372 4,155 Other 7,023 6,809 ---------- ---------- Total current liabilities 97,310 98,906 ---------- ---------- Deferred liabilities and credits: Accumulated deferred income taxes 151,845 151,856 Regulatory liability, net 58,923 59,997 Investment tax credits 25,754 26,178 Capital lease obligation 2,590 2,665 Other 28,981 27,242 ---------- ---------- Total deferred liabilities and credits 268,093 267,938 ---------- ---------- Total capitalization and liabilities $1,004,908 $1,019,109 ========== ========== The accompanying Notes to the Consolidated Financial Statements are an integral part of these Balance Sheets.
CENTRAL ILLINOIS LIGHT COMPANY Consolidated Statements of Income (In thousands) (Unaudited)
Three Months Ended March 31, 1995 1994 Operating revenues: Electric $ 74,345 $ 73,707 Gas 58,882 71,679 -------- -------- Total operating revenues 133,227 145,386 -------- -------- Operating expenses: Cost of fuel 24,760 26,052 Cost of gas 29,107 42,946 Purchased power 2,784 1,860 Other operation and maintenance 27,315 28,731 Depreciation and amortization 14,146 13,752 Income taxes 7,515 6,175 Other taxes 9,717 9,863 -------- -------- Total operating expenses 115,344 129,379 -------- -------- Operating income 17,883 16,007 -------- -------- Other income and deductions: Cost of equity funds capitalized -- 23 Company-owned life insurance, net (191) (127) Other, net (16) (40) -------- -------- Total other income and (deductions) (207) (144) -------- -------- Income before interest expenses 17,676 15,863 -------- -------- Interest expenses: Interest on long-term debt 4,808 4,796 Cost of borrowed funds capitalized (231) (68) Other 1,017 520 -------- -------- Total interest expenses 5,594 5,248 -------- -------- Net income 12,082 10,615 -------- -------- Dividends on preferred stock 835 703 -------- -------- Net income available for common stock $ 11,247 $ 9,912 ======== ======== The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.
CENTRAL ILLINOIS LIGHT COMPANY Consolidated Statements of Cash Flows (In thousands) (Unaudited)
Three Months Ended March 31, 1995 1994 Cash flows from operating activities: Net income before preferred dividends $ 12,082 $ 10,615 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14,324 13,931 Deferred taxes, investment tax credits and regulatory liability, net (1,509) (932) Increase in accounts receivable (4,515) (7,612) Decrease in fuel, materials and supplies, and gas in underground storage 10,978 15,787 Decrease in unbilled revenue 5,537 7,163 Decrease in accounts payable (15,897) (13,054) Increase in accrued taxes and interest 1,060 1,127 Capital lease payments 120 119 Decrease in other current assets 5,633 689 Increase in other current liabilities 41 840 (Increase) decrease in other non-current assets (1,055) 742 Increase in other non-current liabilities 1,939 1,366 -------- -------- Net cash provided by operating activities 28,738 30,781 -------- -------- Cash flows from investing activities: Capital expenditures (15,150) (9,737) Cost of equity funds capitalized -- (23) Other (1,801) (1,369) -------- -------- Net cash used in investing activities (16,951) (11,129) -------- -------- Cash flows from financing activities: Common dividends paid (8,017) (8,010) Preferred dividends paid (835) (703) Long-term debt issued (34) -- Payments on capital lease obligation (120) (119) Decrease in short-term borrowing (2,800) (11,400) -------- -------- Net cash used in financing activities (11,806) (20,232) -------- -------- Net decrease in cash and temporary cash investments (19) (580) Cash and temporary cash investments at beginning of year 629 594 -------- -------- Cash and temporary cash investments at March 31 $ 610 $ 14 ======== ======== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest (net of cost of borrowed funds capitalized) $ 8,903 $ 9,334 Income taxes 1,479 2,271 The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements.
CILCORP INC. AND CENTRAL ILLINOIS LIGHT COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. Introduction The consolidated financial statements include the accounts of CILCORP Inc. (CILCORP or Company), Central Illinois Light Company (CILCO), Environmental Science & Engineering, Inc. (ESE) and CILCORP's other subsidiaries after elimination of significant intercompany transactions. CILCORP owns 100% of the common stock of CILCO. The consolidated financial statements of CILCO include the accounts of CILCO and its subsidiaries, CILCO Exploration and Development Company and CILCO Energy Corporation. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Although CILCORP believes the disclosures are adequate to make the information presented not misleading, these consolidated financial statements should be read with the consolidated financial statements and related notes forming a part of the Company's 1994 Annual Report on Form 10-K. In the Company's opinion, the consolidated financial statements furnished reflect all normal and recurring adjustments necessary for a fair presentation of the results of operations for the periods presented. Operating results for interim periods are not necessarily indicative of operating results to be expected for the year or of the Company's future financial condition. NOTE 2. Gas Pipeline Supplier Transition Costs In 1992, the Federal Energy Regulatory Commission (FERC) issued Orders 636, 636A and 636B (collectively Order 636). Order 636 substantially restructured the relationship between gas pipelines and distribution companies, such as CILCO, for the sale, transportation and storage of natural gas. These services, which traditionally had been "bundled" by interstate pipeline companies, are now individually arranged by CILCO. CILCO believes it is well-positioned to ensure the continued acquisition of adequate and reliable gas supplies despite the regulatory changes. Order 636 also permitted pipeline suppliers to recover from gas distribution companies prudently incurred transition costs attributed to compliance with Order 636. As of March 31, 1995, pipeline suppliers have billed CILCO, subject to refund, approximately $1.7 million of transition costs, including interest. These charges have been, or will be, recovered from CILCO's customers through its purchased gas adjustment clause (PGA). The PGA allows CILCO to adjust customer billings to reflect changes in the cost of natural gas. Presently, CILCO cannot determine its actual allocation of suppliers' transition costs but believes that it could ultimately be billed an additional $2.1 million, excluding interest. During 1994, the Illinois Commerce Commission (ICC) affirmed the right of Illinois gas distribution companies to recover pipeline transition costs from their customers; therefore, management does not expect Order 636 to materially impact CILCO's financial position or results of operations. Under FERC Order 500, and subsequent Orders 528 and 528A, interstate gas pipelines may bill gas distribution utilities for take-or-pay (TOP) charges, including interest. The last payment for TOP charges to the gas pipelines was made in October 1994. All TOP charges have been recovered from CILCO's gas customers except for approximately $185,000 which will be recovered in 1995. A joint settlement proposal (LNG settlement) before the FERC among Trunkline LNG Company, Panhandle Eastern Pipeline Company and others, including CILCO, became effective in September 1992. The settlement allows the pipelines to recover certain costs related to liquefied natural gas projects. Through March 1995, gas pipelines have billed CILCO approximately $2.6 million in charges related to the LNG settlement and approximately $2.3 million has been recovered from CILCO's customers through the PGA. CILCO believes that it could ultimately be billed an additional $2.5 million by the pipelines. CILCO has recorded a regulatory asset and corresponding liability of $5.1 million on the Balance Sheets as of March 31, 1995, representing the minimum amount of the estimated range of costs which CILCO expects to incur related to transition costs, TOP charges and the LNG settlement. The current portion of this regulatory asset and corresponding liability is $1.8 million. NOTE 3. Contingencies Neither CILCORP, CILCO, nor any of their affiliates has been identified as a potentially responsible party (PRP) under federal or state environmental laws. CILCO continues to investigate and/or monitor four former gas manufacturing plant sites (Sites A, B, C and D) located within CILCO's present gas service territory. The purpose of these studies is to determine if waste materials, principally coal tar, are present, whether such waste materials constitute an environmental or health risk and if CILCO is responsible for the remediation of any remaining waste materials at those sites. CILCO previously operated plants at three of the four sites (Sites A, B and C) and currently owns two (Sites A and B). In cooperation with the Illinois Environmental Protection Agency, CILCO completed remedial action in 1991 at Site A, at a cost of $3.3 million. In 1994, CILCO investigated Site B to define the extent of waste materials on site. A risk assessment for Site B is currently being developed, which will be followed by a feasibility study of remedial alternatives in 1995. Through March 1995, CILCO paid approximately $700,000 to outside parties to investigate and/or test Sites A and B. CILCO has not yet formulated a remediation plan for Site C. Until more detailed site specific testing has been completed, CILCO cannot determine the ultimate extent or cost of any remediation of Site C. CILCO does not currently own Site D and has not yet determined the extent, if any, of its remediation responsibility for this site. CILCO expects to spend approximately $300,000 for site monitoring, legal fees and feasibility studies in 1995. A $4.6 million liability and a corresponding regulatory asset are recorded on the Balance Sheets representing the minimum amount of coal tar investigation and remediation costs CILCO expects to incur. Coal tar remediation costs incurred through March 1995 have been deferred on the Balance Sheets, net of amounts recovered from customers. Through March 31, 1995, CILCO has recovered approximately $3.9 million in coal tar remediation costs from its customers through a gas rate rider approved by the ICC. Currently, that rider allows recovery over five years, without carrying costs, of prudently incurred coal tar remediation expenses paid to outside vendors. The primary purpose of the five-year recovery period was to effect a sharing of coal tar remediation costs between Illinois utilities and their customers. However, on April 20, 1995, the Illinois Supreme Court held that Illinois utilities are entitled to recover prudently incurred coal tar remediation costs without any sharing, including any sharing effected by recovery over an extended period without carrying costs. Requests for rehearing of the Court's decision must be filed by May 11, 1995. CILCO cannot predict whether a request for rehearing will be filed, or whether rehearing would be granted by the Court if requested. However, based upon the Court's opinion issued on April 20, 1995, management continues to believe that the cost of coal tar remediation will not have a material adverse effect on CILCO's financial position or results of operations. NOTE 4. Commitments In August 1990, CILCO entered into a firm, wholesale power purchase agreement with Central Illinois Public Service Company (CIPS). This agreement, which expires in 1998, provides for an initial purchase of 30 megawatts (MW) of capacity, increasing to 90 MW in 1997. CILCO can increase purchases to a maximum of 100 MW during the contract period, provided CIPS then has the additional capacity available. In November 1992, CILCO entered into a limited-term power agreement to purchase 100 MW of capacity from CIPS during the time period June 1998 through May 2002. In March 1995, CILCO and CIPS renegotiated the November 1992 limited- term power agreement. This agreement, which now expires in May 2009, provides for CILCO to purchase 150 MW of CIPS' capacity from June 1998 through May 2002, and 50 MW from June 2002 through May 2009. This renegotiated agreement is subject to the ICC's final approval of CILCO's 1995 electric least cost energy plan, which has been revised to include the terms of this bulk power purchase agreement. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CILCORP Inc. (the Company) is the parent of two core operating businesses, Central Illinois Light Company (CILCO) and Environmental Science & Engineering, Inc. (ESE). The Company also has two other first-tier subsidiaries, CILCORP Investment Management Inc. (CIM), and CILCORP Ventures Inc. (CVI), whose operations, combined with those of the holding company (Holding Company) itself, are collectively referred to herein as Other Businesses. CILCO, the primary business subsidiary, is an electric and gas utility serving customers in central and east central Illinois. CILCO's financial condition and results of operations are currently the principal factors affecting the Company's financial condition and results of operations. ESE is a national environmental consulting and engineering firm serving governmental, industrial and commercial customers. CIM invests in a diversified portfolio of long-term financial investments which currently includes leveraged leases and energy-related interests. CVI invests in new ventures and the expansion of existing ventures in environmental services, energy, biotechnology and health care. Capital Resources & Liquidity Declaration of dividends is at the discretion of the Board of Directors. The Company's ability to declare and pay dividends is contingent upon its receipt of dividend payments from its subsidiaries, business conditions, earnings and the financial condition of the Company. The Company believes that internal and external sources of capital which are, or are expected to be, available to the Holding Company and its subsidiaries will be adequate to meet the Company's capital expenditures program, pay interest and dividends, meet working capital needs and retire debt as it matures. The Company Short-term borrowing capability is available to the Company for additional cash requirements. CILCORP's Board of Directors has authorized it to borrow up to $50 million on a short-term basis. On March 31, 1995, CILCORP had committed bank lines of credit of $50 million, of which $25 million was outstanding. During March and April 1995, the Company issued 36,595 shares of common stock at an average price of $35.48 per share through the CILCORP Inc. Automatic Reinvestment and Stock Purchase Plan (DRIP). Depending on market conditions, the Company may issue additional shares of common stock through the DRIP, the CILCO Employees' Savings Plan or through a conventional stock offering. The proceeds from newly issued stock have been, and will continue to be, used to retire CILCORP short-term debt, to meet working capital and capital expenditure requirements at CILCO and for other corporate purposes. At March 31, 1995, the Company had issued $48 million of medium-term notes under its $75 million medium-term note program. The Company may issue additional notes during 1995 through 1997 under this program to retire maturing debt and to provide funds for other corporate purposes. CILCO Capital expenditures totaled $15 million for the three months ended March 31, 1995. Capital expenditures are anticipated to be approximately $54 million for the remainder of 1995, including $3.3 million to replace CILCO's Customer Information System and $1.1 million to complete the installation of electric generating equipment for the cogeneration plant at Midwest Grain Products, Inc. (MWG). The plant, which began providing steam heat to MWG's Pekin, Illinois, facility on December 16, 1994, will also generate electricity for distribution to CILCO's customers. The plant is scheduled to begin generating electricity in June 1995. CILCO anticipates the total cost of the project to be approximately $18.2 million. Capital expenditures for the years 1996 and 1997 are estimated to be $72 million and $67 million, respectively. During 1995, CILCO plans to issue approximately $20 million of secured medium-term notes to finance capital expenditures. CILCO plans to issue $36 million of secured medium-term notes to retire outstanding long-term debt as it matures in 1996 and 1997. In addition, $25 million of pollution control bonds are expected to be issued in 1996 and in later years to finance pollution control facilities, including new solid waste disposal facilities at CILCO's Duck Creek generating station. CILCO intends to finance the remainder of its 1995 and 1996 capital expenditures with funds provided by operations and capital provided by CILCORP. At March 31, 1995, CILCO had bank lines of credit aggregating $30 million which are used to support CILCO's issuance of commercial paper. CILCO had $20.6 million of commercial paper outstanding at March 31, 1995, and expects to issue commercial paper periodically throughout the remainder of 1995. ESE For the quarter ended March 31, 1995, ESE's expenditures for capital additions and improvements were approximately $1.6 million. Capital expenditures for the remainder of 1995 are expected to be approximately $2.5 million. At March 31, 1995, ESE had borrowed $27.1 million from the Holding Company, an increase of $1.5 million from December 31, 1994. ESE has a $7.75 million bank line of credit, of which $4.4 million was outstanding at March 31, 1995, to collateralize performance bonds issued in connection with ESE projects. ESE expects to finance its capital expenditures and working capital needs during 1995 with a combination of funds generated internally and periodic short-term borrowings from the Holding Company. CIM During the first quarter of 1995, CIM refinanced $18 million of maturing bank debt with funds borrowed from the Holding Company. At March 31, 1995, CIM had outstanding debt of $28.1 million, consisting of $25.1 million borrowed from the Holding Company and $3 million borrowed from banks. CIM expects to finance new investments and working capital needs during 1995 with a combination of funds generated internally and periodic short-term borrowings from the Holding Company. Results Of Operations Overview The following table summarizes net income of CILCO, ESE and Other Businesses for the three months ended March 31, 1995 and 1994.
Three Months Ended March 31, 1995 1994 (In thousands) (Unaudited) Core businesses: CILCO Electric operating income $ 9,065 $ 8,543 Gas operating income 8,818 7,464 ------- ------- Total utility operating income 17,883 16,007 Utility other income and deductions (5,801) (5,392) Preferred stock dividends of CILCO (835) (703) ------- ------- Total utility net income 11,247 9,912 ESE ESE net income (loss) 377 (349) ------- ------- Total core business income 11,624 9,563 Other businesses: Other businesses net income (loss) (151) 138 ------- ------- Consolidated net income available to common shareholders $11,473 $ 9,701 ======= =======
CILCO Electric Operations The following table summarizes the components of CILCO electric operating income for the three months ended March 31, 1995 and 1994:
Three Months Ended Components of Electric March 31, Operating Income 1995 1994 (In thousands) Revenue: Electric retail $72,933 $70,005 Sales for resale 1,412 3,702 ------- ------- Total revenue 74,345 73,707 ------- ------- Cost of sales: Cost of fuel 24,760 26,052 Purchased power expense 2,784 1,860 Revenue taxes 3,429 3,061 ------- ------- Total cost of sales 30,973 30,973 ------- ------- Gross margin 43,372 42,734 ------- ------- Operating expenses: Other operation and maintenance 19,082 19,685 Depreciation and amortization 10,213 9,888 Income and other taxes 5,012 4,618 ------- ------- Total operating expenses 34,307 34,191 ------- ------- Electric operating income $ 9,065 $ 8,543 ======= =======
Electric gross margin and retail sales volumes increased 2% for the three months ended March 31, 1995, compared to the same period in 1994. A 2% increase in commercial sales and a 9% increase in industrial sales offset a 5% decrease in residential sales. Commercial sales were higher primarily due to an increased number of commercial customers and the change in industrial sales resulted mainly from higher demand by several large industrial customers. The decrease in residential sales was primarily due to milder winter weather. Heating degree days were 9% lower for the quarter ended March 31, 1995, compared to the same period in 1994. CILCO's largest customer is Caterpillar Inc. On June 20, 1994, Caterpillar employees, represented by the United Auto Workers Union, began a strike at certain Caterpillar facilities in CILCO's service territory. To date, the strike has not had an adverse effect on CILCO's sales to Caterpillar. CILCO's management cannot predict what, if any, impact a continued strike at Caterpillar will have on CILCO's future revenues or earnings. The overall level of business activity in CILCO's service territory and weather conditions are expected to continue to be the primary factors affecting electric sales in the near term. CILCO's electric sales may be affected in the long-term by increased competition in the electric utility industry (see Part II. Item 5: Electric Competition). Sales for resale decreased during the first quarter of 1995, due to lower demand for electricity from neighboring utilities. Sales for resale vary based on the energy requirements of neighboring utilities, CILCO's available capacity for bulk power sales and the price of power available for sale. CILCO expects competition to continue to increase in the sales for resale and purchased power market. Substantially all of CILCO's electric generating capacity is coal-fired. The cost of fuel decreased 5% in the first quarter of 1995, compared to the same period in 1994, due to decreased electric generation and lower prices. Purchased power increased for the three months ended March 31, 1995, compared to the same period in 1994 due to readily available and reasonably priced wholesale energy. Purchased power expense varies based on CILCO's need for energy and the price of power available for purchase. CILCO makes use of purchased power when it is economical to do so and when required during maintenance outages at CILCO plants. Costs and savings realized from the purchase of power are passed through to CILCO's customers via the fuel adjustment clause (FAC). The FAC allows CILCO to pass increases or decreases in the cost of fuel through to customers. Other operation and maintenance expenses decreased 3% for the three months ended March 31, 1995, compared to the corresponding period in 1994, primarily due to decreased employee benefit costs and power plant maintenance. Depreciation and amortization expense increased slightly, reflecting additions and replacements of utility plant at costs in excess of the original cost of the property retired. Income and other tax expense increased mainly from higher pre-tax operating income. CILCO Gas Operations The following table summarizes the components of CILCO gas operating income for the three months ended March 31, 1995 and 1994:
Three Months Ended Components of Gas Operating Income March 31, 1995 1994 (In thousands) Revenue: Sale of gas $56,168 $68,409 Transportation services 2,714 3,270 ------- ------- Total revenue 58,882 71,679 ------- ------- Cost of sales: Cost of gas 29,107 42,946 Revenue taxes 3,114 3,695 ------- ------- Total cost of sales 32,221 46,641 ------- ------- Gross margin 26,661 25,038 ------- ------- Operating expenses: Other operation and maintenance 8,233 9,046 Depreciation and amortization 3,933 3,864 Income and other taxes 5,677 4,664 ------- ------- Total operating expenses 17,843 17,574 ------- ------- Gas operating income $ 8,818 $ 7,464 ======= =======
Gas gross margin increased 7% for the quarter ended March 31, 1995, compared to the same period in 1994, primarily due to the December 1994 rate order that increased overall gas base rates 6.7%. For additional rate information refer to Note 9 - Rate Matters in the Company's 1994 Annual Report on Form 10-K. Residential sales decreased 10% and commercial sales decreased 3% for the first quarter of 1995. Heating degree days were 9% lower than the same period in 1994. The overall level of business activity in CILCO's service territory and weather conditions are expected to continue to be the primary factors affecting gas sales. Revenue from gas transportation services decreased 17% and sales volumes decreased 12% for the quarter ended March 31, 1995, compared to the same period in 1994. Revenue declined primarily due to decreased purchases of gas by industrial transportation customers from suppliers other than CILCO and the fact that there are fewer transportation customers. There were 380 transportation customers at March 31, 1995, compared to 666 customers at the end of the same quarter in 1994. As a result of CILCO's new gas tariffs, CILCO's system rates are more competitive with transportation rates and various transportation customers have resumed purchasing gas from CILCO. The cost of gas decreased 32% for the quarter ended March 31, 1995, compared to the same quarter of 1994. This reduction was principally due to decreased sales and lower natural gas prices from CILCO's suppliers. The lower natural gas prices, which partially contributed to the 19% decrease in gas retail revenue, were passed through to CILCO's gas customers via the PGA. The PGA is the mechanism used to pass increases or decreases in the cost of natural gas through to customers. Other operation and maintenance expenses decreased 9% for the three months ended March 31, 1995, compared to the corresponding period in 1994, due to decreased costs for employee benefits and gas distribution system maintenance. Depreciation and amortization expense increased slightly reflecting additions and replacements of utility plant at costs in excess of the original cost of the property retired. Income and other taxes expense increased for the quarter ended March 31, 1995, primarily due to higher pre-tax operating income. CILCO Other Income and Deductions and Interest Expense The following table summarizes other income and deductions and interest expense for the three months ended March 31, 1995 and 1994:
Three Months Ended Components of Other Income and March 31, Deductions and Interest Expense 1995 1994 (In thousands) Net interest expense $(5,814) $(5,069) Income taxes 565 279 Other (552) (602) ------- ------- Other income (deductions) $(5,801) $(5,392) ======= =======
Interest expense increased primarily as a result of a higher outstanding notes payable balance during 1995. ESE Operations The following table summarizes the components of the environmental and engineering services results for the three months ended March 31, 1995 and 1994:
Components of ESE Net Income (Loss) 1995 1994 (In thousands) Environmental and engineering services revenue $34,674 $29,384 Direct non-labor project costs 13,960 10,413 ------- ------- Net revenue 20,714 18,971 ------- ------- Expenses: Direct salaries and other costs 10,148 9,464 General & administrative 7,808 8,059 Depreciation and amortization 1,443 1,494 ------- ------- Operating expenses 19,399 19,017 ------- ------- Interest expense 511 405 ------- ------- Income (loss) before income taxes 804 (451) Income taxes 427 (102) ------- ------- ESE net income (loss) $ 377 $ (349) ======= =======
ESE's results have fluctuated from quarter to quarter since its acquisition in 1990. Such fluctuations may be expected to continue. Factors influencing such variations include: project delays, which may be caused by regulatory agency approvals or client considerations; the level of subcontractor services; weather, which may limit the amount of time ESE professionals have in the field; and the initial training of new professionals. Accordingly, results for any one quarter are not necessarily indicative of results for any other quarter or for the year. ESE incurs substantial direct project costs from the use of subcontractors on projects. These costs are passed directly through to ESE's clients. As a result, ESE measures its operating performance on the basis of net revenues, which are determined by deducting such direct project costs from gross revenues. Net revenues were 9% higher for the quarter ended March 31, 1995, compared to the corresponding period in 1994. The increase was primarily due to higher demand for consulting services. Additionally, improved weather conditions in 1995 compared to 1994 generally enabled projects to continue with fewer interruptions. Direct and indirect salary expense increased 7% in the first quarter of 1995, compared to the corresponding period in 1994. This increase is primarily due to wage and salary increases effective in March 1994, and increased labor utilization during the first quarter of 1995. Due to the labor-intensive nature of ESE's business, ESE has the ability to adjust staffing levels to appropriately recognize changing business conditions. ESE had 1,223 full-time-equivalent employees at March 31, 1995, compared to 1,218 at March 31, 1994. Other Businesses Operations The following table summarizes the components of Other Businesses' income (loss) for the three months ended March 31, 1995 and 1994: Components of Other Businesses' Net Income (Loss) Three Months Ended March 31, 1995 1994 (In thousands) Revenue: Other revenue $ 2,675 $2,419 ------- ------ Expenses: Operating expenses 1,144 1,309 Depreciation and amortization 49 48 Interest expense 1,592 795 Income and other taxes 41 129 ------- ------ Total expenses 2,826 2,281 ------- ------ Other businesses' net income (loss) $ (151) $ 138 ======= ======
Other revenues were greater during the first quarter of 1995, compared to the first quarter of 1994, primarily due to a one-time preferred dividend on a CVI investment and revenues generated by CILCORP Energy Services Inc., a wholly-owned CVI subsidiary, which markets carbon monoxide detectors to utilities for resale. These revenues were partially offset by declining leveraged lease income. Under generally accepted accounting principles pertaining to leveraged leases, income declines as the lease portfolio matures. Operating expenses decreased for the first quarter of 1995, compared to the first quarter of 1994, primarily due to a one-time charge related to CILCORP's termination of a lease at an ESE facility in the first quarter of 1994. The lease was entered into during negotiations which led to CILCORP's 1990 acquisition of ESE. Interest expense increased in 1995 as a result of an increase in long- term debt. Income and other taxes were lower in the first quarter of 1995, compared to the first quarter of 1994, primarily due to lower pre-tax income. PART II. OTHER INFORMATION Item 1: Legal Proceedings Reference is made to "Environmental Matters" under "Item 1. Business" in the Company's 1994 Annual Report on Form 10-K, and "Note 3. Contingencies," herein, for certain pending legal proceedings and proceedings known to be contemplated by governmental authorities. The Company and its subsidiaries are subject to certain claims and lawsuits in connection with work performed in the ordinary course of their businesses. Except as otherwise disclosed or referred to in this section, in the opinion of management, all such claims currently pending either will not result in a material adverse effect on the financial position and results of operations of the Company or are adequately covered by: (i) insurance; (ii) contractual or statutory indemnification; and/or (iii) reserves for potential losses. CILCO On July 6, 1994, a lawsuit was filed against CILCO in a United States District Court by the current property owner, Vector-Springfield Properties, Ltd., seeking damages related to alleged coal tar contamination from a gas manufacturing plant formerly located at the site which was owned but never operated by CILCO (Site D). The lawsuit seeks cost recovery of more than $3 million related to coal tar investigation expenses, operating losses and diminution of market value. CILCO intends to vigorously defend these claims. For a further discussion of gas manufacturing plant sites, refer to Note 3. Contingencies. Management cannot currently determine the outcome of this litigation, but does not believe it will have a material adverse impact on CILCO's financial position or results of operations. ESE At the request of the South Carolina Department of Health and Environmental Control, the U. S. Department of Justice initiated an investigation into an alleged record-keeping violation at an office operated by ESE in Greenville, South Carolina. The office was closed in May 1993. Following its investigation, the U. S. Department of Justice referred this matter to the Attorney General of South Carolina for disposition as a civil matter. Management does not believe this matter will have a material adverse impact on the Company's financial position or results of operations. Item 4: Submission of Matters to a Vote of Security Holders Shareholders cast the following votes at the Company's Annual Meeting of Shareholders held April 25, 1995: Votes Abstentions & Against Broker Votes for or Withheld Non-Votes Elected to the Board of Directors: W. Bunn III 10,117,025 279,111 0 H. J. Holland 10,109,019 287,332 0 K. E. Smith 10,100,088 295,278 0 Appointment of Independent Public Accountants 10,144,206 111,864 137,919 Amend Bylaws and/or Articles of Incorporation to establish a minimum level of stock ownership for directors 1,683,278 6,692,741 2,981,911 Item 5: Other Information Electric Competition The National Energy Policy Act of 1992 (NEPA) encourages competition but specifically bans federally-mandated wheeling of power for retail customers. However, several state public utility regulatory commissions are investigating or adopting pilot programs to initiate retail wheeling. At least one Illinois utility, an industrial consumers group and the ICC have each lent their support to proposed legislation which, to varying degrees, offers incentive regulation, retail and wholesale wheeling in future years and changes in the ICC's regulatory authority. These proposals have been submitted to the Illinois legislature. The legislature's response to any of these proposals is not known at this time. Illinois Senate Bill 232, supported by the ICC, proposes to offer public utilities an opportunity to develop alternative regulation and incentive ratemaking programs by petitioning the ICC. These experimental programs would be subject to standards established by the ICC, restricted to the public utility's service territory and not extend beyond June 30, 2000. A report on the results of the programs would then be delivered to the Illinois legislature by December 31, 2000, if the legislation is enacted as proposed. CILCO participated in a state-wide task force to review and analyze regulation in Illinois. This task force, which examined the status of past and future regulation, presented eight potential competitive scenarios with individual comments from each task force participant as part of its study. The completed text describing this study is being printed and will be provided to the ICC and the Illinois legislature for educational and planning purposes. With growing competition in the electric utility industry, CILCO's largest customers may have increased opportunities to select their electric supplier. On March 29, 1995, the FERC initiated a Notice of Proposed Rulemaking (NOPR), which addresses expanded transmission access, recovery of stranded investment due to increased competition, information sharing and other issues related to expanded competition in the electric utility industry. The FERC's NOPR seeks comments on proposals concerning transaction coordination, record-keeping, reporting, tariffs, state versus federal jurisdiction and many other related topics. CILCO is reviewing the NOPR to determine its effect on operations and to develop a strategy for dealing with its provisions. CILCO will file comments with the FERC on the sections of the NOPR that will significantly impact its business. While management cannot currently predict the ultimate effect of the FERC's proposed rulemaking on CILCO's business, it is expected that this NOPR, when finalized, will significantly change the electric utility environment in the years to come. Management believes that CILCO has positioned itself for competition by keeping its prices low, maintaining good customer relations and developing the flexibility to respond directly to individual customer requests. The Company recently reorganized as part of a strategy to prepare for the changing utility environment (see CILCO and CILCORP Officer Changes discussed below). Audit Of CILCO's Gas Operations In September 1994, as part of a settlement agreement with the U.S. Department of Justice, CILCO agreed to underwrite the reasonable expense of an outside expert, which was selected by the ICC, to examine its gas operations manuals and systems to ensure they comply with all applicable statutes and regulations. CILCO estimates the cost of the audit will be $350,000 and expects the audit to conclude by the end of 1995. For additional information refer to Note 9. Rate Matters in the Company's 1994 Annual Report on Form 10-K. CILCO Sale Of R. S. Wallace Station In 1994, CILCO entered into an option agreement to sell for $7 million the 95-acre site of the former R. S. Wallace Station, a retired electric generating plant. On January 5, 1995, the ICC approved the sale and the accounting treatment of the proceeds. Various significant terms and conditions must be satisfied in order for the sale to be completed. CILCO expects a portion of the sale will be completed in 1995, with the remainder to be completed during 1996 and 1997. Gain on the sale would be included in other income during 1995, 1996 and 1997. CILCO and CILCORP Officer Changes At a special meeting of the CILCO Board of Directors in March 1995, four new vice presidents were elected. The moves became effective April 1, concurrent with the retirement of R. Wayne Slone as Chairman, President and Chief Executive Officer. The new vice presidents are: Michael J. Bowling, Vice President - Electric Operations; Scott A. Cisel, Vice President - Marketing & Sales; Stephen R. Corwell, Vice President - Gas Operations; and Robert J. Sprowls, Vice President - Strategic Services. These appointments bring the total number of vice presidents to six, including Terrence S. Kurtz, Vice President - Electric Production, and Thomas S. Romanowski, Vice President - Finance. Two Group Presidents of CILCO were previously elected: James F. Vergon - Gas Operations and William M. Shay - Electric Operations, also effective April 1. In addition to the CILCO officer changes, Jeffrey L. Barnett became CILCORP Controller effective April 1, 1995 and Michael D. Austin became CILCORP Treasurer effective April 25, 1995. Item 6: Exhibits and Reports on Form 8-K. (a) Exhibits None (b) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the regis- trant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CILCORP Inc. (Registrant) Date May 10, 1995 R. O. Viets R. O. Viets President and Chief Executive Officer Date May 10, 1995 J. L. Barnett J. L. Barnett Controller SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the regis- trant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CENTRAL ILLINOIS LIGHT COMPANY (Registrant) Date May 10, 1995 T. S. Romanowski T. S. Romanowski Vice President and Chief Financial Officer Date May 10, 1995 R. L. Beetschen R. L. Beetschen Controller and Manager of Accounting EX-27 2
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENT OF INCOME, STATEMENT OF CASH FLOWS, BALANCE SHEET AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000762129 CILCORP INC. 1,000 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 PER-BOOK 870,067 23,551 152,361 58,187 128,062 1,232,228 169,253 0 180,184 349,437 22,000 44,120 310,694 25,000 0 20,600 19,195 0 2,590 293 438,299 1,232,228 170,587 7,360 143,503 150,863 19,724 (191) 19,533 7,225 12,308 835 11,473 8,017 0 27,139 .88 .88
EX-27 3
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENT OF INCOME, STATEMENT OF CASH FLOWS, BALANCE SHEET AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000018651 CENTRAL ILLINOIS LIGHT COMPANY 1,000 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 PER-BOOK 870,067 3,131 98,765 32,945 0 1,004,908 185,661 0 125,355 311,016 22,000 44,120 262,369 0 0 20,600 16,000 0 2,590 293 325,920 1,004,908 133,227 6,950 107,829 115,344 17,883 (772) 17,676 5,594 12,082 835 11,247 8,017 0 28,738 0 0
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