-----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, CZSOHF8Ixfj4zn3i/BRQYQ5/ocq51bCvoCVrvFtuMLOCbXGZC/keNDQmr/A+I74l eOY0/pYjysxAeHWEUoAg0g== 0000762129-96-000012.txt : 19960513 0000762129-96-000012.hdr.sgml : 19960513 ACCESSION NUMBER: 0000762129-96-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960510 SROS: CSX 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: 001-08946 FILM NUMBER: 96559267 BUSINESS ADDRESS: STREET 1: 300 HAMILTON BLVD STE 300 CITY: PEORIA STATE: IL ZIP: 61602 BUSINESS PHONE: 3096758810 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: 96559268 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, 1996 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 30, 1996 13,428,562 CENTRAL ILLINOIS LIGHT COMPANY Common stock, no par value, shares outstanding and privately held by CILCORP Inc. at April 30, 1996 13,563,871 CILCORP INC. AND CENTRAL ILLINOIS LIGHT COMPANY FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1996 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 13-14 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations CILCORP Inc. and Central Illinois Light Company 15-26 PART II. OTHER INFORMATION Item 1: Legal Proceedings 27 Item 4: Submission of Matters to a Vote of Security Holders 27 Item 5: Other Information 27-30 Item 6: Exhibits and Reports on Form 8-K 30 Signatures 31-32 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands)
March 31, December 31, 1996 1995 ASSETS (Unaudited) Current assets: Cash and temporary cash investments $ 6,974 $ 17,100 Receivables, less reserves of $2,351 and $2,223 73,349 68,479 Accrued unbilled revenue 30,578 42,842 Fuel, at average cost 6,712 11,596 Materials and supplies, at average cost 16,274 16,963 Gas in underground storage, at average cost 5,322 13,592 Prepayments and other 8,804 14,921 ---------- ---------- Total current assets 148,013 185,493 ---------- ---------- Investments and other property: Investment in leveraged leases 128,634 127,141 Cash surrender value of company-owned life insurance, net of related policy loans of $33,211 2,432 1,924 Other investments 5,347 5,392 ---------- ---------- Total investments and other property 136,413 134,457 ---------- ---------- Property, plant and equipment: Utility plant, at original cost Electric 1,145,424 1,142,945 Gas 381,561 379,985 ---------- ---------- 1,526,985 1,522,930 Less - accumulated provision for depreciation 692,863 682,574 ---------- ---------- 834,122 840,356 Construction work in progress 43,942 44,749 Plant acquisition adjustments, being amortized to 1999 2,464 2,642 Other, net of depreciation 21,669 22,774 ---------- ---------- Total property, plant and equipment 902,197 910,521 ---------- ---------- Other assets: Prepaid pension expense 536 536 Cost in excess of net assets of acquired businesses, net of accumulated amortization of $4,469 and $4,293 23,669 23,845 Other 17,591 21,219 ---------- ---------- Total other assets 41,796 45,600 ---------- ---------- Total assets $1,228,419 $1,276,071 ========== ========== 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, 1996 1995 (Unaudited) Current liabilities: Current portion of long-term debt $ 23,048 $ 19,052 Notes payable 19,070 47,100 Accounts payable 33,016 44,550 Accrued taxes 12,062 5,035 Accrued interest 5,733 10,059 Purchased gas adjustment over-recoveries 3,904 1,987 Other 12,445 15,259 ---------- ---------- Total current liabilities 109,278 143,042 ---------- ---------- Long-term debt 323,910 344,113 ---------- ---------- Deferred credits and other liabilities: Deferred income taxes 242,062 241,603 Net regulatory liability of regulated subsidiary 59,558 59,482 Deferred investment tax credit 24,064 24,485 Other 35,625 35,248 ---------- ---------- Total deferred credits 361,309 360,818 ---------- ---------- Preferred stock of subsidiary 66,120 66,120 Stockholders' equity: ---------- ---------- Common stock, no par value; authorized 50,000,000 shares - outstanding 13,419,895 and 13,335,606 shares 182,967 179,330 Retained earnings 184,835 182,648 ---------- ---------- Total stockholders' equity 367,802 361,978 ---------- ---------- Total liabilities and stockholders' equity $1,228,419 $1,276,071 ========== ========== 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, 1996 1995 Revenue: Electric $76,691 $74,345 Gas 78,040 58,882 Environmental and engineering services 20,475 34,674 Other businesses 2,780 2,686 ------- ------- Total 177,986 170,587 Operating expenses: Fuel for generation and purchased power 28,194 27,543 Gas purchased for resale 45,589 29,107 Other operations and maintenance 50,469 59,918 Depreciation and amortization 16,616 15,816 Taxes, other than income taxes 11,638 11,119 ------- ------- Total 152,506 143,503 ------- ------- Fixed charges and other: Interest expense 6,771 7,456 Preferred stock dividends of subsidiary 815 835 Allowance for funds used during construction (35) (231) Other 945 191 ------- ------- Total 8,496 8,251 ------- ------- Income before income taxes 16,984 18,833 Income taxes 6,590 7,360 ------- ------- Net income available for common stockholders $10,394 $11,473 ======= ======= Average common shares outstanding 13,366 13,045 Net income per common share $ .78 $ .88 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, 1996 1995 Cash flows from operating activities: Net income before preferred dividends $11,209 $ 12,308 -------- -------- Adjustments to reconcile net income to net cash provided by operating activities: Non-cash lease & investment income (1,493) (1,550) Depreciation and amortization 16,616 15,816 Deferred income taxes, investment tax credit and regulatory liability of subsidiary, net 114 (1,517) Changes in operating assets and liabilities: Decrease (increase) in accounts receivable and accrued unbilled revenue 7,394 (4,057) Decrease in inventories 13,843 10,978 Decrease in accounts payable (11,534) (15,951) Increase in accrued taxes 7,027 7,257 Decrease in other assets 9,921 2,703 (Decrease) increase in other liabilities (4,846) 1,152 -------- -------- Total adjustments 37,042 14,831 -------- -------- Net cash provided by operating activities 48,251 27,139 -------- -------- Cash flows from investing activities: Additions to plant (7,938) (16,790) Proceeds from sale of long-term investments -- 500 Other (817) (1,740) -------- -------- Net cash used in investing activities (8,755) (18,030) -------- -------- Cash flows from financing activities: Net (decrease) increase in short-term debt (28,030) 16,200 Repayment of long-term debt (16,207) (18,000) Common dividends paid (8,207) (8,017) Preferred dividends paid (815) (835) Proceeds from issuance of stock 3,637 1,266 -------- -------- Net cash used in financing activities (49,622) (9,386) -------- ------- Net decrease in cash and temporary cash investments (10,126) (277) Cash and temporary cash investments at beginning of year 17,100 1,604 -------- ------- Cash and temporary cash investments at end of quarter $ 6,974 $ 1,327 ======= ======= Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $11,702 $11,082 Income Taxes $ 500 $ 1,179 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 1996 1995 (Unaudited) Utility plant, at original cost: Electric $1,145,424 $1,142,945 Gas 381,561 379,985 ---------- ---------- 1,526,985 1,522,930 Less - accumulated provision for depreciation 692,863 682,574 ---------- ---------- 834,122 840,356 Construction work in progress 43,942 44,749 Plant acquisition adjustments, net of amortization 2,464 2,642 ---------- ---------- Total utility plant 880,528 887,747 ---------- ---------- Other property and investments: Cash surrender value of company-owned life insurance (net of related policy loans of $33,211) 2,432 1,924 Other 1,619 1,623 ---------- ---------- Total other property and investments 4,051 3,547 ---------- ---------- Current assets: Cash and temporary cash investments 5,433 16,556 Receivables, less reserves of $761 and $650 52,782 42,312 Accrued unbilled revenue 19,478 28,891 Fuel, at average cost 6,712 11,596 Materials and supplies, at average cost 16,274 16,541 Gas in underground storage, at average cost 5,320 13,592 Prepaid taxes -- 7,978 Other 4,254 10,300 ---------- ---------- Total current assets 110,253 147,766 ---------- ---------- Deferred debits: Unamortized loss on reacquired debt 5,915 6,029 Unamortized debt expense 2,335 2,374 Prepaid pension cost 536 536 Other 8,061 11,992 ---------- ---------- Total deferred debits 16,847 20,931 ---------- ---------- Total assets $1,011,679 $1,059,991 ========== ========== 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 1996 1995 (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 145,710 140,814 ---------- ---------- Total common shareholder's equity 331,371 326,475 Preferred stock without mandatory redemption 44,120 44,120 Preferred stock with mandatory redemption 22,000 22,000 Long-term debt 278,407 298,397 ---------- ---------- Total capitalization 675,898 690,992 ---------- ---------- Current liabilities: Current maturities of long-term debt 20,000 16,000 Notes payable -- 24,600 Accounts payable 30,905 40,483 Accrued taxes 8,352 5,917 Accrued interest 5,236 8,508 Purchased gas adjustment over-recoveries 3,904 1,987 Level payment plan -- 1,870 Other 5,095 6,418 ---------- ---------- Total current liabilities 73,492 105,783 ---------- ---------- Deferred liabilities and credits: Accumulated deferred income taxes 143,571 144,378 Regulatory liability, net 59,558 59,482 Investment tax credits 24,064 24,485 Capital lease obligation 2,927 3,025 Other 32,169 31,846 ---------- ---------- Total deferred liabilities and credits 262,289 263,216 ---------- ---------- Total capitalization and liabilities $1,011,679 $1,059,991 ========== ========== 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, 1996 1995 Operating revenues: Electric $ 76,691 $ 74,345 Gas 78,040 58,882 -------- -------- Total operating revenues 154,731 133,227 -------- -------- Operating expenses: Cost of fuel 25,932 24,760 Cost of gas 45,589 29,107 Purchased power 2,262 2,784 Other operation and maintenance 26,702 27,315 Depreciation and amortization 15,054 14,146 Income taxes 8,614 7,515 Other taxes 10,386 9,717 -------- -------- Total operating expenses 134,539 115,344 -------- -------- Operating income 20,192 17,883 -------- -------- Other income and deductions: Cost of equity funds capitalized 19 -- Company-owned life insurance, net (206) (191) Other, net (60) (16) -------- -------- Total other income and (deductions) (247) (207) -------- -------- Income before interest expenses 19,945 17,676 -------- -------- Interest expenses: Interest on long-term debt 5,304 4,808 Cost of borrowed funds capitalized (16) (231) Other 739 1,017 -------- -------- Total interest expenses 6,027 5,594 -------- -------- Net income 13,918 12,082 -------- -------- Dividends on preferred stock 815 835 -------- -------- Net income available for common stock $ 13,103 $ 11,247 ======== ======== 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, 1996 1995 Cash flows from operating activities: Net income before preferred dividends $ 13,918 $ 12,082 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,232 14,324 Deferred taxes, investment tax credits and regulatory liability, net (1,152) (1,509) Increase in accounts receivable (10,470) (4,515) Decrease in fuel, materials and supplies, and gas in underground storage 13,424 10,978 Decrease in unbilled revenue 9,414 5,537 Decrease in accounts payable (9,577) (15,897) Increase (decrease) in accrued taxes and interest (837) 1,060 Capital lease payments 161 120 Decrease in other current assets 14,025 5,633 Increase (decrease)in other current liabilities (1,275) 41 (Increase) decrease in other non-current assets 4,598 (1,055) Increase in other non-current liabilities 580 1,939 -------- -------- Net cash provided by operating activities 48,041 28,738 -------- -------- Cash flows from investing activities: Capital expenditures (7,852) (15,150) Cost of equity funds capitalized (19) -- Other (1,509) (1,801) -------- -------- Net cash used in investing activities (9,380) (16,951) -------- -------- Cash flows from financing activities: Common dividends paid (8,208) (8,017) Preferred dividends paid (815) (835) Long-term debt issued -- (34) Retirement of long-term debt (16,000) -- Payments on capital lease obligation (161) (120) Decrease in short-term borrowing (24,600) (2,800) -------- -------- Net cash used in financing activities (49,784) (11,806) -------- -------- Net decrease in cash and temporary cash investments (11,123) (19) Cash and temporary cash investments at beginning of year 16,556 629 -------- -------- Cash and temporary cash investments at March 31 $ 5,433 $ 610 ======== ======== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest (net of cost of borrowed funds capitalized) $ 9,400 $ 8,903 Income taxes -- 1,479 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), QST Enterprises Inc. (QST) and CILCORP's other subsidiaries after elimination of significant intercompany transactions. CILCORP owns 100% of the common stock of CILCO. All of the other first-tier subsidiaries are wholly-owned by CILCORP. 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 1995 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 CILCO is subject to various Federal Energy Regulatory Commission (FERC) orders and settlements related to the transition to a more competitive natural gas industry. FERC Order 636 unbundled the sale, transportation and storage functions of interstate gas pipelines, and also allows the pipelines to recover prudently incurred transition costs from gas distribution companies. FERC Orders 500 and 528 allow interstate gas pipelines to bill gas distribution companies for take- or-pay and other charges related to the transition to a more competitive gas industry. During the three months ended March 31, 1996, CILCO has paid $.4 million for interstate pipeline transition costs. These costs have been, or will be, recovered from CILCO's customers through its purchased gas adjustment clause (PGA). Since these costs are recoverable from CILCO's customers, management does not expect gas pipeline supplier transition costs to materially impact CILCO's financial position or results of operations. CILCO has recorded a regulatory asset and a corresponding liability of $2.6 million on its Balance Sheets as of March 31, 1996, of which $1.1 million will be due in one year. The remaining $1.5 million represents the minimum amount of the estimated range of such future direct billings from pipelines which CILCO expects to receive related to take-or-pay and other transition costs. 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 Sites A, B and C and currently owns 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 underway. During the first quarter of 1996 CILCO has paid approximately $146,000 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 $390,000 for site monitoring, legal fees and feasibility studies in 1996. A $4 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 1996 have been deferred on the Balance Sheets, net of amounts recovered from customers. Through March 31, 1996, CILCO has recovered approximately $4.9 million in coal tar remediation costs from its customers through a gas rate rider approved by the Illinois Commerce Commission (ICC). Currently, that rider allows recovery of coal tar costs in the year they are incurred. Under these circumstances, management believes 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 March 1995, CILCO and CIPS renegotiated a November 1992 limited-term power agreement. This renegotiated agreement, which 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 agreement. ICC approval is expected in May 1996. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CILCORP Inc. (CILCORP or the Company) is the parent of three core operating businesses, Central Illinois Light Company (CILCO), Environmental Science & Engineering, Inc. (ESE) and QST Enterprises Inc. (QST). CILCORP 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, engineering and analytical services firm serving governmental, industrial and commercial customers. ESE, through its subsidiaries, also acquires environmentally impaired property for remediation and resale. QST, formed in December 1995, provides energy and energy services -- buying, managing and controlling energy -- for a wide variety of customers. QST is also engaged in the business of fiberoptic communication through one of its wholly-owned subsidiaries. CIM invests in a diversified portfolio of long-term financial investments which currently includes leveraged leases, energy-related projects and affordable residential housing. CVI invests in ventures in environmental services, energy, biotechnology and health care. Capital Resources & Liquidity Declaration of dividends by CILCORP is at the discretion of the Board of Directors. CILCORP'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, finance acquisitions, pay its financial obligations, meet working capital needs and retire debt as it matures. CILCORP 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, 1996, CILCORP had committed bank lines of credit of $50 million, of which $18.7 million was outstanding. During the first quarter of 1996, CILCORP issued 84,289 shares of common stock at an average price of $43.15 per share through the CILCORP Inc. Automatic Reinvestment and Stock Purchase Plan (DRIP) and the CILCO Employees' Savings Plan (ESP). Depending on market conditions, CILCORP may issue additional shares of common stock through the DRIP, the ESP or other stock offerings. The proceeds from newly issued stock will be used to retire CILCORP debt, to meet working capital and capital expenditure requirements at QST and for other corporate purposes. At March 31, 1996, CILCORP had $45 million of medium-term notes outstanding. CILCORP may issue up to $75 million under its current medium-term note program. CILCORP may issue additional notes in the future under this program to retire maturing debt and to provide funds for other corporate purposes. CILCO Capital expenditures totaled $7.9 million for the three months ended March 31, 1996. Capital expenditures are anticipated to be approximately $43.8 million for the remainder of 1996 which includes approximately $2.4 million for the installation of a communication network in Peoria, Illinois. Capital expenditures for the years 1997 and 1998 are estimated to be $49.7 million and $49.5 million, respectively. Currently, CILCO does not plan to issue long-term debt during 1996. CILCO intends to finance its 1996 and 1997 capital expenditures with funds provided by operations. At March 31, 1996, CILCO had committed bank lines of credit aggregating $30 million, all of which were unused. These lines of credit are used to support CILCO's issuance of commercial paper. CILCO expects these bank lines will remain unused through 1996. CILCO had no commercial paper outstanding at March 31, 1996, but expects to issue commercial paper periodically throughout the remainder of 1996. In addition to declaring a regular common dividend, CILCO's Board of Directors declared a special $10 million dividend at the April 1996 Board Meeting. These dividends were paid to CILCORP, the sole common shareholder of CILCO. ESE For the quarter ended March 31, 1996, ESE's capital expenditures were approximately $800,000, which included $700,000 to acquire land through its subsidiary, ESE Land Corporation, for remediation and resale. Capital expenditures for the remainder of 1996 are budgeted to be approximately $7.9 million, which includes $7 million to acquire land for remediation and resale. At March 31, 1996, ESE had borrowings of $20 million from CILCORP and advances of $2.7 million to CILCORP. ESE also has a $15 million line of credit with CILCORP. At March 31, 1996, all of this line of credit was unused. ESE has a $10 million bank line of credit, of which $4.4 million was outstanding at March 31, 1996, to collaterize performance bonds issued in connection with ESE's projects. ESE expects to finance its capital expenditures and working capital needs during 1996 with a combination of funds generated internally and periodic short-term borrowings from the Holding Company. QST Capital expenditures for QST are expected to be approximately $3.8 million for 1996. This includes $3.6 million for QST Communications Inc., a subsidiary of QST, for construction of a fiberoptic communication loop in the Peoria area. QST expects to finance new investments and working capital needs during 1996 with funds provided by CILCORP. CIM At March 31, 1996, CIM had outstanding debt of $25.7 million, consisting of $22.3 million borrowed from CILCORP and $3.4 million borrowed from external sources. CIM expects to finance new investments and working capital needs during 1996 with a combination of funds generated internally and periodic short-term borrowings from CILCORP. Results Of Operations Overview The following table summarizes net income of CILCO, ESE, QST and Other Businesses for the three months ended March 31, 1996 and 1995.
Three Months Ended March 31, 1996 1995 (In thousands) (Unaudited) Core businesses: CILCO Electric operating income $10,085 $ 9,065 Gas operating income 10,107 8,818 ------- ------- Total utility operating income 20,192 17,883 Utility other income and deductions (6,274) (5,801) Preferred stock dividends of CILCO (815) (835) ------- ------- Total utility net income 13,103 11,247 ESE ESE net income (loss) (1,972) 377 QST QST net loss (446) -- ------- ------- Total core business income 10,685 11,624 Other businesses: Other businesses net loss (291) (151) ------- ------- Consolidated net income available to common shareholders $10,394 $11,473 ======= =======
CILCO Electric Operations The following table summarizes the components of CILCO electric operating income for the three months ended March 31, 1996 and 1995:
Three Months Ended Components of Electric March 31, Operating Income 1996 1995 (In thousands) Revenue: Electric retail $73,256 $72,933 Sales for resale 3,435 1,412 ------- ------- Total revenue 76,691 74,345 ------- ------- Cost of sales: Cost of fuel 25,932 24,760 Purchased power expense 2,262 2,784 Revenue taxes 3,645 3,429 ------- ------- Total cost of sales 31,839 30,973 ------- ------- Gross margin 44,852 43,372 ------- ------- Operating expenses: Other operation and maintenance 18,737 19,082 Depreciation and amortization 10,766 10,213 Income and other taxes 5,264 5,012 ------- ------- Total operating expenses 34,767 34,307 ------- ------- Electric operating income $10,085 $ 9,065 ======= =======
Electric gross margin and retail sales volumes increased 3% and 1%, respectively, for the three months ended March 31, 1996, compared to the same period in 1995. A 7% increase in residential sales and a 6% increase in commercial sales offset a 6% decrease in industrial sales. Residential and commercial sales were higher primarily due to a 13% increase in heating degree days compared to the same period in 1995. The change in industrial sales resulted primarily from lower demand by several large industrial customers. 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 deregulation and increased competition in the electric utility industry (see Part II. Item 5: Other Information, Electric Competition). Sales for resale increased during the first quarter of 1996, due to higher 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 increased competition in the market for sales for resale and purchased power. Substantially all of CILCO's electric generating capacity is coal-fired. The cost of fuel increased 5% in the first quarter of 1996, compared to the same period in 1995, due to a 12% increase in electric generation, partially offset by an 8% reduction in the cost of coal burned. Purchased power decreased for the three months ended March 31, 1996, compared to the same period in 1995. 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 2% for the three months ended March 31, 1996, compared to the corresponding period in 1995, primarily due to decreased employee salaries, pension expense, injury and damage claims and tree trimming expenses. Increases in outside services and employee benefits partially offset the decrease for the first quarter of 1996. Depreciation and amortization expense increased 5%, reflecting additions and replacements of utility plant at costs in excess of the original cost of the property retired, and the addition of CILCO's new customer information system in October 1995. Income and other tax expense increased primarily due to 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, 1996 and 1995:
Three Months Ended Components of Gas Operating Income March 31, 1996 1995 (In thousands) Revenue: Sale of gas $75,290 $56,168 Transportation services 2,750 2,714 ------- ------- Total revenue 78,040 58,882 ------- ------- Cost of sales: Cost of gas 45,589 29,107 Revenue taxes 3,678 3,114 ------- ------- Total cost of sales 49,267 32,221 ------- ------- Gross margin 28,773 26,661 ------- ------- Operating expenses: Other operation and maintenance 7,965 8,233 Depreciation and amortization 4,288 3,933 Income and other taxes 6,413 5,677 ------- ------- Total operating expenses 18,666 17,843 ------- ------- Gas operating income $10,107 $ 8,818 ======= =======
Gas gross margin increased 8% for the quarter ended March 31, 1996, compared to the same period in 1995, primarily due to increased sales to residential and commercial customers. Residential sales increased 11% and commercial sales increased 14% for the first quarter of 1996. The increases in residential and commercial sales were primarily due to cooler winter weather. Heating degree days were 13% higher compared to the same period in 1995. 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 in the near term. In the long term, CILCO natural gas sales may be affected by further deregulation in the natural gas industry. Revenue from gas transportation services increased 1% for the quarter ended March 31, 1996, compared to the same period in 1995. Revenue increased primarily due to peak-day overrun penalties incurred by transportation customers during the quarter ended March 31, 1996. The increase was offset by a 2% decrease in transportation sales volumes for the quarter. The cost of gas increased 57% for the quarter ended March 31, 1996, compared to the same quarter of 1995. This increase was principally due to increased sales and higher natural gas prices from CILCO's suppliers. The higher natural gas prices, which accounted for the majority of the 34% increase 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 3% for the three months ended March 31, 1996, compared to the corresponding period in 1995, due to a decrease in salaries and injury and damage claims. These decreases were partially offset by increases in employee benefits and outside service expenses. Depreciation and amortization expense increased 9% for the quarter ended March 31, 1996 compared to the same period in 1995, reflecting additions and replacements of utility plant at costs in excess of the original cost of the property retired, and the addition of CILCO's new customer information system in October 1995. Income and other taxes expense increased for the quarter ended March 31, 1996, 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, 1996 and 1995:
Three Months Ended Components of Other Income and March 31, Deductions and Interest Expense 1996 1995 (In thousands) Net interest expense $(5,914) $(5,814) Income taxes 712 565 Other (1,072) (552) ------- ------- Other income (deductions) $(6,274) $(5,801) ======= =======
Interest expense increased primarily as a result of a higher long-term debt balance during the first quarter of 1996, compared to the same period in 1995. Other deductions increased primarily due to increased corporate contributions and a loss on the sale of a parcel of land at the Duck Creek generating site. ESE Operations The following table summarizes the components of ESE's results for the three months ended March 31, 1996 and 1995:
Components of ESE Net Income (Loss) 1996 1995 (In thousands) Environmental and engineering services revenue $20,475 $34,674 Direct non-labor project costs 5,666 13,960 ------- ------- Net revenue 14,809 20,714 ------- ------- Expenses: Direct salaries and other costs 9,407 10,148 General & administrative 6,749 7,808 Depreciation and amortization 1,332 1,443 ------- ------- Operating expenses 17,488 19,399 ------- ------- Interest expense 396 511 ------- ------- Income (loss) before income taxes (3,075) 804 Income taxes (1,103) 427 ------- ------- ESE net income (loss) $(1,972) $ 377 ======= =======
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; and weather, which may limit the amount of time ESE professionals have in the field. 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 29% lower for the quarter ended March 31, 1996 compared to the same period in 1995. This decrease in net revenue is due to a decrease in net revenue for both the consulting and laboratory operations during the first quarter of 1996. As legislatures debate both environmental funding and regulations, industry clients have delayed initiating projects. Government projects are under strict fiscal limits which impact ESE work levels in this area. Net revenues for the first quarter of 1996 were also impacted by inclement weather, resulting in project interruptions. The first quarter of 1995 had favorable weather conditions resulting in uninterrupted project activity. Also, net revenues for the first quarter of 1996 were adversely impacted by intense competition in the laboratory marketplace which has resulted in reduced profit margins beginning in late 1995 and continuing into the first quarter of 1996. Direct salaries and other expenses include the cost of professional and technical staff and other costs billable to customers. These costs include salaries and related fringe benefits, including employer-paid medical and dental insurance, payroll taxes, paid time off, and 401(k) contributions. Direct salaries and other costs decreased by 7% in the first quarter of 1996, compared to the corresponding period in 1995. This decrease is primarily due to a decrease in the number of technical staff. General and administrative expenses include non-billable employee time devoted to marketing, proposals, supervision, and professional development; supplies expenses; and corporate administrative expenses. General and administrative expenses decreased 14% in the first quarter of 1996 compared to the same period in 1995. This decrease is due to lower general and administrative salary expense, lower overall payroll benefit expense, and cost controls which have reduced overhead expenses. Due to the labor-intensive nature of ESE's business, ESE has the ability to adjust staffing levels to recognize changing business conditions. ESE had 972 full-time equivalent employees at March 31, 1996 compared to 1,223 at March 31, 1995. QST Operations The following table summarizes QST's results for the three months ended March 31, 1996:
Components of QST Net Loss Three Months Ended March 31, 1996 1995 (In thousands) Revenue: $ -- $ -- ------- ------- Expenses: General and Administrative 786 -- Operating expenses 1,486 1,155 Depreciation and amortization 47 49 Interest expense 1,340 1,592 Income and other taxes 198 41 ------- ------- Total expenses 3,071 2,837 ------- ------- Other businesses net loss $ (291) $ (151) ======= =======
Operating expenses increased for the first quarter of 1996, compared to the first quarter of 1995, primarily due to higher operating expenses related to the leveraged lease investment portfolio. Interest expense decreased in 1996 as a result of a decrease in long- term debt outstanding. Income and other taxes were higher in the first quarter of 1996, compared to the first quarter of 1995, primarily due to greater pre-tax income and an adjustment to an income tax reserve in the first quarter of 1996. PART II. OTHER INFORMATION Item 1: Legal Proceedings Reference is made to "Environmental Matters" under "Item 1. Business" in the Company's 1995 Annual Report on Form 10-K (the "1995 Form 10-K"), and "Note 2. Gas Pipeline Supplier Transition Costs" 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 As discussed in the 1995 Form 10-K, on July 6, 1994, a lawsuit was filed against CILCO in a United States District Court by Vector-Springfield Properties, Ltd., seeking damages related to alleged coal tar contamination from the site of a former gas manufacturing plant which was owned but never operated by CILCO. The lawsuit seeks cost recovery of more than $3 million related to coal tar investigation expenses, operating losses and diminution of market value. CILCO is vigorously defending against these claims. 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. 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 23, 1996: Votes Abstentions & Against Broker Votes for or Withheld Non-Votes Elected to the Board of Directors: J. R. Brazil 10,440,840 268,683 0 J. D. Caulder 10,418,349 290,220 0 M. M. Yeomans 10,462,271 239,351 0 Item 5: Other Information Electric Competition The National Energy Policy Act of 1992 (NEPA) encourages competition but specifically bans federally-mandated transmission of power to retail customers. However, several state legislatures and public utility regulatory commissions are investigating or adopting pilot programs to initiate competition at the retail level. In addition, incentive regulation is being implemented or considered by legislatures and public utility commissions in more than twenty states. Utilities may benefit or lose depending upon their ability to reduce costs and improve efficiency. In July 1995, Illinois enacted legislation which offers gas and electric public utilities an opportunity to develop alternative regulation and performance-based ratemaking programs. These programs will be subject to standards established by the ICC and will be restricted to the utility's service territory. These programs must be approved by the ICC and must end by June 30, 2000. A report on the results of the programs will be delivered to the Illinois legislature by December 31, 2000. With the proposed changes in the regulatory environment and the potential for increased competition in the electric utility industry at both the wholesale and retail levels, CILCO anticipates significant changes in the industry in the years to come. Management cannot predict the ultimate effect of these changes, but believes that they will result in customers having the opportunity to select the electric supplier of their choice and that low operating costs, improved efficiency and new and better services and products will be key competitive factors for electric utilities. In August 1995, CILCORP took steps to position itself and its subsidiaries to deal more effectively with industry change. The Company developed a point of view about the future utility and energy services industry which has led it to champion customer choice and to develop a growth strategy. In addition, CILCORP identified the need to gain additional customer insight through market research and other means, to obtain new core competencies, to develop new product and service offerings, to make operational changes to become more competitive, to pursue legislative and regulatory strategies to further competition, and to identify and strategically allocate Company resources. To lead the movement toward increased customer choice, CILCO requested regulatory approval from the ICC in August 1995 to establish two electric pilot retail competition programs known as Power Quest. The programs offer greater choice to customers and provide the opportunity for CILCO and its customers to participate in a competitive business environment. These programs were approved by the ICC in March 1996 and approved by the FERC in April 1996. One program permits eight of CILCO's industrial customers that had peak loads of 10 megawatts or more during the twelve months ended July 31, 1995, to secure part or all of their electric power requirements from suppliers other than CILCO, subject to the limitation that at no time shall total purchases by participants in the program exceed 50 megawatts (approximately 10% of CILCO's industrial load). The program's two-year term may be extended with the approval of the ICC. In the other program, CILCO designated five areas within its service territory as "Open Access Sites" for up to five years. The sites include three Central Illinois communities, a shopping center, and a developing commercial business site. During that period, customers located within these Open Access Sites--whether residential, commercial or industrial--are eligible to purchase some or all of their electric power requirements from suppliers other than CILCO. The five-year program period may be extended with ICC approval. Under Power Quest, CILCO will deliver, for an approved fee, other suppliers' power from a designated receipt point on CILCO's system to the customer's location, as well as provide other associated services. CILCO will not impose any exit fees, entrance fees, or stranded cost recovery upon any customers in connection with Power Quest. During Power Quest, CILCO anticipates a reduction in electric profit margin because some eligible customers are expected to purchase some or all of their power requirements from other suppliers. The amount of any such reduction depends largely upon the extent of customer participation in Power Quest. CILCO expects, but cannot assure, that some of the reduced profit margin will be offset by increased sales to customers and utilities outside its service territory. For the industrial program, the Company anticipates a reduction in net income of up to $4 million if the entire 50 megawatts of eligible industrial capacity moves to off- system suppliers. For the Power Quest Open Access Sites, the Company anticipates a reduction in net income of up to $.1 million, based on customers' initial participation through May 1, 1996. If all eligible customers in the open access sites participate in Power Quest, the Company would experience a reduction in net income of up to $.7 million. Management cannot currently predict the additional impact on its financial condition which may result from proposed changes in the regulatory environment or from increased competition in the electric utility industry. In an effort to obtain a competitive advantage, various mergers and business combinations are occurring in the utility industry. There have been several announced utility industry mergers or business combinations which will have an impact on the region in which CILCO currently operates. Mergers and combinations have also been announced in other areas of the country. CILCO management will monitor this activity and continue to position itself for competition by keeping its costs and prices low, maintaining good customer relations and developing the flexibility to respond directly to individual customer requirements. Reduction of Materials and Supplies Inventory As part of an effort to become more competitive, CILCO personnel are performing a detailed analysis of materials and supplies inventories at power plant and transmission and distribution storerooms. As a result of the analysis, CILCO plans to reduce materials and supplies inventory levels by approximately $4 million through the sale, disposal, or use of identified inventory items. Throughout the remainder of 1996, this inventory reduction is expected to result in an after-tax reduction to net income of approximately $1.8 million. Restructuring of Subsidiary Boards of Directors To better focus strategic decision-making at the Holding Company Board level, the Board of Directors of CILCO, ESE, CIM and CVI were restructured effective as of their respective annual meetings during the second quarter of 1996. The Board of Directors of CILCO was reduced from 11 members to 3 members effective at the Annual Meeting of CILCO on April 23, 1996. The three directors include the following officers of CILCO: Thomas S. Romanowski, Vice President and Chief Financial Officer; James F. Vergon, President and Chief Operating Officer; and Robert O. Viets, Chairman and Chief Executive Officer. The Boards of Directors of CIM and CVI were restructured to include internal directors only, and the Board of ESE will include only one outside director. CILCO Gas Pilot Program On May 8, 1996, CILCO filed a petition with the Illinois Commerce Commission (ICC) seeking regulatory permission to create a five-year pilot program that would allow certain residential consumers to select their natural gas supplier. CILCO will continue to provide distribution and metering services. Under this program, known as Therm Quest, a limited number of CILCO's residential gas sales customers, located in open access sites to be designated by CILCO, will be permitted to elect to receive only gas transportation services from CILCO, and thus purchase natural gas from providers other than CILCO. The gas open access sites to be designated by CILCO will contain approximately 10,000 residential gas sales customers. The sites chosen for this pilot program will be identified after the petition has been approved. CILCO is requesting approval of this petition by the ICC within 45 days, with an effective date of September 1, 1996. Management does not believe this program will have a material adverse impact on CILCO's financial position or results of operations. Item 6: Exhibits and Reports on Form 8-K. (a) Exhibits 27 - Financial data schedules (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, 1996 R. O. Viets R. O. Viets President and Chief Executive Officer Date May 10, 1996 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, 1996 T. S. Romanowski T. S. Romanowski Vice President and Chief Financial Officer Date May 10, 1996 R. L. Beetschen R. L. Beetschen Controller and Manager of Accounting EX-27 2
OPUR1 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. 1000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 PER-BOOK 880,528 21,669 148,013 41,796 136,413 1,228,419 182,967 0 184,835 367,802 22,000 44,120 323,910 19,070 0 0 23,048 0 2,927 379 425,163 1,228,419 177,986 6,590 152,506 159,096 18,890 (926) 17,964 6,755 11,209 815 10,394 8,207 0 48,251 .78 .78
EX-27 3
OPUR1 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-31-1996 JAN-01-1996 MAR-31-1996 PER-BOOK 880,528 4,051 110,253 16,847 0 1,011,679 185,661 0 145,710 331,371 22,000 44,120 278,407 0 0 0 20,000 0 2,927 379 312,475 1,011,679 154,731 8,614 125,925 134,539 20,192 (247) 19,945 6,027 13,918 815 13,103 8,208 5,304 48,041 0 0
-----END PRIVACY-ENHANCED MESSAGE-----