-----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, JPecFmIfdsHcNw12Wvco4e3oN0bNl9J5qt08Kzzs6coOS3jwwUN7d/nMyfDZVq3E jFjRLi3neKX66DaDEm+dhA== 0000893220-96-000317.txt : 19960216 0000893220-96-000317.hdr.sgml : 19960216 ACCESSION NUMBER: 0000893220-96-000317 CONFORMED SUBMISSION TYPE: U-1 PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 19960215 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA GAS SYSTEM INC CENTRAL INDEX KEY: 0000022099 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 131594808 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-1 SEC ACT: 1935 Act SEC FILE NUMBER: 070-08801 FILM NUMBER: 96521163 BUSINESS ADDRESS: STREET 1: 20 MONTCHANIN RD CITY: WILMINGTON STATE: DE ZIP: 19807 BUSINESS PHONE: 3024295000 U-1 1 FORM U-1, THE COLUMBIA GAS SYSTEM, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form U-1 APPLICATION-DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 THE COLUMBIA GAS SYSTEM, INC. 20 Montchanin Road Wilmington, DE 19807 - ------------------------------------------------------------------------------- (Names of company or companies filing this statement and addresses of principal executive offices) L. J. Bainter, Treasurer The Columbia Gas System, Inc. 20 Montchanin Road Wilmington, DE 19807 - ------------------------------------------------------------------------------- (Name and address of agent for service) 2 PAGE 2 Item 1. Description of Proposed Transaction (a) Furnish a reasonably detailed and precise description of the proposed transaction, including a statement of the reasons why it is desired to consummate the transaction and the anticipated effect thereof. If the transaction is part of a general program, describe the program and its relation to the proposed transaction The Columbia Gas System, Inc. ("Columbia"), a Delaware corporation, and a holding company registered under the Public Utility Holding Company Act of 1935 (the "Act"), is the Applicant-Declarant. Columbia requests authorization to expand previously granted authorizations to market natural gas and natural gas services to include the marketing of other energy-related products including propane, natural gas liquids, petroleum and electricity through either an existing, direct subsidiary or through the establishment of one or more direct or indirect subsidiaries ("Energy Products Company"). The Commission previously authorized Columbia to establish Columbia Energy Services Corporation [HCAR 35-25802; 70-8145] to market natural gas products and services. In addition, the Commission also authorized the creation of TriStar Ventures Corporation and its subsidiaries [HCAR 35-24199; 70-7276] to, among other things, invest in and operate electric cogeneration facilities. Columbia requests authorization to expand the services offered by one or both of these companies to include the marketing of other energy related products including propane, natural gas liquids, petroleum and electricity or, in the alternative, Columbia requests authorization to establish one or more new direct or indirect subsidiaries to market the above-described energy products. 3 PAGE 3 The services provided will include the marketing and/or brokering of electric energy at wholesale, and, to the extent permitted by state law, at retail; provided that the activities will be limited to ensure that they do not come within the definitions of an "electric utility company" as defined in Section 2(a)(3) of the Act. In this respect, Columbia notes that, consistent with Section 2(a)(3)(A) of the Act, the primary business of Columbia and its subsidiaries is the sale of natural gas and that such sales of electric power, which are anticipated to be profitable, will not be of such a significance to render Columbia or its subsidiaries an "electric utility company". SOURCE OF FUNDS Columbia, to the extent required, requests authorization to provide Energy Products Company with up to $5 million in funding through December 31, 1997, through the purchase of shares of common stock of Energy Products Company, $25 par value per share, at a purchase price at or above par value. Thereafter, Energy Products Company will issue securities, and Columbia, or a direct subsidiary of Columbia, will acquire securities, in transactions which will be exempt pursuant to Rule 52. CERTIFICATE OF NOTIFICATION Applicant will file quarterly certificates of notification within 45 days after the end of each calendar quarter which will include an income statement and balance sheet reflecting Energy Products Company's activities. AUTHORIZATION REQUESTED 1. Columbia requests authorization to create and fund one or more direct or indirect subsidiaries to market energy products including propane, natural gas liquids, petroleum and electricity, from time to time through December 31, 1997 through the purchase of up to 4 PAGE 4 $5,000,000 of common stock of the subsidiary(ies), $25 par value per share, at a purchase price at or above par value or, alternatively, to expand authorizations previously granted to market such energy products in existing subsidiaries. Item 2. Fees, Commissions and Expenses (a) State (1) the fees, commissions and expenses paid or incurred, or to be paid or incurred, directly or indirectly, in connection with the proposed transaction by the applicant or declarant or any associate company thereof, and (2) if the proposed transaction involves the sale of securities at competitive bidding, the fees and expenses to be paid to counsel selected by applicant or declarant to act for the successful bidder. The Columbia Gas System Service Corporation has provided certain services in connection with the preparation of this filing as follows: Securities and Exchange Commission Filing Fee . . . . . . . . . . . . . . . $ 2,000 Services of Columbia Gas System Service Corporation in connection with the preparation of the Application-Declaration . . . . . 7,500 ----- Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,500 =======
(b) If any person to whom fees or commissions have been or are to be paid in connection with the proposed transaction is an associate company or an affiliate of any applicant or declarant, or is an affiliate of an associate company, set forth the facts with respect thereto. Columbia Gas System Service Corporation is a wholly owned subsidiary of Columbia and has performed certain services at cost as set forth in Item 2(a) (1) above. Item 3. Applicable Statutory Provisions. (a) State the section of the Act and the rules thereunder believed to be applicable to the proposed transaction. If any section or rule would be applicable in absence of a specific exemption, state the basis of exemption. The issuance of new securities by Energy Products Company is made pursuant to Sections 6(a) and 7 and Rule 43. Sections 9(a), 10 and 12(f) are deemed applicable to (i) acquisitions of the capital stock of Energy Products Company and (ii) the marketing of energy- 5 PAGE 5 related products by Energy Products Company. The marketing of energy-related products would be permitted under the Proposed Rule 58. HCAR No. 16311 (June 28, 1995). Columbia does not own, nor operate nor is it an equity participant in any Exempt Wholesale Generator or any Foreign Utility Company and will not be a company that owns, operates or has an equity participation in an Exempt Wholesale Generator or Foreign Utility Company as a result of the approvals requested herein. Columbia does not have any rights, nor will it have any rights or obligations under a service, sales or construction contract with an Exempt Wholesale Generator or Foreign Utility Company as a result of the proposed transactions. To the extent that the proposed transactions are considered by the Commission to require authorization, approval or exemption under any section of the Act or any provision of the rules and regulations other than those specifically referred to herein, a request for such authorization, approval or exemption is hereby made. (b) If any applicant is not a registered holding company or a subsidiary thereof, state the name of each public utility company of which it is an affiliate, or of which it will become an affiliate as a result of the proposed transaction, and the reasons why it is or will become such an affiliate. Not applicable Item 4. Regulatory Approval. (a) State the nature and extent of the jurisdiction of any State commission or any Federal commission (other than the Securities and Exchange Commission) over the proposed transaction. No state or federal commission (other than the Securities and Exchange Commission) has jurisdiction over the proposed transaction. 6 PAGE 6 (b) Describe the action taken or proposed to be taken before any Commission named in answer to Paragraph (a) of this item in connection with the proposed transaction. Not applicable. Item 5. Procedure. (a) State the date when Commission action is requested. If the date is less than 40 days from the date of the original filing, set forth the reasons for acceleration. It is respectfully requested that the Commission issue its notice by February 23, 1996, and its order on or by March 22, 1996. (b) State (i) whether there should be a recommended decision by a hearing officer, (ii) whether there should be a recommended decision by any other responsible officer of the Commission, (iii) whether the Division of Investment Management may assist in the preparation of the Commission's decision, and (iv) whether there should be a 30-day waiting period between the issuance of the Commission's order and the date on which it is to become effective. The Applicants hereby (i) waive a recommended decision by a hearing officer, (ii) waive a recommended decision by any other responsible officer of the Commission, (iii) specify that the Division of Investment Management may assist in the preparation of the Commission's decision, and (iv) specifies that there should not be a 30-day waiting period between the issuance of the Commission's order and the date on which it is to become effective. Item 6. Exhibits and financial Statements. (a) Exhibits A Form of Subsidiary Common Stock Certificate (Exhibit A-2 to Joint-Application Declaration (File No. 70-7276) is hereby incorporated by reference.) F Opinion of Counsel (to be filed by amendment). G Financial Data Schedules. H Draft Notice. 7 PAGE 7 (b) Financial Statements (1) The Columbia Gas System, Inc. and Subsidiaries (a) Balance Sheets as of October 31, 1995 (actual and pro forma). (b) Statements of Capitalization as of October 31, 1995 (actual and pro forma). (c) Statements of Income for the Twelve Months ended October 31, 1995 (actual and pro forma). (d) Statements of Common Stock Equity as of October 31, 1995 (actual and pro forma). (2) The Columbia Gas System, Inc. (a) Balance Sheets as of October 31, 1995 (actual and pro forma). (b) Statements of Capitalization as of October 31, 1995 (actual and pro forma). (c) Statements of Income for the Twelve Months ended October 31, 1995 (actual and pro forma). (d) Statements of Common Stock Equity as of October 31, 1995 (actual and pro forma). (e) Pro forma entries. (3) Energy Products Company (a) Balance Sheets as of October 31, 1995 (actual and pro forma). (b) Statements of Capitalization as of October 31, 1995 (actual and pro forma). (c) Statements of Income for the Twelve Months ended October 31, 1995 (actual and pro forma). (d) Statements of Common Stock Equity as of October 31, 1995 (actual and pro forma). (e) Pro forma entries. 8 PAGE 8 There have been no material changes, not in the ordinary course of business, since the date of the financial statements filed herewith. Item 7. Information as to Environmental Effects. (a) Describe briefly the environmental effects of the proposed transaction in terms of the standards set forth in Section 102(2)(C) of the National Environmental Policy Act (42 U.S.C. 4232(2)(C)). If the response to this item is a negative statement as to the applicability of Section 102(2)(C) in connection with the proposed transaction, also briefly state the reasons for that response. As more fully described in Item 1, the proposed transactions relate only to establishment of a subsidiary company and have no environmental impact in and of themselves. (b) State whether any other federal agency has prepared or is preparing an environmental impact statement ("EIS") with respect to the proposed transaction. If any other federal agency has prepared or is preparing an EIS, state which agency or agencies and indicate the status of that EIS preparation. No federal agency has prepared or is preparing an EIS with respect to the proposed transaction. 9 PAGE 9 SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, each of the undersigned companies has duly caused this Declaration to be signed on its behalf by the undersigned thereunto duly authorized. THE COLUMBIA GAS SYSTEM, INC. Date: February 15, 1996 By: /s/ L. J. BAINTER -- ----------------------- L. J. Bainter Treasurer 10 PAGE 1 THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES UNAUDITED 6(b)(1)(a) (1 of 2) CONSOLIDATED BALANCE SHEET ACTUAL and PRO FORMA As of October 31, 1995 ($000)
CGS Pro Forma CGS Actual Entries Pro Forma ----------- ----------- ----------- ASSETS Property, Plant and Equipment Gas utility and other plant, at original cost .... 6,851,742 - 6,851,742 Accumulated depreciation and depletion ........... (3,307,816) - (3,307,816) ----------- ----------- ----------- Net Gas Utility and Other Plant .................. 3,543,926 - 3,543,926 ----------- ----------- ----------- Oil and gas producing properties, full cost method 1,286,015 - 1,286,015 Accumulated depletion ............................ (669,681) - (669,681) ----------- ----------- ----------- Net Oil and Gas Producing Properties ............. 616,334 - 616,334 ----------- ----------- ----------- Net Property, Plant, and Equipment ................. 4,160,260 - 4,160,260 ----------- ----------- ----------- Investments and Other Assets Gas supply prepayments ........................... - - - Accounts receivable - noncurrent ................. 207,852 - 207,852 Unconsolidated affiliates ........................ 80,766 - 80,766 Other ............................................ 6,951 - 6,951 ----------- ----------- ----------- Total Investments and Other Assets ................. 295,569 - 295,569 ----------- ----------- ----------- Current Assets Cash and temporary cash investments .............. 1,730,771 - 1,730,771 Accounts receivable, net ......................... 334,845 - 334,845 Gas inventories .................................. 272,792 - 272,792 Other inventories at average cost ................ 46,550 - 46,550 Prepayments ...................................... 87,054 - 87,054 Other ............................................ 59,850 - 59,850 ----------- ----------- ----------- Total Current Assets ............................... 2,531,862 - 2,531,862 ----------- ----------- ----------- Deferred Charges ................................... 284,561 - 284,561 ----------- ----------- ----------- Total Assets ....................................... 7,272,252 - 7,272,252 =========== =========== ===========
11 PAGE 2 THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES UNAUDITED 6(b)(1)(a) CONSOLIDATED BALANCE SHEET (2 of 2) ACTUAL and PRO FORMA As of October 31, 1995 ($000)
CGS Pro Forma CGS Actual Entries Pro Forma ----------- ----------- ----------- CAPITALIZATION AND LIABILITIES Capitalization Stockholder's equity ............................. 1,670,914 - 1,670,914 Long-term debt ................................... 4,411 - 4,411 ----------- ----------- ----------- Total Capitalization ............................... 1,675,325 - 1,675,325 ----------- ----------- ----------- Current Liabilities Debt obligations ................................. 533 - 533 Debtor in possession financing ................... - - - Accounts and drafts payable ...................... 130,882 - 130,882 Accrued taxes .................................... 110,326 - 110,326 Accrued interest ................................. (3,572) - (3,572) Estimated rate refunds ........................... 55,270 - 55,270 Estimated supplier obligations ................... 34,116 - 34,116 Deferred income taxes - current .................. - - - Other ............................................ 387,519 - 387,519 ----------- ----------- ----------- Total Current Liabilities .......................... 715,074 - 715,074 ----------- ----------- ----------- Liabilities Subject to Chapter 11 Proceedings ..... 3,982,196 - 3,982,196 ----------- ----------- ----------- Other Liabilities and Deferred Credits Deferred income taxes, noncurrent ................ 432,835 - 432,835 Deferred investment tax credits .................. 37,376 - 37,376 Postretirement benefits other than pensions ...... 218,642 - 218,642 Other ............................................ 210,804 - 210,804 ----------- ----------- ----------- Total Other Liabilities and Deferred Credits ....... 899,657 - 899,657 ----------- ----------- ----------- Total Capitalization and Liabilities ............... 7,272,252 - 7,272,252 =========== =========== ===========
12 PAGE 3 THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES UNAUDITED 6(b)(1)(b) CONSOLIDATED STATEMENT OF CAPITALIZATION ACTUAL and PRO FORMA As of October 31, 1995 ($000)
CGS Pro Forma CGS Actual Entries Pro Forma ----------- ----------- ----------- Stockholder's Equity Common Stock, The Columbia Gas System, Inc., $10 par value, authorized 100,000,000 shares, outstanding 50,575,835 shares ................... 505,758 - 505,758 Additional paid in capital ....................... 602,092 - 602,092 Retained earnings ................................ 633,030 - 633,030 Unearned employee compensation ................... (69,966) - (69,966) ----------- ----------- ----------- Total Stockholder's Equity ......................... 1,670,914 - 1,670,914 ----------- ----------- ----------- Long-Term Debt Miscellaneous debt of subsidiaries ............... 1,520 - 1,520 Capitalized lease obligations .................... 2,891 - 2,891 ----------- ----------- ----------- Total Long-Term Debt ............................... 4,411 - 4,411 ----------- ----------- ----------- Total Capitalization ............................... 1,675,325 - 1,675,325 =========== =========== ===========
13 PAGE 4 THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES UNAUDITED 6(b)(1)(c) STATEMENT OF CONSOLIDATED INCOME ACTUAL and PRO FORMA Twelve Months Ended October 31, 1995 ($000)
CGS Pro Forma CGS Actual Entries Pro Forma ----------- ----------- ----------- Operating Revenues Gas sales......................................... 1,875,686 - 1,875,686 Transportation ................................... 557,368 - 557,368 Storage .......................................... 61,696 - 61,696 Other ............................................ 167,435 - 167,435 ----------- ----------- ----------- Total Operating Revenues ........................... 2,662,185 - 2,662,185 ----------- ----------- ----------- Operating Expenses Products purchased .............................. 845,142 - 845,142 Operation ........................................ 881,951 - 881,951 Maintenance ...................................... 118,842 - 118,842 Depreciation and depletion ....................... 268,270 - 268,270 Other taxes ...................................... 210,650 - 210,650 ----------- ----------- ----------- Total Operating Expenses ........................... 2,324,855 - 2,324,855 ----------- ----------- ----------- Operating Income ................................... 337,330 - 337,330 ----------- ----------- ----------- Other Income (Deductions) Interest income and other, net ................... 20,416 - 20,416 Interest expense and related charges.............. (22,412) - (22,412) Reorganization items, net ........................ 63,426 - 63,426 ----------- ----------- ----------- Total Other Income (Deductions) .................... 61,430 - 61,430 ----------- ----------- ----------- Income before Income Taxes and Cumulative Effect of Accounting Change ............................. 398,760 - 398,760 Income taxes ....................................... 147,475 - 147,475 ----------- ----------- ----------- Income before Cumulative Effect of Accounting Change ........................................... 251,285 - 251,285 Cumulative Effect of Change in Accounting for Postemployment Benefits .......................... 68 - 68 ----------- ----------- ----------- Net Income ......................................... 251,353 - 251,353 =========== =========== ===========
14 PAGE 5 THE COLUMBIA GAS SYSTEM, INC. AND SUBSIDIARIES UNAUDITED 6(b)(1)(d) CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY ACTUAL and PRO FORMA Twelve Months Ended October 31, 1995 ($000)
CGS Pro Forma CGS Actual Entries Pro Forma ----------- ----------- ----------- COMMON STOCK Balance at November 1, 1994 ........................ 505,633 - 505,633 Common stock issued - Leveraged employee stock ownership plan (LESOP) .. - - - Dividend reinvestment plan ....................... - - - Long-term incentive plan ......................... 125 - 125 Public offering .................................. - - - ----------- ----------- ----------- Balance at October 31, 1995 ........................ 505,758 - 505,758 ----------- ----------- ----------- ADDITIONAL PAID IN CAPITAL Balance at November 1, 1994 ........................ 601,828 - 601,828 Common stock issued - Leveraged employee stock ownership plan (LESOP) .. - - - Dividend reinvestment plan ....................... - - - Long-term incentive plan ......................... 264 - 264 Public offering .................................. - - - Preferred stock issued ............................. - - - ----------- ----------- ----------- Balance at October 31, 1995 ........................ 602,092 - 602,092 ----------- ----------- ----------- RETAINED EARNINGS Balance at November 1, 1994 ........................ 381,677 - 381,677 Net income ......................................... 251,353 - 251,353 Common stock dividends ............................. - - - Other .............................................. - - - ----------- ----------- ----------- Balance at October 31, 1995 ........................ 633,030 - 633,030 ----------- ----------- ----------- UNEARNED EMPLOYEE COMPENSATION Balance at November 1, 1994 ........................ (69,966) - (69,966) Adjustment ......................................... - - - ----------- ----------- ----------- Balance at October 31, 1995 ........................ (69,966) - (69,966) ----------- ----------- ----------- TOTAL COMMON STOCK EQUITY .......................... 1,670,914 - 1,670,914 =========== =========== ===========
15 PAGE 6 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(2)(a) (1 of 2) BALANCE SHEET ACTUAL and PRO FORMA As of October 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ ASSETS Investments and Other Assets Accounts receivable - noncurrent ................. 32,048 - 32,048 Unconsolidated affiliates ........................ - - - ------------ ------------ ------------ Total Investments and Other Assets ................. 32,048 - 32,048 ------------ ------------ ------------ Investments in Subsidiaries Capital stock .................................... 1,330,364 5,000 1,335,364 Equity in undistributed retained earnings ........ (443,982) - (443,982) Installment promissory notes receivable .......... 701,574 - 701,574 Other investments ................................ 437,833 - 437,833 Other receivables - TCO .......................... 1,735,345 - 1,735,345 ------------ ------------ ------------ Total Investments in Subsidiaries .................. 3,761,134 5,000 3,766,134 ------------ ------------ ------------ Current Assets Cash and temporary cash investments .............. 17,129 (5,000) 12,129 Accounts receivable, net Customers ...................................... - - - Affiliated ..................................... 511,221 - 511,221 Other .......................................... 10,452 - 10,452 Prepayments ...................................... 372 - 372 Other ............................................ 33,048 - 33,048 ------------ ------------ ------------ Total Current Assets ............................... 572,222 (5,000) 567,222 ------------ ------------ ------------ Deferred Charges ................................... 2,458 - 2,458 ------------ ------------ ------------ Total Assets ....................................... 4,367,862 - 4,367,862 ============ ============ ============
16 PAGE 7 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(2)(a) BALANCE SHEET (2 of 2) ACTUAL and PRO FORMA As of October 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ CAPITALIZATION AND LIABILITIES Capitalization Stockholder's equity ............................. 1,670,914 - 1,670,914 Long-term debt ................................... - - - ------------ ------------ ------------ Total Capitalization ............................... 1,670,914 - 1,670,914 ------------ ------------ ------------ Current Liabilities Debt obligations ................................. - - - Debtor in possession financing ................... - - - Accounts and drafts payable ...................... 2,160 - 2,160 Affiliated accounts payable ...................... 3,596 - 3,596 Accrued taxes .................................... 2,158 - 2,158 Accrued interest ................................. 1,449 - 1,449 Deferred income taxes - current .................. - - - Other ............................................ 10,984 - 10,984 ------------ ------------ ------------ Total Current Liabilities .......................... 20,347 - 20,347 ------------ ------------ ------------ Liabilities Subject to Chapter 11 Proceedings ...... 2,382,625 - 2,382,625 ------------ ------------ ------------ Other Liabilities and Deferred Credits Deferred income taxes, noncurrent ................ 288,188 - 288,188 Postretirement benefits other than pensions ...... 5,749 - 5,749 Other ............................................ 39 - 39 ------------ ------------ ------------ Total Other Liabilities and Deferred Credits ....... 293,976 - 293,976 ------------ ------------ ------------ Total Capitalization and Liabilities ............... 4,367,862 - 4,367,862 ============ ============ ============
17 PAGE 8 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(2)(b) STATEMENT OF CAPITALIZATION ACTUAL and PRO FORMA As of October 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ Stockholder's Equity Common Stock, $10 par value, authorized 100,000,000 shares, outstanding 50,563,335 shares .......................................... 505,758 - 505,758 Additional paid in capital ....................... 602,092 - 602,092 Retained earnings ................................ 633,030 - 633,030 Unearned employee compensation ................... (69,966) - (69,966) ------------ ------------ ------------ Total Stockholder's Equity ......................... 1,670,914 - 1,670,914 ------------ ------------ ------------ Total Long-Term Debt ............................... - - - ------------ ------------ ------------ Total Capitalization ............................... 1,670,914 - 1,670,914 ============ ============ ============
18 PAGE 9 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(2)(c) STATEMENT OF INCOME ACTUAL and PRO FORMA Twelve Months Ended October 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ Operating Revenues Gas Sales ........................................ - - - Transportation ................................... - - - Other ............................................ - - - ------------ ------------ ------------ Total Operating Revenues ........................... - - - ------------ ------------ ------------ Operating Expenses Products purchased ............................... - - - Operation ........................................ 105,859 - 105,859 Maintenance ...................................... - - - Depreciation and depletion ....................... - - - Other taxes ...................................... 181 - 181 ------------ ------------ ------------ Total Operating Expenses ........................... 106,040 - 106,040 ------------ ------------ ------------ Operating Income (Loss) ............................ (106,040) - (106,040) ------------ ------------ ------------ Other Income (Deductions) Interest income and other, net ................... 401,771 - 401,771 Interest expense and related charges ............. (240) - (240) Reorganization items, net ........................ 4,444 - 4,444 ------------ ------------ ------------ Total Other Income (Deductions) .................... 405,975 - 405,975 ------------ ------------ ------------ Income before Income Taxes and Cumulative Effect of Accounting Change ............................. 299,935 - 299,935 Income taxes ....................................... 48,575 - 48,575 ------------ ------------ ------------ Income before Cumulative Effect of Accounting Change ........................................... 251,360 - 251,360 Cumulative Effect of Accounting for Postemployment Benefits ......................................... (7) - (7) ------------ ------------ ------------ Net Income ......................................... 251,353 - 251,353 ============ ============ ============
19 PAGE 10 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(2)(d) STATEMENTS OF COMMON STOCK EQUITY ACTUAL and PRO FORMA Twelve Months Ended October 31, 1995 ($000)
CG Pro Forma CG Actual Entries Pro Forma ------------ ------------ ------------ COMMON STOCK Balance at November 1, 1994 ........................ 505,633 - 505,633 Common stock issued - Subsidiaries ..................................... - - - Leveraged employee stock ownership plan (LESOP) .. - - - Dividend reinvestment plan ....................... - - - Long-term incentive plan ......................... 125 - 125 Public offering .................................. - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ 505,758 - 505,758 ------------ ------------ ------------ ADDITIONAL PAID IN CAPITAL Balance at November 1, 1994 ........................ 601,828 - 601,828 Common stock issued - Subsidiaries ..................................... - - - Leveraged employee stock ownership plan (LESOP) .. - - - Dividend reinvestment plan ....................... - - - Long-term incentive plan ......................... 264 - 264 Public offering .................................. - - - Preferred stock issued ............................. - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ 602,092 - 602,092 ------------ ------------ ------------ RETAINED EARNINGS Balance at November 1, 1994 ........................ 381,677 - 381,677 Net income ......................................... 251,353 - 251,353 Common stock dividends - CG ............................................... - - - Subsidiaries (to CG) ............................. - - - Other .............................................. - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ 633,030 - 633,030 ------------ ------------ ------------ UNEARNED EMPLOYEE COMPENSATION Balance at November 1, 1994 ........................ (69,966) - (69,966) Adjustment ......................................... - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ (69,966) - (69,966) ------------ ------------ ------------ TOTAL COMMON STOCK EQUITY .......................... 1,670,914 - 1,670,914 ============ ============ ============
20 PAGE 11 THE COLUMBIA GAS SYSTEM, INC. UNAUDITED 6(b)(2)(e) PRO FORMA ENTRIES ($000)
Debit Credit 1. Investment in Subsidiaries - Capital Stock 5,000 Cash and Temporary Cash Investments 5,000 To record CG's purchase of 200,000 shares of EPC common stock at par value ($25 per share).
21 PAGE 12 ENERGY PRODUCTS COMPANY UNAUDITED 6(b)(3)(a) (1 of 2) BALANCE SHEET ACTUAL and PRO FORMA As of October 31, 1995 ($000)
EPC Pro Forma EPC Actual Entries Pro Forma ------------ ------------ ------------ ASSETS Property, Plant and Equipment Gas Utility and Other Plant ...................... - - - Accumulated Depreciation and Depletion ........... - - - ------------ ------------ ------------ Net Gas Utility and Other PP&E ..................... - - - ------------ ------------ ------------ Investments and Other Assets Accounts receivable - noncurrent ................. - - - Unconsolidated affiliates ........................ - - - Investment in Subsidiaries ....................... - - - Other ............................................ - - - ------------ ------------ ------------ Total Investments and Other Assets ................. - - - ------------ ------------ ------------ Current Assets Cash and temporary cash investments .............. - 5,000 5,000 Accounts receivable, net Customers ...................................... - - - Affiliated ..................................... - - - Other .......................................... - - - Prepayments ...................................... - - - Other ............................................ - - - ------------ ------------ ------------ Total Current Assets ............................... - 5,000 5,000 ------------ ------------ ------------ Deferred Charges ................................... - - - ------------ ------------ ------------ Total Assets ....................................... - 5,000 5,000 ============ ============ ============
22 PAGE 13 ENERGY PRODUCTS COMPANY UNAUDITED 6(b)(3)(a) (2 of 2) BALANCE SHEET ACTUAL and PRO FORMA As of October 31, 1995 ($000)
EPC Pro Forma EPC Actual Entries Pro Forma ------------ ------------ ------------ CAPITALIZATION AND LIABILITIES Capitalization Stockholder's equity ............................. - 5,000 5,000 Long-term debt ................................... - - - ------------ ------------ ------------ Total Capitalization ............................... - 5,000 5,000 ------------ ------------ ------------ Current Liabilities Debt obligations ................................. - - - Debtor in possession financing ................... - - - Accounts and drafts payable ...................... - - - Affiliated accounts payable ...................... - - - Accrued taxes .................................... - - - Accrued interest ................................. - - - Deferred income taxes - current .................. - - - Other ............................................ - - - ------------ ------------ ------------ Total Current Liabilities .......................... - - - ------------ ------------ ------------ Other Liabilities and Deferred Credits Deferred income taxes, noncurrent ................ - - - Postretirement benefits other than pensions ...... - - - Other ............................................ - - - ------------ ------------ ------------ Total Other Liabilities and Deferred Credits ....... - - - ------------ ------------ ------------ Total Capitalization and Liabilities ............... - 5,000 5,000 ============ ============ ============
23 PAGE 14 ENERGY PRODUCTS COMPANY UNAUDITED 6(b)(3)(b) STATEMENT OF CAPITALIZATION ACTUAL and PRO FORMA As of October 31, 1995 ($000)
EPC Pro Forma EPC Actual Entries Pro Forma ------------ ------------ ------------ Stockholder's Equity Common Stock, $25 par value, authorized 500,000 shares, outstanding 200,000 shares .......................................... - 5,000 5,000 Additional paid in capital ....................... - - - Retained earnings ................................ - - - ------------ ------------ ------------ Total Stockholder's Equity ......................... - 5,000 5,000 ------------ ------------ ------------ Long-Term Debt ..................................... - - - ------------ ------------ ------------ Total Capitalization ............................... - 5,000 5,000 ============ ============ ============
24 PAGE 15 ENERGY PRODUCTS COMPANY UNAUDITED 6(b)(3)(c) STATEMENT OF INCOME ACTUAL and PRO FORMA Twelve Months Ended October 31, 1995 ($000)
EPC Pro Forma EPC Actual Entries Pro Forma ------------ ------------ ------------ Operating Revenues Gas Sales ........................................ - - - Transportation ................................... - - - Other ............................................ - - - ------------ ------------ ------------ Total Operating Revenues ........................... - - - ------------ ------------ ------------ Operating Expenses Products purchased ............................... - - - Operation ........................................ - - - Maintenance ...................................... - - - Depreciation and depletion ....................... - - - Other taxes ...................................... - - - ------------ ------------ ------------ Total Operating Expenses ........................... - - - ------------ ------------ ------------ Operating Income (Loss) ............................ - - - ------------ ------------ ------------ Other Income (Deductions) Interest income and other, net ................... - - - Interest expense and related charges ............. - - - ------------ ------------ ------------ Total Other Income (Deductions) .................... - - - ------------ ------------ ------------ Income before Income Taxes ......................... - - - Income taxes ....................................... - - - ------------ ------------ ------------ Net Income ......................................... - - - ============ ============ ============
25 PAGE 16 ENERGY PRODUCTS COMPANY UNAUDITED 6(b)(3)(d) STATEMENTS OF COMMON STOCK EQUITY ACTUAL and PRO FORMA Twelve Months Ended October 31, 1995 ($000)
EPC Pro Forma EPC Actual Entries Pro Forma ------------ ------------ ------------ COMMON STOCK Balance at November 1, 1994 ........................ - - - Common stock issued - Subsidiaries ..................................... - 5,000 5,000 Leveraged employee stock ownership plan (LESOP) .. - - - Dividend reinvestment plan ....................... - - - Long-term incentive plan ......................... - - - Public offering .................................. - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ - 5,000 5,000 ------------ ------------ ------------ ADDITIONAL PAID IN CAPITAL Balance at November 1, 1994 ........................ - - - Common stock issued - Subsidiaries ..................................... - - - Leveraged employee stock ownership plan (LESOP) .. - - - Dividend reinvestment plan ....................... - - - Long-term incentive plan ......................... - - - Public offering .................................. - - - Preferred stock issued ............................. - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ - - - ------------ ------------ ------------ RETAINED EARNINGS Balance at November 1, 1994 ........................ - - - Net income ......................................... - - - Common stock dividends - CG ............................................... - - - Subsidiaries (to CG) ............................. - - - Other .............................................. - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ - - - ------------ ------------ ------------ UNEARNED EMPLOYEE COMPENSATION Balance at November 1, 1994 ........................ - - - Adjustment ......................................... - - - ------------ ------------ ------------ Balance at October 31, 1995 ........................ - - - ------------ ------------ ------------ TOTAL COMMON STOCK EQUITY .......................... - 5,000 5,000 ============ ============ ============
26 PAGE 17 ENERGY PRODUCTS COMPANY UNAUDITED 6(b)(3)(e) PRO FORMA ENTRIES ($000)
Debit Credit 1. Cash and Temporary Cash Investments 5,000 Common Stock 5,000 To record the issuance of 200,000 shares of $25 par value common stock at $25 per share.
27 PAGE 1 EXHIBIT INDEX (a) Exhibits A Form of Subsidiary Common Stock Certificate (Exhibit A-2 to Joint-Application Declaration (File No. 70-7276) is hereby incorporated by reference) F Opinion of Counsel (to be filed by amendment). G Financial Data Schedules H Draft Notice EX-27.1 2 FINANCIAL DATA SCHEDULE - CGS WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 1 CGS 1,000 1,000 12-MOS 12-MOS DEC-31-1995 DEC-31-1995 NOV-01-1994 NOV-01-1994 OCT-31-1995 OCT-31-1995 PER-BOOK PRO-FORMA 3,543,926 3,543,926 911,903 911,903 2,531,862 2,531,862 284,561 284,561 0 0 7,272,252 7,272,252 505,758 505,758 602,092 602,092 633,030 633,030 1,670,914 1,670,914 0 0 0 0 4,411 4,411 0 0 0 0 0 0 1,520 1,520 0 0 2,891 2,891 0 0 5,596,927 5,596,927 7,272,252 7,272,252 2,662,185 2,662,185 147,475 147,475 2,324,855 2,324,855 2,324,855 2,324,855 337,330 337,330 83,842 83,842 421,172 421,172 22,412 22,412 251,353 251,353 0 0 251,353 251,353 0 0 0 0 0 0 4.97 4.97 4.97 4.97
EX-27.2 3 FINANCIAL DATA SCHEDULE - CG WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 2 CG 1,000 1,000 12-MOS 12-MOS DEC-31-1995 DEC-31-1995 NOV-01-1994 NOV-01-1994 OCT-31-1995 OCT-31-1995 PER-BOOK PRO-FORMA 0 0 3,793,182 3,798,182 572,222 567,222 2,458 2,458 0 0 4,367,862 4,367,862 505,758 505,758 602,092 602,092 633,030 633,030 1,670,914 1,670,914 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,696,948 2,696,948 4,367,862 4,367,862 0 0 48,575 48,575 106,040 106,040 106,040 106,040 (106,040) (106,040) 406,215 406,215 300,175 300,175 240 240 251,353 251,353 0 0 251,353 251,353 0 0 0 0 0 0 4.97 4.97 4.97 4.97
EX-27.3 4 FINANCIAL DATA SCHEDULE - EPC WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR1 3 EPC 1,000 1,000 12-MOS 12-MOS DEC-31-1995 DEC-31-1995 NOV-01-1994 NOV-01-1994 OCT-31-1995 OCT-31-1995 PER-BOOK PRO-FORMA 0 0 0 0 0 5,000 0 0 0 0 0 5,000 0 5,000 0 0 0 0 0 5,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00
EX-99.H 5 DRAFT NOTICE 1 PAGE 1 EXHIBIT H SECURITIES AND EXCHANGE COMMISSION (Release No. ) The Columbia Gas System, Inc. ("Columbia"), a holding company registered under the Public Utility Holding Company Act of 1935 (the "Act"), located at 20 Montchanin Road, Wilmington, Delaware 19807, has filed an application-declaration under section 6(a), 7, 9(a), 10 and 12(f) of the Act and rule 43 thereunder. Columbia requests authorization to engage in the business of marketing and brokering products other than natural gas -- including petroleum, petroleum products, propane and electricity ("Energy Marketing") either through an existing subsidiary or by forming one or more direct or indirect subsidiaries. To the extent these services are provided by a new subsidiary(ies), Columbia seeks authorization in the aggregate to fund the new subsidiary(ies) through the purchase of up to $5 million dollars of equity by either Columbia (in the case of a direct subsidiary) or by one of Columbia's subsidiary companies (in the case of an indirect subsidiary). To the extent that the services are provided by an indirect subsidiary, the funding by the direct subsidiary will come either from previously authorized funding or from cash on hand. The Energy Marketing services will enhance and expand services previously authorized and currently being performed by one or more Columbia subsidiaries -- namely TriStar Ventures Corporation and its subsidiaries, and Columbia Energy Services Corporation. The application-declaration and any amendments thereto are available for public inspection through the Commission's office of Public Reference. Interested persons wishing to comment or request a hearing should submit their views in writing by ____________________________________, 1996, to the Secretary, Securities and Exchange Commission, Washington, DC 20549, and serve a copy on the applicant-declarant at the address specified above. Proof of service (by affidavit or, in the case of an attorney-at-law, by certificate) should be filed with the request. Any request for hearing shall identify specifically the issues of fact or law that are disputed. A person who so requests will be notified of any hearing, if ordered, and will receive a copy of any notice or order issued in this matter. After said date, the application-declaration, as filed or as it may be amended, may be permitted to become effective. For the Commission by the Division of Investment Management, pursuant to delegated authority. Jonathan G. Katz Secretary -----END PRIVACY-ENHANCED MESSAGE-----