-----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, ECO+cL05Lh9mFz367qNGtw3aNIAIQ9KsjnbkXiFzGsCTTAzkUBKHPQC4Wjk2XARq rAuHJbN933rWhs2t4GfvTA== 0000024751-00-000003.txt : 20000224 0000024751-00-000003.hdr.sgml : 20000224 ACCESSION NUMBER: 0000024751-00-000003 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORNING NATURAL GAS CORP CENTRAL INDEX KEY: 0000024751 STANDARD INDUSTRIAL CLASSIFICATION: 4923 IRS NUMBER: 160397420 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-00643 FILM NUMBER: 548540 BUSINESS ADDRESS: STREET 1: 330 W WILLIAM ST STREET 2: P O BOX 58 CITY: CORNING STATE: NY ZIP: 14830 BUSINESS PHONE: 6079363755 MAIL ADDRESS: STREET 1: 330 W WILLIAM STREET STREET 2: P O BOX 58 CITY: CORNING STATE: NY ZIP: 14830 EX-27 1
UT 12-MOS 12-MOS 3-MOS 3-MOS SEP-30-1999 SEP-30-1998 SEP-30-1999 SEP-30-1998 DEC-31-1999 SEP-30-1999 DEC-31-1999 DEC-31-1998 PER-BOOK PER-BOOK PER-BOOK PER-BOOK 16,522,689 16,495,300 0 0 0 0 0 0 6,555,852 4,634,607 0 0 2,475,174 2,594,352 0 0 2,532,629 2,764,936 0 0 28,086,344 26,489,195 0 0 2,300,000 2,300,000 0 0 653,346 653,346 0 0 2,336,413 2,158,820 0 0 5,289,759 5,112,166 0 0 0 0 0 0 0 0 0 0 11,169,254 11,223,256 0 0 4,060,000 2,165,000 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 7,567,331 7,988,773 0 0 28,086,344 26,489,195 0 0 0 0 3,913,347 4,127,298 0 0 0 0 0 0 3,541,865 3,812,956 0 0 3,541,865 3,812,956 0 0 371,482 314,342 0 0 117,396 103,823 0 0 488,878 418,165 0 0 274,488 254,843 0 0 214,390 163,322 0 0 0 0 0 0 214,390 163,322 0 0 0 0 0 0 274,488 254,843 0 0 (1,363,312) 908,175 0 0 .466 .355 0 0 0 0
10QSB 2 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For Quarter Ended December 31, 1999 Commission File Number 0-643 Corning Natural Gas Corporation (Exact name of registrant as specified in its charter) New York 16-0397420 - - ----------------------------------------------------------------------- (State or other jurisdiction of IRS Employer ID No incorporation or organization) 330 W William Street, PO Box 58, Corning, New York 14830 - - ---------------------------------------------------------------------- 607-936-3755 - - - --------------------------------------------------------------------- (Registrant's telephone number, including area code) - - ---------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by checkmark whether the registrant(1)has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. Yes___X___ No______ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of Securities Exchange Act of 1934 and subsequent to the distribution of securities under a plan confirmed by a court. Yes______ NO______ There were 460,000 shares of Common Stock outstanding at the end of the quarter. There is only one class of Common Stock and no Preference Stock outstanding. As the Company's business is seasonal, the interim results should not be used as an indication of what results for the twelve months of the fiscal year 2000 may be. Consolidated net income for the quarter ended December 31, 1999 was $214,390, compared to income of $163,322 in the same quarter the previous year. Earnings from gas operations increased $51,000 due primarily to increased industrial sales and colder weather(7% more degree days). The Foodmart Plaza and Tax Center International produced earnings that met forecasted levels, contributing an additional $22,500 to consolidated net income. The Appliance Company experienced an increase in earnings of $33,000 due to a 15% increase in revenues. Earnings from Corning Realty Associates were down $13,000 due to a one time credit contained in December 1998. Segment Overview: Information concerning the Company's 5 operating segments for the first quarter of 2000 and 1999 is provided below. The table reflects the results of the segments on a basis that is consistent with the manner in which management evaluates the performance of each of the segments. Gas Appliance Tax Corning Foodmart Company Corporatio Center Realty Plaza Consolidated ------------------------------------------------------------ Revenue: 2000 3,913,387 962,329 67,787 1,199,660 69,699 6,212,862 1999 4,127,298 662,914 42,201 462,275 66,950 5,361,638 Net income (loss): 2000 102,165 94,462 13,780 (4,675) 8,658 214,390 1999 60,309 61,367 14,465 17,265 9,916 163,322 Interest income: 2000 720 19,284 -- -- -- 20,004 1999 710 13,075 -- -- -- 13,785 Interest expense: 2000 273,661 -- 835 33,535 23,008 331,039 1999 259,884 -- 1,228 7,073 23,809 291,994 Identifiable assets*: 2000 24,362,530 2,817,923 186,154 1,949,242 1,203,404 30,519,253 1999 24,618,715 2,490,121 100,855 1,905,500 1,226,897 27,342,088 Depreciation and amortization: 2000 118,385 62,548 2,743 38,884 7,789 230,349 1999 89,091 58,421 617 14,512 6,690 169,331 Income tax expense or (benefit): 2000 40,932 62,429 660 (2,482) 6,561 108,100 1999 (17,612) 42,830 4,170 13,041 6,594 49,023 *Identifiable assets include property, plant and equipment, accounts receivable, inventories, cash and other amounts specifically related to each identified segment. Interest income and expense have been displayed in the segment in which it has been earned or incurred. Segment interest expense other than the Gas Company is included within unregulated expenses in the consolidated statements of income. On January 1, 1999 the Company adopted Financial Accounting Standards Board Statement No. 130, Reporting Comprehensive Income(Statement 130). Statement 130 established standards for reporting and presentation of comprehensive income and its components in a full set of financial statements.Comprehensive income consists of net income and net unrealized gains on marketable securities and is presented in a statement of comprehensive income. The statement requires only additional disclosures in the consolidated financial statements; it does not affect the Company's financial position or results of operations. The year 2000 issue (Y2K) refers to the inability of certain computerized systems and technologies to recognize and/or correctly process dates beyond December 31, 1999. Corning Natural Gas Corporation has identified those areas within the Company where the potential exists for computer system failure or miscalculations by computer programs could cause a disruption in the Company's operations or services. A Y2K Coordinator, Thomas S. Roye, was assigned and a Y2K plan was developed. The event has passed without any significant problems, although problems may still occur, the Company anticipates no further problems. Internal generation of funds should be sufficient to meet the needs of the Company coupled with some intermittent short-term borrowings. The information furnished herewith reflects all adjustments which are in the opinion of management necessary to a fair statement of the results for the period. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading. The condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's latest annual report on Form 10-KSB. The statements contained herein have not been examined or certified by a firm of certified public accountants. There were no sales of unregistered securities (debt or equity) during the quarter ending December 31, 1999. There has been no change in independent public accountants. The Company has not filed any reports on Form 8-K for the quarter ended December 31, 1999. SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date February 11, 2000 THOMAS K. BARRY Thomas K. Barry, Chairman of the Board, President and CEO. Date February 11, 2000 GARY K. EARLEY Gary K. Earley, Treasurer CORNING NATURAL GAS CORPORATION Condensed Consolidated Balance Sheets Form 10-QSB December 31,1999 September 30,1999 Assets Property, plant and equip, at original cost: Utility $21,808,330 21,667,115 Non-Utility princially rented appl & plaza property 3,985,293 3,941,231 -------------- ---------------- 25,793,623 25,608,346 Less accumulated depreciation (9,270,934) (9,113,046) -------------- --------------- Current assets: Cash 319,791 205,787 Marketable securities,avail for sale 1,134,815 1,021,696 Accounts receivable,less allowance for uncollectibles 2,542,825 1,883,915 Gas stored underground, at average cost 1,148,874 134,650 Gas and appliance inventories 548,540 634,348 Prepaid income taxes 510,742 340,328 Deferred income tax assets 11,000 11,000 Prepaid expenses 339,265 402,883 ------------ -------------- 6,555,852 4,634,607 Deferred charges: Prepaid pension & other 709,148 1,380,984 Regulatory assets 0 196,707 Deferred debits-accounting for income taxes 1,016,661 1,016,661 Unrecovered gas costs 749,365 0 ---------- ------------- 2,475,174 2,594,352 Goodwill, net of amortization 1,822,367 1,851,625 Long-term debt issuance costs 365,927 371,317 Other assets 344,335 541,994 ---------- ------------- $28,086,334 26,489,195 =========== ============ Capitalization & Liabilities - - ---------------------------- Common stock $ 2,300,000 2,300,000 Additional paid-in capital 653,346 653,346 Accumulated Comprehensive Income 108,842 64,883 Retained earnings 2,227,571 2,093,937 ------------ ----------- 5,289,759 5,112,166 Long-term debt, less current installments 11,169,254 11,223,256 ------------ ---------- Total capitalization 16,459,013 16,335,422 ------------ ---------- Current liabilities: Borrowings under lines-of-credit 4,060,000 2,165,000 Accounts payable 1,399,634 1,404,370 Dividends payable 149,500 149,500 Current installments of l/t debt 202,774 202,774 Customers' deposits & accrued interest 721,192 665,990 Accrued general taxes 266,719 94,441 Supplier refunds due customers 280,068 268,862 Accrued expenses 630,871 668,224 ---------- ----------- Total current liabilities 7,710,758 5,619,161 ---------- ----------- Deferred credits: Deferred income tax liabilities 2,622,791 2,413,080 Deferred compensation,postretirement benefits, and other 1,519,142 1,519,142 Other (225,360) 602,390 ---------- --------- 3,916,573 4,534,612 --------- ---------- $28,086,344 26,489,195 =========== ========== CORNING NATURAL GAS CORPORATION Condensed Consolidated Statements of Income Unaudited Form 10QSB Quarter Ended Dec 31, 1999 Dec 31, 1998 Utility Operating Revenues $ 3,913,347 4,127,298 ------------ ----------- Cost and Expense Operating Expense 3,501,760 3,825,526 Interest Expense 274,488 254,843 Income Tax 40,932 (17,612) Other Deductions, Net (827) 5,042 ------------- ------------ Total Costs and Expenses 3,816,353 4,067,799 Utility Operating Income 96,994 59,499 ------------- ------------- Other Income 5,171 810 ------------ ------------- Corning Natural Gas Appliance Corp. Operating Revenues 763,976 662,914 Depreciation 62,548 58,421 Operating Expense 558,604 509,947 Federal Income Tax 48,361 33,179 Equity in Earnings of Assoc. Cos. 17,762 41,646 ---------- --------- Net Income of Appliance Corp 112,225 103,013 ----------- --------- Net Income $ 214,390 163,322 =========== ======== Earnings Per Share-basic & diluted $ 0.466 0.355 Dividends Per Share $ 0.325 0.650 Dividends Declared $ 149,500 299,000 Shares of common stock outstanding were 460,000 at December 31, 1999. Earnings per share=Net Income as shown above divided by 460,000 shares. Dividends per share=Dividends declared divided by shares outstanding. CORNING NATURAL GAS CORPORATION Condensed Consolidated Statements of Cash Flows For Quarter Ended December 31, 1999 Form 10-QSB Dec 31, 1999 Dec 31, 1998 Cash flows from operating activities: Net Income $ 214,390 163,322 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 248,753 155,548 Gain on Sale of marketable securities (65,164) 0 Changes in assets and liabilities: (Increase)decrease in: Accounts Receivable (658,910) (773,915) Gas stored underground (1,014,224) 925,663 Gas and appliance inventories 85,808 (488,372) Prepaid expenses 63,618 (16,612) Unrecovered gas costs (749,365) 0 Prepaid income taxes (170,414) 118,023 Deferred charges-pension and other 671,836 426,361 Other assets 197,659 142,120 Increase(decrease) in: Accounts payable (4,736) 375,045 Accrued general taxes 172,278 158,913 Supplier refunds due customers 11,206 222,601 Deferred income taxes 209,711 199,050 Other liabilities and def credits (575,758) (699,572) ------------- ------------ Net cash provided by operating activities (1,363,312) 908,175 Cash flows from investing activities: Purchase of securities available for sale, net 0 22,997 Acquisitions of businesses, net of cash acquired 0 (468,334) Capital expenditures, net of minor disposals (214,182) (1,687,831) ------------- ---------- Net cash used in investing activities (214,182) (2,133,168) Cash flows from financing activities: Net borrowings(repayments)under line-of-credit agreements 1,895,000 515,000 Dividends paid (149,500) (299,000) Borrowings (repayments)under long-term debt agreements (54,002) 1,552,663 -------------- ------------ Net cash provided by finacing activities 1,691,498 1,768,663 Net increase(decrease)in cash 114,004 543,670 Cash at beginning of period 205,787 284,426 ------------ ------------ Cash at end of period $ 319,791 828,096 ------------ ------------ Supplemental disclosures of cash flow information: Cash paid during period for: Interest $ 339,022 300,406 Income taxes 8,250 11,357 Non cash investing and finacing activities: Acquistion of business financed by seller $ 0 448,333 CORNING NATURAL GAS CORPORATION Statement of Comprehensive Income(Loss) Unaudited Form 10 QSB Quarter Ended Dec 31, 1999 Dec 31, 1998 ------------- ------------- Net Income(loss) $ 214,390 163,322 Other comprehensive income(loss), net of tax: Unrealized gains(losses)on securities: 43,958 55,687 ------------ ------------ Comprehensive Income(loss) $ 258,348 219,009 ============= ============ -----END PRIVACY-ENHANCED MESSAGE-----