-----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, VA7fUbB0vida/qPqqiBeVzbGchAWm8+/ImTE1moj4kh+dYAW5TrEDyarDnqmi0XM cSwUrz7ydVw5C/f9PUGMpA== 0000024751-95-000005.txt : 19951120 0000024751-95-000005.hdr.sgml : 19951120 ACCESSION NUMBER: 0000024751-95-000005 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951116 SROS: CBOE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORNING NATURAL GAS CORP CENTRAL INDEX KEY: 0000024751 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 160397420 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-00643 FILM NUMBER: 95594190 BUSINESS ADDRESS: STREET 1: 330 W WILLIAM ST CITY: CORNING STATE: NY ZIP: 14830 BUSINESS PHONE: 6079363755 MAIL ADDRESS: STREET 2: P O BOX 58 CITY: CORNING STATE: NY ZIP: 14830 10QSB 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended September 30, 1995 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 (I.R.S. Employer incorporation or organization) identification No.) 330 W. William St,. P.O. 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 check mark 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 the Securities Exchange Act of 1934 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. Management's Discussion Operating revenues for the quarter ending September 30, 1995 were $2,268,998 or 60% less than the quarter ending December 31, 1994 and $17,344 or 1% less than the quarter ending September 30, 1994. Degree days for the quarter ending September 30, 1995 were 1925 or 90% less than the quarter ending December 31, 1994 and -0- or 0% more than the quarter ending September 30, 1994. Since much of the Company's sales are dependent on weather conditions, the effects of the changes in degree days are reflected in the total MCF (thousand Cubic feet) deliveries. Increase (Decrease) From Quarter Ending Actual MCF Deliveries 9/30/95 Quarter Ending 09/30/95 863,414 Quarter Ending 12/31/94 1,990,968 1,127,554 Quarter Ending 09/30/94 892,110 28,696 MCF deliveries include transportation of customer owned gas for specific end use customers for which the Company receives a fee equal to its normal markup for transporting the gas. Operating expenses, made up largely of the cost of purchased gas were $1,576,634 or 46% less than the quarter ending December 31, 1994 and $11,798 or 1% more than the quarter ending September 30, 1994. Net Income was $584,303 or 215% less than the quarter ended December 31, 1994 and $35,975 or 13% less than the quarter ending September 30, 1994. Since the Company's business is seasonal by quarters, results for the first six months of 1995 should not be used as an indication of what results for the full twelve months of 1995 may be. In October, 1993, the Company commenced operating in the deregulated environment brought on by the implementation of Federal Energy Regulatory Commission Order 636. The Company now makes purchasing decisions at the wellhead and must arrange and monitor the delivery of gas through the national pipeline network. This is a daily and even an hourly process. The Company's gas supply portfolio is now comprised of numerous contracts, short-term in length, ranging from 3 days to 2 years. This is in stark contrast to the traditional long-term 20 year contracts. Producer spot market prices change daily and escalate during periods of peak demand. Another responsibility of the Company under deregulation is the management of much greater levels of storage gas. The Company held 608,150 Mcf in storage at December 31, 1994 valued at $1,234,700 compared to 575,452 Mcf with a value of $1,491,000 a year earlier. The system was certainly put to the test in the first winter of deregulation, and the Company came through the cold snap without any major problems. Internal generation of funds should be sufficient to meet the needs of the Company coupled with some intermittent short- term borrowings. There has been no change in independent public accountants. The Company has not filed any reports on Form 8-K for the quarter ended September 30, 1995. 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 fiscal quarter ending September 30, 1995. 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. CORNING NATURAL GAS CORPORATION (Registrant) Date September 13, 1995 THOMAS K. BARRY Thomas K. Barry, Chairman of the Board, President and C.E.O. Date September 13, 1995 GARY K. EARLEY Gary K. Earley, Treasurer 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. CORNING NATURAL GAS CORPORATION (Registrant) Date September 13, 1995 Thomas K. Barry, Chairman of the Board, President and C.E.O. Date September 13, 1995 Gary K. Earley, Treasurer September 13, 1995 Division of Corporate Finance Securities & Exchange Commission 500 N. Capitol Street, N.W. Washington, DC 20549 Gentlemen: Enclosed are eight (8) copies of our Company's quarterly report 10-QSB for the quarter ending September 30, 1995. Very truly yours, Gary K. Earley /deb enclosures September 13, 1995 Mr. George D. Vermilya, Vice President First Colony Life Insurance Company P.O. Box 1280 700 Main Street Lynchburg, VA 24505 Dear Mr. Vermilya: Enclosed is a copy of our Form 10-QSB for the quarter ended September 30, 1995 as filed with the Securities & Exchange Commission. Very truly yours, Gary K. Earley /bac enclosure CORNING NATURAL GAS CORPORATION CONSOLIDATED STATEMENT OF INCOME UNAUDITED FORM 10 QSB FOR QUARTER ENDED 9 MONTHS ENDED Sept. 30, 1995 Sept. 30, 1994 Sept. 30, 1995 Sept. 30, 1994 Operating Revenues $ 1,558,112 $ 1,575,456 $ 12,119,423 $ 12,723,057 Cost and Expense Operating Expenses 1,875,846 1,864,048 11,158,706 11,648,075 Interest Expense 207,541 205,716 618,146 598,924 Federal Income Tax ( 172,289) ( 156,616) 147,733 231,517 Other Deductions Net 2,208 2,532 7,512 15,027 Total Costs and Expenses 1,913,306 1,915,680 11,932,097 12,493,543 Operating Income ( 355,194) ( 340,224) 187,326 229,514 Other Income 3,450 5,035 15,676 21,914 Corning Natural Gas Appl. Corp. Operating Revenues 508,671 548,515 1,447,758 1,468,299 Depreciation 57,338 53,912 173,778 160,975 Other Operating Expenses 389,797 402,506 1,104,998 1,102,647 Federal Income Tax 22,141 33,282 62,944 71,580 Net Income of Appl. Corp. 39,395 58,815 106,038 133,097 Net Income $( 312,349) $( 276,374) 309,040 384,525 ========= ========= ========== ========== Earnings Per Share $ (.68) $ (.60) .67 .84 Dividends Per Share $ .31 .305 .93 .92 Total Dividends Paid $ 142,600 140,300 427,800 420,901 Shares of common stock outstanding were 460,000 at September 30, 1995. Earnings per share = Net Income as shown above divided by 460,000 shares. Dividends per share = Dividends paid divided by shares outstanding at the time. CORNING NATURAL GAS CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS FORM 10-QSB - UNAUDITED Sept. 30, 1995 Sept. 30, 1994 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 309,040 384,525 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 513,790 487,866 All. for Funds Used During Const. 0 (4,937) Changes in Assets and Liabilities: (Increase) Decrease in: Accounts Receivable 808,432 1,582,706 Materials, Supplies & Appliance Inventory (185,368) 117,098 Other Deferred Charges 1,314,714 783,218 Prepaid and Other Assets 292,733 80,892 Increase (Decrease) in: Accounts Payable (247,693) (334,080) Accrued General Taxes 151,183 (53,411) Accrued Federal Income Tax 8,856 (203,932) Deferred Federal Income Tax 27,901 (151,980) Other Liabilities and Deferred Credits (871,389) (1,414,945) Net Cash Provided (used) by Operating Activities 2,122,199 1,273,020 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Expenditures (1,123,614) (688,448) Allowance for Funds Used During Construction 0 4,937 Net Cash Used in Investing Activities(1,123,614) (683,511) CASH FLOWS FROM FINANCING ACTIVITIES: Net Borrowings (Repayments) Under Line-of-Credit Agreement (390,000) (50,000) Dividends Paid (427,800) (420,901) Repayment of Long-Term Debt 0 0 Restricted Funds used for Qualified Additions 0 0 Common Stock Issued 0 0 Net Cash Provided (Used In) Financing Activities (817,800) (470,901) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 180,785 118,608 CASH AND CASE EQUIVALENTS AT BEGINNING OF PERIOD 183,086 203,837 CASH AND CASH EQUIVALENTS AT END OF PERIOD 363,871 322,445 =========== =========== Supplemental Disclosures of Cash Flow Information: Cash Paid During The Year For: Interest (Net of Amount Capitalized) 529,474 496,048 Income Taxes 61,750 512,040 CORNING NATURAL GAS CORPORATION Consolidated Balance Sheet At September 30, 1995 Assets 09/30/95 12/31/94 Gas Utility Plant $ 19,119,454 $ 18,144,174 Non-Utility Principally Rented Gas Appl. 2,353,275 2,278,930 21,472,729 20,423,104 Less: Accum. Provision for Depreciation (7,363,860) (6,924,059) $ 14,108,869 $ 13,499,045 Current Assets: Cash and Equivalents 363,871 183,086 Restricted Short-Term Investments 0 0 Accounts Receivable 528,128 1,336,560 Materials, Supplies and Inventories 1,917,408 1,732,040 Prepayments and Other 520,032 812,765 Total Current Assets 3,329,439 4,064,451 Non-Current Assets: Def. Tax Assets 531,117 1,016,661 Def. Debits - Acctg. for Income Taxes 717,661 518,923 Deferred Debits 2,025,585 3,340,299 Total Non-Current Assets 3,274,363 4,875,883 Total Assets $ 20,712,671 $ 22,439,379 ========== ========== Capitalization and Liabilities Capitalization: Common Stock 2,300,000 2,300,000 Premium on Capital Stock-Common 653,346 653,346 Retained Earnings 1,978,909 2,097,669 4,932,255 5,051,015 Long Term Debt 6,400,000 6,400,000 Total Capitalization 11,332,255 11,451,015 Current Liabilities: Short Term Notes Payable 3,265,000 3,655,000 Accounts Payable 1,357,411 1,605,104 Customer Deposits and Accrued Int. 196,214 189,785 Accrued Federal Income Tax 8,856 0 Other Accrued Taxes 239,709 88,526 Current Maturities of Long Term Debt 100,000 100,000 Other Current and Accrued Liabilities 467,118 1,395,312 Total Current Liabilities 5,634,308 7,033,727 Accrued Deferred FIT 2,707,287 2,966,192 Reserves and Other Liabilities 1,038,821 988,445 Total Liabilities and Capitalization $ 20,712,671 $ 22,439,379 ========== ========== See Management's Discussion & Analysis on Page 5 EX-27 2
UT 9-MOS 9-MOS 12-MOS 12-MOS DEC-31-1995 DEC-31-1994 DEC-31-1995 DEC-31-1994 SEP-30-1995 SEP-30-1994 SEP-30-1995 SEP-30-1994 PER-BOOK PER-BOOK PER-BOOK PER-BOOK 14108869 13424458 0 0 0 0 0 0 3329439 3166605 0 0 3274363 3444957 0 0 0 0 0 0 20712671 20036020 0 0 2300000 2300000 0 0 653346 653346 0 0 1978909 1968314 0 0 4932255 4921660 0 0 0 0 0 0 0 0 0 0 6400000 6500000 0 0 3265000 2640000 0 0 0 0 0 0 0 0 0 0 100000 100000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6015416 5874360 0 0 20712671 20036020 0 0 12119423 12723057 1558112 1575456 147733 231517 (172289) (156616) 11166218 11663102 1878054 1866580 11313951 11894619 1705765 1709964 805472 828438 (147653) (134508) 121714 155011 42845 63850 927186 983449 (104808) (70658) 618146 598924 207541 205716 309040 384525 (312349) (276374) 0 0 0 0 309040 384525 (312349) (276374) 427800 420901 (312349) (276374) 444773 451856 148258 150758 2122199 1273020 (1118239) 1034557 .93 .92 (.68) (.60) 0 0 0 0
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