-----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, REdCKSr01bl0l2r/286UwvDSOIhe31/FdcTEmKweJsh+HN14RA4Fq1oq7X/9sH6Z eiG4wQLo8dhfAIWpOEIFpg== 0000320321-96-000011.txt : 19961115 0000320321-96-000011.hdr.sgml : 19961115 ACCESSION NUMBER: 0000320321-96-000011 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961003 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961113 SROS: NYSE SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEAGULL ENERGY CORP CENTRAL INDEX KEY: 0000320321 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION & DISTRIBUTION [4923] IRS NUMBER: 741764876 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-08094 FILM NUMBER: 96661939 BUSINESS ADDRESS: STREET 1: 1001 FANNIN STE 1700 STREET 2: 1001 FIRST CITY TOWER CITY: HOUSTON STATE: TX ZIP: 77002-6714 BUSINESS PHONE: 7139514700 MAIL ADDRESS: STREET 1: 1001 FANNIN, SUITE 1700 STREET 2: 1001 FIRST CITY TOWER CITY: HOUSTON STATE: TX ZIP: 77002-6714 FORMER COMPANY: FORMER CONFORMED NAME: SEAGULL PIPELINE CORP DATE OF NAME CHANGE: 19830815 8-K/A 1 AMENDMENT NO. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K/A No. 1 CURRENT REPORT Pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 3, 1996 -------------------------- Seagull Energy Corporation - --------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Texas - --------------------------------------------------------------------------- (State or other jurisdiction of incorporation) 1-8094 74-1764876 - ---------------------------- --------------------------------- (Commission File Number) (IRS Employer Identification No.) 1001 Fannin, Suite 1700, Houston, Texas 77002 -6714 - --------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (713) 951-4700 - --------------------------------------------------------------------------- (Registrant's telephone number including area code) Not Applicable - --------------------------------------------------------------------------- (Former name or former address, if changed since last report) AMENDMENT NO. 1 The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Current Report on Form 8-K dated October 3, 1996 as set forth below: Item 7. Financial Statements and Exhibits (c) Exhibits. 99.2 Supplemental consolidated statements of earnings and cash flows of Seagull and Global for each of the quarters in the three quarters ended September 30, 1996 and four quarters ended December 31, 1995 and the supplemental consolidated balance sheets of Seagull and Global as of September 30, June 30, and March 31, 1996 and December 31, 1995. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 11, 1996 SEAGULL ENERGY CORPORATION By: /s/ WILLIAM L. TRANSIER William L. Transier Senior Vice President and Chief Financial Officer (Principal Financial Officer) By: /s/ GORDON L. MCCONNELL Gordon L. McConnell Vice President and Controller (Principal Accounting Officer) -3- EXHIBIT INDEX Page Exhibit Description Number 99.2 Supplemental consolidated statements of earnings and cash flows of Seagull and Global for each of the quarters in the three quarters ended September 30, 1996 and four quarters ended December 31, 1995 and the supplemental consolidated balance sheets of Seagull and Global as of September 30, June 30, and March 31, 1996 and December 31, 1995. EX-99.2 2 SUPPLEMENTAL FINANCIAL INFORMATION EXHIBIT 99.2 SUPPLEMENTAL FINANCIAL INFORMATION On October 3, 1996, the shareholders of Seagull Energy Corporation, a Texas corporation ("Seagull"), and the shareholders of Global Natural Resources Inc., a New Jersey corporation ("Global"), approved a merger of a wholly owned subsidiary of Seagull into Global (the "Merger"). As a result of the Merger, Global became a wholly owned subsidiary of Seagull. The transaction will be accounted for as a "pooling of interests." Each issued and outstanding share of common stock of Global was converted into .88 of a share of common stock of Seagull. The accompanying historical consolidated balance sheets and statements of earnings and cash flows have been restated to reflect the combined results of operations of Seagull and Global. Certain adjustments were made to conform the accounting policies and presentation used by Seagull and Global. The accompanying historical consolidated balance sheets and statements of earnings and cash flows do not include estimated merger costs of approximately $8-10 million (before tax) to be recognized in the fourth quarter of 1996. The accompanying financial information has been prepared by Seagull, without audit, and is provided for supplemental purposes only. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. The financial information presented herein should be read in conjunction with the consolidated financial statements and notes included in Seagull's Annual Report on Form 10-K for the year ended December 31, 1995 and Global's Annual Report on Form 10-K for the year ended December 31, 1995. -1- SEAGULL ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (1) (Dollars in Thousands Except Per Share Amounts) (Unaudited)
Quarter Ended Nine Months ----------------------------------------------- Ended March 31, June 30, Sept. 30, Sept. 30, 1996 1996 1996 1996 -------------- ------------ ------------ --------------- Revenues: Gas and oil operations................... $101,410 $ 96,734 $98,175 $296,319 Alaska transmission and distribution..... 35,430 15,703 12,611 63,744 -------------- ------------ ------------ --------------- 136,840 112,437 110,786 360,063 Costs of Operations: Alaska transmission and distribution cost of gas sold....................... 16,200 6,257 4,517 26,974 Operations and maintenance............... 34,073 35,447 35,323 104,843 Exploration charges...................... 6,594 13,591 10,654 30,839 Depreciation, depletion and amortization. 37,547 37,651 36,533 111,731 -------------- ------------ ------------ --------------- 94,414 92,946 87,027 274,387 -------------- ------------ ------------ --------------- Operating Profit........................... 42,426 19,491 23,759 85,676 Other (Income) Expense: General and administrative............... 4,725 5,665 3,643 14,033 Interest expense......................... 11,446 11,237 10,795 33,478 Loss (gain) on sales of property, plant and equipment, net............... (434) 53 (2,330) (2,711) Interest income and other................ (395) (607) (1,986) (2,988) -------------- ------------ ------------ --------------- 15,342 16,348 10,122 41,812 -------------- ------------ ------------ --------------- Earnings Before Income Taxes............... 27,084 3,143 13,637 43,864 Income Tax Expense......................... 8,772 6,077 6,179 21,028 -------------- ------------ ------------ --------------- Net Earnings (Loss)........................ $ 18,312 $(2,934) $ 7,458 $ 22,836 ============== ============ ============ =============== Earnings (Loss) Per Share.................. $ 0.29 $ (0.05) $ 0.12 $ 0.36 ============== ============ ============ =============== Weighted Average Number of Common Shares Outstanding (in thousands)............... 62,972 62,592 63,934 63,828 ============== ============ ============ ===============
(1) Restated to include Seagull and Global combined on a pooling of interests basis. Amounts do not include estimated merger costs to be recognized in 1996's fourth quarter of $8-10 million (before tax). -2- SEAGULL ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (1) (Dollars in Thousands Except Per Share Amounts) (Unaudited)
Quarter Ended ------------------------------------------------------------------ Year Ended March 31, June 30, Sept. 30, Dec. 31, Dec. 31, 1995 1995 1995 1995 1995 -------------- -------------- ------------ ------------- ------------- Revenues: Gas and oil operations................... $ 76,137 $ 81,035 $73,026 $80,458 $310,656 Alaska transmission and distribution..... 36,290 17,560 12,355 31,565 97,770 -------------- -------------- ------------ ------------- ------------- 112,427 98,595 85,381 112,023 408,426 Costs of Operations: Alaska transmission and distribution cost of gas sold....................... 18,565 7,923 4,779 15,061 46,328 Operations and maintenance............... 35,978 35,208 33,058 31,959 136,203 Exploration charges...................... 12,238 8,251 9,750 9,984 40,223 Depreciation, depletion and amortization. 40,284 38,434 35,668 33,024 147,410 Impairment of gas and oil properties..... 48,842 - - - 48,842 -------------- -------------- ------------ ------------- ------------- 155,907 89,816 83,255 90,028 419,006 -------------- -------------- ------------ ------------- ------------- Operating Profit (Loss).................... (43,480) 8,779 2,126 21,995 (10,580) Other (Income) Expense: General and administrative............... 3,989 10,893 3,601 4,815 23,298 Interest expense......................... 14,049 13,959 13,605 11,365 52,978 Loss (gain) on sales of property, plant and equipment, net............... (419) 66 (81,963) (1,072) (83,388) Interest income and other................ (634) (600) (1,665) (1,613) (4,512) -------------- -------------- ------------ ------------- ------------- 16,985 24,318 (66,422) 13,495 (11,624) -------------- -------------- ------------ ------------- ------------- Earnings (Loss) Before Income Taxes........ (60,465) (15,539) 68,548 8,500 1,044 Income Tax Expense (Benefit) .............. (17,699) (5,476) 24,856 1,101 2,782 -------------- -------------- ------------ ------------- ------------- Net Earnings (Loss)........................ $(42,766) $(10,063) $43,692 $ 7,399 $ (1,738) ============== ============== ============ ============= ============= Earnings (Loss) Per Share.................. $ (0.69) $ (0.16) $ 0.70 $ 0.12 $ (0.03) ============== ============== ============ ============= ============= Weighted Average Number of Common Shares Outstanding (in thousands)............... 62,012 62,048 62,752 62,767 62,674 ============== ============== ============ ============= =============
(1) Restated to include Seagull and Global combined on a pooling of interests basis. Amounts do not include estimated merger costs to be recognized in 1996's fourth quarter of $8-10 million (before tax). -3- SEAGULL ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (1) (Dollars in Thousands) (Unaudited)
December 31, March 31, June 30, September 30, 1995 1996 1996 1996 ---------------- -------------- -------------- -------------- ASSETS Current Assets: Cash and cash equivalents......................... $ 21,477 $ 38,044 $ 31,205 $ 32,937 Short-term liquid investments..................... 5,004 - - - Accounts receivable, net.......................... 131,709 139,778 120,982 107,232 Inventories....................................... 6,969 6,618 6,806 14,080 Prepaid expenses and other........................ 16,272 14,861 9,240 11,106 ---------------- -------------- -------------- -------------- Total Current Assets............................ 181,431 199,301 168,233 165,355 Property, Plant and Equipment - at cost (successful efforts method for gas and oil properties)........ 1,783,163 1,807,328 1,862,023 1,973,664 Accumulated Depreciation, Depletion and Amortization 652,985 689,218 717,319 751,857 ---------------- -------------- -------------- -------------- 1,130,178 1,118,110 1,144,704 1,221,807 Other Assets........................................ 47,516 47,101 45,955 45,221 ---------------- -------------- -------------- -------------- Total Assets........................................ $1,359,125 $1,364,512 $1,358,892 $1,432,383 ================ ============== ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable................................... $ 94,318 $ 94,602 $ 90,616 $ 84,945 Accrued expenses................................... 50,224 39,468 44,904 39,334 Current maturities of long-term debt............... 1,650 2,464 2,464 8,914 ---------------- -------------- -------------- -------------- Total Current Liabilities........................ 146,192 136,534 137,984 133,193 Long-Term Debt....................................... 557,107 546,535 538,882 604,583 Other Noncurrent Liabilities......................... 53,237 53,066 54,205 53,620 Deferred Income Taxes................................ 29,586 34,408 35,300 40,665 Redeemable Bearer Shares............................. 16,591 16,462 16,265 16,103 Shareholders' Equity: Common Stock...................................... 6,256 6,280 6,296 6,298 Additional paid-in capital........................ 477,018 479,481 481,304 481,667 Retained earnings................................. 80,635 98,947 96,013 103,471 Foreign currency translation adjustment........... 389 685 529 669 Less - note receivable from employee stock ownership plan.................................. (4,922) (4,922) (4,922) (4,922) Less - shares of Common Stock held in Treasury, at cost............................... (2,964) (2,964) (2,964) (2,964) ---------------- -------------- -------------- -------------- Total Shareholders' Equity...................... 556,412 577,507 576,256 584,219 Commitments and Contingencies....................... ---------------- -------------- -------------- -------------- Total Liabilities and Shareholders' Equity.......... $1,359,125 $1,364,512 $1,358,892 $1,432,383 ================ ============== ============== ==============
(1) Restated to include Seagull and Global combined on a pooling of interests basis. Amounts do not include estimated merger costs to be recognized in 1996's fourth quarter of $8-10 million (before tax). -4- SEAGULL ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
Three Months Ended Nine Months -------------------------------------- Ended March 31, June 30, Sept. 30, Sept. 30, 1996 1996 1996 1996 --------- --------- --------- ------------- Operating Activities: Net earnings (loss).......................................... $ 18,312 $ (2,934) $ 7,458 $ 22,836 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation, depletion and amortization................... 38,294 38,577 37,389 114,260 Amortization of deferred financing costs................... 876 879 607 2,362 Deferred income taxes...................................... 4,762 921 5,337 11,020 Dry hole expense........................................... 754 8,554 4,829 14,137 Loss (gain) on sales of property, plant and equipment, net. (434) 53 (2,330) (2,711) Other...................................................... (26) 159 64 197 --------- --------- --------- ------------- 62,538 46,209 53,354 162,101 Changes in operating assets and liabilities, net of acquisitions: Decrease in short-term liquid investments................ 5,010 - - 5,010 Decrease (Increase) in accounts receivable............... (8,034) 18,799 20,715 31,480 Decrease (Increase) in inventories, prepaid expenses and other...................................... 1,200 4,580 (1,038) 4,742 Increase (Decrease) in accounts payable.................. 8 (4,019) (6,948) (10,959) Increase (Decrease) in accrued expenses and other........ (8,933) 6,723 (7,149) (9,359) --------- --------- --------- ------------- Net Cash Provided By Operating Activities............. 51,789 72,292 58,934 183,015 Investing Activities: Capital expenditures......................................... (25,916) (49,352) (60,678) (135,946) Acquisitions, net of cash acquired........................... (877) (24,792) (74,484) (100,153) Proceeds from sales of property, plant and equipment......... 875 207 4,797 5,879 Other........................................................ 344 962 591 1,897 --------- --------- --------- ------------- Net Cash Used In Investing Activities................. (25,574) (72,975) (129,774) (228,323) Financing Activities: Proceeds from revolving lines of credit and other borrowings. 91,750 43,810 136,999 272,559 Principal payments on revolving lines of credit and other borrowings............................................ (100,027) (48,455) (62,536) (211,018) Principal payments on monetary production payment liability.. (1,697) (2,953) (2,438) (7,088) Proceeds from sales of common stock.......................... 2,347 1,501 152 4,000 Other........................................................ (2,031) (187) 541 (1,677) --------- --------- --------- ------------- Net Cash Provided by (Used in) Financing Activities... (9,658) (6,284) 72,718 56,776 Effect of Exchange Rate Changes on Cash........................ 10 128 (146) (8) --------- --------- --------- ------------- Increase (Decrease) In Cash And Cash Equivalents...... 16,567 (6,839) 1,732 11,460 Cash And Cash Equivalents At Beginning Of Period............... 21,477 38,044 31,205 21,477 --------- --------- --------- ------------- Cash And Cash Equivalents At End Of Period..................... $ 38,044 $ 31,205 $ 32,937 $ 32,937 ========= ========= ========= =============
(1) Restated to include Seagull and Global combined on a pooling of interests basis. Amounts do not include estimated merger costs to be recognized in 1996's fourth quarter of $8-10 million (before tax). -5- SEAGULL ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (1) (Dollars in Thousands) (Unaudited)
Three Months Ended -------------------------------------------------- Year Ended March 31, June 30, Sept. 30, Dec. 31, Dec. 31, 1995 1995 1995 1995 1995 ---------- --------- --------- -------- --------- Operating Activities: Net earnings (loss).......................................... $ (42,766) $ (10,063) $ 43,692 $ 7,399 $ (1,738) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation, depletion and amortization................... 41,128 39,242 36,423 34,968 151,761 Impairment of gas and oil properties....................... 48,842 - - - 48,842 Amortization of deferred financing costs................... 852 864 854 859 3,429 Deferred income taxes...................................... (20,481) (8,011) 18,033 (5,833) (16,292) Dry hole expense........................................... 6,106 3,630 6,689 5,728 22,153 (Loss) gain on sales of property, plant and equipment, net. (419) 66 (81,963) (1,072) (83,388) Other...................................................... 32 (957) 486 494 55 ---------- --------- --------- -------- --------- 33,294 24,771 24,214 42,543 124,822 Changes in operating assets and liabilities, net of acquisitions: Decrease in short-term liquid investments................ 12,832 5,974 3,278 6,454 28,538 Decrease (Increase) in accounts receivable............... 21,345 3,798 2,824 (48,207) (20,240) Decrease (Increase) in inventories, prepaid expenses and other...................................... (1,983) 368 9,993 (8,066) 312 Increase (Decrease) in accounts payable.................. (6,696) (30,918) (1,349) 23,412 (15,551) Increase (Decrease) in accrued expenses and other........ (13,298) 14,536 (17,001) 15,916 153 ---------- ---------- --------- -------- --------- Net Cash Provided By Operating Activities............. 45,494 18,529 21,959 32,052 118,034 Investing Activities: Capital expenditures......................................... (27,933) (30,739) (35,523) (49,906) (144,101) Proceeds from sales of property, plant and equipment......... 675 194 102,432 4,659 107,960 Other........................................................ (667) (2) 92 270 (307) ---------- ---------- --------- -------- --------- Net Cash Provided By (Used In) Investing Activities... (27,925) (30,547) 67,001 (44,977) (36,448) Financing Activities: Proceeds from revolving lines of credit and other borrowings. 180,683 149,828 227,485 64,577 622,573 Principal payments on revolving lines of credit and other borrowings............................................ (186,957) (139,342) (358,545) (50,243) (735,087) Proceeds from monetary production payment liability.......... - - 46,242 - 46,242 Principal payments on monetary production payment liability.. - - - (2,386) (2,386) Proceeds from sales of common stock.......................... 34 519 909 832 2,294 Other........................................................ (2,229) 75 (429) (1,427) (4,010) ---------- ---------- --------- -------- --------- Net Cash Provided by (Used in) Financing Activities... (8,469) 11,080 (84,338) 11,353 (70,374) Effect of Exchange Rate Changes on Cash........................ (1,104) 1,188 (304) 172 (48) ---------- ---------- --------- -------- --------- Increase (Decrease) In Cash And Cash Equivalents...... 7,996 250 4,318 (1,400) 11,164 Cash And Cash Equivalents At Beginning Of Period............... 10,313 18,309 18,559 22,877 10,313 ---------- ---------- --------- -------- --------- Cash And Cash Equivalents At End Of Period..................... $ 18,309 $ 18,559 $ 22,877 $ 21,477 $ 21,477 ========== ========== ========= ======== =========
(1) Restated to include Seagull and Global combined on a pooling of interests basis. Amounts do not include estimated merger costs to be recognized in 1996's fourth quarter of $8-10 million (before tax). -6- -----END PRIVACY-ENHANCED MESSAGE-----