-----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, DQM39E3MyGQ1kpSY34PBUHYwde0o9rnVFhcOWDOilqzJRNM1TItBLBrR7QXpwpDY /NdU3Kbtd/l3em08haNN5Q== 0000060251-97-000030.txt : 19971117 0000060251-97-000030.hdr.sgml : 19971117 ACCESSION NUMBER: 0000060251-97-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LONG ISLAND LIGHTING CO CENTRAL INDEX KEY: 0000060251 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 111019782 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-03571 FILM NUMBER: 97720930 BUSINESS ADDRESS: STREET 1: 175 E OLD COUNTRY RD CITY: HICKSVILLE STATE: NY ZIP: 11801 BUSINESS PHONE: 5165455184 MAIL ADDRESS: STREET 1: 175 E. OLD COUNTRY RD CITY: HICKSVILLE STATE: NY ZIP: 11801 10-Q 1 LILCO FORM 10-Q FOR PERIOD ENDED 9/30/97 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)OF THE SECURITIES EXCHANGE ACT OF 1934 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997 COMMISSION FILE NUMBER 1-3571 LONG ISLAND LIGHTING COMPANY INCORPORATED PURSUANT TO THE LAWS OF NEW YORK STATE INTERNAL REVENUE SERVICE - EMPLOYER IDENTIFICATION NO. 11-1019782 175 EAST OLD COUNTRY ROAD, HICKSVILLE, NEW YORK 11801 (516) 755-6650 INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS) AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES [X] NO [ ] THE TOTAL NUMBER OF SHARES OF THE REGISTRANT'S COMMON STOCK, $5 PAR VALUE, OUTSTANDING ON SEPTEMBER 30, 1997, WAS 121,355,976. LONG ISLAND LIGHTING COMPANY PAGE NO. PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS STATEMENT OF INCOME 3 BALANCE SHEET 6 STATEMENT OF CASH FLOWS 8 NOTES TO FINANCIAL STATEMENTS 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS 22 ITEM 2. CHANGES IN SECURITIES 22 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 22 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 22 ITEM 5. OTHER INFORMATION 22 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 22 SIGNATURE 23 -2- LONG ISLAND LIGHTING COMPANY STATEMENT OF INCOME (UNAUDITED) (THOUSANDS OF DOLLARS - EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SEPTEMBER 30 --------------------------- 1997 1996 --------------------------- REVENUES Electric $790,331 $780,158 Gas 62,078 69,617 ------------ ------------- Total Revenues 852,409 849,775 ------------ ------------- EXPENSES Operations - fuel and purchased power 206,666 203,305 Operations - other 87,502 98,547 Maintenance 26,885 27,173 Depreciation and amortization 39,268 38,305 Base financial component amortization 25,243 25,243 Rate moderation component amortization 9,126 (7,992) Regulatory liability component amortization (22,143) (22,143) Other regulatory amortization 28,559 49,301 Operating taxes 122,337 121,550 Federal income tax - current 21,103 8,292 Federal income tax - deferred and other 65,251 72,792 ------------ ------------- Total Expenses 609,797 614,373 ------------ ------------- OPERATING INCOME 242,612 235,402 ------------ ------------- OTHER INCOME AND (DEDUCTIONS) Rate moderation component carrying charges 5,933 6,513 Class Settlement (4,167) (4,930) Other income and deductions, net 727 372 Allowance for other funds used during construction 964 798 Federal income tax - current (946) - Federal income tax - deferred and other (250) 856 ------------ ------------- Total Other Income and (Deductions) 2,261 3,609 ------------ ------------- INCOME BEFORE INTEREST CHARGES 244,873 239,011 ------------ ------------- INTEREST CHARGES AND (CREDITS) Interest on long-term debt 87,746 92,892 Other interest 13,995 17,098 Allowance for borrowed funds used during construction (1,252) (1,002) ------------ ------------- Total Interest Charges and (Credits) 100,489 108,988 ------------ ------------- NET INCOME 144,384 130,023 Preferred stock dividend requirements 12,948 13,051 ------------ ------------- EARNINGS FOR COMMON STOCK $131,436 $116,972 ============ ============= AVERAGE COMMON SHARES OUTSTANDING (000) 121,341 120,493 EARNINGS PER COMMON SHARE $1.09 $0.97 DIVIDENDS DECLARED PER COMMON SHARE $0.445 $0.445
SEE NOTES TO FINANCIAL STATEMENTS. -3- LONG ISLAND LIGHTING COMPANY STATEMENT OF INCOME (UNAUDITED) (THOUSANDS OF DOLLARS - EXCEPT PER SHARE AMOUNTS)
SIX MONTHS ENDED SEPTEMBER 30 --------------------------- 1997 1996 --------------------------- REVENUES Electric $1,350,417 $1,357,121 Gas 166,480 187,256 ------------ ------------- Total Revenues 1,516,897 1,544,377 ------------ ------------- EXPENSES Operations - fuel and purchased power 398,443 407,196 Operations - other 181,808 188,526 Maintenance 54,667 57,124 Depreciation and amortization 78,162 76,257 Base financial component amortization 50,485 50,485 Rate moderation component amortization 18,324 (18,596) Regulatory liability component amortization (44,286) (44,286) Other regulatory amortization 41,611 107,291 Operating taxes 231,660 232,845 Federal income tax - current 43,718 18,454 Federal income tax - deferred and other 75,614 92,611 ------------ ------------- Total Expenses 1,130,206 1,167,907 ------------ ------------- OPERATING INCOME 386,691 376,470 ------------ ------------- OTHER INCOME AND (DEDUCTIONS) Rate moderation component carrying charges 11,914 12,788 Class Settlement (8,366) (9,939) Other income and deductions, net 3,097 10,558 Allowance for other funds used during construction 1,923 1,415 Federal income tax - current (1,647) - Federal income tax - deferred and other (438) (1,243) ------------ ------------- Total Other Income and (Deductions) 6,483 13,579 ------------ ------------- INCOME BEFORE INTEREST CHARGES 393,174 390,049 ------------ ------------- INTEREST CHARGES AND (CREDITS) Interest on long-term debt 175,662 188,917 Other interest 30,269 32,398 Allowance for borrowed funds used during construction (2,303) (1,818) ------------ ------------- Total Interest Charges and (Credits) 203,628 219,497 ------------ ------------- NET INCOME 189,546 170,552 Preferred stock dividend requirements 25,917 26,122 ------------ ------------- EARNINGS FOR COMMON STOCK $163,629 $144,430 ============ ============= AVERAGE COMMON SHARES OUTSTANDING (000) 121,244 120,357 EARNINGS PER COMMON SHARE $1.35 $1.20 DIVIDENDS DECLARED PER COMMON SHARE $0.89 $0.89
SEE NOTES TO FINANCIAL STATEMENTS. -4- LONG ISLAND LIGHTING COMPANY STATEMENT OF INCOME (UNAUDITED) (THOUSANDS OF DOLLARS - EXCEPT PER SHARE AMOUNTS)
NINE MONTHS ENDED SEPTEMBER 30 -------------------------- 1997 1996 -------------------------- REVENUES Electric $1,908,207 $1,916,389 Gas 459,871 492,203 ----------- ------------- Total Revenues 2,368,078 2,408,592 ----------- ------------- EXPENSES Operations - fuel and purchased power 700,309 717,465 Operations - other 277,481 292,395 Maintenance 84,008 87,612 Depreciation and amortization 116,722 113,822 Base financial component amortization 75,728 75,728 Rate moderation component amortization 24,231 (33,922) Regulatory liability component amortization (66,429) (66,429) Other regulatory amortization 53,830 134,503 Operating taxes 349,174 352,873 Federal income tax - current 67,096 31,292 Federal income tax - deferred and other 109,237 136,361 ----------- ------------- Total Expenses 1,791,387 1,841,700 ----------- ------------- OPERATING INCOME 576,691 566,892 ----------- ------------- OTHER INCOME AND (DEDUCTIONS) Rate moderation component carrying charges 17,834 18,688 Class Settlement (12,862) (15,311) Other income and deductions, net 3,742 16,478 Allowance for other funds used during construction 2,640 2,134 Federal income tax - current (1,647) - Federal income tax - deferred and other 350 1,208 ----------- ------------- Total Other Income and (Deductions) 10,057 23,197 ----------- ------------- INCOME BEFORE INTEREST CHARGES 586,748 590,089 ----------- ------------- INTEREST CHARGES AND (CREDITS) Interest on long-term debt 265,830 291,174 Other interest 46,928 49,370 Allowance for borrowed funds used during construction (3,252) (2,759) ----------- ------------- Total Interest Charges and (Credits) 309,506 337,785 ----------- ------------- NET INCOME 277,242 252,304 Preferred stock dividend requirements 38,885 39,194 ----------- ------------- EARNINGS FOR COMMON STOCK $238,357 $213,110 =========== ============= AVERAGE COMMON SHARES OUTSTANDING (000) 121,158 120,219 EARNINGS PER COMMON SHARE $1.97 $1.77 DIVIDENDS DECLARED PER COMMON SHARE $1.335 $1.335
SEE NOTES TO FINANCIAL STATEMENTS. -5-
LONG ISLAND LIGHTING COMPANY BALANCE SHEET (THOUSANDS OF DOLLARS) SEPTEMBER 30 MARCH 31 DECEMBER 31 1997 1997 1996 ASSETS (UNAUDITED) (UNAUDITED) (AUDITED) -------------- -------------- -------------- UTILITY PLANT Electric $3,969,609 $3,900,264 $3,882,297 Gas 1,192,451 1,171,183 1,154,543 Common 268,467 263,267 260,268 Construction work in progress 119,520 108,850 112,184 Nuclear fuel in process and in reactor 15,529 15,503 15,454 -------------- -------------- -------------- 5,565,576 5,459,067 5,424,746 -------------- -------------- -------------- Less - Accumulated depreciation and amortization 1,823,933 1,759,110 1,729,576 -------------- -------------- -------------- Total Net Utility Plant 3,741,643 3,699,957 3,695,170 -------------- -------------- -------------- REGULATORY ASSETS Base financial component (less accumulated amortization of $833,010, $782,525 and $757,282) 3,205,820 3,256,305 3,281,548 Rate moderation component 402,815 409,512 402,213 Shoreham post-settlement costs 1,004,104 996,270 991,795 Shoreham nuclear fuel 67,518 68,581 69,113 Unamortized cost of issuing securities 173,625 187,309 194,151 Postretirement benefits other than pensions 350,485 357,668 360,842 Regulatory tax asset 1,754,413 1,767,164 1,772,778 Other 190,362 200,137 199,879 -------------- -------------- -------------- Total Regulatory Assets 7,149,142 7,242,946 7,272,319 -------------- -------------- -------------- -------------- -------------- -------------- NONUTILITY PROPERTY AND OTHER INVESTMENTS 50,584 18,870 18,597 -------------- -------------- -------------- CURRENT ASSETS Cash and cash equivalents 121,485 64,539 279,993 Special deposits 66,949 37,631 38,266 Customer accounts receivable (less allowance for doubtful accounts of $24,350, $23,675 and $25,000 315,392 305,436 255,801 Other accounts receivable 44,769 42,946 65,764 Accrued unbilled revenues 118,926 141,389 169,712 Materials and supplies at average cost 53,219 55,454 55,789 Fuel oil at average cost 37,171 49,703 53,941 Gas in storage at average cost 81,250 10,893 73,562 Deferred tax asset 25,176 93,349 145,205 Prepayments and other current assets 12,074 8,805 8,569 -------------- -------------- -------------- Total Current Assets 876,411 810,145 1,146,602 -------------- -------------- -------------- -------------- -------------- -------------- DEFERRED CHARGES 80,212 77,656 76,991 -------------- -------------- -------------- TOTAL ASSETS $11,897,992 $11,849,574 $12,209,679 ============== ============== ==============
SEE NOTES TO FINANCIAL STATEMENTS. -6- LONG ISLAND LIGHTING COMPANY BALANCE SHEET (THOUSANDS OF DOLLARS)
SEPTEMBER 30 MARCH 31 DECEMBER 31 1997 1997 1996 CAPITALIZATION AND LIABILITIES (UNAUDITED) (UNAUDITED) (AUDITED) -------------- -------------- -------------- CAPITALIZATION Long-term debt $4,371,675 $4,471,675 $4,471,675 Unamortized discount on debt (14,117) (14,628) (14,903) ------------ -------------- -------------- 4,357,558 4,457,047 4,456,772 ------------ -------------- -------------- Preferred stock - redemption required 637,450 638,500 638,500 Preferred stock - no redemption required 63,565 63,598 63,664 ------------ -------------- -------------- Total Preferred Stock 701,015 702,098 702,164 ------------ -------------- -------------- Common stock 606,973 605,022 603,921 Premium on capital stock 1,138,693 1,131,576 1,127,971 Capital stock expense (48,189) (48,915) (49,330) Retained earnings 917,477 861,751 840,867 Treasury stock, at cost (902) (385) (60) ------------ -------------- -------------- Total Common Shareowners' Equity 2,614,052 2,549,049 2,523,369 ------------ -------------- -------------- ------------ -------------- -------------- Total Capitalization 7,672,625 7,708,194 7,682,305 ------------ -------------- -------------- REGULATORY LIABILITIES Regulatory liability component 138,879 178,558 198,398 1989 Settlement credits 120,532 125,138 127,442 Regulatory tax liability 93,891 100,377 102,887 Other 173,039 158,660 139,510 ------------ -------------- -------------- Total Regulatory Liabilities 526,341 562,733 568,237 ------------ -------------- -------------- CURRENT LIABILITIES Current maturities of long-term debt 101,000 1,000 251,000 Current redemption requirements of preferred stock 1,050 1,050 1,050 Accounts payable and accrued expenses 242,883 230,189 289,141 LRPP payable 40,499 40,499 40,499 Accrued taxes (including federal income tax of $44,960, $49,262 and $25,884) 57,140 51,157 63,640 Accrued interest 147,305 143,983 160,615 Dividends payable 58,600 58,474 58,378 Class Settlement 60,000 58,333 55,833 Customer deposits 29,045 29,173 29,471 ------------ -------------- -------------- Total Current Liabilities 737,522 613,858 949,627 ------------ -------------- -------------- DEFERRED CREDITS Deferred federal income tax 2,422,020 2,420,443 2,442,606 Class Settlement 65,730 89,487 98,497 Other 35,141 20,889 39,447 ------------ -------------- -------------- Total Deferred Credits 2,522,891 2,530,819 2,580,550 ------------ -------------- -------------- OPERATING RESERVES Pensions and other postretirement benefits 392,700 387,048 381,996 Claims and damages 45,913 46,922 46,964 ------------ -------------- -------------- Total Operating Reserves 438,613 433,970 428,960 ------------ -------------- -------------- COMMITMENTS AND CONTINGENCIES - - - ------------ -------------- -------------- TOTAL CAPITALIZATION AND LIABILITIES $11,897,992 $11,849,574 $12,209,679 ============ ============== ==============
SEE NOTES TO FINANCIAL STATEMENTS. -7- LONG ISLAND LIGHTING COMPANY STATEMENT OF CASH FLOWS (UNAUDITED) (THOUSANDS OF DOLLARS)
THREE MONTHS ENDED SIX MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 1997 1996 1997 1996 1997 1996 ----------- ----------- ---------- ---------- ----------- ----------- OPERATING ACTIVITIES Net Income $144,384 $130,023 $189,546 $170,552 $277,242 $252,304 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Provision for doubtful accounts 4,984 9,974 8,854 13,821 13,675 18,649 Depreciation and amortization 39,268 38,305 78,162 76,257 116,722 113,822 Base financial component amortization 25,243 25,243 50,485 50,485 75,728 75,728 Rate moderation component amortization 9,126 (7,992) 18,324 (18,596) 24,231 (33,922) Regulatory liability component amortization (22,143) (22,143) (44,286) (44,286) (66,429) (66,429) Other regulatory amortization 28,559 49,301 41,611 107,291 53,830 134,503 Rate moderation component carrying charges (5,933) (6,513) (11,914) (12,788) (17,834) (18,688) Class Settlement 4,167 4,930 8,366 9,939 12,862 15,311 Amortization of cost of issuing and redeeming securities 7,014 8,280 14,948 16,962 23,035 26,448 Federal income tax - deferred and other 65,428 71,936 76,052 93,854 108,887 135,153 Allowance for other funds used during construction (964) (798) (1,923) (1,415) (2,640) (2,134) Pensions and Other Post Retirement Benefits 11,872 3,246 13,265 10,604 26,761 10,735 Gas Cost Adjustment (4,007) (9,094) (1,495) (2,221) (9,386) 16,969 Other 25,796 20,976 47,396 29,356 58,387 44,767 CHANGES IN OPERATING ASSETS AND LIABILITIES Accounts receivable (73,038) (35,684) (18,383) 24,879 (50,021) 20,887 Accrued unbilled revenues 24,043 4,347 22,463 2,888 50,786 38,660 Materials and supplies, fuel oil and gas in storage (24,416) (32,402) (55,590) (80,604) 11,652 (36,902) Accounts payable and accrued expenses (20,790) (23,409) 12,695 (415) (46,257) (32,412) Accrued taxes 14,070 32,067 5,983 (16,881) (6,500) (27,130) Accrued interest (11,072) (13,971) 3,322 (10,045) (13,310) (16,014) Class Settlement (19,817) (14,910) (30,456) (26,129) (41,462) (31,495) Special deposits 967 351 (28,683) 27,510 (28,683) 27,510 Other (3,277) 4,319 (45,595) (17,781) (58,562) (24,052) ----------- ----------- ---------- ---------- ----------- ----------- Net Cash Provided by Operating Activities 219,464 236,382 353,147 403,237 512,714 642,268 ----------- ----------- ---------- ---------- ----------- ----------- INVESTING ACTIVITIES Construction and nuclear fuel expenditures (49,207) (69,769) (117,468) (132,363) (167,843) (176,552) Shoreham post-settlement costs (8,954) (10,439) (20,936) (24,746) (33,040) (40,544) Investment in subsidiary (30,000) - (30,000) - (30,000) - Other (556) (910) (1,293) (906) (1,133) (2,112) ----------- ----------- ---------- ---------- ----------- ----------- Net Cash Used in Investing Activities (88,717) (81,118) (169,697) (158,015) (232,016) (219,208) ----------- ----------- ---------- ---------- ----------- ----------- FINANCING ACTIVITIES Proceeds from sale of common stock 4,724 4,658 9,034 9,411 13,674 14,083 Redemption of long-term debt - - - (415,000) (250,000) (415,000) Redemption of preferred stock (1,050) (1,050) (1,050) (1,050) (1,050) (1,050) Preferred stock dividends paid (12,968) (13,072) (25,937) (26,143) (38,906) (39,215) Common stock dividends paid (53,910) (53,499) (107,754) (106,880) (161,503) (160,127) Other (68) (87) (797) 46 (1,421) (313) ----------- ----------- ---------- ---------- ----------- ----------- Net Cash Used in Financing Activities (63,272) (63,050) (126,504) (539,616) (439,206) (601,622) ----------- ----------- ---------- ---------- ----------- ----------- Net Increase (Decrease) in Cash and Cash Equivalents $67,475 $92,214 $56,946 ($294,394) ($158,508) ($178,562) =========== =========== ========== ========== =========== =========== Cash and cash equivalents at beginning of period $54,010 $80,677 $64,539 $467,285 $279,993 $351,453 Net increase (decrease) in cash and cash equivalents 67,475 92,214 56,946 (294,394) (158,508) (178,562) =========== =========== ========== ========== =========== =========== Cash and Cash Equivalents at end of period $121,485 $172,891 $121,485 $172,891 $121,485 $172,891 =========== =========== ========== ========== =========== ===========
SEE NOTES TO FINANCIAL STATEMENTS. -8- NOTES TO FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED) NOTE 1. BASIS OF PRESENTATION These Notes to Financial Statements reflect events subsequent to January 31, 1997, the date of the most recent Report of Independent Auditors, through the date of this Report on Form 10-Q for the three months ended September 30, 1997. These Notes to Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations for the three, six and nine months ended September 30, 1997, the Company's Transition Report for the three months ended March 31, 1997 and Quarterly Report on Form 10-Q for the three months ended June 30, 1997 and the Company's Annual Report on Form 10-K/A filed June 30, 1997, for the year ended December 31, 1996, and the Company's Joint Proxy Statement/Prospectus filed June 30, 1997. The financial statements furnished are unaudited. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial statements for the three month period presented. Operating results for the three month period are not necessarily indicative of results to be expected for an entire year due to seasonal, operating and other factors. On April 11, 1997, the Company changed its year-end to March 31. Accordingly, the Company's financial statements have been presented on the new basis, as well as its historical basis for comparative purposes. Certain prior year amounts have been reclassified to be consistent with current year presentation. NOTE 2. BROOKLYN UNION/LONG ISLAND POWER AUTHORITY PROPOSED TRANSACTION BROOKLYN UNION TRANSACTION Effective September 29, 1997, The Brooklyn Union Gas Company (Brooklyn Union) reorganized into a holding company structure, with KeySpan Energy Corporation (KeySpan) becoming its parent holding company. As contemplated in the Amended and Restated Agreement and Plan of Exchange and Merger, dated as of June 26, 1997, by and between the Company and Brooklyn Union (Share Exchange Agreement), the parties entered into an Amendment, Assignment and Assumption Agreement, dated as of September 29, 1997, which, among other things, amended the Share Exchange Agreement and related stock option agreements to reflect the - 9 - assignment by Brooklyn Union to KeySpan and the assumption by KeySpan of all Brooklyn Union's rights and obligations under such agreements. LONG ISLAND POWER AUTHORITY TRANSACTION In July 1997, the Company filed an application with the Federal Energy Regulatory Commission (FERC) seeking approval of the transfer of the Company's electric transmission and distribution system to the Long Island Power Authority (LIPA) in connection with LIPA's purchase of the stock of the Company. The Company's application explained how the proposed LIPA transaction meets the three major concerns of the FERC which are that the transfer must have no adverse effect on rates, competition and regulation. On October 1, 1997, the Company filed with the FERC its proposed rates for the sale of capacity and energy to LIPA as contemplated in the LIPA transaction agreements. The Company proposed a rate that is to be frozen for five years with the exception that certain rate components, such as property taxes, could be adjusted for experienced changes. The filing also contemplates that either party may seek to adjust the allowed return on common equity if long-term interest rates vary from present rates by 200 basis points or more. On November 4, 1997, LIPA, the Public Service Commission (PSC) and an organization known as the "Consumers and Potential Competitors of LILCO and LIPA" filed motions to intervene and protest the Company's filing. LIPA's motion requests (i) summary rejection of the Company's filing, and, in the alternative, summary disposition in LIPA's favor on particular issues; or (ii) that FERC set evidentiary hearings on the Company's proposed rates to be charged to LIPA, subject to refund. The PSC's motion questions several of the cost projections contained in the Company's filing and requests the opportunity to explore these and any other issues that may affect the Company's ratepayers. The Consumers and Potential Competitors allege that the Company's proposal would diminish potential competition on Long Island and result in excessive rates. The Company is unable to determine the outcome of the proceedings discussed above or when or if the approval of the FERC will be obtained in such proceedings. In July 1997, the Company and the Brooklyn Union Gas Company formed a limited partnership and each invested $30 million in order to purchase an interest rate swap option instrument to protect LIPA against market risk associated with the municipal bond financing contemplated by the LIPA transaction agreements. Upon the closing of the LIPA transaction, each limited partner will receive from LIPA $30 million plus interest thereon, based on each partners' average weighted cost of capital. In the event that the LIPA transaction is not consummated, the maximum - 10 - potential loss to the Company is the amount originally invested plus the interest accrued thereon. In the event of a loss, the Company plans to defer such amount and petition the PSC to allow recovery of such loss from electric ratepayers. NOTE 3. RATE MATTERS In May 1997, the Company filed a petition with the PSC, seeking among other things, to: (a) re-institute the gas excess earnings mechanism for the gas rate year ending November 30, 1997 whereby earnings in excess of a return on common equity of 11.0% would be allocated equally between ratepayers and shareowners, with the ratepayers' share of these earnings credited to the costs associated with manufactured gas plant site investigation and remediation; and (b) continue I) the Rate Moderation Component (RMC); II) the Long Island Ratemaking and Performance Plan (LRPP) mechanisms (as discussed in the Company's Annual Report on Form 10-K/A, filed June 30, 1997 for the year ended December 31, 1996); and III) the performance incentive programs for the electric rate year ending November 30, 1997. As of the date of this report, the PSC has not rendered a decision with respect to this filing. - 11 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EARNINGS Earnings for common stock for the three months ended September 30, 1997 were $131.4 million or $1.09 per common share compared with $117.0 million or $0.97 per common share for the same period in 1996. Earnings for common stock for the six months ended September 30, 1997, were $163.6 million or $1.35 per common share compared with $144.4 million or $1.20 per common share for the same period in 1996. Earnings for common stock for the nine months ended September 30, 1997 were $238.4 million or $1.97 per common share compared with $213.1 million or $1.77 per common share for the same period in 1996. Electric business earnings increased for the three, six and nine month periods ended September 30, 1997, when compared to the same periods last year. Factors contributing to these increases included the Company's continuing efforts to control operations and maintenance expenses and the efficient use of cash generated by operations to retire maturing debt. Gas business earnings increased for the three month period ended September 30, 1997, when compared to the same period last year, primarily as a result of lower operations and maintenance expenses. For the six month period ended September 30, 1997, earnings for the gas business were comparable to the same period last year. Gas business earnings also increased for the nine month period ended September 30, 1997, when compared to the same period last year, as a result of a one-time revenue enhancement (recorded in March 1997) relating to an Independent Power Production (IPP) contract and lower operation and maintenance expenses. REVENUES Electric The increase in electric revenues of approximately $10.2 million for the three months ended September 30, 1997, when compared to the same period in 1996, was due to higher sales volumes resulting from warmer weather experienced in the region during July 1997. The decrease in electric revenues of approximately $6.7 million and $8.2 million for the six and nine months ended September 30, 1997, respectively, when compared to the same - 12 - periods in 1996, was due to lower sales volumes resulting from the milder weather experienced in the region relative to the same periods last year. The decrease for the nine months ended September 30, 1997 was mitigated by the increased sales volumes experienced during July 1997, as noted above. The increase or decrease in revenues resulting from these variations in sales volumes, however, had no effect on earnings due to the Company's current electric rate structure which includes a revenue reconciliation mechanism that eliminates the impact on earnings of sales volumes that are above or below adjudicated levels. Gas The decrease in gas revenues of approximately $7.5 million, $20.8 million and $32.3 million for the three, six and nine months ended September 30, 1997, respectively, when compared to the same periods in 1996, was primarily the result of lower fuel expense recoveries driven by lower sales volumes in the Company's service territory during 1997. Variations in weather have a limited impact on net revenues (revenues net of fuel expenses), however, as the Company's gas rate structure includes a weather normalization mechanism which mitigates the impact on net revenues of experiencing weather that is warmer or colder than normal. FUEL AND PURCHASED POWER Fuel and purchased power expenses for the three, six and nine months ended September 30, 1997 and 1996 were as follows: Three Months Ended Six Months Ended Nine Months Ended 9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96 (In Millions) (In Millions) (In Millions) ------------- ------------- ------------- ELECTRIC SYSTEM Oil $ 32 $ 35 $ 50 $ 61 $ 87 $127 Gas 67 50 119 87 157 94 Nuclear 4 4 7 8 11 12 Purchases 78 85 153 166 239 248 -- -- --- --- --- --- Total Electric 181 174 329 322 494 481 GAS SYSTEM 26 29 69 85 206 236 ---- ---- ---- ---- ---- ---- Total $207 $203 $398 $407 $700 $717 ==== ==== ==== ==== ==== ==== Electric For the three, six and nine month periods ended September 30, 1997, electric fuel costs increased, when compared to the same periods in 1996. The increase for the three month period ended September 30, 1997, is primarily the result of higher sales - 13 - volumes coupled with higher fuel oil and purchased power prices. This increase in electric fuel costs was mitigated, however, as the Company was able to reduce purchases and oil fired generation by increasing production with more economical gas as a result of the completion in May 1997 of the conversion of an oil fired steam generating unit at Port Jefferson to dual-fuel capability. For the six and nine months ended September 30, 1997, electric fuel costs were higher, when compared to the same periods in 1996, despite lower sales volumes, as a result of higher fuel oil and purchased power prices. In addition, the increase for the nine months ended September 30, 1997, when compared to the same period in the prior year was exaggerated by the absence of profits generated by the sale of electric business unit gas supplies to non-traditional customers (off-system sales). Off-system gas sales decreased when compared to the same period last year as a result of low demand for gas brought about by the mild winter weather. Profits from such gas sales are used to offset the cost of fuel for electric generation, supporting the Company's goal of providing electric energy to customers at the lowest cost possible. Of the Company's 11 steam generation units, nine burn natural gas; seven of which can also burn oil. This dual-fuel capability provides the Company with the ability to burn the most cost efficient fuel available, consistent with seasonal environmental requirements. In an effort to maximize the Company's operating flexibility, the Company is in the process of adding natural gas firing capability to one of its two remaining oil only steam generating units. Completion is scheduled for the spring of 1998. Electric Energy Available The percentages of total electric energy available by type of fuel for electric operations for the three, six and nine months ended September 30, 1997 and 1996 were as follows: Three Months Ended Six Months Ended Nine Months Ended 9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96 ------- ------- ------- ------- ------- ------- Oil 16% 18% 14% 17% 16% 25% Gas 47 33 46 31 41 23 Nuclear 8 9 8 10 9 10 Purchases 29 40 32 42 34 42 ---- ---- ---- ---- ---- --- Total 100% 100% 100% 100% 100% 100% ==== ==== ==== ==== ==== ==== The use of gas for electric generation increased for the three, six and nine months ended September 30, 1997, as gas was more economical than fuel oil and purchased power. - 14 - Gas For the three months ended September 30, 1997, gas fuel costs decreased for operating the gas business, when compared to the same period in 1996, as a result of a decrease in sales volumes partially offset by an increase in average gas prices. For the six and nine months ended September 30, 1997, gas fuel costs were also lower than the prior year as a result of a decrease in sales volumes and lower average gas prices. Also contributing to the decrease in the gas fuel costs is the operation of the Gas Cost Adjustment (GCA) mechanism which requires the Company to increase or decrease the current year fuel expenses for differences between amounts collected in rates and amounts actually spent for fuel during the previous year. For the three, six and nine months ended September 30, 1997, the amounts being refunded, via the GCA, were greater than that for the same periods in 1996. OPERATIONS AND MAINTENANCE EXPENSES For the three, six and nine months ended September 30, 1997, operations and maintenance (O&M) expenses, excluding fuel and purchased power, decreased by $11.3 million, $9.2 million and $18.5 million, respectively, when compared to the same periods in 1996. These decreases are primarily attributable to the Company's cost containment programs. RATE MODERATION COMPONENT The Rate Moderation Component (RMC) reflects the difference between the Company's electric revenue requirements under conventional ratemaking and the revenues provided by its electric rate structure. The RMC is adjusted monthly for the operation of the Company's Fuel Moderation Component (FMC) mechanism and the difference between the Company's share of actual operating costs at Nine Mile Point 2 Nuclear Power Station (NMP2) and amounts provided for in electric rates. For the three, six and nine months ended September 30, 1997, the Company recorded non-cash charges to income of approximately $9.1 million, $18.3 million and $24.2 million, respectively, as operating income generated by the Company's electric rate structure exceeded that required under a conventional ratemaking calculation. For the three, six and nine months ended September 30, 1996, the Company recorded non-cash credits to income of approximately $8.0 million, $18.6 million and $33.9 million, respectively, as operating income generated by the Company's electric rate structure was below that required under a conventional ratemaking calculation. The Company continues to believe that the full amortization and recovery of the RMC balance, which at September 30, 1997 was approximately $403 million, will take place within the time frame - 15 - established by the Rate Moderation Agreement (RMA), in accordance with the rate plans submitted to the Public Service Commission (PSC) for the single rate year 1997 and the three year rate period 1997 through 1999. In the event that the Long Island Power Authority (LIPA) transaction is terminated, the Company expects that the PSC will issue an order providing for, among other things, the continuing recovery, through rates, of the RMC balance, one of the Shoreham-related regulatory assets. If such an electric rate order is not obtained or does not provide for the continuing recovery of the RMC balance, the Company may be required to write-off the amount not expected to be provided for in rates. For a further discussion of the LIPA transaction, see the Joint Proxy Statement/Prospectus filed June 30, 1997. For a further discussion of the RMC, RMA and FMC, see the Company's Annual Report on Form 10-K/A filed June 30, 1997, for the year ended December 31, 1996. OTHER REGULATORY AMORTIZATION For the three months ended September 30, 1997 and 1996, other regulatory amortization was a non-cash charge to income of $28.6 million and $49.3 million, respectively. For the six months ended September 30, 1997 and 1996, other regulatory amortization was a non-cash charge to income of $41.6 million and $107.3 million, respectively. For the nine months ended September 30, 1997 and 1996, other regulatory amortization was a non-cash charge to income of $53.8 million and $134.5 million, respectively. These variances are due to regulatory mechanisms discussed below, and have no impact on earnings since they reflect the net deferral of income and expense resulting from the Company's ratemaking mechanisms. The components of other regulatory amortization for the three, six and nine months ended September 30, 1997 and 1996 were as follows: (In millions of dollars) - -------------------------------------------------------------------------------- Three Months Six Months Nine Months 1997 1996 1997 1996 1997 1996 - -------------------------------------------------------------------------------- Net Margin 12 20 12 49 2 47 Amortization of LRPP Deferral - 15 - 32 - 48 Excess Earnings - Electric 8 - 2 - 13 - Excess Earnings - Gas 1 3 10 6 12 8 Other 8 11 18 20 27 32 - ------------------------------------------------------------------------------- 29 49 42 107 54 135 =============================================================================== NET MARGIN- An electric business unit revenue reconciliation mechanism, established under the LILCO Ratemaking and Performance Plan (LRPP), which eliminates the impact on earnings of experiencing sales that are above or below adjudicated levels by providing a fixed annual net margin level (defined as sales - 16 - revenue, net of fuel and gross receipts taxes). Variations in electric revenue resulting from differences between actual and adjudicated net margin sales levels are deferred on a monthly basis during the rate year through a charge or credit to other regulatory amortization. These deferrals are then refunded to or recovered from ratepayers as explained below under "LRPP Amortization." For the three, six and nine months ended September 30, 1997, the Company recorded non-cash charges to income of $12.2 million, $12.2 million and $2.0 million, respectively. For the three, six and nine months ended September 30, 1996, the Company recorded non-cash charges to income of $19.8 million, $48.6 million and $46.6 million, respectively. LRPP AMORTIZATION- As established under the LRPP, deferred balances resulting from the net margin, electric property tax reconciliation, earned performance incentives, and associated carrying charges are accumulated during each rate year. The first $15 million of the total deferral is recovered from or credited to electric ratepayers by increasing or decreasing the RMC balance. Amounts deferred in excess of $15 million, upon approval by the PSC, are refunded to or recovered from ratepayers through the FCA mechanism over a subsequent 12-month period, with the offset being recorded in other regulatory amortization. For the three, six and nine months ended September 30, 1997, the amortization of the deferred LRPP balance in excess of $15 million related to the rate year ended November 30, 1995, has not begun as the Company has yet to receive approval from the PSC to begin refunding the amount owed to its electric ratepayers. For the three, six and nine months ended September 30, 1996, the Company recognized $15.9 million, $31.8 million and $48.1 million, respectively, of non-cash charges to income representing the amortization of the deferred LRPP balance related to the rate year ended November 30, 1994. For a further discussion of the LRPP, see Note 3 of Notes to Financial Statements included in the Company's Annual Report on Form 10-K/A filed June 30, 1997, for the year ended December 31, 1996. EXCESS EARNINGS- Also recorded in other regulatory amortization, if applicable, are non-cash charges representing: (a) 100% of electric earnings generated by the Company in excess of amounts provided for in electric rates, which is returned to the electric customer through a reduction to the RMC balance; and (b) 50% of the gas earnings generated by the Company in excess of amounts provided for in gas rates, which will be returned to the gas customer through a reduction in the amount due from gas ratepayers related to manufactured gas plant site (MGP) clean-up costs. These rate year excess earnings are calculated and recorded on the Company's books on a quarterly basis to reflect the Company's best estimate of amounts earned in excess of the - 17 - Company's 11% allowed return on common equity. The Company's 11% allowed return on common equity has been approved by the PSC for the electric business unit. The Company expects approval of the same rate for the gas business unit prior to November 30, 1997. For the three, six and nine months ended September 30, 1997, the Company recorded non-cash charges of approximately $7.5 million, $1.9 million and $12.5 million, respectively, of electric excess earnings. The Company did not earn in excess of its allowed return on common equity for its electric business for the three, six and nine months ended September 30, 1996. For the three months ended September 30, 1997, the Company recorded non-cash charges of approximately $1.1 million of gas excess earnings bringing the six and nine month totals of gas excess earnings to $9.8 million and $11.6 million, respectively. The Company recorded approximately $3.0 million, $5.8 million and $8.2 million of gas excess earnings for the three, six and nine months ended September 30, 1996. FEDERAL INCOME TAX For the three, six and nine months ended September 30, 1997, federal income tax (FIT) expense increased as a result of increases in pre-tax book income. The current operating portion of the FIT liability for the three months ended September 30, 1997 totaled $21.1 million, of which $9.8 million was Alternative Minimum Tax (AMT). The operating FIT liability for the six months ended September 30, 1997 totaled $43.7 million, of which $20.9 million was AMT. The operating FIT liability for the nine months ended September 30, 1997 totaled $67.1 million, of which $52.1 million was AMT. The increase in the FIT liability over the comparable periods last year was primarily attributable to the Company's full utilization of the AMT net operating loss during 1996. OTHER INCOME AND DEDUCTIONS Other income and deductions decreased for the three, six and nine months ended September 30, 1997, when compared to the same periods in 1996, primarily as a result of lower interest income from short term investments caused by lower cash balances. In addition, for the six and nine months ended September 30, 1997, the Company recognized less income under its fuel incentive program, than during the same periods in the prior year due to higher electric fuel costs. INTEREST EXPENSE Interest expense decreased for the three, six and nine months ended September 30, 1997, when compared to the same periods in 1996, as a result of lower debt levels. - 18 - LIQUIDITY AND CAPITAL RESOURCES At September 30, 1997, the Company's cash and cash equivalents amounted to approximately $121 million, compared to $65 million at March 31, 1997. This increase in cash and cash equivalents was primarily attributable to funds provided by operating activities, as revenues from the summer sales period were converted to cash. At September 30, 1997, March 31, 1997 and December 31, 1996, the Company's capitalization and ratios were as follows: (In millions of dollars) - -------------------------------------------------------------------------------- 9/30/97 3/31/97 12/31/96 Amount Percent Amount Percent Amount Percent - -------------------------------------------------------------------------------- % % % - -------------------------------------------------------------------------------- Long-term debt $4,459 57.4 $4,458 57.8 $4,708 59.3 Preferred stock 702 9.0 703 9.1 703 8.9 Common shareowners' equity 2,614 33.6 2,549 33.1 2,523 31.8 - -------------------------------------------------------------------------------- $7,775 100.0 $7,710 100.0 $7,934 100.0 ================================================================================ The Company has no current plans to access the capital markets for permanent financing as cash from operations should be sufficient to meet operating requirements and debt maturities through 1998, including $100 million of General and Refunding Bonds and $1 million of Pollution Control Revenue Bonds maturing in 1998. The Company may, from time to time, access such markets, should economic conditions prove favorable, to refinance existing high cost debt or preferred stock, subject to any restrictions contained in the agreements, as amended, with KeySpan Energy Corporation, the parent holding company of The Brooklyn Union Gas Company, or LIPA. A $250 million line of credit, secured by a first lien upon the Company's accounts receivable and fuel oil inventories, is available to the Company under its Revolving Credit Agreement (RCA). The lending banks participating in the RCA have agreed to extend their commitments through October 1, 1998. In February 1997, the Company utilized $30 million in interim financing under the RCA, which was repaid in March 1997, and $40 million in July 1997, which was repaid in August 1997. The Company will, in order to satisfy short-term cash requirements, continue to avail itself of such interim financing through its RCA as necessary. - 19 - CAPITAL REQUIREMENTS AND CAPITAL PROVIDED Capital requirements and capital provided for the three, six and nine months ended September 30, 1997 were as follows: (In millions of dollars) - -------------------------------------------------------------------------------- Three Months Ended Six Months Ended Nine Months Ended September 30, 1997 September 30, 1997 September 30, 1997 - -------------------------------------------------------------------------------- Capital Requirements Construction $ 49 $118 $168 - -------------------------------------------------------------------------------- Redemptions and Dividends Long-term debt - - 250 Preferred stock 1 1 1 Preferred stock dividends 13 26 39 Common stock dividends 54 108 162 - -------------------------------------------------------------------------------- Total Redemptions and Dividends 68 135 452 - -------------------------------------------------------------------------------- Shoreham post-settlement Costs 9 21 33 - -------------------------------------------------------------------------------- Total Capital Requirements $126 $274 $653 ================================================================================ Capital Provided Cash generation from operations $220 $353 $513 Decrease (Increase) in cash balances (68) (57) 158 Common stock issued 5 9 14 Hedge funding (30) (30) (30) Other investing and financing Activities (1) (1) (2) - -------------------------------------------------------------------------------- Total Capital Provided $126 $274 $653 ================================================================================ For further information, see the Statement of Cash Flows. INVESTMENT RATING The Company's securities are rated by Standard and Poor's Corporation (S&P), Moody's Investors Service (Moody's), Fitch Investors Service, L.P. (Fitch) and Duff and Phelps, Inc. (D&P). In October 1997, as part of an overall revision of its ratings of the utility industry's senior secured debt, S&P announced that it raised the rating on the Company's senior secured debt to BBB from BBB-. S&P indicated that it now incorporates into its ratings of corporate issues a more vigorous analysis of a utility's underlying collateral assets and the amount of securities that could be issued under its mortgage indenture. The ratings on the Company's unsecured debt and preferred stock remain unchanged. For a further discussion of the Company's credit ratings see Investment Rating in the Company's Annual Report Form 10-K/A filed June 30, 1997, for the Year Ended December 31, 1996. - 20 - RATE MATTERS For a discussion of Rate Matters, see Note 3 of Notes to Financial Statements. BROOKLYN UNION TRANSACTION For a further discussion on the Brooklyn Union Transaction, see Note 2 of Notes to Financial Statements. LONG ISLAND POWER AUTHORITY TRANSACTION For a further discussion on the Long Island Power Authority Transaction, see Note 2 of Notes to Financial Statements. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains statements which, to the extent they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. In this respect, the words "estimate," "project," "anticipate," "expect," "intend," "believe" and similar expressions are intended to identify forward-looking statements. All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. A number of important factors affecting the Company's business and financial results could cause actual results to differ materially from those stated in the forward-looking statements. Those factors include the proposed transactions with The Brooklyn Union Gas Company and LIPA as discussed under the heading "Brooklyn Union Transaction" and "Long Island Power Authority Proposed Transactions", state and federal regulatory rate proceedings, competition, and certain environmental matters each as discussed herein, in the Company's Annual Report on Form 10-K/A, filed June 30, 1997, for the year ended December 31, 1996, the Joint Proxy Statement/Prospectus filed June 30, 1997 or in other reports filed by the Company with the Securities and Exchange Commission. - 21 - PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. ITEM 2. CHANGES IN SECURITIES None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. ITEM 5. OTHER INFORMATION The Company has been notified that it is one of several potentially responsible parties (PRP) that may be liable for the cost to remediate the Port Refinery Superfund site located in Westchester County, New York. Port Refinery was engaged in the business of purchasing, selling, refining and processing mercury and the Company may have shipped waste products containing mercury to this site. Tests conducted by the Environmental Protection Agency (EPA) indicated that the site and certain adjacent properties were contaminated with mercury. As a result, the EPA has performed a response action at the site and seeks to recover its costs, currently totaling approximately $4.4 million, plus interest from the PRP's. The Company is currently unable to determine its share, if any, of the costs to remediate this site. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K A. EXHIBIT 27 *(1) Financial Data Schedule UT for the six-month period ended September 30, 1997. B. REPORTS ON FORM 8-K In its current report on Form 8-K dated September 19, 1997, the Company filed unaudited pro forma combined condensed financial statements for LILCO and Brooklyn Union at June 30, 1997 and for the twelve months ended June 30, 1997, as well as Brooklyn Union's quarterly report on Form 10-Q for the quarter ended June 30, 1997. - ---------------------- * Filed herewith - 22 - SIGNATURE 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. LONG ISLAND LIGHTING COMPANY (Registrant) By /s/ Anthony Nozzolillo ------------------------- ANTHONY NOZZOLILLO Senior Vice President and Principal Financial Officer Dated: November 14, 1997 - 23 - EX-27 2 FDS UT
UT This schedule contains summary financial information extracted from the Statement of Income, Balance Sheet and Statement of Cash Flows, and is qualified in its entirety by reference to such financial statements. 1000 6-MOS MAR-31-1998 SEP-30-1997 PER-BOOK 3,741,643 50,584 876,411 80,212 7,149,142 11,897,992 606,973 1,089,602 917,477 2,614,052 637,450 63,565 4,371,675 0 0 0 101,000 1,050 0 0 4,109,200 11,897,992 1,516,897 119,332 1,010,874 1,130,206 386,691 6,483 393,174 203,628 189,546 25,917 163,629 107,754 175,662 353,147 $1.35 $1.35
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