-----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, Mo292Nk0pVs8rUexjQmGsE6FiSRG5ACGz9TebfmYlCNx21mvNfWH++w7DZZC3dNM zUiOxSlnyGK4CWvIz39qRA== 0000927016-99-003092.txt : 19990825 0000927016-99-003092.hdr.sgml : 19990825 ACCESSION NUMBER: 0000927016-99-003092 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLONIAL GAS CO CENTRAL INDEX KEY: 0000060653 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 041558100 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-13351 FILM NUMBER: 99698584 BUSINESS ADDRESS: STREET 1: 40 MARKET ST CITY: LOWELL STATE: MA ZIP: 01852 BUSINESS PHONE: 5084583171 FORMER COMPANY: FORMER CONFORMED NAME: LOWELL GAS CO DATE OF NAME CHANGE: 19811124 10-Q/A 1 FORM 10-Q/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________________ FORM 10-Q/A [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 1999 OR [_] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to COMMISSION FILE NUMBER 0-10007 COLONIAL GAS COMPANY -------------------- (Exact name of registrant as specified in its charter) Massachusetts 04-1558100 ------------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 40 Market Street, Lowell, Massachusetts 01852 --------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (978) 322-3000 Former name, former address and former fiscal year, if changed since last report: Not applicable 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 number of shares of the registrant's common stock, $3.33 par value, outstanding as of July 1, 1999 was 8,950,717 AMENDMENT NO. 1 The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Quarterly Report for the six months ended June 30, 1999, on Form 10-Q as set forth in the pages attached hereto to reflect a revision in the cost of gas sold and other items affected thereby in the financial statements for the first quarter of 1999 which is reflected in the six months ended June 30, 1999. Part 1 Item 1 - Financial Statements PART I - FINANCIAL INFORMATION Item 1. Financial Statements COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS ----------------------------------------------- (UNAUDITED) -----------
AMENDED Three Months Ended June 30, ------- 1999 1998 ---- ---- (In Thousands Except Per Share Amounts) Operating Revenues $25,579 $25,684 Cost of gas sold 12,118 13,662 ------- ------- Operating Margin 13,461 12,022 ------- ------- Operating Expenses: Operations 7,912 6,958 Maintenance 1,538 1,136 Depreciation and Amortization 3,783 3,229 Taxes, other than income 1,554 1,494 ------- ------- Total Operating Expenses 14,787 12,817 ------- ------- Income Taxes (Credit) (1,007) (1,051) ------- ------- Utility Operating Loss (319) 256 Other Operating Income (Loss): Energy Trucking revenues 803 617 Energy Trucking expenses, including income taxes and interest 880 825 ------- ------- Energy Trucking loss (77) (208) Other, net of income taxes (11) 107 ------- ------- Total Other Operating Loss (88) (101) Non-Operating Income, Net 138 260 Merger Related Expenses, Net of Income Tax (253) -- ------- ------- Income (Loss) Before Interest and Debt Expense (522) 415 Interest and Debt Expense 2,275 2,186 ------- ------- Net Loss $(2,797) $(1,771) ======= ======= Average Common Shares Outstanding 8,950 8,740 ======= ======= Loss per Average Common Share $ (0.31) $ (0.20) ======= ======= Dividends Paid per Common Share $ .355 $ .345 ======= =======
(See accompanying notes to consolidated condensed financial statements) 2 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS ----------------------------------------------- (UNAUDITED) -----------
AMENDED Six Months Ended June 30, -------- 1999 1998 ---- ---- (In Thousands Except Per Share Amounts) Operating Revenues $113,573 $103,507 Cost of gas sold 61,231 54,579 -------- -------- Operating Margin 52,342 48,928 -------- -------- Operating Expenses: Operations 15,339 13,608 Maintenance 2,851 2,204 Depreciation and Amortization 7,565 6,413 Taxes, other than income 2,918 2,748 -------- -------- Total Operating Expenses 28,673 24,973 -------- -------- Income Taxes 7,782 7,624 -------- -------- Utility Operating Income 15,887 16,331 Other Operating Income (Loss): Energy Trucking revenues 1,864 1,023 Energy Trucking expenses, including income taxes and interest 2,017 1,186 -------- -------- Energy Trucking net loss (153) (163) Other, net of income taxes (55) 158 -------- -------- Total Other Operating Income (Loss) (208) (5) Non-Operating Income, Net 236 436 Merger Related Expenses, Net of Income Taxes (491) -- -------- -------- Income Before Interest and Debt Expense 15,424 16,762 Interest and Debt Expense 4,505 4,321 -------- -------- Net Income $ 10,919 $ 12,441 ======== ======== Average Common Shares Outstanding 8,936 8,722 ======== ======== Income per Average Common Share $ 1.22 $ 1.43 ======== ======== Dividends Paid per Common Share $ 0.70 $ 0.68 ======== ========
(See accompanying notes to consolidated condensed financial statements) 3 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED BALANCE SHEETS ------------------------------------- ASSETS ------
AMENDED June 30, December 31, June 30, 1999 1998 1998 -------------- --------------- -------------- (Unaudited) (Unaudited) (In Thousands) Utility Property: At original cost $ 403,274 $ 394,222 $379,866 Accumulated depreciation (109,383) (102,009) (94,832) --------- --------- -------- Net utility property 293,891 292,213 285,034 Non-Utility Property - Net 6,829 7,129 7,423 --------- --------- -------- Net property 300,720 299,342 292,458 --------- --------- -------- Capital Leases - Net 1,667 1,583 1,740 --------- --------- -------- Current Assets: Cash and cash equivalents 2,491 3,125 1,218 Accounts receivable 13,984 14,591 15,940 Allowance for doubtful accounts (1,657) (1,350) (3,420) Accrued utility revenues 560 7,876 821 Unbilled gas costs (4,484) 18,195 8,125 Fuel and other inventories 12,359 15,618 12,144 Prepayments and other current assets 6,207 9,513 6,994 --------- --------- -------- Total current assets 29,460 67,568 41,822 --------- --------- -------- Deferred Charges and Other Assets: Unrecovered deferred income taxes 7,961 8,349 8,626 Unrecovered Demand Side Management - costs 6,431 6,661 8,058 Unrecovered environmental expenses - incurred 2,774 3,633 3,349 Unrecovered environmental expenses - accrued 200 200 607 Unrecovered transition costs - accrued 700 700 2,800 Other 13,146 12,968 12,898 --------- --------- -------- Total deferred charges and other assets 31,212 32,511 36,338 --------- --------- -------- Total Assets $ 363,059 $ 401,004 $372,358 ========= ========= ========
(See accompanying notes to consolidated condensed financial statements) 4 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED BALANCE SHEETS ------------------------------------- LIABILITIES AND CAPITALIZATION ------------------------------
AMENDED June 30, December 31, June 30, 1999 1998 1998 -------------- --------------- -------------- (Unaudited) (Unaudited) (In Thousands) Capitalization: Common equity: Common Stock - part value $ 3.33 per share Authorized - 15,000 shares Issued and outstanding - 8,951 8,910 and 8,766 $ 29,806 $ 29,669 $ 29,191 Premium on common stock 64,341 63,080 59,177 Retained earnings 40,838 36,173 42,433 -------- -------- -------- Total Common equity 134,985 128,922 130,801 Long-term debt 120,000 120,000 110,015 -------- -------- -------- Total capitalization 254,985 248,922 240,816 -------- -------- -------- Capital Lease Obligations 1,021 963 276 -------- -------- -------- Current Liabilities: Current maturities of long-term debt 15 102 171 Current capital lease obligations 646 620 1,464 Notes payable 8,500 52,000 37,000 Gas inventory purchase obligations 8,269 14,125 8,084 Accounts payable 11,370 12,186 8,997 Other 16,604 10,550 12,070 -------- -------- -------- Total current liabilities 45,404 89,583 67,786 -------- -------- -------- Deferred Credits and Reserves: Deferred income taxes-funded 45,445 44,555 43,364 Deferred income taxes-unfunded 7,961 8,349 8,626 Accrued environmental expenses 200 200 607 Accrued transition costs 700 700 2,800 Other 7,343 7,732 8,083 -------- -------- -------- Total deferred credits and reserves 61,649 61,536 63,480 -------- -------- -------- Total Capitalization and Liabilities $363,059 $401,004 $372,358 ======== ======== ========
(See accompanying notes to consolidated condensed financial statements) 5 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS ----------------------------------------------- (UNAUDITED) -----------
AMENDED Six Months Ended June 30, -------- 1999 1998 ---- ---- (In Thousands) Cash Flows From Operating Activities: Net income $ 10,919 $ 12,441 Adjustments to reconcile net income to net cash 4,852 8,166 Changes in current assets and liabilities 47,134 21,703 -------- -------- Net cash provided by operating activities 62,905 42,310 -------- -------- Cash Flows From Investing Activities: Capital expenditures (9,559) (16,962) Non-utility capital expenditures 19 (369) Change in deferred accounts 305 209 -------- -------- Net cash used in investing activities (9,235) (17,122) -------- -------- Cash Flows From Financing Activities: Dividends paid on Common Stock (6,255) (5,932) Issuance of Common Stock 1,398 2,160 Issuance of long-term debt, net of issuance costs (4) 9,238 Retirement of long-term debt (87) (10,484) Change in notes payable (43,500) (12,400) Change in gas inventory purchase obligations (5,856) (6,811) -------- -------- Net cash used in financing activities (54,304) (24,229) -------- -------- Net (decrease) increase in cash and cash equivalents (634) 959 Cash and cash equivalents at beginning of period 3,125 259 -------- -------- Cash and cash equivalents at end of period $ 2,491 $ 1,218 ======== ======== Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Interest - net of amount capitalized $ 5,621 $ 5,358 ======== ======== Income and franchise taxes $ 3,595 $ 3,608 ======== ========
(See accompanying notes to consolidated condensed financial statements) 6 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. COLONIAL GAS COMPANY -------------------- (Registrant) Date: August 24, 1999 /s/ F. L. Putnam, III --------------- ------------------------------------- F. L. Putnam, III President and Chief Executive Officer Date: August 24, 1999 /s/ Nickolas Stavropoulos --------------- ------------------------------------- Nickolas Stavropoulos Executive Vice President - Finance, Marketing and Chief Financial Officer 7 EX-27 2 FINANCIAL DATA SCHEDULE
UT 6-MOS DEC-31-1999 JAN-01-1999 JUN-30-1999 PER-BOOK 293,891 8,496 29,460 18,066 13,146 363,059 29,806 64,341 40,838 134,985 0 0 120,000 16,769 0 0 15 0 1,021 646 89,623 363,059 113,573 7,782 89,904 97,686 15,887 (463) 15,424 4,505 10,919 0 10,919 6,255 4,266 62,905 1.22 1.22
-----END PRIVACY-ENHANCED MESSAGE-----