-----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, Q2tcUo1JJ0Y0OnprBAQ+QWoo72hoJVjNbsJWoUUzoNIoDXSfUT4HWOT9RUXJClXR XgbMHmJceyRDTnTfsqVvig== 0000927016-99-003093.txt : 19990825 0000927016-99-003093.hdr.sgml : 19990825 ACCESSION NUMBER: 0000927016-99-003093 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 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: 99698585 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 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended MARCH 31, 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 April 30, 1999 was 8,949,981. AMENDMENT NO. 1 The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Quarterly Report for the quarter ended March 31, 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 of the first quarter and the twelve months ended March 31, 1999. Part 1 Item 1 - Financial Statements PART I - FINANCIAL INFORMATION Item 1. Financial Statements COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF INCOME ------------------------------------------- (UNAUDITED) -----------
AMENDED Three Months Ended March 31, --------------------- 1999 1998 --------- ---------- (In Thousands Except Per Share Amounts) Operating Revenues $87,994 $77,822 Cost of gas sold 49,113 40,917 ------- ------- Operating Margin 38,881 36,905 ------- ------- Operating Expenses: Operations 7,427 6,650 Maintenance 1,313 1,067 Depreciation and Amortization 3,783 3,184 Taxes, other than income 1,364 1,254 ------- ------- Total Operating Expenses 13,887 12,155 ------- ------- Income Taxes 8,788 8,675 ------- ------- Utility Operating Income 16,206 16,075 Other Operating Income: Energy Trucking revenues 1,061 406 Energy Trucking expenses, including income taxes and interest 1,137 361 ------- ------- Energy Trucking net (loss) income (76) 45 Other, net of income taxes (44) 51 ------- ------- Total Other Operating (Loss) Income (120) 96 Non-Operating Income, Net 87 176 Merger Costs, Net (227) - ------- ------- Income Before Interest and Debt Expense 15,946 16,347 Interest and Debt Expense 2,230 2,135 ------- ------- Net Income $13,716 $14,212 ======= ======= Average Common Shares Outstanding 8,922 8,703 ======= ======= Income per Average Common Share $ 1.54 $ 1.63 ======= ======= Dividends Paid per Common Share $ .345 $ .335 ======= =======
(See accompanying notes to consolidated condensed financial statements) 2 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF INCOME ------------------------------------------- (UNAUDITED) -----------
AMENDED Twelve Months Ended March 31, --------------------- 1999 1998 --------- -------- (In Thousands Except Per Share Amounts) Operating Revenues $178,151 $181,901 Cost of gas sold 96,323 99,655 -------- -------- Operating Margin 81,828 82,246 -------- -------- Operating Expenses: Operations 28,569 29,257 Maintenance 5,040 4,425 Depreciation and Amortization 14,034 12,260 Taxes, other than income 5,266 5,132 -------- -------- Total Operating Expenses 52,909 51,074 -------- -------- Income Taxes 7,930 9,216 -------- -------- Utility Operating Income 20,989 21,956 Other Operating Income: Energy Trucking revenues 4,378 4,596 Energy Trucking expenses, including income taxes and interest 4,466 4,305 -------- -------- Energy Trucking net (loss) income (88) 291 Other, net of income taxes 223 317 -------- -------- Total Other Operating Income 135 608 Non-Operating Income, Net 851 659 Merger Costs, Net (1,353) - -------- -------- Income Before Interest and Debt Expense 20,622 23,223 Interest and Debt Expense 8,829 8,264 -------- -------- Net Income $ 11,793 $ 14,959 ======== ======== Average Common Shares Outstanding 8,835 8,640 ======== ======== Income per Average Common Share $ 1.33 $ 1.73 ======== ======== Dividends Paid per Common Share $ 1.38 $ 1.34 ======== ========
(See accompanying notes to consolidated condensed financial statements) 3 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED BALANCE SHEETS ------------------------------------- ASSETS ------
AMENDED March 31, December 31, March 31, 1999 1998 1998 ----------- ------------- ----------- (Unaudited) (Unaudited) (In Thousands) Utility Property: At original cost $ 398,360 $ 394,222 $370,317 Accumulated depreciation (105,444) (102,009) (91,523) --------- --------- -------- Net utility property 292,916 292,213 278,794 Non-Utility Property - Net 6,981 7,129 7,567 --------- --------- -------- Net property 299,897 299,342 286,361 --------- --------- -------- Capital Leases - Net 1,583 1,583 2,614 --------- --------- -------- Current Assets: Cash and cash equivalents 5,779 3,125 3,092 Accounts receivable 33,930 14,591 29,991 Allowance for doubtful accounts (1,647) (1,350) (3,561) Accrued utility revenues 5,123 7,876 5,447 Unbilled gas costs (2,772) 18,195 8,118 Fuel and other inventories 8,971 12,712 10,122 Prepayments and other current assets 6,451 12,419 6,791 --------- --------- -------- Total current assets 55,835 67,568 60,000 --------- --------- -------- Deferred Charges and Other Assets: Unrecovered deferred income taxes 8,155 8,349 8,820 Unrecovered demand side management costs 6,646 6,661 8,122 Unrecovered environmental expenses - incurred 2,724 3,633 4,135 Unrecovered environmental expenses - accrued 200 200 707 Unrecovered transition costs - accrued 700 700 2,800 Other 12,960 12,968 12,202 --------- --------- -------- Total deferred charges and other assets 31,385 32,511 36,786 --------- --------- -------- Total Assets $ 388,700 $ 401,004 $385,761 ========= ========= ========
(See accompanying notes to consolidated condensed financial statements) 4 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED BALANCE SHEETS ------------------------------------- LIABILITIES AND CAPITALIZATION ------------------------------
AMENDED March 31, December 31, March 31, 1999 1998 1998 ----------- ------------ ----------- (Unaudited) (Unaudited) (In Thousands) Capitalization: Common equity: Common Stock - par value $3.33 per share Authorized - 15,000 shares Issued and outstanding - 8,949, 8,910 and 8,728 shares $ 29,800 $ 29,669 $ 29,063 Premium on common stock 64,284 63,080 58,262 Retained earnings 46,812 36,173 47,219 ---------- ------------ ---------- Total Common equity 140,896 128,922 134,544 Long-term debt 120,000 120,000 90,059 ---------- ------------ ---------- Total capitalization 260,896 248,922 224,603 ---------- ------------ ---------- Capital Lease Obligations 963 963 1,528 ---------- ------------ ---------- Current Liabilities: Current maturities of long-term debt 59 102 20,167 Current capital lease obligations 620 620 1,086 Notes payable 31,000 52,000 38,500 Gas inventory purchase obligations 7,722 14,125 9,088 Accounts payable 10,559 12,186 10,482 Other 15,708 10,550 17,268 ---------- ------------ ---------- Total current liabilities 65,668 89,583 96,591 ---------- ------------ ---------- Deferred Credits and Reserves: Deferred income taxes-funded 44,748 44,555 42,626 Deferred income taxes-unfunded 8,155 8,349 8,820 Accrued environmental expenses 200 200 707 Accrued transition costs 700 700 2,800 Other 7,370 7,732 8,086 ---------- ------------ ---------- Total deferred credits and reserves 61,173 61,536 63,039 ---------- ------------ ---------- Total Capitalization and Liabilities $ 388,700 $ 401,004 $ 385,761 ========== ============ ==========
(See accompanying notes to consolidated condensed financial statements) 5 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS ----------------------------------------------- (UNAUDITED) -----------
AMENDED Three Months Ended March 31, -------------------- 1999 1998 --------- --------- (In Thousands) Cash Flows From Operating Activities: Net income $ 13,716 $ 14,212 Adjustments to reconcile net income to net cash (1,622) 3,719 Changes in current assets and liabilities 24,051 12,392 -------- -------- Net cash provided by operating activities 36,145 30,323 -------- -------- Cash Flows From Investing Activities: Utility capital expenditures (4,669) (7,489) Non-utility capital expenditures -- (378) Change in deferred accounts 367 (734) -------- -------- Net cash used in investing activities (4,302) (8,602) -------- -------- Cash Flows From Financing Activities: Dividends paid on Common Stock (3,078) (2,917) Issuance of Common Stock 1,335 1,117 Issuance of long-term debt, net of issuance costs -- 9,658 Retirement of long-term debt, including premiums (43) (10,040) Change in notes payable (21,000) (10,900) Change in gas inventory purchase obligations (6,403) (5,807) -------- -------- Net cash used in financing activities (29,189) (18,889) -------- -------- Net increase (decrease) in cash and cash equivalents 2,654 2,832 Cash and cash equivalents at beginning of period 3,125 259 -------- -------- Cash and cash equivalents at end of period $ 5,779 $ 3,092 ======== ======== Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Interest - net of amount capitalized $ 3,957 $ 3,414 ======== ======== Income and franchise taxes $ 265 $ 278 ======== ========
(See accompanying notes to consolidated condensed financial statements) 6 COLONIAL GAS COMPANY AND SUBSIDIARIES ------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS ----------------------------------------------- (UNAUDITED) -----------
AMENDED Twelve Months Ended March 31, --------------------- 1999 1998 ---------- --------- (In Thousands) Cash Flows From Operating Activities: Net income $ 11,793 $ 14,959 Adjustments to reconcile net income to net cash 11,451 19,528 Changes in current assets and liabilities 11,049 4,346 --------- --------- Net cash provided by operating activities 34,293 38,833 --------- --------- Cash Flows From Investing Activities: Capital expenditures (28,272) (38,441) Non-utility Capital expenditures -- (2,210) Change in deferred accounts 2,087 (200) --------- --------- Net cash used in investing activities (26,185) (40,851) --------- --------- Cash Flows From Financing Activities: Dividends paid on Common Stock (12,200) (11,578) Issuance of Common Stock 6,759 3,832 Issuance of long-term debt, net of issuance costs 29,457 24,528 Retirement of long-term debt, including premiums (20,571) (15,155) Change in notes payable (7,500) (1,600) Change in gas inventory purchase obligations (1,366) 1,676 --------- --------- Net cash (used in) provided by financing activities (5,421) 1,703 --------- --------- Net decrease in cash and cash equivalents 2,687 (315) Cash and cash equivalents at beginning of period 3,092 3,406 --------- --------- Cash and cash equivalents at end of period $ 5,779 $ 3,092 ========= ========= Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Interest - net of amount capitalized $ 10,771 $ 10,067 ========= ========= Income and franchise taxes $ 7,225 $ 7,258 ========= =========
(See accompanying notes to consolidated condensed financial statements) 7 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 8 EX-27 2 FINANCIAL DATA SCHEDULE
UT 1,000 3-MOS DEC-31-1999 MAR-31-1999 PER-BOOK 292,916 8,564 55,835 18,425 12,960 388,700 29,800 64,284 46,812 140,896 0 0 120,000 38,722 0 0 59 0 963 620 87,440 388,700 87,994 8,788 63,000 71,788 16,206 (260) 15,946 2,230 13,716 0 13,716 3,078 2,133 36,145 1.54 1.54
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