-----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, T2enyrrAhRfdo0ONaMOro/bE+pkjMieyz/U7WtNordYHZOReUOpxbEqEXZQkzVLO jXQr8vCO5g9Rt++VCQLNjA== 0000061339-97-000014.txt : 19970814 0000061339-97-000014.hdr.sgml : 19970814 ACCESSION NUMBER: 0000061339-97-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MADISON GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000061339 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 390444025 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-01125 FILM NUMBER: 97659416 BUSINESS ADDRESS: STREET 1: 133 S BLAIR ST STREET 2: PO BOX 1231 CITY: MADISON STATE: WI ZIP: 53701 BUSINESS PHONE: 6082527923 MAIL ADDRESS: STREET 1: POST OFFICE BOX 1231 CITY: MADISON STATE: WI ZIP: 53701-1231 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: JUNE 30, 1997 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 0-1125 MADISON GAS AND ELECTRIC COMPANY (Exact name of registrant as specified in its charter) Wisconsin 39-0444025 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 133 South Blair Street, Madison, Wisconsin 53703 (Address of principal executive offices and ZIP code) (608) 252-7000 (Registrant's telephone number including area code) Common Stock Outstanding at August 13, 1997: 16,079,718 shares 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, and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] PART I. FINANCIAL INFORMATION Item 1. Financial Statements Madison Gas and Electric Company and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME AND RETAINED INCOME (Thousands of Dollars) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1997 1996 1997 1996 STATEMENTS OF INCOME Operating Revenues: Electric $40,653 $35,996 $ 78,083 $ 72,074 Gas 12,599 14,378 60,081 58,355 Total Operating Revenues 53,252 50,374 138,164 130,429 Operating Expenses: Fuel for electric generation 7,982 6,243 15,492 12,801 Purchased power 4,322 2,506 8,636 4,398 Natural gas purchased 6,261 7,767 39,436 37,335 Other operations 16,098 13,964 31,456 28,032 Maintenance 4,083 2,755 6,623 4,895 Depreciation and amortization 6,403 6,328 12,767 12,525 Other general taxes 2,233 2,203 4,447 4,448 Income tax items 1,129 2,293 5,215 7,934 Total Operating Expenses 48,511 44,059 124,072 112,368 Net Operating Income 4,741 6,315 14,092 18,061 AFUDC - equity funds 13 16 24 26 Other income, net 259 285 791 518 Nonutility operating income/(loss), net 123 (1,026) 910 (2,938) Income before interest expense 5,136 5,590 15,817 15,667 Interest expense: Interest on long-term debt 2,416 2,480 4,820 4,996 Other interest 161 77 409 275 AFUDC - borrowed funds (7) (8) (13) (13) Net Interest Expense 2,570 2,549 5,216 5,258 Net Income $2,566 $3,041 $ 10,601 $10,409 Earnings per share of common stock (Note 3) $016 $019 $066 $065 STATEMENTS OF RETAINED INCOME Balance - beginning of period $53,341 $66,774 $50,451 $64,499 Earnings on common stock 2,566 3,041 10,601 10,409 Cash dividends on common stock (Note 3) (5,146) (5,093) (10,291) (10,186) Balance - end of period $50,761 $64,722 $50,761 $64,722 The accompanying notes are an integral part of the above statements.
Madison Gas and Electric Company and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (Thousands of Dollars) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1997 1996 1997 1996 Operating Activities: Net income $ 2,566 $3,041 $10,601 $10,409 Items not affecting working capial Depreciation and amortization 6,403 6,328 12,767 12,525 Deferred income taxes (727) (672) (710) (1,699) Amortization of nuclear fuel 98 723 98 1,478 Amortization of investment tax credits (187) (204) (378) (392) AFUDC - equity (13) (16) (24) (26) Other 294 188 474 (2,793) Net funds provided from Operations 8,434 9,388 22,828 19,502 Changes in working capital, excluding cash, sinking funds, maturities, and interim loans: (Increase)/decrease in current assets (74) 9,526 22,727 13,866 Decrease in current liabilities (2,688) (15,720) (16,500) (4,558) Other noncurrent items, net (1,790) 4,634 5,306 9,819 Cash provided by Operating Activities 3,882 7,828 34,361 38,629 Financing Activities: Cash dividends on common and preferred stock (5,145) (5,093) (10,291) (10,186) Maturities/redemptions of First Mortgage Bonds (3,800) (7,840) (3,800) (7,840) Increases in long-term debt 5,000 - 5,000 - Other decreases in First Mortgage Bonds 10 10 19 20 Increase/(decrease) in interim loans 5,000 14,000 (16,250) (6,500) Cash provided by/(used for) Financing Activities 1,065 1,077 (25,322) (24,506) Investing Activities: Sale of Superior Lamp, Inc. - 201 - 201 Additions to utility plant and nuclear fuel (5,910) (7,993) (9,227) (11,343) AFUDC - borrowed funds (7) (8) (13) (13) Increase in nuclear decommissioning fund (1,017) (1,176) (2,158) (2,252) Cash used for Investing Activities (6,934) (8,976) (11,398) (13,407) Change in Cash and Equivalents (1,987) (71) (2,359) 716 Cash and equivalents at beginning of period 4,916 3,631 5,288 2,844 Cash and equivalents at end of period $ 2,929 $3,560 $ 2,929 $ 3,560 The accompanying notes are an integral part of the above statements.
Madison Gas and Electric Company and Subsidiaries CONSOLIDATED BALANCE SHEETS (Thousands of Dollars) (Unaudited)
June 30, Dec. 31, 1997 1996 ASSETS Utility Plant, at original cost, in service: Electric $505,537 $500,690 Gas 180,731 178,312 Gross plant in service 686,268 679,002 Less accumulated provision for depreciation (391,053) (374,315) Net plant in service 295,215 304,687 Construction work in progress 7,766 7,517 Nuclear decommissioning fund (Note 2) 51,425 44,617 Nuclear fuel, net 9,049 8,378 Total Utility Plant 363,455 365,199 Other property and investments 7,078 7,115 Current Assets: Cash and cash equivalents 2,929 5,288 Accounts receivable, less reserves of $1,626 and $1,220, respectively 25,441 39,145 Unbilled revenue 6,742 13,852 Materials and supplies, at average cost 5,459 5,740 Fossil fuel, at average cost 2,955 1,808 Stored natural gas, at average cost 6,011 7,189 Prepaid taxes 5,960 7,258 Other prepayments 1,126 1,429 Total Current Assets 56,623 81,709 Deferred charges 25,219 30,146 Total Assets $452,375 $484,169 CAPITALIZATION AND LIABILITIES Capitalization (see statement) $309,504 $307,975 Current Liabilities: Long-term debt sinking fund requirements 200 200 Interim loans - commercial paper outstanding 13,500 29,750 Accounts payable 15,710 30,094 Accrued taxes (309) 79 Accrued interest 2,250 2,322 Accrued nonregulated items - 7,923 Other 13,920 7,653 Total Current Liabilities 45,271 78,021 Other Credits: Deferred income taxes 46,308 46,972 Regulatory liability - SFAS 109 23,868 23,914 Investment tax credit - deferred 11,061 11,439 Other regulatory liabilities 16,363 15,848 Total Other Credits 97,600 98,173 Commitments - - Total Capitalization and Liabilities $452,375 $484,169 The accompanying notes are an integral part of the above balance sheets.
Madison Gas and Electric Company and Subsidiaries CONSOLIDATED STATEMENTS OF CAPITALIZATION (Thousands of Dollars) (Unaudited)
June 30, Dec. 31, 1997 1996 Common Shareholders' Equity: Common stock - par value $1 per share: Authorized 50,000,000 shares Outstanding 16,079,718 shares $ 16,080 $ 16,080 Amount received in excess of par value 112,558 112,558 Retained income 50,761 50,451 Total Common Shareholders' Equity 179,399 179,089 First Mortgage Bonds: 6 1/2%, 2006 series: Pollution Control Revenue Bonds 6,875 6,875 8.50%, 2022 series 40,000 40,000 6.75%, 2027A series: Industrial Development Revenue Bonds 28,000 28,000 6.70%, 2027B series: Industrial Development Revenue Bonds 19,300 19,300 7.70%, 2028 series 21,200 25,000 First Mortgage Bonds Outstanding 115,375 119,175 Unamortized discount and premium on bonds, net (1,070) (1,089) Long-term debt sinking fund requirements (200) (200) Total First Mortgage Bonds 114,105 117,886 Other Long-Term Debt: 6.01%, due 2000 11,000 11,000 6.91%, due 2004 5,000 - Total Capitalization $309,504 $307,975 The accompanying notes are an integral part of the above statements.
Notes to Consolidated Financial Statements (Unaudited) June 30, 1997 The consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of Company management, all adjustments (consisting of only normal recurring adjustments) necessary to fairly present results have been made. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and the notes thereto set forth on pages 14 through 19 of the Company's 1996 Annual Report to Shareholders and in the Company's 1996 Annual Report on Form 10-K. 1. Summary of Significant Accounting Policies The accounting and financial policies relative to the following items have been described in the "Notes to Consolidated Financial Statements" in the Company's 1996 Annual Report to Shareholders and have been omitted herein because they have not changed materially through the date of this report. a. General b. Utility plant c. Nuclear fuel d. Joint plant ownership e. Depreciation f. Income taxes g. Pension plans h. Postretirement benefits other than pensions i. Fair value of financial instruments j. Capitalization matters: preferred stock; and notes payable to banks, commercial paper, and lines of credit k. Gas marketing subsidiaries l. GLENCO economic benefit m. Commitments n. Segments of business o. Regulatory assets and liabilities 2. Nuclear Decommissioning Nuclear decommissioning costs are accrued over the estimated service life of the Kewaunee Nuclear Power Plant (Kewaunee), which is through the year 2013. These costs are currently recovered from customers in rates and are deposited in external trusts. The Company is presently funding decommissioning costs at the $3.1 million level. A higher annual amount was approved by the Public Service Commission of Wisconsin (PSCW) in July 1997 to fully fund decommissioning costs by year end 2002. These trusts are shown on the balance sheet in the utility plant section. As of June 30, 1997, these trusts totaled $51.4 million (fair market value). Decommissioning costs are recovered through depreciation expense, exclusive of earnings on the trusts. Net earnings on the trusts are included in other income. The long-term, after-tax earnings assumption on these trusts is 6.2 percent. The Company's share of Kewaunee decommissioning costs is estimated to be $72.8 million in current dollars based on a site-specific study performed in 1992 using immediate dismantlement as the method of decommissioning. Decommissioning costs are assumed to inflate at an average rate of 6.1 percent. Physical decommissioning is expected to occur during the period 2014 through 2021, with additional expenditures being incurred during the period 2022 through 2050 related to the storage of spent nuclear fuel at the site. 3. Per-Share Amounts Earnings per share of common stock are computed on the basis of the weighted average of the daily number of shares outstanding. For the three and for the six months ended June 30, 1997 and 1996, there were 16,079,718 shares. Dividends declared and paid per share of common stock for the periods ended June 30, 1997 and 1996, were, respectively, for the three months $0.320 and $0.317; for the six months $0.64 and $0.634. 4. Rate Matters In July 1997, the PSCW issued its rate order that will increase electric rates $4.9 million, or 3.1 percent, and gas rates $3.5 million, or 3.5 percent. These rates will remain in place until the next test year, which is scheduled to begin January 1, 1999. The current rates are based on a return on common stock equity of 12.0 percent. The proposed early recovery of the Kewaunee investment and accelerated decommissioning collections are the primary reasons for the increase in electric rates. The Company received an interim rate order from the PSCW in March 1997. The order provided for a 0.507 cent per kilowatt-hour surcharge on customers' bills to cover the continuing costs that were incurred by the Company while Kewaunee was out of service. On June 12, 1997, the repairs to Kewaunee were completed and Kewaunee began its return to commercial operation. On June 25, 1997, Kewaunee increased power to its maximum capability and started the agreed upon seven-day window needed to perform the primary to secondary tests to ensure final verification of the steam generation repairs. The surcharge ceased on July 1, 1997. Prior to the recently approved increases, rates for electric service had not been increased since 1990 and were reduced in 1993 and 1994. Gas rates had not been increased since 1989 and were reduced in 1990, 1992, and 1993. 5. First Mortgage Bonds and Other Long-Term Debt On April 18, 1997, the Company purchased on the open market $3.8 million of its 7.70%, 2028 series, First Mortgage Bonds. The Company purchased these bonds at a discount and later retired them. On June 10, 1997, the Company entered into a fixed interest rate agreement with a commercial bank in a principal amount of $5.0 million at 6.91%, maturing on June 10, 2004. 6. Supplemental Cash Flow Information For purposes of the Consolidated Statements of Cash Flow, the Company considers cash equivalents to be those investments that are highly liquid with maturity dates of less than three months. Cash payments for interest, net of amounts capitalized, and income taxes were as follows: Three Months Ended Six Months Ended June 30, June 30, (Thousands of dollars) 1997 1996 1997 1996 Interest, net of amounts capitalized $3,908 $4,078 $5,247 $5,338 Income taxes paid $7,422 $7,470 $7,166 $9,572 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources The Company's internally generated funds were greater than the funds used for construction and nuclear fuel expenditures for the six-month period ended June 30, 1997. The Company experienced decreased additions to utility plant and nuclear fuel expenditures during the first half of 1997 compared to 1996. It is anticipated that 1997 construction and nuclear fuel expenditures will be approximately $30.8 million. Cash provided by operating activities decreased $4.3 million, or 11 percent, during the first half of 1997 compared to 1996 due to a decrease in the Company's working capital. Cash provided by operating activities during the second quarter of 1997 decreased $3.9 million compared to last year's second quarter. This is mainly attributable to the decrease in current liabilities due to the timing of the Company's payables. Bank lines of credit available to the Company as of June 30, 1997, were $45 million. The Company's capitalization ratios were as follows: June 30, Dec. 31, 1997 1996 Common shareholders' equity 55.5% 53.0% Long-term debt* 40.3 38.2 Short-term debt 4.2 8.8 *Includes current maturities and current sinking fund requirements. The Company's bonds are currently rated Aa2 by Moody's Investors Service, Inc., and AA by Standard & Poor's Corporation. The Company's dealer-issued commercial paper carries the highest ratings assigned by Moody's and Standard & Poor's. Business Environment On May 1, 1995, Northern States Power Company (NSP) and Wisconsin Energy Corporation (WEC) announced a proposed $6.0 billion merger. A company called Primergy Corporation (Primergy) was formed as a result of the merger. On May 14, 1997, the Federal Energy Regulatory Commission (FERC) temporarily rejected the merger, citing concerns over dominance in the Midwest power and transmission markets. Studies showed Primergy could have significantly raised prices for electric customers in Wisconsin by exercising anticompetitive market power. The FERC stated that Primergy would be able to dominate the eastern Wisconsin and upper Michigan power generation market. On May 16, 1997, the Board of Directors from both NSP and WEC agreed to terminate their merger agreement. Regulatory Environment In December 1995, the PSCW outlined its plan for the restructuring of the electric utility industry in Wisconsin. The PSCW's plan generally followed a plan proposed by the Company and a broad coalition of customers, public interest groups, cooperative associations, municipal power entities, organized labor, and others. Under the proposed PSCW plan, the Company is developing plans illustrating how it intends to separate generation, transmission, distribution, and energy services into separate business units. The PSCW would continue distribution and transmission regulation. To limit the market power of current transmission owners, the PSCW proposes moving either to appointment of an independent system operator or to organization of a single statewide transmission system. Additional proceedings and presentation to the state legislature on the PSCW's electric utility restructuring proposal are planned prior to the target implementation date. In July 1997, the PSCW issued an order in the Company's rate case authorizing the Company's proposed gas cost recovery mechanism that will allow recovery of pipeline capacity, FERC-approved/mandated charges, and supply demand costs. Under the new mechanism, gas commodity costs will be compared to a monthly benchmark equal to the first of the month index plus adders reflecting the effects on pricing for reliability, flexibility, weather, and variable transportation costs. If actual costs are below the benchmark, full recovery is allowed. Gas commodity costs above the benchmark will be reviewed by the PSCW. A target will also be determined for capacity release. Capacity release above the target will be shared 60 percent with ratepayers and 40 percent with shareholders. Any shortfalls in capacity release will be shared 40 percent with ratepayers and 60 percent with shareholders. Results of Operations Electric Sales and Revenues Electric retail sales increased approximately 2.3 percent for the six-month period ended June 30, 1997, over the comparable period last year (see table). Electric Sales in Megawatt-Hours
Three Months Ended June 30, Six Months Ended June 30, 1997 1996 % Change 1997 1996 % Change Residential 154,519 156,825 (1.47)% 343,423 350,245 (1.95)% Large commercial and industrial 242,723 233,358 4.01 473,533 457,270 3.56 Small commercial and industrial 183,333 171,400 6.96 356,174 343,973 3.55 Other 77,130 82,712 (6.75) 164,199 155,958 5.28 Total retail 657,705 644,295 2.08 1,337,329 1,307,446 2.29 Sales for resale 14,268 5,704 150.14 19,852 14,863 33.57 Total sales 671,973 649,999 3.38 1,357,181 1,322,309 2.64
Electric operating revenues increased about $6.0 million, or 8.3 percent, for the first half of 1997 as compared to the same period in 1996. The increase was due to an increase in the electric customer base and the 0.507 cent per kilowatt-hour surcharge related to the extended outage of Kewaunee. Electric operating revenues for the three-month period ended June 30, 1997, increased $4.7 million, or 12.9 percent, as compared to last year's second quarter. The increase in revenues is due to an increase in electric retail sales of 2.1 percent for the same time periods, and the interim rate surcharge related to the Kewaunee outage. Gas Sales and Revenues For the six months ended June 30, 1997, gas operating revenues increased $1.7 million, or 3 percent, compared with the same period in 1996. This increase in revenues, despite a decrease in gas deliveries of 5.3 percent (see table), is due primarily to higher-unit gas costs during the first quarter, which were passed on to customers through the Purchased Gas Adjustment Clause (PGAC). For the three months ended June 30, 1997, gas revenues decreased $1.8 million, or 12 percent, compared to last year. This can be partially attributed to the relatively flat gas deliveries caused by the warmer weather in this year's second quarter compared to last year's. Also, unit gas costs were much lower for the second quarter of 1997 compared to last year's second quarter, and the resulting savings in gas costs were passed on to customers through the PGAC. The following table illustrates gas deliveries as compared to the previous year: Gas Deliveries in Thousands of Therms
Three Months Ended June 30, Six Months Ended June 30, 1997 1996 % Change 1997 1996 % Change Residential 13,723 14,321 (4.18)% 54,684 59,003 (7.3)% Commercial and Industrial 13,857 13,245 4.62 50,256 52,476 (4.2) Total retail 27,580 27,566 0.05 104,940 111,479 (5.87) Transport 9,752 10,127 (3.70) 19,094 19,436 (1.76) Total deliveries 37,332 37,693 (0.96) 124,034 130,915 (5.26)
Electric Fuel and Natural Gas Costs Fuel costs for electric generation and purchased power increased 40.6 percent, or $8.7 million, for the second quarter of 1997 compared to last year's second quarter. This increase is attributed to the higher cost of replacement power due to the extended outage at Kewaunee. The Company was granted a surcharge March 6, 1997, to offset these higher costs. The surcharge ended July 1, 1997. Fuel costs and purchased power increased 40.3 percent, or $6.9 million, for the six months ended June 30, 1997, as compared to last year. Again, the increase is due to the higher cost of replacement power due to the extended outage at Kewaunee. Natural gas costs for the six-month period ended June 30, 1997, increased $2.1 million, or 5.6 percent, compared to the same period a year ago. This is due mainly to the increase in the purchased gas cost per therm in the first three months of 1997, offset by the decrease in the second quarter. Natural gas costs for the three months ended June 30, 1997, versus the 1996 comparative period decreased 19.4 percent, or $1.5 million, due to a decrease in the cost per therm of $0.06, or 19.6 percent. Other Operating Expenses Income taxes decreased for both the three- and six-month periods ended June 30, 1997, compared to the same periods last year. For the three months ended, income taxes decreased $1.2 million, or 50.8 percent, and for the six months ended, income taxes decreased $2.7 million, or 34.3 percent. This is mainly attributable to a decrease in pretax operating income. Operations and maintenance costs increased $3.5 million, or 20.7 percent, for the second quarter of 1997 and increased $5.2 million, or 15.6 percent, for the first half of the year compared to the same periods a year ago. The primary reasons for the increases are the costs due to the extended outage of Kewaunee and costs associated with the regional electric power shortages. Other Items Non-utility operating income increased $1.1 million for the three months ended June 30, 1997, and increased $3.8 million for the six months ended June 30, 1997, compared to last year. The Company's two gas marketing subsidiaries, Great Lakes Energy Corp. and American Energy Management, Inc., formed a joint venture effective January 1, 1997, with National Gas & Electric L.P. to market natural gas and energy services to industrial and commercial customers in the Great Lakes region. The joint venture is called National Energy Management, L.L.C., and is based in Chicago. The Company's non-utility operating income was $0.1 million for the three months and $0.9 million for the six months ended June 30, 1997. For the same periods a year ago, the Company's two gas marketing subsidiaries experienced net operating losses of $1.0 million and $2.9 million, respectively. PART II. OTHER INFORMATION Item 5 Other Information Kewaunee began limited operation on June 12, 1997, after having been out of service since September 21, 1996, for routine maintenance and repair of steam generators. Kewaunee was considered fully returned to service on July 2, 1997. Kewaunee is operated by Wisconsin Public Service Corporation. The Company has a 17.8 percent ownership interest in Kewaunee. The most recent repair work involved resleeving a portion of the steam generator tubes. The Company continues to assess the future alternatives for Kewaunee ranging from replacing existing steam generators to early plant closure with replacement power options. Item 6(a) Exhibits Exhibit 4 Indenture of Mortgage and Deed of Trust between the Company and Firstar Trust Company, as Trustee (and supplements). Reference was provided in the Company's 1996 Annual Report on Form 10-K (Commission File No. 0-1125). Exhibit 12 Ratio of Earnings to Fixed Charges Exhibit 27 Appendix E to Item 601(c) of Regulation S-K: Public Utility Companies Financial Data Schedule UT. Exhibit Page Exhibit 4 NA Exhibit 12 16 Exhibit 27 17 Item 6(b) Reports on Form 8-K No reports on 8-K were filed during the quarter for which this report is filed. 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. MADISON GAS AND ELECTRIC COMPANY (Registrant) Date: August 13, 1997 /s/ David C. Mebane David C. Mebane Chairman, President and Chief Executive Officer (Duly Authorized Officer) Date: August 13, 1997 /s/ Joseph T. Krzos Joseph T. Krzos Vice President - Finance (Chief Financial and Accounting Officer) EX-27 2
UT This schedule contains summary financial information extracted from SEC Form 10-Q. Items 1 through 22 are as of June 30, 1997. Items 23 through 38 are for the six months ended June 30, 1997. 1,000 6-MOS DEC-31-1997 JUN-30-1997 PER-BOOK 363,455 7,078 56,623 25,219 0 452,375 16,080 112,558 50,761 179,399 0 0 130,105 13,500 0 0 200 0 0 0 129,171 452,375 138,164 5,215 118,857 124,072 14,092 1,725 15,817 5,216 10,601 0 10,601 (10,291) 0 34,361 0.66 0
EX-12 3 Ratio of Earnings to Fixed Charges Exhibit 12 Six Months Ended June 30, 1997 Earnings Income before interest expense . . . . . . . . . $15,817 Add: Income tax items . . . . . . . . . . . . . . . . 5,215 Income tax on other income . . . . . . . . . . . 1,246 Amortization of debt discount, premium expense . 144 AFUDC - borrowed funds . . . . . . . . . . . . . 13 Interest on rentals . . . . . . . . . . . . . . . 454 Total Earnings . . . . . . . . . . . . . . $22,889 Fixed Charges Interest on long-term debt . . . . . . . . . . . $ 4,820 Other interest . . . . . . . . . . . . . . . . . 409 Amortization of debt discount, premium expense . 144 Interest on rentals . . . . . . . . . . . . . . . 454 Total Fixed Charges . . . . . . . . . . . . $ 5,827 Ratio of Earnings to Fixed Charges . . . . . . . 3.93x -----END PRIVACY-ENHANCED MESSAGE-----