-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, aiuOl7FChp+uImsssvPMzPsRBmsOSFuoaL2A0v48EembydBrQIvvZhNCdoaAc6B2 rSBeFjYrpN1eKBuxRizllQ== 0000061339-95-000004.txt : 19950516 0000061339-95-000004.hdr.sgml : 19950516 ACCESSION NUMBER: 0000061339-95-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 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: 95538854 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: MARCH 31, 1995 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 of (IRS Employer incorporation or organization) Identification No.) 133 South Blair Street, Madison, Wisconsin 53701-1231 (Address of principal executive offices and zip code) (608) 252-7000 (Registrant's telephone number including area code) Common Stock outstanding at May 12, 1995: 10,719,812 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 March 31, 1995 1994 STATEMENTS OF INCOME Operating Revenues: Electric . . . . . . . . . . . . . . . . . . . . . $34,612 $35,262 Gas . . . . . . . . . . . . . . . . . . . . . . . 39,840 46,871 Total Operating Revenues . . . . . . . . . . . . 74,452 82,133 Operating Expenses: Fuel for electric generation . . . . . . . . . . . 6,017 6,678 Purchased power . . . . . . . . . . . . . . . . . 1,862 1,666 Natural gas purchased . . . . . . . . . . . . . . 25,939 31,178 Other operations . . . . . . . . . . . . . . . . . 14,911 14,512 Maintenance . . . . . . . . . . . . . . . . . . . 2,598 2,735 Depreciation and amortization . . . . . . . . . . 6,244 5,602 Other general taxes . . . . . . . . . . . . . . . 2,216 2,315 Income tax items . . . . . . . . . . . . . . . . . 4,536 5,793 Total Operating Expenses . . . . . . . . . . . . 64,323 70,479 Net Operating Income . . . . . . . . . . . . . . . . 10,129 11,654 Allowance for funds used during construction - equity funds . . . . . . . . . . . . . . . . . . . . . . . . 22 34 Other income, net . . . . . . . . . . . . . . . . . . 1,441 551 Income before interest expense . . . . . . . . . . . 11,592 12,239 Interest expense: Interest on long-term debt . . . . . . . . . . . . 2,589 2,620 Other interest . . . . . . . . . . . . . . . . . . 387 113 Allowance for funds used during construction - borrowed funds . . . . . . . . . . . . . . . . . . (11) (19) Net Interest Expense . . . . . . . . . . . . . . 2,965 2,714 Net Income . . . . . . . . . . . . . . . . . . . . . 8,627 9,525 Preferred stock dividends (Note 4a) . . . . . . . . . 64 120 Earnings on common stock . . . . . . . . . . . . . . $8,563 $9,405 Earnings per share of common stock (Note 3) . . . . . $0.80 $0.88 STATEMENTS OF RETAINED INCOME Balance - beginning of period . . . . . . . . . . . . $77,359 $72,865 Earnings on common stock . . . . . . . . . . . . . . 8,563 9,405 Cash dividends on common stock (Note 3) . . . . . . . (5,039) (4,985) Balance - end of period . . . . . . . . . . . . . . . $80,883 $77,285 The accompanying notes are an integral part of the above statements.
Madison Gas and Electric Company and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOW (Thousands of Dollars) (Unaudited)
Three Months Ended March 31, 1995 1994 Operating Activities: Net income . . . . . . . . . . . . . . . . . . . . $8,627 $9,525 Items not affecting working capital: Depreciation and amortization . . . . . . . . . 6,244 5,602 Deferred income taxes . . . . . . . . . . . . . (58) 551 Amortization of nuclear fuel . . . . . . . . . . 774 628 Amortization of investment tax credits . . . . . (197) (191) Allowance for funds used during construction - (22) (34) equity funds . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . 512 (13) Net funds provided from operations . . . . . 15,880 16,068 Changes in working capital, excluding cash equivalents, sinking funds, maturities, and interim loans: Decrease in current assets . . . . . . . . . . . 6,535 8,615 Increase in current liabilities . . . . . . . . 2,945 3,985 Other noncurrent items, net . . . . . . . . . . . 2,285 5,381 Cash provided by Operating Activities . . . . . 27,645 34,049 Financing Activities: Acquisition of nonregulated subsidiary . . . . . (8,036) - Cash dividends on common and preferred stock . . . (5,103) (5,105) Other increases/(decreases) in First Mortgage Bonds . . . . . . . . . . . . . . . . . . . (171) 3 Decrease in preferred stock . . . . . . . . . . . (5,300) - Decrease in bond - construction funds, net . . . . 1,759 3,434 Decrease in interim loans . . . . . . . . . . . . (13,600) (23,500) Cash used for Financing Activities . . . . . . . (30,451) (25,168) Investing Activities: Additions to utility plant and nuclear fuel . . . (4,093) (3,674) Allowance for funds used during construction - borrowed funds . . . . . . . . . . . . . . . . . . (11) (19) Increase in decommissioning fund . . . . . . . . . (893) (526) Cash used for Investing Activities . . . . . . . (4,997) (4,219) Change in Cash and Cash Equivalents (Note 5) . . . . (7,803) 4,662 Beginning of period . . . . . . . . . . . . . . . 11,534 4,178 Cash and cash equivalents at end of period . . . $3,731 $8,840 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)
Mar. 31, Dec. 31, 1995 1994 ASSETS Utility Plant, at original cost, in service: Electric . . . . . . . . . . . . . . . . . . . . . $482,861 $479,346 Gas . . . . . . . . . . . . . . . . . . . . . . . 169,224 167,710 Gross plant in service . . . . . . . . . . . . . 652,085 647,056 Less accumulated provision for depreciation . . . (329,003) (323,511) Net plant in service . . . . . . . . . . . . . . 323,082 323,545 Construction work in progress . . . . . . . . . . 9,864 11,920 Nuclear decommissioning fund (Note 2) . . . . . . 28,708 27,815 Nuclear fuel, net . . . . . . . . . . . . . . . . 7,769 8,386 Total Utility Plant . . . . . . . . . . . . . . 369,423 371,666 Other property and investments (Note 6) . . . . . . . 18,103 9,843 Current Assets: Cash and cash equivalents . . . . . . . . . . . . 3,731 11,534 Accounts receivable, less reserves of $944 and $921, respectively . . . . . . . . . . . . . . 29,338 25,998 Unbilled revenue . . . . . . . . . . . . . . . . . 7,885 10,411 Materials and supplies, at average cost . . . . . 6,477 6,424 Fossil fuel, at average cost . . . . . . . . . . . 2,783 2,130 Stored natural gas, at average cost . . . . . . . 2,446 8,551 Prepaid taxes . . . . . . . . . . . . . . . . . . 4,415 5,838 Other prepayments . . . . . . . . . . . . . . . . 929 1,456 Total Current Assets . . . . . . . . . . . . . . 58,004 72,342 Deferred charges . . . . . . . . . . . . . . . . . . 31,638 33,908 Total Assets . . . . . . . . . . . . . . . . $477,168 $487,759 CAPITALIZATION AND LIABILITIES Capitalization (see statement) . . . . . . . . . . . $325,556 $325,389 Current Liabilities: Preferred stock sinking fund requirements . . . . - 200 Long-term debt sinking fund requirements (Note 4b). 275 430 Interim loans - commercial paper outstanding . . . 15,000 28,600 Accounts payable . . . . . . . . . . . . . . . . . 12,716 18,360 Accrued taxes . . . . . . . . . . . . . . . . . . 4,718 1,143 Accrued interest . . . . . . . . . . . . . . . . . 3,992 2,803 Other . . . . . . . . . . . . . . . . . . . . . . 8,146 4,327 Total Current Liabilities . . . . . . . . . . . 44,847 55,863 Other Credits: Accumulated deferred income taxes . . . . . . . . 56,718 56,595 Regulatory liability . . . . . . . . . . . . . . . 25,023 25,204 Investment tax credit - deferred . . . . . . . . . 12,807 12,998 Other . . . . . . . . . . . . . . . . . . . . . . 12,217 11,710 Total Other Credits . . . . . . . . . . . . . . 106,765 106,507 Commitments . . . . . . . . . . . . . . . . . . . . . - - Total Capitalization and Liabilities . . . . $477,168 $487,759 The accompanying notes are an integral part of the balance sheets.
Madison Gas and Electric Company and Subsidiaries CONSOLIDATED STATEMENTS OF CAPITALIZATION (Thousands of Dollars) (Unaudited)
Mar. 31, Dec. 31, 1995 1994 Common Shareholders' Equity: Common stock - par value $8 per share: Authorized 28,000,000 shares Outstanding 10,719,812 shares . . . . . . . . . $85,758 $85,758 Amount received in excess of par value . . . . . . 26,372 26,372 Retained income . . . . . . . . . . . . . . . . . 80,883 77,359 Total Common Shareholders' Equity . . . . . . . 193,013 189,489 Redeemable Preferred Stock cumulative, $25 par value, authorized 1,175,000 and 1,191,000 shares, respectively (Note 4a) Series E, 8.70%, 0 and 212,000 shares outstanding, respectively, less current sinking fund requirements of 0 and $200, respectively . . . . . . . . . . . - 5,100 First Mortgage Bonds: 5.45%, 1996 series . . . . . . . . . . . . . . . . 7,920 7,920 7 3/4%, 2001 series . . . . . . . . . . . . . . . 11,302 11,478 6 1/2%, 2006 series: Pollution Control Revenue Bonds, principal amount $8,775 and $8,780, respectively, less construction fund of $1,638 and $1,618, respectively . . . . 7,137 7,162 8.50%, 2022 series . . . . . . . . . . . . . . . . 40,000 40,000 6.75%, 2027A series: Industrial Development Revenue Bonds, principal amount $28,000, less construction fund of $4,693 and $6,472, respectively . . . . . . . 23,307 21,528 6.70%, 2027B series: Industrial Development Revenue Bonds . . . . . . 19,300 19,300 7.70%, 2028 series . . . . . . . . . . . . . . . . 25,000 25,000 First Mortgage Bonds Outstanding . . . . . . . . 133,966 132,388 Unamortized discount and premium on bonds, net . . (1,148) (1,158) Long-term debt sinking fund requirements (Note 4b). (275) (430) Total First Mortgage Bonds . . . . . . . . . . . 132,543 130,800 Total Capitalization . . . . . . . . . . . . $325,556 $325,389 The accompanying notes are an integral part of the above statements.
Notes to Consolidated Financial Statements (Unaudited) March 31, 1995 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. 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 20 through 25 of the Company's 1994 Annual Report to Shareholders and in the Company's 1994 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 1994 Annual Report to Shareholders and have been omitted herein because they have not changed materially through the date of this report. a. Basis of consolidation b. Revenue recognition c. Utility plant d. Nuclear fuel e. Joint plant ownership f. Cash and cash equivalents g. Depreciation h. Income taxes i. Accounts receivable j. Pension plans k. Postretirement benefits other than pensions l. Fair value of financial instruments m. Capitalization matters: common stock, notes payable to banks, commercial paper, and lines of credit n. Rate matters o. Commitments p. Segments of business 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. For 1995, the decommissioning costs recovered in rates will be $3.1 million. These trusts are shown on the balance sheet in the utility plant section, and as of March 31, 1995, these trusts totaled $28.7 million. 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. As of March 31, 1995, the accumulated provision for depreciation included accumulated provisions for decommissioning totaling $28.7 million. The Company's share of Kewaunee decommissioning costs is estimated to be $64.3 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 months ended March 31, 1995 and 1994, there were 10,719,812 shares. Dividends declared and paid per share of common stock for the three months ended March 31, 1995 and 1994, were $0.47 and $0.465, respectively. 4. Capitalization Matters a. Redeemable preferred stock. On February 21, 1995, the Company retired 16,000 Series E shares for $400,000 in satisfying its annual sinking fund retirement obligation. The Company repurchased all remaining shares outstanding of its Series E, 8.70%, preferred stock on the same day. The total amount of approximately $5.5 million was financed with short-term borrowings. b. First Mortgage Bonds. The annual sinking fund requirements of the outstanding First Mortgage Bonds are $430,000 in 1995. As of March 31, 1995, $275,000 is still needed to satisfy the 1995 requirements. 5. Supplemental Cash Flow Information For purposes of the Consolidated Statements of Cash Flows, 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 March 31, (Thousands of dollars) 1995 1994 Interest, net of amounts capitalized . . . $1,876 $1,551 Income taxes paid . . . . . . . . . . . $2,000 $625 6. Acquisition of Nonregulated Subsidiary In January 1995, the Company purchased certain assets of American Energy Management, Inc. (AEM), a national energy marketing firm that provides gas marketing, energy management, energy auditing, and conservation services to customers in ten states. The acquisition has been accounted for as a purchase, and the results of AEM have been included in the accompanying consolidated financial statements since the date of acquisition. Pro forma results are not presented as the amounts do not significantly differ from historical results. The costs of the acquisition have been allocated on the basis of the estimated fair market value of the assets acquired and the liabilities assumed. The resulting goodwill is being amortized over 25 years. Additionally, the former owner has an option to purchase 20 percent of AEM at any time prior to the year 2000. 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 during the three months ended March 31, 1995 and 1994. It is anticipated that 1995 construction and nuclear fuel expenditures will be $25 million. The Company also expects to capitalize about $2 million to $3 million of spending on conservation programs with internally generated funds. Approximately $4 million of the Company's electric construction program during this period will be met with construction fund draw-downs. During the first quarter of 1995, the Company was able to purchase all of its outstanding 8.70%, Series E, preferred stock and acquire AEM with internally generated cash. Bank lines of credit available to the Company are currently $25 million. The Company's capitalization ratios were as follows: Mar. 31, Dec. 31, 1995 1994 Common shareholders' equity . . . 56.6% 53.4% Redeemable preferred stock* . . . 0.0 1.5 Long-term debt* . . . . . . . . . 39.0 37.0 Short-term debt . . . . . . . . . 4.4 8.1 *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. Results of Operations Electric Sales and Revenues Electric retail sales increased approximately 4 percent in the three-month period ending March 31, 1995, over the comparable period last year. Three Months Ended March 31, Electric Sales % (megawatt-hours) 1995 1994 Change Residential . . . . . . . . 177,884 183,614 (3.1)% Large commercial and industrial* . . . . . . . . 220,526 223,740 (1.4) Small commercial and industrial . . . . . . . . . 159,126 161,840 (1.7) Other* . . . . . . . . . . . 72,437 39,447 83.6 Total Retail . . . . . . 629,973 608,641 3.5 Resale . . . . . . . . . . . 10,808 24,614 (56.1) Total Sales . . . . . . . 640,781 633,255 1.2 *The significant increase in other electric sales is due to a shift in a major customer from the large commercial and industrial class. The increased sales were due, in part, to an increased customer base of approximately 2 percent over the comparative three-month period ended a year ago. Electric operating revenues for the same period decreased approximately $0.7 million, or 1.8 percent. The decrease in electric operating revenues was the result of the Company's latest rate case, which decreased electric rates by $5.1 million, or 3.3 percent. Gas Sales and Revenues For the three months ended March 31, 1995, gas revenues decreased about $7 million, or 15 percent, as compared to the same period last year. The decrease is attributable mainly to a reduction of gas delivered and a shift in a major customer from system rates to transportation rates. Transport customers revenue is recorded only as margin (revenue less cost of gas). Three Months Ended March 31, Gas Deliveries % (thousands of therms) 1995 1994 Change Residential . . . . . . . . 38,184 42,623 (10.4)% Commercial and industrial . 37,408 45,221 (17.3) Total Retail . . . . . . 75,592 87,844 (13.9) Transport . . . . . . . . . 7,125 1,317 * Total Gas Deliveries . . 82,717 89,161 (7.2) *Variance more than 100 percent. The significant decrease in gas delivered was due to the warm weather experienced in the first quarter of this year. The average temperature for the three months ended March 31, 1995, was 26.9 degrees Fahrenheit as compared to 20.3 degrees Fahrenheit for the same three months ended last year and to a normal temperature of 24.4 degrees Fahrenheit. The first quarter average temperature was 33 percent warmer than last year's first quarter. The gas customer base increased approximately 3 percent for the three months ended March 31, 1995, when compared to the same time period a year ago. This was aided by the expansion of the Company's service territory into western Wisconsin. The Company actively manages contracts with natural gas suppliers to assure that adequate supplies of gas will be available to meet the long-term needs of its customers. Electric Fuel and Natural Gas Costs Fuel cost for electric generation decreased approximately 10 percent for the first three months of 1995 when compared to the same time period in 1994. This is due to increased generation at Kewaunee, which has the least expensive cost of fuel. Purchased power costs increased $0.2 million for the three months ended March 31, 1995, compared to the same time period in 1994. This was due to a 4 percent increase in megawatt-hour purchases and a slight increase in the cost per megawatt-hour. Natural gas costs for the three months ended March 31, 1995, versus the 1994 comparative period decreased about $5 million, or 16.8 percent. This is due mainly to a lower demand resulting from the warm weather experienced and a shift in a major customer to transportation rates, as described earlier. Other Operating Expenses Income tax items decreased approximately $1 million, or 22 percent, for the first three months of 1995 when compared to the same time period in 1994. This was mainly attributable to a decrease in pretax operating income. Depreciation expense increased $0.6 million, or 11.5 percent, for the first three months of 1995 when compared to the same time period in 1994. This is due to an increase in decommissioning costs. Other Items Interest expense for the three months ended March 31, 1995, increased approximately 9 percent when compared to the same time period for 1994. This is due to higher levels of short-term debt outstanding and higher interest rates in the first quarter of 1995 compared to the same period last year. Other income for the three months ended March 31, 1995, increased $0.9 million due to higher earnings experienced from the Company's nonregulated business over last year's first quarter. PART II. OTHER INFORMATION Item 5 Other Information The Kewaunee Nuclear Power Plant of which the Company has 17.8 percent ownership was taken out of service for scheduled maintenance and refueling on April 1, 1995, after having generated electricity continuously for 327 days, a new plant record. It is anticipated that Kewaunee will be returned to service during the week of May 14, 1995. The steam generator tubes at Kewaunee are susceptible to corrosion characteristics seen throughout the nuclear industry. During the current outage, inspection of the steam generators revealed higher levels of tube degradation than was anticipated. Continued use of degraded tubes raises concerns regarding primary-to-secondary leakage of reactor coolant. Thus, degraded tubes are either repaired by sleeving or are removed from service by plugging. The steam generators were designed with approximately 15 percent heat transfer margin, meaning that full power should be sustainable with the equivalent of 15 percent of the steam generator tubes plugged. Tube plugging and the buildup of deposits on the tubes affect the heat-transfer capability of the steam generators to the point where eventually full power operation is affected. Prior to the current outage, the equivalent of approximately 12 percent of the tubes in the steam generators were plugged with no loss of capacity. The new indications are in the parent tubes of previously sleeved tubes in the area of the joint at the upper end of the sleeves. While indications of this type have been discovered in the past, the number of indications detected during this outage has increased. With all degraded tubes removed from service, the steam generators will be approximately 22 percent plugged. This means that during the next operating cycle the plant will operate at a reduced power level of approximately 4 percent, which is a reduction in capacity from 525 megawatts net plant output to approximately 505 megawatts. The continued safe operation of the plant will not be impacted by the newly plugged tubes or the reduced capacity level. Operation at this reduced power level should be temporary. Cost-effective repair technologies are available that will allow return of the tubes to service as early as the next maintenance and refueling shutdown, which is scheduled for the fall of 1996. Several tube samples have been removed for further structural and metallurgical examination in an effort to determine the best repair method. After repairs are undertaken, as few as 9 percent of the tubes could remain plugged, thus allowing resumption of full power operation. An accurate estimate of the cost of recovering plugged tubes is not available at this time. Item 6 (a) Exhibits Exh. No. Indenture of Mortgage and Deed of Trust between the 4 Company and Firstar Trust Company, as Trustee (and supplements) reference was provided in the Company's 1994 Annual Report on Form 10-K (Commission File No. 0-1125). Exh. No. Appendix E to Item 601(c) of Regulation S-K: Public 27 Utility Companies Financial Data Schedule UT. Item 6 (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter for which this report is filed. Item 12 Ratio of Earnings to Fixed Charges Three Months Ended Mar. 31, 1995 Earnings: Income before interest expense . . . . $11,592 Add: Income tax items . . . . . . . . . . . 4,536 Income tax on other income . . . . . . 688 Amortization of debt discount, premium expense . . . . . . . . . . . . . . . . 63 Allowance for funds used during construction - borrowed funds . . . . . 11 Interest on rentals . . . . . . . . . . 70 Total Earnings . . . . . . . $16,960 Fixed Charges: Interest on long-term debt . . . . . . $2,589 Other interest . . . . . . . . . . . . 387 Amortization of debt discount premium expense . . . . . . . . . . . . . . . . 63 Interest on rentals . . . . . . . . . . 70 Total Fixed Charges . . . . . $3,109 Ratio of Earnings to Fixed Charges . . 5.46x 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: May 12, 1995 /s/ David C. Mebane David C. Mebane Chairman, President and Chief Executive Officer (Duly Authorized Officer) Date: May 12, 1995 /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 March 31, 1995. Items 23 through 38 are for the three months end March 31, 1995. 1,000 3-MOS DEC-31-1994 MAR-31-1995 PER-BOOK 369,423 18,103 58,004 31,638 0 477,168 85,758 26,372 80,883 193,013 0 0 132,543 0 0 15,000 275 0 0 0 136,337 477,168 74,452 4,536 59,787 64,323 10,129 1,463 11,592 2,965 8,627 64 8,563 (5,039) 0 27,645 .80 0
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