8-K 1 nsc8k.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 26, 2001

Penn Virginia Corporation
(Exact name of registrant as specified in its charter)

Virginia
(Name or other jurisdiction of incorporation)

0-753
(Commission File Number)

23-1184320
(IRS Employer Identification No.)


One Radnor Corporate Center, Suite 200, 100 Matsonford Road, Radnor, PA 19087
(Address of principal executive offices) (zip code)

Registrant's telephone number, including area code (610) 687-8900

Item 2. Acquisition or Disposition of Assets.

On April 26, 2001, Registrant completed the sale of 3.3 million shares of Norfolk Southern Corporation common stock. The shares were sold in open market transactions on the New York Stock Exchange at an average price of $17.39 per share.


Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(b) Pro Forma Financial Information. See "Index to Financial Statements" on page F-1.

(c) Exhibits.

Exhibit 99. Press Release dated April 30, 2001.

1


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 10, 2001

Penn Virginia Corporation
 

_____________________________
 

By: /s/ Nancy M. Snyder
Vice President












2

 

INDEX TO FINANCIAL STATEMENTS


 

Page

Pro Forma Consolidated Balance Sheet as of March 31, 2001 (Unaudited)

F-2
   

Pro Forma Consolidated Income Statement for the Year Ended December 31, 2000 (Unaudited)

F-3
   

Pro Forma consolidated Income Statement for the Three Months Ended March 31, 2001 (Unaudited)

F-4
   

Notes to Unaudited Pro Forma Consolidated Financial Statements

F-5

 

Unaudited Pro Forma Consolidated Financial Statements of Penn Virginia Corporation


The unaudited pro forma consolidated financial information of Penn Virginia Corporation (the "Company" or "Penn Virginia") is based on the Company's historical financial statements, adjusted to give effect to (1) the sale of 3,307,200 shares of Norfolk Southern Corporation common stock (the "Sale") and (2) the reduction of long-term debt with the proceeds from the Sale. The pro forma consolidated balance sheet as of March 31, 2001 assumes that the Sale and the related reduction of long-term debt occurred as of March 31, 2001. The pro forma consolidated income statements for the year ended December 31, 2000 and the three months ended March 31, 2001 assume that the Sale and the related reduction of long-term debt occurred on January 1, 2000.

The unaudited pro forma consolidated financial statements included herein are not necessarily indicative of the results that might have occurred had the transactions taken place at the date specified and are not intended to be a projection of future results. In addition, future results may vary significantly from the results reflected in the accompanying unaudited pro forma consolidated financial statements because of normal production declines, changes in product prices, future acquisitions and divestitures, and other factors.

The following unaudited pro forma consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes of the Company.

F-1

 

 

Penn Virginia Corporation and Subsidiaries
Unaudited Pro Forma Consolidated Balance Sheet
March 31, 2001
(in thousands, except share data)




Assets

  

The Company

  


The Sale

    

Pro Forma Consolidated
 

Current Assets

$

13,602 

$

22,609

(b)

$

36,211 
               

Investments

  

55,454 

  

(55,454)

(a)

  

- 

Long-term notes receivable

  

2,259 

  

-

    

2,259 
 

Oil and gas properties, wells and equipment, using the successful efforts method of accounting

  



181,440

  



-



 



181,440 

Other property and equipment

  

83,608 

  

-

    

83,608 

Accumulated depreciation and depletion

  


(56,144)

  


- 


 


(56,144)

Net property, plant and equipment

  

208,904

  

-

    

208,904 
               

Other assets

  

1,835 

  

- 

    

1,835 
 

Total assets

$

282,054 

$

(32,845)

  

$

249,209 


Liabilities and Shareholders' Equity

              
               

Current Liabilities

$

17,299 

$

19,105

(3,315) 

(c)

(b)

$

33,089 
               

Other liabilities

  

5,526 

  

-

    

5,526 

Deferred income taxes

  

33,055 

  

(18,415) 

(a)

  

14,640 

Long-term debt, net of current installments

  


31,500 

  


(31,500)


(b)

  


- 
               

Shareholders' equity

  

194,674 

  

1,280 

(d)

  

195,954 
               

Total liabilities and shareholders' equity


$


282,054 


$


(32,845)

  


$


249,209 



F-2

 

 

Penn Virginia Corporation and Subsidiaries
Unaudited Pro Forma Consolidated Income Statement
Year Ended December 31, 2000
(in thousands, except per share data)


 

The Company

  


The Sale

    

Pro Forma Consolidated
 

Revenue

              

Oil sales

$

832 

$

-

  

$

832

Natural gas sales

  

46,019 

  

-

    

46,019

Royalties - coal

  

24,308 

  

-

    

24,308

Timber

  

2,388 

  

-

    

2,388

Dividends

  

2,646 

  

(2,646)

(a)

  

-

Other income

  

5,010 

  

-

    

5,010

Total revenues

  

81,203 

  

(2,646)

    

78,557
               

Expenses

              

Operating expenses

  

7,629 

  

-

    

7,629

Exploration and development

  

5,660 

  

-

    

5,660

Taxes other than income

  

3,648 

  

-

    

3,648

General and administrative

  

11,398 

  

-

    

11,398

Depreciation and depletion

  

12,027 

  

-

    

12,027

Total expenses

  

40,362 

  

-

    

40,362
               

Operating income, (loss)

  

40,841 

  

(2,646)

    

38,195
               

Interest expense

  

(7,878)

  

7,878 

(b)

  

-

Interest income and other

  

1,472 

  

-

    

1,472

Gain on sale of property

  

24,795 

  

-

    

24,795

Income before taxes

  

59,230 

  

5,232 

    

64,462
               

Income tax expense

  

19,965 

  

2,479 

(c)

  

22,444
               

Net income

$

39,265 

$

2,753 

  

$

42,018
               

Net income per share, basic

$

4.76

      

$

5.10

Net income per share, diluted

$

4.69

      

$

5.02
               

Weighted average shares outstanding, basic

  

8,241

        

8,241

Weighted average shares outstanding, diluted

  

8,371

        

8,371



F-3

 

Penn Virginia Corporation and Subsidiaries
Unaudited Pro Forma Consolidated Income Statement
Three months Ended March 31, 2001
(in thousands, except per share data)


 

The Company

  


The Sale

    

Pro Forma Consolidated
 

Revenue

              

Oil sales

$

82 

$

-

  

$

82 

Natural gas sales

  

17,041 

  

-

    

17,041 

Royalties - coal

  

7,333 

  

-

    

7,333 

Timber

  

361 

  

-

    

361 

Dividends

  

198 

  

(198)

(a)

  

- 

Other income

  

2,079 

  

-

    

2,079 

Total revenues

  

27,094 

  

(198)

    

26,896 
               

Expenses

              

Operating expenses

  

1,779 

  

-

    

1,779 

Exploration and development

  

707 

  

-

    

707 

Taxes other than income

  

1,377 

  

-

    

1,377 

General and administrative

  

3,036 

  

-

    

3,036 

Depreciation and depletion

  

3,287 

  

-

    

3,287 

Total expenses

  

10,186 

  

-

    

10,186 
               

Operating income, (loss)

  

16,908 

  

(198)

    

16,710 
               

Interest expense

  

(807)

  

807 

(b)

  

-

Interest income and other

  

414 

  

-

    

414 

Income before taxes

  

16,515 

  

609

    

17,124 
               

Income tax expense

  

5,805 

  

262

(c)

  

6,067 
               

Net income

$

10,710 

$

347

  

$

11,057 
               

Net income per share, basic

$

1.25

      

$

1.29

Net income per share, diluted

$

1.22

      

$

1.26
               

Weighted average shares outstanding, basic

  

8,549

        

8,549

Weighted average shares outstanding, diluted

  

8,755

        

8,755



F-4

 

 

 

Penn Virginia Corporation

Notes to Unaudited Pro Forma Consolidated Financial Statements




(a)

Reflects the reduction to investments, deferred taxes and revenues as a result of the Sale.

(b)

To reflect the increase in cash and the reduction in long-term debt and related interest expense from the use proceeds from the Sale.

(c)

To adjust current taxes payable and income tax expense to reflect the Sale and related reduction in long-term debt.

(d)

To adjust equity to reflect the Sale (including a realized gain on the Sale and a reduction of accumulated other comprehensive income.)










F-5