-----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, E61V3cXFx2MJbOOiD4w5gO/sh+QHLLQlixtk91niAz+cn4ACbYXrHXnaJuUzFnEC Vc1D6OLq9CGcTky7x7rH1Q== 0000081025-95-000006.txt : 19950517 0000081025-95-000006.hdr.sgml : 19950516 ACCESSION NUMBER: 0000081025-95-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950512 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE CO OF NORTH CAROLINA INC CENTRAL INDEX KEY: 0000081025 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 560233140 STATE OF INCORPORATION: NC FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11429 FILM NUMBER: 95537775 BUSINESS ADDRESS: STREET 1: 400 COX RD STREET 2: PO BOX 1398 CITY: GASTONIA STATE: NC ZIP: 28053 BUSINESS PHONE: 7048646731 10-Q 1 FORM 10-Q FOR THE PERIOD ENDED 3-31-95 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) (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 1-11429 PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED (Exact name of registrant as specified in its charter) NORTH CAROLINA 56-0233140 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 400 COX ROAD, P. O. BOX 1398 GASTONIA, NORTH CAROLINA 28053-1398 (Address of principal executive offices) (Zip Code) (704) 864-6731 (Registrant's telephone number, including area code) NONE (Former name, former address and former fiscal year, if changed since last report.) 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 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Number of shares of Common Stock, $1 par value, outstanding at April 30, 1995 . . . . . . . . . . . . . . . . 18,572,395 2 PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED ------------------------------------------------------ AND SUBSIDIARIES ---------------- PART I. FINANCIAL INFORMATION The condensed financial statements included herein have been prepared by the registrant 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 registrant believes that the disclosures herein are adequate to make the information presented not misleading. It is recommended that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the registrant's latest annual report on Form 10-K. 3 CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts)
Three Months Ended Six Months Ended Twelve Months Ended March 31 March 31 March 31 ------------------ ------------------ ------------------- 1995 1994 1995 1994 1995 1994 -------- -------- -------- -------- -------- -------- Operating revenues $112,690 $123,234 $179,525 $194,676 $258,554 $280,422 Cost of gas 55,238 72,231 88,974 113,814 130,538 164,437 -------- -------- -------- -------- -------- -------- Gross margin 57,452 51,003 90,551 80,862 128,016 115,985 -------- -------- -------- -------- -------- -------- Operating expenses and taxes: Operating and maintenance 14,211 12,981 25,285 25,074 49,980 48,514 Provision for depreciation 4,499 3,821 8,932 7,621 16,508 14,816 General taxes 5,149 5,475 8,674 9,237 14,003 14,595 Income taxes 11,744 9,712 15,973 12,068 14,045 8,688 -------- -------- -------- -------- -------- -------- 35,603 31,989 58,864 54,000 94,536 86,613 -------- -------- -------- -------- -------- -------- Operating income 21,849 19,014 31,687 26,862 33,480 29,372 Other income (deductions) (26) 1,291 (14) 1,959 2,596 1,194 Interest deductions 3,320 3,449 6,507 6,949 12,806 13,764 -------- -------- -------- -------- -------- -------- Net income $ 18,503 $ 16,856 $ 25,166 $ 21,872 $ 23,270 $ 16,802 ======== ======== ======== ======== ======== ======== Average common shares outstanding 18,478 16,267 18,385 16,173 18,118 16,047 Earnings per share $1.00 $1.04 $1.37 $1.35 $1.28 $1.05 Cash dividends declared per share $.205 $.1975 $.41 $.395 $.82 $.79
4 CONSOLIDATED BALANCE SHEETS (In thousands) ASSETS
Mar 31 Sep 30 Mar 31 1995 1994 1994 -------- -------- -------- Gas utility plant $543,828 $520,209 $495,096 Less - Accumulated depreciation 160,254 153,308 147,937 -------- -------- -------- 383,574 366,901 347,159 -------- -------- -------- Non-utility property, net 943 251 9,566 -------- -------- -------- Current assets: Cash and temporary investments 4,612 2,534 6,728 Restricted cash and temporary investments 4,055 12,731 11,166 Receivables, less allowance for doubtful accounts 28,417 16,649 35,290 Materials and supplies 5,566 6,131 6,815 Stored gas inventory 6,859 14,276 5,926 Deferred gas costs, net - 734 337 Prepayments and other 2,802 2,572 3,134 -------- -------- -------- 52,311 55,627 69,396 -------- -------- -------- Deferred charges and other assets 6,194 5,160 5,212 -------- -------- -------- Total $443,022 $427,939 $431,333 ======== ======== ======== CAPITALIZATION AND LIABILITIES Capitalization: Common equity - Common stock, $1 par $ 18,494 $ 18,212 $ 16,282 Capital in excess of par value 103,942 100,201 75,569 Retained earnings 59,740 42,142 51,554 -------- -------- -------- 182,176 160,555 143,405 Long-term debt 109,140 113,680 123,980 -------- -------- -------- 291,316 274,235 267,385 -------- -------- -------- Current liabilities: Maturities of long-term debt 9,540 5,240 5,538 Accounts payable 18,175 15,656 23,618 Accrued taxes 12,654 5,787 11,284 Customer prepayments and deposits 3,510 5,570 2,770 Cash dividends and interest 6,095 4,973 5,581 Restricted supplier refunds 4,055 12,731 11,166 Deferred gas costs, net 2,415 - - Other 11,036 11,665 9,821 -------- -------- -------- 67,480 61,622 69,778 Interim bank loans 16,500 23,000 25,000 -------- -------- -------- 83,980 84,622 94,778 -------- -------- -------- Accrued pension cost 12,983 15,532 14,528 Deferred investment tax credits 4,558 5,081 4,919 Deferred income taxes 50,185 48,469 49,723 -------- -------- -------- Total $443,022 $427,939 $431,333 ======== ======== ========
5 CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (In thousands) Twelve Months Ended March 31 ------------------- 1995 1994 ------- ------- Balance beginning of period $51,554 $47,529 Add - Net income 23,270 16,802 Deduct - Common stock dividends and other 15,084 12,777 ------- ------- Balance end of period $59,740 $51,554 ======= ======= CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Six Months Ended Twelve Months Ended March 31 March 31 ----------------- ------------------- 1995 1994 1995 1994 ------- ------- ------- ------- Cash Flows From Operating Activities: Net income $25,166 $21,872 $23,270 $16,802 Adjustments to reconcile net income to net cash provided by operating activities - Depreciation, depletion and other 10,592 9,495 19,950 18,552 Deferred income taxes 1,715 3,130 462 504 Gain on sale of propane assets - - (3,128) - ------- ------- ------- ------- 37,473 34,497 40,554 35,858 Change in operating assets and liabilities: Receivables, net (12,786) (21,752) 5,444 (1,013) Inventories 7,982 6,263 315 (2,486) Accounts payable 2,519 6,114 (5,443) 361 Accrued pension cost (2,549) 1,004 (1,544) 2,387 Other 7,088 7,643 6,310 3,161 ------- ------- ------- ------- 39,727 33,769 45,636 38,268 ------- ------- ------- ------- Cash Flows From Investing Activities: Construction expenditures (27,185) (17,708) (54,947) (42,355) Non-utility and other (1,148) (225) (1,924) 269 Proceeds from sale of propane assets - - 12,800 - ------- ------- ------- ------- (28,333) (17,933) (44,071) (42,086) ------- ------- ------- ------- Cash Flows From Financing Activities: Issuance of common stock through public offering, net of expenses - - 23,406 - Issuance of common stock through dividend reinvestment, stock purchase and stock option plans 3,862 4,436 6,723 7,345 Increase (decrease) in interim bank loans, net (6,500) (8,500) (8,500) 16,500 Retirement of long-term debt and common stock (267) (625) (10,939) (6,125) Cash dividends (6,411) (6,338) (14,371) (12,512) ------- ------- ------- ------- (9,316) (11,027) (3,681) 5,208 ------- ------- ------- ------- Net increase (decrease) in cash and temporary investments 2,078 4,809 (2,116) 1,390 Cash and temporary investments at beginning of period 2,534 1,919 6,728 5,338 ------- ------- ------- ------- Cash and temporary investments at end of period $ 4,612 $ 6,728 $ 4,612 $ 6,728 ======= ======= ======= ======= Cash paid during the period for: Interest (net of amount capitalized) $ 6,175 $ 8,031 $12,278 $14,588 Income taxes 7,652 3,498 13,082 6,310
6 NOTES TO FINANCIAL STATEMENTS 1. The accompanying unaudited consolidated financial statements and notes should be read in conjunction with the financial statements and notes included in PSNC's 1994 Annual Report. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been recorded. Certain amounts previously reported have been reclassified to conform with the current period's presentation. PSNC's business is seasonal in nature, therefore the financial results for any interim period are not necessarily indicative of those which may be expected for the annual period. 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OFRESULTS OF OPERATIONS AND FINANCIAL CONDITION Changes in Results of Operations - -------------------------------- (Amounts in thousands except degree day and customer data) Three Months Ended March 31 ---------------------------------- Increase 1995 1994 (Decrease) % -------- -------- --------- --- Gross margin $ 57,452 $ 51,003 $ 6,449 13 Less - Franchise taxes 3,624 3,963 (339) (9) -------- -------- --------- Net margin $ 53,828 $ 47,040 $ 6,788 14 ======== ======== ========= Total volume throughput (DT): Residential 9,840 10,567 (727) (7) Commercial/small industrial 5,587 5,901 (314) (5) Large commercial/industrial 7,840 6,632 1,208 18 -------- -------- --------- 23,267 23,100 167 1 ======== ======== ========= Raleigh/Durham area degree days: Actual 1,720 1,846 (126) (7) Normal 1,804 1,804 - - Percent of normal 95% 102% Weather normalization adjustment income (refund), net of franchise taxes $1,274 $(1,500) $2,774 - Customers at end of period: Residential 251,722 239,946 11,776 5 Commercial/small industrial 29,903 28,338 1,565 6 Large commercial/industrial 383 377 6 2 -------- -------- --------- 282,008 268,661 13,347 5 ======== ======== ========= Net margin for the three months ended March 31, 1995 increased $6,788,000 as compared to the same period last year. This increase is attributable to the items shown below (in thousands):
Commercial/ Large Small Commercial/ Changes in net margin Residential Industrial Industrial Other Total due to: ----------- ---------- ---------- ------ ------ Changes in rates effective 10/94 $4,162 $ 868 $ (458) $ - $4,572 Volume variances 601 61 922 - 1,584 Cardinal Pipeline effective 1/95 400 208 150 - 758 Other - - - (126) (126) ------ ------ ------ ------ ------ Total $5,163 $1,137 $ 614 $ (126) $6,788 ====== ====== ====== ====== ======
Volume variances occurred during the three-month period due to increases in all three customer bases, and to an increase in volumes delivered to certain large commercial/industrial customers due to higher operating levels. PSNC earned net margin from the operation of the Cardinal Pipeline totaling $758,000. The pipeline was placed into service on December 31, 1994. Testimony and exhibits were filed with the North Carolina Utilities Commission (NCUC) on January 11, 1995 to recover costs associated with PSNC's investment. A hearing was held on January 25, 1995, and new rates that increased annual revenues approximately $3,000,000 became effective the following day. 8 MANAGEMENT'S DISCUSSION (Continued) (Amounts in thousands except degree day data) Six Months Ended March 31 ---------------------------------- Increase 1995 1994 (Decrease) % -------- -------- --------- --- Gross margin $ 90,551 $ 80,862 $ 9,689 12 Less - Franchise taxes 5,784 6,270 (486) (8) -------- -------- --------- Net margin $ 84,767 $ 74,592 $ 10,175 14 ======== ======== ========= Total volume throughput (DT): Residential 14,007 15,235 (1,228) (8) Commercial/small industrial 8,489 9,099 (610) (7) Large commercial/industrial 15,415 14,037 1,378 10 -------- -------- --------- 37,911 38,371 (460) (1) ======== ======== ========= Raleigh/Durham area degree days: Actual 2,720 3,164 (444) (14) Normal 3,068 3,068 - - Percent of normal 89% 103% Weather normalization adjustment income (refund), net of franchise taxes $4,795 $(1,060) $5,855 - Net margin for the six months ended March 31, 1995 increased $10,175,000 as compared to the same period last year. This increase is attributable to the items shown below (in thousands):
Commercial/ Large Small Commercial/ Changes in net margin Residential Industrial Industrial Other Total due to: ----------- ---------- ---------- ------ ------- Changes in rates effective 10/94 $6,274 $1,411 $ (844) $ (732) $ 6,109 Volume variances 1,949 380 1,107 - 3,436 Cardinal Pipeline effective 1/95 400 208 150 - 758 Other - - - (128) (128) ----------- ---------- ---------- ----- ------- Total $8,623 $1,999 $ 413 $ (860) $10,175 =========== ========== ========== ====== =======
Volume variances occurred during the six-month period due to the previously mentioned increase in PSNC's customer base and increase in volumes delivered to certain large commercial/industrial customers. The six-month period also reflects a $732,000 refund ordered by the NCUC in the October 7, 1994 rate case order that related to prior period income tax credits taken by PSNC. 9 MANAGEMENT'S DISCUSSION (Continued) (Amounts in thousands except degree day data) Twelve Months Ended March 31 ---------------------------------- Increase 1995 1994 (Decrease) % -------- -------- --------- --- Gross margin $128,016 $115,985 $ 12,031 10 Less - Franchise taxes 8,279 8,984 (705) (8) -------- -------- --------- Net margin $119,737 $107,001 $ 12,736 12 ======== ======== ========= Total volume throughput (DT): Residential 17,555 19,132 (1,577) (8) Commercial/small industrial 11,839 12,564 (725) (6) Large commercial/industrial 29,035 26,790 2,245 8 -------- -------- --------- 58,429 58,486 (57) - ======== ======== ========= Raleigh/Durham area degree days: Actual 2,945 3,437 (492) (14) Normal 3,341 3,341 - - Percent of normal 88% 103% Weather normalization adjustment income (refund), net of franchise taxes $5,717 $(1,696) $7,413 - Net margin for the twelve months ended March 31, 1995 increased $12,736,000 as compared to the same period last year. This increase is attributable to the items shown below (in thousands):
Commercial/ Large Small Commercial/ Changes in net margin Residential Industrial Industrial Other Total due to: ----------- ---------- ---------- ------ ------- Changes in rates effective 10/94 $6,274 $1,411 $ (844) $ (732) $ 6,109 Volume variances 2,655 522 1,588 - 4,765 Cardinal Pipeline effective 1/95 400 208 150 758 Other - - - 1,104 1,104 ------ ------ ------- ------ ------- Total $9,329 $2,141 $ 894 $ 372 $12,736 ====== ====== ======= ====== =======
Volume variances occurred during the twelve-month period due to the previously mentioned increase in PSNC's customer base and increase in volumes delivered to certain large commercial/industrial customers. The twelve-month period also reflects the previously mentioned refund ordered by the NCUC, and includes a $1,225,000 increase in margin due to the write-off of Southern Expansion costs that occurred in July 1993 (see Note 2 to the financial statements in the 1994 Annual Report). Operating and maintenance expenses for the three, six and twelve months ended March 31, 1995 increased 9%, 1% and 3%, respectively, as compared to the same period last year. The increases reflect higher salary expenses, employee severance expenses related to departmental reorganizations, fees related to listing on the New York Stock Exchange, and expenses for outside consulting services related to information systems and employee benefits. These increases were partially offset by the reclassification of certain sales compensation expenses to merchandising and jobbing. Maintenance expenses for the six and twelve months ended March 31, 1995 decreased due to the $750,000 reversal of expenses related to the investigation of former manufactured gas plant (MGP) sites, originally recorded in fiscal 1992 (see Note 8 to the financial statements in the 1994 Annual Report). 10 MANAGEMENT'S DISCUSSION (Continued) Depreciation expense increased for the three, six and twelve months ended March 31, 1995 due to utility plant additions and to higher depreciation rates approved in the October 1994 general rate case order. The increase in income taxes for the twelve months ended March 31, 1995 is due in part to income tax credits recorded during fiscal 1993 to account for prior year unrecognized tax benefits. Other income for the three- and six-month periods decreased $1,317,000 and $1,973,000, respectively, due mainly to the absence of operating income from PSNC's propane subsidiary that was sold in June 1994. Income from merchandising operations decreased due to the previously mentioned reclassification of certain sales compensation expenses from operating and maintenance expenses for all three periods presented. For the twelve-month period, other income increased $1,650,000 due to the sale of PSNC's propane subsidiary assets and exploration and development assets. Other income during the twelve-month period was also impacted by an increase in miscellaneous income. Miscellaneous income increased $614,000 due mainly to income from excess capacity sales. Interest deductions for the six and twelve months ended March 31, 1995 decreased 6% and 7%, respectively. These decreases are due to lower interest expense on declining balances in long-term debt outstanding, and to the increase in interest capitalized in connection with construction of the Cardinal Pipeline project. The average number of common shares outstanding reflects an increase of 14%, 14% and 13%, respectively, for the three-, six- and twelve-month periods as compared to the same periods last year. These increases are primarily due to the May 1994 sale of 1,725,000 new shares of $1 par common stock discussed elsewhere in this report. Changes in Financial Condition - ------------------------------ The capital expansion program, through the construction of lines, services, systems, facilities and the purchase of equipment, is designed to help PSNC meet the growing demand for its product. PSNC's fiscal 1995 construction budget is approximately $54,000,000, compared to actual construction expenditures for fiscal 1994 of $45,469,000. The construction program is regularly reviewed by management and is dependent upon PSNC's continuing ability to generate adequate funds internally and to sell new issues of debt and equity securities on acceptable terms. Construction expenditures during the six and twelve months ended March 31, 1995 were $27,185,000 and $54,947,000, respectively, as compared to $17,708,000 and $42,355,000 for the same periods a year ago. These increases are mainly due to construction of the Cardinal Pipeline project. During the six and twelve months ended March 31, 1995, construction expenditures related to the project were $7,224,000 and $15,051,000, respectively. PSNC generally finances its operations with internally generated funds, supplemented with bank lines of credit to satisfy seasonal requirements. PSNC also borrows under its bank lines of credit to finance portions of its construction expenditures pending refinancing through the issuance of equity 11 MANAGEMENT'S DISCUSSION (Continued) or long-term debt at a later date depending upon prevailing market conditions. PSNC has committed lines of credit with eight commercial banks which vary monthly depending upon seasonal requirements. For the twelve- month period beginning April 1, 1995, lines of credit with these banks range from a minimum of $22,000,000 to a winter-period maximum of $72,000,000. PSNC also has uncommitted annual lines of credit with three of these banks totaling $21,000,000. Lines of credit are evaluated periodically by management and renegotiated to accommodate anticipated short-term financing needs. Management believes these lines are currently adequate to finance a portion of construction expenditures, stored gas inventories and other corporate needs. PSNC sold an additional 1,725,000 new shares of $1 par common stock through an underwritten public offering during May 1994. The proceeds, net of expenses, were $23,406,000. These proceeds were used to repay all outstanding short-term indebtedness, to redeem the outstanding $3,098,000 of First Mortgage Bonds, 9 7/8% Series H, due 1995, and to help finance a portion of fiscal 1994's construction expenditures. The decrease in non-utility property is due to the previously mentioned sale of PSNC's propane and exploration and development assets. At March 31, 1995, restricted cash and temporary investments were $4,055,000, a decrease from $12,731,000 at September 30, 1994. This net decrease was due to the deposit of $11,531,000 into the expansion fund in the Office of the State Treasurer during December 1994. This fund was created by an order of the NCUC, dated June 3, 1993, for the purpose of constructing natural gas lines into unserved areas of PSNC's service territory that otherwise would not be economically feasible to serve. During the current three-month period, PSNC received supplier refunds of $2,596,000 that will be held for deposit into the expansion fund at a later date. Net deferred gas costs fluctuate in response to the operation of PSNC's Rider D rate mechanism. This mechanism allows PSNC to recover margin losses on negotiated sales to large commercial and industrial customers with alternate fuel capability. It also allows PSNC to pass through to customers all prudently incurred gas costs. On a monthly basis, any difference in amounts paid and collected for these costs is recorded for subsequent refund to or collection from PSNC's customers. Deferred gas costs decreased $3,149,000 and $2,752,000, respectively, for the six and twelve months ended March 31, 1995. These decreases primarily reflect overcollections for demand and storage gas costs, along with an increase in net deferred income related to PSNC's capacity release transactions. These deferrals were offset by an $8,000,000 refund credited to customers' bills during February 1995 for overcollections of commodity gas costs. Deferred charges and other assets increased $982,000 as compared to March 31, 1994. This increase was primarily due to the recording of an additional $750,000 regulatory asset related to the investigation and remediation of former MGP sites (see Note 8 to the financial statements in the 1994 Annual Report). Also contributing to the increase was the recording of a $376,000 transition obligation associated with the implementation of SFAS No. 112, "Employers' Accounting for Postemployment Benefits," effective October 1, 1994. The decrease in accrued pension cost is due to the March 1995 pension contribution payment of $2,388,000 for the 1993-1994 pension plan year. 12 PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED COMPUTATION OF EARNINGS PER SHARE (In thousands, except per share amounts)
Three Months Ended Six Months Ended Twelve Months Ended March 31 March 31 March 31 ------------------ ------------------ ------------------- 1995 1994 1995 1994 1995 1994 -------- -------- -------- -------- -------- -------- Net income $ 18,503 $ 16,856 $ 25,166 $ 21,872 $ 23,270 $ 16,802 -------- -------- -------- -------- -------- -------- Average common shares outstanding 18,478 16,267 18,385 16,173 18,118 16,047 Additional dilutive effect of outstanding options (as determined by the application of the treasury stock method) 59 69 52 72 52 75 -------- -------- -------- -------- -------- -------- Average common shares outstanding as adjusted 18,537 16,336 18,437 16,245 18,170 16,122 -------- -------- -------- -------- -------- -------- Earnings per share, as adjusted $1.00 $1.03 $1.36 $1.35 $1.28 $1.04 ===== ===== ===== ===== ===== ===== This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.
13 PART II. OTHER INFORMATION Item 1. Legal Proceedings - -------------------------- None Item 2. Changes in Securities - ------------------------------ None Item 3. Defaults Upon Senior Securities - ---------------------------------------- None. Item 4. Submission of Matters to a Vote of Security Holders - ------------------------------------------------------------ At the Annual Meeting of Shareholders held on January 27, 1995, the following members were reelected to serve on the Board of Directors for three years or until their successors are elected and qualified. Director Votes in Favor Votes Withheld ------------------- -------------- -------------- William C. Burkhardt 14,658,093 134,776 Van E. Eure 14,533,724 259,145 William L. O'Brien, Jr. 14,650,788 142,081 The following eight directors are the other directors whose term of office continued after the meeting: William A. V. Cecil, Bert Collins, H. Max Craig, Jr., B. Frank Matthews, II, Plato P. Pearson, Jr., G. Smedes York, Charles E. Zeigler, Jr., and Charles E. Zeigler, Sr. The shareholders also ratified the selection of Arthur Andersen LLP as PSNC's independent public accountants for the fiscal year ending September 30, 1995. For - 14,663,096 Against - 65,621 Abstain - 64,152 Item 5. Other Information - -------------------------- Effective March 1, 1995, PSNC's common stock began trading on the New York Stock Exchange (NYSE) under the symbol, "PGS." The stock had previously been traded on the NASDAQ National Market System under the symbol, "PSNC." Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- (a) Part I Exhibits: 11 - Statement re computation of per share earnings. 27 - Financial Data Schedule. (b) Reports on Form 8-K: There were no reports on Form 8-K filed during the three months ended March 31, 1995. 14 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. PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED --------------------------------------- (Registrant) Date 5-12-95 Charles E. Zeigler, Jr. ------- --------------------------------------- Charles E. Zeigler, Jr. Chairman, President and Chief Executive Officer Date 5-12-95 Robert D. Voigt ------- --------------------------------------- Robert D. Voigt Senior Vice President - Corporate Development and Chief Financial Officer EX-27 2 FDS FOR THE INTERIM PERIOD ENDED 3-31-95
UT 1000 6-MOS SEP-30-1995 MAR-31-1995 PER-BOOK 383574 943 52311 6194 0 443022 18494 103942 59740 182176 0 0 109140 16500 0 0 9540 0 0 0 125666 443022 90551 15973 42891 58864 31687 (14) 31673 6507 25166 0 25166 7542 5572 39727 1.37 1.36 This item represents gross margin, or operating revenues less cost of gas. This item represents interest on both bonds and debentures.
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