-----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, SKIzx2jjkTCglUE299TFmgG++s2+S5OC6eI/KSav291reQHl+FXHmMiJV3uh1Fwc tddyBIw0B+bj/W06gHVc9g== 0000950150-97-001643.txt : 19971114 0000950150-97-001643.hdr.sgml : 19971114 ACCESSION NUMBER: 0000950150-97-001643 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971112 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN CALIFORNIA WATER CO CENTRAL INDEX KEY: 0000092116 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 951243678 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12008 FILM NUMBER: 97713980 BUSINESS ADDRESS: STREET 1: 630 E FOOTHILL BLVD CITY: SAN DIMAS STATE: CA ZIP: 91773-9016 BUSINESS PHONE: 9093943600 MAIL ADDRESS: STREET 1: 630 E FOOTHILL CITY: SAN DIMAS STATE: CA ZIP: 91773-9016 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended SEPTEMBER 30, 1997 Commission file number 0-1121 SOUTHERN CALIFORNIA WATER COMPANY (Exact Name of Registrant as specified in its charter) CALIFORNIA 95-1243678 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 630 EAST FOOTHILL BOULEVARD, SAN DIMAS, CALIFORNIA 91773 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (909) 394-3600 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 [ ] APPLICABLE ONLY TO CORPORATE ISSUERS: As of October 31, 1997, the number of shares outstanding of the Registrant's Common Shares, Par Value $2.50, was 8,957,671. 2 SOUTHERN CALIFORNIA WATER COMPANY FORM 10-Q INDEX
Page No. -------- PART I FINANCIAL INFORMATION Item 1: Financial Statements 1 Balance Sheets as of September 30, 1997 and December 31, 1996 2 - 3 Statements of Income for the Three Months Ended September 30, 1997 and September 30, 1996 4 Statements of Income for the Nine Months Ended September 30, 1997 and September 30, 1996 5 Statements of Income for the Twelve Months Ended September 30, 1997 and September 30, 1996 6 Statements of Cash Flows for the Nine Months Ended September 30, 1997 and September 30, 1996 7 Notes to Financial Statements 8 Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operation 9 - 18 PART II OTHER INFORMATION Item 1: Legal Proceedings 18 - 19 Item 2: Changes in Securities 19 Item 3: Defaults Upon Senior Securities 19 Item 4: Submission of Matters to a Vote of Security Holders 19 Item 5: Other Information 20 Item 6: Exhibits and Reports on Form 8-K 20 Signatures 21
i 3 PART I ITEM 1. FINANCIAL STATEMENTS The basic 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 are adequate to make the information presented not misleading. In the opinion of management, all adjustments necessary for a fair statement of results for the interim period have been made. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto in the Registrant's latest Annual Report on Form 10-K. 1 4 SOUTHERN CALIFORNIA WATER COMPANY BALANCE SHEETS ASSETS
SEPTEMBER 30, DECEMBER 31, 1997 1996 ----------- ----------- (Unaudited) (in thousands) UTILITY PLANT, at cost Water ................................ $ 424,415 $ 411,852 Electric ............................. 34,634 33,300 --------- --------- 459,049 445,152 Less - Accumulated depreciation ....... (123,107) (114,086) --------- --------- 335,942 331,066 Construction work in progress ......... 38,364 26,710 --------- --------- 374,306 357,776 --------- --------- OTHER PROPERTY AND INVESTMENTS .......... 1,470 774 --------- --------- CURRENT ASSETS Cash and cash equivalents ............. 2,881 3,783 Accounts receivable - Customers, less reserves of $194 in 1997 and $387 in 1996 .......... 10,727 7,870 Other ................................. 2,344 1,713 Unbilled revenue ...................... 11,838 12,596 Materials and supplies, at average cost 1,450 1,292 Supply cost balancing accounts ........ 4,248 6,273 Prepayments and other ................. 7,006 6,933 Accumulated deferred income taxes - net 4,599 3,302 --------- --------- 45,093 43,762 --------- --------- Regulatory tax-related assets ........... 22,632 23,201 Other deferred charges .................. 4,899 5,409 --------- --------- 27,531 28,610 --------- --------- $ 448,400 $ 430,922 ========= =========
The accompanying notes are an integral part of these financial statements. 2 5 SOUTHERN CALIFORNIA WATER COMPANY BALANCE SHEETS CAPITALIZATION AND LIABILITIES
SEPTEMBER 30, DECEMBER 31, 1997 1996 --------- --------- (Unaudited) (in thousands) CAPITALIZATION Common shareholders' equity ........... $150,275 $146,766 Preferred shares ...................... 1,600 1,600 Preferred shares subject to mandatory redemption requirements ............. 480 480 Long-term debt ........................ 113,514 107,190 -------- -------- 265,869 256,036 -------- -------- CURRENT LIABILITIES Notes payable to banks ................ 19,000 16,000 Long-term debt and preferred shares due within one year ................. 191 482 Accounts payable ...................... 10,983 12,865 Taxes payable ......................... 11,152 5,777 Accrued interest ...................... 2,407 1,772 Other accrued liabilities ............. 8,195 7,792 -------- -------- 51,928 44,688 -------- -------- OTHER CREDITS Advances for construction ............. 54,677 55,848 Contributions in aid of construction .. 28,317 28,158 Accumulated deferred income taxes - net 42,034 40,404 Unamortized investment tax credits .... 1,962 1,995 Regulatory tax-related liability ...... 3,269 3,337 Other ................................. 344 456 -------- -------- 130,603 130,198 -------- -------- $448,400 $430,922 ======== ========
The accompanying notes are an integral part of these financial statements. 3 6 SOUTHERN CALIFORNIA WATER COMPANY STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (Unaudited)
THREE MONTHS ENDED SEPTEMBER 30, ------------------------ 1997 1996 -------- -------- (in thousands, except per share amounts) OPERATING REVENUES Water ..................................... $ 42,494 $ 42,362 Electric .................................. 3,206 2,856 -------- -------- 45,700 45,218 -------- -------- OPERATING EXPENSES Water purchased ......................... 13,300 12,169 Power purchased for pumping ............. 2,446 2,286 Power purchased for resale .............. 1,357 1,296 Groundwater production assessment ....... 1,800 1,646 Supply cost balancing accounts .......... 160 989 Other operating expenses ................ 2,896 3,759 Administrative and general expenses ..... 5,458 4,819 Depreciation ............................ 2,739 2,526 Maintenance ............................. 1,651 1,822 Taxes on income ......................... 3,912 4,229 Other taxes ............................. 1,596 1,714 -------- -------- 37,315 37,255 -------- -------- Operating income ........................ 8,385 7,963 OTHER INCOME ................................ 197 68 -------- -------- Income before interest charges .......... 8,582 8,031 INTEREST CHARGES ............................ 2,538 2,621 -------- -------- NET INCOME .................................. 6,044 5,410 DIVIDENDS ON PREFERRED SHARES ............... (23) (24) -------- -------- EARNINGS AVAILABLE FOR COMMON SHAREHOLDERS .. $ 6,021 $ 5,386 ======== ======== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 8,958 7,864 ======== ======== Earnings Per Common Share ................... $ 0.67 $ 0.68 ======== ======== Dividends Declared Per Common Share ......... $ 0.31 $ 0.305 ======== ========
The accompanying notes are an integral part of these financial statements. 4 7 STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (Unaudited)
NINE MONTHS ENDED SEPTEMBER 30, -------------------------- 1997 1996 --------- --------- (in thousands, except per share amounts) OPERATING REVENUES Water ..................................... $ 107,976 $ 106,866 Electric .................................. 9,273 8,642 --------- --------- 117,249 115,508 --------- --------- OPERATING EXPENSES Water purchased ......................... 30,897 29,287 Power purchased for pumping ............. 5,452 5,531 Power purchased for resale .............. 3,651 3,951 Groundwater production assessment ....... 5,382 4,532 Supply cost balancing accounts .......... 2,841 2,616 Other operating expenses ................ 9,698 10,075 Administrative and general expenses ..... 16,238 14,595 Depreciation ............................ 8,217 7,577 Maintenance ............................. 5,448 4,966 Taxes on income ......................... 7,215 8,771 Other taxes ............................. 4,714 4,450 --------- --------- 99,753 96,351 --------- --------- Operating income ........................ 17,496 19,157 OTHER INCOME ................................ 457 316 --------- --------- Income before interest charges .......... 17,953 19,473 INTEREST CHARGES ............................ 7,516 7,795 --------- --------- NET INCOME .................................. 10,437 11,678 DIVIDENDS ON PREFERRED SHARES ............... (69) (71) --------- --------- EARNINGS AVAILABLE FOR COMMON SHAREHOLDERS .. $ 10,368 $ 11,607 ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 8,957 7,853 ========= ========= Earnings Per Common Share ................... $ 1.16 $ 1.48 ========= ========= Dividends Declared Per Common Share ......... $ 0.93 $ 0.915 ========= =========
The accompanying notes are an integral part of these financial statements. 5 8 SOUTHERN CALIFORNIA WATER COMPANY STATEMENTS OF INCOME FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (Unaudited)
TWELVE MONTHS ENDED SEPTEMBER 30, -------------------------- 1997 1996 --------- --------- (in thousands, except per share amounts) OPERATING REVENUES Water ..................................... $ 141,108 $ 136,930 Electric .................................. 12,163 11,509 --------- --------- 153,271 148,439 --------- --------- OPERATING EXPENSES Water purchased ......................... 39,966 37,857 Power purchased for pumping ............. 7,632 7,845 Power purchased for resale .............. 5,525 5,485 Groundwater production assessment ....... 6,796 6,010 Supply cost balancing accounts .......... 2,289 1,517 Other operating expenses ................ 13,018 14,207 Administrative and general expenses ..... 22,191 18,365 Depreciation ............................ 10,743 9,690 Maintenance ............................. 8,226 6,284 Taxes on income ......................... 8,728 10,928 Other taxes ............................. 6,363 5,922 --------- --------- 131,477 124,110 --------- --------- Operating income ........................ 21,794 24,329 OTHER INCOME ................................ 675 463 --------- --------- Income before interest charges .......... 22,469 24,792 INTEREST CHARGES ............................ 10,220 10,383 --------- --------- NET INCOME .................................. 12,249 14,409 DIVIDENDS ON PREFERRED SHARES ............... (92) (95) --------- --------- EARNINGS AVAILABLE FOR COMMON SHAREHOLDERS .. $ 12,157 $ 14,314 ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 8,720 7,851 ========= ========= Earnings Per Common Share ................... $ 1.39 $ 1.82 ========= ========= Dividends Declared Per Common Share ......... $ 1.24 $ 1.22 ========= =========
The accompanying notes are an integral part of these financial statements. 6 9 SOUTHERN CALIFORNIA WATER COMPANY CASH FLOW STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, ------------------------- 1997 1996 -------- --------- (in thousands) CASH FLOWS FROM Operating Activities: Net income ....................................... $ 10,437 $ 11,678 Adjustments for non-cash items: Depreciation and amortization ................... 8,535 7,796 Deferred income taxes and investment tax credits ......................... 800 (710) Other - net ..................................... (881) 231 Changes in assets and liabilities: Customer Receivables ............................ (2,857) (2,779) Prepayments ..................................... (73) 393 Supply cost balancing accounts .................. 2,025 2,366 Accounts payable ................................ (1,882) 5,295 Taxes payable ................................... 5,375 4,059 Unbilled revenue ................................ 758 (2,888) Accrued interest ................................ 635 249 Other ........................................... (387) (922) -------- -------- Net Cash Provided ........................... 22,485 24,768 -------- -------- Investing Activities: Construction expenditures ......................... (23,385) (21,111) -------- -------- Net Cash Used ................................. (23,385) (21,111) -------- -------- Financing Activities: Issuance of securities ............................ 7,637 732 Receipt of advances and contributions ............. 826 2,334 Repayments of long-term debt and redemption of preferred shares .................. (132) (15,377) Refunds on advances ............................... (2,928) (2,603) Net change in notes payable to banks .............. 3,000 25,500 Common and preferred dividends paid ............... (8,405) (7,279) -------- -------- Net Cash Provided ........................... (2) 3,307 -------- -------- Net Increase (Decrease) in Cash and Cash Equivalents (902) 6,964 Cash and Cash Equivalents, Beginning of period ..... 3,783 343 -------- -------- Cash and Cash Equivalents, End of period ........... $ 2,881 $ 7,307 ======== ========
The accompanying notes are an integral part of these financial statements. 7 10 SOUTHERN CALIFORNIA WATER COMPANY NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. For a summary of significant accounting policies and other information relating to these interim financial statements, reference is made to pages 28 through 32 of the 1996 Annual Report to Shareholders under the caption "Notes to Financial Statements." 2. Earnings per Common Share are based on the weighted average number of Common Shares outstanding during each period and net income after deducting preferred dividend requirements. 3. In November, 1996, Registrant filed an application with the California Public Utilities Commission ("CPUC") seeking approval of its recovery through rates of costs associated with its participation in the Coastal Aqueduct Extension of the State Water Project ("SWP"). Registrant's current investment in SWP is approximately $1.8 million and is included in utility plant. Registrant is investigating alternative methods to recover its investment in the SWP including, but not limited to, an equivalent dwelling unit charge or other measurable unit for each new hookup to Registrant's water systems. This recovery method also requires CPUC approval and no assurance can be given that the CPUC will deny or approve recovery through rates of all or any costs associated with such participation. 4. Registrant implemented increased water rates in six of its rate-making districts on January 1, 1996 and additional step increases were effective in January, 1997. Water rates in two additional customer service areas were increased on January 1, 1997, to recover costs associated with capital projects in those areas. Registrant filed Notices of Intent to increase water rates in three rate-making districts in January, 1997. Registrant has received CPUC staff reports and is currently reviewing the staff's position. New rates were effective in May, 1996 in Registrant's Bear Valley Electric customer service area. An additional step increase was effective in January, 1997. See the section entitled "Rates and Regulation" for more information. 5. As permitted by the CPUC, Registrant maintains water and electric supply cost balancing accounts to account for undercollections and overcollections of revenues designed to recover such costs. Recoverability of such costs are recorded in income and charged to balancing accounts when such costs are incurred. The balancing accounts are credited when such costs are recovered through rate adjustments. 6. In February, 1997, the Financial Accounting standards Board issued SFAS No. 128, "Earnings per Share." This statement, which is effective for financial statements issued for periods ending after December 15, 1997, including interim periods, establishes simplified standards for computing and presenting earnings per share ("EPS"). SFAS No. 128 requires dual presentation of basic and diluted EPS on the face on the income statement for entities with complex capital structures and disclosure of the calculation of each EPS amount. Registrant does not anticipate that adoption of SFAS No. 128 will have a significant impact on reported earnings. 8 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION GENERAL Southern California Water Company (the "Registrant") is a public utility company engaged principally in the purchase, production, distribution and sale of water (SIC No. 4941). The Registrant also distributes electricity in one community (SIC No. 4911). The Registrant, regulated by the California Public Utilities Commission ("CPUC"), was incorporated on December 31, 1929 under the laws of the State of California as American States Water Services Company of California as the result of the consolidation of 20 water utility companies. From time to time, additional water companies and municipal water districts have been acquired and properties in limited service areas have been sold. The Registrant's present name was adopted in 1936. The Registrant is organized into three regions operating within 75 communities in 10 counties throughout the State of California and provides water service in 21 customer service areas. As of September 30, 1997, about 73% of the Registrant's water customers were located in the greater metropolitan areas of Los Angeles and Orange Counties. The Registrant also provides electric service to the City of Big Bear Lake and surrounding areas in San Bernardino County. The Registrant served 241,338 water customers and 20,591 electric customers at September 30, 1997, or a total of 261,929 customers compared with 260,435 total customers served at September 30, 1996. RESULTS OF OPERATION Earnings per common share for the three months ended September 30, 1997 decreased by 1.5% to $0.67 per share as compared to $0.68 per share for the comparable period last year. For the nine months ended September 30, 1997, earnings per share were $1.16 as compared to $1.48 for the nine months ended September 30, 1996, a decrease of 21.6%. Earnings for the twelve months ended September 30, 1997 decreased by 23.6% to $1.39 per share as compared to $1.82 per share for the twelve months ended September 30, 1996. The decline in recorded results is primarily attributable to increased supply costs during the first and second quarters of 1997 as well as two months of the third quarter of 1997 as is more fully discussed below. Although Registrant anticipates increasing the amount of pumped water in its resource mix during the last quarter of 1997, earnings levels are anticipated to remain well below those reported last year. For the three months ended September 30, 1997, water operating revenues increased slightly by 0.3% as compared to the three months ended September 30, 1996. In contrast, water operating revenues increased by 1.0% and 3.1% for the nine and twelve months ended September 30, 1997 as compared to the same periods last year due to increases of 3.4% and 1.3%, respectively, in water sales volumes and rate increases during the period. Kilowatt-hour sales of electricity increased by 3.4% and 1.1% for the nine and twelve months ended September 30, 1997, respectively, as compared to the same periods last year. Sales were unchanged for the three months ended September 30, 1997 as compared to last year. As a result of increased kilowatt-hour sales volumes and increased rates which were effective in January 1, 1997, electric operating revenues for the three, nine and twelve month periods ending September 30, 1997 increased by 12.3%, 7.3% and 5.7%, respectively, over the comparable periods ending September 30, 1996. 9 12 Purchased water costs increased by 9.3%, 5.5% and 5.6% over 1996, respectively, for the three, nine and twelve months ended September 30, 1997 reflecting increased amounts of purchased water in Registrant's resource mix. Each of the comparisons are affected by refunds received by Registrant from the MWD, which totaled approximately $1.984 million in the aggregate, and which reduced recorded purchased water costs for the 1997 periods. Costs of power purchased for pumping decreased by 1.4% and 2.7%, respectively, for the nine and twelve months ended September 30, 1997 as compared to the same periods ended September 30, 1996 due to reduced amounts of water produced from pumped sources in Registrant's resource mix. In contrast, due to Registrant's increased production of water from pumped sources in the three months ended September 30, 1997, the costs of power purchased for pumping increased by 7.0% as compared to the same period ended September 30, 1996. As compared to the three and twelve months ended September 30, 1996, the costs of power purchased for resale increased by 4.7% and 0.7% for the three and twelve months ended September 30, 1997, respectively, due to increased kilowatt-hour sales. The increase in sales volumes was partially offset by reduced costs from Registrant's energy supplier as compared to the same periods last year. For the nine months ended September 30, 1997, the cost of power purchased for resale decreased by 7.6% from the same period last year reflecting savings from Registrant's energy supplier. Groundwater production assessments are 9.4%, 18.8% and 13.1% higher for the three, nine and twelve months ended September 30, 1997 as compared to the same periods ended September 30, 1996 due to additional assessment associated with increased pumping in Registrant's San Gabriel Valley and San Dimas customer service areas which are recoverable through the balancing account. A positive entry for the provision for supply cost balancing accounts reflects recovery of previously under-collected supply costs. Conversely, a negative entry for the provision for supply cost balancing accounts reflects an undercollection of previously incurred supply costs. The positive entries for the three, six and twelve months ended September 30, 1997 result from approval by the CPUC of rate increases sufficient to recover previously under-collected purchased water supply costs, supply costs for power purchased for pumping and groundwater production assessments. The balancing account mechanism insulates earnings from changes in costs of purchased water, power purchased for pumping or resale and groundwater production assessments, all of which are outside the immediate control of Registrant. However, the balancing account mechanism is not designed to insulate earnings against changes in supply mix, as occurred during the first and second quarters of 1997 and a portion of the third quarter of 1997 as well. See the section entitled "Water Supply." Other operating expenses decreased by 23%, 3.7% and 8.4%, respectively, for the three, nine and twelve months ended September 30, 1997 as compared to the same periods ended September 30, 1996 due chiefly to reversals associated with recovery of water quality costs through the CPUC's memorandum account mechanism. Administrative and general expenses increased by 13.3%, 11.3% and 20.8% for the three, nine and twelve months ended September 30, 1997, respectively, as compared to the same periods ended September 30, 1996. These periods are each affected by an increases in labor costs, due to persons charging some or all of their time to this category, as well as higher personnel-related expenses such as health insurance, post-retirement medical benefits, pension and 401-k plan costs. 10 13 Depreciation expense increased by 8.4%, 8.4% and 10.9%, respectively, for the three, nine and twelve months ended September 30, 1997 principally reflecting the effects of recording approximately $31 million in net plant additions during 1996, depreciation on which began in 1997. Taxes on income decreased by approximately 7.5%, 17.7% and 20.2%, respectively, for the three, nine and twelve months ended September 30, 1997 as compared to the same periods ended September 30, 1996 as a result of lower pre-tax income. For the nine and twelve months ended September 30, 1997, other taxes increased by 5.9% and 7.4%, respectively, as compared to the same periods ending September 30, 1996 primarily due to increased property taxes resulting from higher valuation assessments. For the three months ended September 30, 1997, other taxes decreased by 6.9%, attributable to an increase in property tax accruals during the last half of 1996 for which there is no corresponding increase in 1997. Maintenance expense increased by 9.7% and 30.9% for the nine and twelve months ended September 30, 1997 as compared to the nine and twelve months ended September 30, 1996 reflecting increased maintenance on wells, hydrants and gate valves. For the three months ended September 30, 1997, maintenance expense decreased by 9.4% since most planned maintenance was conducted in the first half of 1997. Interest expense for the nine and twelve months ended September 30, 1997 decreased by 3.2%, 3.6% and 1.6% over the same period last year primarily due to reduced short-term bank borrowing during 1997. LIQUIDITY AND CAPITAL RESOURCES Registrant's construction program is designed to ensure its customers high quality service. Registrant maintains an ongoing distribution main replacement program throughout its customer service areas, based on the priority of leaks detected, fire protection enhancement and a reflection of the underlying replacement schedule. In addition, Registrant upgrades its electric and water supply facilities and is aggressively scheduling meter replacements that conform with CPUC requirements. Registrant's Board of Directors has approved anticipated net capital expenditures of approximately $34.2 million in 1997. Registrant funds the majority of its operating expenses, interest payments on its debt, dividends on its outstanding common and preferred shares and makes its mandatory sinking fund payments through internal sources. However, because of the seasonal nature of its water and electric businesses, Registrant utilizes its short-term borrowing capacity on occasion to finance current operating expenses. Registrant continues to rely on external sources, including short-term bank borrowing, the receipt of contributions-in-aid-of-construction and advances for construction and install-and-convey advances, to fund the majority of its construction expenditures. The aggregate short-term borrowing capacity available to Registrant under its three bank lines of credit was $37 million as of September 30, 1997. As of September 30, 1997, Registrant had a total of $19 million in borrowing outstanding under those bank lines of credit. Registrant routinely employs short-term bank borrowing as an interim financing source prior to executing either a long-term debt or equity issue. Registrant anticipates issuing additional long-term debt in 1997, with the net proceeds initially being used to repay short-term bank borrowings and, after that, fund construction expenditures. 11 14 Registrant has no derivative financial instruments, financial instruments with significant off-balance sheet risks or financial instruments with concentrations of credit risk. WATER SUPPLY For the three months ended September 30, 1997, Registrant produced a total of 27,655,000 ccf of water. Of this amount, approximately 50% came from pumped sources and 46% was purchased from others, principally the Metropolitan Water District of Southern California ("MWD"). The remaining amount was supplied by the Bureau of Reclamation (the "Bureau") under a no-cost contract. During the three months ended September 30, 1996, Registrant produced 27,399,000 ccf of water, 54% of which came from pumped sources, 43% was purchased and the remainder was supplied by the Bureau. For the nine months ended September 30, 1997, Registrant produced 68,112,000 ccf of water, 53% of which came from pumped sources, 45% was purchased and the remaining amount was supplied by the Bureau. During the nine months ended September 30, 1996, Registrant produced 65,786,000 ccf of water. Of this amount, 57% came from pumped sources, 42% was purchased and the remainder was provided by the Bureau. During the twelve months ended September 30, 1997, Registrant produced 86,893,000 ccf of water, 53% of which came from pumped sources, 45% was purchased and the remaining amount was supplied by the Bureau. During the twelve months ended September 30, 1996, Registrant produced 85,077,000 ccf of water, 57% of which came from pumped sources, 42% was purchased and the remainder came from the Bureau. The MWD is a water district organized under the laws of the State of California for the purpose of delivering imported water to areas within its jurisdiction. The Registrant has 52 connections to the water distribution facilities of MWD and other municipal water agencies. MWD imports water from two principal sources: the Colorado River and the State Water Project ("SWP"). Available water supplies from the Colorado River and the SWP have historically been sufficient to meet most of MWD's requirements and MWD's supplies from these sources are anticipated to continue to remain adequate through 1996. MWD's import of water from the Colorado River is expected to decrease in future years due to the requirements of the Central Arizona Project in the State of Arizona. In response, MWD has taken a number of steps to secure additional storage capacity and increase available water supplies, including effecting transfers of water rights from other sources. The 1996-1997 water year ended September 30, 1997 and was labeled a "wet one" by the California Department of Water Resources, the state agency which maintains and operates the State Water Project. Rainfall during the water year was 120 percent of average, with runoff 145 percent of average which kept storage reservoirs just above average through the summer and fall. The outlook for water supply in 1998 remains favorable. In those customer service areas of Registrant which pump groundwater, overall groundwater conditions remain at adequate levels. However, certain of Registrant's groundwater supplies have been affected to varying degrees by various forms of contamination which, in some cases, has caused Registrant to utilize increasingly more purchased water in its resource mix. Registrant believes that its available water supplies from all sources are adequate to meet current year projected demand. Hydrologists are cautious in making any predictions about the effects of the "El Nino" weather pattern since weather patterns in the state of California are generally unpredictable and the El Nino weather patterns do not always repeat themselves. For example, the El Nino condition in 1982-1983 12 15 produced one of the wettest winters this century, whereas the El Nino that occurred in 1976 produced very wet conditions in August 1976 but the remainder of the year, until April 1977, was well below normal in precipitation. Registrant believes that, to the extent the El Nino weather pattern brings above normal precipitation thereby reducing sales volumes, its revenues and earnings may be negatively impacted. ENVIRONMENTAL MATTERS 1996 Amendments to Federal Safe Drinking Water Act On August 6, 1996, amendments (the "1996 SDWA amendments") to the Safe Drinking Water Act (the "SDWA") were signed into law. The 1996 SDWA amendments amount to a rewrite of the law that the United States Environmental Protection Agency ("EPA") has been trying to implement for almost ten years. The amendments were developed with significant contributions from water purveyors and regulators. The California Department of Health Services, acting on behalf of the EPA, administers the EPA's program in California. The 1996 SDWA revise the 1986 amendments to the SDWA, which required that the EPA set 25 new contaminant standards every three years, with a new process for selecting and regulating contaminants. The EPA can only regulate contaminants that may have adverse health effects, are known or likely to occur at levels of public health concern, and the regulation of which will provide "a meaningful opportunity for health risk reduction." The EPA must, within 18 months of the time that the 1996 SDWA amendments were signed into law, publish a list of contaminants for possible regulation and must update that list every five years. In addition, every five years, the EPA must select at least five contaminants on that list and determine whether to regulate them. The new law allows the EPA to bypass the selection process and adopt interim regulations for contaminants in order to address urgent health threats. Current regulations, however, remain in place and are not subject to the new standard-setting provisions. The 1996 SDWA amendments allow the EPA for the first time to base primary drinking water regulations on risk assessment and cost/benefit considerations and on minimizing overall risk. The EPA must base regulations on best available, peer-reviewed science and data from best available methods. For proposed regulations that involve the setting of maximum contaminant levels ("MCL's"), the EPA must use, and seek public comment on, an analysis of quantifiable and non-quantifiable risk-reduction benefits and cost for each such MCL. Registrant currently tests its wells and water systems for more than 90 contaminants, currently covering all contaminants listed in the SDWA. Water from wells found to contain levels of contaminants above the established MCL's is either treated or blended before it is delivered to customers. Since the SDWA became effective, Registrant has experienced increased operating costs for testing to determine the levels, if any, of the contaminants in Registrant's sources of supply and additional expense to lower the level of any contaminants in order to meet the MCL standards. Such costs and the costs of controlling any other contaminants may cause Registrant to experience additional capital costs as well as increased operating costs. Registrant is currently unable to predict the ultimate impact that the 1996 SDWA amendments might have on its financial position or its results of operation. The ratemaking process provides Registrant with the opportunity to recover prudently incurred capital and operating costs associated with water quality. Management believes that such incurred costs will be authorized for recovery by the CPUC. 13 16 Proposed Enhanced Surface Water Treatment Rule On July 29, 1994, the EPA proposed an Enhanced Surface Water Treatment Rule ("ESWTR") which would require increased surface-water treatment to decrease the risk of microbial contamination. The EPA has proposed several versions of the ESWTR for promulgation. The version selected for promulgation will be determined based on data collected by certain water suppliers and forwarded to the EPA pursuant to EPA's Information Collection Rule, which requires such water suppliers to monitor microbial and other contaminants in their water supplies and to conduct certain tests in respect of such contaminants. The EPA must adopt interim and final rules pertaining to enhanced surface water treatment according to a negotiated schedule or as soon as practicable. The ESWTR, in any of the forms currently proposed, would apply to each of Registrant's five surface water treatment plants. However, because it is impossible to predict the version of the ESWTR that will be promulgated, Registrant is unable to predict what additional costs, if any, will be incurred to comply with the ESWTR. Regulation of Disinfection/Disinfection By-Products Registrant will also be subject to the new regulations concerning disinfection/disinfection by-products ("DBPs"), Stage I of which regulations are expected to become effective in June, 1998. These regulations will require reduction of tri-halomethane contaminants from 100 micrograms per liter to 80 micrograms per liter and are expected to affect two of Registrant's systems. The EPA must adopt Stage II rules pertaining to DBPs according to a negotiated schedule or as soon as practicable. The EPA is not allowed to use the new cost/benefit analysis provided for in the 1996 SDWA amendments for establishing the Stage II rules applicable to DBPs but may utilize the regulatory negotiating process provided for in the 1996 SDWA amendments to develop the Stage II rule. Ground Water Disinfection Rule By December, 1998, the EPA is scheduled to propose regulations requiring disinfection of certain groundwater systems and provide guidance on determining which systems must provide disinfection facilities. The EPA may utilize the cost/benefit analysis provided in the 1996 SDWA amendments to establish such regulations. It is anticipated that the regulations will apply to several of Registrant's systems using groundwater supplies. While no assurance can be given as to the nature and cost of any additional compliance measures, if any, Registrant does not believe that such regulations will impose significant compliance costs, since Registrant already currently engages in disinfection of its groundwater systems. Regulation of Radon and Arsenic Registrant will be subject to new regulations regarding radon and arsenic. EPA must propose an arsenic rule by January 1, 2001 and adopt a rule one year later. Although EPA originally had 180 days after enactment of the 1996 SDWA amendments to develop a plan to study ways to reduce arsenic health risk uncertainties and was authorized to enter into cooperative agreements to carry out the study, the studies are still being conducted. Depending on the MCL eventually established for arsenic, compliance could cause Registrant to implement costly well-head remedies such as ion exchange or, alternatively, to purchase additional and more expensive water supplies already in compliance for blending with well sources. 14 17 The EPA must withdraw its proposed radon rule and arrange for the National Academy of Sciences to conduct a risk assessment and a study of risk-reduction benefits associated with various mitigation measures. EPA has 30 months from enactment of the 1996 SDWA amendments to seek comment on a risk-reduction and cost analysis for potential radon standards, six more months to propose a standard, and another year to adopt a standard. Although Registrant is unable to predict what the standard for radon might eventually be, Registrant itself is currently conducting studies to determine the best treatment for affected wells, which treatment could range from simple aeration to filtration through granular activated carbon. Voluntary Efforts to Exceed Surface Water treatment Standards Registrant is a voluntary member of the "Partnership for Safe Water", a national program, to further protection of the public from diseases caused by cryptosporidium and other microscopic organisms. As a volunteer in the program, Registrant has committed to exceed current regulations governing surface water treatment to ensure that its surface treatment facilities are performing as efficiently as possible. Fluoridation of Water Supplies Registrant is subject to State of California Assembly Bill 733 which requires fluoridation of water supplies for public water systems serving more than 10,000 service connections. Although the bill requires affected systems to install treatment facilities only when public funds have been made available to cover capital and operating costs, the bill requires the CPUC to authorize cost recovery through rates should public funds for operation of the facilities, once installed, become unavailable in future years. Matters Relating to Arden-Cordova System Three of the 27 wells in Registrant's Arden-Codova system have, for several years, been subject to contamination by tricholoroethylene. GenCorp Aerojet has, by court decree, been responsible for all costs related to the provision of well-head treatment. Although the ten-year agreement with Aerojet Corporation expired in 1996, Aerojet Corporation has agreed to reimburse Registrant for the continuing costs, if any, associated with well-head treatment at all three wells. In January, 1997, Registrant was notified that ammonium perchlorate had been detected in three of its wells in its Arden-Cordova system. GenCorp Aerojet has, in the past, used ammonium perchlorate in their processing as an oxidizer of rocket fuels. Registrant has taken the three wells detected with ammonium perchlorate out of service. Although neither the EPA nor the DOHS has established a drinking water standard for ammonium perchlorate, DOHS has established an action level of 18 ppb which requires Registrant to notify customers in its Arden-Cordova customer service area of detection of ammonium perchlorate in amounts in excess of this action level. In April, 1997, Registrant found ammonium perchlorate in three additional wells and had removed those wells from service until it was determined that the levels were safe. Registrant has been able, pursuant to establishment by DOHS of an interim MCL for perchlorate, to return the three wells to service. Registrant provides continual monitoring of these wells to ensure that levels of perchlorate are below the action level currently in effect. GenCorp Aerojet has agreed to reimburse Registrant for all necessary and reasonable activities in the construction of a pipeline to for interconnection of the Folsom City and Arden-Cordova water systems to provide an alternative source(s) of water supply in Registrant's Arden-Cordova customer service area. 15 18 Registrant and GenCorp Aerojet are in negotiations on other matters related to procedures to address cleanup of the contaminated wells, costs associated with the cleanup, costs associated with increased costs of purchased water as compared to pumped sources and costs associated with new sources of groundwater supply. Registrant is unable to predict when the negotiations will be completed or the likely outcome of such negotiations. Matters Relating to Culver City System The compound methyl tertiary butyl ether ("MTBE") has been detected in the Charnock Basin located in the city of Santa Monica and Culver City, which lies within Registrant's service area. MTBE is an oxygenate used in reformulated fuels. At the request of the Regional Water Quality Control Board, the City of Santa Monica and the California Environmental Protection Agency, Registrant removed two of its wells in the Culver City system from service in October, 1996 to help in efforts to avoid further spread of the MTBE contamination plume. Neither of these wells have been found to be contaminated with MTBE. Registrant is purchasing water from the Metropolitan Water District at an increased cost to replace the water supply formerly pumped from the two wells removed from service. Several studies are under way to determine the possible sources and causes of the MTBE contamination. The federal EPA is pursuing an enforcement effort to reach a settlement with the potentially responsible parties on matters relating to the cleanup of the contamination as well as to obtain reimbursement from such parties for increased costs incurred by Registrant in purchasing replacement water. Registrant is unable to predict the outcome of the EPA's enforcement effort, and no assurance can be given as to whether Registrant will obtain reimbursement for the increased costs of purchasing water to replace the water formerly pumped from the affected wells in the Culver City system. Bear Valley Electric There have been no environmental matters that have materially affected or are currently materially affecting Registrant's Bear Valley Electric customer service area. RATES AND REGULATION Registrant is subject to regulation by the CPUC as to its water and electric business and properties. The CPUC has broad powers to regulate public utilities with respect to service and facilities, rates, classifications of accounts, valuation of properties and the purchase, disposition and mortgaging of properties necessary or useful in rendering public utility service. The CPUC also has authority over the issuance of securities, the granting of certificates of convenience and necessity as to the extension of services and facilities and various other matters. The 22 customer service areas of Registrant are grouped into 16 water districts and one electric district for ratemaking purposes. Registrant's water rates vary among the 16 ratemaking districts due to differences in operating conditions and costs. Registrant continuously monitors operations in each of these districts so that it may file applications for rate changes, when warranted, on a district-by-district basis, in accordance with the CPUC's procedure. Under the CPUC's practices, rates may be increased by three methods: general rate increases, offsets for certain expense increases and advice letter filings related to certain plant additions. In January, 1996, new rates were effective in six of Registrant's rate-making districts which, among other things, authorized a rate of return on common equity of 10.40%, increased depreciation 16 19 rates, authorized recovery of postretirement medical benefit costs, increased current recovery of labor and labor-related expenses and resulted in an increase in annual water operating revenues of approximately $15 million. Water rates in two additional ratemaking districts were increased on January 1, 1997 to recover costs associated with 1996 and 1997 capital projects in those areas. Registrant filed notices of intent to increase water rates in four ratemaking districts in January, 1997 although only three applications were actually filed. Registrant has received CPUC staff reports on the three pending applications and believes that a settlement agreement on all issues related thereto has been reached. Since the settlement agreement has yet to be signed by all parties, Registrant is unable to predict whether the CPUC will authorize all or any of the proposed increases, although it is not anticipated that new rates, if approved, would be effective before January, 1998. In November, 1996, Registrant filed an application with the CPUC seeking recovery through rates of $1.8 million in costs associated with its participation the coastal aqueduct extension of the State Water Project ("SWP"). Registrant is also pursuing alternative forms of recovery of its investment in SWP including assessment of costs to new construction based on an equivalent dwelling unit charge or other applicable unit of measurement, which assessment will require CPUC approval. Registrant is currently unable to predict if the CPUC will authorize recovery of all or any of the costs associated with its participation in the Project. See Notes to Financial Statements for more information. New rates were effective in May, 1996 in Registrant's Bear Valley Electric customer service area. An additional step increase was effective in January, 1997. WATER-RELATED OPPORTUNITIES Registrant continues to pursue strategic opportunities related to the operation of municipally-owned water systems. Registrant has pursued and continues to pursue opportunities to bid on long-term leases and operation contracts on a stand-alone basis or as part of a joint venture. In December, 1996, Registrant and U.S. Water, L.L.C., a limited liability company owned by United Infrastructure Company, a general partnership formed by the Bechtel and Peter Kiewet organizations, and by Northwest Water Holdings, Inc., a subsidiary of United Utilities PLC, a water and electric utility based in the United Kingdom, formed Golden State Water Company LLC ("GSWC") for the purpose of pursuing potential opportunities to lease, or operate and maintain, municipally owned retail water supply and distribution systems and water treatment, wastewater collection and wastewater treatment facilities in California. There can be no assurance that such opportunities will materialize or that, if they do, Registrant (either jointly with GSWC or alone) would be successful in consummating any such lease and/or maintenance and operation arrangements. ACCOUNTING STANDARD In February, 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings per Share." This statement, which is effective for financial statements issued for periods ending after December 15, 1997, including interim periods, establishes simplified standards for computing and presenting earnings per share ("EPS"). SFAS No. 128 requires dual presentation of basic and diluted EPS on the face on the income statement for entities with complex capital structures and disclosure of the calculation of each EPS amount. Registrant does not anticipate that adoption of SFAS No. 128 will have a significant impact on reported earnings. 17 20 FORWARD-LOOKING INFORMATION Certain matters discussed in this Report (including the documents incorporated herein by reference) are forward-looking statements intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Registrant "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe Registrant's future plans, objectives, estimates or goals are also forward-looking statements. Such statements address future events and conditions concerning capital expenditures, earnings, litigation, rate and other regulatory matters, adequacy of water supplies, liquidity and capital resources, and accounting matters. Actual results in each case could differ materially from those currently anticipated in such statements, by reason of factors such as utility restructuring, including ongoing state and federal activities; future economic conditions, including changes in customer demand; future climatic conditions; legislative, regulatory and other circumstance affecting anticipated revenues and costs. PART II ITEM 1. LEGAL PROCEEDINGS On April 24, 1997, a complaint in multiple counts seeking recovery for negligence, wrongful death, strict liability, trespass, public nuisance, private nuisance, negligence per se, strict liability for ultrahazardous activities and fraudulent concealment was filed in Los Angeles Superior Court on behalf of approximately 145 plaintiffs (the "Adler matter"). After preliminary Demurrers and Motions to Strike, these same plaintiffs filed a First Amended Complaint on or about October 16, 1997 seeking recovery on essentially the same theories. Plaintiffs allege that they are, and at all relevant times were, (1) customers of Registrant, (2) that Registrant has provided and continues to provide them with allegedly contaminated water from wells located in an area of the San Gabriel Valley that has been designated a federal environmental (USEPA) superfund site, and (3) the maintenance of this contaminated well water has resulted in contamination of the soil, subsurface soil, and surrounding air, with trichloroethylene, perchloroethene, carbon tetrachloride and other solvents. Plaintiffs further allege that Registrant's actions have caused, and continue to cause, injuries to the plaintiffs' person, personal property and financial interests in unspecified amounts. Plaintiffs seek damages, including general, special, and punitive damages, according to proof at trial, as well as attorney's fees on certain causes of action, costs of suit, and other unspecified relief. Registrant was initially served with the original Complaint on June 3, 1997. On July 31, 1997, Registrant's Motion for A Change of Venue for this matter from Downtown Los Angeles to Pasadena, California was granted. On October 1, 1997, Registrant's Demurrers and Motions to Strike were granted in part and denied in part, resulting in the filing of the Plaintiff's First Amended Complaint on October 16, 1997. Registrant filed its second Demurrer and Motion to Strike on November 4, 1997 and a hearing is scheduled for December 12, 1997. Registrant is unable to predict the outcome of any hearing on the First Amended Complaint and other Motions. Registrant has provided water service in portions of the San Gabriel Valley for over 60 years along with over 30 other water purveyors. Portions of the San Gabriel Valley have been designated a USEPA superfund site. Registrant is not a potentially responsible party with respect to contamination of the site or sites in the San Gabriel Valley which have been designated as superfund sites. Registrant has commenced and is continuing a review and evaluation of plaintiff's claims and its insurance coverage for these potential liabilities allegedly arising over the past 30 years. In light of the breadth of plaintiff's 19 21 claims, the lack of factual information regarding plaintiff's claims and injuries, if any, the fact that no discovery has yet been completed, Registrant is unable to determine at this time what, if any, potential liability it may have with respect to these claims. Registrant was served on November 3, 1997 as Doe I in the matter of Santamaria v. Suburban Water Systems. The complaint makes claims based on Negligence, Strict Liability, Trespass, Nuisance, Negligence per se, Absolute Liability for Ultrahazardous Activity and Fraudulent Concealment. The complaint makes allegations that Registrant sold, but did not create, contaminated water to certain of the 379 individual plaintiffs claiming personal injury and property damage. In addition, there are 10 wrongful death claims with 19 wrongful death plaintiffs. The complaint encompasses a geographical area which includes, as far as can be ascertained, little of Registrant's systems. The complaint differs from the Adler matter in that the plaintiffs have also named Suburban Water Systems, Southwest Water Co., Covina Irrigating Co., California Domestic Water Company, San Gabriel Valley Water Company, and certain of the potential responsible parties in the Superfund Site effecting this area. Plaintiff's attorneys have apparently not yet made a decision as to whether they will serve the potentially responsible parties and no defendant has appeared in this action yet. Registrant is in the very early stages of investigating this matter. Registrant is also subject to ordinary routine litigation incidental to its business. Other than as disclosed above, no legal proceedings are pending, except such incidental litigation, to which Registrant is a party or of which any of its properties is the subject which are believed to be material. ITEM 2. CHANGES IN SECURITIES As of September 30, 1997, earned surplus amounted to $52,944,000. Of this amount, $27,466,000 was restricted, under the most restrictive of the Registrant's credit agreements, as to payment of cash dividends on the Common Shares of the Registrant. As of June 30, 1997, authorized but unissued Common Shares includes 89,226 and 71,408 Common Shares reserved for issuance under Registrant's Dividend Reinvestment and Common Share Purchase Program and Investment Incentive Program ("401-k"), respectively. Common Shares reserved for the 401-k Plan are in relation to the matching contributions by Registrant and for investment purposes by participants. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matter was submitted during the third quarter of the fiscal year covered by this report to a vote of security holders through the solicitation of proxies or otherwise. 19 22 ITEM 5. OTHER INFORMATION On October 27, 1997, the Board of Directors of Registrant declared a regular quarterly dividend of $0.315 per common share, an increase of 1.6%. In other actions, the Board of Directors declared regular quarterly dividends of $0.25 per share, $0.265625 per share and $0.3125 per share on its 4%, 4-1/4% and 5% Cumulative Preferred Shares, respectively. The dividends will be paid December 1, 1997 to shareholders of record as of the close of business on November 17, 1997. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K None. 20 23 SIGNATURES Pursuant to the requirements of Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized officer and chief financial officer. SOUTHERN CALIFORNIA WATER COMPANY By : s/ McCLELLAN HARRIS III . -------------------------------- McClellan Harris III Vice President - Finance, Chief Financial Officer and Corporate Secretary Date: November 12, 1997 21 EX-27 2 FINANCIAL DATA SCHEDULE
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE SHEETS AND INCOME STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS FILED HEREWITH. 1,000 3-MOS SEP-30-1997 OCT-31-1997 PER-BOOK 374,306 1,470 45,093 27,531 0 448,400 22,394 74,937 52,944 150,275 480 1,600 113,223 19,000 0 0 63 40 953 88 162,678 448,400 45,700 3,912 33,403 37,315 8,385 197 8,582 2,538 6,044 23 6,021 2,777 0 8,183 0.67 0.67
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