-----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, JR2bd9cyZEraxC67mN0jDrT0fwuwtX3SteIUjBdZ6vnw8/Mxzw04urAcg5oytmx0 dkv/WoN1kUH33CDQVNMihQ== /in/edgar/work/20000803/0000092416-00-000034/0000092416-00-000034.txt : 20000921 0000092416-00-000034.hdr.sgml : 20000921 ACCESSION NUMBER: 0000092416-00-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000803 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST GAS CORP CENTRAL INDEX KEY: 0000092416 STANDARD INDUSTRIAL CLASSIFICATION: [4923 ] IRS NUMBER: 880085720 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-07850 FILM NUMBER: 685639 BUSINESS ADDRESS: STREET 1: 5241 SPRING MOUNTAIN RD STREET 2: PO BOX 98510 CITY: LAS VEGAS STATE: NV ZIP: 89193-8510 BUSINESS PHONE: 7028767237 MAIL ADDRESS: STREET 1: 5241 SPRING MOUNTAIN RD STREET 2: PO BOX 98510 CITY: LAS VEGAS STATE: NV ZIP: 89193 8-K 1 0001.txt CURRENT REPORT ON FORM 8-K - -------------------------------------------------------------------------------- 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) August 3, 2000 SOUTHWEST GAS CORPORATION (Exact name of registrant as specified in its charter) California 1-7850 88-0085720 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 5241 Spring Mountain Road Post Office Box 98510 Las Vegas, Nevada 89193-8510 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (702) 876-7237 - -------------------------------------------------------------------------------- Item 5. Other Events On August 3, 2000, Southwest Gas Corporation (the Company) released summary financial information to the general public, including the investment community, regarding the Company's operating performance and financial position for the quarter ended June 30, 2000. The financial information released is included herein. This information is summary in nature and should not be considered complete financial statements. Item 7. Exhibits 99 Financial Analyst Report - Second Quarter 2000 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 hereunto duly authorized. SOUTHWEST GAS CORPORATION Date: August 3, 2000 /s/ EDWARD A. JANOV ----------------------------- Edward A. Janov Vice President/Controller and Chief Accounting Officer EX-99 2 0002.txt SUMMARY FINANCIAL INFORMATION SOUTHWEST GAS CORPORATION EXHIBIT 99 SUMMARY STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED TWELVE MONTHS ENDED JUNE 30, JUNE 30, JUNE 30, ---------------------- --------------------- ---------------------- 2000 1999 2000 1999 2000 1999 ----------- ---------- ---------- ---------- ----------- ---------- Gas operating revenues $ 157,885 $ 166,679 $ 424,964 $ 445,789 $ 770,330 $ 806,006 Net cost of gas sold 70,190 71,839 193,694 207,725 316,000 342,819 ----------- ---------- ---------- ---------- ----------- ---------- Operating margin 87,695 94,840 231,270 238,064 454,330 463,187 Operations and maintenance expenses 56,340 55,378 113,667 108,944 225,981 215,085 Depreciation, amortization, and general taxes 30,859 28,951 61,948 58,074 119,738 115,158 ----------- ---------- ---------- ---------- ----------- ---------- Operating income 496 10,511 55,655 71,046 108,611 132,944 Net interest deductions 16,498 14,431 32,885 29,063 65,419 60,008 Preferred securities distribution 1,369 1,369 2,738 2,738 5,475 5,475 ----------- ---------- ---------- ---------- ----------- ---------- Pretax utility income (loss) (17,371) (5,289) 20,032 39,245 37,717 67,461 Utility income tax (7,335) (2,196) 6,034 15,189 11,243 28,361 ----------- ---------- ---------- ---------- ----------- ---------- Net utility income (loss) (10,036) (3,093) 13,998 24,056 26,474 39,100 Other income (expense), net (913) (1,283) (583) (1,367) (275) (4,012) ----------- ---------- ---------- ---------- ----------- ---------- Contribution to net income (loss) - gas operations (10,949) (4,376) 13,415 22,689 26,199 35,088 Contribution to net income - construction services 1,220 780 2,054 1,981 3,910 3,680 ----------- ---------- ---------- ---------- ----------- ---------- Net income (loss) $ (9,729) $ (3,596) $ 15,469 $ 24,670 $ 30,109 $ 38,768 =========== ========== ========== ========== =========== ========== Earnings (loss) per share - gas operations $ (0.35) $ (0.14) $ 0.43 $ 0.74 $ 0.84 $ 1.17 Earnings per share - construction services 0.04 0.02 0.07 0.07 0.13 0.12 ----------- ---------- ---------- ---------- ----------- ---------- Basic earnings (loss) per share $ (0.31) $ (0.12) $ 0.50 $ 0.81 $ 0.97 $ 1.29 =========== ========== ========== ========== =========== ========== Diluted earnings (loss) per share $ (0.31) $ (0.12) $ 0.49 $ 0.80 $ 0.96 $ 1.28 =========== ========== ========== ========== =========== ========== Average outstanding common shares 31,289 30,621 31,215 30,559 31,100 30,123 Average shares outstanding (assuming dilution) -- -- 31,384 30,830 31,325 30,372 The summary statements of income have been prepared by Southwest Gas Corporation (the Company) using the equity method of accounting for its construction services subsidiary. This presentation is not in accordance with generally accepted accounting principles (GAAP). However, it produces the same net income as the consolidated financial statements and, in management's opinion, is a fair representation of the operations and contributions to net income of the Company's operating segments.
SOUTHWEST GAS CORPORATION SUMMARY STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)
SIX MONTHS ENDED TWELVE MONTHS ENDED JUNE 30, JUNE 30, -------------------------- -------------------------- 2000 1999 2000 1999 - --------------------------------------------------------------------------------------------------------------- Gas operating revenues $ 424,964 $ 445,789 $ 770,330 $ 806,006 Net cost of gas sold 193,694 207,725 316,000 342,819 - --------------------------------------------------------------------------------------------------------------- Operating margin 231,270 238,064 454,330 463,187 Operations and maintenance expenses 113,667 108,944 225,981 215,085 Depreciation, amortization, and general taxes 61,948 58,074 119,738 115,158 - --------------------------------------------------------------------------------------------------------------- Operating income 55,655 71,046 108,611 132,944 Net interest deductions 32,885 29,063 65,419 60,008 Preferred securities distribution 2,738 2,738 5,475 5,475 - --------------------------------------------------------------------------------------------------------------- Pretax utility income 20,032 39,245 37,717 67,461 Utility income tax expense 6,034 15,189 11,243 28,361 - --------------------------------------------------------------------------------------------------------------- Net utility income 13,998 24,056 26,474 39,100 Other income (expense), net (583) (1,367) (275) (4,012) - --------------------------------------------------------------------------------------------------------------- Contribution to net income - gas operations 13,415 22,689 26,199 35,088 Contribution to net income - construction services 2,054 1,981 3,910 3,680 =============================================================================================================== Net income $ 15,469 $ 24,670 $ 30,109 $ 38,768 =============================================================================================================== Earnings per share - gas operations $ 0.43 $ 0.74 $ 0.84 $ 1.17 Earnings per share - construction services 0.07 0.07 0.13 0.12 =============================================================================================================== Basic earnings per share $ 0.50 $ 0.81 $ 0.97 $ 1.29 =============================================================================================================== Diluted earnings per share $ 0.49 $ 0.80 $ 0.96 $ 1.28 =============================================================================================================== Average outstanding common shares 31,215 30,559 31,100 30,123 Average shares outstanding (assuming dilution) 31,384 30,830 31,325 30,372 See Notes to Summary Financial Statements.
SOUTHWEST GAS CORPORATION SUMMARY BALANCE SHEET AT JUNE 30, 2000 (In thousands) (Unaudited) ASSETS UTILITY PLANT Gas plant, net of accumulated depreciation $ 1,592,830 Construction work in progress 33,293 --------------- Net utility plant 1,626,123 --------------- OTHER PROPERTY AND INVESTMENTS Investment in construction services subsidiary 31,387 Other 46,022 --------------- Total other property and investments 77,409 --------------- CURRENT AND ACCRUED ASSETS Cash, working funds and temporary cash investments 8,126 Receivables - less reserve of $1,766 for uncollectibles 42,904 Accrued utility revenue 23,373 Deferred purchased gas costs 1,278 Other 32,727 --------------- Total current and accrued assets 108,408 --------------- DEFERRED DEBITS Unamortized debt expense 18,981 Other deferred debits 23,402 --------------- Total deferred debits 42,383 --------------- TOTAL ASSETS $ 1,854,323 =============== CAPITALIZATION AND LIABILITIES CAPITALIZATION Common stockholders' equity Common stock equity, $1 par, 31,358 shares outstanding $ 479,601 Retained earnings 36,144 --------------- Total common stockholders' equity 515,745 36.2 % Preferred securities of Southwest Gas Capital I, 9.125% 60,000 4.2 Long-term debt - NOTE 2 849,633 59.6 --------------- ------------ Total capitalization 1,425,378 100.0 % --------------- ============ CURRENT AND ACCRUED LIABILITIES Notes payable 31,000 Accounts payable 38,076 Customer deposits 28,257 Taxes accrued (including income taxes) 45,531 Other 55,648 --------------- Total current and accrued liabilities 198,512 --------------- DEFERRED CREDITS Deferred investment tax credits 15,970 Deferred income taxes 161,888 Other 52,575 --------------- Total deferred credits 230,433 --------------- TOTAL CAPITALIZATION AND LIABILITIES $ 1,854,323 =============== See Notes to Summary Financial Statements.
SOUTHWEST GAS CORPORATION SUMMARY STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2000 (In thousands) (Unaudited) CASH FLOWS FROM OPERATIONS: Net income $ 15,469 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 46,836 Change in receivables and payables 38,580 Change in gas cost related balancing items 7,773 Change in accrued taxes 4,562 Change in deferred taxes (952) Allowance for funds used during construction (684) Other 6,028 ------------- Net cash provided by operating activities 117,612 ------------- CASH FLOWS FROM INVESTING ACTIVITIES: Construction expenditures (90,853) Other 260 ------------- Net cash used in investing activities (90,593) ------------- CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from stock issuances 7,724 Dividends paid (12,796) Change in notes payable (30,000) Long-term debt issuances, net 3,914 ------------- Net cash used in financing activities (31,158) ------------- Change in cash and temporary cash investments (4,139) Cash at beginning of period 12,265 ------------- Cash at end of period $ 8,126 ============= SUPPLEMENTAL INFORMATION: Interest paid, net of amounts capitalized $ 32,059 Income taxes, net of refunds $ 52 See Notes to Summary Financial Statements.
SOUTHWEST GAS CORPORATION NOTES TO SUMMARY FINANCIAL STATEMENTS (In thousands) (Unaudited) NOTE 1 - BASIS OF PRESENTATION: The summary financial statements have been prepared by Southwest Gas Corporation (the Company) using the equity method of accounting for its construction services subsidiary. This presentation is not in accordance with generally accepted accounting principles (GAAP), and certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted. The summary financial statement presentation in this report produces the same net income as the consolidated financial statements and, in management's opinion, is a fair representation of the operations and contributions to net income of the Company's operating segments. NOTE 2 - LONG-TERM DEBT: Revolving credit facility, variable rate $ 200,000 Debentures and notes: Debentures, 9.75% series F, due 2002 100,000 Debentures, 7.50% series, due 2006 75,000 Debentures, 8% series, due 2026 75,000 Medium-term notes, 7.59% series, due 2017 25,000 Medium-term notes, 7.78% series, due 2022 25,000 Medium-term notes, 7.92% series, due 2027 25,000 Medium-term notes, 6.89% series, due 2007 17,500 Medium-term notes, 6.76% series, due 2027 7,500 Medium-term notes, 6.27% series, due 2008 25,000 Industrial development revenue bonds: Variable-rate bonds, Series A, due 2028 - net of funds held in trust 41,010 7.30% 1992 Series A, due 2027 30,000 7.50% 1992 Series B, due 2032 100,000 6.50% 1993 Series A, due 2033 75,000 6.10% 1999 Series A, due 2038 12,410 Variable-rate bonds, 1999 Taxable Series B, due 2038 22,590 Unamortized discount on long-term debt (6,377) ------------ TOTAL LONG-TERM DEBT $ 849,633 ============ ESTIMATED CURRENT MATURITIES $ - ============
SOUTHWEST GAS CORPORATION SELECTED STATISTICAL DATA JUNE 30, 2000 FINANCIAL STATISTICS Market value to book value per share at quarter end 107% Twelve months to date return on equity -- total company 6.0% -- gas segment 5.5% Common stock dividend yield at quarter end 4.7% GAS OPERATIONS SEGMENT
Authorized Authorized Authorized Return on Rate Base Rate of Common Rate Jurisdiction (In thousands) Return Equity - -------------------------- -------------- ------------- -------------- Arizona (1) $ 541,104 9.38 % 11.25 % Southern Nevada (1) 237,165 9.50 11.55 Northern Nevada (1) 63,986 9.67 11.55 Southern California 69,486 9.94 11.35 Northern California 23,775 10.02 11.35 Paiute Pipeline Company (1) 72,054 9.69 11.60 (1) Estimated amounts based on rate case settlements.
SYSTEM THROUGHPUT BY CUSTOMER CLASS SIX MONTHS ENDED TWELVE MONTHS ENDED JUNE 30, JUNE 30, ---------------------------- ----------------------------- (In dekatherms) 2000 1999 2000 1999 - ---------------------------------------------------------------------------------------------------------------------------- Residential 34,646,987 37,051,568 53,046,169 55,984,863 Small commercial 15,435,918 15,957,431 26,081,514 26,524,178 Large commercial 3,123,192 3,583,670 5,796,083 7,398,927 Industrial / Other 7,393,871 6,820,395 16,004,040 17,628,228 Transportation 65,245,934 56,621,625 127,310,256 112,865,980 - -------------------------------------------------------------------------------- ---------------------------- -------------- Total system throughput 125,845,902 120,034,689 228,238,062 220,402,176 ============================================================================================================================ HEATING DEGREE DAY COMPARISON - ---------------------------------------------------------------------------------------------------------------------------- Actual 1,211 1,423 1,708 2,025 Ten-year average 1,376 1,411 1,990 2,030 ============================================================================================================================
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