Bay State Gas Reports Fiscal Second Quarter Earnings.WESTBOROUGH Westborough, town (1990 pop. 14,133), Worcester co., E central Mass., on the Assabet River; inc. 1717. The town, which is largely residential, produces electronic components, tools, dyes, and other products. , Mass.--(BUSINESS WIRE)--April 30, 1998--Bay State Gas Company (NYSE NYSE See: New York Stock Exchange :BGC BGC General Cable Corporation (stock symbol) BGC Billy Graham Center BGC Baptist General Conference (formerly Swedish Baptist Denomination) BGC Boys & Girls Club BGC Bubblegum Crisis ) today reported diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $1.45 for the fiscal second quarter ended March 31, 1998, compared to $1.68 for the year-ago quarter. Excluding the effect of unusual items (weather- and merger-related), earnings would have been $1.80 per share this past quarter and $1.74 during the year-earlier quarter. Costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's previously announced planned merger with NIPSCO NIPSCO Northern Indiana Public Service Company Industries, Inc. (NYSE:NI), which were primarily financial and legal advisory costs, decreased earnings per share by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.06. Weather, which was about 14.1% warmer than normal, further reduced earnings by $0.29 per share. The company added about 4,900 customers during the past 12 months, which will support future growth. In order to further ensure long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. gas sales growth in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. , Bay State has been working to increase pipeline capacity to the region by investing in the Portland Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. Natural Gas Transmission System (PNGTS PNGTS Portland Natural Gas Transmission System (Maine) ) as an equity partner. PNGTS continues to be on target for a November November: see month. 1998 start-up Start-up The earliest stage of a new business venture. . -0-
Financial Highlights
March 1998 March 1997
In thousands, except per-share amounts
Three Months
Operating revenues $ 177,434 $ 199,894
Net income $ 20,066 $ 22,934
Diluted earnings per
average common share $ 1.45 $ 1.68
Avg. diluted number of
common shares outstanding 13,787 13,574
Six Months
Operating revenues $ 330,790 $ 336,901
Net income $ 31,784 $ 36,138
Diluted earnings per
average common share $ 2.30 $ 2.65
Avg. diluted number of
common shares outstanding 13,743 13,584
Twelve Months
Operating revenues $ 467,470 $ 451,653
Net income $ 21,709 $ 25,286
Diluted earnings per
average common share $ 1.57 $ 1.84
Avg. diluted number of
common shares outstanding 13,685 13,569
-0- Progress Continues on Merger with NIPSCO Industries, Inc. Bay State Gas filed with regulators in Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , New
Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Maine Maine, shipMaine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. on March 20, 1998, for approval to merge See mail merge and concatenate. with NIPSCO Industries, Inc. of Merrillville, Indiana Merrillville (IPA: [ˈmɛ.ɹəlˌvɪl]) is a town in Lake County, Indiana, United States. The population was 30,560 at the 2000 census. Merrillville is located in the east-central portion of Lake County. . State regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. filings such as these are customary in a merger approval process. A special meeting of Bay State shareholders to vote on the merger is scheduled for May 27, 1998 at the company's corporate office in Westborough, Mass. Bay State has requested the timing of regulatory approvals to allow for the closing of the transaction by September September: see month. 30, 1998. -0- Bay State Gas Company operates in three related energy business segments: Utility; Energy Products & Services; and Energy Ventures. Geographically ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge , Bay State is the largest gas utility in New England, serving more than 308,000 natural gas customers in the states of Massachusetts, New Hampshire, and Maine. The company's nonregulated Energy Products & Services business serves about 94,000 residential, commercial, and industrial customers throughout the U.S., and markets products and services through its subsidiaries, EnergyUSA(TM), Savage-Alert, Inc., and EnergyEXPRESS(TM). Bay State's Energy Ventures segment develops business opportunities and projects which are closely related to the company's core businesses. On December December: see month. 18, 1997, Bay State announced its intent to merge with NIPSCO Industries. NIPSCO Industries, with headquarters in Merrillville, Indiana, is an energy/utility-based holding company. Its regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. subsidiaries provide natural gas and electricity in northern Indiana Northern Indiana is the region of Indiana including 26 counties bordering parts of Illinois, Michigan, and Ohio. The area is generally sub-classified into other regions. The northwest is economically and culturally intertwined with Chicago, and is considered part of the Chicago , water in central Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , and interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. natural gas pipeline services. The company's nonregulated businesses are primarily energy or utility focused. Final approval on the merger is expected by the close of Bay State's fiscal year. For additional information about Bay State, EnergyUSA(TM), Savage-Alert, EnergyEXPRESS(TM) and NIPSCO Industries, Inc., please visit the following web sites: "http://www.bgc.com;" "http://www.energyusa.com;" and "http://www.nipsco.com." -0-
Bay State Gas Company
Consolidated Statements of Earnings
(Unaudited, in thousands except per share amounts)
Three months ended Six months ended
March 31, March 31,
1998 1997 1998 1997
Operating revenues $177,434 $199,894 $330,790 $336,901
Operating expenses:
Recovered natural gas costs 90,481 117,092 169,747 190,577
Other cost of goods sold 8,340 3,120 15,858 5,417
Operations 26,416 25,084 54,924 48,484
Restructuring costs - - - -
Merger costs 1,009 - 2,567 -
Maintenance 2,704 2,385 4,966 5,325
Depreciation and amortizati 7,389 7,350 14,854 14,150
Other taxes, principally
property 3,913 3,696 7,079 7,011
Total operating expenses 140,252 158,727 269,995 270,964
Operating income 37,182 41,167 60,795 65,937
Other income:
Income from sale of subsidiary - - - -
Income from investments 523 692 863 1,423
AFUDC equity and other 806 538 1,270 745
Income before interest and income
taxes 38,511 42,397 62,928 68,105
Interest income (43) (71) (96) (210)
Interest expense 4,969 4,517 9,599 8,877
Federal and state taxes on income 13,519 15,017 21,641 23,300
Net income 20,066 22,934 31,784 36,138
Dividend requirements on
preferred stock 47 72 118 144
Earnings applicable to common
stock $20,019 $22,862 $31,666 $35,994
Average basic number of shares
outstanding 13,521 13,442 13,514 13,440
Basic earnings per share $1.48 $1.70 $2.34 $2.68
Average diluted number of shares 13,787 13,574 13,743 13,584
Diluted earnings per share $1.45 $1.68 $2.30 $2.65
Dividends declared per common
share $0.395 $0.385 $0.790 $0.77
-0-
Bay State Gas Company
Consolidated Statements of Earnings
(Unaudited, in thousands except per share amounts)
Twelve months ended
March 31,
1998 1997
Operating revenues $467,470 $451,653
Operating expenses:
Recovered natural gas costs 242,236 248,746
Other cost of goods sold 20,872 7,903
Operations 101,298 89,012
Restructuring costs 11,213 -
Merger costs 2,567 -
Maintenance 10,212 10,503
Depreciation and amortization 29,190 27,562
Other taxes, principally property 13,319 13,062
Total operating expenses 430,907 396,788
Operating income 36,563 54,865
Other income:
Income from sale of subsidiary 13,344 -
Income from investments 2,107 2,304
AFUDC equity and other 3,322 1,320
Income before interest and income taxes 55,336 58,489
Interest income (212) (620)
Interest expense 18,518 17,112
Federal and state taxes on income 15,321 16,711
Net income 21,709 25,286
Dividend requirements on preferred
stock 261 289
Earnings applicable to common stock $21,448 $24,997
Average basic number of shares
outstanding 13,494 13,426
Basic earnings per share $1.59 $1.86
Average diluted number of shares
outstanding 13,685 13,569
Diluted earnings per share $1.57 $1.84
Dividends declared per common share $1.580 $1.54
-0-
Bay State Gas Company
Consolidated Condensed Balance Sheets
(In thousands)
March 31, March 31, Sept. 30,
1998 1997 1997
(Unaudited) (Unaudited) (Audited)
Assets:
Net plant $512,336 $512,110 $523,301
Investments 28,552 20,228 19,382
Long-term assets 37,001 27,880 30,005
Current assets 165,302 163,524 115,158
Regulatory assets 40,134 43,173 34,273
Total Assets $783,325 $766,915 $722,119
Capitalization & Liabilities:
Capitalization $494,366 $475,449 $468,795
Long-term liabilities 109,035 98,113 95,353
Current liabilities:
Short-term debt 62,691 69,500 51,625
Other 117,233 123,853 106,346
Total current liabilities 179,924 193,353 157,971
Total Capitalization &
Liabilities $783,325 $766,915 $722,119
-0-
Bay State Gas Company
Consolidated Statements of Capitalization
(In thousands)
March 31, March 31,
1998 1997
(Unaudited) (Unaudited)
Common stock equity:
Common stock,$3.33 1/3 par value,
authorized 36,000,000 shares;
13,525,014, 13,441,974,
and 13,506,594 shares
outstanding $45,094 $44,812
Paid-in-capital 103,461 102,045
Retained earnings 107,219 107,082
Total common stock equity 255,774 51.7% 253,939 53.4%
Cumulative preferred stock:
Non-redeemable cumulative prefer - 2,572
Redeemable cumulative preferred - 2,438
Total cumulative preferred stock - 0.0% 5,010 1.1%
Long-term debt:
Revolving credit agreements - 18,000
Notes 243,839 216,500
Total long-term debt 243,839 234,500
Less current maturities of long (5,247) (18,000)
Long-term debt, net 238,592 48.3% 216,500 45.5%
Total capitalization $494,366 100.0% $475,449 100.0%
-0-
Bay State Gas Company
Consolidated Statements of Capitalization
(In thousands)
Sept. 30,
1997
(Audited)
Common stock equity:
Common stock,$3.33 1/3 par value, authorized
36,000,000 shares; 13,525,014, 13,441,974,
and 13,506,594 shares outstanding $45,025
Paid-in-capital 103,126
Retained earnings 86,227
Total common stock equity 234,378 50.0%
Cumulative preferred stock:
Non-redeemable cumulative preferred stock 2,572
Redeemable cumulative preferred stock 2,345
Total cumulative preferred stock 4,917 1.0%
Long-term debt:
Revolving credit agreements 18,000
Notes 216,500
Total long-term debt 234,500
Less current maturities of long term debt (5,000)
Long-term debt, net 229,500 49.0%
Total capitalization $468,795 100.0%
-0-
Bay State Gas Company
Consolidated Condensed Statements of Cash Flows
(Unaudited, in thousands)
6 months ended 12 months ended
March 31, March 31,
1998 1997 1998 1997
Cash flows from operating
activities:
Net income $31,784 $36,138 $21,709 $25,286
Depreciation and amortization 14,854 14,150 29,190 27,562
Deferred income taxes (5,316) 779 (6,140) 7,174
Gain from sale of subsidiary - - (13,344) -
Investment income and AFUDC (1,799) (1,817) (3,909) (3,659)
Changes in operating assets and
liabilities (26,589) (28,462) 3,922 (30,529)
Net cash provided by (used in)
operating activities 12,934 20,788 31,428 25,834
Cash flows from investing
activities:
Additions to plant (25,588) (23,576) (54,390) (52,586)
Proceeds from sale of subsidiary - - 17,000 -
Proceeds from sale of assets 21,985 - 32,130 -
Other investments (7,941) (855) (9,257) (1,932)
Net cash provided by (used in)
investing activities (11,544) (24,431) (14,517) (54,518)
Cash flows from financing
activities:
Issuance of common stock 404 311 1,698 786
Funds generated from other
external financing 41,066 24,850 23,191 53,500
Retirements of preferred stock
and long-term debt (30,106) - (30,199) (37)
Dividends on common and
preferred stock (10,795) (10,496) (21,575) (20,964)
Net cash provided by (used in)
financing activities 569 14,665 (26,885) 33,285
Net increase (decrease) in cash and
temporary cash investments 1,959 11,022 (9,974) 4,601
Cash and temporary cash investments
at beginning of period 3,672 4,583 15,605 11,004
Cash and temporary cash investments
at end of period $5,631 $15,605 $5,631 $15,605
-0- CONTACT: Bay State Gas Company, Westborough, Mass. Media Relations: Carol Churchill Churchill. 1 River, c.600 mi (970 km) long, issuing as the Ashuanipi River from Ashuanipi Lake, SW Labrador, N.L., Canada, and flowing in an arc north, then southeast through a series of lakes to Churchill Falls and McLean Canyon. (508) 836-7370 Investor Relations Investor relations The process by which the corporation communicates with its investors. : Liz Foley fo·ley n. 1. A technical process by which sounds are created or altered for use in a film, video, or other electronically produced work. 2. A person who creates or alters sounds using this process. (508) 836-7396 |
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