Consumers Gas - 1998 Second Quarter Results.TORONTO--(BUSINESS WIRE)--April 28, 1998--Consumers Gas IPL (Initial Program Load) Same as boot. 1. IPL - Information Processing Language. 2. IPL - Internet Public Library. 3. IPL - Initial Program Load. 4. IPL - Initial Program Loader. Energy(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :IPL.) (ME:IPL.) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IPPIF) (April 28, 1998) The Consumers' Gas Company Ltd., today announced income applicable to common shares of $123.9 million or $1.82 per common share for the six months ended March 31, 1998, compared to $152.9 million or $2.30 per common share for the comparable period last year. The Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. the quarterly dividends on all classes of preference shares payable on July July: see month. 1, 1998, to shareholders of record on June June: see month. 5, 1998. -0- Pref. Group 1, Series A & B $1.375 Pref. Group 1, Series C $1.25 Pref. Group 2, Series C $0.403125 Pref. Group 3, Series C $0.3575 -0- The Consumers' Gas Company Ltd., Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , is a wholly-owned subsidiary of IPL Energy Inc. of Calgary Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial . IPL Energy is a leader in energy delivery and services, operating the world's longest crude oil and liquids pipeline through the combined Interprovincial Pipe Line Inc. and Lakehead The term Lakehead can refer to several different things: Geographic
Population: 1,392,346 (2001), est. , Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. and Upper New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of under the symbol "IPL". In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. the shares trade on the NASDAQ National Market under "IPPIF". Lakehead's preference units trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under "LHP LHP Left-Handed Pitcher LHP Left Hand Path LHP Lighthouse Point (Broward County, Florida city) LHP Left Half-Plane LHP Lead Hollowpoint (bullet) LHP Living History Project LHP Landslide Hazard Program ". -0-
THE CONSUMERS' GAS COMPANY LTD.
Financial and Operating Highlights
For the six months ended
March 31
--------------------------------------------------------------
1998 1997
--------------------------------------------------------------
Financial
(expressed in thousands except
per share amounts)
Gas sales $1,040,350 $1,217,685
Transportation of gas 82,652 17,559
Other revenue 127,143 111,134
------------------------
Total revenue 1,250,145 1,346,378
Gas costs 654,830 721,227
------------------------
Net revenue $ 595,315 $ 625,151
------------------------
------------------------
Net income $ 124,018 $ 153,087
Income applicable to common shares $ 123,880 $ 152,944
Earnings per common share $ 1.82 $ 2.30
Long term interest coverage ratio(1) 2.3 2.8
Net tangible asset coverage ratio
of long term debt
Before and after deferred taxes 1.7 1.7
Operating
Volumetric statistics
(millions of cubic metres)
Gas sales
Residential 2,486 2,863
Commercial 2,076 2,844
Industrial 569 825
Wholesale 87 122
Transportation of gas 2,567 1,405
------------------------
Total distribution volume 7,785 8,059
------------------------
------------------------
Number of active customers 1,383,636 1,330,626
Degree day deficiency(2)
Actual 2,922 3,270
Forecast based on normal weather 3,435 3,316
Preference Share Information
TSE closing price of preference shares
CGT.PR.A - Group 1,
Series A, 5 1/2 percent $ 96.25 $ 95.00
CGT.PR.B - Group 1,
Series B, 5 1/2 percent $ 99.95 $ 95.05
CGT.PR.H - Group 2,
Series C, 6.45 percent $ 26.15 $ 26.90
CGT.PR.G - Group 3,
Series C, 5.72 percent $ 25.00 $ 25.55
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-0- Note 1: Based on the 12 month period then ended. Note 2: Degree day deficiency A shortage or insufficiency. The amount by which federal Income Tax due exceeds the amount reported by the taxpayer on his or her return; also, the amount owed by a taxpayer who has not filed a return. is a measure of coldness which is indicative indicative: see mood. of volumetric volumetric /vol·u·met·ric/ (vol?u-met´rik) pertaining to or accompanied by measurement in volumes. vol·u·met·ric adj. Of or relating to measurement by volume. requirements of natural gas utilized for heating purposes in all markets. It is calculated by accumulating from October October: see month. 1 the total number of degrees each day by which the daily mean temperature falls below 18 degrees Celsius Cel·si·us adj. Abbr. C Of or relating to a temperature scale that registers the freezing point of water as 0° and the boiling point as 100° under normal atmospheric pressure. . The figures given are those accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. in the Toronto area. -0-
The Consumers' Gas Company Ltd.
Consolidated Statements of Income (unaudited) (note 1)
(thousands of dollars except per share amounts)
--------------------------------------------------------------
Three months ended Six months ended
March 31 March 31
--------------------------------------------------------------
1998 1997 1998 1997
--------------------------------------------------------------
Gas sales $631,037 $789,925 $1,040,350 $1,217,685
Gas costs 399,794 472,362 654,830 721,227
-------------------------------------------
Gas sales margin 231,243 317,563 385,520 496,458
Transportation
of gas 59,366 12,315 82,652 17,559
-------------------------------------------
Net gas distribution
revenue 290,609 329,878 468,172 514,017
Other revenue 62,357 51,344 127,143 111,134
-------------------------------------------
352,966 381,222 595,315 625,151
-------------------------------------------
Expenses
Operation and
maintenance 78,618 81,594 160,749 159,405
Depreciation 48,536 41,838 95,956 83,017
Municipal and
other taxes 10,380 9,445 19,696 18,318
-------------------------------------------
137,534 132,877 276,401 260,740
-------------------------------------------
Income before
undernoted items 215,432 248,345 318,914 364,411
Financial charges
Interest on long
term debt 37,569 37,199 77,404 74,272
Other interest and
finance costs 4,344 2,793 7,584 7,478
Dividends on Group 2
and 3 preference
shares 1,522 1,522 3,043 3,043
Interest capitalized(1,525) (1,269) (2,800) (2,589)
------------------------------------------
41,910 40,245 85,231 82,204
------------------------------------------
Income before
income taxes 173,522 208,100 233,683 282,207
Income taxes
Current 77,003 91,182 96,599 124,903
Deferred 3,472 2,529 13,066 4,217
------------------------------------------
80,475 93,711 109,665 129,120
------------------------------------------
Net income 93,047 114,389 124,018 153,087
Dividends on Group 1
preference shares 67 70 138 143
------------------------------------------
Income applicable to
common shares $ 92,980 $114,319 $ 123,880 $ 152,944
------------------------------------------
------------------------------------------
Earnings per common
share (note 2) $ 1.37 $ 1.72 $ 1.82 $ 2.30
--------------------------------------------------------------
--------------------------------------------------------------
-0- Note 1: Due to the seasonal nature of the Company's operations and the Company's rate design which emphasizes the recovery of higher levels of allocated costs of service during the heating season, the amounts shown for the three and six month periods are not necessarily indicative of the results for the full fiscal year. Note 2: Earnings per common share amounts have been computed by using the weighted average number of common shares outstanding during the period being 67.9 million for the six month period ended March 31, 1998 (66.6 million for the six month period ended March 31, 1997). -0-
The Consumers' Gas Company Ltd.
Consolidated Balance Sheets (unaudited)
(thousands of dollars)
--------------------------------------------------------------
March 31 September 30
--------------------------------------------------------------
1998 1997
--------------------------------------------------------------
Assets
Current assets
Cash and short term investments $ 1,078 $ 892
Accounts receivable 356,173 191,653
Materials and supplies 33,278 37,257
Gas in storage 81,613 309,901
Prepaid expenses 49,318 16,673
--------------------------
521,460 556,376
--------------------------
Property, plant and equipment 4,049,271 3,874,719
Accumulated depreciation 1,054,262 974,029
--------------------------
2,995,009 2,900,690
--------------------------
Other assets and deferred charges 91,783 85,132
--------------------------
$3,608,252 $3,542,198
--------------------------------------------------------------
--------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities
Loans and notes payable $ 378,068 $ 354,268
Accounts payable 236,292 317,467
Income and other taxes payable 45,218 47,648
Deferred income taxes 22,437 9,867
Dividends payable 21,291 20,231
Current portion of long term debt 2,655 253,640
--------------------------
705,961 1,003,121
--------------------------
Long term debt 1,685,052 1,408,145
--------------------------
Preference shares 100,000 100,000
--------------------------
Deferred income taxes 4,311 3,880
--------------------------
Shareholders' equity
Capital stock
Group 1 preference shares 4,892 5,182
Common shares 333,420 333,420
Contributed surplus 50,198 50,195
Retained earnings 724,418 638,255
--------------------------
1,112,928 1,027,052
--------------------------
$3,608,252 $3,542,198
--------------------------------------------------------------
--------------------------------------------------------------
-0- Note 3: The consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and related notes have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting applicable to interim periods; consequently they do not include all generally accepted accounting disclosures required for annual consolidated financial statements. For more complete information these consolidated financial statements should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the consolidated financial statements and notes contained in the Company's Annual Review and Financial Statements. -0-
The Consumers' Gas Company Ltd.
Consolidated Statements of Changes in Financial Position
(unaudited)
(thousands of dollars)
--------------------------------------------------------------
Six months ended
March 31
--------------------------------------------------------------
1998 1997
--------------------------------------------------------------
Cash generated from operations
Net income $124,018 $153,087
Charges (credits) not affecting cash
Depreciation 95,956 83,017
Deferred income taxes 13,066 4,217
Amortization of deferred
charges and other items 1,220 1,299
---------------------------
234,260 241,620
Change in non-cash operating
working capital (48,503) 10,236
---------------------------
185,757 251,856
---------------------------
External financing
Issue of long term debt 277,045 304,477
Issue of common shares - 1,171
Long term debt repayments (251,123) (41,199)
Redemption of Group 1
preference shares (290) (328)
--------------------------
25,632 264,121
--------------------------
211,389 515,977
--------------------------
Dividends paid
Group 1 preference shares 142 148
Common shares 37,661 34,598
--------------------------
37,803 34,746
--------------------------
Investments
Additions to property,
plant and equipment 190,275 169,229
Additions to other assets
and deferred charges 7,871 8,290
Other, net (946) (889)
-------------------------
197,200 176,630
-------------------------
Increase (decrease) in cash $(23,614) $304,601
--------------------------------------------------------------
--------------------------------------------------------------
-0- For the purpose of this statement, cash is defined as cash and short term investments less loans and notes payable. CONTACT: The Consumers' Gas Company Ltd., Toronto N. B. Loberg, 416/498-2910 416/498-2977 (FAX) 905/274-5432 (Residence) nloberg@consumersgas.com or IPL Energy Inc. F. W. Ternan Saint Ternan (sixth century?) is venerated as the "Bishop of the Picts." Not much is known of his life. He may have been consecrated by St. Palladius in 440. Some scholars believe that he may have been a monk at Culross, which had been founded by St. , Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. , 403/686-3268 Res 403/231-4848 (FAX) frank.ternan@iplenergy.com http://www.iplenergy.com |
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