Consumers Gas Announces Financial Results.TORONTO--(BUSINESS WIRE)--July 24, 1998--The Consumers' Gas C(NONE:Private) 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 Inc.(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) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :IPL.) (ME:IPL.) (July July: see month. 24, 1998) The Consumers' Gas Company Ltd., today announced income applicable to common shares of $119.4 million or $1.76 per common share for the nine months ended June June: see month. 30, 1998, compared to $164.0 million or $2.46 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 October October: see month. 1, 1998, to shareholders of record on September September: see month. 3, 1998. 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 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 nine months ended
June 30
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1998 1997
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Financial
(expressed in thousands except
per share amounts)
Gas sales $1,271,953 $1,592,818
Transportation of gas 108,776 20,771
Other revenue 186,330 162,192
-----------------------
Total revenue 1,567,059 1,775,781
Gas costs 795,760 954,820
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Net revenue $ 771,299 $ 820,961
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Net income $ 119,567 $ 164,232
Income applicable to common shares $ 119,375 $ 164,017
Earnings per common share $ 1.76 $ 2.46
Long term interest coverage ratio(1) 2.1 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 3,039 3,770
Commercial 2,517 3,740
Industrial 723 1,113
Wholesale 97 168
Transportation of gas 3,586 2,018
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Total distribution volume 9,962 10,809
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----------------------
Number of active customers 1,386,977 1,335,467
Degree day deficiency(2)
Actual 3,309 3,896
Forecast based on normal weather 3,985 3,878
Preference Share Information
TSE closing price of preference shares
CGT.PR.A - Group 1,
Series A, 5 1/2 percent $ 99.00 $ 97.00
CGT.PR.B - Group 1,
Series B, 5 1/2 percent $ 98.50 $ 97.00
CGT.PR.H - Group 2,
Series C, 6.45 percent $ 26.35 $ 26.50
CGT.PR.G - Group 3,
Series C, 5.72 percent $ 24.80 $ 25.60
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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 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)
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Three months ended Nine months ended
June 30 June 30
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1998 1997 1998 1997
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Gas sales $231,603 $375,133 $1,271,953 $1,592,818
Gas costs 140,930 233,593 795,760 954,820
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Gas sales margin 90,673 141,540 476,193 637,998
Transportation of gas 26,124 3,212 108,776 20,771
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Net gas distribution
revenue 116,797 144,752 584,969 658,769
Other revenue 59,187 51,058 186,330 162,192
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175,984 195,810 771,299 820,961
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Expenses
Operation and
maintenance 75,345 82,140 236,094 241,545
Depreciation 50,173 42,706 146,129 125,723
Municipal and other
taxes 10,157 9,311 29,853 27,629
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135,675 134,157 412,076 394,897
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Income before
undernoted items 40,309 61,653 359,223 426,064
Financial charges
Interest on long
term debt 37,428 37,977 114,832 112,249
Other interest and
finance costs 3,724 203 11,308 7,681
Dividends on Group 2
and 3 preference
shares 1,521 1,521 4,564 4,564
Interest capitalized (438) (1,331) (3,238) (3,920)
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42,235 38,370 127,466 120,574
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Income before
income taxes (1,926) 23,283 231,757 305,490
Income taxes
Current 19,627 17,809 116,226 142,712
Deferred (17,102) (5,671) (4,036) (1,454)
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2,525 12,138 112,190 141,258
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Net income (loss) (4,451) 11,145 119,567 164,232
Dividends on Group 1
preference shares 54 72 192 215
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Income (loss) applicable
to common shares $(4,505) $ 11,073 $ 119,375 $ 164,017
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Earnings (loss) per
common share (note 2)$(0.06) $ 0.16 $ 1.76 $ 2.46
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-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 nine 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 nine month period ended June 30, 1998 (66.6 million for the nine month period ended June 30, 1997). -0-
The Consumers' Gas Company Ltd.
Consolidated Balance Sheets (Unaudited)
(thousands of dollars)
--------------------------------------------------------------
June 30 September 30
--------------------------------------------------------------
1998 1997
--------------------------------------------------------------
Assets
Current assets
Cash and short term investments $ 1,011 $ 892
Accounts receivable 180,750 191,653
Materials and supplies 35,599 37,257
Gas in storage 226,537 309,901
Prepaid expenses 10,444 16,673
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454,341 556,376
-------------------------
Property, plant and equipment 4,128,008 3,874,719
Accumulated depreciation 1,095,619 974,029
-------------------------
3,032,389 2,900,690
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Other assets and deferred charges 99,530 85,132
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$3,586,260 $3,542,198
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Liabilities and shareholders' equity
Current liabilities
Loans and notes payable $ 324,995 $ 354,268
Accounts payable 226,843 317,467
Income and other taxes payable 43,549 47,648
Deferred income taxes 5,223 9,867
Dividends payable 21,278 20,231
Current portion of long term debt 2,662 253,640
--------------------------
624,550 1,003,121
--------------------------
Long term debt (note 3) 1,769,097 1,408,145
--------------------------
Preference shares 100,000 100,000
--------------------------
Deferred income taxes 4,429 3,880
--------------------------
Shareholders' equity
Capital stock
Group 1 preference shares 3,962 5,182
Common shares 333,420 333,420
Contributed surplus 50,208 50,195
Retained earnings 700,594 638,255
--------------------------
1,088,184 1,027,052
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$3,586,260 $3,542,198
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-0- Note 3: On May 19, 1998 the Company issued $100,000,000 of 6.10 percent Medium Term Notes with a maturity date of May 19, 2028. Subsequent to June 30, 1998, on July 3, 1998, the Company issued $100,000,000 of 6.05 percent Medium Term Notes with a maturity date of July 5, 2023. The proceeds from the sale of these notes were used to finance capital expenditures and for general corporate purposes. Note 4: 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)
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Nine months ended
June 30
--------------------------------------------------------------
1998 1997
--------------------------------------------------------------
Cash generated from operations
Net income $119,567 $164,232
Charges (credits) not affecting cash
Depreciation 146,129 125,723
Deferred income taxes (4,036) (1,454)
Amortization of deferred charges
and other items 1,775 1,966
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263,435 290,467
Change in non-cash operating
working capital 7,431 108,832
----------------------
270,866 399,299
----------------------
External financing
Issue of long term debt (note 3) 377,045 307,269
Issue of common shares - 1,171
Long term debt repayments (267,071) (74,031)
Redemption of Group 1 preference
shares (1,220) (328)
----------------------
108,754 234,081
----------------------
379,620 633,380
----------------------
Dividends paid
Group 1 preference shares 209 219
Common shares 57,364 53,236
----------------------
57,573 53,455
----------------------
Investments
Additions to property, plant
and equipment 277,828 263,140
Additions to other assets and
deferred charges 16,173 8,364
Other, net (1,346) (936)
----------------------
292,655 270,568
----------------------
Increase (decrease) in cash $ 29,392 $309,357
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-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.
N. B. Loberg, 416/498-2910
416/498-2977 (FAX)
905/274-5432 Residence
nloberg@consumersgas.com
or
IPL Energy Inc.
A. (Al) Monaco, 403/231-3973
or 800/481-2804 Toll Free
403/231-4848 (FAX)
al.monaco@iplenergy.com
http://www.iplenergy.com
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