-----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, QSKzkSwdUezu5WrR0z3mYU5MBMW1CRyxQYjVQZB5TIxx0cZTtZblRuaZLBP62f7u T4TdT6ejJYA/I5Ch/cFO9g== 0000950156-00-000173.txt : 20000314 0000950156-00-000173.hdr.sgml : 20000314 ACCESSION NUMBER: 0000950156-00-000173 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EASTERN ENTERPRISES CENTRAL INDEX KEY: 0000311259 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 041270730 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 001-02297 FILM NUMBER: 567687 BUSINESS ADDRESS: STREET 1: 9 RIVERSIDE RD CITY: WESTON STATE: MA ZIP: 02493 BUSINESS PHONE: 7816472300 FORMER COMPANY: FORMER CONFORMED NAME: EASTERN GAS & FUEL ASSOCIATES DATE OF NAME CHANGE: 19890511 10-K/A 1 EASTERN ENTERPRISES FORM 10-K/A ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A ANNUAL REPORT PURSUANT TO SECTION 13 OR 15}D{ OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999 ---------------- COMMISSION FILE NUMBER 1-2297 EASTERN ENTERPRISES 9 Riverside Road, Weston, Massachusetts 02493 (781) 647-2300 MASSACHUSETTS 04-1270730 (State of organization) (I.R.S. Employer Identification No.) ---------------- Securities registered pursuant to Section 12(b) of the Act: NAME OF EACH EXCHANGE TITLE OF EACH CLASS ON WHICH REGISTERED Common Stock, par value $1.00 per share New York Stock Exchange Common Stock Purchase Rights, no par value Boston Stock Exchange Pacific Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None 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. Disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, but will be contained in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K. The aggregate market value of the voting stock held by non-affiliates of the registrant was approximately $1,571 million as of February 29, 2000. There were 27,146,679 shares of Common Stock, par value $1.00 per share, outstanding as of February 29, 2000. ---------------- DOCUMENTS INCORPORATED BY REFERENCE Portions of the annual report to shareholders for the year ended December 31, 1999 are incorporated by reference into Part II of this Report. Portions of the Registrant's 2000 definitive Proxy Statement for the Annual Meeting of Shareholders to be held April 26, 2000 are incorporated by reference into Part III of this Report. ---------------- Exhibits to Form 10-K and Financial Statement Schedules have been included only in copies of the Form 10-K filed with the Securities and Exchange Commission. ================================================================================ The purpose of this Form 10-K/A is to correct Exhibit 13.1. The 1998 column in the "Six-Year Financial Review" contained an incorrect amount for per share earnings from discontinued operations and accounting change. In addition the "Dividends Declared Per Share" columnar headings were incorrectly labeled. The 1998 columnar heading should be labeled 1999 and 1997 heading should be labeled 1998. Exhibit 13.1
SIX-YEAR FINANCIAL REVIEW Years ended December 31, 1999 1998 1997 1996 1995 1994 - ---------------------------------------------------------------------------------------------------------------------------------- (In thousands, except per share amounts) REVENUES: Natural gas distribution $690,809 $667,106 $ 754,481 $ 755,391 $698,123 $708,694 Marine transportation 267,269 261,061 269,259 301,880 296,339 264,692 Other services 20,624 7,097 -- -- -- -- ----------------------------------------------------------------------------- TOTAL REVENUES 978,702 935,264 1,023,740 1,057,271 994,462 973,386 OPERATING EARNINGS: Natural gas distribution 101,359 88,913 87,773 77,291 69,264 73,438 Marine transportation 21,114 26,634 34,614 58,415 57,828 35,805 Other services (2,932) (9,043) (1,481) -- -- -- Headquarters (6,102) (6,099) (5,589) (5,472) (5,756) (4,221) ----------------------------------------------------------------------------- TOTAL OPERATING EARNINGS 113,439 100,405 115,317 130,234 121,336 105,022 OTHER INCOME (EXPENSE): Interest income 7,964 7,582 8,997 9,419 5,633 1,953 Interest expense (39,136) (33,584) (37,411) (37,290) (41,273) (41,001) Other, net 8,980 5,591 (4,033) (114) 4,109 2,546 ----------------------------------------------------------------------------- EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 91,247 79,994 82,870 102,249 89,805 68,520 Provision for income taxes 36,154 29,166 26,954 37,748 26,244 26,311 ----------------------------------------------------------------------------- EARNINGS FROM CONTINUING OPERATIONS BEFORE EXTRAORDINARY ITEMS AND ACCOUNTING CHANGE 55,093 50,828 55,916 64,501 63,561 42,209 Discontinued operations and accounting change (1) -- 8,193 -- -- -- 12,212 Extraordinary items(2) -- 46,960 -- -- (6,500) -- ----------------------------------------------------------------------------- NET EARNINGS $ 55,093 $105,981 $ 55,916 $ 64,501 $ 57,061 $ 54,421 ----------------------------------------------------------------------------- NUMBER OF COMMON SHARES: Outstanding at year end 27,114 22,525 22,383 22,248 22,097 22,272 Diluted weighted average 24,254 22,680 22,498 22,414 22,171 22,626 DILUTED PER SHARE DATA: EARNINGS FROM CONTINUING OPERATIONS BEFORE EXTRAORDINARY ITEMS AND ACCOUNTING CHANGE(3) $2.27 $2.24 $2.49 $2.88 $2.87 $1.87 Discontinued operations and accounting change(1) -- 0.36 -- -- -- 0.54 Extraordinary items(2) -- 2.07 -- -- (0.30) -- ----------------------------------------------------------------------------- NET EARNINGS $2.27 $4.67 $2.49 $2.88 $2.57 $2.41 ============================================================================= Dividends declared $ 1.69 $ 1.65 $ 1.61 $ 1.51 $ 1.42 $ 1.40 Shareholders' equity 27.83 24.24 21.64 20.72 19.30 18.09 FINANCIAL STATISTICS AND RATIOS: Cash from operating activities $ 113,931 $ 134,256 $ 146,640 $ 128,439 $ 163,359 $ 121,885 Capital expenditures 88,117 113,712 89,216 119,783 85,352 64,014 Depreciation and amortization 81,373 75,521 71,322 67,229 64,005 61,197 Total assets 2,019,757 1,518,612 1,530,365 1,514,853 1,463,924 1,422,830 Long-term debt 515,232 385,519 371,492 367,683 379,018 387,901 Shareholders' equity 754,630 546,069 484,470 461,013 426,473 403,004 Debt/equity ratio 41/59 41/59 43/57 44/56 47/53 49/51 Return on total capital(4) 7.0% 8.0% 9.3% 10.6% 10.9% 8.5% Return on equity(4) 8.5% 9.9% 11.9% 14.6% 15.4% 10.6% - ---------------------------------------------------------------------------------------------------------------------------------- (1) Includes accounting change to adopt accrual method for unbilled revenue in 1998, and results from Water Products Group net of tax in 1994. (2) Provision (credits) for Coal Act liabilities of $(74,500) and $10,000 pre-tax in 1998 and 1995, respectively, and loss on early extinguishment of debt of $2,255 pre-tax in 1998. (3) Basic earnings per share from continuing operations before extraordinary items and accounting change were $2.28, $2.26, $2.50, $2.90, $2.88 and $1.87 for 1999 through 1994, respectively. (4) Based on earnings from continuing operations before extraordinary items and accounting change.
STOCK PRICE RANGE 1999 1998 QUARTER HIGH LOW HIGH LOW - ------- ---- --- ---- --- FIRST $45 $36 3/8 $45 5/8 $40 3/8 SECOND 40 9/16 33 1/2 44 3/4 37 5/8 THIRD 47 3/8 38 1/16 43 1/2 38 1/4 FOURTH 57 7/16 46 44 1/4 40 DIVIDENDS DECLARED PER SHARE QUARTER 1999 1998 - ------- ---- ---- FIRST $ .42 $ .41 SECOND .42 .41 THIRD .42 .41 FOURTH .43 .42 ----- ----- TOTAL $1.69 $1.65 ===== ===== SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this amended report to be signed on its behalf by the undersigned, thereunto duly authorized. EASTERN ENTERPRISES Registrant By /s/ JAMES J. HARPER JAMES J. HARPER Vice President and Controller (Chief Accounting Officer) Date: March 13, 2000 -----END PRIVACY-ENHANCED MESSAGE-----