8-K 1 folio.htm SECURITIES AND EXCHANGE COMMISSION

 

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

 

January 26, 2001

Date of Report (Date of earliest event reported)

 

PEOPLES ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

Illinois

1-5540

36-2642766

(State or other jurisdiction of

(Commission

(I.R.S. Employer

incorporation or organization)

File Number)

Identification No.)

 

24th Floor, 130 East Randolph Drive, Chicago, Illinois

60601-6207

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code

(312) 240-4000

None

(Former name or former address, if changed since last report)

 

 

Item 9. Regulation FD Disclosure

On January 26, 2001, Peoples Energy Corporation released its preliminary financial results for its first quarter ended December 31, 2000. The following is additional information regarding these preliminary results.

 

 

Peoples Energy Corporation     Preliminary
               
Summary of Selected Financial and Operating Data (Unaudited)
               
        Three Months Ended
        December 31,
          2000   1999
               
Operating Results (thousands)              
Gas Distribution Revenues              
Sales - Residential              
             - Heating         $ 451,235   $ 243,683
             - Non-heating         16,388   12,123
- Commercial         68,392   34,087
- Industrial         13,576   6,799
Total Gas Distribution Sales         549,591   296,692
               
Transportation         36,337   31,479
Other         2,027   6,488
Total Gas Distribution Revenues         587,955   334,659
               
Diversified Energy Revenues         129,027   77,239
Total Operating Revenues         716,982   411,898
               
Less - Cost of energy sold         488,636   228,040
Gross Margin         228,346   183,858
               
Net Income         $ 36,357   $ 29,571
               
Gas Distribution Deliveries (MDth)              
Sales - Residential              
             - Heating         46,324   36,381
             - Non-heating         1,010   905
- Commercial         7,228   5,324
- Industrial         1,464   1,223
Transportation         31,769   28,431
Total Gas Distribution Deliveries         87,795   72,264
               
Number of Gas Distribution Customers (average)              
Sales - Residential              
             - Heating         742,200   735,717
             - Non-heating         176,196   176,846 
- Commercial         48,645   47,775
- Industrial         2,506   3,159
Transportation         17,074   17,672
Total Gas Distribution Customers         986,621   981,169
               
Degree Days - actual         2,631   2,040
               
Per cent colder (warmer) than normal         15.4%   -12.5%

 

 

Peoples Energy Corporation         Preliminary
               
Consolidated Statements of Income (Unaudited)              
               
          Three Months Ended
(Thousands, except per-share amounts)         December 31,
          2000   1999
               
Operating Revenues         $ 716,982   $ 411,898
Operating Expenses:              
Cost of energy sold         488,636   228,040
Operation and maintenance         74,262   66,857
Depreciation, depletion and amortization         22,195   22,884
Taxes - Other than income taxes         61,258   40,443
               
Total Operating Expenses         646,351   358,224
               
Operating Income         70,631   53,674
               
Equity Investment Income         4,797   4,078
               
Total Operating and Equity Investment Income         75,428   57,752
               
Other Income and (Deductions)         (1,009)   643
               
Interest Expense         17,297   11,340
               
Earnings Before Income Taxes         57,122   47,055
               
Income Taxes         20,731   17,484
               
Income Before Cumulative Effect of Change in              
Accounting Principle         36,391   29,571
               
Cumulative Effect of Change in Accounting              
Principle, Net of Tax         (34)   -
               
Net Income         $ 36,357   $ 29,571
               
Average Shares of Common Stock Outstanding              
Basic         35,343   35,520
Diluted         35,397   35,532
Earnings Per Share of Common Stock              
Basic         $ 1.03   $ 0.83
Diluted         $ 1.03   $ 0.83

 

 

Peoples Energy Corporation             Preliminary
                 
Consolidated Balance Sheets (Unaudited)                
                 
          December 31, December 31,
          2000 1999
                 
Properties and Other Assets                
Capital Investments:                
Property, plant and equipment, at original cost           $ 2,534,064   $ 2,398,069
Less - Accumulated depreciation and depletion           890,314   829,560
Net property, plant and equipment           1,643,750   1,568,509
Equity investments           142,510   113,767
Other investments           25,537   24,774
                 
Total Capital Investments - Net           1,811,797   1,707,050
Current Assets           926,869   373,997
Other Assets           243,407   187,318
                 
Total Properties and Other Assets           $ 2,982,073   $ 2,268,365
                 
Capitalization and Liabilities                
Common Stockholders' Equity:                
Common stock           $ 299,290   $ 297,475
Retained earnings           506,983   484,642
Treasury stock           (6,817)   -
Accumulated other comprehensive income           (32,990)   (465)
                 
Total Common Stockholders' Equity           766,466   781,652
Long-term debt of subsidiaries           419,326   521,734
                 
Total Capitalization           1,185,792   1,303,386
Current Liabilities           1,307,732   545,733
Deferred Credits and Other Liabilities           488,549   419,246
                 
Total Capitalization and Liabilities           $ 2,982,073   $ 2,268,365
                 
Common Stock Information at End of Period                
(Unaudited)                
                 
Annualized dividend rate           $2.00   $1.96
Dividend yield (per cent)           4.5%   5.9%
Book value per share           $21.66   $22.00
Market price           $44.75   $33.50
Market price as a per cent of book value           207%   152%

 

 

Peoples Energy Corporation       Preliminary
             
Consolidated Statements of Cash Flows (Unaudited)            
             
        Three Months Ended
(Thousands)       December 31,
        2000   1999
             
Operating Activities:            
Net Income       $ 36,357   $ 29,571
Adjustments to reconcile net income to net cash:            
Depreciation, depletion and amortization            
Per statement of income       22,195   22,884
Charged to other accounts       1,459   1,266
Deferred income taxes and investment tax credits - net       (1,523)   8,276
Change in deferred credits and other liabilities       33,358   4,617
Change in other assets       (15,481)   (10,047)
Undistributed earnings from equity investments       (1,962)   (3,957)
Change in current assets and liabilities:            
Receivables - net       (355,175)   (130,265)
Materials and supplies       (130)   810
Gas in storage       27,376   18,464
Gas costs recoverable       (64,659)   10,645
Regulatory assets       1,626   (486)
Prepayments       (1,491)   (986)
Accounts payable       206,714   (12,611)
Customer gas service and credit deposits       (17,595)   5,059
Accrued taxes       54,397   21,367
Gas sales revenue refundable       4,303   4,010
Accrued interest       (3,036)   (3,437)
Temporary LIFO Liquidation       41,973   3,504
             
Net Cash Used In Operating Activities       (31,294)   (31,316)
             
Investing Activities:            
Capital spending       (22,695)   (75,440)
Temporary investments and special deposits       (9,481)   7,855
Advances to joint venture partnerships       (50,699)   -
Other assets       (30,533)   -
             
Net Cash Used in Investing Activities       (113,408)   (67,585)
             
Financing Activities:            
Short-term debt       172,478   123,489
Retirement of long-term debt of subsidiaries       (337)   -
Dividends paid on common stock       (17,648)   (17,374)
Proceeds from issuance of common stock       1,248   763
             
Net Cash Provided by Financing Activities       155,741   106,878
             
Net Increase (Decrease) in Cash and Cash Equivalents       11,039   7,977
Cash and Cash Equivalents at Beginning of Period       5,956   13,007
             
Cash and Cash Equivalents at End of period       $ 16,995   $ 20,984

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

PEOPLES ENERGY CORPORATION

 

(Registrant)

 

 

January 26, 2001

By: /s/ J. M. LUEBBERS

(Date)

J. M. Luebbers

 

Chief Financial Officer and Controller