8-K 1 folio42701.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

 

April 27, 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 April 27, 2001, Peoples Energy Corporation released its preliminary financial results for its second quarter ended March 31, 2001. The following is additional information regarding these preliminary results.

 

 

Peoples Energy Corporation         Preliminary
                       
Summary of Selected Financial and Operating Data (Unaudited)  
                       
        Three Months Ended   Six Months Ended
        March 31,   March 31,
          2001   2000   2001   2000
Operating Results (thousands)                      
Gas Distribution Revenues                      
Sales - Residential                      
- Heating         $696,501   $309,214   $1,147,736   $552,897
- Non-heating         21,075   14,099   37,463   26,222
- Commercial         105,612   50,064   174,004   84,151
- Industrial         21,349   10,016   34,925   16,815
Total Gas Distribution Sales         844,537   383,393   1,394,128   680,085
                       
Transportation         52,695   40,538   89,033   72,017
Other         4,804   10,680   6,840   17,168
Total Gas Distribution Revenues         902,036   434,611   1,490,001   769,270
                       
Diversified Energy Revenues         171,753   90,637   300,770   167,876
Total Operating Revenues         1,073,789   525,248   1,790,771   937,146
                       
Less - Cost of energy sold         796,980   278,333   1,285,616   506,373
Gross Margin         276,809   246,915   505,155   430,773
                       
Net Income         $62,491   $57,428   $98,848   $86,999
                       
Gas Distribution Deliveries (MDth)                      
Sales - Residential                      
- Heating         56,523   52,392   102,847   88,773
- Non-heating         1,175   1,298   2,185   2,203
- Commercial         8,781   8,976   16,009   14,300
- Industrial         1,829   2,034   3,293   3,257
Transportation         37,830   37,882   69,366   66,313
Total Gas Distribution Deliveries         106,138   102,582   193,700   174,846
                       
                       
Number of Gas Distribution Customers (average)                      
Sales - Residential                      
- Heating         757,611   749,888   749,905   742,802
- Non-heating         180,344   179,566   178,270   178,206
- Commercial         47,309   49,222   47,977   48,498
- Industrial         3,092   3,224   3,133   3,192
Transportation         19,543   17,241   18,308   17,457
Total Gas Distribution Customers         1,007,899   999,141   997,593   990,155
                       
                       
Degree Days - actual         3,281   2,756   5,912   4,796
                       
Per cent colder (warmer) than normal         0.8%   -17.9%   6.8%   -15.7%
                       

 

 

Peoples Energy Corporation               Preliminary
                     
Consolidated Statements of Income (Unaudited)                    
                     
        Three Months Ended   Six Months Ended
(Thousands, except per-share amounts)       March 31,   March 31,
        2001   2000   2001   2000
                     
Operating Revenues       $1,073,789   $525,248   $1,790,771   $937,146
Operating Expenses:                    
Cost of energy sold       796,980   278,333   1,285,616   506,373
Operation and maintenance       69,852   69,322   144,114   136,178
Depreciation, depletion and amortization       20,916   23,695   43,111   46,580
Taxes - Other than income taxes       83,671   51,644   144,930   92,087
                     
Total Operating Expenses       971,419   422,994   1,617,771   781,218
                     
Operating Income       102,370   102,254   173,000   155,928
                     
Equity Investment Income       11,006   1,972   15,804   6,050
                     
Total Operating and Equity Investment Income       113,376   104,226   188,804   161,978
                     
Other Income and (Deductions)       6,314   901   5,305   1,543
                     
Interest Expense       18,900   13,739   36,197   25,078
                     
Earnings Before Income Taxes       100,790   91,388   157,912   138,443
                     
Income Taxes       38,299   33,960   59,030   51,444
                     
Income Before Cumulative Effect of Change in                    
Accounting Principle       62,491   57,428   98,882   86,999
                     
Cumulative Effect of Change in Accounting                    
Principle, Net of Tax       -   -   (34)   -
                     
Net Income       $62,491   $57,428   $98,848   $86,999
                     
Average Shares of Common Stock Outstanding                    
Basic       35,388   35,510   35,363   35,512
Diluted       35,450   35,511   35,414   35,517
Earnings Per Share of Common Stock                    
Basic       $ 1.77   $ 1.62   $ 2.80   $ 2.45
Diluted       $ 1.76   $ 1.62   $ 2.79   $ 2.45
                     

 

 

Peoples Energy Corporation               Preliminary  
                   
Consolidated Balance Sheets (Unaudited)                  
                   
          March 31, March 31,
          2001 2000  
                   
Assets                  
Capital Investments:                  
Property, plant and equipment, at original cost           $2,519,949   $2,425,443  
Less - Accumulated depreciation and depletion           908,901   848,515  
Net property, plant and equipment           1,611,048   1,576,928  
Investments in equity investees           139,724   131,764  
Other investments           25,627   24,437  
                   
Total Capital Investments - Net           1,776,399   1,733,129  
                   
Utility Customer Accounts Receivable - net of reserves           651,126   216,459  
Other Current Assets           448,381   382,038  
Other Assets           260,368   201,097  
                   
Total Assets           $3,136,274   $2,532,723  
                   
Capitalization and Liabilities                  
Common Stockholders' Equity:                  
Common stock           $299,107   $297,717  
Retained earnings           551,425   524,300  
Treasury stock           (6,817)   (3,246)  
Accumulated other comprehensive income           (32,505)   (465)  
                   
Total Common Stockholders' Equity           811,210   818,306  
Long-Term Debt of Subsidiaries           744,313   319,734  
                   
Total Capitalization           1,555,523   1,138,040  
Current Liabilities           1,109,855   973,854  
Deferred Credits and Other Liabilities           470,896   420,829  
                   
Total Capitalization and Liabilities           $3,136,274   $2,532,723  
                   
                   
Common Stock Information at End of Period                  
(Unaudited)                  
                   
Annualized dividend rate           $2.04   $2.00  
Dividend yield (per cent)           5.2%   7.3%  
Book value per share           $22.92   $23.10  
Market price           $38.87   $27.44  
Market price as a per cent of book value           170%   119%  
                   
                   

 

 

Peoples Energy Corporation         Preliminary
               
Consolidated Statements of Cash Flows (Unaudited)              
               
          Six Months Ended
(Thousands)         March 31,
          2001   2000
Operating Activities:              
Net Income         $ 98,848   $ 86,999
Adjustments to reconcile net income to net cash:              
Depreciation, depletion and amortization              
Per statement of income         43,111   46,580
Charged to other accounts         5,666   2,562
Deferred income taxes and investment tax credits - net         1,988   9,805
Change in deferred credits and other liabilities         12,193   4,671
Change in accumulated other comprehensive income         (30,047)   -
Change in other assets         (32,442)   (23,890)
Undistributed earnings from equity investments         3,950   (5,699)
Change in current assets and liabilities:              
Receivables - net         (610,836)   (176,720)
Materials and supplies         910   920
Gas in storage         62,720   51,363
Gas costs recoverable         20,451   10,288
Regulatory assets         3,262   (863)
Prepayments         (1,205)   (632)
Accounts payable         108,457   4,306
Customer gas service and credit deposits         (19,789)   (18,194)
Accrued taxes         112,334   34,527
Gas sales revenue refundable         8,294   8,089
Accrued interest         5,122   112
Temporary LIFO Liquidation         184,411   38,625
               
Net Cash Provided by (Used in) Operating Activities         (22,602)   72,849
               
Investing Activities:              
Capital spending         (56,115)   (123,301)
Return of capital investments         37,784   -
Temporary investments and special deposits         (5,577)   (17,247)
Advances to joint venture partnerships         (76,626)   -
               
Net Cash Used in Investing Activities         (100,534)   (140,548)
               
Financing Activities:              
Short-term debt         (137,835)   299,665
Trust fund         -   (178,662)
Issuance of long-term debt         325,000   -
Retirement of long-term debt of subsidiaries         (350)   -
Dividends paid on common stock         (35,336)   (34,771)
Proceeds from issuance of common stock         1,065   1,005
Treasury stock purchases         -   (3,246)
               
Net Cash Provided by Financing Activities         152,544   83,991
               
Net Increase (Decrease) in Cash and Cash Equivalents         29,408   16,292
Cash and Cash Equivalents at Beginning of Period         5,956   13,007
               
Cash and Cash Equivalents at End of period         $ 35,364   $ 29,299
               

 

 

 

 

 

 

 

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)
   
   
   
   

April 27, 2001

By: /s/ J. M. LUEBBERS

(Date)

J. M. Luebbers
 

Chief Financial Officer and Controller