Southwest Gas 8-K/A Financial statements and exhibits

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

     

Form 8-K/A
CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 29, 2003     

SOUTHWEST GAS CORPORATION
(Exact name of registrant as specified in its charter)

     

California
(State or other jurisdiction of
incorporation or organization)


5241 Spring Mountain Road
Post Office Box 98510
Las Vegas, Nevada
(Address of principal executive offices)
1-7850
(Commission
File Number) 88-0085720
(I.R.S. Employer
Identification No.)


89193-8510
(Zip Code)

Registrant's telephone number, including area code: (702) 876-7237

Item 7.  Financial Statements and Exhibits.

(c)   Exhibit

99    Press Release dated April 29, 2003.

Item 9.  Regulation FD Disclosure (the following discussion is furnished under “Item 12. Results of Operations and Financial
              Condition”).

The Summary Unaudited Operating Results included in the Form 8-K furnished on April 29, 2003 inadvertently contained operating results for the quarters and twelve months ended March 31, 2002 and 2001. This Form 8-K/A includes Summary Unaudited Operating Results for the quarters and twelve months ended March 31, 2003 and 2002. The revised version of the 8-K is set forth below in its entirety.

In accordance with SEC Release Nos. 33-8216 and 34-47583, the following information, required to be furnished under “Item 12. Results of Operations and Financial Condition,” is furnished under “Item 9. Regulation FD Disclosure.”

On April 29, 2003, Southwest Gas Corporation (the Company) released summary financial information to the general public, including the investment community, regarding the Company’s operating performance for the quarter and twelve months ended March 31, 2003. A copy of the Company’s press release is attached hereto as Exhibit 99.

This Form 8-K/A and the attached exhibit are provided under Item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

SOUTHWEST GAS CORPORATION
SUMMARY UNAUDITED OPERATING RESULTS
(In thousands, except per share amounts)

	THREE MONTHS ENDED MARCH 31,					TWELVE MONTHS ENDED MARCH 31,
	2003			2002		2003			2002
Results of Consolidated Operations
Contribution to net income - gas operations	$	25,336		$	42,487	$	22,077		$	41,784
Contribution to net income - construction services		203			409		4,531			4,459
Net income	$	25,539		$	42,896	$	26,608		$	46,243
Earnings per share - gas operations	$	0.75		$	1.31	$	0.66		$	1.29
Earnings per share - construction services		0.01			0.01		0.14			0.14
Basic earnings per share	$	0.76		$	1.32	$	0.80		$	1.43
Diluted earnings per share	$	0.76		$	1.30	$	0.80		$	1.42
Average outstanding common shares		33,438			32,620		33,155			32,319
Average shares outstanding (assuming dilution)		33,659			32,871		33,428			32,596
Results of Natural Gas Operations
Gas operating revenues	$	359,983		$	456,205	$	1,019,678		$	1,202,087
Net cost of gas sold		193,472			274,663		482,188			672,503
Operating margin		166,511			181,542		537,490			529,584
Operations and maintenance expense		66,057			65,302		264,943			258,118
Depreciation and amortization		29,323			27,802		116,696			106,656
Taxes other than income taxes		9,300			9,020		34,845			33,081
Operating income		61,831			79,418		121,006			131,729
Other income (expense)		(268	)		9,697		(6,857	)		15,415
Income before interest and income taxes		61,563			89,115		114,149			147,144
Net interest deductions		19,949			18,635		79,819			77,606
Preferred securities distributions		1,369			1,369		5,475			5,475
Income tax expense		14,909			26,624		6,778			22,279
Contribution to net income - gas operations	$	25,336		$	42,487	$	22,077		$	41,784

SOUTHWEST GAS CORPORATION
SELECTED STATISTICAL DATA
MARCH 31, 2003

FINANCIAL STATISTICS

Market value to book value per share at quarter end	110%
Twelve months to date return on equity -- total company	4.5%
-- gas segment	4.0%
Common stock dividend yield at quarter end	4.0%

GAS OPERATIONS SEGMENT

Rate Jurisdiction	Authorized Rate Base (In thousands)		Authorized Rate of Return			Authorized Return on Common Equity
Arizona (1)	$	688,202		9.20	%		11.00	%
Southern Nevada (1)		457,314		8.78			10.64
Northern Nevada (1)		91,936		9.02			10.21
Southern California		69,486		9.94			11.35
Northern California		28,849		10.02			11.35
Paiute Pipeline Company (1)		75,059		9.69			11.60

    (1)        Estimated amounts based on rate case settlements.

SYSTEM THROUGHPUT BY CUSTOMER CLASS

	THREE MONTHS ENDED MARCH 31,		TWELVE MONTHS ENDED MARCH 31,
(In dekatherms)	2003	2002	2003	2002
Residential	27,099,374	30,165,439	55,755,384	58,600,067
Small commercial	10,195,593	11,115,423	27,107,252	27,853,892
Large commercial	2,723,256	4,044,807	10,828,438	12,602,841
Industrial / Other	4,302,800	5,877,443	20,830,898	27,645,410
Transportation	31,118,602	29,693,417	133,940,099	120,809,281
Total system throughput	75,439,625	80,896,529	248,462,071	247,511,491
HEATING DEGREE DAY COMPARISON
Actual	932	1,155	1,688	1,922
Ten-year average	1,079	1,106	1,935	1,972

SIGNATURES

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

Date: April 29, 2003 SOUTHWEST GAS CORPORATION



/s/ ROY R. CENTRELLA
Roy R. Centrella
Vice President/Controller and
Chief Accounting Officer

EXHIBIT INDEX

Exhibit
    No.     Description

99 Press release dated April 29, 2003.