1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
(X)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
( )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ............ to ............
Commission file number 1-11429
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 56-0233140
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 COX ROAD, P. O. BOX 1398
GASTONIA, NORTH CAROLINA 28053-1398
(Address of principal executive offices) (Zip Code)
(704) 864-6731
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether 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. Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Number of shares of Common Stock, $1 par value, outstanding
at April 30, 1995 . . . . . . . . . . . . . . . . 18,572,395
2
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
------------------------------------------------------
AND SUBSIDIARIES
----------------
PART I. FINANCIAL INFORMATION
The condensed financial statements included herein have been
prepared by the registrant without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although the registrant believes that the disclosures
herein are adequate to make the information presented not misleading.
It is recommended that these condensed financial statements be read in
conjunction with the financial statements and the notes thereto included
in the registrant's latest annual report on Form 10-K.
3
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months Ended Six Months Ended Twelve Months Ended
March 31 March 31 March 31
------------------ ------------------ -------------------
1995 1994 1995 1994 1995 1994
-------- -------- -------- -------- -------- --------
Operating revenues $112,690 $123,234 $179,525 $194,676 $258,554 $280,422
Cost of gas 55,238 72,231 88,974 113,814 130,538 164,437
-------- -------- -------- -------- -------- --------
Gross margin 57,452 51,003 90,551 80,862 128,016 115,985
-------- -------- -------- -------- -------- --------
Operating expenses and taxes:
Operating and maintenance 14,211 12,981 25,285 25,074 49,980 48,514
Provision for depreciation 4,499 3,821 8,932 7,621 16,508 14,816
General taxes 5,149 5,475 8,674 9,237 14,003 14,595
Income taxes 11,744 9,712 15,973 12,068 14,045 8,688
-------- -------- -------- -------- -------- --------
35,603 31,989 58,864 54,000 94,536 86,613
-------- -------- -------- -------- -------- --------
Operating income 21,849 19,014 31,687 26,862 33,480 29,372
Other income (deductions) (26) 1,291 (14) 1,959 2,596 1,194
Interest deductions 3,320 3,449 6,507 6,949 12,806 13,764
-------- -------- -------- -------- -------- --------
Net income $ 18,503 $ 16,856 $ 25,166 $ 21,872 $ 23,270 $ 16,802
======== ======== ======== ======== ======== ========
Average common shares
outstanding 18,478 16,267 18,385 16,173 18,118 16,047
Earnings per share $1.00 $1.04 $1.37 $1.35 $1.28 $1.05
Cash dividends declared
per share $.205 $.1975 $.41 $.395 $.82 $.79
4
CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS
Mar 31 Sep 30 Mar 31
1995 1994 1994
-------- -------- --------
Gas utility plant $543,828 $520,209 $495,096
Less - Accumulated depreciation 160,254 153,308 147,937
-------- -------- --------
383,574 366,901 347,159
-------- -------- --------
Non-utility property, net 943 251 9,566
-------- -------- --------
Current assets:
Cash and temporary investments 4,612 2,534 6,728
Restricted cash and temporary investments 4,055 12,731 11,166
Receivables, less allowance for
doubtful accounts 28,417 16,649 35,290
Materials and supplies 5,566 6,131 6,815
Stored gas inventory 6,859 14,276 5,926
Deferred gas costs, net - 734 337
Prepayments and other 2,802 2,572 3,134
-------- -------- --------
52,311 55,627 69,396
-------- -------- --------
Deferred charges and other assets 6,194 5,160 5,212
-------- -------- --------
Total $443,022 $427,939 $431,333
======== ======== ========
CAPITALIZATION AND LIABILITIES
Capitalization:
Common equity -
Common stock, $1 par $ 18,494 $ 18,212 $ 16,282
Capital in excess of par value 103,942 100,201 75,569
Retained earnings 59,740 42,142 51,554
-------- -------- --------
182,176 160,555 143,405
Long-term debt 109,140 113,680 123,980
-------- -------- --------
291,316 274,235 267,385
-------- -------- --------
Current liabilities:
Maturities of long-term debt 9,540 5,240 5,538
Accounts payable 18,175 15,656 23,618
Accrued taxes 12,654 5,787 11,284
Customer prepayments and deposits 3,510 5,570 2,770
Cash dividends and interest 6,095 4,973 5,581
Restricted supplier refunds 4,055 12,731 11,166
Deferred gas costs, net 2,415 - -
Other 11,036 11,665 9,821
-------- -------- --------
67,480 61,622 69,778
Interim bank loans 16,500 23,000 25,000
-------- -------- --------
83,980 84,622 94,778
-------- -------- --------
Accrued pension cost 12,983 15,532 14,528
Deferred investment tax credits 4,558 5,081 4,919
Deferred income taxes 50,185 48,469 49,723
-------- -------- --------
Total $443,022 $427,939 $431,333
======== ======== ========
5
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(In thousands)
Twelve Months Ended
March 31
-------------------
1995 1994
------- -------
Balance beginning of period $51,554 $47,529
Add - Net income 23,270 16,802
Deduct - Common stock dividends
and other 15,084 12,777
------- -------
Balance end of period $59,740 $51,554
======= =======
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended Twelve Months Ended
March 31 March 31
----------------- -------------------
1995 1994 1995 1994
------- ------- ------- -------
Cash Flows From Operating Activities:
Net income $25,166 $21,872 $23,270 $16,802
Adjustments to reconcile net income
to net cash provided by operating
activities -
Depreciation, depletion and other 10,592 9,495 19,950 18,552
Deferred income taxes 1,715 3,130 462 504
Gain on sale of propane assets - - (3,128) -
------- ------- ------- -------
37,473 34,497 40,554 35,858
Change in operating assets and
liabilities:
Receivables, net (12,786) (21,752) 5,444 (1,013)
Inventories 7,982 6,263 315 (2,486)
Accounts payable 2,519 6,114 (5,443) 361
Accrued pension cost (2,549) 1,004 (1,544) 2,387
Other 7,088 7,643 6,310 3,161
------- ------- ------- -------
39,727 33,769 45,636 38,268
------- ------- ------- -------
Cash Flows From Investing Activities:
Construction expenditures (27,185) (17,708) (54,947) (42,355)
Non-utility and other (1,148) (225) (1,924) 269
Proceeds from sale of propane assets - - 12,800 -
------- ------- ------- -------
(28,333) (17,933) (44,071) (42,086)
------- ------- ------- -------
Cash Flows From Financing Activities:
Issuance of common stock through public
offering, net of expenses - - 23,406 -
Issuance of common stock through
dividend reinvestment, stock purchase
and stock option plans 3,862 4,436 6,723 7,345
Increase (decrease) in interim bank
loans, net (6,500) (8,500) (8,500) 16,500
Retirement of long-term debt
and common stock (267) (625) (10,939) (6,125)
Cash dividends (6,411) (6,338) (14,371) (12,512)
------- ------- ------- -------
(9,316) (11,027) (3,681) 5,208
------- ------- ------- -------
Net increase (decrease) in cash and
temporary investments 2,078 4,809 (2,116) 1,390
Cash and temporary investments
at beginning of period 2,534 1,919 6,728 5,338
------- ------- ------- -------
Cash and temporary investments
at end of period $ 4,612 $ 6,728 $ 4,612 $ 6,728
======= ======= ======= =======
Cash paid during the period for:
Interest (net of amount capitalized) $ 6,175 $ 8,031 $12,278 $14,588
Income taxes 7,652 3,498 13,082 6,310
6
NOTES TO FINANCIAL STATEMENTS
1. The accompanying unaudited consolidated financial statements and notes
should be read in conjunction with the financial statements and notes
included in PSNC's 1994 Annual Report. In the opinion of management, all
adjustments necessary for a fair statement of the results of operations for
the interim periods have been recorded. Certain amounts previously reported
have been reclassified to conform with the current period's presentation.
PSNC's business is seasonal in nature, therefore the financial results
for any interim period are not necessarily indicative of those which may be
expected for the annual period.
7
MANAGEMENT'S DISCUSSION AND ANALYSIS OFRESULTS OF OPERATIONS AND FINANCIAL
CONDITION
Changes in Results of Operations
- --------------------------------
(Amounts in thousands except
degree day and customer data) Three Months Ended March 31
----------------------------------
Increase
1995 1994 (Decrease) %
-------- -------- --------- ---
Gross margin $ 57,452 $ 51,003 $ 6,449 13
Less - Franchise taxes 3,624 3,963 (339) (9)
-------- -------- ---------
Net margin $ 53,828 $ 47,040 $ 6,788 14
======== ======== =========
Total volume throughput (DT):
Residential 9,840 10,567 (727) (7)
Commercial/small industrial 5,587 5,901 (314) (5)
Large commercial/industrial 7,840 6,632 1,208 18
-------- -------- ---------
23,267 23,100 167 1
======== ======== =========
Raleigh/Durham area degree days:
Actual 1,720 1,846 (126) (7)
Normal 1,804 1,804 - -
Percent of normal 95% 102%
Weather normalization adjustment
income (refund), net of
franchise taxes $1,274 $(1,500) $2,774 -
Customers at end of period:
Residential 251,722 239,946 11,776 5
Commercial/small industrial 29,903 28,338 1,565 6
Large commercial/industrial 383 377 6 2
-------- -------- ---------
282,008 268,661 13,347 5
======== ======== =========
Net margin for the three months ended March 31, 1995 increased
$6,788,000 as compared to the same period last year. This increase is
attributable to the items shown below (in thousands):
Commercial/ Large
Small Commercial/
Changes in net margin Residential Industrial Industrial Other Total
due to: ----------- ---------- ---------- ------ ------
Changes in rates
effective 10/94 $4,162 $ 868 $ (458) $ - $4,572
Volume variances 601 61 922 - 1,584
Cardinal Pipeline
effective 1/95 400 208 150 - 758
Other - - - (126) (126)
------ ------ ------ ------ ------
Total $5,163 $1,137 $ 614 $ (126) $6,788
====== ====== ====== ====== ======
Volume variances occurred during the three-month period due to increases
in all three customer bases, and to an increase in volumes delivered to
certain large commercial/industrial customers due to higher operating levels.
PSNC earned net margin from the operation of the Cardinal Pipeline totaling
$758,000. The pipeline was placed into service on December 31, 1994.
Testimony and exhibits were filed with the North Carolina Utilities
Commission (NCUC) on January 11, 1995 to recover costs associated with PSNC's
investment. A hearing was held on January 25, 1995, and new rates that
increased annual revenues approximately $3,000,000 became effective the
following day.
8
MANAGEMENT'S DISCUSSION (Continued)
(Amounts in thousands except
degree day data) Six Months Ended March 31
----------------------------------
Increase
1995 1994 (Decrease) %
-------- -------- --------- ---
Gross margin $ 90,551 $ 80,862 $ 9,689 12
Less - Franchise taxes 5,784 6,270 (486) (8)
-------- -------- ---------
Net margin $ 84,767 $ 74,592 $ 10,175 14
======== ======== =========
Total volume throughput (DT):
Residential 14,007 15,235 (1,228) (8)
Commercial/small industrial 8,489 9,099 (610) (7)
Large commercial/industrial 15,415 14,037 1,378 10
-------- -------- ---------
37,911 38,371 (460) (1)
======== ======== =========
Raleigh/Durham area degree days:
Actual 2,720 3,164 (444) (14)
Normal 3,068 3,068 - -
Percent of normal 89% 103%
Weather normalization adjustment
income (refund), net of
franchise taxes $4,795 $(1,060) $5,855 -
Net margin for the six months ended March 31, 1995 increased $10,175,000
as compared to the same period last year. This increase is attributable to
the items shown below (in thousands):
Commercial/ Large
Small Commercial/
Changes in net margin Residential Industrial Industrial Other Total
due to: ----------- ---------- ---------- ------ -------
Changes in rates
effective 10/94 $6,274 $1,411 $ (844) $ (732) $ 6,109
Volume variances 1,949 380 1,107 - 3,436
Cardinal Pipeline
effective 1/95 400 208 150 - 758
Other - - - (128) (128)
----------- ---------- ---------- ----- -------
Total $8,623 $1,999 $ 413 $ (860) $10,175
=========== ========== ========== ====== =======
Volume variances occurred during the six-month period due to the
previously mentioned increase in PSNC's customer base and increase in volumes
delivered to certain large commercial/industrial customers. The six-month
period also reflects a $732,000 refund ordered by the NCUC in the October 7,
1994 rate case order that related to prior period income tax credits taken by
PSNC.
9
MANAGEMENT'S DISCUSSION (Continued)
(Amounts in thousands except
degree day data) Twelve Months Ended March 31
----------------------------------
Increase
1995 1994 (Decrease) %
-------- -------- --------- ---
Gross margin $128,016 $115,985 $ 12,031 10
Less - Franchise taxes 8,279 8,984 (705) (8)
-------- -------- ---------
Net margin $119,737 $107,001 $ 12,736 12
======== ======== =========
Total volume throughput (DT):
Residential 17,555 19,132 (1,577) (8)
Commercial/small industrial 11,839 12,564 (725) (6)
Large commercial/industrial 29,035 26,790 2,245 8
-------- -------- ---------
58,429 58,486 (57) -
======== ======== =========
Raleigh/Durham area degree days:
Actual 2,945 3,437 (492) (14)
Normal 3,341 3,341 - -
Percent of normal 88% 103%
Weather normalization adjustment
income (refund), net of
franchise taxes $5,717 $(1,696) $7,413 -
Net margin for the twelve months ended March 31, 1995 increased
$12,736,000 as compared to the same period last year. This increase is
attributable to the items shown below (in thousands):
Commercial/ Large
Small Commercial/
Changes in net margin Residential Industrial Industrial Other Total
due to: ----------- ---------- ---------- ------ -------
Changes in rates
effective 10/94 $6,274 $1,411 $ (844) $ (732) $ 6,109
Volume variances 2,655 522 1,588 - 4,765
Cardinal Pipeline
effective 1/95 400 208 150 758
Other - - - 1,104 1,104
------ ------ ------- ------ -------
Total $9,329 $2,141 $ 894 $ 372 $12,736
====== ====== ======= ====== =======
Volume variances occurred during the twelve-month period due to the
previously mentioned increase in PSNC's customer base and increase in volumes
delivered to certain large commercial/industrial customers. The twelve-month
period also reflects the previously mentioned refund ordered by the NCUC, and
includes a $1,225,000 increase in margin due to the write-off of Southern
Expansion costs that occurred in July 1993 (see Note 2 to the financial
statements in the 1994 Annual Report).
Operating and maintenance expenses for the three, six and twelve months
ended March 31, 1995 increased 9%, 1% and 3%, respectively, as compared to
the same period last year. The increases reflect higher salary expenses,
employee severance expenses related to departmental reorganizations, fees
related to listing on the New York Stock Exchange, and expenses for outside
consulting services related to information systems and employee benefits.
These increases were partially offset by the reclassification of certain
sales compensation expenses to merchandising and jobbing. Maintenance
expenses for the six and twelve months ended March 31, 1995 decreased due to
the $750,000 reversal of expenses related to the investigation of former
manufactured gas plant (MGP) sites, originally recorded in fiscal 1992 (see
Note 8 to the financial statements in the 1994 Annual Report).
10
MANAGEMENT'S DISCUSSION (Continued)
Depreciation expense increased for the three, six and twelve months
ended March 31, 1995 due to utility plant additions and to higher
depreciation rates approved in the October 1994 general rate case order. The
increase in income taxes for the twelve months ended March 31, 1995 is due in
part to income tax credits recorded during fiscal 1993 to account for prior
year unrecognized tax benefits.
Other income for the three- and six-month periods decreased $1,317,000
and $1,973,000, respectively, due mainly to the absence of operating income
from PSNC's propane subsidiary that was sold in June 1994. Income from
merchandising operations decreased due to the previously mentioned
reclassification of certain sales compensation expenses from operating and
maintenance expenses for all three periods presented. For the twelve-month
period, other income increased $1,650,000 due to the sale of PSNC's propane
subsidiary assets and exploration and development assets. Other income
during the twelve-month period was also impacted by an increase in
miscellaneous income. Miscellaneous income increased $614,000 due mainly to
income from excess capacity sales.
Interest deductions for the six and twelve months ended March 31, 1995
decreased 6% and 7%, respectively. These decreases are due to lower interest
expense on declining balances in long-term debt outstanding, and to the
increase in interest capitalized in connection with construction of the
Cardinal Pipeline project.
The average number of common shares outstanding reflects an increase of
14%, 14% and 13%, respectively, for the three-, six- and twelve-month periods
as compared to the same periods last year. These increases are primarily due
to the May 1994 sale of 1,725,000 new shares of $1 par common stock discussed
elsewhere in this report.
Changes in Financial Condition
- ------------------------------
The capital expansion program, through the construction of lines,
services, systems, facilities and the purchase of equipment, is designed to
help PSNC meet the growing demand for its product. PSNC's fiscal 1995
construction budget is approximately $54,000,000, compared to actual
construction expenditures for fiscal 1994 of $45,469,000. The construction
program is regularly reviewed by management and is dependent upon PSNC's
continuing ability to generate adequate funds internally and to sell new
issues of debt and equity securities on acceptable terms. Construction
expenditures during the six and twelve months ended March 31, 1995 were
$27,185,000 and $54,947,000, respectively, as compared to $17,708,000 and
$42,355,000 for the same periods a year ago. These increases are mainly due
to construction of the Cardinal Pipeline project. During the six and twelve
months ended March 31, 1995, construction expenditures related to the project
were $7,224,000 and $15,051,000, respectively.
PSNC generally finances its operations with internally generated funds,
supplemented with bank lines of credit to satisfy seasonal requirements.
PSNC also borrows under its bank lines of credit to finance portions of its
construction expenditures pending refinancing through the issuance of equity
11
MANAGEMENT'S DISCUSSION (Continued)
or long-term debt at a later date depending upon prevailing market
conditions. PSNC has committed lines of credit with eight commercial banks
which vary monthly depending upon seasonal requirements. For the twelve-
month period beginning April 1, 1995, lines of credit with these banks range
from a minimum of $22,000,000 to a winter-period maximum of $72,000,000.
PSNC also has uncommitted annual lines of credit with three of these banks
totaling $21,000,000. Lines of credit are evaluated periodically by
management and renegotiated to accommodate anticipated short-term financing
needs. Management believes these lines are currently adequate to finance a
portion of construction expenditures, stored gas inventories and other
corporate needs.
PSNC sold an additional 1,725,000 new shares of $1 par common stock
through an underwritten public offering during May 1994. The proceeds, net
of expenses, were $23,406,000. These proceeds were used to repay all
outstanding short-term indebtedness, to redeem the outstanding $3,098,000 of
First Mortgage Bonds, 9 7/8% Series H, due 1995, and to help finance a
portion of fiscal 1994's construction expenditures.
The decrease in non-utility property is due to the previously mentioned
sale of PSNC's propane and exploration and development assets.
At March 31, 1995, restricted cash and temporary investments were
$4,055,000, a decrease from $12,731,000 at September 30, 1994. This net
decrease was due to the deposit of $11,531,000 into the expansion fund in the
Office of the State Treasurer during December 1994. This fund was created by
an order of the NCUC, dated June 3, 1993, for the purpose of constructing
natural gas lines into unserved areas of PSNC's service territory that
otherwise would not be economically feasible to serve. During the current
three-month period, PSNC received supplier refunds of $2,596,000 that will be
held for deposit into the expansion fund at a later date.
Net deferred gas costs fluctuate in response to the operation of PSNC's
Rider D rate mechanism. This mechanism allows PSNC to recover margin losses
on negotiated sales to large commercial and industrial customers with
alternate fuel capability. It also allows PSNC to pass through to customers
all prudently incurred gas costs. On a monthly basis, any difference in
amounts paid and collected for these costs is recorded for subsequent refund
to or collection from PSNC's customers. Deferred gas costs decreased
$3,149,000 and $2,752,000, respectively, for the six and twelve months ended
March 31, 1995. These decreases primarily reflect overcollections for demand
and storage gas costs, along with an increase in net deferred income related
to PSNC's capacity release transactions. These deferrals were offset by an
$8,000,000 refund credited to customers' bills during February 1995 for
overcollections of commodity gas costs.
Deferred charges and other assets increased $982,000 as compared to
March 31, 1994. This increase was primarily due to the recording of an
additional $750,000 regulatory asset related to the investigation and
remediation of former MGP sites (see Note 8 to the financial statements in
the 1994 Annual Report). Also contributing to the increase was the recording
of a $376,000 transition obligation associated with the implementation of
SFAS No. 112, "Employers' Accounting for Postemployment Benefits," effective
October 1, 1994.
The decrease in accrued pension cost is due to the March 1995 pension
contribution payment of $2,388,000 for the 1993-1994 pension plan year.
12
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share amounts)
Three Months Ended Six Months Ended Twelve Months Ended
March 31 March 31 March 31
------------------ ------------------ -------------------
1995 1994 1995 1994 1995 1994
-------- -------- -------- -------- -------- --------
Net income $ 18,503 $ 16,856 $ 25,166 $ 21,872 $ 23,270 $ 16,802
-------- -------- -------- -------- -------- --------
Average common shares outstanding 18,478 16,267 18,385 16,173 18,118 16,047
Additional dilutive effect of
outstanding options (as determined
by the application of the treasury
stock method) 59 69 52 72 52 75
-------- -------- -------- -------- -------- --------
Average common shares outstanding
as adjusted 18,537 16,336 18,437 16,245 18,170 16,122
-------- -------- -------- -------- -------- --------
Earnings per share, as adjusted $1.00 $1.03 $1.36 $1.35 $1.28 $1.04
===== ===== ===== ===== ===== =====
<F01>
This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although not required by footnote 2
to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.
13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
- --------------------------
None
Item 2. Changes in Securities
- ------------------------------
None
Item 3. Defaults Upon Senior Securities
- ----------------------------------------
None.
Item 4. Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------
At the Annual Meeting of Shareholders held on January 27, 1995, the
following members were reelected to serve on the Board of Directors for
three years or until their successors are elected and qualified.
Director Votes in Favor Votes Withheld
------------------- -------------- --------------
William C. Burkhardt 14,658,093 134,776
Van E. Eure 14,533,724 259,145
William L. O'Brien, Jr. 14,650,788 142,081
The following eight directors are the other directors whose term of office
continued after the meeting:
William A. V. Cecil, Bert Collins, H. Max Craig, Jr., B. Frank Matthews,
II, Plato P. Pearson, Jr., G. Smedes York, Charles E. Zeigler, Jr., and
Charles E. Zeigler, Sr.
The shareholders also ratified the selection of Arthur Andersen LLP as
PSNC's independent public accountants for the fiscal year ending September
30, 1995.
For - 14,663,096 Against - 65,621 Abstain - 64,152
Item 5. Other Information
- --------------------------
Effective March 1, 1995, PSNC's common stock began trading on the New York
Stock Exchange (NYSE) under the symbol, "PGS." The stock had previously
been traded on the NASDAQ National Market System under the symbol, "PSNC."
Item 6. Exhibits and Reports on Form 8-K
- -----------------------------------------
(a) Part I Exhibits:
11 - Statement re computation of per share earnings.
27 - Financial Data Schedule.
(b) Reports on Form 8-K:
There were no reports on Form 8-K filed during the three months
ended March 31, 1995.
14
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 thereunto duly authorized.
PUBLIC SERVICE COMPANY
OF NORTH CAROLINA, INCORPORATED
---------------------------------------
(Registrant)
Date 5-12-95 Charles E. Zeigler, Jr.
------- ---------------------------------------
Charles E. Zeigler, Jr.
Chairman, President and
Chief Executive Officer
Date 5-12-95 Robert D. Voigt
------- ---------------------------------------
Robert D. Voigt
Senior Vice President - Corporate
Development and Chief Financial Officer