EXHIBIT 99 					 SOUTHWEST GAS CORPORATION 					 SUMMARY STATEMENTS OF INCOME 				 (In thousands, except per share amounts) 						 (Unaudited) 									 								 SIX MONTHS ENDED TWELVE MONTHS ENDED 								 JUNE 30, JUNE 30, 							 ------------------------- ------------------------- 							 1995 1994 1995 1994 							 ---------- ---------- ---------- ---------- GAS OPERATIONS SEGMENT: Operating revenues $ 325,710 $ 315,634 $ 609,345 $ 571,170 Net cost of gas purchased 153,666 145,435 258,154 231,288 							 ---------- ---------- ---------- ---------- Operating margin 172,044 170,199 351,191 339,882 Operations and maintenance expenses 93,722 86,068 185,839 172,061 Depreciation, amortization, and general taxes 44,366 40,936 85,999 80,694 							 ---------- ---------- ---------- ---------- Operating income 33,956 43,195 79,353 87,127 Net interest deductions 26,361 23,478 52,348 45,108 							 ---------- ---------- ---------- ---------- Pre-tax utility income 7,595 19,717 27,005 42,019 Utility income tax expense 2,905 7,925 9,805 15,099 							 ---------- ---------- ---------- ---------- Net utility income 4,690 11,792 17,200 26,920 Other income (expense), net (192) (510) (176) (210) Arizona pipe replacement disallowance, net --- (283) --- (9,547) 							 ---------- ---------- ---------- ---------- Contribution to net income - gas operations segment 4,498 10,999 17,024 17,163 							 ---------- ---------- ---------- ---------- 											 FINANCIAL SERVICES SEGMENT: Net interest income after loan loss provision 25,837 25,211 52,040 50,724 Net income (loss) from real estate operations (317) 110 (1,039) (431) Other income, net 5,618 6,230 10,019 19,721 General and administrative expenses 24,257 23,692 47,934 49,744 							 ---------- ---------- ---------- ---------- Pre-tax income 6,881 7,859 13,086 20,270 Income tax expense 3,101 3,494 5,998 8,246 							 ---------- ---------- ---------- ---------- Net income before carrying cost allocation 3,780 4,365 7,088 12,024 Acquisition carrying costs, net of tax - NOTE 5 (2,974) (2,435) (5,435) (4,907) 							 ---------- ---------- ---------- ---------- Contribution to net income - financial services segment 806 1,930 1,653 7,117 							 ---------- ---------- ---------- ---------- Net income 5,304 12,929 18,677 24,280 Preferred & preference dividends 190 277 423 608 							 ---------- ---------- ---------- ---------- Net income applicable to common stock $ 5,114 $ 12,652 $ 18,254 $ 23,672 							 ========== ========== ========== ========== Earnings per share $ 0.23 $ 0.60 $ 0.84 $ 1.13 							 ========== ========== ========== ========== Earnings per share excluding disallowances --- $ 0.61 --- $ 1.58 							 ========== ========== ========== ========== Average outstanding common shares 22,110 21,026 21,615 20,933 							 ========== ========== ========== ========== 									 				 See Notes to Summary Financial Statements. 				 1 				 SOUTHWEST GAS CORPORATION 					 BALANCE SHEET 					AT JUNE 30, 1995 					 (In thousands) 					 (Unaudited) ASSETS UTILITY PLANT Gas plant, net of accumulated depreciation $ 1,055,866 Construction work in progress 21,629 									 ------------ Net utility plant 1,077,495 									 ------------ OTHER PROPERTY AND INVESTMENTS PriMerit Bank - NOTE 2 179,385 Other 34,951 									 ------------ Total other property and investments 214,336 									 ------------ CURRENT AND ACCRUED ASSETS Cash, working funds and temporary cash investments 7,760 Receivables - less reserve of $1,236 for uncollectibles 25,873 Accrued utility revenue 18,624 Other 37,718 									 ------------ Total current and accrued assets 89,975 									 ------------ DEFERRED DEBITS Unamortized debt expense 13,849 Other deferred debits 39,323 									 ------------ Total deferred debits 53,172 									 ------------ TOTAL ASSETS $ 1,434,978 									 ============ CAPITALIZATION, LIABILITIES AND DEFERRED CREDITS CAPITALIZATION Common stockholders' equity Common stock equity, $1 par, 23,899 shares outstanding $ 331,808 Retained earnings 47,757 									 ------------ Total common stockholders' equity - NOTE 6 379,565 34.9% Preferred stock equity - NOTE 3 4,000 0.4 Long term debt - NOTE 4 704,223 64.7 									 ------------ ---------- Total capitalization 1,087,788 100.0% 									 ------------ ========== CURRENT AND ACCRUED LIABILITIES Notes payable 16,000 Accounts payable 23,862 Customer deposits 21,840 Taxes accrued (including income taxes) 47,899 Deferred purchased gas costs 30,144 Other 48,719 									 ------------ Total current and accrued liabilities 188,464 									 ------------ DEFERRED CREDITS Deferred investment tax credits 20,307 Deferred income taxes 111,776 Other 26,643 									 ------------ Total deferred credits 158,726 									 ------------ TOTAL CAPITALIZATION, LIABILITIES AND DEFERRED CREDITS $ 1,434,978 									 ============ 			 See Notes to Summary Financial Statements. 				 2 			 SOUTHWEST GAS CORPORATION 			 STATEMENT OF CASH FLOWS 			SIX MONTHS ENDED JUNE 30, 1995 				(In thousands) 				 (Unaudited) 					 CASH FLOWS FROM OPERATIONS: Net income $ 5,304 Adjustments to reconcile net income to net cash provided by operating activity: Depreciation and amortization 30,878 Change in receivables and payables 33,870 Change in accrued taxes (16,911) Undistributed earnings from subsidiaries (3,696) Change in gas cost related balancing items 50,832 Allowance for funds used during construction (692) Change in deferred taxes 1,707 Other 6,364 								-------------- Net cash provided from operating activities 107,656 								-------------- 					 CASH FLOWS FROM FINANCING ACTIVITIES: Change in notes payable (76,000) Dividends paid (9,436) Net change in long-term debt 20,653 Proceeds from stock issuance 35,680 Other (538) 								-------------- 					 Net cash used in financing activities (29,641) 								-------------- 					 CASH FLOWS FROM INVESTING ACTIVITIES: Construction expenditures (74,029) Other (2,095) 								-------------- 					 Net cash used in investing activities (76,124) 								-------------- 					 Change in cash and temporary cash investments 1,891 Cash at beginning of period 5,869 								-------------- 					 Cash at end of period $ 7,760 								============== 					 SUPPLEMENTAL INFORMATION: Interest paid, net of amount capitalized $ 31,019 Income taxes, net of refunds $ 17,419 					 		 See Notes to Summary Financial Statements. 				 3 			 SOUTHWEST GAS CORPORATION 		 NOTES TO SUMMARY FINANCIAL STATEMENTS 		 (In thousands, except par values) 				 (Unaudited) NOTE 1 - BASIS OF PRESENTATION: 	The financial statements have been prepared by Southwest Gas Corporation 	(the Company) using the equity method of accounting for PriMerit Bank 	(PriMerit). Segmented information is presented within the income 	statement. The Financial Services segment includes the net income of 	PriMerit and its subsidiaries on a stand-alone basis, reduced by 	allocated carrying costs associated with the Company's investment in 	PriMerit (principally interest) net of taxes. This presentation is not 	in accordance with generally accepted accounting principles (GAAP), and 	certain information and footnote disclosures normally included in 	financial statements prepared in accordance with GAAP have been omitted. 	The financial statement presentation in this report produces the same 	net income as the consolidated financial statements and, in management's 	opinion, is a fair representation of the operations and contributions to 	net income of the Company's two segments. NOTE 2 - INVESTMENT IN PRIMERIT BANK: 	The capital structure supports both the investment in PriMerit and the 	investment in the gas segment. Financing costs allocable to PriMerit 	are determined based on the investment in PriMerit under the equity 	method. NOTE 3 - PREFERRED STOCK: 	Cumulative preferred stock, $100 par value, 9.5% series, 40 shares outstanding $ 4,000 											 ========== 	CURRENT REDEMPTION REQUIREMENTS $ 800 											 ========== NOTE 4 - LONG-TERM DEBT: 	Commercial paper facility $ 200,000 	Debentures: 	 Debentures, 9% series A, due 2011 26,900 	 Debentures, 9% series B, due 2011 31,213 	 Debentures, 8.75% series C, due 2011 18,373 	 Debentures, 9.375% series D, due 2017 120,000 	 Debentures, 10% series E, due 2013 23,069 	 Debentures, 9.75% series F, due 2002 100,000 	Industrial revenue bonds - net of funds held in trust 194,950 	Unamortized discount on long-term debt (10,282) 											 ---------- 	TOTAL LONG-TERM DEBT $ 704,223 											 ========== 	CURRENT MATURITIES $ 5,000 											 ========== NOTE 5 - ACQUISITION CARRYING COSTS, NET: 						 SIX MONTHS ENDED TWELVE MONTHS ENDED 							JUNE 30, JUNE 30, 					 -------------------------- -------------------------- 						 1995 1994 1995 1994 					 ---------- ---------- ---------- ---------- 	Interest expense $ (4,818) $ (3,937) $ (8,755) $ (7,873) 	Other intercompany expenses (139) (122) (303) (305) 	Income taxes 1,983 1,624 3,623 3,271 					 ---------- ---------- ---------- ---------- 	ACQUISITION CARRYING COSTS, NET $ (2,974) $ (2,435) $ (5,435) $ (4,907) 					 ========== ========== ========== ========== NOTE 6 - COMMON STOCKHOLDERS' EQUITY: 	For purposes of this report, common stockholders' equity excludes 	PriMerit's unrealized gain on debt securities available for sale since 	PriMerit is presented on the equity method of accounting. 				 4 						 SOUTHWEST GAS CORPORATION 						 SELECTED STATISTICAL DATA 							 JUNE 30, 1995 																 FINANCIAL STATISTICS Book value per share at quarter end - NOTE 6 $ 15.88 Market value to book value per share at quarter end 90% Twelve months to date return on equity -- total company 5.2% 					-- gas segment 5.9% Common stock dividend yield at quarter end 5.8% GAS OPERATIONS SEGMENT 												 Authorized 							 Authorized Authorized Return on 							 Rate Base Rate of Common Rate Jurisdiction (In thousands) Return Equity - ----------------------- -------------- -------------- -------------- Central Arizona $ 267,348 9.13% 10.75% Southern Arizona 157,620 9.12 11.00 Southern Nevada 184,673 8.89 11.55 Northern Nevada 47,695 9.16 11.55 Southern California 69,486 9.94 11.35 Northern California 8,357 10.02 11.35 Paiute Pipeline Company 61,057 10.09 12.50 SYSTEM THROUGHPUT BY CUSTOMER CLASS SIX MONTHS ENDED TWELVE MONTHS ENDED 									 JUNE 30, JUNE 30, 							 --------------------------------- --------------------------------- 		 (In dekatherms) 1995 1994 1995 1994 - ----------------------------------------------------------------------------------------------------------------------------------- Residential 28,889,283 29,019,180 45,836,876 44,548,144 Small commercial 13,919,969 13,752,100 23,740,156 22,844,113 Large commercial 4,570,048 5,671,288 9,204,993 10,954,100 Industrial / Other 4,092,423 3,834,650 8,599,301 7,879,319 Transportation 46,964,610 39,815,200 98,628,474 77,971,811 - ----------------------------------------------------------------------------------------------------------------------------------- Total system throughput 98,436,333 92,092,418 186,009,800 164,197,487 =================================================================================================================================== HEATING DEGREE DAY COMPARISON - ----------------------------------------------------------------------------------------------------------------------------------- Actual 1,538 1,560 2,418 2,361 Ten year average 1,598 1,636 2,350 2,392 =================================================================================================================================== 				 5