EXHIBIT 99.1
SOUTHWEST GAS CORPORATION
SUMMARY STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
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1995 1994 1995 1994
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GAS OPERATIONS SEGMENT:
Operating margin - weather normalized $ 122,542 $ 121,384 $ 364,046 $ 349,346
Weather related impacts (19,000) 0 (28,000) 0
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Operating margin realized 103,542 121,384 336,046 349,346
Operations and maintenance expenses 47,682 46,523 187,969 178,185
Depreciation, amortization, and general taxes 22,189 21,140 89,665 82,569
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Operating income 33,671 53,721 58,412 88,592
Net interest deductions 13,697 13,278 53,354 49,465
Preferred securities distribution 913 0 913 0
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Pre-tax utility income 19,061 40,443 4,145 39,127
Utility income tax expense 7,309 15,677 858 14,825
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Net utility income 11,752 24,766 3,287 24,302
Other income (expense), net (243) (330) (633) (778)
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Contribution to net income (loss) - gas operations segment 11,509 24,436 2,654 23,524
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DISCONTINUED OPERATIONS:
Net income - PriMerit Bank 2,823 1,331 8,618 7,673
Acquisition carrying costs, net of tax (1,494) (1,230) (5,961) (4,896)
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Net income from discontinued segment 1,329 101 2,657 2,777
SAIF assessment, net of tax (7,170) 0 (7,170) 0
Loss on disposal of discontinued operations, net of tax (13,023) 0 (13,023) 0
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Contribution to net income (loss) from discontinued operations (18,864) 101 (17,536) 2,777
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Net income (loss) (7,355) 24,537 (14,882) 26,301
Preferred & preference dividends 22 95 307 510
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Net income (loss) applicable to common stock $ (7,377) $ 24,442 $ (15,189) $ 25,791
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Earnings (loss) per share from gas segment $ 0.47 $ 1.15 $ 0.10 $ 1.09
Earnings (loss) per share from discontinued operations (0.24) 0.00 (0.20) 0.13
Earnings (loss) per share from disposal (0.53) 0.00 (0.56) 0.00
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Earnings (loss) per share of common stock $ (0.30) $ 1.15 $ (0.66) $ 1.22
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Average outstanding common shares 24,350 21,190 23,167 21,078
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In January 1996, the Company reached an agreement to sell PriMerit to Norwest
Corporation. The discontinued operations segment includes the net income of
PriMerit and its subsidiaries on a stand-alone basis as adjusted, reduced by
allocated carrying costs associated with the Company's investment in PriMerit
(principally interest) net of taxes. The discontinued operations segment also
includes the estimated loss on the disposition.