EXHIBIT 13.3
FIVE-YEAR FINANCIAL STATISTICS
1995 1994 1993 1992 1991
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Earnings per average common share --
Continuing operations:
Utility operations $ 1.24 $ 1.12 $ 1.29 $ 0.82 $ 1.33
Nonregulated activities (.02) 0.16 0.14 0.01 (.01)
Discontinued operations - (0.06) (0.04) 0.01 -
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Earnings per average common share $ 1.22 $ 1.22 $ 1.39 $ 0.84 $ 1.32
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------- ------- ------- ------- -------
Return on average common equity (%) 10.1 10.1 11.6 7.1 11.2
Cash dividends declared per common share $ 1.18 $ 1.17 $ 1.17 $ 1.28 $ 1.38
Common dividend payout ratio (%) 97 96 84 152 105
Ratio of earnings to fixed charges
Consolidated 2.8 2.8 2.9 1.9 2.5
Utility only 3.4 3.3 3.4 2.3 2.9
Ratio of earnings to fixed charges and
Cooper Nuclear Station debt service
Consolidated 2.7 2.7 2.8 1.9 2.4
Utility only 3.3 3.2 3.3 2.2 2.8
Capitalization ratios % --
Common shareholders' equity 44.3 43.9 44.0 43.8 42.9
Preferred shares, not subject to
mandatory redemption 3.2 3.3 4.1 2.8 2.8
Preferred shares, subject to
mandatory redemption 1.8 1.8 1.9 1.8 3.0
Long-term debt (excluding
current portion) 50.7 51.0 50.0 51.6 51.3
Book value per common share at year-end $ 12.17 $ 12.08 $ 12.07 $ 11.86 $ 12.12
Quarterly earnings per average common
share outstanding --
1st quarter $ 0.35 $ 0.45 $ 0.44 $ 0.28 $ 0.36
2nd quarter 0.25 0.22 0.22 0.13 0.27
3rd quarter 0.36 0.36 0.52 0.26 0.47
4th quarter 0.27 0.19 0.20 0.17 0.22
Number of fulltime employees --
Utility 3,331 4,077 4,196 4,305 4,370
Nonregulated 271 274 347 200 140
Utility construction expenditures $190,771 $211,669 $215,081 $188,344 $177,061
Net cash from utility operations less
dividends as a % of construction 134 121 103 71 100
COMMON STOCK DIVIDENDS AND PRICES
Price Range
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Dividends Declared MidAmerican Iowa-Illinois Resources
------------------------- ----------------- ------------------ -----------------
MEC IWG MWR High Low High Low High Low
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1995
4th Quarter $ 0.30 $ - $ - $17 1/8 $15 $ - $ - $ - $ -
3rd Quarter 0.30 - - 15 5/8 13 5/8 - - - -
2nd Quarter - 0.4325 0.29 - - 22 19 7/8 15 13 5/8
1st Quarter - 0.4325 0.29 - - 22 1/8 19 14 5/8 13 3/8
1994
4th Quarter $ - $0.4325 $0.29 - - $20 5/8 $18 7/8 $14 1/2 $12 7/8
3rd Quarter - 0.4325 0.29 - - 22 1/2 19 1/4 15 3/8 13 1/2
2nd Quarter - 0.4325 0.29 - - 24 1/2 19 7/8 16 3/4 13 7/8
1st Quarter - 0.4325 0.29 - - 24 3/4 22 3/8 18 16
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MIDAMERICAN ENERGY COMPANY
FIVE-YEAR CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31
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1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
(In thousands, except per share amounts)
OPERATING REVENUES
Electric utility $1,094,647 $1,021,660 $1,002,970 $ 936,027 $ 968,799
Gas utility 459,588 492,015 538,989 484,687 473,251
Nonregulated 169,409 177,235 140,976 70,344 46,513
---------- --------- --------- --------- ---------
1,723,644 1,690,910 1,682,935 1,491,058 1,488,563
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OPERATING EXPENSES
Utility:
Cost of fuel, energy and
Capacity 230,261 213,987 217,385 211,924 212,647
Cost of gas sold 279,025 326,782 366,049 326,097 323,113
Other operating expenses (2) 399,648 354,190 340,720 329,911 306,508
Maintenance 85,363 101,275 101,601 93,769 91,548
Depreciation and amortization 158,950 154,229 150,822 144,646 135,062
Property and other taxes 96,350 94,990 93,238 97,479 94,872
---------- --------- --------- --------- ---------
1,249,597 1,245,453 1,269,815 1,203,826 1,163,750
Nonregulated (2) 172,915 171,851 132,224 69,522 46,692
---------- --------- --------- --------- ---------
1,422,512 1,417,304 1,402,039 1,273,348 1,210,442
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OPERATING INCOME 301,132 273,606 280,896 217,710 278,121
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NON-OPERATING INCOME (3) 11,660 33,372 52,163 15,656 28,023
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INTEREST CHARGES
Interest on long-term debt 110,505 105,753 111,065 114,732 106,538
Other interest expense 9,449 6,446 5,066 5,899 16,380
Allowance for borrowed funds (5,552) (3,955) (2,186) (2,162) (4,347)
---------- --------- --------- --------- ---------
114,402 108,244 113,945 118,469 118,571
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INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES 198,390 198,734 219,114 114,897 187,573
INCOME TAXES 67,984 62,349 71,409 26,812 59,604
---------- --------- --------- --------- ---------
INCOME FROM CONTINUING
OPERATIONS 130,406 136,385 147,705 88,085 127,969
INCOME (LOSS) FROM
DISCONTINUED OPERATIONS
(net of income taxes) (4) 417 (5,645) (3,854) 794 203
---------- --------- --------- --------- ---------
NET INCOME 130,823 130,740 143,851 88,879 128,172
PREFERRED DIVIDENDS 8,059 10,551 8,367 8,735 9,708
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EARNINGS ON COMMON STOCK $ 122,764 $ 120,189 $ 135,484 $ 80,144 $ 118,464
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AVERAGE COMMON SHARES
OUTSTANDING 100,401 98,531 97,762 95,430 89,844
EARNINGS PER COMMON SHARE $ 1.22 $ 1.22 $ 1.39 $ 0.84 $ 1.32
(1) The Company was formed on July 1, 1995, through a merger, as discussed
in Note (1)(a) of Notes to Consolidated Financial Statements (Notes).
All data on this statement reflect the pooled amounts of the
predecessor companies. Non-Operating income includes $4.5 million and
$4.6 million of merger-related costs in 1994 and 1995, respectively.
(2) Utility other operating expenses include $31.9 million of costs related
to a restructuring and work force reduction plan implemented and
completed in 1995. In addition, nonregulated other expenses for 1995
includes $1.5 million of related costs.
(3) During 1995, the Company recorded approximately $18 million of expense
for the write-down of certain nonregulated assets. In 1993, the Company
recorded an $18.5 million pre-tax gain on the exchange of natural gas
service territory. The exchange resulted in a decrease of
approximately 33,000 natural gas customers.
(4) In 1994 the Company announced its intent to divest its construction
subsidiaries. Refer to Note (9) of Notes.
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MIDAMERICAN ENERGY COMPANY
FIVE-YEAR CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31
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1995 1994 1993 1992 1991
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(In thousands)
ASSETS
UTILITY PLANT
Electric $3,881,699 $3,765,004 $3,642,415 $3,534,703 $3,455,061
Gas 695,741 663,792 639,276 628,856 575,113
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4,577,440 4,428,796 4,281,691 4,163,559 4,030,174
Less accumulated depreciation and amortization 2,027,055 1,885,870 1,801,668 1,680,033 1,572,946
---------- ---------- ---------- ---------- ----------
2,550,385 2,542,926 2,480,023 2,483,526 2,457,228
Construction work in progress 104,164 101,252 111,726 67,664 51,176
---------- ---------- ---------- ---------- ----------
Total 2,654,549 2,644,178 2,591,749 2,551,190 2,508,404
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POWER PURCHASE CONTRACT 212,148 221,998 248,643 243,146 248,949
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INVESTMENT IN DISCONTINUED OPERATIONS - 15,249 22,206 23,686 23,854
---------- ---------- ---------- ---------- ----------
CURRENT ASSETS
Cash and cash equivalents 41,216 33,778 24,289 25,079 30,384
Receivables, less reserves 261,105 212,902 226,054 225,566 205,440
Inventories 85,235 92,248 100,675 98,608 91,753
Other 22,252 19,035 24,911 26,182 20,277
---------- ---------- ---------- ---------- ----------
409,808 357,963 375,929 375,435 347,854
---------- ---------- ---------- ---------- ----------
INVESTMENTS 826,496 752,428 760,308 727,929 673,789
---------- ---------- ---------- ---------- ----------
OTHER ASSETS 420,520 423,958 372,426 192,630 107,819
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TOTAL ASSETS $4,523,521 $4,415,774 $4,371,261 $4,114,016 $3,910,669
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CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common shareholders' equity $1,225,715 $1,204,112 $1,180,510 1,159,676 1,128,858
Preferred shares, not subject to mandatory redemption 89,945 89,955 109,871 74,242 74,291
Preferred shares, subject to mandatory redemption 50,000 50,000 50,000 48,625 79,200
Long-term debt 1,403,322 1,398,255 1,341,003 1,368,784 1,351,385
---------- ---------- ---------- ---------- ----------
2,768,982 2,742,322 2,681,384 2,651,327 2,633,734
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CURRENT LIABILITIES
Notes payable 184,800 124,500 173,035 120,244 67,629
Current portion of long-term debt 65,295 72,872 66,371 32,952 10,991
Current portion of power purchase contract 13,029 12,080 10,830 8,065 8,948
Accounts payable 142,759 110,175 129,504 115,763 117,573
Taxes accrued 81,898 91,653 110,923 101,585 101,879
Interest accrued 30,635 30,659 31,021 31,395 31,678
Other 57,000 54,473 52,237 53,563 39,378
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575,416 496,412 573,921 463,567 378,076
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OTHER LIABILITES
Power purchase contract 112,700 125,729 140,655 138,085 141,890
Deferred income taxes 746,574 725,665 670,288 596,144 525,056
Investment tax credit 95,041 100,871 106,729 113,846 119,989
Other 224,808 224,775 198,284 151,047 111,924
---------- ---------- ---------- ---------- ----------
1,179,123 1,177,040 1,115,956 999,122 898,859
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TOTAL CAPITALIZATION
AND LIABILITIES $4,523,521 $4,415,774 $4,371,261 $4,114,016 $3,910,669
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