EXHIBIT 13.1
FIVE-YEAR FINANCIAL SUMMARY
Years ended December 31,
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1995 1994 1993 1992 1991
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(In thousands, except per share amounts)
REVENUES:
Boston Gas............ $653,073 $660,158 $614,294 $594,330 $527,928
Midland............... 296,339 264,692 254,921 263,617 267,044
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TOTAL REVENUES...... 949,412 924,850 869,215 857,947 794,972
Operating costs and ex-
penses................. 835,678 827,475 791,826 761,691 720,930
OPERATING EARNINGS:
Boston Gas............ 61,662 65,791 49,063 63,120 39,291
Midland............... 57,828 35,805 33,001 38,277 40,471
Headquarters.......... (5,756) (4,221) (4,675) (5,141) (5,720)
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TOTAL OPERATING
EARNINGS........... 113,734 97,375 77,389 96,256 74,042
OTHER INCOME (EXPENSE):
Interest income....... 5,633 1,953 3,213 4,703 7,169
Interest expense...... (38,536) (38,516) (35,039) (33,537) (29,700)
Other, net............ 4,103 2,553 (1,056) (2,414) (2,546)
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EARNINGS FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES........... 84,934 63,365 44,507 65,008 48,965
Provision for income
taxes.................. 24,553 24,458 18,485 23,896 16,664
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EARNINGS FROM CONTINUING
OPERATIONS BEFORE
EXTRAORDINARY ITEM AND
ACCOUNTING CHANGES..... 60,381 38,907 26,022 41,112 32,301
Earnings (loss) from
discontinued opera-
tions, net of
tax(/1/)............... -- 12,212 (58,182) (3,206) (3,674)
Extraordinary item, net
of tax(/2/)............ (6,500) -- (45,500) -- --
Cumulative effect of ac-
counting changes(/3/).. -- -- -- 8,209 (7,922)
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NET EARNINGS (LOSS)..... $ 53,881 $ 51,119 $ (77,660) $ 46,115 $ 20,705
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PER SHARE DATA:
Earnings from
continuing operations
before extraordinary
item and accounting
changes.............. $ 2.98 $ 1.87 $ 1.15 $ 1.81 $ 1.43
Earnings (loss) from
discontinued
operations, net of
tax(/1/)............. -- .59 (2.58) (.14) (.16)
Extraordinary item,
net of tax(/2/)...... (.32) -- (2.02) -- --
Effect of accounting
changes(/3/)......... -- -- -- .37 (.35)
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Net earnings (loss)... $ 2.66 $ 2.46 $ (3.45) $ 2.04 $ .92
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Dividends declared...... $ 1.42 $ 1.40 $ 1.40 $ 1.40 $ 1.40
Shareholders' equity.... 19.60 18.33 17.38 22.89 22.31
FINANCIAL STATISTICS AND
RATIOS:
Cash from operating
activities........... $ 152,652 $ 114,674 $ 35,116 $ 44,470 $ 45,945
Capital expenditures.. 78,385 57,883 61,450 80,538 106,134
Total assets.......... 1,377,342 1,339,319 1,363,191 1,397,850 1,305,995
Long-term debt........ 357,675 365,488 328,939 357,109 327,361
Shareholders' equity.. 395,764 374,134 363,738 517,906 502,886
Debt/equity ratio..... 47/53 49/51 47/53 41/59 39/61
Return on total
capital(/4/)......... 10.9% 8.3% 5.8% 7.1% 6.2%
Return on
equity(/4/).......... 15.7% 10.5% 5.9% 8.1% 6.4%
Shares outstanding at
year end............. 20,194 20,411 20,930 22,621 22,543
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(1) Includes Water Products Group.
(2) Provision for coal miners retiree health care of $10,000 and $70,000 pretax
in 1995 and 1993, respectively.
(3) Accounting changes relating to income taxes in 1992 and retiree health care
in 1991.
(4) Based on earnings from continuing operations before extraordinary item and
accounting changes.
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Stock Price Range
Quarter 1995 1994
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HIGH LOW High Low
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First........... $27 3/4 $25 1/4 $27 3/4 $23 3/4
Second.......... 30 27 5/8 27 1/8 22 3/8
Third........... 32 5/8 29 26 5/8 22 1/4
Fourth.......... 35 1/2 29 3/8 28 25
Per Share Dividends Declared
Quarter 1995 1994
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First........................ $ .35 $ .35
Second....................... .35 .35
Third........................ .35 .35
Fourth....................... .37 .35
Total...................... $1.42 $1.40
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