1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1997
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Commission File No. 0-234
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MOBILE GAS SERVICE CORPORATION
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(Exact name of registrant as specified in its charter)
Alabama 63-0142930
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2828 Dauphin Street, Mobile, Alabama 36606
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 334-476-2720
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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.
Common stock ($.01 par value) outstanding at July 31, 1997 - 3,235,647 shares.
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MOBILE GAS SERVICE CORPORATION
INDEX
Page No.
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PART I. Financial Information:
Consolidated Balance Sheets - June 30, 1997 and 1996
and September 30, 1996 3 - 4
Consolidated Statements of Income - Three, Nine and
Twelve Months Ended June 30, 1997 and 1996 5
Consolidated Statements of Retained Earnings - Three,
Nine and Twelve Months Ended June 30, 1997
and 1996 6
Consolidated Statements of Cash Flows - Nine
Months Ended June 30, 1997 and 1996 6
Notes to Consolidated Financial Statements 7 - 8
Management's Discussion and Analysis of
Financial Condition and Results of Operations 9 - 12
PART II. Other Information 13
Exhibit Index 14
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3
PART I. FINANCIAL INFORMATION
CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30, September 30,
Assets 1997 1996 1996
---------- ---------- ----------
(Unaudited)
Property, Plant, and Equipment $ 160,835 $ 149,378 $ 153,000
Less Accumulated Depreciation and Amortization 39,614 35,150 36,099
---------- ---------- ----------
Property, Plant, and Equipment in Service - Net 121,221 114,228 116,901
Construction Work in Progress 3,050 1,916 2,579
---------- ---------- ----------
Total Property, Plant, and Equipment 124,271 116,144 119,480
---------- ---------- ----------
Current Assets:
Cash and Cash Equivalents 8,718 1,482 12,030
Receivables:
Gas 3,540 4,308 3,151
Merchandise 2,779 2,554 2,592
Other 677 423 566
Allowance for Doubtful Accounts (727) (366) (349)
Materials, Supplies, and Merchandise 1,091 1,080 1,163
Gas Stored Underground 1,424 2,069 1,951
Deferred Gas Costs 399 309 186
Deferred Income Taxes 1,950 2,441 2,063
Prepayments 1,238 1,300 1,331
---------- ---------- ----------
Total Current Assets 21,089 15,600 24,684
---------- ---------- ----------
Regulatory Asset 1,195 1,469 1,367
---------- ---------- ----------
Merchandise Receivables Due After One Year 4,733 4,349 4,608
---------- ---------- ----------
Deferred Charges 1,404 1,611 1,463
---------- ---------- ----------
Total $ 152,692 $ 139,173 $ 151,602
========== ========== ==========
See Accompanying Notes to Consolidated Financial Statements.
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4
CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Data)
June 30, September 30,
Capitalization and Liabilities 1997 1996 1996
---------- ---------- ----------
(Unaudited)
Capitalization:
Stockholders' Equity
Common Stock, $.01 Par Value
(Authorized 8,000,000 Shares;
Outstanding: June 1997 -
3,233,000 Shares; June 1996 -
3,218,000 Shares; September 1996 -
3,222,000 Shares) $ 32 $ 32 $ 32
Capital in Excess of Par Value 17,652 17,283 17,364
Retained Earnings 38,222 33,784 33,004
---------- ---------- ----------
Total Stockholders' Equity 55,906 51,099 50,400
Minority Interest 2,895 2,378 2,451
Long-Term Debt (Less Current Maturities) 64,488 55,405 54,509
---------- ---------- ----------
Total Capitalization 123,289 108,882 107,360
---------- ---------- ----------
Current Liabilities:
Current Maturities of Long-Term Debt 2,168 2,058 2,818
Notes Payable 1,000 15,000
Accounts Payable 3,519 3,190 3,687
Dividends Declared 970 901 902
Customer Deposits 1,557 1,549 1,549
Taxes Accrued 2,656 2,760 2,607
Interest Accrued 1,491 1,389 1,641
Deferred Purchased Gas Adjustment 8 2,082 638
Other Liabilities 1,971 2,349 2,380
---------- ---------- ----------
Total Current Liabilities 14,340 17,278 31,222
---------- ---------- ----------
Accrued Pension Cost 1,886 1,738 1,778
Accrued Postretirement Benefit Cost 1,395 1,569 1,312
Deferred Income Taxes 11,334 9,228 9,460
Deferred Investment Tax Credits 448 478 470
---------- ---------- ----------
Total $ 152,692 $ 139,173 $ 151,602
========== ========== ==========
See Accompanying Notes to Consolidated Financial Statements.
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5
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands, Except Per Share Data)
Three Months Nine Months Twelve Months
Ended June 30, Ended June 30, Ended June 30,
1997 1996 1997 1996 1997 1996
---------- ---------- ---------- ---------- ---------- ----------
Operating Revenues
Gas Revenues $ 13,166 $ 14,333 $ 58,819 $ 57,793 $ 69,360 $ 67,380
Merchandise Sales and Jobbing 688 784 2,328 2,361 3,011 2,961
---------- ---------- ---------- ---------- ---------- ----------
Total Operating Revenues 13,854 15,117 61,147 60,154 72,371 70,341
---------- ---------- ---------- ---------- ---------- ----------
Operating Expenses
Cost of Gas 3,200 3,569 19,781 17,573 21,758 19,682
Cost of Merchandise and Jobbing 555 608 1,757 1,778 2,321 2,142
Operations 4,132 4,395 13,309 13,652 17,761 17,552
Maintenance 348 437 1,037 1,233 1,749 1,600
Depreciation 1,451 1,354 4,352 4,062 5,696 5,296
Taxes, Other Than Income Taxes 1,159 1,279 4,274 4,567 5,281 5,432
---------- ---------- ---------- ---------- ---------- ----------
Total Operating Expenses 10,845 11,642 44,510 42,865 54,566 51,704
---------- ---------- ---------- ---------- ---------- ----------
Operating Income 3,009 3,475 16,637 17,289 17,805 18,637
---------- ---------- ---------- ---------- ---------- ----------
Other Income and (Expense)
Interest Expense (1,449) (1,287) (4,299) (3,971) (5,629) (5,345)
Allowance for Borrowed Funds Used
During Construction 69 10 156 18 174 23
Interest Income 280 244 745 630 999 644
Minority Interest (104) (110) (403) (324) (511) (393)
---------- ---------- ---------- ---------- ---------- ----------
Total Other Income (Expense) (1,204) (1,143) (3,801) (3,647) (4,967) (5,071)
---------- ---------- ---------- ---------- ---------- ----------
Income Before Income Taxes 1,805 2,332 12,836 13,642 12,838 13,566
---------- ---------- ---------- ---------- ---------- ----------
Income Taxes 709 941 4,841 5,133 4,721 5,000
---------- ---------- ---------- ---------- ---------- ----------
Net Income $ 1,096 $ 1,391 $ 7,995 $ 8,509 $ 8,117 $ 8,566
========== ========== ========== ========== ========== ==========
Earnings Per Share of Common Stock $ 0.34 $ 0.44 $ 2.46 $ 2.65 $ 2.50 $ 2.66
========== ========== ========== ========== ========== ==========
Cash Div. Per Share of Common Stock $ 0.30 $ 0.28 $ 0.86 $ 0.82 $ 1.14 $ 1.09
========== ========== ========== ========== ========== ==========
Average Common Shares Outstanding 3,255 3,218 3,250 3,216 3,246 3,214
========== ========== ========== ========== ========== ==========
See Accompanying Notes to Consolidated Financial Statements.
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6
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(Unaudited)
(In Thousands)
Three Months Nine Months Twelve Months
Ended June 30, Ended June 30, Ended June 30,
------------------- ------------------- -------------------
1997 1996 1997 1996 1997 1996
-------- -------- -------- -------- -------- --------
Balance at Beginning of Period $ 38,097 $ 33,295 $ 33,004 $ 27,912 $ 33,784 $ 28,722
Net Income for Period 1,095 1,391 7,995 8,509 8,117 8,566
-------- -------- -------- -------- -------- --------
Total 39,192 34,686 40,999 36,421 41,901 37,288
Less: Dividends 970 902 2,777 2,637 3,679 3,504
-------- -------- -------- -------- -------- --------
Balance at End of Period $ 38,222 $ 33,784 $ 38,222 $ 33,784 $ 38,222 $ 33,784
======== ======== ======== ======== ======== ========
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
(In Thousands)
Nine Months
Ended June 30,
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1997 1996
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Cash Flows Provided by Operating Activities $ 14,047 $ 10,727
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Cash Flows Used In Investing Activities -
Capital Expenditures (9,197) (5,411)
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Cash Flows From Financing Activities:
Repayment of Long-Term Debts (2,673) (1,584)
Proceeds From Issuance of Long-Term Debt 12,000
Changes in Short-Term Borrowings (15,000) (800)
Payment of Dividends, Net of Dividend Reinvestment (2,489) (2,473)
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Net Cash Used In Financing Activities (8,162) (4,857)
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Net (Decrease) Increase in Cash and Cash Equivalents (3,312) 459
Cash & Cash Equivalents at Beginning of Period 12,030 1,023
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Cash & Cash Equivalents at End of Period $ 8,718 $ 1,482
========== ==========
See Accompanying Notes to Consolidated Financial Statements.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. The consolidated financial statements include the accounts of Mobile
Gas Service Corporation, its wholly-owned subsidiaries, MGS Energy Services,
Inc., MGS Storage Services, Inc., MGS Marketing Services, Inc., its 87.5% owned
partnership, Bay Gas Storage Company, Ltd. (Bay Gas), and its 51% owned
partnership, Southern Gas Transmission Company (collectively the "Company").
Minority interest represents the respective other owner's proportionate share
of the equity of Bay Gas and Southern Gas Transmission Company. All significant
intercompany balances and transactions have been eliminated. Certain fiscal 1996
information has been reclassified to conform to the current year presentation.
Note 2. The accompanying unaudited condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q and do not include
all of the information and footnotes required by generally accepted accounting
principles for complete financial statements. All adjustments, consisting of
normal and recurring accruals, which are, in the opinion of management,
necessary to present fairly the results for the interim periods have been made
and are of a recurring nature. The statements should be read in conjunction
with the summary of accounting policies and notes to financial statements
included in the Company's annual report on Form 10-K for the fiscal year ended
September 30, 1996.
Note 3. Due to the high percentage of customers using gas for heating, the
Company's operations are seasonal in nature. Therefore, the results of
operations for the three and nine month periods ended June 30, 1997 and 1996 are
not indicative of the results to be expected for the full year.
Note 4. The Company issued $12,000,000 of 7.27% First Mortgage bonds on
November 26, 1996. The bonds mature beginning November 1, 2000 and ending
November 1, 2006.
Note 5. At the Annual Meeting of Stockholders held on January 31, 1997,
stockholders approved a proposed amendment to the Restated Articles of
Incorporation of the Company to increase the authorized number of shares of
common stock of the Company to eight million and to reduce the par value of
such common stock from $2.50 per share to $.01 per share. The effect of this
change on the Company's financial statements at January 31, 1997 was a
reduction in the Common Stock Par Value of $8,037,421 and an increase in the
Capital in Excess of Par Value of the same amount. The change in par value has
been retroactively reflected in the financial statements for all dates
presented.
Note 6. Statement of Financial Accounting Standards No. 128, "Earnings per
Share" (SFAS 128), was issued in February 1997 and is effective for the Company
for the quarter ending December 31, 1997. SFAS 128 establishes standards for
computing and presenting earnings per share. The Company does not expect the
implementation of SFAS 128 to have a significant impact on the Company's
reported earnings per share.
Note 7. Statement of Financial Accounting Standards No. 129, "Disclosures of
Information about Capital Structure" (SFAS 129) was issued in February 1997 and
applies to all entities for periods ending after December 15, 1997. SFAS 129
consolidates existing disclosure requirements regarding capital structure. The
Company was subject to the previously existing requirements and, therefore, no
change in disclosure is required for the Company.
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8
Note 8. Statement of Financial Accounting Standards No. 130, "Reporting
Comprehensive Income" (SFAS 130) was issued in June 1997 and is effective for
the Company for the fiscal year beginning October 1, 1998. SFAS 130 establishes
standards for reporting and displaying comprehensive income and its components
in a full set of general-purpose financial statements. The Company does not
currently have any transactions defined as comprehensive income other than items
included in net income and, therefore, does not expect any material changes to
its current reporting format in response to SFAS 130.
Note 9. Statement of Financial Accounting Standards No. 131, "Disclosure about
Segments of an Enterprise and Related Information" (SFAS 131) was issued in
June 1997 and is effective for the Company for the fiscal year beginning
October 1, 1998. SFAS 131 establishes standards for reporting operating segments
by public business enterprises in annual financial statements and requires that
those enterprises report selected information about operating segments in
interim financial reports issued to shareholders. SFAS 131 also establishes
standards for related disclosures about products and services, geographic
areas, and major customers. The Company expects to report the required
financial and descriptive information about its operating segments, which
include natural gas storage and merchandising operations, beginning with the
quarter ending December 31, 1998.
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9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Mobile Gas Service Corporation (Mobile Gas), an investor owned natural gas
utility incorporated under the laws of the State of Alabama, is engaged
principally in the distribution of natural gas to customers in southwest
Alabama. Mobile Gas serves over 100,000 residential, commercial, and industrial
customers. Gas deliveries to these customers are regulated by the Alabama
Public Service Commission (APSC).
Bay Gas Storage Company, Ltd. (Bay Gas) is a limited partnership in which MGS
Storage Services, Inc., a wholly owned subsidiary of Mobile Gas, is general
partner and 87.5% owner. Bay Gas operates an underground gas storage cavern
which is used to provide storage and delivery of natural gas for Mobile Gas and
other customers. Bay Gas is a separate utility with rates regulated by the APSC
for intrastate contracts. By Federal Energy Regulatory Commission order, Bay
Gas is permitted to charge market-based rates for interstate storage contracts.
Unregulated operations include the sale and financing of appliances, jobbing
work, and contract and consulting work for utilities and industrial customers.
Financial Condition and Liquidity
The Company relies on funds provided by operations and short-term borrowings to
meet working capital requirements and to finance capital expenditures on a
temporary basis. During the nine months ended June 30, 1997 and 1996, operating
activities provided cash of $14,047,000 and $10,727,000, respectively. The
increase in cash provided by operating activities is attributed to an increase
in the non-cash components of net income and a net increase in cash provided by
the change in operating assets and liabilities, which generally results from
the timing of receipts and payments.
The Company's capital needs are due primarily to its on-going construction
program. Capital expenditures related to the Company's normal construction
program for the remainder of fiscal 1997 are estimated to be $2.0 million. In
addition to its normal construction program, the Company has constructed new
facilities to service a large new industrial customer by August 1, 1997. The
Company expects to expend an estimated $650,000 after June 30, 1997 to complete
the project.
Net cash used in financing activities for the nine months ended June 30, 1997
and 1996 was $8,162,000 and $4,857,000, respectively. Several components of
financing activities contributed to this decrease. The increase in the
repayment of long-term debt is attributed primarily to the Company exercising
its option to retire an additional $750,000 of the 10.25% First Mortgage Bonds.
Changes in short-term borrowings represent the net of borrowings and payments
on the Company's revolving credit agreement. Of the $15,000,000 net pay-down
since September 30, 1996, $11,000,000 is related to the maturity of short-term
investments which were purchased with funds drawn on the revolving credit
agreement. The proceeds from the maturity of these investments were applied to
the balance owed on the revolving credit agreement. In order to fund on-going
capital projects, the Company issued $12,000,000 7.27% First Mortgage Bonds in
November 1996.
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Funds for the Company's working capital and capital needs are expected to come
from cash provided by operations, the November 1996 bond issue, and draws upon
the Company's revolving credit agreement of which $20 million is available at
June 30, 1997. Management believes it has adequate financial flexibility to
meet its expected cash needs in the foreseeable future.
Results of Operations
Net income for the three, nine and twelve month periods ended June 30, 1997 was
$1,096,000 or $.34 per share, $7,995,000 or $2.46 per share, and $8,117,000 or
$2.50 per share, respectively, compared to $1,391,000 or $.44 per share,
$8,509,000 or $2.65 per share, and $8,566,000 or $2.66 per share, respectively,
for the corresponding periods of the prior year.
The prior year periods reflect the effects on gas sales of an unusually cold
winter which resulted in record earnings for the Company. Weather in the
Company's service area during the three months ended June 30, 1997 was 45%
warmer than the prior year period and 4% warmer than normal. Weather during the
nine and twelve months ended June 30, 1997 was 27% warmer than the prior year
periods and 9% warmer than normal. Although fiscal 1997 gas sales volumes to
temperature-sensitive customers have declined due to the warmer weather, a
temperature rate adjustment implemented on November 1, 1996 helped mitigate the
effect of warmer than normal weather on Company earnings. For the three months
ended June 30, 1996, the impact of colder weather increased earnings per share
$.11 compared to earnings that would have occurred with normal weather, while
earnings per share for the nine and twelve month periods of last year increased
$.45 due to colder than normal weather. Weather normalized earnings reflect
improvement for the current year periods over fiscal 1996 as a result of stable
operating and maintenance expenses, consistent industrial load growth and
improved natural gas storage operations at Bay Gas Storage Company, Ltd., an
affiliated company. Additionally, comparisons of both the nine and twelve month
earnings for 1997 and 1996 are impacted by the effects of the general rate
increase which became effective on December 1, 1995.
Gas revenues decreased 8% for the three months ended June 30, 1997 compared to
the corresponding period of the prior year while gas revenues increased 2% and
3% for the nine and twelve month comparative periods. Gas volumes sold to
temperature-sensitive customers decreased 22% for the fiscal 1997 third quarter
due to the effects of weather which was 89% colder than normal for the fiscal
1996 third quarter while fiscal 1997 third quarter billings to these customers
were based on near normal weather. Additional effects on gas revenues for the
current third quarter include a decrease in gas volumes sold to commercial and
industrial customers primarily as a result of an industrial customer changing
from a gas sales rate to a transportation rate during the third quarter of
fiscal 1997. The increase in gas revenues for the nine and twelve month periods
is attributed to increased revenue from temperature-sensitive, large commercial
and industrial, transportation and natural gas storage customers. The increase
in revenues from temperature-sensitive and large commercial and industrial
customers is attributed to increased billings resulting from an increase in the
purchased gas adjustment (PGA) component of customer rates. The PGA component
of customers rates allows the Company to pass increases or decreases in the
cost of gas to customers. Fluctuations in billings to customers under the
Company's PGA component of rates are offset in full by changes in the recorded
cost of gas, thereby having no effect on recorded margins. Increased
transportation revenue for the nine and twelve month periods is a result of
increased plant utilization by existing customers. Increased revenues from
natural gas storage operations are due to new contracts for storage services.
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Additionally, gas revenues for the nine and twelve month periods of fiscal 1997
reflect the full effects of the general rate increase which became effective on
December 1, 1995.
Cost of gas decreased 10% for the three months ended June 30, 1997 compared to
the corresponding period of the prior year while gas costs increased 13% and
11% for the nine and twelve month periods, respectively. The decrease in gas
costs for the third quarter of fiscal 1997 is attributed primarily to a 29%
decrease in gas volumes sold. The increase in gas costs for the nine and twelve
month periods is attributed primarily to increased billings to customers under
the Company's PGA component of rates. Such billings, which were offset in full
by the recorded cost of gas, resulted from higher unit gas costs in the current
nine and twelve month periods as compared to the prior year periods. The
increase in gas costs billed to customers for the current nine and twelve month
periods resulted in an increase in the cost of gas as a percentage of revenues
as compared to the corresponding periods of the prior year.
Operations and maintenance expenses for the three and nine months ended June
30, 1997 decreased 7% and 4%, respectively, compared to the corresponding
periods of fiscal 1996. Factors contributing to these decreases were: lower
expenses for insurance coverage, promotional sales, miscellaneous
administrative and general costs, maintenance costs and increased capitalized
costs due to a higher level of construction activity. Operations and
maintenance expenses increased 2% for the twelve months ended June 30, 1997 as
a result of increased maintenance expenses during the last quarter of fiscal
1996.
Taxes, other than income taxes decreased $293,000 for the nine months ended
June 30, 1997 as compared to the same period last year. During the fiscal 1997
first quarter, the State of Alabama approved the Company's claim for refund of
a business license tax. As a result of this approval, the Company reduced its
accrued taxes, other than income taxes, by $246,000.
Interest income increased 15%, 18% and 55%, respectively, for the three, nine
and twelve month periods ended June 30, 1997. An improved cash position during
all current year periods provided the Company more opportunities to invest in
short-term financial instruments.
Allowance for borrowed funds used during construction represents the
capitalization of interest costs to construction work-in-progress. As the level
of construction activity has increased during fiscal 1997, the amount of
capitalized interest to on-going construction projects has increased for the
fiscal 1997 periods compared to the fiscal 1996 periods.
Income tax expense changed primarily in relation to changes in pre-tax income
for the periods ended June 30, 1997.
Statement of Financial Accounting Standards No. 128, "Earnings per Share" (SFAS
128) was issued in February 1997 and is effective for the Company for the
quarter ending December 31, 1997. SFAS 128 establishes standards for computing
and presenting earnings per share. The Company does not expect the
implementation of SFAS 128 to have a significant impact on the Company's
reported earnings per share.
11
12
Statement of Financial Accounting Standards No. 129, "Disclosures of
Information about Capital Structure" (SFAS 129) was issued in February 1997 and
applies for all entities for periods ending after December 15, 1997. SFAS 129
consolidates existing disclosure requirements regarding capital structure. The
Company was subject to the previously existing requirements and, therefore, no
change in disclosure is required for the Company.
Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive
Income" (SFAS 130) was issued in June 1997 and is effective for the Company for
the fiscal year beginning October 1, 1998. SFAS 130 establishes standards for
reporting and displaying comprehensive income and its components in a full set
of general-purpose financial statements. The Company does not currently have any
transactions defined as comprehensive income other than items included in net
income and, therefore, does not expect any material changes to its current
reporting format in response to SFAS 130.
Statement of Financial Accounting Standards No. 131, "Disclosure about Segments
of an Enterprise and Related Information" (SFAS 131) was issued in June 1997
and is effective for the Company for the fiscal year beginning October 1, 1998.
SFAS 131 establishes standards for reporting operating segments by public
business enterprises in annual financial statements and requires that those
enterprises report selected information about operating segments in interim
financial reports issued to shareholders. SFAS 131 also establishes standards
for related disclosures about products and services, geographic areas, and
major customers. The Company expects to report the required financial and
descriptive information about its operating segments, which include natural gas
storage and merchandising operations, beginning with the quarter ending
December 31, 1998.
12
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PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit No. Description
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11 Computation of Earnings Per Share
27 Financial Data Schedule (EDGAR version only)
(b) Reports on Form 8-K
During the quarter for which this report is filed, there
were no reports filed on Form 8-K.
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.
MOBILE GAS SERVICE CORPORATION
(Registrant)
Date: August 14, 1997 /s/ John S. Davis
------------------------- ---------------------------------------
John S. Davis
President and
Chief Executive Officer
Date: August 14, 1997 /s/ Charles P. Huffman
------------------------- ---------------------------------------
Charles P. Huffman
Vice President, Chief Financial
Officer, and Treasurer
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EXHIBIT INDEX
Exhibit
Number Description
- ------ -----------
11 Computation of Earnings Per Share
27 Financial Data Schedule (EDGAR version only)
14