Six-Year Financial Summary
Years ended December 31, 1996 1995 1994 1993 1992 1991
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(In thousands, except per share amounts)
Revenues:
Boston Gas $ 705,462 $653,073 $ 660,158 $ 614,294 $ 594,330 $ 527,928
Midland 301,880 296,339 264,692 254,921 263,617 267,044
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Total revenues 1,007,342 949,412 924,850 869,215 857,947 794,972
Operating earnings:
Boston Gas 68,451 61,662 65,791 49,063 63,120 39,291
Midland 58,415 57,828 35,805 33,001 38,277 40,471
Headquarters (5,472) (5,756) (4,221) (4,675) (5,141) (5,720)
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Total operating earnings 121,394 113,734 97,375 77,389 96,256 74,042
Other income (expense):
Interest income 9,419 5,633 1,953 3,213 4,703 7,169
Interest expense (34,453) (38,536) (38,516) (35,039) (33,537) (29,700)
Equity in AllEnergy (3,087) _ _ _ _ _
Other, net 2,972 4,103 2,553 (1,056) (2,414) (2,546)
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Earnings from continuing operations
before income taxes 96,245 84,934 63,365 44,507 65,008 48,965
Provision for income taxes 35,580 24,553 24,458 18,485 23,896 16,664
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Earnings from continuing operations
before extraordinary items and
accounting changes 60,665 60,381 38,907 26,022 41,112 32,301
Earnings (loss) from discontinued
operations, net of tax(1) _ _ 12,212 (58,182) (3,206) (3,674)
Extraordinary items, net of tax(2) _ (6,500) _ (45,500) _ _
Cumulative effect of accounting changes(3) _ _ _ _ 8,209 (7,922)
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Net earnings (loss) $ 60,665 $ 53,881 $ 51,119 $ (77,660) $ 46,115 $ 20,705
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Per share data:
Earnings from continuing operations
before extraordinary items and
accounting changes $2.97 $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 items, net of tax(2) _ (.32) _ (2.02) _ _
Effect of accounting changes(3) _ _ _ _ .37 (.35)
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Net earnings (loss) $2.97 $2.66 $2.46 $(3.45) $2.04 $.92
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Dividends declared $1.51 $1.42 $1.40 $1.40 $1.40 $1.40
Shareholders' equity 21.08 19.60 18.33 17.38 22.89 22.31
Shares outstanding at year end 20,304 20,194 20,411 20,930 22,621 22,543
Financial statistics and ratios:
Cash from operating activities $ 122,212 $ 152,652 $ 114,674 $ 35,116 $ 44,470 $ 45,945
Capital expenditures 111,755 78,385 57,883 61,450 80,538 106,134
Total assets 1,421,615 1,377,342 1,339,319 1,363,191 1,397,850 1,305,995
Long-term debt 347,313 357,675 365,488 328,939 357,109 327,361
Shareholders' equity 427,990 395,764 374,134 363,738 517,906 502,886
Debt/equity ratio 45/55 47/53 49/51 47/53 41/59 39/61
Return on total capital(4) 10.5% 10.9% 8.3% 5.8% 7.1% 6.2%
Return on equity(4) 14.8% 15.7% 10.5% 5.9% 8.1% 6.4%
(1) Includes Water Products Group.
(2) Provision for coal miners retiree health care of $10,000 and $70,000 pre-tax
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.
STOCK PRICE RANGE
1996 1995
Quarter High Low High Low
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First $37 1/8 $33 1/8 $27 3/4 $25 1/4
Second 36 7/8 32 3/8 30 27 5/8
Third 38 5/8 30 1/2 32 5/8 29
Fourth 40 3/8 34 7/8 35 1/2 29 3/8
DIVIDENDS DECLARED PER SHARE
Quarter 1996 1995
- ------- ---- ----
First $ .37 $ .35
Second .37 .35
Third .37 .35
Fourth .40 .37
Total $1.51 $1.42