Six-Year Financial Summary
Years ended December 31, 1997 1996 1995 1994 1993 1992
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($ in millions, except per share amounts)
Revenues:
Boston Gas $700,945 $ 705,462 $653,073 $660,158 $614,294 $594,330
Midland 269,259 301,880 296,339 264,692 254,921 263,617
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Total revenues 970,204 1,007,342 949,412 924,850 869,215 857,947
Operating earnings:
Boston Gas 78,770 68,451 61,662 65,791 49,063 63,120
Midland 34,614 58,415 57,828 35,805 33,001 38,277
Headquarters (7,070) (5,472) (5,756) (4,221) (4,675) (5,141)
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Total operating earnings 106,314 121,394 113,734 97,375 77,389 96,256
Other income (expense):
Interest income 8,997 9,419 5,633 1,953 3,213 4,703
Interest expense (34,318) (34,453) (38,536) (38,516) (35,039) (33,537)
Other, net (4,371) (115) 4,103 2,553 (1,056) (2,414)
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Earnings from continuing operations
before income taxes 76,622 96,245 84,934 63,365 44,507 65,008
Provision for income taxes 24,672 35,580 24,553 24,458 18,485 23,896
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Earnings from continuing operations
before extraordinary items and
accounting change 51,950 60,665 60,381 38,907 26,022 41,112
Discontinued operations and
accounting change(1) - - - 12,212 (58,182) 5,003
Extraordinary items(2) - - (6,500) - (45,500) -
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Net earnings (loss) $ 51,950 $ 60,665 $ 53,881 $ 51,119 $(77,660) $ 46,115
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Number of common shares:
Outstanding at year end 20,388 20,304 20,194 20,411 20,930 22,621
Diluted weighted average 20,468 20,384 20,246 20,780 22,510 22,638
Diluted per share data:(3)
Earnings from continuing operations
before extraordinary items and
accounting change $2.54 $2.98 $2.98 $1.87 $ 1.16 $1.82
Discontinued operations and
accounting change(1) - - - .59 (2.59) .22
Extraordinary items(2) - - (.32) - (2.02) -
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Net earnings (loss) $2.54 $2.98 $2.66 $2.46 $(3.45) $2.04
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Dividends declared $ 1.61 $ 1.51 $ 1.42 $ 1.40 $ 1.40 $ 1.40
Shareholders' equity 22.03 21.08 19.60 18.33 17.38 22.89
Financial statistics and ratios:
Cash from operating activities $ 138,577 $ 122,212 $ 152,652 $ 114,674 $ 35,116 $ 44,470
Capital expenditures 82,321 111,755 78,385 57,883 61,450 80,538
Depreciation and amortization 67,949 64,531 61,504 58,856 53,199 47,545
Total assets 1,434,357 1,421,615 1,377,342 1,339,319 1,363,191 1,397,850
Long-term debt 342,142 347,313 357,675 365,488 328,939 357,109
Shareholders' equity 449,061 427,990 395,764 374,134 363,738 517,906
Debt/equity ratio 43/57 45/55 47/53 49/51 47/53 41/59
Return on total capital(4) 9.1% 10.5% 10.9% 8.3% 5.8% 7.1%
Return on equity(4) 11.9% 14.8% 15.7% 10.5% 5.9% 8.1%
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(1) Includes results from Water Products Group net of tax, and accounting change
related to income taxes in 1992.
(2) Provision for coal miners retiree health care of $10,000 and $70,000 pre-tax
in 1995 and 1993, respectively.
(3) Basic earnings per share from continuing operations before extraordinary
items and accounting change were $2.55, $2.99, $2.98, $1.87, $1.16 and
$1.82 for 1997 through 1992, respectively.
(4) Based on earnings from continuing operations before extraordinary item and
accounting change.
STOCK PRICE RANGE
1997 1996
Quarter High Low High Low
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First $36-3/8 $30-1/2 $37-1/8 $33-1/8
Second 35-7/8 30-1/2 36-7/8 32-3/8
Third 38-3/16 34-3/4 38-5/8 30-1/2
Fourth 45-3/8 36-3/4 40-3/8 34-7/8
DIVIDENDS DECLARED PER SHARE
Quarter 1997 1996
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First $ .40 $ .37
Second .40 .37
Third .40 .37
Fourth .41 .40
Total $1.61 $1.51