Date: Thu, 18 Dec 1997 21:25:42 GMT Server: Apache/1.2.0 Last-Modified: Mon, 23 Dec 1996 20:18:45 GMT ETag: "1004fe0-3ce4-32bee925" Content-Length: 15588 Accept-Ranges: bytes Connection: close Content-Type: text/html 11 Year

11-Year Operations and Financial Review (1991-1986) 11-Year Operations and Financial Review (1996-1992)
Year Ended September 30 1996 1995 1994 1993(6) 1992


OPERATIONS (Thousands)

Utility operating revenues $ 530,594 $ 403,810 $ 475,297 $ 499,278 $ 411,260
Cost of gas 320,131 218,495 280,988 313,553 250,927

Margin 210,463 185,315 194,309 185,725 160,333
Utility operating expenses 156,910 139,127 146,466 141,452 122,206

Utility operating income 53,553 46,188 47,843 44,273 38,127
Interest and other 14,923 14,079 13,247 15,739 12,384

Utility income 38,630 32,109 34,596 28,534 25,743
Nonutility income (loss) 3,571 847 (155) 6,329 (64)

Income before preferred dividends and cumulative effect of change in accounting principle 42,201 32,956 34,441 34,863 25,679
Preferred dividend requirement of subsidiary - - - 285 1,710

Income before cumulative effect of change in accounting principle 42,201 32,956 34,441 34,578 23,969
Cumulative effect of change in accounting principle - net of taxes - - - - -

Net income $ 42,201 $ 32,956 $ 34,441 $ 34,578 $ 23,969

COMMON STOCK DATA(1)

Average common shares outstanding (thousands) 22,513 22,560 22,554 21,376 20,706
Earnings per average share of common stock $ 1.87 $ 1.46 $ 1.53 $ 1.62 $ 1.16
Dividends per share of common stock $ 1.11 $ 1.07 $ 1.03 99 1/2¢ 95 2/3¢
Common stock dividend payout ratio 59% 73% 67% 61% 82%
Common shareholders' equity per share $ 13.19 $ 12.44 $ 12.02 $ 11.52 $ 10.22

CAPITALIZATION STRUCTURE (Thousands)

Common shareholders' equity $ 296,322 $ 280,715 $ 271,245 $ 258,647 $ 212,310
Redeemable preferred shareholder's equity(2) - - - - 20,000
Long-term debt (2) 178,335 176,563 158,979 184,901 150,311

$ 474,657 $ 457,278 $ 430,224 $ 443,548 $ 382,621

GAS SOLD AND TRANSPORTED - UTILITY (MDth)

Residential 50,507 40,592 46,634 44,690 41,065
Commercial 20,178 16,195 18,258 17,613 15,711
Industrial 56,057 52,721 51,393 49,051 45,209

Total throughput 126,742 109,508 116,285 111,354 101,985

UTILITY OPERATING REVENUES (Thousands)

Residential $ 316,836 $ 240,941 $ 283,622 $ 275,474 $ 230,174
Commercial 111,763 82,624 97,800 96,784 77,418
Industrial 96,307 76,161 89,355 123,758 100,382
Miscellaneous revenue 5,688 4,084 4,520 3,262 3,286

Total revenues $ 530,594 $ 403,810 $ 475,297 $ 499,278 $ 411,260

UTILITY CUSTOMERS SERVED - AVERAGE

Residential 419,621 410,053 399,611 389,677 380,513
Commercial 44,369 43,605 42,727 42,132 41,321
Industrial 1,176 1,159 1,160 1,191 1,163

Total customers 465,166 454,817 443,498 433,000 422,997

AVERAGE REVENUE PER Dth

Residential $ 6.27 $ 5.94 $ 6.08 $ 6.16 $ 5.61
Commercial $ 5.54 $ 5.10 $ 5.36 $ 5.50 $ 4.93

Average cost of gas per Dth purchased $ 3.14 $ 2.53 $ 2.89 $ 2.90 $ 2.65
Capital expenditures (thousands) $ 66,381 $ 54,943 $ 57,138 $ 56,945 $ 59,060
Total assets at year-end (thousands) $ 682,463 $ 663,397 $ 656,645 $ 631,280 $ 627,719
Annual heating degree-days as percent of normal 108% 87% 102% 99% 90%

(1) Adjusted to reflect the three-for-two stock split October 1, 1993.
(2) Includes current maturities; excludes sinking fund requirements.
(3) In fiscal 1987, the company recognized revenues for volumes delivered but not billed (unbilled revenue); it previously recognized revenues only when billed. Before the cumulative effect of accruing unbilled revenues, earnings available for common stock were $14,147 or 86¢ per average share.
(4) Based on earnings available for common stock excluding the cumulative effect of accruing unbilled revenues.
(5) Includes consolidation of EnTrade Corporation, a majority-owned subsidiary, beginning January 1990, and Richmond Gas Corporation and Terre Haute Gas Corporation beginning August 1990.
(6) Reflects the gain on the sale by IGC Energy, Inc. of its interest in EnTrade Corporation on December 29, 1992.

© 1996 Indiana Energy, Inc.
www.indiana-energy.com