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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 1996
Commission File Number 1-8858
Unitil Corporation
(Exact name of registrant as specified in its charter)
New Hampshire 02-0381573
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) entification No.)
6 Liberty Lane West, Hampton, New Hampshire 03842
(Address of principal executive office) (Zip Code)
(603) 772-0775
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year,
if changed since last report.)
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.
Class Outstanding at November 1, 1996
----------------- --------------------------------
Common Stock, No par value 4,371,298 Shares
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
INDEX
Part I. Financial Information Page No.
Consolidated Statements of Earnings - Three and Nine
Months Ended September 30, 1996 and 1995 3
Consolidated Balance Sheets, September 30, 1996,
September 30, 1995 and December 31, 1995 4-5
Consolidated Statements of Cash Flows - Nine Months
Ended September 30, 1996 and 1995 6
Notes to Consolidated Financial Statements 7-8
Management's Discussion and Analysis of Results of
Operations and Financial Condition 9-11
Exhibit 11 - Computation of Earnings per Average
Common Share Outstanding 12
Part II. Other Information 13
PART 1. FINANCIAL INFORMATION
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Operating Revenues:
Electric $39,101,212 $35,001,463 $112,148,628 $103,682,242
Gas 3,284,853 2,555,376 14,986,474 12,160,726
Other 7,500 247,090 37,927 673,760
---------- ---------- ----------- -----------
Total Operating Revenues 42,393,565 37,803,929 127,173,029 116,516,728
Operating Expenses:
Fuel and Purchased Power 26,686,015 23,357,969 75,663,636 69,607,589
Gas Purchased for Resale 2,394,395 1,715,648 9,549,829 7,300,969
Operating and Maintenance 6,025,177 5,642,261 18,233,160 16,759,414
Depreciation 1,723,618 1,588,587 5,024,333 4,707,329
Amort. of Cost of
Abandoned Properties 542,262 416,288 1,446,977 1,233,876
Provisions for Taxes:
Local Property and Other 1,249,066 1,138,261 3,822,024 3,489,152
Federal and State Income 678,077 683,629 3,311,296 2,913,382
---------- ---------- ----------- -----------
Total Operating Expenses 39,298,610 34,542,643 117,051,255 106,011,711
---------- ---------- ----------- -----------
Operating Income 3,094,955 3,261,286 10,121,774 10,505,017
Non-Operating
(Income) Expense 8,175 37,506 (634,546) 210,070
--------- --------- ---------- ----------
Income Before
Interest Expense 3,086,780 3,223,780 10,756,320 10,294,947
Interest Expense, Net 1,568,798 1,404,819 4,445,446 4,229,775
--------- --------- --------- ---------
Net Income 1,517,982 1,818,961 6,310,874 6,065,172
Less Dividends on
Preferred Stock 67,307 70,813 204,922 212,949
--------- --------- --------- ----------
Net Income Applicable
to Common Stock $1,450,675 $1,748,148 $6,105,952 $5,852,223
Average Common
Shares Outstanding 4,361,641 4,307,733 4,346,768 4,291,100
Earnings Per Share
of Common Stock $0.33 $0.40 $1.40 $1.36
Dividends Declared per Share
of Common Stock (Note 1) $0.33 $0.32 $1.32 $1.28
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
1996 1995 1995
ASSETS:
Utility Plant:
Electric $155,617,076 $146,164,526 $148,458,414
Gas 28,089,232 26,561,471 27,220,705
Common 7,787,699 7,319,241 8,494,093
Construction Work in Progress 12,500,635 4,800,757 6,003,991
----------- ----------- -----------
Total Utility Plant 203,994,642 184,845,995 190,177,203
Less: Accumulated Depreciation 63,549,814 59,895,314 60,682,742
----------- ----------- -----------
Net Utility Plant 140,444,828 124,950,681 129,494,461
Other Property & Investments 42,448 42,448 42,448
Current Assets:
Cash 2,670,888 3,642,708 3,397,931
Accounts Receivable - Less
Allowance for Doubtful
Accounts of $676,843
$584,988 and $622,596 14,297,301 14,211,372 14,931,699
Materials and Supplies 2,671,346 2,570,264 2,275,865
Prepayments 614,399 510,332 435,106
Accrued Revenue 5,326,016 1,336,992 2,577,715
---------- ---------- ----------
Total Current Assets 25,579,950 22,271,668 23,618,316
Deferred Assets:
Debt Issuance Costs 842,819 899,408 885,258
Cost of Abandoned Properties 25,807,814 27,538,962 27,254,791
Prepaid Pension Costs 7,277,514 6,466,963 6,688,714
Other Deferred Assets 23,739,263 23,767,202 23,718,296
---------- ---------- ----------
Total Deferred Assets 57,667,410 58,672,535 58,547,059
----------- ----------- -----------
TOTAL $223,734,636 $205,937,332 $211,702,284
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
1996 1995 1995
CAPITALIZATION AND LIABILITIES:
Capitalization:
Common Stock Equity $65,330,456 $61,396,196 $63,894,789
Preferred Stock,
Non-Redeemable, Non-Cumulative 225,000 225,000 225,000
Preferred Stock,
Redeemable, Cumulative 3,665,900 3,773,900 3,773,900
Long-Term Debt, Less
Current Portion 61,022,000 63,466,000 62,211,000
----------- ----------- -----------
Total Capitalization 130,243,356 128,861,096 130,104,689
Capitalized Leases, Less
Current Portion 3,221,226 3,243,496 3,732,947
Current Liabilities:
Long-Term Debt, Current Portion 1,294,000 144,000 1,294,000
Short-Term Debt 11,600,000 -- 2,700,000
Accounts Payable 16,549,819 12,286,058 14,565,075
Dividends Declared and Payable 1,670,588 1,545,403 170,796
Refundable Customer Deposits 1,797,560 2,556,291 2,237,851
Taxes Accrued 226,748 662,483 216,596
Interest Accrued 1,497,470 1,453,500 1,425,876
Capitalized Leases,
Current Portion 1,165,117 589,177 741,832
Accrued and Other
Current Liabilities 3,378,991 2,314,465 2,202,096
---------- ---------- ----------
Total Current Liabilities 39,180,293 21,551,377 25,554,122
Deferred Liabilities:
Investment Tax Credits 1,655,906 1,854,408 1,803,821
Other Deferred Liabilities 8,707,323 9,555,830 9,763,878
---------- ---------- ----------
Total Deferred Liabilities 10,363,229 11,410,238 11,567,699
Deferred Income Taxes 40,726,532 40,871,125 40,742,827
----------- ----------- -----------
TOTAL $223,734,636 $205,937,332 $211,702,284
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
1996 1995
Net Cash Flow from Operating Activities:
Net Income $6,310,874 $6,065,172
Adjustments to Reconcile Net
Income to Net Cash
Depreciation and Amortization 6,471,310 5,941,205
Deferred Taxes 382,361 (155,070)
Amortization of Investment Tax Credit (147,915) (151,760)
Provision of Doubtful Accounts 702,615 648,313
Amortization of Debt Issuance Costs 42,439 58,101
(Gain) Loss on Taking of Land and Building (875,000) 140,698
Changes in Assets and Liabilities:
(Increase) Decrease in:
Accounts Receivable (68,216) (1,577,999)
Materials and Supplies (395,481) (480,285)
Prepayments and Prepaid Pension (768,093) (766,880)
Accrued Revenue (2,748,301) 955,305
Increase (Decrease) in:
Accounts Payable 1,984,744 (204,983)
Refundable Customer Deposits (440,291) 73,512
Taxes and Interest Accrued 81,746 1,084,749
Other, Net (247,368) 1,835,724
---------- ----------
Net Cash Provided by Operating Activities 10,285,424 13,465,802
Net Cash Flows from Investing Activities:
Acquisition of Property, Plant and Equip. (15,338,235) (9,589,262)
Proceeds from Taking of Land & Building 875,000 2,000,000
------------ -----------
Net Cash Used in Investing Activities (14,463,235) (7,589,262)
Cash Flows from Financing Activities:
Net (Decrease) in Short-Term Debt 8,900,000 --
Net (Decrease) in Long-Term Debt (1,189,000) (1,970,321)
Dividends Paid (4,448,572) (4,314,805)
Issuance of Common Stock 866,666 797,449
Retirement of Preferred Stock (108,000) (94,700)
Repayment of Capital Lease Obligations (570,326) (461,578)
--------- ---------
Net Cash Flows from Financing Activities 3,450,768 (6,043,955)
Net Increase (Decrease) in Cash (727,043) (167,415)
Cash at Beginning of Year 3,397,931 3,810,123
--------- ---------
Cash at September 30, $2,670,888 $3,642,708
Supplemental Cash Flow Information:
Cash Paid for:
Interest Paid $4,128,505 $4,573,329
Federal Income Taxes Paid $3,032,000 $2,455,000
Non-Cash Financing Activities:
Capital Leases Incurred $481,889 $456,709
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
Note 1. Dividends:
Four regular quarterly common stock dividends were declared during the
nine month periods ended September 30, 1996 and 1995.
On September 19, 1996, the Company's Board of Directors declared its
regular quarterly dividend on the Company's Common Stock of $0.33 per share
which is payable on November 15, 1996 to shareholders of record as of
November 1, 1996.
On June 20, 1996, the Company's Board of Directors declared its regular
quarterly dividend on the Company's Common Stock of $0.33 per share which was
payable on August 15, 1996 to shareholders of record as of August 1, 1996.
On March 7, 1996, the Company's Board of Directors declared its regular
quarterly dividend on the Company's Common Stock of $0.33 per share which was
payable on May 15, 1996 to shareholders of record as of May 1, 1996.
On January 16, 1996, the Company's Board of Directors approved a 3.1%
increase to the dividend rate on its common stock. The new regular dividend
rate is $0.33 per share and was payable February 15, 1996 to shareholders of
record as of February 1, 1996.
Note 2. Common Stock:
During the third quarter of 1996, the Company sold 14,263 shares of Common
Stock, at an average price of $21.25 per share, in connection with its Dividend
Reinvestment and Stock Purchase Plan and its 401(k) plans. Net proceeds of
$303,103 were used to reduce short-term borrowings.
Note 3. Preferred Stock:
Details on preferred stock at September 30, 1996, September 30, 1995 and
December 31, 1995 are shown below:
September 30, December 31,
1996 1995 1995
Preferred Stock:
Non-Redeemable, Non-Cumulative,
6%, $100 Par Value $225,000 $225,000 $225,000
Redeemable, Cumulative,
$100 Par Value:
8.70% Series 215,000 215,000 215,000
5% Dividend Series 91,000 98,000 98,000
6% Dividend Series 168,000 168,000 168,000
8.75% Dividend Series 344,300 344,300 344,300
8.25% Dividend Series 406,000 406,000 406,000
5.125% Dividend Series 1,034,600 1,076,600 1,076,600
8% Dividend Series 1,407,000 1,466,000 1,466,000
--------- --------- ---------
Total Redeemable Preferred Stock 3,665,900 3,773,900 3,773,900
--------- --------- ---------
Total Preferred Stock $3,890,900 $3,998,900 $3,998,900
Note 4. Long-term Debt:
Details on long-term debt at September 30, 1996, September 30, 1995 and
December 31, 1995 are shown below:
September 30, December 31,
1996 1995 1995
Concord Electric Company:
First Mortgage Bonds:
Series C, 6 3/4%, due January 15, 1998 $1,552,000 $1,584,000 $1,584,000
Series H, 9.43%, due September 1, 2003 5,850,000 6,500,000 6,500,000
Series I, 8.49%, due October 14, 2024 6,000,000 6,000,000 6,000,000
Exeter & Hampton Electric Company:
First Mortgage Bonds:
Series E, 6 3/4%, due January 15, 1998 504,000 511,000 511,000
Series H, 8.50%, due December 15, 2002 910,000 1,015,000 910,000
Series J, 9.43%, due September 1, 2003 4,500,000 5,000,000 5,000,000
Series K, 8.49%, due October 14, 2024 9,000,000 9,000,000 9,000,000
Fitchburg Gas and Electric Light Company:
Promissory Notes:
8.55% Notes due March 31, 2004 15,000,000 15,000,000 15,000,000
6.75% Notes due November 30, 2023 19,000,000 19,000,000 19,000,000
---------- ---------- ----------
Total 62,316,000 63,610,000 63,505,000
Less: Installments due within one year 1,294,000 144,000 1,294,000
---------- ---------- ----------
Total Long-term Debt $61,022,000 $63,466,000 $62,211,000
Note 5.
In the opinion of the Company, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting only of normal
recurring accruals) necessary to present fairly the consolidated financial
position as of September 30, 1996 and 1995; and results of operations for the
three and nine months ended September 30, 1996 and 1995; and consolidated
statements of cash flows for the nine months ended September 30, 1996 and
1995. Reclassifications of amounts are made periodically to previously issued
financial statements to conform with the current year presentation.
The results of operations for the nine months ended September 30, 1996
and 1995 are not necessarily indicative of the results to be expected for the
full year.
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
EARNINGS
Consolidated earnings for the third quarter of 1996 were $0.33 per average
common share outstanding, compared to $0.40 per share for the same three-month
period in 1995. This decrease of $0.07 per share primarily reflects increased
expenses and taxes in support of the Company's operations and business
development initiatives, an increase in electric production expenses and lower
energy consulting income in the third quarter of 1996 compared to the same
period in 1995. In addition, sales of electricity to residential and small
commercial customers were dampened in the current quarter due to comparatively
cool summer weather.
Total electric KWH sales were up 9.7% to 401,118,336 KWH, from 365,533,151
KWH in the same three month period a year earlier. More than two thirds of
this increase in electric energy sales reflects the addition of a major new
customer early this year under a special competitive market pricing
arrangement. This major customer recently curtailed its operations and has
notified the Company that it will be making alterations and improvements to
its facility. As a result, the Company now anticipates that energy sales to
this customer will be significantly reduced in the fourth quarter of 1996.
The remaining increase in electric energy sales in the third quarter is due
to higher overall energy usage by Unitil's largest commercial and industrial
customers. Electric KWH sales to this customer group (excluding sales to the
major customer mentioned above) increased 6.4% to 134,175,160 KWH, from
126,101,215 KWH in the same period a year earlier. In contrast, sales of
electricity to Unitil's residential and small commercial customers declined
1.4% during the quarter to 227,014,524 KWH, from 230,239,903 KWH, reflecting
the impact that the comparatively mild summer weather this year had on the
demand for electricity for cooling purposes. Total gas firm therm sales, which
comprise 11% of the system's total revenues on an annual basis, increased 2.8%
during the third quarter of 1996 to 1,989,674 therms from 1,935,210 therms in
the year earlier period.
Higher expenses during the third quarter reflect increases in utility
operating costs, as the Company has begun operating in a more competitive
retail energy marketplace. Higher property taxes and the absence of a
nonrecurring income tax benefit realized by the Company in a prior period
from a donation of land to an industrial economic development project also
contributed to higher tax expenses in the current period.
Earnings for the nine month period have benefited from two significant
factors: (1) higher utility gas and electric energy sales, and (2) a payment
from the state of New Hampshire in an eminent domain taking of the Company's
former corporate headquarters for a highway expansion project. Earnings for
the same nine-month period have been negatively impacted by a one-time charge
to earnings for costs the Company estimates it will incur under the New
Hampshire Retail Pilot Program, increased operating expenses and taxes and
reduced consulting income.
For the first nine months of 1996 total electric energy sales increased
10.6% to 1,171,404,174 KWH, from 1,058,740,558 KWH in the year earlier period.
Approximately half of the increase in total electric sales through the first
nine-months of 1996 reflects the addition of a major new customer early this
year under a special competitive market pricing arrangement. As discussed
above the Company anticipates that energy sales to this major customer will
be significantly reduced in the fourth quarter of 1996. Sales of electricity
to the company's largest industrial and commercial customers increased 8.4%
to 387,241,613 KWH in the current nine-month period, from 357,121,800 KWH in
the prior period. Residential KWH sales increased 3.2% to 397,111,328 KWH,
compared to 384,866,512 KWH during the first nine months of 1995. KWH sales
to commercial customers have increased a modest 0.2% in 1996, to 292,377,066
KWH from 291,781,417. Total gas firm therm sales, which benefited in the
early part of the year from the colder weather, increased by 12.1% during the
first nine months of 1996 to 18,285,883 therms from 16,315,507 therms in the
year earlier period.
Millstone Unit No. 3
Unitil's Massachusetts operating subsidiary, Fitchburg Gas and Electric
Light Company (FG&E), has a 0.217% ownership in the Millstone Unit No. 3
nuclear generating unit which supplies it with 2.49 MW of electric capacity.
In January 1996 the Nuclear Regulatory Commission (NRC) placed Millstone No. 3
on its watch list as a Category 2 facility, which calls for increased NRC
inspection attention. In March 1996 the NRC requested additional information
about the operation of the unit from Northeast Utilities (NU), the unit's
managing owner. As a result of an engineering evaluation completed by NU,
Millstone Unit No. 3 was taken out of service on March 30, 1996. The NRC later
informed NU, in a letter dated June 28, 1996, that it had reclassified
Millstone Station as a Category 3 facility. The NRC assigns this rating to
plants which it deems to have significant weaknesses that warrant maintaining
the plant in shutdown condition until the operator demonstrates that adequate
programs have been established and implemented to ensure substantial
improvement in the operation of the plant. The NRC's letter also informed NU
that this designation would require the NRC staff to obtain NRC approval by
vote prior to a restart of the unit.
The Company cannot predict when Millstone 3 will be allowed by the NRC
to restart, but believes that the unit will remain shut down for a very
protracted period. During the period that Millstone No. 3 is out of service,
FG&E will continue to incur its proportionate share of the unit's ongoing
Operations and Maintenance (O&M) costs, and may incur additional O&M costs
and capital expenditures to meet NRC requirements. FG&E will also incur costs
to replace the power that was expected to be generated by the unit. During
the outage FG&E has been recovering approximately $35,000 per month in
replacement power costs through its fuel adjustment clause, which is subject
to periodic review by the Massachusetts Department of Public Utilities (MDPU).
Competition and Restructuring
In both New Hampshire and Massachusetts, the pace of restructuring the
electric utility industry to allow retail customers to choose there electricity
supplier continues to quicken, as new legislation and regulations are targeting
January 1, 1998 as universal "Choice Date" for all customers. Under these
restructuring proposal customers would be allowed to choose their electricity
supplier from the competitive market, with the local utility required to
provide delivery of that energy over its transmission and distribution systems
at regulated rates. Unitil has been preparing for this date by developing a
transition plan that will move our utility subsidiaries into this new market
structure in a way that will ensure fairness in the treatment of our assets
and obligations that are dedicated to our current franchises and, at the same
time, achieve customer choice for all. Simultaneously with this transition
process for Unitil's regulated utilities, the Company is moving to position
its non-utility subsidiary, Unitil Resources, to pursue growth areas beyond
the Company's historical franchises in all energy-related sectors, including
electricity, gas, oil and propane.
New Hampshire
In New Hampshire, the Retail Competition Pilot Program (Pilot Program)
initiated by the New Hampshire Public Utilities Commission (NHPUC) has been
operating since June 1996. Beginning on May 1, 1996, all regulated electric
utilities in the State, including Concord Electric Company (CECo) and Exeter
& Hampton Electric Company (E&H), Unitil's New Hampshire based retail operating
utilities, released lists of customers who had been selected as participants
in the Pilot Program. The guidelines provide that up to 3% of each utility's
retail customers will be allowed to select from among competing electric
energy suppliers during the Pilot Program period, and have this supply
delivered across the local utility system.
More than thirty competitive electric suppliers, including Unitil
Resources, Inc., the Company's competitive market subsidiary, are currently
authorized to market the sale of electricity to pilot program participants.
Unitil Resources began marketing electricity to Pilot Program participants in
late May, and actual sale by Unitil Resources and other suppliers began in
June in some areas of the state.
Under the charge of New Hampshire House Bill 1392, state regulators have
set an aggressive procedural schedule to restructure and open up the state to
full retail competition by the end of next year. In October, 1996, the Company
filed with state regulators its "Customer Choice" Plan a transition plan to
a fully open retail energy supply market in New Hampshire. Under this proposal,
all Unitil's New Hampshire customers will continue to enjoy Unitil's very
competitive electric rates, among the lowest in New England, and will benefit
from future market competition and power supply savings. Key elements of the
Customer Choice proposal include: competitive retail prices for all Unitil
customers, open and nondiscriminatory access for all Unitil customers to any
qualified competing electric supplier; guaranteed reliable electric service
for all Unitil customers; and consumer protection standards for all New
Hampshire consumers. The Customer Choice Plan achieves these customer benefits
and safeguards while providing for the recovery of Unitil's assets and
obligations that are dedicated to serving customers in the Company's New
Hampshire franchises.
Massachusetts
In May 1996 the Massachusetts Department of Public Utilities (MDPU)
issued proposed rules and regulations to allow all customers of Massachusetts's
investor owned utilities to choose their electricity supplier beginning in
early 1998. In late October, the Massachusetts Attorney General proposed a
formal plan in the context of a settlement agreement with the state's largest
investor owned utility and several other parties that has the potential for
becoming the benchmark restructuring plan for the state. Under this plan, all
customers would be allowed the option of choosing a new electricity supplier
beginning January 1, 1998 and would be guaranteed a minimum of 10% savings on
their electric bills. Utilities would fully recover stranded investments;
low-income consumers would be protected; and the environment would be both
protected and improved. The MDPU has established a procedural schedule under
which it will issue a decision on the settlement agreement by January 10, 1987.
The settlement agreement will also be subject to approval by the Federal
Energy Regulatory Commission (FERC). In addition, the Company believes that
the implementation of retail competition in Massachusetts will require changes
in legislation by the Massachusetts legislature.
CAPITAL REQUIREMENTS
Capital expenditures for the nine months ended September 30, 1996 were
approximately $15,300,000. This compares to $9,500,000 during the same period
last year. Capital expenditures for the year 1996 are estimated to be
approximately $18,300,000 as compared to $14,600,000 for 1995. This projection
reflects capital expenditures of approximately $13,900,000 million for normal
utility system expansions, replacements and other improvements and capital
expenditures of approximately $4,400,000 related to the completion of
construction of Unitil's new corporate headquarters.
PART I. EXHIBIT 11.
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING
(UNAUDITED)
PRIMARY Three Months Ended Nine Months Ended
September 30, September 30,
EARNINGS PER SHARE 1996 1995 1996 1995
Net Income $1,517,982 $1,818,961 $6,310,874 $6,065,172
Less: Dividend Requirement
on Preferred Stock 67,307 70,813 204,922 212,949
Net Income Applicable
to Common Stock $1,450,675 $1,748,148 $6,105,952 $5,852,223
Average Number of Common
Shares Outstanding 4,361,641 4,307,733 4,346,768 4,291,100
Earnings Per Common Share $0.33 $0.40 $1.40 $1.36
Three Months Ended Nine Months Ended
FULLY-DILUTED September 30, September 30,
EARNINGS PER SHARE 1996 1995 1996 1995
Net Income $1,517,982 $1,818,961 $6,310,874 $6,065,172
Less: Dividend Requirement
on Preferred Stock 67,307 70,813 204,922 212,949
Net Income Applicable
to Common Stock $1,450,675 $1,748,148 $6,105,952 $5,852,223
Average Number of Common
Shares Outstanding 4,470,103 4,390,143 4,457,989 4,370,279
Earnings Per Common Share $0.32 $0.39 $1.37 $1.34
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit No. Description of Exhibit Reference
11 Computation in Support of
Earnings Per Average Common Share Filed herewith
(b) Reports on Form 8-K
During the quarter ended September 30, 1996, the Company did not
file any reports 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.
Unitil Corporation
(Registrant)
Date: November 14, 1996 Gail A. Siart
---------------------
Gail A. Siart, Treasurer
and Chief Financial Officer
(Gail A. Siart is the Principal
Financial Officer and has
been duly authorized to sign
on behalf of the registrant.)