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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, 1997
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) Identification 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, 1997
Common Stock, No par value 4,425,472 Shares
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
INDEX
Part I. Financial Information Page No.
Consolidated Statements of Earnings - Three and Nine
Months Ended September 30, 1997 and 1996 3
Consolidated Balance Sheets, September 30, 1997,
September 30, 1996 and December 31, 1996 4-5
Consolidated Statements of Cash Flows - Nine Months
Ended September 30, 1997 and 1996 6
Notes to Consolidated Financial Statements 7-8
Management's Discussion and Analysis of Results of
Operations and Financial Condition 9-12
Exhibit 11 - Computation of Earnings per Average
Common Share Outstanding 13
Part II. Other Information 14
PART 1. FINANCIAL INFORMATION
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(Amounts in Thousands, except Shares and Per Share Data)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Operating Revenues:
Electric $37,840 $39,102 $112,798 $112,149
Gas 2,824 3,284 13,792 14,986
Other 8 8 29 38
Total Operating Revenues 40,672 42,394 126,619 127,173
Operating Expenses:
Fuel and Purchased Power 25,298 26,686 75,414 75,664
Gas Purchased for Resale 1,911 2,395 8,505 9,550
Operating and Maintenance 5,785 6,025 17,333 18,233
Depreciation 1,888 1,723 5,657 5,024
Amort. of Cost of
Abandoned Properties 385 542 1,142 1,447
Provisions for Taxes:
Local Property and Other 1,333 1,249 4,057 3,822
Federal and State Income 696 678 3,088 3,311
Total Operating Expenses 37,296 39,298 115,196 117,051
Operating Income 3,376 3,096 11,423 10,122
Non-Operating (Income) Expense 51 8 68 (635)
Income Before Interest Expense 3,325 3,088 11,355 10,757
Interest Expense, Net 1,838 1,570 5,298 4,446
Net Income 1,487 1,518 6,057 6,311
Less Dividends on
Preferred Stock 69 67 207 205
Net Income Applicable
to Common Stock $1,418 $1,451 $5,850 $6,106
Average Common Shares
Outstanding 4,419,431 4,361,641 4,404,518 4,346,768
Earnings Per Share of
Common Stock $0.32 $0.33 $1.33 $1.40
Dividends Declared per Share
of Common Stock (Note 1) $0.335 $0.33 $1.34 $1.32
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
(Unaudited)
September 30, December 31,
1997 1996 1996
ASSETS:
Utility Plant:
Electric $164,265 $155,617 $157,875
Gas 29,766 28,089 28,729
Common 18,873 7,788 18,780
Construction Work in Progress 2,635 12,501 2,161
Total Utility Plant 215,539 203,995 207,545
Less: Accumulated Depreciation 67,432 63,550 63,787
Net Utility Plant 148,107 140,445 143,758
Other Property & Investments 42 42 42
Cash 2,235 2,671 2,903
Accounts Receivable - Less Allowance
for Doubtful Accounts
of $660, $677 and $660 16,632 14,297 16,383
Materials and Supplies 2,726 2,672 2,479
Prepayments 548 614 481
Accrued Revenue 6,096 5,326 8,859
Total Current Assets 28,237 25,580 31,105
Deferred Assets:
Debt Issuance Costs 934 843 829
Cost of Abandoned Properties 24,290 25,808 25,432
Prepaid Pension Costs 7,926 7,278 7,348
Other Deferred Assets 24,829 23,739 23,594
Total Deferred Assets 57,979 57,668 57,203
TOTAL $234,365 $223,735 $232,108
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
(Unaudited)
September 30, December 31,
1997 1996 1996
CAPITALIZATION AND LIABILITIES:
Capitalization:
Common Stock Equity $68,970 $65,331 $67,974
Preferred Stock, Non-Redeemable,
Non-Cumulative 225 225 225
Preferred Stock, Redeemable,
Cumulative 3,666 3,666 3,666
Long-Term Debt, Less Current Portion 64,078 61,022 60,917
Total Capitalization 136,939 130,244 132,782
Capitalized Leases,
Less Current Portion 4,286 3,221 4,630
Current Liabilities:
Long-Term Debt, Current Portion 4,432 1,294 1,294
Capitalized Leases, Current Portion 851 1,165 1,000
Accounts Payable 16,539 16,550 15,104
Short-Term Debt 13,250 11,600 21,400
Dividends Declared and Payable 1,686 1,671 191
Refundable Customer Deposits 2,435 1,798 1,585
Taxes Payable (Refundable) 187 226 (147)
Interest Payable 1,144 1,497 1,484
Other Current Liabilities 2,633 3,379 2,044
Total Current Liabilities 43,157 39,180 43,955
Deferred Liabilities:
Investment Tax Credits 1,478 1,656 1,610
Other Deferred Liabilities 7,890 8,707 8,489
Total Deferred Liabilities 9,368 10,363 10,099
Deferred Income Taxes 40,615 40,727 40,642
TOTAL $234,365 $223,735 $232,108
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Amounts in Thousands)
Nine Months Ended September 30,
1997 1996
Net Cash Flow from Operating Activities:
Net Income $6,057 $6,311
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation and Amortization 6,799 6,471
Deferred Taxes 269 382
Amortization of Investment Tax Credit (132) (148)
Provision of Doubtful Accounts 575 704
Amortization of Debt Issuance Costs 44 42
(Gain) Loss on Taking of Land and Building 0 (875)
Changes in Assets and Liabilities:
(Increase) Decrease in:
Accounts Receivable (823) (67)
Materials and Supplies (247) (396)
Prepayments and Prepaid Pension (645) (768)
Accrued Revenue 2,763 (2,748)
Increase (Decrease) in:
Accounts Payable 1,435 1,985
Refundable Customer Deposits 850 (440)
Taxes and Interest Accrued (6) 81
Other, Net (1,789) (249)
Net Cash Provided by Operating
Activities 15,150 10,285
Net Cash Flows from Investing Activities:
Acquisition of Property, Plant and Equip. (9,614) (15,338)
Proceeds from Taking of Land & Building 0 875
Net Cash Used in Investing Activities (9,614) (14,463)
Cash Flows from Financing Activities:
Net (Decrease) in Short-Term Debt (8,150) 8,900
Net (Decrease) in Long-Term Debt 6,299 (1,189)
Dividends Paid (4,610) (4,449)
Issuance of Common Stock 794 867
Retirement of Preferred Stock 0 (108)
Repayment of Capital Lease Obligations (537) (570)
Net Cash Flows from Financing
Activities (6,204) 3,451
Net Increase (Decrease) in Cash (668) (727)
Cash at Beginning of Year 2,903 3,398
Cash at September 30, $2,235 $2,671
Supplemental Cash Flow Information:
Cash Paid for:
Interest $5,624 $4,127
Income Taxes $2,640 $3,032
Non-Cash Financing Activities:
Capital Leases Incurred $0 $482
(The accompanying notes are an integral part of these statements.)
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1. Dividends:
Four regular quarterly common stock dividends were declared during
the nine month periods ended September 30, 1997 and 1996.
On September 11, 1997, the Company's Board of Directors declared its
regular quarterly dividend on the Company's Common Stock of $0.335 per share
which is payable on November 14, 1997 to shareholders of record as of
October 31, 1997.
On June 5, 1997, the Company's Board of Directors declared its
regular quarterly dividend on the Company's Common Stock of $0.335 per share
which was payable on August 15, 1997 to shareholders of record as of
August 1, 1997.
On March 6, 1997, the Company's Board of Directors declared its
regular quarterly dividend on the Company's Common Stock of $0.335 per share
which was payable on May 15, 1997 to shareholders of record as of May 1,
1997.
On January 21, 1997, the Company's Board of Directors approved a
1.5% increase to the dividend rate on its common stock. The new regular
dividend rate of $0.335 per share was payable February 14, 1997 to
shareholders of record as of January 31, 1997.
Note 2. Common Stock:
During the third quarter of 1997, the Company sold 10,765 shares of
Common Stock, at an average price of $21.53 per share, in connection with
its Dividend Reinvestment and Stock Purchase Plan and its 401(k) plans.
Net proceeds of $231,801 were used to reduce short-term borrowings.
Note 3. Preferred Stock:
Details on preferred stock at September 30, 1997, September 30, 1996
and December 31, 1996 are shown below:
(Amounts in Thousands)
(Unaudited)
September 30, December 31,
1997 1996 1996
Preferred Stock:
Non-Redeemable, Non-Cumulative,
6%, $100 Par Value $225 $225 $225
Redeemable, Cumulative,
$100 Par Value:
8.70% Series 215 215 215
5% Dividend Series 91 91 91
6% Dividend Series 168 168 168
8.75% Dividend Series 344 344 344
8.25% Dividend Series 406 406 406
5.125% Dividend Series 1,035 1,035 1,035
8% Dividend Series 1,407 1,407 1,407
Total Redeemable Preferred Stock 3,666 3,666 3,666
Total Preferred Stock $3,891 $3,891 $3,891
Note 4. Long-term Debt:
Details on long-term debt at September 30, 1997, September 30, 1996
and December 31, 1996 are shown below:
(Amounts in Thousands)
(Unaudited)
September 30, December 31,
1997 1996 1996
Concord Electric Company:
First Mortgage Bonds:
Series C, 6 3/4%, due January 15, 1998 $1,520 $1,552 $1,552
Series H, 9.43%, due September 1, 2003 5,200 5,850 5,850
Series I, 8.49%, due October 14, 2024 6,000 6,000 6,000
Exeter & Hampton Electric Company:
First Mortgage Bonds:
Series E, 6 3/4%, due January 15, 1998 497 504 504
Series H, 8.50%, due December 15, 2002 805 910 805
Series J, 9.43%, due September 1, 2003 4,000 4,500 4,500
Series K, 8.49%, due October 14, 2024 9,000 9,000 9,000
Fitchburg Gas and Electric Light Company:
Promissory Notes:
8.55% Notes due March 31, 2004 15,000 15,000 15,000
6.75% Notes due November 30, 2023 19,000 19,000 19,000
Unitil Realty Corp.
Senior Secured Notes:
8.00% Notes Due August 1, 2017 7,488 0 0
Total 68,510 62,316 62,211
Less: Installments due within one year 4,432 1,294 1,294
Total Long-term Debt $64,078 $61,022 $60,917
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, 1997 and 1996; and results of
operations for the three and nine months ended September 30, 1997 and 1996;
and consolidated statements of cash flows for the nine months ended September
30, 1997 and 1996. 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,
1997 and 1996 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
Earnings per average common share were $1.33 for the first nine
months of 1997, as compared to $1.40 for the first nine months of 1996. This
decrease of $0.07 per share was primarily due to lower energy sales as a
result of significantly milder weather in the first quarter of 1997 and the
curtailment of operations by one major industrial customer in September 1996.
Total operating revenues for the Unitil System were $126.6 million
for the first nine months of 1997, compared to $127.2 million for the same
period in 1996. A slight increase in electric revenues was offset by a
decrease in gas revenues.
Electric and gas base revenues are operating revenues which have a
direct impact on net income, and which the Company realizes in addition to
fuel, purchased power and cost of gas revenues. Electric and gas base
revenues declined during the first nine months of 1997 by 1.7% to $41.3
million from $42.0 million in the first nine months of 1996. The impact on
earnings of these lower base revenues was a decline of approximately $0.12
per share, versus the first nine months of 1996. This decline was primarily
attributable to lower energy sales as discussed above. Fuel, purchased power
and cost of gas revenues do not affect net income, as they mirror changes in
current fuel, purchased power and gas costs.
Earnings for the nine months ended September 30, 1997 also reflect
lower operation and maintenance expenses offset by higher depreciation,
interest and property tax expenses. Earnings for the nine months ended
September 30, 1996 reflected a gain from the eminent domain taking of the
Company's former corporate headquarters by the state of New Hampshire,
offset by expenses associated with the Company's participation in the New
Hampshire Electric Retail Competition Pilot Program.
The Energy Sales table on the following page shows energy consumption
by customer class for the three- and nine-month periods ended September 30,
1997 and 1996. Residential consumption of electricity in the third quarter
was up 3.4% versus last year, and is up 0.5% for the nine-month period.
Consumption by small Commercial customers was up 1.7% for the quarter, and
is down 0.7% for the nine-month period. Apart from decreased sales to a
major customer, as discussed above, Large Commercial/Industrial sales
improved during the same period, marking the success of Unitil's competitive
sales initiative -- Energy BankTM -- which has continued to add new
industrial customers in 1997. Additionally, the major customer concluded
bankruptcy proceedings in October 1997 and is working on plans to resume
operations.
Earnings per average common share for the 12 months ended September
30, 1997 and 1996 were $1.86 and $1.92, respectively. The decrease of $0.06
per share is primarily attributable to the changes in sales discussed above,
to higher depreciation and interest expenses in the current period related
to the Company's ongoing capital expenditure programs, and to the absence of
the onetime gain and higher consulting income recorded in the prior period.
MAJOR CUSTOMER
As reported above, one of the Company's major Industrial customers
suspended operations in September, 1996, and subsequently filed for
bankruptcy protection. Under a recent settlement agreement, all assets are
being transferred to a new entity, and will be leased to the former operator
of the facility. The new owner and operating company have notified the
Company that they are targeting the spring of 1998 to resume operations.
Energy Sales
Three Months Ended Nine Months Ended
KWH Sales (000's) 9/30/97 9/30/96 9/30/97 9/30/96
Residential 129,014 124,732 399,140 397,100
Commercial 104,093 102,283 290,265 292,397
Large Commercial / Industrial 142,845 171,251 413,542 470,063
Other Sales 2,775 2,852 8,467 8,659
Total KWH Sales 378,727 401,118 1,111,414 1,168,219
Firm Therm Sales (000's)
Residential 933 945 9,739 10,451
Commercial 188 187 3,597 3,802
Large Commercial / Industrial 652 858 3,866 4,033
Total Firm Therm Sales 1,773 1,990 17,202 18,286
Operating Revenues ($000's)
Three Months Ended Nine Months Ended
9/30/97 9/30/96 9/30/97 9/30/96
Base Electric Revenue 12,023 12,640 36,030 36,617
Fuel & Purchased Power 25,817 26,462 76,768 75,532
Total Electric Revenue 37,840 39,102 112,798 112,149
Base Gas Revenue 837 861 5,097 5,383
Cost of Gas Revenue 1,511 1,349 7,065 7,213
Interruptible Revenue 476 1,074 1,630 2,390
Total Gas Revenue 2,824 3,284 13,792 14,986
Other Revenue 8 8 29 38
Total Operating Revenue 40,672 42,394 126,619 127,173
RESTRUCTURING AND COMPETITION - ELECTRIC UTILITY INDUSTRY
Regulatory activity in both New Hampshire and Massachusetts continues
to focus on deregulating the retail sale of electric energy. In both states,
January 1, 1998 has been targeted as the beginning of competition, or
"Choice Date" but it appears that some slippage will occur. Under these
restructuring proposals, customers would be allowed to choose their supplier
of electricity from the competitive market, and have their local utility
deliver that electricity over its distribution systems at regulated rates.
New Hampshire
On February 28, 1997, the New Hampshire Public Utilities Commission
(NHPUC) issued its Final Plan for transition to a competitive electric
market in New Hampshire. The order allowed Concord Electric Company (CECo)
and Exeter & Hampton Electric Company (E&H), Unitil's New Hampshire based
retail distribution utilities, to recover 100% of costs which will be
"stranded" due to this restructuring. Due to an appeal by Northeast
Utilities (NU), this Plan is under a temporary restraining order in Federal
Court. On May 13, 1997, NU and the NHPUC agreed to mediation in an effort
to resolve restructuring issues. On September 2, 1997, mediation was
terminated without success. The NHPUC has commenced rehearing proceedings
to address certain issues related to stranded cost recovery for the Public
Service Company of New Hampshire. The NHPUC must also address other issues
raised in rehearing petitions by other parties including Unitil. The Company
continues to participate actively in all proceedings which will define the
details of the transition to competition and customer choice and has begun
discussions with the state and other parties to attempt to reach an overall
settlement.
Unitil Resources, Inc., the Company's competitive market subsidiary,
continues to participate in the New Hampshire Retail Competition Pilot
Program, which began in June 1996.
Massachusetts
On February 26, 1997, the Massachusetts Department of Public
Utilities (MDPU) approved a restructuring plan filed by the New England
Electric System, Massachusetts Attorney General (Mass AG), the Massachusetts
Department of Energy Resources and numerous other parties. Under this
settlement, consumers will be allowed to choose an electricity supplier as
early as January 1, 1998, and will receive a 10% reduction on their electric
bills. The settlement requires the utility to divest all its generation
plant, and provides the utility with the opportunity to fully recover all of
its stranded costs.
Two other settlement agreements have been reached with the Mass AG
and other Massachusetts electric utilities, but have not been approved. In
addition, the Massachusetts legislature is actively engaged in debating the
restructuring issues and attempting to enact legislation this term that will
provide for customer choice early in 1998. On November 10, 1997, the
Massachusetts House of Representatives passed a bill which the Senate is
expected to take up before the end of the current session, November 19, 1997.
The bill passed by the House requires all electric utilities to file a
restructuring plan with the MDPU by January 1, 1998, and requires the MDPU
to approve plans that are in compliance with the law in time to give
customers the ability to choose their energy supplier beginning March 1,
1998. The Company is actively involved in the regulatory and legislative
process and is developing a restructuring plan for its Massachusetts utility
subsidiary premised on compliance with legal requirements and full recovery
of its stranded costs.
MILLSTONE UNIT NO. 3
Unitil's Massachusetts operating subsidiary, Fitchburg Gas and
Electric Light Company (FG&E), has a 0.217% nonoperating ownership in the
Millstone Unit No. 3 (Millstone 3) nuclear generating unit which supplies it
with 2.49 megawatts (MW) of electric capacity. In January 1996 the Nuclear
Regulatory Commission (NRC) placed Millstone 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) and affiliates, who operate the unit.
As a result of an engineering evaluation completed by NU, Millstone 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 3 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 other Millstone nuclear units are also out of
service and listed as Category 3 facilities.
In March 1997, NU announced that Millstone 3 has been designated as
the lead unit in the recovery process for the Millstone units, and plans to
have one unit ready for restart in the third quarter of 1997, and back on
line by the end of 1997. In May 1997, NU announced that it has completed
all work necessary to allow the Independent Corrective Action Verification
Process (ICAVP) to begin. The ICAVP is the NRC's independent method of
checking the quality and thoroughness of work to assure that the corrective
action process is effective. In September 1997, NU announced that it is
reassessing schedules and will likely delay until late January 1998 asking
the NRC for permission to restart Millstone 3. On November 5, 1997 NU
stated that it aimed to have Millstone 3 physically ready for restart in
late December 1997 or early January 1998, and that the NRC was likely to
vote on the restart in February or March of next year.
On August 7, 1997, FG&E in concert with other nonoperating owners of
the Millstone 3 facility, filed in Massachusetts a lawsuit against Northeast
Utilities and its trustees and filed a demand for arbitration with the
operating owners, Connecticut Light and Power and Massachusetts Electric
Company. The arbitration and lawsuit seek to recover costs associated with
replacement power and operation and maintenance costs resulting from the
shutdown of Milllstone 3. FG&E continues to make all payments to NU for
operation of the plant and in support of the restart effort. During the
outage, FG&E has been incurring approximately $30,000-$40,000 per month in
replacement power costs.
CAPITAL REQUIREMENTS
Capital expenditures for the nine months ended September 30, 1997 were
approximately $9,600,000. This compares to $15,300,000 during the same
period last year. Capital expenditures for the year 1997 are estimated to
be approximately $13,300,000 as compared to $18,500,000 for 1996. This
projection reflects capital expenditures for utility system expansions,
replacements and other improvements.
LEGAL PROCEEDINGS
The Company is involved in legal and administrative proceedings and
claims of various types which arise in the ordinary course of business. In
the opinion of the Company's management, based upon information furnished by
counsel and others, the ultimate resolution of these claims will not have a
material impact on the Company's financial position.
MANAGEMENT
On October 2, 1997, the Company announced that its Board of Directors
has elected Robert G. Schoenberger as its new Chairman and Chief Executive
Officer to replace the late Peter J. Stulgis. Mr. Schoenberger joins Unitil
after a seventeen year career with the New York Power Authority, most
recently in the position of President and Chief Operating Officer. Mr.
Schoenberger assumed his duties on November 1.
PART I. EXHIBIT 11.
UNITIL CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING
(UNAUDITED)
(Amounts in Thousands, except Shares and Per Share Data)
Three Months Ended Nine Months Ended
PRIMARY September 30, September 30,
EARNINGS PER SHARE 1997 1996 1997 1996
Net Income $1,487 $1,518 $6,057 $6,311
Less: Dividend Requirement
on Preferred Stock 69 67 207 205
Net Income Applicable
to Common Stock $1,418 $1,451 $5,850 $6,106
Average Number of Common
Shares Outstanding 4,419,431 4,361,641 4,404,518 4,346,768
Earnings Per Common Share $0.32 $0.33 $1.33 $1.40
FULLY-DILUTED Three Months Ended Nine Months Ended
EARNINGS PER SHARE September 30, September 30,
1997 1996 1997 1996
Net Income $1,487 $1,518 $6,057 $6,311
Less: Dividend Requirement
on Preferred Stock 69 67 207 205
Net Income Applicable
to Common Stock $1,418 $1,451 $5,850 $6,106
Average Number of Common
Shares Outstanding 4,540,774 4,470,103 4,525,861 4,457,989
Earnings Per Common Share $0.31 $0.32 $1.29 $1.37
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, 1997, 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 13, 1997 /s/ 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.)