(The) earned surplus account of the Winnipeg Electric company was increased $538,747.29 at Dec. 31, 1947, to a new record total of $3,315,347.23, the annual report of W. H. Carter, president, released today, shows.
Gross assets of the company area shown at $85,864,000, an increase of $1,434,000, after depreciation allowance of $2,141,847, the statement shows.
Gross income for the year for all three public services utilities, transportation, electric and gas (inclusive of its three primary power stations on the Winnipeg River, was $13,246,236, an upturn over 1946 of $282,078 from 1946.
(The) major item of declined revenue from 1946 was the transportation utility which carried 102,802,620 revenue passengers, 3 per cent below the 105,983,270 passengers carried in 1946, its peak year. There is no break-down of income from the transportation unit.
Net income for 1947 also shows an increase over 1946 of $398,006. This is due principally to a saving of $251,095 in bond interest as a result of the 1946 refinancing of the company's bonds.
(An) increase in the company's gross earnings is accounted for by a 8.1 per cent increase in the gross revenue from electric power sales over the year 1946, an increase amounting to $418,648.
New services during the year added 35,228 horsepower to the connected load.
The gas utility also showed an increase in gross revenue of 4.35 per cent.
The transit utility, on the other hand, experienced a decline of roughly 3 per cent in gross earnings, carrying 3,180,650 fewer revenue passengers than in 1946. On the other hand, operating expenses, exclusive of taxes and depreciation, increased by 3 per cent due to higher wages and increased cost of materials.
The transit utility added 44 new trolley buses, 20 new motor buses and three new substations to its system during the year.
At the end of 1947 the Company had in operation 213 street cars, 195 motor buses, and 74 trolley buses. Since then 31 new buses have been added to the fleet.
Included in the report is a chart showing the distribution of each dollar of revenue as follows:
CONSOLIDATED INCOME
(000 Omitted)
1947 1946
Gross Earnings, Operating ............. $13,246 $12,964
Operating Costs ....................... 7,002 6,783
_______ _______
Net Operating Income .................. 6,244 6,181
Interest and Other Income ............. 156 177
_______ _______
Gross Income .......................... 6,399 6,359
Interest on Funded Debt ...............$1,035 $1,286
Other Interest ........................ 39 40
Taxes ................................. 765 767
Depreciation .......................... 2,240 2,142
Income, EPT (Est) ..................... 962 1,155
Other Income Deductions ............... 1 4 5,042 5,399
Net Income ............................ 1,358 960
SURPLUS ACCOUNT
(000 Omitted)
Balance, January 1 .................... 2,776 1,835
Add Net Income for Year ............... 1,358 960
_____ _____
Deduct:
Deduct, 1945 Interest "B" Bonds ....... 297
Dividends, Preferred Stock ............ 250 250
Dividends, Common Stock ............... 557 282
Adjustments, Prior Years .............. 11
___ ___
818 830
Balance, December 31 .................. $3,315 $2,7761
1Includes non-recurring net profit of $511,009.02 from sale of
company own bonds held as investment, after deducting cost of 1946 refinancing.
ASSETS
(000 Omitted)
Physical Properties ................... $79,582 $76,773
Investments ........................... 2,998 4,132
Cash on Hand and in Banks ............. 593 1,232
Accounts Receivable, Less Ress ........ 946 751
Working Funds and WCB Depos. .......... 71 72
Materials, Supps., and Mcdse. for sale 1,187 876
Prepaid Insurance Etc. ................ 94 51
For Special Liabilities ............... 75 47
Miscellaneous Deferred Charges ........ 61 37
Exp. Leased premises .................. 38 47
Deferred EPT Refundable ............... 220 220
_______ _______
$85,864 $84,434
CAPITAL AND LIABILITIES
(000 Omitted)
Capital Stock:
50.000 $100 shares 5% Non-Cumulative .. $ 5,000 $ 5,000
564,9890 npv common shares ............ 13,755 13,755
Less Adj. Prop. Accts ................. 2,835 2,088
_______ _______
11,420 11,667
_______ _______
16,420 16,666
Funded Debt:
2 3/4% Serial 1st Mortgage Bonds (1948-56) 3,600 4,000
3.3/4% Series 1st Mortgage Bonds, 1971 11,000 11,000
4% Series 1st Mortgage Bonds, 1971 13,000 13,000
______ ______
27,600 28,000
Bond Interest Accrued .................. 172 174
Current Accounts Payable ............... 1,346 1,110
Current Accounts Payable ............... 6.roa 830 Yr,oa.... ETAETA
Taxes Accrued (est) .................... 613 813
Consumer Depsosits & Interest........... 138 135
Other Liabilities ...................... 149 187
Special Liabilities:
Matured Interest Coupons ............... 73 132
Surp. Certs. (Northwestern Power) 2 2
Deferred Water Charges ................. 558 567
Deferred Maintenance and Reconv ........ 1,321 1,302 1,321 1,302
Depreciation Reserve ................... 26,559 24,883
Property Reserve ....................... 7,291 7,291
33,850 32,174
Deferred Credit to Surplus EPT ......... 220 220
Earned Surplus ......................... 3,315 2,776
COMPARATIVE SERVICES
Comparative services, noted in the 1947 and 1946 reports are shown below:
Kw-hours generated ..................... 1,277,514,800 1,220,191,700
Passengers carried ..................... 102,802,620 105,983,270
Street Cars ............................ 213 215
Motor Buses ............................ 195 184
Trolley Buses .......................... 74 30
Street Car route miles ................. 39 44
Motor Bus route miles .................. 111 104
Trolley Bus route miles ................ 17 11
Gas from coke, daily ................... 2,500,000 2,500,000
Liquid Petroleum Gas, daily ............ 5,000,000 5,000,000
Coke production yearly, tons ........... 45,000 45,000
Employees .............................. 2,436 2,432
Annual Payrolls ........................ $5,078,754 $4,714,529
Average weekly pay rate ................ $39.35 $36.25
Average annual pay rate ................ $2,046 $1,885
Taxes, excluding pay rate .............. $946,469 $931,483