- ------------------------------------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) DECEMBER 23, 1996 SOUTHWEST GAS CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) CALIFORNIA 1-7850 88-0085720 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 5241 SPRING MOUNTAIN ROAD POST OFFICE BOX 98510 LAS VEGAS, NEVADA 89193-8510 (Address of principal executive offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (702) 876-7237 - ------------------------------------------------------------------------------ ITEM 5. OTHER EVENTS The following table sets forth the ratios of earnings to fixed charges for (a) the continuing operations of Southwest Gas Corporation (the Company) and (b) the continuing operations of the Company adjusted for interest allocated to the discontinued operations of PriMerit Bank. - ----------- (1) For purposes of computing the ratios of earnings to fixed charges, earnings are defined as the sum of pretax income from continuing operations plus fixed charges. Fixed charges consist of all interest expense including capitalized interest, preferred securities distributions, one-third of rent expense (which approximates the interest component of such expense), and amortized debt expense. (2) For the twelve months ended September 30, 1996, pretax earnings from continuing operations were insufficient to cover fixed charges by $784,000. This was primarily due to the record warm temperatures experienced throughout the Company's service areas during the 1995/1996 heating season. ITEM 7. EXHIBITS 12.01 Computation of Ratios of Earnings to Fixed Charges. 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 hereunto duly authorized. SOUTHWEST GAS CORPORATION /s/ EDWARD A. JANOV Date: December 23, 1996 ----------------------------- Edward A. Janov Vice President/Controller and Chief Accounting Officer
FOR THE TWELVE FOR THE YEAR ENDED DECEMBER 31, MONTHS ENDED ---------------------------------------- SEPTEMBER 30, 1996 1995 1994 1993 1992 1991 ------------------ ---- ---- ---- ---- ---- Ratios of earnings to fixed charges (1): Continuing operations (2) 1.06 1.69 1.47 2.21 1.70 Adjusted for interest allocated to discontinued operations (2) 1.05 1.61 1.40 2.03 1.61
EXHIBIT 12.01 SOUTHWEST GAS CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (THOUSANDS OF DOLLARS)
[1] Represents allocated interest through the period ended December 31, 1995. Carrying costs for the period subsequent to year end through the disposition of the discontinued operations were accrued and recorded as disposal costs.FOR THE TWELVE MONTHS ENDED --------------------------------------------------------------------------------------- DECEMBER 31, SEPTEMBER 30, ------------------------------------------------------------------------ CONTINUING OPERATIONS 1996 1995 1994 1993 1992 1991 ------------ ------------ ------------ ------------ ------------ ------------ 1. Fixed charges: A) Interest expense $ 53,712 $ 52,844 $ 48,688 $ 40,883 $ 35,533 $ 38,028 B) Amortization 1,605 1,569 1,426 1,330 1,183 1,089 C) Interest portion of rentals 5,702 4,435 4,743 4,556 4,468 4,525 D) Preferred securities distributions 5,019 913 -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ Total fixed charges $ 66,038 $ 59,761 $ 54,857 $ 46,769 $ 41,184 $ 43,642 ============ ============ ============ ============ ============ ============ 2. Earnings (as defined): E) Pretax income (loss) from continuing operations $ (784) $ 3,493 $ 38,119 $ 21,959 $ 49,752 $ 30,397 Fixed Charges (1. above) 66,038 59,761 54,857 46,769 41,184 43,642 ------------ ------------ ------------ ------------ ------------ ------------ Total earnings as defined $ 65,254 $ 63,254 $ 92,976 $ 68,728 $ 90,936 $ 74,039 ============ ============ ============ ============ ============ ============ 3. Ratio of earnings to fixed charges 0.99 1.06 1.69 1.47 2.21 1.70 ============ ============ ============ ============ ============ ============ FOR THE TWELVE MONTHS ENDED --------------------------------------------------------------------------------------- DECEMBER 31, SEPTEMBER 30, ------------------------------------------------------------------------ 1996 1995 1994 1993 1992 1991 ------------ ------------ ------------ ------------ ------------ ------------ ADJUSTED FOR INTEREST ALLOCATED TO DISCONTINUED OPERATIONS 1. Fixed charges A) Interest expense $ 53,712 $ 52,844 $ 48,688 $ 40,883 $ 35,533 $ 38,028 B) Amortization 1,605 1,569 1,426 1,330 1,183 1,089 C) Interest portion of rentals 5,702 4,435 4,743 4,556 4,468 4,525 D) Preferred securities distributions 5,019 913 -- -- -- -- E) Allocated interest 2,409[1] 9,636 7,874 7,874 7,333 5,975 ------------ ------------ ------------ ------------ ------------ ------------ Total fixed charges $ 68,447 $ 69,397 $ 62,731 $ 54,643 $ 48,517 $ 49,617 ============ ============ ============ ============ ============ ============ 2. Earnings (as defined): F) Pretax income (loss) from continuing operations $ (784) $ 3,493 $ 38,119 $ 21,959 $ 49,752 $ 30,397 Fixed Charges (1. above) 68,447 69,397 62,731 54,643 48,517 49,617 ------------ ------------ ------------ ------------ ------------ ------------ Total earnings as defined $ 67,663 $ 72,890 $ 100,850 $ 76,602 $ 98,269 $ 80,014 ============ ============ ============ ============ ============ ============ 3. Ratio of earnings to fixed charges 0.99 1.05 1.61 1.40 2.03 1.61 ============ ============ ============ ============ ============ ============