The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-05-20
CITY GASF|RM
REPORTS GAIN
IN NET INCOME
$41,438.67 Increase Over
First Return Shown
for Quarter.
COKE SALES BIG ITEM
Figured Largely in the So
Per Cent Improvement,
Officials Say.
COKE SALES BIG ITEM

Net income of $113,423.97 in the
period from Jan. to March 81 of
this year was reported today by di-
rectors of the Citizens Gas and
Coke Utility in a quarterly report
filed with City Controller Walter
G. Boetcher.
The report shows an increase in
net income of SAL, 1887, compared
with the first quarterly report filed
Feb. Is, which covered operations
from Sept. 9, 1885, the date of the
acquisition of the gas property by
the city, to Dec. 81, 1885.
In the first three months and %
days of municipal operation the net
income was ST., $780,, while the net
income in the first three months of
this year was approximately So per
cent greater, according to Howard
w. Painter, certified public account
ant, who prepared the reports.
The increase in net income was
accomplished mainly through the
sale of by-products and gas appli-
ances which increased $161, 486 90
officials said. The period of the
first report covered ia days, while
there were only 81 days in the first
quarter period covered in the --latest
report.
Revenue from gas sales alone in
the period ending Dec. 81, 1885, was
$3.50, 03199, or a daily average OF
approximately $1,000. while in the
first quarter this year, gas sales
amounted to $715,363.72, or a daily
average of approximately $3.50, the
report showed
Coke Sales Big Factor
Revenue from the sale of coke in
creased 5000, 644.3S in the first three
months of this year, the report
showed. The sale of coke and by
products accounted for approx
mately 81 per cent of the utility's
total operating revenue. Operating
expenses were reduced $26, 29695.
Gross income, before provision for
interest on the revenue bonds used
to acquire the property, niscellane-
Gus interest and expense, was $780,
39610, an increase of 19,284.41 over
the gross income covered in the pre-
viouS report
This increase resulted despite the
fact that $4,000 non operating in
come had been included in the pre-
vious report because of dividends re-
ceived from the operation of the
utility's mine property in West Vir-
ginia, officials said. The mine divi-
dends are paid annually and there
was no revenue from this source in
the first three months of this year
they said.
Surplus Fund Increased
According to the balance sheet
the assets of the municipal utility
are $13,765, 20976, with a surplus OF
1892 ,46O.8O. Surplus as OF Sept. 9
1885, amounted to $678, 256.89.
In an accounting of funds re-
ceived since Sept. 0, the report
shows the utility has received ST.
724, O9660. Payment of $142 ,466.76 in
principal and interest to retire
bonds of the former Citizens Gas
Co. has been made since Dec. 81
which with pl evious payments tt
bondholders ARD other expenses in
connection with acquisition of the
property, leaves balance of s., $685.
436.22.
The effect of the recent gas rate
reduction, which became effective
May l, is not reflected in the report
for the first three months of this
year, although Thomas L. Kemp
general manager, estimated the low
cred rate would result in revenue
reduction of approximately $170,05O
annually.