Providence Energy Corporation is a diversified energy services company, with two regulated gas distribution companies, Providence Gas Co. and North Attleboro Gas Co. Together, the companies serve 170,000 homes and businesses. The company also owns Providence Energy Services, Inc., a nonregulated marketer of natural gas, electricity, oil and energy services, and Super Service Oil. Like all energy companies, Providence Energy suffered because of the
unusually warm winter, which the company said cost some $4 million. In the company’s annual report, James H. Dodge, its chairman, president and chief executive officer, said the company is seeking to increase the significance of its nonregulated areas, principally ProvEnergy Services and Super Service Oil. He said that while these areas aren’t currently contributing to the corporation’s profits, he expects that within five years they will account for 20 percent of ProvEnergy’s net income.
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Stock Information
Exchange: NYSE
Symbol: PVY
Annual meeting: Jan. 14, 1999
Shares of common stock outstanding as of Dec. 2, 1998: 5,988,624
Stock price as of Monday, Jan. 4, 1999: $21.13
Market value as of Monday, Jan. 4, 1999: $126,539,625
12-month high stock price: $22.13
12-month low stock price: $19.06
Operating Results
(Amounts in thousands, except per share data)
For the years ending Sept. 30 1998 1997 1996
Energy revenues: $221,306 $220,420 $215,152
Net Income: 6,442 7,831 8,970
Earnings per share: 1.09 1.35 1.57
Total assets: 235,410 255,510 250,150
Long-term debt: 80,155 72,372 72,456
Directors
Name and title Director since Number of shares held
Gilbert R. Bodell, 68
Chairman and former president,
Frontier Manufacturing Co.
(textiles)
1980 1,758
James H. Dodge, 58
Chairman, president and chief
executive officer of the company 1991 10,610
John H. Howland, 52
President and chief executive officer,
Bradford Soap International, Inc. 1993 522
Douglas H. Johnson, 55
President and managing partner,
Van Leesten & Johnson (business
and urban planning consultants) 1993 571
William Kreykes, 60
From Dec. 1994 to Sept. 1998 was
president and CEO of Lifespan; from
1990 to 1994 was president and CEO
of Rhode Island Hospital 1996 568
Paul F. Levy, 48
Executive dean for administration,
Harvard Medical School 1995 1,588
Romolo A. Marsella, 57
President, Marsella Development
Corp. (real estate development) 1993 556
M. Anne Szostak, 48
Executive vice president, Fleet
Financial Group 1995 643
Kenneth W. Washburn, 61
Chairman and president, Union
Wadding Co. (manufacturers of
non-woven textiles) 1975 999
W. Edward Wood, 57
President and chief executive officer,
Coaxial Communications of Southern
Ohio (cable television) 1995 956
Directors’ fees
The directors of the corporation constitute the Board of Directors of Providence Gas and are also directors of Newport America Corporation, another wholly owned subsidiary of the corporation. Directors, other than Dodge, receive annual retainers of $7,000, plus $600 for attendance at each meeting or committee meeting of the boards of directors of the three corporations. The chairmen of the various committees receive an additional $1,000 annually.
Executive Compensation
Fiscal Year 1998 1997
James H. Dodge, chairman and chief executive officer $353,214 $332,388
James DeMetro, senior vice president $206,954 $193,790
Robert W. Owens, senior vice president $200,654 $186,414
Gary S. Gillheeney, senior vice president, CFO $195,778 $182,535
James A. Grasso, vice president $167,203 $30,308
*Executive compensation includes salary, bonuses and other annual compensation
Source: Proxy statement, annual report and quarterly reports.
