NUI Corp., which put itself up for sale last year after struggling financially, on Thursday announced it had amended its Form 10-Qs for the first and second quarters of fiscal 2004 to reflect prepayments related to its natural gas supply. The Bedminster, NJ-based gas utility said it expects to sign a definitive agreement with a purchaser in the third quarter of this year.

The two 10-Qs were revised to reflect the prepayments at the end of the quarters, which NUI said were not properly reflected in its balance sheets (see Daily GPI, May 17). The prepaid amounts “should have been reflected” on the balance sheets as a reduction to cash and an increase to prepayments in both quarters, the company said. NUI’s total assets, working capital and net income for the fiscal quarters ended Dec. 31, 2003, and March 31, 2004 were unchanged as a result of these amendments.

The consolidated balance sheet as of Dec. 31, 2003 decreased cash and cash equivalents by $6.1 million to $54.1 million, and prepayments and other have been increased by $6.1 million to $65.7 million. The company’s consolidated statement of cash flows for the three months has been restated to reflect the prepayments of $6.1 million, which reduced cash flows from operating activities by that amount.

The consolidated balance sheet as of March 31, 2004 decreased cash and cash equivalents by $15 million to $136.0 million, and prepayments and other were increased by $15 million to $63.8 million. The company’s consolidated statement of cash flows for the six months ending March 31, 2004 was restated to reflect the prepayment of $15 million, which reduced cash flows from operating activities by that amount.

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