Current Report on Form 8-K



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) April 29, 2003
     

SOUTHWEST GAS CORPORATION
(Exact name of registrant as specified in its charter)

     
California
(State or other jurisdiction of
incorporation or organization)


5241 Spring Mountain Road
Post Office Box 98510
Las Vegas, Nevada
(Address of principal executive offices)
 1-7850
(Commission
File Number) 		88-0085720
(I.R.S. Employer
Identification No.)


89193-8510
(Zip Code)


Registrant's telephone number, including area code: (702) 876-7237






Item 7.  Financial Statements and Exhibits.

(c)   Exhibit

99    Press Release dated April 29, 2003.

Item 9.  Regulation FD Disclosure (the following discussion is furnished under “Item 12. Results of Operations and Financial
              Condition”).

In accordance with SEC Release Nos. 33-8216 and 34-47583, the following information, required to be furnished under “Item 12. Results of Operations and Financial Condition,” is furnished under “Item 9. Regulation FD Disclosure.”

On April 29, 2003, Southwest Gas Corporation (Southwest) released summary financial information to the general public, including the investment community, regarding the Company’s operating performance for the quarter and twelve months ended March 31, 2003. A copy of the Company’s press release is attached hereto as Exhibit 99.

This Form 8-K and the attached exhibit are provided under Item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.



SOUTHWEST GAS CORPORATION
SUMMARY UNAUDITED OPERATING RESULTS
(In thousands, except per share amounts)


THREE MONTHS ENDED
MARCH 31,
 TWELVE MONTHS ENDED
MARCH 31,
2002
 2001
 2002
 2001
Results of Consolidated Operations                    
Contribution to net income - gas operations     $ 42,487   $ 33,329   $ 41,784   $ 42,873  
Contribution to net income - construction services       409     480     4,459     4,049  
Net income   $ 42,896   $ 33,809   $ 46,243   $ 46,922  
Earnings per share - gas operations   $ 1.31   $ 1.05   $ 1.29   $ 1.36  
Earnings per share - construction services    0.01    0.01    0.14    0.13  
Basic earnings per share   $ 1.32   $ 1.06   $ 1.43   $ 1.49  
Diluted earnings per share   $ 1.30   $ 1.05   $ 1.42   $ 1.48  
Average outstanding common shares    32,620    31,821    32,319    31,540  
Average shares outstanding (assuming dilution)    32,871    32,069    32,596    31,765  
   
   
Results of Natural Gas Operations  
Gas operating revenues   $ 456,205   $ 447,220   $ 1,202,087   $ 1,050,852  
Net cost of gas sold    274,663    279,707    672,503    550,914  
Operating margin    181,542    167,513    529,584    499,938  
Operations and maintenance expense    65,302    60,210    258,118    234,058  
Depreciation and amortization    27,802    25,644    106,656    96,917  
Taxes other than income taxes    9,020    8,719    33,081    30,865  
Operating income    79,418    72,940    131,729    138,098  
Other income (expense)    9,697    1,976    15,415    (59 )
Income before interest and income taxes    89,115    74,916    147,144    138,039  
Net interest deductions    18,635    19,775    77,606    72,280  
Preferred securities distributions    1,369    1,369    5,475    5,475  
Income tax expense    26,624    20,443    22,279    17,411  
Contribution to net income - gas operations   $ 42,487   $ 33,329   $ 41,784   $ 42,873  


SOUTHWEST GAS CORPORATIONSELECTED
STATISTICAL DATA
MARCH 31, 2003

FINANCIAL STATISTICS

Market value to book value per share at quarter end 110%  
Twelve months to date return on equity -- total company 4.5%  
                                                              -- gas segment 4.0%  
Common stock dividend yield at quarter end 4.0%  

GAS OPERATIONS SEGMENT

Rate Jurisdiction Authorized
Rate Base
(In thousands)		 Authorized
Rate of
Return		 Authorized
Return on
Common
Equity
Arizona (1)     $ 688,202    9.20 %  11.00 %
Southern Nevada (1)    457,314    8.78  10.64
Northern Nevada (1)    91,936    9.02  10.21
Southern California    69,486    9.94  11.35
Northern California    28,849    10.02  11.35
Paiute Pipeline Company (1)    75,059    9.69  11.60

    (1)        Estimated amounts based on rate case settlements.

SYSTEM THROUGHPUT BY CUSTOMER CLASS

THREE MONTHS ENDED
MARCH 31,
 TWELVE MONTHS ENDED
MARCH 31,
(In dekatherms)
 2003
 2002
 2003
 2002
Residential   27,099,374   30,165,439   55,755,384   58,600,067  
Small commercial  10,195,593   11,115,423   27,107,252   27,853,892  
Large commercial  2,723,256   4,044,807   10,828,438   12,602,841  
Industrial / Other  4,302,800   5,877,443   20,830,898   27,645,410  
Transportation  31,118,602   29,693,417   133,940,099   120,809,281  
Total system throughput  75,439,625   80,896,529   248,462,071   247,511,491  
HEATING DEGREE DAY COMPARISON 
Actual  932   1,155   1,688   1,922  
Ten-year average  1,079   1,106   1,935   1,972  


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.








Date: April 29, 2003 		SOUTHWEST GAS CORPORATION



/s/ ROY R. CENTRELLA
Roy R. Centrella
Vice President/Controller and
Chief Accounting Officer


EXHIBIT INDEX



Exhibit
    No.    		   Description

99   Press release dated April 29, 2003.