============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended DECEMBER 31, 1994 --------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from _____________to____________ Commission file number 1-7850 ------------------ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principle executive office: SOUTHWEST GAS CORPORATION 5241 SPRING MOUNTAIN ROAD, POST OFFICE BOX 98510 LAS VEGAS, NEVADA 89193-8510 (702) 364-3104 ============================================================================== 1 FINANCIAL STATEMENTS AND EXHIBITS. Listed below are all financial statements and exhibits filed as part of this annual report: (a) Financial statements, including statements of net assets available for benefits as of December 31, 1994 and 1993, and the related statement of changes in net assets available for benefits for the year ended December 31, 1994 and notes to financial statements, together with the report thereon of Arthur Andersen LLP, independent public accountants (Pages 4-14). (b) Consent of Arthur Andersen LLP, independent public accountants. Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Southwest Gas Corporation Employees' Investment Plan Committee have duly caused this annual report to be signed by the undersigned thereunto duly authorized. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN By /s/ MICHAEL O. MAFFIE ----------------------- Michael O. Maffie Director, President and Chief Executive Officer Southwest Gas Corporation Dated: June 26, 1995 2 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN FINANCIAL STATEMENTS AS OF DECEMBER 31, 1994 AND 1993 AND FOR THE YEAR ENDED DECEMBER 31, 1994 TOGETHER WITH AUDITORS' REPORT 3 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Employees' Investment Plan Committee, Southwest Gas Corporation: We have audited the accompanying statements of net assets available for benefits of the SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN (the Plan) as of December 31, 1994 and 1993, and the related statement of changes in net assets available for benefits for the year ended December 31, 1994. These financial statements and the schedules referred to below are the responsibility of the Plan Committee. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Plan Committee, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1994 and 1993, and the changes in net assets available for benefits for the year ended December 31, 1994, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes at December 31, 1994, and reportable transactions for the year ended December 31, 1994, are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The individual fund information presented in the statements of net assets available for benefits and the statement of changes in net assets available for benefits is also presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental schedules and fund information have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN LLP Las Vegas, Nevada June 23, 1995 4 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION DECEMBER 31, 1994
5FUND INFORMATION ----------------------------------------------------------------------------------- FUND A FUND B FUND C FUND D FUND E FUND F ASSETS ----------- ----------- ----------- ----------- ----------- ----------- Investments, at market value (Notes 2 and 3): Southwest Gas Corporation-Common stock $31,751,121 $ - $ - $ - $ - $ - Mutual fund - 9,037,542 - - - - Money market fund - - 1,838,625 - - - Fixed income fund - - - 1,747,709 - - Window guaranteed return contract - - - - 856,724 - Balanced Fund-Aggressive - - - - - 2,707,745 Balanced Fund-Moderate - - - - - - Balanced Fund-Conservative - - - - - - Temporary cash investments 548 555 532 598 354 570 Loans to participants (Note 4) - - - - - - ----------- ----------- ----------- ----------- ----------- ----------- 31,751,669 9,038,097 1,839,157 1,748,307 857,078 2,708,315 ----------- ----------- ----------- ----------- ----------- ----------- Dividends and interest receivable 1,116 79 8,288 10,537 2 42 Contributions receivable: Southwest Gas Corporation 244,187 - - - - - Participants 285,892 194,399 42,275 34,508 - 95,383 LIABILITIES (21,171) - (8,271) (10,523) - - ----------- ----------- ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $32,261,693 $ 9,232,575 $ 1,881,449 $ 1,782,829 $ 857,080 $ 2,803,740 =========== =========== =========== =========== =========== =========== FUND INFORMATION ------------------------- PARTICIPANT FUND G FUND H LOANS TOTAL ----------- ----------- ----------- ----------- ASSETS Investments, at market value (Notes 2 and 3): Southwest Gas Corporation-Common stock $ - $ - $ - $31,751,121 Mutual fund - - - 9,037,542 Money market fund - - - 1,838,625 Fixed income fund - - - 1,747,709 Window guaranteed return contract - - - 856,724 Balanced Fund-Aggressive - - - 2,707,745 Balanced Fund-Moderate 1,715,460 - - 1,715,460 Balanced Fund-Conservative - 479,408 - 479,408 Temporary cash investments 515 570 53,448 57,690 Loans to participants (Note 4) - - 3,581,695 3,581,695 ----------- ----------- ----------- ----------- 1,715,975 479,978 3,635,143 53,773,719 ----------- ----------- ----------- ----------- Dividends and interest receivable 23 8 253 20,348 Contributions receivable: Southwest Gas Corporation - - - 244,187 Participants 57,126 14,932 - 724,515 LIABILITIES - - - (39,965) ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 1,773,124 $ 494,918 $ 3,635,396 $54,722,804 =========== =========== =========== =========== The accompanying notes are an integral part of this statement. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION DECEMBER 31, 1993
6FUND INFORMATION ----------------------------------------------------------- PARTICIPANT FUND A FUND B FUND C FUND D FUND E LOANS TOTAL ----------- ---------- ---------- ---------- ---------- ---------- ----------- ASSETS Investments, at market value (Notes 2 and 3): Southwest Gas Corporation-Common stock $34,513,072 $ - $ - $ - $ - $ - $34,513,072 Mutual fund - 9,414,110 - - - - 9,414,110 Money market fund - - 2,179,766 - - - 2,179,766 Fixed income fund - - - 2,126,073 - - 2,126,073 Window guaranteed return contract - - - - 1,393,856 - 1,393,856 Temporary cash investments 550 129 592 551 - 34,907 36,729 Loans to participants (Note 4) - - - - - 2,500,389 2,500,389 ----------- ---------- ---------- ---------- ---------- ---------- ----------- 34,513,622 9,414,239 2,180,358 2,126,624 1,393,856 2,535,296 52,163,995 ----------- ---------- ---------- ---------- ---------- ---------- ----------- Dividends and interest receivable 375 13 5,770 9,606 2 84 15,850 Contributions receivable: Southwest Gas Corporation 73,654 - - - - - 73,654 Participants 111,296 64,291 10,535 12,981 10,110 - 209,213 LIABILITIES - - (5,766) (9,602) - - (15,368) ----------- ---------- ---------- ---------- ---------- ---------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $34,698,947 $9,478,543 $2,190,897 $2,139,609 $1,403,968 $2,535,380 $52,447,344 =========== ========== ========== ========== ========== ========== =========== The accompanying notes are an integral part of this statement. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION YEAR ENDED DECEMBER 31, 1994
7FUND INFORMATION ---------------------------------------------------------------------- FUND A FUND B FUND C FUND D FUND E ----------- ----------- ----------- ----------- ----------- Net investment income: Dividends $ 1,778,446 $ - $ 78,091 $ 135,341 $ - Interest 7,418 3,916 730 690 60,578 ----------- ----------- ----------- ----------- ----------- 1,785,864 3,916 78,821 136,031 60,578 ----------- ----------- ----------- ----------- ----------- Realized gain (loss) on investments: 245,538 (782,555) - (239,697) - ----------- ----------- ----------- ----------- ----------- Unrealized appreciation (depreciation) of investments during year (4,425,902) 305,888 - (49,596) - ----------- ----------- ----------- ----------- ----------- Contributions: Southwest Gas Corporation 2,075,581 - - - 1,557 Participants 2,772,819 1,850,052 322,792 323,949 99,910 ----------- ----------- ----------- ----------- ----------- 4,848,400 1,850,052 322,792 323,949 101,467 ----------- ----------- ----------- ----------- ----------- Distributions to participants and beneficiaries (Note 5) (2,002,826) (532,261) (250,623) (182,125) (167,892) ----------- ----------- ----------- ----------- ----------- Transfers between funds (2,888,328) (1,091,008) (460,438) (345,342) (541,041) ----------- ----------- ----------- ----------- ----------- Net increase (decrease) (2,437,254) (245,968) (309,448) (356,780) (546,888) Net assets available for benefits: Beginning of year 34,698,947 9,478,543 2,190,897 2,139,609 1,403,968 ----------- ----------- ----------- ---------- ----------- End of year $32,261,693 $ 9,232,575 $ 1,881,449 $ 1,782,829 $ 857,080 =========== =========== =========== =========== =========== FUND INFORMATION ----------------------------------------- PARTICIPANT FUND F FUND G FUND H LOANS TOTAL ----------- ----------- ----------- ----------- ----------- Net investment income: Dividends $ 72,319 $ 41,349 $ 9,325 $ - $ 2,114,871 Interest 1,621 997 278 214,402 290,630 ----------- ----------- ----------- ----------- ----------- 73,940 42,346 9,603 214,402 2,405,501 ----------- ----------- ----------- ----------- ----------- Realized gain (loss) on investments: - (24) - - (776,738) ----------- ----------- ----------- ----------- ----------- Unrealized appreciation (depreciation) of investments during year (235,774) (114,065) (14,617) - (4,534,066) ----------- ----------- ----------- ----------- ----------- Contributions: Southwest Gas Corporation - - - - 2,077,138 Participants 537,034 272,146 72,141 - 6,250,843 ----------- ----------- ----------- ----------- ----------- 537,034 272,146 72,141 - 8,327,981 ----------- ----------- ----------- ----------- ----------- Distributions to participants and Beneficiaries (Note 5) (6,951) (4,540) - - (3,147,218) ----------- ----------- ----------- ----------- ----------- Transfers between funds 2,435,491 1,577,261 427,791 885,614 - ----------- ----------- ---------- ---------- ----------- Net increase (decrease) 2,803,740 1,773,124 494,918 1,100,016 2,275,460 Net assets available for benefits: Beginning of year - - - 2,535,380 52,447,344 ----------- ----------- ---------- ---------- ----------- End of year $ 2,803,740 $ 1,773,124 $ 494,918 $3,635,396 $54,722,804 =========== =========== ========== ========== =========== The accompanying notes are an integral part of this statement. SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 (1) DESCRIPTION OF PLAN The following description of the Southwest Gas Corporation Employees'Investment Plan (the Plan), as amended, provides general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan is a voluntary defined contribution plan covering all employees of Southwest Gas Corporation (the Company). It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). CONTRIBUTIONS Participants may contribute from 2 percent to 16 percent of their annual wages before bonuses and overtime. However, contributions may not exceed amounts promulgated in Internal Revenue Code Section 402(g). The Company contributes to the Plan an amount equal to 50 percent of a participant's contribution, not to exceed 3 percent of a participant's annual compensation before bonuses and overtime. The Company contributions are invested in Fund A. Beginning July 1994, upon attaining age 50, participants may transfer 100 percent of the amount representing Company contributions from Fund A to Fund C. All subsequent Company matching contributions for those participants also will be invested in Fund C. Before July 1994, an employee, after reaching the age of 50, could elect to have Company contributions invested in Fund E. No contributions were made to Fund E after June 1994. VESTING Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the contributions made by the Company and in the earnings thereon is based on years of continuous service as follows: YEARS OF SERVICE AT VESTED DATE OF TERMINATION PERCENTAGE ------------------- ---------- One but less than two 20 Two but less than three 40 Three but less than four 60 Four but less than five 80 Five and over 100 In the event of death, retirement or total disability of a participant, Company contributions become fully vested irrespective of the years of service at the date of termination. 8 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 PAYMENT OF BENEFITS If a participant terminates his employment with the Company as a result of retirement, death or permanent and total disability, such a participant will be entitled to receive an amount equal to the value of his account at the end of the calendar quarter immediately following termination of employment. Distributions from Fund A will be made in the Company's common stock plus cash in lieu of fractional shares. A participant may apply to the Plan Committee to request a single lump sum payment in cash of the value of the Company's common stock otherwise distributable to the participant. Distributions from other funds will be made in a single lump sum cash payment. Distributions under the Plan will begin as soon as practicable, but not later than sixty days following the end of the Plan year in which the participant attains age 65 or terminates employment, if later. No distribution in excess of $3,500 will be made to employees who have not reached age 65 at the time of termination of employment without the participant's consent. A participant who is terminated and does not take distribution of his account balances will have his account balances transferred to and held in Fund C and will continue to receive his share of investment income on all vested portions of his accounts until he reaches age 65 or elects to receive distributions from the Plan. A participant may in certain circumstances elect to defer receipt of his distribution to a date not later than the end of the taxable year in which the participant attains age 70-1/2. Any participant who delays receipt of his distributions after reaching age 65 will have his account balances transferred to and held in Fund C. All distributions to beneficiaries of a participant must be made within five years after the participant's death. PLAN EXPENSES All Plan expenses were paid by the Company for the year ended December 31, 1994. PLAN ADMINISTRATION Bank of America acts as the trustee and the Company is the administrator for all activities of the Plan. (2) VALUATION OF INVESTMENTS All investments of the Plan, except those held in Fund E, are stated at quoted market value as of the date of the statement. Insurance contracts in Fund E are stated at contract value. Realized gains/losses on investments sold and the unrealized gains/losses on investments held during the year are determined on a revalued cost basis. 9 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 (3) FUND DESCRIPTIONS Employees can currently invest their contributions in any combination of seven investment options (Funds A through D and F through H) in 10 percent increments. Participants can change the allocation of their ongoing contributions, and can transfer amounts they previously contributed to other funds, on a monthly basis in increments of 10 percent. Contributions can no longer be made to Fund E. Descriptions of the Plan funds are as follows: FUND A - COMMON STOCK Contributions are invested in Southwest Gas Corporation common stock. FUND B - MUTUAL FUND Contributions are invested in the Fidelity Contrafund which seeks capital growth by investing primarily in securities which the management of the fund considers to have better than average prospects for appreciation in value due to the undervalued or out of favor position of the security. Prior to July 1994, contributions were invested in Twentieth Century Select Investors Fund. FUND C - MONEY MARKET FUND Contributions are invested in the Fidelity Retirement Money Market Portfolio Fund which seeks as high a level of current income as is consistent with the preservation of capital and liquidity by investing in high-quality, U.S. dollar-denominated money market investments of U.S. and foreign issues. Prior to July 1994, contributions were invested in the PaineWebber RMA Money Fund. FUND D - FIXED INCOME FUND Contributions are invested in the Fidelity Investment-Grade Bond Fund which invests in a broad range of fixed-income securities, primarily investment- grade debt securities and preferred stocks. Prior to July 1994, contributions were invested in the PaineWebber GNMA Portfolio. FUND E - WINDOW GUARANTEED RETURN CONTRACT Contributions were invested in a three-year guaranteed insurance contract. Contributions are no longer being made to Fund E. FUND F - AGGRESSIVE BALANCED FUND Contributions are invested in the Fidelity Asset Manager: Growth Fund which seeks to maximize total return over the long term by allocating its assets among stocks, bonds, and short-term investments with an emphasis on stocks. This investment option was added in July 1994. FUND G - MODERATE BALANCED FUND Contributions are invested in the Fidelity Asset Manager Fund which seeks a high total return with reduced risk over the long term by using a balanced mix of stocks, bonds, and short-term investments. This investment option was added in July 1994. FUND H - CONSERVATIVE BALANCED FUND Contributions are invested in the Fidelity Asset Manager: Income Fund which seeks a high level of current income by maintaining a diversified portfolio of stocks, bonds, and short-term investments with an emphasis on short-term investments. This investment option was added in July 1994. PARTICIPANT LOANS These funds are the result of loans to participants in the Plan (see Note 4). 10 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 The number of employees participating in each fund as of December 31, 1994 and 1993 is as follows: FUND A FUND B FUND C FUND D FUND E FUND F FUND G FUND H ------ ------ ------ ------ ------ ------ ------ ------ 1994 2,097 1,396 632 581 216 643 466 168 1993 1,991 1,175 500 456 272 -- -- -- The total number of employees eligible to participate and the number participating in the Plan at December 31, 1994 and 1993 are as follows: ELIGIBLE PARTICIPATING -------- ------------- 1994 2,359 2,098 1993 2,314 1,991 (4) PARTICIPANT LOANS The Plan provides that participants may borrow against the balances in their accounts, subject to certain limitations specified in the Plan. Funds for loans are obtained through the liquidation of participants' investment accounts. Payments on the loans include interest at a rate that approximates the prime rate, plus two percent. Principal and interest payments on a Participant's loan will be credited to the Participant's investment accounts in the same ratio as ongoing contributions. (5) DISTRIBUTIONS AND FORFEITURES Balances in the accounts of employees who withdrew from the Plan, and the amounts disbursed or to be disbursed (see Note 6) to such employees in settlement thereof during the year ended December 31, 1994 are as follows: COST MARKET ---------- ---------- Balance in employees' accounts before withdrawals $1,565,388 $1,674,080 Cash and securities disbursed in settlement thereof 1,552,682 1,660,232 ---------- ---------- Balance forfeited (nonvested portion) $ 12,706 $ 13,848 ========== ========== Cost of securities disbursed is determined using the average value of shares purchased allocated to a participant's account. The market value of the nonvested portion of a withdrawing employee's account is reallocated to the remaining participants in the Plan. 11 SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 (6) PLAN EQUITY Plan equity at December 31, 1994 and 1993 includes withdrawing participants' accounts with aggregate market values of $625,510 and $823,196, respectively. These amounts became payable subsequent to year end. At December 31, 1994, the Trustee held for the Plan the following: (7) PLAN TERMINATION Although the Company expects to continue the Plan indefinitely, it reserves the right to amend or terminate the Plan at any time. Upon termination, partial termination or complete discontinuance of contributions to the Plan, Company contributions will become fully vested. (8) FEDERAL INCOME TAXES The Company has received a favorable determination letter from the Internal Revenue Service stating that the Plan, amended and restated effective January 1, 1989, qualifies for deferred tax treatment of contributions under Section 401(k) of the Internal Revenue Code. Certain amendments have subsequently been made to the Plan, and it is the Plan Committee's opinion that the Plan, as amended and as currently operating, is tax exempt and in compliance with all applicable provisions of the Internal Revenue Code. In March 1995, the Company submitted a request for determination that the Plan meets all applicable requirements for qualification and tax-exempt status under Section 401(a) and related provisions of the Internal Revenue Code. 12
FUND ---------------------------------------------------------------------------------------------- A B C D E F G H --------- --------- --------- --------- --------- --------- --------- --------- Shares or units held by Trustee 2,247,867 298,466 1,838,625 255,140 856,724 210,884 124,039 46,008 Market value per unit $ 14.13 $ 30.28 $ 1.00 $ 6.85 $ 1.00 $ 12.84 $ 13.83 $ 10.42 SCHEDULE I SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1994
13Number of Fair Market Shares Cost Value --------- ------------ ----------- Common Stock Southwest Gas Corporation [1] 2,247,867 $34,272,041 $31,751,121 Equity Mutual Fund Fidelity Contrafund 298,466 8,731,654 9,037,542 Money Market Fund Fidelity Retirement Money Market Fund 1,838,625 1,838,625 1,838,625 Fixed Income Fund Fidelity Investment Grade Bond Fund 255,140 1,797,305 1,747,709 Window Guaranteed Return Contract Hartford Insurance Annuity Contract-92 409,450 639,802 409,450 Hartford Insurance Annuity Contract-93 268,350 518,746 268,350 Hartford Insurance Annuity Contract-94 178,924 178,924 178,924 Aggressive Balanced Fund Fidelity Asset Manager: Growth Fund 210,884 2,943,519 2,707,745 Moderate Balanced Fund Fidelity Asset Manager Fund 124,039 1,829,525 1,715,460 Conservative Balanced Fund Fidelity Asset Manager: Income Fund 46,008 494,025 479,408 Temporary Cash Investments Dreyfus Treasury Cash Management Fund 57,690 57,690 57,690 ----------- ----------- 53,301,856 50,192,024 Participant Loans 3,581,695 3,581,695 ----------- ----------- $56,883,551 $53,773,719 =========== =========== [1] Party in interest SCHEDULE II SOUTHWEST GAS CORPORATION EMPLOYEES' INVESTMENT PLAN ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994
* The Southwest Gas Corporation Common Stock shares which are distributed to terminated or withdrawing participants are not included in this schedule, however a realized gain is recognized on the statement of income and changes in plan equity. 14Purchases Sales ------------------------- ---------------------------------------------------- Number of Number of Original Description Transactions Cost Transactions Proceeds Cost Gain (Loss) - ------------------------------------ ------------ ----------- ------------ ----------- ----------- ----------- Dreyfus Treasury Cash Management Fund 349 $28,505,641 198 $27,387,450 $27,387,450 $ -- Southwest Gas Corporation Common Stock* 28 4,257,718 5 2,477,522 2,141,064 336,458 Twentieth Century Investors, Inc. 11 861,900 1 9,428,756 9,518,196 (89,440) Fidelity Asset Manager: Growth Fund 11 2,943,519 -- -- -- -- Fidelity Contrafund 9 9,909,856 2 1,242,900 1,178,202 64,698 Fidelity Retirement Money Market Fund 13 2,238,125 2 399,500 399,500 --
EXHIBIT 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report dated June 23, 1995, included in this Form 11-K, into Southwest Gas Corporation's previously filed registration statements (File Nos. 33-35637 and 33-58135). ARTHUR ANDERSEN LLP Las Vegas, Nevada June 26, 1995