Atmos Energy Corporation reported higher earnings for the second quarter and first six months of fiscal year 2007 compared to the same periods in the previous fiscal year. Net income increased 20% for the quarter and 17% for the six months due primarily to improved performance across its utility, pipeline and storage, and natural gas marketing business segments. The company affirmed its fiscal year 2007 earnings guidance range of $1.90 to $2.00 per diluted share and expects capital expenditures for the year to be between $365 to $385 million.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2007. For the quarter, the company reported a net loss that was smaller than the prior year's loss. For the nine month period, net income increased 23% compared to the same period last year. Atmos Energy expects full year earnings to be at the lower end of its previous guidance range due to factors such as lower natural gas price volatility limiting opportunities in its natural gas marketing segment. Capital expenditures for the full fiscal year are expected to be between $365-385 million.
Atmos Energy Corporation reported earnings for the second quarter and first six months of fiscal year 2008. Net income for the quarter was $111.5 million, up slightly from the prior year. Regulated operations contributed $100.9 million in net income while nonregulated operations contributed $10.6 million. For the six month period, net income was $185.3 million. Atmos affirmed its fiscal year 2008 guidance of $1.95 to $2.05 earnings per share.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2008. For the third quarter, the company reported a net loss of $6.6 million compared to a $13.4 million net loss in the prior year quarter. For the nine month period, net income was $178.7 million compared to $174.4 million in the prior year. The company reaffirmed its fiscal year 2008 earnings guidance of $1.95 to $2.05 per diluted share.
Atmos Energy reported financial results for fiscal year 2008, with net income of $180.3 million compared to $168.5 million the prior year. Regulated operations contributed $134.1 million of net income compared to $107.9 million the previous year. For the fourth quarter, net income was $1.6 million compared to a net loss of $5.9 million in the prior year fourth quarter, with regulated operations reporting a seasonal net loss of $14.7 million. Atmos Energy affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per diluted share.
Atmos Energy Corporation reported earnings for fiscal year 2007. Net income was $168.5 million, up from $147.7 million in fiscal year 2006. Regulated operations contributed $107.9 million of net income in 2007 compared to $79.5 million in 2006. Nonregulated operations contributed $60.6 million of net income in 2007 compared to $68.2 million in 2006. Atmos Energy expects fiscal year 2008 earnings to be between $1.95 to $2.05 per diluted share.
Atmos Energy Corporation reported earnings for the fiscal 2008 first quarter. Net income was $73.8 million compared to $81.3 million in the prior year. Regulated operations contributed higher net income of $50 million while nonregulated operations contributed lower net income of $23.8 million due to less volatility in natural gas prices. Atmos affirmed its fiscal 2008 earnings guidance of $1.95 to $2.05 per share.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
National Fuel and their Marcellus Shale drilling subsidiary Seneca Resources issued their fiscal year second quarter results yesterday, which show a 57% increase in shale oil and gas production coming from the Marcellus region.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2007. For the quarter, the company reported a net loss that was smaller than the prior year's loss. For the nine month period, net income increased 23% compared to the same period last year. Atmos Energy expects full year earnings to be at the lower end of its previous guidance range due to factors such as lower natural gas price volatility limiting opportunities in its natural gas marketing segment. Capital expenditures for the full fiscal year are expected to be between $365-385 million.
Atmos Energy Corporation reported earnings for the second quarter and first six months of fiscal year 2008. Net income for the quarter was $111.5 million, up slightly from the prior year. Regulated operations contributed $100.9 million in net income while nonregulated operations contributed $10.6 million. For the six month period, net income was $185.3 million. Atmos affirmed its fiscal year 2008 guidance of $1.95 to $2.05 earnings per share.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2008. For the third quarter, the company reported a net loss of $6.6 million compared to a $13.4 million net loss in the prior year quarter. For the nine month period, net income was $178.7 million compared to $174.4 million in the prior year. The company reaffirmed its fiscal year 2008 earnings guidance of $1.95 to $2.05 per diluted share.
Atmos Energy reported financial results for fiscal year 2008, with net income of $180.3 million compared to $168.5 million the prior year. Regulated operations contributed $134.1 million of net income compared to $107.9 million the previous year. For the fourth quarter, net income was $1.6 million compared to a net loss of $5.9 million in the prior year fourth quarter, with regulated operations reporting a seasonal net loss of $14.7 million. Atmos Energy affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per diluted share.
Atmos Energy Corporation reported earnings for fiscal year 2007. Net income was $168.5 million, up from $147.7 million in fiscal year 2006. Regulated operations contributed $107.9 million of net income in 2007 compared to $79.5 million in 2006. Nonregulated operations contributed $60.6 million of net income in 2007 compared to $68.2 million in 2006. Atmos Energy expects fiscal year 2008 earnings to be between $1.95 to $2.05 per diluted share.
Atmos Energy Corporation reported earnings for the fiscal 2008 first quarter. Net income was $73.8 million compared to $81.3 million in the prior year. Regulated operations contributed higher net income of $50 million while nonregulated operations contributed lower net income of $23.8 million due to less volatility in natural gas prices. Atmos affirmed its fiscal 2008 earnings guidance of $1.95 to $2.05 per share.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
National Fuel and their Marcellus Shale drilling subsidiary Seneca Resources issued their fiscal year second quarter results yesterday, which show a 57% increase in shale oil and gas production coming from the Marcellus region.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
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TXU reported financial results for the second quarter and first half of 2007. Net income was $121 million for Q2 2007, down from $497 million in Q2 2006, due to unrealized hedge losses and charges related to suspending generation projects. For the first half, TXU reported a net loss of $377 million compared to net income of $1,073 million in 2006, again due to hedge losses and generation project charges. Operational earnings, which exclude special items, were $430 million for Q2 2007 and $873 million for the first half, lower than the prior year periods due to factors including weather, plant outages, and lower prices. TXU continued to make progress on its proposed merger
- Air Products reported record third quarter revenues and earnings, with net income of $285 million and diluted EPS of $1.28. Revenues increased 16% to a record $2.595 billion due to higher volumes and pricing.
- All six of Air Products' business segments saw sales increases compared to the prior year, with the Merchant Gases, Tonnage Gases, and Electronics and Performance Materials segments experiencing the strongest growth.
- Based on continued strong demand, Air Products raised its full-year EPS guidance to a range of $4.30 to $4.35, representing 23-24% year-over-year growth.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Progress Energy reported a net loss of $0.19 per share for Q2 2006, compared to a net loss of $0.01 per share in Q2 2005. Ongoing earnings were $0.32 per share in Q2 2006, down from $0.63 per share in Q2 2005. Core ongoing earnings were $0.43 per share in Q2 2006, down from $0.53 per share in Q2 2005. Progress Energy also announced the sale of its natural gas assets for $1.2 billion and reaffirmed its 2006 ongoing earnings guidance.
Celanese Corporation reported record second quarter results for 2008, with net sales increasing 20% and operating profit more than doubling compared to the second quarter of 2007. Several of Celanese's business segments saw higher sales and profits driven by increased pricing, volumes, and currency impacts. Despite challenges from higher raw material and energy costs, the company reaffirmed its full-year 2008 outlook for adjusted earnings per share and operating EBITDA.
Progress Energy announced its 2008 second-quarter results, reporting GAAP earnings of $0.79 per share compared to a loss of $0.75 per share in the previous year. Ongoing earnings were $0.77 per share compared to $0.56 per share last year. The company reaffirmed its 2008 ongoing earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Progress Energy saw increased wholesale revenues and AFUDC equity contributions in the second quarter compared to the previous year. The company also received approval for two new nuclear reactors in Florida and submitted a license application to the Nuclear Regulatory Commission.
Progress Energy reported third-quarter ongoing earnings of $1.44 per share, up 50% from the prior year, and GAAP earnings of $1.82 per share. Core regulated utility earnings grew due to higher retail margins from customer growth, usage, and weather, partially offset by higher operating costs. Synthetic fuel earnings increased significantly due to higher sales volumes and tax credit recognition. The company reaffirmed its 2005 ongoing earnings guidance range of $2.90 to $3.20 per share.
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TXU reported improved financial results for the first quarter of 2006 compared to the first quarter of 2005. Net income increased to $576 million from $416 million in the prior year period. Operational earnings, which exclude special items, also increased significantly, reaching $1.09 per share compared to $0.51 per share in 2005. TXU affirmed its outlook for 2006 and 2007, and announced plans to invest $10 billion to build new coal and lignite power plants in Texas to meet growing energy demand and lower costs.
Duke Energy reported strong financial results in the second quarter of 2004. Net income was $432 million, or $0.46 per share, matching the previous year's results. Excluding special items, ongoing earnings per share were $0.42 compared to $0.30 in 2003. Several of Duke Energy's business units performed well, including Duke Energy Field Services and Crescent Resources which both posted significant increases in earnings compared to the previous year. Duke Energy continued progress on meeting financial targets such as debt reduction and asset sales.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
DTE Energy reported a loss for the second quarter of 2006 compared to earnings in the same period in 2005. Operating earnings excluding special items were nearly break-even, with higher earnings from the electric utility offset by losses in other segments due to oil hedging costs and falling natural gas prices. Despite the quarterly loss, DTE maintained its full-year 2006 earnings guidance. Capital investment continued across all business segments to improve operations and support growth.
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TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
This document provides an annual report for Henry Schein, Inc. for the year 2003. Some key points:
- Henry Schein achieved record sales of $3.4 billion in 2003, up 19% from 2002, serving over 425,000 dental, medical, and veterinary customers worldwide.
- Net income was $139.5 million, up 18% from 2002. Earnings per share were $3.10, also up 18%.
- The company pursued strategic acquisitions and initiatives in areas like vaccines and injectables to drive growth.
- Looking ahead, the CEO expressed confidence that changing healthcare market trends and demographics position Henry Schein well for continued growth in serving the
The document summarizes a conference call to review the company's fiscal 2006 second quarter financial results. Key points from the quarter include a 1.3% increase in net income compared to the prior year quarter, driven by higher contributions from the natural gas marketing segment due to favorable storage and marketing positions. Earnings per share increased 1.3% while operating expenses rose due to higher employee, bad debt, and regulatory costs. Weather during the quarter was warmer than normal, negatively impacting utility throughput.
Atmos Energy Corporation held an analyst conference on February 26, 2009 to discuss forward-looking statements and projections. The company operates regulated natural gas distribution and transmission operations across 12 states as well as nonregulated midstream businesses. It has achieved steady earnings growth per share of over 5% annually through successful rate case strategies and capital investment programs. Management outlined continued growth opportunities in both regulated and nonregulated operations.
Realogy Corporation reported financial results for full year 2008. While net revenue was $4.7 billion, the company reported a net loss of $1.9 billion due primarily to a non-cash impairment charge of $1.8 billion. Excluding special items, EBITDA was $411 million and Adjusted EBITDA was $657 million. Despite declines in home sales transactions and prices, Realogy generated $109 million in cash from operations in 2008 and had $402 million in readily available cash. The company continues to focus on investing in growth during difficult market conditions.
The document summarizes the company's fiscal year 2007 financial results including:
- Net income increased 14% to $168.5 million primarily due to higher contribution from regulated gas distribution and transmission segments from increased throughput and rates.
- Earnings per share increased 5.5% to $1.92 per share.
- Operating expenses increased due to higher labor costs and benefits while impairment charges decreased.
- Capital expenditures totaled $327.4 million focused on regulated gas distribution and transmission systems.
1. The 2008 Annual Meeting of Shareholders of Northeast Utilities will be held on May 13, 2008 at 10:30am at the offices of Public Service Company of New Hampshire.
2. Matters to be voted on include electing 12 trustee nominees and ratifying the selection of Deloitte & Touche LLP as the independent auditors for 2008.
3. Directions to the meeting location in Manchester, NH are provided. Shareholders are urged to vote their shares whether attending the meeting or not.
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TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
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TXU reported financial results for the second quarter and first half of 2007. Net income was $121 million for Q2 2007, down from $497 million in Q2 2006, due to unrealized hedge losses and charges related to suspending generation projects. For the first half, TXU reported a net loss of $377 million compared to net income of $1,073 million in 2006, again due to hedge losses and generation project charges. Operational earnings, which exclude special items, were $430 million for Q2 2007 and $873 million for the first half, lower than the prior year periods due to factors including weather, plant outages, and lower prices. TXU continued to make progress on its proposed merger
- Air Products reported record third quarter revenues and earnings, with net income of $285 million and diluted EPS of $1.28. Revenues increased 16% to a record $2.595 billion due to higher volumes and pricing.
- All six of Air Products' business segments saw sales increases compared to the prior year, with the Merchant Gases, Tonnage Gases, and Electronics and Performance Materials segments experiencing the strongest growth.
- Based on continued strong demand, Air Products raised its full-year EPS guidance to a range of $4.30 to $4.35, representing 23-24% year-over-year growth.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Progress Energy reported a net loss of $0.19 per share for Q2 2006, compared to a net loss of $0.01 per share in Q2 2005. Ongoing earnings were $0.32 per share in Q2 2006, down from $0.63 per share in Q2 2005. Core ongoing earnings were $0.43 per share in Q2 2006, down from $0.53 per share in Q2 2005. Progress Energy also announced the sale of its natural gas assets for $1.2 billion and reaffirmed its 2006 ongoing earnings guidance.
Celanese Corporation reported record second quarter results for 2008, with net sales increasing 20% and operating profit more than doubling compared to the second quarter of 2007. Several of Celanese's business segments saw higher sales and profits driven by increased pricing, volumes, and currency impacts. Despite challenges from higher raw material and energy costs, the company reaffirmed its full-year 2008 outlook for adjusted earnings per share and operating EBITDA.
Progress Energy announced its 2008 second-quarter results, reporting GAAP earnings of $0.79 per share compared to a loss of $0.75 per share in the previous year. Ongoing earnings were $0.77 per share compared to $0.56 per share last year. The company reaffirmed its 2008 ongoing earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Progress Energy saw increased wholesale revenues and AFUDC equity contributions in the second quarter compared to the previous year. The company also received approval for two new nuclear reactors in Florida and submitted a license application to the Nuclear Regulatory Commission.
Progress Energy reported third-quarter ongoing earnings of $1.44 per share, up 50% from the prior year, and GAAP earnings of $1.82 per share. Core regulated utility earnings grew due to higher retail margins from customer growth, usage, and weather, partially offset by higher operating costs. Synthetic fuel earnings increased significantly due to higher sales volumes and tax credit recognition. The company reaffirmed its 2005 ongoing earnings guidance range of $2.90 to $3.20 per share.
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TXU reported improved financial results for the first quarter of 2006 compared to the first quarter of 2005. Net income increased to $576 million from $416 million in the prior year period. Operational earnings, which exclude special items, also increased significantly, reaching $1.09 per share compared to $0.51 per share in 2005. TXU affirmed its outlook for 2006 and 2007, and announced plans to invest $10 billion to build new coal and lignite power plants in Texas to meet growing energy demand and lower costs.
Duke Energy reported strong financial results in the second quarter of 2004. Net income was $432 million, or $0.46 per share, matching the previous year's results. Excluding special items, ongoing earnings per share were $0.42 compared to $0.30 in 2003. Several of Duke Energy's business units performed well, including Duke Energy Field Services and Crescent Resources which both posted significant increases in earnings compared to the previous year. Duke Energy continued progress on meeting financial targets such as debt reduction and asset sales.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
DTE Energy reported a loss for the second quarter of 2006 compared to earnings in the same period in 2005. Operating earnings excluding special items were nearly break-even, with higher earnings from the electric utility offset by losses in other segments due to oil hedging costs and falling natural gas prices. Despite the quarterly loss, DTE maintained its full-year 2006 earnings guidance. Capital investment continued across all business segments to improve operations and support growth.
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TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
This document provides an annual report for Henry Schein, Inc. for the year 2003. Some key points:
- Henry Schein achieved record sales of $3.4 billion in 2003, up 19% from 2002, serving over 425,000 dental, medical, and veterinary customers worldwide.
- Net income was $139.5 million, up 18% from 2002. Earnings per share were $3.10, also up 18%.
- The company pursued strategic acquisitions and initiatives in areas like vaccines and injectables to drive growth.
- Looking ahead, the CEO expressed confidence that changing healthcare market trends and demographics position Henry Schein well for continued growth in serving the
The document summarizes a conference call to review the company's fiscal 2006 second quarter financial results. Key points from the quarter include a 1.3% increase in net income compared to the prior year quarter, driven by higher contributions from the natural gas marketing segment due to favorable storage and marketing positions. Earnings per share increased 1.3% while operating expenses rose due to higher employee, bad debt, and regulatory costs. Weather during the quarter was warmer than normal, negatively impacting utility throughput.
Atmos Energy Corporation held an analyst conference on February 26, 2009 to discuss forward-looking statements and projections. The company operates regulated natural gas distribution and transmission operations across 12 states as well as nonregulated midstream businesses. It has achieved steady earnings growth per share of over 5% annually through successful rate case strategies and capital investment programs. Management outlined continued growth opportunities in both regulated and nonregulated operations.
Realogy Corporation reported financial results for full year 2008. While net revenue was $4.7 billion, the company reported a net loss of $1.9 billion due primarily to a non-cash impairment charge of $1.8 billion. Excluding special items, EBITDA was $411 million and Adjusted EBITDA was $657 million. Despite declines in home sales transactions and prices, Realogy generated $109 million in cash from operations in 2008 and had $402 million in readily available cash. The company continues to focus on investing in growth during difficult market conditions.
The document summarizes the company's fiscal year 2007 financial results including:
- Net income increased 14% to $168.5 million primarily due to higher contribution from regulated gas distribution and transmission segments from increased throughput and rates.
- Earnings per share increased 5.5% to $1.92 per share.
- Operating expenses increased due to higher labor costs and benefits while impairment charges decreased.
- Capital expenditures totaled $327.4 million focused on regulated gas distribution and transmission systems.
1. The 2008 Annual Meeting of Shareholders of Northeast Utilities will be held on May 13, 2008 at 10:30am at the offices of Public Service Company of New Hampshire.
2. Matters to be voted on include electing 12 trustee nominees and ratifying the selection of Deloitte & Touche LLP as the independent auditors for 2008.
3. Directions to the meeting location in Manchester, NH are provided. Shareholders are urged to vote their shares whether attending the meeting or not.
energy future holindings Q206 Earnings Release_Combined_FINALfinance29
TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
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TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
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TXU reported financial results for Q2 and year-to-date 2007. For Q2, net income was $121 million compared to $497 million in Q2 2006. Operational earnings, which exclude special items, were $430 million in Q2 2007 compared to $650 million in Q2 2006. For year-to-date, TXU reported a net loss of $377 million compared to net income of $1,073 million in 2006. Operational earnings were $873 million year-to-date 2007 compared to $1,179 million in 2006. Results were impacted by cooler weather, higher fuel costs, and lower average pricing. TXU also provided updates on its proposed merger with TEF Holdings and
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TXU reported financial results for the fourth quarter and full year of 2006. For the fourth quarter, TXU reported net income of $475 million compared to $356 million in the previous year. For the full year, TXU reported net income of $2,552 million compared to $1,712 million the previous year. Operational earnings, which exclude special items, were $556 million for the fourth quarter and $2,592 million for the full year, increases from the previous years. TXU also announced that it had reached a definitive merger agreement to be acquired for $45 billion, representing a 25% premium over its share price.
UnitedHealth Group reported first quarter 2007 results, with key highlights including:
- Net earnings of $0.66 per share, or $0.74 per share excluding 409A charges, up 17% year-over-year.
- Revenues increased 8% to $19 billion.
- Operating margin was 8.3%, or 9.2% excluding 409A charges.
- Cash flows from operations were $2.6 billion, or $1.1 billion adjusted for CMS payment timing.
The company extended its relationship with AARP and positioned itself for continued diversified growth. UnitedHealth increased its full-year 2007 earnings outlook to $3.42-$3.46 per share
TXU reported better than expected earnings for the first quarter of 2003, with earnings from continuing operations of $101 million (exceeding the target of $0.20 per share). Full year 2003 guidance remains at $1.95 to $2.05 per share. Earnings were higher than expected due to increased contributions from the North America Energy Delivery segment and cost reductions, though partially offset by higher fuel costs and interest expenses. TXU has also accomplished debt reduction and cost cutting objectives to strengthen its financial position.
This document provides a summary of Time Warner Inc.'s financial results for the full year and fourth quarter of 2008. It reports that revenues grew 1% to $47 billion for the full year, while adjusted operating income before depreciation and amortization rose 1% to $13 billion. However, the company posted an operating loss of $16 billion for the full year due to a $24 billion non-cash impairment charge. For the fourth quarter, revenues declined 3% to $12.3 billion while adjusted operating income fell 8% to $3.2 billion, and the operating loss was $22.2 billion. Segment results are also provided.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas exploration business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
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TXU reported third quarter results and maintained its full year earnings outlook range. Key highlights include:
- TXU invested $2.6 billion in capital expenditures in 2006 and plans to invest over $17 billion from 2006-2010 to meet growing electricity demand in Texas.
- Third quarter earnings were $1.004 billion compared to $565 million in the prior year. Operational earnings, which exclude special items, were $977 million compared to $574 million previously.
- For the full year, TXU expects operational earnings per share to be in the range of $5.50 to $5.75, excluding gains or losses from its long-term hedging program.
The Hera Group approved positive 1Q 2017 results, with growth in revenues, EBITDA, net profits, and operational indicators. Revenues increased 28.3% to €1.585 billion due to higher energy sales, regulated revenues, and gas volumes. EBITDA rose 10.2% to €306.8 million from growth across all business areas. Net profits for shareholders increased 20.5% to €109.9 million due to improved financial management and lower tax rates. Operational investments totaled €154.1 million, and net debt declined slightly despite recent acquisitions.
Spectra Energy reported third quarter 2007 results with ongoing net income of $240 million, up 32% from the prior year. Key highlights included strong performance from US Transmission and Distribution businesses, as well as progress on their $3 billion 2007-2009 capital investment program with $625-650 million expected to be completed by the end of 2007. Management remains confident in meeting 2007 financial goals and delivering steady growth and attractive dividends.
The AES Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Earnings per share from continuing operations were up 100% to $0.34 compared to the first quarter of 2007, and adjusted earnings per share were up 63% to $0.39.
- Gross margin increased 23% to $1.0 billion compared to the first quarter of 2007, driven by higher prices and volumes across Latin America and Europe.
- Revenue increased 33% to $4.1 billion compared to the first quarter of 2007, reflecting higher prices and volumes as well as favorable foreign currency impacts.
The document summarizes the key points from a conference call to review the company's fiscal 2008 third quarter financial results. It discusses increases in net income for the natural gas distribution and regulated transmission/storage segments due to rate adjustments and higher transportation volumes. It also reviews decreases in the natural gas marketing segment's gross profit from realized storage losses and lower sales volumes. Operating expenses rose due to higher labor costs but were partially offset by a one-time software write-off in the prior year. Capital expenditures increased for the regulated gas distribution and transmission/storage segments.
Celanese Corporation reported record first quarter results for 2008 with net sales increasing 19% to $1.846 billion compared to the prior year. Operating profit rose to $234 million, up from $206 million in 2007. Adjusted earnings per share increased to a record $1.06 per share compared to $0.77 in the prior year. Based on continued growth across its business segments, Celanese increased its full year 2008 adjusted earnings per share outlook to between $3.60-$3.85 per share.
Celanese Corporation reported record first quarter results for 2008 with net sales increasing 19% to $1.846 billion compared to the prior year. Operating profit rose to $234 million, up from $206 million in 2007. Adjusted earnings per share increased to a record $1.06 per share compared to $0.77 in the prior year. Based on continued growth across its business segments, Celanese increased its full year 2008 adjusted earnings per share outlook to between $3.60-$3.85 per share.
- Southern Company reported third quarter earnings of $780.4 million, or $1.01 per share, compared to $762 million, or $1.00 per share in the third quarter of 2007. Revenues increased 12.3% to $5.43 billion.
- Kilowatt-hour sales decreased 4.6% for the quarter and 1.7% for the first nine months of the year compared to the same periods in 2007, due primarily to milder weather.
- Earnings were positively impacted by increased retail rates and market-response rates for commercial and industrial customers, but offset by mild weather, asset depreciation, and a sluggish economy.
- Integrys Energy Group reported income from continuing operations of $24.8 million for Q2 2008, compared to a loss of $39.6 million in Q2 2007.
- Key drivers of improved performance included higher margins at natural gas utilities due to rate increases and weather, lower fuel costs for electric utilities, and unrealized gains on energy contracts at Integrys Energy Services.
- For 2008, Integrys expects diluted EPS between $3.33-$3.53, assuming normal weather, plant availability, merger impacts and synergy savings, and recent rate relief.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
- CIT reported record quarterly and annual results for Q4 2006 and full year 2006, with EPS growth of 16% and 15% respectively excluding noteworthy items.
- Key drivers were strong loan and lease origination volume of $11.6 billion in Q4 2006, up 20% from prior year, leading to higher other revenue from gains on receivable sales and syndications.
- Credit quality remained solid across segments despite some increases in consumer metrics, and full year net charge-offs declined.
- Expenses increased due to investments in sales force and origination platforms, but efficiency ratio improved slightly.
- As a result, CIT increased 2007 EPS guidance to $5.40
This financial review provides operating and financial information for Northeast Utilities (NU) and its subsidiaries through June 30, 2008. Key information includes:
- NU's consolidated revenues for 2007 were $5.822 billion and operating income was $539 million.
- The largest subsidiary, The Connecticut Light and Power Company (CL&P), had revenues of $3.682 billion in 2007 and operating income of $285 million.
- Financial information such as sales, revenues, income, capitalization, debt ratings and dividend payments are presented for NU, CL&P and other subsidiaries from 2007 back to 2003.
- Net sales increased significantly from $4.74 billion in 1999 to $7.13 billion in 2000. Net income increased slightly from $515.8 million in 1999 to $422 million in 2000.
- The Telecommunications segment saw the largest increase in revenues from $2.96 billion in 1999 to $5.12 billion in 2000, driving the overall revenue growth.
- Pro forma diluted earnings per share, which excludes certain one-time items, increased from $0.67 in 1999 to $1.23 in 2000 despite a smaller increase in net income, reflecting share repurchases.
This annual report summarizes Corning Inc.'s financial performance in 2001, which saw a significant downturn from 2000 due to challenging conditions in the telecommunications sector and global economic weakness. Net sales fell 12% to $6.3 billion and the company reported a net loss of $5.5 billion compared to net income of $409 million in 2000. Corning took actions to reduce costs, including eliminating 12,000 jobs and closing plants. However, the company ended 2001 with $2.2 billion in cash and believes it is well positioned financially and strategically for long-term growth opportunities in key markets like optical fiber and displays.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
Corning Inc. is a 152-year-old diversified technology company that focuses on high-impact growth opportunities through specialty glass, ceramics, polymers, and light manipulation. It develops innovative products for telecommunications, displays, environmental, life sciences, semiconductors, and other materials markets. The 2003 annual report discusses priorities of protecting financial health, returning to profitability, and continuing to invest in the future. It emphasizes growth through global innovation, achieving balance and stability, and preserving trust through living the company's values.
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Corning Inc. reported strong financial performance in its 2007 Annual Report. Net income reached an all-time high of $2.15 billion, up 16% from 2006. Sales increased 13% to $5.86 billion, driven by high demand for LCD glass and new diesel filtration products. Corning also achieved records for earnings per share at $1.34 and operating cash flow at $2.1 billion. The report discusses Corning's strategy of focusing on innovation to drive growth, maintaining financial stability, and improving business portfolio balance. Key accomplishments in 2007 included expanding LCD glass capacity and developing innovations in optical fiber and life sciences technologies.
Corning posted record performance in the first half of 2008 but experienced weak performance in the second half due to the global recession. While sales were up 21% in the first half, they declined 30% in the fourth quarter compared to the third quarter and previous year. Corning implemented cost-cutting measures like job cuts and spending reductions to prepare for a weak 2009. However, Corning remains confident in its long-term strategies and innovative products to drive future growth once the economy recovers.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers across 12 states and owns one of the largest intrastate pipeline systems in Texas. The company has grown through acquisitions, adding over 2.9 million customers since 1983, and pursues a strategy of growing its regulated and complementary nonregulated natural gas businesses.
Atmos Energy Corporation will host a conference call on February 4, 2009 at 8:00 am ET to discuss its fiscal 2009 first quarter financial results. Atmos Energy, headquartered in Dallas, is the largest natural gas-only distributor in the US, serving about 3.2 million customers across 12 states. Interested parties can access the conference call by dialing 800-218-0204 or listening online at Atmos Energy's website, where an archive of the call will also be made available until April 30, 2009.
Atmos Energy Corporation declared a quarterly dividend of 33 cents per share to shareholders of record on February 25, 2009. This marks the company's 101st consecutive quarterly dividend. Atmos Energy is the country's largest natural-gas-only distributor, serving about 3.2 million customers across 12 states. It also provides natural gas marketing and pipeline management services.
Fred Meisenheimer was promoted to senior vice president and chief financial officer of Atmos Energy Corporation. Meisenheimer has been acting as interim CFO since January 1, 2009. He joined Atmos Energy in 2000 as vice president and controller and has made valuable contributions to the company's success over eight years. Prior to joining Atmos Energy, Meisenheimer held financial and accounting roles at other energy companies.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers in 1,600 communities across 8 states. The company has grown significantly through acquisitions, adding over 2.7 million customers since 1983. Atmos Energy aims to continue growing its regulated natural gas distribution operations and complementary nonregulated energy businesses.
This document provides an overview of the nonutility operations of Atmos Energy Corporation. It discusses the corporate structure and business segments, including gas marketing, pipeline and storage, and other nonutility operations. It then provides more detailed descriptions of the storage business models, including proprietary storage, full requirements storage, billable plan storage, and parking and loaning transactions. The storage business models are explained in terms of associated risks, risk management strategies, and impact on margins.
The document discusses forward-looking statements and risks associated with them. It provides an overview of Atmos Energy, including its scope of operations across 12 states in the utility segment and 22 states in the nonutility segment. It also summarizes Atmos Energy's financial and operational performance over time, including earnings growth, dividend increases, and acquisition history such as the purchase of TXU Gas.
A conference call was scheduled for February 8, 2006 at 8:00 am EST to review the company's fiscal 2006 first quarter financial results. The company reported a net income of $100 million, up 19% from the prior year quarter. Earnings per share were $0.88, up 11% from the previous year. Key drivers included a contribution from acquisitions and weather that was colder than the prior year. The utility segment saw higher throughput and gross profit.
The document discusses a conference call to review the company's fiscal 2006 third quarter financial results. It provides details on the company's net income, earnings per share, capital expenditures, and performance by business segment for the quarter. The company reported a net loss for the quarter, driven by unrealized mark-to-market losses in natural gas marketing and warmer than normal weather across many utility divisions.
The document summarizes the company's financial results for fiscal year 2006. Key points include:
- Net income increased 20% to $170 million due to higher contributions from nonutility businesses and rate increases.
- Earnings per share increased 16% to $2.00, despite warmer than normal weather reducing utility revenues.
- Gross profit increased $98.9 million primarily from higher natural gas marketing margins and increased pipeline volumes.
- Higher O&M and interest expenses partially offset revenue gains. Overall the company delivered results within its guidance range for the year.
The document summarizes a conference call to review the company's financial results for the first quarter of fiscal year 2007. Key highlights included a 14.5% increase in net income compared to the same period last year, driven by increased contributions from nonutility businesses. Earnings per share were up 10% year-over-year. Capital expenditures totaled $65.2 million for maintenance and $21.8 million for growth. The company also completed a common stock offering in December, raising $192 million in net proceeds.
The document summarizes the company's financial results for the second quarter of fiscal year 2007 compared to the same period in 2006. Net income increased 20% to $106.5 million, driven by a 21% rise in utility throughput from colder weather. Earnings per share increased 9% to $1.10. While utility profits grew due to higher volumes, natural gas marketing profits declined because of unrealized losses from changes in storage and contract values.
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atmos enerrgy 27
1. News Release
Analysts and Media Contact:
Susan Giles (972) 855-3729
Atmos Energy Corporation Reports Earnings for the
Fiscal 2007 Second Quarter and Six Months; Affirms Fiscal 2007 Guidance
DALLAS (May 2, 2007)—Atmos Energy Corporation (NYSE:ATO) today reported
consolidated results for its fiscal 2007 second quarter and six months ended March 31, 2007.
For the fiscal 2007 second quarter, net income increased 20 percent to $106.5 million,
or $1.20 per diluted share, compared with net income of $88.8 million, or $1.10 per
diluted share in the prior-year quarter.
The utility business contributed $76.3 million of net income, or $0.86 per diluted share
in the fiscal 2007 second quarter, largely due to increased throughput from 22 percent
colder weather in the current quarter, compared to the same period last year.
Nonutility businesses contributed $30.2 million of net income, or $0.34 per diluted
share in the fiscal 2007 second quarter. Natural gas marketing net income for the
current quarter was adversely impacted by temporary unrealized losses, which should
reverse in future periods.
For the six months ended March 31, 2007, net income increased 17 percent to $187.8 million,
or $2.18 per diluted share, compared with net income of $159.8 million, or $1.98 per diluted
share for the same period last year. Diluted earnings per share increased 10 percent year over
year, despite a 6.4 percent increase in weighted average shares outstanding, primarily
associated with the company’s December 2006 equity offering. For the current six-month
period, the utility business contributed $108.2 million of net income, or $1.26 per diluted
share, and the nonutility businesses contributed $79.6 million of net income, or $0.92 per
diluted share.
“Our unwavering commitment to redesigning our utility rates is paying off this winter heating
season,” said Bob Best, chairman, president and chief executive officer of Atmos Energy
Corporation. “With the recent decoupling of our margins from weather in both the Mid-Tex
and Louisiana divisions, we have been better able to stabilize our utility margins and solidify
the earnings potential of our utility segment going forward.”
Best continued: “The nonutility businesses continue to exceed our expectations. The
marketing business is adding incremental customers and volumes and has been successful in
capturing very favorable arbitrage opportunities in its storage assets. And, the pipeline and
storage businesses have benefited from increased margins and throughput, including the
incremental margin from the pipeline projects we completed last year. We remain confident
1
2. that we are on track to meet our goal of growing consolidated earnings in the 4 to 6 percent
range.”
Results for the 2007 Second Quarter Ended March 31, 2007
Consolidated gross profit for the three months ended March 31, 2007, was $428.7 million,
compared with $405.4 million for the three months ended March 31, 2006. The $23.3 million
increase in consolidated gross profit reflects significantly improved results in the company’s
utility operations, as well as its pipeline and storage operations, partially offset by lower
natural gas marketing margins.
Utility gross profit increased $30.5 million to $346.2 million in the current quarter, compared
with $315.7 million in the same period last year, before intersegment eliminations. The
improvement in utility gross profit margin was primarily the result of a 21 percent increase in
throughput, which increased gross profit margin by $25.7 million, a $4.3 million increase
associated with the favorable impact of the implementation of Weather Normalization
Adjustment (WNA) in the company’s Mid-Tex and Louisiana divisions and a $9.6 million
increase resulting from the company’s 2004 and 2005 GRIP filings and the Rate Stabilization
Clause in the company’s LGS service area in Louisiana in August 2006. These increases were
partially offset by the $2.3 million GRIP refund (inclusive of interest) ordered by the Railroad
Commission of Texas (RRC) in March 2007 and a $4.2 million reduction arising from the
Tennessee Regulatory Authority’s decision in October 2006 to reduce annual rates in
Tennessee.
Natural gas marketing gross profit decreased $20.9 million to $23.1 million for the three
months ended March 31, 2007, compared with $44.0 million in the same quarter last year,
before intersegment eliminations. The decrease reflects an $81.3 million decrease in
unrealized margins during the current-year quarter compared with the prior-year quarter offset
by a $60.4 million increase in realized margins. The increase in realized margins is primarily
attributable to Atmos Energy Marketing’s (AEM) ability to capture more favorable arbitrage
opportunities in its storage activities, partially offset by reduced marketing margins earned in
a less volatile market during the current-year quarter. The fiscal 2007 second quarter decrease
in unrealized margins was primarily due to a negative $68.9 million mark-to-market impact,
which resulted from the change in value of the physical/financial portfolio from December 31,
2006. The fiscal 2006 second quarter gross profit included a positive $12.4 million mark-to-
market impact, which resulted from the change in value of the physical/financial portfolio
from December 31, 2005. As of March 31, 2007, the physical storage position was 19.6
billion cubic feet (Bcf) with equal and offsetting financial hedges, compared to a physical
storage position of 23.6 Bcf at March 31, 2006.
Pipeline and storage gross profit was $59.1 million for the three months ended March 31,
2007, compared with $45.3 million for the three months ended March 31, 2006, before
intersegment eliminations. The $13.8 million increase in gross profit was primarily
attributable to increased margins associated with increased throughput including $2.9 million
of incremental margin received from the company’s North Side Loop and other compression
projects completed in fiscal 2006 and a $6.8 million increase in asset management fees earned
by Atmos Pipeline & Storage, LLC.
Consolidated operation and maintenance expense for the three months ended March 31, 2007,
was $111.9 million, compared with $112.7 million for the three months ended March 31,
2006. Excluding the provision for doubtful accounts, operation and maintenance expense for
2
3. the three months ended March 31, 2007, increased $2.4 million compared with the prior-year
quarter, primarily due to higher employee and other administrative costs. The increases were
partially offset by the deferral of $4.3 million of operation and maintenance expense resulting
from the Louisiana Public Service Commission’s decision to permit the company to recover
its incremental fiscal 2005 and 2006 operation and maintenance expense incurred in
connection with its Hurricane Katrina recovery efforts. The provision for doubtful accounts
decreased from $7.3 million for the three months ended March 31, 2006, to $4.1 million for
the three months ended March 31, 2007. The $3.2 million decrease was largely due to reduced
collection risk in the company’s utility segment associated with lower natural gas prices,
where the average cost of natural gas for the three months ended March 31, 2007, was $8.33
per thousand cubic feet (Mcf), compared with $10.13 per Mcf for the three months ended
March 31, 2006.
Taxes, other than income taxes, for the three months ended March 31, 2007, were $56.7
million, compared with $64.8 million for the prior-year quarter. The $8.1 million decrease
primarily reflects lower franchise fees and state gross receipts taxes, both of which are
calculated as a percentage of revenue and are paid by utility customers as a component of
their monthly bills. Although these amounts are included as a component of revenue in
accordance with the company’s tariffs, timing differences between when these amounts are
billed to customers and when the company recognizes the associated expense may favorably
or unfavorably affect net income; however, they should offset over time with no permanent
impact on net income.
Miscellaneous income for the three months ended March 31, 2007, was $1.8 million
compared to miscellaneous expense for the prior-year quarter of $2.4 million. The $4.2
million increase was primarily due to the absence in the current-year quarter of a $3.3 million
charge recorded during the prior-year quarter associated with an adverse regulatory ruling in
Tennessee related to the calculation of a performance-based rate mechanism associated with
gas purchases, coupled with increased interest income on short-term cash investments.
Results for the Six Months Ended March 31, 2007
Consolidated gross profit for the six months ended March 31, 2007, was $804.3 million,
compared with $752.0 million for the same period last year, reflecting improvements across
all business segments, largely due to weather that was 10 percent colder than the prior-year
period.
Utility gross profit increased to $608.8 million for the six months ended March 31, 2007,
compared with $595.9 million in the same period last year, before intersegment eliminations.
The $12.9 million increase in utility gross profit margin reflects a nine percent increase in
throughput, which increased gross profit margin by $15.1 million, an $11.8 million increase
resulting from the implementation of WNA in the company’s Mid-Tex and Louisiana
divisions and an $18.3 million increase due to rate adjustments associated with the company’s
2004 and 2005 GRIP filings and its LGS Rate Stabilization Clause compared to the prior-year
six months. These increases were partially offset by the adverse impacts arising from the
Tennessee and Texas rate rulings, which reduced margins by $8.5 million.
Natural gas marketing gross profit was $86.2 million for the six months ended March 31,
2007, compared with $70.3 million in the same period last year, before intersegment
eliminations. The $15.9 million improvement reflects an $18.8 million increase in realized
margins due to AEM’s ability to capture more favorable arbitrage opportunities in its storage
3
4. activities coupled with increased sales volumes, partially offset by reduced marketing margins
earned in a less volatile market during the current-year period. This increase was partially
offset by a $2.9 million reduction in unrealized margin. For the six months ended March 31,
2007, the storage and marketing margin included a negative $20.1 million mark-to-market
impact, which resulted from the change in value of the physical/financial portfolio from
September 30, 2006. For the six months ended March 31, 2006, the storage and marketing
margin included a negative $17.2 million mark-to-market impact, which resulted from the
change in value of the physical/financial portfolio from September 30, 2005.
Pipeline and storage gross profit was $108.8 million for the six months ended March 31,
2007, compared with $85.0 million for the six months ended March 31, 2006, before
intersegment eliminations. The $23.8 million increase in gross profit was primarily
attributable to increased margins associated with increased throughput and higher demand for
storage services, including $5.9 million of incremental margin received from the company’s
North Side Loop and other compression projects completed in fiscal 2006, a $9.0 million
increase in asset management fees earned by Atmos Pipeline & Storage, LLC and a $1.4
million increase due to rate adjustments resulting from the company’s 2005 GRIP filing.
Consolidated operation and maintenance expense for the six months ended March 31, 2007,
was $227.2 million, compared with $220.9 million for the same period last year. Excluding
the provision for doubtful accounts, operation and maintenance expense for the six months
ended March 31, 2007, increased $11.5 million compared with the same period in 2006. The
increase was mostly due to increased employee and other administrative costs. However,
these increases were partially offset by the $4.3 million deferral of operation and maintenance
expense in the Louisiana division and the absence of a $2.0 million charge for losses related
to Hurricane Katrina that was recorded in the prior-year period. The provision for doubtful
accounts decreased $5.2 million to $10.8 million for the six months ended March 31, 2007,
compared with $16.0 million in the prior-year period. The decrease was mainly attributable to
reduced collection risk in the utility segment as a result of lower natural gas prices, where the
average cost of natural gas for the six months ended March 31, 2007, was $8.25 per Mcf,
compared with $10.91 per Mcf for the six months ended March 31, 2006.
Taxes, other than income taxes, for the six months ended March 31, 2007, were $96.8 million,
compared with $110.2 million for the prior-year period. The $13.4 million decrease was
primarily related to franchise fees and state gross receipts taxes, which do not have a
permanent effect on net income, as explained above.
Interest charges for the six months ended March 31, 2007, were $74.8 million, compared with
$71.7 million for the six months ended March 31, 2006. The $3.1 million increase was
primarily attributable to increased interest rates on the company’s $300 million unsecured
floating rate senior notes due October 2007 due to an increase in the three-month LIBOR rate,
partially offset by reduced interest expense associated with lower average outstanding short-
term debt balances in the current-year period compared with the prior-year period.
Miscellaneous income for the six months ended March 31, 2007, was $3.4 million, compared
with miscellaneous expense of $2.0 million for the six months ended March 31, 2006. The
$5.4 increase in miscellaneous income was attributable to the previously mentioned absence
of a $3.3 million charge in Tennessee during the fiscal 2006 second quarter coupled with
increased interest income on short-term cash investments.
4
5. For the six months ended March 31, 2007, cash flow generated from operating activities
provided cash of $511.9 million, compared with $148.4 million for the same period last year.
Period over period, operating cash flow was favorably impacted by increased earnings,
increased sales volumes attributable to colder weather in the current-year period and
significantly lower natural gas prices compared to the prior-year period.
Capital expenditures decreased to $172.8 million for the six months ended March 31, 2007,
from $213.2 million for the six months ended March 31, 2006. The $40.4 million decrease in
capital spending primarily reflects the absence of capital expenditures associated with the
company’s North Side Loop and other pipeline compression projects, which were completed
in the third quarter of fiscal 2006.
Outlook
Atmos Energy said its leadership remains focused on enhancing shareholder value by
delivering consistent earnings growth and providing a sound and attractive dividend. As a
result of the strong nonutility financial performance through the six months ended March 31,
2007, Atmos Energy continues to expect fiscal 2007 earnings to be in the range of $1.90 to
$2.00 per diluted share. However, the mark-to-market impact on the marketing company’s
physical storage inventory at September 30, 2007, and changes in events or other
circumstances that the company cannot currently anticipate, could result in earnings for fiscal
2007 that are significantly above or below this outlook. Capital expenditures for fiscal 2007
are expected to be in the range of $365 to $385 million.
The company’s debt capitalization ratio improved to 51.9 percent at March 31, 2007, from
60.9 percent as of September 30, 2006. The improvement was primarily attributable to
increased equity from the successful public offering completed in December 2006 and strong
period-to-date earnings, as well as the positive effect of using operating cash flow to repay all
outstanding short-term debt as of March 31, 2007. Atmos Energy remains committed to
maintaining the debt capitalization ratio in a targeted range of 50 to 55 percent.
With its $300 million unsecured floating rate senior notes maturing in October 2007, the
company is evaluating alternatives to refinance the notes prior to their maturity and expects
these efforts to be successful. In addition, Atmos Energy expects that internally generated
funds, access to its credit facilities, including its commercial paper program, and access to the
public debt and equity markets will provide the necessary working capital and liquidity for its
operations, capital expenditures and other cash needs for the remainder of fiscal 2007.
Conference Call to be Webcast May 3, 2007
Atmos Energy will host a conference call with financial analysts to discuss the financial
results for the second quarter and first six months of fiscal 2007 on Thursday, May 3, 2007, at
10 a.m. EDT. The telephone number is 800-366-7640. The conference call will be webcast
live on the Atmos Energy Web site at www.atmosenergy.com. A slide presentation and a
playback of the call will be available on the Web site later that day. Atmos Energy officers
who will participate in the conference call include: Bob Best, chairman, president and chief
executive officer; Pat Reddy, senior vice president and chief financial officer; Kim Cocklin,
senior vice president, utility operations; Mark Johnson, senior vice president, nonutility
operations; Fred Meisenheimer, vice president and controller; Laurie Sherwood, vice
president, corporate development, and treasurer; and Susan Giles, vice president, investor
relations.
5
6. Other Highlights and Recent Developments
Mid-Tex Division Rate Case Order Issued
In March 2007, the RRC issued an order in the company’s Mid-Tex Division rate case, which
prospectively increased annual revenues by approximately $4.8 million and established a
permanent WNA based upon a 10-year average effective for the months of November through
April. However, the order also reduced the Mid-Tex Division’s total return to 7.903 percent
from 8.258 percent and required an immediate $2.3 million GRIP refund.
Gas Gathering Project Update
In May 2006, Atmos Energy announced plans to form a joint venture and construct a natural
gas gathering system in Eastern Kentucky, referred to as the Straight Creek Project. In order
to better serve the needs of the local producers in the area and to meet the company’s
economic requirements, the original project is currently being redesigned, and will likely be
marginally smaller in both size and scope. Accordingly, the in-service date is expected to be
delayed into the second half of fiscal 2008.
Missouri Rate Case Finalized
In April 2006, Atmos Energy filed a rate case in its Missouri service area seeking a rate
increase of $3.4 million, the consolidation of rates for its Missouri properties into three sets of
regional rates and the current purchased gas adjustment (PGA) into one statewide PGA and a
WNA mechanism. The Missouri Commission issued an order in March 2007 approving a
settlement with favorable rate design changes, including revenue decoupling through the
recovery of all non-gas cost revenues through fixed monthly charges, with no overall increase
in rates.
Forward-Looking Statements
The matters discussed in this news release may contain “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of historical fact included in this
news release are forward-looking statements made in good faith by the company and are
intended to qualify for the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. When used in this news release or in any of the company’s
other documents or oral presentations, the words “anticipate,” “believe,” “estimate,” “expect,”
“forecast,” “goal,” “intend,” “objective,” “plan,” “projection,” “seek,” “strategy” or similar
words are intended to identify forward-looking statements. Such forward-looking statements
are subject to risks and uncertainties that could cause actual results to differ materially from
those discussed in this news release, including the risks and uncertainties relating to
regulatory trends and decisions, the company’s ability to continue to access the capital
markets and the other factors discussed in the company’s SEC filings. These factors include
the risks and uncertainties discussed in the company’s Annual Report on Form 10-K for the
fiscal year ended September 30, 2006. Although the company believes these forward-looking
statements to be reasonable, there can be no assurance that they will approximate actual
experience or that the expectations derived from them will be realized. The company
undertakes no obligation to update or revise forward-looking statements, whether as a result
of new information, future events or otherwise.
6
7. About Atmos Energy
Atmos Energy Corporation, headquartered in Dallas, is the country’s largest natural gas-only
distributor, serving about 3.2 million gas utility customers. Atmos Energy’s utility operations
serve more than 1,500 communities in 12 states from the Blue Ridge Mountains in the East to
the Rocky Mountains in the West. Atmos Energy’s nonutility operations, organized under
Atmos Energy Holdings, Inc., operate in 22 states. They provide natural gas marketing and
procurement services to industrial, commercial and municipal customers and manage
company-owned natural gas pipeline and storage assets, including one of the largest intrastate
natural gas pipeline systems in Texas. Atmos Energy is a Fortune 500 company. For more
information, visit www.atmosenergy.com.
7
8. Atmos Energy Corporation
Financial Highlights (Unaudited)
Three Months Ended
Statements of Income March 31 Percentage
(000s except per share) 2007 2006 Change
Operating revenues:
Utility segment $ 1,461,033 $ 1,447,620
Natural gas marketing segment 795,041 818,629
Pipeline and storage segment 59,362 45,483
Other nonutility segment 783 1,595
Intersegment eliminations (240,637) (279,481)
2,075,582 2,033,846
Purchased gas cost:
Utility segment 1,114,787 1,131,885
Natural gas marketing segment 771,988 774,652
Pipeline and storage segment 229 211
Other nonutility segment — —
Intersegment eliminations (240,108) (278,305)
1,646,896 1,628,443
Gross profit 428,686 405,403 6%
Operation and maintenance expense 111,862 112,698 (1)%
Depreciation and amortization 51,066 47,076 8%
Taxes, other than income 56,746 64,796 (12)%
Total operating expenses 219,674 224,570 (2)%
Operating income 209,012 180,833 16%
Miscellaneous income (expense) 1,838 (2,439) 175%
Interest charges 35,262 35,492 (1)%
Income before income taxes 175,588 142,902 23%
Income tax expense 69,083 54,106 28%
Net income $ 106,505 $ 88,796 20%
Basic net income per share $ 1.21 $ 1.10
Diluted net income per share $ 1.20 $ 1.10
Cash dividends per share $ .320 $ .315
Weighted average shares outstanding:
Basic 88,078 80,573
Diluted 88,735 81,040
Three Months Ended
March 31 Percentage
Summary Net Income (Loss) by Segment (000s) 2007 2006 Change
Utility $ 76,320 $ 54,628 40%
Natural gas marketing 11,031 21,932 (50)%
Pipeline and storage 19,309 12,087 60%
Other nonutility (155) 149 (204)%
Consolidated net income $ 106,505 $ 88,796 20%
8
9. Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Six Months Ended
Statements of Income March 31 Percentage
(000s except per share) 2007 2006 Change
Operating revenues:
Utility segment $ 2,425,277 $ 2,852,630
Natural gas marketing segment 1,506,735 1,920,474
Pipeline and storage segment 109,214 85,195
Other nonutility segment 2,136 3,087
Intersegment eliminations (365,147) (543,720)
3,678,215 4,317,666
Purchased gas cost:
Utility segment 1,816,463 2,256,714
Natural gas marketing segment 1,420,548 1,850,178
Pipeline and storage segment 454 211
Other nonutility segment — —
Intersegment eliminations (363,528) (541,430)
2,873,937 3,565,673
Gross profit 804,278 751,993 7%
Operation and maintenance expense 227,232 220,915 3%
Depreciation and amortization 100,061 90,336 11%
Taxes, other than income 96,813 110,212 (12)%
Total operating expenses 424,106 421,463 1%
Operating income 380,172 330,530 15%
Miscellaneous income (expense) 3,417 (1,991) 272%
Interest charges 74,794 71,681 4%
Income before income taxes 308,795 256,858 20%
Income tax expense 121,029 97,035 25%
Net income $ 187,766 $ 159,823 17%
Basic net income per share $ 2.20 $ 1.99
Diluted net income per share $ 2.18 $ 1.98
Cash dividends per share $ .640 $ .630
Weighted average shares outstanding:
Basic 85,404 80,444
Diluted 86,061 80,911
Six Months Ended
March 31 Percentage
Summary Net Income (Loss) by Segment (000s) 2007 2006 Change
Utility $ 108,154 $ 103,041 5%
Natural gas marketing 45,978 33,384 38%
Pipeline and storage 33,909 23,254 46%
Other nonutility (275) 144 (291)%
Consolidated net income $ 187,766 $ 159,823 17%
9
10. Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Condensed Balance Sheets March 31, September 30,
(000s) 2007 2006
Net property, plant and equipment $ 3,711,830 $ 3,629,156
Cash and cash equivalents 176,280 75,815
Cash held on deposit in margin account 40,763 35,647
Accounts receivable, net 721,058 374,629
Gas stored underground 364,478 461,502
Other current assets 126,838 169,952
Total current assets 1,429,417 1,117,545
Goodwill and intangible assets 738,217 738,521
Deferred charges and other assets 229,634 234,325
$ 6,109,098 $ 5,719,547
Shareholders’ equity $ 2,021,953 $ 1,648,098
Long-term debt 1,878,331 2,180,362
Total capitalization 3,900,284 3,828,460
Accounts payable and accrued liabilities 665,212 345,108
Other current liabilities 421,386 388,451
Short-term debt — 382,416
Current maturities of long-term debt 303,232 3,186
Total current liabilities 1,389,830 1,119,161
Deferred income taxes 342,328 306,172
Deferred credits and other liabilities 476,656 465,754
$ 6,109,098 $ 5,719,547
10
11. Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Six Months Ended
Condensed Statements of Cash Flows March 31
(000s) 2007 2006
Cash flows from operating activities
Net income $ 187,766 $ 159,823
Depreciation and amortization 100,179 90,670
Deferred income taxes 72,755 58,199
Changes in assets and liabilities 141,755 (167,888)
Other 9,472 7,587
Net cash provided by operating activities 511,927 148,391
Cash flows from investing activities
Capital expenditures (172,792) (213,230)
Other, net (3,749) (2,842)
Net cash used in investing activities (176,541) (216,072)
Cash flows from financing activities
Net increase (decrease) in short-term debt (382,416) 117,506
Repayment of long-term debt (2,206) (2,162)
Cash dividends paid (54,640) (50,933)
Net proceeds from equity offering 191,913 —
Issuance of common stock 12,428 12,053
Net cash provided by (used in) financing activities (234,921) 76,464
Net increase in cash and cash equivalents 100,465 8,783
Cash and cash equivalents at beginning of period 75,815 40,116
Cash and cash equivalents at end of period $ 176,280 $ 48,899
Three Months Ended Six Months Ended
March 31 March 31
Statistics 2007 2006 2007 2006
Heating degree days * 1,575 1,330 2,710 2,387
Percent of normal * 100% 84% 101% 88%
Consolidated utility gas throughput
(MMcf as metered) 173,423 142,873 292,517 268,663
Consolidated natural gas marketing sales
volumes (MMcf) 101,386 69,450 178,912 140,946
Consolidated pipeline transportation
volumes (MMcf) 119,057 85,957 238,012 177,552
Natural gas meters in service 3,218,678 3,228,708 3,218,678 3,228,708
Utility average cost of gas $8.33 $10.13 $8.25 $10.91
* Adjusted for weather-normalized operations.
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