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 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 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.
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.
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 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 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 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.
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.
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 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.
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.
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 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 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 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.
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.
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.
DTE Energy reported third quarter earnings and revised its 2005 earnings guidance downwards due to timing-related accounting items from rising energy prices. Reported earnings were $4 million compared to $93 million in Q3 2004, while operating earnings excluding non-recurring items were $5 million compared to $97 million. Both the Detroit Edison electric utility and MichCon gas utility showed strong year-over-year improvements in operating earnings. However, earnings from power and fuel transportation were impacted by accounting deferrals from synfuel revenue and gas/power contracts that are expected to reverse in Q4 2005 and 2006. As a result, DTE lowered its 2005 operating earnings guidance to $3.10 to $3.30 per
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.
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.
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.
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.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
- 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.
Altria Group reported higher earnings for the second quarter of 2008 compared to the same period in 2007. Adjusted diluted earnings per share increased 12.2% as Philip Morris USA's operating income grew 3.8% and cigar maker John Middleton delivered strong volume gains of 11%. Altria reaffirmed its full-year guidance for adjusted diluted earnings per share growth of 9-11%.
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.
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.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
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.
The AES Corporation reported solid financial results for Q2 and year-to-date 2008. Revenue increased 24% to $4.1 billion for Q2 due to higher prices and volumes. Income from continuing operations was $903 million or $1.31 per share for Q2. Adjusted EPS was $0.17. For the full year, AES increased its adjusted EPS guidance to $1.16. Recent developments included construction starting on 4 power plants totaling 953 MW and acquiring a 49% stake in a 49.5 MW Chinese wind project.
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.
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.
DTE Energy reported third quarter earnings and revised its 2005 earnings guidance downwards due to timing-related accounting items from rising energy prices. Reported earnings were $4 million compared to $93 million in Q3 2004, while operating earnings excluding non-recurring items were $5 million compared to $97 million. Both the Detroit Edison electric utility and MichCon gas utility showed strong year-over-year improvements in operating earnings. However, earnings from power and fuel transportation were impacted by accounting deferrals from synfuel revenue and gas/power contracts that are expected to reverse in Q4 2005 and 2006. As a result, DTE lowered its 2005 operating earnings guidance to $3.10 to $3.30 per
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.
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.
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.
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.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
- 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.
Altria Group reported higher earnings for the second quarter of 2008 compared to the same period in 2007. Adjusted diluted earnings per share increased 12.2% as Philip Morris USA's operating income grew 3.8% and cigar maker John Middleton delivered strong volume gains of 11%. Altria reaffirmed its full-year guidance for adjusted diluted earnings per share growth of 9-11%.
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.
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.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
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.
The AES Corporation reported solid financial results for Q2 and year-to-date 2008. Revenue increased 24% to $4.1 billion for Q2 due to higher prices and volumes. Income from continuing operations was $903 million or $1.31 per share for Q2. Adjusted EPS was $0.17. For the full year, AES increased its adjusted EPS guidance to $1.16. Recent developments included construction starting on 4 power plants totaling 953 MW and acquiring a 49% stake in a 49.5 MW Chinese wind project.
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.
DTE Energy announced its third quarter 2007 earnings. Operating earnings were $181 million compared to $255 million in third quarter 2006, primarily due to one-time gains in 2006 and startup costs for new systems in 2007. For the first nine months, operating earnings were $317 million compared to $377 million in 2006, mainly due to onetime costs at Detroit Edison including new system startup costs and a temporary rate reduction. The company expects to meet its annual operating earnings guidance and sees strong cash flow providing flexibility for growth.
DTE Energy announced its third quarter 2007 earnings. Operating earnings were $181 million compared to $255 million in third quarter 2006, primarily due to one-time gains in 2006 and startup costs for new systems in 2007. For the first nine months, operating earnings were $317 million compared to $377 million in 2006, mainly due to onetime costs at Detroit Edison including new system startup. The company expects to meet its annual operating earnings guidance and sees underlying business performing well despite some one-time items.
- 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.
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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.
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.
Spectra Energy reported higher third quarter 2008 results compared to the prior year quarter, with net income up 26% and ongoing net income up 26%. All business segments performed strongly due to higher commodity prices and operating performance. The company completed its 2008 capital expansion plan, which will provide returns at the top end of the targeted range of approximately 12%. Spectra Energy expects to exceed its 2008 EPS target of $1.56.
- Rockwood Specialties reported first quarter 2009 results with net sales down 21.8% versus prior year due to declines across all business units exposed to automotive and construction end-markets.
- Adjusted EBITDA was $109.2 million, down 35.5% year-over-year, and adjusted EBITDA margin was 16.5% despite the 22% decline in net sales due to cost cutting measures.
- The company generated $18.9 million in free cash flow in the first quarter through tight working capital management and debt repayment reduced net debt to adjusted EBITDA ratio to 3.75x.
The document summarizes Sonoco's 2009 second quarter financial results. Key points:
- Net sales declined 21% year-over-year due to lower volumes, especially in industrial markets impacted by recession.
- Base earnings were $0.41 per share compared to $0.62 per share last year, with higher pension costs partially offsetting improvements from cost reductions.
- The Consumer Packaging segment saw a 6% sales decline but a 20% increase in operating profits due to price increases and productivity gains.
- TRW reported financial results for the 4th quarter and full year of 2008. 4th quarter sales were $2.8 billion, down 28% from the previous year, and full year sales were $15 billion, up 2%.
- The company reported a 4th quarter net loss of $946 million and a full year net loss of $779 million due to asset impairments and restructuring charges. Excluding special items, the 4th quarter net loss was $74 million and full year net earnings were $153 million.
- Cash flow from operations was $769 million for the 4th quarter and $773 million for the full year. Free cash flow was $625 million and $291 million respectively.
DTE Energy raised its 2008 earnings guidance due to strong expected performance across several business segments. It reported first quarter 2008 earnings of $212 million compared to $134 million in first quarter 2007. Operating earnings for first quarter 2008 were $128 million compared to $112 million in first quarter 2007, driven by higher earnings from energy trading. Several business segments experienced improved earnings compared to first quarter 2007. DTE Energy also saw higher cash flows from operations compared to first quarter 2007.
TRW Automotive reported third quarter 2008 financial results with sales of $3.6 billion, up 2.8% from the prior year. However, the company reported a net loss of $54 million compared to net earnings of $23 million in the prior year. Sales increased due to currency movements and module sales, but core product sales declined sharply, driving the earnings decrease. For 2008, TRW expects sales of $15.3 billion and net earnings per share of $0.90 to $1.10, reflecting challenges in the automotive industry.
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- FPL Group reported record adjusted earnings per share for 2008, driven by strong performance at NextEra Energy Resources. However, FPL experienced challenges from the difficult economic environment in Florida.
- NextEra Energy Resources had another strong quarter and year, with adjusted EPS up over 60% for Q4 2008 and 30% for full year 2008, driven by new project additions and existing asset contributions.
- For 2009, FPL Group expects adjusted EPS to remain flat compared to 2008, assuming normal weather and economic conditions. FPL Group is well positioned to benefit from policies supporting renewable energy and a transition to a lower carbon future.
DTE Energy reported a loss for the second quarter of 2006 compared to a profit in the same period in 2005. Operating earnings, which exclude non-recurring items, were down slightly from the prior year. The company maintained its full-year 2006 earnings guidance despite pressure from high oil prices impacting its synfuel operations. Capital investment projects across its utility and non-utility businesses remained on track.
Northrop Grumman reported financial results for Q4 2008 and full year 2008. Q4 sales increased 4% to a record $9.2 billion while 2008 sales rose 6% to a record $33.9 billion. However, the company reported losses for both periods due to a non-cash goodwill impairment charge of $3.1 billion. Excluding this charge, Q4 EPS rose 19% to $1.57 and 2008 EPS increased 1% to $5.21. Total backlog reached a record high of $78 billion and new business awards set a record of $48.3 billion in 2008.
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
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.
State Street Corporation reported first quarter 2009 earnings per share of $1.02 on total revenue of $2 billion, down from $1.35 EPS and $2.6 billion revenue in the first quarter of 2008. Expenses declined 26.5% from a year ago due to ongoing expense controls. Servicing fees declined 20% to $766 million and investment management fees fell 35% to $181 million due to declines in asset valuations, though both outperformed market declines. The company expects to achieve its targets for 2009 operating revenue decline, EPS decline, and return on equity.
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
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 4/08
1. News Release
Analysts and Media Contact:
Susan Giles (972) 855-3729
Atmos Energy Corporation Reports Earnings for Fiscal 2008;
Affirms Fiscal 2009 Guidance
DALLAS (November 11, 2008)— Atmos Energy Corporation (NYSE:ATO) today reported
consolidated results for its 2008 fiscal year and fourth quarter ended September 30, 2008.
Fiscal 2008 net income was $180.3 million, or $2.00 per diluted share, compared with net
income of $168.5 million, or $1.92 per diluted share, the prior year. Fiscal 2007 net
income included a noncash after-tax charge of $4.1 million, or $0.05 per diluted share,
related to the write-off of obsolete software and a nonregulated gas gathering project.
Regulated operations contributed $134.1 million of net income, or $1.49 per diluted share
during fiscal 2008, compared with $107.9 million of net income, or $1.23 per diluted
share, during fiscal 2007.
Nonregulated operations contributed $46.2 million of net income during fiscal 2008, or
$0.51 per diluted share, compared with $60.6 million of net income, or $0.69 per diluted
share, during fiscal 2007. Unrealized margins contributed $0.20 and $0.14 of net income
per diluted share for fiscal 2008 and 2007.
Atmos Energy affirmed its fiscal 2009 earnings guidance of $2.05 to $2.15 per diluted
share.
For the three months ended September 30, 2008, net income was $1.6 million, or $0.02 per
diluted share, compared with a net loss of $5.9 million, or ($0.07) per diluted share, for the same
period last year. Regulated operations reported a seasonal net loss of $14.7 million, or ($0.16)
per diluted share, during the fiscal 2008 fourth quarter, compared with a seasonal net loss of
$13.7 million, or ($0.15) per diluted share, in the prior-year period. Nonregulated operations
contributed $16.3 million of net income during the fourth quarter of fiscal 2008, or $0.18 per
diluted share, compared with $7.8 million of net income, or $0.08 per diluted share, in the prior-
year quarter. Results for nonregulated operations for the prior-year quarter included an after-tax
charge of $2.0 million, or $0.02 per diluted share, to write off costs associated with a
nonregulated natural gas gathering project. Unrealized margins contributed $0.11 and $0.12 of
net income per diluted share for the three months ended September 30, 2008 and 2007.
“We are extremely pleased with the financial results achieved in fiscal 2008,” said Robert W.
Best, chairman and chief executive officer of Atmos Energy Corporation. “Regulated operations
contributed 74 percent of our consolidated net income and experienced a year-over-year boost in
1
2. earnings per share of more than 20 percent. We remain committed to enhancing the stability and
predictability of our regulated earnings by making incremental improvements to rate design and
making prudent, strategic investments in rate base. Our nonregulated operations contributed the
remaining 26 percent of consolidated net income, reflecting the tenacity of this business in an
environment of weakened natural gas market volatility and economic downturn.
“Looking forward to fiscal 2009 and beyond, we remain focused on continuing to achieve annual
earnings growth per share in the 4 percent to 6 percent range, on average,” Best said.
Results for the Year Ended September 30, 2008
Natural gas distribution gross profit increased to $1.0 billion for the year ended September 30,
2008, compared with $952.7 million in the same period last year, before intersegment
eliminations. The $53.4 million year-over-year increase primarily reflects a net $40.7 million
increase in rates and a $7.5 million accrual recorded during the fiscal 2007 fourth quarter for
estimated unrecoverable gas costs that did not recur in the current year.
Regulated transmission and storage gross profit increased $32.7 million to $195.9 million for the
year ended September 30, 2008, compared with $163.2 million in the prior year, before
intersegment eliminations. The 20 percent increase primarily reflects higher revenues resulting
from the company’s 2006 and 2007 filings under the Texas Gas Reliability Infrastructure
Program (GRIP). Regulated transmission and storage gross profit also benefited from continued
favorable market conditions in the Barnett Shale gas producing region in Texas, resulting in an
18 percent increase in consolidated throughput and higher per-unit margins.
Natural gas marketing gross profit decreased $11.3 million to $93.0 million for the year ended
September 30, 2008, compared with $104.3 million in the prior year, before intersegment
eliminations. The decrease primarily reflects a $35.0 million decrease in Atmos Energy
Marketing’s (AEM) realized storage and trading activities resulting from a less-volatile natural
gas market as well as AEM’s decision to defer physical storage withdrawals and reset its
associated financial positions to forward months to increase the potential gross profit in future
periods. Delivered gas margins increased $16.6 million as a result of capturing favorable basis
gains coupled with a 5 percent increase in consolidated sales volumes. AEM’s unrealized
margins increased $7.1 million during the 2008 fiscal year compared with the prior year,
principally due to a narrowing of the spreads between current cash prices and forward natural gas
prices.
Pipeline, storage and other gross profit decreased $4.3 million to $28.3 million for the year ended
September 30, 2008, compared with $32.6 million in the prior year, before intersegment
eliminations. The decrease was largely due to lower realized margins from storage and asset
optimization activities in a less-volatile natural gas market, which created fewer opportunities to
capitalize on price fluctuations.
Consolidated operation and maintenance expense for the year ended September 30, 2008, was
$500.2 million, compared with $463.4 million last year. The $36.8 million increase primarily
reflects higher pipeline maintenance, odorization, fuel and administrative costs. Additionally, the
prior-year expense included the favorable effect of the Louisiana Public Service Commission’s
decision to permit the recovery of $4.3 million of Hurricane-Katrina-related expenses from
customers.
2
3. Continued effective collection efforts during fiscal 2008 partially offset the increase in
consolidated operation and maintenance expense. Bad debt expense decreased $4.0 million to
$15.7 million, from $19.7 million last year, despite a 12 percent year-over-year increase in gas
costs.
Interest charges for the year ended September 30, 2008, were $137.9 million, compared with
$145.2 million in the prior year. The $7.3 million year-over-year decrease primarily was due to
lower average short-term debt balances experienced in the current period. This favorable
variance was partially offset by a $6.3 million decrease in interest income principally associated
with lower average cash balances in the current fiscal year. Interest income is reported as a
component of miscellaneous income.
Operating expenses for the year ended September 30, 2007, included a $6.3 million noncash
charge associated with the write-off of approximately $3.0 million of costs related to a
nonregulated natural gas gathering project and about $3.3 million of obsolete software costs.
The capitalization ratio at September 30, 2008, was 54.6 percent, compared with 53.7 percent at
September 30, 2007. Short-term debt of $350.5 million was comprised of $330.5 million of
borrowings under the company’s existing lines of credit and $20.0 million of commercial paper.
Short-term debt was $150.6 million at September 30, 2007, representing amounts outstanding
under the company’s commercial paper program.
Operating cash flow for the year ended September 30, 2008, was $370.9 million, compared with
$547.1 million during fiscal 2007. The $176.2 million decrease primarily reflects the unfavorable
timing of gas cost collections, an increase in cash required to collateralize risk management
accounts as of September 30, 2008, and changes in various other working capital items.
Capital expenditures increased to $472.3 million for the year ended September 30, 2008, from
$392.4 million for the same period last year. The $79.9 million increase principally reflects
spending in the Mid-Tex Division for the replacement of mains and regulatory compliance, the
company’s new automated metering initiative in its natural gas distribution business and
spending associated with two nonregulated growth projects.
Results for the 2008 Fourth Quarter Ended September 30, 2008
Natural gas distribution gross profit increased $22.2 million to $175.4 million for the three
months ended September 30, 2008, compared with $153.2 million in the same period last year,
before intersegment eliminations. The increase primarily reflects a net $9.1 million increase in
rates and the aforementioned $7.5 million accrual for estimated unrecoverable gas costs that did
not recur in the current period.
Regulated transmission and storage gross profit increased $12.5 million to $53.1 million for the
three months ended September 30, 2008, compared with $40.6 million for the prior-year quarter.
This increase primarily reflects higher revenues resulting from the company’s 2006 and 2007
filings under the Texas Gas Reliability Infrastructure Program (GRIP). Regulated transmission
and storage gross profit also benefited from continued favorable market conditions in the Barnett
Shale gas producing area, resulting in the realization of higher per-unit margins and a 14 percent
increase in consolidated throughput.
Natural gas marketing gross profit increased $14.7 million to $33.4 million for the three months
ended September 30, 2008, compared to $18.7 million for the same period one year ago, before
3
4. intersegment eliminations. The increase primarily reflects increased storage and trading margins
as AEM realized a portion of the storage withdrawal gains that it captured earlier in the fiscal
year after deferring storage withdrawals and resetting financial positions to forward months.
Delivered gas margins increased $5.3 million largely due to AEM’s ability to earn higher per-
unit margins from volatility attributable to weather-related events, which more than offset a 14
percent decrease in consolidated sales volumes. AEM’s unrealized margins decreased $4.6
million during the current quarter, compared with the prior-year quarter, principally due to a
widening of the spreads between current cash prices and forward natural gas prices.
Pipeline, storage and other gross profit increased $3.7 million to $9.5 million for the three
months ended September 30, 2008, from $5.8 million for the three months ended September 30,
2007, before intersegment eliminations. The increase primarily reflects higher unrealized
margins.
Consolidated operation and maintenance expense for the three months ended September 30,
2008, was $141.2 million, compared with $121.0 million for the three months ended September
30, 2007. The $20.2 million increase primarily reflects higher pipeline maintenance, employee
and other administrative costs. Bad debt expense for the quarter was essentially flat compared
with the prior-year quarter.
Operating expenses for the three months ended September 30, 2007, included a $3.0 million
noncash charge associated with the write-off of costs related to a nonregulated natural gas
gathering project.
Outlook
The leadership of Atmos Energy remains focused on enhancing shareholder value by delivering
consistent earnings growth. In October 2008, Atmos Energy announced that it expected fiscal
2009 earnings to be in the range of $2.05 to $2.15 per diluted share, excluding any material
mark-to-market impact. Net income from regulated operations is expected to be in the range of
$140 million to $145 million, and net income from nonregulated operations is expected to be in
the range of $47 million to $52 million. Capital expenditures for fiscal 2009 are expected to
range from $510 million to $525 million. Operation and maintenance expense is expected to
range from $480 million to $490 million in fiscal 2009. The average number of shares
outstanding in fiscal 2009 is expected to be between 91 million and 92 million.
However, the mark-to-market impact on the nonregulated marketing company’s physical storage
inventory at September 30, 2009, and changes in events or other circumstances that the company
cannot currently anticipate or predict, including adverse credit market conditions, could result in
earnings for fiscal 2009 that are significantly above or below this outlook. Factors that could
cause such changes are described below in Forward-Looking Statements and in other company
documents on file with the Securities and Exchange Commission.
Atmos Energy believes it has sufficient liquidity to support its operating and capital spending
plans. Amounts available to the company under existing and new credit facilities coupled with
operating cash flow should provide the necessary liquidity to fund the company’s common stock
dividend, working capital needs and capital expenditures for fiscal 2009.
4
5. Conference Call to be Webcast November 12, 2008
Atmos Energy will host a conference call with financial analysts to discuss the financial results
for the 2008 fiscal year on Wednesday, November 12, 2008, at 8 a.m. ET. The telephone number
is 800-218-8862. 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 and chief executive officer; Kim Cocklin, president and chief operating
officer; Pat Reddy, senior vice president and chief financial officer; Mark Johnson, senior vice
president, nonregulated operations; Fred Meisenheimer, vice president and controller; Laurie
Sherwood, vice president, corporate development, and treasurer; and Susan Giles, vice president,
investor relations.
Other Highlights and Recent Developments
Election of New Director
On August 6, 2008, Ruben E. Esquivel was elected to the Board of Directors, effective
September 1, 2008, with his term expiring at the 2009 annual meeting of shareholders. Mr.
Esquivel was also appointed to serve as a member of the Audit Committee and Human
Resources Committee. With Mr. Esquivel’s election, the company currently has 14 directors
serving on its Board of Directors.
Appointment of President and Chief Operating Officer
Effective October 1, 2008, Kim R. Cocklin became the president and chief operating officer of
Atmos Energy Corporation. Mr. Cocklin previously served as senior vice president of the
company’s regulated operations. Robert W. Best continues to serve as the chairman and chief
executive officer.
$212.5 Million Revolving Credit Facility
On October 29, 2008, Atmos Energy Corporation entered into a $212.5 million, 364-day
committed revolving credit facility. The credit facility will expire on October 27, 2009. This
credit facility replaces the company’s $300 million, 364-day revolving credit facility on
essentially the same terms but at a substantially higher cost.
This news release should be read in conjunction with the attached unaudited financial
information.
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6. 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 filings with the Securities and Exchange Commission. 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, 2007, and in the company’s Quarterly Report on
Form 10-Q for the three and nine months ended June 30, 2008. 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.
About Atmos Energy
Atmos Energy Corporation, headquartered in Dallas, is the country's largest natural-gas-only
distributor, serving about 3.2 million natural gas distribution customers in more than 1,600
communities in 12 states from the Blue Ridge Mountains in the East to the Rocky Mountains in
the West. Atmos Energy also provides natural gas marketing and procurement services to
industrial, commercial and municipal customers primarily in the Midwest and Southeast and
manages 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.
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7. Atmos Energy Corporation
Financial Highlights (Unaudited)
Year Ended
Statements of Income September 30 Percentage
(000s except per share) 2008 2007 Change
Gross Profit:
Natural gas distribution segment $ 1,006,066 $ 952,684 6%
Regulated transmission and storage segment 195,917 163,229 20%
Natural gas marketing segment 93,021 104,311 (11)%
Pipeline, storage and other segment 28,313 32,608 (13)%
Intersegment eliminations (1,991) (2,750) 28%
Gross profit 1,321,326 1,250,082 6%
Operation and maintenance expense 500,234 463,373 8%
Depreciation and amortization 200,442 198,863 1%
Taxes, other than income 192,755 182,866 5%
Impairment of long-lived assets — 6,344 (100)%
Total operating expenses 893,431 851,446 5%
Operating income 427,895 398,636 7%
Miscellaneous income 2,731 9,184 (70)%
Interest charges 137,922 145,236 (5)%
Income before income taxes 292,704 262,584 11%
Income tax expense 112,373 94,092 19%
Net income $ 180,331 $ 168,492 7%
Basic net income per share $ 2.02 $ 1.94
Diluted net income per share $ 2.00 $ 1.92
Cash dividends per share $ 1.30 $ 1.28
Weighted average shares outstanding:
Basic 89,385 86,975
Diluted 90,272 87,745
Year Ended
September 30 Percentage
Summary Net Income by Segment (000s) 2008 2007 Change
Natural gas distribution $ 92,648 $ 73,283 26%
Regulated transmission and storage 41,425 34,590 20%
Natural gas marketing 29,989 45,769 (34)%
Pipeline, storage and other 16,269 14,850 10%
Consolidated net income $ 180,331 $ 168,492 7%
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8. Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Three Months Ended
Statements of Income September 30 Percentage
(000s except per share) 2008 2007 Change
Gross Profit:
Natural gas distribution segment $ 175,414 $ 153,227 14%
Regulated transmission and storage segment 53,145 40,582 31%
Natural gas marketing segment 33,357 18,700 78%
Pipeline, storage and other segment 9,457 5,807 63%
Intersegment eliminations (301) (528) 43%
Gross profit 271,072 217,788 24%
Operation and maintenance expense 141,170 121,000 17%
Depreciation and amortization 52,783 49,828 6%
Taxes, other than income 39,585 33,172 19%
Impairment of long-lived assets — 3,055 (100)%
Total operating expenses 233,538 207,055 13%
Operating income 37,534 10,733 250%
Miscellaneous income (loss) (243) 1,501 (116)%
Interest charges 34,119 35,963 (5)%
Income (loss) before income taxes 3,172 (23,729) 113%
Income tax expense (benefit) 1,590 (17,815) 109%
Net income (loss) $ 1,582 $ (5,914) 127%
Basic net income (loss) per share $ 0.02 $ (0.07)
Diluted net income (loss) per share $ 0.02 $ (0.07)
Cash dividends per share $ .325 $ .320
Weighted average shares outstanding:
Basic 89,883 88,581
Diluted 90,761 88,581
Three Months Ended
September 30 Percentage
Summary Net Income (Loss) by Segment (000s) 2008 2007 Change
Natural gas distribution $ (20,794) $ (19,181) (8)%
Regulated transmission and storage 6,089 5,504 11%
Natural gas marketing 10,424 5,401 93%
Pipeline, storage and other 5,863 2,362 148%
Consolidated net income (loss) $ 1,582 $ (5,914) 127%
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9. Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Condensed Balance Sheets September 30, September 30,
(000s) 2008 2007
Net property, plant and equipment $ 4,136,859 $ 3,836,836
Cash and cash equivalents 46,717 60,725
Accounts receivable, net 477,151 380,133
Gas stored underground 576,617 515,128
Other current assets 184,619 111,189
Total current assets 1,285,104 1,067,175
Goodwill and intangible assets 739,086 737,692
Deferred charges and other assets 225,650 253,494
$ 6,386,699 $ 5,895,197
Shareholders’ equity $ 2,052,492 $ 1,965,754
Long-term debt 2,119,792 2,126,315
Total capitalization 4,172,284 4,092,069
Accounts payable and accrued liabilities 395,388 355,255
Other current liabilities 460,372 408,273
Short-term debt 350,542 150,599
Current maturities of long-term debt 785 3,831
Total current liabilities 1,207,087 917,958
Deferred income taxes 441,302 370,569
Deferred credits and other liabilities 566,026 514,601
$ 6,386,699 $ 5,895,197
9
10. Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Condensed Statements of Cash Flows Year Ended September 30
(000s) 2008 2007
Cash flows from operating activities
Net income $ 180,331 $ 168,492
Impairment of long-lived assets — 6,344
Depreciation and amortization 200,589 199,055
Deferred income taxes 97,940 62,121
Changes in assets and liabilities (127,132) 89,813
Other 19,205 21,270
Net cash provided by operating activities 370,933 547,095
Cash flows from investing activities
Capital expenditures (472,273) (392,435)
Other, net (10,736) (10,436)
Net cash used in investing activities (483,009) (402,871)
Cash flows from financing activities
Net increase (decrease) in short-term debt 200,174 (213,242)
Net proceeds from long-term debt offering — 247,217
Settlement of Treasury lock agreement — 4,750
Repayment of long-term debt (10,284) (303,185)
Cash dividends paid (117,288) (111,664)
Net proceeds from equity offering — 191,913
Issuance of common stock 25,466 24,897
Net cash provided by (used in) financing activities 98,068 (159,314)
Net decrease in cash and cash equivalents (14,008) (15,090)
Cash and cash equivalents at beginning of period 60,725 75,815
Cash and cash equivalents at end of period $ 46,717 $ 60,725
Three Months Ended Year Ended
September 30 September 30
Statistics 2008 2007 2008 2007
Consolidated natural gas distribution
throughput (MMcf as metered) 62,057 60,789 429,354 427,869
Consolidated regulated transmission and storage
transportation volumes (MMcf) 165,784 146,046 595,542 505,493
Consolidated natural gas marketing sales
volumes (MMcf) 91,041 106,343 389,392 370,668
Natural gas distribution meters in service 3,191,779 3,187,127 3,191,779 3,187,127
Natural gas distribution average cost of gas $11.39 $7.29 $9.05 $8.09
Natural gas marketing net physical position (Bcf) 8.0 12.3 8.0 12.3
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