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.
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 a company's fiscal 2007 third quarter financial results conference call. It provides details on the company's net loss, loss per share, and income/loss by segment for the third quarter. It also reviews key drivers of financial performance such as increased utility throughput, rate adjustments, higher operation and maintenance expenses, and capital expenditures. Financial results for the year-to-date period through the third quarter are also presented.
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 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.
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 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.
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 a conference call to review the company's fiscal 2008 first quarter financial results. Key points from the first quarter include a decrease in net income due to lower margins in natural gas marketing, offset by rate increases. Earnings per share also decreased compared to the prior year. Capital expenditures increased compared to the prior year. The document also provides highlights and financial projections for fiscal year 2008.
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 a company's fiscal 2007 third quarter financial results conference call. It provides details on the company's net loss, loss per share, and income/loss by segment for the third quarter. It also reviews key drivers of financial performance such as increased utility throughput, rate adjustments, higher operation and maintenance expenses, and capital expenditures. Financial results for the year-to-date period through the third quarter are also presented.
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 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.
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 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.
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 a conference call to review the company's fiscal 2008 first quarter financial results. Key points from the first quarter include a decrease in net income due to lower margins in natural gas marketing, offset by rate increases. Earnings per share also decreased compared to the prior year. Capital expenditures increased compared to the prior year. The document also provides highlights and financial projections for fiscal year 2008.
The document summarizes a conference call to review the company's fiscal 2008 second quarter financial results. It provides details on net income by segment, with a 5% increase in natural gas distribution due to rate adjustments. It also discusses drivers for a $5.7 million increase in gross profit, including an $11.3 million rise in natural gas distribution from rate cases. Capital expenditures totaled $104.5 million for the quarter, with $89.7 million for gas distribution and $13.7 million for regulated transmission and storage.
The document summarizes Atmos Energy's financial results for the first quarter of fiscal year 2009. Key points include a 1.2% increase in net income compared to the same period last year, driven primarily by rate increases in several jurisdictions. Capital expenditures totaled $107.4 million for the quarter. Atmos also discusses its credit facilities and liquidity, investment grade credit ratings, and recent rate filings in Louisiana, Dallas and Tennessee.
omnicom group Q2 2007 Investor Presentationfinance22
The document provides an overview of Omnicom Group's second quarter 2007 results. It summarizes key financial metrics such as revenue growth of 10.7% year-over-year, operating income growth of 10.6%, and net income growth of 13.4%. The summary also breaks down revenue and growth by business discipline, geography, and sources of revenue growth including foreign exchange, acquisitions, and organic growth. Additional sections cover cash flow, credit profile, liquidity, acquisitions, and potential earn-out obligations.
The Walt Disney Company reported strong financial results for its second fiscal quarter of 2008. Key highlights include:
- Earnings per share increased 35% compared to the prior year quarter.
- Net income increased 22% to $1.1 billion for the quarter.
- Segment operating income grew 21% to $2.1 billion, led by growth at Media Networks, Studio Entertainment, and Parks and Resorts.
- Media Networks revenue increased 5% and operating income grew 14% due to increases at ESPN and cable equity investments.
- Parks and Resorts revenue rose 11% and operating income jumped 33% driven by improved results at domestic parks and Disneyland Paris.
- Studio Entertainment
U.S. Bancorp reported record net income for the second quarter of 2006 of $1,201 million, up 7.1% from the second quarter of 2005. Noninterest income grew 13.9% due to increased fees, while expenses declined 4.1% due to lower intangible costs. However, net interest income fell 3.6% and net interest margin declined to 3.68% from competitive pressures and a shift to lower-yielding assets. Credit quality remained strong with lower provisions and nonperforming assets.
u.s.bancorp1Q 2003 Earnings Release and Supplemental Analyst Schedulesfinance13
U.S. Bancorp reported a 20.5% increase in net income for the first quarter of 2003 compared to the same period in 2002. Net income was $911.2 million for Q1 2003, up from $756.0 million in Q1 2002. Earnings per share increased 20.5% to $0.47. Total net revenue grew 10.1% to $3.3 billion due to increases in net interest income, gains on securities sales, and growth in consumer banking and payment services revenue. Noninterest expense rose 9.1% to $1.6 billion, reflecting a mortgage servicing rights impairment of $120.9 million in Q1 2003.
U.S. Bancorp reported record net income for 2006 of $4.8 billion, up 5.8% from 2005. Net income for Q4 2006 was $1.2 billion, a 4.5% increase from Q4 2005, driven by growth in fee income and lower credit costs, partially offset by lower net interest income. The net interest margin declined from 3.88% in Q4 2005 to 3.56% in Q4 2006 due to competitive lending pressures and changes in the yield curve. Return on assets and equity remained strong at 2.18% and 23.2% respectively for Q4 2006.
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
Clear Channel Communications reported financial results for the second quarter of 2002 with revenues of $2.17 billion, EBITDA of $627 million, and free cash flow of $365 million. Radio revenues increased 5% to $991 million and EBITDA increased 9% to $441 million. Outdoor revenues were $474 million and EBITDA was $145 million. Entertainment revenues declined 11% to $619 million and EBITDA declined 8% to $52 million. The company expects third quarter 2002 EBITDA to be between $570-585 million and full year EBITDA to be $2.05-$2.10 billion.
This document summarizes Duke Energy's financial results for the fourth quarter and full year 2006. Some key points:
- 2006 ongoing EPS was $1.81, up from $1.73 in 2005, due to contributions from the Cinergy merger and tax benefits, offset by new shares issued.
- 4Q 2006 ongoing EPS was flat at $0.43 compared to 4Q 2005. Gains were offset by impacts of selling 50% of Crescent and lower Crescent earnings.
- Franchised Electric & Gas and Natural Gas Transmission saw higher earnings due to the Cinergy merger and tax benefits. Field Services, Commercial Power, and International Energy saw lower earnings.
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omnicom group Q2 2006 Investor Presentationfinance22
Omnicom Group presented its financial results for the second quarter of 2006. Revenue grew 7.9% to $2.8 billion compared to the second quarter of 2005. Net income increased 8.1% to $244.1 million. Organic revenue growth accounted for 7.2% of total revenue growth. The company has a $2.4 billion credit facility expiring in 2011 and $1.1 billion in cash, providing $3.5 billion in total liquidity. Acquisition expenditures for the first half of 2006 totaled $151 million. Future earn-out obligations over the next 5 years are estimated at $405 million assuming current performance levels are maintained.
1) In Q4 2007, the company repurchased 4.8 million shares for $222 million, and a total of 12.4 million shares in 2007 for $591 million. They also repurchased an additional 1 million shares in early 2008 for $40 million.
2) In Q4 2007, the company completed two acquisitions for a total of $97.1 million and seven acquisitions in 2007 for a total of $273.6 million. They also finalized the sale of six businesses in 2007 resulting in an after-tax loss of $17.1 million.
3) Organic revenue growth was 2.3% for 2007, with acquisitions contributing 9.7
U.S. Bancorp reported net income of $1,130 million for the first quarter of 2007, down slightly from $1,153 million in the first quarter of 2006. Diluted earnings per share were $0.63, equal to the prior year. The net interest margin declined to 3.51% from 3.80% a year ago due to competitive pressures and changes in the yield curve. Noninterest income grew 5.1% driven by fee businesses, but this growth was offset by increased credit costs and the impact of items in the year-ago period. Overall results were solid given the challenging environment, and credit quality remained strong.
The document is a news release announcing U.S. Bancorp's financial results for the second quarter of 2007. It reported net income of $1,156 million, down slightly from the same period last year. Key highlights included strong growth in fee-based revenue from payment services and wealth management, though this was offset by lower net interest income and higher credit costs. Expenses also increased as the company continued investing in business initiatives. Credit quality remained solid as nonperforming assets declined from the previous quarter.
The document is a transcript from Progress Energy's 4Q 2008 earnings call. It discusses Progress Energy's financial results for 4Q and full year 2008, highlights achievements that position the company well for 2009, and reviews major capital projects and regulatory initiatives. Progress Energy affirmed its 2009 ongoing earnings guidance of $2.95 to $3.15 per share. The call also provided updates on Florida rate filings and the Levy Nuclear Project.
Duke Energy reported financial results for the second quarter of 2007, with ongoing diluted EPS of $0.25 compared to $0.24 in the second quarter of 2006. Higher results were seen at U.S. Franchised Electric and Gas and Commercial Power primarily due to favorable weather. These increases were offset by lower contributions from Crescent Resources due to a change in ownership structure. The company expects to exceed its annual EPS target of $1.15 for 2007.
- For fiscal year 2008, Disney reported EPS of $2.28, up slightly from $2.25 the prior year. Excluding certain items, EPS rose 18% to $2.27.
- Revenue increased 7% to $37.8 billion, with growth at Media Networks, Parks and Resorts, and Consumer Products.
- Segment operating income rose 8% to $8.5 billion, with double-digit increases at Media Networks and Parks and Resorts.
- However, Studio Entertainment operating income fell 9% on weaker home entertainment, and Broadcasting lost $150 million in the quarter.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's second quarter 2007 investors' report. It summarizes that freight revenues increased 4% to $3.74 billion compared to second quarter 2006, but operating income decreased slightly to $841 million due to a $93 million rise in fuel expenses. Earnings per share were $1.20 compared to $1.27 in second quarter 2006. The report also provides details on financial results, operating statistics, and revenues by commodity for the quarter.
- 3M reported strong financial results for the first quarter of 2006, with sales growth of 8.3% and EPS growth of 20.6% compared to the first quarter of 2005.
- All six of 3M's business segments saw operating income increases, led by the Safety, Security & Protection Services segment with a 30.3% increase.
- For the second quarter of 2006, 3M expects local currency sales growth of 5-8% and EPS between $1.14-$1.17, and for the full year expects local currency sales growth of 5.5-8% and EPS of $4.55-$4.65.
Realogy Corporation reported financial results for the second quarter of 2008. Net revenue was $1.4 billion and EBITDA was $161 million, while the company reported a net loss of $27 million. Home sale transaction sides declined by 21% at RFG and 19% at NRT compared to the prior year. The company launched the Better Homes and Gardens Real Estate franchise and remained in compliance with credit agreement leverage ratios, with a senior secured leverage ratio of 4.9x. Realogy will hold an investor webcast on August 14th to further discuss second quarter results.
In 3 sentences:
Realogy Corporation held a quarterly earnings call on March 24, 2008 to discuss financial results for Q4 and full year 2007. Realogy reported revenue of $6 billion for 2007 but a net loss of $605 million due to housing market challenges and a non-cash impairment charge. The company took actions in 2007-2008 to reduce costs by $220 million and positioned its franchise and brokerage businesses to withstand the difficult market conditions.
The document summarizes a conference call to review the company's fiscal 2008 second quarter financial results. It provides details on net income by segment, with a 5% increase in natural gas distribution due to rate adjustments. It also discusses drivers for a $5.7 million increase in gross profit, including an $11.3 million rise in natural gas distribution from rate cases. Capital expenditures totaled $104.5 million for the quarter, with $89.7 million for gas distribution and $13.7 million for regulated transmission and storage.
The document summarizes Atmos Energy's financial results for the first quarter of fiscal year 2009. Key points include a 1.2% increase in net income compared to the same period last year, driven primarily by rate increases in several jurisdictions. Capital expenditures totaled $107.4 million for the quarter. Atmos also discusses its credit facilities and liquidity, investment grade credit ratings, and recent rate filings in Louisiana, Dallas and Tennessee.
omnicom group Q2 2007 Investor Presentationfinance22
The document provides an overview of Omnicom Group's second quarter 2007 results. It summarizes key financial metrics such as revenue growth of 10.7% year-over-year, operating income growth of 10.6%, and net income growth of 13.4%. The summary also breaks down revenue and growth by business discipline, geography, and sources of revenue growth including foreign exchange, acquisitions, and organic growth. Additional sections cover cash flow, credit profile, liquidity, acquisitions, and potential earn-out obligations.
The Walt Disney Company reported strong financial results for its second fiscal quarter of 2008. Key highlights include:
- Earnings per share increased 35% compared to the prior year quarter.
- Net income increased 22% to $1.1 billion for the quarter.
- Segment operating income grew 21% to $2.1 billion, led by growth at Media Networks, Studio Entertainment, and Parks and Resorts.
- Media Networks revenue increased 5% and operating income grew 14% due to increases at ESPN and cable equity investments.
- Parks and Resorts revenue rose 11% and operating income jumped 33% driven by improved results at domestic parks and Disneyland Paris.
- Studio Entertainment
U.S. Bancorp reported record net income for the second quarter of 2006 of $1,201 million, up 7.1% from the second quarter of 2005. Noninterest income grew 13.9% due to increased fees, while expenses declined 4.1% due to lower intangible costs. However, net interest income fell 3.6% and net interest margin declined to 3.68% from competitive pressures and a shift to lower-yielding assets. Credit quality remained strong with lower provisions and nonperforming assets.
u.s.bancorp1Q 2003 Earnings Release and Supplemental Analyst Schedulesfinance13
U.S. Bancorp reported a 20.5% increase in net income for the first quarter of 2003 compared to the same period in 2002. Net income was $911.2 million for Q1 2003, up from $756.0 million in Q1 2002. Earnings per share increased 20.5% to $0.47. Total net revenue grew 10.1% to $3.3 billion due to increases in net interest income, gains on securities sales, and growth in consumer banking and payment services revenue. Noninterest expense rose 9.1% to $1.6 billion, reflecting a mortgage servicing rights impairment of $120.9 million in Q1 2003.
U.S. Bancorp reported record net income for 2006 of $4.8 billion, up 5.8% from 2005. Net income for Q4 2006 was $1.2 billion, a 4.5% increase from Q4 2005, driven by growth in fee income and lower credit costs, partially offset by lower net interest income. The net interest margin declined from 3.88% in Q4 2005 to 3.56% in Q4 2006 due to competitive lending pressures and changes in the yield curve. Return on assets and equity remained strong at 2.18% and 23.2% respectively for Q4 2006.
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
Clear Channel Communications reported financial results for the second quarter of 2002 with revenues of $2.17 billion, EBITDA of $627 million, and free cash flow of $365 million. Radio revenues increased 5% to $991 million and EBITDA increased 9% to $441 million. Outdoor revenues were $474 million and EBITDA was $145 million. Entertainment revenues declined 11% to $619 million and EBITDA declined 8% to $52 million. The company expects third quarter 2002 EBITDA to be between $570-585 million and full year EBITDA to be $2.05-$2.10 billion.
This document summarizes Duke Energy's financial results for the fourth quarter and full year 2006. Some key points:
- 2006 ongoing EPS was $1.81, up from $1.73 in 2005, due to contributions from the Cinergy merger and tax benefits, offset by new shares issued.
- 4Q 2006 ongoing EPS was flat at $0.43 compared to 4Q 2005. Gains were offset by impacts of selling 50% of Crescent and lower Crescent earnings.
- Franchised Electric & Gas and Natural Gas Transmission saw higher earnings due to the Cinergy merger and tax benefits. Field Services, Commercial Power, and International Energy saw lower earnings.
-
omnicom group Q2 2006 Investor Presentationfinance22
Omnicom Group presented its financial results for the second quarter of 2006. Revenue grew 7.9% to $2.8 billion compared to the second quarter of 2005. Net income increased 8.1% to $244.1 million. Organic revenue growth accounted for 7.2% of total revenue growth. The company has a $2.4 billion credit facility expiring in 2011 and $1.1 billion in cash, providing $3.5 billion in total liquidity. Acquisition expenditures for the first half of 2006 totaled $151 million. Future earn-out obligations over the next 5 years are estimated at $405 million assuming current performance levels are maintained.
1) In Q4 2007, the company repurchased 4.8 million shares for $222 million, and a total of 12.4 million shares in 2007 for $591 million. They also repurchased an additional 1 million shares in early 2008 for $40 million.
2) In Q4 2007, the company completed two acquisitions for a total of $97.1 million and seven acquisitions in 2007 for a total of $273.6 million. They also finalized the sale of six businesses in 2007 resulting in an after-tax loss of $17.1 million.
3) Organic revenue growth was 2.3% for 2007, with acquisitions contributing 9.7
U.S. Bancorp reported net income of $1,130 million for the first quarter of 2007, down slightly from $1,153 million in the first quarter of 2006. Diluted earnings per share were $0.63, equal to the prior year. The net interest margin declined to 3.51% from 3.80% a year ago due to competitive pressures and changes in the yield curve. Noninterest income grew 5.1% driven by fee businesses, but this growth was offset by increased credit costs and the impact of items in the year-ago period. Overall results were solid given the challenging environment, and credit quality remained strong.
The document is a news release announcing U.S. Bancorp's financial results for the second quarter of 2007. It reported net income of $1,156 million, down slightly from the same period last year. Key highlights included strong growth in fee-based revenue from payment services and wealth management, though this was offset by lower net interest income and higher credit costs. Expenses also increased as the company continued investing in business initiatives. Credit quality remained solid as nonperforming assets declined from the previous quarter.
The document is a transcript from Progress Energy's 4Q 2008 earnings call. It discusses Progress Energy's financial results for 4Q and full year 2008, highlights achievements that position the company well for 2009, and reviews major capital projects and regulatory initiatives. Progress Energy affirmed its 2009 ongoing earnings guidance of $2.95 to $3.15 per share. The call also provided updates on Florida rate filings and the Levy Nuclear Project.
Duke Energy reported financial results for the second quarter of 2007, with ongoing diluted EPS of $0.25 compared to $0.24 in the second quarter of 2006. Higher results were seen at U.S. Franchised Electric and Gas and Commercial Power primarily due to favorable weather. These increases were offset by lower contributions from Crescent Resources due to a change in ownership structure. The company expects to exceed its annual EPS target of $1.15 for 2007.
- For fiscal year 2008, Disney reported EPS of $2.28, up slightly from $2.25 the prior year. Excluding certain items, EPS rose 18% to $2.27.
- Revenue increased 7% to $37.8 billion, with growth at Media Networks, Parks and Resorts, and Consumer Products.
- Segment operating income rose 8% to $8.5 billion, with double-digit increases at Media Networks and Parks and Resorts.
- However, Studio Entertainment operating income fell 9% on weaker home entertainment, and Broadcasting lost $150 million in the quarter.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's second quarter 2007 investors' report. It summarizes that freight revenues increased 4% to $3.74 billion compared to second quarter 2006, but operating income decreased slightly to $841 million due to a $93 million rise in fuel expenses. Earnings per share were $1.20 compared to $1.27 in second quarter 2006. The report also provides details on financial results, operating statistics, and revenues by commodity for the quarter.
- 3M reported strong financial results for the first quarter of 2006, with sales growth of 8.3% and EPS growth of 20.6% compared to the first quarter of 2005.
- All six of 3M's business segments saw operating income increases, led by the Safety, Security & Protection Services segment with a 30.3% increase.
- For the second quarter of 2006, 3M expects local currency sales growth of 5-8% and EPS between $1.14-$1.17, and for the full year expects local currency sales growth of 5.5-8% and EPS of $4.55-$4.65.
Realogy Corporation reported financial results for the second quarter of 2008. Net revenue was $1.4 billion and EBITDA was $161 million, while the company reported a net loss of $27 million. Home sale transaction sides declined by 21% at RFG and 19% at NRT compared to the prior year. The company launched the Better Homes and Gardens Real Estate franchise and remained in compliance with credit agreement leverage ratios, with a senior secured leverage ratio of 4.9x. Realogy will hold an investor webcast on August 14th to further discuss second quarter results.
In 3 sentences:
Realogy Corporation held a quarterly earnings call on March 24, 2008 to discuss financial results for Q4 and full year 2007. Realogy reported revenue of $6 billion for 2007 but a net loss of $605 million due to housing market challenges and a non-cash impairment charge. The company took actions in 2007-2008 to reduce costs by $220 million and positioned its franchise and brokerage businesses to withstand the difficult market conditions.
The document provides revised quarterly segment income statements and balance sheets for a company during fiscal year 2007 based on new reporting segments. The new segments are natural gas distribution, regulated transmission and storage, natural gas marketing, and pipeline, storage and other. Summarized income statements are provided for the quarters ended December 31, 2006, March 31, 2007, June 30, 2007, and September 30, 2007 showing operating revenues, purchased gas costs, operating expenses, operating income, interest charges, income before taxes, and net income for each segment. Financial information is unaudited and should be read with the company's audited annual report.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007 filed with the SEC. It provides information on Realogy's business operations, legal proceedings, risk factors, financial statements and other disclosures. Specifically, it summarizes Realogy's acquisition by Apollo Management in a $8.75 billion leveraged buyout in April 2007 and the resulting changes to Realogy's ownership and capital structure. It also indicates that no market exists for Realogy's common stock and that it has not registered any securities under Section 12 of the Exchange Act.
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent its actual
Realogy Corporation reported financial results for the full year 2008. Key highlights include:
- Net loss of $1.9 billion which included a $1.8 billion non-cash impairment charge. Excluding special items, EBITDA was $411 million.
- Generated $109 million in cash from operations despite challenging real estate market conditions.
- Home sale transaction sides declined 18% at RFG and 16% at NRT compared to 2007. Average home prices also declined.
- Continued focus on investing in growth by signing new franchisees generating $420 million in annual commissions.
- Maintained compliance with debt covenants and had $402 million in readily available cash as
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 summarizes the financial results of a company for fiscal year 2008 and the fourth quarter of 2008. Some key points:
- For fiscal 2008, net income increased 7% to $168.5 million due to rate increases and higher transportation volumes, while O&M expenses also increased.
- Fourth quarter 2008 net income improved significantly from a loss in 2007, driven by higher distribution and marketing margins as well as increased transportation. However, O&M expenses also rose substantially for the quarter.
- Capital expenditures for the year totaled $472 million, with most spent on gas distribution and regulated transmission/storage systems.
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.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
Raytheon Reports 2008 Second Quarter Resultsfinance12
Raytheon reported second quarter 2008 earnings on July 24, 2008. Key highlights included:
- Sales increased 11% to $5.9 billion
- Operating income grew 12% to $662 million
- Earnings per share increased 27% to $1.00
- Bookings totaled $6.0 billion with backlog at $37.5 billion
- Guidance for full year 2008 was increased across key metrics
Raytheon reported second quarter 2008 earnings on July 24, 2008. Key highlights included:
- Sales increased 11% to $5.9 billion
- Operating income grew 12% to $662 million
- Earnings per share increased 27% to $1.00
- Bookings totaled $6.0 billion with backlog at $37.5 billion
- Guidance for full year 2008 was increased across key metrics
This document summarizes Pfizer's fourth quarter 2007 earnings teleconference. It reports that Pfizer exceeded its 2007 revenue and EPS guidance. Key highlights included:
- Revenue increased 4% year-over-year in Q4 2007 and 1% for full year 2007. Adjusted diluted EPS increased 21% in Q4 2007 and 7% for full year.
- New products like Chantix, Lyrica and Sutent grew substantially and partially offset declines from products that lost exclusivity.
- 2008 guidance was increased, with revenue range increased and bottom end of EPS guidance also increased.
- Cost reduction initiatives continued to reduce expenses, with further savings expected in 2008.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
omnicom group Q1 2006 Investor Presentationfinance22
Omnicom Group reported its financial results for the first quarter of 2006. Revenue increased 6.7% to $2.56 billion compared to the first quarter of 2005. Operating income rose 10.5% to $284.4 million and net income grew 10.1% to $165.7 million. The presentation also provided details on Omnicom's financial position, acquisition activity in the quarter, and potential future obligations from earn-outs and option plans related to past acquisitions.
This document is a 4Q 2006 earnings release from an unnamed company. It provides financial results for 4Q 2006 and full year 2006. Key highlights include 14% sales growth and 19% segment profit growth in 4Q, and 13% sales growth and 21% segment profit growth for 2006. The company also generated $941 million in free cash flow for 4Q and $2.5 billion for 2006. The release provides details on performance by business segment and gives guidance for 2007 of 5-12% growth in segment profit and 13-17% growth in EPS.
1) The document reports on the company's earnings results for the second quarter of 2007, with comparisons to results from the second quarter and first half of 2006.
2) Key metrics like revenues, earnings per share, operating margins and cash flow all increased between 5-21% compared to the prior year periods.
3) Segment results for Professional Instrumentation and Environmental are provided, with both segments reporting revenue growth between 11.5-14.5% and generally stable or slightly lower operating margins compared to 2006.
The Company recovered sales volumes in its core businesses, with 4% growth in nonwovens and 14% growth in PVC. Gross revenue grew 5.6% between quarters due to increased sales volume. Adjusted EBITDA reached R$27.7 million, a 5.6% increase over last quarter, with EBITDA margin stable at 24.5%. Adjusted net income was R$12.2 million, reversing the previous quarter's loss. Key initiatives included concluding the IPO and Isofilme acquisition, as well as closing the flexible packaging division.
Pfizer Quarterly Corporate Performance - Second Quarter 2008finance5
This document summarizes Pfizer's second quarter 2008 earnings teleconference. It provides financial details such as a 9% increase in reported revenues and a 119% increase in reported net income compared to the previous year. Adjusted income increased 26% and adjusted diluted EPS grew 31%. Cost-reduction initiatives declined due to lower workforce costs. Several drugs were highlighted as top sellers, such as Lipitor, Lyrica, and Celebrex. Pfizer is on track to achieve its target of reducing costs by $1.5-2 billion through cost-cutting initiatives.
The document summarizes Pfizer's second quarter 2008 earnings teleconference. Key highlights include:
- Revenues increased 9% year-over-year to $12.1 billion, and net income increased 119% to $2.8 billion. Adjusted diluted EPS grew 31% to $0.55.
- Cost-reduction initiatives have achieved $1.2 billion in savings to date against a target of $1.5-2 billion for 2008.
- Several major products performed well including Lipitor, Lyrica, Celebrex, and Viagra. Sutent and Chantix revenue also grew.
- Guidance for 2008 was reaffirmed for revenue of $
AES Corporation reported strong financial results for the second quarter of 2007. Revenues increased 17% to $3.3 billion due to higher prices in New York and Latin America, favorable currency trends, and contributions from new businesses. Operating cash flow increased 19% to $526 million. Diluted EPS from continuing operations was $0.41. Adjusted EPS, which excludes certain non-operational items, was also $0.41. AES acquired over 800 MW of existing and pipeline generation capacity in the US, Turkey, and China during the quarter.
Goodrich Corporation reported strong financial results for the second quarter of 2008, with sales growth of 17% and net income per share growth of 49% compared to the second quarter of 2007. Segment operating margins increased 0.8% to 17.1%. For the full year 2008, Goodrich increased its outlook for net income per share to $4.80-$4.95, representing approximately 27-31% growth over 2007. Sales are expected to grow approximately 14% over 2007 to around $7.3 billion.
Goodrich Corporation reported strong financial results for the second quarter of 2008. Sales increased 17% to $1.849 billion compared to the second quarter of 2007, driven by double-digit growth across all major market channels. Net income increased 49% to $187 million and net income per share increased 49% to $1.46. The company also increased its full year 2008 outlook for net income per share to between $4.80 to $4.95, representing approximately 27-31% growth over 2007.
Caterpillar Financial Services Corporation (Cat Financial) reported record quarterly revenues of $747 million, up 11% from the same quarter in 2006. Quarterly profit after tax was also a record at $123 million, increasing 16% over 2006. New retail financing reached a record of $3.65 billion, growing 14% compared to the previous year. For the six months ending June 30, 2007, revenues were up 10% to $1.46 billion while profit after tax increased 11% to $248 million, with new retail financing expanding 10% to $6.397 billion.
George Buckley outlines 3M's strategy for sustainable growth. He discusses leveraging operational excellence through productivity initiatives to maximize profitability. 3M will focus on growing its core businesses, pursue complementary acquisitions, and develop new business opportunities through emerging business opportunities. The strategy aims to achieve 5-8% annual organic growth through international expansion, new markets, and customer value enhancement.
Raytheon reported strong financial results for the fourth quarter and full year of 2007. Quarterly sales increased 8% to $6 billion and income from continuing operations was up 84% to $634 million. For the full year, sales rose 8% to $21.3 billion while income from continuing operations grew 43% to $1.7 billion. Raytheon also increased its bookings guidance for 2008 based on record backlog of $36.6 billion in the fourth quarter.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
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.
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.
- 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 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 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.
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.
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 provides forward-looking statements about its business in this presentation. It operates natural gas utilities in 12 states and nonutility businesses in 22 states. The company has grown through acquisitions, becoming the largest pure-play natural gas distribution company based on customers. It aims to maximize core utility earnings through regulatory strategies including weather normalization adjustment mechanisms, gas cost recovery, and capital investment recovery riders. Nonutility operations in gas marketing and pipeline/storage complement the utility business.
The document is a presentation by Pat Reddy, SVP and CFO of Atmos Energy Corporation, given at the Wachovia Nantucket Equity Conference on June 26, 2007. It provides an overview of Atmos Energy, including its growth through acquisitions, focus on maximizing core utility earnings, complementary nonutility operations, and recent regulatory and project activities. Forward-looking statements are presented, subject to various risk factors.
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.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
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Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
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ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
13 Jun 24 ILC Retirement Income Summit - slides.pptx
atmos enerrgy ato050307_slides
1. Conference Call to Review
Fiscal 2007 Second Quarter
Financial Results
May 3, 2007
10:00 a.m. EDT
2. Forward Looking Statements
The matters discussed or incorporated by reference in this presentation 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 presentation 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 presentation or in any of our 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 presentation,
including the risks relating to regulatory trends and decisions, our ability to continue to
access the capital markets, and the other factors discussed in our filings with the
Securities and Exchange Commission. These factors include the risks and uncertainties
discussed in our Annual Report on Form 10-K for the fiscal year ended September 30,
2006. Although we believe 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. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or
otherwise.
Further, we will only update earnings guidance through our quarterly and annual
earnings releases. All estimated financial metrics for fiscal year 2007 and beyond that
appear in this presentation are current as of the date noted on each relevant slide.
2
3. Consolidated Financial Results – Fiscal 2007 2Q
Net Income
Key Drivers
21 percent increase in utility
throughput due to 22 percent
colder weather than last year
$106.5
$125.0 20% Decreased contribution from
natural gas marketing segment,
$88.8
primarily due to increased
$100.0
mark-to-market unrealized
losses
$75.0 Increased pipeline and storage
contribution primarily due to
increased throughput and asset
$50.0 management fees
Rate increase adjustments,
primarily GRIP in Texas and
$25.0 Louisiana RSC
2Q 2006 2Q 2007
($ in millions)
3
4. Consolidated Financial Results – Fiscal 2007 2Q
Earnings per Diluted Share
$1.20
Notes
9%
$1.10
$1.20
Quarter over quarter increase
of about 7.7 million weighted
$1.00 average diluted shares
outstanding
$0.80 Increase in shares primarily
due to about 6.3 million shares
issued in December 2006
$0.60
equity offering
$0.40
2Q 2006 2Q 2007
4
5. Consolidated Financial Results – Fiscal 2007 2Q
Net Income by Segment
76.3
$80.0
54.7
$60.0
($ in millions)
$40.0
21.9 19.3
11.0
12.1
$20.0
(0.1)
0.1
$0.0
2Q 2006 2Q 2007
Utility Natural gas marketing
Pipeline and storage Other nonutility
5
6. Consolidated Financial Results – Fiscal 2007 2Q
Drivers
$23.3 million increase in gross profit
$30.5 million increase in utility gross profit primarily due to
o $25.7 million increase primarily from a 21 percent increase in
throughput (30.6 Bcf ) as a result of weather that was 22 percent
colder than last year
o $0.7 million net increase due to WNA impact
• $4.3 million increase in Mid-Tex and Louisiana divisions
• $3.6 million decrease in remaining jurisdictions
o $3.1 million net increase as a result of incremental rate actions
period-over-period
• $5.4 million increase from LGS RSC filing in Louisiana
• $4.2 million increase from Texas GRIP rate adjustments in 2004
and 2005
• $2.3 million decrease from Mid-Tex GRIP refund
• $4.2 million decrease from Tennessee rate reduction
6
7. Consolidated Financial Results – Fiscal 2007 2Q
Stabilizing Utility Margin Sensitivity
Weather Normalization Adjustment (WNA) for Mid-Tex and Louisiana divisions became effective for the 2006-
2007 winter heating season, which reduced our margin exposure to weather from 17 percent to 5 percent
The 17 percent exposure to weather negatively impacted our gross profit margin by about $26.0 million in the
fiscal 2006 second quarter.
In the current-year quarter, the 5 percent exposure to weather had a negligible impact on our gross profit margin.
2004–2006 2006–2007E
2003–2004
Heating Season
Heating Seasons
Heating Season
(Post-TXU Gas)
(Before TXU Gas)
9%
5%
35%
36%
48%
51%
86%
13% 17%
Weather Weather- Nonweather-
Normalized Sensitive Margin Sensitive Margin*
* Non-weather sensitive margin is gas consumption not correlated to weather, i.e., gas clothes dryer, gas water heater,
gas cooking, and includes monthly fixed charge 7
8. Consolidated Financial Results – Fiscal 2007 2Q
Drivers
$23.3 million increase in gross profit (continued)
$20.9 million decrease in natural gas marketing gross profit primarily due to
o $67.1 million increase in realized storage contribution due to increased market
volatility and colder weather which resulted in greater withdrawal opportunities
compared with the prior-year quarter
o $59.8 million increase in unrealized storage mark-to-market losses primarily due
to a widening of the spreads between the forward prices used to value financial
hedges and the market (spot) prices used to value the physical inventory, coupled
with the realization of previously unrealized gains on storage spreads on the gas
cycled from storage in the current period. The mark-to-market impact was
partially offset by a 4.0 Bcf decrease in net physical storage inventory quarter-
over-quarter
o $6.7 million decrease in realized marketing margins primarily due to lower
margins realized in a less volatile market, partially offset by increased sales
volumes of 32 Bcf quarter-over-quarter, due to colder weather
o $21.5 million increase in unrealized marketing mark-to-market losses primarily
due to a widening of the spreads between the prices in the fixed-price forward
contracts and the forward prices used to value the associated financial derivatives
$13.8 million increase in pipeline and storage gross profit primarily due to
o $6.8 million increase in asset management fees earned by Atmos Pipeline &
Storage due to the capture of more favorable arbitrage spreads
o $4.2 million from increased throughput due to colder weather, and
o $2.9 million increase from incremental margins from North Side Loop and 3 other
compression projects completed in 2006 at Atmos Pipeline-Texas
8
9. Consolidated Financial Results – Fiscal 2007 2Q
Three Months Ended March 31
Natural Gas Marketing Segment 2007 2006 Change
(In thousands, except physical position)
Storage Activities
Realized margin $77,724 $10,611 $67,113
Unrealized margin (57,025) 2,741 (59,766)
Total Storage Activities 20,699 13,352 7,347
Marketing Activities
Realized margin 14,252 21,005 (6,753)
Unrealized margin (11,898) 9,620 (21,518)
Total Marketing Activities 2,354 30,625 (28,271)
GROSS PROFIT $23,053 $43,977 ($20,924)
Net physical position (Bcf) 19.6 23.6 (4.0)
9
10. Consolidated Financial Results – Fiscal 2007 2Q
Drivers
Decreased O&M expenses of $0.8 million primarily
due to
$6.7 million increase primarily from higher employee
costs associated with increased headcount and
increased benefit costs
$4.3 million decrease from deferral of fiscal 2005
and 2006 Katrina-related expenses allowed by
Louisiana regulators
$3.2 million decrease in provision for doubtful
accounts primarily due to decreased collection risk
caused by lower gas prices quarter-over-quarter
10
11. Consolidated Financial Results – Fiscal 2007 2Q
Drivers
Decreased taxes, other than income, of $8.1 million
Primarily due to decreased franchise fees and state
gross receipts taxes resulting from lower revenues
Increased miscellaneous income of $4.2 million primarily
due to
Absence of $3.3 million charge in the current period
associated with an adverse regulatory ruling last year
in Tennessee, related to the calculation of a
performance-based rate mechanism associated with
gas purchases
$2.0 million increase in interest income on increased
short-term cash investments
11
12. Consolidated Financial Results – Fiscal 2007 2Q
Pension, Post-Retirement & Other Benefits Expense
(in millions)
$15.3 Other
$14.2
$18.0
Medical & Dental
$15.0 Post-Retirement
3.1
2.5
Pension
$12.0
5.8
5.2
$9.0
2007 Pension Assumptions
$6.0 8.25% return on plan assets
3.9 3.6 6.30% discount rate
$3.0 4.00% wage increase
2.8
2.6
$0.0
2Q 2006 2Q 2007
12
14. Consolidated Financial Results – Fiscal YTD
Key Drivers
Net Income
Increased contribution from the
pipeline and storage segment,
primarily from increased
throughput margins
$187.8
%
$200.0 17 Increased contribution from the
natural gas marketing segment,
$159.8 largely due to improved realized
$175.0
storage margins
9% increase in utility throughput
$150.0
due to 10% colder weather than
last year
$125.0
Net increase in utility margins
primarily from GRIP rate
$100.0 adjustments in Texas and the
YTD 2006 YTD 2007 Louisiana RSC, effective in 2006
Increased O&M expenses primarily
due to increased employee and
administrative costs
($ in millions)
Decrease in bad debt expense
14
15. Consolidated Financial Results – Fiscal YTD
Earnings per Diluted Share
$2.50
Notes
$2.18
10%
$2.25 Year-to-date increase of about
$1.98 5.2 million weighted average
diluted shares outstanding
$2.00
Increase in shares primarily
due to about 6.3 million shares
$1.75 issued in December 2006
equity offering
$1.50
$1.25
YTD 2006 YTD 2007
15
16. Consolidated Financial Results – Fiscal YTD
Net Income by Segment
108.2
$125.0 103.0
$100.0
($ in millions)
$75.0
46.0
33.9
33.4
$50.0
23.3
$25.0 (0.3)
0.1
$0.0
YTD 2006 YTD 2007
Utility Natural gas marketing
Pipeline and storage Other nonutility
16
17. Consolidated Financial Results – Fiscal YTD
Drivers
$52.3 million increase in gross profit
$12.9 million increased utility gross profit primarily from
o $15.1 million increase primarily due to increased throughput of
23.9 Bcf, due to weather that was 10 percent colder than the
prior-year period
o $10.0 million net increase due to WNA impact
• $11.8 million increase in Mid-Tex and Louisiana divisions
• $1.8 million decrease in remaining jurisdictions
o $9.8 million net increase due to rate adjustments
o $9.4 million from Texas GRIP-related recovery for 2004
and 2005 GRIP filings
o $8.9 million increase from LGS RSC filing in Louisiana
o $2.3 million decrease from Mid-Tex GRIP refund
o $6.2 million decrease from 10/06 Tennessee rate
reduction
o $9.3 million decrease in revenue-related taxes - franchise fees
and gross receipts taxes paid by the customer, primarily in the
Mid-Tex division 17
18. Consolidated Financial Results – Fiscal YTD
Jurisdictions Adjusted for WNA
At March 31, 2007, we had WNA in the following service areas for the following periods as
noted, which covers approximately 90% of our customer meters in service:
Service Area WNA Period
Amarillo, TX October – May
Georgia October – May
Kansas October – May
Kentucky November – April
Louisiana * December – March
Lubbock, TX October – May
Mid-Tex * October – April
Mississippi November – April
Tennessee November – April
Virginia January – December
West Texas October – May
* New for the 2006-2007 winter heating season
18
19. Consolidated Financial Results – Fiscal YTD
Year-Over-Year Weather Effect by Division,
as adjusted for WNA * • Fiscal 2007 YTD
consolidated gross
es
profit was adversely
ed
tat
i affected by about $2
at
p
a
ip
S
lid
n
million, despite weather
x
id-
S
i ss
sia
Te
o
/K
that was 1 percent
Percent (Warmer) Colder than Normal
/M
ns
ss
ui
d-
colder than normal, as
CO
KY
Co
Lo
Mi
Mi
adjusted for WNA
10
• Fiscal 2006 YTD
5% consolidated gross
3% profit was adversely
1%
1% 1% 0% affected by $32.3 million
0%
0
due to weather that was
1%
12 percent warmer than
2%
normal, as adjusted for
WNA
(10)
• Louisiana and Mid-Tex
12% divisions implemented
weather-normalized
rates during fiscal 2007,
(20)
which accounted for an
20%
increase in gross profit
of $11.8 million year
26%
over year
(30)
Fiscal 2007 Fiscal 2006
19
* West Texas Division had no weather impact in either period
20. Consolidated Financial Results – Fiscal YTD
Drivers
$52.3 million increase in gross profit (continued)
$ 23.8 million increase in pipeline and storage
gross profit primarily due to
o $9.0 million increase in asset management fees earned by
Atmos Pipeline & Storage due to the capture of more favorable
arbitrage spreads
o $5.9 million increase from incremental margins from North Side
Loop and compression projects completed in 2006 at Atmos
Pipeline-Texas
o $5.6 million from increased throughput and demand for storage
services due to colder weather period-over-period
o $1.4 million increase due to rate increases from 2005 GRIP
filing
20
21. Consolidated Financial Results – Fiscal YTD
Drivers
$52.3 million increase in gross profit (continued)
$15.9 million increase in natural gas marketing gross profit
primarily due to
o $35.1 million increase in realized storage contribution primarily due to
capturing more favorable arbitrage spreads from increased market
volatility, coupled with the ability to cycle more gas from storage and
realize previously captured spread opportunities, due to colder
weather period-over-period
o $12.9 million decrease in unrealized storage mark-to-market losses
primarily due to a narrowing of the spreads between the forward
prices used to value the financial hedges and the market (spot) price
used to value physical storage period-over-period
o $16.3 million decrease in realized marketing contribution primarily due
to realizing lower margins in a less volatile market, partially offset by
increased sales volumes due to colder weather period-over-period
o $15.8 million increase in unrealized marketing mark-to-market losses
primarily due to a widening of the spreads between the prices included
in fixed-price forward contracts and the forward prices used to value
the associated financial derivatives
21
22. Consolidated Financial Results – Fiscal YTD
Six Months Ended March 31
Natural Gas Marketing Segment 2007 2006 Change
(In thousands, except physical position)
Storage Activities
Realized margin $71,934 $36,883 $35,051
Unrealized margin (8,134) (21,051) 12,917
Total Storage Activities 63,800 15,832 47,968
Marketing Activities
Realized margin 34,321 50,572 (16,251)
Unrealized margin (11,934) 3,892 (15,826)
Total Marketing Activities 22,387 54,464 (32,077)
GROSS PROFIT $86,187 $70,296 $15,891
Net physical position (Bcf) 19.6 23.6 (4.0)
22
23. Consolidated Financial Results- Fiscal YTD
Fair Value of Contracts at March 31, 2007
Maturity in Years
Total Fair
Source of Fair Value <1 1-3 4-5 >5 Value
(In thousands)
$ — $ — $ (20,515)
Prices actively quoted $ (27,996) $ 7,481
Prices based on models &
other valuation methods 137 (814) — — (677)
$ — $ (21,192)
$ —
Total Fair Value $ (27,859) $ 6,667
23
24. Consolidated Financial Results – Fiscal YTD
Drivers
Increased O&M expenses of $6.3 million primarily due to
$17.8 million increase due to higher employee and
other administrative costs year over year
$5.2 million decrease in provision for doubtful
accounts primarily due to reduced collection risk from
lower gas prices
$4.3 million decrease from deferral of 2005 and 2006
Katrina-related expenses allowed by Louisiana
regulators
$2.0 million decrease due to the absence of
Hurricane Katrina-related losses in the current period
24
25. Consolidated Financial Results – Fiscal YTD
Pension, Post-Retirement & Other Benefits Expense
(in millions)
Other
$30.5
$28.2
$35.0
Medical & Dental
$30.0
Post-Retirement
5.9
5.1
$25.0
Pension
$20.0 11.7
10.5
$15.0
2007 Pension Assumptions
$10.0 8.25% return on plan assets
7.6 7.2
6.30% discount rate
$5.0 4.00% wage increase
5.7
5.0
$0.0
YTD 2006 YTD 2007
25
26. Consolidated Financial Results – Fiscal YTD
Utility Bad Debt Expense as a Percent of Revenues
1.5
1.0 0.83
Percent
0.58
0.58
0.45
0.5
0.29
0.0
2003 2004 2005 2006 2007 YTD
26
27. Consolidated Financial Results – Fiscal YTD
Drivers
Decreased taxes, other than income, of $13.4 million
Primarily due to decreased franchise fees and state gross
receipts taxes resulting from lower revenues
Increased interest charges of $3.1 million
Primarily due an increase in interest rates of 76 basis points on
the $300 million unsecured floating rate senior notes (4.975 in
3/06 vs. 5.735 in 3/07) due to an increase in the 3-mo. LIBOR
Increased miscellaneous income of $5.4 million
$3.3 million increase due to the absence of an adverse
regulatory ruling in Tennessee related to the calculation of a
performance-based rate mechanism related to gas purchases
and
$3.1 million increase in interest income earned on larger cash
balances invested in short-term investments
27
29. Highlights – Fiscal YTD
Natural Gas Gathering Project Update
May 10, 2006, we announced plans to form a joint
venture to construct a natural gas gathering system in
eastern Kentucky, referred to as the Straight Creek
Project
Over the past 90 days we have been assessing the
needs of the local producers, as well as our own
economic requirements
As a result, we are currently redesigning the original
project, which will likely be marginally smaller in both size
and scope
Additionally, the expected in-service date has been
delayed to the second half of fiscal 2008
29
30. Highlights – Fiscal YTD
Mid-Tex Rate Case Decision
May 31, 2006, filed for rate increase of approximately $60 million and
several rate design changes including WNA, Revenue Stabilization,
and recovery of the gas cost component of bad debt
July 6, 2006, an interim agreement was reached to implement WNA
effective October 1, 2006, utilizing 30 years of weather history
Railroad Commission Decision issued on March 29th
Permanent WNA based on 10 years of weather experience
Capital structure of 52% debt / 48% equity
Authorized ROE of 10%, Allowed Rate of Return of 7.903%
Rate Base of $1.044 Billion
Annual revenue increase of about $4.8 million; 66 cents/residential
customer, effective immediately
Customer refund of $2.3 million related to annual GRIP filings
Rate order affects approximately 1.5 million customers
30
31. Highlights – Fiscal YTD
Rate Case Filing – Missouri
April 7, 2006, filed 1st rate increase in over 9 years in
Missouri
Requested revenue increase of about $3.4 million, or 5.9%
Investments approximated $22.0 million over the 9-year period
Serves approximately 60,000 residential, commercial and
industrial customers in Missouri
Sought WNA, ROE increase to 12% and various rate design
changes
February 28, 2007, Final Order issued
No rate increase
Straight fixed/variable rate design for residential and small
commercial customers, implemented March 4, 2007; achieves
decoupling
Conservation Program to be implemented by August 31, 2007,
and funded with 1 percent of gross annual revenues, or about
$165,000 annually 31
32. Highlights – Fiscal YTD
Rate Case Filing – Kentucky
December 28, 2006, filed request for 1st rate increase in over 7 years in Kentucky.
Serve approximately 175,000 residential, commercial and industrial customers in
Kentucky
Request for revenue increase of about $10.4 million, or 4.6%
Filing includes request for 5-year experimental rate stabilization mechanism, with
decoupling, through an annual rate filing and recovery for bad debt portion of gas
cost through base rates
Requested ROE: 11.75%
Requested Capital Structure: 51.8% Debt / 48.2% Equity
Rate Base: $169.4 Million
Test year ends June 30, 2008; forward-looking filing
Public hearing set for July 10, 2007
Decision on the case expected in August 2007; with new rates implemented subject
to refund in mid-August
32
33. Highlights – Fiscal YTD
Louisiana Rate Settlement
May 25, 2006, Louisiana Public Service Commission (LPSC)
approved settlement of several existing dockets
Allowed modified WNA which provides for partial decoupling
Renewed the Rate Stabilization Clause (RSC) with provisions
reducing regulatory lag and a refund of $400,000
First RSC filing for the LGS service area for approximately $10.8
million was effective August 12, 2006, based on a test year
ended December 31, 2005; settlement agreement reached
December 2006 resulting in a rate increase of about $9.5 million
First RSC filing for the Trans La service area for approximately
$1.8 million made December 28, 2006, for the test period ending
September 30, 2006, with effective date of April 1, 2007
WNA in both service areas will be effective for an initial three
year period beginning with the 2006-2007 winter heating season
33
34. Highlights – Fiscal YTD
Shelf Registration and Common Stock Offering
December 4, 2006, Atmos Energy filed a new
registration statement with the SEC to issue up to
$900 million in new common stock and/or debt
securities, including about $402 million carried over
from our prior shelf registration statement filed in
August 2004
December 13, 2006, Atmos Energy completed the
sale of 6.3 million shares priced at $31.50
Approximately $192 million in net proceeds
Proceeds used to reduce short-term debt
Reduced debt-to-capitalization ratio from 60.9% at
September 30, 2006, to 51.9% at March 31, 2007
Dilutes fiscal 2007 net income per diluted share by
approximately 5 cents
34
35. Highlights – Fiscal YTD
Gas Held in Underground Storage – by Segment
March 31, 2007 March 31, 2006
Segment Balance Volumes WACOG* Balance Volumes WACOG*
($MM’s) (Bcf) ($MM’s) (Bcf)
Atmos Utility $ 197.8 31.4 $ 6.30 $ 267.1 38.8 $ 6.88
Natural Gas 158.9 21.2 7.61 158.4 23.2 9.13
Marketing
Pipeline & Storage 7.8 1.0 7.93 15.5 2.1 9.08
Total: $ 364.5 53.6 $ 6.85 $ 441.0 64.1 $ 7.77
*Weighted Average Cost of Gas (WACOG) excludes fair value hedge amounts associated with physical storage
35
36. Highlights – Fiscal YTD
Credit Facilities
March 30, 2007, Atmos Energy Marketing amended and extended its
$580 million uncommitted demand working capital credit facility to March
31, 2008, on essentially the same terms
December 15, 2006, Atmos Energy entered into a new $600 million, 5-
year committed revolving credit facility through December 2011
Facility replaces our $600 million 3-year revolving credit facility
entered into in October 2005, on essentially the same terms
Serves as a backup liquidity facility for our $600 million commercial
paper program
November 7, 2006, Atmos Energy entered into a new $300 million, 364-
day committed revolving credit facility
Supplements amounts available under existing $18 million
committed credit facility and $25 million uncommitted credit facility
36
38. Highlights – Fiscal YTD
Quarterly Dividend
On May 2, 2007, the Atmos Board of
Directors declared a quarterly dividend of
$0.32 per share
94th consecutive dividend declared
To be paid on June 11, 2007, to shareholders
of record on May 25, 2007
Indicated annual dividend of $1.28 per share
38
40. Consolidated Financial Results – Fiscal 2007E
Earnings Guidance – Fiscal 2007E
Atmos Energy still anticipates earnings to be in the range
of $1.90 to $2.00 per fully diluted share for the 2007
fiscal year
Assumptions include:
Approximately 5 cent dilutive effect of the December equity
offering
Total expected gross margin contribution from the marketing
segment in the range of $100 million to $110 million
Continued execution of rate strategy and collection efforts
Normal weather in non-WNA jurisdictions
Bad debt expense of no more than $18 million
Average short-term interest rate @ 6.3%
No material acquisitions
Note: 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.
40
46. Consolidated Financial Results – Fiscal 2007E
Capital Expenditures
In the 2006 fiscal year, Atmos Energy had $425
million in capital expenditures
For fiscal 2007, we project between $365-$385 million
in capital expenditures
Approximately $255 - $265 million maintenance
o Nonutility: $45 million - $50 million
o Utility: $210 million - $215 million
Approximately $110 - $120 million growth
o Nonutility: $13 million - $18 million
o Utility: $97 million - $102 million
46
49. Consolidated Income Statements –
Fiscal 2007 2Q
Thre e Months Ende d March 31
2007 2006
(000s except EPS)
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
Operation and Maintenance Expense 111,862 112,698
Depreciation and Amortization 51,066 47,076
Taxes, other than income 56,746 64,796
Miscellaneous Income (Expense) 1,838 (2,439)
Interest Charges 35,262 35,492
Income Before Income Taxes 175,588 142,902
Income Tax Expense 69,083 54,106
Net Income $ 106,505 $ 88,796
Net Income Per Share:
Basic $ 1.21 $ 1.10
Diluted $ 1.20 $ 1.10
Average Shares Outstanding:
Basic 88,078 80,573
Diluted 88,735 81,040
49
50. Consolidated Income Statements –
Fiscal 2007 YTD
Six Months Ende d March 31
2007 2006
(000s except EPS)
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
Operation and Maintenance Expense 227,232 220,915
Depreciation and Amortization 100,061 90,336
Taxes, other than income 96,813 110,212
Miscellaneous Income (Expense) 3,417 (1,991)
Interest Charges 74,794 71,681
Income Before Income Taxes 308,795 256,858
Income Tax Expense 121,029 97,035
Net Income $ 187,766 $ 159,823
Net Income Per Share:
Basic $ 2.20 $ 1.99
Diluted $ 2.18 $ 1.98
Average Shares Outstanding:
Basic 85,404 80,444
Diluted 86,061 80,911
50
51. Utility Operating Income – By Division
Fiscal 2007 2Q
Three Months Ended March 31
2007 2006
Utility Operating Income
Colorado-Kansas Division $ 14,968 $ 14,650
Kentucky/Mid-States Division 28,948 33,950
Louisiana Division 23,026 8,596
Mid-Tex Division 59,007 29,455
Mississippi Division 16,204 16,752
West Texas Division 12,115 13,539
Other 81 822
$ 154,349 $ 117,764
Total Utility Operating Income
51
52. Utility Operating Income – By Division
Fiscal 2007 YTD
Six Months Ended March 31
2007 2006
Utility Operating Income
Colorado-Kansas Division $ 23,640 $ 23,260
Kentucky/Mid-States Division 43,151 54,440
Louisiana Division 33,619 16,487
Mid-Tex Division 94,347 80,242
Mississippi Division 23,803 26,745
West Texas Division 18,621 19,670
Other 279 3,169
$ 237,460 $ 224,013
Total Utility Operating Income
52
53. Utility Volumes - Fiscal 2007 2Q
Three Months Ended March 31
2007 2006 Change % Change
Sales Volumes (MMcf)
Residential 82,901 65,869 17,032 26%
Commercial 39,474 33,833 5,641 17%
Public authority and other 3,826 3,649 177 5%
Industrial 7,568 8,054 (486) (6%)
87 316 (229) (72%)
Irrigation
Total 133,856 111,721 22,135 20%
39,567 31,152 8,415 27%
Transportation (MMcf)
Total Consolidated
173,423 142,873 30,550 21%
Utility Volumes (MMcf)
53
54. Utility Volumes - Fiscal 2007 YTD
Six Months Ended March 31
2007 2006 Change % Change
Sales Volumes (MMcf)
Residential 133,600 119,578 14,022 12%
Commercial 66,559 62,972 3,587 6%
Public authority and other 6,597 6,940 (343) (5%)
Industrial 13,303 17,063 (3,760) (22%)
197 356 (159) (45%)
Irrigation
Total 220,256 206,909 13,347 6%
72,261 61,754 10,507 17%
Transportation (MMcf)
Total Consolidated
292,517 268,663 23,854 9%
Utility Volumes (MMcf)
54
55. Cash Flow Statements - Fiscal 2007 YTD
Year to Date March 31
2007 2006
(000s)
$ 187,766 $ 159,823
Net income
Depreciation and amortization 100,179 90,670
Deferred income taxes 72,755 58,199
Other 9,472 7,587
Net change in operating assets and liabilities 141,755 (167,888)
511,927 148,391
Operating cash flow
Capital expenditures - growth (47,468) (60,889)
Capital expenditures - non-growth (125,324) (152,341)
Other, net (3,749) (2,842)
335,386 (67,681)
Operating cash flow after investing activities
Repayment of long-term debt (2,206) (2,162)
Dividends paid (54,640) (50,933)
Cash flow after acquisitions
$ 278,540 $ (120,776)
and growth capital
55
57. As a Reminder…
The audio and slide presentation of this conference call
will be available on Atmos Energy’s Web site by 10:00
a.m. Eastern Daylight Time on May 3, 2007, through
midnight on August 7, 2007. Atmos Energy’s Web site
address is: www.atmosenergy.com.
To listen to the live conference call, dial 800-366-7640
by 10:00 a.m. Eastern Daylight Time on May 3, 2007.
57
59. Utility Segment
Summary of Utility Revenue – Related Tax Information
Gross profit margins, primarily in our Mid-Tex division, include franchise fees and gross receipts taxes, which are
calculated as a percentage of revenue (inclusive of gas costs). We record the expense for these taxes as a component
of taxes, other than income.
Timing differences exist between the recognition of revenue for franchise fees recovered from our customers and the
recognition of expense of franchise taxes, which may favorably or unfavorably affect net income; however; they should
offset over time with no permanent impact on net income.
Three M o nths Six M o nths
2007 2006 2007 2006
C ha nge C ha nge
(A mo unts in Tho usands)
A mo unts included in margin 42,542 36,605 72,696 81,986
5 ,9 3 7 ( 9 ,2 9 0 )
A mo unts included in taxes, o ther (35,902) (38,479) (55,839) (61 64)
,1
2 ,5 7 7 5 ,3 2 5
Difference / Impact $ 6,640 $ (1,874) $ 16,857 $ 20,822
$ 8 ,5 14 $ ( 3 ,9 6 5 )
59
60. Atmos Energy Marketing
Economic Value vs. GAAP Reported Results
We commercially manage our storage assets by capturing arbitrage value through
optimization strategies that create embedded (forward) value in the portfolio. We
financially report the transactions for external reporting purposes in accordance
with GAAP.
GAAP Reported Value is the period to period net change in fair value of the
portfolio reported in the income statement that results from the process of marking
to market the physical storage volumes and corresponding financial instruments in
an interim period.
Economic Value is the period to period forward margin of our storage portfolio
that results from the process of calculating our weighted average cost of inventory
(WACOG), and our weighted average sales price of our forward financials
(WASP), then multiplying the difference times inventory volumes. This margin will
be realized in cash when the hedged transaction is executed or when financials
are settled and then reset to stay hedged against physical volumes.
Economic Value represents the “forward” economic margin of the transactions, while GAAP
reported results reflect that portion of our “forward” margin that has been recorded in the income
statement.
Volatility in earnings includes the impact of the accounting treatment of our storage portfolio and is
reflective of relatively high price volatility of the prompt month, and the relatively low volatility of the
offsetting forward months.
60
61. Atmos Energy Marketing
Economic Value vs. GAAP Reported Results
Reported GAAP Economic Value*
Reported GAAP
Value (Commercial Value)
Value
- -Physical and Financial
Physical and Financial - Physical and Financial
Positions Positions
Positions
$10.8 MM
$(24.2) MM
$(24.2) MM
Market Spread
Embedded margin
difference
*Realizing Economic Value
$35.0 MM is dependent on ability to
execute – deliver physical
gas & close financial hedges
Supporting data appears on
the following slide
At March 31, 2007 61
62. Atmos Energy Marketing
Economic Value vs. GAAP Reported Results
Physical Economic Value (EV) GAAP Reported Value - MTM Market Spread
($ per Bcf)
Period Volume Total Total Total
WASP WACOG EV
Ending (Bcf) ($ in millions) ($ per Bcf) ($ in millions) ($ per Bcf) ($ in millions)
12.8 9.3918 8.8366 0.5552 (3.0094) 3.5646
12/31/2005 7.1 (38.6) 45.7
23.6 10.3880 9.0806 1.3074 (1.5195) 2.8269
3/31/2006 30.8 (35.8) 66.6
21.0 10.6691 7.7802 2.8889 1.5636 1.3253
12/31/2006 60.6 32.8 27.8
19.6 8.2196 7.6701 0.5495 (1.2347) 1.7842
3/31/2007 10.8 (24.2) 35.0
(1.4) $ (2.4495) $ (0.1101) $ (2.3394) $ (2.7983) (57.0) $ 0.4589
Variance (49.8) $ $ 7.2
WASP: Weighted average sales price for gas held in storage
WACOG: Weighted average cost of AEM’s gas in storage
EV: “Economic Value” which equals gas sales price (WASP) minus cost of gas (WACOG) on a per unit basis
62