AGL Resources Reports Third Quarter Earnings and Raises 2005 Earnings Guidance.ATLANTA Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. -- AGL Resources AGL Resources, Inc. is a Fortune 1000, Forbes 2000 energy services holding company. Their principal business is distribution of natural gas in Florida, Georgia, Maryland, New Jersey, Tennessee and Virginia, providing gas for more than 2.2 million customers. (NYSE NYSE See: New York Stock Exchange : ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant ) today reported third quarter 2005 net income of $15 million compared with $20 million reported for the third quarter of 2004. Net income for the nine months ended Sept. 30, 2005 was $127 million, a $20 million increase over the $107 million reported for the nine months ended Sept. 30, 2004. Based on year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings, the continued success with the integration of the NUI (1) (Network User Interface) A user interface for a computer attached to the network. The NUI is designed to work with remote applications and files as easily as local files. and Jefferson Jefferson, uninc. city (1990 pop. 25,782), Fairfax co., N Va. It is a residential suburb of Washington, D.C. Island Storage & Hub (JISH) acquisitions, and a continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. outlook for solid results across the various businesses, AGL Resources is revising its 2005 earnings guidance upward to a range of $2.35 to $2.45, a 10 cent increase to the company's previously provided range of $2.25 to $2.35. "This was the quarter when all of our time and effort in preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them paid off for both investors and customers," said Paula PAULA Possession of Alcohol Under the Legal Age Rosput Reynolds, chairman, president and chief executive officer of AGL Resources. "We generated solid results out of all of our businesses during the quarter and delivered superior value in our energy services and underground storage operations from market conditions surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. two successive hurricanes." The $5 million decrease in third quarter 2005 net income as compared to third quarter 2004 is largely driven by increased interest expense associated with the debt incurred to finance the company's acquisitions of NUI and JISH as well as increased seasonal variation in utility sales relative to the year earlier quarter. The company's results for the third quarter 2005 reflect improved earnings in its Retail Energy Operations and Energy Investments segments, offset by losses in the Wholesale Services segment generated by the accounting treatment on gas inventory that has been economically hedged. The company's results from its Distribution Operations segment improved slightly as compared to last year, reflecting improved performance at Atlanta Gas Light Atlanta Gas Light Company (AGLC), commonly known as Atlanta Gas Light, is the largest natural gas wholesaler in the Southeast U.S., and is the AGL in AGL Resources. It was founded in 1856 and is headquartered in Atlanta, as is AGL Resources. , Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Natural Gas and Chattanooga Chattanooga (chăt'ən  `gə), city (1990 pop. 152,466), seat of Hamilton co., E Tenn., on both sides of the Tennessee River near the Georgia line; inc. 1839. Gas.The earnings generated $0.19 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the third quarter of 2005, reflecting the effect of the company's 11-million share equity issuance In financial markets, an Equity Issuance is the sale of new equity or "stocks" by a firm to investors. Equity Issuance can involve a private sale, in which the transaction between investors and the firm takes place directly, or publicly, in which case the firm has to in November 2004. The company reported $0.31 per basic and diluted share for the third quarter of 2004. Earnings per share for the 2005 quarter are based on weighted average shares outstanding of 77.5 million, while 2004 third quarter earnings per share were based on weighted average shares outstanding of 65.1 million. The company's consolidated earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) for the third quarter of 2005 were $52 million, a $6 million or 13 percent improvement over the $46 million in the same period last year. QUARTERLY RESULTS BY BUSINESS SEGMENT Distribution Operations The Distribution Operations segment's EBIT contribution of $49 million in the third quarter 2005 increased $1 million as compared to the third quarter 2004. Elizabethtown Gas, Elkton Gas and Florida City Gas, acquired from NUI in November 2004, contributed net seasonal losses of $2 million offset by increased EBIT contributions from Atlanta Gas Light, Virginia Natural Gas and Chattanooga Gas Company. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was $168 million for the quarter, up $33 million or 24 percent from the same period last year, of which $31 million came from Elizabethtown Gas, Elkton Gas and Florida City Gas. Atlanta Gas Light's operating margin was higher as a result of higher revenues from the pipeline replacement program and gas stored for marketers. The remainder of the improved operating margin came from customer growth in the Atlanta Gas Light, Chattanooga Gas and Virginia Natural Gas service territories. The customer growth at Atlanta Gas Light offset the $1 million reduction in third quarter 2005 operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. resulting from the June 10, 2005 Settlement Agreement with the Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. Public Service Commission (GPSC GPSC Georgia Public Service Commission GPSC General Purpose System Console ) resolving Atlanta Gas Light's 2004-2005 rate case. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased $33 million or 38 percent as compared to last year, primarily due to the addition of Elizabethtown Gas, Elkton Gas and Florida City Gas, which contributed $32 million of the increase. The Distribution Operations segment continued during the quarter to integrate Elizabethtown Gas, Elkton Gas and Florida City Gas. The execution of the company's original acquisition integration plans is virtually complete. One of the key performance metrics Performance metrics are measures of an organizations activities and performance. Performance metrics should support a range of stakeholder needs from customers, shareholders to employees [1]. used by the company to measure the success of the integration has been operations and maintenance expense (O&M)-per-customer, which for the total segment is $38 for the third quarter 2005. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, this equates to $152 per customer and is equivalent to the segment's annual 2004 O&M-per-customer metric (excluding Elizabethtown Gas, Elkton Gas and Florida City Gas). Retail Energy Operations Retail Energy Operations, comprised of SouthStar Energy Services, contributed EBIT of $7 million in third quarter 2005 as compared to $2 million in the prior year quarter, an increase of $5 million. The increased EBIT contribution was driven largely by increased operating margins of $6 million and a $1 million decrease in total operating expenses offset by the amount the company records as minority interest in SouthStar's earnings, which increased $2 million relative to the prior year quarter due to increased SouthStar earnings. Operating margin increased due to higher commodity margins in the third quarter 2005, reflecting larger spreads between wholesale and retail prices as well as higher interruptible customer operating margins and gains on hedging transactions. The increased operating margin was offset by lower operating revenues from late payment fees in 2005 resulting from an increase in the minimum balance (from $10 to $30) on which SouthStar is allowed to charge a late fee in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with new GPSC regulations. The Retail Energy Operations segment is a new operating segment established in the first quarter of 2005. Previously, SouthStar was included in the Energy Investments operating segment. AGL Resources added this new operating segment in accordance with the requirements of Statement of Financial Accounting Standards No 131, Disclosures about Segments of an Enterprise and Related Information, in order to provide more transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. and visibility into the results and operations of SouthStar, as well as the results and operations of those businesses comprising the Energy Investments segment, including JISH and Pivotal Propane of Virginia. Wholesale Services The Wholesale Services segment's EBIT contribution in the third quarter declined by approximately $5 million relative to the third quarter 2004 primarily due to a $2 million decrease in operating margin and a $3 million increase in operating expenses. Operating margin for the third quarter 2005 was negatively affected by an average increase in forward NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). gas prices during the current year quarter of $6 per MMBtu (million British thermal units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39. ) as compared to a 70 cent per MMBtu increase in forward NYMEX gas prices in third quarter 2004. These increases in gas prices resulted in mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. accounting losses on hedged storage positions during the current and prior year quarter of approximately $35 million and $3 million (both net of regulatory sharing), respectively. The 2005 losses are to be offset by operating margin expected to be recognized through the segment's earnings during the quarters ending Dec. 31, 2005 and Mar. 31, 2006 when the inventory is physically withdrawn from storage as based on Wholesale Services' anticipated inventory withdrawal schedule and forward NYMEX gas prices at Sept. 30, 2005. These mark-to-market accounting losses during the third quarter 2005 were partially offset by increased operating margin on physical gas sales and transportation transactions as a result of increased volatility during the quarter as compared to last year largely due to hurricanes Katrina and Rita. Operating expenses increased primarily as a result of higher payroll costs due to increased headcount and a temporary relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of portions of Sequent's operations during Hurricane Rita Hurricane Rita was the fourth-most intense Atlantic hurricane ever recorded and the most intense tropical cyclone ever observed in the Gulf of Mexico. Rita caused $11.3 billion in damage on the U.S. Gulf Coast in September 2005. . Additionally, depreciation expense increased during the third quarter 2005 as compared to the prior year quarter due to the implementation of Sequent's new Energy Trading and Risk Management system that was not in service in the third quarter of 2004. Energy Investments The Energy Investments segment contributed EBIT of $5 million for the third quarter of 2005 compared to a $1 million loss in the third quarter of 2004. This $6 million improvement was driven by $4 million in EBIT contributions from the 2004 acquisition of JISH, as well as $1 million in EBIT contribution from Pivotal Propane of Virginia which became operational in April 2005. AGL (programming) AGL - (Atelier de Genie Logiciel) French for IPSE. Networks also contributed a $1 million increase in EBIT due to improved operating margins. INTEREST EXPENSE AND INCOME TAXES Interest expense for the third quarter of 2005 was $27 million compared with $17 million in the third quarter of 2004. The $10 million, or 59 percent, increase reflects $7 million of additional interest expense associated with the NUI and JISH acquisition debt and $3 million from higher short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. as well as from increased borrowings under the company's commercial paper program due to the injection of gas inventory storages during the summer months. The cost of these gas storage injections increased during the third quarter 2005 as compared to last year due to higher gas prices and the injection of gas storages for Elizabethtown Gas, Elkton Gas and Florida City Gas, which the company did not own in the third quarter of 2004. Average debt outstanding for the nine months ended Sept. 30, 2005 was $1.8 billion, a $0.6 billion increase over the prior year's average outstanding debt of $1.2 billion. The company's debt-to-capitalization ratio as of Sept. 30, 2005, was 57 percent, slightly up from the 55 percent as of Sept. 30, 2004, but down from 58 percent as of Dec. 31, 2004. Third quarter 2005 income taxes of $10 million increased $1 million as compared to the third quarter of 2004. Favorable income tax adjustments totaling approximately $3 million were recorded in the third quarter of 2004 due to the comparison of the company's 2003 tax return filed in September 2004 to its income taxes accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. in 2003, resulting in increased income tax expense in the third quarter 2005 as compared to the prior year quarter. This increase in income tax expense for third quarter 2005 was offset by a decrease in income tax expense primarily due to a $4 million decrease in earnings before income taxes during the current year quarter as compared to the prior year quarter. YEAR-TO-DATE RESULTS For the nine months ended Sept. 30, 2005, earnings per share were $1.64 per basic share ($1.62 per diluted share), compared with $1.66 per basic share ($1.64 per diluted share) for the nine months ended Sept. 30, 2004. Weighted average shares outstanding for the nine months ended Sept. 30, 2005, were 77.2 million, up 19 percent from the 64.8 million in the prior year period, as a result of the company's 11-million share equity offering in November 2004 and the exercise of stock options. Operating margin increased $184 million or 32 percent for the nine months ended Sept. 30, 2005, from $580 million in the prior year to $764 million in 2005. The increase resulted primarily from the 2004 acquisitions of NUI and JISH and improved margins from Retail Energy Operations, Energy Investments and Distribution Operations due to higher pipeline replacement revenue, additional carrying costs Carrying costs Costs that increase with increases in the level of investment in current assets. charged to the retail marketers in Georgia for volumes of gas in storage and customer growth. Operating margin at Wholesale Services for the nine months ended Sept. 30, 2005 decreased $2 million as compared to last year. Consolidated EBIT for the nine months ended Sept. 30, 2005, was $285 million, up $65 million or 30 percent from the prior year period, of which $43 million relates to EBIT contributions from the acquisitions of NUI and JISH. The increase also reflects improved contributions from Distribution Operations, Retail Energy Operations and Energy Investments. Wholesale Services' EBIT decreased $6 million due to decreased operating margins and increased operating expenses. 2005 EARNINGS OUTLOOK AGL Resources is increasing its 2005 earnings outlook to an expectation of earnings per share pf $2.35 to $2.45, up 10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. from its previously reported guidance of $2.25 to $2.35 per share. This earnings expectation is based on the assumption that gas prices at Dec. 31, 2005 do not change materially from currently prevailing prices and the company's anticipated remaining fourth quarter storage inventory withdrawal schedule as of Sept. 30, 2005 does not change due to weather or other market conditions. The occurrence of either of these events could materially impact earnings, and could result in earnings for 2005 significantly above or below the outlook. Earnings Conference Call Webcast: To gain more insight to the statements contained herein, the AGL Resources third quarter 2005 earnings conference call and webcast, scheduled for Friday, Oct. 28, at 9 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ), can be accessed via the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the AGL Resources website at www.aglresources.com. The webcast replay of the call will be available on the website through the close of business on Friday, Nov. 4. The telephone replay of the call can be accessed by dialing (888) 286-8010, using passcode 29364924. International callers should dial (617) 801-6888, and use the same passcode. About AGL Resources AGL Resources (NYSE: ATG), an Atlanta-based energy services holding company, serves 2.3 million customers in six states through its utility subsidiaries - Atlanta Gas Light, Elizabethtown Gas in New Jersey, Virginia Natural Gas, Florida City Gas, Chattanooga Gas, and Elkton Gas in Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). . A Fortune 1000 company that ranks number 46 in the Fortune gas and electric utilities sector, AGL Resources reported 2004 revenue of $1.8 billion and net income of $153 million. The company also owns Houston-based Sequent (Sequent Computer Systems, Inc., Beaverton, OR, www.sequent.com) A computer company founded in 1983 by 17 ex-employees of Intel that specialized in multiprocessing systems for the client/server environment. Energy Management, an asset manager serving natural gas wholesale customers throughout the Eastern and Midwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . As a 70 percent owner in the SouthStar partnership, AGL Resources markets natural gas to customers in Georgia under the Georgia Natural Gas brand. AGL Networks, the company's telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. subsidiary, owns and operates fiber optic networks in Atlanta and Phoenix. The company also owns and operates Jefferson Island Storage & Hub, a high-deliverability natural gas storage facility near the Henry Hub Henry Hub is the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX). It is a point on the natural gas pipeline system in Erath, Louisiana. It is owned by Sabine Pipe Line LLC. in Louisiana Louisiana (ləwē'zēăn`ə, l ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. . For more information, visit
www.aglresources.com.Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain expectations and projections regarding our future performance referenced in this press release are forward-looking statements. Forward-looking statements involve matters that are not historical facts and because these statements involve anticipated events or conditions, forward-looking statements often include words such as "anticipate," "assume," "can," "could," "estimate," "expect," "forecast," "future," "indicate," "intend," "may," "outlook," "plan," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions. Our expectations are not guarantees and are based on currently available competitive, financial and economic data along with our operating plans. While we believe our expectations are reasonable in view of the currently available information, our expectations are subject to future events, risks and uncertainties, and there are several factors - many beyond our control - that could cause results to differ significantly from our expectations. Such events, risks and uncertainties include, but are not limited to, changes in price, supply and demand for natural gas and related products, impact of changes in state and federal legislation and regulation, actions taken by government agencies on rates and other matters, concentration of credit risk, utility and energy industry consolidation, impact of acquisitions and divestitures, direct or indirect effects on AGL Resources' business, financial condition or liquidity resulting from a change in our credit ratings or the credit ratings of our counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. or competitors, interest rate fluctuations, financial market conditions and general economic conditions, uncertainties about environmental issues and the related impact of such issues, impacts of changes in weather upon the temperature-sensitive temperature-sensitive living organisms that are sensitive to air temperatures outside of a narrow range, e.g. virus vaccine that does not replicate at deep body temperature, but does replicate in the respiratory tract. portions of the business, impacts of natural disasters such as hurricanes upon the supply and price of natural gas, acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. or terrorism, and other factors which are provided in detail in our filings with the Securities and Exchange Commission, which we incorporate by reference in this press release. Forward-looking statements are only as of the date they are made, and we do not undertake any obligation to update these statements to reflect subsequent changes. Supplemental Information Company management evaluates segment financial performance based on earnings before interest and taxes (EBIT), which includes the effects of corporate expense allocations. EBIT is a non-GAAP (accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, ) financial measure. Items that are not included in EBIT are financing costs, including debt and interest expense and income taxes. The company evaluates each of these items on a consolidated level and believes EBIT is a useful measurement of our performance because it provides information that can be used to evaluate the effectiveness of our businesses from an operational perspective, exclusive of the costs to finance those activities and exclusive of income taxes, neither of which is directly relevant to the efficiency of those operations. Operating margin is a non-GAAP measure calculated as revenues minus cost of gas, excluding operation and maintenance expense, depreciation and amortization, and taxes other than income taxes. These items are included in the company's calculation of operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . The company believes operating margin is a better indicator than operating revenues of the contribution resulting from customer growth, since cost of gas is generally passed directly through to customers. EBIT and operating margin should not be considered as alternatives to, or more meaningful indicators of, the company's operating performance than operating income or net income as determined in accordance with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . In addition, the company's EBIT or operating margin may not be comparable to similarly titled measures of another company. Reconciliation of non-GAAP financial measures referenced in this press release and otherwise in the earnings conference call and webcast is attached to this press release and is available on the company's website at www.aglresources.com under the Investor Relations section.
AGL Resources Inc.
Condensed Statements of Consolidated Income
For the Three and Nine Months Ended
September 30, 2005 and 2004
(In millions, except per share amounts)
Three Months Nine Months
-------------------------- ---------------------------
Fav/ Fav/
9/30/2005 9/30/2004 (Unfav) 9/30/2005 9/30/2004 (Unfav)
--------- --------- ------- --------- --------- -------
Operating
Revenues $393 $262 $131 $1,736 $1,206 $530
Cost of Gas 191 105 (86) 972 626 (346)
Operation and
Maintenance
Expenses 106 83 (23) 334 257 (77)
Depreciation and
Amortization 33 23 (10) 99 71 (28)
Taxes Other Than
Income 9 5 (4) 30 20 (10)
------- ------ ------- ------ ------- ------
Total Operating
Expenses 339 216 (123) 1,435 974 (461)
------- ------ ------- ------ ------- ------
Operating Income 54 46 8 301 232 69
Other Income
(Loss) - - - 2 2 -
Minority
Interest (2) - (2) (18) (14) (4)
------- ------ ------- ------ ------- ------
Earnings Before
Interest &
Taxes 52 46 6 285 220 65
Interest Expense 27 17 (10) 79 49 (30)
------- ------ ------- ------ ------- ------
Earnings Before
Income Taxes 25 29 (4) 206 171 35
Income Taxes 10 9 (1) 79 64 (15)
------- ------ ------- ------ ------- ------
Net Income $15 $20 $(5) $127 $107 $20
======= ====== ======= ====== ======= ======
Earnings Per
Common Share
Basic $0.19 $0.31 $(0.12) $1.64 $1.66 $(0.02)
Diluted $0.19 $0.31 $(0.12) $1.62 $1.64 $(0.02)
Shares
Outstanding
Basic 77.5 65.1 12.4 77.2 64.8 12.4
Diluted 78.1 65.8 12.3 77.8 65.5 12.3
AGL Resources Inc.
EBIT Schedule
For the Three and Nine Months Ended
September 30, 2005 and 2004
(In millions, except per share amounts)
Three Months Nine Months
-------------------------- ---------------------------
Fav/ Fav/
9/30/2005 9/30/2004 (Unfav) 9/30/2005 9/30/2004 (Unfav)
--------- --------- ------- --------- --------- -------
Distribution
Operations $49 $48 $1 $224 $179 $45
Retail Energy
Operations 7 2 5 53 41 12
Wholesale
Services (6) (1) (5) - 6 (6)
Energy
Investments 5 (1) 6 15 1 14
Corporate (3) (2) (1) (7) (7) -
------- ------ ------- ------ ------- ------
Consolidated
EBIT 52 46 6 285 220 65
------- ------ ------- ------ ------- ------
Interest Expense 27 17 (10) 79 49 (30)
Income Taxes 10 9 (1) 79 64 (15)
------- ------ ------- ------ ------- ------
Net Income $15 $20 $(5) $127 $107 $20
======= ====== ======= ====== ======= ======
Earnings per
Common Share
Basic $0.19 $0.31 $(0.12) $1.64 $1.66 $(0.02)
======= ====== ======= ====== ======= ======
Diluted $0.19 $0.31 $(0.12) $1.62 $1.64 $(0.02)
======= ====== ======= ====== ======= ======
AGL Resources Inc.
Reconciliation of Operating Margin to Operating Revenues
For the Three and Nine Months Ended
September 30, 2005 and 2004
(In millions, except per share amounts)
Three Months Nine Months
-------------------------- ---------------------------
Fav/ Fav/
9/30/2005 9/30/2004 (Unfav) 9/30/2005 9/30/2004 (Unfav)
--------- --------- ------- --------- --------- -------
Operating
Revenues $393 $262 $131 $1,736 $1,206 $530
Cost of Gas 191 105 (86) 972 626 (346)
------- ------ ------- ------ ------- ------
Operating Margin $202 $157 $45 $764 $580 $184
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