Atmos Energy Corporation Reports Solid Results for Fiscal 2004 Second Quarter and Six Months.Energy Editors/Business Editors DALLAS--(BUSINESS WIRE)--May 11, 2004 Atmos Energy Atmos Energy (NYSE: ATO), headquartered in Dallas, Texas, is the largest distributor of natural gas in the United States, serving 3.1 million customers nationwide. Atmos acquired TXU's natural gas and pipeline holdings in 2004. Corporation (NYSE NYSE See: New York Stock Exchange :ATO ATO Australian Taxation Office ATO Ambito Territoriale Ottimale (Italy) ATO Alpha Tau Omega ATO Air Traffic Organization (FAA) ATO Arab Towns Organization ATO Air Tasking Order ATO Assemble To Order ) today reported net income of $58.3 million, or $1.12 per 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 fiscal 2004 second quarter ended March 31, 2004, compared with net income of $48.5 million, or $1.07 per diluted share (after the cumulative effect of a change in accounting principle), for the fiscal 2003 second quarter ended March 31, 2003. For the six months ended March 31, 2004, net income was $87.8 million, or $1.69 per diluted share, compared with net income of $74.3 million, or $1.68 per diluted share (after the cumulative effect of a change in accounting principle), for the six months ended March 31, 2003. The change in accounting principle adopted in the 2003 second quarter reflected the final provisions of EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation 02-03, which prompted the company to change the way it accounts for gas storage and transportation contracts, resulting in a cumulative noncash net of tax charge of $7.8 million. Income before the cumulative effect of the accounting change was $56.3 million for the fiscal 2003 second quarter, or $1.24 per diluted share. For the six-month period of fiscal 2003, income before the cumulative effect of the accounting change was $82.1 million, or $1.86 per diluted share. Results for the first six months of fiscal 2004 represent a 7 percent year-over-year increase in net income before the cumulative effect of the accounting change, despite weather that was 6 percent warmer than last year. Earnings per diluted share before the cumulative effect of the accounting change decreased 9 percent because the company's average number of diluted shares outstanding rose by 7.9 million shares, or 18 percent, from March 31, 2003, to March 31, 2004. "Solid results from our nonutility operations helped overcome lower volumes in both our utility and nonutility segments caused by unseasonably warm weather during the first six months of our 2004 fiscal year," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. Best, chairman, president and chief executive officer of Atmos Energy Corporation. "As in the first quarter of 2004, our complementary strategy of operating both utility and nonutility businesses proved beneficial for our shareholders. We continue to be on-track to meet our earlier-announced guidance for fiscal 2004 of earning between $1.55 and $1.60 per diluted share." Results for the 2004 Second Quarter Ended March 31, 2004 Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: gross profit for the 2004 second quarter ended March 31, 2004, was $206.1 million, compared with $203.0 million for the same period last year. Utility gas throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. for the 2004 second quarter was 97.8 billion cubic feet (Bcf), compared with 100.2 Bcf for the same period a year ago. Lower throughput in the current quarter primarily was due to lower consumption, resulting from weather that was 2 percent warmer than the prior-year quarter and 3 percent warmer than normal, as adjusted for jurisdictions with weather-normalized operations. Strong results in the nonutility natural gas marketing segment more than offset the negative effect of weather in the utility segment. Atmos Energy's net income from nonutility operations, which operate under Atmos Energy Holdings, Inc., was $7.7 million for the second quarter of 2004, compared with net income of $2.3 million for the same period last year, before the cumulative effect of the accounting change. Nonutility net income was higher in the 2004 second quarter primarily due to enhanced margins, improved optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. of managed proprietary and third-party storage See online storage. assets and improved management of full-requirements customers. Nonutility operations also were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affected by a $2.9 million net of tax gain on the sale of the company's indirect interest in Heritage Propane Partners, L.P. (Heritage) during the 2004 second quarter. Nonutility operations contributed 13 percent of the 2004 second quarter consolidated net income, compared with 4 percent for the prior-year quarter, excluding the cumulative effect of the accounting change. Consolidated natural gas marketing sales volumes were 67.2 Bcf for the 2004 second quarter, compared with 73.4 Bcf for the prior-year quarter. The decrease in natural gas marketing sales volumes in the current quarter primarily was due to weather that was warmer than the prior-year quarter. Operation and maintenance expense for the 2004 second quarter was $59.1 million, compared with $55.7 million in the 2003 quarter. Excluding the provision for doubtful accounts, operation and maintenance expense for the 2004 second quarter increased $4.1 million from the second quarter last year, primarily due to an increase in compensation and insurance costs. The provision for doubtful accounts was $4.5 million in the second quarter of 2004, compared with $5.2 million last year. In the utility segment, the average cost of natural gas for the 2004 second quarter was $6.72 per thousand cubic feet (Mcf), compared with $6.13 per Mcf for the 2003 period. Miscellaneous income for the 2004 second quarter was $4.5 million, compared with expense of $1.5 million for the same period in 2003. The $6.0 million change was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the $4.9 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain associated with the sale of the company's indirect interest in Heritage during the 2004 second quarter. Miscellaneous income (expense) also was favorably affected by the absence in 2004 of $2.5 million of weather insurance amortization resulting from the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a weather insurance policy in the third quarter of fiscal 2003. These increases were partially offset by lower equity earnings of $0.8 million from the investment in Heritage resulting from the sale of Atmos Energy's indirect interest in January January: see month. 2004. Results for the Six Months Ended March 31, 2004 Consolidated gross profit for the six months ended March 31, 2004, was $365.2 million, compared with $340.1 million for the six-month period last year. The increase in utility gross profit primarily reflects the effect of a full six months of results in the current period from Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by Valley Gas Company (MVG MVG Met Vriendelijke Groeten (Dutch: Best Regards) MVG Mainzer Verkehrsgesellschaft mbH (public transportation, Mainz, Germany) MVG Münchener Verkehrsgesellschaft ), which was acquired in December December: see month. 2002, compared with four months of results in the prior-year period. Utility gas throughput in the 2004 six-month period was 166.0 Bcf, compared with 171.1 Bcf for the same period a year ago. Lower throughput in the current period primarily was due to lower consumption, resulting from weather that was 6 percent warmer than the prior-year period and 4 percent warmer than normal, as adjusted for jurisdictions with weather-normalized operations. Also contributing to consolidated gross profit were strong results in the nonutility natural gas marketing segment. Net income from nonutility operations was $16.2 million for the six months ended March 31, 2004, compared with net income of $7.0 million before the $7.8 million cumulative effect of the accounting change (described above) for the same period in fiscal 2003. Nonutility net income was higher in the first six months of 2004 primarily due to enhanced margins, improved optimization of managed proprietary and third-party storage assets and improved management of full-requirements customers. Nonutility operations contributed 18 percent of consolidated net income for the first six months of 2004, compared with 9 percent of consolidated net income before the cumulative effect of the accounting change for the prior-year period. Consolidated natural gas marketing sales volumes were 126.1 Bcf for the first six months of 2004, compared with 132.7 Bcf for the prior-year period. Operation and maintenance expense for the six months ended March 31, 2004, was $116.0 million, compared with $106.2 million in the 2003 period. Excluding the provision for doubtful accounts and the $6.1 million increase attributable to the acquired MVG assets, operation and maintenance expense for the first six months of 2004 increased $4.1 million compared to the first six months of 2003 primarily due to an increase in compensation and insurance costs. The provision for doubtful accounts was $7.7 million in the six months ended March 31, 2004, compared with $8.1 million last year. In the utility segment, the average cost of natural gas for the 2004 six-month period was $6.58 per Mcf, compared with $5.70 per Mcf for the same period last year. Depreciation and amortization expense for the six months ended March 31, 2004, was $46.6 million, compared to $42.1 million in the 2003 period, which primarily reflects the results of a full six months of depreciation on the MVG assets. Taxes, other than income taxes, for the six months ended March 31, 2004, were $33.6 million, compared with $31.4 million for the same period last year. The increase primarily was attributable to additional franchise, payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. and property taxes associated with the acquired MVG assets and higher franchise taxes due to higher revenues. Miscellaneous income for the first six months of 2004 was $5.7 million, compared with miscellaneous income of $2.6 million for the same period in 2003. The $3.1 million increase primarily was attributable to a $4.9 million pretax gain associated with the sale of the company's indirect interest in Heritage during the second quarter of 2004. Miscellaneous income (expense) also was favorably affected by $4.4 million related to the absence of weather insurance amortization resulting from the termination of a weather insurance policy in the third quarter of fiscal 2003. These increases were partially offset by the absence in the first six months of 2004 of a $3.9 million pretax gain recognized in the prior year associated with a sales-type lease Sales-type lease The leasing out of a firm's own equipment, such as a printing company leasing its own presses, thereby competing with an independent leasing company. of a distributed electric generation plant and a $1.3 million reduction in the 2004 period of equity earnings from the company's investment in Heritage resulting from the sale of its indirect interest in January 2004. For the six months ended March 31, 2004, operating activities provided cash of $290.6 million, compared with $183.8 million during the six months ended March 31, 2003. The year-over-year increase was primarily due to improved accounts-receivable collections and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. changes in various working capital accounts, partially offset by increased payments for accounts payable and other accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. . Highlights and Recent Developments City of Lubbock Lubbock, city (1990 pop. 186,206), seat of Lubbock co., NW Tex.; inc. 1909. In the Llano Estacado region on a branch of the Brazos River, it was settled in 1879 by Quakers. approves new Atmos Energy rates On February February: see month. 24, 2004, the company announced that the City of Lubbock, Texas “Lubbock” redirects here. For other uses, see Lubbock (disambiguation). Lubbock is the 10th-largest city in the state of Texas.[1] Located in the northwestern part of the state—a region known historically as the Llano Estacado , had approved an overall rate increase of $1.525 million in the annual revenues of the company's natural gas utility operations. As part of its decision, the city also granted a weather-normalization adjustment rider for residential, commercial, public-authority and state-institution customers in Lubbock. Atmos Energy completes the purchase of ComFurT natural gas distribution system On March 1, 2004, the company announced it had completed its acquisition of the natural gas assets of ComFurT Gas, Inc., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in Buena Vista, Colorado 70.167.41.226 19:19, 24 September 2007 (UTC) Buena Vista is a town in Chaffee County, Colorado, USA, at an altitude of 7,965 feet. Buena Vista is located in central Colorado roughly midway between Salida and Leadville in the Upper Arkansas River Valley. . The company paid $1.95 million cash for the natural gas distribution system, which serves approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,800 utility customers. 66 West Texas cities agree to new Atmos Energy rates On April 12, 2004, the company announced that a steering committee steer·ing committee n. A committee that sets agendas and schedules of business, as for a legislative body or other assemblage. steering committee Noun representing 66 cities in West Texas had recommended the approval of an overall increase of $3.2 million in the annual revenues of the company's natural gas utility operations. As part of its recommendation, the steering committee also recommended the approval of a weather-normalization adjustment rider for residential, commercial, public-authority and state-institution customers. Conference Call to be Webcast May 12, 2004 Atmos Energy Corporation will host a webcast conference call on May 12 at 7 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT to discuss financial results for the second quarter and six months of fiscal 2004. Atmos Energy officers who will participate in the conference call will be: Bob Best, chairman, president and chief executive officer; Pat Reddy, senior vice president and chief financial officer; Earl Fischer Fi·scher , Hans 1881-1945. German chemist known for his research on the components of blood. He won a 1930 Nobel Prize for his work on the synthesis of hemin. , senior vice president, utility operations; JD Woodward, senior vice president, nonutility operations; Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. Meisenheimer, vice president and controller; Laurie Laurie long in love with Jo March, he begs her to marry him and is rejected. [Am. Lit.: Louisa May Alcott Little Women] See : Love, Spurned Sherwood, vice president, corporate development, and treasurer TREASURER. An officer entrusted with the treasures or money either of a private individual, a corporation, a company, or a state. 2. It is his duty to use ordinary diligence in the performance of his office, and to account with those whose money he has. , and Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE Kappes, vice president, investor relations Investor relations The process by which the corporation communicates with its investors. and corporate communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. . To listen to the call, dial 1-800-240-2134. Slides for the webcast may be viewed on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.atmosenergy.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. The matters discussed or incorporated by reference in this news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. When used in this news release or in any of the company's other documents or oral presentations, the words "anticipate," "expect," "estimate," "plans," "believe," "objective," "forecast," "goal" 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 expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in the statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's strategy, operations, markets, services, rates, recovery of costs, availability of gas supply and other factors. A discussion of these risks and uncertainties may be found in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended September September: see month. 30, 2003. Although the company believes these forward-looking statements to be reasonable, there can be no assurance that they will approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. actual experience or that the expectations derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from them will be realized. The company undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. Atmos Energy Corporation, headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , is one of the largest natural gas distributors in the 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. , serving about 1.7 million utility customers. Atmos Energy's utility operations serve more than 1,000 small and medium-size Adj. 1. medium-size - intermediate in size medium-sized, moderate-size, moderate-sized sized - having a specified size communities in 12 states from the Blue Ridge Mountains Blue Ridge also Blue Ridge Mountains A range of the Appalachian Mountains extending from southern Pennsylvania to northern Georgia. It rises to 2,038.6 m (6,684 ft) at Mount Mitchell in the Black Mountains of western North Carolina. in the East to the Rocky Mountains Rocky Mountains, major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak. in the West. Atmos Energy's nonutility operations, organized under Atmos Energy Holdings, Inc., operate in 18 states. They provide natural gas marketing and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. services to industrial, commercial and municipal customers, manage company-owned natural gas storage and pipeline assets and construct small distributed generating plants for industrial and municipal customers. For more information, visit www.atmosenergy.com.
Atmos Energy Corporation
Financial Highlights (Unaudited)
Statements of Income Three Months Ended Six Months Ended
----------------------- March 31 March 31
(000s except per share) 2004 2003 2004 2003
---------- ---------- ----------- -----------
Operating revenues:
Utility segment $708,282 $696,561 $1,168,770 $1,096,529
Natural gas
marketing segment 517,218 620,402 891,047 963,900
Other nonutility
segment 10,654 9,657 14,282 12,557
Intersegment
eliminations (118,669) (132,478) (192,998) (198,412)
---------- ---------- ----------- -----------
1,117,485 1,194,142 1,881,101 1,874,574
Purchased gas cost:
Utility segment 518,820 502,728 840,884 773,223
Natural gas
marketing segment 505,356 618,752 861,687 958,260
Other nonutility
segment 5,681 2,134 6,008 1,008
Intersegment
eliminations (118,498) (132,440) (192,657) (198,051)
---------- ---------- ----------- -----------
911,359 991,174 1,515,922 1,534,440
---------- ---------- ----------- -----------
Gross profit 206,126 202,968 365,179 340,134
Operation and
maintenance expense 59,093 55,665 116,009 106,169
Depreciation and
amortization 23,138 20,887 46,611 42,081
Taxes, other than
income 18,481 18,538 33,604 31,382
---------- ---------- ----------- -----------
Total operating
expenses 100,712 95,090 196,224 179,632
Operating income 105,414 107,878 168,955 160,502
Miscellaneous income
(expense) 4,456 (1,489) 5,663 2,635
Interest charges 16,160 16,158 33,495 31,637
---------- ---------- ----------- -----------
Income before income
taxes and cumulative
effect of accounting
change 93,710 90,231 141,123 131,500
Income tax expense 35,405 33,926 53,277 49,402
---------- ---------- ----------- -----------
Income before
cumulative effect of
accounting change 58,305 56,305 87,846 82,098
Cumulative effect of
accounting change,
net of income tax
benefit -- (7,773) -- (7,773)
---------- ---------- ----------- -----------
Net income $58,305 $48,532 $87,846 $74,325
Basic income per share:
Income before
cumulative effect
of accounting
change $ 1.12 $ 1.24 $ 1.70 $ 1.87
Cumulative effect
of accounting
change, net of
income tax benefit -- (.17) -- (.18)
---------- ---------- ----------- -----------
Net income $1.12 $1.07 $1.70 $1.69
Diluted income per
share:
Income before
cumulative effect
of accounting
change $ 1.12 $ 1.24 $ 1.69 $ 1.86
Cumulative effect
of accounting
change, net of
income tax benefit -- (.17) -- (.18)
---------- ---------- ----------- -----------
Net income $1.12 $1.07 $1.69 $1.68
Cash dividends per
share $.305 $.300 $0.61 $0.60
Weighted average shares
outstanding:
Basic 51,850 45,306 51,666 44,007
Diluted 52,240 45,493 52,057 44,178
Three Months Ended Six Months Ended
Summary Net Income (Loss) March 31 March 31
by Segment (000s) 2004 2003 2004 2003
------------------------- -------------- --------- -------- --------
Utility $50,558 $54,052 $71,669 $75,111
Natural gas marketing 3,422 (8,847) 10,958 (8,079)
Other nonutility 4,325 3,327 5,219 7,293
------------- --------- -------- --------
Consolidated net
income $58,305 $48,532 $87,846 $74,325
============== ========= ======== ========
Condensed Balance Sheets
---------------------------------------- March 31, September 30,
(000s) 2004 2003
------------- --------------
Net property, plant and equipment $1,661,336 $1,624,394
Cash and cash equivalents 114,983 15,683
Cash held on deposit in margin account -- 17,903
Accounts receivable, net 396,879 216,783
Gas stored underground 74,570 168,765
Other current assets 54,057 38,863
------------- --------------
Total current assets 640,489 457,997
Goodwill and intangible assets 275,873 273,499
Deferred charges and other assets 243,494 271,023
------------- --------------
$2,821,192 $2,626,913
============= ==============
Shareholders' equity $932,849 $857,517
Long-term debt 864,624 863,918
------------- --------------
Total capitalization 1,797,473 1,721,435
Accounts payable and accrued liabilities 365,996 179,852
Other current liabilities 171,822 133,957
Short-term debt -- 118,595
Current maturities of long-term debt 8,093 9,345
------------- --------------
Total current liabilities 545,911 441,749
Deferred income taxes 234,355 223,350
Deferred credits and other liabilities 243,453 240,379
------------- --------------
$2,821,192 $2,626,913
============= ==============
Condensed Statements of Cash Flows
--------------------------------------- Six Months Ended March 31
(000s) 2004 2003
------------- ------------
Net income $87,846 $74,325
Cash flows from operating activities
Cumulative effect of accounting change,
net of income tax benefit -- 7,773
Gain on the sale of assets (4,898) --
Depreciation and amortization 47,212 43,085
Deferred income taxes 10,081 14,912
Changes in assets and liabilities 151,306 48,604
Other (944) (4,911)
------------- ------------
Net cash provided by operating
activities 290,603 183,788
Cash flows from investing activities
Capital expenditures (83,729) (72,876)
Acquisitions (1,950) (74,650)
Proceeds from the sale of assets 24,661 --
Other 2,878 576
------------- ------------
Net cash used in investing activities (58,140) (146,950)
Cash flows from financing activities
Net decrease in short-term debt (118,595) (116,091)
Net proceeds from issuance of long-term
debt 5,000 249,282
Proceeds from bridge loan -- 147,000
Repayment of bridge loan -- (147,000)
Repayment of long-term debt (5,546) (69,058)
Repayment of Mississippi Valley Gas debt -- (70,938)
Cash dividends paid (31,616) (26,168)
Issuance of common stock 17,594 12,486
------------- ------------
Net cash used by financing activities (133,163) (20,487)
------------- ------------
Net increase in cash and cash equivalents 99,300 16,351
Cash and cash equivalents at beginning of
period 15,683 46,827
------------- ------------
Cash and cash equivalents at end of
period $114,983 $63,178
============= ============
Three Months Ended Six Months Ended
March 31 March 31
Statistics 2004 2003 2004 2003
------------------------- ---------- ---------- ---------- ----------
Heating degree days (a) 1,772 1,812 3,012 3,219
Percent of normal (a) 97% 100% 96% 102%
Consolidated utility gas
throughput
(MMcf as metered) 97,831 100,158 166,010 171,087
Consolidated natural gas
marketing sales
volumes (MMcf) 67,172 73,371 126,089 132,697
Natural gas meters in
service 1,682,401 1,677,634 1,682,401 1,677,634
Utility average cost of
gas $6.72 $6.13 $6.58 $5.70
(a) Adjusted for weather- normalized operations. For periods beginning
October 1, 2002, the normal heating degree day calculation
utilized updated 30- year normal weather data.
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