Atmos Energy reports record first quarter results.DALLAS--(BUSINESS WIRE)--Feb. 14, 1996--Atmos Energy 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 ) Wednesday Wednesday: see week. reported a 42 percent increase in net income to a record $9.2 million, or $.59 per share, on 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. of $130.5 million for the company's 1996 first quarter ended Dec. 31, 1995. This compares with net income of $6.5 million, or $.42 per share, on operating revenues of $117.8 million for the first quarter of 1995. Average shares outstanding increased 2 percent. Winter heating sales increased due to weather that was 12 percent colder than last year's first quarter, although 2 percent warmer than normal. The weather was 13 percent warmer than normal in the same period of 1995. Results were also positively affected by rate increases implemented in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , Texas and Kentucky Kentucky, state, United StatesKentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. during 1995. Volumes of natural gas sold and transported by the company in 1996's first quarter increased 6 percent to 40.2 billion cubic feet (Bcf), compared with 37.8 Bcf a year ago. At the end of the first quarter of 1996, the company served a record 672,436 customers, an increase of 16,679 from 655,757 customers a year ago. "The weather was colder than normal in Kentucky and Louisiana for the first quarter, offsetting somewhat warmer than normal weather in Texas, Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. and Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). . We believe this quarter provides continued evidence that our strategy of geographic diversity works. "Our established corporate development program of acquiring utility properties throughout the U.S. that add value has rewarded shareholders and customers," 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. F. Stephens, Atmos president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . In addition to a 19 percent increase in residential sales volumes, sales to commercial and industrial customers, including agricultural, also increased during the current quarter compared with last year's quarter. For the 12 months ended Dec. 31, 1995, the return on average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased to 13.5 percent. Atmos completed the acquisition of the Oceana Heights Gas Company in November 1995, adding 9,200 customers in Louisiana adjacent to the company's existing service area. A rate settlement in Kentucky was partially implemented Nov. 1, 1995, with an additional $1 million increase scheduled for March 1, 1996, for a total net 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. benefit of approximately $4.0 million annually. "We believe that Atmos will continue to be successful in the increasingly competitive environment for utilities because of our competitive gas cost and operating efficiency. The company also provides customers with additional value in the service options it offers," Stephens said. The Board of Directors of Atmos today declared a regular quarterly dividend of $.24 per share, to be paid on March 11, 1996, to shareholders of record on Feb. 26, 1996. 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 provides natural gas service in Texas, Colorado, Kansas, Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , Louisiana and Kentucky through its operating
companies operating companyA business that engages in transactions with outsiders. - Energas Company, Greeley Gas Company, Trans Louisiana Gas Company and Western Kentucky Gas Company. -0- Financial Highlights (Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ ------------------
1995 1994 1995 1994
Statements of Income
(000's except per share)
-------------------------
Operating revenues $130,468 $117,848 $448,440 $472,155
Purchased gas cost 79,743 74,366 274,187 308,857
-------- -------- -------- --------
Gross profit 50,725 43,482 174,253 163,298
Operating & maintenance
expenses 22,796 20,812 89,691 93,903
Depreciation and
amortization 5,591 5,160 21,172 19,334
Taxes, other than income 4,198 4,078 16,731 16,349
Income taxes 5,195 3,646 11,123 7,762
-------- -------- -------- --------
Total operating expenses 37,780 33,696 138,717 137,348
-------- -------- -------- --------
Operating income 12,945 9,786 35,536 25,950
Other income 160 139 238 554
Interest charges, net 3,872 3,449 14,144 12,437
-------- -------- -------- --------
Net income $ 9,233 $ 6,476 $21,630 $14,067
Net income per share $0.59 $0.42 $1.40 $0.92
Cash dividends per share $0.24 $0.23 $0.93 $0.89
Average shares
outstanding 15,674 15,331 15,503 15,266
Balance Sheet Items (000's) --------------------------- Property, plant and equipment $615,366 $560,246 Net property, plant and equipment 372,638 337,765 Total assets 499,493 453,357 Total capitalization (excl. short-term debt) 291,427 284,630 Shareholders' equity 166,124 153,327 Statistics ---------- Heating degree days 1,473 1,315 3,737 3,643 Percent of normal 98% 87% 94% 91% Total volumes handled (mmcf as metered) 40,184 37,781 142,212 146,586 Meters in service (average) 667,879 653,982 Return on average shareholders' equity 13.5% 9.3% CONTACT: Atmos Energy Corporation, Dallas (Media) Margaret Watson, 214/450-4050 or (Investor/Analyst) Jack Eversull, 214/788-3729 |
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