ATMOS ENERGY ANNOUNCES 1991 RESULTS
ATMOS ENERGY ANNOUNCES 1991 RESULTS DALLAS, Nov. 13 /PRNewswire/ -- Atmos Energy Corporation (NYSE: ATO)
today reported its results for the fiscal year ended Sept. 30, 1991, and its fourth consecutive annual dividend increase.
The company reported net income of $7.9 million, or $1.20 per share, on operating revenues of $336.0 million for the year. This compares with net income of $9.0 million, or $1.47 per share, on operating revenues of $352.0 million for 1990. Volumes of natural gas sold and transported by the company in 1991 were 117 billion cubic feet (Bcf) of gas, compared with 119 Bcf in 1990. The company said that its winter heating sales for the year were reduced by warmer than normal weather, and wetter weather during the summer months reduced agricultural sales for irrigation purposes, compared with record sales in 1990. For the fourth quarter, ended Sept. 30, 1991, the company experienced a net loss of $2.5 million, or $.36 per share, on operating revenues of $54.0 million. The quarter is typically unprofitable because of the seasonality of heating sales. This compares with a loss of $2.0 million, or $.33 per share, on operating revenues of approximately $55.8 million for the fourth quarter in 1990. "The company estimates that weather which was about 12 percent warmer than normal caused net income from heating sales to be approximately $2.7 million less than it would have been for the fiscal year had 30-year normal temperatures occurred. The company is looking forward to improved results in 1992. Rate increases granted in 1991 in a major portion of our West Texas service area and in Kentucky, coupled with a return to more normal weather, would add significantly to the company's bottom line in 1992. In addition, the company is continuing its programs to manage costs and expenses," said Charles K. Vaughan, Atmos chairman, president and chief executive officer. The company recently announced it has filed for a $3.4 million rate increase in its Louisiana service area, proposed to be in effect for the fiscal 1993 heating season, Vaughan said. The company continues to evaluate its rates of return in other jurisdictions. Vaughan added that the company is continuing its development of new markets, such as natural gas as a vehicle fuel. On Nov. 20, 1991, Atmos will open the nation's first network of public refueling stations serving a wide geographic area. Three facilities at retail service stations will serve West Texas, and a fourth in Louisiana will be the state's first public refueling facility. The board of directors of Atmos today declared a $.01 increase in the regular quarterly dividend on the company's common stock, its fourth consecutive annual increase. The increased regular quarterly dividend of $.31 per share will be paid on Dec. 10, 1991, to shareholders of record on Nov. 25, 1991. The indicated annual dividend is now $1.24 per share. Atmos Energy Corporation provides natural gas service to more than one-half million customers in Texas, Louisiana and Kentucky through its operating companies -- Energas Company, Trans Louisiana Gas Company and Western Kentucky Gas Company. ATMOS ENERGY CORPORATION Financial Highlights (In thousands, except per share data) Fiscal Year ended Sept. 30, 1991 1990 Operating revenues $336,047 $351,951 Net income 7,918 8,959 Net income per share 1.20 1.47 Cash dividends per share 1.20 1.16 Average shares outstanding 6,596 6,098 Three Months ended Sept. 30, 1991 1990 Operating revenues $ 54,032 $ 55,770 Net loss (2,468) (2,043) Net loss per share (.36) (.33) Cash dividends per share .30 .29 Average shares outstanding 6,775 6,101 -0- 11/13/91 /CONTACT: Margaret Watson, 214-450-4050, or Jack Eversull, 214-788-3729, both of Atmos Energy/ (ATO) CO: Atmos Energy Corporation ST: Texas, Louisiana, Kentucky IN: OIL SU: ERN JT -- NY046 -- 3914 11/13/91 11:45 EST
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|Date:||Nov 13, 1991|
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