Atmos Energy Corporation (NYSE:ATO) today reported consolidated
results for its fiscal year and fourth quarter ended September 30,
2006. Fiscal year 2006 net income was $147.7 million, or $1.82 per
diluted share, compared to net income of $135.8 million, or $1.72
per diluted share the prior year. Fiscal 2006 results were in line
with First Call�s mean estimate of $1.82 per diluted share.
Excluding the impact of a nonrecurring, noncash after-tax charge of
$14.6 million, or $0.18 per diluted share, associated with the
impairment of irrigation properties in the West Texas Utility
Division, fiscal 2006 net income was $162.3 million, or $2.00 per
diluted share. Nonutility businesses contributed $94.7 million of
net income, or $1.17 per diluted share, in fiscal 2006. Natural gas
marketing gross profit for fiscal 2006 included unrealized
mark-to-market gains of $17.2 million, compared with unrealized
losses of $26.0 million for the prior year. Unrealized gains and
losses are temporary and should reverse in future periods. Utility
operations contributed $53.0 million of net income, or $0.65 per
diluted share, in fiscal 2006. Utility gross profit, which was
budgeted to reflect 30-year normal weather, was adversely affected
by approximately $49.2 million primarily from weather that was 13
percent warmer than normal and an $8.0 million reduction due to the
impact of Hurricane Katrina. Atmos Energy expects fiscal 2007
earnings to be in the range of $1.90 to $2.00 per diluted share.
For the three months ended September 30, 2006, net income was $6.1
million, or $0.07 per diluted share, compared with a net loss of
$16.8 million, or $0.21 per diluted share for the same period last
year. Atmos Energy historically reports a loss in the fourth
quarter of its fiscal year because utility customers� natural gas
usage is lowest in the summer months. Results for the fiscal 2006
fourth quarter include the negative impact of a nonrecurring
after-tax charge of $14.6 million, or $0.18 per diluted share
associated with the irrigation properties impairment mentioned
above. The nonutility businesses contributed $37.1 million of net
income, or $0.45 per diluted share for the current quarter. Natural
gas marketing gross profit for the three months ended September 30,
2006, includes $55.6 million of unrealized mark-to-market gains.
�Our complementary business strategy has paid off nicely again this
year,� said Robert W. Best, chairman, president and chief executive
officer of Atmos Energy Corporation. �While weather had a negative
impact on our utility operations, the unprecedented contribution
from our nonutility marketing business allowed us to deliver on our
2006 earnings goal.� �In another positive development, significant
rate design changes in our two largest utility divisions should
insulate over 90 percent of our utility margins from warm weather
going forward, providing a stable platform to deliver core earnings
growth at the utility. With our opportunities for growth in both
the utility and nonutility businesses, we believe Atmos Energy is
well positioned to continue the pattern of earnings growth in the 4
percent to 6 percent range,� Best said. Results for the Year Ended
September 30, 2006 Consolidated gross profit for the fiscal year
ended September 30, 2006, was approximately $1.2 billion, compared
with $1.1 billion in the prior year. The $98.9 million increase
reflects increases across all of the company�s business segments.
Utility gross profit increased $17.7 million to $925.1 million for
fiscal 2006, compared with $907.4 million in the prior year, before
intersegment eliminations. Consolidated utility throughput
decreased from 411.1 billion cubic feet (Bcf) in fiscal 2005 to
394.0 Bcf in fiscal 2006. The increase in utility gross profit
primarily reflects higher franchise fees and state gross receipts
taxes year over year, which are paid by utility customers and have
no permanent effect on net income. Additionally, gross profit
increased by approximately $13.8 million due to rate adjustments
resulting from the company�s 2004 and 2005 filings under the Texas
Gas Reliability Infrastructure Program (GRIP). Finally, utility
gross profit reflects the recognition of $6.2 million that had been
previously deferred in Louisiana related to a 2004 rate filing.
These increases were partially offset by weather, as adjusted for
jurisdictions with weather-normalized rates, that was 2 percent
warmer than the prior year, which resulted in a $22.9 million
decrease in utility gross profit and related throughput, primarily
in the Mid-Tex Division where weather was 11 percent warmer than
the prior year. Additionally, utility gross profit decreased
approximately $2.9 million year-over-year due to the negative
impact of Hurricane Katrina. Natural gas marketing gross profit
increased $68.6 million to $130.6 million for fiscal 2006, compared
with $62.0 million last year, before intersegment eliminations.
This increase reflects Atmos Energy Marketing�s ability to capture
higher margins in a volatile natural gas market in its marketing
operations, coupled with a favorable movement in unrealized margin.
For fiscal 2006, the storage and marketing margin of $130.6 million
included a favorable $17.2 million mark-to-market impact, which
resulted from the change in value of the physical/financial
portfolio from September 30, 2005. For fiscal 2005, the storage and
marketing margin of $62.0 million included a negative $26.0 million
mark-to-market impact, which resulted from the change in value of
the physical/financial portfolio from September 30, 2004. As of
September 30, 2006, the physical storage position was 14.5 Bcf with
equal and offsetting financial hedges, compared to a physical
storage position of 6.9 Bcf at September 30, 2005. Consolidated
natural gas marketing sales volumes were 284.0 Bcf during fiscal
2006, compared with 238.1 Bcf for fiscal 2005. Pipeline and storage
gross profit was $159.7 million for fiscal 2006, compared with
$146.5 million for fiscal 2005. Consolidated pipeline and storage
throughput increased to 410.5 Bcf in fiscal 2006 from 375.6 Bcf in
fiscal 2005. The $13.2 million increase in gross profit was
primarily attributable to higher transportation and related
services margins coupled with increased throughput on the Atmos
Pipeline-Texas system and Atmos Pipeline & Storage, LLC�s
ability to capture more favorable arbitrage spreads in its asset
management contracts. These increases were partially offset by the
absence of inventory sales of $3.0 million realized in the prior
year. Consolidated operation and maintenance expense for fiscal
2006 was $433.4 million, compared with $416.3 million for fiscal
2005. Excluding the provision for doubtful accounts, operation and
maintenance expense for the fiscal year ended September 30, 2006,
increased $15.6 million compared with the prior year. The increase
was primarily attributable to a net increase in administrative
costs year-over-year and higher line locate and facilities costs.
However, these increases were partially offset by the absence of
$2.1 million of merger and integration expenses that were fully
amortized in the fiscal 2005 first quarter. The provision for
doubtful accounts increased $1.5 million to $21.8 million for
fiscal 2006, compared with $20.3 million in the prior year. The
increase was mainly attributable to increases in the utility
segment provision for doubtful accounts due to increased collection
risk associated with higher customer bills as a result of higher
natural gas prices. In the utility segment, the average cost of
natural gas for fiscal 2006 was $10.02 per Mcf, compared with $7.41
per Mcf for fiscal 2005. Taxes, other than income taxes, for fiscal
2006 were $192.0 million, compared with $174.7 million for the
prior year. The $17.3 million increase was primarily related to
franchise fees and state gross receipts taxes, both of which are
calculated as a percentage of revenue and are paid by utility
customers as a component of their monthly bills. Although these
amounts are included as a component of revenue in accordance with
the company�s tariffs, timing differences between when these
amounts are billed to customers and when the company recognizes the
associated expense may favorably or unfavorably affect net income
on a temporary basis. However, there is no permanent effect on net
income. Operating expense includes a $22.9 million noncash charge
to recognize the impairment of the West Texas Division irrigation
properties, as it was determined that this net investment could not
be recovered through future cash flows from these operations.
However, these assets will continue to be operated due to the
company�s obligation to provide natural gas service to certain
customers still served by these properties. Miscellaneous income
for fiscal 2006 was $0.9 million, compared with $2.0 million for
fiscal 2005. The $1.1 million decrease primarily reflects a $3.3
million noncash charge which was recorded during fiscal 2006
associated with an adverse regulatory ruling in Tennessee related
to the calculation of a performance-based rate mechanism associated
with gas purchases. Interest charges for fiscal 2006 were $146.6
million, compared with $132.7 million for fiscal 2005. The $13.9
million increase was primarily due to higher average outstanding
short-term debt balances used to fund natural gas purchases at
significantly higher prices, coupled with an increase in the
three-month LIBOR rate. These increases were partially offset by
$4.8 million in interest savings arising from the early payoff of
$72.5 million of the company�s First Mortgage Bonds in June 2005.
For fiscal 2006, cash flow generated from operating activities
provided cash of $311.4 million, compared with $386.9 million for
the fiscal year ended September 30, 2005. Period over period,
operating cash flow was adversely impacted by significantly higher
natural gas prices which resulted in higher cash payments for
natural gas purchases during fiscal 2006, partially offset by
increased customer account collections and reduced cash margin
deposit requirements to collateralize certain risk management
positions. Capital expenditures increased to $425.3 million for
fiscal 2006 from $333.2 million for fiscal 2005. The $92.1 million
increase in capital expenditures primarily reflects increased
spending associated with the company�s North Side Loop project in
the Dallas/Fort Worth Metroplex and other pipeline expansion
projects in the Atmos Pipeline�Texas Division, all of which were
completed during the fiscal 2006 third quarter. Increased capital
spending in the Mid-Tex Division also contributed to the increase
in capital expenditures. Results for the 2006 Fourth Quarter Ended
September 30, 2006 Consolidated gross profit for the three months
ended September 30, 2006, was $260.1 million, compared with $198.4
million for the three months ended September 30, 2005. Utility
gross profit increased $7.5 million to $159.3 million for the three
months ended September 30, 2006, compared with $151.8 million in
the same period last year, before intersegment eliminations.
Consolidated utility throughput increased by 3.6 Bcf to 63.0 Bcf
for the three months ended September 30, 2006, compared with 59.4
Bcf for the prior year quarter. The increase in utility gross
profit primarily reflects increased margins arising from rate
adjustments received under GRIP and the Louisiana Division�s 2005
RSC filed in August 2006. Louisiana Division gross profit also
increased $1.9 million compared with the prior-year quarter due to
the partial restoration of service in the areas affected by
Hurricane Katrina. Natural gas marketing gross profit was $61.2
million for the three months ended September 30, 2006, compared
with $13.6 million in the same quarter last year, before
intersegment eliminations. The $47.6 million increase primarily
reflects a favorable unrealized margin variance compared with the
prior-year quarter, partially offset by a $23.7 million decrease in
realized margins attributable to less volatile market conditions in
the quarter compared with the prior-year quarter. For the fiscal
2006 fourth quarter, the storage and marketing margin of $61.2
million included a positive $55.6 million mark-to-market impact,
which resulted from the change in value of the physical/financial
portfolio from June 30, 2006. For the fourth quarter of fiscal
2005, the storage and marketing margin of $13.6 million included a
negative $15.7 million mark-to-market impact, which resulted from
the change in value of the physical/financial portfolio from June
30, 2005. Consolidated natural gas marketing sales volumes were
76.5 Bcf for the three months ended September 30, 2006, compared
with 58.4 Bcf in the prior-year quarter. Pipeline and storage gross
profit was $39.3 million for the three months ended September 30,
2006, compared with $32.7 million for the three months ended
September 30, 2005. The $6.6 million increase was primarily due to
increased throughput and increased margins from GRIP, partially
offset by the impact of narrowing pricing differentials between the
various natural gas hubs and Atmos Pipeline & Storage, LLC�s
realization of less favorable arbitrage spreads in its asset
management contracts. Consolidated pipeline and storage throughput
increased to 132.8 Bcf in the quarter compared with 121.1 Bcf in
the prior-year quarter. Consolidated operation and maintenance
expense for the three months ended September 30, 2006, decreased
$2.5 million to $108.1 million from $110.6 million for the three
months ended September 30, 2005. Excluding the provision for
doubtful accounts, operation and maintenance expense for the three
months ended September 30, 2006, was flat compared to the
prior-year quarter as net increases in employee compensation and
benefits costs were offset by lower insurance and other expenses.
The provision for doubtful accounts decreased $2.5 million during
the three months ended September 30, 2006, compared with the prior
year quarter, due to reduced collection risk associated with lower
natural gas prices in the current-year quarter compared with the
prior-year quarter. In the utility segment, the average cost of
natural gas for the three months ended September 30, 2006, was
$7.29 per Mcf, compared with $9.05 per Mcf for the three months
ended September 30, 2005. Operating expense was also adversely
impacted by the $22.9 million charge associated with the impairment
of the West Texas Division�s irrigation properties discussed above.
Interest charges for the three months ended September 30, 2006,
were $39.0 million, compared with $33.4 million for the three
months ended September 30, 2005. The $5.6 million increase was
primarily due to higher average outstanding short-term debt
balances used to fund working capital needs, coupled with an
increase in the three-month LIBOR rate. These increases were
partially offset by $1.2 million in interest savings arising from
the early payoff of $72.5 million of the company�s First Mortgage
Bonds in June 2005. Outlook Atmos Energy said its leadership
remains focused on enhancing shareholder value by delivering
consistent earnings growth and providing a sound and attractive
dividend. Atmos Energy expects fiscal 2007 earnings to be in the
range of $1.90 to $2.00 per diluted share, consistent with its goal
of growing earnings at 4 percent to 6 percent each year. Capital
expenditures for fiscal 2007 are expected to be in the range of
$425 million to $440 million. Conference Call to be Webcast
November 8, 2006 Atmos Energy Corporation will host a conference
call with financial analysts to discuss the financial results for
the fiscal year ended September 30, 2006, on Wednesday, November 8,
2006, at 7 a.m. CST. The telephone number is 800-257-1836. The
conference call will be webcast live on the Atmos Energy Web site
at www.atmosenergy.com. A slide presentation also will be available
on the company�s Web site, and a playback of the call will be
available on the Web site later that day. Atmos Energy officers who
will participate in the conference call include: Bob Best,
chairman, president and chief executive officer; Pat Reddy, senior
vice president and chief financial officer; Kim Cocklin, senior
vice president, utility operations; Mark Johnson, senior vice
president, nonutility operations; Fred Meisenheimer, vice president
and controller; Laurie Sherwood, vice president, corporate
development, and treasurer; and Susan Giles, vice president,
investor relations. Highlights and Recent Developments Mid-Tex
Division Rate Case Update In May 2006, the Mid-Tex Division filed
its case with the Railroad Commission of Texas (RRC) seeking
incremental annual revenues of $60 million and several rate design
changes including WNA, Revenue Stabilization and recovery of the
gas cost component of bad debt. The filing was in response to
actions taken by approximately 80 cities in the Mid-Tex Division,
including the City of Dallas, which requires the Mid-Tex Division
to demonstrate that existing distribution rates are just and
reasonable. In July 2006, the Mid-Tex Division and the RRC agreed
to implement WNA on both an interim and permanent basis, effective
October 1, 2006. The agreement provided that the interim WNA will
use 30 years of weather history, while the parties will be allowed
to contest the appropriate period of weather data to use in
calculating normal weather for the permanent WNA. The permanent WNA
will also be modified or adjusted to conform to the rate design
that the RRC ultimately approves in the case. Hearings in the case
commenced on October 31, 2006, and are currently expected to
continue through November 15, 2006. A final decision in the case is
expected from the RRC by April 2007. Any rate increase granted by
the RRC would be effective prospectively from the date of the final
order; however, any rate decrease would be effective from May 31,
2006. Natural Gas Gathering Project Receives FERC Exemption In
October 2006, the Company announced that its Straight Creek
Gathering, L.P. unit will perform a gathering function and that the
facilities it plans to build in eastern Kentucky will be exempt
from FERC jurisdiction. Announced in May 2006, the Straight Creek
Gas Gathering System will consist of a 60-mile, 20-inch diameter
gathering backbone pipeline which should help relieve severe gas
gathering and transportation constraints that historically have
burdened natural gas producers in the area and should improve
delivery reliability to natural gas customers. Construction is
expected to begin in the first half of fiscal 2007, as soon as all
required regulatory approvals are received, with operations
expected to begin early in fiscal 2008. The total cost of the
project is expected to be between $75 million and $80 million.
Forward-Looking Statements The matters discussed in this news
release 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 news release 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 news release or in any of the company�s
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 news release, including the risks and
uncertainties relating to regulatory trends and decisions, the
company�s ability to continue to access the capital markets and the
other factors discussed in the company�s filings with the
Securities and Exchange Commission. These factors include the risks
and uncertainties discussed in the company�s Annual Report on Form
10-K for the fiscal year ended September 30, 2005, and the
company�s Quarterly Report on Form 10-Q for the three and nine
months ended June 30, 2006. Although the company believes 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. The company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. About Atmos Energy Atmos Energy Corporation,
headquartered in Dallas, is the country�s largest natural gas-only
distributor, serving about 3.2 million gas utility customers. Atmos
Energy�s utility operations serve more than 1,500 communities in 12
states from the Blue Ridge Mountains in the East to the Rocky
Mountains in the West. Atmos Energy�s nonutility operations,
organized under Atmos Energy Holdings, Inc., operate in 22 states.
They provide natural gas marketing and procurement services to
industrial, commercial and municipal customers and manage
company-owned natural gas pipeline and storage assets, including
one of the largest intrastate natural gas pipeline systems in
Texas. Atmos Energy is a Fortune 500 company. For more information,
visit www.atmosenergy.com. Atmos Energy Corporation Financial
Highlights (Unaudited) Statements of Income Year EndedSeptember 30
Percentage Change (000s except per share) � 2006� � 2005� �
Operating revenues: Utility segment $ 3,650,591� $ 3,103,140�
Natural gas marketing segment 3,156,524� 2,106,278� Pipeline and
storage segment 160,567� 153,289� Other nonutility segment 5,898�
5,302� Intersegment eliminations � (821,217) � (406,136) 6,152,363�
4,961,873� Purchased gas cost: Utility segment 2,725,534�
2,195,774� Natural gas marketing segment 3,025,897� 2,044,305�
Pipeline and storage segment 838� 6,811� Other nonutility segment
�� �� Intersegment eliminations � (816,476) � (402,654) �
4,935,793� � 3,844,236� Gross profit 1,216,570� 1,117,637� 9% �
Operation and maintenance expense 433,418� 416,281� 4% Depreciation
and amortization 185,596� 178,005� 4% Taxes, other than income
191,993� 174,696� 10% Impairment of long-lived assets � 22,947� �
�� 100% Total operating expenses 833,954� 768,982� 8% � Operating
income 382,616� 348,655� 10% � Miscellaneous income 881� 2,021�
(56)% Interest charges � 146,607� � 132,658� 11% � Income before
income taxes 236,890� 218,018� 9% Income tax expense � 89,153� �
82,233� 8% Net income $ 147,737� $ 135,785� 9% � Basic net income
per share $ 1.83� $ 1.73� Diluted net income per share $ 1.82� $
1.72� � Cash dividends per share $ 1.26� $ 1.24� � Weighted average
shares outstanding: Basic 80,731� 78,508� Diluted 81,390� 79,012�
Year EndedSeptember 30 Percentage Summary Net Income by Segment
(000s) � 2006� � 2005� Change � Utility $ 53,002� $ 81,117� (35)%
Natural gas marketing 58,566� 23,404� 150% Pipeline and storage
35,624� 30,599� 16% Other nonutility � 545� � 665� (18)%
Consolidated net income $ 147,737� $ 135,785� 9 % Atmos Energy
Corporation Financial Highlights, continued (Unaudited) Statements
of Income Three Months EndedSeptember 30 Percentage Change (000s
except per share) � 2006� � 2005� � Operating revenues: Utility
segment $ 395,917� $ 452,347� Natural gas marketing segment
673,603� 632,751� Pipeline and storage segment 39,510� 30,604�
Other nonutility segment 1,398� 1,244� Intersegment eliminations �
(138,974) � (115,659) 971,454� 1,001,287� Purchased gas cost:
Utility segment 236,628� 300,593� Natural gas marketing segment
612,386� 619,177� Pipeline and storage segment 248� (2,084) Other
nonutility segment �� �� Intersegment eliminations � (137,885) �
(114,765) � 711,377� � 802,921� Gross profit 260,077� 198,366� 31%
� Operation and maintenance expense 108,123� 110,641� (2)%
Depreciation and amortization 48,422� 45,234� 7% Taxes, other than
income 33,302� 34,159� (3)% Impairment of long-lived assets �
22,947� � �� 100% Total operating expenses 212,794� 190,034� 12% �
Operating income 47,283� 8,332� 467% � Miscellaneous income
(expense) 1,909� (846) 326% Interest charges � 38,982� � 33,354�
17% � Income (loss) before income taxes 10,210� (25,868) 139%
Income tax expense (benefit) � 4,151� � (9,066) 146% Net income
(loss) $ 6,059� $ (16,802) 136% � Basic net income (loss) per share
$ 0.07� $ (0.21) Diluted net income (loss) per share $ 0.07� $
(0.21) � Cash dividends per share $ .315� $ .310� � Weighted
average shares outstanding: Basic 81,073� 80,030� Diluted 81,762�
80,030� Three Months EndedSeptember 30 Percentage Change Summary
Net Income (Loss) by Segment (000s) � 2006� � 2005� � Utility $
(31,068) $ (22,889) 36% Natural gas marketing 30,351� 3,991� 660%
Pipeline and storage 6,538� 2,035� 221% Other nonutility � 238� �
61� 290% Consolidated net income (loss) $ 6,059� $ (16,802) 136%
Atmos Energy Corporation Financial Highlights, continued
(Unaudited) � Condensed Balance Sheets September 30, 2006 September
30, 2005 (000s) � Net property, plant and equipment $ 3,629,156� $
3,374,367� � Cash and cash equivalents 75,815� 40,116� Cash held on
deposit in margin account 35,647� 80,956� Accounts receivable, net
374,629� 454,313� Gas stored underground 461,502� 450,807� Other
current assets � 163,742� � 238,238� � Total current assets
1,111,335� 1,264,430� � Goodwill and intangible assets 738,521�
737,787� Deferred charges and other assets � 234,325� � 276,943� �
$ 5,713,337� $ 5,653,527� � � � Shareholders� equity $ 1,648,098� $
1,602,422� Long-term debt � 2,180,362� � 2,183,104� � Total
capitalization 3,828,460� 3,785,526� � Accounts payable and accrued
liabilities 345,108� 461,314� Other current liabilities 388,451�
503,368� Short-term debt 382,416� 144,809� Current maturities of
long-term debt � 3,186� � 3,264� � Total current liabilities
1,119,161� 1,112,755� � Deferred income taxes 299,962� 292,207�
Deferred credits and other liabilities � 465,754� � 463,039� � $
5,713,337� $ 5,653,527� Atmos Energy Corporation Financial
Highlights, continued (Unaudited) � Condensed Statements of Cash
Flows Year Ended September 30 (000s) 2006� 2005� � Cash flows from
operating activities � Net income $ 147,737� $ 135,785� Impairment
of long-lived assets 22,947� �� Depreciation and amortization
185,967� 178,796� Deferred income taxes 86,128� 12,669� Changes in
assets and liabilities (149,860) 48,172� Other � 18,530� � 11,522�
Net cash provided by operating activities 311,449� 386,944� � Cash
flows from investing activities � Capital expenditures (425,324)
(333,183) Acquisitions �� (1,916,696) Other, net � (5,767) �
(2,131) Net cash used in investing activities (431,091) (2,252,010)
� Cash flows from financing activities � Net increase in short-term
debt 237,607� 144,809� Net proceeds from issuance of long-term debt
�� 1,385,847� Repayment of long-term debt (3,264) (103,425)
Settlement of Treasury lock agreements �� (43,770) Cash dividends
paid (102,275) (98,978) Net proceeds from equity offering ��
381,584� Issuance of common stock � 23,273� � 37,183� Net cash
provided by financing activities � 155,341� � 1,703,250� � Net
increase (decrease) in cash and cash equivalents 35,699� (161,816)
Cash and cash equivalents at beginning of period � 40,116� �
201,932� Cash and cash equivalents at end of period $ 75,815� $
40,116� Three Months EndedSeptember 30 Year EndedSeptember 30
Statistics 2006� 2005� 2006� 2005� Heating degree days (a) 19� 8�
2,527� 2,587� Percent of normal (a) 120% 47% 87% 89% Consolidated
utility gas throughput(MMcf as metered) 63,049� 59,422� 393,995�
411,134� Consolidated natural gas marketing salesvolumes (MMcf)
76,544� 58,418� 283,962� 238,097� Consolidated pipeline
transportationvolumes (MMcf) 132,784� 121,076� 410,505� 375,604�
Natural gas meters in service 3,181,199� 3,157,840� 3,181,199�
3,157,840� Utility average cost of gas $7.29� $9.05� $10.02� $7.41�
� (a) Adjusted for weather-normalized operations. Atmos Energy
Corporation (NYSE:ATO) today reported consolidated results for its
fiscal year and fourth quarter ended September 30, 2006. -- Fiscal
year 2006 net income was $147.7 million, or $1.82 per diluted
share, compared to net income of $135.8 million, or $1.72 per
diluted share the prior year. Fiscal 2006 results were in line with
First Call's mean estimate of $1.82 per diluted share. -- Excluding
the impact of a nonrecurring, noncash after-tax charge of $14.6
million, or $0.18 per diluted share, associated with the impairment
of irrigation properties in the West Texas Utility Division, fiscal
2006 net income was $162.3 million, or $2.00 per diluted share. --
Nonutility businesses contributed $94.7 million of net income, or
$1.17 per diluted share, in fiscal 2006. Natural gas marketing
gross profit for fiscal 2006 included unrealized mark-to-market
gains of $17.2 million, compared with unrealized losses of $26.0
million for the prior year. Unrealized gains and losses are
temporary and should reverse in future periods. -- Utility
operations contributed $53.0 million of net income, or $0.65 per
diluted share, in fiscal 2006. Utility gross profit, which was
budgeted to reflect 30-year normal weather, was adversely affected
by approximately $49.2 million primarily from weather that was 13
percent warmer than normal and an $8.0 million reduction due to the
impact of Hurricane Katrina. -- Atmos Energy expects fiscal 2007
earnings to be in the range of $1.90 to $2.00 per diluted share.
For the three months ended September 30, 2006, net income was $6.1
million, or $0.07 per diluted share, compared with a net loss of
$16.8 million, or $0.21 per diluted share for the same period last
year. Atmos Energy historically reports a loss in the fourth
quarter of its fiscal year because utility customers' natural gas
usage is lowest in the summer months. Results for the fiscal 2006
fourth quarter include the negative impact of a nonrecurring
after-tax charge of $14.6 million, or $0.18 per diluted share
associated with the irrigation properties impairment mentioned
above. The nonutility businesses contributed $37.1 million of net
income, or $0.45 per diluted share for the current quarter. Natural
gas marketing gross profit for the three months ended September 30,
2006, includes $55.6 million of unrealized mark-to-market gains.
"Our complementary business strategy has paid off nicely again this
year," said Robert W. Best, chairman, president and chief executive
officer of Atmos Energy Corporation. "While weather had a negative
impact on our utility operations, the unprecedented contribution
from our nonutility marketing business allowed us to deliver on our
2006 earnings goal." "In another positive development, significant
rate design changes in our two largest utility divisions should
insulate over 90 percent of our utility margins from warm weather
going forward, providing a stable platform to deliver core earnings
growth at the utility. With our opportunities for growth in both
the utility and nonutility businesses, we believe Atmos Energy is
well positioned to continue the pattern of earnings growth in the 4
percent to 6 percent range," Best said. Results for the Year Ended
September 30, 2006 Consolidated gross profit for the fiscal year
ended September 30, 2006, was approximately $1.2 billion, compared
with $1.1 billion in the prior year. The $98.9 million increase
reflects increases across all of the company's business segments.
Utility gross profit increased $17.7 million to $925.1 million for
fiscal 2006, compared with $907.4 million in the prior year, before
intersegment eliminations. Consolidated utility throughput
decreased from 411.1 billion cubic feet (Bcf) in fiscal 2005 to
394.0 Bcf in fiscal 2006. The increase in utility gross profit
primarily reflects higher franchise fees and state gross receipts
taxes year over year, which are paid by utility customers and have
no permanent effect on net income. Additionally, gross profit
increased by approximately $13.8 million due to rate adjustments
resulting from the company's 2004 and 2005 filings under the Texas
Gas Reliability Infrastructure Program (GRIP). Finally, utility
gross profit reflects the recognition of $6.2 million that had been
previously deferred in Louisiana related to a 2004 rate filing.
These increases were partially offset by weather, as adjusted for
jurisdictions with weather-normalized rates, that was 2 percent
warmer than the prior year, which resulted in a $22.9 million
decrease in utility gross profit and related throughput, primarily
in the Mid-Tex Division where weather was 11 percent warmer than
the prior year. Additionally, utility gross profit decreased
approximately $2.9 million year-over-year due to the negative
impact of Hurricane Katrina. Natural gas marketing gross profit
increased $68.6 million to $130.6 million for fiscal 2006, compared
with $62.0 million last year, before intersegment eliminations.
This increase reflects Atmos Energy Marketing's ability to capture
higher margins in a volatile natural gas market in its marketing
operations, coupled with a favorable movement in unrealized margin.
For fiscal 2006, the storage and marketing margin of $130.6 million
included a favorable $17.2 million mark-to-market impact, which
resulted from the change in value of the physical/financial
portfolio from September 30, 2005. For fiscal 2005, the storage and
marketing margin of $62.0 million included a negative $26.0 million
mark-to-market impact, which resulted from the change in value of
the physical/financial portfolio from September 30, 2004. As of
September 30, 2006, the physical storage position was 14.5 Bcf with
equal and offsetting financial hedges, compared to a physical
storage position of 6.9 Bcf at September 30, 2005. Consolidated
natural gas marketing sales volumes were 284.0 Bcf during fiscal
2006, compared with 238.1 Bcf for fiscal 2005. Pipeline and storage
gross profit was $159.7 million for fiscal 2006, compared with
$146.5 million for fiscal 2005. Consolidated pipeline and storage
throughput increased to 410.5 Bcf in fiscal 2006 from 375.6 Bcf in
fiscal 2005. The $13.2 million increase in gross profit was
primarily attributable to higher transportation and related
services margins coupled with increased throughput on the Atmos
Pipeline-Texas system and Atmos Pipeline & Storage, LLC's
ability to capture more favorable arbitrage spreads in its asset
management contracts. These increases were partially offset by the
absence of inventory sales of $3.0 million realized in the prior
year. Consolidated operation and maintenance expense for fiscal
2006 was $433.4 million, compared with $416.3 million for fiscal
2005. Excluding the provision for doubtful accounts, operation and
maintenance expense for the fiscal year ended September 30, 2006,
increased $15.6 million compared with the prior year. The increase
was primarily attributable to a net increase in administrative
costs year-over-year and higher line locate and facilities costs.
However, these increases were partially offset by the absence of
$2.1 million of merger and integration expenses that were fully
amortized in the fiscal 2005 first quarter. The provision for
doubtful accounts increased $1.5 million to $21.8 million for
fiscal 2006, compared with $20.3 million in the prior year. The
increase was mainly attributable to increases in the utility
segment provision for doubtful accounts due to increased collection
risk associated with higher customer bills as a result of higher
natural gas prices. In the utility segment, the average cost of
natural gas for fiscal 2006 was $10.02 per Mcf, compared with $7.41
per Mcf for fiscal 2005. Taxes, other than income taxes, for fiscal
2006 were $192.0 million, compared with $174.7 million for the
prior year. The $17.3 million increase was primarily related to
franchise fees and state gross receipts taxes, both of which are
calculated as a percentage of revenue and are paid by utility
customers as a component of their monthly bills. Although these
amounts are included as a component of revenue in accordance with
the company's tariffs, timing differences between when these
amounts are billed to customers and when the company recognizes the
associated expense may favorably or unfavorably affect net income
on a temporary basis. However, there is no permanent effect on net
income. Operating expense includes a $22.9 million noncash charge
to recognize the impairment of the West Texas Division irrigation
properties, as it was determined that this net investment could not
be recovered through future cash flows from these operations.
However, these assets will continue to be operated due to the
company's obligation to provide natural gas service to certain
customers still served by these properties. Miscellaneous income
for fiscal 2006 was $0.9 million, compared with $2.0 million for
fiscal 2005. The $1.1 million decrease primarily reflects a $3.3
million noncash charge which was recorded during fiscal 2006
associated with an adverse regulatory ruling in Tennessee related
to the calculation of a performance-based rate mechanism associated
with gas purchases. Interest charges for fiscal 2006 were $146.6
million, compared with $132.7 million for fiscal 2005. The $13.9
million increase was primarily due to higher average outstanding
short-term debt balances used to fund natural gas purchases at
significantly higher prices, coupled with an increase in the
three-month LIBOR rate. These increases were partially offset by
$4.8 million in interest savings arising from the early payoff of
$72.5 million of the company's First Mortgage Bonds in June 2005.
For fiscal 2006, cash flow generated from operating activities
provided cash of $311.4 million, compared with $386.9 million for
the fiscal year ended September 30, 2005. Period over period,
operating cash flow was adversely impacted by significantly higher
natural gas prices which resulted in higher cash payments for
natural gas purchases during fiscal 2006, partially offset by
increased customer account collections and reduced cash margin
deposit requirements to collateralize certain risk management
positions. Capital expenditures increased to $425.3 million for
fiscal 2006 from $333.2 million for fiscal 2005. The $92.1 million
increase in capital expenditures primarily reflects increased
spending associated with the company's North Side Loop project in
the Dallas/Fort Worth Metroplex and other pipeline expansion
projects in the Atmos Pipeline-Texas Division, all of which were
completed during the fiscal 2006 third quarter. Increased capital
spending in the Mid-Tex Division also contributed to the increase
in capital expenditures. Results for the 2006 Fourth Quarter Ended
September 30, 2006 Consolidated gross profit for the three months
ended September 30, 2006, was $260.1 million, compared with $198.4
million for the three months ended September 30, 2005. Utility
gross profit increased $7.5 million to $159.3 million for the three
months ended September 30, 2006, compared with $151.8 million in
the same period last year, before intersegment eliminations.
Consolidated utility throughput increased by 3.6 Bcf to 63.0 Bcf
for the three months ended September 30, 2006, compared with 59.4
Bcf for the prior year quarter. The increase in utility gross
profit primarily reflects increased margins arising from rate
adjustments received under GRIP and the Louisiana Division's 2005
RSC filed in August 2006. Louisiana Division gross profit also
increased $1.9 million compared with the prior-year quarter due to
the partial restoration of service in the areas affected by
Hurricane Katrina. Natural gas marketing gross profit was $61.2
million for the three months ended September 30, 2006, compared
with $13.6 million in the same quarter last year, before
intersegment eliminations. The $47.6 million increase primarily
reflects a favorable unrealized margin variance compared with the
prior-year quarter, partially offset by a $23.7 million decrease in
realized margins attributable to less volatile market conditions in
the quarter compared with the prior-year quarter. For the fiscal
2006 fourth quarter, the storage and marketing margin of $61.2
million included a positive $55.6 million mark-to-market impact,
which resulted from the change in value of the physical/financial
portfolio from June 30, 2006. For the fourth quarter of fiscal
2005, the storage and marketing margin of $13.6 million included a
negative $15.7 million mark-to-market impact, which resulted from
the change in value of the physical/financial portfolio from June
30, 2005. Consolidated natural gas marketing sales volumes were
76.5 Bcf for the three months ended September 30, 2006, compared
with 58.4 Bcf in the prior-year quarter. Pipeline and storage gross
profit was $39.3 million for the three months ended September 30,
2006, compared with $32.7 million for the three months ended
September 30, 2005. The $6.6 million increase was primarily due to
increased throughput and increased margins from GRIP, partially
offset by the impact of narrowing pricing differentials between the
various natural gas hubs and Atmos Pipeline & Storage, LLC's
realization of less favorable arbitrage spreads in its asset
management contracts. Consolidated pipeline and storage throughput
increased to 132.8 Bcf in the quarter compared with 121.1 Bcf in
the prior-year quarter. Consolidated operation and maintenance
expense for the three months ended September 30, 2006, decreased
$2.5 million to $108.1 million from $110.6 million for the three
months ended September 30, 2005. Excluding the provision for
doubtful accounts, operation and maintenance expense for the three
months ended September 30, 2006, was flat compared to the
prior-year quarter as net increases in employee compensation and
benefits costs were offset by lower insurance and other expenses.
The provision for doubtful accounts decreased $2.5 million during
the three months ended September 30, 2006, compared with the prior
year quarter, due to reduced collection risk associated with lower
natural gas prices in the current-year quarter compared with the
prior-year quarter. In the utility segment, the average cost of
natural gas for the three months ended September 30, 2006, was
$7.29 per Mcf, compared with $9.05 per Mcf for the three months
ended September 30, 2005. Operating expense was also adversely
impacted by the $22.9 million charge associated with the impairment
of the West Texas Division's irrigation properties discussed above.
Interest charges for the three months ended September 30, 2006,
were $39.0 million, compared with $33.4 million for the three
months ended September 30, 2005. The $5.6 million increase was
primarily due to higher average outstanding short-term debt
balances used to fund working capital needs, coupled with an
increase in the three-month LIBOR rate. These increases were
partially offset by $1.2 million in interest savings arising from
the early payoff of $72.5 million of the company's First Mortgage
Bonds in June 2005. Outlook Atmos Energy said its leadership
remains focused on enhancing shareholder value by delivering
consistent earnings growth and providing a sound and attractive
dividend. Atmos Energy expects fiscal 2007 earnings to be in the
range of $1.90 to $2.00 per diluted share, consistent with its goal
of growing earnings at 4 percent to 6 percent each year. Capital
expenditures for fiscal 2007 are expected to be in the range of
$425 million to $440 million. Conference Call to be Webcast
November 8, 2006 Atmos Energy Corporation will host a conference
call with financial analysts to discuss the financial results for
the fiscal year ended September 30, 2006, on Wednesday, November 8,
2006, at 7 a.m. CST. The telephone number is 800-257-1836. The
conference call will be webcast live on the Atmos Energy Web site
at www.atmosenergy.com. A slide presentation also will be available
on the company's Web site, and a playback of the call will be
available on the Web site later that day. Atmos Energy officers who
will participate in the conference call include: Bob Best,
chairman, president and chief executive officer; Pat Reddy, senior
vice president and chief financial officer; Kim Cocklin, senior
vice president, utility operations; Mark Johnson, senior vice
president, nonutility operations; Fred Meisenheimer, vice president
and controller; Laurie Sherwood, vice president, corporate
development, and treasurer; and Susan Giles, vice president,
investor relations. Highlights and Recent Developments Mid-Tex
Division Rate Case Update In May 2006, the Mid-Tex Division filed
its case with the Railroad Commission of Texas (RRC) seeking
incremental annual revenues of $60 million and several rate design
changes including WNA, Revenue Stabilization and recovery of the
gas cost component of bad debt. The filing was in response to
actions taken by approximately 80 cities in the Mid-Tex Division,
including the City of Dallas, which requires the Mid-Tex Division
to demonstrate that existing distribution rates are just and
reasonable. In July 2006, the Mid-Tex Division and the RRC agreed
to implement WNA on both an interim and permanent basis, effective
October 1, 2006. The agreement provided that the interim WNA will
use 30 years of weather history, while the parties will be allowed
to contest the appropriate period of weather data to use in
calculating normal weather for the permanent WNA. The permanent WNA
will also be modified or adjusted to conform to the rate design
that the RRC ultimately approves in the case. Hearings in the case
commenced on October 31, 2006, and are currently expected to
continue through November 15, 2006. A final decision in the case is
expected from the RRC by April 2007. Any rate increase granted by
the RRC would be effective prospectively from the date of the final
order; however, any rate decrease would be effective from May 31,
2006. Natural Gas Gathering Project Receives FERC Exemption In
October 2006, the Company announced that its Straight Creek
Gathering, L.P. unit will perform a gathering function and that the
facilities it plans to build in eastern Kentucky will be exempt
from FERC jurisdiction. Announced in May 2006, the Straight Creek
Gas Gathering System will consist of a 60-mile, 20-inch diameter
gathering backbone pipeline which should help relieve severe gas
gathering and transportation constraints that historically have
burdened natural gas producers in the area and should improve
delivery reliability to natural gas customers. Construction is
expected to begin in the first half of fiscal 2007, as soon as all
required regulatory approvals are received, with operations
expected to begin early in fiscal 2008. The total cost of the
project is expected to be between $75 million and $80 million.
Forward-Looking Statements The matters discussed in this news
release 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 news release 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 news release or in any of the company's
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 news release, including the risks and
uncertainties relating to regulatory trends and decisions, the
company's ability to continue to access the capital markets and the
other factors discussed in the company's filings with the
Securities and Exchange Commission. These factors include the risks
and uncertainties discussed in the company's Annual Report on Form
10-K for the fiscal year ended September 30, 2005, and the
company's Quarterly Report on Form 10-Q for the three and nine
months ended June 30, 2006. Although the company believes 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. The company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. About Atmos Energy Atmos Energy Corporation,
headquartered in Dallas, is the country's largest natural gas-only
distributor, serving about 3.2 million gas utility customers. Atmos
Energy's utility operations serve more than 1,500 communities in 12
states from the Blue Ridge Mountains in the East to the Rocky
Mountains in the West. Atmos Energy's nonutility operations,
organized under Atmos Energy Holdings, Inc., operate in 22 states.
They provide natural gas marketing and procurement services to
industrial, commercial and municipal customers and manage
company-owned natural gas pipeline and storage assets, including
one of the largest intrastate natural gas pipeline systems in
Texas. Atmos Energy is a Fortune 500 company. For more information,
visit www.atmosenergy.com. -0- *T Atmos Energy Corporation
Financial Highlights (Unaudited) Year Ended Statements of Income
September 30 -------------------------------- Percentage (000s
except per share) 2006 2005 Change ----------- -----------
----------- Operating revenues: Utility segment $3,650,591
$3,103,140 Natural gas marketing segment 3,156,524 2,106,278
Pipeline and storage segment 160,567 153,289 Other nonutility
segment 5,898 5,302 Intersegment eliminations (821,217) (406,136)
----------- ----------- 6,152,363 4,961,873 Purchased gas cost:
Utility segment 2,725,534 2,195,774 Natural gas marketing segment
3,025,897 2,044,305 Pipeline and storage segment 838 6,811 Other
nonutility segment -- -- Intersegment eliminations (816,476)
(402,654) ----------- ----------- 4,935,793 3,844,236 -----------
----------- Gross profit 1,216,570 1,117,637 9% Operation and
maintenance expense 433,418 416,281 4% Depreciation and
amortization 185,596 178,005 4% Taxes, other than income 191,993
174,696 10% Impairment of long-lived assets 22,947 -- 100%
----------- ----------- ----------- Total operating expenses
833,954 768,982 8% Operating income 382,616 348,655 10%
Miscellaneous income 881 2,021 (56)% Interest charges 146,607
132,658 11% ----------- ----------- ----------- Income before
income taxes 236,890 218,018 9% Income tax expense 89,153 82,233 8%
----------- ----------- ----------- Net income $ 147,737 $ 135,785
9% =========== =========== =========== Basic net income per share $
1.83 $ 1.73 Diluted net income per share $ 1.82 $ 1.72 Cash
dividends per share $ 1.26 $ 1.24 Weighted average shares
outstanding: Basic 80,731 78,508 Diluted 81,390 79,012 *T -0- *T
Year Ended September 30 Percentage Summary Net Income by Segment
(000s) 2006 2005 Change --------------------------------------
--------- --------- ----------- Utility $ 53,002 $ 81,117 (35)%
Natural gas marketing 58,566 23,404 150% Pipeline and storage
35,624 30,599 16% Other nonutility 545 665 (18)% ---------
--------- ----------- Consolidated net income $147,737 $135,785 9 %
========= ========= =========== *T -0- *T Atmos Energy Corporation
Financial Highlights, continued (Unaudited) Three Months Ended
Statements of Income September 30 ---------------------------------
Percentage (000s except per share) 2006 2005 Change ----------
----------- ----------- Operating revenues: Utility segment $
395,917 $ 452,347 Natural gas marketing segment 673,603 632,751
Pipeline and storage segment 39,510 30,604 Other nonutility segment
1,398 1,244 Intersegment eliminations (138,974) (115,659)
---------- ----------- 971,454 1,001,287 Purchased gas cost:
Utility segment 236,628 300,593 Natural gas marketing segment
612,386 619,177 Pipeline and storage segment 248 (2,084) Other
nonutility segment -- -- Intersegment eliminations (137,885)
(114,765) ---------- ----------- 711,377 802,921 ----------
----------- Gross profit 260,077 198,366 31% Operation and
maintenance expense 108,123 110,641 (2)% Depreciation and
amortization 48,422 45,234 7% Taxes, other than income 33,302
34,159 (3)% Impairment of long-lived assets 22,947 -- 100%
---------- ----------- ----------- Total operating expenses 212,794
190,034 12% Operating income 47,283 8,332 467% Miscellaneous income
(expense) 1,909 (846) 326% Interest charges 38,982 33,354 17%
---------- ----------- ----------- Income (loss) before income
taxes 10,210 (25,868) 139% Income tax expense (benefit) 4,151
(9,066) 146% ---------- ----------- ----------- Net income (loss) $
6,059 $ (16,802) 136% ========== =========== =========== Basic net
income (loss) per share $ 0.07 $ (0.21) Diluted net income (loss)
per share $ 0.07 $ (0.21) Cash dividends per share $ .315 $ .310
Weighted average shares outstanding: Basic 81,073 80,030 Diluted
81,762 80,030 *T -0- *T Three Months Ended September 30 Summary Net
Income (Loss) by Segment Percentage (000s) 2006 2005 Change
-------------------------------------- --------- ---------
----------- Utility $(31,068) $(22,889) 36% Natural gas marketing
30,351 3,991 660% Pipeline and storage 6,538 2,035 221% Other
nonutility 238 61 290% --------- --------- ----------- Consolidated
net income (loss) $ 6,059 $(16,802) 136% ========= =========
=========== *T -0- *T Atmos Energy Corporation Financial
Highlights, continued (Unaudited) Condensed Balance Sheets
--------------------------------------- September 30, September 30,
(000s) 2006 2005 --------------- ------------- Net property, plant
and equipment $ 3,629,156 $3,374,367 Cash and cash equivalents
75,815 40,116 Cash held on deposit in margin account 35,647 80,956
Accounts receivable, net 374,629 454,313 Gas stored underground
461,502 450,807 Other current assets 163,742 238,238
--------------- ------------- Total current assets 1,111,335
1,264,430 Goodwill and intangible assets 738,521 737,787 Deferred
charges and other assets 234,325 276,943 ---------------
------------- $ 5,713,337 $5,653,527 =============== =============
Shareholders' equity $ 1,648,098 $1,602,422 Long-term debt
2,180,362 2,183,104 --------------- ------------- Total
capitalization 3,828,460 3,785,526 Accounts payable and accrued
liabilities 345,108 461,314 Other current liabilities 388,451
503,368 Short-term debt 382,416 144,809 Current maturities of
long-term debt 3,186 3,264 --------------- ------------- Total
current liabilities 1,119,161 1,112,755 Deferred income taxes
299,962 292,207 Deferred credits and other liabilities 465,754
463,039 --------------- ------------- $ 5,713,337 $5,653,527
=============== ============= *T -0- *T Atmos Energy Corporation
Financial Highlights, continued (Unaudited) Condensed Statements of
Cash Flows Year Ended September 30
---------------------------------------------- (000s) 2006 2005
---------- ------------ Cash flows from operating activities Net
income $ 147,737 $ 135,785 Impairment of long-lived assets 22,947
-- Depreciation and amortization 185,967 178,796 Deferred income
taxes 86,128 12,669 Changes in assets and liabilities (149,860)
48,172 Other 18,530 11,522 ---------- ------------ Net cash
provided by operating activities 311,449 386,944 Cash flows from
investing activities Capital expenditures (425,324) (333,183)
Acquisitions -- (1,916,696) Other, net (5,767) (2,131) ----------
------------ Net cash used in investing activities (431,091)
(2,252,010) Cash flows from financing activities Net increase in
short-term debt 237,607 144,809 Net proceeds from issuance of
long-term debt -- 1,385,847 Repayment of long-term debt (3,264)
(103,425) Settlement of Treasury lock agreements -- (43,770) Cash
dividends paid (102,275) (98,978) Net proceeds from equity offering
-- 381,584 Issuance of common stock 23,273 37,183 ----------
------------ Net cash provided by financing activities 155,341
1,703,250 ---------- ------------ Net increase (decrease) in cash
and cash equivalents 35,699 (161,816) Cash and cash equivalents at
beginning of period 40,116 201,932 ---------- ------------ Cash and
cash equivalents at end of period $ 75,815 $ 40,116 ==========
============ *T -0- *T Three Months Ended Year Ended September 30
September 30 Statistics 2006 2005 2006 2005
-------------------------- ---------- ---------- ----------
---------- Heating degree days (a) 19 8 2,527 2,587 Percent of
normal (a) 120% 47% 87% 89% Consolidated utility gas throughput
(MMcf as metered) 63,049 59,422 393,995 411,134 Consolidated
natural gas marketing sales volumes (MMcf) 76,544 58,418 283,962
238,097 Consolidated pipeline transportation volumes (MMcf) 132,784
121,076 410,505 375,604 Natural gas meters in service 3,181,199
3,157,840 3,181,199 3,157,840 Utility average cost of gas $7.29
$9.05 $10.02 $7.41 (a) Adjusted for weather-normalized operations.
*T
Atmos Energy (NYSE:ATO)
Historical Stock Chart
From May 2024 to Jun 2024
Atmos Energy (NYSE:ATO)
Historical Stock Chart
From Jun 2023 to Jun 2024
