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Southern Union Announces Fourth Quarter And Fiscal 2011 Results

Southern Union Company (NYSE:SUG) today reported net earnings available for common stockholders for the year ended December 31, 2011, of $255.4 million ($2.02 per share), compared with $216.2 million ($1.73 per share) in the prior year. Adjusted net earnings for the same period were $241.1 million ($1.91 per share), compared with $224.2 million ($1.79 per share) in the prior year. The following table provides a reconciliation of net earnings to adjusted net earnings:

Select Non-GAAP Financial Information   Years Ended December 31,
($000s, except per share amounts)   2011   2010
Net earnings available for common stockholders $ 255,424   $ 216,213
Loss from discontinued operations $ - $ 18,100

Net earnings from continuing operations available for common stockholders

$ 255,424 $ 234,313
After-tax adjustments:
MTM loss on open economic hedges $ - $ 11,705
MTM loss recorded in prior accounting period $ (18,240 ) $ (21,641 )
Merger-related expenses $ 9,870 $ -
Litigation settlements $ (5,910 ) $ -
Provision for hurricane related repair and abandonment costs $ - $ (7,650 )
Loss on extinguishment of preferred stock $ - $ 3,295
Tax expense related to elimination of Medicare Part D subsidy $ - $ 4,216
Adjusted net earnings available for common stockholders $ 241,144 $ 224,238

Net earnings per share available to common stockholders from continuing operations

$ 2.02 $ 1.87
Net earnings per share available for common stockholders $ 2.02 $ 1.73
Adjusted net earnings per share available for common stockholders   $ 1.91     $ 1.79  

For the quarter ended December 31, 2011, the Company reported net earnings available for common stockholders of $77.0 million ($0.61 per share), compared with $55.9 million ($0.45 per share) in the prior year. Net earnings from continuing operations were $77.0 million ($0.61 per share) compared with $74.0 million ($0.59 per share) in the prior year. Adjusted net earnings available for common stockholders for the same period were $71.8 million ($0.57 per share), compared with $65.9 million ($0.53 per share) in the prior year. The following table provides a reconciliation of net earnings available for common stockholders to adjusted net earnings available for common stockholders:

Select Non-GAAP Financial Information   Quarter Ended December 31,
($000s, except per share amounts)   2011   2010
Net earnings available for common stockholders $ 76,957   $ 55,868
Loss from discontinued operations $ - $ 18,100

Net earnings from continuing operations available for common stockholders

$ 76,957 $ 73,968
After-tax adjustments:
MTM loss on open economic hedges $ - $ 3,801
MTM loss recorded in prior accounting period $ (9,568 ) $ (4,224 )
Merger-related expenses $ 4,455 $ -
Provision for hurricane related repair and abandonment costs $ - $ (7,650 )
Adjusted net earnings available for common stockholders $ 71,844 $ 65,895

Net earnings per share from continuing operations available for common stockholders

$ 0.61 $ 0.59
Net earnings per share available for common stockholders $ 0.61 $ 0.45
Adjusted net earnings per share available for common stockholders   $ 0.57     $ 0.53  

George L. Lindemann, Chairman and CEO, said, “We are pleased with our fiscal year 2011 operational results. Looking forward, we expect growth projects in our midstream business to continue to drive compelling earnings growth for the company. We also feel good about the progress we’ve made in our merger process and look forward to consummating the transaction with ETE.”

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