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AGL Resources CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our earnings release, earnings presentation and our Form 10-Qs for both, AGL Resources and Nicor Gas are available on our website. You can access these materials by visiting aglresources.com.

Let me remind you today that we will be making some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve matters that are not historical facts and are forward-looking statements and projections could differ materially from the actual results. The factors that could cause such material differences are included in our earnings release and our 10-Qs, and they are more fully described in our most recent 10-K filings.

We also describe our business using some non-GAAP measures such as operating margin, EBIT, adjusted net income and adjusted EPS. A reconciliation of those measures to the GAAP financials is available in the appendix of our presentation as well as on our website.

So we will begin the call today with some prepared remarks before taking your questions and I will turn it over to Drew to begin.

Andrew Evans

Thanks, Steve. Congratulations, Sarah. Good morning, everyone.

Starting on slide three of our presentation, we reported GAAP earnings per diluted share for the second quarter of $0.28 for the combined enterprise, including the legacy Nicor Gas businesses.

On an adjusted basis, which excludes $2 million of after-tax costs incurred during the quarter related to the Nicor merger, diluted earnings per share were $0.30 which compares to $0.33 in the second quarter of 2011.

The primary year-over-year driver of our second quarter earnings is the addition of the Nicor businesses, the results of which are not reflected in the second quarter of 2011 GAAP comparisons. Our business performed well during the quarter, but did reflect a $0.02 per share negative impact during the quarter due to continued warmer than normal weather.

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