WGL Holdings, Inc. (NYSE: WGL):
WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported net income determined in accordance with generally accepted accounting principles in the United States of America (GAAP) for the fiscal year ended September 30, 2012 of $139.8 million, or $2.71 per share, an increase of $22.7 million, or $0.43 per share, over net income of $117.1 million, or $2.28 per share, reported for the fiscal year ended September 30, 2011.
For the quarter ended September 30, 2012, we reported net income determined in accordance with GAAP of $7.7 million, or $0.15 per share, compared to a net loss of ($30.6) million, or ($0.60) per share, reported for the same quarter of the prior fiscal year.Financial performance is also evaluated based on non-GAAP operating earnings (loss). Non-GAAP operating earnings (loss) excludes the effects of: (i) unrealized mark-to-market gains (losses) on energy-related derivatives for our regulated utility and retail energy marketing segments; (ii) certain gains and losses associated with optimizing the utility segment’s system capacity assets; (iii) changes in the measured value of our inventory for our wholesale energy solutions segment; (iv) the financial effects of warm or cold weather that exceeds weather protection for our regulated utility segment and (v) certain unusual transactions. Refer to “Use of Non-GAAP Operating Earnings (Loss)” and supporting reconciliations attached to this news release for a detailed discussion of management’s use of this non-GAAP financial measure, as well as reconciliations of net income determined in accordance with GAAP to non-GAAP operating earnings (loss) for both our consolidated and segment results. For the fiscal year ended September 30, 2012, non-GAAP operating earnings were $138.4 million, or $2.68 per share, an increase of $22.9 million, or $0.43 per share, over non-GAAP operating earnings of $115.5 million, or $2.25 per share, for the prior fiscal year. For the fourth quarter of fiscal year 2012, our non-GAAP operating loss was ($5.0) million, or ($0.10) per share, compared to a non-GAAP operating loss of ($15.0) million, or ($0.29) per share, for the same quarter of the prior fiscal year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV