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Atmos Energy Corporation Reports Earnings For Fiscal 2013 First Quarter; Company Affirms Fiscal 2013 Guidance

About Atmos Energy

Atmos Energy Corporation, headquartered in Dallas, is one of the country's largest natural-gas-only distributors, serving over three million natural gas distribution customers in over 1,400 communities in nine states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also provides natural gas marketing and procurement services to industrial, commercial and municipal customers primarily in the Midwest and Southeast and manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. For more information, visit www.atmosenergy.com.
     
Atmos Energy Corporation
Financial Highlights (Unaudited)
 

Statements of Income
Three Months EndedDecember 31 Percentage
(000s except per share)   2012       2011   Change
 
Gross Profit:
Natural gas distribution segment $ 279,631 $ 283,595 (1 )%
Regulated transmission and storage segment 60,681 56,759 7 %
Nonregulated segment 22,459 15,405 46 %
Intersegment eliminations   (409 )   (367 ) (11 )%
Gross profit 362,362 355,392 2 %
 
Operation and maintenance expense 106,527 114,644 (7 )%
Depreciation and amortization 59,579 58,366 2 %
Taxes, other than income   41,334     42,911   (4 )%
Total operating expenses 207,440 215,921 (4 )%
 
Operating income 154,922 139,471 11 %
 
Miscellaneous income (expense) 698 (2,016 ) 135 %
Interest charges   30,522     35,726   (15 )%
 
Income from continuing operations
before income taxes 125,098 101,729 23 %
Income tax expense   47,750     39,345   21 %
Income from continuing operations 77,348 62,384 24 %
 
Income from discontinued operations, net of tax   3,117     6,123   (49 )%
Net income $ 80,465   $ 68,507   17 %
 
Basic earnings per share
Income per share from continuing operations $ 0.85 $ 0.68
Income per share from discontinued operations   0.04     0.07  
Net income per share – basic $ 0.89   $ 0.75  
 
Diluted earnings per share
Income per share from continuing operations $ 0.85 $ 0.68
Income per share from discontinued operations   0.03     0.07  
Net income per share – diluted $ 0.88   $ 0.75  
 
Cash dividends per share $ 0.350 $ 0.345
 
Weighted average shares outstanding:
Basic 90,359 90,254
Diluted 91,309 90,546
 
Three Months EndedDecember 31 Percentage

Summary Net Income (Loss) by Segment (000s )
  2012     2011   Change
 
Natural gas distribution – continuing operations $ 53,093 $ 44,501 19 %
Natural gas distribution – discontinued operations 3,117 6,123 (49 )%
Regulated transmission and storage 16,105 13,414 20 %
Nonregulated (4,603 ) (8,501 ) 46 %
Unrealized margins, net of tax   12,753     12,970   (2 )%
Consolidated net income $ 80,465   $ 68,507   17 %
 
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
 

Discontinued Operations
Three Months Ended
(000s) December 31
  2012     2011
 
Operating revenues $ 16,284 $ 40,630
Purchased gas cost   8,967   24,640
Gross profit 7,317 15,990
 
Operating expenses   2,820   6,728
Operating income 4,497 9,262
Other nonoperating income   348   377
Income from discontinued operations before
income taxes 4,845 9,639
Income tax expense   1,728   3,516
 
Net income from discontinued operations $ 3,117 $ 6,123
   
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
 
 

Condensed Balance Sheets
December 31, September 30,
(000s)   2012   2012
 
Net property, plant and equipment $ 5,595,294 $ 5,475,604
 
Cash and cash equivalents 124,601 64,239
Accounts receivable, net 500,863 234,526
Gas stored underground 274,126 256,415
Other current assets   265,044   272,782
 
Total current assets 1,164,634 827,962
 
Goodwill and intangible assets 740,836 740,847
Deferred charges and other assets   463,454   451,262
 
$ 7,964,218 $ 7,495,675
 
 
 
Shareholders’ equity $ 2,424,005 $ 2,359,243
Long-term debt   1,956,376   1,956,305
 
Total capitalization 4,380,381 4,315,548
 
Accounts payable and accrued liabilities 367,312 215,229
Other current liabilities 446,717 489,665
Short-term debt 830,891 570,929
Current maturities of long-term debt   131   131
 
Total current liabilities 1,645,051 1,275,954
 
Deferred income taxes 1,066,273 1,015,083
Deferred credits and other liabilities   872,513   889,090
 
$ 7,964,218 $ 7,495,675
 
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
 

Condensed Statements of Cash Flows
Three Months EndedDecember 31
(000s)   2012       2011  
 
Cash flows from operating activities
 
Net income $ 80,465 $ 68,507
Depreciation and amortization 60,628 60,811
Deferred income taxes 45,951 40,042
Other 3,242 4,692
Changes in assets and liabilities   (160,428 )   (189,343 )
Net cash provided (used) by operating activities 29,858 (15,291 )
 
Cash flows from investing activities
 
Capital expenditures (190,027 ) (154,394 )
Other, net   (1,273 )   (1,080 )
Net cash used in investing activities (191,300 ) (155,474 )
 
Cash flows from financing activities
 
Net increase in short-term debt 256,933 173,905
Repayment of long-term debt (2,303 )
Cash dividends paid (31,992 ) (31,517 )
Repurchase of common stock (12,535 )
Repurchase of equity awards (3,124 ) (3,120 )
Issuance of common stock   (13 )   76  
Net cash provided by financing activities   221,804     124,506  
 
Net increase (decrease) in cash and cash equivalents 60,362 (46,259 )
Cash and cash equivalents at beginning of period   64,239     131,419  
Cash and cash equivalents at end of period $ 124,601   $ 85,160  
   
Three Months EndedDecember 31

Statistics, including discontinued operations
  2012     2011  
Consolidated natural gas distributionthroughput (MMcf as metered) 113,699 121,748
Consolidated regulated transmission and storagetransportation volumes (MMcf) 108,743 105,037
Consolidated nonregulated delivered gas salesvolumes (MMcf) 84,718 90,870
Natural gas distribution meters in service 3,137,298 3,203,008
Natural gas distribution average cost of gas $ 4.93 $ 4.78
Nonregulated net physical position (Bcf) 25.8 35.6

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