Atmos Energy 2003 Annual Report Download - page 16

Forward-Looking Statements
The matters discussed or incorporated by reference
in this Summary Annual Report may contain “forward-
looking statements” within the meaning of Section
27A of the Securities Act of 1933 or Section 21E of
the Securities Exchange Act of 1934. All statements
other than statements of historical fact included in
this report 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 report or in any of the Company’s other
documents or oral presentations, the words “anticipate,”
“expect,” “estimate,” “plans,” “believes,” “objective,”
“forecast,” “goal” 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 expressed or implied in the statements
relating to the Company’s strategy, operations,
markets, services, rates, recovery of costs, availability
of gas supply and other factors. A discussion of
these risks and uncertainties may be found in the
Company’s Form 10-K for the year ended September
30, 2003. 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. Further, the Company
undertakes no obligation to update or revise its
forward-looking statements, whether as a result of
new information, future events or otherwise.
Year ended September 30 2003 2002 2001 2000 1999
Balance Sheet Data at September 30 (000s)
Capital expenditures $ 159,439 $ 132,252 $ 113,109 $ 75,557 $ 110,353
Net property, plant and equipment 1,515,989 1,300,320 1,335,398 982,346 965,782
Working capital 22,282 (133,116) (86,778) (181,890) (151,622)
Total assets 2,518,508 1,981,385 2,036,180 1,348,758 1,230,537
Shareholders’ equity 857,517 573,235 583,864 392,466 377,663
Long-term debt, excluding current maturities 863,918 670,463 692,399 363,198 377,483
Total capitalization 1,721,435 1,243,698 1,276,263 755,664 755,146
Income Statement Data
Operating revenues* (000s) $ 2,799,916 $ 1,650,964 $ 1,725,481 $ 850,152 $ 690,196
Gross profit* (000s) 534,976 431,140 375,208 325,706 299,794
Net income (000s) 71,688 59,656 56,090 35,918 17,744
Net income per diluted share 1.54 1.45 1.47 1.14 .58
Common Stock Data
Shares outstanding (000s)
End of year 51,476 41,676 40,792 31,952 31,248
Weighted average 46,496 41,250 38,247 31,594 30,819
Cash dividends per share $ 1.20 $ 1.18 $ 1.16 $ 1.14 $ 1.10
Shareholders of record 28,510 28,829 30,524 32,394 35,179
Market price – High $ 25.45 $ 24.46 $ 26.25 $ 25.00 $ 32.69
Low $ 20.70 $ 18.37 $ 19.31 $ 14.75 $ 23.06
End of year $ 23.94 $ 21.50 $ 21.60 $ 20.63 $ 24.13
Book value per share at end of year $ 16.66 $ 13.75 $ 14.31 $ 12.28 $ 12.09
Price/Earnings ratio at end of year 15.55 14.83 14.69 18.09 41.59
Market/Book ratio at end of year 1.44 1.56 1.51 1.68 2.00
Annualized dividend yield at end of year 5.0% 5.5% 5.4% 5.5% 4.6%
Customers and Volumes (As metered)
Consolidated utility gas sales volumes (MMcf) 184,512 145,488 156,544 119,470 125,279
Consolidated utility gas transportation
volumes (MMcf) 63,453 63,053 61,230 59,365 55,468
Consolidated utility throughput (MMcf) 247,965 208,541 217,774 178,835 180,747
Consolidated natural gas marketing
throughput (MMcf) 225,961 204,027 55,469 ——
Meters in service at end of year 1,672,798 1,389,341 1,386,323 1,096,599 1,037,995
Heating degree days#3,473 3,368 4,124 2,096 3,374
Degree days as a percentage of normal 101% 94% 115% 82% 85%
Utility average gas sales price per Mcf sold $ 8.17 $ 6.21 $ 8.99 $ 5.91 $ 4.71
Utility average cost of gas per Mcf sold $ 5.76 $ 3.87 $ 6.82 $ 3.67 $ 2.74
Utility average transportation fee per Mcf $ .43 $ .41 $ .41 $ .37 $ .39
Statistics
Return on average shareholders’ equity 9.9% 9.9% 10.4% 9.3% 4.7%
Number of employees 2,905 2,338 2,361 1,885 2,062
Net utility plant per meter $ 865 $ 881 $ 924 $ 874 $ 884
Utility operation, maintenance and
administrative expense per meter $ 115 $ 101 $ 130)
+$ 135 $ 146
Customers per employee – utility 594 616 603 591 547
Times interest earned before income taxes 2.75 2.55 2.83 2.28 1.56
Consolidated Financial and Statistical Summary (1999-2003)
* In conjunction with the adoption of EITF 02-03, energy trading contracts resulting in delivery of a
commodity where we are the principal in the transaction are included as operating revenues or
purchased gas cost. All prior periods have been reclassified to conform with this new presentation.
# Heating degree days for 2003, 2002 and 2001 are adjusted for service areas with weather-normalized
operations. Heating degree days for years prior to 2001 are not adjusted for service areas with weather-
normalized operations, as that information was not available.
+Adjusted for partial-year results of Louisiana Gas Service Company, which was acquired in
July 2001.
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