Atmos Energy 2004 Annual Report Download - page 18

YEAR ENDED SEPTEMBER 30 2004 2003 2002 2001 2000
Balance Sheet Data at September 30 (000s)
Capital expenditures $ 190,285 $ 159,439 $ 132,252 $ 113,109 $ 75,557
Net property, plant and equipment 1,722,521 1,624,394 1,380,070 1,409,432 1,045,484
Working capital 262,644 16,248 (139,150) (90,968) (185,267)
Total assets 2,869,883 2,625,495 2,059,631 2,108,841 1,410,668
Shareholders’ equity 1,133,459 857,517 573,235 583,864 392,466
Long-term debt, excluding current maturities 861,311 862,500 668,959 691,026 361,970
Total capitalization 1,994,770 1,720,017 1,242,194 1,274,890 754,436
Income Statement Data
Operating revenues* (000s) $2,920,037 $2,799,916 $ 1,650,964 $ 1,725,481 $ 850,152
Gross profit* (000s) 562,191 534,976 431,140 375,208 325,706
Net income (000s)86,227 71,688 59,656 56,090 35,918
Net income per diluted share 1.58 1.54 1.45 1.47 1.14
Common Stock Data
Shares outstanding (000s)
End of year 62,800 51,476 41,676 40,792 31,952
Weighted average 54,416 46,496 41,250 38,247 31,594
Cash dividends per share $ 1.22 $ 1.20 $ 1.18 $ 1.16 $ 1.14
Shareholders of record 27,555 28,510 28,829 30,524 32,394
Market price – High $ 26.86 $ 25.45 $ 24.46 $ 26.25 $ 25.00
Low $ 23.68 $ 20.70 $ 18.37 $ 19.31 $ 14.75
End of year $25.19 $23.94 $21.50 $ 21.60 $ 20.63
Book value per share at end of year $ 18.05 $ 16.66 $ 13.75 $ 14.31 $ 12.28
Price/Earnings ratio at end of year 15.94 15.55 14.83 14.69 18.09
Market/Book ratio at end of year 1.40 1.44 1.56 1.51 1.68
Annualized dividend yield at end of year 4.8% 5.0% 5.5% 5.4% 5.5%
Customers and Volumes (As metered)
Consolidated utility gas sales volumes (MMcf)173,219 184,512 145,488 156,544 119,470
Consolidated utility gas transportation
volumes (MMcf)72,814 63,453 63,053 61,230 59,365
Consolidated utility throughput (MMcf)246,033 247,965 208,541 217,774 178,835
Consolidated natural gas marketing
throughput (MMcf)222,572 225,961 204,027 55,469 —
Meters in service at end of year 1,679,136 1,672,798 1,389,341 1,386,323 1,096,599
Heating degree days#3,271 3,473 3,368 4,124 2,096
Degree days as a percentage of normal 96% 101% 94% 115% 82%
Utility average cost of gas per Mcf sold $6.55 $5.76 $3.87 $ 6.82 $ 3.67
Utility average transportation fee per Mcf $.36 $.43 $.41 $.41 $ .37
Statistics
Return on average shareholders’ equity 9.1% 9.9% 9.9% 10.4% 9.3%
Number of employees 2,864 2,905 2,338 2,361 1,885
Net utility plant per meter $994 $930 $939 $ 977 $ 931
Utility operation, maintenance and
administrative expense per meter $ 116 $ 115 $ 101 $ 130+$ 135
Meters per employee – utility 612 594 616 603 591
Times interest earned before income taxes 3.05 2.75 2.55 2.83 2.28
FORWARD-LOOKING STATEMENTS 29
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,”“believes,”“estimate,”
“expect,”“forecast,”“goal,”“intends,”“objective,”
“plans,”“projection,”“seek,”“strategy” 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 discussed in this report, including
the successful integration of the Company’s acquisition
of the operations of TXU Gas, the Company’s ability to
continue to access the capital markets and other
factors discussed in the Company’s SEC filings. These
factors include the risks and uncertainties discussed
in the Company’s Form 10-K for the fiscal year ended
September 30, 2004. 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.
* In conjunction with the adoption of EITF 02-03 in fiscal 2003, 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. Fiscal years 2000-2002 have been reclassified to conform with this new presentation.
# Heating degree days for fiscal years 2001-2004 are adjusted for service areas with weather-normalized operations. Heating degree days for 2000 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.
28 CONSOLIDATED FINANCIAL AND STATISTICAL SUMMARY (2000-2004)