Atmos Energy 2006 Annual Report Download - page 15

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R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M
The Board of Directors
Atmos Energy Corporation
We have audited, in accordance with the
standards of the Public Company Accounting
Oversight Board (United States), the
consolidated balance sheets of Atmos Energy
Corporation at September 30, 2006 and
2005, and the related consolidated statements
of income, shareholders’ equity, and cash
flows for each of the three years in the period
ended September 30, 2006 (not presented
herein); and in our report dated November 20,
2006, we expressed an unqualified opinion
on those consolidated financial statements.
In our opinion, the information set forth in
the accompanying condensed consolidated
financial statements is fairly stated, in all material
respects, in relation to the consolidated financial
statements from which it has been derived.
Dallas, Texas
November 20, 2006
Year Ended September 30
Dollars in t housands 2 0 0 6 2 0 05 2 0 0 4
Cash Flows from Operating Activities
Net income $ 147,737 $ 135,785 $ 86,227
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sales of assets — — (6,700)
Impairment of long-lived assets 22,947 — —
Depreciation and amortization:
Charged to depreciation and amortization 185,596 178,005 96,647
Charged to other accounts 371 791 1,465
Deferred income taxes 86,178 12,669 36,997
Other 18,480 11,522 (1,772)
Changes in assets and liabilities (149,860) 48,172 57,870
Net cash provided by operating activities 311,449 386,944 270,734
Cash Flows Used in Investing Activities
Capital expenditures (425,324) (333,183) (190,285)
Acquisitions, net of cash received — (1,916,696) (1,957)
Other, net (5,767) (2,131) (570)
Proceeds from sales of assets — — 27,919
Net cash used in investing activities (431,091) (2,252,010) (164,893)
Cash Flows from Financing Activities
Net increase (decrease) in short-term debt 237,607 144,809 (118,595)
Net proceeds from issuance of long-term debt — 1,385,847 5,000
Settlement of Treasury lock agreements — (43,770) —
Repayment of long-term debt (3,264) (103,425) (9,713)
Cash dividends paid (102,275) (98,978) (66,736)
Issuance of common stock 23,273 37,183 34,715
Net proceeds from equity offering — 381,584 235,737
Net cash provided by financing activities 155,341 1,703,250 80,408
Net increase (decrease) in cash and cash equivalents 35,699 (161,816) 186,249
Cash and cash equivalents at beginning of year 40,116 201,932 15,683
Cash and cash equivalents at end of year $ 75,815 $ 40,116 $ 201,932
C O N D E N S E D C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W S