Atmos Energy 1999 Annual Report Download - page 64

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Atmos
Energy
Corporation
60
15) RELATED PARTY TRANSACTIONS
Included in purchased gas cost were purchases from WMLLC of
$117.4 million, $124.7 million and $103.0 million in 1999, 1998 and
1997, respectively. Volumes purchased were 50.9 billion cubic feet
(“Bcf”), 53.4 Bcf and 38.6 Bcf in 1999, 1998 and 1997, respectively.
These purchases were made in a competitive open bidding process
and reflect market prices. Average prices per thousand cubic feet
(“Mcf”) for gas purchased from WMLLC were $2.31, $2.33 and
$2.67 in 1999, 1998 and 1997, respectively.
16) SUBSEQUENT EVENT
Subsequent to September 30, 1999, the Company entered into a
definitive agreement with Southwestern Energy Company
(“Southwestern”) to acquire the Missouri natural gas distribution
assets of Associated Natural Gas, a division of Arkansas Western Gas,
which is a wholly-owned subsidiary of Southwestern. Under the
terms of the agreement, the Company will purchase the Missouri gas
system for $32.0 million in cash plus working capital adjustments.
This transaction, which will add approximately 48,000 customers, is
expected to be completed by mid-year 2000, subject to approvals by
the Missouri Public Service Commission and the Federal Energy
Regulatory Commission.
17) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized unaudited quarterly financial data are presented
below. The sum of net income per share by quarter may not equal
the net income per share for the year due to variations in the weight-
ed average shares outstanding used in computing such amounts. The
Company’s natural gas and propane distribution businesses are sea-
sonal due to weather conditions in the Company’s service areas. For
further information on its effects on quarterly results, please see the
“Seasonality” discussion included in the “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” sec-
tion herein.
Quarter ended
December 31 March 31 June 30 September 30
(In thousands, except per share data)
Fiscal year 1999
Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 210,227 $ 261,426 $ 109,590 $ 108,953
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,208 112,395 53,376 42,815
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,688 50,843 412 (28,704)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,380 28,795 (5,295) (21,136)
Net income (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 .94 (.17) (.68)
Fiscal year 1998
Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 295,331 $ 288,550 $ 137,311 $ 127,016
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,601 123,971 57,366 50,898
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,952 67,203 7,882 (3,158)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,122 37,398 1,676 (3,931)
Net income (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68 1.25 .06 (.13)