Atmos Energy 2000 Annual Report Download - page 6

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o Our Shareholders:
A year ago, I said that we would continue
to aggressively focus on growing our utility
and non-utility operations by making
acquisitions to sustain our historical growth rate.
In 2000, we did exactly that. In fact, the number
of transactions that we have announced and com-
pleted this year is unparalleled in the history of
the Company. We also took important steps to
improve our profitability, despite the weather.
We were again challenged by weather in fiscal
2000, but we did not sit idly by as warm weather
took its toll throughout our operating territories.
We were proactive and innovative and grew our
earnings despite weather that was 18 percent
warmer than normal and two percent warmer
than last year. As a result of the steps we took in
2000, net income more than doubled from $17.7
million in 1999, to $35.9
million in 2000. Similarly,
earnings per
share also
grew from $0.58 per
diluted share in 1999
to
$1.14 in 2000.
A Year of
Unprecedented
Growth – Utility
Operations
Since 1986, Atmos’
tradi
tion of growth has
transformed
it from a regional
company with operations in
the state of Texas and a
customer base of 300,000 to
a company with a multi-state
presence, stretching
east from
the Rocky Mountains to the
Atlantic Seaboard and serving
more than one million cus-
tomers. In 2000, we proved
once again that
Atmos is a
successful acquirer and integrator of natural
gas utility operations.
In April, we announced our largest acquisi-
tion
since 1997 – the purchase of the assets of
Louisiana Gas Service Company, a division of
Citizens Communications Company, and LGS
Natural Gas Company, a Citizens subsidiary, for
$365 million. When completed
in fiscal 2001, this acquisition
will add 279,000 meters to our
current Louisiana operations
and will make Atmos the largest
natural gas distribution company
in the state of Louisiana.
In May, we completed
the acquisition of Associated
Natural Gas’ Missouri natural
gas distribution properties at
a cost of $667 per customer,
Letter to Shareholders
Robert W. Best
Chairman of the Board, President and
Chief Executive Officer
T
Dividend History
$1.20
$1.00
$0.80
$0.60
$0.40
1985 1990 1995 2001*
* Indicated Annual Dividend