Atmos Energy 2004 Annual Report Download - page 16

SEPTEMBER 30 (Dollars in thousands, except share data) 2004 2003
Assets
Property, plant and equipment $ 2,595,374 $ 2,463,992
Construction in progress 38,277 16,147
2,633,651 2,480,139
Less accumulated depreciation and amortization 911,130 855,745
Net property, plant and equipment 1,722,521 1,624,394
Current assets
Cash and cash equivalents 201,932 15,683
Cash held on deposit in margin account — 17,903
Accounts receivable, less allowance for doubtful accounts of $7,214 in 2004
and $13,051 in 2003 211,810 216,783
Gas stored underground 200,134 168,765
Other current assets 63,236 38,863
Total current assets 677,112 457,997
Goodwill and intangible assets 238,272 273,499
Deferred charges and other assets 231,978 269,605
$2,869,883 $2,625,495
Capitalization and Liabilities
Shareholders’ equity
Common stock, no par value (stated at $.005 per share);
100,000,000 shares authorized, issued and outstanding:
2004 – 62,799,710 shares, 2003 – 51,475,785 shares $ 314 $ 257
Additional paid-in capital 1,005,644 736,180
Retained earnings 142,030 122,539
Accumulated other comprehensive loss (14,529) (1,459)
Shareholders’ equity 1,133,459 857,517
Long-term debt 861,311 862,500
Total capitalization 1,994,770 1,720,017
Current liabilities
Accounts payable and accrued liabilities 185,295 179,852
Other current liabilities 223,265 133,957
Short-term debt — 118,595
Current maturities of long-term debt 5,908 9,345
Total current liabilities 414,468 441,749
Deferred income taxes 213,930 223,350
Regulatory cost of removal obligation 103,579 102,371
Deferred credits and other liabilities 143,136 138,008
$ 2,869,883 $ 2,625,495
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 25
SEPTEMBER 30 (Dollars in thousands, except per share data) 2004 2003 2002
Operating revenues
Utility segment $ 1,637,728 $ 1,554,082 $ 937,526
Natural gas marketing segment 1,618,602 1,668,493 1,031,874
Other nonutility segment 23,151 21,630 24,705
Intersegment eliminations (359,444) (444,289) (343,141)
2,920,037 2,799,916 1,650,964
Purchased gas cost
Utility segment 1,134,594 1,062,679 559,891
Natural gas marketing segment 1,571,971 1,644,328 994,318
Other nonutility segment 9,383 1,540 8,022
Intersegment eliminations (358,102) (443,607) (342,407)
2,357,846 2,264,940 1,219,824
Gross profit 562,191 534,976 431,140
Operating expenses
Operation and maintenance 214,470 205,090 158,119
Depreciation and amortization 96,647 87,001 81,469
Taxes, other than income 57,379 55,045 36,221
Total operating expenses 368,496 347,136 275,809
Operating income 193,695 187,840 155,331
Miscellaneous income (expense) 9,507 2,191 (1,321)
Interest charges 65,437 63,660 59,174
Income before income taxes and cumulative effect of accounting change 137,765 126,371 94,836
Income tax expense 51,538 46,910 35,180
Income before cumulative effect of accounting change 86,227 79,461 59,656
Cumulative effect of accounting change, net of income tax benefit — (7,773) —
Net income $ 86,227 $ 71,688 $ 59,656
Per share data
Basic income per share:
Income before cumulative effect of accounting change $ 1.60 $ 1.72 $ 1.45
Cumulative effect of accounting change, net of income tax benefit — (.17) —
Net income $ 1.60 $ 1.55 $ 1.45
Diluted income per share:
Income before cumulative effect of accounting change $ 1.58 $ 1.71 $ 1.45
Cumulative effect of accounting change, net of income tax benefit —(.17) —
Net income $1.58 $ 1.54 $ 1.45
Weighted average shares outstanding:
Basic 54,021 46,319 41,171
Diluted 54,416 46,496 41,250
24 CONDENSED CONSOLIDATED BALANCE SHEETS