Atmos Energy 2005 Annual Report Download - page 13

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c o n d e n s e d ฀ c o n s o l i d a t e d ฀ b a l a n c e ฀ s h e e t s 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 ฀ i n c o m e
SEPTEMBER฀30฀(Dollars฀in฀thousands,฀except฀share฀data)฀฀ ฀ ฀ ฀ ฀ ฀ ฀ 2 0 0 5฀ ฀ 2 0 0 4
Assets
Property,฀plant฀and฀equipment฀ ฀ ฀ ฀ ฀ ฀ ฀ $฀4,631,684฀$฀ 2,595,374
Construction฀in฀progress฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 133,926฀ ฀ 38,277
฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 4,765,610฀ ฀ 2,633,651
Less฀accumulated฀depreciation฀and฀amortization฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 1,391,243฀ ฀ 911,130
฀ Net฀property,฀plant฀and฀equipment฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 3,374,367฀ ฀ 1,722,521
Current฀assets
฀ Cash฀and฀cash฀equivalents฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 40,116฀ ฀ 201,932
฀ Cash฀held฀on฀deposit฀in฀margin฀account฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 80,956฀ ฀ —
฀ Accounts฀receivable,฀less฀allowance฀for฀doubtful฀accounts฀of฀$15,613฀in฀2005฀฀฀฀฀
฀ ฀ and฀$7,214฀in฀2004฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 454,313฀ ฀ 211,810
฀ Gas฀stored฀underground฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 450,807฀ ฀ 200,134
฀ Other฀current฀assets฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 238,238฀ ฀ 99,319
฀ ฀ Total฀current฀assets฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 1,264,430฀ ฀ 713,195
Goodwill฀and฀intangible฀assets฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 737,787฀ ฀ 245,528
Deferred฀charges฀and฀other฀assets฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 276,943฀ ฀ 231,383
฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ $฀ 5,653,527฀$฀ 2,912,627
Capitalization฀and฀Liabilities
Shareholders’฀equity
฀ Common฀stock,฀no฀par฀value฀(stated฀at฀$.005฀per฀share);
฀ ฀ 200,000,000฀shares฀authorized,฀issued฀and฀outstanding:
฀ ฀ 2005฀–฀80,539,401฀shares,฀2004฀–฀62,799,710฀shares฀ ฀ ฀ ฀ ฀ ฀ $฀403฀$฀ 314
฀ Additional฀paid-in฀capital฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 1,426,523฀ ฀ 1,005,644
฀ Accumulated฀other฀comprehensive฀loss฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ (3,341)฀ ฀ (14,529)
฀ Retained฀earnings฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 178,837฀ ฀ 142,030
฀ ฀ Shareholders’฀equity฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 1,602,422฀ ฀ 1,133,459
Long-term฀debt฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 2,183,104฀ ฀ 861,311
฀ Total฀capitalization฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 3,785,526฀ ฀ 1,994,770
Current฀liabilities
฀ Accounts฀payable฀and฀accrued฀liabilities฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 461,314฀ ฀ 185,295
฀ Other฀current฀liabilities฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 503,368฀ ฀ 238,682
฀ Short-term฀debt฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 144,809฀ ฀ —
฀ Current฀maturities฀of฀long-term฀debt฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 3,264฀ ฀ 5,908
฀ ฀ Total฀current฀liabilities฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 1,112,755฀ ฀ 429,885
Deferred฀income฀taxes฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 292,207฀ ฀ 241,257
Regulatory฀cost฀of฀removal฀obligation฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 263,424฀ ฀ 103,579
Deferred฀credits฀and฀other฀liabilities฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 199,615฀ ฀ 143,136
฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ $฀ 5,653,527฀ $฀ 2,912,627
YEAR฀ENDED฀SEPTEMBER฀30฀(Dollars฀in฀thousands,฀except฀per฀share฀data)฀ ฀ ฀ 2 0 0 5฀ ฀ 2 0 0 4฀ ฀ 2 0 0 3
Operating฀revenues
฀ Utility฀segment฀ ฀ ฀ ฀ ฀ $฀ 3,103,140฀$฀ 1,637,728฀฀ $฀ 1,554,082
฀ Natural฀gas฀marketing฀segment฀ ฀ ฀ ฀ ฀ ฀ 2,106,278฀฀ 1,618,602฀ ฀ 1,668,493
฀ Pipeline฀and฀storage฀segment฀ ฀ ฀ ฀ ฀ ฀ 164,742฀ ฀ 19,758฀ ฀ 20,298
฀ Other฀nonutility฀segment฀ ฀ ฀ ฀ ฀ ฀ 5,302฀ ฀ 3,393฀ ฀ 2,853
฀ Intersegment฀eliminations฀ ฀ ฀ ฀ ฀ ฀ (406,136)฀ ฀ (359,444)฀ ฀ (445,810)
฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 4,973,326฀ ฀ 2,920,037฀ ฀ 2,799,916
Purchased฀gas฀cost
฀ Utility฀segment฀ ฀ ฀ ฀ ฀ ฀ 2,195,774฀ ฀ 1,134,594฀ ฀ 1,062,679
฀ Natural฀gas฀marketing฀segment฀ ฀ ฀ ฀ ฀ ฀ 2,044,305฀ ฀ 1,571,971฀ ฀ 1,644,328
฀Pipeline฀and฀storage฀segment฀ ฀ ฀ ฀ ฀ ฀ 6,811฀ ฀ 9,383฀ ฀ 3,061
฀ Other฀nonutility฀segment฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ —฀ ฀ —
฀ Intersegment฀eliminations฀ ฀ ฀ ฀ ฀ ฀ (402,654)฀ ฀ (358,102)฀ ฀ (445,128)
฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 3,844,236฀ ฀ 2,357,846฀ ฀ 2,264,940
Gross฀profit฀ ฀ ฀ ฀ ฀ ฀ ฀ 1,129,090฀ ฀ 562,191฀ ฀ 534,976
Operating฀expenses
฀ Operation฀and฀maintenance฀ ฀ ฀ ฀ ฀ ฀ 427,734฀ ฀ 214,470฀ ฀ 205,090
฀ Depreciation฀and฀amortization฀ ฀ ฀ ฀ ฀ ฀ 178,005฀ ฀ 96,647฀ ฀ 87,001
฀ Taxes,฀other฀than฀income฀ ฀ ฀ ฀ ฀ ฀ 174,696฀ ฀ 57,379฀ ฀ 55,045
฀ ฀ Total฀operating฀expenses฀ ฀ ฀ ฀ ฀ ฀ 780,435฀ ฀ 368,496฀ ฀ 347,136
Operating฀income฀฀ ฀ ฀ ฀ ฀ ฀ 348,655฀ ฀ 193,695฀ ฀ 187,840
Miscellaneous฀income฀ ฀ ฀ ฀ ฀ ฀ 2,021฀ ฀ 9,507฀ ฀ 2,191
Interest฀charges฀ ฀ ฀ ฀ ฀ ฀ ฀ 132,658฀ ฀ 65,437฀ ฀ 63,660
Income฀before฀income฀taxes฀and฀cumulative฀effect฀of฀accounting฀change฀ ฀ ฀ 218,018฀ ฀ 137,765฀ ฀ 126,371
Income฀tax฀expense฀ ฀ ฀ ฀ ฀ ฀ 82,233฀ ฀ 51,538฀ ฀ 46,910
Income฀before฀cumulative฀effect฀of฀accounting฀change฀ ฀ ฀ ฀ ฀ 135,785฀ ฀ 86,227฀ ฀ 79,461
Cumulative฀effect฀of฀accounting฀change,฀net฀of฀income฀tax฀benefit฀ ฀ ฀ —฀ ฀ —฀ ฀ (7,773)
฀฀ ฀ Net฀income฀ ฀ ฀ ฀ ฀ ฀ $฀ 135,785฀ $฀ 86,227฀ $฀ 71,688
Per฀share฀data
฀Basic฀income฀per฀share:
฀ ฀ Income฀before฀cumulative฀effect฀of฀accounting฀change฀ ฀ ฀ $฀ 1.73฀$฀ 1.60฀ $฀ 1.72
฀ ฀ Cumulative฀effect฀of฀accounting฀change,฀net฀of฀income฀tax฀benefit฀ ฀ ฀ —฀฀ —฀ ฀ (.17)
฀ ฀ Net฀income฀ ฀ ฀ ฀ ฀ ฀ $฀ 1.73฀$฀ 1.60฀ $฀ 1.55
฀Diluted฀income฀per฀share:
฀ ฀ Income฀before฀cumulative฀effect฀of฀accounting฀change฀ ฀ ฀ $฀ 1.72฀$฀ 1.58฀ $฀ 1.71
฀ ฀ Cumulative฀effect฀of฀accounting฀change,฀net฀of฀income฀tax฀benefit฀ ฀ ฀ —฀฀ —฀ ฀ (.17)
฀ ฀ Net฀income฀ ฀ ฀ ฀ ฀ ฀ $฀ 1.72฀ $฀ 1.58฀ $฀ 1.54
Weighted฀average฀shares฀outstanding:
฀ Basic฀ ฀ ฀ ฀ ฀ ฀ ฀ 78,508฀ ฀ 54,021฀ ฀ 46,319
฀ Diluted฀ ฀ ฀ ฀ ฀ ฀ ฀ 79,012฀ ฀ 54,416฀ ฀ 46,496