Atmos Energy 2005 Annual Report Download - page 14

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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 ฀ s t a t e m e n t s ฀ o f ฀ c a s h ฀ f l o w s 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,฀2005฀and฀
2004,฀and฀the฀related฀consolidated฀statements฀of฀
income,฀shareholders’฀equity,฀and฀cash฀flows฀for฀each฀฀
of฀the฀three฀years฀in฀the฀period฀ended฀September฀30,฀
2005฀(not฀presented฀herein);฀and฀in฀our฀report฀dated฀
November฀16,฀2005,฀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฀16,฀2005
YEAR฀ENDED฀SEPTEMBER฀30฀(Dollars฀in฀thousands)฀ ฀ ฀ ฀ ฀ 2 0 0 5฀ ฀ 2 0 0 4฀ ฀ 2 0 0 3
Cash฀Flows฀from฀Operating฀Activities
฀ Net฀income฀ ฀ ฀ ฀ ฀ ฀ $฀ 135,785฀$฀ 86,227฀ $฀ 71,688
฀ Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀฀
฀ provided฀by฀operating฀activities:
฀ ฀ Cumulative฀effect฀of฀accounting฀change,฀
฀ ฀ ฀ net฀of฀income฀tax฀benefit฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ —฀ ฀ 7,773
฀ ฀ Gain฀on฀sales฀of฀assets฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ (6,700)฀ ฀ —
฀ ฀ Depreciation฀and฀amortization:
฀ ฀ ฀ Charged฀to฀depreciation฀and฀amortization฀ ฀ ฀ ฀ ฀ 178,005฀฀ ฀ 96,647฀ ฀ 87,001
฀ ฀ ฀ Charged฀to฀other฀accounts฀ ฀ ฀ ฀ ฀ ฀ 791฀ ฀ 1,465฀ ฀ 2,193
฀ ฀ Deferred฀income฀taxes฀ ฀ ฀ ฀ ฀ ฀ 12,669฀ ฀ 36,997฀ ฀ 53,867
฀ ฀ Other฀ ฀ ฀ ฀ ฀ ฀ ฀ 11,522฀ ฀ (1,772)฀ ฀ (5,885)
฀ Changes฀in฀assets฀and฀liabilities฀ ฀ ฀ ฀ ฀ ฀ 48,172฀ ฀ 57,870฀ ฀ (167,186)
฀ ฀ Net฀cash฀provided฀by฀operating฀activities฀฀ ฀ ฀ ฀ ฀ 386,944฀ ฀ 270,734฀ ฀ 49,451
Cash฀Flows฀Used฀in฀Investing฀Activities
฀ Capital฀expenditures฀ ฀ ฀ ฀ ฀ ฀ (333,183)฀ ฀ (190,285)฀ ฀ (159,439)
฀ Acquisitions,฀net฀of฀cash฀received฀ ฀ ฀ ฀ ฀ ฀ (1,916,696)฀ ฀ (1,957)฀ ฀ (74,650)
฀ Other,฀net฀ ฀ ฀ ฀ ฀ ฀ ฀ (2,131)฀ ฀ (570)฀ ฀ 704
฀ Proceeds฀from฀sale฀of฀assets฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ 27,919฀ ฀ —
฀ ฀ Net฀cash฀used฀in฀investing฀activities฀ ฀ ฀ ฀ ฀ ฀ (2,252,010)฀ ฀ (164,893)฀ ฀ (233,385)
Cash฀Flows฀from฀Financing฀Activities
฀ Net฀increase฀(decrease)฀in฀short-term฀debt฀ ฀ ฀ ฀ ฀ ฀ 144,809฀ ฀ (118,595)฀ ฀ (27,196)
฀ Net฀proceeds฀from฀issuance฀of฀long-term฀debt฀ ฀ ฀ ฀ ฀ 1,385,847฀ ฀ 5,000฀ ฀ 253,267
฀Settlement฀of฀Treasury฀lock฀agreements฀ ฀ ฀ ฀ ฀ ฀ (43,770)฀ ฀ —฀ ฀ —
฀ Proceeds฀from฀bridge฀loan฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ —฀ ฀ 147,000
฀ Repayment฀of฀bridge฀loan฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ —฀ ฀ (147,000)
฀ Repayment฀of฀long-term฀debt฀ ฀ ฀ ฀ ฀ ฀ (103,425)฀ ฀ (9,713)฀ ฀ (73,165)
฀ Repayment฀of฀Mississippi฀Valley฀Gas฀debt฀ ฀ ฀ ฀ ฀ ฀ —฀ ฀ —฀ ฀ (70,938)
฀ Cash฀dividends฀paid฀ ฀ ฀ ฀ ฀ ฀ (98,978)฀ ฀ (66,736)฀ ฀ (55,291)
฀ Issuance฀of฀common฀stock฀ ฀ ฀ ฀ ฀ ฀ 37,183฀ ฀ 34,715฀ ฀ 25,720
฀ Net฀proceeds฀from฀equity฀offering฀ ฀ ฀ ฀ ฀ ฀ 381,584฀ ฀ 235,737฀ ฀ 99,229
฀ ฀ Net฀cash฀provided฀by฀financing฀activities฀฀ ฀ ฀ ฀ ฀ 1,703,250฀ ฀ 80,408฀ ฀ 151,626
Net฀increase฀(decrease)฀in฀cash฀and฀cash฀equivalents฀ ฀ ฀ ฀ ฀ (161,816)฀ ฀ 186,249฀ ฀ (32,308)
Cash฀and฀cash฀equivalents฀at฀beginning฀of฀year฀ ฀ ฀ ฀ ฀ ฀ 201,932฀ ฀ 15,683฀ ฀ 47,991
Cash฀and฀cash฀equivalents฀at฀end฀of฀year $฀ 40,116฀ $฀ 201,932฀$฀ 15,683