Atmos Energy 2010 Annual Report Download - page 7

ATMOS ENERGY 2010 SUMMARY ANNUAL REPORT 5
as plans for renancings that should lower our cost of
debt in 2011.
During the past year, all three major credit-rating
agencies upgraded or rearmed the company’s debt
ratings. is will help us access capital markets for
future needs and obtain nancing at reasonable costs.
Our capital expenditures in scal 2010 increased by
$33 million to $542.6 million. A portion of this spending
funded a new information technology data center, con-
struction of two service centers and work on the Mid-Tex
Division’s steel service line replacement program.
For scal 2011, we expect capital spending to range
from $580 million to $595 million. We will continue
making signicant investments in upgrading mains
and service lines in all our utility operations, the
largest being for the Mid-Tex Division’s steel service
line replacement program.
We also will be investing in two long-term improve-
ments to our customer service: a new state-of-the-art
customer call center in Amarillo to be completed
in 2011 and a multi-year project to modernize our
customer-information soware system for better
coordination of all aspects of our customer contacts,
service dispatching and customer billing.
We have forecast that our scal 2011 earnings per
diluted share will be between $2.25 and $2.35.
Board and Management Transitions In February
2010, two long-time members of the board of directors,
Travis W. Bain II and omas J. Garland, retired as
directors. Mr. Bain, whose distinguished career
included management consulting, leading retailing and
manufacturing companies and founding his own busi-
nesses, had served since 1988. Mr. Garland, a highly
respected banker, former Tennessee state senator,
state ethics-panel chairman and university educator,
had served since 1997. We thank these outstanding
directors for their years of dedicated service to Atmos
Energy’s shareholders, customers and employees.
Eective October 1, 2010, the board of directors named
Robert W. Best to the new position of executive chairman
of the board and promoted Kim R. Cocklin to be president
and chief executive ocer. is succession in the corpora-
tion’s senior leadership had been planned for the past
four years with the guidance and approval of the board.
Having worked together and known each other for
nearly 30 years at Atmos Energy and at other companies,
we have developed virtually the same business philosophy
and have coordinated closely to make the ongoing
transition seamless. Some management matters may
change; however, Atmos Energy’s vision and strategy will
remain as they have since Charles K. Vaughan put
forth our guiding principles during his 14 years as the
company’s senior leader.
During the past 13 years as chief executive ocer, Bob
Best rened these principles and adapted them to the
much-larger company that Atmos Energy has become.
In the future, we intend to continue the company’s track
record of creating shareholder value through
  
4 percent to 6 percent a year
฀        
  
฀         
gas business
฀        
฀       
฀       
our regulated businesses
฀      
Atmos Energy’s management, working closely with
the board of directors, will build on the past while
staying focused on the future. is strategy serves all our
stakeholders well. In essence, it reects the same safety
and reliability that underlie all our activities.
Sincerely,
Robert W. Best
Executive Chairman of the Board
Kim R. Cocklin
President and Chief Executive Ocer
November 30, 2010
NET INCOME PER DILUTED SHARE
$2.20
0706 08 09 10
$1.65
$1.10
$0.55
$1.81 $1.91 $1.99 $2.07 $2.20