Atmos Energy 2015 Annual Report Download - page 16

Condensed Consolidated Statements of Income
Year Ended September 30 — Dollars in thousands, except per share data 2015 2014 2013
Operating revenues
Regulated distribution segment $ 2,763,835 $ 3,061,546 $ 2,399,493
Regulated pipeline segment 370,112 318,459 268,900
Nonregulated segment 1,472,209 2,067,292 1,587,914
Intersegment eliminations (464,020) (506,381) (380,847)
4,142,136 4,940,916 3,875,460
Purchased gas cost
Regulated distribution segment 1,526,258 1,885,031 1,318,257
Regulated pipeline segment — — —
Nonregulated segment 1,399,349 1,979,337 1,524,583
Intersegment eliminations (463,488) (505,878) (379,430)
2,462,119 3,358,490 2,463,410
Gross profit 1,680,017 1,582,426 1,412,050
Operating expenses
Operation and maintenance 541,868 505,154 488,020
Depreciation and amortization 274,796 253,987 235,079
Taxes, other than income 231,958 211,936 187,072
Total operating expenses 1,048,622 971,077 910,171
Operating income 631,395 611,349 501,879
Miscellaneous expense, net (4,389) (5,235) (197)
Interest charges 116,241 129,295 128,385
Income from continuing operations before income taxes 510,765 476,819 373,297
Income tax expense 195,690 187,002 142,599
Income from continuing operations 315,075 289,817 230,698
Income from discontinued operations, net of tax ($0, $0 and $3,986) — — 7,202
Gain on sale of discontinued operations, net of tax ($0, $0 and $2,909) — — 5,294
Net income $ 315,075 $ 289,817 $ 243,194
Basic earnings per share
Income per share from continuing operations $ 3.09 $ 2.96 $ 2.54
Income per share from discontinued operations — — 0.14
Net income per share — basic $ 3.09 $ 2.96 $ 2.68
Diluted earnings per share
Income per share from continuing operations $ 3.09 $ 2.96 $ 2.50
Income per share from discontinued operations — — 0.14
Net income per share — diluted $ 3.09 $ 2.96 $ 2.64
Weighted average shares outstanding:
Basic 101,892 97,606 90,533
Diluted 101,892 97,608 91,711
Condensed Consolidated Statements of Cash Flows
Year Ended September 30 — Dollars in thousands 2015 2014 2013
Cash Flows from Operating Activities
Net income $ 315,075 $ 289,817 $ 243,194
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sale of discontinued operations — — (8,203)
Depreciation and amortization:
Charged to depreciation and amortization 274,796 253,987 236,928
Charged to other accounts 1,209 969 679
Deferred income taxes 192,886 189,952 141,336
Stock-based compensation 27,491 25,531 17,814
Debt financing costs 5,922 9,409 8,480
Other (850) (428) (2,887)
Changes in assets and liabilities 19,990 (29,251) (24,214)
Net cash provided by operating activities 836,519 739,986 613,127
Cash Flows Used in Investing Activities
Capital expenditures (975,132) (835,251) (845,033)
Proceeds from the sale of discontinued operations — — 153,023
Other, net 377 (2,325) (4,904)
Net cash used in investing activities (974,755) (837,576) (696,914)
Cash Flows from Financing Activities
Net increase (decrease) in short-term debt 254,780 (165,865) (208,070)
Net proceeds from issuance of long-term debt 493,538 — 493,793
Net proceeds from equity offering — 390,205 —
Settlement of Treasury lock agreements 13,364 — (66,626)
Repayment of long-term debt (500,000) — (131)
Cash dividends paid (160,018) (146,248) (128,115)
Repurchase of equity awards (7,985) (8,717) (5,150)
Issuance of common stock 30,952 4,274 46
Net cash provided by financing activities 124,631 73,649 85,747
Net increase (decrease) in cash and cash equivalents (13,605) (23,941) 1,960
Cash and cash equivalents at beginning of year 42,258 66,199 64,239
Cash and cash equivalents at end of year $ 28,653 $ 42,258 $ 66,199
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