Gas Natural Inc. Reports Fiscal Year 2012 Results and Announces Monthly Dividend of $0.045 per Share
-- Continued customer growth in Maine and North Carolina utilities
-- Natural gas operations full-year 2012 earnings of $4.5 million
-- Board of Directors declared a monthly dividend of $0.045 per share to shareholders of record as of April 15, 2013. The dividend will be payable on April 30, 2013.
MENTOR, Ohio, April 1, 2013 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a holding company operating local distributing companies serving approximately 73,000 customers in seven states, reported financial results for the full-year ended December 31, 2012.
Consolidated net income for the year ended December 31, 2012 was $3.7 million, or $0.46 per diluted share, compared with net income of $5.4 million, or $0.66 per diluted share, for the year ended December 31, 2011. The $1.7 million decline reflects higher operating expenses due to increased bad debt expense, higher acquisition related expenses, a full year of operating costs associated with the Propane Operations segment and warmer weather across most of our natural gas service areas. Higher operating expenses were partially offset by an increase in the Marketing and Production segment due to income generated from the newly formed Liquefied Natural Gas ("LNG") business. In July 2012, Gas Natural constructed an LNG gasification plant in Maine to service a large retail manufacturer and invested approximately $960,000 in capital into the business.
Richard M. Osborne, Gas Natural's chairman and chief executive officer commented, "Our results in 2012 demonstrated the stability of our core natural gas business despite warmer than normal weather in a number of our service territories. This stability allowed us to continue investing for future growth. During the year, we completed the acquisition of Public Gas Company, Inc. ("PGC"), expanding our geographic footprint into Kentucky, purchased the Loring pipeline in Maine and invested in the formation of an LNG business. The acquisition of PGC combined with continued organic growth in Maine and North Carolina allowed us to grow our customer base by nearly 10,000 in 2012."
Shareholders Approve Acquisition of John D. Oil and Gas Marketing Company, LLC
On August 15, 2012, the Company entered into an asset purchase agreement to acquire all of the assets, rights and properties of John D. Oil and Gas Marketing Company, LLC ("JDOG Marketing"), an Ohio limited liability company engaged in the business of marketing natural gas. Richard M. Osborne, Gas Natural's Chief Executive Officer and Chairman of the Board, is the majority owner and manager of JDOG Marketing.
Pursuant to the asset purchase agreement, the consideration for the purchase of JDOG Marketing will be paid in shares of common stock of Gas Natural with an initial issuance of common stock valued at $2.9 million and additional issuances of common stock based on the achievement of certain financial milestones by JDOG Marketing for a period of five years after the closing of the transaction.
The Company obtained shareholder approval of the transaction on March 1, 2013. The consummation of the transaction is subject to the satisfaction or waiver of the receipt of regulatory approvals and the consent of certain of the Company's lenders.
Natural Gas Operations Segment
The Company annually distributes over 33 billion cubic feet of natural gas to approximately 69,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming.
Natural Gas Operations Income Statement |
|||||||
Years Ended December 31, |
|||||||
($ in thousands) |
2012 |
2011 |
|||||
Natural Gas Operations |
|||||||
Operating revenue |
$ 81,306 |
$ 89,995 |
|||||
Gas Purchased |
42,486 |
53,018 |
|||||
Gross Margin |
38,820 |
36,977 |
|||||
Operating expenses |
29,124 |
26,804 |
|||||
Operating income |
9,696 |
10,173 |
|||||
Other income |
418 |
639 |
|||||
Income before interest and taxes |
10,114 |
10,812 |
|||||
Interest expense |
(2,512) |
(1,926) |
|||||
Income before income taxes |
7,602 |
8,886 |
|||||
Income tax expense |
(3,135) |
(3,072) |
|||||
Net Income |
$ 4,467 |
$ 5,814 |
The Natural Gas Operations segment reported net income of $4.5 million for 2012 compared with $5.8 million in 2011. Customer growth in the Company's Maine and North Carolina service territories drove the gross margin increase of $1.8 million to $38.8 million for 2012 from $37.0 million for 2011, offsetting the decrease in margin due to warmer weather. Full service distribution volumes delivered decreased to 8.78 billion cubic feet in 2012 from 9.35 billion cubic feet in 2011 due to warmer weather in the Company's service territories.
Operating expenses increased by $2.3 million in 2012 from $29.1 million in the prior-year due to increased bad debt expense, depreciation due to increases in capital spending and expenses related to the newly acquired PGC.
Operating income as a percent of gross margin was 25.0% in 2012 compared with 27.5% in 2011.
Interest expense during for the year increased $586,000 to $2.5 million as a result of increased debt levels.
Other Operating Segments
The Marketing and Production segment reported net income of $600,000 for the year ended December 31, 2012 compared with net loss of $287,000 for the year ended December 31, 2011. The increase was primarily due to increased income from its LNG business segment.
The Pipeline Operations segment contributed net income of $93,000 which was a decrease of $69,000 from 2011.
The Propane Operations segment reported a net loss of $348,000 for the full year 2012 period compared with net income of $255,000 for the prior year.
Balance Sheet and Cash Management
Cash and cash equivalents as of December 31, 2012 were $3.4 million, down from the 2011 year-end balance of $10.5 million. During 2012, the Company used $2.3 million to acquire the Loring Pipeline in Maine and $1.6 million for PGC.
Cash provided by operating activities in 2012 decreased by $6.3 million to $8.6 million from the prior-year period. The change reflects lower net income and working capital changes including the recoverable cost of gas and cash paid for inventory.
Capital expenditures for the year ended December 31, 2012 totaled $18.5 million compared with $23.2 million for the year ended December 31, 2011. The 2011 period included $3.3 million for the purchase of the Spelman Pipeline. The majority of the capital spending was focused on the growth of the Company's Natural Gas Operations segment, including expansion, maintenance, and enhancement of its gas pipeline systems. Capital expenditures for 2013 are expected to be approximately $10 million. The Company also invested $3.8 million of cash on acquisitions in 2012 compared with $1.4 million in 2011.
The Company maintains two revolving credit facilities with $24.3 million in use at December 31, 2012 compared with $23.2 million at the end of 2011. Long-term debt was $43.7 million at the end of 2012 compared with 2011 year-end balance of $31.3 million.
On September 20, 2012, Energy West Incorporated, a Gas Natural subsidiary, renewed its existing $30 million revolving credit facility and entered into a new $10 million term loan through April 2017. The term loan includes an interest rate of LIBOR plus 175 to 225 basis points with an interest rate swap provision that allows for the interest rate to be fixed in the future. As of December 31, 2012, the Company had not exercised the interest rate swap provision.
The Company's Ohio subsidiaries, Northeast Ohio Natural Gas Corp., Orwell Natural Gas Corp. and Brainard Gas Corp., entered into a new, five-year senior secured fixed rate note for $2.99 million with Sun Life Assurance Company of Canada on October 24, 2012. The credit facility will be used to finance ongoing capital expenditures in Ohio.
About Gas Natural Inc.
Gas Natural Inc., a holding company, distributes and sells natural gas to end-use residential, commercial, and industrial customers. It distributes approximately 33 billion cubic feet of natural gas to approximately 69,000 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine, North Carolina and Kentucky. The Company's other operations include interstate pipeline, natural gas production, natural gas marketing and propane to 4,000 customers. The Company's Montana public utility was originally incorporated in 1909. Its strategy for growth is to expand throughput in the Maine and North Carolina markets while looking for acquisitions that are either adjacent to its existing utilities or in under saturated markets.
The Company's toll-free number is 800-570-5688. Gas Natural Inc. regularly posts information on its website at www.egas.net.
Safe Harbor Regarding Forward-Looking Statements
The Company is including the following cautionary statement in this release to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, Gas Natural Inc. Forward-looking statements are all statements other than statements of historical fact, including, without limitation, those that are identified by the use of the words "anticipates," "estimates," "expects," "intends," "plans," "predicts," "believes" and similar expressions. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Factors that may affect forward-looking statements and the Company's business generally include but are not limited to the Company's ability to successfully integrate the operations of the companies it has recently acquired and consummate additional acquisitions, the Company's continued ability to make dividend payments, the Company's ability to implement its business plan, fluctuating energy commodity prices, the possibility that regulators may not permit the Company to pass through all of its increased costs to its customers, changes in the utility regulatory environment, wholesale and retail competition, the Company's ability to satisfy its debt obligations, including compliance with financial covenants, weather conditions, litigation risks, and various other matters, many of which are beyond the Company's control, the risk factors and cautionary statements made in the Company's public filings with the Securities and Exchange Commission, and other factors that the Company is currently unable to identify or quantify, but may exist in the future. Gas Natural Inc. expressly undertakes no obligation to update or revise any forward-looking statement contained herein to reflect any change in Gas Natural Inc.'s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
For more information contact:
Gas Natural Inc. |
Investor Relations: Kei Advisors LLC |
Thomas J. Smith, Chief Financial Officer |
Deborah K. Pawlowski |
Phone: (440) 974-3770 |
Phone: (716) 843-3908 |
Email: [email protected] |
Email: [email protected] |
FINANCIAL TABLES FOLLOW
Gas Natural Inc. and Subsidiaries |
|||||||
2012 |
2011 |
||||||
REVENUE |
|||||||
Natural gas operations |
$ 81,305,951 |
$ 89,994,616 |
|||||
Marketing and production |
7,493,361 |
5,789,938 |
|||||
Pipeline operations |
401,933 |
417,768 |
|||||
Propane operations |
4,614,915 |
3,014,971 |
|||||
Total revenues |
93,816,160 |
99,217,293 |
|||||
COST OF SALES |
|||||||
Natural gas purchased |
42,485,803 |
53,017,926 |
|||||
Marketing and production |
5,953,156 |
4,470,504 |
|||||
Propane purchased |
3,346,591 |
2,695,187 |
|||||
Total cost of sales |
51,785,550 |
60,183,617 |
|||||
GROSS MARGIN |
42,030,610 |
39,033,676 |
|||||
OPERATING EXPENSES |
|||||||
Distribution, general, and administrative |
22,130,693 |
19,610,054 |
|||||
Maintenance |
1,258,631 |
1,122,448 |
|||||
Depreciation and amortization |
5,326,732 |
4,464,881 |
|||||
Accretion |
161,298 |
142,214 |
|||||
Taxes other than income |
3,551,872 |
3,451,860 |
|||||
Total operating expenses |
32,429,226 |
28,791,457 |
|||||
OPERATING INCOME |
9,601,384 |
10,242,219 |
|||||
LOSS FROM UNCONSOLIDATED AFFILIATE |
(8,620) |
(877,465) |
|||||
OTHER INCOME, net |
440,493 |
419,983 |
|||||
GAIN ON BARGAIN PURCHASE |
- |
955,423 |
|||||
ACQUISITION EXPENSE |
(959,267) |
(88,450) |
|||||
STOCK SALE EXPENSE |
(274,213) |
(106,595) |
|||||
INTEREST EXPENSE |
(2,723,335) |
(2,033,603) |
|||||
INCOME BEFORE INCOME TAXES |
6,076,442 |
8,511,512 |
|||||
INCOME TAX EXPENSE |
(2,357,125) |
(3,141,995) |
|||||
NET INCOME |
3,719,317 |
5,369,517 |
|||||
EARNINGS PER SHARE - BASIC AND DILUTED |
$ 0.46 |
$ 0.66 |
|||||
WEIGHTED AVERAGE DIVIDENDS DECLARED PER COMMON SHARE |
$ 0.54 |
$ 0.54 |
|||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
8,163,814 |
8,151,935 |
|||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
8,169,679 |
8,159,827 |
|||||
OTHER COMPREHENSIVE INCOME, NET OF TAX OF $8,913 and ($20,490), respectively |
|||||||
Unrealized gain (loss) on available |
|||||||
for sale securities |
(14,616) |
33,815 |
|||||
COMPREHENSIVE INCOME |
$ 3,704,701 |
$ 5,403,332 |
Gas Natural Inc. and Subsidiaries |
|||
December 31, |
December 31, |
||
ASSETS |
2012 |
2011 |
|
CURRENT ASSETS |
|||
Cash and cash equivalents |
$ 3,435,117 |
$ 10,504,845 |
|
Marketable securities |
344,346 |
367,875 |
|
Accounts receivable |
|||
Trade, less allowance for doubtful accounts of |
|||
$1,389,762 and $630,632, respectively |
12,033,057 |
9,381,625 |
|
Related parties |
522,557 |
519,084 |
|
Unbilled gas |
4,612,258 |
4,232,854 |
|
Note receivable - related parties, current portion |
10,998 |
10,256 |
|
Inventory |
|||
Natural gas and propane |
5,092,240 |
6,967,739 |
|
Materials and supplies |
1,835,816 |
1,958,858 |
|
Prepaid income taxes |
498,297 |
1,584,869 |
|
Prepayments and other |
2,224,267 |
741,101 |
|
Recoverable cost of gas purchases |
2,329,524 |
2,627,416 |
|
Deferred tax asset |
828,730 |
1,061,314 |
|
Total current assets |
33,767,207 |
39,957,836 |
|
PROPERTY, PLANT AND EQUIPMENT |
|||
Gas transmission and distribution facilities |
125,067,279 |
100,492,234 |
|
Land |
3,530,639 |
2,600,023 |
|
Buildings and leasehold improvements |
9,029,773 |
4,966,511 |
|
Transportation equipment |
3,311,769 |
2,968,405 |
|
Computer equipment |
3,589,035 |
3,501,492 |
|
Other equipment |
8,751,626 |
8,302,395 |
|
Construction work-in-progress |
8,470,638 |
12,003,916 |
|
Producing natural gas properties |
3,911,404 |
3,911,404 |
|
Property, plant and equipment |
165,662,163 |
138,746,380 |
|
Less accumulated depreciation, depletion and amortization |
(47,034,673) |
(41,134,123) |
|
PROPERTY, PLANT AND EQUIPMENT, net |
118,627,490 |
97,612,257 |
|
OTHER ASSETS |
|||
Notes receivable - related parties, less current portion |
24,411 |
35,408 |
|
Regulatory assets |
|||
Property taxes |
307,732 |
590,464 |
|
Income taxes |
452,645 |
452,645 |
|
Rate case costs |
176,250 |
205,714 |
|
Debt issuance costs, net |
1,798,720 |
869,593 |
|
Goodwill |
14,891,377 |
14,607,952 |
|
Customer relationships |
616,500 |
639,333 |
|
Investment in unconsolidated affiliate |
321,731 |
330,351 |
|
Restricted cash |
3,150,847 |
949,907 |
|
Other assets |
328,549 |
159,954 |
|
Total other assets |
22,068,762 |
18,841,321 |
|
TOTAL ASSETS |
$ 174,463,459 |
$ 156,411,414 |
Gas Natural Inc. and Subsidiaries |
|||
December 31, |
December 31, |
||
LIABILITIES AND CAPITALIZATION |
2012 |
2011 |
|
CURRENT LIABILITIES |
|||
Checks in excess of amounts on deposit |
$ 720,340 |
$ 1,027,376 |
|
Lines of credit |
24,260,755 |
23,160,000 |
|
Accounts payable |
|||
Trade |
9,201,722 |
8,755,623 |
|
Related parties |
51,797 |
191,763 |
|
Notes payable, current portion |
633,498 |
7,885 |
|
Accrued liabilities |
|||
Taxes other than income |
2,548,717 |
3,018,964 |
|
Vacation |
115,956 |
115,940 |
|
Employee benefit plans |
145,959 |
140,149 |
|
Interest |
191,263 |
30,688 |
|
Deferred payments received from levelized billing |
2,822,926 |
2,948,188 |
|
Customer deposits |
744,974 |
707,062 |
|
Property tax settlement, current portion |
- |
242,128 |
|
Related parties |
595,240 |
635,192 |
|
Obligation under capital lease - current |
167,518 |
- |
|
Other current liabilities |
729,550 |
1,280,670 |
|
Over-recovered gas purchases |
1,185,034 |
2,237,827 |
|
Total current liabilities |
44,115,249 |
44,499,455 |
|
LONG-TERM LIABILITIES |
|||
Deferred investment tax credits |
155,317 |
176,379 |
|
Deferred tax liability |
5,144,002 |
2,908,167 |
|
Asset retirement obligation |
1,850,379 |
1,689,081 |
|
Customer advances for construction |
1,009,232 |
880,851 |
|
Regulatory liability for income taxes |
83,161 |
83,161 |
|
Regulatory liability for gas costs |
20,745 |
57,570 |
|
Long-term obligation under capital lease, less current portion |
2,040,508 |
- |
|
Total long-term liabilities |
10,303,344 |
5,795,209 |
|
NOTES PAYABLE, less current portion |
43,700,742 |
31,344,723 |
|
COMMITMENTS AND CONTINGENCIES (see Note 12) |
|||
STOCKHOLDERS' EQUITY |
|||
Preferred stock; $0.15 par value, 1,500,000 shares authorized, |
|||
no shares issued or outstanding |
- |
- |
|
Common stock; $0.15 par value, 15,000,000 shares authorized, |
|||
8,369,752 and 8,154,301 shares issued and |
|||
outstanding, respectively |
1,255,463 |
1,223,145 |
|
Capital in excess of par value |
44,256,493 |
41,978,799 |
|
Accumulated other comprehensive income |
65,789 |
80,405 |
|
Retained earnings |
30,766,379 |
31,489,678 |
|
Total stockholders' equity |
76,344,124 |
74,772,027 |
|
TOTAL CAPITALIZATION |
120,044,866 |
106,116,750 |
|
TOTAL LIABILITIES AND CAPITALIZATION |
$ 174,463,459 |
$ 156,411,414 |
Gas Natural Inc. and Subsidiaries |
|||
2012 |
2011 |
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||
Net income |
$ 3,719,317 |
$ 5,369,517 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|||
Depreciation and amortization |
5,326,732 |
4,464,881 |
|
Accretion |
161,298 |
142,214 |
|
Amortization of debt issuance costs |
275,858 |
144,739 |
|
Stock based compensation |
60,009 |
69,407 |
|
Loss on sale of assets |
56,026 |
150,338 |
|
Loss from unconsolidated affiliate |
8,620 |
877,465 |
|
Gain on bargain purchase |
- |
(955,423) |
|
Investment tax credit |
(21,062) |
(21,062) |
|
Deferred income taxes |
2,282,928 |
3,745,373 |
|
Changes in assets and liabilities |
|||
Accounts receivable, including related parties |
(2,585,772) |
448,310 |
|
Unbilled gas |
(379,404) |
1,491,492 |
|
Natural gas and propane inventory |
1,875,499 |
(964,417) |
|
Accounts payable, including related parties |
252,807 |
(1,259,006) |
|
Recoverable/refundable cost of gas purchases |
(834,814) |
1,036,044 |
|
Prepayments and other |
(1,484,495) |
171,858 |
|
Other assets |
995,467 |
(644,075) |
|
Other liabilities |
(1,092,014) |
628,649 |
|
Net cash provided by operating activities |
8,617,000 |
14,896,304 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|||
Capital expenditures |
(18,455,954) |
(23,205,518) |
|
Proceeds from sale of fixed assets |
53,949 |
43,058 |
|
Purchase of marketable securities |
- |
(39,004) |
|
Proceeds from related party note receivable |
10,255 |
9,566 |
|
Purchase of Loring Pipeline |
(2,250,000) |
- |
|
Purchase of Independence Oil |
- |
(1,400,656) |
|
Purchase of Public Gas |
(1,551,477) |
- |
|
Cash acquired in acquisition |
502 |
- |
|
Investment in unconsolidated affiliate |
- |
(567,600) |
|
Restricted cash - capital expenditures fund |
(1,322,065) |
- |
|
Customer advances for construction |
128,381 |
(68,583) |
|
Contributions in aid of construction |
134,076 |
217,277 |
|
Net cash used in investing activities |
(23,252,333) |
(25,011,460) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|||
Proceeds from lines of credit |
51,791,754 |
30,960,000 |
|
Repayment on lines of credit |
(50,690,999) |
(25,949,999) |
|
Proceeds from notes payable |
12,989,552 |
18,355,215 |
|
Repayments of notes payable |
(7,920) |
(9,872,140) |
|
Repayment of related-party notes payable |
- |
(49,361) |
|
Debt issuance costs |
(1,204,987) |
(498,381) |
|
Restricted cash - debt service fund |
(878,875) |
(949,907) |
|
Dividends paid |
(4,432,920) |
(4,402,011) |
|
Net cash provided by financing activities |
7,565,605 |
7,593,416 |
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
(7,069,728) |
(2,521,740) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
10,504,845 |
13,026,585 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ 3,435,117 |
$ 10,504,845 |
Gas Natural Inc. and Subsidiaries |
|||||||||||
Year Ended December 31, 2012 |
|||||||||||
Natural Gas Operations |
Marketing and Production |
Pipeline Operations |
Propane Operations |
Corporate and Other |
Consolidated |
||||||
OPERATING REVENUES |
$ 81,630,788 |
$ 13,417,723 |
$ 401,933 |
$ 4,614,915 |
$ - |
$ 100,065,359 |
|||||
Intersegment eliminations |
(324,837) |
(5,924,362) |
- |
- |
- |
(6,249,199) |
|||||
Total operating revenue |
81,305,951 |
7,493,361 |
401,933 |
4,614,915 |
- |
93,816,160 |
|||||
COST OF SALES |
42,810,640 |
11,877,518 |
- |
3,346,591 |
- |
58,034,749 |
|||||
Intersegment eliminations |
(324,837) |
(5,924,362) |
- |
- |
- |
(6,249,199) |
|||||
Total cost of sales |
42,485,803 |
5,953,156 |
- |
3,346,591 |
- |
51,785,550 |
|||||
GROSS MARGIN |
$ 38,820,148 |
$ 1,540,205 |
$ 401,933 |
$ 1,268,324 |
$ - |
$ 42,030,610 |
|||||
OPERATING EXPENSES |
|||||||||||
Distribution, general and administrative |
19,806,389 |
449,665 |
87,640 |
1,550,684 |
236,315 |
22,130,693 |
|||||
Maintenance |
1,176,189 |
1,014 |
13,835 |
67,593 |
- |
1,258,631 |
|||||
Depreciation and amortization |
4,662,313 |
268,202 |
61,085 |
300,590 |
34,542 |
5,326,732 |
|||||
Accretion |
113,106 |
48,192 |
- |
- |
- |
161,298 |
|||||
Taxes other than income |
3,366,238 |
38,052 |
35,497 |
72,975 |
39,110 |
3,551,872 |
|||||
Total operating expenses |
29,124,235 |
805,125 |
198,057 |
1,991,842 |
309,967 |
32,429,226 |
|||||
OPERATING INCOME (LOSS) |
$ 9,695,913 |
$ 735,080 |
$ 203,876 |
$ (723,518) |
$ (309,967) |
$ 9,601,384 |
|||||
OTHER INCOME (EXPENSE) |
418,822 |
(6,051) |
- |
16,272 |
(1,230,650) |
(801,607) |
|||||
INTEREST EXPENSE |
(2,512,444) |
(133,440) |
(13,528) |
(23,142) |
(40,781) |
(2,723,335) |
|||||
Intersegment eliminations |
- |
- |
- |
- |
- |
- |
|||||
INCOME (LOSS) FROM |
|||||||||||
CONTINUING OPERATIONS |
$ 7,602,291 |
$ 595,589 |
$ 190,348 |
$ (730,388) |
$ (1,581,398) |
$ 6,076,442 |
|||||
INCOME TAX BENEFIT |
|||||||||||
(EXPENSE) |
(3,135,445) |
4,542 |
(97,523) |
382,483 |
488,818 |
(2,357,125) |
|||||
NET INCOME (LOSS) |
$ 4,466,846 |
$ 600,131 |
$ 92,825 |
$ (347,905) |
$ (1,092,580) |
$ 3,719,317 |
|||||
Capital expenditures |
$ 16,131,643 |
$ 1,393,040 |
$ 23,141 |
$ 51,771 |
$ 856,359 |
$ 18,455,954 |
|||||
As of December 31, 2012 |
|||||||||||
Investment in unconsolidated affiliate |
$ - |
$ 321,731 |
$ - |
$ - |
$ - |
$ 321,731 |
|||||
Goodwill |
$ 14,891,377 |
$ - |
$ - |
$ - |
$ - |
$ 14,891,377 |
|||||
Total assets |
$ 169,616,395 |
$ 8,786,247 |
$ 632,466 |
$ 3,556,432 |
$ 64,887,276 |
$ 247,478,816 |
|||||
Intersegment eliminations |
(46,338,335) |
(447,549) |
(16,073) |
(2,096,143) |
(24,117,257) |
(73,015,357) |
|||||
Total assets |
$ 123,278,060 |
$ 8,338,698 |
$ 616,393 |
$ 1,460,289 |
$ 40,770,019 |
$ 174,463,459 |
Gas Natural Inc. and Subsidiaries |
|||||||||||
Year Ended December 31, 2011 |
|||||||||||
Natural Gas Operations |
Marketing and Production |
Pipeline Operations |
Propane Operations |
Corporate and Other |
Consolidated |
||||||
OPERATING REVENUES |
$ 90,325,379 |
$ 13,461,470 |
$ 417,768 |
$ 3,014,971 |
$ - |
$ 107,219,588 |
|||||
Intersegment eliminations |
(330,763) |
(7,671,532) |
- |
- |
- |
(8,002,295) |
|||||
Total operating revenue |
89,994,616 |
5,789,938 |
417,768 |
3,014,971 |
- |
99,217,293 |
|||||
COST OF SALES |
53,348,689 |
12,142,036 |
- |
2,695,187 |
- |
68,185,912 |
|||||
Intersegment eliminations |
(330,763) |
(7,671,532) |
- |
- |
- |
(8,002,295) |
|||||
Total cost of sales |
53,017,926 |
4,470,504 |
- |
2,695,187 |
- |
60,183,617 |
|||||
GROSS MARGIN |
$ 36,976,690 |
$ 1,319,434 |
$ 417,768 |
$ 319,784 |
$ - |
$ 39,033,676 |
|||||
OPERATING EXPENSES |
|||||||||||
Distribution, general and administrative |
18,297,497 |
517,155 |
67,237 |
597,620 |
130,545 |
19,610,054 |
|||||
Maintenance |
1,061,672 |
648 |
18,076 |
42,052 |
- |
1,122,448 |
|||||
Depreciation and amortization |
4,016,981 |
285,254 |
60,195 |
102,451 |
- |
4,464,881 |
|||||
Accretion |
96,536 |
45,678 |
- |
- |
- |
142,214 |
|||||
Taxes other than income |
3,330,549 |
24,997 |
25,853 |
44,061 |
26,400 |
3,451,860 |
|||||
Total operating expenses |
26,803,235 |
873,732 |
171,361 |
786,184 |
156,945 |
28,791,457 |
|||||
OPERATING INCOME (LOSS) |
$ 10,173,455 |
$ 445,702 |
$ 246,407 |
$ (466,400) |
$ (156,945) |
$ 10,242,219 |
|||||
OTHER INCOME (EXPENSE) |
638,583 |
(877,465) |
- |
1,004,929 |
(282,903) |
483,144 |
|||||
INTEREST EXPENSE |
(2,106,130) |
(87,744) |
(16,811) |
- |
(3,166) |
(2,213,851) |
|||||
Intersegment eliminations |
180,248 |
- |
- |
- |
(180,248) |
- |
|||||
INCOME (LOSS) FROM |
|||||||||||
CONTINUING OPERATIONS |
$ 8,886,156 |
$ (519,507) |
$ 229,596 |
$ 538,529 |
$ (623,262) |
$ 8,511,512 |
|||||
INCOME TAX BENEFIT |
|||||||||||
(EXPENSE) |
(3,072,056) |
232,393 |
(67,167) |
(283,313) |
48,148 |
(3,141,995) |
|||||
NET INCOME (LOSS) |
$ 5,814,100 |
$ (287,114) |
$ 162,429 |
$ 255,216 |
$ (575,114) |
$ 5,369,517 |
|||||
Capital expenditures |
$ 22,495,616 |
$ - |
$ 19,248 |
$ 582,889 |
$ 107,765 |
$ 23,205,518 |
|||||
As of December 31, 2011 |
|||||||||||
Investment in unconsolidated affiliate |
$ - |
$ 330,351 |
$ - |
$ - |
$ - |
$ 330,351 |
|||||
Goodwill |
$ 14,607,952 |
$ - |
$ - |
$ - |
$ - |
$ 14,607,952 |
|||||
Total assets |
$ 142,040,028 |
$ 5,900,392 |
$ 872,341 |
$ 3,638,634 |
$ 68,057,539 |
$ 220,508,934 |
|||||
Intersegment eliminations |
(50,723,758) |
(1,567,600) |
(28,368) |
(2,125,742) |
(9,652,052) |
(64,097,520) |
|||||
Total assets |
$ 91,316,270 |
$ 4,332,792 |
$ 843,973 |
$ 1,512,892 |
$ 58,405,487 |
$ 156,411,414 |
Gas Natural Inc. and Subsidiaries |
|||||||
Utility Throughput |
|||||||
Years Ended December 31, |
|||||||
(in million cubic feet (MMcf)) |
2012 |
2011 |
|||||
Full Service Distribution |
|||||||
Residential |
4,349 |
4,644 |
|||||
Commercial |
4,250 |
4,552 |
|||||
Industrial |
178 |
150 |
|||||
Total full service |
8,777 |
9,346 |
|||||
Transportation |
10,301 |
9,050 |
|||||
Bucksport |
14,144 |
13,925 |
|||||
Total Volumes |
33,222 |
32,321 |
Heating Degree Days |
|||||||||
Years Ended |
Percent (Warmer) Colder |
||||||||
December 31, |
2012 Compared to |
||||||||
Normal |
2012 |
2011 |
Normal |
2011 |
|||||
Great Falls, MT |
7,508 |
6,828 |
7,800 |
(9.06%) |
(12.46%) |
||||
Cody, WY |
6,925 |
6,291 |
7,434 |
(9.16%) |
(15.38%) |
||||
Bangor, ME |
7,676 |
7,020 |
7,267 |
(8.55%) |
(3.40%) |
||||
Elkin, NC |
3,963 |
3,661 |
3,901 |
(7.62%) |
(6.15%) |
||||
Youngstown, OH |
6,349 |
5,345 |
6,024 |
(15.81%) |
(11.27%) |
||||
Jackson, KY |
4,451 |
3,870 |
- |
(13.05%) |
- |
SOURCE Gas Natural Inc
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