2014

Gas Natural Reports 2013 Earnings Per Share up 54% and Announces Monthly Dividend of $0.045 Per Share - Fourth quarter 2013 earnings per share from continuing operations up 70% to $0.34

- Total throughput volume increased 9% and customer count grew by about 5% over the past year, both driven by growth in customer base in Maine and North Carolina

- Board of Directors declared a monthly dividend of $0.045 per share to shareholders of record as of April 15, 2014; dividend is payable on April 30, 2014

MENTOR, Ohio, March 31, 2014 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a holding company operating local natural gas utility companies serving approximately 73,000 natural gas customers in seven states, reported financial results for the fourth quarter and year ended December 31, 2013. 

Income from continuing operations was $3.4 million, or $0.34 per diluted share, for the 2013 fourth quarter compared with $1.7 million or $0.20 per diluted share, for the quarter ended December 31, 2012.  On a full year basis, income from continuing operations for 2013 was $7.0 million, or $0.75 per diluted share, compared with $3.9 million, or $0.48 per diluted share, for the 2012 year.  In November 2013 the Company completed the sale of its Independence propane subsidiary, receiving $2.3 million from the sale.  The results of operations, financial position, and cash flows for the subsidiary have been reclassified to the discontinued operations sections of the Company's consolidated financial statements.    

Mr. Gregory J. Osborne, Gas Natural's President and Chief Operating Officer commented, "Our fourth quarter showed a strong finish to 2013, benefitting from our ongoing growth as well as colder weather throughout our service territories.  As previously announced, we increased our throughput by 9% and grew our customer base by about 5% over the past year, driven by further penetration of our North Carolina and Maine markets.  Additionally, we continue to show customer growth in Ohio and solid performance in our other markets and we continue to invest in our rate base to further our profitable growth going forward."

Natural Gas Operations Segment

The Company annually distributes over 36 billion cubic feet of natural gas to approximately 73,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming.

Natural Gas Operations Income Statement


($ in thousands)

Three Months Ended
December 31,


Year Ended
December 31,


2013


2012


2013


2012

Natural Gas Operations








Operating revenues

$            35,616


$           28,198


$         106,265


$           81,306

   Gas purchased

21,531


15,637


61,237


42,486

Gross margin

14,085


12,561


45,028


38,820

   Operating expenses

9,148


8,672


32,408


29,124

Operating income

4,937


3,889


12,620


9,696

   Other income (expense)

210


(173)


805


418

Income before interest and taxes

5,147


3,716


13,425


10,114

   Interest expense

(722)


(681)


(2,881)


(2,512)

Income before income taxes

4,425


3,035


10,544


7,602

   Income tax expense

(1,124)


(1,298)


(3,347)


(3,135)

Net Income

$              3,301


$             1,737


$             7,197


$             4,467









 

The Natural Gas Operations segment reported strong year-over-year revenue growth.  Revenue in the 2013 quarter from the Company's Maine and North Carolina markets increased by $2.9 million and revenue from the Ohio market increased $2.4 million compared with the prior-year period, driven by continued customer growth and colder weather.  Revenue from Gas Natural's Montana and Wyoming markets increased $2.0 million compared with the prior-year fourth quarter, driven by colder weather and higher prices for natural gas passed through to customers.  On a full year basis, revenue increased $25.0 million, or 30.7%, compared with the prior year as a result of customer growth, colder weather, and higher natural gas prices passed through to customers.

Gross profit was $14.1 million for the quarter compared with $12.6 million last year, driven by increased customer growth in Maine, North Carolina and Ohio as well as colder weather in all service territories.  On a full year basis, gross profit increased $6.2 million, due to the same factors.

The increase in operating expenses for the quarter and full year periods reflects the execution of the Company's growth strategy.  The segment reported fourth quarter net income of $3.3 million compared with $1.7 million in the 2012 quarter.  Similarly, the segment's net income for 2013 increased $2.7 million over 2012, to $7.2 million

Other Operating Segments

The Marketing and Production segment reported net income of $0.7 million for the fourth quarter of 2013 compared with $0.2 million in the prior-year period.  On a full year basis, 2013 net income of the Marketing and Production segment was $1.0 million compared with $0.6 million for the prior-year period.  The Company's Gas Natural Resources (GNR) subsidiary and the Company's Liquefied Natural Gas (LNG) business drove revenue growth for both the quarterly and full year periods, partially offset by lower sales volumes from the Company's existing gas marketing operation.  Operating expenses in the 2013 fourth quarter and year included a net unrealized holding gain of $1.8 million related to the quarterly revaluation of the contingent consideration liability from the earn-out provision in the JDOG Marketing purchase contract.  This benefit was partially offset by non-cash charges due to goodwill impairment of $0.7 million and amortization of other intangible assets of $0.2 million.    

Balance Sheet and Cash Management

Cash and cash equivalents as of December 31, 2013 were $13.1 million, up $1.7 million and
$9.7 million from the balances at September 30, 2013 and December 31, 2012, respectively.  The increases were impacted by $16.7 million of proceeds from the Company's 2013 common stock issuances.   

Cash provided by operating activities of continuing operations increased $7.5 million to $16.7 million in 2013 compared with 2012.  The increase was driven by higher net income, higher non-cash charges including deferred income taxes, depreciation and amortization, and lower working capital requirements. 

Capital expenditures for 2013 were $24.1 million compared with $20.7 million in 2012.  The 2013 expenditures were focused on the growth of the Company's Natural Gas Operations segment, specifically the expansion of its gas pipeline systems to service the growing demand for natural gas in North Carolina and Maine.

Webcast and Conference Call

Gas Natural will host a conference call and live webcast on Tuesday, April 1st at 10:00 a.m. Eastern Time.  During the conference call and webcast, management will review the financial and operating results for the fourth quarter and discuss Gas Natural's corporate strategies and outlook.  A question-and-answer session will follow.   The teleconference can be accessed by calling (201) 689-8471.  The webcast can be monitored on the Company's website at www.egas.net.

A telephonic replay will be available from 1:00 p.m. ET on the day of the teleconference through Tuesday, April 8, 2014.  To listen to a replay of the call, dial (858) 384-5517 and enter the conference ID number 13574605.  An archive of the webcast will be available on the Company's website at www.egas.net and will include a transcript, once available.

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 36 billion cubic feet of natural gas to approximately 73,000 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, and natural gas marketing.  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:

Thomas J. Smith, Chief Financial Officer

Deborah K. Pawlowski, Kei Advisors LLC

Phone: (440) 974-3770

Phone: (716) 843-3908

Email: tsmith@egas.net  

Email: dpawlowski@keiadvisors.com  

 

FINANCIAL TABLES FOLLOW.

 

Gas Natural Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)



Three Months Ended
December 31,


Year Ended
December 31,


2013


2012


2013


2012

REVENUES








Natural gas operations

$35,615,868


$28,198,117


$106,264,609


$ 81,305,951

Marketing and production

3,832,615


2,736,081


12,167,241


7,493,361

Pipeline operations

100,306


96,894


402,914


401,933

Total revenues

39,548,789


31,031,092


118,834,764


89,201,245

COST OF SALES








Natural gas purchased

21,530,930


15,637,228


61,236,772


42,485,803

Marketing and production

3,258,354


2,146,667


10,052,865


5,953,156

Total cost of sales

24,789,284


17,783,895


71,289,637


48,438,959

GROSS MARGIN

14,759,505


13,247,197


47,545,127


40,762,286

OPERATING EXPENSES








Distribution, general, and administrative

6,959,995


6,425,721


23,477,984


20,815,855

Maintenance

359,101


325,190


1,317,792


1,191,038

Depreciation and amortization

1,651,691


1,377,471


6,135,160


5,026,142

Accretion

45,444


42,310


175,974


161,298

Contingent consideration gain

(1,780,000)


-


(1,565,000)


-

Goodwill impairment

725,744


-


725,744


-

Taxes other than income

1,168,222


794,590


4,003,468


3,478,897

Total operating expenses

9,130,197


8,965,282


34,271,122


30,673,230

OPERATING INCOME

5,629,308


4,281,915


13,274,005


10,089,056

LOSS FROM UNCONSOLIDATED AFFILIATE

-


(152)


(5,007)


(8,620)

OTHER INCOME, NET

197,910


(25,617)


924,586


424,221

ACQUISITION EXPENSE

(27,985)


(173,429)


(272,094)


(959,267)

STOCK SALE EXPENSE

(309,432)


180


(309,432)


(274,213)

INTEREST EXPENSE

(797,887)


(782,633)


(3,178,606)


(2,700,193)

INCOME BEFORE INCOME TAXES

4,691,914


3,300,264


10,433,452


6,570,984

INCOME TAX EXPENSE

(1,325,666)


(1,649,289)


(3,391,898)


(2,650,569)

INCOME FROM CONTINUING OPERATIONS

3,366,248


1,650,975


7,041,554


3,920,415

Discontinued operations, net of income taxes

(151,438)


180,908


(370,275)


(201,098)

NET INCOME

$  3,214,810


$  1,831,883


$    6,671,279


$   3,719,317









Basic weighted shares outstanding

10,432,256


8,157,634


9,339,002


8,163,814

       Dilutive effect of stock options

171


3,813


720


5,865

Diluted weighted shares outstanding

10,432,427


8,161,447


9,339,722


8,169,679









DILUTED EARNINGS (LOSS) PER SHARE:







Continuing operations

$           0.34


$           0.20


$             0.75


$            0.48

Discontinued operations

(0.02)


0.03


(0.04)


(0.02)

Net income per share

$           0.32


$           0.23


$             0.71


$            0.46

Weighted average dividends declared per common share

$           0.14


$           0.09


$             0.55


$            0.54









COMPREHENSIVE INCOME:








Net income

$  3,214,810


$  1,831,883


$    6,671,279


$   3,719,317

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX







Unrealized gain/(loss) on available for sale securities, net of tax of $7,380, $15,236, $22,951 and $8,913, respectively

14,006


(4,064)


39,120


(14,616)

COMPREHENSIVE INCOME

$  3,228,816


$   1,827,819


$   6,710,399


$   3,704,701








 

 


Gas Natural Inc. and Subsidiaries

Condensed Consolidated Balance Sheets



December 31,


December 31,


2013


2012

ASSETS




CURRENT ASSETS




Cash and cash equivalents

$    13,147,381


$      3,435,117

Marketable securities

406,134


344,346

Accounts receivable




Trade, less allowance for doubtful accounts of $1,986,531




and $1,350,338, respectively

13,440,565


11,406,807

Related parties

146,225


522,557

Unbilled gas

7,729,560


4,612,258

Note receivable - related parties, current portion

1,938


10,998

Inventory




Natural gas

5,464,744


4,938,078

Materials and supplies

2,413,745


1,779,944

Prepaid income taxes

727,427


501,763

Prepayments and other

1,064,845


2,153,922

Recoverable cost of gas purchases

1,298,299


2,329,524

Deferred tax asset

1,225,032


813,846

Discontinued operations

34,151


3,117,349

Total current assets

47,100,046


35,966,509





PROPERTY, PLANT AND EQUIPMENT




Property, plant and equipment

185,816,790


163,068,885

Less accumulated depreciation, depletion and amortization

(52,296,504)


(46,639,843)

PROPERTY, PLANT AND EQUIPMENT, net

133,520,286


116,429,042





OTHER ASSETS




Notes receivable - related parties, less current portion

93,727


24,411

Regulatory assets




Property taxes

25,000


307,732

Income taxes

452,645


452,645

Rate case costs

130,228


176,250

Debt issuance costs, net of amortization

1,388,124


1,798,720

Goodwill

16,267,377


14,891,377

Customer relationships, net of amortization

3,230,333


616,500

Investment in unconsolidated affiliate

351,724


321,731

Restricted cash

1,137,442


3,150,847

Other assets

46,683


327,695

Total other assets

23,123,283


22,067,908

TOTAL ASSETS

$ 203,743,615


$ 174,463,459





 

 


Gas Natural Inc. and Subsidiaries

Condensed Consolidated Balance Sheets



December 31,


December 31,


2013


2012

LIABILITIES AND CAPITALIZATION




CURRENT LIABILITIES




Checks in excess of amounts on deposit

$               843,634


$               720,340

Line of credit

24,529,799


23,859,755

Accounts payable




Trade

12,418,701


8,982,051

Related parties

559,933


47,929

Notes payable, current portion

3,502,190


633,498

Contingent consideration, current portion

671,638


-

Accrued liabilities




Taxes other than income

3,173,640


2,528,940

Vacation

95,806


115,956

Employee benefit plans

178,789


145,496

Interest

169,581


191,263

Deferred payments received from levelized billing

2,469,665


2,633,220

Customer deposits

761,022


744,974

Related parties

-


595,240

Obligation under capital lease, current portion

177,570


167,518

Over-recovered gas purchases

Other current liabilities

1,482,375


690,511

Discontinued operations

45,855


1,420,897

Total current liabilities

51,873,382


44,662,622





LONG-TERM LIABILITIES




Deferred investment tax credits

134,255


155,317

Deferred tax liability

9,055,166


4,596,629

Asset retirement obligation

2,026,353


1,850,379

Customer advances for construction

1,016,671


1,009,232

Regulatory liability for income taxes

83,161


83,161

Regulatory liability for gas costs

-


20,745

Obligation under capital lease, less current portion

1,862,938


2,040,508

Contingent consideration, less current portion

13,362


-

Total long-term liabilities

14,191,906


9,755,971





NOTES PAYABLE, less current portion

40,198,552


43,700,742





COMMITMENTS AND CONTINGENCIES








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,




10,451,678 and 8,369,752 shares issued and outstanding, respectively

1,567,752


1,255,463

Capital in excess of par value

63,468,969


44,256,493

Accumulated other comprehensive income

104,909


65,789

Retained earnings

32,338,145


30,766,379

Total stockholders' equity

97,479,775


76,344,124

TOTAL CAPITALIZATION

137,678,327


120,044,866

TOTAL LIABILITIES AND CAPITALIZATION

$        203,743,615


$       174,463,459

 

 


Gas Natural Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)



For the Year Ended December 31,


2013


2012

CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$   6,671,279


$        3,719,317

Discontinued operations, net of income taxes

(370,275)


(201,098)

Income from continuing operations

7,041,554


3,920,415

Adjustments to reconcile income from continuing operations to net cash provided by operating activities of continuing operations:




Depreciation and amortization

6,135,160


5,026,142

Accretion

175,974


161,298

Amortization of debt issuance costs

418,204


275,858

Stock based compensation

2,962


60,009

(Gain) loss on sale of assets

(158,321)


54,154

Loss from unconsolidated affiliate

5,007


8,620

Unrealized holding loss on contingent consideration

(1,565,000)


-

Goodwill impairment

725,744


-

Investment tax credit

(21,062)


(21,062)

Deferred income taxes

4,024,683


2,261,345

Changes in assets and liabilities




Accounts receivable, including related parties

(1,757,282)


(2,555,988)

Unbilled gas

(3,117,302)


(379,404)

Natural gas and propane inventory

(526,666)


1,810,861

Accounts payable, including related parties

3,101,920


896,823

Recoverable/refundable cost of gas purchases

639,375


(834,814)

Prepayments and other

1,086,478


(1,432,597)

Other assets

(431,153)


1,051,267

Other liabilities

876,068


(1,163,368)

Net cash provided by operating activities of continuing operations

16,656,343


9,139,559

CASH FLOWS FROM INVESTING ACTIVITIES




Capital expenditures

(24,103,789)


(20,654,184)

Proceeds from sale of fixed assets

968,772


48,485

Proceeds from related party note receivable

8,681


10,255

Purchase of Public Gas Company, Inc.

-


(1,551,477)

Cash acquired in acquisition

-


502

Investment in unconsolidated affiliate

(35,000)


-

Restricted cash - capital expenditures fund

1,264,624


(1,322,065)

Customer advances for construction

23,802


128,381

Contributions in aid of construction

1,105,973


134,076

Net cash used in investing activities of continuing operations

(20,766,937)


(23,206,027)

CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from lines of credit

22,519,000


51,390,754

Repayment on lines of credit

(21,848,956)


(50,690,999)

Proceeds from notes payable

-


12,989,552

Repayments of notes payable

(633,498)


(7,920)

Payments of capital lease obligations

(167,518)


-

Debt issuance costs

(7,607)


(1,204,987)

Proceeds from issuance of common shares

16,721,104


-

Exercise of stock options

159,500


-

Restricted cash - debt service fund

748,781


(878,875)

Dividends paid

(5,005,827)


(4,432,920)

Net cash provided by financing activities of continuing operations

12,484,979


7,164,605

DISCONTINUED OPERATIONS




Operating cash flows

(394,427)


(522,559)

Investing cash flows

2,345,993


(46,306)

Financing cash flows

(613,687)


401,000

Net cash provided by (used in) discontinued operations

1,337,879


(167,865)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

9,712,264


(7,069,728)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

3,435,117


10,504,845

CASH AND CASH EQUIVALENTS, END OF PERIOD

$ 13,147,381


$        3,435,117





 

 


Gas Natural Inc. and Subsidiaries

Segments of Operations

(Unaudited)


Three Months Ended December 31, 2013










Natural Gas
Operations


Marketing
and
Production


Pipeline
Operations


Corporate and
Other


Consolidated











OPERATING REVENUES

$35,699,697


$6,407,612


$   100,306


$              -


$ 42,207,615

Intersegment elimination

(83,829)


(2,574,997)


-


-


(2,658,826)

Total operating revenue

35,615,868


3,832,615


100,306


-


39,548,789











COST OF SALES

21,614,759


5,833,351


-


-


27,448,110

Intersegment elimination

(83,829)


(2,574,997)


-


-


(2,658,826)

Total cost of sales

21,530,930


3,258,354


-


-


24,789,284











GROSS MARGIN

14,084,938


574,261


100,306


-


14,759,505











OPERATING EXPENSES

9,149,229


(609,201)


84,066


532,523


9,156,617

Intersegment elimination

(1,175)


-


-


(25,245)


(26,420)

Total operating expenses

9,148,054


(609,201)


84,066


507,278


9,130,197











OPERATING INCOME (LOSS)

$  4,936,884


$1,183,462


$     16,240


$ (507,278)


$   5,629,308











DISCONTINUED OPERATIONS

$                    -


$                 -


$                -


$ (151,438)


$     (151,438)











NET INCOME (LOSS)

$  3,300,897


$   738,818


$     17,289


$ (842,194)


$    3,214,810




























Three Months Ended December 31, 2012










Natural Gas
Operations


Marketing
and
Production


Pipeline
Operations


Corporate and
Other


Consolidated











OPERATING REVENUES

$28,281,295


$4,673,967


$     96,894


$               -


$ 33,052,156

Intersegment elimination

(83,178)


(1,937,886)


-


-


(2,021,064)

Total operating revenue

28,198,117


2,736,081


96,894


-


31,031,092











COST OF SALES

15,720,406


4,084,553


-


-


19,804,959

Intersegment elimination

(83,178)


(1,937,886)


-


-


(2,021,064)

Total cost of sales

15,637,228


2,146,667


-


-


17,783,895











GROSS MARGIN

12,560,889


589,414


96,894


-


13,247,197











OPERATING EXPENSES

8,671,692


71,741


58,366


163,483


8,965,282











OPERATING INCOME (LOSS)

$  3,889,197


$   517,673


$     38,528


$   (163,483)


$   4,281,915











DISCONTINUED OPERATIONS

$                   -


$                 -


$                 -


$    180,908


$      180,908











NET INCOME (LOSS)

$   1,737,160


$   213,702


$    (67,717)


$    (51,262)


$   1,831,883

 

 


Gas Natural Inc. and Subsidiaries

Segments of Operations, Continued
(Unaudited)


Year Ended December 31, 2013










Natural Gas
Operations


Marketing
and
Production


Pipeline
Operations


Corporate and
Other


Consolidated











OPERATING REVENUES

$106,590,940


$20,260,001


$   402,914


$                -


$ 127,253,855

Intersegment elimination

(326,331)


(8,092,760)


-


-


(8,419,091)

Total operating revenue

106,264,609


12,167,241


402,914


-


118,834,764











COST OF SALES

61,563,103


18,145,625


-


-


79,708,728

Intersegment elimination

(326,331)


(8,092,760)


-


-


(8,419,091)

Total cost of sales

61,236,772


10,052,865


-


-


71,289,637











GROSS MARGIN

45,027,837


2,114,376


402,914


-


47,545,127











OPERATING EXPENSES

32,421,834


500,561


216,947


1,229,614


34,368,956

Intersegment elimination

(13,744)


-


-


(84,090)


(97,834)

Total operating expenses

32,408,090


500,561


216,947


1,145,524


34,271,122











OPERATING INCOME (LOSS)

$  12,619,747


$  1,613,815


$   185,967


$ (1,145,524)


$   13,274,005











DISCONTINUED OPERATIONS

$                     -


$                   -


$                 -


$    (370,275)


$      (370,275)











NET INCOME (LOSS)

$    7,196,792


$  1,036,626


$   120,929


$ (1,683,068)


$     6,671,279




























Year Ended December 31, 2012










Natural Gas
Operations


Marketing
 and
Production


Pipeline
Operations


Corporate and
Other


Consolidated











OPERATING REVENUES

$81,630,788


$13,417,723


$   401,933


$               -


$ 95,450,444

Intersegment elimination

(324,837)


(5,924,362)


-


-


(6,249,199)

Total operating revenue

81,305,951


7,493,361


401,933


-


89,201,245











COST OF SALES

42,810,640


11,877,518


-


-


54,688,158

Intersegment elimination

(324,837)


(5,924,362)


-


-


(6,249,199)

Total cost of sales

42,485,803


5,953,156


-


-


48,438,959











GROSS MARGIN

38,820,148


1,540,205


401,933


-


40,762,286











OPERATING EXPENSES

29,124,235


805,125


198,057


545,813


30,673,230











OPERATING INCOME (LOSS)

$  9,695,913


$     735,080


$   203,876


$   (545,813)


$ 10,089,056











DISCONTINUED OPERATIONS

$                   -


$                   -


$                 -


$   (201,098)


$    (201,098)











NET INCOME (LOSS)

$  4,466,846


$     600,131


$     92,825


$(1,440,485)


$   3,719,317

 

 

Gas Natural Inc. and Subsidiaries

Natural Gas Operations


Utility Throughput



Three Months Ended
December 31,


Year Ended
December 31,

(in million cubic feet (MMcf))

2013


2012


2013


2012










Full Service Distribution









          Residential

1,870


1,653


5,143


4,349


          Commercial

1,554


1,326


5,075


4,250


          Industrial

58


44


202


178


           Total Full Service

3,482


3,023


10,420


8,777










Transportation

3,076


2,860


11,558


10,301

Bucksport

3,756


3,632


14,301


14,144











Total Volumes

10,314


9,515


36,279


33,222

 

 

Heating Degree Days











Three Months Ended


Percent (Warmer) Colder





December 31,


2013 Compared to



Normal


2013


2012


Normal


2012

Great Falls, MT


2,739


2,968


2,647


8.36%


12.13%

Cody, WY


2,565


2,870


2,548


11.89%


12.64%

Bangor, ME


2,281


2,780


2,564


21.88%


8.42%

Elkin, NC


1,775


1,570


1,612


(11.55%)


(2.61%)

Youngstown, OH


2,223


2,255


2,073


1.44%


8.78%

Jackson, KY


1,624


1,714


1,632


5.54%


5.02%



















Year Ended


Percent (Warmer) Colder





December 31,


2013 Compared to



Normal


2013


2012


Normal


2012

Great Falls, MT


7,496


7,350


6,828


(1.95%)


7.64%

Cody, WY


6,924


7,161


6,291


3.42%


13.83%

Bangor, ME


7,327


7,786


7,020


6.26%


10.91%

Elkin, NC


4,259


4,320


3,661


1.43%


18.00%

Youngstown, OH


6,349


6,337


5,345


(0.19%)


18.56%

Jackson, KY


4,380


4,711


3,870


7.56%


21.73%

 

SOURCE Gas Natural Inc.



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