Gas Natural Reports Results for Second Quarter 2014 Gross margin grows 13% to $9.2 million, driven by continued customer expansion in Maine, North Carolina and Ohio

MENTOR, Ohio, Aug. 14, 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 second quarter ended June 30, 2014. 

Net loss was $1.4 million, or $0.14 loss per diluted share, for the 2014 second quarter compared with net loss of $0.3 million or $0.04 loss per diluted share, for the quarter ended June 30, 2013.  Included in net loss was $1.1 million in uncollectible accounts expense related to a customer's bankruptcy proceeding.  On an after tax basis the impact was $0.7 million or $0.06 per diluted share.  On a year-to-date basis, net income for the first half of 2014 was $3.6 million, or $0.34 per diluted share, compared with $4.5 million, or $0.53 per diluted share, for last year's first half.     

Mr. Gregory J. Osborne, Gas Natural's President and Chief Executive Officer commented, "During the quarter, the return on our commitment to customer expansion continued, resulting in a 13% increase in gross margin.  While our net income was impacted by expenses for professional fees and the $1.1 million charge for uncollectible accounts in our marketing and production segment, we believe the operating returns on our investments in infrastructure support our growth strategy."

Natural Gas Operations Segment
The Natural Gas Operations segment reported strong year-over-year revenue growth.  Revenue in the 2014 quarter from the Company's Maine and North Carolina markets increased by $1.3 million and revenue from the Ohio market increased $0.4 million compared with the prior-year period.  Increases in these markets were driven by higher natural gas prices passed on to customers as well and customer growth.  There were approximately 73,000 customers at the end of the second quarter, up from approximately 72,000 at the end of 2013.  Maine and North Carolina markets throughput increased 89 MMcf volume to 1,575 MMcf, while the Ohio market was up 49 MMcf to 519 MMcf.  Revenue from Gas Natural's Montana and Wyoming markets increased $1.3 million compared with the prior-year second quarter, driven by higher prices for natural gas passed through to customers.  For the first half of 2014, revenue increased 40% to $81.0 million, driven by those same factors.

 

Natural Gas Operations Income Statement


($ in thousands)

Three Months Ended


Six Months Ended


June 30,


June 30,


2014


2013


2014


2013

Natural Gas Operations








Operating revenue

$   20,777


$   17,746


$   81,031


$   57,691

    Gas purchased

11,719


10,049


53,674


34,166

Gross margin

9,058


7,697


27,357


23,525

    Operating expenses

9,188


7,633


17,791


15,210

Operating (loss) income

(130)


64


9,566


8,315

    Other income

205


259


317


298

Income before interest and taxes

75


323


9,883


8,613

    Interest expense

(699)


(698)


(1,443)


(1,416)

Income before income taxes

(624)


(375)


8,440


7,197

    Income tax expense

214


139


(3,157)


(2,722)

Net (loss) income

$       (410)


$       (236)


$    5,283


$    4,475









 

Gross margin was $9.1 million for the quarter compared with $7.7 million last year, driven primarily by increased customer growth in Maine, North Carolina and Ohio.  On a year-to-date basis, gross margin increased $3.8 million to $27.4 million, also driven by customer growth and colder than average weather in the first quarter of 2014. 

The increase in operating expenses for the quarter reflects a $1.0 million increase in professional fees related to increased regulatory proceedings and investments in personnel to support improved processes and controls.  Also, depreciation expense increased $0.3 million as a result of increased capital expenditure investments.  The segment reported a second quarter 2014 net loss of $0.4 million compared with a net loss of $0.2 million in the 2013 quarter.  For the first half of 2014, the segment reported $5.3 million of net income, a $0.8 million, or 18%, increase over the first half of 2013. 

Marketing and Production Operations Segment
Revenue for the Marketing and Production segment declined $1.1 million in the quarter, to $1.5 million primarily due to the loss of an LNG customer to pipeline competition.  G&A expenses for the segment included a $1.1 million uncollectible account charge for a large industrial customer in bankruptcy in the 2014 second quarter.  The segment reported a loss of $0.8 million for the second quarter of 2014 compared with $0.2 million of net income in the prior-year period.  For the first half of 2014, the segment reported a $0.8 million net loss compared with $0.4 million of net income in the prior-year first half.         

Balance Sheet and Cash Management
Cash and cash equivalents as of June 30, 2014 were $3.2 million, compared with $13.1 million at December 31, 2013.   

Cash provided by operating activities of continuing operations was $10.4 million in the first half of 2014 compared with $17.3 million in the prior-year period.  The decrease was primarily due to higher working capital requirements. 

Capital expenditures in the 2014 first half were $10.9 million compared with $9.9 million in the 2013 period.  The Company continues to expect full year capital expenditures of $16 million to $17 million.  Expenditures continue to focus on growth of the Company's Natural Gas Operations segment, especially 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 Friday, August 15th at 10:00 a.m. Eastern Time.  During the conference call and webcast, management will review the financial and operating results for the second 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 Friday, August 22, 2014.  To listen to a replay of the call, dial (858) 384-5517 and enter the conference ID number 13585608.  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.

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: 

James E. Sprague, Chief Financial Officer

Deborah K. Pawlowski or Karen L. Howard, Kei Advisors LLC

Phone: (440) 974-3770

Phone:  (716) 843-3908 / (716) 843-3942

Email:  jsprague@egas.net

Email:  dpawlowski@keiadvisors.com / khoward@keiadvisors.com

 

FINANCIAL TABLES FOLLOW.

 

Gas Natural Inc. and Subsidiaries

Condensed Consolidated Statement of Operations

(Unaudited)








Three Months Ended June 30,


Six Months Ended June 30,



2014


2013


2014


2013

REVENUES









Natural gas operations


$   20,777,468


$   17,746,297


$  81,031,278


$   57,690,959

Marketing and production


1,522,914


2,645,682


6,212,270


6,217,461

Pipeline Operations


97,862


105,032


196,876


203,319

Total Revenue


22,398,244


20,497,011


87,440,424


64,111,739










COST OF SALES









Natural gas purchased


11,718,997


10,049,089


53,674,432


34,165,510

Marketing and production


1,436,158


2,232,922


5,677,123


5,092,957

Total cost of sales


13,155,155


12,282,011


59,351,555


39,258,467










GROSS MARGIN


9,243,089


8,215,000


28,088,869


24,853,272

OPERATING EXPENSES









Distribution, general, and administrative


6,693,672


5,423,390


13,531,475


10,737,314

Maintenance


366,558


306,325


712,961


635,738

Depreciation and amortization


1,822,902


1,482,643


3,644,080


2,904,213

Accretion


47,826


43,512


94,404


86,119

Provision for doubtful accounts


813,313


14,781


822,188


23,557

Taxes other than income


1,135,039


906,982


2,131,771


1,817,889

Total operating expenses


10,879,310


8,177,633


20,936,879


16,204,830










OPERATING INCOME (LOSS)


(1,636,221)


37,367


7,151,990


8,648,442










Loss from unconsolidated affiliate


(4)


(2,947)


(977)


(4,027)

Other income, net


169,480


377,661


275,588


413,064

Acquisition expense


(1,869)


19,345


(7,197)


(156,534)

Interest expense


(761,940)


(767,128)


(1,571,321)


(1,569,145)

Income (loss) before income taxes


(2,230,554)


(335,702)


5,848,083


7,331,800

Income tax benefit (expense)


808,755


41,023


(2,235,830)


(2,856,869)










INCOME (LOSS) FROM CONTINUING OPERATIONS


(1,421,799)


(294,679)


3,612,253


4,474,931

Discontinued operations, net of tax


(6,819)


(32,237)


(22,380)


(14,124)










NET INCOME (LOSS)


$    (1,428,618)


$       (326,916)


$    3,589,873


$    4,460,807










Basic weighted shares outstanding


10,468,961


8,465,983


10,468,961


8,425,647

    Dilutive effect of stock options


-


-


429


847

Diluted weighted shares outstanding


10,468,961


8,465,983


10,469,390


8,426,494

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:









Continuing operations


$            (0.14)


$             (0.03)


$            0.35


$             0.53

Discontinued operations


-


(0.01)


(0.01)


-

Net income (loss) per share


$            (0.14)


$             (0.04)


$            0.34


$             0.53










Weighted average dividends declared per common share


$           0.135


$            0.135


$          0.270


$           0.270

 

 



Gas Natural Inc. and Subsidiaries

Condensed Consolidated Balance Sheets



June 30,


December 31,


2014


2013


(unaudited)



ASSETS




CURRENT ASSETS




Cash and cash equivalents

$    3,200,502


$    13,147,381

Marketable securities

411,984


406,134

Accounts receivable




                   Trade, less allowance for doubtful accounts of $295,990 and $1,986,531, respectively

7,954,377


13,440,565

Related parties

209,564


146,225

Unbilled gas

1,853,287


7,729,560

Note receivable – related parties, current     portion

1,938


1,938

Inventory




Natural gas

3,645,729


5,464,744

Materials and supplies

2,683,862


2,413,745

Prepaid income taxes

681,628


727,427

Prepayments and other

1,003,116


1,064,845

Recoverable cost of gas purchases

3,736,553


1,298,299

Deferred tax asset

1,230,674


1,225,032

Assets held for sale

35,115


-

Discontinued operations

5,184


34,151

Total current assets

26,653,513


47,100,046





PROPERTY, PLANT AND EQUIPMENT




Property, plant and equipment

196,584,806


185,816,790

Less accumulated depreciation, depletion and amortization

(55,392,666)


(52,296,504)

PROPERTY, PLANT AND EQUIPMENT, NET

141,192,140


133,520,286





OTHER ASSETS




Notes receivable – related parties, less current portion

91,475


93,727

Regulatory assets




Deferred costs

2,450,000


-

Property taxes

12,500


25,000

Income taxes

452,645


452,645

Rate case costs

108,566


130,228

Debt issuance costs, net of amortization

1,184,105


1,388,124

Goodwill

16,267,377


16,267,377

Customer relationships

3,078,917


3,230,333

Investment in unconsolidated affiliate

350,748


351,724

Restricted cash

1,955,712


1,137,442

Other assets

38,334


46,683

Total other assets

25,990,379


23,123,283

TOTAL ASSETS

$  193,836,032


$  203,743,615

 

 


Gas Natural Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Continued)






June 30,


December 31,


2014


2013


(unaudited)



LIABILITIES AND CAPITALIZATION




CURRENT LIABILITIES




Checks in excess of amounts on deposit

$        1,061,972


$            843,634

Line of credit

19,960,799


24,529,799

Accounts payable




Trade

6,399,179


12,418,701

Related parties

171,880


559,933

Notes payable, current portion

542,112


3,502,190

Contingent consideration, current portion

671,638


671,638

Accrued liabilities




Taxes other than income

1,748,613


3,173,640

Vacation

370,302


95,806

Employee benefit plans

308,635


178,789

Interest

203,963


169,581

Deferred payments received from levelized billing

1,141,152


2,469,665

Customer deposits

794,391


761,022

Related parties

21,158


-

Capital lease obligation, current portion

177,570


177,570

Over-recovered gas purchases

821,499


793,184

Build-to-suit liability

2,378,714


-

Other current liabilities

1,043,883


1,482,375

Discontinued operations

7,970


45,855

Total current liabilities

37,825,430


51,873,382





LONG-TERM LIABILITIES




Deferred investment tax credits

123,724


134,255

Deferred tax liability

11,244,112


9,055,166

Asset retirement obligation

2,120,757


2,026,353

Customer advances for construction

1,021,464


1,016,671

Regulatory liability for income taxes

83,161


83,161

Customer deposits

949,540


-

Capital lease obligation, less current portion

1,862,938


1,862,938

Contingent consideration, less current portion

13,362


13,362

Total long-term liabilities

17,419,058


14,191,906





NOTES PAYABLE, less current portion

39,991,983


40,198,552





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, 10,487,511 and 10,451,678 shares issued and outstanding, respectively

1,573,127


1,567,752

Capital in excess of par value

63,817,686


63,468,969

Accumulated other comprehensive income

109,136


104,909

Retained earnings

33,099,612


32,338,145

Total stockholders' equity

98,599,561


97,479,775

TOTAL CAPITALIZATION

138,591,544


137,678,327

TOTAL LIABILITIES AND CAPITALIZATION

$    193,836,032


$      203,743,615

 

 


Gas Natural Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)



Six Months Ended June 30,


2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$ 3,589,873


$ 4,460,807

Loss from discontinued operations

(22,380)


(14,124)

Income from continuing operations

3,612,253


4,474,931





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




Depreciation and amortization

3,644,080


2,904,213

Accretion

94,404


86,119

Amortization of debt issuance costs

204,019


212,569

Provision for doubtful accounts

822,188


23,557

Stock based compensation

308,330


1,615

Gain on sale of assets

(5,008)


(126,596)

Loss from unconsolidated affiliate

977


4,027

Investment tax credit

(10,531)


(10,531)

Deferred income taxes

2,181,681


2,835,862

Changes in assets and liabilities




Accounts receivable, including related parties

4,600,661


5,098,484

Unbilled gas

5,876,273


2,975,256

Natural gas inventory

1,819,015


1,464,733

Accounts payable, including related parties

(5,308,532)


(760,700)

Recoverable/refundable cost of gas purchases

(2,409,939)


(781,112)

Prepayments and other

60,489


1,693,770

Other assets

(2,449,265)


(904,671)

Other liabilities

(2,676,669)


(1,931,178)

Net cash provided by operating activities of continuing operations

10,364,426


17,260,348





CASH FLOWS FROM INVESTING ACTIVITIES




Capital expenditures

(10,877,252)


(9,873,759)

Proceeds from sale of fixed assets

42,534


1,018,163

Proceeds from related party notes receivable

2,252


5,217

Investment in unconsolidated affiliate

-


(35,000)

Restricted cash – capital expenditures fund

(106)


1,060,190

Customer advances for construction

4,793


26,155

Contributions in aid of construction

988,723


273,510

Net cash used in investing activities of continuing operations

(9,839,056)


(7,525,524)





CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from lines of credit

10,350,000


8,050,000

Repayments of lines of credit

(14,919,000)


(15,909,755)

Proceeds from notes payable

102,000


-

Repayments of notes payable

(3,294,190)


(379,166)

Debt issuance costs

-


(7,492)

Exercise of stock options

45,762


159,500

Restricted cash – debt service fund

131,376


1,651

Dividends paid

(2,826,793)


(2,275,896)

Net cash used in financing activities of continuing operations

(10,410,845)


(10,361,158)





DISCONTINUED OPERATIONS




Operating cash flows

(51,735)


181,727

Investing cash flows

-


(6,169)

Financing cash flows

(9,669)


(201,000)

Net cash used in discontinued operations

(61,404)


(25,442)





NET DECREASE IN CASH AND CASH EQUIVALENTS

(9,946,879)


(651,776)

Cash and cash equivalents, beginning of period

13,147,381


3,435,117





CASH AND CASH EQUIVALENTS, END OF PERIOD

$ 3,200,502


$ 2,783,341

 

 



Gas Natural Inc. and Subsidiaries Segments of Operations 

(Unaudited)

Three Months Ended June 30, 2014













Natural Gas


Marketing &


Pipeline


Corporate




Operations


Production


Operations


& Other


Consolidated












OPERATING REVENUES


$ 20,856,269


$  3,071,792


$     97,862


$                -


$   24,025,923

Intersegment elimination


(78,801)


(1,548,878)


-


-


(1,627,679)

Total operating revenue


20,777,468


1,522,914


97,862


-


22,398,244

COST OF SALES


11,797,798


2,985,036


-


-


14,782,834

Intersegment elimination


(78,801)


(1,548,878)


-


-


(1,627,679)

Total cost of sales


11,718,997


1,436,158


-


-


13,155,155

GROSS MARGIN


9,058,471


86,756


97,862


-


9,243,089

OPERATING EXPENSES


9,188,987


1,401,544


58,105


256,419


10,905,055

Intersegment elimination


(500)


-


-


(25,245)


(25,745)

Total operating expenses


9,188,487


1,401,544


58,105


231,174


10,879,310

OPERATING INCOME (LOSS)


$     (130,016)


$ (1,314,788)


$     39,757


$    (231,174)


$   (1,636,221)

DISCONTINUED OPERATIONS


$                  -


$                 -


$               -


$        (6,819)


$          (6,819)

NET INCOME (LOSS)


$     (409,928)


$    (849,438)


$     17,521


$    (186,773)


$   (1,428,618)












Three Months Ended June 30, 2013













Natural Gas


Marketing &


Pipeline


Corporate




Operations


Production


Operations


& Other


Consolidated












OPERATING REVENUES


$ 17,825,910


$  4,227,929


$    105,032


$                 -


$   22,158,871

Intersegment elimination


(79,613)


(1,582,247)


-


-


(1,661,860)

Total operating revenue


17,746,297


2,645,682


105,032


-


20,497,011

COST OF SALES


10,128,702


3,815,169


-


-


13,943,871

Intersegment elimination


(79,613)


(1,582,247)


-


-


(1,661,860)

Total cost of sales


10,049,089


2,232,922


-


-


12,282,011

GROSS MARGIN


7,697,208


412,760


105,032


-


8,215,000

OPERATING EXPENSES


7,645,708


243,838


43,457


257,199


8,190,202

Intersegment elimination


(12,569)


-


-


-


(12,569)

Total operating expenses


7,633,139


243,838


43,457


257,199


8,177,633

OPERATING INCOME (LOSS)


$      64,069


$   168,922


$     61,575


$    (257,199)


$         37,367

DISCONTINUED OPERATIONS


$                -


$               -


$               -


$      (32,237)


$       (32,237)

NET INCOME (LOSS)


$   (235,899)


$   178,872


$     33,978


$    (303,867)


$     (326,916)

 

 



Gas Natural Inc. and Subsidiaries Segments of Operations 

(Unaudited)

Six Months Ended June 30, 2014
























Natural Gas


Marketing &


Pipeline


Corporate &





Operations


Production


Operations


Other


Consolidated












OPERATING REVENUES


$    81,196,623


$    11,001,565


$     196,876


$                   -


$   92,395,064

Intersegment elimination


(165,345)


(4,789,295)


-


-


(4,954,640)

Total operating revenue


81,031,278


6,212,270


196,876


-


87,440,424












COST OF SALES


53,839,777


10,466,418


-


-


64,306,195

Intersegment elimination


(165,345)


(4,789,295)


-


-


(4,954,640)

Total cost of sales


53,674,432


5,677,123


-


-


59,351,555












GROSS MARGIN


27,356,846


535,147


196,876


-


28,088,869












OPERATING EXPENSES


17,791,147


1,784,002


80,117


1,282,113


20,937,379

Intersegment elimination


(500)


-


-


-


(500)

Total operating expenses


17,790,647


1,784,002


80,117


1,282,113


20,936,879












OPERATING INCOME (LOSS)


$      9,566,199


$   (1,248,855)


$     116,759


$  (1,282,113)


$    7,151,990












DISCONTINUED OPERATIONS


$                     -


$                    -


$                 -


$       (22,380)


$       (22,380)












NET INCOME (LOSS)


$      5,283,318


$      (828,637)


$       62,469


$     (927,277)


$    3,589,873












Six Months Ended June 30, 2013
























Natural Gas


Marketing &


Pipeline


Corporate &





Operations


Production


Operations


Other


Consolidated












OPERATING REVENUES


$    57,856,318


$      9,816,141


$     203,319


$                   -


$  67,875,778

Intersegment elimination


(165,359)


(3,598,680)


-


-


(3,764,039)

Total operating revenue


57,690,959


6,217,461


203,319


-


64,111,739












COST OF SALES


34,330,869


8,691,637


-


-


43,022,506

Intersegment elimination


(165,359)


(3,598,680)


-


-


(3,764,039)

Total cost of sales


34,165,510


5,092,957


-


-


39,258,467












GROSS MARGIN


23,525,449


1,124,504


203,319


-


24,853,272












OPERATING EXPENSES


15,222,579


505,089


91,135


398,596


16,217,399

Intersegment elimination


(12,569)


-


-


-


(12,569)

Total operating expenses


15,210,010


505,089


91,135


398,596


16,204,830












OPERATING INCOME (LOSS)


$      8,315,439


$         619,415


$     112,184


$     (398,596)


$    8,648,442












DISCONTINUED OPERATIONS


$                     -


$                     -


$                 -


$       (14,124)


$       (14,124)












NET INCOME (LOSS)


$      4,475,307


$         427,333


$       61,092


$     (502,925)


$    4,460,807

 

 

Gas Natural Inc. and Subsidiaries

Natural Gas Operations


Utility Throughput
















(in million cubic feet (MMcf))

Three Months Ended
June 30,


Six Months Ended
June 30,


2014


2013


2014


2013

Full Service Distribution Revenues








Residential

806


704


3,612


2,948

Commercial

986


926


3,308


2,897

Industrial

56


42


107


91

Total full service distribution

1,848


1,672


7,027


5,936









Transportation

2,648


2,733


5,994


5,902

Bucksport

1,803


3,110


2,760


6,873









Total Volumes

6,299


7,515


15,781


18,711

 

 

Heating Degree Days


















Three Months Ended


Percent Colder (Warmer)





June 30,


2014 Compared to



Normal


2014


2013


Normal


2013












Great Falls, MT


2,141


1,273


1,310


(40.54%)


(2.82%)

Cody, WY


2,074


1,116


1,155


(46.19%)


(3.38%)

Bangor, ME


1,934


1,078


1,171


(44.26%)


(7.94%)

Elkin, NC


1,320


359


451


(72.80%)


(20.40%)

Youngstown, OH


1,686


709


740


(57.95%)


(4.19%)

Jackson, KY


902


385


446


(57.32%)


(13.68%)























Six Months Ended


Percent Colder (Warmer)





June 30,


2014 Compared to



Normal


2014


2013


Normal


2013












Great Falls, MT


4,399


4,863


4,192


10.55%


16.01%

Cody, WY


4,374


4,457


4,130


1.90%


7.92%

Bangor, ME


4,554


5,117


4,757


12.36%


7.57%

Elkin, NC


2,960


2,793


2,683


(5.64%)


4.10%

Youngstown, OH


3,928


4,411


3,893


12.30%


13.31%

Jackson, KY


2,672


3,081


2,906


15.31%


6.02%












 

SOURCE Gas Natural Inc.



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