Gas Natural Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2010
- Natural gas operations fourth quarter and full-year 2010 earnings increased 13% and 46%, respectively, on strong organic growth and contributions from the acquired Ohio utilities
- Volumes delivered increased 22% from 2009
GREAT FALLS, Mont., April 5, 2011 /PRNewswire/ -- Gas Natural Inc. (NYSE Amex: EGAS) (the "Company" or "Gas Natural"), a natural gas utility company serving approximately 63,500 customers in six states, reported financial results for the fourth quarter and full-year ended December 31, 2010. Results included the January 5, 2010 acquisitions of three Ohio-based gas utilities, Orwell Natural Gas Company, Northeast Ohio Natural Gas Corp. and Brainard Gas Corp., which increased total customers by approximately 24,000, or more than 50%. Also included were the results of Cut Bank Gas in Montana, a small operation acquired in November 2009.
Consolidated net income for the fourth quarter of 2010 was $1.7 million, or $0.24 per diluted share, compared with net income of $4.3 million, or $1.00 per diluted share, for the fourth quarter of 2009. Net income in the fourth quarter of 2009 was positively affected from an income tax benefit of $2.5 million, or $0.58 per diluted share, from the adjustment of the valuation allowance on the Company's deferred tax asset from prior acquisitions.
Full-year consolidated net income was $5.80 million, or $0.92 per diluted share, in 2010, down from $6.82 million, or $1.58 per diluted share, in 2009. As noted above, net income in 2009 was positively affected from an income tax benefit of $2.5 million. Excluding the Ohio-based gas utilities, our organic gas utility operations had a 23%, or $0.9 million, increase in net income in 2010 from $3.9 million in 2009 due primarily to strong continued growth in the Maine and North Carolina markets. The Company continues to see strong interest from our customers' in receiving natural gas in lieu of fuel oil and propane.
Richard M. Osborne, Gas Natural's chairman and chief executive officer, commented, "In 2010, we advanced on several business fronts and achieved key milestones tied to our strategic objectives. We expanded our customer base, broadened our geographic service areas, invested in our gas utility infrastructure, especially in our growth markets of Maine and North Carolina, and continue to focus on improving our operational efficiency. Additionally, we strengthened the balance sheet by completing a secondary equity offering in the latter part of 2010, raising $19.0 million. We are primarily using that capital to expand our existing utility operations with the expectation that we can continue to grow earnings and cash flow. As we move forward in 2011, we intend to build upon our accomplishments from last year to continue our growth and further improve our performance."
Natural Gas Operations Segment
Gas Natural Inc. annually distributes over 30 billion cubic feet of natural gas to approximately 63,500 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina. The Company acquired its Ohio and Pennsylvania operations in January 2010.
(in thousands) |
Three Months Ended December 31, |
Year Ended December 31, |
||||||||
2010 |
2009 |
2010 |
2009 |
|||||||
Natural Gas Operations |
||||||||||
Operating revenue |
$27,261 |
$16,946 |
$83,608 |
$58,766 |
||||||
Gas purchased |
16,533 |
10,190 |
48,877 |
37,052 |
||||||
Gross Margin |
10,728 |
6,756 |
34,731 |
21,714 |
||||||
Operating expenses |
6,561 |
3,661 |
24,682 |
14,663 |
||||||
Operating income |
4,167 |
3,095 |
10,049 |
7,051 |
||||||
Other income |
168 |
39 |
872 |
254 |
||||||
Income before interest and taxes |
4,335 |
3,134 |
10,921 |
7,305 |
||||||
Interest (expense) |
(541) |
(312) |
(2,086) |
(1,135) |
||||||
Income before income taxes |
3,794 |
2,822 |
8,835 |
6,170 |
||||||
Income tax (expense) |
(1,774) |
(1,041) |
(3,161) |
(2,281) |
||||||
Net income |
$2,020 |
$1,781 |
$5,674 |
$3,889 |
||||||
The Natural Gas Operations segment contributed net income of $2.0 million in the fourth quarter of 2010, an increase of 11.1% when compared with net income of $1.8 million for the same period the prior year. The increase was attributed to the previously noted Ohio operation's net income contribution and increased net income from Maine and North Carolina.
For 2010, the Natural Gas Operations segment comprised 98% of total net income of the company with net income of $5.7 million compared with $3.9 million for 2009, an increase of 46%, or $1.8 million. The North Carolina and Maine utilities had net income growth of $1.7 million in 2010, while the acquired Ohio companies accounted for $.89 million of the increase.
Operating income in the fourth quarter of 2010 was $4.2 million, or 38.8% of gross margin, which excludes purchased gas costs. This compared with operating income in the fourth quarter of 2009 of $3.1 million, or 45.8%, of gross margin. Operating income for the year of 2010 increased 40.8% to $10.0 million, or 29% of gross margin, from $7.1 million, or 32% of gross margin, for the year of 2009. The lower margins for the quarter and the year reflect the addition of the Ohio companies which are not yet at the efficiency levels of the Company's organic operations. Higher depreciation expense from capital expansion projects to meet customer demand in the Company's high-growth North Carolina and Maine operations also contributed to the lower margins.
Other income increased during the fourth quarter and full-year period of 2010 due primarily to contributions from the Ohio companies, while the increase in interest expense during the same corresponding periods was a direct result of the added debt acquired with the Ohio companies.
On a full-year basis, total volumes increased 5,488 MMcf to 30,249 MMcf as the Company continues to see customer growth, specifically from the Maine and North Carolina utilities, and is benefiting from the acquired Ohio companies.
Marketing and Production Operations Segment
The Marketing and Production segment reported a net loss of $193,000 in the fourth quarter of 2010, compared with a net loss of $119,000 for the same quarter of 2009. For the full-year 2010, net income for the segment was $116,000, down from $558,000 in 2009, a reflection of a jury award in April 2010 of $522,000 in litigation relating to a gas supply contract that expired in October 2008, partially offset by a $254,000 income tax benefit related to the true-up of income tax expense. In 2010, we incurred a loss of $194,000 on an equity investment in Kykuit, an exploration company, compared with a loss of $687,000 in 2009. Additionally, year-over-year results are down in 2010 due to an elimination of a basis differential between AECO and CIG pricing hubs for natural gas.
Pipeline Operations Segment
The Pipeline Operations segment generated net income of $10,000 in both the fourth quarter of 2010 and 2009. Net income was $153,000 for the full-year of 2010, in line with the $157,000 reported for 2009.
Balance Sheet and Cash Management
Cash and marketable securities at the end of 2010 were $13.3 million, an improvement of 85.7% from the 2009 year-end balance of $7.2 million. On December 7, 2010, the Company completed an underwritten public offering with the full exercise of the over-allotment option. A total of 2,415,000 shares of common stock were sold in the offering, of which 2,075,000 shares were sold by the Company and 340,000 shares were sold by certain selling shareholders. The Company received net proceeds of approximately $19.0 million after deducting underwriting discounts, commissions, and offering expenses. The Company did not receive any proceeds from the sale of shares by the selling shareholders. In 2011, the Company plans to use a portion of the proceeds of the offering to expand its utility operations.
In December 2010, $7.7 million of the offering proceeds were used to repay and extinguish the debt of three separate Ohio utility maturing debt instruments. As previously announced, on November 2, 2010, the Company agreed to sell $19.0 million of senior secured notes to Sun Life Assurance Company of Canada. On March 30, 2011, the Public Utility Commission of Ohio approved the Ohio utilities' amended financing application for the notes. The Company expects to fund and close this transaction shortly. The net proceeds are intended for investment in its operating subsidiaries, for refunding existing amortizing bank term loans, and funding 2011 capital programs in Ohio.
The Company sold $4.2 million in marketable securities during 2010 taking advantage of market conditions at the time and establishing a more liquid position.
Cash provided by operating activities was $6.7 million in 2010 compared with $16.3 million in 2009. The change in cash from operations was principally due to a $4.6 million increase in the amount paid for gas inventory and a $4.7 million increase in refunds of refundable costs of gas due to timing.
Capital expenditures for 2010 were $8.5 million compared with $8.9 million for 2009, and were focused on the acquired Ohio companies as well as expanding operations in its growth oriented utilities of Maine and North Carolina.
In addition to cash and marketable securities, the Company maintains a $20 million credit facility with approximately $1.8 million of availability as of the end of 2010.
About Gas Natural Inc.
Gas Natural Inc. distributes and sells natural gas to end-use residential, commercial, and industrial customers. It distributes approximately 30 billion cubic feet of natural gas to approximately 63,500 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina. The Company markets approximately 1.3 billion cubic feet of natural gas to commercial and industrial customers in Montana and Wyoming on an unregulated basis. The Company also has ownership interests in 160 natural gas producing wells and gas gathering assets. In addition, the Company owns the Shoshone interstate and the Glacier gathering pipelines located in Montana and Wyoming. The Company's Montana public utility was originally incorporated in 1909 and is headquartered in Great Falls, Montana.
The Company's toll-free number is 800-570-5688. The Company's address is 1 First Avenue South, Great Falls, Montana 59401 and its website is www.ewst.com.
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. |
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Glenn Hemminger, Director of Finance |
|
Phone: (440) 974-3770 |
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Email: [email protected] |
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FINANCIAL TABLES FOLLOW Gas Natural Inc. and Subsidiaries |
||||
Consolidated Statements of Income |
||||
For the Year Ended December 31, |
||||
2010 |
2009 |
|||
REVENUES |
||||
Natural gas operations |
$ 83,607,356 |
$ 58,765,618 |
||
Marketing and production |
7,466,057 |
12,238,906 |
||
Pipeline operations |
426,644 |
449,757 |
||
Total revenues |
91,500,057 |
71,454,281 |
||
COST OF SALES |
||||
Gas purchased |
48,876,837 |
37,051,852 |
||
Marketing and production |
5,829,103 |
9,647,693 |
||
Total cost of sales |
54,705,940 |
46,699,545 |
||
GROSS MARGIN |
36,794,117 |
24,754,736 |
||
GENERAL AND ADMINISTRATIVE EXPENSES |
||||
Distribution, general, and administrative |
17,381,468 |
10,562,069 |
||
Maintenance |
1,051,766 |
666,477 |
||
Depreciation and amortization |
4,119,381 |
2,212,553 |
||
Taxes other than income |
3,162,200 |
2,250,298 |
||
Total general and administrative expenses |
25,714,815 |
15,691,397 |
||
INCOME FROM OPERATIONS |
11,079,302 |
9,063,339 |
||
LOSS FROM INVESTMENT IN UNCONSOLIDATED AFFILIATE |
(193,951) |
(686,771) |
||
OTHER INCOME (EXPENSE) |
578,368 |
(289,563) |
||
INTEREST (EXPENSE) |
(2,178,222) |
(1,241,226) |
||
INCOME FROM OPERATIONS BEFORE INCOME TAXES |
9,285,497 |
6,845,779 |
||
INCOME TAX EXPENSE |
3,488,996 |
27,242 |
||
. |
||||
NET INCOME |
$ 5,796,501 |
$ 6,818,537 |
||
EARNINGS PER SHARE - BASIC |
$ 0.92 |
$ 1.58 |
||
EARNINGS PER SHARE - DILUTED |
$ 0.92 |
$ 1.58 |
||
DIVIDENDS DECLARED PER SHARE |
$ 0.56 |
$ 0.55 |
||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
6,292,717 |
4,309,852 |
||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
6,300,972 |
4,313,098 |
||
Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements. |
||||
Gas Natural Inc. and Subsidiaries |
||||
Consolidated Balance Sheets |
||||
December 31, |
December 31, |
|||
ASSETS |
2010 |
2009 |
||
CURRENT ASSETS |
||||
Cash and cash equivalents |
$ 13,026,585 |
$ 2,752,168 |
||
Marketable securities |
274,950 |
4,411,171 |
||
Accounts receivable |
||||
Trade, less allowance for doubtful accounts of $354,719 |
||||
and $233,332, respectively |
9,610,738 |
7,579,974 |
||
Related party |
542,486 |
- |
||
Unbilled gas |
5,724,346 |
2,869,826 |
||
Note receivable-related parties-current portion |
9,565 |
- |
||
Inventory |
||||
Natural gas and propane |
5,876,710 |
5,251,942 |
||
Materials and supplies |
1,414,367 |
1,018,673 |
||
Prepaid income taxes |
1,601,798 |
- |
||
Prepayments and other |
912,959 |
552,641 |
||
Recoverable cost of gas purchases |
2,628,824 |
641,755 |
||
Deferred tax asset |
114,362 |
562,936 |
||
Total current assets |
41,737,690 |
25,641,086 |
||
PROPERTY, PLANT AND EQUIPMENT, net |
76,134,401 |
41,203,668 |
||
OTHER ASSETS |
||||
Notes receivable - related parties, less current portion |
45,665 |
- |
||
Deferred tax assets, less current portion |
1,804,264 |
7,550,970 |
||
Deferred charges |
1,875,357 |
2,094,468 |
||
Goodwill |
14,607,952 |
1,056,771 |
||
Customer relationships |
662,167 |
- |
||
Investment in unconsolidated affiliate |
640,216 |
784,363 |
||
Other |
220,224 |
294,356 |
||
Total other assets |
19,855,845 |
11,780,928 |
||
TOTAL ASSETS |
$ 137,727,936 |
$ 78,625,682 |
||
Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements. |
||||
Gas Natural Inc. and Subsidiaries |
||||
Consolidated Balance Sheets, Continued |
||||
December 31, |
December 31, |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
2010 |
2009 |
||
CURRENT LIABILITIES |
||||
Checks in excess of amounts on deposit |
$ 532,145 |
$ 663,777 |
||
Line of credit |
18,149,999 |
14,650,000 |
||
Accounts payable |
||||
Trade |
9,200,297 |
5,530,645 |
||
Related party accounts payable |
417,543 |
- |
||
Notes payable, current portion |
910,917 |
1,265 |
||
Notes payable - related parties, current portion |
49,361 |
- |
||
Accrued income taxes |
- |
534,710 |
||
Accrued and other current liabilities |
8,039,612 |
4,594,883 |
||
Accrued liabilities, related parties |
413,399 |
- |
||
Over-recovered gas purchases |
1,203,191 |
1,452,580 |
||
Total current liabilities |
38,916,464 |
27,427,860 |
||
LONG-TERM LIABILITIES |
||||
Deferred investment tax credits |
197,441 |
218,503 |
||
Notes payable, less current portion |
21,958,616 |
13,003,416 |
||
Other long-term liabilities |
2,953,913 |
2,288,095 |
||
Total long-term liabilities |
25,109,970 |
15,510,014 |
||
Total liabilities |
64,026,434 |
42,937,874 |
||
COMMITMENTS AND CONTINGENCIES (NOTE 15) |
- |
- |
||
STOCKHOLDERS' EQUITY |
||||
Preferred stock; $.15 par value, 1,500,000 shares authorized, |
- |
- |
||
no shares outstanding |
||||
Common stock; $.15 par value, 15,000,000 shares authorized, |
1,222,470 |
654,280 |
||
8,149,801 and 4,361,869 shares outstanding, respectively |
||||
Capital in excess of par value |
41,910,067 |
6,514,851 |
||
Capital in excess of par value - non-controlling interest |
- |
100,989 |
||
Accumulated other comprehensive income |
46,590 |
146,701 |
||
Retained earnings |
30,522,375 |
28,270,987 |
||
Total stockholders' equity |
73,701,502 |
35,687,808 |
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 137,727,936 |
$ 78,625,682 |
||
Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements. |
||||
Gas Natural Inc. and Subsidiaries |
||||
Consolidated Statements of Cash Flows |
||||
For the year ended |
||||
December 31, |
||||
2010 |
2009 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||
Net income |
$ 5,796,501 |
$ 6,818,537 |
||
Adjustments to reconcile net income to |
||||
net cash provided by operating activities: |
||||
Depreciation, amortization, and accretion including |
||||
deferred charges and financing costs |
4,119,381 |
2,583,322 |
||
Stock-based compensation |
83,336 |
99,600 |
||
Gain on sale of securities |
(159,520) |
(96,888) |
||
Investment tax credit |
(21,062) |
(21,062) |
||
Deferred income taxes |
2,426,479 |
(2,545,742) |
||
Impairment of other investments |
- |
620,789 |
||
Changes in assets and liabilities: |
||||
Accounts receivable and unbilled gas |
2,671,102 |
1,938,979 |
||
Accounts and notes receivable - related parties |
309,236 |
- |
||
Natural gas and propane inventories |
6,810 |
4,641,344 |
||
Accounts payable |
(4,213,097) |
(238,499) |
||
Accounts payable - related parties |
1,187,080 |
- |
||
Accrued liabilities - related parties |
413,399 |
- |
||
Recoverable/refundable cost of gas purchases |
(2,944,969) |
1,750,042 |
||
Prepayments and other |
(94,112) |
(123,454) |
||
Equity in income of Kykuit - unconsolidated affiliate |
193,951 |
65,982 |
||
Accrued interest - related parties |
(262,495) |
- |
||
Other assets |
32,250 |
314,051 |
||
Other liabilities |
(2,817,364) |
493,998 |
||
Net cash provided by operating activities |
6,726,906 |
16,300,999 |
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||
Construction expenditures |
(8,522,517) |
(8,854,010) |
||
Purchase of available-for-sale securities |
(52,948) |
(1,392,275) |
||
Proceeds from sale of available-for-sale securities |
4,185,867 |
1,211,740 |
||
Purchase of Cut Bank shares |
(100,989) |
- |
||
Purchase of Kidron investment |
(105,078) |
- |
||
Cash acquired in acquisitions |
144,203 |
48,020 |
||
Other investments |
(62,581) |
(386,888) |
||
Customer advances received for construction |
149,184 |
(70,851) |
||
Change from contributions in aid of construction |
(59,536) |
259,090 |
||
Net cash provided by (used in) investing activities |
(4,424,395) |
(9,185,174) |
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||
Proceeds from lines of credit |
20,800,000 |
19,550,000 |
||
Repayment of notes payable and lines of credit |
(20,899,170) |
(22,645,000) |
||
Proceeds from other notes payable |
57,336 |
- |
||
Repayments of long-term debt |
(5,255,578) |
- |
||
Repayments of other short-term borrowings |
- |
(54,967) |
||
Repayments of related party notes payable |
(2,086,167) |
- |
||
Net proceeds from the sale of common stock |
18,806,986 |
(17) |
||
Dividends paid |
(3,451,501) |
(2,279,202) |
||
Net cash used in financing activities |
7,971,906 |
(5,429,186) |
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
10,274,417 |
1,686,639 |
||
CASH AND CASH EQUIVALENTS: |
||||
Beginning of period |
2,752,168 |
1,065,529 |
||
End of period |
$ 13,026,585 |
$ 2,752,168 |
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
||||
Cash paid for interest |
$ 2,029,757 |
$ 1,107,269 |
||
Cash paid for income taxes |
1,678,896 |
1,053,830 |
||
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND |
||||
FINANCING ACTIVITIES |
||||
Shares issued to purchase Cut Bank Gas |
- |
499,013 |
||
Shares issued to purchase Ohio Companies |
17,073,084 |
- |
||
Construction expenditures included in accounts payable |
191,457 |
44,928 |
||
Capitalized interest |
4,009 |
14,231 |
||
Accrued dividends |
366,725 |
273,114 |
||
Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements. |
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Gas Natural Inc. and Subsidiaries |
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Consolidated Statements of Cash Flows |
|||||||||||||
Year Ended December 2010 |
|||||||||||||
Marketing |
|||||||||||||
Natural Gas |
and |
Pipeline |
Corporate and |
||||||||||
Operations |
Production |
Operations |
Other |
Eliminations |
Consolidated |
||||||||
Operating Revenue |
|||||||||||||
Natural Gas Operations |
$ 83,926,733 |
$ - |
$ - |
$ - |
$ (319,377) |
$ 83,607,356 |
|||||||
Marketing and Production |
- |
15,116,196 |
- |
- |
(7,650,139) |
7,466,057 |
|||||||
Pipeline Operations |
- |
- |
426,644 |
- |
- |
426,644 |
|||||||
Total Operating Revenue |
$ 83,926,733 |
$ 15,116,196 |
$ 426,644 |
$ - |
$ (7,969,516) |
$ 91,500,057 |
|||||||
Gas Purchased |
$ 49,196,214 |
$ - |
$ - |
$ - |
$ (319,377) |
$ 48,876,837 |
|||||||
Gas - Wholesale |
- |
13,479,242 |
- |
- |
(7,650,139) |
5,829,103 |
|||||||
Distribution, general, and administrative |
16,774,046 |
455,111 |
132,529 |
19,782 |
- |
17,381,468 |
|||||||
Maintenance |
1,036,836 |
627 |
14,303 |
- |
- |
1,051,766 |
|||||||
Depreciation and Amortization |
3,764,145 |
299,649 |
55,587 |
- |
- |
4,119,381 |
|||||||
Taxes other than income |
3,106,991 |
24,285 |
27,641 |
3,283 |
- |
3,162,200 |
|||||||
Operating expenses |
$ 73,878,232 |
$ 14,258,914 |
$ 230,060 |
$ 23,065 |
$ (7,969,516) |
$ 80,420,755 |
|||||||
Operating income (expense) |
$ 10,048,501 |
$ 857,282 |
$ 196,584 |
$ (23,065) |
$ - |
$ 11,079,302 |
|||||||
Other income (expense) |
872,221 |
(635,328) |
- |
196,659 |
(49,135) |
384,417 |
|||||||
Interest (expense) benefit |
(2,134,869) |
(67,070) |
(25,418) |
- |
49,135 |
(2,178,222) |
|||||||
Income from continuing operations |
$ 8,785,853 |
$ 154,884 |
$ 171,166 |
$ 173,594 |
$ - |
$ 9,285,497 |
|||||||
Income taxes expense (benefit) |
3,161,630 |
39,280 |
18,383 |
269,703 |
- |
3,488,996 |
|||||||
Net Income |
$ 5,624,223 |
$ 115,604 |
$ 152,783 |
$ (96,109) |
$ - |
$ 5,796,501 |
|||||||
Capital expenditures and natural gas properties |
$ 8,489,529 |
$ - |
$ - |
$ 32,988 |
$ - |
$ 8,522,517 |
|||||||
Total assets |
$ 118,954,130 |
$ 5,733,857 |
$ 705,817 |
$ 77,157,019 |
$ (64,822,887) |
$ 137,727,936 |
|||||||
Equity Method investments |
$ - |
$ 640,216 |
$ - |
$ - |
$ - |
$ 640,216 |
|||||||
Goodwill |
$ 14,607,952 |
$ - |
$ - |
$ - |
$ - |
$ 14,607,952 |
|||||||
Year Ended December 2009 |
|||||||||||||
Marketing |
|||||||||||||
Natural Gas |
and |
Pipeline |
Corporate and |
||||||||||
Operations |
Production |
Operations |
Other |
Eliminations |
Consolidated |
||||||||
Operating Revenue |
|||||||||||||
Natural Gas Operations |
$ 59,301,564 |
$ - |
$ - |
$ - |
$ (535,946) |
$ 58,765,618 |
|||||||
Marketing and Wholesale |
- |
19,656,795 |
- |
- |
(7,417,889) |
12,238,906 |
|||||||
Pipeline Operations |
- |
- |
449,757 |
- |
- |
449,757 |
|||||||
Total Operating Revenue |
$ 59,301,564 |
$ 19,656,795 |
$ 449,757 |
$ - |
$ (7,953,835) |
$ 71,454,281 |
|||||||
Gas Purchased |
$ 37,587,798 |
$ - |
$ - |
$ - |
$ (535,946) |
$ 37,051,852 |
|||||||
Gas - Wholesale |
- |
17,065,582 |
- |
- |
(7,417,889) |
9,647,693 |
|||||||
Distribution, general, and administrative |
9,942,220 |
526,305 |
85,573 |
7,971 |
- |
10,562,069 |
|||||||
Maintenance |
654,281 |
641 |
11,555 |
- |
- |
666,477 |
|||||||
Depreciation and Amortization |
1,865,941 |
290,872 |
55,740 |
- |
- |
2,212,553 |
|||||||
Taxes other than income |
2,200,487 |
26,112 |
23,699 |
- |
- |
2,250,298 |
|||||||
Operating expenses |
$ 52,250,727 |
$ 17,909,512 |
$ 176,567 |
$ 7,971 |
$ (7,953,835) |
$ 62,390,942 |
|||||||
Operating income (expense) |
$ 7,050,837 |
$ 1,747,283 |
$ 273,190 |
$ (7,971) |
$ - |
$ 9,063,339 |
|||||||
Other income (expense) |
254,326 |
(686,771) |
- |
(543,889) |
- |
(976,334) |
|||||||
Interest (expense) |
(1,134,858) |
(89,151) |
(16,841) |
(376) |
- |
(1,241,226) |
|||||||
Income (loss) from continuing operations |
$ 6,170,305 |
$ 971,361 |
$ 256,349 |
$ (552,236) |
$ - |
$ 6,845,779 |
|||||||
Income taxes expense (benefit) |
2,281,053 |
413,017 |
100,115 |
(2,766,943) |
- |
27,242 |
|||||||
Net Income |
$ 3,889,252 |
$ 558,344 |
$ 156,234 |
$ 2,214,707 |
$ - |
$ 6,818,537 |
|||||||
Capital expenditures and natural gas properties |
$ 8,648,035 |
$ 191,608 |
$ - |
$ 14,367 |
$ - |
$ 8,854,010 |
|||||||
Total assets |
$ 62,610,159 |
$ 6,589,064 |
$ 733,070 |
$ 44,022,556 |
$ (35,329,167) |
$ 78,625,682 |
|||||||
Equity Method investments |
$ - |
$ 784,363 |
$ - |
$ - |
$ - |
$ 784,363 |
|||||||
Goodwill |
$ 1,056,771 |
$ - |
$ - |
$ - |
$ - |
$ 1,056,771 |
|||||||
Gas Natural Inc. and Subsidiaries Natural Gas Operations Utility Throughput |
|||||||
Year Ended December 31, |
|||||||
(in million cubic feet (MMcf)) |
2010 |
2009 |
|||||
Full Service Distribution |
|||||||
Residential |
4,401 |
3,027 |
|||||
Commercial |
3,885 |
2,908 |
|||||
Industrial |
129 |
189 |
|||||
Total full service |
8,415 |
6,124 |
|||||
Transportation |
7,334 |
4,510 |
|||||
Bucksport |
14,500 |
14,127 |
|||||
Total Volumes |
30,249 |
24,761 |
|||||
Degree Days |
||||||||||||
Percent (Warmer) Colder |
||||||||||||
2010 Compared with |
||||||||||||
Normal |
2010 |
2009 |
Normal |
2009 |
||||||||
Great Falls, MT |
7,540 |
7,611 |
7,956 |
0.94% |
(4.34%) |
|||||||
Cody, WY |
6,925 |
7,253 |
7,672 |
4.74% |
(5.46%) |
|||||||
Bangor, ME |
7,676 |
6,543 |
8,046 |
(14.76%) |
(18.68%) |
|||||||
Elkin, NC |
3,963 |
4,101 |
3,554 |
3.48% |
15.39% |
|||||||
Youngstown, OH |
6,536 |
5,988 |
6,195 |
(8.38%) |
(3.34%) |
|||||||
SOURCE Gas Natural Inc.
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