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 |
Year Ended |
|||||
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: [email protected] |
Email: [email protected] |
FINANCIAL TABLES FOLLOW.
Gas Natural Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) |
|||||||
Three Months Ended |
Year Ended |
||||||
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 |
Marketing |
Pipeline |
Corporate and |
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 |
Marketing |
Pipeline |
Corporate and |
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 |
|||||||||
Year Ended December 31, 2013 |
|||||||||
Natural Gas |
Marketing |
Pipeline |
Corporate and |
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 |
Marketing |
Pipeline |
Corporate and |
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 |
Year Ended |
|||||||
(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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