TEXAS AND VIRGINIA
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1-10042
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75-1743247
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---------------------------------
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------------------------
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----------------------
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(State or Other Jurisdiction
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(Commission File
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(I.R.S. Employer
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of Incorporation)
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Number)
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Identification No.)
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1800 THREE LINCOLN CENTRE,
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5430 LBJ FREEWAY, DALLAS, TEXAS
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75240
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----------------------------------------------------
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-----------------
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(Address of Principal Executive Offices)
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(Zip Code)
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit Number
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Description
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99.1
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News Release dated February 7, 2017 (furnished under Item 2.02)
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ATMOS ENERGY CORPORATION
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(Registrant)
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DATE: February 7, 2017
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By:
/s/ CHRISTOPHER T. FORSYTHE
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Christopher T. Forsythe
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Senior Vice President and
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Chief Financial Officer
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Exhibit Number
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Description
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99.1
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News Release dated February 7, 2017 (furnished under Item 2.02)
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News Release
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•
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Fiscal
2017
first quarter consolidated net income was
$125.0 million
, or
$1.19
per diluted share, compared with consolidated net income of
$102.9 million
, or
$1.00
per diluted share in the prior-year quarter.
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•
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Fiscal
2017
first quarter net income from continuing operations was
$114.0 million
, or
$1.08
per diluted share, and income from discontinued operations was
$11.0 million
, or
$0.11
per diluted share. In the prior-year quarter, net income from continuing operations was
$101.5 million
, or
$0.99
per diluted share, and income from discontinued operations was
$1.3 million
, or
$0.01
per diluted share.
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•
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The company's Board of Directors has declared a quarterly dividend of
$0.45
per common share. The indicated annual dividend for fiscal
2017
is $1.80, which represents a 7.1 percent increase over fiscal 2016.
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Statements of Income
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Three Months Ended
December 31 |
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(000s except per share)
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2016
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2015
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Gross Profit:
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Distribution segment
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$
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359,310
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$
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335,452
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Pipeline and storage segment
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109,597
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98,975
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Intersegment eliminations
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(44
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)
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—
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Gross profit
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468,863
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434,427
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Operation and maintenance expense
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124,938
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119,828
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Depreciation and amortization
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76,958
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70,656
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Taxes, other than income
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57,049
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51,214
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Total operating expenses
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258,945
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241,698
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Operating income
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209,918
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192,729
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Miscellaneous expense
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(994
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)
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(879
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)
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Interest charges
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31,030
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29,537
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Income from continuing operations before income taxes
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177,894
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162,313
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Income tax expense
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63,856
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60,767
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Income from continuing operations
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114,038
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101,546
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Income from discontinued operations, net of tax
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10,994
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1,315
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Net Income
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$
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125,032
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$
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102,861
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Basic and diluted net income per share
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Income per share from continuing operations
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$
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1.08
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$
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0.99
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Income per share from discontinued operations
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0.11
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0.01
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Net income per share - basic and diluted
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$
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1.19
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$
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1.00
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Cash dividends per share
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$
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0.45
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$
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0.42
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Basic and diluted weighted average shares outstanding
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105,284
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102,713
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Three Months Ended
December 31 |
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Summary Net Income by Segment (000s)
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2016
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2015
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Distribution
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$
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85,364
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$
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73,936
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Pipeline and storage
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28,674
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27,610
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Income from continuing operations
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114,038
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101,546
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Income from discontinued operations, net of tax
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10,994
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1,315
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Consolidated net income
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$
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125,032
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$
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102,861
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Condensed Balance Sheets
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December 31,
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September 30,
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(000s)
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2016
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2016
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Net property, plant and equipment
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$
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8,552,962
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$
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8,268,606
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Cash and cash equivalents
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44,624
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47,534
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Accounts receivable, net
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458,813
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215,880
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Gas stored underground
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163,763
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179,070
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Current assets of disposal group classified as held for sale
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235,482
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151,117
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Other current assets
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76,750
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88,085
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Total current assets
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979,432
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681,686
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Goodwill
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729,673
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726,962
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Noncurrent assets of disposal group classified as held for sale
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—
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28,616
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Deferred charges and other assets
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317,088
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305,019
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$
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10,579,155
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$
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10,010,889
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Shareholders' equity
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$
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3,698,975
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$
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3,463,059
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Long-term debt
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2,314,199
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2,188,779
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Total capitalization
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6,013,174
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5,651,838
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Accounts payable and accrued liabilities
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268,647
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196,485
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Current liabilities of disposal group classified as held for sale
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109,298
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72,900
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Other current liabilities
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381,123
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439,085
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Short-term debt
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940,747
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829,811
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Current maturities of long-term debt
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250,000
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250,000
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Total current liabilities
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1,949,815
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1,788,281
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Deferred income taxes
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1,725,433
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1,603,056
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Noncurrent liabilities of disposal group classified as held for sale
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—
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316
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Deferred credits and other liabilities
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890,733
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967,398
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$
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10,579,155
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$
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10,010,889
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Condensed Statements of Cash Flows
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Three Months Ended
December 31 |
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(000s)
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2016
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2015
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Cash flows from operating activities
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Net income
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$
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125,032
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$
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102,861
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Depreciation and amortization
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77,143
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71,239
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Deferred income taxes
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67,241
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59,299
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Discontinued cash flow hedging for natural gas marketing commodity contracts
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(10,579
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)
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—
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Other
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4,842
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3,471
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Changes in assets and liabilities
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(146,716
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)
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(166,729
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)
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Net cash provided by operating activities
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116,963
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70,141
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Cash flows from investing activities
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Capital expenditures
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(297,962
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)
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(290,412
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)
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Acquisition
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(85,714
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)
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—
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Available-for-sale securities activities, net
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(10,263
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)
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(2,263
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)
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Other, net
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1,802
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2,382
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Net cash used in investing activities
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(392,137
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)
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(290,293
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)
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Cash flows from financing activities
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Net increase in short-term debt
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110,936
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305,309
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Proceeds from issuance of long-term debt, net of discount
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125,000
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—
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Net proceeds from equity offering
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49,400
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—
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Issuance of common stock through stock purchase and employee retirement plans
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8,998
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8,729
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Interest rate agreements cash collateral
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25,670
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—
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Cash dividends paid
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(47,740
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)
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(43,636
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)
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Net cash provided by financing activities
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272,264
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270,402
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Net increase (decrease) in cash and cash equivalents
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(2,910
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)
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50,250
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Cash and cash equivalents at beginning of period
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47,534
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28,653
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Cash and cash equivalents at end of period
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$
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44,624
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$
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78,903
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Three Months Ended
December 31 |
||||||
Statistics
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2016
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2015
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Consolidated distribution throughput (MMcf as metered)
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110,605
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104,465
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Consolidated pipeline and storage transportation volumes (MMcf)
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134,976
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129,159
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Distribution meters in service
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3,202,106
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3,167,702
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Distribution average cost of gas
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$
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5.31
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$
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4.35
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