TEXAS AND VIRGINIA
|
1-10042
|
75-1743247
|
---------------------------------
|
------------------------
|
----------------------
|
(State or Other Jurisdiction
|
(Commission File
|
(I.R.S. Employer
|
of Incorporation)
|
Number)
|
Identification No.)
|
1800 THREE LINCOLN CENTRE,
|
|
5430 LBJ FREEWAY, DALLAS, TEXAS
|
75240
|
----------------------------------------------------
|
-----------------
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
|
|
|
|
|
|
|
Exhibit Number
|
Description
|
|
|
|
99.1
|
|
News Release dated May 4, 2016 (furnished under Item 2.02)
|
|
ATMOS ENERGY CORPORATION
|
|
(Registrant)
|
|
|
|
|
DATE: May 4, 2016
|
By:
/s/ LOUIS P. GREGORY
|
Louis P. Gregory
|
|
Senior Vice President, General Counsel
|
|
and Corporate Secretary
|
|
|
|
|
Exhibit Number
|
Description
|
|
99.1
|
News Release dated May 4, 2016 (furnished under Item 2.02)
|
|
|
News Release
|
•
|
Fiscal
2016
second
quarter consolidated net income, excluding net unrealized margins, was
$143.9 million
, or
$1.40
per diluted share, compared with consolidated net income, excluding net unrealized margins of
$138.5 million
, or
$1.36
per diluted share in the prior-year quarter.
|
•
|
Fiscal
2016
second
quarter consolidated net income was
$141.8 million
, or
$1.38
per diluted share, after including unrealized net
losses
of
$2.1 million
, or
$0.02
per diluted share. Net income was
$137.7 million
, or
$1.35
per diluted share in the prior-year quarter, after including unrealized net
losses
of
$0.8 million
, or
$0.01
per diluted share.
|
•
|
The company's Board of Directors has declared a quarterly dividend of $0.42 per common share. The indicated annual dividend for fiscal
2016
is $1.68, which represents a 7.7 percent increase over fiscal 2015.
|
•
|
Fiscal 2016 earnings guidance was tightened to $3.25 to $3.35 per diluted share from $3.20 to $3.40 per diluted share, excluding unrealized margins.
|
|
|
|
|
|
||||
Statements of Income
|
|
Three Months Ended
March 31, |
||||||
(000s except per share)
|
|
2016
|
|
2015
|
||||
Gross Profit:
|
|
|
|
|
||||
Regulated distribution segment
|
|
$
|
409,142
|
|
|
$
|
406,235
|
|
Regulated pipeline segment
|
|
95,703
|
|
|
91,730
|
|
||
Nonregulated segment
|
|
13,099
|
|
|
22,906
|
|
||
Intersegment eliminations
|
|
(133
|
)
|
|
(133
|
)
|
||
Gross profit
|
|
517,811
|
|
|
520,738
|
|
||
Operation and maintenance expense
|
|
133,666
|
|
|
133,460
|
|
||
Depreciation and amortization
|
|
71,972
|
|
|
68,022
|
|
||
Taxes, other than income
|
|
62,157
|
|
|
69,046
|
|
||
Total operating expenses
|
|
267,795
|
|
|
270,528
|
|
||
Operating income
|
|
250,016
|
|
|
250,210
|
|
||
Miscellaneous expense
|
|
(685
|
)
|
|
(1,561
|
)
|
||
Interest charges
|
|
27,560
|
|
|
27,447
|
|
||
Income before income taxes
|
|
221,771
|
|
|
221,202
|
|
||
Income tax expense
|
|
79,961
|
|
|
83,518
|
|
||
Net income
|
|
$
|
141,810
|
|
|
$
|
137,684
|
|
Basic and diluted earnings per share
|
|
$
|
1.38
|
|
|
$
|
1.35
|
|
Cash dividends per share
|
|
$
|
0.42
|
|
|
$
|
0.39
|
|
Basic and diluted weighted average shares outstanding
|
|
102,946
|
|
|
101,746
|
|
|
|
|
|
|
||||
|
|
Three Months Ended
March 31, |
||||||
Summary Net Income (Loss) by Segment (000s)
|
|
2016
|
|
2015
|
||||
Regulated distribution
|
|
$
|
114,312
|
|
|
$
|
101,853
|
|
Regulated pipeline
|
|
25,185
|
|
|
27,682
|
|
||
Nonregulated
|
|
4,365
|
|
|
8,955
|
|
||
Unrealized margins, net of tax
|
|
(2,052
|
)
|
|
(806
|
)
|
||
Consolidated net income
|
|
$
|
141,810
|
|
|
$
|
137,684
|
|
Statements of Income
|
|
Six Months Ended
March 31, |
||||||
(000s except per share)
|
|
2016
|
|
2015
|
||||
Gross Profit:
|
|
|
|
|
||||
Regulated distribution segment
|
|
$
|
742,603
|
|
|
$
|
730,047
|
|
Regulated pipeline segment
|
|
190,380
|
|
|
175,297
|
|
||
Nonregulated segment
|
|
28,857
|
|
|
38,945
|
|
||
Intersegment eliminations
|
|
(266
|
)
|
|
(266
|
)
|
||
Gross profit
|
|
961,574
|
|
|
944,023
|
|
||
Operation and maintenance expense
|
|
258,514
|
|
|
252,042
|
|
||
Depreciation and amortization
|
|
143,211
|
|
|
135,615
|
|
||
Taxes, other than income
|
|
113,628
|
|
|
118,431
|
|
||
Total operating expenses
|
|
515,353
|
|
|
506,088
|
|
||
Operating income
|
|
446,221
|
|
|
437,935
|
|
||
Miscellaneous expense
|
|
(1,894
|
)
|
|
(3,268
|
)
|
||
Interest charges
|
|
58,043
|
|
|
57,211
|
|
||
Income before income taxes
|
|
386,284
|
|
|
377,456
|
|
||
Income tax expense
|
|
141,613
|
|
|
142,177
|
|
||
Net income
|
|
$
|
244,671
|
|
|
$
|
235,279
|
|
Basic and diluted earnings per share
|
|
$
|
2.38
|
|
|
$
|
2.31
|
|
Cash dividends per share
|
|
$
|
0.84
|
|
|
$
|
0.78
|
|
Basic and diluted weighted average shares outstanding
|
|
102,837
|
|
|
101,667
|
|
|
|
Six Months Ended
March 31, |
||||||
Summary Net Income by Segment (000s)
|
|
2016
|
|
2015
|
||||
Regulated distribution
|
|
$
|
187,567
|
|
|
$
|
173,240
|
|
Regulated pipeline
|
|
50,771
|
|
|
49,717
|
|
||
Nonregulated
|
|
1,124
|
|
|
8,371
|
|
||
Unrealized margins, net of tax
|
|
5,209
|
|
|
3,951
|
|
||
Consolidated net income
|
|
$
|
244,671
|
|
|
$
|
235,279
|
|
Condensed Balance Sheets
|
|
March 31,
|
|
September 30,
|
||||
(000s)
|
|
2016
|
|
2015
|
||||
Net property, plant and equipment
|
|
$
|
7,839,413
|
|
|
$
|
7,430,580
|
|
Cash and cash equivalents
|
|
47,918
|
|
|
28,653
|
|
||
Accounts receivable, net
|
|
361,582
|
|
|
295,160
|
|
||
Gas stored underground
|
|
190,961
|
|
|
236,603
|
|
||
Other current assets
|
|
52,451
|
|
|
65,890
|
|
||
Total current assets
|
|
652,912
|
|
|
626,306
|
|
||
Goodwill
|
|
742,702
|
|
|
742,702
|
|
||
Deferred charges and other assets
|
|
308,899
|
|
|
293,357
|
|
||
|
|
$
|
9,543,926
|
|
|
$
|
9,092,945
|
|
|
|
|
|
|
||||
Shareholders' equity
|
|
$
|
3,344,565
|
|
|
$
|
3,194,797
|
|
Long-term debt
|
|
2,455,559
|
|
|
2,455,388
|
|
||
Total capitalization
|
|
5,800,124
|
|
|
5,650,185
|
|
||
Accounts payable and accrued liabilities
|
|
226,641
|
|
|
238,942
|
|
||
Other current liabilities
|
|
373,783
|
|
|
457,954
|
|
||
Short-term debt
|
|
626,929
|
|
|
457,927
|
|
||
Total current liabilities
|
|
1,227,353
|
|
|
1,154,823
|
|
||
Deferred income taxes
|
|
1,557,790
|
|
|
1,411,315
|
|
||
Deferred credits and other liabilities
|
|
958,659
|
|
|
876,622
|
|
||
|
|
$
|
9,543,926
|
|
|
$
|
9,092,945
|
|
Condensed Statements of Cash Flows
|
|
Six Months Ended
March 31, |
||||||
(000s)
|
|
2016
|
|
2015
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
244,671
|
|
|
$
|
235,279
|
|
Depreciation and amortization
|
|
143,211
|
|
|
135,615
|
|
||
Deferred income taxes
|
|
132,456
|
|
|
131,292
|
|
||
Other
|
|
11,000
|
|
|
10,898
|
|
||
Changes in assets and liabilities
|
|
(75,562
|
)
|
|
27,764
|
|
||
Net cash provided by operating activities
|
|
455,776
|
|
|
540,848
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Capital expenditures
|
|
(538,233
|
)
|
|
(441,644
|
)
|
||
Other, net
|
|
1,888
|
|
|
(1,346
|
)
|
||
Net cash used in investing activities
|
|
(536,345
|
)
|
|
(442,990
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Net increase in short-term debt
|
|
169,002
|
|
|
21,839
|
|
||
Net proceeds from issuance of long-term debt
|
|
—
|
|
|
493,538
|
|
||
Settlement of Treasury lock agreements
|
|
—
|
|
|
13,364
|
|
||
Repayment of long-term debt
|
|
—
|
|
|
(500,000
|
)
|
||
Cash dividends paid
|
|
(86,809
|
)
|
|
(78,074
|
)
|
||
Repurchase of equity awards
|
|
—
|
|
|
(7,985
|
)
|
||
Issuance of common stock
|
|
17,641
|
|
|
12,727
|
|
||
Net cash provided by (used in) financing activities
|
|
99,834
|
|
|
(44,591
|
)
|
||
Net increase in cash and cash equivalents
|
|
19,265
|
|
|
53,267
|
|
||
Cash and cash equivalents at beginning of period
|
|
28,653
|
|
|
42,258
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
47,918
|
|
|
$
|
95,525
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
Statistics
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Consolidated distribution throughput (MMcf as metered)
|
|
152,609
|
|
|
183,014
|
|
|
253,537
|
|
|
306,448
|
|
||||
Consolidated pipeline transportation volumes (MMcf)
|
|
115,040
|
|
|
126,371
|
|
|
244,199
|
|
|
247,005
|
|
||||
Consolidated nonregulated delivered gas sales volumes (MMcf)
|
|
95,804
|
|
|
105,401
|
|
|
180,935
|
|
|
196,331
|
|
||||
Regulated distribution meters in service
|
|
3,176,367
|
|
|
3,136,441
|
|
|
3,176,367
|
|
|
3,136,441
|
|
||||
Regulated distribution average cost of gas
|
|
$
|
3.94
|
|
|
$
|
5.08
|
|
|
$
|
4.13
|
|
|
$
|
5.44
|
|
Nonregulated net physical position (Bcf)
|
|
36.4
|
|
|
17.0
|
|
|
36.4
|
|
|
17.0
|
|