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15.08.2013 01:07:00
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Gas Natural Inc. Reports Second Quarter 2013 Results
MENTOR, Ohio, Aug. 14, 2013 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a holding company operating local natural gas utility companies serving approximately 70,000 customers in seven states, reported financial results for the second quarter ended
June 30, 2013.
Net loss was $0.3 million, or $0.04 per share, for the second quarter, compared with net loss of
$0.7 million, or $0.09 per share, for the quarter ended June 30, 2012. On a year-to-date basis, net income for the first half of 2013 was $4.5 million, or $0.53 per diluted share, compared with $2.6 million, or $0.31 per diluted share, for last year's first half.
Richard M. Osborne, Gas Natural's chairman and chief executive officer commented, "We continue to grow our customer base in our North Carolina and Maine markets by investing in the expansion of our system."
Natural Gas Operations Segment
The Company annually distributes over 33 billion cubic feet of natural gas to approximately 70,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming.
Natural Gas Operations Income Statement | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||
Natural Gas Operations | |||||||||||
Operating revenues | $ 17,746 | $ 12,801 | $ 57,691 | $ 42,649 | |||||||
Gas Purchased | 10,049 | 5,447 | 34,166 | 22,684 | |||||||
Gross Margin | 7,697 | 7,354 | 23,525 | 19,965 | |||||||
Operating expenses | 7,633 | 6,992 | 15,210 | 13,721 | |||||||
Operating income | 64 | 362 | 8,315 | 6,244 | |||||||
Other income (expense) | 259 | 295 | 298 | 409 | |||||||
Income before interest and taxes | 323 | 657 | 8,613 | 6,653 | |||||||
Interest (expense) | (698) | (593) | (1,416) | (1,230) | |||||||
Income before income taxes | (375) | 64 | 7,197 | 5,423 | |||||||
Income tax (expense) | 139 | (105) | (2,722) | (2,111) | |||||||
Net Income | $ (236) | $ (41) | $ 4,475 | $ 3,312 | |||||||
The Natural Gas Operations segment reported strong year-over-year revenue growth. Revenue from the Company's Maine and North Carolina markets increased by $1.3 million in the second quarter compared with the prior-year period, driven by continued customer growth in both markets and an increase in the price paid for natural gas passed on to customers in the Maine market. Revenue from Gas Natural's Ohio market increased $1.9 million, and revenue from the Company's Montana and Wyoming markets increased $1.7 million, both compared with the prior-year second quarter, and both driven by colder weather. On a year-to-date basis, the first half of 2013 recorded a $15.0 million revenue increase, or 35.3%, compared with the prior year as a result of customer growth and colder weather.
Gross margin was $7.7 million for the second quarter of 2013 compared with $7.4 million in the 2012 second quarter. The current year second quarter was impacted by a $0.9 million charge relating to gas cost recovery in Ohio. On a year-to-date basis, gross margin increased $3.6 million, due to the increased sales volume.
The increase in operating expenses for the quarter and year-to-date period reflects the execution of the Company's growth strategy.
Other Operating Segments
The Marketing and Production segment reported net income of $179,000 for the second quarter of 2013, compared with a $36,000 net loss in the prior-year period. On a year-to-date basis, first half net income of the Marketing and Production segment was $427,000 compared with $60,000 for the six months ended June 30, 2012. The Company's Liquefied Natural Gas (LNG) business drove profit growth for both the quarterly and year-to-date periods. Additionally, the Company's production operation and the newly formed Gas Natural Resources, which contains the assets purchased from John D. Oil and Gas Marketing, contributed to the increased revenue and profits from the prior year.
Balance Sheet and Cash Management
Cash and cash equivalents as of June 30, 2013 were $2.8 million, consistent with the balance at
March 31, 2013 and down $0.7 million from December 31, 2012.
Cash provided by operating activities increased $5.2 million to $17.4 million in the first six months of 2013 from $12.2 million in the first six months of 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 the first six months of 2013 were $9.9 million compared with $8.8 million in the 2012 first half, and included $1.6 million for the acquisition of a building in Ohio which houses the Company's corporate headquarters. The 2013 expenditures are focused on the growth of the Company's Natural Gas Operations segment, specifically the expansion of its gas pipeline system to service the growing demand for natural gas in North Carolina and Maine.
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 33 billion cubic feet of natural gas to approximately 70,000 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, natural gas marketing and propane to 3,400 customers. 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. | |
Thomas J. Smith, Chief Financial Officer | |
Phone: (440) 974-3770 | |
Email: tsmith@egas.net |
FINANCIAL TABLES FOLLOW
Gas Natural Inc. and Subsidiaries | |||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||
(Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2013 | 2012 | 2013 | 2012 | ||||
REVENUES | |||||||
Natural gas operations | $ 17,746,297 | $ 12,801,547 | $ 57,690,959 | $ 42,649,632 | |||
Marketing and production | 2,645,682 | 1,040,354 | 6,217,461 | 2,947,448 | |||
Pipeline operations | 105,032 | 102,093 | 203,319 | 209,877 | |||
Propane operations | 658,385 | 561,552 | 2,360,959 | 2,470,710 | |||
Total revenues | 21,155,396 | 14,505,546 | 66,472,698 | 48,277,667 | |||
- | |||||||
COST OF SALES | |||||||
Natural gas purchased | 10,049,089 | 5,447,322 | 34,165,510 | 22,684,216 | |||
Marketing and production | 2,232,922 | 850,311 | 5,092,957 | 2,245,727 | |||
Propane purchased | 450,702 | 418,482 | 1,604,343 | 1,849,751 | |||
Total cost of sales | 12,732,713 | 6,716,115 | 40,862,810 | 26,779,694 | |||
GROSS MARGIN | 8,422,683 | 7,789,431 | 25,609,888 | 21,497,973 | |||
OPERATING EXPENSES | |||||||
Distribution, general, and administrative | 5,752,110 | 5,236,512 | 11,427,097 | 10,449,432 | |||
Maintenance | 309,846 | 316,722 | 678,525 | 612,957 | |||
Depreciation and amortization | 1,557,037 | 1,304,472 | 3,052,870 | 2,547,816 | |||
Accretion | 43,512 | 39,554 | 86,119 | 77,634 | |||
Taxes other than income | 919,844 | 880,306 | 1,849,648 | 1,817,796 | |||
Total operating expenses | 8,582,349 | 7,777,566 | 17,094,259 | 15,505,635 | |||
OPERATING INCOME (LOSS) | (159,666) | 11,865 | 8,515,629 | 5,992,338 | |||
LOSS FROM UNCONSOLIDATED AFFILIATE | (2,947) | (2,214) | (4,027) | (4,955) | |||
OTHER INCOME, NET | 382,590 | 264,097 | 390,459 | 310,767 | |||
ACQUISITION EXPENSE | 19,345 | (457,624) | (156,534) | (576,347) | |||
STOCK SALE EXPENSE | - | (255,279) | - | (255,279) | |||
INTEREST EXPENSE | (774,442) | (625,797) | (1,583,998) | (1,289,866) | |||
INCOME (LOSS) BEFORE INCOME TAXES | (535,120) | (1,064,952) | 7,161,529 | 4,176,658 | |||
INCOME TAX BENEFIT (EXPENSE) | 208,204 | 340,762 | (2,700,722) | (1,618,001) | |||
NET INCOME (LOSS) | $ (326,916) | $ (724,190) | $ 4,460,807 | $ 2,558,657 | |||
Basic weighted shares outstanding | 8,465,983 | 8,155,867 | 8,425,647 | 8,155,300 | |||
Dilutive effect of stock options | - | - | 847 | 7,386 | |||
Diluted weighted shares outstanding | 8,465,983 | 8,155,867 | 8,426,494 | 8,162,686 | |||
Basic and diluted earnings (loss) per share | $ (0.04) | $ (0.09) | $ 0.53 | $ 0.31 | |||
Weighted average dividends declared per common share | $ 0.135 | $ 0.135 | $ 0.270 | $ 0.270 | |||
COMPREHENSIVE INCOME (LOSS): | |||||||
NET INCOME (LOSS) | $ (326,916) | $ (724,190) | $ 4,460,807 | $ 2,558,657 | |||
OTHER COMPREHENSIVE INCOME, NET OF TAX | |||||||
Unrealized gain/(loss) on available for sale securities, net of $2,209, $(9,273), $4,103 AND $(3,794), respectively | 3,642 | (15,477) | 6,207 | (6,331) | |||
COMPREHENSIVE INCOME (LOSS) | $ (323,274) | $ (739,667) | $ 4,467,014 | $ 2,552,326 | |||
Gas Natural Inc. and Subsidiaries | |||
Condensed Consolidated Balance Sheets | |||
June 30, | December 31, | ||
2013 | 2012 | ||
(unaudited) | |||
ASSETS | |||
CURRENT ASSETS | |||
Cash and cash equivalents | $ 2,783,341 | $ 3,435,117 | |
Marketable securities | 354,375 | 344,346 | |
Accounts receivable | |||
Trade, less allowance for doubtful accounts of $1,408,043 and $1,389,762, respectively | 6,910,050 | 11,933,201 | |
Related parties | 110,478 | 522,557 | |
Unbilled gas | 1,637,002 | 4,612,258 | |
Note receivable - related parties, current portion | 1,785 | 12,615 | |
Inventory | |||
Natural gas and propane | 3,620,164 | 5,092,240 | |
Materials and supplies | 2,742,919 | 1,835,816 | |
Prepaid income taxes | 454,883 | 498,297 | |
Prepayments and other | 463,853 | 2,224,267 | |
Recoverable cost of gas purchases | 3,072,480 | 2,329,524 | |
Deferred tax asset | 828,730 | 828,730 | |
Total current assets | 22,980,060 | 33,668,968 | |
PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment | 174,527,428 | 165,662,163 | |
Less accumulated depreciation, depletion and amortization | (49,835,133) | (47,034,673) | |
PROPERTY, PLANT AND EQUIPMENT, net | 124,692,295 | 118,627,490 | |
OTHER ASSETS | |||
Notes receivable - related parties, less current portion | 97,344 | 122,650 | |
Regulatory assets | |||
Property taxes | 166,365 | 307,732 | |
Income taxes | 452,645 | 452,645 | |
Rate case costs | 160,966 | 176,250 | |
Debt issuance costs, net of amortization | 1,593,642 | 1,798,720 | |
Goodwill | 16,516,895 | 14,891,377 | |
Customer relationships | 3,105,083 | 616,500 | |
Investment in unconsolidated affiliate | 352,704 | 321,731 | |
Restricted cash | 2,089,006 | 3,150,847 | |
Other assets | 96,086 | 328,549 | |
Total other assets | 24,630,736 | 22,167,001 | |
TOTAL ASSETS | $ 172,303,091 | $ 174,463,459 | |
Gas Natural Inc. and Subsidiaries | |||
Condensed Consolidated Balance Sheets | |||
June 30, | December 31, | ||
2013 | 2012 | ||
(unaudited) | |||
LIABILITIES AND CAPITALIZATION | |||
CURRENT LIABILITIES | |||
Checks in excess of amounts on deposit | $ 604,232 | $ 720,340 | |
Lines of credit | 16,200,000 | 24,260,755 | |
Accounts payable | |||
Trade | 7,897,182 | 9,201,722 | |
Related parties | 708,358 | 51,797 | |
Notes payable, current portion | 506,522 | 633,498 | |
Contingent consideration, current | 196,000 | - | |
Accrued liabilities | |||
Taxes other than income | 2,118,662 | 2,548,717 | |
Vacation | 147,604 | 115,956 | |
Employee benefit plans | 284,596 | 145,959 | |
Interest | 180,426 | 191,263 | |
Deferred payments received from levelized billing | 1,601,969 | 2,822,926 | |
Customer deposits | 721,068 | 744,974 | |
Related parties | 46,783 | 595,240 | |
Obligation under capital lease - current | 167,518 | 167,518 | |
Other current liabilities | 668,093 | 729,550 | |
Over-recovered gas purchases | 1,146,878 | 1,185,034 | |
Total current liabilities | 33,195,891 | 44,115,249 | |
LONG-TERM LIABILITIES | |||
Deferred investment tax credits | 144,786 | 155,317 | |
Deferred tax liability | 7,829,969 | 5,144,002 | |
Asset retirement obligation | 1,936,498 | 1,850,379 | |
Customer advances for construction | 1,019,632 | 1,009,232 | |
Regulatory liability for income taxes | 83,161 | 83,161 | |
Regulatory liability for gas costs | - | 20,745 | |
Long-term obligation under capital lease, less current portion | 2,040,508 | 2,040,508 | |
Contingent consideration, less current portion | 1,279,000 | - | |
Total long-term liabilities | 14,333,554 | 10,303,344 | |
NOTES PAYABLE, less current portion | 43,448,552 | 43,700,742 | |
COMMITMENTS AND CONTINGENCIES (see Note 12) | |||
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, 8,646,678 and 8,369,752 shares issued and outstanding, respectively | 1,297,002 | 1,255,463 | |
Capital in excess of par value | 47,017,268 | 44,256,493 | |
Accumulated other comprehensive income | 71,996 | 65,789 | |
Retained earnings | 32,938,828 | 30,766,379 | |
Total stockholders' equity | 81,325,094 | 76,344,124 | |
TOTAL CAPITALIZATION | 124,773,646 | 120,044,866 | |
TOTAL LIABILITIES AND CAPITALIZATION | $ 172,303,091 | $ 174,463,459 | |
Gas Natural Inc. and Subsidiaries | |||
Condensed Consolidated Statements of Cash Flows | |||
(Unaudited) | |||
For the Six Months Ending June 30, | |||
2013 | 2012 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 4,460,807 | $ 2,558,657 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 3,052,870 | 2,547,816 | |
Accretion | 86,119 | 77,634 | |
Amortization of debt issuance costs | 212,569 | 139,388 | |
Stock based compensation | 1,615 | 29,618 | |
(Gain)/loss on sale of assets | (123,103) | 2,184 | |
Loss from unconsolidated affiliate | 4,027 | 4,955 | |
Investment tax credit | (10,531) | (10,531) | |
Deferred income taxes | 2,725,561 | 1,628,532 | |
Changes in assets and liabilities | |||
Accounts receivable, including related parties | 5,435,230 | 4,441,447 | |
Unbilled gas | 2,975,256 | 3,166,003 | |
Natural gas and propane inventory | 1,472,076 | 3,785,744 | |
Accounts payable, including related parties | (899,739) | (4,843,189) | |
Recoverable/refundable cost of gas purchases | (781,112) | (952,398) | |
Prepayments and other | 1,760,414 | 344,667 | |
Other assets | (916,425) | 209,790 | |
Other liabilities | (2,013,559) | (897,090) | |
Net cash provided by operating activities | 17,442,075 | 12,233,227 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (9,885,601) | (8,766,629) | |
Proceeds from sale of fixed assets | 1,023,836 | 29,302 | |
Proceeds from related party note receivable | 5,217 | 5,038 | |
Purchase of Public Gas Company, Inc | - | (1,551,478) | |
Cash acquired in acquisition | - | 502 | |
Investment in unconsolidated affiliate | (35,000) | - | |
Restricted cash - capital expenditures fund | 1,060,190 | - | |
Acquisition deposit | - | (2,250,000) | |
Customer advances for construction | 26,155 | 142,448 | |
Contributions in aid of construction | 273,510 | 47,402 | |
Net cash used in investing activities | (7,531,693) | (12,343,415) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from lines of credit | 8,207,000 | 7,012,377 | |
Repayment on lines of credit | (16,267,755) | (11,510,000) | |
Proceeds from notes payable | - | - | |
Repayments of notes payable | (379,166) | (3,852) | |
Debt issuance costs | (7,492) | (474,723) | |
Exercise of stock options | 159,500 | - | |
Restricted cash - debt service fund | 1,651 | (759,397) | |
Dividends paid | (2,275,896) | (2,201,918) | |
Net cash used in financing activities | (10,562,158) | (7,937,513) | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (651,776) | (8,047,701) | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,435,117 | 10,504,845 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 2,783,341 | $ 2,457,144 | |
Gas Natural Inc. and Subsidiaries | ||||||||||||
Segments of Operations | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Natural Gas Operations | Marketing and Production |
Pipeline Operations |
Propane Operations | Corporate and Other | Consolidated | |||||||
OPERATING REVENUES | $ 17,825,910 | $ 4,227,929 | $ 105,032 | $ 658,385 | $ - | $ 22,817,256 | ||||||
Intersegment eliminations | (79,613) | (1,582,247) | - | - | - | (1,661,860) | ||||||
Total operating revenue | 17,746,297 | 2,645,682 | 105,032 | 658,385 | - | 21,155,396 | ||||||
COST OF SALES | 10,128,702 | 3,815,169 | - | 450,702 | - | 14,394,573 | ||||||
Intersegment eliminations | (79,613) | (1,582,247) | - | - | - | (1,661,860) | ||||||
Total cost of sales | 10,049,089 | 2,232,922 | - | 450,702 | - | 12,732,713 | ||||||
GROSS MARGIN | $ 7,697,208 | $ 412,760 | $ 105,032 | $ 207,683 | $ - | $ 8,422,683 | ||||||
OPERATING EXPENSES | 7,645,708 | 243,838 | 43,457 | 466,122 | 229,453 | 8,628,578 | ||||||
Intersegment eliminations | (12,569) | - | - | - | (33,660) | (46,229) | ||||||
Total operating expenses | 7,633,139 | 243,838 | 43,457 | 466,122 | 195,793 | 8,582,349 | ||||||
OPERATING INCOME (LOSS) | $ 64,069 | $ 168,922 | $ 61,575 | $ (258,439) | $ (195,793) | $ (159,666) | ||||||
NET INCOME (LOSS) | $ (235,899) | $ 178,872 | $ 33,978 | $ (162,089) | $ (141,778) | $ (326,916) | ||||||
Three Months Ended June 30, 2012 | ||||||||||||
Natural Gas Operations | Marketing and Production |
Pipeline Operations |
Propane Operations | Corporate and Other | Consolidated | |||||||
OPERATING REVENUES | $ 12,880,690 | $ 2,151,601 | $ 102,093 | $ 561,552 | $ - | $ 15,695,936 | ||||||
Intersegment eliminations | (79,143) | (1,111,247) | - | - | - | (1,190,390) | ||||||
Total operating revenue | 12,801,547 | 1,040,354 | 102,093 | 561,552 | - | 14,505,546 | ||||||
COST OF SALES | 5,526,465 | 1,961,558 | - | 418,482 | - | 7,906,505 | ||||||
Intersegment eliminations | (79,143) | (1,111,247) | - | - | - | (1,190,390) | ||||||
Total cost of sales | 5,447,322 | 850,311 | - | 418,482 | - | 6,716,115 | ||||||
GROSS MARGIN | $ 7,354,225 | $ 190,043 | $ 102,093 | $ 143,070 | $ - | $ 7,789,431 | ||||||
OPERATING EXPENSES | 6,991,710 | 220,317 | 61,882 | 431,539 | 72,118 | 7,777,566 | ||||||
OPERATING INCOME (LOSS) | $ 362,515 | $ (30,274) | $ 40,211 | $ (288,469) | $ (72,118) | $ 11,865 | ||||||
NET INCOME (LOSS) | $ (40,947) | $ (35,575) | $ 23,035 | $ (156,236) | $ (514,467) | $ (724,190) | ||||||
Gas Natural Inc. and Subsidiaries | ||||||||||||
Segments of Operations, Continued | ||||||||||||
(Unaudited) | ||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||
Natural Gas Operations | Marketing and Production |
Pipeline Operations |
Propane Operations | Corporate and Other | Consolidated | |||||||
OPERATING REVENUES | $ 57,856,318 | $ 9,816,141 | $ 203,319 | $ 2,360,959 | $ - | $ 70,236,737 | ||||||
Intersegment eliminations | (165,359) | (3,598,680) | - | - | - | (3,764,039) | ||||||
Total operating revenue | 57,690,959 | 6,217,461 | 203,319 | 2,360,959 | - | 66,472,698 | ||||||
COST OF SALES | 34,330,869 | 8,691,637 | - | 1,604,343 | - | 44,626,849 | ||||||
Intersegment eliminations | (165,359) | (3,598,680) | - | - | - | (3,764,039) | ||||||
Total cost of sales | 34,165,510 | 5,092,957 | - | 1,604,343 | - | 40,862,810 | ||||||
GROSS MARGIN | $ 23,525,449 | $ 1,124,504 | $ 203,319 | $ 756,616 | $ - | $ 25,609,888 | ||||||
OPERATING EXPENSES | 15,222,579 | 505,089 | 91,135 | 1,010,537 | 311,148 | 17,140,488 | ||||||
Intersegment eliminations | (12,569) | - | - | - | (33,660) | (46,229) | ||||||
Total operating expenses | 15,210,010 | 505,089 | 91,135 | 1,010,537 | 277,488 | 17,094,259 | ||||||
OPERATING INCOME (LOSS) | $ 8,315,439 | $ 619,415 | $ 112,184 | $ (253,921) | $ (277,488) | $ 8,515,629 | ||||||
NET INCOME (LOSS) | $ 4,475,307 | $ 427,333 | $ 61,092 | $ (181,077) | $ (321,848) | $ 4,460,807 | ||||||
Six Months Ended June 30, 2012 | ||||||||||||
Natural Gas Operations | Marketing and Production |
Pipeline Operations |
Propane Operations | Corporate and Other | Consolidated | |||||||
OPERATING REVENUES | $ 42,813,840 | $ 5,777,390 | $ 209,877 | $ 2,470,710 | $ - | $ 51,271,817 | ||||||
Intersegment eliminations | (164,208) | (2,829,942) | - | - | - | (2,994,150) | ||||||
Total operating revenue | 42,649,632 | 2,947,448 | 209,877 | 2,470,710 | - | 48,277,667 | ||||||
COST OF SALES | 22,848,424 | 5,075,669 | - | 1,849,751 | - | 29,773,844 | ||||||
Intersegment eliminations | (164,208) | (2,829,942) | - | - | - | (2,994,150) | ||||||
Total cost of sales | 22,684,216 | 2,245,727 | - | 1,849,751 | - | 26,779,694 | ||||||
GROSS MARGIN | $ 19,965,416 | $ 701,721 | $ 209,877 | $ 620,959 | $ - | $ 21,497,973 | ||||||
OPERATING EXPENSES | 13,720,982 | 551,402 | 100,388 | 997,952 | 134,911 | 15,505,635 | ||||||
OPERATING INCOME (LOSS) | $ 6,244,434 | $ 150,319 | $ 109,489 | $ (376,993) | $ (134,911) | $ 5,992,338 | ||||||
NET INCOME (LOSS) | $ 3,311,587 | $ 59,740 | $ 61,258 | $ (251,077) | $ (622,851) | $ 2,558,657 | ||||||
Gas Natural Inc. and Subsidiaries | |||||||||||||
Natural Gas Operations | |||||||||||||
Utility Throughput | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(in million cubic feet (MMcf)) | 2013 | 2012 | 2013 | 2012 | |||||||||
Full Service Distribution | |||||||||||||
Residential | 704 | 567 | 2,948 | 2,377 | |||||||||
Commercial | 926 | 738 | 2,897 | 2,375 | |||||||||
Industrial | 42 | 31 | 91 | 84 | |||||||||
Total full service | 1,672 | 1,336 | 5,936 | 4,836 | |||||||||
Transportation | 2,733 | 2,380 | 5,902 | 5,332 | |||||||||
Bucksport | 3,110 | 3,253 | 6,873 | 6,914 | |||||||||
Total Volumes | 7,515 | 6,969 | 18,711 | 17,082 | |||||||||
Heating Degree Days | |||||||||||
Three Months Ended | Percent (Warmer) Colder | ||||||||||
June 30, | 2013 Compared to | ||||||||||
Normal | 2013 | 2012 | Normal | 2012 | |||||||
Great Falls, MT | 1,213 | 1,310 | 1,090 | 8.00% | 20.18% | ||||||
Cody, WY | 1,072 | 1,155 | 905 | 7.74% | 27.62% | ||||||
Bangor, ME | 1,072 | 1,171 | 952 | 9.24% | 23.00% | ||||||
Elkin, NC | 337 | 451 | 361 | 33.83% | 24.93% | ||||||
Youngstown, OH | 825 | 740 | 669 | (10.30%) | 10.61% | ||||||
Jackson, KY | 411 | 446 | 378 | 8.52% | 17.99% | ||||||
Six Months Ended | Percent (Warmer) Colder | ||||||||||
June 30, | 2013 Compared to | ||||||||||
Normal | 2013 | 2012 | Normal | 2012 | |||||||
Great Falls, MT | 4,398 | 4,192 | 4,004 | (4.68%) | 4.70% | ||||||
Cody, WY | 4,102 | 4,130 | 3,643 | 0.68% | 13.37% | ||||||
Bangor, ME | 4,807 | 4,757 | 4,225 | (1.04%) | 12.59% | ||||||
Elkin, NC | 2,454 | 2,683 | 1,977 | 9.33% | 35.71% | ||||||
Youngstown, OH | 3,943 | 3,893 | 3,082 | (1.27%) | 26.31% | ||||||
Jackson, KY | 2,695 | 2,906 | 2,136 | 7.83% | 36.05% | ||||||
SOURCE Gas Natural Inc.
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