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Atmos Energy Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 4, 2011 01:20PM

Atmos Energy Corp. (ATO) filed Quarterly Report for the period ended 2011-06-30. Atmos Energy Corp. has a market cap of $3.04 billion; its shares were traded at around $33.7 with a P/E ratio of 15.1 and P/S ratio of 0.6. The dividend yield of Atmos Energy Corp. stocks is 4%. Atmos Energy Corp. had an annual average earning growth of 6% over the past 10 years.



Highlight of Business Operations:

Due to the seasonality of our distribution business, we typically incur a net loss in our fiscal third quarter. For the three months ended June 30, 2011, we reported a net loss of $0.6 million, or $0.01 per diluted share compared to a net loss of $3.2 million, or $0.03 per diluted share in the prior-year quarter. The net loss for the three months ended June 30, 2011 includes noncash, unrealized net gains of $0.1 million, or $0.00 per diluted share compared with net losses of $11.1 million, or $0.12 per diluted share for the three months ended June 30, 2010. The net loss for the third quarter includes the impact of the non-cash impairment charge related to Atmos Gathering System assets, totaling $6.1 million or $0.06 per diluted share.

Excluding the impact of unrealized margins and one-time items, diluted earnings per share decreased from income of $0.09 per diluted share in the prior-year quarter to income of $0.05 per diluted share in the current-year quarter, primarily due a decrease in asset optimization margins in our nonregulated segment,

During the current quarter, we announced the sale of our natural gas distribution operations in our Missouri, Illinois and Iowa service areas. Due to the pending sales transaction, the results of operations for these three service areas are shown in discontinued operations. During the current-year quarter, discontinued operations generated net income of $0.9 million, or $0.01 per diluted share, compared with net income of $1.1 million, or $0.01 per diluted share in the prior-year quarter. Continuing operations in the current quarter generated a net loss of $1.5 million or $0.02 per diluted share, compared with a net loss of $4.2 million or $0.04 per diluted share from continuing operations in the prior-year quarter.

We reported net income of $205.6 million, or $2.25 per diluted share for the nine months ended June 30, 2011, compared with net income of $204.3 million or $2.18 per diluted share in the prior-year period. Income from continuing operations was $197.8 million, or $2.16 per diluted share compared with $198.0 million, or $2.11 per diluted share in the prior-year period. Income from discontinued operations was $7.9 million or $0.09 per diluted share for the year-to-date period, compared with $6.3 million or $0.07 per diluted share in the prior year. Unrealized losses in our nonregulated operations during the current period reduced net income by $1.4 million or $0.02 per diluted share compared with net losses recorded in the prior-year period of $6.2 million, or $0.07 per diluted share. Additionally, net income in both periods was impacted by nonrecurring items. In the prior year-to-date period, net income included the net positive impact of a state sales tax refund of $4.5 million, or $0.05 per diluted share. In the current year-to-date period, net income includes the net positive impact of several one-time items totaling $6.5 million, or $0.07 per diluted share related to the following pre-tax amounts:

Read the The complete Report



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