Angelica Corp. (AGL, Financial) filed Quarterly Report for the period ended 2012-09-30.
Angelica Corp. has a market cap of $210.14 million; its shares were traded at around $0 with a P/E ratio of 26.3. The dividend yield of Angelica Corp. stocks is 2.2%. Angelica Corp. had an annual average earning growth of 18% over the past 10 years.
Sequent s storage balances and expected operating revenues are higher than last year reflecting the effects of the historically warmer weather in 2012 as compared to 2011 and a year-over-year improvement in seasonal price differentials. If Sequent s storage withdrawals associated with existing inventory positions are executed as planned, we expect operating revenues from storage withdrawals of approximately $28 million in 2012 and $37 million in 2013. This will change as Sequent adjusts its daily injection and withdrawal plans in response to changes in market conditions in future months and as forward NYMEX prices fluctuate. Based on Sequent s current projection of year-end storage positions at December 31, 2012 of 33 Bcf, a $1.00 increase in the 2013 forward NYMEX prices could result in a $31 million reduction to Sequent s reported operating revenues for the year ending December 31, 2012, after regulatory sharing but would increase the expected operating revenues to be realized in 2013 by a corresponding amount. A $1.00 decrease in forward NYMEX prices would result in a $31 million positive impact to Sequent s reported operating revenues; however, additional LOCOM adjustments could potentially offset a portion of the positive impact. Excluding any additional LOCOM adjustments, the $1.00 decrease in forward NYMEX prices would result in a corresponding decrease in the expected operating revenues to be realized in 2013. This does not include operating expenses and storage demand fees that will be incurred to realize these amounts.
Sequent s storage balances and expected operating revenues are higher than last year reflecting the effects of the historically warmer weather in 2012 as compared to 2011 and a year-over-year improvement in seasonal price differentials. If Sequent s storage withdrawals associated with existing inventory positions are executed as planned, we expect operating revenues from storage withdrawals of approximately $28 million in 2012 and $37 million in 2013. This will change as Sequent adjusts its daily injection and withdrawal plans in response to changes in market conditions in future months and as forward NYMEX prices fluctuate.
The expected operating revenues to be generated from the physical withdrawal of natural gas from storage also do not reflect the earnings impact related to the movement in our hedges to lock in the forward location spread for the delivery of natural gas between two transportation delivery points. For the nine months ended September 30, 2012, we have recorded $15 million in gains associated with the hedging of our transportation portfolio or $13 million higher as compared to the nine months ended September 30, 2011. These hedge gains primarily relate to forward transportation positions for the fourth quarter of 2012 through 2013, effectively accelerating operating revenues into the current period from those future periods during which we expect to physically flow natural gas between the hedged transportation delivery points. Consequently, the value that we realize from our transportation portfolio for the balance of the year will be lower since a significant portion of the previously expected revenues were recognized through the recording of the associated transportation hedge gains.
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Angelica Corp. has a market cap of $210.14 million; its shares were traded at around $0 with a P/E ratio of 26.3. The dividend yield of Angelica Corp. stocks is 2.2%. Angelica Corp. had an annual average earning growth of 18% over the past 10 years.
Highlight of Business Operations:
Natural gas price volatility Natural gas market volatility arises from a number of factors such as weather fluctuations or changes in supply or demand for natural gas in different regions of the country. The volatility of natural gas commodity prices has a significant impact on our customer rates, our long-term competitive position against other energy sources and the ability of our wholesale services segment to capture value from location and seasonal spreads. Since 2011, the volatility of natural gas prices has been significantly lower than it had been for several prior years. This is the result of a robust natural gas supply, the weak economy, mild to much warmer than normal weather and ample natural gas storage. Our strategies to acquire natural gas and secure transportation capacity are designed to secure sufficient supplies of natural gas and the rights to physically flow natural gas between delivery points in order to meet the needs of our utility customers and to hedge gas prices and location spreads to effectively manage costs, reduce price volatility and maintain a competitive advantage. Additionally, our hedging strategies and physical natural gas supplies in storage enable us to optimize within our wholesale and midstream businesses in a sustained low volatility market, but with lower actual results as compared to historical periods with higher volatility. It is possible that natural gas prices will remain low for an extended period based on current levels of supply relative to market demand for natural gas, in part due to abundant sources of shale natural gas reserves and the lack of demand by commercial and industrial enterprises. However, as economic conditions improve, the demand for natural gas may increase, natural gas prices could rise and higher volatility could return to the natural gas markets. Consequently, we are continuing to reposition our wholesales services business model through the management of operating costs, an increase in our fee-based services and continuing the optimization of our transportation and storage portfolio.Sequent s storage balances and expected operating revenues are higher than last year reflecting the effects of the historically warmer weather in 2012 as compared to 2011 and a year-over-year improvement in seasonal price differentials. If Sequent s storage withdrawals associated with existing inventory positions are executed as planned, we expect operating revenues from storage withdrawals of approximately $28 million in 2012 and $37 million in 2013. This will change as Sequent adjusts its daily injection and withdrawal plans in response to changes in market conditions in future months and as forward NYMEX prices fluctuate. Based on Sequent s current projection of year-end storage positions at December 31, 2012 of 33 Bcf, a $1.00 increase in the 2013 forward NYMEX prices could result in a $31 million reduction to Sequent s reported operating revenues for the year ending December 31, 2012, after regulatory sharing but would increase the expected operating revenues to be realized in 2013 by a corresponding amount. A $1.00 decrease in forward NYMEX prices would result in a $31 million positive impact to Sequent s reported operating revenues; however, additional LOCOM adjustments could potentially offset a portion of the positive impact. Excluding any additional LOCOM adjustments, the $1.00 decrease in forward NYMEX prices would result in a corresponding decrease in the expected operating revenues to be realized in 2013. This does not include operating expenses and storage demand fees that will be incurred to realize these amounts.
Sequent s storage balances and expected operating revenues are higher than last year reflecting the effects of the historically warmer weather in 2012 as compared to 2011 and a year-over-year improvement in seasonal price differentials. If Sequent s storage withdrawals associated with existing inventory positions are executed as planned, we expect operating revenues from storage withdrawals of approximately $28 million in 2012 and $37 million in 2013. This will change as Sequent adjusts its daily injection and withdrawal plans in response to changes in market conditions in future months and as forward NYMEX prices fluctuate.
The expected operating revenues to be generated from the physical withdrawal of natural gas from storage also do not reflect the earnings impact related to the movement in our hedges to lock in the forward location spread for the delivery of natural gas between two transportation delivery points. For the nine months ended September 30, 2012, we have recorded $15 million in gains associated with the hedging of our transportation portfolio or $13 million higher as compared to the nine months ended September 30, 2011. These hedge gains primarily relate to forward transportation positions for the fourth quarter of 2012 through 2013, effectively accelerating operating revenues into the current period from those future periods during which we expect to physically flow natural gas between the hedged transportation delivery points. Consequently, the value that we realize from our transportation portfolio for the balance of the year will be lower since a significant portion of the previously expected revenues were recognized through the recording of the associated transportation hedge gains.
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