Delta Natural Gas Company Inc. (DGAS, Financial) filed Quarterly Report for the period ended 2010-11-04.
Delta Natural Gas Company Inc. has a market cap of $100.4 million; its shares were traded at around $30.1 with a P/E ratio of 22.5 and P/S ratio of 1.3. The dividend yield of Delta Natural Gas Company Inc. stocks is 4.5%.DGAS is in the portfolios of Mario Gabelli of GAMCO Investors.
Cash and cash equivalents were $126,000 at September 30, 2010, as compared with $4,639,000 at June 30, 2010 and $108,000 at September 30, 2009. The changes in cash and cash equivalents are summarized in the following table:
For the three months ended September 30, 2010, cash used in operating activities increased $1,293,000 (41%). Cash paid for natural gas increased $3,954,000 due to increases in both the cost of gas purchased and the quantities purchased. The increase was partially offset by an $1,997,000 increase in cash received from customers due to increases in both sales prices and volumes sold.
For the twelve months ended September 30, 2010, cash provided by operating activities decreased $10,062,000 (38%). Cash received from customers decreased $24,158,000 due to decreased sales prices and the timing of collections on our customer accounts receivable. The decrease was partially offset by a $6,943,000 decrease in the cost of natural gas purchased, a $3,210,000 decrease in cash paid for income taxes due to an income tax refund resulting from a method change that reduced our capitalization of expenses for income tax purposes and a $1,500,000 decrease in elective contributions made to our defined benefit plan.
For the twelve months ended September 30, 2010, operation and maintenance decreased $1,723,000 (11%). The decrease was primarily due to an inventory adjustment for our gas in storage recorded in the prior year ($1,350,000, as further discussed in Note 11 of the Notes to Consolidated Financial Statements) and decreased uncollectible expense ($845,000) partially offset by increased employee benefit expense ($396,000) and share-based compensation ($288,000).
When we have a balance outstanding on our variable rate bank line of credit, we are exposed to risk resulting from changes in interest rates. The interest rate on our bank line of credit with Branch Banking and Trust Company is benchmarked to the monthly London Interbank Offered Rate. The balance on our bank line of credit was $2,837,000 and $9,596,000 on September 30, 2010 and September 30, 2009, respectively. There were no borrowings outstanding on our bank line of credit as of June 30, 2010. The weighted average interest rate on our bank line of credit was 1.8% on September 30, 2010 and September 30, 2009. Based on the amounts of our outstanding bank line of credit on September 30, 2010 and September 30, 2009, a one percent (one hundred basis point) increase in our average interest rate would decrease our annual pre-tax net income by $28,000 and $96,000, respectively.
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Delta Natural Gas Company Inc. has a market cap of $100.4 million; its shares were traded at around $30.1 with a P/E ratio of 22.5 and P/S ratio of 1.3. The dividend yield of Delta Natural Gas Company Inc. stocks is 4.5%.DGAS is in the portfolios of Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Our ability to maintain liquidity depends on our bank line of credit, shown as notes payable on the accompanying Consolidated Balance Sheets. Notes payable were $2,837,000 and $9,596,000 at September 30, 2010 and September 30, 2009, respectively. There were no borrowings outstanding on the bank line of credit as of June 30, 2010. Notes payable decreased to $2,837,000 at September 30, 2010 compared to $9,596,000 at September 30, 2009 due to cash provided by operations exceeding cash used in capital expenditures. Our liquidity is impacted by the fact that we sometimes generate internally only a portion of the cash necessary for our capital expenditure requirements. We made capital expenditures of $2,361,000 and $5,942,000 during the three and twelve months ended September 30, 2010, respectively. In periods when cash provided by operating activities is not sufficient to meet our capital requirements, we finance the balance of our capital expenditures on an interim basis through the bank line of credit. When we have no borrowings outstanding on our bank line of credit, excess cash is invested in overnight repurchase agreements. Through BB&T we purchase U.S. Treasury or Federal Agency securities with a contractual agreement to sell back the securities the next day.Cash and cash equivalents were $126,000 at September 30, 2010, as compared with $4,639,000 at June 30, 2010 and $108,000 at September 30, 2009. The changes in cash and cash equivalents are summarized in the following table:
For the three months ended September 30, 2010, cash used in operating activities increased $1,293,000 (41%). Cash paid for natural gas increased $3,954,000 due to increases in both the cost of gas purchased and the quantities purchased. The increase was partially offset by an $1,997,000 increase in cash received from customers due to increases in both sales prices and volumes sold.
For the twelve months ended September 30, 2010, cash provided by operating activities decreased $10,062,000 (38%). Cash received from customers decreased $24,158,000 due to decreased sales prices and the timing of collections on our customer accounts receivable. The decrease was partially offset by a $6,943,000 decrease in the cost of natural gas purchased, a $3,210,000 decrease in cash paid for income taxes due to an income tax refund resulting from a method change that reduced our capitalization of expenses for income tax purposes and a $1,500,000 decrease in elective contributions made to our defined benefit plan.
For the twelve months ended September 30, 2010, operation and maintenance decreased $1,723,000 (11%). The decrease was primarily due to an inventory adjustment for our gas in storage recorded in the prior year ($1,350,000, as further discussed in Note 11 of the Notes to Consolidated Financial Statements) and decreased uncollectible expense ($845,000) partially offset by increased employee benefit expense ($396,000) and share-based compensation ($288,000).
When we have a balance outstanding on our variable rate bank line of credit, we are exposed to risk resulting from changes in interest rates. The interest rate on our bank line of credit with Branch Banking and Trust Company is benchmarked to the monthly London Interbank Offered Rate. The balance on our bank line of credit was $2,837,000 and $9,596,000 on September 30, 2010 and September 30, 2009, respectively. There were no borrowings outstanding on our bank line of credit as of June 30, 2010. The weighted average interest rate on our bank line of credit was 1.8% on September 30, 2010 and September 30, 2009. Based on the amounts of our outstanding bank line of credit on September 30, 2010 and September 30, 2009, a one percent (one hundred basis point) increase in our average interest rate would decrease our annual pre-tax net income by $28,000 and $96,000, respectively.
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