Gas Natural Inc. Reports 17% Increase in Consolidated Net income for First Quarter of 2011
- Natural Gas Operations segment net income grew 14.1% to $4.3 million from the 2010 first quarter
- Operating income in Natural Gas Operations grew to 51.0% of gross margin from 49.9% year-over-year, due to improved operational efficiency and strong performance in the Maine utility
- First quarter 2011 volumes delivered increased 14.7%
GREAT FALLS, Mont., May 11, 2011 /PRNewswire/ -- Gas Natural Inc. (NYSE Amex: EGAS) (the "Company" or "Gas Natural"), a natural gas utility company serving approximately 63,500 customers in six states, reported financial results for the first quarter ended March 31, 2011.
Consolidated net income for the first quarter of 2011 was $4.3 million, or $0.52 per diluted share, compared with net income of $3.7 million, or $0.61 per diluted share, for the first quarter of 2010. The $0.6 million, or 16.7%, increase in net income was primarily due to strong continued growth in the Maine market where the Company has been successful in increasing its market share and was augmented by colder weather. Lower earnings per share reflect a 2.2 million increase in weighted average outstanding shares as a result of the Company's successful equity raise in the fourth quarter of 2010.
Richard M. Osborne, Gas Natural's chairman and chief executive officer, commented, "We were encouraged by the continued growth in our Maine utility and expect to continue to invest in that market in order to expand our customer base. We believe our markets will continue to be receptive to natural gas as a clean, more economical alternative to the other fuel options. In addition to customer growth, our focus has been on improving our operational efficiency and expanding our margins."
Natural Gas Operations Segment
Gas Natural Inc. annually distributes over 30 billion cubic feet of natural gas to approximately 63,500 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina. The Company acquired its Ohio and Pennsylvania operations in January 2010, its Cut Bank, Montana utility in 2009, and in April 2011, acquired 140 miles of pipeline in Ohio and 60 miles in northern Kentucky for future growth opportunities.
(in thousands) |
Three Months Ended March 31, |
||||
2011 |
2010 |
||||
Natural Gas Operations |
|||||
Operating revenue |
$38,220 |
$31,506 |
|||
Gas purchased |
24,717 |
19,621 |
|||
Gross Margin |
13,503 |
11,885 |
|||
Operating expenses |
6,616 |
5,957 |
|||
Operating income |
6,887 |
5,928 |
|||
Other income |
195 |
173 |
|||
Income before interest and taxes |
7,082 |
6,101 |
|||
Interest (expense) |
(387) |
(568) |
|||
Income before income taxes |
6,695 |
5,533 |
|||
Income tax (expense) |
(2,436) |
(1,801) |
|||
Net income |
$4,259 |
$3,732 |
|||
The Natural Gas Operations segment contributed net income of $4.3 million in the first quarter of 2011, compared with net income of $3.7 million in the first quarter of 2010. The $527,000, or 14.1%, increase was attributed to strong net income growth of $377,000, or 76.8%, from the Maine utility and the Ohio operations which increased $142,000.
Operating income for the period ended March 31, 2011, was $6.9 million, or 51.0% of gross margin, compared with $5.9 million, or 49.9% of gross margin, for the first quarter of 2010. The higher margin reflects improved efficiency levels at the Ohio Companies and market share gains in the Maine utility.
Interest expense decreased $181,000 during the first quarter of 2011 due lower debt levels at the Ohio operations, as some outstanding debt was repaid in November 2010.
The income tax expense rate for the Natural Gas Operations segment was 36.4% in the first quarter of 2011 compared with 32.6% in the first quarter of 2010. The prior year period benefited from a $190,000 income tax adjustment related to the true-up of income tax expense.
Total volumes in the first quarter of 2011 increased 1,363 MMcf to 10,639 MMcf as the Company continues to see customer growth, particularly from its Maine operations, and is benefiting from the Ohio companies.
Marketing and Production Operations Segment
The Marketing and Production segment reported net income of $86,000 in the first quarter of 2011, up from net loss of $79,000 for the first quarter of 2010. In the first quarter of 2011, the Company incurred a loss of $63,000 on an equity investment in Kykuit, an exploration company operating in Montana, compared with a loss of $194,000 in the prior year period. Also impacting the prior year period was a $460,000 expense as a result of the conclusion of litigation relating to a gas supply contract that expired in October 2008.
Pipeline Operations Segment
The Pipeline Operations segment generated net income of $37,000 in the first quarter of 2011, consistent with the $36,000 reported in the first quarter of 2010.
Balance Sheet and Cash Management
Cash and marketable securities at March 31, 2011, were $13.4 million compared with $13.3 million at December 31, 2010. The cash balances reflect the proceeds from an underwritten public offering completed in 2010 that raised net proceeds of approximately $19.0 million after deducting underwriting discounts, commissions, and offering expenses. In 2011, the Company plans to use a portion of the proceeds of the offering to expand its utility operations.
Cash provided by operating activities was $11.5 million in the 2011 first quarter compared with $9.9 million for the same period in 2010. The increase was primarily the result of working capital requirements and a $3.5 million increase in refundable costs of gas purchases due to timing.
Capital expenditures for the first quarter of 2011 were $2.8 million compared with $1.1 million for the prior year period, and were focused on expanding operations in its growth oriented utilities of Maine and North Carolina. Gas Natural expects capital expenditures in 2011 to be approximately $15 million.
In addition to cash and marketable securities, the Company maintains a $20 million credit facility with approximately $9.0 million of availability as of the end of the 2011 first quarter.
Subsequent the close of the first quarter of 2011, on May 3, 2011, Gas Natural and its Ohio subsidiaries, Northeast Ohio Natural Gas Corp, Orwell Natural Gas Company and Brainard Gas Corp. issued a $15.334 million 5.38% Senior Secured Guaranteed Fixed Rate Note due June 1, 2017. Additionally, Great Plains Natural Gas, the intermediate holding company for Northeast Ohio Natural Gas, issued a $3.0 million 4.12% Senior Secured Guaranteed Floating Rate Note due May 3, 2014. Both notes were placed with SunLife Assurance Company of Canada. The use of proceeds for both notes are to repay and extinguish existing amortizing bank debt and other existing indebtedness, fund $3.4 million for the 2011 capital program for Orwell Natural Gas and Northeast Ohio Natural Gas, establish two debt service reserve accounts, replenish the Company's treasuries for the previously announced repayment of maturing bank debt for the Issuers in late 2010, and transaction expenses.
About Gas Natural Inc.
Gas Natural Inc. distributes and sells natural gas to end-use residential, commercial, and industrial customers. It distributes approximately 30 billion cubic feet of natural gas to approximately 63,500 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina. The Company markets approximately 1.3 billion cubic feet of natural gas to commercial and industrial customers in Montana and Wyoming on an unregulated basis. The Company also has ownership interests in 160 natural gas producing wells and gas gathering assets. In addition, the Company owns the Shoshone interstate and the Glacier gathering pipelines located in Montana and Wyoming. The Company's Montana public utility was originally incorporated in 1909 and is headquartered in Great Falls, Montana.
The Company's toll-free number is 800-570-5688. The Company's address is 1 First Avenue South, Great Falls, Montana 59401 and its website is www.ewst.com.
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:
Bronwyn ("BG") Davis |
Kevin J. Degenstein |
|
Phone: (440) 974-3770 |
Phone: (406) 791-7500 |
|
Email: [email protected] |
Email: [email protected] |
|
FINANCIAL TABLES FOLLOW Gas Natural Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) |
||||
Three Months Ended |
||||
March 31, |
||||
2011 |
2010 |
|||
REVENUE: |
||||
Natural gas operations |
$ 38,219,583 |
$ 31,506,160 |
||
Marketing and production |
1,825,502 |
3,118,323 |
||
Pipeline operations |
106,324 |
108,602 |
||
Total revenues |
40,151,409 |
34,733,085 |
||
COST OF SALES: |
||||
Gas purchased |
24,716,908 |
19,620,814 |
||
Marketing and production |
1,399,407 |
2,591,411 |
||
Total cost of sales |
26,116,315 |
22,212,225 |
||
GROSS MARGIN |
14,035,094 |
12,520,860 |
||
OPERATING EXPENSES |
||||
Distribution, general, and administrative |
4,657,320 |
3,904,909 |
||
Maintenance |
285,227 |
291,329 |
||
Depreciation and amortization |
1,035,077 |
949,462 |
||
Accretion |
34,610 |
29,100 |
||
Taxes other than income |
853,965 |
1,006,283 |
||
Total operating expenses |
6,866,199 |
6,181,083 |
||
OPERATING INCOME |
7,168,895 |
6,339,777 |
||
LOSS FROM UNCONSOLIDATED AFFILIATE |
(62,957) |
(20,014) |
||
OTHER INCOME (EXPENSE) |
115,680 |
(231,401) |
||
INTEREST EXPENSE |
(413,179) |
(592,784) |
||
INCOME FROM OPERATIONS BEFORE INCOME TAXES |
6,808,439 |
5,495,578 |
||
INCOME TAX EXPENSE |
(2,533,685) |
(1,832,636) |
||
NET INCOME |
$ 4,274,754 |
$ 3,662,942 |
||
EARNINGS PER SHARE - BASIC |
$ 0.52 |
$ 0.61 |
||
EARNINGS PER SHARE - DILUTED |
$ 0.52 |
$ 0.61 |
||
WEIGHTED AVERAGE DIVIDENDS DECLARED PER COMMON SHARE |
$ 0.14 |
$ 0.14 |
||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
8,150,239 |
5,973,851 |
||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
8,158,079 |
5,980,627 |
||
Please refer to the notes as filed on Form 10-Q that are an integral part of these financial statements. |
||||
Gas Natural Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited) |
|||||||||
March 31, |
December 31, |
||||||||
2011 |
2010 |
||||||||
ASSETS |
|||||||||
Current Assets: |
|||||||||
Cash and cash equivalents |
$ 13,104,237 |
$ 13,026,585 |
|||||||
Marketable securities |
304,875 |
274,950 |
|||||||
Accounts receivable |
|||||||||
Trade, less allowance for doubtful accounts of |
|||||||||
$326,534 and $354,719, respectively |
9,477,385 |
9,593,840 |
|||||||
Related parties |
479,255 |
559,384 |
|||||||
Unbilled gas |
4,031,852 |
5,724,346 |
|||||||
Note receivable - related parties - current portion |
9,733 |
9,565 |
|||||||
Inventory |
|||||||||
Natural gas and propane |
1,102,216 |
5,876,710 |
|||||||
Materials and supplies |
1,693,767 |
1,414,367 |
|||||||
Prepaid income taxes |
- |
1,601,798 |
|||||||
Prepayments and other |
706,587 |
912,959 |
|||||||
Recoverable cost of gas purchases |
1,020,653 |
2,628,824 |
|||||||
Deferred tax asset |
103,203 |
114,362 |
|||||||
Total current assets |
32,033,763 |
41,737,690 |
|||||||
Property, Plant and Equipment, Net |
77,856,138 |
76,134,401 |
|||||||
Other Assets |
|||||||||
Note receivable - related parties, less current portion |
43,167 |
45,665 |
|||||||
Deferred tax assets - less current portion |
1,804,264 |
1,804,264 |
|||||||
Regulatory assets |
|||||||||
Property taxes |
802,513 |
873,197 |
|||||||
Income taxes |
452,645 |
452,645 |
|||||||
Rate case costs |
79,107 |
64,271 |
|||||||
Debt issuance costs |
474,199 |
485,244 |
|||||||
Goodwill |
14,607,952 |
14,607,952 |
|||||||
Customer relationships |
656,458 |
662,167 |
|||||||
Investment in unconsolidated affiliate |
748,859 |
640,216 |
|||||||
Other assets |
218,399 |
220,224 |
|||||||
Total other assets |
19,887,563 |
19,855,845 |
|||||||
TOTAL ASSETS |
$ 129,777,464 |
$ 137,727,936 |
|||||||
Please refer to the notes as filed on Form 10-Q that are an integral part of these financial statements. |
|||||||||
Gas Natural Inc. and Subsidiaries Consolidated Balance Sheets, Continued (Unaudited) |
||||||
March 31, |
December 31, |
|||||
2011 |
2010 |
|||||
LIABILITIES AND CAPITALIZATION |
||||||
Current Liabilities: |
||||||
Checks in excess of amounts on deposit |
$ 401,287 |
$ 532,145 |
||||
Line of credit |
11,000,000 |
18,149,999 |
||||
Accounts payable |
||||||
Trade |
7,864,061 |
9,200,297 |
||||
Related parties |
213,488 |
417,543 |
||||
Notes payable, current portion |
878,996 |
910,917 |
||||
Notes payable - related parties, current portion |
49,361 |
49,361 |
||||
Accrued liabilities |
||||||
Income taxes |
884,811 |
- |
||||
Taxes other than income |
2,541,294 |
2,961,853 |
||||
Deferred payments from levelized billing |
1,521,137 |
2,916,408 |
||||
Property tax settlement - current portion |
242,120 |
242,120 |
||||
Related parties |
391,599 |
413,399 |
||||
Other current liabilities |
1,612,730 |
1,919,231 |
||||
Overrecovered gas purchases |
412,977 |
1,203,191 |
||||
Total current liabilities |
28,013,861 |
38,916,464 |
||||
Long Term Liabilities: |
||||||
Deferred investment tax credits |
192,176 |
197,441 |
||||
Asset retirement obligation |
1,581,477 |
1,546,867 |
||||
Customer advances for construction |
938,517 |
949,434 |
||||
Regulatory liability for income taxes |
83,161 |
83,161 |
||||
Regulatory liability for gas costs |
76,514 |
131,443 |
||||
Property tax settlement, less current portion |
243,008 |
243,008 |
||||
Total |
3,114,853 |
3,151,354 |
||||
Notes Payable, Less Current Portion |
21,737,708 |
21,958,616 |
||||
Commitments and Contingencies (see note 11) |
- |
- |
||||
Stockholders' Equity: |
||||||
Preferred stock; $.15 par value, 1,500,000 shares authorized, |
||||||
no shares outstanding |
- |
- |
||||
Common stock; $.15 par value, 15,000,000 shares authorized, |
||||||
8,150,926 and 8,149,801 shares outstanding |
||||||
at March 31, 2011, and December 31, 2010, respectively |
1,222,639 |
1,222,470 |
||||
Capital in excess of par value |
41,926,227 |
41,910,067 |
||||
Accumulated other comprehensive income |
65,356 |
46,590 |
||||
Retained earnings |
33,696,820 |
30,522,375 |
||||
Total stockholders' equity |
76,911,042 |
73,701,502 |
||||
TOTAL CAPITALIZATION |
98,648,750 |
95,660,118 |
||||
TOTAL LIABILITIES AND CAPITALIZATION |
$ 129,777,464 |
$ 137,727,936 |
||||
Please refer to the notes as filed on Form 10-Q that are an integral part of these financial statements. |
||||||
Gas Natural Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited |
|||||
Three Months Ended |
|||||
March 31, |
|||||
2011 |
2010 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|||||
Net income |
$ 4,274,754 |
$ 3,662,942 |
|||
Adjustments to reconcile net income to |
|||||
net cash provided by operating activities: |
|||||
Depreciation and amortization |
1,035,077 |
949,462 |
|||
Accretion expense |
34,610 |
29,100 |
|||
Stock-based compensation |
16,329 |
22,174 |
|||
Gain on sale of marketable securities |
- |
(26,609) |
|||
Loss on sale of fixed assets |
6,948 |
- |
|||
Loss from unconsolidated affiliate |
62,957 |
20,014 |
|||
Investment tax credit |
(5,265) |
(5,265) |
|||
Deferred income taxes |
- |
1,510,504 |
|||
Changes in assets and liabilities: |
|||||
Accounts receivable, including related parties |
196,584 |
5,932,813 |
|||
Unbilled gas |
1,692,493 |
(339,831) |
|||
Natural gas and propane inventories |
4,774,494 |
4,653,044 |
|||
Accounts payable, including related parties |
(1,639,066) |
(2,681,235) |
|||
Recoverable/refundable cost of gas purchases |
817,957 |
(2,701,968) |
|||
Prepayments and other |
206,372 |
105,608 |
|||
Other assets |
1,384,764 |
(5,482) |
|||
Other liabilities |
(1,314,320) |
(1,240,797) |
|||
Net cash provided by operating activities |
11,544,688 |
9,884,474 |
|||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||||
Construction expenditures |
(2,811,832) |
(1,133,127) |
|||
Proceeds from sale of marketable securities |
- |
301,897 |
|||
Proceeds from sale of fixed assets |
4,000 |
- |
|||
Proceeds from related party note |
2,329 |
2,329 |
|||
Purchase of Cut Bank shares |
- |
(97,667) |
|||
Cash acquired in acquisitions |
- |
144,203 |
|||
Investment in unconsolidated affiliate |
(132,000) |
(52,500) |
|||
Other investments |
(10,183) |
- |
|||
Customer advances for construction |
(10,917) |
56,899 |
|||
Contributions in aid of construction |
(5,362) |
24,813 |
|||
Net cash used in investing activities |
(2,963,965) |
(753,153) |
|||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||||
Proceeds from lines of credit |
2,500,000 |
3,700,000 |
|||
Repayments of lines of credit |
(9,650,000) |
(10,752,098) |
|||
Repayments of long-term debt |
(252,796) |
(234,229) |
|||
Repayments of other short-term borrowings |
- |
(444,808) |
|||
Dividends paid |
(1,100,275) |
(819,444) |
|||
Net cash used in financing activities |
(8,503,071) |
(8,550,579) |
|||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
77,652 |
580,742 |
|||
CASH AND CASH EQUIVALENTS: |
|||||
Beginning of period |
13,026,585 |
2,752,168 |
|||
End of period |
$ 13,104,237 |
$ 3,332,910 |
|||
Please refer to the notes as filed on Form 10-Q that are an integral part of these financial statements. |
|||||
Gas Natural Inc. and Subsidiaries Consolidated Statements of Cash Flows Continued (Unaudited) |
||||
Three Months Ended |
||||
March 31, |
||||
2011 |
2010 |
|||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
||||
Cash paid for interest |
$ 275,200 |
$ 174,188 |
||
Cash paid for income taxes |
$ 52,303 |
$ 50,000 |
||
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND |
||||
FINANCING ACTIVITIES |
||||
Shares issued to purchase Ohio Companies |
$ - |
$ 17,073,084 |
||
Construction expenditures included in accounts payable |
$ 119,778 |
$ 200,286 |
||
Capitalized interest |
$ 1,423 |
$ 1,777 |
||
Accrued dividends |
$ 366,775 |
$ 273,191 |
||
Gas Natural Inc. and Subsidiaries Segments of Operations (Unaudited) |
||||||||||||
Three Months Ended March 31, 2011 |
||||||||||||
Marketing |
||||||||||||
Natural Gas |
and |
Pipeline |
Corporate |
|||||||||
Operations |
Production |
Operations |
and Other |
Eliminations |
Consolidated |
|||||||
OPERATING REVENUES: |
||||||||||||
Natural gas operations |
$ 38,309,893 |
$ - |
$ - |
$ - |
$ (90,310) |
$ 38,219,583 |
||||||
Marketing and Production |
- |
4,340,252 |
- |
- |
(2,514,750) |
1,825,502 |
||||||
Pipeline operations |
- |
- |
106,324 |
- |
- |
106,324 |
||||||
Total operating revenue |
38,309,893 |
4,340,252 |
106,324 |
- |
(2,605,060) |
40,151,409 |
||||||
COST OF SALES: |
||||||||||||
Gas purchased |
24,807,218 |
- |
- |
- |
(90,310) |
24,716,908 |
||||||
Marketing and production |
- |
3,914,157 |
- |
- |
(2,514,750) |
1,399,407 |
||||||
Total Cost of Sales |
24,807,218 |
3,914,157 |
- |
- |
(2,605,060) |
26,116,315 |
||||||
GROSS MARGIN |
$ 13,502,675 |
$ 426,095 |
$ 106,324 |
$ - |
$ - |
$ 14,035,094 |
||||||
OPERATING INCOME: |
$ 6,886,867 |
$ 226,598 |
$ 64,000 |
$ (8,570) |
$ - |
$ 7,168,895 |
||||||
NET INCOME |
$ 4,259,125 |
$ 85,782 |
$ 36,802 |
$ (106,955) |
$ - |
$ 4,274,754 |
||||||
Total Assets |
109,712,728 |
5,238,233 |
721,458 |
78,454,162 |
(64,349,117) |
$ 129,777,464 |
||||||
Goodwill |
14,607,952 |
- |
- |
- |
- |
$ 14,607,952 |
||||||
Three Months Ended March 31, 2010 |
||||||||||||
Marketing |
||||||||||||
Natural Gas |
and |
Pipeline |
Corporate |
|||||||||
Operations |
Production |
Operations |
and Other |
Eliminations |
Consolidated |
|||||||
OPERATING REVENUES: |
||||||||||||
Natural gas operations |
$ 31,584,769 |
$ - |
$ - |
$ - |
$ (78,609) |
$ 31,506,160 |
||||||
Marketing and Production |
- |
5,483,312 |
- |
- |
(2,364,989) |
3,118,323 |
||||||
Pipeline operations |
- |
- |
108,602 |
- |
- |
108,602 |
||||||
Total operating revenue |
31,584,769 |
5,483,312 |
108,602 |
- |
(2,443,598) |
34,733,085 |
||||||
COST OF SALES: |
||||||||||||
Gas purchased |
19,699,423 |
- |
- |
- |
(78,609) |
19,620,814 |
||||||
Marketing and production |
- |
4,956,400 |
- |
- |
(2,364,989) |
2,591,411 |
||||||
Total Cost of Sales |
19,699,423 |
4,956,400 |
- |
- |
(2,443,598) |
22,212,225 |
||||||
GROSS MARGIN |
$ 11,885,346 |
$ 526,912 |
$ 108,602 |
$ - |
$ - |
$ 12,520,860 |
||||||
OPERATING INCOME: |
$ 5,928,490 |
$ 350,156 |
$ 63,652 |
$ (2,521) |
$ - |
$ 6,339,777 |
||||||
NET INCOME |
$ 3,731,295 |
$ (78,950) |
$ 36,235 |
$ (25,638) |
$ - |
$ 3,662,942 |
||||||
Total Assets |
107,073,699 |
5,527,569 |
749,855 |
63,249,099 |
(58,543,369) |
$ 118,056,853 |
||||||
Goodwill |
13,813,626 |
- |
- |
- |
- |
$ 13,813,626 |
||||||
Gas Natural Inc. and Subsidiaries Natural Gas Operations (unaudited) |
|||||||
Utility Throughput |
|||||||
Three Months Ended March 31, |
|||||||
(in million cubic feet (MMcf)) |
2010 |
2009 |
|||||
Full Service Distribution |
|||||||
Residential |
2,164 |
1,837 |
|||||
Commercial |
1,950 |
1,599 |
|||||
Industrial |
40 |
45 |
|||||
Total full service |
4,154 |
3,481 |
|||||
Transportation |
2,684 |
2,046 |
|||||
Bucksport |
3,801 |
3,749 |
|||||
Total Volumes |
10,639 |
9,276 |
|||||
Degree Days |
|||||||||||
Three Months Ended |
Percent (Warmer) Colder |
||||||||||
March 31, |
2011 Compared to |
||||||||||
Normal |
2011 |
2010 |
Normal |
2010 |
|||||||
Great Falls, MT |
3,224 |
3,662 |
2,921 |
13.59% |
25.37% |
||||||
Cody, WY |
3,030 |
3,277 |
3,079 |
8.15% |
6.43% |
||||||
Bangor, ME |
3,735 |
3,808 |
3,101 |
1.95% |
22.80% |
||||||
Elkin, NC |
2,117 |
2,096 |
2,113 |
(0.99%) |
(0.80%) |
||||||
Youngstown, OH |
3,259 |
3,308 |
2,971 |
1.50% |
11.34% |
||||||
SOURCE Gas Natural Inc.
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