This excerpt taken from the NFG 8-K filed Jul 29, 2005.
DISCUSSION OF NINE MONTH RESULTS
Consolidated earnings for the nine months ended June 30, 2005 were $140.28 million or $1.65 per share, a decrease of $18.55 million from the prior years earnings of $158.83 million or $1.92 per share. Earnings for the nine months ended June 30, 2005 and 2004 include as discontinued operations $5.1 million or $0.06 per share and $18.4 million or $0.22 per share, respectively. Earnings from continuing operations for the nine months ended June 30, 2005 were $135.2 million or $1.59 per share, a decrease of $5.2 million from the prior years earnings from continuing operations of $140.4 million or $1.70 per share. Excluding non-recurring items for each period, earnings from continuing operations for the nine months ended June 30, 2005 were $132.6 million or $1.56 per share, a decrease of $10.4 million from the prior years earnings from continuing operations before non-recurring items of $143.0 million or $1.73 per share.
This excerpt taken from the NFG 8-K filed Apr 27, 2005.
DISCUSSION OF SIX MONTH RESULTS
Earnings for the six months ended March 31, 2005 were $121.1 million or $1.43 per share, a decrease of $5.2 million from the prior years earnings of $126.3 million. Excluding non-recurring items for each period, earnings for the six months ended March 31, 2005 were $122.3 million or $1.44 per share, a decrease of only $0.5 million from the prior years earnings before non-recurring items of $122.8 million.
Please note that the following discussion of earnings by segment also excludes certain non-recurring profit and loss items.
In the Utility segment, the principal contributors to the $4.8 million decrease in that segments earnings were a decrease in margins due to a decline in average usage per customer in both New York and Pennsylvania and a higher pension expense that was recorded in the Pennsylvania division. Lower interest expense slightly offset these negative factors.
In the Pipeline and Storage segment, earnings were up $2.0 million due to higher efficiency gas revenues and lower pension and interest expenses. Preliminary project costs for the Empire State Pipeline Expansion of approximately $1.6 million year to date have somewhat offset the positive impact of the above items.
Earnings in the Exploration and Production segment were down $0.3 million mainly due to lower natural gas and crude oil production volumes, particularly in the Gulf of Mexico, which was only partially offset by higher weighted average prices after hedging and lower operating expenses.
In the International segment, earnings were up $3.4 million. An increase in the value of the Czech koruna compared to the U.S. dollar improved earnings by $2.0 million. This positive impact on earnings more than offset the slight decrease in margins resulting from lower heating and electric sales volumes as a result of weather that was 2.6% warmer than the prior year.
The Energy Marketing segments earnings were down $1.3 million due to a combination of decreased throughput and a reduction in the benefit of storage gas.