TE » Topics » Peoples Gas

This excerpt taken from the TE 8-K filed Oct 30, 2009.

Peoples Gas

Peoples Gas reported net income of $3.4 million for the third quarter, compared to $2.6 million in the same period in 2008. Non-GAAP results, which exclude $2.8 million of restructuring costs, were $6.2 million in the third quarter of 2009 (see the Results Reconciliation table later in this release). There were no non-GAAP adjustments to the 2008 quarter. Quarterly results reflect a 0.3% lower average number of customers due to the weak Florida housing market, decreased sales to residential customers and increased sales to commercial customers due to several higher volume new customers and conversion of propane customers to natural gas. Base revenues increased due to the higher permanent base rates that became effective June 18, 2009. Gas transported for power generation customers increased in 2009, compared to the third quarter of 2008 when high natural gas prices reduced demand for natural gas for power generation. Lower sales volumes to industrial customers reflected economic conditions and reduced operations by industries sensitive to the housing market, such as cement plants. Off-system sales volumes, which are very low margin sales, decreased due to lower spot sales to power generation customers. Excluding restructuring charges, non-fuel operations and maintenance expense was essentially unchanged from 2008 levels due to cost control efforts by the operating areas. Results also reflect increased depreciation expense due to routine plant additions.

Peoples Gas reported net income of $19.2 million for the year-to-date period, compared to $17.9 million in the same period in 2008. Year-to-date non-GAAP results, which exclude the third quarter restructuring charges, were $22.0 million (see the Results Reconciliation table later in this release). There were no non-GAAP adjustments to the 2008 period. Results reflect a 0.2% lower average number of customers. Residential customer usage increased due to colder winter weather in the first quarter of 2009, compared to the very mild winter weather in 2008. Gas transported for power generation customers increased over the 2008 year-to-date period due to lower natural gas prices, which made it a more economical generating fuel choice. Excluding restructuring charges, non-fuel operations and maintenance expense increased due to higher pipeline integrity costs and the $0.4 million write-off of disallowed rate case expenses.


This excerpt taken from the TE 8-K filed Jul 28, 2009.

Peoples Gas

Peoples Gas reported net income of $4.6 million for the second quarter, compared to $5.3 million in the same period in 2008. Quarterly results reflect a 0.2% lower average number of customers due to the weak Florida housing market, decreased sales to residential customers and increased sales to commercial customers due to several higher volume new customers. Base rates increased due to an interim base rate increase granted in October 2008 and the higher

 

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permanent base rates effective June 18, 2009. Gas transported for power generation customers increased in 2009, compared to the second quarter of 2008 when mild weather, generating unit outages, and the use of other fuels for power generation due to high gas prices affected natural gas used for power generation. Lower sales volumes to industrial customers reflected economic conditions and reduced operations by industries sensitive to the housing market, such as cement plants and wallboard producers. Non-fuel operations and maintenance expense increased, primarily due to higher spending on pipeline integrity inspections and the $0.4 million write-off of disallowed rate case expenses partially offset by lower overhead costs. Results also reflect increased depreciation expense due to routine plant additions.

Peoples Gas reported net income of $15.8 million for the year-to-date period, compared to $15.3 million in the same period in 2008. Results reflect a 0.2% lower average number of customers. Residential customer usage increased due to colder winter weather in the first quarter of 2009, compared to the very mild winter weather in 2008. Gas transported for power generation customers increased over the year-to-date period 2008. Non-fuel operations and maintenance expense increased, due to the same factors as the second quarter.

This excerpt taken from the TE 8-K filed May 1, 2009.

Peoples Gas

Peoples Gas reported net income of $11.2 million for the first quarter, compared to $10.0 million in the same period in 2008. Quarterly results reflect a 0.2% lower average number of customers, increased sales to residential and commercial customers due to colder winter weather, and higher base rates due to an interim rate increase of $2.4 million (annual) granted in October 2008. Gas transported for power generation customers increased over the first quarter of 2008, when volumes were reduced due to mild weather and the use of other fuels for power generation. Non-fuel operations and maintenance expense increased, primarily due to higher spending on pipeline integrity inspections partially offset by lower medical claims costs. Results also reflect higher depreciation expense due to routine plant additions.

This excerpt taken from the TE 8-K filed Feb 6, 2009.

Peoples Gas

Peoples Gas reported net income of $9.2 million for the fourth quarter, compared to $6.3 million in the same period in 2007. Quarterly results reflect higher volumes for residential and small commercial customers due to colder than normal weather and higher volumes transported for industrial customers partially offset by lower volumes and margins on off-system sales. Average customer growth of 0.1% in the quarter is a result of the continued weak Florida housing market. Therm sales to industrial customers increased due to two new customers with significant usage but at lower transportation rates, which partially offset lower volumes for other customers due to the economic conditions. Results also reflect lower off-system sales and lower volumes transported for power generation customers. Sales to commercial and industrial customers were impacted by the weak Florida housing market and overall weak economy, which

 

This excerpt taken from the TE 8-K filed Oct 30, 2008.

Peoples Gas

Peoples Gas reported net income of $2.6 million for the third quarter, compared to $3.8 million in the same period in 2007. Quarterly results reflect lower margins on off-system sales reflecting market conditions, and higher volumes transported for industrial customers. Average customer growth of 0.2% in the quarter is a result of the continued weak Florida housing market. Therm sales to industrial customers increased due to two new customers with significant usage. The effects of these higher volumes were more than offset by higher non-fuel operations and maintenance expense, higher depreciation expense due to routine additions to facilities to serve customers, and increased interest expense due to higher levels of long-term debt outstanding.

Year-to-date net income was $17.9 million, compared to $20.2 million in the 2007 period, driven largely by lower margins on off-system sales, lower residential volumes and higher depreciation expense. Results also reflect average customer growth of 0.3% and lower sales to weather-sensitive residential customers early in the year due to very mild winter weather.

This excerpt taken from the TE 8-K filed Jul 31, 2008.

Peoples Gas

Peoples Gas reported net income of $5.3 million for the second quarter, compared to $5.4 million in the same period in 2007. Quarterly results reflect higher off-system sales, higher volumes transported for power generation and industrial customers and average customer growth of 0.3%, which reflects the continued slowdown in the Florida housing market. Higher residential therm sales reflect weather that was cooler than in 2007, and increased therm sales to industrial customers reflect a new customer with significant usage. The effects of these higher volumes were more than offset by higher non-fuel operations and maintenance expense, higher depreciation expense due to routine additions to facilities to serve customers, and increased interest expense due to higher levels of long-term debt outstanding. Volumes for commercial customers in 2008, particularly in the restaurant sector, were lower, reflecting the slowdown in the Florida economy.

Year-to-date net income was $15.3 million, compared to $16.4 million in the 2007 period, driven largely by the same factors as the second quarter. Results also reflect average customer growth of 0.3% and lower sales to weather-sensitive residential customers in the first quarter due to very mild winter weather.

This excerpt taken from the TE 8-K filed Apr 29, 2008.

Peoples Gas

Peoples Gas reported net income of $10.0 million for the first quarter, compared to $11.0 million in the same period in 2007. Quarterly results reflect average customer growth of 0.3% and lower sales to residential customers, primarily due to mild winter weather. Sales to commercial and industrial customers declined due to the continued weak housing market, which is negatively impacting housing-related industries such as wallboard producers, and the slower economy in general, which is affecting gas usage by commercial customers, such as restaurants. Gas transported for power generation customers increased over the first quarter of 2007 when volumes were reduced due to mild weather and the use of other fuels for power generation. Non-fuel operations and maintenance expense decreased primarily due to lower medical claims costs this quarter partially offset by higher employee-related expenses. Results also reflect higher depreciation expense due to routine plant additions and lower property tax rates, reflecting legislation passed in Florida in 2007.

This excerpt taken from the TE 8-K filed Feb 5, 2008.

Peoples Gas

Peoples Gas reported net income of $6.3 million for the fourth quarter, compared to

 

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$7.0 million in the same period in 2006. Quarterly results reflect average customer growth of 0.8% and higher low-margin off-system sales and volumes transported for power generation customers, which were offset by lower sales to retail customers. Lower 2007 volumes for retail customers reflect very mild early winter weather, changes in customer usage patterns and lower sales to industrial customers, such as wallboard, asphalt and concrete producers, that are impacted by the slowdown in the Florida housing market. Results also reflect lower property tax rates reflecting lower property tax rates from legislation passed in Florida to reduce property taxes and higher depreciation expense, due to a routine depreciation study approved by the FPSC in 2007.

Net income was $26.5 million in 2007, compared to $29.7 million in 2006. These results reflect 1.6% average customer growth and the same factors described for the fourth quarter. Also, sales to weather-sensitive residential customers were lower in the first quarter due to one of the warmest months of January on record, which limited the number of heating degree days.

This excerpt taken from the TE 8-K filed Nov 2, 2007.

Peoples Gas

Peoples Gas reported net income of $3.8 million for the third quarter, compared to $4.2 million in the same period in 2006. Quarterly results reflect average customer growth of 1.4% and higher low-margin off-system sales and volumes transported for power generation customers, which were offset by lower sales to retail customers. Results also reflect the nine months benefit of lower property tax rates effective in the third quarter and higher depreciation expense due to a routine depreciation study approved by the FPSC in January. Lower 2007 volumes for retail customers reflect changes in customer usage patterns and lower sales to industrial customers, such as asphalt and concrete producers, that are impacted by the slowdown in the Florida housing market.

Year-to-date net income was $20.2 million, compared to $22.7 million in the 2006 period. Year-to-date results reflect 1.9% average customer growth, the same factors described for the third quarter, and slightly higher non-fuel operations and maintenance expenses. Also, sales to weather-sensitive residential customers were lower in the first quarter due to one of the warmest months of January on record, which limited the number of heating degree-days.

This excerpt taken from the TE 8-K filed Aug 2, 2007.

Peoples Gas

Peoples Gas reported net income of $5.4 million for the second quarter, compared to $5.9 million in the same period in 2006. Quarterly results reflect lower off-system sales and volumes transported for industrial customers, which more than offset average customer growth of 2.1%, higher sales to retail customers and higher gas transportation volumes for power generation customers. Results also reflect higher non-fuel operations and maintenance costs and higher depreciation expense due to a routine depreciation study approved by the FPSC in January. Lower 2007 volumes for industrial customers, primarily asphalt and concrete producers, reflect the slowdown in the Florida housing market.

Year-to-date net income was $16.4 million, compared to $18.5 million in the 2006 period. Year-to-date results reflect 2.1% average customer growth, but were below 2006 net income due to the same factors as the second quarter. Also, sales to weather-sensitive residential customers were lower in the first quarter due to one of the warmest months of January on record, which limited the number of heating degree-days.

This excerpt taken from the TE 8-K filed May 1, 2007.

Peoples Gas

Peoples Gas reported net income of $11.0 million for the first quarter, compared to $12.5 million in the same period in 2006. Quarterly results reflect average customer growth of 2.1%, lower sales to residential and commercial customers primarily due to one of the warmest Januarys on record, which limited the number of heating degree days, and lower gas transported for power generation customers due to mild weather and the use of other fuels for power generation. Non-fuel operations and maintenance expense was higher and depreciation expense increased, as expected, due to a routine depreciation study approved by the FPSC in January.

 

This excerpt taken from the TE 8-K filed Feb 6, 2007.

Peoples Gas

Peoples Gas reported net income of $7.0 million for the fourth quarter, compared to $6.7 million in the same period in 2005. Quarterly results reflect average customer growth of 3.8%, increased sales to residential and commercial customers, strong off-system sales and increased gas transported for power generation customers, partially offset by higher non-fuel operations and maintenance costs. Results in 2006 included $0.4 million from the small energy services companies, which provide marketing, sales support and gas management services.

Full-year 2006 net income was $29.7 million, compared to $29.6 million in 2005. These results reflect non-fuel operations and maintenance expenses that were $2.2 million above 2005 levels and mild winter weather that was partially offset by 3.3% average customer growth, as well as higher energy sales to residential customers, strong off-system sales and increased gas transported for power generation customers. Operations and maintenance expense increased, primarily due to higher employee-related costs. After a very strong 2005 performance, sales to commercial customers declined slightly due to higher natural gas prices in early 2006. Results in 2006 included $1.7 million from the energy services operating companies described above.

This excerpt taken from the TE 8-K filed Oct 31, 2006.

Peoples Gas

Peoples Gas reported net income of $4.2 million for the third quarter, compared to $4.1 million in the same period in 2005. Quarterly results reflect average customer growth of 3.2%, increased sales to all retail customer classes and strong off-system sales and gas transportation for power generation customers, partially offset by higher non-fuel operations and maintenance costs. Results in 2006 included $0.3 million from the small remaining energy services operating companies, which provide marketing, sales support and gas management services.

Year-to-date net income was $22.7 million, compared to $22.9 million in the 2005 period. Higher non-fuel operations and maintenance expenses and mild winter weather more than offset 3.2% average customer growth, as well as higher energy sales to residential customers and strong off-system sales and gas transportation for power generation customers. Results in 2006 included $1.3 million from the energy services operating companies described above.

This excerpt taken from the TE 8-K filed Oct 27, 2006.

Peoples Gas

Peoples Gas reported net income of $4.2 million for the third quarter, compared to $4.1 million in the same period in 2005. Quarterly results reflect average customer growth of 3.2% and increased sales to all retail customer classes and strong off-system sales and gas transportation for power generation customers, partially offset by higher non-fuel operations and maintenance costs. Results in 2006 included $0.3 million from the small remaining energy services operating companies, which provide marketing, sales support and gas management services.

Year-to-date net income was $22.7 million, compared to $22.9 million in the 2005 period. Higher non-fuel operations and maintenance expenses and mild winter weather more than offset 3.2% average customer growth, as well as higher energy sales to residential customers and strong off-system sales and gas transportation for power generation customers. Results in 2006 included $1.3 million from the energy services operating companies described above.

This excerpt taken from the TE 8-K filed Jul 28, 2006.

Peoples Gas

Peoples Gas reported net income of $5.9 million for the second quarter, compared to $6.0 million in the same period in 2005. Quarterly results reflect average customer growth of 2.8% and strong off-system sales and gas transportation for power generation customers, offset by lower volumes for commercial and industrial customers and higher non-fuel operations and maintenance costs primarily related to personnel expenses. Results for this segment in 2006 also include $0.5 million from the small remaining energy services operating companies, which provide marketing, sales support and gas management services.

Year-to-date net income was $18.5 million, compared to $18.8 million in the 2005 period. Year-to-date results reflect 3.2% average customer growth, as well as the same factors as the second quarter. Sales to weather-sensitive residential and commercial customers were lower in the first quarter due to statewide heating degree-days that were significantly below normal and 2005. Results in 2006 included $1.0 million from the small remaining energy services operating companies described above.

This excerpt taken from the TE 8-K filed Apr 25, 2006.

Peoples Gas

Peoples Gas reported net income of $12.5 million for the quarter, compared to $12.8 million in the same period in 2005. Quarterly results reflected average customer growth of 3.5% and strong off-system sales, offset by lower volumes for commercial customers and increased non-fuel operations and maintenance costs primarily related to additional personnel associated with new line location and customer service enhancements. Statewide heating degree-days for the quarter were significantly below normal and 2005. Results in 2006 also included $0.5 million from the small remaining energy services operating companies, which provide marketing, sales support and gas management services, and are not included in the 2005 results.

 

This excerpt taken from the TE 8-K filed Jan 31, 2006.

Peoples Gas

 

Peoples Gas System reported net income of $6.7 million for the quarter, compared to $6.0 million in the same period in 2004, which included a $0.4 million after-tax restructuring charge. Quarterly results reflected customer growth of 2.5% and strong off-system sales, partially offset by increased operations and maintenance costs and lower volumes for the low-margin transportation service for electric power generators and industrial customers due to higher gas prices. Statewide heating degree-days were significantly below normal for the quarter. Full-year net income was $29.6 million, compared with $27.7 million for the same period in 2004, including the restructuring

 

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charge. Customer growth of 3.6%, increased sales to residential and commercial customers and increased off-system sales were partially offset by higher operations and maintenance expenses for the full year. In both the quarter and full-year periods, strong sales to commercial customers reflected growth in the Florida economy and high levels of tourism, which enhance commercial sales to hotels and restaurants, while sales of low-margin transportation service for interruptible customers declined.

 

This excerpt taken from the TE 8-K filed Nov 7, 2005.

Peoples Gas

 

Peoples Gas System reported net income of $4.1 million for the third quarter, compared to $3.0 million for the same period in 2004. Quarterly results reflected customer growth of 3.8% over 2004, higher therm sales to residential and commercial customers and higher volumes for power generation customers and off-system sales. Year-to-date net income was $22.9 million, compared to $21.7 million for the 2004 period. The year-to-date results reflect 4.0% customer growth, residential and commercial therm sales growth and strong volumes for off-system and power generation customers. In both the quarter and year-to-date periods, strong sales to commercial customers reflected growth in the Florida economy and high levels of tourism, which enhance commercial sales to hotels and restaurants, while sales of low-margin transportation service for interruptible customers declined.

 

This excerpt taken from the TE 8-K filed Jul 27, 2005.

Peoples Gas

 

Peoples Gas System reported net income of $6.0 million for the second quarter, compared to $5.9 million for the same period in 2004. Quarterly results reflected customer growth of 3.8% and higher therm sales to residential and commercial customers. Residential therm sales growth was helped by cool weather early in the quarter. Year-to-date net income was $18.8 million, compared to $18.7 million for the 2004 period. These results reflect mild first quarter weather, which limited residential therm sales growth and offset 4.0% customer growth. In both the quarter and year-to-date periods, strong sales to commercial customers reflected growth in the Florida economy and high levels of tourism, which affect commercial sales to hotels and restaurants, while sales of low-margin transportation service for interruptible customers declined due to high gas prices.

 

This excerpt taken from the TE 8-K filed Apr 27, 2005.

Peoples Gas

 

Peoples Gas System reported net income of $12.8 million for the quarter, unchanged from the same period in 2004. Quarterly results reflected customer growth of 4.2% and higher therm sales to residential and commercial customers. Residential therm sales growth was limited by the mild weather early in the quarter. Peoples Gas is sensitive to heating degree days during the winter months, and statewide heating degree days for the period were above normal but below 2004 levels. Strong sales to commercial customers reflected growth in the Florida economy and high levels of tourism, which affect commercial sales to hotels and restaurants. Sales of low-margin transportation service for interruptible customers declined due to high gas prices.

 

This excerpt taken from the TE 8-K filed Feb 1, 2005.

Peoples Gas

 

Peoples Gas System reported net income of $6.4 million for the quarter, excluding a $0.4 million after-tax restructuring charge, unchanged from $6.4 million, excluding a $1.5 million after-tax restructuring charge, in the same period in 2003. Quarterly results reflected customer growth of 5.2 percent, partially offset by increased operations and maintenance costs and lower volumes for the low-margin transportation service for electric power generators and industrial customers due to higher gas prices. Year-to-date net income was $28.1 million, compared with $27.1 million, excluding the $2.6 million after - tax restructuring charge, for the same period in 2003. Customer growth of 5.3 percent and favorable winter weather in the first quarter contributed to the year-to-date results.

 

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