2010 Form 10-K Financial Statement

#000095012310105040 Filed on November 12, 2010

View on sec.gov

Income Statement

Concept 2010 2009 Q3 2009
Revenue $4.661B $650.6M $4.869B
YoY Change -4.27% -54.84% -32.57%
Cost Of Revenue $3.425B $418.8M $3.622B
YoY Change -5.46% -64.19% -38.6%
Gross Profit $1.314B $231.8M $1.320B
YoY Change -0.42% -14.5% -0.12%
Gross Profit Margin 28.19% 35.63% 27.1%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $217.0M $56.40M $217.2M
YoY Change -0.09% 7.02% 8.38%
% of Gross Profit 16.51% 24.33% 16.46%
Operating Expenses $850.3M $217.8M $883.3M
YoY Change -3.74% -6.72% -1.13%
Operating Profit $463.8M $14.00M $436.4M
YoY Change 6.29% -62.77% 1.98%
Interest Expense $154.2M -$36.80M $152.6M
YoY Change 1.02% 7.92% 10.67%
% of Operating Profit 33.24% -262.86% 34.98%
Other Income/Expense, Net -$591.0K -$2.700M -$3.067M
YoY Change -80.73% 1250.0% -212.3%
Pretax Income $309.1M -$25.50M $280.7M
YoY Change 10.12% -896.88% -4.11%
Income Tax $119.2M -$9.500M $97.36M
% Of Pretax Income 38.57% 34.69%
Net Earnings $205.8M -$16.00M $191.0M
YoY Change 7.78% -1100.0% 5.9%
Net Earnings / Revenue 4.42% -2.46% 3.92%
Basic Earnings Per Share $2.22 $2.08
Diluted Earnings Per Share $2.20 -$174.7K $2.07
COMMON SHARES
Basic Shares Outstanding 91.85M shares 91.12M shares
Diluted Shares Outstanding 92.42M shares 91.62M shares

Balance Sheet

Concept 2010 2009 Q3 2009
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.0M $111.0M $111.0M
YoY Change 18.92% 136.17% 136.17%
Cash & Equivalents $132.0M $111.2M $111.0M
Short-Term Investments
Other Short-Term Assets $125.0M $132.2M $111.0M
YoY Change 12.61% -28.54% -28.85%
Inventory $323.0M $353.0M $356.0M
Prepaid Expenses
Receivables $258.0M $232.8M $233.0M
Other Receivables $38.00M $0.00 $18.00M
Total Short-Term Assets $875.0M $828.9M $829.0M
YoY Change 5.55% -35.49% -35.49%
LONG-TERM ASSETS
Property, Plant & Equipment $4.793B $4.439B $4.439B
YoY Change 7.97% 7.3% 7.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $41.00M $42.00M
YoY Change -2.38% 10.53%
Other Assets $314.0M $359.0M $294.0M
YoY Change 6.8% 58.84% 56.38%
Total Long-Term Assets $5.889B $5.538B $5.515B
YoY Change 6.78% 8.55% 8.09%
TOTAL ASSETS
Total Short-Term Assets $875.0M $828.9M $829.0M
Total Long-Term Assets $5.889B $5.538B $5.515B
Total Assets $6.764B $6.367B $6.344B
YoY Change 6.62% -0.31% -0.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $266.0M $207.0M $207.0M
YoY Change 28.5% -47.59% -47.59%
Accrued Expenses $84.00M $87.00M
YoY Change -3.45% -8.42%
Deferred Revenue
YoY Change
Short-Term Debt $126.0M $72.55M $73.00M
YoY Change 72.6% -79.33% -79.2%
Long-Term Debt Due $360.0M $131.0K $0.00
YoY Change -86.9% -100.0%
Total Short-Term Liabilities $1.166B $737.4M $737.0M
YoY Change 58.21% -38.9% -38.94%
LONG-TERM LIABILITIES
Long-Term Debt $1.810B $2.169B $2.169B
YoY Change -16.55% 2.33% 2.31%
Other Long-Term Liabilities $781.0M $368.2M $689.0M
YoY Change 13.35% -34.95% 21.73%
Total Long-Term Liabilities $2.591B $2.538B $2.858B
YoY Change -9.34% -5.53% 6.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.166B $737.4M $737.0M
Total Long-Term Liabilities $2.591B $2.538B $2.858B
Total Liabilities $4.585B $3.275B $4.167B
YoY Change 10.03% -24.44% -3.85%
SHAREHOLDERS EQUITY
Retained Earnings $405.4M
YoY Change
Common Stock $1.792B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.178B $2.177B $2.177B
YoY Change
Total Liabilities & Shareholders Equity $6.764B $6.367B $6.344B
YoY Change 6.62% -0.31% -0.67%

Cashflow Statement

Concept 2010 2009 Q3 2009
OPERATING ACTIVITIES
Net Income $205.8M -$16.00M $191.0M
YoY Change 7.78% -1100.0% 5.9%
Depreciation, Depletion And Amortization $217.0M $56.40M $217.2M
YoY Change -0.09% 7.02% 8.38%
Cash From Operating Activities $726.5M $94.60M $919.2M
YoY Change -20.97% -303.44% 147.82%
INVESTING ACTIVITIES
Capital Expenditures -$542.6M -$167.2M -$509.5M
YoY Change 6.5% 4.89% 7.88%
Acquisitions
YoY Change
Other Investing Activities $66.00K -$1.600M $7.707M
YoY Change -99.14% -75.0% -28.21%
Cash From Investing Activities -$542.7M -$168.8M -$517.2M
YoY Change 4.93% 1.81% 7.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.766M $27.69M
YoY Change -68.34% 8.72%
Debt Paid & Issued, Net $131.0K $407.4M
YoY Change -99.97% 3861.04%
Cash From Financing Activities -$163.0M 59.70M -$337.5M
YoY Change -51.7% -71.91% -444.2%
NET CHANGE
Cash From Operating Activities $726.5M 94.60M $919.2M
Cash From Investing Activities -$542.7M -168.8M -$517.2M
Cash From Financing Activities -$163.0M 59.70M -$337.5M
Net Change In Cash $20.75M -14.50M $64.49M
YoY Change -67.82% -7350.0% -560.35%
FREE CASH FLOW
Cash From Operating Activities $726.5M $94.60M $919.2M
Capital Expenditures -$542.6M -$167.2M -$509.5M
Free Cash Flow $1.269B $261.8M $1.429B
YoY Change -11.17% 131.89% 69.44%

Facts In Submission

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-left:0px;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:12pt;font-weight:bold;">Nature of Business</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">Atmos Energy Corporation </font><font style="font-family:Times New Roman;font-size:12pt;">("Atmos Energy" or the "Company") </font><font style="font-family:Times New Roman;font-size:12pt;">and our subsidiaries are engaged primarily in the regulated natural gas distribution and transmission and storage businesses as well as certain other nonregulated businesses. Through our natural gas distribution business, we deliver natural gas through sales and transportation arrangements to </font><font style="font-family:Times New Roman;font-size:12pt;">over </font><font style="font-family:Times New Roman;font-size:12pt;">three</font><font style="font-family:Times New Roman;font-size:12pt;"> million residential, commercial, public-authority and industrial customers through our six regulated natural gas distribution divisions in the service areas described below:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 21px"><td style="width: 287px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:287px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: center;">Division</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 278px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: center;">Service Area</font></td></tr><tr style="height: 21px"><td style="width: 287px; text-align:left;border-color:#000000;min-width:287px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;">Atmos Energy Colorado-Kansas Division</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: left;">Colorado, Kansas, Missouri(1)</font></td></tr><tr style="height: 42px"><td style="width: 287px; text-align:left;border-color:#000000;min-width:287px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;">Atmos Energy Kentucky/Mid-States Division</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: left;">Georgia(1), Illinois(1), Iowa(1), Kentucky, Missouri(1), Tennessee, Virginia(1)</font></td></tr><tr style="height: 21px"><td style="width: 287px; text-align:left;border-color:#000000;min-width:287px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;">Atmos Energy Louisiana Division</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: left;">Louisiana</font></td></tr><tr style="height: 42px"><td style="width: 287px; text-align:left;border-color:#000000;min-width:287px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;">Atmos Energy Mid-Tex Division </font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: left;">Texas, including the Dallas/Fort Worth metropolitan area</font></td></tr><tr style="height: 21px"><td style="width: 287px; text-align:left;border-color:#000000;min-width:287px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;">Atmos Energy Mississippi Division </font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: left;">Mississippi</font></td></tr><tr style="height: 21px"><td style="width: 287px; text-align:left;border-color:#000000;min-width:287px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;">Atmos Energy West Texas Division</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 12pt;COLOR: #000000;TEXT-ALIGN: left;">West Texas</font></td></tr></table></div><p style='margin-top: 0pt; 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Our natural gas distribution business is subject to federal and state regulation and/or regulation by local authorities in each of the states in which our natural gas distribution divisions operate. Our corporate headquarters and shared-services function are located in </font><font style="font-family:Times New Roman;font-size:12pt;">Dallas</font><font style="font-family:Times New Roman;font-size:12pt;">, </font><font style="font-family:Times New Roman;font-size:12pt;">Texas</font><font style="font-family:Times New Roman;font-size:12pt;">, and our customer support centers are located in </font><font style="font-family:Times New Roman;font-size:12pt;">Amarillo</font><font style="font-family:Times New Roman;font-size:12pt;"> and </font><font style="font-family:Times New Roman;font-size:12pt;">Waco</font><font style="font-family:Times New Roman;font-size:12pt;">, </font><font style="font-family:Times New Roman;font-size:12pt;">Texas</font><font style="font-family:Times New Roman;font-size:12pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">Our regulated transmission and storage business consists of </font><font style="font-family:Times New Roman;font-size:12pt;">the regulated operations of our Atmos Pipeline&#8211;Texas Division, a division of the Company</font><font style="font-family:Times New Roman;font-size:12pt;">. 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AEM provides a variety of natural gas management services to municipalities, natural gas utility systems and industrial natural gas customers, primarily in the southeastern and midwestern states and to our Colorado-Kansas, Kentucky/Mid-States and </font><font style="font-family:Times New Roman;font-size:12pt;">Louisiana</font><font style="font-family:Times New Roman;font-size:12pt;"> divisions. These services consist primarily of furnishing natural gas supplies at fixed and market-based prices, contract negotiation and administration, load forecasting, gas storage acquisition and management services, transportation services, peaking sales and balancing services, capacity utilization strategies and gas price hedging through the use of financial instruments.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">Our pipeline, storage and other segment consists primarily of the operations of Atmos Pipeline and Storage, LLC (APS). APS owns and operates a 21 mile pipeline located in </font><font style="font-family:Times New Roman;font-size:12pt;">New Orleans</font><font style="font-family:Times New Roman;font-size:12pt;">, </font><font style="font-family:Times New Roman;font-size:12pt;">Louisiana</font><font style="font-family:Times New Roman;font-size:12pt;">. This pipeline is used primarily to aggregate gas supply for our regulated natural gas distribution division in Louisiana and for AEM, but also provides limited third party transportation services.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">APS also engages in asset optimization activities whereby it seeks to maximize the economic value associated with the storage and transportation capacity it owns or controls. Certain of these arrangements are asset management plans with regulated affiliates of the Company which have been approved by applicable state regulatory commissions. Generally, these asset management plans require APS to share with our regulated customers a portion of the profits earned from these arrangements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:12pt;margin-left:0px;">Further, APS owns or has an interest in underground storage fields in </font><font style="font-family:Times New Roman;font-size:12pt;">Kentucky</font><font style="font-family:Times New Roman;font-size:12pt;"> and </font><font style="font-family:Times New Roman;font-size:12pt;">Louisiana</font><font style="font-family:Times New Roman;font-size:12pt;"> that are used to reduce the need of our natural gas distribution divisions to contract for pipeline capacity to meet customer demand during peak periods.</font></p>

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