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Atmos Energy Corporation Reports Earnings for the Fiscal 2009 Third Quarter and Nine Months; Reaffirms Fiscal 2009 Guidance.

Article Excerpt
Atmos Energy Corporation (NYSE: ATO) reported consolidated results for its fiscal 2009 third quarter and nine months ended June 30, 2009.

Fiscal 2009 third quarter net income was $2.0 million, or $0.02 per diluted share, compared with a net loss of $6.6 million, or $0.07 per diluted share in the prior-year quarter.

Consolidated results include noncash, unrealized mark-to-market net gains of $7.0 million, or $0.08 per diluted share for the third quarter of fiscal 2009, compared with net gains of $14.3 million, or $0.16 per diluted share for the prior-year quarter.

Atmos Energy reaffirms its fiscal 2009 earnings guidance to be in the previously announced range of $2.05 to $2.15 per diluted share.

For the nine months ended June 30, 2009, net income was $206.9 million, or $2.26 per diluted share, compared with net income of $178.7 million, or $1.99 per diluted share for the same period last year. Net income for the current nine months includes the positive impact of net one-time adjustments of $17.3 million, or $0.19 per diluted share. For the current nine-month period, regulated operations contributed $176.8 million of net income, or $1.93 per diluted share, and nonregulated operations contributed $30.1 million of net income, or $0.33 per diluted share. Nonregulated operations include noncash, unrealized mark-to-market net losses of $9.9 million, or $0.11 per diluted share for the nine months ended June 30, 2009, compared with net gains of $8.7 million, or $0.10 per diluted share for the prior-year period.

"The seasonality of our distribution business typically results in a loss in our fiscal third and fourth quarters," said Robert W. Best, chairman and chief executive officer of Atmos Energy Corporation. "However, we experienced solid improvement in both our regulated transmission and storage and nonregulated natural gas marketing segments this quarter, while continuing to control our operating expenses. These results position us well for the remainder of our fiscal year," Best concluded. Results...