The
information in this prospectus supplement is not complete and
may be changed. This prospectus supplement and the accompanying
prospectus is not an offer to sell these securities, and it is
not soliciting an offer to buy these securities in any
jurisdiction where the offer or sale is not permitted.
|
Filed Pursuant to Rule 424(b)(3)
Registration
No. 333-139093
Subject to
Completion, dated December 4, 2006
PROSPECTUS SUPPLEMENT
(To Prospectus dated
December
4,
2006
)
5,500,000 Shares
Common Stock
This is an offering of 5,500,000 shares of the common stock
of Atmos Energy Corporation.
Our common stock is listed on the New York Stock Exchange under
the symbol “ATO.” The last reported sales price of our
common stock on November 30, 2006 was $32.77.
Investing in our common stock
involves risks. See “Risk Factors” beginning on
page 1 of
the accompanying
prospectus.
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Per Share
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Total
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Price to the public
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$
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$
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Underwriting discounts and
commissions
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$
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$
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Proceeds to Atmos Energy
Corporation (before expenses)
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$
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$
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We will grant to the underwriters the option to purchase up to
825,000 additional shares of common stock on the same terms and
conditions set forth above if the underwriters sell more than
5,500,000 shares of common stock in this offering.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or passed on the adequacy or accuracy of this
prospectus supplement. Any representation to the contrary is a
criminal offense.
Lehman Brothers and Goldman, Sachs & Co., on behalf of the
underwriters, expect to deliver the shares on or about
December , 2006.
Joint Book-Running Managers
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Lehman
Brothers
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Goldman,
Sachs & Co.
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Banc of
America Securities LLC
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SunTrust
Robinson Humphrey
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,
2006
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Page
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ii
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iii
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iv
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S-1
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S-7
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S-7
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S-8
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S-9
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S-25
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S-30
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S-30
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PROSPECTUS
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Cautionary Statement Regarding
Forward-Looking Statements
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ii
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Risk Factors
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1
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Atmos Energy Corporation
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5
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Securities We May Offer
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6
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Use of Proceeds
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6
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Ratio of Earnings to Fixed Charges
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7
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Description of Debt Securities
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7
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Description of Common Stock
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17
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Plan of Distribution
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20
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Legal Matters
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21
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Experts
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21
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Where You Can Find More Information
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22
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Incorporation of Certain Documents
by Reference
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22
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You should rely only on the information contained in this
document or to which we have referred you. We have not
authorized anyone to provide you with information that is
different. This document may only be used where it is legal to
sell these securities. The information in this document may only
be accurate on the date of this document.
IMPORTANT
NOTICE ABOUT INFORMATION IN THIS
PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS
This document is in two parts. The first part is this prospectus
supplement, which describes the specific terms of this offering
of the common stock and also adds to and updates information
contained in the accompanying prospectus and the documents
incorporated by reference in this prospectus supplement and the
accompanying prospectus. The second part is the accompanying
prospectus, dated December 4, 2006, which gives more
general information, some of which does not apply to this
offering. To the extent there is a conflict between the
information contained in this prospectus supplement, the
information contained in the accompanying prospectus or the
information contained in any document incorporated by reference
herein or therein, the information contained in the most
recently dated document shall control.
You should rely only on the information contained in or
incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not, and the underwriters have
not, authorized any other person to provide you with information
that is different. If anyone provides you with different or
inconsistent information, you should not rely on it. See
“Incorporation by Reference” in this prospectus
supplement and “Where You Can Find More Information”
in the accompanying prospectus.
We are offering to sell, and seeking offers to buy, the common
stock only in jurisdictions where offers and sales are permitted.
The information contained in or incorporated by reference in
this document is accurate only as of the date of this prospectus
supplement, regardless of the time of delivery of this
prospectus supplement or of any sale of common stock.
ii
INCORPORATION
BY REFERENCE
The SEC allows us to “incorporate by reference”
information in this prospectus supplement and the accompanying
prospectus that we have filed with it. This means that we can
disclose important information to you by referring you to
another document filed separately with the SEC. The information
incorporated by reference is considered to be part of this
prospectus supplement and the accompanying prospectus, except
for any information that is superseded by information that is
included directly in this prospectus supplement or the
accompanying prospectus.
We incorporate by reference in this prospectus supplement and
the accompanying prospectus the documents listed below and any
future filings we make with the SEC under sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934 prior
to the termination of this offering. These additional documents
include periodic reports, such as annual reports on
Form 10-K
and quarterly reports on
Form 10-Q
and current reports on
Form 8-K
(other than information furnished under Items 2.02 and
7.01, which is deemed not to be incorporated by reference in
this prospectus supplement or the accompanying prospectus), as
well as proxy statements. You should review these filings as
they may disclose a change in our business, prospects, financial
condition or other affairs after the date of this prospectus
supplement. The information that we file later with the SEC
under Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act and before the termination of this offering will
automatically update and supersede previous information included
or incorporated by reference in this prospectus supplement and
the accompanying prospectus.
This prospectus supplement and the accompanying prospectus
incorporate by reference the documents listed below that we have
filed with the SEC but have not been included or delivered with
this document:
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•
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Our annual report on
Form 10-K
for the year ended September 30, 2006; and
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•
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Our current reports on
Form 8-K
filed with the SEC on October 20, 2006, November 13,
2006 and December 4, 2006.
|
These documents contain important information about us and our
financial condition.
You may obtain a copy of any of these filings, or any of our
future filings, from us without charge by requesting it in
writing or by telephone at the following address or telephone
number:
Atmos Energy Corporation
1800 Three Lincoln Centre
5430 LBJ Freeway
Dallas, Texas 75240
Attention: Susan Kappes Giles
(972) 934-9227
iii
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Statements contained or incorporated by reference in this
prospectus supplement that are not statements of historical fact
are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933. Forward-looking
statements are based on management’s beliefs as well as
assumptions made by, and information currently available to,
management. Because such statements are based on expectations as
to future results and are not statements of fact, actual results
may differ materially from those stated. Important factors that
could cause future results to differ include, but are not
limited to:
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•
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regulatory trends and decisions, including deregulation
initiatives and the impact of rate proceedings before various
state regulatory commissions;
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•
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adverse weather conditions, such as
warmer-than-normal
weather in our utility service territories or
colder-than-normal
weather that could adversely affect our natural gas marketing
activities;
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•
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the concentration of our distribution, pipeline and storage
operations in one state;
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•
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impact of environmental regulations on our business;
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•
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market risks beyond our control affecting our risk management
activities, including market liquidity, commodity price
volatility, increasing interest rates and counterparty
creditworthiness;
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•
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our ability to continue to access the capital markets;
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•
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effects of inflation;
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•
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effects of changes in the availability and prices of natural
gas, including the volatility of natural gas prices;
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•
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increased competition from other energy suppliers and
alternative forms of energy;
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•
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increased costs of providing pension and post-retirement health
care benefits;
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•
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the capital-intensive nature of our distribution business;
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•
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the inherent hazards and risks involved in operating a
distribution business;
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•
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effects of natural disasters or terrorist activities; and
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•
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other factors discussed in this prospectus and our other filings
with the SEC.
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All of these factors are difficult to predict and many are
beyond our control. Accordingly, while we believe these
forward-looking statements to be reasonable, there can be no
assurance that they will approximate actual experience or that
the expectations derived from them will be realized. When used
in our documents or oral presentations, the words
“anticipate,” “believe,”
“estimate,” “expect,” “forecast,”
“goal,” “intend,” “objective,”
“plan,” “projection,” “seek,”
“strategy” or similar words are intended to identify
forward-looking statements. We undertake no obligation to update
or revise our forward-looking statements, whether as a result of
new information, future events or otherwise.
For further factors you should consider, please refer to the
“Risk Factors” sections beginning on page 1 of
the accompanying prospectus and Sections “Item 1A.
Risk Factors” and “Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our annual report on
Form 10-K
for the year ended September 30, 2006. See
“Incorporation by Reference.”
The terms “we,” “our,” “us” and
“Atmos” refer to Atmos Energy Corporation and its
subsidiaries unless the context suggests otherwise. The term
“you” refers to a prospective investor. The
abbreviations “Mcf,” “MMcf” and
“Bcf” mean thousand cubic feet, million cubic feet and
billion cubic feet, respectively. The abbreviation
“MMBtu” means million British thermal units.
Except as otherwise indicated, all information in this
prospectus supplement assumes that the underwriters have not
exercised their option to purchase additional shares of common
stock.
iv
PROSPECTUS
SUPPLEMENT SUMMARY
You should read the following summary in conjunction with the
more detailed information contained elsewhere in this prospectus
supplement, the accompanying prospectus and the documents
incorporated by reference in this prospectus supplement and the
accompanying prospectus.
Atmos
Energy Corporation
Atmos Energy Corporation and its subsidiaries are engaged
primarily in the natural gas utility business as well as other
natural gas nonutility businesses. We are one of the
country’s largest natural-gas-only distributors based on
number of customers and one of the largest intrastate pipeline
operators in Texas based upon miles of pipe. As of
September 30, 2006, we distributed natural gas through
sales and transportation arrangements to approximately
3.2 million residential, commercial, public authority and
industrial customers through our seven regulated utility
divisions, which covered service areas in 12 states. Our
primary service areas are located in Colorado, Kansas, Kentucky,
Louisiana, Mississippi, Tennessee and Texas. We have more
limited service areas in Georgia, Illinois, Iowa, Missouri and
Virginia. In addition, we transport natural gas for others
through our distribution system.
Through our nonutility businesses, we primarily provide natural
gas management and marketing services to municipalities, other
local gas distribution companies and industrial customers in
22 states and natural gas transportation and storage
services to some of our utility divisions and to third parties.
Our operations are divided into four segments:
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•
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the utility segment, which includes our regulated natural gas
distribution and related sales operations,
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•
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the natural gas marketing segment, which includes a variety of
nonregulated natural gas management services,
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•
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the pipeline and storage segment, which includes our regulated
and nonregulated natural gas transmission and storage
services and
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•
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the other nonutility segment, which includes all of our other
nonregulated nonutility operations.
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Our overall strategy is to:
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•
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deliver superior shareholder value,
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•
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improve the quality and consistency of earnings growth, while
operating our natural gas utility and nonutility businesses
exceptionally well and
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•
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enhance and strengthen a culture built on our core values.
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We have experienced over 20 consecutive years of increasing
dividends and earnings growth after giving effect to our
acquisitions. We have achieved this record of growth while
operating our utility operations efficiently by managing our
operating and maintenance expenses and leveraging our technology
to achieve more efficient operations. In addition, we have
focused on regulatory rate proceedings to increase revenue as
our costs increase and to mitigate weather-related risks through
weather-normalized rates. We have also strengthened our
nonutility businesses by increasing gross profit margins,
actively pursuing opportunities to increase the amount of
storage available to us and expanding commercial opportunities
in our pipeline and storage segment.
Over the last five years, we have primarily grown through two
significant acquisitions, our acquisition in December 2002 of
Mississippi Valley Gas Company (MVG) and our acquisition in
October 2004 of the natural gas distribution and pipeline
operations of TXU Gas Company (TXU Gas). The TXU Gas acquisition
doubled our number of utility customers, by adding approximately
1.5 million gas customers to our utility operations in
Texas, including the Dallas-Fort Worth metropolitan area
and the northern suburbs of Austin. The acquisition
S-1
also added 6,162 miles of gas transmission and gathering
lines and five underground storage reservoirs, all within Texas.
During the last two fiscal years, we have achieved the following:
Integration of TXU Gas.
We completed the
integration of the TXU Gas operations during fiscal 2005,
incorporating the administrative functions of TXU Gas into our
headquarters in Dallas and managing all meter reading, customer
billing and call center functions internally.
Regulatory Activities.
We pursued rate design
changes and, as a result, we now have weather protection for
over 90 percent of our residential and commercial customer
meters beginning with the
2006-2007
winter heating season. During fiscal 2005, we obtained improved
rate design in Mississippi, including improved weather
normalization. During fiscal 2006, our Mid-Tex Division received
a weather normalization adjustment as a part of a pending rate
case and our Louisiana Division obtained a new rate design that
will decouple our margins from all customer usage patterns. We
were also permitted to implement new rates in our Louisiana
Division in fiscal 2006, subject to possible refund, to cover
customer losses in Hurricane Katrina-affected parishes and
provide for increases in rate base and operating expenses.
Completed Growth Projects.
We completed four
new pipeline projects during fiscal 2006, the largest of which
was a joint venture project to install a
45-mile
30-inch
pipeline to serve the northern suburbs of the
Dallas-Fort Worth metropolitan area. We believe that this
pipeline will help us deliver gas to a growing consumer market
while providing increased gas transmission capacity to serve the
Texas intrastate wholesale gas market.
Recent
Developments
Results for Fiscal 2006.
In fiscal 2006, we
reported net income of $147.7 million, or $1.82 per
diluted share, compared to net income of $135.8 million, or
$1.72 per diluted share, in fiscal 2005. The nine percent
year-over-year
increase in net income was primarily attributable to strong
financial results in our natural gas marketing segment as it was
able to capture higher margins in a volatile natural gas market
and the inclusion of unrealized mark-to-market gains.
Additionally, pipeline and storage net income increased
16 percent compared with the prior year. These results
helped overcome the adverse effects on our utility segment of
weather (adjusted for weather normalization) that was
13 percent warmer than normal, the adverse effect of
Hurricane Katrina on our Louisiana Division and a non-cash
charge to impair certain assets. Our utility operations
contributed $53.0 million ($0.65 per diluted share) or
36 percent to fiscal 2006 results, compared with $81.1
million ($1.03 per diluted share) or 60 percent to fiscal
2005 results. Our nonutility operations comprised of our natural
gas marketing, pipeline and storage and other nonutility
segments, contributed $94.7 million ($1.17 per diluted
share) or 64 percent to fiscal 2006 results, compared with
$54.7 million ($0.69 per diluted share) or 40 percent to
fiscal 2005 results. See “Summary Financial and Operating
Data” on page S-4 and “Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our annual report on
Form 10-K
for the year ended September 30, 2006, for more information
on our results for fiscal 2006 and comparisons to prior period
results.
Straight Creek Project.
In May 2006, we
announced plans to expand our nonutility operations through the
construction of a natural gas gathering system in Eastern
Kentucky, which we refer to as the Straight Creek Project. We
believe that our Straight Creek Project will relieve gas
gathering and transportation constraints that have historically
burdened natural gas producers in this area of Eastern Kentucky
and should also improve delivery reliability to natural gas
customers. As currently designed, the Straight Creek Project is
expected to cost between $75.0 million and
$80.0 million. Construction is expected to begin in the
first half of fiscal 2007, with operations expected to begin in
fiscal 2008. On October 6, 2006, we announced that the
Federal Energy Regulatory Commission (FERC) issued a declaratory
order finding that our Straight Creek Project, as currently
designed, will be exempt from FERC jurisdiction.
Dividend Announcement.
On November 7,
2006, we announced that our Board of Directors declared a
quarterly dividend increase on our common stock of approximately
2 percent to $0.32 per share of common
S-2
stock. The dividend will be paid on December 11, 2006, to
shareholders of record on November 27, 2006. Individuals
who purchase shares of our common stock in this offering will
not be entitled to receive this dividend.
Five Year Revolving Credit Agreement.
We have
negotiated a $600 million five-year revolving credit
agreement with a syndicate of 15 lenders that backstops our
commercial paper program. This agreement will replace and
contain substantially the same terms as our existing
$600 million three-year revolving credit agreement that we
entered into in October 2005. We have received regulatory
approval for this agreement and expect to enter into it in
December 2006.
Other
Developments
At our 2007 annual meeting of shareholders, scheduled for
February 7, 2007, we will ask our shareholders to approve
an amendment to our 1998 Long-Term Incentive Plan to increase
the number of shares of our common stock reserved for issuance
under the plan by 2,500,000 shares and to extend the term
of the plan for an additional three years. We will also ask our
shareholders to approve an extension to the term of our Annual
Incentive Plan for Management by an additional five years.
Holders of record of our common stock on December 11, 2006,
the record date for the meeting, will be entitled to vote at the
annual meeting. Therefore, the common stock that we issue in
this offering will not be entitled to vote at the 2007 annual
meeting.
Our address is 1800 Three Lincoln Centre, 5430 LBJ Freeway,
Dallas, Texas 75240, and our telephone number is
(972) 934-9227.
Our internet Web site address is
www.atmosenergy.com.
Information on or connected to our internet Web site is not part
of this prospectus supplement or the accompanying prospectus.
S-3
Summary
Financial and Operating Data
(in thousands, except per share data)
The following table presents summary consolidated and segment
financial and operating data of Atmos Energy Corporation for the
periods and as of the dates indicated. We derived the summary
financial data for the fiscal years ended September 30,
2006, 2005, 2004, 2003 and 2002 from our audited consolidated
financial statements. The information is only a summary and does
not provide all of the information contained in our financial
statements. Therefore, you should read the information presented
below in conjunction with “Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and our consolidated financial statements and
related notes included in our annual report on
Form 10-K
for the year ended September 30, 2006, which is
incorporated by reference in this prospectus supplement and the
accompanying prospectus. Over the periods presented below, we
have primarily grown through two significant acquisitions, MVG
in December 2002 and TXU Gas in October 2004. As a result, our
consolidated financial and operating data presented below
include results and data from operations of MVG and TXU Gas from
the dates of the acquisitions; therefore, comparisons between
periods may not be meaningful.
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Year Ended September 30,
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2006
(1)
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2005
(2)
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2004
(3)
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2003
(4)
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2002
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Consolidated Financial
Data
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Operating revenues
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$
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6,152,363
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$
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4,961,873
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$
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2,920,037
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$
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2,799,916
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$
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1,650,964
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|
|
Gross profit
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1,216,570
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|
|
|
1,117,637
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562,191
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534,976
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431,140
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Operating expenses
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833,954
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|
768,982
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368,496
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347,136
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275,809
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Operating income
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382,616
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348,655
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193,695
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187,840
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155,331
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Interest charges
|
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146,607
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132,658
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65,437
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63,660
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59,174
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Miscellaneous income (expense)
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|
|
881
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2,021
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9,507
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2,191
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(1,321
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)
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Income tax expense
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|
|
89,153
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|
82,233
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|
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|
51,538
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|
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46,910
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|
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35,180
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Cumulative effect of accounting
change, net of income tax benefit
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—
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|
—
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—
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(7,773
|
)
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—
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Net income
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$
|
147,737
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$
|
135,785
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$
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86,227
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$
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71,688
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$
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59,656
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|
Diluted net income per share
before cumulative effect of accounting change, net of tax
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$
|
1.82
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$
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1.72
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$
|
1.58
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|
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$
|
1.71
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$
|
1.45
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|
Diluted net income per share
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|
$
|
1.82
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|
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$
|
1.72
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$
|
1.58
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|
$
|
1.54
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|
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$
|
1.45
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Cash dividends paid per share
|
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$
|
1.26
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|
|
$
|
1.24
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|
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$
|
1.22
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|
|
$
|
1.20
|
|
|
$
|
1.18
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Cash flow from operating activities
|
|
$
|
311,449
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|
|
$
|
386,944
|
|
|
$
|
270,734
|
|
|
$
|
49,451
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|
|
$
|
297,395
|
|
|
Capital expenditures
|
|
$
|
425,324
|
|
|
$
|
333,183
|
|
|
$
|
190,285
|
|
|
$
|
159,439
|
|
|
$
|
132,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30,
|
|
|
|
|
2006
|
|
|
2005
(2)
|
|
|
2004
|
|
|
2003
(4)
|
|
|
2002
|
|
|
|
|
Selected Operating
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility meters in service, end of
year
|
|
|
3,181,199
|
|
|
|
3,157,840
|
|
|
|
1,679,136
|
|
|
|
1,672,798
|
|
|
|
1,389,341
|
|
|
Total utility throughput
(MMcf)
(5)
|
|
|
398,993
|
|
|
|
418,381
|
|
|
|
260,965
|
|
|
|
254,671
|
|
|
|
214,133
|
|
|
Natural gas marketing sales
volumes
(MMcf)
(5)
|
|
|
336,516
|
|
|
|
273,201
|
|
|
|
265,090
|
|
|
|
294,785
|
|
|
|
273,692
|
|
|
Pipeline transportation volumes
(MMcf)
(5)
|
|
|
590,985
|
|
|
|
563,949
|
|
|
|
9,395
|
|
|
|
11,648
|
|
|
|
12,788
|
|
S-4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30,
|
|
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
2003
|
|
|
2002
|
|
|
|
|
Consolidated Balance Sheet
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net property, plant and
equipment
(6)
|
|
$
|
3,629,156
|
|
|
$
|
3,374,367
|
|
|
$
|
1,722,521
|
|
|
$
|
1,624,394
|
|
|
$
|
1,380,070
|
|
|
Working
capital
(6)
|
|
$
|
(1,616
|
)
|
|
$
|
151,675
|
|
|
$
|
283,310
|
|
|
$
|
16,248
|
|
|
$
|
(139,150
|
)
|
|
Total
assets
(6)
|
|
$
|
5,719,547
|
|
|
$
|
5,653,527
|
|
|
$
|
2,912,627
|
|
|
$
|
2,625,495
|
|
|
$
|
2,059,631
|
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
(7)
|
|
$
|
2,180,362
|
|
|
$
|
2,183,104
|
|
|
$
|
861,311
|
|
|
$
|
862,500
|
|
|
$
|
668,959
|
|
|
Short-term
debt
(7)
|
|
|
385,602
|
|
|
|
148,073
|
|
|
|
5,908
|
|
|
|
127,940
|
|
|
|
167,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
$
|
2,565,964
|
|
|
$
|
2,331,177
|
|
|
$
|
867,219
|
|
|
$
|
990,440
|
|
|
$
|
836,730
|
|
|
Shareholders’ equity
|
|
$
|
1,648,098
|
|
|
$
|
1,602,422
|
|
|
$
|
1,133,459
|
|
|
$
|
857,517
|
|
|
$
|
573,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30,
|
|
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
2003
|
|
|
2002
(8)
|
|
|
|
|
Segment Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utility
|
|
$
|
201,894
|
|
|
$
|
236,365
|
|
|
$
|
59,890
|
|
|
$
|
161,134
|
|
|
$
|
125,506
|
|
|
Natural gas marketing
|
|
|
102,235
|
|
|
|
40,985
|
|
|
|
27,726
|
|
|
|
13,569
|
|
|
|
20,610
|
|
|
Pipeline and storage
|
|
|
77,858
|
|
|
|
70,286
|
|
|
|
5,293
|
|
|
|
11,814
|
|
|
|
—
|
|
|
Other nonutility
|
|
|
392
|
|
|
|
818
|
|
|
|
752
|
|
|
|
1,323
|
|
|
|
9,215
|
|
|
Eliminations
|
|
|
237
|
|
|
|
201
|
|
|
|
34
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
$
|
382,616
|
|
|
$
|
348,655
|
|
|
$
|
193,695
|
|
|
$
|
187,840
|
|
|
$
|
155,331
|
|
|
|
|
|
|
(1)
|
|
Financial results for fiscal 2006 include a $22.9 million
pre-tax loss for the impairment of the West Texas
Division’s irrigation assets.
|
|
|
|
(2)
|
|
Financial results and operating data for fiscal 2005 include the
operations of our Mid-Tex and Atmos Pipeline — Texas
divisions, from October 1, 2004, the date of acquisition.
|
|
|
|
(3)
|
|
Financial results for fiscal 2004 include a $5.9 million
pre-tax gain on the sale of our interest in U.S. Propane,
L.P. and Heritage Propane Partners, L.P.
|
|
|
|
(4)
|
|
Financial results and operating data for fiscal 2003 include the
operations of MVG from December 3, 2002, the date of
acquisition.
|
|
|
|
(5)
|
|
Throughput and sales volumes reflect segment operations,
including intercompany sales and transportation amounts.
|
|
|
|
(6)
|
|
Beginning in fiscal 2004, we reclassified our regulatory cost of
removal obligation from accumulated depreciation to a liability.
The amounts presented above for property, plant and equipment,
working capital and total assets reflect this reclassification
for all periods presented. This reclassification did not impact
our financial position, results of operations or cash flows as
of and for the years ended September 30, 2003 and 2002.
|
|
|
|
(7)
|
|
Long-term debt excludes current maturities. Short-term debt is
comprised of current maturities of
long-term
debt and short-term debt.
|
|
|
|
(8)
|
|
Pipeline and storage operations were not reported as a segment
prior to fiscal 2003.
|
S-5
