-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Dovqx+qcB0loKGR6UTHrqU7crEpqkUMh0sa3eVDdwEXTHubRS2nTkCkUrL8BdrBy T2Vsj/VWLd/hHght3pXkvg== 0000203248-08-000060.txt : 20080807 0000203248-08-000060.hdr.sgml : 20080807 20080807094700 ACCESSION NUMBER: 0000203248-08-000060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080807 DATE AS OF CHANGE: 20080807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN UNION CO CENTRAL INDEX KEY: 0000203248 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 750571592 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06407 FILM NUMBER: 08996815 BUSINESS ADDRESS: STREET 1: 5444 WESTHEIMER RD CITY: HOUSTON STATE: TX ZIP: 77056-5306 BUSINESS PHONE: (713) 989-2000 MAIL ADDRESS: STREET 1: 5444 WESTHEIMER RD CITY: HOUSTON STATE: TX ZIP: 77056-5306 8-K 1 suform8k_063008.htm SU FORM 8-K JUNE 30, 2008 EARNINGS RELEASE suform8k_063008.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549


FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2008


SOUTHERN UNION COMPANY
(Exact name of registrant as specified in its charter)



Delaware
1-6407
75-0571592
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)



5444 Westheimer Road
Houston, Texas
(Address of principal executive offices)
77056-5306
(Zip Code)


Registrant's telephone number, including area code: (713) 989-2000


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
  
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 
 



ITEMS 2.02 AND 7.01 RESULTS OF OPERATIONS AND FINANCIAL CONDITION; REGULATION FD DISCLOSURE

Southern Union Company (the “Company”) today issued a press release reporting its second quarter 2008 results and announcing an investor call scheduled for 11 a.m. (ET) today to discuss those results. The Company is furnishing the press release, attached as Exhibit 99.1, pursuant to Item 2.02 and Item 7.01 of Form 8-K.

The press release contains earnings guidance affirming expected financial performance for the year ending December 31, 2008. The earnings guidance presented in the press release under Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

In the attached presentation, the Company uses earnings before interest and taxes (EBIT) and adjusted EBIT, non-GAAP financial measures, as performance measures to evaluate Company and segment performance. As defined in Regulation G, "Conditions for Use of Non-GAAP Financial Measures," a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position or cash flow that excludes (includes) amounts, or is subject to adjustments that have the effect of excluding (including) amounts, that are included (excluded) in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (GAAP).
 
The Company defines EBIT as net earnings (loss) available for common shareholders, adjusted for: (i) items that do not impact earnings (loss) from continuing operations, such as extraordinary items, discontinued operations and the impact of accounting changes; (ii) income taxes; (iii) interest; (iv) dividends on preferred stock and (v) loss on extinguishment of preferred stock. EBIT may not be comparable to measures used by other companies. Additionally, EBIT should be considered in conjunction with net earnings and other performance measures such as operating income or operating cash flow.  In using adjusted EBIT, the Company takes into account mark to market unrealized hedging gain or loss.
 
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

                    Exhibit No.                               Exhibit

 Southern Union Company August 7, 2008 Press Release.
 
        

This 8-K includes forward-looking statements. Although Southern Union believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Southern Union's Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events, or otherwise.
    




 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

     
 
SOUTHERN UNION COMPANY
 
(Registrant)
 
Date: August 7, 2008
 
By:
 
/s/ Robert M. Kerrigan, III
 
Robert M. Kerrigan, III
 
Vice President - Assistant General Counsel and Secretary


 




EXHIBIT INDEX

               Exhibit No.                              Description
   Southern Union Company August 7, 2008 Press Release.
 
   
        

 EX-99.1 2 ex99_1.htm EXHIBIT - 99.1 ex99_1.htm

SU logo
 
08-XX
For further information:
John F. Walsh
Vice President - Investor Relations
Southern Union Company
212-659-3208

SOUTHERN UNION ADJUSTED EPS UP 10%; REAFFIRMS 2008 EPS GUIDANCE

 
 
·   Second Quarter adjusted 2008 EPS of $.43 vs. $.39 in prior year
 
 
·   Gathering & Processing segment posts adjusted EBITDA of $50 million vs. $27 million in prior year

HOUSTON, August 7, 2008 – Southern Union Company (NYSE: SUG) today reported adjusted net earnings available for common stockholders for the quarter ended June 30, 2008, of $53.3 million ($.43 per share) compared with $46.6 million ($.39 per share) in the prior year.  Adjusted net earnings exclude a $13.8 million ($.11 per share) non-cash after-tax mark-to-market unrealized loss on open commodity derivatives and a $2.0 million ($.02 per share) after-tax charge related to the company’s repurchase of $48.6 million of its preferred stock during the quarter.  Reported net earnings for the quarter on a GAAP basis were $37.5 million ($.30 per fully diluted share).
 
   
Three months ended June 30,
  
($000s, except per share amounts)
  
2008
    
2007
  
Operating revenues
   $ 733,055     $ 588,049  
Operating income
   $ 90,277     $ 87,400  
Net earnings
   $ 42,910     $ 50,975  
Preferred stock dividends
   $ (3,436 )   $ (4,341 )
Loss on extinguishment of preferred stock
   $ (1,995 )   $ -  
Net earnings available to common stockholders
   $ 37,479     $ 46,634  
After-tax adjustment for selected items
   $ 15,791     $ -  
Adjusted net earnings available to common stockholders
   $ 53,270     $ 46,634  
Net earnings per share available to common stockholders
   $ 0.30     $ 0.39  
Adjusted net earnings per share available to common stockholders
   $ 0.43     $ 0.39  


 
 
 


For the six month period ended June 30, 2008, the company reported adjusted net earnings available for common stockholders of $131.8 million ($1.07 per share) compared with $110.8 million ($.92 per share) for the prior year.  In the 2008 period, adjusted net earnings exclude a $13.8 million ($.11 per share) non-cash after-tax mark-to-market unrealized loss on open commodity derivatives and a $2.0 million ($.02 per share) after-tax charge related to the company’s repurchase of $48.6 million of its preferred stock during the quarter.  In the 2007 period, adjusted net earnings exclude a $10.2 million ($.08 per share) after-tax nonrecurring gain related to the settlement of litigation.  Reported net earnings for the six month period on a GAAP basis were $116.0 million ($.94 per share) compared with $121.0 million ($1.00 per share) in the prior year.
 
   
Six months ended June 30,
  
($000s, except per share amounts)
  
2008
    
2007
  
Operating revenues
   $ 1,685,753     $ 1,368,281  
Operating income
   $ 243,832     $ 216,994  
Net earnings
   $ 125,818     $ 129,696  
Preferred stock dividends
   $ (7,777 )   $ (8,682 )
Loss on extinguishment of preferred stock
   $ (1,995 )   $ -  
Net earnings available to common stockholders
   $ 116,046     $ 121,014  
After-tax adjustment for selected items
   $ 15,791     $ (10,223 )
Adjusted net earnings available to common stockholders
   $ 131,837     $ 110,791  
Net earnings per share available to common stockholders
   $ 0.94     $ 1.00  
Adjusted net earnings per share available to common stockholders
   $ 1.07     $ 0.92  

By excluding the aforementioned items from earnings, the company believes it presents its earnings in a manner more consistent with the presentation used by the investment community in their evaluation of the company's earnings.

For the current quarter, adjusted net operating revenue, calculated as revenue less cost of gas and other energy, revenue related taxes and unrealized losses on open commodity derivatives, increased $32.6 million or 13%, to $290.3 million from $257.7 million in the prior year.

For the quarter ended June 30, 2008, Southern Union reported adjusted earnings before interest and taxes (“EBIT”) of $134.4 million compared with EBIT of $117.1 million in the prior period, representing an increase of 15%.

 
2
 

 
The increase in adjusted operating results was primarily attributable to increased contributions from Southern Union’s gathering and processing segment, which recorded adjusted EBIT of $34.4 million for the quarter compared with $12.6 million for the same period in the prior year, an increase of 173%.

Management’s Perspective

Commenting on the second quarter, George L. Lindemann, chairman and CEO, said, “We are very pleased with our strong results for the second quarter.  We are on track to deliver the solid earnings and cash flows that we outlined in our 2008 strategic plan.  With our Trunkline LNG Infrastructure Enhancement project progressing towards its second quarter 2009 in-service date, we expect to see strong growth in earnings and cash flows again next year.”

President and COO Eric D. Herschmann added, “Our gathering and processing segment produced outstanding results for the quarter.  Our system continues to operate efficiently and we have seen favorable growth in our equity volumes.  We believe that the investments we have made in this segment are contributing significantly to our strong results and will benefit us long into the future.”

Key Factors Impacting Second Quarter 2008 Performance Relative to Prior Year

 
·
Southern Union’s transportation and storage segment posted EBIT of $94.3 million, compared with EBIT of $95.5 million in the prior year.  The $1.2 million decrease was primarily attributable to a $4.6 million decrease in equity earnings from unconsolidated affiliates related to nonrecurring gains at Citrus Corp. in the prior year.  EBIT at Panhandle Energy increased by $3.4 million, primarily a result of $6.6 million in higher operating revenues and $1.7 million of lower operating expenses, offset partially by $4.6 million of higher depreciation expense.
 
 
 
3
 



 
·
The gathering and processing segment reported adjusted EBIT of $34.4 million compared with $12.6 million in the prior year.  Adjusted EBIT for the quarter excludes a $22.3 million mark-to-market unrealized loss on open commodity derivatives.  Gross margin increased by $25.5 million, excluding the mark-to market unrealized loss, primarily due to improved operating efficiencies resulting in increased equity volumes and higher realized natural gas and natural gas liquids prices.

 
·
EBIT for the company’s distribution segment (predominantly Missouri Gas Energy) decreased $3.6 million to $2.8 million.  The decrease was due primarily to a $3.4 million increase in operating expenses during the current quarter including $500,000 related to pension and benefits, $600,000 related to environmental remediation and $500,000 related to uncollectible accounts, coupled with a $700,000 nonrecurring expense reduction related to insurance reimbursements in the prior year.

2008 Earnings Guidance

Southern Union reaffirms its 2008 adjusted net earnings guidance in the range of $1.80 to $1.90 per fully diluted share, which excludes the impact of mark-to-market accounting for open commodity derivatives and charges related to the extinguishment of preferred stock.
 

Quarterly Report on Form 10-Q

Southern Union will provide additional information about its second quarter 2008 results in its quarterly report on Form 10-Q expected to be filed today with the Securities and Exchange Commission.  Once made, this filing may be accessed through the Investors section of the company’s web site at www.sug.com.

 
4
 

 
Investor Call & Webcast

Southern Union will host a live investor call and webcast today at 11:00 a.m. Eastern time to discuss results, recent events and outlook.  To access the call, dial 888-680-0890 (international callers dial 617-213-4857) and enter the passcode 56263881.  A replay of the call will be available for one week after the event by dialing 888-286-8010 (international callers dial 617-801-6888) and entering passcode 22885459.  The webcast may be accessed online through the Investor’s section of the company’s web site at www.sug.com.

Please use the following link to pre-register and view important information about this conference call. Pre-registering is not mandatory but is recommended as it will provide you immediate entry into the call and will facilitate the timely start of the call. Pre-registration takes only a few minutes and you may pre-register at any time, including up to and after the call start time. To pre-register, please click Pre-register (control + click on the link) and enter the registration key PKVLM8AUM or enter the following URL www.theconferencingservice.com/prereg/key.process and use the same registration key.
 

About Southern Union Company

Southern Union Company, headquartered in Houston, is one of the nation’s leading diversified natural gas companies, engaged primarily in the transportation, storage, gathering, processing and distribution of natural gas. The company owns and operates one of the nation’s largest natural gas pipeline systems with approximately 20,000 miles of gathering and transportation pipelines and North America’s largest liquefied natural gas import terminal, along with serving more than half a million natural gas end-user customers in Missouri and Massachusetts.  For further information, visit www.sug.com.

Forward-Looking Information

This news release includes forward-looking statements.  Although Southern Union believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize.  Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Southern Union’s Forms 10-K and 10-Q as filed with the Securities and


 
5
 


Exchange Commission.  The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events, or otherwise.


 
6
 

Select Financial Information
 
The following table sets forth unaudited financial information for the company for the three and six months ended June 30, 2008 and 2007.


   
Three months ended June 30,
    
Six months ended June 30,
  
   
2008
    
2007
    
2008
    
2007
  
   
(In thousands, except per share amounts)
  
                         
Operating revenues
   $ 733,055     $ 588,049     $ 1,685,753     $ 1,368,281  
                                 
Operating expenses:
                                
Cost of gas and other energy
     459,032       324,626       1,069,201       807,711  
Operating, maintenance and general
     116,279       115,309       225,189       210,504  
Depreciation and amortization
     49,321       43,666       97,944       87,130  
Revenue-related taxes
     5,974       5,675       24,924       22,694  
Taxes, other than on income and revenues
     12,172       11,373       24,663       23,248  
   Total operating expenses
     642,778       500,649       1,441,921       1,151,287  
Operating income
     90,277       87,400       243,832       216,994  
                                 
Other income (expenses):
                                
Interest expense
     (50,603 )     (51,146 )     (101,304 )     (103,331 )
Earnings from unconsolidated investments
     21,098       26,270       37,827       57,166  
Other, net
     720       3,474       1,058       3,761  
   Total other income (expenses), net
     (28,785 )     (21,402 )     (62,419 )     (42,404 )
                                 
Earnings before income taxes
     61,492       65,998       181,413       174,590  
                                 
Federal and state income tax expense
     18,582       15,023       55,595       44,894  
                                 
Net earnings
     42,910       50,975       125,818       129,696  
                                 
Preferred stock dividends
     (3,436 )     (4,341 )     (7,777 )     (8,682 )
                                 
Loss on extinguishment of preferred stock
     (1,995 )     -       (1,995 )     -  
                                 
Net earnings available for common stockholders
   $ 37,479     $ 46,634     $ 116,046     $ 121,014  
                                 
Net earnings available for common stockholders per share:
                                
           Basic
   $ 0.30     $ 0.39     $ 0.94     $ 1.01  
           Diluted
   $ 0.30     $ 0.39     $ 0.94     $ 1.00  
Dividends declared on common stock per share
   $ 0.15     $ 0.10     $ 0.30     $ 0.20  
                                 
Weighted average shares outstanding:
                                
           Basic
     124,008       119,873       122,905       119,832  
           Diluted
     124,242       120,799       123,188       120,546  


 
7
 

Select Financial Information Continued
 

The following table sets forth certain select unaudited financial information for the company’s segments and a reconciliation of EBIT to net earnings for the three and six months ended June 30, 2008 and 2007.

 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
Segment Data
  
2008
    
2007
    
2008
    
2007
  
   
(In thousands)
  
Revenues from external customers:
                        
Transportation and Storage
   $ 168,333     $ 161,706     $ 355,384     $ 330,736  
Gathering and Processing
     440,323       305,874       855,985       601,929  
Distribution
     122,922       119,514       471,557       433,771  
   Total segment operating revenues
     731,578       587,094       1,682,926       1,366,436  
Corporate and other
     1,477       955       2,827       1,845  
    $ 733,055     $ 588,049     $ 1,685,753     $ 1,368,281  
                                 
Depreciation and amortization:
                                
Transportation and Storage
   $ 25,691     $ 21,062     $ 50,752     $ 41,771  
Gathering and Processing
     15,346       14,549       30,816       29,136  
Distribution
     7,722       7,395       15,294       15,013  
    Total segment depreciation and amortization
     48,759       43,006       96,862       85,920  
Corporate and other
     562       660       1,082       1,210  
    $ 49,321     $ 43,666     $ 97,944     $ 87,130  
                                 
EBIT:
                                
Transportation and Storage segment
   $ 94,313     $ 95,559     $ 203,694     $ 210,777  
Gathering and Processing segment
     12,134       12,604       40,690       21,486  
Distribution segment
     2,819       6,444       33,120       39,989  
Corporate and other
     2,829       2,537       5,213       5,669  
   Total EBIT
     112,095       117,144       282,717       277,921  
Interest expense
     50,603       51,146       101,304       103,331  
Earnings before income taxes
     61,492       65,998       181,413       174,590  
Federal and state income tax expense
     18,582       15,023       55,595       44,894  
Net earnings
     42,910       50,975       125,818       129,696  
Preferred stock dividends
     3,436       4,341       7,777       8,682  
Loss on extinguishment of preferred stock
     1,995       -       1,995       -  
          Net earnings available for common stockholders
   $ 37,479     $ 46,634     $ 116,046     $ 121,014  

The Company evaluates segment performance based on several factors, of which the primary financial measure is earnings before interest and taxes (EBIT).  EBIT allows management and investors to more effectively evaluate the performance of all of the Company’s consolidated subsidiaries and unconsolidated investments.  The Company defines EBIT as net earnings available for common shareholders, adjusted for: (i) items that do not impact earnings, such as extraordinary items, discontinued operations and the impact of accounting changes; (ii) income taxes; (iii) interest; (iv) dividends on preferred stock  and (v) loss on extinguishment of preferred stock.  EBIT is a non-GAAP financial measure and may not be comparable to measures used by other companies.  Additionally, EBIT should be considered in conjunction with net earnings and other performance measures such as operating income or net cash flows provided by operating activities.

 
8
 


Select Financial Information Continued
 
The following table sets forth certain select, unaudited financial information for the company as of June 30, 2008 and December 31, 2007 and for the six months ended June 30, 2008 and 2007.

 
June 30,
  
December 31,
 
2008
  
2007
 
(In thousands of dollars)
Total assets
  $ 
8,109,952
  
$ 
 7,397,913
Long Term Debt
  
 3,315,661
    
 2,960,326
Short term debt and notes payable 
 
 424,980
    
 557,680
Preferred stock
  
 182,029
    
 230,000
Common equity
  
 2,135,131
    
 1,975,806
Total capitalization
  
 6,057,801
    
 5,723,812
           
           
           
 
Six Months ended June 30,
 
2008
  
2007
Cash flow information:
(In thousands of dollars)
Cash flow provided by operating activities
 $
347,344
   $
 289,341
Changes in working capital
  
 34,406
    
 11,084
Net cash flow provided by operating activities
          
before changes in working capital
  
 312,938
    
 278,257
Net cash flow used in investing activities
  
 (345,542)
    
 (243,249)
Net cash flow provided by (used in) financing activities
 
 223,827
    
 (51,705)
Change in cash and cash equivalents
 $
225,629
   $ 
 (5,613)


 
9
 

Select Financial Information Continued
 
The following table sets forth a reconciliation of EBIT to Adjusted EBIT (a non-GAAP measure) for the company for the three months ended June 30, 2008 and 2007.


   
Three months ended June 30,
  
   
2008
    
2007
  
   
(In thousands of dollars)
  
Southern Union Company:
            
     Reported EBIT
   $ 112,095     $ 117,144  
     Adjustments:
                
          Mark-to-market unrealized hedging loss
     22,251       -  
     Adjusted EBIT
   $ 134,346     $ 117,144  
                 
Computation of Adjusted net operating revenues:
                
     Reported Operating revenues
   $ 733,055     $ 588,049  
     Reported Cost of gas and other energy
     459,032       324,626  
     Reported Revenue-related taxes
     5,974       5,675  
     Adjustments:
                
          Mark-to-market unrealized hedging loss
     22,251       -  
     Adjusted net operating revenues
   $ 290,300     $ 257,748  
                 
Gathering and processing segment:
                
     Reported EBIT
   $ 12,134     $ 12,604  
     Adjustments:
                
          Mark-to-market unrealized hedging loss
     22,251       -  
     Adjusted EBIT
   $ 34,385     $ 12,604  
         Depreciation and amortization expense
     15,346       14,549  
   Adjusted EBITDA
   $ 49,731     $ 27,153  

 


10
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