0001126956-11-000053.txt : 20110729 0001126956-11-000053.hdr.sgml : 20110729 20110729084519 ACCESSION NUMBER: 0001126956-11-000053 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110729 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110729 DATE AS OF CHANGE: 20110729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LACLEDE GAS CO CENTRAL INDEX KEY: 0000057183 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 430368139 STATE OF INCORPORATION: MO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01822 FILM NUMBER: 11995512 BUSINESS ADDRESS: STREET 1: 720 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 BUSINESS PHONE: 3143420500 MAIL ADDRESS: STREET 1: 720 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LACLEDE GROUP INC CENTRAL INDEX KEY: 0001126956 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 742976504 STATE OF INCORPORATION: MO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16681 FILM NUMBER: 11995511 BUSINESS ADDRESS: STREET 1: 720 OLIVE ST CITY: ST LOUIS STATE: MO ZIP: 63101 BUSINESS PHONE: 3143420500 MAIL ADDRESS: STREET 1: 720 OLIVE ST STREET 2: RM 1517 CITY: ST LOUIS STATE: MO ZIP: 63101 8-K 1 thirdqtrearnings8-k.htm 2011 THIRD QUARTER EARNINGS RELEASE 8-K thirdqtrearnings8-k.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):
July 29, 2011
 

Commission File No.
 
Exact Name of Registrant as Specified in its Charter and Principal Office Address and Telephone Number
State of Incorporation
I.R.S. Employer Identification Number
1-16681
 
The Laclede Group, Inc.
 
720 Olive Street
St. Louis, MO 63101
314-342-0500
Missouri
74-2976504
1-1822
 
Laclede Gas Company
 
720 Olive Street
St. Louis, MO 63101
314-342-0500
Missouri
43-0368139
 

 
 
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 13e-4(c))

 


 
 
 
 

 
Item 2.02 Results of Operations and Financial Condition
 
See Item 7.01
 
Item 7.01 Regulation FD Disclosure
 
On July 29, 2011, the Company issued its earnings news release announcing (i) its unaudited results for the quarter and nine months ended June 30, 2011 and (ii) the declaration of dividends on its common stock.  The text of the release is included in Exhibit 99.1 attached to this report.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
99.1 Press release dated July 29, 2011.
 

The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
 

 


 
 
 
 

 

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 hereunto duly authorized.
 

 
   
THE LACLEDE GROUP, INC.
 
Date: July 29, 2011
  
By: 
 
/s/ M. D. Waltermire
     
M. D. Waltermire
Chief Financial Officer
  
   
LACLEDE GAS COMPANY
 
Date:  July 29, 2011
  
By: 
 
/s/ M. D. Waltermire
     
M. D. Waltermire
Sr. Vice President and
Chief Financial Officer
 


 
 
 
 

Exhibit Index


Exhibit
Number
Description
   
99.1
Press release dated July 29, 2011.
   
   
   
   
   
   

 

 
 


 
 
 
 

EX-99.1 2 thirdquarterearningsrelease.htm 2011 THIRD QUARTER EARNINGS RELEASE thirdquarterearningsrelease.htm
                                                                                      NEWS RELEASE
Contact: Jessica Willingham
(314) 342-3300/jwillingham@lacledegas.com

FOR IMMEDIATE RELEASE

The Laclede Group Reports Strong Third Quarter Earnings
Company Declares Quarterly Dividend
 
ST. LOUIS (July 29, 2011) – The Laclede Group, Inc. (NYSE: LG) today reported consolidated net income of $15.4 million, or $0.69 diluted earnings per share, for its third fiscal quarter ending June 30, 2011 compared to $4.7 million, or $0.21 per share, for the same quarter last year.  On a non-GAAP basis, the Company reported third-quarter net economic earnings of $14.6 million, or $0.65 per share, compared to $4.4 million, or $0.20 per share, for the same quarter last year.  A chart of net economic earnings follows, summarizing the Company’s strong results.
 
 
For the first nine months of fiscal 2011, The Laclede Group reported net income totaling $66.7 million, or $2.98 per share, compared to $55.6 million, or $2.50 per share, for the same period last year. For the nine months ended June 30, 2011, net economic earnings were $65.5 million, or $2.93 per share, compared to $57.5 million, or $2.59 per share, for the same period last year.
 
 
The Company’s operating results for both periods continued to reflect improved performance at Laclede Gas Company, the Company’s core utility subsidiary. These positive results were partially offset by lower earnings at Laclede Energy Resources, Inc. (LER), Laclede Group’s non-regulated natural gas commodity service provider.
 
 
“Laclede Gas continues to perform very well, and we remain diligent in our focus to enhance customer service while achieving additional operating efficiencies,” said Douglas H. Yaeger, chairman, president and chief executive officer of The Laclede Group. “Laclede Group as a whole is achieving strong results even as LER adapts business strategies to the realities of the marketplace.”
 
 
In connection with Mr. Yaeger’s previously announced transition to retirement, the board elected Ms. Suzanne Sitherwood as president of The Laclede Group last month and yesterday elected her to the board effective September 1, 2011.  Additionally, the board declared a quarterly dividend of 40 ½ cents per share on its common stock, payable October 4, 2011 to shareholders of record on September 12, 2011.
 
 
RESULTS OF OPERATIONS
 
 
Laclede Gas Company
 
 
Laclede Gas Company reported a year-over-year increase in net income of $11.6 million for the third quarter of 2011. On a diluted earnings per share basis, Laclede Gas contributed $0.52 to the Company’s consolidated earnings for the third quarter, compared to break-even performance for the year-ago quarter.  This year’s third-quarter performance was positively impacted by the non-regulated sale of propane inventories no longer required to serve utility customers.  This transaction resulted in net income totaling $6.1 million.  The higher year-over-year earnings also reflected the general rate increase that went into effect September 1, 2010.
 

NEWS RELEASE: The Laclede Group Reports Strong Third Quarter Earnings                                                                                                                         

 
 
 

 
For the nine months ended June 30, 2011, Laclede Gas Company reported increased net income of $14.7 million compared to the same period last year.  The improved performance resulted from the beneficial impacts of the general rate case, the higher net earnings from non-regulated propane transactions in 2011 and 2010, and operating efficiencies.
 
 
Laclede Energy Resources
 
 
Laclede Energy Resources reported net income of $3.5 million for the third quarter of 2011, compared to $4.4 million for the same quarter last year. On a year-to-date basis, LER’s net earnings for 2011 were $7.2 million as compared with $10.6 million for the same period last year. LER’s net economic earnings for the third quarter of 2011 were $2.7 million and $6.0 million year-to-date. The decreases in both reporting periods were primarily due to lower natural gas sales volumes and reduced margins, driven mainly by narrow regional price differentials and limited price volatility that have prevailed throughout the year and become the norm in the marketplace.
 
 
NEW CREDIT AGREEMENTS
 
 
On July 18, 2011, The Laclede Group and Laclede Gas Company each entered into new revolving loan agreements, replacing existing arrangements due to expire later this year. Both new agreements have 5-year terms with three 1-year extension options. The Laclede Group’s credit facility provides for a credit commitment of $50 million, with an added $25 million accordion feature that allows for the facility to increase with lender approval. The loan agreement for Laclede Gas Company provides $300 million in credit, with an additional accordion feature of $100 million.
 
 
Laclede Group currently has no external borrowings under its credit facilities, as all short-term cash needs are being met with internally-generated funds.
 
 
ABOUT THE LACLEDE GROUP
 
 
The Laclede Group’s earnings are seasonal in nature and generally correspond with the heating season for Laclede Gas Company, its largest subsidiary.
 
 
For additional details on The Laclede Group’s fiscal 2011 third-quarter results, please see the accompanying unaudited Statements of Consolidated Income.  
 
 
Headquartered in St. Louis, Missouri, The Laclede Group, Inc. is a public utility holding company committed to providing reliable natural gas service through its regulated core utility operations, while engaging in non-regulated activities that provide opportunities for sustainable growth. Its subsidiary, Laclede Gas Company, the regulated operations of which are included in the Regulated Gas Distribution segment, serves nearly 630,000 residential, commercial and industrial customers in St. Louis City and parts of 10 counties in eastern Missouri. Laclede Group’s primary non-regulated business, Laclede Energy Resources, Inc., is included within the Non-Regulated Gas Marketing segment. For more information about Laclede Group and its subsidiaries, visit www.TheLacledeGroup.com.
 
 
CAUTIONARY STATEMENTS ON FORWARD-LOOKING INFORMATION
 
 
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s future operating results may be affected by various uncertainties and risk factors, many of which are beyond the Company’s control, including weather conditions, governmental and regulatory policy and action, the competitive environment and economic factors. For a more
 

NEWS RELEASE: The Laclede Group Reports Strong Third Quarter Earnings                                                                                                                         

 
 
 

 
complete description of these uncertainties and risk factors, see the Company’s Form 10-Q for the quarter ended March 31, 2011 filed with the Securities and Exchange Commission.
 
 
Net Economic Earnings
 
 
This press release includes the non-GAAP financial measures of “net economic earnings” and “net economic earnings per share.”  The Laclede Group’s non-regulated subsidiary LER and, to a lesser extent, Laclede Gas account for certain transactions through fair value measurements. As a result, management also uses these non-GAAP measures internally when evaluating the Company’s performance.  Net economic earnings exclude from net income the after-tax impacts of net unrealized gains and losses on energy-related derivatives resulting from the current changes in the fair value of financial and physical transactions prior to their completion and settlement. Management believes that excluding these timing differences provides a useful representation of the economic impact of only the actual settled transactions and their effects on results of operations.  These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as net income.
(Millions, except per share amounts)
Net Economic Earnings
(Non-GAAP)
Add:
Unrealized
Gain (Loss) (1)
Net Income
(GAAP)
  
Net Economic
EPS (2)
(Non-GAAP)
 
Diluted
EPS
(GAAP)
                                   
Quarter Ended June 30, 2011
                                  
 
Laclede Gas Company
$
11.6
  
$
—
  
$
11.6
      
$
0.52
  
$
0.52
  
 
Laclede Energy Resources, Inc.
  
2.7
    
0.8
    
3.5
        
0.12
    
0.16
  
 
Other
  
0.3
    
—
    
0.3
        
0.01
    
0.01
  
 
   Total
$
14.6
  
$
0.8
  
$
15.4
      
$
0.65
  
$
0.69
  
 
Per Share Amounts (2)
$
0.65
  
$
0.04
  
$
0.69
                  
                                     
Quarter Ended June 30, 2010
                                  
 
Laclede Gas Company
$
—
  
$
—
  
$
—
      
$
—
  
$
—
  
 
Laclede Energy Resources, Inc.
  
4.1
    
0.3
    
4.4
        
0.18
    
0.20
  
 
Other
  
0.3
    
—
    
0.3
        
0.02
    
0.01
  
 
   Total
$
4.4
  
$
0.3
  
$
4.7
      
$
0.20
  
$
0.21
  
 
Per Share Amounts (2)
$
0.20
  
$
0.01
  
$
0.21
                  

                                   
Nine Months Ended June 30, 2011
                                  
 
Laclede Gas Company
$
59.2
  
$
—
  
$
59.2
      
$
2.65
  
$
2.65
  
 
Laclede Energy Resources, Inc.
  
6.0
    
1.2
    
7.2
        
0.27
    
0.32
  
 
Other
  
0.3
    
—
    
0.3
        
0.01
    
0.01
  
 
   Total
$
65.5
  
$
1.2
  
$
66.7
      
$
2.93
  
$
2.98
  
 
Per Share Amounts (2)
$
2.93
  
$
0.05
  
$
2.98
                  
 
Nine Months Ended June 30, 2010
                                  
 
Laclede Gas Company
$
44.6
  
$
(0.1
)
$
44.5
      
$
2.00
  
$
2.00
  
 
Laclede Energy Resources, Inc.
  
12.4
    
(1.8
)
  
10.6
        
0.56
    
0.48
  
 
Other
  
0.5
    
—
    
0.5
        
0.03
    
0.02
  
 
   Total
$
57.5
  
$
(1.9
)
$
55.6
      
$
2.59
  
$
2.50
  
 
Per Share Amounts (2)
$
2.59
  
$
(0.09
)
$
2.50
                  

(1) Amounts presented net of income taxes. Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of unrealized gain (loss) on energy-related derivative contracts. For the quarters ended June 30, 2011 and 2010, the amounts of income tax expense included in the consolidated reconciling items above are $0.5 million and $0.2 million, respectively. For the nine months ended June 30, 2011 and 2010, the amounts of income tax expense (benefit) included in the consolidated reconciling items above are $0.7 million and $(1.2) million, respectively.
(2) Consolidated net economic earnings per share (EPS) are calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation.

 Note: EPS amounts by company represent contributions to Laclede Group’s consolidated EPS.

NEWS RELEASE: The Laclede Group Reports Strong Third Quarter Earnings                                                                                                                         

 
 
 

STATEMENTS OF CONSOLIDATED INCOME--UNAUDITED

THE LACLEDE GROUP, INC.
(Thousands, Except Per Share Amounts)
     
Three Months Ended
June 30
  
Nine Months Ended
June 30
   
2011
  
2010
  
2011
  
2010
                                 
OPERATING REVENUES
                                
 
Regulated Gas Distribution
  
$
151,423
    
$
124,745
    
$
817,241
    
$
781,194
  
 
Non-Regulated Gas Marketing
    
174,309
      
199,307
      
495,828
      
658,305
  
 
Other
    
18,549
      
455
      
19,192
      
11,499
  
 
Total Operating Revenues
    
344,281
      
324,507
      
1,332,261
      
1,450,998
  
OPERATING EXPENSES
                                
 
Regulated Gas Distribution
                                
 
   Natural and propane gas
    
76,632
      
57,315
      
510,703
      
489,553
  
 
   Other operation expenses
    
36,930
      
33,227
      
111,292
      
108,469
  
 
   Maintenance
    
5,932
      
7,198
      
18,513
      
20,591
  
 
   Depreciation and amortization
    
9,856
      
9,396
      
29,233
      
28,144
  
 
   Taxes, other than income taxes
    
12,332
      
12,016
      
52,766
      
54,290
  
 
Total Regulated Gas Distribution Operating Expenses
    
141,682
      
119,152
      
722,507
      
701,047
  
 
Non-Regulated Gas Marketing
    
168,580
      
192,230
      
484,235
      
641,121
  
 
Other
    
8,265
      
258
      
9,071
      
5,029
  
 
Total Operating Expenses
    
318,527
      
311,640
      
1,215,813
      
1,347,197
  
Operating Income
    
25,754
      
12,867
      
116,448
      
103,801
  
Other Income and (Income Deductions) - Net
    
157
      
(191
)
    
2,469
      
1,714
  
Interest Charges:
                                
 
Interest on long-term debt
    
5,739
      
6,146
      
17,421
      
18,437
  
 
Other interest charges
    
408
      
631
      
1,701
      
1,720
  
 
Total Interest Charges
    
6,147
      
6,777
      
19,122
      
20,157
  
Income Before Income Taxes
    
19,764
      
5,899
      
99,795
      
85,358
  
Income Tax Expense
    
4,374
      
1,168
      
33,143
      
29,721
  
Net Income
  
$
15,390
    
$
4,731
    
$
66,652
    
$
55,637
  
                                   
Average Number of Common Shares Outstanding:
                                
 
Basic
    
22,120
      
21,997
      
22,087
      
21,978
  
 
Diluted
    
22,188
      
22,048
      
22,160
      
22,025
  
                                   
Basic Earnings Per Share of Common Stock
  
$
0.69
    
$
0.21
    
$
2.99
    
$
2.51
  
Diluted Earnings Per Share of Common Stock
  
$
0.69
    
$
0.21
    
$
2.98
    
$
2.50
  





















###

NEWS RELEASE: The Laclede Group Reports Strong Third Quarter Earnings                                                                                                                         

 
 
 

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