0001126956-11-000065.txt : 20111028 0001126956-11-000065.hdr.sgml : 20111028 20111028083904 ACCESSION NUMBER: 0001126956-11-000065 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20111028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111028 DATE AS OF CHANGE: 20111028 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: 111163448 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: 111163447 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 fye2011earnings8-k.htm FYE 2011 EARNINGS RELEASE 8-K fye2011earnings8-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):
October 28, 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 October 28, 2011, the Company issued its earnings news release announcing its unaudited results for the quarter and twelve months ended September 30, 2011.  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 October 28, 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: October 28, 2011
  
By: 
 
/s/ M. D. Waltermire
     
M. D. Waltermire
Chief Financial Officer
  
   
LACLEDE GAS COMPANY
 
Date:  October 28, 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 October 28, 2011.
   
   
   
   
   
   

 

 
 


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

FOR IMMEDIATE RELEASE

The Laclede Group Reports Strong Year-End Earnings
Earnings are third highest in Company history

ST. LOUIS (October 28, 2011) – The Laclede Group, Inc. (NYSE: LG) today reported consolidated net income for its fiscal year ended September 30, 2011 of $63.8 million, or $2.86 diluted earnings per share and third highest in the Company’s history, compared to $54.0 million, or $2.43 per share, for fiscal 2010. On a non-GAAP basis, 2011 net economic earnings totaled $62.4 million, or $2.79 per share, compared to $56.1 million, or $2.52 per share, for 2010. A chart of net economic earnings follows.
 
For the fourth quarter of 2011, the Company posted a loss of $2.8 million, or $0.13 per share, compared to a loss of $1.6 million, or $0.07 per share, for the same quarter of 2010. On a net economic earnings basis, the Company posted a loss of $3.1 million, or $0.14 per share in the current year, compared to a loss of $1.4 million, or $0.06 per share in the prior year. Laclede Gas typically experiences losses in its fiscal fourth quarter due to lower gas usage by utility customers during the summer months.
 
The Company’s operating results for fiscal year 2011 reflected 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.
 
“Our regulated utility led the way this past year, as we achieved our third highest earnings in the history of the Company,” said Douglas H. Yaeger, chairman and chief executive officer of The Laclede Group. “These results are a testament to the dedication of our employees who are committed to serving our customers and shareholders.”
 
RESULTS OF OPERATIONS
 
 
Laclede Gas Company
 
Laclede Gas Company reported $53.8 million in net income for the fiscal year, a $14.1 million increase over 2010. The higher year-over-year earnings reflect the general rate increase that went into effect September 1, 2010 and higher earnings from non-regulated sales of propane inventories no longer required to serve utility customers. These positive impacts were partially offset by higher operating costs, as the net effect of lower maintenance costs and other operating efficiencies were more than offset by higher pension and benefit costs.
 
For the fourth quarter of 2011, Laclede Gas Company reported a loss of $5.4 million compared to a loss of $4.8 million for the same quarter last year. The Company typically experiences losses in the fourth quarter due to lower gas usage by utility customers during the summer months, as noted above.
 
 
 
NEWS RELEASE  I  The Laclede Group Reports Strong Year-End Earnings  I  October 28, 2011  I                                                                   1 of 4
 
 
 

Laclede Energy Resources

LER reported net income of $10.4 million for fiscal 2011, compared to $13.7 million for the prior year. LER’s net economic earnings for 2011 were $9.0 million, compared to $15.7 million, for 2010. These results were primarily due to reduced margins and lower natural gas sales volumes, driven mainly by narrow regional price differentials and limited price volatility that have prevailed throughout the year, and have become the norm in the marketplace.
 
For the fourth quarter of 2011, LER reported net income of $3.2 million, slightly above the same quarter last year. LER’s net economic earnings for the fourth quarter were $2.9 million, compared to $3.3 million for 2010. For the quarter, lower margins and volume were offset in part by lower transportation costs resulting from renegotiation of transportation contracts that were up for renewal.
 
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 results for the fourth quarter and year-end 2011, 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 approximately 625,000 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 complete description of these uncertainties and risk factors, see the Company’s Form 10-Q for the quarter ended June 30, 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
 
NEWS RELEASE  I  The Laclede Group Reports Strong Year-End Earnings  I  October 28, 2011  I                                                                   2 of 4
 
 
 
 

 
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
(Losses)
(Non-GAAP)
Add:
Unrealized
Gain (Loss) (1)
Net Income
(Loss)
(GAAP)
  
Net Economic
EPS (2)
(Non-GAAP)
 
Diluted
EPS
(GAAP)
                                   
Quarter Ended September 30, 2011
                                  
 
Laclede Gas Company
$
(5.4
)
$
—
  
$
(5.4
)
    
$
(0.24
)
$
(0.25
)
 
Laclede Energy Resources, Inc.
  
2.9
    
0.3
    
3.2
        
0.13
    
0.15
  
 
Other
  
(0.6
)
  
—
    
(0.6
)
      
(0.03
)
  
(0.03
)
 
   Total
$
(3.1
)
$
0.3
  
$
(2.8
)
    
$
(0.14
)
$
(0.13
)
 
Per Share Amounts (2)
$
(0.14
)
$
0.01
  
$
(0.13
)
                
                                     
Quarter Ended September 30, 2010
                                  
 
Laclede Gas Company
$
(4.9
)
$
0.1
  
$
(4.8
)
    
$
(0.22
)
$
(0.22
)
 
Laclede Energy Resources, Inc.
  
3.3
    
(0.3
)
  
3.0
        
0.15
    
0.14
  
 
Other
  
0.2
    
—
   
0.2
        
0.01
    
0.01
  
 
   Total
$
(1.4
)
$
(0.2
)
$
(1.6
)
    
$
(0.06
)
$
(0.07
)
 
Per Share Amounts (2)
$
(0.06
)
$
(0.01
)
$
(0.07
)
                

                                   
Twelve Months Ended September 30, 2011
                                  
 
Laclede Gas Company
$
53.8
  
$
—
  
$
53.8
      
$
2.41
  
$
2.41
  
 
Laclede Energy Resources, Inc.
  
9.0
    
1.4
    
10.4
        
0.40
    
0.47
  
 
Other
  
(0.4
)
  
—
    
(0.4
)
      
(0.02
)
  
(0.02
)
 
   Total
$
62.4
  
$
1.4
  
$
63.8
      
$
2.79
  
$
2.86
  
 
Per Share Amounts (2)
$
2.79
  
$
0.07
  
$
2.86
                  
 
Twelve Months Ended September 30, 2010
                                  
 
Laclede Gas Company
$
39.8
  
$
(0.1
)
$
39.7
      
$
1.79
  
$
1.78
  
 
Laclede Energy Resources, Inc.
  
15.7
    
(2.0
)
  
13.7
        
0.71
    
0.61
  
 
Other
  
0.6
    
—
    
0.6
        
0.02
    
0.04
  
 
   Total
$
56.1
  
$
(2.1
)
$
54.0
      
$
2.52
  
$
2.43
  
 
Per Share Amounts (2)
$
2.52
  
$
(0.09
)
$
2.43
                  


(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 September 30, 2011 and 2010, the amounts of income tax expense (benefit) included in the consolidated reconciling items above are $0.2 million and $(0.1) million, respectively. For the twelve months ended September 30, 2011 and 2010, the amounts of income tax expense (benefit) included in the consolidated reconciling items above are $0.9 million and $(1.3) 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  I  The Laclede Group Reports Strong Year-End Earnings  I  October 28, 2011  I                                                                   3 of 4
 
 
STATEMENTS OF CONSOLIDATED INCOME–UNAUDITED

THE LACLEDE GROUP, INC.
(Thousands, Except Per Share Amounts)
     
Three Months Ended
September 30
  
Twelve Months Ended
September 30
   
2011
  
2010
  
2011
  
2010
                                 
OPERATING REVENUES
                                
 
Regulated Gas Distribution
  
$
95,949
    
$
83,103
    
$
913,190
    
$
864,297
  
 
Non-Regulated Gas Marketing
    
173,547
      
200,477
      
669,375
      
858,782
  
 
Other
    
1,550
      
451
      
20,742
      
11,950
  
 
Total Operating Revenues
    
271,046
      
284,031
      
1,603,307
      
1,735,029
  
OPERATING EXPENSES
                                
 
Regulated Gas Distribution
                                
 
   Natural and propane gas
    
39,244
      
30,352
      
549,947
      
519,905
  
 
   Other operation expenses
    
36,597
      
33,526
      
147,889
      
141,995
  
 
   Maintenance
    
6,536
      
6,653
      
25,049
      
27,244
  
 
   Depreciation and amortization
    
9,981
      
9,428
      
39,214
      
37,572
  
 
   Taxes, other than income taxes
    
7,986
      
7,117
      
60,752
      
61,407
  
 
Total Regulated Gas Distribution Operating Expenses
    
100,344
      
87,076
      
822,851
      
788,123
  
 
Non-Regulated Gas Marketing
    
168,332
      
195,566
      
652,567
      
836,687
  
 
Other
    
571
      
324
      
9,642
      
5,353
  
 
Total Operating Expenses
    
269,247
      
282,966
      
1,485,060
      
1,630,163
  
Operating Income
    
1,799
      
1,065
      
118,247
      
104,866
  
Other Income and (Income Deductions) - Net
    
(2,292
)
    
1,406
      
177
      
3,120
  
Interest Charges:
                                
 
Interest on long-term debt
    
5,740
      
6,146
      
23,161
      
24,583
  
 
Other interest charges
    
555
      
549
      
2,256
      
2,269
  
 
Total Interest Charges
    
6,295
      
6,695
      
25,417
      
26,852
  
Income (Loss) Before Income Taxes
    
(6,788
)
    
(4,224
)
    
93,007
      
81,134
  
Income Tax Expense (Benefit)
    
(3,961
)
    
(2,627
)
    
29,182
      
27,094
  
Net Income (Loss)
  
$
(2,827
)
  
$
(1,597
)
  
$
63,825
    
$
54,040
  
                                   
Average Number of Common Shares Outstanding:
                                
 
Basic
    
22,136
      
22,009
      
22,099
      
21,986
  
 
Diluted
    
22,136
      
22,009
      
22,171
      
22,039
  
                                   
Basic Earnings (Loss) Per Share of Common Stock
  
$
(0.13
)
  
$
(0.07
)
  
$
2.87
    
$
2.43
  
Diluted Earnings (Loss) Per Share of Common Stock
  
$
(0.13
)
  
$
(0.07
)
  
$
2.86
    
$
2.43
  






###
 
NEWS RELEASE  I  The Laclede Group Reports Strong Year-End Earnings  I  October 28, 2011  I                                                                   4 of 4



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