Date of Report (Date of Earliest Event Reported):
|
November 19, 2012
|
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))
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THE LACLEDE GROUP, INC.
|
|||
Date: November 19, 2012
|
By:
|
/s/ S. P. Rasche
|
|
S. P. Rasche
Senior Vice President, Finance
and Accounting
|
LACLEDE GAS COMPANY
|
|||
Date: November 19, 2012
|
By:
|
/s/ S. P. Rasche
|
|
S. P. Rasche
Chief Financial Officer
|
Exhibit
Number
|
Description
|
Press release dated November 19, 2012.
|
|
Investor Contact:
|
Media Contact:
|
Scott W. Dudley, Jr. | Jessica B. Willingham |
314-342-0878
|
314-342-3300 |
sdudley@lacledegas.com | jwillingham@lacledegas.com |
All amounts per diluted share
|
Three Months Ended
September 30
|
Twelve Months Ended
September 30
|
|||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||
Earnings (Loss) Per Share (GAAP)
|
$
|
(0.03
|
)
|
$
|
(0.13
|
)
|
$
|
2.79
|
$
|
2.86
|
|||
Net Adjustments to GAAP Earnings
|
$
|
0.05
|
$
|
(0.01
|
)
|
$
|
(0.07
|
)
|
|||||
Net Economic Earnings (Loss) Per Share (non-GAAP)*
|
$
|
0.02
|
$
|
(0.14
|
)
|
$
|
2.79
|
$
|
2.79
|
||||
Earnings from 2011 Propane Sale
|
$
|
(0.27
|
)
|
||||||||||
Net Economic Earnings Per Share Excluding
|
|||||||||||||
2011 Propane Sale (non-GAAP)
|
$
|
2.79
|
$
|
2.52
|
|||||||||
* See “Net Economic Earnings and Reconciliation to GAAP” on page 9.
|
U.S.: | 1-877-317-6789 | |
Canada: | 1-866-605-3852 | |
International: | 1-412-317-6789 |
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
OPERATING REVENUES
|
||||||||||||||||||
Regulated Gas Distribution
|
$
|
97,466
|
$
|
95,949
|
$
|
763,447
|
$
|
913,190
|
||||||||||
Non-Regulated Gas Marketing
|
70,109
|
173,547
|
358,145
|
669,375
|
||||||||||||||
Other
|
1,963
|
1,550
|
3,883
|
20,742
|
||||||||||||||
Total Operating Revenues
|
169,538
|
271,046
|
1,125,475
|
1,603,307
|
||||||||||||||
OPERATING EXPENSES
|
||||||||||||||||||
Regulated Gas Distribution
|
||||||||||||||||||
Natural and propane gas
|
32,748
|
39,244
|
397,304
|
549,947
|
||||||||||||||
Other operation expenses
|
36,193
|
36,597
|
144,440
|
147,889
|
||||||||||||||
Maintenance
|
6,130
|
6,536
|
22,911
|
25,049
|
||||||||||||||
Depreciation and amortization
|
10,289
|
9,981
|
40,739
|
39,214
|
||||||||||||||
Taxes, other than income taxes
|
8,070
|
7,986
|
53,672
|
60,752
|
||||||||||||||
Total Regulated Gas Distribution Operating Expenses
|
93,430
|
100,344
|
659,066
|
822,851
|
||||||||||||||
Non-Regulated Gas Marketing
|
73,499
|
168,332
|
353,283
|
652,567
|
||||||||||||||
Other
|
740
|
571
|
2,524
|
9,642
|
||||||||||||||
Total Operating Expenses
|
167,669
|
269,247
|
1,014,873
|
1,485,060
|
||||||||||||||
Operating Income
|
1,869
|
1,799
|
110,602
|
118,247
|
||||||||||||||
Other Income and (Income Deductions) - Net
|
(499
|
)
|
(2,292
|
)
|
3,272
|
177
|
||||||||||||
Interest Charges:
|
||||||||||||||||||
Interest on long-term debt
|
5,740
|
5,740
|
22,958
|
23,161
|
||||||||||||||
Other interest charges
|
446
|
555
|
1,987
|
2,256
|
||||||||||||||
Total Interest Charges
|
6,186
|
6,295
|
24,945
|
25,417
|
||||||||||||||
Income (Loss) Before Income Taxes
|
(4,816
|
)
|
(6,788
|
)
|
88,929
|
93,007
|
||||||||||||
Income Tax Expense (Benefit)
|
(4,165
|
)
|
(3,961
|
)
|
26,289
|
29,182
|
||||||||||||
Net Income (Loss)
|
$
|
(651
|
)
|
$
|
(2,827
|
)
|
$
|
62,640
|
$
|
63,825
|
||||||||
Weighted Average Number of Common Shares Outstanding:
|
||||||||||||||||||
Basic
|
22,318
|
22,136
|
22,262
|
22,099
|
||||||||||||||
Diluted
|
22,318
|
22,136
|
22,340
|
22,171
|
||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock
|
$
|
(0.03
|
)
|
$
|
(0.13
|
)
|
$
|
2.80
|
$
|
2.87
|
||||||||
Diluted Earnings (Loss) Per Share of Common Stock
|
$
|
(0.03
|
)
|
$
|
(0.13
|
)
|
$
|
2.79
|
$
|
2.86
|
September 30, 2012
|
September 30, 2011
|
||||||||||||
|
|||||||||||||
ASSETS
|
|||||||||||||
Utility Plant
|
$
|
1,497,419
|
$
|
1,386,590
|
|||||||||
Less: Accumulated depreciation and amortization
|
478,120
|
457,907
|
|||||||||||
Net Utility Plant
|
1,019,299
|
928,683
|
|||||||||||
Other Property and Investments
|
56,814
|
55,373
|
|||||||||||
Current Assets:
|
|||||||||||||
Cash and cash equivalents
|
27,457
|
43,277
|
|||||||||||
Accounts receivable (net of allowance for doubtful accounts)
|
133,842
|
124,483
|
|||||||||||
Inventories
|
106,472
|
128,360
|
|||||||||||
Other
|
75,245
|
73,014
|
|||||||||||
Total Current Assets
|
343,016
|
369,134
|
|||||||||||
Regulatory assets and other deferred charges
|
461,133
|
429,892
|
|||||||||||
Total Assets
|
$
|
1,880,262
|
$
|
1,783,082
|
|||||||||
CAPITALIZATION AND LIABILITIES
|
|||||||||||||
Capitalization:
|
|||||||||||||
Common stock and paid-in capital
|
$
|
191,146
|
$
|
186,133
|
|||||||||
Retained earnings
|
414,581
|
389,298
|
|||||||||||
Accumulated other comprehensive loss
|
(4,116
|
)
|
(2,100
|
)
|
|||||||||
Total Common Stock Equity
|
601,611
|
573,331
|
|||||||||||
Long-term debt (less current portion) – Laclede Gas
|
339,416
|
364,357
|
|||||||||||
Total Capitalization
|
941,027
|
937,688
|
|||||||||||
Current Liabilities:
|
|||||||||||||
Notes payable
|
40,100
|
46,000
|
|||||||||||
Accounts payable
|
89,503
|
96,561
|
|||||||||||
Advance customer billings
|
25,146
|
15,230
|
|||||||||||
Current portion of long-term debt
|
25,000
|
—
|
|||||||||||
Accrued liabilities and other
|
72,375
|
74,143
|
|||||||||||
Total Current Liabilities
|
252,124
|
231,934
|
|||||||||||
Deferred Credits and Other Liabilities:
|
|||||||||||||
Deferred income taxes and unamortized investment tax credits
|
358,622
|
318,731
|
|||||||||||
Pension and postretirement benefit costs
|
196,558
|
185,701
|
|||||||||||
Regulatory liabilities
|
56,319
|
50,846
|
|||||||||||
Asset retirement obligations and other
|
75,612
|
58,182
|
|||||||||||
Total Deferred Credits and Other Liabilities
|
687,111
|
613,460
|
|||||||||||
Total Capitalization and Liabilities
|
$
|
1,880,262
|
$
|
1,783,082
|
|||||||||
Twelve Months Ended
|
|||||||||
September 30,
|
|||||||||
2012
|
2011
|
||||||||
Operating Activities:
|
|||||||||
Net Income
|
$
|
62,640
|
$
|
63,825
|
|||||
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
|
|||||||||
Depreciation, amortization, and accretion
|
41,339
|
39,764
|
|||||||
Deferred income taxes and investment tax credits
|
30,554
|
23,885
|
|||||||
Other – net
|
75
|
3,431
|
|||||||
Changes in assets and liabilities
|
(6,507
|
)
|
36,282
|
||||||
Net cash provided by operating activities
|
128,101
|
167,187
|
|||||||
Investing Activities:
|
|||||||||
Capital expenditures
|
(108,843
|
)
|
(67,638
|
)
|
|||||
Other investments
|
3,439
|
631
|
|||||||
Net cash used in investing activities
|
(105,404
|
)
|
(67,007
|
)
|
|||||
Financing Activities:
|
|||||||||
Maturity of first mortgage bonds
|
–
|
(25,000
|
)
|
||||||
Repayment of short-term debt – net
|
(5,900
|
)
|
(83,650
|
)
|
|||||
Issuance of common stock
|
4,311
|
2,549
|
|||||||
Dividends paid
|
(36,896
|
)
|
(35,821
|
)
|
|||||
Other
|
(32
|
)
|
(1,900
|
)
|
|||||
Net cash used in financing activities
|
(38,517
|
)
|
(143,822
|
)
|
|||||
Net Decrease in Cash and Cash Equivalents
|
(15,820
|
)
|
(43,642
|
)
|
|||||
Cash and Cash Equivalents at Beginning of Period
|
43,277
|
86,919
|
|||||||
Cash and Cash Equivalents at End of Period
|
$
|
27,457
|
|
$
|
43,277
|
||||
|
|||||||||
NET ECONOMIC EARNINGS AND RECONCILIATION TO GAAP
|
|||||||||||||||||||||
THE LACLEDE GROUP, INC. | |||||||||||||||||||||
(Millions, except per share amounts) | |||||||||||||||||||||
|
Regulated
Gas
Distribution
|
Non-
Regulated
Gas Marketing
|
Other
|
Total
|
Per Share
Amounts (2)
|
||||||||||||||||
Quarter Ended September 30, 2012
|
|||||||||||||||||||||
Net Economic Earnings (Loss) (Non-GAAP)
|
$
|
(3.3
|
)
|
$
|
2.7
|
$
|
1.0
|
$
|
0.4
|
$
|
0.02
|
||||||||||
Add: Unrealized gain (loss) on energy-related
derivatives (1)
|
0.1
|
(1.1
|
)
|
–
|
(1.0
|
)
|
(0.04
|
)
|
|||||||||||||
Add: Lower of cost or market inventory
adjustments (1)
|
–
|
0.1
|
–
|
0.1
|
–
|
||||||||||||||||
Add: Realized loss on economic hedges prior to
the sale of the physical commodity (1)
|
–
|
(0.1
|
)
|
–
|
(0.1
|
)
|
–
|
||||||||||||||
Add: Acquisition, divestiture and restructuring
activities (1)
|
–
|
–
|
(0.1
|
)
|
(0.1
|
)
|
(0.01
|
)
|
|||||||||||||
Net Income (Loss) (GAAP)
|
$
|
(3.2
|
)
|
$
|
1.6
|
$
|
0.9
|
$
|
(0.7
|
)
|
$
|
(0.03
|
)
|
||||||||
Net Economic EPS (Non-GAAP) (2)
|
$
|
(0.15
|
)
|
$
|
0.12
|
$
|
0.05
|
$
|
0.02
|
||||||||||||
Diluted EPS (GAAP)
|
$
|
(0.14
|
)
|
$
|
0.07
|
$
|
0.04
|
$
|
(0.03
|
)
|
|||||||||||
Quarter Ended September 30, 2011
|
|||||||||||||||||||||
Net Economic Earnings (Non-GAAP)
|
$
|
(6.1
|
)
|
$
|
2.9
|
$
|
0.1
|
$
|
(3.1
|
)
|
$
|
(0.14
|
)
|
||||||||
Add: Unrealized gain on energy-related
derivatives (1)
|
–
|
0.3
|
–
|
0.3
|
0.01
|
||||||||||||||||
Net Income (GAAP)
|
$
|
(6.1
|
)
|
$
|
3.2
|
$
|
0.1
|
$
|
(2.8
|
)
|
$
|
(0.13
|
)
|
||||||||
Net Economic EPS (Non-GAAP) (2)
|
$
|
(0.27
|
)
|
$
|
0.13
|
$
|
–
|
$
|
(0.14
|
)
|
|||||||||||
Diluted EPS (GAAP)
|
$
|
(0.27
|
)
|
$
|
0.15
|
$
|
(0.01)
|
$
|
(0.13
|
)
|
|||||||||||
Twelve Months Ended September 30, 2012
|
|||||||||||||||||||||
Net Economic Earnings (Non-GAAP)
|
$
|
48.1
|
$
|
12.3
|
$
|
2.2
|
$
|
62.6
|
$
|
2.79
|
|||||||||||
Add: Unrealized gain on energy-related
derivatives (1)
|
0.1
|
0.2
|
–
|
0.3
|
0.02
|
||||||||||||||||
Add: Realized loss on economic hedges prior to
the sale of the physical commodity (1)
|
–
|
(0.2
|
)
|
–
|
(0.2
|
)
|
(0.01
|
)
|
|||||||||||||
Add: Acquisition, divestiture and restructuring
activities (1)
|
–
|
–
|
(0.1
|
)
|
(0.1
|
)
|
(0.01
|
)
|
|||||||||||||
Net Income (GAAP)
|
$
|
48.2
|
$
|
12.3
|
$
|
2.1
|
$
|
62.6
|
$
|
2.79
|
|||||||||||
Net Economic EPS (Non-GAAP) (2)
|
$
|
2.14
|
$
|
0.55
|
$
|
0.10
|
$
|
2.79
|
|||||||||||||
Diluted EPS (GAAP)
|
$
|
2.15
|
$
|
0.55
|
$
|
0.09
|
$
|
2.79
|
|||||||||||||
Twelve Months Ended September 30, 2011
|
|||||||||||||||||||||
Net Economic Earnings (Non-GAAP)
|
$
|
46.9
|
$
|
9.0
|
$
|
6.5
|
$
|
62.4
|
$
|
2.79
|
|||||||||||
Add: Unrealized gain on energy-related
derivatives (1)
|
–
|
1.4
|
–
|
1.4
|
0.07
|
||||||||||||||||
Net Income (GAAP)
|
$
|
46.9
|
$
|
10.4
|
$
|
6.5
|
$
|
63.8
|
$
|
2.86
|
|||||||||||
Net Economic EPS (Non-GAAP) (2)
|
$
|
2.10
|
$
|
0.40
|
$
|
0.29
|
$
|
2.79
|
|||||||||||||
Diluted EPS (GAAP)
|
$
|
2.10
|
$
|
0.47
|
$
|
0.29
|
$
|
2.86
|
Twelve Months Ended
|
|||||||||
September 30,
|
|||||||||
2012
|
2011
|
||||||||
Operating Cash Flows (Non-GAAP)
|
$
|
104.0
|
$
|
107.0
|
|||||
Add (deduct):
|
|||||||||
Changes in assets and liabilities
|
(6.5
|
)
|
36.3
|
||||||
Deferred income taxes and investment tax credits
|
30.6
|
23.9
|
|||||||
Net cash provided by operating activities (GAAP)
|
$
|
128.1
|
$
|
167.2
|
|||||
Net cash used in investing activities (GAAP)
|
$
|
(105.4
|
)
|
$
|
(67.0
|
)
|
|||
Net cash used in financing activities (GAAP)
|
$
|
(38.5
|
)
|
$
|
(143.8
|
)
|