California
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1-7850
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88-0085720
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(State or other jurisdiction of
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(Commission
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(I.R.S. Employer
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incorporation or organization)
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File Number)
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Identification No.)
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5241 Spring Mountain Road
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Post Office Box 98510
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Las Vegas, Nevada
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89193-8510
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(Address of principal executive offices)
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(Zip Code)
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SOUTHWEST GAS CORPORATION
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Date: August 8, 2011
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/s/ GREGORY J. PETERSON
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Gregory J. Peterson
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Vice President/Controller and
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Chief Accounting Officer
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Exhibit
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No.
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Description
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99
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Press Release and summary financial information dated August 8, 2011.
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QUARTER ENDED JUNE 30,
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2011
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2010
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||||||
Consolidated Operating Revenues
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$ | 388,505 | $ | 385,825 | ||||
Net Income (Loss)
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$ | 4,055 | $ | (933 | ) | |||
Average Number of Common Shares Outstanding
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45,864 | 45,391 | ||||||
Basic Earnings (Loss) Per Share
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$ | 0.09 | $ | (0.02 | ) | |||
Diluted Earnings (Loss) Per Share
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$ | 0.09 | $ | (0.02 | ) | |||
SIX MONTHS ENDED JUNE 30,
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2011 | 2010 | ||||||
Consolidated Operating Revenues
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$ | 1,016,945 | $ | 1,054,576 | ||||
Net Income
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$ | 72,604 | $ | 63,715 | ||||
Average Number of Common Shares Outstanding
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45,814 | 45,306 | ||||||
Basic Earnings Per Share
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$ | 1.58 | $ | 1.41 | ||||
Diluted Earnings Per Share
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$ | 1.57 | $ | 1.39 | ||||
TWELVE MONTHS ENDED JUNE 30,
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2011 | 2010 | ||||||
Consolidated Operating Revenues
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$ | 1,792,740 | $ | 1,870,890 | ||||
Net Income
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$ | 112,766 | $ | 101,810 | ||||
Average Number of Common Shares Outstanding
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45,656 | 45,113 | ||||||
Basic Earnings Per Share
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$ | 2.47 | $ | 2.26 | ||||
Diluted Earnings Per Share
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$ | 2.45 | $ | 2.24 |
SOUTHWEST GAS CORPORATION
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SUMMARY UNAUDITED OPERATING RESULTS
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(In thousands, except per share amounts)
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||||||||||||||||||||||||
THREE MONTHS ENDED
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SIX MONTHS ENDED
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TWELVE MONTHS ENDED
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JUNE 30,
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JUNE 30,
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JUNE 30,
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||||||||||||||||||||||
2011
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2010
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2011
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2010
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2011
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2010
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Results of Consolidated Operations
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Contribution to net income (loss) - gas operations
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$ | 199 | $ | (4,101 | ) | $ | 68,214 | $ | 61,216 | $ | 98,380 | $ | 93,520 | |||||||||||
Contribution to net income - construction services
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3,856 | 3,168 | 4,390 | 2,499 | 14,386 | 8,290 | ||||||||||||||||||
Net income (loss)
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$ | 4,055 | $ | (933 | ) | $ | 72,604 | $ | 63,715 | $ | 112,766 | $ | 101,810 | |||||||||||
Basic earnings (loss) per share
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$ | 0.09 | $ | (0.02 | ) | $ | 1.58 | $ | 1.41 | $ | 2.47 | $ | 2.26 | |||||||||||
Diluted earnings (loss) per share
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$ | 0.09 | $ | (0.02 | ) | $ | 1.57 | $ | 1.39 | $ | 2.45 | $ | 2.24 | |||||||||||
Average outstanding common shares
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45,864 | 45,391 | 45,814 | 45,306 | 45,656 | 45,113 | ||||||||||||||||||
Average shares outstanding (assuming dilution)
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46,299 | - | 46,239 | 45,698 | 46,091 | 45,484 | ||||||||||||||||||
Results of Natural Gas Operations
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Gas operating revenues
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$ | 273,414 | $ | 305,269 | $ | 827,267 | $ | 919,778 | $ | 1,419,396 | $ | 1,582,771 | ||||||||||||
Net cost of gas sold
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117,055 | 147,736 | 400,861 | 499,991 | 637,045 | 803,126 | ||||||||||||||||||
Operating margin
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156,359 | 157,533 | 426,406 | 419,787 | 782,351 | 779,645 | ||||||||||||||||||
Operations and maintenance expense
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88,708 | 86,935 | 179,658 | 173,640 | 360,961 | 351,074 | ||||||||||||||||||
Depreciation and amortization
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43,476 | 42,146 | 87,357 | 84,842 | 172,971 | 167,480 | ||||||||||||||||||
Taxes other than income taxes
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10,296 | 9,616 | 20,165 | 19,382 | 39,652 | 37,085 | ||||||||||||||||||
Operating income
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13,879 | 18,836 | 139,226 | 141,923 | 208,767 | 224,006 | ||||||||||||||||||
Other income (deductions)
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1,525 | (5,176 | ) | 1,289 | (5,707 | ) | 11,012 | 246 | ||||||||||||||||
Net interest deductions
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17,153 | 18,862 | 34,981 | 36,886 | 73,208 | 74,264 | ||||||||||||||||||
Net interest deductions on subordinated debentures
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- | - | - | 1,912 | - | 5,778 | ||||||||||||||||||
Income (loss) before income taxes
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(1,749 | ) | (5,202 | ) | 105,534 | 97,418 | 146,571 | 144,210 | ||||||||||||||||
Income tax expense (benefit)
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(1,948 | ) | (1,101 | ) | 37,320 | 36,202 | 48,191 | 50,690 | ||||||||||||||||
Contribution to net income (loss) - gas operations
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$ | 199 | $ | (4,101 | ) | $ | 68,214 | $ | 61,216 | $ | 98,380 | $ | 93,520 |
SOUTHWEST GAS CORPORATION
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SELECTED STATISTICAL DATA
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JUNE 30, 2011
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FINANCIAL STATISTICS
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Market value to book value per share at quarter end
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145 | % | ||||||||||||||
Twelve months to date return on equity -- total company
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9.6 | % | ||||||||||||||
-- gas segment
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8.8 | % | ||||||||||||||
Common stock dividend yield at quarter end
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2.7 | % | ||||||||||||||
GAS OPERATIONS SEGMENT
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Authorized
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Authorized
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Authorized
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Return on
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Rate Base
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Rate of
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Common
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Rate Jurisdiction
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(In thousands)
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Return
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Equity
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Arizona
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$ | 1,066,108 | 8.86 | % | 10.00 | % |
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Southern Nevada
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819,717 | 7.40 | 10.15 | |||||||||||||
Northern Nevada
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116,584 | 8.29 | 10.15 | |||||||||||||
Southern California
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143,851 | 7.87 | 10.50 | |||||||||||||
Northern California
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52,285 | 8.99 | 10.50 | |||||||||||||
South Lake Tahoe
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11,815 | 8.99 | 10.50 | |||||||||||||
Paiute Pipeline Company (1)
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84,717 | 9.47 | 12.00 | |||||||||||||
(1) Estimated amounts based on rate case settlement.
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SYSTEM THROUGHPUT BY CUSTOMER CLASS
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SIX MONTHS ENDED
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TWELVE MONTHS ENDED
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JUNE 30,
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JUNE 30,
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(In dekatherms)
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2011 | 2010 | 2011 | 2010 | ||||||||||||
Residential
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47,156,075 | 47,556,591 | 70,068,784 | 70,987,598 | ||||||||||||
Small commercial
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18,247,627 | 18,216,906 | 30,124,722 | 30,312,892 | ||||||||||||
Large commercial
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6,361,911 | 6,179,464 | 11,365,742 | 11,212,962 | ||||||||||||
Industrial / Other
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2,736,932 | 3,014,098 | 5,615,047 | 6,311,663 | ||||||||||||
Transportation
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47,483,477 | 49,168,221 | 98,175,205 | 101,647,613 | ||||||||||||
Total system throughput
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121,986,022 | 124,135,280 | 215,349,500 | 220,472,728 | ||||||||||||
HEATING DEGREE DAY COMPARISON
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Actual
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1,382 | 1,446 | 1,933 | 2,016 | ||||||||||||
Ten-year average
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1,338 | 1,335 | 1,878 | 1,893 | ||||||||||||
Heating degree days for prior periods have been recalculated using the current period customer mix.
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