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: May 3, 2013
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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 May 3, 2013.
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QUARTER ENDED MARCH 31,
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2013
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2012
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||||||
Consolidated Operating Revenues
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$ | 613,505 | $ | 657,645 | ||||
Net Income
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$ | 80,773 | $ | 78,919 | ||||
Average Number of Common Shares Outstanding
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46,251 | 46,068 | ||||||
Basic Earnings Per Share
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$ | 1.75 | $ | 1.71 | ||||
Diluted Earnings Per Share
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$ | 1.73 | $ | 1.70 | ||||
TWELVE MONTHS ENDED MARCH 31,
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2013 | 2012 | ||||||
Consolidated Operating Revenues
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$ | 1,883,638 | $ | 1,916,393 | ||||
Net Income
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$ | 135,185 | $ | 122,657 | ||||
Average Number of Common Shares Outstanding
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46,160 | 45,934 | ||||||
Basic Earnings Per Share
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$ | 2.93 | $ | 2.67 | ||||
Diluted Earnings Per Share
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$ | 2.90 | $ | 2.65 |
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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TWELVE MONTHS ENDED
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MARCH 31,
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MARCH 31,
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|||||||||||||||
2013
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2012
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2013
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2012
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Results of Consolidated Operations
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Contribution to net income - gas operations
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$ | 79,292 | $ | 79,366 | $ | 116,545 | $ | 102,771 | ||||||||
Contribution to net income (loss) - construction services
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1,481 | (447 | ) | 18,640 | 19,886 | |||||||||||
Net income
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$ | 80,773 | $ | 78,919 | $ | 135,185 | $ | 122,657 | ||||||||
Basic earnings per share
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$ | 1.75 | $ | 1.71 | $ | 2.93 | $ | 2.67 | ||||||||
Diluted earnings per share
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$ | 1.73 | $ | 1.70 | $ | 2.90 | $ | 2.65 | ||||||||
Average outstanding common shares
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46,251 | 46,068 | 46,160 | 45,934 | ||||||||||||
Average shares outstanding (assuming dilution)
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46,650 | 46,467 | 46,600 | 46,363 | ||||||||||||
Results of Natural Gas Operations
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Gas operating revenues
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$ | 493,600 | $ | 530,713 | $ | 1,284,615 | $ | 1,380,226 | ||||||||
Net cost of gas sold
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200,608 | 242,747 | 437,463 | 572,430 | ||||||||||||
Operating margin
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292,992 | 287,966 | 847,152 | 807,796 | ||||||||||||
Operations and maintenance expense
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97,087 | 95,850 | 371,216 | 363,398 | ||||||||||||
Depreciation and amortization
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48,319 | 46,292 | 188,062 | 177,664 | ||||||||||||
Taxes other than income taxes
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11,795 | 10,731 | 42,792 | 41,811 | ||||||||||||
Operating income
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135,791 | 135,093 | 245,082 | 224,923 | ||||||||||||
Other income (deductions)
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4,063 | 5,433 | 2,795 | 265 | ||||||||||||
Net interest deductions
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15,678 | 16,977 | 65,658 | 67,926 | ||||||||||||
Income before income taxes
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124,176 | 123,549 | 182,219 | 157,262 | ||||||||||||
Income tax expense
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44,884 | 44,183 | 65,674 | 54,491 | ||||||||||||
Contribution to net income - gas operations
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$ | 79,292 | $ | 79,366 | $ | 116,545 | $ | 102,771 |
SOUTHWEST GAS CORPORATION
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SELECTED STATISTICAL DATA
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MARCH 31, 2013
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FINANCIAL STATISTICS
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Market value to book value per share at quarter end
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159% | |||||||||||||||
Twelve months to date return on equity -- total company
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10.4% | |||||||||||||||
-- gas segment
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9.5% | |||||||||||||||
Common stock dividend yield at quarter end
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2.8% | |||||||||||||||
Customer to employee ratio at quarter end (gas segment)
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859 to 1
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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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$ | 1,070,116 | 8.95 | % | 9.50 | % |
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Southern Nevada (1)
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825,190 | 6.56 | 10.00 | |||||||||||||
Northern Nevada (1)
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115,933 | 7.88 | 9.30 | |||||||||||||
Southern California
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143,851 | 6.10 | 9.35 | |||||||||||||
Northern California
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52,285 | 7.77 | 9.35 | |||||||||||||
South Lake Tahoe
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11,815 | 7.77 | 9.35 | |||||||||||||
Paiute Pipeline Company (2)
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84,717 | 9.47 | 12.00 | |||||||||||||
(1) Effective April 9, 2013.
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(2) Estimated amounts based on rate case settlement.
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SYSTEM THROUGHPUT BY CUSTOMER CLASS
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THREE MONTHS ENDED
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TWELVE MONTHS ENDED
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MARCH 31,
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MARCH 31,
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(In dekatherms)
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2013 | 2012 | 2013 | 2012 | ||||||||||||
Residential
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38,705,524 | 32,999,266 | 71,210,850 | 70,142,485 | ||||||||||||
Small commercial
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11,978,917 | 10,556,682 | 28,488,729 | 29,336,738 | ||||||||||||
Large commercial
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3,437,353 | 4,078,013 | 11,017,600 | 11,555,221 | ||||||||||||
Industrial / Other
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1,760,581 | 1,438,945 | 5,104,630 | 4,753,712 | ||||||||||||
Transportation
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28,639,864 | 23,311,463 | 105,137,867 | 92,045,134 | ||||||||||||
Total system throughput
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84,522,239 | 72,384,369 | 220,959,676 | 207,833,290 | ||||||||||||
HEATING DEGREE DAY COMPARISON
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Actual
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1,206 | 1,055 | 1,891 | 1,932 | ||||||||||||
Ten-year average
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1,110 | 1,083 | 1,892 | 1,875 | ||||||||||||
Heating degree days for prior periods have been recalculated using the current period customer mix.
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