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: November 5, 2014
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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 November 5, 2014.
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QUARTER ENDED SEPTEMBER 30,
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2014
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2013
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||||||
Consolidated Operating Revenues
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$ | 432,475 | $ | 387,346 | ||||
Net Income (Loss)
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$ | 1,970 | $ | (2,864 | ) | |||
Average Number of Common Shares Outstanding
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46,513 | 46,337 | ||||||
Earnings (Loss) Per Share
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$ | 0.04 | $ | (0.06 | ) | |||
Diluted Earnings (Loss) Per Share
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$ | 0.04 | $ | (0.06 | ) | |||
NINE MONTHS ENDED SEPTEMBER 30,
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2014 | 2013 | ||||||
Consolidated Operating Revenues
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$ | 1,494,024 | $ | 1,412,425 | ||||
Net Income
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$ | 82,380 | $ | 88,017 | ||||
Average Number of Common Shares Outstanding
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46,485 | 46,306 | ||||||
Basic Earnings Per Share
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$ | 1.77 | $ | 1.90 | ||||
Diluted Earnings Per Share
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$ | 1.76 | $ | 1.88 | ||||
TWELVE MONTHS ENDED SEPTEMBER 30,
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2014 | 2013 | ||||||
Consolidated Operating Revenues
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$ | 2,032,381 | $ | 1,900,991 | ||||
Net Income
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$ | 139,683 | $ | 150,410 | ||||
Average Number of Common Shares Outstanding
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46,451 | 46,265 | ||||||
Basic Earnings Per Share
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$ | 3.01 | $ | 3.25 | ||||
Diluted Earnings Per Share
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$ | 2.98 | $ | 3.22 |
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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NINE MONTHS ENDED
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TWELVE MONTHS ENDED
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SEPTEMBER 30,
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SEPTEMBER 30,
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SEPTEMBER 30,
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||||||||||||||||||||||
2014
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2013
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2014
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2013
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2014
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2013
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Results of Consolidated Operations
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Contribution to net income (loss) - gas operations
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$ | (11,452 | ) | $ | (11,939 | ) | $ | 62,945 | $ | 69,317 | $ | 117,797 | $ | 121,327 | ||||||||||
Contribution to net income - construction services
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13,422 | 9,075 | 19,435 | 18,700 | 21,886 | 29,083 | ||||||||||||||||||
Net income (loss)
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$ | 1,970 | $ | (2,864 | ) | $ | 82,380 | $ | 88,017 | $ | 139,683 | $ | 150,410 | |||||||||||
Basic earnings (loss) per share
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$ | 0.04 | $ | (0.06 | ) | $ | 1.77 | $ | 1.90 | $ | 3.01 | $ | 3.25 | |||||||||||
Diluted earnings (loss) per share
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$ | 0.04 | $ | (0.06 | ) | $ | 1.76 | $ | 1.88 | $ | 2.98 | $ | 3.22 | |||||||||||
Average outstanding common shares
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46,513 | 46,337 | 46,485 | 46,306 | 46,451 | 46,265 | ||||||||||||||||||
Average shares outstanding (assuming dilution)
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46,966 | - | 46,928 | 46,732 | 46,904 | 46,704 | ||||||||||||||||||
Results of Natural Gas Operations
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Gas operating revenues
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$ | 226,027 | $ | 195,031 | $ | 983,999 | $ | 927,500 | $ | 1,356,653 | $ | 1,267,025 | ||||||||||||
Net cost of gas sold
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72,987 | 47,746 | 362,349 | 317,742 | 480,608 | 409,361 | ||||||||||||||||||
Operating margin
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153,040 | 147,285 | 621,650 | 609,758 | 876,045 | 857,664 | ||||||||||||||||||
Operations and maintenance expense
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93,389 | 95,981 | 293,417 | 288,003 | 390,328 | 379,621 | ||||||||||||||||||
Depreciation and amortization
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50,533 | 48,427 | 152,540 | 144,492 | 201,896 | 191,099 | ||||||||||||||||||
Taxes other than income taxes
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11,835 | 11,153 | 34,256 | 34,021 | 45,786 | 44,684 | ||||||||||||||||||
Operating income (loss)
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(2,717 | ) | (8,276 | ) | 141,437 | 143,242 | 238,035 | 242,260 | ||||||||||||||||
Other income (deductions)
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442 | 2,663 | 4,902 | 8,174 | 8,989 | 8,022 | ||||||||||||||||||
Net interest deductions
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17,159 | 14,780 | 51,445 | 45,344 | 68,656 | 61,224 | ||||||||||||||||||
Income (loss) before income taxes
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(19,434 | ) | (20,393 | ) | 94,894 | 106,072 | 178,368 | 189,058 | ||||||||||||||||
Income tax expense (benefit)
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(7,982 | ) | (8,454 | ) | 31,949 | 36,755 | 60,571 | 67,731 | ||||||||||||||||
Contribution to net income (loss) - gas operations
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$ | (11,452 | ) | $ | (11,939 | ) | $ | 62,945 | $ | 69,317 | $ | 117,797 | $ | 121,327 |
SOUTHWEST GAS CORPORATION
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SELECTED STATISTICAL DATA
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SEPTEMBER 30, 2014
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FINANCIAL STATISTICS
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Market value to book value per share at quarter end
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155 | % | ||||||||||||||
Twelve months to date return on equity -- total company
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9.7 | % | ||||||||||||||
-- gas segment
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8.7 | % | ||||||||||||||
Common stock dividend yield at quarter end
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3.0 | % | ||||||||||||||
Customer to employee ratio at quarter end (gas segment)
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876 to
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1 | ||||||||||||||
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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$ | 1,070,117 | 8.95 | % | 9.50 | % |
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Southern Nevada
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825,190 | 6.52 | 10.00 | |||||||||||||
Northern Nevada
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115,933 | 7.88 | 9.30 | |||||||||||||
Southern California
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159,277 | 6.83 | 10.10 | |||||||||||||
Northern California
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67,620 | 8.18 | 10.10 | |||||||||||||
South Lake Tahoe
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25,389 | 8.18 | 10.10 | |||||||||||||
Paiute Pipeline Company (1)
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84,717 | 9.47 | 12.00 | |||||||||||||
(1) Estimated amounts based on 2010 rate case settlement.
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SYSTEM THROUGHPUT BY CUSTOMER CLASS
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NINE MONTHS ENDED
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TWELVE MONTHS ENDED
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SEPTEMBER 30,
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SEPTEMBER 30,
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(In dekatherms)
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2014 | 2013 | 2014 | 2013 | ||||||||||||
Residential
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46,970,931 | 56,063,787 | 65,039,826 | 70,487,109 | ||||||||||||
Small commercial
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20,731,310 | 22,161,537 | 28,374,278 | 28,756,989 | ||||||||||||
Large commercial
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7,211,706 | 7,792,496 | 9,695,271 | 10,270,799 | ||||||||||||
Industrial / Other
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2,285,742 | 4,236,708 | 3,070,083 | 5,444,748 | ||||||||||||
Transportation
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67,868,218 | 78,072,005 | 93,587,810 | 102,462,559 | ||||||||||||
Total system throughput
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145,067,907 | 168,326,533 | 199,767,268 | 217,422,204 | ||||||||||||
HEATING DEGREE DAY COMPARISON
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Actual
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1,000 | 1,397 | 1,521 | 1,827 | ||||||||||||
Ten-year average
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1,322 | 1,363 | 1,834 | 1,879 | ||||||||||||
Heating degree days for prior periods have been recalculated using the current period customer mix.
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