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Gas Natural Inc. Reports Third Quarter 2012 Results

Continued customer growth in Maine and North Carolina

MENTOR, Ohio, Nov. 13, 2012 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a holding company operating natural gas utilities serving approximately 70,000 customers in seven states, reported financial results for the third quarter ended September 30, 2012. 

Consolidated net loss for the third quarter of 2012 was $671,000, or ($0.08) per diluted share, compared with net income of $130,000, or $0.02 per diluted share, for the third quarter of 2011.  The
year-over-year change reflects increased acquisition costs and a $779,000 decrease in the Company's Propane Operations segment resulting in a net loss of $217,000. The 2011 period included a pre-tax gain of $1.1 million on the bargain purchase of the assets of Independence Oil & LP Gas, Inc.    

Richard M. Osborne, Gas Natural's chairman and chief executive officer, commented, "We are actively expanding our systems in our high-growth Maine and North Carolina markets, and as a result, we captured more natural gas customers.  Importantly, throughout 2012, we have maintained our growth strategy through natural gas utility growth and acquisitions, and continued to make prudent investments, such as our recently formed liquefied natural gas line of business." 

For the nine months ended September 30, 2012, consolidated net income decreased to $1.9 million from $4.8 million in the same period in 2011, which reflects a $1.4 million decrease in net income from the Natural Gas Operations segment primarily due to warmer weather in all of the Company's service areas (see the Heating Degree Days chart in the attached table) and a $1.0 million decrease in net income from the Company's Propane Operations segment primarily due to the benefit that was recorded in the prior-year period for the above mentioned bargain purchase gain.  Acquisition expenses for the year-to-date-period were $826,000, up from $87,000 in the comparable period of 2011, while interest expense also increased to $1.9 million from $1.5 million due to borrowings on the Company's credit facilities.  On a per diluted share basis, net income was $0.23 and $0.58 for the first nine months of 2012 and 2011, respectively.    

Maine Pipeline Acquisition

On September 25, 2012, Gas Natural closed on the acquisition of a leasehold interest in a 189-mile, 6" pipeline and corridor easement running from Searsport to Limestone, Maine ("Loring Pipeline") and various parcels of land.  The Company was the successful bidder at a public foreclosure auction for the Loring Pipeline lease and related property.  The purchase included total consideration of $4.5 million which was comprised of $2.25 million in cash and 210,951 shares of the Company's common stock valued at a price of $10.67 per share.

Mr. Osborne noted, "We have identified Maine as a strategic growth market, and our acquisition of the Loring Pipeline will broaden our geographic reach within the state.  Importantly, it offers us the ability to market natural gas to a large number of potential industrial and residential customers, where natural gas is extremely competitive.  We are consistently looking to expand our utility operations geographically, through customer expansion and strategic acquisitions."

Natural Gas Operations Segment

The Company annually distributes over 32 billion cubic feet of natural gas to approximately 70,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming.

 

Natural Gas Operations Income Statement

 






Three Months Ended September 30,


Nine Months Ended September 30,

($ in thousands)


2012


2011


2012


2011

Natural Gas Operations








Operating revenue


$   10,458


$  10,349


$ 53,108


$  65,664


Gas Purchased


4,164


4,548


26,849


38,841

Gross Margin



6,294


5,801


26,259


26,823


Operating expenses

6,732


6,335


20,452


19,569

Operating income (loss)


(438)


(534)


5,807


7,254


Other income (expense)

183


(230)


591


97













Income (loss) before interest and taxes

(255)


(764)


6,398


7,351


Interest expense

(601)


(526)


(1,831)


(1,379)













Income (loss) before income taxes

(856)


(1,290)


4,567


5,972


Income tax benefit (expense)

274


827


(1,837)


(1,817)













Net Income (loss)


$     (582)


$     (463)


$  2,730


$    4,155















 

The Natural Gas Operations segment reported a net loss of $582,000 in the third quarter of 2012 compared with a net loss of $463,000 in the same period of 2011.  The change reflects a $553,000 decrease in tax benefit due mostly from adjustments made to the true-up of prior-year tax returns.  The 2012 period included expense of $87,000 related to the true-up, while the 2011 period included a tax benefit of $333,000.  Customer growth in the Company's Maine and North Carolina service territories drove the gross margin increase of $493,000 to $6.3 million for the third quarter of 2012 from $5.8 million for the same period of 2011.  Full service distribution volumes delivered increased 41 MMcf to 914 MMcf in the third quarter of 2012 on higher demand from Maine and North Carolina. 

For the nine months ended September 30, 2012, the Natural Gas Operations segment contributed net income of $2.7 million compared with $4.2 million for the first nine months of 2011.  Gross margin for the first nine months of 2012 declined to $26.3 million, primarily due to warmer weather when compared with the prior-year period and normal (see the Heating Degree Days chart in the attached table).  For the first nine months of 2012, volumes were down 935 MMcf to 5,754 MMcf.

Operating expenses increased by $397,000 to $6.7 million in the third quarter of 2012 from $6.3 million in the prior-year third quarter due to higher depreciation from increased capital expenditures and $105,000 in additional operating expenses from the Public Gas Company ("PGC") acquisition.  Operating income as a percent of gross margin was 22.1% in the first nine months of 2012 compared with 27.0% in the same period in 2011.

Other income in the third quarter of 2012 increased to $183,000 from an expense of $230,000 in the prior-year period as 2011 included $300,000 of expense related to the conclusion of an arbitration case in a contract dispute.  Other income for the nine month period ending September 30, 2012 was $591,000, an increase of $494,000, reflecting prior-year expenses associated with the contract arbitration and increased service sales.  Interest expense during the quarter and year-to-date period increased as a result of the higher line usage and increased debt levels.

Other Operating Segments

The Marketing and Production segment reported net income of $327,000 for the third quarter of 2012 compared with net income $49,000 for the same period in 2011.  The increase was primarily due to adjustments in taxes as the 2012 and 2011 periods each included a tax benefit from the true-up to the prior-year's tax return of $306,000 and $9,000 respectively, accounting for the decrease in expense.  For the nine months ended September 30, 2012, the Marketing and Production segment contributed net income of $386,000 compared with $158,000 for the nine months ended September 30, 2011. 

The Pipeline Operations segment contributed net income of $99,000 and $160,000 from the third quarter and first nine months of 2012, respectively, a slight increase from the comparable periods in 2011. 

The Propane Operations segment reported a net loss of $217,000 in the third quarter of 2012 and net loss of $469,000 for the year-to-date period.   The 2011 comparable quarter included only two months of operations as well as the bargain purchase gain.

Balance Sheet and Cash Management

Cash and cash equivalents as of September 30, 2012 were $1.5 million, down from the December 31, 2011 balance of $10.5 million.  During 2012, the Company used $2.25 million to acquire the Loring Pipeline and $1.6 million for PGC. 

Cash provided by operating activities decreased by $5.1 million to $7.4 million in the first nine months of 2012 compared with $12.5 million in the same period of the prior year.  The change reflects lower net income and working capital changes including the recoverable cost of gas, cash paid for inventory and decrease in deferred tax expense. 

Capital expenditures for first nine months of 2012 totaled $13.1 million compared with $15.0 million in the first nine months of 2011, which included $3.3 million related to the Spelman pipeline asset acquisition in April 2011.  The majority of the current capital spending was focused on the growth of the Company's Natural Gas Operations segment, including expansion, maintenance, and enhancement of its gas pipeline systems.  Capital expenditures for 2012 are expected to total between $17 million to
$18 million.     

The Company maintains two revolving credit facilities with $18.4 million in use at September 30, 2012 compared with $23.2 million at the end of 2011.  Long-term debt was $41.3 million at the end of the third quarter of 2012 compared with 2011 year-end balance of $31.4 million.

On September 20, 2012, Energy West Incorporated, a Gas Natural subsidiary, renewed its existing
$30 million revolving credit facility and entered into a new $10 million term loan through April 2017.  The term loan includes an interest rate of LIBOR plus 175 to 225 basis points with an interest rate swap provision that allows for the interest rate to be fixed in the future.

Subsequent the end of the third quarter, on October 24, 2012, the Company's Ohio subsidiaries, Northeast Ohio Natural Gas Corp., Orwell Natural Gas Corp. and Brainard Gas Corp., entered into a new, five-year senior secured fixed rate note for $2.99 million with Sun Life Assurance Company of Canada.  The credit facility will be used to finance ongoing capital expenditures in Ohio.

About Gas Natural Inc.
Gas Natural Inc., a holding company, distributes and sells natural gas to end-use residential, commercial, and industrial customers.  It distributes approximately 32 billion cubic feet of natural gas to approximately 70,000 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine, North Carolina and Kentucky.  The Company's other operations include interstate pipeline, natural gas production, propane and natural gas marketing.  The Company's Montana public utility was originally incorporated in 1909.  Its strategy for growth is to expand throughput in the Maine and North Carolina markets while looking for acquisitions that are either adjacent to its existing utilities or in under saturated markets.

The Company's toll-free number is 800-570-5688. Gas Natural Inc. regularly posts information on its website at www.egas.net.

Safe Harbor Regarding Forward-Looking Statements
The Company is including the following cautionary statement in this release to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, Gas Natural Inc. Forward-looking statements are all statements other than statements of historical fact, including, without limitation, those that are identified by the use of the words "anticipates," "estimates," "expects," "intends," "plans," "predicts," "believes" and similar expressions. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Factors that may affect forward-looking statements and the Company's business generally include but are not limited to the Company's ability to successfully integrate the operations of the companies it has recently acquired and consummate additional acquisitions, the Company's continued ability to make dividend payments, the Company's ability to implement its business plan, fluctuating energy commodity prices, the possibility that regulators may not permit the Company to pass through all of its increased costs to its customers, changes in the utility regulatory environment, wholesale and retail competition, the Company's ability to satisfy its debt obligations, including compliance with financial covenants, weather conditions, litigation risks, and various other matters, many of which are beyond the Company's control, the risk factors and cautionary statements made in the Company's public filings with the Securities and Exchange Commission, and other factors that the Company is currently unable to identify or quantify, but may exist in the future. Gas Natural Inc. expressly undertakes no obligation to update or revise any forward-looking statement contained herein to reflect any change in Gas Natural Inc.'s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

For more information contact:

Gas Natural Inc.

Investor Relations:  Kei Advisors LLC

Thomas J. Smith, Chief Financial Officer

Deborah K. Pawlowski

Phone: (440) 974-3770

Phone:  (716) 843-3908

Email:  [email protected]

Email:  [email protected]

 

FINANCIAL TABLES FOLLOW

 

 

Gas Natural Inc. and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)










Three Months Ended


Nine Months Ended


September 30,


September 30,


2012


2011


2012


2011

REVENUES








Natural gas operations

$10,458,202


$ 10,348,819


$ 53,107,834


$  65,663,664

Marketing and production

1,809,832


855,715


4,757,280


4,156,882

Pipeline operations

95,162


106,351


305,039


314,736

Propane operations

605,262


1,009,844


3,075,972


1,009,844

Total revenues

12,968,458


12,320,729


61,246,125


71,145,126

COST OF SALES








Natural gas purchased

4,164,358


4,548,224


26,848,575


38,840,724

Marketing and production

1,560,762


585,810


3,806,489


3,193,596

Propane purchased

448,672


875,305


2,298,423


875,305

Total cost of sales

6,173,792


6,009,339


32,953,487


42,909,625

GROSS MARGIN

6,794,666


6,311,390


28,292,638


28,235,501

OPERATING EXPENSES








Distribution, general, and administrative

4,899,620


4,635,388


15,349,052


13,922,684

Maintenance

316,491


235,635


929,448


792,827

Depreciation and amortization

1,327,095


1,153,430


3,874,911


3,256,977

Accretion

41,354


35,849


118,988


105,262

Taxes other than income

923,594


842,786


2,741,390


2,589,732

Total operating expenses

7,508,154


6,903,088


23,013,789


20,667,482

OPERATING INCOME (LOSS)

(713,488)


(591,698)


5,278,849


7,568,019

LOSS FROM UNCONSOLIDATED AFFILIATE

(3,693)


(2,024)


(8,468)


(85,174)

OTHER INCOME (EXPENSE), net

151,884


(229,805)


502,599


103,639

GAIN ON BARGAIN PURCHASE

-


1,054,861


-


1,054,861

ACQUISITION EXPENSE

(209,491)


(31,820)


(825,967)


(87,354)

STOCK SALE EXPENSE

(19,114)


-


(274,393)


(46,123)

INTEREST EXPENSE

(637,366)


(552,341)


(1,927,232)


(1,458,194)

INCOME (LOSS) BEFORE INCOME TAXES

(1,431,268)


(352,827)


2,745,388


7,049,674

INCOME TAX BENEFIT (EXPENSE)

760,047


482,353


(857,954)


(2,285,056)

NET INCOME (LOSS)

(671,221)


129,526


1,887,434


4,764,618

OTHER COMPREHENSIVE INCOME (LOSS)








Unrealized gain (loss) on available








for sale securities, net of tax

(4,221)


30,076


(10,552)


49,697

COMPREHENSIVE INCOME (LOSS)

$  (675,442)


$           9,602


$   1,876,882


$    4,814,315

EARNINGS (LOSS) PER SHARE – BASIC

$        (0.08)


$            0.02


$            0.23


$             0.58

AND DILUTED








WEIGHTED AVERAGE DIVIDENDS DECLARED








PER COMMON SHARE

$         0.182


$          0.135


$          0.452


$           0.405

WEIGHTED AVERAGE SHARES








OUTSTANDING - BASIC

8,186,791


8,152,487


8,165,874


8,151,370

WEIGHTED AVERAGE SHARES








OUTSTANDING - DILUTED

8,186,791


8,160,048


8,172,423


8,159,326












 

 

Gas Natural Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)


September 30,


December 31,


2012


2011

ASSETS




CURRENT ASSETS




Cash and cash equivalents

$ 1,492,279


$ 10,504,845

Marketable securities

351,000


367,875

Accounts receivable




Trade, less allowance for doubtful accounts of $787,933




and $630,632, respectively

5,718,241


9,381,625

Related parties

565,608


519,084

Unbilled gas

1,388,951


4,232,854

Note receivable - related parties, current portion

10,807


10,256

Inventory




Natural gas and propane

6,035,830


6,967,739

Materials and supplies

2,497,148


1,958,858

Prepaid income taxes

1,064,448


1,584,869

Prepayments and other

2,302,544


741,101

Recoverable cost of gas purchases

2,915,817


2,627,416

Deferred tax asset

1,046,874


1,061,314

Total current assets

25,389,547


39,957,836





PROPERTY, PLANT AND EQUIPMENT, net

107,871,413


97,612,257





OTHER ASSETS




Notes receivable - related parties, less current portion

27,233


35,408

Regulatory assets




Property taxes

378,415


590,464

Income taxes

452,645


452,645

Rate case costs

211,871


205,714

Debt issuance costs, net

1,766,671


869,593

Goodwill

14,750,924


14,607,952

Customer relationships

622,208


639,333

Investment in unconsolidated affiliate

321,883


330,351

Restricted cash

1,710,155


949,907

Other assets

4,615,845


159,954

Total other assets

24,857,850


18,841,321





TOTAL ASSETS

$ 158,118,810


$156,411,414


 

Gas Natural Inc. and Subsidiaries
Condensed Consolidated Balance Sheets, Continued
(Unaudited)


September 30,


December 31,


2012


2011

LIABILITIES AND CAPITALIZATION




CURRENT LIABILITIES




Checks in excess of amounts on deposit

$          862,191


$        1,027,376

Lines of credit

18,420,755


23,160,000

Accounts payable




Trade

5,039,778


8,755,623

Related parties

179,441


191,763

Notes payable, current portion

508,387


7,885

Accrued liabilities




Taxes other than income

2,313,134


3,018,964

Vacation

106,092


115,940

Employee benefit plans

85,884


140,149

Interest

363,980


30,688

Deferred payments received from levelized billing

2,936,980


2,948,188

Customer deposits

731,472


707,062

Property tax settlement, current portion

242,128


242,128

Related parties

279,063


635,192

Other current liabilities

829,427


1,280,670

Overrecovered gas purchases

1,733,735


2,237,827

Total current liabilities

34,632,447


44,499,455

LONG-TERM LIABILITIES




Deferred investment tax credits

160,583


176,379

Deferred tax liability

3,901,483


2,908,167

Asset retirement obligation

1,808,069


1,689,081

Customer advances for construction

1,033,680


880,851

Regulatory liability for income taxes

83,161


83,161

Regulatory liability for gas costs

35,342


57,570

Total long-term liabilities

7,022,318


5,795,209

NOTES PAYABLE, less current portion

40,838,375


31,344,723

COMMITMENTS AND CONTINGENCIES




STOCKHOLDERS' EQUITY




Preferred stock; $0.15 par value, 1,500,000 shares authorized,




no shares issued or outstanding

-


-

Common stock; $0.15 par value, 15,000,000 shares authorized,




8,368,627 and 8,154,301 shares issued and




outstanding, respectively

1,255,238


1,223,145

Capital in excess of par value

44,236,216


41,978,799

Accumulated other comprehensive income

69,853


80,405

Retained earnings

30,064,363


31,489,678

Total stockholders' equity

75,625,670


74,772,027

TOTAL CAPITALIZATION

116,464,045


106,116,750

TOTAL LIABILITIES AND CAPITALIZATION

$   158,118,810


$    156,411,414


 

Gas Natural Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2012 and 2011 (Unaudited)


2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$ 1,887,434


$  4,764,618

Adjustments to reconcile net income to net cash provided




by operating activities




Depreciation and amortization

3,874,911


3,256,977

Accretion

118,988


105,262

Amortization of debt issuance costs

177,379


106,748

Stock based compensation

39,506


52,193

Loss on sale of assets

35,929


30,916

Loss from unconsolidated affiliate

8,468


85,174

Gain on bargain purchase

-


(1,054,861)

Investment tax credit

(15,797)


(15,796)

Deferred income taxes

879,660


2,981,256

Changes in assets and liabilities




Accounts receivable, including related parties

3,685,991


5,511,774

Unbilled gas

2,843,903


4,479,284

Natural gas and propane inventory

931,909


(1,853,006)

Accounts payable, including related parties

(3,480,190)


(4,083,198)

Recoverable/refundable cost of gas purchases

(792,493)


1,064,287

Prepayments and other

(1,561,443)


(371,745)

Other assets

(76,837)


(1,520,188)

Other liabilities

(1,154,472)


(993,626)

Net cash provided by operating activities

7,402,846


12,546,069

CASH FLOWS FROM INVESTING ACTIVITIES




Capital expenditures

(13,081,990)


(14,968,603)

Proceeds from sale of fixed assets

59,092


43,522

Purchase of marketable securities

-


(13,304)

Proceeds from related party note receivable

7,624


7,111

Cash acquired in acquisition

502


-

Purchase of Public Gas Company, Inc.

(1,551,478)


-

Purchase of Loring Pipeline

(2,250,000)


-

Purchase of Independence Oil & LP Gas, Inc.

-


(1,275,656)

Restricted cash

-


(1,807,425)

Investment in unconsolidated affiliate

-


(303,600)

Customer advances for construction

152,829


60,720

Contributions in aid of construction

130,908


2,725

Net cash used in investing activities

(16,532,513)


(18,254,510)

CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from  lines of credit

45,951,755


25,200,000

Repayment on lines of credit

(50,691,000)


(25,749,999)

Proceeds from notes payable

10,000,000


18,355,215

Repayments of notes payable

(5,846)


(9,870,240)

Repayments of related party notes payable

-


(49,361)

Debt issuance costs

(1,074,456)


(462,944)

Restricted cash

(760,248)


(949,432)

Dividends paid

(3,303,104)


(3,301,280)

Net cash provided by financing activities

117,101


3,171,959

NET DECREASE IN CASH AND CASH EQUIVALENTS

(9,012,566)


(2,536,482)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

10,504,845


13,026,585

CASH AND CASH EQUIVALENTS, END OF PERIOD

$ 1,492,279


$10,490,103

 

 

Gas Natural Inc. and Subsidiaries
Segments of Operations
(Unaudited)

 

Three Months Ended September 30, 2012

 












Natural Gas


Marketing

and


Pipeline


Propane


Corporate

 and





Operations


Production


Operations


Operations


Other


Consolidated

OPERATING REVENUES


$10,535,653


$2,966,366


$    95,162


$   605,262


$               -


$ 14,202,443

Intersegment eliminations


(77,451)


(1,156,534)


-


-


-


(1,233,985)

Total operating revenue


10,458,202


1,809,832


95,162


605,262


-


12,968,458

COST OF SALES


4,241,809


2,717,296


-


448,672


-


7,407,777

Intersegment eliminations


(77,451)


(1,156,534)


-


-


-


(1,233,985)

Total cost of sales


4,164,358


1,560,762


-


448,672




6,173,792

GROSS MARGIN


$  6,293,844


$    249,070


$    95,162


$   156,590


$               -


$   6,794,666

OPERATING EXPENSES


6,731,563


181,982


39,302


449,716


105,591


7,508,154

OPERATING INCOME (LOSS)


$  (437,719)


$      67,088


$    55,860


$(293,126)


$(105,591)


$   (713,488)

NET INCOME (LOSS)


$  (581,901)


$326,688


$    99,285


$(217,634)


$(297,659)


$   (671,221)

 

Three Months Ended September 30, 2011

 












Natural

Gas


Marketing and


Pipeline


Propane


Corporate and





Operations


Production


Operations


Operations


Other


Consolidated

OPERATING REVENUES


$  10,426,451


$   2,407,303


$    106,351


$ 1,009,844


$                   -


$     13,949,949

Intersegment eliminations


(77,632)


(1,551,588)


-


-


-


(1,629,220)

Total operating revenue


10,348,819


855,715


106,351


1,009,844


-


12,320,729

COST OF SALES


4,625,856


2,137,398


-


875,305


-


7,638,559

Intersegment eliminations


(77,632)


(1,551,588)


-


-


-


(1,629,220)

Total cost of sales


4,548,224


585,810


-


875,305


-


6,009,339

GROSS MARGIN


$    5,800,595


$      269,905


$    106,351


$    134,539


$                   -


$       6,311,390

OPERATING EXPENSES


6,334,711


187,723


29,758


289,466


61,430


6,903,088

OPERATING INCOME (LOSS)


$    (534,116)


$        82,182


$      76,593


$ (154,927)


$      (61,430)


$       (591,698)

NET INCOME (LOSS)


$    (463,484)


$        48,712


$      47,540


$    561,986


$      (65,228)


$          129,526

 

Gas Natural Inc. and Subsidiaries
Segments of Operations, Continued
(Unaudited)

 

Nine Months Ended September 30, 2012

 












Natural Gas


Marketing and


Pipeline


Propane


Corporate and





Operations


Production


Operations


Operations


Other


Consolidated

OPERATING REVENUES


$   53,349,493


$ 8,743,756


$   305,039


$ 3,075,972


$                    -


$   65,474,260

Intersegment eliminations


(241,659)


(3,986,476)


-


-


-


(4,228,135)

Total operating revenue


53,107,834


4,757,280


305,039


3,075,972


-


61,246,125

COST OF SALES


27,090,234


7,792,965


-


2,298,423


-


37,181,622

Intersegment eliminations


(241,659)


(3,986,476)


-


-


-


(4,228,135)

Total cost of sales


26,848,575


3,806,489


-


2,298,423


-


32,953,487

GROSS MARGIN


$   26,259,259


$ 950,791


$   305,039


$    777,549


$                    -


$   28,292,638

OPERATING EXPENSES


20,452,543


733,384


139,691


1,447,668


240,503


23,013,789

OPERATING INCOME (LOSS)


$    5,806,716


$ 217,407


$   165,348


$ (670,119)


$     (240,503)


$     5,278,849

NET INCOME (LOSS)


$    2,729,686


$ 386,429


$   160,542


$ (468,712)


$     (920,511)


$     1,887,434

Goodwill


$  14,750,924


$               -


$            -


$              -


$                    -


$   14,750,924

Investment in unconsolidated
     affiliate


$                 -


$   321,884


$            -


$              -


$                    -


$        321,884

Total assets


$156,931,213


$ 8,392,069


$   820,834


$ 2,801,616


$  65,257,002


$ 234,202,734

Intersegment eliminations


(17,941,337)


(247,424)


(19,422)


(300,492)


(57,575,249)


(76,083,924)

Total assets


$138,989,876


$ 8,144,645


$   801,412


$ 2,501,124


$    7,681,753


$ 158,118,810

 

 

Nine Months Ended September 30, 2011

 












Natural Gas


Marketing and


Pipeline


Propane


Corporate and





Operations


Production


Operations


Operations


Other


Consolidated

OPERATING REVENUES


$   65,912,371


$  9,957,521


$    314,736


$  1,009,844


$                    -


$    77,194,472

Intersegment eliminations


(248,707)


(5,800,639)


-


-


-


(6,049,346)

Total operating revenue


65,663,664


4,156,882


314,736


1,009,844


-


71,145,126

COST OF SALES


39,089,431


8,994,235


-


875,305


-


48,958,971

Intersegment eliminations


(248,707)


(5,800,639)


-


-


-


(6,049,346)

Total cost of sales


38,840,724


3,193,596


-


875,305


-


42,909,625

GROSS MARGIN


$  26,822,940


$     963,286


$    314,736


$     134,539


$                    -


$    28,235,501

OPERATING EXPENSES


19,568,006


574,879


125,747


289,466


109,384


20,667,482

OPERATING INCOME (LOSS)


$    7,254,934


$     388,407


$    188,989


$   (154,927)


$      (109,384)


$      7,568,019

NET INCOME (LOSS)


$    4,155,383


$     158,119


$    112,094


$     561,986


$      (222,964)


$      4,764,618

Goodwill


$  14,607,952


$               -


$             -


$               -


$                   -


$    14,607,952

Investment in unconsolidated affiliate


$                  -


$     645,042


$             -


$               -


$                   -


$         645,042

Total assets


$127,911,870


$  5,283,146


$    847,311


$  2,957,575


$    64,388,348


$  201,388,250

Intersegment eliminations


(6,394,130)


(494,121)


(28,100)


-


(49,829,951)


(56,746,302)

Total assets


$121,517,740


$  4,789,025


$    819,211


$  2,957,575


$    14,558,397


$  144,641,948

 

 

 

Gas Natural Inc. and Subsidiaries
Natural Gas Operations
(Unaudited)

Utility Throughput










Three Months Ended September 30,


Nine Months Ended September 30,

(in million cubic feet (MMcf))

2012


2011


2012


2011














Full Service Distribution









Residential



316


281


2,696


3,184


Commercial



548


555


2,924


3,384


Industrial



50


37


134


121



Total full service

914


873


5,754


6,689














Transportation



2,107


1,884


7,441


6,452

Bucksport




3,598


3,604


10,512


10,393
















Total Volumes


6,619


6,361


23,707


23,534














 

Heating Degree Days










Three Months Ended


Percent (Warmer) Colder






September 30,


2012 Compared to




Normal


2012


2011


Normal


2011


Great Falls, MT


366


177


176


(51.64%)


0.57%


Cody, WY


257


100


112


(61.09%)


(10.71%)


Bangor, ME


239


231


134


(3.35%)


72.39%


Elkin, NC


30


72


60


140.00%


20.00%


Youngstown, OH


183


190


121


3.83%


57.02%


















Nine Months Ended


Percent (Warmer) Colder






September 30,


2012 Compared to




Normal


2012


2011


Normal


2011


Great Falls, MT


4,758


4,181


5,336


(12.13%)


(21.65%)


Cody, WY


4,359


3,743


4,797


(14.13%)


(21.97%)


Bangor, ME


5,046


4,456


4,994


(11.69%)


(10.77%)


Elkin, NC


2,484


2,049


2,474


(17.51%)


(17.18%)


Youngstown, OH


4,126


3,272


4,140


(20.70%)


(20.97%)













 

SOURCE Gas Natural Inc

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