AGL Resources Reports Solid Growth in First Quarter 2001 Results
AGL Resources Inc.
For the first quarter ended December 31, 2000, net income increased 32 percent to $22.5 million, compared with $17.1 million for the same period last year. The financial results for the three months ended effective December 31, 2000, include the earnings contribution of Virginia Natural Gas, which was acquired effective October 1, 2000. Also, while colder weather in the Southeast during the first quarter boosted earnings in the company's Tennessee and Virginia operations, it did not have a significant impact on its regulated distribution operations in Georgia.
"Our outstanding financial results for the fifth quarter in a row is proof that we have a sound business strategy and are executing it successfully," said Paula G. Rosput, president and chief executive officer. "Our shareholders are benefiting from a profitable and strong company."
Fiscal Year 2001 Outlook
For fiscal year 2001, the company is comfortable with the upper range of analyst earnings estimates, which represents a double-digit increase over the $1.24 per share from core earnings, exclusive of weather, reported for fiscal year 2000.
"We will continue to deliver on our commitment to provide our investors with exceptional financial performance," said Donald P. Weinstein, senior vice president and chief financial officer. "We are confident that the vibrancy of core gas distribution operations, including Virginia Natural Gas, plus the financial contribution from our new businesses, will deliver robust earnings growth for the foreseeable future."
Interested investors are invited to listen to the company's first quarter earnings conference call broadcast live over the Internet. The broadcast will be on Wednesday, January 24, 2001, at 9:00 a.m. Eastern Time. The call, as well as supplemental financial statements, can be accessed at http://www.aglresources.com/ or http://www.streetfusion.com/ . Additionally, the conference call will be archived and available for replay at the web sites provided above until February 7, 2001.
AGL Resources Inc. is a regional energy holding company with gas distribution and energy marketing operations in the Southeast. The company is the second largest natural gas-only distribution company in the United States and serves nearly 1.8 million customers throughout Georgia, Chattanooga, Tennessee and southeastern Virginia. AGL Resources also is engaged through subsidiaries and partnerships in other energy-related businesses, including telecommunications, retail energy marketing, customer care services for energy marketers, and wholesale and retail propane sales.
The company's home page address on the Internet is http://www.aglresources.com/
This press release contains forward-looking statements. AGL Resources wishes to caution readers that the assumptions which form the basis for the forward-looking statements include many factors that are beyond AGL Resources' ability to control or estimate precisely. Those factors include, but are not limited to, the following: changes in the price and demand for natural gas; the impact of changes in state and federal legislation and regulation on the company and the natural gas industry; the effects of competition, particularly in markets where prices and providers historically have been regulated; changes from year to year in winter temperatures; financial market conditions; and other risks described in our documents on file with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
AGL RESOURCES INC. AND SUBSIDIARY COMPANIES CONSOLIDATED FINANCIAL INFORMATION December 31, 2000 (Unaudited) In millions, except per share data 3 Months Ended December 31, 2000 1999 Operating Revenues $294.8 $182.3 Cost of Sales 130.8 54.6 Operating Margin 164.0 127.7 Operating Expenses Operation and maintenance 72.2 66.7 Depreciation 26.1 20.7 Taxes other than income 10.4 6.8 Total operating expenses 108.7 94.2 Operating Income 55.3 33.5 Other income 5.2 6.9 Income before interest and income taxes 60.5 40.4 Interest expense and preferred divd. 24.7 13.7 Income taxes 13.3 9.6 Net Income $22.5 $17.1 Earnings Per Share Basic $0.41 $0.30 Diluted $0.41 $0.30 Avg. Number of Shares Outstanding Basic 54.1 56.9 Diluted 54.5 57.0
SOURCE: AGL Resources Inc.
Contact: Melanie M. Platt, Vice President, Investor Relations,