ST. LOUIS, Oct. 30 /PRNewswire-FirstCall/ -- The Laclede Group,
Inc. (NYSE:LG) reported today its seventh consecutive fiscal year
of record earnings for fiscal 2009, which ended September 30,
excluding the fiscal 2008 operating results and net gain on the
sale of SM&P Utility Resources. Consolidated income from
continuing operations for fiscal 2009 increased 12 percent to $64.2
million, or $2.92 diluted earnings per share, compared to $57.5
million, or $2.64 diluted earnings per share, reported for fiscal
2008. This increase was principally due to higher earnings from
Laclede Energy Resources, Inc. (LER), The Laclede Group's
non-regulated natural gas commodity service provider. Fiscal 2008's
results of $3.58 diluted earnings per share on an as-reported basis
included the operating results and the March 31, 2008 sale of
SM&P Utility Resources, Inc, The Laclede Group's former wholly
owned subsidiary, which contributed $0.94 to diluted earnings per
share in the prior fiscal year. The results for fiscal 2008 also
included $2.9 million, or $0.13 diluted earnings per share, in
certain tax-related benefits. As a result, The Laclede Group posted
total earnings of $77.9 million for fiscal 2008. For the three
months ended September 30, 2009, the Company posted a loss of $4.7
million, or ($0.22) diluted earnings per share, compared to a loss
of $3.6 million, or ($0.16) diluted earnings per share, for the
same quarter last year. The Company frequently reports a loss in
its fourth quarter because of lower gas usage by its utility
customers during the summer months. "We are pleased that we posted
our seventh consecutive year of record earnings, despite the fact
that the U.S. economy remains in one of the most difficult periods
since the Great Depression," said Douglas H. Yaeger, chairman,
president and chief executive officer of The Laclede Group. "During
this period, we have continued to work to strengthen our balance
sheet and improve free cash flow. Future results will be impacted
by the timing and sustainability of the economy's recovery as well
as changes in the gas markets." RESULTS OF OPERATIONS Laclede
Energy Resources For fiscal 2009, LER reported earnings of $31.4
million, an increase of 63 percent when compared to last year. This
represents a contribution of $1.43 to consolidated diluted earnings
per share for this year as compared to $0.88 diluted earnings per
share for last year. LER's higher earnings for the full year
reflect its strategic acquisition of additional firm pipeline
transportation capacity prior to the 2008-2009 winter. This
capacity, along with lower natural gas costs, supported higher
sales volumes and greater margins this year when compared to last
year. Last year's results also reflected the impact of $1.3
million, or $0.06 diluted earnings per share, in certain
tax-related benefits. LER reported earnings totaling $4.0 million,
or $0.18 diluted earnings per share, for the fiscal 2009 fourth
quarter, a decrease of 12 percent compared to the year-ago quarter.
Earnings for the most recent quarter reflect decreased sales
margins, partially offset by higher sales volumes of natural gas.
The lower margins were driven primarily by reduced regional price
differentials that currently prevail in the marketplace. Laclede
Gas Company Laclede Gas Company, The Laclede Group's core
subsidiary and Missouri's largest natural gas distribution utility,
reported earnings of $33.2 million for fiscal 2009, a decrease of
15 percent compared to the previous fiscal year. The utility
contributed $1.51 to consolidated diluted earnings per share for
this year as compared to $1.80 diluted earnings per share for last
year. The decrease in earnings was primarily attributable to
increased operating and maintenance expenses, partially offset by
higher revenue generated by the Infrastructure System Replacement
Surcharge (ISRS). Last year's results for the period also reflected
the impact of $1.6 million, or $0.07 diluted earnings per share, in
certain tax-related benefits. Laclede Gas reported a loss of $7.5
million for the fourth quarter of fiscal 2009, compared to a loss
of $7.4 million for the same quarter last year. Laclede Gas
contributed ($0.34) to diluted earnings per share during the fourth
quarter of both fiscal 2009 and fiscal 2008. As discussed
previously, the utility typically experiences losses in the fourth
quarter due to lower gas usage by utility customers during the
summer months. ABOUT THE LACLEDE GROUP Headquartered in St. Louis,
Missouri, The Laclede Group, Inc. is a public utility holding
company committed to providing reliable natural gas service through
its regulated core utility operations, while also engaging in
non-regulated activities that provide opportunities for sustainable
growth. Its subsidiary Laclede Gas Company, the regulated
operations of which are included in the Regulated Gas Distribution
segment, serves approximately 630,000 residential, commercial and
industrial customers in the city of St. Louis, St. Louis County and
nine other counties in Eastern Missouri. The Laclede Group's
primary non-regulated business, Laclede Energy Resources, Inc., is
included in the Non-Regulated Gas Marketing segment and serves
wholesale, large commercial and industrial customers throughout the
Midwest. For more information about The Laclede Group and its
subsidiaries, visit http://www.thelacledegroup.com/. The Laclede
Group's earnings are seasonal in nature and generally correspond
with the heating season for Laclede Gas Company, its largest
subsidiary. For additional details on The Laclede Group's fiscal
2009 fourth-quarter and full-year results, please see the
accompanying unaudited Statements of Consolidated Income.
CAUTIONARY STATEMENTS ON FORWARD-LOOKING INFORMATION This news
release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended. The
Company's future operating results may be affected by various
uncertainties and risk factors, many of which are beyond the
Company's control, including weather conditions, governmental and
regulatory policy and action, the competitive environment and
economic factors. For a more complete description of these
uncertainties and risk factors, see the Company's Form 10-Q for the
period ended June 30, 2009, filed with the Securities and Exchange
Commission. UNAUDITED STATEMENTS OF CONSOLIDATED INCOME THE LACLEDE
GROUP, INC. (Thousands, Except Per Share Amounts) Three Months
Ended Twelve Months Ended September 30, September 30, -------------
------------- 2009 2008 2009 2008 OPERATING REVENUES Regulated Gas
Distribution $95,092 $110,708 $1,053,993 $1,128,287 Non-Regulated
Gas Marketing 155,794 340,014 836,865 1,075,845 Other 1,044 1,067
4,340 4,841 ----- ----- ----- ----- Total Operating Revenues
251,930 451,789 1,895,198 2,208,973 ------- ------- ---------
--------- OPERATING EXPENSES Regulated Gas Distribution Natural and
propane gas 43,740 56,834 699,984 770,097 Other operation expenses
36,090 36,124 146,542 144,611 Maintenance 7,364 7,235 27,818 25,827
Depreciation and amortization 9,262 9,008 36,751 35,303 Taxes,
other than income taxes 8,244 8,538 68,639 69,023 ----- -----
------ ------ Total Regulated Gas Distribution Operating Expenses
104,700 117,739 979,734 1,044,861 Non-Regulated Gas Marketing
149,456 333,234 787,056 1,048,162 Other 841 788 3,344 4,603 --- ---
----- ----- Total Operating Expenses 254,997 451,761 1,770,134
2,097,626 ------- ------- --------- --------- Operating Income
(Loss) (3,067) 28 125,064 111,347 ------ --- ------- ------- Other
Income and (Income Deductions) - Net (864) (1,008) 1,453 1,881 ----
------ ----- ----- Interest Charges: Interest on long-term debt
6,146 4,974 24,583 19,851 Interest on long-term debt to
unconsolidated affiliate trust - - - 486 Other interest charges 612
1,732 5,163 9,140 --- ----- ----- ----- Total Interest Charges
6,758 6,706 29,746 29,477 ----- ----- ------ ------ Income (Loss)
from Continuing Operations Before Income Taxes and Dividends on
Laclede Gas Redeemable Preferred Stock (10,689) (7,686) 96,771
83,751 Income Tax Expense (Benefit) (5,942) (4,523) 32,509 26,190
Dividends on Laclede Gas Redeemable Preferred Stock - 8 15 35 ---
--- --- --- Income (Loss) from Continuing Operations (4,747)
(3,171) 64,247 57,526 Income (Loss) from Discontinued Operations,
Net of Income Tax - (423) - 20,396 --- ---- --- ------ Net Income
(Loss) $(4,747) $(3,594) $64,247 $77,922 ======= ======= =======
======= Average Number of Common Shares Outstanding: Basic 21,920
21,785 21,893 21,657 Diluted 21,920 21,785 22,024 21,763 Basic
Earnings (Loss) Per Share of Common Stock: Income (Loss) from
Continuing Operations $(0.22) $(0.14) $2.93 $2.66 Income (Loss)
from Discontinued Operations - (0.02) - 0.94 --- ----- --- ---- Net
Income (Loss) $(0.22) $(0.16) $2.93 $3.60 ====== ====== ===== =====
Diluted Earnings (Loss) Per Share of Common Stock: Income (Loss)
from Continuing Operations $(0.22) $(0.14) $2.92 $2.64 Income
(Loss) from Discontinued Operations - (0.02) - 0.94 --- ----- ---
---- Net Income (Loss) $(0.22) $(0.16) $2.92 $3.58 ====== ======
===== ===== DATASOURCE: The Laclede Group, Inc. CONTACT: Justin
Gioia of The Laclede Group, Inc., +1-314-342-0865, Web Site:
http://www.thelacledegroup.com/
Copyright