Gas Natural Logo     Print Page     Close Window

News Release
Gas Natural Inc. Reports Fiscal Year 2012 Results and Announces Monthly Dividend of $0.045 per Share
-- Continued customer growth in Maine and North Carolina utilities
-- Natural gas operations full-year 2012 earnings of $4.5 million
-- Board of Directors declared a monthly dividend of $0.045 per share to shareholders of record as of April 15, 2013. The dividend will be payable on April 30, 2013.

MENTOR, Ohio, April 1, 2013 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a holding company operating local distributing companies serving approximately 73,000 customers in seven states, reported financial results for the full-year ended December 31, 2012. 

Consolidated net income for the year ended December 31, 2012 was $3.7 million, or $0.46 per diluted share, compared with net income of $5.4 million, or $0.66 per diluted share, for the year ended December 31, 2011.  The $1.7 million decline reflects higher operating expenses due to increased bad debt expense, higher acquisition related expenses, a full year of operating costs associated with the Propane Operations segment and warmer weather across most of our natural gas service areas.  Higher operating expenses were partially offset by an increase in the Marketing and Production segment due to income generated from the newly formed Liquefied Natural Gas ("LNG") business.  In July 2012, Gas Natural constructed an LNG gasification plant in Maine to service a large retail manufacturer and invested approximately $960,000 in capital into the business.

Richard M. Osborne, Gas Natural's chairman and chief executive officer commented, "Our results in 2012 demonstrated the stability of our core natural gas business despite warmer than normal weather in a number of our service territories.  This stability allowed us to continue investing for future growth.  During the year, we completed the acquisition of Public Gas Company, Inc. ("PGC"), expanding our geographic footprint into Kentucky, purchased the Loring pipeline in Maine and invested in the formation of an LNG business.  The acquisition of PGC combined with continued organic growth in Maine and North Carolina allowed us to grow our customer base by nearly 10,000 in 2012."

Shareholders Approve Acquisition of John D. Oil and Gas Marketing Company, LLC

On August 15, 2012, the Company entered into an asset purchase agreement to acquire all of the assets, rights and properties of John D. Oil and Gas Marketing Company, LLC ("JDOG Marketing"), an Ohio limited liability company engaged in the business of marketing natural gas.  Richard M. Osborne, Gas Natural's Chief Executive Officer and Chairman of the Board, is the majority owner and manager of JDOG Marketing. 

Pursuant to the asset purchase agreement, the consideration for the purchase of JDOG Marketing will be paid in shares of common stock of Gas Natural with an initial issuance of common stock valued at $2.9 million and additional issuances of common stock based on the achievement of certain financial milestones by JDOG Marketing for a period of five years after the closing of the transaction.

The Company obtained shareholder approval of the transaction on March 1, 2013.  The consummation of the transaction is subject to the satisfaction or waiver of the receipt of regulatory approvals and the consent of certain of the Company's lenders.

Natural Gas Operations Segment

The Company annually distributes over 33 billion cubic feet of natural gas to approximately 69,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming.

Natural Gas Operations Income Statement







Years Ended December 31,

($ in thousands)





2012


2011









Natural Gas Operations








Operating revenue





$                    81,306


$                     89,995

Gas Purchased





42,486


53,018

Gross Margin





38,820


36,977

Operating expenses





29,124


26,804

Operating income





9,696


10,173

Other income





418


639

Income before interest and taxes





10,114


10,812

Interest expense





(2,512)


(1,926)

Income before income taxes





7,602


8,886

Income tax expense





(3,135)


(3,072)

Net Income





$                      4,467


$                      5,814

The Natural Gas Operations segment reported net income of $4.5 million for 2012 compared with $5.8 million in 2011.  Customer growth in the Company's Maine and North Carolina service territories drove the gross margin increase of $1.8 million to $38.8 million for 2012 from $37.0 million for 2011, offsetting the decrease in margin due to warmer weather.  Full service distribution volumes delivered decreased to 8.78 billion cubic feet in 2012 from 9.35 billion cubic feet in 2011 due to warmer weather in the Company's service territories. 

Operating expenses increased by $2.3 million in 2012 from $29.1 million in the prior-year due to increased bad debt expense, depreciation due to increases in capital spending and expenses related to the newly acquired PGC.

Operating income as a percent of gross margin was 25.0% in 2012 compared with 27.5% in 2011.

Interest expense during for the year increased $586,000 to $2.5 million as a result of increased debt levels.

Other Operating Segments

The Marketing and Production segment reported net income of $600,000 for the year ended December 31, 2012 compared with net loss of $287,000 for the year ended December 31, 2011.  The increase was primarily due to increased income from its LNG business segment.

The Pipeline Operations segment contributed net income of $93,000 which was a decrease of $69,000 from 2011.

The Propane Operations segment reported a net loss of $348,000 for the full year 2012 period compared with net income of $255,000 for the prior year.  

Balance Sheet and Cash Management

Cash and cash equivalents as of December 31, 2012 were $3.4 million, down from the 2011 year-end balance of $10.5 million.  During 2012, the Company used $2.3 million to acquire the Loring Pipeline in Maine and $1.6 million for PGC. 

Cash provided by operating activities in 2012 decreased by $6.3 million to $8.6 million from the prior-year period.  The change reflects lower net income and working capital changes including the recoverable cost of gas and cash paid for inventory.

Capital expenditures for the year ended December 31, 2012 totaled $18.5 million compared with $23.2 million for the year ended December 31, 2011.  The 2011 period included $3.3 million for the purchase of the Spelman Pipeline.  The majority of the 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 2013 are expected to be approximately $10 million.  The Company also invested $3.8 million of cash on acquisitions in 2012 compared with $1.4 million in 2011. 

The Company maintains two revolving credit facilities with $24.3 million in use at December 31, 2012 compared with $23.2 million at the end of 2011.  Long-term debt was $43.7 million at the end of 2012 compared with 2011 year-end balance of $31.3 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.  As of December 31, 2012, the Company had not exercised the interest rate swap provision.

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 on October 24, 2012.  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 33 billion cubic feet of natural gas to approximately 69,000 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, natural gas marketing and propane to 4,000 customers.  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:  tsmith@egas.net

Email:  dpawlowski@keiadvisors.com

FINANCIAL TABLES FOLLOW

 

Gas Natural Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income




2012


2011


REVENUE






Natural gas operations


$   81,305,951


$   89,994,616


Marketing and production


7,493,361


5,789,938


Pipeline operations


401,933


417,768


Propane operations


4,614,915


3,014,971


Total revenues


93,816,160


99,217,293








COST OF SALES






Natural gas purchased


42,485,803


53,017,926


Marketing and production


5,953,156


4,470,504


Propane purchased


3,346,591


2,695,187


Total cost of sales


51,785,550


60,183,617








GROSS MARGIN


42,030,610


39,033,676








OPERATING EXPENSES






Distribution, general, and administrative


22,130,693


19,610,054


Maintenance


1,258,631


1,122,448


Depreciation and amortization


5,326,732


4,464,881


Accretion


161,298


142,214


Taxes other than income


3,551,872


3,451,860


Total operating expenses


32,429,226


28,791,457








OPERATING INCOME


9,601,384


10,242,219








LOSS FROM UNCONSOLIDATED AFFILIATE


(8,620)


(877,465)


OTHER INCOME, net


440,493


419,983


GAIN ON BARGAIN PURCHASE


-


955,423


ACQUISITION EXPENSE


(959,267)


(88,450)


STOCK SALE EXPENSE


(274,213)


(106,595)


INTEREST EXPENSE


(2,723,335)


(2,033,603)








INCOME BEFORE INCOME TAXES


6,076,442


8,511,512








INCOME TAX EXPENSE


(2,357,125)


(3,141,995)








NET INCOME


3,719,317


5,369,517








   EARNINGS PER SHARE - BASIC AND DILUTED


$              0.46


$              0.66


   WEIGHTED AVERAGE DIVIDENDS DECLARED PER COMMON SHARE


$              0.54


$              0.54


   WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC


8,163,814


8,151,935


   WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED


8,169,679


8,159,827








OTHER COMPREHENSIVE INCOME, NET OF TAX OF $8,913 and ($20,490), respectively



Unrealized gain (loss) on available








for sale securities


(14,616)


33,815












COMPREHENSIVE INCOME


$     3,704,701


$     5,403,332




 

Gas Natural Inc. and Subsidiaries
Consolidated Balance Sheets



December 31,


December 31,

ASSETS

2012


2011

CURRENT ASSETS




Cash and cash equivalents

$     3,435,117


$   10,504,845

Marketable securities

344,346


367,875

Accounts receivable




Trade, less allowance for doubtful accounts of




$1,389,762 and $630,632, respectively

12,033,057


9,381,625

Related parties

522,557


519,084

Unbilled gas

4,612,258


4,232,854

Note receivable - related parties, current portion

10,998


10,256

Inventory




Natural gas and propane

5,092,240


6,967,739

Materials and supplies

1,835,816


1,958,858

Prepaid income taxes

498,297


1,584,869

Prepayments and other

2,224,267


741,101

Recoverable cost of gas purchases

2,329,524


2,627,416

Deferred tax asset

828,730


1,061,314

Total current assets

33,767,207


39,957,836





PROPERTY, PLANT AND EQUIPMENT




Gas transmission and distribution facilities

125,067,279


100,492,234

Land

3,530,639


2,600,023

Buildings and leasehold improvements

9,029,773


4,966,511

Transportation equipment

3,311,769


2,968,405

Computer equipment

3,589,035


3,501,492

Other equipment

8,751,626


8,302,395

Construction work-in-progress

8,470,638


12,003,916

Producing natural gas properties

3,911,404


3,911,404

Property, plant and equipment

165,662,163


138,746,380

Less accumulated depreciation, depletion and amortization

(47,034,673)


(41,134,123)

PROPERTY, PLANT AND EQUIPMENT, net

118,627,490


97,612,257





OTHER ASSETS




Notes receivable - related parties, less current portion

24,411


35,408

Regulatory assets




Property taxes

307,732


590,464

Income taxes

452,645


452,645

Rate case costs

176,250


205,714

Debt issuance costs, net

1,798,720


869,593

Goodwill

14,891,377


14,607,952

Customer relationships

616,500


639,333

Investment in unconsolidated affiliate

321,731


330,351

Restricted cash

3,150,847


949,907

Other assets

328,549


159,954

Total other assets

22,068,762


18,841,321





TOTAL ASSETS

$  174,463,459


$  156,411,414

 

Gas Natural Inc. and Subsidiaries
Consolidated Balance Sheets, Continued



December 31,


December 31,

LIABILITIES AND CAPITALIZATION

2012


2011

CURRENT LIABILITIES




Checks in excess of amounts on deposit

$              720,340


$        1,027,376

Lines of credit

24,260,755


23,160,000

Accounts payable




Trade

9,201,722


8,755,623

Related parties

51,797


191,763

Notes payable, current portion

633,498


7,885

Accrued liabilities




Taxes other than income

2,548,717


3,018,964

Vacation

115,956


115,940

Employee benefit plans

145,959


140,149

Interest

191,263


30,688

Deferred payments received from levelized billing

2,822,926


2,948,188

Customer deposits

744,974


707,062

Property tax settlement, current portion

-


242,128

Related parties

595,240


635,192

Obligation under capital lease - current

167,518


-

Other current liabilities

729,550


1,280,670

Over-recovered gas purchases

1,185,034


2,237,827

Total current liabilities

44,115,249


44,499,455





LONG-TERM LIABILITIES




Deferred investment tax credits

155,317


176,379

Deferred tax liability

5,144,002


2,908,167

Asset retirement obligation

1,850,379


1,689,081

Customer advances for construction

1,009,232


880,851

Regulatory liability for income taxes

83,161


83,161

Regulatory liability for gas costs

20,745


57,570

Long-term obligation under capital lease, less current portion

2,040,508


-

Total long-term liabilities

10,303,344


5,795,209





NOTES PAYABLE, less current portion

43,700,742


31,344,723





COMMITMENTS AND CONTINGENCIES (see Note 12)








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,




8,369,752 and 8,154,301 shares issued and




outstanding, respectively

1,255,463


1,223,145

Capital in excess of par value

44,256,493


41,978,799

Accumulated other comprehensive income

65,789


80,405

Retained earnings

30,766,379


31,489,678

Total stockholders' equity

76,344,124


74,772,027





TOTAL CAPITALIZATION

120,044,866


106,116,750





TOTAL LIABILITIES AND CAPITALIZATION

$       174,463,459


$     156,411,414

 

Gas Natural Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2012 and 2011



2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$     3,719,317


$     5,369,517

Adjustments to reconcile net income to net cash provided by

operating activities



   Depreciation and amortization

5,326,732


4,464,881

Accretion

161,298


142,214

Amortization of debt issuance costs

275,858


144,739

Stock based compensation

60,009


69,407

Loss on sale of assets

56,026


150,338

Loss from unconsolidated affiliate

8,620


877,465

Gain on bargain purchase

-


(955,423)

Investment tax credit

(21,062)


(21,062)

Deferred income taxes

2,282,928


3,745,373

Changes in assets and liabilities




Accounts receivable, including related parties

(2,585,772)


448,310

Unbilled gas

(379,404)


1,491,492

Natural gas and propane inventory

1,875,499


(964,417)

Accounts payable, including related parties

252,807


(1,259,006)

Recoverable/refundable cost of gas purchases

(834,814)


1,036,044

Prepayments and other

(1,484,495)


171,858

Other assets

995,467


(644,075)

Other liabilities

(1,092,014)


628,649

Net cash provided by operating activities

8,617,000


14,896,304





CASH FLOWS FROM INVESTING ACTIVITIES




Capital expenditures

(18,455,954)


(23,205,518)

Proceeds from sale of fixed assets

53,949


43,058

Purchase of marketable securities

-


(39,004)

Proceeds from related party note receivable

10,255


9,566

Purchase of Loring Pipeline

(2,250,000)


-

Purchase of Independence Oil

-


(1,400,656)

Purchase of Public Gas

(1,551,477)


-

Cash acquired in acquisition

502


-

Investment in unconsolidated affiliate

-


(567,600)

Restricted cash - capital expenditures fund

(1,322,065)


-

Customer advances for construction

128,381


(68,583)

Contributions in aid of construction

134,076


217,277

Net cash used in investing activities

(23,252,333)


(25,011,460)





CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from lines of credit

51,791,754


30,960,000

Repayment on lines of credit

(50,690,999)


(25,949,999)

Proceeds from notes payable

12,989,552


18,355,215

Repayments of notes payable

(7,920)


(9,872,140)

Repayment of related-party notes payable

-


(49,361)

Debt issuance costs

(1,204,987)


(498,381)

Restricted cash - debt service fund

(878,875)


(949,907)

Dividends paid

(4,432,920)


(4,402,011)

Net cash provided by financing activities

7,565,605


7,593,416





NET DECREASE IN CASH AND CASH EQUIVALENTS

(7,069,728)


(2,521,740)





CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

10,504,845


13,026,585





CASH AND CASH EQUIVALENTS, END OF PERIOD

$     3,435,117


$   10,504,845

 

Gas Natural Inc. and Subsidiaries
Segments of Operations

Year Ended December 31, 2012


Natural Gas Operations


Marketing and Production


Pipeline Operations


Propane Operations


Corporate and Other


Consolidated













OPERATING REVENUES

$   81,630,788


$  13,417,723


$       401,933


$    4,614,915


$                -


$ 100,065,359

Intersegment eliminations

(324,837)


(5,924,362)


-


-


-


(6,249,199)

Total operating revenue

81,305,951


7,493,361


401,933


4,614,915


-


93,816,160













COST OF SALES

42,810,640


11,877,518


-


3,346,591


-


58,034,749

Intersegment eliminations

(324,837)


(5,924,362)


-


-


-


(6,249,199)

Total cost of sales

42,485,803


5,953,156


-


3,346,591


-


51,785,550













GROSS MARGIN

$   38,820,148


$    1,540,205


$       401,933


$    1,268,324


$                -


$   42,030,610













OPERATING EXPENSES












Distribution, general and administrative

19,806,389


449,665


87,640


1,550,684


236,315


22,130,693

Maintenance

1,176,189


1,014


13,835


67,593


-


1,258,631

Depreciation and amortization

4,662,313


268,202


61,085


300,590


34,542


5,326,732

Accretion

113,106


48,192


-


-


-


161,298

Taxes other than income

3,366,238


38,052


35,497


72,975


39,110


3,551,872

Total operating expenses

29,124,235


805,125


198,057


1,991,842


309,967


32,429,226













OPERATING INCOME (LOSS)

$     9,695,913


$       735,080


$       203,876


$     (723,518)


$     (309,967)


$     9,601,384













OTHER INCOME (EXPENSE)

418,822


(6,051)


-


16,272


(1,230,650)


(801,607)

INTEREST EXPENSE

(2,512,444)


(133,440)


(13,528)


(23,142)


(40,781)


(2,723,335)

Intersegment eliminations

-


-


-


-


-


-













INCOME (LOSS) FROM












CONTINUING OPERATIONS

$     7,602,291


$       595,589


$       190,348


$     (730,388)


$  (1,581,398)


$     6,076,442













INCOME TAX BENEFIT












(EXPENSE)

(3,135,445)


4,542


(97,523)


382,483


488,818


(2,357,125)













NET INCOME (LOSS)

$     4,466,846


$       600,131


$         92,825


$     (347,905)


$  (1,092,580)


$     3,719,317













Capital expenditures

$   16,131,643


$    1,393,040


$         23,141


$         51,771


$       856,359


$   18,455,954













As of December 31, 2012












Investment in unconsolidated affiliate

$                    -


$       321,731


$                -


$                -


$                -


$        321,731

Goodwill

$   14,891,377


$                -


$                -


$                -


$                -


$   14,891,377













Total assets

$ 169,616,395


$    8,786,247


$       632,466


$    3,556,432


$  64,887,276


$ 247,478,816

Intersegment eliminations

(46,338,335)


(447,549)


(16,073)


(2,096,143)


(24,117,257)


(73,015,357)

Total assets

$ 123,278,060


$    8,338,698


$       616,393


$    1,460,289


$  40,770,019


$ 174,463,459

Gas Natural Inc. and Subsidiaries
Segments of Operations, Continued

Year Ended December 31, 2011


Natural Gas Operations


Marketing and Production


Pipeline Operations


Propane Operations


Corporate and Other


Consolidated













OPERATING REVENUES

$   90,325,379


$  13,461,470


$       417,768


$    3,014,971


$                -


$ 107,219,588

Intersegment eliminations

(330,763)


(7,671,532)


-


-


-


(8,002,295)

Total operating revenue

89,994,616


5,789,938


417,768


3,014,971


-


99,217,293













COST OF SALES

53,348,689


12,142,036


-


2,695,187


-


68,185,912

Intersegment eliminations

(330,763)


(7,671,532)


-


-


-


(8,002,295)

Total cost of sales

53,017,926


4,470,504


-


2,695,187


-


60,183,617













GROSS MARGIN

$   36,976,690


$    1,319,434


$       417,768


$       319,784


$                -


$   39,033,676













OPERATING EXPENSES












Distribution, general and administrative

18,297,497


517,155


67,237


597,620


130,545


19,610,054

Maintenance

1,061,672


648


18,076


42,052


-


1,122,448

Depreciation and amortization

4,016,981


285,254


60,195


102,451


-


4,464,881

Accretion

96,536


45,678


-


-


-


142,214

Taxes other than income

3,330,549


24,997


25,853


44,061


26,400


3,451,860

Total operating expenses

26,803,235


873,732


171,361


786,184


156,945


28,791,457













OPERATING INCOME (LOSS)

$   10,173,455


$       445,702


$       246,407


$     (466,400)


$     (156,945)


$   10,242,219













OTHER INCOME (EXPENSE)

638,583


(877,465)


-


1,004,929


(282,903)


483,144

INTEREST EXPENSE

(2,106,130)


(87,744)


(16,811)


-


(3,166)


(2,213,851)

Intersegment eliminations

180,248


-


-


-


(180,248)


-













INCOME (LOSS) FROM












CONTINUING OPERATIONS

$     8,886,156


$     (519,507)


$       229,596


$       538,529


$     (623,262)


$     8,511,512













INCOME TAX BENEFIT












(EXPENSE)

(3,072,056)


232,393


(67,167)


(283,313)


48,148


(3,141,995)













NET INCOME (LOSS)

$     5,814,100


$     (287,114)


$       162,429


$       255,216


$     (575,114)


$     5,369,517













Capital expenditures

$   22,495,616


$                -


$         19,248


$       582,889


$       107,765


$   23,205,518













As of December 31, 2011












Investment in unconsolidated affiliate

$                  -


$       330,351


$                -


$                -


$                -


$        330,351

Goodwill

$   14,607,952


$                -


$                -


$                -


$                -


$   14,607,952













Total assets

$ 142,040,028


$    5,900,392


$       872,341


$    3,638,634


$  68,057,539


$ 220,508,934

Intersegment eliminations

(50,723,758)


(1,567,600)


(28,368)


(2,125,742)


(9,652,052)


(64,097,520)

Total assets

$   91,316,270


$    4,332,792


$       843,973


$    1,512,892


$  58,405,487


$ 156,411,414

Gas Natural Inc. and Subsidiaries
Natural Gas Operations

Utility Throughput






Years Ended December 31,

(in million cubic feet (MMcf))





2012


2011









Full Service Distribution








Residential





4,349


4,644

Commercial





4,250


4,552

Industrial





178


150

Total full service





8,777


9,346









Transportation





10,301


9,050

Bucksport





14,144


13,925









Total Volumes





33,222


32,321

 

Heating Degree Days




Years Ended


Percent (Warmer) Colder




December 31,


2012 Compared to


Normal


2012


2011


Normal


2011

Great Falls, MT

7,508


6,828


7,800


(9.06%)


(12.46%)

Cody, WY

6,925


6,291


7,434


(9.16%)


(15.38%)

Bangor, ME

7,676


7,020


7,267


(8.55%)


(3.40%)

Elkin, NC

3,963


3,661


3,901


(7.62%)


(6.15%)

Youngstown, OH

6,349


5,345


6,024


(15.81%)


(11.27%)

Jackson, KY

4,451


3,870


-


(13.05%)


-

SOURCE Gas Natural Inc