DELTA NATURAL GAS CO INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS YEAR TO DATE MARCH 31, 2009 OVERVIEW AND FUTURE OUTLOOK For the nine months ended March 31, 2009, consolidated net income per share of $1.74 decreased $0.41 per share as compared to the $2.15 net income per share for the nine months ended March 31, 2008. The decrease is primarily attributable to a non-recurring inventory adjustment for our gas in storage of $1,350,000 ($838,000 net of income tax benefit), as further discussed in Note 12 of the Notes to Consolidated Financial Statements, and decreased gross margins from our non-regulated segment offset by increased gross margins from our regulated segment. Our regulated segment's contribution to consolidated net income for the remainder of 2009 will be dependent upon the continuing impact the weakened economic environment has on our customers. Our customers may choose to discontinue their natural gas service, be unable to pay for their natural gas service or decrease the volumes purchased from or transported by us on behalf of them. Future profitability of the non-regulated segment is dependent on the business plans of a few industrial and other large use customers and the market prices of natural gas, all of which are out of our control. For the current quarter ended March 31, 2009, we have experienced a decline in the volumes sold to our non-regulated customers due to a decrease in the non-regulated customers' gas requirements. Although we anticipate our non-regulated segment to continue to contribute to our consolidated net income for the remainder of fiscal 2009, based on the decrease in our non-regulated customer's gas requirements and the contracts currently in place, the non-regulated segment's contribution will be less than in the prior year. Additionally, if natural gas prices increase, we would expect to experience a corresponding increase in our non-regulated segment margins related to our natural gas product...
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DELTA NATURAL GAS CO INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS YEAR TO DATE DECEMBER 31, 2008 OVERVIEW AND FUTURE OUTLOOK For the six months ended December 31, 2008, consolidated net income per share of $0.46 decreased $0.04 per share as compared to the $0.50 net income per share for the six months ended December 31, 2007. The decrease is attributable to a non-recurring inventory adjustment to record a reserve against our gas in storage of $1,350,000 ($838,000 net of income tax benefit), as further discussed in Note 12 of the Notes to Consolidated Financial Statements. The decrease was substantially offset by increased gross margins for both our regulated and non-regulated segments. Our 2009 results will be dependent on the winter weather and the extent to which our customers choose to conserve their natural gas usage or discontinue their natural gas service, a trend we have experienced for the last several fiscal years. We expect our non-regulated segment to continue to contribute to our consolidated net income in fiscal 2009, as in recent years, based on contracts currently in place. Future profitability of the non-regulated segment, though, is dependent on the business plans of a few large customers and the market prices of natural gas, which are both out of our control. If natural gas prices increase, we would expect to experience a corresponding increase in our non-regulated segment margins related to our natural gas production activities. However, if natural gas prices decrease, we would expect a decrease in our non-regulated margins related to our natural gas production and marketing activities. LIQUIDITY AND CAPITAL RESOURCES Operating activities provide our primary source of cash. Cash provided by operating activities consists of net income adjusted for non-cash items, including depreciation, amortization, deferred income taxes and changes in working capital. Our ability to maintain liquidi...
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DELTA NATURAL GAS CO INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhi

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. Alan L. Heath, Vice President - Operations & Engineering, will retire from Delta Natural Gas Company, Inc. after twenty four years of service, effective December 31, 2008. Mr. Heath's term as an officer of Delta ended November 20, 2008, terminating his change in control agreement with Delta. On November 20, 2008, Delta's Board of Directors appointed Johnny L. Caudill to serve as Vice President - Distribution for one year or until his successor is elected and qualified. Mr. Caudill, age 59, has been with the Company since 1972 and has been Vice President - Administration & Customer Service since 1995. On November 20, 2008, Delta's Board of Directors set Mr. Caudill's annual base compensation at $175,000, effective December 1, 2008. Mr. Caudill retains his change in control agreement as filed in Delta's Form 10-Q (File No. 000-08788) for the period ended March 31, 2000. The agreement provides, in the event of a change in control, for up to three years of continuing monthly salary payments and benefits to Mr. Caudill. If during that period Mr. Caudill is terminated without cause, his salary and benefits continue for the remainder of the contract term (but in no event for less than two years), and he may elect to receive his total remaining base salary as a lump sum payment. A termination by Mr. Caudill because he determines in good faith that his employment is not in the company's best interests or that he is unable to carry out his duties effectively is considered a "without cause" termination. On November 20, 2008, Delta's Board of Directors appointed Brian S. Ramsey to serve as Vice President - Transmission and Gas Supply for one year or until his successor is elected and qualified. Mr. Ramsey, age 45, has been with the Company since 1984. He has been Manager - Gas Supply since 2005, and prior to that, he held various positions with the Com...
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DELTA NATURAL GAS CO INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS YEAR TO DATE SEPTEMBER 30, 2008 OVERVIEW AND FUTURE OUTLOOK For the three months ended September 30, 2008, consolidated net income per share of $0.08 increased $0.33 per share from the consolidated net loss per share of $0.25 for the three months ended September 30, 2007. The increase is due to a $740,000 decrease in the net loss for the regulated segment and a $344,000 increase in net income from our non-regulated segment. Due to the seasonality of our regulated business, we traditionally incur a consolidated net loss in the first quarter of our fiscal year. The regulated segment historically sells only 6% of its annual volumes during the quarter, while 25% of the annual fixed costs are incurred. However, this loss decreased in the current year due to increased base rates which became effective October 20, 2007. The increase in rates was allocated primarily to the monthly customer charge to partially decouple revenues from volumes of gas sold. Additionally, our non-regulated net income increased due to higher gas prices. Our 2009 results will be dependent on the winter weather and the extent to which our customers choose to conserve their natural gas usage or discontinue their natural gas service, a trend we have experienced for the last several fiscal years. We expect our non-regulated segment to continue to contribute to our consolidated net income in fiscal 2009, as in recent years, based on contracts currently in place. Future profitability of the non-regulated segment, though, is dependent on the business plans of a few large customers and the market prices of natural gas, which are both out of our control. If natural gas prices continue to increase, we expect to experience a corresponding increase in our non-regulated margins related to our natural gas production activities. However, if natural gas prices decrease, we would expect a decrease in our non-r...
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Delta Natural Gas declares dividend of 32.5 cents

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Delta Natural Gas Company, Inc. Announces Dividend

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DELTA NATURAL GAS CO INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Creation of a Direct Financi

Show all filings for DELTA NATURAL GAS CO INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for DELTA NATURAL GAS CO INC 30-Jun-2009Entry into a Material Definitive Agreement, Creation of a Direct Financi Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All informa...
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DELTA NATURAL GAS CO INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS YEAR TO DATE SEPTEMBER 30, 2009 OVERVIEW AND FUTURE OUTLOOK For the three months ended September 30, 2009, there was a consolidated net loss per share of $.17 compared with net income of $.08 per share for the three months ended September 30, 2008. The decrease is due to a $474,000 decrease in net income for our non-regulated segment and a $362,000 increase in the net loss for the regulated segment. LIQUIDITY AND CAPITAL RESOURCES Operating activities provide our primary source of cash. Cash provided by operating activities consists of net income (loss) adjusted for non-cash items, including depreciation, amortization, deferred income taxes, gains on the sale of assets and changes in working capital. Our ability to maintain liquidity depends on our bank line of credit, shown as notes payable on the accompanying Consolidated Balance Sheets. Notes payable increased to $9,596,000 at September 30, 2009 compared to $3,653,000 at June 30, 2009 due to gas purchased for storage and capital expenditures. Notes payable decreased to $9,596,000 at September 30, 2009 compared to $24,698,000 at September 30, 2008 due to a 64% decrease in the cost of gas purchased for storage during the three months ended September 30, 2009, as compared to the three months ended September 30, 2008. Our liquidity is also impacted by the fact that we sometimes generate internally only a portion of the cash necessary for our capital expenditure requirements. We made capital expenditures of $1,693,000 and $7,710,000 during the three and twelve months ended September 30, 2009, respectively. In periods when cash provided by operating activities is not sufficient to meet our capital requirements, we finance the balance of our capital expenditures on an interim basis through the bank line of credit. Long-term debt decreased to $57,391,000 at September 30, 2009, compared with $57,599,0...
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DELTA NATURAL GAS CO INC Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview of 2009 and Future Outlook Overview The following is a discussion of the segments we operate, our corporate strategy for the conduct of our business within these segments and significant events that have occurred during 2009. Our Company has two segments: (i) a regulated natural gas distribution, transmission and storage segment, and (ii) a non-regulated segment which participates in related ventures, consisting of natural gas marketing and production. Earnings from the regulated segment are primarily influenced by sales and transportation volumes, the rates we charge our customers and the expenses we incur. In order for us to achieve our strategy of maintaining reasonable long-term earnings, cash flow and stock value, we must successfully manage each of these factors. Regulated sales volumes are temperature-sensitive. Our regulated sales volumes in any period reflect the impact of weather, with colder temperatures generally resulting in increased sales volumes. The impact of winter temperatures on our revenues is partially reduced given our ability to adjust our winter rates for residential and small non-residential customers based on the degree to which actual winter temperatures deviate from normal. Our non-regulated segment markets natural gas to large-use customers both on and off our regulated system. We endeavor to enter sales agreements when we can match estimated demand with a supply that provides an acceptable margin. Earnings per share decreased between 2009 and 2008 by $.50 per share. Our non-regulated segment's contribution to earnings decreased as a result of decreased non-regulated sales volumes and lower sales prices that resulted in a $2,800,000 reduction in gross margins. Additionally, we incurred a non-recurring inventory adjustment for our gas in storage of $1,350,000 ($838,000 net of income tax benefit), as further disc...
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DELTA NATURAL GAS CO INC Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue8,131  10,410  43,161  33,958  Cost of Revenue6,652  8,937  33,785  32,064  Gross Profit1,479  1,473  9,376  1,894  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative454  506  491  (2,380)Non Recurring -   -   -   -  Others984  978  966  961  Total Operating Expenses -   -   -   -  Operating Income or Loss41  (10)7,919  3,314  Income from Continuing OperationsTotal Other Income/Expenses Net55  54  (13)(79)Earnings Before Interest And Taxes96  44  7,906  3,235  Interest Expense1,046  1,034  1,083  1,264  Income Before Tax(950)(990)6,823  1,971  Income Tax Expense(387)(439)2,563  742  Minority Interest -   -   -   -  Net Income From Continuing Ops(563)(551)4,260  1,229  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   -   -  Other Items ...
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