Exhibit 99.1
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| FOR IMMEDIATE RELEASE | CONTACTS: | |
| November 3, 2003 | ||
| News Media | ||
| Timothy Sargeant (202) 624-6043 (Office) | ||
| (202) 825-7051 (Pager) | ||
| Financial Community | ||
| Melissa E. Adams (202) 624-6410 (Office) |
WGL HOLDINGS, INC. REPORTS
RECORD FISCAL YEAR 2003 EARNINGS AND
IMPROVED FOURTH QUARTER RESULTS
WGL Holdings, Inc. (NYSE: WGL) (the Company), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported record net income of $112.3 million, or $2.30 per share, for the fiscal year ended September 30, 2003. Net income for fiscal year 2003 more than doubled net income for fiscal year 2002 of $39.1 million, or $0.80 per share. For the fourth quarter of fiscal year 2003, the Company reported a net loss of $17.6 million, or $0.36 per share, an improvement of $5.1 million, or $0.11 per share, over the net loss of $22.7 million, or $0.47 per share, for the same period last year. The Company typically reports a net loss for quarters ended September 30 due to the seasonal nature of its utility business and the corresponding reduced demand for natural gas during these periods. Basic earnings per share were not materially different from diluted earnings per share. Unless otherwise noted, earnings (or loss) per share amounts are presented in this news release on a diluted basis and are based on weighted average common and common equivalent shares outstanding.
Commenting on the 2003 fiscal year results, WGL Holdings’ Chairman and CEO James H. DeGraffenreidt, Jr. said, “We’re pleased to report a substantial improvement over last year’s results. Record earnings for fiscal year 2003 were driven by our core regulated utility business which benefited from a combination of colder weather, new retail rates, customer growth and success from our commitment to continuous improvements. Overall, we continued to build upon our foundation for sustainable, long-term growth by strengthening the performance of our utility and unregulated businesses.”
Summary Results
WGL Holdings, Inc. • 101 Constitution Avenue, N.W. • Washington, D.C. 20080 • www.wglholdings.com
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that enables a greater recovery of fixed charges in the summer months of the year. Results for the current fiscal year also reflect an adjustment to income taxes that added $2.7 million to income, or $0.06 per share, and a gain of $2.5 million, or $0.05 per share, related to the sale of the Company’s headquarters property located in downtown Washington, D.C. Results for fiscal year 2002 included a loss of $1.7 million, or $0.04 per share, associated with a transaction with a bankrupt energy trader. Although our emphasis on process improvements to control costs has been successful, the Company’s earnings improvement was tempered by increased operation and maintenance costs and depreciation expense.
The Company’s non-utility operations, which include the business segments of retail energy-marketing and commercial heating, ventilating and air conditioning (HVAC), reported net income of $3.3 million, or $0.06 per share, for fiscal year 2003, as compared to a net loss of $12.6 million, or $0.26 per share, for the prior fiscal year. This improvement is primarily attributable to after-tax charges included in the prior fiscal year totaling $18.0 million, or $0.37 per share, associated with the Company’s former co-investment in a residential HVAC business, and a consumer finance business that is no longer making new loans. Additionally, operating results for the current fiscal year reflect reduced income taxes of $2.1 million, or $0.04 per share, due to the realization of tax benefits of capital loss carryforwards, as well as an after-tax gain of $926,000, or $0.02 per share, resulting from the Company’s sale of its interest in a land development venture. Partially offsetting the favorable year-over-year comparisons were lower operating results of the Company’s retail energy-marketing and commercial HVAC businesses that together declined $6.4 million, or $0.13 per share, from fiscal year 2002.
For the fourth quarter of fiscal year 2003, the utility segment reported a seasonal net loss of $16.6 million, or $0.34 per share, an improvement of $5.6 million, or $0.12 per share, over the same quarter in fiscal year 2002. This improvement primarily reflects the effect of higher retail rates in both Maryland and Virginia, and the previously described new rate design in the District of Columbia. Weather, as measured by heating degree days, was not a significant driver of operating results for the fourth quarter of fiscal year 2003 as compared to the same period of the prior fiscal year.
The Company’s non-utility operations reported a net loss of $984,000, or $0.02 per share, for the fourth quarter of fiscal year 2003, as compared to a net loss of $423,000, or $0.01 per share, reported for the same quarter of the prior year. The increased loss is attributable to adjustments in the fourth quarter of fiscal year 2002 related to the Company’s former residential HVAC business that added after-tax income of $2.4 million, or $0.05 per share, to the 2002 fourth quarter results, largely offset by a reduced net loss in the 2003 fourth quarter associated with the Company’s other non-utility activities. Operating results for the Company’s retail energy-marketing and commercial HVAC businesses, on a combined basis, remained relatively unchanged from the comparable 2002 fourth quarter, reflecting a slight improvement in the retail energy-marketing segment that was offset by a reduction in the commercial HVAC segment.
Fiscal Year Ended September 30, 2003
Utility Operations
The utility segment’s net income of $109.0 million, or $2.24 per share, for the 2003 fiscal year increased $57.3 million, or $1.18 per share, over the prior fiscal year. The significant improvement primarily reflects an increase in total gas deliveries to firm customers that grew 335 million therms, or 32 percent, to nearly 1.4 billion therms during fiscal year 2003. Driving this increase in therm deliveries was 38 percent colder weather than in the prior fiscal year, and customer growth. Weather was 20 percent colder than normal for the current fiscal year, as compared to 13 percent warmer than normal for the 2002 fiscal year. The colder-than-normal weather for the current fiscal year enhanced earnings per share by an estimated $0.51.
WGL Holdings, Inc. • 101 Constitution Avenue, N.W. • Washington, D.C. 20080 • www.wglholdings.com
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New retail rates put into effect in Maryland on September 30, 2002, and in Virginia on November 12, 2002, as well as the impact of the new rate design in the District of Columbia as previously discussed, also improved fiscal year 2003 earnings. The Virginia rate increase is subject to refund pending a final rate order by the State Corporation Commission of Virginia (SCC of VA). The Company’s financial results for fiscal year 2003 and the quarter ended September 30, 2003, reflect a provision for a rate refund to customers based on the difference between the amount the Company has collected in rates subject to refund and the amount it expects to recover based on a final rate order of the SCC of VA. A final Virginia rate order may be issued after the date of this earnings release but prior to the date on which the Company will file its Annual Report on Form 10-K for the fiscal year ended September 30, 2003, with the Securities and Exchange Commission (SEC). If such an event occurs, and if the outcome in the final rate order is materially less than the effect of the outcome anticipated by management and reflected in the Company’s financial results for fiscal year 2003 included in this release, then the Company will re-release its financial results for fiscal year 2003 and the quarter ended September 30, 2003, prior to filing its Form 10-K with the SEC. To the extent an order of the SCC of VA results in a reduction in the provision for a rate refund to customers, the Company will not re-release its financial results for fiscal year 2003 or the quarter ended September 30, 2003, but will reflect such adjustments to the provision in its financial results for the first quarter of the 2004 fiscal year that ends on December 31, 2003, in accordance with generally accepted accounting principles. The circumstances described in this paragraph related to the final rate order of the SCC of VA also could apply to an order of the Public Service Commission of the District of Columbia issued before the Company files its Form 10-K for matters recorded in the financial statements as of and for the quarter and year ended September 30, 2003.
Increased earnings for the utility segment also reflect an adjustment to income taxes in the first quarter of fiscal year 2003 that improved net income by $2.7 million, or $0.06 per share, coupled with the sale in the second quarter of fiscal year 2003 of the Company’s Washington, D.C. headquarters property that resulted in an after-tax gain of $2.5 million, or $0.05 per share. Tempering these earnings improvements were higher labor and benefit costs, depreciation expense levels and increased expenses associated with uncollectible accounts. The 2002 fiscal year included an after-tax loss of $1.7 million, or $0.04 per share, associated with a transaction with a bankrupt energy trader.
Non-Utility Operations
Total net income for the Company’s non-utility operations for fiscal year 2003 of $3.3 million, or $0.06 per share, represented a significant improvement of $15.9 million, or $0.32 per share, over the prior fiscal year. Charges recorded in fiscal year 2002, for which there were not similar charges in fiscal year 2003, favorably affected year-over-year comparisons. These charges included a $5.1 million, or $0.11 per share, after-tax loan loss provision associated with a consumer finance business. This business has stopped issuing new loans, and is expected to fully amortize its loan portfolio by 2005. Additional charges included in fiscal year 2002 were a $3.5 million, or $0.07 per share, after-tax operating loss and a $9.4 million, or $0.19 per share, after-tax impairment provision associated with the Company’s former equity co-investment in a residential HVAC business. The Company terminated its co-investment in the residential HVAC business pursuant to a restructuring agreement that was executed during the fourth quarter of fiscal year 2002. There was no impact on fiscal year 2003 net income from this venture. Also contributing to the improved non-utility operating results were reduced income taxes in the third quarter of fiscal year 2003 of $2.1 million, or $0.04 per share, resulting from the realization of tax benefits of capital loss carryforwards, as well as an after-tax gain of $926,000, or $0.02 per share, resulting from the Company’s sale in the first quarter of fiscal year 2003 of its interest in a land development venture.
Net income for the retail energy-marketing segment was $3.7 million, or $0.08 per share, for fiscal year 2003, as compared to $5.0 million, or $0.10 per share, in fiscal year 2002. Gross margins from the sale of natural gas improved in 2003 despite the impact of a rapid rise in natural
WGL Holdings, Inc. • 101 Constitution Avenue, N.W. • Washington, D.C. 20080 • www.wglholdings.com
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gas costs in the second quarter of the current fiscal year due to a 17 percent increase in therms sold. Gross margins from electricity sales increased due to a 16 percent increase in volumes sold and a 29 percent higher gross margin per kilowatt-hour. The energy-marketing business, Washington Gas Energy Services (WGES), continued to service its electric customers despite the July 2003 bankruptcy filing of its electric supplier, Mirant Americas Energy Marketing L.P., an indirect wholly-owned subsidiary of Mirant Corporation (Mirant). Mirant has continued to honor its supply obligations to WGES. WGES and Mirant have signed a post-bankruptcy petition contract that enables WGES to renew expiring contracts with its current electric customers.
Fiscal year earnings for the retail energy-marketing segment were negatively affected by $0.7 million, after taxes, of higher administrative fees in fiscal year 2003 that were assessed by the Public Service Commissions (PSC) in Maryland and the District of Columbia. The assessment by the PSC of the District of Columbia constituted a new annual charge for energy-marketing businesses. The commercial HVAC business reported a net loss of $1.2 million, or $0.03 per share, for fiscal year 2003, as compared to net income of $4.0 million, or $0.08 per share, for the prior fiscal year, due to reduced revenues and lower gross margins.
Quarter Ended September 30, 2003
Utility Operations
The utility segment’s seasonal net loss of $16.6 million, or $0.34 per share, for the fourth quarter of fiscal year 2003 represented an improvement of 25 percent over the same quarter last year. The year-over-year improvement primarily reflects the new customer rates that went into effect in Maryland on September 30, 2002, in Virginia on November 12, 2002, and the impact of the new rate design in the District of Columbia as previously discussed. Adding to these improvements were lower operation and maintenance expenses, most notably lower expenses associated with uncollectible accounts. Tempering this improvement was higher depreciation expense for the 2003 fourth quarter as compared to the same quarter in fiscal year 2002.
Non-Utility Operations
The Company’s non-utility operations reported a combined net loss of $984,000, or $0.02 per share, for the fourth quarter of fiscal year 2003, an increased loss of $561,000, or $0.01 per share, from the comparable quarter of the prior year. The increased loss is attributable to adjustments in the fourth quarter of fiscal year 2002 related to the Company’s former residential HVAC business that added after-tax income of $2.4 million, or $0.05 per share, to 2002 fourth quarter results, largely offset by a reduced net loss in the 2003 fourth quarter associated with the Company’s other non-utility activities.
The Company’s retail energy-marketing segment reported net income of $846,000, or $0.02 per share, for the fourth quarter of fiscal year 2003, an improvement of $674,000, or $0.02 per share, over the same quarter of fiscal year 2002. This improvement in earnings was primarily attributable to higher gross margins from natural gas and electricity sales. Partially offsetting the increase in gross margins for this segment were higher charges of $580,000, after income taxes, in the fourth quarter of fiscal year 2003 for administrative fees that were assessed to the energy-marketing segment by the PSCs in the District of Columbia and Maryland. The Company’s commercial HVAC segment reported a net loss for the current quarter of $237,000, or $0.01 per share, down from net income of $447,000, or $0.01 per share, for the comparable 2002 quarter, principally reflecting reduced revenues and lower gross margins.
Other Event
On October 31, 2003, the PSC of Maryland (PSC of MD) issued an Order in response to the Proposed Order of Hearing Examiner issued on September 11, 2003. The Order by the PSC of MD relates to an application filed by Washington Gas on March 31,2003, to increase base rates. The Order of the PSC of MD granted a $2.9 million increase in annual revenues based on an
WGL Holdings, Inc. • 101 Constitution Avenue, N.W. • Washington, D.C. 20080 • www.wglholdings.com
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overall rate of return of 8.61 percent and a return on common equity of 10.75 percent. The Order provides for an update of rates to reflect the outcome of a separate proceeding to determine new depreciation rates to be applied by Washington Gas to its fixed asset balances. The PSC of MD did not adopt the proposed Incentive Rate Plan of Washington Gas, but did approve the collection of the revenue increase largely through increases in the regulated utility’s fixed monthly charges to customers.
Other Information
The Company will hold a conference call at 10:30 a.m. Eastern time on Monday, November 3, 2003, to discuss its fourth quarter and year-end financial results. The live conference call will be available to the public via a link located on the WGL Holdings Web site,www.wglholdings.com. To hear the live broadcast, click on the Live Webcast icon located on the home page of the referenced site. The Webcast will be archived for replay on the WGL Holdings Web site through December 3, 2003.
The Company announced that it will webcast its 2003 Analysts Conference from approximately 8:30 a.m. until 2:30 p.m. Eastern time on Friday, November 7, 2003. At the event, executives of WGL Holdings and the Company’s subsidiaries will discuss the Company’s utility and unregulated businesses, financial results and outlook for fiscal year 2004. A live audiocast of the event will be available to the public via a link on the Company’s Web site. To hear the live broadcast and access the conference presentations, click on the Analysts Conference Webcast icon located on the home page of the referenced site. The audiocast will be archived for replay on the WGL Holdings Web site for 30 days.
Headquartered in Washington, D.C., WGL Holdings, Inc. is the parent company of Washington Gas Light Company, a natural gas utility that serves approximately 960,000 customers throughout metropolitan Washington, D.C., and the surrounding region. In addition, it holds a group of energy-related retail businesses that focuses primarily on retail energy-marketing and commercial HVAC services.
Additional information about WGL Holdings is available on its Web site,www.wglholdings.com.
Note: This news release and other statements by the Company may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings, revenues and other future financial business performance or strategies and expectations. Forward-looking statements are typically identified by words such as, but not limited to, “estimates,” “expects,” “anticipates,” “intends,” “believes,” “plans,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” and “could.” Although the Company believes such forward-looking statements are based on reasonable assumptions, it cannot give assurance that every objective will be reached. Forward-looking statements speak only as of today, and the Company assumes no duty to update them.
In addition to the factors previously disclosed in the Company’s filings with the Securities and Exchange Commission, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:variations in weather conditions from normal levels; changes in economic, competitive, political and regulatory conditions and developments; changes in capital and energy commodity market conditions; changes in relevant laws and regulations, including tax, environmental and employment laws and regulations; legislative, regulatory and judicial mandates and decisions; timing and success of business and product development efforts; technological improvements; the pace of deregulation efforts and the availability of other competitive alternatives; and other uncertainties. For a further discussion of the risks and uncertainties, see the Company’s most recent quarterly report on Form 10-Q and annual report on Form 10-K filed with the Securities and Exchange Commission.
(Please see the following comparative statements for additional information.)
WGL Holdings, Inc. • 101 Constitution Avenue, N.W. • Washington, D.C. 20080 • www.wglholdings.com
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WGL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| (Thousands, except per share data) | 2003 | 2002 | 2003 | 2002 | ||||||||||||||||
UTILITY OPERATIONS | ||||||||||||||||||||
Operating Revenues | $ | 103,456 | $ | 115,385 | $ | 1,301,057 | $ | 925,131 | ||||||||||||
| Less: Cost of gas | 35,723 | 60,577 | 696,561 | 459,149 | ||||||||||||||||
| Revenue taxes | 7,215 | 4,665 | 40,465 | 27,549 | ||||||||||||||||
Utility Net Revenues | 60,518 | 50,143 | 564,031 | 438,433 | ||||||||||||||||
Other Operating Expenses | ||||||||||||||||||||
| Operation and maintenance | 51,201 | 54,048 | 216,255 | 205,061 | ||||||||||||||||
| Depreciation and amortization | 21,430 | 18,486 | 83,549 | 72,921 | ||||||||||||||||
| General taxes | 7,051 | 7,376 | 37,841 | 34,328 | ||||||||||||||||
| Income tax expense (benefit) | (13,992 | ) | (20,107 | ) | 68,633 | 28,702 | ||||||||||||||
Utility Other Operating Expenses | 65,690 | 59,803 | 406,278 | 341,012 | ||||||||||||||||
Utility Operating Income (Loss) | (5,172 | ) | (9,660 | ) | 157,753 | 97,421 | ||||||||||||||
NON-UTILITY OPERATIONS | ||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||
| Retail energy-marketing | 166,409 | 158,325 | 726,231 | 595,866 | ||||||||||||||||
| Heating, ventilating and air conditioning (HVAC) | 9,921 | 14,626 | 35,521 | 61,887 | ||||||||||||||||
| Other non-utility activities | 214 | 359 | 1,439 | 1,918 | ||||||||||||||||
Operating Expenses | ||||||||||||||||||||
| Non-utility operating expenses | (176,758 | ) | (173,978 | ) | (761,540 | ) | (654,573 | ) | ||||||||||||
| Equity loss in 50%-owned residential HVAC investment | — | 2,471 | — | (5,402 | ) | |||||||||||||||
| Residential HVAC impairment | — | — | — | (9,431 | ) | |||||||||||||||
| Income tax expense | (751 | ) | (1,784 | ) | (168 | ) | (1,725 | ) | ||||||||||||
Non-Utility Operating Income (Loss) | (965 | ) | 19 | 1,483 | (11,460 | ) | ||||||||||||||
| Total Operating Income (Loss) | (6,137 | ) | (9,641 | ) | 159,236 | 85,961 | ||||||||||||||
| Other Income (Expenses) — Net | 310 | (1,297 | ) | 807 | 357 | |||||||||||||||
INCOME (LOSS) BEFORE INTEREST EXPENSE | (5,827 | ) | (10,938 | ) | 160,043 | 86,318 | ||||||||||||||
| Interest expense | 11,446 | 11,423 | 46,381 | 45,877 | ||||||||||||||||
| Dividends on Washington Gas preferred stock | 330 | 330 | 1,320 | 1,320 | ||||||||||||||||
NET INCOME (LOSS) | $ | (17,603 | ) | $ | (22,691 | ) | $ | 112,342 | $ | 39,121 | ||||||||||
AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||||||||||
| Basic | 48,603 | 48,565 | 48,587 | 48,563 | ||||||||||||||||
| Diluted | 48,603 | 48,565 | 48,756 | 48,651 | ||||||||||||||||
EARNINGS (LOSS) PER AVERAGE COMMON SHARE | ||||||||||||||||||||
| Basic | $ | (0.36 | ) | $ | (0.47 | ) | $ | 2.31 | $ | 0.81 | ||||||||||
| Diluted | $ | (0.36 | ) | $ | (0.47 | ) | $ | 2.30 | $ | 0.80 | ||||||||||
NET INCOME (LOSS) APPLICABLE TO | ||||||||||||||||||||
COMMON STOCK —BY SEGMENT ($000): | ||||||||||||||||||||
| Regulated utility | $ | (16,619 | ) | $ | (22,268 | ) | $ | 109,036 | $ | 51,721 | ||||||||||
| Non-utility operations: | ||||||||||||||||||||
| Retail energy-marketing | 846 | 172 | 3,745 | 4,967 | ||||||||||||||||
| HVAC: | ||||||||||||||||||||
| Commercial | (237 | ) | 447 | (1,184 | ) | 3,984 | ||||||||||||||
| Residential — operating loss | — | 2,403 | — | (3,510 | ) | |||||||||||||||
| Residential — impairment | — | — | — | (9,431 | ) | |||||||||||||||
| Total major non-utility | 609 | 3,022 | 2,561 | (3,990 | ) | |||||||||||||||
| Other, principally non-utility activities | (1,593 | ) | (3,445 | ) | 745 | (8,610 | ) | |||||||||||||
| Total non-utility | (984 | ) | (423 | ) | 3,306 | (12,600 | ) | |||||||||||||
NET INCOME (LOSS) | $ | (17,603 | ) | $ | (22,691 | ) | $ | 112,342 | $ | 39,121 | ||||||||||
WGL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| September 30, | |||||||||||
| (Thousands) | 2003 | 2002 | |||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | |||||||||||
| At original cost | $ | 2,563,923 | $ | 2,481,810 | |||||||
| Accumulated depreciation and amortization | (919,672 | ) | (874,967 | ) | |||||||
| 1,644,251 | 1,606,843 | ||||||||||
Current Assets | |||||||||||
| Cash and cash equivalents | 4,470 | 2,529 | |||||||||
| Accounts receivable, net | 181,177 | 180,144 | |||||||||
| Storage gas—at cost (first-in, first-out) | 164,597 | 99,087 | |||||||||
| Other | 58,641 | 59,071 | |||||||||
| 408,885 | 340,831 | ||||||||||
Deferred Charges and Other Assets | 152,244 | 165,990 | |||||||||
| Total Assets | $ | 2,205,380 | $ | 2,113,664 | |||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization | |||||||||||
| Washington Gas Light Company preferred stock | $ | 28,173 | $ | 28,173 | |||||||
| Common shareholders’ equity | 818,218 | 766,403 | |||||||||
| Long-term debt | 620,650 | 667,951 | |||||||||
| 1,467,041 | 1,462,527 | ||||||||||
Current Liabilities | |||||||||||
| Notes payable and current maturities of long-term debt | 194,842 | 133,261 | |||||||||
| Accounts payable | 158,409 | 152,820 | |||||||||
| Other | 48,823 | 51,430 | |||||||||
| 402,074 | 337,511 | ||||||||||
Deferred Credits | 336,265 | 313,626 | |||||||||
| Total Capitalization and Liabilities | $ | 2,205,380 | $ | 2,113,664 | |||||||
WGL HOLDINGS, INC.
OTHER INFORMATION
Consolidated Financial and Operating Statistics
(Unaudited)
| COMMON STOCK DATA | ||||||||
| September 30, 2003 | 52 Week | |||||||
| Closing Price | Price Range | |||||||
| $ | 27.58 | $28.79-$21.94 | ||||||
| Earnings Per Share | ||||||||||||||||||||
| Twelve Months Ended September 30, | ||||||||||||||||||||
| Annualized | ||||||||||||||||||||
| 2003 | 2002 | P/E | Dividend | Yield | ||||||||||||||||
Basic | $ | 2.31 | $ | 0.81 | 11.9 | $ | 1.28 | 4.6 | % | |||||||||||
Diluted | $ | 2.30 | $ | 0.80 | ||||||||||||||||
FINANCIAL STATISTICS
| Twelve Months Ended | ||||||||
| September 30, | September 30, | |||||||
| 2003 | 2002 | |||||||
| Return on Average Common Equity | 14.2 | % | 5.0 | % | ||||
Total Interest Coverage(times) | 5.0 | 2.6 | ||||||
Book Value Per Share(end of period) | $ | 16.83 | $ | 15.78 | ||||
Common Shares Outstanding—end of period(thousands) | 48,612 | 48,565 | ||||||
UTILITY GAS STATISTICS
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | ||||||||||||||||
Operating Revenues(thousands ) | |||||||||||||||||||
| Gas Sold and Delivered | |||||||||||||||||||
| Residential — Firm | $ | 50,574 | $ | 51,079 | $ | 737,264 | $ | 517,798 | |||||||||||
| Commercial and Industrial — Firm | 16,910 | 19,409 | 239,907 | 163,235 | |||||||||||||||
| Commercial and Industrial — Interruptible | 1,781 | 1,195 | 10,326 | 6,944 | |||||||||||||||
| Electric Generation | 275 | 275 | 1,100 | 1,083 | |||||||||||||||
| 69,540 | 71,958 | 988,597 | 689,060 | ||||||||||||||||
| Gas Delivered for Others | |||||||||||||||||||
| Firm | 17,601 | 13,562 | 161,971 | 113,662 | |||||||||||||||
| Interruptible | 5,220 | 5,199 | 30,747 | 31,204 | |||||||||||||||
| Electric Generation | 106 | 374 | 412 | 693 | |||||||||||||||
| 22,927 | 19,135 | 193,130 | 145,559 | ||||||||||||||||
| 92,467 | 91,093 | 1,181,727 | 834,619 | ||||||||||||||||
| Other | 10,989 | 24,292 | 119,330 | 90,512 | |||||||||||||||
| Total | $ | 103,456 | $ | 115,385 | $ | 1,301,057 | $ | 925,131 | |||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||||||
Gas Sales and Deliveries(thousands of therms) | ||||||||||||||||||||
| Gas Sold and Delivered | ||||||||||||||||||||
| Residential — Firm | 29,091 | 36,625 | 648,809 | 509,243 | ||||||||||||||||
| Commercial and Industrial — Firm | 16,481 | 21,308 | 239,628 | 193,917 | ||||||||||||||||
| Commercial and Industrial — Interruptible | 1,937 | 1,847 | 12,163 | 10,646 | ||||||||||||||||
| 47,509 | 59,780 | 900,600 | 713,806 | |||||||||||||||||
| Gas Delivered for Others | ||||||||||||||||||||
| Firm* | 42,243 | 31,260 | 496,889 | 346,910 | ||||||||||||||||
| Interruptible | 42,071 | 47,292 | 257,799 | 277,367 | ||||||||||||||||
| Electric Generation | 15,086 | 104,021 | 67,245 | 169,210 | ||||||||||||||||
| 99,400 | 182,573 | 821,933 | 793,487 | |||||||||||||||||
| Total | 146,909 | 242,353 | 1,722,533 | 1,507,293 | ||||||||||||||||
WASHINGTON GAS ENERGY SERVICES | ||||||||||||||||||||
Natural Gas Sales | ||||||||||||||||||||
Therm Sales(thousands of therms) | 84,993 | 84,738 | 710,893 | 609,716 | ||||||||||||||||
Number of Customers(end of period) | 153,400 | 155,000 | 153,400 | 155,000 | ||||||||||||||||
Electricity Sales | ||||||||||||||||||||
Electricity Sales(thousands of kWhs) | 2,097,875 | 2,259,171 | 7,548,354 | 6,488,136 | ||||||||||||||||
Number of Accounts(end of period) | 76,000 | 66,000 | 76,000 | 66,000 | ||||||||||||||||
UTILITY GAS PURCHASED EXPENSE | ||||||||||||||||||||
(excluding off system) | 70.65 ¢ | 68.22 ¢ | 68.11 ¢ | 54.30 ¢ | ||||||||||||||||
HEATING DEGREE DAYS Actual | 13 | 1 | 4,550 | 3,304 | ||||||||||||||||
| Normal | 17 | 17 | 3,799 | 3,814 | ||||||||||||||||
| Percent Colder (Warmer) than Normal | (23.5 | %) | (94.1 | %) | 19.8 | % | (13.4 | %) | ||||||||||||
Number of Active Customer Meters(end of period) | 959,922 | 939,291 | 959,922 | 939,291 | ||||||||||||||||
*Excludes wholesale therm deliveries to an unaffiliated company.