Exhibit 99.1
FOR IMMEDIATE RELEASE
TECO ENERGY REPORTS FIRST-QUARTER RESULTS
TAMPA, Fla. (May 5, 2016) — TECO Energy, Inc. (NYSE:TE) today reported first-quarter non-GAAP results from continuing operations, which exclude $0.1 million of Emera transaction costs, of $73.8 million, or $0.31 on a per-share basis, compared with $64.5 million, or $0.28 on a per-share basis in 2015.
First-quarter 2016 net income was $73.8 million, or $0.31 per share, compared with $58.0 million, or $0.25 per share, in the first quarter of 2015. Net income from continuing operations was $73.7 million, or $0.31 per share, in the 2016 first quarter, compared with $63.8 million, or $0.27 per share, for the same period in 2015. The first quarter losses in discontinued operations of $5.8 million in 2015 reflected the operating results and charges associated with TECO Coal, which was sold in 2015.
TECO Energy President and Chief Executive Officer John Ramil said, “Our operating companies performed well in the first quarter, delivering good results despite the impact on energy sales of an El Niño winter weather pattern. The Florida operations continue to benefit from the state’s growing economy, with the number of electric and gas customers up 1.7% and 2.4%, respectively. Our New Mexico Gas operations delivered improved results from better winter weather and a continued focus on cost control. At the same time, we are making good progress to obtain the various approvals needed to close our transaction with Emera, with only the approval by the New Mexico Public Regulation Commission remaining.”
Non-GAAP Results
Non-GAAP results in the first quarter and 12-months-ended periods of 2016 and 2015 exclude costs related to the pending acquisition by Emera, and costs associated with the integration and acquisition of New Mexico Gas Co. (NMGC). The table below compares the TECO Energy GAAP net income with the non-GAAP measures used in this release.
Non-GAAP results exclude charges and gains contained in theResults Reconciliation table later in this release. See theNon-GAAP Presentation section andResults Reconciliation table later in this release for reconciliation to GAAP results and a discussion regarding this presentation of non-GAAP results and management’s use of this information.
All amounts included in the non-GAAP discussion below are after tax, unless otherwise noted.
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| | | | | | | | | | | | | | | | |
| | | 3 months
ended Mar. 31 | | | 12 months
ended Mar. 31 | |
(millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
Net income | | $ | 73.8 | | | $ | 58.0 | | | $ | 189.3 | | | $ | 138.2 | |
Discontinued operations | | | 0.1 | | | | (5.8 | ) | | | (61.8 | ) | | | (83.6 | ) |
| | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 73.7 | | | | 63.8 | | | | 251.1 | | | | 221.8 | |
Charges | | | 0.1 | | | | 0.7 | | | | 14.4 | | | | 21.9 | |
| | | | | | | | | | | | | | | | |
Non-GAAP Results from continuing operations | | $ | 73.8 | | | $ | 64.5 | | | $ | 265.5 | | | $ | 243.7 | |
| | | | | | | | | | | | | | | | |
Segment Reporting
The table below includes TECO Energy segment information on a GAAP basis, which includes all charges and gains for the periods shown.
Segment Information
| | | | | | | | | | | | | | | | |
(millions) | | 3 months
ended Mar. 31 | | | 12 months
ended Mar. 31 | |
Net Income Summary | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
Tampa Electric | | $ | 50.2 | | | $ | 48.2 | | | $ | 243.0 | | | $ | 227.5 | |
Peoples Gas System | | | 13.1 | | | | 14.6 | | | | 33.8 | | | | 35.9 | |
New Mexico Gas Co.(1) | | | 15.2 | | | | 13.9 | | | | 25.4 | | | | 24.5 | |
Other - net | | | (4.8 | ) | | | (12.9 | ) | | | (51.1 | ) | | | (66.1 | ) |
| | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 73.7 | | | | 63.8 | | | | 251.1 | | | | 221.8 | |
Discontinued operations(2) | | | 0.1 | | | | (5.8 | ) | | | (61.8 | ) | | | (83.6 | ) |
| | | | | | | | | | | | | | | | |
Total net income | | $ | 73.8 | | | $ | 58.0 | | | $ | 189.3 | | | $ | 138.2 | |
| | | | | | | | | | | | | | | | |
| 1. | The 12-months-ended 2015 period reflects results after the Sept. 2, 2014, closing of the NMGC acquisition. |
| 2. | Discontinued operations for all periods shown include the operating results at TECO Coal, impairment charges and costs associated with the sale of TECO Coal. |
All amounts included in the operating company discussions below are after tax, unless otherwise noted.
Tampa Electric
Tampa Electric’s net income for the first quarter of 2016 was $50.2 million, compared with $48.2 million for the same period in 2015. Results for the quarter reflected a 1.7% higher average number of customers, and higher energy sales primarily due to the higher number of customers. Results reflected operations and maintenance expense slightly higher than 2015, and higher depreciation and interest expenses. First-quarter net income in 2016 included $5.6 million of Allowance for Funds Used During Construction (AFUDC) equity, which represents allowed equity cost capitalized to construction costs, compared with $3.8 million in the 2015 quarter.
Total degree days in Tampa Electric’s service area in the first quarter of 2016 were 3% above normal, but 4% below the 2015 period, when degree days were 6% above normal. Total net energy for load increased 1.7% in the first quarter of 2016, compared with the same period in 2015. In the 2016 period, pretax base revenues were $6.2 million
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higher than in 2015, driven by customer growth and higher energy sales. The quarter included more than $1 million of higher pretax base revenue from higher base rates, as a result of the 2013 rate case settlement.
While net energy for load is a calendar measurement of retail energy sales rather than a billing-cycle measurement, the quarterly energy sales shown on the operating statistical summary that accompanies this earnings release reflect the energy sales based on billing cycles, which can vary period to period. Retail energy sales to residential and commercial customers increased primarily from weather and customer growth. Sales to non-phosphate industrial customers increased due to the strength of the Tampa area economy. Sales to lower-margin industrial-phosphate customers decreased as self-generation by those customers increased.
Operations and maintenance expense, excluding all Florida Public Service Commission (FPSC)-approved cost-recovery clauses, was slightly higher than in the 2015 quarter, reflecting higher costs to safely and reliably operate and maintain the generating, transmission and distribution systems, essentially offset by lower employee-related costs, primarily due to the lower level of short-term incentive accruals for all employees in 2016 compared to 2015. Depreciation and amortization expense increased $2.0 million in 2016, as a result of normal additions to facilities to reliably serve customers, and interest expense increased $0.7 million due to higher long-term debt balances.
Peoples Gas
Peoples Gas System (PGS) reported net income of $13.1 million for the first quarter, compared with $14.6 million in the 2015 quarter. Average customer growth was 2.4% in the quarter. Therm sales to residential customers decreased as a result of mild winter weather that was partially offset by customer growth. Sales to commercial customers increased due to customer growth from the stronger economy and increased sales of compressed natural gas to vehicle fleets. Sales to power-generation customers and off-system sales increased, reflecting higher levels of operation by gas-fired generation in the state due to lower natural gas prices. First-quarter results in 2016 reflected non-fuel operations and maintenance expense $1.0 million higher than in 2015, driven by higher operating and compliance costs, partially offset by lower employee-related costs, primarily due to the lower level of short-term incentive accruals for all employees in 2016 compared to 2015. Depreciation and amortization increased slightly due to normal additions to facilities to serve customers.
NMGC
NMGC reported first-quarter net income of $15.2 million, compared with $13.9 million in the 2015 period. Results reflected the benefit of heating degree days that were almost 3% higher than 2015, but nearly 7% below normal. Growth in the average number of customers in the 2016 quarter was 0.6%. Operating and maintenance expense was slightly lower from acquisition synergies and a focus on cost control. Results included $1.9 million of pretax rate credits to customers under the Certification of Stipulation approved by the New Mexico Public Regulation Commission (NMPRC) in 2014.
Other - net
The first quarter 2016 non-GAAP cost from continuing operations for Other – net
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of $4.7 million excluded $0.1 million of costs associated with the pending Emera transaction, compared with the non-GAAP cost of $12.2 million in 2015, which excluded $0.7 million of NMGC-related integration costs. First-quarter results in 2016 reflected a $5.8 million tax benefit due to an accounting rule change related to stock-based incentive compensation, and lower interest expense as a result of refinancing debt maturities. The GAAP cost from continuing operations for Other – net in the first quarter of 2016 was $4.8 million, compared with a cost of $12.9 million in 2015.
Discontinued Operations
The sale of TECO Coal closed in September 2015. The $0.1 million first quarter gain recorded in discontinued operations reflects a refund of prepaid costs recorded in the Other – net segment, compared with a $5.8 million loss in the 2015 period, which reflected TECO Coal’s operating results prior to its sale.
Emera Acquisition Progress
| | • | | On Oct. 19, 2015, TECO Energy and Emera filed for approval of the merger with the NMPRC Docket No. 15-00327-UT. On April 11, TECO Energy and Emera announced that they had filed an unopposed stipulation with the NMPRC reflecting a settlement reached with intervening parties in the acquisition case currently pending before the NMPRC for approval of Emera’s acquisition of TECO Energy and the indirect acquisition of NMGC. This stipulation was subject to a public hearing before the hearing examiner, which was held May 2. A final recommendation by the hearing examiner and final approval of the merger by the NMPRC are required. |
| | • | | On Dec. 3, 2015, TECO Energy shareholders approved the merger with Emera. |
| | • | | On Jan. 20, 2016, the Federal Energy Regulatory Commission (FERC) issued an order authorizing the merger, finding that it is consistent with the public interest. |
| | • | | On Feb. 8 the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) expired without comment. |
| | • | | On March 23, Emera announced that the Committee on Foreign Investment in the United States (CFIUS) had completed its review of the acquisition of TECO Energy and had determined that there are no unresolved national security concerns with respect to the acquisition. |
Non-GAAP Presentation
Management believes it is helpful to present a non-GAAP measure of performance that reflects the ongoing operations of TECO Energy’s businesses and that allows investors to better understand and evaluate the business as it is expected to operate in future periods.
Management and the board of directors use non-GAAP measures as a tool for measuring the company’s performance, for making decisions that are dependent upon the profitability of the company’s various operating units, and for determining levels of incentive compensation.
The non-GAAP measures of financial performance used by the company are not measures of performance under accounting principles generally accepted in the United States and should not be considered an alternative to net income or other GAAP figures
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as an indicator of the company’s financial performance or liquidity. TECO Energy’s non-GAAP presentation of results from operations may not be comparable to similarly titled measures used by other companies.
TheResults Reconciliation table below presents non-GAAP financial results after eliminating the effects of identified charges and gains. This provides investors additional information to assess the company’s results and future earnings potential.
Results Reconciliation
| | | | | | | | | | | | | | | | |
| (millions) | | 3 months ended
March 31 | | | 12 months ended
March 31 | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
GAAP net income | | $ | 73.8 | | | $ | 58.0 | | | $ | 189.3 | | | $ | 138.2 | |
Discontinued operations | | | 0.1 | | | | (5.8 | ) | | | (61.8 | ) | | | (83.6 | ) |
| | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 73.7 | | | | 63.8 | | | | 251.1 | | | | 221.8 | |
| | | | | | | | | | | | | | | | |
Add consolidated deferred tax balance adjustment (net) | | | — | | | | — | | | | — | | | | 6.7 | |
Add Emera transaction related costs | | | 0.1 | | | | — | | | | 13.2 | | | | — | |
Add costs associated with the acquisition and integration of NMGC | | | — | | | | 0.7 | | | | 1.2 | | | | 15.2 | |
| | | | | | | | | | | | | | | | |
Total charges | | | 0.1 | | | | 0.7 | | | | 14.4 | | | | 21.9 | |
| | | | | | | | | | | | | | | | |
Non-GAAP results(1) | | $ | 73.8 | | | $ | 64.5 | | | $ | 265.5 | | | $ | 243.7 | |
| | | | | | | | | | | | | | | | |
| (1) | A non-GAAP financial measure is a numerical measure that includes or excludes amounts, or is subject to adjustments that have the effect of including or excluding amounts, from the most directly comparable GAAP measure. |
TECO Energy Inc. (NYSE: TE) is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves nearly 725,000 customers in West Central Florida; Peoples Gas System serves nearly 365,000 customers across Florida; and New Mexico Gas Co. serves more than 515,000 customers across New Mexico.
Note: This press release contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Actual results may differ materially from those forecasted. The forecasted results are based on the company’s current expectations and assumptions, and the company does not undertake to update that information or any other information contained in this press release, except as may be required by law. Factors that could impact actual results include: the ability to successfully close the merger with Emera on the anticipated schedule, if at all; regulatory actions by federal, state or local authorities; the ability to successfully implement the integration plans for NMGC and generate the expected financial results; unexpected capital needs or unanticipated reductions in cash flow that affect liquidity; the ability to access the capital and credit markets when required; general economic conditions affecting customer growth and energy sales at the utility companies; economic
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conditions affecting the Florida and New Mexico economies; weather variations and customer energy usage patterns affecting sales and operating costs at the utilities and the effect of weather conditions on energy consumption; the effect of extreme weather conditions or hurricanes; general operating conditions; input commodity prices affecting cost at all of the operating companies; natural gas demand at the utilities; and the ability of TECO Energy’s subsidiaries to operate equipment without undue accidents, breakdowns or failures. Additional information is contained under “Risk Factors” in TECO Energy, Inc.’s Annual Report on Form 10-K for the period ended Dec. 31, 2015.
Summary Information (as of March 31)
| | | | | | | | | | | | | | | | |
| (Millions except per-share amounts) | | Three Months
Ended | | | Twelve Months
Ended | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
Revenues | | $ | 659.5 | | | $ | 693.0 | | | $ | 2,710.0 | | | $ | 2,681.5 | |
| | | | | | | | | | | | | | | | |
Net income from continuing operations | | $ | 73.7 | | | $ | 63.8 | | | $ | 251.1 | | | $ | 221.8 | |
Net income from discontinued operations | | | 0.1 | | | | (5.8 | ) | | | (61.8 | ) | | | (83.6 | ) |
| | | | | | | | | | | | | | | | |
Net income | | $ | 73.8 | | | $ | 58.0 | | | $ | 189.3 | | | $ | 138.2 | |
| | | | | | | | | | | | | | | | |
Earnings per share from continuing operations- basic | | $ | 0.31 | | | $ | 0.27 | | | $ | 1.07 | | | $ | 0.97 | |
Earnings per share from discontinued operations – basic | | | — | | | | (0.02 | ) | | | (0.26 | ) | | | (0.37 | ) |
| | | | | | | | | | | | | | | | |
Total earnings per share – basic | | $ | 0.31 | | | $ | 0.25 | | | $ | 0.81 | | | $ | 0.60 | |
| | | | | | | | | | | | | | | | |
Total earnings per share – diluted | | $ | 0.31 | | | $ | 0.25 | | | $ | 0.81 | | | $ | 0.60 | |
Average common shares outstanding – basic | | | 234.0 | | | | 232.8 | | | | 233.4 | | | | 227.2 | |
Average common shares outstanding – diluted | | | 235.2 | | | | 233.5 | | | | 235.0 | | | | 227.8 | |
| | |
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| Contact: | | News Media: Cherie Jacobs – (813) 228-4945 Investor Relations: Mark Kane – (813) 228-1772 Internet:http://www.tecoenergy.com |
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MARCH 2016
Figures appearing in these statements are presented as general information and not in connection with any sale or offer to sell or solicitation of an offer to buy any securities, nor are they intended as a representation by the company of the value of its securities. All figures reported are subject to adjustments as the annual audit by independent accountants may determine to be necessary and to the explanatory notes affecting income and balance sheet accounts contained in the company’s Annual Report on Form 10-K. Reference should also be made to information contained in that and other reports filed by TECO Energy, Inc. and Tampa Electric Company with the Securities and Exchange Commission.
TECO ENERGY, Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(All significant intercompany transactions have been eliminated in the consolidated financial statements.)
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
Mar. 31, | | | Twelve Months Ended
Mar. 31, | |
(millions except share data) | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
Revenues | | | | | | | | | | | | | | | | |
Regulated electric and gas | | $ | 656.3 | | | $ | 689.9 | | | $ | 2,698.1 | | | $ | 2,671.5 | |
Unregulated | | | 3.2 | | | | 3.1 | | | | 11.9 | | | | 10.0 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 659.5 | | | | 693.0 | | | | 2,710.0 | | | | 2,681.5 | |
| | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | |
Regulated operations & maintenance | | | | | | | | | | | | | | | | |
Fuel | | | 115.2 | | | | 144.1 | | | | 609.7 | | | | 686.9 | |
Purchased power | | | 14.4 | | | | 17.1 | | | | 76.1 | | | | 70.3 | |
Cost of natural gas sold | | | 96.8 | | | | 103.0 | | | | 265.4 | | | | 265.5 | |
Other | | | 142.3 | | | | 143.7 | | | | 611.8 | | | | 570.9 | |
Operations & maintenance other expense | | | 0.0 | | | | 1.6 | | | | 21.2 | | | | 28.0 | |
Depreciation and amortization | | | 89.8 | | | | 85.5 | | | | 353.3 | | | | 325.0 | |
Taxes, other than income | | | 52.9 | | | | 51.8 | | | | 208.4 | | | | 199.0 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 511.4 | | | | 546.8 | | | | 2,145.9 | | | | 2,145.6 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 148.1 | | | | 146.2 | | | | 564.1 | | | | 535.9 | |
| | | | | | | | | | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | |
Allowance for other funds used during construction | | | 5.7 | | | | 3.8 | | | | 19.3 | | | | 12.0 | |
Other income | | | 1.5 | | | | 1.6 | | | | 3.3 | | | | 3.0 | |
| | | | | | | | | | | | | | | | |
Total other income | | | 7.2 | | | | 5.4 | | | | 22.6 | | | | 15.0 | |
| | | | | | | | | | | | | | | | |
Interest charges | | | | | | | | | | | | | | | | |
Interest expense | | | 48.9 | | | | 49.8 | | | | 194.3 | | | | 185.2 | |
Allowance for borrowed funds used during construction | | | (3.0 | ) | | | (1.9 | ) | | | (9.8 | ) | | | (5.8 | ) |
| | | | | | | | | | | | | | | | |
Total interest charges | | | 45.9 | | | | 47.9 | | | | 184.5 | | | | 179.4 | |
| | | | | | | | | | | | | | | | |
Income before provision for income taxes | | | 109.4 | | | | 103.7 | | | | 402.2 | | | | 371.5 | |
Provision for income taxes | | | 35.7 | | | | 39.9 | | | | 151.1 | | | | 149.7 | |
| | | | | | | | | | | | | | | | |
Income from continuing operations | | | 73.7 | | | | 63.8 | | | | 251.1 | | | | 221.8 | |
Discontinued operations | | | | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | | 0.2 | | | | (9.6 | ) | | | (96.5 | ) | | | (136.3 | ) |
Provision (benefit) for income taxes | | | 0.1 | | | | (3.8 | ) | | | (34.7 | ) | | | (52.7 | ) |
| | | | | | | | | | | | | | | | |
Income (loss) from discontinued operations, net | | | 0.1 | | | | (5.8 | ) | | | (61.8 | ) | | | (83.6 | ) |
| | | | | | | | | | | | | | | | |
Net income | | $ | 73.8 | | | $ | 58.0 | | | $ | 189.3 | | | $ | 138.2 | |
| | | | | | | | | | | | | | | | |
Average common shares outstanding - basic (millions) | | | 234.0 | | | | 232.8 | | | | 233.4 | | | | 227.2 | |
Average common shares outstanding - diluted (millions) | | | 235.2 | | | | 233.5 | | | | 235.0 | | | | 227.8 | |
Earnings per average common share outstanding: | | | | | | | | | | | | | | | | |
Earnings per share from continuing operations — basic | | $ | 0.31 | | | $ | 0.27 | | | $ | 1.07 | | | $ | 0.97 | |
Earnings per share from continuing operations — diluted | | $ | 0.31 | | | $ | 0.27 | | | $ | 1.07 | | | $ | 0.97 | |
Earnings per share from discontinued operations — basic | | $ | 0.00 | | | ($ | 0.02 | ) | | ($ | 0.26 | ) | | ($ | 0.37 | ) |
Earnings per share from discontinued operations — diluted | | $ | 0.00 | | | ($ | 0.02 | ) | | ($ | 0.26 | ) | | ($ | 0.37 | ) |
Earnings per share attributable to TECO Energy — basic | | $ | 0.31 | | | $ | 0.25 | | | $ | 0.81 | | | $ | 0.60 | |
Earnings per share attributable to TECO Energy — diluted | | $ | 0.31 | | | $ | 0.25 | | | $ | 0.81 | | | $ | 0.60 | |
TECO ENERGY, Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(All significant intercompany transactions have been eliminated in the consolidated financial statements.)
| | | | | | | | |
(millions) | | Mar. 31,
2016 | | | Dec. 31,
2015 | |
Assets | | | | | | | | |
Current assets | | | | | | | | |
Cash and cash equivalents | | $ | 46.1 | | | $ | 23.8 | |
Receivables | | | 240.1 | | | | 280.7 | |
Inventories at average cost | | | | | | | | |
Fuel | | | 118.3 | | | | 113.4 | |
Materials and supplies | | | 77.1 | | | | 76.8 | |
Deferred income taxes | | | 0.0 | | | | 0.0 | |
Prepayments and other current assets | | | 25.4 | | | | 30.8 | |
Regulatory assets | | | 40.2 | | | | 44.8 | |
Assets held for sale | | | 0.0 | | | | 0.0 | |
| | | | | | | | |
Total current assets | | | 547.2 | | | | 570.3 | |
| | | | | | | | |
Property, plant and equipment | | | | | | | | |
Utility plant in service | | | | | | | | |
Electric | | | 7,328.3 | | | | 7,270.3 | |
Gas | | | 2,154.1 | | | | 2,113.8 | |
Construction work in progress | | | 816.9 | | | | 794.7 | |
Other property | | | 16.1 | | | | 15.9 | |
| | | | | | | | |
Property plant and equipment at original cost | | | 10,315.4 | | | | 10,194.7 | |
Accumulated depreciation | | | (2,762.4 | ) | | | (2,712.9 | ) |
| | | | | | | | |
Total property, plant and equipment, net | | | 7,553.0 | | | | 7,481.8 | |
| | | | | | | | |
Other assets | | | | | | | | |
Regulatory assets | | | 393.4 | | | | 395.2 | |
Goodwill | | | 408.4 | | | | 408.4 | |
Deferred charges and other assets | | | 79.1 | | | | 77.8 | |
Assets held for sale | | | 0.0 | | | | 0.0 | |
| | | | | | | | |
Total other assets | | | 880.9 | | | | 881.4 | |
| | | | | | | | |
Total assets | | $ | 8,981.1 | | | $ | 8,933.5 | |
| | | | | | | | |
Liabilities and capital | | | | | | | | |
Current liabilities | | | | | | | | |
Long-term debt due within one year | | $ | 83.3 | | | $ | 333.3 | |
Notes payable | | | 513.0 | | | | 247.0 | |
Accounts payable | | | 189.5 | | | | 255.4 | |
Other current liabilities | | | 25.2 | | | | 22.6 | |
Customer deposits | | | 176.7 | | | | 182.1 | |
Derivative liabilities | | | 22.3 | | | | 24.1 | |
Interest accrued | | | 54.0 | | | | 36.2 | |
Taxes accrued | | | 28.2 | | | | 13.2 | |
Regulatory liabilities | | | 108.4 | | | | 84.8 | |
Liabilities associated with assets held for sale | | | 0.0 | | | | 0.0 | |
| | | | | | | | |
Total current liabilities | | | 1,200.6 | | | | 1,198.7 | |
| | | | | | | | |
Other liabilities | | | | | | | | |
Deferred income taxes | | | 607.0 | | | | 570.7 | |
Investment tax credits | | | 10.4 | | | | 10.5 | |
Regulatory liabilities | | | 709.4 | | | | 715.8 | |
Derivative liabilities | | | 0.8 | | | | 2.1 | |
Deferred credits and other liabilities | | | 380.9 | | | | 387.5 | |
Liabilities associated with assets held for sale | | | 0.0 | | | | 0.0 | |
Long-term debt, less amount due within one year | | | 3,489.7 | | | | 3,489.2 | |
| | | | | | | | |
Total other liabilities | | | 5,198.2 | | | | 5,175.8 | |
| | | | | | | | |
Total liabilities | | | 6,398.8 | | | | 6,374.5 | |
Capital | | | | | | | | |
Common equity | | | 235.5 | | | | 235.3 | |
Additional paid in capital | | | 1,894.8 | | | | 1,894.5 | |
Retained earnings | | | 463.5 | | | | 441.4 | |
Accumulated other comprehensive loss | | | (11.5 | ) | | | (12.2 | ) |
| | | | | | | | |
Total capital | | | 2,582.3 | | | | 2,559.0 | |
| | | | | | | | |
Total liabilities and capital | | $ | 8,981.1 | | | $ | 8,933.5 | |
| | | | | | | | |
Book Value Per Share | | $ | 10.96 | | | $ | 10.88 | |
TECO ENERGY, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(All significant intercompany transactions have been eliminated in the consolidated financial statements.)
| | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Twelve Months Ended | |
| | | Mar. 31, | | | Mar. 31, | |
(millions) | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Net income | | $ | 73.8 | | | $ | 58.0 | | | $ | 189.3 | | | $ | 138.2 | |
Adjustments to reconcile net income to net cash from operating activities: | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 89.8 | | | | 85.9 | | | | 354.1 | | | | 342.9 | |
Deferred income taxes & Investment tax credits | | | 36.1 | | | | 36.0 | | | | 117.6 | | | | 96.7 | |
Allowance for other funds used during construction | | | (5.7 | ) | | | (3.8 | ) | | | (19.3 | ) | | | (12.0 | ) |
Non-cash stock compensation | | | 3.0 | | | | 3.9 | | | | 12.2 | | | | 12.9 | |
Loss (gain) on disposals of business / assets, pretax | | | 0.0 | | | | 0.0 | | | | 13.2 | | | | (0.1 | ) |
Deferred recovery clause | | | 26.4 | | | | (5.7 | ) | | | 58.5 | | | | (23.5 | ) |
Asset impairment, pretax | | | 0.0 | | | | 0.0 | | | | 78.6 | | | | 115.9 | |
Receivables, less allowance for uncollectibles | | | 40.6 | | | | 51.0 | | | | 25.7 | | | | (3.7 | ) |
Inventories | | | (5.2 | ) | | | (15.7 | ) | | | (12.1 | ) | | | (3.1 | ) |
Prepayments and other current assets | | | 2.8 | | | | (10.9 | ) | | | 5.6 | | | | (8.0 | ) |
Taxes accrued | | | 18.1 | | | | 1.7 | | | | 0.5 | | | | (12.7 | ) |
Interest accrued | | | 17.8 | | | | 17.8 | | | | (3.7 | ) | | | 2.2 | |
Accounts payable | | | (59.1 | ) | | | (63.5 | ) | | | (57.2 | ) | | | (14.8 | ) |
Other | | | (6.8 | ) | | | (7.7 | ) | | | (66.5 | ) | | | (5.0 | ) |
| | | | | | | | | | | | | | | | |
| | | 231.6 | | | | 147.0 | | | | 696.5 | | | | 625.9 | |
| | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | |
Capital expenditures | | | (168.0 | ) | | | (156.2 | ) | | | (751.5 | ) | | | (726.1 | ) |
Purchase of a business, net of cash acquired | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | (751.5 | ) |
Net proceeds from sale of business / assets | | | 0.0 | | | | (0.1 | ) | | | 0.1 | | | | (0.1 | ) |
Other investments | | | (0.2 | ) | | | (0.1 | ) | | | (0.3 | ) | | | (8.0 | ) |
| | | | | | | | | | | | | | | | |
| | | (168.2 | ) | | | (156.4 | ) | | | (751.7 | ) | | | (1,485.7 | ) |
| | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Dividends and dividend equivalents | | | (54.3 | ) | | | (53.0 | ) | | | (213.0 | ) | | | (204.2 | ) |
Proceeds from sale of common stock | | | 3.9 | | | | 2.8 | | | | 8.5 | | | | 303.5 | |
Proceeds from long-term debt | | | 0.0 | | | | 0.0 | | | | 499.7 | | | | 563.6 | |
Repayment of long-term debt / Purchase in lieu of redemption | | | (250.0 | ) | | | 0.0 | | | | (524.5 | ) | | | (83.3 | ) |
Net increase (decrease) in short-term debt (maturities of 90 days or less) | | | (134.0 | ) | | | 67.0 | | | | (93.0 | ) | | | 177.0 | |
Proceeds from other short-term debt (maturities over 90 days) | | | 400.0 | | | | 0.0 | | | | 400.0 | | | | 0.0 | |
Other financing activities | | | (6.7 | ) | | | 0.0 | | | | (9.2 | ) | | | (1.0 | ) |
| | | | | | | | | | | | | | | | |
| | | (41.1 | ) | | | 16.8 | | | | 68.5 | | | | 755.6 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 22.3 | | | | 7.4 | | | | 13.3 | | | | (104.2 | ) |
Cash and cash equivalents at beginning of period | | | 23.8 | | | | 25.4 | | | | 32.8 | | | | 137.0 | |
| | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 46.1 | | | $ | 32.8 | | | $ | 46.1 | | | $ | 32.8 | |
| | | | | | | | | | | | | | | | |
Supplemental disclosure of non-cash activities | | | | | | | | | | | | | | | | |
Debt assumed in NMGI acquisition | | $ | 0.0 | | | $ | 0.0 | | | $ | 0.0 | | | | 200.0 | |
Change in accrued capital expenditures - excluded above | | ($ | 6.0 | ) | | $ | 11.5 | | | ($ | 9.5 | ) | | $ | 10.3 | |
TECO ENERGY, Inc.
SEGMENT INFORMATION (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(millions) | | Tampa
Electric | | | Peoples
Gas | | | TECO
Coal | | | NMGC | | | Other | | | Eliminations | | | TECO
Energy | |
Three months ended Mar. 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | Revenues - outsiders | | | $423.4 | | | | $126.8 | | | | $— | | | | $106.6 | | | | $2.7 | | | | $— | | | | $659.5 | |
| | Sales to affiliates | | | 1.1 | | | | 4.4 | | | | — | | | | — | | | | — | | | | (5.5) | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total revenues | | | 424.5 | | | | 131.2 | | | | — | | | | 106.6 | | | | 2.7 | | | | (5.5) | | | | 659.5 | |
| | Depreciation and amortization | | | 66.1 | | | | 14.8 | | | | — | | | | 8.4 | | | | 0.5 | | | | — | | | | 89.8 | |
| | Total interest charges(2) | | | 23.8 | | | | 3.7 | | | | — | | | | 3.0 | | | | 15.6 | | | | (0.2) | | | | 45.9 | |
| | Allocated interest expense(2) | | | — | | | | — | | | | — | | | | — | | | | 0.2 | | | | (0.2) | | | | — | |
| | Provision (Benefit) for income taxes | | | 27.8 | | | | 8.9 | | | | — | | | | 9.7 | | | | (10.7) | | | | — | | | | 35.7 | |
| | Net income (loss) from continuing operations | | | 50.2 | | | | 13.1 | | | | — | | | | 15.2 | | | | (4.8) | | | | — | | | | 73.7 | |
| | Income (loss) from discontinued operations, net of tax (3) | | | — | | | | — | | | | — | | | | — | | | | 0.1 | | | | — | | | | 0.1 | |
| | Net income (loss)(1) | | | $50.2 | | | | $13.1 | | | | $— | | | | $15.2 | | | | $(4.7) | | | | $— | | | | $73.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015 | | Revenues - outsiders | | | $449.8 | | | | $121.7 | | | | $— | | | | $119.0 | | | | $2.5 | | | | $— | | | | $693.0 | |
| | Sales to affiliates | | | 0.8 | | | | 1.2 | | | | — | | | | — | | | | — | | | | (2.0) | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total revenues | | | 450.6 | | | | 122.9 | | | | — | | | | 119.0 | | | | 2.5 | | | | (2.0) | | | | 693.0 | |
| | Depreciation and amortization | | | 62.9 | | | | 13.9 | | | | — | | | | 8.4 | | | | 0.3 | | | | — | | | | 85.5 | |
| | Total interest charges(2) | | | 23.5 | | | | 3.5 | | | | — | | | | 3.3 | | | | 17.9 | | | | (0.3) | | | | 47.9 | |
| | Allocated interest expense(2) | | | — | | | | — | | | | — | | | | — | | | | 0.3 | | | | (0.3) | | | | — | |
| | Provision (Benefit) for income taxes | | | 27.4 | | | | 9.2 | | | | — | | | | 9.0 | | | | (5.7) | | | | — | | | | 39.9 | |
| | Net income (loss) from continuing operations | | | 48.2 | | | | 14.6 | | | | — | | | | 13.9 | | | | (12.9) | | | | — | | | | 63.8 | |
| | Income (loss) from discontinued operations, net of tax (3) | | | — | | | | — | | | | (6.0) | | | | — | | | | 0.2 | | | | — | | | | (5.8) | |
| | Net income (loss)(1) | | | $48.2 | | | | $14.6 | | | | $(6.0) | | | | $13.9 | | | | $(12.7) | | | | $— | | | | $58.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Twelve months ended Mar. 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | Revenues - outsiders | | | $1,988.6 | | | | $406.6 | | | | $— | | | | $304.2 | | | | $10.6 | | | | $— | | | | $2,710.0 | |
| | Sales to affiliates | | | 3.7 | | | | 9.2 | | | | — | | | | — | | | | — | | | | (12.9) | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total revenues | | | 1,992.3 | | | | 415.8 | | | | — | | | | 304.2 | | | | 10.6 | | | | (12.9) | | | | 2,710.0 | |
| | Depreciation and amortization | | | 260.1 | | | | 57.6 | | | | — | | | | 33.9 | | | | 1.7 | | | | — | | | | 353.3 | |
| | Total interest charges(2) | | | 95.4 | | | | 14.7 | | | | — | | | | 12.7 | | | | 62.9 | | | | (1.2) | | | | 184.5 | |
| | Allocated interest expense(2) | | | — | | | | — | | | | — | | | | — | | | | 1.2 | | | | (1.2) | | | | — | |
| | Provision (Benefit) for income taxes | | | 144.1 | | | | 21.5 | | | | — | | | | 16.1 | | | | (30.6) | | | | — | | | | 151.1 | |
| | Net income (loss) from continuing operations | | | 243.0 | | | | 33.8 | | | | — | | | | 25.4 | | | | (51.1) | | | | — | | | | 251.1 | |
| | Income (loss) from discontinued operations, net of tax (3) | | | — | | | | — | | | | (63.6) | | | | — | | | | 1.8 | | | | — | | | | (61.8) | |
| | Net income (loss)(1) | | | $243.0 | | | | $33.8 | | | | $(63.6) | | | | $25.4 | | | | $(49.3) | | | | $— | | | | $189.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015 | | Revenues - outsiders | | | $2,016.8 | | | | $397.7 | | | | $— | | | | $256.5 | | | | $10.5 | | | | $— | | | | $2,681.5 | |
| | Sales to affiliates | | | 1.6 | | | | 2.1 | | | | — | | | | — | | | | 0.2 | | | | (3.9) | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total revenues | | | 2,018.4 | | | | 399.8 | | | | — | | | | 256.5 | | | | 10.7 | | | | (3.9) | | | | 2,681.5 | |
| | Depreciation and amortization | | | 249.4 | | | | 54.6 | | | | — | | | | 19.4 | | | | 1.6 | | | | — | | | | 325.0 | |
| | Total interest charges(2) | | | 94.2 | | | | 13.9 | | | | — | | | | 7.6 | | | | 68.0 | | | | (4.3) | | | | 179.4 | |
| | Allocated interest expense(2) | | | — | | | | — | | | | — | | | | — | | | | 4.3 | | | | (4.3) | | | | — | |
| | Provision (Benefit) for income taxes | | | 134.0 | | | | 22.7 | | | | — | | | | 16.1 | | | | (23.1) | | | | — | | | | 149.7 | |
| | Net income (loss) from continuing operations | | | 227.5 | | | | 35.9 | | | | — | | | | 24.5 | | | | (66.1) | | | | — | | | | 221.8 | |
| | Income (loss) from discontinued operations, net of tax (3) | | | — | | | | — | | | | (86.5) | | | | — | | | | 2.9 | | | | — | | | | (83.6) | |
| | Net income (loss)(1) | | | $227.5 | | | | $35.9 | | | | $(86.5) | | | | $24.5 | | | | $(63.2) | | | | $— | | | | $138.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Results are based on GAAP net income. For a complete reconciliation between GAAP and non-GAAP items, see Results Reconciliation in Earnings Release. |
| (2) | Segment net income is reported on a basis that includes internally allocated financing costs. Internally allocated costs were at pretax rates of 6.00% for April 2014 through March 2016. |
| (3) | All periods have been adjusted to reflect the reclassification of results from operations to discontinued operations for TECO Coal and certain charges at Other, including Parent and TECO Diversified, that directly relate to TECO Coal and TECO Guatemala. |
TAMPA ELECTRIC COMPANY
ELECTRIC OPERATING STATISTICS (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Operating Revenues* | | | | | | Sales — Kilowatt-hours* | | | | |
Three Months Ended Mar. 31, | | 2016 | | | 2015 | | | Percent
Change | | | 2016 | | | 2015 | | | Percent
Change | |
Residential | | $ | 217,436 | | | $ | 213,401 | | | | 1.9 | | | | 1,914,557 | | | | 1,839,405 | | | | 4.1 | |
Commercial | | | 132,783 | | | | 132,988 | | | | (0.2 | ) | | | 1,387,966 | | | | 1,350,118 | | | | 2.8 | |
Industrial — Phosphate | | | 13,099 | | | | 13,421 | | | | (2.4 | ) | | | 163,531 | | | | 167,726 | | | | (2.5 | ) |
Industrial — Other | | | 25,475 | | | | 24,760 | | | | 2.9 | | | | 297,259 | | | | 279,416 | | | | 6.4 | |
Other sales of electricity | | | 39,517 | | | | 40,528 | | | | (2.5 | ) | | | 401,296 | | | | 400,065 | | | | 0.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 428,310 | | | | 425,098 | | | | 0.8 | | | | 4,164,609 | | | | 4,036,730 | | | | 3.2 | |
Deferred and other revenues | | | (19,433 | ) | | | 7,468 | | | | (360.2 | ) | | | — | | | | — | | | | — | |
Provision for Revenue Stipulation | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Sales for resale | | | 1,399 | | | | 1,885 | | | | (25.8 | ) | | | 50,317 | | | | 53,508 | | | | (6.0 | ) |
Other operating revenue | | | 14,232 | | | | 16,104 | | | | (11.6 | ) | | | — | | | | — | | | | — | |
SO2 Allowance Sales | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
NOx Allowance Sales | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 424,508 | | | $ | 450,555 | | | | (5.8 | ) | | | 4,214,926 | | | | 4,090,238 | | | | 3.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average customers | | | 726,142 | | | | 714,028 | | | | 1.7 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail Net Energy For Load | | | | | | | | | | | | | | | 4,317,006 | | | | 4,243,704 | | | | 1.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Degree Days | | | | | | | | | | | | | | | 602 | | | | 630 | | | | (4.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | Operating Revenues* | | | | | | Sales — Kilowatt-hours* | | | | |
Twelve Months Ended Mar. 31, | | 2016 | | | 2015 | | | Percent
Change | | | 2016 | | | 2015 | | | Percent
Change | |
Residential | | $ | 1,044,299 | | | $ | 1,007,429 | | | | 3.7 | | | | 9,120,173 | | | | 8,672,349 | | | | 5.2 | |
Commercial | | | 607,798 | | | | 600,232 | | | | 1.3 | | | | 6,338,515 | | | | 6,141,447 | | | | 3.2 | |
Industrial — Phosphate | | | 52,757 | | | | 56,603 | | | | (6.8 | ) | | | 651,043 | | | | 697,030 | | | | (6.6 | ) |
Industrial — Other | | | 107,797 | | | | 105,027 | | | | 2.6 | | | | 1,232,145 | | | | 1,174,715 | | | | 4.9 | |
Other sales of electricity | | | 176,179 | | | | 179,919 | | | | (2.1 | ) | | | 1,792,477 | | | | 1,805,161 | | | | (0.7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1,988,830 | | | | 1,949,210 | | | | 2.0 | | | | 19,134,353 | | | | 18,490,702 | | | | 3.5 | |
Deferred and other revenues | | | (55,692 | ) | | | 1,935 | | | | (2,978.1 | ) | | | — | | | | — | | | | — | |
Provision for Revenue Stipulation | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Sales for resale | | | 3,234 | | | | 7,871 | | | | (58.9 | ) | | | 112,097 | | | | 206,256 | | | | (45.7 | ) |
Other operating revenue | | | 55,848 | | | | 59,377 | | | | (5.9 | ) | | | — | | | | — | | | | — | |
SO2 Allowance Sales | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
NOx Allowance Sales | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,992,220 | | | $ | 2,018,393 | | | | (1.3 | ) | | | 19,246,450 | | | | 18,696,958 | | | | 2.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average customers | | | 721,742 | | | | 709,088 | | | | 1.8 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail Net Energy For Load | | | | | | | | | | | | | | | 20,176,559 | | | | 19,371,798 | | | | 4.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Degree Days | | | | | | | | | | | | | | | 4,701 | | | | 4,098 | | | | 14.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
PEOPLES GAS SYSTEM
GAS OPERATING STATISTICS (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Operating Revenues* | | | | | | Therms* | | | | |
| Three Months Ended Mar. 31, | | | | | | | | Percent | | | | | | | | | Percent | |
| | | 2016 | | | 2015 | | | Change | | | 2016 | | | 2015 | | | Change | |
By Customer Segment: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | $ | 50,501 | | | $ | 49,258 | | | | 2.5 | | | | 32,935 | | | | 34,362 | | | | (4.2 | ) |
Commercial | | | 42,796 | | | | 41,585 | | | | 2.9 | | | | 141,130 | | | | 138,171 | | | | 2.1 | |
Industrial | | | 3,295 | | | | 3,242 | | | | 1.6 | | | | 83,451 | | | | 76,123 | | | | 9.6 | |
Off System Sales | | | 12,882 | | | | 7,803 | | | | 65.1 | | | | 53,877 | | | | 23,421 | | | | 130.0 | |
Power generation | | | 2,089 | | | | 1,936 | | | | 7.9 | | | | 190,569 | | | | 184,609 | | | | 3.2 | |
Other revenues | | | 16,601 | | | | 16,125 | | | | 3.0 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 128,164 | | | $ | 119,949 | | | | 6.8 | | | | 501,962 | | | | 456,686 | | | | 9.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
By Sales Type: | | | | | | | | | | | | | | | | | | | | | | | | |
System supply | | $ | 75,427 | | | $ | 69,434 | | | | 8.6 | | | | 94,095 | | | | 66,284 | | | | 42.0 | |
Transportation | | | 36,136 | | | | 34,390 | | | | 5.1 | | | | 407,867 | | | | 390,402 | | | | 4.5 | |
Other revenues | | | 16,601 | | | | 16,125 | | | | 3.0 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 128,164 | | | $ | 119,949 | | | | 6.8 | | | | 501,962 | | | | 456,686 | | | | 9.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average customers | | | 367,530 | | | | 359,043 | | | | 2.4 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | Operating Revenues* | | | | | | Therms* | | | | |
| Twelve Months Ended Mar. 31, | | | | | | | | Percent | | | | | | | | | Percent | |
| | | 2016 | | | 2015 | | | Change | | | 2016 | | | 2015 | | | Change | |
By Customer Segment: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | $ | 138,268 | | | $ | 143,631 | | | | (3.7 | ) | | | 73,466 | | | | 81,867 | | | | (10.3 | ) |
Commercial | | | 140,012 | | | | 139,796 | | | | 0.2 | | | | 473,735 | | | | 467,729 | | | | 1.3 | |
Industrial | | | 13,029 | | | | 12,709 | | | | 2.5 | | | | 296,298 | | | | 278,422 | | | | 6.4 | |
Off System Sales | | | 54,901 | | | | 38,710 | | | | 41.8 | | | | 196,886 | | | | 92,070 | | | | 113.8 | |
Power generation | | | 7,351 | | | | 6,828 | | | | 7.7 | | | | 764,247 | | | | 672,471 | | | | 13.6 | |
Other revenues | | | 50,968 | | | | 48,611 | | | | 4.8 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 404,529 | | �� | $ | 390,285 | | | | 3.6 | | | | 1,804,632 | | | | 1,592,559 | | | | 13.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
By Sales Type: | | | | | | | | | | | | | | | | | | | | | | | | |
System supply | | $ | 231,339 | | | $ | 223,508 | | | | 3.5 | | | | 296,483 | | | | 203,063 | | | | 46.0 | |
Transportation | | | 122,222 | | | | 118,166 | | | | 3.4 | | | | 1,508,149 | | | | 1,389,496 | | | | 8.5 | |
Other revenues | | | 50,968 | | | | 48,611 | | | | 4.8 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 404,529 | | | $ | 390,285 | | | | 3.6 | | | | 1,804,632 | | | | 1,592,559 | | | | 13.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average customers | | | 363,299 | | | | 355,685 | | | | 2.1 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
NEW MEXICO GAS COMPANY
GAS OPERATING STATISTICS (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Operating Revenues* | | | | | | Therms* | | | | |
| Three Months Ended Mar. 31, | | | | | | | | Percent | | | | | | | | | Percent | |
| | | 2016 | | | 2015 | | | Change | | | 2016 | | | 2015 | | | Change | |
By Customer Segment: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | $ | 77,742 | | | $ | 87,458 | | | | (11.1 | ) | | | 122,600 | | | | 121,240 | | | | 1.1 | |
Commercial | | | 19,817 | | | | 23,207 | | | | (14.6 | ) | | | 42,008 | | | | 41,056 | | | | 2.3 | |
Industrial | | | 169 | | | | 218 | | | | (22.5 | ) | | | 433 | | | | 425 | | | | 1.9 | |
Off System Sales | | | 611 | | | | 308 | | | | 98.4 | | | | 3,870 | | | | 1,200 | | | | 222.5 | |
On System Transportation | | | 6,591 | | | | 6,092 | | | | 8.2 | | | | 95,072 | | | | 84,734 | | | | 12.2 | |
Off System Transportation | | | 212 | | | | 205 | | | | 3.4 | | | | 11,131 | | | | 10,308 | | | | 8.0 | |
Other revenues | | | 1,471 | | | | 1,487 | | | | (1.1 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 106,613 | | | $ | 118,975 | | | | (10.4 | ) | | | 275,114 | | | | 258,963 | | | | 6.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
By Sales Type: | | | | | | | | | | | | | | | | | | | | | | | | |
System supply | | $ | 98,339 | | | $ | 111,191 | | | | (11.6 | ) | | | 168,911 | | | | 163,921 | | | | 3.0 | |
Transportation | | | 6,803 | | | | 6,297 | | | | 8.0 | | | | 106,203 | | | | 95,042 | | | | 11.7 | |
Other revenues | | | 1,471 | | | | 1,487 | | | | (1.1 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 106,613 | | | $ | 118,975 | | | | (10.4 | ) | | | 275,114 | | | | 258,963 | | | | 6.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average customers | | | 519,714 | | | | 516,785 | | | | 0.6 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Degree Days | | | | | | | | | | | | | | | 1,970 | | | | 1,920 | | | | 2.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | Operating Revenues* | | | | | | Therms* | | | | |
| Twelve Months Ended Mar. 31, | | | | | | | | Percent | | | | | | | | | Percent | |
| | | 2016 | | | 2015(1) | | | Change | | | 2016 | | | 2015(1) | | | Change | |
By Customer Segment: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | $ | 219,450 | | | $ | 256,290 | | | | (14.4 | ) | | | 292,596 | | | | 282,727 | | | | 3.5 | |
Commercial | | | 56,208 | | | | 73,308 | | | | (23.3 | ) | | | 105,311 | | | | 105,848 | | | | (0.5 | ) |
Industrial | | | 1,154 | | | | 1,665 | | | | (30.7 | ) | | | 2,565 | | | | 2,719 | | | | (5.7 | ) |
Off System Sales | | | 611 | | | | 308 | | | | 98.4 | | | | 3,870 | | | | 1,200 | | | | 222.5 | |
On System Transportation | | | 19,613 | | | | 19,116 | | | | 2.6 | | | | 339,010 | | | | 316,694 | | | | 7.0 | |
Off System Transportation | | | 909 | | | | 884 | | | | 2.8 | | | | 48,019 | | | | 46,227 | | | | 3.9 | |
Other revenues | | | 6,227 | | | | 6,479 | | | | (3.9 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 304,172 | | | $ | 358,050 | | | | (15.0 | ) | | | 791,371 | | | | 755,415 | | | | 4.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
By Sales Type: | | | | | | | | | | | | | | | | | | | | | | | | |
System supply | | $ | 277,423 | | | $ | 331,571 | | | | (16.3 | ) | | | 404,342 | | | | 392,494 | | | | 3.0 | |
Transportation | | | 20,522 | | | | 20,000 | | | | 2.6 | | | | 387,029 | | | | 362,921 | | | | 6.6 | |
Other revenues | | | 6,227 | | | | 6,479 | | | | (3.9 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 304,172 | | | $ | 358,050 | | | | (15.0 | ) | | | 791,371 | | | | 755,415 | | | | 4.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Average customers | | | 516,799 | | | | 513,197 | | | | 0.7 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Degree Days | | | | | | | | | | | | | | | 4,139 | | | | 4,012 | | | | 3.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Information presented for 2014 is for comparative purposes only, as this was before the date of acquisition (Sep. 2, 2014). |
