Exhibit 1
NEWS RELEASE
LACLEDE GAS
Contact: Richard N. Hargraves
(314) 342-0652
FOR IMMEDIATE RELEASE
April 26, 2001
Laclede Gas reports second-quarter earnings
ST. LOUIS, MO - Laclede Gas Company (NYSE: LG) today announced that
earnings during the second quarter of its fiscal year - the three-month
period ending March 31, 2001 - were $1.10 per share, compared with $1.03 per
share last year.
The 7% increase in earnings is primarily the result of higher sales
volumes resulting from winter weather that was 24% colder than last year and
3% colder than normal. The impact of the colder weather was tempered by
lower customer usage and was further offset by increased operating costs, a
higher provision for uncollectible accounts and increased carrying costs,
due in large part to this past winter's high wholesale gas prices.
Earnings for the six-month period ended March 31, 2001, were $2.08 per
share this year compared with $1.54 per share last year. The 35% increase
results primarily from higher sales during a period that was 37% colder than
the comparable period last year, as well as the impact of a general rate
increase that became effective on December 27, 1999.
Earnings for the twelve months ended March 31, 2001, were $1.91 per
share, compared with $1.34 per share last year, a result of the increased
sales volumes and the impact of the general rate increase.
Although Laclede's revenues increased significantly from each of the
comparable periods last year, this reflects, in large part, higher wholesale
gas prices experienced this past winter, which have since moderated.
Due to the seasonal nature of Laclede's business, earnings are typically
concentrated in the first six months of the fiscal year, which corresponds
with the heating season. The benefit of the higher sales this past winter
are being partially offset by a higher provision for uncollectible accounts,
carrying costs associated with the record high wholesale gas prices during
the past winter, and spring temperatures that thus far have been
substantially warmer than normal.
Note: This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. The Company's future operating results may be affected by
various uncertainties and risk factors, many of which are beyond the
Company's control, including weather conditions, governmental and
regulatory policy and action, the competitive environment and economic
factors. For a more complete description of these uncertainties and
risk factors, see the Company's Form 10-Q for the year ended March 31,
2001, to be filed with the Securities and Exchange Commission.
UNAUDITED
STATEMENTS OF CONSOLIDATED INCOME
Laclede Gas Company
and Subsidiary Companies
(In Thousands Except Per Share Amounts)
Three Months Ended Six Months Ended Twelve Months Ended
March 31, March 31, March 31,
2001 2000 2001 2000 2001 2000
---- ---- ---- ---- ---- ----
Operating Revenues:
Utility operating revenues $417,776 $229,995 $741,590 $374,654 $898,088 $491,074
Non-utility operating revenues 24,966 8,316 46,177 15,011 66,142 24,465
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Total operating revenues 442,742 238,311 787,767 389,665 964,230 515,539
------------------ ------------------- ------------------
Operating Expenses:
Utility operating expenses
Natural and propane gas 310,824 141,790 544,156 223,386 616,033 261,972
Other operation expenses 26,811 22,389 53,849 45,042 95,870 82,841
Maintenance 5,036 4,943 9,565 9,651 18,558 19,406
Depreciation and amortization 6,595 6,455 13,113 11,950 25,937 22,810
Taxes, other than income taxes 27,996 16,124 45,292 26,496 61,595 41,383
------------------ ------------------- ------------------
Total utility operating expenses 377,262 191,701 665,975 316,525 817,993 428,412
Non-utility operating expenses 24,508 8,172 45,073 14,761 64,554 24,150
------------------ ------------------- ------------------
Total operating expenses 401,770 199,873 711,048 331,286 882,547 452,562
------------------ ------------------- ------------------
Operating Income 40,972 38,438 76,719 58,379 81,683 62,977
Other Income and Income Deductions-
Net 564 (19) 1,556 831 1,460 (1,536)*
------------------ ------------------- ------------------
Income Before Interest and
Income Taxes 41,536 38,419 78,275 59,210 83,143 61,441
------------------ ------------------- ------------------
Interest Charges:
Interest on long-term debt 4,377 3,785 8,754 7,569 16,349 14,841
Other interest charges 3,504 2,298 6,719 4,487 11,076 6,996
------------------ ------------------- ------------------
Total interest charges 7,881 6,083 15,473 12,056 27,425 21,837
------------------ ------------------- ------------------
Income Before Income Taxes 33,655 32,336 62,802 47,154 55,718 39,604
Income Taxes 12,948 12,882 23,578 18,119 19,564 14,352
------------------ ------------------- ------------------
Net Income 20,707 19,454 39,224 29,035 36,154 25,252
Dividends on Preferred Stock 22 24 44 48 89 96
------------------ ------------------- ------------------
Earnings Applicable to
Common Stock $ 20,685 $19,430 $ 39,180 $ 28,987 $ 36,065 $ 25,156
================== =================== ==================
Average Number of Common
Shares Outstanding 18,878 18,878 18,878 18,878 18,878 18,762
Earnings Per Share Of
Common Stock $1.10 $1.03 $2.08 $1.54 $1.91 $1.34
<FN>
NOTE: Certain prior-period amounts have been reclassified to conform to
current-year presentation.
* Includes a one-time pre-tax charge of $3.2 million.
</FN>