Exhibit 1
NEWS RELEASE
LACLEDE GAS
Contact: Richard N. Hargraves
(314) 342-0652
FOR IMMEDIATE RELEASE
October 28, 1999
LACLEDE GAS ANNOUNCES FISCAL 1999 RESULTS
ST. LOUIS - Laclede Gas Company (NYSE: LG) today released the attached,
unaudited Statement of Consolidated Income for fiscal year 1999 - the
twelve-month period ending September 30, 1999.
Excluding a one-time charge recorded in fiscal 1999, earnings were
slightly above those of fiscal 1998 - $28.0 million in fiscal 1999 compared
with $27.8 million in fiscal 1998 - despite the fact that the weather in our
service area was 6% warmer this year than last, 12% warmer than normal, and
the seventh warmest on record in the St. Louis area. However, the adverse
impact of the weather was offset by reductions in expenses resulting from
Laclede's cost-control efforts as well as regulatory accounting changes
instituted July 1, 1998, as part of the settlement of the Company's 1998
rate case.
The non-recurring charge against 1999 earnings - $2 million net of
income taxes - resulted from the Company's minority participation in Clark
Enterprises, a civic-minded entity comprised of a group of St. Louis firms
that owned the St. Louis Blues National Hockey League team and also financed
and operated the Kiel Center in downtown St. Louis. The recent acquisition
by the Laurie family of the assets of Clark Enterprises was negotiated and
completed in a brief period during September 1999. The impact of this non-
recurring charge was to reduce Laclede's fiscal 1999 earnings by 11 cents
per share, to $1.43 (on average shares outstanding of 18,138,261), compared
with $1.58 per share last year (on average outstanding of 17,597,591).
Laclede's Annual Report to Shareholders for fiscal 1999 will be mailed
to shareholders and employees around the middle of December.
UNAUDITED
STATEMENTS OF CONSOLIDATED INCOME
Laclede Gas Company
and Subsidiary Companies
(In Thousands, Except Per Share Amounts)
Three Months Ended Twelve Months Ended
September 30, September 30,
1999 1998 1999 1998
---- ---- ---- ----
Operating Revenues:
Utility operating revenues $ 50,408 $ 56,654 $473,710 $548,192
Non-utility operating revenues 5,338 2,762 17,878 13,795
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Total operating revenues 55,746 59,416 491,588 561,987
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Operating Expenses:
Utility operating expenses
Natural and propane gas 13,957 20,883 246,350 311,869
Other operation expenses 18,823 20,143 83,762 86,183
Maintenance 4,902 4,594 19,583 18,720
Depreciation and amortization 5,471 5,267 21,490 25,310
Taxes, other than income taxes 6,324 6,631 41,669 43,782
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Total utility operating expenses 49,477 57,518 412,854 485,864 Non-utility operating expenses
5,144 2,577 17,245 12,659
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Total operating expenses 54,621 60,095 430,099 498,523
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Operating Income 1,125 (679) 61,489 63,464
Other Income and Income Deductions-
Net (3,019)* 273 (473)* 1,139
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Income Before Interest and
Income Taxes (1,894) (406) 61,016 64,603
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Interest Charges:
Interest on long-term debt 3,784 3,347 13,966 14,797
Other interest charges 1,209 1,809 6,627 6,473
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Total interest charges 4,993 5,156 20,593 21,270
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Income Before Income Taxes (6,887) (5,562) 40,423 43,333
Income Taxes (2,909) (2,357) 14,361 15,441
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Net Income (3,978) (3,205) 26,062 27,892
Dividends on Preferred Stock 24 24 97 97
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Earnings Applicable to Common Stock $ (4,002) $(3,229) $ 25,965 $ 27,795
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Average Number of Common
Shares Outstanding 18,878 17,628 18,138 17,598
Earnings Per Share of Common Stock $(.21) $(.18) $1.43 $1.58
NOTE: Certain prior-period amounts have been reclassified to conform to
current-year presentation.
*Includes a one-time pre-tax charge of $3,247,000.