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Atmos Energy Corporation (NYSE: ATO) today announced that it completed
the sale of its natural gas distribution assets located in Missouri,
Illinois and Iowa to Liberty Energy (Midstates) Corp., an affiliate of
Algonquin Power & Utilities Corp. The transaction included the transfer
of approximately 84,000 residential and commercial meters.
Net cash proceeds for rate base and related working capital were
approximately $129 million. These proceeds will be redeployed to fund
growth opportunities in the remaining jurisdictions the company serves.
Atmos Energy expects to record a net of tax gain on the sale of
approximately $6 million, or $0.06 per diluted share, subject to final
purchase price adjustments. For the ten months ended July 31, 2012,
these operations provided approximately $7 million of net income, or
$0.07 per diluted share.
The matters discussed in this news release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. All
statements other than statements of historical fact included in this
news release are forward-looking statements made in good faith by the
company and are intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of 1995.
When used in this news release or in any of the company’s other
documents or oral presentations, the words “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,”
“projection,” “seek,” “strategy” or similar words are intended to
identify forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those discussed in this news release, including
the risks and uncertainties relating to regulatory trends and decisions,
the company’s ability to continue to access the capital markets and the
other factors discussed in the company’s reports filed with the
Securities and Exchange Commission. These factors include the risks and
uncertainties discussed in the company’s Annual Report on Form 10-K for
the fiscal year ended September 30, 2011 and in the company’s Quarterly
Report on Form 10-Q for the three and six months ended March 31, 2012.
Although the company believes these forward-looking statements to be
reasonable, there can be no assurance that they will approximate actual
experience or that the expectations derived from them will be realized.
The company undertakes no obligation to update or revise forward-looking
statements, whether as a result of new information, future events or
About Atmos Energy
Atmos Energy Corporation, headquartered in Dallas, is one of the
country's largest natural- gas-only distributors, serving about three
million natural gas distribution customers in over 1,400 communities in
nine states from the Blue Ridge Mountains in the East to the Rocky
Mountains in the West. Atmos Energy also provides natural gas marketing
and procurement services to industrial, commercial and municipal
customers primarily in the Midwest and Southeast and manages
company-owned natural gas pipeline and storage assets, including one of
the largest intrastate natural gas pipeline systems in Texas. For more
information, visit www.atmosenergy.com.