Atmos Energy Corporation Completes Sale of Natural Gas Distribution Assets in Missouri, Illinois and Iowa
August 01 2012 - 5:01PM
Business Wire
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.
Forward-Looking Statements
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 otherwise.
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.
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