| DDT |>| TUE.APR,960402,19:33
Emending @ Johns St Pub ( DaveSheerin Prp ) w 2$ pints of Harpoon IPA , Shipyard ExportAle , Sierra Nevada PaleAle , RogueGolden Ale , .
See
http://www.researchmag.com/company/csi/csato.htm
for quite thorough coverage .
Note : I always use true proportions rather than percents , and in
ASCII , the APL uses the percent symbol '%' for division .
============================ø TUE.APR,960402 ø============================
NewYorkStockBrokersClub |16:41| Harrys @ HanoverSq | TedFeit :
President : BobStevens :
24th largest # customers Naturl Gas Distributor based in Dallas | operating
in | TX LA CO NB KY
( equity , stock ) up | 4 3 x | since 85 |
Eqty M$ Stk $ Div MktCap
1995 | s T0 is 158.3 19.375 .92 300.6 |>|
1985 | s T1 is 36.6 5.5 .55 31.1 |>|
Ratio | T0 % T1 |>| 4.33 3.52 1.67 9.67
AGR | CmpdAmnt T0 w T1 w n w 10 |>| 0.16 0.13 0.05 0.25 |#|
95 85
Yield | %/ ( T0 CAT0 T1 ) [ ; 2 1 ] |>| 0.05 0.1
# custs .016 up las yr | CO up > .08 |
Pushing : gas cooling & vehicls || growth | .052 .11 , last 5 , 10 yrs |
2x growth of peer grp | irrigation well pumps |
|16:51| CFO : James fiskl yr sept 30 |95 weather not in their favor .
| good rate increases |
`95 `94 | dif ratio
rev | ( -/ P ) , %/ D 499.3 435.8 |>| 63.5 1.15 | M$
net | ( -/ P ) , %/ D 19 14.7 |>| 4.3 1.29 | M$
% shr | ( -/ ToS ) , %/ D 1.22 .97 |>| 0.25 1.26 | $
Shrs | 15.5 15.3 |>| 15.5 15.3 | M
Current price \|/
E%S | .001 FMT P % 23+1%8 |>| 0.053 0.042 | $%$ |#|
| weather .101 warmer than norm , .09 than FY94
impact .26 %shr , offset by gain in irrigation |
Expensed Mntd O&M 10.3 M$ . 94 had greely acq cost .
capex thru 96 | 40.4 52.6 56.1 66.5 | rate increases all 6 states since Eo
93 . However rates some of lowest in nation . | div .85 .88 .92 .96 | thru
anticipated 96 |
Annual tot return | .143 over 85 - 95 | Stock now @ high of 23+1ö8
.87 div reinvest participation . | 23500 shareholders `95 vs 6880 in `91
96 95 q0 ( Dec 31 ): 130 117 , 9.2 6.5 , .59 .42 , 15.9 15.3
| rev , net , net ö shr , shrs
.096 coldr than 95 thru Feb ; .051 higher than normal |
|17:1| Bob :
.59 of thruput in KY to industral | Know competition , win caus cost |
employee : 1 ö 400 vs 380 | 552 vs 959 invest ö meter | ATO vs peers
.24 of stok owned by Atmos employ mng & board | .98 of employees own some .
gas cost 2.46 vs peer 2.89 | ö mcf || Electronic Flow measuremtent for
largest custs .
Compete everyday , Capitalize on new opportunities |
?s : \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \/ \
Mona : div policy ? no stated ratio , lower than industry but hier
growth , tax free portion ? all ordinary icome | detail of .24 ownership ?
ESOP , up to .04 of salary , almost all participate | Big : MrSlessman Brd
mem owned Greely | Salary deferal election | 1 % 1 match | ESOP shares come
from both mkt & new issue | .12 - .15 owned by board | ESOP ~ .1
| Business definition ? buy comodity gas for resale |
from eg Mobil | located in high supply areas .
| Always looking for non-dilutive but broadning acquisitions |
Origins West ( Lubok ) TX , went thru seveer recession | Methenex (?) , gas
price ? flow thru | Gas Futures ? suplyers do . they giv price for contract
| Holding Co strukcure & state by state regs would defeat hostile acq atk .
Book ? 10.+ | so , abt 2’ book . ; CFO : is best defense | do pooling of
interests & some cash on their Acqs | .5 .5 w Debt Equ | Collection ? < .01
nonpay | Me : scale of competition , eg : town , individual ? TX does have
some competition to curb . but once in ground do essentially have monopoly
on area . | .67 of rev is gas cost | .04 net before tax | ESOP can invest up
to .1 of salay , only .04 $ matched by co . Electronic meter reading ? done
a few tests | rural less advantage than metro , ARCO , MOBIL UnionPacific |
Spun off of Pioneer Natrl Gas |17:32|