"Our quarterly results support our strategy of building a foundation for
earnings that is broader than just our regulated utility business, as Laclede
Energy Resources, one of our non-regulated subsidiaries, demonstrated solid
year-over-year earnings growth," said
-- Diluted earnings per share increased to
-- Laclede Energy Resources led the way. The improved results are largely
attributable to higher earnings reported by Laclede Group's non-regulated
natural gas commodity service provider, Laclede Energy Resources, Inc. (LER),
which earned
-- Utility's financial results remain strong and stable. Earnings
reported by Laclede Gas Company, Missouri's largest natural gas distribution
utility, were
-- SM&P. Results reported by SM&P Utility Resources, Inc., Laclede
Group's non-regulated underground facility locating and marking service
business, decreased
For further details concerning The Laclede Group's fiscal 2008 first quarter results, see the accompanying unaudited Statements of Consolidated Income.
About The Laclede Group
The Laclede Group, Inc. is a public utility holding company committed to
providing reliable natural gas service through its regulated core utility
operations, while engaging in non-regulated activities that provide
opportunities for sustainable growth. Its primary subsidiary, Laclede Gas
Company, the regulated operations of which are included in the Regulated Gas
Distribution segment, serves approximately 632,000 residential, commercial and
industrial customers in the City of
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-K for the
year ended
UNAUDITED STATEMENTS OF CONSOLIDATED INCOME THE LACLEDE GROUP, INC. (Thousands, Except Per Share Amounts) Three Months Ended December 31, 2007 2006 OPERATING REVENUES Regulated Gas distribution $320,892 $348,488 Non-Regulated Services 37,362 36,429 Gas marketing 181,798 153,467 Other 1,299 1,177 Total operating revenues 541,351 539,561 OPERATING EXPENSES Regulated Natural and propane gas 222,841 251,523 Other operation expenses 35,213 33,680 Maintenance 6,235 5,598 Depreciation and amortization 8,713 8,497 Taxes, other than income taxes 16,681 18,759 Total regulated operating expenses 289,683 318,057 Non-Regulated Services 37,699 36,361 Gas marketing 172,872 147,668 Other 1,051 1,077 Total operating expenses 501,305 503,163 Operating Income 40,046 36,398 Other Income and (Income Deductions) - Net 2,650 3,303 Interest Charges: Interest on long-term debt 5,126 5,626 Interest on long-term debt to unconsolidated affiliate trust 893 893 Other interest charges 4,163 3,434 Total interest charges 10,182 9,953 Income Before Income Taxes and Dividends on Redeemable Preferred Stock - Laclede Gas 32,514 29,748 Income Tax Expense 11,601 10,649 Dividends on Redeemable Preferred Stock - Laclede Gas 10 12 Net Income $20,903 $19,087 Average Number of Common Shares Outstanding 21,554 21,381 Basic Earnings Per Share of Common Stock $ 0.97 $ 0.89 Diluted Earnings Per Share of Common Stock $ 0.97 $ 0.89
SOURCE The Laclede Group, Inc.