Exhibit 1
NEWS RELEASE
LACLEDE GAS
Contact: Richard N. Hargraves
(314) 342-0652
FOR IMMEDIATE RELEASE
October 26, 2000
Laclede Gas Company (NYSE: LG) today released the accompanying,
unaudited Statement of Consolidated Income for fiscal year 2000 - the
twelve-month period ending September 30, 2000.
Despite heating season temperatures in our service area that were the
third warmest on record (5% warmer than last year and 16% warmer than
normal), earnings for fiscal 2000 were essentially the same as last year.
In fiscal 2000, Laclede Gas earned $25.9 million, compared with $26.0
million in fiscal 1999.
The impact of lower sales resulting from the warm weather was offset by
improved results from Laclede's Gas Supply Incentive Plan (GSIP) and our
off-system sales (which are sales of natural gas beyond the boundaries of
our traditional service area) and from the general rate increase that became
effective December 27, 1999.
Per-share earnings in fiscal 2000 were $1.37 (on average shares
outstanding of 18,877,987), compared with per-share earnings of $1.43 in
fiscal 1999 (on average shares outstanding of 18,138,261).
Laclede's Annual Report to Shareholders for fiscal 2000 will be mailed
to shareholders and employees in mid-December.
Note: This new 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-Q for the quarter ended June 30,
2000, filed with the Securities and Exchange Commission.
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UNAUDITED
STATEMENTS OF CONSOLIDATED INCOME
Laclede Gas Company
and Subsidiary Companies
(In Thousands Except Per Share Amounts)
<CAPTION>
Three Months Ended Twelve Months Ended
September 30, September 30,
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Operating Revenues:
Utility operating revenues $ 70,364 $ 50,408 $531,152 $473,710
Non-utility operating revenues 10,806 5,258 34,976 17,608
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Total operating revenues 81,170 55,666 566,128 491,318
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Operating Expenses:
Utility operating expenses
Natural and propane gas 31,603 13,957 295,263 246,350
Other operation expenses 21,014 18,823 87,063 83,762
Maintenance 4,697 4,902 18,644 19,583
Depreciation and amortization 6,434 5,471 24,774 21,490
Taxes, other than income taxes 7,517 6,324 42,799 41,669
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Total utility operating expenses 71,265 49,477 468,543 412,854
Non-utility operating expenses 10,566 5,144 34,269 17,245
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Total operating expenses 81,831 54,621 502,812 430,099
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Operating Income (661) 1,045 63,316 61,219
Other Income and Income Deductions-
Net (98) (2,939)* 762 (203)**
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Income Before Interest and
Income Taxes (759) (1,894) 64,078 61,016
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Interest Charges:
Interest on long-term debt 3,811 3,784 15,164 13,966
Other interest charges 2,479 1,209 8,844 6,627
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Total interest charges 6,290 4,993 24,008 20,593
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Income (Loss) Before Income Taxes (7,049) (6,887) 40,070 40,423
Income Tax Expense (Benefit) (3,657) (2,909) 14,105 14,361
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Net Income (Loss) (3,392) (3,978) 25,965 26,062
Dividends on Preferred Stock 23 24 93 97
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Earnings (Loss) Applicable to
Common Stock $ (3,415) $(4,002) $ 25,872 $ 25,965
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Average Number of Common
Shares Outstanding 18,878 18,878 18,878 18,138
Earnings (Loss) Per Share Of
Common Stock $(.18) $(.21) $1.37 $1.43
<FN>
NOTE: Certain prior-period amounts have been reclassified to conform to
current-year presentation.
* Includes a one-time pre-tax charge of $3.2 million.
**Includes a one-time pre-tax charge of $3.2 million and a one-time pre-tax
gain of $1.9 million.
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