NICOR Inc. (GAS, Financial) filed Quarterly Report for the period ended 2010-09-30.
Nicor Inc. has a market cap of $2.15 billion; its shares were traded at around $47.21 with a P/E ratio of 14 and P/S ratio of 0.8. The dividend yield of Nicor Inc. stocks is 3.9%. Nicor Inc. had an annual average earning growth of 0.7% over the past 10 years.GAS is in the portfolios of Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors.
Gas distribution margin increased $12.3 million for the three months ended September 30, 2010 compared to the prior year due to revenue from the bad debt rider ($9.7 million) and the impact of the increase in base rates (approximately $3 million increase). Gas distribution margin increased $40.0 million for the nine months ended September 30, 2010 compared to the prior year due primarily to revenue from the bad debt and energy efficiency riders ($22.8 million and $10.2 million, respectively) and the impact of the increase in base rates (approximately $19 million increase), partially offset by the impact of warmer weather (approximately $9 million decrease) and lower interest on customer balances ($5.1 million decrease).
Gas distribution operating and maintenance expense. Gas distribution operating and maintenance expense increased $10.9 million for the three months ended September 30, 2010 compared to the prior year due to higher bad debt expense ($13.7 million increase), partially offset by lower pension expense ($1.1 million decrease, net of capitalization). Bad debt expense for the three months ended September 30, 2010 was $18.5 million compared to $4.8 million in the prior year. Bad debt expense in 2010 includes $8.8 million, based on gas distribution revenues recognized in the quarter, of the approximately $63 million annual expense assumed to be collected through base rates; and $9.7 million of expense which is equal to the revenue recognized under the bad debt rider.
Gas distribution operating and maintenance expense decreased $5.9 million for the nine months ended September 30, 2010 compared to the prior year reflecting lower company use and storage-related gas costs ($7.1 million decrease), lower pension expense ($3.4 million decrease, net of capitalization) and lower bad debt expense ($2.1 million decrease), partially offset by higher costs associated with the energy efficiency program ($10.2 million increase). Bad debt expense for the nine months ended September 30, 2010 was $37.2 million compared to $39.3 million in the prior year. Bad debt expense in 2010 includes the recognition of the $31.7 million benefit associated with the net under recovery of bad debt expense from 2008 and 2009; $46.1 million, based on gas distribution revenues recognized in the period, of the approximately $63 million annual expense assumed to be collected through base rates; and $22.8 million of expense which is equal to the revenue recognized under the bad debt rider.
Shipping operating expenses. Shipping operating expenses increased $3.6 million for the three months ended September 30, 2010 compared to the prior year due primarily to higher repairs and maintenance costs ($1.9 million increase) and higher transportation-related costs ($1.2 million increase, which was attributable to higher fuel prices). Shipping operating expenses increased $5.3 million for the nine months ended September 30, 2010 compared to the prior year due to higher transportation-related costs ($9.2 million increase, which was attributable to higher fuel prices), partially offset by lower charter costs ($3.3 million decrease).
Other energy ventures operating expenses. Other energy ventures operating expenses increased $3.1 million for the three months ended September 30, 2010 compared to the prior year due to an increase in operating expenses at Nicor s energy-related products and services businesses ($1.9 million increase) and an increase in operating expenses at Nicor Enerchange ($1.4 million increase). The increase in operating expenses at Nicor s energy-related products and services businesses was due primarily to higher selling, general and administrative costs. The increase in operating expenses at Nicor Enerchange was due primarily to higher natural gas related transportation and storage charges ($1.1 million increase). Operating expenses decreased $9.7 million for the nine months ended September 30, 2010 compared to the prior year due to a decrease in operating expenses at Nicor s energy-related products and services businesses ($11.0 million decrease) due to a lower average cost per utility-bill management contract, partially offset by higher average contract volumes.
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Nicor Inc. has a market cap of $2.15 billion; its shares were traded at around $47.21 with a P/E ratio of 14 and P/S ratio of 0.8. The dividend yield of Nicor Inc. stocks is 3.9%. Nicor Inc. had an annual average earning growth of 0.7% over the past 10 years.GAS is in the portfolios of Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Shipping operating revenues increased $0.6 million for the three months ended September 30, 2010 compared to the prior year due primarily to higher average rates ($3.2 million increase) attributable to higher cost-recovery surcharges for fuel, partially offset by lower volumes shipped ($2.7 million decrease). Shipping operating revenues decreased $3.1 million for the nine months ended September 30, 2010 compared to the prior year due to lower average rates ($2.0 million decrease) and lower volumes shipped ($1.2 million decrease). Lower average rates were due to a reduction in base rates, partially offset by higher cost-recovery surcharges for fuel.Gas distribution margin increased $12.3 million for the three months ended September 30, 2010 compared to the prior year due to revenue from the bad debt rider ($9.7 million) and the impact of the increase in base rates (approximately $3 million increase). Gas distribution margin increased $40.0 million for the nine months ended September 30, 2010 compared to the prior year due primarily to revenue from the bad debt and energy efficiency riders ($22.8 million and $10.2 million, respectively) and the impact of the increase in base rates (approximately $19 million increase), partially offset by the impact of warmer weather (approximately $9 million decrease) and lower interest on customer balances ($5.1 million decrease).
Gas distribution operating and maintenance expense. Gas distribution operating and maintenance expense increased $10.9 million for the three months ended September 30, 2010 compared to the prior year due to higher bad debt expense ($13.7 million increase), partially offset by lower pension expense ($1.1 million decrease, net of capitalization). Bad debt expense for the three months ended September 30, 2010 was $18.5 million compared to $4.8 million in the prior year. Bad debt expense in 2010 includes $8.8 million, based on gas distribution revenues recognized in the quarter, of the approximately $63 million annual expense assumed to be collected through base rates; and $9.7 million of expense which is equal to the revenue recognized under the bad debt rider.
Gas distribution operating and maintenance expense decreased $5.9 million for the nine months ended September 30, 2010 compared to the prior year reflecting lower company use and storage-related gas costs ($7.1 million decrease), lower pension expense ($3.4 million decrease, net of capitalization) and lower bad debt expense ($2.1 million decrease), partially offset by higher costs associated with the energy efficiency program ($10.2 million increase). Bad debt expense for the nine months ended September 30, 2010 was $37.2 million compared to $39.3 million in the prior year. Bad debt expense in 2010 includes the recognition of the $31.7 million benefit associated with the net under recovery of bad debt expense from 2008 and 2009; $46.1 million, based on gas distribution revenues recognized in the period, of the approximately $63 million annual expense assumed to be collected through base rates; and $22.8 million of expense which is equal to the revenue recognized under the bad debt rider.
Shipping operating expenses. Shipping operating expenses increased $3.6 million for the three months ended September 30, 2010 compared to the prior year due primarily to higher repairs and maintenance costs ($1.9 million increase) and higher transportation-related costs ($1.2 million increase, which was attributable to higher fuel prices). Shipping operating expenses increased $5.3 million for the nine months ended September 30, 2010 compared to the prior year due to higher transportation-related costs ($9.2 million increase, which was attributable to higher fuel prices), partially offset by lower charter costs ($3.3 million decrease).
Other energy ventures operating expenses. Other energy ventures operating expenses increased $3.1 million for the three months ended September 30, 2010 compared to the prior year due to an increase in operating expenses at Nicor s energy-related products and services businesses ($1.9 million increase) and an increase in operating expenses at Nicor Enerchange ($1.4 million increase). The increase in operating expenses at Nicor s energy-related products and services businesses was due primarily to higher selling, general and administrative costs. The increase in operating expenses at Nicor Enerchange was due primarily to higher natural gas related transportation and storage charges ($1.1 million increase). Operating expenses decreased $9.7 million for the nine months ended September 30, 2010 compared to the prior year due to a decrease in operating expenses at Nicor s energy-related products and services businesses ($11.0 million decrease) due to a lower average cost per utility-bill management contract, partially offset by higher average contract volumes.
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