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|FOR IMMEDIATE RELEASE November 15, 2012||CONTACTS:|
WGL Holdings, Inc. Reports Fiscal Year 2012 Financial Results;
Issues Fiscal Year 2013 Guidance
Consolidated earnings per share up $2.71 per share for fiscal year 2012 vs. $2.28 per share for fiscal year 2011
Consolidated non-GAAP operating earnings up $2.68 per share for fiscal year 2012 vs. $2.25 per share for fiscal year 2011
Earnings Guidance for fiscal year 2013 in a range of $2.46 and $2.58 for GAAP earnings and $2.37 and $2.49 for non-GAAP operating earnings
WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported net income determined in accordance with generally accepted accounting principles in the United States of America (GAAP) for the fiscal year ended September 30, 2012 of $139.8 million, or $2.71 per share, an increase of $22.7 million, or $0.43 per share, over net income of $117.1 million, or $2.28 per share, reported for the fiscal year ended September 30, 2011.
For the quarter ended September 30, 2012, we reported net income determined in accordance with GAAP of $7.7 million, or $0.15 per share, compared to a net loss of ($30.6) million, or ($0.60) per share, reported for the same quarter of the prior fiscal year.
Financial performance is also evaluated based on non-GAAP operating earnings (loss). Non-GAAP operating earnings (loss) excludes the effects of: (i) unrealized mark-to-market gains (losses) on energy-related derivatives for our regulated utility and retail energy marketing segments; (ii) certain gains and losses associated with optimizing the utility segments system capacity assets; (iii) changes in the measured value of our inventory for our wholesale energy solutions segment; (iv) the financial effects of warm or cold weather that exceeds weather protection for our regulated utility segment and (v) certain unusual transactions. Refer to Use of Non-GAAP Operating Earnings (Loss) and supporting reconciliations attached to this news release for a detailed discussion of managements use of this non-GAAP financial measure, as well as reconciliations of net income determined in accordance with GAAP to non-GAAP operating earnings (loss) for both our consolidated and segment results.
The following information was filed by Wgl Holdings Inc (WGL) on Friday, November 16, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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