UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________
FORM 10-Q
______________
(Mark one)
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x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2015
OR
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¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______ to ________
Commission File No. 0-8788
______________
DELTA NATURAL GAS COMPANY, INC.
(Exact name of registrant as specified in its charter)
______________
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Kentucky | 61-0458329 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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3617 Lexington Road, Winchester, Kentucky | 40391 |
(Address of principal executive offices) | (Zip code) |
859-744-6171
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No £
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer ¨ | Accelerated filer x |
Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.
As of December 31, 2015 Delta Natural Gas Company, Inc. had 7,074,380 shares of Common Stock outstanding.
DELTA NATURAL GAS COMPANY, INC.
INDEX TO FORM 10-Q
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PART I - | FINANCIAL INFORMATION | | |
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ITEM 1. | Financial Statements | | |
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| Condensed Consolidated Statements of Income (Unaudited) for the three and six months ended December 31, 2015 and 2014 | | |
| | | |
| Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended December 31, 2015 and 2014 | | |
| | | |
| Condensed Consolidated Balance Sheets (Unaudited) as of December 31, 2015 and June 30, 2015 | | |
| | | |
| Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the six months ended December 31, 2015 and 2014 | | |
| | | |
| Notes to Condensed Consolidated Financial Statements (Unaudited) | | |
| | | |
ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | | |
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ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk | | |
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ITEM 4. | Controls and Procedures | | |
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PART II - | OTHER INFORMATION | | |
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ITEM 1. | Legal Proceedings | | |
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ITEM 1A. | Risk Factors | | |
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ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | | |
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ITEM 3. | Defaults Upon Senior Securities | | |
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ITEM 4. | Mine Safety Disclosures | | |
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ITEM 5. | Other Information | | |
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ITEM 6. | Exhibits | | |
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| Signatures | | |
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DELTA NATURAL GAS COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
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| | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| December 31, | | December 31, |
| 2015 | | 2014 | | 2015 | | 2014 |
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| |
| | | | |
OPERATING REVENUES |
| |
| | | | |
Regulated revenues | $ | 10,873,770 |
| | $ | 16,102,877 |
| | $ | 16,707,695 |
| | $ | 22,246,250 |
|
Non-regulated revenues | 5,799,577 |
| | 9,772,389 |
| | 10,359,075 |
| | 16,950,321 |
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Total operating revenues | $ | 16,673,347 |
| | $ | 25,875,266 |
| | $ | 27,066,770 |
| | $ | 39,196,571 |
|
| | | | | | | |
OPERATING EXPENSES | | | | | | | |
Regulated purchased natural gas | $ | 3,071,226 |
| | $ | 7,591,082 |
| | $ | 4,057,849 |
| | $ | 9,087,779 |
|
Non-regulated purchased natural gas | 4,389,391 |
| | 7,865,541 |
| | 8,044,307 |
| | 13,513,856 |
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Operation and maintenance | 3,415,406 |
| | 3,338,340 |
| | 6,904,450 |
| | 7,062,226 |
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Depreciation and amortization | 1,570,646 |
| | 1,586,205 |
| | 3,212,659 |
| | 3,091,707 |
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Taxes other than income taxes | 748,199 |
| | 594,997 |
| | 1,501,575 |
| | 1,381,841 |
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Total operating expenses | $ | 13,194,868 |
| | $ | 20,976,165 |
| | $ | 23,720,840 |
| | $ | 34,137,409 |
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| | | | | | | |
OPERATING INCOME | $ | 3,478,479 |
| | $ | 4,899,101 |
| | $ | 3,345,930 |
| | $ | 5,059,162 |
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| | | | | | | |
OTHER INCOME (EXPENSE), NET | 44,247 |
| | 18,645 |
| | (34,913 | ) | | 1,190 |
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| | | | | | | |
INTEREST EXPENSE | 639,936 |
| | 657,530 |
| | 1,281,871 |
| | 1,317,138 |
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| | | | | | | |
NET INCOME BEFORE INCOME TAXES | $ | 2,882,790 |
| | $ | 4,260,216 |
| | $ | 2,029,146 |
| | $ | 3,743,214 |
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| | | | | | | |
INCOME TAX EXPENSE | 1,079,439 |
| | 1,603,682 |
| | 750,252 |
| | 1,397,806 |
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NET INCOME | $ | 1,803,351 |
| | $ | 2,656,534 |
| | $ | 1,278,894 |
| | $ | 2,345,408 |
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EARNINGS PER COMMON SHARE (Note 11) | | | | | | | |
Basic and Diluted | $ | .25 |
| | $ | .38 |
| | $ | .18 |
| | $ | .33 |
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DIVIDENDS DECLARED PER COMMON SHARE | $ | .205 |
| | $ | .20 |
| | $ | .41 |
| | $ | .40 |
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The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
DELTA NATURAL GAS COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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| | | | | | | |
| Six Months Ended |
| December 31, |
| 2015 | | 2014 |
| | | |
CASH FLOWS FROM OPERATING ACTIVITIES | | | |
Net income | $ | 1,278,894 |
| | $ | 2,345,408 |
|
Adjustments to reconcile net income to net cash from operating activities | | | |
Depreciation and amortization | 3,330,959 |
| | 3,213,307 |
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Deferred income taxes and investment tax credits | 762,097 |
| | 1,282,460 |
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Change in cash surrender value of officer's life insurance | 9,312 |
| | (1,910 | ) |
Share-based compensation | 314,734 |
| | 825,011 |
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Excess tax deficiency from share-based compensation | (7,581 | ) | | (9,574 | ) |
Increase in assets | (5,874,845 | ) | | (11,651,167 | ) |
(Decrease) increase in liabilities | (57,058 | ) | | 634,725 |
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Net cash used in operating activities | $ | (243,488 | ) | | $ | (3,361,740 | ) |
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CASH FLOWS FROM INVESTING ACTIVITIES | | | |
Capital expenditures | $ | (3,489,892 | ) | | $ | (5,087,895 | ) |
Proceeds from sale of property, plant and equipment | 155,987 |
| | 35,328 |
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Other | (60,000 | ) | | (60,000 | ) |
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Net cash used in investing activities | $ | (3,393,905 | ) | | $ | (5,112,567 | ) |
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CASH FLOWS FROM FINANCING ACTIVITIES | | | |
Dividends on common shares | $ | (2,908,171 | ) | | $ | (2,817,229 | ) |
Issuance of common shares | 344,865 |
| | 259,591 |
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Excess tax benefit from share-based compensation | 2,073 |
| | 18,823 |
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Payment of minimum tax withholdings on share-based compensation | (240,900 | ) | | — |
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Repayment of long-term debt | (1,500,000 | ) | | (1,500,000 | ) |
Borrowing on bank line of credit | — |
| | 126,430 |
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Repayment on bank line of credit | — |
| | (126,430 | ) |
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Net cash used in financing activities | $ | (4,302,133 | ) | | $ | (4,038,815 | ) |
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NET DECREASE IN CASH AND CASH EQUIVALENTS | $ | (7,939,526 | ) | | $ | (12,513,122 | ) |
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CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 16,924,278 |
| | 13,675,918 |
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CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 8,984,752 |
| | $ | 1,162,796 |
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The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
DELTA NATURAL GAS COMPANY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
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| December 31, | | June 30, |
| 2015 | | 2015 |
ASSETS | | | |
| | | |
CURRENT ASSETS | | | |
Cash and cash equivalents | $ | 8,984,752 |
| | $ | 16,924,278 |
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Accounts receivable, less accumulated allowances | | | |
for doubtful accounts of $154,000 and $258,000, respectively | 8,774,078 |
| | 5,760,550 |
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Natural gas in storage, at average cost | 6,004,070 |
| | 4,634,162 |
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Deferred natural gas costs | 1,097,193 |
| | — |
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Materials and supplies, at average cost | 482,274 |
| | 543,563 |
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Prepayments | 3,400,481 |
| | 3,347,187 |
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Total current assets | $ | 28,742,848 |
| | $ | 31,209,740 |
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PROPERTY, PLANT AND EQUIPMENT | $ | 239,601,638 |
| | $ | 236,780,490 |
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Less-Accumulated provision for depreciation | (101,539,656 | ) | | (98,741,351 | ) |
Net property, plant and equipment | $ | 138,061,982 |
| | $ | 138,039,139 |
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OTHER ASSETS | | | |
Cash surrender value of life insurance | $ | 411,871 |
| | $ | 421,183 |
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Prepaid pension | 2,239,980 |
| | 2,145,969 |
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Regulatory assets | 15,163,052 |
| | 14,917,823 |
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Unamortized debt expense | 80,404 |
| | 83,704 |
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Other non-current assets | 1,002,034 |
| | 977,312 |
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Total other assets | $ | 18,897,341 |
| | $ | 18,545,991 |
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| | | |
Total assets | $ | 185,702,171 |
| | $ | 187,794,870 |
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The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
DELTA NATURAL GAS COMPANY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(UNAUDITED)
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| December 31, | | June 30, |
| 2015 | | 2015 |
| | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
| | | |
CURRENT LIABILITIES | | | |
Accounts payable | $ | 4,422,208 |
| | $ | 5,426,395 |
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Current portion of long-term debt | 1,500,000 |
| | 1,500,000 |
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Accrued taxes | 2,197,701 |
| | 1,472,401 |
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Customers' deposits | 723,962 |
| | 600,788 |
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Accrued interest on debt | 112,206 |
| | 112,296 |
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Accrued vacation | 654,562 |
| | 749,031 |
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Deferred income taxes | 427,583 |
| | 140,929 |
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Regulatory liability - refundable natural gas costs | — |
| | 756 |
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Other current liabilities | 539,285 |
| | 610,238 |
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Total current liabilities | $ | 10,577,507 |
| | $ | 10,612,834 |
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| | | |
LONG-TERM DEBT | $ | 50,500,000 |
| | $ | 52,000,000 |
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LONG-TERM LIABILITIES | | | |
Deferred income taxes | $ | 42,505,200 |
| | $ | 41,989,138 |
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Regulatory liabilities | 1,133,303 |
| | 1,137,758 |
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Asset retirement obligations | 3,928,795 |
| | 3,795,590 |
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Other long-term liabilities | 1,051,798 |
| | 1,037,896 |
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Total long-term liabilities | $ | 48,619,096 |
| | $ | 47,960,382 |
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| | | |
COMMITMENTS AND CONTINGENCIES (Note 8) | | | |
Total liabilities | $ | 109,696,603 |
| | $ | 110,573,216 |
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| | | |
SHAREHOLDERS' EQUITY | | | |
Common shares ($1.00 par value), 20,000,000 shares | | | |
authorized, 7,074,380 and 7,026,500 shares | | | |
outstanding at December 31, 2015 and June 30, | | | |
2015, respectively | $ | 7,074,380 |
| | $ | 7,026,500 |
|
Premium on common shares | 49,100,919 |
| | 48,735,608 |
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Retained earnings | 19,830,269 |
| | 21,459,546 |
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Total shareholders' equity | $ | 76,005,568 |
| | $ | 77,221,654 |
|
| | | |
Total liabilities and shareholders' equity | $ | 185,702,171 |
| | $ | 187,794,870 |
|
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
DELTA NATURAL GAS COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)
|
| | | | | | | | | | | | | | | |
| Six Months Ended December 31, 2015 |
| Common Shares | | Premium on Common Shares | | Retained Earnings | | Shareholders' Equity |
| | | | | | | |
Balance, beginning of period | $ | 7,026,500 |
| | $ | 48,735,608 |
| | $ | 21,459,546 |
| | $ | 77,221,654 |
|
Net income | — |
| | — |
| | 1,278,894 |
| | 1,278,894 |
|
Issuance of common shares | 16,670 |
| | 328,195 |
| | — |
| | 344,865 |
|
Issuance of common shares under the | | | | | | | |
incentive compensation plan, net of cancellations | 31,210 |
| | (272,110 | ) | | — |
| | (240,900 | ) |
Share-based compensation expense | — |
| | 314,734 |
| | — |
| | 314,734 |
|
Excess tax benefit from share-based compensation | — |
| | (5,508 | ) | | — |
| | (5,508 | ) |
Dividends on common shares | — |
| | — |
| | (2,908,171 | ) | | (2,908,171 | ) |
| | | | | | | |
Balance, end of period | $ | 7,074,380 |
| | $ | 49,100,919 |
| | $ | 19,830,269 |
| | $ | 76,005,568 |
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| | | | | | | | | | | | | | | |
| Six Months Ended December 31, 2014 |
| Common Shares | | Premium on Common Shares | | Retained Earnings | | Shareholders' Equity |
| | | | | | | |
Balance, beginning of period | $ | 6,942,758 |
| | $ | 47,182,338 |
| | $ | 20,603,256 |
| | $ | 74,728,352 |
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Net income | — |
| | — |
| | 2,345,408 |
| | 2,345,408 |
|
Issuance of common shares | 12,653 |
| | 246,938 |
| | — |
| | 259,591 |
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Issuance of common shares under the | | | | | | | |
incentive compensation plan, net of cancellations | 57,330 |
| | 385,251 |
| | — |
| | 442,581 |
|
Share-based compensation expense | — |
| | 382,430 |
| | — |
| | 382,430 |
|
Excess tax benefit from share-based compensation | — |
| | 9,249 |
| | — |
| | 9,249 |
|
Dividends on common shares | — |
| | — |
| | (2,817,229 | ) | | (2,817,229 | ) |
| | | | | | | |
Balance, end of period | $ | 7,012,741 |
| | $ | 48,206,206 |
| | $ | 20,131,435 |
| | $ | 75,350,382 |
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The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
DELTA NATURAL GAS COMPANY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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(1) | Nature of Operations and Basis of Presentation |
Delta Natural Gas Company, Inc. ("Delta" or "the Company") distributes or transports natural gas to approximately 36,000 customers. Our distribution and transportation systems are located in central and southeastern Kentucky and we own and operate an underground storage field in southeastern Kentucky. We transport natural gas to our industrial customers who purchase their gas in the open market. We also transport natural gas on behalf of local producers and customers not on our distribution system and extract liquids from natural gas in our storage field and our pipeline systems that are sold at market prices. We have three wholly-owned subsidiaries. Delta Resources, Inc. ("Delta Resources") buys natural gas and resells it to industrial or other large use customers on Delta's system. Delgasco, Inc. ("Delgasco") buys natural gas and resells it to Delta Resources and to customers not on Delta's system. Enpro, Inc. ("Enpro") owns and operates natural gas production properties and undeveloped acreage.
All subsidiaries of Delta are included in the condensed consolidated financial statements. Intercompany balances and transactions have been eliminated. All adjustments necessary for a fair presentation of the unaudited results of operations for the three and six months ended December 31, 2015 and 2014 are included. All such adjustments are accruals of a normal and recurring nature.
The results of operations for the period ended December 31, 2015 are not necessarily indicative of the results of operations to be expected for the full fiscal year. Because of the seasonal nature of our sales, we generate the smallest proportion of cash from operations during the warmer months, when sales volumes decrease considerably. Most construction activity and natural gas storage injections take place during these warmer months.
The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the financial statements, and the notes thereto, included in our Annual Report on Form 10-K for the year ended June 30, 2015.
(2) New Accounting Pronouncements
In September, 2013, the Internal Revenue Service ("IRS") issued final regulations regarding the tax treatment of amounts paid to acquire, produce or improve tangible property, effective for our tax year beginning July 1, 2014. In 2014, the IRS stated its intent to issue further guidance for specific industry sectors, including natural gas. We do not expect compliance with the industry specific guidance to have a material impact on our results of operations, financial position or cash flows.
In May, 2014, the Financial Accounting Standards Board issued guidance revising the principles and standards for revenue recognition. The guidance creates a framework for recognizing revenue to improve comparability of revenue recognition practices across entities and industries. The guidance is effective for our quarter ending September 30, 2018 and we are evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on our results of operations, financial position or cash flows.
In June, 2014, the Financial Accounting Standards Board issued guidance on share-based payments where performance targets can be achieved subsequent to the requisite service period. The guidance, effective for our quarter ending September 30, 2016, is not expected to have a material impact on our results of operations, financial position or cash flows.
In April, 2015, the Financial Accounting Standards Board issued guidance on the presentation of debt issuance costs which requires the debt issuance costs to be recognized as a direct deduction from the carrying amount of the debt liability. The guidance, effective for our quarter ending September 30, 2016, is not expected to have a material impact on our results of operations, financial position or cash flows.
In May, 2015, the Financial Accounting Standards Board issued guidance simplifying the disclosure of certain investments measured using the net asset value per share of the investment. The guidance no longer requires such
investments to be categorized within the fair value hierarchy. The guidance, effective for our quarter ended September 30, 2016, is not expected to have a material impact on our disclosures.
In July, 2015, the Financial Accounting Standards Board issued guidance simplifying the measurement of inventory. The guidance requires inventory to be measured at the lower of cost or net realizable value. The guideline, effective for our quarter ending September 30, 2017, is not expected to have a material impact on our results of operations, financial position or cash flows.
In November, 2015, the Financial Accounting Standards Board issued guidance to simplify the presentation of deferred income taxes on the balance sheet by classifying all deferred tax assets and liabilities as noncurrent. The guidance, effective for our quarter ending September 30, 2017 is not expected to have a material impact on our results of operations, financial position or cash flows.
In January, 2016, the Financial Accounting Standards Board issued guidance to improve the recognition, measurement, presentation and disclosure of financial instruments. The improvements include guidance on estimating fair value for financial instruments measured at amortized cost on the balance sheet and the classification of financial assets and liabilities on the balance sheet. The guidance, effective for our quarter ending September 30, 2018 is not expected to have a material impact on our results of operations, financial position, cash flows or disclosures.
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(3) | Fair Value Measurements |
Our financial assets measured at fair value on a recurring basis consist of the assets of our supplemental retirement benefit trust, which are included in other non-current assets on the Condensed Consolidated Balance Sheets. Contributions to the trust are presented in other investing activities on the Condensed Consolidated Statements of Cash Flows. The assets of the trust are recorded at fair value and consist of exchange traded securities and exchange traded mutual funds. The securities and mutual funds are recorded at fair value using observable market prices from active markets, which are categorized as Level 1 in the fair value hierarchy. The fair value of the trust assets is as follows:
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| | | | | |
| December 31, | | June 30, |
($000) | 2015 | | 2015 |
| | | |
Trust assets | | | |
Money market | 34 |
| | 27 |
|
U.S. equity securities | 421 |
| | 395 |
|
Foreign equity funds | 169 |
| | 185 |
|
U.S. fixed income funds | 216 |
| | 177 |
|
Foreign fixed income funds | 18 |
| | 57 |
|
Absolute return strategy mutual funds | 144 |
| | 136 |
|
| 1,002 |
| | 977 |
|
The carrying amounts of our other financial instruments including cash equivalents, accounts receivable, notes receivable and accounts payable approximate their fair value.
Our Series A Notes, presented as long-term debt as well as the current portion of long-term debt on the Condensed Consolidated Balance Sheets, are stated at historical cost. The fair value of our long-term debt is based on the expected future cash flows of the debt discounted using a credit adjusted risk-free rate. The credit adjusted risk-free rate for our 4.26% Series A Notes is the estimated cost to borrow a debt instrument with the same terms from a private lender at the measurement date. The fair value of our long-term debt is categorized as Level 3 in the fair value hierarchy.
|
| | | | | | | | | | | |
| December 31, | | June 30, |
| 2015 | | 2015 |
| Carrying | | Fair | | Carrying | | Fair |
($000) | Amount | | Value | | Amount | | Value |
| | | | | | | |
4.26% Series A Notes | 52,000 |
| | 50,797 |
| | 53,500 |
| | 52,935 |
|
| |
(4) | Risk Management and Derivative Instruments |
To varying degrees, our regulated and non-regulated segments are exposed to commodity price risk. We purchase our natural gas supply through a combination of requirements contracts with no minimum purchase obligations, monthly spot purchase contracts and forward purchase contracts. We mitigate price risk related to the sale of natural gas by efforts to balance supply and demand. For our regulated segment, we utilize requirements contracts, spot purchase contracts and our underground storage to meet our regulated customers' natural gas requirements, all of which have minimal price risk because we are permitted to pass these natural gas costs on to our regulated customers through our natural gas cost recovery tariff. None of our natural gas contracts are accounted for using the fair value method of accounting. While some of our natural gas purchase contracts and natural gas sales contracts meet the definition of a derivative, we have designated these contracts as normal purchases and normal sales.
We bill our regulated sales of natural gas at tariff rates, as approved by the Kentucky Public Service Commission. Our customers are billed on a monthly basis; however, the billing cycle for certain classes of customers do not necessarily coincide with the calendar month-end. For these customers, we apply the unbilled method of accounting, where we estimate and accrue revenues applicable to customers, but not yet billed. The related natural gas costs are charged to expense. At the end of each month, natural gas service which has been rendered from the date the customer's meter was last read to the month-end is unbilled. Unbilled revenues are included in regulated revenues and unbilled natural gas costs are included in regulated purchased natural gas on the accompanying Condensed Consolidated Statements of Income. Unbilled revenues are included in accounts receivable on the Condensed Consolidated Balance Sheets. As of December 31, 2015 and June 30, 2015, unbilled natural gas costs are included in deferred natural gas costs and regulatory liability-refundable natural gas costs on the accompanying Condensed Consolidated Balance Sheets, respectively. Unbilled amounts include the following:
|
| | | | |
| December 31, | | June 30, |
(000) | 2015 | | 2015 |
| | | |
Unbilled revenues ($) | 4,411 |
| | 1,674 |
Unbilled natural gas costs ($) | 1,549 |
| | 462 |
Unbilled volumes (Mcf) | 336 |
| | 69 |
(6) Defined Benefit Retirement Plan
Net periodic benefit costs for our trusteed, noncontributory defined benefit retirement plan for the periods ended December 31, 2015 and 2014, include the following:
|
| | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| December 31, | | December 31, |
($000) | 2015 | | 2014 | | 2015 | | 2014 |
| | | | | | | |
Service cost | 251 |
| | 248 |
| | 502 |
| | 496 |
|
Interest cost | 289 |
| | 265 |
| | 578 |
| | 529 |
|
Expected return on plan assets | (409 | ) | | (428 | ) | | (818 | ) | | (856 | ) |
Amortization of unrecognized net loss | 94 |
| | 62 |
| | 188 |
| | 123 |
|
Amortization of prior service cost | (22 | ) | | (22 | ) | | (44 | ) | | (43 | ) |
Net periodic benefit cost | 203 |
| | 125 |
| | 406 |
| | 249 |
|
In October, 2015 we made a $500,000 discretionary contribution to the defined benefit retirement plan.
Notes Payable
The current bank line of credit with Branch Banking and Trust Company permits borrowings up to $40,000,000, all of which was available as of December 31, 2015 and June 30, 2015. The bank line of credit extends through June 30, 2017. The interest rate on the used bank line of credit is the London Interbank Offered Rate plus 1.075%. The annual cost of the unused bank line of credit is 0.125%.
Long-Term Debt
Our Series A Notes are unsecured, bear interest at a rate of 4.26% per annum, which is payable quarterly, and mature on December 20, 2031. We are required to make an annual $1,500,000 principal payment on the Series A Notes each December. The following table summarizes the remaining contractual maturities of our Series A Notes by fiscal year:
|
| | |
($000) | |
2016 | — |
|
2017 | 1,500 |
|
2018 | 1,500 |
|
2019 | 1,500 |
|
2020 | 1,500 |
|
Thereafter | 46,000 |
|
Total long-term debt | 52,000 |
|
Any additional payment of principal by the Company is subject to a prepayment premium which varies depending on the yields of United States Treasury securities with a maturity equal to the remaining average life of the Series A Notes.
With our bank line of credit and Series A notes, we have agreed to certain financial and other covenants. Noncompliance with these covenants can make the obligations immediately due and payable. We were in compliance with the financial covenants under our bank line of credit and our 4.26% Series A Notes for all periods presented in the condensed consolidated financial statements.
| |
(8) | Commitments and Contingencies |
We have entered into an employment agreement with our Chairman of the Board, President and Chief Executive Officer and change in control agreements with our other four officers. The agreements expire or may be terminated at various times. The agreements provide for continuing monthly payments or lump sum payments and the continuation of specified benefits over varying periods in certain cases following defined changes in ownership of the Company. In the event all of these agreements were exercised in the form of lump sum payments, approximately $4.6 million would be paid in addition to continuation of specified benefits for up to five years. Additionally, upon a change in control, all unvested shares awarded under our Incentive Compensation Plan, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements, would immediately vest.
We are not a party to any material pending legal proceedings.
As of December 31, 2015, we have entered into forward purchase agreements for a portion of our non-regulated segment's natural gas purchases through May, 2017. The agreements require us to purchase minimum amounts of natural gas throughout the term of the agreements. The agreements are established in the normal course of business to ensure adequate natural gas supply to meet our non-regulated customers' natural gas requirements. The agreements have
aggregate minimum purchase obligations of $592,000 and $612,000 for our fiscal years ended June 30, 2016 and June 30, 2017, respectively.
The Kentucky Public Service Commission exercises regulatory authority over our retail natural gas distribution and transportation services, which includes approval of our rates and tariffs. Their regulation of our business includes setting the rates we are permitted to charge our regulated customers. We monitor our need to file requests with them for a general rate increase for our natural gas distribution and transportation services. They have historically utilized cost-of-service ratemaking where our base rates are established to recover normal operating expenses, exclusive of natural gas costs, and a reasonable rate of return. Our regulated rates were most recently adjusted in our 2010 rate case and became effective in October, 2010. We do not currently have any matters before the Kentucky Public Service Commission which would have a material impact on our results of operations, financial position or cash flows.
Our Company has two reportable segments: a regulated segment and a non-regulated segment. Our regulated segment includes our natural gas distribution and transportation services, which are regulated by the Kentucky Public Service Commission. Our non-regulated segment includes our natural gas marketing activities and the sales of natural gas liquids. The non-regulated segment produces a portion of the natural gas it markets to its customers. The division of these segments into separate revenue generating components is based upon regulation, products and services. Both segments operate in the single geographic area of central and southeastern Kentucky. Our chief operating decision maker is our Chief Executive Officer. We evaluate performance based on net income of the respective segment.
The reportable segments follow the same accounting policies as described in the Summary of Significant Accounting Policies in Note 1 of the Notes to Consolidated Financial Statements that are included in our Annual Report on Form 10-K for the year ended June 30, 2015. Intersegment revenues and expenses represent the natural gas transportation costs from the regulated segment to the non-regulated segment at our tariff rates. Operating expenses, taxes and interest are allocated to the non-regulated segment.
Segment information is shown in the following table:
|
| | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended | | |
| December 31, | | December 31, | | |
($000) | 2015 | | 2014 | | 2015 | | 2014 | | |
Operating Revenues | | | | | | | | | |
Regulated | | | | | | | | | |
External customers | 10,873 |
| | 16,103 |
| | 16,708 |
| | 22,247 |
| | |
Intersegment | 918 |
| | 1,064 |
| | 1,590 |
| | 1,788 |
| | |
Total regulated | 11,791 |
| | 17,167 |
| | 18,298 |
| | 24,035 |
| | |
Non-regulated |
| |
| |
| |
| | |
External customers | 5,800 |
| | 9,772 |
| | 10,359 |
| | 16,950 |
| | |
| | | | | | | | | |
Eliminations for intersegment | (918 | ) | | (1,064 | ) | | (1,590 | ) | | (1,788 | ) | | |
Consolidated operating revenues | 16,673 |
| | 25,875 |
| | 27,067 |
| | 39,197 |
| | |
|
| |
| |
| |
| | |
Net Income |
| |
| |
| |
| | |
Regulated | 1,702 |
| | 2,412 |
| | 1,185 |
| | 2,029 |
| | |
Non-regulated | 101 |
| | 245 |
| | 94 |
| | 316 |
| | |
Consolidated net income | 1,803 |
| | 2,657 |
| | 1,279 |
| | 2,345 |
| | |
(11) Earnings per Share
The following table sets forth the computation of basic and diluted earnings per common share:
|
| | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended | |
| December 31, | | December 31, | |
| 2015 | | 2014 | | 2015 | | 2014 | |
Numerator - Basic and Diluted ($000) | | | | | | | | |
Net income | 1,803 |
| | 2,657 |
| | 1,279 |
| | 2,345 |
| |
Dividends paid | (1,455 | ) | | (1,409 | ) | | (2,908 | ) | | (2,817 | ) | |
Undistributed earnings (loss) | 348 |
| | 1,248 |
| | (1,629 | ) | | (472 | ) | |
| | | | | | | | |
Allocated to common shares: | | | | | | | | |
Undistributed earnings (loss) (a) | 347 |
| | 1,240 |
| | (1,629 | ) | | (472 | ) | |
Dividends paid - common shares | 1,449 |
| | 1,401 |
| | 2,896 |
| | 2,802 |
| |
Earnings allocated to common shares | 1,796 |
| | 2,641 |
| | 1,266 |
| | 2,330 |
| |
| | | | | | | | |
Denominator - Basic and Diluted |
Weighted average common shares (b) | 7,067,864 |
| | 7,008,436 |
| | 7,054,910 |
| | 6,988,624 | |
| | | | | | | | |
Earnings per Common Share - Basic and Diluted ($) | .25 |
| | .38 |
| | .18 |
| | .33 |
| |
| | | | | | | | |
|
| | | | | | | | | | | | |
(a) Percentage allocated to weighted average common shares outstanding: | | | | | | | | |
Common shares outstanding | 7,067,864 |
| | 7,008,436 |
| | 7,054,910 |
| | 6,988,624 |
| |
Unvested participating shares outstanding (c) | 30,300 |
| | 39,000 |
| | — |
| | — |
| |
Total | 7,098,164 |
| | 7,047,436 |
| | 7,054,910 |
| | 6,988,624 |
| |
| | | | | | | | |
Percentage allocated to common shares | 99.6 | % | | 99.5 | % | | 100 | % | | 100 | % | |
| | | | | | | | |
Undistributed earnings (loss) ($000) | 348 |
| | 1,248 |
| | (1,629 | ) | | (472 | ) | |
Allocated to common shares ($000) | 347 |
| | 1,240 |
| | (1,629 | ) | | (472 | ) | |
| | | | | | | | |
(b) Under our Incentive Compensation Plan, recipients of performance share awards receive unvested non-participating shares, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements. Unvested non-participating shares become dilutive in the interim quarter-end in which the performance objective is met. If the performance objective continues to be met through the end of the performance period, these shares become unvested participating shares as of the fiscal year-end, as further discussed below in Note (c). The weighted average number of unvested non-participating shares outstanding during a period is included in the diluted earnings per common share calculation using the treasury stock method, unless the effect of including such shares would be antidilutive. As of both December 31, 2015 and 2014, there were 39,000 unvested non-participating shares outstanding, which were not dilutive as the underlying performance condition has not been met.
(c) Certain awards under our shareholder approved incentive compensation plan, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements, provide recipients of the awards all the rights of a shareholder of Delta including the right to dividends declared on common shares. Any unvested shares which are participating in dividends are considered participating securities and are included in our computation of basic and diluted earnings per share using the two-class method unless the effect of including such shares would be antidilutive. As of December 31, 2015 and 2014 there were 30,300 and 39,000 participating shares outstanding, respectively, which were excluded from the computation of earnings allocated to common shares for the six months ended December 31, 2015, as the holders of the unvested participating shares do not have a contractual obligation to share in losses.
| |
(12) | Share-Based Compensation |
We have a shareholder approved incentive compensation plan (the "Plan"), that provides for compensation payable in shares of our common stock. The Plan is administered by our Corporate Governance and Compensation Committee of our Board of Directors, which has complete discretion in determining our employees, officers and outside directors who shall be eligible to participate in the Plan, as well as the type, amount, terms and conditions of each award, subject to the limitations of the Plan.
The number of shares of our common stock that may be issued pursuant to the Plan may not exceed in the aggregate 1,000,000 shares. As of December 31, 2015, approximately 749,000 shares of common stock were available for issuance under the Plan, subject to the limitations imposed by our Corporate Governance Guidelines. Shares of common stock may be available from authorized but unissued shares, shares reacquired by us or shares that we purchase in the open market. Upon vesting, the plan allows for withholding a number of shares equal in fair value to the taxes required to satisfy minimum statutory withholding requirements.
Compensation expense for share-based compensation is recorded in the non-regulated segment and included in operation and maintenance expense in the Condensed Consolidated Statements of Income based on the fair value of the awards at the grant date and is amortized over the requisite service period. Fair value is the closing price of our common shares at the grant date. The grant date is the date at which our commitment to issue the share-based awards arises, which is generally when the award is approved and the terms of the awards are communicated to the employee or director. We initially recognize expense for our performance shares when it is probable that any stipulated performance criteria will be met. For the three months ended December 31, 2015 and 2014, share-based compensation expense was $69,000 and $210,000, respectively. For the six months ended December 31, 2015 and 2014, share-based compensation expense was $315,000 and $825,000, respectively.
To the extent the cumulative deduction for income tax purposes exceeds the cumulative compensation expense recognized for financial reporting purposes, the excess tax benefits can be utilized to offset tax deficiencies related to share-based compensation in subsequent periods. For the six months ended December 31, 2015 an immaterial tax deficiency was recognized. For the six months ended December 31, 2014, excess tax benefits of $9,000 were recognized as an increase to premium on common shares on our Condensed Consolidated Balance Sheets, which decreased our taxes payable.
Stock Awards
For the six months ended December 31, 2015, common stock was awarded to Delta's directors having grant date fair values of $169,000 (8,400 shares). The recipients vested in the awards shortly after the awards were granted, but during the time between the vesting dates and the grant dates the shares awarded were not transferable by the holders. Once the shares were vested, the shares received under the stock awards were immediately transferable.
Performance Shares
For the six months ended December 31, 2015 and 2014, performance shares were awarded to the Company's executive officers having grant date fair values of $787,000 (39,000 shares) and $773,000 (39,000 shares), respectively. The performance share awards vest only if the performance objectives of the awards are met, which are based on the Company's earnings per common share for the fiscal year in which the performance shares are awarded, before any cash bonuses or share-based compensation. Upon satisfaction of the performance objectives, unvested shares are issued to the recipients and vest in one-third increments each August 31 subsequent to achieving the performance objectives as long as the recipients are employees throughout each such service period. Unvested shares of executive officers while still employed by the Company will fully vest upon them attaining the age of sixty-seven. The recipients of the awards also become vested as a result of certain events such as death or disability of the holders. The unvested shares have both dividend participation rights and voting rights during the remaining terms of the awards. Holders of performance shares may not sell, transfer or pledge their shares until the shares vest. As of December 31, 2015 and 2014, there were 30,300 and 39,000 unvested performance shares outstanding, respectively, for which the performance objectives have been satisfied. In January, 2016, approximately 1,600 shares, net of cancellations, were issued to an executive officer obtaining the age of sixty-seven.
Our performance shares have graded vesting schedules, and each separate annual vesting tranche is treated as a separate award for expense recognition. Compensation expense is amortized over the vesting period of the individual
awards based on the probable outcome of meeting the performance objectives. For the three months ended December 31, 2015 and 2014, compensation expense related to the performance shares was $69,000 and $210,000, respectively. For the six months ended December 31, 2015 and 2014, compensation expense related to the performance shares was $145,000 and $382,000, respectively.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
YEAR TO DATE DECEMBER 31, 2015 OVERVIEW AND FUTURE OUTLOOK
The following is a discussion of the segments we operate, our corporate strategy for the conduct of our business within these segments and significant events that have occurred during the six months ended December 31, 2015. Our Company has two segments: a regulated segment, and a non-regulated segment. Our regulated segment includes our natural gas distribution and transportation services, which are regulated by the Kentucky Public Service Commission. Our non-regulated segment includes our natural gas marketing and production activities and the sales of natural gas liquids.
Earnings from the regulated segment are primarily influenced by sales and transportation volumes, the rates we charge our customers and the expenses we incur. In order for us to achieve our strategy of maintaining reasonable long-term earnings, cash flow and stock value, we must successfully manage each of these factors. Regulated sales volumes are temperature-sensitive and in any period reflect the impact of weather, with colder temperatures generally resulting in increased sales volumes. The impact of winter temperatures on our revenues is partially reduced by our ability to adjust our winter rates for residential and small non-residential customers based on the degree to which actual winter temperatures deviate from historical average temperatures.
Our non-regulated segment markets natural gas to large-volume customers. We endeavor to enter sales agreements matching supply with estimated demand while providing an acceptable gross margin. The non-regulated segment produces a portion of its natural gas supply, which is sold when market conditions are favorable. The non-regulated segment also sells liquids extracted from natural gas.
Our consolidated earnings per common share of $.18 for the six months ended December 31, 2015, as compared to our consolidated earnings per common share of $.33 for the same period in the prior year, decreased due to decreased earnings from both our non-regulated and regulated segments, as further discussed in Results of Operations. Our non-regulated segment experienced decreased revenues, net of gas costs, due to decreased sales prices resulting from decreased market prices for both natural gas and natural gas liquids. Our regulated segment is not exposed to the same price risk from market prices as our gas cost recovery tariff allows us to pass the cost of gas through to our regulated customers. However, our regulated segment experienced decreased revenues, net of gas costs, resulting from a decline in volumes sold and transported due to the weather being 35% warmer than the prior year, which is partially offset by amounts recovered from our residential and small non-residential customers through our weather normalization tariff. The results of operations for the period ended December 31, 2015 are not necessarily indicative of the results of operations to be expected for the full fiscal year. Because of the seasonal nature of our sales, we generate a significant proportion of our operating revenues during the heating months (December – April) when our sales volumes increase considerably.
Future profitability of the regulated segment is contingent on the adequate and timely adjustment of the rates we charge our regulated customers. The Kentucky Public Service Commission sets these rates, and we monitor our need to file rate cases with the Kentucky Public Service Commission for a general rate increase for our regulated services. The regulated segment's largest expense is natural gas supply, which we are permitted to pass through to our customers. We manage remaining expenses through budgeting, approval and review.
Future profitability of the non-regulated segment is dependent on the business plans of some of our industrial and other large-volume customers and the market prices of natural gas and natural gas liquids, all of which are beyond our control. We anticipate our non-regulated segment will continue to contribute to our consolidated net income for the remainder of fiscal 2016. If natural gas prices increase, we would expect to experience a corresponding increase in our non-regulated gross margins related to our natural gas marketing activities. However, if natural gas prices decrease, we would expect a decrease in our non-regulated gross margins related to our natural gas marketing activities. We process a portion of the natural gas in our distribution, transmission and storage system to extract liquids, enhancing the reliability and efficiency of our system. The profitability from the sales of the natural gas liquids is dependent on the amount of liquids extracted and the prices for any such liquids as determined by a national unregulated market.
LIQUIDITY AND CAPITAL RESOURCES
Operating activities provide our primary source of cash. Cash provided by operating activities consists of net income adjusted for non-cash items, including depreciation, amortization, deferred income taxes, share-based compensation and changes in working capital. Our sales and cash requirements are seasonal. The largest portion of our sales occur during the heating months (December - April), whereas significant cash requirements for the purchase of natural gas for injection into our storage field and capital expenditures occur during non-heating months. Therefore, when cash provided by operating activities is not sufficient to meet our capital requirements, our ability to maintain liquidity depends on our bank line of credit. The current bank line of credit with Branch Banking and Trust Company extends through June 30, 2017 and permits borrowings up to $40,000,000. There were no borrowings outstanding on the bank line of credit as of December 31, 2015 or June 30, 2015.
Cash and cash equivalents were $8,985,000 at December 31, 2015, as compared with $16,924,000 at June 30, 2015. The changes in cash and cash equivalents are summarized in the following table:
|
| | | | | |
| Six Months Ended |
| December 31, |
($000) | 2015 | | 2014 |
| | | |
Used in operating activities | (243 | ) | | (3,362 | ) |
Used in investing activities | (3,394 | ) | | (5,113 | ) |
Used in financing activities | (4,302 | ) | | (4,039 | ) |
Decrease in cash and cash equivalents | (7,939 | ) | | (12,514 | ) |
For the six months ended December 31, 2015, cash used in operating activities decreased $3,119,000 (93%) due to a $9,378,000 decrease in cash paid for natural gas partially offset by a $7,803,000 decrease in cash received from customers, as further discussed in Results of Operations. Additionally, cash paid for operations and maintenance expense decreased due to a decrease in discretionary contributions to our defined benefit retirement plan and decreased cash paid for property taxes due to the timing of payments.
Changes in cash used in investing activities results primarily from changes in the level of capital expenditures between years.
For the six months ended December 31, 2015, there were no significant changes in cash used in financing activities, as compared to the same period in the prior year.
Cash Requirements
Our capital expenditures result in a continued need for cash. These capital expenditures are being made for system extensions and for the replacement and improvement of existing transmission, distribution, gathering, storage and general facilities. We expect our capital expenditures for fiscal 2016 to be approximately $7.5 million.
Sufficiency of Future Cash Flows
Our ability to maintain liquidity, finance capital expenditures and pay dividends is contingent on the adequate and timely adjustment of the regulated rates we charge our customers. The Kentucky Public Service Commission sets these rates and we monitor our need to file for rate increases for our regulated segment. Our regulated base rates were most recently adjusted in our 2010 rate case and became effective in October, 2010. We expect that cash provided by operations combined with our bank line of credit will be sufficient to satisfy our operating and normal capital expenditure requirements and to pay dividends for the next twelve months.
Our Series A Notes are unsecured, bear interest at a rate of 4.26% per annum which is payable quarterly, and mature on December 20, 2031. We are required to make an annual $1,500,000 principal payment on the Series A Notes each December. Any refinance of the Series A Notes, or any additional prepayments of principal, may be subject to a prepayment penalty.
With our bank line of credit and Series A Notes, we have agreed to certain financial covenants. Noncompliance with these covenants can make the obligation immediately due and payable, as further discussed in our Annual Report on Form 10-K
for the year ended June 30, 2015. A default on the performance of any single obligation incurred in connection with our borrowings simultaneously creates an event of default with our bank line of credit and the Series A Notes. We were in compliance with the covenants under our bank line of credit and Series A Notes for all periods presented in the condensed consolidated financial statements.
RESULTS OF OPERATIONS
Operating Revenues and Purchased Natural Gas
Our operating revenues are derived primarily from the sale and delivery of natural gas, the sale of natural gas liquids and the provision of natural gas transportation services. Our operating revenues are significantly impacted by the price we pay for natural gas. Therefore, we view gross margins as an important performance measure of the core profitability of our operations and believe that investors benefit from having access to the same financial measures that our management uses. We define "gross margins" as natural gas sales less the corresponding purchased natural gas expenses, plus transportation, natural gas liquids and other revenues. Gross margins can be derived directly from our Condensed Consolidated Statements of Income, included in Item 1. Financial Statements, as follows:
|
| | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended | |
| December 31, | | December 31, | |
($000) | 2015 | | 2014 | | 2015 | | 2014 | |
| | | | | | | | |
Operating revenues | 16,673 |
| | 25,875 |
| | 27,067 |
| | 39,197 |
| |
Regulated purchased natural gas | (3,071 | ) | | (7,591 | ) | | (4,058 | ) | | (9,088 | ) | |
Non-regulated purchased natural gas | (4,389 | ) | | (7,866 | ) | | (8,044 | ) | | (13,514 | ) | |
| | | | | | | | |
Consolidated gross margins | 9,213 |
| | 10,418 |
| | 14,965 |
| | 16,595 |
| |
Operating Income, as presented in the Condensed Consolidated Statements of Income, is the most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Gross margin is a "non-GAAP financial measure", as defined in accordance with SEC rules.
Natural gas prices are determined by an unregulated national market. Therefore, the prices that we pay for natural gas fluctuate with national supply and demand. See Item 3. Quantitative and Qualitative Disclosures About Market Risk for discussion of our forward contracts.
In the following table we set forth significant variations in our gross margins for the three and six months ended December 31, 2015 compared with the same periods in the preceding year. The variation amounts and percentages presented in the following table include intersegment transactions. These intersegment revenues and expenses are eliminated in the Condensed Consolidated Statements of Income.
|
| | | | | |
| 2015 compared to 2014 |
| Three Months Ended | | Six Months Ended |
($000) | December 31 | | December 31 |
| | | |
Increase (decrease) in gross margins: | | | |
Regulated segment | | | |
Natural gas sales | (718 | ) | | (655 | ) |
Natural gas transportation | (133 | ) | | (7 | ) |
Other | (5 | ) | | (44 | ) |
Intersegment elimination (a) | 146 |
| | 198 |
|
Total | (710 | ) | | (508 | ) |
| | | |
Non-regulated segment | | | |
Natural gas sales | (213 | ) | | (410 | ) |
Natural gas liquids | (112 | ) | | (469 | ) |
Other | (24 | ) | | (45 | ) |
Intersegment elimination (a) | (146 | ) | | (198 | ) |
Total | (495 | ) | | (1,122 | ) |
| | | |
Decrease in consolidated gross margins | (1,205 | ) | | (1,630 | ) |
| | | |
Percentage increase (decrease) in volumes: | | | |
Regulated segment | | | |
|
Natural gas sales (Mcf) | (37 | ) | | (32 | ) |
Natural gas transportation (Mcf) | (3 | ) | | 2 |
|
| | | |
Non-regulated segment | | | |
Natural gas sales (Mcf) | (3 | ) | | (2 | ) |
Natural gas liquids (gallons) | 7 |
| | (34 | ) |
| |
(a) | Intersegment eliminations represent the natural gas transportation costs from the regulated segment to the non-regulated segment. |
Heating degree days were 68% and 67% of the normal temperatures for the three and six months ended December 31, 2015, respectively, as compared with 105% and 103% of normal temperatures in the 2014 periods. A heating degree day is each degree that the average of the high and the low temperatures for a day is below 65 degrees in a specific geographic location. Heating degree days are used in the natural gas industry to measure the relative coldness of weather and to estimate the demand for natural gas. Normal temperatures are based on historical thirty-year average heating degree days, as calculated from data provided by the National Weather Service for the same geographic location.
For the three months ended December 31, 2015, consolidated gross margins decreased $1,205,000 (12%), as compared to the same period in the prior year, due to decreased regulated and non-regulated gross margins. Regulated gross margins decreased as a result of decreased volumes sold to our regulated customers as a result of warmer weather, as compared to the prior year. Partially offsetting the decrease are increased rates billed through both our weather normalization tariff and our pipe replacement program tariff. Non-regulated gross margins decreased as a result of decreased gross margins on natural gas sales and natural gas liquids. Gross margins on non-regulated natural gas sales decreased due to decreased sales prices partially offset by decreased natural gas costs. Gross margins on the sale of natural gas liquids decreased due to decreased sales prices.
For the six months ended December 31, 2015, consolidated gross margins decreased $1,630,000 (10%), as compared to the same period in the prior year, due to decreased non-regulated and regulated gross margins. Non-regulated gross margins decreased as a result of decreased gross margins on natural gas liquids and natural gas sales. Gross margins on the sale of natural gas liquids decreased due to decreased sales prices and decreased volumes of natural gas liquids sold resulting from an outage for repairs and maintenance at our processing plant. Gross margins on non-regulated natural gas sales decreased due to decreased sales prices partially offset by decreased natural gas costs. Regulated gross margins decreased as a result of decreased volumes sold to our regulated customers due to warmer weather. Partially offsetting the decreased volumes are increased rates billed through both our weather normalization tariff and our pipe replacement program tariff.
Operating Expenses
For the three months ended December 31, 2015, taxes other than income taxes increased $153,000 (26%), as compared to the same period in the prior year, due to increased property taxes resulting from an increase in the assessed value of our property. For the six months ended December 31, 2015, there were no significant changes in taxes other than income taxes, as compared to the same period in the prior year.
For the three and six months ended December 31, 2015, there were no significant changes in operation and maintenance and depreciation and amortization, as compared to the same periods in the prior year.
Other Income and Deductions, Net
For the three and six months ended December 31, 2015, there were no significant changes in other income and deductions, net, as compared to the same period in the prior year.
Interest Expense
For the three and six months ended December 31, 2015, there were no significant changes in interest expense, as compared to the same period in the prior year.
Income Tax Expense
For the three and six months ended December 31, 2015, income taxes decreased $525,000 (33%) and $648,000 (46%), respectively, as compared to the same periods in the prior year, due to decreases in our net income before income taxes. For the three and six months ended December 31, 2015, there were no significant changes in our effective tax rate, as compared to the same period in the prior year.
Basic and Diluted Earnings Per Common Share
For the three and six months ended December 31, 2015, our basic and diluted earnings per common share changed, as compared to the same period in the prior year, as a result of the change in our net income and an increase in the number of our common shares outstanding. We increased our number of common shares outstanding as a result of shares issued through our Dividend Reinvestment and Stock Purchase Plan as well as those shares awarded through our Incentive Compensation Plan. Our computation of basic and diluted earnings per common share is set forth in Note 11 of the Notes to Condensed Consolidated Financial Statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We purchase our natural gas supply primarily through a combination of requirements contracts with no minimum purchase obligation, monthly spot purchase contracts and forward purchase contracts. The price we pay for natural gas acquired under forward purchase contracts is fixed prior to the delivery of the natural gas. Additionally, we inject some of our natural gas purchases into our underground natural gas storage facility in the non-heating months and withdraw this natural gas from storage for delivery to customers during the heating months. For our regulated segment, we utilize requirements contracts, spot purchase contracts and our underground storage to meet our regulated customers' natural gas requirements, all of which have minimal price risk because we are permitted to pass these natural gas costs on to our regulated customers through our natural gas cost recovery tariff.
Price risk for our non-regulated segment is mitigated by efforts to balance supply and demand. However, there are greater risks in the non-regulated segment because of the practical limitations on the ability to perfectly predict demand. In addition, we are exposed to changes in the market price of natural gas on uncommitted natural gas inventory of our non-regulated segment. The pricing of the natural gas liquids sold by our non-regulated segment is determined in the national unregulated market.
None of our natural gas contracts are accounted for using the fair value method of accounting. While some of our natural gas purchase and natural gas sales contracts meet the definition of a derivative, we have designated these contracts as normal purchases and normal sales. As of December 31, 2015, we had forward purchase contracts through May, 2017 totaling $1,204,000, which are at fixed prices and thus are not impacted by changes in the market price of natural gas.
When we have a balance outstanding on our variable rate bank line of credit, we are exposed to risk resulting from changes in interest rates. The interest rate on our bank line of credit with Branch Banking and Trust Company is benchmarked to the monthly London Interbank Offered Rate. There were no borrowings outstanding on our bank line of credit as of December 31, 2015 or June 30, 2015, nor did we have any borrowings on our bank line of credit during the six months ended December 31, 2015.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures are our controls and other procedures that are designed to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 ("Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by us in the reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of December 31, 2015 and based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.
Changes in Internal Control over Financial Reporting
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended December 31, 2015 and found no change that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Our management is responsible for establishing and maintaining an adequate system of internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles.
PART II – OTHER INFORMATION
We are not a party to any legal proceedings that are expected to have a materially adverse impact on our liquidity, financial position or results of operations.
No material changes.
| |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
None.
| |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
None.
| |
ITEM 4. | MINE SAFETY DISCLOSURES |
None.
None.
|
| | | |
| 31.1 | | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2 | | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 | | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2 | | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | | XBRL Instance Document |
| 101.SCH | | XBRL Taxonomy Extension Schema |
| 101.CAL | | XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF | | XBRL Taxonomy Extension Definition Database |
| 101.LAB | | XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | | XBRL Taxonomy Extension Presentation Linkbase |
| | | |
| Attached as Exhibit 101 to this Quarterly Report are the following documents formatted in extensible business reporting language (XBRL): |
| (i) | | Document and Entity Information; |
| (ii) | | Condensed Consolidated Statements of Income (Unaudited) for the three and six months ended December 31, 2015 and 2014; |
| (iii) | | Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended December 31, 2015 and 2014; |
| (iv) | | Condensed Consolidated Balance Sheets (Unaudited) as of December 31, 2015 and June 30, 2015; |
| (v) | | Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the six months ended December, 2015 and 2014; and |
| (vi) | | Notes to Condensed Consolidated Financial Statements (Unaudited). |
| Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospects for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. We also make available on our web site the Interactive Data Files submitted as Exhibit 101 to this Quarterly Report. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
| |
DATE: February 5, 2016 | /s/Glenn R. Jennings |
| Glenn R. Jennings Chairman of the Board, President and Chief Executive Officer (Duly Authorized Officer) |
| |
| /s/John B. Brown |
| John B. Brown Chief Operating Officer, Treasurer and Secretary (Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Glenn R. Jennings, certify that:
| |
1. | I have reviewed this quarterly report on Form 10-Q of Delta Natural Gas Company, Inc.; |
| |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions): |
| |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
| |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|
| | |
DATE: February 5, 2016 | | /s/Glenn R. Jennings |
| | Glenn R. Jennings |
| | Chairman of the Board, President and Chief Executive Officer |
| | |
Exhibit 31.2
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John B. Brown, certify that:
| |
1. | I have reviewed this quarterly report on Form 10-Q of Delta Natural Gas Company, Inc.; |
| |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions): |
| |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
| |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|
| | |
DATE: February 5, 2016 | | /s/John B. Brown |
| | John B. Brown |
| | Chief Operating Officer, Treasurer and Secretary |
| | |
Exhibit 32.1
CERTIFICATION OF THE
CHIEF EXECUTIVE OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Delta Natural Gas Company, Inc. on Form 10-Q for the period ending December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Glenn R. Jennings, Chairman of the Board, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
| |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Delta Natural Gas Company, Inc. |
|
| | |
DATE: February 5, 2016 | | /s/Glenn R. Jennings |
| | Glenn R. Jennings |
| | Chairman of the Board, President and Chief Executive Officer |
| | |
Exhibit 32.2
CERTIFICATION OF THE
CHIEF FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Delta Natural Gas Company, Inc. on Form 10-Q for the period ending December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John B. Brown, Chief Operating Officer, Treasurer and Secretary of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
| |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Delta Natural Gas Company, Inc. |
|
| | |
DATE: February 5, 2016 | | /s/John B. Brown |
| | John B. Brown |
| | Chief Operating Officer, Treasurer and Secretary |
| | |
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v3.3.1.900
Consolidated Statements of Income - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Operating Revenues |
|
|
|
|
Regulated revenues |
$ 10,873,770
|
$ 16,102,877
|
$ 16,707,695
|
$ 22,246,250
|
Non-regulated revenues |
5,799,577
|
9,772,389
|
10,359,075
|
16,950,321
|
Total operating revenues |
16,673,347
|
25,875,266
|
27,066,770
|
39,196,571
|
Operating Expenses |
|
|
|
|
Regulated purchased natural gas |
3,071,226
|
7,591,082
|
4,057,849
|
9,087,779
|
Non-regulated purchased natural gas |
4,389,391
|
7,865,541
|
8,044,307
|
13,513,856
|
Operation and maintenance |
3,415,406
|
3,338,340
|
6,904,450
|
7,062,226
|
Depreciation and amortization |
1,570,646
|
1,586,205
|
3,212,659
|
3,091,707
|
Taxes other than income taxes |
748,199
|
594,997
|
1,501,575
|
1,381,841
|
Total operating expenses |
13,194,868
|
20,976,165
|
23,720,840
|
34,137,409
|
Operating Income |
3,478,479
|
4,899,101
|
3,345,930
|
5,059,162
|
Other Income (Deductions), Net |
44,247
|
18,645
|
(34,913)
|
1,190
|
Interest Expense |
639,936
|
657,530
|
1,281,871
|
1,317,138
|
Net Income Before Income Taxes |
2,882,790
|
4,260,216
|
2,029,146
|
3,743,214
|
Income Tax Expense |
1,079,439
|
1,603,682
|
750,252
|
1,397,806
|
Net Income |
$ 1,803
|
$ 2,656,534
|
$ 1,278,894
|
$ 2,345,408
|
Earnings Per Common Share (Note 11) |
|
|
|
|
Basic (in dollars per share) |
$ 0.25
|
$ 0.38
|
$ 0.18
|
$ 0.33
|
Diluted (in dollars per share) |
0.25
|
0.38
|
0.18
|
0.33
|
Dividends Declared Per Common Share (in dollars per share) |
$ 0.205
|
$ 0.20
|
$ 0.41
|
$ 0.40
|
Retained Earnings [Member] |
|
|
|
|
Operating Expenses |
|
|
|
|
Net Income |
$ 1,803,351
|
$ 2,656,534
|
$ 1,278,894
|
$ 2,345,408
|
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v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash Flows From Operating Activities |
|
|
Net Income |
$ 1,278,894
|
$ 2,345,408
|
Adjustments to reconcile net income (loss) to net cash from operating activities |
|
|
Depreciation and amortization |
3,330,959
|
3,213,307
|
Deferred income taxes and investment tax credits |
762,097
|
1,282,460
|
Change in cash surrender value of officer's life insurance |
9,312
|
(1,910)
|
Share-based compensation |
314,734
|
825,011
|
Excess tax deficiency from share-based compensation |
(7,581)
|
(9,574)
|
Increase in assets |
(5,874,845)
|
(11,651,167)
|
Decrease (increase) in liabilities |
(57,058)
|
634,725
|
Net cash used in operating activities |
(243,488)
|
(3,361,740)
|
Cash Flows From Investing Activities |
|
|
Capital expenditures |
(3,489,892)
|
(5,087,895)
|
Proceeds from sale of property, plant and equipment |
155,987
|
35,328
|
Other |
(60,000)
|
(60,000)
|
Net cash used in investing activities |
(3,393,905)
|
(5,112,567)
|
Cash Flows From Financing Activities |
|
|
Dividends on common shares |
(2,908,171)
|
(2,817,229)
|
Issuance of common shares |
344,865
|
259,591
|
Excess tax benefit from share-based compensation |
2,073
|
18,823
|
Payments Related to Tax Withholding for Share-based Compensation |
(240,900)
|
0
|
Repayments of long-term debt |
(1,500,000)
|
(1,500,000)
|
Borrowing on bank line of credit |
0
|
126,430
|
Repayments on Lines of Credit |
0
|
(126,430)
|
Net cash used in financing activities |
(4,302,133)
|
(4,038,815)
|
Net Decrease in Cash and Cash Equivalents |
(7,939,526)
|
(12,513,122)
|
Cash and Cash Equivalents, Beginning of Period |
16,924,278
|
13,675,918
|
Cash and Cash Equivalents, End of Period |
$ 8,984,752
|
$ 1,162,796
|
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v3.3.1.900
Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Current Assets |
|
|
Cash and cash equivalents |
$ 8,984,752
|
$ 16,924,278
|
Accounts receivable, less accumulated allowances for doubtful accounts of $154,000 and $258,000, respectively |
8,774,078
|
5,760,550
|
Natural gas in storage, at average cost |
6,004,070
|
4,634,162
|
Deferred natural gas costs |
1,097,193
|
0
|
Materials and supplies, at average cost |
482,274
|
543,563
|
Prepayments |
3,400,481
|
3,347,187
|
Total current assets |
28,742,848
|
31,209,740
|
Property, Plant and Equipment |
239,601,638
|
236,780,490
|
Less - Accumulated provision for depreciation |
(101,539,656)
|
(98,741,351)
|
Net property, plant and equipment |
138,061,982
|
138,039,139
|
Other Assets |
|
|
Cash surrender value of life insurance |
411,871
|
421,183
|
Prepaid pension |
2,239,980
|
2,145,969
|
Regulatory assets |
15,163,052
|
14,917,823
|
Unamortized debt expense |
80,404
|
83,704
|
Other non-current assets |
1,002,034
|
977,312
|
Total other assets |
18,897,341
|
18,545,991
|
Total assets |
185,702,171
|
187,794,870
|
Current Liabilities |
|
|
Accounts payable |
4,422,208
|
5,426,395
|
Current portion of long-term debt |
1,500,000
|
1,500,000
|
Accrued taxes |
2,197,701
|
1,472,401
|
Customers' deposits |
723,962
|
600,788
|
Accrued interest on debt |
112,206
|
112,296
|
Accrued vacation |
654,562
|
749,031
|
Deferred income taxes |
427,583
|
140,929
|
Regulatory liability - refundable natural gas cost |
0
|
756
|
Other current liabilities |
539,285
|
610,238
|
Total current liabilities |
10,577,507
|
10,612,834
|
Long-Term Debt |
50,500,000
|
52,000,000
|
Long-Term Liabilities |
|
|
Deferred income taxes |
42,505,200
|
41,989,138
|
Regulatory liabilities |
1,133,303
|
1,137,758
|
Asset retirement obligations |
3,928,795
|
3,795,590
|
Other long-term liabilities |
1,051,798
|
1,037,896
|
Total long-term liabilities |
48,619,096
|
47,960,382
|
Total liabilities |
109,696,603
|
110,573,216
|
Shareholders' Equity |
|
|
Common shares ($1.00 par value), 20,000,000 shares authorized; 7,074,380 and 7,026,500 shares outstanding at December 31, 2015 and June 30, 2015, respectively |
7,074,380
|
7,026,500
|
Premium on common shares |
49,100,919
|
48,735,608
|
Retained earnings |
19,830,269
|
21,459,546
|
Total shareholders' equity |
76,005,568
|
77,221,654
|
Total liabilities and shareholders' equity |
$ 185,702,171
|
$ 187,794,870
|
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Consolidated Balance Sheets Parenthetical - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Common Stock, Value, Issued |
$ 7,074,380
|
$ 7,026,500
|
Current Assets |
|
|
Accounts receivable, allowances for doubtful accounts |
$ 154,000
|
$ 258,000
|
Shareholders' Equity |
|
|
Common shares, par value (in dollars per share) |
$ 1.00
|
$ 1.00
|
Common shares, authorized (in shares) |
20,000,000
|
20,000,000
|
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v3.3.1.900
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
|
Total |
Common Shares [Member] |
Premium on Common Shares [Member] |
Retained Earnings [Member] |
Balance at Jun. 30, 2014 |
$ 74,728,352
|
$ 6,942,758
|
$ 47,182,338
|
$ 20,603,256
|
Net Income |
2,345,408
|
0
|
0
|
2,345,408
|
Issuance of common shares |
259,591
|
12,653
|
246,938
|
0
|
Issuance of common shares under the incentive compensation plan |
442,581
|
57,330
|
385,251
|
0
|
Share-based compensation expense |
382,430
|
0
|
382,430
|
0
|
Excess Tax benefit from share-based compensation |
9,249
|
0
|
9,249
|
0
|
Dividends on common shares |
(2,817,229)
|
0
|
0
|
(2,817,229)
|
Balance at Dec. 31, 2014 |
75,350,382
|
7,012,741
|
48,206,206
|
20,131,435
|
Balance at Jun. 30, 2015 |
77,221,654
|
7,026,500
|
48,735,608
|
21,459,546
|
Net Income |
1,278,894
|
0
|
0
|
1,278,894
|
Issuance of common shares |
344,865
|
16,670
|
328,195
|
0
|
Issuance of common shares under the incentive compensation plan |
(240,900)
|
31,210
|
(272,110)
|
0
|
Share-based compensation expense |
314,734
|
0
|
314,734
|
0
|
Excess Tax benefit from share-based compensation |
(5,508)
|
0
|
(5,508)
|
0
|
Dividends on common shares |
(2,908,171)
|
0
|
0
|
(2,908,171)
|
Balance at Dec. 31, 2015 |
$ 76,005,568
|
$ 7,074,380
|
$ 49,100,919
|
$ 19,830,269
|
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v3.3.1.900
Nature of Operations and Basis of Presentation
|
6 Months Ended |
Dec. 31, 2015 |
Nature of Operations and Basis of PresentationAbstract [Abstract] |
|
Nature of Operations and Basis of Presentation [Text Block] |
Nature of Operations and Basis of Presentation
Delta Natural Gas Company, Inc. ("Delta" or "the Company") distributes or transports natural gas to approximately 36,000 customers. Our distribution and transportation systems are located in central and southeastern Kentucky and we own and operate an underground storage field in southeastern Kentucky. We transport natural gas to our industrial customers who purchase their gas in the open market. We also transport natural gas on behalf of local producers and customers not on our distribution system and extract liquids from natural gas in our storage field and our pipeline systems that are sold at market prices. We have three wholly-owned subsidiaries. Delta Resources, Inc. ("Delta Resources") buys natural gas and resells it to industrial or other large use customers on Delta's system. Delgasco, Inc. ("Delgasco") buys natural gas and resells it to Delta Resources and to customers not on Delta's system. Enpro, Inc. ("Enpro") owns and operates natural gas production properties and undeveloped acreage.
All subsidiaries of Delta are included in the condensed consolidated financial statements. Intercompany balances and transactions have been eliminated. All adjustments necessary for a fair presentation of the unaudited results of operations for the three and six months ended December 31, 2015 and 2014 are included. All such adjustments are accruals of a normal and recurring nature.
The results of operations for the period ended December 31, 2015 are not necessarily indicative of the results of operations to be expected for the full fiscal year. Because of the seasonal nature of our sales, we generate the smallest proportion of cash from operations during the warmer months, when sales volumes decrease considerably. Most construction activity and natural gas storage injections take place during these warmer months.
The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the financial statements, and the notes thereto, included in our Annual Report on Form 10-K for the year ended June 30, 2015.
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v3.3.1.900
New Accounting Pronouncements (Notes)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
New Accounting Policies [Text Block] |
New Accounting Pronouncements In September, 2013, the Internal Revenue Service ("IRS") issued final regulations regarding the tax treatment of amounts paid to acquire, produce or improve tangible property, effective for our tax year beginning July 1, 2014. In 2014, the IRS stated its intent to issue further guidance for specific industry sectors, including natural gas. We do not expect compliance with the industry specific guidance to have a material impact on our results of operations, financial position or cash flows.
In May, 2014, the Financial Accounting Standards Board issued guidance revising the principles and standards for revenue recognition. The guidance creates a framework for recognizing revenue to improve comparability of revenue recognition practices across entities and industries. The guidance is effective for our quarter ending September 30, 2018 and we are evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on our results of operations, financial position or cash flows.
In June, 2014, the Financial Accounting Standards Board issued guidance on share-based payments where performance targets can be achieved subsequent to the requisite service period. The guidance, effective for our quarter ending September 30, 2016, is not expected to have a material impact on our results of operations, financial position or cash flows.
In April, 2015, the Financial Accounting Standards Board issued guidance on the presentation of debt issuance costs which requires the debt issuance costs to be recognized as a direct deduction from the carrying amount of the debt liability. The guidance, effective for our quarter ending September 30, 2016, is not expected to have a material impact on our results of operations, financial position or cash flows.
In May, 2015, the Financial Accounting Standards Board issued guidance simplifying the disclosure of certain investments measured using the net asset value per share of the investment. The guidance no longer requires such investments to be categorized within the fair value hierarchy. The guidance, effective for our quarter ended September 30, 2016, is not expected to have a material impact on our disclosures.
In July, 2015, the Financial Accounting Standards Board issued guidance simplifying the measurement of inventory. The guidance requires inventory to be measured at the lower of cost or net realizable value. The guideline, effective for our quarter ending September 30, 2017, is not expected to have a material impact on our results of operations, financial position or cash flows.
In November, 2015, the Financial Accounting Standards Board issued guidance to simplify the presentation of deferred income taxes on the balance sheet by classifying all deferred tax assets and liabilities as noncurrent. The guidance, effective for our quarter ending September 30, 2017 is not expected to have a material impact on our results of operations, financial position or cash flows.
In January, 2016, the Financial Accounting Standards Board issued guidance to improve the recognition, measurement, presentation and disclosure of financial instruments. The improvements include guidance on estimating fair value for financial instruments measured at amortized cost on the balance sheet and the classification of financial assets and liabilities on the balance sheet. The guidance, effective for our quarter ending September 30, 2018 is not expected to have a material impact on our results of operations, financial position, cash flows or disclosures.
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v3.3.1.900
Fair Value Measurements
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Fair Value Measurements
Our financial assets measured at fair value on a recurring basis consist of the assets of our supplemental retirement benefit trust, which are included in other non-current assets on the Condensed Consolidated Balance Sheets. Contributions to the trust are presented in other investing activities on the Condensed Consolidated Statements of Cash Flows. The assets of the trust are recorded at fair value and consist of exchange traded securities and exchange traded mutual funds. The securities and mutual funds are recorded at fair value using observable market prices from active markets, which are categorized as Level 1 in the fair value hierarchy. The fair value of the trust assets is as follows: | | | | | | | | December 31, | | June 30, | ($000) | 2015 | | 2015 | | | | | Trust assets | | | | Money market | 34 |
| | 27 |
| U.S. equity securities | 421 |
| | 395 |
| Foreign equity funds | 169 |
| | 185 |
| U.S. fixed income funds | 216 |
| | 177 |
| Foreign fixed income funds | 18 |
| | 57 |
| Absolute return strategy mutual funds | 144 |
| | 136 |
| | 1,002 |
| | 977 |
|
The carrying amounts of our other financial instruments including cash equivalents, accounts receivable, notes receivable and accounts payable approximate their fair value.
Our Series A Notes, presented as long-term debt as well as the current portion of long-term debt on the Condensed Consolidated Balance Sheets, are stated at historical cost. The fair value of our long-term debt is based on the expected future cash flows of the debt discounted using a credit adjusted risk-free rate. The credit adjusted risk-free rate for our 4.26% Series A Notes is the estimated cost to borrow a debt instrument with the same terms from a private lender at the measurement date. The fair value of our long-term debt is categorized as Level 3 in the fair value hierarchy. | | | | | | | | | | | | | | December 31, | | June 30, | | 2015 | | 2015 | | Carrying | | Fair | | Carrying | | Fair | ($000) | Amount | | Value | | Amount | | Value | | | | | | | | | 4.26% Series A Notes | 52,000 |
| | 50,797 |
| | 53,500 |
| | 52,935 |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Risk Management and Derivative Instruments
|
6 Months Ended |
Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Risk Management and Derivative Instruments |
Risk Management and Derivative Instruments
To varying degrees, our regulated and non-regulated segments are exposed to commodity price risk. We purchase our natural gas supply through a combination of requirements contracts with no minimum purchase obligations, monthly spot purchase contracts and forward purchase contracts. We mitigate price risk related to the sale of natural gas by efforts to balance supply and demand. For our regulated segment, we utilize requirements contracts, spot purchase contracts and our underground storage to meet our regulated customers' natural gas requirements, all of which have minimal price risk because we are permitted to pass these natural gas costs on to our regulated customers through our natural gas cost recovery tariff. None of our natural gas contracts are accounted for using the fair value method of accounting. While some of our natural gas purchase contracts and natural gas sales contracts meet the definition of a derivative, we have designated these contracts as normal purchases and normal sales.
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.3.1.900
Unbilled Revenue
|
6 Months Ended |
Dec. 31, 2015 |
Unbilled Revenues Abstract [Abstract] |
|
Unbilled revenues and gas costs [Text Block] |
Unbilled Revenue We bill our regulated sales of natural gas at tariff rates, as approved by the Kentucky Public Service Commission. Our customers are billed on a monthly basis; however, the billing cycle for certain classes of customers do not necessarily coincide with the calendar month-end. For these customers, we apply the unbilled method of accounting, where we estimate and accrue revenues applicable to customers, but not yet billed. The related natural gas costs are charged to expense. At the end of each month, natural gas service which has been rendered from the date the customer's meter was last read to the month-end is unbilled. Unbilled revenues are included in regulated revenues and unbilled natural gas costs are included in regulated purchased natural gas on the accompanying Condensed Consolidated Statements of Income. Unbilled revenues are included in accounts receivable on the Condensed Consolidated Balance Sheets. As of December 31, 2015 and June 30, 2015, unbilled natural gas costs are included in deferred natural gas costs and regulatory liability-refundable natural gas costs on the accompanying Condensed Consolidated Balance Sheets, respectively. Unbilled amounts include the following: | | | | | | | December 31, | | June 30, | (000) | 2015 | | 2015 | | | | | Unbilled revenues ($) | 4,411 |
| | 1,674 | Unbilled natural gas costs ($) | 1,549 |
| | 462 | Unbilled volumes (Mcf) | 336 |
| | 69 |
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v3.3.1.900
Defined Benefit Retirement Plan
|
6 Months Ended |
Dec. 31, 2015 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] |
|
Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
Defined Benefit Retirement Plan
Net periodic benefit costs for our trusteed, noncontributory defined benefit retirement plan for the periods ended December 31, 2015 and 2014, include the following: | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | December 31, | | December 31, | ($000) | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | Service cost | 251 |
| | 248 |
| | 502 |
| | 496 |
| Interest cost | 289 |
| | 265 |
| | 578 |
| | 529 |
| Expected return on plan assets | (409 | ) | | (428 | ) | | (818 | ) | | (856 | ) | Amortization of unrecognized net loss | 94 |
| | 62 |
| | 188 |
| | 123 |
| Amortization of prior service cost | (22 | ) | | (22 | ) | | (44 | ) | | (43 | ) | Net periodic benefit cost | 203 |
| | 125 |
| | 406 |
| | 249 |
|
In October, 2015 we made a $500,000 discretionary contribution to the defined benefit retirement plan.
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v3.3.1.900
Debt Instrument
|
6 Months Ended |
Dec. 31, 2015 |
Debt Instruments [Abstract] |
|
Debt Instrument [Text Block] |
Debt Instruments
Notes Payable
The current bank line of credit with Branch Banking and Trust Company permits borrowings up to $40,000,000, all of which was available as of December 31, 2015 and June 30, 2015. The bank line of credit extends through June 30, 2017. The interest rate on the used bank line of credit is the London Interbank Offered Rate plus 1.075%. The annual cost of the unused bank line of credit is 0.125%.
Long-Term Debt
Our Series A Notes are unsecured, bear interest at a rate of 4.26% per annum, which is payable quarterly, and mature on December 20, 2031. We are required to make an annual $1,500,000 principal payment on the Series A Notes each December. The following table summarizes the remaining contractual maturities of our Series A Notes by fiscal year:
| | | | ($000) | | 2016 | — |
| 2017 | 1,500 |
| 2018 | 1,500 |
| 2019 | 1,500 |
| 2020 | 1,500 |
| Thereafter | 46,000 |
| Total long-term debt | 52,000 |
|
Any additional payment of principal by the Company is subject to a prepayment premium which varies depending on the yields of United States Treasury securities with a maturity equal to the remaining average life of the Series A Notes.
With our bank line of credit and Series A notes, we have agreed to certain financial and other covenants. Noncompliance with these covenants can make the obligations immediately due and payable. We were in compliance with the financial covenants under our bank line of credit and our 4.26% Series A Notes for all periods presented in the condensed consolidated financial statements.
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies
We have entered into an employment agreement with our Chairman of the Board, President and Chief Executive Officer and change in control agreements with our other four officers. The agreements expire or may be terminated at various times. The agreements provide for continuing monthly payments or lump sum payments and the continuation of specified benefits over varying periods in certain cases following defined changes in ownership of the Company. In the event all of these agreements were exercised in the form of lump sum payments, approximately $4.6 million would be paid in addition to continuation of specified benefits for up to five years. Additionally, upon a change in control, all unvested shares awarded under our Incentive Compensation Plan, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements, would immediately vest.
We are not a party to any material pending legal proceedings.
As of December 31, 2015, we have entered into forward purchase agreements for a portion of our non-regulated segment's natural gas purchases through May, 2017. The agreements require us to purchase minimum amounts of natural gas throughout the term of the agreements. The agreements are established in the normal course of business to ensure adequate natural gas supply to meet our non-regulated customers' natural gas requirements. The agreements have aggregate minimum purchase obligations of $592,000 and $612,000 for our fiscal years ended June 30, 2016 and June 30, 2017, respectively.
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v3.3.1.900
Regulatory Matters
|
6 Months Ended |
Dec. 31, 2015 |
Regulated Operations [Abstract] |
|
Regulatory Matters |
Regulatory Matters
The Kentucky Public Service Commission exercises regulatory authority over our retail natural gas distribution and transportation services, which includes approval of our rates and tariffs. Their regulation of our business includes setting the rates we are permitted to charge our regulated customers. We monitor our need to file requests with them for a general rate increase for our natural gas distribution and transportation services. They have historically utilized cost-of-service ratemaking where our base rates are established to recover normal operating expenses, exclusive of natural gas costs, and a reasonable rate of return. Our regulated rates were most recently adjusted in our 2010 rate case and became effective in October, 2010. We do not currently have any matters before the Kentucky Public Service Commission which would have a material impact on our results of operations, financial position or cash flows.
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v3.3.1.900
Operating Segments
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Operating Segments |
Operating Segments
Our Company has two reportable segments: a regulated segment and a non-regulated segment. Our regulated segment includes our natural gas distribution and transportation services, which are regulated by the Kentucky Public Service Commission. Our non-regulated segment includes our natural gas marketing activities and the sales of natural gas liquids. The non-regulated segment produces a portion of the natural gas it markets to its customers. The division of these segments into separate revenue generating components is based upon regulation, products and services. Both segments operate in the single geographic area of central and southeastern Kentucky. Our chief operating decision maker is our Chief Executive Officer. We evaluate performance based on net income of the respective segment.
The reportable segments follow the same accounting policies as described in the Summary of Significant Accounting Policies in Note 1 of the Notes to Consolidated Financial Statements that are included in our Annual Report on Form 10-K for the year ended June 30, 2015. Intersegment revenues and expenses represent the natural gas transportation costs from the regulated segment to the non-regulated segment at our tariff rates. Operating expenses, taxes and interest are allocated to the non-regulated segment. Segment information is shown in the following table: | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | December 31, | | December 31, | | | ($000) | 2015 | | 2014 | | 2015 | | 2014 | | | Operating Revenues | | | | | | | | | | Regulated | | | | | | | | | | External customers | 10,873 |
| | 16,103 |
| | 16,708 |
| | 22,247 |
| | | Intersegment | 918 |
| | 1,064 |
| | 1,590 |
| | 1,788 |
| | | Total regulated | 11,791 |
| | 17,167 |
| | 18,298 |
| | 24,035 |
| | | Non-regulated |
| |
| |
| |
| | | External customers | 5,800 |
| | 9,772 |
| | 10,359 |
| | 16,950 |
| | | | | | | | | | | | | Eliminations for intersegment | (918 | ) | | (1,064 | ) | | (1,590 | ) | | (1,788 | ) | | | Consolidated operating revenues | 16,673 |
| | 25,875 |
| | 27,067 |
| | 39,197 |
| | | |
| |
| |
| |
| | | Net Income |
| |
| |
| |
| | | Regulated | 1,702 |
| | 2,412 |
| | 1,185 |
| | 2,029 |
| | | Non-regulated | 101 |
| | 245 |
| | 94 |
| | 316 |
| | | Consolidated net income | 1,803 |
| | 2,657 |
| | 1,279 |
| | 2,345 |
| | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Earnings Per Common Share
|
6 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Earnings Per Common Share [Text Block] |
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per common share: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | December 31, | | December 31, | | | 2015 | | 2014 | | 2015 | | 2014 | | Numerator - Basic and Diluted ($000) | | | | | | | | | Net income | 1,803 |
| | 2,657 |
| | 1,279 |
| | 2,345 |
| | Dividends paid | (1,455 | ) | | (1,409 | ) | | (2,908 | ) | | (2,817 | ) | | Undistributed earnings (loss) | 348 |
| | 1,248 |
| | (1,629 | ) | | (472 | ) | | | | | | | | | | | Allocated to common shares: | | | | | | | | | Undistributed earnings (loss) (a) | 347 |
| | 1,240 |
| | (1,629 | ) | | (472 | ) | | Dividends paid - common shares | 1,449 |
| | 1,401 |
| | 2,896 |
| | 2,802 |
| | Earnings allocated to common shares | 1,796 |
| | 2,641 |
| | 1,266 |
| | 2,330 |
| | | | | | | | | | | Denominator - Basic and Diluted | Weighted average common shares (b) | 7,067,864 |
| | 7,008,436 |
| | 7,054,910 |
| | 6,988,624 | | | | | | | | | | | Earnings per Common Share - Basic and Diluted ($) | .25 |
| | .38 |
| | .18 |
| | .33 |
| | | | | | | | | | |
| | | | | | | | | | | | | | (a) Percentage allocated to weighted average common shares outstanding: | | | | | | | | | Common shares outstanding | 7,067,864 |
| | 7,008,436 |
| | 7,054,910 |
| | 6,988,624 |
| | Unvested participating shares outstanding (c) | 30,300 |
| | 39,000 |
| | — |
| | — |
| | Total | 7,098,164 |
| | 7,047,436 |
| | 7,054,910 |
| | 6,988,624 |
| | | | | | | | | | | Percentage allocated to common shares | 99.6 | % | | 99.5 | % | | 100 | % | | 100 | % | | | | | | | | | | | Undistributed earnings (loss) ($000) | 348 |
| | 1,248 |
| | (1,629 | ) | | (472 | ) | | Allocated to common shares ($000) | 347 |
| | 1,240 |
| | (1,629 | ) | | (472 | ) | | | | | | | | | | |
(b) Under our Incentive Compensation Plan, recipients of performance share awards receive unvested non-participating shares, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements. Unvested non-participating shares become dilutive in the interim quarter-end in which the performance objective is met. If the performance objective continues to be met through the end of the performance period, these shares become unvested participating shares as of the fiscal year-end, as further discussed below in Note (c). The weighted average number of unvested non-participating shares outstanding during a period is included in the diluted earnings per common share calculation using the treasury stock method, unless the effect of including such shares would be antidilutive. As of both December 31, 2015 and 2014, there were 39,000 unvested non-participating shares outstanding, which were not dilutive as the underlying performance condition has not been met.
(c) Certain awards under our shareholder approved incentive compensation plan, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements, provide recipients of the awards all the rights of a shareholder of Delta including the right to dividends declared on common shares. Any unvested shares which are participating in dividends are considered participating securities and are included in our computation of basic and diluted earnings per share using the two-class method unless the effect of including such shares would be antidilutive. As of December 31, 2015 and 2014 there were 30,300 and 39,000 participating shares outstanding, respectively, which were excluded from the computation of earnings allocated to common shares for the six months ended December 31, 2015, as the holders of the unvested participating shares do not have a contractual obligation to share in losses.
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v3.3.1.900
Share-Based Compensation
|
6 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Share-Based Compensation
We have a shareholder approved incentive compensation plan (the "Plan"), that provides for compensation payable in shares of our common stock. The Plan is administered by our Corporate Governance and Compensation Committee of our Board of Directors, which has complete discretion in determining our employees, officers and outside directors who shall be eligible to participate in the Plan, as well as the type, amount, terms and conditions of each award, subject to the limitations of the Plan.
The number of shares of our common stock that may be issued pursuant to the Plan may not exceed in the aggregate 1,000,000 shares. As of December 31, 2015, approximately 749,000 shares of common stock were available for issuance under the Plan, subject to the limitations imposed by our Corporate Governance Guidelines. Shares of common stock may be available from authorized but unissued shares, shares reacquired by us or shares that we purchase in the open market. Upon vesting, the plan allows for withholding a number of shares equal in fair value to the taxes required to satisfy minimum statutory withholding requirements.
Compensation expense for share-based compensation is recorded in the non-regulated segment and included in operation and maintenance expense in the Condensed Consolidated Statements of Income based on the fair value of the awards at the grant date and is amortized over the requisite service period. Fair value is the closing price of our common shares at the grant date. The grant date is the date at which our commitment to issue the share-based awards arises, which is generally when the award is approved and the terms of the awards are communicated to the employee or director. We initially recognize expense for our performance shares when it is probable that any stipulated performance criteria will be met. For the three months ended December 31, 2015 and 2014, share-based compensation expense was $69,000 and $210,000, respectively. For the six months ended December 31, 2015 and 2014, share-based compensation expense was $315,000 and $825,000, respectively.
To the extent the cumulative deduction for income tax purposes exceeds the cumulative compensation expense recognized for financial reporting purposes, the excess tax benefits can be utilized to offset tax deficiencies related to share-based compensation in subsequent periods. For the six months ended December 31, 2015 an immaterial tax deficiency was recognized. For the six months ended December 31, 2014, excess tax benefits of $9,000 were recognized as an increase to premium on common shares on our Condensed Consolidated Balance Sheets, which decreased our taxes payable.
Stock Awards
For the six months ended December 31, 2015, common stock was awarded to Delta's directors having grant date fair values of $169,000 (8,400 shares). The recipients vested in the awards shortly after the awards were granted, but during the time between the vesting dates and the grant dates the shares awarded were not transferable by the holders. Once the shares were vested, the shares received under the stock awards were immediately transferable.
Performance Shares
For the six months ended December 31, 2015 and 2014, performance shares were awarded to the Company's executive officers having grant date fair values of $787,000 (39,000 shares) and $773,000 (39,000 shares), respectively. The performance share awards vest only if the performance objectives of the awards are met, which are based on the Company's earnings per common share for the fiscal year in which the performance shares are awarded, before any cash bonuses or share-based compensation. Upon satisfaction of the performance objectives, unvested shares are issued to the recipients and vest in one-third increments each August 31 subsequent to achieving the performance objectives as long as the recipients are employees throughout each such service period. Unvested shares of executive officers while still employed by the Company will fully vest upon them attaining the age of sixty-seven. The recipients of the awards also become vested as a result of certain events such as death or disability of the holders. The unvested shares have both dividend participation rights and voting rights during the remaining terms of the awards. Holders of performance shares may not sell, transfer or pledge their shares until the shares vest. As of December 31, 2015 and 2014, there were 30,300 and 39,000 unvested performance shares outstanding, respectively, for which the performance objectives have been satisfied. In January, 2016, approximately 1,600 shares, net of cancellations, were issued to an executive officer obtaining the age of sixty-seven.
Our performance shares have graded vesting schedules, and each separate annual vesting tranche is treated as a separate award for expense recognition. Compensation expense is amortized over the vesting period of the individual awards based on the probable outcome of meeting the performance objectives. For the three months ended December 31, 2015 and 2014, compensation expense related to the performance shares was $69,000 and $210,000, respectively. For the six months ended December 31, 2015 and 2014, compensation expense related to the performance shares was $145,000 and $382,000, respectively.
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Fair Value Measurements (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair value of the trust assets |
The fair value of the trust assets is as follows: | | | | | | | | December 31, | | June 30, | ($000) | 2015 | | 2015 | | | | | Trust assets | | | | Money market | 34 |
| | 27 |
| U.S. equity securities | 421 |
| | 395 |
| Foreign equity funds | 169 |
| | 185 |
| U.S. fixed income funds | 216 |
| | 177 |
| Foreign fixed income funds | 18 |
| | 57 |
| Absolute return strategy mutual funds | 144 |
| | 136 |
| | 1,002 |
| | 977 |
|
|
Fair value of liabilities |
The fair value of our long-term debt is categorized as Level 3 in the fair value hierarchy. | | | | | | | | | | | | | | December 31, | | June 30, | | 2015 | | 2015 | | Carrying | | Fair | | Carrying | | Fair | ($000) | Amount | | Value | | Amount | | Value | | | | | | | | | 4.26% Series A Notes | 52,000 |
| | 50,797 |
| | 53,500 |
| | 52,935 |
|
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- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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- DefinitionTabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.
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v3.3.1.900
Defined Benefit Retirement Plan (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] |
|
Schedule of Costs of Retirement Plans [Table Text Block] |
Net periodic benefit costs for our trusteed, noncontributory defined benefit retirement plan for the periods ended December 31, 2015 and 2014, include the following: | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | December 31, | | December 31, | ($000) | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | Service cost | 251 |
| | 248 |
| | 502 |
| | 496 |
| Interest cost | 289 |
| | 265 |
| | 578 |
| | 529 |
| Expected return on plan assets | (409 | ) | | (428 | ) | | (818 | ) | | (856 | ) | Amortization of unrecognized net loss | 94 |
| | 62 |
| | 188 |
| | 123 |
| Amortization of prior service cost | (22 | ) | | (22 | ) | | (44 | ) | | (43 | ) | Net periodic benefit cost | 203 |
| | 125 |
| | 406 |
| | 249 |
|
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Debt Instrument (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Debt Instruments [Abstract] |
|
Long-term Debt [Text Block] |
The following table summarizes the remaining contractual maturities of our Series A Notes by fiscal year:
| | | | ($000) | | 2016 | — |
| 2017 | 1,500 |
| 2018 | 1,500 |
| 2019 | 1,500 |
| 2020 | 1,500 |
| Thereafter | 46,000 |
| Total long-term debt | 52,000 |
|
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v3.3.1.900
Operating Segments (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Segment information |
Segment information is shown in the following table: | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | December 31, | | December 31, | | | ($000) | 2015 | | 2014 | | 2015 | | 2014 | | | Operating Revenues | | | | | | | | | | Regulated | | | | | | | | | | External customers | 10,873 |
| | 16,103 |
| | 16,708 |
| | 22,247 |
| | | Intersegment | 918 |
| | 1,064 |
| | 1,590 |
| | 1,788 |
| | | Total regulated | 11,791 |
| | 17,167 |
| | 18,298 |
| | 24,035 |
| | | Non-regulated |
| |
| |
| |
| | | External customers | 5,800 |
| | 9,772 |
| | 10,359 |
| | 16,950 |
| | | | | | | | | | | | | Eliminations for intersegment | (918 | ) | | (1,064 | ) | | (1,590 | ) | | (1,788 | ) | | | Consolidated operating revenues | 16,673 |
| | 25,875 |
| | 27,067 |
| | 39,197 |
| | | |
| |
| |
| |
| | | Net Income |
| |
| |
| |
| | | Regulated | 1,702 |
| | 2,412 |
| | 1,185 |
| | 2,029 |
| | | Non-regulated | 101 |
| | 245 |
| | 94 |
| | 316 |
| | | Consolidated net income | 1,803 |
| | 2,657 |
| | 1,279 |
| | 2,345 |
| | |
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v3.3.1.900
Earnings Per Common Share (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
The following table sets forth the computation of basic and diluted earnings per common share: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | December 31, | | December 31, | | | 2015 | | 2014 | | 2015 | | 2014 | | Numerator - Basic and Diluted ($000) | | | | | | | | | Net income | 1,803 |
| | 2,657 |
| | 1,279 |
| | 2,345 |
| | Dividends paid | (1,455 | ) | | (1,409 | ) | | (2,908 | ) | | (2,817 | ) | | Undistributed earnings (loss) | 348 |
| | 1,248 |
| | (1,629 | ) | | (472 | ) | | | | | | | | | | | Allocated to common shares: | | | | | | | | | Undistributed earnings (loss) (a) | 347 |
| | 1,240 |
| | (1,629 | ) | | (472 | ) | | Dividends paid - common shares | 1,449 |
| | 1,401 |
| | 2,896 |
| | 2,802 |
| | Earnings allocated to common shares | 1,796 |
| | 2,641 |
| | 1,266 |
| | 2,330 |
| | | | | | | | | | | Denominator - Basic and Diluted | Weighted average common shares (b) | 7,067,864 |
| | 7,008,436 |
| | 7,054,910 |
| | 6,988,624 | | | | | | | | | | | Earnings per Common Share - Basic and Diluted ($) | .25 |
| | .38 |
| | .18 |
| | .33 |
| | | | | | | | | | |
| | | | | | | | | | | | | | (a) Percentage allocated to weighted average common shares outstanding: | | | | | | | | | Common shares outstanding | 7,067,864 |
| | 7,008,436 |
| | 7,054,910 |
| | 6,988,624 |
| | Unvested participating shares outstanding (c) | 30,300 |
| | 39,000 |
| | — |
| | — |
| | Total | 7,098,164 |
| | 7,047,436 |
| | 7,054,910 |
| | 6,988,624 |
| | | | | | | | | | | Percentage allocated to common shares | 99.6 | % | | 99.5 | % | | 100 | % | | 100 | % | | | | | | | | | | | Undistributed earnings (loss) ($000) | 348 |
| | 1,248 |
| | (1,629 | ) | | (472 | ) | | Allocated to common shares ($000) | 347 |
| | 1,240 |
| | (1,629 | ) | | (472 | ) | | | | | | | | | | |
(b) Under our Incentive Compensation Plan, recipients of performance share awards receive unvested non-participating shares, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements. Unvested non-participating shares become dilutive in the interim quarter-end in which the performance objective is met. If the performance objective continues to be met through the end of the performance period, these shares become unvested participating shares as of the fiscal year-end, as further discussed below in Note (c). The weighted average number of unvested non-participating shares outstanding during a period is included in the diluted earnings per common share calculation using the treasury stock method, unless the effect of including such shares would be antidilutive. As of both December 31, 2015 and 2014, there were 39,000 unvested non-participating shares outstanding, which were not dilutive as the underlying performance condition has not been met.
(c) Certain awards under our shareholder approved incentive compensation plan, as further discussed in Note 12 of the Notes to Condensed Consolidated Financial Statements, provide recipients of the awards all the rights of a shareholder of Delta including the right to dividends declared on common shares. Any unvested shares which are participating in dividends are considered participating securities and are included in our computation of basic and diluted earnings per share using the two-class method unless the effect of including such shares would be antidilutive. As of December 31, 2015 and 2014 there were 30,300 and 39,000 participating shares outstanding, respectively, which were excluded from the computation of earnings allocated to common shares for the six months ended December 31, 2015, as the holders of the unvested participating shares do not have a contractual obligation to share in losses.
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v3.3.1.900
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Trust assets |
$ 1,002
|
$ 977
|
Money Market |
34
|
27
|
U.S. Equity Securities |
421
|
395
|
Foreign Equity Funds |
169
|
185
|
U.S. Fixed Income Securities |
216
|
177
|
Foreign Fixed Income Funds |
18
|
57
|
Absolute Return Strategy Mutual Funds |
144
|
136
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
4.26% Series A Notes |
50,797
|
52,935
|
Reported Value Measurement [Member] |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
4.26% Series A Notes |
$ 52,000
|
$ 53,500
|
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v3.3.1.900
Defined Benefit Retirement Plan (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Defined Contribution Plan, Employer Discretionary Contribution Amount |
|
|
$ 500,000
|
|
Service cost |
$ 251,000
|
$ 248,000
|
502,000
|
$ 496,000
|
Interest cost |
289,000
|
265,000
|
578,000
|
529,000
|
Expected return on plan assets |
(409,000)
|
(428,000)
|
(818,000)
|
(856,000)
|
Amortization of unrecognized net loss |
94,000
|
62,000
|
188,000
|
123,000
|
Amortization of prior service cost |
(22,000)
|
(22,000)
|
(44,000)
|
(43,000)
|
Net periodic benefit cost |
$ 203,000
|
$ 125,000
|
$ 406,000
|
$ 249,000
|
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- DefinitionThe amount of gains or losses recognized in net periodic benefit cost.
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Debt Instrument (Details)
|
6 Months Ended |
Dec. 31, 2015
USD ($)
|
Long-term Debt, Fiscal Year Maturity [Abstract] |
|
2016 |
$ 0
|
2017 |
1,500,000
|
2018 |
1,500,000
|
2019 |
1,500,000
|
2020 |
1,500,000
|
Thereafter |
46,000,000
|
Total of long-term debt maturity |
52,000,000
|
Branch Banking and Trust Company [Member] |
|
Line of Credit Facility [Line Items] |
|
Permitted borrowings |
$ 40,000,000
|
Description of variable rate basis |
London Interbank Offered Rate
|
Basis spread on variable rate |
1.075%
|
Annual cost of unused bank line of credit percentage (in hundredths) |
0.125%
|
X |
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Operating Segments (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Operating Revenues [Abstract] |
|
|
|
|
Regulated revenues |
$ 10,873,770
|
$ 16,102,877
|
$ 16,707,695
|
$ 22,246,250
|
Total operating revenues |
16,673,347
|
25,875,266
|
27,066,770
|
39,196,571
|
Net income (loss) [Abstract] |
|
|
|
|
Net Income |
1,803
|
2,656,534
|
1,278,894
|
2,345,408
|
Operating Segments [Member] |
|
|
|
|
Operating Revenues [Abstract] |
|
|
|
|
Total operating revenues |
16,673,000
|
25,875,000
|
27,067,000
|
39,197,000
|
Regulated Operation [Member] |
|
|
|
|
Net income (loss) [Abstract] |
|
|
|
|
Net Income |
1,702,000
|
2,412,000
|
1,185,000
|
2,029,000
|
Regulated Operation [Member] | Operating Segments [Member] |
|
|
|
|
Operating Revenues [Abstract] |
|
|
|
|
External customers |
10,873,000
|
16,103,000
|
16,708,000
|
22,247,000
|
Regulated revenues |
11,791,000
|
17,167,000
|
18,298,000
|
24,035,000
|
Regulated Operation [Member] | Intersegment Elimination [Member] |
|
|
|
|
Operating Revenues [Abstract] |
|
|
|
|
External customers |
918,000
|
1,064,000
|
1,590,000
|
1,788,000
|
Unregulated Operation [Member] |
|
|
|
|
Net income (loss) [Abstract] |
|
|
|
|
Net Income |
101,000
|
245,000
|
94,000
|
316,000
|
Unregulated Operation [Member] | Operating Segments [Member] |
|
|
|
|
Operating Revenues [Abstract] |
|
|
|
|
External customers |
5,800,000
|
9,772,000
|
10,359,000
|
16,950,000
|
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|
|
|
|
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|
|
|
External customers |
$ (918,000)
|
$ (1,064,000)
|
$ (1,590,000)
|
$ (1,788,000)
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Earnings Per Common Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Numerator Basic and Diluted [Abstract] |
|
|
|
|
Net Income |
$ 1,803
|
$ 2,656,534
|
$ 1,278,894
|
$ 2,345,408
|
Dividends on common shares |
|
|
(2,908,171)
|
(2,817,229)
|
Undistributed Earnings |
$ 348,000
|
$ 1,248,000
|
$ (1,629,000)
|
$ (472,000)
|
Percentage allocated to common shares (in hundredths) |
99.60%
|
99.50%
|
100.00%
|
100.00%
|
Undistributed earnings allocated to common shares |
$ 347,000
|
$ 1,240,000
|
$ (1,629,000)
|
$ (472,000)
|
Add: dividends declared allocated to common stock |
1,449,000
|
1,401,000
|
2,896,000
|
2,802,000
|
Net income available to common shares |
$ 1,796,000
|
$ 2,641,000
|
$ 1,266,000
|
$ 2,330,000
|
Denominator - Basic [Abstract] |
|
|
|
|
Weighted Average Number of Shares Issued, Basic |
7,067,864
|
7,008,436
|
7,054,910
|
6,988,624
|
Per common share net income [Abstract] |
|
|
|
|
Basic (in dollars per share) |
$ 0.25
|
$ 0.38
|
$ 0.18
|
$ 0.33
|
Diluted (in dollars per share) |
$ 0.25
|
$ 0.38
|
$ 0.18
|
$ 0.33
|
Percentage allocated to common shares - weighted average [Abstract] |
|
|
|
|
Total Weighted Average Common Shares Used In Calculation Of Percentage Allocated To Common Shares |
7,098,164
|
7,047,436
|
7,054,910
|
6,988,624
|
Weighted Average Number Diluted Shares Outstanding Adjustment |
7,067,864
|
7,008,436
|
7,054,910
|
6,988,624
|
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights |
30,300
|
39,000
|
0
|
0
|
Unvested non-participating shares outstanding (in shares) |
39,000
|
39,000
|
39,000
|
39,000
|
Unvested participating shares outstanding |
30,300
|
39,000
|
30,300
|
39,000
|
Retained Earnings [Member] |
|
|
|
|
Numerator Basic and Diluted [Abstract] |
|
|
|
|
Net Income |
$ 1,803,351
|
$ 2,656,534
|
$ 1,278,894
|
$ 2,345,408
|
Dividends on common shares |
$ (1,454,827)
|
$ (1,409,254)
|
$ (2,908,171)
|
$ (2,817,229)
|
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v3.3.1.900
Share-Based Compensation (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Number of shares that may be issued pursuant to the plan (in shares) |
|
1,000,000
|
|
1,000,000
|
|
Document Period End Date |
|
|
|
Dec. 31, 2015
|
|
Shares available for grant under the plan (in shares) |
|
749,000
|
|
749,000
|
|
Tax benefit related to share-based compensation |
|
|
|
|
$ 9,000
|
Vesting period |
|
|
|
Upon satisfaction of the performance objectives, unvested shares are issued to the recipients and vest in one-third increments each August 31 subsequent to achieving the performance objectives as long as the recipients are employees throughout each such service period.
|
|
Unvested shares remaining at end of period |
|
|
39,000
|
|
39,000
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period |
1,600
|
|
|
|
|
Allocated Share-based Compensation Expense |
|
$ 69,000
|
$ 210,000
|
$ 315,000
|
$ 825,000
|
Number of shares [Abstract] |
|
|
|
|
|
Unvested participating shares outstanding |
|
30,300
|
39,000
|
30,300
|
39,000
|
2015 Performance Shares [Member] |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Grant date fair value |
|
$ 787,000
|
|
$ 787,000
|
|
Allocated Share-based Compensation Expense |
|
$ 69,000
|
|
$ 145,000
|
|
Number of shares [Abstract] |
|
|
|
|
|
Granted (in shares) |
|
39,000
|
|
|
|
2014 Performance Shares [Member] |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Grant date fair value |
|
|
$ 773,000
|
|
$ 773,000
|
Unvested shares remaining at end of period |
|
30,300
|
|
30,300
|
|
Allocated Share-based Compensation Expense |
|
|
$ 210,000
|
|
$ 382,000
|
Number of shares [Abstract] |
|
|
|
|
|
Granted (in shares) |
|
|
39,000
|
|
|
2014 stock awards [Member] |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Grant date fair value |
|
$ 169,000
|
|
$ 169,000
|
|
Number of shares [Abstract] |
|
|
|
|
|
Granted (in shares) |
|
|
|
8,400
|
|
X |
- DefinitionThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
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Delta Natural Gas Company, Inc. (NASDAQ:DGAS)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Delta Natural Gas Company, Inc. (NASDAQ:DGAS)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024