SOUTHERN STAR CENTRAL CORP

CIK:0001260349|SEC Filings

Southern Star Central Corp. and Subsidiaries - Consolidated Statements of Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating Revenues:
Transportation	$ 51,579	$ 44,976	$ 106,322	$ 91,750
Storage	7,510	5,655	14,432	11,868
Other revenue	255	214	471	344
Total operating revenues	59,344	50,845	121,225	103,962
Operating Costs and Expenses:
Operations and maintenance	15,235	14,739	25,938	26,479
Administrative and general	9,687	9,662	19,947	19,850
Depreciation and amortization	9,579	9,033	19,008	18,173
Taxes, other than income taxes	4,797	4,666	9,754	9,196
Total operating costs and expenses	39,298	38,100	74,647	73,698
Operating Income	20,046	12,745	46,578	30,264
Other (Income) Deductions:
Interest Expense	8,832	7,693	16,908	15,379
Interest income	(9)	(9)	(17)	(20)
Gain on reacquired debt	(936)	0	(936)	0
Miscellaneous other income	(190)	(190)	(301)	(283)
Total other deductions	7,697	7,494	15,654	15,076
Income Before Income Taxes	12,349	5,251	30,924	15,188
Provision for Income Taxes	4,806	2,045	12,091	5,963
Net Income	$ 7,543	$ 3,206	$ 18,833	$ 9,225

Southern Star Central Corp. And Subsidiaries - Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
OPERATING ACTIVITIES:
Net Income	$ 18,833	$ 9,225
Adjustments to reconcile to net cash provided from operations:
Depreciation and amortization	19,008	18,173
Deferred income taxes	11,677	6,002
Provision for rate and regulatory matters	(4,446)	0
Gain on reacquired debt	(936)	0
Amortization of debt premium and expense	(19)	(286)
Receivables	4,181	2,292
Inventories	(678)	(718)
Other current assets	2,141	2,556
Payables and accrued liabilities	(11,869)	(4,322)
Other, including changes in noncurrent assets and liabilities	3,514	4,668
Net cash provided by operating activities	41,406	37,590
INVESTING ACTIVITIES:
Capital expenditures, net of allowance for funds used during construction	(28,437)	(28,833)
Proceeds from sales and salvage values, net of costs of removal	(1,257)	(1,813)
Net cash used in investing activities	(29,694)	(30,646)
FINANCING ACTIVITIES:
Proceeds from debt issuance	550,000	0
Retirement of long-term debt	(185,758)	0
Debt issuance costs	(9,757)	(637)
Common dividends/return of capital	(178,870)	(18,869)
Issuance of debt - Revolving credit agreement	45,000	15,000
Payment of debt - Revolving credit agreement	(145,000)	(20,000)
Capital lease payments	(4,230)	(130)
Net cash provided by (used in) financing activities	71,385	(24,636)
Net change in cash and cash equivalents	83,097	(17,692)
Cash and cash equivalents at beginning of period	18,388	37,467
Cash and cash equivalents at end of period	101,485	19,775
Supplemental Disclosure of Cash Flow Information:
Interest (net of amounts capitalized)	20,397	15,550
Income tax, net	(2,266)	1,674
Additions to capital expenditures included in Payables: Other	$ 4,588	$ 3,738

Southern Star Central Corp. and Subsidiaries - Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 101,485	$ 18,388
Receivables:
Trade	19,796	27,049
Income taxes	937	7,394
Transportation, exchange and fuel gas	10,172	5,947
Other	12,105	2,659
Inventories	11,357	10,679
Deferred income taxes	1,668	1,847
Costs recoverable from customers	350	750
Prepaid expenses	3,097	5,274
Other	644	608
Total current assets	161,611	80,595
Property, Plant and Equipment, at cost:
Natural gas transmission plant	769,787	755,984
Other natural gas plant	56,760	44,666
Public Utilities, Property, Plant and Equipment, Plant in Service	826,547	800,650
Less -- Accumulated depreciation and amortization	(50,176)	(33,835)
Property, plant and equipment, net	776,371	766,815
Other Assets:
Goodwill	470,962	470,962
Costs recoverable from customers	53,372	54,048
Postretirement benefits other than pensions	3,991	2,921
Other deferred and noncurrent assets	11,428	2,242
Total other assets	539,753	530,173
Total Assets	1,477,735	1,377,583
Payables:
Trade	9,242	13,564
Transportation, exchange and fuel gas	2,783	5,862
Income taxes	608	4,385
Revolving credit agreement	0	100,000
Other	7,637	6,124
Accrued taxes, other than income taxes	8,570	7,561
Accrued interest	3,567	7,035
Accrued payroll and employee benefits	8,110	10,650
Provision for rate and regulatory matters	0	4,446
Costs refundable to customers	9,138	88
Capitalized lease obligation due in one year	0	280
Current portion of long-term debt	64,873	0
Other accrued liabilities	3,674	6,636
Total current liabilities	118,202	166,631
Long-Term Debt:
Capitalized lease obligation	0	3,950
Other long-term debt	779,853	482,952
Total long-term debt	779,853	486,902
Other Liabilities and Deferred Credits:
Deferred income taxes	112,854	101,356
Postretirement benefits other than pensions	24,400	24,019
Asset retirement obligations	1,558	1,731
Costs refundable to customers	4,910	3,793
Environmental remediation	835	222
Accrued pension	26,574	24,444
Other	1,140	1,039
Total other liabilities and deferred credits	172,271	156,604
Stockholder's Equity:
Common stock	0	0
Premium on capital stock and other paid-in capital	399,866	559,921
Retained earnings	7,543	7,525
Total stockholder's equity	407,409	567,446
Total Liabilities and Stockholder's Equity	$ 1,477,735	$ 1,377,583