WGL Holdings, Inc. Logo

Print Print page   E-mail E-mail page   PDF Download PDF
« Previous Release | Next Release »



WGL Holdings, Inc., Reports Increased First Quarter Fiscal Year 2009 Earnings; Raises Fiscal Year 2009 Guidance

WASHINGTON, Feb 04, 2009 (BUSINESS WIRE) -- WGL Holdings, Inc. (NYSE: WGL):

Consolidated Results

WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported higher net income determined in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP) for the quarter ended December 31, 2008 of $51.8 million, or $1.03 per share, an increase of $4.6 million, or $0.08 per share, over net income of $47.2 million, or $0.95 per share, reported for the quarter ended December 31, 2007.

"Our first quarter performance and improved outlook for fiscal year 2009 builds on the strong results achieved last year and continues our record of generating long-term success for the benefit of our customers, employees and investors," said James H. DeGraffenreidt, Jr., chairman and chief executive officer of WGL Holdings. "Our consistent emphasis on core strategic objectives has enabled us to sustain the strength of our balance sheet that supports excellent credit ratings and liquidity in today's challenging economy."

Financial performance is evaluated based on non-GAAP operating earnings (loss). Non-GAAP operating earnings (loss) excludes the effects of: (i) warmer-than-normal/colder-than-normal weather for our regulated utility segment; (ii) unrealized mark-to-market gains (losses) on energy-related derivatives; (iii) certain gains and losses associated with optimizing the utility segment's system storage capacity assets and (iv) other unusual transactions. Refer to "Use of Non-GAAP Operating Earnings (Loss)" and supporting reconciliations attached to this news release for a detailed discussion of management's use of this non-GAAP financial measure, as well as reconciliations of net income determined in accordance with GAAP to non-GAAP operating earnings (loss) for both our consolidated and segment results.

For the quarter ended December 31, 2008, our non-GAAP operating earnings were $51.7 million, or $1.03 per share, an increase of $4.3 million, or $0.07 per share, over non-GAAP operating earnings of $47.4 million, or $0.96 per share, for the same quarter of the prior fiscal year.

First Quarter Results by Business Segment

Regulated Utility Segment

For the quarter ended December 31, 2008, our regulated utility segment reported net income of $50.9 million, or $1.01 per share, an increase of $6.7 million, or $0.12 per share, over net income of $44.2 million, or $0.89 per share, reported for the first quarter of the prior fiscal year. After adjustments, non-GAAP operating earnings for the regulated utility segment were $45.4 million, or $0.90 per share, for the quarter ended December 31, 2008, an increase of $1.9 million, or $0.02 per share, over non-GAAP operating earnings of $43.5 million, or $0.88 per share, for the same quarter of the prior fiscal year. Current period improvements to non-GAAP operating earnings included: (i) an increase of over 7,500 average active customer meters from the prior quarter; (ii) an increase in the recovery of carrying costs on higher average storage gas inventory balances; (iii) a decrease in labor and benefits expense, due in part, to our outsourcing initiative and (iv) lower costs for weather protection products related to the District of Columbia. Partially offsetting these improvements were: (i) the negative effects of changes in natural gas consumption patterns; (ii) the timing of prior year rate relief in Maryland and (iii) a decrease in realized margins associated with our asset optimization program.

Retail Energy-Marketing Segment

For the quarter ended December 31, 2008, the retail energy-marketing segment reported net income of $450,000, or $0.01 per share, compared to net income of $3.3 million, or $0.07 per share, reported for the first quarter of the prior fiscal year. Non-GAAP operating earnings for the retail energy-marketing segment were $5.8 million, or $0.12 per share, for the first quarter ended December 31, 2008, an increase of $1.5 million, or $0.03 per share, over non-GAAP operating earnings of $4.3 million, or $0.09 per share, for the same quarter of the prior fiscal year. This comparison in non-GAAP operating earnings primarily reflects higher realized margins from the sale of natural gas, reflecting a rise in margin per therm sold, partially offset by a decrease in natural gas and electric sales volumes due in part to a reduced number of customers compared to the same quarter of the prior fiscal year. The difference between GAAP net income and non-GAAP operating earnings is due to adjustments for unrealized mark-to-market gains and losses. Unrealized mark-to-market gains and losses are primarily attributable to changes in the fair value of certain contracts related to the purchase of energy supplies to match future retail sales commitments. These supply contracts are subject to mark-to-market treatment, while the corresponding retail sales commitments are not.

Design-Build Energy Systems Segment

For the quarter ended December 31, 2008, the design-build energy systems segment reported net income of $832,000, or $0.02 per share, an increase of $559,000, or $0.01 per share, over net income of $273,000, or $0.01 per share, reported for the first quarter of the prior fiscal year. This increase primarily reflects higher revenues and lower cost of sales associated with design-build projects. There were no non-GAAP adjustments for this segment for either period.

Earnings Outlook

We are raising our GAAP earnings estimate for the fiscal year 2009 in a range of $2.41 to $2.53 per share to reflect stronger projected margins for both our retail energy-marketing and design-build energy segments as well as lower costs for our regulated utility segment. This estimate includes projected fiscal year 2009 earnings from our regulated utility segment in a range of $1.97 per share to $2.03 per share and projected fiscal year 2009 earnings from our unregulated business segments in a range of $0.44 per share to $0.50 per share.

We are also providing a consolidated earnings estimate for fiscal year 2009 based on non-GAAP operating earnings in a range of $2.41 per share to $2.53 per share. This estimate includes projected fiscal year 2009 non-GAAP operating earnings from our regulated utility segment in a range of $2.00 per share to $2.06 per share, and projected fiscal year 2009 non-GAAP operating earnings from our unregulated business segments in a range of $0.41 per share to $0.47 per share. Refer to the "Reconciliation of GAAP Earnings Guidance to Non-GAAP Earnings Guidance" attached to this press release for a reconciliation of our GAAP earnings per share estimate to our estimate based on non-GAAP operating earnings per share.

We assume no obligation to update this guidance. The absence of any statement by us in the future should not be presumed to represent an affirmation of this earnings guidance. For the assumptions underlying this guidance, please refer to the slides accompanying our Webcast that will be posted to the WGL Holdings Web site, www.wglholdings.com.

Other Information

We will hold a conference call at 10:30 a.m. Eastern time on February 5, 2009, to discuss our first quarter financial results for fiscal year 2009. The live conference call will be available to the public via a link located on the WGL Holdings Web site, www.wglholdings.com. To hear the live Webcast, click on the "Webcast" link located on the home page of the referenced site. The Webcast and related slides will be archived on the WGL Holdings Web site through March 5, 2009.

Headquartered in Washington, D.C., WGL Holdings has three operating segments: (i) the regulated utility segment which primarily consists of Washington Gas, a natural gas utility that serves over one million customers throughout metropolitan Washington, D.C., and the surrounding region; (ii) the retail-energy marketing segment which consists of Washington Gas Energy Services, Inc., a third-party marketer that competitively sells natural gas and electricity and (iii) the design-build energy systems segment, which consists of Washington Gas Energy Systems, Inc., a provider of design-build energy efficiency solutions to government and commercial clients. Additional information about WGL Holdings is available on our Web site, www.wglholdings.com.

Unless otherwise noted, earnings per share amounts are presented on a diluted basis, and are based on weighted average common and common equivalent shares outstanding.

Please see the attached comparative statements for additional information on our operating results. Also attached to this news release are reconciliations of net income determined in accordance with GAAP to non-GAAP operating earnings (loss) for both our consolidated and segment results as well as reconciliations of our GAAP earnings guidance to our non-GAAP earnings guidance.

Forward-Looking Statements

This news release and other statements by us include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the outlook for earnings, revenues and other future financial business performance or strategies and expectations.Forward-looking statements are typically identified by words such as, but not limited to, "estimates," "expects," "anticipates," "intends," "believes," "plans," and similar expressions, or future or conditional verbs such as "will," "should," "would," and "could."Although we believe such forward-looking statements are based on reasonable assumptions, we cannot give assurance that every objective will be achieved.Forward-looking statements speak only as of today, and we assume no duty to update them.Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, general economic conditions and the factors discussed under the "Risk Factors" heading in our most recent annual report on Form 10-K and other documents we have filed with, or furnished to, the U.S. Securities and Exchange Commission.

WGL Holdings, Inc.
Consolidated Statements of Income
(Unaudited)
         
  Three Months Ended
    December 31,
(In thousands, except per share data)     2008       2007  
OPERATING REVENUES  
Utility $517,881 $ 461,950
Non-utility     303,607       289,676  
Total Operating Revenues     821,488       751,626  
 
OPERATING EXPENSES
Utility cost of gas 306,784 265,801
Non-utility cost of energy-related sales 292,238 275,543
Operation and maintenance 70,334 68,849
Depreciation and amortization 24,081 24,255
General taxes and other assessments     30,427       27,243  
Total Operating Expenses     723,864       661,691  
 
OPERATING INCOME97,624 89,935
Other Income (Expenses)--Net17 588
Interest Expense
Interest on long-term debt 9,952 9,980
Other--net     2,227       2,757  
Total Interest Expense12,179 12,737
Dividends on Washington Gas preferred stock     330       330  
INCOME BEFORE INCOME TAXES85,132 77,456
INCOME TAX EXPENSE     33,288       30,259  
 
NET INCOME APPLICABLE TO COMMON STOCK   $51,844     $ 47,197  
 
AVERAGE COMMON SHARES OUTSTANDING
Basic 50,022 49,416
Diluted     50,208       49,645  
 
EARNINGS PER AVERAGE COMMON SHARE
Basic $1.04 $ 0.96
Diluted   $1.03     $ 0.95  
 
Net Income (Loss) Applicable To Common Stock--By Segment ($000):
 
Regulated utility   $50,936     $ 44,202  
Non-utility operations:
Retail energy-marketing 450 3,281
Design-build energy systems 832 273
Other activities     (374)     (559 )
Total non-utility     908       2,995  
NET INCOME APPLICABLE TO COMMON STOCK   $51,844     $ 47,197  
WGL Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
         
  December 31,   September 30,
(In thousands)   2008   2008
ASSETS
Property, Plant and Equipment
At original cost $ 3,212,895 $ 3,184,247
Accumulated depreciation and amortization   (993,268)   (975,945)
Net property, plant and equipment   2,219,627   2,208,302
 
Current Assets
Cash and cash equivalents 8,835 6,164
Accounts receivable, net 601,209 250,165
Storage gas--at cost (first-in, first-out) 343,495 406,629
Other   123,415   79,391
Total current assets   1,076,954   742,349
Deferred Charges and Other Assets   342,680   292,892
Total Assets   $ 3,639,261   $ 3,243,543
 
CAPITALIZATION AND LIABILITIES
Capitalization
Common shareholders' equity $ 1,086,223 $ 1,047,564
Washington Gas Light Company preferred stock 28,173 28,173
Long-term debt   657,659   603,738
Total capitalization   1,772,055   1,679,475
 
Current Liabilities
Notes payable and current maturities of long-term debt 415,375 346,949
Accounts payable and other accrued liabilities 331,452 243,123
Other   271,737   158,407
Total current liabilities   1,018,564   748,479
Deferred Credits   848,642   815,589
Total Capitalization and Liabilities   $ 3,639,261   $ 3,243,543
WGL Holdings, Inc.
Consolidated Financial and Operating Statistics
(Unaudited)
   
FINANCIAL STATISTICS                    
Twelve Months Ended
              December 31,  
                2008       2007  
 
Closing Market Price--end of period $32.69 $ 32.76
52-Week Market Price Range $37.08-$22.40 $ 35.91-$29.79
Price Earnings Ratio 13.4 14.7
Annualized Dividends Per Share $1.42 $ 1.37
Dividend Yield 4.3% 4.2 %
Return on Average Common Equity 11.5% 11.2 %
Total Interest Coverage (times)5.1 4.6
Book Value Per Share--end of period $21.68 $ 20.49
Common Shares Outstanding--end of period (thousands)               50,112       49,449  
 
UTILITY GAS STATISTICS                    
Three Months EndedTwelve Months Ended
    December 31,     December 31,  
(In thousands)     2008     2007         2008       2007  
 
Operating Revenues
Gas Sold and Delivered
Residential - Firm $353,925 $ 304,400 $1,053,945 $ 1,010,323
Commercial and Industrial - Firm 96,232 87,669 300,836 286,398
Commercial and Industrial - Interruptible 1,659 2,298 7,939 6,668
Electric Generation     275     267         1,099       1,100  
      452,091     394,634         1,363,819       1,304,489  
Gas Delivered for Others
Firm 40,114 40,395 138,950 136,005
Interruptible 13,323 12,839 46,691 49,073
Electric Generation     75     90         357       326  
      53,512     53,324         185,998       185,404  
505,603 447,958 1,549,817 1,489,893
Other     12,278     13,992         42,557       38,310  
Total   $517,881   $ 461,950       $1,592,374     $ 1,528,203  
                     
Three Months EndedTwelve Months Ended
    December 31,     December 31,  
(In thousands of therms)     2008     2007         2008       2007  
 
Gas Sales and Deliveries
Gas Sold and Delivered
Residential - Firm 228,158 198,982 656,703 664,899
Commercial and Industrial - Firm 67,250 62,633 203,980 208,866
Commercial and Industrial - Interruptible     1,218     1,847         5,914       5,254  
      296,626     263,462         866,597       879,019  
Gas Delivered for Others
Firm 147,707 134,108 447,590 443,435
Interruptible 78,499 74,341 260,784 264,853
Electric Generation     23,463     20,269         95,370       122,108  
      249,669     228,718         803,744       830,396  
Total     546,295     492,180  

 

    1,670,341       1,709,415  
 
WASHINGTON GAS ENERGY SERVICES                    
Natural Gas Sales
Therm Sales (thousands of therms)189,541 196,474 628,105 717,327
 
Number of Customers (end of period)     135,800     140,700         135,800       140,700  
 
Electricity Sales
Electricity Sales (thousands of kWhs)845,311 899,469 3,553,461 3,943,584
 
Number of Accounts (end of period)     63,900     67,100         63,900       67,100  
 
UTILITY GAS PURCHASED EXPENSE
(excluding asset optimization)     106.93 c   98.83   c     107.56   c   100.07 c
 
HEATING DEGREE DAYS                    
Actual 1,527 1,241 3,744 3,888
Normal 1,346 1,356 3,778 3,807
Percent Colder (Warmer) than Normal     13.4%   (8.5 ) %     (0.9) %   2.1 %
 
Average Active Customer Meters     1,059,163     1,051,573         1,058,104       1,049,587  

WGL HOLDINGS, INC.

USE OF NON-GAAP OPERATING EARNINGS (LOSS)

(Unaudited)

The attached reconciliations are provided to clearly identify adjustments made to net income calculated in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP) to derive non-GAAP operating earnings (loss). Management believes non-GAAP operating earnings (loss) provides a more meaningful representation of our earnings from ongoing operations by adjusting for the effects of: (i) warmer-than-normal/colder-than-normal weather for our regulated utility segment; (ii) unrealized mark-to-market gains and losses from energy-related derivatives; (iii) certain gains and losses associated with optimizing the utility segment's system storage capacity assets and (iv) certain unusual transactions. This presentation facilitates analysis by providing a consistent and comparable measure to help management, investors and analysts better understand and evaluate our operating results and performance trends, and assist in analyzing period-to-period comparisons. Additionally, we use this non-GAAP measure to report to the board of directors and to evaluate management's performance.

The economic substance underlying our adjustments to calculate non-GAAP operating earnings (loss) is as follows:

There are limits in using non-GAAP operating earnings (loss) to analyze our results, as they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. In addition, using non-GAAP operating earnings (loss) per share to analyze our earnings may have limited value as it excludes certain items that may have a material impact on our reported financial results. We compensate for these limitations by providing investors with the attached reconciliations to net income, the most directly comparable GAAP financial measure.

WGL HOLDINGS, INC. (Consolidating by Segment)
RECONCILIATION OF GAAP EARNINGS TO
NON-GAAP OPERATING EARNINGS (LOSS)
(Unaudited)
         
Quarter Ended December 31, 2008

(In thousands, except per share data)

  Regulated Utility   Retail Energy-Marketing   Design-Build Energy Systems   Other Activities*   Consolidated
GAAP net income (loss) $ 50,936 $ 450 $ 832 $ (374 ) $ 51,844
Adjusted for (items shown after-tax):
Unrealized mark-to-market loss (gain) on energy-related derivatives (a) (6,293 ) 5,333 - - (960 )
Loss on settled derivatives -- storage optimization (b) 776 - - - 776
Prior period lower-of-cost or market adjustment -- storage optimization (c) (524 ) - - - (524 )
Prior period gain on settled derivatives -- storage optimization (d)     515       -     -     -       515  
Non-GAAP operating earnings (loss)   $ 45,410     $ 5,783   $ 832   $ (374 )   $ 51,651  
GAAP diluted earnings (loss) per average common share (50,208 shares) $ 1.01 $ 0.01 $ 0.02 $ (0.01 ) $ 1.03
Per share effect of non-GAAP adjustments     (0.11 )     0.11     -     -       -  
Non-GAAP operating earnings (loss) per share   $ 0.90     $ 0.12   $ 0.02   $ (0.01 )   $ 1.03  
 
Quarter Ended December 31, 2007
(In thousands, except per share data)   Regulated Utility   Retail Energy-Marketing   Design-Build Energy Systems   Other Activities*   Consolidated
GAAP net income (loss) $ 44,202 $ 3,281 $ 273 $ (559 ) $ 47,197
Adjusted for:
Reversal of costs related to business process outsourcing (e) (1,139 ) - - - (1,139 )
Unrealized mark-to-market loss on energy-related derivatives (a) 1,643 970 - - 2,613
Other regulatory adjustments (f)     (1,242 )     -     -     -       (1,242 )
Non-GAAP operating earnings (loss)   $ 43,464     $ 4,251   $ 273   $ (559 )   $ 47,429  
GAAP diluted earnings (loss) per average common share (49,645 shares) $ 0.89 $ 0.07 $ 0.01 $ (0.02 ) $ 0.95
Per share effect of non-GAAP adjustments     (0.01 )     0.02     -     -       0.01  
Non-GAAP operating earnings (loss) per share   $ 0.88     $ 0.09   $ 0.01   $ (0.02 )   $ 0.96  
* Per share amounts for "Other Activities" may include adjustments for rounding
(Footnote references are described on the following page)
WGL HOLDINGS, INC. (Consolidated by Quarter)
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP OPERATING EARNINGS

(Unaudited)

 
Fiscal Year 2009
    Quarterly Period Ended (g)
(In thousands, except per share data)   Dec. 31   Mar. 31   Jun. 30   Sept. 30   Year-To-Date
GAAP net income   $ 51,844         $ 51,844
Adjusted for (items shown after-tax):
Unrealized mark-to-market gain on energy-related derivatives (a) (960 ) (960 )
Loss on settled derivatives -- storage optimization (b) 776 776
Prior period lower of cost or market adjustment -- storage optimization (c) (524 ) (524 )
Prior period gain on settled derivatives -- storage optimization (d)     515                   515  
Non-GAAP operating earnings   $ 51,651                 $ 51,651  
Diluted average common shares outstanding     50,208                   50,208  
GAAP diluted earnings per average common share   $ 1.03                 $ 1.03  
Per share effect of non-GAAP adjustments     -                   -  
Non-GAAP operating earnings per share   $ 1.03                 $ 1.03  
 
Fiscal Year 2008
    Quarterly Period Ended (g)
(In thousands, except per share data)   Dec. 31  

Mar. 31

  Jun. 30   Sept. 30   Year-To-Date
GAAP net income $ 47,197 $ 47,197
Adjusted for (items shown after-tax):
Reversal of costs related to business process outsourcing (e) (1,139 ) (1,139 )
Unrealized mark-to-market loss on energy-related derivatives (a) 2,613 2,613
Other regulatory adjustments (f)     (1,242 )                 (1,242 )
Non-GAAP operating earnings   $ 47,429                 $ 47,429  
Diluted average common shares outstanding     49,645                   49,645  
GAAP diluted earnings per average common share   $ 0.95                 $ 0.95
Per share effect of non-GAAP adjustments     0.01                   0.01  
Non-GAAP operating earnings per share   $ 0.96                 $ 0.96  

Footnotes

 
(a)   Represents the change in the unrealized mark-to-market positions of our energy-related derivatives that were recorded to income during the period. For the regulated utility segment, to the extent that our unrealized mark-to-market gains and losses are not shared with customers, these amounts are recorded directly to income. All unrealized mark-to-market gains and losses for the retail energy-marketing segment are recorded directly to income.
 
(b) Adjustment relates to the current period settlement of physical and financial derivatives resulting from the optimization of the regulated utility segment's system storage capacity assets.
 
(c) Adjustment removing the effects of a lower of cost or market adjustment to reflect the delivery of gas in storage to end-use customers.
 
(d) Recognition of prior period gains on the settlement of physical and financial derivatives to reflect the delivery of gas in storage to end-use customers. These gains resulted from the optimization of the regulated utility segment's system storage capacity assets.
 
(e) Represents the reversal of expenses that were incurred in prior fiscal years for initial implementation costs allocable to the District of Columbia associated with our business process outsourcing plan. These costs were recorded to a regulatory asset in the first quarter of fiscal year 2008 upon approval of 10-year amortization accounting by the District of Columbia Public Service Commission in a December 28, 2007 Final Order.
 
(f) Represents favorable regulatory adjustments made during the first quarter of fiscal year 2008 applicable to prior fiscal years due to revised treatment for hexane costs in Maryland and certain shared revenues in the District of Columbia.
 
(g) Quarterly earnings per share may not sum to year-to-date or annual earnings per share as quarterly calculations are based on weighted average common and common equivalent shares outstanding, which may vary for each of those periods.
WGL HOLDINGS, INC.
RECONCILIATION OF GAAP EARNINGS GUIDANCE TO
NON-GAAP EARNINGS GUIDANCE
FISCAL YEAR ENDING SEPTEMBER 30, 2009
 
Consolidated        
    Low   High
GAAP Earnings Per Share Guidance Range   $ 2.41   $ 2.53
Adjusted for:
Unrealized mark-to-market gain on energy-related derivatives (a) (0.03 ) (0.03 )
Loss on settled derivatives - storage optimization (b) 0.02 0.02
Prior period lower of cost or market adjustment - storage optimization (c) (0.03 ) (0.03 )
Prior period gain on settled derivatives - storage optimization (d)     0.04       0.04  
Non-GAAP Operating Earnings Per Share Guidance Range   $ 2.41     $ 2.53  
 
 
Regulated Utility Segment        
    Low   High
GAAP Earnings Per Share Guidance Range $ 1.97 $ 2.03
Adjusted for:
Unrealized mark-to-market gain on energy-related derivatives (a) - -
Loss on settled derivatives - storage optimization (b) 0.02 0.02
Prior period lower of cost or market adjustment - storage optimization (c) (0.03 ) (0.03 )
Prior period gain on settled derivatives - storage optimization (d)     0.04       0.04  
Non-GAAP Operating Earnings Per Share Guidance Range   $ 2.00     $ 2.06  
 
 
Unregulated Business Segments        
    Low   High
GAAP Earnings Per Share Guidance Range $ 0.44 $ 0.50
Adjusted for:
Unrealized mark-to-market gain on energy-related derivatives (a)     (0.03 )     (0.03 )
Non-GAAP Operating Earnings Per Share Guidance Range   $ 0.41     $ 0.47  

Footnotes:

 
(a) Represents the estimated reversal of certain of our existing unrealized mark-to-market positions related to our energy derivatives that will be recorded to income during fiscal year 2009. For the regulated utility segment, to the extent that our unrealized mark-to-market gains and losses are not shared with customers, these amounts are recorded directly to income. All unrealized mark-to-market gains and losses for the retail-energy marketing segment are recorded directly to income.
 
(b) Adjustment relates to the current period settlement of physical and financial derivatives resulting from the optimization of the regulated utility segment's system storage capacity assets.
 
(c) Adjustment removing the effects of a lower of cost or market adjustment to reflect the delivery of gas in storage to end-use customers.
 
(d) Recognition of prior period gains on the settlement of physical and financial derivatives to reflect the delivery of gas in storage to end-use customers. These gains resulted from the optimization of the regulated utility segment's system storage capacity assets.

SOURCE: WGL Holdings, Inc.

WGL Holdings, Inc.
Media
Eric Grant, 202-624-6091
or
Financial Community
Robert Dennis, 202-624-6129

Copyright Business Wire 2009

Close window | Back to top