| WGL Holdings Inc. |
101 Constitution Ave. NW
Washington, D.C. 20080
Year founded: 1848
Revenue: $2.06 Billion
Net Income/Loss: $112.34 Million
Earnings per share: $2.30
Stockholder equity: $818.22 Million
Auditor: Deloitte & Touche LLP
Assets: $2.44 Billion
Market capitalization: $1.38 Billion
52-week high: 30.39 4/2/2004
52-week low: 25.21 7/29/2003
Chairman and CEO: James H. DeGraffenreidt Jr.
President and COO: Terry D. McCallister
Local employees: 2078
Description: WGL Holdings is the parent company of Washington Gas Light, a 156-year-old regulated utility that serves more than 980,000 residential, commercial and industrial natural gas customers in Washington, Maryland and Virginia. WGL Holdings also owns unregulated subsidiaries: Washington Gas Energy Services, which sells natural gas and electricity; and Washington Gas Energy Systems, which provides heating, ventilating and air-conditioning products and services.
Developments: It was a year of gains for WGL Holdings. The utility signed up 26,167 customers during the last fiscal year, which ended Sept. 30. Even the weather conspired to help improve its bottom line. It was 20 percent colder last year than in normal years based on historical average temperatures. That was a reversal from 2002, when the region's weather was 13 percent warmer than usual. With the colder weather last year, demand for gas rose. Utility revenue for the fiscal year rose 40 percent to $1.3 billion. Rate increases in Maryland, Virginia and the District also boosted revenue. WGL trimmed costs by reducing capital spending last year by $33 million. In another cost-conscious move, the utility moved its headquarters in the fall. Rather than pay for a costly renovation of its older building at 1100 H St. NW, WGL moved to more modern digs, leasing the second and third floors of an office building on Constitution Avenue NW. It sold its old headquarters for $16.3 million before related expenses. Early this year, WGL also sold its interest in two others buildings in the District, which generated $6 million in after-tax earnings in the second quarter of this fiscal year.
© 2004 The Washington Post Company