Discontinued Operations

3 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On April 1, 2013, we completed the sale of substantially all of our natural gas distribution assets and certain related nonregulated assets located in Georgia to Liberty Energy (Georgia) Corp., an affiliate of Algonquin Power & Utilities Corp. for a cash price of approximately $153 million. In connection with the sale, we recognized a net of tax gain of $5.3 million.

For the three months ended December 31, 2012, net income from discontinued operations includes the operating results of our Georgia operations. As required under generally accepted accounting principles, the operating results from our discontinued Georgia operations have been aggregated and reported on the condensed consolidated statements of income as income from discontinued operations, net of income tax. Expenses related to general corporate overhead and interest expense allocated to their operations are not included in discontinued operations.

The table below sets forth statement of income data related to discontinued operations. At December 31, 2013 and September 30, 2013 we did not have any assets or liabilities held for sale.

	Three Months Ended   December 31
	2013		2012
	(In thousands)
Operating revenues	$	—	$	16,284
Purchased gas cost	—		8,967
Gross profit	—		7,317
Operating expenses	—		2,820
Operating income	—		4,497
Other nonoperating income	—		348
Income from discontinued operations before income taxes	—		4,845
Income tax expense	—		1,728
Net income from discontinued operations	$	—	$	3,117