I think you are correct. Going over the financial statements this seems like a good business in a very tough industry which needs to consolidate. As you say until the recent storms this has been a warm winter. Judging by the big layoffs over at FGP it has been tough for business.
In a recovered economy and normal winter I bet they can get back to this distribution - at least.
I agree it is probably better to take the hit and make sure they can invest in every short payback efficiency project. The spread between natural gas and propane is a real killer. The call will be very interesting.