RGC Resources, Inc. Reports Third Quarter Earnings

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ROANOKE, Va. , July 31, 2019 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (NASDAQ:  RGCO) announced consolidated Company earnings of $1,138,555 or $0.14 per share for the quarter ended June 30, 2019.  This compares to earnings of $1,087,355 or $0.14 per share for the quarter ended June 30, 2018.  CEO John D'Orazio stated, "We continue to see earnings growth from improved utility margins associated with the company's infrastructure replacement programs, implementation of the new non-gas rates, customer growth, and the investment in Mountain Valley Pipeline."  

Earnings for the twelve months ending June 30, 2019 were $8,927,266 or $1.11 per share compared to $0.91 per share for the twelve months ended June 30, 2018.  D'Orazio attributed the increase in trailing twelve-month earnings per share primarily to improved utility margins associated with the Company's infrastructure replacement programs, implementation of the new non-gas rates, customer growth, and the investment in the MVP.

RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.

From time to time, the Company may publish forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities and similar matters.  The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements.  In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements.

Net income for the three months ended June 30, 2019 is not indicative of the results to be expected for the fiscal year ending September 30, 2019 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months.  Past performance is not necessarily a predictor of future results.

Summary financial statements for the third quarter and twelve months are as follows:

Release Date: July 31, 2019
Contact:Paul W. Nester
 Vice President and CFO 
Telephone:540-777-3837


 
RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
         
  Three Months Ended Twelve Months Ended
  June 30, June 30,
  2019 2018 2019 2018
         
Revenues $  11,682,950  $  11,889,570 $  68,145,798 $  65,736,042 
Operating expenses    10,045,893     10,053,980    56,326,695    54,081,653 
Operating Income    1,637,057     1,835,590    11,819,103    11,654,389 
Equity in earnings of MVP    777,193     245,075    2,391,549    717,254 
Other income (expense), net    (5,967)    36,857    393,190    (147,723)
Interest expense    925,698     583,592    3,267,271    2,346,376 
Income before income taxes    1,482,585     1,533,930    11,336,571    9,877,544 
Income tax expense    344,030     446,575    2,409,305    3,104,912 
         
Net income  $  1,138,555  $  1,087,355 $  8,927,266 $  6,772,632 
         
Net earnings per share of common stock:       
Basic $  0.14  $  0.14 $  1.11 $  0.91 
Diluted $  0.14  $  0.14 $  1.11 $  0.90 
         
Cash dividends per common share$  0.1650  $  0.1550 $  0.6500 $  0.6100 
         
Weighted average number of common shares outstanding:      
Basic  8,051,944   7,982,354    8,019,728    7,459,005 
Diluted  8,088,270   8,031,052    8,063,073    7,505,921 
         
 
  Condensed Consolidated Balance Sheets 
  (Unaudited) 
 
  June 30, 
Assets  2019  2018 
Current assets $  13,256,420 $  13,143,064 
Total property, plant and equipment, net    177,816,330    161,105,263 
Other assets    53,350,288    34,507,400 
      
Total Assets $  244,423,038 $  208,755,727 
 
Liabilities and Stockholders' Equity 
Current liabilities $  23,546,484 $  24,554,669 
Long-term debt, net    90,470,806    57,054,224 
Deferred credits and other liabilities    45,668,813    47,716,465 
Total Liabilities    159,686,103    129,325,358 
Stockholders' Equity    84,736,935    79,430,369 
      
Total Liabilities and Stockholders' Equity $  244,423,038 $  208,755,727 
        

 


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