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Marketwired
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RGC Resources, Inc. Reports First Quarter Earnings

February 04, 2019 | About:

ROANOKE, Va., Feb. 04, 2019 (GLOBE NEWSWIRE) -- RGC Resources, Inc. ( RGCO) announced consolidated Company earnings of $2,434,162 or $0.30 per share for the quarter ended December 31, 2018. This compares to consolidated earnings of $2,059,462 or $0.28 per share for the quarter ended December 31, 2017. CEO John D’Orazio stated, “We continue to see earnings growth from improved utility margins associated with the Company’s infrastructure replacement programs and customer growth as well as the investment in Mountain Valley Pipeline.”

Earnings for the twelve months ending December 31, 2018 were $7,671,905 or $0.98 per share compared to $6,060,109 or $0.84 per share for the twelve months ended December 31, 2017. D’Orazio attributed the increase in trailing twelve-month net income to improved utility margins associated with infrastructure replacement programs, increased gas volumes attributed to 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 December 31, 2018 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 first quarter and twelve months are as follows:

RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)

Three months ended December 31,
Twelve months ended December 31,
2018 2017 2018 2017
Revenues$ 21,216,747 $ 18,756,051 $ 67,995,432 $ 62,264,336
Operating expenses 17,952,525 15,111,560 56,905,194 50,540,988
Operating income 3,264,222 3,644,491 11,090,238 11,723,348
Equity in earnings of MVP 563,049 148,811 1,352,769 485,917
Other income (expense), net 125,886 14,501 356,253 (509,056)
Interest expense 816,782 612,645 2,665,702 2,071,378
Income before income taxes 3,136,375 3,195,158 10,133,558 9,628,831
Income tax expense 702,213 1,135,696 2,461,653 3,568,722
Net income$ 2,434,162 $ 2,059,462 $ 7,671,905 $ 6,060,109
Net earnings per share of common stock:
Basic$ 0.30 $ 0.28 $ 0.98 $ 0.84
Diluted$ 0.30 $ 0.28 $ 0.97 $ 0.83
Cash dividends per common share$ 0.1650 $ 0.1550 $ 0.6300 $ 0.5900
Weighted average number of common shares outstanding:
Basic 8,003,736 7,248,094 7,839,488 7,232,171
Diluted 8,051,997 7,296,180 7,886,296 7,276,772

Condensed Consolidated Balance Sheets
(Unaudited)

December 31,
Assets2018 2017
Current assets$ 22,329,735 $ 21,881,630
Total property, plant and equipment, net 170,032,053 151,909,137
Other assets 42,341,003 22,490,552
Total Assets$ 234,702,791 $ 196,281,319
Liabilities and Stockholders’ Equity
Current liabilities$ 19,416,078 $ 17,876,580
Long-term debt, net 89,119,411 69,793,783
Deferred credits and other liabilities 45,207,562 47,309,921
Total Liabilities 153,743,051 134,980,284
Stockholders’ Equity 80,959,740 61,301,035
Total Liabilities and Stockholders’ Equity$ 234,702,791 $ 196,281,319


Contact: Paul W. Nester
Vice President and CFO
Telephone: 540-777-3837
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