(Source: PrimeNewswire)
ROANOKE, Va., May 12, 2009 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $2,643,693 or $1.19 per average share outstanding for the quarter ended March 31, 2009. This compares to consolidated earnings of $2,418,609 or $1.10 per average share outstanding for the quarter ended March 31, 2008. President, Chairman and CEO John Williamson attributed the increase in earnings to improved gross margins.
Earnings per share for the twelve months ending March 31, 2009 were $4,866,059 or $2.20 per share compared to $1.59 per share for the twelve months ended March 31, 2008. Earnings for the twelve months ended March 31, 2009 were positively impacted by improved margins and the absence of losses associated with the Company's formerly owned Bluefield Gas Company operations.
RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company, Diversified Energy Company and RGC Ventures of Virginia, Inc.
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.
Summary financial statements for the second quarter and twelve months are as follows:
RGC Resources, Inc. and Subsidiaries Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) Three Months Ended Twelve Months Ended March 31, March 31, 2009 2008 2009 2008 ----------------------- ----------------------- Revenues $34,286,502 $39,564,378 $92,077,237 $91,216,830 Cost of sales 24,954,183 30,911,562 64,756,914 65,756,959 ----------- ----------- ----------- ----------- Gross margin 9,332,319 8,652,816 27,320,323 25,459,871 Other operating expenses 4,605,348 4,221,079 17,564,905 17,137,710 Interest expense 462,910 518,029 1,944,801 2,007,110 ----------- ----------- ----------- ----------- Income from continuing operations before income taxes 4,264,061 3,913,708 7,810,617 6,315,051 Income tax expense from continuing operations 1,620,368 1,495,099 2,944,558 2,362,453 ----------- ----------- ----------- ----------- Net income from continuing operations 2,643,693 2,418,609 4,866,059 3,952,598 Net loss from discontinued operations, net of income taxes -- -- -- (476,681) ----------- ----------- ----------- ----------- Net income $ 2,643,693 $ 2,418,609 $ 4,866,059 $ 3,475,917 =========== =========== =========== =========== Basic earnings per share of common stock: Income from continuing operations $ 1.19 $ 1.10 $ 2.20 $ 1.81 Discontinued operations -- -- -- (0.22) ----------- ----------- ----------- ----------- Net income $ 1.19 $ 1.10 $ 2.20 $ 1.59 =========== =========== =========== =========== Diluted earnings per share of common stock: Income from continuing operations $ 1.19 $ 1.10 $ 2.19 $ 1.80 Discontinued operations -- -- -- (0.22) ----------- ----------- ----------- ----------- Net income $ 1.19 $ 1.10 $ 2.19 $ 1.58 =========== =========== =========== =========== Cash dividends per common share $ 0.3200 $ 0.3125 $ 1.2650 $ 1.2350 =========== =========== =========== =========== Weighted average number of common shares outstanding: Basic 2,219,068 2,198,624 2,211,594 2,183,930 Diluted 2,226,156 2,208,143 2,220,233 2,194,532 Condensed Consolidated Balance Sheets (Unaudited) March 31, 2009 2008 Assets ------------ ------------ Current assets $ 37,284,664 $ 38,213,104 Total property, plant and equipment, net 76,456,297 74,118,513 Other assets 3,976,337 3,474,118 ------------ ------------ Total Assets $117,717,298 $115,805,735 ============ ============ Liabilities and Stockholders' Equity Current liabilities $ 23,455,841 $ 30,212,434 Long-term debt 28,000,000 23,000,000 Deferred credits and other liabilities 20,492,567 18,027,180 ------------ ------------ Total Liabilities 71,948,408 71,239,614 Stockholders' Equity 45,768,890 44,566,121 ------------ ------------ Total Liabilities and Stockholders' Equity $117,717,298 $115,805,735 ============ ============
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CONTACT: RGC Resources, Inc. John B. Williamson, III, President, Chairman and CEO 540-777-3810
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