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RGC Resources, Inc. Annual and Fourth Quarter Financial Results

Thursday, November 15, 2012 10:00 AM


ROANOKE, Va., Nov. 15, 2012 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $4,296,745 or $0.92 per average share outstanding for the fiscal year ended September 30, 2012. This compares to consolidated earnings of $4,653,473 or $1.01 per average share outstanding for the year ended September 30, 2011. President, Chairman and CEO John Williamson attributed the lower earnings to a reduction in gross margin from lower space heating sales volumes as a result of a significantly warmer winter season.

The Company had a net loss of $73,772 or $0.02 per average share outstanding for the quarter ended September 30, 2012 compared to a loss of $20,322 or less than one half cent per average share outstanding for the corresponding quarter ended September 30, 2011. The majority of the Company's sales occur in the winter months and as a result, the Company's third and fourth quarters normally reflect minor net losses. Williamson attributed the slight decline in the current quarter to increased depreciation expense associated with the Company's pipeline replacement program.

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 fourth quarter and twelve months are as follows:

         
RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
         
  Three Months Ended Twelve Months Ended
  September 30, September 30,
  2012 2011 2012 2011
         
Revenues  $ 9,330,542  $ 10,071,058  $ 58,799,687  $ 70,798,871
Cost of sales  4,620,972  5,297,409  31,866,590  43,529,305
Gross margin  4,709,570  4,773,649  26,933,097  27,269,566
Other operating expenses, net  4,370,782  4,352,402  18,166,518  17,936,270
Interest expense  458,863  457,930  1,830,885  1,832,712
Income (loss) before income taxes  (120,075)  (36,683)  6,935,694  7,500,584
Income tax expense (benefit)  (46,303)  (16,361)  2,638,949  2,847,111
         
Net income (loss)  $ (73,772)  $ (20,322)  $ 4,296,745  $ 4,653,473
         
Net earnings per share of common stock:        
Basic  $ (0.02)  $ --   $ 0.92  $ 1.01
Diluted  $ (0.02)  $ --   $ 0.92  $ 1.01
         
Cash dividends per common share  $ 0.175  $ 0.170  $ 0.700  $ 0.680
         
Weighted average number of common shares outstanding:        
Basic 4,666,370 4,621,919 4,647,439 4,592,713
Diluted 4,666,370 4,621,919 4,650,949 4,600,792
         
     
Condensed Consolidated Balance Sheets
(Unaudited)
     
  September 30,
Assets 2012 2011
Current assets  $ 30,247,314  $ 31,004,245
Total property, plant and equipment, net  90,830,092  85,722,456
Other assets  8,678,932  8,822,348
     
Total Assets  $ 129,756,338  $ 125,549,049
     
Liabilities and Stockholders' Equity    
Current liabilities  $ 29,542,395  $ 31,027,444
Long-term debt  13,000,000  13,000,000
Deferred credits and other liabilities  36,531,013  32,735,827
Total Liabilities  79,073,408  76,763,271
Stockholders' Equity  50,682,930  48,785,778
     
Total Liabilities and Stockholders' Equity  $ 129,756,338  $ 125,549,049
     
CONTACT: John B. Williamson, III
         President, Chairman and CEO
         Telephone: 540-777-3810

(Source: PrimeZone )
(Source: Quotemedia)

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