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RGC Resources, Inc. Announces Third Quarter Financial Results

ROANOKE, Va., Aug. 12, 2010 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $13,466 or $0.01 per average share outstanding for the quarter ended June 30, 2010. This compares to consolidated earnings of $137,394 or $0.06 per average share outstanding for the quarter ended June 30, 2009. President, Chairman and CEO John Williamson attributed the decrease in earnings to a decline in gross margins primarily related to lower space heating sales volumes from significantly warmer weather in April and May.

Earnings per share for the twelve months ending June 30, 2010 were $4,735,528 or $2.11 per share compared to $2.10 per share for the twelve months ended June 30, 2009.

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 third quarter and twelve months are as follows:

RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
         
     
  Three Months Ended June 30, Twelve Months Ended June 30,
  2010 2009 2010 2009
         
Revenues  $ 10,334,301  $ 10,706,989  $ 73,859,319  $ 82,631,592
Cost of sales  5,622,992  5,691,875  47,353,464  55,351,565
Gross margin  4,711,309  5,015,114  26,505,855  27,280,027
Other operating expenses, net  4,236,502  4,337,833  17,026,580  17,898,603
Interest expense  455,551  460,463  1,839,732  1,914,508
Income before income taxes  19,256  216,818  7,639,543  7,466,916
Income tax expense  5,790  79,424  2,904,015  2,814,841
         
Net income   $ 13,466  $ 137,394  $ 4,735,528  $ 4,652,075
         
Net earnings per share of common stock:        
Basic  $ 0.01  $ 0.06  $ 2.11  $ 2.10
Diluted  $ 0.01  $ 0.06  $ 2.10  $ 2.09
         
Cash dividends per common share  $ 0.33  $ 0.32  $ 1.310  $ 1.2725
         
Weighted average number of common shares outstanding:        
Basic 2,263,119 2,227,469  2,248,271  2,217,004
Diluted 2,269,503 2,234,748  2,255,568  2,225,034
Condensed Consolidated Balance Sheets
(Unaudited)
     
  June 30,
Assets 2010 2009
Current assets  $ 33,646,959  $ 35,435,671
Total property, plant and equipment, net  80,823,976  77,067,348
Other assets  5,904,387  3,879,136
     
Total Assets  $ 120,375,322  $ 116,382,155
     
Liabilities and Stockholders' Equity    
Current liabilities  $ 34,131,812  $ 21,631,337
Long-term debt  13,000,000  28,000,000
Deferred credits and other liabilities  25,588,038  20,686,723
Total Liabilities  72,719,850  70,318,060
Stockholders' Equity  47,655,472  46,064,095
     
Total Liabilities and Stockholders' Equity  $ 120,375,322  $ 116,382,155
CONTACT:  RGC Resources, Inc.
          John B. Williamson, III, President, Chairman and CEO
          540-777-3810

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