This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

RGC Resources, Inc. Annual And Fourth Quarter Financial Results

ROANOKE, Va., Nov. 17, 2010 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $4,445,436 or $1.97 per average share outstanding for the fiscal year ended September 30, 2010. This compares to consolidated earnings of $4,869,010 or $2.19 per average share outstanding for the year ended September 30, 2009. President, Chairman and CEO John Williamson attributed the decline in earnings to lower margins on lower natural gas prices.

The Company had a net loss of $151,328 or $0.07 per average share outstanding compared to a gain of $138,764 or $0.06 per average share outstanding for the quarter ended September 30, 2009. 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 net losses. Williamson attributed the positive earnings in the fourth quarter of the prior year to reduced depreciation expense as a result of updated depreciation rates applied to natural gas distribution facilities, with the full annual effect of the rate change recognized in the fourth quarter last year.

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
  Three Months Ended September 30, Twelve Months Ended September 30,
  2010 2009 2010 2009
Revenues  $ 8,696,382  $ 8,731,787  $ 73,823,914  $ 82,184,473
Cost of sales  4,129,510  4,099,333  47,383,641  55,108,549
Gross margin  4,566,872  4,632,454  26,440,273  27,075,924
Other operating expenses, net  4,380,251  3,938,286  17,468,545  17,301,499
Interest expense  458,972  463,413  1,835,291  1,918,106
Income (loss) before income taxes  (272,351)  230,755  7,136,437  7,856,319
Income tax expense (benefit)  (121,023)  91,991  2,691,001  2,987,309
Net income (loss)  $ (151,328)  $ 138,764  $ 4,445,436  $ 4,869,010
Net earnings per share of common stock:        
Basic  $ (0.07)  $ 0.06  $ 1.97  $ 2.19
Diluted  $ (0.07)  $ 0.06  $ 1.96  $ 2.18
Cash dividends per common share  $ 0.33  $ 0.32  $ 1.32  $ 1.28
Weighted average number of common shares outstanding:        
Basic 2,271,031 2,235,878 2,257,131 2,223,727
Diluted 2,271,031 2,242,861 2,264,080 2,231,040
Condensed Consolidated Balance Sheets
  September 30,
Assets 2010 2009
Current assets  $ 31,654,990  $ 34,117,578
Total property, plant and equipment, net  81,455,391  78,509,170
Other assets  7,572,935  6,175,144
Total Assets  $120,683,316  $118,801,892
Liabilities and Stockholders' Equity    
Current liabilities  $ 17,854,008  $ 21,294,542
Long-term debt  28,000,000  28,000,000
Deferred credits and other liabilities  28,519,561  24,707,479
Total Liabilities  74,373,569  74,002,021
Stockholders' Equity  46,309,747  44,799,871
Total Liabilities and Stockholders' Equity                        $120,683,316  $118,801,892
CONTACT:  RGC Resources, Inc.
          John B. Williamson, III, President, Chairman and CEO

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs