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RGC Resources, Inc. First Quarter Financial Results

ROANOKE, Va., Feb. 9, 2011 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $1,969,364 or $0.86 per average share outstanding for the quarter ended December 31, 2010. This compares to consolidated earnings of $1,830,280 or $0.82 per average share outstanding for the quarter ended December 31, 2009. President, Chairman and CEO John Williamson attributed the increase in earnings to an increase in gross margins primarily related to higher space heating sales volumes from significantly colder weather in December, and the implementation of a non-gas rate increase.

Earnings for the twelve months ending December 31, 2010 were $4,584,520 or $2.02 per share compared to $2.13 per share for the twelve months ended December 31, 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 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,
  2010 2009 2010 2009
         
Revenues  $ 22,547,759  $ 23,152,910  $ 73,218,763  $ 76,878,188
Cost of sales  14,318,195  15,359,911  46,341,925  50,105,302
Gross margin  8,229,564  7,792,999  26,876,838  26,772,886
Other operating expenses  4,593,016  4,377,304  17,684,257  17,258,771
Interest expense  462,183  464,897  1,832,577  1,851,683
Income before income taxes  3,174,365  2,950,798  7,360,004  7,662,432
Income tax expense  1,205,001  1,120,518  2,775,484  2,912,301
         
Net income   $ 1,969,364  $ 1,830,280  $ 4,584,520  $ 4,750,131
         
Net earnings per share of common stock:      
Basic  $ 0.86  $ 0.82  $ 2.02  $ 2.13
Diluted  $ 0.86  $ 0.81  $ 2.02  $ 2.12
         
Cash dividends per common share  $ 0.3400  $ 0.3300  $ 1.3300  $ 1.2900
         
Weighted average number of common shares outstanding:    
Basic 2,280,207 2,242,404  2,266,659  2,231,272
Diluted 2,285,319 2,249,887  2,272,946  2,238,590
     
     
 Condensed Consolidated Balance Sheets
 (Unaudited)
     
  December 31,
Assets 2010 2009
Current assets  $ 36,625,660  $ 39,324,933
Total property, plant and equipment, net  82,177,598  79,403,402
Other assets  7,542,080  6,107,750
     
Total Assets  $126,345,338  $124,836,085
     
Liabilities and Stockholders' Equity    
Current liabilities  $ 20,863,404  $ 40,582,886
Long-term debt  28,000,000  13,000,000
Deferred credits and other liabilities  29,200,530  24,906,188
Total Liabilities  78,063,934  78,489,074
Stockholders' Equity  48,281,404  46,347,011
     
Total Liabilities and Stockholders' Equity  $126,345,338  $124,836,085
CONTACT: John B. Williamson, III
         President, Chairman and CEO
         540-777-3810

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