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RGC Resources, Inc. First Quarter Financial Results

Stocks in this article: RGCO

ROANOKE, Va., Feb. 5, 2013 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $1,554,153 or $0.33 per average share outstanding for the quarter ended December 31, 2012. This compares to consolidated earnings of $1,834,912 or $0.40 per average share outstanding for the quarter ended December 31, 2011. President and CEO John Williamson attributed the decrease in earnings to a decrease in gross margins and higher operating expenses.

Earnings for the twelve months ending December 31, 2012 were $4,015,986 or $0.86 per share compared to $4,519,021 or $0.98 per share for the twelve months ended December 31, 2011. Williamson attributed the decrease in earnings to significantly warmer weather reducing heating sales volumes and higher operating expenses.

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.

Net income for the three months ended December 31, 2012 are not indicative of the results to be expected for the fiscal year ending September 30, 2013 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months. Past performance is not necessarily a predictor of future results.

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,
  2012 2011 2012 2011
         
Revenues  $ 18,746,592  $ 18,499,176  $ 59,047,103  $ 66,750,288
Cost of sales  10,810,109  10,369,549  32,307,150  39,580,659
Gross margin  7,936,483  8,129,627  26,739,953  27,169,629
Other operating expenses  4,969,350  4,710,783  18,425,085  18,054,037
Interest expense  459,461  458,999  1,831,347  1,829,528
Income before income taxes  2,507,672  2,959,845  6,483,521  7,286,064
Income tax expense  953,519  1,124,933  2,467,535  2,767,043
         
Net income   $ 1,554,153  $ 1,834,912  $ 4,015,986  $ 4,519,021
         
Net earnings per share of common stock:        
 Basic  $ 0.33  $ 0.40  $ 0.86  $ 0.98
 Diluted  $ 0.33  $ 0.40  $ 0.86  $ 0.98
         
Cash dividends per common share  $ 1.1800  $ 0.1750  $ 1.7050  $ 0.6850
         
Weighted average number of common shares outstanding:      
 Basic 4,677,841 4,630,166  4,659,422  4,610,295
 Diluted 4,677,841 4,635,654  4,661,565  4,617,162
         
         
         
 Condensed Consolidated Balance Sheets  
 (Unaudited)  
         
    December 31,  
Assets   2012 2011  
Current assets    $ 27,855,754  $ 33,339,618  
Total property, plant and equipment, net    91,984,682  86,758,618  
Other assets    8,650,084  7,750,810  
         
 Total Assets    $ 128,490,520  $ 127,849,046  
         
Liabilities and Stockholders' Equity        
Current liabilities    $ 31,273,411  $ 31,303,768  
Long-term debt    13,000,000  13,000,000  
Deferred credits and other liabilities    36,783,200  33,454,304  
 Total Liabilities    81,056,611  77,758,072  
Stockholders' Equity    47,433,909  50,090,974  
         
 Total Liabilities and Stockholders' Equity    $ 128,490,520  $ 127,849,046  
         
CONTACT: John B. Williamson, III
         President and CEO
         Telephone: 540-777-3810

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