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RGC Resources, Inc. Second Quarter Financial Results

Stocks in this article: RGCO

ROANOKE, Va., May 9, 2013 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $2,698,707 or $0.57 per average share outstanding for the quarter ended March 31, 2013. This compares to consolidated earnings of $2,483,307 or $0.54 per average share outstanding for the quarter ended March 31, 2012. CFO Paul Nester attributed the increase in earnings to higher gross margins from space heating sales volumes as a result of a cooler winter season.

Earnings for the twelve months ending March 31, 2013 were $4,231,386 or $0.91 per share compared to $0.97 per share for the twelve months ended March 31, 2012. Nester attributed the lower year-over-year earnings primarily to the effect of higher depreciation and property tax expenses 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 second quarter and twelve months are as follows:

 
RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
         
  Three Months Ended Twelve Months Ended
  March 31, March 31,
  2013 2012 2013 2012
         
Revenues  $ 24,175,638  $ 21,290,227  $ 61,932,514  $ 60,967,946
Cost of sales  14,589,911  12,171,705  34,725,356  33,881,161
Gross margin  9,585,727  9,118,522  27,207,158  27,086,785
Other operating expenses, net  4,772,954  4,657,091  18,540,948  18,030,722
Interest expense  454,853  456,710  1,829,490  1,829,953
Income before income taxes  4,357,920  4,004,721  6,836,720  7,226,110
Income tax expense  1,659,213  1,521,414  2,605,334  2,743,596
         
Net income   $ 2,698,707  $ 2,483,307  $ 4,231,386  $ 4,482,514
         
Net earnings per share of common stock:        
Basic  $ 0.57  $ 0.54  $ 0.91  $ 0.97
Diluted  $ 0.57  $ 0.53  $ 0.90  $ 0.97
         
Cash dividends per common share  $ 0.180  $ 0.175  $ 1.710  $ 0.690
         
Weighted average number of common shares outstanding:        
Basic 4,701,866 4,638,889  4,675,007  4,623,863
Diluted 4,701,866 4,644,251  4,675,834  4,629,861
         
         
         
 Condensed Consolidated Balance Sheets
 (Unaudited)
         
    March 31,  
Assets   2013 2012  
Current assets    $ 34,247,587  $ 35,344,882  
Total property, plant and equipment, net    93,418,946  87,865,291  
Other assets    8,628,729  7,658,663  
         
Total Assets    $ 136,295,262  $ 130,868,836  
         
Liabilities and Stockholders' Equity        
Current liabilities    $ 36,162,654  $ 31,562,630  
Long-term debt    13,000,000  13,000,000  
Deferred credits and other liabilities    37,571,637  34,250,524  
Total Liabilities    86,734,291  78,813,154  
Stockholders' Equity    49,560,971  52,055,682  
         
Total Liabilities and Stockholders' Equity    $ 136,295,262  $ 130,868,836  
 
CONTACT: Paul W. Nester
         Vice President and CFO
         Telephone: 540-777-3837

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