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RGC Resources, Inc. Third Quarter Financial Results

Stocks in this article: RGCO

ROANOKE, Va., July 31, 2013 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $110,103 or $0.02 per average share outstanding for the quarter ended June 30, 2013. This compares to consolidated earnings of $52,298 or $0.01 per average share outstanding for the quarter ended June 30, 2012. CFO Paul Nester attributed the slight increase in earnings to higher gross margins from space heating sales volumes as a result of a cooler spring season.

Earnings for the twelve months ending June 30, 2013 were $4,289,191 or $0.91 per share compared to $0.94 per share for the twelve months ended June 30, 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 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,
  2013 2012 2013 2012
         
Revenues  $ 11,037,308  $ 9,679,742  $ 63,290,080  $ 59,540,203
Cost of sales  5,808,281  4,704,364  35,829,273  32,543,027
Gross margin  5,229,027  4,975,378  27,460,807  26,997,176
Other operating expenses, net  4,594,868  4,427,862  18,707,954  18,148,138
Interest expense  456,103  456,313  1,829,280  1,829,952
Income before income taxes  178,056  91,203  6,923,573  7,019,086
Income tax expense  67,953  38,905  2,634,382  2,668,891
         
Net income   $ 110,103  $ 52,298  $ 4,289,191  $ 4,350,195
         
Net earnings per share of common stock:        
 Basic  $ 0.02  $ 0.01  $ 0.91  $ 0.94
 Diluted  $ 0.02  $ 0.01  $ 0.91  $ 0.94
         
Cash dividends per common share  $ 0.180  $ 0.175  $ 1.715  $ 0.695
         
Weighted average number of common shares outstanding:      
 Basic 4,706,721 4,654,311  4,688,074  4,636,265
 Diluted 4,708,320 4,656,883  4,688,252  4,640,961
 
 Condensed Consolidated Balance Sheets
 (Unaudited)
     
  June 30,
Assets 2013 2012
Current assets  $ 27,576,118  $ 31,846,628
Total property, plant and equipment, net  95,076,542  89,437,962
Other assets  8,587,436  7,641,938
     
 Total Assets  $ 131,240,096  $ 128,926,528
     
Liabilities and Stockholders' Equity    
Current liabilities  $ 31,032,697  $ 30,055,364
Long-term debt  13,000,000  13,000,000
Deferred credits and other liabilities  38,042,635  34,265,206
 Total Liabilities  82,075,332  77,320,570
Stockholders' Equity  49,164,764  51,605,958
     
 Total Liabilities and Stockholders' Equity  $ 131,240,096  $ 128,926,528
CONTACT: Paul W. Nester
         Vice President and CFO
         Telephone: 540-777-3837

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