ROANOKE, Va., Feb. 01, 2016 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (NASDAQ:RGCO) announced consolidated Company earnings of $1,922,790 or $0.40 per average share outstanding for the quarter ended December 31, 2015. This compares to consolidated earnings of $1,924,376 or $0.41 per average share outstanding for the quarter ended December 31, 2014. CFO Paul Nester attributed the essentially flat earnings to slightly improved utility margins offset by higher depreciation.
Earnings for the twelve months ending December 31, 2015 were $5,092,829 or $1.08 per share compared to $4,910,028 or $1.04 per share for the twelve months ended December 31, 2014. Nester attributed the increase in earnings to improved utility margins, customer growth and lower interest expense.
RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company, RGC Midstream, LLC 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, 2015 is not indicative of the results to be expected for the fiscal year ending September 30, 2016 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|
|Three Months Ended||Twelve Months Ended|
|December 31,||December 31,|
|Cost of sales||7,271,940||12,627,922||32,627,192||46,498,765|
|Other operating expenses, net||5,222,400||5,113,670||20,537,767||20,020,297|
|Income before income taxes||3,107,360||3,111,406||8,260,931||7,976,328|
|Income tax expense||1,184,570||1,187,030||3,168,102||3,066,300|
|Net earnings per share of common stock:|
|Cash dividends per common share||$||0.2025||$||0.1925||$||0.7800||$||0.7475|
|Weighted average number of common shares outstanding:|
|Condensed Consolidated Balance Sheets|
|Total property, plant and equipment, net||121,308,922||111,919,607|
|Liabilities and Stockholders’ Equity|
|Deferred credits and other liabilities||41,371,592||36,496,227|
|Total Liabilities and Stockholders’ Equity||$||154,904,655||$||146,854,444|
Contact: Paul W. Nester Vice President and CFO Telephone: 540-777-3837
Source:RGC Resources, Inc.