CORNING, N.Y., Feb. 14, 2019 (GLOBE NEWSWIRE) -- Corning Natural Gas Holding Corporation (OTC: CNIG) announced consolidated earnings of $749,794 or $0.23 per share for the quarter ended December 31, 2018. This compares to consolidated earnings of $420,637, or $0.12 per share for the quarter ended December 31, 2017. CEO Mike German stated, “The company continues to see earnings growth due to improved utility revenues and margins. Operating results at both Corning Natural Gas and Pike County Light & Power showed significant improvement compared to the same quarter in 2017.”
Net income for the three months ended December 31, 2018 is not necessarily indicative of expected results for the fiscal year ending September 30, 2019. Quarterly earnings are affected by the highly seasonal nature of the business and weather conditions (temperature variations) impact revenue and margin. Despite unfavorable weather conditions for the quarter ending December 31, 2018 compared to the same quarter in 2017, revenue increased.
Corning Natural Gas Holding Corporation provides natural gas and electric service to customers in New York and Pennsylvania through its operating subsidiaries Corning Natural Gas, Pike County Light & Power, and Leatherstocking Gas Company, a 50% JV with Mirabito Regulated Industries.
From time-to-time, Corning Natural Gas Holding Corporation may produce forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, 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, Corning Natural Gas Holding Corporation notes that a variety of factors could cause actual results and experiences to differ materially from anticipated results or other expectations expressed in any forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements.