ROANOKE, Va., Aug. 11, 2008 (PRIME NEWSWIRE) -- RGC Resources, Inc. (Nasdaq:RGCO) announced consolidated Company earnings of $351,378 or $0.16 per average shares outstanding on continuing and total operations for the quarter ended June 30, 2008. This compares to consolidated earnings of $236,520 or $0.11 per average shares outstanding on continuing operations and consolidated loss of ($223,066) or ($0.10) per average shares outstanding on total operations for the same quarter last year. John Williamson, Chairman, President and CEO, attributed the improvement in earnings on continuing operations to improved natural gas sales margins.
Earnings per share for the twelve months ending June 30, 2008 were $1.86 on continuing operations and $1.85 for total operations compared to $1.83 for continuing operations and $1.87 for total operations for the twelve months ended June 30, 2007.
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 quarter and twelve months are as follows:
RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
Three Months Ended Twelve Months Ended
June 30, June 30,
2008 2007 2008 2007
------------------------ ------------------------
Revenues $20,152,634 $15,131,375 $96,238,089 $90,344,403
Cost of sales 15,097,224 10,184,097 70,670,086 65,389,927
----------- ----------- ----------- -----------
Gross margin 5,055,410 4,947,278 25,568,003 24,954,476
Other operating
expenses 4,004,135 4,111,102 17,030,743 16,812,520
Interest expense 490,756 458,679 2,039,187 1,919,141
----------- ----------- ----------- -----------
Income from
continuing
operations
before income
taxes 560,519 377,497 6,498,073 6,222,815
Income tax
expense from
continuing
operations 209,141 140,977 2,430,617 2,282,097
----------- ----------- ----------- -----------
Net income
from continuing
operations 351,378 236,520 4,067,456 3,940,718
Net income (loss)
from discontinued
operations, net
of income taxes -- (459,586) (17,095) 73,669
----------- ----------- ----------- -----------
Net income (loss) 351,378 (223,066) 4,050,361 4,014,387
Other
comprehensive
income (loss),
net of tax 465,890 300,307 (655,337) (109,460)
----------- ----------- ----------- -----------
Comprehensive
income $ 817,268 $ 77,241 $ 3,395,024 $ 3,904,927
=========== =========== =========== ===========
Basic earnings
per share of
common stock:
Income from
continuing
operations $ 0.16 $ 0.11 $ 1.86 $ 1.83
Discontinued
operations -- (0.21) (0.01) 0.04
----------- ----------- ----------- -----------
Net income (loss)$ 0.16 $ (0.10) $ 1.85 $ 1.87
=========== =========== =========== ===========
Diluted earnings
per share of
common stock:
Income from
continuing
operations $ 0.16 $ 0.11 $ 1.85 $ 1.82
Discontinued
operations -- (0.21) (0.01) 0.04
----------- ----------- ----------- -----------
Net income (loss)$ 0.16 $ (0.10) $ 1.84 $ 1.86
=========== =========== =========== ===========
Cash dividends
per common share $ 0.3125 $ 0.3050 $ 1.2425 $ 1.2150
=========== =========== =========== ===========
Weighted average
number of
common shares
outstanding:
Basic 2,205,733 2,167,655 2,193,397 2,152,169
Diluted 2,215,424 2,167,655 2,203,972 2,162,654
Condensed Consolidated Balance Sheets
(Unaudited)
June 30,
Assets 2008 2007
------------- -------------
Current assets $ 37,650,146 $ 40,644,826
Total property,plant and
equipment, net 74,955,171 72,006,619
Other assets 3,373,391 379,451
------------- -------------
Total Assets $ 115,978,708 $ 113,030,896
============= =============
Liabilities and
Stockholders' Equity
Current liabilities $ 29,844,168 $ 27,394,477
Long-term debt 23,000,000 28,000,000
Deferred credits and
other liabilities 18,260,768 14,000,617
------------- -------------
Total Liabilities 71,104,936 69,395,094
Stockholders' Equity 44,873,772 43,635,802
------------- -------------
Total Liabilities and
Stockholders' Equity $ 115,978,708 $ 113,030,896
============= =============