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Net loss for the three months ended September 30, 2008 was ($78,171) or ($0.04) per average diluted share outstanding compared to a loss of ($248,944) or ($0.12) per average share outstanding for the quarter ended September 30, 2007. The majority of the Company's sales occur in the winter months and as a result, the Company's third and fourth quarters normally reflect earnings losses. Williamson attributed the lower loss in the fourth quarter of this year primarily to improved gross margins.
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 fourth 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 September 30, September 30, 2008 2007 2008 2007 ------------------------ ------------------------ Revenues $ 9,178,906 $10,780,169 $94,636,826 $89,901,301 Cost of sales 4,342,349 6,289,221 68,723,214 64,679,525 ----------- ----------- ----------- ----------- Gross Margin 4,836,557 4,490,948 25,913,612 25,221,776 Other operating expenses 4,535,390 4,525,169 17,040,964 17,288,255 Interest expense 459,815 465,920 2,033,082 1,931,444 ----------- ----------- ----------- ----------- Income (loss) from continuing operations before income taxes (158,648) (500,141) 6,839,566 6,002,077 Income tax expense (benefit) from continuing operations (80,477) (231,602) 2,581,742 2,236,408 ----------- ----------- ----------- ----------- Income (loss) from continuing operations (78,171) (268,539) 4,257,824 3,765,669 Income (loss) from discontinued operations, net of income taxes -- 19,595 (36,690) 40,540 ----------- ----------- ----------- ----------- Net income (loss) $ (78,171) $ (248,944) $ 4,221,134 $ 3,806,209 =========== =========== =========== =========== Basic earnings per share of common stock: Income (loss) from continuing operations $ (0.04) $ (0.13) $ 1.94 $ 1.74 Discontinued operations -- 0.01 (0.02) 0.02 ----------- ----------- ----------- ----------- Net income (loss) $ (0.04) $ (0.12) $ 1.92 $ 1.76 =========== =========== =========== =========== Diluted earnings per share of common stock: Income (loss) from continuing operations $ (0.04) $ (0.13) $ 1.93 $ 1.73 Discontinued operations -- 0.01 (0.02) 0.02 ----------- ----------- ----------- ----------- Net income (loss) $ (0.04) $ (0.12) $ 1.91 $ 1.75 =========== =========== =========== =========== Cash dividends declared per common share $ 0.3125 $ 0.3050 $ 1.2500 $ 1.2200 =========== =========== =========== =========== Weighted average number of common shares outstanding: Basic 2,201,263 2,162,803 Diluted 2,211,226 2,173,258 Condensed Consolidated Balance Sheets (Unaudited) September 30, Assets 2008 2007 ------------ ------------ Current assets $ 38,411,852 $ 41,460,539 Total property, plant and equipment, net 75,608,072 72,587,269 Other assets 4,107,790 2,284,647 ------------ ------------ Total Assets $118,127,714 $116,332,455 ============ ============ Liabilities and Stockholders' Equity Current liabilities $ 31,615,687 $ 32,999,174 Long-term debt 23,000,000 23,000,000 Deferred credits and other liabilities 19,788,969 17,968,048 ------------ ------------ Total Liabilities 74,404,656 73,967,222 Stockholders' Equity 43,723,058 42,365,233 ------------ ------------ Total Liabilities and Stockholders' Equity $118,127,714 $116,332,455 ============ ============
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: RGC Resources Inc.
RGC Resources, Inc. John B. Williamson, III, President, Chairman and CEO 540-777-3810
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