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Earnings per share for the twelve months ending December 31, 2008 were $4,640,975 or $2.10 per share compared to $1.68 per share for the twelve months ended December 31, 2007. Earnings for the twelve months ended December 31, 2008 were positively impacted by improved margins, higher sales volumes, and the absence of losses associated with the Company's formerly owned Bluefield Gas Company operations.
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 first quarter and twelve months are as follows:
RGC Resources, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2008 2007 2008 2007 ------------------------ ------------------------ Revenues $28,459,195 $25,740,908 $97,355,113 $89,224,565 Cost of sales 20,363,158 18,372,079 70,714,293 63,877,394 ----------- ----------- ----------- ----------- Gross margin 8,096,037 7,368,829 26,640,820 25,347,171 Other operating expenses 4,420,032 4,280,360 17,180,636 17,288,886 Interest expense 531,320 564,482 1,999,920 1,970,456 ----------- ----------- ----------- ----------- Income from continuing operations before income taxes 3,144,685 2,523,987 7,460,264 6,087,829 Income tax expense from continuing operations 1,195,526 957,979 2,819,289 2,267,805 ----------- ----------- ----------- ----------- Net income from continuing operations 1,949,159 1,566,008 4,640,975 3,820,024 Net loss from discontinued operations, net of income taxes -- (36,690) -- (170,012) ----------- ----------- ----------- ----------- Net income 1,949,159 1,529,318 4,640,975 3,650,012 =========== =========== =========== =========== Basic earnings per share of common stock: Income from continuing operations $ 0.88 $ 0.72 $ 2.10 $ 1.76 Discontinued operations -- (0.02) -- (0.08) ----------- ----------- ----------- ----------- Net income $ 0.88 $ 0.70 $ 2.10 $ 1.68 =========== =========== =========== =========== Diluted earnings per share of common stock: Income from continuing operations $ 0.88 $ 0.71 $ 2.09 $ 1.75 Discontinued operations -- (0.02) -- (0.08) ----------- ----------- ----------- ----------- Net income $ 0.88 $ 0.69 $ 2.09 $ 1.67 =========== =========== =========== =========== Cash dividends per common share $ 0.3200 $ 0.3125 $ 1.2575 $ 1.2275 =========== =========== =========== =========== Weighted average number of common shares outstanding: Basic 2,212,470 2,191,512 2,206,532 2,173,757 Diluted 2,220,228 2,202,251 2,215,762 2,184,676 Condensed Consolidated Balance Sheets (Unaudited) December 31, 2008 2007 Assets ------------ ------------ Current assets $ 49,012,892 $ 40,674,460 Total property, plant and equipment, net 76,144,053 73,431,005 Other assets 4,153,681 3,545,634 ------------ ------------ Total Assets $129,310,626 $117,651,099 ============ ============ Liabilities and Stockholders' Equity Current liabilities $ 37,822,122 $ 33,871,163 Long-term debt 28,000,000 23,000,000 Deferred credits and other liabilities 20,047,130 17,712,830 ------------ ------------ Total Liabilities 85,869,252 74,583,993 Stockholders' Equity 43,441,374 43,067,106 ------------ ------------ Total Liabilities and Stockholders' Equity $129,310,626 $117,651,099 ============ ============
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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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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