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Earnings per share for the twelve months ending June 30, 2009 were $4,652,075 or $2.10 per share compared to $1.85 per share for the twelve months ended June 30, 2008. Earnings for the twelve months ended June 30, 2009 were positively impacted by improved 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 third 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,
2009 2008 2009 2008
------------------------- -------------------------
Revenues $10,706,989 $20,152,634 $82,631,592 $96,238,089
Cost of sales 5,691,875 15,097,224 55,351,565 70,670,086
------------ ------------ ------------ ------------
Gross margin 5,015,114 5,055,410 27,280,027 25,568,003
Other operating
expenses 4,337,833 4,004,135 17,898,603 17,030,743
Interest expense 460,463 490,756 1,914,508 2,039,187
------------ ------------ ------------ ------------
Income from
continuing
operations
before income
taxes 216,818 560,519 7,466,916 6,498,073
Income tax expense
from continuing
operations 79,424 209,141 2,814,841 2,430,617
------------ ------------ ------------ ------------
Net income from
continuing
operations 137,394 351,378 4,652,075 4,067,456
Net income (loss)
from discontinued
operations, net
of income taxes -- -- -- (17,095)
------------ ------------ ------------ ------------
Net income $ 137,394 $ 351,378 $ 4,652,075 $ 4,050,361
============ ============ ============ ============
Basic earnings
per share of
common stock:
Income from
continuing
operations $ 0.06 $ 0.16 $ 2.10 $ 1.86
Discontinued
operations -- -- -- (0.01)
------------ ------------ ------------ ------------
Net income $ 0.06 $ 0.16 $ 2.10 $ 1.85
============ ============ ============ ============
Diluted earnings
per share of
common stock:
Income from
continuing
operations $ 0.06 $ 0.16 $ 2.09 $ 1.85
Discontinued
operations -- -- -- (0.01)
------------ ------------ ------------ ------------
Net income $ 0.06 $ 0.16 $ 2.09 $ 1.84
============ ============ ============ ============
Cash dividends
per common share $ 0.3200 $ 0.3125 $ 1.2725 $ 1.2425
============ ============ ============ ============
Weighted average
number of common
shares
outstanding:
Basic 2,227,469 2,205,733 2,217,004 2,193,397
Diluted 2,234,748 2,215,424 2,225,034 2,203,972
Condensed Consolidated Balance Sheets
(Unaudited)
June 30,
2009 2008
------------ ------------
Assets
Current assets $ 35,435,671 $ 37,650,146
Total property, plant and equipment,
net 77,067,348 74,955,171
Other assets 3,879,136 3,373,391
------------ ------------
Total Assets $116,382,155 $115,978,708
============ ============
Liabilities and Stockholders' Equity
Current liabilities $ 21,631,337 $ 29,844,168
Long-term debt 28,000,000 23,000,000
Deferred credits and other liabilities 20,686,723 18,260,768
------------ ------------
Total Liabilities 70,318,060 71,104,936
Stockholders' Equity 46,064,095 44,873,772
------------ ------------
Total Liabilities and Stockholders'
Equity $116,382,155 $115,978,708
============ ============
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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