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RGC Resources, Inc. (RGCO)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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23.85-0.73 (-2.97%)
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  • GlobeNewswire

    RGC Resources, Inc. Schedules Fourth Quarter 2020 Earnings Call

    ROANOKE, Va., Nov. 18, 2020 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (NASDAQ: RGCO) will host its quarterly conference call and webcast to review the results of its fiscal fourth quarter and 2020 fiscal year on Friday, December 4, 2020 at 9:00 a.m. eastern time. Related presentation materials will be available before the call on the Company website on the Investor & Financial Information page at https://www.rgcresources.com/investor-financial-information/.  Interested parties may access the conference call by dialing toll-free 1-800-261-3225 and entering conference identification number 7773810. An archive of the webcast will be available for one year on the website at https://www.rgcresources.com/investor-financial-information/.RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.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. Past performance is not necessarily a predictor of future results.Contact:   Randall P. Burton, II Vice President and CFO Telephone: 540-777-3997

  • GlobeNewswire

    RGC Resources, Inc. Reports 2020 Earnings

    ROANOKE, Va., Nov. 16, 2020 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $10,564,534 or $1.30 per share for the fiscal year ended September 30, 2020. This compares to earnings of $8,698,412 or $1.08 per share for the year ended September 30, 2019. CEO Paul Nester stated, “Our mission statement requires us to create value for shareholders, employees and the communities in which we serve through superior customer service and prudent investments. Despite unprecedented challenges and circumstances, we continue to achieve that mission in 2020. The increase in 2020 earnings is attributable to improved utility margins associated with our infrastructure replacement programs, implementation of new non-gas rates, customer growth, and the ongoing investment in the Mountain Valley Pipeline (MVP).” Nester further commented, “We are committed to safely and reliably serving our communities and we will continue to seek opportunities that increase shareholder value.”  The Company accelerated the recovery of certain regulatory assets and made one-time maintenance investments in the fourth quarter. Accordingly, the Company experienced a net loss for the quarter ending September 30, 2020 of $329,296 or $0.04 per share compared to net income of $455,605 or $0.06 per share for the quarter ended September 30, 2019. RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC. 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. Past performance is not necessarily a predictor of future results. Summary financial statements for the fourth quarter and twelve months are as follows: RGC Resources, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)             Three Months Ended Twelve Months Ended   September 30, September 30,    2020   2019  2020  2019           Operating revenues $9,780,289  $9,851,869 $63,075,391 $68,026,525 Operating expenses  10,679,365   9,361,167  50,557,209  56,431,061 Operating income (loss)  (899,076)  490,702  12,518,182  11,595,464 Equity in earnings of unconsolidated affiliate 1,326,621   981,931  4,814,874  3,020,348 Other income, net  108,205   110,254  636,296  351,882 Interest expense  989,477   983,422  4,099,158  3,618,551 Income (loss) before income taxes (453,727)  599,465  13,870,194  11,349,143 Income tax expense (benefit)  (124,431)  143,860  3,305,660  2,650,731           Net income (loss) $(329,296) $455,605 $10,564,534 $8,698,412           Net earnings (loss) per share of common stock:        Basic $(0.04) $0.06 $1.30 $1.08 Diluted $(0.04) $0.06 $1.30 $1.08           Cash dividends per common share$0.175  $0.165 $0.700 $0.660           Weighted average number of common shares outstanding:       Basic  8,156,023   8,069,934  8,125,938  8,039,484 Diluted  8,156,023   8,102,334  8,146,666  8,078,950                               Condensed Consolidated Balance Sheets   (Unaudited)                 September 30,   Assets    2020  2019   Current assets   $14,436,561 $16,385,192   Utility plant, net    198,445,093  182,002,956   Other assets    68,797,853  59,965,548             Total Assets   $281,679,507 $258,353,696             Liabilities and Stockholders' Equity        Current liabilities   $16,570,742 $21,633,064   Long-term debt, net of unamortized debt issuance costs  123,819,631  103,371,358   Deferred credits and other liabilities   52,401,157  50,252,882   Total Liabilities    192,791,530  175,257,304   Stockholders' Equity    88,887,977  83,096,392             Total Liabilities and Stockholders' Equity  $281,679,507 $258,353,696             Contact:   Randall P. Burton, II Vice President and CFO Telephone: 540-777-3997