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RGC RESOURCES, INC.

(RGCO)
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RGC RESOURCES : REPORTS SECOND QUARTER EARNINGS (Form 8-K)

05/12/2021 | 10:24am EDT

RGC RESOURCES, INC. REPORTS

SECOND QUARTER EARNINGS

ROANOKE, Va. (May 10, 2021)-- RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $4,767,478 or $0.58 per share for the quarter ended March 31, 2021. This compares to consolidated earnings of $5,680,316 or $0.70 per share for the quarter ended March 31, 2020. CEO Paul Nester stated, 'We continue to experience customer growth and improved utility margins associated with infrastructure replacement programs. The overall earnings decline was primarily attributable to the cessation of the non-cash MVP AFUDC beginning January 1, 2021.'

Earnings for the twelve months ending March 31, 2021 were $10,368,023 or $1.27 per share outstanding compared to $11,281,412 or $1.40 per share for the twelve months ended March 31, 2020. Nester attributed the earnings decline to rate case final order adjustments in the first half of fiscal 2020, one-time maintenance investments and COVID-19 related bad-debt expense in the fourth quarter of fiscal 2020 as well as the non-cash MVP AFUDC change in the second quarter of fiscal 2021.

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.

Net income for the three months ended March 31, 2021 is not indicative of the results to be expected for the fiscal year ending September 30, 2021 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months. Net income for the remainder of fiscal 2021 is expected to be lower than the corresponding period in 2020.

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 second quarter and twelve months are as follows:

RGC Resources, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

Three Months Ended March 31,

Twelve months ended March 31,

2021

2020

2021

2020

Operating revenues

$ 28,253,662 $ 22,437,731 $ 68,622,886 $ 63,758,003

Operating expenses

21,154,236 15,438,115 55,505,486 49,548,649

Operating income

7,099,426 6,999,616 13,117,400 14,209,354

Equity in earnings (loss) of unconsolidated affiliate

(3,797 ) 1,188,593 3,885,081 4,041,803

Other income, net

287,548 317,892 778,335 579,822

Interest expense

1,007,764 1,038,293 4,003,273 4,032,598

Income before income taxes

6,375,413 7,467,808 13,777,543 14,798,381

Income tax expense

1,607,935 1,787,492 3,409,520 3,516,969

Net income

$ 4,767,478 $ 5,680,316 $ 10,368,023 $ 11,281,412

Net earnings per share of common stock:

Basic

$ 0.58 $ 0.70 $ 1.27 $ 1.40

Diluted

$ 0.58 $ 0.70 $ 1.27 $ 1.39

Cash dividends per common share

$ 0.185 $ 0.175 $ 0.720 $ 0.680

Weighted average number of common shares outstanding:

Basic

8,217,822 8,122,157 8,171,202 8,081,438

Diluted

8,230,650 8,144,963 8,185,332 8,112,308

Condensed Consolidated Balance Sheets

(Unaudited)

March 31,

Assets

2021

2020

Current assets

$ 16,563,212 $ 16,603,503

Utility plant, net

203,698,440 189,667,211

Other assets

71,902,386 64,317,462

Total Assets

$ 292,164,038 $ 270,588,176

Liabilities and Stockholders' Equity

Current liabilities

$ 20,775,066 $ 17,172,195

Long-term debt, net

120,770,429 112,231,649

Deferred credits and other liabilities

53,043,935 50,866,985

Total Liabilities

194,589,430 180,270,829

Stockholders' Equity

97,574,608 90,317,347

Total Liabilities and Stockholders' Equity

$ 292,164,038 $ 270,588,176

Disclaimer

RGC Resources Inc. published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 14:23:04 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 70,0 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 210 M 210 M -
Capi. / Sales 2021 3,00x
Capi. / Sales 2022 2,92x
Nbr of Employees 101
Free-Float 87,7%
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Number of Analysts 1
Last Close Price 25,51 $
Average target price 34,00 $
Spread / Average Target 33,3%
Managers and Directors
Paul W. Nester President, Chief Executive Officer & Director
Lawrence T. Oliver Chief Financial Officer, Secretary, Treasurer & VP
John B. Williamson Chairman
Robert L. Wells Chief Information Officer & Vice President
Carl James Shockley Chief Operating Officer & Vice President