Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

RGC RESOURCES, INC.

(RGCO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

RGC Resources, Inc. Reports 2020 Earnings

11/16/2020 | 05:00pm EDT

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



© GlobeNewswire 2020
All news about RGC RESOURCES, INC.
06/02RGC RESOURCES INC  : Change in Directors or Principal Officers, Financial Statem..
AQ
05/19RGC RESOURCES INC  : Regulation FD Disclosure, Financial Statements and Exhibits..
AQ
05/14RGC RESOURCES INC  : Regulation FD Disclosure, Financial Statements and Exhibits..
AQ
05/13RGC RESOURCES  : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND..
AQ
05/12RGC RESOURCES  : REPORTS SECOND QUARTER EARNINGS (Form 8-K)
PU
05/11RGC RESOURCES INC  : Results of Operations and Financial Condition, Other Events..
AQ
05/10RGC RESOURCES  : Earnings Flash (RGCO) RGC RESOURCES Reports Q2 Revenue $28.3M
MT
05/10RGC Resources, Inc. Reports Second Quarter Earnings
GL
05/05RGC RESOURCES  : Schedules Second Quarter 2021 Earnings Call
AQ
04/30North Carolina again denies permit for Mountain Valley gas pipe extension
RE
More news
Financials (USD)
Sales 2021 70,0 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 185 M 185 M -
Capi. / Sales 2021 2,65x
Capi. / Sales 2022 2,57x
Nbr of Employees 101
Free-Float 87,7%
Chart RGC RESOURCES, INC.
Duration : Period :
RGC Resources, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RGC RESOURCES, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 34,00 $
Last Close Price 22,53 $
Spread / Highest target 50,9%
Spread / Average Target 50,9%
Spread / Lowest Target 50,9%
Managers and Directors
NameTitle
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
Sector and Competitors