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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 240.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
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Trading
Symbol
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Name of Each Exchange on Which Registered
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Emerging growth company
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ITEM 2.02
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
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ITEM 8.01
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OTHER EVENTS.
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ITEM 9.01.
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FINANCIAL STATEMENT AND EXHIBITS.
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99.1
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RGC RESOURCES, INC.
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Date: November 16, 2021
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By:
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/s/ Lawrence T. Oliver
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Lawrence T. Oliver | ||
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Vice President, Interim Chief Financial Officer, Corporate Secretary and Treasurer | ||
Exhibit 99.1
NEWS RELEASE
RGC RESOURCES, INC.
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Release Date: |
November 15, 2021 |
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Contact: |
Paul W. Nester |
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President and CEO |
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Telephone: |
540-777-3837 |
RGC RESOURCES, INC.
REPORTS 2021 EARNINGS
ROANOKE, Va. (November 15, 2021)--RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $10,102,062 or $1.22 per share for the fiscal year ended September 30, 2021. This compares to earnings of $10,564,534 or $1.30 per share for the year ended September 30, 2020. CEO Paul Nester stated, “Our 2021 earnings reflect improved utility margins associated with our infrastructure replacement programs, customer growth and reduced operating and maintenance expenses. Operating and maintenance expenses, net of gas costs, declined $1.7 million or 10.5% due to the accelerated recovery of certain regulatory assets and one-time maintenance investments incurred in 2020 as well as much lower bad debt expense in 2021. The overall earnings decline was primarily attributable to significantly lower non-cash Mountain Valley Pipeline earnings.”
Fourth quarter results, particularly bad debt expense, were favorably impacted by the $859,000 of American Rescue Plan Act (“ARPA”) funds earmarked for customers with arrearage balances and scheduled for receipt in the first quarter of fiscal 2022. Accordingly, the Company broke even for the quarter ending September 30, 2021 compared to a net loss of $329,296, or $0.04 per share, for the quarter ended September 30, 2020.
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)
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Three Months Ended September 30, |
Twelve months ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Operating revenues |
$ | 13,355,254 | $ | 9,780,289 | $ | 75,174,779 | $ | 63,075,391 | ||||||||
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Operating expenses |
12,800,091 | 10,679,365 | 60,396,470 | 50,557,209 | ||||||||||||
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Operating income (loss) |
555,163 | (899,076 | ) | 14,778,309 | 12,518,182 | |||||||||||
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Equity in earnings of unconsolidated affiliate |
180,804 | 1,326,621 | 1,667,554 | 4,814,874 | ||||||||||||
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Other income, net |
164,386 | 108,205 | 912,146 | 636,296 | ||||||||||||
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Interest expense |
1,024,054 | 989,477 | 4,051,885 | 4,099,158 | ||||||||||||
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Income (loss) before income taxes |
(123,701 | ) | (453,727 | ) | 13,306,124 | 13,870,194 | ||||||||||
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Income tax expense (benefit) |
(124,182 | ) | (124,431 | ) | 3,204,062 | 3,305,660 | ||||||||||
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Net income (loss) |
$ | 481 | $ | (329,296 | ) | $ | 10,102,062 | $ | 10,564,534 | |||||||
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Net earnings (loss) per share of common stock: |
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Basic |
$ | — | $ | (0.04 | ) | $ | 1.22 | $ | 1.30 | |||||||
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Diluted |
$ | — | $ | (0.04 | ) | $ | 1.22 | $ | 1.30 | |||||||
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Cash dividends per common share |
$ | 0.185 | $ | 0.175 | $ | 0.740 | $ | 0.700 | ||||||||
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Weighted average number of common shares outstanding: |
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Basic |
8,360,369 | 8,156,023 | 8,251,802 | 8,125,938 | ||||||||||||
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Diluted |
8,372,920 | 8,156,023 | 8,264,904 | 8,146,666 | ||||||||||||
Condensed Consolidated Balance Sheets
(Unaudited)
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September 30, |
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Assets |
2021 |
2020 |
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Current assets |
$ | 25,143,855 | $ | 14,436,561 | ||||
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Utility plant, net |
211,649,684 | 198,445,093 | ||||||
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Other assets |
73,315,654 | 68,797,853 | ||||||
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Total Assets |
$ | 310,109,193 | $ | 281,679,507 | ||||
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Liabilities and Stockholders’ Equity |
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Current liabilities |
$ | 26,013,532 | $ | 16,570,742 | ||||
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Long-term debt, net |
133,471,427 | 123,819,631 | ||||||
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Deferred credits and other liabilities |
50,922,525 | 52,401,157 | ||||||
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Total Liabilities |
210,407,484 | 192,791,530 | ||||||
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Stockholders’ Equity |
99,701,709 | 88,887,977 | ||||||
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Total Liabilities and Stockholders’ Equity |
$ | 310,109,193 | $ | 281,679,507 | ||||