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NEWS
RELEASE
May 8, 2008
Contact: John B. Williamson, III
Chairman of the Board, President and CEO
RGC
RESOURCES, INC.
SECOND QUARTER FINANCIAL RESULTS
RGC
Resources, Inc. (NASDAQ: RGCO) announced consolidated Company
earnings of $2,418,609 or $1.10 per average share outstanding
on continuing and total operations for the quarter ended
March 31, 2008. This compares to consolidated earnings of
$2,286,035 or $1.06 per average share outstanding on continuing
operations and earnings of $2,592,704 or $1.20 per average
share outstanding on total operations for the quarter ended
March 31, 2007. Chairman, President and CEO John Williamson
attributed the improvement in earnings on continuing operations
to improvement in gross margins and lower operating expenses.
Earnings per share for the twelve months ending March 31,
2008 were $1.81 on continuing operations and $1.59 on total
operations compared to $1.74 on continuing operations and
$1.95 on total operations for the twelve months ended March
31, 2007. Earnings on continuing operations for the twelve
months ended March 31, 2008 were positively impacted by
improved margins compared to the prior period.
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 second quarter and
twelve months are as follows: Second
Quarter Financial Statements Ending 03/31/08
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