RGC RESOURCES, INC.
Date: July 31, 2017
Contact: Paul W. Nester
Vice President and CFO
RGC RESOURCES, INC. REPORTS
THIRD QUARTER EARNINGS
ROANOKE, Va. (July 31, 2017)--RGC Resources, Inc. (NASDAQ:
RGCO) announced consolidated Company earnings of $615,562
or $0.09 per share for the quarter ended June 30, 2017.
This compares to earnings of $627,068 or $0.09 per share
for the quarter ended June 30, 2016. CEO John D'Orazio stated,
"We continue to see improved utility margins associated
with the company's infrastructure replacement programs and
Earnings for the twelve months ending June 30, 2017 were
$6,218,540 or $0.86 per share compared to $0.80 per share
for the twelve months ended June 30, 2016. D'Orazio attributed
the 9% increase in trailing twelve month earnings primarily
to improved utility margins associated with the Company's
infrastructure replacement programs, customer growth and
the investment in the Mountain Valley Pipeline.
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.
Net income for the three months ended June 30, 2017 is not
indicative of the results to be expected for the fiscal
year ending September 30, 2017 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. Past performance is not necessarily
a predictor of future results.
Summary financial statements for the third quarter and twelve
months are as follows:
Quarter Financial Statement ending 06/30/17