August 1, 2016
Contact: Paul W. Nester
President and CFO
THIRD QUARTER FINANCIAL RESULTS
Resources, Inc. (NASDAQ: RGCO) announced consolidated Company
earnings of $627,068 or $0.13 per average share outstanding
for the quarter ended June 30, 2016. This compares to consolidated
earnings of $354,940 or $0.08 per average share outstanding
for the quarter ended June 30, 2015. CFO Paul Nester attributed
the increase to improved utility margins, customer growth,
higher capital spending, and lower operating expenses.
Earnings for the twelve months ending June 30, 2016 were
$5,697,060 or $1.20 per share compared to $1.04 per share
for the twelve months ended June 30, 2015. Nester attributed
the higher year-over-year earnings primarily to improved
utility margins, customer growth, higher capital spending,
and lower operating expenses.
RGC Resources, Inc. provides energy and related products
and services to customers in Virginia through its operating
subsidiaries Roanoke Gas Company, RGC Midstream, LLC 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.
Net income for the three months ended June 30, 2016 is not
indicative of the results to be expected for the fiscal
year ending September 30, 2016 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 06/30/16