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NEWS
RELEASE
November 28, 2007
Contact: John B. Williamson, III
Chairman of the Board, President and CEO
RGC
RESOURCES, INC.
ANNUAL FINANCIAL RESULTS
RGC
Resources, Inc. (NASDAQ: RGCO) announced consolidated Company
earnings of $3,765,669 or $1.73 per average diluted share
outstanding on continuing operations and earnings of $3,806,209
or $1.75 per average diluted share outstanding on total
operations for the fiscal year ended September 30, 2007.
This compares to consolidated earnings of $2,961,802 or
$1.39 per average diluted share outstanding on continuing
operations and earnings of $3,511,531 or $1.65 per average
diluted share outstanding on total operations for the year
ended September 30, 2006. President, Chairman and CEO John
Williamson attributed the improvement in earnings on continuing
operations to improvement in gross margins.
Net loss for the three months ended September 30, 2007 was
($268,539) or ($0.13) per average diluted share outstanding
on continuing operations and ($248,944) or ($0.12) per share
on total operations compared to a loss of ($93,490) or ($0.05)
per average share outstanding on continuing operations and
($40,766) or ($0.03) per average diluted share outstanding
on total operations for the quarter ended September 30,
2006. The majority of the Company's sales occur in the winter
months and as a result, the Company's third and fourth quarters
normally reflect earnings losses. Williamson attributes
the slightly larger loss on continuing operations in the
fourth quarter of this year to increased system maintenance
activities in the current quarter.
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 fourth quarter and
twelve months are as follows: Condensed
Consolidated Statements of Income and Comprehensive Income
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