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Form 8-K RGC RESOURCES INC For: Aug 03

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August 4, 2015 9:07 AM EDT


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): August 3, 2015
 
 
RGC RESOURCES, INC.
(Exact name of Registrant as specified in its charter)
 
 
 
 
 
 
 
 
Virginia
 
000-26591
 
54-1909697
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
519 Kimball Ave., N.E. Roanoke, Virginia
 
24016
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: 540-777-4427
 
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 240.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 





ITEM 2.02.
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 3, 2015, RGC Resources, Inc. issued a press release announcing the third quarter results for the quarter ending June 30, 2015. A copy of this press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
 
ITEM 9.01.
FINANCIAL STATEMENT AND EXHIBITS.
99.1

  
Press Release dated August 3, 2015.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
RGC RESOURCES, INC.
 
 
 
 
Date: August 4, 2015
 
 
 
By:
 
/s/ Paul W. Nester
 
 
 
 
 
 
 
Paul W. Nester
 
 
 
 
Vice President, Secretary, Treasurer and CFO





Exhibit 99.1
NEWS RELEASE
RGC RESOURCES, INC.
 
 
 
 
Release Date:
  
August 3, 2015
Contact:
  
Paul W. Nester
 
  
Vice President and CFO
Telephone:
  
540-777-3837
RGC RESOURCES, INC.
SECOND QUARTER FINANCIAL RESULTS
ROANOKE, Va. (August 3, 2015)—RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $354,940 or $0.08 per average share outstanding for the quarter ended June 30, 2015. This compares to consolidated earnings of $283,194 or $0.06 per average share outstanding for the quarter ended June 30, 2014. CFO Paul Nester attributed the increase in earnings to improved utility margins from modest customer growth and lower interest expense.
Earnings for the twelve months ending June 30, 2015 were $4,914,323 or $1.04 per share compared to $1.01 per share for the twelve months ended June 30, 2014. Nester attributed the higher year-over-year earnings primarily to slightly higer utility margins and lower interest expense.
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.
Net income for the three months ended June 30, 2015 is not indicative of the results to be expected for the fiscal year ending September 30, 2015 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 follow:

       





RGC Resources, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
 
 
 
Three Months Ended
June 30,
 
Twelve Months Ended
June 30,
 
 
2015
 
2014
 
2015
 
2014
Revenues
 
$
10,774,409

 
$
12,024,817

 
$
68,736,361

 
$
73,982,104

Cost of sales
 
4,812,581

 
6,303,266

 
38,687,199

 
45,044,782

Gross margin
 
5,961,828

 
5,721,551

 
30,049,162

 
28,937,322

Other operating expenses, net
 
5,026,752

 
4,802,903

 
20,499,522

 
19,375,024

Interest expense
 
358,850

 
456,761

 
1,591,209

 
1,834,553

Income before income taxes
 
576,226

 
461,887

 
7,958,431

 
7,727,745

Income tax expense
 
221,286

 
178,693

 
3,044,108

 
2,975,879

Net income
 
$
354,940

 
$
283,194

 
$
4,914,323

 
$
4,751,866

Net earnings per share of common stock:
 
 
 
 
 
 
 
 
Basic
 
$
0.08

 
$
0.06

 
$
1.04

 
$
1.01

Diluted
 
$
0.07

 
$
0.06

 
$
1.04

 
$
1.01

Cash dividends per common share
 
$
0.1925

 
$
0.1850

 
$
0.7625

 
$
0.7350

Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
4,729,428

 
4,718,068

 
4,723,796

 
4,712,665

Diluted
 
4,732,620

 
4,718,898

 
4,727,181

 
4,712,952


Condensed Consolidated Balance Sheets
(Unaudited)
 
 
 
June 30,
Assets
 
2015
 
2014
Current assets
 
$
15,514,151

 
$
16,840,735

Total property, plant and equipment, net
 
115,276,089

 
105,428,322

Other assets
 
9,687,290

 
4,581,000

Total Assets
 
$
140,477,530

 
$
126,850,057

Liabilities and Stockholders’ Equity
 
 
 
 
Current liabilities
 
$
16,741,218

 
$
12,796,377

Long-term debt
 
30,500,000

 
28,000,000

Deferred credits and other liabilities
 
38,572,227

 
33,641,698

Total Liabilities
 
85,813,445

 
74,438,075

Stockholders’ Equity
 
54,664,085

 
52,411,982

Total Liabilities and Stockholders’ Equity
 
$
140,477,530

 
$
126,850,057





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