NEWS RELEASE
November 14, 2014
Contact: John D'Orazio
President and CEO
RGC RESOURCES, INC.
ANNUAL & FOURTH QUARTER FINANCIAL RESULTS
RGC Resources, Inc. (NASDAQ: RGCO) announced consolidated Company earnings of $4,708,440 or $1.00 per average share outstanding for the fiscal year ended September 30, 2014. This compares to consolidated earnings of $4,262,052 or $0.91 per average share outstanding for the year ended September 30, 2013. CEO John D'Orazio attributed the higher earnings to improved utility margins and higher sales volumes. Residential and commercial sales volumes increased 8% due to the colder winter season. Industrial volumes increased 6%. Roanoke Gas delivered over 10 million dekatherms in fiscal 2014, stated D'Orazio. Roanoke Gas last exceeded 10 million dekatherms in 2005.
The Company had a net loss of $144,337 or $0.03 per average share outstanding for the quarter ended September 30, 2014 compared to a loss of $100,911 or $0.02 per average share outstanding for the corresponding quarter ended September 30, 2013. The majority of the Company's sales occur in the winter months and as a result, the Company's fourth quarter normally reflects minor net losses.
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 annual and fourth quarter are as follows: Fourth Quarter Financial Statement ending 9/30/14