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NEWS
RELEASE
November 23, 2009
Contact: John B. Williamson, III
Chairman of the Board, President and CEO
RGC
RESOURCES, INC.
ANNUAL AND FOURTH QUARTER FINANCIAL RESULTS
RGC
Resources, Inc. (NASDAQ: RGCO) announced consolidated Company
earnings of $4,869,010 or $2.19 per average share outstanding
for the fiscal year ended September 30, 2009. This compares
to consolidated earnings of $4,221,134 or $1.92 per average
share outstanding for the year ended September 30, 2008,
and reflects an earnings per share increase of 14 percent.
President, Chairman and CEO John Williamson attributed the
improvement in earnings to improvement in gross margins
and lower interest expense.
Net income for the three months ended September 30, 2009
was $138,764 or $0.06 per average share outstanding compared
to a loss of $78,171 or $0.04 per average share outstanding
for the quarter ended September 30, 2008. 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 attributed the positive
earnings in the fourth quarter of this year primarily to
reduced depreciation expense as a result of updated depreciation
rates applied to natural gas distribution facilities.
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: Fourth
Quarter Financial Statement for quarter ending 09/30/09
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