false 0001069533 0001069533 2024-11-13 2024-11-13
UNITED STATES
 
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): November 13, 2024
 
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))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
Trading
Symbol
Name of Each Exchange on Which Registered
Common Stock, $5 Par Value
RGCO
NASDAQ Global Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 if the Securities Exchange Act of 1934.
 
 
Emerging growth company             ☐
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
 
 
 
 
ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
 
On November 13, 2024, RGC Resources, Inc. issued a press release announcing the results for the fourth quarter and year ending September 30, 2024.  A copy of this press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
 
ITEM 8.01
OTHER EVENTS
 
The press release attached hereto as Exhibit 99.1 is also incorporated into this Item 8.01 by reference and therefore deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended.
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
 
 
99.1 
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
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: November 13, 2024
By:
/s/ Timothy J. Mulvaney
  
 
 
 Timothy J. Mulvaney  
 
 
 Vice President, Treasurer and Chief Financial Officer  
    (Principal Financial Officer)  
 
 

Exhibit 99.1

NEWS RELEASE

 

RGC RESOURCES, INC.

 

Release Date:

November 13, 2024

Contact:

Timothy J. Mulvaney
  VP, Treasurer and CFO

Telephone:

540-777-3997

 

 

RGC RESOURCES, INC.

REPORTS 2024 EARNINGS

 

 

ROANOKE, Va. (November 13, 2024)--RGC Resources, Inc. (Nasdaq:  RGCO) announced consolidated Company earnings of $11,760,896, or $1.16 per share, for the fiscal year ended September 30, 2024, compared to $11,299,282, or $1.14 per share, for the fiscal year ended September 30, 2023.  The increase reflected higher levels of earnings from the Company’s investment in the Mountain Valley Pipeline (“MVP”) due to more AFUDC in fiscal 2024 prior to the pipeline being placed in service in June 2024.  The lower cost of natural gas in 2024 reduced bills to customers and revenues for the Company, despite inflationary costs leading to higher tariffs.  Interest expenses also increased primarily due to higher interest rates.

 

Roanoke Gas continued investing in utility infrastructure to enhance system reliability and enable growth in customers and earnings.  CEO Paul Nester stated, “Gas flowing through the MVP in 2024 is a major milestone we worked hard to achieve, and one we and the region will long appreciate.  We are pleased to have recently reached a settlement on our pending rate proceeding with the State Corporation Commission staff that provides for an incremental increase in annual revenues of $4.08 million, subject to approval by the Commission.”   

 

Net income for the quarter ended September 30, 2024 was $140,822, or $0.01 per share, compared to $1,014,175, or $0.10 per share, for the quarter ended September 30, 2023. A lower level of earnings from our investment in MVP along with higher interest expense resulted in lower net income compared to the same quarter a year ago.

 

RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.   

 

The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. 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 any expectations expressed in the Company’s forward-looking statements, regarding customer growth, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, geopolitical considerations, expectations regarding the rate making, MVP operation and Southgate construction, along with risks included under Item 1-A in the Company’s fiscal 2023 Form10-K.  Forward-looking statements reflect the Company’s current expectations only as of the date they are made. The Company assumes no duty to update these statements should expectations change or actual results differ from current expectations except as required by applicable laws and regulations.

 

Past performance is not necessarily a predictor of future results.

 

Summary financial statements for the fourth quarter and twelve months are as follows:

 

 
 

 

RGC Resources, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

 

    Three Months Ended September 30,     Twelve Months Ended September 30,  
   

2024

    

2023

    

2024

    

2023

  
                                 

Operating revenues

   $ 13,104,302     $ 12,467,528     $ 84,641,232     $ 97,439,765  

Operating expenses

     12,861,881       11,723,420       67,559,472       79,761,285  

Operating income

     242,421       744,108       17,081,760       17,678,480  

Equity in earnings of unconsolidated affiliate

     872,048       1,561,409       3,851,871       2,084,990  

Other income, net

     887,837       443,373       1,028,761       646,528  

Interest expense

     1,734,906       1,430,213       6,504,885       5,618,805  

Income before income taxes

     267,400       1,318,677       15,457,507       14,791,193  

Income tax expense

     126,578       304,502       3,696,611       3,491,911  
                                 

Net income

   $ 140,822     $ 1,014,175     $ 11,760,896     $ 11,299,282  
                                 

Net earnings per share of common stock:

                                

Basic

   $ 0.01     $ 0.10     $ 1.16     $ 1.14  

Diluted

   $ 0.01     $ 0.10     $ 1.16     $ 1.14  
                                 

Cash dividends per common share

   $ 0.2000     $ 0.1975     $ 0.8000     $ 0.7900  
                                 
                                 

Weighted average number of common shares outstanding:

                                

Basic

     10,223,785       10,009,491       10,152,909       9,922,701  

Diluted

     10,228,365       10,011,039       10,156,480       9,927,157  

 

Condensed Consolidated Balance Sheets

(Unaudited)

 

   

September 30,

  

Assets

  

2024

    

2023

  

Current assets

   $ 25,072,301     $ 26,795,262  

Utility property, net

     262,041,454       247,583,551  

Other non-current assets

     33,777,404       29,350,527  
                 

Total Assets

   $ 320,891,159     $ 303,729,340  
                 

Liabilities and Stockholders’ Equity

                

Current liabilities

   $ 28,698,430     $ 32,918,787  

Long-term debt, net

     136,672,908       125,844,728  

Deferred credits and other non-current liabilities

     47,383,046       44,233,200  

Total Liabilities

     212,754,384       202,996,715  

Stockholders’ Equity

     108,136,775       100,732,625  
                 

Total Liabilities and Stockholders’ Equity

   $ 320,891,159     $ 303,729,340  

 

 
v3.24.3
Document And Entity Information
Nov. 13, 2024
Document Information [Line Items]  
Entity, Registrant Name RGC RESOURCES, INC.
Document, Type 8-K
Document, Period End Date Nov. 13, 2024
Entity, Incorporation, State or Country Code VA
Entity, File Number 000-26591
Entity, Tax Identification Number 54-1909697
Entity, Address, Address Line One 519 Kimball Ave., N.E.
Entity, Address, City or Town Roanoke
Entity, Address, State or Province VA
Entity, Address, Postal Zip Code 24016
City Area Code 540
Local Phone Number 777-4427
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol RGCO
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001069533
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