ROANOKE, Va., Nov. 15, 2021 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (NASDAQ:RGCO) announced consolidated Company earnings of $10,102,062 or $1.22 per share for the fiscal year ended September 30, 2021. This compares to earnings of $10,564,534 or $1.30 per share for the year ended September 30, 2020. CEO Paul Nester stated, "Our 2021 earnings reflect improved utility margins associated with our infrastructure replacement programs, customer growth and reduced operating and maintenance expenses. Operating and maintenance expenses, net of gas costs, declined $1.7 million or 10.5% due to the accelerated recovery of certain regulatory assets and one-time maintenance investments incurred in 2020 as well as much lower bad debt expense in 2021. The overall earnings decline was primarily attributable to significantly lower non-cash Mountain Valley Pipeline earnings."

Fourth quarter results, particularly bad debt expense, were favorably impacted by the $859,000 of American Rescue Plan Act ("ARPA") funds earmarked for customers with arrearage balances and scheduled for receipt in the first quarter of fiscal 2022. Accordingly, the Company broke even for the quarter ending September 30, 2021 compared to a net loss of $329,296, or $0.04 per share, for the quarter ended September 30, 2020.

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.

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. 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						Twelve Months Ended
	September 30,						September 30,
		2021			2020			2021		2020

Operating revenues	$	13,355,254		$	9,780,289		$	75,174,779	$	63,075,391
Operating expenses		12,800,091			10,679,365			60,396,470		50,557,209
Operating income (loss)		555,163			(899,076	)		14,778,309		12,518,182
Equity in earnings of unconsolidated affiliate		180,804			1,326,621			1,667,554		4,814,874
Other income, net		164,386			108,205			912,146		636,296
Interest expense		1,024,054			989,477			4,051,885		4,099,158
Income (loss) before income taxes		(123,701	)		(453,727	)		13,306,124		13,870,194
Income tax expense (benefit)		(124,182	)		(124,431	)		3,204,062		3,305,660

Net income (loss)	$	481		$	(329,296	)	$	10,102,062	$	10,564,534

Net earnings (loss) per share of common stock:
Basic	$	-		$	(0.04	)	$	1.22	$	1.30
Diluted	$	-		$	(0.04	)	$	1.22	$	1.30

Cash dividends per common share	$	0.185		$	0.175		$	0.740	$	0.700

Weighted average number of common shares outstanding:
Basic		8,360,369			8,156,023			8,251,802		8,125,938
Diluted		8,372,920			8,156,023			8,264,904		8,146,666



Condensed Consolidated Balance Sheets
(Unaudited)

				September 30,
Assets					2021			2020
Current assets				$	25,143,855		$	14,436,561
Utility plant, net					211,649,684			198,445,093
Other assets					73,315,654			68,797,853

Total Assets				$	310,109,193		$	281,679,507

Liabilities and Stockholders' Equity
Current liabilities				$	26,013,532		$	16,570,742
Long-term debt, net					133,471,427			123,819,631
Deferred credits and other liabilities					50,922,525			52,401,157
Total Liabilities					210,407,484			192,791,530
Stockholders' Equity					99,701,709			88,887,977

Total Liabilities and Stockholders' Equity				$	310,109,193		$	281,679,507

Contact:

Paul W. Nester

President and CEO

Telephone: 540-777-3837

RGC Resources, Inc. Reports 2021 Earnings