RGC Resources reports 4.6 percent increase in annual earnings
- November 22, 2011
Roanoke-based RGC Resources Inc. reported earnings rose 4.6 percent in its latest fiscal year.
The company’s earnings totaled $4.6 million, or $1.01 per average share outstanding, for the fiscal year ended Sept. 30. By comparison, the company’s net income was $4.4 million, or 98 cents per share, for the previous fiscal year.
During the fourth quarter, the company had a net loss of $20,322 or less than a half cent per share, compared with a loss of $151,328, or 3 cents per share, for the same quarter last year.
The majority of the company’s sales occur during the winter. As a result, the company’s third and fourth quarters normally have minor net losses.
John Williamson, the company’s president, chairman and CEO, attributed the earnings improvement in earnings to increased natural-gas deliveries to industrial customers and a rate increase implemented early in the year.
RGC Resources Inc., an energy holding company, primarily sells and distributes natural gas. Its subsidiaries include Roanoke Gas Co., Diversified Energy Co. and RGC Ventures of Virginia Inc.