EX-99.1 2 ex_817834.htm EXHIBIT 99.1 ex_817834.htm

Exhibit 99.1

NEWS RELEASE

 

 

RGC RESOURCES, INC.

 

Release Date:

August 11, 2025

Contact:

Timothy J. Mulvaney
  Vice President, Treasurer and CFO

Telephone:

(540) 777-3997

 

 

RGC RESOURCES, INC. REPORTS

THIRD QUARTER EARNINGS

 

 

ROANOKE, Va.  (August 11, 2025)--RGC Resources, Inc. (Nasdaq:  RGCO) announced consolidated earnings of $538,412, or $0.05 per share, for the third quarter ended June 30, 2025, compared to $156,692, or $0.02 per share, for the fiscal quarter ended June 30, 2024.  The increase during the quarter was largely the result of higher earnings from the Company’s investment in the Mountain Valley Pipeline, LLC (“MVP”).

 

CEO Paul Nester stated, “We continue to honor our mission of creating value for shareholders and our community by providing safe and reliable energy to the Roanoke region.  MVP has been a successful and meaningful part of delivering value and energy for a full year.  Roanoke Gas continues to produce strong financial results resulting from prudent system investment and exemplary operational performance.”

 

Through the first nine months of fiscal 2025, the Company’s net income of $13,484,309, or $1.31 per share, was up 16% from $11,620,074, or $1.15 per share, in the first nine months of the prior year, primarily due to higher operating margins along with enhanced earnings from the Company’s investment in the MVP.

 

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 inflation, customer growth, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, geopolitical considerations, expectations regarding inflation and interest rate along with risks included under Item 1-A in the Company’s fiscal 2024 Form 10-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 third quarter and fiscal year to date are as follows:

 

 

 

RGC Resources, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

 

   

Three Months Ended June 30,

   

Nine Months Ended June 30,

 
   

2025

   

2024

   

2025

   

2024

 
                                 

Operating revenues

  $ 17,264,615     $ 14,458,202     $ 81,016,198     $ 71,536,930  

Operating expenses

    16,068,055       12,900,609       62,091,675       54,697,591  

Operating income

    1,196,560       1,557,593       18,924,523       16,839,339  

Equity in earnings of unconsolidated affiliate

    772,082       282,604       2,427,470       2,979,823  

Other income (expense), net

    244,000       (69,349 )     1,180,969       140,924  

Interest expense

    1,512,754       1,567,093       4,922,959       4,769,979  

Income before income taxes

    699,888       203,755       17,610,003       15,190,107  

Income tax expense

    161,476       47,063       4,125,694       3,570,033  
                                 

Net income

  $ 538,412     $ 156,692     $ 13,484,309     $ 11,620,074  
                                 

Net earnings per share of common stock:

                               

Basic

  $ 0.05     $ 0.02     $ 1.31     $ 1.15  

Diluted

  $ 0.05     $ 0.02     $ 1.31     $ 1.15  
                                 

Cash dividends per common share

  $ 0.2075     $ 0.2000     $ 0.6225     $ 0.6000  
                                 

Weighted average number of common shares outstanding:

                               

Basic

    10,319,232       10,188,592       10,294,227       10,129,111  

Diluted

    10,324,165       10,192,797       10,298,688       10,132,347  

 


Condensed Consolidated Balance Sheets

(Unaudited)

 

   

June 30,

 

Assets

 

2025

   

2024

 

Current assets

  $ 21,595,712     $ 25,408,031  

Utility property, net

    270,538,465       257,936,755  

Other non-current assets

    32,623,816       30,809,374  
                 

Total Assets

  $ 324,757,993     $ 314,154,160  
                 

Liabilities and Stockholders’ Equity

               

Current liabilities

  $ 20,695,773     $ 23,782,556  

Long-term debt, net

    139,743,390       136,311,348  

Deferred credits and other non-current liabilities

    48,057,512       45,292,464  

Total Liabilities

    208,496,675       205,386,368  

Stockholders’ Equity

    116,261,318       108,767,792  
                 

Total Liabilities and Stockholders’ Equity

  $ 324,757,993     $ 314,154,160