ROANOKE, Va., Nov. 19, 2025 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $13.3 million, or $1.29 per share, for the fiscal year ended September 30, 2025, compared to $11.8 million, or $1.16 per share, for the fiscal year ended September 30, 2024. The strong increase reflected record levels of gas deliveries aided by higher operating margins, partially offset by inflationary cost increases and lower equity earnings from the Company's investment in the Mountain Valley Pipeline (MVP). MVP's equity earnings in the first three quarters of fiscal 2024 contained significant allowance for funds used during construction.
Roanoke Gas made further investments in its utility infrastructure to drive customer growth and enhance system reliability. CEO Paul Nester stated, "We delivered gas effectively and efficiently to all of our customers in what turned out to be one of the coldest winters in the last decade, resulting in the highest annual volume of gas we have ever delivered. Also, we are pleased to have successfully refinanced and extended the maturity of RGC Midstream's debt in September."
Net loss for the quarter ended September 30, 2025 was $204,000, or $0.02 per share, compared to net income of $141,000, or $0.01 per share, for the quarter ended September 30, 2024. The fourth quarter is seasonally weaker and had higher expense levels year over year, which resulted in a modest loss.
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 inflation, gas prices and supply, geopolitical considerations, expectations regarding the rate making, MVP operation and Southgate and Boost construction, along with risks included under Item 1-A in the Company's fiscal 2024 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 | Twelve Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating revenues | - | 14,318,014 | - | 13,104,302 | - | 95,334,212 | - | 84,641,232 | ||||||
| Operating expenses | 14,795,036 | 12,861,881 | 76,886,711 | 67,559,472 | ||||||||||
| Operating income (loss) | (477,022 | - | 242,421 | 18,447,501 | 17,081,760 | |||||||||
| Equity in earnings of unconsolidated affiliate | 807,162 | 872,048 | 3,234,632 | 3,851,871 | ||||||||||
| Other income, net | 1,051,914 | 887,837 | 2,232,883 | 1,028,761 | ||||||||||
| Interest expense | 1,620,552 | 1,734,906 | 6,543,511 | 6,504,885 | ||||||||||
| Income (loss) before income taxes | (238,498 | - | 267,400 | 17,371,505 | 15,457,507 | |||||||||
| Income tax expense (benefit) | (34,159 | - | 126,578 | 4,091,535 | 3,696,611 | |||||||||
| Net income (loss) | - | (204,339 | - | - | 140,822 | - | 13,279,970 | - | 11,760,896 | |||||
| Net earnings (loss) per share of common stock: | ||||||||||||||
| Basic | - | (0.02 | - | - | 0.01 | - | 1.29 | - | 1.16 | |||||
| Diluted | - | (0.02 | - | - | 0.01 | - | 1.29 | - | 1.16 | |||||
| Cash dividends per common share | - | 0.2075 | - | 0.2000 | - | 0.8300 | - | 0.8000 | ||||||
| Weighted average number of common shares outstanding: | ||||||||||||||
| Basic | 10,333,432 | 10,223,785 | 10,304,109 | 10,152,909 | ||||||||||
| Diluted | 10,338,346 | 10,228,365 | 10,308,686 | 10,156,480 | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||||
| (Unaudited) | ||||||||||||||
| September 30, | ||||||||||||||
| Assets | 2025 | 2024 | ||||||||||||
| Current assets | - | 23,319,191 | - | 25,072,301 | ||||||||||
| Utility property, net | 274,913,583 | 262,041,454 | ||||||||||||
| Other non-current assets | 31,606,792 | 33,585,468 | ||||||||||||
| Total Assets | - | 329,839,566 | - | 320,699,223 | ||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Current liabilities | - | 22,539,724 | - | 28,698,430 | ||||||||||
| Long-term debt, net | 145,769,163 | 136,672,908 | ||||||||||||
| Deferred credits and other non-current liabilities | 47,977,889 | 47,191,110 | ||||||||||||
| Total Liabilities | 216,286,776 | 212,562,448 | ||||||||||||
| Stockholders' Equity | 113,552,790 | 108,136,775 | ||||||||||||
| Total Liabilities and Stockholders' Equity | - | 329,839,566 | - | 320,699,223 | ||||||||||
| Contact: | Timothy J. Mulvaney |
| VP, Treasurer and CFO | |
| Telephone: | (540) 777-3997 |
