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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RGC Resources Inc | NASDAQ:RGCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.17 | -0.79% | 21.23 | 17.06 | 22.12 | 21.575 | 21.17 | 21.48 | 7,188 | 23:43:37 |
Form 10-Q
|
RGC Resources, Inc.
(Exact name of Registrant as Specified in its Charter)
|
|
|
|
VIRGINIA
|
|
54-1909697
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
519 Kimball Ave., N.E., Roanoke, VA
|
|
24016
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
ý
|
|
|
|
|
|||
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
¨
|
Class
|
|
Outstanding at January 31, 2017
|
Common Stock, $5 Par Value
|
|
4,803,375
|
|
Unaudited
|
|
|
||||
|
December 31,
2016 |
|
September 30,
2016 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
176,075
|
|
|
$
|
643,252
|
|
Accounts receivable (less allowance for uncollectibles of $185,756 and $76,934, respectively)
|
11,370,701
|
|
|
3,478,983
|
|
||
Materials and supplies
|
1,034,221
|
|
|
824,139
|
|
||
Gas in storage
|
5,820,269
|
|
|
7,436,785
|
|
||
Prepaid income taxes
|
1,089,443
|
|
|
1,550,836
|
|
||
Other
|
1,962,461
|
|
|
1,548,329
|
|
||
Total current assets
|
21,453,170
|
|
|
15,482,324
|
|
||
UTILITY PROPERTY:
|
|
|
|
||||
In service
|
188,749,475
|
|
|
185,577,286
|
|
||
Accumulated depreciation and amortization
|
(57,232,555
|
)
|
|
(56,156,287
|
)
|
||
In service, net
|
131,516,920
|
|
|
129,420,999
|
|
||
Construction work in progress
|
4,263,573
|
|
|
2,707,139
|
|
||
Utility plant, net
|
135,780,493
|
|
|
132,128,138
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Regulatory assets
|
14,380,195
|
|
|
14,332,451
|
|
||
Investment in unconsolidated affiliate
|
4,030,994
|
|
|
3,496,404
|
|
||
Fair value of marked-to-market transactions
|
153,334
|
|
|
—
|
|
||
Other
|
163,557
|
|
|
113,532
|
|
||
Total other assets
|
18,728,080
|
|
|
17,942,387
|
|
||
TOTAL ASSETS
|
$
|
175,961,743
|
|
|
$
|
165,552,849
|
|
|
Unaudited
|
|
|
||||
|
December 31,
2016 |
|
September 30,
2016 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Borrowings under line-of-credit
|
$
|
14,325,376
|
|
|
$
|
14,556,785
|
|
Dividends payable
|
1,044,734
|
|
|
970,244
|
|
||
Accounts payable
|
6,735,080
|
|
|
5,345,575
|
|
||
Capital contributions payable
|
252,097
|
|
|
287,794
|
|
||
Customer credit balances
|
1,544,887
|
|
|
1,605,608
|
|
||
Customer deposits
|
1,654,238
|
|
|
1,627,105
|
|
||
Accrued expenses
|
2,049,303
|
|
|
3,194,255
|
|
||
Over-recovery of gas costs
|
1,151,235
|
|
|
909,687
|
|
||
Total current liabilities
|
28,756,950
|
|
|
28,497,053
|
|
||
LONG-TERM DEBT:
|
|
|
|
||||
Principal amount
|
41,404,200
|
|
|
33,896,200
|
|
||
Less unamortized debt issuance costs
|
(268,774
|
)
|
|
(260,149
|
)
|
||
Long-term debt net of unamortized debt issuance costs
|
41,135,426
|
|
|
33,636,051
|
|
||
DEFERRED CREDITS AND OTHER LIABILITIES:
|
|
|
|
||||
Asset retirement obligations
|
5,737,499
|
|
|
5,682,556
|
|
||
Regulatory cost of retirement obligations
|
9,554,898
|
|
|
9,348,443
|
|
||
Benefit plan liabilities
|
13,544,932
|
|
|
13,763,820
|
|
||
Deferred income taxes
|
19,951,347
|
|
|
18,957,854
|
|
||
Total deferred credits and other liabilities
|
48,788,676
|
|
|
47,752,673
|
|
||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock, $5 par value; authorized 10,000,000 shares; issued and outstanding 4,799,704 and 4,788,289, respectively
|
23,998,520
|
|
|
23,941,445
|
|
||
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Capital in excess of par value
|
9,743,738
|
|
|
9,509,548
|
|
||
Retained earnings
|
25,900,794
|
|
|
24,713,310
|
|
||
Accumulated other comprehensive loss
|
(2,362,361
|
)
|
|
(2,497,231
|
)
|
||
Total stockholders’ equity
|
57,280,691
|
|
|
55,667,072
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
175,961,743
|
|
|
$
|
165,552,849
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
OPERATING REVENUES:
|
|
|
|
||||
Gas utilities
|
$
|
18,512,333
|
|
|
$
|
15,785,849
|
|
Other
|
276,252
|
|
|
224,207
|
|
||
Total operating revenues
|
18,788,585
|
|
|
16,010,056
|
|
||
COST OF SALES:
|
|
|
|
||||
Gas utilities
|
9,246,852
|
|
|
7,179,834
|
|
||
Other
|
150,828
|
|
|
92,106
|
|
||
Total cost of sales
|
9,397,680
|
|
|
7,271,940
|
|
||
GROSS MARGIN
|
9,390,905
|
|
|
8,738,116
|
|
||
OTHER OPERATING EXPENSES:
|
|
|
|
||||
Operations and maintenance
|
3,391,828
|
|
|
3,431,233
|
|
||
General taxes
|
441,074
|
|
|
423,987
|
|
||
Depreciation and amortization
|
1,575,728
|
|
|
1,384,844
|
|
||
Total other operating expenses
|
5,408,630
|
|
|
5,240,064
|
|
||
OPERATING INCOME
|
3,982,275
|
|
|
3,498,052
|
|
||
Equity in earnings of unconsolidated affiliate
|
84,540
|
|
|
21,537
|
|
||
Other expense, net
|
3,712
|
|
|
3,873
|
|
||
Interest expense
|
458,521
|
|
|
408,356
|
|
||
INCOME BEFORE INCOME TAXES
|
3,604,582
|
|
|
3,107,360
|
|
||
INCOME TAX EXPENSE
|
1,372,364
|
|
|
1,184,570
|
|
||
NET INCOME
|
$
|
2,232,218
|
|
|
$
|
1,922,790
|
|
BASIC EARNINGS PER COMMON SHARE
|
$
|
0.47
|
|
|
$
|
0.40
|
|
DILUTED EARNINGS PER COMMON SHARE
|
$
|
0.46
|
|
|
$
|
0.40
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.2175
|
|
|
$
|
0.2025
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
NET INCOME
|
$
|
2,232,218
|
|
|
$
|
1,922,790
|
|
Other comprehensive income, net of tax:
|
|
|
|
||||
Interest rate swap
|
95,128
|
|
|
—
|
|
||
Defined benefit plans
|
39,742
|
|
|
34,289
|
|
||
OTHER COMPREHENSIVE INCOME, NET OF TAX
|
134,870
|
|
|
34,289
|
|
||
COMPREHENSIVE INCOME
|
$
|
2,367,088
|
|
|
$
|
1,957,079
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
2,232,218
|
|
|
$
|
1,922,790
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,606,090
|
|
|
1,415,075
|
|
||
Cost of removal of utility plant, net
|
(97,800
|
)
|
|
(115,565
|
)
|
||
Stock option grants
|
12,297
|
|
|
10,773
|
|
||
Equity in earnings of unconsolidated affiliate
|
(84,540
|
)
|
|
(21,537
|
)
|
||
Changes in assets and liabilities which used cash, exclusive of changes and noncash transactions shown separately
|
(5,781,253
|
)
|
|
(4,522,687
|
)
|
||
Net cash used in operating activities
|
(2,112,988
|
)
|
|
(1,311,151
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Additions to utility plant and nonutility property
|
(4,438,642
|
)
|
|
(3,918,432
|
)
|
||
Investment in unconsolidated affiliate
|
(485,747
|
)
|
|
(1,378,879
|
)
|
||
Proceeds from disposal of equipment
|
1,560
|
|
|
134
|
|
||
Net cash used in investing activities
|
(4,922,829
|
)
|
|
(5,297,177
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
7,508,000
|
|
|
1,612,200
|
|
||
Borrowings under line-of-credit agreement
|
11,501,201
|
|
|
12,506,724
|
|
||
Repayments under line-of-credit agreement
|
(11,732,610
|
)
|
|
(6,836,170
|
)
|
||
Debt issuance expenses
|
(16,675
|
)
|
|
(76,901
|
)
|
||
Proceeds from issuance of stock (11,415 and 10,191 shares, respectively)
|
278,968
|
|
|
217,679
|
|
||
Cash dividends paid
|
(970,244
|
)
|
|
(912,996
|
)
|
||
Net cash provided by financing activities
|
6,568,640
|
|
|
6,510,536
|
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(467,177
|
)
|
|
(97,792
|
)
|
||
BEGINNING CASH AND CASH EQUIVALENTS
|
643,252
|
|
|
985,234
|
|
||
ENDING CASH AND CASH EQUIVALENTS
|
$
|
176,075
|
|
|
$
|
887,442
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid
|
$
|
730,163
|
|
|
$
|
690,228
|
|
Income taxes paid
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
NON-CASH TRANSACTIONS:
|
|
|
|
||||
Decrease in investment in unconsolidated affiliate/capital contribution payable
|
$
|
35,697
|
|
|
$
|
—
|
|
1.
|
Basis of Presentation
|
2.
|
Rates and Regulatory Matters
|
3.
|
Other Investments
|
Balance Sheet Location of Other Investments:
|
December 31, 2016
|
|
September 30, 2016
|
||||
Other Assets:
|
|
|
|
||||
Investment in unconsolidated affiliate
|
$
|
4,030,994
|
|
|
$
|
3,496,404
|
|
Current Liabilities:
|
|
|
|
||||
Capital contributions payable
|
$
|
252,097
|
|
|
$
|
287,794
|
|
|
Three Months Ended
|
||||||
Income Statement Location of Other Investments:
|
December 31, 2016
|
|
December 31, 2015
|
||||
Equity in earnings of unconsolidated affiliate
|
$
|
84,540
|
|
|
$
|
21,537
|
|
4.
|
Short-Term Debt
|
5.
|
Long-Term Debt
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||||
|
Principal
|
|
Unamortized Debt Issuance Costs
|
|
Principal
|
|
Unamortized Debt Issuance Costs
|
||||||||
Roanoke Gas Company:
|
|
|
|
|
|
|
|
||||||||
Unsecured senior notes payable, at 4.26% due on September 18, 2034
|
$
|
30,500,000
|
|
|
$
|
171,360
|
|
|
$
|
30,500,000
|
|
|
$
|
173,773
|
|
Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021
|
7,000,000
|
|
|
16,119
|
|
|
—
|
|
|
—
|
|
||||
RGC Midstream, LLC:
|
|
|
|
|
|
|
|
||||||||
Unsecured term notes payable, at 30-day LIBOR plus 1.60%, due December 29, 2020
|
3,904,200
|
|
|
81,295
|
|
|
3,396,200
|
|
|
86,376
|
|
||||
Total
|
$
|
41,404,200
|
|
|
$
|
268,774
|
|
|
$
|
33,896,200
|
|
|
$
|
260,149
|
|
6.
|
Other Comprehensive Income
|
|
Before-Tax
Amount
|
|
Tax
(Expense)
or Benefit
|
|
Net-of-Tax
Amount
|
||||||
Three Months Ended December 31, 2016
|
|
|
|
|
|
||||||
Interest rate swaps:
|
|
|
|
|
|
||||||
Unrealized gains
|
$
|
153,334
|
|
|
$
|
(58,206
|
)
|
|
$
|
95,128
|
|
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial losses
|
$
|
64,058
|
|
|
$
|
(24,316
|
)
|
|
$
|
39,742
|
|
Other comprehensive income
|
$
|
217,392
|
|
|
$
|
(82,522
|
)
|
|
$
|
134,870
|
|
Three Months Ended December 31, 2015
|
|
|
|
|
|
||||||
Interest rate swaps:
|
|
|
|
|
|
||||||
Unrealized gains
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial losses
|
$
|
55,268
|
|
|
$
|
(20,979
|
)
|
|
$
|
34,289
|
|
Other comprehensive income
|
$
|
55,268
|
|
|
$
|
(20,979
|
)
|
|
$
|
34,289
|
|
|
|
|
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||
Balance at September 30, 2016
|
$
|
(2,497,231
|
)
|
Other comprehensive income
|
134,870
|
|
|
Balance at December 31, 2016
|
$
|
(2,362,361
|
)
|
7.
|
Commitments and Contingencies
|
8.
|
Earnings Per Share
|
|
|
Three Months Ended December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
Net Income
|
$
|
2,232,218
|
|
|
$
|
1,922,790
|
|
|
Weighted average common shares
|
4,796,396
|
|
|
4,748,279
|
|
||
|
Effect of dilutive securities:
|
|
|
|
||||
|
Options to purchase common stock
|
10,635
|
|
|
3,900
|
|
||
|
Diluted average common shares
|
4,807,031
|
|
|
4,752,179
|
|
||
|
Earnings Per Share of Common Stock:
|
|
|
|
||||
|
Basic
|
$
|
0.47
|
|
|
$
|
0.40
|
|
|
Diluted
|
$
|
0.46
|
|
|
$
|
0.40
|
|
9.
|
Employee Benefit Plans
|
|
|
Three Months Ended
|
||||||
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
Components of net periodic pension cost:
|
|
|
|
||||
|
Service cost
|
$
|
176,669
|
|
|
$
|
173,594
|
|
|
Interest cost
|
248,900
|
|
|
283,194
|
|
||
|
Expected return on plan assets
|
(404,103
|
)
|
|
(373,060
|
)
|
||
|
Recognized loss
|
165,545
|
|
|
125,420
|
|
||
|
Net periodic pension cost
|
$
|
187,011
|
|
|
$
|
209,148
|
|
|
|
Three Months Ended
|
||||||
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
Components of postretirement benefit cost:
|
|
|
|
||||
|
Service cost
|
$
|
45,817
|
|
|
$
|
37,005
|
|
|
Interest cost
|
156,706
|
|
|
156,145
|
|
||
|
Expected return on plan assets
|
(142,878
|
)
|
|
(126,965
|
)
|
||
|
Recognized loss
|
107,440
|
|
|
62,543
|
|
||
|
Net postretirement benefit cost
|
$
|
167,085
|
|
|
$
|
128,728
|
|
|
|
Fiscal Year-to-Date Contributions
|
|
Remaining Fiscal Year Contributions
|
||||
|
Defined benefit pension plan
|
$
|
300,000
|
|
|
$
|
450,000
|
|
|
Postretirement medical plan
|
—
|
|
|
1,000,000
|
|
||
|
Total
|
$
|
300,000
|
|
|
$
|
1,450,000
|
|
10.
|
Fair Value Measurements
|
|
|
|
Fair Value Measurements - December 31, 2016
|
||||||||||||
|
Fair
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
153,334
|
|
|
$
|
—
|
|
|
$
|
153,334
|
|
|
$
|
—
|
|
Total
|
$
|
153,334
|
|
|
$
|
—
|
|
|
$
|
153,334
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases
|
$
|
1,020,301
|
|
|
$
|
—
|
|
|
$
|
1,020,301
|
|
|
$
|
—
|
|
Total
|
$
|
1,020,301
|
|
|
$
|
—
|
|
|
$
|
1,020,301
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements - September 30, 2016
|
||||||||||||
|
Fair
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases
|
$
|
1,052,930
|
|
|
$
|
—
|
|
|
$
|
1,052,930
|
|
|
$
|
—
|
|
Total
|
$
|
1,052,930
|
|
|
$
|
—
|
|
|
$
|
1,052,930
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements - December 31, 2016
|
||||||||||||
|
Carrying
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
$
|
41,404,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,844,006
|
|
Total
|
$
|
41,404,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,844,006
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements - September 30, 2016
|
||||||||||||
|
Carrying
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
$
|
33,896,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,163,523
|
|
Total
|
$
|
33,896,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,163,523
|
|
11.
|
Stock Options
|
12.
|
Subsequent Events
|
|
Three Months Ended
December 31, |
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Increase (Decrease)
|
|
Percentage
|
|||||||
Operating Revenues
|
|
|
|
|
|
|
|
|||||||
Gas Utilities
|
$
|
18,512,333
|
|
|
$
|
15,785,849
|
|
|
$
|
2,726,484
|
|
|
17
|
%
|
Other
|
276,252
|
|
|
224,207
|
|
|
52,045
|
|
|
23
|
%
|
|||
Total Operating Revenues
|
$
|
18,788,585
|
|
|
$
|
16,010,056
|
|
|
$
|
2,778,529
|
|
|
17
|
%
|
Delivered Volumes
|
|
|
|
|
|
|
|
|||||||
Regulated Natural Gas (DTH)
|
|
|
|
|
|
|
|
|||||||
Residential and Commercial
|
1,941,497
|
|
|
1,545,869
|
|
|
395,628
|
|
|
26
|
%
|
|||
Transportation and Interruptible
|
692,998
|
|
|
702,582
|
|
|
(9,584
|
)
|
|
(1
|
)%
|
|||
Total Delivered Volumes
|
2,634,495
|
|
|
2,248,451
|
|
|
386,044
|
|
|
17
|
%
|
|||
Heating Degree Days (Unofficial)
|
1,287
|
|
|
1,082
|
|
|
205
|
|
|
19
|
%
|
|
Three Months Ended
December 31, |
|
|
||||||||
|
2016
|
|
2015
|
|
Increase (Decrease)
|
||||||
Customer Base Charge
|
$
|
3,083,808
|
|
|
$
|
3,068,884
|
|
|
$
|
14,924
|
|
Carrying Cost
|
197,801
|
|
|
233,266
|
|
|
(35,465
|
)
|
|||
SAVE Plan
|
880,595
|
|
|
461,322
|
|
|
419,273
|
|
|||
Volumetric
|
4,451,642
|
|
|
3,731,651
|
|
|
719,991
|
|
|||
WNA
|
622,959
|
|
|
1,076,108
|
|
|
(453,149
|
)
|
|||
Other Gas Revenues
|
28,676
|
|
|
34,784
|
|
|
(6,108
|
)
|
|||
Total
|
$
|
9,265,481
|
|
|
$
|
8,606,015
|
|
|
$
|
659,466
|
|
|
Three Months Ended
December 31, |
||||||
|
2016
|
|
2015
|
||||
Cash Flow Summary Three Months Ended:
|
|
|
|
||||
Used in operating activities
|
$
|
(2,112,988
|
)
|
|
$
|
(1,311,151
|
)
|
Used in investing activities
|
(4,922,829
|
)
|
|
(5,297,177
|
)
|
||
Provided by financing activities
|
6,568,640
|
|
|
6,510,536
|
|
||
Decrease in cash and cash equivalents
|
$
|
(467,177
|
)
|
|
$
|
(97,792
|
)
|
|
Three Months Ended
December 31, |
|
|
||||||||
Cash Flow From Operating Activities:
|
2016
|
|
2015
|
|
Increase (Decrease)
|
||||||
Net income
|
$
|
2,232,218
|
|
|
$
|
1,922,790
|
|
|
$
|
309,428
|
|
Depreciation
|
1,606,090
|
|
|
1,415,075
|
|
|
191,015
|
|
|||
Decrease in gas in storage
|
1,616,516
|
|
|
1,040,499
|
|
|
576,017
|
|
|||
Increase in accounts receivable
|
(8,000,539
|
)
|
|
(4,906,175
|
)
|
|
(3,094,364
|
)
|
|||
Increase/(decrease) in accounts payable
|
927,340
|
|
|
(809,438
|
)
|
|
1,736,778
|
|
|||
Other
|
(494,613
|
)
|
|
26,098
|
|
|
(520,711
|
)
|
|||
Net Cash Used in Operations
|
$
|
(2,112,988
|
)
|
|
$
|
(1,311,151
|
)
|
|
$
|
(801,837
|
)
|
Number
|
|
Description
|
10.1*
|
|
Second Amendment to Second Amended and Restated Limited Liability Company Agreement of Mountain Valley Pipeline, LLC, dated October 24, 2016.
|
10.2
|
|
Term Loan Agreement by and between Roanoke Gas Company and BB&T dated November 1, 2016 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on November 7, 2016).
|
10.3
|
|
Promissory Note due November 1, 2021 in the original principal amount of $7,000,000 in favor of BB&T, dated November 1, 2016 (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on November 7, 2016).
|
10.4
|
|
Guaranty Agreement by and between Resources and BB&T, dated November 1, 2016 (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on November 7, 2016).
|
10.5
|
|
Swap Agreement by and between Roanoke Gas Company and BB&T, dated November 1, 2016 (incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on November 7, 2016).
|
31.1
|
|
Rule 13a–14(a)/15d–14(a) Certification of Principal Executive Officer.
|
31.2
|
|
Rule 13a–14(a)/15d–14(a) Certification of Principal Financial Officer.
|
32.1**
|
|
Section 1350 Certification of Principal Executive Officer.
|
32.2**
|
|
Section 1350 Certification of Principal Financial Officer.
|
101
|
|
The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at December 31, 2016 and September 30, 2016, (ii) Condensed Consolidated Statements of Income for the three months ended December 31, 2016 and 2015; (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended December 31, 2016 and 2015; (iv) Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2016 and 2015, and (v) Condensed Notes to Condensed Consolidated Financial Statements.
|
*
|
Confidential treatment has been requested with respect to portions of this exhibit, indicated by asterisks, which have been filed separately with the Securities and Exchange Commission.
|
**
|
These certifications are being furnished solely to accompany this quarterly report pursuant to 18 U.S.C. Section 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and are not to be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RGC Resources, Inc.
|
|
|
|
|
|||
Date: February 8, 2017
|
|
|
|
By:
|
|
/s/ Paul W. Nester
|
|
|
|
|
|
|
Paul W. Nester
|
|
|
|
|
|
|
Vice President, Secretary, Treasurer and CFO
|
1 Year RGC Resources Chart |
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