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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.29 | 1.43% | 20.51 | 17.65 | 22.01 | 20.525 | 20.20 | 20.20 | 5,788 | 05:00:06 |
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
|
|
¨
|
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
¨
|
Class
|
|
Outstanding at July 31, 2017
|
Common Stock, $5 Par Value
|
|
7,232,482
|
|
Unaudited
|
|
|
||||
|
June 30,
2017 |
|
September 30,
2016 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
763,816
|
|
|
$
|
643,252
|
|
Accounts receivable (less allowance for uncollectibles of $282,829 and $76,934, respectively)
|
4,659,087
|
|
|
3,478,983
|
|
||
Materials and supplies
|
983,899
|
|
|
824,139
|
|
||
Gas in storage
|
5,445,275
|
|
|
7,436,785
|
|
||
Prepaid income taxes
|
—
|
|
|
1,550,836
|
|
||
Other
|
1,273,224
|
|
|
1,548,329
|
|
||
Total current assets
|
13,125,301
|
|
|
15,482,324
|
|
||
UTILITY PROPERTY:
|
|
|
|
||||
In service
|
199,152,544
|
|
|
185,577,286
|
|
||
Accumulated depreciation and amortization
|
(58,895,489
|
)
|
|
(56,156,287
|
)
|
||
In service, net
|
140,257,055
|
|
|
129,420,999
|
|
||
Construction work in progress
|
4,709,968
|
|
|
2,707,139
|
|
||
Utility plant, net
|
144,967,023
|
|
|
132,128,138
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Regulatory assets
|
14,504,029
|
|
|
14,332,451
|
|
||
Investment in unconsolidated affiliate
|
5,704,091
|
|
|
3,496,404
|
|
||
Fair value of marked-to-market transactions
|
118,606
|
|
|
—
|
|
||
Other
|
115,707
|
|
|
113,532
|
|
||
Total other assets
|
20,442,433
|
|
|
17,942,387
|
|
||
TOTAL ASSETS
|
$
|
178,534,757
|
|
|
$
|
165,552,849
|
|
|
Unaudited
|
|
|
||||
|
June 30,
2017 |
|
September 30,
2016 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Line-of-credit
|
$
|
—
|
|
|
$
|
14,556,785
|
|
Dividends payable
|
1,048,710
|
|
|
970,244
|
|
||
Accounts payable
|
5,730,734
|
|
|
5,345,575
|
|
||
Capital contributions payable
|
402,589
|
|
|
287,794
|
|
||
Customer credit balances
|
715,139
|
|
|
1,605,608
|
|
||
Income taxes payable
|
552,148
|
|
|
—
|
|
||
Customer deposits
|
1,532,074
|
|
|
1,627,105
|
|
||
Accrued expenses
|
2,485,160
|
|
|
3,194,255
|
|
||
Over-recovery of gas costs
|
3,258,221
|
|
|
909,687
|
|
||
Total current liabilities
|
15,724,775
|
|
|
28,497,053
|
|
||
LONG-TERM DEBT:
|
|
|
|
||||
Notes payable
|
42,820,200
|
|
|
33,896,200
|
|
||
Line-of-credit
|
10,516,426
|
|
|
—
|
|
||
Less unamortized debt issuance costs
|
(252,117
|
)
|
|
(260,149
|
)
|
||
Long-term debt net of unamortized debt issuance costs
|
53,084,509
|
|
|
33,636,051
|
|
||
DEFERRED CREDITS AND OTHER LIABILITIES:
|
|
|
|
||||
Asset retirement obligations
|
5,867,216
|
|
|
5,682,556
|
|
||
Regulatory cost of retirement obligations
|
10,014,380
|
|
|
9,348,443
|
|
||
Benefit plan liabilities
|
13,557,156
|
|
|
13,763,820
|
|
||
Deferred income taxes
|
20,615,021
|
|
|
18,957,854
|
|
||
Total deferred credits and other liabilities
|
50,053,773
|
|
|
47,752,673
|
|
||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock, $5 par value; authorized 10,000,000 shares; issued and outstanding 7,231,535 and 7,182,434, respectively
|
36,157,675
|
|
|
23,941,445
|
|
||
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Capital in excess of par value
|
182,031
|
|
|
9,509,548
|
|
||
Retained earnings
|
25,636,416
|
|
|
24,713,310
|
|
||
Accumulated other comprehensive loss
|
(2,304,422
|
)
|
|
(2,497,231
|
)
|
||
Total stockholders’ equity
|
59,671,700
|
|
|
55,667,072
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
178,534,757
|
|
|
$
|
165,552,849
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
OPERATING REVENUES:
|
|
|
|
|
|
|
|
||||||||
Gas utilities
|
$
|
11,171,499
|
|
|
$
|
11,017,281
|
|
|
$
|
51,346,456
|
|
|
$
|
48,372,615
|
|
Other
|
264,325
|
|
|
277,916
|
|
|
777,966
|
|
|
710,411
|
|
||||
Total operating revenues
|
11,435,824
|
|
|
11,295,197
|
|
|
52,124,422
|
|
|
49,083,026
|
|
||||
COST OF SALES:
|
|
|
|
|
|
|
|
||||||||
Gas utilities
|
4,679,047
|
|
|
4,833,604
|
|
|
24,862,147
|
|
|
23,037,896
|
|
||||
Other
|
122,375
|
|
|
149,253
|
|
|
407,238
|
|
|
345,405
|
|
||||
Total cost of sales
|
4,801,422
|
|
|
4,982,857
|
|
|
25,269,385
|
|
|
23,383,301
|
|
||||
GROSS MARGIN
|
6,634,402
|
|
|
6,312,340
|
|
|
26,855,037
|
|
|
25,699,725
|
|
||||
OTHER OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Operations and maintenance
|
3,294,939
|
|
|
3,060,435
|
|
|
9,880,293
|
|
|
9,868,164
|
|
||||
General taxes
|
450,528
|
|
|
413,711
|
|
|
1,372,870
|
|
|
1,281,312
|
|
||||
Depreciation and amortization
|
1,560,728
|
|
|
1,384,844
|
|
|
4,702,185
|
|
|
4,154,533
|
|
||||
Total other operating expenses
|
5,306,195
|
|
|
4,858,990
|
|
|
15,955,348
|
|
|
15,304,009
|
|
||||
OPERATING INCOME
|
1,328,207
|
|
|
1,453,350
|
|
|
10,899,689
|
|
|
10,395,716
|
|
||||
Equity in earnings of unconsolidated affiliate
|
111,626
|
|
|
40,562
|
|
|
289,791
|
|
|
95,945
|
|
||||
Other expense, net
|
8,738
|
|
|
39,151
|
|
|
23,020
|
|
|
71,460
|
|
||||
Interest expense
|
472,300
|
|
|
396,304
|
|
|
1,400,301
|
|
|
1,220,600
|
|
||||
INCOME BEFORE INCOME TAXES
|
958,795
|
|
|
1,058,457
|
|
|
9,766,159
|
|
|
9,199,601
|
|
||||
INCOME TAX EXPENSE
|
343,233
|
|
|
431,389
|
|
|
3,693,180
|
|
|
3,538,296
|
|
||||
NET INCOME
|
$
|
615,562
|
|
|
$
|
627,068
|
|
|
$
|
6,072,979
|
|
|
$
|
5,661,305
|
|
BASIC EARNINGS PER COMMON SHARE
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.84
|
|
|
$
|
0.79
|
|
DILUTED EARNINGS PER COMMON SHARE
|
$
|
0.08
|
|
|
$
|
0.09
|
|
|
$
|
0.84
|
|
|
$
|
0.79
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.1450
|
|
|
$
|
0.1350
|
|
|
$
|
0.4350
|
|
|
$
|
0.4050
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
NET INCOME
|
$
|
615,562
|
|
|
$
|
627,068
|
|
|
$
|
6,072,979
|
|
|
$
|
5,661,305
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
(25,053
|
)
|
|
—
|
|
|
73,583
|
|
|
—
|
|
||||
Defined benefit plans
|
39,742
|
|
|
34,289
|
|
|
119,226
|
|
|
102,867
|
|
||||
OTHER COMPREHENSIVE INCOME, NET OF TAX
|
14,689
|
|
|
34,289
|
|
|
192,809
|
|
|
102,867
|
|
||||
COMPREHENSIVE INCOME
|
$
|
630,251
|
|
|
$
|
661,357
|
|
|
$
|
6,265,788
|
|
|
$
|
5,764,172
|
|
|
Nine Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
6,072,979
|
|
|
$
|
5,661,305
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
4,793,270
|
|
|
4,245,223
|
|
||
Cost of removal of utility plant, net
|
(236,292
|
)
|
|
(291,620
|
)
|
||
Stock option grants
|
73,780
|
|
|
64,640
|
|
||
Equity in earnings of unconsolidated affiliate
|
(289,791
|
)
|
|
(95,945
|
)
|
||
Changes in assets and liabilities which used cash, exclusive of changes and noncash transactions shown separately
|
5,337,120
|
|
|
5,951,846
|
|
||
Net cash provided by operating activities
|
15,751,066
|
|
|
15,535,449
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Additions to utility plant and nonutility property
|
(16,451,865
|
)
|
|
(12,558,509
|
)
|
||
Investment in unconsolidated affiliate
|
(1,803,100
|
)
|
|
(2,272,576
|
)
|
||
Proceeds from disposal of equipment
|
13,971
|
|
|
543
|
|
||
Net cash used in investing activities
|
(18,240,994
|
)
|
|
(14,830,542
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from issuance of notes payable
|
8,924,000
|
|
|
2,596,200
|
|
||
Borrowings under line-of-credit agreement
|
31,170,307
|
|
|
26,452,983
|
|
||
Repayments under line-of-credit agreement
|
(35,210,666
|
)
|
|
(27,666,149
|
)
|
||
Debt issuance expenses
|
(16,675
|
)
|
|
(101,619
|
)
|
||
Proceeds from issuance of stock (49,101 and 54,255 shares, respectively)
|
810,689
|
|
|
774,175
|
|
||
Cash dividends paid
|
(3,067,163
|
)
|
|
(2,840,898
|
)
|
||
Net cash provided by (used in) financing activities
|
2,610,492
|
|
|
(785,308
|
)
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
120,564
|
|
|
(80,401
|
)
|
||
BEGINNING CASH AND CASH EQUIVALENTS
|
643,252
|
|
|
985,234
|
|
||
ENDING CASH AND CASH EQUIVALENTS
|
$
|
763,816
|
|
|
$
|
904,833
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid
|
$
|
1,598,629
|
|
|
$
|
1,435,553
|
|
Income taxes paid
|
51,000
|
|
|
181,000
|
|
||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
1.
|
Basis of Presentation
|
2.
|
Stock Split
|
3.
|
Rates and Regulatory Matters
|
4.
|
Other Investments
|
Balance Sheet Location of Other Investments:
|
June 30, 2017
|
|
September 30, 2016
|
||||
Other Assets:
|
|
|
|
||||
Investment in unconsolidated affiliate
|
$
|
5,704,091
|
|
|
$
|
3,496,404
|
|
Current Liabilities:
|
|
|
|
||||
Capital contributions payable
|
$
|
402,589
|
|
|
$
|
287,794
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Income Statement Location of Other Investments:
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Equity in earnings of unconsolidated affiliate
|
$
|
111,626
|
|
|
$
|
40,562
|
|
|
$
|
289,791
|
|
|
$
|
95,945
|
|
5.
|
Derivatives and Hedging
|
|
June 30, 2017
|
|
September 30, 2016
|
|
Derivative designated as hedging instrument:
|
|
|
|
|
Interest rate swap
|
$118,606
|
|
—
|
|
6.
|
Long-Term Debt
|
|
June 30, 2017
|
|
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
|
|
|
$
|
166,533
|
|
|
$
|
30,500,000
|
|
|
$
|
173,773
|
|
Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021
|
7,000,000
|
|
|
14,451
|
|
|
—
|
|
|
—
|
|
||||
RGC Midstream, LLC:
|
|
|
|
|
|
|
|
||||||||
Unsecured term notes payable, at 30-day LIBOR plus 1.60%, due December 29, 2020
|
5,320,200
|
|
|
71,133
|
|
|
3,396,200
|
|
|
86,376
|
|
||||
Total notes payable
|
$
|
42,820,200
|
|
|
$
|
252,117
|
|
|
$
|
33,896,200
|
|
|
$
|
260,149
|
|
Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2019
|
$
|
10,516,426
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total long-term debt
|
$
|
53,336,626
|
|
|
$
|
252,117
|
|
|
$
|
33,896,200
|
|
|
$
|
260,149
|
|
7.
|
Other Comprehensive Income
|
|
Before-Tax
Amount
|
|
Tax
(Expense)
or Benefit
|
|
Net-of-Tax
Amount
|
||||||
Three Months Ended June 30, 2017
|
|
|
|
|
|
||||||
Interest rate swaps:
|
|
|
|
|
|
||||||
Unrealized losses
|
$
|
(40,382
|
)
|
|
$
|
15,329
|
|
|
$
|
(25,053
|
)
|
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial losses
|
64,058
|
|
|
(24,316
|
)
|
|
39,742
|
|
|||
Other comprehensive income
|
$
|
23,676
|
|
|
$
|
(8,987
|
)
|
|
$
|
14,689
|
|
Three Months Ended June 30, 2016
|
|
|
|
|
|
||||||
Interest rate swaps:
|
|
|
|
|
|
||||||
Unrealized losses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial losses
|
55,268
|
|
|
(20,979
|
)
|
|
34,289
|
|
|||
Other comprehensive income
|
$
|
55,268
|
|
|
$
|
(20,979
|
)
|
|
$
|
34,289
|
|
|
|
|
|
|
|
||||||
|
Before-Tax
Amount
|
|
Tax
(Expense)
or Benefit
|
|
Net-of-Tax
Amount
|
||||||
Nine Months Ended June 30, 2017
|
|
|
|
|
|
||||||
Interest rate swaps:
|
|
|
|
|
|
||||||
Unrealized gains
|
$
|
118,606
|
|
|
$
|
(45,023
|
)
|
|
$
|
73,583
|
|
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial losses
|
192,174
|
|
|
(72,948
|
)
|
|
119,226
|
|
|||
Other comprehensive income
|
$
|
310,780
|
|
|
$
|
(117,971
|
)
|
|
$
|
192,809
|
|
Nine Months Ended June 30, 2016
|
|
|
|
|
|
||||||
Interest rate swaps:
|
|
|
|
|
|
||||||
Unrealized losses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial losses
|
165,804
|
|
|
(62,937
|
)
|
|
102,867
|
|
|||
Other comprehensive income
|
$
|
165,804
|
|
|
$
|
(62,937
|
)
|
|
$
|
102,867
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||
Balance at September 30, 2016
|
$
|
(2,497,231
|
)
|
Other comprehensive income
|
192,809
|
|
|
Balance at June 30, 2017
|
$
|
(2,304,422
|
)
|
8.
|
Commitments and Contingencies
|
9.
|
Earnings Per Share
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Net Income
|
$
|
615,562
|
|
|
$
|
627,068
|
|
|
$
|
6,072,979
|
|
|
$
|
5,661,305
|
|
|
Weighted average common shares
|
7,227,171
|
|
|
7,160,650
|
|
|
7,212,289
|
|
|
7,140,914
|
|
||||
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
|
Options to purchase common stock
|
46,669
|
|
|
12,062
|
|
|
32,275
|
|
|
7,951
|
|
||||
|
Diluted average common shares
|
7,273,840
|
|
|
7,172,712
|
|
|
7,244,564
|
|
|
7,148,865
|
|
||||
|
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.84
|
|
|
$
|
0.79
|
|
|
Diluted
|
$
|
0.08
|
|
|
$
|
0.09
|
|
|
$
|
0.84
|
|
|
$
|
0.79
|
|
10.
|
Employee Benefit Plans
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Components of net periodic pension cost:
|
|
|
|
|
|
|
|
||||||||
|
Service cost
|
$
|
176,669
|
|
|
$
|
173,594
|
|
|
$
|
530,007
|
|
|
$
|
520,782
|
|
|
Interest cost
|
248,900
|
|
|
283,194
|
|
|
746,700
|
|
|
849,582
|
|
||||
|
Expected return on plan assets
|
(404,103
|
)
|
|
(373,060
|
)
|
|
(1,212,309
|
)
|
|
(1,119,180
|
)
|
||||
|
Recognized loss
|
165,545
|
|
|
125,420
|
|
|
496,635
|
|
|
376,260
|
|
||||
|
Net periodic pension cost
|
$
|
187,011
|
|
|
$
|
209,148
|
|
|
$
|
561,033
|
|
|
$
|
627,444
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Components of postretirement benefit cost:
|
|
|
|
|
|
|
|
||||||||
|
Service cost
|
$
|
45,817
|
|
|
$
|
37,005
|
|
|
$
|
137,451
|
|
|
$
|
111,015
|
|
|
Interest cost
|
156,706
|
|
|
156,145
|
|
|
470,118
|
|
|
468,435
|
|
||||
|
Expected return on plan assets
|
(142,878
|
)
|
|
(126,965
|
)
|
|
(428,634
|
)
|
|
(380,895
|
)
|
||||
|
Recognized loss
|
107,440
|
|
|
62,543
|
|
|
322,320
|
|
|
187,629
|
|
||||
|
Net postretirement benefit cost
|
$
|
167,085
|
|
|
$
|
128,728
|
|
|
$
|
501,255
|
|
|
$
|
386,184
|
|
|
|
Fiscal Year-to-Date Contributions
|
|
Remaining Fiscal Year Contributions
|
||||
|
Defined benefit pension plan
|
$
|
450,000
|
|
|
$
|
300,000
|
|
|
Postretirement medical plan
|
—
|
|
|
1,000,000
|
|
||
|
Total
|
$
|
450,000
|
|
|
$
|
1,300,000
|
|
11.
|
Fair Value Measurements
|
|
|
|
Fair Value Measurements - June 30, 2017
|
||||||||||||
|
Fair
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
118,606
|
|
|
$
|
—
|
|
|
$
|
118,606
|
|
|
$
|
—
|
|
Total
|
$
|
118,606
|
|
|
$
|
—
|
|
|
$
|
118,606
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases
|
$
|
1,880,645
|
|
|
$
|
—
|
|
|
$
|
1,880,645
|
|
|
$
|
—
|
|
Total
|
$
|
1,880,645
|
|
|
$
|
—
|
|
|
$
|
1,880,645
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
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 - June 30, 2017
|
||||||||||||
|
Carrying
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term debt - notes payable
|
$
|
42,820,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44,295,661
|
|
Total
|
$
|
42,820,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44,295,661
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
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 - notes payable
|
$
|
33,896,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,163,523
|
|
Total
|
$
|
33,896,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,163,523
|
|
12.
|
Stock Options
|
13.
|
Subsequent Events
|
|
Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase / (Decrease)
|
|
Percentage
|
|||||||
Operating Revenues
|
|
|
|
|
|
|
|
|||||||
Gas Utilities
|
$
|
11,171,499
|
|
|
$
|
11,017,281
|
|
|
$
|
154,218
|
|
|
1
|
%
|
Other
|
264,325
|
|
|
277,916
|
|
|
(13,591
|
)
|
|
(5
|
)%
|
|||
Total Operating Revenues
|
$
|
11,435,824
|
|
|
$
|
11,295,197
|
|
|
$
|
140,627
|
|
|
1
|
%
|
Delivered Volumes
|
|
|
|
|
|
|
|
|||||||
Regulated Natural Gas (DTH)
|
|
|
|
|
|
|
|
|||||||
Residential and Commercial
|
769,795
|
|
|
865,471
|
|
|
(95,676
|
)
|
|
(11
|
)%
|
|||
Transportation and Interruptible
|
631,297
|
|
|
658,869
|
|
|
(27,572
|
)
|
|
(4
|
)%
|
|||
Total Delivered Volumes
|
1,401,092
|
|
|
1,524,340
|
|
|
(123,248
|
)
|
|
(8
|
)%
|
|||
Heating Degree Days (Unofficial)
|
245
|
|
|
332
|
|
|
(87
|
)
|
|
(26
|
)%
|
|
Three Months Ended June 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
Increase / (Decrease)
|
||||||
Customer Base Charge
|
$
|
3,112,654
|
|
|
$
|
3,104,082
|
|
|
$
|
8,572
|
|
Carrying Cost
|
107,051
|
|
|
100,179
|
|
|
6,872
|
|
|||
SAVE Plan
|
964,697
|
|
|
664,488
|
|
|
300,209
|
|
|||
Volumetric
|
2,025,593
|
|
|
2,250,298
|
|
|
(224,705
|
)
|
|||
WNA
|
255,163
|
|
|
42,118
|
|
|
213,045
|
|
|||
Other Gas Revenues
|
27,294
|
|
|
22,512
|
|
|
4,782
|
|
|||
Total
|
$
|
6,492,452
|
|
|
$
|
6,183,677
|
|
|
$
|
308,775
|
|
|
Nine Months Ended
June 30, |
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase / (Decrease)
|
|
Percentage
|
|||||||
Operating Revenues
|
|
|
|
|
|
|
|
|||||||
Gas Utilities
|
$
|
51,346,456
|
|
|
$
|
48,372,615
|
|
|
$
|
2,973,841
|
|
|
6
|
%
|
Other
|
777,966
|
|
|
710,411
|
|
|
67,555
|
|
|
10
|
%
|
|||
Total Operating Revenues
|
$
|
52,124,422
|
|
|
$
|
49,083,026
|
|
|
$
|
3,041,396
|
|
|
6
|
%
|
Delivered Volumes
|
|
|
|
|
|
|
|
|||||||
Regulated Natural Gas (DTH)
|
|
|
|
|
|
|
|
|||||||
Residential and Commercial
|
5,305,263
|
|
|
5,567,255
|
|
|
(261,992
|
)
|
|
(5
|
)%
|
|||
Transportation and Interruptible
|
2,115,333
|
|
|
2,158,032
|
|
|
(42,699
|
)
|
|
(2
|
)%
|
|||
Total Delivered Volumes
|
7,420,596
|
|
|
7,725,287
|
|
|
(304,691
|
)
|
|
(4
|
)%
|
|||
Heating Degree Days (Unofficial)
|
3,213
|
|
|
3,484
|
|
|
(271
|
)
|
|
(8
|
)%
|
|
Nine Months Ended
June 30, |
|
|
||||||||
|
2017
|
|
2016
|
|
Increase / (Decrease)
|
||||||
Customer Base Charge
|
$
|
9,330,860
|
|
|
$
|
9,288,474
|
|
|
$
|
42,386
|
|
Carrying Cost
|
406,838
|
|
|
464,883
|
|
|
(58,045
|
)
|
|||
SAVE Plan
|
2,767,636
|
|
|
1,701,316
|
|
|
1,066,320
|
|
|||
Volumetric
|
12,033,663
|
|
|
12,571,627
|
|
|
(537,964
|
)
|
|||
WNA
|
1,860,497
|
|
|
1,223,461
|
|
|
637,036
|
|
|||
Other Gas Revenues
|
84,815
|
|
|
84,958
|
|
|
(143
|
)
|
|||
Total
|
$
|
26,484,309
|
|
|
$
|
25,334,719
|
|
|
$
|
1,149,590
|
|
|
Nine Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Cash Flow Summary Nine Months Ended
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
15,751,066
|
|
|
$
|
15,535,449
|
|
Net cash used in investing activities
|
(18,240,994
|
)
|
|
(14,830,542
|
)
|
||
Net cash provided by (used in) financing activities
|
2,610,492
|
|
|
(785,308
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
$
|
120,564
|
|
|
$
|
(80,401
|
)
|
|
Nine Months Ended
June 3 0, |
|
|
||||||||
Cash Flow From Operating Activities:
|
2017
|
|
2016
|
|
Increase / (Decrease)
|
||||||
Net income
|
$
|
6,072,979
|
|
|
$
|
5,661,305
|
|
|
$
|
411,674
|
|
Depreciation
|
4,793,270
|
|
|
4,245,223
|
|
|
548,047
|
|
|||
Increase in over-collections
|
2,348,534
|
|
|
767,194
|
|
|
1,581,340
|
|
|||
Decrease in gas in storage
|
1,991,510
|
|
|
3,856,242
|
|
|
(1,864,732
|
)
|
|||
Increase in accounts receivable
|
(1,385,998
|
)
|
|
(1,077,678
|
)
|
|
(308,320
|
)
|
|||
Increase (decrease) in accounts payable
|
277,786
|
|
|
(68,557
|
)
|
|
346,343
|
|
|||
Other
|
1,652,985
|
|
|
2,151,720
|
|
|
(498,735
|
)
|
|||
Net Cash Provided by Operations
|
$
|
15,751,066
|
|
|
$
|
15,535,449
|
|
|
$
|
215,617
|
|
Number
|
|
Description
|
10.1
|
|
Private Shelf Agreement by and between Roanoke Gas Company and Prudential Investment Management, Inc. for the pre-authorization to issue notes up to $29,500,000 in total during the term of the agreement following proper notice and compliance with the provisions of the Agreement.
|
10.2
|
|
Agreement by and between Roanoke Gas Company and Prudential Investment Management for the issuance of $8,000,000 in notes in October 2017 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on May 23, 2017)
|
31.1
|
|
Rule 13a–14(a)/15d–14(a) Certification of Principal Executive Officer.
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31.2
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Rule 13a–14(a)/15d–14(a) Certification of Principal Financial Officer.
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32.1*
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Section 1350 Certification of Principal Executive Officer.
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32.2*
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Section 1350 Certification of Principal Financial Officer.
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101
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The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at June 30, 2017 and September 30, 2016, (ii) Condensed Consolidated Statements of Income for the three months and six months ended June 30, 2017 and 2016; (iii) Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended June 30, 2017 and 2016; (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2017 and 2016, and (v) Condensed Notes to Condensed Consolidated Financial Statements.
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*
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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.
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RGC Resources, Inc.
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Date: August 4, 2017
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By:
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/s/ Paul W. Nester
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Paul W. Nester
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Vice President, Secretary, Treasurer and CFO
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1 Year RGC Resources Chart |
1 Month RGC Resources Chart |
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