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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.2337 | 1.12% | 21.1737 | 20.73 | 21.49 | 21.1737 | 20.7207 | 20.96 | 575 | 15:32:39 |
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
|
|
ý
|
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
¨
|
Class
|
|
Outstanding at January 31, 2019
|
Common Stock, $5 Par Value
|
|
8,022,969
|
|
Unaudited
|
|
|
||||
|
December 31,
2018 |
|
September 30,
2018 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
10,809
|
|
|
$
|
247,411
|
|
Accounts receivable (less allowance for uncollectibles of $232,293 and $103,573, respectively)
|
11,715,432
|
|
|
3,913,830
|
|
||
Materials and supplies
|
968,101
|
|
|
913,889
|
|
||
Gas in storage
|
6,161,587
|
|
|
7,627,196
|
|
||
Prepaid income taxes
|
225,293
|
|
|
837,683
|
|
||
Under-recovery of gas costs
|
1,365,700
|
|
|
922,898
|
|
||
Interest rate swap
|
70,922
|
|
|
100,723
|
|
||
Other
|
1,811,891
|
|
|
980,972
|
|
||
Total current assets
|
22,329,735
|
|
|
15,544,602
|
|
||
UTILITY PROPERTY:
|
|
|
|
||||
In service
|
227,481,444
|
|
|
224,854,320
|
|
||
Accumulated depreciation and amortization
|
(64,465,841
|
)
|
|
(63,099,306
|
)
|
||
In service, net
|
163,015,603
|
|
|
161,755,014
|
|
||
Construction work in progress
|
7,016,450
|
|
|
4,208,614
|
|
||
Utility plant, net
|
170,032,053
|
|
|
165,963,628
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Regulatory assets
|
8,848,720
|
|
|
8,862,147
|
|
||
Investment in unconsolidated affiliates
|
32,817,281
|
|
|
28,507,146
|
|
||
Interest rate swap
|
130,023
|
|
|
209,840
|
|
||
Other
|
544,979
|
|
|
472,743
|
|
||
Total other assets
|
42,341,003
|
|
|
38,051,876
|
|
||
TOTAL ASSETS
|
$
|
234,702,791
|
|
|
$
|
219,560,106
|
|
|
Unaudited
|
|
|
||||
|
December 31,
2018 |
|
September 30,
2018 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Dividends payable
|
$
|
1,329,290
|
|
|
$
|
1,242,753
|
|
Accounts payable
|
6,788,991
|
|
|
5,211,032
|
|
||
Capital contributions payable
|
3,747,086
|
|
|
10,142,766
|
|
||
Customer credit balances
|
809,289
|
|
|
1,003,622
|
|
||
Customer deposits
|
1,562,217
|
|
|
1,421,043
|
|
||
Accrued expenses
|
2,844,605
|
|
|
3,750,466
|
|
||
Regulatory liability - tax reform
|
2,334,600
|
|
|
1,320,167
|
|
||
Total current liabilities
|
19,416,078
|
|
|
24,091,849
|
|
||
LONG-TERM DEBT:
|
|
|
|
||||
Notes payable
|
73,587,200
|
|
|
63,243,200
|
|
||
Line-of-credit
|
15,801,798
|
|
|
7,361,017
|
|
||
Less unamortized debt issuance costs
|
(269,587
|
)
|
|
(282,281
|
)
|
||
Long-term debt net of unamortized debt issuance costs
|
89,119,411
|
|
|
70,321,936
|
|
||
DEFERRED CREDITS AND OTHER LIABILITIES:
|
|
|
|
||||
Asset retirement obligations
|
6,489,550
|
|
|
6,417,948
|
|
||
Regulatory cost of retirement obligations
|
11,481,314
|
|
|
11,163,981
|
|
||
Benefit plan liabilities
|
3,645,261
|
|
|
3,947,967
|
|
||
Deferred income taxes
|
12,761,997
|
|
|
12,585,577
|
|
||
Regulatory liability - deferred income taxes
|
10,829,440
|
|
|
11,447,736
|
|
||
Total deferred credits and other liabilities
|
45,207,562
|
|
|
45,563,209
|
|
||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock, $5 par value; authorized 10,000,000 shares; issued and outstanding 8,011,650 and 7,994,615, respectively
|
40,058,250
|
|
|
39,973,075
|
|
||
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Capital in excess of par value
|
13,306,598
|
|
|
13,043,656
|
|
||
Retained earnings
|
28,549,876
|
|
|
27,438,049
|
|
||
Accumulated other comprehensive loss
|
(954,984
|
)
|
|
(871,668
|
)
|
||
Total stockholders’ equity
|
80,959,740
|
|
|
79,583,112
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
234,702,791
|
|
|
$
|
219,560,106
|
|
|
Three Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
OPERATING REVENUES:
|
|
|
|
||||
Gas utility
|
$
|
21,036,581
|
|
|
$
|
18,519,994
|
|
Non utility
|
180,166
|
|
|
236,057
|
|
||
Total operating revenues
|
21,216,747
|
|
|
18,756,051
|
|
||
OPERATING EXPENSES:
|
|
|
|
||||
Cost of gas - utility
|
11,906,459
|
|
|
9,561,406
|
|
||
Cost of sales - non utility
|
110,703
|
|
|
121,210
|
|
||
Operations and maintenance
|
3,521,999
|
|
|
3,227,744
|
|
||
General taxes
|
507,889
|
|
|
466,322
|
|
||
Depreciation and amortization
|
1,905,475
|
|
|
1,734,878
|
|
||
Total operating expenses
|
17,952,525
|
|
|
15,111,560
|
|
||
OPERATING INCOME
|
3,264,222
|
|
|
3,644,491
|
|
||
Equity in earnings of unconsolidated affiliate
|
563,049
|
|
|
148,811
|
|
||
Other income (expense), net
|
125,886
|
|
|
14,501
|
|
||
Interest expense
|
816,782
|
|
|
612,645
|
|
||
INCOME BEFORE INCOME TAXES
|
3,136,375
|
|
|
3,195,158
|
|
||
INCOME TAX EXPENSE
|
702,213
|
|
|
1,135,696
|
|
||
NET INCOME
|
$
|
2,434,162
|
|
|
$
|
2,059,462
|
|
BASIC EARNINGS PER COMMON SHARE
|
$
|
0.30
|
|
|
$
|
0.28
|
|
DILUTED EARNINGS PER COMMON SHARE
|
$
|
0.30
|
|
|
$
|
0.28
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.1650
|
|
|
$
|
0.1550
|
|
|
Three Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
NET INCOME
|
$
|
2,434,162
|
|
|
$
|
2,059,462
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Interest rate swap
|
(81,403
|
)
|
|
44,645
|
|
||
Defined benefit plans
|
(1,913
|
)
|
|
(4,249
|
)
|
||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
(83,316
|
)
|
|
40,396
|
|
||
COMPREHENSIVE INCOME
|
$
|
2,350,846
|
|
|
$
|
2,099,858
|
|
|
Three Months Ended December 31, 2018
|
||||||||||||||||||
|
Common Stock
|
|
Capital in Excess of Par Value
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Stockholders' Equity
|
||||||||||
Balance - September 30, 2018
|
$
|
39,973,075
|
|
|
$
|
13,043,656
|
|
|
$
|
27,438,049
|
|
|
$
|
(871,668
|
)
|
|
$
|
79,583,112
|
|
Net income
|
—
|
|
|
—
|
|
|
2,434,162
|
|
|
—
|
|
|
2,434,162
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(83,316
|
)
|
|
(83,316
|
)
|
|||||
Cash dividends declared ($0.165 per share)
|
—
|
|
|
—
|
|
|
(1,322,335
|
)
|
|
—
|
|
|
(1,322,335
|
)
|
|||||
Issuance of common stock (17,035 shares)
|
85,175
|
|
|
262,942
|
|
|
—
|
|
|
—
|
|
|
348,117
|
|
|||||
Balance - December 31, 2018
|
$
|
40,058,250
|
|
|
$
|
13,306,598
|
|
|
$
|
28,549,876
|
|
|
$
|
(954,984
|
)
|
|
$
|
80,959,740
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended December 31, 2017
|
||||||||||||||||||
|
Common Stock
|
|
Capital in Excess of Par Value
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Stockholders' Equity
|
||||||||||
Balance - September 30, 2017
|
$
|
36,204,230
|
|
|
$
|
292,485
|
|
|
$
|
24,746,021
|
|
|
$
|
(1,202,264
|
)
|
|
$
|
60,040,472
|
|
Net income
|
—
|
|
|
—
|
|
|
2,059,462
|
|
|
—
|
|
|
2,059,462
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
40,396
|
|
|
40,396
|
|
|||||
Cash dividends declared ($0.155 per share)
|
—
|
|
|
—
|
|
|
(1,125,804
|
)
|
|
—
|
|
|
(1,125,804
|
)
|
|||||
Issuance of common stock (10,168 shares)
|
50,840
|
|
|
235,669
|
|
|
—
|
|
|
—
|
|
|
286,509
|
|
|||||
Balance - December 31, 2017
|
$
|
36,255,070
|
|
|
$
|
528,154
|
|
|
$
|
25,679,679
|
|
|
$
|
(1,161,868
|
)
|
|
$
|
61,301,035
|
|
|
Three Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
2,434,162
|
|
|
$
|
2,059,462
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,940,472
|
|
|
1,765,779
|
|
||
Cost of retirement of utility plant, net
|
(50,093
|
)
|
|
(121,384
|
)
|
||
Equity in earnings of unconsolidated affiliate
|
(563,049
|
)
|
|
(148,811
|
)
|
||
Changes in assets and liabilities which used cash, exclusive of changes and noncash transactions shown separately
|
(6,061,666
|
)
|
|
(5,513,739
|
)
|
||
Net cash used in operating activities
|
(2,300,174
|
)
|
|
(1,958,693
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Additions to utility plant and nonutility property
|
(5,691,011
|
)
|
|
(4,306,651
|
)
|
||
Investment in unconsolidated affiliate
|
(10,142,766
|
)
|
|
(1,232,980
|
)
|
||
Proceeds from disposal of equipment
|
249
|
|
|
244
|
|
||
Net cash used in investing activities
|
(15,833,528
|
)
|
|
(5,539,387
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Proceeds from issuance of notes payable
|
10,344,000
|
|
|
9,264,000
|
|
||
Borrowings under line-of-credit agreement
|
13,760,363
|
|
|
11,888,529
|
|
||
Repayments under line-of-credit agreement
|
(5,319,582
|
)
|
|
(12,625,912
|
)
|
||
Proceeds from issuance of stock
|
348,117
|
|
|
286,509
|
|
||
Cash dividends paid
|
(1,235,798
|
)
|
|
(1,050,408
|
)
|
||
Net cash provided by financing activities
|
17,897,100
|
|
|
7,762,718
|
|
||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(236,602
|
)
|
|
264,638
|
|
||
BEGINNING CASH AND CASH EQUIVALENTS
|
247,411
|
|
|
69,640
|
|
||
ENDING CASH AND CASH EQUIVALENTS
|
$
|
10,809
|
|
|
$
|
334,278
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid
|
$
|
1,101,028
|
|
|
$
|
814,061
|
|
Income taxes paid
|
—
|
|
|
—
|
|
1.
|
Basis of Presentation
|
|
Three Months Ended December 31, 2017
|
||||||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||
Operations and maintenance
|
$
|
3,197,111
|
|
|
$
|
30,633
|
|
|
$
|
3,227,744
|
|
Total operating expenses
|
15,080,927
|
|
|
30,633
|
|
|
15,111,560
|
|
|||
Operating income
|
3,675,124
|
|
|
(30,633
|
)
|
|
3,644,491
|
|
|||
Other income (expense), net
|
(16,132
|
)
|
|
30,633
|
|
|
14,501
|
|
|||
Income before income taxes
|
$
|
3,195,158
|
|
|
$
|
—
|
|
|
$
|
3,195,158
|
|
2.
|
Revenue
|
|
Assets (current)
|
|
Liabilities (current)
|
||||||||||
|
Trade accounts receivable
(1)
|
Unbilled revenue
(1)
|
|
Customer credit balances
|
Customer deposits
|
||||||||
Balance at September 30, 2018
|
$
|
2,675,611
|
|
$
|
913,087
|
|
|
$
|
1,003,622
|
|
$
|
1,421,043
|
|
Balance at December 31, 2018
|
7,676,308
|
|
3,784,863
|
|
|
809,289
|
|
1,562,217
|
|
||||
Increase (decrease)
|
$
|
5,000,697
|
|
$
|
2,871,776
|
|
|
$
|
(194,333
|
)
|
$
|
141,174
|
|
|
|
|
|
|
|
||||||||
(1) Included in "Accounts receivable, net" in the condensed consolidated balance sheet. Amounts shown net of reserve for bad debts.
|
3.
|
Income Taxes
|
|
Three Months Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Income before income taxes
|
$
|
3,136,375
|
|
|
$
|
3,195,158
|
|
Corporate federal tax rate
|
21.00
|
%
|
|
24.30
|
%
|
||
|
|
|
|
||||
Income tax expense computed at the federal statutory rate
|
$
|
658,639
|
|
|
$
|
776,423
|
|
State income taxes, net of federal tax benefit
|
150,589
|
|
|
146,087
|
|
||
Net amortization of excess deferred taxes on regulated operations
|
(86,208
|
)
|
|
—
|
|
||
Revaluation of unregulated deferred taxes
|
—
|
|
|
206,830
|
|
||
Other, net
|
(20,807
|
)
|
|
6,356
|
|
||
Total income tax expense
|
$
|
702,213
|
|
|
$
|
1,135,696
|
|
|
|
|
|
||||
Effective tax rate
|
22.4
|
%
|
|
35.5
|
%
|
4.
|
Rates and Regulatory Matters
|
5.
|
Other Investments
|
Balance Sheet Location of Other Investments:
|
December 31, 2018
|
|
September 30, 2018
|
||||
Other Assets:
|
|
|
|
||||
Investment in MVP
|
$
|
32,629,235
|
|
|
$
|
28,387,031
|
|
Investment in Southgate
|
188,046
|
|
|
120,115
|
|
||
Investment in unconsolidated affiliates
|
$
|
32,817,281
|
|
|
$
|
28,507,146
|
|
Current Liabilities:
|
|
|
|
||||
MVP
|
$
|
3,679,154
|
|
|
$
|
10,022,652
|
|
Southgate
|
67,932
|
|
|
120,114
|
|
||
Capital contributions payable
|
$
|
3,747,086
|
|
|
$
|
10,142,766
|
|
|
Three Months Ended
|
||||||
Income Statement Location of Other Investments:
|
December 31, 2018
|
|
December 31, 2017
|
||||
Equity in earnings of unconsolidated affiliate
|
$
|
563,049
|
|
|
$
|
148,811
|
|
6.
|
Derivatives and Hedging
|
|
December 31, 2018
|
|
September 30, 2018
|
Derivative designated as hedging instrument:
|
|
|
|
Current assets:
|
|
|
|
Interest rate swap
|
$70,922
|
|
$100,723
|
|
|
|
|
Other assets:
|
|
|
|
Interest rate swap
|
$130,023
|
|
$209,840
|
|
|
|
|
Total derivatives designed as hedging instruments
|
$200,945
|
|
$310,563
|
7.
|
Long-Term Debt
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||
|
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
|
|
|
$
|
152,052
|
|
|
$
|
30,500,000
|
|
|
$
|
154,465
|
|
Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021
|
7,000,000
|
|
|
9,449
|
|
|
7,000,000
|
|
|
10,283
|
|
||||
Unsecured term notes payable, at 3.58% due on October 2, 2027
|
8,000,000
|
|
|
42,139
|
|
|
8,000,000
|
|
|
43,343
|
|
||||
RGC Midstream, LLC:
|
|
|
|
|
|
|
|
||||||||
Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2020
|
28,087,200
|
|
|
65,947
|
|
|
17,743,200
|
|
|
74,190
|
|
||||
Total notes payable
|
$
|
73,587,200
|
|
|
$
|
269,587
|
|
|
$
|
63,243,200
|
|
|
$
|
282,281
|
|
Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2020
|
$
|
15,801,798
|
|
|
$
|
—
|
|
|
$
|
7,361,017
|
|
|
$
|
—
|
|
Total long-term debt
|
$
|
89,388,998
|
|
|
$
|
269,587
|
|
|
$
|
70,604,217
|
|
|
$
|
282,281
|
|
8.
|
Other Comprehensive Income
|
|
Before-Tax
Amount
|
|
Tax
(Expense)
or Benefit
|
|
Net-of-Tax
Amount
|
||||||
Three Months Ended December 31, 2018
|
|
|
|
|
|
||||||
Interest rate swap:
|
|
|
|
|
|
||||||
Unrealized losses
|
$
|
(93,956
|
)
|
|
$
|
24,184
|
|
|
$
|
(69,772
|
)
|
Transfer of realized gains to interest expense
|
(15,662
|
)
|
|
4,031
|
|
|
(11,631
|
)
|
|||
Net interest rate swap
|
(109,618
|
)
|
|
28,215
|
|
|
(81,403
|
)
|
|||
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial gains
|
(2,576
|
)
|
|
663
|
|
|
(1,913
|
)
|
|||
Other comprehensive loss
|
$
|
(112,194
|
)
|
|
$
|
28,878
|
|
|
$
|
(83,316
|
)
|
Three Months Ended December 31, 2017
|
|
|
|
|
|
||||||
Interest rate swap:
|
|
|
|
|
|
||||||
Unrealized gains
|
$
|
61,581
|
|
|
$
|
(17,760
|
)
|
|
$
|
43,821
|
|
Transfer of realized losses to interest expense
|
1,158
|
|
|
(334
|
)
|
|
824
|
|
|||
Net interest rate swap
|
62,739
|
|
|
(18,094
|
)
|
|
44,645
|
|
|||
Defined benefit plans:
|
|
|
|
|
|
||||||
Amortization of actuarial gains
|
(5,971
|
)
|
|
1,722
|
|
|
(4,249
|
)
|
|||
Other comprehensive income
|
$
|
56,768
|
|
|
$
|
(16,372
|
)
|
|
$
|
40,396
|
|
|
|
|
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||
Balance at September 30, 2018
|
$
|
(871,668
|
)
|
Other comprehensive loss
|
(83,316
|
)
|
|
Balance at December 31, 2018
|
$
|
(954,984
|
)
|
9.
|
Commitments and Contingencies
|
10.
|
Earnings Per Share
|
|
|
Three Months Ended December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
Net Income
|
$
|
2,434,162
|
|
|
$
|
2,059,462
|
|
|
Weighted average common shares
|
8,003,736
|
|
|
7,248,094
|
|
||
|
Effect of dilutive securities:
|
|
|
|
||||
|
Options to purchase common stock
|
48,261
|
|
|
48,086
|
|
||
|
Diluted average common shares
|
8,051,997
|
|
|
7,296,180
|
|
||
|
Earnings Per Share of Common Stock:
|
|
|
|
||||
|
Basic
|
$
|
0.30
|
|
|
$
|
0.28
|
|
|
Diluted
|
$
|
0.30
|
|
|
$
|
0.28
|
|
11.
|
Employee Benefit Plans
|
|
|
Three Months Ended
|
||||||
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
Components of net periodic pension cost:
|
|
|
|
||||
|
Service cost
|
$
|
134,317
|
|
|
$
|
166,309
|
|
|
Interest cost
|
291,682
|
|
|
272,045
|
|
||
|
Expected return on plan assets
|
(387,359
|
)
|
|
(465,710
|
)
|
||
|
Recognized loss
|
39,650
|
|
|
87,758
|
|
||
|
Net periodic pension cost
|
$
|
78,290
|
|
|
$
|
60,402
|
|
|
|
Three Months Ended
|
||||||
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
Components of postretirement benefit cost:
|
|
|
|
||||
|
Service cost
|
$
|
33,221
|
|
|
$
|
41,805
|
|
|
Interest cost
|
162,236
|
|
|
160,151
|
|
||
|
Expected return on plan assets
|
(136,805
|
)
|
|
(155,845
|
)
|
||
|
Recognized loss
|
30,951
|
|
|
70,967
|
|
||
|
Net postretirement benefit cost
|
$
|
89,603
|
|
|
$
|
117,078
|
|
|
|
Fiscal Year-to-Date Contributions
|
|
Remaining Fiscal Year Contributions
|
||||
|
Defined benefit pension plan
|
$
|
400,000
|
|
|
$
|
400,000
|
|
|
Postretirement medical plan
|
—
|
|
|
300,000
|
|
||
|
Total
|
$
|
400,000
|
|
|
$
|
700,000
|
|
12.
|
Fair Value Measurements
|
|
|
|
Fair Value Measurements - December 31, 2018
|
||||||||||||
|
Fair
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
200,945
|
|
|
$
|
—
|
|
|
$
|
200,945
|
|
|
$
|
—
|
|
Total
|
$
|
200,945
|
|
|
$
|
—
|
|
|
$
|
200,945
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases
|
$
|
749,564
|
|
|
$
|
—
|
|
|
$
|
749,564
|
|
|
$
|
—
|
|
Total
|
$
|
749,564
|
|
|
$
|
—
|
|
|
$
|
749,564
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements - September 30, 2018
|
||||||||||||
|
Fair
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
310,563
|
|
|
$
|
—
|
|
|
$
|
310,563
|
|
|
$
|
—
|
|
Total
|
$
|
310,563
|
|
|
$
|
—
|
|
|
$
|
310,563
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases
|
$
|
693,495
|
|
|
$
|
—
|
|
|
$
|
693,495
|
|
|
$
|
—
|
|
Total
|
$
|
693,495
|
|
|
$
|
—
|
|
|
$
|
693,495
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements - December 31, 2018
|
||||||||||||
|
Carrying
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Notes payable
|
$
|
73,587,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72,219,484
|
|
Total
|
$
|
73,587,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
72,219,484
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements - September 30, 2018
|
||||||||||||
|
Carrying
Value
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Notes payable
|
$
|
63,243,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62,435,237
|
|
Total
|
$
|
63,243,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62,435,237
|
|
13.
|
Subsequent Events
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase / (Decrease)
|
|
Percentage
|
|||||||
Operating Revenues
|
|
|
|
|
|
|
|
|||||||
Gas Utility
|
$
|
21,036,581
|
|
|
$
|
18,519,994
|
|
|
$
|
2,516,587
|
|
|
14
|
%
|
Non utility
|
180,166
|
|
|
236,057
|
|
|
(55,891
|
)
|
|
(24
|
)%
|
|||
Total Operating Revenues
|
$
|
21,216,747
|
|
|
$
|
18,756,051
|
|
|
$
|
2,460,696
|
|
|
13
|
%
|
Delivered Volumes
|
|
|
|
|
|
|
|
|||||||
Regulated Natural Gas (DTH)
|
|
|
|
|
|
|
|
|||||||
Residential and Commercial
|
2,366,074
|
|
|
2,216,709
|
|
|
149,365
|
|
|
7
|
%
|
|||
Transportation and Interruptible
|
750,065
|
|
|
737,108
|
|
|
12,957
|
|
|
2
|
%
|
|||
Total Delivered Volumes
|
3,116,139
|
|
|
2,953,817
|
|
|
162,322
|
|
|
5
|
%
|
|||
Heating Degree Days (Unofficial)
|
1,560
|
|
|
1,497
|
|
|
63
|
|
|
4
|
%
|
|
Three Months Ended December 31,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase
|
|
Percentage
|
|||||||
Gas Utility Margin
|
|
|
|
|
|
|
|
|||||||
Utility Revenues
|
$
|
21,036,581
|
|
|
$
|
18,519,994
|
|
|
$
|
2,516,587
|
|
|
14
|
%
|
Cost of Gas
|
11,906,459
|
|
|
9,561,406
|
|
|
2,345,053
|
|
|
25
|
%
|
|||
Gas Utility Margin
|
$
|
9,130,122
|
|
|
$
|
8,958,588
|
|
|
$
|
171,534
|
|
|
2
|
%
|
|
Three Months Ended December 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
Increase / (Decrease)
|
||||||
Customer Base Charge
|
$
|
3,117,995
|
|
|
$
|
3,102,106
|
|
|
$
|
15,889
|
|
Carrying Cost
|
181,635
|
|
|
204,279
|
|
|
(22,644
|
)
|
|||
SAVE Plan
|
1,207,512
|
|
|
1,076,419
|
|
|
131,093
|
|
|||
Volumetric
|
5,259,338
|
|
|
4,960,473
|
|
|
298,865
|
|
|||
WNA
|
(157,334
|
)
|
|
36,770
|
|
|
(194,104
|
)
|
|||
Other Gas Revenues
|
44,857
|
|
|
40,983
|
|
|
3,874
|
|
|||
Excess Revenue Refund
|
(523,881
|
)
|
|
(462,442
|
)
|
|
(61,439
|
)
|
|||
Total
|
$
|
9,130,122
|
|
|
$
|
8,958,588
|
|
|
$
|
171,534
|
|
|
Three Months Ended
December 31, |
||||||
|
2018
|
|
2017
|
||||
Cash Flow Summary Three Months Ended
|
|
|
|
||||
Net cash used in operating activities
|
$
|
(2,300,174
|
)
|
|
$
|
(1,958,693
|
)
|
Net cash used in investing activities
|
(15,833,528
|
)
|
|
(5,539,387
|
)
|
||
Net cash provided by financing activities
|
17,897,100
|
|
|
7,762,718
|
|
||
Increase (decrease) in cash and cash equivalents
|
$
|
(236,602
|
)
|
|
$
|
264,638
|
|
|
Three Months Ended
Decem ber 31, |
|
|
||||||||
Cash Flow From Operating Activities:
|
2018
|
|
2017
|
|
Increase / (Decrease)
|
||||||
Net income
|
$
|
2,434,162
|
|
|
$
|
2,059,462
|
|
|
$
|
374,700
|
|
Depreciation
|
1,940,472
|
|
|
1,765,779
|
|
|
174,693
|
|
|||
Increase (decrease) in over/under-collections
|
(442,802
|
)
|
|
678,376
|
|
|
(1,121,178
|
)
|
|||
Decrease in gas in storage
|
1,465,609
|
|
|
795,238
|
|
|
670,371
|
|
|||
Increase in accounts receivable
|
(7,930,322
|
)
|
|
(7,503,973
|
)
|
|
(426,349
|
)
|
|||
Increase in accounts payable
|
1,698,852
|
|
|
1,058,639
|
|
|
640,213
|
|
|||
Other
|
(1,466,145
|
)
|
|
(812,214
|
)
|
|
(653,931
|
)
|
|||
Net Cash Used in Operations
|
$
|
(2,300,174
|
)
|
|
$
|
(1,958,693
|
)
|
|
$
|
(341,481
|
)
|
Number
|
|
Description
|
31.1
|
|
|
31.2
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101
|
|
The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at December 31, 2018 and September 30, 2018, (ii) Condensed Consolidated Statements of Income for the three months ended December 31, 2018 and 2017; (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended December 31, 2018 and 2017; (iv) Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended December 31, 2018 and 2017; (v) Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2018 and 2017, and (vi) Condensed Notes to Condensed Consolidated Financial Statements.
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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: February 8, 2019
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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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