RGC Resources Inc. Q2 2024 10-Q Filing

TL;DR

RGC Resources Q2 2024: Assets $444K, Liabilities $155K, Debt $20M, Net Income $10M. Solid.

AI Summary

RGC Resources, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $444,369 and total liabilities of $155,164. Long-term debt stood at $20,000,000, with current liabilities at $10,193,160. Net income for the period was $10,015,254.

Why It Matters

This filing provides a snapshot of RGC Resources' financial health, including its assets, liabilities, and profitability, which is crucial for investors and creditors to assess the company's performance and stability.

Risk Assessment

Risk Level: low — The filing appears to be a standard quarterly report with no immediate red flags or significant negative trends indicated in the provided snippet.

Key Numbers

• $444.4K — Total Assets (As of June 30, 2024)
• $155.2K — Total Liabilities (As of June 30, 2024)
• $20.0M — Long-term Debt (As of June 30, 2024)
• $10.0M — Net Income (For the period ending June 30, 2024)

Key Players & Entities

• RGC Resources Inc. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $444,369 (dollar_amount) — Total Assets
• $155,164 (dollar_amount) — Total Liabilities
• $20,000,000 (dollar_amount) — Long-term Debt
• $10,193,160 (dollar_amount) — Current Liabilities
• $10,015,254 (dollar_amount) — Net Income

FAQ

Key Financial Figures

• $5 — nge on Which Registered Common Stock, $5 Par Value RGCO NASDAQ Global Market

Filing Documents

• rgco20240630_10q.htm (10-Q) — 1852KB
• ex_686284.htm (EX-31.1) — 14KB
• ex_686285.htm (EX-31.2) — 15KB
• ex_686286.htm (EX-32.1) — 5KB
• ex_686287.htm (EX-32.2) — 6KB
• 0001437749-24-024882.txt ( ) — 9098KB
• rgco-20240630.xsd (EX-101.SCH) — 66KB
• rgco-20240630_cal.xml (EX-101.CAL) — 49KB
• rgco-20240630_def.xml (EX-101.DEF) — 439KB
• rgco-20240630_lab.xml (EX-101.LAB) — 362KB
• rgco-20240630_pre.xml (EX-101.PRE) — 478KB
• rgco20240630_10q_htm.xml (XML) — 1950KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets 1 CONDENSED CONSOLIDATED STATEMENTS OF INCOME 3 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 4 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY 5 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 Table of Contents GLOSSARY OF TERMS AFUDC Allowance for Funds Used During Construction AOCI/AOCL Accumulated Other Comprehensive Income (Loss) ARO Asset Retirement Obligation ARP Alternative Revenue Program, regulatory or rate recovery mechanisms approved by the SCC that allow for the adjustment of revenues for certain broad, external factors, or for additional billings if the entity achieves certain performance targets ASC Accounting Standards Codification ASU Accounting Standards Update as issued by the FASB ATM At-the-market program whereby a Company can incrementally offer common stock through a broker at prevailing market prices and on an as-needed basis Company RGC Resources, Inc. or Roanoke Gas Company COVID-19 or Coronavirus A pandemic disease that causes respiratory illness similar to the flu with symptoms such as coughing, fever, and in more severe cases, difficulty in breathing CPCN Certificate of Public Convenience and Necessity Diversified Energy Diversified Energy Company, a wholly-owned subsidiary of Resources DRIP Dividend Reinvestment and Stock Purchase Plan of RGC Resources, Inc. DTH Decatherm (a measure of energy used primarily to measure natural gas) EPS Earnings Per Share ERISA Employee Retirement Income Security Act of 1974 FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FERC Federal Energy Regulatory Commission FRA Fiscal Responsibility Act of 2023, bi-partisan legislation containing certain provisions specific to the MVP GAAP Generally Accepted Accounting Principles in the United States Table of Contents HDD Heating degree day, a measurement designed to quantify the demand for energy. It is the number of degrees that a day's average temperature falls below 65 degrees Fahrenheit ICC Inventory carrying cost revenue, an SCC approved rate structure that mitigates the impact of financing costs on natural gas inventory IRS Internal Revenue

View Full Filing

View this 10-Q filing on SEC EDGAR