CORNING NATURAL GAS CORP

CIK:0000024751|SEC Filings

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Jun. 30, 2013

Other Comprehensive Income Loss Tables

Schedule of accumulated other comprehensive loss

	June 30,			September 30,
	2013			2012
Pension adjustment	($	3,581,784	)	($	3,299,397	)
Net unrealized gain on securities available for sale		19,093			52,922
Accumulated other comprehensive loss	($	3,562,691	)	($	3,246,475	)

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net income	$ 2,258,438	$ 1,617,158
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	1,652,840	1,266,429
Unamortized debt issuance cost	34,265	34,007
Regulatory Amortizations	1,016,713	1,201,913
Stock issued for services and stock option expense	187,984	223,095
Pension adjustment	(282,387)	(410,640)
Loss (Gain) on sale of marketable securities	(44,316)	(75,188)
Deferred income taxes	840,202	614,214
Bad debt expense	150,675	133,648
Undistributed (earnings) loss on joint ventures	39,267
(Increase) decrease in
Accounts receivable	(1,418,806)	(349,885)
Gas stored underground	883,958	1,160,205
Materials and supplies inventories	257,506	86,317
Prepaid expenses	(354,948)	(248,922)
Unrecovered gas costs	1,041,075	261,381
Deferred regulatory costs	(1,048,829)	(1,335,369)
Other	(33,273)	(13,677)
Increase (decrease) in:
Accounts payable	398,381	(60,601)
Accrued expenses	(53,989)	(97,294)
Customer deposits and accrued interest	(469,575)	(250,000)
Deferred compensation	(100,022)	(650,802)
Deferred pension costs & post-retirement benefits	(182,636)	(117,122)
Other liabilities and deferred credits	(40,021)	12,411
Net cash (used in) provided by operating activities	4,732,502	3,001,278
Cash flows from investing activities
Purchase of securities available-for-sale	(886,286)	(1,042,417)
Sale of securities available-for-sale	973,083	1,300,553
Investment in joint ventures	(181,000)
Capital expenditures	(3,851,288)	(4,639,576)
Net cash (used in) provided by investing activities	(3,945,491)	(4,381,440)
Cash flows from financing activities
Proceeds under lines-of-credit	10,772,291	11,834,971
Repayment of lines-of-credit	(10,070,708)	(11,482,911)
Debt issuance cost expense	(3,302)	(983)
Cash received from sale of stock	10,796	2,350,000
Dividends paid	(745,849)	(682,243)
Proceeds under long-term debt	108,858	18,002
Repayment of long-term debt	(913,769)	(721,931)
Net cash (used in) provided by financing activities	(841,683)	1,314,905
Net (decrease) increase in cash	(54,672)	(65,257)
Cash and cash equivalents at beginning of period	70,083	173,245
Cash and cash equivalents at end of period	15,411	107,988
Cash paid during the period for
Interest	712,314	723,551
Income Taxes	115,984	132,129
Non-cash financing activities:
Dividends paid with shares	$ 80,817	$ 62,181

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Jun. 30, 2013	Sep. 30, 2012
Plant
Utility property, plant and equipment	$ 58,087,457	$ 54,198,924
Less: accumulated depreciation	(17,578,351)	(15,888,267)
Total plant utility and non-utility, net	40,509,106	38,310,657
Investments
Marketable securities available-for-sale at fair value	2,195,411	2,271,721
Investment in joint ventures	490,926	349,193
Total investments	2,686,337	2,620,914
Current assets
Cash and cash equivalents	15,411	70,083
Customer accounts receivable, (net of allowance for uncollectible accounts of $265,731 and $209,615)	2,894,414	1,626,283
Gas stored underground, at average cost	1,227,306	2,111,264
Materials and supplies inventory	915,598	1,173,104
Prepaid expenses	1,081,692	726,744
Total current assets	6,134,421	5,707,478
Regulatory assets
Unrecovered gas costs	504,160	1,545,235
Deferred regulatory costs	2,385,261	1,545,790
Unamortized debt issuance cost (net of accumulated amortization of $523,787 and $489,522), respectively	218,247	249,211
Deferred income taxes	693,671	1,375,665
Other	292,527	259,254
Total deferred debits and other assets	4,093,866	4,975,155
Total assets	53,423,730	51,614,204
Current liabilities
Current portion of long-term debt	1,655,188	1,571,553
Demand notes payable	750,000	750,000
Borrowings under lines-of-credit	2,898,578	2,196,995
Accounts payable	1,899,574	1,501,193
Accrued expenses	818,713	872,702
Customer deposits and accrued interest	563,164	1,032,739
Dividends declared	279,851	266,205
Deferred income taxes	428,928	270,720
Total current liabilities	9,293,996	8,462,107
Long-term debt, less current installments	11,676,981	12,565,527
Deferred credits and other liabilities
Deferred compensation	1,399,242	1,499,264
Deferred pension costs & post-retirement benefits	8,304,784	7,680,065
Other	378,013	431,680
Total deferred credits and other liabilities	10,082,039	9,611,009
Common stockholders' equity
Common stock (common stock $5.00 par value per share. Authorized 3,500,000 shares; issued and outstanding 2,240,706 shares at June 30, 2013 and 2,220,271 shares at September 30, 2012)	11,203,530	11,101,355
Other paid-in capital	11,876,185	11,698,763
Retained earnings	2,853,690	1,421,918
Accumulated other comprehensive loss	(3,562,691)	(3,246,475)
Total common stockholders' equity	22,370,714	20,975,561
Total liabilities and capitalization	$ 53,423,730	$ 51,614,204