DELTA NATURAL GAS CO INC

CIK:0000277375|SEC Filings

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Operating Revenues
Regulated revenues	$ 41,795,560	$ 41,242,094	$ 52,681,120
Non-regulated revenues	27,044,609	22,888,126	33,507,118
Total operating revenues	68,840,169	64,130,220	86,188,238
Operating Expenses
Regulated Purchased gas	12,561,849	11,704,178	22,728,766
Non-regulated purchase gas	19,980,989	17,621,069	26,713,424
Operation and maintenance	15,988,178	13,989,510	14,608,835
Depreciation and amortization	6,415,660	6,416,221	6,377,743
Taxes other than income taxes	2,889,977	2,965,250	2,795,609
Total operating expenses	57,836,653	52,696,228	73,224,377
Operating Income	11,003,516	11,433,992	12,963,861
Other Income (Expense), Net	205,826	4,124	25,097
Interest Charges
Interest on long-term debt	2,181,324	2,245,224	2,309,124
Other interest expense	54,062	52,533	51,538
Amortization of debt expense	227,000	233,500	240,000
Total interest charges	2,462,386	2,531,257	2,600,662
Net Income Before Income Taxes	8,746,956	8,906,859	10,388,296
Income Tax Expense	3,230,613	3,377,481	3,892,215
Net Income	$ 5,516,343	$ 5,529,378	$ 6,496,081
Earnings Per Common Share (Note 11)
Basic (in dollars per share)	$ 0.77	$ 0.78	$ 0.92
Diluted (in dollars per share)	0.77	0.78	0.92
Dividends Declared Per Common Share (in dollars per share)	$ 1.0375	$ 0.82	$ 0.80
Regulated Operation [Member]
Operating Revenues
Regulated revenues	$ 41,795,000	$ 41,242,000	$ 52,681,000
Operating Expenses
Regulated Purchased gas	12,562,000
Other Income (Expense), Net	206,000	4,000	25,000
Interest Charges
Total interest charges	2,415,000	2,486,000	2,551,000
Income Tax Expense	2,153,000	3,238,000	3,553,000
Net Income	3,754,000	4,982,000	5,748,000
Unregulated Operation [Member]
Operating Revenues
Non-regulated revenues	27,045,000	22,888,000	33,507,000
Operating Expenses
Non-regulated purchase gas	19,981,000	17,621,000	26,713,000
Other Income (Expense), Net	0	0	0
Interest Charges
Total interest charges	47,000	45,000	50,000
Income Tax Expense	1,078,000	139,000	339,000
Net Income	$ 1,762,000	$ 547,000	$ 748,000

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Dividends Payable	$ 1,480,130	$ 0	$ 0
Cash Flows From Operating Activities
Net income	5,516,343	5,529,378	6,496,081
Adjustments to reconcile net income to net cash from operating activities
Depreciation and amortization	6,642,660	6,649,721	6,617,743
Deferred income taxes and investment tax credits	1,346,242	1,193,793	1,449,471
Change in cash surrender value of officer's life insurance	(51,071)	6,198	(19,036)
Share-based compensation	292,174	452,230	1,095,051
Excess Tax deficiency from share-based Compensation	42,603	(5,508)	9,249
(Increase) decrease in assets
Accounts receivable	(1,335,920)	1,091,517	871,270
Natural gas in storage	(2,152,990)	1,344,242	2,491,337
Deferred natural gas cost	(1,423,973)	(674,077)	724,923
Materials and supplies	(112,827)	(4,549)	(12,578)
Prepayments	1,437,116	(1,226,279)	(363,263)
Other assets	(283,540)	(288,867)	225,771
Increase (decrease) in liabilities
Accounts payable	2,207,356	(1,181,356)	(1,135,821)
Accrued taxes	(47,140)	106,856	(80,925)
Asset retirement obligations	(59,085)	(85,068)	375,073
Other liabilities	(1,765,233)	1,832,112	20,658
Net cash provided by operating activities	10,252,715	14,740,343	18,765,004
Cash Flows From Investing Activities
Capital expenditures	(8,725,635)	(6,302,666)	(9,010,876)
Proceeds from sale of property, plant and equipment	265,239	275,397	161,311
Other	(60,000)	(60,000)	(60,000)
Net cash used in investing activities	(8,520,396)	(6,087,269)	(8,909,565)
Cash Flows From Financing Activities
Dividends on common shares	(5,913,888)	(5,822,259)	(5,639,791)
Issuance of common shares	619,532	614,518	532,712
Payment of minimum tax withholding	(266,005)	(263,044)	0
Repayment of long-term debt	(1,500,000)	(1,500,000)	(1,500,000)
Borrowings on bank line of credit	0	0	126,430
Repayment of bank line of credit	0	0	(126,430)
Net cash used in financing activities	(7,060,361)	(6,970,785)	(6,607,079)
Net Increase in Cash and Cash Equivalents	(5,328,042)	1,682,289	3,248,360
Cash and Cash Equivalents, Beginning of Year	18,606,567	16,924,278	13,675,918
Cash and Cash Equivalents, End of Year	13,278,525	18,606,567	16,924,278
Cash paid during the year for
Interest	2,240,428	2,298,228	2,369,078
Income taxes (net of refunds)	2,281,475	2,064,005	3,312,944
Significant non-cash transactions
Accrued capital expenditures	$ 374,469	$ 157,808	$ 207,169

Consolidated Balance Sheets - USD ($)	12 Months Ended
Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Current Assets
Cash and cash equivalents	$ 13,278,525	$ 18,606,567
Accounts receivable, less accumulated allowances for doubtful accounts of $301,000 and $258,000 in 2016 and 2015, respectively	6,201,732	4,741,595
Natural gas in storage, at average cost (Note 1)	5,442,910	3,289,920
Deferred gas costs (Notes 1 and 14)	2,098,050	674,077
Regulatory Assets, Current	2,468,000	2,689,000
Materials and supplies, at average cost	676,919	544,342
Prepayments	3,217,770	3,051,665
Total current assets	30,915,906	30,908,166
Property, Plant and Equipment	249,611,353	241,833,771
Less - Accumulated provision for depreciation	(109,804,512)	(104,192,898)
Net property, plant and equipment	139,806,841	137,640,873
Other Assets
Cash surrender value of life insurance (face amount of $954,000 and $951,000 in 2016 and 2015, respectively)	466,056	414,985
Prepaid Pension (Note 6)	2,113,785	0
Regulatory assets (Note 1)	15,435,233	18,881,126
Other non-current assets	1,219,106	1,033,979
Total other assets	19,234,180	20,330,090
Total assets	189,956,927	188,879,129
Current Liabilities
Accounts payable	8,110,424	4,200,298
Current portion of long-term debt (Note 10)	1,500,000	1,500,000
Accrued taxes	1,537,535	1,584,675
Customers' deposits	616,661	618,137
Accrued interest on debt	106,783	111,825
Accrued vacation	750,994	756,138
Other liabilities	665,551	585,342
Total current liabilities	13,287,948	9,356,415
Long-Term Debt (Note 10)	48,929,196	50,422,796
Total liabilities	113,461,932	111,152,160
Shareholders' Equity
Common shares ($1.00 par value), 20,000,000 shares authorized; 7,087,762 and 7,026,500 shares outstanding at June 30, 2016 and June 30, 2015, respectively	7,133,148	7,087,762
Premium on common shares	50,072,857	49,472,542
Retained earnings	19,288,990	21,166,665
Total shareholders' equity	76,494,995	77,726,969
Long-Term Liabilities
Deferred income taxes	44,815,170	43,405,098
Regulatory liabilities (Note 1)	1,135,362	1,138,141
Accrued Pension	0	1,833,780
Asset retirement obligations (Note 4)	4,030,786	3,917,585
Other long-term liabilities	1,263,470	1,078,345
Total long-term liabilities	51,244,788	51,372,949
Total liabilities and shareholders' equity	189,956,927	$ 188,879,129
Supplemental Employee Retirement Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 60,000