Corning Natural Gas Holding Corp

CIK:0001582244|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Utility operating revenues:
Total utility operating revenues	$ 16,964,734	$ 13,223,039	$ 27,443,007	$ 21,542,437
Costs of sales:
Total cost of sales	6,847,270	3,840,831	10,485,772	5,903,594
Gross margin	10,117,464	9,382,208	16,957,235	15,638,843
Cost and expense:
Operating and maintenance expense	3,788,078	3,493,717	7,022,559	6,850,471
Taxes other than income taxes	1,117,591	951,225	2,095,238	1,843,970
Depreciation	946,907	858,769	1,792,747	1,728,209
Other deductions, net	81,573	83,023	146,351	151,067
Total costs and expenses	5,934,149	5,386,734	11,056,895	10,573,717
Utility operating income	4,183,315	3,995,474	5,900,340	5,065,126
Other income and (expense):
Interest expense	(863,341)	(745,202)	(1,720,396)	(1,490,647)
Other income (expense), net	(74,159)	(59,426)	(169,660)	(194,435)
Investment (expense) income	(80,206)	125,813	28,293	269,539
Loss associated with joint venture		(5,812)	(164,003)	(7,513)
Rental income	7,638	7,638	15,276	15,276
Income from utility operations, before income taxes	3,173,247	3,318,485	3,889,850	3,657,346
Income tax expense	(704,701)	(988,418)	(957,011)	(1,144,105)
Net income	2,468,546	2,330,067	2,932,839	2,513,241
Less: Series B Preferred Stock Dividends	61,066	61,066	122,132	122,132
Net income attributable to common stockholders	$ 2,407,480	$ 2,269,001	$ 2,810,707	$ 2,391,109
Weighted average earnings per share:
Basic	$ 0.78	$ 0.74	$ 0.91	$ 0.78
Diluted	$ 0.73	$ 0.69	$ 0.87	$ 0.74
Average shares outstanding - basic	3,083,577	3,083,577	3,083,577	3,081,823
Average shares outstanding - diluted	3,380,417	3,379,450	3,380,424	3,376,282
Gas Operating Revenues [Member]
Utility operating revenues:
Total utility operating revenues	$ 13,664,830	$ 11,456,522	$ 21,377,480	$ 17,878,671
Costs of sales:
Total cost of sales	5,282,955	3,479,745	7,867,705	4,749,427
Electric Service [Member]
Utility operating revenues:
Total utility operating revenues	3,299,904	1,766,517	6,065,527	3,663,766
Costs of sales:
Total cost of sales	$ 1,564,315	$ 361,086	$ 2,618,067	$ 1,154,167

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 2,932,839	$ 2,513,241
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,792,747	1,728,208
Amortization of debt issuance cost	44,662	53,919
Non-cash pension expenses	470,714	706,071
Regulatory asset amortizations	254,016	293,311
Stock issued for services		75,056
Gain on sale of marketable securities	(244,122)	(175,222)
Unrealized loss (gain) on investments	235,085	(80,166)
Gain on forgiveness of debt		(65,491)
Deferred income taxes	957,011	1,144,105
Bad debt expense	181,502	143,533
Loss associated with joint venture	164,003	3,299
(Increase) decrease in:
Accounts receivable	(3,174,517)	(1,988,698)
Gas stored underground	887,529	501,729
Materials and supplies inventories	(1,433,935)	(210,857)
Prepaid expenses	(1,328,710)	(485,447)
Unrecovered gas and electric costs	(56,535)	431,721
Deferred regulatory costs	(151,583)	(1,056,308)
Other	17,580	17,339
Increase (decrease) in:
Accounts payable	2,170,105	1,416,502
Accrued expenses	69,956	6,552
Customer deposits and accrued interest	(525,775)	(605,131)
Deferred compensation	(89,502)	(101,977)
Deferred pension costs & post-retirement benefits	160,910	(641,481)
Other liabilities and deferred credits	(294,439)	29,591
Net cash provided by operating activities	3,039,541	3,653,399
Cash flows from investing activities:
Sale of securities, net of purchases	160,972	172,540
Amount received from related parties		9,032
Proceeds from sale of interest in joint venture	100,000
Capital expenditures	(6,274,664)	(4,395,506)
Net cash used in investing activities	(6,013,692)	(4,213,934)
Cash flows from financing activities:
Net proceeds on lines-of-credit and short-term debt	1,523,068	2,788,224
Debt issuance costs paid	(8,011)	(6,602)
Proceeds from issuance of Series D preferred stock	5,000,000
Dividends paid	(1,061,928)	(1,009,092)
Proceeds from demand loan	1,000,000
Repayment of demand loan	(500,000)
Proceeds under long-term debt	387,209	1,259,990
Repayment of long-term debt	(3,366,548)	(2,629,823)
Net cash provided by financing activities	2,973,790	402,697
Net decrease in cash and cash equivalents	(361)	(157,838)
Cash and cash equivalents at beginning of period	333,846	411,700
Cash and cash equivalents at end of period	333,485	253,862
Cash paid during the period for:
Interest	1,275,128	1,078,781
Income taxes
Non-cash financing activities:
Dividends paid with shares		$ 51,840
Number of shares issued for dividends		3,380

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Sep. 30, 2021
Plant:
Utility property, plant and equipment	$ 155,900,083	$ 150,540,525
Less: accumulated depreciation	(34,879,199)	(34,001,558)
Total plant, net	121,020,884	116,538,967
Investments:
Marketable securities at fair value	2,184,478	2,337,330
Investment in joint ventures		261,180
Total investments	2,184,478	2,598,510
Current assets:
Cash and cash equivalents	333,485	333,846
Customer accounts receivable, (net of allowance for uncollectible accounts of $212,563 and $82,040, respectively)	6,064,507	2,481,456
Other accounts receivable	158,619	748,655
Gas stored underground, at average cost	478,812	1,366,341
Materials and supplies inventories	5,039,235	3,605,300
Prepaid expenses	3,075,046	1,746,336
Total current assets	15,149,704	10,281,934
Regulatory assets:
Unrecovered gas and electric costs	2,042,733	1,986,198
Deferred regulatory costs	5,993,995	6,112,370
Deferred pension	4,902,162	4,902,666
Goodwill	918,121	918,121
Other	701,106	715,981
Total regulatory and other assets	14,558,117	14,635,336
Total assets	152,913,183	144,054,747
Liabilities and capitalization
Long-term debt, less current installments	42,797,116	46,145,319
Less: debt issuance costs	(234,466)	(237,162)
Total long-term debt	42,562,650	45,908,157
Redeemable preferred stock - Series A (Authorized 261,500 shares. Issued and outstanding: 260,600 shares at March 31, 2022 and September 30, 2021, less issuance costs of $15,228 and $20,303, respectively)	6,499,772	6,494,697
Redeemable preferred stock - Series C (Authorized 180,000 shares. Issued and outstanding: 180,000 shares at March 31, 2022 September 30, 2021, less issuance costs of $1,153 and $1,277, respectively)	4,498,847	4,498,723
Redeemable preferred stock - Series D (Authorized 5,000 shares. Issued and outstanding: 5,000 shares at March 31, 2022)	5,000,000
Current liabilities:
Current portion of long-term debt	6,776,409	6,407,545
Demand notes payable	5,900,000	5,397,294
Borrowings under lines-of-credit and short-term debt	9,191,625	7,668,557
Accounts payable	6,017,138	3,844,210
Accrued expenses	341,417	271,461
Customer deposits and accrued interest	993,801	1,519,576
Dividends declared	530,296	530,296
Total current liabilities	29,750,686	25,638,939
Deferred credits and other liabilities:
Deferred income taxes	9,240,421	8,149,853
Regulatory liabilities	2,840,015	2,969,076
Deferred compensation	1,328,184	1,417,686
Pension costs and post-retirement benefits	7,811,208	7,180,088
Other	1,045,481	1,344,416
Total deferred credits and other liabilities	22,265,309	21,061,119
Commitments and contingencies
Temporary equity:
Redeemable convertible preferred stock - Series B (Authorized 244,500 shares. Issued and outstanding: 244,263 shares at March 31, 2022 and September 30, 2021)	4,993,375	4,980,562
Common stockholders' equity:
Common stock ($.01 par value per share. Authorized 4,500,000 shares. Issued and outstanding: 3,083,577 shares at March 31, 2022 and September 30, 2021)	30,836	30,836
Additional paid-in capital	28,292,551	28,292,551
Retained earnings	9,019,157	7,148,246
Accumulated other comprehensive income		917
Total common stockholders' equity	37,342,544	35,472,550
Total liabilities and capitalization	$ 152,913,183	$ 144,054,747