CORNING, N.Y., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Corning Natural Gas Holding Corporation (OTCQX: CNIG) announced consolidated net income of $273 thousand or $0.07 per share for the quarter ended June 30, 2021. This compares to consolidated net income of $558 thousand or $0.16 per share for the quarter ended June 30, 2020. The company reported net income for the six months ended June 30, 2021 of $2.77 million or $0.84 per share, compared to $3.72 million, or $1.16 per share for the six months ended June 30, 2020. CFO Chuck Lenns commented, “The Company saw earnings decline, for both the three-month period and the six-month period ended June 30, 2021, principally due to transaction costs related to our pending merger, and higher interest expense and depreciation expense. The financial results for the quarter and year-to-date ended June 30, 2021, and for the comparable quarter and year-to-date ended June 30, 2020, were impacted by several non-recurring, but material events." CNGHC recognized as non-operating income $1.1 million of Paycheck Protection Program loan forgiveness, offset by a regulatory reserve in the amount of $490,000. As a result of our rate case that concluded in May of 2021, the company recorded as an operating expense a regulatory asset for leak repairs ($175,000), and as interest expense an accrual of interest income ($231,000), the recovery of which were denied in our rate case. In the third quarter of fiscal 2020, we recognized as a reduction of income tax expense a non-recurring AMT tax credit refund in the amount of $272,000.
Net income for the three and six months ended June 30, 2021 are not necessarily indicative of expected results for the fiscal year ending September 30, 2021. Quarterly earnings are affected by the highly seasonal nature of the business and weather conditions such as temperature variations.
Corning Natural Gas Holding Corporation provides natural gas and electric service to customers in New York and Pennsylvania through its operating subsidiaries Corning Natural Gas, Pike County Light & Power, and Leatherstocking Gas Company.
From time-to-time, Corning Natural Gas Holding Corporation may produce forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, Corning Natural Gas Holding Corporation notes that a variety of factors could cause actual results and experiences to differ materially from anticipated results or other expectations expressed in any forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements.
Contact: Julie Lewis / 607-936-3755
