Corning Natural Gas Holding Corporation Quarterly Earnings Statement

5/10/2019, 7:14 PM (Source: GlobeNewswire)

CORNING, N.Y., May 10, 2019 (GLOBE NEWSWIRE) -- Corning Natural Gas Holding Corporation (OTC:  CNIG) announced 3-month consolidated earnings of $2,587,262 or $0.80 per share, fully diluted, and $3,275,990, or $1.02 per share, fully diluted, for the first six months of FY2019.  For the same periods last year, consolidated earnings were $1,859,464, or $0.58 per share, and $2,219,035, or $0.71 per share respectively.  The consolidated earnings for the quarter were $0.22 better per share than last year, a 38% increase.  CEO Mike German stated, “The company experienced earnings growth due to improved utility revenues and margins, as well as lower operating costs.”

Net income for the three months ended March 31, 2019 is not necessarily indicative of expected results for the fiscal year ending September 30, 2019. Quarterly earnings are affected by the highly seasonal nature of the business.  Weather conditions, such as temperature variations, impact revenue and margin. 

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, a 50% JV with Mirabito Regulated Industries.

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

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