Gas Natural Inc. Reports First Quarter 2012 Results and Announces Monthly Dividend of $0.045 per Share
- First quarter Natural Gas Operations earnings impacted by unseasonably warm weather
- Board of Directors declared a monthly dividend of $0.045 per share to shareholders of record as of May 15, 2012. The dividend will be payable on May 31, 2012.
MENTOR, Ohio, May 15, 2012 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a natural gas utility company serving approximately 70,000 customers in seven states, reported financial results for the first quarter ended March 31, 2012.
Consolidated net income for the first quarter of 2012 was $3.3 million, or $0.40 per diluted share, compared with $4.3 million, or $0.52 per diluted share, for the first quarter of 2011. The decline was the result of the Natural Gas Operations segment, where net income was down by $906,000 from the first quarter of 2011, primarily due to significantly warmer weather in all of the Company's service territories.
Richard M. Osborne, Gas Natural's chairman and chief executive officer, commented, "We remain encouraged by the natural gas market despite experiencing lower income for the first quarter, where all of our service territories were impacted by the unusually warm temperatures. We plan to continue our investments to satisfy the growing customer interest in our North Carolina and Maine utilities and expect to augment our growth with acquisitions. Combined with operational efficiencies, we believe this growth strategy will drive future results."
Gas Natural acquired the stock of Public Gas Company, Inc. (PGC) for $1.6 million from Kentucky Energy Development, LLC, on April 1, 2012. PGC is a regulated natural gas distribution company serving approximately 1,600 customers in eight counties in the eastern part of Kentucky.
On April 18, 2012, the Company entered into a non-binding term sheet to acquire John D. Oil and Gas Marketing Company, LLC ("JDOGM"), an Ohio limited liability company. JDOGM is an established natural gas marketing company serving customers in Northern Ohio. This acquisition would give Gas Natural the opportunity to expand its natural gas marketing efforts into Northern Ohio and to evaluate the potential of various natural gas shale plays in Ohio.
Richard M. Osborne is the majority owner and manager of JDOGM. This transaction has been approved by a special committee of the Board that evaluated the opportunity. The acquisition is dependent upon final documentation and regulatory and shareholder approval. As a result, there can be no guaranty the transaction will be completed.
Natural Gas Operations Segment
The Company annually distributes over 32 billion cubic feet of natural gas to approximately 70,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming.
Natural Gas Operations Income Statement |
|||||||||||
Three Months Ended March 31, |
|||||||||||
($ in thousands) |
2012 |
2011 |
|||||||||
Natural Gas Operations |
|||||||||||
Operating revenues |
$ 29,848 |
$ 38,220 |
|||||||||
Gas Purchased |
17,237 |
24,717 |
|||||||||
Gross Margin |
12,611 |
13,503 |
|||||||||
Operating expenses |
6,729 |
6,616 |
|||||||||
Operating income |
5,882 |
6,887 |
|||||||||
Other income |
114 |
195 |
|||||||||
Income before interest and taxes |
5,996 |
7,082 |
|||||||||
Interest expense |
(637) |
(387) |
|||||||||
Income before income taxes |
5,359 |
6,695 |
|||||||||
Income tax expense |
(2,006) |
(2,436) |
|||||||||
Net Income |
$ 3,353 |
$ 4,259 |
|||||||||
For the first quarter of 2012, the Natural Gas Operations segment contributed net income of $3.4 million, a decrease of 21.3%, or $906,000, from $4.3 million in the same period of 2011. The change reflects the weather that was warmer across the service territories than the temperature in last year's first quarter.
Operating income was $5.9 million, or 46.7% of gross margin, for first quarter 2012 compared with $6.9 million, or 51.0% of gross margin, for 2011.
First quarter interest expense was up $250,000 to $637,000 reflecting higher debt balances.
Full service distribution volumes delivered decreased 652 MMcf to 3,502 MMcf in the first quarter of 2012.
Other Operating Segments
The Marketing and Production segment reported net income of $95,000 for the first quarter 2012 compared with $86,000 for the same period in 2011. This slight increase was primarily the result of additional customers in our marketing operation leading to higher sales volumes and revenue offset by a reduction in production revenues. The Pipeline Operations segment contributed net income of $38,000, an increase of $1,000 from the first quarter 2011. The Propane Operations segment, acquired on August 1, 2011, contributed a net loss of $95,000 in the quarter.
Balance Sheet and Cash Management
Cash and cash equivalents as of March 31, 2012 were $7.9 million, down $2.6 million from the December 31, 2011 balance of $10.5 million.
Cash provided by operating activities decreased by $3.2 million to $8.4 million in the first quarter 2012 compared with $11.5 million in the first quarter of 2011. The decrease in cash from operations was principally due to working capital changes including the recoverable cost of gas, accounts payable and accounts receivable.
Capital expenditures for first quarter 2012 totaled $4.4 million and were primarily focused on expanding the Company's Natural Gas Operations segment and included investments to actively expand systems in North Carolina and Maine to meet the high customer interest in natural gas in those areas. Capital spending in the same period in 2011 was $2.8 million.
The Company maintains two revolving credit facilities with $17.7 million in use at March 31, 2012 compared with $23.2 million at the end of 2011. Long-Term debt was $31.4 million at March 31, 2012 and December 31, 2011.
About Gas Natural Inc.
Gas Natural Inc. distributes and sells natural gas to end-use residential, commercial, and industrial customers. It distributes approximately 32 billion cubic feet of natural gas to approximately 70,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming. The Company's other operations include interstate pipeline, natural gas production, propane and natural gas marketing. The Company's Montana public utility was originally incorporated in 1909. Its strategy for growth is to expand throughput in the Maine and North Carolina markets while looking for acquisitions that are either adjacent to its existing utilities or in under saturated markets.
The Company regularly posts information at its website: www.ewst.com.
Safe Harbor Regarding Forward-Looking Statements
The Company is including the following cautionary statement in this release to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, Gas Natural Inc. Forward-looking statements are all statements other than statements of historical fact, including, without limitation, those that are identified by the use of the words "anticipates," "estimates," "expects," "intends," "plans," "predicts," "believes" and similar expressions. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Factors that may affect forward-looking statements and the Company's business generally include but are not limited to the Company's ability to successfully integrate the operations of the companies it has recently acquired and consummate additional acquisitions, the Company's continued ability to make dividend payments, the Company's ability to implement its business plan, fluctuating energy commodity prices, the possibility that regulators may not permit the Company to pass through all of its increased costs to its customers, changes in the utility regulatory environment, wholesale and retail competition, the Company's ability to satisfy its debt obligations, including compliance with financial covenants, weather conditions, litigation risks, and various other matters, many of which are beyond the Company's control, the risk factors and cautionary statements made in the Company's public filings with the Securities and Exchange Commission, and other factors that the Company is currently unable to identify or quantify, but may exist in the future. Gas Natural Inc. expressly undertakes no obligation to update or revise any forward-looking statement contained herein to reflect any change in Gas Natural Inc.'s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
For more information contact:
Gas Natural Inc. |
Investor Relations: Kei Advisors LLC |
Thomas J. Smith, Chief Financial Officer |
Deborah K. Pawlowski, Chairman & CEO |
Phone: (440) 974-3770 |
Phone: (716) 843-3908 |
Email: [email protected] |
Email: [email protected] |
FINANCIAL TABLES FOLLOW
Gas Natural Inc. and Subsidiaries |
||||
Condensed Consolidated Statements of Income and Comprehensive Income |
||||
(Unaudited) |
||||
Three Months Ended |
||||
March 31, |
||||
2012 |
2011 |
|||
REVENUES |
||||
Natural gas operations |
$ 29,848,085 |
$ 38,219,583 |
||
Marketing and production |
1,907,094 |
1,825,502 |
||
Pipeline operations |
107,784 |
106,324 |
||
Propane operations |
1,909,158 |
- |
||
Total revenues |
33,772,121 |
40,151,409 |
||
COST OF SALES |
||||
Natural gas purchased |
17,236,894 |
24,716,908 |
||
Marketing and production |
1,395,416 |
1,399,407 |
||
Propane purchased |
1,431,269 |
- |
||
Total cost of sales |
20,063,579 |
26,116,315 |
||
GROSS MARGIN |
13,708,542 |
14,035,094 |
||
OPERATING EXPENSES |
||||
Distribution, general, and administrative |
5,212,920 |
4,657,320 |
||
Maintenance |
296,235 |
285,227 |
||
Depreciation and amortization |
1,243,344 |
1,035,077 |
||
Accretion |
38,080 |
34,610 |
||
Taxes other than income |
937,490 |
853,965 |
||
Total operating expenses |
7,728,069 |
6,866,199 |
||
OPERATING INCOME |
5,980,473 |
7,168,895 |
||
LOSS FROM UNCONSOLIDATED AFFILIATE |
(2,741) |
(62,957) |
||
OTHER INCOME (EXPENSE), net |
(72,053) |
115,680 |
||
INTEREST EXPENSE |
(664,069) |
(413,179) |
||
INCOME BEFORE INCOME TAXES |
5,241,610 |
6,808,439 |
||
INCOME TAX EXPENSE |
(1,958,763) |
(2,533,685) |
||
NET INCOME |
3,282,847 |
4,274,754 |
||
OTHER COMPREHENSIVE INCOME |
||||
Unrealized gain on available |
||||
for sale securities, net of tax |
9,146 |
18,766 |
||
COMPREHENSIVE INCOME |
$ 3,291,993 |
$ 4,293,520 |
||
EARNINGS PER SHARE - BASIC AND DILUTED |
$ 0.40 |
$ 0.52 |
||
WEIGHTED AVERAGE DIVIDENDS DECLARED |
||||
PER COMMON SHARE |
$ 0.135 |
$ 0.135 |
||
WEIGHTED AVERAGE SHARES |
||||
OUTSTANDING - BASIC |
8,154,734 |
8,150,239 |
||
WEIGHTED AVERAGE SHARES |
||||
OUTSTANDING - DILUTED |
8,162,957 |
8,158,079 |
||
Gas Natural Inc. and Subsidiaries |
|||
Condensed Consolidated Balance Sheets |
|||
(Unaudited) |
|||
March 31, |
December 31, |
||
2012 |
2011 |
||
ASSETS |
|||
CURRENT ASSETS |
|||
Cash and cash equivalents |
$ 7,880,046 |
$ 10,504,845 |
|
Marketable securities |
382,500 |
367,875 |
|
Accounts receivable |
|||
Trade, less allowance for doubtful accounts of $807,433 |
|||
and $630,632, respectively |
8,527,414 |
9,381,625 |
|
Related parties |
555,626 |
519,084 |
|
Unbilled gas |
2,653,169 |
4,232,854 |
|
Note receivable - related parties, current portion |
10,437 |
10,256 |
|
Inventory |
|||
Natural gas and propane |
1,821,005 |
6,967,739 |
|
Materials and supplies |
2,053,111 |
1,958,858 |
|
Prepaid income taxes |
72,920 |
1,584,869 |
|
Prepayments and other |
605,425 |
741,101 |
|
Recoverable cost of gas purchases |
3,231,242 |
2,627,416 |
|
Deferred tax asset |
1,137,100 |
1,061,314 |
|
Total current assets |
28,929,995 |
39,957,836 |
|
PROPERTY, PLANT AND EQUIPMENT, net |
100,021,399 |
97,612,257 |
|
OTHER ASSETS |
|||
Notes receivable - related parties, less current portion |
32,731 |
35,408 |
|
Regulatory assets |
|||
Property taxes |
519,781 |
590,464 |
|
Income taxes |
452,645 |
452,645 |
|
Rate case costs |
204,192 |
205,714 |
|
Debt issuance costs, net |
909,150 |
869,593 |
|
Goodwill |
14,607,952 |
14,607,952 |
|
Customer relationships |
633,625 |
639,333 |
|
Investment in unconsolidated affiliate |
327,610 |
330,351 |
|
Restricted cash |
958,647 |
949,907 |
|
Other assets |
114,751 |
159,954 |
|
Total other assets |
18,761,084 |
18,841,321 |
|
TOTAL ASSETS |
$ 147,712,478 |
$ 156,411,414 |
|
Gas Natural Inc. and Subsidiaries |
|||
Condensed Consolidated Balance Sheets, Continued |
|||
(Unaudited) |
|||
March 31, |
December 31, |
||
2012 |
2011 |
||
LIABILITIES AND CAPITALIZATION |
|||
CURRENT LIABILITIES |
|||
Checks in excess of amounts on deposit |
$ 407,656 |
$ 1,027,376 |
|
Lines of credit |
17,651,000 |
23,160,000 |
|
Accounts payable |
|||
Trade |
5,817,447 |
8,755,623 |
|
Related parties |
98,712 |
191,763 |
|
Notes payable, current portion |
8,109 |
7,885 |
|
Accrued liabilities |
|||
Taxes other than income |
2,531,315 |
3,018,964 |
|
Vacation |
134,420 |
115,940 |
|
Employee benefit plans |
214,885 |
140,149 |
|
Interest |
307,079 |
30,688 |
|
Deferred payments received from levelized billing |
2,053,060 |
2,948,188 |
|
Customer deposits |
672,594 |
707,062 |
|
Property tax settlement, current portion |
242,128 |
242,128 |
|
Related parties |
448,455 |
635,192 |
|
Other current liabilities |
1,303,687 |
1,280,670 |
|
Overrecovered gas purchases |
1,362,448 |
2,237,827 |
|
Total current liabilities |
33,252,995 |
44,499,455 |
|
LONG-TERM LIABILITIES |
|||
Deferred investment tax credits |
171,114 |
176,379 |
|
Deferred tax liability |
3,200,808 |
2,908,167 |
|
Asset retirement obligation |
1,727,161 |
1,689,081 |
|
Customer advances for construction |
916,349 |
880,851 |
|
Regulatory liability for income taxes |
83,161 |
83,161 |
|
Regulatory liability for gas costs |
40,217 |
57,570 |
|
Total long-term liabilities |
6,138,810 |
5,795,209 |
|
NOTES PAYABLE, less current portion |
31,342,594 |
31,344,723 |
|
COMMITMENTS AND CONTINGENCIES |
|||
STOCKHOLDERS' EQUITY |
|||
Preferred stock; $0.15 par value, 1,500,000 shares authorized, |
|||
no shares issued or outstanding |
- |
- |
|
Common stock; $0.15 par value, 15,000,000 shares authorized, |
|||
8,155,426 and 8,154,301 shares issued and |
|||
outstanding, respectively |
1,223,314 |
1,223,145 |
|
Capital in excess of par value |
41,993,623 |
41,978,799 |
|
Accumulated other comprehensive income |
89,551 |
80,405 |
|
Retained earnings |
33,671,591 |
31,489,678 |
|
Total stockholders' equity |
76,978,079 |
74,772,027 |
|
TOTAL CAPITALIZATION |
108,320,673 |
106,116,750 |
|
TOTAL LIABILITIES AND CAPITALIZATION |
$ 147,712,478 |
$ 156,411,414 |
|
Gas Natural Inc. and Subsidiaries |
|||
Condensed Consolidated Statements of Cash Flows |
|||
For the Three Months Ended March 31, 2012 and 2011 (Unaudited) |
|||
2012 |
2011 |
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||
Net income |
$ 3,282,847 |
$ 4,274,754 |
|
Adjustments to reconcile net income to net cash provided |
|||
by operating activities |
|||
Depreciation and amortization |
1,243,344 |
1,035,077 |
|
Accretion |
38,080 |
34,610 |
|
Amortization of debt issuance costs |
77,022 |
11,046 |
|
Stock based compensation |
14,993 |
16,329 |
|
Loss on sale of assets |
7,747 |
6,948 |
|
Loss from unconsolidated affiliate |
2,741 |
62,957 |
|
Investment tax credit |
(5,265) |
(5,265) |
|
Deferred income taxes |
211,376 |
- |
|
Changes in assets and liabilities |
|||
Accounts receivable, including related parties |
817,669 |
196,584 |
|
Unbilled gas |
1,579,685 |
1,692,493 |
|
Natural gas and propane inventory |
5,146,734 |
4,774,494 |
|
Accounts payable, including related parties |
(2,982,618) |
(1,639,066) |
|
Recoverable/refundable cost of gas purchases |
(1,479,205) |
817,957 |
|
Prepayments and other |
135,676 |
206,372 |
|
Other assets |
1,442,540 |
1,363,535 |
|
Other liabilities |
(1,158,078) |
(1,314,320) |
|
Net cash provided by operating activities |
8,375,288 |
11,534,505 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|||
Capital expenditures |
(4,366,485) |
(2,811,832) |
|
Proceeds from sale of fixed assets |
17,302 |
4,000 |
|
Proceeds from related party note receivable |
2,496 |
2,329 |
|
Investment in unconsolidated affiliate |
- |
(132,000) |
|
Customer advances for construction |
35,498 |
(10,917) |
|
Contributions in aid of construction |
48,210 |
(5,362) |
|
Net cash used in investing activities |
(4,262,979) |
(2,953,782) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|||
Proceeds from lines of credit |
2,551,000 |
2,500,000 |
|
Repayment on lines of credit |
(8,060,000) |
(9,650,000) |
|
Repayments of notes payable |
(1,905) |
(252,796) |
|
Debt issuance costs |
(116,579) |
- |
|
Restricted cash |
(8,740) |
- |
|
Dividends paid |
(1,100,884) |
(1,100,275) |
|
Net cash used in financing activities |
(6,737,108) |
(8,503,071) |
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(2,624,799) |
77,652 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
10,504,845 |
13,026,585 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ 7,880,046 |
$ 13,104,237 |
|
Gas Natural Inc. and Subsidiaries |
||||||||||||
Segments of Operations |
||||||||||||
Three Months Ended March 31, 2012 |
||||||||||||
Marketing |
||||||||||||
Natural Gas |
and |
Pipeline |
Propane |
Corporate and |
||||||||
Operations |
Production |
Operations |
Operations |
Other |
Consolidated |
|||||||
OPERATING REVENUES |
$ 29,933,151 |
$ 3,625,788 |
$ 107,784 |
$ 1,909,158 |
$ - |
$ 35,575,881 |
||||||
Intersegment eliminations |
(85,065) |
(1,718,695) |
- |
- |
- |
(1,803,760) |
||||||
Total operating revenue |
29,848,086 |
1,907,093 |
107,784 |
1,909,158 |
- |
33,772,121 |
||||||
COST OF SALES |
17,321,959 |
3,114,111 |
- |
1,431,269 |
- |
21,867,339 |
||||||
Intersegment eliminations |
(85,065) |
(1,718,695) |
- |
- |
- |
(1,803,760) |
||||||
Total cost of sales |
17,236,894 |
1,395,416 |
- |
1,431,269 |
- |
20,063,579 |
||||||
GROSS MARGIN |
$ 12,611,192 |
$ 511,677 |
$ 107,784 |
$ 477,889 |
$ - |
$ 13,708,542 |
||||||
OPERATING EXPENSES |
6,729,273 |
331,084 |
38,506 |
566,413 |
62,793 |
7,728,069 |
||||||
OPERATING INCOME (LOSS) |
$ 5,881,919 |
$ 180,593 |
$ 69,278 |
$ (88,524) |
$ (62,793) |
$ 5,980,473 |
||||||
NET INCOME (LOSS) |
$ 3,352,534 |
$ 95,315 |
$ 38,223 |
$ (94,841) |
$ (108,384) |
$ 3,282,847 |
||||||
As of March 31, 2012 |
||||||||||||
Goodwill |
$ 14,607,952 |
$ - |
$ - |
$ - |
$ - |
$ 14,607,952 |
||||||
Investment in unconsolidated affiliate |
$ - |
$ 327,610 |
$ - |
$ - |
$ - |
$ 327,610 |
||||||
Total assets |
$ 133,685,618 |
$ 5,365,659 |
$ 811,489 |
$ 3,332,796 |
$ 64,887,107 |
$ 208,082,669 |
||||||
Intersegment eliminations |
(48,284,824) |
(1,229,052) |
13,406 |
(2,212,617) |
(8,657,104) |
(60,370,191) |
||||||
Total assets |
$ 85,400,794 |
$ 4,136,607 |
$ 824,895 |
$ 1,120,179 |
$ 56,230,003 |
$ 147,712,478 |
||||||
(Unaudited) |
||||||||||||
Three Months Ended March 31, 2011 |
||||||||||||
Marketing |
||||||||||||
Natural Gas |
and |
Pipeline |
Propane |
Corporate and |
||||||||
Operations |
Production |
Operations |
Operations |
Other |
Consolidated |
|||||||
OPERATING REVENUES |
$ 38,309,893 |
$ 4,340,252 |
$ 106,324 |
$ - |
$ - |
$ 42,756,469 |
||||||
Intersegment eliminations |
(90,310) |
(2,514,750) |
- |
- |
- |
(2,605,060) |
||||||
Total operating revenue |
38,219,583 |
1,825,502 |
106,324 |
- |
- |
40,151,409 |
||||||
COST OF SALES |
24,807,218 |
3,914,157 |
- |
- |
- |
28,721,375 |
||||||
Intersegment eliminations |
(90,310) |
(2,514,750) |
- |
- |
- |
(2,605,060) |
||||||
Total cost of sales |
24,716,908 |
1,399,407 |
- |
- |
- |
26,116,315 |
||||||
GROSS MARGIN |
$ 13,502,675 |
$ 426,095 |
$ 106,324 |
$ - |
$ - |
$ 14,035,094 |
||||||
OPERATING EXPENSES |
6,615,808 |
199,497 |
42,324 |
- |
8,570 |
6,866,199 |
||||||
OPERATING INCOME (LOSS) |
$ 6,886,867 |
$ 226,598 |
$ 64,000 |
$ - |
$ (8,570) |
$ 7,168,895 |
||||||
NET INCOME (LOSS) |
$ 4,259,125 |
$ 85,782 |
$ 36,802 |
$ - |
$ (106,955) |
$ 4,274,754 |
||||||
As of March 31, 2011 |
||||||||||||
Goodwill |
$ 14,607,952 |
$ - |
$ - |
$ - |
$ - |
$ 14,607,952 |
||||||
Investment in unconsolidated affiliate |
$ - |
$ 748,859 |
$ - |
$ - |
$ - |
$ 748,859 |
||||||
Total assets |
$ 105,779,527 |
$ 5,238,233 |
$ 721,458 |
$ - |
$ 76,953,664 |
$ 188,692,882 |
||||||
Intersegment eliminations |
(45,389,522) |
(2,825,763) |
(54,123) |
- |
(10,646,010) |
(58,915,418) |
||||||
Total assets |
$ 60,390,005 |
$ 2,412,470 |
$ 667,335 |
$ - |
$ 66,307,654 |
$ 129,777,464 |
||||||
Gas Natural Inc. and Subsidiaries |
|||||||||||||
Natural Gas Operations |
|||||||||||||
(Unaudited) |
|||||||||||||
Utility Throughput |
|||||||||||||
Three Months Ended March 31, |
|||||||||||||
(in million cubic feet (MMcf)) |
2012 |
2011 |
|||||||||||
Full Service Distribution |
|||||||||||||
Residential |
1,811 |
2,164 |
|||||||||||
Commercial |
1,638 |
1,950 |
|||||||||||
Industrial |
53 |
40 |
|||||||||||
Total full service |
3,502 |
4,154 |
|||||||||||
Transportation |
2,954 |
2,684 |
|||||||||||
Bucksport |
3,662 |
3,801 |
|||||||||||
Total Volumes |
10,118 |
10,639 |
|||||||||||
Heating Degree Days |
|||||||||||
Three Months Ended |
Percent (Warmer) Colder |
||||||||||
March 31, |
2012 Compared to |
||||||||||
Normal |
2012 |
2011 |
Normal |
2011 |
|||||||
Great Falls, MT |
3,180 |
2,914 |
3,662 |
(8.36%) |
(20.43%) |
||||||
Cody, WY |
3,030 |
2,738 |
3,277 |
(9.64%) |
(16.45%) |
||||||
Bangor, ME |
3,735 |
3,273 |
3,808 |
(12.37%) |
(14.05%) |
||||||
Elkin, NC |
2,117 |
1,616 |
2,096 |
(23.67%) |
(22.90%) |
||||||
Youngstown, OH |
3,118 |
2,413 |
3,308 |
(22.61%) |
(27.06%) |
||||||
SOURCE Gas Natural Inc.
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