Corning Natural Gas Holding Corporation Reports Quarterly Results and Provides Argo Merger Update
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CORNING, NY, May 12, 2022 (GLOBE NEWSWIRE) — Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported consolidated earnings of $2,407,480 or $0.73 per share for its second quarter ended March 31, 2022. That compares to consolidated earnings of $2,269,001, or $0.69 per share for its second quarter ended March 31, 2021. Consolidated earnings for its year-to-date fiscal 2022 were $2,810,707, or $0.87 $ per share, compared to $2,391,109, or $0.74 per share for the same period in 2021. CFO Charles Lenns said, “The increase in company earnings for the second quarter and fiscal year 2022 at this day was due to colder weather in fiscal 2022 and increases in electric and gas rates at Pike County Light & Power. These gains were partially offset by losses on investment income and a loss associated with the disposal of property.
Net earnings for the three months ended March 31, 2022 are not necessarily indicative of expected results for the fiscal year ended September 30, 2022. Quarterly earnings are affected by the highly seasonal nature of the business and weather conditions such than 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. The process of merging our companies with Argo Infrastructure Partners/ACP Crotana Corporation is proceeding as planned. The Pennsylvania Public Utility Commission gave approval for the Argo acquisition on February 3, 2022, and the New York State Public Service Commission is expected to give final approval in mid to late June 2022. Shareholders will receive letters advising them how to proceed after closing. .
From time to time, Corning Natural Gas Holding Corporation may make forward-looking statements relating to such matters as expected 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 the anticipated results or other expectations expressed in the forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements.
Contact: Julie Lewis / 607-936-3755
Source: Corning Natural Gas Holding Corp.