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Corning Natural Gas Holding Corporation Reports Improved Annual Earnings and Declares Quarterly .
Corning Natural Gas Holding Corp.December 21, 2020 GMT
CORNING, N.Y., Dec. 21, 2020 (GLOBE NEWSWIRE) Corning Natural Gas Holding Corporation (OTCQX: CNIG) announced consolidated earnings of $2.957 million or $0.95 (diluted) per common share for the fiscal year ended September 30, 2020. This compares to consolidated earnings of $2.880 million or $0.94 (diluted) per common share for the fiscal year ended September 30, 2019. CFO Charles Lenns stated, “The company earnings were positively impacted by increased margins and reduced income tax expense that were offset by unfavorable weather, higher interest expense, and COVID impacts.”
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CORNING, N.Y., Dec. 21, 2020 (GLOBE NEWSWIRE) Corning Natural Gas Holding Corporation (OTCQX:CNIG) announced consolidated earnings of $2.957 million or $0.95 (diluted) per common share for the fiscal year ended September 30, 2020. This compares to consolidated earnings of $2.880 million or $0.94 (diluted) per common share for the fiscal year ended September 30, 2019. CFO Charles Lenns stated, The company earnings were positively impacted by increased margins and reduced income tax expense that were offset by unfavorable weather, higher interest expense, and COVID impacts.
Net loss for the three months ended September 30, 2020 were $0.576 million compared to $0.373 million for the same three months in 2019. Earnings were negatively affected primarily by higher interest expense, including debt incurred to acquire the remaining 50% interest in Leatherstocking Gas Company.