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Gas Natural Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2010

- Natural gas operations fourth quarter and full-year 2010 earnings increased 13% and 46%, respectively, on strong organic growth and contributions from the acquired Ohio utilities

- Volumes delivered increased 22% from 2009


News provided by

Gas Natural Inc.

Apr 05, 2011, 07:56 ET

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GREAT FALLS, Mont., April 5, 2011 /PRNewswire/ -- Gas Natural Inc. (NYSE Amex: EGAS) (the "Company" or "Gas Natural"), a natural gas utility company serving approximately 63,500 customers in six states, reported financial results for the fourth quarter and full-year ended December 31, 2010.  Results included the January 5, 2010 acquisitions of three Ohio-based gas utilities, Orwell Natural Gas Company, Northeast Ohio Natural Gas Corp. and Brainard Gas Corp., which increased total customers by approximately 24,000, or more than 50%.  Also included were the results of Cut Bank Gas in Montana, a small operation acquired in November 2009.

Consolidated net income for the fourth quarter of 2010 was $1.7 million, or $0.24 per diluted share, compared with net income of $4.3 million, or $1.00 per diluted share, for the fourth quarter of 2009.  Net income in the fourth quarter of 2009 was positively affected from an income tax benefit of $2.5 million, or $0.58 per diluted share, from the adjustment of the valuation allowance on the Company's deferred tax asset from prior acquisitions.

Full-year consolidated net income was $5.80 million, or $0.92 per diluted share, in 2010, down from $6.82 million, or $1.58 per diluted share, in 2009.  As noted above, net income in 2009 was positively affected from an income tax benefit of $2.5 million.  Excluding the Ohio-based gas utilities, our organic gas utility operations had a 23%, or $0.9 million, increase in net income in 2010 from $3.9 million in 2009 due primarily to strong continued growth in the Maine and North Carolina markets.  The Company continues to see strong interest from our customers' in receiving natural gas in lieu of fuel oil and propane.

Richard M. Osborne, Gas Natural's chairman and chief executive officer, commented, "In 2010, we advanced on several business fronts and achieved key milestones tied to our strategic objectives.  We expanded our customer base, broadened our geographic service areas, invested in our gas utility infrastructure, especially in our growth markets of Maine and North Carolina, and continue to focus on improving our operational efficiency.  Additionally, we strengthened the balance sheet by completing a secondary equity offering in the latter part of 2010, raising $19.0 million.  We are primarily using that capital to expand our existing utility operations with the expectation that we can continue to grow earnings and cash flow.  As we move forward in 2011, we intend to build upon our accomplishments from last year to continue our growth and further improve our performance."

Natural Gas Operations Segment

Gas Natural Inc. annually distributes over 30 billion cubic feet of natural gas to approximately 63,500 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina.  The Company acquired its Ohio and Pennsylvania operations in January 2010.

(in thousands)


Three Months Ended December 31,


Year Ended December 31,




2010


2009


2010


2009

Natural Gas Operations










Operating revenue


$27,261


$16,946


$83,608


$58,766


Gas purchased


16,533


10,190


48,877


37,052


Gross Margin


10,728


6,756


34,731


21,714


Operating expenses


6,561


3,661


24,682


14,663


Operating income


4,167


3,095


10,049


7,051


Other income


168


39


872


254












Income before interest and taxes


4,335


3,134


10,921


7,305












Interest (expense)


(541)


(312)


(2,086)


(1,135)












Income before income taxes


3,794


2,822


8,835


6,170


Income tax (expense)


(1,774)


(1,041)


(3,161)


(2,281)












Net income


$2,020


$1,781


$5,674


$3,889











The Natural Gas Operations segment contributed net income of $2.0 million in the fourth quarter of 2010, an increase of 11.1% when compared with net income of $1.8 million for the same period the prior year.  The increase was attributed to the previously noted Ohio operation's net income contribution and increased net income from Maine and North Carolina.

For 2010, the Natural Gas Operations segment comprised 98% of total net income of the company with net income of $5.7 million compared with $3.9 million for 2009, an increase of 46%, or $1.8 million.  The North Carolina and Maine utilities had net income growth of $1.7 million in 2010, while the acquired Ohio companies accounted for $.89 million of the increase.

Operating income in the fourth quarter of 2010 was $4.2 million, or 38.8% of gross margin, which excludes purchased gas costs.  This compared with operating income in the fourth quarter of 2009 of $3.1 million, or 45.8%, of gross margin.  Operating income for the year of 2010 increased 40.8% to $10.0 million, or 29% of gross margin, from $7.1 million, or 32% of gross margin, for the year of 2009.  The lower margins for the quarter and the year reflect the addition of the Ohio companies which are not yet at the efficiency levels of the Company's organic operations.  Higher depreciation expense from capital expansion projects to meet customer demand in the Company's high-growth North Carolina and Maine operations also contributed to the lower margins.  

Other income increased during the fourth quarter and full-year period of 2010 due primarily to contributions from the Ohio companies, while the increase in interest expense during the same corresponding periods was a direct result of the added debt acquired with the Ohio companies.

On a full-year basis, total volumes increased 5,488 MMcf to 30,249 MMcf as the Company continues to see customer growth, specifically from the Maine and North Carolina utilities, and is benefiting from the acquired Ohio companies.

Marketing and Production Operations Segment

The Marketing and Production segment reported a net loss of $193,000 in the fourth quarter of 2010, compared with a net loss of $119,000 for the same quarter of 2009.  For the full-year 2010, net income for the segment was $116,000, down from $558,000 in 2009, a reflection of a jury award in April 2010 of $522,000 in litigation relating to a gas supply contract that expired in October 2008, partially offset by a $254,000 income tax benefit related to the true-up of income tax expense.  In 2010, we incurred a loss of $194,000 on an equity investment in Kykuit, an exploration company, compared with a loss of $687,000 in 2009.  Additionally, year-over-year results are down in 2010 due to an elimination of a basis differential between AECO and CIG pricing hubs for natural gas.

Pipeline Operations Segment

The Pipeline Operations segment generated net income of $10,000 in both the fourth quarter of 2010 and 2009.  Net income was $153,000 for the full-year of 2010, in line with the $157,000 reported for 2009.

Balance Sheet and Cash Management

Cash and marketable securities at the end of 2010 were $13.3 million, an improvement of 85.7% from the 2009 year-end balance of $7.2 million.  On December 7, 2010, the Company completed an underwritten public offering with the full exercise of the over-allotment option.  A total of 2,415,000 shares of common stock were sold in the offering, of which 2,075,000 shares were sold by the Company and 340,000 shares were sold by certain selling shareholders.  The Company received net proceeds of approximately $19.0 million after deducting underwriting discounts, commissions, and offering expenses.  The Company did not receive any proceeds from the sale of shares by the selling shareholders.  In 2011, the Company plans to use a portion of the proceeds of the offering to expand its utility operations.

In December 2010, $7.7 million of the offering proceeds were used to repay and extinguish the debt of three separate Ohio utility maturing debt instruments.  As previously announced, on November 2, 2010, the Company agreed to sell $19.0 million of senior secured notes to Sun Life Assurance Company of Canada.  On March 30, 2011, the Public Utility Commission of Ohio approved the Ohio utilities' amended financing application for the notes.  The Company expects to fund and close this transaction shortly.  The net proceeds are intended for investment in its operating subsidiaries, for refunding existing amortizing bank term loans, and funding 2011 capital programs in Ohio.

The Company sold $4.2 million in marketable securities during 2010 taking advantage of market conditions at the time and establishing a more liquid position.

Cash provided by operating activities was $6.7 million in 2010 compared with $16.3 million in 2009.  The change in cash from operations was principally due to a $4.6 million increase in the amount paid for gas inventory and a $4.7 million increase in refunds of refundable costs of gas due to timing.

Capital expenditures for 2010 were $8.5 million compared with $8.9 million for 2009, and were focused on the acquired Ohio companies as well as expanding operations in its growth oriented utilities of Maine and North Carolina.

In addition to cash and marketable securities, the Company maintains a $20 million credit facility with approximately $1.8 million of availability as of the end of 2010.    

About Gas Natural Inc.

Gas Natural Inc. distributes and sells natural gas to end-use residential, commercial, and industrial customers.  It distributes approximately 30 billion cubic feet of natural gas to approximately 63,500 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine and North Carolina.  The Company markets approximately 1.3 billion cubic feet of natural gas to commercial and industrial customers in Montana and Wyoming on an unregulated basis.  The Company also has ownership interests in 160 natural gas producing wells and gas gathering assets. In addition, the Company owns the Shoshone interstate and the Glacier gathering pipelines located in Montana and Wyoming.  The Company's Montana public utility was originally incorporated in 1909 and is headquartered in Great Falls, Montana.

The Company's toll-free number is 800-570-5688.  The Company's address is 1 First Avenue South, Great Falls, Montana 59401 and its website is 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.

Glenn Hemminger, Director of Finance

Phone: (440) 974-3770

Email:  [email protected]

FINANCIAL TABLES FOLLOW




Gas Natural Inc. and Subsidiaries

Consolidated Statements of Income










For the Year Ended December 31,


2010


2009

REVENUES




Natural gas operations

$                  83,607,356


$                58,765,618

Marketing and production

7,466,057


12,238,906

Pipeline operations

426,644


449,757

Total revenues

91,500,057


71,454,281





COST OF SALES




Gas purchased

48,876,837


37,051,852

Marketing and production

5,829,103


9,647,693

Total cost of sales

54,705,940


46,699,545





GROSS MARGIN

36,794,117


24,754,736





GENERAL AND ADMINISTRATIVE EXPENSES




Distribution, general, and administrative

17,381,468


10,562,069

Maintenance

1,051,766


666,477

Depreciation and amortization

4,119,381


2,212,553

Taxes other than income

3,162,200


2,250,298

Total general and administrative expenses

25,714,815


15,691,397





INCOME FROM OPERATIONS

11,079,302


9,063,339





LOSS FROM INVESTMENT IN UNCONSOLIDATED AFFILIATE

(193,951)


(686,771)

OTHER INCOME (EXPENSE)

578,368


(289,563)

INTEREST (EXPENSE)

(2,178,222)


(1,241,226)





INCOME FROM OPERATIONS BEFORE INCOME TAXES

9,285,497


6,845,779





INCOME TAX EXPENSE

3,488,996


27,242

.




NET INCOME

$                    5,796,501


$                  6,818,537









EARNINGS PER SHARE - BASIC

$                             0.92


$                           1.58





EARNINGS PER SHARE - DILUTED

$                             0.92


$                           1.58





DIVIDENDS DECLARED PER SHARE

$                             0.56


$                           0.55





WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC

6,292,717


4,309,852





WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED

6,300,972


4,313,098









Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements.

Gas Natural Inc. and Subsidiaries

Consolidated Balance Sheets










December 31,


December 31,

ASSETS

2010


2009

CURRENT ASSETS




Cash and cash equivalents

$                13,026,585


$                  2,752,168

Marketable securities

274,950


4,411,171

Accounts receivable




Trade, less allowance for doubtful accounts of $354,719




and $233,332, respectively

9,610,738


7,579,974

Related party

542,486


-

Unbilled gas

5,724,346


2,869,826

Note receivable-related parties-current portion

9,565


-

Inventory




Natural gas and propane

5,876,710


5,251,942

Materials and supplies

1,414,367


1,018,673

Prepaid income taxes

1,601,798


-

Prepayments and other

912,959


552,641

Recoverable cost of gas purchases

2,628,824


641,755

Deferred tax asset

114,362


562,936

Total current assets

41,737,690


25,641,086





PROPERTY, PLANT AND EQUIPMENT, net

76,134,401


41,203,668





OTHER ASSETS




Notes receivable - related parties, less current portion

45,665


-

Deferred tax assets, less current portion

1,804,264


7,550,970

Deferred charges

1,875,357


2,094,468

Goodwill

14,607,952


1,056,771

Customer relationships

662,167


-

Investment in unconsolidated affiliate

640,216


784,363

Other

220,224


294,356

Total other assets

19,855,845


11,780,928





TOTAL ASSETS

$              137,727,936


$                78,625,682





Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements.

Gas Natural Inc. and Subsidiaries

Consolidated Balance Sheets, Continued










December 31,


December 31,

LIABILITIES AND STOCKHOLDERS' EQUITY

2010


2009

CURRENT LIABILITIES




Checks in excess of amounts on deposit

$                     532,145


$                     663,777

Line of credit

18,149,999


14,650,000

Accounts payable




Trade

9,200,297


5,530,645

Related party accounts payable

417,543


-

Notes payable, current portion

910,917


1,265

Notes payable - related parties, current portion

49,361


-

Accrued income taxes

-


534,710

Accrued and other current liabilities

8,039,612


4,594,883

Accrued liabilities, related parties

413,399


-

Over-recovered gas purchases

1,203,191


1,452,580

Total current liabilities

38,916,464


27,427,860





LONG-TERM LIABILITIES




Deferred investment tax credits

197,441


218,503

Notes payable, less current portion

21,958,616


13,003,416

Other long-term liabilities

2,953,913


2,288,095

Total long-term liabilities

25,109,970


15,510,014





Total liabilities

64,026,434


42,937,874





COMMITMENTS AND CONTINGENCIES   (NOTE 15)

-


-





STOCKHOLDERS' EQUITY




 Preferred stock; $.15 par value, 1,500,000 shares authorized,

-


-

   no shares outstanding




 Common stock; $.15 par value, 15,000,000 shares authorized,

1,222,470


654,280

    8,149,801 and 4,361,869 shares outstanding, respectively




Capital in excess of par value

41,910,067


6,514,851

Capital in excess of par value - non-controlling interest

-


100,989

Accumulated other comprehensive income

46,590


146,701

Retained earnings

30,522,375


28,270,987

Total stockholders' equity

73,701,502


35,687,808





TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$              137,727,936


$                78,625,682









Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements.

Gas Natural Inc. and Subsidiaries

Consolidated Statements of Cash Flows


For the year ended


December 31,


2010


2009

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$         5,796,501


$       6,818,537

Adjustments to reconcile net income to




net cash provided by operating activities:




Depreciation, amortization, and accretion including




deferred charges and financing costs

4,119,381


2,583,322

Stock-based compensation

83,336


99,600

Gain on sale of securities

(159,520)


(96,888)

Investment tax credit

(21,062)


(21,062)

Deferred income taxes

2,426,479


(2,545,742)

Impairment of other investments

-


620,789

Changes in assets and liabilities:




Accounts receivable and unbilled gas

2,671,102


1,938,979

Accounts and notes receivable - related parties

309,236


-

Natural gas and propane inventories

6,810


4,641,344

Accounts payable

(4,213,097)


(238,499)

Accounts payable - related parties

1,187,080


-

Accrued liabilities - related parties

413,399


-

Recoverable/refundable cost of gas purchases

(2,944,969)


1,750,042

Prepayments and other

(94,112)


(123,454)

Equity in income of Kykuit - unconsolidated affiliate

193,951


65,982

Accrued interest - related parties

(262,495)


-

Other assets

32,250


314,051

Other liabilities

(2,817,364)


493,998

Net cash provided by operating activities

6,726,906


16,300,999





CASH FLOWS FROM INVESTING ACTIVITIES:




Construction expenditures

(8,522,517)


(8,854,010)

Purchase of available-for-sale securities

(52,948)


(1,392,275)

Proceeds from sale of available-for-sale securities

4,185,867


1,211,740

Purchase of Cut Bank shares

(100,989)


-

Purchase of Kidron investment

(105,078)


-

Cash acquired in acquisitions

144,203


48,020

Other investments

(62,581)


(386,888)

Customer advances received for construction

149,184


(70,851)

Change from contributions in aid of construction

(59,536)


259,090

Net cash provided by (used in) investing activities

(4,424,395)


(9,185,174)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from lines of credit

20,800,000


19,550,000

Repayment of notes payable and lines of credit

(20,899,170)


(22,645,000)

Proceeds from other notes payable

57,336


-

Repayments of long-term debt

(5,255,578)


-

Repayments of other short-term borrowings

-


(54,967)

Repayments of related party notes payable

(2,086,167)


-

Net proceeds from the sale of common stock

18,806,986


(17)

Dividends paid

(3,451,501)


(2,279,202)

Net cash used in financing activities

7,971,906


(5,429,186)





NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

10,274,417


1,686,639





CASH AND CASH EQUIVALENTS:




Beginning of period

2,752,168


1,065,529

End of period

$       13,026,585


$       2,752,168





SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION




Cash paid for interest

$         2,029,757


$       1,107,269

Cash paid for income taxes

1,678,896


1,053,830





SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND




FINANCING ACTIVITIES




Shares issued to purchase Cut Bank Gas

-


499,013

Shares issued to purchase Ohio Companies

17,073,084


-

Construction expenditures included in accounts payable

191,457


44,928

Capitalized interest

4,009


14,231

Accrued dividends

366,725


273,114









Please refer to the notes as filed on Form 10-K that are an integral part of these financial statements.

Gas Natural Inc. and Subsidiaries

Consolidated Statements of Cash Flows

Year Ended December 2010





Marketing











Natural Gas


and


Pipeline


Corporate and







Operations


Production


Operations


Other


Eliminations


Consolidated














Operating Revenue













Natural Gas Operations

$   83,926,733


$                  -


$               -


$                     -


$      (319,377)


$   83,607,356


Marketing and Production

-


15,116,196


-


-


(7,650,139)


7,466,057


Pipeline Operations

-


-


426,644


-


-


426,644














Total Operating Revenue

$   83,926,733


$ 15,116,196


$    426,644


$                     -


$   (7,969,516)


$   91,500,057














Gas Purchased

$   49,196,214


$                  -


$               -


$                     -


$      (319,377)


$   48,876,837

Gas - Wholesale

-


13,479,242


-


-


(7,650,139)


5,829,103

Distribution, general, and administrative

16,774,046


455,111


132,529


19,782


-


17,381,468

Maintenance

1,036,836


627


14,303


-


-


1,051,766

Depreciation and Amortization

3,764,145


299,649


55,587


-


-


4,119,381

Taxes other than income

3,106,991


24,285


27,641


3,283


-


3,162,200


Operating expenses

$   73,878,232


$ 14,258,914


$    230,060


$            23,065


$   (7,969,516)


$   80,420,755














Operating income (expense)

$   10,048,501


$      857,282


$    196,584


$          (23,065)


$                   -


$   11,079,302














Other income (expense)

872,221


(635,328)


-


196,659


(49,135)


384,417














Interest (expense) benefit

(2,134,869)


(67,070)


(25,418)


-


49,135


(2,178,222)














Income from continuing operations

$     8,785,853


$      154,884


$    171,166


$          173,594


$                   -


$     9,285,497














Income taxes expense (benefit)

3,161,630


39,280


18,383


269,703


-


3,488,996














Net Income

$     5,624,223


$      115,604


$    152,783


$          (96,109)


$                   -


$     5,796,501














Capital expenditures and natural gas properties

$     8,489,529


$                  -


$               -


$            32,988


$                   -


$     8,522,517

Total assets

$ 118,954,130


$   5,733,857


$    705,817


$     77,157,019


$ (64,822,887)


$ 137,727,936

Equity Method investments

$                    -


$      640,216


$               -


$                     -


$                   -


$        640,216

Goodwill

$   14,607,952


$                  -


$               -


$                     -


$                   -


$   14,607,952


Year Ended December 2009





Marketing











Natural Gas


and


Pipeline


Corporate and







Operations


Production


Operations


Other


Eliminations


Consolidated














Operating Revenue













Natural Gas Operations

$ 59,301,564


$                  -


$               -


$                     -


$      (535,946)


$   58,765,618


Marketing and Wholesale

-


19,656,795


-


-


(7,417,889)


12,238,906


Pipeline Operations

-


-


449,757


-


-


449,757














Total Operating Revenue

$ 59,301,564


$ 19,656,795


$    449,757


$                     -


$   (7,953,835)


$   71,454,281














Gas Purchased

$ 37,587,798


$                  -


$               -


$                     -


$      (535,946)


$   37,051,852

Gas - Wholesale

-


17,065,582


-


-


(7,417,889)


9,647,693

Distribution, general, and administrative

9,942,220


526,305


85,573


7,971


-


10,562,069

Maintenance

654,281


641


11,555


-


-


666,477

Depreciation and Amortization

1,865,941


290,872


55,740


-


-


2,212,553

Taxes other than income

2,200,487


26,112


23,699


-


-


2,250,298


Operating expenses

$ 52,250,727


$ 17,909,512


$    176,567


$              7,971


$   (7,953,835)


$   62,390,942














Operating income (expense)

$   7,050,837


$   1,747,283


$    273,190


$            (7,971)


$                   -


$     9,063,339














Other income (expense)

254,326


(686,771)


-


(543,889)


-


(976,334)














Interest (expense)

(1,134,858)


(89,151)


(16,841)


(376)


-


(1,241,226)














Income (loss) from continuing operations

$   6,170,305


$      971,361


$    256,349


$        (552,236)


$                   -


$     6,845,779














Income taxes expense (benefit)

2,281,053


413,017


100,115


(2,766,943)


-


27,242














Net Income

$   3,889,252


$      558,344


$    156,234


$       2,214,707


$                   -


$     6,818,537














Capital expenditures and natural gas properties

$   8,648,035


$      191,608


$               -


$            14,367


$                   -


$     8,854,010

Total assets

$ 62,610,159


$   6,589,064


$    733,070


$     44,022,556


$ (35,329,167)


$   78,625,682

Equity Method investments

$                  -


$      784,363


$               -


$                     -


$                   -


$        784,363

Goodwill

$   1,056,771


$                  -


$               -


$                     -


$                   -


$     1,056,771

Gas Natural Inc. and Subsidiaries


Natural Gas Operations
(unaudited)



Utility Throughput












Year Ended December 31,

(in million cubic feet (MMcf))


2010


2009








Full Service Distribution






Residential



4,401


3,027


Commercial



3,885


2,908


Industrial



129


189



Total full service


8,415


6,124








Transportation



7,334


4,510

Bucksport



14,500


14,127










Total Volumes


30,249


24,761

Degree Days










Percent (Warmer) Colder










2010 Compared with




Normal


2010


2009


Normal


2009


Great Falls, MT


7,540


7,611


7,956


0.94%


(4.34%)


Cody, WY


6,925


7,253


7,672


4.74%


(5.46%)


Bangor, ME


7,676


6,543


8,046


(14.76%)


(18.68%)


Elkin, NC


3,963


4,101


3,554


3.48%


15.39%


Youngstown, OH


6,536


5,988


6,195


(8.38%)


(3.34%)

SOURCE Gas Natural Inc.

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