Gas Natural Inc. Reports 2013 Third Quarter Results

- Total throughput volume was up 9.6% in third quarter, on growth in customer base in Maine and North Carolina

- 2013 year-to-date diluted earnings per share up 70% to $0.39

News provided by

Nov 20, 2013, 06:55 ET

MENTOR, Ohio, Nov. 20, 2013 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a holding company operating local natural gas utility companies serving approximately 70,000 customers in seven states, reported financial results for the third quarter and nine-month period ended September 30, 2013.

Net loss was $1.0 million, or $0.10 per share, for the third quarter, compared with net loss of
$0.7 million, or $0.08 per share, for the quarter ended September 30, 2012. On a year-to-date basis, net income for the first nine months of 2013 was $3.5 million, or $0.39 per diluted share, compared with $1.9 million, or $0.23 per diluted share, for the same period of last year.

Richard M. Osborne, Gas Natural's chairman and chief executive officer commented, "We continue to have success growing our customer base in Maine and North Carolina. Importantly, we are increasing throughput in our distribution system."

Natural Gas Operations Segment

The Company annually distributes over 33 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

($ in thousands)	Three Months Ended September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Natural Gas Operations
Operating revenues	$ 12,958	$ 10,458	$ 70,649	$ 53,108
Gas Purchased	5,540	4,164	39,706	26,849
Gross Margin	7,418	6,294	30,943	26,259
Operating expenses	8,050	6,732	23,260	20,452
Operating income (loss)	(632)	(438)	7,683	5,807
Other income (expense)	297	183	595	591
Income (loss) before interest and taxes	(335)	(255)	8,278	6,398
Interest (expense)	(743)	(601)	(2,159)	(1,831)
Income (loss) before income taxes	(1,078)	(856)	6,119	4,567
Income tax benefit (expense)	499	274	(2,223)	(1,837)
Net Income (Loss)	$ (579)	$ (582)	$ 3,896	$ 2,730

The Natural Gas Operations segment reported strong year-over-year revenue growth. Revenue from the Company's Maine and North Carolina markets increased by $1.2 million in the 2013 quarter compared with the prior-year period, driven by continued customer growth and an increase in the price paid for natural gas passed on to customers in both markets. Revenue from Gas Natural's Ohio market increased $0.6 million, and revenue from the Company's Montana and Wyoming markets increased $0.7 million, both compared with the prior-year third quarter, and both driven by higher prices for natural gas passed through to customers. On a year-to-date basis, the first nine months recorded a
$17.5 million revenue increase, or 33.0%, compared with the prior year as a result of customer growth, colder weather, and higher natural gas prices passed through to customers.

Gross margin was $7.4 million for the quarter compared with $6.3 million last year, driven by increased customer growth in Maine and North Carolina. On a year-to-date basis, gross margin increased
$4.7 million, due to the increased sales volume.

The increase in operating expenses for the quarter and year-to-date periods reflects the execution of the Company's growth strategy.

Other Operating Segments

The Marketing and Production segment reported net loss of $129,000 for the third quarter of 2013, compared with net income of $327,000 in the prior-year period. On a year-to-date basis, first nine months net income of the Marketing and Production segment was $297,000 compared with $386,000 for the prior-year period. The Company's Gas Natural Resources subsidiary and the Company's Liquefied Natural Gas (LNG) business drove revenue growth for both the quarterly and year-to-date periods, partially offset by lower sales volumes from the Company's existing gas marketing operation. The segment's net loss for the quarter was driven by an unrealized holding loss related to the required quarterly revaluation of the contingent consideration liability from the earn-out provision in the JDOG Marketing purchase contract. Favorable operating performance resulted in an increased liability and expense.

Balance Sheet and Cash Management

Cash and cash equivalents as of September 30, 2013 were $11.4 million, up $8.7 million and
$8.0 million from the balances at June 30, 2013 and December 31, 2012, respectively. The increases were impacted by $15.9 million of proceeds from the Company's July 2013 issuance of common shares.

Cash provided by operating activities increased $6.7 million to $14.6 million in the first nine months of 2013 compared with the prior-year period. The increase was driven by higher net income, higher non-cash charges including deferred income taxes, depreciation and amortization, and lower working capital requirements.

Capital expenditures for the first nine months of 2013 were $15.7 million compared with $15.3 million in the 2012 period. The 2013 expenditures are focused on the growth of the Company's Natural Gas Operations segment, specifically the expansion of its gas pipeline system to service the growing demand for natural gas in North Carolina and Maine.

About Gas Natural Inc.
Gas Natural Inc., a holding company, distributes and sells natural gas to end-use residential, commercial, and industrial customers. It distributes approximately 33 billion cubic feet of natural gas to approximately 70,000 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine, North Carolina and Kentucky. The Company's other operations include interstate pipeline, natural gas production, natural gas marketing and propane to 3,400 customers. 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's toll-free number is 800-570-5688. Gas Natural Inc. regularly posts information on its website at www.egas.net.

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.
Thomas J. Smith, Chief Financial Officer
Phone: (440) 974-3770
Email: [email protected]

FINANCIAL TABLES FOLLOW

Gas Natural Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
REVENUES
Natural gas operations	$12,957,782	$10,458,202	$ 70,648,741	$ 53,107,834
Marketing and production	2,117,165	1,809,832	8,334,626	4,757,280
Pipeline operations	99,289	95,162	302,608	305,039
Total revenues	15,174,236	12,363,196	79,285,975	58,170,153
COST OF SALES
Natural gas purchased	5,540,332	4,164,358	39,705,842	26,848,575
Marketing and production	1,701,554	1,560,762	6,794,511	3,806,489
Total cost of sales	7,241,886	5,725,120	46,500,353	30,655,064
GROSS MARGIN	7,932,350	6,638,076	32,785,622	27,515,089
OPERATING EXPENSES
Distribution, general, and administrative	5,972,119	4,615,649	16,732,989	14,390,134
Maintenance	322,952	296,240	958,691	865,848
Depreciation and amortization	1,579,256	1,252,402	4,483,469	3,648,671
Accretion	44,411	41,354	130,530	118,988
Taxes other than income	1,017,356	905,572	2,835,246	2,684,307
Total operating expenses	8,936,094	7,111,217	25,140,925	21,707,948
OPERATING INCOME (LOSS)	(1,003,744)	(473,141)	7,644,697	5,807,141
LOSS FROM UNCONSOLIDATED AFFILIATE	(980)	(3,692)	(5,007)	(8,468)
OTHER INCOME, NET	313,612	117,186	726,676	449,838
ACQUISITION EXPENSE	(87,575)	(209,490)	(244,109)	(785,838)
STOCK SALE EXPENSE	-	(19,114)	-	(274,393)
INTEREST EXPENSE	(811,575)	(633,601)	(2,380,719)	(1,917,560)
INCOME (LOSS) BEFORE INCOME TAXES	(1,590,262)	(1,221,852)	5,741,538	3,270,720
INCOME TAX BENEFIT (EXPENSE)	698,946	736,110	(2,066,232)	(1,001,280)
INCOME (LOSS) FROM CONTINUING OPERATIONS	(891,316)	(485,742)	3,675,306	2,269,440
Discontinued operations, net of income taxes	(113,022)	(185,479)	(218,837)	(382,006)
NET INCOME (LOSS)	$(1,004,338)	$ (671,221)	$ 3,456,469	$1,887,434

Basic weighted shares outstanding	10,054,558	8,186,791	8,974,584	8,165,874
Dilutive effect of stock options	-	-	903	6,549
Diluted weighted shares outstanding	10,054,558	8,186,791	8,975,487	8,172,423

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations	$ (0.09)	$ (0.06)	$ 0.41	$ 0.28
Discontinued operations	(0.01)	(0.02)	(0.02)	(0.05)
Net income (loss) per share	$ (0.10)	$ (0.08)	$ 0.39	$ 0.23
Weighted average dividends declared per common share	$ 0.139	$ 0.182	$ 0.411	$ 0.452

COMPREHENSIVE INCOME (LOSS):
Net income (loss)	$(1,004,338)	$ (671,221)	$ 3,456,469	$ 1,887,434
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Unrealized gain/(loss) on available for sale securities, net of tax of $11,467, $(2,529), $15,571 and $(6,323), respectively	18,908	(4,221)	25,114	(10,552)
COMPREHENSIVE INCOME (LOSS)	$ (985,430)	$ (675,442)	$ 3,481,583	$ 1,876,882

Gas Natural Inc. and Subsidiaries Condensed Consolidated Balance Sheets

	September 30,	December 31,
	2013	2012
ASSETS	(unaudited)
CURRENT ASSETS
Cash and cash equivalents	$ 11,442,911	$ 3,435,117
Marketable securities	384,750	344,346
Accounts receivable
Trade, less allowance for doubtful accounts of $1,340,110
and $1,350,338, respectively	5,954,677	11,306,951
Related parties	199,690	522,557
Unbilled gas	1,860,605	4,612,258
Note receivable - related parties, current portion	1,785	12,615
Inventory
Natural gas and propane	6,255,563	4,938,078
Materials and supplies	2,640,486	1,779,944
Prepaid income taxes	484,975	501,763
Prepayments and other	1,308,393	2,153,922
Recoverable cost of gas purchases	2,495,048	2,329,524
Deferred tax asset	625,467	813,846
Discontinued operations	2,476,540	3,117,349
Total current assets	36,130,890	35,868,270

PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment	177,667,748	163,068,885
Less accumulated depreciation, depletion and amortization	(50,743,626)	(46,639,843)
PROPERTY, PLANT AND EQUIPMENT, net	126,924,122	116,429,042

OTHER ASSETS
Notes receivable - related parties, less current portion	96,904	122,650
Regulatory assets
Property taxes	95,682	307,732
Income taxes	452,645	452,645
Rate case costs	141,060	176,250
Debt issuance costs, net of amortization	1,490,314	1,798,720
Goodwill	16,993,121	14,891,377
Customer relationships	3,316,043	616,500
Investment in unconsolidated affiliate	351,724	321,731
Restricted cash	1,338,758	3,150,847
Other assets	146,058	327,695
Total other assets	24,422,309	22,166,147
TOTAL ASSETS	$ 187,477,321	$ 174,463,459

Gas Natural Inc. and Subsidiaries Condensed Consolidated Balance Sheets

	September 30,	December 31,
	2013	2012
LIABILITIES AND CAPITALIZATION	(unaudited)
CURRENT LIABILITIES
Checks in excess of amounts on deposit	$ 296,474	$ 720,340
Line of credit	18,210,799	23,859,755
Accounts payable
Trade	6,952,208	8,982,050
Related parties	235,191	47,929
Notes payable, current portion	3,504,377	633,498
Contingent consideration, current portion	781,433	-
Accrued liabilities
Taxes other than income	2,376,646	2,528,940
Vacation	139,672	115,956
Employee benefit plans	95,458	145,496
Interest	346,462	191,263
Deferred payments received from levelized billing	2,480,671	2,633,220
Customer deposits	740,884	744,974
Related parties	116,624	595,240
Obligation under capital lease, current portion	177,570	167,518
Over-recovered gas purchases	383,903	1,185,034
Other current liabilities	1,177,144	690,511
Discontinued operations	596,663	1,188,492
Total current liabilities	38,612,179	44,430,216

LONG-TERM LIABILITIES
Deferred investment tax credits	139,520	155,317
Deferred tax liability	6,876,541	4,829,035
Asset retirement obligation	1,980,909	1,850,379
Customer advances for construction	1,031,610	1,009,232
Regulatory liability for income taxes	83,161	83,161
Regulatory liability for gas costs	-	20,745
Long-term obligation under capital lease, less current portion	1,862,938	2,040,508
Contingent consideration, less current portion	1,683,567	-
Total long-term liabilities	13,658,246	9,988,377

NOTES PAYABLE, less current portion	40,323,552	43,700,742

COMMITMENTS AND CONTINGENCIES (see Note 13)

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,
10,371,678 and 8,369,752 shares issued and outstanding, respectively	1,555,752	1,255,463
Capital in excess of par value	62,702,377	44,256,493
Accumulated other comprehensive income	90,903	65,789
Retained earnings	30,534,312	30,766,379
Total stockholders' equity	94,883,344	76,344,124
TOTAL CAPITALIZATION	135,206,896	120,044,866
TOTAL LIABILITIES AND CAPITALIZATION	$ 187,477,321	$ 174,463,459

Gas Natural Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited)

	For the Nine Months Ended September 30,
	2013	2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 3,456,469	$ 1,887,434
Discontinued operations, net of income taxes	(218,837)	(382,006)
Income from continuing operations	3,675,306	2,269,440
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,483,469	3,648,671
Accretion	130,530	118,988
Amortization of debt issuance costs	315,898	177,379
Stock based compensation	2,423	39,506
(Gain)/loss on sale of assets	(154,658)	27,738
Loss from unconsolidated affiliate	5,007	8,468
Unrealized holding loss on contingent consideration	215,000	-
Investment tax credit	(15,797)	(15,797)
Deferred income taxes	2,235,292	753,344
Changes in assets and liabilities
Accounts receivable, including related parties	5,675,140	3,254,017
Unbilled gas	2,751,653	2,843,903
Natural gas and propane inventory	(1,317,485)	835,714
Accounts payable, including related parties	(2,296,407)	(2,701,029)
Recoverable/refundable cost of gas purchases	(966,655)	(792,493)
Prepayments and other	843,548	(1,520,962)
Other assets	(903,862)	(34,318)
Other liabilities	(53,954)	(1,014,354)
Net cash provided by operating activities of continuing operations	14,624,448	7,898,215
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(15,696,892)	(15,282,740)
Proceeds from sale of fixed assets	958,448	29,302
Proceeds from related party note receivable	5,657	7,624
Purchase of Public Gas Company, Inc.	-	(1,551,478)
Cash acquired in acquisition	-	502
Investment in unconsolidated affiliate	(35,000)	-
Restricted cash - capital expenditures fund	1,062,763	-
Customer advances for construction	38,742	152,829
Contributions in aid of construction	296,341	130,908
Net cash used in investing activities of continuing operations	(13,369,941)	(16,513,053)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from lines of credit	14,400,000	45,550,755
Repayment on lines of credit	(20,048,956)	(50,691,000)
Proceeds from notes payable	-	10,000,000
Repayments of notes payable	(506,311)	(5,846)
Payments of capital lease obligations	(167,518)	-
Debt issuance costs	(7,492)	(1,074,456)
Proceeds from issuance of common shares	15,943,051	-
Exercise of stock options	159,500	-
Restricted cash - debt service fund	749,326	(760,248)
Dividends paid	(3,598,449)	(3,303,104)
Net cash provided by (used in) financing activities of continuing operations	6,923,151	(283,899)
DISCONTINUED OPERATIONS
Operating cash flows	73,517	(495,939)
Investing cash flows	203	(18,990)
Financing cash flows	(243,584)	401,000
Net cash used in discontinued operations	(169,864)	(113,829)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	8,007,794	(9,012,566)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,435,117	10,504,845
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 11,442,911	$ 1,492,279

Gas Natural Inc. and Subsidiaries Segments of Operations (Unaudited)

Three Months Ended September 30, 2013
	Natural Gas Operations	Marketing and Production	Pipeline Operations	Corporate and Other	Consolidated

OPERATING REVENUES	$13,034,925	$4,036,248	$ 99,289	$ -	$ 17,170,462
Intersegment elimination	(77,143)	(1,919,083)	-	-	(1,996,226)
Total operating revenue	12,957,782	2,117,165	99,289	-	15,174,236

COST OF SALES	5,617,475	3,620,637	-	-	9,238,112
Intersegment elimination	(77,143)	(1,919,083)	-	-	(1,996,226)
Total cost of sales	5,540,332	1,701,554	-	-	7,241,886

GROSS MARGIN	$ 7,417,450	$ 415,611	$ 99,289	$ -	$ 7,932,350

OPERATING EXPENSES	8,050,025	604,673	41,746	264,835	8,961,279
Intersegment elimination	-	-	-	(25,185)	(25,185)
Total operating expenses	8,050,025	604,673	41,746	239,650	8,936,094

OPERATING INCOME (LOSS)	$ (632,575)	$(189,062)	$ 57,543	$ (239,650)	$ (1,003,744)

DISCONTINUED OPERATIONS	$ -	$ -	$ -	$ (113,022)	$ (113,022)

NET INCOME (LOSS)	$ (579,412)	$(129,525)	$ 42,548	$ (337,949)	$ (1,004,338)


Three Months Ended September 30, 2012
	Natural Gas Operations	Marketing and Production	Pipeline Operations	Corporate and Other	Consolidated

OPERATING REVENUES	$10,535,653	$2,966,366	$ 95,162	$ -	$ 13,597,181
Intersegment elimination	(77,451)	(1,156,534)	-	-	(1,233,985)
Total operating revenue	10,458,202	1,809,832	95,162	-	12,363,196

COST OF SALES	4,241,809	2,717,296	-	-	6,959,105
Intersegment elimination	(77,451)	(1,156,534)	-	-	(1,233,985)
Total cost of sales	4,164,358	1,560,762	-	-	5,725,120

GROSS MARGIN	$ 6,293,844	$ 249,070	$ 95,162	$ -	$ 6,638,076

OPERATING EXPENSES	6,731,563	181,982	39,302	158,370	7,111,217

OPERATING INCOME (LOSS)	$ (437,719)	$ 67,088	$ 55,860	$ (158,370)	$ (473,141)

DISCONTINUED OPERATIONS	$ -	$ -	$ -	$ (185,479)	$ (185,479)

NET INCOME (LOSS)	$ (581,901)	$ 326,688	$ 99,285	$ (515,293)	$ (671,221)

Gas Natural Inc. and Subsidiaries Segments of Operations, Continued (Unaudited)

Nine Months Ended September 30, 2013
	Natural Gas Operations	Marketing and Production	Pipeline Operations	Corporate and Other	Consolidated

OPERATING REVENUES	$70,891,243	$13,852,389	$ 302,608	$ -	$ 85,046,240
Intersegment elimination	(242,502)	(5,517,763)	-	-	(5,760,265)
Total operating revenue	70,648,741	8,334,626	302,608	-	79,285,975

COST OF SALES	39,948,344	12,312,274	-	-	52,260,618
Intersegment elimination	(242,502)	(5,517,763)	-	-	(5,760,265)
Total cost of sales	39,705,842	6,794,511	-	-	46,500,353

GROSS MARGIN	$30,942,899	$ 1,540,115	$ 302,608	$ -	$ 32,785,622

OPERATING EXPENSES	23,272,605	1,109,762	132,881	697,091	25,212,339
Intersegment elimination	(12,569)	-	-	(58,845)	(71,414)
Total operating expenses	23,260,036	1,109,762	132,881	638,246	25,140,925

OPERATING INCOME (LOSS)	$ 7,682,863	$ 430,353	$ 169,727	$ (638,246)	$ 7,644,697

DISCONTINUED OPERATIONS	$ -	$ -	$ -	$ (218,837)	$ (218,837)

NET INCOME (LOSS)	$ 3,895,895	$ 297,808	$ 103,640	$ (840,874)	$ 3,456,469


Nine Months Ended September 30, 2012
	Natural Gas Operations	Marketing and Production	Pipeline Operations	Corporate and Other	Consolidated

OPERATING REVENUES	$53,349,493	$ 8,743,756	$ 305,039	$ -	$ 62,398,288
Intersegment elimination	(241,659)	(3,986,476)	-	-	(4,228,135)
Total operating revenue	53,107,834	4,757,280	305,039	-	58,170,153

COST OF SALES	27,090,234	7,792,965	-	-	34,883,199
Intersegment elimination	(241,659)	(3,986,476)	-	-	(4,228,135)
Total cost of sales	26,848,575	3,806,489	-	-	30,655,064

GROSS MARGIN	$26,259,259	$ 950,791	$ 305,039	$ -	$ 27,515,089

OPERATING EXPENSES	20,452,543	733,384	139,691	382,330	21,707,948

OPERATING INCOME (LOSS)	$ 5,806,716	$ 217,407	$ 165,348	$ (382,330)	$ 5,807,141

DISCONTINUED OPERATIONS	$ -	$ -	$ -	$ (382,006)	$ (382,006)

NET INCOME (LOSS)	$ 2,729,686	$ 386,429	$ 160,542	$(1,389,223)	$ 1,887,434

Gas Natural Inc. and Subsidiaries Natural Gas Operations
Utility Throughput

		Three Months Ended September 30,		Nine Months Ended September 30,
(in million cubic feet (MMcf))		2013	2012	2013	2012

Full Service Distribution
	Residential	325	316	3,273	2,696
	Commercial	624	548	3,521	2,924
	Industrial	53	50	144	134
	Total Full Service	1,002	914	6,938	5,754

Transportation		2,580	2,107	8,482	7,441
Bucksport		3,672	3,598	10,545	10,512

	Total Volumes	7,254	6,619	25,965	23,707

Heating Degree Days
		Three Months Ended		Percent (Warmer) Colder
		September 30,		2013 Compared to
	Normal	2013	2012	Normal	2012
Great Falls, MT	359	190	177	(47.08%)	7.34%
Cody, WY	257	161	100	(37.35%)	61.00%
Bangor, ME	239	249	231	4.18%	7.79%
Elkin, NC	30	72	72	140.00%	0.00%
Youngstown, OH	183	189	190	3.28%	(0.53%)
Jackson, KY	84	91	102	8.33%	(10.78%)

		Nine Months Ended		Percent (Warmer) Colder
		September 30,		2013 Compared to
	Normal	2013	2012	Normal	2012
Great Falls, MT	4,757	4,382	4,181	(7.88%)	4.81%
Cody, WY	4,359	4,291	3,743	(1.56%)	14.64%
Bangor, ME	5,046	5,006	4,456	(0.79%)	12.34%
Elkin, NC	2,484	2,750	2,049	10.71%	34.21%
Youngstown, OH	4,126	4,082	3,272	(1.07%)	24.76%
Jackson, KY	2,756	2,997	2,238	8.74%	33.91%