Paul Nester
Management
Good morning. I'm Paul Nester, President and CEO of RGC Resources, Inc. I hope it is beautiful and pleasant wherever you may be today as it is here in the Roanoke Valley. With me today are Tommy Oliver, our CFO; and David Garcia, our Director of Financial. Again welcome, and thank you for joining us as we discuss RGC Resources' Fiscal 2021 Second Quarter Results. First, a few housekeep items. We have muted all lines and ask that all participants remain muted. After the presentation is completed, we will take questions. The link to today's presentation is available on the Investor & Financial Information page of our website at www.rgcresources.com. Let’s get started. Slide 1 contains our forward-looking statements disclaimer. This presentation contains forecasts and projections. This morning's agenda is on Slide 2. We will review the second quarter and year-to-date operational and financial results followed by our outlook for the second half of fiscal 2021. We will conclude with an opportunity for you to ask questions. I want to preference the next few slides by saying that we are pleased with the year-to-date results of the Roanoke Gas utility. Customer growth has been strong and capital spending is right on plan. As noted on Slide 3, our second quarter customer growth of 160 was almost equal to the first quarter total of 170, bringing us to a year-to-date, total of 330 new customers. This is exactly the same as fiscal 2020. We mentioned our new main miles last quarter. As expected, we completed an additional 1.7 miles in the second quarter bringing the year-to-date total to 3.3 miles or exceeding by 50%, the total for all the fiscal 2020, which was only 2.3 miles. Moving on to Slide 4. Second quarter volumes were up significantly from the prior year, primarily due to colder weather and economic environment. Industrial volumes are down primarily due to the large customer that fuel switched to natural gas in March of 2020. You may recall that's when they started that fuel switch. They have switched back to coal so far in 2021. On Slide 5, year-to-date volumes are up as a result of the second quarter increase. We are pleased that firm volumes continue to be stronger than weather norms. Building suppliers, auto part manufacturing and consumer products manufacturing, continue to have noticeable year-over-year increases. Let's review capital spending on Slide 6. We are $1.4 million lower than 2020, almost entirely due to project timing. The signature project in 2020, the Blue Ridge main extension had $1.8 million of spending through March 2020. Phase 2 of that project will kick off in June of this year. Our other key projects for 2021, the [indiscernible] expansion support project in the Mason Station renewal started in the third quarter of this fiscal year. Tommy will now provide additional details of our financial results. Tommy?