Bangor Natural Gas parent reports 3rd-quarter loss

Posted Nov. 15, 2012, at 12:40 p.m.

Gas Natural Inc., a holding company operating natural gas utilities serving about 70,000 customers in seven states and whose assets include Bangor Natural Gas, reported they lost money in the third quarter ended Sept. 30.

Consolidated net loss for the third quarter of 2012 was $671,000, or 8 cents per diluted share, compared with net income of $130,000, or 2 cents per diluted share, for the third quarter of 2011.

The year-over-year change reflects increased acquisition costs and a $779,000 decrease in the company’s Propane Operations segment resulting in a net loss of $217,000.

“We are actively expanding our systems in our high-growth Maine and North Carolina markets, and as a result, we captured more natural gas customers,” Richard M. Osborne, Gas Natural’s chairman and chief executive officer, said in a news release. “Importantly, throughout 2012, we have maintained our growth strategy through natural gas utility growth and acquisitions, and continued to make prudent investments, such as our recently formed liquefied natural gas line of business.”

Distributed by MCT Information Services

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