RGC Resources, Inc. (NASDAQ:RGCO) Q4 2023 Earnings Conference Call December 4, 2023 9:00 AM ET
Company Participants
Tommy Oliver - Senior Vice President of Regulatory and External Affairs
Tim Mulvaney - Interim Chief Financial Officer and Treasurer
Paul Nester - President and Chief Executive Officer
Conference Call Participants
Michael Gaugler - Janney Montgomery Scott
Tommy Oliver
Good morning. I am Tommy Oliver, Senior Vice President, Regulatory and External Affairs for RGC Resources, Inc. Thank you for joining us this morning as we discuss RGC Resources 2023 Quarter -- Fourth Quarter and Full-Year Results. I am joined this morning by Paul Nester, President and CEO of RGC Resources, and Tim Mulvaney, our Interim Chief Financial Officer and Treasurer.
Before we get started, I want to review a few administrative items. First, we have muted all lines and asked that all participants remain muted. Second, the link to today's presentation is available on the investor and financial information page of our website at www.rgcresources.com. And lastly, at the conclusion of the presentation and our remarks, we will take questions. So slide one, this presentation contains forecasts and projections. Slide one has information about risks and uncertainty, including forward-looking statements that should be understood in the context of our public violence.
The agenda is on slide two. We will review our quarterly and annual operational and financial results and discuss the outlook for fiscal 2024 with time allotted for questions at the end.
So turning to slide three. Our main extensions for the year totaled 4 miles and we added over 550 new customers. Another outstanding year of customer growth and our seventh straight year of adding at least 550 new customers. I'd also like to highlight the work we have done with the Roanoke Redevelopment and Housing Authority. Since 2022, we have helped the housing authority modernize the natural gas facilities within three of its apartment complexes. After the authority renewed these facilities, Roanoke Gas assumed ownership and operational control. Not only did this add to our customer count and rate base, had provided the residents within those communities a new, safer, and more reliable gas system. The housing authority intends to renew two additional properties in the coming years.
On the right side of the graph, our total customer count represents a steady increase in the total customer since 2020. The customer count for 2021 and 2022 were impacted by the state mandated service disinaction moratorium that occurred during parts of 2020 and 2021. At the end of fiscal 2023, our customer count was 62,740 customers. This figure doesn't really reflect true customer growth as some customers disconnect service during the spring and reconnect once cold weather sits in. To that end, our active customer count as of December 1 was $63,599.