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On July 6, 2022, Corning Natural Gas Holding Corporation announced the completion of its acquisition by Argo Infrastructure Partners, LP, securing 100% of its common and preferred stock. The transaction followed all necessary regulatory approvals. Corning will retain its leadership team and customer service practices. CEO Mike German highlighted the merger's potential to provide long-term capital for critical utility infrastructure projects, enhancing pipeline replacement and electric grid resilience. Argo, managing over $5 billion in assets, aims to support Corning’s investment and customer service objectives.
Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported consolidated earnings of $2,407,480 or $0.73 per share for Q2 2022, an increase from $2,269,001 or $0.69 per share in Q2 2021. Year-to-date earnings rose to $2,810,707, or $0.87 per share, compared to $2,391,109 or $0.74 in 2021. CFO Charles Lenns attributed the gains to colder weather and electric and gas rate increases. The merger with Argo Infrastructure Partners is progressing, with Pennsylvania approval confirmed and New York approval expected by mid-2022.
Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported consolidated earnings of $403,222 or $0.13 per share for Q1 ended December 31, 2021, a significant increase from $122,108 or $0.04 per share in Q1 2020. The growth was primarily driven by electric and gas rate increases at Pike County Light & Power, although it was offset by high merger transaction costs. The company cautioned that seasonal business nature and weather conditions might affect future results. The revenue increase was attributed to the rate hikes at both Pike and Corning.
Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported a consolidated net loss of $1.32 million ($0.43 per share) for Q3 FY2021, compared to $576,000 ($0.19 per share) in Q3 FY2020. Annual net income fell to $1.28 million ($0.42 per share) from $2.96 million ($0.97 per share) the prior year. The decline is attributed to transaction costs related to a pending merger, the outcome of a rate case, and increased expenses. The company declared a dividend of $0.1525 per share for stockholders on record as of December 31, 2021. A merger with Argo Infrastructure Partners is pending regulatory approval.
On October 19, 2021, Corning Natural Gas Holding Corporation's Board of Directors announced senior management appointments to enhance leadership. Charles A. Lenns was promoted to Senior Vice President, Chief Financial Officer, and Treasurer. Russell S. Miller became Senior Vice President and Chief Information Officer, while Matthew J. Cook was appointed Senior Vice President and Chief Operations Officer. Julie A. Lewis took on the role of Corporate Secretary. The new appointments aim to leverage diverse expertise and strengthen operational efficiency across its subsidiaries, which deliver natural gas and electric services in New York and Pennsylvania.
Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported a consolidated net income of $273,000 or $0.07 per share for the quarter ended June 30, 2021, down from $558,000 or $0.16 per share year-over-year. For the six months, net income totaled $2.77 million or $0.84 per share, declining from $3.72 million or $1.16 per share. The decline was attributed to costs related to a pending merger along with increased interest and depreciation expenses. The company also recognized $1.1 million in Paycheck Protection Program loan forgiveness.
Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported a consolidated net income of $2.330 million or $0.74 per share for Q1 2021, a decrease from $2.705 million or $0.86 per share in Q1 2020. For the six months ending March 31, 2021, net income was $2.513 million or $0.78 per share, down from $3.159 million or $0.99 per share the previous year. CFO Chuck Lenns attributed the earnings decline primarily to transaction costs from a pending merger, along with increased interest and depreciation expenses, despite improved operating margins and investment income.
Corning Natural Gas Holding Corporation (OTCPK: CNIG) announced the end of its 45-day “go shop” period concerning a merger agreement with Argo Infrastructure Partners, LP. Argo has agreed to acquire all outstanding shares of Corning for $24.75 per share. During the solicitation phase, initiated on January 12, 2021, no superior acquisition proposals were received. Following this period, Corning is now bound by customary “no shop” provisions. The transaction is expected to close in Q4 2021 or Q1 2022, pending approvals from relevant regulatory bodies and shareholders.
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