Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 01, 2013 | Mar. 31, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'CORNING NATURAL GAS HOLDING CORPORATION | ' | ' |
Entity Central Index Key | '0001582244 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $21,519,111 |
Average bid and ask price | ' | ' | $15.49 |
Common Stock held by non-affiliates | ' | ' | 1,389,226 |
Entity Common Stock, Par Value Per Share | $5 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,264,771 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Plant | ' | ' |
Utility property, plant and equipment | $60,261,259 | $54,198,924 |
Less: accumulated depreciation | -18,013,229 | -15,888,267 |
Total plant utility and non-utility, net | 42,248,030 | 38,310,657 |
Investments | ' | ' |
Marketable securities available-for-sale at fair value | 2,242,540 | 2,271,721 |
Investment in joint ventures | 587,678 | 349,193 |
[us-gaap:InvestmentOwnedAtFairValue] | 2,830,218 | 2,620,914 |
Current assets | ' | ' |
Cash and cash equivalents | 14,244 | 70,083 |
Customer accounts receivable, (net of allowance for uncollectible accounts of $297,846 and $209,615), respectively | 1,727,562 | 1,552,447 |
Related party receivables | 464,514 | 73,836 |
Gas stored underground, at average cost | 2,254,463 | 2,111,264 |
Materials and supplies inventory | 1,205,018 | 1,173,104 |
Prepaid expenses | 848,701 | 726,744 |
Total current assets | 6,514,502 | 5,707,478 |
Regulatory assets | ' | ' |
Unrecovered gas costs | 387,288 | 1,545,235 |
Deferred regulatory costs | 2,537,893 | 1,545,790 |
Unamortized debt issuance cost (net of accumulated amortization of $536,117 and $489,522), respectively | 270,261 | 249,211 |
Deferred income taxes | ' | 1,375,665 |
Other | 230,408 | 259,254 |
Total deferred debits and other assets | 3,425,850 | 4,975,155 |
Total assets | 55,018,600 | 51,614,204 |
Liabilities and capitalization: | ' | ' |
Long-term debt, less current installments | 13,460,781 | 12,565,527 |
Current liabilities | ' | ' |
Current portion of long-term debt | 1,827,322 | 1,571,553 |
Demand notes payable | ' | 750,000 |
Borrowings under lines-of-credit | 4,407,305 | 2,196,995 |
Accounts payable | 2,087,927 | 1,501,193 |
Accrued expenses | 507,952 | 872,702 |
Customer deposits and accrued interest | 952,237 | 1,032,739 |
Dividends declared | 282,595 | 266,205 |
Deferred income taxes | 427,245 | 270,720 |
Total current liabilities | 10,492,583 | 8,462,107 |
Deferred credits and other liabilities | ' | ' |
Deferred income taxes | 150,859 | ' |
Deferred compensation | 1,545,747 | 1,499,264 |
Deferred pension costs & post-retirement benefits | 5,610,221 | 7,680,065 |
Other | 366,478 | 431,680 |
Total deferred credits and other liabilities | 7,673,305 | 9,611,009 |
Commitments and contingencies (see Note 13) | ' | ' |
Common stockholders' equity | ' | ' |
Common stock (common stock $5.00 par value per share. Authorized 3,500,000 shares; issued and outstanding 2,262,654 shares at September 30, 2013 and 2,220,271 shares at September 30, 2012) | 11,313,270 | 11,101,355 |
Other paid-in capital | 12,019,120 | 11,698,763 |
Retained earnings | 2,098,044 | 1,421,918 |
Accumulated other comprehensive loss | -2,038,503 | -3,246,475 |
Total common stockholders' equity | 23,391,931 | 20,975,561 |
Total liabilities and capitalization | $55,018,600 | $51,614,204 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Current assets | ' | ' |
Allowance for uncollectible accounts | $297,846 | $209,615 |
Regulatory assets | ' | ' |
Accumulated amortization of debt issuance cost | $536,117 | $489,522 |
Common stockholders' equity | ' | ' |
Common stock, par value | $5 | $5 |
Commn stock, authorized shares | 3,500,000 | 3,500,000 |
Common stock, shares outstanding | 2,262,654 | 2,220,271 |
Common stock, shares issued | 2,262,654 | 2,220,271 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' |
Utility operating revenues | $23,473,785 | $19,436,916 |
Natural gas purchased | 8,578,363 | 6,782,544 |
Gross margin | 14,895,422 | 12,654,372 |
Cost and expense | ' | ' |
Operating and maintenance expense | 6,891,937 | 6,480,927 |
Taxes other than income taxes | 1,894,008 | 1,958,147 |
Depreciation | 2,204,869 | 1,698,458 |
Other deductions, net | 447,203 | 428,115 |
Total costs and expenses | 11,438,017 | 10,565,647 |
Utility operating income | 3,457,405 | 2,088,725 |
Other income and (expense) | ' | ' |
Interest expense | -935,273 | -974,018 |
Non-utility expense | -29,944 | -14,475 |
Other income | 123,725 | 121,099 |
Non-utility income (loss) from joint ventures | -42,515 | 238,193 |
Investment income | 38,768 | 289,819 |
Rental income | 48,552 | 48,552 |
Net income from operations, before income tax | 2,660,718 | 1,797,895 |
Income tax benefit (expense), current | -50,557 | -1,421,068 |
Income tax benefit (expense), deferred | 925,901 | 1,867,402 |
Total tax (expense) | -875,344 | -446,334 |
Net income | 1,785,374 | 1,351,561 |
Other comprehensive (loss) | ' | ' |
Pension adjustment, net of tax | 1,223,987 | -695,101 |
Net unrealized gain (loss) on securities available for sale, net of tax | -16,015 | 141,822 |
Total other comprehensive income (loss) | 1,207,972 | -553,279 |
Total comprehensive income (loss) | $2,993,346 | $798,282 |
Weighted average earnings per share - | ' | ' |
Basic: | $0.80 | $0.69 |
Diluted: | $0.80 | $0.69 |
Average shares outstanding - basic | 2,239,893 | 1,953,079 |
Average shares outstanding - diluted | 2,242,799 | 1,965,761 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total |
Balances, beginning at Sep. 30, 2011 | $8,938,845 | $7,382,167 | $1,018,766 | ($2,693,196) | $14,646,582 |
Balances, beginning, shares at Sep. 30, 2011 | 1,787,769 | ' | ' | ' | ' |
Issuance of common stock & warrants | 2,162,510 | 4,316,596 | ' | ' | 6,479,106 |
Issuance of common stock & warrants, shares | 432,502 | ' | ' | ' | ' |
Dividends declared and paid | ' | ' | -948,409 | ' | -948,409 |
Comprehensive income: | ' | ' | ' | ' | ' |
Change in unrealized gain on securities available for sale, net of income taxes | ' | ' | ' | 141,822 | 141,822 |
Minimum pension liability, net of income taxes | ' | ' | ' | -695,101 | -695,101 |
Net income | ' | ' | 1,351,561 | ' | 1,351,561 |
Balances, ending at Sep. 30, 2012 | 11,101,355 | 11,698,763 | 1,421,918 | -3,246,475 | 20,975,561 |
Balances, ending, shares at Sep. 30, 2012 | 2,220,271 | ' | ' | ' | 2,220,271 |
Issuance of common stock & warrants | 211,915 | 320,357 | ' | ' | 532,272 |
Issuance of common stock & warrants, shares | 42,383 | ' | ' | ' | ' |
Dividends declared and paid | ' | ' | -1,109,248 | ' | -1,109,248 |
Comprehensive income: | ' | ' | ' | ' | ' |
Change in unrealized gain on securities available for sale, net of income taxes | ' | ' | ' | -16,015 | -16,015 |
Minimum pension liability, net of income taxes | ' | ' | ' | 1,223,987 | 1,223,987 |
Net income | ' | ' | 1,785,374 | ' | 1,785,374 |
Balances, ending at Sep. 30, 2013 | $11,313,270 | $12,019,120 | $2,098,044 | ($2,038,503) | $23,391,931 |
Balances, ending, shares at Sep. 30, 2013 | 2,262,654 | ' | ' | ' | 2,262,654 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (Accumulated Other Comprehensive Income, USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Accumulated Other Comprehensive Income | ' | ' |
Income taxes for change in unrealized gain on securities available for sale | $6,863 | $60,781 |
Income taxes for minimum pension liability | $850,568 | $389,352 |
Statement_of_Accumulated_Other
Statement of Accumulated Other Comprehensive (Loss) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Accumulated Other Comprehensive Loss | ' | ' |
Pension liability adjustment | ($2,075,410) | ($3,299,397) |
Net unrealized gain (loss) on securities available for sale | 36,907 | 52,922 |
Accumulated other comprehensive loss | ($2,038,503) | ($3,246,475) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income | $1,785,374 | $1,351,561 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 2,204,869 | 1,698,458 |
Amortization of debt issuance cost | 46,566 | 48,270 |
Regulatory asset amortization | 1,490,973 | 1,462,451 |
Stock issued for services and stock option expense | 206,276 | 246,353 |
Pension adjustment | 1,223,987 | -695,101 |
Loss (gain) on sale of marketable securities | -50,503 | -105,559 |
Deferred income taxes | 1,683,049 | 55,574 |
Bad debt expense | 229,233 | 297,202 |
Undistributed earnings (loss) on joint ventures | 42,515 | -238,193 |
(Increase) decrease in | ' | ' |
Related party and accounts receivable | -795,026 | -325,244 |
Gas stored underground | -143,199 | 721,668 |
Materials and supplies inventories | -31,914 | 48,915 |
Prepaid expenses | -121,957 | -22,785 |
Unrecovered gas costs | 1,157,947 | -1,008,587 |
Deferred regulatory costs | -1,271,247 | -615,311 |
Other | 28,846 | -38,165 |
Increase (decrease) in: | ' | ' |
Accounts payable | 586,734 | -381,056 |
Accrued expenses | -364,750 | -499,746 |
Customer deposits and accrued interest | -80,502 | -1,580 |
Deferred compensation | 46,483 | -349,755 |
Deferred pension costs & post-retirement benefits | -3,281,673 | -128,296 |
Other liabilities and deferred credits | -48,812 | 175,954 |
Net cash provided by operating activities | 4,543,269 | 1,697,028 |
Cash flows from investing activities | ' | ' |
Purchase of securities available-for-sale | -1,187,092 | -1,241,816 |
Sale of securities available-for-sale | 1,250,761 | 1,484,744 |
Investment in joint ventures | -281,000 | -111,000 |
Capital expenditures | -6,142,242 | -6,880,501 |
Net cash used in investing activities | -6,359,573 | -6,748,573 |
Cash flows from financing activities | ' | ' |
Proceeds under repayment of) lines-of-credit | 2,210,310 | -1,981,789 |
Debt issuance cost expense | -67,616 | -11,388 |
Cash received from sale of stock | 212,510 | 6,232,753 |
Dividends paid | -995,762 | -948,409 |
Proceeds under long-term debt | 8,885,902 | 2,979,018 |
Repayment of short-term debt | -750,000 | ' |
Repayment of long-term debt | -7,734,879 | -1,321,802 |
Net cash provided by financing activities | 1,760,465 | 4,948,383 |
Net (decrease) increase in cash | -55,839 | -103,162 |
Cash and cash equivalents at beginning of period | 70,083 | 173,245 |
Cash and cash equivalents at end of period | 14,244 | 70,083 |
Cash paid during the period for | ' | ' |
Interest | 933,258 | 973,627 |
Income Taxes | 179,984 | 196,462 |
Non-cash investment activities-retirement of assets | 189,680 | 193,799 |
Non-cash financing activities: | ' | ' |
Dividends paid with shares | $113,486 | $85,477 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
(1) Summary of Significant Accounting Policies | |||||||||||||||||
Corning Natural Gas Corporation (the Company) is a gas distribution company providing gas on a commodity and transportation basis to its customers in the Southern Tier of New York State. The Company follows the Uniform System of Accounts prescribed by the Public Service Commission of the State of New York (NYPSC) which has jurisdiction over and sets rates for New York State gas distribution companies. The Company’s regulated operations meet the criteria and accordingly, follow the accounting and reporting of FASB ASC 980 “Regulated Operations”. The Company’s consolidated financial statements contain the use of estimates and assumptions for reporting certain assets, liabilities, revenue and expenses and actual results could differ from the estimates. The more significant accounting policies of the Company are summarized below. | |||||||||||||||||
(a) Principles of Consolidation and Presentation | |||||||||||||||||
The consolidated financial statements include the Company and its wholly owned subsidiary, the Corning Natural Gas Appliance Corporation. All intercompany accounts and balances have been eliminated. | |||||||||||||||||
It is the Company’s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation. | |||||||||||||||||
(b) Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are stated at the historical cost of construction. Those costs include payroll, fringe benefits, materials and supplies and transportation costs. The Company charges normal repairs to maintenance expense. | |||||||||||||||||
(c) Accounting for Impairment | |||||||||||||||||
The Financial Accounting Standards Board (FASB) ASC 360-10-15, “Accounting for the Impairment or Disposal of Long-Lived Assets” establishes accounting standards to account for the impairment of long-lived assets, and certain identifiable intangibles. Under FASB ASC 360-10-15 the Company reviews assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. FASB ASC 360-10-15 also requires that a rate regulated enterprise recognize an impairment when regulatory assets are no longer probable of recovery. No impairment losses were incurred for the years ended September 30, 2013 and 2012. | |||||||||||||||||
(d) Depreciation | |||||||||||||||||
The Company provides for depreciation for accounting purposes using a straight-line method based on the estimated economic lives of property as determined by the current rate plan based on the latest depreciation study. The depreciation rate used for utility plant, expressed as an annual percentage of depreciable property was 3.7% in 2013 and 3.1% in 2012. The NYPSC is allowing the Company recovery in revenues to offset our costs of building certain projects. As of fiscal year 2011, we are recognizing the revenue and also increasing the accumulated depreciation and depreciation expense for those recoveries. At the time utility properties are retired, the original cost plus costs of removal less any salvage are charged to accumulated depreciation. | |||||||||||||||||
(e) Fair Value of Financial Instruments | |||||||||||||||||
The Company has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value as a result of instruments bearing interest rates that approximate current market rates for similar instruments, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company’s deferred compensation plan, are valued based on Level 1 inputs. | |||||||||||||||||
The Company has determined the fair value of certain assets through application of FASB ASC 820 “Fair Value Measurements and Disclosures”. | |||||||||||||||||
Fair value of assets and liabilities measured on a recurring basis at September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
Fair Value | Quoted Prices In Active | Level 2 | Level 3 | ||||||||||||||
Markets for Identical | |||||||||||||||||
Assets/Liabilities (Level 1) | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Available-for-sale securities | $ | 2,242,540 | $ | 2,242,540 | $ | — | $ | — | |||||||||
30-Sep-12 | |||||||||||||||||
Available-for-sale securities | $ | 2,271,721 | $ | 2,271,721 | $ | — | $ | — | |||||||||
Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices within active markets. | |||||||||||||||||
(f) Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. Cash and cash equivalents at financial institutions may periodically exceed federally insured limits. | |||||||||||||||||
(g) Accounts Receivable | |||||||||||||||||
Accounts receivable are stated net of an allowance for doubtful accounts. The Company estimates the allowance based on its analysis of specific balances, taking into consideration the age of past due accounts and relying on rules and guidelines established by the NYPSC regarding customer disconnects. On August 2, 2012, the Company received notice that a significant customer filed for protection under Chapter 11 of the United States Bankruptcy Code. That customer received funding from its principal lender to continue to operate and pay bills going forward. As of September 30, 2013, the Company has reserved 100% of the $252,456 outstanding at the time of the bankruptcy filing which is consistent with the Company’s accounting policies. | |||||||||||||||||
Related party receivables are expenditures paid on behalf of our joint venture companies. We expect repayment in the future on these accounts. | |||||||||||||||||
(h) Gas Stored Underground | |||||||||||||||||
Gas stored underground is carried at an average unit cost method as prescribed by the NYPSC. | |||||||||||||||||
(i) Materials and Supplies Inventories | |||||||||||||||||
Materials and supplies inventories are stated at the lower of cost or market, cost being determined on an average unit price basis. | |||||||||||||||||
(j) Debt Issuance Costs | |||||||||||||||||
Costs associated with the issuance of debt by the Company are deferred and amortized over the lives of the related debt. | |||||||||||||||||
(k) Regulatory Matters | |||||||||||||||||
Certain costs are deferred and recognized as expenses when they are reflected in rates and recovered from customers as permitted by FASB ASC 980. These costs are shown as deferred debits and other assets. Such costs arise from the traditional cost-of-service rate setting approach whereby all prudently incurred costs are generally recoverable through rates. Deferral of these costs is appropriate while the Company’s rates are regulated under a cost-of-service approach. | |||||||||||||||||
As a regulated utility, the Company deferred certain costs for future recovery. In a purely competitive environment, such costs might have been currently expensed. Accordingly, if the Company’s rate setting were changed from a cost-of-service approach and the Company were no longer allowed to defer these costs under FASB ASC 980, certain of these assets might not be fully recoverable. However, the Company cannot predict the impact, if any, of competition and continues to operate in a cost-of-service based regulatory environment. Accordingly, the Company believes that accounting under FASB ASC 980 is still appropriate. | |||||||||||||||||
(l) Revenue and Natural Gas Purchased | |||||||||||||||||
The Company records revenues from residential and commercial customers based on meters read on a cyclical basis throughout each month, while certain large industrial and utility customers’ meters are read at the end of each month. Several meters are read at the end of each month to calculate local productions revenues. The Company does not accrue revenue for gas delivered but not yet billed, as the NYPSC requires that such accounting must be adopted during a rate proceeding, which the Company has not done. The Company, as part of its currently effective rate plan, has a weather normalization clause as protection against severe weather fluctuations. This affects space heating customers and is activated when degree days are 2.2% greater or less than a 30 year average. As a result, the effect on revenue fluctuations on weather related gas sales is somewhat moderated. | |||||||||||||||||
In addition to weather normalization, starting in September 2009, the Company implemented a revenue decoupling mechanism (RDM). The RDM reconciles actual delivery service revenues to allowed delivery service revenues (which are based on the annual customer and volume forecasts in the last rate case) for certain residential customers. The Company will refund or surcharge customers for differences between actual and allowed revenues. The shortfall or excess after the annual reconciliation will be surcharged or refunded to customers over a twelve month period starting the next calendar year. | |||||||||||||||||
Gas purchases are recorded on readings of suppliers’ meters as of the end of the month. The Company’s rate tariffs include a Gas Adjustment Clause (GAC) which adjusts rates to reflect changes in gas costs from levels established in the rate setting process. In order to match such costs and revenue, the PSC has provided for an annual reconciliation of recoverable GAC costs with applicable revenue billed. Any excess or deficiency in GAC revenue billed is deferred and the balance at the reconciliation date is either refunded to or recovered from customers over a subsequent 12-month period. | |||||||||||||||||
(m) Federal Income Tax | |||||||||||||||||
The Company uses the asset and liability method to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. In addition, such deferred tax assets and liabilities will be adjusted for the effects of enacted changes in tax laws and rates. | |||||||||||||||||
(n) Dividends | |||||||||||||||||
On March 13, 2009, the NYPSC in Case 07-G-0772 lifted the prohibition on the payment of dividends on the Company’s common stock but limited pay outs to a percentage of earnings tied to the Company’s debt/equity ratio. The Board of Directors reviewed the quarterly dividend rate at its next regularly scheduled meeting on June 14, 2011 and adjusted the dividend rate to $.115. This dividend was paid on October 15, 2011 to shareholders of record on September 30, 2011 and on January 16, 2012 to shareholders of record on December 31, 2011. At its regular meeting on February 10, 2012, the board of directors approved an increase in the quarterly dividend to $.12 a share. This dividend was paid on April 16, 2012 to shareholders of record on March 31, 2012, on July 16, 2012 to shareholders of record on June 30, 2012, on October 15, 2012 to shareholders of record on September 30, 2012 and on December 31, 2012 to shareholders of record on December 21, 2012. At its regular meeting on February 12, 2013, the board of directors approved an increase in the quarterly dividend to $.125 a share. This dividend was paid on April 15, 2013 to shareholders of record on March 31, 2013, on July 15, 2013 to shareholders of record on June 30, 2013 and on October 15, 2013 to shareholders of record on September 30, 2013. | |||||||||||||||||
(o) Revenue Taxes | |||||||||||||||||
The Company collects state revenue taxes. The amount included in Utility Operating Revenue and Taxes other than Federal Income Taxes was $153,346 and $131,141 in 2013 and 2012, respectively. | |||||||||||||||||
(p) Stock Based Compensation | |||||||||||||||||
The Company accounts for stock based awards in accordance with FASB ASC 718. The Company award restricted shares as compensation to our directors. The shares awarded become unrestricted upon a director leaving the board. Directors who also serve as officers of Corning are not compensated for their service as directors. Since these shares are restricted, in recording compensation expense, the expense incurred is 25% less than the closing price of the stock on the day the stock was awarded. Management of the Company believes this discount is reasonable for thinly traded stock such as that of the Company. The Company did not discount the value of the stock paid to the directors who resigned from the board since those shares became unrestricted when held by a non-affiliate for at least six months. The directors’ quarterly compensation was adjusted to 375 restricted shares in April 2011 due to the one for two stock dividend distributed by the Company. On February 22, 2012, shares were issued for service for the quarters ended June 30, 2011, September 30, 2011 and December 31, 2011. On October 10, 2012, shares were issued for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012. On January 29, 2013, shares were issued for the quarter ended December 31, 2012. On May 21, 2013, shares were issued for the quarter ended March 31, 2013. On August 20, 2013, shares were issued for the quarter ended June 30, 2013. No shares have yet been issued for the quarter ended September 30, 2013. | |||||||||||||||||
At its regularly scheduled meeting on December 11, 2012, the Compensation Committee of the Board of Directors of the Company made restricted stock awards of 600 shares each to the five officers of the Company in lieu of salary increases. Each restricted stock award vested 300 shares immediately and 300 shares on December 12, 2013 if the officer is still employed by the Company or one of its subsidiaries or affiliates on that date. Each award is subject to the terms and conditions of a restricted stock award agreement and the Company’s Amended and Restated 2007 Stock Plan. In addition, the Board of Directors authorized the issuance on December 12, 2012, of 600 shares of the Company’s common stock to Carl T. Hayden in compensation for his past service as a director of the Company’s joint venture affiliate, Leatherstocking Gas Company, LLC and 75 shares each quarter thereafter. These shares are sold to Leatherstocking Gas Company. | |||||||||||||||||
(q) Earnings Per Share | |||||||||||||||||
Basic earnings per share are computed by dividing income available for common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The only potentially dilutive securities the Company has outstanding are stock options and warrants. The diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these stock options and warrants as determined using the Treasury Stock Method. Stock options and warrants that are antidilutive are excluded from the calculation of diluted earnings per common share. | |||||||||||||||||
(r) 311 Transportation Agreement /Compressor Station | |||||||||||||||||
On January 11, 2010, the Company entered into a contract (311 Transportation Agreement) with a local gas producer that provided for the building of a compressor station as well as the transfer of a 6” pipeline owned by the gas producer to the Company for nominal consideration. The contract also sets forth the terms, rates and condition of the transport of the local producer gas to the interstate pipeline system. On May 21, 2010, the 311 Transportation Agreement was revised to reflect a change in the projected gas delivery schedule and delivery volumes. The previously agreed to transportation rates did not change. The contract’s maximum daily delivery quantity remained the same. The schedule for attaining the maximum daily delivery quantity was altered to accommodate the project’s construction schedule. The Company bought the $11 million compressor station and $2.1 million pipeline from the local producer for two dollars. The local producer has the right to repurchase these facilities for two dollars in ten years. This transaction became effective on May 12, 2011, when the station began operations. Although the Company has $13.1 million in plant available for use, only two dollars was recognized in accordance with the Uniform System of Accounts (313.2) which states that in the case of gas plant contributed to the utility, gas plant accounts shall be charged only with such expenses, if any, incurred by the utility. | |||||||||||||||||
(s) Collective Bargaining Agreement | |||||||||||||||||
We had 56 employees as of September 30, 2013, and 54 as of September 30, 2012. Of this total, nearly half are union labor working under an agreement effective until April 2, 2015. | |||||||||||||||||
(t) Leatherstocking Companies | |||||||||||||||||
The Company’s subsidiary the Corning Natural Gas Appliance Corporation (“Appliance Corp”), as assignee of the Company, formed a limited liability company (LLC) in November 2010, as a joint venture with Mirabito Regulated Industries for the purpose of providing natural gas in areas of New York and Pennsylvania that currently do not have natural gas service. This venture, Leatherstocking Gas Company, LLC, (“Leatherstocking Gas”) is currently moving forward on expansions to several areas in the northeast. The Company and Mirabito Regulated Industries each own 50% of the joint venture and each appoints three managers to operate Leatherstocking Gas. The seventh manager is a neutral manager agreed to by the Company and Mirabito Regulated Industries who is not an officer, director, or employee of either company, currently Carl T. Hayden. The current managers are Joseph P. Mirabito, John J. Mirabito and William Mirabito from Mirabito Regulated Industries; Matthew J. Cook, Michael I. German and Russell S. Miller from the Company; and Carl T. Hayden as the neutral manager. Michael I German is the Chief Executive Officer and President of the Company and is also a stockholder and current board member of the Company. Joseph P. Mirabito and William Mirabito are stockholders and current board members of the Company. Mirabito Holdings, Inc. an affiliate of the co-venturer, holds more than 5% of the outstanding shares of the Company. Leatherstocking has received franchises from the Village and Town of Sidney, Village and Town of Bainbridge, Village and Town of Windsor and Village and Town of Unadilla and the Village and Town of Delhi in New York. In addition, Leatherstocking Gas has acquired fifteen franchises in Susquehanna and Bradford Counties, Pennsylvania. Leatherstocking has met with potential customers and public officials, as well as attended public hearings, and believes there is significant interest in acquiring gas service. On July 25, 2013, Leatherstocking Gas signed a loan agreement with Five Star Bank for $1.5 million to finance the construction in Bridgewater, Pennsylvania. This Line of Credit agreement was finalized when it was filed with the Pennsylvania Department of Transportation on July 30, 2013. Construction in the Township of Bridgewater began in July 2013 and Leatherstocking Gas began serving customers in October 2013. | |||||||||||||||||
In September 2010, Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”) was formed with the same structure and managers as Leatherstocking Gas. Leatherstocking Pipeline is an unregulated company whose purpose is to serve one customer in Lawton, Pennsylvania. In the spring and summer of 2012, Leatherstocking Pipeline built and placed in service facilities to service that customer. | |||||||||||||||||
The investment and equity in both companies (collectively, “joint ventures”) has been recognized in the consolidated statements. The Company has accounted for its investment in equity using the equity method of accounting based on the guidelines established in FASB ASC 323. In applying the guidance of FASB ASC 323, the Company recognized the investment in the joint ventures as an asset at cost. The investment will fluctuate in future periods based on the Company’s allocable share of earnings or losses from the joint ventures which is recognized through earnings. | |||||||||||||||||
For periods commencing November 12, 2013, the financial statements of the joint ventures will be consolidated with the financial statements of Holding Company. | |||||||||||||||||
(u) Settlement of Lawsuits | |||||||||||||||||
On December 30, 2011, the Company entered into a definitive Settlement and Release Agreement (the “Agreement”) settling two lawsuits by a former Chairman of the Company. As previously disclosed, Thomas K. Barry sought damages from the Company for failure to transfer to Mr. Barry a key-man life insurance policy and for terminating payments under a deferred compensation agreement. Please refer to the Company’s Form 10-K for the fiscal year ended September 30, 2011 for disclosure regarding the original claims. Under the Agreement, the Company paid to Mr. Barry $285,000 on January 13, 2012, and beginning in calendar 2013, the Company will pay Mr. Barry on or before each January 5, $40,000 plus interest compounded annually at 4% (less than one-half of the amount in Mr. Barry’s deferred compensation agreement) for the longer of ten years or Mr. Barry’s lifetime. The Company will pay Mr. Barry $15,000 annually for the longer of ten years or Mr. Barry’s lifetime up to a maximum of 20 payments to replace the life insurance policy. The Company has paid the amounts due in January 2013. In addition, the Company will provide certain health and prescription drug insurance benefits to Mr. Barry and his wife for life. The Company and Mr. Barry exchanged mutual general releases. The Company had previously reserved for past due payments as well as accrued a liability for future payments under the deferred compensation agreement and key-man life insurance policy. The savings associated with the reversal of past due payments and change in the liabilities for future payments under the deferred compensation agreement were recognized as a decrease to operating and maintenance expense. The reversal of accrued liability for the key man insurance policy was recognized in other income. The after tax benefit that resulted from these entries was approximately $400,000 recognized as of year ended September 30, 2012, after accounting for legal fees associated with the settlement which are shown in other deductions, net and adjustments to pension expense which are shown in operating and maintenance expense. The present value of the expected future obligation is estimated at $517,973 and $498,933 at September 30, 2013 and 2012, respectively, and recorded in deferred compensation in the accompanying consolidated balance sheets. | |||||||||||||||||
On August 30, 2012, counsel to Gas Natural, Inc. and Richard M. Osborne sent a letter to counsel representing the Company offering to settle and release, all claims related to Gas Natural Inc.’s previous offers to purchase the Company and other activities, including the Company’s 2010 rights offering. On December 11, 2012, at its regularly scheduled meeting, the Board of Directors approved settling the claims for $200,000 in exchange for general releases and certain other consideration. On December 13, 2012, the Company was notified by counsel for Gas Natural, Inc. that Gas Natural, Inc.’s Board of Directors, Richard Osborne and the Osborne Trust had approved the settlement. The after tax expense that resulted from this agreement was $126,000 and was shown in other deductions, net for year ended September 30, 2013, on the Company’s Consolidated Income Statement. The Company believes its actions in connection with the offers, the rights offering and other activities were in the best interest of the Company and its shareholders. | |||||||||||||||||
(v) Holding Company | |||||||||||||||||
In order to reorganize the regulated and unregulated businesses of the Company, Corning Natural Gas Holding Corporation (the “Holding Company”), a wholly-owned subsidiary of the Company at September 30, 2013, was incorporated under the laws of the State of New York on July 19, 2013. The Holding Company was formed to serve as the parent holding company of the Company, Appliance Corp and, directly or indirectly, the interests in the Leatherstocking Joint Venture Companies. The NYPSC approved the formation of the Holding Company and the reorganization of the Company into a holding company structure on May 17, 2013. The reorganization into the holding company structure required approval of holders of at least 66 2/3rds of the Company’s common stock and the exchange of shares of common stock of the Company for common stock of the Holding Company. On August 1, 2013, the Holding Company filed a Registration Statement/Proxy Statement on Form S-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) to register the securities to be issued by the Holding Company in connection with the exchange and to file a proxy statement for a special meeting of the Company’s shareholders regarding the proposal to create the holding company structure and the exchange of shares of the Company’s common stock on a one-for-one basis for shares of the Holding Company’s common stock. The Registration Statement was effective September 30, 2013. In a special shareholder meeting on November 6, 2013, the proposal was approved by more than two-thirds of Corning Natural Gas Corporation shareholders. The effective date of reorganization was November 12, 2013. | |||||||||||||||||
(w) New Accounting Pronouncements | |||||||||||||||||
In February 2013, FASB issued FASB ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard improves the reporting of reclassification adjustments in the statement of income FASB ASU 2013-02 is effective for interim or annual fiscal years beginning after December 15, 2012 for public entities and for fiscal years ending after December 2013 for non-public entities. The Company adopted FASB ASU 2013-02 and it had no impact on the Company’s consolidated financial statements. |
Major_Customers
Major Customers | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Major Customers | ' | ||||||||||||||||
Major Customers | ' | ||||||||||||||||
(2) Major Customers | |||||||||||||||||
The Company has three major customers to which the Company delivers gas: Corning Incorporated, New York State Electric & Gas (NYSEG) and Bath Electric Gas & Water Systems (BEGWS). The loss of any of these customers could have a significant impact on the Company’s financial results. Total revenue and deliveries to these customers were as follows: | |||||||||||||||||
Deliveries | Revenue | ||||||||||||||||
Mcf | % of Total | Amount | % of Total | ||||||||||||||
(Unaudited) | |||||||||||||||||
Corning Incorporated | |||||||||||||||||
Year ended September 30, 2013 | 1,889,000 | 23 | $ | 942,000 | 4 | ||||||||||||
Year ended September 30, 2012 | 2,538,000 | 30 | $ | 1,142,000 | 6 | ||||||||||||
NYSEG | |||||||||||||||||
Year ended September 30, 2013 | 3,016,000 | 36 | $ | 355,000 | 2 | ||||||||||||
Year ended September 30, 2012 | 2,675,000 | 32 | $ | 348,000 | 2 | ||||||||||||
BEGWS | |||||||||||||||||
Year ended September 30, 2013 | 575,000 | 7 | $ | 2,024,000 | 9 | ||||||||||||
Year ended September 30, 2012 | 505,000 | 6 | $ | 1,479,000 | 8 | ||||||||||||
Although Talisman Energy USA Incorporated is a significant customer, the Company does not deliver gas to it. The Company receives gas from several of its gathering systems and wells, and transports its gas through our system. Therefore, it is excluded from this table. Revenues are recognized as local production revenues in utility operating revenues. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Plant | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
(3) Property, Plant and Equipment | |||||||||
The following table summarizes fixed asset included in utility plant on the Company’s Consolidated Balance Sheet at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Utility | 17,774,138 | 16,472,497 | |||||||
Pipeline | 32,568,644 | 28,926,167 | |||||||
Structures | 4,923,370 | 4,864,961 | |||||||
Land and Land Rights | 648,326 | 507,037 | |||||||
All Other and Corporate | 4,346,781 | 3,428,262 | |||||||
60,261,259 | 54,198,924 | ||||||||
Useful life for the above assets range from 35 to 52 years for utility plant, 66 years for pipeline, from 45 to 47 years for structures, 65 years for land rights and 8 to 25 years for all other and corporate fixed assets. |
Marketable_Securites
Marketable Securites | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Marketable Securites | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
(4) Marketable Securities | |||||||||||||||||
Marketable securities, which are intended to fund the Company’s deferred compensation plan obligations, are classified as available for sale. Such securities are reported at fair value based on quoted market prices, with unrealized gains and losses, net of the related income tax effect, excluded from income, and reported as a component of accumulated other comprehensive income in stockholders’ equity until realized. The cost of securities sold was determined using the specific identification method. For all investments in the unrealized loss position, none have been in an unrealized loss position for more than 12 months. None are other than temporary impairments based on management’s analysis of available market research. In 2013 and 2012, the Company sold equity securities for gains (losses) included in earnings of $65,276 and $44,039, respectively. | |||||||||||||||||
A summary of the marketable securities at September 30, 2013 and 2012 is as follows: | |||||||||||||||||
Cost Basis | Unrealized Gain | Unrealized Loss | Market Value | ||||||||||||||
2013 | |||||||||||||||||
Cash and equivalents | $ | 84,675 | — | $ | 84,675 | ||||||||||||
Metlife stock value | 51,185 | — | — | 51,185 | |||||||||||||
Government and agency issues | 148,976 | 7,935 | 141,041 | ||||||||||||||
Corporate bonds | 242,471 | 6,337 | 236,134 | ||||||||||||||
Mutual funds | 56,310 | 3,764 | 60,074 | ||||||||||||||
Equity securities | 1,606,197 | 63,234 | 1,669,431 | ||||||||||||||
Total securities | $ | 2,189,814 | $ | 66,998 | $ | 14,272 | $ | 2,242,540 | |||||||||
2012 | |||||||||||||||||
Cash and equivalents | $ | 140,186 | — | — | $ | 140,186 | |||||||||||
Metlife stock value | 51,185 | — | — | 51,185 | |||||||||||||
Government and agency issues | 75,001 | 857 | — | 75,858 | |||||||||||||
Corporate bonds | 196,842 | 3,754 | — | 200,596 | |||||||||||||
Mutual funds | 144,148 | — | 6,723 | 137,425 | |||||||||||||
Equity securities | 1,588,755 | 77,716 | — | 1,666,471 | |||||||||||||
Total securities | $ | 2,196,117 | $ | 82,327 | $ | 6,723 | $ | 2,271,721 | |||||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Regulatory Matters | ' | ||||||||
Regulatory Matters | ' | ||||||||
(5) Regulatory Matters | |||||||||
Below is a summary of the Company’s regulatory assets as of September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Deferred Regulatory costs | 2,537,893 | 1,545,790 | |||||||
Deferred Unrecovered gas costs | 387,288 | 1,545,235 | |||||||
Total Regulatory Assets | 2,925,181 | 3,091,025 | |||||||
Unrecovered gas costs. These costs arise from an annual reconciliation of certain gas revenue and costs (as described in Note 1) and are recoverable in customer rates in the year following the reconciliation. | |||||||||
The Company expects that regulatory assets other than deferred unrecovered gas costs will be fully recoverable from customers by the end of its next rate case expected during the year ended September 30, 2018. The following table summarizes regulatory costs at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Deferred Rate Case Costs | 1,378,563 | 1,689,790 | |||||||
Deferred Rate Case Reconciliations | 1,114,007 | — | |||||||
Other Deferred Costs | 45,323 | (144,000 | ) | ||||||
Total | 2,537,893 | 1,545,790 | |||||||
Although the Company recovers the cost of its regulatory assets, it does not earn a return on them. |
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
(6) Long-term Debt | |||||||||
In September 2010, we entered into an agreement with Five Star Bank to provide $750,000 to fund construction of an upgrade to existing natural gas piping to serve increased gas demands on one of our main supply lines, including three Corning Incorporated plants. The Company gave the bank a security interest in all funds, deposits and other property, now or hereafter in the possession of the bank as collateral for this agreement. Interest is payable monthly at a fixed rate of 4.25% per annum and, unless sooner accelerated or demanded, the note was to mature on September 25, 2011. This note was refinanced with Five Star Bank on September 1, 2011 with the same terms. On August 13, 2012 the note was refinanced at a variable interest rate of prime rate plus 1.00% until July 30, 2013. Commencing July 30, 2013 and continuing until August 1, 2018, the Company will pay principal and interest at a fixed rate equal to the prevailing Federal Home Loan Bank of New York Fixed Advance Rate as published five days prior to July 30, 2013, plus 3.75%. The interest rate at September 30, 2013 was 5.79%. | |||||||||
On May 7, 2008, we entered into a Credit Agreement with Manufacturers and Traders Trust Company (“M&T Bank”) to provide for a $6.0 million loan for the purpose of retiring a $3.1 million first mortgage and an unsecured senior note in the amount of $1.5 million. The remaining proceeds were used to fund construction projects related to furnishing natural gas within the Company’s service area. This loan was converted to a long term loan on October 16, 2008, with an interest rate of 5.96%. On March 4, 2010, the $6 million loan agreement with M&T Bank was amended with the principal change being an increase in the interest rate to 6.5%. This loan was paid in full in September 2013. | |||||||||
On May 7, 2010, the Company entered into a credit agreement with Community Bank N.A. for a $1.05 million Promissory Note at a fixed interest rate of 6.25% for the purpose of paying for the construction projects of our new franchise located in the town of Virgil. This agreement gives our lender security interest in all fixtures, equipment and inventory related to the Company’s franchise in the town of Virgil as well as the Rabbi Trust account. The note also required an equity contribution of $350,000 which was accomplished by the exercise of 24,000 stock options by Michael I. German, President and CEO, at $15.00 per share or $360,000. The agreement included the following covenants to be measured at each fiscal year end starting with the September 30, 2009 financial statement: (i) maintain a tangible net worth of not less than $11.0 million, (ii) maintain a debt to tangible net worth of less than 3.0 to 1.0, and (iii) maintain a debt service coverage ratio of 1.10 to 1. On March 10, 2011, the interest rate on this loan was modified from a fixed interest rate to a floating rate of 30-day LIBOR plus 2.75% with a floor rate of 4.5% and a ceiling rate of 6.25%. The rate was 4.5% as of September 30, 2013. | |||||||||
On October 27, 2010, the Company entered into a Multiple Disbursement Term Note with M&T Bank in the amount of $1,865,000 to refinance construction costs originally financed through internally generated funds. Pari-passeu first security interest in all fixed assets and equipment, contract rights, easements, right of ways, etc. of the Company was granted as collateral. The interest rate of this note is 5.76% and is payable monthly for five years calculated on a ten year amortization schedule. A final payment will be due on the maturity date equal to the outstanding principal and interest. This loan was paid in full in September 2013 (see below for further information). | |||||||||
On July 14, 2011, the Company entered into a Multiple Disbursement Term Note and Credit Agreement in the amount of $2 million with M&T Bank to fund construction projects in our NYPSC-mandated repair/replacement program for calendar year 2011. No additional collateral was required for this note. Until October 31, 2011, the note was payable as interest only at a rate of the greater of 3.50% above 30-day LIBOR or 4.25%. On November 1, 2011 the note converted to a permanent loan payable monthly for five years calculated on a ten-year amortization schedule with a variable rate, adjusting daily, based on the greater of 3.25 basis points above 30-day LIBOR or 4.25%. | |||||||||
On July 27, 2012, the Company entered into a Line of Credit Agreement and Term Loan Agreement in the amount of $2.45 million with Community Bank, N.A. to fund construction projects in our NYPSC mandated repair/replacement program for 2012. This agreement gives our lender security interest in all fixtures, equipment and inventory related to the Company’s investment from these construction projects as well as the Rabbi Trust account. From July 27, 2012 to November 30, 2012 (“Draw Period”), the note was payable as interest only at a rate of the greater of 3.00 percentage points above 30-day LIBOR or 3.75%. On December 1, 2012, the note converted to a permanent loan payable monthly for five years with the same interest rate calculated on a ten-year amortization schedule. A final payment will be due on the maturity date equal to the outstanding principal and interest. | |||||||||
On August 13, 2012, the Company entered into agreements with Five Star Bank pursuant to two Promissory Notes in the amount of $250,000 each. Each Note is payable monthly for five years at the fixed interest rate of 4.46% per annum. At that time, the Notes will have the option to be paid-in-full, refinanced or remain in place for an additional five years with a new effective rate established at that time. The purpose of these Notes was to fund construction of two major projects. Collateral for these notes is a first priority lien on all underground piping associated with one project and a first priority lien on the contract between the Company and the customer for the other project. | |||||||||
On September 3, 2013, the Company refinanced approximately $7.8 million of its existing indebtedness with M&T Bank and obtained $4.0 million in new financing from M&T Bank. The Company entered into the following two notes in favor of M&T, which are in replacement of and in substitution for (a) a $6 million loan agreement and note with M&T, dated as of March 4, 2010, that had an interest rate to 6.5%, and (b) a note, dated as of October 27, 2010, executed by the Company in favor of M&T in the original principal amount of approximately $1.8 million that had an interest rate of 5.76%: | |||||||||
· | A Replacement Multiple Disbursement Term Note, dated September 3, 2013, in the original principal amount of $4.8 million. As collateral, the Company granted M&T Bank security interest in all fixed assets and equipment, contract rights, easements, right of ways, etc. of the Company. Until October 31, 2013, the note is payable as interest only at an interest rate equal to 3.25% above one-month LIBOR, adjusted daily. On October 31, 2013, the note will convert to a permanent loan payable over five years in monthly installments of principal and interest calculated on a five-year amortization schedule. The interest rate on this note during the permanent loan period will be a variable interest rate equal to 2.75% plus the sum of (a) the yield on United States Treasury Obligations adjusted to a constant maturity of five years and (b) the "ask" side of the five year swap spread as published by Bloomberg, L.P. or another service commonly used by M&T, each as in effect on October 29, 2013. As of September 30, 2013, $2,646,690 has been borrowed under this agreement. | ||||||||
· | A Replacement Term Note, dated September 3, 2013, in the original principal amount of $3.0 million that bears interest at a fixed rate of 4.51%. As collateral, the Company granted M&T Bank security interest in all fixed assets and equipment, contract rights, easements, right of ways, etc. of the Company. The note is payable over five years in equal monthly installments of principal and interest of $56,028. The note in the original principal amount of $3.0 million is also secured by a Mortgage dated May 7, 2008, in the amount of $3.0 million on the Company's principal place of business. | ||||||||
Also on September 3, 2013, the Company entered into a Multiple Disbursement Term Note with M&T Bank, dated as of September 3, 2013, in the original principal amount of $4.0 million, the proceeds of which will be used to fund construction projects related to furnishing natural gas within the Company's service area. As collateral, the Company granted M&T Bank security interest in all fixed assets and equipment, contract rights, easements, right of ways, etc. of the Company. Until November 30, 2013, the note is payable as interest only at an interest rate equal to the rate in effect each day as announced by M&T Bank as its prime rate of interest. On November 30, 2013, the note converted to a permanent loan payable over five years in equal monthly installments of principal and interest and calculated on a ten-year amortization schedule. The interest rate on this note during the permanent loan period was a variable interest rate equal to 2.75% plus the sum of (a) the yield on United States Treasury Obligations adjusted to a constant maturity of five years and (b) the "ask" side of the five year swap spread as published by Bloomberg, L.P. or another service commonly used by M&T, each as in effect on November 28, 2013. The loan will mature on December 3, 2018. The Company had drawn $1.8 million as of September 30, 2013 from this line. | |||||||||
On October 4, 2013, Corning Natural Gas Corporation (the "Company") repaid in full the $1,966,469 in outstanding principal, accrued interest and premium owed under its 7.9% Unsecured Senior Notes, dated as of September 1, 1997 (the "Senior Notes"), as amended, which had an original aggregate principal amount of $4.7 million and were held by Great West Life & Annuity Insurance Company ("Great West"). As a result of the repayment, all of the Company's obligations with respect to the Senior Notes have been completed and the Senior Notes and the Intercreditor and Collateral Agency Agreement among Manufacturers and Traders Trust Company, as collateral agent and bank lender, and Great West, dated December 1, 2009, terminated in accordance with their respective terms. The Company funded the repayment of the Senior Notes with proceeds from the $4.8 million of new financing from M&T Bank (see above for more information). | |||||||||
The Company is in compliance with all of our loan covenants as of September 30, 2013. | |||||||||
Long-term debt, including the current portion, was as follows at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Unsecured senior note - 7.9%, due serially with annual payments of $355,000 beginning on September 1, 2006, paid in full October 2013 | $ | 1,860,000 | $ | 2,215,000 | |||||
Note payable - 6.5% with monthly installments through 2013 | — | 4,584,321 | |||||||
Note payable - variable rate with 4.5% floor with monthly | |||||||||
installments through May 2015 | 720,116 | 826,573 | |||||||
Note Payable - 5.76% with monthly installments | — | 1,599,241 | |||||||
Note Payable - variable rate with 4.25% floor, monthly | |||||||||
installments through November 2016 | 1,676,794 | 1,847,090 | |||||||
Note Payable - variable rate with 3.75% floor, monthly | |||||||||
installments through November 2017 | 2,279,408 | 2,450,000 | |||||||
Note Payable - 4.46% with monthly installments through | |||||||||
July 2017, then refinanced at new rate | 228,324 | 248,703 | |||||||
Note Payable - 4.46% with monthly installments through | |||||||||
July 2017, then refinanced at new rate | 228,324 | 248,703 | |||||||
Note Payable - 5.79% with monthly installments through | |||||||||
Aug-18 | 727,847 | — | |||||||
Note Payable - 4.51% with monthly installments through | |||||||||
Sep-18 | 2,955,246 | — | |||||||
Note Payable - 4.5% with monthly installments through | |||||||||
November 2018 (estimated) | 2,646,690 | — | |||||||
Note Payable - 4.5% with monthly installments through | |||||||||
Nov-18 | 1,759,364 | — | |||||||
M&T Bank - vehicle loans | 205,990 | 117,449 | |||||||
Total long-term debt | $ | 15,288,103 | $ | 14,137,080 | |||||
Less current installments | 1,827,322 | 1,571,553 | |||||||
Long-term debt less current installments | $ | 13,460,781 | $ | 12,565,527 | |||||
The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2013 are as follows: | |||||||||
2014 | $ | 1,827,322 | |||||||
2015 | $ | 1,995,238 | |||||||
2016 | $ | 2,050,103 | |||||||
2017 | $ | 2,106,645 | |||||||
2018 | $ | 2,160,308 | |||||||
2019+ | $ | 5,148,487 | |||||||
Lines_of_Credit
Lines of Credit | 12 Months Ended |
Sep. 30, 2013 | |
Lines Of Credit | ' |
Lines of Credit | ' |
(7) Lines of Credit | |
The Company has a line of credit with Community Bank, N.A. to borrow up to $7.0 million on a short-term basis until of June 21, 2013, when it was increased to $8.0 million. Borrowings outstanding under this line were $4,407,305 and $2,196,995 at September 30, 2013 and 2012, respectively. The maximum amount outstanding during the years ended September 30, 2013 and 2012 were $5,652,671 and $6,607,788, respectively. In February 2011, the interest was set at a fluctuating rate equal to the greater of 3.5% or the 30-day LIBOR plus 2.25%. In February 2012 the interest rate was lowered to the greater of 3.25% or 2.5% above the 30-day LIBOR. The interest rate at September 30, 2012 was 3.25%. As security for the Company’s line of credit, collateral assignments have been executed which assign to Community Bank, N.A. various rights in the investment trust account. In addition, Community Bank, N.A. has a purchase money interest in all of our natural gas purchases utilizing funds advanced by the bank under the line-of-credit agreement and all proceeds of sale of the gas to customers and related accounts receivable. On June 21, 2013 the Company renewed the line with an increase to $8 million. Under the new terms, the bank no longer has a security interest in the Rabbi Trust investment account. Beginning on July 1, 2013, the interest rate will be calculated as the 30-day LIBOR plus 2.8%. On September 30, 2013, the interest rate was 3.25%. The weighted average interest rates on outstanding borrowings during fiscal 2013 and 2012 were 3.25% and 3.35%, respectively. |
Stockholders_Equity
Stockholders Equity | 12 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Stockholders Equity | ' |
(8) Stockholders Equity | |
On May 28, 2009, the Company registered 100,000 shares of common stock with a par value of $5 per share for a dividend reinvestment program. As part of this program 761 shares were issued in 2009, 2,319 shares were issued in 2010, 3,976 shares in 2011, 5,689 shares in 2012 and 7,433 shares in 2013. A total of 20,178 shares have been issued since the program started. | |
On January 27, 2012, the Company completed a private placement of its common stock, par value $5.00 per share, pursuant to the terms of a Purchase Agreement, dated as of January 23, 2012, between the Company and the Article 6 Marital Trust under the First Amended and Restated Jerry Zucker Revocable Trust dated April 2, 2007 (the “Purchaser”). The 138,889 shares of common stock (the “Common Stock”) issued pursuant to the Purchase Agreement were sold at a per share cash price of $14.40 and raised gross proceeds of $2 million for the Company which will be used for general corporate purposes. In connection with the private placement, the Company entered into a Registration Rights Agreement, dated as of January 23, 2012, which grants the Purchaser certain demand and piggy-back registration rights with respect to the Common Stock. The issuance and sale of the Common Stock was not registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and the shares may not be sold in the United States absent registration or an applicable exemption from registration requirements. The Common Stock was offered and sold in reliance on the exemption from registration afforded by Section 4(2) of the Securities Act and corresponding provisions of state securities laws. | |
The Company distributed one transferable subscription right for each eight shares of common stock to shareholders of record as of 5:00 pm on July 2, 2012. This right entitled the shareholder to purchase one share of our common stock at a cash exercise price of $15.75 per share. The rights were granted to the shareholders without additional charge to them and expired at 5:00 pm on September 21, 2012. The Company received $3,838,048, net of cost, with the exercise of 246,524 shares. The Company used the proceeds to help fund capital expenditures, the retirement of debt and future growth opportunities. |
Investment_in_Joint_Ventures
Investment in Joint Ventures | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investment In Joint Ventures | ' | ||||||||
Investment in Joint Ventures | ' | ||||||||
(9) Investment in Joint Ventures | |||||||||
The following table represents the Company’s investment activity in the Leatherstocking Companies at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Beginning balance in investment in joint ventures | $ | 349,193 | $ | — | |||||
Investment in joint ventures during year | 281,000 | 111,000 | |||||||
Income (loss) in joint ventures during year | (42,515 | ) | 238,193 | ||||||
Ending balance in joint ventures | $ | 587,678 | $ | 349,193 | |||||
At September 30, 2013, the Leatherstocking Companies had combined assets of $3.4 million, combined liabilities of $2.3 million and combined revenues of $232,607. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
IncomeTaxesAbstract | ' | ||||||||
Income Taxes | ' | ||||||||
(10) Income Taxes | |||||||||
Income tax expense for the years ended September 30 is as follows: | |||||||||
2013 | 2012 | ||||||||
Current | ($ | 50,557 | ) | ($ | 1,421,068 | ) | |||
Deferred | 925,901 | 1,867,402 | |||||||
Total | $ | 875,344 | $ | 446,334 | |||||
Actual income tax expense differs from the expected tax expense (computed by applying the federal corporate tax rate of 34% and state tax rate of 7.1% to income before income tax expense) as follows: | |||||||||
2013 | 2012 | ||||||||
Expected federal tax expense | $ | 904,644 | $ | 611,284 | |||||
Regulatory adjustment | (51,551 | ) | (56,935 | ) | |||||
Dividends received deduction | (16,536 | ) | (18,934 | ) | |||||
State tax expense (net of federal) | 113,808 | 83,063 | |||||||
Other, net | (75,021 | ) | (172,144 | ) | |||||
Actual tax expense | $ | 875,344 | $ | 446,334 | |||||
The tax effects of temporary differences that result in deferred income tax assets and liabilities at September 30 are as follows: | |||||||||
2013 | 2012 | ||||||||
Deferred income tax assets: | |||||||||
Unbilled revenue | $ | — | $ | 38,242 | |||||
Deferred compensation reserve | 571,926 | 579,016 | |||||||
Post-retirement benefit obligations | 413,963 | 458,465 | |||||||
Comprehensive income | 1,803,620 | 2,186,198 | |||||||
Inventories | — | 47,291 | |||||||
Pension benefit obligations | — | 412,352 | |||||||
NOL carryforwards | 5,590,448 | 5,405,569 | |||||||
Other | 1,279,979 | 551,482 | |||||||
Total deferred income tax assets | 9,659,936 | 9,678,615 | |||||||
Deferred income tax liabilities: | |||||||||
Property, plant and equipment, principally due to | |||||||||
differences in depreciation | 8,698,227 | 7,416,764 | |||||||
Pension benefit obligations | 863,056 | — | |||||||
Unbilled revenue | 42,635 | — | |||||||
Inventories | 48,381 | — | |||||||
Deferred rate expense and allocations | 528,458 | 680,527 | |||||||
Deficiency of gas adjustment clause revenues billed | 28,238 | 415,099 | |||||||
Prior period tax reconciliations | 29,045 | — | |||||||
Other | — | 61,280 | |||||||
Total deferred income tax liabilities | 10,238,040 | 8,573,670 | |||||||
Net deferred income tax (assets) liabilities | $ | 578,104 | ($ | 1,104,945 | ) | ||||
The Company has federal and New York State tax net operating loss carry forwards available of approximately $15.3 million and $8.7 million, respectively, as of September 30, 2013 that begin to expire at the end of the Company’s fiscal 2025 tax year. | |||||||||
The accounting rules for uncertain taxes provide for the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recognized in the financial statements. The Company has evaluated its tax positions and accordingly has not identified any significant uncertain tax positions. The Company’s policy is to classify interest associated with uncertain tax positions as interest expense in the financial statements. Penalties are classified under other expense. The Company files a consolidated federal income tax return and state income tax returns in New York and Pennsylvania. The federal returns and the state returns for the tax years ended prior to September 30, 2010 are no longer subject to examination. The Company is currently being examined for the tax year ended September 30, 2012. At this time, the Company does not know of any material financial impact as a result of the audit. |
Pension_and_Other_Postretireme
Pension and Other Post-retirement Benefit Plans | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension And Other Post-Retirement Benefit Plans | ' | ||||||||||||||||
Pension and Other Post-retirement Benefit Plans | ' | ||||||||||||||||
(11) Pension and Other Post-retirement Benefit Plans | |||||||||||||||||
There are currently three covered participants related to the deferred compensation obligation that are all former officers. The liability on the consolidated balance sheet represents the present value of the future obligation. In 1997, the Company established a trust (the Rabbi Trust) to fund a deferred compensation plan for certain officers. The fair market value of assets in the trust was $2,191,355 (plus $51,185 in additional stock) and $2,220,536 (plus $51,185 in additional stock) at September 30, 2013 and 2012, respectively, and the plan liability, which is labeled as deferred compensation on the balance sheet, was $1,545,747 and $1,499,264 at September 30, 2013 and 2012, respectively. The assets of the trust are available to general creditors in the event of insolvency. | |||||||||||||||||
The Company has defined benefit pension plans covering substantially all of its employees. The benefits are based on years of service and the employee’s highest average compensation during a specified period. The Company makes annual contributions to the plans equal to amounts determined in accordance with the funding requirements of the Employee Retirement Security Act of 1974. Contributions are intended to provide for benefits attributed for service to date, and those expected to be earned in the future. | |||||||||||||||||
In addition to the Company’s defined benefit pension plans, the Company offers post-retirement benefits comprised of medical and life coverage to its employees who meet certain age and service criteria. For union participants who retire on or after September 2, 1992, the Company cost for post-retirement benefits is contractually limited and will not exceed $150 per month. This contract is in effect until April 2, 2015. The monthly benefit for all non-union employees, who retire between the ages of 62 and 65, will be the lesser of 40% of the retiree’s plan premium or $150. After age 65, the Company pays up to $150 a month for the cost of the retiree’s supplemental plan. In addition, the Company offers limited life insurance coverage to active employees and retirees. The post-retirement benefit plan is not funded. The Company accrues the cost of providing post-retirement benefits during the active service period of the employee. | |||||||||||||||||
The following table shows reconciliations of the Company’s pension and post-retirement plan benefits as of September 30: | |||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Change in benefit obligations: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 18,332,559 | $ | 15,857,827 | $ | 1,187,118 | $ | 857,645 | |||||||||
Service cost | 395,916 | 328,661 | 17,285 | 14,388 | |||||||||||||
Interest cost | 715,062 | 771,341 | 46,223 | 41,569 | |||||||||||||
Participant contributions | — | — | 71,000 | 88,000 | |||||||||||||
Actuarial (gain) loss | (1,483,059 | ) | 2,202,387 | (68,807 | ) | 82,701 | |||||||||||
Benefits paid | (860,845 | ) | (827,657 | ) | (134,000 | ) | (141,000 | ) | |||||||||
Curtailments | — | — | — | 243,815 | |||||||||||||
Benefit obligation at end of year | 17,099,633 | 18,332,559 | 1,118,819 | 1,187,118 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 11,498,019 | 9,458,419 | — | — | |||||||||||||
Actual return on plan assets | 715,932 | 1,532,489 | — | — | |||||||||||||
Company contributions | 877,480 | 1,339,796 | 63,000 | 53,000 | |||||||||||||
Participant contributions | — | — | 71,000 | 88,000 | |||||||||||||
Benefits paid | (866,447 | ) | (832,685 | ) | (134,000 | ) | (141,000 | ) | |||||||||
Fair value of plan assets at end of year | 12,224,984 | 11,498,019 | — | — | |||||||||||||
Funded status | (4,874,649 | ) | (6,834,540 | ) | (1,118,819 | ) | (1,187,118 | ) | |||||||||
Unrecognized net actuarial loss / (gain) | 2,950,422 | 4,881,181 | (239,771 | ) | (186,506 | ) | |||||||||||
Unrecognized PSC adjustment | — | — | — | — | |||||||||||||
Unrecognized prior service cost | 29,952 | (44,180 | ) | — | — | ||||||||||||
Unrecognized net transition asset (obligation) | — | — | 157,177 | 160,724 | |||||||||||||
Additional minimum liability | — | — | — | — | |||||||||||||
(Accrued) prepaid benefit cost | (1,894,275 | ) | (1,909,179 | ) | (1,201,413 | ) | (1,212,900 | ) | |||||||||
Accrued contribution | — | — | — | — | |||||||||||||
Amounts recognized in the balance sheet consists of: | |||||||||||||||||
Prepaid (accrued) benefit liability | (4,874,649 | ) | (6,834,540 | ) | (1,118,819 | ) | (1,187,118 | ) | |||||||||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||||
(Accrued)/prepaid pension cost as of beginning of fiscal year | (1,909,179 | ) | (2,205,217 | ) | (1,212,900 | ) | (1,246,107 | ) | |||||||||
Pension (cost) income | (637,478 | ) | (862,576 | ) | (53,513 | ) | (29,793 | ) | |||||||||
Contributions | 877,480 | 1,339,796 | — | — | |||||||||||||
Change in receivable contribution | (225,098 | ) | (181,182 | ) | — | — | |||||||||||
Net benefits paid | — | — | 65,000 | 63,000 | |||||||||||||
Change in additional minimum liability | — | — | — | — | |||||||||||||
(Accrued)/prepaid pension cost as of end of fiscal year | (1,894,275 | ) | (1,909,179 | ) | (1,201,413 | ) | (1,212,900 | ) | |||||||||
Fair value of plan assets at end of year | |||||||||||||||||
Cash and equivalents | 168,627 | 333,327 | — | — | |||||||||||||
Government and agency issues | 2,056,301 | 706,508 | — | — | |||||||||||||
Corporate bonds | 3,193,521 | 3,590,859 | — | — | |||||||||||||
Fixed index funds | 421,120 | 516,153 | — | — | |||||||||||||
Fixed income | 373,592 | 761,034 | — | — | |||||||||||||
Equity securities | 6,011,823 | 5,590,138 | — | — | |||||||||||||
12,224,984 | 11,498,019 | — | — | ||||||||||||||
The funded status of both plans totaling approximately $6,000,000 are included in deferred pension & post-retirement benefits on the consolidated balance sheets which are offset by pension regulatory assets. The net actuarial loss/(gain), unrecognized prior service cost and unrecognized net transition asset obligation are collectively the adjustment to other comprehensive income (loss)-minimum pension liability in the consolidated financial statements, which are presented net of tax. The funded status less the minimum pension liability-tax affected, is the (accrued) prepaid benefit cost. | |||||||||||||||||
Amortization of unrecognized net (gain)/loss for the Retirement Plan for fiscal year ending September 30, 2014: | |||||||||||||||||
Projected benefit obligation as of October 1, 2013 | $ | 17,099,633 | |||||||||||||||
Fair value of plan assets as of October 1, 2013 | (12,224,984 | ) | |||||||||||||||
Net asset/(obligation) at transition | — | ||||||||||||||||
Prior service cost | (29,952 | ) | |||||||||||||||
(Accrued)/prepaid liability recognized through income | (1,894,275 | ) | |||||||||||||||
Preliminary unrecognized (gain)/loss as of October 1, 2013 | $ | 2,950,422 | |||||||||||||||
Asset gain/(loss) not reflected on market related asset value | — | ||||||||||||||||
Unrecognized net (gain)/loss at October 1, 2013 subject to amortization | $ | 2,950,422 | |||||||||||||||
Amortization of unrecognized net (gain)/loss for the Post-Retirement Plan for the fiscal year ended September 30, 2014: | |||||||||||||||||
Unrecognized net (gain)/loss at October 1, 2013 subject to amortization | $ | (239,771 | ) | ||||||||||||||
Amount to be amortized 2013 - 2014 | |||||||||||||||||
Amortizaton period | 10 years | ||||||||||||||||
Amortization for 2013 - 2014 ((gain)/loss divided by period) | $ | (23,977 | ) | ||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net period benefit cost (benefit): | |||||||||||||||||
Service cost | 395,916 | 328,661 | 17,285 | 14,388 | |||||||||||||
Interest cost | 715,062 | 771,341 | 46,223 | 41,569 | |||||||||||||
Expected return on plan assets | (886,563 | ) | (778,194 | ) | — | — | |||||||||||
Amortization of prior service | 14,228 | 16,418 | 3,547 | (11,691 | ) | ||||||||||||
Amortization of transition obligation | — | — | — | — | |||||||||||||
Amortization of PSC adjustment | — | — | — | — | |||||||||||||
FAS88 recognition - loss on curtailment | — | — | — | — | |||||||||||||
Amortization of unrecognized actuarial loss (gain) | 623,933 | 705,532 | (15,542 | ) | (24,473 | ) | |||||||||||
Net periodic benefit cost (benefit) | 862,576 | 1,043,758 | 51,513 | 19,793 | |||||||||||||
For ratemaking and financial statement purposes, pension expense represents the amount approved by the PSC in the Company’s most recently approved rate case. Pension expense (benefit) for ratemaking and financial statement purposes was approximately $970,000 and $1,173,710 for the years ended September 30, 2013 and 2012, respectively. The difference between the pension expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred and is not included in the prepaid pension cost noted above. Such balances equal $432,766 and $375,415 as of September 30, 2013 and 2012, respectively. | |||||||||||||||||
The NYPSC has allowed the Company to recover incremental cost associated with post-retirement benefits through rates on a current basis. Due to the timing differences between the Company’s rate case filings and financial reporting period, a regulatory receivable (liability) of $188,112 and $197,477 has been recognized at September 30, 2013 and 2012, respectively. | |||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average assumptions used to determine net | |||||||||||||||||
period cost at September 30: | |||||||||||||||||
Discount rate | 4.85 | % | 4 | % | 4.85 | % | 4 | % | |||||||||
Expected return on assets | 7.5 | % | 7.75 | % | 8 | % | 8 | % | |||||||||
The discount rate which is used approximates the Mercer Yield Curve Above Mean Model. The yield curve is a spot rate yield curve that provides a zero-coupon interest rate for each year into the future. | |||||||||||||||||
The expected returns on plan assets of the Retirement Plan and Post-Retirement Plan are applied to the market-related value of plan assets of the respective plans. For the Retirement Plan, the market-related value of assets recognizes the performance of its portfolio over five years and reduces the effects of short-term market fluctuations. The Company’s Retirement Plan assets are invested by a manager that reports at least annually to the Company’s Investment Committee for review and evaluation. The manager has been given the objective to achieve modest capital appreciation with a secondary objective of achieving a relatively high level of current income using a mix of cash equivalents, fixed income securities and equities to structure a balanced investment portfolio. The Investment Committee does not reserve control over investment decisions, with the exception of certain limitation and holds the manager responsible and accountable to achieve the stated objectives. The market-related value of Post-Retirement Plan assets is set equal to market value. | |||||||||||||||||
For measurement purposes, a 6% annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) was assumed for 2013. The rate is assumed to increase by 6% each year thereafter. A 1% increase in the actual health care cost trend would result in approximately a 4.4% increase in the service and interest cost components of the annual net periodic post-retirement benefit cost and a 5.6% increase in the accumulated post-retirement benefit obligation. A 1% decrease in the actual health care cost trend would result in approximately a 3.7% decrease in the service and interest cost components of the annual net periodic post-retirement benefit cost and a 4.7% decrease in the accumulated post-retirement benefit obligation. | |||||||||||||||||
The Company expects to contribute $1,200,000 to the Retirement Plan during the year ended September 30, 2014. | |||||||||||||||||
The estimated pension plan benefit payments are as follows: | |||||||||||||||||
2014 | $ | 942,000 | |||||||||||||||
2015 | $ | 960,000 | |||||||||||||||
2016 | $ | 997,000 | |||||||||||||||
2017 | $ | 1,072,000 | |||||||||||||||
2018 | $ | 1,092,000 | |||||||||||||||
2019+ | $ | 6,154,000 | |||||||||||||||
The Company also maintains the Corning Natural Gas Corporation Employee Savings Plan (the "Savings Plan"). All employees of the Company who work for more than 1,000 hours per year and who have completed one year of service may enroll in the Savings Plan at the beginning of each calendar quarter. Under the Savings Plan, participants may contribute up to 50% of their wages. For all employees, the Company will match one-half of the participant’s contribution up to a total of 50% of the participant’s contribution up to a total of 6% of the participant’s wages. The plan is subject to the federal limitation. The Company contribution to the plan was $83,938 in 2013 and $75,005 in 2012. |
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stock Options | ' | ||||||||||||
Stock Options | ' | ||||||||||||
(12) Stock Options | |||||||||||||
There is no unrecognized cost related to options at September 30, 2013 because all options are vested. Management has valued the 2011 options at their grant date utilizing the Black-Scholes Option Pricing Model. | |||||||||||||
A summary of all stock option activity and information related to all options outstanding follows: | |||||||||||||
2012 | |||||||||||||
Stock Options | |||||||||||||
Weighted | |||||||||||||
Number of | Weighted | Average | |||||||||||
Shares | Average | Remaining | |||||||||||
Remaining | Exercise | Contractual | |||||||||||
Options | Price | Term | |||||||||||
Outstanding at October 1, 2011 | 80,000 | $ | 10.95 | ||||||||||
Options granted | — | ||||||||||||
Options exercised during year ended September 30, 2012 | 35,000 | $ | 10 | ||||||||||
Options expired during year ended September 30, 2012 | 3,000 | ||||||||||||
Outstanding at September 30, 2012 | 42,000 | $ | 11.81 | 1.72 years | |||||||||
Exercisable at September 30, 2012 | 42,000 | $ | 11.81 | 1.72 years | |||||||||
2013 | |||||||||||||
Stock Options | |||||||||||||
Weighted | |||||||||||||
Number of | Weighted | Average | |||||||||||
Shares | Average | Remaining | |||||||||||
Remaining | Exercise | Contractual | |||||||||||
Options | Price | Term | |||||||||||
Outstanding at October 1, 2012 | 42,000 | $ | 11.81 | ||||||||||
Options granted | — | ||||||||||||
Options exercised during year ended September 30, 2013 | 17,700 | $ | 11.33 | ||||||||||
Options expired during year ended September 30, 2013 | 10,800 | ||||||||||||
Outstanding at September 30, 2013 | 13,500 | $ | 12.83 | 2.25 years | |||||||||
Exercisable at September 30, 2013 | 13,500 | $ | 12.83 | 2.25 years |
Commitments
Commitments | 12 Months Ended |
Sep. 30, 2013 | |
Commitments | ' |
Commitments | ' |
(13) Commitments | |
The Company is a local distribution company and has contracted for gas supply from various sources to provide the commodity to the city gates. The Company maintains storage capacity of approximately 736,000 Dekatherms. In 2011, the Company entered in to an asset management agreement with ConocoPhillips and purchased $2.3 million of gas by the end of September 2013 that was placed into storage. As a result of these actions, the Company anticipates that it will have sufficient gas to supply its customers for the 2013-2014 winter season. | |
The Company has secured the NYPSC required fixed price and storage gas supply for the winter season and is managing its gas storage and gas contracts to assure that the Company follows its gas supply and acquisition plan. The gas supply plan is a formal document that defines how we acquire natural gas to supply our customers. The plan is submitted to the NYPSC every year and adherence to the plan is a regulatory mandate. Assuming no extraordinary conditions for the winter season, gas supply, both flowing and storage, will be adequate to serve our, approximately 14,800 customers. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(14) Subsequent Events | |
On October 4, 2013, the Company repaid in full the $1,966,469.32 in outstanding principal, accrued interest and premium owed under its 7.9% Unsecured Senior Notes, dated as of September 1, 1997 (the "Senior Notes"), as amended, which had an original aggregate principal amount of $4.7 million and were held by Great West Life & Annuity Insurance Company ("Great West"). As a result of the repayment, all of the Company's obligations with respect to the Senior Notes have been completed and the Senior Notes and the Intercreditor and Collateral Agency Agreement among Manufacturers and Traders Trust Company, as collateral agent and bank lender, and Great West, dated December 1, 2009, terminated in accordance with their respective terms. The Company funded the repayment of the Senior Notes with proceeds from the $4.8 million of new financing from M&T Bank. Until October 31, 2013, the note is payable as interest only at an interest rate equal to 3.25% above one-month LIBOR, adjusted daily. On October 31, 2013, the note will convert to a permanent loan payable over five years in monthly installments of principal and interest calculated on a five-year amortization schedule. The interest rate on this note during the permanent loan period will be a variable interest rate equal to 2.75% plus the sum of (a) the yield on United States Treasury Obligations adjusted to a constant maturity of five years and (b) the "ask" side of the five year swap spread as published by Bloomberg, L.P. or another service commonly used by M&T, each as in effect on October 29, 2013. | |
At a special shareholder meeting on November 6, 2013, more than two-thirds of Corning Natural Gas Corporation shareholders approved a share exchange pursuant to which each outstanding share of common stock of the Company, par value $5.00 per share, is exchanged for a share of the common stock, par value $0.01 per share, of Corning Natural Gas Holding Corporation, a New York corporation. The effective date of reorganization was November 12, 2013 and the Company became a wholly owned subsidiary of the Holding Company. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Principles of Consolidation and Presentation | ' | ||||||||||||||||
(a) Principles of Consolidation and Presentation | |||||||||||||||||
The consolidated financial statements include the Company and its wholly owned subsidiary, the Corning Natural Gas Appliance Corporation. All intercompany accounts and balances have been eliminated. | |||||||||||||||||
It is the Company’s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation. | |||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
(b) Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are stated at the historical cost of construction. Those costs include payroll, fringe benefits, materials and supplies and transportation costs. The Company charges normal repairs to maintenance expense. | |||||||||||||||||
Accounting for Impairment | ' | ||||||||||||||||
(c) Accounting for Impairment | |||||||||||||||||
The Financial Accounting Standards Board (FASB) ASC 360-10-15, “Accounting for the Impairment or Disposal of Long-Lived Assets” establishes accounting standards to account for the impairment of long-lived assets, and certain identifiable intangibles. Under FASB ASC 360-10-15 the Company reviews assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. FASB ASC 360-10-15 also requires that a rate regulated enterprise recognize an impairment when regulatory assets are no longer probable of recovery. No impairment losses were incurred for the years ended September 30, 2013 and 2012. | |||||||||||||||||
Depreciation | ' | ||||||||||||||||
(d) Depreciation | |||||||||||||||||
The Company provides for depreciation for accounting purposes using a straight-line method based on the estimated economic lives of property as determined by the current rate plan based on the latest depreciation study. The depreciation rate used for utility plant, expressed as an annual percentage of depreciable property was 3.7% in 2013 and 3.1% in 2012. The NYPSC is allowing the Company recovery in revenues to offset our costs of building certain projects. As of fiscal year 2011, we are recognizing the revenue and also increasing the accumulated depreciation and depreciation expense for those recoveries. At the time utility properties are retired, the original cost plus costs of removal less any salvage are charged to accumulated depreciation. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
(e) Fair Value of Financial Instruments | |||||||||||||||||
The Company has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value as a result of instruments bearing interest rates that approximate current market rates for similar instruments, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. Investment assets, which fund the Company’s deferred compensation plan, are valued based on Level 1 inputs. | |||||||||||||||||
The Company has determined the fair value of certain assets through application of FASB ASC 820 “Fair Value Measurements and Disclosures”. | |||||||||||||||||
Fair value of assets and liabilities measured on a recurring basis at September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
Fair Value | Quoted Prices In Active | Level 2 | Level 3 | ||||||||||||||
Markets for Identical | |||||||||||||||||
Assets/Liabilities (Level 1) | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Available-for-sale securities | $ | 2,242,540 | $ | 2,242,540 | $ | — | $ | — | |||||||||
30-Sep-12 | |||||||||||||||||
Available-for-sale securities | $ | 2,271,721 | $ | 2,271,721 | $ | — | $ | — | |||||||||
Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices within active markets. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
(f) Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. Cash and cash equivalents at financial institutions may periodically exceed federally insured limits. | |||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||
(g) Accounts Receivable | |||||||||||||||||
Accounts receivable are stated net of an allowance for doubtful accounts. The Company estimates the allowance based on its analysis of specific balances, taking into consideration the age of past due accounts and relying on rules and guidelines established by the NYPSC regarding customer disconnects. On August 2, 2012, the Company received notice that a significant customer filed for protection under Chapter 11 of the United States Bankruptcy Code. That customer received funding from its principal lender to continue to operate and pay bills going forward. As of September 30, 2013, the Company has reserved 100% of the $252,456 outstanding at the time of the bankruptcy filing which is consistent with the Company’s accounting policies. | |||||||||||||||||
Related party receivables are expenditures paid on behalf of our joint venture companies. We expect repayment in the future on these accounts. | |||||||||||||||||
Gas Stored Underground | ' | ||||||||||||||||
(h) Gas Stored Underground | |||||||||||||||||
Gas stored underground is carried at an average unit cost method as prescribed by the NYPSC. | |||||||||||||||||
Materials and Supplies Inventories | ' | ||||||||||||||||
(i) Materials and Supplies Inventories | |||||||||||||||||
Materials and supplies inventories are stated at the lower of cost or market, cost being determined on an average unit price basis. | |||||||||||||||||
Debt Issuance Costs | ' | ||||||||||||||||
(j) Debt Issuance Costs | |||||||||||||||||
Costs associated with the issuance of debt by the Company are deferred and amortized over the lives of the related debt. | |||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||
(k) Regulatory Matters | |||||||||||||||||
Certain costs are deferred and recognized as expenses when they are reflected in rates and recovered from customers as permitted by FASB ASC 980. These costs are shown as deferred debits and other assets. Such costs arise from the traditional cost-of-service rate setting approach whereby all prudently incurred costs are generally recoverable through rates. Deferral of these costs is appropriate while the Company’s rates are regulated under a cost-of-service approach. | |||||||||||||||||
As a regulated utility, the Company deferred certain costs for future recovery. In a purely competitive environment, such costs might have been currently expensed. Accordingly, if the Company’s rate setting were changed from a cost-of-service approach and the Company were no longer allowed to defer these costs under FASB ASC 980, certain of these assets might not be fully recoverable. However, the Company cannot predict the impact, if any, of competition and continues to operate in a cost-of-service based regulatory environment. Accordingly, the Company believes that accounting under FASB ASC 980 is still appropriate. | |||||||||||||||||
Revenue and Natural Gas Purchased | ' | ||||||||||||||||
(l) Revenue and Natural Gas Purchased | |||||||||||||||||
The Company records revenues from residential and commercial customers based on meters read on a cyclical basis throughout each month, while certain large industrial and utility customers’ meters are read at the end of each month. Several meters are read at the end of each month to calculate local productions revenues. The Company does not accrue revenue for gas delivered but not yet billed, as the NYPSC requires that such accounting must be adopted during a rate proceeding, which the Company has not done. The Company, as part of its currently effective rate plan, has a weather normalization clause as protection against severe weather fluctuations. This affects space heating customers and is activated when degree days are 2.2% greater or less than a 30 year average. As a result, the effect on revenue fluctuations on weather related gas sales is somewhat moderated. | |||||||||||||||||
In addition to weather normalization, starting in September 2009, the Company implemented a revenue decoupling mechanism (RDM). The RDM reconciles actual delivery service revenues to allowed delivery service revenues (which are based on the annual customer and volume forecasts in the last rate case) for certain residential customers. The Company will refund or surcharge customers for differences between actual and allowed revenues. The shortfall or excess after the annual reconciliation will be surcharged or refunded to customers over a twelve month period starting the next calendar year. | |||||||||||||||||
Gas purchases are recorded on readings of suppliers’ meters as of the end of the month. The Company’s rate tariffs include a Gas Adjustment Clause (GAC) which adjusts rates to reflect changes in gas costs from levels established in the rate setting process. In order to match such costs and revenue, the PSC has provided for an annual reconciliation of recoverable GAC costs with applicable revenue billed. Any excess or deficiency in GAC revenue billed is deferred and the balance at the reconciliation date is either refunded to or recovered from customers over a subsequent 12-month period. | |||||||||||||||||
Federal Income Tax | ' | ||||||||||||||||
(m) Federal Income Tax | |||||||||||||||||
The Company uses the asset and liability method to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. In addition, such deferred tax assets and liabilities will be adjusted for the effects of enacted changes in tax laws and rates. | |||||||||||||||||
Dividends | ' | ||||||||||||||||
(n) Dividends | |||||||||||||||||
On March 13, 2009, the NYPSC in Case 07-G-0772 lifted the prohibition on the payment of dividends on the Company’s common stock but limited pay outs to a percentage of earnings tied to the Company’s debt/equity ratio. The Board of Directors reviewed the quarterly dividend rate at its next regularly scheduled meeting on June 14, 2011 and adjusted the dividend rate to $.115. This dividend was paid on October 15, 2011 to shareholders of record on September 30, 2011 and on January 16, 2012 to shareholders of record on December 31, 2011. At its regular meeting on February 10, 2012, the board of directors approved an increase in the quarterly dividend to $.12 a share. This dividend was paid on April 16, 2012 to shareholders of record on March 31, 2012, on July 16, 2012 to shareholders of record on June 30, 2012, on October 15, 2012 to shareholders of record on September 30, 2012 and on December 31, 2012 to shareholders of record on December 21, 2012. At its regular meeting on February 12, 2013, the board of directors approved an increase in the quarterly dividend to $.125 a share. This dividend was paid on April 15, 2013 to shareholders of record on March 31, 2013, on July 15, 2013 to shareholders of record on June 30, 2013 and on October 15, 2013 to shareholders of record on September 30, 2013. | |||||||||||||||||
Revenue Taxes | ' | ||||||||||||||||
(o) Revenue Taxes | |||||||||||||||||
The Company collects state revenue taxes. The amount included in Utility Operating Revenue and Taxes other than Federal Income Taxes was $153,346 and $131,141 in 2013 and 2012, respectively. | |||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||
(p) Stock Based Compensation | |||||||||||||||||
The Company accounts for stock based awards in accordance with FASB ASC 718. The Company award restricted shares as compensation to our directors. The shares awarded become unrestricted upon a director leaving the board. Directors who also serve as officers of Corning are not compensated for their service as directors. Since these shares are restricted, in recording compensation expense, the expense incurred is 25% less than the closing price of the stock on the day the stock was awarded. Management of the Company believes this discount is reasonable for thinly traded stock such as that of the Company. The Company did not discount the value of the stock paid to the directors who resigned from the board since those shares became unrestricted when held by a non-affiliate for at least six months. The directors’ quarterly compensation was adjusted to 375 restricted shares in April 2011 due to the one for two stock dividend distributed by the Company. On February 22, 2012, shares were issued for service for the quarters ended June 30, 2011, September 30, 2011 and December 31, 2011. On October 10, 2012, shares were issued for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012. On January 29, 2013, shares were issued for the quarter ended December 31, 2012. On May 21, 2013, shares were issued for the quarter ended March 31, 2013. On August 20, 2013, shares were issued for the quarter ended June 30, 2013. No shares have yet been issued for the quarter ended September 30, 2013. | |||||||||||||||||
At its regularly scheduled meeting on December 11, 2012, the Compensation Committee of the Board of Directors of the Company made restricted stock awards of 600 shares each to the five officers of the Company in lieu of salary increases. Each restricted stock award vested 300 shares immediately and 300 shares on December 12, 2013 if the officer is still employed by the Company or one of its subsidiaries or affiliates on that date. Each award is subject to the terms and conditions of a restricted stock award agreement and the Company’s Amended and Restated 2007 Stock Plan. In addition, the Board of Directors authorized the issuance on December 12, 2012, of 600 shares of the Company’s common stock to Carl T. Hayden in compensation for his past service as a director of the Company’s joint venture affiliate, Leatherstocking Gas Company, LLC and 75 shares each quarter thereafter. These shares are sold to Leatherstocking Gas Company. | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
(q) Earnings Per Share | |||||||||||||||||
Basic earnings per share are computed by dividing income available for common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The only potentially dilutive securities the Company has outstanding are stock options and warrants. The diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these stock options and warrants as determined using the Treasury Stock Method. Stock options and warrants that are antidilutive are excluded from the calculation of diluted earnings per common share. | |||||||||||||||||
311 Transportation Agreement /Compressor Station | ' | ||||||||||||||||
(r) 311 Transportation Agreement /Compressor Station | |||||||||||||||||
On January 11, 2010, the Company entered into a contract (311 Transportation Agreement) with a local gas producer that provided for the building of a compressor station as well as the transfer of a 6” pipeline owned by the gas producer to the Company for nominal consideration. The contract also sets forth the terms, rates and condition of the transport of the local producer gas to the interstate pipeline system. On May 21, 2010, the 311 Transportation Agreement was revised to reflect a change in the projected gas delivery schedule and delivery volumes. The previously agreed to transportation rates did not change. The contract’s maximum daily delivery quantity remained the same. The schedule for attaining the maximum daily delivery quantity was altered to accommodate the project’s construction schedule. The Company bought the $11 million compressor station and $2.1 million pipeline from the local producer for two dollars. The local producer has the right to repurchase these facilities for two dollars in ten years. This transaction became effective on May 12, 2011, when the station began operations. Although the Company has $13.1 million in plant available for use, only two dollars was recognized in accordance with the Uniform System of Accounts (313.2) which states that in the case of gas plant contributed to the utility, gas plant accounts shall be charged only with such expenses, if any, incurred by the utility. | |||||||||||||||||
Collective Bargaining Agreement | ' | ||||||||||||||||
(s) Collective Bargaining Agreement | |||||||||||||||||
We had 56 employees as of September 30, 2013, and 54 as of September 30, 2012. Of this total, nearly half are union labor working under an agreement effective until April 2, 2015. | |||||||||||||||||
Leatherstocking Companies | ' | ||||||||||||||||
(t) Leatherstocking Companies | |||||||||||||||||
The Company’s subsidiary the Corning Natural Gas Appliance Corporation (“Appliance Corp”), as assignee of the Company, formed a limited liability company (LLC) in November 2010, as a joint venture with Mirabito Regulated Industries for the purpose of providing natural gas in areas of New York and Pennsylvania that currently do not have natural gas service. This venture, Leatherstocking Gas Company, LLC, (“Leatherstocking Gas”) is currently moving forward on expansions to several areas in the northeast. The Company and Mirabito Regulated Industries each own 50% of the joint venture and each appoints three managers to operate Leatherstocking Gas. The seventh manager is a neutral manager agreed to by the Company and Mirabito Regulated Industries who is not an officer, director, or employee of either company, currently Carl T. Hayden. The current managers are Joseph P. Mirabito, John J. Mirabito and William Mirabito from Mirabito Regulated Industries; Matthew J. Cook, Michael I. German and Russell S. Miller from the Company; and Carl T. Hayden as the neutral manager. Michael I German is the Chief Executive Officer and President of the Company and is also a stockholder and current board member of the Company. Joseph P. Mirabito and William Mirabito are stockholders and current board members of the Company. Mirabito Holdings, Inc. an affiliate of the co-venturer, holds more than 5% of the outstanding shares of the Company. Leatherstocking has received franchises from the Village and Town of Sidney, Village and Town of Bainbridge, Village and Town of Windsor and Village and Town of Unadilla and the Village and Town of Delhi in New York. In addition, Leatherstocking Gas has acquired fifteen franchises in Susquehanna and Bradford Counties, Pennsylvania. Leatherstocking has met with potential customers and public officials, as well as attended public hearings, and believes there is significant interest in acquiring gas service. On July 25, 2013, Leatherstocking Gas signed a loan agreement with Five Star Bank for $1.5 million to finance the construction in Bridgewater, Pennsylvania. This Line of Credit agreement was finalized when it was filed with the Pennsylvania Department of Transportation on July 30, 2013. Construction in the Township of Bridgewater began in July 2013 and Leatherstocking Gas began serving customers in October 2013. | |||||||||||||||||
In September 2010, Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”) was formed with the same structure and managers as Leatherstocking Gas. Leatherstocking Pipeline is an unregulated company whose purpose is to serve one customer in Lawton, Pennsylvania. In the spring and summer of 2012, Leatherstocking Pipeline built and placed in service facilities to service that customer. | |||||||||||||||||
The investment and equity in both companies (collectively, “joint ventures”) has been recognized in the consolidated statements. The Company has accounted for its investment in equity using the equity method of accounting based on the guidelines established in FASB ASC 323. In applying the guidance of FASB ASC 323, the Company recognized the investment in the joint ventures as an asset at cost. The investment will fluctuate in future periods based on the Company’s allocable share of earnings or losses from the joint ventures which is recognized through earnings. | |||||||||||||||||
For periods commencing November 12, 2013, the financial statements of the joint ventures will be consolidated with the financial statements of Holding Company. | |||||||||||||||||
Settlement of Lawsuits | ' | ||||||||||||||||
(u) Settlement of Lawsuits | |||||||||||||||||
On December 30, 2011, the Company entered into a definitive Settlement and Release Agreement (the “Agreement”) settling two lawsuits by a former Chairman of the Company. As previously disclosed, Thomas K. Barry sought damages from the Company for failure to transfer to Mr. Barry a key-man life insurance policy and for terminating payments under a deferred compensation agreement. Please refer to the Company’s Form 10-K for the fiscal year ended September 30, 2011 for disclosure regarding the original claims. Under the Agreement, the Company paid to Mr. Barry $285,000 on January 13, 2012, and beginning in calendar 2013, the Company will pay Mr. Barry on or before each January 5, $40,000 plus interest compounded annually at 4% (less than one-half of the amount in Mr. Barry’s deferred compensation agreement) for the longer of ten years or Mr. Barry’s lifetime. The Company will pay Mr. Barry $15,000 annually for the longer of ten years or Mr. Barry’s lifetime up to a maximum of 20 payments to replace the life insurance policy. The Company has paid the amounts due in January 2013. In addition, the Company will provide certain health and prescription drug insurance benefits to Mr. Barry and his wife for life. The Company and Mr. Barry exchanged mutual general releases. The Company had previously reserved for past due payments as well as accrued a liability for future payments under the deferred compensation agreement and key-man life insurance policy. The savings associated with the reversal of past due payments and change in the liabilities for future payments under the deferred compensation agreement were recognized as a decrease to operating and maintenance expense. The reversal of accrued liability for the key man insurance policy was recognized in other income. The after tax benefit that resulted from these entries was approximately $400,000 recognized as of year ended September 30, 2012, after accounting for legal fees associated with the settlement which are shown in other deductions, net and adjustments to pension expense which are shown in operating and maintenance expense. The present value of the expected future obligation is estimated at $517,973 and $498,933 at September 30, 2013 and 2012, respectively, and recorded in deferred compensation in the accompanying consolidated balance sheets. | |||||||||||||||||
On August 30, 2012, counsel to Gas Natural, Inc. and Richard M. Osborne sent a letter to counsel representing the Company offering to settle and release, all claims related to Gas Natural Inc.’s previous offers to purchase the Company and other activities, including the Company’s 2010 rights offering. On December 11, 2012, at its regularly scheduled meeting, the Board of Directors approved settling the claims for $200,000 in exchange for general releases and certain other consideration. On December 13, 2012, the Company was notified by counsel for Gas Natural, Inc. that Gas Natural, Inc.’s Board of Directors, Richard Osborne and the Osborne Trust had approved the settlement. The after tax expense that resulted from this agreement was $126,000 and was shown in other deductions, net for year ended September 30, 2013, on the Company’s Consolidated Income Statement. The Company believes its actions in connection with the offers, the rights offering and other activities were in the best interest of the Company and its shareholders. | |||||||||||||||||
Holding Company | ' | ||||||||||||||||
(v) Holding Company | |||||||||||||||||
In order to reorganize the regulated and unregulated businesses of the Company, Corning Natural Gas Holding Corporation (the “Holding Company”), a wholly-owned subsidiary of the Company at September 30, 2013, was incorporated under the laws of the State of New York on July 19, 2013. The Holding Company was formed to serve as the parent holding company of the Company, Appliance Corp and, directly or indirectly, the interests in the Leatherstocking Joint Venture Companies. The NYPSC approved the formation of the Holding Company and the reorganization of the Company into a holding company structure on May 17, 2013. The reorganization into the holding company structure required approval of holders of at least 66 2/3rds of the Company’s common stock and the exchange of shares of common stock of the Company for common stock of the Holding Company. On August 1, 2013, the Holding Company filed a Registration Statement/Proxy Statement on Form S-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) to register the securities to be issued by the Holding Company in connection with the exchange and to file a proxy statement for a special meeting of the Company’s shareholders regarding the proposal to create the holding company structure and the exchange of shares of the Company’s common stock on a one-for-one basis for shares of the Holding Company’s common stock. The Registration Statement was effective September 30, 2013. In a special shareholder meeting on November 6, 2013, the proposal was approved by more than two-thirds of Corning Natural Gas Corporation shareholders. The effective date of reorganization was November 12, 2013. | |||||||||||||||||
Subsequent Events | ' | ||||||||||||||||
(w) New Accounting Pronouncements | |||||||||||||||||
In February 2013, FASB issued FASB ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard improves the reporting of reclassification adjustments in the statement of income FASB ASU 2013-02 is effective for interim or annual fiscal years beginning after December 15, 2012 for public entities and for fiscal years ending after December 2013 for non-public entities. The Company adopted FASB ASU 2013-02 and it had no impact on the Company’s consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of fair value of assets and liabilities | ' | ||||||||||||||||
Fair value of assets and liabilities measured on a recurring basis at September 30, 2013 and 2012 are as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
Fair Value | Quoted Prices In Active | Level 2 | Level 3 | ||||||||||||||
Markets for Identical | |||||||||||||||||
Assets/Liabilities (Level 1) | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Available-for-sale securities | $ | 2,242,540 | $ | 2,242,540 | $ | — | $ | — | |||||||||
30-Sep-12 | |||||||||||||||||
Available-for-sale securities | $ | 2,271,721 | $ | 2,271,721 | $ | — | $ | — |
Major_Customers_Tables
Major Customers (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Major Customers Tables | ' | ||||||||||||||||
Schedule of revenue and deliveries to major customers | ' | ||||||||||||||||
Total revenue and deliveries to these customers were as follows: | |||||||||||||||||
Deliveries | Revenue | ||||||||||||||||
Mcf | % of Total | Amount | % of Total | ||||||||||||||
(Unaudited) | |||||||||||||||||
Corning Incorporated | |||||||||||||||||
Year ended September 30, 2013 | 1,889,000 | 23 | $ | 942,000 | 4 | ||||||||||||
Year ended September 30, 2012 | 2,538,000 | 30 | $ | 1,142,000 | 6 | ||||||||||||
NYSEG | |||||||||||||||||
Year ended September 30, 2013 | 3,016,000 | 36 | $ | 355,000 | 2 | ||||||||||||
Year ended September 30, 2012 | 2,675,000 | 32 | $ | 348,000 | 2 | ||||||||||||
BEGWS | |||||||||||||||||
Year ended September 30, 2013 | 575,000 | 7 | $ | 2,024,000 | 9 | ||||||||||||
Year ended September 30, 2012 | 505,000 | 6 | $ | 1,479,000 | 8 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment Tables | ' | ||||||||
Schedule of fixed assets included in utility plant | ' | ||||||||
The following table summarizes fixed asset included in utility plant on the Company’s Consolidated Balance Sheet at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Utility | 17,774,138 | 16,472,497 | |||||||
Pipeline | 32,568,644 | 28,926,167 | |||||||
Structures | 4,923,370 | 4,864,961 | |||||||
Land and Land Rights | 648,326 | 507,037 | |||||||
All Other and Corporate | 4,346,781 | 3,428,262 | |||||||
60,261,259 | 54,198,924 |
Marketable_Securites_Tables
Marketable Securites (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Marketable Securites Tables | ' | ||||||||||||||||
Schedule of Marketable Securities | ' | ||||||||||||||||
A summary of the marketable securities at September 30, 2013 and 2012 is as follows: | |||||||||||||||||
Cost Basis | Unrealized Gain | Unrealized Loss | Market Value | ||||||||||||||
2013 | |||||||||||||||||
Cash and equivalents | $ | 84,675 | — | $ | 84,675 | ||||||||||||
Metlife stock value | 51,185 | — | — | 51,185 | |||||||||||||
Government and agency issues | 148,976 | 7,935 | 141,041 | ||||||||||||||
Corporate bonds | 242,471 | 6,337 | 236,134 | ||||||||||||||
Mutual funds | 56,310 | 3,764 | 60,074 | ||||||||||||||
Equity securities | 1,606,197 | 63,234 | 1,669,431 | ||||||||||||||
Total securities | $ | 2,189,814 | $ | 66,998 | $ | 14,272 | $ | 2,242,540 | |||||||||
2012 | |||||||||||||||||
Cash and equivalents | $ | 140,186 | — | — | $ | 140,186 | |||||||||||
Metlife stock value | 51,185 | — | — | 51,185 | |||||||||||||
Government and agency issues | 75,001 | 857 | — | 75,858 | |||||||||||||
Corporate bonds | 196,842 | 3,754 | — | 200,596 | |||||||||||||
Mutual funds | 144,148 | — | 6,723 | 137,425 | |||||||||||||
Equity securities | 1,588,755 | 77,716 | — | 1,666,471 | |||||||||||||
Total securities | $ | 2,196,117 | $ | 82,327 | $ | 6,723 | $ | 2,271,721 | |||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Regulatory Matters Tables | ' | ||||||||
Schedule of Regulatory Assets | ' | ||||||||
Below is a summary of the Company’s regulatory assets as of September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Deferred Regulatory costs | 2,537,893 | 1,545,790 | |||||||
Deferred Unrecovered gas costs | 387,288 | 1,545,235 | |||||||
Total Regulatory Assets | 2,925,181 | 3,091,025 | |||||||
The following table summarizes regulatory costs at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Deferred Rate Case Costs | 1,378,563 | 1,689,790 | |||||||
Deferred Rate Case Reconciliations | 1,114,007 | — | |||||||
Other Deferred Costs | 45,323 | (144,000 | ) | ||||||
Total | 2,537,893 | 1,545,790 |
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt Tables | ' | ||||||||
Schedule of Long Term Debt | ' | ||||||||
Long-term debt, including the current portion, was as follows at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Unsecured senior note - 7.9%, due serially with annual payments of $355,000 beginning on September 1, 2006, paid in full October 2013 | $ | 1,860,000 | $ | 2,215,000 | |||||
Note payable - 6.5% with monthly installments through 2013 | — | 4,584,321 | |||||||
Note payable - variable rate with 4.5% floor with monthly | |||||||||
installments through May 2015 | 720,116 | 826,573 | |||||||
Note Payable - 5.76% with monthly installments | — | 1,599,241 | |||||||
Note Payable - variable rate with 4.25% floor, monthly | |||||||||
installments through November 2016 | 1,676,794 | 1,847,090 | |||||||
Note Payable - variable rate with 3.75% floor, monthly | |||||||||
installments through November 2017 | 2,279,408 | 2,450,000 | |||||||
Note Payable - 4.46% with monthly installments through | |||||||||
July 2017, then refinanced at new rate | 228,324 | 248,703 | |||||||
Note Payable - 4.46% with monthly installments through | |||||||||
July 2017, then refinanced at new rate | 228,324 | 248,703 | |||||||
Note Payable - 5.79% with monthly installments through | |||||||||
Aug-18 | 727,847 | — | |||||||
Note Payable - 4.51% with monthly installments through | |||||||||
Sep-18 | 2,955,246 | — | |||||||
Note Payable - 4.5% with monthly installments through | |||||||||
November 2018 (estimated) | 2,646,690 | — | |||||||
Note Payable - 4.5% with monthly installments through | |||||||||
Nov-18 | 1,759,364 | — | |||||||
M&T Bank - vehicle loans | 205,990 | 117,449 | |||||||
Total long-term debt | $ | 15,288,103 | $ | 14,137,080 | |||||
Less current installments | 1,827,322 | 1,571,553 | |||||||
Long-term debt less current installments | $ | 13,460,781 | $ | 12,565,527 | |||||
Schedule of Long-Term Debt Maturities | ' | ||||||||
The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2013 are as follows: | |||||||||
2014 | $ | 1,827,322 | |||||||
2015 | $ | 1,995,238 | |||||||
2016 | $ | 2,050,103 | |||||||
2017 | $ | 2,106,645 | |||||||
2018 | $ | 2,160,308 | |||||||
2019+ | $ | 5,148,487 | |||||||
Investment_in_Joint_Ventures_T
Investment in Joint Ventures (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investment In Joint Ventures Tables | ' | ||||||||
Schedule of investment in joint ventures | ' | ||||||||
The following table represents the Company’s investment activity in the Leatherstocking Companies at September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Beginning balance in investment in joint ventures | $ | 349,193 | $ | — | |||||
Investment in joint ventures during year | 281,000 | 111,000 | |||||||
Income (loss) in joint ventures during year | (42,515 | ) | 238,193 | ||||||
Ending balance in joint ventures | $ | 587,678 | $ | 349,193 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Taxes Tables | ' | ||||||||
Schedule of Income Tax Expense | ' | ||||||||
Income tax expense for the years ended September 30 is as follows: | |||||||||
2013 | 2012 | ||||||||
Current | ($ | 50,557 | ) | ($ | 1,421,068 | ) | |||
Deferred | 925,901 | 1,867,402 | |||||||
Total | $ | 875,344 | $ | 446,334 | |||||
Schedule of reconciliation of income tax | ' | ||||||||
Actual income tax expense differs from the expected tax expense (computed by applying the federal corporate tax rate of 34% and state tax rate of 7.1% to income before income tax expense) as follows: | |||||||||
2013 | 2012 | ||||||||
Expected federal tax expense | $ | 904,644 | $ | 611,284 | |||||
Regulatory adjustment | (51,551 | ) | (56,935 | ) | |||||
Dividends received deduction | (16,536 | ) | (18,934 | ) | |||||
State tax expense (net of federal) | 113,808 | 83,063 | |||||||
Other, net | (75,021 | ) | (172,144 | ) | |||||
Actual tax expense | $ | 875,344 | $ | 446,334 | |||||
Schedule of deferred income tax assets and liabilities | ' | ||||||||
The tax effects of temporary differences that result in deferred income tax assets and liabilities at September 30 are as follows: | |||||||||
2013 | 2012 | ||||||||
Deferred income tax assets: | |||||||||
Unbilled revenue | $ | — | $ | 38,242 | |||||
Deferred compensation reserve | 571,926 | 579,016 | |||||||
Post-retirement benefit obligations | 413,963 | 458,465 | |||||||
Comprehensive income | 1,803,620 | 2,186,198 | |||||||
Inventories | — | 47,291 | |||||||
Pension benefit obligations | — | 412,352 | |||||||
NOL carryforwards | 5,590,448 | 5,405,569 | |||||||
Other | 1,279,979 | 551,482 | |||||||
Total deferred income tax assets | 9,659,936 | 9,678,615 | |||||||
Deferred income tax liabilities: | |||||||||
Property, plant and equipment, principally due to | |||||||||
differences in depreciation | 8,698,227 | 7,416,764 | |||||||
Pension benefit obligations | 863,056 | — | |||||||
Unbilled revenue | 42,635 | — | |||||||
Inventories | 48,381 | — | |||||||
Deferred rate expense and allocations | 528,458 | 680,527 | |||||||
Deficiency of gas adjustment clause revenues billed | 28,238 | 415,099 | |||||||
Prior period tax reconciliations | 29,045 | — | |||||||
Other | — | 61,280 | |||||||
Total deferred income tax liabilities | 10,238,040 | 8,573,670 | |||||||
Net deferred income tax (assets) liabilities | $ | 578,104 | ($ | 1,104,945 | ) |
Pension_and_Other_Postretireme1
Pension and Other Post-retirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension And Other Post-Retirement Benefit Plans Tables | ' | ||||||||||||||||
Schedule of reconciliation of pension and post-retirement benefit plans | ' | ||||||||||||||||
The following table shows reconciliations of the Company’s pension and post-retirement plan benefits as of September 30: | |||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Change in benefit obligations: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 18,332,559 | $ | 15,857,827 | $ | 1,187,118 | $ | 857,645 | |||||||||
Service cost | 395,916 | 328,661 | 17,285 | 14,388 | |||||||||||||
Interest cost | 715,062 | 771,341 | 46,223 | 41,569 | |||||||||||||
Participant contributions | — | — | 71,000 | 88,000 | |||||||||||||
Actuarial (gain) loss | (1,483,059 | ) | 2,202,387 | (68,807 | ) | 82,701 | |||||||||||
Benefits paid | (860,845 | ) | (827,657 | ) | (134,000 | ) | (141,000 | ) | |||||||||
Curtailments | — | — | — | 243,815 | |||||||||||||
Benefit obligation at end of year | 17,099,633 | 18,332,559 | 1,118,819 | 1,187,118 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 11,498,019 | 9,458,419 | — | — | |||||||||||||
Actual return on plan assets | 715,932 | 1,532,489 | — | — | |||||||||||||
Company contributions | 877,480 | 1,339,796 | 63,000 | 53,000 | |||||||||||||
Participant contributions | — | — | 71,000 | 88,000 | |||||||||||||
Benefits paid | (866,447 | ) | (832,685 | ) | (134,000 | ) | (141,000 | ) | |||||||||
Fair value of plan assets at end of year | 12,224,984 | 11,498,019 | — | — | |||||||||||||
Funded status | (4,874,649 | ) | (6,834,540 | ) | (1,118,819 | ) | (1,187,118 | ) | |||||||||
Unrecognized net actuarial loss / (gain) | 2,950,422 | 4,881,181 | (239,771 | ) | (186,506 | ) | |||||||||||
Unrecognized PSC adjustment | — | — | — | — | |||||||||||||
Unrecognized prior service cost | 29,952 | (44,180 | ) | — | — | ||||||||||||
Unrecognized net transition asset (obligation) | — | — | 157,177 | 160,724 | |||||||||||||
Additional minimum liability | — | — | — | — | |||||||||||||
(Accrued) prepaid benefit cost | (1,894,275 | ) | (1,909,179 | ) | (1,201,413 | ) | (1,212,900 | ) | |||||||||
Accrued contribution | — | — | — | — | |||||||||||||
Amounts recognized in the balance sheet consists of: | |||||||||||||||||
Prepaid (accrued) benefit liability | (4,874,649 | ) | (6,834,540 | ) | (1,118,819 | ) | (1,187,118 | ) | |||||||||
Amounts recognized in the Balance Sheets consist of: | |||||||||||||||||
(Accrued)/prepaid pension cost as of beginning of fiscal year | (1,909,179 | ) | (2,205,217 | ) | (1,212,900 | ) | (1,246,107 | ) | |||||||||
Pension (cost) income | (637,478 | ) | (862,576 | ) | (53,513 | ) | (29,793 | ) | |||||||||
Contributions | 877,480 | 1,339,796 | — | — | |||||||||||||
Change in receivable contribution | (225,098 | ) | (181,182 | ) | — | — | |||||||||||
Net benefits paid | — | — | 65,000 | 63,000 | |||||||||||||
Change in additional minimum liability | — | — | — | — | |||||||||||||
(Accrued)/prepaid pension cost as of end of fiscal year | (1,894,275 | ) | (1,909,179 | ) | (1,201,413 | ) | (1,212,900 | ) | |||||||||
Fair value of plan assets at end of year | |||||||||||||||||
Cash and equivalents | 168,627 | 333,327 | — | — | |||||||||||||
Government and agency issues | 2,056,301 | 706,508 | — | — | |||||||||||||
Corporate bonds | 3,193,521 | 3,590,859 | — | — | |||||||||||||
Fixed index funds | 421,120 | 516,153 | — | — | |||||||||||||
Fixed income | 373,592 | 761,034 | — | — | |||||||||||||
Equity securities | 6,011,823 | 5,590,138 | — | — | |||||||||||||
12,224,984 | 11,498,019 | — | — | ||||||||||||||
Schedule of amortization of unrecognized net (gain)/loss | ' | ||||||||||||||||
Amortization of unrecognized net (gain)/loss for the Retirement Plan for fiscal year ending September 30, 2014: | |||||||||||||||||
Projected benefit obligation as of October 1, 2013 | $ | 17,099,633 | |||||||||||||||
Fair value of plan assets as of October 1, 2013 | (12,224,984 | ) | |||||||||||||||
Net asset/(obligation) at transition | — | ||||||||||||||||
Prior service cost | (29,952 | ) | |||||||||||||||
(Accrued)/prepaid liability recognized through income | (1,894,275 | ) | |||||||||||||||
Preliminary unrecognized (gain)/loss as of October 1, 2013 | $ | 2,950,422 | |||||||||||||||
Asset gain/(loss) not reflected on market related asset value | — | ||||||||||||||||
Unrecognized net (gain)/loss at October 1, 2013 subject to amortization | $ | 2,950,422 | |||||||||||||||
Amortization of unrecognized net (gain)/loss for the Post-Retirement Plan for the fiscal year ended September 30, 2014: | |||||||||||||||||
Unrecognized net (gain)/loss at October 1, 2013 subject to amortization | $ | (239,771 | ) | ||||||||||||||
Amount to be amortized 2013 - 2014 | |||||||||||||||||
Amortizaton period | 10 years | ||||||||||||||||
Amortization for 2013 - 2014 ((gain)/loss divided by period) | $ | (23,977 | ) | ||||||||||||||
Schedule of components of net periodic benefit cost | ' | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net period benefit cost (benefit): | |||||||||||||||||
Service cost | 395,916 | 328,661 | 17,285 | 14,388 | |||||||||||||
Interest cost | 715,062 | 771,341 | 46,223 | 41,569 | |||||||||||||
Expected return on plan assets | (886,563 | ) | (778,194 | ) | — | — | |||||||||||
Amortization of prior service | 14,228 | 16,418 | 3,547 | (11,691 | ) | ||||||||||||
Amortization of transition obligation | — | — | — | — | |||||||||||||
Amortization of PSC adjustment | — | — | — | — | |||||||||||||
FAS88 recognition - loss on curtailment | — | — | — | — | |||||||||||||
Amortization of unrecognized actuarial loss (gain) | 623,933 | 705,532 | (15,542 | ) | (24,473 | ) | |||||||||||
Net periodic benefit cost (benefit) | 862,576 | 1,043,758 | 51,513 | 19,793 | |||||||||||||
Schedule of weighted average assumptions used to determine net period cost | ' | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average assumptions used to determine net | |||||||||||||||||
period cost at September 30: | |||||||||||||||||
Discount rate | 4.85 | % | 4 | % | 4.85 | % | 4 | % | |||||||||
Expected return on assets | 7.5 | % | 7.75 | % | 8 | % | 8 | % | |||||||||
Schedule of estimated pension plan payments | ' | ||||||||||||||||
The estimated pension plan benefit payments are as follows: | |||||||||||||||||
2014 | $ | 942,000 | |||||||||||||||
2015 | $ | 960,000 | |||||||||||||||
2016 | $ | 997,000 | |||||||||||||||
2017 | $ | 1,072,000 | |||||||||||||||
2018 | $ | 1,092,000 | |||||||||||||||
2019+ | $ | 6,154,000 |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stock Options Tables | ' | ||||||||||||
Schedule of stock option activity | ' | ||||||||||||
A summary of all stock option activity and information related to all options outstanding follows: | |||||||||||||
2012 | |||||||||||||
Stock Options | |||||||||||||
Weighted | |||||||||||||
Number of | Weighted | Average | |||||||||||
Shares | Average | Remaining | |||||||||||
Remaining | Exercise | Contractual | |||||||||||
Options | Price | Term | |||||||||||
Outstanding at October 1, 2011 | 80,000 | $ | 10.95 | ||||||||||
Options granted | — | ||||||||||||
Options exercised during year ended September 30, 2012 | 35,000 | $ | 10 | ||||||||||
Options expired during year ended September 30, 2012 | 3,000 | ||||||||||||
Outstanding at September 30, 2012 | 42,000 | $ | 11.81 | 1.72 years | |||||||||
Exercisable at September 30, 2012 | 42,000 | $ | 11.81 | 1.72 years | |||||||||
2013 | |||||||||||||
Stock Options | |||||||||||||
Weighted | |||||||||||||
Number of | Weighted | Average | |||||||||||
Shares | Average | Remaining | |||||||||||
Remaining | Exercise | Contractual | |||||||||||
Options | Price | Term | |||||||||||
Outstanding at October 1, 2012 | 42,000 | $ | 11.81 | ||||||||||
Options granted | — | ||||||||||||
Options exercised during year ended September 30, 2013 | 17,700 | $ | 11.33 | ||||||||||
Options expired during year ended September 30, 2013 | 10,800 | ||||||||||||
Outstanding at September 30, 2013 | 13,500 | $ | 12.83 | 2.25 years | |||||||||
Exercisable at September 30, 2013 | 13,500 | $ | 12.83 | 2.25 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Dec. 11, 2012 | Apr. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 12, 2013 | Feb. 10, 2012 | Jun. 14, 2011 | Dec. 11, 2012 | Jul. 25, 2013 | Sep. 30, 2013 | Dec. 12, 2012 | Sep. 30, 2013 | |
Employees | Employees | Gast Natural, Inc. and Richard M. Osborne | Leatherstocking Joint Venture | Affiliate of Co-Venturer | Carl T. Hayden, Director of JV Affiliate | Customer in Chapter 11 | ||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation rate, percentage of depreciable property | ' | ' | 3.70% | 3.10% | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | $1,727,562 | $1,552,447 | ' | ' | ' | ' | ' | ' | ' | $252,456 |
Allowance for uncollectible accounts | ' | ' | 297,846 | 209,615 | ' | ' | ' | ' | ' | ' | ' | 252,456 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Dividend | ' | ' | ' | ' | $0.13 | $0.12 | $0.12 | ' | ' | ' | ' | ' |
Days after quarter close dividend to be paid | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' |
Revenue Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State Revenue Taxes collected | ' | ' | 153,346 | 131,141 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Board of directors quarterly compensation, restricted shares | ' | 375 | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' |
Compensation expense, percent less than closing price of stock | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for stock-based director compensation | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | ' |
Number of officers granted shares | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting description of director awards | 'The per share amount of a dividend declared, but not paid, as of the financial reporting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
311 Transportation Agreement/Compressor Station | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compression station, value | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pipeline, value | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total value of new plant | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase price at end of agreement | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collective Bargaining Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Employees | ' | ' | 56 | 54 | ' | ' | ' | ' | ' | ' | ' | ' |
Leatherstocking Companies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in affiliate, percent | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Line of credit | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Settlement of Lawsuits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release agreement for the settlement of lawsuits, amount | ' | ' | ' | 285,000 | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Release agreement for the settlement of two lawsuits, annual payment | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release agreement for the settlement of two lawsuits, interest compounded annually | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release agreement for the settlement of two lawsuits, payment to replace life insurance policy | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release agreement for the settlement of two lawsuits, maximum number of payments to replace life insurance policy | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release agreement for the settlement of two lawsuits, after tax benefit | ' | ' | ' | 400,000 | ' | ' | ' | 126,000 | ' | ' | ' | ' |
Present value of expected future obligation | ' | ' | $517,973 | $498,933 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details) (Recurring, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value | ' | ' |
Available-for-sale securities | $2,242,540 | $2,271,721 |
Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1) | ' | ' |
Available-for-sale securities | 2,242,540 | 2,271,721 |
Level 2 | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | ' | ' |
Available-for-sale securities | ' | ' |
Major_Customers_Details
Major Customers (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Mcf | Mcf | |
Corning Incorporated | Deliveries | ' | ' |
Concentration Percentage | 23.00% | 30.00% |
Deliveries | 1,889,000 | 2,538,000 |
Corning Incorporated | Revenues | ' | ' |
Concentration Percentage | 4.00% | 6.00% |
Revenues | 942,000 | 1,142,000 |
NYSEG | Deliveries | ' | ' |
Concentration Percentage | 36.00% | 32.00% |
Deliveries | 3,016,000 | 2,675,000 |
NYSEG | Revenues | ' | ' |
Concentration Percentage | 2.00% | 2.00% |
Revenues | 355,000 | 348,000 |
BEGWS | Deliveries | ' | ' |
Concentration Percentage | 7.00% | 6.00% |
Deliveries | 575,000 | 505,000 |
BEGWS | Revenues | ' | ' |
Concentration Percentage | 9.00% | 8.00% |
Revenues | 2,024,000 | 1,479,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details Narrative) | 12 Months Ended |
Sep. 30, 2013 | |
Utility Plant | Lower Range | ' |
Useful life | '35 years |
Utility Plant | Upper Range | ' |
Useful life | '52 years |
Pipelines | ' |
Useful life | '66 years |
Structures | Lower Range | ' |
Useful life | '45 years |
Structures | Upper Range | ' |
Useful life | '47 years |
Land and Land Rights | ' |
Useful life | '65 years |
All Other and Corporate Fixed Assets | Lower Range | ' |
Useful life | '8 years |
All Other and Corporate Fixed Assets | Upper Range | ' |
Useful life | '25 years |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Utility property, plant and equipment | $60,261,259 | $54,198,924 |
Utility Plant | ' | ' |
Utility property, plant and equipment | 17,774,138 | 16,472,497 |
Pipelines | ' | ' |
Utility property, plant and equipment | 32,568,644 | 28,926,167 |
Structures | ' | ' |
Utility property, plant and equipment | 4,923,370 | 4,864,961 |
Land and Land Rights | ' | ' |
Utility property, plant and equipment | 648,326 | 507,037 |
All Other and Corporate Fixed Assets | ' | ' |
Utility property, plant and equipment | $4,346,781 | $3,428,261 |
Marketable_Securites_Details_N
Marketable Securites (Details Narrative) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Marketable Securites Details Narrative | ' | ' |
Gain (loss) on sale of equity securities | $65,276 | $44,039 |
Marketable_Securites_Details
Marketable Securites (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Marketable Securities | ' | ' |
Cost Basis | $2,189,814 | $2,196,117 |
Unrealized gains | 66,998 | 82,327 |
Unrealized losses | 14,272 | 6,723 |
Marketable securities available-for-sale at fair value | 2,242,540 | 2,271,721 |
Cash and Equivalents | ' | ' |
Marketable Securities | ' | ' |
Cost Basis | 84,675 | 140,186 |
Unrealized gains | ' | ' |
Unrealized losses | ' | ' |
Marketable securities available-for-sale at fair value | 84,675 | 140,186 |
Metlife stock value | ' | ' |
Marketable Securities | ' | ' |
Cost Basis | 51,185 | 51,185 |
Unrealized gains | ' | ' |
Unrealized losses | ' | ' |
Marketable securities available-for-sale at fair value | 51,185 | 51,185 |
Government and agency issues | ' | ' |
Marketable Securities | ' | ' |
Cost Basis | 148,976 | 75,001 |
Unrealized gains | ' | 857 |
Unrealized losses | 7,935 | ' |
Marketable securities available-for-sale at fair value | 141,041 | 75,858 |
Corporate bonds | ' | ' |
Marketable Securities | ' | ' |
Cost Basis | 242,471 | 196,842 |
Unrealized gains | ' | 3,754 |
Unrealized losses | 6,337 | ' |
Marketable securities available-for-sale at fair value | 236,134 | 200,596 |
Mutual Funds | ' | ' |
Marketable Securities | ' | ' |
Cost Basis | 56,310 | 144,148 |
Unrealized gains | 3,764 | ' |
Unrealized losses | ' | 6,723 |
Marketable securities available-for-sale at fair value | 60,074 | 137,425 |
Equity Securities | ' | ' |
Marketable Securities | ' | ' |
Cost Basis | 1,606,197 | 1,588,755 |
Unrealized gains | 63,234 | 77,716 |
Unrealized losses | ' | ' |
Marketable securities available-for-sale at fair value | $1,669,431 | $1,666,471 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Regulatory Matters Details | ' | ' |
Deferred regulatory costs | $2,537,893 | $1,545,790 |
Deferred Unrecovered gas costs | 387,288 | 1,545,235 |
Total Regulatory Assets | $2,925,181 | $3,091,025 |
Regulatory_Matters_Details_1
Regulatory Matters (Details 1) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Regulatory Matters Details 1 | ' | ' |
Deferred Rate Case Costs | $1,378,563 | $1,689,790 |
Deferred Rate Case Reconciliations | 1,114,007 | ' |
Other Deferred Costs | 45,323 | -144,000 |
Deferred regulatory costs | $2,537,893 | $1,545,790 |
Longterm_Debt_Details_Narrativ
Long-term Debt (Details Narrative) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 | Sep. 30, 2013 | Jul. 30, 2013 | Aug. 01, 2018 | Sep. 30, 2012 | 7-May-08 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 04, 2010 | Oct. 16, 2008 | Mar. 10, 2011 | 7-May-10 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 27, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 14, 2011 | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 27, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 13, 2012 | Sep. 03, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 03, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 03, 2013 | Sep. 30, 2012 | Sep. 03, 2013 | Oct. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Five Star Bank Notes Payable | Five Star Bank Notes Payable | Five Star Bank Notes Payable | Five Star Bank Notes Payable | Five Star Bank Notes Payable | M&T Bank Loans Payable | M&T Bank Loans Payable | M&T Bank Loans Payable | M&T Bank Loans Payable | M&T Bank Loans Payable | Community Bank Notes Payable | Community Bank Notes Payable | Community Bank Notes Payable | Community Bank Notes Payable | Multiple Disbursement Term Note M&T Bank 1 | Multiple Disbursement Term Note M&T Bank 1 | Multiple Disbursement Term Note M&T Bank 1 | Multiple Disbursement Term Note M&T Bank 2 | Multiple Disbursement Term Note M&T Bank 2 | Multiple Disbursement Term Note M&T Bank 2 | Multiple Disbursement Term Note M&T Bank 2 | Multiple Disbursement Term Note M&T Bank 2 | Term Loan Agreement Community Bank | Term Loan Agreement Community Bank | Term Loan Agreement Community Bank | Term Loan Agreement Community Bank | Five Star Bank Promissory Notes | Five Star Bank Promissory Notes | Five Star Bank Promissory Notes | M&T Promissory Notes | M&T Promissory Note 1 | M&T Promissory Note 1 | M&T Promissory Note 1 | M&T Promissory Note 1 | M&T Promissory Note 2 | M&T Promissory Note 2 | M&T Promissory Note 2 | M&T Promissory Note 2 | Multiple Disbursement Term Note M&T Bank 2 | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Notes Payable due November 2018 1 | Notes Payable due November 2018 1 | Notes Payable due November 2018 2 | Notes Payable due November 2018 2 | |||
Debt, face amount | ' | ' | $750,000 | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' | $1,050,000 | ' | ' | $1,865,000 | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | $2,450,000 | ' | ' | $250,000 | $4,000,000 | ' | ' | ' | $4,800,000 | ' | ' | $3,000,000 | ' | $4,000,000 | ' | $4,700,000 | ' | ' | ' | ' | ' |
Issuance/refinancing date | ' | ' | 1-Sep-10 | ' | 13-Aug-12 | ' | ' | 7-May-08 | ' | ' | ' | ' | ' | 7-May-10 | ' | ' | 27-Oct-10 | ' | ' | 14-Jul-11 | ' | ' | ' | ' | 27-Jul-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 25-Sep-11 | ' | ' | ' | ' | ' | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | 42.50% | 57.90% | ' | ' | ' | ' | ' | ' | 6.50% | 5.96% | ' | 6.25% | 4.50% | ' | 5.76% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.46% | ' | ' | ' | ' | ' | ' | ' | 4.51% | ' | ' | ' | 7.90% | ' | 4.50% | ' | 4.50% | ' |
Interest rate, variable rate basis | ' | ' | 'Prime Rate | ' | ' | 'New York Fixed Advance Rate five days prior to July 30, 2013 | ' | ' | ' | ' | ' | ' | '30 day LIBOR | ' | ' | ' | ' | ' | ' | '30-day LIBOR | ' | '30-day LIBOR | ' | ' | '30-day LIBOR | ' | ' | ' | ' | ' | ' | ' | 'Sum of the yield on United States Treasury Obligations adjusted to a constant maturity of five years and the ask side of teh fire year swap spread as published by Bloomber | '30-day LIBOR | ' | ' | ' | ' | ' | ' | 'Sum of the yield on United States Treasury Obligations adjusted to a constant maturity of five years and the ask side of teh fire year swap spread as published by Bloomber | ' | ' | ' | ' | ' | ' | ' |
Interest rate, spread on basis | ' | ' | 1.00% | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | 3.50% | ' | 3.25% | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | 2.75% | 3.25% | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan retired | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior note retired | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity contribution required to enter into note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised, shares | 13,500 | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised, total amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible net worth requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to tangible net worth ratio that must be maintained | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30000.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt service coverage ratio that must be retained | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, ceiling | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' | ' | ' | ' | ' | ' | 4.25% | ' | 4.25% | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of existing debt refinanced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt outstanding | 15,288,103 | 14,137,080 | ' | 727,847 | ' | ' | ' | ' | ' | 4,584,321 | ' | ' | ' | ' | 720,116 | 826,573 | ' | ' | 1,599,241 | ' | 1,646,794 | 1,646,794 | 1,847,090 | ' | ' | 2,279,408 | 2,450,000 | ' | 228,324 | 248,703 | ' | ' | ' | ' | 2,646,690 | ' | ' | 2,955,246 | ' | ' | ' | ' | 1,860,000 | 2,215,000 | 2,646,690 | ' | 1,759,364 | ' |
Periodic payment amount, interest and principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,028 | ' | ' | ' | ' | ' | 355,000 | ' | ' | ' | ' | ' |
Payment frequency | ' | ' | ' | 'Monthly | ' | ' | ' | ' | 'Monthly | ' | ' | ' | ' | ' | 'Monthly | ' | ' | 'Monthly | ' | ' | 'Monthly | ' | ' | ' | ' | 'Monthly | ' | ' | 'Monthly | ' | ' | ' | ' | ' | ' | ' | 'Monthly | 'Monthly | ' | ' | ' | ' | 'Annual | ' | 'Monthly | ' | 'Monthly | ' |
Mortgage securing loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,966,469 | ' | ' | ' | ' | ' | ' |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Long term debt | $15,288,103 | $14,137,080 |
Less current installments | 1,827,322 | 1,571,553 |
Long-term debt less current installments | 13,460,781 | 12,565,527 |
Unsecured Senior Notes | ' | ' |
Long term debt | 1,860,000 | 2,215,000 |
M&T Bank Loans Payable | ' | ' |
Long term debt | ' | 4,584,321 |
Community Bank Notes Payable | ' | ' |
Long term debt | 720,116 | 826,573 |
Multiple Disbursement Term Note M&T Bank 1 | ' | ' |
Long term debt | ' | 1,599,241 |
Multiple Disbursement Term Note M&T Bank 2 | ' | ' |
Long term debt | 1,646,794 | 1,847,090 |
Term Loan Agreement Community Bank | ' | ' |
Long term debt | 2,279,408 | 2,450,000 |
Five Star Bank Promissory Notes | ' | ' |
Long term debt | 228,324 | 248,703 |
Five Star Bank Notes Payable | ' | ' |
Long term debt | 727,847 | ' |
M&T Promissory Note 2 | ' | ' |
Long term debt | 2,955,246 | ' |
Notes Payable due November 2018 1 | ' | ' |
Long term debt | 2,646,690 | ' |
Notes Payable due November 2018 2 | ' | ' |
Long term debt | 1,759,364 | ' |
M&T Bank - Vehicle Loans | ' | ' |
Long term debt | $205,990 | $117,449 |
Longterm_Debt_Details_1
Long-term Debt (Details 1) (USD $) | Sep. 30, 2013 |
Aggregate maturity of debt in fiscal year: | ' |
2014 | $1,827,322 |
2015 | 1,995,238 |
2016 | 2,050,103 |
2017 | 2,106,645 |
2018 | 2,160,308 |
2019 + | $5,148,487 |
Lines_of_Credit_Details_Narrat
Lines of Credit (Details Narrative) (Community Bank Line of Credit, USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Jul. 01, 2013 | Feb. 28, 2012 | Feb. 28, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 21, 2013 | Jun. 20, 2013 | |
Community Bank Line of Credit | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | $8,000,000 | $7,000,000 |
Line of credit outstanding | ' | ' | ' | 4,407,305 | 2,196,995 | ' | ' |
Line of credit, maximum amount outstanding | ' | ' | ' | $5,652,671 | $6,607,788 | ' | ' |
Interest rate, variable rate basis | '30-day LIBOR | '30-day LIBOR | '30-day LIBOR | ' | ' | ' | ' |
Interest rate, spread on basis | 2.80% | 2.50% | 2.25% | ' | ' | ' | ' |
Interest rate, ceiling | ' | 3.25% | 3.50% | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | 3.25% | 3.25% | ' | ' |
Weighted average interest rate during period | ' | ' | ' | 3.25% | 3.35% | ' | ' |
Stockholders_Equity_Details_Na
Stockholders Equity (Details Narrative) (USD $) | 0 Months Ended | 4 Months Ended | 12 Months Ended | 52 Months Ended | ||||||
Jan. 27, 2012 | Sep. 30, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2013 | Nov. 06, 2013 | Jul. 02, 2012 | 28-May-09 | |
Stockholders Equity Details Narrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized under dividend reinvestment program | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Par value of common stock | $5 | ' | $5 | $5 | ' | ' | $5 | $5 | ' | $5 |
Shares issued under dividend reinvestment program | ' | 761 | 7,433 | 74,533 | 5,689 | 2,319 | 20,178 | ' | ' | ' |
Shares issued in private placement | 138,889 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share price of shares issued | $14.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares issued in private placement | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subscription rights issued, ratio to outstanding common stock | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' |
Exercise price of subscription rights | ' | ' | ' | ' | ' | ' | ' | ' | $15.75 | ' |
Shares issued for exercise of rights | ' | ' | 246,524 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of rights | ' | ' | $3,838,048 | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Joint_Ventures_D
Investment in Joint Ventures (Details Narrative) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Leatherstocking Joint Venture | |||
Total assets | $55,018,600 | $51,614,204 | $3,400,000 |
Total liabilities | 7,673,305 | 9,611,009 | 2,300,000 |
Revenues | ' | ' | $232,607 |
Investment_in_Joint_Ventures_D1
Investment in Joint Ventures (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Investment In Joint Ventures Details | ' | ' |
Investment in joint ventures, beginning | $349,193 | ' |
Investment in joint ventures | 281,000 | 111,000 |
Non-utility income from joint venture | -42,515 | 238,193 |
Ending Balance in joint ventures, ending | $587,678 | $349,193 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes Details Narrative | ' | ' |
Loss carryforwards | $15,300,000 | $8,700,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Components of Income Tax Expense | ' | ' |
Current | ($50,557) | ($1,421,068) |
Deferred | 925,901 | 1,867,402 |
Total | $875,344 | $446,334 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes Details 1 | ' | ' |
Expected federal tax expense | $904,644 | $611,284 |
Regulatory adjustment | -51,551 | -56,935 |
Dividends received deduction | -16,536 | -18,934 |
State tax expense (net of federal) | 113,808 | 83,063 |
Other, net | -75,021 | -172,144 |
Total | $875,344 | $446,334 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred income tax assets: | ' | ' |
Unbilled revenue | ' | $38,242 |
Deferred compensation reserve | 571,926 | 579,016 |
Post-retirement benefit obligations | 413,963 | 458,465 |
Comprehensive income | 1,803,620 | 2,186,198 |
Inventories | ' | 47,291 |
Pension benefit obligations | ' | 412,352 |
NOL carryforwards | 5,590,448 | 5,405,569 |
Other | 1,279,979 | 551,482 |
Total deferred income tax assets | 9,659,936 | 9,678,615 |
Deferred income tax liabilities: | ' | ' |
Property, plant and equipment, principally due to differences in depreciation | 8,698,227 | 7,416,764 |
Pension benefit obligations | 863,056 | ' |
Unbilled revenue | 42,635 | ' |
Inventories | 48,381 | ' |
Deferred rate expense and allocations | 528,458 | 680,527 |
Deficiency of gas adjustment clause revenues billed | 28,238 | 415,099 |
Prior period tax reconciliations | 29,045 | ' |
Other | ' | 61,280 |
Total deferred income tax liabilities | 10,238,040 | 8,573,670 |
Net deferred income tax (assets) liabilities | $578,104 | ($1,104,945) |
Pension_and_Other_Postretireme2
Pension and Other Post-retirement Benefit Plans (Details Narrative) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Deferred compensation | ' | $1,545,747 | $1,499,264 | ' |
Monthly post-retirement benefit payout maximum | ' | 150 | ' | ' |
Monthly post-retirement benefit payout minimum | ' | '40% of the retiree's plan premium | ' | ' |
Funded status | ' | 6,000,000 | ' | ' |
Pension expense | ' | 970,000 | 1,173,710 | ' |
Amounts not included in prepaid pension cost | ' | 432,766 | 375,415 | ' |
Regulatory receivable | ' | 188,112 | 197,477 | ' |
Annual rate increase of health care costs assumed | ' | 6.00% | ' | ' |
Percentage change in health care costs (positive or negative) | ' | 1.00% | ' | ' |
Change in service and interest costs with increase in health care costs | ' | 4.40% | ' | ' |
Change in accumulated benefit obligations with increase in health care costs | ' | 5.60% | ' | ' |
Change in service and interest costs with decrease in health care costs | ' | -3.70% | ' | ' |
Change in accumulated benefit obligations with decrease in health care costs | ' | -4.70% | ' | ' |
Pension Benefits | ' | ' | ' | ' |
Fair value of plan assets at end of year | ' | 12,224,984 | 11,498,019 | 9,458,419 |
Funded status | ' | 4,874,649 | 6,834,540 | ' |
Company contributions | 1,200,000 | 877,480 | 1,339,796 | ' |
Rabbi Trust | ' | ' | ' | ' |
Fair value of plan assets at end of year | ' | 2,191,355 | 2,220,536 | ' |
Stock included in deferred compensation plan | ' | 51,185 | 51,185 | ' |
Corning Employee Savings Plan | ' | ' | ' | ' |
Company contributions | ' | $83,938 | $75,005 | ' |
Maximum annual contribution per employee, percentage of wages | ' | 50.00% | ' | ' |
Company matching contribution, percentage limit of employee pay | ' | 6.00% | ' | ' |
Company matching contribution percentage | ' | 50.00% | ' | ' |
Pension_and_Other_Postretireme3
Pension and Other Post-retirement Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Change in plan assets: | ' | ' | ' |
Funded status | ' | ($6,000,000) | ' |
Pension Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 17,099,633 | 18,332,559 | 15,857,827 |
Service cost | ' | 395,916 | 328,661 |
Interest cost | ' | 715,062 | 771,341 |
Participant contributions | ' | ' | ' |
Actuarial (gain) loss | ' | -1,483,059 | 2,202,387 |
Curtailments | ' | -860,845 | -827,657 |
Benefit obligations at end of year | ' | 17,099,633 | 18,332,559 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 12,224,984 | 11,498,019 | 9,458,419 |
Actual return on plan assets | ' | 715,932 | 1,532,489 |
Company contributions | 1,200,000 | 877,480 | 1,339,796 |
Benefits paid | ' | -866,447 | -832,685 |
Fair value of plan assets at end of year | ' | 12,224,984 | 11,498,019 |
Funded status | ' | -4,874,649 | -6,834,540 |
Unrecognized net actuarial loss/(gain) | ' | 2,950,422 | 4,881,181 |
Unrecognized PSC adjustment | ' | ' | ' |
Unrecognized prior service cost | ' | 29,952 | -44,180 |
Unrecognized net transition asset (obligation) | ' | ' | ' |
Additional minimum liability | ' | ' | ' |
(Accrued) prepaid benefit cost | ' | -1,894,275 | -1,909,179 |
Accrued contribution | ' | ' | ' |
Amounts recognized in the balance sheet consists of: | ' | ' | ' |
Prepaid (accrued) benefit liability | ' | -4,874,649 | -6,834,540 |
(Accrued) prepaid pension cost as of beginning of fiscal year | -1,894,275 | -1,909,179 | -2,205,217 |
Pension (cost) income | ' | -637,478 | -862,576 |
Contribution | ' | 877,480 | 1,339,796 |
Change in receivable contribution | ' | -225,098 | -181,182 |
Net benefits paid | ' | ' | ' |
Change in additional minimum liability | ' | ' | ' |
(Accrued) prepaid pension cost as of end of fiscal year | ' | -1,894,275 | -1,909,179 |
Other Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | ' | 1,187,118 | 857,645 |
Service cost | ' | 17,285 | 14,388 |
Interest cost | ' | 46,223 | 41,569 |
Participant contributions | ' | 71,000 | 88,000 |
Actuarial (gain) loss | ' | -68,807 | 82,701 |
Curtailments | ' | -134,000 | -141,000 |
Benefit obligations at end of year | ' | 1,118,819 | 1,187,118 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' |
Actual return on plan assets | ' | ' | ' |
Company contributions | ' | 63,000 | 53,000 |
Benefits paid | ' | -134,000 | -141,000 |
Fair value of plan assets at end of year | ' | ' | ' |
Funded status | ' | -1,118,819 | -1,187,118 |
Unrecognized net actuarial loss/(gain) | ' | -239,771 | -186,506 |
Unrecognized PSC adjustment | ' | ' | ' |
Unrecognized prior service cost | ' | ' | ' |
Unrecognized net transition asset (obligation) | ' | 157,177 | 160,724 |
Additional minimum liability | ' | ' | ' |
(Accrued) prepaid benefit cost | ' | -1,201,413 | -1,212,900 |
Accrued contribution | ' | ' | ' |
Amounts recognized in the balance sheet consists of: | ' | ' | ' |
Prepaid (accrued) benefit liability | ' | -1,118,819 | -1,187,118 |
(Accrued) prepaid pension cost as of beginning of fiscal year | ' | -1,212,900 | -1,246,107 |
Pension (cost) income | ' | -53,513 | -29,793 |
Contribution | ' | ' | ' |
Change in receivable contribution | ' | ' | ' |
Net benefits paid | ' | 65,000 | 63,000 |
Change in additional minimum liability | ' | ' | ' |
(Accrued) prepaid pension cost as of end of fiscal year | ' | ($1,201,413) | ($1,212,900) |
Pension_and_Other_Postretireme4
Pension and Other Post-retirement Benefit Plans (Details 1) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Pension Benefits | ' | ' | ' |
Fair value of plan assets at end of year | $12,224,984 | $11,498,019 | $9,458,419 |
Pension Benefits | Cash and Equivalents | ' | ' | ' |
Fair value of plan assets at end of year | 168,627 | 333,327 | ' |
Pension Benefits | Government and agency issues | ' | ' | ' |
Fair value of plan assets at end of year | 2,056,301 | 706,508 | ' |
Pension Benefits | Corporate bonds | ' | ' | ' |
Fair value of plan assets at end of year | 3,193,521 | 3,590,859 | ' |
Pension Benefits | Fixed Index Funds | ' | ' | ' |
Fair value of plan assets at end of year | 421,120 | 516,153 | ' |
Pension Benefits | Fixed Income | ' | ' | ' |
Fair value of plan assets at end of year | 373,592 | 761,034 | ' |
Pension Benefits | Equity Securities | ' | ' | ' |
Fair value of plan assets at end of year | 6,011,823 | 5,590,138 | ' |
Other Benefits | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Other Benefits | Cash and Equivalents | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Other Benefits | Government and agency issues | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Other Benefits | Corporate bonds | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Other Benefits | Fixed Index Funds | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Other Benefits | Fixed Income | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Other Benefits | Equity Securities | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Pension_and_Other_Postretireme5
Pension and Other Post-retirement Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Benefits | ' | ' | ' |
Prjoected benefit obligation for following year: | ' | ' | ' |
Benefit obligation at beginning of year | $17,099,633 | $18,332,559 | $15,857,827 |
Fair value of plan assets at beginning of year | -12,224,984 | -11,498,019 | -9,458,419 |
Net asset/(obligation) at transition | ' | ' | ' |
Prior service cost | -29,952 | 14,228 | 16,418 |
(Accrued)/prepaid liability recognized through income | -1,894,275 | ' | ' |
Preliminary unrecognized (gain)/loss as of October 1, 2013 | 2,950,422 | ' | ' |
Asset gain/(loss) not reflected on market related asset value | ' | ' | ' |
Unrecognized net (gain)/loss at October 1, 2013 subject to amortization | 2,950,422 | ' | ' |
Amount amortized | ' | -623,933 | -705,532 |
Other Benefits | ' | ' | ' |
Prjoected benefit obligation for following year: | ' | ' | ' |
Benefit obligation at beginning of year | 1,118,819 | 1,187,118 | 857,645 |
Fair value of plan assets at beginning of year | ' | ' | ' |
Net asset/(obligation) at transition | ' | ' | ' |
Prior service cost | ' | 3,547 | -11,691 |
Unrecognized net (gain)/loss at October 1, 2013 subject to amortization | -239,771 | ' | ' |
Amortization period | '10 years | ' | ' |
Amount amortized | ($23,977) | $15,542 | $24,473 |
Pension_and_Other_Postretireme6
Pension and Other Post-retirement Benefit Plans (Details 3) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Benefits | ' | ' | ' |
Service cost | ' | $395,916 | $328,661 |
Interest cost | ' | 715,062 | 771,341 |
Expected return on plan assets | ' | -886,563 | -778,194 |
Amortization of prior service cost | -29,952 | 14,228 | 16,418 |
Amortization of transition obligation | ' | ' | ' |
Amortization of PSC adjustment | ' | ' | ' |
FAS88 recognition - loss on curtailment | ' | ' | ' |
Amortization of unrecognized actuarial loss (gain) | ' | 623,933 | 705,532 |
Net periodic benefit cost (benefit) | ' | 862,576 | 1,043,758 |
Other Benefits | ' | ' | ' |
Service cost | ' | 17,285 | 14,388 |
Interest cost | ' | 46,223 | 41,569 |
Expected return on plan assets | ' | ' | ' |
Amortization of prior service cost | ' | 3,547 | -11,691 |
Amortization of transition obligation | ' | ' | ' |
Amortization of PSC adjustment | ' | ' | ' |
FAS88 recognition - loss on curtailment | ' | ' | ' |
Amortization of unrecognized actuarial loss (gain) | 23,977 | -15,542 | -24,473 |
Net periodic benefit cost (benefit) | ' | $51,513 | $19,793 |
Pension_and_Other_Postretireme7
Pension and Other Post-retirement Benefit Plans (Details 4) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Pension Benefits | ' | ' |
Weighted average assumptions used to determine period cost: | ' | ' |
Discount rate | 4.85% | 4.00% |
Expected return on assets | 7.50% | 7.75% |
Other Benefits | ' | ' |
Weighted average assumptions used to determine period cost: | ' | ' |
Discount rate | 4.85% | 4.00% |
Expected return on assets | 8.00% | 8.00% |
Pension_and_Other_Postretireme8
Pension and Other Post-retirement Benefit Plans (Details 5) (USD $) | Sep. 30, 2013 |
Estimated pension plan benefit payments in fiscal year; | ' |
2014 | $942,000 |
2015 | 960,000 |
2016 | 997,000 |
2017 | 1,072,000 |
2018 | 1,092,000 |
2019+ | $6,154,000 |
Stock_Options_Details
Stock Options (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Number of options: | ' | ' |
Options Outstanding, beginning | 42,000 | 80,000 |
Options granted | ' | ' |
Options exercised | 17,700 | 35,000 |
Options expired | 10,800 | 3,000 |
Options Outstanding, ending | 13,500 | 42,000 |
Options Exercisable | 13,500 | 42,000 |
Weighted Average Exercise Price | ' | ' |
Options Outstanding, beginning | $11.81 | $10.95 |
Options exercised | $11.33 | $10 |
Options Outstanding, ending | $12.83 | $11.81 |
Options Exercisable | $12.83 | $11.81 |
Weighted Average Remaining Contractual Term | ' | ' |
Options Outstanding, ending | '2 years 3 months | '1 year 8 months 19 days |
Options Exercisable | '2 years 3 months | '1 year 8 months 19 days |
Commitments_Details_Narrative
Commitments (Details Narrative) (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Customers | |
Dekatherms | |
Commitments Details Narrative | ' |
Storage capacity maintained | 736,000 |
Asset Management agreement | $2,300,000 |
Customers | 14,800 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 0 Months Ended | ||||
Nov. 06, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 27, 2012 | 28-May-09 | |
Share exchange description | 'Each outstanding share of common stock exchanged for a share of the common stock of Corning Natural Gas Holding Corporation | ' | ' | ' | ' |
Common stock, par value | $5 | $5 | $5 | $5 | $5 |
Corning Natural Gas | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | ' | ' | ' | ' |