-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
RxxMXvr51s2J5BVsByBuZcHGE6hGetnhsv80Z0EH66QodAj/rAYN7UPrnqYHFolC
zP24KbSs9/maP87mnpFyjQ==
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8 K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (Date of earliest event reported)______September 30, 2003_____________ _____Corning Natural Gas Corporation______________________________________________ (Exact name of registrant as specified in its charter) _____New York_____________________0-643_______________16-0397420______________ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number Identification No.) _____330 W William Street, PO Box 58, Corning, NY 14830_____________________________ (Address of principal executive offices) _____(607)936-3755____________________________________________________________ (Registrants telephone number, including area code) _____________________________________________________________________________ (Former name or former address, if changed since last report) Item 2. Acquisition or Disposition of Assets. On September 15, 2003 the Company completed the sale of the assets of Corning Natural Gas Appliance Corp. The sale was accomplished through a combination of cash and notes receivable as follows: Cash at closing $ 1,000,000 5 year note receivable 600,000 3 year note receivable based upon gross revenues 240,000 Total sales price 1,840,000
The 5 year note receivable is payable monthly.
The 3 year note receivable is payable at $80,000 per year if the company attains a specific level of gross revenues each year being independent of the others.
The purchasing company will be leasing certain facilities at two of the existing locations for approximately $54,000 annually.
The following summarized unaudited pro forma financial information; assumes the disposition had occurred on October 1 of each period.
|
|
12 Months ended |
|
9 Months ended |
||
|
|
September 30, 2002 |
|
June 30, 2003 |
||
_________________________________________________________________________ |
||||||
Total Revenues |
$ |
21,551,339 |
|
$ |
22,105,649 |
|
Net Earnings |
|
397,830 |
|
|
376,841 |
|
Basic earnings per common share |
|
0.86 |
|
|
0.79 |
|
The above amounts are based upon certain assumptions and estimates which the Company believes are reasonable. The pro forma results do not necessarily represent results which would have occurred if the disposition had taken place on the basis assumed above, nor are they indicative of the results of future operations.
SIGNATURES:
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CORNING NATURAL GAS CORPORATION |
|
--------------------------------------------------------- |
|
(Registrant) |
Date: September 30, 2003 |
/s/ Kenneth J. Robinson |
Kenneth J. Robinson, Executive Vice President |
|
Date: September 30, 2003 |
/s/ Thomas K. Barry |
Thomas K. Barry, Chairman of the Board, |
|
President and Chief Executive Officer |