 CORNING, N.Y., Aug. 11, 2021 GLOBE NEWSWIRE -- Corning Natural Gas Holding Corporation OTCQX: CNIG announced consolidated net income of 273 thousand or 0.07 per share for the quarter ended June 30, 2021. This compares to consolidated net income of 558 thousand or 0.16 per share for the quarter ended June 30, 2020. The company reported net income for the six months ended June 30, 2021 of 2.77 million or 0.84 per share, compared to 3.72 million, or 1.16 per share for the six months ended June 30, 2020. CFO Chuck Lenns commented, The Company saw earnings decline, for both the three-month period and the six-month period ended June 30, 2021, principally due to transaction costs related to our pending merger, and higher interest expense and depreciation expense. The financial results for the quarter and year-to-date ended June 30, 2021, and for the comparable quarter and year-to-date ended June 30, 2020, were impacted by several non-recurring, but material events. CNGHC recognized as non-operating income 1.1 million of Paycheck Protection Program loan forgiveness, offset by a regulatory reserve in the amount of 490,000. As a result of our rate case that concluded in May of 2021, the company recorded as an operating expense a regulatory asset for leak repairs 175,000, and as interest expense an accrual of interest income 231,000, the recovery of which were denied in our rate case. In the third quarter of fiscal 2020, we recognized as a reduction of income tax expense a non-recurring AMT tax credit refund in the amount of 272,000. 