• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

New Jersey Resources Reports Fiscal 2005 Results; Increases Dividend 5.9 Percent

Posted on: Thursday, 27 October 2005, 09:00 CDT

New Jersey Resources (NYSE: NJR):

-- Fiscal 2005 earnings of $2.77 per basic share largely

attributed to higher earnings at NJR Energy Services

-- Net of certain items, earnings were $2.70 per basic share

-- New Jersey Natural Gas adds 10,435 new customers; above

national average

-- Board approves quarterly dividend increase of 5.9 percent to

$.36 per share

-- Initial guidance issued of $2.75 to $2.85 per basic share for

fiscal 2006

New Jersey Resources (NYSE: NJR) today reported that earnings per share for the fiscal year ended September 30, 2005 increased to a record $2.77 per basic share, compared with $2.60 per basic share for the prior year. On a diluted basis, earnings per share for the fiscal year increased to $2.71 compared with $2.55 last year. Fiscal 2005 earnings included a $.22 per basic share gain on the sale of a commercial office building, a charge of $.05 per basic share associated with an early retirement program for officers and an impairment charge of $.09 per basic share due to a change in strategy in its real estate subsidiary, Commercial Realty and Resources (CR&R). Net of these items, NJR's basic earnings per share were $2.70 in fiscal 2005, compared with $2.60 last year. Diluted earnings per share, net of these items, were $2.65 and $2.55 in fiscal 2005 and 2004, respectively.

"Our consistent performance this year, including an industry-record 14th consecutive year of earnings growth, is a tribute to the hard work of our employees," said Laurence M. Downes, chairman and CEO of NJR. "Our team accomplished this despite the challenges of higher natural gas prices and short-term interest rates."

NJR also reported a loss of $.27 per basic share for the fiscal fourth quarter, which included the impairment charge of $.09 per basic share due to the change in strategy at CR&R. Net of this item, NJR had a loss of $.18 per basic share compared with a loss of $.19 per basic share for the same period last year. A loss is typical in July, August and September when natural gas consumption at New Jersey Natural Gas (NJNG) is at its lowest levels of the year and the value of capacity contracts at NJR Energy Services (NJRES) is generally at the lowest point of the year.

Dividend Increased 5.9 Percent

NJR also announced that its board of directors approved a 5.9 percent increase in the quarterly dividend rate to $.36 per share from $.34 per share. The new quarterly rate is effective with the dividend payable January 2, 2006, to shareowners of record on December 15, 2005. The new indicated annual dividend rate is $1.44 per share. NJR has now increased its dividend in each of the last 11 years and has paid quarterly dividends since 1952.

"The increase in the dividend demonstrates our commitment to provide an attractive current return to our shareowners and the benefit of a strong financial profile. We believe our dividend growth rate of 5.9 percent will be above average for our industry," Downes said.

Natural Gas Prices

The company also reiterated that it is making every effort to minimize the effect of historically high natural gas prices being experienced throughout the industry. NJNG earns no gross margin on the commodity portion of its natural gas sales. Downes commented, "NJNG remains committed to working with our stakeholders to minimize the impact of market volatility and higher prices on our customers. For example, through our hedging program we had secured the price of nearly 80 percent of the natural gas supply needed to keep our customers' homes warm this winter prior to the increases caused by the hurricanes. We remain committed to providing our customers with safe, reliable service at the lowest possible price and will continue to work diligently to meet their needs each and every day."

Financial and operating highlights included:

-- Increased Net Income and Basic Earnings Per Share

For the 12 months ended September 30, 2005, NJR earned $76.3 million, or $2.77 per basic share, compared with $71.6 million, or $2.60 per basic share, last year. Earnings for the 12-month period ended September 30, 2005 included a $6 million, or $.22 per basic share gain on the sale of a commercial office building, a charge of $1.5 million, or $.05 per basic share associated with a voluntary officer retirement program as part of an overall management restructuring plan for the organization and an impairment charge of $2.5 million, or $.09 per basic share due to a change in strategy at CR&R. Net of these items, NJR's earnings were $74.4 million or $2.70 per basic share. The increase was due primarily to improved results at NJRES.

NJNG earned $53.4 million in fiscal 2005, compared with $55.5 million last year. The decrease was due primarily to NJNG's share of the early retirement charge and the impact of lower customer usage per degree day. The company believes that the lower usage per degree day was due primarily to the impact of higher wholesale natural gas prices and inconsistent weather patterns, which offset strong customer growth. NJRES reported a 21 percent increase in earnings to $16.5 million, compared with $13.6 million last year. The increase was due primarily to higher gross margin from its portfolio of storage and transportation capacity assets. Gross margin for NJRES is defined as natural gas revenues and management fees less natural gas costs.

For the three months ended September 30, 2005, NJR posted a consolidated loss of $7.4 million, or $.27 per basic share, which included the impairment charge at CR&R of $2.5 million, or $.09 per basic share. Net of this item, the loss for the three months was $4.8 million or $.18 per basic share, compared with a loss of $5.4 million, or $.19 per basic share, for the same period last year. The improvement in the quarter was due primarily to better results at NJRES, which reported a loss of $2.2 million, compared with a loss of $4.3 million last year. This was due primarily to higher gross margin from increased market volatility. NJNG lost $3.6 million in the quarter versus a loss of $2.6 million last year. The increased loss was due primarily to reduced interest income as fiscal 2004 results included a positive adjustment from a regulatory settlement with the New Jersey Board of Public Utilities (BPU) regarding gas remediation costs.

-- Customer Growth Continues at 2.3 Percent

NJNG added 10,435 new customers in fiscal 2005, of which 34 percent converted from other fuels. NJNG also added natural gas heat and other services to 929 existing customers during the year. These additions are expected to generate approximately 1.8 billion cubic feet (Bcf) of throughput and approximately $5.5 million of gross margin annually in the future. NJNG expects to maintain an approximate 2.3 percent annual customer growth rate in fiscal 2006, which is above the national average for natural gas distribution companies.

NJNG's gross margin is defined as natural gas revenues less natural gas costs; sales tax; a Transitional Energy Facilities Assessment (TEFA), which is included in Energy and other taxes on the Consolidated Statements of Income; and regulatory rider expenses. Management believes that gross margin provides a more meaningful basis for evaluating utility operations than revenue since natural gas costs, sales tax, TEFA and regulatory rider expenses are passed through to customers, and therefore have no effect on gross margin. Natural gas costs are charged to operating expenses on the basis of therm sales at the prices approved by the BPU through NJNG's Basic Gas Supply Service (BGSS) tariff. The BGSS allows NJNG to recover natural gas costs. Sales tax is calculated at 6 percent of revenue and excludes sales to cogeneration facilities, other utilities, off-system sales and federal accounts. TEFA is calculated on a per-therm basis and excludes sales to cogeneration facilities, other utilities and off-system sales. Regulatory rider expenses are calculated on a per-therm basis. NJNG's gross margin also includes benefits received by shareowners under its incentive programs.

-- Impact of Weather and Usage

Weather in fiscal 2005 was 1.5 percent colder than normal and 2.5 percent colder than last year. "Normal" weather is based on 20-year average temperatures. The impact of the weather is significantly offset by NJNG's weather-normalization clause, which is designed to smooth out year-to-year fluctuations on both NJNG's gross margin and customers' bills that may result from changing weather patterns. As a result of the colder-than-normal weather, NJNG deferred $2.1 million of gross margin for the fiscal year, to be credited to customers in the future. Gross margin was negatively impacted by lower than expected usage per degree day. NJNG believes that this resulted primarily from inconsistent weather patterns experienced during the winter and the impact of higher wholesale natural gas prices.

-- Incentive Programs Create Value for Customers and Shareowners

During the fiscal year, NJNG's incentive programs totaled 52.4 Bcf and $6.1 million of gross margin, compared with 47.1 Bcf and $5.8 million of gross margin last year. These incentive programs include off-system sales, capacity management, storage optimization and financial risk management programs. NJNG shares the gross margin earned from these incentive programs with customers and shareowners according to a margin-sharing formula in effect through October 2006. Since the establishment of these incentive programs in 1992, NJNG customers have saved nearly $266 million on their natural gas bills, or approximately 4 percent annually.

For the three months ended September 30, 2005, these programs totaled 13.7 Bcf and generated $1.3 million of gross margin, compared with 10.2 Bcf and $1 million of gross margin during the same period last year.

-- Wholesale Energy Services Continues Strong Growth

NJRES' earnings of $16.5 million in fiscal 2005 were 21 percent higher than last year due primarily to higher gross margin generated from an increased storage and transportation portfolio and increased market volatility. NJRES has developed a portfolio of storage and transportation capacity in the Gulf Coast, Mid-Continent, Appalachia and Eastern Canada, which becomes more valuable when there are changing prices between these areas. This storage capacity is also more valuable when prices change between time periods. Gross margin generated from this portfolio is generally greater during the winter months and periods of high volatility, while the fixed costs of the capacity are spread throughout the year. Therefore, consistent with this seasonality, NJRES typically incurs a net loss in the three months ended September 30, 2005.

NJRES had a net loss of $2.2 million for the three months ended September 30, 2005, compared with a loss of $4.3 million last year. The improvement in the quarter was due primarily to higher gross margin from increased market volatility.

-- NJR Home Services and Other Segment Boosted by Office Building

Sale

This business segment consists of NJR Home Services (NJRHS), which provides service, sales and installation of appliances to over 146,000 customers; CR&R, which holds and develops commercial real estate; and NJR Energy (NJRE), which consists primarily of a 5.53 percent equity investment in Iroquois Gas Transmission System, L.P. Earnings for the fiscal year were $6.5 million, compared with $2.5 million last year. Fiscal year earnings included a gain on the sale of a commercial office building of $6 million, and an impairment charge of $2.5 million recognized in the fourth quarter related to undeveloped land in Atlantic County, N.J. The company has changed its strategy from development to sale of this land. The impairment charge represents the difference between book value and the estimated fair value of the land pursuant to the new strategy. Net of the items noted above, and this segment's portion of the early retirement charge, earnings for the fiscal year increased to $3.3 million, compared with $2.5 million last year.

NJRHS and Other reported a net loss for the three months ended September 30, 2005 of $1.6 million, compared with earnings $1.5 million last year. Excluding the impairment charge, earnings for the three months were $1 million, compared with $1.5 million last year.

-- Growth in Operation and Maintenance Expenses Limited

Consolidated operation and maintenance (O&M) expenses were $108.1 million for the fiscal year ended September 30, 2005, compared with $101.1 million last year. The increase was due primarily to early retirement costs and the impairment charge discussed above. Excluding these items, O&M increased less than 1 percent.

For the quarter, O&M expenses were $30.2 million versus $24.5 million last year. The increase was due primarily to the impairment charge.

-- Share Repurchase Plan Expanded in Fiscal 2005

NJR purchased 547,400 shares under its share repurchase plan during fiscal 2005. In January 2005, the NJR Board of Directors authorized an increase in the company's share repurchase plan from 2 million to 2.5 million shares. The plan authorizes NJR to purchase its shares on the open market or in negotiated transactions, based on market and other conditions. Since the plan began in September 1996, NJR has invested $81 million to repurchase 2.2 million shares at a spilt-adjusted, average price of $28.55.

Fiscal 2006 Earnings Guidance

Assuming normal weather and customer usage, stable economic conditions, continued customer growth at NJNG and continued volatility in the wholesale natural gas markets at NJRES, and subject to the factors discussed below under "Forward-Looking Statements," NJR initially estimates that earnings for fiscal 2006 will be in the $2.75-$2.85 per basic share range.

Forward-Looking Statements

This news release contains estimates, earnings guidance and other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR's ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Other factors that could cause actual results, including gross margin, earnings and customer growth, to differ materially from the company's expectations include, but are not limited to, weather, economic conditions and demographic changes in NJNG's service territory, rate of customer growth, volatility of natural gas commodity prices and its impact on customer usage, the impact of the company's risk management efforts, including commercial and wholesale credit risks, the impact of regulation (including the regulation of rates), fluctuations in energy-related commodity prices, conversion activity, other marketing efforts, actual energy usage patterns of NJNG's customers, the pace of deregulation of retail gas markets, access to adequate supplies of natural gas, the regulatory and pricing policies of federal and state regulatory agencies, changes due to legislation at the federal and state level, the disallowance of recovery of environmental related expenditures and other regulatory changes, environmental and other litigation and other uncertainties. More detailed information about these factors is set forth in NJR's filings with the Securities and Exchange Commission, including NJR's Quarterly Report on Form 10-Q filed on August 5, 2005. NJR's Form 10-Q is available at www.sec.gov. NJR does not, by including this paragraph, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Webcast Information

NJR will host a live webcast to discuss its financial results today at 2 p.m. EDT. To listen to the call, logon to NJR's Web site, njliving.com, and select "Investor Relations," then click just below the microphone on the right side of the Investor Relations home page.

About New Jersey Resources

New Jersey Resources (NYSE:NJR), a Fortune 1000 company and a member of the Forbes Platinum 400, provides reliable retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada. Its principal subsidiary, New Jersey Natural Gas, is one of the fastest-growing local distribution companies in the United States, serving more than 462,000 customers in central and northern New Jersey. Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services is a leader in the unregulated energy services market, providing customer service and management of natural gas storage and capacity assets. NJR Home Services offers retail customers heating, air conditioning and appliance services. NJR's progress is a tribute to the more than 5,000 dedicated employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make NJR a leader in the competitive energy marketplace. For more information, visit NJR's Web site at njliving.com. NEW JERSEY RESOURCES CORPORATION CONSOLIDATED FINANCIAL RESULTS ---------------------------------------------------------------------- Three Months Ended Twelve Months Ended Thousands, except September 30, September 30, per share data (Unaudited) 2005 2004 2005 2004 ---------------------------------------------------------------------- Operating Revenues $684,937 $414,397 $3,148,262 $2,533,607 Net Income (Loss) $(7,362) $(5,385) $76,340 $71,574 Earnings (Loss) Per Common Share Basic $(.27) $(.19) $2.77 $2.60 Diluted $(.26) $(.19) $2.71 $2.55 Average Shares Outstanding Basic 27,518 27,710 27,591 27,530 Diluted 28,094 28,292 28,121 28,053 NEW JERSEY RESOURCES ADJUSTED NET INCOME AND EARNINGS PER SHARE RECONCILIATION Provided below is a reconciliation of "as reported" and "as adjusted" information for Net Income and basic and diluted earnings per share for the twelve months ended September 30, 2005. This reconciliation reflects the impact of a gain on the sale of a commercial office building, a charge related to an early retirement program for officers and an impairment charge related to undeveloped land. Management believes that this reconciliation is needed due to the unusual nature of the items described above and that they are not indicative of core results. It also provides for a more consistent comparison for year-over-year results. (Unaudited) Twelve Months ended (Thousands, except per share data) September 30, 2005 ---------------------------------------------------------------------- NJNG NJRES NJRHS Total and Other ---------------------------------------------------------------------- Net Income, as reported $53,376 $16,483 $6,481 $76,340 Exclude: Gain on sale of commercial office building, net of tax (5,972) (5,972) Charge for early retirement program, net of tax 1,195 56 241 1,492 Charge for impairment of undeveloped land, net of tax 2,532 2,532 ------------------------------- Net Income, as adjusted $54,571 $16,539 $3,282 $74,392 =============================== ---------------------------------------------------------------------- Earnings per share basic, as reported $2.77 Exclude: Gain on sale of commercial office building, net of tax (.22) Charge for early retirement program, net of tax .05 Charge for impairment of undeveloped land, net of tax .09 -------- *Earnings per share basic, as adjusted $2.70 ======== ---------------------------------------------------------------------- Earnings per share diluted, as reported $2.71 Exclude: Gain on sale of commercial office building, net of tax (.21) Charge for early retirement program, net of tax .05 Charge for impairment of undeveloped land, net of tax .09 -------- *Earnings per share diluted, as adjusted $2.65 ======== ---------------------------------------------------------------------- *Amount does not foot due to rounding. NEW JERSEY RESOURCES ADJUSTED NET INCOME AND EARNINGS PER SHARE RECONCILIATION Provided below is a reconciliation of "as reported" and "as adjusted" information for Net Income (Loss) and basic and diluted earnings (loss) per share for the three months ended September 30, 2005 This reconciliation reflects the impact of an impairment charge related to undeveloped land. Management believes that this reconciliation is needed due to the unusual nature of the item described above and that they are not indicative of core results. It also provides for a more consistent comparison for year-over-year results. (Unaudited) Three Months ended (Thousands, except per share data) September 30, 2005 ---------------------------------------------------------------------- NJNG NJRES NJRHS Total and Other ---------------------------------------------------------------------- Net Loss, as reported $(3,583) $(2,209) $(1,570) $(7,362) Exclude: Charge for impairment of undeveloped land, net of tax 2,532 2,532 ------------------------------------ Net Income (Loss), as adjusted $(3,583) $(2,209) $962 $(4,830) ==================================== ---------------------------------------------------------------------- Loss per share basic, as reported $(.27) Exclude: Charge for impairment of undeveloped land, net of tax .09 -------- Loss per share basic, as adjusted $(.18) -------- ---------------------------------------------------------------------- Loss per share diluted, as reported $(.26) Exclude: Charge for impairment of undeveloped land, net of tax .09 -------- Loss per share diluted, as adjusted $(.17) -------- ---------------------------------------------------------------------- NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Thousands, except per share data) ---------------------------------------------------------------------- Three Months Ended Twelve Months Ended September 30, September 30, 2005 2004 2005 2004 ---------------------------- -------- -------- -------- -------- OPERATING REVENUES $684,937 $414,397 $3,148,262 $2,533,607 ---------------------------- -------- -------- -------- -------- OPERATING EXPENSES Gas purchases 646,957 382,907 2,780,343 2,213,374 Operation and maintenance 30,237 24,515 108,071 101,118 Regulatory rider expenses 2,887 1,214 31,594 9,540 Depreciation and amortization 8,540 7,800 33,675 32,449 Energy and other taxes 5,722 5,080 56,211 49,908 ---------------------------- -------- -------- -------- -------- Total operating expenses 694,343 421,516 3,009,894 2,406,389 ---------------------------- -------- -------- -------- -------- OPERATING INCOME (LOSS) (9,406) (7,119) 138,368 127,218 Other income 2,536 2,711 7,359 5,696 Interest charges, net 5,506 4,403 20,474 15,395 ---------------------- -------- -------- -------- -------- INCOME (LOSS) BEFORE INCOME TAXES (12,376) (8,811) 125,253 117,519 Income tax provision (5,014) (3,426) 48,913 45,945 ---------------------- -------- -------- -------- -------- NET INCOME (LOSS) $(7,362) $(5,385) $76,340 $71,574 ---------------------- -------- -------- -------- -------- EARNINGS (LOSS) PER COMMON SHARE BASIC $(.27) $(.19) $2.77 $2.60 DILUTED $(.26) $(.19) $2.71 $2.55 ========================== ======== ======== ======== ======== DIVIDENDS PER COMMON SHARE $.34 $.325 $1.36 $1.30 ========================== ======== ======== ======== ======== AVERAGE SHARES OUTSTANDING BASIC 27,518 27,710 27,591 27,530 DILUTED 28,094 28,292 28,121 28,053 ========================== ======== ======== ======== ======== NEW JERSEY RESOURCES ====================================================================== Three Months Ended Twelve Months Ended (Unaudited) September 30, September 30, (Thousands, except per share data) 2005 2004 2005 2004 ---------------------------------------------------------------------- Operating Revenues New Jersey Natural Gas $180,473 $117,655 $1,138,280 $928,902 NJR Energy Services 496,749 289,932 1,973,268 1,582,103 NJR Home Services and Other 7,828 6,834 36,900 22,698 -------------------------------------------- Sub-total 685,050 414,421 3,148,448 2,533,703 -------------------------------------------- Intercompany Eliminations (113) (24) (186) (96) -------------------------------------------- Total $684,937 $414,397 $3,148,262 $2,533,607 ============================================ ---------------------------------------------------------------------- Operating Income (Loss) New Jersey Natural Gas $(3,512) $(2,760) $97,502 $98,823 NJR Energy Services (2,391) (6,880) 31,426 24,868 NJR Home Services and Other (3,503) 2,521 9,440 3,527 -------------------------------------------- Total $(9,406) $(7,119) $138,368 $127,218 ============================================ ---------------------------------------------------------------------- Net Income (Loss) New Jersey Natural Gas $(3,583) $(2,632) $53,376 $55,524 NJR Energy Services (2,209) (4,272) 16,483 13,572 NJR Home Services and Other (1,570) 1,519 6,481 2,478 -------------------------------------------- Total $(7,362) $(5,385) $76,340 $71,574 ============================================ ---------------------------------------------------------------------- Throughput (Bcf) NJNG, Core Customers 8.0 8.1 72.3 72.3 NJNG, Incentive Programs 13.7 10.2 52.4 47.1 NJRES Fuel Mgmt. and Wholesale Sales 52.5 49.7 254.7 263.3 -------------------------------------------- Total 74.2 68.0 379.4 382.7 ============================================ ---------------------------------------------------------------------- Common Stock Data Yield at September 30 3.0% 3.1% 3.0% 3.1% Market Price High $49.34 $42.40 $49.34 $42.40 Low $44.43 $39.54 $40.54 $35.76 Close at September 30 $45.98 $41.40 $45.98 $41.40 Shares Out. at September 30 27,546 27,741 27,546 27,741 Market Cap. at September 30 $1,266,565 $1,148,477 $1,266,565 $1,148,477 ---------------------------------------------------------------------- NEW JERSEY NATURAL GAS ====================================================================== Three Months Ended Twelve Months Ended (Unaudited) September 30, September 30, (Thousands, except customer & weather data) 2005 2004 2005 2004 ---------------------------------------------------------------------- Operating Revenues Residential $46,838 $41,055 $568,324 $496,866 Commercial, Industrial & Other 12,073 10,707 143,211 118,326 Firm Transportation 4,173 4,633 29,566 28,987 -------------------------------------- Total Firm Revenues 63,084 56,395 741,101 644,179 Interruptible 5,034 3,803 14,377 9,575 -------------------------------------- Total System Revenues 68,118 60,198 755,478 653,754 -------------------------------------- Incentive Programs 112,355 57,457 382,802 275,148 -------------------------------------- TOTAL REVENUES $180,473 $117,655 $1,138,280 $928,902 ====================================== ---------------------------------------------------------------------- Gross Margin and Operating Income (Loss) Residential $16,164 $15,853 $150,674 $150,439 Commercial, Industrial & Other 3,079 2,977 28,700 28,432 Firm Transportation 3,744 4,230 23,209 24,928 -------------------------------------- Total Firm Margin 22,987 23,060 202,583 203,799 Interruptible 290 264 1,121 1,145 -------------------------------------- Total System Margin 23,277 23,324 203,704 204,944 -------------------------------------- Incentive Programs 1,285 1,041 6,092 5,832 -------------------------------------- TOTAL GROSS MARGIN 24,562 24,365 209,796 210,776 -------------------------------------- Operation and maintenance expense 19,071 18,816 76,532 77,442 Depreciation and amortization 8,358 7,628 32,905 31,776 Other taxes not reflected in gross margin 645 681 2,857 2,735 -------------------------------------- OPERATING INCOME (LOSS) $(3,512) $(2,760) $97,502 $98,823 ====================================== ---------------------------------------------------------------------- Throughput (Bcf) Residential 3.1 3.1 43.7 44.1 Commercial, Industrial & Other 0.9 0.9 11.3 10.9 Firm Transportation 0.6 0.8 7.6 8.4 -------------------------------------- Total Firm Throughput 4.6 4.8 62.6 63.4 Interruptible 3.4 3.3 9.7 8.9 -------------------------------------- Total System Throughput 8.0 8.1 72.3 72.3 -------------------------------------- Incentive Programs 13.7 10.2 52.4 47.1 -------------------------------------- TOTAL THROUGHPUT 21.7 18.3 124.7 119.4 ====================================== ---------------------------------------------------------------------- Customers Residential 418,646 410,005 418,646 410,005 Commercial, Industrial & Other 28,878 27,718 28,878 27,718 Firm Transportation 15,246 16,387 15,246 16,387 -------------------------------------- Total Firm Customers 462,770 454,110 462,770 454,110 Interruptible 47 63 47 63 -------------------------------------- Total System Customers 462,817 454,173 462,817 454,173 -------------------------------------- Incentive Programs 39 35 39 35 -------------------------------------- TOTAL CUSTOMERS 462,856 454,208 462,856 454,208 ====================================== NEW JERSEY NATURAL GAS ====================================================================== Three Months Ended Twelve Months Ended (Unaudited) September 30, September 30, (Thousands, except customer & weather data) 2005 2004 2005 2004 ---------------------------------------------------------------------- Degree Days Actual 16 23 4,927 4,809 Normal 50 49 4,853 4,862 ---------------------------------------- Percent of Normal 32.0% 46.9% 101.5% 98.9% ---------------------------------------- NJR ENERGY SERVICES ====================================================================== Operating Revenues $496,749 $289,932 $1,973,268 $1,582,103 Gas Purchases 498,230 294,709 1,933,970 1,549,938 ---------------------------------------- Gross Margin $(1,481) $(4,777) $39,298 $32,165 ======================================== Operating Income (Loss) $(2,391) $(6,880) $31,426 $24,868 ======================================== Net Income (Loss) $(2,209) $(4,272) $16,483 $13,572 ======================================== Gas Sold and Managed (Bcf) 52.5 49.7 254.7 263.3 ======================================== NJR HOME SERVICES AND OTHER ====================================================================== Operating Revenues $7,828 $6,834 $36,900 $22,698 ======================================== Operating Income (Loss) $(3,503) $2,521 $9,440 $3,527 ======================================== Net Income (Loss) $(1,570) $1,519 $6,481 $2,478 ======================================== Total Customers at September 30 146,293 144,279 146,293 144,279 ========================================

Source: Business Wire

More News in this Category