New Jersey Resources (NYSE:NJR) today reported a 14 percent
increase in year-to-date earnings for fiscal 2008. For the six
months ended March 31, 2008, NJR reported net income of $42.7
million, or $1.02 per basic share, compared with $37.4 million, or
$.90 per basic share during the same period last year. During the
second quarter of fiscal 2008, the company reported net income of
$12.6 million, or $.30 per basic share, compared with $7.9 million,
or $.19 per basic share, last year. For the same 6-month period,
net financial earnings rose 5.2 percent to $114.3 million, or $2.74
per basic share, compared with $108.7 million, or $2.61 per basic
share, last year. Net financial earnings during the second quarter
were $78 million, or $1.86 per basic share, compared with $80.5
million, or $1.92 per basic share, for the same period last year.
Changes in net financial earnings were driven by results at NJR
Energy Services (NJRES), the company�s wholesale energy services
subsidiary. �We are pleased by our 6-month financial performance
and remain on track to meet our net financial earnings guidance for
fiscal 2008, which we increased earlier this year,� said Laurence
M. Downes, chairman and CEO of NJR. Net financial earnings is a
financial measure not calculated in accordance with generally
accepted accounting principles (GAAP) of the United States as it
excludes all unrealized, and certain realized, gains and losses
associated with derivative instruments. Management believes this
measure is more reflective of NJR�s operations, provides
transparency to investors and enables period-to-period
comparability of financial performance. A complete discussion of
net financial earnings and other non-GAAP measures, along with
reconciliation to the most comparable GAAP amounts are included
below. Financial and operating highlights at NJR�s subsidiaries
include: New Jersey Natural Gas Fiscal 2008 year-to-date earnings
at New Jersey Natural Gas (NJNG) were $50.8 million, compared with
$53.1 million last year. Earnings were lower during the 6-month
period due primarily to lower gross margin from incentive-based
programs and higher operation and maintenance expenses. Earnings
rose slightly during the three months ended March 31, 2008 to $34.2
million, compared with $33.2 million last year. The increase was
due primarily to higher utility gross margin from additional
customers, as well as incentive-based programs. NJNG is seeking an
increase of $58.4 million to its base rates based on a request
filed with the New Jersey Board of Public Utilities (BPU) in
November 2007. NJNG believes the review process is progressing on
schedule, but any increase in rates is unlikely to affect earnings
in fiscal 2008. Weather during the 6-month period ended March 31,
2008 was 7.3 percent warmer than normal and 0.3 percent colder than
last year. �Normal� weather is based on 20-year average
temperatures as calculated based on three reference areas
representative of NJNG�s service territory. The impact of weather
is significantly offset by the Conservation Incentive Program
(CIP), which is designed to normalize year-to-year fluctuations on
both NJNG�s gross margin and customers� bills that may result from
changing weather and usage patterns. Included in year-to-date
utility gross margin for fiscal 2008 was $16.2 million related to
the CIP. This accrual includes $7.4 million associated with the
warmer-than-normal weather and $8.8 million associated with
non-weather factors. In the six months ended March 31, 2008,
customers realized commodity cost savings of approximately $35.5
million due to their reduced natural gas usage. In addition,
customers will continue to receive annual savings of $10.6 million
in fixed-cost reductions as a result of lower demand fee charges.
BPU-approved incentive programs allow NJNG and its customers to
share utility gross margin earned according to utility gross
margin-sharing formulas. These include off-system sales, capacity
release, storage optimization and financial risk management
programs. Year-to-date utility gross margin from these programs
totaled $3.6 million, compared with $4.2 million for the same
period last year. During the second quarter of fiscal 2008, utility
gross margin totaled $2.2 million, compared with $905,000 for the
same period last year. To date, customers have saved approximately
$358 million since the programs� inception in 1992. NJNG added
3,125 new customers during the first six months of fiscal 2008,
which are expected to contribute approximately $1.7 million to
utility gross margin annually. NJNG expects to achieve a new
customer growth rate of approximately 1.6 percent in fiscal 2008.
NJR Energy Services Net financial earnings at NJRES for the six
months ended March 31, 2008 totaled $62.6 million, compared with
$55 million in the same period last year. The increase was due
primarily to higher financial margin and lower taxes. During the
second quarter of fiscal 2008, net financial earnings were $43.5
million, compared with $47.2 million during the same 3-month period
last year. The decrease in quarterly earnings is due primarily to
lower financial margin, partially offset by lower taxes.
Year-to-date financial margin at NJRES increased $5.2 million to
$109.1 million, compared with $103.9 million for the same period
last year. The increase is due primarily to new transportation
capacity contracts acquired during the first quarter of fiscal
2008. These new capacity contracts enabled NJRES to transport
higher volumes within those market regions, which also experienced
favorable pricing spreads. These spreads are the difference between
the market price of the natural gas and the cost to acquire and
transport it. Financial margin at NJRES decreased $12.5 million to
$73.3 million for the three months ended March 31, 2008, compared
with $85.8 million during the same period last year, due primarily
to fewer arbitrage opportunities to optimize existing assets. This
decrease was partially offset by the new capacity contracts noted
above. The relatively mild winter season provided minimal
opportunity to capture additional margins on market positions
compared with the same period during the previous fiscal year.
NJRES� effective tax rate decreased in fiscal 2008 due to a change
in the apportionment of its taxable income for state tax purposes.
The impact, which was recognized in the second fiscal quarter,
included a one-time reduction of $1.8 million associated with
deferred tax liabilities as of the end of fiscal 2007 and a
reduction of $2.2 million associated with year-to-date fiscal 2008
operations. Excluding the one-time benefit, NJRES has an estimated
statutory tax rate of 38.9 percent in fiscal 2008, compared with
41.1 percent in fiscal 2007. Management utilizes financial margin,
a non-GAAP financial measure, to analyze NJRES� operating results.
NJR calculates financial margin by excluding from gross margin the
impact of unrealized gains or losses from derivative financial
instruments and certain realized gains or losses from derivative
financial instruments that are designed to economically protect
natural gas that has been purchased and stored, but has yet to be
sold. Management believes that financial margin better reflects the
economic performance of NJRES prior to the actual settlement of
certain forecasted transactions and related derivative financial
instruments. Retail and Other Retail and Other consists of NJR Home
Services, which provides service, sales and installation of
appliances to over 145,000 customers and Commercial Realty &
Resources, which develops commercial real estate. Also included is
NJR Energy Holdings, which consists primarily of a 5.53 percent
equity investment in Iroquois Gas Transmission System, L.P., owner
of an interstate natural gas pipeline in the Northeast, and a 50
percent equity investment, through two wholly-owned subsidiaries,
Steckman Ridge GP, LLC and Steckman Ridge, LP, in a natural gas
storage facility under joint development with a partner in western
Pennsylvania, which is expected to contribute to earnings beginning
in fiscal 2010. Earnings for the six months ended March 31, 2008
were $4.7 million, compared with $720,000 for the same period last
year. For the three months ended March 31, 2008, this segment
earned $4.3 million, compared with $2.7 million during the fiscal
2007 second quarter. Both increases are the result of greater
after-tax unrealized gains on two long-term natural gas contracts
at NJR Energy Corporation of $3.8 million and $202,000 for the six
months ended March 31, 2008 and March 31, 2007, respectively. The
unrealized gains resulted from changing natural gas prices. Fiscal
2008 Net Financial Earnings Guidance Assuming stable economic
conditions, continued customer growth at NJNG, continued volatility
in the wholesale natural gas markets affecting NJRES and subject to
the factors discussed below under �Forward-Looking Statements,� NJR
reiterates its fiscal 2008 net financial earnings guidance to a
range of $2.17 to $2.23 per basic share. Webcast Information NJR
will host a live webcast to discuss its financial results today at
3 p.m. ET. A few minutes prior to the webcast, go to njliving.com
and select �New Jersey Resources� from the top navigation bar.
Choose �Investor Relations,� then click just below the microphone
under the heading �Latest Webcast� on the Investor Relations home
page. Additional Non-GAAP Financial Information Financial margin,
net financial earnings, NJNG�s utility gross margin and NJRES�
gross margin are non-GAAP financial measures that are included as
supplemental disclosures because such items are important financial
measures used by management in analyzing the results of their
operations. NJNG�s utility gross margin represents the results of
revenues less natural gas costs, sales and other taxes and
regulatory rider expenses, which are key components of our
operations that move in relation to each other. Management believes
that NJNG�s utility gross margin provides a more meaningful basis
for evaluating utility operations than revenue, as natural gas
costs, sales and other taxes and regulatory rider expenses are
passed through to customers, and therefore have no effect on gross
margin and revenues and natural gas costs can be dramatically
influenced by changes in the wholesale price of natural gas. NJRES
and NJR Energy Corporation use financial instruments to
economically hedge their forecasted gas purchases and sales. These
derivative financial instruments, which are natural gas futures,
forwards and swaps, change in value over the time that they are
economically hedging the underlying forecasted natural gas sale or
purchase. The change in value associated with these financial
instruments is recorded in the income statement as part of gas
purchases or operating revenues, as appropriate. For changes in
value associated with transactions that have not settled, these are
commonly referred to as unrealized gains or losses. Changes in
value associated with settled transactions related to purchased
natural gas that has been placed into storage inventory and that
has not yet been sold are commonly referred to as realized gains or
losses. NJRES also has certain physical commodity contracts that
represent natural gas purchases or sales. Effective October 1,
2007, for all physical commodity contracts that NJRES enters into,
it will account for those contracts as derivative financial
instruments. As a derivative instrument, the change in value over
the time that the contracts remain unsettled is recorded in the
income statement as part of gas purchases. These changes in value
are also commonly referred to as unrealized gains or losses.
Volatility associated with the change in value of these financial
and physical commodity contracts is reported in the income
statement in the current period. This volatility does not change
the economic result of the financial or physical contract in
relation to the planned purchase or sale transaction at NJRES,
rather it shows changes in value currently as opposed to when the
planned transaction ultimately is settled. In order to manage its
business, NJR views its results without the impacts of the
unrealized gains and losses, and certain realized gains and losses,
caused by changes in value of these financial instruments and
physical commodity contracts prior to the completion of the planned
transaction. Management�s definition of these non-GAAP measures may
not be comparable to the definitions used by other companies in
either the natural gas distribution business or other industries.
Management uses these non-GAAP financial measures as supplemental
measures to other GAAP results to provide a more complete
understanding of our performance. Management believes these
non-GAAP measures are more reflective of our business model,
provide transparency to investors and enable period-to-period
comparability of financial performance. As an indicator of our
operating performance, these measures should not be considered an
alternative to, or more meaningful than, operating income as
determined in accordance with GAAP. A reconciliation of all
non-GAAP financial measures to the most directly comparable
financial measures calculated and reported in accordance with GAAP,
can be found below. Forward-Looking Statements This news release
contains estimates, net financial 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, and NJRES operations, changes in
rating agency requirements and/or credit ratings and their effect
on availability and cost of capital to the company, increased
interest costs resulting from failures in the market for auction
rate securities, the impact of the company�s risk management
efforts, including commercial and wholesale credit risks, the
company�s ability to obtain governmental approvals, property rights
and/or financing for the construction, development and operation of
its non-regulated energy investments, risks associated with the
management of the company�s joint ventures and partnerships, the
impact of regulation (including the regulation of rates), the
outcome of any future base rate cases, fluctuations in
energy-related commodity prices, customer conversions, 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, an adequate number of
appropriate counterparties, sufficient liquidity in the energy
trading market and continued access to the capital markets, the
disallowance of recovery of environmental-related expenditures and
other regulatory changes, environmental and other litigation and
other uncertainties, the effects and impacts of inflation, change
in accounting pronouncements issued by the appropriate standard
setting bodies; and terrorist attacks or threatened attacks on
energy facilities or unrelated energy companies. More detailed
information about these factors is set forth in NJR�s filings with
the Securities and Exchange Commission (SEC), including its annual
report on Form 10-K filed on December 10, 2007 and quarterly report
on Form 10-Q filed on February 6, 2008. NJR�s SEC documents are
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. About New Jersey Resources New Jersey Resources (NYSE:NJR),
a Fortune 1000 company, 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, serves more than 482,000 customers in
central and northern New Jersey. Other major NJR subsidiaries
include NJR Energy Services and NJR Home Services. NJR Energy
Services provides customer service and management of natural gas
storage and capacity assets in the energy services market. 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. Reconciliation of Non-GAAP Performance Measures NEW
JERSEY RESOURCES The following table is a computation of financial
margin at NJR: � � � Three Months Ended Six Months Ended
(Unaudited) March 31, March 31, (Thousands, except per share data)
� � 2008 � � � 2007 � � 2008 � � � 2007 Operating revenues $
1,177,545 � $ 1,029,043 $ 1,988,683 $ 1,766,444 Less: Gas purchases
1,065,925 923,046 1,750,619 1,544,981 Add: Unrealized loss on
derivative instruments 112,428 121,976 120,558 117,524 Net realized
(gain) loss from derivative instruments relatedto natural gas
inventory � � (5,889 ) � � 1,194 � � (3,629 ) � � 2,960 Financial
margin � $ 218,159 � � $ 229,167 � $ 354,993 � � $ 341,947 � � A
reconciliation of Operating income at NJR, the closest GAAP
financial measure, to the financial margin is as follows: � Three
Months Ended Six Months Ended March 31, March 31, (Thousands) � �
2008 � � � 2007 � � 2008 � � � 2007 Operating income $ 20,335 $
16,271 $ 74,872 $ 71,101 Add: Operation and maintenance expense
34,605 32,337 66,784 60,653 Regulatory rider expenses 17,789 18,135
29,954 27,601 Depreciation and amortization 9,517 8,986 18,920
17,888 Other taxes � � 29,374 � � � 30,268 � � 47,534 � � � 44,220
Subtotal � Gross margin � $ 111,620 � � $ 105,997 � $ 238,064 � � $
221,463 Add: Unrealized loss on derivative instruments 112,428
121,976 120,558 117,524 Net realized (gain) loss from derivative
instruments relatedto natural gas inventory � � (5,889 ) � � 1,194
� � (3,629 ) � � 2,960 Financial margin � $ 218,159 � � $ 229,167 �
$ 354,993 � � $ 341,947 � � A reconciliation of Net income at NJR
to net financial earnings, is as follows: Three Months Ended Six
Months Ended March 31, March 31, (Thousands) � � 2008 � � � 2007 �
� 2008 � � � 2007 Net income $ 12,535 $ 7,961 $ 42,720 $ 37,395
Add: Unrealized loss on derivative instruments, net of taxes 69,012
71,862 73,802 69,512 Realized (gain) loss from derivative
instruments related to naturalgas inventory, net of taxes � �
(3,549 ) � � 704 � � (2,217 ) � � 1,744 Net financial earnings � $
77,998 � � $ 80,527 � $ 114,305 � � $ 108,651 � WEIGHTED AVERAGE
SHARES OUTSTANDING BASIC 41,840 41,839 41,758 41,705 DILUTED � �
42,099 � � � 42,071 � � 42,018 � � � 41,939 � Net financial
earnings per share $ 1.86 � � $ 1.92 � $ 2.74 � � $ 2.61 The
following table is a computation of financial margin at NJRES: �
Three Months Ended � Six Months Ended March 31, March 31,
(Thousands) � � 2008 � � � 2007 � � � 2008 � � � 2007 � Operating
revenues $ 687,912 � $ 568,388 $ 1,208,123 � $ 1,064,175 Less: Gas
purchases 727,937 610,183 1,222,483 1,081,125 Add: Unrealized loss
on derivative instruments 119,218 126,383 127,043 117,867 Net
realized (gain) loss from derivative instruments related to natural
gas inventory � � (5,889 ) � � 1,194 � � � (3,629 ) � � 2,960 �
Financial margin � $ 73,304 � � $ 85,782 � � $ 109,054 � � $
103,877 � � � A reconciliation of Operating income at NJRES, the
closest GAAP financial measurement, to the financial margin is as
follows: Three Months Ended Six Months Ended March 31, March 31,
(Thousands) � � 2008 � � � 2007 � � � 2008 � � � 2007 � Operating
income ($45,303 ) ($46,167 ) ($22,740 ) ($24,571 ) Add: Operation
and maintenance expense 5,026 4,150 7,866 7,153 Regulatory rider
expenses 0 0 0 0 Depreciation and amortization 53 54 106 108 Other
taxes � � 199 � � � 168 � � � 408 � � � 360 � Subtotal � Gross
margin � � ($40,025 ) � � ($41,795 ) � � ($14,360 ) � � ($16,950 )
Add: Unrealized loss on derivative instruments 119,218 126,383
127,043 117,867 Net realized (gain) loss from derivative
instruments relatedto natural gas inventory � � (5,889 ) � � 1,194
� � � (3,629 ) � � 2,960 � Financial margin � $ 73,304 � � $ 85,782
� � $ 109,054 � � $ 103,877 � � � A reconciliation of NJRES Net
income to net financial earnings, is as follows: Three Months Ended
Six Months Ended March 31, March 31, (Thousands) � � 2008 � � �
2007 � � � 2008 � � � 2007 � Net income ($25,947 ) ($27,983 )
($12,797 ) ($16,459 ) Add: Unrealized loss on derivative
instruments, net of taxes 73,013 74,459 77,623 69,714 Realized
(gain) loss from derivative instruments relatedto natural gas
inventory, net of taxes � � (3,549 ) � � 704 � � � (2,217 ) � �
1,744 � Net financial earnings � $ 43,517 � � $ 47,180 � � $ 62,609
� � $ 54,999 � NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF
INCOME � � Three Months Ended � � Six Months Ended (Unaudited)
March 31, March 31, (Thousands, except per share data) � � 2008 � �
2007 � � � 2008 � � 2007 OPERATING REVENUES � $ 1,177,545 � $
1,029,043 � � $ 1,988,683 � $ 1,766,444 � � OPERATING EXPENSES Gas
purchases 1,065,925 923,046 1,750,619 1,544,981 Operation and
maintenance 34,605 32,337 66,784 60,653 Regulatory rider expenses
17,789 18,135 29,954 27,601 Depreciation and amortization 9,517
8,986 18,920 17,888 Energy and other taxes � � 29,374 � � 30,268 �
� � 47,534 � � 44,220 Total operating expenses � � 1,157,210 � �
1,012,772 � � � 1,913,811 � � 1,695,343 � OPERATING INCOME 20,335
16,271 74,872 71,101 � Other income 1,540 855 3,068 2,151 �
Interest charges, net � � 6,692 � � 7,091 � � � 14,502 � � 14,966 �
INCOME BEFORE INCOME TAXES 15,183 10,035 63,438 58,286 � Income tax
provision 3,394 2,552 21,888 21,786 � Equity in earnings, net of
tax � � 746 � � 478 � � � 1,170 � � 895 � NET INCOME � $ 12,535 � $
7,961 � � $ 42,720 � $ 37,395 � EARNINGS PER COMMON SHARE BASIC $
0.30 $ 0.19 $ 1.02 $ 0.90 DILUTED � $ 0.30 � $ 0.19 � � $ 1.02 � $
0.89 � DIVIDENDS PER COMMON SHARE � $ 0.28 � $ 0.25 � � $ 0.55 � $
0.50 � AVERAGE SHARES OUTSTANDING BASIC 41,840 41,839 41,758 41,705
DILUTED � � 42,099 � � 42,071 � � � 42,018 � � 41,939 NEW JERSEY
RESOURCES � � Three Months Ended � � Six Months Ended (Unaudited)
March 31, March 31, (Thousands, except per share data) � � 2008 � �
� 2007 � � � � 2008 � � � 2007 � Operating Revenues � � New Jersey
Natural Gas $ 476,818 $ 450,811 $ 761,178 $ 690,218 NJR Energy
Services 687,912 568,388 1,208,123 1,064,175 NJR Home Services and
Other � 12,859 � � � 9,915 � � � � 19,490 � � � 12,191 � Sub-total
� 1,177,589 � � � 1,029,114 � � � � 1,988,791 � � � 1,766,584 �
Intercompany Eliminations � (44 ) � � (71 ) � � � (108 ) � � (140 )
Total $ 1,177,545 � � $ 1,029,043 � � � $ 1,988,683 � � $ 1,766,444
� � � � � � � � � � � Operating Income (Loss) New Jersey Natural
Gas $ 59,211 $ 58,736 $ 90,813 $ 95,452 NJR Energy Services (45,303
) (46,167 ) (22,740 ) (24,571 ) NJR Home Services and Other � 6,427
� � � 3,702 � � � � 6,799 � � � 220 � Total $ 20,335 � � $ 16,271 �
� � $ 74,872 � � $ 71,101 � � � � � � � � � � � Net Income (Loss)
New Jersey Natural Gas $ 34,170 $ 33,226 $ 50,840 $ 53,134 NJR
Energy Services (25,947 ) (27,983 ) (12,797 ) (16,459 ) NJR Home
Services and Other � 4,312 � � � 2,718 � � � � 4,677 � � � 720 �
Total $ 12,535 � � $ 7,961 � � � $ 42,720 � � $ 37,395 � � � � � �
� � � � � Throughput (Bcf) NJNG, Core Customers 28.5 30.7 48.4 47.6
NJNG, Off System/Capacity Management 11.5 9.8 21.2 20.3 NJRES Fuel
Mgmt. and Wholesale Sales � 76.0 � � � 69.3 � � � � 143.1 � � �
133.9 � Total � 116.0 � � � 109.8 � � � � 212.7 � � � 201.8 � � � �
� � � � � � � Common Stock Data Yield at March 31 3.6 % 3.0 % 3.6 %
3.0 % Market Price High $ 33.50 $ 34.07 $ 34.71 $ 35.44 Low $ 29.22
$ 30.87 $ 29.22 $ 30.87 Close at March 31 $ 31.05 $ 33.37 $ 31.05 $
33.37 Shares Out. at March 31 41,852 41,910 41,852 41,910 Market
Cap. at March 31 $ 1,299,505 $ 1,398,397 $ 1,299,505 $ 1,398,397
NEW JERSEY NATURAL GAS � � � � � � � � � � � Three Months Ended Six
Months Ended (Unaudited) March 31, March 31, (Thousands, except
customer & weather data) � � 2008 � � � 2007 � � � 2008 � � �
2007 � Utility Gross Margin Operating revenues $ 476,818 $ 450,811
$ 761,178 $ 690,218 Less: Gas purchases 337,988 312,863 528,136
463,856 Energy and other taxes 27,744 28,778 44,107 41,298
Regulatory rider expense � 17,788 � � � 18,135 � � � 29,953 � � �
27,601 � Total Utility Gross Margin $ 93,298 � � $ 91,035 � � $
158,982 � � $ 157,463 � � � � � � � � � � Utility Gross Margin and
Operating Income Residential & Commercial $ 85,414 $ 84,847 $
144,610 $ 143,214 Firm Transportation � 5,865 � � � 5,181 � � �
10,799 � � � 9,747 � Total Firm Margin 91,279 90,028 155,409
152,961 Interruptible � 128 � � � 102 � � � 262 � � � 318 � Total
System Margin � 91,407 � � � 90,130 � � � 155,671 � � � 153,279 �
Off System/Capacity Management/FRM 2,191 905 3,611 4,184 BPU
Settlement � (300 ) � � 0 � � � (300 ) � � 0 � TOTAL UTILITY GROSS
MARGIN � 93,298 � � � 91,035 � � � 158,982 � � � 157,463 �
Operation and maintenance expense 23,901 22,692 47,780 42,947
Depreciation and amortization 9,332 8,848 18,565 17,586 Other taxes
not reflected in gross margin � 854 � � � 759 � � � 1,824 � � �
1,478 � OPERATING INCOME $ 59,211 � � $ 58,736 � � $ 90,813 � � $
95,452 � � � � � � � � � � Throughput (Bcf) Residential &
Commercial 23.7 26.1 39.2 39.4 Firm Transportation � 3.8 � � � 3.8
� � � 6.6 � � � 6.3 � Total Firm Throughput 27.5 29.9 45.8 45.7
Interruptible � 1.0 � � � 0.8 � � � 2.6 � � � 1.9 � Total System
Throughput � 28.5 � � � 30.7 � � � 48.4 � � � 47.6 � Off
System/Capacity Management � 11.5 � � � 9.8 � � � 21.2 � � � 20.3 �
TOTAL THROUGHPUT � 40.0 � � � 40.5 � � � 69.6 � � � 67.9 � � � � �
� � � � � Customers Residential & Commercial 466,736 463,645
466,736 463,645 Firm Transportation � 15,293 � � � 13,159 � � �
15,293 � � � 13,159 � Total Firm Customers 482,029 476,804 482,029
476,804 Interruptible � 44 � � � 46 � � � 44 � � � 46 � Total
System Customers � 482,073 � � � 476,850 � � � 482,073 � � �
476,850 � Off System/Capacity Management � 32 � � � 43 � � � 32 � �
� 43 � TOTAL CUSTOMERS � 482,105 � � � 476,893 � � � 482,105 � � �
476,893 � � � � � � � � � � Degree Days Actual 2,348 2,517 3,893
3,880 Normal � 2,519 � � � 2,485 � � � 4,201 � � � 4,154 � Percent
of Normal � 93.2 % � � 101.3 % � � 92.7 % � � 93.4 % NJR ENERGY
SERVICES � � Three Months Ended � Six Months Ended (Unaudited)
March 31, March 31, (Thousands, except customer) � � 2008 � � �
2007 � � � � 2008 � � � 2007 � Operating Revenues $ 687,912 � $
568,388 $ 1,208,123 � $ 1,064,175 Gas Purchases � 727,937 � � �
610,183 � � � � 1,222,483 � � � 1,081,125 � Gross (Loss) (40,025 )
(41,795 ) (14,360 ) (16,950 ) Operation and maintenance expense
5,026 4,150 7,866 7,153 Depreciation and amortization 53 54 106 108
Energy and other taxes � 199 � � � 168 � � � � 408 � � � 360 �
Operating (Loss) � ($45,303 ) � � ($46,167 ) � � � ($22,740 ) � �
($24,571 ) � Net Loss � ($25,947 ) � � ($27,983 ) � � � ($12,797 )
� � ($16,459 ) � Gas Sold and Managed (Bcf) � 76.0 � � � 69.3 � � �
� 143.1 � � � 133.9 � � � � � � � � � � � � NJR HOME SERVICES AND
OTHER � � � � � � � � � � Operating Revenues $ 12,859 � � $ 9,915 �
� � $ 19,490 � � $ 12,191 � � Operating Income $ 6,427 � � $ 3,702
� � � $ 6,799 � � $ 220 � � Net Income $ 4,312 � � $ 2,718 � � � $
4,677 � � $ 720 � � Total Customers at March 31 � 145,032 � � �
144,371 � � � � 145,032 � � � 144,371 �
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