New Jersey Resources (NYSE:NJR) today reported earnings for the
third quarter and first nine months of fiscal 2010 and reaffirmed
its net financial earnings guidance.
A reconciliation of NJR’s net income to net financial earnings
for the three and nine months ended June 30 in fiscal years 2010
and 2009 is provided below:
Three Months EndedJune 30,
Nine Months EndedJune 30, (Thousands)
2010 2009
2010
2009 Net (loss) income
($10,177 )
($14,155 )
$115,942 $46,105 Add:
Unrealized loss on derivative
instruments andrelated transactions, net of taxes
15,886 6,981
3,936 39,557
Effects of economic hedging
related to natural gas, netof taxes
5,878 8,420
(16,867 ) 20,490 Net financial earnings
$11,587 $1,246
$103,011 $106,152 Weighted Average
Shares Outstanding Basic
41,239 42,049
41,424 42,175
Diluted
41,239 42,049
41,703 42,547
Basic earnings
per share ($0.25 ) ($0.34 )
$2.80 $1.09
Basic net financial earnings
per share $0.28 $0.03
$2.49 $2.52
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.
For further discussion of this financial measure, as well as a
reconciliation to the most comparable GAAP measure, please see the
explanation below under “Additional Non-GAAP Financial
Information.”
- Third-Quarter Net Financial
Earnings Increase
Third-quarter net financial earnings for fiscal 2010 were $11.6
million, or $.28 per share, an increase over quarterly net
financial earnings of $1.2 million, or $.03 per share, during the
same three-month period last fiscal year. Year-to-date net
financial earnings at NJR were $103 million, or $2.49 per share,
compared with $106 million, or $2.52 per share, during the same
period last year. Improved third-quarter net financial earnings
compared with the same period in the prior fiscal year were driven
by higher results at New Jersey Natural Gas (NJNG), Midstream
Assets and NJR Energy Services (NJRES).
“We are pleased to report that all three of our business
segments generated improved results this quarter, enabling us to
reaffirm our earnings guidance for fiscal 2010,” said Laurence M.
Downes, chairman and CEO of NJR. “Our shareowners rely on us to
provide consistent results and thanks to the dedication and
commitment to excellence of our employees, who are the driving
force behind our performance, we remain on track for another year
of increased net financial earnings.”
Subject to the factors discussed at the end of this release
under “Forward-Looking Statements” and due to strong third-quarter
results, NJR is reaffirming its fiscal 2010 net financial earnings
guidance in a range of $2.45 to $2.55 per basic share. Overall, NJR
expects New Jersey Natural Gas (NJNG) to be the major contributor
to fiscal 2010 net financial earnings, accounting for 60 to 70
percent of the total. In addition, NJR estimates that the
contribution from NJRES will be approximately 15 to 25 percent and
Midstream Assets will be approximately 5 to 10 percent of total
fiscal 2010 net financial earnings.
- New Jersey Natural Gas
Earnings Remain Strong
Net income in the third quarter of fiscal 2010 at NJNG increased
to $6.1 million, compared with $4.1 million in the same period last
year. Fiscal 2010 year-to-date net income increased nearly 2
percent to $70.1 million, compared with $68.8 million during the
same period last year.
The increase is due in part to steady customer growth. During
the first nine months of fiscal 2010, NJNG has added 3,938 new
customers and an additional 441 existing customers converted to
natural gas heat and other services. This growth is expected to
contribute approximately $2 million to annual utility gross
margin.
Additionally, results at the utility have been bolstered by the
impact of several regulatory initiatives. The Accelerated
Infrastructure Program (AIP) enables NJNG to recognize its cost of
financing 14 capital projects based on its authorized weighted
average cost of capital of 7.76 percent. Through June 30, 2010,
NJNG has incurred capital costs of $21.4 million through the AIP
and total capital investment over the life of the program is
expected to be $70.8 million.
NJNG’s energy-efficiency program, known as The SAVEGREEN
Project™, is also contributing towards the utility’s results.
Spending during fiscal 2010 has totaled $7.4 million, on which NJNG
recognizes the same cost of capital referenced above through an
energy-efficiency rider on customer bills. Incentives through
SAVEGREEN complement those available from New Jersey’s Clean Energy
Program. To date, more than $3 million has been paid to customers
through rebates and special financial offers. Additionally, nearly
3,000 customers have received comprehensive home energy audits to
identify energy-saving opportunities in their homes in accordance
with NJNG’s “whole-house” approach to energy efficiency and
conservation.
NJNG’s positive results in the third quarter of fiscal 2010 were
also due in part to lower operation and maintenance expenses due
primarily to a decrease in bad debt expense and costs associated
with system maintenance.
In March, NJNG submitted a filing to the New Jersey Board of
Public Utilities (BPU) seeking approval to expand and enhance its
energy-efficiency program as well as offer renewable energy
technologies to residential and commercial customers. The filing is
currently in the discovery phase and NJNG is working
collaboratively with regulators to resolve the matter by October 1,
2010.
- Solar Projects Expected to
Add to Company’s Growth
Two new initiatives have put NJR into the electricity business
and are expected to contribute to growth over the coming years. NJR
Clean Energy Ventures (NJRCEV), a subsidiary formed to identify
opportunities in the renewable energy market and invest in
commercial roof-top and ground-mounted solar systems, recently
announced its first two agreements with Adler Development in
central New Jersey and CertainTeed in Berlin, NJ. The cost of the
projects is expected to be approximately $22 million and have been
developed with the technical expertise of United Solar, a leading
global manufacturer of UNI-SOLAR® brand light-weight, flexible,
thin-film, low impact and low profile solar panels. The rooftop
systems will be capable of generating approximately five megawatts
of clean, renewable energy and offer lower costs to tenants while
helping to reduce the facilities’ carbon footprint. Investments
made by NJRCEV will qualify for a 30 percent federal investment tax
credit. In addition, the energy produced will be eligible for Solar
Renewable Energy Certificates (SRECs), which can be sold to load
serving entities in New Jersey to meet their renewable energy
requirements. Additional return on investment will be provided by
power purchase agreement payments from tenants.
Additionally, NJR Home Services (NJRHS) has over 100 leases
signed for its residential solar leasing program launched earlier
this year. The program is making solar energy accessible and
affordable for homeowners, who are not responsible for the costs of
installation or maintenance over the 20-year lease. Monthly fees
are fixed over the life of the lease at approximately $52 per
month. The average customer will save about $100 on monthly
electricity costs. NJRHS expects to invest up to $4 million in this
program in fiscal 2010. Just as in the NJRCEV agreements, NJRHS
qualifies for 30 percent federal investment tax credit and will
generate SRECs. NJRHS may also be eligible for any rebates
available from New Jersey’s Clean Energy Program.
- Midstream Assets Continue
Growth
Net income from Midstream Assets in the third-quarter of fiscal
2010 was $1.8 million compared with $940,000 over the same period
last year. Year-to-date quarter earnings in fiscal 2010 were $5.2
million, compared with $2.1 million in fiscal 2009. Both increases
are due to earnings from Steckman Ridge, a 12 billion cubic feet
working gas storage facility located in Southwestern Pennsylvania,
which began generating storage revenues when it became commercially
operational during the third quarter of fiscal 2009.
- NJR Energy Services Reports
Higher Quarterly Results
NJR Energy Services (NJRES), NJR’s wholesale energy subsidiary,
reported net financial earnings for the third quarter of fiscal
2010 of $3.3 million compared with a loss of $4.5 million in the
same period last year. For the nine-month period ending June 30,
2010, net financial earnings were $29.3 million compared with $36
million in the same period last year. The increase in third-quarter
net financial earnings is due an increase in sales volume of
approximately 12.4 billion cubic feet coupled with higher average
price spreads for the three-month period ended June 30, 2010,
compared with the same period in the prior fiscal year.
Natural gas prices have remained significantly lower than in
prior years, reducing volatility in the wholesale market and
causing fewer opportunities for asset optimization. As a result,
NJRES is using its extensive experience managing storage and
transportation assets to offer services to exploration and
production (E&P) companies working in the Marcellus Shale and
other regions. This allows those E&P companies to focus on
their strengths, while NJRES uses its own expertise to provide
comprehensive producer services once the natural gas has been
extracted. NJRES currently has signed agreements to manage over
350,000 decatherms per day of natural gas production
Webcast
Information
NJR will host a live webcast to discuss its financial results
today at 9 a.m. ET. A few minutes prior to the webcast, go to
www.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.
Forward-Looking
Statements
This news release contains 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 to
differ materially from the company’s expectations include, but are
not limited to, weather; economic conditions; NJR dependence on
operating subsidiaries; demographic changes in NJNG’s service
territory; rate of customer growth; volatility of natural gas
commodity prices and its impact on customer usage and NJR Energy
Services operations and the company’s risk management efforts;
changes in rating agency requirements and/or credit ratings and
their effect on availability and cost of capital to the company;
the impact of volatility in the credit markets that would result in
the increased cost and/or limit the availability of credit at NJR
to fund and support physical gas inventory purchases and other
working capital needs at NJRES, and all other non-regulated
subsidiaries, as well as negatively affect cost and access to the
commercial paper market and other short-term financing markets by
NJNG to allow it to fund its commodity purchases, capital
expenditures and meet its short-term obligations as they come; the
company’s ability to comply with debt covenants; continued failures
in the market for auction rate securities; the impact to the asset
values and resulting higher costs and funding obligations of NJR’s
pension and post-employment benefit plans as a result of downturns
in the financial market, and the impacts associated with the
Patient Protection and Affordable Care Act; the ability to maintain
effective internal controls; accounting effects and other risks
associated with hedging activities and use of derivatives
contracts; commercial and wholesale credit risk, including the
availability of creditworthy customers and counterparties and
liquidity in the wholesale energy trading market; the company’s
ability to obtain governmental approvals and/or financing for the
construction, development and operation of its non-regulated energy
investments; risks associated with our investments in solar energy
projects, including the availability of regulatory and tax
incentives; risks associated with the management of the company’s
joint ventures and partnerships; the level and rate at which costs
and expenses are incurred and the extent to which they are allowed
to be recovered from customers through the regulatory process in
connection with constructing, operating and maintain NJNG’s natural
gas transmission and distribution system; dependence on third-party
storage and transportation facilities for natural gas supply;
operational risks incidental to handling, storing, transporting and
providing customers with natural gas; access to adequate supplies
of natural gas; the regulatory and pricing policies of federal and
state regulatory agencies; the cost of compliance with present and
future environmental law, including potential climate
change-related legislation; the ultimate outcome of pending
regulatory proceedings, the disallowance of recovery of
environmental-related expenditures and other regulatory changes;
and environmental-related and other litigation and other
uncertainties. 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. More
detailed information about these factors is set forth under the
heading “Risk Factors” in NJR’s filings with the Securities and
Exchange Commission (SEC) including its most recent Form 10-K.
Non-GAAP Financial
Information
This press release includes the non-GAAP measures net financial
earnings (losses), financial margin and utility gross margin. A
reconciliation of these non-GAAP financial measures to the most
directly comparable financial measures calculated and reported in
accordance with GAAP, can be found below. As an indicator of the
company’s operating performance, these measures should not be
considered an alternative to, or more meaningful than, operating
income as determined in accordance with GAAP.
Net financial earnings (losses) and financial margin exclude
unrealized gains or losses on derivative instruments related to the
company’s unregulated subsidiaries and certain realized gains and
losses on derivative instruments related to natural gas that has
been placed into storage at NJRES. Volatility associated with the
change in value of these financial and physical commodity contracts
is reported in the income statement in the current period. 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 because it shows changes in value currently as
opposed to when the planned transaction ultimately is settled.
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 the company’s operations that
move in relation to each other. Management uses these non-GAAP
financial measures as supplemental measures to other GAAP results
to provide a more complete understanding of the company’s
performance. Management believes these non-GAAP measures are more
reflective of the company’s business model, provide transparency to
investors and enable period-to-period comparability of financial
performance. 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. For a full
discussion of NJR’s non-GAAP financial measures, please see NJR’s
most recent Form 10-K, Item 7.
About New Jersey
Resources
New Jersey Resources, a Fortune 1000 company, provides reliable
energy and natural gas services including transportation,
distribution, and asset management in states from the Gulf Coast to
the New England regions, including the Mid-Continent region, the
West Coast and Canada, while investing in and maintaining an
extensive infrastructure to support future growth. With over $2.5
billion in annual revenues, NJR safely and reliably operates and
maintains 6,700 miles of natural gas transportation and
distribution infrastructure to serve nearly half a million
customers; develops and manages a diverse portfolio of nearly 2.3
Bcf/day of transportation capacity and more than 50 Bcf of storage
capacity; and provides appliance installation, repair and contract
service to approximately 148,000 homes and businesses.
Additionally, NJR holds investments in midstream assets through
equity partnerships including Steckman Ridge and Iroquois. Through
Conserve to Preserve®, NJR is helping customers save energy and
money by promoting conservation and encouraging efficiency. For
more information about NJR, visit www.njliving.com.
Reconciliation of Non-GAAP Performance Measures
NEW
JERSEY RESOURCES A
reconciliation of Net income at NJR to net financial earnings, is
as follows: Three Months EndedJune 30,
Nine Months EndedJune 30, (Thousands)
2010 2009
2010 2009 Net (loss)
income
($10,177 ) ($14,155 )
$115,942 $46,105
Add: Unrealized loss on derivative instruments and related
transactions, net of taxes
15,886 6,981
3,936 39,557
Effects of economic hedging related to natural gas, net of taxes
5,878 8,420
(16,867 ) 20,490 Net financial earnings
$11,587 $1,246
$103,011 $106,152
WEIGHTED
AVERAGE SHARES OUTSTANDING BASIC 41,239 42,049
41,424 42,175
DILUTED 41,239
42,049
41,703 42,547
Basic net financial (loss) earnings per share
$0.28 $0.03
$2.49
$2.52
ENERGY SERVICES The
following table is a computation of financial margin at Energy
Services: Three Months EndedJune 30,
Nine Months EndedJune 30, (Thousands)
2010 2009
2010 2009 Operating
revenues
$364,800 $283,439
$1,207,166 $1,219,296
Less: Gas purchases
393,166 313,395
1,125,160
1,230,061 Add: Unrealized loss on derivative instruments and
related transactions
26,068 11,612
2,833 47,777
Effects of economic hedging related to natural gas inventory
10,245 13,057
(26,641
) 32,854 Financial margin (loss)
$7,947 ($5,287 )
$58,198
69,866
A reconciliation of Operating
income at Energy Services, the closest GAAP financial measurement,
to the financial margin is as follows: Three Months
EndedJune 30, Nine Months EndedJune 30,
(Thousands)
2010 2009
2010
2009 Operating (loss) income
($31,721 )
($35,033 )
$70,674 ($25,097 ) Add: Operation and maintenance
expense
3,268 4,703
10,246 12,931 Depreciation and
amortization
37 51
136 153 Other taxes
50 323
950
1,248 Subtotal – Gross margin (loss)
($28,366
) (29,956 )
$82,006 (10,765 ) Add: Unrealized loss on
derivative instruments and related transactions
26,068
11,612
2,833 47,777 Effects of economic hedging related to
natural gas inventory
10,245 13,057
(26,641 ) 32,854
Financial margin (loss)
$7,947 ($5,287
)
$58,198 $69,866
ENERGY
SERVICES (continued) A reconciliation of Energy
Services Net income to net financial earnings, is as follows:
Three Months EndedJune 30, Nine Months
EndedJune 30, (Thousands)
2010 2009
2010 2009 Net (loss) income
($18,823
) ($20,170 )
$44,262 ($13,828 ) Add: Unrealized loss
on derivative instruments and related transactions, net of taxes
16,281 7,266
1,952 29,315 Effects of economic hedging
related to natural gas, net of taxes
5,878
8,420
(16,867 ) 20,490
Net financial earnings (loss)
$3,336
($4,484 )
$29,347 $35,977
Retail and Other A reconciliation of Retail
and Other Net income to net financial earnings, is as follows:
Three Months Ended Nine Months Ended June
30, June 30, (Thousands)
2010 2009
2010 2009 Net income (loss)
$725 $941
($3,481 ) ($10,982 ) Add: Unrealized (gain) loss on
derivative instruments, net of taxes
(411 )
(285 )
1,840 10,242 Net
financial earnings (loss)
$314 $656
($1,641 ) ($740 )
NEW JERSEY RESOURCES CONSOLIDATED
STATEMENTS OF INCOME
(Thousands, except per share data)
Three
Months EndedJune 30, Nine Months EndedJune
30, 2010 2009
2010 2009
OPERATING REVENUES Utility
$105,130 $148,826
$794,311 $958,995 Nonutility
374,764 292,226
1,213,475
1,220,877 Total operating revenues
479,894
441,052
2,007,786
2,179,872
OPERATING EXPENSES Gas purchases Utility
47,665 87,169
478,719 631,712 Nonutility
393,126 313,318
1,114,842 1,227,783 Operation and
maintenance
37,077 38,436
110,386 112,209 Regulatory
rider expenses
6,160 6,280
41,017 40,585 Depreciation
and amortization
8,136 7,880
23,936 22,749 Energy and
other taxes
6,516 11,739
50,275 67,353 Total operating expenses
498,680 464,822
1,819,175
2,102,391
OPERATING (LOSS) INCOME (18,786
) (23,770 )
188,611 77,481 Other income
1,311
1,179
3,458 3,095 Interest expense, net
5,238
5,187
15,946 15,953
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF
AFFILIATES (22,713 ) (27,778 )
176,123
64,623 Income tax (benefit) provision
(11,368 )
(12,146 )
64,819 21,296 Equity in earnings of affiliates,
net of tax
1,168 1,477
4,638 2,778
NET (LOSS) INCOME
($10,177 ) ($14,155 )
$115,942
$46,105
(LOSS) EARNINGS PER COMMON SHARE
BASIC ($0.25 ) ($0.34 )
$2.80 $1.09
DILUTED ($0.25 ) ($0.34 )
$2.78 $1.08
DIVIDENDS PER COMMON SHARE
$0.34 $0.31
$1.02
$0.93
AVERAGE SHARES OUTSTANDING BASIC
41,239 42,049
41,424 42,175
DILUTED
41,239 42,049
41,703
42,547
NEW JERSEY
RESOURCES (Thousands, except per share data)
Three
Months EndedJune 30, Nine Months EndedJune
30, 2010 2009
2010 2009
Operating Revenues
Natural Gas Distribution
$105,130 $148,826
$802,358
$958,995 Energy Services
364,800 283,439
1,207,166
1,219,296 Midstream Assets
- -
- - Retail and Other
10,058 8,832
19,803
3,828
Sub-total 479,988
441,097
2,029,327
2,182,119 Eliminations
(94 ) (45 )
(21,541 ) (2,247 )
Total
$479,894 $441,052
$2,007,786 $2,179,872
Operating Income (Loss) Natural Gas Distribution
$11,114 $9,709
$120,798 $121,426 Energy Services
(31,721 ) (35,033 )
70,674 (25,097 ) Midstream
Assets
(138 ) (107 )
(590 ) (330 )
Retail and Other
1,209 1,577
(5,068 ) (18,702 )
Sub-total
(19,536 ) (23,854 )
185,814
77,297 Eliminations
750
84
2,797 184
Total
($18,786 ) ($23,770 )
$188,611
$77,481
Equity in Earnings of
Affiliates Midstream Assets
$2,538 $2,295
$10,261 $4,539
Sub-total 2,538 2,295
10,261 4,539 Eliminations
(557
) 190
(2,376 ) 104
Total $1,981 $2,485
$7,885 $4,643
Net
Income (Loss) Natural Gas Distribution
$6,109 $4,134
$70,087 $68,796 Energy Services
(18,823 )
(20,170 )
44,262 (13,828 ) Midstream Assets
1,828 940
5,218 2,119 Retail and Other
725 941
(3,481 ) (10,982 )
Sub-total (10,161 ) (14,155 )
116,086 46,105 Eliminations
(16
) 0
(144 ) 0
Total ($10,177 ) ($14,155 )
$115,942 $46,105
Net
Financial Earnings (Loss) Natural Gas Distribution
$6,109 $4,134
$70,087 $68,796 Energy Services
3,336 (4,484 )
29,347 35,977 Midstream Assets
1,828 940
5,218 2,119 Retail and Other
314
656
(1,641 ) (740
)
Total $11,587 $1,246
$103,011 $106,152
Throughput
(Bcf) NJNG, Core Customers
8.8 9.5
57.9 60.6
NJNG, Off System/Capacity Management
16.1 13.6
60.2
45.9 NJRES Fuel Mgmt. and Wholesale Sales
90.6
80.6
255.0 234.6
Total 115.5 103.7
373.1 341.1
Common Stock
Data Yield at June 30
3.9 % 3.3 %
3.9
% 3.3 % Market Price High
$39.01 $37.57
$39.01
$42.37 Low
$34.07 $30.79
$33.49 $21.90 Close at June
30
$35.20 $37.04
$35.20 $37.04 Shares Out. at June 30
41,201 41,950
41,201 41,950 Market Cap. at June 30
$1,450,275 $1,553,828
$1,450,275 $1,553,828
NATURAL GAS DISTRIBUTION
(Unaudited)(Thousands, except customer & weather data)
Three
Months EndedJune 30, Nine Months EndedJune
30, 2010 2009
2010 2009
Utility Gross Margin
Operating revenues
$105,130 $148,826
$802,358
$958,995 Less: Gas purchases
48,401 87,169
492,489
631,712 Energy and other taxes
4,738 9,830
43,955
61,208 Regulatory rider expense
6,183 6,280
41,103 40,585
Total
Utility Gross Margin $45,808 $45,547
$224,811 $225,490
Utility Gross Margin and Operating Income Residential
$28,556 $28,488
$150,384 $150,235 Commercial,
Industrial & Other
8,530 9,051
38,202 40,398 Firm
Transportation
6,613 5,987
28,573 24,838
Total Firm Margin
43,699 43,526
217,159 215,471 Interruptible
103 81
265
236
Total System Margin 43,802
43,607
217,424 215,707
Off System/Capacity Management/FRM/Storage Incentive
2,006
1,940
7,387 9,783
Total Utility Gross Margin 45,808
45,547
224,811 225,490
Operation and maintenance expense
25,856 27,351
77,551 79,137 Depreciation and amortization
7,939
7,668
23,321 22,120 Other taxes not reflected in gross
margin
899 819
3,141
2,807
Operating Income $11,114
$9,709
$120,798
$121,426
Throughput (Bcf) Residential
4.6 5.8
37.5 40.5 Commercial, Industrial & Other
0.9 1.2
7.6 9.1 Firm Transportation
1.3
1.5
9.0 8.4
Total Firm Throughput 6.8 8.5
54.1 58.0
Interruptible
2.0 1.0
3.8
2.6
Total System Throughput 8.8
9.5
57.9 60.6
Off System/Capacity Management
16.1
13.6
60.2 45.9
Total
Throughput 24.9 23.1
118.1 106.5
Customers
Residential
439,659 439,442
439,659 439,442
Commercial, Industrial & Other
26,957 28,837
26,957 28,837 Firm Transportation
24,052
18,892
24,052 18,892
Total Firm Customers 490,668 487,171
490,668 487,171 Interruptible
45 44
45 44
Total System
Customers 490,713 487,215
490,713 487,215 Off System/Capacity
Management*
52 29
52
29
Total Customers 490,765
487,244
490,765
487,244 *The number of customers represents those active
during the last month of the period.
Degree Days Actual
338 475
4,338 4,753 Normal
561
563
4,706 4,707 Percent
of Normal
60.2 % 84.4 %
92.2
% 101.0 %
ENERGY SERVICES
(Unaudited)(Thousands, except customer)
Three Months
EndedJune 30, Nine Months EndedJune 30,
2010 2009
2010
2009
Operating Revenues $364,800
$283,439
$1,207,166 $1,219,296 Gas Purchases
393,166
313,395
1,125,160
1,230,061
Gross (Loss) Margin (28,366 )
(29,956 )
82,006 (10,765 ) Operation and maintenance expense
3,268 4,703
10,246 12,931 Depreciation and
amortization
37 51
136 153 Energy and other taxes
50 323
950
1,248
Operating (Loss) Income ($31,721
) ($35,033 )
$70,674
($25,097 )
Net (Loss) Income ($18,823 )
($20,170 )
$44,262 ($13,828 )
Financial Margin (Loss) $7,947
($5,287 )
$58,198 $69,866
Net Financial Earnings (Loss) $3,336
($4,484 )
$29,347 $35,977
Gas Sold and Managed (Bcf) 90.6 80.6
255.0 234.6
MIDSTREAM ASSETS Three Months EndedJune 30,
Nine Months EndedJune 30,
2010
2009
2010
2009
Equity in Earnings of Affiliates $2,538
$2,295
$10,261 $4,539
Operations and Maintenance Expense $137
$107
$586 $321
Interest Expense $380
$882
$2,037 $946
Net Income $1,828 $940
$5,218 $2,119
RETAIL
AND OTHER Three Months EndedJune 30, Nine
Months EndedJune 30,
2010
2009
2010
2009
Operating Revenues $10,058
$8,832
$19,803 $3,828
Operating Income (Loss) $1,209
$1,577
($5,068 ) ($18,702 )
Net Income (Loss) $725 $941
($3,481 ) ($10,982 )
Net Financial Earnings (Loss) $314 $656
($1,641 ) ($740 )
Total Customers at June 30, 2010 147,893
145,398
147,893 145,398
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