New Jersey Resources (NYSE: NJR) today reported improved net
financial earnings for the first quarter of fiscal 2012 and
announced initial earnings guidance for fiscal 2012.
A reconciliation of net income to net financial earnings for the
first quarter of fiscal years 2012 and 2011 is provided below.
Three Months Ended December 31,
(Thousands)
2011 2010
Net income
$ 57,357 $ 24,509 Add: Unrealized (gain) loss
on derivative instruments and relatedtransactions, net of taxes
(17,372) 34,404 Effects of economic hedging related to
natural gas inventory, net of taxes
5,323
(29,783)
Net financial earnings $ 45,308 $
29,130
Weighted Average Shares Outstanding Basic
41,434 41,280 Diluted
41,651 41,510
Basic earnings per share $ 1.38 $ 0.59
Basic net financial earnings per share $ 1.09
$ 0.71
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
reconciliation to the most comparable GAAP measure, please see the
explanation below under “Additional Non-GAAP Financial
Information.”
- NJR Net Financial Earnings Per Share
Increase 54 Percent
First-quarter net financial earnings at NJR were $45.3 million,
or $1.09 per share, compared with $29.1 million, or $.71 per share,
during the same period last year. This increase is due primarily to
projects placed into service at NJR Clean Energy Ventures, the
company’s renewable energy subsidiary, continued growth at New
Jersey Natural Gas and improved results at NJR Energy Services.
“We are off to a strong start in fiscal 2012,” said Laurence M.
Downes, chairman and CEO of NJR. “Our renewable energy strategy is
taking hold and the results can be seen in strong earnings at NJR
Clean Energy Ventures. Increased gross margin at our regulated
business, New Jersey Natural Gas, also contributed to this
quarter’s performance. We remain committed to delivering consistent
returns to our shareowners.
“On behalf of our board of directors, I would like to thank all
our employees for their passion and commitment, which have always
been a key driver of our performance. And, with a new collective
bargaining agreement set in place this quarter, I believe we have a
solid foundation for future growth, as we continue to meet our
customers’ expectations for safety, reliability and service.”
- Fiscal 2012 Guidance
Announced
Subject to the risks and uncertainties identified below under
“Forward-Looking Statements,” NJR announced fiscal 2012 net
financial earnings guidance in a range of $2.60 to $2.80 per basic
share. As in the past, NJR expects New Jersey Natural Gas to be the
major contributor to fiscal 2012 net financial earnings. The
following chart represents the expected contributions from NJR’s
subsidiaries:
Company Expected Fiscal 2012 Net Financial
Earnings Contribution Percent
Amount per Share New Jersey Natural Gas 60 to 70
percent $1.62 - $1.89 NJR Clean Energy Ventures
15 to 25 percent $.41 - $.68 NJR Energy Services
5 to 15 percent $.14 - $.41 NJR Energy
Holdings 3 to 10 percent $.08 - $.27 NJR Home
Services 1 to 5 percent $.03 - $.14
- Earnings Remain Strong at New Jersey
Natural Gas
Net income at New Jersey Natural Gas (NJNG), the company’s
regulated utility subsidiary, increased 6.6 percent during the
first quarter of fiscal 2012 to $26 million, compared with $24.4
million during the same period last year. Steady customer growth,
accelerated infrastructure investments and gross margin from
incentive programs were the primary drivers.
NJNG added 2,001 new customers in the first quarter of fiscal
2012, compared with 1,640 in the same period last year. New
customer conversions totaled 1,314, up from 833 in the same period
last year. Additionally, 104 existing non-heat customers converted
to natural gas heat, compared with 92 in the first quarter of
fiscal 2011. NJNG expects these new customers and conversions to
contribute approximately $1.1 million annually to utility gross
margin. For more information on utility gross margin, please see
Non-GAAP Financial Information below.
“With heating oil prices in the Northeast that are more than
double the projected cost of natural gas on a relative basis, the
conversion market at New Jersey Natural Gas is poised for continued
growth,” said Downes. “In the first quarter of fiscal 2012, oil
heat customers accounted for 64 percent of conversions.
“Additionally,” continued Downes, “electric prices in New Jersey
remain among the highest in the country. The favorable price
advantage of clean natural gas, coupled with energy-efficiency
incentives, will help sustain continued steady customer growth and
go a long way toward supporting the state’s goals to reduce both
greenhouse gas emissions and energy costs for its residents.”
NJNG expects to add, in total, approximately 12,000 to 14,000
new customers during fiscal 2012 and 2013, which would represent a
growth rate of 1.3 percent.
- New Jersey Natural Gas Supply
Incentive Program Update
During the first three months of fiscal 2012, NJNG’s gross
margin-sharing incentive programs, which include off-system sales,
capacity release, storage optimization and financial risk
management programs, generated utility gross margin of $2.8
million, compared with $2.7 million for the same period last year.
NJNG shares the gross margin earned from these incentive programs
with customers and shareowners according to a gross margin-sharing
formula authorized by the New Jersey Board of Public Utilities
(BPU) and in place through October 31, 2015. Since inception in
1992, these incentive programs have saved customers over $556
million.
- Accelerated Infrastructure Program
Ensures Reliability, Bolsters State Economy
The second phase of NJNG’s Accelerated Infrastructure Program
(AIP II), designed to expedite previously planned capital
expenditures, continues to help ensure the safety and integrity of
the company’s distribution system. All nine AIP II projects are in
the design or construction phase including the largest project, an
$18 million investment in Monmouth County, which began in November
2011. NJNG expects all projects under AIP II to be completed by
October 2012. NJNG’s $60.2 million investment in the nine AIP II
projects is authorized by the BPU to earn an overall return of 7.12
percent, which includes a 10.3 percent return on equity.
AIP projects also help grow the state’s economy through job
creation. According to a study by the Rutgers’ Bloustein School of
Planning and Public Policy on the “Economic Impacts of Energy
Infrastructure Investments,” commissioned by NJNG, 7.8 jobs are
created for every $1 million the company spends on AIP
projects.
- The SAVEGREEN Project®
Extended
On January 18, 2012, the BPU extended NJNG’s highly successful
SAVEGREEN Project through December 31, 2012, approving an
additional $19.4 million in incentives and rebates for customers
who make energy-efficiency home improvements. No immediate rate
change will result from this approval and the company will earn an
overall return of 7.10 percent, which includes a 10.3 percent
return on equity, on $18.4 million of the incentives and rebates.
Additionally, NJNG will recover $1 million of incentives related to
customer conversions over a five-year period.
In the first quarter of 2012, SAVEGREEN performed 1,651 home
energy audits and paid $2.3 million in rebates and incentives to
customers. Over 1,000 additional audits are scheduled through
February 2012. The energy-efficiency rebates, incentives and
repayment options offered through The SAVEGREEN Project help
customers make the switch to clean, energy-efficient natural gas,
advancing the state’s environmental goals and its mandate to reduce
energy costs for residents. Additionally, since its inception in
2009, over 1,000 contractors have participated in The SAVEGREEN
Project. These local contractors have reaped the benefits of a
capital investment of more than $88 million to date.
- NJR Clean Energy Ventures Places
Four Commercial Solar Projects into Service; Expands Residential
Solar Program
Entering its second year of operations, net income for the first
quarter of fiscal 2012 at NJR Clean Energy Ventures (NJRCEV), NJR’s
renewable energy subsidiary, was $10.1 million compared with
$54,000, in the same period last year. NJRCEV completed several
projects in the first quarter of fiscal 2012, including the 3.6
megawatt project at the Village of Manalapan, the remaining 25
percent of a 4.7 megawatt system in Vineland, New Jersey and the
1.3 megawatt system across two rooftops in Edison, New Jersey.
NJRCEV also placed into service a 14.1 megawatt solar system
built on McGraw-Hill’s East Windsor, New Jersey campus. This $59.5
million project, originally scheduled for completion in March of
2012, is NJRCEV’s largest single investment to date.
These solar installations are the latest commercial projects
completed by NJRCEV. The company has invested approximately $123
million in rooftop and ground-mounted solar systems with a total
capacity of 27.6 megawatts in Monmouth, Mercer, Middlesex and
Cumberland counties in New Jersey.
“New Jersey recognizes the benefits of renewable energy and so
does NJR,” said Downes. “It’s consistent with our core energy
strategy, our commitment to the environment and our mission to
reduce energy usage and lower prices for our customers. Both
residential and commercial customers will benefit from the projects
and programs NJR Clean Energy Ventures has put into place and our
shareowners are benefiting from these investments as well.”
In the first quarter of fiscal 2012, The Sunlight AdvantageTM,
NJRCEV’s residential solar lease program, added 140 customers
bringing the total number of customers to 489 since inception. The
Sunlight Advantage provides simple, solar savings to eligible
homeowners through a roof-mounted solar system with no upfront
installation or maintenance costs. NJRCEV expects to invest
approximately $14.2 million in residential solar systems in fiscal
2012.
NJR’s effective tax rate is significantly impacted by the amount
of investment tax credits (ITCs) earned during the fiscal year.
GAAP requires NJR to estimate its annual effective tax rate and use
this rate to calculate its year-to-date tax expense/benefit. Based
on the commercial projects completed in the first quarter and
NJRCEV’s forecast for residential projects for the balance of the
fiscal year, NJR used an effective tax rate of 21.9 percent in the
first quarter of fiscal 2012. Accordingly, $11.3 million related to
ITCs was recognized in the first fiscal quarter.
The estimate is based on information and assumptions that are
subject to change, and may have a material impact on quarterly and
annual net financial earnings. Factors considered by management in
estimating completion of projects during the fiscal year include,
but are not limited to, board of directors’ approval, execution of
various contracts, including power purchase agreements,
construction logistics, permitting and interconnection completion.
See the “Forward-Looking Statements” section of this news release
for further information regarding the inherent risks associated
with solar investments.
- NJR Energy Services Reports First
Quarter Results
Net financial earnings at NJR Energy Services (NJRES), the
wholesale energy services subsidiary of NJR, were $7.6 million
during the first quarter of fiscal 2012, compared with $3.2 million
in the same period last year. The increase was due primarily to
higher revenue from fee-based elements of transactions executed
with producers in the Marcellus Shale region, and an improvement in
transportation arbitrage opportunities, as compared with the prior
year. However, as indicated in NJRES’ earnings guidance above,
relatively low natural gas prices and reduced volatility in the
wholesale markets are expected to negatively impact comparable
results over the balance of the fiscal year.
NJRES develops and manages a diverse portfolio of over 36.5 Bcf
of firm storage capacity and 1.1 Bcf/day of firm transportation.
With the value of capacity and storage affected by abundant supply
and historically low prices, NJRES continues to focus on providing
producer services in the Marcellus Shale and other natural gas
producing regions. By using its extensive transportation and
storage assets, and expanding expertise in the natural gas liquids
arena, NJRES offers producers the opportunity to increase the value
of their product while enhancing its profitability.
- NJR Energy Holdings Update
NJR Energy Holdings, which owns the company’s natural gas
storage and transportation pipeline investments, including NJR’s 50
percent equity ownership in Steckman Ridge and its 5.53 percent
equity investment in the Iroquois Pipeline, reported net income in
the first quarter of fiscal 2012 of $1.8 million, compared with
$1.7 million in the same period last year.
Steckman Ridge, a 12 Bcf working natural gas storage facility in
southwestern Pennsylvania with Spectra Energy, generated $1.1
million in earnings for the first quarter of fiscal 2012, slightly
higher than the first quarter of fiscal 2011. NJR’s equity
investment in the Iroquois Pipeline, which brings natural gas from
eastern Canada to the metropolitan region, contributed $715,000 to
first-quarter 2012 earnings, compared with $662,000 in the same
period last year.
- NJR Home Services Reports Growth;
Generator Sales, Solar Business and Service Plans Increase
Earnings at NJR’s Retail and Other operation, which consists
primarily of NJR Home Services (NJRHS), the company’s appliance
service subsidiary, improved slightly in the first quarter of
fiscal 2012. Revenue for NJRHS in the first quarter of fiscal 2012
was $8.4 million, a 12 percent increase over the same period last
year. These improved results were due primarily to growth in its
backup generator business, equipment sales and solar installations,
as well as the continued growth of its Premier Heating and Cooling
Plans. NJRHS serves over 130,000 customers.
NJR purchased 83,600 shares of common stock under its share
repurchase plan during the first quarter of fiscal 2012 at a cost
of $3.7 million. The plan authorizes NJR to purchase its shares on
the open market or in negotiated transactions, based on market and
other financial conditions. Since its inception in September 1996,
NJR has invested nearly $222 million to repurchase 7.4 million
shares at a split-adjusted, average price of $30.10. Approximately
1.4 million shares remain authorized for purchase under the
repurchase plan.
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.njresources.com and select “Investor Relations,” then scroll
down to the “Events & Presentations” section and click on the
webcast link.
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 and economic conditions; demographic
changes in NJNG’s service territory and their effect on NJNG
customer growth; volatility of natural gas and other commodity
prices and their impact on NJNG customer usage, NJNG's incentive
programs, NJRES' operations and on NJR’s risk management efforts;
changes in rating agency requirements and/or credit ratings and
their effect on availability and cost of capital to NJR; the impact
of volatility in the credit markets; the ability to comply with
debt covenants; the impact to the asset values and resulting higher
costs and funding obligations of NJR's pension and postemployment
benefit plans as a result of downturns in the financial markets,
and impacts associated with the Patient Protection and Affordable
Care Act; accounting effects and other risks associated with
hedging activities and use of derivatives contracts; commercial and
wholesale credit risks, including the availability of creditworthy
customers and counterparties, liquidity in the wholesale energy
trading market and the company’s ability to recover all of NJRES’
funds in the MF Global liquidation proceedings; the ability to
obtain governmental approvals and/or financing for the
construction, development and operation of certain non-regulated
energy investments; risks associated with the management of NJR's
joint ventures and partnerships; risks associated with our
investments in solar energy projects, including the availability of
regulatory and tax incentives, logistical risks and potential
delays related to construction, permitting, regulatory approvals
and electric grid interconnection, the availability of viable
projects, NJR's eligibility for Investment Tax Credits (ITCs) and
the future market for Solar Renewable Energy Certificates (SRECs);
timing of qualifying for ITCs due to delays or failures to complete
planned solar energy projects and the resulting effect on our
effective tax rate and earnings; the level and rate at which NJNG's
costs and expenses are incurred and the extent to which they are
allowed to be recovered from customers through the regulatory
process; access to adequate supplies of natural gas and dependence
on third-party storage and transportation facilities for natural
gas supply; operating risks incidental to handling, storing,
transporting and providing customers with natural gas; risks
related to our employee workforce; the regulatory and pricing
policies of federal and state regulatory agencies; the costs of
compliance with the proposed regulatory framework for
over-the-counter derivatives; the costs of compliance with present
and future environmental laws, including potential climate
change-related legislation; risks related to changes in accounting
standards; the disallowance of recovery of environmental-related
expenditures and other regulatory changes; environmental-related
and other litigation and other uncertainties; and the impact of
natural disasters, terrorist activities, and other extreme events.
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. Natural gas costs, sales and other
taxes and regulatory rider expenses are passed through to customers
and therefore have no effect on gross margin. 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 safe and
reliable natural gas and renewable energy 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 $3 billion in annual revenues, NJR safely and reliably
operates and maintains 6,800 miles of natural gas transportation
and distribution infrastructure to serve nearly half a million
customers; develops and manages a diverse portfolio of 3.2 Bcf/day
of firm transportation and over 62 Bcf of firm storage capacity;
offers low-carbon, clean energy solutions through its commercial
and residential solar programs and provides appliance installation,
repair and contract service to nearly 150,000 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.njresources.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 Ended December 31, (Thousands)
2011 2010 Net income
$ 57,357 $ 24,509 Add:
Unrealized (gain) loss on derivative instruments and related
transactions, net of taxes
(17,372 ) 34,404 Effects
of economic hedging related to natural gas, net of taxes
5,323 (29,783 )
Net financial earnings
$ 45,308 $ 29,130
Weighted
Average Shares Outstanding Basic
41,434 41,280 Diluted
41,651 41,510
Basic
net financial earnings per share $ 1.09 $
0.71
NJR ENERGY
SERVICES The following table is a computation of
Financial margin at Energy Services: Three Months
Ended December 31, (Thousands)
2011 2010
Operating revenues
$ 442,000 $ 430,774 Less: Gas
purchases
406,763 429,315 Add: Unrealized (gain) loss on
derivative instruments and related transactions
(27,661
) 54,407 Effects of economic hedging related to natural gas
inventory
8,418 (47,101 )
Financial
margin $ 15,994 $ 8,765
A
reconciliation of Operating income at Energy Services, the closest
GAAP financial measurement, to Financial margin is as follows:
Three Months Ended December 31, (Thousands)
2011 2010 Operating income (loss)
$ 31,530 $
(2,022 ) Add: Operation and maintenance expense
3,341 3,171
Depreciation and amortization
16 16 Other taxes
350 294 Subtotal – Gross margin
35,237 1,459 Add: Unrealized (gain) loss on derivative
instruments and related transactions
(27,661 ) 54,407
Effects of economic hedging related to natural gas inventory
8,418 (47,101 )
Financial margin
$ 15,994 $ 8,765
A
reconciliation of Energy Services Net income to Net financial
earnings, is as follows: Three Months Ended
December 31, (Thousands)
2011 2010 Net income (loss)
$ 19,783 $ (1,452 ) Add: Unrealized (gain) loss on
derivative instruments and related transactions, net of taxes
(17,491 ) 34,402 Effects of economic hedging related
to natural gas, net of taxes
5,323
(29,783 )
Net financial earnings $ 7,615
$ 3,167
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF INCOME Three
Months Ended December 31, (Thousands, except per share
data)
2011 2010
OPERATING REVENUES Utility
$
191,374 $ 290,676 Nonutility
451,037
422,476 Total operating revenues
642,411
713,152
OPERATING EXPENSES Gas purchases Utility
85,630 160,449 Nonutility
406,417 429,247 Operation
and maintenance
38,945 37,416 Regulatory rider expenses
12,543 16,698 Depreciation and amortization
9,600
8,454 Energy and other taxes
14,058 20,625
Total operating expenses
567,193 672,889
OPERATING INCOME 75,218 40,263 Other income
527 445 Interest expense, net
5,005
5,263
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF
AFFILIATES 70,740 35,445 Income tax provision
16,037 13,853 Equity in earnings of affiliates
2,654 2,917
NET INCOME $ 57,357
$ 24,509
EARNINGS PER COMMON SHARE BASIC
$
1.38 $ 0.59 DILUTED
$ 1.38 $ 0.59
DIVIDENDS PER COMMON SHARE $ 0.38 $ 0.36
AVERAGE SHARES OUTSTANDING BASIC
41,434 41,280
DILUTED
41,651 41,510
NEW JERSEY RESOURCES Three Months Ended
December 31, (Thousands, except per share data)
2011
2010
Operating Revenues Natural Gas Distribution
$
191,374 $ 290,676 Energy Services
442,000 430,774
Clean Energy Ventures
380 - Energy Holdings
- -
Retail and Other
9,031 8,126
Sub-total 642,785 729,576 Eliminations
(374 ) (16,424 )
Total $
642,411 $ 713,152
Operating Income (Loss) Natural Gas
Distribution
$ 44,983 $ 42,669 Energy Services
31,530 (2,022 ) Clean Energy Ventures
(1,932 )
(581 ) Energy Holdings
(133 ) (143 ) Retail and Other
(224 ) (587 )
Sub-total
74,224 39,336 Eliminations
994
927
Total $ 75,218 $ 40,263
Equity
in Earnings of Affiliates Energy Holdings
$ 3,615
$ 3,620 Eliminations
(961 ) (703 )
Total $ 2,654 $ 2,917
Net Income (Loss)
Natural Gas Distribution
$ 25,974 $ 24,356 Energy
Services
19,783 (1,452 ) Clean Energy Ventures
10,097
54 Energy Holdings
1,783 1,713 Retail and Other
(146 ) (160 )
Sub-total 57,491
24,511 Eliminations
(134 ) (2 )
Total $ 57,357 $ 24,509
Net Financial Earnings
(Loss) Natural Gas Distribution
$ 25,974 $ 24,356
Energy Services
7,615 3,167 Clean Energy Ventures
10,097 54 Energy Holdings
1,783 1,713 Retail and
Other
(146 ) (160 )
Sub-total
45,323 29,130 Eliminations
(15 )
-
Total $ 45,308 $ 29,130
Throughput
(Bcf) NJNG, Core Customers
17.7 21.8 NJNG, Off
System/Capacity Management
25.6 27.3 NJRES Fuel Mgmt. and
Wholesale Sales
123.8 109.6
Total 167.1 158.7
Common Stock Data
Yield at December 31
3.1 % 3.3 % Market Price High
$ 50.48 $ 44.10 Low
$ 40.10 $ 38.94
Close at December 31
$ 49.20 $ 43.11 Shares Out. at
December 31
41,434 41,361 Market Cap. at December 31
$ 2,038,553 $ 1,783,073
NATURAL GAS DISTRIBUTION
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer & weather data)
2011 2010
Utility Gross Margin Operating revenues
$
191,374 $ 290,676 Less: Gas purchases
86,487 177,651
Energy and other taxes
11,883 18,482 Regulatory rider
expense
12,543 16,698
Total
Utility Gross Margin $ 80,461 $ 77,845
Utility Gross Margin,
Operating Income and Net Income Residential
$
51,230 $ 50,846 Commercial, Industrial & Other
13,110 12,990 Firm Transportation
13,180
11,195
Total Firm Margin 77,520
75,031 Interruptible
102 90
Total System Margin 77,622 75,121 Off System/Capacity
Management/FRM/Storage Incentive
2,839
2,724
Total Utility Gross Margin 80,461 77,845
Operation and maintenance expense
25,940 25,874 Depreciation
and amortization
8,632 8,223 Other taxes not reflected in
gross margin
906 1,079
Operating Income $ 44,983 $ 42,669
Net Income $ 25,974 $
24,356
Throughput
(Bcf) Residential
10.2 13.7 Commercial, Industrial &
Other
2.0 2.7 Firm Transportation
3.4
4.0
Total Firm Throughput 15.6 20.4
Interruptible
2.1 1.4
Total
System Throughput 17.7 21.8 Off System/Capacity
Management
25.6 27.3
Total
Throughput 43.3 49.1
Customers Residential
428,256 434,967 Commercial, Industrial & Other
26,877 27,537 Firm Transportation
42,580
30,934
Total Firm Customers
497,713 493,438 Interruptible
42
42
Total System Customers 497,755 493,480 Off
System/Capacity Management*
41 42
Total Customers 497,796
493,522 *The number of customers represents those active
during the last month of the period.
Degree Days Actual
1,326 1,763 Normal
1,651 1,636
Percent of Normal
80.3 % 107.8 %
ENERGY SERVICES
Three Months Ended
(Unaudited)
December 31,
(Thousands, except customer and megawatt)
2011 2010
Operating Income Operating Revenues
$ 442,000
$ 430,774 Gas Purchases
406,763 429,315
Gross Margin 35,237 1,459 Operation and
maintenance expense
3,341 3,171 Depreciation and
amortization
16 16 Energy and other taxes
350
294
Operating Income (Loss) $
31,530 $ (2,022 )
Net Income (Loss)
$ 19,783 $ (1,452 )
Financial
Margin $ 15,994 $ 8,765
Net Financial Earnings $ 7,615 $ 3,167
Gas Sold and Managed (Bcf) 123.8
109.6
CLEAN ENERGY VENTURES
Operating Revenues $ 380 $ -
Operating (Loss) $ (1,932 ) $
(581 )
Income Tax Benefit $ 12,171
$ 639
Net Income $ 10,097
$ 54
Solar Renewable Energy Certificates
Generated 989 -
Solar Renewable Energy Certificates Sold 1,323
-
Megawatts Installed
21.2 -
Megawatts Under
Construction 0.425 2
ENERGY HOLDINGS
Equity in Earnings of Affiliates
$ 3,615 $ 3,620
Operation and
Maintenance $ 118 $ 142
Interest Expense $ 714 $ 808
Net Income $ 1,783 $ 1,713
RETAIL AND OTHER
Operating Revenues
$ 9,031 $ 8,126
Operating
(Loss) $ (224 ) $ (587 )
Net
(Loss) $ (146 ) $ (160 )
Total
Customers at December 31, 130,430
133,007
New Jersey Resources (NYSE:NJR)
Historical Stock Chart
From Apr 2024 to May 2024
New Jersey Resources (NYSE:NJR)
Historical Stock Chart
From May 2023 to May 2024
