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NUI CORPORATION REPORTS 1991 RESULTS

 NUI CORPORATION REPORTS 1991 RESULTS
 BEDMINSTER, N.J., Nov. 26 /PRNewswire/ -- NUI Corporation


(NYSE: NUI) today reported net income of $3.45 million, or $0.55 per share, for the fiscal year ended Sept. 30, 1991, compared with year-ago results of $8.72 million, or $1.42 per share. Operating revenues for 1991 totaled $291 million, compared with $296 million for fiscal year 1990. Earnings for the year were severely impacted by the unusually warm weather experienced during the winter. Had the company's weather normalization clause been in effect this past year, margin revenues would have been higher by approximately $5.4 million.
 "The outlook for 1992 is bright. The New Jersey Division's weather normalization clause, that was recently approved by New Jersey regulators, will limit the impact of winter weather on future earnings, while operating and capital expenses have been trimmed. These factors combined with the 3.3 percent increase in our heating customer base as well as the growing income from our Florida division improve the earnings outlook for the coming year," said John Kean, president and chief executive officer.
 "The dividend increase in May is indicative of management's commitment to realizing the potential of our New Jersey and Florida operations," Kean continued. "We foresee growth opportunities in both of our jurisdictions and the successful completion of our tax-exempt bond financing will help provide the funds for our projected increases in capital expenditures in the coming year."
 For the fourth quarter, the company reported a net loss of $4.44 million, or $0.71 per share, compared with a net loss of $4.17 million, or $0.69 per share, a year ago. The fourth quarter results are historically negative due to the seasonal nature of gas heating sales. During the fourth quarter of fiscal 1991, the company took an after-tax charge of $788,000 to reflect the decline in the value of shares of Pennsylvania Enterprises, Inc. (NASDAQ: PENT) common stock held by the company. The market value of PENT has recently declined to an eight- year low, reflecting that company's stated determination to remain independent, despite an extended process to auction the company.
 The 1991 results also include the previously reported $1.01 million after-tax charge for costs associated with a planned merger with PENT. Other previously reported one-time charges include a $510,000 after-tax charge associated with the otherwise favorable settlement of a rate case in Florida, a $1.53 million after-tax charge to writedown certain gas- producing properties as well as costs incurred during a 24-day work stoppage in the New Jersey Division. These one-time charges were offset in part by certain tax benefits associated with previously owned oil and gas properties, which were applicable to prior year tax returns.
 NUI Corporation, based in Bedminster, N.J., is an exempt public utility holding company engaged in the distribution of natural gas to more than 312,000 customers through its principal operating divisions, Elizabethtown Gas Company in New Jersey and City Gas Company of Florida.
 NUI CORPORATION
 Comparative Table
 (Thousands, except per share amounts and degree day data)
 (Unaudited)
 Twelve months ended Three months ended
 Sept. 30 Sept. 30
 1991 1990 1991 1990
 Operating revenues 291,320 295,950 46,157 47,932
 Operating income (loss) 19,457 22,396 (166) (559)
 Merger-related fees &
 expenses, after tax (1,013) -- -- --
 Write-down of properties
 and investments, after tax (2,323) -- (788) --
 Adjustments of prior year
 income taxes 1,535 -- -- --
 Net income (loss) 3,447 8,719 (4,443) (4,169)
 Net income (loss) per share 0.55 1.42 (0.71) (0.69)
 Weighted average number of
 shares of common stock
 outstanding 6,285 6,121 6,349 6,177
 Degree Days
 New Jersey - actual 4,219 4,736 70 56
 New Jersey - normal 4,979 4,979 42 42
 Florida - actual 150 261 0 0
 Florida - normal 374 374 0 0
 -0- 11/26/91
 /CONTACT: Alexandra Pruner of NUI Corporation, 908-781-0500/
 (NUI) CO: NUI Corporation ST: New Jersey IN: UTI SU: ERN


KD-KW -- NY076 -- 7494 11/26/91 16:48 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 26, 1991
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