Printer Friendly

NEW JERSEY RESOURCES ANNOUNCES SIGNIFICANTLY HIGHER 3RD-QUARTER EARNINGS

NEW JERSEY RESOURCES ANNOUNCES SIGNIFICANTLY HIGHER 3RD-QUARTER EARNINGS
 WALL, N.J., July 27 /PRNewswire/ -- New Jersey Resources Corporation (NYSE: NJR) today announced significantly higher earnings for its third fiscal quarter ended June 30, 1992.
 Consolidated net income for the quarter increased to $935,000, compared with a loss of $2.3 million for the same period last year. Consolidated earnings per share for the quarter increased to 7 cents in 1992, compared with a loss of 16 cents in 1991.
 Through the nine months ended June 30, 1992, consolidated earnings were $28.1 million, an increase of 64 percent over last year's $17.1 million. Consolidated earnings per share for the same period increased by 58 percent to $1.97, compared with $1.25 a year ago.
 For the 12 months ended June 30, 1992, consolidated earnings per share improved to $1.58, compared with 93 cents last year.
 The higher consolidated earnings for all these periods were due primarily to improved results of New Jersey Natural Gas Company (NJNG), NJR's principal subsidiary. Utility earnings improved largely because of increased sales due to weather that was 19 percent colder than last year's unusually warm winter.
 While weather was significantly colder than last year, it was still 3 percent warmer than normal, or the ten-year average. If temperatures had been normal, earnings would have been higher by $2.6 million, or 18 cents per share. The recent approval by the state Board of Regulatory Commissioners of a weather-normalization clause for NJNG will reduce the impact of weather on financial results in future years. Continued customer growth and higher base rates approved by regulators in February 1991 also had a positive impact on utility earnings. NJNG added 5,903 new customers during the first nine months, nearly one-third of whom converted from other fuels, primarily oil.
 "What's more, we've successfully maintained tight controls over both capital and operating and maintenance spending," said NJR Chairman and Chief Executive Officer Rick Richard. "All of these factors helped NJR achieve a 12-month earnings level that was higher than its dividend payout for the first time since December 1989."
 Commercial Realty & Resources Corp., NJR's commercial real estate development subsidiary, showed improved results due to the continued high occupancy rate of its projects and the sale of a contract to build an office building in Bridgeton, Burlington County.
 Earnings of NJR Energy Corporation, the company's oil and gas exploration and development subsidiary, declined because of low natural gas prices and disappointing drilling activity.
 Richard said NJR was continuing its strategic evaluation of its subsidiaries to determine how they fit into the company's long-term mission.
 He pointed out that the "good news" for stockholders today follows the announcement last week that NJNG has proposed a $15.8 million, or 4 percent, decrease in customer rates due to lower projected gas costs for 1992-93.
 NEW JERSEY RESOURCES CORPORATION
 Consolidated Financial Results
 (In thousands except per share figures)
 Periods ended Three Months Nine Months
 June 30 1992 1991 1992 1991
 Operating revenues $74,947 $56,910 $358,360 $288,631
 Income before preferred
 stock dividends of
 subsidiary 1,551 (2,023) 29,939 17,829
 Earnings available for
 common stock $ 935 $(2,256) $ 28,088 $ 17,126
 Earnings per common stock $.07 $(.16) $1.97 $1.25
 Average shares
 outstanding 14,370 13,790 14,223 13,692
 -0- 7/27/92
 /CONTACT: Laurence M. Downes, 908-938-1483, or Glenn J. Phillips, 908-938-1112, both of NJR/
 (NJR) CO: New Jersey Resources Corporation ST: New Jersey IN: UTI SU: ERN


GK -- NY066 -- 3497 07/27/92 11:51 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 27, 1992
Words:597
Previous Article:ENVIRX INDUSTRIES SIGNS LETTER OF INTENT TO ACQUIRE INLAND PRODUCTS
Next Article:ENEX RESOURCES REPORTS FINANCIAL RESULTS FOR SECOND QUARTER AND SIX MONTHS OF 1992
Topics:


Related Articles
CAESARS WORLD REPORTS FY92 FIRST QUARTER RESULTS EARNINGS PER SHARE RISE TO RECORD LEVEL
UNITED WATER RESOURCES REPORTS A SLIGHT DIP IN 1991 EARNINGS; STRONG WATER UTILITY PERFORMANCE PARTLY OFFSETS LACK OF REAL ESTATE SALES
UNITED WATER RESOURCES REPORTS A SLIGHT DIP IN 1991 EARNINGS; STRONG WATER UTILITY PERFORMANCE PARTLY OFFSETS LACK OF REAL ESTATE SALES
NEWLY ELECTED NJR CHAIRMAN CALLS FOR FUNDAMENTAL CHANGES TO INCREASE GAS DEMAND, IMPROVE COMPANY'S COMPETITIVE POSTURE
THE TRUSTCOMPANY BANCORPORATION REPORTS RECORD EARNINGS
UNITED WATER RESOURCES REPORTS FIRST QUARTER EARNINGS ARE UP 78 PERCENT
THE TRUSTCOMPANY BANCORPORATION REPORTS RECORD FIRST-QUARTER EARNINGS FOR THE 10TH CONSECUTIVE YEAR
NEW JERSEY RESOURCES ANNOUNCES SIGNIFICANTLY HIGHER SIX-MONTH EARNINGS
THE TRUSTCOMPANY BANCORPORATION REPORTS 1992 EARNINGS
WILSHIRE REPORTS HIGHER RESULTS, EARNINGS PER SHARE UP 25%

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters