NUI CORPORATION HOLDS ANNUAL SHAREHOLDERS' MEETING
NUI CORPORATION HOLDS ANNUAL SHAREHOLDERS' MEETING BEDMINISTER, N.J., March 10 /PRNewswire/ -- NUI Corporation
(NYSE: NUI) hosted its 138th annual meeting of shareholders today at the company's New Jersey division (Elizabethtown Gas Company) in Union, N.J. Speakers included John Kean, Sr., president and chief executive officer of NUI Corporation; Robert Kenney, president of Elizabethtown Gas Company; Jack Langer, president of City Gas Company of Florida (NUI's Florida Division); and John Kean, Jr., chief financial officer of NUI Corporation.
As the most environmentally sound energy source, natural gas has been "the big winner" in legislation mandating the use of "alternative" energy sources, said John Kean, Sr. During 1991, Kean, Sr., noted that "in the face of a national economy that shrank by 1 percent, delivery of oil products fell by about 2 percent, while sales of natural gas rose by about 1.5 percent." New markets for gas -- including gas cooling, natural gas vehicles, and electric generation -- will also generate substantial growth in demand for gas in the coming years, according to Kean, Sr. Abundant supplies of natural gas combined with the company's ability to secure supplies at lower cost will result in a proposed $18 million credit to NUI's New Jersey customers in the coming weeks, according to Kean, Sr. In discussing the company service areas, Kean, Sr., cited the 24 percent jump in new home sales in New Jersey in the fourth quarter of 1991 and a pick up of housing sales in Florida. John Kean, Sr., discussed the company's business plan, "While other utility holding companies around the country are struggling with diversification efforts, it's back to basics for us. We have been in the gas business since 1855 and we have a tried and proven record." John Kean, Jr., chief financial officer, discussed the company's financial results. "This past year was a year for restructuring," said Kean, Jr. "I am pleased to report that we are on target with our plans and the first quarter results clearly reflect the impact of the positive steps that we have already taken. Our progress to date was evidenced by the significantly improved first quarter results." Earnings per share for the first quarter of 1992 were $0.76 compared with $0.23 a year ago. Kean, Jr., discussed the company's plans to tap the equity markets in the coming weeks. "We plan to issue 1.5 million shares of common stock of NUI Corporation. The planned offering will be made only by means of a prospectus." All proposals set forth by management were approved by shareholders at today's meeting. NUI Corporation, based in Bedminister, is an exempt public utility holding company involved in the distribution of natural gas to approximately 316,000 customers through its principal operating divisions, Elizabethtown Gas Company in New Jersy and City Gas Company in Florida. -0- 3/10/92 /NOTE TO EDITOR: The planned offering will be made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common stock in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state./ /CONTACT: Alexandra Pruner of NUI, 908-781-7815/ (NUI) CO: NUI Corporation ST: New Jersey IN: UTI SU: SM-AH -- NY065 -- 7077 03/10/92 17:08 EST
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|Date:||Mar 10, 1992|
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