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NUI CORPORATION REPORTS IMPROVED RESULTS; $1.61 PER SHARE VERSUS $0.60 FOR TWELVE MONTHS ENDED JUNE 30

 NUI CORPORATION REPORTS IMPROVED RESULTS;
 $1.61 PER SHARE VERSUS $0.60 FOR TWELVE MONTHS ENDED JUNE 30
 BEDMINSTER, N.J., July 29 /PRNewswire/ -- NUI Corporation (NYSE: NUI) today reported net income for the nine months ended June 30, 1992 of $15.1 million, or $2.25 per share, compared with $7.9 million, or $1.26 per share, for the same period a year ago. Per share results for the current period reflect a 1.5 million share offering, which was completed in May of this year. Operating revenues for the current nine-month period totalled $239.3 million, reflecting efforts to reduce gas costs, compared with $245.2 million a year ago.
 For the twelve months ended June 30, 1992, net income totalled $10.7 million, or $1.61 per share, compared with $3.7 million, or $0.60 per share, for the twelve months ended June 30, 1991.
 "During the third quarter, we gained the franchise rights to begin serving Port St. Lucie, which has a population of some 60,000 residents and is one of the fastest growing areas in the state of Florida. With this addition, NUI Corporation will now serve four countries in Florida," said John Kean, president and chief executive officer of NUI Corporation. "We are continuing to focus on growth of our customer base and the success of the company's recent stock offering is indicative of the shared enthusiasm on NUI's future."
 The company's third quarter is a period of seasonally low demand for gas for heating. For the third quarter ended June 30, 1992, NUI Corporation reported a net loss of $1.3 million, or $0.18 per share. In the year-ago third quarter, which included the write-down of certain assets amounting to approximately $500,000 after-tax, the company reported a loss if $1.9 million, or $0.31 per share.
 NUI Corporation announced yesterday that its board of directors declared a quarterly dividend of $0.395 per share, payable Sept. 15, 1992, to shareholders of record on Aug. 21, 1992.
 NUI Corporation, based in Bedminster is an exempt public utility holding company engaged in the distribution of natural gas to approximately 318,000 customers through its operating divisions, Elizabethtown Gas Company in New Jersey and City Gas company of Florida.
 NUI CORPORATION
 Comparative Table (Unaudited)
 (Dollars in thousands, except per share amounts and
 degree day data)
 Three months ended June 30 1992 1991
 Operating revenues $ 53,385 $ 58,529
 Operating income 2,025 1,504
 Net income (loss) $ (1,331) $ (1,885)
 Net income (loss) per share $(0.18) $(0.31)
 Weighted average number of shares
 of common stock outstanding 7,364 6,317
 Degree day statistics:
 New Jersey 659 427
 Florida 14 3
 Overall variance from 30-year
 average ("normal") 27 pct -18 pct
 Nine months ended June 30 1992 1991
 Operating revenues $239,311 $245,163
 Operating income 25,719 19,622
 Net income (loss) $ 15,101 $ 7,889
 Net income (loss) per share $2.25 $1.26
 Weighted average number of shares
 of common stock outstanding 6,707 6,264
 Degree day statistics:
 New Jersey 4,836 4,149
 Florida 241 150
 Overall variance from 30-year
 average ("normal") -3 pct -17 pct
 Twelve months ended June 30 1992 1991
 Operating revenues $285,468 $293,095
 Operating income 25,554 19,029
 Net income (loss) $ 10,660 $ 3,720
 Net income (loss) per share $1.61 $0.60
 Weighted average number of shares
 of common stock outstanding 6,618 6,218
 Degree day statistics:
 New Jersey 4,906 4,205
 Florida 241 150
 Overall variance from 30-year
 average ("normal") -2 pct -16 pct
 -0- 7/29/92
 /CONTACT: Alexandra Pruner of NUI, 908-781-7815/
 (NUI) CO: NUI Corporation ST: New Jersey IN: UTI SU: ERN


LR-SM -- NY013 -- 4454 07/29/92 09:26 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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