Current Report
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): July 29, 2009
NEW JERSEY RESOURCES
CORPORATION
(Exact
name of registrant as specified in its charter)
|
New
Jersey
(State
or other jurisdiction
of
incorporation)
|
001-8359
(Commission
File
Number)
|
22-2376465
(IRS
Employer
Identification
No.)
|
||
|
1415
Wyckoff Road
Wall,
New Jersey
|
07719
|
|||
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|||
(732) 938-1480
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2 below):
|
[ ]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
[ ]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.02 Results of Operations and Financial Condition
On July 29, 2009, the Registrant issued
a press release reporting financial results for the third fiscal quarter ended
June 30, 2009. A copy of the press release is attached hereto as
Exhibit 99.1 and is incorporated herein by reference. The information in this
Current Report is being furnished and shall not be deemed "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section and not deemed to be
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended.
Item
9.01. Financial Statements and Exhibits
|
(a)
|
Financial
statements of businesses acquired:
|
Not
applicable.
|
|
|
(b)
|
Pro
forma financial information:
|
Not
applicable.
|
|
|
(c)
|
Exhibits:
|
|
Exhibit
Number
|
Description
|
|
|
99.1
|
Press
Release dated July 29,
2009
|
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
NEW JERSEY RESOURCES
CORPORATION
|
|
|
Date: July
29, 2009
|
|
|
By:
/s/Glenn C.
Lockwood
|
|
|
Glenn
C. Lockwood
Senior
Vice President and
Chief
Financial Officer
|
EXHIBIT
INDEX
|
Exhibit
Number
|
Description
|
|
|
99.1
|
Press
Release dated July 29,
2009
|
|
Date:
July
29, 2009
Media Contact:
Michael
Kinney
732-938-1031
mkinney@njresources.com
Investor Contact:
Dennis
Puma
732-938-1229
dpuma@njresources.com
NEW
JERSEY RESOURCES REPORTS FISCAL 2009 THIRD-QUARTER EARNINGS;
REAFFIRMS
EARNINGS GUIDANCE
WALL, NJ –
New Jersey Resources (NYSE:NJR) today reported earnings for the third
quarter of fiscal 2009 and reaffirmed its net financial earnings guidance. Net
financial earnings increased $5.3 million in the third quarter when compared
with the same period last year.
A
reconciliation of NJR’s net income to net financial earnings for the three and
nine months ended June 30 in fiscal years 2009 and 2008 is provided
below:
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
June
30,
|
June
30,
|
|||||||||||||||
|
(Thousands)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Net
(loss) income
|
$ | (14,335 | ) | $ | (7,597 | ) | $ | 32,958 | $ | 35,123 | ||||||
|
Add:
|
||||||||||||||||
|
Unrealized
loss on derivative instruments, net of taxes
|
1,288 | 17,194 | 28,362 | 90,996 | ||||||||||||
|
Realized
loss (gain) from derivative instruments related to natural gas inventory,
net of taxes
|
14,293 | (13,683 | ) | 44,832 | (15,900 | ) | ||||||||||
|
Net
financial earnings
|
$ | 1,246 | $ | (4,086 | ) | $ | 106,152 | $ | 110,219 | |||||||
|
Weighted
Average Shares Outstanding
|
||||||||||||||||
|
Basic
|
42,049 | 41,949 | 42,175 | 41,822 | ||||||||||||
|
Diluted
|
42,049 | 41,949 | 42,547 | 42,037 | ||||||||||||
|
Basic
earnings per share
|
$ | (0.34 | ) | $ | (0.18 | ) | $ | 0.78 | $ | 0.84 | ||||||
|
Basic
net financial earnings per share
|
$ | 0.03 | $ | (0.10 | ) | $ | 2.52 | $ | 2.64 | |||||||
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 a reconciliation to the most comparable GAAP measure, please see the
explanation below under “Additional Non-GAAP Financial
Information.”
-more-
NEW
JERSEY RESOURCES REPORTS FISCAL 2009 THIRD-QUARTER EARNINGS;
REAFFIRMS
EARNINGS GUIDANCE
Page 2 of
10
|
§
|
Fiscal
2009 Net Financial Earnings Guidance
Reaffirmed
|
Subject
to the factors discussed at the end of this release under “Forward-Looking
Statements,” NJR is reaffirming its fiscal 2009 net financial earnings guidance
in a range of $2.35 to $2.45 per basic share. This guidance has been raised
twice during the fiscal year to reflect the impact of the base rate case at New
Jersey Natural Gas (NJNG), which became effective in October 2008, as well as
higher gross margin from incentive programs and lower interest
rates.
“We are
pleased to report continued strong financial results that reflect the excellent
performance of NJNG,” said Laurence M. Downes, chairman and CEO of NJR. “Despite
a challenging economic environment, we have been able to execute our disciplined
financial strategy and provide benefits to our shareowners and
customers.”
|
§
|
New
Jersey Natural Gas Earnings Increase 35
Percent
|
Fiscal
2009 year-to-date net income at NJNG increased 35 percent to $68.8 million,
compared with $51 million for the first nine months of fiscal 2008. For the
third fiscal quarter ended June 30, 2009, net income increased to $4.1 million,
compared with $147,000 in the same period last year. The impact of the base rate
case, as well as increased gross margin from regulated incentive programs, has
driven the higher results in both periods.
New
customer growth also remains stable through the first nine months of fiscal
2009. NJNG added 4,193 new customers during this period and 460 existing
customers converted to natural gas heat and other services. NJNG currently
forecasts adding approximately 6,100 new customers and converting 650 existing
customers in fiscal 2009. This growth is expected to contribute approximately
$3.6 million to annual utility gross margin.
|
§
|
Several
Regulatory Initiatives Approved or
Pending
|
NJNG
recently received approval from the New Jersey Board of Public Utilities (BPU)
to implement a series of energy-efficiency programs that will augment those
existing through New Jersey’s Clean Energy Program (NJCEP). The programs are
expected to spur economic activity, including local jobs, while helping to
achieve the state’s energy-efficiency and greenhouse gas reduction goals.
Approximately $15 million of additional investment will be recognized in rates
over a 4-year amortization period and have a rate of return based on the
weighted average cost of capital authorized by the BPU in October 2008 of 7.76
percent which includes a return on equity component of 10.3
percent. The program’s cost of approximately $21.1 million, if fully
subscribed, will be recovered through a new Energy-Efficiency Rider mechanism,
effective August 1, 2009.
Projects
resulting from the previously approved Accelerated Infrastructure Program (AIP)
have commenced in Morris, Monmouth and Ocean counties. These projects will
create and sustain local jobs while improving the safety and reliability of
NJNG’s distribution system. Estimated construction costs for the 14 projects in
the program are approximately $70.8 million. As construction proceeds, NJNG will
be able to recognize a rate of return based on its authorized weighted average
cost of capital of 7.76 percent. The AIP investments are expected to continue
through August 31, 2011.
Additionally, NJNG has filed a request with the BPU to
extend its Conservation Incentive Program (CIP), originally approved by the BPU
in October 2006 for a 3-year pilot, as currently structured until October 1,
2010. Since its inception, the average residential heat customer has reduced
their annual usage by 9 percent, or approximately 100 therms. Also, the CIP
has recently received a positive evaluation from an independent external third
party consultant.
-more-
NEW
JERSEY RESOURCES REPORTS FISCAL 2009 THIRD-QUARTER EARNINGS;
REAFFIRMS
EARNINGS GUIDANCE
Page 3 of
10
|
§
|
NJR
Energy Services Contributes 34 Percent to Net Financial
Earnings
|
NJR
Energy Services (NJRES), NJR’s wholesale energy subsidiary, reported net
financial earnings for the 9-month period ending June 30, 2009 of $36 million
compared with $57 million in the same period last year. For the third quarter of
fiscal 2009, the net financial loss narrowed to $4.5 million compared with $5.6
million in the same period last year. Losses in the third and fourth fiscal
quarters are anticipated due to the seasonal use of natural gas while the
expenses associated with the transportation and storage portfolio are generally
incurred evenly throughout the year. Current economic conditions resulted in a
slowing of the wholesale market during the third quarter, due primarily to
reduced demand of natural gas for electric generation. The company continues to
forecast NJRES’ net financial earnings to account for between 30 and 35 percent
of NJR’s total net financial earnings for the current year.
|
§
|
Steckman
Ridge Construction Continues
|
Construction
activities will continue through the summer at Steckman Ridge and additional
facilities are being prepared to support the initial winter season. The Federal
Energy Regulatory Commission (FERC) previously authorized the placement of
certain injection related facilities at the site into commercial operation and
customers have been injecting natural gas inventory since April 2009. There is
approximately 4 billion cubic feet (Bcf) of natural gas currently stored at
Steckman Ridge.
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.njliving.com and select “New Jersey
Resources” from the top navigation bar. Choose “Investor Relations,” then click
just below the microphone under the heading “Latest Webcast” on the Investor
Relations home page.
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,
economic conditions and demographic changes in NJNG’s service territory, rate of
customer growth, volatility of natural gas commodity prices and its impact on
customer usage and NJR Energy Services operations, changes in rating agency
requirements and/or credit ratings and their effect on availability and cost of
capital to the company, conditions in the credit markets and their potential
impact on the company’s access to capital and borrowing costs, increased
interest costs resulting from failures in the market for auction rate
securities, the impact of the company’s risk management efforts, including
commercial and wholesale credit risks, changes in the costs of providing
pension and post-employment benefits to current and former employees, the
company’s ability to obtain governmental approvals, property rights and/or
financing for the construction, development and operation of its non-regulated
energy investments, risks associated with the management of the company’s joint
ventures and partnerships, the impact of regulation (including the regulation of
rates), the outcome of any future base rate cases, fluctuations in
energy-related commodity prices, customer conversions, other marketing efforts,
actual energy usage patterns of NJNG’s customers, the pace of deregulation of
retail gas markets, access to adequate supplies of natural gas, the regulatory
and pricing policies of federal and state regulatory agencies, changes due to
legislation at the federal and state level, an adequate number of appropriate
counterparties, sufficient liquidity in the energy trading market, the
disallowance of recovery of environmental-related expenditures, environmental
and other litigation and other uncertainties, the effects and impacts of
inflation, change in accounting pronouncements issued by the appropriate
standard setting bodies and terrorist attacks or threatened attacks on energy
facilities or unrelated energy companies. 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.
-more-
NEW
JERSEY RESOURCES REPORTS FISCAL 2009 THIRD-QUARTER EARNINGS;
REAFFIRMS
EARNINGS GUIDANCE
Page 4 of
10
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.
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 natural gas and clean energy services to customers in New
Jersey and in states from the Gulf Coast to New England, and Canada. With over
$3 billion in annual revenues, NJR safely and reliably delivers natural gas
through more than 6,500 miles of main to nearly half a million customers;
develops and manages a diverse portfolio of more than 777,000 dth/d of
transportation capacity and nearly 52 Bcf of storage capacity; and provides
appliance installation and service to approximately 150,000 homes and
businesses. NJR has also made significant investments in the midstream asset
sector through equity partnerships, including Steckman Ridge and Iroquois.
Through Conserve to Preserve®, NJR is helping customers use less energy and save
money. For more information about NJR, visit www.njliving.com.
Page 7
of 10
|
NEW
JERSEY RESOURCES
|
||||||||||||||||
|
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
June
30,
|
June
30,
|
|||||||||||||||
|
(Thousands,
except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
OPERATING
REVENUES
|
$ | 441,052 | $ | 1,000,439 | $ | 2,179,872 | $ | 2,989,122 | ||||||||
|
OPERATING
EXPENSES
|
||||||||||||||||
|
Gas
purchases
|
400,783 | 945,629 | 1,881,058 | 2,696,248 | ||||||||||||
|
Operation
and maintenance
|
38,436 | 34,187 | 112,209 | 100,971 | ||||||||||||
|
Regulatory
rider expenses
|
6,280 | 5,925 | 40,585 | 35,879 | ||||||||||||
|
Depreciation
and amortization
|
7,880 | 9,680 | 22,749 | 28,600 | ||||||||||||
|
Energy
and other taxes
|
11,739 | 10,711 | 67,353 | 58,245 | ||||||||||||
|
Total
operating expenses
|
465,118 | 1,006,132 | 2,123,954 | 2,919,943 | ||||||||||||
|
OPERATING
(LOSS) INCOME
|
(24,066 | ) | (5,693 | ) | 55,918 | 69,179 | ||||||||||
|
Other
income
|
1,179 | 237 | 3,095 | 3,305 | ||||||||||||
|
Interest
expense, net
|
5,187 | 5,182 | 15,953 | 19,684 | ||||||||||||
|
(LOSS)
INCOME BEFORE INCOME TAXES
|
(28,074 | ) | (10,638 | ) | 43,060 | 52,800 | ||||||||||
|
Income
tax (benefit) provision
|
(12,262 | ) | (2,663 | ) | 12,880 | 19,225 | ||||||||||
|
Equity
in earnings, net of tax
|
1,477 | 378 | 2,778 | 1,548 | ||||||||||||
|
NET
(LOSS) INCOME
|
$ | (14,335 | ) | $ | (7,597 | ) | $ | 32,958 | $ | 35,123 | ||||||
|
EARNINGS
PER COMMON SHARE
|
||||||||||||||||
|
BASIC
|
$ | (0.34 | ) | $ | (0.18 | ) | $ | 0.78 | $ | 0.84 | ||||||
|
DILUTED
|
$ | (0.34 | ) | $ | (0.18 | ) | $ | 0.77 | $ | 0.84 | ||||||
|
DIVIDENDS
PER COMMON SHARE
|
$ | 0.31 | $ | 0.28 | $ | 0.93 | $ | 0.83 | ||||||||
|
AVERAGE
SHARES OUTSTANDING
|
||||||||||||||||
|
BASIC
|
42,049 | 41,949 | 42,175 | 41,822 | ||||||||||||
|
DILUTED
|
42,049 | 41,949 | 42,547 | 42,037 | ||||||||||||
Page 8 of 10
|
NEW
JERSEY RESOURCES
|
||||||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
June
30,
|
June
30,
|
|||||||||||||||
|
(Thousands,
except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Operating
Revenues
|
||||||||||||||||
|
New
Jersey Natural Gas
|
$ | 148,826 | $ | 179,511 | $ | 958,995 | $ | 940,689 | ||||||||
|
NJR
Energy Services
|
283,439 | 801,628 | 1,219,296 | 2,009,751 | ||||||||||||
|
Retail
and Other
|
8,832 | 19,344 | 3,828 | 38,834 | ||||||||||||
|
Sub-total
|
441,097 | 1,000,483 | 2,182,119 | 2,989,274 | ||||||||||||
|
Intercompany
Eliminations
|
(45 | ) | (44 | ) | (2,247 | ) | (152 | ) | ||||||||
|
Total
|
$ | 441,052 | $ | 1,000,439 | $ | 2,179,872 | $ | 2,989,122 | ||||||||
|
Operating
Income (Loss)
|
||||||||||||||||
|
New
Jersey Natural Gas
|
$ | 9,709 | $ | 7,552 | $ | 121,426 | $ | 98,365 | ||||||||
|
NJR
Energy Services
|
(35,329 | ) | (25,952 | ) | (46,660 | ) | (48,692 | ) | ||||||||
|
Retail
and Other
|
1,470 | 12,707 | (19,032 | ) | 19,506 | |||||||||||
|
Sub-total
|
(24,150 | ) | (5,693 | ) | 55,734 | 69,179 | ||||||||||
|
Intercompany
Eliminations
|
84 | — | 184 | — | ||||||||||||
|
Total
|
$ | (24,066 | ) | $ | (5,693 | ) | $ | 55,918 | $ | 69,179 | ||||||
|
Net
Income (Loss)
|
||||||||||||||||
|
New
Jersey Natural Gas
|
$ | 4,134 | $ | 147 | $ | 68,796 | $ | 50,987 | ||||||||
|
NJR
Energy Services
|
(20,350 | ) | (15,546 | ) | (26,975 | ) | (28,343 | ) | ||||||||
|
Retail
and Other
|
1,881 | 7,802 | (8,863 | ) | 12,479 | |||||||||||
|
Total
|
$ | (14,335 | ) | $ | (7,597 | ) | $ | 32,958 | $ | 35,123 | ||||||
|
Net
Financial Earnings (Loss)
|
||||||||||||||||
|
New
Jersey Natural Gas
|
$ | 4,134 | $ | 147 | $ | 68,796 | $ | 50,987 | ||||||||
|
NJR
Energy Services
|
(4,484 | ) | (5,630 | ) | 35,977 | 56,979 | ||||||||||
|
Retail
and Other
|
1,596 | 1,397 | 1,379 | 2,253 | ||||||||||||
|
Total
|
$ | 1,246 | $ | (4,086 | ) | $ | 106,152 | $ | 110,219 | |||||||
|
Throughput
(Bcf)
|
||||||||||||||||
|
NJNG,
Core Customers
|
9.5 | 9.9 | 60.6 | 58.3 | ||||||||||||
|
NJNG,
Off System/Capacity Management
|
13.6 | 5.6 | 45.9 | 26.8 | ||||||||||||
|
NJRES
Fuel Mgmt. and Wholesale Sales
|
80.6 | 72.9 | 234.6 | 216.0 | ||||||||||||
|
Total
|
103.7 | 88.4 | 341.1 | 301.1 | ||||||||||||
|
Common
Stock Data
|
||||||||||||||||
|
Yield
at June 30
|
3.3 | % | 3.4 | % | 3.3 | % | 3.4 | % | ||||||||
|
Market
Price
|
||||||||||||||||
|
High
|
$ | 37.57 | $ | 34.63 | $ | 42.37 | $ | 34.71 | ||||||||
|
Low
|
$ | 30.79 | $ | 30.95 | $ | 21.90 | $ | 29.22 | ||||||||
|
Close
at June 30
|
$ | 37.04 | $ | 32.65 | $ | 37.04 | $ | 32.65 | ||||||||
|
Shares
Out. at June 30
|
41,950 | 41,969 | 41,950 | 41,969 | ||||||||||||
|
Market
Cap. at June 30
|
$ | 1,553,828 | $ | 1,370,288 | $ | 1,553,828 | $ | 1,370,288 | ||||||||
Page 9 of 10
|
NEW
JERSEY NATURAL GAS
|
||||||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
(Unaudited)
|
June
30,
|
June
30,
|
||||||||||||||
|
(Thousands,
except customer & weather data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Utility
Gross Margin
|
||||||||||||||||
|
Operating
revenues
|
$ | 148,826 | $ | 179,511 | $ | 958,995 | $ | 940,689 | ||||||||
|
Less:
|
||||||||||||||||
|
Gas
purchases
|
87,169 | 125,060 | 631,712 | 653,196 | ||||||||||||
|
Energy
and other taxes
|
9,830 | 9,030 | 61,208 | 53,137 | ||||||||||||
|
Regulatory
rider expense
|
6,280 | 5,926 | 40,585 | 35,879 | ||||||||||||
|
Total
Utility Gross Margin
|
$ | 45,547 | $ | 39,495 | $ | 225,490 | $ | 198,477 | ||||||||
|
Utility
Gross Margin and Operating Income
|
||||||||||||||||
|
Residential
|
$ | 28,488 | $ | 26,080 | $ | 150,235 | $ | 137,667 | ||||||||
|
Commercial,
Industrial & Other
|
9,051 | 7,455 | 40,398 | 40,478 | ||||||||||||
|
Firm
Transportation
|
5,987 | 4,639 | 24,838 | 15,438 | ||||||||||||
|
Total
Firm Margin
|
43,526 | 38,174 | 215,471 | 193,583 | ||||||||||||
|
Interruptible
|
81 | 96 | 236 | 358 | ||||||||||||
|
Total
System Margin
|
43,607 | 38,270 | 215,707 | 193,941 | ||||||||||||
|
Off
System/Capacity Management/FRM/Storage Incentive
|
1,940 | 1,225 | 9,783 | 4,836 | ||||||||||||
|
BPU
Settlement
|
- | - | - | (300 | ) | |||||||||||
|
Total
Utility Gross Margin
|
45,547 | 39,495 | 225,490 | 198,477 | ||||||||||||
|
Operation
and maintenance expense
|
27,351 | 21,637 | 79,137 | 69,417 | ||||||||||||
|
Depreciation
and amortization
|
7,668 | 9,488 | 22,120 | 28,053 | ||||||||||||
|
Other
taxes not reflected in gross margin
|
819 | 818 | 2,807 | 2,642 | ||||||||||||
|
Operating
Income
|
$ | 9,709 | $ | 7,552 | $ | 121,426 | $ | 98,365 | ||||||||
|
Throughput
(Bcf)
|
||||||||||||||||
|
Residential
|
5.8 | 5.6 | 40.5 | 37.8 | ||||||||||||
|
Commercial,
Industrial & Other
|
1.2 | 1.3 | 9.1 | 8.3 | ||||||||||||
|
Firm
Transportation
|
1.5 | 1.4 | 8.4 | 8.0 | ||||||||||||
|
Total
Firm Throughput
|
8.5 | 8.3 | 58.0 | 54.1 | ||||||||||||
|
Interruptible
|
1.0 | 1.6 | 2.6 | 4.2 | ||||||||||||
|
Total
System Throughput
|
9.5 | 9.9 | 60.6 | 58.3 | ||||||||||||
|
Off
System/Capacity Management
|
13.6 | 5.6 | 45.9 | 26.8 | ||||||||||||
|
Total
Throughput
|
23.1 | 15.5 | 106.5 | 85.1 | ||||||||||||
|
Customers
|
||||||||||||||||
|
Residential
|
439,442 | 438,094 | 439,442 | 438,094 | ||||||||||||
|
Commercial,
Industrial & Other
|
28,837 | 29,308 | 28,837 | 29,308 | ||||||||||||
|
Firm
Transportation
|
18,892 | 15,876 | 18,892 | 15,876 | ||||||||||||
|
Total
Firm Customers
|
487,171 | 483,278 | 487,171 | 483,278 | ||||||||||||
|
Interruptible
|
44 | 46 | 44 | 46 | ||||||||||||
|
Total
System Customers
|
487,215 | 483,324 | 487,215 | 483,324 | ||||||||||||
|
Off
System/Capacity Management*
|
29 | 32 | 29 | 32 | ||||||||||||
|
Total
Customers
|
487,244 | 483,356 | 487,244 | 483,356 | ||||||||||||
|
*The
number of customers represents those active during the last month of the
period.
|
||||||||||||||||
|
Degree
Days
|
||||||||||||||||
|
Actual
|
475 | 485 | 4,753 | 4,378 | ||||||||||||
|
Normal
|
563 | 574 | 4,707 | 4,775 | ||||||||||||
|
Percent
of Normal
|
84.4 | % | 84.5 | % | 101.0 | % | 91.7 | % | ||||||||
Page 10 of
10