South Jersey Industries, Inc. Q1 2010 Earnings Call Transcript
I’d also like to remind you about some changes to the way we present our results. As we did on our full year 2009 conference call we’ll be discussing our business in the context of three business segments. Wholesale Energy, Retail Energy and our Regulated Utility, South Jersey Gas.
Wholesale Energy consisted South Jersey Research Group, which encompasses our pipeline and storage management activities and our Marcellus assets. Retail Energy is comprised of those non-utility, SJI entities that serve the ultimate consumer, which include Marina Energy projects, South Jersey Energy companies, commodity marketing and consulting services and the remaining non-utility businesses within South Jersey Energy Solutions.
The Regulated Utilities, South Jersey Gas will continue to be presented as we were used to seeing it. I’d like to reemphasize that there’s no change to any of the legal entity structures within South Jersey Industries rather this is simply how we view the business from a management perspective.
Now, I’d like to turn the call over to Dave Kindlick, who briefly walks you through the financial results for the first quarter of 2010. Dave?Dave Kindlick Thanks, Steve. Although we review our results I’d like to refer you to our first quarter 2010 earnings release which was issued earlier today for an in-depth discussion of our results both on a GAAP and economic earnings basis. Managing the company we measure our performance based upon economic earnings. Economic earnings eliminates all unrealized gains and losses on both commodity and ineffective portion of interest rate derivative transactions and adjust for realized gains and losses attributed to hedges on inventory transactions. The first quarter of 2010, SJI posted income from continuing operations on an economic earnings basis of $44.6 million or $1.49 per share. This represents an improvement over first quarter 2009 results of $43.7 million or $1.46 per share.
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