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New Jersey Resources Reports Higher Year-to-Date Fiscal 2012 Net Financial Earnings; Narrows Earnings Guidance Range

New Jersey Resources (NYSE: NJR) today reported earnings for the third fiscal quarter and first nine months of fiscal 2012 and narrowed its net financial earnings guidance range for the year.

A reconciliation of net income to net financial earnings for the three and nine months ended June 30 in fiscal 2012 and 2011 is provided below.

Three Months Ended Nine Months Ended
June 30, June 30,
(Thousands) 2012       2011 2012       2011
Net (loss) income $ (10,320) $ 20,374 $ 101,572 $ 108,810

Unrealized loss (gain) on derivative instrumentsand related transactions, net of taxes
20,834 (2,875) 11,126 33,835
Effects of economic hedging related to natural

gas inventory, net of taxes
(6,384) (7,800) 10,866 (36,787)
Net financial earnings $ 4,130 $ 9,699 $ 123,564 $ 105,858
Weighted Average Shares Outstanding
Basic 41,560 41,381 41,501 41,338
Diluted 41,560 41,597 41,643 41,551
Basic (loss) earnings per share $ (0.25) $ 0.49 $ 2.45 $ 2.63
Basic net financial earnings per share $ 0.10 $ 0.23 $ 2.98 $ 2.56

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 reconciliation to the most comparable GAAP measure, please see the explanation below under “Additional Non-GAAP Financial Information.”
  • NJR Net Financial Earnings Per Share Increase 16 Percent

Fiscal 2012 year-to-date net financial earnings at NJR totaled $123.6 million, or $2.98 per share, compared with $105.9 million, or $2.56 per share, during the first nine months of fiscal 2011. This increase is due primarily to improved year-to-date results at New Jersey Natural Gas and NJR Clean Energy Ventures, the company’s renewable energy subsidiary. For the three-month period ended June 30, 2012, net financial earnings were $4.1 million, compared with $9.7 million during the same period last year. This decrease was due primarily to the expected lower quarterly results from NJR Energy Services.

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