New Jersey Resources Reports Another Year Of Improved Financial Performance

New Jersey Resources (NYSE:NJR) today reported fiscal 2012 net financial earnings per share increased 5 percent over the same period last year.

A reconciliation of net income to net financial earnings for the fourth quarter and fiscal years 2012 and 2011 is provided below.
 

 
          Three Months Ended       Twelve Months Ended
September 30, September 30,

(Thousands)
2012       2011 2012       2011
Net (loss) income $ (8,693 )       $ (7,511 ) $ 92,879       $ 101,299
Add:

Unrealized loss (gain) on derivative instruments

and related transactions, net of taxes
11,505 (10,515 ) 22,631 23,320

Effects of economic hedging related to natural

gas inventory, net of taxes
  (13,959 )   18,701     (3,093 )   (18,086 )
Net financial (loss) earnings $ (11,147 ) $ 675   $ 112,417   $ 106,533  
 
Weighted Average Shares Outstanding
Basic 41,604 41,442 41,527 41,359
Diluted   41,709     41,633     41,632     41,568  
 
Basic (loss) earnings per share $ (0.21 ) $ (0.18 ) $ 2.24   $ 2.45  
Basic net financial (loss) earnings per share $ (0.27 ) $ 0.02   $ 2.71   $ 2.58  
 

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.”
  • Net Financial Earnings Per Share Increase; 11.1 Percent Total Shareowner Return on Investment

For fiscal 2012, NJR reported net financial earnings of $112.4 million, or $2.71 per share, compared with $106.5 million, or $2.58 per share, in fiscal 2011. During the fourth quarter of fiscal 2012, the company’s net financial loss was $11 million, compared with net financial earnings of $675,000 in the same period last year. The improvement in annual earnings was driven by three of NJR’s subsidiaries – the company’s core subsidiary, New Jersey Natural Gas, its renewable energy segment, NJR Clean Energy Ventures and NJR Home Services, the company’s retail and appliance service subsidiary. The loss in the fourth quarter, which was expected, was due primarily to weaker results at NJR Energy Services.

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