New Jersey Resources (NJR) today announced that its Board of Directors has authorized an increase of one million shares under the company‘s Share Repurchase Program. “This increase to our Share Repurchase Program will give us continued financial flexibility to prudently reduce our cost of capital and provide shareowner value through the utilization of our strong financial profile,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. NJR’s Share Repurchase Program has been in place since September 1996, and is an important financial tool to provide capital management flexibility. The number of authorized shares has been increased a total of seven times, including today’s announcement, to a current level of 9.75 million shares. To date, eight million shares have been repurchased under the Share Repurchase Program. The plan allows NJR to purchase its shares on the open market or in negotiated transactions based on market and other conditions. NJR is not required to purchase any specific number of shares and may discontinue or suspend the program at any time. About New Jersey Resources New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that provides safe and reliable natural gas and renewable energy services, including transportation, distribution and asset management. With annual revenues in excess of $2 billion, NJR is comprised of five key businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains 7,000 miles of natural gas transportation and distribution infrastructure to serve approximately half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris and Middlesex counties.
- NJR Clean Energy Ventures is a clean energy company that invests in, owns and operates solar and onshore wind projects with a total capacity in excess of 47 megawatts, providing residential and commercial customers with low carbon solutions.
- NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides customized energy solutions to its customers across North America.
- NJR Home Services is a provider of heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to nearly 130,000 residential homes and businesses throughout New Jersey.
- NJR Energy Holdings invests and maintains an equity ownership in a natural gas storage facility and a transportation pipeline, and serves companies from local distributors and producers to electric generators and wholesale marketers.