January 30, 2015 9:23 AM ET

Gas Utilities

Company Overview of New Jersey Natural Gas Company

Company Overview

New Jersey Natural Gas Company, a natural gas distribution company, provides regulated retail natural gas services to residential and commercial customers in central and northern New Jersey. The company also participates in the off-system sales and capacity release markets. It owns approximately 7,060 miles of distribution mains; 7,168 miles of service mains; 226 miles of transmission mains; and approximately 526,000 meters. In addition, the company owns and operates 2 LNG storage plants in Stafford Township in Ocean County and Howell Township in Monmouth County with an aggregate estimated capacity of approximately 170,000 dths per day. New Jersey Natural Gas Company serves approximately 504...

1415 Wyckoff Road

Wall, NJ 07719

United States

Key Executives for New Jersey Natural Gas Company

Chairman
Age: 57
Chief Operating Officer and Executive Vice President
Age: 61
Senior Vice President and General Counsel
Age: 48
Senior Vice President of Customer Services
Age: 68
Senior Vice President of Energy Delivery
Age: 64
Compensation as of Fiscal Year 2014.

New Jersey Natural Gas Company Key Developments

New Jersey Natural Gas Company Announces Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2014; Provides Earnings Guidance for the Fiscal Year 2015; Plans to Invest $138 Million in SAVEGREEN Grants, Financial Incentives and the OBRP over the Life of the Program

New Jersey Natural Gas Company announced earnings results for the fourth quarter and full year ended September 30, 2014. For the quarter, the company reported a net financial loss of $5.4 million, compared with a net financial loss of $3 million in the same period last year. The weaker fourth-quarter results were due primarily to higher discretionary expenses, including the impact of a voluntary early retirement program. Operating revenue was $80,035,000 compared to $98,366,000 a year ago. Operating loss was $4,971,000 compared to $3,045,000 a year ago. Net loss was $5,360,000 compared to $3,091,000 a year ago. For the nine months, the company reported net financial earnings were $74.2 million, compared with $73.8 million in fiscal 2013. Results were driven by utility gross margin from customer additions, Basic Gas Supply Service incentive programs and regulatory initiatives, such as the company's accelerated infrastructure investments. Operating revenue was $819,415,000 compared to $787,987,000 a year ago. Operating income was $127,429,000 compared to $121,393,000 a year ago. Net income was $74,204,000 compared to $73,846,000 a year ago. The company provided earnings guidance for the fiscal year 2015. For the period, the company expected contribution of net financial earnings to be 60% to 70%. The company planned to invest approximately $138 million in SAVEGREEN grants, financial incentives and the OBRP over the life of the program, which is in place through June 30, 2015.

New Jersey Natural Gas Reports Unaudited Earnings and Operating Results for the Third Quarter and Nine Months Ended June 30, 2014; Provides Earnings Guidance for the Fiscal 2014 and 2015

New Jersey Natural Gas reported unaudited earnings and operating results for the third quarter and nine months ended June 30, 2014. For the quarter, the company reported net financial earnings of $4,882,000 against $5,528,000 a year ago. The lower results in the third quarter were due primarily to higher operations and maintenance expenses and a higher effective tax rate, which more than offset higher gross margin from incentive programs. Operating income was $13,045,000 against $10,339,000 a year ago. Operating revenues were $111,383,000 against $119,022,000 a year ago. For the nine months, the company reported net financial earnings of $79,564,000 against $76,937,000 a year ago. The improved year-to-date results were driven by higher utility gross margin from customer additions, incentive programs and regulatory initiatives, as well as the continued impact of accelerated infrastructure investments. Operating income was $132,400,000 against $124,438,000 a year ago. Operating revenues were $739,380,000 against $689,621,000 a year ago. For the quarter, the company reported total throughput of 65.4 Bcf against 42.1 Bcf a year ago. For the nine months, the company reported total throughput of 194.1 Bcf against 167.3 Bcf a year ago. The company expects fiscal 2014 net financial earnings of 40% to 50%. The company expects fiscal 2015 net financial earnings of 60% to 70%.

New Jersey Natural Gas Company Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2014; Provides Earnings Guidance for the Year 2014 and 2015

New Jersey Natural Gas Company reported unaudited earnings results for the second quarter and six months ended March 31, 2014. For the quarter, the company reported net financial earnings of USD 47.043 million compared to USD 45.917 million a year ago. Operating income was USD 74.052 million compared to USD 71.355 million a year ago. For the six months, the company reported net financial earnings of USD 74.687 million compared to USD 71.409 million a year ago. Operating income was USD 119.355 million compared to USD 114.099 million a year ago. The company expected earnings guidance for the year 2014 and 2015. For the year 2014, the company expects net financial earnings 45% to 50%. For the year 2015, the company expects net financial earnings 60% to 70%.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
February 7, 2014
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