Market Overview

New Jersey Resources Reports Third-Quarter Fiscal 2020 Results

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Today, New Jersey Resources (NYSE:NJR) reported results for the third quarter of fiscal 2020. Highlights for the quarter included:

  • Consolidated net loss of $(27.2) million, compared with a loss of $(8.4) million in the third quarter of fiscal 2019
  • Consolidated net financial loss, a non-GAAP financial measure, of $(5.8) million, or $(0.06) per share, compared with a loss of $(17.5) million, or $(0.20) per share, in the third quarter of fiscal 2019
  • Reaffirmed net financial earnings (NFE) guidance of $2.05 to $2.15 per share for fiscal 2020; expect to be toward the lower-end of the guidance range
  • NJR Clean Energy Ventures (CEV) acquired the NJ Oak solar facility

Third-quarter fiscal 2020 net loss totaled $(27.2) million, or $(0.28) per share, compared with a loss of $(8.4) million, or $(0.09) per share, during the same period in fiscal 2019. Fiscal 2020 year-to-date net income totaled $150.6 million, or $1.60 per share, compared with $151.4 million, or $1.70 per share, for the same period in fiscal 2019.

Third-quarter fiscal 2020 net financial loss totaled $(5.8) million, or $(0.06) per share, compared with a net financial loss of $(17.5) million, or $(0.20) per share, during the same period last year. Fiscal 2020 year-to-date NFE totaled $141.5 million, or $1.50 per share, compared with $149.0 million, or $1.67 per share, for the same period in fiscal 2019.

"We are on track to achieve earnings within our fiscal 2020 guidance for the year, showing the strength and resiliency of our business fundamentals through a challenging economic environment," said Steve Westhoven, President and CEO of New Jersey Resources. "That resilient foundation, along with our diversified portfolio of infrastructure investments and the dedication and hard work of our team, position us well to meet our growth targets moving forward."

Key Performance Metrics

 

 

Three Months Ended

 

Nine Months Ended

 

June 30,

 

June 30,

($ in Thousands)

2020

 

2019

 

2020

 

2019

Net (loss) income

$

(27,219

)

 

$

(8,402

)

 

$

150,647

 

 

$

151,419

Basic EPS

$

(0.28

)

 

$

(0.09

)

 

$

1.60

 

 

$

1.70

Net financial (loss) earnings

$

(5,817

)

 

$

(17,506

)

 

$

141,524

 

 

$

149,004

Basic net financial (loss) earnings per share

$

(0.06

)

$

(0.20

)

$

1.50

$

1.67

A reconciliation of net income (loss) to net financial (loss) earnings for the three and nine months ended June 30, 2020, and 2019, is provided below.

 

Three Months Ended

 

Nine Months Ended

 

June 30,

 

June 30,

(Thousands)

2020

 

2019

 

2020

 

2019

Net (loss) income

$

(27,219

)

 

$

(8,402

)

 

$

150,647

 

 

$

151,419

 

Add:

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

23,712

 

 

(24,646

)

 

(21,827

)

 

(25,353

)

Tax effect

(5,639

)

 

5,885

 

 

5,189

 

 

6,034

 

Effects of economic hedging related to natural gas inventory

4,739

 

 

11,317

 

 

10,474

 

 

12,073

 

Tax effect

(1,126

)

 

(2,689

)

 

(2,489

)

 

(2,869

)

Net income to NFE tax adjustment

(284

)

 

1,029

 

 

(470

)

 

7,700

 

Net financial (loss) earnings

$

(5,817

)

 

$

(17,506

)

 

$

141,524

 

 

$

149,004

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

Basic

95,764

 

 

89,600

 

 

94,420

 

 

88,995

 

Diluted

95,764

 

 

89,600

 

 

94,718

 

 

89,402

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share

$

(0.28

)

 

$

(0.09

)

 

$

1.60

 

 

$

1.70

 

Add:

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

0.24

 

 

(0.28

)

 

(0.23

)

 

(0.28

)

Tax effect

(0.06

)

 

0.06

 

 

0.05

 

 

0.06

 

Effects of economic hedging related to natural gas inventory

0.05

 

 

0.13

 

 

0.11

 

 

0.13

 

Tax effect

(0.01

)

 

(0.03

)

 

(0.03

)

 

(0.03

)

Net income to NFE tax adjustment

 

 

0.01

 

 

 

 

0.09

 

Basic net financial (loss) earnings per share

$

(0.06

)

 

$

(0.20

)

 

$

1.50

 

 

$

1.67

 

Net financial (loss) earnings is a financial measure not calculated in accordance with Generally Accepted Accounting Principles (GAAP) of the United States. It is a measure of earnings based on eliminating timing differences surrounding the recognition of certain gains or losses, net of applicable tax adjustments, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. NFE/net financial loss eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. For further discussion of this financial measure, please see the explanation below under "Non-GAAP Financial Information."

GAAP requires us, during the interim periods, to estimate our annual effective tax rate and use this rate to calculate the year-to-date tax provision. We also determine an annual estimated effective tax rate for NFE purposes and calculate a quarterly tax adjustment based on the differences between our forecasted net income and our forecasted NFE for the fiscal year. Since the annual estimated effective tax rate is based on certain forecasted assumptions, including estimates surrounding completion of Clean Energy Ventures projects, the rate and resulting NFE are subject to change. No adjustment is needed during the fourth quarter, since the actual effective tax rate is calculated at year end.

A table detailing net financial (loss) earnings for the three and nine months ended June 30, 2020, and 2019, is provided below.

Net Financial (Loss) Earnings by Business Unit

 

 

Three Months Ended

 

Nine Months Ended

 

June 30,

 

June 30,

(Thousands)

2020

 

2019

 

2020

 

2019

New Jersey Natural Gas

$

11,968

 

 

$

(3,795

)

 

$

142,160

 

 

$

96,464

 

Midstream

3,615

 

 

3,052

 

 

10,877

 

 

11,201

 

Subtotal Regulated

15,583

 

 

(743

)

 

153,037

 

 

107,665

 

Clean Energy Ventures

(13,891

)

 

(7,138

)

 

(2,817

)

 

24,797

 

Energy Services

(6,913

)

 

(14,030

)

 

(9,511

)

 

13,644

 

Home Services and Other

(582

)

 

4,437

 

 

675

 

 

2,932

 

Subtotal Unregulated

(21,386

)

 

(16,731

)

 

(11,653

)

 

41,373

 

Subtotal

(5,803

)

 

(17,474

)

 

141,384

 

 

149,038

 

Eliminations

(14

)

 

(32

)

 

140

 

 

(34

)

Total

$

(5,817

)

 

$

(17,506

)

 

$

141,524

 

 

$

149,004

 

NJR Reaffirms Fiscal 2020 NFE Guidance:

NJR reaffirmed fiscal 2020 NFE guidance range of $2.05 to $2.15 per share, subject to the risks and uncertainties identified below under "Forward-Looking Statements," but expects NFE to be toward the lower-end of the range. The following chart represents NJR's current expected contributions from its subsidiaries for fiscal 2020:

Company

Expected Fiscal 2020

Net Financial Earnings (Loss)

Contribution

New Jersey Natural Gas

64 to 67 percent

Midstream

8 to 10 percent

Total Regulated

72 to 77 percent

Clean Energy Ventures

28 to 31 percent

Energy Services

-5 to -3 percent

Home Services and Other

2 to 3 percent

Total Unregulated

25 to 31 percent

In providing fiscal 2020 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

COVID-19 Impact Update:

NJR has not made any significant changes to capital programs due to COVID-19. New Jersey Natural Gas (NJNG) operations and delivery of natural gas to its approximately 555,000 customers has largely been unaffected by the ongoing pandemic. NJR will continue to closely monitor the potential impacts of the pandemic and will adjust its plans accordingly to ensure the delivery of essential services to customers, while maintaining the safety and health of its employees, customers and communities.

Regulated Business Update:

New Jersey Natural Gas

NJNG reported third-quarter fiscal 2020 NFE of $12.0 million, compared with a net financial loss of $(3.8) million during the same period in fiscal 2019. Fiscal 2020 year-to-date NFE at NJNG were $142.2 million, compared with $96.5 million during the same period last year. The increase in both periods was due primarily to increased base rates from NJNG's rate case settlement in November 2019 and lower operating and maintenance (O&M) expenses.

Customer Growth:

  • NJNG added 5,879 new customers during the first nine months of fiscal 2020, compared with 6,800 during the same period in fiscal 2019. NJNG expects to add between 28,000 and 30,000 new customers between fiscal 2020 and fiscal 2022, representing an average annual growth rate of 1.8 percent and a cumulative increase in utility gross margin of approximately $16.3 million. For more information on utility gross margin, please see "Non-GAAP Financial Information" below.

Infrastructure Update:

  • The Southern Reliability Link (SRL) will diversify supply to our customers by providing a new intrastate feed into the southern end of NJNG's distribution system. SRL began construction in the first quarter of fiscal 2019 and is projected to be placed in service in 2021. The cost of SRL is expected to be in the range of $250 million to $270 million. Construction continues on SRL with 75 percent of the project complete.
    • On July 8, 2020, the New Jersey Department of Environmental Protection (NJDEP) suspended NJNG's permits for certain sections of SRL's construction due to inadvertent returns of drilling mud that occurred during routine drilling operations. The company is working with the NJDEP and has submitted its mitigation plan.
  • NJNG's Infrastructure Investment Program (IIP) was filed with the New Jersey Board of Public Utilities (BPU) on February 28, 2019, seeking approval to implement a five-year, $507 million infrastructure investment program. The IIP consists of two components; transmission and distribution investments, and information technology replacements and enhancements. Pending BPU approval, NJNG requested these investments be recovered through annual regulatory filings.
  • Safety Acceleration and Facilities Enhancement (SAFE) II is the five-year, $157.5 million program approved by the BPU in September 2016 to replace the remaining unprotected bare steel main and associated services in NJNG's distribution system. Through the first nine months of fiscal 2020, NJNG invested $44.6 million to replace 54 miles of unprotected bare steel main and services.
  • The New Jersey Reinvestment in System Enhancement (NJ RISE) program is a five-year, $102.5 million investment program comprised of six projects related to storm hardening and mitigation. During the third quarter of fiscal 2020, NJNG continued construction to install a new distribution main into Long Beach Island and complete the final phase of the North Seaside Reinforcement project.
  • The SAFE II and NJ RISE programs are eligible for annual rate increases. On March 31, 2020, NJNG filed its annual petition with the BPU, requesting a rate increase of approximately $7.4 million for the recovery of the related capital costs through June 30, 2020. NJNG updated the filing in July 2020 to reflect the actual results through June 30, 2020, reducing the rate increase to $7.05 million, with changes to rates expected to be effective October 1, 2020.

BGSS Incentive Programs:

BGSS incentive programs contributed $2.4 million to utility gross margin in the third quarter of fiscal 2020, compared with $2.5 million during the same period in fiscal 2019. Fiscal 2020 year-to-date, these programs contributed $6.7 million, compared with $5.9 million during the same period in fiscal 2019. The higher year-to-date results were due to improved margins in off-system sales and storage incentive programs, which were partially offset by a decrease in capacity release volume.

Energy-Efficiency Programs:

The SAVEGREEN Project®, NJNG's energy-efficiency program, invested $5.4 million and $19.7 million during the third quarter and first nine months of fiscal 2020, respectively, to help customers with energy-efficiency upgrades for their homes and businesses.

NJR Midstream

Midstream reported third-quarter fiscal 2020 NFE of $3.6 million, compared with $3.1 million during the same period in fiscal 2019. Fiscal 2020 year-to-date NFE was $10.9 million, compared with $11.2 million during the same period last year. The increase in the third quarter was due to incremental operating income from Leaf River and Adelphia Gateway. The decrease in year-to-date NFE was primarily due to increased O&M and interest expense related to the acquisitions of Leaf River and Adelphia Gateway offset by the incremental operating income generated by these assets. In addition, NJR Midstream recognized a gain on the sale of equity securities in the second quarter of fiscal 2019, which did not reoccur this fiscal year.

Infrastructure Updates:

  • PennEast - On January 30, 2020, PennEast filed with FERC an abbreviated application for amendment of its Certificate of Public Convenience and Necessity, requesting a phased-in approach to the PennEast project. The first phase of the project would include construction in Pennsylvania with interconnections within the state. Also, on January 30, 2020, FERC issued a declaratory order related to the ruling by the Third Circuit, supporting PennEast.
    • On February 18, 2020, PennEast filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn the September 10, 2019 Third Circuit decision vacating the New Jersey Federal District Court's December 13, 2018 condemnation order.
    • On June 29, 2020, the U.S. Supreme Court invited the U.S. Solicitor General to express their views regarding the issues presented in the petition for a writ of certiorari.
    • On August 3rd, FERC issued a positive environmental assessment for Phase I of the project, finding no significant environmental impact.
  • Adelphia Gateway - NJR Midstream is running existing operations on the northern end of the pipeline and the southern end of the pipeline will be converted to natural gas upon receipt of the Notice to Proceed from FERC.

Unregulated Businesses Update:

NJR Energy Services

Energy Services reported third-quarter fiscal 2020 net financial loss of $(6.9) million, compared with a net financial loss of $(14.0) million during the same period last year. Fiscal 2020 year-to-date net financial loss was $(9.5) million, compared to NFE of $13.6 million for the same period last fiscal year. The year-to-date decrease in NFE was due primarily to challenging market conditions created by unusually warm weather on the U.S. east coast last winter. This led to fewer market opportunities compared to prior years due to lower volumes and narrower pricing spreads in wholesale natural gas markets.

NJR Clean Energy Ventures

CEV reported third quarter fiscal 2020 net financial loss of $(13.9) million, compared with a net financial loss of $(7.1) million during the same period in fiscal 2019. Fiscal 2020 year-to-date net financial loss was $(2.8) million, compared with NFE of $24.8 million for the same period in fiscal 2019. The decrease was due to the timing of SREC sales, investment tax credit recognition and the absence of contributions from the wind portfolio, which was sold in February of 2019.

Solar Investment Update:

  • In June 2020, CEV acquired the 12.5 MW NJ Oak Solar facility, an existing asset in operation in Fairfield, NJ. In addition to acquiring the NJ Oak solar facility, CEV placed two commercial solar projects into service in the third quarter of fiscal 2020, adding 32 MW to CEV's total installed capacity of over 350 MW.
  • The Sunlight Advantage®, CEV's residential solar leasing program, added 90 residential customers and now serves over 8,400 residential customers in New Jersey.

NJR Home Services and Other Operations

Home Services and Other Operations reported third quarter fiscal 2020 net financial loss of $(0.6) million, compared with NFE of $4.4 million during the same period in fiscal 2019. The decrease in the third quarter was due primarily to the timing of expenses related to our IT system replacement project. Fiscal 2020 year-to-date NFE was $0.7 million compared to NFE of $2.9 million for the same period in fiscal 2019. The decrease in year-to-date NFE was due primarily to a decrease in interest income and changes in income taxes.

Effective Tax Rate:

NJR's estimated annual effective tax rate increased from (4.6) percent in fiscal 2019 to (1.2) percent in fiscal 2020. For NFE purposes, the estimated effective tax rate also increased from (13.7) percent to (3.0) percent. In the third quarter of fiscal 2020, NJR recognized $26.5 million related to tax credits, net of deferred taxes, compared with $35.6 million during the same period last year.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile, while continuing to invest capital in regulated and unregulated energy projects.

  • During the first nine months of fiscal 2020, capital expenditures were $380.8 million, of which $262.5 million were related to regulated assets, compared with capital expenditures of $348.0 million, of which $255.4 million were related to regulated assets, during the same period of fiscal 2019.
  • During the first nine months of fiscal 2020, cash flows from operations were $182.8 million, compared with $165.8 million from operations during the same period of fiscal 2019. The increase was primarily due to increased margin at NJNG from increased base rates.

Webcast Information:

NJR will host a live webcast to discuss its financial results today at 10 a.m. ET. A few minutes prior to the webcast, go to njresources.com and select "Investor Relations," then scroll down to the "Events & Presentations" section and click on the webcast link.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (NJR) cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR's ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as "anticipates," "estimates," "expects," "projects," "may," "will," "intends," "plans," "believes," "should" and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management's expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR's NFE guidance for fiscal 2020, forecasted contribution of business segments to fiscal 2020 NFE, future NJNG customer and utility gross margin growth, future NJR capital expenditures, infrastructure programs and investments, Clean Energy Ventures' ITC-eligible projects and demand for residential solar, earnings growth, the ability to construct and operate the Adelphia Gateway project, and construct the SRL and PennEast pipeline projects, as well as the ongoing COVID-19 pandemic and its impact on NJR's liquidity, business operations, financial condition, results of operations or cash flows.

Additional information and factors that could cause actual results to differ materially from NJR's expectations are contained in NJR's filings with the U.S. Securities and Exchange Commission (SEC), including NJR's Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC's web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR's operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE/net financial loss and financial margin exclude unrealized gains or losses on derivative instruments related to the company's unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to CEV, as such the adjustment is related to tax credits generated by CEV.

NJNG's utility gross margin represents the results of revenues less natural gas costs, sales, expenses and other taxes and regulatory rider expenses, which are key components of NJR's operations. Natural gas costs, sales, expenses and other taxes and regulatory rider expenses are passed through to customers and, therefore, have no effect on utility gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR's performance. Management believes these non-GAAP financial measures are more reflective of NJR's business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR's non-GAAP financial measures, please see NJR's 2020 Form 10-K, Item 7.

About New Jersey Resources

New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

  • New Jersey Natural Gas, NJR's principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey's Monmouth, Ocean, Morris, Middlesex and Burlington counties.
  • NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of over 350 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 physical natural gas services and customized energy solutions to its customers across North America.
  • NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
  • NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:

www.njresources.com.

Follow us on Twitter @NJNaturalGas.

"Like" us on facebook.com/NewJerseyNaturalGas.

Download our free NJR investor relations app for iPad, iPhone and Android.

NJR-E

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

June 30,

 

June 30,

(Thousands, except per share data)

 

2020

 

2019

 

2020

 

2019

OPERATING REVENUES

 

 

 

 

 

 

 

 

Utility

 

$

128,532

 

 

$

120,782

 

 

$

645,375

 

 

$

622,167

 

Nonutility

 

170,442

 

 

314,160

 

 

908,249

 

 

1,490,797

 

Total operating revenues

 

298,974

 

 

434,942

 

 

1,553,624

 

 

2,112,964

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Gas purchases

 

 

 

 

 

 

 

 

Utility

 

45,665

 

 

54,861

 

 

249,042

 

 

280,627

 

Nonutility

 

166,761

 

 

289,757

 

 

802,501

 

 

1,370,408

 

Related parties

 

1,518

 

 

2,126

 

 

4,548

 

 

6,455

 

Operation and maintenance

 

68,541

 

 

64,932

 

 

198,718

 

 

194,298

 

Regulatory rider expenses

 

5,464

 

 

4,136

 

 

32,536

 

 

32,159

 

Depreciation and amortization

 

31,216

 

 

23,149

 

 

89,758

 

 

67,292

 

Total operating expenses

 

319,165

 

 

438,961

 

 

1,377,103

 

 

1,951,239

 

OPERATING (LOSS) INCOME

 

(20,191

)

 

(4,019

)

 

176,521

 

 

161,725

 

Other income, net

 

2,713

 

 

1,829

 

 

10,260

 

 

5,456

 

Interest expense, net of capitalized interest

 

15,144

 

 

11,648

 

 

50,417

 

 

37,643

 

(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

 

(32,622

)

 

(13,838

)

 

136,364

 

 

129,538

 

Income tax benefit

 

(2,190

)

 

(1,941

)

 

(4,092

)

 

(11,854

)

Equity in earnings of affiliates

 

3,213

 

 

3,495

 

 

10,191

 

 

10,027

 

NET (LOSS) INCOME

 

$

(27,219

)

 

$

(8,402

)

 

$

150,647

 

 

$

151,419

 

 

 

 

 

 

 

 

 

 

(LOSS) EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

(0.28

)

 

$

(0.09

)

 

$

1.60

 

 

$

1.70

 

Diluted

 

$

(0.28

)

 

$

(0.09

)

 

$

1.59

 

 

$

1.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

Basic

 

95,764

 

 

89,600

 

 

94,420

 

 

88,995

 

Diluted

 

95,764

 

 

89,600

 

 

94,718

 

 

89,402

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

June 30,

 

June 30,

(Thousands)

 

2020

 

2019

 

2020

 

2019

NEW JERSEY RESOURCES

 

 

 

 

 

A reconciliation of net income, the closest GAAP financial measurement, to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(27,219

)

 

$

(8,402

)

 

$

150,647

 

 

$

151,419

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

23,712

 

 

(24,646

)

 

(21,827

)

 

(25,353

)

Tax effect

 

(5,639

)

 

5,885

 

 

5,189

 

 

6,034

 

Effects of economic hedging related to natural gas inventory

 

4,739

 

 

11,317

 

 

10,474

 

 

12,073

 

Tax effect

 

(1,126

)

 

(2,689

)

 

(2,489

)

 

(2,869

)

Net income to NFE tax adjustment

 

(284

)

 

1,029

 

 

(470

)

 

7,700

 

Net financial (loss) earnings

 

$

(5,817

)

 

$

(17,506

)

 

$

141,524

 

 

$

149,004

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

Basic

 

95,764

 

 

89,600

 

 

94,420

 

 

88,995

 

Diluted

 

95,764

 

 

89,600

 

 

94,718

 

 

89,402

 

 

 

 

 

 

 

 

 

 

A reconciliation of basic earnings per share, the closest GAAP financial measurement, to basic net financial earnings per share is as follows:

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share

 

$

(0.28

)

 

$

(0.09

)

 

$

1.60

 

 

$

1.70

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

$

0.24

 

 

$

(0.28

)

 

$

(0.23

)

 

$

(0.28

)

Tax effect

 

$

(0.06

)

 

$

0.06

 

 

$

0.05

 

 

$

0.06

 

Effects of economic hedging related to natural gas inventory

 

$

0.05

 

 

$

0.13

 

 

$

0.11

 

 

$

0.13

 

Tax effect

 

$

(0.01

)

 

$

(0.03

)

 

$

(0.03

)

 

$

(0.03

)

Net income to NFE tax adjustment

 

$

 

 

$

0.01

 

 

$

 

 

$

0.09

 

Basic NFE per share

 

$

(0.06

)

 

$

(0.20

)

 

$

1.50

 

 

$

1.67

 

 

 

 

 

 

 

 

 

 

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of operating revenue, the closest GAAP financial measurement, to utility gross margin is as follows:

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

128,532

 

 

$

120,782

 

 

$

645,375

 

 

$

622,167

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

48,116

 

 

57,187

 

 

258,194

 

 

294,536

 

Regulatory rider expense

 

5,464

 

 

4,136

 

 

32,536

 

 

32,159

 

Utility gross margin

 

$

74,952

 

 

$

59,459

 

 

$

354,645

 

 

$

295,472

 

 

 

 

 

 

 

 

 

 

CLEAN ENERGY VENTURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of net income to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(13,607

)

 

$

(8,167

)

 

$

(2,347

)

 

$

17,097

 

Add:

 

 

 

 

 

 

 

 

Net income to NFE tax adjustment

 

(284

)

 

1,029

 

 

(470

)

 

7,700

 

Net financial (loss) earnings

 

$

(13,891

)

 

$

(7,138

)

 

$

(2,817

)

 

$

24,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

(Unaudited)

 

June 30,

 

June 30,

(Thousands)

 

2020

 

2019

 

2020

 

2019

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table is a computation of financial margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

133,543

 

 

$

290,021

 

 

$

817,659

 

 

$

1,425,113

 

Less: Gas purchases

 

167,061

 

 

290,881

 

 

803,697

 

 

1,373,784

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

24,034

 

 

(24,684

)

 

(21,306

)

 

(27,056

)

Effects of economic hedging related to natural gas inventory

 

4,739

 

 

11,317

 

 

10,474

 

 

12,073

 

Financial (loss) margin

 

$

(4,745

)

 

$

(14,227

)

 

$

3,130

 

 

$

36,346

 

 

 

 

 

 

 

 

 

 

A reconciliation of operating income, the closest GAAP financial measurement, to financial margin is as follows:

 

 

 

 

 

Operating (loss) income

 

$

(37,299

)

 

$

(4,345

)

 

$

565

 

 

$

36,285

 

Add:

 

 

 

 

 

 

 

 

Operation and maintenance expense

 

3,753

 

 

3,462

 

 

13,313

 

 

14,969

 

Depreciation and amortization

 

28

 

 

23

 

 

84

 

 

75

 

Subtotal

 

(33,518

)

 

(860

)

 

13,962

 

 

51,329

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

24,034

 

 

(24,684

)

 

(21,306

)

 

(27,056

)

Effects of economic hedging related to natural gas inventory

 

4,739

 

 

11,317

 

 

10,474

 

 

12,073

 

Financial (loss) margin

 

$

(4,745

)

 

$

(14,227

)

 

$

3,130

 

 

$

36,346

 

 

 

 

 

 

 

 

 

 

A reconciliation of net income to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(28,845

)

 

$

(3,873

)

 

$

(1,255

)

 

$

25,041

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

24,034

 

 

(24,684

)

 

(21,306

)

 

(27,056

)

Tax effect

 

(5,715

)

 

5,899

 

 

5,065

 

 

6,455

 

Effects of economic hedging related to natural gas

 

4,739

 

 

11,317

 

 

10,474

 

 

12,073

 

Tax effect

 

(1,126

)

 

(2,689

)

 

(2,489

)

 

(2,869

)

Net financial (loss) earnings

 

$

(6,913

)

 

$

(14,030

)

 

$

(9,511

)

 

$

13,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Services and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of net income to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(582

)

 

$

4,365

 

 

$

675

 

 

$

2,672

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss on derivative instruments and related transactions

 

 

 

100

 

 

 

 

361

 

Tax effect

 

 

 

(28

)

 

 

 

(101

)

Net financial (loss) earnings

 

$

(582

)

 

$

4,437

 

 

$

675

 

 

$

2,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

June 30,

 

June 30,

(Thousands, except per share data)

 

2020

 

2019

 

2020

 

2019

NEW JERSEY RESOURCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

128,532

 

 

$

120,782

 

 

$

645,375

 

 

$

622,167

 

Clean Energy Ventures

 

13,396

 

 

11,450

 

 

25,603

 

 

37,707

 

Energy Services

 

133,543

 

 

290,021

 

 

817,659

 

 

1,425,113

 

Midstream

 

11,863

 

 

 

 

32,011

 

 

 

Home Services and Other

 

12,369

 

 

13,082

 

 

37,641

 

 

37,905

 

Sub-total

 

299,703

 

 

435,335

 

 

1,558,289

 

 

2,122,892

 

Eliminations

 

(729

)

 

(393

)

 

(4,665

)

 

(9,928

)

Total

 

$

298,974

 

 

$

434,942

 

 

$

1,553,624

 

 

$

2,112,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

17,339

 

 

$

(368

)

 

$

186,115

 

 

$

128,444

 

Clean Energy Ventures

 

(4,267

)

 

(6,277

)

 

(26,181

)

 

(8,025

)

Energy Services

 

(37,299

)

 

(4,345

)

 

565

 

 

36,285

 

Midstream

 

2,456

 

 

(952

)

 

7,015

 

 

(2,659

)

Home Services and Other

 

425

 

 

6,586

 

 

5,735

 

 

5,193

 

Sub-total

 

(21,346

)

 

(5,356

)

 

173,249

 

 

159,238

 

Eliminations

 

1,155

 

 

1,337

 

 

3,272

 

 

2,487

 

Total

 

$

(20,191

)

 

$

(4,019

)

 

$

176,521

 

 

$

161,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

 

 

 

 

 

 

 

Midstream

 

$

3,615

 

 

$

4,167

 

 

$

11,200

 

 

$

11,966

 

Eliminations

 

(402

)

 

(672

)

 

(1,009

)

 

(1,939

)

Total

 

$

3,213

 

 

$

3,495

 

 

$

10,191

 

 

$

10,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

11,968

 

 

$

(3,795

)

 

$

142,160

 

 

$

96,464

 

Clean Energy Ventures

 

(13,607

)

 

(8,167

)

 

(2,347

)

 

17,097

 

Energy Services

 

(28,845

)

 

(3,873

)

 

(1,255

)

 

25,041

 

Midstream

 

3,615

 

 

3,052

 

 

10,877

 

 

11,201

 

Home Services and Other

 

(582

)

 

4,365

 

 

675

 

 

2,672

 

Sub-total

 

(27,451

)

 

(8,418

)

 

150,110

 

 

152,475

 

Eliminations

 

232

 

 

16

 

 

537

 

 

(1,056

)

Total

 

$

(27,219

)

 

$

(8,402

)

 

$

150,647

 

 

$

151,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

11,968

 

 

$

(3,795

)

 

$

142,160

 

 

$

96,464

 

Clean Energy Ventures

 

(13,891

)

 

(7,138

)

 

(2,817

)

 

24,797

 

Energy Services

 

(6,913

)

 

(14,030

)

 

(9,511

)

 

13,644

 

Midstream

 

3,615

 

 

3,052

 

 

10,877

 

 

11,201

 

Home Services and Other

 

(582

)

 

4,437

 

 

675

 

 

2,932

 

Sub-total

 

(5,803

)

 

(17,474

)

 

141,384

 

 

149,038

 

Eliminations

 

(14

)

 

(32

)

 

140

 

 

(34

)

Total

 

$

(5,817

)

 

$

(17,506

)

 

$

141,524

 

 

$

149,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

NJNG, Core Customers

 

16.4

 

 

21.6

 

 

79.4

 

 

88.9

 

NJNG, Off System/Capacity Management

 

28.2

 

 

33.2

 

 

84.3

 

 

89.0

 

Energy Services Fuel Mgmt. and Wholesale Sales

 

96.9

 

 

119.3

 

 

405.1

 

 

436.5

 

Total

 

141.5

 

 

174.1

 

 

568.8

 

 

614.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Data

 

 

 

 

 

 

 

 

Yield at June 30

 

3.8

%

 

2.4

%

 

3.8

%

 

2.4

%

Market Price at June 30

 

$

32.65

 

 

$

49.77

 

 

$

32.65

 

 

$

49.77

 

Shares Out. at June 30

 

95,830

 

 

89,918

 

 

95,830

 

 

89,918

 

Market Cap. at June 30

 

$

3,128,866

 

 

$

4,475,212

 

 

$

3,128,866

 

 

$

4,475,212

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

(Unaudited)

 

June 30,

 

June 30,

(Thousands, except customer and weather data)

 

2020

 

2019

 

2020

 

2019

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility Gross Margin

 

 

 

 

 

 

 

 

Operating revenues

 

$

128,532

 

 

$

120,782

 

 

$

645,375

 

 

$

622,167

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

48,116

 

 

57,187

 

 

258,194

 

 

294,536

 

Regulatory rider expense

 

5,464

 

 

4,136

 

 

32,536

 

 

32,159

 

Total Utility Gross Margin

 

$

74,952

 

 

$

59,459

 

 

$

354,645

 

 

$

295,472

 

 

 

 

 

 

 

 

 

 

Utility Gross Margin, Operating Income and Net Income

 

 

 

 

 

 

 

 

Residential

 

$

47,002

 

 

$

35,914

 

 

$

244,625

 

 

$

199,698

 

Commercial, Industrial & Other

 

11,668

 

 

9,198

 

 

49,739

 

 

43,217

 

Firm Transportation

 

12,655

 

 

10,259

 

 

49,783

 

 

42,526

 

Total Firm Margin

 

71,325

 

 

55,371

 

 

344,147

 

 

285,441

 

Interruptible

 

1,225

 

 

1,544

 

 

3,780

 

 

4,130

 

Total System Margin

 

72,550

 

 

56,915

 

 

347,927

 

 

289,571

 

Off System/Capacity Management/FRM/Storage Incentive

 

2,402

 

 

2,544

 

 

6,718

 

 

5,901

 

Total Utility Gross Margin

 

74,952

 

 

59,459

 

 

354,645

 

 

295,472

 

Operation and maintenance expense

 

39,344

 

 

45,138

 

 

115,344

 

 

124,471

 

Depreciation and amortization

 

18,269

 

 

14,689

 

 

53,186

 

 

42,557

 

Operating Income (Loss)

 

$

17,339

 

 

$

(368

)

 

$

186,115

 

 

$

128,444

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

11,968

 

 

$

(3,795

)

 

$

142,160

 

 

$

96,464

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings (Loss)

 

$

11,968

 

 

$

(3,795

)

 

$

142,160

 

 

$

96,464

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

Residential

 

7.7

 

 

5.9

 

 

41.2

 

 

43.0

 

Commercial, Industrial & Other

 

1.2

 

 

1.2

 

 

7.6

 

 

9.0

 

Firm Transportation

 

2.3

 

 

2.5

 

 

11.7

 

 

12.1

 

Total Firm Throughput

 

11.2

 

 

9.6

 

 

60.5

 

 

64.1

 

Interruptible

 

5.2

 

 

12.0

 

 

18.9

 

 

24.8

 

Total System Throughput

 

16.4

 

 

21.6

 

 

79.4

 

 

88.9

 

Off System/Capacity Management

 

28.2

 

 

33.2

 

 

84.3

 

 

89.0

 

Total Throughput

 

44.6

 

 

54.8

 

 

163.7

 

 

177.9

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

Residential

 

493,322

 

 

484,720

 

 

493,322

 

 

484,720

 

Commercial, Industrial & Other

 

29,810

 

 

29,223

 

 

29,810

 

 

29,223

 

Firm Transportation

 

32,080

 

 

32,494

 

 

32,080

 

 

32,494

 

Total Firm Customers

 

555,212

 

 

546,437

 

 

555,212

 

 

546,437

 

Interruptible

 

32

 

 

32

 

 

32

 

 

32

 

Total System Customers

 

555,244

 

 

546,469

 

 

555,244

 

 

546,469

 

Off System/Capacity Management*

 

19

 

 

24

 

 

19

 

 

24

 

Total Customers

 

555,263

 

 

546,493

 

 

555,263

 

 

546,493

 

*The number of customers represents those active during the last month of the period.

 

 

 

 

Degree Days

 

 

 

 

 

 

 

 

Actual

 

595

 

 

362

 

 

4,208

 

 

4,495

 

Normal

 

488

 

 

486

 

 

4,556

 

 

4,522

 

Percent of Normal

 

121.9

%

 

74.5

%

 

92.4

%

 

99.4

%

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

(Unaudited)

 

June 30,

 

June 30,

(Thousands, except customer, SREC and megawatt)

 

2020

 

2019

 

2020

 

2019

CLEAN ENERGY VENTURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

SREC sales

 

$

8,102

 

 

$

6,705

 

 

$

11,833

 

 

$

19,886

 

Wind electricity sales and other

 

 

 

 

 

 

 

5,177

 

Solar electricity sales and other

 

2,707

 

 

2,441

 

 

6,254

 

 

6,018

 

Sunlight Advantage

 

2,587

 

 

2,304

 

 

7,516

 

 

6,626

 

Total Operating Revenues

 

$

13,396

 

 

$

11,450

 

 

$

25,603

 

 

$

37,707

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

$

10,121

 

 

$

8,239

 

 

$

29,429

 

 

$

24,253

 

 

 

 

 

 

 

 

 

 

Operating Loss

 

$

(4,267

)

 

$

(6,277

)

 

$

(26,181

)

 

$

(8,025

)

 

 

 

 

 

 

 

 

 

Income Tax Provision (Benefit)

 

$

4,193

 

 

$

(1,787

)

 

$

(38,432

)

 

$

(39,033

)

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(13,607

)

 

$

(8,167

)

 

$

(2,347

)

 

$

17,097

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(13,891

)

 

$

(7,138

)

 

$

(2,817

)

 

$

24,797

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Generated

 

114,949

 

 

96,590

 

 

253,649

 

 

197,041

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Sold

 

42,987

 

 

35,850

 

 

62,680

 

 

104,670

 

 

 

 

 

 

 

 

 

 

Solar Megawatts Eligible for ITCs

 

20.7

 

 

11.9

 

 

46.6

 

 

34.7

 

 

 

 

 

 

 

 

 

 

Solar Megawatts Under Construction

 

7.1

 

 

5.6

 

 

7.1

 

 

5.6

 

 

 

 

 

 

 

 

 

 

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

Operating revenues

 

$

133,543

 

 

$

290,021

 

 

$

817,659

 

 

$

1,425,113

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

167,061

 

 

290,881

 

 

803,697

 

 

1,373,784

 

Operation and maintenance expense

 

3,753

 

 

3,462

 

 

13,313

 

 

14,969

 

Depreciation and amortization

 

28

 

 

23

 

 

84

 

 

75

 

Operating (Loss) Income

 

$

(37,299

)

 

$

(4,345

)

 

$

565

 

 

$

36,285

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(28,845

)

 

$

(3,873

)

 

$

(1,255

)

 

$

25,041

 

 

 

 

 

 

 

 

 

 

Financial Margin

 

$

(4,745

)

 

$

(14,227

)

 

$

3,130

 

 

$

36,346

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(6,913

)

 

$

(14,030

)

 

$

(9,511

)

 

$

13,644

 

 

 

 

 

 

 

 

 

 

Gas Sold and Managed (Bcf)

 

96.9

 

 

119.3

 

 

405.1

 

 

436.5

 

 

 

 

 

 

 

 

 

 

MIDSTREAM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

11,863

 

 

$

 

 

$

32,011

 

 

$

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

$

3,615

 

 

$

4,167

 

 

$

11,200

 

 

$

11,966

 

 

 

 

 

 

 

 

 

 

Operation and Maintenance Expense

 

$

6,430

 

 

$

951

 

 

$

17,402

 

 

$

2,655

 

 

 

 

 

 

 

 

 

 

Other Income, Net

 

$

1,033

 

 

$

1,088

 

 

$

6,401

 

 

$

6,434

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

1,843

 

 

$

522

 

 

$

10,286

 

 

$

1,630

 

 

 

 

 

 

 

 

 

 

Income Tax Provision

 

$

1,646

 

 

$

729

 

 

$

3,453

 

 

$

2,910

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

3,615

 

 

$

3,052

 

 

$

10,877

 

 

$

11,201

 

 

 

 

 

 

 

 

 

 

HOME SERVICES AND OTHER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

12,369

 

 

$

13,082

 

 

$

37,641

 

 

$

37,905

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

425

 

 

$

6,586

 

 

$

5,735

 

 

$

5,193

 

 

 

 

 

 

 

 

 

 

Other (Expense) Income, Net

 

$

(704

)

 

$

(99

)

 

$

(1,752

)

 

$

(247

)

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(582

)

 

$

4,365

 

 

$

675

 

 

$

2,672

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(582

)

 

$

4,437

 

 

$

675

 

 

$

2,932

 

 

 

 

 

 

 

 

 

 

Total Service Contract Customers at June 30

 

107,441

 

 

108,980

 

 

107,441

 

 

108,980

 

 

 

 

 

 

 

 

 

 

 

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