FORM 8-K

On January 28, 2004, the Registrant issued a press release regarding its first quarter fiscal 2004 results. The Registrant is filing this press release as Exhibit 99.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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NJR’s first-quarter 2004 earnings increase 3.5 percent over last year

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NJR reports first-quarter 2004 earnings of $.89 basic and $.87 diluted per share

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NJR Energy Services earns $5.3 million in the first quarter versus $3.9 million last year

WALL, N.J. – New Jersey Resources (NYSE: NJR), parent company of New Jersey Natural Gas (NJNG), today announced improved fiscal 2004 first-quarter earnings of $.89 per share, a 3.5 percent increase compared with last year.

“We are pleased with our financial performance for the first quarter of 2004, which puts us on the path toward our 13th consecutive year of earnings growth,” said Laurence M. Downes, chairman and CEO of NJR. “Once again, our growing customer base at NJNG and continued strong growth in our successful unregulated wholesale energy services business have continued to support our track record of consistent financial results. Our primary mission remains providing the safe and reliable service our customers expect, while meeting the needs of all our stakeholders,” Mr. Downes said.

NJNG, a regulated utility, serves nearly 447,000 customers in New Jersey. NJR’s unregulated wholesale energy services subsidiary, NJR Energy Services (NJRES), serves wholesale customers from the Gulf Coast to New England and Canada. NJR’s other major unregulated operating subsidiary, NJR Home Services (NJRHS), offers heating, air conditioning and appliance services to customers in NJNG’s service area.

For the three months ended December 31, 2003, NJR earned $24.4 million, or $.89 per basic share, compared with $23.3 million, or $.86 per basic share last year, an increase of 3.5 percent. Diluted earnings were $.87 per share compared with $.85 last year, an increase of 2.4 percent. NJR attributed its strong financial performance to expanded market opportunities at NJRES, while continued customer growth and lower interest costs at NJNG substantially offset the impact of weather that was 10.1 percent warmer than last year.

NEW JERSEY RESOURCES ANNOUNCES IMPROVED FISCAL 2004
FIRST-QUARTER EARNINGS
Page 2 of 8

New Jersey Natural Gas
NJNG earned $19.1 million in the first quarter of fiscal 2004, compared with $19.5 million during the same period last year. The decrease was primarily due to warmer weather that was substantially offset by profitable customer growth and lower interest expense. NJNG’s gross margin decreased 1 percent in the first quarter to $61.2 million, due primarily to the impact of warmer weather partially offset by customer growth.

In the first quarter, NJNG added approximately .5 billion cubic feet (Bcf) of new throughput, which is expected to generate about $1.5 million in annual gross margin. NJNG anticipates continuing to maintain an annual customer growth rate of about 2.5 percent in fiscal 2004, adding approximately 2.2 Bcf of firm sales, which represents about $6.3 million of annual gross margin. About 35 percent of those new customers are expected to convert from other fuels.

Weather for the quarter was 2.3 percent warmer than normal and 10.1 percent warmer than last year. “Normal” weather is based on 20-year average temperatures. The impact of the weather is significantly offset by NJNG’s recently updated weather-normalization clause (WNC). The WNC is designed to smooth out year-to-year fluctuations that may result from changing weather patterns on both NJNG’s gross margin and customers’ bills. NJNG accrued $1.3 million of gross margin through the WNC for future collection from customers due to warmer-than-normal weather.

Gross margin from off-system and capacity management programs increased to $1.5 million for the three months ended December 31, 2003, compared with $1.2 million last year. The increase was due primarily to additional capacity restructuring credits. NJNG shares the gross margin earned from off-system sales and capacity management programs with customers and shareowners according to a margin-sharing formula in effect through October 2006. During the quarter, customers saved approximately $6.8 million in natural gas costs through NJNG’s off-system sales and capacity management programs. Since the establishment of these incentive programs in 1992, NJNG customers have saved nearly $212 million on their natural gas bills, or approximately 5 percent annually.

Gross margin is defined as natural gas revenues less natural gas purchases, sales tax, a Transitional Energy Facilities Assessment (TEFA), which is included in Energy and other taxes on the Consolidated Statements of Income, and regulatory rider expenses. Management believes that gross margin provides a more meaningful basis for evaluating utility operations than revenue since natural gas costs, sales tax, TEFA and regulatory rider expenses are passed through to customers, and therefore have no effect on gross margin. Natural gas costs are charged to operating expenses on the basis of therm sales at the New Jersey Board of Public Utilities-approved prices in NJNG’s Basic Gas Supply Service (BGSS) tariff. The BGSS allows NJNG to recover natural gas costs that exceed the level reflected in the company’s base rates. Sales tax is calculated at 6 percent of revenue and excludes sales to cogeneration facilities, other utilities, off-system sales and federal accounts. TEFA is calculated on a per-therm basis and excludes sales to cogeneration facilities, other utilities and off-system sales. Regulatory rider expenses are calculated on a per-therm basis.

NEW JERSEY RESOURCES ANNOUNCES IMPROVED FISCAL 2004
FIRST-QUARTER EARNINGS
Page 3 of 8

NJNG’s operation and maintenance expenses for the three months ended December 31, 2003, were $19.3 million, compared with $18.7 million for the same period last year. The 3.2 percent increase was due primarily to higher labor costs. NJNG’s net interest charges decreased $406,000, or 12 percent, to $3 million through December 31, 2003, due primarily to lower interest rates, which more than offset higher average debt balances.

NJR Energy Services
NJRES earned $5.3 million during the quarter, compared with $3.9 million for the same period last year, reflecting primarily higher gross margin from the utilization of additional storage assets. NJRES’ portfolio of transportation and storage assets, which is substantially hedged, has been tailored to provide opportunities to increase gross margin in volatile wholesale natural gas markets. Natural gas sold or managed by NJRES decreased to 74.6 Bcf for the quarter, compared with 101.8 Bcf last year due primarily to the impact of warmer weather.

NJRHS and Other
This business segment consists of NJRHS, which provides service, sales and installation of appliances to over 135,000 customers, Commercial Realty & Resources Corp., which develops commercial real estate, and NJR Energy, which consists primarily of a 3.2 percent equity investment in Iroquois Gas Transmission System, L.P. Earnings for the quarter were $40,000 compared with a loss of $71,000 last year, due primarily to better results at Iroquois.

Forward-Looking Statements
This news release contains estimates and other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Other factors that could cause actual results to differ materially from our expectations include, but are not limited to, weather conditions, economic conditions in NJNG’s service territory, impact of regulation (including the regulation of rates), fluctuations in energy-related commodity prices, conversion activity, other marketing efforts, environmental matters, litigation and other uncertainties. More detailed information about these factors is set forth in NJR’s filings with the Securities and Exchange Commission, including NJR’s annual report on Form 10-K filed on December 15, 2003. NJR’s Form 10-K is available at www.sec.gov.

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.

NJR will host a live webcast to discuss the quarter’s financial results today at 2:30 p.m. EST. To listen to the call, logon to NJR’s Web site, njliving.com, and select “Investor Relations,” then click just below the microphone on the right side of the Investor Relations home page.

NEW JERSEY RESOURCES ANNOUNCES IMPROVED FISCAL 2004
FIRST-QUARTER EARNINGS
Page 4 of 8

New Jersey Resources (NYSE:NJR), a Fortune 1000 company and a member of the Forbes Platinum 400, provides retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada. Its principal subsidiary, New Jersey Natural Gas, is one of the fastest-growing local distribution companies in the United States, serving nearly 447,000 customers in central and northern New Jersey. Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services is an emerging leader in the unregulated energy services market, providing outstanding customer service and management of natural gas storage and capacity assets. NJR Home Services offers retail customers expert heating, air conditioning and appliance services. NJR’s progress is a tribute to the more than 5,000 dedicated current and former employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make NJR a leader in the competitive energy marketplace. More information on NJR can be found on our Web site at njliving.com.


		Three Months Ended				Twelve Months Ended
(Unaudited)		December 31,				December 31,
(Thousands, except per share data)		2003		2002		2003		2002

Operating Revenues		$	643,454	$	668,779	$	2,519,054	$	2,104,452
Net Income		$	24,378	$	23,323	$	66,467	$	60,486
Earnings Per Common Share
	Basic	$	.89	$	.86	$	2.45	$	2.25
	Diluted	$	.87	$	.85	$	2.41	$	2.22
Average Shares Outstanding
	Basic		27,336		26,983		27,183		26,921
	Diluted		27,886		27,325		27,633		27,233


			Three Months Ended				Twelve Months Ended
			December 31,				December 31,

			2003		2002		2003		2002

OPERATING REVENUES			$	643,454	$	668,779	$	2,519,054	$	2,104,452

OPERATING EXPENSES
	Gas purchases			550,946		580,145		2,209,195		1,828,132
	Operation and maintenance			25,022		24,313		102,147		89,955
	Regulatory rider expenses			2,630		1,320		5,902		4,240
	Depreciation and amortization			8,230		8,081		32,114		31,494
	Energy and other taxes			13,971		13,024		47,586		38,738

Total operating expenses				600,799		626,883		2,396,944		1,992,559

OPERATING INCOME				42,655		41,896		122,110		111,893
Other income				972		698		789		4,003
Interest charges, net				3,653		4,329		13,316		16,500

INCOME BEFORE INCOME TAXES				39,974		38,265		109,583		99,396
Income tax provision				15,596		14,942		43,116		38,910

NET INCOME			$	24,378	$	23,323	$	66,467	$	60,486

EARNINGS PER COMMON SHARE
		BASIC	$	0.89	$	0.86	$	2.45	$	2.25
		DILUTED	$	0.87	$	0.85	$	2.41	$	2.22

DIVIDENDS PER COMMON SHARE			$	0.325	$	0.31	$	1.255	$	1.21

AVERAGE SHARES OUTSTANDING
		BASIC		27,336		26,983		27,183		26,921
		DILUTED		27,886		27,325		27,633		27,233


					Three Months Ended						Twelve Months Ended
(Unaudited)					December 31,						December 31,
(Thousands, except per share data)					2003			2002			2003			2002

Operating Revenues
	New Jersey Natural Gas				$	252,234		$	226,084		$	786,028		$	780,677
	NJR Energy Services					385,498			438,812			1,712,951			1,305,341
	NJR Home Services & Other					5,745			4,999			22,673			19,617

				*Sub-total*		643,477			669,895			2,521,652			2,105,635

	Intercompany Eliminations					(23	)		(1,116	)		(2,598	)		(1,183	)

				*Total*	$	643,454		$	668,779		$	2,519,054		$	2,104,452


Operating Income
	New Jersey Natural Gas				$	33,090		$	34,798		$	95,700		$	93,683
	NJR Energy Services					9,193			6,920			21,727			14,825
	NJR Home Services & Other					372			178			4,683			3,385

				*Total*	$	42,655		$	41,896		$	122,110		$	111,893


Net Income
	New Jersey Natural Gas				$	19,065		$	19,523		$	52,519		$	50,790
	NJR Energy Services					5,273			3,871			12,812			8,118
	NJR Home Services & Other					40			(71	)		1,136			1,578

				*Total*	$	24,378		$	23,323		$	66,467		$	60,486


Throughput (Bcf)
	NJNG, Core Customers					20.0			21.8			73.1			66.3
	NJNG, Off System/Capacity Management					13.5			14.0			35.3			84.3
	NJRES Fuel Mgmt. and Wholesale Sales					74.6			101.8			284.1			373.5

				*Total*		108.1			137.6			392.5			524.1


Common Stock Data
		Yield at December 31				3.4	%		3.9	%		3.4	%		3.9	%
		Market Price
			High		$	39.54		$	33.60		$	39.54		$	33.60
			Low		$	35.76		$	29.52		$	30.01		$	24.35
			Close at December 31		$	38.51		$	31.59		$	38.51		$	31.59
		Shares Out. at December 31				27,392			27,041			27,392			27,041
		Market Cap. at December 31			$	1,054,866		$	854,225		$	1,054,866		$	854,225


				Three Months Ended				Twelve Months Ended
(Unaudited)				December 31,				December 31,
(Thousands, except customer & weather data)				2003		2002		2003		2002

Operating Revenues
	Residential			$	141,734	$	123,467	$	451,901	$	366,788
	Commercial, Industrial & Other				33,891		31,351		102,127		90,982
	Firm Transportation				8,365		9,386		33,661		27,142

			*Sub-Total*		183,990		164,204		587,689		484,912
	Interruptible				1,726		1,561		8,571		13,284

			*Total System Revenues*		185,716		165,765		596,260		498,196

	Off System				66,518		60,319		189,768		282,481

			*TOTAL REVENUES*	$	252,234	$	226,084	$	786,028	$	780,677


Gross Margin and Operating Income
	Residential			$	43,972	$	44,479	$	146,502	$	141,504
	Commercial, Industrial & Other				8,314		8,428		27,820		26,837
	Firm Transportation				7,092		7,812		29,346		23,860

			*Sub-Total*		59,378		60,719		203,668		192,201
	Interruptible				278		144		805		606

			*Total System Margin*		59,656		60,863		204,473		192,807

	Off System/Capacity Management/FRM				1,546		1,218		5,750		4,291

			*TOTAL GROSS MARGIN*		61,202		62,081		210,223		197,098

	Operation and maintenance expense				19,337		18,730		80,570		70,173
	Depreciation and amortization				8,063		7,882		31,373		30,690
	Other taxes not reflected in gross margin				712		671		2,580		2,552

			*OPERATING INCOME*	$	33,090	$	34,798	$	95,700	$	93,683


Throughput (Bcf)
	Residential				13.1		13.8		46.2		38.9
	Commercial, Industrial & Other				3.0		3.3		9.9		9.1
	Firm Transportation				2.6		3.0		10.0		7.9

			*Sub-Total*		18.7		20.1		66.1		55.9
	Interruptible				1.3		1.7		7.0		10.4

		*Total System Throughput*			20.0		21.8		73.1		66.3

	Off System/Capacity Management				13.5		14.0		35.3		84.3

			*TOTAL THROUGHPUT*		33.5		35.8		108.4		150.6


Customers
	Residential				402,624		387,009		402,624		387,009
	Commercial, Industrial & Other				27,319		25,750		27,319		25,750
	Firm Transportation				16,843		24,496		16,843		24,496

			*Sub-Total*		446,786		437,255		446,786		437,255
	Interruptible				50		52		50		52

		*Total System Customers*			446,836		437,307		446,836		437,307

	Off System/Capacity Management				41		42		41		42

			*TOTAL CUSTOMERS*		446,877		437,349		446,877		437,349


		Three Months Ended						Twelve Months Ended
(Unaudited)		December 31,						December 31,
(Thousands, except customer & weather data)		2003			2002			2003			2002

Degree Days
	Actual		1,624			1,807			5,171			4,444
	Normal		1,663			1,648			4,753			4,776

	Percent of Normal		97.7	%		109.6	%		108.8	%		93.0	%


NJR ENERGY SERVICES

Revenues		$	385,498		$	438,812		$	1,712,951		$	1,305,341

Operating Income		$	9,193		$	6,920		$	21,727		$	14,825

Net Income		$	5,273		$	3,871		$	12,812		$	8,118

Gas Sold and Managed (Bcf)			74.6			101.8			284.1			373.5


NJR HOME SERVICES & OTHER

Revenues		$	5,745		$	4,999		$	22,673		$	19,617

Operating Income		$	372		$	178		$	4,683		$	3,385

Net Income		$	40			($71	)	$	1,136		$	1,578

Total Customers at December 31			135,229			129,745			135,229			129,745

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New Jersey	1-8359	22-2376465
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1415 Wyckoff Road Wall, New Jersey
(Address of principal executive offices)		07719 (Zip Code)


(a)		None.
(b)		None.
(c)		Exhibits:


	NEW JERSEY RESOURCES CORPORATION

Date: January 28, 2004		By:	/s/Glenn C. Lockwood
			Glenn C. Lockwood Senior Vice President, Chief Financial Officer and Treasurer


Exhibit		Description

99.01:		Press Release Entitled: NEW JERSEY RESOURCES ANNOUNCES IMPROVED FISCAL 2004 FIRST-QUARTER EARNINGS


DATE:		January 28, 2004		CONTACTS:		Roseanne Koberle (media) 732-938-1112 or Kevin Connelly (media) 732-938-1031 or Dennis Puma (investors) 732-938-1229


NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) (Thousands, except per share data)