8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 27, 2004

NEW JERSEY RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

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		07719
(Address of principal executive offices)		(Zip Code)

(732) 938-1480
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

TABLE OF CONTENTS

EX-99.01 PRESS RELEASE

Section 2 - Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition

On October 27, 2004, the Registrant issued a press release regarding its fourth quarter and fiscal 2004 results. The Registrant is filing this press release as Exhibit 99.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

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

Exhibit 99.01: Press Release dated October 27, 2004

SIGNATURE

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.

	NEW JERSEY RESOURCES CORPORATION
Date: October 27, 2004		By:	/s/Glenn C. Lockwood
			Glenn C. Lockwood
			Senior Vice President,
			Chief Financial Officer
			and Treasurer

EXHIBIT INDEX

Exhibit	Description
99.01:	Press Release Entitled: NEW JERSEY RESOURCES REPORTS FISCAL 2004 RESULTS; INCREASES DIVIDEND 4.6 PERCENT

EX-99.01

Exhibit 99.01

DATE: October 27, 2004	CONTACTS:	Kevin Connelly (media)
		732-938-1031
		or
		Dennis Puma (investors)
		732-938-1229

NEW JERSEY RESOURCES REPORTS FISCAL 2004 RESULTS;
INCREASES DIVIDEND 4.6 PERCENT

• NJR reports full-year 2004 earnings of $2.60 basic per share, $2.55 diluted per share

• NJR reports fourth-quarter 2004 seasonal loss of $.19 basic and diluted per share

• NJR raises quarterly dividend 4.6 percent to $.34 per share

• NJR issues initial guidance of $2.65 to $2.75 per basic share for fiscal 2005

WALL, N.J. – New Jersey Resources (NYSE: NJR) today reported strong fiscal 2004 financial results. Earnings per share for the fiscal year ended September 30, 2004, increased 7.9 percent to a record $2.60 per basic share, compared with $2.41 per basic share for the prior year. Today’s announcement marked NJR’s 13th consecutive fiscal year of higher earnings per share. The company attributed its strong financial performance primarily to continued growth at both its principal subsidiary, New Jersey Natural Gas (NJNG), and its unregulated wholesale energy services subsidiary, NJR Energy Services (NJRES).

NJR also reported a loss of $.19 per basic share for the fiscal fourth quarter, compared with a loss of $.13 per basic share for the same period last year. The anticipated decrease in earnings per share for the quarter was attributable primarily to an increase in fixed demand charges resulting from capacity contracts at NJRES. NJNG also incurred a seasonal loss during July, August and September when consumption is at its lowest levels of the year.

“Our 13th consecutive year of earnings per share growth – the longest streak in the electric and natural gas utility industries – demonstrates our employees’ ability to deliver reliability for all our stakeholders,” said Laurence M. Downes, chairman and CEO of NJR. “Through the dedicated efforts of our team, our shareowners were rewarded with a 1-year total return on their investment of 18.5 percent, and we are well-positioned to continue delivering on our commitments to our stakeholders in fiscal 2005 and beyond.”

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NEW JERSEY RESOURCES REPORTS FISCAL 2004 RESULTS; INCREASES DIVIDEND 4.6
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NJR also announced that its board of directors approved a 4.6 percent increase in the quarterly dividend rate to $.34 per share from $.325 per share. The new quarterly rate is effective with the dividend payable January 3, 2005, to shareowners of record on December 15, 2004. The new indicated annual dividend rate is $1.36 per share. NJR has now increased its dividend in each of the last 10 years and has paid quarterly dividends since 1952.

“The action taken by our board of directors reflects our consistent financial performance and strong financial profile. With a dividend payout ratio of 50 percent, we’re maintaining a healthy balance between dividends paid to shareowners and earnings being reinvested into the business,” Mr. Downes said.

Financial and operating highlights included:

•

Net Income and Basic Earnings per Share – For the 12 months ended September 30, 2004, NJR earned $71.6 million, or $2.60 per basic share, compared with $65.4 million, or $2.41 per basic share, last year. NJNG earned $55.5 million in fiscal 2004, compared with $53 million last year. The increase was due primarily to continued profitable customer growth. NJRES reported a 19 percent increase in earnings to $13.6 million, compared with $11.4 million last year, due primarily to higher gross margin generated by its portfolio of storage and transportation capacity assets as well as higher management fees. NJRES’ gross margin is defined as natural gas revenues and management fees less natural gas costs.

For the three months ended September 30, 2004, NJR posted a consolidated loss of $5.4 million, or $.19 per share, compared with a loss of $3.6 million, or $.13 per share, for the same period last year. NJNG lost $2.6 million in the quarter versus a loss of $5.2 million last year. NJNG generally expects a loss in its fourth fiscal quarter due primarily to seasonally low demand for natural gas. The improved results for the quarter were due primarily to lower operation and maintenance (O&M) expenses. NJRES reported a loss of $4.3 million in the quarter, compared with earnings of $354,000 last year, due primarily to higher fixed costs from its physical portfolio of supply and transportation capacity.

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NEW JERSEY RESOURCES REPORTS FISCAL 2004 RESULTS; INCREASES DIVIDEND 4.6
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•	Customer Growth – NJNG added 10,635 new customers in fiscal 2004, 35 percent who converted from other fuels. NJNG also added natural gas heat and other services to 1,267 existing customers during the year. These additions are expected to generate approximately 1.8 billion cubic feet (Bcf) of throughput and $5.5 million of gross margin annually. NJNG expects to maintain an approximate 2.4 percent annual customer growth rate in fiscal 2005, above the national average for natural gas distribution companies.
	NJNG’s gross margin is defined as natural gas revenues less natural gas costs, 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 prices approved by the New Jersey Board of Public Utilities (BPU) through 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. NJNG’s gross margin also includes benefits received by shareowners related to its incentive programs.
•	Weather – Weather in fiscal 2004 was 1.1 percent warmer than normal and 10.2 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 weather-normalization clause (WNC), which is designed to smooth out year-to-year fluctuations on both NJNG’s gross margin and customers’ bills that may result from changing weather patterns. The weather in fiscal 2004 was within the “normal” range for WNC purposes, therefore, no gross margin was accrued or deferred to customers under the WNC for the 12 months ended September 30, 2004.
	In October 2003, the BPU approved NJNG’s request to update factors used in its WNC. Consumption factors had not been updated since the conclusion of NJNG’s last base rate case over a decade ago. The updated consumption factors have made the resulting calculations from the WNC more effective in mitigating the impact of weather.

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NEW JERSEY RESOURCES REPORTS FISCAL 2004 RESULTS; INCREASES DIVIDEND 4.6
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•	Incentive Programs – During the fiscal year, NJNG’s incentive programs, which include off-system sales, capacity management, storage optimization and financial risk management programs, totaled 47.1 Bcf and $5.8 million of gross margin, compared with 35.8 Bcf and $5.4 million of gross margin for the same period last year. A new storage incentive program has provided another opportunity to benefit both customers and shareowners. NJNG shares the gross margin earned from these incentive programs with customers and shareowners according to a margin-sharing formula in effect through October 2006.
	This fiscal year, customers saved nearly $29 million in natural gas costs through these programs. Since the establishment of these incentive programs in 1992, NJNG customers have saved nearly $235 million on their natural gas bills. For the three months ended September 30, 2004, these programs totaled 10.2 Bcf and generated $1 million of gross margin, compared with 5.6 Bcf and $1.3 million of gross margin during the same period last year.
•	Wholesale Energy Services – NJRES’ earnings of $13.6 million in fiscal 2004 were 19 percent higher than last year due primarily to higher gross margin generated from an increased storage and transportation portfolio and higher management fees associated with NJRES’ management of other companies’ storage, transportation and fuel contracts. NJRES has developed a portfolio of storage and transportation capacity in the Gulf Coast, Mid-Continent, Appalachia and Eastern Canada, which become more valuable when there are changing prices between these areas. This capacity is also more valuable when prices change between time periods. Gross margin generated from this portfolio is generally greater during the winter months, while the fixed costs of the capacity are spread throughout the year. Therefore, consistent with this seasonality, for the three months ended September 30, 2004, NJRES had a net loss of $4.3 million, compared with earnings of $354,000 last year. The loss in the quarter reflects NJRES’ growing portfolio of capacity contracts and the increased amount of related demand costs.
•	NJR Home Services and Other – This business segment consists of NJR Home Services, (NJRHS) which provides service, sales and installation of appliances to over 144,000 customers; Commercial Realty & Resources, 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 fiscal year ended September 30, 2004, were $2.5 million compared with $1 million last year. Earnings for the three months were $1.5 million, compared with $1.2 million last year. The increases in both periods were due primarily to higher improved results at NJRHS.

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• Operation and Maintenance Expenses – Consolidated O&M expenses were $101.1 million for the fiscal year ended September 30, 2004, compared with $101.4 million last year. In fiscal 2004, O&M included $1.2 million in additional expense associated with an early retirement program for eligible employees, which was offset primarily by lower fringe benefit and advertising costs.

• Share Repurchase Plan – NJR purchased 31,300 shares under its 2 million share repurchase plan in fiscal 2004. Under the plan, NJR may purchase its shares on the open market or in negotiated transactions based on market and other conditions. Since the plan began in September 1996, NJR has invested $58.2 million to repurchase 1.6 million shares.

Fiscal 2005 Earnings Guidance

Assuming normal weather, stable economic conditions and continued customer growth at NJNG and continued volatility in the wholesale natural gas markets at NJRES, and subject to the factors discussed below under “Forward-Looking Statements,” NJR initially estimates that earnings for fiscal 2005 will be in the $2.65–$2.75 per basic share range.

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, including gross margin, earnings and customer growth, to differ materially from the company’s expectations include, but are not limited to, weather conditions, economic conditions in NJNG’s service territory, the impact of regulation (including the regulation of rates), fluctuations in energy-related commodity prices, conversion activity, other marketing efforts, actual energy usage patterns of NJNG’s customers, the pace of deregulation of retail gas markets, access to adequate supplies of natural gas, the regulatory and pricing policies of federal and state regulatory agencies, changes due to legislation at the federal and state level, the disallowance of recovery of environmental remediation expenditures and other regulatory changes, 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 quarterly report on Form 10-Q filed on August 6, 2004. NJR’s Form 10-Q 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.

Webcast Information

NJR will host a live webcast to discuss its financial results today at 3 p.m. EDT. 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.

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About New Jersey Resources

New Jersey Resources (NYSE: NJR), a Fortune 1000 company and a member of the Forbes Platinum 400, provides reliable 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 more than 450,000 customers in central and northern New Jersey. Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services is a 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 employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community. Their efforts have made NJR a leader in the competitive energy marketplace. For more information, visit NJR’s Web site at njliving.com.

NEW JERSEY RESOURCES CORPORATION
CONSOLIDATED FINANCIAL RESULTS

	Three Months Ended						Twelve Months Ended
Thousands, except per share data	September 30,						September 30,
(Unaudited)	2004			2003			2004		2003
Operating Revenues	$	414,397		$	352,758		$	2,533,607	$	2,542,865
Net Income (Loss)	$	(5,385	)	$	(3,628	)	$	71,574	$	65,412
Earnings (Loss) Per Common Share
Basic	$	(.19	)	$	(.13	)	$	2.60	$	2.41
Diluted	$	(.19	)	$	(.13	)	$	2.55	$	2.38
Average Shares Outstanding
Basic		27,710			27,214			27,530		27,095
Diluted		28,292			27,746			28,053		27,532

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NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
(Thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	September 30,						September 30,
	2004			2003			2004		2003
OPERATING REVENUES	$	414,397		$	352,758		$	2,533,607	$	2,542,865
OPERATING EXPENSES
Gas purchases		382,907			314,951			2,213,374		2,238,394
Operation and maintenance		24,515			27,036			101,118		101,438
Regulatory rider expenses		1,214			628			9,540		4,592
Depreciation and amortization		7,800			7,886			32,449		31,965
Energy and other taxes		5,080			4,456			49,908		46,639
Total operating expenses		421,516			354,957			2,406,389		2,423,028
OPERATING INCOME		(7,119	)		(2,199	)		127,218		119,837
Other income		2,711			(168	)		5,696		2,029
Interest charges, net		4,403			3,249			15,395		13,992
INCOME BEFORE INCOME TAXES		(8,811	)		(5,616	)		117,519		107,874
Income tax provision		(3,426	)		(1,988	)		45,945		42,462
NET INCOME	($	5,385	)	($	3,628	)	$	71,574	$	65,412
EARNINGS PER COMMON SHARE
BASIC	($	0.19	)	($	0.13	)	$	2.60	$	2.41
DILUTED	($	0.19	)	($	0.13	)	$	2.55	$	2.38
DIVIDENDS PER COMMON SHARE	$	0.325		$	0.31		$	1.30	$	1.24
AVERAGE SHARES OUTSTANDING
BASIC		27,710			27,214			27,530		27,095
DILUTED		28,292			27,746			28,053		27,532

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NEW JERSEY RESOURCES

	Three Months Ended						Twelve Months Ended
(Unaudited)	September 30,						September 30,
(Thousands, except per share data)	2004			2003			2004			2003
Operating Revenues
New Jersey Natural Gas	$	117,655		$	78,944		$	928,902		$	759,878
NJR Energy Services		289,932			267,570			1,582,103			1,766,265
NJR Home Services and Other		6,834			6,266			22,698			20,413
Sub-total		414,421			352,780			2,533,703			2,546,556
Intercompany Eliminations		(24	)		(22	)		(96	)		(3,691	)
Total	$	414,397		$	352,758		$	2,533,607		$	2,542,865
Operating Income
New Jersey Natural Gas	($	2,760	)	($	5,274	)	$	98,823		$	97,408
NJR Energy Services		(6,880	)		595			24,868			19,454
NJR Home Services and Other		2,521			2,480			3,527			2,975
Total	($	7,119	)	($	2,199	)	$	127,218		$	119,837
Net Income
New Jersey Natural Gas	($	2,632	)	($	5,214	)	$	55,524		$	52,977
NJR Energy Services		(4,272	)		354			13,572			11,410
NJR Home Services and Other		1,519			1,232			2,478			1,025
Total	($	5,385	)	($	3,628	)	$	71,574		$	65,412
Throughput (Bcf)
NJNG, Core Customers		8.1			7.2			72.3			74.9
NJNG, Off System/Capacity Management		10.2			5.6			47.1			35.8
NJRES Fuel Mgmt. and Wholesale Sales		49.7			51.8			263.3			311.3
Total		68.0			64.6			382.7			422.0
Common Stock Data
Yield at September 30		3.1	%		3.4	%		3.1	%		3.4	%
Market Price
High	$	42.40		$	37.36		$	42.40		$	37.36
Low	$	39.54		$	33.70		$	35.76		$	29.52
Close at September 30	$	41.40		$	36.04		$	41.40		$	36.04
Shares Out. at September 30		27,741			27,233			27,741			27,233
Market Cap. at September 30	$	1,148,477		$	981,477		$	1,148,477		$	981,477

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NEW JERSEY NATURAL GAS

	Three Months Ended						Twelve Months Ended
(Unaudited)	September 30,						September 30,
(Thousands, except customer & weather data)	2004			2003			2004		2003
Operating Revenues
Residential	$	41,055		$	35,992		$	496,866	$	433,634
Commercial, Industrial & Other		10,707			8,710			118,326		99,587
Firm Transportation		4,633			4,908			28,987		34,682
Total Firm Revenues		56,395			49,610			644,179		567,903
Interruptible		3,803			4,345			9,575		8,406
Total System Revenues		60,198			53,955			653,754		576,309
Off System		57,457			24,989			275,148		183,569
TOTAL REVENUES	$	117,655		$	78,944		$	928,902	$	759,878
Gross Margin and Operating Income
Residential	$	15,853		$	15,362		$	150,439	$	147,002
Commercial, Industrial & Other		2,977			2,912			28,432		27,920
Firm Transportation		4,230			4,523			24,928		30,081
Total Firm Gross Margin		23,060			22,797			203,799		205,003
Interruptible		264			284			1,145		677
Total System Gross Margin		23,324			23,081			204,944		205,680
Off System/Capacity Management/FRM		1,041			1,253			5,832		5,422
TOTAL GROSS MARGIN		24,365			24,334			210,776		211,102
Operation and maintenance expense		18,816			21,283			77,442		79,963
Depreciation and amortization		7,628			7,712			31,776		31,192
Other taxes not reflected in gross margin		681			613			2,735		2,539
OPERATING INCOME	($	2,760	)	($	5,274	)	$	98,823	$	97,408
Throughput (Bcf)
Residential		3.1			2.9			44.1		46.2
Commercial, Industrial & Other		0.9			0.8			10.9		10.9
Firm Transportation		0.8			0.7			8.4		10.4
Total Firm Throughput		4.8			4.4			63.4		67.5
Interruptible		3.3			2.8			8.9		7.4
Total System Throughput		8.1			7.2			72.3		74.9
Off System/Capacity Management		10.2			5.6			47.1		35.8
TOTAL THROUGHPUT		18.3			12.8			119.4		110.7
Customers
Residential		410,005			397,584			410,005		397,584
Commercial, Industrial & Other		27,718			26,313			27,718		26,313
Firm Transportation		16,387			19,867			16,387		19,867
Total Firm Customers		454,110			443,764			454,110		443,764
Interruptible		63			51			63		51
Total System Customers		454,173			443,815			454,173		443,815
Off System/Capacity Management		35			25			35		25
TOTAL CUSTOMERS		454,208			443,840			454,208		443,840

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NEW JERSEY NATURAL GAS

	Three Months Ended						Twelve Months Ended
(Unaudited)	September 30,						September 30,
(Thousands, except customer & weather data)	2004			2003			2004			2003
Degree Days
Actual		24			22			4,810			5,354
Normal		49			55			4,862			4,847
Percent of Normal		49.0	%		40.0	%		98.9	%		110.5	%

NJR ENERGY SERVICES

Operating Revenues	$	289,932		$	267,570	$	1,582,103	$	1,766,265
Gas Purchases		294,709			264,434		1,549,938		1,740,196
Gross Margin	($	4,777	)	$	3,136	$	32,165	$	26,069
Operating Income	($	6,880	)	$	595	$	24,868	$	19,454
Net Income	($	4,272	)	$	354	$	13,572	$	11,410
Gas Sold and Managed (Bcf)		49.7			51.8		263.3		311.3

NJR HOME SERVICES AND OTHER

Operating Revenues	$	6,834	$	6,266	$	22,698	$	20,413
Operating Income	$	2,521	$	2,480	$	3,527	$	2,975
Net Income	$	1,519	$	1,232	$	2,478	$	1,025
Total Customers at September 30		144,279		141,724		144,279		141,724

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