-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C4m0HPcliVfw1Jz6DiWf72LvsHq38xb/v7YAbmDZiiXMAWmzWUSncVGiKjoiTGEq 2rvcO16YdeKRAI+g8JkQVQ== 0000091928-03-000013.txt : 20030730 0000091928-03-000013.hdr.sgml : 20030730 20030729180506 ACCESSION NUMBER: 0000091928-03-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTH JERSEY INDUSTRIES INC CENTRAL INDEX KEY: 0000091928 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 221901645 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06364 FILM NUMBER: 03809650 BUSINESS ADDRESS: STREET 1: 1 SOUTH JERSEY PLAZA STREET 2: ROUTE 54 CITY: FOLSOM STATE: NJ ZIP: 08037 BUSINESS PHONE: 609-561-9000 MAIL ADDRESS: STREET 1: 1 SOUTH JERSEY PLAZA STREET 2: ROUTE 54 CITY: FOLSOM STATE: NJ ZIP: 08037 FORMER COMPANY: FORMER CONFORMED NAME: SOUTH JERSEY GAS CO DATE OF NAME CHANGE: 19700507 FORMER COMPANY: FORMER CONFORMED NAME: ATLANTIC CITY GAS CO DATE OF NAME CHANGE: 19680301 8-K 1 sji2q8k.txt SOUTH JERSEY INDUSTRIES FORM 8-K SECOND QUARTER 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 July 29, 2003 Commission File Number 1-6364 SOUTH JERSEY INDUSTRIES, INC. (Exact name of registrant as specified in its charter) New Jersey 22-1901645 (State of incorporation) (IRS employer identification no.) 1 South Jersey Plaza, Folsom, New Jersey 08037 (Address of principal executive offices, including zip code) (609) 561-9000 (Registrant's telephone number, including area code) - ------------------------------------------------------------------------ Item 9. Regulation FD Disclosure Recent Earnings The following information is furnished pursuant to Item 9, "Regulation FD Disclosure" and Item 12, "Disclosure of Results of Operations and Financial Condition." On July 29, 2003, South Jersey Industries (SJI) issued a press release and held a public conference call setting forth SJI's second quarter and six months 2003 earnings. A copy of the press release is attached hereto as Exhibit 99 and hereby incorporated by reference. Exhibit Index (99) Press release, dated: July 29, 2003, issued by South Jersey Industries. - ------------------------------------------------------------------------ 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 thereunto duly authorized. SOUTH JERSEY INDUSTRIES By: /s/ David A. Kindlick --------------------------------------------------- David A. Kindlick Vice President, Treasurer & Chief Financial Officer Date: July 29, 2003 EX-99 3 sji2qearnings.txt SJI PRESS RELEASE EXHIBIT 99 July 29, 2003 FOR IMMEDIATE RELEASE Telephone: (609) 561-9000 Investor Relations Contact: Steve Clark x4260 Media Contact: Joanne Brigandi: x4240 SJI's Second Quarter Earnings Rise 171% Folsom, NJ-South Jersey Industries (NYSE:SJI) today reported earnings from continuing operations of $2.0 million, or $0.16 per share for the second quarter of 2003 compared with $700,000 or $0.06 per share, for the same period last year. Wall Street had forecast that the Folsom based energy holding company would earn $.05 per share according to Thomson First Call. Commenting on SJI's second quarter and first half results, Charles Biscieglia, Chairman and CEO of SJI, said, "We are pleased to continue to deliver this consistent performance to our valued shareholders. The results of the first half of 2003 serve to make me even more confident in our ability to deliver earnings per share growth in 2003 of at least the 7% to 10 % that we outlined during the second quarter." SJI's earnings from continuing operations for the first six months of 2003 were a record $24.8 million or $2.01 per share compared with $20.4 million, or $1.71 per share for 2002. Second Quarter 2003 Business and Financial Highlights Include: Utility Operations o Customer Growth Well Above Industry Average Strong customer growth, fueled by new construction and conversions from other energy sources, continues at SJG, our core business. SJG had 298,877 customers at June 30, 2003 an increase of 7,186 over the same period last year. The 2.5% customer growth is well above the industry average. We project that customer growth will be closer to 3% for the full year based upon the continued strength of development in our service territory. Weather for the quarter in the utility service territory was 29% colder than normal and 42% colder than last year, resulting in higher sales volumes for both residential and commercial customers, contributing significantly to profitability. The combination of weather, strong customer growth, favorable interest rates and continued attention to operational efficiencies produced a $900,000 improvement in the core utility's profitability for the quarter. o Appliance Service Business Thriving Strong marketing and sales efforts continue to generate customers for our Appliance Service Business. These factors produced a 37% increase in net income for the second quarter of 2003 compared with the same period in 2002. The transformation of the Appliance Service Business from being part of the utility to being a competitive business will be completed pending NJ Board of Public Utilities approval. This shift will enable us to more fully realize the earnings potential of this business by reacting much more quickly to market conditions and opportunities. Non-Utility Operations o South Jersey Energy's Strong Customer Growth Rate Continues SJE ended 2002 as New Jersey's fastest growing energy marketer and continues in that role in 2003. SJE had 88,437 residential, commercial and industrial customers at the end of the second quarter of 2003 compared to 53,495 at the end of the same period in 2002, a 65% increase. SJE added almost 6000 customers during the second quarter of 2003. o South Jersey Resources Group To Provide Service To FPL Energy Facility South Jersey Resources Group entered into a 5-year agreement to supply fuel management services to FPL Energy's Marcus Hook cogeneration facility. The 750-megawatt facility, currently under construction in Philadelphia, PA, will serve the Sunoco refinery and produce electricity to sell into the market. SJRG will provide enough gas to the site annually to supply approximately 292,000 homes. This contract will begin contributing to SJI's profitability during the spring of 2004. o Marina Energy Energizes The Borgata and SJI Profits Marina Energy began a new chapter in energy services leadership when the Borgata casino opened its doors on July 3, 2003. Marina's 26,000 square foot thermal plant will provide for all of the casino's energy needs for at least the next 20 years and help to fuel the economic growth of Atlantic City. SJI anticipates the project to be a significant profit contributor from the start. SJI's 2003 performance will include only 6 months of the thermal plant's results. The first full year of operation will be 2004. "Our success is evidence that our strategy works. We will continue to follow the strategy we established five years ago of taking advantage of our strong regional presence to sell energy-related services that complement our basic utility service", says Biscieglia. "That enables us to operate from a low risk platform and capitalize on skills and expertise we already possess." Webcast and Conference Call Details South Jersey Industries President and COO, Edward J. Graham, will host an open conference call and webcast to discuss the company's second quarter 2003 earnings on Tuesday, July 29, 2003 at 11:00 a.m. EDT. To participate in the conference call, dial 1-800-360-9865 approximately 10 minutes ahead of the scheduled time. To listen to the live webcast, simply visit the South Jersey Industries website at http://www.sjindustries.com and click the webcast icon. SJI encourages shareholders, media and members of the financial community to attend the conference call and/or listen to the webcast. South Jersey Industries (NYSE: SJI) is an energy services holding company for South Jersey Gas, South Jersey Energy, South Jersey Resources Group and Marina Energy. Visit http://www.sjindustries.com for more information about SJI and its subsidiaries. ### This release contains forward-looking statements about SJI's financial performance. The statements are made in good faith and deemed reasonable at the date of this release. SJI assumes no responsibility to update this information. Actual results may vary and SJI encourages you to conduct your own research before making any investment decisions including a review of SJI's first quarter 2003 SEC Form 10Q, 2002 SEC Form 10K and 2002 Annual Report for a discussion of risks and/or uncertainties that may cause actual results to vary. SOURCE: DAVID A. KINDLICK 609-561-9000 STEPHEN H. CLARK COMPANY NAME: SOUTH JERSEY INDUSTRIES, INC. MARKET: N STOCK SYMBOL: SJI SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES COMPARATIVE EARNINGS STATEMENTS (In Thousands Except for Per Share Data) UNAUDITED Three Months Ended June 30, 2003 2002 Operating Revenues: Utility $ 68,164 $ 62,777 Nonutility 38,051 21,423 Total Operating Revenues 106,215 84,200 Operating Expenses: Cost of Gas Sold - Utility 41,965 38,875 Cost of Sales - Nonutility 34,682 19,345 Operation and Maintenance 19,839 18,533 Energy and Other Taxes 2,207 2,120 Operating Income 7,522 5,327 Other Income and Expense: Equity in Affiliated Companies 192 203 Other 20 682 Total Other Income and Expense 212 885 Interest Charges * 3,721 4,392 Preferred Dividend Requirements of Subsidiary 764 764 Income Taxes 1,293 335 Income from Continuing Operations 1,956 721 Discontinued Operations - Net (154) (118) Cumulative Effect of a Change in Accounting Principle - Net 0 0 Net Income Applicable to Common Stock $ 1,802 $ 603 Basic Earnings Per Common Share (Based on Average Basic Common Shares Outstanding): Continuing Operations $ 0.16 $ 0.06 Discontinued Operations - Net (0.01) (0.01) Cumulative Effect of a Change in Accounting Principle - Net 0.00 0.00 Basic Earnings Per Common Share $ 0.15 $ 0.05 Average Common Shares Outstanding - Basic 12,387 11,990 Diluted Earnings Per Common Share (Based on Average Diluted Common Shares Outstanding): Continuing Operations $ 0.16 $ 0.06 Discontinued Operations - Net (0.01) (0.01) Cumulative Effect of a Change in Accounting Principle - Net 0.00 0.00 Diluted Earnings Per Common Share $ 0.15 $ 0.05 Average Common Shares Outstanding - Diluted 12,489 12,073 Six Months Ended June 30, 2003 2002 Operating Revenues: Utility $ 284,304 $ 204,957 Nonutility 101,737 56,274 Total Operating Revenues 386,041 261,231 Operating Expenses: Cost of Gas Sold - Utility 197,032 126,318 Cost of Sales - Nonutility 90,899 48,693 Operation and Maintenance 39,373 35,842 Energy and Other Taxes 7,321 5,962 Operating Income 51,416 44,416 Other Income and Expense: Equity in Affiliated Companies 379 366 Other (96) 609 Total Other Income and Expense 283 975 Interest Charges * 7,705 9,039 Preferred Dividend Requirements of Subsidiary 1,529 1,529 Income Taxes 17,672 14,384 Income from Continuing Operations 24,793 20,439 Discontinued Operations - Net (302) (150) Cumulative Effect of a Change in Accounting Principle - Net (426) 0 Net Income Applicable to Common Stock 24,065 20,289 Basic Earnings Per Common Share (Based on Average Basic Common Shares Outstanding): Continuing Operations $ 2.01 $ 1.71 Discontinued Operations - Net (0.03) (0.01) Cumulative Effect of a Change in Accounting Principle - Net (0.03) 0.00 Basic Earnings Per Common Share $ 1.95 $ 1.70 Average Common Shares Outstanding - Basic 12,316 11,952 Diluted Earnings Per Common Share (Based on Average Diluted Common Shares Outstanding): Continuing Operations $ 2.00 $ 1.70 Discontinued Operations - Net (0.03) (0.01) Cumulative Effect of a Change in Accounting Principle - Net (0.03) 0.00 Diluted Earnings Per Common Share $ 1.94 $ 1.69 Average Common Shares Outstanding - Diluted 12,408 12,011 Twelve Months Ended June 30, 2003 2002 Operating Revenues: Utility $ 465,466 $ 368,220 Nonutility 164,470 97,863 Total Operating Revenues 629,936 466,083 Operating Expenses: Cost of Gas Sold - Utility 314,055 230,383 Cost of Sales - Nonutility 147,447 86,827 Operation and Maintenance 80,193 73,515 Energy and Other Taxes 12,165 10,183 Operating Income 76,076 65,175 Other Income and Expense: Equity in Affiliated Companies 954 247 Other (171) 607 Total Other Income and Expense 783 854 Interest Charges * 16,342 19,172 Preferred Dividend Requirements of Subsidiary 3,058 3,058 Income Taxes 23,693 18,070 Income from Continuing Operations 33,766 25,729 Discontinued Operations - Net (576) (321) Cumulative Effect of a Change in Accounting Principle - Net (426) 0 Net Income Applicable to Common Stock $ 32,764 $ 25,408 Basic Earnings Per Common Share (Based on Average Basic Common Shares Outstanding): Continuing Operations $ 2.76 $ 2.17 Discontinued Operations - Net (0.05) (0.03) Cumulative Effect of a Change in Accounting Principle - Net (0.03) 0.00 Basic Earnings Per Common Share $ 2.68 $ 2.14 Average Common Shares Outstanding - Basic 12,220 11,878 Diluted Earnings Per Common Share (Based on Average Diluted Common Shares Outstanding): Continuing Operations $ 2.74 $ 2.16 Discontinued Operations - Net (0.05) (0.03) Cumulative Effect of a Change in Accounting Principle - Net (0.03) 0.00 Diluted Earnings Per Common Share $ 2.66 $ 2.13 Average Common Shares Outstanding - Diluted 12,315 11,931 * Net of rate recovery of carrying costs on certain unrecovered fuel and environmental remediation expenses. -----END PRIVACY-ENHANCED MESSAGE-----