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New Jersey Resources Reports Fourth-Quarter and Fiscal 2019 Results

Nachrichtenquelle: Business Wire (engl.)
19.11.2019, 13:00  |  884   |   |   

Today, New Jersey Resources (NYSE: NJR) reported results for fiscal 2019. Highlights for the fiscal year included:

  • Consolidated net income of $169.5 million, compared with $233.4 million in fiscal 2018
  • Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $175.0 million, or $1.96 per share, compared with $240.5 million, or $2.74 per share in fiscal 2018
  • Announced fiscal 2020 NFE guidance of $2.05 to $2.15 per share
  • Increased annual dividend rate by 6.8 percent to $1.25 per share
  • Received all permits for the Southern Reliability Link (SRL) and began construction during fiscal 2019
  • Clean Energy Ventures (CEV) placed seven commercial solar installations into service, adding 51.8 megawatts (MW) to total installed capacity

Fiscal 2019 net income totaled $169.5 million, or $1.90 per share, compared with $233.4 million, or $2.66 per share, in fiscal 2018. Fiscal 2019 NFE totaled $175.0 million, or $1.96 per share, in-line with the previously announced guidance range, compared with $240.5 million, or $2.74 per share, in fiscal 2018. The results during fiscal 2018 included an income tax benefit of $59.6 million, or $0.68 per share, due to the revaluation of deferred taxes resulting from tax reform and the reduction in the federal corporate tax rate. In addition, fiscal 2018 results included better than expected performance at Energy Services, driven by sustained cold weather and pricing volatility, which did not reoccur in fiscal 2019.

Fourth-quarter fiscal 2019 net income totaled $18.1 million, or $0.20 per share, compared with a net loss of $16.3 million, or $0.18 per share, during the same period in fiscal 2018. Fourth-quarter NFE was $26.0 million, or $0.29 per share, compared with a net financial loss of $28.9 million, or $0.33 per share, during the same period last year. The increase in our fourth quarter fiscal 2019 results were primarily due to contributions at CEV, which recorded increased Solar Renewable Energy Credits (SRECs) sales and recognized increased income tax credits (ITCs) on projects placed into service, compared to the fourth quarter of fiscal 2018.

"New Jersey Resources delivered solid results for fiscal 2019 and our continued investments in energy infrastructure positions us to deliver consistent results for our shareowners," said Steve Westhoven, President and CEO of New Jersey Resources. "We are committed to meeting our customers needs' and rewarding the confidence of our shareowners, as illustrated by our 6.8 percent dividend increase."

Key Performance Metrics

 

Three Months Ended

 

Twelve Months Ended

 

September 30,

 

September 30,

($ in Thousands)

2019

 

2018

 

2019

 

2018

Net (loss) income

$

18,086

 

 

$

(16,255

)

 

$

169,505

 

 

$

233,436

 

Basic EPS

$

0.20

 

 

$

(0.18

)

 

$

1.90

 

 

$

2.66

 

NFE

$

25,956

 

 

$

(28,906

)

 

$

174,960

 

 

$

240,486

 

Basic NFE per share

$

0.29

$

(0.33

)

$

1.96

$

2.74

 

A reconciliation of net income to NFE for the three and twelve months ended September 30, 2019, and 2018, is provided below.

 

Three Months Ended

 

Twelve Months Ended

 

September 30,

 

September 30,

(Thousands)

2019

 

 

2018

 

2019

 

2018

Net income (loss)*

$

18,086

 

 

$

(16,255

)

 

$

169,505

 

 

$

233,436

 

Add:

 

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

28,234

 

 

866

 

 

2,881

 

 

26,770

 

Tax effect

 

(6,745

)

 

(592

)

 

(711

)

 

(4,512

)

Effects of economic hedging related to natural gas inventory

 

(7,764

)

 

(7,782

)

 

4,309

 

 

(22,570

)

Tax effect

 

1,845

 

 

1,844

 

 

(1,024

)

 

7,362

 

Net income to NFE tax adjustment

 

(7,700

)

 

(6,987

)

 

 

 

 

Net financial earnings (loss)

$

25,956

 

 

$

(28,906

)

 

$

174,960

 

 

$

240,486

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

 

Basic

 

89,983

 

 

88,279

 

 

89,242

 

 

87,689

 

Diluted

 

90,366

 

 

88,279

 

 

89,616

 

 

88,315

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

$

0.20

 

 

$

(0.18

)

 

$

1.90

 

 

$

2.66

 

Add:

 

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

0.31

 

 

0.01

 

 

0.03

 

 

0.31

 

Tax effect

 

(0.06

)

 

(0.01

)

 

(0.01

)

 

(0.05

)

Effects of economic hedging related to natural gas inventory

 

(0.09

)

 

(0.09

)

 

0.05

 

 

(0.26

)

Tax effect

 

0.02

 

 

0.02

 

 

(0.01

)

 

0.08

 

Net income to NFE tax adjustment

 

(0.09

)

 

(0.08

)

 

 

 

 

Basic net financial earnings (loss) per share

$

0.29

 

 

$

(0.33

)

 

$

1.96

 

 

$

2.74

 

*Results during fiscal 2018 include an income-tax benefit of $59.6 million, or $0.68 per share, due to the revaluation of deferred income taxes resulting from tax reform and the reduction in the federal corporate tax rate that did not reoccur in fiscal 2019.

NFE/net financial loss 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, 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.”

A table detailing NFE for the three and twelve months ended September 30, 2019, and 2018, is provided below.

Net Financial Earnings (Loss) by Business Unit

 

Three Months Ended

 

Twelve Months Ended

 

September 30,

 

September 30,

(Thousands)

2019

 

2018

 

2019

 

2018

New Jersey Natural Gas

$

(18,402

)

 

$

(12,943

)

 

$

78,062

 

 

$

84,048

 

Midstream

3,488

 

 

2,052

 

 

14,689

 

 

24,367

 

Subtotal Regulated

(14,914

)

 

(10,891

)

 

92,751

 

 

108,415

 

Clean Energy Ventures

52,676

 

 

(4,623

)

 

77,473

 

 

75,849

 

Energy Services

(10,726

)

 

(17,649

)

 

2,918

 

 

60,378

 

Home Services and Other

(1,021

)

 

4,382

 

 

1,911

 

 

(3,829

)

Subtotal Unregulated

40,929

 

 

(17,890

)

 

82,302

 

 

132,398

 

Subtotal

26,015

 

 

(28,781

)

 

175,053

 

 

240,813

 

Eliminations

(59

)

 

(125

)

 

(93

)

 

(327

)

Total

$

25,956

 

 

$

(28,906

)

 

$

174,960

 

 

$

240,486

 

NJR Announces Fiscal 2020 NFE Guidance:

NJR announced fiscal 2020 NFE guidance of $2.05 to $2.15 per share, subject to the risks and uncertainties identified below under “Forward-Looking Statements.” The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2020:

Company

Expected Fiscal 2020
Net Financial Earnings Contribution

New Jersey Natural Gas

55 to 60 percent

Midstream

10 to 15 percent

Total Regulated

65 to 75 percent

Clean Energy Ventures

20 to 25 percent

Energy Services

5 to 15 percent

Home Services and Other

1 to 2 percent

Total Unregulated

26 to 42 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.

Regulated Business Update:

New Jersey Natural Gas (NJNG)

NJNG reported fiscal 2019 NFE of $78.1 million, compared with $84.0 million in fiscal 2018. The decrease in fiscal 2019 was due primarily to higher operating and maintenance (O&M) expenses mainly related to technology investments and lower Basic Gas Supply Service (BGSS) incentives, which were partially offset by new customer growth and an increase in margin related to SAFE II and NJ RISE infrastructure projects. Net financial losses for the fourth quarter of fiscal 2019 and 2018 were $18.4 million and $12.9 million, respectively. The increase in net financial losses were primarily due to increased O&M expenses.

Customer Growth:

  • NJNG added 9,711 new customers during fiscal 2019, compared with 9,596 during fiscal 2018, primarily driven by the residential new construction market. In addition, 218 existing NJNG customers expanded their natural gas service during 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.

Rate Case Filing:

  • On November 13, 2019, NJNG received approval from the New Jersey Board of Public Utilities (BPU) on its rate case settlement agreement and the new rates were effective on November 15, 2019. Under the approved rate case agreement, NJNG's total annual revenue is expected to increase by $62.2 million. The rate case agreement includes a return on equity (ROE) of 9.60% with a 54.0% common equity ratio and reflects a rate base of $1.76 billion with an overall rate of return of 6.95%.

Infrastructure Update:

  • The Southern Reliability Link (SRL) is designed to diversify supply to our customers by providing a new intrastate feed into the southern end of NJNG’s distribution system. SRL has received all permits required to complete the project and began construction in the first quarter of fiscal 2019.
  • Safety Acceleration and Facilities Enhancement (SAFE) II is the five-year program approved by the BPU in September 2016 to replace the then remaining 276 miles of unprotected steel main and associated services in NJNG’s distribution system. During fiscal 2019, NJNG invested $52.7 million to replace 72 miles of unprotected steel main and services.
  • The New Jersey Reinvestment in System Enhancement (NJ RISE) program is the five-year, $102.5 million investment that began in 2014. During the fourth quarter of fiscal 2019, NJNG completed the South Seaside Reinforcement project and continued construction to install a new distribution main into Long Beach Island. Final approvals were also received for the construction of a new regulator station in Brick Township, the final phase of the North Seaside Reinforcement project, with construction beginning in the first quarter of fiscal 2020.
  • NJNG's Infrastructure Investment Program (IIP) was filed with the 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, these investments will be recovered through annual filings to adjust rates.

BGSS Incentive Programs:

BGSS incentive programs contributed $8.4 million to utility gross margin in fiscal 2019, compared with $12.5 million during the same period in fiscal 2018. The lower results were due primarily to lower volumes in the capacity release program and lower margin from fewer opportunities for off-system sales and storage incentives.

Energy-Efficiency Programs:

The SAVEGREEN Project, NJNG’s energy-efficiency program, invested $20.7 million during fiscal 2019 to help customers with energy-efficiency upgrades for their homes and businesses.

Midstream

Midstream reported fiscal 2019 NFE of $14.7 million, compared with $24.4 million during fiscal 2018. The results during fiscal 2018 included an income tax benefit of $13.9 million due to the revaluation of deferred taxes resulting from the effects of tax reform. Fourth quarter NFE were $3.5 million, compared with $2.1 million during the same period in fiscal 2018. The increase in NFE during the fourth quarter was primarily due to a decrease in O&M expenses and a lower income tax provision.

Infrastructure Updates:

  • Leaf River Energy Center - On October 11, NJR Midstream acquired Leaf River Energy Center, LLC (Leaf River) for $367.5 million. Leaf River is a natural gas storage facility, located in the Gulf Coast region, with 32.2 MMDth of working natural gas storage capacity with connections to six interstate pipelines.
  • The PennEast Project - Due to recent adverse court rulings, the PennEast partnership is pursuing its appellate rights and continues to evaluate development options to proceed with construction of the pipeline.
  • Adelphia Gateway is awaiting the Certificate of Public Convenience and Necessity from the Federal Regulatory Energy Commission.

Unregulated Businesses Update:

Energy Services

Energy Services reported fiscal 2019 NFE of $2.9 million, compared with $60.4 million during fiscal 2018. The decrease in fiscal 2019 was due to the lack of colder weather and related pricing volatility when compared with fiscal 2018. The results from fiscal 2018 included an income tax provision of $6.1 million due to the revaluation of deferred taxes resulting from tax reform. Fourth-quarter fiscal 2019 net financial losses were $10.7 million, compared with net financial losses of $17.6 million during the same period last year. The quarterly decrease in net financial loss was due primarily to reduced demand fees and O&M expenses during the quarter compared with the same period last year.

Clean Energy Ventures

CEV reported fiscal 2019 NFE of $77.5 million, compared with $75.8 million in fiscal 2018. The increase in fiscal 2019 NFE was due to an increase in SREC sales and ITCs recognized on projects placed in service. The results from fiscal 2018 included an income tax benefit of $61.4 million due to the revaluation of deferred taxes resulting from tax reform. Fourth-quarter fiscal 2019 NFE were $52.7 million, compared with net financial losses of $4.6 million in the same period last year. The quarterly increase in NFE was due primarily to increased SREC sales and ITCs recognized on projects placed into service.

Fiscal 2019 Solar Investment Update:

  • Placed seven commercial solar projects into service in fiscal 2019, adding 51.8 MW to total capacity.
  • The Sunlight Advantage, CEV's residential solar leasing program, added 815 residential customers and now serves over 8,100 residential customers in New Jersey.

Home Services and Other Operations

Home Services and Other Operations reported fiscal 2019 NFE of $1.9 million, compared with a net financial loss of $3.8 million in fiscal 2018. The results during fiscal 2018 included an income tax provision of $9.7 million due to the revaluation of deferred taxes resulting from tax reform. Fourth-quarter fiscal 2019 net financial losses were $1.0 million, compared with a net financial loss of $4.4 million in the same period last year. The decrease was due primarily to a change in the timing of contract revenue recognition.

Capital Expenditures and Cash Flows:

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

  • During fiscal 2019, NJR generated operating cash flows of $189.4 million, compared with $398.3 million during fiscal 2018. The decrease was due primarily to lower financial margin generated at Energy Services and increased working capital requirements. For more information on financial margin, please see "Non-GAAP Financial Information" below.
  • During fiscal 2019, capital expenditures were $531.4 million, of which $372.1 million were related to regulated assets, compared with capital expenditures of $406.5 million, of which $274.2 million were related to regulated assets, during fiscal 2018. The increase in capital expenditures is due primarily to the construction of SRL and other capital expenditures at NJNG as well as increased solar asset investments.

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, NJNG’s base rate cases, permanent financing plans for Leaf River, as well as the ability to close the Adelphia Gateway transaction and successfully implement the Leaf River acquisitions, and construct the SRL and PennEast pipeline projects.

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/net financial losses, 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 2019 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 nearly 300 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 100 percent ownership of Leaf River Energy Center, 50 percent equity ownership in the Steckman Ridge natural gas storage facility, as well as its 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

 

Twelve Months Ended

 

 

September 30,

 

September 30,

(Thousands, except per share data)

 

2019

 

2018

 

2019

 

2018

OPERATING REVENUES

 

 

 

 

 

 

 

 

Utility

 

$

88,626

 

 

$

100,476

 

 

$

710,793

 

 

$

731,865

 

Nonutility

 

390,455

 

 

546,850

 

 

1,881,252

 

 

2,183,244

 

Total operating revenues

 

479,081

 

 

647,326

 

 

2,592,045

 

 

2,915,109

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Gas purchases

 

 

 

 

 

 

 

 

Utility

 

39,629

 

 

48,737

 

 

320,256

 

 

276,005

 

Nonutility

 

345,690

 

 

501,791

 

 

1,716,098

 

 

1,990,832

 

Related parties

 

1,493

 

 

2,113

 

 

7,948

 

 

8,505

 

Operation and maintenance

 

71,331

 

 

83,660

 

 

256,951

 

 

263,113

 

Regulatory rider expenses

 

1,778

 

 

2,054

 

 

33,937

 

 

38,969

 

Depreciation and amortization

 

24,438

 

 

21,067

 

 

91,730

 

 

85,701

 

Energy and other taxes

 

2,512

 

 

6,247

 

 

11,190

 

 

52,102

 

Total operating expenses

 

486,871

 

 

665,669

 

 

2,438,110

 

 

2,715,227

 

OPERATING INCOME (LOSS)

 

(7,790

)

 

(18,343

)

 

153,935

 

 

199,882

 

Other (loss) income, net

 

5,817

 

 

4,312

 

 

11,273

 

 

13,047

 

Interest expense, net of capitalized interest

 

9,439

 

 

11,546

 

 

47,082

 

 

46,286

 

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

 

(11,412

)

 

(25,577

)

 

118,126

 

 

166,643

 

Income tax benefit

 

(25,897

)

 

(5,984

)

 

(37,751

)

 

(53,785

)

Equity in earnings of affiliates

 

3,601

 

 

3,338

 

 

13,628

 

 

13,008

 

NET INCOME (LOSS)

 

$

18,086

 

 

$

(16,255

)

 

$

169,505

 

 

$

233,436

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

0.20

 

 

$

(0.18

)

 

$

1.90

 

 

$

2.66

 

Diluted

 

$

0.20

 

 

$

(0.18

)

 

$

1.89

 

 

$

2.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

Basic

 

89,983

 

 

88,279

 

 

89,242

 

 

87,689

 

Diluted

 

90,366

 

 

88,279

 

 

89,616

 

 

88,315

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

September 30,

 

September 30,

(Thousands)

 

2019

 

2018

 

2019

 

2018

NEW JERSEY RESOURCES

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

18,086

 

 

$

(16,255

)

 

$

169,505

 

 

$

233,436

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss on derivative instruments and related transactions

 

28,234

 

 

866

 

 

2,881

 

 

26,770

 

Tax effect

 

(6,745

)

 

(592

)

 

(711

)

 

(4,512

)

Effects of economic hedging related to natural gas inventory

 

(7,764

)

 

(7,782

)

 

4,309

 

 

(22,570

)

Tax effect

 

1,845

 

 

1,844

 

 

(1,024

)

 

7,362

 

Net income to NFE tax adjustment

 

(7,700

)

 

(6,987

)

 

 

 

 

Net financial earnings (loss)

 

$

25,956

 

 

$

(28,906

)

 

$

174,960

 

 

$

240,486

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

Basic

 

89,983

 

 

88,279

 

 

89,242

 

 

87,689

 

Diluted

 

90,366

 

 

88,279

 

 

89,616

 

 

88,315

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.20

 

 

$

(0.18

)

 

$

1.90

 

 

$

2.66

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss on derivative instruments and related transactions

 

$

0.31

 

 

$

0.01

 

 

$

0.03

 

 

$

0.31

 

Tax effect

 

$

(0.06

)

 

$

(0.01

)

 

$

(0.01

)

 

$

(0.05

)

Effects of economic hedging related to natural gas inventory

 

$

(0.09

)

 

$

(0.09

)

 

$

0.05

 

 

$

(0.26

)

Tax effect

 

$

0.02

 

 

$

0.02

 

 

$

(0.01

)

 

$

0.08

 

Net income to NFE tax adjustment

 

$

(0.09

)

 

$

(0.08

)

 

$

 

 

$

 

Basic NFE per share

 

$

0.29

 

 

$

(0.33

)

 

$

1.96

 

 

$

2.74

 

 

 

 

 

 

 

 

 

 

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

88,626

 

 

$

100,476

 

 

$

710,793

 

 

$

731,865

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

41,953

 

 

51,061

 

 

336,489

 

 

333,208

 

Energy and other taxes

 

 

 

3,656

 

 

 

 

39,426

 

Regulatory rider expense

 

1,778

 

 

2,054

 

 

33,937

 

 

38,969

 

Utility gross margin

 

$

44,895

 

 

$

43,705

 

 

$

340,367

 

 

$

320,262

 

 

 

 

 

 

 

 

 

 

CLEAN ENERGY VENTURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

60,376

 

 

$

2,364

 

 

$

77,473

 

 

$

75,849

 

Add:

 

 

 

 

 

 

 

 

Net income to NFE tax adjustment

 

(7,700

)

 

(6,987

)

 

 

 

 

Net financial earnings (loss)

 

$

52,676

 

 

$

(4,623

)

 

$

77,473

 

 

$

75,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Unaudited)

 

September 30,

 

September 30,

(Thousands)

 

2019

 

2018

 

2019

 

2018

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table is a computation of financial margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

317,678

 

 

$

500,105

 

 

$

1,742,791

 

 

$

2,112,804

 

Less: Gas purchases

 

345,735

 

 

502,917

 

 

1,719,519

 

 

1,995,335

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss on derivative instruments and related transactions

 

28,251

 

 

2,230

 

 

1,195

 

 

26,728

 

Effects of economic hedging related to natural gas inventory

 

(7,764

)

 

(7,782

)

 

4,309

 

 

(22,570

)

Financial margin

 

$

(7,570

)

 

$

(8,364

)

 

$

28,776

 

 

$

121,627

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Operating (loss) income

 

$

(34,074

)

 

$

(20,061

)

 

$

2,211

 

 

$

81,777

 

Add:

 

 

 

 

 

 

 

 

Operation and maintenance expense

 

5,721

 

 

17,044

 

 

19,555

 

 

32,884

 

Depreciation and amortization

 

43

 

 

26

 

 

118

 

 

76

 

Other taxes

 

253

 

 

179

 

 

1,388

 

 

2,732

 

Subtotal

 

(28,057

)

 

(2,812

)

 

23,272

 

 

117,469

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss on derivative instruments and related transactions

 

28,251

 

 

2,230

 

 

1,195

 

 

26,728

 

Effects of economic hedging related to natural gas inventory

 

(7,764

)

 

(7,782

)

 

4,309

 

 

(22,570

)

Financial margin

 

$

(7,570

)

 

$

(8,364

)

 

$

28,776

 

 

$

121,627

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(26,309

)

 

$

(13,024

)

 

$

(1,268

)

 

$

53,139

 

Add:

 

 

 

 

 

 

 

 

Unrealized loss on derivative instruments and related transactions

 

28,251

 

 

2,230

 

 

1,195

 

 

26,728

 

Tax effect

 

(6,749

)

 

(917

)

 

(294

)

 

(4,281

)

Effects of economic hedging related to natural gas

 

(7,764

)

 

(7,782

)

 

4,309

 

 

(22,570

)

Tax effect

 

1,845

 

 

1,844

 

 

(1,024

)

 

7,362

 

Net financial (loss) earnings

 

$

(10,726

)

 

$

(17,649

)

 

$

2,918

 

 

$

60,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Services and Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(1,035

)

 

$

4,427

 

 

$

1,637

 

 

$

(3,555

)

Add:

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments and related transactions

 

20

 

 

(56

)

 

381

 

 

(381

)

Tax effect

 

(6

)

 

11

 

 

(107

)

 

107

 

Net financial (loss) earnings

 

$

(1,021

)

 

$

4,382

 

 

$

1,911

 

 

$

(3,829

)

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

September 30,

 

September 30,

(Thousands, except per share data)

 

2019

 

2018

 

2019

 

2018

NEW JERSEY RESOURCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

88,626

 

 

$

100,476

 

 

$

710,793

 

 

$

731,865

 

Clean Energy Ventures

 

60,392

 

 

29,165

 

 

98,099

 

 

71,375

 

Energy Services

 

317,678

 

 

500,105

 

 

1,742,791

 

 

2,112,804

 

Midstream

 

 

 

 

 

 

 

 

Home Services and Other

 

12,997

 

 

17,080

 

 

50,902

 

 

50,057

 

Sub-total

 

479,693

 

 

646,826

 

 

2,602,585

 

 

2,966,101

 

Eliminations

 

(612

)

 

500

 

 

(10,540

)

 

(50,992

)

Total

 

$

479,081

 

 

$

647,326

 

 

$

2,592,045

 

 

$

2,915,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

(17,255

)

 

$

(15,217

)

 

$

111,189

 

 

$

102,853

 

Clean Energy Ventures

 

44,513

 

 

12,864

 

 

36,488

 

 

12,440

 

Energy Services

 

(34,074

)

 

(20,061

)

 

2,211

 

 

81,777

 

Midstream

 

(1,390

)

 

(2,972

)

 

(4,049

)

 

(4,454

)

Home Services and Other

 

(408

)

 

4,527

 

 

4,785

 

 

2,716

 

Sub-total

 

(8,614

)

 

(20,859

)

 

150,624

 

 

195,332

 

Eliminations

 

824

 

 

2,516

 

 

3,311

 

 

4,550

 

Total

 

$

(7,790

)

 

$

(18,343

)

 

$

153,935

 

 

$

199,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

 

 

 

 

 

 

 

Midstream

 

$

3,866

 

 

$

4,061

 

 

$

15,832

 

 

$

16,165

 

Eliminations

 

(265

)

 

(723

)

 

(2,204

)

 

(3,157

)

Total

 

$

3,601

 

 

$

3,338

 

 

$

13,628

 

 

$

13,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

(18,402

)

 

$

(12,943

)

 

$

78,062

 

 

$

84,048

 

Clean Energy Ventures

 

60,376

 

 

2,364

 

 

77,473

 

 

75,849

 

Energy Services

 

(26,309

)

 

(13,024

)

 

(1,268

)

 

53,139

 

Midstream

 

3,488

 

 

2,052

 

 

14,689

 

 

24,367

 

Home Services and Other

 

(1,035

)

 

4,427

 

 

1,637

 

 

(3,555

)

Sub-total

 

18,118

 

 

(17,124

)

 

170,593

 

 

233,848

 

Eliminations

 

(32

)

 

869

 

 

(1,088

)

 

(412

)

Total

 

$

18,086

 

 

$

(16,255

)

 

$

169,505

 

 

$

233,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

(18,402

)

 

$

(12,943

)

 

$

78,062

 

 

$

84,048

 

Clean Energy Ventures

 

52,676

 

 

(4,623

)

 

77,473

 

 

75,849

 

Energy Services

 

(10,726

)

 

(17,649

)

 

2,918

 

 

60,378

 

Midstream

 

3,488

 

 

2,052

 

 

14,689

 

 

24,367

 

Home Services and Other

 

(1,021

)

 

4,382

 

 

1,911

 

 

(3,829

)

Sub-total

 

26,015

 

 

(28,781

)

 

175,053

 

 

240,813

 

Eliminations

 

(59

)

 

(125

)

 

(93

)

 

(327

)

Total

 

$

25,956

 

 

$

(28,906

)

 

$

174,960

 

 

$

240,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

NJNG, Core Customers

 

19.5

 

 

21.6

 

 

108.4

 

 

116.1

 

NJNG, Off System/Capacity Management

 

34.8

 

 

40.7

 

 

123.8

 

 

150.2

 

Energy Services Fuel Mgmt. and Wholesale Sales

 

148.4

 

 

177.3

 

 

584.9

 

 

662.4

 

Total

 

202.7

 

 

239.6

 

 

817.1

 

 

928.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Data

 

 

 

 

 

 

 

 

Yield at September 30

 

2.8

%

 

2.5

%

 

2.8

%

 

2.5

%

Market Price at September 30

 

$

45.22

 

 

$

46.10

 

 

$

45.22

 

 

$

46.10

 

Shares Out. at September 30

 

89,999

 

 

88,293

 

 

89,999

 

 

88,293

 

Market Cap. at September 30

 

$

4,069,745

 

 

$

4,070,305

 

 

$

4,069,745

 

 

$

4,070,305

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Unaudited)

 

September 30,

 

September 30,

(Thousands, except customer and weather data)

 

2019

 

2018

 

2019

 

2018

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility Gross Margin

 

 

 

 

 

 

 

 

Operating revenues

 

$

88,626

 

 

$

100,476

 

 

$

710,793

 

 

$

731,865

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

41,953

 

 

51,061

 

 

336,489

 

 

333,208

 

Energy and other taxes

 

 

 

3,656

 

 

 

 

39,426

 

Regulatory rider expense

 

1,778

 

 

2,054

 

 

33,937

 

 

38,969

 

Total Utility Gross Margin

 

$

44,895

 

 

$

43,705

 

 

$

340,367

 

 

$

320,262

 

 

 

 

 

 

 

 

 

 

Utility Gross Margin, Operating Income and Net Income

 

 

 

 

 

 

 

 

Residential

 

$

24,899

 

 

$

23,750

 

 

$

224,597

 

 

$

203,195

 

Commercial, Industrial & Other

 

7,336

 

 

6,878

 

 

50,553

 

 

46,636

 

Firm Transportation

 

8,543

 

 

8,586

 

 

51,069

 

 

51,880

 

Total Firm Margin

 

40,778

 

 

39,214

 

 

326,219

 

 

301,711

 

Interruptible

 

1,620

 

 

1,778

 

 

5,750

 

 

6,069

 

Total System Margin

 

42,398

 

 

40,992

 

 

331,969

 

 

307,780

 

Off System/Capacity Management/FRM/Storage Incentive

 

2,497

 

 

2,713

 

 

8,398

 

 

12,482

 

Total Utility Gross Margin

 

44,895

 

 

43,705

 

 

340,367

 

 

320,262

 

Operation and maintenance expense

 

45,455

 

 

44,091

 

 

165,757

 

 

159,443

 

Depreciation and amortization

 

15,423

 

 

13,599

 

 

57,980

 

 

53,208

 

Other taxes not reflected in gross margin

 

1,272

 

 

1,232

 

 

5,441

 

 

4,758

 

Operating (Loss) Income

 

$

(17,255

)

 

$

(15,217

)

 

$

111,189

 

 

$

102,853

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(18,402

)

 

$

(12,943

)

 

$

78,062

 

 

$

84,048

 

 

 

 

 

 

 

 

 

 

Net (Loss) Financial Earnings

 

$

(18,402

)

 

$

(12,943

)

 

$

78,062

 

 

$

84,048

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

Residential

 

3.0

 

 

2.8

 

 

46.0

 

 

45.5

 

Commercial, Industrial & Other

 

0.7

 

 

0.7

 

 

9.7

 

 

8.9

 

Firm Transportation

 

1.6

 

 

1.6

 

 

13.7

 

 

15.5

 

Total Firm Throughput

 

5.3

 

 

5.1

 

 

69.4

 

 

69.9

 

Interruptible

 

14.2

 

 

16.5

 

 

39.0

 

 

46.2

 

Total System Throughput

 

19.5

 

 

21.6

 

 

108.4

 

 

116.1

 

Off System/Capacity Management

 

34.8

 

 

40.7

 

 

123.8

 

 

150.2

 

Total Throughput

 

54.3

 

 

62.3

 

 

232.2

 

 

266.3

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

Residential

 

486,474

 

 

474,495

 

 

486,474

 

 

474,495

 

Commercial, Industrial & Other

 

28,992

 

 

28,037

 

 

28,992

 

 

28,037

 

Firm Transportation

 

32,107

 

 

36,126

 

 

32,107

 

 

36,126

 

Total Firm Customers

 

547,573

 

 

538,658

 

 

547,573

 

 

538,658

 

Interruptible

 

32

 

 

31

 

 

32

 

 

31

 

Total System Customers

 

547,605

 

 

538,689

 

 

547,605

 

 

538,689

 

Off System/Capacity Management*

 

21

 

 

28

 

 

21

 

 

28

 

Total Customers

 

547,626

 

 

538,717

 

 

547,626

 

 

538,717

 

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

 

 

 

 

Degree Days

 

 

 

 

 

 

 

 

Actual

 

11

 

 

14

 

 

4,506

 

 

4,537

 

Normal

 

30

 

 

32

 

 

4,552

 

 

4,561

 

Percent of Normal

 

36.7

%

 

43.7

%

 

99.0

%

 

99.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Unaudited)

 

September 30,

 

September 30,

(Thousands, except customer, SREC and megawatt)

 

2019

 

2018

 

2019

 

2018

CLEAN ENERGY VENTURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

SREC sales

 

$

55,215

 

 

$

21,498

 

 

$

75,101

 

 

$

41,548

 

Wind electricity sales and other

 

 

 

2,795

 

 

5,177

 

 

14,758

 

Solar electricity sales and other

 

2,800

 

 

2,807

 

 

8,818

 

 

7,284

 

Sunlight Advantage

 

2,377

 

 

2,065

 

 

9,003

 

 

7,785

 

Total Operating Revenues

 

$

60,392

 

 

$

29,165

 

 

$

98,099

 

 

$

71,375

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

$

8,744

 

 

$

7,312

 

 

$

32,997

 

 

$

31,877

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

44,513

 

 

$

12,864

 

 

$

36,488

 

 

$

12,440

 

 

 

 

 

 

 

 

 

 

Income Tax (Benefit) Provision

 

$

(9,888

)

 

$

7,343

 

 

$

(48,921

)

 

$

(79,932

)

 

 

 

 

 

 

 

 

 

Net Income

 

$

60,376

 

 

$

2,364

 

 

$

77,473

 

 

$

75,849

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings (Loss)

 

$

52,676

 

 

$

(4,623

)

 

$

77,473

 

 

$

75,849

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Generated

 

114,762

 

 

91,932

 

 

311,803

 

 

245,147

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Sold

 

258,930

 

 

99,750

 

 

363,600

 

 

188,312

 

 

 

 

 

 

 

 

 

 

Solar Megawatts Eligible for ITCs

 

25.4

 

 

13.5

 

 

60.1

 

 

42.2

 

 

 

 

 

 

 

 

 

 

Solar Megawatts Under Construction

 

51.8

 

 

38.1

 

 

51.8

 

 

38.1

 

 

 

 

 

 

 

 

 

 

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

Operating revenues

 

$

317,678

 

 

$

500,105

 

 

$

1,742,791

 

 

$

2,112,804

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

345,735

 

 

502,917

 

 

1,719,519

 

 

1,995,335

 

Operation and maintenance expense

 

5,721

 

 

17,044

 

 

19,555

 

 

32,884

 

Depreciation and amortization

 

43

 

 

26

 

 

118

 

 

76

 

Energy and other taxes, net

 

253

 

 

179

 

 

1,388

 

 

2,732

 

Operating (Loss) Income

 

$

(34,074

)

 

$

(20,061

)

 

$

2,211

 

 

$

81,777

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(26,309

)

 

$

(13,024

)

 

$

(1,268

)

 

$

53,139

 

 

 

 

 

 

 

 

 

 

Financial Margin

 

$

(7,570

)

 

$

(8,364

)

 

$

28,776

 

 

$

121,627

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(10,726

)

 

$

(17,649

)

 

$

2,918

 

 

$

60,378

 

 

 

 

 

 

 

 

 

 

Gas Sold and Managed (Bcf)

 

148.4

 

 

177.3

 

 

584.9

 

 

662.4

 

 

 

 

 

 

 

 

 

 

MIDSTREAM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

$

3,866

 

 

$

4,061

 

 

$

15,832

 

 

$

16,165

 

 

 

 

 

 

 

 

 

 

Other Income, Net

 

$

911

 

 

$

1,640

 

 

$

7,345

 

 

$

5,775

 

 

 

 

 

 

 

 

 

 

Income Tax (Benefit) Provision

 

$

(656

)

 

$

175

 

 

$

2,254

 

 

$

(8,548

)

 

 

 

 

 

 

 

 

 

Net Income

 

$

3,488

 

 

$

2,052

 

 

$

14,689

 

 

$

24,367

 

 

 

 

 

 

 

 

 

 

HOME SERVICES AND OTHER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

12,997

 

 

$

17,080

 

 

$

50,902

 

 

$

50,057

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

(408

)

 

$

4,527

 

 

$

4,785

 

 

$

2,716

 

 

 

 

 

 

 

 

 

 

Other (Expense) Income , Net

 

$

(296

)

 

$

330

 

 

$

(542

)

 

$

5,680

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(1,035

)

 

$

4,427

 

 

$

1,637

 

 

$

(3,555

)

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(1,021

)

 

$

4,382

 

 

$

1,911

 

 

$

(3,829

)

 

 

 

 

 

 

 

 

 

Total Service Contract Customers at September 30

 

108,471

 

 

110,133

 

 

108,471

 

 

110,133

 

 

 

 

 

 

 

 

 

 

 

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