Table of Contents
SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Thousands Except for Per Share Data)
|
| | | | | | | |
| | Three Months Ended September 30, |
| | 2015 | | 2014 |
| Operating Revenues: | | | |
| Utility | $ | 57,507 | | | $ | 60,756 | |
| Nonutility | 83,555 | | | 61,671 | |
| Total Operating Revenues | 141,062 | | | 122,427 | |
| Operating Expenses: | | | |
| Cost of Sales - (Excluding depreciation) | | | |
| - Utility | 21,808 | | | 23,205 | |
| - Nonutility | 77,316 | | | 52,868 | |
| Operations | 33,150 | | | 29,939 | |
| Maintenance | 4,188 | | | 3,275 | |
| Depreciation | 18,422 | | | 16,057 | |
| Energy and Other Taxes | 1,231 | | | 1,196 | |
| Total Operating Expenses | 156,115 | | | 126,540 | |
| Operating Loss | -15,053 | ) | | -4,113 | ) |
| | | | |
| Other Income and Expense | 2,241 | | | 3,419 | |
| Interest Charges | -8,107 | ) | | -6,768 | ) |
| Loss Before Income Taxes | -20,919 | ) | | -7,462 | ) |
| Income Taxes | 10,968 | | | 8,325 | |
| Equity in Loss of Affiliated Companies | -2,581 | ) | | -5,139 | ) |
| Loss from Continuing Operations | -12,532 | ) | | -4,276 | ) |
| Loss from Discontinued Operations - (Net of tax benefit) | -91 | ) | | -120 | ) |
| Net Loss | $ | -12,623 | ) | | $ | -4,396 | ) |
| | | | |
| Basic Earnings Per Common Share: | | | |
| Continuing Operations | $ | -0.18 | ) | | $ | -0.07 | ) |
| Discontinued Operations | 0 | | | 0 | |
| Basic Earnings Per Common Share | $ | -0.18 | ) | | $ | -0.07 | ) |
| | | | |
| Average Shares of Common Stock Outstanding - Basic | 68,607 | | | 66,332 | |
| | | | |
| Diluted Earnings Per Common Share: | | | |
| Continuing Operations | $ | -0.18 | ) | | $ | -0.07 | ) |
| Discontinued Operations | 0 | | | 0 | |
| Diluted Earnings Per Common Share | $ | -0.18 | ) | | $ | -0.07 | ) |
| | | | |
| Average Shares of Common Stock Outstanding - Diluted | 68,607 | | | 66,332 | |
| | | | |
| Dividends Declared Per Common Share | $ | 0.25 | | | $ | 0.24 | |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. All share and per share amounts were adjusted for all periods presented for the 2-for-1 stock split, effected in the form of a stock dividend, effective on May 8, 2015. See Note 1.
SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Thousands Except for Per Share Data)
|
| | | | | | | |
| | Nine Months Ended September 30, |
| | 2015 | | 2014 |
| Operating Revenues: | | | |
| Utility | $ | 399,332 | | | $ | 339,988 | |
| Nonutility | 302,393 | | | 265,911 | |
| Total Operating Revenues | 701,725 | | | 605,899 | |
| Operating Expenses: | | | |
| Cost of Sales - (Excluding depreciation) | | | |
| - Utility | 191,683 | | | 150,905 | |
| - Nonutility | 240,093 | | | 232,253 | |
| Operations | 108,813 | | | 99,941 | |
| Maintenance | 12,114 | | | 9,715 | |
| Depreciation | 52,671 | | | 46,543 | |
| Energy and Other Taxes | 4,693 | | | 4,390 | |
| Total Operating Expenses | 610,067 | | | 543,747 | |
| Operating Income | 91,658 | | | 62,152 | |
| | | | |
| Other Income and Expense | 7,522 | | | 9,972 | |
| Interest Charges | -24,182 | ) | | -20,698 | ) |
| Income Before Income Taxes | 74,998 | | | 51,426 | |
| Income Taxes | -2,366 | ) | | 5,966 | |
| Equity in Loss of Affiliated Companies | -17,970 | ) | | -3,756 | ) |
| Income from Continuing Operations | 54,662 | | | 53,636 | |
| Loss from Discontinued Operations - (Net of tax benefit) | -441 | ) | | -513 | ) |
| Net Income | $ | 54,221 | | | $ | 53,123 | |
| | | | |
| Basic Earnings Per Common Share: | | | |
| Continuing Operations | $ | 0.80 | | | $ | 0.81 | |
| Discontinued Operations | -0.01 | ) | | 0 | |
| Basic Earnings Per Common Share | $ | 0.79 | | | $ | 0.81 | |
| | | | |
| Average Shares of Common Stock Outstanding - Basic | 68,491 | | | 65,932 | |
| | | | |
| Diluted Earnings Per Common Share: | | | |
| Continuing Operations | $ | 0.80 | | | $ | 0.81 | |
| Discontinued Operations | -0.01 | ) | | 0 | |
| Diluted Earnings Per Common Share | $ | 0.79 | | | $ | 0.81 | |
| | | | |
| Average Shares of Common Stock Outstanding - Diluted | 68,689 | | | 66,082 | |
| | | | |
| Dividends Declared per Common Share | $ | 0.75 | | | $ | 0.71 | |
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. All share and per share amounts were adjusted for all periods presented for the 2-for-1 stock split, effected in the form of a stock dividend, effective on May 8, 2015. See Note 1.
