South Jersey Industries (SJIIU) 8-K Results of Operations and Financial Condition

SOURCE: STEPHEN H. CLARK			609-561-9000
MARISSA TRAVALINE
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
		September 30,
		2016		2,015
Operating Revenues:
Utility		$ 60,983		$	57,507
Nonutility		158,099		83,555
Total Operating Revenues		219,082		141,062
Operating Expenses:
Cost of Sales - (Excluding depreciation)
- Utility		25,353		21,808
- Nonutility		117,635		77,316
Operations		34,796		33,150
Maintenance		4,150		4,188
Depreciation		23,109		18,422
Energy and Other Taxes		1,449		1,231
Total Operating Expenses		206,492		156,115
Operating Income (Loss)		12,590		(15,053		)
Other Income and Expense		2,223		2,241
Interest Charges		(7,355)		(8,107		)
Income (Loss) Before Income Taxes		7,458		(20,919		)
Income Taxes		(2,807)		10,968
Equity in Earnings (Losses) of Affiliated Companies		5,013		(2,581		)
Income (Loss) from Continuing Operations		9,664		(12,532		)
Loss from Discontinued Operations - (Net of tax benefit)		(29)		(91		)

Net Income (Loss)	$ 9,635	$	(12,623	)
Basic Earnings per Common Share:
Continuing Operations	$ 0.12	$	(0.18	)
Discontinued Operations	—	—
Basic Earnings per Common Share	$ 0.12	$	(0.18	)
Average Shares of Common Stock Outstanding - Basic	79,478	68,607
Diluted Earnings per Common Share:
Continuing Operations	$ 0.12	$	(0.18	)
Discontinued Operations	—	—
Diluted Earnings per Common Share	$ 0.12	$	(0.18	)
Average Shares of Common Stock Outstanding - Diluted	79,635	68,607
	Nine Months Ended
	September 30,
	2016	2,015
Operating Revenues:
Utility	$ 312,925	$	399,332
Nonutility	393,594	302,393
Total Operating Revenues	706,519	701,725
Operating Expenses:
Cost of Sales - (Excluding depreciation)
- Utility	110,067	191,683
- Nonutility	284,236	240,093
Operations	109,843	108,813
Maintenance	12,793	12,114
Depreciation	66,106	52,671
Energy and Other Taxes	4,617	4,693
Total Operating Expenses	587,662	610,067
Operating Income	118,857	91,658

Other Income and Expense	8,787	7,522
Interest Charges	(24,744)	(24,182		)
Income Before Income Taxes	102,900	74,998
Income Taxes	(34,885)	(2,366		)
Equity in Earnings (Losses) of Affiliated Companies	5,038	(17,970		)
Income from Continuing Operations	73,053	54,662
Loss from Discontinued Operations - (Net of tax benefit)	(176)	(441		)
Net Income	$ 72,877	$	54,221
Basic Earnings per Common Share:
Continuing Operations	$ 0.97	$	0.80
Discontinued Operations	—	(0.01		)
Basic Earnings per Common Share	$ 0.97	$	0.79
Average Shares of Common Stock Outstanding - Basic	75,316	68,491
Diluted Earnings per Common Share:
Continuing Operations	$ 0.97	$	0.80
Discontinued Operations	—	(0.01		)
Diluted Earnings per Common Share	$ 0.97	$	0.79
Average Shares of Common Stock Outstanding - Diluted	75,411	68,689