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
		December 31,
		2016				2015
Operating Revenues:
Utility		$	140,894			$	129,431
Nonutility		189,087				128,413
Total Operating Revenues		329,981				257,844
Operating Expenses:
Cost of Sales - (Excluding depreciation)
- Utility		57,087				48,080
- Nonutility		129,597				79,486
Operations		42,114				39,859
Maintenance		4,756				4,069
Depreciation		24,283				19,780
Energy and Other Taxes		1,725				1,334
Total Operating Expenses		259,562				192,608
Operating Income		70,419				65,236
Other Income and Expense		1,202				1,988
Interest Charges		(6,705		)		(7,440		)
Income Before Income Taxes		64,916				59,784
Income Taxes		(19,266)				1,006
Equity in Earnings (Loss) of Affiliated Companies		358				(9,842		)
Income from Continuing Operations		46,008				50,948
Loss from Discontinued Operations - (Net of tax benefit)		(75)				(62		)

Net Income	$	45,933	$	50,886
Basic Earnings per Common Share:
Continuing Operations	$	0.58	$	0.73
Discontinued Operations	—		—
Basic Earnings per Common Share	$	0.58	$	0.73
Average Shares of Common Stock Outstanding - Basic	79,478		69,460
Diluted Earnings per Common Share:
Continuing Operations	$	0.58	$	0.73
Discontinued Operations	—		—
Diluted Earnings per Common Share	$	0.58	$	0.73
Average Shares of Common Stock Outstanding - Diluted	79,643		69,646
	Twelve Months Ended
	December 31,
	2016		2015
Operating Revenues:
Utility	$	453,819	$	528,763
Nonutility	582,681		430,805
Total Operating Revenues	1,036,500		959,568
Operating Expenses:
Cost of Sales - (Excluding depreciation)
- Utility	167,154		239,763
- Nonutility	413,833		319,579
Operations	151,957		148,672
Maintenance	17,549		16,183
Depreciation	90,389		72,451
Energy and Other Taxes	6,342		6,026
Total Operating Expenses	847,224		802,674
Operating Income	189,276		156,894

Other Income and Expense	9,989			9,510
Interest Charges	(31,449		)	(31,622		)
Income Before Income Taxes	167,816			134,782
Income Taxes	(54,151		)	(1,360		)
Equity in Earnings (Loss) of Affiliated Companies	5,396			(27,812		)
Income from Continuing Operations	119,061			105,610
Loss from Discontinued Operations - (Net of tax benefit)	(251		)	(503		)
Net Income	$	118,810		$	105,107
Basic Earnings per Common Share:
Continuing Operations	$	1.56		$	1.54
Discontinued Operations	—			(0.01		)
Basic Earnings per Common Share	$	1.56		$	1.53
Average Shares of Common Stock Outstanding - Basic	76,362			68,735
Diluted Earnings per Common Share:
Continuing Operations	$	1.56		$	1.53
Discontinued Operations	—			(0.01		)
Diluted Earnings per Common Share	$	1.56		$	1.52
Average Shares of Common Stock Outstanding - Diluted	76,475			68,931