SOURCE: STEPHEN H. CLARK
MARISSA TRAVALINE
COMPANY NAME: SOUTH JERSEY INDUSTRIES, INC.
MARKET: N
STOCK SYMBOL: SJI
SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Thousands Except for Per Share Data)
|
| | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2017 | | 2016 |
| Operating Revenues: | | | |
| Utility | $ | 65,473 | | | $ | 60,983 | |
| Nonutility | 161,654 | | | 158,099 | |
| Total Operating Revenues | 227,127 | | | 219,082 | |
| Operating Expenses: | | | |
| Cost of Sales - (Excluding depreciation) | | | |
| - Utility | 28,217 | | | 25,353 | |
| - Nonutility | 140,598 | | | 117,635 | |
| Operations | 82,521 | | | 34,796 | |
| Maintenance | 4,615 | | | 4,150 | |
| Depreciation | 24,914 | | | 23,109 | |
| Energy and Other Taxes | 1,517 | | | 1,449 | |
| Total Operating Expenses | 282,382 | | | 206,492 | |
| Operating (Loss) Income | (55,255 | ) | | 12,590 | |
| | | | |
| Other Income and Expense | 2,253 | | | 2,223 | |
| Interest Charges | (10,567 | ) | | (7,355 | ) |
| (Loss) Income Before Income Taxes | (63,569 | ) | | 7,458 | |
| Income Taxes | 24,765 | | | (2,807 | ) |
| Equity in Earnings of Affiliated Companies | 1,256 | | | 5,013 | |
| (Loss) Income from Continuing Operations | (37,548 | ) | | 9,664 | |
| Loss from Discontinued Operations - (Net of tax benefit) | (45 | ) | | (29 | ) |
| Net (Loss) Income | $ | (37,593 | ) | | $ | 9,635 | |
| | | | |
| Basic Earnings Per Common Share: | | | |
| Continuing Operations | $ | (0.47 | ) | | $ | 0.12 | |
| Discontinued Operations | — | | | — | |
| Basic Earnings Per Common Share | $ | (0.47 | ) | | $ | 0.12 | |
| | | | |
| Average Shares of Common Stock Outstanding - Basic | 79,549 | | | 79,478 | |
| | | | |
| Diluted Earnings Per Common Share: | | | |
| Continuing Operations | $ | (0.47 | ) | | $ | 0.12 | |
| Discontinued Operations | — | | | — | |
| Diluted Earnings Per Common Share | $ | (0.47 | ) | | $ | 0.12 | |
| | | | |
| Average Shares of Common Stock Outstanding - Diluted | 79,549 | | | 79,635 | |
| | | | |
| Dividends Declared Per Common Share | $ | 0.27 | | | $ | 0.26 | |
|
| | | | | | | | | | | |
| | | | |
| | Nine Months Ended September 30, |
| | 2017 | | 2016 |
| Operating Revenues: | | | |
| Utility | $ | 343,180 | | | $ | 312,925 | |
| Nonutility | 554,150 | | | 393,594 | |
| Total Operating Revenues | 897,330 | | | 706,519 | |
| Operating Expenses: | | | |
| Cost of Sales - (Excluding depreciation) | | | |
| - Utility | 131,927 | | | 110,067 | |
| - Nonutility | 503,715 | | | 284,236 | |
| Operations | 160,621 | | | 109,843 | |
| Maintenance | 14,268 | | | 12,793 | |
| Depreciation | 73,793 | | | 66,106 | |
| Energy and Other Taxes | 5,139 | | | 4,617 | |
| Total Operating Expenses | 889,463 | | | 587,662 | |
| Operating Income | 7,867 | | | 118,857 | |
| | | | |
| Other Income and Expense | 10,235 | | | 8,787 | |
| Interest Charges | (38,291 | ) | | (24,744 | ) |
| (Loss) Income Before Income Taxes | (20,189 | ) | | 102,900 | |
| Income Taxes | 8,439 | | | (34,885 | ) |
| Equity in Earnings of Affiliated Companies | 4,337 | | | 5,038 | |
| (Loss) Income from Continuing Operations | (7,413 | ) | | 73,053 | |
| Loss from Discontinued Operations - (Net of tax benefit) | (122 | ) | | (176 | ) |
| Net (Loss) Income | $ | (7,535 | ) | | $ | 72,877 | |
| | | | |
| Basic Earnings Per Common Share: | | | |
| Continuing Operations | $ | (0.09 | ) | | $ | 0.97 | |
| Discontinued Operations | — | | | — | |
| Basic Earnings Per Common Share | $ | (0.09 | ) | | $ | 0.97 | |
| | | | |
| Average Shares of Common Stock Outstanding - Basic | 79,539 | | | 75,316 | |
| | | | |
| Diluted Earnings Per Common Share: | | | |
| Continuing Operations | $ | (0.09 | ) | | $ | 0.97 | |
| Discontinued Operations | — | | | — | |
| Diluted Earnings Per Common Share | $ | (0.09 | ) | | $ | 0.97 | |
| | | | |
| Average Shares of Common Stock Outstanding - Diluted | 79,539 | | | 75,411 | |
| | | | |
| Dividends Declared Per Common Share | $ | 0.81 | | | $ | 0.78 | |
