Exhibit 99.01
(NEW JERSEY RESOURCES LOGO) NEWS
RELEASE
1415 Wyckoff Road P.O. Box 1464 Wall, NJ 07719
DATE: JANUARY 19, 2005 CONTACT: KEVIN CONNELLY (MEDIA)
732-938-1031
OR
DENNIS PUMA (INVESTORS)
732-938-1229
NEW JERSEY RESOURCES CEO REVIEWS STRONG FINANCIAL PERFORMANCE AT ANNUAL
SHAREOWNERS MEETING
NJR ACHIEVES 13 CONSECUTIVE YEARS OF HIGHER EARNINGS, A RECORD UNMATCHED
BY ANY U.S. NATURAL GAS OR ELECTRIC UTILITY; REAFFIRMS FISCAL 2005 EARNINGS
GUIDANCE
HOLMDEL, N.J. - Laurence M. Downes, chairman and CEO of New Jersey Resources
(NYSE: NJR), today reviewed NJR's financial and operating performance in fiscal
2004 at the 54th NJR Annual Shareowners Meeting, held at the PNC Bank Arts
Center in Holmdel. The meeting highlighted a year of continued growth and
progress for the company.
"Fiscal 2004 was another strong year for NJR in every respect as we marked our
13th consecutive year of higher earnings. It's a record that is unparalleled in
our industry and reflects our team's ability to deliver on our promise of
reliability for all our stakeholders," Mr. Downes said.
Customer growth at NJR's principal subsidiary, New Jersey Natural Gas (NJNG),
and the continued expansion of NJR Energy Services (NJRES), NJR's unregulated
wholesale energy services subsidiary, were the primary drivers of profitability
in fiscal 2004. NJNG's customer growth rate of approximately 2.4 percent is
above the national average for natural gas distribution companies. Earnings for
NJRES increased by 19 percent from last year, due primarily to higher gross
margin generated from an increased storage and transportation portfolio and
higher management fees associated with NJRES' management of other companies'
storage, transportation and fuel contracts.
Other achievements during fiscal 2004 included:
- Increasing earnings per share by 7.9 percent to a record $2.60 per
basic share.
- Delivering a 1-year total return on investment of 18.4 percent and
an annualized return of 15.2 percent over the past three years.
- Achieving, for the 12th consecutive year, the best customer
satisfaction record with the New Jersey Board of Public Utilities
(BPU) among all the state's major natural gas and electric
utilities.
- Appearing for the third year in a row on the 2005 Forbes Platinum
400 list, which recognizes top-performing companies meeting Forbes'
criteria for sales, net worth and share price.
-MORE-
NEW JERSEY RESOURCES CEO REVIEWS STRONG FINANCIAL PERFORMANCE AT ANNUAL
SHAREOWNERS MEETING
PAGE 2 OF 4
- Maintaining one of the highest rankings among all regulated
electric, natural gas and water transmission and distribution
utilities within the corporate group rated A+ by Standard & Poor's.
- Setting a record for corporate fund raising in Monmouth County for
the American Heart Association as a sponsor of the Monmouth-Ocean
Shoreline Heart Walk.
"Our results are a credit to the hard work and dedication of our employees, who
are the driving force behind all our achievements." Mr. Downes said. "The energy
of our team in responding to the challenges we face has earned us a
well-deserved reputation for reliability."
NJNG continues to work with the BPU and the Office of the Ratepayer Advocate
(RPA) to bring the state's energy policies to customers. To further efforts to
promote renewable energy, in fiscal 2004 NJNG supported the installation of two
natural gas microturbines on Long Beach Island and natural gas fuel cells at the
Sheraton Parsippany Hotel and Ocean County College in Toms River, with funding
from the New Jersey Clean Energy Program.
"Our accomplishments are even more remarkable given the uncertainty in the
energy industry," said Mr. Downes, who is the 2005 chairman of the American Gas
Association (AGA) Board of Directors. "As it stands, our country is without a
comprehensive national energy policy to guide access to critical natural gas
supplies." With natural gas providing one-fourth of the country's energy needs
and demand expected to grow, Mr. Downes' term as AGA chairman will focus on the
need for a sound, effective national energy plan to alleviate the current tight
balance between supply and demand and help stabilize wholesale natural gas
prices.
During the year, NJR also marked several milestones reflecting the company's
longstanding tradition of service to the community. NJNG hosted the first annual
Ocean Fun Days in partnership with the New Jersey Marine Sciences Consortium and
the New Jersey Department of Environmental Protection, with the goal of building
a greater understanding of ocean ecosystems and the importance of protecting
them. NJR Home Services, NJR's subsidiary providing home appliances service,
sales and installations, was named "Partner of the Year" by Ocean County
Vocational Technical School for the Job Shadowing program, which pairs
vocational students with NJRHS technicians to learn about the heating,
ventilation and air conditioning field. Through the company's Volunteers
Inspiring Service in Our Communities (VISION) program, nearly 2,500 hours were
volunteered to support local community events and activities in fiscal 2004.
Mr. Downes also asked shareowners to contribute to the NJNG Tsunami Relief Fund
to support the efforts of the American Red Cross in responding to the tsunami
disaster in Southern Asia. The company established the fund with an initial
$50,000 and is matching donations received to the fund on a dollar-for-dollar
basis, up to an additional $25,000.
-MORE-
NEW JERSEY RESOURCES CEO REVIEWS STRONG FINANCIAL PERFORMANCE AT ANNUAL
SHAREOWNERS MEETING
PAGE 3 OF 4
In other business at the meeting, Mr. Downes announced the re-election of three
members of the Board of Directors, including Nina Aversano, President and CEO,
Aversano Consulting, LLC; Dorothy K. Light, Chairman and CEO, Alden Enterprises,
LLC; and David A.Trice, President and CEO, Newfield Exploration Company.
Shareowners also approved Deloitte & Touche LLP as auditors for fiscal 2005.
FISCAL 2005 EARNINGS GUIDANCE
Assuming normal weather, stable economic conditions and continued customer
growth at NJNG and continued volatility in the wholesale natural gas markets at
NJRES, and subject to the factors discussed below under "Forward-Looking
Statements," NJR estimates that earnings for fiscal 2005 will be in the $2.65 -
$2.75 per basic share range. This excludes a recent gain on a real estate sale
of $.21 per basic share and the charge of $.05 per basic share associated with
the company's early retirement program.
FORWARD-LOOKING STATEMENTS
This news release contains estimates and other forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. 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. Other factors that could cause actual
results, including gross margin, earnings and customer growth, to differ
materially from the company's expectations include, but are not limited to,
weather conditions, economic conditions in NJNG's service territory, the impact
of regulation (including the regulation of rates), fluctuations in
energy-related commodity prices, conversion activity, other marketing efforts,
actual energy usage patterns of NJNG's customers, the pace of deregulation of
retail gas markets, access to adequate supplies of natural gas, the regulatory
and pricing policies of federal and state regulatory agencies, changes due to
legislation at the federal and state level, the disallowance of recovery of
environmental remediation expenditures and other regulatory changes, litigation
and other uncertainties. More detailed information about these factors is set
forth in NJR's filings with the Securities and Exchange Commission, including
NJR's quarterly report on Form 10-K filed on December 1, 2004. NJR's Form 10-K
is available at www.sec.gov. 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.
ABOUT NEW JERSEY RESOURCES
New Jersey Resources (NYSE: NJR), a Fortune 1000 company and a member of the
Forbes Platinum 400, provides reliable retail and wholesale energy services to
customers in New Jersey and in states from the Gulf Coast to New England, and
Canada. Its principal subsidiary, New Jersey Natural Gas, is one of the
fastest-growing local distribution companies in the United States, serving more
than 450,000 customers in central and northern New Jersey. Other major NJR
subsidiaries include NJR Energy
- MORE -
NEW JERSEY RESOURCES CEO REVIEWS STRONG FINANCIAL PERFORMANCE AT ANNUAL
SHAREOWNERS MEETING
PAGE 4 OF 4
Services and NJR Home Services. NJR Energy Services is a leader in the
unregulated energy services market, providing outstanding customer service and
management of natural gas storage and capacity assets. NJR Home Services offers
retail customers expert heating, air conditioning and appliance services. NJR's
progress is a tribute to the more than 5,000 dedicated employees who have shared
their expertise and focus on quality through more than 50 years of serving
customers and the community. Their efforts have made NJR a leader in the
competitive energy marketplace. For more information, visit NJR's Web site at
NJLIVING.COM.
# # #
05-24