Energy services provider New Jersey Resources last week reported that voluntary retirement programs being offered to company officers as part of a restructuring plan will result in a first quarter charge against earnings, but said it still expects to meet its previously projected earnings for fiscal 2005.

The early retirement programs will result in a charge of five cents per basic share in the first quarter, said the Wall, NJ-based company, whose principal energy subsidiaries include New Jersey Natural Gas (NJNG) and NJR Energy Services.

The company also said it completed the sale of a recently constructed 200,000-square-foot building located in Monmouth County, NJ. The transaction resulted in a gain of 21 cents per basic share, and is a continuation of New Jersey Resources’ strategy to reduce its investments in the commercial real estate business.

New Jersey Resources said it still expects to meet its earnings guidance for fiscal 2005 of $2.65-$2.75 per basic share, which will be the 14th consecutive year of earnings growth.

NJNG, a local distribution company, serves more than 450,000 natural gas customers in central and northern new Jersey. NJR Energy Services provides customer service and management of natural gas storage and capacity assets.

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.