New Jersey Resources Corp. (NJR) increased deliveries by 47% to 491 Bcf in its fiscal year that ended Sept. 30, increasing earnings per share by 7.6% to a record $2.12 or $56.8 million, compared with $52.3 million or $1.97 for the 12-month period ending at the same time in 2001.

The company attributed its strong financial performance — despite the warmest year in its history — to profitable customer growth at its principal subsidiary, New Jersey Natural Gas Co. (NJNG), and a positive contribution from its unregulated wholesale energy services subsidiary, NJR Energy Services Co. (NJRES). Per-share amounts have been adjusted to reflect a 3-for-2 stock split, which became effective March 4.

“I am extremely proud that we are able to report our eleventh consecutive year of earnings growth, which is the longest streak in the electric and natural gas utility industries,” said CEO Laurence M. Downes. “This year our shareowners were rewarded with a one-year total return of 15.7% and a 3-for-2 stock split.” Also, since 1992, total energy deliveries have increased more than ninefold.

For the quarter ended Sept. 30, NJR reported a seasonal loss of $2.5 million, slightly less than the $2.7 million loss a year ago.

The regulated gas company, NJNG, earned $48.4 million in fiscal 2002, an increase of 1% compared with last year, driven by its continued profitable customer growth and lower depreciation and net interest expenses, which offset the impact of record warm weather. The unregulated NJRES reported earnings of $6.4 million for the fiscal year, compared with $4.1 million for the same period last year, reflecting increased storage and capacity utilization.

Besides keeping its stockholders happy, Downes pointed out that last week NJNG “was recognized in the J.D. Power and Associates 2002 Gas Utility Residential Customer Satisfaction Study(SM) as having the highest customer satisfaction rate in the Eastern U.S. Region, performing particularly well in the areas of field service, billing and payment factors” (see Daily GPI, Oct. 24).

NJR also announced Wednesday that its board of directors approved a 3.3% increase in the quarterly dividend rate to $0.31 per share from $0.30 per share. The new quarterly rate is effective with the dividend payable Jan. 2, 2003, to shareowners of record on December 16, 2002.

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