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New Jersey Resources Reports Fiscal 2023 Fourth-Quarter and Year End Results

Introduces Fiscal 2024 Guidance and Maintains its Long-term Projected Growth Rate

Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the fourth quarter and year ended fiscal 2023. Highlights include:

  • Consolidated net income of $264.7 million for fiscal 2023, compared with net income of $274.9 million in fiscal 2022
  • Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $261.8 million, or $2.70 per share, compared to NFE of $240.3 million, or $2.50 per share, in fiscal 2022
  • Increased fiscal 2024 dividend by 7.7% to $1.68 per share

Outlook for Fiscal 2024

  • Introduces fiscal 2024 net financial earnings per share (NFEPS) guidance range of $2.70 to $2.85
  • Maintains long-term projected NFEPS growth rate of 7 to 9 percent(1)

Fourth-quarter fiscal 2023 net income totaled $37.0 million, or $0.38 per share, compared with net income of $54.5 million, or $0.57 per share, during the same period in fiscal 2022. Fiscal 2023 net income totaled $264.7 million, or $2.73 per share, compared with $274.9 million, or $2.86 per share, for the same period in fiscal 2022.

Fourth-quarter fiscal 2023 NFE totaled $29.6 million, or $0.30 per share, compared to NFE of $47.9 million, or $0.50 per share, during the same period in fiscal 2022. Fiscal 2023 NFE totaled $261.8 million, or $2.70 per share, compared with $240.3 million, or $2.50 per share, for the same period in fiscal 2022.

Management Commentary

Steve Westhoven, President and CEO, stated, "NJR reported an excellent year in fiscal 2023 supported by solid contributions from our complementary portfolio of businesses. We achieved NFEPS at the higher end of our guidance range, which was increased by $0.20 earlier this year as a result of the strong performance of our business units during Winter Storm Elliott, particularly Energy Services. Our performance this past year speaks to the strength of our diversified business model, and our ability to adapt to challenges in ways that benefit our customers and investors."

Key Performance Metrics

 

Three Months Ended

 

Twelve Months Ended

 

September 30,

 

September 30,

($ in Thousands)

2023

 

2022

 

2023

 

2022

Net income

$

37,024

 

 

$

54,522

 

 

$

264,724

 

 

$

274,922

 

Basic EPS

$

0.38

 

 

$

0.57

 

 

$

2.73

 

 

$

2.86

 

Net financial earnings

$

29,563

 

 

$

47,896

 

 

$

261,827

 

 

$

240,321

 

Basic net financial earnings per share

$

0.30

 

 

$

0.50

 

 

$

2.70

 

 

$

2.50

 

(1) NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021

A reconciliation of net income to NFE for the three and twelve months ended September 30, 2023 and 2022, is provided below.

 

Three Months Ended

 

Twelve Months Ended

 

September 30,

 

September 30,

(Thousands)

2023

 

2022

 

2023

 

2022

Net income

$

37,024

 

 

$

54,522

 

 

$

264,724

 

 

$

274,922

 

Add:

 

 

 

 

 

 

 

Unrealized gain on derivative instruments and related transactions

 

(7,579

)

 

 

(1,846

)

 

 

(38,081

)

 

 

(59,906

)

Tax effect

 

1,800

 

 

 

439

 

 

 

9,050

 

 

 

14,248

 

Effects of economic hedging related to natural gas inventory

 

(2,186

)

 

 

(5,221

)

 

 

34,699

 

 

 

19,939

 

Tax effect

 

520

 

 

 

1,241

 

 

 

(8,246

)

 

 

(4,738

)

Gain on equity method investment

 

 

 

 

(1,500

)

 

 

(300

)

 

 

(5,521

)

Tax effect

 

(93

)

 

 

374

 

 

 

(19

)

 

 

1,377

 

NFE tax adjustment

 

77

 

 

 

(113

)

 

 

 

 

 

 

Net financial earnings

$

29,563

 

 

$

47,896

 

 

$

261,827

 

 

$

240,321

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

Basic

 

97,568

 

 

 

96,235

 

 

 

97,028

 

 

 

96,100

 

Diluted

 

98,192

 

 

 

96,630

 

 

 

97,627

 

 

 

96,488

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.38

 

 

$

0.57

 

 

$

2.73

 

 

$

2.86

 

Add:

 

 

 

 

 

 

 

Unrealized gain on derivative instruments and related transactions

 

(0.08

)

 

 

(0.02

)

 

 

(0.39

)

 

 

(0.62

)

Tax effect

 

0.02

 

 

 

0.01

 

 

 

0.09

 

 

 

0.15

 

Effects of economic hedging related to natural gas inventory

 

(0.02

)

 

 

(0.05

)

 

 

0.36

 

 

 

0.21

 

Tax effect

 

 

 

 

0.01

 

 

 

(0.09

)

 

 

(0.05

)

Gain on equity method investment

 

 

 

 

(0.02

)

 

 

 

 

 

(0.06

)

Tax effect

 

 

 

 

 

 

 

 

 

 

0.01

 

Basic net financial earnings per share

$

0.30

 

 

$

0.50

 

 

$

2.70

 

 

$

2.50

 

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

A table detailing NFE for the three and twelve months ended September 30, 2023 and 2022, is provided below.

Net financial (loss) earnings by business unit

 

Three Months Ended

 

Twelve Months Ended

 

September 30,

 

September 30,

(Thousands)

2023

 

2022

 

2023

 

2022

New Jersey Natural Gas

$

(24,838

)

 

$

(16,387

)

 

$

131,414

 

 

$

140,124

 

Clean Energy Ventures

 

50,152

 

 

 

57,813

 

 

 

44,458

 

 

 

39,403

 

Storage and Transportation

 

1,784

 

 

 

11,341

 

 

 

12,835

 

 

 

22,454

 

Energy Services

 

(3,537

)

 

 

(3,383

)

 

 

68,517

 

 

 

39,121

 

Home Services and Other

 

3,451

 

 

 

(1,894

)

 

 

4,758

 

 

 

(781

)

Subtotal

 

27,012

 

 

 

47,490

 

 

 

261,982

 

 

 

240,321

 

Eliminations

 

2,551

 

 

 

406

 

 

 

(155

)

 

 

 

Total

$

29,563

 

 

$

47,896

 

 

$

261,827

 

 

$

240,321

 

Fiscal 2024 NFE Guidance:

NJR is introducing its fiscal 2024 NFEPS guidance range of $2.70 to $2.85, which represents 12.3% percent year-over-year growth over the midpoint of the originally provided fiscal 2023 guidance range of $2.42 - $2.52, subject to the risks and uncertainties identified below under "Forward-Looking Statements."

In fiscal 2024, NJR expects Energy Services will represent a higher percentage of NFEPS than in prior years due to contributions from the Asset Management Agreements signed in 2020. The following chart represents NJR’s current expected contributions from its business segments for fiscal 2024:

Company

Expected Fiscal 2024

Net Financial Earnings

Contribution

New Jersey Natural Gas

40 to 45 percent

Clean Energy Ventures

13 to 18 percent

Storage and Transportation

4 to 8 percent

Energy Services

35 to 40 percent

Home Services and Other

0 to 1 percent

In providing fiscal 2024 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

New Jersey Natural Gas ("NJNG")

NJNG reported fiscal 2023 NFE of $131.4 million, compared to NFE of $140.1 million during fiscal 2022. NJNG reported fourth-quarter fiscal 2023 net financial loss of $(24.8) million, compared to a net financial loss of $(16.4) million during the same period in fiscal 2022. The decrease in NFE for the year was due primarily to higher depreciation and operating expenses, including the deferral of bad debt costs in accordance with the July 2, 2020 BPU deferral order in fiscal 2022 that did not reoccur, partially offset by higher utility gross margin.

Customer Growth:

  • NJNG added 8,800 new customers during fiscal 2023, compared with 7,808 during fiscal 2022. NJNG expects these new customers to contribute approximately $7.4 million of incremental utility gross margin on an annualized basis.

Infrastructure Update:

  • NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG's natural gas distribution system. During fiscal 2023, NJNG spent $43.1 million under the program on various distribution system reinforcement projects. On March 30, 2023, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures of $31.4 million through June 30, 2023, resulting in a $3.2 million revenue increase, with an effective date of October 1, 2023.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $20.0 million to utility gross margin in fiscal 2023, compared with $19.6 million during fiscal 2022. Increases in storage incentive margin and capacity release volumes in fiscal 2023, were partially offset by lower off-system sales.

For more information on utility gross margin, please see "Non-GAAP Financial Information" below.

Energy-Efficiency Programs:

SAVEGREEN invested $59.8 million in fiscal 2023 in energy-efficiency upgrades for customers' homes and businesses. NJNG recovered $26.3 million of its outstanding investments during fiscal 2023 through its energy efficiency rate.

Clean Energy Ventures (CEV)

CEV reported fiscal 2023 NFE of $44.5 million, compared with NFE of $39.4 million during fiscal 2022. Fourth-quarter fiscal 2023 NFE were $50.2 million, compared with NFE of $57.8 million during the same period in fiscal 2022. The increase in NFE for fiscal 2023 was due primarily to a reversal of a valuation allowance on certain deferred tax assets during June 2023, which was determined to be no longer required. The decrease in NFE for the fourth quarter of fiscal 2023 was largely due to lower SREC and electricity revenue for the period, partially offset by higher TREC revenue.

Solar Investment Update:

  • During fiscal 2023, CEV placed 10 commercial projects into service, adding approximately 78MW to total installed capacity, including two operational assets acquired in July 2023 totaling approximately 21MW.
  • As of September 30, 2023, CEV had approximately 469MW of solar capacity (including residential) in service in New Jersey, New York, Connecticut, Rhode Island, Indiana, and Michigan.

Storage and Transportation

Storage and Transportation reported fiscal 2023 NFE of $12.8 million, compared with NFE of $22.5 million during fiscal 2022. Fourth-quarter fiscal 2023 NFE were $1.8 million, compared with NFE of $11.3 million during the same period in fiscal 2022. NFE for both periods decreased due to increased depreciation and interest expense; resulting primarily from the southern portion of the Adelphia Gateway project, which was placed in service in September 2022.

Energy Services

Energy Services reported fiscal 2023 NFE of $68.5 million, compared with NFE of $39.1 million during fiscal 2022. Fourth-quarter fiscal 2023 net financial loss was $(3.5) million compared with net financial loss of $(3.4) million for the same period in fiscal 2022. The increase in fiscal 2023 NFE was due to higher natural gas price volatility during periods of colder than expected weather in December 2022 and February 2023 as compared to the prior year, allowing Energy Services to capture additional financial margin.

Home Services and Other Operations

Home Services and Other Operations reported fiscal 2023 NFE of $4.8 million, compared with a net financial loss of $(0.8) million during fiscal 2022. Fourth-quarter fiscal 2023 NFE were $3.5 million compared with a net financial loss of $(1.9) million for the same period in fiscal 2022. The increase in NFE for the quarter and year was due primarily to increased installation and service contract revenue.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile:

  • During fiscal 2023, capital expenditures were $537.3 million, including accruals, compared with $569.2 million, during fiscal 2022. The decrease in capital expenditures was primarily due to the completion of the southern portion of the Adelphia Gateway Pipeline project, which was placed into service in September 2022, as well as lower solar capital expenditures during the fiscal year. This was partially offset by an increase in capital expenditures at NJNG of $112.4 million, largely due to investments in customer growth and system integrity.
  • During fiscal 2023, cash flows from operations were $479.0 million, compared with cash flows from operations of $323.5 million during the same period of fiscal 2022. The increase in operating cash flows was due to increased earnings and decreased working capital requirements as a result of a lower gas prices when compared to the prior fiscal year.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and 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. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2024, projected NFEPS growth rates, NFEPS Contributions, forecasted contribution of business segments to NJR’s NFE for fiscal 2024, customer growth at NJNG and their expected contributions, infrastructure programs and investments future decarbonization opportunities including IIP, the outcome or timing of future Base Rate Cases with the BPU, and other legal and regulatory expectations.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, 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.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and certain transactions related to NJR's investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.

NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Report on Form 10-K, Item 7.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains natural gas transportation and distribution infrastructure to serve approximately 576,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex, Sussex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of approximately 469 megawatts, providing residential and commercial customers with low-carbon solutions.
  • Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:

www.njresources.com.

Follow us on X.com (Twitter) @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

September 30,

 

September 30,

(Thousands, except per share data)

 

2023

 

2022

 

2023

 

2022

OPERATING REVENUES

 

 

 

 

 

 

 

 

Utility

 

$

108,404

 

 

$

190,151

 

 

$

1,011,284

 

 

$

1,127,417

 

Nonutility

 

 

222,921

 

 

 

575,335

 

 

 

951,710

 

 

 

1,778,562

 

Total operating revenues

 

 

331,325

 

 

 

765,486

 

 

 

1,962,994

 

 

 

2,905,979

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Gas purchases

 

 

 

 

 

 

 

 

Utility

 

 

34,998

 

 

 

112,463

 

 

 

416,158

 

 

 

547,901

 

Nonutility

 

 

87,228

 

 

 

413,521

 

 

 

555,579

 

 

 

1,393,656

 

Related parties

 

 

1,739

 

 

 

1,828

 

 

 

7,206

 

 

 

7,395

 

Operation and maintenance

 

 

100,759

 

 

 

118,723

 

 

 

373,568

 

 

 

361,866

 

Regulatory rider expenses

 

 

3,017

 

 

 

3,496

 

 

 

50,542

 

 

 

59,437

 

Depreciation and amortization

 

 

39,291

 

 

 

34,549

 

 

 

152,941

 

 

 

129,249

 

Total operating expenses

 

 

267,032

 

 

 

684,580

 

 

 

1,555,994

 

 

 

2,499,504

 

OPERATING INCOME

 

 

64,293

 

 

 

80,906

 

 

 

407,000

 

 

 

406,475

 

Other income, net

 

 

10,938

 

 

 

9,744

 

 

 

26,083

 

 

 

22,295

 

Interest expense, net of capitalized interest

 

 

33,143

 

 

 

26,016

 

 

 

123,014

 

 

 

85,830

 

INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

 

 

42,088

 

 

 

64,634

 

 

 

310,069

 

 

 

342,940

 

Income tax provision

 

 

6,216

 

 

 

12,144

 

 

 

49,275

 

 

 

76,195

 

Equity in earnings of affiliates

 

 

1,152

 

 

 

2,032

 

 

 

3,930

 

 

 

8,177

 

NET INCOME

 

$

37,024

 

 

$

54,522

 

 

$

264,724

 

 

$

274,922

 

 

 

 

 

 

 

 

 

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

0.38

 

 

$

0.57

 

 

$

2.73

 

 

$

2.86

 

Diluted

 

$

0.38

 

 

$

0.56

 

 

$

2.71

 

 

$

2.85

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

Basic

 

 

97,568

 

 

 

96,235

 

 

 

97,028

 

 

 

96,100

 

Diluted

 

 

98,192

 

 

 

96,630

 

 

 

97,627

 

 

 

96,488

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

September 30,

 

September 30,

(Thousands)

 

2023

 

2022

 

2023

 

2022

NEW JERSEY RESOURCES

 

 

 

 

 

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

Net income

 

$

37,024

 

 

$

54,522

 

 

$

264,724

 

 

$

274,922

 

Add:

 

 

 

 

 

 

 

 

Unrealized gain on derivative instruments and related transactions

 

 

(7,579

)

 

 

(1,846

)

 

 

(38,081

)

 

 

(59,906

)

Tax effect

 

 

1,800

 

 

 

439

 

 

 

9,050

 

 

 

14,248

 

Effects of economic hedging related to natural gas inventory

 

 

(2,186

)

 

 

(5,221

)

 

 

34,699

 

 

 

19,939

 

Tax effect

 

 

520

 

 

 

1,241

 

 

 

(8,246

)

 

 

(4,738

)

Gain on equity method investment

 

 

 

 

 

(1,500

)

 

 

(300

)

 

 

(5,521

)

Tax effect

 

 

(93

)

 

 

374

 

 

 

(19

)

 

 

1,377

 

NFE tax adjustment

 

 

77

 

 

 

(113

)

 

 

 

 

 

 

Net financial earnings

 

$

29,563

 

 

$

47,896

 

 

$

261,827

 

 

$

240,321

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding

 

 

 

 

 

 

 

 

Basic

 

 

97,568

 

 

 

96,235

 

 

 

97,028

 

 

 

96,100

 

Diluted

 

 

98,192

 

 

 

96,630

 

 

 

97,627

 

 

 

96,488

 

 

 

 

 

 

 

 

 

 

A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.38

 

 

$

0.57

 

 

$

2.73

 

 

$

2.86

 

Add:

 

 

 

 

 

 

 

 

Unrealized gain on derivative instruments and related transactions

 

$

(0.08

)

 

$

(0.02

)

 

$

(0.39

)

 

$

(0.62

)

Tax effect

 

$

0.02

 

 

$

0.01

 

 

$

0.09

 

 

$

0.15

 

Effects of economic hedging related to natural gas inventory

 

$

(0.02

)

 

$

(0.05

)

 

$

0.36

 

 

$

0.21

 

Tax effect

 

$

 

 

$

0.01

 

 

$

(0.09

)

 

$

(0.05

)

Gain on equity method investment

 

$

 

 

$

(0.02

)

 

$

 

 

$

(0.06

)

Tax effect

 

$

 

 

$

 

 

$

 

 

$

0.01

 

Basic net financial earnings per share

 

$

0.30

 

 

$

0.50

 

 

$

2.70

 

 

$

2.50

 

 

 

 

 

 

 

 

 

 

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

108,741

 

 

$

190,488

 

 

$

1,012,633

 

 

$

1,128,767

 

Less:

 

 

 

 

 

 

 

 

Natural gas purchases

 

 

37,323

 

 

 

114,791

 

 

 

425,457

 

 

 

557,232

 

Operating and maintenance (1)

 

 

31,605

 

 

 

30,805

 

 

 

115,292

 

 

 

93,164

 

Regulatory rider expense

 

 

3,017

 

 

 

3,496

 

 

 

50,542

 

 

 

59,437

 

Depreciation and amortization

 

 

26,292

 

 

 

24,391

 

 

 

102,326

 

 

 

94,579

 

Gross margin

 

 

10,504

 

 

 

17,005

 

 

 

319,016

 

 

 

324,355

 

Add:

 

 

 

 

 

 

 

 

Operating and maintenance (1)

 

 

31,605

 

 

 

30,805

 

 

 

115,292

 

 

 

93,164

 

Depreciation and amortization

 

 

26,292

 

 

 

24,391

 

 

 

102,326

 

 

 

94,579

 

Utility gross margin

 

$

68,401

 

 

$

72,201

 

 

$

536,634

 

 

$

512,098

 

(1) Excludes selling, general and administrative expenses of $28.7 million and $26.7 million for the three months ended September 30, 2023 and 2022, respectively, and $111.5 million and $102.8 million for the fiscal year ended September 30, 2023 and 2022, respectively.

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)

(Unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

 

September 30,

 

September 30,

(Thousands)

 

2023

 

2022

 

2023

 

2022

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

102,932

 

 

$

439,568

 

 

$

691,616

 

 

$

1,529,272

 

Less:

 

 

 

 

 

 

 

 

Natural Gas purchases

 

 

87,932

 

 

 

413,805

 

 

 

558,932

 

 

 

1,394,405

 

Operation and maintenance (1)

 

 

5,833

 

 

 

10,281

 

 

 

20,199

 

 

 

23,709

 

Depreciation and amortization

 

 

51

 

 

 

54

 

 

 

221

 

 

 

148

 

Gross margin

 

 

9,116

 

 

 

15,428

 

 

 

112,264

 

 

 

111,010

 

Add:

 

 

 

 

 

 

 

 

Operation and maintenance (1)

 

 

5,833

 

 

 

10,281

 

 

 

20,199

 

 

 

23,709

 

Depreciation and amortization

 

 

51

 

 

 

54

 

 

 

221

 

 

 

148

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

(8,559

)

 

 

1,671

 

 

 

(48,251

)

 

 

(60,000

)

Effects of economic hedging related to natural gas inventory

 

 

(2,186

)

 

 

(5,221

)

 

 

34,699

 

 

 

19,939

 

Financial margin

 

$

4,255

 

 

$

22,213

 

 

$

119,132

 

 

$

94,806

 

(1) Excludes selling, general and administrative expenses of $0.4 million and $14.3 million for the three months ended September 30, 2023 and 2022, respectively, and $(0.8) million and $15.4 million for the fiscal year ended September 30, 2023 and 2022, respectively.

 

 

 

 

 

 

 

 

 

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4,577

 

 

$

(564

)

 

$

78,848

 

 

$

69,650

 

Add:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on derivative instruments and related transactions

 

 

(8,559

)

 

 

1,671

 

 

 

(48,251

)

 

 

(60,000

)

Tax effect

 

 

2,034

 

 

 

(397

)

 

 

11,467

 

 

 

14,270

 

Effects of economic hedging related to natural gas

 

 

(2,186

)

 

 

(5,221

)

 

 

34,699

 

 

 

19,939

 

Tax effect

 

 

520

 

 

 

1,241

 

 

 

(8,246

)

 

 

(4,738

)

NFE tax adjustment

 

 

77

 

 

 

(113

)

 

 

 

 

 

 

Net financial (loss) earnings

 

$

(3,537

)

 

$

(3,383

)

 

$

68,517

 

 

$

39,121

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

September 30,

 

September 30,

(Thousands, except per share data)

 

2023

 

2022

 

2023

 

2022

NEW JERSEY RESOURCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

108,741

 

 

$

190,488

 

 

$

1,012,633

 

 

$

1,128,767

 

Clean Energy Ventures

 

 

83,755

 

 

 

92,475

 

 

 

124,131

 

 

 

128,280

 

Energy Services

 

 

102,932

 

 

 

439,568

 

 

 

691,616

 

 

 

1,529,272

 

Storage and Transportation

 

 

22,933

 

 

 

25,860

 

 

 

92,859

 

 

 

67,735

 

Home Services and Other

 

 

14,969

 

 

 

14,789

 

 

 

57,638

 

 

 

56,182

 

Sub-total

 

 

333,330

 

 

 

763,180

 

 

 

1,978,877

 

 

 

2,910,236

 

Eliminations

 

 

(2,005

)

 

 

2,306

 

 

 

(15,883

)

 

 

(4,257

)

Total

 

$

331,325

 

 

$

765,486

 

 

$

1,962,994

 

 

$

2,905,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

(18,172

)

 

$

(9,721

)

 

$

207,528

 

 

$

218,973

 

Clean Energy Ventures

 

 

67,389

 

 

 

74,055

 

 

 

58,722

 

 

 

66,178

 

Energy Services

 

 

8,742

 

 

 

1,160

 

 

 

113,112

 

 

 

95,639

 

Storage and Transportation

 

 

5,901

 

 

 

12,867

 

 

 

32,425

 

 

 

22,163

 

Home Services and Other

 

 

595

 

 

 

(1,562

)

 

 

2,495

 

 

 

678

 

Sub-total

 

 

64,455

 

 

 

76,799

 

 

 

414,282

 

 

 

403,631

 

Eliminations

 

 

(162

)

 

 

4,107

 

 

 

(7,282

)

 

 

2,844

 

Total

 

$

64,293

 

 

$

80,906

 

 

$

407,000

 

 

$

406,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

 

 

 

 

 

 

 

Storage and Transportation

 

$

863

 

 

$

2,279

 

 

$

3,126

 

 

$

9,865

 

Eliminations

 

 

289

 

 

 

(247

)

 

 

804

 

 

 

(1,688

)

Total

 

$

1,152

 

 

$

2,032

 

 

$

3,930

 

 

$

8,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

(24,838

)

 

$

(16,387

)

 

$

131,414

 

 

$

140,124

 

Clean Energy Ventures

 

 

50,152

 

 

 

57,813

 

 

 

44,458

 

 

 

39,403

 

Energy Services

 

 

4,577

 

 

 

(564

)

 

 

78,848

 

 

 

69,650

 

Storage and Transportation

 

 

1,877

 

 

 

12,467

 

 

 

13,154

 

 

 

26,598

 

Home Services and Other

 

 

3,451

 

 

 

(1,894

)

 

 

4,758

 

 

 

(781

)

Sub-total

 

 

35,219

 

 

 

51,435

 

 

 

272,632

 

 

 

274,994

 

Eliminations

 

 

1,805

 

 

 

3,087

 

 

 

(7,908

)

 

 

(72

)

Total

 

$

37,024

 

 

$

54,522

 

 

$

264,724

 

 

$

274,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

 

 

 

 

 

 

 

Natural Gas Distribution

 

$

(24,838

)

 

$

(16,387

)

 

$

131,414

 

 

$

140,124

 

Clean Energy Ventures

 

 

50,152

 

 

 

57,813

 

 

 

44,458

 

 

 

39,403

 

Energy Services

 

 

(3,537

)

 

 

(3,383

)

 

 

68,517

 

 

 

39,121

 

Storage and Transportation

 

 

1,784

 

 

 

11,341

 

 

 

12,835

 

 

 

22,454

 

Home Services and Other

 

 

3,451

 

 

 

(1,894

)

 

 

4,758

 

 

 

(781

)

Sub-total

 

 

27,012

 

 

 

47,490

 

 

 

261,982

 

 

 

240,321

 

Eliminations

 

 

2,551

 

 

 

406

 

 

 

(155

)

 

 

 

Total

 

$

29,563

 

 

$

47,896

 

 

$

261,827

 

 

$

240,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

NJNG, Core Customers

 

 

17.4

 

 

 

21.0

 

 

 

93.4

 

 

 

99.6

 

NJNG, Off System/Capacity Management

 

 

20.6

 

 

 

25.8

 

 

 

72.6

 

 

 

95.2

 

Energy Services Fuel Mgmt. and Wholesale Sales

 

 

41.4

 

 

 

50.2

 

 

 

150.4

 

 

 

231.1

 

Total

 

 

79.4

 

 

 

97.0

 

 

 

316.4

 

 

 

425.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Data

 

 

 

 

 

 

 

 

Yield at September 30,

 

 

4.1

%

 

 

4.0

%

 

 

4.1

%

 

 

4.0

%

Market Price at September 30,

 

$

40.63

 

 

$

38.70

 

 

$

40.63

 

 

$

38.70

 

Shares Out. at September 30,

 

 

97,584

 

 

 

96,250

 

 

 

97,584

 

 

 

96,250

 

Market Cap. at September 30,

 

$

3,964,856

 

 

$

3,724,870

 

 

$

3,964,856

 

 

$

3,724,870

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Unaudited)

 

September 30,

 

September 30,

(Thousands, except customer and weather data)

 

2023

 

2022

 

2023

 

2022

NATURAL GAS DISTRIBUTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility Gross Margin

 

 

 

 

 

 

 

 

Operating revenues

 

$

108,741

 

 

$

190,488

 

 

$

1,012,633

 

 

$

1,128,767

 

Less:

 

 

 

 

 

 

 

 

Natural gas purchases

 

 

37,323

 

 

 

114,791

 

 

 

425,457

 

 

 

557,232

 

Operating and maintenance (1)

 

 

31,605

 

 

 

30,805

 

 

 

115,292

 

 

 

93,164

 

Regulatory rider expense

 

 

3,017

 

 

 

3,496

 

 

 

50,542

 

 

 

59,437

 

Depreciation and amortization

 

 

26,292

 

 

 

24,391

 

 

 

102,326

 

 

 

94,579

 

Gross margin

 

 

10,504

 

 

 

17,005

 

 

 

319,016

 

 

 

324,355

 

Add:

 

 

 

 

 

 

 

 

Operating and maintenance (1)

 

 

31,605

 

 

 

30,805

 

 

 

115,292

 

 

 

93,164

 

Depreciation and amortization

 

 

26,292

 

 

 

24,391

 

 

 

102,326

 

 

 

94,579

 

Total Utility Gross Margin

 

$

68,401

 

 

$

72,201

 

 

$

536,634

 

 

$

512,098

 

(1) Excludes selling, general and administrative expenses of $28.7 million and $26.7 million for the three months ended September 30, 2023 and 2022, respectively, and $111.5 million and $102.8 million for the fiscal year ended September 30, 2023 and 2022, respectively.

 

 

 

 

 

 

 

 

 

Utility Gross Margin, Operating Income and Net Income

 

 

 

 

 

 

 

 

Residential

 

$

39,121

 

 

$

37,451

 

 

$

360,138

 

 

$

341,167

 

Commercial, Industrial & Other

 

 

10,808

 

 

 

13,020

 

 

 

76,550

 

 

 

77,629

 

Firm Transportation

 

 

14,611

 

 

 

12,832

 

 

 

76,114

 

 

 

69,933

 

Total Firm Margin

 

 

64,540

 

 

 

63,303

 

 

 

512,802

 

 

 

488,729

 

Interruptible

 

 

1,240

 

 

 

1,362

 

 

 

3,812

 

 

 

3,782

 

Total System Margin

 

 

65,780

 

 

 

64,665

 

 

 

516,614

 

 

 

492,511

 

Off System/Capacity Management/FRM/Storage Incentive

 

 

2,621

 

 

 

7,536

 

 

 

20,020

 

 

 

19,587

 

Total Utility Gross Margin

 

 

68,401

 

 

 

72,201

 

 

 

536,634

 

 

 

512,098

 

Operation and maintenance expense

 

 

60,281

 

 

 

57,531

 

 

 

226,780

 

 

 

198,546

 

Depreciation and amortization

 

 

26,292

 

 

 

24,391

 

 

 

102,326

 

 

 

94,579

 

Operating (Loss) Income

 

$

(18,172

)

 

$

(9,721

)

 

$

207,528

 

 

$

218,973

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(24,838

)

 

$

(16,387

)

 

$

131,414

 

 

$

140,124

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(24,838

)

 

$

(16,387

)

 

$

131,414

 

 

$

140,124

 

 

 

 

 

 

 

 

 

 

Throughput (Bcf)

 

 

 

 

 

 

 

 

Residential

 

 

3.4

 

 

 

3.2

 

 

 

43.4

 

 

 

45.5

 

Commercial, Industrial & Other

 

 

0.4

 

 

 

0.8

 

 

 

8.4

 

 

 

8.7

 

Firm Transportation

 

 

1.1

 

 

 

1.5

 

 

 

12.1

 

 

 

13.0

 

Total Firm Throughput

 

 

4.9

 

 

 

5.5

 

 

 

63.9

 

 

 

67.2

 

Interruptible

 

 

12.5

 

 

 

15.5

 

 

 

29.5

 

 

 

32.4

 

Total System Throughput

 

 

17.4

 

 

 

21.0

 

 

 

93.4

 

 

 

99.6

 

Off System/Capacity Management

 

 

20.6

 

 

 

25.8

 

 

 

72.6

 

 

 

95.2

 

Total Throughput

 

 

38.0

 

 

 

46.8

 

 

 

166.0

 

 

 

194.8

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

Residential

 

 

520,682

 

 

 

512,264

 

 

 

520,682

 

 

 

512,264

 

Commercial, Industrial & Other

 

 

31,725

 

 

 

31,227

 

 

 

31,725

 

 

 

31,227

 

Firm Transportation

 

 

23,490

 

 

 

25,713

 

 

 

23,490

 

 

 

25,713

 

Total Firm Customers

 

 

575,897

 

 

 

569,204

 

 

 

575,897

 

 

 

569,204

 

Interruptible

 

 

83

 

 

 

88

 

 

 

83

 

 

 

88

 

Total System Customers

 

 

575,980

 

 

 

569,292

 

 

 

575,980

 

 

 

569,292

 

Off System/Capacity Management*

 

 

20

 

 

 

8

 

 

 

20

 

 

 

8

 

Total Customers

 

 

576,000

 

 

 

569,300

 

 

 

576,000

 

 

 

569,300

 

*The number of customers represents those active during the last month of the period.

Degree Days

 

 

 

 

 

 

 

 

Actual

 

 

28

 

 

 

33

 

 

 

3,897

 

 

 

4,130

 

Normal

 

 

24

 

 

 

27

 

 

 

4,498

 

 

 

4,504

 

Percent of Normal

 

 

116.7

%

 

 

122.2

%

 

 

86.6

%

 

 

91.7

%

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Unaudited)

 

September 30,

 

September 30,

(Thousands, except customer, RECs and megawatt)

 

2023

 

2022

 

2023

 

2022

CLEAN ENERGY VENTURES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

 

 

SREC sales

 

$

69,455

 

 

$

76,637

 

 

$

79,762

 

 

$

84,476

 

TREC sales

 

 

4,629

 

 

 

1,913

 

 

 

12,636

 

 

 

5,487

 

Solar electricity sales and other

 

 

6,608

 

 

 

10,967

 

 

 

19,782

 

 

 

26,806

 

Sunlight Advantage

 

 

3,063

 

 

 

2,958

 

 

 

11,951

 

 

 

11,511

 

Total Operating Revenues

 

$

83,755

 

 

$

92,475

 

 

$

124,131

 

 

$

128,280

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

$

6,607

 

 

$

5,494

 

 

$

25,320

 

 

$

21,396

 

 

 

 

 

 

 

 

 

 

Operating Income

 

$

67,389

 

 

$

74,055

 

 

$

58,722

 

 

$

66,178

 

 

 

 

 

 

 

 

 

 

Income Tax (Benefit) Provision

 

$

15,396

 

 

$

16,885

 

 

$

(7,683

)

 

$

11,361

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

50,152

 

 

$

57,813

 

 

$

44,458

 

 

$

39,403

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

50,152

 

 

$

57,813

 

 

$

44,458

 

 

$

39,403

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Generated

 

 

129,286

 

 

 

146,772

 

 

 

422,039

 

 

 

425,453

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates Sold

 

 

345,035

 

 

 

378,532

 

 

 

393,906

 

 

 

417,305

 

 

 

 

 

 

 

 

 

 

Transition Renewable Energy Certificates Generated

 

 

28,507

 

 

 

13,443

 

 

 

80,520

 

 

 

38,914

 

 

 

 

 

 

 

 

 

 

Solar Renewable Energy Certificates II Generated

 

 

4,457

 

 

 

 

 

 

10,260

 

 

 

 

 

 

 

 

 

 

 

 

 

Solar Megawatts Under Construction

 

 

5.6

 

 

 

63.1

 

 

 

5.6

 

 

 

63.1

 

 

 

 

 

 

 

 

 

 

ENERGY SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

Operating revenues

 

$

102,932

 

 

$

439,568

 

 

$

691,616

 

 

$

1,529,272

 

Less:

 

 

 

 

 

 

 

 

Gas purchases

 

 

87,932

 

 

 

413,805

 

 

 

558,932

 

 

 

1,394,405

 

Operation and maintenance expense

 

 

6,207

 

 

 

24,549

 

 

 

19,351

 

 

 

39,080

 

Depreciation and amortization

 

 

51

 

 

 

54

 

 

 

221

 

 

 

148

 

Operating Income

 

$

8,742

 

 

$

1,160

 

 

$

113,112

 

 

$

95,639

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

4,577

 

 

$

(564

)

 

$

78,848

 

 

$

69,650

 

 

 

 

 

 

 

 

 

 

Financial Margin

 

$

4,255

 

 

$

22,213

 

 

$

119,132

 

 

$

94,806

 

 

 

 

 

 

 

 

 

 

Net Financial (Loss) Earnings

 

$

(3,537

)

 

$

(3,383

)

 

$

68,517

 

 

$

39,121

 

 

 

 

 

 

 

 

 

 

Gas Sold and Managed (Bcf)

 

 

41.4

 

 

 

50.2

 

 

 

150.4

 

 

 

231.1

 

 

 

 

 

 

 

 

 

 

STORAGE AND TRANSPORTATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

22,933

 

 

$

25,860

 

 

$

92,859

 

 

$

67,735

 

 

 

 

 

 

 

 

 

 

Equity in Earnings of Affiliates

 

$

863

 

 

$

2,279

 

 

$

3,126

 

 

$

9,865

 

 

 

 

 

 

 

 

 

 

Operation and Maintenance Expense

 

$

10,697

 

 

$

8,044

 

 

$

34,648

 

 

$

30,568

 

 

 

 

 

 

 

 

 

 

Other Income, Net

 

$

2,021

 

 

$

1,405

 

 

$

6,850

 

 

$

8,546

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

6,538

 

 

$

4,937

 

 

$

25,803

 

 

$

12,097

 

 

 

 

 

 

 

 

 

 

Income Tax Provision (Benefit)

 

$

370

 

 

$

(853

)

 

$

3,444

 

 

$

1,879

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,877

 

 

$

12,467

 

 

$

13,154

 

 

$

26,598

 

 

 

 

 

 

 

 

 

 

Net Financial Earnings

 

$

1,784

 

 

$

11,341

 

 

$

12,835

 

 

$

22,454

 

 

 

 

 

 

 

 

 

 

HOME SERVICES AND OTHER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

14,969

 

 

$

14,789

 

 

$

57,638

 

 

$

56,182

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

$

595

 

 

$

(1,562

)

 

$

2,495

 

 

$

678

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

3,451

 

 

$

(1,894

)

 

$

4,758

 

 

$

(781

)

 

 

 

 

 

 

 

 

 

Net Financial Earnings (Loss)

 

$

3,451

 

 

$

(1,894

)

 

$

4,758

 

 

$

(781

)

 

 

 

 

 

 

 

 

 

Total Service Contract Customers at Sep 30

 

 

101,499

 

 

 

103,123

 

 

 

101,499

 

 

 

103,123

 

 

 

 

 

 

 

 

 

 

 

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