Good afternoon, my name is Ashley and I will be your conference operator today. At this time, I would like to welcome everyone to the New Jersey Resources Quarterly Earnings Conference Call. (Operator Instructions). Thank you. I will now turn the call over to Mr. Puma, Manager of Treasury Services

Thank you, Ashley. Good afternoon, everybody, and welcome to New Jersey Resources first quarter fiscal 2008 conference call and webcast. I'm joined by Larry Downes, our Chairman and CEO; Glenn Lockwood, our CFO, as well as other members of our senior management team. As you know, certain statements in our news release and in today's call contain estimates or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution readers of our news release and listeners to this call that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR's ability to control or estimate precisely, which could cause the results to materially differ from the company's expectations. A list of these items can be found, but is not limited to, items in the forward-looking statements section of today's news release filed on Form 8-K, on Form 10-K filed on December 10, 2007, and on Form 10-Q which we expect to file later today. All these items can be found at sec.gov. NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced therein in light of future events. With that being said, I'd like to turn the call over to our Chairman and CEO, Larry Downes. Larry?

Thanks, Dennis. Good afternoon everyone and as always, thanks for joining us on the call. As you know this morning, we released our first quarter earnings and I am pleased to report that we were off to an excellent start in fiscal 2008. Earnings on a GAAP basis, which include the impact of changes in the value of the derivatives that we use in our non-utility businesses, were $30.2 million for the quarter or $1.09 per basic share versus $29.4 million or a $1.06 per basic share last year. Net financial earnings, which is a non-GAAP measure that excludes the changes in the value of the derivative instruments used on non-regulated subsidiaries rose to $36.3 million or a $1.31 per basic share versus $28.1 million or a $1.01 per basic share during the same period last year. Driving our performance were the strong results of NJR Energy Services, which recorded higher earnings due primarily to a larger portfolio of transportation capacity. This year as we have reported previously, we expect NJRES to contribute between 40% and 45% of our total earnings. From a return on investment perspective to December 31, 2007, our shareowners were rewarded with a one-year total return of 6.1% compared with 5.5% for the S&P 500. Additionally, on January 22, 2008, our Board of Directors approved a three-for-two stock split. Shareowners of record at the close of business on February 8, 2008, will receive one additional share of NJR stock for every two shares of common stock owned as of that date. And on the same day, the Board approved a 5% increase in the quarterly dividend rate from this current level of $0.40 to $0.42 on a pre-split basis. The new quarterly post-split rate will be payable on April 1, 2008 to shareowners of record on…

(Operator Instructions) At this time there are no questions.

We would like to thank you very much and we will speak with you next quarter. Thank you.

Thank you for participating in today's New Jersey Resources quarterly earnings conference call. This call will be available for replay, beginning at 5 p.m. Eastern Time today, through 11.59 p.m. Eastern Time on February 11, 2008. The conference ID number for the replay is 31525355, the number to dial for the replay is 1-800-642-1687 or 706-645-9291. This concludes today's conference. You may now disconnect.