Earnings Labs

New Jersey Resources Corporation (NJR)

Q4 2013 Earnings Call· Mon, Nov 25, 2013

$55.54

-1.25%

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Transcript

Operator

Operator

Hello. And welcome to the New Jersey Resources Fourth Quarter Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation there will an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Dennis Puma. Please go ahead.

Dennis Puma

Management

Thank you, Amy, and good morning, everyone. Welcome to New Jersey Resources' fourth quarter and year-end fiscal 2013 conference call and webcast. I am joined today by Larry Downes, our Chairman and CEO; Glenn Lockwood, our Chief Financial Officer, as well as other members of our senior management team. As you know, certain statements in our news release and on today's call contain estimates and other forward-looking statements within 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 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 statement section of today's news release filed on Form 8-K, and in our Form 10-K to be filed later today. Both of 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 herein in light of future events. I’d also like to point out that there are slides accompanying today’s discussion which are available on our website and will be filed with the SEC -- with the on the 8-K this morning. With that said, I’d like to turn the call over to our Chairman and CEO, Larry Downes. Larry?

Larry Downes

Chairman

Thanks, Dennis. Good morning, everyone. Thank you for joining us today. I want to begin by reminding everyone that during my presentation I will be making forward-looking statements. As Dennis mentioned, our actual results will be affected by many factors including those that we have listed on slide one. The complete list is in our 10-K, so I would ask you to please take the time to review them carefully. Also as we note on slide two, I will be referring to certain non-GAAP measures such as net financial earnings or NFE, as I am discussing our results this morning. And although we believe that NFE provides a good measure of our performance, it is not intended to be a substitute for GAAP and it’s also discussed more fully in Item 7 of our 10-K. The non-GAAP measures have been provided pursuant to the requirements of the SEC’s Regulation G and I would ask you to please take the time to review that disclosure as well. On slide three, you can see that despite many challenges, fiscal 2013 turned out to be a strong one for New Jersey Resources. We were able to achieve our 22nd consecutive year of higher NFE and we increased the dividend to the 18th consecutive year, despite Superstorm Sandy we have added 11% more new utility customers in fiscal 2012. We invested $60 million in solar and recently announced our first wind project. NJR Energy Services had a very strong year. They nearly doubled their NFE from fiscal 2012. We improved our results from Home Services as a result of higher generator sales and equipment installations, and importantly, we established a strategic plan that we believe will support our long-term growth. Moving to slide four, you can see that we were able to deliver another…

Operator

Operator

(Operator Instructions) We show no questions at this time. Mr. Puma, would you like to make any closing remarks.

Dennis Puma

Management

Okay. Thank you, Amy. Thank you all for joining us this morning. As a reminder, a recording of this call is available for replay on our website. Again, we appreciate your interest and investment in New Jersey Resources and we wish you all safe and healthy holiday season. Good-bye.

Operator

Operator

The conference is now concluded. Thank you for attending today's event. You may now disconnect.