Good day and welcome to the New Jersey Resources Corporation Q3 2014 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions). After today's presentation, there will be 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.

Thank you, Kate, and good morning, everybody. Welcome to New Jersey Resources' fiscal 2014 third quarter conference call and webcast. I'm joined here 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 in 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 statements section of today's news release filed on Form 8-K, and in our 10-Q to be filed on August 4, 2014. 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 discussions that are available on our Website and that was also filed on our Form 8-K this morning. With that said, I'd like to turn the call over to our Chairman and CEO, Larry Downes. Larry?

Thanks, Dennis. Good morning, everyone, and thank you for joining us. I think for those of you who follow our company have seen this morning's press release you know that fiscal 2014 is a very strong year for New Jersey Resources because not only of the largest components of our portfolio turning in solid results, but according to a recent study by (inaudible) reports New Jersey Natural Gas was ranked the most trusted utility brand in both New Jersey and Eastern region and was rated among the best in the United States. During my presentation this morning I'll be making forward-looking statements. Our actual results will be affected by many different factors including those that are listed on slide one. The complete list is included on our 10-K and as always I would ask you to take the time to please review them carefully. Also as we note on slide two, I'll be referring to certain non-GAAP measures such as net financial earnings or NFE, as I discuss our results. And we believe that NFE provides better measure of our performance as it excludes the changes in the value of the derivatives we use to hedge NJRES operations. However, NFE is non-intended to be a substitute for GAAP or non-GAAP measure or discuss more fully in Item 7 of 10-K or 10-K end. I'd ask you to take the time to review that disclosure as well. So starting to with slide three, you'll see an overview of our third quarter year-to-date results by business. This morning, we announced net financial earnings of $196.3 million or $4.67 per share for the nine months ended June 30, 2014 that compared with $113.9 million or $2.73 per share for the same period last year. And that represented a 71% increase. Our performance this…

Thanks, Larry, and good morning, everyone. I'll take a few minutes to review the results for each of our major segments. The increases in utility gross margin that we show on slide 14 for both three and nine months ended June 30, 2014 were due primarily to increases related to our infrastructure investments their earning and immediate return, customer growth and BGSS incentives. We have added 5,151 new customers to our system so far this fiscal year and as Larry mentioned, we are on track to achieve our goal of adding between 7,000 and 7,500 new customers this year. Our firm natural gas deliveries have increased about 7.8 Bcf so far this year because of the colder than normal winter. But keep in mind that our CIP mitigates this impact of colder weather on our margin and we have accrued a credit to customers of about $5.5 million. Speaking of the CIP, I am happy to report that the BP recently gave its approval for us to continue to operate under our CIP with no expiration date. It will be subject to review in our 2017 rate filing. Moving to slide 15, our strong customer growth continued into the third quarter of fiscal 2014 as the housing markets continued to recover in our service territories. As you can see, there is a good balance of about 50-50 between new construction conversions, some of the fuels, primarily fuel oil and we expect that mix to continue. We continue to see an increase in the pace of new construction in our service territories, particularly in Ocean County service area. We also saw 437 of our existing customers convert to natural gas heat this year. These are customers who have natural gas service in their home for other applications but have decided to…

Thanks, Glenn. As we close our call this morning, I think you can see that our portfolio of energy-related businesses which is anchored by our regulated assets is continuing to generate excellent returns. Our service territory and strong demographic that offer the opportunity for consistent long-term infrastructure investment and margin growth opportunities and comprises the majority of our earnings. Our regulatory strategy remains balanced and recognize the importance of generating value for our customers and shareowners while supporting public policy. Our non-regulated energy related activities provide a source of incremental growth we have a strong and efficient financial profile that will provide access to capital as needed and we believe these fundamentals will support our long-term earnings and dividend growth targets both of which we increased earlier this year and exceed our peer group average. So as I close, I just want to again mention after results we've reported to you today would not have been possible without the hard work and dedication of our employees and on behalf of our Board and our entire leadership team, I thank them because it is their effort that drive our performance. We're a strong company today with the bright future because of everything that our employees do. And I also want to say thank you to our investors for their confidence in NJR. And with that we would be happy to take any of your questions.

(Operator Instructions) Our first question comes from Mark Barnett from Morningstar. Please go head.

Hey good morning guys.

Good morning.

Thanks for all the commentary, a lot of detail today, I did just have one more broad question. Given that you are not going to be filing until mid or for mid 2015 what's our kind of timeframe on I guess when your next -- what's regulatory schedule look like I guess through the rest of the full year and of the fiscal year? And when can you remind me the timing of that formal filing that you might make going forward?

I think Mark you are referring to the base rate filing that will be in November of 2015. So we will go through the normal internal preparation process in anticipation that filing.

But generally it’s a pretty quiet period now that you've got in the NJ RISE approved and the CIP. So really just going to utility the operating under zone get some of its own steam for the next year or so?

Mark Sperduto has the regulatory income on that.

Yes, that's generally true with the completion of NJ RISE and that approval just earlier this month, the initiatives are pretty much taken care of. And just to add a little bit to the rate case preparation. The rate case will be filed in November as Larry said in '15 and will be top most likely the 12 months ended June of 16th, and then according to regulatory parameters in New Jersey we are allowed to add capital additions through the balance of '16 to take us through December of '16 calendar year.

So the only thing, you'll see Mark, you'll see our normal filing that you’d see, but that’s it.

Okay, thanks a lot guys. Thank you all the details today.

Thank you.

(Operator Instructions). There are no questions at this time. This concludes our question-and-answer session. I am sorry, we do have a question from Spencer Joyce from Hilliard Lyons. Please go ahead.

Hey good morning guys.

Good morning.

Hey, Spencer.

Sorry, I buzzed in kind of late on you. Glenn, just a quick nuance question for you. I noticed the line in the press release about the one-time payment at the Clean Energy Ventures segment. Can you give us a magnitude on what that was? And then any kind of color on as to whether we could see something like that in the future?

Spencer, its Glenn. It’s the majority of the other income reported in the third quarter so you can that number in the income statement and the attachments to the press release.

Okay, fantastic. And then also potentially in the other line, the expenses you mentioned for potentially some voluntary early retirement, would we see those pop up maybe in the O&M line or would that maybe be somewhere else?

That will be in the fourth quarter and that will be in the O&M line.

Okay, alright thanks guys, that’s all I had.

Thanks Spencer.

(Operator Instructions) There are no questions at this time. This concludes our question-and-answer session. I would like to turn the conference back over to Dennis Puma for any closing remarks.

Alright, thank you Kate, thank you everyone for joining us this morning. As a reminder a recording of the call is available for replay on our website. Again, we appreciate your interest and investment in New Jersey Resources and we will see you next quarter. Good Bye.

The conference has now concluded, thank you for attending today’s presentation. You may now disconnect.