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South Jersey Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 7, 2012 04:34PM

South Jersey Industries Inc. (SJI) filed Quarterly Report for the period ended 2012-03-31. South Jersey In has a market cap of $1.48 billion; its shares were traded at around $47.47 with a P/E ratio of 16.9 and P/S ratio of 1.8. The dividend yield of South Jersey In stocks is 3.3%. South Jersey In had an annual average earning growth of 4% over the past 10 years.



Highlight of Business Operations:

Throughput - Utility - Total gas throughput increased 4.5 MMdts, or 12.2%, for the three months ended March 31, 2012, compared with the same period in 2011. This increase was realized primarily in the Capacity Release and Off-System Sales (OSS) markets. Capacity Release and OSS increased 6.8 MMdts and 2.6 MMdts, respectively, during the three months ended March 31, 2012, as compared with the same period in 2011. Due to unusually warm weather experienced in the region during the first quarter of 2012, SJG experienced a lower demand by its firm customers, thereby creating greater opportunity for both Capacity Release and OSS sales. Firm throughput decreased 4.6 MMdts, or 19.0%, during the three months ended March 31, 2012, compared to the same period in 2011. This was primarily the result of weather that was 22.7% warmer for the three months ended March 31, 2012, as compared with the same period last year, partially offset by customer growth. The Company added 4,660 customers over the twelve month period ended March 31, 2012, which represents a growth rate of 1.3%.

Operating Revenues - Utility - Revenues increased $4.8 million, or 2.8%, during the three months ended March 31, 2012, compared with the same period in the prior year after eliminating intercompany transactions. Firm sales revenue decreased $6.8 million, or 4.1%, during the first quarter of 2012 versus the same period in 2011, as the result of lower firm throughput, as reflected in the Throughput table above. This was the result of weather that was 22.7% warmer than last year and among the warmest winter seasons on record. While the impact of the warmer weather can readily be seen in the throughput table above, the impact on firm revenue is not as evident in the revenue table above. As SJG provided firm customers with a $21.1 million refund in March 2011 due to lower gas costs, revenues during the first quarter of 2011 were also lower than normal.

SJE s revenues from retail gas operations, net of intercompany transactions, decreased by $18.8 million, or $50.9%, for the three months ended March 31, 2012, compared with the same period in 2011. Excluding the change in unrealized gains and losses recorded on forward financial contracts of $(0.2) million, revenues decreased $19.0 million. The decrease was mainly due to a 33.4% decrease in the average monthly New York Mercantile Exchange (NYMEX) settle price and a 27.9% decrease in sales volumes for the comparative three-month period. The decrease in sales volumes was mainly due to SJE's exit from the residential market in October 2011 and the significantly warmer weather experienced during the first quarter of 2012 as compared with the same period in 2011.

SJE s revenues from retail electric operations, net of intercompany transactions, decreased $9.5 million, or 16.2%, for the three months ended March 31, 2012, compared with the same period in 2011. Excluding the impact of the net change in unrealized gains and losses recorded on forward financial contracts due to price volatility of $(0.4) million, revenues decreased $9.9 million for the three months ended March 31, 2012, compared with the same period in 2011.

SJRG s revenues from wholesale energy operations, net of intercompany transactions, decreased $30.8 million for the three months ended March 31, 2012, compared with the same period in 2011. Excluding the impact of the net change in unrealized gains and losses recorded on forward financial contracts of $(1.8) million due to price volatility and adjusting for the change in realized gains and losses on all hedges attributed to inventory transactions of $(0.2) million, to align them with the related cost of inventory in the period of withdrawal, SJRG s revenues decreased $32.8 million for the three months ended March 31, 2012, respectively, compared with the same period in 2011.

Read the The complete Report



Stocks Discussed: SJI,
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