South Jersey Utility Posts Strong Quarterly Results

FOLSOM — Despite the current economic downturn, one local utility provider recently reported strong first-quarter performance for its stockholders.
On May 11, South Jersey Industries (SJI) announced income from continuing operations for the first quarter of 2009 of $31.6 million, or $1.06 per share as compared with $24.7 million, or $0.83 per share in the first quarter of 2008, according to a release.
SJI is the holding company for South Jersey Gas (SJG), which serves customers in 112 municipalities spanning over 2,500 square miles, or one-third of New Jersey’s land area. The service area includes all of Atlantic, Cape May, Cumberland and Salem counties and parts of Burlington, Camden and Gloucester counties.
“Despite the turbulent economic environment, SJI achieved record first quarter performance, which sets us up for another strong year in 2009,” said SJI Chairman & CEO Edward J. Graham.
“Strong performance at key non-utility businesses, coupled with ongoing initiatives to boost efficiency throughout the organization, continue to drive our performance. SJI continues to have bright prospects for the remainder of 2009 and beyond.”
According to the release, SJI’s highlights include:
• Economic Earnings per share up 11% for the quarter.
• Entered into an agreement with the Northeast Maryland Waste Disposal Authority to develop a landfill-gas-to-electricity project.
• Won a 2-year contract to supply electricity to 400 New Jersey school districts
• Received approval from the New Jersey Board of Public Utilities for our proposal to improve SJG infrastructure and create jobs in support of NJ Governor Jon Corzine’s economic stimulus plan.
• Maintained a strong balance sheet: equity-to-capitalization ratio was 53% at March 31, 2009.
• SJG’s senior secured rating was upgraded to “A3” with a positive outlook by Moody’s Investor Services.