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FOLSOM, N.J. -- South Jersey Industries today posted record nine-month earnings from continuing operations of $15.1 million or $1.32 per share in 2000 versus $13.7 million or $1.27 per share a year ago. Consolidated earnings per share including discontinued operations for the nine months were $1.29 per share compared with $1.25 per share last year. The results for the nine-month period are primarily attributed to improved performance by SJI's non-utility business lines.
Results for the third quarter 2000 were slightly ahead of First Call estimates. SJI reported a consolidated net loss from continuing operations of $4.0 million or 35 cents per share compared with a net loss of $4.2 million or 38 cents per share last year. Third quarter performance was helped by the continued success of SJI's non-utility business lines and utility customer growth that partially offset higher interest expenses. Traditionally, SJI experiences a third quarter loss since natural gas use by utility heating customers is at a seasonal low in the summer.
"Our ongoing ability to adapt our businesses to meet the needs and opportunities of the regional energy marketplace makes us very confident that we'll meet or exceed First Call's consensus estimates for 2000 and 2001," said Charles Biscieglia, chairman, president and CEO for South Jersey Industries. "The combination of steady performance by South Jersey Gas and improved profitability from South Jersey Energy that continues to exceed management's expectations gives us a highly optimistic view for SJI's earnings."
Biscieglia hosts an open conference call and webcast to discuss SJI's third quarter earnings Thursday, October 19 at 11 a.m. Eastern. To participate in the conference call dial 1-800-388-8975 approximately 10 minutes ahead of the scheduled time. To listen to the live webcast, simply visit the South Jersey Industries website at http://www.sjindustries.com and click the webcast icon. SJI encourages shareholders, media and members of the financial community to attend the conference call and/or listen to the webcast. A recorded version of this webcast will be available at SJI's website following the conference call. A rebroadcast of this conference call will also be available by phone by calling 1-800-428 6051 and entering the code:138723.
South Jersey Industries (NYSE: SJI) is an energy services holding company for South Jersey Gas and South Jersey Energy. SJI's goals are to provide consistent, sustainable dividend growth and to increase its earnings per share by five to 10 percent annually.
This release contains forward-looking statements about SJI's financial performance. The statements are made in good faith and deemed reasonable at the date of this release. SJI assumes no responsibility to update this information.
Actual results may vary and SJI encourages you to conduct your own research before making any investment decisions including a review of SJI's Annual Report to Shareholders and SEC Form 10K for a complete discussion of risks and/or uncertainties that may cause actual results to vary.