Folsom,
NJ - South Jersey Industries (NYSE: SJI) today
announced Economic Earnings per share guidance for 2008 of
between $2.22 per share and $2.30 per share, or between 6%
and 10% above the 2007 level of $2.09 per share.
“The strength of our performance during the beginning
of 2008 and our prospects for the remainder of the year support
this increase from our long-term growth target,” said
SJI Chairman, President & CEO Edward J. Graham. SJI’s
long-term goal is for Economic Earnings per share growth
to average 6% to 7% annually. “The performance to date
at our energy asset management and marketing businesses,
coupled with our ability to take advantage of market conditions
to benefit the remainder of the year, is an important component
of this expectation,” continued Graham. Other factors
expected to benefit 2008 performance include improved performance
at our energy project business, which will benefit from serving
the Borgata’s new Water Club tower when it opens for
business during the second quarter, and at the retail service
business which installs HVAC systems and services appliances.
We use the non-GAAP measure, Economic Earnings per share
to reflect the economic value, as opposed to the mark-to-market
value, of all of our energy derivative transactions. Economic
Earnings eliminates all unrealized gains or losses on commodity
derivative transactions and adjusts for realized gains and
losses attributed to hedges on inventory transactions.
Forward-Looking Statement
This news release
contains forward-looking statements. All statements other
than statements of historical fact included in this press
release should be considered forward-looking statements made
in good faith by the Company and are intended to qualify
for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. When used in this
press release words such as “anticipate”, “believe”, “expect”, “estimate”, “forecast”, “goal”, “intend”, “objective”, “plan”, “project”, “seek”, “strategy” and
similar expressions are intended to identify forward-looking
statements. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the
statements. These risks and uncertainties include, but are
not limited to, the following: general economic conditions
on an international, national, state and local level; weather
conditions in our marketing areas; changes in commodity costs;
the timing of new projects coming online; changes in the
availability of natural gas; “non-routine” or “extraordinary” disruptions
in our distribution system; regulatory, legislative and court
decisions; competition; the availability and cost of capital;
costs and effects of legal proceedings and environmental
liabilities; the failure of customers, suppliers or business
partners to fulfill their contractual obligations; and changes
in business strategies. SJI assumes no duty to update these
statements should actual events differ from expectations.
About South Jersey Industries
South Jersey
Industries (NYSE: SJI) is an energy services holding company
for utility and non-regulated businesses. A member of the
KLD Global Climate 100 Index, SJI offers solutions to global
warming through renewable energy, clean technology and efficiency.
South Jersey Gas, one of the fastest growing natural gas
utilities in the nation, strongly advocates the efficient
use of energy while safely and reliably delivering natural
gas in southern New Jersey. South Jersey Energy Solutions,
the parent of SJI’s non-regulated businesses, provides
innovative, environmentally friendly energy solutions that
help customers control energy costs. South Jersey Energy
acquires and markets natural gas and electricity for retail
customers and offers energy-related services. Marina Energy
develops and operates energy projects including thermal facilities
serving hot and chilled water for casinos, cogeneration facilities
and landfill gas-to-electricity facilities. South Jersey
Resources Group provides wholesale commodity marketing and
risk management services. South Jersey Energy Service Plus
installs, maintains and services heating, air conditioning
and water heating systems, services appliances, installs
solar systems and performs energy audits. For more information
about SJI and its subsidiaries, visit http://www.sjindustries.com.
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