Folsom,
NJ - South Jersey Industries (NYSE:SJI)
today announced that its board of directors had voted to
increase the company’s annualized dividend to $1.19,
an increase of $0.11 per share over the previous level. The
increase equates to an increase of the regular quarterly
dividend from $0.27 to $0.2975 per share. SJI has now increased
its dividend for 10 consecutive years.
“Our confidence
in SJI’s performance
for the remainder of 2008 and beyond supported the action
by our board to announce a 10% dividend increase,” said
SJI Chairman & CEO Edward Graham. “An increase
of this size represents a strong statement by SJI’s
board and management regarding the current health and future
prospects of the company,” continued Graham. SJI’s
expectation of strong 2008 results is supported by year-to-date
performance from a number of business lines, particularly
the asset management and marketing, and the on-site energy
production businesses. Since the end of 2005, SJI has raised
its annual dividend by $0.29 per share, an increase of 32%.
Factors that the board considers
when setting the dividend include future earnings expectations,
payout ratio, and dividend yield relative to those at peer
companies as well as returns available on other income-oriented
investments. SJI recognizes that dividends are an important
income source for many of our shareholders, and remains committed
to providing a secure, growing dividend.
The dividend is
payable December 29, 2008 to shareholders of record at
the close of business December 10, 2008. SJI has paid dividends
for 56 consecutive years.
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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