Folsom, NJ -
South Jersey Industries (NYSE: SJI)
announced today that its board of directors voted to increase
the company’s regular quarterly dividend from $0.2975
to $0.33 per share. The increase equates to an annualized
dividend of $1.32, a $0.13 per share increase over the previous
level. This marks the 11th year in a row that SJI has increased
its dividend.
“Our performance in a
difficult economic environment in 2009, coupled with very
attractive growth opportunities ahead of us, supported this
significant dividend increase,” stated
Edward J. Graham, SJI chairman, president and CEO. “SJI’s
board approved the 11% hike, well above the base growth level
of 6% to 7% per year cited in its dividend policy, to emphasize
its confidence in SJI’s future,” continued Graham.
Since the end of 2005, SJI has raised its annual dividend
by $0.42 per share, an increase of 47%.
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, 2009 to shareholders of record at the close of business
December 10, 2009. SJI has paid dividends for 58 consecutive
years.
Forward-Looking Statement
T
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. 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 energy efficiency 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 on-site energy
projects. South Jersey Resources Group provides wholesale
commodity marketing and risk management services. South Jersey
Energy Service Plus installs, maintains and services residential
and commercial heating, air conditioning and water heating
systems; services appliances; installs solar systems; provides
plumbing services and performs energy audits. For more information
about SJI and its subsidiaries, visit http://www.sjindustries.com.
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