SOUTH JERSEY INDUSTRIES INC - FORM 8-K - EX-99 - EXHIBIT 99 - November 4, 2016

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SOURCE: STEPHEN H. CLARK
609-561-9000
 
                          MARISSA TRAVALINE
 
 
COMPANY NAME: SOUTH JERSEY INDUSTRIES, INC.
 
 
MARKET: N
 
 
STOCK SYMBOL: SJI
 
 
 
 
 
 
 
 
SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
 
 
COMPARATIVE EARNINGS STATEMENTS
 
 
(In Thousands Except for Per Share Data)
 
 
UNAUDITED
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
September 30,
 
 
2016
 
2,015
Operating Revenues:
 
 
 
Utility
 $ 60,983

 
$
57,507

Nonutility
        158,099

 
83,555

 
 
 
 
Total Operating Revenues
219,082

 
141,062

 
 
 
 
Operating Expenses:
 
 
 
Cost of Sales - (Excluding depreciation)
 
 
 
       - Utility
          25,353

 
21,808

       - Nonutility
        117,635

 
77,316

Operations
          34,796

 
33,150

Maintenance
           4,150

 
4,188

Depreciation
          23,109

 
18,422

Energy and Other Taxes
           1,449

 
1,231

 
 
 
 
Total Operating Expenses
206,492

 
156,115

 
 
 
 
Operating Income (Loss)
12,590

 
(15,053
)
 
 
 
 
Other Income and Expense
           2,223

 
2,241

Interest Charges
          (7,355)

 
(8,107
)
 
 
 
 
Income (Loss) Before Income Taxes
           7,458

 
(20,919
)
 
 
 
 
Income Taxes
          (2,807)

 
10,968

Equity in Earnings (Losses) of Affiliated Companies
           5,013

 
(2,581
)
 
 
 
 
Income (Loss) from Continuing Operations
           9,664

 
(12,532
)
 
 
 
 
Loss from Discontinued Operations - (Net of tax benefit)
               (29)

 
(91
)
 
 
 
 




Net Income (Loss)
 $ 9,635

 
$
(12,623
)
 
 
 
 
 
Basic Earnings per Common Share:
 
 
 
 
 
 
 
 
Continuing Operations
 $ 0.12

 
$
(0.18
)
Discontinued Operations
—

 
—

 
 
 
 
 
Basic Earnings per Common Share
 $ 0.12

 
$
(0.18
)
 
 
 
 
 
Average Shares of Common Stock Outstanding - Basic
          79,478

 
68,607

 
 
 
 
 
Diluted Earnings per Common Share:
 
 
 
 
 
 
 
 
Continuing Operations
 $ 0.12

 
$
(0.18
)
Discontinued Operations
—

 
—

 
 
 
 
 
Diluted Earnings per Common Share
 $ 0.12

 
$
(0.18
)
 
 
 
 
 
Average Shares of Common Stock Outstanding - Diluted
          79,635

 
68,607

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
September 30,
 
 
2016
 
2,015
Operating Revenues:
 
 
 
Utility
 $ 312,925

 
$
399,332

Nonutility
        393,594

 
302,393

 
 
 
 
Total Operating Revenues
        706,519

 
701,725

 
 
 
 
Operating Expenses:
 
 
 
Cost of Sales - (Excluding depreciation)
 
 
 
       - Utility
        110,067

 
191,683

       - Nonutility
        284,236

 
240,093

Operations
        109,843

 
108,813

Maintenance
          12,793

 
12,114

Depreciation
          66,106

 
52,671

Energy and Other Taxes
           4,617

 
4,693

 
 
 
 
Total Operating Expenses
587,662

 
610,067

 
 
 
 
Operating Income
118,857

 
91,658

 
 
 
 




Other Income and Expense
           8,787

 
7,522

Interest Charges
        (24,744)

 
(24,182
)
 
 
 
 
Income Before Income Taxes
        102,900

 
74,998

 
 
 
 
Income Taxes
        (34,885)

 
(2,366
)
Equity in Earnings (Losses) of Affiliated Companies
           5,038

 
(17,970
)
 
 
 
 
Income from Continuing Operations
          73,053

 
54,662

 
 
 
 
Loss from Discontinued Operations - (Net of tax benefit)
             (176)

 
(441
)
 
 
 
 
Net Income
 $ 72,877

 
$
54,221

 
 
 
 
 
Basic Earnings per Common Share:
 
 
 
 
 
 
 
 
Continuing Operations
 $ 0.97

 
$
0.80

Discontinued Operations
—

 
(0.01
)
 
 
 
 
 
Basic Earnings per Common Share
 $ 0.97

 
$
0.79

 
 
 
 
 
Average Shares of Common Stock Outstanding - Basic
          75,316

 
68,491

 
 
 
 
 
Diluted Earnings per Common Share:
 
 
 
 
 
 
 
 
Continuing Operations
 $ 0.97

 
$
0.80

Discontinued Operations
—

 
(0.01
)
 
 
 
 
 
Diluted Earnings per Common Share
 $ 0.97

 
$
0.79

 
 
 
 
 
Average Shares of Common Stock Outstanding - Diluted
          75,411

 
68,689

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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