[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
[
]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
New
Jersey
|
22-1901645
|
(State
of incorporation)
|
(IRS
employer identification no.)
|
Common
Stock
|
|
($1.25
par value per share)
|
New
York Stock Exchange
|
(Title
of each class)
|
(Name
of exchange on which registered)
|
SOUTH
JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|||||||
(In
Thousands Except for Per Share Data)
|
|||||||
Three
Months Ended
|
|||||||
June
30,
|
|||||||
2006
|
|
|
2005
|
||||
Operating
Revenues:
|
|||||||
Utility
|
$
|
95,107
|
$
|
84,759
|
|||
Nonutility
|
60,425
|
69,280
|
|||||
Total
Operating Revenues
|
155,532
|
154,039
|
|||||
Operating
Expenses:
|
|||||||
Cost
of
Sales - Utility
|
66,141
|
53,787
|
|||||
Cost
of
Sales - Nonutility
|
47,484
|
57,114
|
|||||
Operations
|
14,742
|
16,131
|
|||||
Maintenance
|
1,365
|
1,511
|
|||||
Depreciation
|
6,396
|
5,971
|
|||||
Energy
and Other Taxes
|
1,891
|
2,117
|
|||||
Total
Operating Expenses
|
138,019
|
136,631
|
|||||
Operating
Income
|
17,513
|
17,408
|
|||||
Other
Income and Expense
|
646
|
(55
|
)
|
||||
Interest
Charges
|
(6,217
|
)
|
(4,922
|
)
|
|||
Income
Before Income Taxes
|
11,942
|
12,431
|
|||||
Income
Taxes
|
(5,044
|
)
|
(5,091
|
)
|
|||
Equity
in Affiliated Companies
|
331
|
215
|
|||||
Income
from Continuing Operations
|
7,229
|
7,555
|
|||||
Loss
from Discontinued Operations - Net
|
(63
|
)
|
(182
|
)
|
|||
Net
Income
|
$
|
7,166
|
$
|
7,373
|
|||
Basic
Earnings Per Common Share:
|
|||||||
Continuing
Operations
|
$
|
0.248
|
$
|
0.270
|
|||
Discontinued
Operations - Net
|
$
|
(0.002
|
)
|
$
|
(0.006
|
)
|
|
Basic
Earnings Per Common Share
|
$
|
0.246
|
$
|
0.264
|
|||
Average
Shares of Common Stock Outstanding - Basic
|
29,162
|
27,953
|
|||||
Diluted
Earnings Per Common Share:
|
|||||||
Continuing
Operations
|
$
|
0.247
|
$
|
0.268
|
|||
Discontinued
Operations - Net
|
$
|
(0.002
|
)
|
$
|
(0.006
|
)
|
|
Diluted
Earnings Per Common Share
|
$
|
0.245
|
$
|
0.262
|
|||
Average
Shares of Common Stock Outstanding - Diluted
|
29,226
|
28,180
|
|||||
Dividends
Declared per Common Share
|
$
|
0.2250
|
$
|
0.2125
|
|||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
SOUTH
JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
|||||||
(In
Thousands Except for Per Share Data)
|
|||||||
Six
Months Ended
|
|||||||
June
30,
|
|||||||
2006
|
|
|
2005
|
||||
Operating
Revenues:
|
|||||||
Utility
|
$
|
364,628
|
$
|
296,926
|
|||
Nonutility
|
155,880
|
185,683
|
|||||
Total
Operating Revenues
|
520,508
|
482,609
|
|||||
Operating
Expenses:
|
|||||||
Cost
of
Sales - Utility
|
267,201
|
195,762
|
|||||
Cost
of
Sales - Nonutility
|
129,540
|
160,255
|
|||||
Operations
|
32,409
|
36,328
|
|||||
Maintenance
|
2,770
|
3,004
|
|||||
Depreciation
|
12,738
|
11,844
|
|||||
Energy
and Other Taxes
|
6,622
|
7,275
|
|||||
Total
Operating Expenses
|
451,280
|
414,468
|
|||||
Operating
Income
|
69,228
|
68,141
|
|||||
Other
Income and Expense
|
794
|
329
|
|||||
Interest
Charges
|
(12,583
|
)
|
(10,227
|
)
|
|||
Income
Before Income Taxes
|
57,439
|
58,243
|
|||||
Income
Taxes
|
(23,854
|
)
|
(24,205
|
)
|
|||
Equity
in Affiliated Companies
|
710
|
409
|
|||||
Income
from Continuing Operations
|
34,295
|
34,447
|
|||||
Loss
from Discontinued Operations - Net
|
(229
|
)
|
(326
|
)
|
|||
Net
Income
|
$
|
34,066
|
$
|
34,121
|
|||
Basic
Earnings Per Common Share:
|
|||||||
Continuing
Operations
|
$
|
1.179
|
$
|
1.236
|
|||
Discontinued
Operations - Net
|
$
|
(0.008
|
)
|
$
|
(0.012
|
)
|
|
Basic
Earnings Per Common Share
|
$
|
1.171
|
$
|
1.224
|
|||
Average
Shares of Common Stock Outstanding - Basic
|
29,097
|
27,876
|
|||||
Diluted
Earnings Per Common Share:
|
|||||||
Continuing
Operations
|
$
|
1.176
|
$
|
1.226
|
|||
Discontinued
Operations - Net
|
$
|
(0.008
|
)
|
$
|
(0.012
|
)
|
|
Diluted
Earnings Per Common Share
|
$
|
1.168
|
$
|
1.214
|
|||
Average
Shares of Common Stock Outstanding - Diluted
|
29,163
|
28,102
|
|||||
Dividends
Declared per Common Share
|
$
|
0.4500
|
$
|
0.4250
|
|||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
SOUTH
JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
|
|||||||
(In
Thousands)
|
|||||||
Three
Months Ended
|
|||||||
June
30,
|
|||||||
|
2006
|
|
2005
|
||||
Net
Income
|
$
|
7,166
|
$
|
7,373
|
|||
Other
Comprehensive Income (Loss), Net of Tax:
|
|||||||
Change
in Fair Value of Investments
|
(67
|
)
|
121
|
||||
Change
in Fair Value of Derivatives - Other
|
879
|
(1,271
|
)
|
||||
Change
in Fair Value of Derivatives - Energy Related
|
(832
|
)
|
(4,538
|
)
|
|||
Other
Comprehensive Income (Loss) - Net of Tax
|
(20
|
)
|
(5,688
|
)
|
|||
Comprehensive
Income
|
$
|
7,146
|
$
|
1,685
|
|||
Six
Months Ended
|
|||||||
June
30,
|
|||||||
2006
|
|
|
2005
|
||||
Net
Income
|
$
|
34,066
|
$
|
34,121
|
|||
Other
Comprehensive Income (Loss), Net of Tax:
|
|||||||
Change
in Fair Value of Investments
|
90
|
78
|
|||||
Change
in Fair Value of Derivatives - Other
|
2,103
|
(886
|
)
|
||||
Change
in Fair Value of Derivatives - Energy Related
|
3,665
|
(4,581
|
)
|
||||
Other
Comprehensive Income (Loss) - Net of Tax
|
5,858
|
(5,389
|
)
|
||||
Comprehensive
Income
|
$
|
39,924
|
$
|
28,732
|
|||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
SOUTH
JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|||||||
(In
Thousands)
|
|||||||
Six
Months Ended
|
|||||||
June
30,
|
|||||||
2006
|
|
2005
|
|||||
Cash
Flows from Operating Activities:
|
|||||||
Income
from Continuing
Operations
|
$
|
34,295
|
$
|
34,447
|
|||
Adjustments to Reconcile Income from Continuing Operations
|
|||||||
to Net Cash Provided by Operating Activities:
|
|||||||
Depreciation
and Amortization
|
13,684
|
13,287
|
|||||
Unrealized
Gain
on Derivatives - Energy Related
|
(3,761
|
)
|
(2,117
|
)
|
|||
Provision
for
Losses on Accounts Receivable
|
335
|
1,925
|
|||||
Stock-Based
Compensation Charge
|
468
|
745
|
|||||
Revenues
and
Fuel Costs Deferred - Net
|
4,844
|
(4,943
|
)
|
||||
Deferred
and
Noncurrent Income Taxes and Credits - Net
|
258
|
6,208
|
|||||
Environmental
Remediation Costs - Net
|
(3,513
|
)
|
(797
|
)
|
|||
Gas
Plant Cost of Removal
|
(670
|
)
|
(443
|
)
|
|||
Changes
in:
|
|||||||
Accounts
Receivable
|
78,259
|
49,594
|
|||||
Inventories
|
4,243
|
9,988
|
|||||
Other
Prepayments and Current Assets
|
(625
|
)
|
(1,389
|
)
|
|||
Prepaid
and Accrued Taxes - Net
|
(5,529
|
)
|
(1,972
|
)
|
|||
Accounts
Payable and Other Accrued Liabilities
|
(90,114
|
)
|
(24,682
|
)
|
|||
Other
Assets
|
(1,008
|
)
|
6,858
|
||||
Other
Liabilities
|
10,562
|
461
|
|||||
Discontinued
Operations
|
12
|
(462
|
)
|
||||
Net
Cash Provided by Operating Activities
|
41,740
|
86,708
|
|||||
Cash
Flows from Investing Activities:
|
|||||||
Net
(Purchase of) Proceeds from Sale of Restricted Investments
|
(21,284
|
)
|
12,041
|
||||
Capital
Expenditures
|
(42,253
|
)
|
(38,802
|
)
|
|||
Net
Other
|
(650
|
)
|
395
|
||||
Net
Cash Used in Investing Activities
|
(64,187
|
)
|
(26,366
|
)
|
|||
Cash
Flows from Financing Activities:
|
|||||||
Net
Repayments of Lines of Credit
|
(2,700
|
)
|
(38,775
|
)
|
|||
Proceeds
from
Issuance of Long-Term Debt
|
41,400
|
-
|
|||||
Principal
Repayments of Long-Term Debt
|
(2,334
|
)
|
(12,788
|
)
|
|||
Dividends
on
Common Stock
|
(13,116
|
)
|
(12,127
|
)
|
|||
Proceeds
from
Sale of Common Stock
|
2,535
|
4,683
|
|||||
Payments
for
Issuance of Long-Term Debt
|
(1,286
|
)
|
(100
|
)
|
|||
Premium
for Early Retirement of Long-Term Debt
|
-
|
(184
|
)
|
||||
Redemption
of
Preferred Stock
|
-
|
(1,690
|
)
|
||||
Net
Cash Provided by (Used in) Financing Activities
|
24,499
|
(60,981
|
)
|
||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
2,052
|
(639
|
)
|
||||
Cash
and Cash Equivalents at Beginning of Period
|
4,884
|
5,272
|
|||||
Cash
and Cash Equivalents at End of Period
|
$
|
6,936
|
$
|
4,633
|
|||
Supplemental
Disclosures of Non-Cash Investing Activities:
|
|||||||
Capital
Expenditures acquired on account but unpaid as of June 30
|
$
|
7,419
|
$
|
9,710
|
|||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
SOUTH
JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
BALANCE SHEETS
|
|||||||
(In
Thousands)
|
|||||||
(Unaudited)
|
|||||||
June
30,
|
December
31,
|
|
|||||
|
|
|
2006
|
|
|
2005
|
|
Assets
|
|||||||
Property,
Plant and Equipment:
|
|||||||
Utility
Plant, at original cost
|
$
|
1,055,207
|
$
|
1,030,028
|
|||
Accumulated Depreciation
|
(248,236
|
)
|
(241,242
|
)
|
|||
Nonutility
Property and Equipment, at cost
|
104,609
|
94,623
|
|||||
Accumulated Depreciation
|
(7,033
|
)
|
(6,061
|
)
|
|||
Property,
Plant
and Equipment - Net
|
904,547
|
877,348
|
|||||
Investments:
|
|||||||
Available-for-Sale
Securities
|
5,817
|
5,642
|
|||||
Restricted
|
29,518
|
8,234
|
|||||
Investment
in
Affiliates
|
1,473
|
2,094
|
|||||
Total
Investments
|
36,808
|
15,970
|
|||||
Current
Assets:
|
|||||||
Cash
and Cash Equivalents
|
6,936
|
4,884
|
|||||
Accounts
Receivable
|
106,357
|
139,142
|
|||||
Unbilled
Revenues
|
12,756
|
59,066
|
|||||
Provision
for
Uncollectibles
|
(5,370
|
)
|
(5,871
|
)
|
|||
Natural
Gas in Storage, average cost
|
128,492
|
117,542
|
|||||
Materials
and
Supplies, average cost
|
2,989
|
4,758
|
|||||
Deferred
Income
Taxes - Net
|
-
|
624
|
|||||
Prepaid
Taxes
|
17,781
|
13,061
|
|||||
Derivatives
-
Energy Related Assets
|
19,758
|
24,408
|
|||||
Other
Prepayments and Current Assets
|
6,054
|
5,415
|
|||||
Total
Current Assets
|
295,753
|
363,029
|
|||||
Regulatory
and Other Noncurrent Assets:
|
|||||||
Regulatory
Assets
|
119,382
|
121,483
|
|||||
Prepaid
Pension
|
28,920
|
30,075
|
|||||
Derivatives
-
Energy Related Assets
|
8,145
|
5,080
|
|||||
Derivatives
-
Other
|
3,041
|
-
|
|||||
Unamortized
Debt Issuance Costs
|
8,181
|
7,147
|
|||||
Contract
Receivables
|
13,920
|
14,766
|
|||||
Other
|
6,692
|
6,814
|
|||||
Total
Regulatory and Other Noncurrent Assets
|
188,281
|
185,365
|
|||||
Total
Assets
|
$
|
1,425,389
|
$
|
1,441,712
|
|||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
SOUTH
JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
BALANCE SHEETS
|
|||||||
(In
Thousands)
|
|||||||
(Unaudited)
|
|
|
|
|
|||
|
|
|
June
30,
|
|
|
December
31,
|
|
|
|
|
2006
|
|
|
2005
|
|
Capitalization
and Liabilities
|
|||||||
Common
Equity:
|
|||||||
Common
Stock
|
$
|
36,471
|
$
|
36,228
|
|||
Premium
on Common Stock
|
234,939
|
231,861
|
|||||
Accumulated
Other Comprehensive Loss
|
(2,942
|
)
|
(8,801
|
)
|
|||
Retained
Earnings
|
155,306
|
134,357
|
|||||
Total
Common Equity
|
423,774
|
393,645
|
|||||
Long-Term
Debt
|
358,133
|
319,066
|
|||||
Total
Capitalization
|
781,907
|
712,711
|
|||||
Minority
Interest
|
458
|
394
|
|||||
Current
Liabilities:
|
|||||||
Notes
Payable
|
144,600
|
147,300
|
|||||
Current
Maturities of Long-Term Debt
|
2,363
|
2,364
|
|||||
Accounts
Payable
|
74,811
|
179,023
|
|||||
Customer
Deposits and Credit Balances
|
21,144
|
12,534
|
|||||
Environmental
Remediation Costs
|
24,418
|
18,165
|
|||||
Taxes
Accrued
|
6,725
|
7,456
|
|||||
Derivatives
-
Energy Related Liabilities
|
28,375
|
21,957
|
|||||
Deferred
Income
Taxes - Net
|
4,529
|
-
|
|||||
Deferred
Contract Revenues
|
3,886
|
5,077
|
|||||
Dividends
Payable
|
6,565
|
-
|
|||||
Interest
Accrued
|
6,260
|
6,258
|
|||||
Other
Current Liabilities
|
3,359
|
6,078
|
|||||
Total
Current Liabilities
|
327,035
|
406,212
|
|||||
Deferred
Credits and Other Noncurrent Liabilities:
|
|||||||
Deferred
Income
Taxes - Net
|
168,642
|
169,423
|
|||||
Investment
Tax
Credits
|
2,633
|
2,795
|
|||||
Pension
and Other Postretirement Benefits
|
18,263
|
18,941
|
|||||
Asset
Retirement Obligations
|
23,363
|
22,588
|
|||||
Environmental
Remediation Costs
|
32,368
|
42,489
|
|||||
Derivatives
-
Energy Related Liabilities
|
9,206
|
4,895
|
|||||
Derivatives
-
Other
|
-
|
491
|
|||||
Regulatory
Liabilities
|
55,159
|
54,002
|
|||||
Other
|
6,355
|
6,771
|
|||||
Total
Deferred
Credits
|
|||||||
and Other Noncurrent Liabilities
|
315,989
|
322,395
|
|||||
Commitments
and Contingencies (Note 11)
|
|||||||
Total
Capitalization and Liabilities
|
$
|
1,425,389
|
$
|
1,441,712
|
|||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
June
30,
2006
|
June
30,
2005
|
||||||
|
|||||||
Quarter
Ended:
|
|||||||
SJG
|
$
|
109
|
$
|
253
|
|||
Marina
|
302
|
48
|
|||||
Total
|
$
|
411
|
$
|
301
|
|||
|
|||||||
Six
Months Ended:
|
|||||||
SJG
|
$
|
208
|
$
|
543
|
|||
Marina
|
616
|
69
|
|||||
Total
|
$
|
824
|
$
|
612
|
Amount
|
Fixed
Interest
Rate
|
Start
Date
|
Maturity
|
Type
|
Obligor
|
|||||||||||||||||||||||||
$ 6,000,000
|
*
|
|
4.550
|
%
|
|
|
11/19/2001
|
|
|
12/01/2007
|
|
|
Taxable
|
|
|
Marina
|
|
|||||||||||||
$
3,900,000
|
|
|
4.795
|
%
|
|
|
12/01/2004
|
|
|
12/01/2014
|
|
|
Taxable
|
|
|
Marina
|
|
|||||||||||||
$ 8,000,000
|
|
|
4.775
|
%
|
|
|
11/12/2004
|
|
|
11/12/2014
|
|
|
Taxable
|
|
|
Marina
|
|
|||||||||||||
$ 20,000,000
|
|
|
4.080
|
%
|
|
|
11/19/2001
|
|
|
12/01/2011
|
|
|
Tax-exempt
|
|
|
Marina
|
|
|||||||||||||
$ 14,500,000
|
|
|
3.905
|
%
|
|
|
03/17/2006
|
|
|
01/15/2026
|
|
|
Tax-exempt
|
|
|
Marina
|
|
|||||||||||||
$
500,000
|
|
|
3.905
|
%
|
|
|
03/17/2006
|
|
|
01/15/2026
|
|
|
Tax-exempt
|
|
|
Marina
|
|
|||||||||||||
$
330,000
|
|
|
3.905
|
%
|
|
|
03/17/2006
|
|
|
01/15/2026
|
|
|
Tax-exempt
|
|
|
Marina
|
|
|||||||||||||
$ 12,500,000
|
**
|
|
3.430
|
%
|
|
|
12/01/2006
|
|
|
02/01/2036
|
|
|
Tax-exempt
|
|
|
SJG
|
|
|||||||||||||
$ 12,500,000
|
**
|
|
3.430
|
%
|
|
|
12/01/2006
|
|
|
02/01/2036
|
|
|
Tax-exempt
|
|
|
SJG
|
|
|||||||||||||
$ 7,100,000
|
|
|
4.895
|
%
|
|
|
02/01/2006
|
|
|
02/01/2016
|
|
|
Taxable
|
|
|
Marina
|
|
|||||||||||||
*
|
Amount
reduced to $6.0 million on 12/01/05, and further reduces to $3.0
million
on 12/01/06
|
|||||||||||||||||||||||||||||
**
|
SJG
entered into these forward-starting swaps in anticipation of the
issuance
of $25.0 million of auction-rate bonds that were issued in April
2006.
|
|||||||||||||||||||||||||||||
|
|
Grant
|
|
|
Shares
|
|
|
Fair
Value
|
|
|
Expected
|
|
|
Risk-Free
|
|
|
|
|
Date
|
|
|
Outstanding
|
|
|
Per
Share
|
|
|
Volatility
|
|
|
Interest
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Officers
-
|
|
|
Jan. 2004
|
|
|
42,135
|
|
$
|
20.105
|
|
|
16.4%
|
|
2.4%
|
|
|
|
|
Jan.
2005
|
|
|
35,221
|
|
$
|
25.155
|
|
|
15.5%
|
|
|
3.4%
|
|
|
|
|
Jan.
2006
|
|
|
39,076
|
|
$
|
27.950
|
|
|
16.9%
|
|
|
4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors
-
|
|
|
Dec. 2003
|
|
|
4,560
|
|
$
|
19.738
|
|
|
-
|
|
|
-
|
|
|
|
Dec.
2004
|
|
|
5,220
|
|
$
|
24.955
|
|
|
-
|
|
|
-
|
|
|
|
|
Dec.
2005
|
|
|
6,340
|
|
$
|
29.970
|
|
|
-
|
|
|
-
|
|
|
2006
|
2005
|
|||||||||
Officers
|
$
|
459
|
$
|
936
|
|||||||
Directors
|
66
|
50
|
|||||||||
Total
Cost
|
$
|
525
|
$
|
986
|
|||||||
Capitalized
|
(57
|
)
|
(241
|
)
|
|||||||
Net
Expense
|
$
|
468
|
$
|
745
|
|
|
Officers
*
|
|
Directors
*
|
|
|
|
|
|
Nonvested
Shares Outstanding, January 1, 2006
|
|
143,734
|
|
16,120
|
|
|
|
|
|
Granted
|
|
42,983
|
|
-
|
Vested**
|
|
(61,620
|
)
|
-
|
Cancelled/Forfeited
|
|
(8,665
|
)
|
-
|
|
|
|
|
|
Nonvested
Shares Outstanding, June 30, 2006
|
|
116,432
|
|
16,120
|
|
|
|
|
|
*
excludes accrued dividend equivalents.
|
|
|
|
|
**
actual shares awarded upon vesting, including dividend equivalents
and
|
||||
adjustments for performance measures, totaled 101,009
shares.
|
Years
Remaining
as
of
June
30, 2006
|
June
30,
2006
|
December
31,
2005
|
|||||||
Environmental
Remediation Costs:
|
|
|
|
|
|
|
|
|
|
Expended
— Net
|
|
|
Various
|
|
$
|
12,860
|
|
$
|
9,350
|
Liability
for Future Expenditures
|
|
|
Not
Applicable
|
|
|
52,863
|
|
|
56,717
|
Income
Taxes — Flowthrough
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
5
|
|
|
5,174
|
|
|
5,663
|
Deferred
Fuel Costs — Net
|
|
|
Various
|
|
|
18,562
|
|
|
21,237
|
Deferred
Asset Retirement Obligation Costs
|
|
|
Not
Applicable
|
|
|
20,498
|
|
|
19,986
|
Deferred
Postretirement Benefit Costs
|
|
|
7
|
|
|
2,457
|
|
|
2,646
|
Societal
Benefit Costs
|
|
|
Various
|
|
|
4,000
|
|
|
2,691
|
Premium
for Early Retirement of Debt
|
|
|
Various
|
|
|
1,613
|
|
|
1,694
|
Other
|
|
|
Not
Applicable
|
|
|
1,355
|
|
|
1,499
|
Total
Regulatory Assets
|
|
|
|
|
$
|
119,382
|
|
$
|
121,483
|
|
|
June
30,
|
|
December
31,
|
|
||
|
|
2006
|
|
2005
|
|
||
Excess
Plant Removal Costs
|
|
$
|
48,271
|
|
$
|
48,071
|
|
Overcollected
State Taxes
|
|
|
4,111
|
|
|
4,025
|
|
Other
|
|
|
2,777
|
|
|
1,906
|
|
Total
Regulatory Liabilities
|
|
$
|
55,159
|
|
$
|
54,002
|
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||
|
2006
|
2005
|
2006
|
2005
|
||||||||||
Loss
before Income Taxes:
|
|
|
|
|
|
|||||||||
Sand
Mining
|
$
|
(86
|
)
|
$
|
(259
|
)
|
$
|
(229
|
)
|
$
|
(471
|
)
|
||
Fuel
Oil
|
|
(11
|
)
|
|
(20
|
)
|
|
(123
|
)
|
|
(30
|
)
|
||
Income
Tax Benefits
|
|
34
|
|
97
|
|
|
123
|
|
175
|
|||||
Loss
from Discontinued Operations — Net
|
$
|
(63
|
)
|
$
|
(182
|
)
|
$
|
(229
|
)
|
$
|
(326
|
)
|
||
Earnings
Per Common Share from
|
|
|
|
|
|
|
|
|
||||||
Discontinued
Operations — Net:
|
|
|
|
|
|
|
|
|
||||||
Basic
and Diluted
|
$
|
(0.002
|
)
|
$
|
(0.006
|
)
|
$
|
(0.008
|
)
|
$
|
(0.012
|
)
|
June
30,
|
December
31,
|
|||||||||||||
2006
|
2005
|
|||||||||||||
Beginning
Balance, January 1
|
|
|
28,982,440
|
|
Beginning
Balance, January 1
|
|
|
27,759,936
|
||||||
New
Issues During Period:
|
|
|
|
|
New
Issues During Year:
|
|
|
|
||||||
Dividend
Reinvestment Plan
|
|
|
93,222
|
|
Dividend
Reinvestment Plan
|
|
|
1,141,590
|
||||||
Stock-Based
Compensation Plan
|
|
|
101,009
|
|
Stock-Based
Compensation Plan
|
|
|
80,914
|
||||||
Ending
Balance, June 30
|
|
|
29,176,671
|
|
Ending
Balance, December 31
|
|
|
28,982,440
|
|
|
Three
Months Ended
June
30,
|
|
Six
Months Ended
June
30,
|
|
||||||||
|
|
||||||||||||
|
|
|
2006
|
2005
|
2006
|
2005
|
|
||||||
Operating
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
Utility Operations
|
|
$
|
105,006
|
|
$
|
86,083
|
|
$
|
382,087
|
|
$
|
300,620
|
|
Wholesale
Gas Operations
|
|
|
6,297
|
|
|
3,282
|
|
|
20,646
|
|
|
14,842
|
|
Retail
Gas and Other Operations
|
|
|
34,709
|
|
|
41,060
|
|
|
93,772
|
|
|
115,547
|
|
Retail
Electric Operations
|
|
|
11,629
|
|
|
16,846
|
|
|
24,665
|
|
|
39,544
|
|
On-Site
Energy Production
|
|
|
5,002
|
|
|
5,196
|
|
|
11,492
|
|
|
10,566
|
|
Appliance
Service Operations
|
|
|
3,576
|
|
|
3,768
|
|
|
7,350
|
|
|
7,193
|
|
Corporate
and Services
|
3,020
|
509
|
6,190
|
1,049
|
|||||||||
Subtotal
|
|
|
169,239
|
|
|
156,744
|
|
|
546,202
|
|
|
489,361
|
|
Intersegment
Sales
|
|
|
(13,707
|
)
|
|
(2,705
|
)
|
|
(25,694
|
)
|
|
(6,752
|
)
|
Total
Operating Revenues
|
|
$
|
155,532
|
|
$
|
154,039
|
|
$
|
520,508
|
|
$
|
482,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
Utility Operations
|
|
$
|
9,560
|
|
$
|
10,133
|
|
$
|
52,740
|
|
$
|
53,293
|
|
Wholesale
Gas Operations
|
|
|
4,458
|
|
|
2,141
|
|
|
9,527
|
|
|
6,841
|
|
Retail
Gas and Other Operations
|
|
|
(202
|
)
|
|
1,987
|
|
|
(180
|
)
|
|
2,290
|
|
Retail
Electric Operations
|
|
|
1,574
|
|
|
427
|
|
|
2,082
|
|
|
861
|
|
On-Site
Energy Production
|
|
|
1,486
|
|
|
1,889
|
|
|
3,507
|
|
|
3,513
|
|
Appliance
Service Operations
|
|
|
498
|
|
|
1,090
|
|
|
1,250
|
|
|
1,788
|
|
Corporate
and Services
|
|
|
139
|
|
(259
|
)
|
|
302
|
|
(445
|
)
|
||
Total
Operating Income
|
|
$
|
17,513
|
|
$
|
17,408
|
|
$
|
69,228
|
|
$
|
68,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
Utility Operations
|
|
$
|
6,195
|
|
$
|
6,169
|
|
$
|
12,524
|
|
$
|
12,238
|
|
Wholesale
Gas Operations
|
|
|
2
|
|
|
3
|
|
|
5
|
|
|
7
|
|
Retail
Gas and Other Operations
|
|
|
3
|
|
|
3
|
|
|
5
|
|
|
6
|
|
Appliance
Services Operations
|
|
|
58
|
|
|
46
|
|
|
115
|
|
|
82
|
|
On-Site
Energy Production
|
|
|
461
|
|
|
455
|
|
|
922
|
|
|
901
|
|
Corporate
and Services
|
|
|
52
|
|
|
26
|
|
|
113
|
|
|
53
|
|
Discontinued
Operations
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
Depreciation and Amortization
|
$
|
6,771
|
|
$
|
6,702
|
|
$
|
13,684
|
|
$
|
13,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
Additions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas
Utility Operations
|
|
$
|
16,255
|
|
$
|
18,193
|
|
$
|
29,249
|
|
$
|
30,295
|
|
Wholesale
Gas Operations
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
-
|
|
Retail
Gas and Other Operations
|
|
|
5
|
|
|
-
|
|
|
5
|
|
|
3
|
|
Appliance
Service Operations
|
|
|
125
|
|
|
30
|
|
|
170
|
|
|
57
|
|
On-Site
Energy Production
|
|
|
6,715
|
|
|
7,652
|
|
|
9,460
|
|
|
13,043
|
|
Corporate
and Services
|
180
|
2
|
388
|
7
|
|||||||||
Discontinued
Operations
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
Property Additions
|
|
$
|
23,280
|
|
$
|
25,877
|
|
$
|
39,275
|
|
$
|
43,405
|
|
|
|
|
|
|
|
||
|
|
June
30,
2006
|
|
December
31,
2005
|
|
||
|
|
||||||
Identifiable
Assets:
|
|
|
|
|
|
|
|
Gas
Utility Operations
|
|
$
|
1,165,892
|
|
$
|
1,167,398
|
|
Wholesale
Gas Operations
|
|
|
115,499
|
|
|
124,922
|
|
Retail
Gas and Other Operations
|
|
|
34,899
|
|
|
50,880
|
|
Retail
Electric Operations
|
|
|
4,464
|
|
|
7,751
|
|
Appliance
Service Operations
|
13,260
|
13,624
|
|||||
On-Site
Energy Production
|
|
|
119,833
|
|
|
105,822
|
|
Discontinued
Operations
|
|
|
400
|
|
|
408
|
|
Subtotal
|
|
|
1,454,247
|
|
|
1,470,805
|
|
Corporate
and Services
|
|
|
73,679
|
|
|
70,379
|
|
Intersegment
Assets
|
|
|
(102,537
|
)
|
|
(99,472
|
)
|
Total
Identifiable Assets
|
|
$
|
1,425,389
|
|
$
|
1,441,712
|
|
Pension
Benefits
|
||||||||||||||||
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
2006
|
2005
|
2006
|
2005
|
|||||||||||||
Service
Cost
|
$
|
729
|
$
|
787
|
$
|
1,584
|
$
|
1,618
|
||||||||
Interest
Cost
|
1,821
|
1,652
|
3,607
|
3,371
|
||||||||||||
Expected
Return on Plan Assets
|
(2,354
|
)
|
(2,345
|
)
|
(4,618
|
)
|
(4,284
|
)
|
||||||||
Amortization
of Loss and Other
|
628
|
837
|
1,421
|
1,500
|
||||||||||||
Net
Periodic Benefit Cost
|
824
|
931
|
1,994
|
2,205
|
||||||||||||
Capitalized
Benefit Costs
|
(238
|
)
|
(243
|
)
|
(637
|
)
|
(629
|
)
|
||||||||
Net
Periodic Benefit Expense
|
$
|
586
|
$
|
688
|
$
|
1,357
|
$
|
1,576
|
||||||||
Other
Postretirement Benefits
|
||||||||||||||||
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
2006
|
2005
|
2006
|
2005
|
|||||||||||||
Service
Cost
|
$
|
198
|
$
|
45
|
$
|
396
|
$
|
454
|
||||||||
Interest
Cost
|
471
|
374
|
942
|
1,078
|
||||||||||||
Expected
Return on Plan Assets
|
(349
|
)
|
(390
|
)
|
(698
|
)
|
(799
|
)
|
||||||||
Amortization
of Loss and Other
|
30
|
30
|
60
|
68
|
||||||||||||
Net
Periodic Benefit Cost
|
350
|
59
|
700
|
801
|
||||||||||||
Capitalized
Benefit Costs
|
(98
|
)
|
(28
|
)
|
(196
|
)
|
(249
|
)
|
||||||||
Net
Periodic Benefit Expense
|
$
|
252
|
$
|
31
|
$
|
504
|
$
|
552
|
||||||||
|
|
|
Pension
Benefits
|
Other
Postretirement
Benefits
|
|||
2006
|
$
|
5,937
|
$
|
2,262
|
|||
2007
|
6,028
|
2,490
|
|||||
2008
|
6,132
|
2,636
|
|||||
2009
|
6,256
|
2,733
|
|||||
2010
|
6,369
|
2,891
|
|||||
2011-2015
|
35,830
|
14,537
|
|
|
|
|
Up
to
|
|
Years
|
|
Years
|
|
More
than
|
|
|||||
Contractual
Cash Obligations
|
|
Total
|
|
1
Year
|
|
2
& 3
|
|
4
& 5
|
|
5
Years
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-Term
Debt
|
|
$
|
360,496
|
|
$
|
2,363
|
|
$
|
211
|
|
$
|
10,237
|
|
$
|
347,685
|
|
Interest
on Long-Term Debt
|
|
|
312,591
|
|
|
20,411
|
|
|
40,424
|
|
|
40,092
|
|
|
211,664
|
|
Operating
Leases
|
|
|
1,118
|
|
|
409
|
|
|
618
|
|
|
91
|
|
|
-
|
|
Construction
Obligations
|
|
|
109,745
|
|
|
39,916
|
|
|
69,829
|
|
|
-
|
|
|
-
|
|
Commodity
Supply Purchase Obligations
|
|
|
574,831
|
|
|
292,360
|
|
|
169,086
|
|
|
47,169
|
|
|
66,216
|
|
New
Jersey Clean Energy Program
|
|
|
16,770
|
|
|
5,270
|
|
|
11,500
|
|
|
-
|
|
|
-
|
|
Other
Purchase Obligations
|
|
|
17,580
|
|
|
8,487
|
|
|
8,193
|
|
|
900
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
Contractual Cash Obligations
|
|
$
|
1,393,131
|
|
$
|
369,216
|
|
$
|
299,861
|
|
$
|
98,489
|
|
$
|
625,565
|
|
|
Six
Months
Ended
June 30,
2006
|
Year
Ended
December
31,
2005
|
|||||
|
|
|
|||||
Beginning
Balance
|
$
|
60,654
|
$
|
54,991
|
|||
Accruals
and Adjustments
|
1,359
|
11,791
|
|||||
Expenditures
|
(4,538
|
)
|
(6,128
|
)
|
|||
Insurance
Recoveries
|
(689
|
)
|
-
|
||||
Ending
Balance
|
$
|
56,786
|
$
|
60,654
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||
June
30,
|
June
30,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Operating
Revenues (thousands):
|
|||||||||||||
Firm
Sales
|
|
||||||||||||
Residential
|
$
|
46,948
|
$
|
29,943
|
$
|
213,384
|
$
|
127,114
|
|||||
Commercial
|
12,844
|
10,234
|
64,253
|
45,438
|
|||||||||
Industrial
|
948
|
566
|
2,962
|
2,144
|
|||||||||
Cogeneration
& Electric Generation
|
2,303
|
3,813
|
3,360
|
5,139
|
|||||||||
Firm
Transportation
|
|||||||||||||
Residential
|
781
|
5,440
|
2,143
|
20,926
|
|||||||||
Commercial
|
2,252
|
2,514
|
6,473
|
8,421
|
|||||||||
Industrial
|
2,992
|
3,245
|
6,262
|
6,564
|
|||||||||
Cogeneration
& Electric Generation
|
11
|
60
|
11
|
105
|
|||||||||
Total
Firm Revenues
|
69,079
|
55,815
|
298,848
|
215,851
|
|||||||||
Interruptible
|
370
|
424
|
769
|
839
|
|||||||||
Interruptible
Transportation
|
358
|
516
|
992
|
1,115
|
|||||||||
Off-System
|
33,101
|
26,334
|
74,744
|
75,239
|
|||||||||
Capacity
Release & Storage
|
1,699
|
2,414
|
6,001
|
6,606
|
|||||||||
Other
|
399
|
580
|
733
|
970
|
|||||||||
Intercompany
Sales
|
(9,899
|
)
|
(1,324
|
)
|
(17,459
|
)
|
(3,694
|
)
|
|||||
Total
Operating Revenues
|
$
|
95,107
|
$
|
84,759
|
$
|
364,628
|
$
|
296,926
|
Throughput
(MMcf):
|
|||||||||||||
Firm
Sales -
|
|||||||||||||
Residential
|
2,439
|
2,287
|
12,213
|
10,591
|
|||||||||
Commercial
|
903
|
907
|
4,182
|
4,260
|
|||||||||
Industrial
|
28
|
26
|
128
|
126
|
|||||||||
Cogeneration
& Electric Generation
|
215
|
422
|
244
|
487
|
|||||||||
Firm
Transportation -
|
|||||||||||||
Residential
|
135
|
1,035
|
447
|
4,839
|
|||||||||
Commercial
|
745
|
888
|
2,339
|
3,167
|
|||||||||
Industrial
|
3,269
|
3,912
|
6,629
|
8,051
|
|||||||||
Cogeneration
& Electric Generation
|
10
|
85
|
12
|
96
|
|||||||||
Total
Firm Throughput
|
7,744
|
9,562
|
26,194
|
31,617
|
|||||||||
Interruptible
|
33
|
41
|
64
|
79
|
|||||||||
Interruptible
Transportation
|
812
|
741
|
1,784
|
1,596
|
|||||||||
Off-System
|
4,518
|
3,467
|
8,636
|
10,130
|
|||||||||
Capacity
Release & Storage
|
16,090
|
21,150
|
31,195
|
38,504
|
|||||||||
Total
Throughput
|
29,197
|
34,961
|
67,873
|
81,926
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
||||||
2006
vs. 2005
|
2006
vs. 2005
|
||||||
Utility
|
$
|
(1,419
|
)
|
$
|
(2,877
|
)
|
|
Nonutility:
|
|||||||
Wholesale
Gas
|
229
|
486
|
|||||
Retail
Gas and Other
|
(39
|
)
|
(1,211
|
)
|
|||
Retail
Electricity
|
(91
|
)
|
(75
|
)
|
|||
On-Site
Energy Production
|
331
|
728
|
|||||
Appliance
Service
|
15
|
(8
|
)
|
||||
Total
Nonutility
|
445
|
(80
|
)
|
||||
Corporate
and Services
|
1,916
|
3,842
|
|||||
Intercompany
Eliminations
|
(2,331
|
)
|
(4,804
|
)
|
|||
Total
Operations
|
$
|
(1,389
|
)
|
$
|
(3,919
|
)
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
||||||
2006
vs. 2005
|
2006
vs. 2005
|
||||||
Maintenance
|
$
|
(146
|
)
|
$
|
(234
|
)
|
|
Depreciation
|
425
|
894
|
|||||
Energy
and Other Taxes
|
(226
|
)
|
(653
|
)
|
|
As
of
June
30,
2006
|
|
|
As
of
December
31,
2005
|
|
||||||||
|
|
||||||||||||
Common Equity |
45.6
|
%
|
45.6
|
%
|
|||||||||
Long-Term Debt |
38.6
|
%
|
37.0
|
%
|
|||||||||
Short-Term Debt |
15.8
|
%
|
17.4
|
%
|
|||||||||
Total |
100.0
|
%
|
100.0
|
%
|
|
|
|
|
Up
to
|
|
Years
|
|
Years
|
|
More
than
|
|
|||||
Contractual
Cash Obligations
|
|
Total
|
|
1
Year
|
|
2
& 3
|
|
4
& 5
|
|
5
Years
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-Term
Debt
|
|
$
|
360,496
|
|
$
|
2,363
|
|
$
|
211
|
|
$
|
10,237
|
|
$
|
347,685
|
|
Interest
on Long-Term Debt
|
|
|
312,591
|
|
|
20,411
|
|
|
40,424
|
|
|
40,092
|
|
|
211,664
|
|
Operating
Leases
|
|
|
1,118
|
|
|
409
|
|
|
618
|
|
|
91
|
|
|
-
|
|
Construction
Obligations
|
|
|
109,745
|
|
|
39,916
|
|
|
69,829
|
|
|
-
|
|
|
-
|
|
Commodity
Supply Purchase Obligations
|
|
|
574,831
|
|
|
292,360
|
|
|
169,086
|
|
|
47,169
|
|
|
66,216
|
|
New
Jersey Clean Energy Program
|
|
|
16,770
|
|
|
5,270
|
|
|
11,500
|
|
|
-
|
|
|
-
|
|
Other
Purchase Obligations
|
|
|
17,580
|
|
|
8,487
|
|
|
8,193
|
|
|
900
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
Contractual Cash Obligations
|
|
$
|
1,393,131
|
|
$
|
369,216
|
|
$
|
299,861
|
|
$
|
98,489
|
|
$
|
625,565
|
|
Assets
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Source
of
Fair
Value
|
|
|
Maturity
<
1 Year
|
|
|
Maturity
1
-
3 Years
|
|
|
Beyond
3
Years
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices
Actively Quoted
|
|
NYMEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
|
|
|
|
|
$
|
2,665
|
|
$
|
2,331
|
|
$
|
827
|
|
$
|
5,823
|
Hedging
|
|
|
|
|
|
8,922
|
|
|
2,656
|
|
|
—
|
|
|
11,578
|
Subtotal
|
|
|
|
|
|
11,587
|
|
|
4,987
|
|
|
827
|
|
|
17,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
External Sources
|
|
Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
|
|
|
|
|
|
7,768
|
|
|
2,283
|
|
|
48
|
|
|
10,099
|
Hedging
|
|
|
|
|
|
403
|
|
|
—
|
|
|
—
|
|
|
403
|
Subtotal
|
|
|
|
|
|
8,171
|
|
|
2,283
|
|
|
48
|
|
|
10,502
|
Total
|
|
|
|
|
$
|
19,758
|
|
$
|
7,270
|
|
$
|
875
|
|
$
|
27,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Source
of
|
|
|
Maturity
|
|
|
Maturity
|
|
|
Beyond
|
|
|
|
|
|
Fair
Value
|
|
|
<
1 Year
|
|
|
1
-
3 Years
|
|
|
3
Years
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices
Actively Quoted
|
|
NYMEX
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
|
|
|
|
$
|
12,854
|
|
$
|
3,164
|
|
$
|
775
|
|
$
|
16,793
|
Hedging
|
|
|
|
|
9,327
|
|
|
4,204
|
|
|
—
|
|
|
13,531
|
Subtotal
|
|
|
|
|
22,181
|
|
|
7,368
|
|
|
774
|
|
|
30,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
External Sources
|
|
Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
|
|
|
|
|
5,947
|
|
|
1,063
|
|
|
—
|
|
|
7,010
|
Hedging
|
|
|
|
|
247
|
|
|
—
|
|
|
—
|
|
|
247
|
Subtotal
|
|
|
|
|
6,194
|
|
|
1,063
|
|
|
—
|
|
|
7,257
|
Total
|
|
|
|
$
|
28,375
|
|
$
|
8,431
|
|
$
|
775
|
|
$
|
37,581
|
Net
Derivatives — Energy Related Assets, January 1, 2006
|
|
$
|
2,636
|
|
Contracts
Settled During Six Months Ended June 30, 2006, Net
|
|
|
(4,728
|
)
|
Other
Changes in Fair Value from Continuing and New Contracts,
Net
|
|
|
(7,586
|
)
|
|
|
|
|
|
Net
Derivatives — Energy Related Liabilities, June 30, 2006
|
|
$
|
(9,678
|
)
|
Amount
|
|
Fixed
Interest
Rate
|
|
Start
Date
|
|
Maturity
|
|
Type
|
|
Obligor
|
||
$ 6,000,000
|
*
|
4.550
|
%
|
|
|
11/19/2001
|
|
12/01/2007
|
|
Taxable
|
|
Marina
|
$
3,900,000
|
|
4.795
|
%
|
|
|
12/01/2004
|
|
12/01/2014
|
|
Taxable
|
|
Marina
|
$
8,000,000
|
|
4.775
|
%
|
|
|
11/12/2004
|
|
11/12/2014
|
|
Taxable
|
|
Marina
|
$ 20,000,000
|
|
4.080
|
%
|
|
|
11/19/2001
|
|
12/01/2011
|
|
Tax-exempt
|
|
Marina
|
$ 14,500,000
|
|
3.905
|
%
|
|
|
03/17/2006
|
|
01/15/2026
|
|
Tax-exempt
|
|
Marina
|
$
500,000
|
|
3.905
|
%
|
|
|
03/17/2006
|
|
01/15/2026
|
|
Tax-exempt
|
|
Marina
|
$
330,000
|
|
3.905
|
%
|
|
|
03/17/2006
|
|
01/15/2026
|
|
Tax-exempt
|
|
Marina
|
$ 12,500,000
|
**
|
3.430
|
%
|
|
|
12/01/2006
|
|
02/01/2036
|
|
Tax-exempt
|
|
SJG
|
$ 12,500,000
|
**
|
3.430
|
%
|
|
|
12/01/2006
|
|
02/01/2036
|
|
Tax-exempt
|
|
SJG
|
$ 7,100,000
|
|
4.895
|
%
|
|
|
02/01/2006
|
|
02/01/2016
|
|
Taxable
|
|
Marina
|
*
|
Amount
reduced to $6.0 million on 12/01/05, and further reduces to $3.0
million
on 12/01/06.
|
**
|
SJG
entered into these forward-starting swaps in anticipation of the
issuance
of $25.0 million of auction-rate bonds that were issued in April
2006.
|
(a) |
Our
annual meeting of shareholders was held on April 28,
2006.
|
(b) |
Class
II directors (with a term expiring 2009) were elected as
follows:
|
For
|
|
Withheld
|
||
Shirli
M. Billings
|
25,759,281
|
443,324
|
||
Thomas
A. Bracken
|
24,689,524
|
1,513,081
|
||
Sheila
Hartnett-Devlin
|
25,867,088
|
335,517
|
||
Frederick
R. Raring
|
25,831,828
|
370,777
|
Exhibit
No.
|
Description
|
|
|
31.1
|
Certification
of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange
Act.
|
|
|
31.2
|
Certification
of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange
Act.
|
|
|
32.1
|
Certification
of Chief Executive Officer Pursuant to Rule 13a-14(b) of the Exchange
Act
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(subsections (a) and (b) of Section 1350, Chapter 63 of Title 18,
United
States Code).
|
|
|
32.2
|
Certification
of Chief Financial Officer Pursuant to Rule 13a-14(b) of the Exchange
Act
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(subsections (a) and (b) of Section 1350, Chapter 63 of Title 18,
United
States Code).
|
Dated:
August 9, 2006
|
By:
/s/
Edward J. Graham
|
|
Edward J. Graham
|
|
Chairman, President & Chief Executive Officer
|
|
|
|
|
|
|
Dated:
August 9, 2006
|
By:
/s/
David A. Kindlick
|
|
David A. Kindlick
|
|
Vice President & Chief Financial
Officer
|