SOUTH JERSEY INDUSTRIES INC - FORM 8-K - EX-99 - EXHIBIT 99 - August 3, 2017

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SOURCE: STEPHEN H. CLARK        
MARISSA TRAVALINE        
COMPANY NAME: SOUTH JERSEY INDUSTRIES, INC.        
MARKET: N        
STOCK SYMBOL: SJI

SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Thousands Except for Per Share Data)
 
Three Months Ended
June 30,
 
2017
 
2016
Operating Revenues:
 
 
 
   Utility
$
81,938
 
 
$
68,273
 
   Nonutility
162,436
 
 
86,129
 
Total Operating Revenues
244,374
 
 
154,402
 
Operating Expenses:
 
 
 
Cost of Sales - (Excluding depreciation)
 
 
 
         - Utility
32,331
 
 
19,508
 
         - Nonutility
147,354
 
 
78,832
 
Operations
38,474
 
 
36,250
 
Maintenance
4,672
 
 
4,259
 
Depreciation
24,556
 
 
22,296
 
Energy and Other Taxes
1,551
 
 
1,243
 
     Total Operating Expenses
248,938
 
 
162,388
 
Operating Loss
(4,564
)
 
(7,986
)
 
 
 
 
Other Income and Expense
2,317
 
 
4,361
 
Interest Charges
(10,979
)
 
(8,229
)
Losses Before Income Taxes
(13,226
)
 
(11,854
)
Income Taxes
5,544
 
 
7,189
 
Equity in Earnings (Losses) of Affiliated Companies
70
 
 
(133
)
Loss from Continuing Operations
(7,612
)
 
(4,798
)
Loss from Discontinued Operations - (Net of tax benefit)
(47
)
 
(29
)
      Net Loss
$
(7,659
)
 
$
(4,827
)
 
 
 
 
Basic Earnings Per Common Share:
 
 
 
Continuing Operations
$
(0.10
)
 
$
(0.06
)
Discontinued Operations
—
 
 
—
 
   Basic Earnings Per Common Share
$
(0.10
)
 
$
(0.06
)
 
 
 
 
Average Shares of Common Stock Outstanding - Basic
79,549
 
 
75,298
 
 
 
 
 
Diluted Earnings Per Common Share:
 
 
 
  Continuing Operations
$
(0.10
)
 
$
(0.06
)
  Discontinued Operations
—
 
 
—
 
        Diluted Earnings Per Common Share
$
(0.10
)
 
$
(0.06
)
 
 
 
 
Average Shares of Common Stock Outstanding - Diluted
79,549
 
 
75,298
 
 
 
 
 
Dividends Declared Per Common Share
$
0.27
 
 
$
0.26
 





    
 
 
 
 
 
Six Months Ended
June 30,
 
2017
 
2016
Operating Revenues:
 
 
 
   Utility
$
277,707
 
 
$
251,942
 
   Nonutility
392,496
 
 
235,495
 
        Total Operating Revenues
670,203
 
 
487,437
 
Operating Expenses:
 
 
 
   Cost of Sales - (Excluding depreciation)
 
 
 
            - Utility
103,710
 
 
84,714
 
            - Nonutility
363,117
 
 
166,601
 
Operations
78,100
 
 
75,047
 
Maintenance
9,653
 
 
8,643
 
Depreciation
48,879
 
 
42,997
 
Energy and Other Taxes
3,622
 
 
3,168
 
      Total Operating Expenses
607,081
 
 
381,170
 
Operating Income
63,122
 
 
106,267
 
 
 
 
 
Other Income and Expense
7,982
 
 
6,564
 
Interest Charges
(27,724
)
 
(17,389
)
Income Before Income Taxes
43,380
 
 
95,442
 
Income Taxes
(16,326
)
 
(32,078
)
Equity in Earnings of Affiliated Companies
3,081
 
 
25
 
Income from Continuing Operations
30,135
 
 
63,389
 
Loss from Discontinued Operations - (Net of tax benefit)
(77
)
 
(147
)
       Net Income
$
30,058
 
 
$
63,242
 
 
 
 
 
Basic Earnings Per Common Share:
 
 
 
   Continuing Operations
$
0.38
 
 
$
0.86
 
   Discontinued Operations
—
 
 
—
 
       Basic Earnings Per Common Share
$
0.38
 
 
$
0.86
 
 
 
 
 
Average Shares of Common Stock Outstanding - Basic
79,534
 
 
73,213
 
 
 
 
 
Diluted Earnings Per Common Share:
 
 
 
   Continuing Operations
$
0.38
 
 
$
0.86
 
   Discontinued Operations
—
 
 
—
 
       Diluted Earnings Per Common Share
$
0.38
 
 
$
0.86
 
 
 
 
 
Average Shares of Common Stock Outstanding - Diluted
79,670
 
 
73,506
 
 
 
 
 
Dividends Declared per Common Share
$
0.54
 
 
$
0.52
 




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