2015 Q1 Form 10-Q Financial Statement

#000035630915000048 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.013B $1.580B
YoY Change -35.86% 64.39%
Cost Of Revenue $795.0M $1.196B
YoY Change -33.52% 49.36%
Gross Profit $218.1M $383.8M
YoY Change -43.17% 139.43%
Gross Profit Margin 21.53% 24.3%
Selling, General & Admin $42.70M $38.20M
YoY Change 11.78% 60.5%
% of Gross Profit 19.58% 9.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.20M $12.80M
YoY Change 18.75% 9.4%
% of Gross Profit 6.97% 3.34%
Operating Expenses $930.3M $1.333B
YoY Change -30.19% 47.42%
Operating Profit $82.81M $247.0M
YoY Change -66.48% 333.59%
Interest Expense $6.483M $6.306M
YoY Change 2.81% 9.75%
% of Operating Profit 7.83% 2.55%
Other Income/Expense, Net $1.137M $700.0K
YoY Change 62.43% -75.0%
Pretax Income $77.46M $241.4M
YoY Change -67.91% 347.04%
Income Tax $20.14M $71.68M
% Of Pretax Income 26.01% 29.69%
Net Earnings $60.90M $173.0M
YoY Change -64.79% 280.42%
Net Earnings / Revenue 6.01% 10.95%
Basic Earnings Per Share $0.71 $2.06
Diluted Earnings Per Share $0.71 $2.04
COMMON SHARES
Basic Shares Outstanding 85.33M shares 84.16M shares
Diluted Shares Outstanding 86.37M shares 84.91M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.3M $9.600M
YoY Change 976.04% 60.0%
Cash & Equivalents $103.3M $9.554M
Short-Term Investments
Other Short-Term Assets $34.49M $25.60M
YoY Change 34.69% 20.67%
Inventory $79.70M $149.9M
Prepaid Expenses
Receivables $325.9M $482.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $745.6M $836.1M
YoY Change -10.82% 9.64%
LONG-TERM ASSETS
Property, Plant & Equipment $2.017B $1.738B
YoY Change 16.04% 12.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $151.1M $152.3M
YoY Change -0.79% -1.79%
Other Assets $62.99M $49.76M
YoY Change 26.58% 65.26%
Total Long-Term Assets $570.5M $586.7M
YoY Change -2.76% -7.9%
TOTAL ASSETS
Total Short-Term Assets $745.6M $836.1M
Total Long-Term Assets $570.5M $586.7M
Total Assets $3.333B $3.161B
YoY Change 5.45% 7.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.95M $65.26M
YoY Change 19.44% 23.44%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $146.0M $63.20M
YoY Change 131.01% -78.06%
Long-Term Debt Due $36.30M $21.50M
YoY Change 68.84% 150.0%
Total Short-Term Liabilities $655.1M $711.1M
YoY Change -7.89% -3.44%
LONG-TERM LIABILITIES
Long-Term Debt $699.2M $628.5M
YoY Change 11.25% 19.1%
Other Long-Term Liabilities $8.413M $7.365M
YoY Change 14.23% 5.32%
Total Long-Term Liabilities $828.0M $782.4M
YoY Change 5.83% 0.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $655.1M $711.1M
Total Long-Term Liabilities $828.0M $782.4M
Total Liabilities $1.483B $1.494B
YoY Change -0.7% -1.49%
SHAREHOLDERS EQUITY
Retained Earnings $820.8M $750.2M
YoY Change 9.41%
Common Stock $434.5M $415.8M
YoY Change 4.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.22M $125.1M
YoY Change -20.68%
Treasury Stock Shares 2.872M shares 3.008M shares
Shareholders Equity $1.151B $1.039B
YoY Change
Total Liabilities & Shareholders Equity $3.333B $3.161B
YoY Change 5.45% 7.46%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $60.90M $173.0M
YoY Change -64.79% 280.42%
Depreciation, Depletion And Amortization $15.20M $12.80M
YoY Change 18.75% 9.4%
Cash From Operating Activities $285.7M $452.2M
YoY Change -36.82% 194.78%
INVESTING ACTIVITIES
Capital Expenditures -$57.60M -$50.50M
YoY Change 14.06% 79.08%
Acquisitions
YoY Change
Other Investing Activities -$10.40M -$5.800M
YoY Change 79.31% -55.04%
Cash From Investing Activities -$68.00M -$56.20M
YoY Change 21.0% 37.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.0M -396.5M
YoY Change -68.22% 261.77%
NET CHANGE
Cash From Operating Activities 285.7M 452.2M
Cash From Investing Activities -68.00M -56.20M
Cash From Financing Activities -126.0M -396.5M
Net Change In Cash 91.70M -500.0K
YoY Change -18440.0% -117.86%
FREE CASH FLOW
Cash From Operating Activities $285.7M $452.2M
Capital Expenditures -$57.60M -$50.50M
Free Cash Flow $343.3M $502.7M
YoY Change -31.71% 176.82%

Facts In Submission

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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Excise And Sales Taxes
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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us-gaap Income Tax Expense Benefit
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Related Parties Amount In Cost Of Sales
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us-gaap Repayments Of Long Term Debt
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7216000 USD
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301000000 USD
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1829977000 USD
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NATURE OF THE BUSINESS</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">New Jersey Resources Corporation provides regulated gas distribution services and operates certain unregulated businesses primarily through the following subsidiaries:</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">New Jersey Natural Gas Company provides natural gas utility service to approximately </font><font style="font-family:inherit;font-size:10pt;">512,000</font><font style="font-family:inherit;font-size:10pt;"> retail customers in central and northern New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment;</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Energy Services Company comprises the Energy Services segment that maintains and transacts around a portfolio of natural gas storage and transportation capacity contracts and provides wholesale energy and energy management services;</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Clean Energy Ventures Corporation, the Company's distributed power subsidiary, comprises the Clean Energy Ventures segment and consists of the Company's capital investments in distributed power projects, including commercial and residential solar projects and onshore wind investments;</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Midstream Holdings Corporation invests in energy-related ventures through its subsidiaries, NJR Steckman Ridge Storage Company, which holds the Company's </font><font style="font-family:inherit;font-size:10pt;">50 percent</font><font style="font-family:inherit;font-size:10pt;"> combined interest in Steckman Ridge, NJNR Pipeline Company, which holds the Company's </font><font style="font-family:inherit;font-size:10pt;">5.53 percent</font><font style="font-family:inherit;font-size:10pt;"> ownership interest in Iroquois Gas Transmission L.P</font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;"> and NJR Pipeline Company, which holds the Company's </font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;">20 percent</font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;"> ownership interest in PennEast</font><font style="font-family:inherit;font-size:10pt;">. Steckman Ridge, Iroquois and PennEast comprise the Midstream segment; and</font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Retail Holdings Corporation has two principal subsidiaries, NJR Home Services Company and Commercial Realty &amp; Resources Corporation. Retail Holdings and NJR Energy Corporation are included in Home Services and Other operations.</font></div></div>

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