UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 21, 1994
NUI Corporation
(Exact Name of Registrant as Specified in its Charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
1-8353 22-1869941
(Commission File Number) (I.R.S. Employer
Identification Number)
550 Route 202-106, P.O. Box 760, Bedminster, New Jersey 07921-0760
(Address of Principal Executive Offices)
(Zip Code)
(718) 781-0500
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Exhibit Index at Page 4<PAGE>
Item 1. Changes in Control of Registrant
Not applicable.
Item 2. Acquisition or Disposition of Assets
Not applicable.
Item 3. Bankruptcy or Receivership
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not applicable.
Item 5. Other Events
The attached Press Release of NUI Corporation, dated July 21,
1994, is incorporated by reference here
Item 6. Resignation of Registrant's Directors
Not applicable.
Item 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit 99 -- Press Release of NUI Corporation, dated July 21, 1994
Item 8. Change in Fiscal Year
Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
NUI CORPORATION
By /S/ Joseph P. Coughlin
Name Joseph P. Coughlin
Title Senior Vice President & Secretary
Date: July 29, 1994
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EXHIBIT INDEX
Page No.
99 Press Release of NUI Corporaton, dated July 21, 1994 5-6
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FOR IMMEDIATE RELEASE EXHIBIT 99
NUI CORPORATION REPORTS THIRD QUARTER RESULTS
BEDMINSTER, N.J. -- July 21, 1994 -- NUI Corporation (NYSE: NUI) today
reported a third quarter loss of $2.2 million, or $0.25 per share, for the
quarter ended June 30, 1994, compared with a net loss of $1.0 million, or
$0.12 per share, in the third quarter of fiscal 1993. The third quarter is
historically a period of seasonally low demand for natural gas for heating.
The $1.2 million increased net loss from year-ago levels reflects a
$400,000 net loss from the addition of Pennsylvania & Southern Gas Company,
which was acquired in a merger in April 1994, following the conclusion of
the heating season. In addition, there was $1.1 million of additional costs
associated with a net increase in interest expense, operation and
maintenance expense, and depreciation expenses, all associated with
increased plant investment and workforce, as well as higher general taxes.
These losses were offset, in part, by a $500,000 net increase in operating
margins. The 1994 third quarter results also include the benefit of a
$220,000 reversal in tax reserves.
"The addition of Pennsylvania & Southern provided excellent balance
to our overall customer base. This merger, as expected, coming after the
heating season, was dilutive in the third quarter," said John Kean,
President and Chief Executive Officer. "In addition, we had expected higher
margin growth in New Jersey, which did not materialize in the third quarter
because of lower than expected sales to commercial and residential
customers. In Florida, the Company is investing in a growing infrastructure
that will reap rewards as our customer base continues to expand. However,
growth of this kind may create short term earnings pressure," Mr. Kean
added.
For the nine months ended June 30, 1994, net income totalled $15.4
million, or $1.83 per share, compared with net income of $18.5 million, or
$2.28 per share, a year ago.
NUI's Florida division, City Gas Company of Florida, filed a request
in May 1994 for an increase in base rates with the Florida Public Service
Commission (FPSC). The FPSC on Tuesday awarded City Gas interim rate relief
of $260,000 in additional annual revenues, effective August 20, 1994. The
full base rate case is continuing through the regulatory process.
Total throughput for the first nine months increased 6 percent to 62.8
bcf, from 59.0 bcf a year ago.
On Tuesday, the Company received final regulatory approval to issue
$66 million of tax-exempt debt in New Jersey and Florida. These issuances,
$46 million of which will be used to refinance higher cost debt and the
balance to finance certain capital expenditures, are expected to be offered
later this month.
NUI Corporation (NYSE: NUI), or National Utility Investors, is a gas
utility serving over 347,000 customers in six states. The Company's
operating divisions include Elizabethtown Gas Company (NJ), City Gas
Company of Florida, as well as Pennsylvania & Southern Gas Company, which
does business as North Carolina Gas Service, Elkton Gas Service (MD),
Valley Cities Gas Service (PA) and Waverly Gas Service (NY). <PAGE>
# # #
Contact: Alexandra Pruner/ 908/781-7815 Comparative Table Follows
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NUI CORPORATION
(NYSE: NUI)
COMPARATIVE TABLE
(Thousands, except per share amounts and degree day data; unaudited)
3 MONTHS 9 MONTHS 12 MONTHS
ENDED ENDED ENDED
JUNE 30 JUNE 30 JUNE 30
1994 1993 1994 1993 1994 1993
OPERATING $74,747 $69,072 $332,887 $302,223 $385,553 $353,944
REVENUES
OPERATING INCOME $1,731 $2,272 $26,447 $28,260 $24,889 $27,711
NET INCOME(LOSS) ($2,234) ($1,018) $15,436 $18,478 $10,768 $15,185
NET INCOME (LOSS) ($0.25) ($0.12) $1.83 $2.28 $1.28 $1.88
PER SHARE
WEIGHTED AVERAGE 8,881 8,147 8,454 8,105 8,385 8,080
# OF SHARES
OUTSTANDING
DEGREE DAYS
TOTAL ACTUAL- NJ
DIVISION 387 409 4,935 4,648 4,990 4,692
TOTAL NORMAL- NJ
DIVISION 538 538 4,936 4,936 4,978 4,978
OVERALL VARIANCE
FROM 30 YEAR
AVERAGE
("NORMAL") FOR
THE NEW JERSEY 28% 24% 6% 6%
DIVISION Warmer Warmer Normal Warmer Normal Warmer
TOTAL AVG.
CUSTOMERS SERVED 347,077 319,580 346,162 319,149 344,617 318,534
TOTAL THROUGHPUT 16.8 14.9 62.8 59.0 76.3 72.2
bcf bcf bcf bcf bcf bcf
CONTACT: Alexandra Pruner (908)
781-7815
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