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): October 26, 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 202-206, P.O. Box 760, Bedminster, New Jersey 07921-0760
(Address of Principal Executive Offices) (Zip Code)
(908) 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 October 26,
1994, is incorporated by reference herein.
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 October 26, 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
Title Senior Vice President & Secretary
Date: November 1, 1994
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EXHIBIT INDEX
Page No.
99 Press Release of NUI Corporaton, dated October 26, 1994 5
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FOR IMMEDIATE RELEASE EXHIBIT 99
NUI CORPORATION REDUCES DIVIDEND
TO REFLECT COMPANY'S FOCUS ON GROWTH
Bedminster, N.J. -- October 26, 1994 -- NUI Corporation (National Utility
Investors; NYSE: NUI) today declared a quarterly dividend of $0.225 per
share of NUI common stock, payable December 15, 1994 to shareholders of
record on November 18, 1994.
John Kean, Jr., President and Chief Operating Officer of NUI
Corporation announced, "The reduction in the company's dividend reflects
NUI's decision to prepare for the impact of deregulation in the gas
distribution business and increased competition. The utility industry is
changing and NUI has opportunities to grow its earnings base. The reduced
dividend will strengthen the company and provide added flexibility to
address current opportunities for growth as well as those presented by
changes in the industry. NUI is positioning itself to appeal to growth
oriented investors, looking for attractive total returns."
Mr. Kean added, "To further strengthen the company and enhance the
earnings outlook for our corporation, an intensive review of our
operations is underway to determine NUI's optimum operating structure. One
of the first actions planned is an early retirement program. Despite
recent pressure on the company's earnings, NUI's cash flow and book value
remain strong, and the outlook for earnings in the years ahead is
positive.
"We are continuing to work with regulators as we position our company
for the future. Nonetheless, as a corporation shifting gears from a fully
regulated environment to one with greater competitive pressures, NUI
appreciates that the capital markets will reward companies with a forward
looking view towards growth of its operations and future earnings
potential."
In commenting further on the company's dividend, Mr. Kean added, "NUI
Corporation has a long history of continuous dividend payments dating back
to 1893. Today's announcement and the readjustment of the dividend
demonstrates the company's continued leadership position in recognizing
the shift in our industry to greater competition and opportunities for
growth. In the future, we believe that utilities will no longer be traded
purely on a 'yield' basis, but rather on the quality of their operations
and prospects for future growth. NUI is a value-oriented company with a
capital-appreciation orientation."
"The management of NUI Corporation has traditionally held a
meaningful portion of NUI common stock, demonstrating our collective
commitment to improving shareholder returns," Mr. Kean noted. "Under the
new dividend scenario, the resulting yield should be more reflective of a
growth-oriented stock," he added.
NUI Corporation (National Utility Investors; NYSE: NUI) is a multi-
state gas utility serving over 340,000 customers through its operating
divisions. Its divisions include Elizabethtown Gas Company (NJ), City Gas
Company of Florida, and Pennsylvania & Southern Gas Company, which
operates as North Carolina Gas Service, Elkton Gas Service, Valley Cities
Gas Service (PA) and Waverly Gas Service (NY).
# # #
Contact: Alexandra Pruner - 908/781-7815
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