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): January 25, 1995
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)
Sequential Page 1 of 6
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
January 25, 1995, 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
January 25, 1995
Item 8. Change in Fiscal Year
Not applicable.
Sequential Page 2 of 6<PAGE>
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: January 31, 1995
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EXHIBIT INDEX
Page No.
99 Press Release of NUI Corporaton, dated January 25, 1995 5-6
Sequential Page 4 of 6<PAGE>
EXHIBIT 99
FOR IMMEDIATE RELEASE
NUI CORPORATION REPORTS FIRST QUARTER RESULTS
Bedminster, N.J. -- January 25, 1995 -- NUI Corporation (NYSE:NUI; National
Utility Investors) today reported first quarter net income of $3.98 million,
or $0.44 per share, for the three months ended December 31, 1994, compared
with net income of $5.85 million, or $0.71 per share, a year ago. The current
quarter's results reflect $1.4 million of non-recurring pre-tax charges
relating in part to the settlement of NUI's Florida division rate case in
December 1994, and in part to restructuring the division's operations. The
current quarter also reflects higher interest expense principally associated
with increases in short-term interest rates, as well as increases in other
operation and maintenance expense and depreciation charges. These increases
were partially offset by $1.0 million of pre-tax operating income from NUI's
Pennsylvania and Southern division, which was acquired in April 1994.
"During the first quarter, we took a number of steps in our on-going effort
to restructure NUI's Florida division. In addition to management changes,
new rates went into effect there at the end of the quarter, and we will be
increasing rates in our newly-deregulated leasing business in Florida on
February 1," said John Kean, Jr., President and Chief Operating Officer.
"Also during the quarter we implemented an early retirement program
targeted to ten percent of our overall workforce. In addition to reducing
headcount, this program is a key step in the restructuring of the company's
business operations, designed to maximize margin potential and achieve
on-going efficiencies. The favorable settlement of our New Jersey labor
contract in November demonstrates our employees' commitment to the company's
future success. NUI Corporation is committed to attaining a more competitive
position for overall earnings growth."
The current quarter's results reflect 9.1 million average total shares
outstanding, compared with 8.2 million shares a year ago. Effective
December 1994, the company directed the agents of its common stock
investment plan ("NUI Direct") and employee stock plans to purchase shares
on the open market to fulfill the plans' requirements.
NUI Corporation, based in Bedminster, N.J., is a multi-state natural gas
distribution company serving over 340,000 customers through its Elizabethtown
Gas (NJ), City Gas Company of Florida, and Pennsylvania & Southern Gas
Company operating divisions. Pennsylvania & Southern does business as
North Carolina Gas Service, Valley Cities Gas Service (PA), Waverly Gas
Service (NY), and Elkton Gas Service (MD).
# # #
Contact: Alexandra Pruner (908) 781-7815 statistical table follows<PAGE>
NUI CORPORATION (NYSE: NUI)
COMPARATIVE TABLE
(Thousands, Except Per Share Amounts and Degree Day Data; unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
1994 1993 1994 1993
Operating Revenues $102,524 $105,603 $389,207 $359,377
Operating Income $8,388 $9,351 $24,870 $26,018
Net Income $3,978 $5,852 $8,906 $12,904
Net Income Per Share $0.44 $0.71 $1.01 $1.58
Weighted Average
Number of Shares of
Common Stock
Outstanding (000's) 9,137 8,218 8,846 8,164
Degree Day Data:
New Jersey -
Actual
Normal: 1,725 1,352 1,633
North Carolina-
Actual
Normal: 1,485 1,238 1,543
Overall Variance
from 30-Year
Average in New 22% 5%
Jersey ("Normal") warmer warmer
Overall Variance
from 30-Year
Average in North
Carolina 17% 4%
("Normal") warmer colder
Total Average
Customers Served 350,905 322,756
Total Throughput
(Bcf's) 2l.9 20.5<PAGE>
Contact: Alexandra Pruner
(908) 781-7815<PAGE>
