New Jersey Resources
NEW JERSEY RESOURCES CELEBRATES 25th ANNNIVERSARY OF ITS LISTING ON THE NEW YORK STOCK EXCHANGE
07/30/2007 - For Immediate Release“It is a tremendous honor for our company to be listed on the New York Stock Exchange,” Downes said. “For over a quarter of a century, we have dedicated ourselves to meeting our customers’ expectations for reliability, providing a consistent return for shareowners and growing our business. This milestone accomplishment is a reflection of the hard work and commitment to service of our exceptional team of employees that has been the hallmark of our company since the very beginning.”
While NJR has grown considerably since it was first listed, its financial growth and profitable return have remained constant. The company’s market value in 1982 was $43 million and the closing price on the first day of trading was $4.42, adjusted for splits. Today, it is valued at $1.4 billion with a closing price of $50.37 as of July 21, 2007. As of that date, the value of $1,000 invested 25 years ago, assuming dividends were reinvested, was $49,406.47, or an average annual return of 16.9 percent. NJR has paid quarterly dividends since its inception in 1952, and has increased its dividend in each of the last 12 years.
New Jersey Natural Gas (NJNG), NJR’s principal subsidiary, is also celebrating its 55th anniversary this year. With the purchase of Jersey Central Power and Light’s natural gas division by County Gas Company in 1952, NJNG was born. At the time, the company served approximately 90,000 customers in five counties. Today, it is one of the fastest growing local distributions companies in the nation serving more than 476,000 customers throughout the state.
The Closing Bell will be rung at 4 p.m. and photos will be available shortly thereafter. Please contact Michael Kinney of New Jersey Resources at 732-938-1031 for copies.
New Jersey Resources (NYSE:NJR), a Fortune 1000 company and a member of the Forbes Platinum 400, provides reliable retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada. Its principal subsidiary, New Jersey Natural Gas, is one of the fastest-growing local distribution companies in the United States, serving more than 476,000 customers in central and northern New Jersey. Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services is a leader in the wholesale energy services market, providing customer service and management of natural gas storage and capacity assets. NJR Home Services offers retail customers heating, air conditioning and appliance services. NJR’s progress is a tribute to the more than 5,000 dedicated employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make NJR a leader in the competitive energy marketplace. For more information, visit NJR’s Web site at njliving.com.
Contact:
Michael Kinney, Media
732-938-1031
Dennis Puma, Investors
732-938-1229
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