CFG earnings call for the period ending March 31, 2021.
Shares of solar energy company SunPower (NASDAQ: SPWR) went on a wild ride on Wednesday after the company reported first-quarter 2021 earnings. Quarterly revenue at SunPower was $306.4 million, gross margins were 16.3%, non-GAAP (adjusted) net income was $9.3 million, or $0.05 per share, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $19.1 million.
The player who threw the punch "adamantly" denies that racial slurs were used.
TORONTO, May 05, 2021 (GLOBE NEWSWIRE) -- Premier Doug Ford returned to the Legislature today after being unavailable to respond, even virtually, to the Long-Term Care Commission Report for days. His Minister of Long-Term Care belatedly allowed journalists to question her today. Still, there has been no apology or meaningful acknowledgement of the failures that allowed -- even facilitated -- the deaths of thousands in long-term care, reported the Ontario Health Coalition. The Ford government’s response has deeply offended and angered families, residents, care workers and their organizations. “Ontarians are outraged, and so are we. It is the most visceral wave of anger that we have ever seen,” reported Natalie Mehra, executive director of the Ontario Health Coalition who has heard from hundreds of irate Ontarians watching the government’s response. “It is a total failure in leadership. Leaders in the Ford government have shown absolutely no conscience and have refused to apologize. Throughout the pandemic and now as the reports on the terrible lack of care and inadequacy of their response have come in, the Ford government has still has not committed to act urgently to fix the terrible lack of care in long-term care.” On Monday, after scheduling a short press conference just prior to the Legislature’s Question Period on the LTC Commission’s Report, the Minister took questions from only three reporters before walking out as journalists beseeched her to answer their queries. Requests from the Queen’s Park media corps for the Minister to come back and answer questions Monday and Tuesday were not heeded. She finally took questions today, but there was no apology and much deflection of responsibility. Almost 4,000 long-term care residents and staff have died as a result of COVID-19 so far, many in conditions that are so harrowing they have left caregivers and families traumatized. Untold numbers have died of malnutrition, dehydration, isolation and neglect during the pandemic. Tens of thousands of others involved in long-term care have been harmed-- among those many who will not recover. The Ontario Health Coalition released its summary and analysis of the Commission’s report and recommendations today, highlighting the strongest recommendations, those that are problematic -- particularly with regards to privatization -- and a call for urgent action. Despite the fact that the Commission pressed as the top priority the need to fast-track increases in staffing to reach a minimum standard of 4-hours of care, the Minister has not announced any such plan. The policy decision of the Ford government has been to delay this increase in staffing and care until 2024-25. While they have not committed to fast-track getting care to a safe standard, on Monday, the Minister had already consulted with the for-profit long-term care sector on proposals to change how they finance and build long-term care homes. “The Ford government continues to demonstrate that it is entirely captured by the priorities and interests of the for-profit corporations in long-term care with which they have very close ties,” reported Ms. Mehra. “Yet again, the Minister prioritized the for-profit financing and construction of new long-term care homes even when there is horribly inadequate care for existing long-term care residents. They do everything for the for-profits and have done nothing substantive to improve care for residents and conditions for staff which remain worse than before the pandemic. It is appalling.” For more information: Natalie Mehra, executive director (416) 230-6402.
Shares of Honest Co., the diaper and baby-wipe seller founded by actress Jessica Alba, soared 44% in their stock market debut Wednesday, valuing the company at nearly $2.1 billion. Alba founded Honest Co. a decade ago after using baby laundry detergents that caused her allergic reactions. Honest Co. paid $7.4 million to settle a 2015 class-action lawsuit that claimed its sunscreen was ineffective and not natural as the label said.
Vancouver Whitecaps coach Marc Dos Santos looks forward to the day when he can focus solely on the soccer. Dos Santos' attention must often turn to other logistics these days — even seemingly miniscule details like who takes care of players' pets — while the team is based in Utah because of the coronavirus pandemic. Ensuring the emotional wellbeing of his players and their families has become a priority. Like Major League Soccer's other Canadian teams, the Whitecaps have been hampered by travel restrictions between the United States and Canada. Last season after the MLS is Back Tournament in Florida, Vancouver set up shop in Portland, Oregon, and played “home” games at Providence Park. This season started for the Whitecaps in Sandy, Utah, home of Real Salt Lake. It's not known how long they will have to stay. “What I’m more concerned with -- and I was never concerned really before when we went to Portland or Orlando, it was something of a month and a half or a month -- but now what we’re going to have to pay a lot of attention to things like mental health, mental health of the families that stay here, the families that cannot go to Salt Lake, the distance," Dos Santos said. "All of this, when I prepared myself to be a coach, I never thought I would have to deal with.” The Whitecaps' travel party in Utah consists of 30 players, four coaches, 21 staff members, which includes everything from executives to video analysts, 30 family members, five dogs and a cat. Toronto FC, with new coach Chris Armas, is based at an Orlando, Florida, resort and plays at Exploria Stadium. The Reds played home games in Connecticut last fall when the league returned to local markets. Montreal, meanwhile, is based in Fort Lauderdale. For the Reds and Montreal, training in Florida means dealing with more heat than some of the players are accustomed to, as well as the occasional unwanted visitor — like the massive alligator that invaded a Toronto training session. But there's a more serious aspect as well: staying safe in a pandemic. The Reds invited families to join the players in mid-April when COVID-19 cases suddenly spiked in Toronto. “They weren't planning to come down originally and then as things changed in Toronto, we decided it makes the most sense for them to just be down here, and then I can be around to help them out a little bit,” defender Justin Morrow said. FORMATION FOUNDATION The foundation of the Seattle Sounders' impressive start to the season can be found in their formation. Technically, the new formation would be considered a 3-4-1-2 with three defenders, four midfielders, one attacking midfielder and two forwards. It’s a stark departure from the past when Seattle played with four defenders and only one forward at the top of the attack. The new look has allowed wingers Brad Smith and Alex Roldan to be more involved in the attack, and Raul Ruidíaz seems to be enjoying having Will Bruin to work with up top. Ruidíaz is second in the league with four goals in three games. Seattle’s eight goals are tied for most in the league through three games. Even more impressive, Seattle is one of two teams -- along with Orlando City -- that has allowed just one goal through the first three games. “What I like is, how are teams supposed to plan for Raul and Will? How teams will plan for our two wing backs inside the penalty box,” coach Brian Schmetzer said. “We pose problems for teams in the attacking half based on, again, the tactics and our personnel.” A NEW NAME While the Sacramento Republic awaits more clarity about its MLS expansion future, the USL version of the club is partnering on a unique new naming rights deal for its home stadium. Sacramento’s stadium will be known as Heart Health Park for the upcoming season through a partnership with Western Health Advantage, a non-profit HMO health plan based in Sacramento. It’s believed to be the first sports venue to be named specifically to draw attention to a health concern. Along with the name, the team intends to open the stadium for workouts with local fitness instructors, incorporate CPR certification into its youth soccer programming, and engage with regional nonprofits to create additional programing at the stadium with an emphasis on active lifestyles and nutrition. "Our mission to make Sacramento an incredible place to live, work and play includes prioritizing the health of our family, friends and neighbours,” Republic owner and CEO Kevin Nagle said. The 11,000-seat venue at Cal Expo was previously known as Papa Murphy’s Park. Sacramento’s plans for an expansion MLS franchise took a major hit earlier this year when lead investor Ron Burkle backed out of the project. The team has been having advanced discussions with others interested in stepping in as lead investors. Sacramento was originally scheduled to join MLS in 2023 as the league’s 30th team. GAME OF THE WEEK There are a number of good MLS rivalry games this weekend but Saturday night's El Trafico between the LA Galaxy and LAFC stands out because of the hot start by Javier Hernández, better known as Chicharito. The game will be nationally televised on FOX. ___ AP Sports Writer Tim Booth contributed to this report. Anne M. Peterson, The Associated Press
Jazz Pharmaceuticals (NASDAQ: JAZZ) and GW Pharmaceuticals are now under the same corporate roof. The two companies announced Wednesday that Jazz's acquisition of GW has been completed. In the companies' joint press release, Jazz CEO Bruce Cozadd was quoted as saying that the closing "mark[s] a transformative milestone in creating an innovative, high-growth, global biopharma leader in neuroscience with a worldwide commercial and operational footprint."
The husband of a southern Colorado woman who has been missing for nearly a year has been arrested on multiple charges, including first-degree murder, according to court documents. Online court records show Barry Morphew was arrested Wednesday but do not list details of the allegations, including the victim. The arrest came ahead of an afternoon news conference in which authorities said they would provide a “major announcement” in the investigation into Suzanne Morphew’s disappearance.
Last year, shortly after the pandemic hit the U.S., WarnerMedia’s TCM — with about three weeks notice — shifted its annual in-person TCM Classic Film Festival to a hybrid online/network experience. When the TCM team determined they were not going to be able to hold the fest in-person again in 2021, they made an even […]
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Sura Re Ltd. (Sura Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.
"The risk that there will be some damage or that it would hit someone is pretty small — not negligible, it could happen — but the risk that it will hit you is incredibly tiny," astrophysicist Jonathan McDowell said
Although the ultimate Volkswagen Golf has been the all-wheel-drive Golf R, the top-rung GTI has been the Clubsport variant. It delivers nearly as much power as the R, but does without powered rear wheels. The latest Clubsport was introduced last year, and this year comes the Clubsport 45, an even more special version to celebrate the 45th anniversary of the hot hatch.
"The show became acting," the skateboarding star claimed, saying he was dissuaded from dating for about five years after Life of Ryan wrapped
The Boeing 777-200 aircraft took off from Heathrow at 5pm on Wednesday for the eight-hour journey to Delhi.
Facebook's ban on Donald Trump has been upheld, and Peloton is recalling all of its treadmills. It's Wednesday's news.
Applications for "Shuttered Venue Operator Grants" to help live event venues survive opened April 26.
PayPal Holdings Inc reported its strongest first quarter on record and beat profit estimates on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions boosting payment volumes. PayPal's quarterly performance builds on an equally strong 2020 for the company, which also saw record levels of payment volumes. San Jose, California-based PayPal processed a total of $285 billion in payments in the first quarter, up 50% from a year earlier, and added 14.5 million net new active customers.
Kentucky coaches association sought revision of first two rounds.
Investor Day To Provide Long-Term Growth OutlookFOLSOM, NJ , May 05, 2021 (GLOBE NEWSWIRE) -- Investor Contact:Daniel Fidell609-561-9000 email@example.com Media Contact:Dominick DiRocco609-561-9000 firstname.lastname@example.org SJI Reports First Quarter 2021 ResultsInvestor Day To Provide Long-Term Growth Outlook FOLSOM, NJ (May 5, 2021) - SJI (NYSE: SJI) today reported operating results for the first quarter ended March 31, 2021. Highlights include: Q1 2021 GAAP earnings of $1.26 per diluted share compared to $1.09 per diluted share in 2020Q1 2021 Economic Earnings* of $1.26 per diluted share compared to $1.15 per diluted share in 2020First quarter results reflect increased profitability from Utility and Non-Utility operations partially offset by impact of financing activitiesSuccessful execution of key regulatory initiatives -- positive resolution of SJG/ETG Energy Efficiency proposals and approval of ETG conservation incentive program (CIP)Decarbonization goals announced in April targeting 70% reduction in emissions by 2030 and 100% by 2040, with at least 25% of capital spending annually in support of sustainability investmentsVirtual Investor Day on May 6 to provide strategic plan for long-term growth and guidance metrics "Thanks to the continuing dedication of our talented team through the pandemic, we were able to deliver positive first quarter results and are off to a solid start to begin 2021," said Mike Renna, SJI President and Chief Executive Officer. "We remain committed to delivering safe, reliable, affordable clean energy to our more than 700,000 customers and achieving our sustainability goals through critical energy infrastructure investments. We look forward to sharing our vision for SJI as a leading 21st century clean energy infrastructure company during our Investor Day on May 6," added Renna. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 GAAPGAAPEconomic Economic GAAPGAAPEconomic Economic EarningsEPSEarningsEPS EarningsEPSEarningsEPSUtility $121.6 $1.19 $121.6 $1.19 $107.7 $1.16 $108.9 $1.18 Non-Utility $16.2 $0.16 $16.1 $0.16 $5.8 $0.06 $6.4 $0.07 Other $(9.1)$(0.09)$(8.8)$(0.09) $(12.4)$(0.13)$(8.5)$(0.09)Total - Continuing Ops $128.8 $1.26 $128.9 $1.26 $101.1 $1.09 $106.8 $1.15 Average Diluted Shares 101.9 101.9 92.6 92.6 *Non-GAAP, see "Explanation and Reconciliation of Non-GAAP Financial Measures." Note: Earnings and average shares outstanding are in millions. Amounts and/or EPS may not add due to rounding. First Quarter 2021 Results For the three-month period ended March 31, 2021, SJI reported consolidated GAAP earnings of $128.8 million compared to $101.1 million in the prior year period. SJI uses the non-GAAP measure of economic earnings when discussing results. We believe this presentation provides clarity into the continuing earnings of our business. A full explanation and reconciliation of economic earnings is provided under “Explanation and Reconciliation of Non-GAAP Financial Measures” later in this report and in our 10-K for the year ending December 31, 2020. ` For the three-month period ended March 31, 2021, economic earnings were $128.9 million compared to $106.8 million in the prior year period. UTILITY Utility entities include South Jersey Gas (SJG) and Elizabethtown Gas (ETG). First quarter 2021 GAAP earnings were $121.6 million compared with $107.7 million in 2020. First quarter 2021 economic earnings were $121.6 million compared with $108.9 million in 2020. South Jersey Gas Performance. First quarter 2021 GAAP earnings were $83.6 million compared with $70.5 million in 2020. First quarter 2021 economic earnings were $83.6 million compared with $71.7 million in 2020. First quarter 2020 economic earnings reflected a one-time tax adjustment. Utility margin increased $16.7 million, reflecting rate relief effective October 1, 2020, customer growth and the roll-in of investments from infrastructure replacement programs. We define utility margin, a non-GAAP measure, as natural gas revenues plus depreciation and amortization expenses, less natural gas costs, regulatory rider expenses and related volumetric and revenue-based energy taxes. Total expenses increased $4.8 million, primarily reflecting higher interest and depreciation expenses. Customer Growth. SJG added approximately 7,000 new customers over the last 12 months and now serves approximately 407,000 customers. SJG’s 1.8% customer growth rate compares favorably to the peer average and remains driven by gas conversions from alternate fuels such as oil and propane. Infrastructure Modernization. Through infrastructure replacement programs, SJG enhances the safety and reliability of our system while earning our authorized utility return on approved investments in a timely manner. SJG's Accelerated Infrastructure Replacement Program (AIRP) authorizes investment of $302.5 million from 2016-2021 for important infrastructure replacement upgrades. Our most recent annual investment of approximately $60 million from July 2019 to June 2020 was rolled into rates on October 1, 2020.SJG's Storm Hardening and Reliability Program (SHARP) authorizes investment of $100 million from 2018-2021 for four projects to enhance the safety, redundancy and resiliency of the distribution system along our coastal communities. Our most recent annual investment of approximately $30 million from July 2019 to June 2020 was rolled into rates on October 1, 2020. Energy Efficiency. In April, the NJBPU authorized an expansion of SJG's energy efficiency programs for three years, beginning in July 2021, with proposed investments totaling $133 million. Since 2009, SJG has invested more than $120 million in energy efficiency programs. This program represents a commitment to the State’s climate priorities, advancing New Jersey’s clean energy goals in a manner that will benefit customers, the environment and the State’s green economy. The program is expected to result in $177 million in customer bill savings, over 500,000 tons in avoided CO2 emissions, and the creation of more than 2,500 jobs over three years. In tandem with approval of an energy efficiency program, the NJBPU approved a conservation incentive program (CIP) for ETG that eliminates the link between usage and margin, putting ETG in a stronger position to help customers manage their energy bills. Regulatory Initiatives. SJG has filings pending before the New Jersey Board of Public Utilities (NJBPU) in support of infrastructure modernization and redundancy, described in greater detail below. Infrastructure Modernization. In November 2020, SJG filed a request with the NJBPU for approval of an Infrastructure Investment Program (IIP) that would accelerate planned capital expenditures to enhance the delivery of safe, reliable, affordable natural gas, create jobs, and support the State’s environmental goals. Under the proposed five-year program, beginning in June 2021, SJG will invest approximately $742.5 million to replace 825 miles of aging steel mains and install excess flow valves on new service lines. These enhancements ensure the continued safety and reliability of SJG's system. A resolution of the filing is expected this summer.Redundancy. SJG has submitted an engineering and route proposal to the NJBPU for approval to construct needed system upgrades in support of a planned 2.0+ Bcf liquefied natural gas (LNG) facility. Discussions with the NJBPU surrounding this important project continue to progress, with resolution expected before year end. We also continue to explore system alternatives that will allow for a secondary supply of gas needed to create reliability and resiliency for approximately 140,000 customers in Atlantic and Cape May counties. Elizabethtown Gas Performance. First quarter 2021 GAAP/economic earnings were $38.0 million compared with $36.8 million in 2020. Utility margin, as previously defined, increased $4.3 million primarily due to customer growth and colder weather. Total expenses increased $3.1 million, primarily reflecting higher operating and depreciation expenses. Customer Growth. ETG added approximately 4,000 new customers over the last 12 months and now serves approximately 303,000 customers. ETG’s 1.4% customer growth rate has increased from its historic 0.9% rate, driven by increases in new construction and gas conversions from alternate fuels such as oil and propane. Infrastructure Modernization. ETG's Infrastructure Investment Plan (IIP) authorizes investment of $300 million from 2019-2024 for important infrastructure upgrades including the replacement of up to 250 miles of cast iron and bare steel mains. Our investment of approximately $60 million from July 2019 to June 2020 was rolled into rates on October 1, 2020. Energy Efficiency. In April, the NJBPU authorized expansion of ETG's energy efficiency programs for three years, beginning in July 2021, with proposed investments totaling $83 million. This program represents a commitment to the State’s climate priorities and advancing New Jersey’s clean energy goals in a manner that will benefit customers and the environment. The program is expected to result in more than $150 million in customer bill savings, over 400,000 tons in avoided CO2 emissions, and the creation of more than 1,800 jobs over three years. NON-UTILITY First quarter 2021 GAAP earnings were $16.2 million compared with $5.8 million in 2020. First quarter 2021 economic earnings were $16.1 million compared with $6.4 million in 2020. Beginning this period, Non-Utility entities have been renamed to reflect SJI's assets and investments focused on Energy Management and Energy Production, along with Midstream. Energy Management Performance. Energy Management includes Wholesale Services (Fuel Management/Marketing) and Retail Services (Account Services/Energy Consulting). First quarter 2021 GAAP earnings were $13.7 million compared with $5.7 million in 2020. First quarter 2021 economic earnings were $13.9 million compared with $5.9 million in 2020. Wholesale Services first quarter 2021 GAAP earnings were $13.1 million compared with $5.6 million in 2020. First quarter 2021 economic earnings were $13.3 million compared with $5.4 million in 2020, primarily reflecting improved asset optimization opportunities, as well as new fuel management contracts that became operational over the last 12 months.Retail Services first quarter 2021 GAAP earnings were $0.6 million compared with $0.1 million in 2020. First quarter 2021 economic earnings were $0.6 million compared with $0.5 million in 2020, reflecting meter reading and appliance service contract fees, as well as contributions from Energy Consulting activities. Energy Production Performance. Energy Production primarily includes renewable (fuel cell/solar) and decarbonization (REV/RNG development) investments. First quarter 2021 GAAP earnings were $1.6 million compared with $(1.0) million in 2020. First quarter 2021 economic earnings were $1.1 million compared with $(0.7) million in 2020. Renewables first quarter 2021 GAAP earnings were $1.1 million compared with $(1.0) million in 2020. First quarter 2021 economic earnings were $0.6 million compared with $(0.7) million in 2020, primarily reflecting income associated with fuel cell and solar investments over the last twelve months.In December 2020, SJI acquired a minority interest in REV LNG, LLC (REV), along with the rights to develop anaerobic digesters at a portfolio of dairy farms to produce renewable natural gas. Decarbonization first quarter 2021 GAAP and economic earnings were $0.5 million, reflecting SJI's minority interest in REV. Midstream Performance. Midstream includes SJI's 20% equity interest in the PennEast Pipeline. First quarter 2021 economic earnings were $1.0 million compared with $1.2 million in 2020, reflecting Allowance for Funds Used During Construction related to the project. At this time, PennEast anticipates placing the Phase One facilities in service in 2022 and anticipates placing the Phase Two facilities in service in 2024, though the anticipated timeline may shift depending on a number of factors. OTHER Performance. Other entity includes interest on debt, including debt associated with past acquisitions. First quarter 2021 GAAP earnings were $(9.1) million compared with $(12.4) million in 2020. First quarter 2021 economic earnings were $(8.8) million compared with $(8.5) million in 2020, reflecting an increase in outstanding debt partially offset by debt repayments and refinancing. Capital Expenditures and Cash Flow For the three months ended March 31, 2021: Net cash provided by operating activities was $198.5 million compared with $165.9 million in the prior year period, primarily reflecting rate relief at SJG, improved wholesale marketing results and customer growth.Net cash used in investing activities was $112.3 million compared with $10.1 million in the prior year period, primarily reflecting $105.4 million in capital expenditures for utility infrastructure modernization and clean energy investments, and the sale of non-core assets in Q1 2020 for $104.2 million in total proceeds.Net cash used in financing activities was $96.1 million compared with $152.2 million in the prior year period, primarily reflecting $427.6 million in debt repayments partially offset by $291.0 million in net long-term debt issuance and $40.3 million in net common equity issuance. Balance Sheet Equity-to-total capitalization was 34.0% at March 31, 2021 compared with 32.2% at December 31, 2020, reflecting equity financing and repayment of debt. Assuming conversion of mandatory convertible equity units and equity credit from rating agencies for long-duration debt, SJI's adjusted equity-to-total capitalization, a non-GAAP measure, was 41.6% at March 31, 2021 compared with 39.7% at December 31, 2020.In March, S&P affirmed SJI, SJG and ETG credit ratings of BBB, with a raised outlook to stable from negative, following equity financing transactions. In February, Moody's affirmed SJG's A3 rating, with a raised outlook to stable from negative, citing among many factors SJG's positive rate case resolution in 2020 and steady improvement in financial metrics.As of March 31, 2021, SJI had total credit facilities of $910 million, with $727 million of available borrowing capacity. Dividends On May 5th, SJI’s board of directors declared its regular dividend of $0.3025 per share for the second quarter of 2021. The dividend is payable July 2, 2021 to shareholders of record at the close of business on June 10, 2021. This is SJI's 70th consecutive year of paying dividends, reflecting the company's commitment to a consistent, sustainable dividend. Virtual Investor Day Information SJI will host a virtual Investor Day on May 6 at 10:00 a.m. ET. SJI's senior leadership team will discuss the Company's strategic value proposition and long-term financial growth targets, as well as first quarter 2021 earnings results. The video webcast of the virtual Investor Day, including a copy of the presentation, and a question and answer session, will be broadcast over the internet and can be accessed at https://www.sjindustries.com/investors/webcasts-presentations/2021#events. For those unable to listen to the webcast, an archived version will be available at the same location. To listen to the call or to ask questions during the meeting, please dial 1-877-270-2148 (Toll Free) or 1-412-902-6510 (International) approximately 5-10 minutes prior to the start time. About SJI SJI (NYSE: SJI), an energy services holding company based in Folsom, NJ, delivers energy services to its customers through three primary subsidiaries. SJI Utilities, SJI’s regulated natural gas utility business, delivers safe, reliable, affordable natural gas to approximately 700,000 South Jersey Gas and Elizabethtown Gas customers in New Jersey. SJI’s non-utility businesses within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing customized wholesale commodity marketing and fuel management services; and developing, owning and operating on-site energy production facilities. SJI Midstream houses the company’s interest in the PennEast Pipeline Project. Visit sjindustries.com for more information about SJI and its subsidiaries. Forward-Looking Statements and Risk Factors This news release, including information incorporated by reference, contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding guidance, industry prospects or future results of operations or financial position, expected sources of incremental margin, strategy, financing needs, future capital expenditures and the outcome or effect of ongoing litigation, are forward-looking. This Quarterly Report uses words such as "anticipate," "believe," "expect," "estimate," "forecast," "goal," "intend," "objective," "plan," "project," "seek," "strategy," "target," "will" and similar expressions to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions on an international, national, state and local level; weather conditions in SJI’s marketing areas; changes in commodity costs; changes in the availability of natural gas; “non-routine” or “extraordinary” disruptions in SJI’s distribution system; regulatory, legislative and court decisions; competition; the availability and cost of capital; costs and effects of legal proceedings and environmental liabilities; the failure of customers, suppliers or business partners to fulfill their contractual obligations; changes in business strategies; and public health crises and epidemics or pandemics, such as a novel coronavirus (COVID-19). These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements, are described in greater detail under the heading “Item 1A. Risk Factors” in this Quarterly Report, SJI’s and SJG's Annual Report on Form 10-K for the year ended December 31, 2020 and in any other SEC filings made by SJI or SJG during 2020 and 2021 and prior to the filing of this earnings release. Also refer to the additional risk factor described below: Explanation of Non-GAAP Financial Measures Management uses the non-GAAP financial measures of Economic Earnings and Economic Earnings per share when evaluating its results of operations. These non-GAAP financial measures should not be considered as an alternative to GAAP measures, such as net income, operating income, earnings per share from continuing operations or any other GAAP measure of financial performance. We define Economic Earnings as: Income from Continuing Operations, (i) less the change in unrealized gains and plus the change in unrealized losses on non-utility derivative transactions; (ii) less income and plus losses attributable to noncontrolling interest; and (iii) less the impact of transactions, contractual arrangements or other events where management believes period to period comparisons of SJI's operations could be difficult or potentially confusing. With respect to part (iii) of the definition of Economic Earnings, items excluded from Economic Earnings for the three months ended March 31, 2021 and 2020, are described in (A)-(D) in the table below. Economic Earnings is a significant financial measure used by our management to indicate the amount and timing of income from continuing operations that we expect to earn after taking into account the impact of derivative instruments on the related transactions, as well as the impact of contractual arrangements and other events that management believes make period to period comparisons of SJI's operations difficult or potentially confusing. Management uses Economic Earnings to manage its business and to determine such items as incentive/compensation arrangements and allocation of resources. Specifically regarding derivatives, we believe that this financial measure indicates to investors the profitability of the entire derivative-related transaction and not just the portion that is subject to mark-to-market valuation under GAAP. We believe that considering only the change in market value on the derivative side of the transaction can produce a false sense as to the ultimate profitability of the total transaction as no change in value is reflected for the non-derivative portion of the transaction. Reconciliation of Non-GAAP Financial Measures The following table presents a reconciliation of our income from continuing operations and earnings per share from continuing operations to Economic Earnings and Economic Earnings per share (in thousands, except per share data): Three Months EndedMarch 31, 2021 2020Income from Continuing Operations$128,798 $101,100 Minus/Plus: Unrealized Mark-to-Market Losses on Derivatives44 4,322 Income Attributable to Noncontrolling Interest(129) — Acquisition/Sale Net Costs (A)267 1,361 Other Costs (B)— 147 Income Taxes (C)(86) (1,305) Additional Tax Adjustments (D)— 1,214 Economic Earnings$128,894 $106,839 Earnings per Share from Continuing Operations$1.26 $1.09 Minus/Plus: Unrealized Mark-to-Market Losses on Derivatives— 0.05 Acquisition/Sale Net Costs (A)— 0.01 Income Taxes (C)— (0.01) Additional Tax Adjustments (D)— 0.01 Economic Earnings per Share$1.26 $1.15 (A) Represents the final working capital payment on the sale of ELK, which was finalized during the three months ended March 31, 2021. Also represents items recognized during the three months ended March 31, 2020 such as costs incurred to prepare to exit the TSA, and gains/losses recognized and costs incurred on the sale of solar assets as well as MTF/ACB. (B) Represents severance and other employee separation costs, along with costs incurred to cease operations at three landfill gas-to-energy production facilities. (C) The income taxes were determined using a combined average statutory tax rate. (D) Represents a one-time tax adjustment in 2020 resulting from the BPU's approval of a stipulation for SJG. Summary of Utility Margin The following tables summarize Utility Margin for the three months ended March 31, 2021 and 2020 for SJG and ETG (in thousands): SJG: Three Months EndedMarch 31, 2021 2020Utility Margin: Residential$119,974 $83,099 Commercial and Industrial41,022 31,431 Cogeneration and Electric Generation1,249 1,280 Interruptible65 26 Off-System Sales & Capacity Release737 785 Other Revenues243 203 Margin Before Weather Normalization & Decoupling163,290 116,824 CIP Mechanism(763) 28,910 EET Mechanism1,454 1,584 Utility Margin**$163,981 $147,318 ETG: Three Months EndedMarch 31, 2021 2020Utility Margin: Residential$65,981 $57,433 Commercial & Industrial33,057 27,912 Regulatory Rider Expenses*(10,048) (606) Utility Margin**$88,990 $84,739 *Represents pass-through expenses for which there is a corresponding credit in operating revenues. Therefore, such recoveries have no impact on financial results. **Utility Margin is a non-GAAP financial measure and is further defined above. The definition of Utility Margin is the same for SJG and ETG gas utility operations. SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(In Thousands Except for Per Share Data) Three Months EndedMarch 31, 2021 2020Operating Revenues: Utility$402,616 $386,881 Nonutility271,684 147,231 Total Operating Revenues674,300 534,112 Operating Expenses: Cost of Sales - (Excluding depreciation and amortization) - Utility126,513 135,326 - Nonutility245,061 130,742 Operations and Maintenance70,103 71,951 Depreciation31,812 26,469 Energy and Other Taxes3,983 3,862 Total Operating Expenses477,472 368,350 Operating Income 196,828 165,762 Other Income and Expense2,068 (1,147) Interest Charges(31,459) (32,536) Income Before Income Taxes167,437 132,079 Income Taxes(41,769) (33,370) Equity in Earnings of Affiliated Companies3,130 2,391 Income from Continuing Operations128,798 101,100 Loss from Discontinued Operations - (Net of tax benefit)(71) (59) Net Income128,727 101,041 Less: Income Attributable to Noncontrolling Interest129 — Net Income Attributable to South Jersey Industries, Inc.$128,598 $101,041 Basic Earnings Per Common Share: Continuing Operations$1.28 $1.09 Discontinued Operations— — Net Income1.28 1.09 Less: Income Attributable to Noncontrolling Interest— — Net Income Attributable to South Jersey Industries, Inc.$1.28 $1.09 Average Shares of Common Stock Outstanding - Basic100,845 92,445 Diluted Earnings Per Common Share: Continuing Operations$1.26 $1.09 Discontinued Operations— — Net Income1.26 1.09 Less: Income Attributable to Noncontrolling Interest— — Net Income Attributable to South Jersey Industries, Inc.$1.26 $1.09 Average Shares of Common Stock Outstanding - Diluted101,937 92,556 SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(In Thousands) Three Months EndedMarch 31, 2021 2020Net Cash Provided by Operating Activities$198,463 $165,898 Cash Flows from Investing Activities: Capital Expenditures(105,380) (113,671) Proceeds from Business Dispositions and Sale of Property, Plant & Equipment— 104,275 Investment in Contract Receivables(6,166) (7,402) Proceeds from Contract Receivables3,370 4,665 Investment in Affiliates(196) (502) Net Repayment of Notes Receivable - Affiliates311 2,580 Acquisition/Divestiture Working Capital Settlement(267) — Other(4,000) — Net Cash Used in Investing Activities(112,328) (10,055) Cash Flows from Financing Activities: Net Repayments of Short-Term Credit Facilities(425,100) (151,400) Proceeds from Issuance of Long-Term Debt300,000 — Principal Repayments of Long-Term Debt(2,500) — Payments for Issuance of Long-Term Debt(9,108) (791) Proceeds from Sale of Common Stock42,272 — Payments for the Issuance of Common Stock(1,662) — Net Cash Used in Financing Activities(96,098) (152,191) Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(9,963) 3,652 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 41,831 28,381 Cash, Cash Equivalents and Restricted Cash at End of Period $31,868 $32,033 SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In Thousands) March 31,2021 December 31,2020Assets Property, Plant and Equipment: Utility Plant, at original cost$5,350,943 $5,265,661 Accumulated Depreciation(940,177) (914,122) Nonutility Property and Equipment, at cost149,606 147,764 Accumulated Depreciation(35,374) (35,069) Property, Plant and Equipment - Net4,524,998 4,464,234 Investments: Available-for-Sale Securities32 32 Restricted1,482 7,786 Investment in Affiliates112,936 106,230 Total Investments114,450 114,048 Current Assets: Cash and Cash Equivalents30,386 34,045 Accounts Receivable327,832 278,723 Unbilled Revenues68,155 85,423 Provision for Uncollectibles(35,855) (30,582) Notes Receivable - Affiliate2,536 2,847 Natural Gas in Storage, average cost18,800 39,440 Materials and Supplies, average cost1,749 2,561 Prepaid Taxes13,623 23,851 Derivatives - Energy Related Assets38,541 41,439 Other Prepayments and Current Assets23,148 29,081 Total Current Assets488,915 506,828 Regulatory and Other Noncurrent Assets: Regulatory Assets650,710 673,992 Derivatives - Energy Related Assets16,084 6,935 Notes Receivable - Affiliate30,835 31,073 Contract Receivables43,934 41,428 Goodwill706,960 706,960 Other137,622 143,650 Total Regulatory and Other Noncurrent Assets1,586,145 1,604,038 Total Assets$6,714,508 $6,689,148 March 31,2021 December 31,2020Capitalization and Liabilities Equity: Common Stock$128,215 $125,740 Premium on Common Stock1,193,552 1,218,000 Treasury Stock (at par)(264) (321) Accumulated Other Comprehensive Loss(38,208) (38,216) Retained Earnings453,823 355,678 Total South Jersey Industries, Inc. Equity1,737,118 1,660,881 Noncontrolling Interest6,124 5,995 Total Equity1,743,242 1,666,876 Long-Term Debt 3,063,394 2,776,400 Total Capitalization4,806,636 4,443,276 Current Liabilities: Notes Payable171,300 596,400 Current Portion of Long-Term Debt142,801 142,801 Accounts Payable218,078 256,589 Customer Deposits and Credit Balances29,039 35,899 Environmental Remediation Costs47,803 45,265 Taxes Accrued14,560 6,025 Derivatives - Energy Related Liabilities21,837 27,006 Deferred Contract Revenues514 479 Derivatives - Other Current502 659 Dividends Payable30,453 — Interest Accrued31,664 21,140 Pension Benefits3,704 3,704 Other Current Liabilities40,444 27,665 Total Current Liabilities752,699 1,163,632 Deferred Credits and Other Noncurrent Liabilities: Deferred Income Taxes - Net188,800 149,534 Pension and Other Postretirement Benefits132,199 135,023 Environmental Remediation Costs139,954 148,310 Asset Retirement Obligations203,539 202,092 Derivatives - Energy Related Liabilities11,818 4,947 Derivatives - Other Noncurrent6,939 9,279 Regulatory Liabilities418,089 420,577 Other53,835 12,478 Total Deferred Credits and Other Noncurrent Liabilities1,155,173 1,082,240 Commitments and Contingencies (Note 11) Total Capitalization and Liabilities$6,714,508 $6,689,148
The shooting left one injured but many saw the incident that unfolded less than a block from the iconic fountain in Columbia’s Five Points.
Follow all the live action from the semi-final second leg at Stamford Bridge