FARMINGDALE, NJ - Today, New Jersey Resources (NYSE: NJR) announced a 2-for-1 stock split of its outstanding common stock, and a corresponding increase in authorized shares of common stock to 150 million. The announcement was made during the company's Annual Shareowners' Meeting held at Eagle Oaks Golf and Country Club in Farmingdale, New Jersey.
During the meeting, chairman and CEO, Laurence M. Downes, highlighted the company's record financial performance in fiscal 2014. "Our strong stock performance provided us with the opportunity to reward shareowners for their continued confidence with a 2-for-1 stock split," said Downes. This is the fourth common stock split in the company's 33 years of trading on the New York Stock Exchange.
Shareowners of record at the close of business on February 6, 2015 will receive one additional share of NJR stock for every share of common stock owned as of that date. The new shares resulting from the split will be distributed following the close of business on March 3, 2015. NJR will commence trading at its split-adjusted price on March 4, 2015. As a result of the stock split, the number of shares of NJR stock outstanding will increase to approximately 85 million. For additional information on the NJR stock split, visit the Investor Relations section of njresources.com and scroll down to Investor Fact Sheets.
Prior to the stock split, the board of directors also unanimously declared a quarterly dividend of $0.45 per share on its common stock. On a post-split basis, the quarterly dividend will be $0.225 per share, payable on April 1, 2015 to shareowners of record on March 13, 2015. NJR has paid quarterly dividends continuously since its inception in 1952.
In other business, shareowners re-elected Donald L. Correll, M. William Howard Jr., J. Terry Strange and George R. Zoffinger to the board of directors, each for three-year terms. Additionally, shareowners approved a non-binding advisory resolution on the compensation of the company's named executive officers and ratified the appointment of Deloitte & Touche, LLP as the company's independent registered public accounting firm for the fiscal year ending September 30, 2015.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $3 billion, NJR is comprised of five primary businesses:
NJR and its more than 950 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.