Herald & Lantern 2 November '83

business

Earnings Increase For SJI

FOLSOM — South Jersey Industries, Inc. (SJI). a diversified natural gas and natural resources holding company, reported a 7.3 percent increase in consolidated earnings for the nine months ended Sept. 30, compared to the same period last year, according to William F. Ryan, president and chief executive officer. Ryan stated that the important factors in SJI’s improved performance were the contributions to earnings resulting from higher residential and commercial rates effective October 1982 and May 1983 for South Jersey Gas Co. (Gas Company), SJI’s natural gas utility subsidiary, and a 37 percent increase in earnings for Energy and Minerals, Inc. (EMI), the natural resource subsidiary of SJI, from increased sales in the industrial sands market. The consolidated earnings of SJI for the first nine months of 1983 amounted to approximately $5.4 million

or $2.01 per conynon share based on 2,675,882 shares outstanding. Compared with the same period in 1962, consolidated earnings totaled approximately $5.0 million or $1.94 per common share based on 2,577,756 shares outstanding. AN ANALYSIS of SJfs performance at the end of the third quarter reveals that although Gas Company experienced a decrease of 4.7 percent in gas sales because of unseasonably mild winter temperatures that were 14 percent wanner than the previous year, the addition of approximately 3,500 customers and timely rate relief granted by the New Jersey Board of Public Utilities (BPU) offset these lower volume sales. Ryan indicated that earnings should continue to improve for the remainder of the year as a result of an aggressive marketing porgram and improved rates. Ryan continued that

another positive event in the Gas Company operations was the approval by the BPU of Gas company’s acquisition of the natural gas distribution facilities in Cape May County from New Jersey Natural Gas Co. effective Oct. 3. This acquisition provides an additional 27,000 new customers to Gas Company’s rolls, thus bringing the total number of customers served by Gas Company to approximately 160,000, and its 265 square miles provides additional growth potential to the dynamic service area now served by Gas Company. FOR THE FIRST nine months of 1983, EMI’s sand and gravel mining operation, Jesse S. Morie and Son, Inc. (Morie Company), had a net income of $1,516,000, an increase of 38 percent over the same period last year. Ryan reported that Morie Company’s Tennessee Division is receiving increased orders to date from its principal customers, Ford

Motor Co. and AFG Industries. Additionally, the sale of a new grade of fine sand, which is used in the production of fireproof ovenware and fine glass products, continues to improve. Ryan is optimistic that this product will continue to provide increased sales and profits. * ON SEPT. 9. the Morie Company concluded an agreement to purchase the assets and mineral reserves of Upper Township Sand and Gravel in Cape May County. The closing is scheduled for Jan. 16. In the interim, Morie Company will operate the plant under a lease agreement. The acquisition is designed to extend the life of Morie Company’s New Jersey Division by increasing the sand and gravel reserves an additional 20-25 years and improve operations as the reserve mix more closely parallels the needs of Morie’s New Jersey markets.

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JOB BOOST — Gov. Thomas H. Kean, center, presents check for $4,267,566 for funding programs under Job Training Partnership Act to William S. Cowart. Private Industry Council chairperson, right. Looking on left is State Labor Commissioner Roger A. Bodman. Check represenU amount of funding under JTP Atlantic/Cape May Service Delivery Area will receive during next 12 months.

FACT: FACT: FACT: FACT: FACT: FACT:

LOWER TOWNSHIP INEFFECTIVE, INCOMPETENT MANAGEMENT (BY A PART-TIME MAYOR) Taxes up 112% since 1980. Mayor-voted yes, (30%) 1981; yes again; (50%) 1982, Record increase. As Finance Director Mayor Bieberbach overspent 1982 budget by $50,000,000. 1983 budget UNDERFUNDED to remain under "cap law". Result: (Complete budgetary chaos, possible violation of New Jersey Budget Law). Devastating mercantile tax increase in 1983, up 900% in some cases. Result: Turning businesses away with loss of valuable employment opportunities forcing increased cost to consumer. Legal services underfunded by tens of thousands of dollars. Result: A $65.00 per hour Solicitor, unpaid for the past seven months, forcing another EMERGENCY appropriation after election. Recykang ..Mandatory recycling ordinance shelved because of public outcry. A very critical situation handled in a lackadaisical manner.

Solid Waste Disposal...Year of improper landfill operations (Smith’s Landfill). A potentially dangerous and serious FACT: health hazard. Leased by borough of Wildwood Crest 1978. Impossible to overcome operational problems, plus financial losses, forced termination of their lease, 1980. Despite these facts, Mayor Bieberbachupushes for leasing by Lower Township. Public Works Department . Bond ordinance, June 1983, for road repair and drainage. To date no drainage proFACT: Hems resolved. $50,000,000 appropriated for road paving machine purchase. No machine purchased. Result: Cosmetic treatment on streets, 3 weeks before election, oil and stone, not asphalt paving. Where is the $635,000,000 Bond Money? Senior Citizens...Specifically, what has our mayor done for senior citizens? Tax relief? Health and welfare? FACT: Real Estate Fiasco...Land sale failure resulted in "$94,000 deficit" problem in the budget. FACT: Recreation Department...UNDERFUNDED by Township Committee in budget, resulting in a 50% cut in football FACT: p r0 g ram . Retarded Citizens., unwelcome in Lower Township. Mayor Bieberbach’s "slanderous and derogatory remarks apoy. (he mentally retarded reveals an enormous amount of ignorance and labels her a bigot.” so states a local newspaper-article. Remarks made at August 1983 Township meeting. Council-Manager form of Government...Mayor and Democratic organization does not support the recommended FACT: change. Mayor's political future is more important to her than the well being of our community.

The goverment of Lower Township Is In a stats of disarray. The currant Mayor wants to keep things as they are. Har mls-managamant Is obvious. Only you can change discourteous, Inaffactlva government. VOTE FOR A CHANGE STUBBS LOWER TOWNSHIP COMMITTEE VOTE REPUBLICAN - COL. 1 ORDERED AND PAID FOR BY REPUBLICAN '83 M STUBBS. TREASURER