Local gas utility company, South Jersey Gas, on Tuesday told regulators it plans to sell up to 7.5 million shares–worth around $200 million based on the company’s $27.60 share price before the offer was announced.
You can see the full prospectus here on the Securities and Exchange Commission’s site, along with a presentation to analysts and investors, but here are some factoids on the regional gas provider that we gleaned from the announcement:
- The company, known as South Jersey Industries and headquartered in Folsom, Atlantic County, had revenue of nearly $1 billion last year and a core profit of $157 million.
- South Jersey Industries operates throughout Atlantic, Cape May, Cumberland and Salem counties and also covers parts of Burlington, Camden and Gloucester counties.
- Most of the company’s money comes from its gas utility business, but it also operates “South Jersey Energy Solutions”, which offers HVAC and meter-reading services as well as energy generation. According to the prospectus, the company is planning to invest in this business and earn more money from it in the future.
- It operates solar generation sites in New Jersey, Maryland and Massachusetts.
- South Jersey Industries had about 720 employees at the end of last year. Just under half of those employees are unionized and the company has agreements with the International Brotherhood of Electrical Workers Local 1293 and the International Association of Machinists and Aerospace Workers Local 76.
- South Jersey Gas is growing and gaining new customers, mainly because homeowners are deciding to switch to gas.
- The company had 373,100 residential and business customers at the end of last year.