Good morning. At this time I would like to welcome everyone to the fiscal 2009-year end conference call and webcast. (Operator Instructions) Mr. Dennis Puma, you may begin your conference.

I’d like to welcome everyone to New Jersey Resources fiscal 2009 year-end conference call and webcast. I'm joined by Laurence Downes, our Chairman and CEO, Glenn Lockwood our Chief Financial Officer, as well as other members of our senior management team. As you know, certain statements in our news release and in today's call contain estimates and other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution readers of our news release and listeners to this call that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR's ability to control or estimate precisely which could cause results to materially differ from the company's expectations. A list of these items can be found but is not limited to items in the forward-looking statements section of today's news release filed on Form 8-K, and on our Form 10-K filed on November 30, 2009. All these items can be found at SEC.gov. NJR does not by including this statement assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events. I'd also like to point out that there are slides accompanying today's discussion available on our website. With that being said, I'd like to turn the call over to our Chairman and CEO, Laurence Downes.

Thanks Dennis and good morning everyone. We appreciate you taking the time to be with us here this morning. Just to build on something Dennis just pointed out, and before I get into the performance, I want to remind everyone that I will be making reference to forward-looking statements this morning. On slide two of the presentation you can see a list of the factors that could effect those statements. They are here and as Dennis mentioned in our 10-K, 10-Qs, and you can get them on the web as well. So I would ask you to please take a moment to review those carefully. On slide three, you see a disclaimer regarding non-GAAP financial measures. I will be referring to certain non-GAAP financial measures, namely net financial earnings and financial margins and while we believe that these metrics provide a better understanding of our performance, they are not in any way intended to replace GAAP. Item seven of our end report on Form 10-K provides a more detailed discussion and I would encourage you to review that carefully as well. So with that let me begin with the highlights of fiscal 2009, which as you can see from our results this morning was another outstanding year for the company. We achieved our 18th consecutive year of net financial earnings growth per share as you can see on slide four, $2.40 per share compared with $2.24 per share last year. That represented a 7.1% increase. This morning we also announced a 9.7% increase in our dividend that will be effective in January. Our results were substantially driven by very strong performance from our main subsidiary New Jersey Natural Gas, reflecting primarily the impact of new base rates and very strong performance from our BGSS incentive. We were able to add…

(Operator Instructions) Your first question comes from the line of Dan Fidell - Brean Murray, Carret & Co. Dan Fidell - Brean Murray, Carret & Co. : Just a couple of quick housekeeping questions for me, I guess first you had mentioned that you got about 325,000 shares remaining under your current buyback, are share repurchases something you’re interested in going into fiscal 2010 and 2011, in other words could we see another reauthorization of a higher share number.

We haven’t made that decision. We do use it opportunistically and a tool that we’ve had in place since 1996 and I think for a company of our size with our market cap and importantly our liquidity its just another tool out there and its also a, our ability to utilize it which we have been able to do I think quite successfully over the years is a function of the strength of the financial profile. But we don’t have any plans at this moment to increase it. Dan Fidell - Brean Murray, Carret & Co. : And then just quickly on the equity and earnings of affiliates line, in the consolidated income statement, $4.3 million for the 12 months ended September 30 versus $2 million, I was wondering if you could give us just a little bit more color on that line. I know or I believe a majority of that is [Iroquois] and Steckman, but is there something else in that line.

Its all [Iroquois] and Steckman, the only thing I would caution you on is those are purely our 50%, especially with Steckman, 50% of the earnings from the partnership. That does not include our internal financing or operating costs when we talk about the bottom line of Midstream assets. So there’s a little bit more work to do to get from that line to the ultimate bottom line in getting to the Midstream asset contribution. But its purely just, that line on the income statement, is just [Iroquois] and Steckman Ridge. Dan Fidell - Brean Murray, Carret & Co. And then just on O&M, how should we be thinking about O&M as we head into fiscal 2010, any kind of color you can give us on that, just trend wise.

The biggest issue we’ve been dealing with is obviously pension and OPEB costs with what’s going on in the markets and interest rates. So we announced one of our mitigation strategies was to make a fairly large contribution into the pension plan. So like everybody else we’re trying to manage those costs. The rest of the business we usually target to keep O&M within inflation type growth rates and we’ll, we can look at our track record to manage that in good times and bad. Dan Fidell - Brean Murray, Carret & Co. : Thanks for the color and congrats on another solid year and look forward to another year here into fiscal 2010.

Your next question comes from the line of Heike Doerr - Janney Montgomery Scott

I’m wondering if there are any efforts underway to turn the AIP program or maybe a piece of it into something more permanent.

I think what’s important is that we work through the program as was approved by the BPU. There was as you know a number of objectives there that tied in with state policy. But I would ask Mark Sperduto may want to comment on that who is here today. Mark heads up our regulatory area.

As you know the governor’s change is effective in January, so it will take several months I would imagine for them to get comfortable with the policies at the BPU and I would say its kind of a wait and see attitude at this point.

And we’re expecting two Commissioner changes and possibly a changing of who the Chair is here in the next six months at the BPU, correct.

Correct, one Commissioner is on a hold over status and he will be leaving sometime early in 2010 I imagine. And then I believe by law the Chairman or the President of the Commission would have to be from the party in the governor’s office.

And after the governor makes his appointments does the state senate need to approve those appointments.

Yes.

So there would be a delay until those people took office or how does that work.

They have to be confirmed first by the senate and that’s all subject to the legislature’s scheduling.

And can the remaining three Commissioners still rule on decisions or do they need to wait until they have a full court.

No, one of the previous increases to five was to permit even if there’s one vacancy, to permit a quorum to exist so that they could still act with less then a full compliment.

Your next question comes from the line of Ryan Rosenthal - Sidoti & Company Ryan Rosenthal - Sidoti & Company : There was about a million dollar jump, about 50% increase in your retail and other earnings this quarter versus the year earlier quarter, can you discuss what the positive catalyst was and if that’s something that will be reoccurring going forward.

In the past year, that increase is almost all related to our Iroquois investment and in prior years Iroquois was grouped with retail and other. So going forward as you know we’re going to break that out into a whole separate business segment and combine it with Steckman Ridge. So retail and other you’re going to have to in effect, becomes 1% to 2% of overall earnings and I would not have any expectations of anything unusual happening there. So as you see today we’re giving overall guidance of that new Midstream asset segment so you can model your numbers based on that. Ryan Rosenthal - Sidoti & Company : Okay so that, is that Midstream segment then separate from retail and other, you’ll separate it out into four segments overall.

Correct. Ryan Rosenthal - Sidoti & Company : And then taking a look at your balance sheet and specifically your outlook for your interest expense for next year, can you give us an idea trend wise what we can expect.

For interest expense? Ryan Rosenthal - Sidoti & Company : Right.

We currently don’t have any long-term financing needs based on our strong balance sheet and cash flow and so it would be your own forecast if you will, on our variable rate debt which is mostly sensitive with any utility, we have $97 million or so of EDA variable rate bonds that are enjoying a very low interest rate now. We in effect pay 175% of one month LIBOR so I would suggest that you look at your own forecast as to what you would think would happen year over year on those, on the interest rate with those bonds. Ryan Rosenthal - Sidoti & Company : And then returning to the utility, in terms of the incentive program this year, it looks like you’ve earned $12 million in gross margin for those programs. I know there was a benefit for the utility rate case, but would you expect that would be a normalized number going forward or is that unusually strong this year.

Well this year was an excellent year for the program no doubt about it. Our internal expectations are going forward again, because of the increased levels we were able to negotiate in the base rate case that going forward we would internally expect margins to be closer to what we achieved in 2009 as opposed to prior year. Ryan Rosenthal - Sidoti & Company : And then one final question concerning your customer growth, I know that you had guided for 12,000 to 14,000 new customers, on a net basis could you discuss what you expect that’ll do to your gross margin year over year just in terms of customer growth.

We disclosed that on the customer growth side, taking the midpoint of those, the numbers on an annual basis that that growth would be in the $3 to $3.5 million range of incremental gross margin year over year. Ryan Rosenthal - Sidoti & Company : And that includes any lost customers as well.

No you would have to, again your own forecast, you’d have to estimate any attrition based on the economy etc. In the past that’s been at worse for us about a thousand customers in the worst of the economy so you have to use your own forecast to see or estimate what impact that would have.

There are no additional questions at this time; I would like to turn it back over to management for any additional or closing comments.

Just want to say thanks to everyone for joining us and have a wonderful holiday. Thanks.