Good day and welcome to the New Jersey Resources Corporation, Third Quarter Fiscal 2015 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Dennis Puma with Investor Relations. Please go ahead.

Thank you Rocco and good morning everyone. Welcome to New Jersey Resources’ third quarter fiscal ‘15 conference call and webcast. I'm joined today by Larry 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 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 listeners on the call that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR's ability to estimate or control 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-Q to be filed on Monday August 3. Both of 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 that are available on our website and were also filed on our Form 8-K this morning. With that said, I'd like to turn the call over to our Chairman and CEO, Larry Downes. Larry.

Thanks, Dennis. Good morning everyone and thank you for joining us today. For those of you who have seen this morning’s earnings release you know that we are continuing to perform well during fiscal 2015. And through my presentation this morning I will be discussing our future and I will be making forward looking statements. Our actually results will be effected by many different factors, including those that we’ve listed on slide one. The complete list is included in our 10-K and I would ask you to please take the time to review those carefully. Also as noted on slide two, I will be referring to certain non-GAAP measures such as net financial earnings or NFE, as I discuss our results. We believe that NFE provides a more complete understanding of our financial performance. However, I want to stress that NFE is not intended to be a substitute for GAAP. Our non-GAAP measures are discussed more fully in item 7 of the 10-K and also I would ask you to take your time to review those disclosures carefully as well. Moving to slide three, this morning we announced net financial earnings of $2.5 million, which was $0.03 per share for the third fiscal quarter of 2015. That compared with $4.5 million or $0.05 per share last year. For the nine months NFE totaled nearly $157 million or $1.84 per share and that compared with $196.3 million or $2.33 per share for the first nine months of fiscal 2014. Glenn will review our segment results in more detail, but in looking at our results this year you can see that our primary businesses are performing either in line with or exceeding our original expectations. Our better fiscal 2015 NFE performance was driven by steady growth from our two regulated businesses, New…

Thanks, Larry, and good morning everybody. Moving to slide seven, quarterly results at New Jersey Natural Gas reflect continued customer growth, increases in our BGSS incentives and regulatory initiatives such as the SAVEGREEN Project and SAFE. [RISE’s] [ph] better than expected results reflect lower transportation and storage demand fees. Clean Energy Ventures weaker comparisons were due primary to last year’s results, including the one-time $9.9 million credit support payment related to a change in ownership at one if its commercial solar projects. This year we added one grid-connected and one net-metered system during this fiscal third quarter and placed 196 residential systems into service through our Sunlight Advantage program for a total of 6.2 megawatts. Increased revenue from Steckman Ridge was the primarily responsible for the higher Midstream earnings. Weaker results from Home Services' reflected lower equipment sales and installations. On slide eight we invested $26 million to add 5,750 new customs to our system during the first nine months of fiscal 2015 and we are on target to add about 7,800 customers for the year. We remain focused on the safety and reliably of our system and have invested about $50 million on system maintenance so far this year. At the same time we have invested more than $27 million in our SAFE program, which allows us to accelerate the replacement of our cast iron and bare steel. Though June 30 we have replaced approximately 192 miles of the 276 miles of pipe that were approved by the BPU in 2012. Final preparations are being made to open our first NGV station and we are on track to open all three stations by the end of the fiscal year. Through our NJ RISE program we will invest over $100 million over the next four years for storm preparation and…

Thanks Glenn. I’d like to conclude our call today by reviewing slide 18, which summarizes our key strategic initiatives through fiscal 2018. These initiatives support our annual 5% to 9% NFE and 6% to 8% dividend growth targets. So you can see the primary components of our growth plan through fiscal 2018, our strong customer growth, infrastructure investments and regulatory initiatives that will benefit both our customers and our share owners. It will extend our mid stream strategy including PennEast and we intend to diversify clean energy ventures distributed power portfolio combined with stable SREC market fundamentals to provide steady income streams and will take advantage of expected natural gas demand growth and price volatility in NJRES, while providing producer and asset management services. I think as you can see, our fundamentals remain strong and we provide the opportunities for future growth. So as I close today, I want to thank our nearly 1,000 employees for their continued hard work and dedication. I just want to point out because of our employees Jersey Natural Gas was once again named the most trusted brand in the east region by Cogent Reports and that was among all natural gas utilities. Without the efforts of our employees, we could not have achieved the excellent results that we’ve recorded thus far for fiscal 2015 and the strong fundamentals we have for the future. Our employees are the foundation of our company and as always I’m grateful for everything they do every day. And so thank you all for your time today and we will look forward to your questions and comments.

Thank you. [Operator Instructions] Our first question comes from Spencer Joyce of Hilliard Lyons. Please go ahead.

Hey, good morning guys. Congrats. Good, solid quarter here and another beaten raise. Is that three times?

Third time this year, yes it is.

Yes listen, just a couple of quick ones from me. It seems like a pretty simple quarter here, but did I hear correctly that Alexander is still online to be completed this year. So looking at fiscal, or first quarter of fiscal ’16 for some financial impact there.

Yes, it’s actually – Spencer, this is Glenn. It’s in the fourth quarter of calendar ’16, but it will be first quarter of calendar ’15, our first quarter fiscal ’16 that it comes online.

Okay, perfect, so that’s on schedule. The other item, I know we are looking for a little less solar CapEx next year and I notice the pipeline under construction is about as low as we’ve seen over the past seven, eight quarters. Has there been any change in like the pipeline of available projects out there. I mean has there been any shift in market dynamics or does that really just reflect kind of your guys’ belief that you want to do a little bit less next year.

Well, that’s part of the overall strategy. Remember the majority of that solar spending is related to this grid connected projects. The residential market is fairly steady year-over-year. The grid connected CapEx is really a tie to the schedule of those particular projects getting put into service and we’ll just have more of those projects put in this year than we expect to have next year.

Okay, perfect. Again, good quarter and we’ll talk soon.

Thanks Spencer.

[Operator Instructions]. Seeing no further questions, I’d like to turn the conference back over to management team for any final remarks.

Okay, thank you Rocco. Thanks everybody for joining us today. As a reminder, a recording of the call will be available on our website. Again, we appreciate your interest and investment in New Jersey Resources and enjoy the rest of your day. Good-bye.