-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AsW5EpYIrE6Fe3Q8tGPySdTSdMDN002skjw0sbwOp5rb/62Gkq5hdH8mDtxNL48D r3RQLHMEXwKXwWlZIom5XA== 0000950123-97-001773.txt : 19970303 0000950123-97-001773.hdr.sgml : 19970303 ACCESSION NUMBER: 0000950123-97-001773 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970228 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW JERSEY RESOURCES CORP CENTRAL INDEX KEY: 0000356309 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 222376465 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00265 FILM NUMBER: 97547066 BUSINESS ADDRESS: STREET 1: 1415 WYCKOFF ROAD STREET 2: PO BOX 1468 CITY: WALL STATE: NJ ZIP: 07719 BUSINESS PHONE: 9089381494 MAIL ADDRESS: STREET 1: 1350 CAMPUS PKWY STREET 2: P O BOX 1468 CITY: WALL STATE: NJ ZIP: 07719 U-3A-2 1 FORM U-3A-2 1 FILE NO. 69-265 SECURITIES AND EXCHANGE COMMISSION Washington, DC FORM U-3A-2 Statement by Holding Company Claiming Continued Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 NEW JERSEY RESOURCES CORPORATION For the Calendar Year Ending December 31, 1996 2 New Jersey Resources Corporation (the "Company") hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming continued exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, and submits the following information: 1. The Company is a New Jersey corporation, located at 1415 Wyckoff Road, Wall, New Jersey. The Company holds 100% of the Common Stock of New Jersey Natural Gas Company ("NJNG"), NJR Energy Services Corporation ("Energy Services") and NJR Development Corporation ("NJRD"), all of which are organized in the State of New Jersey and located at 1415 Wyckoff Road, Wall, New Jersey. The Company has no independent business operations but operates as a holding company of these and any other subsidiaries that may be formed in the future. Energy Services was formed to better segregate the Company's energy-related operations. Energy Services owns 100% of the common stock of the following New Jersey corporations: New Jersey Natural Energy Company ("Natural Energy"), NJR Energy Corporation ("NJRE") and NJR Power Services Corporation ("NJR Power"), all of which are located at 1415 Wyckoff Road, Wall, New Jersey. Natural Energy, a New Jersey corporation, was formed to facilitate the unregulated marketing of natural gas to retail customers and provide fuel and capacity management services to wholesale customers. NJRE and its subsidiaries, New Jersey Natural Resources Company ("NJNR"), NJNR Pipeline Company ("Pipeline"), NJR Storage Corporation ("Storage"), Natural Resources Compressor Company ("Compressor") and NJRE Operating Company ("NJRE -1- 3 Operating"), were involved in oil and natural gas development, production, transportation, storage and other energy-related ventures. All of the foregoing subsidiaries of NJRE are located at the Company's Wall, New Jersey headquarters. All of them are New Jersey corporations, except for Storage, a Delaware corporation. In 1995, the Company adopted a plan to exit the oil and natural gas production business and pursued the sale of the reserves and related assets of these affiliated companies. All NJRE oil and gas reserves were sold in 1996. The Company has accounted for this segment as a discontinued operation. NJRE's continuing operations include: NJNR, which is a participant in a natural gas transportation pipeline joint venture that was constructed to serve the Johnstown, Pennsylvania plant of Bethlehem Steel Corporation. Bethlehem discontinued gas purchases from the joint venture on June 1, 1993 and the pipeline is currently inactive. Pipeline is a 2.8% equity participant in Iroquois Gas Transmission System, L.P., a 375-mile pipeline that delivers natural gas from the Canadian border to Long Island. Storage is a 5.67% equity participant in the Market Hub Partners, L.P., which is expected to develop, own and operate a system of five natural gas market centers with high deliverability salt cavern storage facilities in Texas, Louisiana, Mississippi, Michigan and Pennsylvania. NJR Power, a subsidiary of Energy Services, was formed in December 1996 to segregate the Company's unregulated fuel and capacity management and other wholesale marketing services from its unregulated retail marketing services. NJRD, a sub-holding company, owns 100% of the common stock of the Company's remaining unregulated subsidiaries, including, Paradigm Power, Inc. ("PPI"), NJR -2- 4 Computer Technologies, Inc. ("NJRC"), located at 1415 Wyckoff Road, Wall, New Jersey and Commercial Realty & Resources Corp. ("Commercial Realty"), located at 1345 Campus Parkway, Wall, New Jersey. PPI and its subsidiaries, Lighthouse One, Inc. ("LH One") and Lighthouse II, Inc. ("LH-II"), were formed to pursue investment opportunities in natural gas-fueled cogeneration and independent power production projects. PPI is a New Jersey corporation, while LH One and LH II were organized in New York and Delaware, respectively. PPI, LH One and LH II are each located at 1415 Wyckoff Road, Wall, New Jersey. As of December 31, 1996, neither PPI nor either subsidiary had capital invested in any projects. The Company has decided to no longer pursue investments as described above and accounts for this segment of the Company as a discontinued operation. NJRC, a New Jersey corporation, was formed to invest in the marketing of certain computer software systems. Commercial Realty, a New Jersey corporation, was formed to develop and own commercial office and mixed-use commercial/industrial real estate projects primarily in Monmouth and Atlantic Counties, New Jersey. Consistent with the Company's strategy to continue to realign its asset base more closely with its core energy business, in January 1997 Commercial Realty sold two properties: a building that was constructed in 1996 in Wall, New Jersey and property consisting of 11 acres of vacant land in Lakewood, New Jersey. Commercial Realty's remaining assets consist of two buildings totaling approximately 281,800 square feet in Wall, New Jersey and 193 acres of undeveloped land, of which 165 acres are subject to an option to purchase by Cali Realty Acquisition Corp. -3- 5 Only NJNG, a New Jersey corporation whose principal office is located at 1415 Wyckoff Road, Wall, New Jersey, is a public utility. NJNG is engaged in the business of purchasing, distributing and selling natural gas exclusively in the state of New Jersey, other than as described in Section 3(c) of this document, to more than 362,000 residential, commercial and industrial customers throughout most of Monmouth and Ocean counties and parts of Morris and Middlesex counties. The Company and NJNG expect, from time to time, to render each to the other certain services and to make available the use of certain personnel, facilities and equipment. The company receiving such services or using such facilities and equipment will reimburse the other for the cost thereof, pursuant to certain service agreements approved by the Board of Directors of each company and by the New Jersey Board of Public Utilities. 2. As of December 31, 1996, NJNG owned approximately 3,900 miles of steel, wrought and cast iron distribution main, and 1,400 miles of plastic distribution main. Additionally, NJNG owned approximately 325 miles of steel transmission main in various sizes, approximately 342,600 services and approximately 378,000 meters. NJNG owns and operates two liquefied natural gas storage plants located in Stafford Township and Howell Township, New Jersey. The two plants have an estimated effective capacity of approximately 20,000 and 150,000 Mcf. per day, respectively. These production facilities are used for peaking supply and emergencies. NJNG owns two service centers, one in Atlantic Highlands and the other in Wall, New Jersey, and owns combined service center/customer service offices in Lakewood and -4- 6 Rockaway Township, New Jersey. NJNG also owns a storage facility in Long Branch, New Jersey. NJNG leases its headquarters facilities and a customer service office in Wall, New Jersey, a customer service office located in Asbury Park, New Jersey, and a service center in Manahawkin, New Jersey. Each service center houses storerooms, garages, gas distribution and appliance service operations, and small administrative offices. The customer service offices support customer contact, marketing and other functions. NJNG owns and leases certain electronic data processing equipment and owns and leases a fleet of trucks, service vehicles, and automobiles. Substantially all of NJNG's properties, not expressly excepted or duly released, are subject to the lien of an Indenture of Mortgage and Deed of Trust to Harris Trust and Savings Bank, Chicago, Illinois, dated April 1, 1952, as amended by twenty-six (26) Supplemental Indentures, as security for NJNG's bonded debt which totaled approximately $228,000,000 at December 31, 1996. 3. (a) NJNG distributed at retail approximately 62,793,780 Dry Dths of natural or manufactured natural gas for the calendar year ended December 31, 1996. (b) None (c) NJNG sold at wholesale approximately 25,547,045 Dry Dths of natural gas outside the State of New Jersey to various customers during calendar 1996 under a Blanket Sales for Resale Certificate, issued by the Federal Energy Regulatory Commission. (d) For the calendar year ended December 31, 1996, purchases of natural or manufactured gas by NJNG from sources outside the State of New Jersey amounted to approximately 85,062,026 Dry Dths. -5- 7 4. (a) None (b) None (c) None (d) None (e) None -6- 8 EXHIBIT A There is attached as Exhibit A, Consolidating Income and Surplus Statement and Consolidating Balance Sheet of the Company and its subsidiary companies for the fiscal year ended September 30, 1996. -7- 9 NEW JERSEY RESOURCES CORPORATION CONSOLIDATING INCOME STATEMENT TWELVE MONTHS ENDED SEPTEMBER 30, 1996
-------------------------------------------------------------------- NJR ENERGY NJR Comp. NJR Develop. NJRE NJNE SERV. CORP. Tech. CR&R PPI Corp. ========================================================================================================================== OPERATING REVENUE 2,207 78,869 81,076 68 4,272 0 4,340 -------------------------------------------------------------------- OPERATING EXPENSES Gas Purchases 0 72,895 72,895 0 0 0 Operations & Maintenance 76 1,898 1,974 110 3,419 0 3,529 0 0 Depreciation & Amortization 61 31 92 542 0 542 Dry hole costs 0 0 0 Gross Receipts Tax, etc. 35 412 447 634 0 634 FIT 321 1,235 1,556 (15) (568) 0 (583) -------------------------------------------------------------------- TOTAL OPERATING EXPENSES 493 76,471 76,964 95 4,027 0 4,122 -------------------------------------------------------------------- OPERATING INCOME 1,714 2,398 4,112 (27) 245 0 218 0 Other Income (Expense) 0 54 54 0 (676) 0 (676) FIT-Other Income (Expense) 0 (22) (22) 0 237 0 237 -------------------------------------------------------------------- OTHER INCOME - NET 0 32 32 0 (439) 0 (439) -------------------------------------------------------------------- INCOME BEFORE INTEREST CHARGES 1,714 2,430 4,144 (27) (194) 0 (221) -------------------------------------------------------------------- INTEREST CHARGES 1,155 101 1,256 0 1,657 0 1,657 CAPITALIZED INTEREST 4 0 4 0 (357) 0 (357) -------------------------------------------------------------------- INTEREST CHARGES, NET 1,159 101 1,260 0 1,300 0 1,300 -------------------------------------------------------------------- EQUITY EARNINGS IN SUBS 0 0 0 0 0 0 0 -------------------------------------------------------------------- NET INCOME 555 2,329 2,884 (27) (1,494) 0 (1,521) PREFERRED STOCK DIVIDENDS 0 0 0 0 0 0 0 -------------------------------------------------------------------- INCOME FROM CONTINUING OPERATIONS 555 2,329 2,884 (27) (1,494) 0 (1,521) DISCONTINUED OPERATIONS LOSS FROM OPER., LESS INC TAX CRED. 0 0 0 0 0 0 0 LOSS ON DISP, INC. PROV. FOR LOSS DURING PHASE OUT 0 0 0 0 0 0 0 NET INCOME 555 2,329 2,884 (27) (1,494) 0 (1,521) ====================================================================
--------------------------------------------------------------------------- CONSOLIDATING NJR DEVELOP. NJR Develop. NJR Energy DR (CR) CORP. NJR NJNG Corp. Serv. Corp. ================================================================================================================================= OPERATING REVENUE 4,340 0 474,388 4,340 81,076 --------------------------------------------------------------------------- OPERATING EXPENSES Gas Purchases 0 0 265,013 0 72,895 Operations & Maintenance 3,529 3,913 66,501 3,529 1,974 0 0 0 Depreciation & Amortization 542 82 22,513 542 92 Dry hole costs 0 0 0 Gross Receipts Tax, etc. 634 67 48,385 634 447 FIT (583) (312) 18,010 (583) 1,556 --------------------------------------------------------------------------- TOTAL OPERATING EXPENSES 0 0 4,122 3,750 420,422 4,122 76,964 --------------------------------------------------------------------------- OPERATING INCOME 218 (3,750) 53,966 218 4,112 Other Income (Expense) (676) 5,652 123 (676) 54 FIT-Other Income (Expense) 237 (208) (42) 237 (22) --------------------------------------------------------------------------- OTHER INCOME - NET 0 0 (439) 5,444 81 (439) 32 --------------------------------------------------------------------------- INCOME BEFORE INTEREST CHARGES 0 0 (221) 1,694 54,047 (221) 4,144 --------------------------------------------------------------------------- INTEREST CHARGES 1,657 1,599 17,923 1,657 1,256 CAPITALIZED INTEREST (357) 0 (1,081) (357) 4 --------------------------------------------------------------------------- INTEREST CHARGES, NET 0 0 1,300 1,599 16,842 1,300 1,260 --------------------------------------------------------------------------- EQUITY EARNINGS IN SUBS 0 0 0 0 0 0 --------------------------------------------------------------------------- NET INCOME 0 0 (1,521) 95 37,205 (1,521) 2,884 PREFERRED STOCK DIVIDENDS 0 0 1,599 0 0 --------------------------------------------------------------------------- INCOME FROM CONTINUING OPERATIONS (1,521) 95 35,606 (1,521) 2,884 DISCONTINUED OPERATIONS LOSS FROM OPER., LESS INC TAX CRED. 0 0 0 0 0 LOSS ON DISP, INC. PROV. FOR LOSS DURING PHASE OUT 0 0 0 0 0 NET INCOME (1,521) 95 35,606 (1,521) 2,884 ===========================================================================
------------------------------------------- Consolidated CONSOLIDATING CONSOL TOTAL DR (CR) TOTAL ================================================================================================= 9,917 (H) OPERATING REVENUE 559,804 1,375 (C) 548,512 (D) ------------------------------------------- OPERATING EXPENSES 9,917 (H) Gas Purchases 337,908 0 (D) 327,991 Operations & Maintenance 75,917 1,375 (C) 69,488 0 5,054 (E) 0 Depreciation & Amortization 23,229 23,229 Dry hole costs 0 0 Gross Receipts Tax, etc. 49,533 49,533 FIT 18,671 0 (G) 0 (G) 18,671 ------------------------------------------- TOTAL OPERATING EXPENSES 505,258 488,912 ------------------------------------------- OPERATING INCOME 54,546 59,600 Other Income (Expense) 5,153 5,054 (E) 5 (F) 104 FIT-Other Income (Expense) (36) (36) ------------------------------------------- OTHER INCOME - NET 5,117 68 ------------------------------------------- INCOME BEFORE INTEREST CHARGES 59,663 59,668 ------------------------------------------- INTEREST CHARGES 22,435 22,435 CAPITALIZED INTEREST (1,434) (1,434) ------------------------------------------- INTEREST CHARGES, NET 21,001 21,001 ------------------------------------------- EQUITY EARNINGS IN SUBS 0 0 (A) 0 ------------------------------------------- NET INCOME 38,662 38,667 PREFERRED STOCK DIVIDENDS 1,599 1,599 ------------------------------------------- INCOME FROM CONTINUING OPERATIONS 37,063 37,068 DISCONTINUED OPERATIONS LOSS FROM OPER., LESS INC TAX CRED. 0 0 LOSS ON DISP, INC. PROV. FOR LOSS DURING PHASE OUT 0 0 NET INCOME 37,063 37,068 ===========================================
- ------------------------------------------------------------------------------------------------------------- TWELVE MONTHS WEIGHTED AVERAGE SHARES 18,030,309 EARNINGS PER SHARE YTD $2.06
10 NEW JERSEY RESOURCES CORPORATION Consolidating Statement of Retained Earnings Fiscal Year Ending September 30 ,1996
- ----------------------------------------------------------------------------- NJRE NJNE NJR ENERGY CR&R PPI Serv. Corp. ============================================================================= Balance at September 30, 1995 (14,952) 782 (14,170) 26 1,525 Net Income 555 2,329 2,884 (1,522) 0 Cash Dividends Declared 0 0 0 0 0 Balance at September 30, 1996 (14,397) 3,111 (11,286) (1,496) 1,525
- ------------------------------------------------------------------------------------------ NJR Develop. NJR NJNG Elimination's NJR Corp. CONSOLIDATED ========================================================================================== Balance at September 30, 1995 1,551 13,689 42,785 (32,867) 10,988 Net Income (1,522) 100 35,606 0 37,068 Cash Dividends Declared 0 0 (27,969) 0 (27,969) Balance at September 30, 1996 29 13,789 50,422 (32,867) 20,087
11 NEW JERSEY RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 1996
----------------------------------------------------------- NJRE NJRE CONSOLIDATING NJR ENERGY Cont. Disc Op NJNE DR (CR) SERV. CORP. =============================================================================================== PROP, PLANT & EQUIP Utility plant 0 0 0 0 Accumulated depreciation 0 0 0 0 (1) 0 Oil and gas properties 0 0 0 0 Accumulated amortization 0 0 0 0 Furniture & Fixtures 0 0 245 245 (1) 0 Real estate properties 0 0 0 0 Accumulated depreciation 0 0 (35) 35 (1) 0 ----------------------------------------------------------- Prop plant & equip-net 0 0 210 0 ----------------------------------------------------------- CURRENT ASSETS Cash & Temp. Invest. 421 1,231 1,274 2,926 Construction Fund 0 0 0 0 Customer A/R 918 0 7,439 8,357 Unbilled revenue 0 0 0 0 Allow for doubtful a/c's 0 0 (299) (299) Deferred gas costs 0 0 0 0 Gas in storage 0 0 0 0 Materials & supplies 0 0 0 0 Prepaid state taxes 0 0 0 0 Net Assets Held for Disposal 0 0 0 0 Other 94 (9) 40 125 ----------------------------------------------------------- Total current assets 1,433 1,222 8,454 11,109 ----------------------------------------------------------- DEFERRED FIT 0 0 0 0 (2) 0 DEFERRED CHARGES & OTHER Investments 13,674 0 13,674 Regulatory Assets 0 Other 10 210 (1) 220 ----------------------------------------------------------- Total Deferred Charges & Other 13,674 10 0 13,894 ----------------------------------------------------------- INVESTMENT IN SUBSIDIARIES NJNG 0 0 0 0 NJNR 0 0 0 0 CR&R 0 0 0 0 PPI 0 0 0 0 PARADIGM 0 0 0 0 NJR Energy Serv. 0 0 0 0 ----------------------------------------------------------- Total investment in subs 0 0 0 0 ----------------------------------------------------------- INTERCOMPANY NJR (18,469) (597) 4,507 (14,559) NJNG 0 0 (1) (1) NJRE 8,757 (9,206) 0 (449) CR&R 0 0 0 0 PPI 0 0 0 0 NJNE 0 0 0 0 Paradigm 0 0 0 0 Computer Tech NJR Development Lighthouse One 0 0 0 0 ----------------------------------------------------------- Total intercompany (9,712) (9,803) 4,506 (15,009) ----------------------------------------------------------- INTERCOMPANY - FIT 1,965 (1,641) 209 533 ----------------------------------------------------------- TOTAL ASSETS 7,360 (10,212) 13,379 10,527 ===========================================================
ASSETS ------------------------------------------------------------------------------ NJR Comp. NJR Develop. CONSOLIDATING NJR DEVELOP. Tech. CR&R PPI Corp. DR (CR) CORP. ================================================================================================================= PROP, PLANT & EQUIP Utility plant 0 0 0 0 0 Accumulated depreciation 0 0 0 0 0 Oil and gas properties 0 0 0 0 0 Accumulated amortization 0 0 0 0 0 Furniture & Fixtures 0 0 21 0 21 (5) 0 Real estate properties 0 45,010 0 0 45,010 Accumulated depreciation 0 (4,942) (13) 0 13 (5) (4,942) ------------------------------------------------------------------------------ Prop plant & equip-net 0 40,068 8 0 13 21 40,068 ------------------------------------------------------------------------------ CURRENT ASSETS Cash & Temp. Invest. 0 3 6 1 10 Construction Fund 0 0 0 0 0 Customer A/R 0 527 1,000 0 0 (3) 1,527 Unbilled revenue 0 0 0 0 0 Allow for doubtful a/c's 0 (245) 0 0 (245) Deferred gas costs 0 0 0 0 0 Gas in storage 0 0 0 0 0 Materials & supplies 0 0 0 0 0 Prepaid state taxes 0 0 0 0 0 Net Assets Held for Disposal 0 0 0 0 0 Other 12 0 7 0 0 (4) 19 ------------------------------------------------------------------------------ Total current assets 12 285 1,013 1 0 0 1,311 ------------------------------------------------------------------------------ DEFERRED FIT 0 0 16 0 16 (2) 0 DEFERRED CHARGES & OTHER Investments 250 250 Regulatory Assets 0 Other 0 61 0 0 (3) 69 ------------------------------------------------------------------------------ Total Deferred Charges & Other 0 61 0 250 8 (5) 319 ------------------------------------------------------------------------------ INVESTMENT IN SUBSIDIARIES NJNG 0 0 0 0 0 NJNR 0 0 0 (11,887) 11,887 (1) 0 CR&R 0 0 0 8,851 8,851 (1) 0 PPI 0 0 0 124 124 (1) 0 PARADIGM 0 0 0 0 0 NJR Energy Serv. 0 0 0 0 0 ------------------------------------------------------------------------------ Total investment in subs 0 0 0 (2,912) 11,887 8,975 0 ------------------------------------------------------------------------------ INTERCOMPANY NJR 0 (18,502) (514) (1) (19,017) NJNG 0 (96) (6) 0 (102) NJRE (69) 0 0 0 (69) CR&R 0 0 0 0 0 PPI 0 0 0 0 0 NJNE 0 0 0 0 0 Paradigm 0 0 0 0 0 Computer Tech 0 NJR Development (250) (250) Lighthouse One 0 0 0 0 0 ------------------------------------------------------------------------------ Total intercompany (69) (18,598) (520) (251) 0 0 (19,438) ------------------------------------------------------------------------------ INTERCOMPANY - FIT 51 (786) 122 0 (613) ------------------------------------------------------------------------------ TOTAL ASSETS (6) 21,030 639 (2,912) 11,908 9,012 21,647 ==============================================================================
ASSETS -------------------------------------------------------------------------------------------------- NJR Develop. NJR Energy RECLASS CONSOLIDATING CONSOL NJR NJNG Corp. Serv. Corp. TOTAL DR (CR) DR (CR) TOTAL =================================================================================================================================== PROP, PLANT & EQUIP Utility plant 0 811,564 0 0 811,564 80 (F) 811,484 Accumulated depreciation 0 (196,354) 0 0 (196,354) (196,354) Oil and gas properties 0 0 0 0 0 0 Accumulated amortization 0 0 0 0 0 0 Furniture & Fixtures 756 0 0 0 756 756 (1) 0 Real estate properties 0 0 45,010 0 45,010 45,010 Accumulated depreciation (529) 0 (4,942) 0 (5,471) 529 (1) (4,942) ------------------------------------------------------------------------------------------------- Prop plant & equip-net 227 615,210 40,068 0 655,505 655,198 ------------------------------------------------------------------------------------------------- CURRENT ASSETS Cash & Temp. Invest. 6,236 1,636 10 2,926 10,808 10,808 Construction Fund 0 6,500 0 0 6,500 6,500 Customer A/R 0 18,802 1,527 8,357 28,686 786 (6) 27,900 Unbilled revenue 0 6,884 0 0 6,884 6,884 Allow for doubtful a/c's 0 (334) (245) (299) (878) (878) Deferred gas costs 0 20,478 0 0 20,478 20,478 Gas in storage 0 39,484 0 0 39,484 39,484 Materials & supplies 0 7,292 0 0 7,292 7,292 Prepaid state taxes 0 16,297 0 0 16,297 16,297 Net Assets Held for Disposal 0 0 0 0 0 0 Other 9,988 2,671 19 125 12,803 0 (5) 540 (5) 7,066 (B) 5,197 ------------------------------------------------------------------------------------------------- Total current assets 16,224 119,710 1,311 11,109 148,354 139,962 ------------------------------------------------------------------------------------------------- DEFERRED FIT 320 0 0 0 320 0 (2) 320 (2) 0 DEFERRED CHARGES & OTHER Investments 250 13,674 13,924 13,924 Regulatory Assets 37,150 0 0 37,150 37,150 Other 825 7,612 69 220 8,726 227 (1) 8,953 ------------------------------------------------------------------------------------------------- Total Deferred Charges & Other 825 44,762 319 13,894 59,800 60,027 ------------------------------------------------------------------------------------------------- INVESTMENT IN SUBSIDIARIES NJNG 278,170 0 0 0 278,170 278,170 (A) 0 NJNR 0 0 0 0 0 0 (A) 0 CR&R 0 0 0 0 0 0 (A) 0 PPI 0 0 0 0 0 0 (A) 0 PARADIGM (2,912) 0 0 0 (2,912) (2,912)(A) 0 NJR Energy Serv. 3,112 0 0 0 3,112 3,112 (A) 0 ------------------------------------------------------------------------------------------------- Total investment in subs 278,370 0 0 0 278,370 278,370 0 ------------------------------------------------------------------------------------------------- INTERCOMPANY NJR 0 143 (19,017) (14,559) (33,433) 540 (5) (5) (32,893) NJNG (34) 0 (102) (1) (137) (137) NJRE 19,058 2 (69) (449) 18,542 18,542 CR&R 18,551 (111) 0 0 18,440 18,440 PPI 514 0 0 0 514 514 NJNE (4,490) 43 0 0 (4,447) (4,447) Paradigm 1 0 0 0 1 1 Computer Tech (20) 0 0 (20) (20) NJR Development 250 (250) 0 0 0 Lighthouse One 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------- Total intercompany 33,830 77 (19,438) (15,009) (540) 0 0 ------------------------------------------------------------------------------------------------- INTERCOMPANY - FIT 1,902 (1,822) (613) 533 0 0 ------------------------------------------------------------------------------------------------- TOTAL ASSETS 331,698 777,937 21,647 10,527 1,141,809 855,187 =================================================================================================
12 NEW JERSEY RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 1996
------------------------------------------------ NJRE NJRE NJR ENERGY Cont. Disc Op NJNE SERV. CORP =============================================================================== CAPITALIZATION Common stock equity 970 (12,804) 3,111 (8,723) Redeemable preferred stock 0 0 0 0 Long-term debt 0 0 0 0 ------------------------------------------------ Total capitalization 970 (12,804) 3,111 (8,723) ------------------------------------------------ CURRENT LIABILITIES Current maturities of LTD 0 0 0 0 Notes payable to banks 0 0 0 0 Commercial paper 0 0 0 0 Purchased gas 0 0 9,196 9,196 Accounts payable & other 396 2,946 941 4,283 Accrued taxes 0 0 225 225 Overrecovered gas costs 0 0 0 0 Customer (cr) bal & dep 0 0 0 0 ------------------------------------------------ Total current liabil 396 2,946 10,362 13,704 ------------------------------------------------ DEFERRED CREDITS Deferred ITC 0 0 0 0 Deferred FIT 1,341 (354) (94) 0 (2) 893 Deferred gain 4,653 0 0 4,653 Other 0 0 0 0 ------------------------------------------------ Total deferred credits 5,994 (354) (94) 5,546 ------------------------------------------------ TOTAL CAP & LIAB. 7,360 (10,212) 13,379 10,527 ================================================
LIABILITIES AND STOCKHOLDER EQUITY --------------------------------------------------------------------- NJR Comp. NJR Develop. CONSOLIDATING NJR DEVELOP. Tech. CR&R PPI Corp. DR (CR) CORP. ==================================================================================================== CAPITALIZATION Common stock equity (53) 8,851 124 (2,912) (2,912)(1) 8,922 Redeemable preferred stock 0 0 0 0 0 Long-term debt 0 0 0 0 0 --------------------------------------------------------------------- Total capitalization (53) 8,851 124 (2,912) (2,912) 0 8,922 --------------------------------------------------------------------- CURRENT LIABILITIES Current maturities of LTD 0 0 0 0 0 Notes payable to banks 0 0 0 0 0 Commercial paper 0 0 0 0 0 Purchased gas 0 0 0 0 0 Accounts payable & other 0 1,222 148 0 0 (4) 1,370 Accrued taxes 0 3,062 77 0 3,139 Overrecovered gas costs 0 0 0 0 0 Customer (cr) bal & dep 0 97 0 0 97 --------------------------------------------------------------------- Total current liabil 0 4,381 225 0 0 0 4,606 --------------------------------------------------------------------- DEFERRED CREDITS Deferred ITC 0 0 0 0 0 Deferred FIT 47 (6,512) 290 0 16 (2) (6,191) Deferred gain 0 17,163 0 0 17,163 Other 0 (2,853) 0 0 (2,853) --------------------------------------------------------------------- Total deferred credits 47 7,798 290 0 16 0 8,119 --------------------------------------------------------------------- TOTAL CAP & LIAB. (6) 21,030 639 (2,912) (2,896) 0 21,647 =====================================================================
LIABILITIES AND STOCKHOLDER EQUITY ------------------------------------------------------------------------------------------------------ NJR Develop. NJR Energy RECLASS CONSOLIDATING CONSOL NJR NJNG Corp. Serv. Corp. TOTAL DR (CR) DR (CR) TOTAL ==================================================================================================================================== CAPITALIZATION Common stock equity 274,002 278,170 8,922 (8,723) 552,371 0 (3) 278,370 (A) 273,921 80 (F) Redeemable preferred stock 0 20,880 0 0 20,880 20,880 Long-term debt 45,000 258,363 0 0 303,363 0 (3) 303,363 ------------------------------------------------------------------------------------------------------ Total capitalization 319,002 557,413 8,922 (8,723) 876,614 598,164 ------------------------------------------------------------------------------------------------------ CURRENT LIABILITIES Current maturities of LTD 0 1,501 0 0 1,501 1,501 Notes payable to banks 0 0 0 0 0 0 Commercial paper 0 35,000 0 0 35,000 35,000 Purchased gas 0 24,442 0 9,196 33,638 33,638 Accounts payable & other 9,151 32,297 1,370 4,283 47,101 786 (6) 7,066 (B) 39,249 Accrued taxes 2,612 56 3,139 225 6,032 0 (G) 6,032 Overrecovered gas costs 0 0 0 0 0 0 Customer (cr) bal & dep 0 23,748 97 0 23,845 23,845 ------------------------------------------------------------------------------------------------------ Total current liabil 11,763 117,044 4,606 13,704 147,117 139,265 ------------------------------------------------------------------------------------------------------ DEFERRED CREDITS Deferred ITC 0 11,280 0 0 11,280 11,280 Deferred FIT 11 57,617 (6,191) 893 52,330 320 (2) 0 (2) 0 (G) 52,010 Deferred gain 0 0 17,163 4,653 21,816 21,816 Other 922 34,583 (2,853) 0 32,652 32,652 ------------------------------------------------------------------------------------------------------ Total deferred credits 933 103,480 8,119 5,546 118,078 117,758 ------------------------------------------------------------------------------------------------------ TOTAL CAP & LIAB. 331,698 777,937 21,647 10,527 1,141,809 0 0 855,187 ======================================================================================================
13 EXHIBIT B There is attached as Exhibit B, Consolidating Financial Data Schedule for the fiscal year ended September 30, 1996. -8- 14 [ARTICLE] UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NEW JERSEY RESOURCES CORPORATION'S 1996 ANNUAL REPORT TO STOCKHOLDERS INCLUDING THE CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED STATEMENTS OF CASH FLOWS, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. [MULTIPLIER] 1,000 [PERIOD-TYPE] 12-MOS [FISCAL-YEAR-END] SEP-30-1996 [PERIOD-START] OCT-01-1995 [PERIOD-END] SEP-30-1996 [BOOK-VALUE] PRO-FORMA [TOTAL-NET-UTILITY-PLANT] 0 [OTHER-PROPERTY-AND-INVEST] 0 [TOTAL-CURRENT-ASSETS] 0 [TOTAL-DEFERRED-CHARGES] 0 [OTHER-ASSETS] 0 [TOTAL-ASSETS] 855,187 [COMMON] 0 [CAPITAL-SURPLUS-PAID-IN] 0 [RETAINED-EARNINGS] 0 [TOTAL-COMMON-STOCKHOLDERS-EQ] 0 [PREFERRED-MANDATORY] 0 [PREFERRED] 0 [LONG-TERM-DEBT-NET] 0 [SHORT-TERM-NOTES] 0 [LONG-TERM-NOTES-PAYABLE] 0 [COMMERCIAL-PAPER-OBLIGATIONS] 0 [LONG-TERM-DEBT-CURRENT-PORT] 0 [PREFERRED-STOCK-CURRENT] 0 [CAPITAL-LEASE-OBLIGATIONS] 0 [LEASES-CURRENT] 0 [OTHER-ITEMS-CAPITAL-AND-LIAB] 0 [TOT-CAPITALIZATION-AND-LIAB] 0 [GROSS-OPERATING-REVENUE] 548,512 [INCOME-TAX-EXPENSE] 0 [OTHER-OPERATING-EXPENSES] 0 [TOTAL-OPERATING-EXPENSES] 0 [OPERATING-INCOME-LOSS] 0 [OTHER-INCOME-NET] 0 [INCOME-BEFORE-INTEREST-EXPEN] 0 [TOTAL-INTEREST-EXPENSE] 0 [NET-INCOME] 38,667 [PREFERRED-STOCK-DIVIDENDS] 0 [EARNINGS-AVAILABLE-FOR-COMM] 0 [COMMON-STOCK-DIVIDENDS] 0 [TOTAL-INTEREST-ON-BONDS] 0 [CASH-FLOW-OPERATIONS] 0 [EPS-PRIMARY] 0 [EPS-DILUTED] 0
15 EXHIBIT C None -9- 16 The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 28th day of February 1997. New Jersey Resources Corporation By: /s/ LAURENCE M. DOWNES ---------------------------------- LAURENCE M. DOWNES Chairman & CEO (Corporate Seal) Attest: By: /s/ OLETA J. HARDEN ------------------------------ OLETA J. HARDEN Senior Vice President & Secretary Name, title, and address of officer to whom notices and correspondence concerning this statement should be addressed: Oleta J. Harden, Senior Vice President & Secretary New Jersey Resources Corporation 1415 Wyckoff Road Wall, NJ 07719 -10- -----END PRIVACY-ENHANCED MESSAGE-----