-----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, Gfg2/6Q97uiaIFS3TmjkHuNHhu3fumrGJ/JREhuYTIXUw+tmMMZnioUJ2wwNPYLJ 0AqFsB9fAjB5Wu6aJzDy8Q== 0000950123-04-002407.txt : 20040226 0000950123-04-002407.hdr.sgml : 20040226 20040226172232 ACCESSION NUMBER: 0000950123-04-002407 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040226 EFFECTIVENESS DATE: 20040226 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: 04631600 BUSINESS ADDRESS: STREET 1: 1415 WYCKOFF RD 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 y94650uv3av2.txt NEW JERSEY RESOURCES CORPORATION FILE NO. 69-265 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM U-3A-2 Statement by Holding Company Claiming 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, 2003 New Jersey Resources Corporation (the "Company") hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming 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 and all of its affiliates named herein, unless otherwise noted, are New Jersey corporations, 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 Company (Energy Services), NJR Retail Holdings Corporation (Retail Holdings), NJR Capital Services Corporation (Capital), and NJR Service Corporation (Service Corp.). 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 provides unregulated wholesale energy services, including natural gas supply, pipeline capacity and storage management to customers in New Jersey and in states from the Gulf Coast to New England. Retail Holdings, formed as an unregulated affiliate to consolidate the Company's unregulated retail operations, holds 100% of the following subsidiaries: (a) NJR Home Services Company (Home Services) serves the needs of more than 131,300 customers under natural gas appliance protection plan contracts and installs, sells and services appliances to residential and commercial customers with residential-size equipment. 1 (b) NJR Natural Energy Company (Natural Energy) was formed to participate in the unregulated retail marketing of natural gas, but is currently a non-operating company; (c) NJR Power Services Company (Power Services) was formed to participate in the distribution of alternative sources of energy, such as fuel cells and micro turbines, but is currently a non-operating company; and (d) NJR Plumbing Services Company provides plumbing services necessary to support the heating, ventilation and air-conditioning operations of Home Services. Capital was formed to consolidate the Company's unregulated energy-related and real estate investments. Capital's subsidiaries include the following: (a) Commercial Realty & Resources Corp. (CR&R) develops and owns commercial office and mixed-use commercial/industrial real estate projects primarily in Monmouth and Atlantic counties, New Jersey. CR&R currently owns one fully leased building totaling 4,000 square feet and has about 151 acres of undeveloped land. In 2003, CR&R contracted to build a 200,000 square-foot build-to-suit building in the Monmouth Shores Corporate Office Park II. Total capital expenditures for the project are estimated at $22.5 million; (b) NJR Investment Company, which was formed to make energy-related equity investments; and 2 (c) NJR Energy Holdings, formerly a sub-holding company of NJR, has subsidiaries that include NJR Energy Corporation, an investor in energy-related ventures. NJNR Pipeline Company, a subsidiary of NJR Energy Corporation, also invests in energy-related ventures. Service Corp. was formed to provide administrative services, including corporate communications, financial, internal audit, legal, and computer technology, to all affiliated companies. Among the Company's direct and indirect subsidiaries, only NJNG 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 nearly 450,000 residential, commercial and industrial customers in Monmouth and Ocean counties and parts of Morris and Middlesex counties. Service Corp. and NJNG, from time to time, render to each other certain services and 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 New Jersey Board of Public Utilities. 2. As of December 31, 2003, NJNG owned approximately 3,821 miles of steel, wrought and cast iron distribution main, and 2,473 miles of plastic distribution main. Additionally, NJNG owns approximately 208 miles of steel transmission main in various sizes, approximately 417,492 services and approximately 456,158 meters. 3 NJNG owns and operates two liquefied natural gas storage plants, one in Stafford Township and one in Howell Township, New Jersey. The two plants have an estimated maximum capacity of 20,000 and 150,000 Mcf per day, respectively. These 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 Rockaway Township, New Jersey. NJNG leases a storage facility in Long Branch, New Jersey. NJNG also leases its headquarters facilities and a customer service office in Wall, New Jersey, a customer service office in Asbury Park, New Jersey, and a service center in Manahawkin, New Jersey. Each service center houses storerooms, garages, gas distribution 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 Bank of New York, Midwest Trust Company, dated April 1, 1952, as amended by thirty (30) Supplemental Indentures, as security for NJNG's bonded debt which totaled approximately $204,845.00 at December 31, 2003. 3. (a) NJNG distributed 73,154,712 Dth of natural or manufactured gas at retail in the State of New Jersey for the calendar year ended December 31, 2003. Revenues of $591,055,950 were received from these sales. (b) None. 4 (c) NJNG sold at wholesale approximately 29.9 Bcf of natural gas outside the State of New Jersey or at the State line to various customers during calendar 2003 under a Blanket Sale for Resale Certificate issued by the Federal Energy Regulatory Commission, as set forth in the following table:
STATE VOLUMES SOLD (DTH) DOLLAR WHOLESALE REVENUES ----- ------------------ ------------------------- Arkansas 35,000 $175,950 Connecticut 1,105,798 $7,138,380 Delaware 226,579 $1,573,915 Indiana 60,000 $325,500 Kentucky 31,547 $315,470 Louisiana 1,269,365 $9,344,270 Maryland 36,648 $265,974 Massachusetts 43,934 $435,604 Mississippi 39,000 $341,130 New Jersey 13,658,875 $79,572,719 New York 4,884,348 $32,371,381 Ohio 821,110 $4,414,027 Pennsylvania 6,052,949 $37,224,262 Rhode Island 18,800 $148,050 Texas 364,700 $1,762,655 Virginia 20,000 $148,000 West Virginia 7,600 $36,062 Pooling Points(1) 1,227,479 $11,582,392 ---------- ------------ TOTALS 29,903,732 $187,175,741
(d) For the calendar year ended December 31, 2003, purchases of natural or manufactured gas by NJNG from sources outside the State of New Jersey or at the State line amounted to approximately 87.9 Bcf, at a cost of $581 million. - -------- (1) Pooling points are not geographically specific. 5 The expenses include commodity purchase costs plus all fixed and variable contract delivery costs and are more particularly set forth in the table below:
STATE VOLUMES PURCHASED (DTH) PURCHASE COSTS - ----- ----------------------- -------------- Alabama 36,616 $252,808 Arkansas 16,088,537 $89,072,575 Indiana 1,524,885 $12,599,735 Kentucky 8,755 $65,663 Louisiana 3,439,727 $20,375,501 Massachusetts 526,090 $4,270,534 Mississippi 4,792,734 $24,296,574 New Jersey 3,802,078 $24,305,866 New York 18,021,237 $84,212,059 Ohio 14,478,511 $89,001,852 Pennsylvania 700,221 $4,166,493 Texas 18,029,490 $89,783,715 West Virginia 68,531 $324,236 Pooling Points(1) 10,441,896 $42,387,303 ---------- ----------- 91,959,308 $485,114,914 Other Costs(2) -4,088,558 $96,292,525 ---------- ----------- TOTAL PURCHASE COSTS 87,870,750 $581,407,439 ---------- -----------
4. (a) None (b) None (c) None (d) None (e) None - ---------- (1) Pooling points are not geographically specific. (2) The negative volume accounts for transportation fuel retained by pipelines for delivery, and charges include demand charges, transportation, and other miscellaneous non-commodity gas costs. 6 EXHIBIT A Attached as Exhibit A are Consolidating Income and Surplus Statement and Consolidating Balance Sheet of the Company and its subsidiary companies for the fiscal year ended September 30, 2003. 7 NEW JERSEY RESOURCES CORPORATION CONSOLIDATING INCOME STATEMENT TWELVE MONTHS ENDED SEPTEMBER 30, 2003
NJRE NJR NJR CAPITAL Home NJR RETIAL Cont. CR&R Invest. CORP. NJNE Services HOLDINGS ----- ---- ------- ----------- ---- -------- ---------- OPERATING REVENUE 1,538 806 2,344 0 19,583 19,583 --------------------------------------------------------------------------------------- OPERATING EXPENSES Gas Purchases 0 0 0 0 0 0 Operations & Maintenance 284 1,606 1,890 (13) 17,161 17,148 Depreciation & Amortization 60 32 92 0 327 327 Energy & Other Taxes 0 241 241 0 760 760 --------------------------------------------------------------------------------------- TOTAL OPERATING EXPENSES 344 1,879 0 2,223 (13) 18,248 18,235 --------------------------------------------------------------------------------------- OPERATING INCOME 1,194 (1,073) 0 121 13 1,335 1,348 Other Income (Expense) (333) 692 24 383 0 (20) (20) INTEREST CHARGES 252 (51) 12 213 (20) 7 (13) CAPITALIZED INTEREST 0 0 0 0 0 0 0 --------------------------------------------------------------------------------------- INTEREST CHARGES, NET 252 (51) 12 213 (20) 7 (13) --------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 609 (330) 12 291 33 1,308 1,341 INCOME TAX PROVISION 234 (133) (1) 100 12 533 545 --------------------------------------------------------------------------------------- NET INCOME 375 (197) 13 191 21 775 796 ======================================================================================= OK OK OK OK OK
CONSOLIDATING NJR RETAIL NJR DR (CR) HOLDINGS NJR SERVICE NJNG ---- ---- --------- --- ------- ---- OPERATING REVENUE 19,583 0 0 759,878 ----------------------------------------------------------------------------------------- OPERATING EXPENSES Gas Purchases 0 0 0 501,799 Operations & Maintenance 17,148 5,168 16,731 84,555 Depreciation & Amortization 327 165 0 31,192 Energy & Other Taxes 760 64 548 44,924 ----------------------------------------------------------------------------------------- TOTAL OPERATING EXPENSES 0 0 18,235 5,397 17,279 662,470 ----------------------------------------------------------------------------------------- OPERATING INCOME 1,348 (5,397) (17,279) 97,408 Other Income (Expense) (20) 7,291 17,228 1,130 INTEREST CHARGES (13) 1,854 (51) 11,913 CAPITALIZED INTEREST 0 0 0 (278) ----------------------------------------------------------------------------------------- INTEREST CHARGES, NET 0 0 (13) 1,854 (51) 11,635 ----------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 1,341 40 0 86,903 INCOME TAX PROVISION 545 7 0 33,926 ----------------------------------------------------------------------------------------- NET INCOME 796 33 0 52,977 ========================================================================================= OK OK OK
NJR ENERGY NJR RETAIL NJR CAPITAL Consolidated CONSOLIDATING CONSOL SERVICES CO. HOLDINGS CORP. TOTAL DR (CR) TOTAL ------------ ---------- ----------- ------------ ----- ----- ------ OPERATING REVENUE 1,766,265 19,583 2,344 2,548,070 90 (C) 2,544,379 3,601 (G) ------------------------------------------------------------------------------------------------ OPERATING EXPENSES 3,601 (G) Gas Purchases 1,740,196 0 0 2,241,995 17,279 (D) 2,238,394 Operations & Maintenance 6,324 17,148 1,890 131,816 90 (C) 106,030 8,257 (E) 0 Depreciation & Amortization 189 327 92 31,965 160 (I) 31,965 Energy & Other Taxes 102 760 241 46,639 46,639 ------------------------------------------------------------------------------------------------ TOTAL OPERATING EXPENSES 1,746,811 18,235 2,223 2,452,415 2,423,028 ------------------------------------------------------------------------------------------------ OPERATING INCOME 19,454 1,348 121 95,655 121,351 17,279 (D) Other Income (Expense) 194 (20) 383 26,206 8,257 (E) 5 (F) 515 160 (I) INTEREST CHARGES 354 (13) 213 14,270 14,270 CAPITALIZED INTEREST 0 0 0 (278) (278) ------------------------------------------------------------------------------------------------ INTEREST CHARGES, NET 354 (13) 213 13,992 13,992 ------------------------------------------------------------------------------------------------ INCOME BEFORE INCOME TAXES 19,294 1,341 291 107,869 107,874 INCOME TAX PROVISION 7,884 545 100 42,462 42,462 ------------------------------------------------------------------------------------------------ NET INCOME 11,410 796 191 65,407 65,412 ================================================================================================ OK
NET INCOME -------------------------------------------------------------------------------------------------- TWELVE MONTHS WEIGHTED AVG SHARES-BASIC 27,095,101 BASIC EARNINGS PER SHARE YTD $2.41 -------------------------------------------------------------------------------------------------- THREE MONTHS WEIGHTED AVG SHARES-BASIC 27,213,613 BASIC EARNINGS PER SHARE QTD ($0.13) -------------------------------------------------------------------------------------------------- TWELVE MONTHS DENOMINATOR FOR DILUTION 27,531,597 DILUTED EARNINGS PER SHARE YTD $2.38 -------------------------------------------------------------------------------------------------- THREE MONTHS DENOMINATOR FOR DILUTION 27,746,115 DILUTED EARNINGS PER SHARE QTD ($0.13) -------------------------------------------------------------------------------------------------- ACTUAL SHARES OUTSTANDING 27,233,072 ---------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION Consolidating Statement of Retained Earnings Fiscal Year Ending September 30 ,2003
------------------------------------------------------------------------------------------------- NJRE PPI CR&R NJR Invest NJR NJR Energy NJNE Capital Corp. Services ------------------------------------------------------------------------------------------------- Balance at September 30, 2002 (11,919) 1,525 (583) 2 (10,975) 17,003 3,822 Net Income 375 0 (197) 13 191 11,410 21 Cash Dividends Declared 0 0 0 0 0 0 0 Balance at September 30, 2003 (11,544) 1,525 (780) 15 (10,784) 28,413 3,843
------------------------------------------------------------------------------------------ Home NJR Develop. NJR NJNG Elimination's NJR Services Corp. CONSOLIDATED ------------------------------------------------------------------------------------------ Balance at September 30, 2002 1,001 4,823 15,271 129,315 (32,867) 122,570 Net Income 775 796 38 52,977 0 65,412 Cash Dividends Declared 0 0 0 (33,615) 0 (33,615) Balance at September 30, 2003 1,776 5,619 15,309 148,677 (32,867) 154,367
NEW JERSEY RESOURCES CORPORATION 26-Feb-04 Consolidating Balance Sheet 11:45:08 AM SEPTEMBER 30, 2003
ASSETS ----------------------------------------------------------------------------------------- NJR NJR NJR NJRE NJR Capital CONSOLIDATING Capital Home Retail ($ IN 000'S) Cont. CR&R Invest. CORP. DR (CR) CORP. NJNE Services HOLDINGS ------------ ----- ---- ------- ----- -- ---- ----- ---- -------- -------- PROP, PLANT & EQUIP Utility plant 0 0 0 0 0 0 0 Accumulated depreciation 0 0 0 0(1) 0 0 0 0 Oil and gas properties 0 0 0 0 0 0 0 Accumulated amortization 0 0 0 0 0 0 0 Furniture & Fixtures 0 0 0 (2) 0 0 0 Real estate properties & other 0 26,976 0 26,976 0 1,468 0 Accumulated depreciation 0 (2,503) 0 (2) (2,503) 0 (748) 0 ------------------------------------------------------------------------------------------ Prop plant & equip-net 0 24,473 0 0 0 24,473 0 720 0 ------------------------------------------------------------------------------------------ CURRENT ASSETS Cash & Temp. Invest. 0 (92) 0 (92) 8 (15) 0 Construction Fund 0 0 0 0 0 0 0 Customer A/R 1,236 3 0 0(3) 1,239 0 5,528 0 Unbilled revenue 0 0 0 0 0 0 0 Allow for doubtful a/c's 0 0 0 0 0 0 0 Regulatory asset -st (WNC) 0 0 0 0 0 0 0 Gas in storage 0 0 0 (4) 0 0 0 0 Materials & supplies 0 0 0 0 0 670 0 Prepaid state taxes 0 0 0 0 0 450 0 Underrecoverd gas costs - S.T. 0 0 0 0 0 0 0 Deferred FIT 0 0 0 0 0 0 0 Net Assets Held for Disposal 0 0 0 0 0 0 0 Derivatives 4,709 0 0 4,709 0 0 0 Broker margin accounts 0 0 0 0 0 0 0 Other 0 0 0 0 0 (74) 0 ------------------------------------------------------------------------------------------ Total current assets 5,945 (89) 0 0 0 0 5,856 8 6,559 0 ------------------------------------------------------------------------------------------ DEFERRED FIT 0 0 0 0(1) 0 0 0 0 DEFERRED CHARGES & OTHER Equity investments 14,773 0 573 0 15,346 0 0 0 Regulatory Assets 0 0 0 0 0 0 0 Underrecoverd gas costs - L.T. 0 0 0 0 0 0 0 Derivatives 12,783 0 0 12,783 0 0 0 Other 0 571 0 (2) 571 0 65 ------------------------------------------------------------------------------------------ Total Deferred Charges & Other 27,556 571 573 0 0 0 28,700 0 65 0 ------------------------------------------------------------------------------------------ INVESTMENT IN SUBSIDIARIES NJNG 0 0 0 0 0 0 0 NJR Energy Serv. 0 0 0 0 0 0 0 NJR Retial Holdings 0 0 0 0 0 0 0 NJNE 0 0 0 0 0 0 643 NJNR 0 0 8,934 0(1) 8,934(1) 0 0 0 0 Plumbing Services 0 0 0 0 0 0 0 Home Services 0 0 0 0 0 0 1,889 Power Services 0 0 0 0 0 0 0 NJR Capital Corp. 0 0 0 0 0 0 0 NJRE 0 0 0 0 0 0 0 CR&R 0 0 14,117 0(1) 14,117(1) 0 0 0 0 NJR Investment 0 0 57 0(1) 57(1) 0 0 0 0 NJR Service 0 0 0 0 0 0 ------------------------------------------------------------------------------------------ Total investment in subs 0 0 0 23,108 0 23,108 0 0 0 2,532 ------------------------------------------------------------------------------------------ INTERCOMPANY NJR (10,016) (2,155) (485) 0 (12,656) 727 167 0 NJNG 0 (26) 0 0 (26) 2 (141) 0 NJR Energy Serv. 0 0 0 0 0 0 0 0 NJR Retial Holdings 0 0 0 0 0 0 0 0 NJNE 0 0 0 0 0 0 0 0 NJNR 0 0 0 0 0 0 0 0 Plumbing Services 0 0 0 0 0 0 (31) 0 Home Services 0 0 0 0 0 0 31 0 Power Services 0 0 0 0 0 0 0 0 NJR Capital Corp. 0 0 0 0 0 0 0 0 NJR Energy 0 0 0 0 0 0 0 0 CR&R 0 0 0 0 0 0 0 0 NJR Investment 0 0 0 0 0 0 0 0 NJR Service 5 22 0 0 27 0 (137) 0 ------------------------------------------------------------------------------------------ Total intercompany (10,011) (2,159) (485) 0 0 0 (12,655) 729 (111) 0 ------------------------------------------------------------------------------------------ INTERCOMPANY - FIT (60) (863) 0 0 (923) (127) (388) 0 ------------------------------------------------------------------------------------------ TOTAL ASSETS 23,430 21,933 88 23,108 0 23,108 45,451 610 6,845 2,532 ==========================================================================================
ASSETS ASSETS --------------------------- ------------------------------------------------------------------ NJR NJR NJR NJR CONSOLIDATING Retail NJR Energy Retail Capital ($ IN 000'S) DR (CR) HOLDINGS NJR Service NJNG Services Co. HOLDINGS CORP. ------------ -- ---- -------- --- ------- ---- ------------ -------- ----- PROP, PLANT & EQUIP Utility plant 0 0 1,097,636 0 0 0 Accumulated depreciation 0 0 (270,673) 0 0 0 Oil and gas properties 0 0 0 0 0 0 Accumulated amortization 0 0 0 0 0 0 Furniture & Fixtures (5) 0 0 0 0 Real estate properties & other 1,468 1,173 0 1,382 1,468 26,976 Accumulated depreciation (5) (748) (1,083) 0 (979) (748) (2,503) -------------------------- --------------------------------------------------------------------- Prop plant & equip-net 0 0 720 90 0 826,963 403 720 24,473 -------------------------- --------------------------------------------------------------------- CURRENT ASSETS Cash & Temp. Invest. (7) (64) 51 1,917 (9) (7) (92) Construction Fund 0 0 0 0 0 0 Customer A/R (2) 5,528 0 150 38,740 81,253 5,528 1,239 Unbilled revenue 0 0 3,649 0 0 0 Allow for doubtful a/c's 0 0 (2,482) (3,153) 0 0 Regulatory asset -st (WNC) 0 0 (4,507) 0 0 0 Gas in storage 0 0 90,918 97,761 0 0 Materials & supplies 670 0 0 2,084 0 670 0 Prepaid state taxes 450 0 10,606 0 450 0 Underrecoverd gas costs - S.T. 0 0 80,242 0 0 0 Deferred FIT 0 0 0 0 0 0 Net Assets Held for Disposal 0 0 0 0 0 0 Derivatives 0 0 614 15,967 0 4,709 Broker margin accounts 0 0 2,206 4,394 0 0 Other 0(4) (74) 12,229 32 11,038 2,065 (74) 0 -------------------------- --------------------------------------------------------------------- Total current assets 0 0 6,567 12,165 233 235,025 198,278 6,567 5,856 -------------------------- --------------------------------------------------------------------- DEFERRED FIT 0 0 828 0 0 0 0 0 DEFERRED CHARGES & OTHER Equity investments 0 129 0 0 15,346 Regulatory Assets 0 0 186,313 0 0 Underrecoverd gas costs - L.T. 0 0 2,827 0 0 0 Derivatives 0 0 0 3,322 0 12,783 Other 65 1,216 107 34,766 11,250 65 571 -------------------------- --------------------------------------------------------------------- Total Deferred Charges & Other 0(5) 65 1,345 107 223,906 14,572 65 28,700 -------------------------- --------------------------------------------------------------------- INVESTMENT IN SUBSIDIARIES NJNG 0 415,365 0 0 0 0 NJR Energy Serv. 0 30,595 0 0 0 0 NJR Retial Holdings 0 2,533 0 0 0 0 NJNE 0(1) 643(1) 0 0 0 0 0 0 NJNR 0 0 0 0 0 0 Plumbing Services 0(1) 0(1) 0 0 0 0 0 0 Home Services 0(1) 1,889(1) 0 0 0 0 0 0 Power Services 0(1) 0(1) 0 0 0 0 0 0 NJR Capital Corp. 0 23,108 0 0 0 0 NJRE 0 0 0 0 0 0 CR&R 0 0 0 0 0 0 NJR Investment 0 0 0 0 0 0 NJR Service 0 0 0 0 0 0 -------------------------- --------------------------------------------------------------------- Total investment in subs 0 2,532 0 471,601 0 0 0 0 0 -------------------------- --------------------------------------------------------------------- INTERCOMPANY NJR (2) 894 0 3,044 2,899 17,633 894 (12,656) NJNG (2) (139) (2,899) 963 0 (369) (139) (26) NJR Energy Serv. 0 (17,634) 188 369 0 0 0 NJR Retial Holdings 0 0 0 0 0 0 0 NJNE 0 (725) 0 (2) 0 0 0 NJNR 0 0 0 0 0 0 0 Plumbing Services (31) 46 0 31 0 (31) 0 Home Services 31 (213) 137 103 0 31 0 Power Services 0 0 0 0 0 0 0 NJR Capital Corp. 0 0 0 0 0 0 0 NJR Energy 0 10,016 (5) 0 0 0 0 CR&R 0 2,156 (22) 26 0 0 0 NJR Investment 0 485 0 0 0 0 0 NJR Service (137) (3,043) 0 (961) (188) (137) 27 -------------------------- --------------------------------------------------------------------- Total intercompany 0 0 618 (11,811) 4,305 2,465 17,076 618 (12,655) -------------------------- --------------------------------------------------------------------- INTERCOMPANY - FIT (515) 13,412 (11,238) (736) (515) (923) -------------------------- --------------------------------------------------------------------- TOTAL ASSETS 0 2,532 7,455 487,630 4,645 1,277,121 229,593 7,455 45,451 ========================== =====================================================================
ASSETS -------------------------------------------------------- RECLASS CONSOLIDATING CONSOL ($ IN 000'S) TOTAL DR (CR) DR (CR) TOTAL ------------ ----- -- ---- -- ---- ----- PROP, PLANT & EQUIP Utility plant 1,097,636 45(F) 1,097,591 Accumulated depreciation (270,673) (270,673) Oil and gas properties 0 0 Accumulated amortization 0 0 Furniture & Fixtures 0 0 Real estate properties & other 30,999 30,999 Accumulated depreciation (5,313) (5,313) -------------------------------------------------------------- Prop plant & equip-net 852,649 852,604 -------------------------------------------------------------- CURRENT ASSETS Cash & Temp. Invest. 1,796 43(6) 1,839 Construction Fund 0 0 Customer A/R 126,910 (5) 0(H) 126,910 Unbilled revenue 3,649 3,649 Allow for doubtful a/c's (5,635) (5,635) Regulatory asset -st (WNC) (4,507) (4,507) Gas in storage 188,679 0(8) 188,679 Materials & supplies 2,754 2,754 Prepaid state taxes 11,056 11,056 Underrecoverd gas costs - S.T. 80,242 80,242 Deferred FIT 0 0 Net Assets Held for Disposal 0 0 Derivatives 21,290 0(1) 21,290 Broker margin accounts 6,600 6,600 Other 25,290 0(4) 2(4) 0(H) 8,442(B) 16,846 -------------------------------------------------------------- Total current assets 458,124 449,723 -------------------------------------------------------------- DEFERRED FIT 828 0(2) 828(2) 0 DEFERRED CHARGES & OTHER Equity investments 15,475 43(6) 15,432 Regulatory Assets 186,313 0(1) 186,313 Underrecoverd gas costs - L.T. 2,827 2,827 Derivatives 16,105 0(1) 16,105 Other 47,975 0(A) 47,975 -------------------------------------------------------------- Total Deferred Charges & Other 268,695 268,652 -------------------------------------------------------------- INVESTMENT IN SUBSIDIARIES NJNG 415,365 415,365(A) 0 NJR Energy Serv. 30,595 0 30,595(A) 0 NJR Retial Holdings 2,533 0 0 2,533(A) 0 NJNE 0 0(A) 0 NJNR 0 0(A) 0 Plumbing Services 0 0(A) 0 Home Services 0 0(A) 0 Power Services 0 0(A) 0 NJR Capital Corp. 23,108 23,108(A) 0 NJRE 0 0(A) 0 CR&R 0 0(A) 0 NJR Investment 0 0(A) 0 NJR Service 0 0(A) 0 -------------------------------------------------------------- Total investment in subs 471,601 0 471,601 0 -------------------------------------------------------------- INTERCOMPANY NJR 11,814 2 (4) 0(4) 0 0(D) 11,816 NJNG (2,470) (2,470) NJR Energy Serv. (17,077) 0 (5) 0 (17,077) NJR Retial Holdings 0 0 NJNE (727) (727) NJNR 0 0 Plumbing Services 46 46 Home Services 58 58 Power Services 0 0 NJR Capital Corp. 0 0 NJR Energy 10,011 10,011 CR&R 2,160 2,160 NJR Investment 485 485 NJR Service (4,302) (4,302) -------------------------------------------------------------- Total intercompany (2) 0 -------------------------------------------------------------- INTERCOMPANY - FIT 0 0 -------------------------------------------------------------- TOTAL ASSETS 2,051,895 1,570,979 ================================================================
NEW JERSEY RESOURCES CORPORATION 26-Feb-04 CONSOLIDATING BALANCE SHEET 11:16:19 AM SEPTEMBER 30, 2003
LIABILITIES AND STOCKHOLDER EQUITY ----------------------------------------------------------------------- NJRE NJR NJR Capital CONSOLIDATING NJR Capital Cont. CR&R Invest. Corp. DR (CR) Corp. - -------------------------------------------------------------------------------------------------------------------- CAPITALIZATION Common stock equity 8,934 14,117 57 23,108 23,108(1) 1,782(2) 24,162 728(2) Redeemable preferred stock 0 0 0 0 Long-term debt 0 0 0 0 ----------------------------------------------------------------------- Total capitalization 8,934 14,117 57 23,108 23,836 1,782 24,162 ----------------------------------------------------------------------- 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 0 (4) 0 Accounts payable & other 975 3,038 0 0(3) 4,013 Postretirement employee benefit liability 385 (97) 0 288 Accrued taxes 0 (541) 0 (541 Broker margin accounts Overrecovered gas costs - S.T. 0 0 0 0 Derivatives 400 0 0 400 Customer credit bal & dep 0 (103) 0 (103 ----------------------------------------------------------------------- Total current liabil 1,760 2,297 0 0 0 0 4,057 ----------------------------------------------------------------------- DEFERRED CREDITS Deferred ITC 0 0 0 0 Deferred income taxes 9,553 (6,763) 31 0 0(1) 728(2) 3,549 Deferred revenue 1,782 12,282 0 1,782(2) 12,282 Overrecovered gas costs - L.T. 0 0 Derivatives 1,401 0 1,401 Manufactured gas plant remediaition 0 0 Postretirement employee benefit liability Other 0 0 0 0 ----------------------------------------------------------------------- Total deferred credits 12,736 5,519 31 0 1,782 728 17,232 ----------------------------------------------------------------------- TOTAL CAP & LIAB. 23,430 21,933 88 23,108 25,618 2,510 45,451 ======================================================================= 0 0 0 0 25,618 25,618 0 0 0 0 0 0 0 ok ok ok
--------------------------------------------------------- Home NJR Retail CONSOLIDATING NJR Retail NJNE Services Holdings DR (CR) Holdings - ------------------------------------------------------------------------------------------------------ CAPITALIZATION Common stock equity 643 1,889 2,532 2,532(1) 2,532 0(2) Redeemable preferred stock 0 0 0 0 Long-term debt 0 0 0 0 --------------------------------------------------------- Total capitalization 643 1,889 2,532 2,532 0 2,532 --------------------------------------------------------- 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 0 0 Accounts payable & other (33) 5,405 0 0(4) 5,372 Postretirement employee benefit liability (22) 0 (22) Accrued taxes 0 98 0 98 Broker margin accounts Overrecovered gas costs - S.T. 0 0 0 0 Derivatives 0 0 0 0 Customer credit bal & dep 0 0 0 0 --------------------------------------------------------- Total current liabil (33) 5,481 0 0 0 5,448 --------------------------------------------------------- DEFERRED CREDITS Deferred ITC 0 0 0 0 Deferred income taxes 0 (1,554) 0 0(2) (1,554) Deferred revenue 0 0 0 0 Overrecovered gas costs - L.T. 0 0 0 0 Derivatives 0 0 0 0 Manufactured gas plant remediaition 0 0 0 0 Postretirement employee benefit liability 918 0 918 Other 0 111 0 111 --------------------------------------------------------- Total deferred credits 0 (525) 0 0 0 (525) --------------------------------------------------------- TOTAL CAP & LIAB. 610 6,845 2,532 2,532 0 7,455 ========================================================= 0 0 0 2,532 2,532 0 0 0 0 0 0 ok ok
LIABILITIES AND STOCKHOLDER EQUITY ------------------------------------------------------------------------------ NJR NJR Energywer NJR Retail NJR Capital NJR Service NJNG Services Co. Holdings Corp. TOTAL - --------------------------------------------------------------------------------------------------------------------------- CAPITALIZATION Common stock equity 417,932 0 415,366 30,595 2,532 24,162 890,587 Redeemable preferred stock 0 0 0 0 0 0 0 Long-term debt 0 0 257,899 0 0 0 257,899 ------------------------------------------------------------------------------ Total capitalization 417,932 0 673,265 30,595 2,532 24,162 1,148,486 ------------------------------------------------------------------------------ CURRENT LIABILITIES Current maturities of LTD 0 2,448 0 0 0 2,448 Notes payable to banks 42,300 0 0 0 0 42,300 Commercial paper 0 143,500 0 0 0 143,500 Purchased gas 0 32,398 168,232 0 0 200,630 Accounts payable & other 9,510 2,093 35,068 1,881 5,372 4,013 57,937 Postretirement employee benefit liability (3,964) 1,308 2,653 68 (22) 288 331 Accrued taxes 13,182 4 23,795 (23) 98 (541) 36,515 Broker margin accounts 0 0 Overrecovered gas costs - S.T. 0 0 0 0 0 0 Derivatives 0 10,056 12,294 0 400 22,750 Customer credit bal & dep 0 13,747 9,000 0 (103) 22,644 ------------------------------------------------------------------------------ Total current liabil 61,028 3,405 263,665 191,452 5,448 4,057 529,055 ------------------------------------------------------------------------------ DEFERRED CREDITS Deferred ITC 0 8,801 0 0 0 8,801 Deferred income taxes (1,842) 113,703 580 (1,554) 3,549 114,436 Deferred revenue 0 0 1,136 0 12,282 13,418 Overrecovered gas costs - L.T. 0 0 0 0 0 0 Derivatives 0 19,427 1,211 0 1,401 22,039 Manufactured gas plant remediaition 0 108,800 0 0 0 108,800 Postretirement employee benefit liability 6,792 1,133 9,395 918 0 18,238 Other 3,720 107 80,065 4,619 111 0 88,622 ------------------------------------------------------------------------------ Total deferred credits 8,670 1,240 340,191 7,546 (525) 17,232 374,354 ------------------------------------------------------------------------------ TOTAL CAP & LIAB. 487,630 4,645 1,277,121 229,593 7,455 45,451 2,051,895 ============================================================================== 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ok ok ok ok
LIABILITIES AND STOCKHOLDER EQUITY -------------------------------------------------- RECLASS CONSOLIDATING CONSOL DR (CR) DR (CR) TOTAL - ----------------------------------------------------------------------------------------------- CAPITALIZATION Common stock equity 471,601(A) 418,941 45(F) 0(D) Redeemable preferred stock 0 Long-term debt 257,899 -------------------------------------------------- Total capitalization 676,840 -------------------------------------------------- CURRENT LIABILITIES Current maturities of LTD 2,448 Notes payable to banks 42,300 Commercial paper 143,500 Purchased gas 0(8) 0(H) 200,630 Accounts payable & other 0(3) 8,442(B) 49,495 Postretirement employee benefit liability 2,990(3) 3,321 Accrued taxes 0 36,515 Broker margin accounts 0 Overrecovered gas costs - S.T. 0 Derivatives 0(1) 22,750 Customer credit bal & dep 22,644 -------------------------------------------------- Total current liabil 523,603 -------------------------------------------------- DEFERRED CREDITS Deferred ITC 8,801 Deferred income taxes 828(2) 0(2) 113,608 Deferred revenue 13,418 Overrecovered gas costs - L.T. 0 Derivatives 0(1) 22,039 Manufactured gas plant remediaition 108,800 Postretirement employee benefit liability 2,990(3) 0(3) 15,248 Other 88,622 -------------------------------------------------- Total deferred credits 370,536 -------------------------------------------------- TOTAL CAP & LIAB. 0 0 1,570,979 ================================================== 3,863 3,863 480,088 480,088 0 0 0 0
The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 26th day of February, 2004. New Jersey Resources Corporation By: /s/ Oleta J. Harden ------------------------------------ OLETA J. HARDEN Senior Vice President & Secretary (Corporate Seal) Attest: /s/ Glenn C. Lockwood - --------------------------- GLENN C. LOCKWOOD Senior Vice President & CFO 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 11 EXHIBIT B Attached as Exhibit B is Consolidating Financial Data Schedule for the fiscal year ended September 30, 2003. 12 New Jersey Resources Corporation Financial Data Schedule UT For the Fiscal Year Ended September 30, 2003 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NEW JERSEY RESOURCES CORPORATION'S 2003 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.
Item Item Twelve Number Description Months 000's - ---------------------------------------------------------------------------------------------------------- 1. total assets 1,570,979 2. gross operating revenue 2,544,379 3. net income 65,412
13 EXHIBIT C None 14 -----END PRIVACY-ENHANCED MESSAGE-----