SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 15, 1994
NEW JERSEY RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
NEW JERSEY 1-8359 22-2376465
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1415 WYCKOFF ROAD 07719
WALL, NEW JERSEY (Zip Code)
(Address of principal executive
offices)
(908)938-1480
(Registrant's telephone number, including area code)
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Item 5. Other Items
Reference is made to Management's Discussion and Analysis of Financial
Condition and Results of Operations - Results of Consolidated Operations -
Paradigm Power, Inc. in the Annual Report on Form 10-K/A for the fiscal year
ended September 30, 1993 of New Jersey Resources Corporation (the Company),
concerning an agreement between a subsidiary of Paradigm Power, Inc. and an
affiliate of Destec Energy, Inc. (Harriman Energy) to jointly develop a proposed
57-megawatt, natural gas-fired cogeneration project in Harriman, New York (the
Northway Project).
Harriman Energy had agreed to sell electricity to Orange & Rockland
Utilities, Inc. (Orange & Rockland) pursuant to a 25-year power purchase
agreement entered into in May 1991, as supplemented. On June 15, 1994, Harriman
Energy and Orange & Rockland, agreed to terminate the power purchase agreement
effective on or about June 21, 1994.
Paradigm Power's share of the net proceeds from this transaction is
estimated at approximately $4.2 million, to be received over three years, plus
interest. Accordingly, the Company's results for the three months ended June 30,
1994 will include after-tax income of approximately $2.5 million, or $.15 per
share, related to this transaction.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
NEW JERSEY RESOURCES CORPORATION
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Date: June 24, 1994 By: /s/Laurence M. Downes
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Laurence M. Downes
Senior Vice President and
Chief Financial Officer
