FILE NO. 69-265
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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
<PAGE>
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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") and Paradigm Resources Corporation
("PRC"). The Company has no independent business operations, but operates as a
holding company of NJNG and PRC, as well as any other subsidiaries that may be
formed in the future.
PRC is a sub-holding company formed to better segregate NJR's
non-regulated subsidiaries, located at 1350 Campus Parkway, Wall, New Jersey
("Campus Parkway"). PRC owns 100% of the common stock of the Company's
nonutility subsidiaries including, Commercial Realty & Resources Corp.
("Commercial Realty"), NJR Energy Corporation ("NJRE"), and Paradigm Power,
Inc. ("PPI").
PPI is a subsidiary that will develop and invest in natural
gas-fueled cogeneration and independent power production projects. Lighthouse
One, Inc. ("Lighthouse") was formed in April 1993 as a subsidiary of PPI to be
an equity participant in a specific PPI cogeneration project. In July 1993,
Lighthouse entered into an agreement with a subsidiary of Destec Energy, Inc.
to jointly develop a proposed 57-megawatt, natural gas-fired cogeneration
project in Harriman, New York (the "Northway Project"). The Northway Project
has entered into a 20-year gas supply agreement with NJNG. Construction of the
Northway Project is currently expected to begin in 1995 and operation is
currently expected in 1996. Lighthouse, Commercial Realty and PPI are located
at Campus Parkway. NJRE, and it's four wholly-owned subsidiaries, New Jersey
Natural Resources Company ("NJNR"), NJNR Pipeline Company ("Pipeline"),
Natural Resources Compressor Company ("NRCC") and NJRE Operating Company ("NJRE
Operating") are located at 100 West Fifth Street, Suite 601, Tulsa, Oklahoma.
Commercial Realty develops high-quality, class "A" commercial
office and mixed-use real estate projects primarily in Monmouth and Atlantic
Counties, New Jersey. Commercial Realty owns and operates 17 office buildings
totaling 914,200 square feet. These buildings are about 97% leased.
NJRE and NJNR are working-interest participants in natural gas
and oil exploration and production ventures in Oklahoma, Arkansas, Texas,
Louisiana, Kansas, Utah, and the Appalachian Basin (New York, Pennsylvania, and
West Virginia.) In addition, NJNR is a participant in a natural gas
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transportation pipeline joint venture which was constructed to serve the
Johnstown, Pennsylvania plant of Bethlehem Steel Corporation. Since Bethlehem
discontinued gas purchases from the joint venture on June 1, 1993, field
production is currently being sold into the interstate natural gas market.
Pipeline is a 2.8% equity participant in the Iroquois Gas Transmission System
pipeline from Canada to the Northeastern United States. NRCC provides
compressor and dehydration services to producing gas properties in the Arkoma
Basin. NJRE Operating was formed in 1993 to facilitate the assumption of
operations of certain oil and gas properties. Commercial Realty, NJRE and
PPI are material to the Company and are accounted for on a consolidated basis.
Only NJNG is a public utility. NJNG, whose principal office is
located at 1415 Wyckoff Road, Wall, New Jersey, 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 330,000 residential, commercial and industrial customers throughout most
of Monmouth and Ocean counties and parts of Morris and Middlesex counties.
The Company and NJNG each expect, from time to time, to render
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 company for the
cost thereof, pursuant to certain service agreements approved the Board of
Directors of each company, and by the New Jersey Board of Regulatory
Commissioners.
2. As of December 31, 1993, NJNG owned approximately 4,032
miles of steel, wrought and cast iron distribution mains, and 1,053 miles of
plastic distribution main. Additionally, NJNG owned approximately 325 miles
of transmission mains in various sizes, and approximately 313,286 services and
354,177 meters.
NJNG owns and operates two liquefied natural gas storage
plants located in Stafford, and Howell Townships, 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 sold its liquefied petroleum gas and tanks in Wall, New
Jersey as of June 30, 1993.
NJNG owns two service centers, one in Atlantic Highlands and
the other in Wall, New Jersey. The Company owns combined service
center/customer service offices in Lakewood and Rockaway Township, New Jersey.
NJNG also owns two buildings in Long Branch, New Jersey which house its central
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load dispatching operations. 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 properties 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-two Supplemental
Indentures, as security for NJNG's bonded debt which totaled $183,517,800 at
December 31, 1993.
3. (a) NJNG distributed at retail approximately 74,884,361
Dry Dth of natural gas for the calendar year ended December 31, 1993.
(b) NJNG did not distribute at retail any natural or
manufactured gas outside of New Jersey, its state of organization.
(c) NJNG sold approximately 24,123,771 Dry Dth of
natural gas outside of New Jersey to various customers during calendar year
1993 under a Blanket Sales for Resale Certificate, issued by the Federal Energy
Regulatory Commission.
(d) For the calendar year ended December 31, 1993,
deliveries of natural or manufactured gas to NJNG from sources outside the
State of New Jersey amounted to approximately 80,361,450 Dry Dth.
4. (a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Not Applicable.
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Exhibit A
There is attached as Exhibit A, consolidating statements of
income and surplus, and consolidating balance sheet of the Company and its
subsidiary companies for the fiscal year ended September 30, 1993.
<PAGE>
<TABLE>
NEW JERSEY RESOURCES CORPORATION
Consolidating Balance Sheet
<CAPTION>
September 30, 1993 ASSETS
CONSOLIDATING CONSOL
NJRE CR&R PPI PARADIGM DR (CR) PARADIGM
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 0 0 0 0 0
Accumulated depreciation 0 0 0 0 0
Oil and gas properties 90,602 0 0 0 90,602
Accumulated amortization (31,634) 0 0 0 (31,634)
Furniture & Fixtures 0 0 6 0 6 (6) 0
Real estate properties 0 102,369 0 0 102,369
Accumulated depreciation 0 (10,660) (1) 0 1 (6) (10,660)
-----------------------------------------------------------------
Prop plant & equip-net 58,968 91,709 5 0 1 6 150,677
-----------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 138 (43) 1 1 97
Customer A/R 2,587 1,135 0 0 143 (4) 3,579
Unbilled revenue 0 0 0 0 0
Allow for doubtful a/c's 0 (128) 0 0 (128)
Deferred gas costs 0 0 0 0 0
Gas in storage 0 0 0 0 0
Materials & supplies 0 0 0 0 0
Other 678 42 0 471 471 (5) 720
-----------------------------------------------------------------
Total current assets 3,403 1,006 1 472 0 614 4,268
-----------------------------------------------------------------
DEFERRED FIT 5,176 630 77 0 5,883 (3) 0
DEFERRED CHARGES & OTHER 6,009 1,893 0 0 143 (4) 8,050
5 (6)
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 0
NJNR 0 0 0 15,272 15,272 (1) 0
CR&R 0 0 0 11,239 11,239 (1) 0
PPI 0 0 0 (345) 345 (1) 0
PARADIGM 0 0 0 0 0
CER 0 0 0 0 0
-----------------------------------------------------------------
Total investment in subs 0 0 0 26,166 345 26,511 0
-----------------------------------------------------------------
INTERCOMPANY
NJR (41,670) (62,775) (443) (1) (104,889)
NJNG (78) (112) (2) 0 (192)
NJRE 0 0 0 0 0
CR&R 0 0 0 0 0
PPI 0 0 0 0 0
Paradigm 0 0 0 0 0
Lighthouse One 0 0 (1) 0 (1)
-----------------------------------------------------------------
Total intercompany (41,748) (62,887) (446) (1) 0 0 (105,082)
-----------------------------------------------------------------
INTERCOMPANY - FIT (118) (247) 18 0 (347)
-----------------------------------------------------------------
TOTAL ASSETS 31,690 32,104 (345) 26,637 494 33,014 57,566
=================================================================
<PAGE>
<CAPTION>
ASSETS
RECLASS CONSOLIDATING CONSOL
NJR NJNG PARADIGM TOTAL DR (CR) DR (CR) TOTAL
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 0 637,675 0 637,675 95 (F) 637,580 a sum a =
Accumulated depreciation 0 (155,618) 0 (155,618) (155,618)b 830,551
Oil and gas properties 0 0 90,602 90,602 90,602 a sum b =
Accumulated amortization 0 0 (31,634) (31,634) (31,634)b (197,912)
Furniture & Fixtures 0 0 0 0 0 a
Real estate properties 1,994 0 102,369 104,363 1,994 (1) 102,369 a
Accumulated depreciation (833) 0 (10,660) (11,493) 833 (1) (10,660)b
------------------------------------------------------------------------------------
Prop plant & equip-net 1,161 482,057 150,677 633,895 632,639
------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 249 1,209 97 1,555 1,555
Customer A/R 0 13,140 3,579 16,719 16,719
Unbilled revenue 0 10,037 0 10,037 10,037
Allow for doubtful a/c's 0 (556) (128) (684) (684)
Deferred gas costs 0 22,891 0 22,891 22,891
Gas in storage 0 37,282 0 37,282 37,282
Materials & supplies 0 7,091 0 7,091 7,091
Other 9,585 2,398 720 12,703 61 (7) 6,392 (B) 6,250
------------------------------------------------------------------------------------
Total current assets 9,834 93,492 4,268 107,594 101,141
------------------------------------------------------------------------------------
DEFERRED FIT 522 0 0 522 522 (2) 0
DEFERRED CHARGES & OTHER 701 21,959 8,050 30,710 1,161 (1) 31,871
INVESTMENT IN SUBSIDIARIES
NJNG 229,023 0 0 229,023 229,023 (A) 0
NJNR 0 0 0 0 0 (A) 0
CR&R 0 0 0 0 0 (A) 0
PPI 0 0 0 0 0 (A) 0
PARADIGM 26,166 0 0 26,166 26,166 (A) 0
CER 0 0 0 0 0 (A) 0
------------------------------------------------------------------------------------
Total investment in subs 255,189 0 0 255,189 225,189 0
------------------------------------------------------------------------------------
INTERCOMPANY
NJR 0 1,200 (104,889)(103,689) 61 (7) (103,628)
NJNG (1,173) 0 (192) (1,365) (1,365)
NJRE 41,669 170 0 41,839 41,839
CR&R 62,735 (27) 0 62,708 62,708
PPI 443 3 0 446 446
Paradigm 1 0 0 1 1
Lighthouse One 0 0 (1) (1) (1)
------------------------------------------------------------------------------------
Total intercompany 103,675 1,346 (105,082) (61) 0 0
------------------------------------------------------------------------------------
INTERCOMPANY - FIT (2,036) 2,383 (347) 0 0
------------------------------------------------------------------------------------
TOTAL ASSETS 369,046 601,237 57,566 1,027,849 765,651
====================================================================================
</TABLE>
<PAGE>
<TABLE>
NEW JERSEY RESOURCES CORPORATION
Consolidating Balance Sheet
<CAPTION>
September 30, 1993 LIABILITIES AND STOCKHOLDER EQUITY
CONSOLIDATING CONSOL
NJRE CR&R PPI PARADIGM DR (CR) PARADIGM
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock equity 15,272 11,239 (345) 26,166 26,166 (1) 26,166
Redeemable preferred stock 0 0 0 0 0
Long-term debt 0 13,842 0 0 0 (2) 13,842
----------------------------------------------------------------
Total capitalization 15,272 25,081 (345) 26,166 26,166 0 40,008
----------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0 0 (2 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 1,493 1,390 0 471 471 (5) 2,883
Accrued taxes 0 0 0 0 0
Overrecovered gas costs 0 0 0 0 0
Customer (cr) bal & dep 0 192 0 0 192
----------------------------------------------------------------
Total current liabil 1,493 1,582 0 471 471 0 3,075
----------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 48 42 0 0 90
Deferred FIT 14,877 5,399 0 0 5,883 (3) 14,393
Other deferred taxes 0 0 0 0 0
Other 0 0 0 0 0
----------------------------------------------------------------
Total deferred credit 14,925 5,441 0 0 5,883 0 14,483
----------------------------------------------------------------
TOTAL CAP & LIAB. 31,690 32,104 (345) 26,637 32,520 0 57,566
================================================================
<PAGE>
<CAPTION>
LIABILITIES AND STOCKHOLDER EQUITY
RECLASS CONSOLIDATING CONSOL
NJR NJNG PARADIGM TOTAL DR (CR) DR (CR) TOTAL
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock equity 246,968 229,023 26,166 502,157 675(3) 255,189 (A) 247,548
95 (F)
Redeemable preferred stock 0 22,340 0 22,340 22,340
Long-term debt 113,799 184,030 13,842 311,671 675 (3) 310,996
-----------------------------------------------------------------------------------------
Total capitalization 360,767 435,393 40,008 836,168 580,884
-----------------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 4,001 0 4,001 649 (4) 4,650
Notes payable to banks 0 5,000 0 5,000 5,000
Commercial paper 0 15,900 0 15,900 15,900
Purchased gas 0 24,815 0 24,815 24,815
Accounts payable & other 8,797 28,932 2,883 40,612 649 (4) 6,392 (B) 33,571
Accrued taxes (1,762) 13,008 0 11,246 11,246
Overrecovered gas costs 0 0 0 0 0
Customer (cr) bal & dep 0 11,447 192 11,639 11,639
-----------------------------------------------------------------------------------------
Total current liabil 7,035 103,103 3,075 113,213 106,821
-----------------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 12,329 90 12,419 12,419
Deferred FIT 149 35,078 14,393 49,620 522 (2) 49,098
Other deferred taxes 0 0 0 0 0
Other 1,095 15,334 0 16,429 16,429
-----------------------------------------------------------------------------------------
Total deferred credit 1,244 62,741 14,483 78,468 77,946
-----------------------------------------------------------------------------------------
TOTAL CAP & LIAB. 369,046 601,237 57,566 1,027,849 0 0 765,651
=========================================================================================
</TABLE>
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<TABLE>
NEW JERSEY RESOURCES CORPORATION
Consolidating Income Statement
Twelve Months Ended September 30, 1993
<CAPTION>
CONSOLIDATING CONSOL
NJRE CR&R PPI PARADIGM DR (CR) PARADIGM
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE 9,018 12,554 0 0 21,572
---------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 0 0 0 0
Operations & Maintenance 4,564 3,264 388 0 8,216
Depreciation & Amortization 4,173 1,924 0 0 6,097
Gross Receipts Tax, etc. 106 1,389 7 0 1,502
FIT (1,452) 259 (140) 0 (1,333)
---------------------------------------------------------------
TOTAL OPERATING EXPENSES 7,391 6,836 255 0 0 0 14,482
---------------------------------------------------------------
OPERATING INCOME 1,627 5,718 (255) 0 7,090
OTHER INCOME-NET 60 (77) 0 0 (17)
---------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 1,687 5,641 (255) 0 0 0 7,073
---------------------------------------------------------------
INTEREST CHARGES 1,587 6,509 7 0 8,103
CAPITALIZED INTEREST (227) (1,332) 0 0 (1,559)
---------------------------------------------------------------
INTEREST CHARGES, NET 1,360 5,177 7 0 0 0 6,544
---------------------------------------------------------------
EQUITY EARNINGS IN SUBS 0 0 0 529 529 0
---------------------------------------------------------------
NET INCOME 327 464 (262) 529 529 0 529
PREFERRED STOCK DIVIDENDS 0 0 0 0 0
---------------------------------------------------------------
EARNINGS AVAILABLE FOR COM STOCK 327 464 (262) 529 529 0 529
===============================================================
<PAGE>
<CAPTION>
RECLASS CONSOLIDATING CONSOL
NJR NJNG PARADIGM TOTAL DR (CR) DR (CR) TOTAL
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE 0 436,587 21,572 458,159 3,236 (C) 454,746
177 (D)
---------------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 252,218 0 252,218 177 (D) 252,041
Operations & Maintenance 3,880 57,369 8,216 69,465 3,236 (C) 61,707
4,522 (E)
Depreciation & Amortization 209 19,070 6,097 25,376 25,376
Gross Receipts Tax, etc. 60 51,157 1,502 52,719 52,719
FIT 0 14,001 (1,333) 12,668 12,668
---------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 4,149 393,815 14,482 412,446 404,511
---------------------------------------------------------------------------------------
OPERATING INCOME (4,149) 42,772 7,090 45,713 50,235
OTHER INCOME-NET 4,856 391 (17) 5,230 4,522 (E) 5 (F) 713
---------------------------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 707 43,163 7,073 50,943 50,948
---------------------------------------------------------------------------------------
INTEREST CHARGES 295 15,199 8,103 23,597 23,597
CAPITALIZED INTEREST 0 (1,609) (1,559) (3,168) (3,168)
---------------------------------------------------------------------------------------
INTEREST CHARGES, NET 295 13,590 6,544 20,429 20,429
---------------------------------------------------------------------------------------
EQUITY EARNINGS IN SUBS 28,080 0 0 28,080 28,080 (A) 0
---------------------------------------------------------------------------------------
NET INCOME 28,492 29,573 529 58,594 30,519
PREFERRED STOCK DIVIDENDS 0 2,022 0 2,022 2,022
---------------------------------------------------------------------------------------
EARNINGS AVAILABLE FOR COM STOCK 28,492 27,551 529 56,572 28,497
=======================================================================================
WEIGHTED SHARES 16,607,493 EARNINGS PER SHARE $1.72
========== =====
</TABLE>
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Exhibit B
Not Applicable.
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The above-named claimant has caused this statement to be
executed on its behalf by its authorized officer on this 24th day of February
1994.
New Jersey Resources Corporation
By: /s/ Oliver G. Richard
----------------------------------
Chairman, President & CEO
Corporate Seal
Attest: /s/ Oleta J. Harden
----------------------------------
Name, title, and address of officer to whom notices and
correspondence concerning this statement should be addressed:
Oleta J. Harden, Senior Vice President and Secretary
1415 Wyckoff Road, Wall, NJ 07719
