FILE NO. 69-265
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
FORM U-3A-2/A
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, 1995
<PAGE>
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"), formerly Paradigm Resources
Corporation, all of which are organized in the State of New Jersey and are
located at 1415 Wyckoff Road, Wall, New Jersey. The Company has no independent
business operations, but operates as a holding company of the above, as well as
any other subsidiaries that may be formed in the future.
Energy Services is a sub-holding company that was formed in June 1995 to
better segregate the Company's energy-related operations. Energy Services owns
100% of the common stock of New Jersey Natural Energy Company ("Natural
Energy"), and NJR Energy Corporation ("NJRE"). Natural Energy is a New Jersey
corporation formed in June 1995 to participate in the unregulated marketing of
natural gas and fuel and capacity management services. NJRE is a participant in
oil and natural gas development, production, transportation, storage and other
energy related ventures in various locations in the United States through 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
-2-
<PAGE>
("NJRE Operating"). All of the above, except for Storage, are New Jersey
corporations and all are located at 100 West Fifth Street, Suite 601, Tulsa,
Oklahoma. Storage was organized in the State of Delaware.
In May 1995, the Company adopted a plan to exit the oil and natural gas
production business and pursue the sale of the reserves and related assets of
NJRE and NJNR. The Company has accounted for this segment as a discontinued
operation. Between December 1995 and February 1996, NJRE and NJNR sold their
interests in all of its oil and gas properties.
NJNR is also a participant in a natural gas transportation pipeline joint
venture that 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 that delivers natural gas from the
Canadian border to Long Island. Storage is a 5.66% equity participant in the
Market Hub Partners, L.P., intended 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. Due to
the decision to exit the oil and gas business, Compressor and NJRE Operating are
no longer active.
NJRD, a sub-holding company formed to better segregate the Company's
remaining non-regulated subsidiaries, owns 100% of the common stock of the
Company's said subsidiaries, including, Paradigm Power, Inc. ("PPI"), NJR
Computer Technologies, Inc. ("NJRC") and Commercial Realty & Resources Corp.
("Commercial Realty").
-3-
<PAGE>
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, 1995, neither PPI nor either
subsidiary had capital invested in any projects. The Company has decided to no
longer pursue investments as described above and are treating 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, is located at 1345 Campus
Parkway, Wall, New Jersey. Commercial Realty 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 previously disclosed strategy to realign its asset base more closely
with its core energy business, over 80% (15 out of 17 buildings containing
approximately 739,000 square feet of space) of Commercial Realty's office and
flex space in business parks in Monmouth & Atlantic Counties, New Jersey was
sold. The Company will continue to pursue alternatives for the remaining assets
including 215 acres of undeveloped land (of which 181 acres are subject to
purchase options).
Natural Energy, NJRE, PPI, NJRC and Commercial Realty, and their respective
subsidiaries, are material to the Company and are accounted for on a
consolidated basis.
-4-
<PAGE>
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 352,000 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, 1995, NJNG owned approximately 3,961 miles of steel,
wrought and cast iron distribution mains, and 1,374 miles of plastic
distribution main. Additionally, NJNG owned approximately 326 miles of
transmission mains in various sizes, approximately 333,374 services and
approximately 369,457 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 supplies 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 also owns a storage facility in
Long Branch, New
-5-
<PAGE>
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 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-six (26)
Supplemental Indentures, as security for NJNG's bonded debt which totaled
approximately $235,000,000 at December 31, 1995.
3. (a) NJNG distributed at retail approximately 62,784,967 Dry Dths of
natural or manufactured natural gas for the calendar year ended December 31,
1995.
(b) NJNG did not distribute at retail any natural or manufactured gas
outside New Jersey, its state of organization.
(c) NJNG sold approximately 25,832,929 Dry Dths of natural gas outside New
Jersey to various customers during calendar 1995 under a Blanket Sales for
Resale Certificate, issued by the Federal Energy Regulatory Commission.
(d) For the calendar year ended December 31, 1995, purchases of natural or
manufactured gas by NJNG from sources outside the State of New Jersey amounted
to approximately 82,265,574 Dry Dths.
-6-
<PAGE>
4. (a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Not Applicable.
-7-
<PAGE>
EXHIBIT A
There is attached as Exhibit A, Consolidating Income Statement and
Consolidating Balance Sheet of the Company and its subsidiary companies for the
fiscal year ended September 30, 1995.
-8-
<PAGE>
EXHIBIT B
There is attached as Exhibit B, Consolidating Financial Data Schedule for
the fiscal year ended September 30, 1995.
-9-
<PAGE>
EXHIBIT C
Not Applicable
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<PAGE>
The above-named claimant has caused this statement to be executed on its
behalf by its authorized officer on this 27th day of February 1996.
New Jersey Resources Corporation
By: /s/ LAURENCE M. DOWNES
------------------------------
LAURENCE M. DOWNES
President & CEO
(Corporate Seal)
Attest:
/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
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<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
New Jersey Resources Corporation
Financial Data Schedule UT
For the Fiscal Year Ended September 30, 1995
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NEW
JERSEY RESOURCES CORPORATION'S 1995 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.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 826,364
<TOTAL-OPERATING-REVENUES> 454,593
<NET-INCOME> 24,785
</TABLE>
<TABLE>
<CAPTION>
NEW JERSEY RESOURCES CORPORATION
Consolidating Statement of Retained Earnings
Fiscal Year Ending September 30, 1995
NJRE CR&R PPI PPI NJR NJNG NJNE Elimination's NJR
Consolidated Consolidated
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at September 30, 1994.... (4,707) 909 1,599 (2,199) 13,003 35,056 (32,867) 12,993
Net Income....................... (10,245) (67) (74) (10,386) 686 33,703 782 0 24,785
Cash Dividends Declared.......... 0 (816) 0 (816) 0 (25,974) 0 0 (26,790)
Balance at September 30, 1995.... (14,952) 26 1,525 (13,401) 13,689 42,785 782 (32,867) 10,988
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NEW JERSEY RESOURCES CORPORATION 23-Feb-96
Consolidating Income Statement 12:26:47 PM
Twelve Months Ended September 30, 1995
----------------------------------------------------------------------------------------------
CONSOLIDATING CONSOL
NJRE CR&R PPI PARADIGM DR (CR) PARADIGM
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE .................... 557 12,770 0 0 13,327
----------------------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases....................... 0 0 0 0 0
Operations & Maintenance............ 530 2,952 0 0 3,482
Depreciation & Amortization......... 0 1,985 0 0 1,985
Dry hole costs...................... 0 0
Gross Receipts Tax, etc. ........... 0 1,466 0 0 1,466
FIT................................. (320) 586 0 0 266
----------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES.......... 210 6,989 0 0 0 0 7,199
----------------------------------------------------------------------------------------------
OPERATING INCOME...................... 347 5,781 0 0 6,128
Other Income (Expense)................ 0 (1,840) 0 0 (1,840)
FIT--Other Income (Expense)........... 0 644 0 0 644
----------------------------------------------------------------------------------------------
OTHER INCOME--NET..................... 0 (1,196) 0 0 0 0 (1,196)
----------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES........ 347 4,585 0 0 0 0 4,932
----------------------------------------------------------------------------------------------
INTEREST CHARGES...................... 1,532 6,008 0 0 7,540
CAPITALIZED INTEREST.................. 0 (1,356) 0 0 (1,356)
----------------------------------------------------------------------------------------------
INTEREST CHARGES, NET................. 1,532 4,652 0 0 0 0 6,184
----------------------------------------------------------------------------------------------
EQUITY EARNINGS IN SUBS............... 0 0 0 (10,386) (10,386) 0
----------------------------------------------------------------------------------------------
NET INCOME............................ (1,185) (67) 0 (10,386) (10,386) 0 (1,252)
PREFERRED STOCK DIVIDENDS............. 0 0 0 0 0
----------------------------------------------------------------------------------------------
INCOME FROM CONTINUING
OPERATIONS.......................... (1,185) (67) 0 (10,386) (1,252)
DISCONTINUED OPERATIONS
Loss from oper., less
inc tax cred...................... (395) 0 (44) 0 (439)
Loss on disp, inc. prov. for loss
during phase out.................. (8,665) 0 (30) 0 (8,695)
NET INCOME............................(10,245) (67) (74) (10,386) (10,386)
==============================================================================================
------------------------------------------------------------------------------------------------------
RECLASS CONSOLIDATING CONSOL
NJR NJNE NJNG PARADIGM TOTAL DR (CR) DR (CR) TOTAL
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6,054 (H)
OPERATING REVENUE .......... 0 23,711 426,662 13,327 463,700 3,017 (C) 454,593
36 (D)
-------------------------------------------------------------------------------------------------------
OPERATING EXPENSES 6,054 (H)
Gas Purchases............. 0 21,609 235,567 0 257,176 36 (D) 251,086
Operations & Maintenance.. 3,289 765 58,587 3,482 66,123 3,017 (C) 59,233
3,873 (E) 0
Depreciation & Amortization 91 2 20,944 1,985 23,022 23,022
Dry hole costs............ 0 0 0
Gross Receipts Tax, etc. . 69 129 44,353 1,466 46,017 46,017
FIT....................... (4) 421 15,284 266 15,967 2,906 (G) 2,906 (G) 15,967
-------------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 3,445 22,926 374,735 7,199 408,305 395,325
-------------------------------------------------------------------------------------------------------
OPERATING INCOME............(3,445) 785 51,927 6,128 55,395 59,268
Other Income (Expense)...... 4,876 1,386 (1,840) 4,422 3,873 (E) 5 (F) 554
FIT--Other Income (Expense). (351) (485) 644 (192) (192)
-------------------------------------------------------------------------------------------------------
OTHER INCOME--NET........... 4,525 0 901 (1,196) 4,230 362
-------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST
CHARGES .................. 1,080 785 52,828 4,932 59,625 59,630
-------------------------------------------------------------------------------------------------------
INTEREST CHARGES............ 399 3 18,733 7,540 26,675 26,675
CAPITALIZED INTEREST........ 0 (1,237) (1,356) (2,593) (2,593)
-------------------------------------------------------------------------------------------------------
INTEREST CHARGES, NET....... 399 3 17,496 6,184 24,082 24,082
-------------------------------------------------------------------------------------------------------
EQUITY EARNINGS IN SUBS .... 0 0 0 0 0 (A) 0
-------------------------------------------------------------------------------------------------------
NET INCOME.................. 681 782 35,332 (1,252) 35,543 35,548
PREFERRED STOCK DIVIDENDS... 0 1,629 0 1,629 1,629
-------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING
OPERATIONS................ 681 782 33,703 (1,252) 33,914 33,919
DISCONTINUED OPERATIONS
Loss from oper., less
inc tax cred. .......... 0 0 0 (439) (439) (439)
Loss on disp, inc. prov.
for loss during phase out 0 0 0 (8,695) (8,695) (8,695)
NET INCOME.................. 681 782 33,703 (10,386) 24,780 24,785
=======================================================================================================
WEIGHTED SHARES 17,604,951 EARNINGS PER SHARE CONTINUING OPERATIONS $1.93
=====
EARNINGS PER SHARE DISCOUNTINUED OPERATIONS $1.41
=====
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NEW JERSEY RESOURCES CORPORATION 23-Feb-96
Consolidating Balance Sheet 12:25:28 PM
September 30, 1995
ASSETS
----------------------------------------------------------------------------------------------
NJRE NJRE CONSOLIDATING NJR DEVEL.
CONT. DISCONT. CR&R PPI PARADIGM DR (CR) CORP
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant ...................... 0 0 0 0 0 0
Accumulated depreciation ........... 0 0 0 0 0 0
Oil and gas properties ............. 0 0 0 0 0 0
Accumulated amortization ........... 0 0 0 0 0 0
Furniture & Fixtures ............... 0 0 0 21 0 21 (5) 0
Real estate properties ............. 0 0 49,509 0 0 49,509
Accumulated depreciation ........... 0 0 (7,728) (9) 0 9 (5) (7,728)
----------------------------------------------------------------------------------------------
Prop plant & equip--net .......... 0 0 41,781 12 0 9 21 41,781
----------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. ............... 1 88 29 7 1 126
Construction Fund 0 0 0 0 0 0
Customer A/R ....................... 0 1,998 1,087 2,500 0 1,441 (3) 4,144
Unbilled revenue ................... 0 0 0 0 0 0
Allow for doubtful a/c's ........... 0 0 (65) 0 0 (65)
Deferred gas costs ................. 0 0 0 0 0 0
Gas in storage ..................... 0 0 0 0 0 0
Materials & supplies ............... 0 0 0 0 0 0
Prepaid state taxes ................ 0 0 0 0 0 0
Net Assets Held for Disposal 0 14,347 52,650 0 0 66,997
Other .............................. 184 180 41 7 204 204 (4) 412
----------------------------------------------------------------------------------------------
Total current assets ............. 185 16,613 53,742 2,514 205 0 1,645 71,614
----------------------------------------------------------------------------------------------
DEFERRED FIT ......................... 886 3,860 1,216 (72) 0 5,890 (2) 0
DEFERRED CHARGES & OTHER
Investment.......................... 10,709 10,709
Regulatory Assets................... 0
Other .............................. 10 49 0 1,441 (3) 1,512
----------------------------------------------------------------------------------------------
Total Deferred Charges & Other ..... 10,709 10 49 0 0 12 (5) 12,221
----------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG ............................... 0 0 0 0 0 0
NJNR .............................. 0 0 0 0 (13,014) 13,014 (1) 0
CR&R ............................... 0 0 0 0 10,549 10,549 (1) 0
PPI ................................ 0 0 0 0 1,524 1,524 (1) 0
PARADIGM ........................... 0 0 0 0 0 0
NJR Energy Serv. ................... 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
Total investment in subs ......... 0 0 0 0 (941) 13,014 12,073 0
----------------------------------------------------------------------------------------------
INTERCOMPANY
NJR ................................(20,876) (13,571) (77,163) 112 (1) (111,499)
NJNG ............................... 0 0 25 (5) 0 20
NJRE ............................... 2,790 (2,790) 0 0 0 0
CR&R ............................... 11,331 (11,331) 0 0 0 0
PPI ................................ 0 0 0 0 0 0
NJNE ............................... 0 0 0 0 0 0
Paradigm ........................... 0 0 0 0 0 0
Lighthouse One ..................... 0 0 0 0 0 0
----------------------------------------------------------------------------------------------
Total intercompany ............... (6,755) (27,692) (77,138) 107 (1) 0 0 (111,479)
----------------------------------------------------------------------------------------------
INTERCOMPANY-FIT ..................... (18) (3,374) (1,221) 225 0 (4,388)
----------------------------------------------------------------------------------------------
TOTAL ASSETS ..................... 5,007 (10,583) 18,429 2,786 (737) 14,476 19,629 9,749
==============================================================================================
ASSETS
------------------------------------------------------------------------------------------------------
RECLASS CONSOLIDATING CONSOL
NJR NJNE NJNG PARADIGM TOTAL DR (CR) DR (CR) TOTAL
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant ............ 0 0 736,519 0 736,519 85 (F) 736,434
Accumulated depreciation 0 0 (182,080) 0 (182,080) (182,080)
Oil and gas properties ... 0 0 0 0 0 0
Accumulated amortization . 0 0 0 0 0 0
Furniture & Fixtures ..... 742 67 0 0 809 809 (1) 0
Real estate properties ... 0 0 0 49,509 49,509 49,509
Accumulated depreciation . (448) (2) 0 (7,728) (8,178) 450 (1) (7,728)
---------------------------------------------------------------------------------------------------
Prop plant & equip--net 294 65 554,439 41,781 596,579 596,135
---------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. ..... 161 166 612 126 1,065 1,065
Construction Fund 0 0 12,500 0 12,500 12,500
Customer A/R ............. 0 5,051 11,678 4,144 20,873 677 (6) 20,196
Unbilled revenue ......... 0 0 9,768 0 9,768 9,768
Allow for doubtful a/c's . 0 (53) (304) (65) (422) (422)
Deferred gas costs ....... 0 0 17,098 0 17,098 17,098
Gas in storage ........... 0 0 26,703 0 26,703 26,703
Materials & supplies ..... 0 0 8,443 0 8,443 8,443
Prepaid state taxes ...... 0 0 18,041 0 18,041 18,041
Net Assets Held for
Disposal ................ 0 0 0 66,997 66,997 66,997
Other ....................10,117 0 1,173 412 11,702 571 (5) 6,761 (B) 5,512
---------------------------------------------------------------------------------------------------
Total current assets ...10,278 5,164 105,712 71,614 192,768 185,901
---------------------------------------------------------------------------------------------------
DEFERRED FIT ............... 143 0 0 0 143 0 (2) 143 (2) 0
DEFERRED CHARGES & OTHER ...
Investment ................. 10,709 10,709 10,709
Regulatory Assets .......... 22,934 0 22,934 22,934
Other ...................... 656 8,158 1,512 10,326 359 (1) 10,685
--------------------------------------------------------------------------------------------------
Total Deferred Charges
& Other .................. 656 0 31,092 12,221 43,969 44,328
--------------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG ....................265,291 0 0 0 265,291 265,291 (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 ................. (941) 0 0 0 (941) (941)(A) 0
NJR Energy Serv. ......... 783 0 0 0 783 783 (A) 0
--------------------------------------------------------------------------------------------------
Total investment
in subs .............265,133 0 0 0 265,133 265,133 0
--------------------------------------------------------------------------------------------------
INTERCOMPANY
NJR ...................... 0 (1,523) 1,821 (111,499) (111,201) 0 (5) 571 (5) (111,772)
NJNG ................... (1,659) (38) 0 20 (1,677) (1,677)
NJRE .................... 34,446 0 97 0 34,543 34,543
CR&R .....................77,415 0 64 0 77,479 77,479
PPI ...................... (112) 0 20 0 (92) (92)
NJNE ..................... 1,529 0 (11) 0 1,518 1,518
Paradigm ................. 1 0 0 0 1 1
Lighthouse One ........... 0 0 0 0 0 0
---------------------------------------------------------------------------------------------------
Total intercompany ....111,620 (1,561) 1,991 (111,479) 571 0 0
---------------------------------------------------------------------------------------------------
INTERCOMPANY-FIT ........... 3,338 214 836 (4,388) 0 0
---------------------------------------------------------------------------------------------------
TOTAL ASSETS ..........391,462 3,882 694,070 9,749 1,099,163 826,364
======================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NEW JERSEY RESOURCES CORPORATION 23-Jan-95
Consolidating Balance Sheet 12:25:28 PM
September 30, 1995
LIABILITIES AND STOCKHOLDER EQUITY
------------------------------------------------------------------------------------
NJRE NJRE CONSOLIDATING CONSOL
CONT. DISCOUNT CR&R PPI PARADIGM DR (CR) PARADIGM
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock equity .................... 390 (13,404) 10,549 1,524 (941) (941)(1) (941)
Redeemable preferred stock ............. 0 0 0 0 0 0
Long-term debt ......................... 0 0 0 0 0 0
----------------------------------------------------------------------------------
Total capitalization ................. 390 (13,404) 10,549 1,524 (941) (941) 0 (941)
----------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD .............. 0 0 0 0 0 0
Notes payable to banks ................. 0 0 0 0 0 0
Commercial paper ....................... 0 0 0 0 0 0
Purchased gas .......................... 0 0 0 0 0 0
Accounts payable & other ............... 0 3,382 1,048 403 204 204(4) 4,833
Accrued taxes .......................... 0 0 3,311 0 0 3,311
Overrecovered gas costs ................ 0 0 0 0 0 0
Customer (cr) bal & dep ................ 0 0 228 0 0 228
----------------------------------------------------------------------------------
Total current liabil ................. 0 3,382 4,587 403 204 204 0 8,372
----------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC ........................... 0 0 0 0 0 0
Deferred FIT ........................... 1,317 (561) 2,876 674 0 5,890(2) (1,584)
Other deferred taxes ................... 0 0 0 0 0 0
Other .................................. 3,300 0 417 185 0 3,902
----------------------------------------------------------------------------------
Total deferred credits ............... 4,617 (561) 3,293 859 0 5,890 0 2,318
----------------------------------------------------------------------------------
TOTAL CAP & LIAB. .................. 5,007 (10,583) 18,429 2,786 (737) 5,153 0 9,749
==================================================================================
LIABILITIES AND STOCKHOLDER EQUITY
---------------------------------------------------------------------------------------------------
RECLASS CONSOLIDATING CONSOL
NJR NJNE NJNG PARADIGM TOTAL DR (CR) DR (CR) TOTAL
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock equity .......... 259,004 783 265,291 (941) 524,137 0(3) 265,123(A) 258,919
Redeemable preferred stock ... 0 0 21,004 0 21,004 85(F) 21,004
Long-term debt ............... 119,200 0 233,027 0 352,227 0 (3) 352,227
---------------------------------------------------------------------------------------------------
Total capitalization ....... 378,204 783 519,322 (941) 897,368 632,150
---------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD .... 0 0 2,364 0 2,364 2,364
Notes payable to banks ....... 0 0 0 0 0 0
Commercial paper ............. 0 0 16,400 0 16,400 16,400
Purchased gas ................ 0 0 29,104 0 29,104 29,104
Accounts payable & other ..... 9,324 2,835 24,263 4,833 41,255 677 (6) 6,761 (B) 33,817
Accrued taxes ................ 2,985 0 5,120 3,311 11,416 2,906 (G) 8,510
Overrecovered gas costs ...... 0 0 0 0 0 0
Customer (cr) bal & dep ...... 0 0 15,812 228 16,040 16,040
---------------------------------------------------------------------------------------------------
Total current liabil ....... 12,309 2,835 93,063 8,372 116,579 106,235
---------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC ................. 0 0 11,628 0 11,628 11,628
Deferred FIT ................. (15) 143 50,544 (1,584) 49,088 143 (2) 0(2) 2,906(G) 51,851
Other deferred taxes ......... 0 0 0 0 0 0
Other ........................ 964 121 19,513 3,902 24,500 24,500
---------------------------------------------------------------------------------------------------
Total deferred credits ..... 949 264 81,685 2,318 85,216 87,979
---------------------------------------------------------------------------------------------------
TOTAL CAP & LIAB. ........ 391,462 3,882 694,070 9,749 1,099,163 0 0 826,364
===================================================================================================
</TABLE>
