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Previous: GT INVESTMENT PORTFOLIOS INC, 24F-2NT, 1997-02-28 |
Next: MAXIM SERIES FUND INC, NSAR-B, 1997-02-28 |
<PAGE> 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
<PAGE> 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-
<PAGE> 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-
<PAGE> 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-
<PAGE> 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-
<PAGE> 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-
<PAGE> 7
4. (a) None
(b) None
(c) None
(d) None
(e) None
-6-
<PAGE> 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-
<PAGE> 9
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
--------------------------------------------------------------------
NJR ENERGY NJR Comp. NJR Develop.
NJRE NJNE SERV. CORP. Tech. CR&R PPI Corp.
==========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
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)
====================================================================
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
CONSOLIDATING NJR DEVELOP. NJR Develop. NJR Energy
DR (CR) CORP. NJR NJNG Corp. Serv. Corp.
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
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
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
Consolidated CONSOLIDATING CONSOL
TOTAL DR (CR) TOTAL
=================================================================================================
<S> <C> <C> <C> <C>
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
===========================================
</TABLE>
<TABLE>
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
TWELVE MONTHS WEIGHTED AVERAGE SHARES 18,030,309 EARNINGS PER SHARE YTD $2.06
</TABLE>
<PAGE> 10
NEW JERSEY RESOURCES CORPORATION
Consolidating Statement of Retained Earnings
Fiscal Year Ending September 30 ,1996
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
NJRE NJNE NJR ENERGY CR&R PPI
Serv. Corp.
=============================================================================
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
NJR Develop. NJR NJNG Elimination's NJR
Corp. CONSOLIDATED
==========================================================================================
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE> 11
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
-----------------------------------------------------------
NJRE NJRE CONSOLIDATING NJR ENERGY
Cont. Disc Op NJNE DR (CR) SERV. CORP.
===============================================================================================
<S> <C> <C> <C> <C> <C> <C>
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
===========================================================
</TABLE>
<TABLE>
<CAPTION>
ASSETS
------------------------------------------------------------------------------
NJR Comp. NJR Develop. CONSOLIDATING NJR DEVELOP.
Tech. CR&R PPI Corp. DR (CR) CORP.
=================================================================================================================
<S> <C> <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 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
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
ASSETS
--------------------------------------------------------------------------------------------------
NJR Develop. NJR Energy RECLASS CONSOLIDATING CONSOL
NJR NJNG Corp. Serv. Corp. TOTAL DR (CR) DR (CR) TOTAL
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
=================================================================================================
</TABLE>
<PAGE> 12
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
------------------------------------------------
NJRE NJRE NJR ENERGY
Cont. Disc Op NJNE SERV. CORP
===============================================================================
<S> <C> <C> <C> <C> <C>
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
================================================
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER EQUITY
---------------------------------------------------------------------
NJR Comp. NJR Develop. CONSOLIDATING NJR DEVELOP.
Tech. CR&R PPI Corp. DR (CR) CORP.
====================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
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
=====================================================================
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER EQUITY
------------------------------------------------------------------------------------------------------
NJR Develop. NJR Energy RECLASS CONSOLIDATING CONSOL
NJR NJNG Corp. Serv. Corp. TOTAL DR (CR) DR (CR) TOTAL
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
======================================================================================================
</TABLE>
<PAGE> 13
EXHIBIT B
There is attached as Exhibit B, Consolidating Financial Data Schedule
for the fiscal year ended September 30, 1996.
-8-
<PAGE> 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
<TABLE>
<S> <C>
[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
</TABLE>
<PAGE> 15
EXHIBIT C
None
-9-
<PAGE> 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-
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