|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: LINCOLN NATIONAL SPECIAL OPPORTUNITIES FUND INC, N-30D, 1999-03-01 |
Next: GUARDIAN SEPARATE ACCOUNT A, NSAR-U, 1999-03-01 |
<PAGE> 1
FILE NO. 69-265
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
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, 1998
<PAGE> 2
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 Holdings Corporation ("Energy Holdings"), and NJR
Development Corporation ("NJR Development"). 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 Holdings, formed to better segregate the Company's
energy-related operations, holds the following wholly-owned subsidiaries:
New Jersey Natural Energy Company ("Natrual Energy"), formed in 1995,
participates in the unregulated retail marketing of natural gas; and
NJR Energy Services Company ("Energy Services"), formed in 1996,
provides unregulated fuel and capacity management and other wholesale
marketing services;
and
NJR Energy Corporation ("NJR Energy"), an investor in energy-related
ventures through its operating subsidiaries, New Jersey Natural
Resources Company and NJNR Pipeline Company. NJR Energy's continuing
operations consist primarily of a 2.8% equity investment in the
Iroquois Gas Transmission System, L.P., a 375-mile
1
<PAGE> 3
pipeline that delivers natural gas from the Canadian border to Long
Island, New York.
NJR Development is a sub-holding company that holds Commercial Realty &
Resources Corp. ("Commercial Realty"), a wholly owned subsidiary formed to
develop and own commercial office and mixed-use commercial/industrial real
estate projects primarily in Monmouth and Atlantic counties, New Jersey.
Commercial Realty, located at 1345 Campus Parkway, Wall, NJ 07719, currently
owns two fully occupied buildings totalling 25,000 square feet and has about
183 acres of undeveloped land, of which approximately 165 acres are subject to
an option to purchase held by Cali Realty Acquisition Corp. Commercial Realty
has retained limited rights to sell and develop the acreage that is subject to
the options.
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, and provides appliance services to
more than 389,000 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 to each 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, 1998, NJNG owned approximately 3951 miles of
steel, wrought and cast iron distribution main, and 1848 miles of plastic
distribution main.
2
<PAGE> 4
Additionally, NJNG owned approximately 214 miles of steel transmission main in
various sizes. NJNG also owned approximately 361,688 services and approximately
388,821 meters.
NJNG owns and operates two liquefied natural gas storage plants located
in Stafford Township and Howell Township, New Jersey. The two NJNG 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 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-nine (29) Supplemental Indentures, as security for NJNG's
bonded debt which totaled approximately $239,645,000 at December 31, 1998.
3
<PAGE> 5
3. (a) NJNG distributed at retail in the State of New Jersey
approximately 57,755,847 Dry Dths of natural or manufactured natural gas for the
calendar year ended December 31, 1998. The expenses and revenues associated with
same are $187,333,034 and $385,707,070 respectively.
(b) None
(c) NJNG sold at wholesale approximately 71,126,039 Dry
Dths of natural gas outside the State of New Jersey to various customers during
calendar 1998 under a Blanket Sale for Resale Certificate, issued by the
Federal Energy Regulatory Commission. The expenses and revenues associated with
same are $164,491,473 and $178,191,126, respectively.
(d) For the calendar year ended December 31, 1998,
purchases of natural or manufactured gas by NJNG from sources outside the State
of New Jersey amounted to approximately 113,454,968 Dry Dths. The expenses
associated with same are $349,406,658. The expenses include commodity purchase
costs plus all fixed and variable contract delivery costs.
4. (a) None
(b) None
(c) None
(d) None
(e) None
4
<PAGE> 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, 1998.
5
<PAGE> 7
NEW JERSEY RESOURCES CORPORATION
Consolidating Income Statement
Twelve Months Ended September 30, 1998
<TABLE>
<CAPTION>
NJRE NJR Energy NJR Energy NJR Comp. NJR Develop
Cont. NJNE Services Co. Hold Corp. Tech. CR&R PPI Corp.
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE 1,895 31,429 128,759 162,083 0 758 0 758
----------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 29,169 125,387 154,556 0 0 0
Operations & Maintenance 227 1,822 1,126 3,175 0 1,632 0 1,632
0 0
Depreciation & Amortization 60 117 0 177 56 0 56
Energy & Other Taxes 0 580 17 597 120 0 120
SIT 42 (11) 201 232 220 220
FIT 223 (39) 710 894 0 (541) 0 (541)
----------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 552 31,638 127,441 159,631 0 1,487 0 1,487
----------------------------------------------------------------------------------
OPERATING INCOME 1,343 (209) 1,318 2,452 0 (729) 0 (729)
0
Other Income (Expense) 0 0 169 169 0 2,525 0 2,525
SIT-Other Income (Expense) (15) (15) (227) (227)
FIT-Other Income (Expense) 0 0 (54) (54) 0 (804) 0 (804)
----------------------------------------------------------------------------------
OTHER INCOME - NET 0 0 100 100 0 1,494 0 1,494
----------------------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 1,343 (209) 1,418 2,552 0 765 0 765
----------------------------------------------------------------------------------
INTEREST CHARGES 948 (136) 0 812 0 278 0 278
CAPITALIZED INTEREST 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------
INTEREST CHARGES, NET 948 (136) 0 812 0 278 0 278
----------------------------------------------------------------------------------
EQUITY EARNINGS IN SUBS 0 0 0 0 0 0 0 0
NET INCOME 395 (73) 1,418 1,740 0 487 0 487
PREFERRED STOCK DIVIDENDS 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 395 (73) 1,418 1,740 0 487 0 487
----------------------------------------------------------------------------------
NET INCOME 395 (73) 1,418 1,740 0 487 0 487
==================================================================================
Operating Income Before FIT 1,566 (248) 2,028 3,346 0 (1,270) 0 (1,270)
<CAPTION>
CONSOLIDATING NJR Develop. NJR Develop. NJR Energy Consolidated
DR (CR) Corp. NJR NJNG Corp. Hold Corp. TOTAL
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE 758 0 575,971 758 162,083 738,812
----------------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 0 357,566 0 154,556 512,122
Operations & Maintenance 1,632 5,631 74,984 1,632 3,175 85,422
0 0 0 0
Depreciation & Amortization 56 82 27,520 56 177 27,835
Energy & Other Taxes 120 109 35,932 120 597 36,758
SIT 220 (429) 4,403 220 232 4,426
FIT (541) (243) 18,654 (541) 894 18,764
----------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 0 0 1,487 5,150 519,059 1,487 159,631 685,327
----------------------------------------------------------------------------------------
OPERATING INCOME (729) (5,150) 56,912 (729) 2,452 53,485
Other Income (Expense) 2,525 7,661 628 2,525 169 10,983
SIT-Other Income (Expense) (227) (40) (227) (15) (282)
FIT-Other Income (Expense) (804) (152) (206) (804) (54) (1,216)
----------------------------------------------------------------------------------------
OTHER INCOME - NET 0 0 1,494 7,509 382 1,494 100 9,485
----------------------------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 0 0 765 2,359 57,294 765 2,552 62,970
----------------------------------------------------------------------------------------
INTEREST CHARGES 278 1,939 17,318 278 812 20,347
CAPITALIZED INTEREST 0 0 (714) 0 0 (714)
----------------------------------------------------------------------------------------
INTEREST CHARGES, NET 0 0 278 1,939 16,604 278 812 19,633
----------------------------------------------------------------------------------------
EQUITY EARNINGS IN SUBS 0 0 0 0 0 0 0
NET INCOME 0 0 487 420 40,690 487 1,740 43,337
PREFERRED STOCK DIVIDENDS 0 0 1,585 0 0 1,585
----------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 487 420 39,105 487 1,740 41,752
----------------------------------------------------------------------------------------
NET INCOME 487 420 39,105 487 1,740 41,752
========================================================================================
Operating Income Before FIT (5,393) 75,566 (1,270) 3,346
<CAPTION>
CONSOLIDATING CONSOL
DR (CR) TOTAL
----------------------------------
<S> <C> <C> <C>
28,407 (G)
OPERATING REVENUE 63 (C) 710,342
----------------------------------
OPERATING EXPENSES 28,407 (G)
Gas Purchases 566 (D) 483,715
Operations & Maintenance 63 (C) 77,990
6,803 (E) 0
Depreciation & Amortization 27,835
Energy & Other Taxes 36,758
SIT 51 (D) 4,477
FIT 181 (D) 18,945
----------------------------------
TOTAL OPERATING EXPENSES 649,720
----------------------------------
OPERATING INCOME 60,622
566 (D)
Other Income (Expense) 6,803 (E) 5 (F) 3,619
SIT-Other Income (Expense) 51 (D) (231)
FIT-Other Income (Expense) 181 (D) (1,035)
----------------------------------
OTHER INCOME - NET 2,353
----------------------------------
INCOME BEFORE INTEREST CHARGES 62,975
----------------------------------
INTEREST CHARGES 20,347
CAPITALIZED INTEREST (714)
----------------------------------
INTEREST CHARGES, NET 19,633
----------------------------------
EQUITY EARNINGS IN SUBS 0
NET INCOME 43,342
PREFERRED STOCK DIVIDENDS 1,585
----------------------------------
INCOME FROM CONTINUING OPERATIONS 41,757
----------------------------------
NET INCOME 41,757
==================================
Operating Income Before FIT 79,567
</TABLE>
<TABLE>
<S> <C>
TWELVE MONTHS WEIGHTED AVG SHARES-BASIC 17,797,866
THREE MONTHS WEIGHTED AVG SHARES-BASIC 17,790,457
TWELVE MONTHS DENOMINATOR FOR DILUTION 17,894,071
THREE MONTHS DENOMINATOR FOR DILUTION 17,878,053
ACTUAL SHARES OUTSTANDING 17,810,985
BASIC EARNINGS PER SHARE YTD $2.35
BASIC EARNINGS PER SHARE QTD ($0.22)
DILUTED EARNINGS PER SHARE YTD $2.33
DILUTED EARNINGS PER SHARE QTD ($0.22)
</TABLE>
6
<PAGE> 8
NEW JERSEY RESOURCES CORPORATION
Consolidating Statement of Retained Earnings
Fiscal Year Ending September 30, 1998
<TABLE>
<CAPTION>
NJRE NJNE NJR ENERGY CR&R PPI
& NJRES HOLDINGS CORP.
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance at September 30, 1997 (14,027) 5,292 (8,735) (1,816) 1,525
Net Income 395 1,345 1,740 487 0
Cash Dividends Declared 0 0 0 0 0
Balance at September 30, 1997 (13,632) 6,637 (6,995) (1,329) 1,525
<CAPTION>
NJR DEVELOP. NJR NJNG ELIMINATION'S NJR
CORP. CONSOLIDATED
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance at September 30, 1997 (291) 13,953 59,144 (32,867) 31,204
Net Income 487 425 39,105 0 41,757
Cash Dividends Declared 0 0 (29,219) 0 (29,219)
Balance at September 30, 1997 196 14,378 69,030 (32,867) 43,742
</TABLE>
7
<PAGE> 9
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
NJRE NJNR NJR Energy NJR ENERGY CONSOLIDATING NJR ENERGY
Cont. Disc Op NJNE Services Co. HOLD CORP. DR (CR) HOLD CORP.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <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 (1) 0
Oil and gas properties 0 0 0 0 0 0
Accumulated amortization 0 0 0 0 0 0
Furniture & Fixtures 0 0 589 2 0 591 (2) 0
Real estate properties 0 0 0 0 0 0
Accumulated depreciation 0 0 (214) 0 0 214 (2) 0
-------------------------------------------------------------------------------------------------
Prop plant & equip-net 0 0 375 2 0 214 591 0
-------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 0 0 182 700 0 882
Construction Fund 0 0 0 0 0 0
Customer A/R 474 0 5,606 8,950 0 15,030
Unbilled revenue 0 0 0 0 0 0
Allow for doubtful a/c's 0 0 (546) 0 0 (546)
Deferred gas costs 0 0 883 0 0 883
Gas in storage 0 0 0 12,007 0 12,007
Materials & supplies 0 0 0 0 0 0
Prepaid state taxes 0 0 0 0 0 0
Net Assets Held for Disposal 0 0 0 0 0 0
Other 0 0 277 0 0 277
-------------------------------------------------------------------------------------------------
Total current assets 474 0 6,402 21,657 0 0 0 28,533
-------------------------------------------------------------------------------------------------
DEFERRED FIT 86 461 0 0 0 0 (1) 547
DEFERRED CHARGES & OTHER
Investments 9,196 0 0 0 0 9,196
Regulatory Assets 0
Long-term deferred gas costs 0
Other 0 0 0 0 0 377 (2) 377
-------------------------------------------------------------------------------------------------
Total Deferred Charges & Other 9,196 0 0 0 0 377 0 9,573
-------------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 0 0
NJNR 0 0 0 0 (11,099) 11,099 (3) 0
CR&R 0 0 0 0 0 0
NewCo. 0 0 0 0 0 0
PPI 0 0 0 0 0 0
NJNE 0 0 0 0 5,219 5,219 (3) 0
NJR Comp 0
NJR Development Corp. 0
NJR Energy Serv. 0 0 0 0 1,418 1,418 0
-------------------------------------------------------------------------------------------------
Total investment in subs 0 0 0 0 (4,462) 11,099 6,637 0
-------------------------------------------------------------------------------------------------
INTERCOMPANY
NJR (15,900) (371) 2,258 (9,663) 0 (23,676)
NJNG 0 0 (117) (9) 0 (126)
NJRE 11,674 (11,645) 0 0 0 29
CR&R 0 0 0 0 0 0
PPI 0 0 0 0 0 0
NJNE 0 0 0 1,136 0 1,136
Paradigm 0 0 0 0 0 0
Computer Tech
NJR Development
Lighthouse One 0 0 0 0 0 0
NJR Energy Serv. (1,136) 0 0 (1,136)
-------------------------------------------------------------------------------------------------
Total intercompany (4,226) (12,016) 1,005 (8,536) 0 0 0 (23,773)
-------------------------------------------------------------------------------------------------
INTERCOMPANY - FIT 1,154 (792) 0 42 0 404
-------------------------------------------------------------------------------------------------
TOTAL ASSETS 6,684 (12,347) 7,782 13,165 (4,462) 11,690 7,228 15,284
=================================================================================================
</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 0 0 0 (5) 0
Real estate properties 0 24,490 0 0 24,490
Accumulated depreciation 0 (2,664) 0 0 0 (5) (2,664)
-----------------------------------------------------------------------------------------------
Prop plant & equip-net 0 21,826 0 0 0 0 21,826
-----------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 0 65 0 0 65
Construction Fund 0 0 0 0 0
Customer A/R 0 372 0 0 0 (3) 372
Unbilled revenue 0 0 0 0 0
Allow for doubtful a/c's 0 (377) 0 0 (377)
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 0 0 0 0 0 (4) 0
-----------------------------------------------------------------------------------------------
Total current assets 0 60 0 0 0 0 60
-----------------------------------------------------------------------------------------------
DEFERRED FIT 0 170 0 0 0 (2) 170
DEFERRED CHARGES & OTHER
Investments 0 0 0
Regulatory Assets 0
Long-term deferred gas costs 0
Other 0 153 0 0 (3) 153
-----------------------------------------------------------------------------------------------
Total Deferred Charges & Other 0 153 0 0 0 (5) 153
-----------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 0
NJNR 0 0 0 0 0 (1) 0
CR&R 0 0 0 8,727 8,727 (1) 0
NewCo. 0 0 0 0 0
PPI 0 0 0 0 0 (1) 0
NJNE 0 0 0 0 0
NJR Comp 0 0 0 (53) 53 (1) 0
NJR Development Corp. 0 0 0 0
NJR Energy Serv. 0 0 0 0 0
-----------------------------------------------------------------------------------------------
Total investment in subs 0 0 0 8,674 53 8,727 0
-----------------------------------------------------------------------------------------------
INTERCOMPANY
NJR (107) (4,364) 0 0 (2) (4,471)
NJNG 0 (175) 0 0 (175)
NJRE 98 0 0 0 98
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 0 0
Lighthouse One 0 0 0 0 0
NJR Energy Serv.
-----------------------------------------------------------------------------------------------
Total intercompany (9) (4,539) 0 0 0 0 (4,548)
-----------------------------------------------------------------------------------------------
INTERCOMPANY - FIT 3 (190) 0 0 (187)
-----------------------------------------------------------------------------------------------
TOTAL ASSETS (6) 17,480 0 8,674 53 8,727 17,474
===============================================================================================
</TABLE>
<TABLE>
<CAPTION>
ASSETS
-------------------------------------------------------------------------------------------------
NJR Develop. NJR ENERGY RECLASS
NJR NJNG Corp. HOLD CORP. TOTAL DR (CR)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 0 895,391 0 0 895,391
Accumulated depreciation 0 (237,150) 0 0 (237,150)
Oil and gas properties 0 0 0 0 0
Accumulated amortization 0 0 0 0 0
Furniture & Fixtures 757 0 0 0 757 757 (1)
Real estate properties 0 0 24,490 0 24,490
Accumulated depreciation (657) 0 (2,664) 0 (3,321) 657 (1)
-------------------------------------------------------------------------------------------------
Prop plant & equip-net 100 658,241 21,826 0 680,167
-------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 576 953 65 882 2,476
Construction Fund 0 16,000 0 0 16,000
Customer A/R 0 34,977 372 15,030 50,379 1,574 (5)
Unbilled revenue 0 3,795 0 0 3,795
Allow for doubtful a/c's 0 (984) (377) (546) (1,907)
Deferred gas costs 0 15,706 0 883 16,589
Gas in storage 0 40,790 0 12,007 52,797
Materials & supplies 0 3,846 0 0 3,846
Prepaid state taxes 0 11,752 0 0 11,752
Net Assets Held for Disposal 0 0 0 0 0
Other 8,976 5,192 0 277 14,445 183 (4) 0 (3)
-------------------------------------------------------------------------------------------------
Total current assets 9,552 132,027 60 28,533 170,172
-------------------------------------------------------------------------------------------------
DEFERRED FIT 349 0 170 547 1,066 0 (2) 1,066 (2)
DEFERRED CHARGES & OTHER
Investments 0 9,196 9,196
Regulatory Assets 40,297 0 0 40,297
Long-term deferred gas costs 21,833 21,833
Other 13,935 15,445 153 377 29,910 100 (1)
-------------------------------------------------------------------------------------------------
Total Deferred Charges & Other 13,935 77,575 153 9,573 101,236
-------------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 303,330 0 0 0 303,330
NJNR 0 0 0 0 0
CR&R 0 0 0 0 0 (3) 0
NewCo. 208 0 0 0 208
PPI 0 0 0 0 0
NJNE 0 0 0 0 0
NJR Comp 0 0 0 0 0
NJR Development Corp. 8,674 0 0 0 8,674
NJR Energy Serv. (4,462) 0 0 0 (4,462)
-------------------------------------------------------------------------------------------------
Total investment in subs 307,750 0 0 0 307,750
-------------------------------------------------------------------------------------------------
INTERCOMPANY
NJR 0 148 (4,471) (23,676) (27,999) 183 (4)
NJNG 465 0 (175) (126) 164 590 (4)
NJRE 16,300 22 98 29 16,449
CR&R 4,534 (40) 0 0 4,494
PPI 0 0 0 0 0
NJNE (2,250) 259 0 1,136 (855)
Paradigm 0 0 0 0 0
Computer Tech (20) 0 0 (20)
NJR Development 0 0 0 0
Lighthouse One 0 0 0 0 0
NJR Energy Serv. 9,663 13 0 (1,136) 8,540
-------------------------------------------------------------------------------------------------
Total intercompany 28,692 402 (4,548) (23,773) 773
-------------------------------------------------------------------------------------------------
INTERCOMPANY - FIT 1,114 (1,331) (187) 404 0
-------------------------------------------------------------------------------------------------
TOTAL ASSETS 361,492 866,914 17,474 15,284 1,261,164
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
ASSETS
-----------------------------------
CONSOLIDATING CONSOL
DR (CR) TOTAL
- ----------------------------------------------------------------------
<S> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 70 (F) 895,321
Accumulated depreciation (237,150)
Oil and gas properties 0
Accumulated amortization 0
Furniture & Fixtures 0
Real estate properties 24,490
Accumulated depreciation (2,664)
-----------------------------------
Prop plant & equip-net 679,997
-----------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 2,476
Construction Fund 16,000
Customer A/R 48,805
Unbilled revenue 3,795
Allow for doubtful a/c's (1,907)
Deferred gas costs 16,589
Gas in storage 52,797
Materials & supplies 3,846
Prepaid state taxes 11,752
Net Assets Held for Disposal 0
Other 7,304 (B) 7,324
-----------------------------------
Total current assets 161,477
-----------------------------------
DEFERRED FIT 0
DEFERRED CHARGES & OTHER
Investments 9,196
Regulatory Assets 40,297
Long-term deferred gas costs 21,833
Other 208 (A) 30,218
-----------------------------------
Total Deferred Charges & Other 101,544
-----------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 303,330 (A) 0
NJNR 0 (A) 0
CR&R 0 0 (A) 0
NewCo. 208 (A) 0
PPI 0 (A) 0
NJNE 0 (A) 0
NJR Comp 0 (A)
NJR Development Corp. 8,674 (A)
NJR Energy Serv. (4,462) (A) 0
-----------------------------------
Total investment in subs 307,750 0
-----------------------------------
INTERCOMPANY
NJR 0 0 (D) (28,182)
NJNG (426)
NJRE 16,449
CR&R 4,494
PPI 0
NJNE (855)
Paradigm 0
Computer Tech (20)
NJR Development 0
Lighthouse One 0
NJR Energy Serv. 8,540
-----------------------------------
Total intercompany 0
-----------------------------------
INTERCOMPANY - FIT 0
-----------------------------------
TOTAL ASSETS 943,018
===================================
</TABLE>
8
<PAGE> 10
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
NJRE NJNR NJR Energy NJR ENERGY CONSOLIDATING NJR ENERGY
Cont. Disc Op NJNE Services Co. HOLD CORP. DR (CR) HOLD CORP.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock equity 1,735 (12,834) 5,219 1,418 (4,462) 4,462 (4,462)
Redeemable preferred stock 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
-----------------------------------------------------------------------------------------------------
Total capitalization 1,735 (12,834) 5,219 1,418 (4,462) 0 4,462 (4,462)
-----------------------------------------------------------------------------------------------------
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 1,864 11,246 0 13,110
Accounts payable & other 336 677 231 165 0 1,409
Accrued taxes 0 0 91 0 0 91
Overrecovered gas costs 0 0 0 0 0 0
Customer (cr) bal & dep 0 0 0 0 0 0
-----------------------------------------------------------------------------------------------------
Total current liabil 336 677 2,186 11,411 0 0 0 14,610
-----------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 0 0 0 0 0
Deferred FIT 979 (190) 377 336 0 0 (1) 1,502
Deferred gain 3,634 0 0 0 0 3,634
Other 0 0 0 0 0 0
-----------------------------------------------------------------------------------------------------
Total deferred credits 4,613 (190) 377 336 0 0 0 5,136
-----------------------------------------------------------------------------------------------------
TOTAL CAP & LIAB. 6,684 (12,347) 7,782 13,165 (4,462) 0 4,462 15,284
=====================================================================================================
0 0 0 0 0 11,690 11,690 0
0 0 0 0 0 0
</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) 8,727 0 8,674 8,674 (1) 8,674
0 (2)
Redeemable preferred stock 0 0 0 0 0
Long-term debt 0 0 0 0 0
------------------------------------------------------------------------------------------ ---
Total capitalization (53) 8,727 0 8,674 8,674 0 8,674
------------------------------------------------------------------------------------------ ---
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 0 259 0 0 0 (4) 259
Accrued taxes 0 (150) 0 0 (150)
Overrecovered gas costs 0 0 0 0 0
Customer (cr) bal & dep 0 (90) 0 0 (90)
------------------------------------------------------------------------------------------ ---
Total current liabil 0 19 0 0 0 0 19
------------------------------------------------------------------------------------------ ---
DEFERRED CREDITS
Deferred ITC 0 0 0 0 0
Deferred FIT 47 (5,681) 0 0 0 (2) (5,634)
Deferred gain 0 15,741 0 0 15,741
Other 0 (1,326) 0 0 (1,326)
----------------------------------------------------------------------------------------------
Total deferred credits 47 8,734 0 0 0 0 8,781
------------------------------------------------------------------------------------------ ---
TOTAL CAP & LIAB. (6) 17,480 0 8,674 8,674 0 17,474
==============================================================================================
0 0 0 0 8,727 8,727 0
0 0 0 0 0 0
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER EQUITY
-------------------------------------------------------------------------------------------------
NJR Develop. NJR ENERGY RECLASS
NJR NJNG Corp. HOLD CORP. TOTAL DR (CR)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION
Common stock equity 290,872 303,332 8,674 (4,462) 598,416 0 (3)
Redeemable preferred stock 0 20,640 0 0 20,640
Long-term debt 59,300 267,441 0 0 326,741 0 (3)
-------------------------------------------------------------------------------------------------
Total capitalization 350,172 591,413 8,674 (4,462) 945,797
-------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 1,957 0 0 1,957
Notes payable to banks 0 0 0 0 0
Commercial paper 0 60,700 0 0 60,700
Purchased gas 34,351 0 13,110 47,461 590 (4)
Accounts payable & other 9,139 35,671 259 1,409 46,478 1,574 (5)
Accrued taxes 1,630 5,458 (150) 91 7,029
Overrecovered gas costs 0 0 0 0 0
Customer (cr) bal & dep 0 13,742 (90) 0 13,652
-------------------------------------------------------------------------------------------------
Total current liabil 10,769 151,879 19 14,610 177,277
-------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 10,628 0 0 10,628
Deferred FIT (118) 79,075 (5,634) 1,502 74,825 1,066 (2) 0 (2)
Deferred gain 0 0 15,741 3,634 19,375
Other 669 33,919 (1,326) 0 33,262
-------------------------------------------------------------------------------------------------
Total deferred credits 551 123,622 8,781 5,136 138,090
-------------------------------------------------------------------------------------------------
TOTAL CAP & LIAB. 361,492 866,914 17,474 15,284 1,261,164 0 0
=================================================================================================
0 0 0 0 0 4,170 4,170
0 0 0 0 0 0
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER EQUITY
-------------------------------------
CONSOLIDATING CONSOL
-------------
DR (CR) TOTAL
- -------------------------------------------------------
<S> <C> <C> <C>
CAPITALIZATION
Common stock equity 307,542 (A) 290,804
70 (F)
0 (D)
Redeemable preferred stock 20,640
Long-term debt 326,741
--------------------------------------
Total capitalization 638,185
--------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 1,957
Notes payable to banks 0
Commercial paper 60,700
Purchased gas 47,461
Accounts payable & other 7,304 (B) 37,010
Accrued taxes 0 (G) 7,029
Overrecovered gas costs 0
Customer (cr) bal & dep 13,652
--------------------------------------
Total current liabil 167,809
--------------------------------------
DEFERRED CREDITS
Deferred ITC 10,628
Deferred FIT 0 (G) 73,759
Deferred gain 19,375
Other 33,262
--------------------------------------
Total deferred credits 137,024
--------------------------------------
TOTAL CAP & LIAB. 943,018
======================================
315,124 315,124 0
0 0
</TABLE>
9
<PAGE> 11
EXHIBIT C
None
10
<PAGE> 12
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on this 1st day of March, 1999.
New Jersey Resources Corporation
By: __________________________________
OLETA J. HARDEN
Senior Vice President & Secretary
(Corporate Seal)
Attest:
_____________________________
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
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE NEW
JERSEY RESOURCES CORPORATION'S FINANCIAL DATA SCHEDULE FILED AS AN EXHIBIT TO
SEPTEMBER 30, 1998 FROM 10-K
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<BOOK-VALUE> PRO-FORMA
<TOTAL-ASSETS> 943,018
<TOTAL-OPERATING-REVENUES> 710,342
<NET-INCOME> 43,342
</TABLE>
|
|