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Previous: COMPUTER ASSOCIATES INTERNATIONAL INC, S-8, 2000-02-28 |
Next: MAXIM SERIES FUND INC, N-30D, 2000-02-28 |
<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, 1999
<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"), which
participates in the unregulated retail marketing of natural gas; and
NJR Energy Services Company ("Energy Services"), which provides
unregulated fuel and capacity management and other wholesale
marketing services; and
NJR Energy Corporation ("NJR Energy"), which invests 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 that
develops and owns 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, New Jersey 07719
currently owns two fully occupied buildings totalling 25,000 square feet and has
about 183 acres of undeveloped land. As of November 7, 1999, the undeveloped
land is no longer subject to any option to purchase.
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 400,000 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, 1999, NJNG owned approximately 4,003 miles of
steel, wrought and cast iron distribution main, and 1,880 miles of plastic
distribution main.
2
<PAGE> 4
Additionally, NJNG owns approximately 214 miles of steel transmission main in
various sizes, approximately 372,422 services and approximately 414,822 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 leases 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 $217,845,000 at December 31, 1999.
3
<PAGE> 5
3. (a) NJNG distributed at retail in the State of New Jersey
approximately 62.2 Bcf of natural or manufactured natural gas for the calendar
year ended December 31, 1999. The expenses and revenues associated with same are
$186,759,825 and $400,633,248, respectively.
(b) None
(c) NJNG sold at wholesale approximately 99.6 Bcf of natural gas
outside the State of New Jersey to various customers during calendar 1999 under
a Blanket Sale for Resale Certificate issued by the Federal Energy Regulatory
Commission, with a revenue of $251 Million and a gas cost of $239 Million, as
more particularly set forth in the following table:
ZONE Dth REVENUE
1 18,619,955 $42,504,059.25
2 6,938,335 $16,016,934.35
3 57,518,229 $142,930,625.99
Pooling Points 16,479,971 $49,695,291.41
----------------------------------------------------
99,556,490 $251,146,911.00
ZONE STATES INCLUDED IN ZONES
1 Alabama, Louisiana, Texas
2 Delaware, Maryland, Ohio, Virginia, West Virginia
3 Connecticut, New Jersey, New York, Pennsylvania
Pooling Points Pooling Points are not geographically specific
Off-System Sales Cost: $238,842,957.00
(d) For the calendar year ended December 31, 1999, purchases of
natural or manufactured gas by NJNG from sources outside the State of New Jersey
amounted to approximately 142 Bcf, at a cost of $419 million. The expenses
include commodity purchase costs plus all fixed and variable contract delivery
costs and are more particularly set forth in the table below:
4
<PAGE> 6
ZONE Dth COST
1 54,576,342 $124,511,213.28
2 24,814,665 $59,748,640.14
3 41,369,520 $88,263,413.47
Pooling Points 21,306,126 $63,036,942.07
-----------------------------------------------------
142,066,653 $335,560,208.96
Net Demand Costs $83,388,431.47
Total Purchase Cost $418,948,640.43
ZONE STATES INCLUDED IN ZONES
1 Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Texas
2 Delaware, Indiana, Ohio, West Virginia
3 Connecticut, Massachusetts, New Jersey, New York, Pennsylvania
Pooling Points Pooling Points are not geographically specific
4. (a) None
(b) None
(c) None
(d) None
(e) None
5
<PAGE> 7
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, 1999.
6
<PAGE> 8
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED SEPTEMBER 30, 1999
-----------------------------------------------------------------------------
NJRE NJR Energy NJR ENERGY NJR Comp.
Cont. NJNE Services Co. HOLD CORP. Tech.
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUE 957 37,436 254,395 292,788 0
-----------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 35,070 248,702 283,772
Operations & Maintenance 233 2,160 1,739 4,132 0
0
Depreciation & Amortization 60 113 78 251
Energy & Other Taxes 0 1,133 27 1,160
-----------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 293 38,476 250,546 289,315 0
-----------------------------------------------------------------------------
OPERATING INCOME 664 (1,040) 3,849 3,473 0
Other Income (Expense) 0 0 76 76 0
SIT-Other Income (Expense) 0 0 (7) (7) 0
FIT-Other Income (Expense) 0 0 (24) (24) 0
-----------------------------------------------------------------------------
OTHER INCOME - NET 0 0 45 45 0
INTEREST CHARGES 890 (4) 266 1,152 0
CAPITALIZED INTEREST 0 0 0 0 0
-----------------------------------------------------------------------------
INTEREST CHARGES, NET 890 (4) 266 1,152 0
-----------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES (226) (1,036) 3,628 2,366 0
INCOME TAX PROVISION (39) (424) 1,465 1,002
-----------------------------------------------------------------------------
INCOME BEFORE PREFERRED STOCK DIVIDEND (187) (612) 2,163 1,364 0
PREFERRED STOCK DIVIDENDS 0 0 0 0 0
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
NET INCOME (187) (612) 2,163 1,364 0
=============================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED SEPTEMBER 30, 1999
------------------------------------------------------------------------------------
NJR Develop. CONSOLIDATING NJR DEVELOP.
CR&R PPI Corp. DR (CR) CORP.
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE 989 0 989 989
------------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 0 0 0
Operations & Maintenance 1,157 0 1,157 1,157
0 0
Depreciation & Amortization 84 0 84 84
Energy & Other Taxes 146 0 146 146
------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 1,387 0 1,387 0 0 1,387
------------------------------------------------------------------------------------
OPERATING INCOME (398) 0 (398) (398)
0
Other Income (Expense) 692 0 692 692
SIT-Other Income (Expense) (62) 0 (62) (62)
FIT-Other Income (Expense) (221) 0 (221) (221)
------------------------------------------------------------------------------------
OTHER INCOME - NET 409 0 409 0 0 409
INTEREST CHARGES 164 0 164 164
CAPITALIZED INTEREST 0 0 0 0
------------------------------------------------------------------------------------
INTEREST CHARGES, NET 164 0 164 0 0 164
------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES (153) 0 (153) (153)
INCOME TAX PROVISION (229) (229) (229)
------------------------------------------------------------------------------------
INCOME BEFORE PREFERRED STOCK DIVIDEND 76 0 76 76
PREFERRED STOCK DIVIDENDS 0 0 0 0
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
NET INCOME 76 0 76 76
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED SEPTEMBER 30, 1999
------------------------------------------------------------------------------------
NJR Develop. NJR ENERGY Consolidated
NJR NJNG Corp. HOLD CORP. TOTAL
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUE 0 644,550 989 292,788 938,327
------------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 420,054 0 283,772 703,826
Operations & Maintenance 7,382 78,738 1,157 4,132 91,409
0 0 0
Depreciation & Amortization 84 29,036 84 251 29,455
Energy & Other Taxes 139 34,626 146 1,160 36,071
------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 7,605 562,454 1,387 289,315 860,761
------------------------------------------------------------------------------------
OPERATING INCOME (7,605) 82,096 (398) 3,473 77,566
Other Income (Expense) 11,097 1,878 692 76 13,743
SIT-Other Income (Expense) (125) (169) (62) (7) (363)
FIT-Other Income (Expense) (402) (598) (221) (24) (1,245)
------------------------------------------------------------------------------------
OTHER INCOME - NET 10,570 1,111 409 45 12,135
INTEREST CHARGES 2,825 16,151 164 1,152 20,292
CAPITALIZED INTEREST 0 (735) 0 0 (735)
------------------------------------------------------------------------------------
INTEREST CHARGES, NET 2,825 15,416 164 1,152 19,557
------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 140 67,791 (153) 2,366 70,144
INCOME TAX PROVISION (473) 24,927 (229) 1,002 25,227
------------------------------------------------------------------------------------
INCOME BEFORE PREFERRED STOCK DIVIDEND 613 42,864 76 1,364 44,917
PREFERRED STOCK DIVIDENDS 0 116 0 0 116
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
NET INCOME 613 42,748 76 1,364 44,801
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED SEPTEMBER 30, 1999
---------------------------------------------------------------------
CONSOLIDATING CONSOL
DR (CR) TOTAL
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OPERATING REVENUE 68 (C) 904,268
33,991 (G)
---------------------------------------------------------------------
OPERATING EXPENSES 33,991 (G)
Gas Purchases 534 (D) 669,835
Operations & Maintenance 68 (C) 81,390
9,417 (E) 0
Depreciation & Amortization 29,455
Energy & Other Taxes 36,071
---------------------------------------------------------------------
TOTAL OPERATING EXPENSES 816,751
---------------------------------------------------------------------
OPERATING INCOME 87,517
534 (D)
Other Income (Expense) 9,417 (E) 5 (F) 3,797
SIT-Other Income (Expense) 48 (D) (315)
FIT-Other Income (Expense) 170 (D) (1,075)
---------------------------------------------------------------------
OTHER INCOME - NET 2,407
INTEREST CHARGES 20,292
CAPITALIZED INTEREST (735)
---------------------------------------------------------------------
INTEREST CHARGES, NET 19,557
---------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 70,367
INCOME TAX PROVISION 218 (D) 25,445
---------------------------------------------------------------------
INCOME BEFORE PREFERRED STOCK DIVIDEND 44,922
PREFERRED STOCK DIVIDENDS 116
---------------------------------------------------------------------
---------------------------------------------------------------------
NET INCOME 44,806
=====================================================================
</TABLE>
<TABLE>
------------------------------------------------------------------------------------------------
<S> <C> <C>
TWELVE MONTHS WEIGHTED AVG SHARES-BASIC 17,852,099
------------------------------------------------------------------------------------------------
THREE MONTHS WEIGHTED AVG SHARES-BASIC 17,805,508
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
TWELVE MONTHS DENOMINATOR FOR DILUTION 17,984,160
------------------------------------------------------------------------------------------------
THREE MONTHS DENOMINATOR FOR DILUTION 17,963,793
------------------------------------------------------------------------------------------------
ACTUAL SHARES OUTSTANDING 17,740,859
---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
---------------------------------------------------------------
<S> <C>
BASIC EARNINGS PER SHARE YTD $2.51
---------------------------------------------------------------
BASIC EARNINGS PER SHARE QTD ($0.21)
---------------------------------------------------------------
---------------------------------------------------------------
DILUTED EARNINGS PER SHARE YTD $2.49
---------------------------------------------------------------
DILUTED EARNINGS PER SHARE QTD ($0.21)
---------------------------------------------------------------
</TABLE>
7
<PAGE> 9
NEW JERSEY RESOURCES CORPORATION
Consolidating Statement of Retained Earnings
Fiscal Year Ending September 30 ,1999
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
NJRE NJNE NJR ENERGY CR&R PPI
& NJRES Holdings Corp.
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance at September 30, 1998 (13,632) 6,637 (6,995) (1,329) 1,525
Net Income (187) 1,551 1,364 76 0
Cash Dividends Declared 0 0 0 0 0
Balance at September 30, 1999 (13,819) 8,188 (5,631) (1,253) 1,525
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
NJR Develop. NJR NJNG Elimination's NJR
Corp. Consolidated
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance at September 30, 1998 196 14,378 69,030 (32,867) 31,204
Net Income 76 618 42,748 0 44,806
Cash Dividends Declared 0 0 (29,990) 0 (29,990)
Balance at September 30, 1999 272 14,996 81,788 (32,867) 58,558
</TABLE>
8
<PAGE> 10
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1999
--------------------------------------------------------------------------------------
NJRE NJNR NJR Energy NJR ENERGY CONSOLIDATING
Cont. Disc Op NJNE Services Co. HOLD CORP. DR (CR)
- ------------------------------------------------------------------------------------------------------------------------------
<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 0 (1)
Oil and gas properties 0 0 0 0 0
Accumulated amortization 0 0 0 0 0
Furniture & Fixtures 0 0 387 512 0 (2)
Real estate properties 0 0 0 0 0
Accumulated depreciation 0 0 (237) (168) 0 (2)
--------------------------------------------------------------------------------------
Prop plant & equip-net 0 0 150 344 0 0 0
--------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 0 0 79 179 0
Construction Fund 0 0 0 0 0
Customer A/R 498 0 6,064 29,241 0
Unbilled revenue 0 0 0 0 0
Allow for doubtful a/c's 0 0 (643) (265) 0
Deferred gas costs 0 0 1,069 0 0
Gas in storage 0 0 0 (7,518) 0 7,518 (4)
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 0 139 1,772 0
--------------------------------------------------------------------------------------
Total current assets 498 0 6,708 23,409 0 7,518 0
--------------------------------------------------------------------------------------
DEFERRED FIT 86 461 0 0 0 0 (1)
DEFERRED CHARGES & OTHER
Investments 8,813 0 0 0 0
Regulatory Assets
Long-term deferred gas costs
Other 0 0 0 0 0 0 (2)
--------------------------------------------------------------------------------------
Total Deferred Charges & Other 8,813 0 0 0 0 0 0
--------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 0
NJNR 0 0 0 0 (5,679) 5,679 (3)
CR&R 0 0 0 0 0
NewCo. 0 0 0 0 0
NJNE 0 0 0 0 4,607 4,607 (3)
NJR Comp
NJR Development Corp.
NJR Energy Serv. 0 0 0 0 3,581 3,581 (3)
Plug Power
--------------------------------------------------------------------------------------
Total investment in subs 0 0 0 0 2,509 5,679 8,188
--------------------------------------------------------------------------------------
INTERCOMPANY
NJR (10,387) (227) 33 15,444 0
NJNG 0 0 6 (118) 0
NJRE 148 (128) 0 0 0
CR&R 0 0 0 0 0
PPI 0 0 0 0 0
NJNE 0 0 0 (560) 0
Paradigm 0 0 0 0 0
Computer Tech
NJR Developement
Lighthouse One 0 0 0 0 0
NJR Energy Serv. 560 0 0
--------------------------------------------------------------------------------------
Total intercompany (10,239) (355) 599 14,766 0 0 0
--------------------------------------------------------------------------------------
INTERCOMPANY - FIT 1,317 (1,203) 12 (2,253) 0
--------------------------------------------------------------------------------------
TOTAL ASSETS 475 (1,097) 7,469 36,266 2,509 13,197 8,188
======================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1999 ASSETS
------------------------------------------------------------------------------------
NJR ENERGY NJR Comp. NJR Develop. CONSOLIDATING
HOLD CORP. Tech. CR&R PPI Corp. DR (CR)
- ----------------------------------------------------------------------------------------------------------------------------
<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 899 0 0 0 0 0 (5)
Real estate properties 0 0 24,795 0 0
Accumulated depreciation (405) 0 (2,747) 0 0 0 (5)
------------------------------------------------------------------------------------
Prop plant & equip-net 494 0 22,048 0 0 0 0
------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 258 0 7 0 0
Construction Fund 0 0 0 0 0
Customer A/R 35,803 0 318 0 0 0 (3)
Unbilled revenue 0 0 0 0 0
Allow for doubtful a/c's (908) 0 (318) 0 0
Deferred gas costs 1,069 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 1,911 0 172 0 0 0 (4)
------------------------------------------------------------------------------------
Total current assets 38,133 0 179 0 0 0 0
------------------------------------------------------------------------------------
DEFERRED FIT 547 0 170 0 0 0 (2)
DEFERRED CHARGES & OTHER
Investments 8,813 0 0
Regulatory Assets 0
Long-term deferred gas costs 0
Other 0 0 169 0 0 (3)
------------------------------------------------------------------------------------
Total Deferred Charges & Other 8,813 0 169 0 0 0 (5)
------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 0
NJNR 0 0 0 0 0 0 (1)
CR&R 0 0 0 0 11,821 11,821 (1)
NewCo. 0 0 0 0 0
NJNE 0 0 0 0 0
NJR Comp 0 0 0 0 0 0 (1)
NJR Development Corp. 0 0 0 0
NJR Energy Serv. 0 0 0 0 0
Plug Power
------------------------------------------------------------------------------------
Total investment in subs 0 0 0 0 11,821 0 11,821
------------------------------------------------------------------------------------
INTERCOMPANY
NJR 4,863 0 (2,533) 0 0 (2)
NJNG (112) 0 (132) 0 0
NJRE 20 0 0 0 0
CR&R 0 0 0 0 0
PPI 0 0 0 0 0
NJNE (560) 0 0 0 0
Paradigm 0 0 0 0 0
Computer Tech
NJR Developement 0
Lighthouse One 0 0 0 0 0
NJR Energy Serv. 560
------------------------------------------------------------------------------------
Total intercompany 4,771 0 (2,665) 0 0 0 0
------------------------------------------------------------------------------------
INTERCOMPANY - FIT (2,127) 0 (1,025) 0 0
------------------------------------------------------------------------------------
TOTAL ASSETS 50,631 0 18,876 0 11,821 0 11,821
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1999 ASSETS
-------------------------------------------------------------------------------------
NJR DEVELOP. NJR Develop. NJR ENERGY
CORP. NJR NJNG Corp. HOLD CORP. TOTAL
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 0 0 941,555 0 0 941,555
Accumulated depreciation 0 0 (258,666) 0 0 (258,666)
Oil and gas properties 0 0 0 0 0 0
Accumulated amortization 0 0 0 0 0 0
Furniture & Fixtures 0 632 0 0 899 1,531
Real estate properties 24,795 0 0 24,795 0 24,795
Accumulated depreciation (2,747) (554) 0 (2,747) (405) (3,706)
-------------------------------------------------------------------------------------
Prop plant & equip-net 22,048 78 682,889 22,048 494 705,509
-------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 7 95 1,300 7 258 1,660
Construction Fund 0 0 12,100 0 0 12,100
Customer A/R 318 0 46,534 318 35,803 82,655
Unbilled revenue 0 0 2,950 0 0 2,950
Allow for doubtful a/c's (318) 0 (458) (318) (908) (1,684)
Deferred gas costs 0 0 0 0 1,069 1,069
Gas in storage 0 0 35,718 0 0 35,718
Materials & supplies 0 0 3,717 0 0 3,717
Prepaid state taxes 0 0 4,749 0 0 4,749
Net Assets Held for Disposal 0 0 0 0 0 0
Other 172 8,966 5,382 172 1,911 16,431
-------------------------------------------------------------------------------------
Total current assets 179 9,061 111,992 179 38,133 159,365
-------------------------------------------------------------------------------------
DEFERRED FIT 170 467 0 170 547 1,184
DEFERRED CHARGES & OTHER
Investments 0 0 8,813 8,813
Regulatory Assets 0 64,063 0 0 64,063
Long-term deferred gas costs 0 9,744 9,744
Other 169 6,740 16,065 169 0 22,974
-------------------------------------------------------------------------------------
Total Deferred Charges & Other 169 6,740 89,872 169 8,813 105,594
-------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 343,634 0 0 0 343,634
NJNR 0 0 0 0 0 0
CR&R 0 0 0 0 0 0
NewCo. 0 0 0 0 0 0
NJNE 0 0 0 0 0 0
NJR Comp 0 0 0 0 0 0
NJR Development Corp. 0 11,702 0 0 0 11,702
NJR Energy Serv. 0 2,631 0 0 0 2,631
Plug Power 192 0 0 0 192
-------------------------------------------------------------------------------------
Total investment in subs 0 358,159 0 0 0 358,159
-------------------------------------------------------------------------------------
INTERCOMPANY
NJR (2,533) 0 133 (2,533) 4,863 2,463
NJNG (132) (351) 0 (132) (112) (595)
NJRE 0 10,614 22 0 20 10,656
CR&R 0 2,703 (248) 0 0 2,455
PPI 0 0 0 0 0 0
NJNE 0 (12) (5) 0 (560) (577)
Paradigm 0 0 0 0 0 0
Computer Tech 0 0 0 0 0
NJR Developement 0 0 0 0 0
Lighthouse One 0 0 0 0 0 0
NJR Energy Serv. (15,443) 71 0 560 (14,812)
-------------------------------------------------------------------------------------
Total intercompany (2,665) (2,489) (27) (2,665) 4,771 (410)
-------------------------------------------------------------------------------------
INTERCOMPANY - FIT (1,025) 2,436 716 (1,025) (2,127) 0
-------------------------------------------------------------------------------------
TOTAL ASSETS 18,876 374,452 885,442 18,876 50,631 1,329,401
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1999
-------------------------------------------------------------------
RECLASS CONSOLIDATING CONSOL
DR (CR) DR (CR) TOTAL
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 65 (F) 941,490
Accumulated depreciation (258,666)
Oil and gas properties 0
Accumulated amortization 0
Furniture & Fixtures (1) 1,531
Real estate properties 24,795
Accumulated depreciation (1) (3,706)
-------------------------------------------------------------------
Prop plant & equip-net 705,444
-------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 463 (6) 2,123
Construction Fund 12,100
Customer A/R 1,681 (5) 80,974
Unbilled revenue 2,950
Allow for doubtful a/c's (1,684)
Deferred gas costs 1,069 (7) 0
Gas in storage 35,718
Materials & supplies 3,717
Prepaid state taxes 4,749
Net Assets Held for Disposal 0
Other 0 (4) 368 (4) 7,465 (B) 8,598
-------------------------------------------------------------------
Total current assets 149,245
-------------------------------------------------------------------
DEFERRED FIT 0 (2) 1,184 (2) 0
DEFERRED CHARGES & OTHER
Investments 8,813
Regulatory Assets 64,063
Long-term deferred gas costs 9,744
Other (1) 463 (6) 192 (A) 22,703
-------------------------------------------------------------------
Total Deferred Charges & Other 105,323
-------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 343,634 (A) 0
NJNR 0 (A) 0
CR&R (3) 0 0 0 (A) 0
NewCo. 0 (A) 0
NJNE 0 (A) 0
NJR Comp 0 (A)
NJR Development Corp. 11,702 (A)
NJR Energy Serv. 2,631 (A) 0
Plug Power 192 (A)
-------------------------------------------------------------------
Total investment in subs 358,159 0
-------------------------------------------------------------------
INTERCOMPANY
NJR 368 (4) (4) 0 0 (D) 2,831
NJNG 42 (3) 0 (3) (553)
NJRE 10,656
CR&R 2,455
PPI 0
NJNE (577)
Paradigm 0
Computer Tech 0
NJR Developement 0
Lighthouse One 0
NJR Energy Serv. (14,812)
-------------------------------------------------------------------
Total intercompany 0
-------------------------------------------------------------------
INTERCOMPANY - FIT 0
-------------------------------------------------------------------
TOTAL ASSETS 960,012
===================================================================
</TABLE>
9
<PAGE> 11
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1999
---------------------------------------------------------------------------------------------
NJRE NJNR NJR Energy NJR ENERGY CONSOLIDATING NJR ENERGY NJR Comp.
Cont. Disc Op NJNE Services Co. HOLD CORP. DR (CR) HOLD CORP. Tech.
- -----------------------------------------------------------------------------------------------------------------------------
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common stock equity (5,605) (74) 4,607 3,581 2,509 2,509 (3) 2,509 0
Redeemable preferred stock 0 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0 0
---------------------------------------------------------------------------------------------
Total capitalization (5,605) (74) 4,607 3,581 2,509 2,509 0 2,509 0
---------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0 0 0 0
Notes payable to banks 0 0 0 0 0 0 0
Commercial paper 0 0 0 0 0 0 0
Purchased gas 0 0 1,909 29,607 0 7,518 (4) 39,034 0
Accounts payable & other 586 322 270 166 0 1,344 0
Accrued taxes 0 0 412 0 0 412 0
Overrecovered gas costs 0 0 0 0 0 0 0
Customer (cr) bal & dep 0 0 0 0 0 0 0
---------------------------------------------------------------------------------------------
Total current liabil 586 322 2,591 29,773 0 0 7,518 40,790 0
---------------------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 0 0 0 0 0 0
Deferred FIT 2,296 (1,345) 271 (1,861) 0 0 (1) (639) 0
Deferred gain 3,198 0 0 4,773 0 7,971 0
Deferred gas costs 0 0 0
Other 0 0 0 0 0 0 0
---------------------------------------------------------------------------------------------
Total deferred credits 5,494 (1,345) 271 2,912 0 0 0 7,332 0
---------------------------------------------------------------------------------------------
TOTAL CAP & LIAB. 475 (1,097) 7,469 36,266 2,509 2,509 7,518 50,631 0
=============================================================================================
0 0 0 0 0 15,706 15,706 0 0
0 0 0 0 0 0 0
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1999 LIABILITIES AND STOCKHOLDER EQUITY
----------------------------------------------------------------------------------
NJR Develop. CONSOLIDATING NJR DEVELOP.
CR&R PPI Corp. DR (CR) CORP. NJR
- ------------------------------------------------------------------------------------------------------------------
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C> <C>
Common stock equity 11,821 0 11,821 11,821 (1) 11,821 302,235
0 (2)
Redeemable preferred stock 0 0 0 0 0
Long-term debt 0 0 0 0 38,800
---------------------------------------------------------------------- -----------
Total capitalization 11,821 0 11,821 11,821 0 11,821 341,035
---------------------------------------------------------------------- -----------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0 20,000
Notes payable to banks 0 0 0 0 0
Commercial paper 0 0 0 0 0
Purchased gas 0 0 0 0
Accounts payable & other 202 0 0 0 (4) 202 9,545
Accrued taxes (402) 0 0 (402) 3,076
Overrecovered gas costs 0 0 0 0 0
Customer (cr) bal & dep (58) 0 0 (58) 0
----------------------------------------------------------------------------------
Total current liabil (258) 0 0 0 0 (258) 32,621
---------------------------------------------------------------------- -----------
DEFERRED CREDITS
Deferred ITC 0 0 0 0 0
Deferred FIT (7,736) 0 0 0 (2) (7,736) (205)
Deferred gain 15,049 0 0 15,049 0
Deferred gas costs 0
Other 0 0 0 0 1,001
----------------------------------------------------------------------------------
Total deferred credits 7,313 0 0 0 0 7,313 796
---------------------------------------------------------------------- -----------
TOTAL CAP & LIAB. 18,876 0 11,821 11,821 0 18,876 374,452
==================================================================================
0 0 0 11,821 11,821 0 0
0 0 0 0 0 0
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 1999 LIABILITIES AND STOCKHOLDER EQUITY
---------------------------------------------------------------------------------------------------
CONSOL
NJR Develop. NJR ENERGY RECLASS CONSOLIDATING ---------
NJNG Corp. HOLD CORP. TOTAL DR (CR) DR (CR) TOTAL
- --------------------------------------------------------------------------------------------------------------------------
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C> <C>
Common stock equity 343,636 11,821 2,509 660,201 0 (3) 357,967 (A) 302,169
65 (F)
0 (D)
Redeemable preferred stock 520 0 0 520 520
Long-term debt 248,923 0 0 287,723 0 (3) 287,723
---------------------------------------------------------------------------------------------------
Total capitalization 593,079 11,821 2,509 948,444 590,412
---------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 318 0 0 20,318 0 (3) 20,318
Notes payable to banks 0 0 0 0 0
Commercial paper 61,700 0 0 61,700 61,700
Purchased gas 39,795 0 39,034 78,829 0 (3) 78,829
Accounts payable & other 33,977 202 1,344 45,068 1,681 (5) 42 (3) 7,465 (B) 35,964
Accrued taxes (948) (402) 412 2,138 0 (G) 2,138
Overrecovered gas costs 4,438 0 0 4,438 1,069 (7) 3,369
Customer (cr) bal & dep 15,528 (58) 0 15,470 15,470
---------------------------------------------------------------------------------------------------
Total current liabil 154,808 (258) 40,790 227,961 217,788
---------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 10,293 0 0 10,293 10,293
Deferred FIT 75,323 (7,736) (639) 66,743 1,184 (2) 0 (2) 0 (G) 65,559
Deferred gain 0 15,049 7,971 23,020 23,020
Deferred gas costs 0 0 0 0 0
Other 51,939 0 0 52,940 52,940
---------------------------------------------------------------------------------------------------
Total deferred credits 137,555 7,313 7,332 152,996 151,812
---------------------------------------------------------------------------------------------------
TOTAL CAP & LIAB. 885,442 18,876 50,631 1,329,401 0 0 960,012
===================================================================================================
0 0 0 0 4,807 4,807 365,689 365,689 0
0 0 0 0 0 0 0
</TABLE>
10
<PAGE> 12
EXHIBIT C
None
11
<PAGE> 13
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, 2000.
New Jersey Resources Corporation
By: /s/ Oleta J. Harden
----------------------------------
OLETA J. HARDEN
Senior Vice President & Secretary
(Corporate Seal)
Attest:
/s/ Glenn C. Lockwood
- ---------------------------
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
12
<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, 1999 FORM 10-K.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<BOOK-VALUE> PRO-FORMA
<TOTAL-ASSETS> 960,012
<TOTAL-OPERATING-REVENUES> 904,268
<NET-INCOME> 44,922
</TABLE>
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