File No. 69-228
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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
Nicor Inc.
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. Nicor Inc., an Illinois corporation, is a holding company, whose
subsidiaries are engaged primarily in gas distribution and containerized
shipping. The general office of the company and subsidiary companies,
except as otherwise noted, is located at 1844 Ferry Road, Naperville,
Illinois 60563-9600. The following are subsidiaries of the company, all of
which are wholly owned:
Northern Illinois Gas Company (doing business as Nicor Gas Company) and
Subsidiary
Northern Illinois Gas Company, an Illinois Corporation doing business as
Nicor Gas Company (Nicor Gas), is a public utility, as defined in the Act,
and is engaged principally in the purchase, storage, transportation,
distribution and sale of natural gas to the public in northern Illinois,
excluding the city of Chicago. It serves more than 1.9 million customers in
more than 600 communities and adjacent areas in 35 counties. Nicor Gas is
subject to the comprehensive jurisdiction of the Illinois Commerce
Commission which has authority to regulate substantially all phases of
Nicor Gas' public utility business in Illinois. NI-Gas Exploration, Inc.,
an Illinois corporation and a wholly owned subsidiary of Nicor Gas, is a
partner in a small oil and gas production project.
Birdsall, Inc. and Subsidiaries
Birdsall, Inc. (Birdsall), a Florida corporation headquartered in Riviera
Beach, Florida, is engaged primarily in the handling and carriage of
containerized cargo. Birdsall's major subsidiary, Tropical Shipping and
Construction Co., Ltd. (Tropical), a Bahamian corporation, is engaged in
containerized cargo shipping between the Port of Palm Beach, Florida and 23
ports in the Caribbean. Other wholly owned subsidiaries of Birdsall or
Tropical and places of incorporation are: Birdsall Shipping Co., Ltd. -
Liberia; Birdsall Shipping, S.A. - Panama; Container Terminals, Ltd. -
Bahamas; Freship S.A. - Dominican Republic; Tropical Shipping of Canada,
Inc. - Delaware;
<PAGE>
Birdsall, Inc. and Subsidiaries (concluded)
Transfresca, S.A. - Honduras; Birdsall de Mexico, S.A. - Mexico; Tropical
Shipping, Inc. - Delaware; Tropical Shipping International, Ltd. - Bahamas;
Tropical Shipping Agency, Inc. - Delaware and Tropical Shipping Europe B.V.
- Netherlands, all of which own vessels, act as shipping agents or operate
as nonvessel operating common carriers. Seven Seas Insurance Company Ltd. -
Bahamas and Seven Seas Insurance Company, Inc. - Florida insure cargo for
marine risk. Tropic Equipment Leasing Inc. - Delaware maintains equity
interests in a container leasing business.
Other Subsidiaries
Nicor Energy Ventures Company, a Delaware corporation, serves as a holding
company for several nonutility subsidiaries, all of which are Delaware
corporations: Nicor Services Company offers service contracts on
residential heating, air conditioning and water heating equipment in
various communities of northern Illinois; Nicor Technologies Inc. moves new
technologies, primarily natural gas-related, from concept to marketplace
and offers consulting services to the natural gas industry; Nicor NGV Corp.
is a partner in a partnership, Clean Fuel Services, that provides turnkey
natural gas fuel station services for the natural gas vehicle market; Nicor
HUB Services Inc. is the sole member in a limited-liability company, Nicor
Enerchange, L.L.C., that promotes and administers a market-area hub and
engages in wholesale gas trading; Nicor Energy Management Services Company
is a member in a limited-liability company, Nicor Energy, L.L.C., that
markets natural gas and electricity and provides related retail services in
the midwest; Nicor Energy Solutions Inc. acts as a general contractor for
cogeneration development projects, providing equipment maintenance services
and guaranteeing improved energy efficiency.
Nicor Voyageur Inc., a Delaware corporation, was formerly a member in a
limited-liability company engaged in the development of a natural gas
pipeline and has disposed of substantially all its assets.
Nicor Oil and Gas Corporation, a Delaware corporation, a holding company
formerly engaged in gas and oil exploration and production, has disposed of
substantially all of its assets.
Nicor National Inc., a Delaware corporation, and its two wholly owned
subsidiaries, Nicor National Louisiana Inc. and Nicor National Illinois
Inc., also both Delaware corporations, were formerly engaged in the
shipyard business and have disposed of substantially all of their assets.
Nicor Mining Inc., a Delaware corporation formerly engaged in the coal
mining business, has disposed of substantially all of its assets.
2. Gas Distribution Properties. The gas distribution, transmission and
storage system of Nicor Gas is wholly within the State of Illinois and
includes approximately 30,000 miles of mains, approximately 27,000 miles of
service pipe connecting the mains to customers' premises and seven
underground storage fields. Other properties of Nicor Gas include
buildings, land, motor vehicles, meters, regulators, compressors,
construction equipment, tools, communication and computer equipment,
software and office equipment, as required for the conduct of its business.
- 2 -
<PAGE>
3. The following information relates to Nicor Gas for calendar year 1999:
a. Mcf of natural gas distributed at
retail (1) 248,807,488
b. Mcf of natural gas distributed at
retail outside of Illinois None
c. Mcf of natural gas sold at wholesale outside of or at the state line
of
Illinois (2) 411,995
d. Mcf of natural gas purchased outside
of or at the state line of Illinois (3) 215,621,729
(1) Represents direct sales to residential and commercial consumers only.
Sales to industrial consumers for their own use were 6,109,255 Mcf. In
addition, 170,223,084 Mcf, 82,059,449 Mcf and 911,871 Mcf of customer-owned
gas were delivered to industrial, commercial and residential consumers,
respectively, through transportation agreements.
(2) Represents transactions with nonaffiliated marketers, brokers and/or
other resellers of natural gas. Nicor Gas has not sold gas directly to
end-users outside the state of Illinois.
(3) Although this gas was purchased outside of Illinois, it was transported
to Illinois by nonaffiliated pipelines and virtually all of the gas was
delivered inside the State.
4. Not applicable.
- 3 -
<PAGE>
Signature
The above-named claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 23rd day of February, 2000.
Nicor Inc.
By DAVID L. CYRANOSKI
David L. Cyranoski
Senior Vice President,
Secretary, Treasurer and Controller
CORPORATE SEAL
ATTEST:
A. C. ALLISON
A. C. Allison
Assistant Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
D. L. Cyranoski
Senior Vice President,
Secretary, Treasurer and Controller
Nicor Inc.
P. O. Box 3014
Naperville, Illinois 60566-7014
- 4 -
<PAGE>
Exhibits Index
Exhibit
Number Description
A-1 Nicor Inc. Consolidating Statement of Income
A-2 Nicor Inc. Consolidating Balance Sheet
A-3 Nicor Inc. Consolidating Statement of Retained Earnings
A-4 Birdsall, Inc. Consolidating Statement of Income
A-5 Birdsall, Inc. Consolidating Balance Sheet
A-6 Birdsall, Inc. Consolidating Statement of Retained Earnings
B Nicor Inc. Consolidated Financial Data Schedule
- 5 -
<PAGE>
<TABLE>
Exhibit A-1
(Unaudited)
Nicor Inc.
Consolidating Statement of Income
For the Year Ended December 31, 1999
(Millions, except per share data)
<CAPTION>
Discontinued
Operations,
Adjustments
Nicor Nicor Birdsall, Other and
Inc. Gas Inc. (a) Subsidiaries Eliminations Consolidated
--------- ---------- --------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Operating revenues $ - $ 1,326.2 $ 229.9 $ 61.0 $ (1.9) $ 1,615.2
--------- ---------- --------- ------------ ------------ ------------
Operating expenses
Cost of gas - 756.2 - 48.0 (1.9) 802.3
Operating and maintenance 3.5 153.3 187.8 11.4 - 356.0
Depreciation - 123.9 16.1 0.3 - 140.3
Taxes, other than income taxes - 101.1 3.4 0.1 - 104.6
--------- ---------- --------- ------------ ------------ ------------
3.5 1,134.5 207.3 59.8 (1.9) 1,403.2
--------- ---------- --------- ------------ ------------ ------------
Operating income (loss) (3.5) 191.7 22.6 1.2 - 212.0
--------- ---------- --------- ------------ ------------ ------------
Other income (expense)
Income from continuing
subsidiaries 115.5 - - - (115.5) -
Other, net 14.7 (0.9) 3.8 4.3 1.3 23.2
--------- ---------- --------- ------------ ------------ ------------
130.2 (0.9) 3.8 4.3 (114.2) 23.2
--------- ---------- --------- ------------ ------------ ------------
Income (loss) before interest on
debt and income taxes 126.7 190.8 26.4 5.5 (114.2) 235.2
Interest on debt, net of amounts
capitalized 3.4 38.8 1.1 0.5 1.3 45.1
--------- ---------- --------- ------------ ------------ ------------
Income (loss) before income taxes 123.3 152.0 25.3 5.0 (115.5) 190.1
Income taxes (1.1) 55.9 9.0 1.9 - 65.7
--------- ---------- --------- ------------ ------------ ------------
Net income (loss) 124.4 96.1 16.3 3.1 (115.5) 124.4
Dividends on preferred stock 0.3 0.4 - - (0.4) 0.3
--------- ---------- --------- ------------ ------------ ------------
Earnings (loss) applicable to
common stock $ 124.1 $ 95.7 $ 16.3 $ 3.1 $ (115.1) $ 124.1
========= ========== ========= ============ ============ ============
Average shares of common stock
Basic 47.3
Diluted 47.4
Earnings per average share of common stock
Basic $ 2.63
Diluted $ 2.62
<FN>
(a) From Birdsall, Inc. Consolidated column on Exhibit A-4.
Note:Subsidiaries combined under "Other Subsidiaries" in Exhibits A-1
through A-6 aggregate less than 2% of Nicor Inc. consolidated assets.
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit A-2
(Unaudited)
Nicor Inc.
Consolidating Balance Sheet
December 31, 1999
(Millions)
<CAPTION>
Discontinued
Operations,
Adjustments
Nicor Birdsall, Other and
Nicor Inc. Gas Inc. (a) Subsidiaries Eliminations Consolidated
-------------- ------------- ------------ -------------- ---------------- ---------------
ASSETS
Current assets
<S> <C> <C> <C> <C> <C> <C>
Cash and cash equivalents $ 21.0 $ 10.3 $ 18.6 $ 3.1 $ (10.5) $ 42.5
Short-term investments, at cost
which approximates market - - 29.7 - - 29.7
Receivables, less allowance of $ 7.1 80.4 316.5 36.1 14.1 (87.3) 359.8
Gas in storage - 22.1 - 8.9 - 31.0
Deferred Gas Costs - 15.9 - - - 15.9
Other 1.2 23.0 5.6 - (0.7) 29.1
-------------- ------------- ------------- -------------- --------------- ---------------
102.6 387.8 90.0 26.1 (98.5) 508.0
-------------- ------------- ------------- -------------- --------------- ---------------
Investments in continuing subsidiaries 843.1 - - - (843.1) -
-------------- ------------- ------------- -------------- --------------- ---------------
Property, plant and equipment, at cost
Gas distribution - 3,200.3 - - - 3,200.3
Shipping - - 280.8 - - 280.8
Other 0.1 - - 1.6 0.3 2.0
-------------- ------------- ------------- -------------- --------------- ---------------
0.1 3,200.3 280.8 1.6 0.3 3,483.1
Less accumulated depreciation - 1,589.6 157.6 0.7 - 1,747.9
-------------- ------------- ------------- -------------- --------------- ---------------
0.1 1,610.7 123.2 0.9 0.3 1,735.2
-------------- ------------- ------------- -------------- --------------- ---------------
Other assets 26.3 138.7 42.6 1.0 - 208.6
-------------- ------------- ------------- -------------- --------------- ---------------
$ 972.1 $2,137.2 $ 255.8 $ 28.0 $ (941.3) $ 2,451.8
============== ============= ============= ============== =============== ===============
LIABILITIES AND CAPITALIZATION
Current liabilities
Long-term obligations due
within one year $ 1.7 $ 50.5 $ 22.5 $ - $ (0.5) $ 74.2
Short-term borrowings 88.0 302.8 - 7.2 (53.8) 344.2
Accounts payable 4.4 243.1 23.5 12.3 (0.9) 282.4
Other 18.1 49.1 1.2 (0.3) (23.2) 44.9
-------------- ------------- ------------- -------------- --------------- ---------------
112.2 645.5 47.2 19.2 (78.4) 745.7
-------------- ------------- ------------- -------------- --------------- ---------------
Deferred credits and other liabilities
Deferred income taxes 23.7 202.3 39.2 1.4 - 266.6
Regulatory income tax liability - 74.8 - - - 74.8
Unamortized investment tax credits - 42.7 - - - 42.7
Other 27.8 66.4 2.3 0.2 (4.8) 91.9
-------------- ------------- ------------- -------------- --------------- ---------------
51.5 386.2 41.5 1.6 (4.8) 476.0
-------------- ------------- ------------- -------------- --------------- ---------------
Capitalization
Long-term debt 14.4 421.7 - - - 436.1
Preferred stock
Redeemable 6.3 7.1 - - (7.1) 6.3
Nonredeemable - 1.4 - - (1.4) -
Common stock 117.2 76.1 0.5 5.8 (82.4) 117.2
Paid-in capital - 108.0 12.0 0.8 (120.8) -
Retained earnings 670.5 491.2 154.6 0.6 (646.4) 670.5
-------------- ------------- ------------- -------------- --------------- ---------------
808.4 1,105.5 167.1 7.2 (858.1) 1,230.1
-------------- ------------- ------------- -------------- --------------- ---------------
$ 972.1 $2,137.2 $ 255.8 $ 28.0 $ (941.3) $ 2,451.8
============== ============= ============= ============== =============== ===============
<FN>
(a) From Consolidated column on Exhibit A-5.
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit A-3
(Unaudited)
Nicor Inc.
Consolidating Statement of Retained Earnings
For The Year Ended December 31, 1999
(Millions)
<CAPTION>
Discontinued
Operations,
Adjustments
Nicor Birdsall, Other and
Nicor Inc. Gas Inc. (a) Subsidiaries Eliminations Consolidated
------------- -------------- --------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Balance at beginning of year $ 640.2 $ 495.1 $ 138.3 $ (2.5) $ (630.9) $ 640.2
Net income (loss) 124.4 96.1 16.3 3.1 (115.5) 124.4
Dividends on common stock (73.6) (99.6) - - 99.6 (73.6)
Dividends on preferred stock (0.3) (0.4) - - 0.4 (0.3)
Reacquired and cancelled stock (20.2) - - - - (20.2)
------------- ------------- -------------- -------------- --------------- ---------------
Balance at end of year $ 670.5 $ 491.2 $ 154.6 $ 0.6 $ (646.4) $ 670.5
============= ============= ============== ============== =============== ===============
<FN>
(a) From Consolidated column on Exhibit A-6.
</FN>
</TABLE>
<PAGE>
<TABLE>
Exhibit A-4
(Unaudited)
Birdsall, Inc.
Consolidating Statement of Income
For the Year Ended December 31, 1999
(Millions)
<CAPTION>
Tropical
Shipping & Birdsall Seven Tropic Adjustments
Birdsall, Construction Shipping, Seas Equipment Other and
Inc. Company, Ltd. S.A. Inc. Leasing Subsidiaries Eliminations Consolidated
--------- --------------- ------------- --------- --------- ---------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating revenues $ 80.6 $ 195.2 $ 12.8 $ 7.1 $ - $ 65.2 $ (131.0) $ 229.9
--------- --------------- ------------- --------- --------- ---------------- -------------- ------------
Operating expenses
Operating and
maintenance 70.8 178.6 7.6 2.6 0.1 59.2 (131.1) 187.8
Depreciation 5.0 8.9 1.8 - - 0.3 0.1 16.1
Taxes, other than
income taxes 2.7 0.6 - - - 0.1 - 3.4
--------- --------------- ------------- --------- --------- -------------- --------------- ------------
78.5 188.1 9.4 2.6 0.1 59.6 (131.0) 207.3
--------- --------------- ------------- --------- --------- -------------- --------------- ------------
Operating income (loss) 2.1 7.1 3.4 4.5 (0.1) 5.6 - 22.6
--------- --------------- ------------- --------- --------- -------------- --------------- ------------
Other income
(expense), net 18.0 4.3 - 0.3 1.8 1.0 (21.6) 3.8
--------- --------------- ------------- --------- --------- -------------- --------------- ------------
Income (loss) before
interest on debt
and income taxes 20.1 11.4 3.4 4.8 1.7 6.6 (21.6) 26.4
Interest on debt, net
of amounts capitalized 1.2 1.1 (0.5) (0.1) (0.3) (0.3) - 1.1
--------- --------------- ------------- --------- --------- -------------- --------------- ------------
Income (loss) before
income taxes 18.9 10.3 3.9 4.9 2.0 6.9 (21.6) 25.3
Income taxes 6.1 0.1 - 1.9 0.7 0.2 - 9.0
--------- --------------- ------------- --------- --------- -------------- --------------- ------------
Net income (loss) $ 12.8 $ 10.2 $ 3.9 $ 3.0 $ 1.3 $ 6.7 $ (21.6) $ 16.3
========= =============== ============= ========= ========= ============== =============== ============
</TABLE>
<PAGE>
<TABLE>
Exhibit A-5
(Unaudited)
Birdsall, Inc.
Consolidating Balance Sheet
December 31, 1999
(Millions)
<CAPTION>
Tropical
Shipping & Birdsall Seven Tropic Adjustments
Birdsall, Construction Shipping, Seas Equipment Other and
Inc. Company, Ltd. S.A. Inc. Leasing Subsidiaries Eliminations Consolidated
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
ASSETS
Current assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash and cash equivalents $ 0.2 $ 9.0 $ - $ (0.2) $ 9.8 $ (0.2) $ - $ 18.6
Short-term investments, at
cost which approximates market - 27.0 - 0.7 - 2.0 - 29.7
Receivables, less allowance
of $1.0 0.6 34.6 - 0.5 - 0.4 - 36.1
Other 2.5 2.0 - - 1.1 - - 5.6
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
3.3 72.6 - 1.0 10.9 2.2 - 90.0
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
Investments in subsidiaries 28.3 28.6 - - - 2.2 (59.1) -
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
Property, plant and equipment, at cost 88.4 136.7 47.4 0.2 - 5.3 2.8 280.8
Less accumulated depreciation 50.0 74.3 27.4 0.1 - 3.0 2.8 157.6
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
38.4 62.4 20.0 0.1 - 2.3 - 123.2
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
Other assets 9.1 (28.6) 13.5 5.6 34.9 8.1 - 42.6
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
$ 79.1 $ 135.0 $ 33.5 $ 6.7 $ 45.8 $ 14.8 $ (59.1) $ 255.8
========= ============= =========== ======= ========= ============= ============= ============
LIABILITIES AND CAPITALIZATION
Current liabilities
Long-term obligations due
within one year $ 22.5 $ - $ - $ - $ - $ - $ - $ 22.5
Accounts payable 3.7 15.4 1.5 0.5 - 2.4 - 23.5
Other 0.8 0.1 - - 0.1 0.2 - 1.2
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
27.0 15.5 1.5 0.5 0.1 2.6 - 47.2
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
Deferred credits and other liabilities
Deferred income taxes 15.6 - - - 23.6 - - 39.2
Other 1.2 0.4 0.5 - - 0.2 - 2.3
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
16.8 0.4 0.5 - 23.6 0.2 - 41.5
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
Capitalization
Preferred stock - 2.0 - - - - (2.0) -
Common stock 0.5 - - 0.8 20.0 2.5 (23.3) 0.5
Paid-in capital 12.0 - 25.2 1.0 - 0.9 (27.1) 12.0
Retained earnings 22.8 117.1 6.3 4.4 2.1 8.6 (6.7) 154.6
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
35.3 119.1 31.5 6.2 22.1 12.0 (59.1) 167.1
--------- ------------- ----------- ------- --------- ------------- ------------- ------------
$ 79.1 $ 135.0 $ 33.5 $ 6.7 $ 45.8 $ 14.8 $ (59.1) $ 255.8
========= ============= =========== ======= ========= ============= ============= ============
</TABLE>
<PAGE>
<TABLE>
Exhibit A-6
(Unaudited)
Birdsall, Inc.
Consolidating Statement of Retained Earnings
For The Year Ended December 31, 1999
(Millions)
<CAPTION>
Tropical
Shipping & Birdsall Seven Tropic Adjustments
Birdsall, Construction Shipping, Seas Equipment Other and
Inc. Company, Ltd. S.A. Inc. Leasing Subsidiaries Eliminations Consolidated
--------- ------------- ----------- --------- ------------- ------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at beginning of year $ 10.0 $ 120.1 $ 4.0 $ 3.9 $ 0.8 $ 4.7 $ (5.2) $ 138.3
Net income (loss) 12.8 10.2 3.9 3.0 1.3 6.7 (21.6) 16.3
Dividends on common stock - (13.2) (1.6) (2.5) (2.8) 20.1 -
--------- ------------- ----------- --------- ------------- ------------- ------------- ------------
Balance at end of year $ 22.8 $ 117.1 $ 6.3 $ 4.4 $ 2.1 $ 8.6 $ (6.7) $ 154.6
========= ============= =========== ========= ============= ============= ============= ============
</TABLE>
<PAGE>
Exhibit B
(Unaudited)
Nicor Inc.
Consolidated Financial Data Schedule
For the Year Ended December 31, 1999
(Millions)
1. Total Assets $2,451.8
2. Total Operating Revenues 1,615.2
3. Net Income 124.4
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2452
<TOTAL-OPERATING-REVENUES> 1615
<NET-INCOME> 124
</TABLE>
