FILE NO. 69-265
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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, 2004
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, Section 3(a)(1), 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 percent of the Common Stock of New Jersey Natural
Gas Company (NJNG), NJR Energy Services Company (Energy Services), NJR Retail
Holdings Corporation (Retail Holdings), NJR Capital Services Corporation
(Capital), and NJR Service Corporation (Service Corp.). The Company has no
independent business operations but operates as a holding company of these and
any other subsidiaries that may be formed in the future.
Energy Services provides unregulated wholesale energy services, including
natural gas supply, pipeline capacity and storage management to customers in New
Jersey, in states from the Gulf Coast to New England, and Canada. Energy
Services owns 99 percent and the Company owns 1 percent of NJR Storage Partners,
created in October 2003 to engage in wholesale marketing and storage of natural
gas.
Retail Holdings, formed as an unregulated affiliate to consolidate the
Company's unregulated retail operations, owns 100 percent of NJR Home Services
Company (Home Services). Home Services serves the needs of approximately 299,400
customers under natural gas appliance protection plan contracts and installs,
sells and services appliances to residential and commercial customers with
residential-sized equipment. Home Services owns a 90 percent interest in NJR
Plumbing Services Company (Plumbing Services) and 10
1
percent is owned by an employee who is a licensed plumber. Plumbing Services
provides plumbing services necessary to support the heating, ventilation and
air-conditioning operations of Home Services.
Capital was formed to consolidate the Company's unregulated energy-related
and real estate investments. Capital's 100 percent owned subsidiaries include
the following:
(a) Commercial Realty & Resources Corp. (CR&R), which develops and owns
commercial office and mixed-use commercial/industrial real estate projects
primarily in Monmouth and Atlantic counties, New Jersey. In 2004, CR&R
completed the construction of a 200,000 square foot building in the
Monmouth Shores Corporate Office Park II in Monmouth County. On December
23, 2004, CR&R sold the building and the approximately 33 acres of land on
which the building sits to its tenant. CR&R currently owns one fully
occupied building totaling 4,000 square feet and 151 acres of undeveloped
land.
(b) NJR Investment Company, which was formed to make energy-related equity
investments.
(c) NJR Energy Holdings, which has subsidiaries that include NJR Energy
Corporation and NJNR Pipeline Company, both of which invest in
energy-related ventures.
2
Service Corp. was formed to provide administrative services, including
corporate communications, financial, internal audit, legal, human resources and
computer technology, to all affiliated companies.
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, to more than 454,000 residential,
commercial and industrial customers in Monmouth and Ocean counties and parts of
Morris and Middlesex counties.
Service Corp. and NJNG, from time to time, render to each other certain
services and 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 New Jersey Board of Public Utilities.
2. As of December 31, 2004, NJNG owned approximately 3,801 miles of
steel, wrought and cast iron distribution main, and 2,584 miles of plastic
distribution main. Additionally, NJNG owns approximately 208 miles of steel
transmission main in various sizes, approximately 426,882 services and
approximately 467,787 meters.
NJNG owns and operates two liquefied natural gas storage plants, one
in Stafford Township and one in Howell Township, New Jersey. The two 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.
3
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 leases a storage
facility in Long Branch, New Jersey. NJNG also leases its headquarters
facilities and a customer service office in Wall, New Jersey, a customer service
office in Asbury Park, New Jersey, and a service center in Manahawkin, New
Jersey. Each service center houses storerooms, garages, gas distribution
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 Bank of New York, Midwest Trust Company, dated April 1, 1952, as
amended by thirty (30) Supplemental Indentures, as security for NJNG's bonded
debt which totaled approximately $179,845,000 at December 31, 2004.
3. (a) Company has no independent business operations and does not
sell natural gas. NJNG sold at retail 70,752,497 Mcf (basis of 1.035 Btu) of
natural gas in the State of New Jersey for the calendar year ended December 31,
2004, producing revenues of $677,693,985. These sales represent all the
utility's retail sales. NJNG also sold 19,457,345 Mcf (basis of 1.035 Btu) of
natural gas at wholesale in the State of New Jersey with revenues of
$146,284,625.
(b) None.
4
(c) Company has no independent business operations and does not
sell natural gas. NJNG sold at wholesale 23,118,843 Mcf (basis of 1.035 Btu) of
natural gas outside the State of New Jersey during calendar 2004 under a Blanket
Sale for Resale Certificate issued by the Federal Energy Regulatory Commission,
as set forth below.
VOLUMES SOLD REVENUES
------------ ----------------
STATE (Mcf) ($)
------------------------------------- ------------ ----------------
Arkansas 2,705 17,164
Connecticut 2,511,406 20,443,617
Delaware 109,768 780,365
Kentucky 6,387 41,389
Louisiana 3,527,536 21,773,247
Maryland 40,014 283,579
Massachusetts 59,614 902,061
Mississippi 78,164 430,437
New Jersey / Pennsylvania(1) 20,242 133,339
New Jersey / New York / Pennsylvania(1) 1,021,972 8,636,586
New York 4,495,662 34,410,364
Ohio 462,277 2,912,590
Pennsylvania 9,792,105 70,583,556
Pennsylvania / West Virginia(2) 774,396 5,075,273
Rhode Island 15,436 131,662
Texas 189,275 1,062,184
West Virginia 11,884 77,298
---------- ----------------
TOTALS 23,118,843 167,694,711
========== ================
------------
(1) These sales represent operational exchanges where there were no physical
transfers of natural gas but payments were made pursuant to contracts.
(2) These states in whole or in part are market zones and are not geographic
locations.
5
(d) Company has no independent business operations and does not
purchase natural gas. For the calendar year ended December 31, 2004, purchases
of natural gas by NJNG from sources outside the State of New Jersey amounted to
approximately 97,895,127 Mcf (basis of 1.035 Btu), at a cost of $719,781,225,
and is more particularly set forth in the table below.
VOLUMES
PURCHASED COSTS
--------------- ----------------
STATE (Mcf) ($)
------------------------------------- --------------- ----------------
Arkansas 12,932,847 82,125,902
Connecticut 12,599 76,284
Indiana 963,355 6,913,729
Kentucky 251,787 1,768,560
Louisiana 6,786,111 35,882,026
Massachusetts 433,265 5,175,285
Mississippi 18,950,234 112,346,050
New Jersey / New York / Pennsylvania(3) 3,206,108 24,019,884
New Jersey / Pennsylvania(3) 2,409,729 17,407,542
New York 17,654,376 99,805,067
Ohio 11,625,590 77,377,213
Pennsylvania 1,298,842 10,796,807
Texas 17,122,933 100,158,672
Virginia 985,507 8,341,780
West Virginia 51,981 329,905
Pennsylvania / West Virginia(4) 7,797,995 50,484,793
----------- -----------
Subtotal 102,483,259 633,009,499
Other Costs(5) -4,588,132 86,771,726
----------- -----------
TOTALS 97,895,127 719,781,225
=========== ===========
------------
(3) These purchases represent operational exchanges where there were no
physical transfers of natural gas but payments were made pursuant to the
contracts.
(4) These states in whole or in part are market zones and are not geographic
locations.
(5) The negative volumes represent transportation fuel retained by the
pipelines for delivery, and the associated costs represent demand charges,
transportation and other miscellaneous non-commodity gas costs.
6
4. (a) None
(b) None
(c) None
(d) None
(e) None
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, 2004.
8
NEW JERSEY RESOURCES CORPORATION 25-Feb-05
CONSOLIDATING INCOME STATEMENT 04:14:39 PM
TWELVE MONTHS ENDED SEPTEMBER 30,
2004
-----------
NJRE NJR NJR CAPITAL Home NJR RETIAL CONSOLIDATING NJR RETAIL
Cont. CR&R Invest. CORP. NJNE Services HOLDINGS DR (CR) HOLDINGS
----- ------ ------- ----------- ---- -------- ---------- ---- ---- ----------
OPERATING REVENUE 288 804 1,092 0 21,606 21,606 21,606
----- ----- -- ------ --- ------ ------ ---- ---- ------
OPERATING EXPENSES
Gas Purchases 0 0 0 0 0 0 0
Operations & Maintenance 523 1,229 1,752 20 17,701 17,721 17,721
Regulatory rider expenses
Depreciation & Amortization 60 27 87 0 338 338 338
Energy & Other Taxes 0 289 289 0 922 922 922
----- ----- -- ------ --- ------ ------ ---- ---- ------
TOTAL OPERATING EXPENSES 583 1,545 0 2,128 20 18,961 18,981 0 0 18,981
----- ----- -- ------ --- ------ ------ ---- ---- ------
OPERATING INCOME (295) (741) 0 (1,036) (20) 2,645 2,625 2,625
Other Income (Expense) 1,999 692 26 2,717 0 11 11 11
INTEREST CHARGES 227 358 12 597 (8) 1 (7) (7)
CAPITALIZED INTEREST 0 (358) 0 (358) 0 0 0 0
----- ----- -- ------ --- ------ ------ ---- ---- ------
INTEREST CHARGES, NET 227 0 12 239 (8) 1 (7) 0 0 (7)
----- ----- -- ------ --- ------ ------ ---- ---- ------
INCOME BEFORE INCOME TAXES 1,477 (49) 14 1,442 (12) 2,655 2,643 2,643
INCOME TAX PROVISION 562 (20) (2) 540 (3) 1,085 1,082 1,082
----- ----- -- ------ --- ------ ------ ---- ---- ------
NET INCOME 915 (29) 16 902 (9) 1,570 1,561 1,561
===== ===== == ====== === ====== ====== ==== ==== ======
NJR NJR ENERGY NJR RETAIL NJR CAPITAL Consolidated
NJR SERVICE NJNG SERVICES CO. HOLDINGS CORP. TOTAL
------ ------- ------- ------------ ---------- ----------- ------------
OPERATING REVENUE 0 0 928,902 1,582,103 21,606 1,092 2,533,703
------ ------- ------- --------- ------ ------ ---------
OPERATING EXPENSES
Gas Purchases 0 0 663,436 1,549,938 0 0 2,213,374
Operations & Maintenance 5,032 16,788 77,442 6,987 17,721 1,752 125,722
Regulatory rider expenses 9,540 9,540
Depreciation & Amortization 44 0 31,776 204 338 87 32,449
Energy & Other Taxes 123 583 47,885 106 922 289 49,908
------ ------- ------- --------- ----- ------ ---------
TOTAL OPERATING EXPENSES 5,199 17,371 830,079 1,557,235 18,981 2,128 2,430,993
------ ------- ------- --------- ----- ------ ---------
OPERATING INCOME (5,199) (17,371) 98,823 24,868 2,625 (1,036) 102,710
Other Income (Expense) 6,481 17,323 4,434 (767) 11 2,717 30,199
INTEREST CHARGES 1,280 (48) 13,077 1,156 (7) 597 16,055
CAPITALIZED INTEREST 0 0 (302) 0 0 (358) (660)
------ ------- ------- --------- ----- ------ ---------
INTEREST CHARGES, NET 1,280 (48) 12,775 1,156 (7) 239 15,395
------ ------- ------- --------- ----- ------ ---------
INCOME BEFORE INCOME TAXES 2 0 90,482 22,945 2,643 1,442 117,514
INCOME TAX PROVISION (8) 0 34,958 9,373 1,082 540 45,945
------ ------- ------- --------- ----- ------ ---------
NET INCOME 10 0 55,524 13,572 1,561 902 71,569
====== ======= ======= ========= ====== ====== =========
CONSOLIDATING CONSOL
DR (CR) TOTAL
--------- --------- ---------
OPERATING REVENUE 96 (C) 2,533,607
0 (G)
------ ------ ---------
OPERATING EXPENSES 0 (G)
Gas Purchases 17,371 (D) 2,213,374
Operations & Maintenance 96 (C) 101,118
6,977 (E)
Regulatory rider expenses 160 (I) 9,540
Depreciation & Amortization 32,449
Energy & Other Taxes 49,908
------ ------ ---------
TOTAL OPERATING EXPENSES 2,406,389
------ ------ ---------
OPERATING INCOME 127,218
17,371 (D)
Other Income (Expense) 6,977 (E) 5 (F) 5,696
160 (I)
INTEREST CHARGES 16,055
CAPITALIZED INTEREST (660)
------ ------ ---------
INTEREST CHARGES, NET 15,395
------ ------ ---------
INCOME BEFORE INCOME TAXES 117,519
INCOME TAX PROVISION 45,945
------ ------ ---------
NET INCOME 71,574
========= ====== =========
NET INCOME
TWELVE MONTHS WEIGHTED AVG SHARES-BASIC 27,529,871 BASIC EARNINGS PER SHARE YTD $2.60
THREE MONTHS WEIGHTED AVG SHARES-BASIC 27,710,288 BASIC EARNINGS PER SHARE QTD ($0.19)
TWELVE MONTHS DENOMINATOR FOR DILUTION 28,052,512 DILUTED EARNINGS PER SHARE YTD $2.55
THREE MONTHS DENOMINATOR FOR DILUTION 28,291,575 DILUTED EARNINGS PER SHARE QTD ($0.19)
ACTUAL SHARES OUTSTANDING 27,740,925
9
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FISCAL YEAR ENDING SEPTEMBER 30,2004
NJR
NJR NJR NJR ENERGY HOME DEVELOP.
NJRE PPI CR&R INVEST CAPITAL CORP. SERVICES NJNE SERVICES CORP. NJR
------- ----- ---- ------ ------------- ---------- ----- -------- -------- ------
BALANCE AT SEPTEMBER 30, 2003 (11,544) 1,525 (780) 15 (10,784) 28,413 3,843 1,776 5,619 15,309
NET INCOME 915 0 (29) 16 902 13,572 (9) 1,570 1,561 15
CASH DIVIDENDS DECLARED 0 0 0 0 0 0 0 0 0 0
BALANCE AT SEPTEMBER 30, 2004 (10,629) 1,525 (809) 31 (9,882) 41,985 3,834 3,346 7,180 15,324
NJR
NJNG ELIMINATION'S CONSOLIDATED
------- ------------- ------------
BALANCE AT SEPTEMBER 30, 2003 148,677 (32,867) 154,367
NET INCOME 55,524 0 71,574
CASH DIVIDENDS DECLARED (35,843) 0 (35,843)
BALANCE AT SEPTEMBER 30, 2004 168,358 (32,867) 190,098
NEW JERSEY RESOURCES CORPORATION 25-Feb-05
CONSOLIDATING BALANCE SHEET 04:15:41 PM
SEPTEMBER 30, 2004
ASSETS
------------------------------------------------------------------------------------
NJRE NJR NJR CAPITAL CONSOLIDATING NJR CAPITAL
($ IN 000's) Cont. CR&R Invest. CORP. DR (CR) CORP.
------------ ----- ---- ------- ----- -- ---- -----
PROP, PLANT & EQUIP
Utility plant 0 0 0 0
Accumulated depreciation 0 0 0 0 (1) 0
Oil and gas properties 0 0 0 0
Accumulated amortization 0 0 0 0
Furniture & Fixtures 0 0 0 (2) 0
Real estate properties & other 0 20,126 0 20,126
Accumulated depreciation 0 (2,383) 0 (2) (2,383)
------- ------ ---- ------ ------ ------ -------
Prop plant & equip-net 0 17,743 0 0 0 0 17,743
------- ------ ---- ------ ------ ------ -------
CURRENT ASSETS
Cash & Temp. Invest. 0 89 0 89
Customer A/R 638 1,997 0 0 (3) 2,635
Unbilled revenue 0 0 0 0
Allow for doubtful a/c's 0 0 0 0
Regulatory asset -st (WNC) 0 0 0 0
Gas in storage 0 0 0 (4) 0
Materials & supplies 0 0 0 0
Prepaid state taxes 0 0 0 0
Reg asset-Underrecovered gas costs-st 0 0 0 0
Deferred FIT 0 0 0 0
Asset Held for Sale, net 0 20,315 0 20,315
Derivatives 9,700 0 0 9,700
Restricted broker margin accounts 0 0 0 0
Other 0 0 0 0
------- ------ ---- ------ ------ ------ -------
Total current assets 10,338 22,401 0 0 0 0 32,739
------- ------ ---- ------ ------ ------ -------
DEFERRED FIT 0 0 0 0 (1) 0
DEFERRED CHARGES & OTHER
Equity investments 18,321 0 690 0 19,011
Regulatory Assets 0 0 0 0
Reg asset-Underrecovered gas costs-lt 0 0 0 0
Derivatives 21,006 0 0 21,006
Restricted cash - construction fund 0 0 0 0
Other 0 0 0 (2) 0
------- ------ ---- ------ ------ ------ -------
Total Deferred Charges & Other 39,327 0 690 0 0 0 40,017
------- ------ ---- ------ ------ ------ -------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0
NJR Energy Serv. 0 0 0 0
NJR Retail Holdings 0 0 0 0
NJNE 0 0 0 0
NJNR 0 0 17,885 0 (1) 17,885 (1) 0
Plumbing Services 0 0 0 0
Home Services 0 0 0 0
Power Services 0 0 0 0
NJR Capital Corp. 0 0 0 0
NJRE 0 0 0 0
CR&R 0 0 14,089 0 (1) 14,089 (1) 0
NJR Investment 0 0 126 0 (1) 126 (1) 0
NJR Service 0 0 0
------- ------ ---- ------ ------ ------ -------
Total investment in subs 0 0 0 32,100 0 32,100 0
------- ------ ---- ------ ------ ------ -------
INTERCOMPANY
NJR (10,090) (14,427) (504) 0 (25,021)
NJNG (10) (23) 0 0 (33)
NJR Energy Serv. 0 0 0 0 0
NJR Retail Holdings 0 0 0 0 0
NJNE 0 0 0 0 0
NJNR 0 0 0 0 0
Plumbing Services 0 0 0 0 0
Home Services 0 0 0 0 0
Power Services 0 0 0 0 0
NJR Capital Corp. 0 0 0 0 0
NJR Energy 0 0 0 0 0
CR&R 0 0 0 0 0
NJR Investment 0 0 0 0 0
NJR Service (10) (11) 0 0 (21)
------- ------ ---- ------ ------ ------ -------
Total intercompany (10,110) (14,461) (504) 0 0 0 (25,075)
------- ------ ---- ------ ------ ------ -------
INTERCOMPANY - FIT (191) (3,050) 7 0 (3,234)
------- ------ ---- ------ ------ ------ -------
TOTAL ASSETS 39,364 22,633 193 32,100 0 32,100 62,190
======= ====== ==== ====== ====== ====== =======
ASSETS
--------------------------------------------------------------------------------------------
HOME NJR RETAIL CONSOLIDATING NJR RETAIL NJR
($ IN 000'S) NJNE SERVICES HOLDINGS DR (CR) HOLDINGS NJR SERVICE
------------ ---- -------- -------- -- ---- -------- --- -------
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 0
Furniture & Fixtures 0 0 (5) 0
Real estate properties & other 0 1,519 0 1,519 1,374
Accumulated depreciation 0 (1,076) 0 (5) (1,076) (1,127)
--- ------ ----- ----- ----- ------ ------- -----
Prop plant & equip-net 0 443 0 0 0 443 247 0
--- ------ ----- ----- ----- ------ ------- -----
CURRENT ASSETS
Cash & Temp. Invest. (18) (107) 0 (125) (124) (124)
Customer A/R 0 7,200 0 (2) 7,200 0 263
Unbilled revenue 0 0 0 0 0
Allow for doubtful a/c's 0 0 0 0 0
Regulatory asset -st (WNC) 0 0 0 0 0
Gas in storage 0 0 0 0 0
Materials & supplies 0 631 0 631 0 0
Prepaid state taxes 0 0 0 0 0
Reg asset-Underrecovered gas costs-st 0 0 0 0 0
Deferred FIT 0 0 0 0 0
Asset Held for Sale, net 0 0 0 0 0
Derivatives 0 0 0 0 0
Restricted broker margin accounts 0 0 0 0 0
Other 0 0 0 0 (4) 0 13,230 21
--- ------ ----- ----- ----- ------ ------- -----
Total current assets (18) 7,724 0 0 0 7,706 13,106 160
--- ------ ----- ----- ----- ------ ------- -----
0 0 0 0 0 0 0
DEFERRED FIT
DEFERRED CHARGES & OTHER
Equity investments 0 0 0 0 129
Regulatory Assets 0 0 0 0 0
Reg asset-Underrecovered gas costs-lt 0 0 0 0 0
Derivatives 0 0 0 0 0
Restricted cash - construction fund 0 0 0 0 0
Other 0 71 71 1,260 122
--- ------ ----- ----- ----- ------ ------- -----
Total Deferred Charges & Other 0 71 0 0 (5) 71 1,389 122
--- ------ ----- ----- ----- ------ ------- -----
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 432,159
NJR Energy Serv. 0 0 0 0 30,644
NJR Retail Holdings 0 0 0 0 4,094
NJNE 0 0 635 0 (1) 635 (1) 0 0
NJNR 0 0 0 0 0
Plumbing Services 0 0 0 0 (1) 0 (1) 0 0
Home Services 0 0 3,460 0 (1) 3,460 (1) 0 0
Power Services 0 0 0 0 (1) 0 (1) 0 0
NJR Capital Corp. 0 0 0 0 32,100
NJRE 0 0 0 0 0
CR&R 0 0 0 0 0
NJR Investment 0 0 0 0 0
NJR Service 0 0 0 0 0
--- ------ ----- ----- ----- ------ ------- -----
Total investment in subs 0 0 4,095 0 4,095 0 498,997 0
--- ------ ----- ----- ----- ------ ------- -----
INTERCOMPANY
NJR 516 785 0 (2) 1,301 0 3,588
NJNG 0 (137) 0 (2) (137) 388 370
NJR Energy Serv. 0 0 0 0 123,419 138
NJR Retail Holdings 0 0 0 0 0 0
NJNE 0 0 0 0 (516) 0
NJNR 0 0 0 0 0 2
Plumbing Services 0 (40) 0 (40) (42) 0
Home Services 0 40 0 40 (742) 41
Power Services 0 0 0 0 0 0
NJR Capital Corp. 0 0 0 0 0 0
NJR Energy 0 0 0 0 10,090 8
CR&R 0 0 0 0 14,427 11
NJR Investment 0 0 0 0 504 0
NJR Service 0 (41) 0 (41) (3,584) 0
--- ------ ----- ----- ----- ------ ------- -----
Total intercompany 516 607 0 0 0 1,123 143,944 4,158
--- ------ ----- ----- ----- ------ ------- -----
INTERCOMPANY - FIT 143 (803) 0 (660) 1,464 (549)
--- ------ ----- ----- ----- ------ ------- -----
TOTAL ASSETS 641 8,042 4,095 0 4,095 8,683 659,147 3,891
=== ====== ===== ===== ===== ====== ======= =====
ASSETS
---------------------------------------------------------------------------------------
NJR ENERGY NJR RETAIL NJR CAPITAL RECLASS
($ IN 000'S) NJNG Services Co. HOLDINGS CORP. TOTAL DR (CR)
------------ ---- ------------ -------- ----- ----- -- ----
PROP, PLANT & EQUIP
Utility plant 1,148,905 0 0 0 1,148,905
Accumulated depreciation (287,146) 0 0 0 (287,146)
Oil and gas properties 0 0 0 0 0
Accumulated amortization 0 0 0 0 0
Furniture & Fixtures 0 0 0 0
Real estate properties & other 0 1,420 1,519 20,126 24,439
Accumulated depreciation 0 (1,183) (1,076) (2,383) (5,769)
--------- -------- ------ ------- --------- ---- -------
Prop plant & equip-net 861,759 237 443 17,743 880,429
--------- -------- ------ ------- --------- ---- -------
CURRENT ASSETS
Cash & Temp. Invest. 4,827 224 (125) 89 4,767 276 (6)
Customer A/R 36,151 106,953 7,200 2,635 153,202 (1)
Unbilled revenue 4,453 0 0 0 4,453
Allow for doubtful a/c's (2,151) (3,153) 0 0 (5,304)
Regulatory asset -st (WNC) 0 0 0 0 0
Gas in storage 94,085 180,857 0 0 274,942 0 (8)
Materials & supplies 2,813 0 631 0 3,444
Prepaid state taxes 11,849 0 0 0 11,849
Reg asset-Underrecovered gas costs-st 69,505 0 0 0 69,505
Deferred FIT 0 0 0 0 0
Asset Held for Sale, net 0 0 0 20,315 20,315
Derivatives 28,615 51,555 0 9,700 89,870
Restricted broker margin accounts 0 44,639 0 0 44,639 6,379 (5)
Other 14,157 2,097 0 0 29,505 0 (4) 52 (4)
--------- -------- ------ ------- --------- ---- -------
Total current assets 264,304 383,172 7,706 32,739 701,187
--------- -------- ------ ------- --------- ---- -------
0 0 0 0 0 0 (2) 0 (2)
DEFERRED FIT
DEFERRED CHARGES & OTHER
Equity investments 0 0 19,011 19,140 276 (6)
Regulatory Assets 189,232 0 0 189,232
Reg asset-Underrecovered gas costs-lt 0 0 0 0 0
Derivatives 6,512 4,582 0 21,006 32,100
Restricted cash - construction fund 7,800 0 0 0 7,800
Other 29,996 9,750 71 0 41,199
--------- -------- ------ ------- --------- ---- -------
Total Deferred Charges & Other 233,540 14,332 71 40,017 289,471
--------- -------- ------ ------- --------- ---- -------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 432,159
NJR Energy Serv. 0 0 0 0 30,644
NJR Retail Holdings 0 0 0 0 4,094 0
NJNE 0 0 0 0 0
NJNR 0 0 0 0 0
Plumbing Services 0 0 0 0 0
Home Services 0 0 0 0 0
Power Services 0 0 0 0 0
NJR Capital Corp. 0 0 0 0 32,100
NJRE 0 0 0 0 0
CR&R 0 0 0 0 0
NJR Investment 0 0 0 0 0
NJR Service 0 0 0 0 0
--------- -------- ------ ------- --------- ---- -------
Total investment in subs 0 0 0 0 498,997
--------- -------- ------ ------- --------- ---- -------
INTERCOMPANY
NJR (354) (123,420) 1,301 (25,021) (143,906) 52 (4) 0 (4)
NJNG 0 (184) (137) (33) 404
NJR Energy Serv. 184 0 0 0 123,741
NJR Retail Holdings 0 0 0 0 0
NJNE 0 0 0 0 (516)
NJNR (5) 0 0 0 (3)
Plumbing Services 6 0 (40) 0 (76)
Home Services 13 0 40 0 (648)
Power Services 0 0 0 0 0
NJR Capital Corp. 0 0 0 0 0
NJR Energy 15 0 0 0 10,113
CR&R 23 0 0 0 14,461
NJR Investment 0 0 0 0 504
NJR Service (342) (138) (41) (21) (4,126)
--------- -------- ------ ------- --------- ---- -------
Total intercompany (460) (123,742) 1,123 (25,075) (52)
--------- -------- ------ ------- --------- ---- -------
INTERCOMPANY - FIT 6,522 (3,524) (660) (3,234) 19 19 (7)
--------- -------- ------ ------- --------- ---- -------
TOTAL ASSETS 1,365,665 270,475 8,683 62,190 2,370,051
========= ======== ====== ======= ========= ==== =======
ASSETS
-------------------------------------
CONSOLIDATING CONSOL
($ IN 000's) DR (CR) TOTAL
------------ -- ---- ------
PROP, PLANT & EQUIP
Utility plant 40 (F) 1,148,865
Accumulated depreciation (287,146)
Oil and gas properties 0
Accumulated amortization 0
Furniture & Fixtures 0
Real estate properties & other 24,439
Accumulated depreciation (5,769)
---- ------- ---------
Prop plant & equip-net 880,389
---- ------- ---------
CURRENT ASSETS
Cash & Temp. Invest. 5,043
Customer A/R 0 (H) 153,202
Unbilled revenue 4,453
Allow for doubtful a/c's (5,304)
Regulatory asset -st (WNC) 0
Gas in storage 274,942
Materials & supplies 3,444
Prepaid state taxes 11,849
Reg asset-Underrecovered gas costs-st 69,505
Deferred FIT 0
Asset Held for Sale, net 20,315
Derivatives 89,870
Restricted broker margin accounts 38,260
Other 0 (H) 9,016 (B) 20,437
---- ------- ---------
Total current assets 686,016
---- ------- ---------
0
DEFERRED FIT
DEFERRED CHARGES & OTHER
Equity investments 18,864
Regulatory Assets 189,232
Reg asset-Underrecovered gas costs-lt 0
Derivatives 32,100
Restricted cash - construction fund 7,800
Other 0 (A) 41,199
---- ------- ---------
Total Deferred Charges & Other 289,195
---- ------- ---------
INVESTMENT IN SUBSIDIARIES
NJNG 432,159 (A) 0
NJR Energy Serv. 0 30,644 (A) 0
NJR Retail Holdings 0 4,094 (A) 0
NJNE 0 (A) 0
NJNR 0 (A) 0
Plumbing Services 0 (A) 0
Home Services 0 (A) 0
Power Services 0 (A) 0
NJR Capital Corp. 32,100 (A) 0
NJRE 0 (A) 0
CR&R 0 (A) 0
NJR Investment 0 (A) 0
NJR Service 0 (A) 0
---- ------- ---------
Total investment in subs 0 498,997 0
---- ------- ---------
INTERCOMPANY
NJR 0 0 (D) (143,854)
NJNG 404
NJR Energy Serv. 123,741
NJR Retail Holdings 0
NJNE (516)
NJNR (3)
Plumbing Services (76)
Home Services (648)
Power Services 0
NJR Capital Corp. 0
NJR Energy 10,113
CR&R 14,461
NJR Investment 504
NJR Service (4,126)
---- ------- ---------
Total intercompany 0
---- ------- ---------
INTERCOMPANY - FIT 0
---- ------- ---------
TOTAL ASSETS 1,855,600
==== ======= =========
NEW JERSEY RESOURCES CORPORATION 25-Feb-05
CONSOLIDATING BALANCE SHEET 04:15:41 PM
SEPTEMBER 30, 2004
LIABILITIES AND STOCKHOLDER EQUITY
--------------------------------------------------------------------------------------
NJRE NJR NJR CAPITAL CONSOLIDATING NJR CAPITAL
CONT. CR&R INVEST. CORP. DR (CR) CORP.
----- ---- ------- ----- -- ---- -----
CAPITALIZATION
Common stock equity 17,885 14,089 126 32,100 32,100 (1) 1,495 (2) 32,984
611 (2)
Redeemable preferred stock 0 0 0 0
Long-term debt 0 0 0 0
------ ------ --- ------ ------ ------ -------
Total capitalization 17,885 14,089 126 32,100 32,711 1,495 32,984
------ ------ --- ------ ------ ------ -------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0
Notes payable to banks 0 0 0 0
Commercial paper 0 0 0 0
Gas purchases payable 0 0 0 (4) 0
Accounts payable & other 1,023 3,002 0 0 (3) 4,025
Postretirement employee benefit liability 135 63 0 198
Accrued taxes 149 (420) 0 (271)
Broker margin accounts
Overrecovered gas costs - S.T. 0 0 0 0
Derivatives 733 0 0 733
Customer credit bal & dep 0 217 0 217
------ ------ --- ------ ------ ------ -------
Total current liabil 2,040 2,862 0 0 0 0 4,902
------ ------ --- ------ ------ ------ -------
DEFERRED CREDITS
Deferred ITC 0 0 0 0
Deferred income taxes 16,122 (5,908) 67 0 0 (1) 611 (2) 10,892
Deferred revenue 1,495 11,590 0 1,495 (2) 11,590
Overrecovered gas costs - L.T. 0 0
Derivatives 1,822 0 1,822
Manufactured gas plant remediation 0 0
Postretirement employee benefit liability
Regulatory liabilities
Other 0 0 0 0
------ ------ --- ------ ------ ------ -------
Total deferred credits 19,439 5,682 67 0 1,495 611 24,304
------ ------ --- ------ ------ ------ -------
TOTAL CAP & LIAB. 39,364 22,633 193 32,100 34,206 2,106 62,190
====== ====== === ====== ====== ====== =======
0 0 0 0 34,206 34,206 0
0 0 0 0 0 0
LIABILITIES AND STOCKHOLDER EQUITY
---------------------------------------------------------------------------------------------
HOME NJR RETAIL CONSOLIDATING NJR RETAIL NJR
NJNE SERVICES HOLDINGS DR (CR) HOLDINGS NJR SERVICE
---- -------- -------- -- ---- -------- --- -------
CAPITALIZATION
Common stock equity 635 3,460 4,095 4,095 (1) 4,095 467,101 0
0 (2)
Redeemable preferred stock 0 0 0 0 0 0
Long-term debt 0 0 0 0 25,000 0
--- ------ ----- ----- ----- ----- ------- -----
Total capitalization 635 3,460 4,095 4,095 0 4,095 492,101 0
--- ------ ----- ----- ----- ----- ------- -----
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0 0
Notes payable to banks 0 0 0 0 152,100
Commercial paper 0 0 0 0 0
Gas purchases payable 0 0 0 0 0
Accounts payable & other 6 5,761 0 0 (4) 5,767 10,179 1,492
Postretirement employee benefit
liability (72) 0 (72) 134 1,324
Accrued taxes 0 (54) 0 (54) 2,062 156
Broker margin accounts
Overrecovered gas costs - S.T. 0 0 0 0 0
Derivatives 0 0 0 0 0
Customer credit bal & dep 0 0 0 0 0
--- ------ ----- ----- ----- ----- ------- -----
Total current liabil 6 5,635 0 0 0 5,641 164,475 2,972
--- ------ ----- ----- ----- ----- ------- -----
DEFERRED CREDITS
Deferred ITC 0 0 0 0 0
Deferred income taxes 0 (2,368) 0 0 (2) (2,368) (1,580) (708)
Deferred revenue 0 0 0 0 0
Overrecovered gas costs - L.T. 0 0 0 0 0
Derivatives 0 0 0 0 0
Manufactured gas plant remediation 0 0 0 0 0
Postretirement employee benefit
liability 1,194 0 1,194 842 1,508
Regulatory liabilities
Other 0 121 0 121 3,309 119
--- ------ ----- ----- ----- ----- ------- -----
Total deferred credits 0 (1,053) 0 0 0 (1,053) 2,571 919
--- ------ ----- ----- ----- ----- ------- -----
TOTAL CAP & LIAB. 641 8,042 4,095 4,095 0 8,683 659,147 3,891
=== ====== ===== ===== ===== ===== ======= =====
0 0 0 4,095 4,095 0 0 0
0 0 0 0 0 0 0
LIABILITIES AND STOCKHOLDER EQUITY
---------------------------------------------------------------------------------------
NJR ENERGY NJR RETAIL NJR CAPITAL RECLASS
NJNG SERVICES CO. HOLDINGS CORP. TOTAL DR (CR)
---- ------------ -------- ----- ----- -- ----
CAPITALIZATION
Common stock equity 432,159 30,615 4,095 32,984 966,954
Redeemable preferred stock 0 0 0 0 0
Long-term debt 290,887 0 0 0 315,887
--------- ------- ------ ------ --------- ----- -------
Total capitalization 723,046 30,615 4,095 32,984 1,282,841
--------- ------- ------ ------ --------- ----- -------
CURRENT LIABILITIES
Current maturities of LTD 27,736 0 0 0 27,736
Notes payable to banks 0 0 0 0 152,100
Commercial paper 107,600 0 0 0 107,600
Gas purchases payable 42,739 168,129 0 0 210,868 0 (1) 0 (8)
Accounts payable & other 37,877 1,293 5,767 4,025 60,633 315 (3)
Postretirement employee benefit
liability 613 77 (72) 198 2,274 1,661 (3)
Accrued taxes 23,226 265 (54) (271) 25,384 19 (7)
Broker margin accounts 6,379 6,379 6,379 (5)
Overrecovered gas costs - S.T. 0 0 0 0 0
Derivatives 18,478 71,450 0 733 90,661
Customer credit bal & dep 18,522 2,124 0 217 20,863
--------- ------- ------ ------ --------- ----- -------
Total current liabil 283,170 243,338 5,641 4,902 704,498
--------- ------- ------ ------ --------- ----- -------
DEFERRED CREDITS
Deferred ITC 8,479 0 0 0 8,479
Deferred income taxes 139,108 (10,273) (2,368) 10,892 135,071 0 (2) 0 (2)
Deferred revenue 0 227 0 11,590 11,817
Overrecovered gas costs - L.T. 0 0 0 0 0
Derivatives 28,235 3,737 0 1,822 33,794
Manufactured gas plant remediation 92,880 0 0 0 92,880
Postretirement employee benefit
liability 4,825 1,194 0 8,369 315 (3) 1,661 (3)
Regulatory liabilities 80,757 80,757
Other 5,165 2,831 121 0 11,545
Total deferred credits 359,449 (3,478) (1,053) 24,304 382,712
--------- ------- ------ ------ --------- ----- -------
TOTAL CAP & LIAB. 1,365,665 270,475 8,683 62,190 2,370,051 0 0
========= ======= ====== ====== ========= ===== =======
0 0 0 0 0 8,702 8,702
0 0 0 0 0 0
LIABILITIES AND STOCKHOLDER EQUITY
----------------------------------------
CONSOLIDATING CONSOL
DR (CR) TOTAL
-- ---- -----
CAPITALIZATION
Common stock equity 498,997 (A) 467,917
40 (F)
0 (D)
Redeemable preferred stock 0
Long-term debt 315,887
------ ------- ---------
Total capitalization 783,804
------ ------- ---------
CURRENT LIABILITIES
Current maturities of LTD 27,736
Notes payable to banks 152,100
Commercial paper 107,600
Gas purchases payable 0 (H) 210,868
Accounts payable & other 9,016 (B) 51,932
Postretirement employee benefit
liability 613
Accrued taxes 25,365
Broker margin accounts 0
Overrecovered gas costs - S.T. 0
Derivatives 90,661
Customer credit bal & dep 20,863
------ ------- ---------
Total current liabil 687,738
------ ------- ---------
DEFERRED CREDITS
Deferred ITC 8,479
Deferred income taxes 135,071
Deferred revenue 11,817
Overrecovered gas costs - L.T. 0
Derivatives 33,794
Manufactured gas plant remediation 92,880
Postretirement employee benefit
liability 9,715
Regulatory liabilities 80,757
Other 11,545
------ ------- ---------
Total deferred credits 384,058
------ ------- ---------
TOTAL CAP & LIAB. 1,855,600
======= ======= =========
508,053 508,053 0
0 0
EXHIBIT B
Attached as Exhibit B is Consolidating Financial Data Schedule for the
fiscal year ended September 30, 2004.
12
New Jersey Resources Corporation
Financial Data Schedule UT
For the Fiscal Year Ended September 30, 2004
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NEW JERSEY
RESOURCES CORPORATION'S 2004 ANNUAL REPORT TO STOCKHOLDERS INCLUDING THE
CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED STATEMENTS OF CASH FLOWS,
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
Twelve
Item Item Months
Number Description 000's
-------------------------- ----------- ---------
1. total assets 1,855,600
2. gross operating revenue 2,533,607
3. net income 71,574
13
EXHIBIT C
None
14
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 2005.
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
15