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, 2003
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 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 and in states from the Gulf Coast to New England.
Retail Holdings, formed as an unregulated affiliate to consolidate the
Company's unregulated retail operations, holds 100% of the following
subsidiaries:
(a) NJR Home Services Company (Home Services) serves the needs
of more than 131,300 customers under natural gas appliance
protection plan contracts and installs, sells and services
appliances to residential and commercial customers with
residential-size equipment.
1
(b) NJR Natural Energy Company (Natural Energy) was formed to
participate in the unregulated retail marketing of natural
gas, but is currently a non-operating company;
(c) NJR Power Services Company (Power Services) was formed to
participate in the distribution of alternative sources of
energy, such as fuel cells and micro turbines, but is
currently a non-operating company; and
(d) NJR Plumbing Services Company 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 subsidiaries include the
following:
(a) Commercial Realty & Resources Corp. (CR&R) develops and
owns commercial office and mixed-use commercial/industrial
real estate projects primarily in Monmouth and Atlantic
counties, New Jersey. CR&R currently owns one fully leased
building totaling 4,000 square feet and has about 151 acres of
undeveloped land. In 2003, CR&R contracted to build a 200,000
square-foot build-to-suit building in the Monmouth Shores
Corporate Office Park II. Total capital expenditures for the
project are estimated at $22.5 million;
(b) NJR Investment Company, which was formed to make
energy-related equity investments; and
2
(c) NJR Energy Holdings, formerly a sub-holding company of
NJR, has subsidiaries that include NJR Energy Corporation, an
investor in energy-related ventures. NJNR Pipeline Company, a
subsidiary of NJR Energy Corporation, also invests in
energy-related ventures.
Service Corp. was formed to provide administrative services, including
corporate communications, financial, internal audit, legal, 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 nearly 450,000 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, 2003, NJNG owned approximately 3,821 miles of
steel, wrought and cast iron distribution main, and 2,473 miles of plastic
distribution main. Additionally, NJNG owns approximately 208 miles of steel
transmission main in various sizes, approximately 417,492 services and
approximately 456,158 meters.
3
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.
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 $204,845.00 at December 31, 2003.
3. (a) NJNG distributed 73,154,712 Dth of natural or manufactured gas
at retail in the State of New Jersey for the calendar year ended December 31,
2003. Revenues of $591,055,950 were received from these sales.
(b) None.
4
(c) NJNG sold at wholesale approximately 29.9 Bcf of natural gas
outside the State of New Jersey or at the State line to various customers during
calendar 2003 under a Blanket Sale for Resale Certificate issued by the Federal
Energy Regulatory Commission, as set forth in the following table:
STATE VOLUMES SOLD (DTH) DOLLAR WHOLESALE REVENUES
----- ------------------ -------------------------
Arkansas 35,000 $175,950
Connecticut 1,105,798 $7,138,380
Delaware 226,579 $1,573,915
Indiana 60,000 $325,500
Kentucky 31,547 $315,470
Louisiana 1,269,365 $9,344,270
Maryland 36,648 $265,974
Massachusetts 43,934 $435,604
Mississippi 39,000 $341,130
New Jersey 13,658,875 $79,572,719
New York 4,884,348 $32,371,381
Ohio 821,110 $4,414,027
Pennsylvania 6,052,949 $37,224,262
Rhode Island 18,800 $148,050
Texas 364,700 $1,762,655
Virginia 20,000 $148,000
West Virginia 7,600 $36,062
Pooling Points(1) 1,227,479 $11,582,392
---------- ------------
TOTALS 29,903,732 $187,175,741
(d) For the calendar year ended December 31, 2003, purchases of natural
or manufactured gas by NJNG from sources outside the State of New Jersey or at
the State line amounted to approximately 87.9 Bcf, at a cost of $581 million.
--------
(1) Pooling points are not geographically specific.
5
The expenses include commodity purchase costs plus all fixed and variable
contract delivery costs and are more particularly set forth in the table below:
STATE VOLUMES PURCHASED (DTH) PURCHASE COSTS
----- ----------------------- --------------
Alabama 36,616 $252,808
Arkansas 16,088,537 $89,072,575
Indiana 1,524,885 $12,599,735
Kentucky 8,755 $65,663
Louisiana 3,439,727 $20,375,501
Massachusetts 526,090 $4,270,534
Mississippi 4,792,734 $24,296,574
New Jersey 3,802,078 $24,305,866
New York 18,021,237 $84,212,059
Ohio 14,478,511 $89,001,852
Pennsylvania 700,221 $4,166,493
Texas 18,029,490 $89,783,715
West Virginia 68,531 $324,236
Pooling Points(1) 10,441,896 $42,387,303
---------- -----------
91,959,308 $485,114,914
Other Costs(2) -4,088,558 $96,292,525
---------- -----------
TOTAL PURCHASE COSTS 87,870,750 $581,407,439
---------- -----------
4. (a) None
(b) None
(c) None
(d) None
(e) None
----------
(1) Pooling points are not geographically specific.
(2) The negative volume accounts for transportation fuel retained by pipelines
for delivery, and charges include demand charges, transportation, and other
miscellaneous non-commodity gas costs.
6
EXHIBIT A
Attached as Exhibit A are Consolidating Income and Surplus Statement and
Consolidating Balance Sheet of the Company and its subsidiary companies for the
fiscal year ended September 30, 2003.
7
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED SEPTEMBER 30, 2003
NJRE NJR NJR CAPITAL Home NJR RETIAL
Cont. CR&R Invest. CORP. NJNE Services HOLDINGS
----- ---- ------- ----------- ---- -------- ----------
OPERATING REVENUE 1,538 806 2,344 0 19,583 19,583
---------------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 0 0 0 0 0
Operations & Maintenance 284 1,606 1,890 (13) 17,161 17,148
Depreciation & Amortization 60 32 92 0 327 327
Energy & Other Taxes 0 241 241 0 760 760
---------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 344 1,879 0 2,223 (13) 18,248 18,235
---------------------------------------------------------------------------------------
OPERATING INCOME 1,194 (1,073) 0 121 13 1,335 1,348
Other Income (Expense) (333) 692 24 383 0 (20) (20)
INTEREST CHARGES 252 (51) 12 213 (20) 7 (13)
CAPITALIZED INTEREST 0 0 0 0 0 0 0
---------------------------------------------------------------------------------------
INTEREST CHARGES, NET 252 (51) 12 213 (20) 7 (13)
---------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 609 (330) 12 291 33 1,308 1,341
INCOME TAX PROVISION 234 (133) (1) 100 12 533 545
---------------------------------------------------------------------------------------
NET INCOME 375 (197) 13 191 21 775 796
=======================================================================================
OK OK OK OK OK
CONSOLIDATING NJR RETAIL NJR
DR (CR) HOLDINGS NJR SERVICE NJNG
---- ---- --------- --- ------- ----
OPERATING REVENUE 19,583 0 0 759,878
-----------------------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 0 0 501,799
Operations & Maintenance 17,148 5,168 16,731 84,555
Depreciation & Amortization 327 165 0 31,192
Energy & Other Taxes 760 64 548 44,924
-----------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 0 0 18,235 5,397 17,279 662,470
-----------------------------------------------------------------------------------------
OPERATING INCOME 1,348 (5,397) (17,279) 97,408
Other Income (Expense) (20) 7,291 17,228 1,130
INTEREST CHARGES (13) 1,854 (51) 11,913
CAPITALIZED INTEREST 0 0 0 (278)
-----------------------------------------------------------------------------------------
INTEREST CHARGES, NET 0 0 (13) 1,854 (51) 11,635
-----------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 1,341 40 0 86,903
INCOME TAX PROVISION 545 7 0 33,926
-----------------------------------------------------------------------------------------
NET INCOME 796 33 0 52,977
=========================================================================================
OK OK OK
NJR ENERGY NJR RETAIL NJR CAPITAL Consolidated CONSOLIDATING CONSOL
SERVICES CO. HOLDINGS CORP. TOTAL DR (CR) TOTAL
------------ ---------- ----------- ------------ ----- ----- ------
OPERATING REVENUE 1,766,265 19,583 2,344 2,548,070 90 (C) 2,544,379
3,601 (G)
------------------------------------------------------------------------------------------------
OPERATING EXPENSES 3,601 (G)
Gas Purchases 1,740,196 0 0 2,241,995 17,279 (D) 2,238,394
Operations & Maintenance 6,324 17,148 1,890 131,816 90 (C) 106,030
8,257 (E) 0
Depreciation & Amortization 189 327 92 31,965 160 (I) 31,965
Energy & Other Taxes 102 760 241 46,639 46,639
------------------------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 1,746,811 18,235 2,223 2,452,415 2,423,028
------------------------------------------------------------------------------------------------
OPERATING INCOME 19,454 1,348 121 95,655 121,351
17,279 (D)
Other Income (Expense) 194 (20) 383 26,206 8,257 (E) 5 (F) 515
160 (I)
INTEREST CHARGES 354 (13) 213 14,270 14,270
CAPITALIZED INTEREST 0 0 0 (278) (278)
------------------------------------------------------------------------------------------------
INTEREST CHARGES, NET 354 (13) 213 13,992 13,992
------------------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES 19,294 1,341 291 107,869 107,874
INCOME TAX PROVISION 7,884 545 100 42,462 42,462
------------------------------------------------------------------------------------------------
NET INCOME 11,410 796 191 65,407 65,412
================================================================================================
OK
NET INCOME
--------------------------------------------------------------------------------------------------
TWELVE MONTHS WEIGHTED AVG SHARES-BASIC 27,095,101 BASIC EARNINGS PER SHARE YTD $2.41
--------------------------------------------------------------------------------------------------
THREE MONTHS WEIGHTED AVG SHARES-BASIC 27,213,613 BASIC EARNINGS PER SHARE QTD ($0.13)
--------------------------------------------------------------------------------------------------
TWELVE MONTHS DENOMINATOR FOR DILUTION 27,531,597 DILUTED EARNINGS PER SHARE YTD $2.38
--------------------------------------------------------------------------------------------------
THREE MONTHS DENOMINATOR FOR DILUTION 27,746,115 DILUTED EARNINGS PER SHARE QTD ($0.13)
--------------------------------------------------------------------------------------------------
ACTUAL SHARES OUTSTANDING 27,233,072
---------------------------------------------------------
NEW JERSEY RESOURCES CORPORATION
Consolidating Statement of Retained Earnings
Fiscal Year Ending September 30 ,2003
-------------------------------------------------------------------------------------------------
NJRE PPI CR&R NJR Invest NJR NJR Energy NJNE
Capital Corp. Services
-------------------------------------------------------------------------------------------------
Balance at September 30, 2002 (11,919) 1,525 (583) 2 (10,975) 17,003 3,822
Net Income 375 0 (197) 13 191 11,410 21
Cash Dividends Declared 0 0 0 0 0 0 0
Balance at September 30, 2003 (11,544) 1,525 (780) 15 (10,784) 28,413 3,843
------------------------------------------------------------------------------------------
Home NJR Develop. NJR NJNG Elimination's NJR
Services Corp. CONSOLIDATED
------------------------------------------------------------------------------------------
Balance at September 30, 2002 1,001 4,823 15,271 129,315 (32,867) 122,570
Net Income 775 796 38 52,977 0 65,412
Cash Dividends Declared 0 0 0 (33,615) 0 (33,615)
Balance at September 30, 2003 1,776 5,619 15,309 148,677 (32,867) 154,367
NEW JERSEY RESOURCES CORPORATION 26-Feb-04
Consolidating Balance Sheet 11:45:08 AM
SEPTEMBER 30, 2003
ASSETS
-----------------------------------------------------------------------------------------
NJR NJR NJR
NJRE NJR Capital CONSOLIDATING Capital Home Retail
($ IN 000'S) Cont. CR&R Invest. CORP. DR (CR) CORP. NJNE Services HOLDINGS
------------ ----- ---- ------- ----- -- ---- ----- ---- -------- --------
PROP, PLANT & EQUIP
Utility plant 0 0 0 0 0 0 0
Accumulated depreciation 0 0 0 0(1) 0 0 0 0
Oil and gas properties 0 0 0 0 0 0 0
Accumulated amortization 0 0 0 0 0 0 0
Furniture & Fixtures 0 0 0 (2) 0 0 0
Real estate properties & other 0 26,976 0 26,976 0 1,468 0
Accumulated depreciation 0 (2,503) 0 (2) (2,503) 0 (748) 0
------------------------------------------------------------------------------------------
Prop plant & equip-net 0 24,473 0 0 0 24,473 0 720 0
------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 0 (92) 0 (92) 8 (15) 0
Construction Fund 0 0 0 0 0 0 0
Customer A/R 1,236 3 0 0(3) 1,239 0 5,528 0
Unbilled revenue 0 0 0 0 0 0 0
Allow for doubtful a/c's 0 0 0 0 0 0 0
Regulatory asset -st (WNC) 0 0 0 0 0 0 0
Gas in storage 0 0 0 (4) 0 0 0 0
Materials & supplies 0 0 0 0 0 670 0
Prepaid state taxes 0 0 0 0 0 450 0
Underrecoverd gas costs - S.T. 0 0 0 0 0 0 0
Deferred FIT 0 0 0 0 0 0 0
Net Assets Held for Disposal 0 0 0 0 0 0 0
Derivatives 4,709 0 0 4,709 0 0 0
Broker margin accounts 0 0 0 0 0 0 0
Other 0 0 0 0 0 (74) 0
------------------------------------------------------------------------------------------
Total current assets 5,945 (89) 0 0 0 0 5,856 8 6,559 0
------------------------------------------------------------------------------------------
DEFERRED FIT 0 0 0 0(1) 0 0 0 0
DEFERRED CHARGES & OTHER
Equity investments 14,773 0 573 0 15,346 0 0 0
Regulatory Assets 0 0 0 0 0 0 0
Underrecoverd gas costs - L.T. 0 0 0 0 0 0 0
Derivatives 12,783 0 0 12,783 0 0 0
Other 0 571 0 (2) 571 0 65
------------------------------------------------------------------------------------------
Total Deferred Charges & Other 27,556 571 573 0 0 0 28,700 0 65 0
------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 0 0 0
NJR Energy Serv. 0 0 0 0 0 0 0
NJR Retial Holdings 0 0 0 0 0 0 0
NJNE 0 0 0 0 0 0 643
NJNR 0 0 8,934 0(1) 8,934(1) 0 0 0 0
Plumbing Services 0 0 0 0 0 0 0
Home Services 0 0 0 0 0 0 1,889
Power Services 0 0 0 0 0 0 0
NJR Capital Corp. 0 0 0 0 0 0 0
NJRE 0 0 0 0 0 0 0
CR&R 0 0 14,117 0(1) 14,117(1) 0 0 0 0
NJR Investment 0 0 57 0(1) 57(1) 0 0 0 0
NJR Service 0 0 0 0 0 0
------------------------------------------------------------------------------------------
Total investment in subs 0 0 0 23,108 0 23,108 0 0 0 2,532
------------------------------------------------------------------------------------------
INTERCOMPANY
NJR (10,016) (2,155) (485) 0 (12,656) 727 167 0
NJNG 0 (26) 0 0 (26) 2 (141) 0
NJR Energy Serv. 0 0 0 0 0 0 0 0
NJR Retial Holdings 0 0 0 0 0 0 0 0
NJNE 0 0 0 0 0 0 0 0
NJNR 0 0 0 0 0 0 0 0
Plumbing Services 0 0 0 0 0 0 (31) 0
Home Services 0 0 0 0 0 0 31 0
Power Services 0 0 0 0 0 0 0 0
NJR Capital Corp. 0 0 0 0 0 0 0 0
NJR Energy 0 0 0 0 0 0 0 0
CR&R 0 0 0 0 0 0 0 0
NJR Investment 0 0 0 0 0 0 0 0
NJR Service 5 22 0 0 27 0 (137) 0
------------------------------------------------------------------------------------------
Total intercompany (10,011) (2,159) (485) 0 0 0 (12,655) 729 (111) 0
------------------------------------------------------------------------------------------
INTERCOMPANY - FIT (60) (863) 0 0 (923) (127) (388) 0
------------------------------------------------------------------------------------------
TOTAL ASSETS 23,430 21,933 88 23,108 0 23,108 45,451 610 6,845 2,532
==========================================================================================
ASSETS ASSETS
--------------------------- ------------------------------------------------------------------
NJR NJR NJR NJR
CONSOLIDATING Retail NJR Energy Retail Capital
($ IN 000'S) DR (CR) HOLDINGS NJR Service NJNG Services Co. HOLDINGS CORP.
------------ -- ---- -------- --- ------- ---- ------------ -------- -----
PROP, PLANT & EQUIP
Utility plant 0 0 1,097,636 0 0 0
Accumulated depreciation 0 0 (270,673) 0 0 0
Oil and gas properties 0 0 0 0 0 0
Accumulated amortization 0 0 0 0 0 0
Furniture & Fixtures (5) 0 0 0 0
Real estate properties & other 1,468 1,173 0 1,382 1,468 26,976
Accumulated depreciation (5) (748) (1,083) 0 (979) (748) (2,503)
-------------------------- ---------------------------------------------------------------------
Prop plant & equip-net 0 0 720 90 0 826,963 403 720 24,473
-------------------------- ---------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. (7) (64) 51 1,917 (9) (7) (92)
Construction Fund 0 0 0 0 0 0
Customer A/R (2) 5,528 0 150 38,740 81,253 5,528 1,239
Unbilled revenue 0 0 3,649 0 0 0
Allow for doubtful a/c's 0 0 (2,482) (3,153) 0 0
Regulatory asset -st (WNC) 0 0 (4,507) 0 0 0
Gas in storage 0 0 90,918 97,761 0 0
Materials & supplies 670 0 0 2,084 0 670 0
Prepaid state taxes 450 0 10,606 0 450 0
Underrecoverd gas costs - S.T. 0 0 80,242 0 0 0
Deferred FIT 0 0 0 0 0 0
Net Assets Held for Disposal 0 0 0 0 0 0
Derivatives 0 0 614 15,967 0 4,709
Broker margin accounts 0 0 2,206 4,394 0 0
Other 0(4) (74) 12,229 32 11,038 2,065 (74) 0
-------------------------- ---------------------------------------------------------------------
Total current assets 0 0 6,567 12,165 233 235,025 198,278 6,567 5,856
-------------------------- ---------------------------------------------------------------------
DEFERRED FIT 0 0 828 0 0 0 0 0
DEFERRED CHARGES & OTHER
Equity investments 0 129 0 0 15,346
Regulatory Assets 0 0 186,313 0 0
Underrecoverd gas costs - L.T. 0 0 2,827 0 0 0
Derivatives 0 0 0 3,322 0 12,783
Other 65 1,216 107 34,766 11,250 65 571
-------------------------- ---------------------------------------------------------------------
Total Deferred Charges & Other 0(5) 65 1,345 107 223,906 14,572 65 28,700
-------------------------- ---------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 415,365 0 0 0 0
NJR Energy Serv. 0 30,595 0 0 0 0
NJR Retial Holdings 0 2,533 0 0 0 0
NJNE 0(1) 643(1) 0 0 0 0 0 0
NJNR 0 0 0 0 0 0
Plumbing Services 0(1) 0(1) 0 0 0 0 0 0
Home Services 0(1) 1,889(1) 0 0 0 0 0 0
Power Services 0(1) 0(1) 0 0 0 0 0 0
NJR Capital Corp. 0 23,108 0 0 0 0
NJRE 0 0 0 0 0 0
CR&R 0 0 0 0 0 0
NJR Investment 0 0 0 0 0 0
NJR Service 0 0 0 0 0 0
-------------------------- ---------------------------------------------------------------------
Total investment in subs 0 2,532 0 471,601 0 0 0 0 0
-------------------------- ---------------------------------------------------------------------
INTERCOMPANY
NJR (2) 894 0 3,044 2,899 17,633 894 (12,656)
NJNG (2) (139) (2,899) 963 0 (369) (139) (26)
NJR Energy Serv. 0 (17,634) 188 369 0 0 0
NJR Retial Holdings 0 0 0 0 0 0 0
NJNE 0 (725) 0 (2) 0 0 0
NJNR 0 0 0 0 0 0 0
Plumbing Services (31) 46 0 31 0 (31) 0
Home Services 31 (213) 137 103 0 31 0
Power Services 0 0 0 0 0 0 0
NJR Capital Corp. 0 0 0 0 0 0 0
NJR Energy 0 10,016 (5) 0 0 0 0
CR&R 0 2,156 (22) 26 0 0 0
NJR Investment 0 485 0 0 0 0 0
NJR Service (137) (3,043) 0 (961) (188) (137) 27
-------------------------- ---------------------------------------------------------------------
Total intercompany 0 0 618 (11,811) 4,305 2,465 17,076 618 (12,655)
-------------------------- ---------------------------------------------------------------------
INTERCOMPANY - FIT (515) 13,412 (11,238) (736) (515) (923)
-------------------------- ---------------------------------------------------------------------
TOTAL ASSETS 0 2,532 7,455 487,630 4,645 1,277,121 229,593 7,455 45,451
========================== =====================================================================
ASSETS
--------------------------------------------------------
RECLASS CONSOLIDATING CONSOL
($ IN 000'S) TOTAL DR (CR) DR (CR) TOTAL
------------ ----- -- ---- -- ---- -----
PROP, PLANT & EQUIP
Utility plant 1,097,636 45(F) 1,097,591
Accumulated depreciation (270,673) (270,673)
Oil and gas properties 0 0
Accumulated amortization 0 0
Furniture & Fixtures 0 0
Real estate properties & other 30,999 30,999
Accumulated depreciation (5,313) (5,313)
--------------------------------------------------------------
Prop plant & equip-net 852,649 852,604
--------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 1,796 43(6) 1,839
Construction Fund 0 0
Customer A/R 126,910 (5) 0(H) 126,910
Unbilled revenue 3,649 3,649
Allow for doubtful a/c's (5,635) (5,635)
Regulatory asset -st (WNC) (4,507) (4,507)
Gas in storage 188,679 0(8) 188,679
Materials & supplies 2,754 2,754
Prepaid state taxes 11,056 11,056
Underrecoverd gas costs - S.T. 80,242 80,242
Deferred FIT 0 0
Net Assets Held for Disposal 0 0
Derivatives 21,290 0(1) 21,290
Broker margin accounts 6,600 6,600
Other 25,290 0(4) 2(4) 0(H) 8,442(B) 16,846
--------------------------------------------------------------
Total current assets 458,124 449,723
--------------------------------------------------------------
DEFERRED FIT 828 0(2) 828(2) 0
DEFERRED CHARGES & OTHER
Equity investments 15,475 43(6) 15,432
Regulatory Assets 186,313 0(1) 186,313
Underrecoverd gas costs - L.T. 2,827 2,827
Derivatives 16,105 0(1) 16,105
Other 47,975 0(A) 47,975
--------------------------------------------------------------
Total Deferred Charges & Other 268,695 268,652
--------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 415,365 415,365(A) 0
NJR Energy Serv. 30,595 0 30,595(A) 0
NJR Retial Holdings 2,533 0 0 2,533(A) 0
NJNE 0 0(A) 0
NJNR 0 0(A) 0
Plumbing Services 0 0(A) 0
Home Services 0 0(A) 0
Power Services 0 0(A) 0
NJR Capital Corp. 23,108 23,108(A) 0
NJRE 0 0(A) 0
CR&R 0 0(A) 0
NJR Investment 0 0(A) 0
NJR Service 0 0(A) 0
--------------------------------------------------------------
Total investment in subs 471,601 0 471,601 0
--------------------------------------------------------------
INTERCOMPANY
NJR 11,814 2 (4) 0(4) 0 0(D) 11,816
NJNG (2,470) (2,470)
NJR Energy Serv. (17,077) 0 (5) 0 (17,077)
NJR Retial Holdings 0 0
NJNE (727) (727)
NJNR 0 0
Plumbing Services 46 46
Home Services 58 58
Power Services 0 0
NJR Capital Corp. 0 0
NJR Energy 10,011 10,011
CR&R 2,160 2,160
NJR Investment 485 485
NJR Service (4,302) (4,302)
--------------------------------------------------------------
Total intercompany (2) 0
--------------------------------------------------------------
INTERCOMPANY - FIT 0 0
--------------------------------------------------------------
TOTAL ASSETS 2,051,895 1,570,979
================================================================
NEW JERSEY RESOURCES CORPORATION 26-Feb-04
CONSOLIDATING BALANCE SHEET 11:16:19 AM
SEPTEMBER 30, 2003
LIABILITIES AND STOCKHOLDER EQUITY
-----------------------------------------------------------------------
NJRE NJR NJR Capital CONSOLIDATING NJR Capital
Cont. CR&R Invest. Corp. DR (CR) Corp.
--------------------------------------------------------------------------------------------------------------------
CAPITALIZATION
Common stock equity 8,934 14,117 57 23,108 23,108(1) 1,782(2) 24,162
728(2)
Redeemable preferred stock 0 0 0 0
Long-term debt 0 0 0 0
-----------------------------------------------------------------------
Total capitalization 8,934 14,117 57 23,108 23,836 1,782 24,162
-----------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0
Notes payable to banks 0 0 0 0
Commercial paper 0 0 0 0
Purchased gas 0 0 0 (4) 0
Accounts payable & other 975 3,038 0 0(3) 4,013
Postretirement employee benefit liability 385 (97) 0 288
Accrued taxes 0 (541) 0 (541
Broker margin accounts
Overrecovered gas costs - S.T. 0 0 0 0
Derivatives 400 0 0 400
Customer credit bal & dep 0 (103) 0 (103
-----------------------------------------------------------------------
Total current liabil 1,760 2,297 0 0 0 0 4,057
-----------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 0 0 0
Deferred income taxes 9,553 (6,763) 31 0 0(1) 728(2) 3,549
Deferred revenue 1,782 12,282 0 1,782(2) 12,282
Overrecovered gas costs - L.T. 0 0
Derivatives 1,401 0 1,401
Manufactured gas plant remediaition 0 0
Postretirement employee benefit liability
Other 0 0 0 0
-----------------------------------------------------------------------
Total deferred credits 12,736 5,519 31 0 1,782 728 17,232
-----------------------------------------------------------------------
TOTAL CAP & LIAB. 23,430 21,933 88 23,108 25,618 2,510 45,451
=======================================================================
0 0 0 0 25,618 25,618 0
0 0 0 0 0 0
ok ok ok
---------------------------------------------------------
Home NJR Retail CONSOLIDATING NJR Retail
NJNE Services Holdings DR (CR) Holdings
------------------------------------------------------------------------------------------------------
CAPITALIZATION
Common stock equity 643 1,889 2,532 2,532(1) 2,532
0(2)
Redeemable preferred stock 0 0 0 0
Long-term debt 0 0 0 0
---------------------------------------------------------
Total capitalization 643 1,889 2,532 2,532 0 2,532
---------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0
Notes payable to banks 0 0 0 0
Commercial paper 0 0 0 0
Purchased gas 0 0 0 0
Accounts payable & other (33) 5,405 0 0(4) 5,372
Postretirement employee benefit liability (22) 0 (22)
Accrued taxes 0 98 0 98
Broker margin accounts
Overrecovered gas costs - S.T. 0 0 0 0
Derivatives 0 0 0 0
Customer credit bal & dep 0 0 0 0
---------------------------------------------------------
Total current liabil (33) 5,481 0 0 0 5,448
---------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 0 0 0
Deferred income taxes 0 (1,554) 0 0(2) (1,554)
Deferred revenue 0 0 0 0
Overrecovered gas costs - L.T. 0 0 0 0
Derivatives 0 0 0 0
Manufactured gas plant remediaition 0 0 0 0
Postretirement employee benefit liability 918 0 918
Other 0 111 0 111
---------------------------------------------------------
Total deferred credits 0 (525) 0 0 0 (525)
---------------------------------------------------------
TOTAL CAP & LIAB. 610 6,845 2,532 2,532 0 7,455
=========================================================
0 0 0 2,532 2,532 0
0 0 0 0 0
ok ok
LIABILITIES AND STOCKHOLDER EQUITY
------------------------------------------------------------------------------
NJR NJR Energywer NJR Retail NJR Capital
NJR Service NJNG Services Co. Holdings Corp. TOTAL
---------------------------------------------------------------------------------------------------------------------------
CAPITALIZATION
Common stock equity 417,932 0 415,366 30,595 2,532 24,162 890,587
Redeemable preferred stock 0 0 0 0 0 0 0
Long-term debt 0 0 257,899 0 0 0 257,899
------------------------------------------------------------------------------
Total capitalization 417,932 0 673,265 30,595 2,532 24,162 1,148,486
------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 2,448 0 0 0 2,448
Notes payable to banks 42,300 0 0 0 0 42,300
Commercial paper 0 143,500 0 0 0 143,500
Purchased gas 0 32,398 168,232 0 0 200,630
Accounts payable & other 9,510 2,093 35,068 1,881 5,372 4,013 57,937
Postretirement employee benefit liability (3,964) 1,308 2,653 68 (22) 288 331
Accrued taxes 13,182 4 23,795 (23) 98 (541) 36,515
Broker margin accounts 0 0
Overrecovered gas costs - S.T. 0 0 0 0 0 0
Derivatives 0 10,056 12,294 0 400 22,750
Customer credit bal & dep 0 13,747 9,000 0 (103) 22,644
------------------------------------------------------------------------------
Total current liabil 61,028 3,405 263,665 191,452 5,448 4,057 529,055
------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 8,801 0 0 0 8,801
Deferred income taxes (1,842) 113,703 580 (1,554) 3,549 114,436
Deferred revenue 0 0 1,136 0 12,282 13,418
Overrecovered gas costs - L.T. 0 0 0 0 0 0
Derivatives 0 19,427 1,211 0 1,401 22,039
Manufactured gas plant remediaition 0 108,800 0 0 0 108,800
Postretirement employee benefit liability 6,792 1,133 9,395 918 0 18,238
Other 3,720 107 80,065 4,619 111 0 88,622
------------------------------------------------------------------------------
Total deferred credits 8,670 1,240 340,191 7,546 (525) 17,232 374,354
------------------------------------------------------------------------------
TOTAL CAP & LIAB. 487,630 4,645 1,277,121 229,593 7,455 45,451 2,051,895
==============================================================================
0 0 0 0 0 0 0
0 0 0 0 0 0 0
ok ok ok ok
LIABILITIES AND STOCKHOLDER EQUITY
--------------------------------------------------
RECLASS CONSOLIDATING CONSOL
DR (CR) DR (CR) TOTAL
-----------------------------------------------------------------------------------------------
CAPITALIZATION
Common stock equity 471,601(A) 418,941
45(F)
0(D)
Redeemable preferred stock 0
Long-term debt 257,899
--------------------------------------------------
Total capitalization 676,840
--------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 2,448
Notes payable to banks 42,300
Commercial paper 143,500
Purchased gas 0(8) 0(H) 200,630
Accounts payable & other 0(3) 8,442(B) 49,495
Postretirement employee benefit liability 2,990(3) 3,321
Accrued taxes 0 36,515
Broker margin accounts 0
Overrecovered gas costs - S.T. 0
Derivatives 0(1) 22,750
Customer credit bal & dep 22,644
--------------------------------------------------
Total current liabil 523,603
--------------------------------------------------
DEFERRED CREDITS
Deferred ITC 8,801
Deferred income taxes 828(2) 0(2) 113,608
Deferred revenue 13,418
Overrecovered gas costs - L.T. 0
Derivatives 0(1) 22,039
Manufactured gas plant remediaition 108,800
Postretirement employee benefit liability 2,990(3) 0(3) 15,248
Other 88,622
--------------------------------------------------
Total deferred credits 370,536
--------------------------------------------------
TOTAL CAP & LIAB. 0 0 1,570,979
==================================================
3,863 3,863 480,088 480,088 0
0 0 0
The above-named claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 26th day of February, 2004.
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
11
EXHIBIT B
Attached as Exhibit B is Consolidating Financial Data Schedule for the
fiscal year ended September 30, 2003.
12
New Jersey Resources Corporation
Financial Data Schedule UT
For the Fiscal Year Ended September 30, 2003
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NEW JERSEY
RESOURCES CORPORATION'S 2003 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.
Item Item Twelve
Number Description Months
000's
----------------------------------------------------------------------------------------------------------
1. total assets 1,570,979
2. gross operating revenue 2,544,379
3. net income 65,412
13
EXHIBIT C
None
14