-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HgUr8iId7Am+NOp5XZD7ij0Oi5Rv397k0tZZTsa6i5PIZtkEpSYiunuKGBxPW/Gz +tizHU/j5GSOo3bCSiq2Hw== 0000310103-99-000006.txt : 19990224 0000310103-99-000006.hdr.sgml : 19990224 ACCESSION NUMBER: 0000310103-99-000006 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNECTICUT ENERGY CORP CENTRAL INDEX KEY: 0000310103 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 060869582 STATE OF INCORPORATION: CT FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: SEC FILE NUMBER: 069-00244 FILM NUMBER: 99547986 BUSINESS ADDRESS: STREET 1: 855 MAIN STREET CITY: BRIDGEPORT STATE: CT ZIP: 06604 BUSINESS PHONE: 8007607776 MAIL ADDRESS: STREET 1: 855 MAIN ST CITY: BRIDGEPORT STATE: CT ZIP: 06604 U-3A-2 1 File No. 69-244 ------ UNITED STATES 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 To Be Filed Annually Prior to March 1 CONNECTICUT ENERGY CORPORATION ------------------------------ (Name of 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(a) The name, state of organization, location and nature of business of the claimant and every subsidiary thereof, other than any exempt wholesale generator ("EWG") or foreign utility company in which the claimant directly or indirectly holds an interest are as follows: The name of the claimant is Connecticut Energy Corporation (the "claimant"). The claimant is incorporated under the laws of the state of Connecticut. Its principal place of business and executive offices are located at 855 Main Street, Bridgeport, Connecticut 06604. The claimant is not an operating company. The business of the claimant consists of investing in, disposing of, buying, selling and otherwise dealing in the stock, bonds, securities and properties of the other corporations listed below in 1(b). 1(b) The name, state of organization, location and nature of business of every subsidiary of the claimant thereof, other than any EWG or foreign utility company in which the claimant directly or indirectly holds an interest are as follows: (i) The Southern Connecticut Gas Company ("Southern"). Southern is incorporated under the laws of the state of Connecticut and has its executive offices located at 855 Main Street, Bridgeport, Connecticut 06604. Southern is principally engaged in the retail distribution and sale of natural gas for domestic, commercial and industrial uses in southern Connecticut, primarily in the New Haven and Bridgeport areas. Incidental to the sale of gas, Southern sells gas water heaters and space heaters. Southern is subject to the jurisdiction of the Connecticut Department of Public Utility Control as to accounting, rates, charges, certain operating matters and the issuance of securities other than borrowings maturing in twelve months or less. (ii) CNE Development Corporation ("CNE Development"). CNE Development is incorporated under the laws of the state of Connecticut and has its executive offices located at 855 Main Street, Bridgeport, Connecticut 06604. CNE Development is a nonutility subsidiary that was formed in December 1994 and is an equity holder in an entity formed to purchase and market natural gas. CNE Development also brokers the sale of energy products, principally natural gas. (iii) CNE Energy Services Group, Inc. ("CNE Energy"). CNE Energy is incorporated under the laws of the state of Connecticut and has its executive offices located at 855 Main Street, Bridgeport, Connecticut 06604. CNE Energy was formed in August 1995 and engages in nonregulated activities relating to the selling, planning, purchasing and management of various energy services to commercial and industrial end users. (iv) CNE Venture-Tech, Inc. ("CNE Venture-Tech") is incorporated under the laws of the state of Connecticut and has its executive offices located at 855 Main Street, Bridgeport, Connecticut 06604. CNE Venture-Tech is a nonutility subsidiary that was formed in October 1996. CNE Venture-Tech focuses on investing in technology companies and participating in ventures with technology partners serving the utility industry. 2. A brief description of the properties of the claimant and its subsidiary public utility company is as follows: (a) The claimant -- The claimant has no properties other than the common stock of the subsidiaries described above in 1(b). (b) Southern -- A major portion of Southern's physical assets consists of gas distribution facilities. As of December 31, 1998, Southern had 2,162 miles of main and 124,053 service connections. Southern leases its corporate headquarters building in Bridgeport and leases an operating facility in Orange. It also owns a propane air facility in Trumbull and certain properties in Bridgeport and New Haven that were formerly utilized as operating facilities. Southern subleases a liquefied natural gas plant in Milford to its nonutility affiliate, CNE Energy, who, in turn, subleases the plant to a joint venture, Total Peaking Services, LLC, of which CNE Energy is a 51% member. All of such assets of Southern are located in the state of Connecticut. Substantially all of Southern's utility properties and plant are subject to the lien of the indenture and supplemental indentures securing its first mortgage bonds. Southern has no producing field, gas manufacturing plants or pipelines which receive gas at the Connecticut border. 3. During the last calendar year and to date, only Southern has been an operating public utility company, and the following information, therefore, relates to it alone: (a) During the calendar year 1998, Southern sold 23,898,399 Mcf of natural or manufactured gas at retail, earning revenues of $205,664,492. All of said sales were made in the state of Connecticut. (b) None (c) During the calendar year 1998, Southern made the following sales of natural or manufactured gas outside Connecticut or at the Connecticut border: State Revenues Mcf ----- -------- --- Delaware $ 15,930 5,825 Louisiana 860,957 418,700 Massachusetts 1,397,857 448,085 Mississippi 2,008,128 911,786 New Hampshire 155,779 52,833 New Jersey 1,060,253 498,888 New York 278,656 120,574 Pennsylvania 166,921 65,962 Rhode Island 78,521 27,106 Texas 500,464 217,246 ---------- --------- $6,523,466 2,767,005 (d) Southern accepts in Connecticut offers to sell gas for delivery in Connecticut. The total amount of purchases in calendar year 1998 from out-of-state marketers was 25,073,034 Mcf. The commodity cost of said purchases was $45,169,621. 4. The following information for the reporting period with respect to the claimant and each interest it holds directly or indirectly in an EWG or foreign utility company, stating monetary amounts in United States dollars: (a) None (b) None (c) None (d) None (e) None EXHIBIT A Attached as Exhibit A is a consolidating statement of income and surplus of the claimant and its subsidiary companies for calendar year 1998, together with a consolidating balance sheet of the claimant and its subsidiary companies as of the close of such calendar year. EXHIBIT B Financial Data Schedule Submitted only in electronic format to the Securities and Exchange Commission. EXHIBIT C An organizational chart showing the relationship of each EWG or foreign utility company to associate companies in the holding-company system. Not applicable. 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, 1999. CONNECTICUT ENERGY CORPORATION ------------------------------ (Name of Claimant) By /s/ Carol A. Forest ----------------------------------------- Carol A. Forest, Vice President, Finance, Chief Financial Officer, Treasurer and Assistant Secretary (Corporate Seal) Attest: /s/ Samuel W. Bowlby - ----------------------------------------- Samuel W. Bowlby, Vice President, General Counsel and Secretary Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: Carol A. Forest, Vice President, Finance, Chief Financial Officer, Treasurer and Assistant Secretary - ---------------------------------------------------------------------------- (Name) (Title) Connecticut Energy Corporation, 855 Main Street, Bridgeport, Connecticut 06604 - ------------------------------------------------------------------------------ (Address) CONSOLIDATING INCOME STATEMENT DECEMBER 31, 1998 (UNAUDITED)
EXHIBIT A THE CNE SOUTHERN CNE CNE ENERGY ADJUSTMENTS/ CONNECTICUT VENTURE-TECH, DEVELOPMENT SERVICES CEC ELIMINATIONS TOTAL ACCOUNT DESCRIPTION GAS COMPANY INC. CORPORATION GROUP, INC. HOLDING DEBIT CREDIT CEC ___________________________________________________________________________________________________________________________________ OPERATING REVENUES $225,933,577 $ 66,997 $ 92,966 $1,650,387 $226,994 $227,516,933 PURCHASED GAS 105,879,070 105,879,070 ___________________________________________________________________________________________________________________________________ GROSS MARGIN 120,054,507 66,997 92,966 1,650,387 226,994 121,637,863 OPERATING EXPENSES OPERATIONS 49,058,112 266,971 120,725 5,484 $1,902,379 $228,644 51,125,027 MAINTENANCE 3,639,013 3,639,013 DEPRECIATION/AMORTIZATION 16,911,390 14,536 475 288,232 17,214,633 TAXES OTHER THAN INCOME 14,391,166 6,267 3,211 63,141 11,350 14,452,435 STATE TAXES - CURRENT 1,059,195 7,254 15,485 394,514 20,000 1,496,448 STATE TAXES - DEFERRED 48,000 48,000 FEDERAL INCOME TAXES - CURRENT 2,514,476 (43,245) 40,503 1,077,557 (360,136) 3,229,155 FEDERAL INCOME TAXES - DEFERRED 829,818 160,500 (307,503) 682,815 ___________________________________________________________________________________________________________________________________ TOTAL OPERATING EXPENSES 88,403,170 251,783 180,399 2,037,428 1,254,740 239,994 91,887,526 OPERATING INCOME 31,651,337 (184,786) (87,433) (387,041) (1,254,740) 226,994 239,994 29,750,337 ALLOWANCE FOR FUNDS DURING CONSTRUCTION/EQUITY EARNINGS 109,876 (166,728) 138,852 238,000 320,000 OTHER INCOME, NET (726,496) 268,205 33,333 2,812,697 188,216 312,067 126,673 2,390,561 LEASED LAND INCOME 126,673 126,673 0 ___________________________________________________________________________________________________________________________________ TOTAL INCOME 31,161,390 (83,309) 84,752 2,663,656 (1,066,524) 665,734 366,667 32,460,898 INCOME DEDUCTIONS INTEREST ON LONG-TERM DEBT & AMORTIZATION 12,027,376 352,597 12,379,973 OTHER INTEREST, NET 1,175,734 5,353 3,897 312,067 872,917 MISCELLANEOUS INCOME DEDUCTIONS 268,974 268,974 ___________________________________________________________________________________________________________________________________ TOTAL INCOME DEDUCTIONS 13,472,084 357,950 3,897 312,067 13,521,864 NET INCOME TO COMMON $17,689,306 $(83,309) $84,752 $2,305,706 $(1,070,421) $665,734 $678,734 $18,939,034 =========== ======== ======= ========== =========== ======== ======== ===========
CONNECTICUT ENERGY CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (UNAUDITED)
EXHIBIT A THE CNE SOUTHERN CNE CNE ENERGY ADJUSTMENTS/ CONNECTICUT VENTURE-TECH, DEVELOPMENT SERVICES CEC ELIMINATIONS TOTAL ACCOUNT DESCRIPTION GAS COMPANY INC. CORPORATION GROUP, INC. HOLDING DEBIT CREDIT CEC ________________________________________________________________________________________________________________________________ ASSETS UTILITY PLANT INTANGIBLES $ 140,692 $ 140,692 PRODUCTION 2,274,086 2,274,086 STORAGE 3,000,081 3,000,081 DISTRIBUTION 372,319,510 372,319,510 GENERAL 28,423,895 28,423,895 ________________________________________________________________________________________________________________________________ SUBTOTAL 406,158,264 406,158,264 CONSTRUCTION WORK IN PROGRESS 6,993,420 6,993,420 NONUTILITY PROPERTY 5,752,335 $1,504,496 $4,070 $118,376 7,379,277 ________________________________________________________________________________________________________________________________ TOTAL PP&E 418,904,019 1,504,496 4,070 118,376 420,530,961 LESS: ACCUMULATED DEPRECIATION 139,611,366 3,809 475 56,952 139,672,602 ________________________________________________________________________________________________________________________________ NET PP&E 279,292,653 1,500,687 3,595 61,424 280,858,359 CURRENT ASSETS CASH 337,791 741,616 104,233 4,502,148 $2,414,667 8,100,455 ACCOUNTS RECEIVABLE: TRADE 37,190,887 474,599 37,665,486 OTHER 3,997,706 42,155 30,621 282,287 37,861 4,390,630 INTERCOMPANY 998,358 10,549 16,002 13,009 964,662 $ 2,002,580 0 ________________________________________________________________________________________________________________________________ SUBTOTAL 42,186,951 52,704 46,623 769,895 1,002,523 2,002,580 42,056,116 LESS: BAD DEBT ALLOWANCE 2,396,229 2,396,229 ________________________________________________________________________________________________________________________________ NET ACCOUNTS RECEIVABLE 39,790,722 52,704 46,623 769,895 1,002,523 2,002,580 39,659,887 UNBILLED REVENUES 6,220,620 6,220,620 UNRECOVERED PURCHASED GAS COSTS 7,953,345 7,953,345 FUEL STOCK 6,640,879 6,640,879 PREPAID EXPENSES 4,455,717 22,448 4,478,165 ________________________________________________________________________________________________________________________________ TOTAL CURRENT ASSETS 65,399,074 794,320 150,856 5,294,491 3,417,190 2,002,580 73,053,351 OTHER ASSETS INVESTMENT IN SUBSIDIARIES AND OTHER ASSETS 2,086,741 243,756 3,180,872 126,973,652 126,973,652 5,511,369 UNAMORTIZED DEBT EXPENSE 10,773,194 10,773,194 OTHER DEFERRED DEBITS 92,589,601 79,959 484 12,809,934 293,362 $227,633 106,000,973 ________________________________________________________________________________________________________________________________ TOTAL OTHER ASSETS 103,362,795 2,166,700 244,240 15,990,806 127,267,014 227,633 126,973,652 122,285,536 TOTAL ASSETS $448,054,522 $4,461,707 $398,691 $21,346,721 $130,684,204 $227,633$128,976,232 $476,197,246 ============ ========== ======== ========== =========== ======= =========== ===========
CONNECTICUT ENERGY CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1997 (UNAUDITED)
EXHIBIT A THE CNE SOUTHERN CNE CNE ENERGY ADJUSTMENTS/ CONNECTICUT VENTURE-TECH, DEVELOPMENT SERVICES CEC ELIMINATIONS TOTAL ACCOUNT DESCRIPTION GAS COMPANY INC. CORPORATION GROUP, INC. HOLDING DEBIT CREDIT CEC _______________________________________________________________________________________________________________________________ CAPITALIZATION COMMON STOCK $ 18,760,951 $ 1,000 $ 1,000 $ 1,000 $ 10,347,988 $ 18,763,951 $ 10,347,988 CAPITAL STOCK EXPENSE (636,182) (4,421,974) (5,058,156) CAPITAL IN EXCESS OF PAR VALUE 95,023,812 4,500,000 100,000 4,099,000 135,221,740 112,031,029 126,913,523 UNEARNED COMPENSATION (1,487,380) (1,487,380) RETAINED EARNINGS 52,883,506 (164,080) 167,120 2,562,615 (8,964,663) $3,821,328 50,305,826 MINIMUM PENSION LIABILITY 472,864 (472,864) ________________________________________________________________________________________________________________________________ SUBTOTAL 166,032,087 4,336,920 268,120 6,662,615 130,695,711 131,267,844 3,821,328 180,548,937 LONG-TERM DEBT 139,000,000 11,006,769 150,006,769 ________________________________________________________________________________________________________________________________ TOTAL CAPITALIZATION 305,032,087 4,336,920 268,120 17,669,384 130,695,711 131,267,844 3,821,328 330,555,706 CURRENT LIABILITIES SHORT-TERM BORROWINGS 29,400,000 400,000 29,800,000 CURRENT PORTION OF LONG-TERM DEBT 1,320,635 1,320,635 ACCOUNTS PAYABLE 12,141,450 54,834 6 94 1,933 12,198,317 REFUNDS DUE CUSTOMERS 360,246 360,246 FEDERAL CORPORATE TAXES 3,020,125 154 (46,724) 64,509 (235,038) 2,803,026 STATE CORPORATE TAXES 1,353,267 31,233 (12,957) 101,113 15,555 1,488,211 PROPERTY TAXES 0 OTHER ACCRUED TAXES 2,875,303 3,184 1,147 39,314 2,918,948 ACCOUNTS PAYABLE- INTERCOMPANY 21,472 24,174 22,430 1,934,504 2,002,580 0 INTEREST PAYABLE 2,547,916 8,668 2,556,584 OTHER ACCRUED LIABILITIES 5,298,994 11,208 40,999 5,351,201 CUSTOMERS' DEPOSITS 1,755,694 1,755,694 ________________________________________________________________________________________________________________________________ TOTAL CURRENT LIABILITIES 58,774,467 124,787 (36,098) 3,468,837 223,449 2,002,580 60,552,862 OTHER LIABILITIES DEFERRED FEDERAL INCOME TAXES 73,682,424 160,500 (386,994) 335,450 73,120,480 DEFERRED STATE INCOME TAXES 48,000 48,000 DEFERRED INVESTMENT TAX CREDITS 2,610,968 2,610,968 OTHER 7,954,576 166,669 152,038 1,035,947 9,309,230 ________________________________________________________________________________________________________________________________ TOTAL OTHER LIABILITIES 84,247,968 166,669 208,500 (234,956) 335,450 1,035,947 85,088,678 TOTAL CAPITALIZATION & LIABILITIES $448,054,522 $4,461,707 $398,691 $21,346,721 $130,684,204 $133,605,874 $4,857,275 $476,197,246 ============ ========== ======== =========== ============ ============ ========== ============
CONNECTICUT ENERGY CORPORATION CONSOLIDATING STATEMENT OF CHANGES IN RETAINED EARNINGS (UNAUDITED)
EXHIBIT A THE CNE SOUTHERN CNE CNE ENERGY CONNECTICUT CONNECTICUT VENTURE-TECH, DEVELOPMENT SERVICES ENERGY ADJUSTMENTS/ GAS COMPANY INC. CORPORATION GROUP, INC. CORPORATION ELIMINATIONS CONSOLIDATED ________________________________________________________________________________________________________________________ BALANCE - DECEMBER 31, 1997 $49,082,001 $ (80,771) $ 82,368 $ 256,909 $(8,068,229) $3,821,328 $45,093,606 ADD: NET INCOME 17,689,306 (83,309) 84,752 2,305,706 (1,070,421) 13,000 18,939,034 LESS: COMMON STOCK DIVIDENDS 13,887,801 (173,987) 13,713,814 LESS: ADJUSTMENT FOR MINIMUM PENSION LIABILITY 472,864 472,864 REVERSAL OF PRIOR PERIOD CONSOLIDATING ACCRUAL (13,000) (13,000) ________________________________________________________________________________________________________________________ BALANCE - DECEMBER 31, 1998 $52,883,506 $(164,080) $167,120 $2,562,615 $(8,964,663) $3,348,464 $49,832,962 =========== ========= ======== ========== =========== ========== ===========
EX-27 2
OPUR3 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENT OF INCOME AND BALANCE SHEET OF CONNECTICUT ENERGY CORPORATION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 YEAR SEP-30-1998 JAN-01-1998 DEC-31-1998 PER-BOOK 476,197 227,517 18,939
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