-----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, JUvzzfMtM0iFTE0zQ1TMWJYdjKo5Ei6KAdEgFFje/Wy1KjdIkwB8BTYRbA9GXXuQ 9Ux6aFNkTAgIido9fH7K7A== 0000310103-00-000009.txt : 20000208 0000310103-00-000009.hdr.sgml : 20000208 ACCESSION NUMBER: 0000310103-00-000009 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000207 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: 525516 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 operating as 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 is a nonutility subsidiary that provides energy products and services to commercial and industrial customers. (iv) CNE Venture-Tech, Inc. 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, Inc. is a nonutility subsidiary that invests in ventures that offer technologically advanced energy-related products and operates a service bureau. 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, 1999 Southern had 2,183 miles of main and 124,842 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 Total Peaking Services, LLC, a wholly-owned affiliate of CNE Energy. 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 1999, Southern sold 23,705,771 Mcf of natural or manufactured gas at retail, earning revenues of $204,441,929. All of said sales were made in the state of Connecticut. (b) None (c) During the calendar year 1999, Southern made the following sales of natural or manufactured gas outside Connecticut or at the Connecticut border: State Revenues Mcf ----- -------- --- Louisiana $ 88,340 53,942 Massachusetts 13,189 19,823 Mississippi 259,039 158,404 New Jersey 318,534 107,137 New York 9,443 3,228 Texas 88,986 54,680 ---------- --------- $777,531 397,214 (d) Southern accepts in Connecticut offers to sell gas for delivery in Connecticut. The total amount of purchases in calendar year 1999 from out-of-state marketers was 8,588,955 Mcf. The commodity cost of said purchases was $13,404,452. 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 1999 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 7th day of February, 2000. 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, 1999 (UNAUDITED)
EXHIBIT A CNE THE CNE ENERGY SOUTHERN VENTURE- CNE SERVICES ADJUSTMENTS/ CONNECTICUT TECH, DEVELOPMENT GROUP, CEC ELIMINATIONS TOTAL ACCOUNT DESCRIPTION GAS COMPANY INC. CORPORATION INC. HOLDING DEBIT CREDIT CEC _______________________________________________________________________________________________________________________________ OPERATING REVENUES $228,828,815 $1,734,238 $2,493,273 $5,668,058 $3,091,855 $235,632,529 PURCHASED GAS 103,568,794 1,379,582 $ 968,335 103,980,041 _______________________________________________________________________________________________________________________________ GROSS MARGIN 125,260,021 1,734,238 2,493,273 4,288,476 3,091,855 968,335 131,652,488 OPERATING EXPENSES OPERATIONS 48,592,274 1,022,966 181,341 949,397 $ 5,217,098 2,097,626 53,865,450 MAINTENANCE 3,759,257 3,759,257 DEPRECIATION/AMORTIZATION 17,099,286 498,254 990 731,241 18,329,771 TAXES OTHER THAN INCOME 15,692,004 18,247 8,620 44,952 53,108 30,894 15,786,037 STATE TAXES - CURRENT (164,887) 14,282 204,386 (364,170) (256,742) (567,131) STATE TAXES - DEFERRED (22,000) (22,000) FEDERAL INCOME TAXES - CURRENT 6,218,882 52,395 769,007 191,561 (1,038,931) 6,192,914 FEDERAL INCOME TAXES - DEFERRED 1,446,248 (51,500) 307,503 1,702,251 _______________________________________________________________________________________________________________________________ TOTAL OPERATING EXPENSES 92,643,064 1,606,144 1,164,344 1,479,481 4,282,036 2,128,520 99,046,549 OPERATING INCOME 32,616,957 128,094 1,328,929 2,808,995 (4,282,036) 3,091,855 3,096,855 32,605,939 ALLOWANCE FOR FUNDS DURING CONSTRUCTION/EQUITY EARNINGS 113,151 (55,655) 76,425 (1,592,500) (1,458,579) OTHER INCOME, NET (57) 10,471 17,180 140,420 178,551 346,565 0 OTHER INCOME - MISC., NET (1,066,004) (279,693) 149,333 (1,196,364) LEASED LAND INCOME 149,333 149,333 0 _______________________________________________________________________________________________________________________________ TOTAL INCOME 31,813,380 82,910 1,422,534 1,077,222 (4,103,485) 3,587,753 3,246,188 29,950,996 INCOME DEDUCTIONS INTEREST ON LONG-TERM DEBT & AMORTIZATION 12,035,065 745,259 12,780,324 OTHER INTEREST, NET 609,663 75,568 235,368 346,565 574,034 MISCELLANEOUS INCOME DEDUCTIONS 219,073 219,073 _______________________________________________________________________________________________________________________________ TOTAL INCOME DEDUCTIONS 12,863,801 820,827 235,368 346,565 13,573,431 NET INCOME TO COMMON $18,949,579 $ 82,910 $1,422,534 $ 256,395 $(4,338,853) $3,587,753 $3,592,753 $16,377,565 =========== ========== ========== ========== =========== ========== ========== =========== Operations expense includes merger-related expenses of $4,337,248. The tax benefit associated with these expenses was $601,313 and is reflected in the provisions for state and federal income taxes.
CONNECTICUT ENERGY CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1999 (UNAUDITED)
EXHIBIT A CNE THE CNE ENERGY SOUTHERN VENTURE- CNE SERVICES ADJUSTMENTS/ CONNECTICUT TECH, DEVELOPMENT GROUP, CEC ELIMINATIONS TOTAL ACCOUNT DESCRIPTION GAS COMPANY INC. CORPORATION INC. HOLDING DEBIT CREDIT CEC _________________________________________________________________________________________________________________________ ASSETS UTILITY PLANT INTANGIBLES $ 140,692 $ 140,692 PRODUCTION 2,366,097 2,366,097 STORAGE 3,131,772 3,131,772 DISTRIBUTION 386,923,099 386,923,099 GENERAL 31,062,188 31,062,188 ____________________________________________________________________________________________________________________________ SUBTOTAL 423,623,848 423,623,848 CONSTRUCTION WORK IN PROGRESS 3,259,331 3,259,331 NONUTILITY PROPERTY 6,047,695 $ 7,760,332 $ 4,070 $ 253,860 14,065,957 ____________________________________________________________________________________________________________________________ TOTAL PP&E 432,930,874 7,760,332 4,070 253,860 440,949,136 LESS: ACCUMULATED DEPRECIATION 150,735,260 404,474 1,465 84,242 151,225,441 ____________________________________________________________________________________________________________________________ NET PP&E 282,195,614 7,355,858 2,605 169,618 289,723,695 CURRENT ASSETS CASH 1,043,743 226,832 540,845 3,873,780 $ 753,493 6,438,693 ACCOUNTS RECEIVABLE: TRADE 41,633,698 1,489,971 43,123,669 OTHER 2,696,282 199,866 256,455 607 3,153,210 INTERCOMPANY 1,827,384 454,643 19,566 578,731 7,498,283 $ 3 $ 10,378,610 0 ____________________________________________________________________________________________________________________________ SUBTOTAL 46,157,364 654,509 276,021 2,068,702 7,498,890 3 10,378,610 46,276,879 LESS: BAD DEBT ALLOWANCE 2,254,520 2,254,520 ____________________________________________________________________________________________________________________________ NET ACCOUNTS RECEIVABLE 43,902,844 654,509 276,021 2,068,702 7,498,890 3 10,378,610 44,022,359 UNBILLED REVENUES 6,348,398 6,348,398 UNRECOVERED PURCHASED GAS COSTS 11,451,227 11,451,227 FUEL STOCK 6,238,075 3,366,868 9,604,943 PREPAID EXPENSES 2,029,274 105,634 319,933 2,454,841 ____________________________________________________________________________________________________________________________ TOTAL CURRENT ASSETS 71,013,561 986,975 816,866 9,629,283 8,252,383 3 10,378,610 80,320,461 OTHER ASSETS INVESTMENT IN SUBSIDIARIES AND OTHER ASSETS 0 3,281,086 220,181 4,976,318 134,483,652 134,483,652 8,477,585 UNAMORTIZED DEBT EXPENSE 10,390,930 10,390,930 OTHER DEFERRED DEBITS 102,183,916 46,676 484 12,194,183 333,332 376,209 115,134,800 ____________________________________________________________________________________________________________________________ TOTAL OTHER ASSETS 112,574,846 3,327,762 220,665 17,170,501 134,816,984 376,209 134,483,652 134,003,315 TOTAL ASSETS $465,784,021 $11,670,595 $1,040,136 $26,969,402 $143,069,367 $376,212 $144,862,262 $504,047,471 ============ =========== ========== =========== ============ ======== ============ ============
CONNECTICUT ENERGY CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1999 (UNAUDITED)
EXHIBIT A CNE THE CNE ENERGY SOUTHERN VENTURE- CNE SERVICES ADJUSTMENTS/ CONNECTICUT TECH, DEVELOPMENT GROUP CEC ELIMINATIONS TOTAL ACCOUNT DESCRIPTION GAS COMPANY INC. CORPORATION INC. HOLDING DEBIT CREDIT CEC ________________________________________________________________________________________________________________________ CAPITALIZATION COMMON STOCK $ 18,760,951 $ 1,000 $ 1,000 $ 1,000 $ 10,374,483 $ 18,763,951 $ 10,374,483 CAPITAL STOCK EXPENSE (636,182) (4,442,074) (5,078,256) CAPITAL IN EXCESS OF PAR VALUE 95,023,812 7,550,000 100,000 8,559,000 136,538,562 119,541,029 128,230,345 RETAINED EARNINGS 57,917,143 (81,170) 889,654 2,819,010 (12,584,539) $3,821,328 52,781,426 RETAINED EARNINGS - MINIMUM PENSION LIABILITY 219,611 (219,611) _____________________________________________________________________________________________________________________________ SUBTOTAL 171,065,724 7,469,830 990,654 11,379,010 129,886,432 138,524,591 3,821,328 186,088,387 LONG-TERM DEBT 139,000,000 8,665,967 147,665,967 _____________________________________________________________________________________________________________________________ TOTAL CAPITALIZATION 310,065,724 7,469,830 990,654 20,044,977 129,886,432 138,524,591 3,821,328 333,754,354 CURRENT LIABILITIES SHORT-TERM BORROWINGS 27,400,000 12,700,000 40,100,000 CURRENT PORTION OF LONG-TERM DEBT 1,584,811 1,584,811 ACCOUNTS PAYABLE 15,431,386 24,378 1,916 28,272 458,354 15,027,598 REFUNDS DUE CUSTOMERS 449,954 449,954 FEDERAL CORPORATE TAXES 2,958,461 (560) 8,584 117,315 (74,377) 3,009,423 STATE CORPORATE TAXES 475,615 28,469 2,781 66,829 51,609 625,303 OTHER ACCRUED TAXES 3,567,152 4,092 3,571,244 ACCOUNTS PAYABLE- INTERCOMPANY 501,964 4,133,179 36,201 4,911,734 337,178 10,378,610 458,354 0 INTEREST PAYABLE 2,523,954 80,464 2,604,418 OTHER ACCRUED LIABILITIES 11,947,018 11,207 168,525 3 12,126,753 CUSTOMERS' DEPOSITS 1,495,702 1,495,702 _____________________________________________________________________________________________________________________________ TOTAL CURRENT LIABILITIES 66,751,206 4,200,765 49,482 6,789,425 13,182,935 10,836,964 458,357 80,595,206 OTHER LIABILITIES DEFERRED FEDERAL INCOME TAXES 75,580,366 109,000 146,408 75,542,958 DEFERRED STATE INCOME TAXES 26,000 26,000 DEFERRED INVESTMENT TAX CREDITS 2,318,636 2,318,636 OTHER 11,068,089 742,228 11,810,317 _____________________________________________________________________________________________________________________________ TOTAL OTHER LIABILITIES 88,967,091 135,000 146,408 742,228 89,697,911 TOTAL CAPITALIZATION & LIABILITIES $465,784,021 $11,670,595 $1,040,136 $26,969,402 $143,069,367 $149,507,963 $5,021,913 $504,047,471 ============ =========== ========== =========== ============ ============ ========== ============
CONNECTICUT ENERGY CORPORATION CONSOLIDATING STATEMENT OF CHANGES IN RETAINED EARNINGS (UNAUDITED)
EXHIBIT A CNE THE CNE ENERGY SOUTHERN VENTURE- CNE SERVICES CONNECTICUT CONNECTICUT TECH, DEVELOPMENT GROUP, ENERGY ADJUSTMENTS/ GAS COMPANY INC. CORPORATION INC. CORPORATION ELIMINATIONS CONSOLIDATED ______________________________________________________________________________________________________________________________ BALANCE - DECEMBER 31, 1998 $52,883,506 $(164,080) $ 167,120 $2,562,615 $ (8,964,663) $3,348,464 $49,832,962 ADD: NET INCOME 18,949,579 82,910 1,422,534 256,395 (4,338,853) 5,000 16,377,565 LESS: COMMON STOCK DIVIDENDS 13,915,942 700,000 (718,977) 13,896,965 ADJUSTMENT FOR MINIMUM PENSION LIABILITY 253,253 253,253 REVERSAL OF PRIOR PERIOD CONSOLIDATING ACCRUAL (5,000) (5,000) _____________________________________________________________________________________________________________________________ BALANCE - DECEMBER 31, 1999 $57,917,143 $ (81,170) $ 889,654 $2,819,010 $(12,584,539) $3,601,717 $52,561,815 =========== ========= ========== ========== ============ ========== ===========
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-30-1999 JAN-01-1999 DEC-31-1999 PER-BOOK 504,047 235,633 16,378
-----END PRIVACY-ENHANCED MESSAGE-----