-----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, LrzNRBZ3w6NNdJWrzR/7S/ODT0fYDrdqbcYxvkmlMH/5c58YZ3jN8hE/njnvwhZD TyNvuNeDyW1d7CrUS7B7GQ== 0000031224-96-000032.txt : 19960816 0000031224-96-000032.hdr.sgml : 19960816 ACCESSION NUMBER: 0000031224-96-000032 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19960815 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EASTERN UTILITIES ASSOCIATES CENTRAL INDEX KEY: 0000031224 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041271872 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-07287 FILM NUMBER: 96616398 BUSINESS ADDRESS: STREET 1: ONE LIBERTY SQ STREET 2: P O BOX 2333 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6173579590 35-CERT 1 RULE 24 OF EUA COGENEX CONS. FOR 3 MOS ENDED 3/31/96 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. In the matter of ) ) EASTERN UTILITIES ASSOCIATES ) Boston, Massachusetts ) ) EUA COGENEX CORPORATION ) Certificate of Lowell, Massachusetts ) Notification ) Pursuant to ) Rule 24 (70-7287) ) ) (Public Utility Holding Company Act of 1935) ) Enclosed herewith for filing by Eastern Utilities Associates and its wholly-owned subsidiary, EUA Cogenex Corporation, in accordance with the Order of the Securities and Exchange Commission entered in the above matter on February 15, 1995 (Release No. 35-26232) and pursuant to Rule 24 under the Public Utility Holding Company Act of 1935, are the consolidated and consolidating balance sheet, income statement, and statement of cash flows of EUA Cogenex for the quarter ended March 31, 1996 and such other information required to be filed by said order. EASTERN UTILITIES ASSOCIATES By: /s/ Clifford J. Hebert, Jr. Clifford J. Hebert, Jr. Treasurer EUA COGENEX CORPORATION By: /s/ Basil G. Pallone Basil G. Pallone Executive Vice President August 15, 1996 EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1996
ASSETS EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Consolidated Eliminations (Division) (Division) (Division) Inc Canada Ut. Plnt and Other Inv.: Util. plnt in svc $ $ $ $ $ $ $ Less acc. prov. for dep. & amort. Net util. plnt in svc Constr. work in prog. Net utility plant Non-utility prop. 112,741,608 57,087,508 1,277,815 1,919,736 8,697,105 Less acc. prov for deprec. 31,678,141 20,532,549 785,832 739,566 2,585,756 Net non-ut. prop. 81,063,467 36,554,959 491,983 1,180,170 6,111,349 Investments in subs 76,000 62,126,861 62,202,861 Excess of carrying values of inv. in subs. Notes receivable 37,345,128 33,102,394 4,127,925 Leases receivable 11,369,350 7,830,814 Other 18,443,634 15,294,587 (186,000) 283,342 Total Util. Plant & Other Inv. 148,297,579 62,126,861 154,985,615 305,983 1,180,170 6,394,691 4,127,925 Current Assets: Cash & tci 3,022,653 650,201 (20,325) 94,908 134,625 10,669 Notes receivable 17,744,242 6,179,962 21,749,598 92,745 47,601 691,473 Leases receivable 2,117,288 826,834 Acc. rec. - Net: Customers 18,404,805 6,634,152 2,739,878 1,961,512 526,091 20,180 Accr. unbilled rev Others 3,693,905 1,171,557 5,022,041 18,736 108,027 (296,578) 101 Accounts rec. 4,120,925 3,465,499 472,387 131,160 Materials and supplies (at average cost): Fuel Plnt mts & op. supp. 2,984,440 84,655 2,290,352 563,825 Oth. current assets 1,995,157 1,492,749 89,304 38,908 21,841 Tot. Curr. Ass. 49,962,490 11,472,444 39,925,729 5,683,077 2,945,941 364,138 744,264 Deferred Debits: Unam. debt exp 672,162 672,162 Unrec. reg. plnt costs Oth. def. debits 2,853,144 1,355,781 (53,328) 65,406 1,335,220 20,764 Total Deferred 3,525,306 2,027,943 (53,328) 65,406 1,335,220 20,764 Total Assets $201,785,375 $73,599,305 $196,939,287 $5,935,732 $4,191,517 $8,094,049 $4,892,953
The accompanying notes are an integral part of the financial statements. EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1996
ASSETS (CONTINUED) EUA EUA EUA EUA EUA EUA EUA Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Corporation Corporation (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) Ut. Plnt and Other Inv.: Util. plnt in svc $ $ $ $ $ $ $ Less acc. prov. for dep. & amort. Net util. plnt in svc Constr. work in prog. Net utility plant Non-utility prop. 1,499,552 1,747,858 15,093,764 77,490 9,156,619 16,184,161 Less acc. prov for deprec. 43,422 333,723 1,887,273 71,529 1,024,857 3,673,634 Net non-ut. prop. 1,456,130 1,414,135 13,206,491 5,961 8,131,762 12,510,527 Investments in subs Excess of carrying values of inv. in subs. Notes receivable 114,809 Leases receivable 1,000,598 246,603 2,291,335 Other 64,924 2,710,417 587 125,052 41,623 109,102 Total Util. Plant & Other Inv. 1,521,054 5,239,959 587 13,331,543 5,961 8,419,988 14,910,964 Current Assets: Cash & tci (73,578) (166,978) 1,146 846,946 1,483 36,959 1,506,597 Notes receivable 9,067 894,638 439,082 Leases receivable 109,538 51,247 1,129,669 Acc. rec. - Net: Customers 403,126 1,193,049 304,500 887,742 1,044,920 462,156 2,227,499 Accr. unbilled rev Others 4,034 2,701 6,400 Accounts rec. 45,957 5,922 Materials and supplies (at average cost): Fuel Plnt mts & op. supp. 45,608 Oth. current assets 7,088 7,883 250 9,386 327,748 Tot. Curr. Ass. 386,627 1,206,790 1,200,284 2,180,420 1,046,403 559,748 5,191,513 Deferred Debits: Unam. debt exp Unrec. reg. plnt costs Oth. def. debits 122,849 6,452 Total Deferred 122,849 6,452 Total Assets $2,030,530 $6,453,201 $1,200,871 $15,511,963 $1,052,364 $8,979,736 $20,102,477
The accompanying notes are an integral part of the financial statements. EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1996
LIABILITIES EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Consolidated Elimin. Corporation (Division) (Division) Inc Canada Capitalization: Common equity $52,249,072 $16,577,355 $49,710,386 $1,598,793 $1,028,594 $11,790,513 $150,089 Non-red. pref. stock of subs Redeemable pref. subs. - net 75 Pref. stck red. cost Partnerships' capit. 13,024,397 LT debt - net $111,700,000 24,214,589 111,700,000 Total Capital. 163,949,147 53,816,341 161,410,386 1,598,793 1,028,594 11,790,513 150,089 Current Liabilities: Pref. stock sink Long-term debt due 6,700,000 6,700,000 Notes payable 20,796,459 11,243,958 15,225,000 1,786,446 1,867,073 4,634,721 Accounts payable 4,892,895 3,710,919 3,570,830 331,207 756,163 Acc. payable-ass co. 601,444 2,625,228 1,234,273 668,588 146,909 12,470 Customer deposits 529,899 (4,359) Taxes accrued 250,105 18,465 53,352 57,307 20,968 108,143 Interest accrued 1,677,583 1,495,697 1,677,583 1,293,758 201,939 Dividends declared Other cur. liab. 6,611,879 (28,465) 6,202,601 (2,198) 5 Tot. Current Liab. 42,060,264 19,065,802 34,663,639 4,130,749 2,993,057 12,470 4,742,864 Deferred Credits: Unam. invest. credit Other def. credits 1,772,449 717,162 1,561,057 206,190 169,866 548,638 Tot. Def. Cr. 1,772,449 717,162 1,561,057 206,190 169,866 548,638 Acc. def. Taxes (5,996,485) (695,795) (4,257,572) Commit. & cont. Tot. Liab. & Cap. $201,785,375 $73,599,305 $196,939,287 $5,935,732 $4,191,517 $8,094,049 $4,892,953
( ) Denotes Contra The accompanying notes are an integral part of the financial statements. EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1996
LIABILITIES (CONTINUED) EUA EUA EUA EUA EUA EUA EUA Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Corporation Corporation (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) Capitalization: Common equity ($1,746) $4,549,798 Non-red. pref. stock of subs Redeemable pref. subs. - net 75 Pref. stck red. cost Partnerships' capit. (584,139) 3,714,295 330,570 3,166,597 6,397,074 LT debt - net 1,046,304 10,808,167 3,012,921 9,347,197 Total Capital. (1,671) 4,549,798 462,165 14,522,462 330,570 6,179,518 15,744,271 Current Liabilities: Pref. stock sink Long-term debt due Notes payable 1,632,765 1,830,415 2,536,320 2,527,677 Accounts payable 166,843 67,853 729,547 591,264 696,237 225,379 1,468,491 Acc. payable-ass co. 158,046 1,006,386 Customer deposits 360,717 173,541 Taxes accrued 3,953 6,381 18,466 Interest accrued Dividends declared Other cur. liab. 66,734 35,486 9,159 19,054 25,557 38,519 188,497 Tot. Current Liab. 2,028,341 2,946,521 738,706 989,501 721,794 2,800,218 4,358,206 Deferred Credits: Unam. invest. credit Other def. credits 3,860 Tot. Def. Cr. 3,860 Acc. def. Taxes (1,043,118) Commit. & cont. Tot. Liab. & Cap. $2,030,530 $6,453,201 $1,200,871 $15,511,963 $1,052,364 $8,979,736 $20,102,477
( ) Denotes Contra The accompanying notes are an integral part of the financial statements. EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 1996
EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Consolidated Eliminations Corporation (Division) (Division) Inc Canada Operating Revenues $12,591,008 $1,208,105 $5,252,112 $1,617,766 $1,970,862 $903,494 $ Operating Expenses: Operation 11,416,744 (682,894) 4,401,403 2,023,124 1,761,079 19,973 370 Maintenance 34,509 166,091 114,406 8,195 4,519 Dep. & and amort 438,273 1,770,482 1,265,143 42,795 18,245 194,391 246 Taxes-Oth. thn inc. 230,729 92,407 61,811 58,315 23 - Income (crdt) (1,002,521) (1,275,492) 161,783 43,763 - Deferred 238,286 165,311 72,975 Total Operating Exp 11,356,020 1,253,679 4,763,178 2,135,925 1,837,639 453,664 44,379 Operating Income 1,234,988 (45,574) 488,934 (518,159) 133,223 449,830 (44,379) Other Inc and Ded.: Int. & div. inc. 1,375,554 721,010 1,915,123 2,983 159,813 Equ. in earn. of jointly-owned cos. 699,846 699,846 All. for oth. funds used dur. constr. Oth. (deds) inc. (net) (565,377) 139,571 (464,076) 31,187 6,168 Tot. Oth. Income 810,177 1,560,427 2,150,893 34,170 165,981 Inc. (Loss) Before Int Chgs. 2,045,165 1,514,853 2,639,827 (483,989) 133,223 449,830 121,602 Interest Charges: Int. on LTD 2,517,751 390,526 2,517,751 Amt. of debt exp/prem 37,920 37,920 Oth. int. exp. (princ. st notes) 301,513 103,183 210,650 35,294 26,430 68,132 All. for borr. fnds used dur. contsr.-(crdt) (476,129) 229,366 (203,094) Tot. Int. chgs 2,381,055 723,075 2,563,227 35,294 26,430 68,132 Net Inc. (Loss) before pref. ret. (335,890) 791,778 76,600 (519,283) 106,793 449,830 53,470 Pref. Return Req. Net Inc (Loss) ($335,890) $791,778 $76,600 ($519,283) $106,793 $449,830 $53,470 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS (CONTINUED) FOR THE THREE MONTHS ENDED MARCH 31, 1996
EUA EUA EUA EUA EUA EUA EUA Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Corporation Corporation (Prtnrshp) (Prtnrshp) (Prtnshp) (Prtnrshp) (Prtnrshp) Operating Revenues $569,899 $1,492,278 $622,986 $7,473 $373,661 $988,582 Operating Expenses: Operation 505,375 1,304,926 964 640,122 800 26,563 49,151 Maintenance 182 983 729 12,318 314 17,869 41,085 Dep. & and amort 20,544 80,622 587 49,491 5,344 100,491 430,856 Taxes-Oth. thn inc. 5,938 12,235 - Income (crdt) 10,867 56,558 - Deferred Total Operating Exp 542,906 1,455,324 2,280 701,931 6,458 144,923 521,092 Operating Income 26,993 36,954 (2,280) (78,945) 1,015 228,738 467,490 Other Inc and Ded.: Int. & div. inc. 954 15,410 2,281 Equ. in earn. of jointly-owned cos. All. for oth. funds used dur. constr. Oth. (deds) inc. (net) 915 Tot. Oth. Income 1,869 15,410 2,281 Inc. (Loss) Before Int Chgs. 28,862 52,364 (2,280) (76,664) 1,015 228,738 467,490 Interest Charges: Int. on LTD 32,355 30,822 79,872 247,477 Amt. of debt exp/prem Oth. int. exp. (princ. st notes) 29,725 34,465 All. for borr. fnds used dur. contsr.-(crdt) (16,797) (26,872) Tot. Int. chgs 12,928 7,593 32,355 30,822 79,872 247,477 Net Inc. (Loss) before pref. ret. 15,934 44,771 (34,635) (107,486) 1,015 148,866 220,013 Pref. Return Req. Net Inc (Loss) $15,934 $44,771 ($34,635) ($107,486) $1,015 $148,866 $220,013
The accompanying notes are an integral part of the financial statements. EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1996
EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Consolidated Eliminations Corporation (Division) (Division) Inc Canada CASH FLOW FROM OP. ACT.: Net Income (Loss) ($335,889) $791,779 $76,600 ($519,282) $106,793 $449,830 $53,471 Adj. to Rec. Net Inc.(Loss) to Net Cash Prov. by Op. Act.: Dep. and amort. 2,524,796 1,556,334 38,375 18,245 219,421 Deferred taxes 367,923 238,390 72,975 Gains on sales of inv. in energy svg. proj. paid for with notes & lease rec. (93,023) (77,296) Non-cash costs of energy svg costs 1,020,795 1,020,795 Pension liability 105,603 79,002 26,601 Amort. of def. rev. (60,579) (60,579) Collections & sales of proj. notes & lease rec. 1,586,694 1,459,183 Equity earnings (699,846) (699,846) Other - net (562,956) 509,071 60,874 1,742 (47,151) (25,030) (20,077) Net Chgs to Working Cap: Acc. receivable 162,719 (593,174) (456,741) 1,374,753 (526,005) 281,286 (6,279) Matls and supplies 361,524 302,587 8,406 Accounts payable (1,280,353) 1,652,684 (1,154,249) (331,661) 455,847 7,729 Accrued taxes 127,879 18,466 39,018 21,542 8,517 44,256 Other - net (112,327) 43,204 (988,253) (73,849) 15,902 1,729 Net Cash Provided from (Used In) Op. Act 3,812,806 1,722,184 1,153,811 840,808 40,554 945,632 73,100 CASH FLOW FROM INV. ACT.: Exp. for Inv in en. svgs projects (8,379,293) 244,225 (5,874,255) (3,994) (11,214) (553,161) Coll. on notes & leases rec. 551,629 477,292 3,021 71,316 Inv. in subs. (75,000) (401,215) (476,215) Net Cash Prov. from (Used in) Inv. Act (7,902,664) (156,990) (5,873,178) (973) (11,214) (481,845) CASH FLOW FROM FIN. ACT.: Issuances: Common shares/cap contr. Long-term deb 953,350 Redemptions: Long-term debt (800,000) (365,674) (800,000) Prem. on reaq. & fin. Dividends dec (812,000) (812,000) Cap. contrib.-EUA Partner's cont. (w/d) (1,471,620) Net inc. (dec) in std 6,409,080 130,748 5,661,000 (645,000) 457,077 Net Cash Prov. fr (Used In) Fin Act 5,609,080 (1,565,196) 4,861,000 (645,000) (812,000) 457,077 NET INC (DEC) IN CASH 1,519,220 141,633 194,835 29,340 133,632 48,332 Cash & tci-Beg. of per. 1,503,436 508,570 (215,160) 65,568 993 (37,663) Cash & tci-end of per. $3,022,656 $650,203 ($20,325) $94,908 $134,625 $10,669 Cash paid during the year for: Int (net of amts cap) $1,877,984 $1,856,182 Income taxes ($104,558) $10,597 ($121,319) Conv. of inv. in en. svgs proj. to notes and leases rec. $712,212 $614,206 ( ) Denotes contra
The accompanying notes are an integral part of the financial statements. EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE THREE MONTHS ENDED MARCH 31, 1996
EUA EUA EUA EUA EUA EUA EUA Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Corporation Corporation (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) CASH FLOW FROM OP. ACT.: Net Income (Loss) $15,934 $44,770 ($34,635) ($107,486) $1,015 $148,867 $220,013 Adj. to Rec. Net Inc.(Loss) to Net Cash Prov. by Op. Act.: Dep. and amort. 20,544 80,622 588 49,490 5,344 101,119 434,714 Deferred taxes 56,558 Gains on sales of inv. in energy svg. proj. paid for with notes & lease rec. (15,727) Non-cash costs of energy svg costs Pension liability Amort. of def. rev. Collections & sales of proj. notes & lease rec. 25,157 26,286 19,959 56,109 Equity earnings Other - net (44,997) 20,754 Net Chgs to Working Cap.: Acc. receivable (96,074) (701,437) (855) (126,818) 300,404 (95,659) (377,030) Matls and supplies 50,531 Accounts payable (8,774) 19,901 113,318 13,978 51,960 73,306 1,130,976 Accrued taxes 3,571 10,975 18,466 Other - net (41,287) 819 82,410 38,784 (39,054) (15,320) 948,996 Net Cash Provided from (Used In) Op. Act (151,083) (407,077) 160,826 (87,300) 319,669 232,272 2,413,778 CASH FLOW FROM INV. ACT.: Exp. for Inv in en. svgs projects (324,216) (189,796) (447,165) (504,869) (226,398) Coll. on notes & leases rec. Inv. in subs. Net Cash Prov. from (Used in) Inv. Act (324,216) (189,796) (447,165) (504,869) (226,398) CASH FLOW FROM FIN. ACT.: Issuances: Common shares/cap contr. Long-term deb 953,350 Redemptions: Long-term debt (72,381) (74,932) (218,361) Prem. on reaq. & fin. Dividends dec Cap. contrib.-EUA Partner's cont. (w/d) (88,299) (50,892) (332,429) (1,000,000) Net inc. (dec) in std 412,002 279,608 265,141 110,000 Net Cash Prov. fr (Used In) Fin Act 412,002 279,608 (160,680) 902,458 (332,429) 190,209 (1,108,361) NET INC (DEC) IN CASH (63,297) (317,265) 146 367,993 (12,760) (82,388) 1,079,019 Cash & tci-Beg. of per. (10,281) 150,287 1,000 478,954 14,243 119,347 427,579 Cash & tci-end of per. ($73,578) ($166,978) $1,146 $846,947 $1,483 $36,959 $1,506,598 Cash paid during the year for: Int (net of amts cap) $21,802 Income taxes $5,032 $1,132 Conv. of inv. in en. svgs proj. to notes and leases rec. $98,006 ( ) Denotes contra
Business Line Project Equipment in Service Revenues as of 3/31/96 as of 3/31/96 Demand Side Mgmt./Energy Mgmt. Ser $86,142,577 $8,546,201 Manufacturing and Fabrication $3,588,628 Consulting $456,179 TOTAL $86,142,577 $12,591,008 Geographic Location Project Equipment in Service Revenues as of 3/31/96 as of 3/31/96 New England / New York Region $50,276,809 $8,635,692 U.S. excluding New England $35,865,768 $3,955,316 and New York Canada All areas of the world excluding U.S. and Canada TOTAL $86,142,577 $12,591,008 EX-27 2 FDS
OPUR1 1000 3-MOS DEC-31-1996 MAR-31-1996 PER-BOOK 0 148298 49962 3525 0 201785 0 45788 6461 52249 0 0 111700 0 20796 0 6700 0 0 0 10340 201785 12591 (763) 12119 11356 1235 810 2045 2381 (336) 0 (336) 0 2518 3813 0 0
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