-----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, WwPWYlz6h4mRIhW8jlSpIJVSoEfwxtLoYkwBxTb4uKnGaqrlrTCBf8rgQccewlCl C87nHhz8rRT5FFuVDZ6V+g== 0000031224-96-000006.txt : 19960216 0000031224-96-000006.hdr.sgml : 19960216 ACCESSION NUMBER: 0000031224-96-000006 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19960215 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: 96520879 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 9 MOS ENDED 9/30/95 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 September 30, 1995 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 Vice President February 15, 1996 EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1995 ASSETS
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland Consol. Elim. Corp. (Division) (Division) Inc Canada Corp. Corp. Utility Plant & Oth. Inv. Util plant in service $ $ $ $ $ $ $ $ $ Less acc prov for deprec and amortization Net util. plant in svc Constr. wip (Notes H&J) Net utility plant Non-utility property 69,755,937 54,953,250 1,339,696 1,853,672 8,697,105 855,256 2,056,958 Less acc prov for deprec 22,603,143 18,469,320 787,020 713,525 2,313,233 14,016 306,029 Net non-utility property 47,152,794 36,483,930 552,676 1,140,147 6,383,872 841,240 1,750,929 Inv. in subs. (at equity) 46,877,892 16,371,829 63,249,721 Excess of carrying val. of invest in subs. Notes receivable 30,126,601 30,126,601 Leases receivable 6,970,724 6,331,333 639,391 Other 18,650,225 15,625,671 (186,000) 333,340 69,315 2,807,899 Tot Util Plant & Oth Inv 149,778,236 16,371,829 151,817,256 366,676 1,140,147 6,717,212 910,555 5,198,219 Current Assets: Cash & temp cash inv 500,074 193,989 71,346 (63,448) 4,598 38,176 (1,774) 257,187 Notes receivable 19,235,729 6,912,617 21,460,802 97,688 51,890 4,482,143 55,823 Leases receivable 1,429,986 1,429,986 Accounts rec. - Net: Customers 11,993,429 4,764,530 3,900,192 1,918,414 524,040 570,176 316,077 Accrued unbilled rev. Others 6,091,841 5,440,703 81,890 636,569 (18,033) 9,837 (59,125) Acc. rec. - ass. co. (1,318) 2,837,736 1,863,651 827,549 144,567 100 127 424 Mats. & suppl. (at av. cost): Fuel Plant mats & op supp 3,133,006 51,841 2,367,618 596,909 116,638 Other current assets 2,032,316 1,893,430 50,605 45,320 26,088 229 16,644 Total Current Assets 44,415,063 9,750,353 37,098,932 7,396,888 3,330,221 510,605 4,546,507 578,595 703,668 Deferred Debits: Unamortized debt expense Unrec. reg. plant costs Other deferred debits 3,388,232 1,944,700 (12,476) 2,317 1,381,613 49,196 22,882 Total Def. Debits 3,388,232 1,944,700 (12,476) 2,317 1,381,613 49,196 22,882 Total Assets $197,581,531 $26,122,182 $190,860,888 $7,751,088 $4,472,685 $8,609,430 $4,546,507 $1,538,346 $5,924,769
() Denotes Contra Notes: See Note A EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1995 LIABILITIES
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland Consol. Elimin. Corp. (Division) (Division) Inc Canada Corp. Corp. Capitalization: Common equity $52,348,133 $16,371,829 $49,079,732 $2,345,549 $1,011,553 $11,762,448 $75,247 ($15,603) $4,461,036 Non-redeemable preferred stock of subsidiaries Red. pref. stock of subsidiaries - net 75 75 Pref. stock red. cost Partnerships' capital Long-term debt - net 114,137,230 114,100,000 37,230 Total Capitalization 166,485,438 16,371,829 163,179,732 2,345,549 1,011,553 11,762,448 75,247 (15,528) 4,498,266 Current Liabilities: Pref. stock sink. fund req. LTD due within one year 5,900,000 5,900,000 Notes payable 12,307,125 6,912,617 7,242,000 3,164,846 2,087,073 4,471,260 973,322 1,281,241 Accounts payable 7,524,309 4,340,091 433,512 901,798 463,796 1,385,112 Accounts payable-ass. co. 382,045 1,564,389 1,340,442 443,192 117,952 65,721 32,334 (53,207) Customer deposits (8,391) (8,391) Taxes accrued 70,397 2,788 58,736 1,005 436 7,432 Interest accrued 1,772,913 1,273,347 1,772,913 1,129,482 143,865 Dividends declared Other current liabilitie 7,475,404 7,325,327 25,543 723 83,986 39,825 Total Curr Liabilities 35,423,802 9,750,353 27,923,561 5,246,920 3,252,416 65,721 4,471,260 1,553,874 2,660,403 Deferred Credits: Unamort. investment credit Other deferred credits 2,409,201 1,372,069 158,619 208,716 669,797 Total Deferred Credits 2,409,201 1,372,069 158,619 208,716 669,797 Accumulated deferred taxes (6,736,910) (1,614,474) (3,888,536) (1,233,900) Commit. & conting. (Note J) Tot. Liab. & Cap. $197,581,531 $26,122,182 $190,860,888 $7,751,088 $4,472,685 $8,609,430 $4,546,507 $1,538,346 $5,924,769
()Denotes Contra Notes: See Note A EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland Consolidated Elimin. Corporation (Division) (Division) Inc Canada Corp. Corp. Operating Revenues $49,487,167 $28,281,453 $11,337,091 $5,017,081 $2,534,498 $ $1,033,028 $1,284,016 Operating Expenses: Operation $38,806,849 20,812,259 11,078,571 4,843,469 17,970 1,006 1,007,973 1,045,601 Maintenance 583,053 567,206 12,192 1,868 989 798 Deprec. & amort. 5,545,931 4,730,896 142,189 50,476 522,412 17,026 82,932 Taxes - Other than income 589,287 206,934 208,258 148,969 311 19,675 5,140 - Income (credit) 451,501 (66,418) 467,086 (8,838) 59,671 - Deferred 209,557 82,212 127,345 Total Operating Exp. 46,186,178 26,333,089 11,441,210 5,042,914 1,136,992 1,006 1,036,825 1,194,142 Operating Income 3,300,989 1,948,364 (104,119) (25,833) 1,397,506 (1,006) (3,797) 89,874 Other Income and Deductions: Interest and dividend inc. 7,508,285 21,353 7,339,992 8,172 723 164,322 16,429 Equ. in earnings of jointly- owned companies (7,680,177) 1,553,121 (6,127,056) Allowance for other funds used during construction Oth. (deductions) inc.-net (2,120,513) (2,195,983) 78,667 (3,079) (118) Total Other Income (2,292,405) 1,574,474 (983,047) 86,839 723 164,322 (3,079) 16,311 Income (Loss) Before Int. 1,008,584 1,574,474 965,317 (17,280) (25,833) 1,398,229 163,316 (6,876) 106,185 Interest Charges: Interest on long-term debt 7,649,253 7,649,253 Amort. of debt exp. & prem. 113,752 113,752 Other interest exp. (princ. short-term notes) 2,154,202 21,353 1,570,941 420,562 66,637 88,905 10,115 18,395 All. for borrowed funds used during constr.-(credit) (767,017) (757,335) (1,288) (8,394) Total Interest Charges 9,150,190 21,353 8,576,611 420,562 66,637 88,905 8,827 10,001 Net Inc. (Loss) before preferred return (8,141,606) 1,553,121 (7,611,294) (437,842) (92,470) 1,398,229 74,411 (15,703) 96,184 Preferred Return Requirement Net Income (Loss) $8,141,606) $1,553,121 ($7,611,294) ($437,842) ($92,470) $1,398,229 $74,411 ($15,703) $96,184 ()Denotes Contra Notes: See Note A
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland Consolidated Elimin. Corp. (Division) (Division) Inc Canada Corp. Corp. CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) ($8,141,606) $1,553,121 ($7,611,295) ($437,842) ($92,469) $1,398,229 $74,411 ($15,703) $96,184 Adj to Rec Net Inc (Loss) to Net Cash Prov by Op Act: Depreciation and amort. 5,784,934 4,906,665 142,188 50,476 585,646 17,027 82,932 Deferred taxes (6,836,338) (6,963,683) 127,345 Gains on sales of inv in proj. paid for with notes leases rec. (4,973,760) 18,053 (4,955,707) Non-cash csts of energy savings proj 1,651,622 1,651,622 Pension liability 254,403 191,496 62,907 Amort. of def revs (181,737) (181,737) Loss on disp of cog. proj 171,270 Coll. & sales of project notes and leases rec. 15,822,687 15,822,687 Equity earnings 7,680,177 (1,553,121) 6,127,056 Other - net 819,475 793,138 31,539 5,670 (63,519) 70,985 (18,338) Net Changes to Working Cap.: Accounts receivable 3,790,031 (1,856,244) 2,751,993 914,760 (1,081,908) 186,459 (580,141) (257,376) Materials and supplies 570,094 (67,565) 228,448 675,344 (284,625) (116,638) Accounts payable 1,455,304 1,399,582 1,351,148 (920,568) 533,191 63,080 496,130 1,331,905 Accrued taxes (55,751) (42,468) (22,156) 1,005 436 7,432 Accrued interest (879,721) 484,480 (880,661) 421,584 63,836 Other - net (1,451,114) (680) (1,399,626) (92,719) (40,299) (26,088) 83,757 23,181 Net Cash Prov. from (Used in) Op. Act. 15,479,970 (22,374) 12,142,083 775,037 (845,123) 2,115,503 48,323 72,491 1,149,282 CASH FLOW FROM INV. ACT.: Exp for inv in en svg projects (29,398,534) 2,566,716 (18,411,645) (154,688) (91,180) (3,182) (4,950,000) (1,047,687) (2,173,436) Coll. on notes & leases receivables 1,487,434 1,005,160 2,312 12,105 467,857 Proc from sale of Cogen operations 11,500,650 11,500,650 Investments in subs. 10,961,315 (1,965,688) 8,995,627 Net Cash Provided from (Used in) Inv. Act. (5,449,135) 601,028 3,089,792 (152,376) (79,075) (3,182) (4,482,143) (1,047,687) (2,173,436) CASH FLOW FROM FIN. ACT.: Issuances: Common shares/capital contr. 936 736 100 100 Long-term debt Redemptions: Long-term debt Prem. on reacqu. and fin exp. Dividends declared (2,400,000) (2,400,000) Net inc. (dec) in std (19,203,739) 1,820,408 (24,238,000) (571,154) 700,000 4,471,260 973,322 1,281,241 Cap. cont. from EUA 8,059,000 8,059,000 Net Cash Provided from (Used in) Fin. Act. (11,144,739) (578,656) (16,179,000) (571,154) 700,000 (2,400,000) 4,471,996 973,422 1,281,341 NET (DEC) INC IN CASH (1,113,906) (947,125) 51,507 (224,198) (287,679) 38,176 (1,774) 257,187 Cash & temp. cash inv. at beginning of year 1,613,981 1,141,115 19,839 160,750 292,277 Cash & temp. cash inv. at end of year $500,075 $193,990 $71,346 ($63,448) $4,598 $38,176 ($1,774) $257,187 Cash paid during the year for: Interest $9,980,884 $9,936,845 $39,717 $4,322 Income Taxes $657,296 $657,296 Conv. of inv. in energy svngs proj. to notes and leases rec. $12,514,072 $12,514,072
( ) Denotes contra Notes: See Note A Note A: In September 1995, EUA announced that EUA Cogenex was discontinuing its cogeneration operations effective as of July 1, 1995 because they had not performed up to expectations. The total net investment of EUA Cogenex's cogeneration portfolio was $29.2 million at July 1, 1995. Cogenex has sold a majority of its operating cogeneration portfolio to Ridgewood Electric Power Trust III. The decision to discontinue these underperforming cogeneration operations and the subsequent sale of a majority of the operating cogeneration portfolio resulted in a one-time after-tax charge of approximately $10.5 million, in the quarter ended September 30, 1995. EUA Cogenex, through its EUA WestCoast L.P. (West Coast), had under development a cogeneration facility of approximately 1.5 MW. As of July 1, 1995, WestCoast's investment in the project was approximately $5.8 million. The cogeneration facility experienced numerous start-up delays and cost overruns. The host of the facility has taken the position that the energy services agreement between WestCoast and itself is terminated due to, among other things, failure to complete the project. WestCoast disagrees with the host's right to terminate, but has decided not to contest the host's purported termination. EUA Cogenex intends to vigorously prosecute its claims against the contractors and surety and defend itself against any cross-complaints. EUA Cogenex cannot predict the ultimate resolution of this matter. As a result of EUA Cogenex's decision to discontinue cogeneration operations effective as of July 1, 1995, EUA Cogenex has recorded a reserve for its total investment in this project which is included in the one-time after-tax charge to earnings of approximately $10.5 million. Business Line Project Equipment in Service Revenues as of 9/30/95 as of 9/30/95 Demand Side Mgmt./Energy Mgmt. Ser $45,092,866 $32,141,289 Manufacturing and Fabrication $16,354,172 Consulting $991,706 TOTAL $45,092,866 $49,487,167 Geographic Location Project Equipment in Service Revenues as of 9/30/95 as of 9/30/95 New England / New York Region $24,352,104 $36,283,619 U.S. excluding New England $20,740,762 $13,203,548 and New York Canada $0 $0 All areas of the world excluding U.S. and Canada TOTAL $45,092,866 $49,487,167 EX-27 2 FDS
OPUR1 1000 9-MOS DEC-31-1995 SEP-30-1995 PER-BOOK 0 149779 44415 3388 0 197582 0 43541 8807 52348 0 0 114137 0 12307 0 5900 0 0 0 12890 197582 49487 699 45487 46186 3301 (2293) 1008 9150 (8142) 0 (8142) 0 7649 15480 0 0
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