-----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, F7Nrttlrxy7+57nfY53jJ/K97tRQqE6N47eITe4KbyI3/0la3x8agEsj0tN6pwvP o/HUK6qoQ0PwKF+a4QaHKg== 0000031224-96-000022.txt : 19960517 0000031224-96-000022.hdr.sgml : 19960517 ACCESSION NUMBER: 0000031224-96-000022 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05366 FILM NUMBER: 96565451 BUSINESS ADDRESS: STREET 1: ONE LIBERTY SQ STREET 2: P O BOX 2333 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6173579590 10-Q 1 EUA 1ST QUARTER 1996 10Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period _________________ to ___________________ Commission File Number 1-5366 EASTERN UTILITIES ASSOCIATES (Exact name of registrant as specified in its charter) Massachusetts 04-1271872 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Liberty Square, Boston, Massachusetts (Address of principal executive offices) 02109 (Zip Code) (617)357-9590 (Registrant's telephone number including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes...X.......No.......... Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date. Class Outstanding at April 30, 1996 Common Shares, $5 par value 20,435,997 shares PART I - FINANCIAL INFORMATION Item 1. Financial Statements
EASTERN UTILITIES ASSOCIATES CONSOLIDATED CONDENSED BALANCE SHEETS (In Thousands) March 31, December 31, ASSETS 1996 1995 Utility Plant and Other Investments: Utility Plant in Service $ 1,038,425 $ 1,037,662 Less: Accumulated Provision for Depreciation and Amortization 332,820 324,146 Net Utility Plant in Service 705,605 713,516 Construction Work in Progress 12,568 7,570 Net Utility Plant 718,173 721,086 Investments in Jointly Owned Companies 69,145 70,210 Non-Utility Plant - Net 84,754 82,347 Total Plant and Other Investments 872,072 873,643 Current Assets: Cash and Temporary Cash Investments 13,767 4,060 Accounts Receivable, Net 79,133 84,376 Notes Receivable 19,259 18,663 Fuel, Materials and Supplies 14,167 16,516 Other Current Assets 10,148 11,804 Total Current Assets 136,474 135,419 Deferred Debits and Other Non-Current Assets 191,652 191,211 Total Assets $ 1,200,198 $ 1,200,273 LIABILITIES AND CAPITALIZATION Capitalization: Common Shares, $5 Par Value $ 102,184 $ 102,184 Other Paid-In Capital 220,853 220,730 Common Share Expense (3,917) (3,913) Retained Earnings 59,160 56,228 Total Common Equity 378,280 375,229 Non-Redeemable Preferred Stock - Net 6,900 6,900 Redeemable Preferred Stock - Net 26,496 26,255 Long-Term Debt - Net 431,873 434,871 Total Capitalization 843,549 843,255 Current Liabilities: Long-Term Debt Due Within One Year 19,508 19,506 Notes Payable 42,521 39,540 Preferred Stock Sinking Fund 50 50 Accounts Payable 26,641 35,769 Taxes Accrued 10,821 4,544 Interest Accrued 8,283 10,861 Other Current Liabilities 23,918 19,931 Total Current Liabilities 131,742 130,201 Deferred Credits and Other Non-Current Liabilities 84,844 86,077 Accumulated Deferred Taxes 140,063 140,740 Total Liabilities and Capitalization $ 1,200,198 $ 1,200,273 See accompanying notes to consolidated condensed financial statements.
EASTERN UTILITIES ASSOCIATES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In Thousands Except Number of Shares and Per Share Amounts) Three Months Ended March 31, 1996 1995 Operating Revenues $ 134,800 $ 137,967 Operating Expenses: Fuel 23,195 22,284 Purchased Power 30,003 31,974 Other Operation and Maintenance 40,730 41,300 Depreciation and Amortization 11,123 11,757 Taxes - Other Than Income 6,470 6,557 - Current Income 6,272 3,223 - Deferred Income (1,274) 2,061 Total 116,519 119,156 Operating Income 18,281 18,811 Other Income - Net 3,368 3,425 Income Before Interest Charges 21,649 22,236 Interest Charges: Interest on Long-Term Debt 8,649 9,660 Other Interest Expense 1,620 1,248 Allowance for Borrowed Funds Used During Construction (Credit) (546) (558) Net Interest Charges 9,723 10,350 Net Income 11,926 11,886 Preferred Dividends of Subsidiaries 578 581 Consolidated Net Earnings $ 11,348 $ 11,305 Weighted Average Number of Common Shares Outstanding 20,436,755 19,998,331 Consolidated Earnings Per Average Common Share $ 0.56 $ 0.57 Dividends Paid $ 0.40 $ 0.385 See accompanying notes to consolidated condensed financial statements.
EASTERN UTILITIES ASSOCIATES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In Thousands) Three Months Ended March 31, 1996 1995 CASH FLOW FROM OPERATING ACTIVITIES: Net Income $ 11,926 $ 11,886 Adjustments to Reconcile Net Income to Net Cash Provided from Operating Activities: Depreciation and Amortization 13,181 14,721 Deferred Taxes (877) 2,262 Non-cash (Gains)/Expenses on Sales of Investments in Energy Savings Projects 928 (278) Investment Tax Credit, Net (302) (303) Allowance for Funds Used During Construction (40) (146) Collections and sales of project notes and leases receivable 1,587 1,427 Other - Net (420) 359 Change in Operating Assets and Liabilities 6,777 (9,773) Net Cash Provided From Operating Activities 32,760 20,155 CASH FLOW FROM INVESTING ACTIVITIES: Construction Expenditures (14,733) (21,147) Collections on Notes and Lease Receivables of EUA Cogenex 552 487 Equity Investment in Joint Ventures (75) 0 Net Cash (Used in) Investment Activities (14,256) (20,660) CASH FLOW FROM FINANCING ACTIVITIES: Issuances: Common Stock 1,509 Redemptions: Long-Term Debt (3,019) (2,219) Premium on Reacquisition and Financing Expenses (5) (30) EUA Common Share Dividends Paid (8,175) (7,679) Subsidiary Preferred Dividends Paid (578) (581) Net Increase in Short-Term Debt 2,980 3,204 Net Cash (Used in) Financing Activities (8,797) (5,796) Net Increase (Decrease) in Cash and Temporary Cash Investments 9,707 (6,301) Cash and Temporary Cash Investments at Beginning of Period 4,060 20,109 Cash and Temporary Cash Investments at End of Period $ 13,767 $ 13,808 Supplemental disclosures of cash flow information: Cash paid during the period for: Interest (Net of Capitalized Interest) $ 8,543 $ 11,980 Income Taxes $ 973 $ 1,914 Supplemental schedule of non-cash investing activities: Conversion of Investments in Energy Savings Projects to Notes and Leases Receivable $ 712 $ 933 See accompanying notes to consolidated condensed financial statements.
EASTERN UTILITIES ASSOCIATES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS The accompanying Notes should be read in conjunction with the Notes to Consolidated Financial Statements incorporated in the Eastern Utilities Associates (EUA or the Company) 1995 Annual Report on Form 10-K. Note A - In the opinion of the Company, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly its financial position as of March 31, 1996 and the results of operations and cash flows for the three months ended March 31, 1996 and 1995. Certain reclassifications have been made to prior period financial statements to conform to current period classifications. The year-end consolidated condensed balance sheet data was derived from audited financial statements but does not include all disclosures required under generally accepted accounting principles. Note B - Results shown above for the respective interim periods are not necessarily indicative of results to be expected for the fiscal years due to seasonal factors which are inherent in electric utilities in New England. A greater proportionate amount of revenues is earned in the first and fourth quarters (winter season) of most years because more electricity is sold due to weather conditions, fewer day-light hours, etc. Note C - Commitments and Contingencies: Recent Nuclear Regulatory Commission (NRC) Actions Montaup Electric Company (Montaup), the wholesale generation subsidiary of EUA, has a 4.01% ownership interest in Millstone 3, an 1154-MW nuclear unit that is jointly owned by a number of New England utilities, including subsidiaries of Northeast Utilities (Northeast). Northeast is the lead participant in Millstone 3, and on March 30, 1996, Northeast determined to shut down the unit following an engineering evaluation which determined that four safety-related valves would not be able to perform their design function during certain postulated events. The NRC has raised issues with respect to Millstone 3 and certain of the other nuclear units in which Northeast and its subsidiaries, either individually or collectively, have the largest ownership shares, including a 582-MW unit owned by Connecticut Yankee Atomic Power Company, in which Montaup has 4.5% ownership share. In April 1996 Northeast reported that the NRC will require, among other things, certain technical issues to be resolved before Millstone 3 can be restarted, and that Northeast's management cannot predict when Millstone 3 will return to service or the amount of the incremental direct costs which will be incurred to address the issues raised by the NRC. While Millstone 3 is out of service, Montaup will incur incremental replacement power costs estimated at $0.4 million to $0.8 million per month. Montaup would bill its replacement power costs through its fuel adjustment clause, a wholesale tariff jurisdictional to the Federal Energy Regulatory Commission (FERC). However, there is no comparable clause in Montaup's FERC-approved rates which at this time would permit Montaup to recover Montaup's share of the incremental direct costs incurred by Northeast. Northeast has not yet estimated such costs but it is likely Montaup would be billed for its 4.01% share of such costs. Northeast reported that the NRC has requested certain information concerning the 582-MW nuclear unit owned by Connecticut Yankee Atomic Power Company, but that the NRC letter requesting the information does not currently require that the requested information be provided prior to restarting the unit, were it to shut down. EUA cannot predict the ultimate outcome of the NRC inquiries or the impact which they may have on Montaup and the EUA system. EUA is also evaluating its rights and obligations under the various agreements relating to the ownership and operation of Millstone 3 and Connecticut Yankee Atomic Power Company. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is Management's discussion and analysis of certain significant factors affecting the Company's earnings and financial condition for the interim periods presented in this Form 10-Q. Overview Consolidated net earnings for the quarters ended March 31, 1996 and March 31, 1995 were $11.3 million. Net Earnings contributions by Business Unit for the first three months of 1996 and 1995 were as follows (000's): Three Months Ended March 31, 1996 1995 Core Electric Business $11,613 $10,636 Energy Related Business (92) 507 Corporate (173) 162 Consolidated $11,348 $11,305 ======= ======= Net Earnings of the Core Electric Business for the first quarter of 1996 increased by $1.0 million primarily due to increased kilowatthour (kWh) sales, expense savings related to the June 1995 voluntary retirement incentive and lower interest expense resulting from debt issues which matured in 1995. Partially offsetting these positive impacts were restoration expenses related to a series of storms which produced record-setting snows in the winter of 1996. Total primary kWh sales increased by 5.0% in this year's first quarter due primarily to colder weather compared to the same period of a year ago. Net Earnings of our Energy Related Business Unit decreased by approximately $0.6 million in the first quarter of 1996 as compared to the same period of a year ago. This decrease is primarily due to a decrease of $1.1 million in EUA Cogenex Corporation's (EUA Cogenex) earnings contribution in the first quarter resulting primarily from lower project sales and decreased earnings of its Nova Division. This decrease was offset somewhat by a $0.9 million decrease in EUA Energy Investment Corporation (EUA Energy) research and development expenses recorded in the first quarter of 1996. Operating Revenues Operating Revenues for the first three months of 1996 decreased by $3.2 million to approximately $134.8 million when compared to the same period of 1995. Operating Revenues by Business Unit for the first quarter of 1996 and 1995 were as follows (000's): Three Months Ended March 31, 1996 1995 Core Electric Business $122,209 $122,738 Energy Related Business 12,591 15,229 Corporate 0 0 Consolidated $134,800 $137,967 ======== ======== Core Electric Business revenues decreased $0.5 million due primarily to recoveries of decreased purchased power and conservation and load management expenses aggregating $3.3 million as discussed below, offset by the impacts of increased kWh sales and recoveries of higher fuel expense in this year's first quarter. EUA Cogenex revenues, which account for nearly all of the Energy Related Business Unit revenues, decreased by $2.6 million due primarily to the discontinuance of cogeneration operations in the third quarter of 1995. A $2.3 million decrease in EUA Nova Division revenues in the first quarter were offset by increased revenues of EUA Day and the impacts of the EUA Citizens and EUA Highland acquisitions in 1995. Operating Expenses Fuel expense of the Core Electric Business for the first quarter of 1996 increased from that of the same period in 1995 by approximately $900,000 or 4.1% due primarily to the increase in kWh sales and requirements, offset somewhat by a 2.6% decrease in the average cost of fuel in the first quarter of 1996 as compared to the same period of a year ago. Purchased Power expense for the first quarter of 1996 decreased $2.0 million or 6.2% as compared to last year's first quarter. Higher maintenance costs billed to Montaup by the Maine Yankee and Connecticut Yankee plants in 1995's first quarter were primarily responsible for this change. Other Operation and Maintenance (O&M) expenses for the quarter ended March 31, 1996 decreased approximately $0.6 million or 1.4% from the same period in 1995 due to the following: Direct expenses of the Core and Corporate Business units increased by $1.3 million in this year's first quarter due primarily to increased storm restoration expenses aggregating approximately $0.6 million and increased employee benefits expensed as a result of lower capitalized costs. Indirect expenses, items in which we have limited short-term control or items which are fully recovered in rates, decreased by $1.1 million in the first quarter of 1996 as compared to the same period of 1995. This change was due primarily to a decrease in C&LM expenses. Expenses of the Energy Related Business unit decreased by $0.8 million for the period. This decrease is primarily due to lower research and development costs expensed by EUA Energy Investment. Depreciation and Amortization Expense Depreciation and Amortization expense decreased $0.6 million or 5.4% in the first quarter of 1996 when compared to last year's first quarter. Decreased EUA Cogenex depreciation expense related to the 1995 discontinuance of cogeneration operations was largely responsible for this change. Interest Charges Interest expense on long term debt decreased by $1.0 million in the first quarter of 1996 due primarily to the December 1995 maturity of $25 million of 9-9 1/4% Unsecured Medium Term Notes and $10 million of 8.9% First Mortgage and Collateral Trust Bonds of Eastern Edison Company. Liquidity and Sources of Capital The EUA System's need for permanent capital is primarily related to investments in facilities required to meet the needs of its existing and future customers. Traditionally, cash construction requirements not met with internally generated funds are financed through short-term borrowings which are ultimately funded with permanent capital. At March 31, 1996, EUA System companies maintained short-term lines of credit with various banks aggregating approximately $150 million. Outstanding short-term debt at March 31, 1996 and December 31, 1995 by Business Unit was as follows (000's): March 31, 1996 December 31, 1995 Core Electric Business $ 0 $ 6,761 Energy Related Business 19,886 14,421 Corporate 21,669 18,358 Consolidated $41,555 $39,540 ======= ======= For the three months ended March 31, 1996, internally generated funds available after the payment of dividends amounted to approximately $18.8 million while the EUA System's cash construction requirements amounted to approximately $14.7 million for the same period. Various laws, regulations and contract provisions limit the use of EUA's internally generated funds such that the funds generated by one subsidiary are not generally available to fund the operations of another subsidiary. On April 15, 1996, the Trustees of EUA voted to increase the quarterly dividend 1.5 cents per share from 40.0 cents per share to 41.5 cents per share. The first quarterly dividend at the new rate of will be payable May 15, 1996 to shareholders of record on May 1, 1996. Electric Utility Industry Restructuring: The electric industry is in a period of transition from a traditional rate regulated environment to a competitive marketplace. While competition in the wholesale electric market is not new, electric utilities are facing impending competition in the retail sector. In 1995, Eastern Edison, Blackstone and Newport participated with collaborative groups in their respective states consisting of other utilities, industrial users, environmental groups, governmental agencies and consumer advocates in submitting similar sets of interdependent principles with their respective state regulatory commissions addressing electric utility industry restructuring. These filings were intended to be statements of the consensus position by the signatories of the principles that should underlie any electric industry restructuring proposal and include but are not limited to principles addressing stranded cost recovery, unbundling of services and demand side management programs. Each set of principles was submitted on the condition they be approved in full by the respective Commissions. The Rhode Island Public Utilities Commission (RIPUC) accepted all but one of the principles submitted by the Rhode Island Collaborative with minor modifications to certain language in others and added a new principle which supports negotiation (as opposed to litigation) to resolve conflicts as restructuring moves forward and directed the Rhode Island Collaborative to proceed with negotiations on the issues presented in the principles and to submit a progress report, which was submitted in February 1996. The one principle that was not accepted provided for subsidization of renewable energy sources. In February 1996 a bill was introduced in the Rhode Island legislature that, if enacted, would allow customer choice of electricity supplier commencing January 1, 1998 for large industrial customers and phasing in all customers by January 1, 2001. The proposed legislation also provides for recovery of "stranded investments" through a transition charge initially set at three cents per kWh. EUA believes that development of the proposed legislation should have been conducted in a public forum so that all interested stakeholders could have participated. However, EUA believes that competition, if done right, whether through legislation or regulation can benefit customers. There are substantial issues about the proposed legislation which EUA is currently reviewing. In August 1995, the Massachusetts Department of Public Utilities (MDPU) issued an order enumerating principles, similar to those submitted by the Massachusetts Collaborative, that describe the key characteristics of a restructured electric industry and provides for, among other things, customer choice of electric service providers, services, pricing options and payment terms, an opportunity for customers to share in the benefits of increased competition, full and fair competition in the generation markets and incentive regulation for distribution services where regulation will still exist. This order sets out principles for the transition from a regulated to a competitive industry structure and identifies conditions for the transition process which will require investor-owned utilities to unbundle rates, provide consumers with accurate price signals and allow customers choice of generation services. The order also provides for the principle of recovery of net, non- mitigable stranded costs by investor-owned utilities resulting from the industry restructuring. Each Massachusetts investor-owned utility is required to file restructuring proposals for moving from the current regulated industry structure to a competitive generation market. The schedule for the filing requirement is staggered. The initial group of utilities was required to file their proposals in February 1996. The second group is required to file within three months of the MDPU's orders on the first group of submissions. Eastern Edison Company filed its proposal, "Choice and Competition" (see below) with the first group of proposals and is awaiting MDPU review. On May 1, 1996 the MDPU issued proposed rules for the restructuring of the electric industry which are intended to reduce electricity costs over time and provide broad customer choice of electric supplier promoting full and fair competition in the generation of electricity. These proposed rules, which amplify the principles set forth in the August 1995 order, were issued for public comment and hearing before final rules are adopted in September 1996. The proposed rules provide for, among other things: - an independent system operator of the regional transmission system in New England operating within established reliability standards and a power exchange which would facilitate a short-term pool for energy transactions; - functional separation of electric companies into generation, transmission and distribution corporate entities; - a reasonable opportunity for recovery of net, non-mitigable stranded costs periodically subject to some degree of reconciliation; - a price cap system for performance based regulation of electric distribution companies; - distribution company obligation to provide electric distribution service to all customers within its service territory; - environmental protection and support for renewable energy resources and energy efficiency; - implementation of unbundled rates beginning January 1, 1997 and a competitive generation market by January 1, 1998; The order also encourages settlements of outstanding company specific electric restructuring filings discussed above. EUA is currently reviewing the order and will continue to be an active participant in this proceeding. In January 1996, EUA unveiled its preliminary proposal for a restructured electric utility industry called "Choice and Competition" and began discussions with the Rhode Island and Massachusetts Collaboratives. The plan proposes, among other things: choice of power supplier by all customers as early as January 1998; open access transmission services; performance based rates for electric distribution services; all utility generation competing for power sales and; a transition charge allowing regional utilities the opportunity to recover, among other things, the costs of past commitments to nuclear and independent power. The company believes the plan, which requires participation by all New England parties, satisfies the principles adopted in both Rhode Island and Massachusetts, and provides a fair and equitable transition to a competitive electric utility marketplace for all parties. Historically, electric rates have been designed to recover a utility's full costs of providing electric service including recovery of investment in plant assets. Also, in a regulated environment, electric utilities are subject to certain accounting rules that are not applicable to other industries. These accounting rules allow regulated companies, in appropriate circumstances, to establish regulatory assets and liabilities, which defer the current financial impact of certain costs that are expected to be recovered in future rates. EUA believes that its Core Electric operations continue to meet the criteria established in these accounting standards. Effects of legislation and/or regulatory initiatives or EUA's own initiatives such as "Choice and Competition" could ultimately cause EUA's Core Electric companies to no longer follow these accounting rules. In such an event, a non-cash write-off of regulatory assets and liabilities could be required at that time. In addition, if legislative or regulatory changes and/or competition result in electric rates which do not fully recover the company's costs, a write-down of plant assets could be required pursuant to Financial Accounting Standard No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" (FAS121) issued in March 1995, effective for fiscal year 1996. Item 5. Other Information On April 24, 1996, the Federal Energy Regulatory Commission (FERC) issued orders on its March 24, 1995 Notice of Proposed Rulemaking (NOPR). FERC's purpose in proposing the new rules was to encourage competition in the bulk power market. The FERC's April 24th actions include: - order No. 888, a final rule requiring open access transmission and requiring all public utilities that own, operate or control interstate transmission to file tariffs that offer others the same transmission services they provide themselves, under comparable terms and conditions. Utilities must take transmission service for their own wholesale transactions under the terms and conditions of the tariff; - recovery of prudently incurred stranded costs by public utilities and transmitting utilities; - order No. 889, a final rule requiring public utilities to implement standards of conduct and an Open Access Same-time Information System (OASIS). Utilities must obtain information about their transmission the same way as their competitors through the OASIS; - a Notice of Proposed Rulemaking (NOPR) requesting comment on replacing the single tariff contained in the final open access rule with a capacity reservation tariff that would reveal how much transmission is available at any given time. Open-access transmission tariffs for point-to-point and network service filed with FERC by Montaup in February 1996 became effective April 21, 1996 subject to refund. Montaup believes these tariffs, scheduled for review by FERC later in 1996, to be in compliance with FERC's April 24th rulings. EUA remains committed to achieving a fair and equitable transition to a competitive electric utility marketplace. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits - None (b) Reports on Form 8-K - On April 11, 1996, the Registrant filed a current report of Form 8-K with respect to Item 5 (Other Events). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Eastern Utilities Associates (Registrant) Date: May 15, 1996 /s/ Clifford J. Hebert, Jr. Clifford J. Hebert,Jr., Treasurer (on behalf of the Registrant and as Principal Financial Officer) EX-27 2 FINANCIAL DATA SCHEDULE
OPUR1 1000 3-MOS DEC-31-1996 MAR-31-1996 PER-BOOK 718173 153899 136474 124230 67422 1200198 102184 216936 59160 378280 26458 6938 431873 0 42521 0 19508 50 0 0 294570 1200198 134800 4998 111521 116519 18281 3368 21649 9723 11926 578 11348 8175 8649 32760 .56 0
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