-----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, PBmyz3JbXGDSosKRISR6sfW9lHh4D+bktQbRNbq2Nomw3r9AYV1cvDOXakOChbEa iqzrZc1/ceMY3kN4F1OXsw== 0000031224-96-000040.txt : 19961118 0000031224-96-000040.hdr.sgml : 19961118 ACCESSION NUMBER: 0000031224-96-000040 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19961114 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: 96664856 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 6/30/96 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 June 30, 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 November 14, 1996 EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS June 30, 1996
ASSETS EUA EUA Cogenex Cogenex Consolidated Eliminations (Division) Utility Plant and Other Investments: Utility plant in service $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress Net utility plant Non-utility property 114,804,764 54,060,072 Less accumulated provision for depreciation 33,861,482 21,383,671 Net non-utility property 80,943,282 32,676,401 Investments in subsidiaries (at equity) 37,434 64,515,576 64,553,010 Excess of carrying values of investments in subsidiaries Notes receivable 35,782,921 31,562,438 Leases receivable 11,929,859 7,658,514 Other 15,473,297 12,416,318 Total Utility Plant and Other Investments 144,166,793 64,515,576 148,866,681 Current Assets: Cash and temporary cash investments 2,937,266 (3,474) Notes receivable 18,753,886 7,918,882 25,157,450 Leases receivable 2,538,423 1,268,940 Accounts receivable - Net: Customers 20,941,989 7,983,708 Accrued unbilled revenue Others 6,903,994 1,143,402 8,111,724 Accounts receivable - associated companies 4,428,948 4,058,896 Materials and supplies (at average cost): Fuel Plant materials and operating supplies 2,522,822 84,655 Other current assets 1,101,171 642,965 Total Current Assets 55,699,551 13,491,232 47,304,864 Deferred Debits: Unamortized debt expense 634,242 634,242 Unrecovered regulatory plant costs Other deferred debits 2,547,651 992,645 Total Deferred Debits 3,181,893 1,626,887 Total Assets $203,048,237 $78,006,808 $197,798,432 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS JUNE 30, 1996
ASSETS (CONTINUED) EUA EUA EUA EUA Nova Day NEM Cogenex (Div.) (Div.) Inc Canada Utility Plant and Other Investments: Utility plant in service $ $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress Net utility plant Non-utility property 1,310,279 2,118,708 8,697,105 Less accumulated provision for deprec. 828,762 757,811 2,730,118 Net non-utility property 481,517 1,360,897 5,966,987 Investments in subsidiaries (at equity) Excess of carrying values of investments in subsidiaries Notes receivable 4,114,627 Leases receivable Other (186,000) 258,343 Total Utility Plant and Other Investments 295,517 1,360,897 6,225,330 4,114,627 Current Assets: Cash and temporary cash investments (70,582) 89,284 418,226 585,838 Notes receivable 72,958 46,601 79,633 Leases receivable Accounts receivable - Net: Customers 2,952,895 1,486,021 900,909 79,585 Accrued unbilled revenue Others 69,384 111,186 (260,111) 101 Accounts receivable - associated companies 233,914 70,595 Materials and supplies (at average cost): Fuel Plant materials and operating supplies 1,859,700 514,877 Other current assets 57,669 34,433 17,074 Total Current Assets 5,175,938 2,352,997 1,059,024 762,231 Deferred Debits: Unamortized debt expense Unrecovered regulatory plant costs Other deferred debits (37,217) 111,745 1,310,189 Total Deferred Debits (37,217) 111,745 1,310,189 Total Assets $5,434,238 $3,825,639 $8,594,543 $4,876,858 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS JUNE 30, 1996
ASSETS (CONTINUED) EUA EUA EUA Citizens Highland MUPA Corporation Corporation (Partnership) Utility Plant and Other Investments: Utility plant in service $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress (Note H&J) Net utility plant Non-utility property 1,926,617 1,881,010 Less accumulated provision for depreciation 70,303 373,004 Net non-utility property 1,856,314 1,508,006 Investments in subsidiaries (at equity) Excess of carring values of investments in subsidiaries Notes receivable 105,856 Leases receivable 1,733,406 Other 60,710 2,662,061 Total Utility Plant and Other Investments 1,917,024 6,009,329 Current Assets: Cash and temporary cash investments 20,416 86,376 524 Notes receivable 9,222 894,637 Leases receivable 219,171 Accounts receivable - Net: Customers 329,086 1,884,975 309,784 Accrued unbilled revenue Others (1,533) 4,645 Accounts receivable - associated companies 37,100 28,443 Materials and supplies (at average cost): Fuel Plant materials and operating supplies 63,590 Other current assets 3,838 7,883 Total Current Assets 388,907 2,304,305 1,204,945 Deferred Debits: Unamortized debt expense Unrecovered regulatory plant costs Other deferred debits 152,396 17,893 Total Deferred Debits 152,396 17,893 Total Assets $2,458,327 $8,331,527 $1,204,945 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS JUNE 30, 1996
ASSETS (CONTINUED) EUA EUA EUA EUA WestCoast FRC II EC&S I EC&S II (Partnership) (Partnership) (Partnership) (Partnership) Utility Plant and Other Investments: Utility plant in service $ $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress (Note H&J) Net utility plant Non-utility property 15,073,254 77,490 11,159,830 18,500,399 Less accumulated provision for deprec. 2,035,423 76,000 1,211,088 4,395,302 Net non-utility property 13,037,831 1,490 9,948,742 14,105,097 Investments in subsidiaries (at equity) Excess of carrying values of investments in subsidiaries Notes receivable Leases receivable 246,603 2,291,336 Other 116,037 40,847 104,981 Total Utility Plant and Other Invest. 13,153,868 1,490 10,236,192 16,501,414 Current Assets: Cash and temporary cash investments 973,303 267,116 131,289 438,950 Notes receivable 412,267 Leases receivable 20,754 1,029,558 Accounts receivable - Net: Customers 1,211,839 914,076 519,071 2,370,040 Accrued unbilled revenue Others 12,000 Accounts receivable - associated companies Materials and supplies (at average cost): Fuel Plant materials and operating supplies Other current assets 175 9,386 327,748 Total Current Assets 2,609,584 1,181,192 680,500 4,166,296 Deferred Debits: Unamortized debt expense Unrecovered regulatory plant costs Other deferred debits Total Deferred Debits Total Assets $15,763,452 $1,182,682 $10,916,692 $20,667,710 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS JUNE 30, 1996
LIABILITIES EUA EUA Cogenex Cogenex Consolidated Elimination Corporation Capitalization: Common equity $48,134,497 $16,790,306 $45,854,369 Non-redeemable preferred stock of subsid. Redeemable preferred stock of subsidiaries - net 75 Preferred stock redemption cost Partnerships' capital 15,588,190 Long-term debt - net 110,900,000 24,430,656 110,900,000 Total Capitalization 159,034,572 56,809,152 156,754,369 Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year 6,700,000 6,700,000 Notes payable 23,301,959 13,355,104 18,407,000 Accounts payable 5,312,315 3,305,009 3,697,368 Accounts payable - associated companies 587,228 2,482,711 924,935 Customer deposits 555,192 Taxes accrued 290,480 45,194 55,865 Interest accrued 2,547,303 1,546,236 2,547,302 Dividends declared 400,000 Other current liabilities 6,560,935 (55,194) 6,028,258 Total Current Liabilities 45,855,412 21,079,060 38,360,728 Deferred Credits: Unamortized investment credit Other deferred credits 4,698,462 118,596 4,070,964 Total Deferred Credits 4,698,462 118,596 4,070,964 Accumulated deferred taxes (6,540,209) (1,387,629) Commitments and contingencies (Note J) Total Liabilities and Capitalization $203,048,237 $78,006,808 $197,798,432 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS JUNE 30, 1996
LIABILITIES (CONTINUED) EUA EUA EUA EUA Nova Day NEM Cogenex (Division) (Division) Inc Canada Capitalization: Common equity $1,250,101 $1,118,728 $11,883,508 $ 189,754 Non-redeemable preferred stock of subsid. Redeemable preferred stock of subsidiaries - net Preferred stock redemption cost Partnerships' capital Long-term debt - net Total Capitalization 1,250,101 1,118,728 11,883,508 189,754 Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year Notes payable 1,487,446 1,867,073 3,959,820 Accounts payable 392,553 412,601 586,640 Accounts payable - associated companies 670,642 167,265 7,573 Customer deposits (1,116) Taxes accrued 80,900 5,338 140,644 Interest accrued 1,318,235 228,002 Dividends declared 400,000 Other current liabilities 6,892 1,042 Total Current Liabilities 3,955,552 2,682,321 407,573 4,687,104 Deferred Credits: Unamortized investment credit Other deferred credits 228,585 25,590 488,059 Total Deferred Credits 228,585 25,590 488,059 Accumulated deferred taxes (4,184,597) Commitments and contingencies Total Liabilities and Capitalization $5,434,238 $3,825,639 $8,594,543 $4,876,858 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS JUNE 30, 1996
LIABILITIES (CONTINUED) EUA EUA EUA Citizens Highland MUPA Corporation Corporation (Partnership) Capitalization: Common equity $4,986 $4,623,357 Non-redeemable preferred stock of subsid. Redeemable preferred stock of subsidiaries - net 75 Preferred stock redemption cost Partnerships' capital (621,485) Long-term debt - net 964,249 Total Capitalization 5,061 4,623,357 342,764 Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year Notes payable 2,005,768 3,493,733 Accounts payable 119,090 104,064 847,738 Accounts payable - associated companies 261,481 1,038,043 Customer deposits Taxes accrued 769 6,963 Interest accrued Dividends declared Other current liabilities 62,298 33,350 14,443 Total Current Liabilities 2,449,406 4,676,153 862,181 Deferred Credits: Unamortized investment credit Other deferred credits 3,860 Total Deferred Credits 3,860 Accumulated deferred taxes (967,983) Commitments and contingencies Total Liabilities and Capitalization $2,458,327 $8,331,527 $1,204,945 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS JUNE 30, 1996
LIABILITIES (CONTINUED) EUA EUA EUA EUA WestCoast FRC II EC&S I EC&S II (Partnership) (Partnership) (Partnership) (Partnership) Capitalization: Common equity Non-redeemable preferred stock of subsid. Redeemable preferred stock of subsidiaries - net Preferred stock redemption cost Partnerships' capital 3,569,176 383,943 4,368,203 7,888,353 Long-term debt - net 11,418,197 2,933,381 9,114,829 Total Capitalization 14,987,373 383,943 7,301,584 17,003,182 Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year Notes payable 2,908,546 2,527,677 Accounts payable 351,522 713,674 664,276 727,798 Accounts payable - associated companies Customer deposits 360,717 195,591 Taxes accrued 45,195 Interest accrued Dividends declared Other current liabilities 18,645 85,065 42,286 213,462 Total Current Liabilities 776,079 798,739 3,615,108 3,664,528 Deferred Credits: Unamortized investment credit Other deferred credits Total Deferred Credits Accumulated deferred taxes Commitments and contingencies Total Liabilities and Capitalization $15,763,452 $1,182,682 $10,916,692 $20,667,710 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 1996
EUA EUA EUA Cogenex Cogenex Nova Consolidated Eliminations Corporation (Division) Operating Revenues $28,027,947 $2,163,845 $12,028,757 $3,638,813 Operating Expenses: Operation 31,521,277 (2,419,826) 16,065,094 4,307,798 Maintenance 63,166 656,039 381,550 14,295 Depreciation and amortization 891,136 4,018,493 2,520,609 85,725 Taxes - Other than income 385,063 142,412 104,338 - Income (credit) (3,542,596) (4,112,623) - Deferred (402,567) (548,517) Total Operating Expenses 28,915,479 2,254,706 14,448,525 4,512,156 Operating Income (887,532) (90,861) (2,419,768) (873,343) Other Income and Deductions: Interest and dividend income 3,077,920 1,260,166 3,970,534 6,001 Equity in earnings of jointly- owned companies (38,566) 1,058,041 1,019,475 Allowance for other funds used during construction Other (deductions) income - net (1,658,726) 559,406 (1,165,361) 59,138 Total Other Income 1,380,628 2,877,613 3,824,648 65,139 Income (Loss) Before Interest Charges 493,096 2,786,752 1,404,880 (808,204) Interest Charges: Interest on long-term debt 5,016,302 903,369 5,016,302 Amortization of debt expense and premium 75,840 75,840 Other interest expense (principally short-term notes) 652,138 213,825 473,297 59,771 Allowance for borrowed funds used during construction - (credit) (801,242) 340,515 (381,663) Total Interest Charges 4,943,038 1,457,709 5,183,776 59,771 Net Income (Loss) before preferred return (4,449,942) 1,329,043 (3,778,896) (867,975) Preferred Return Requirement Net Income (Loss) ($4,449,942) $1,329,043 ($3,778,896) ($867,975)
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS (CONTINUED) FOR THE SIX MONTHS ENDED JUNE 30, 1996
EUA EUA EUA EUA Day NEM Cogenex Citizens (Division) Inc Canada Corporation Operating Revenues $3,765,966 $1,864,977 $ $875,557 Operating Expenses: Operation 3,376,645 37,526 641 750,195 Maintenance 4,599 835 Depreciation and amortization 36,490 388,783 20,924 51,565 Taxes - Other than income 103,411 37 7,498 - Income (credit) 345,257 76,643 16,434 - Deferred 145,950 Total Operating Expenses 3,516,546 922,152 98,208 826,527 Operating Income 249,420 942,825 (98,208) 49,030 Other Income and Deductions: Interest and dividend income 318,699 2,172 Equity in earnings of jointly- owned companies Allowance for other funds used during construction Other (deductions) income - net 6,168 735 Total Other Income 324,867 2,907 Income (Loss) Before Interest Charges 249,420 942,825 226,659 51,937 Interest Charges: Interest on long-term debt Amortization of debt expense and premium Other interest expense (principally) short-term notes) 52,492 133,001 64,094 Allowance for borrowed funds used during construction - (credit) (34,823) Total Interest Charges 52,492 133,001 29,271 Net Income (Loss) before preferred return 196,928 942,825 93,658 22,666 Preferred Return Requirement Net Income (Loss) $196,928 $942,825 $93,658 $22,666 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS (CONTINUED) FOR THE SIX MONTHS ENDED JUNE 30, 1996
EUA EUA EUA EUA EUA EUA Highland MUPA WestCoast FRC II EC&S I EC&S II Corporation (Partnership) (Partnership) (Partnership) (Partnership) (Partnership) Operating Revenues $3,387,074 $1,561,324 $15,317 $747,297 $2,306,710 Operating Expenses: Operation 2,935,318 2,446 1,400,263 799 60,434 164,292 Maintenance 1,172 4,044 28,940 314 44,683 238,773 Depreciation and amortization 168,258 188,626 9,815 286,574 1,152,260 Taxes - Other than income 27,367 - Income (credit) 131,693 - Deferred Total Operating Expenses 3,263,808 6,490 1,617,829 10,928 391,691 1,555,325 Operating Income 123,266 (6,490) (56,505) 4,389 355,606 751,385 Other Income and Deductions: Interest and dividend income 34,130 4,653 1,897 Equity in earnings of jointly- owned companies Allowance for other funds used during construction Other (deductions) income - net Total Other Income 34,130 4,653 1,897 Income (Loss) Before Interest Charges 157,396 (6,490) (51,852) 4,389 355,606 753,282 Interest Charges: Interest on long-term debt 65,492 200,753 155,133 481,991 Amortization of debt expense and premium Other interest expense (principally short-term notes) 83,308 Allowance for borrowed funds used during construction - (credit) (44,241) Total Interest Charges 39,067 65,492 200,753 155,133 481,991 Net Income (Loss) before premium 118,329 (71,982) (252,605) 4,389 200,473 271,291 Preferred Return Requirement Net Income (Loss) $118,329 ($71,982) ($252,605) $4,389 $200,473 $271,291 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1996
EUA EUA Cogenex Cogenex Consolidated Eliminations Corporation CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) ($4,449,942) $1,329,046 ($3,778,895) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 5,582,239 3,139,502 Deferred taxes (175,801) (453,444) Gains on sales of investments in energy savings projects paid for with notes & leases receivable (693,523) (577,262) Non-cash costs of energy saving projects sales 3,043,381 2,120,526 Pension liability 367,165 318,169 Amortization of deferred revenues (121,158) Collections and sales of project notes & leases receivalbe 3,952,665 3,632,352 5,203,257 5,203,257 Equity earnings (1,019,475 (1,019,475) Other - net (227,835) (91,000) 233,362 Net Changes to Working Capital: Accounts receivable (5,584,552) (873,046) (5,489,377) Materials and supplies 823,141 Accounts payable (875,150) 1,104,258 (1,337,048) Accrued taxes 168,255 45,194 41,531 Other - net 1,625,727 67,014 556,907 Net Cash Provided from (Used in) investing Act. 8,637,869 561,991 2,590,105 CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (16,648,027) (1,477,163 (9,273,824) Collections on notes and leases receivable 2,149,298 1,435,410 Investments in subsidiaries (36,434) (2,470,301 (2,506,735) Net Cash Provided from (Used in) Financing Activities (14,535,163) (3,947,464 (10,345,149) CASH FLOW FROM FINANCING ACTIVITIES: Issuances: Common shares/capital contribution Long-term debt 1,563,380 Redemptions: Long-term debt (1,600,000) (759,637) (1,600,000) Premium on reacquisition & financing expenses Dividends declared (812,000) Capital contribution - EUA Partner's contribution(withdrawal) 1,168,380 Net increase (decrease) in short-term debt 8,931,130 2,225,344 8,843,000 Net Cash Provided from (Used in) Financing Activities 7,331,130 3,385,467 7,243,000 NET (DECREASE) INCREASE IN CASH 1,433,830 (512,044) Cash and temporary cash investments at beginning of year 1,503,436 508,570 Cash and temporary cash investments at end of year $2,937,266 ($3,474) Cash paid during the year for: Interest (net of amounts capitalized) $5,540,972 $5,497,817 Income Taxes $105,801 $20,956 Conversion of investments in energy savings projects to notes and leases receivable $3,194,481 $2,327,982 ( ) 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 SIX MONTHS ENDED JUNE 30, 1996
EUA EUA EUA EUA Nova Day NEM Cogenex (Division) (Division) Inc Canada CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) ($867,974) $196,927 $942,825 $93,659 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 81,305 36,491 438,844 Deferred taxes 145,950 Gains on sales of investments in energy savings projects paid for with notes and leases receivable Non - cash costs of energy savings projects sales Pension liability 48,996 Amortization of deferred revenues (121,158) Collections and sales of project notes&leases Receiv. Equity earnings Other - net (14,369) (422,777) (50,061) 165 Net Changes to Working Capital: Accounts receivable 1,349,561 6,892 (129,999) (65,684) Materials and supplies 733,239 57,353 Accounts payable (268,261) 132,641 2,832 586,640 Accrued taxes 45,136 (7,113) 76,756 Other - net (5,405) 47,477 6,496 Net Cash Provided from (Used in) investing Act. 1,102,228 47,891 1,229,233 698,032 CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (36,458) (25,175) (546,787) Collections on notes and leases receivable 22,808 1,000 690,080 Investments in subsidiaries Net Cash Provided from (Used in) (13,650) (24,175) 143,293 CASH FLOW FROM FINANCING ACTIVITIES: Issuances: Common shares/capital contribution Long-term debt Redemptions: Long-term debt Premium on reacquisition & financing expenses Dividends declared (812,000) Capital contribution - EUA Partner's contribution(withdrawal) Net increase (decrease) in short-term debt (944,000) (217,824) Net Cash Provided from (Used in) Financing Activities (944,000) (812,000) (217,824) NET (DECREASE) INCREASE IN CASH 144,578 23,716 417,233 623,501 Cash and temporary cash investments at beginning of year (215,160) 65,568 993 (37,663) Cash and temporary cash investments at end of year ($70,582) $89,284 $418,226 $585,838 Cash paid during the year for: Interest (net of amounts capitalized) Income Taxes $78,681 Conversion of investments in energy savings projects to notes and leases receivable ( ) Denotes contra
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE SIX MONTHS ENDED JUNE 30, 1996
EUA EUA EUA Citizens Highland MUPA Corporation Corporation (Partnership) CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) $22,666 $118,329 ($71,982) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 51,564 168,259 1,175 Deferred taxes 131,693 Gains on sales of investments in energy savings projects paid for with notes and leases receivable (116,261) Non - cash costs of energy saving projects sales Pension liability Amortization of deferred revenues Collections and sales of project notes & leases receivable 60,541 Equity earnings Other - net (74,468) 9,313 Net Changes to Working Capital: Accounts receivable (7,611) (1,417,829) (6,138) Materials and supplies 32,549 Accounts payable 46,908 87,768 231,509 Accrued taxes 387 11,557 Other - net (42,473) (1,316) 87,694 Net Cash Provided from (Used in) (3,027) (915,397) 242,258 CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (751,280) (1,091,440) Collections on notes and leases receivable Investments in subsidiaries Net Cash Provided from (Used in) Operating Activ. Investing Activities (751,280) (1,091,440) CASH FLOW FROM FINANCING ACTIVITIES: Issuances: Common shares/capital contribution Long-term debt Redemptions: Long-term debt (154,436) Premium on reacquisition & financing expenses Dividends declared Capital contribution - EUA Partner's contribution(withdrawal) (88,298) Net increase (decrease) in short-term debt 785,005 1,942,926 Net Cash Provided from (Used in) Financing Activities 785,005 1,942,926 (242,734) NET (DECREASE) INCREASE IN CASH 30,698 (63,911) (476) Cash and temporary cash investments at beginning of year (10,281) 150,287 1,000 Cash and temporary cash investments at end of year $20,417 $86,376 $524 Cash paid during the year for: Interest (net of amounts capitalized) $43,155 Income Taxes $5,032 $1,132 Conversion of investments in energy savings projects to notes and leases receivable $866,499 ( ) Denotes contra
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE SIX MONTHS ENDED JUNE 30, 1996
EUA EUA EUA EUA WestCoast FRC II EC&S I EC&S II (Partnership) (Partnership) (Partnership) (Partnership) CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) ($252,605) $4,389 $200,473 $271,292 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 206,655 9,815 288,127 1,160,502 Deferred taxes Gains on sales of investments in energy savings projects paid for with notes & leases receivable Non - cash costs of energy savings projects sales 752,855 170,000 Pension liability Amortization of deferred revenues Collections and sales of project notes and leases receivable 53,101 50,451 156,220 Equity earnings Other - net Net Changes to Working Capital: Accounts receivable (456,516) 431,248 (152,574) (519,571) Materials and supplies Accounts payable (225,764) 69,397 512,203 390,283 Accrued taxes 45,195 Other - net 38,450 20,454 (11,553) 996,010 Net Cash Provided from (Used in) Operating Activities 161,371 535,303 887,127 2,624,736 CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (1,179,510) (2,508,080) (2,712,636) Collections on notes and leases receivable Investments in subsidiaries Net Cash Provided from (Used in) Investing Activities (1,179,510) (2,508,080) (2,712,636) CASH FLOW FROM FINANCING ACTIVITIES: Issuances: Common shares/capital contribution Long-term debt 1,563,380 Redemptions: Long-term debt (154,472) (450,729) Premium on reacquisition & financing expenses Dividends declared Capital contribution - EUA Partner's contribution(withdrawal) (50,892) (282,430) 1,150,000 440,000 Net increase (decrease) in short-term debt 637,367 110,000 Net Cash Provided from (Used in) Financing Activities 1,512,488 (282,430) 1,632,895 99,271 NET (DECREASE) INCREASE IN CASH 494,349 252,873 11,942 11,371 Cash and temporary cash investments at beginning of year 478,954 14,243 119,347 427,579 Cash and temporary cash investments at end of year $973,303 $267,116 $131,289 $438,950 Cash paid during the year for: Interest (net of amounts capitalized) Income Taxes Conversion of investments in energy savings project to notes and leases receivable () Denotes contra
Business Line Project Equipment in Service Revenues as of 6/30/96 as of 6/30/96 Demand Side Mgmt./Energy Mgmt. Services $90,733,402 $19,922,722 Manufacturing and Fabrication $0 $7,404,779 Consulting $700,446 TOTAL $90,733,402 $28,027,947 Geographic Location Project Equipment in Service Revenues as of 6/30/96 as of 6/30/96 New England / New York Region $54,520,679 $18,261,935 United States excluding New England $36,212,723 $9,766,012 and New York Canada $0 $0 All areas of the world excluding the U.S. and Canada TOTAL $90,733,402 $28,027,947 EX-27 2 FDS
OPUR1 1000 6-MOS DEC-31-1996 JUN-30-1996 PER-BOOK 0 144167 55699 3182 0 203048 0 45787 2347 48134 0 0 110900 0 23302 0 6700 0 0 0 14012 203048 28028 (3945) 32861 28915 (888) 1381 493 4943 (4450) 0 (4450) 0 5016 8638 0 0
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