-----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, QTzUnOMnTw+lW0kyZeCGqwboFAXxbtOlQm1jJRd3RND01m1h4Wga5TLcqJZvQrdJ uZSO+H7VDCmtaq62FlONpQ== 0000852435-98-000002.txt : 19980814 0000852435-98-000002.hdr.sgml : 19980814 ACCESSION NUMBER: 0000852435-98-000002 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19980813 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: SEC FILE NUMBER: 070-07287 FILM NUMBER: 98686387 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 3/31/98 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, 1998 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/ Edward T. Liston Edward T. Liston President August 13, 1998 EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1998
ASSETS EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day Day I & II NEM Consol. Elimination (Division) (Division) (Division) (Division) Inc. 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 95,006,732 42,182,825 1,502,718 2,094,673 1,150,027 8,493,365 Less accumulated provision for depreciation 42,478,998 22,679,327 783,814 894,279 482,245 3,672,005 Net non-utility property 52,527,734 19,503,498 718,904 1,200,394 667,782 4,821,361 Investments in subsidiaries (at equity) (73,197) 47,009,240 46,936,044 Excess of carrying values of investments in subsidiaries Notes receivable 30,633,431 24,232,709 Leases receivable 16,833,392 10,860,626 Other 28,137,229 22,737,337 (186,000) 83,350 Total Utility Plant and Other Investments 128,058,588 47,009,240 124,270,212 532,904 1,200,394 667,782 4,904,711 Current Assets: Cash and temporary cash investments 7,723,740 2,225,516 419,673 544,109 235,617 Notes receivable 16,617,862 19,421,815 33,156,355 72,958 1,504,586 Leases receivable 2,187,479 1,220,688 Accounts receivable - Net: Customers 19,503,308 8,206,214 972,227 1,171,396 343,897 Accrued unbilled revenue Others 4,520,365 2,770,627 234 2,713 139,288 Accounts receivable - associated companies 30,958 6,962,987 6,123,410 242,721 475,742 Materials and supplies (at aver. cost) Plant materials and operating supplies 1,725,760 63,569 864,594 269,743 400,478 Other current assets 1,095,563 2,530,971 3,472,527 64,508 41,730 Total Current Assets 53,405,036 28,915,773 57,238,905 2,636,915 4,010,017 400,478 718,802 Deferred Debits: Unamortized debt expense 375,666 375,666 Unrecovered regulatory plant costs Other deferred debits 9,050,262 7,472,142 18,486 36,989 1,141,869 Total Deferred Debits 9,425,928 7,847,808 18,486 36,989 1,141,869 Total Assets $190,889,552 $75,925,014 $189,356,925 $3,188,305 $5,247,400 $1,068,260 $6,765,381 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1998 ASSETS (CONTINUED)
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Canada Corporation Corporation (Part.) (Part.) (Part.) (Part.) (Part.) Utility Plant and Other Investments: Utility plant in service $ $ $ $ $ $ $ $ Less accumulated provision for deprec. and amortization Net utility plant in service Construction work in progress Net utility plant Non-utility property 4,260,380 1,631,095 2,596,864 77,490 12,050,298 18,966,995 Less accumulated provision for deprec. 646,693 616,952 2,023,231 77,490 2,613,189 7,989,773 Net non-utility property 3,613,688 1,014,143 573,634 9,437,109 10,977,222 Investments in subsidiaries (at equity) Excess of carrying values of investments in subsidiaries Notes receivable 4,343,771 2,056,951 Leases receivable 2,034,763 1,311,855 2,626,148 Other 122,582 5,191,412 51,743 60,670 76,136 Total Utility Plant and Other Invest. 4,343,771 3,736,270 10,297,268 625,377 10,809,634 13,679,506 Current Assets: Cash and temporary cash investments 930,174 1,110,611 727,777 146 334,460 350,975 321,066 523,617 Notes receivable 902,571 239,406 163,801 Leases receivable 411,956 149,106 405,729 Accounts receivable - Net: Customers 465,104 4,309,582 1,113,281 23,750 69,060 588,761 931,698 1,308,338 Accrued unbilled revenue Others 95 (2,152,323) 1,858,803 81,869 689,851 1,129,210 Accounts receivable - associated comp. 64,979 87,094 Materials and supplies (at aver. cost) Plant materials and operating supplies 127,377 Other current assets (16) 4,380 43,405 Total Current Assets 2,297,927 3,337,228 4,609,100 23,896 649,191 939,736 2,091,721 3,366,894 Deferred Debits: Unamortized debt expense Unrecovered regulatory plant costs Other deferred debits 131,849 147,965 100,324 25 614 Total Deferred Debits 131,849 147,965 100,324 25 614 Total Assets $6,773,546 $7,221,463 $15,006,693 $23,921 $1,274,568 $939,736 $12,901,355 $17,047,014 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1998 LIABILITIES
EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day Day I & II NEM Consol. Elimination Corporation (Division) (Division) (Division) Inc. Capitalization: Common equity $47,308,965 $16,328,442 $49,248,765 ($2,044,856) $1,413,118 ($1,219,362) $10,181,766 Non-redeemable preferred stock of sub. Redeemable preferred stock of subsidiaries - net 75 Preferred stock redemption cost Partnerships' capital 30,690,799 Long-term debt - net $83,300,000 83,300,000 Total Capitalization 130,609,040 47,019,240 132,548,765 (2,044,856) 1,413,118 (1,219,362) 10,181,766 Current Liabilities: Preferred stock sinking fund requir. Long-term debt due within one year 6,700,000 6,700,000 Notes payable 41,750,880 19,421,815 39,000,000 2,089,650 1,672,073 2,180,121 Accounts payable 3,584,287 938,995 317,866 877,097 535 Accounts payable - associated comp. 846,586 6,962,987 1,606,301 903,710 358,204 69,881 198,056 Customer deposits Taxes accrued 442,230 110,227 97,290 89,369 Interest accrued 363,455 2,530,971 363,455 1,441,244 405,683 37,619 Dividends declared Other current liabilities 6,337,298 4,500,787 159,515 144,448 Total Current Liabilities 60,024,735 28,915,773 53,219,765 5,009,275 3,546,873 2,287,622 198,590 Deferred Credits: Unamortized investment credit Other deferred credits 3,618,758 (10,000) 2,489,031 223,886 287,409 62,290 Total Deferred Credits 3,618,758 (10,000) 2,489,031 223,886 287,409 62,290 Accumulated deferred taxes (3,362,980) 1,099,364 (3,677,265) Commitments and contingencies Total Liabilities and Capitalization $190,889,552 $75,925,014 $189,356,925 $3,188,305 $5,247,400 $1,068,260 $6,765,381 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS MARCH 31, 1998 LIABILITIES (CONTINUED)
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Canada Corporation Corporation (Part.) (Part.) (Part.) (Part.) (Part.) Capitalization: Common equity $806,249 $237,912 $5,013,814 Non-redeemable preferred stock of sub. Redeemable preferred stock of subsidiaries - net 75 Preferred stock redemption cost Partnerships' capital 23,921 1,245,238 939,736 12,482,203 15,999,702 Long-term debt - net Total Capitalization 806,249 237,987 5,013,814 23,921 1,245,238 939,736 12,482,203 15,999,702 Current Liabilities: Preferred stock sinking fund requir. Long-term debt due within one year Notes payable 2,752,920 5,592,000 7,878,431 7,500 Accounts payable 155,038 333,573 385,506 1,917 69,715 504,045 Accounts payable - associated comp. 2,591,231 465,873 1,350,063 17,433 41,755 207,067 Customer deposits Taxes accrued 60,898 30,524 53,922 Interest accrued 264,492 381,934 Dividends declared Other current liabilities 341,696 196,289 332,695 21,980 260,368 379,519 Total Current Liabilities 5,901,782 6,882,751 10,382,551 41,330 371,838 1,098,131 Deferred Credits: Unamortized investment credit Other deferred credits 65,515 34,280 461,852 (12,000) 47,314 (50,819) Total Deferred Credits 65,515 34,280 461,852 (12,000) 47,314 (50,819) Accumulated deferred taxes 66,445 (851,525) Commitments and contingencies Total Liabilities and Capitalization $6,773,546 $7,221,463 $15,006,693 $23,921 $1,274,568 $939,736 $12,901,355 $17,047,014 ( ) 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, 1998
EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day Day I & II NEM Consol. Elimination Corporation (Division) (Division) (Division) Inc. Operating Revenues $12,693,517 $4,858,076 $966,945 $1,514,810 $208 $954,941 Operating Expenses: Operation 8,509,703 2,812,226 1,405,883 1,388,522 278,654 3,448 Maintenance 200,806 84,908 7,388 Depreciation and amortization 3,064,057 1,736,988 34,826 17,422 38,335 195,813 Taxes - Other than income 278,695 108,017 45,949 60,728 5,861 16 - Income (credit) (191,931) (390,067) 187,550 - Deferred 207,122 142,680 72,975 Total Operating Expenses 12,068,451 4,494,752 1,486,657 1,466,671 322,849 467,190 Operating Income 625,066 363,324 (519,712) 48,139 (322,641) 487,751 Other Income and Deductions: Interest and dividend income 1,667,554 275,008 1,607,793 (41) Equity in earnings of jointly- owned companies 1,074,123 1,074,123 Allowance for other funds used during construction Other (deductions) income - net 41,984 96,514 2,251 1 Total Other Income 1,709,537 1,349,131 2,778,431 2,211 1 Income (Loss) Before Interest Charges 2,334,603 1,349,131 3,141,755 (517,501) 48,139 (322,641) 487,751 Interest Charges: Interest on long-term debt 1,956,087 1,956,087 Amortization of debt expense and prem. Other interest expense (principally short-term notes) 656,114 275,008 592,272 28,068 24,736 9,987 Allowance for borrowed funds used during construction - (credit) (37,800) (21,600) Total Interest Charges 2,574,401 275,008 2,526,759 28,068 24,736 9,987 Net Income (Loss) before prem (239,798) 1,074,123 614,996 (545,570) 23,404 (332,628) 487,751 Preferred Return Requirement Net (Loss) Income ($239,798) $1,074,123 $614,996 ($545,570) $23,404 ($332,628) $487,751 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, 1998
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Canada Corporation Corporation (Part.) (Part.) (Part.) (Part.) (Part.) Operating Revenues $126,352 $1,869,159 $712,125 $52,250 $ $515,660 $1,122,993 Operating Expenses: Operation 117,713 1,611,798 683,998 13 3,231 12,435 191,782 Maintenance (385) 23,806 15,933 9,514 59,642 Depreciation and amortization 126,822 147,187 50,990 200,821 514,854 Taxes - Other than income 30,788 27,338 - Income (credit) 55,760 9,857 (55,031) - Deferred (8,533) Total Operating Expenses 173,473 1,778,880 818,765 13 70,153 222,770 766,278 Operating Income (47,121) 90,279 (106,640) (13) (17,903) 292,890 356,715 Other Income and Deductions: Interest and dividend income 171,764 65,664 12,955 26,267 58,158 Equity in earnings of jointly- owned companies Allowance for other funds used during construction Other (deductions) income - net (61,811) 508 4,804 (284) Total Other Income 109,953 65,664 13,463 31,071 57,875 Income (Loss) Before Interest 62,832 90,279 (40,976) (13) (4,440) 323,961 414,589 Interest Charges: Interest on long-term debt Amortization of debt expense and prem. Other interest expense (principally short-term notes) 63,533 88,520 118,919 5,088 Allowance for borrowed funds used construction - (credit) (12,600) (3,600) Total Interest Charges 63,533 75,920 115,319 5,088 Net Income (Loss) before prem. (701) 14,359 (156,295) (13) (4,440) 318,873 414,589 Preferred Return Requirement Net (Loss) Income ($701) $14,359 ($156,295) ($13) ($4,440) $318,873 $414,589 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, 1998
EUA EUA EUA EUA EUA EUA Cogenex Cogenex Nova Day Day I & II NEM Consol Elimination Corporation (Division) (Division) (Division) Inc CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) ($239,798) $1,074,123 $614,996 ($545,570) $23,404 ($332,628) $487,751 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 3,098,743 15,709 1,787,382 34,826 17,422 38,335 195,813 Deferred taxes 207,122 142,680 72,975 Gains on sales of investments in energy savings projects paid for with notes and leases receivable (209,697) (229,697) Non - cash costs of energy saving project sales 1,084,579 604,247 Pension liability 6,070 4,468 1,602 Amortization of deferred revenues (69,397) (62,294) Collections and sales of project notes and leases receivable 1,898,086 1,577,237 Undistributed Equity earnings of sub. 1,510,331 1,510,331 Other - net (536,308) (830,201) (1,792,856) (9,145) (197,805) (1,485) Net Changes to Working Capital: Accounts receivable 4,866,053 (805,782) 3,085,808 294,934 (5,720) 262,077 Materials and supplies 884,397 (963,032) (45,148) (44,203) 10,716 Accounts payable 289,748 796,888 (64,971) 216,826 641,131 54,881 244,635 Accrued taxes 140,345 65,279 37,388 62,833 Accrued interest (903,426) 269,921 (903,426) 28,056 24,736 9,987 Other - net 805,275 703,112 775,498 123,697 131,718 Net Cash Provided from (Used in) Operating Activities 11,321,792 1,771,069 7,176,976 137,466 653,516 (218,709) 1,199,472 CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (9,405,336) (7,396,013) (13,503) (260,274) 0 0 Collections on notes and leases rec. 1,077,559 1,076,421 1,138 Investments in subsidiaries Net Cash Provided from (Used in) Investing Activities (8,327,777) (6,319,592) (13,503) (259,136) CASH FLOW FROM FINANCING ACTIVITIES: Redemption: Long-term debt (800,000) (800,000) Premium on reacquisition & fin. exp. Dividends declared (1,000,000) (1,000,000) Capital contribution - EUA Partner's contribution(withdrawal) (1,223,457) Net increase (decrease) in short debt 1,057,359 452,388 1,450,000 337,500 218,709 (348,222) Net Cash Provided from (Used in) Financing Activities 257,359 (1,771,069) 650,000 337,500 218,709 (1,348,222) NET (DECREASE) INCREASE IN CASH 3,251,374 1,507,384 461,463 394,380 (148,750) Cash and temporary cash investments at beginning of year 4,472,365 718,132 (41,790) 149,729 384,367 Cash and temporary cash investments at end of year $7,723,739 $2,225,516 $419,673 $544,109 $235,617 Cash paid during the year for: Interest (net of amounts cap.) $2,796,400 $2,796,400 Income Taxes $214,434 $28,872 $160,456 Conversion of investments in energy savings projects to notes and leases receivable $734,532 $714,532 ( ) 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, 1998
EUA EUA EUA EUA EUA EUA EUA EUA Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II Canada Corpor. Corpor. (Part.) (Part.) (Part.) (Part.) (Part.) CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) ($701) $14,359 ($156,295) ($13) ($4,440) $318,873 $414,589 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities Depreciation and amortization 126,821 147,188 50,990 200,821 514,854 Deferred taxes (8,533) Gains on sales of investments in energy savings projects paid for with notes and leases receivable 20,000 Non - cash costs of energy saving proj. sales 40,892 439,440 Pension liability Amortization of deferred revenues 3,987 910 (12,000) Collections and sales of project notes and leases receivable 167,433 14,820 26,846 111,750 Undistributed Equity earnings of sub. Other - net (57,998) (22,844) 719,155 (25) 47,314 (50,819) Net Changes to Working Capital: Accounts receivable 820,923 996,150 96,799 2,131 (582,031) (910,800) Materials and supplies Accounts payable (493,555) 151,746 103,541 17,433 22,070 192,899 Accrued taxes (87,270) 30,464 31,651 Accrued interest 88,518 118,624 Other - net 355,191 156,820 328,396 (395,429) 136,188 (103,692) Net Cash Provided from (Used in) Operating Activities 540,577 1,583,836 2,007,399 (38) (326,495) 170,081 168,781 CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (216,394) (1,609,641) (3,161) 93,650 Collections on notes and leases rec. Investments in subsidiaries Net Cash Provided from (Used in) Fin. Activities (216,394) (1,609,641) (3,161) 93,650 CASH FLOW FROM FINANCING ACTIVITIES: Redemption: Long-term debt Premium on reacquisition and financing expenses Dividends declared Capital contribution - EUA Partner's contribution(withdrawal) (473,457) (750,000) Net increase (decrease) in short-term debt (393,255) 164,000 90,614 (17,099) 7,500 Net Cash Provided from (Used in) Financing Activities (393,255) 164,000 90,614 (490,556) (742,500) NET (DECREASE) INCREASE IN CASH 147,322 1,531,442 488,372 (38) (326,495) (323,636) (480,069) Cash and temporary cash investments at beginning of year 782,852 (420,831) 239,405 184 660,955 350,975 644,701 1,003,686 Cash and temporary cash investments at end of year $930,174 $1,110,611 $727,777 $146 $334,460 $350,975 $321,065 $523,617 Cash paid during the year for: Interest (net of amounts capitalized) Income $18,525 $6,581 Conversion of investments in energy savings projects to notes and leases receivable $20,000 ( ) Denotes contra The accompanying notes are an integral part of the financial statements.
Business Line
Project Equipment in Service Revenues as of 3/31/98 as of 3/31/98 Demand Side Mgmt./Energy Mgmt. Services $76,516,425 $8,903,143 Manufacturing and Fabrication $2,481,963 Consulting $1,308,411 TOTAL $76,516,425 $12,693,517 Geographic Location Project Equipment in Service Revenues as of 3/31/98 as of 3/31/98 New England / New York Region $52,526,783 $9,298,813 United States excluding New England $23,989,642 $3,268,353 and New York Canada $126,351 All areas of the world excluding the U.S. and Canada TOTAL $76,516,425 $12,693,517
EX-27 2 FDS
OPUR1 1000 3-MOS DEC-31-1998 MAR-31-1998 PER-BOOK 0 128059 53405 9426 0 190890 0 47072 237 47309 0 0 83300 0 41751 0 6700 0 0 0 11830 190890 12694 15 12054 12069 625 1709 2334 2574 (240) 0 (240) 0 1956 11322 0 0
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