-----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, SR2+qsi34NtS9zC/Tv1LuvGnFR1uzQqSm0dQtpVeLLngZwQGDZdigtx1q2lHOdd3 W4PHrg/F6pb2gc4xFZ1Eng== 0000069659-96-000007.txt : 19960816 0000069659-96-000007.hdr.sgml : 19960816 ACCESSION NUMBER: 0000069659-96-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NARRAGANSETT ELECTRIC CO CENTRAL INDEX KEY: 0000069659 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 050187805 STATE OF INCORPORATION: RI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07471 FILM NUMBER: 96611856 BUSINESS ADDRESS: STREET 1: 280 MELROSE ST CITY: PROVIDENCE STATE: RI ZIP: 02901 BUSINESS PHONE: 4019411400 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-7471 (LOGO) THE NARRAGANSETT ELECTRIC COMPANY (Exact name of registrant as specified in charter) Rhode Island 05-0187805 (State or other (I.R.S. Employer jurisdiction of Identification No.) incorporation or organization) 280 Melrose Street, Providence, R.I. 02901 (Address of principal executive offices) Registrant's telephone number, including area code (401-784-7000) 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 ( ) Common stock, par value $50 per share, authorized and outstanding: 1,132,487 shares at June 30, 1996. PART I FINANCIAL STATEMENTS Item 1. Financial Statements - ---------------------------- THE NARRAGANSETT ELECTRIC COMPANY Statements of Income Periods Ended June 30 (Unaudited)
Quarter Six Months -------- ---------- 1996 1995 1996 1995 ---- ---- ---- ---- (In Thousands) Operating revenue $116,470 $116,426 $243,755 $241,446 -------- -------- -------- -------- Operating expenses: Fuel for generation and purchased electric energy (principally from New England Power Company, an affiliate) 68,779 71,713 142,468 144,515 Other operation 18,156 17,649 35,259 33,918 Maintenance 2,967 2,383 6,954 5,052 Depreciation 7,220 7,506 14,357 15,013 Taxes, other than federal income taxes 9,972 9,219 20,053 18,886 Federal income taxes 1,131 655 4,133 4,116 -------- -------- -------- -------- Total operating expenses 108,225 109,125 223,224 221,500 -------- -------- -------- -------- Operating income 8,245 7,301 20,531 19,946 Other income: Allowance for equity funds used during construction 219 428 Other income (expense), net (125) (145) (1,234) (466) -------- -------- -------- -------- Operating and other income 8,120 7,375 19,297 19,908 -------- -------- -------- -------- Interest: Interest on long-term debt 4,304 4,088 8,596 8,070 Other interest 830 561 1,514 1,662 Allowance for borrowed funds used during construction - credit (131) (332) (220) (648) -------- -------- -------- -------- Total interest 5,003 4,317 9,890 9,084 -------- -------- -------- -------- Net income $ 3,117 $ 3,058 $ 9,407 $ 10,824 ======== ======== ======== ======== Statements of Retained Earnings Retained earnings at beginning of period $111,716 $ 98,220 $108,227 $ 91,556 Net income 3,117 3,058 9,407 10,824 Dividends declared on cumulative preferred stock (536) (536) (1,072) (1,072) Dividends declared on common stock (3,114) (3,397) (5,379) (3,963) -------- -------- -------- -------- Retained earnings at end of period $111,183 $ 97,345 $111,183 $ 97,345 ======== ======== ======== ======== The accompanying notes are an integral part of these financial statements. Per share data is not relevant because the Company's common stock is wholly owned by New England Electric System.
THE NARRAGANSETT ELECTRIC COMPANY Statements of Income Twelve Months Ended June 30 (Unaudited)
1996 1995 ---- ---- (In Thousands) Operating revenue $501,422 $493,854 -------- -------- Operating expenses: Fuel for generation and purchased electric energy (principally from New England Power Company, an affiliate) 291,225 301,616 Other operation 74,535 73,672 Maintenance 13,076 11,106 Depreciation 30,877 26,496 Taxes, other than federal income taxes 37,794 36,265 Federal income taxes 10,905 7,760 -------- -------- Total operating expenses 458,412 456,915 -------- -------- Operating income 43,010 36,939 Other income: Allowance for equity funds used during construction (322) 838 Other income (expense), net (960) (270) -------- -------- Operating and other income 41,728 37,507 -------- -------- Interest: Interest on long-term debt 17,153 15,590 Other interest 3,515 3,331 Allowance for borrowed funds used during construction - credit (1,433) (1,526) -------- -------- Total interest 19,235 17,395 -------- -------- Net income $ 22,493 $ 20,112 ======== ======== Statements of Retained Earnings Retained earnings at beginning of period $ 97,345 $ 84,755 Net income 22,493 20,112 Dividends declared on cumulative preferred stock (2,143) (2,143) Dividends declared on common stock (6,512) (5,379) -------- -------- Retained earnings at end of period $111,183 $ 97,345 ======== ======== The accompanying notes are an integral part of these financial statements. Per share data is not relevant because the Company's common stock is wholly owned by New England Electric System.
THE NARRAGANSETT ELECTRIC COMPANY Balance Sheets (Unaudited)
June 30, December 31, ASSETS 1996 1995 ------ ---- ---- (In Thousands) Utility plant, at original cost $722,856 $699,906 Less accumulated provisions for depreciation 178,516 173,391 -------- -------- 544,340 526,515 Construction work in progress 5,949 8,733 -------- -------- Net utility plant 550,289 535,248 -------- -------- Current assets: Cash 859 1,999 Accounts receivable: From sales of electric energy 53,819 59,760 Other (including $1,524,000 and $1,464,000 from affiliates) 5,713 9,330 Less reserves for doubtful accounts 6,193 5,516 -------- -------- 53,339 63,574 Unbilled revenues 15,600 16,500 Fuel, materials and supplies, at average cost 6,083 6,245 Prepaid and other current assets 16,994 15,887 -------- -------- Total current assets 92,875 104,205 -------- -------- Deferred charges and other assets 59,917 60,168 -------- -------- $703,081 $699,621 ======== ======== CAPITALIZATION AND LIABILITIES ------------------------------ Capitalization: Common stock, par value $50 per share, authorized and outstanding 1,132,487 shares $ 56,624 $ 56,624 Premiums on preferred stocks 170 170 Other paid-in capital 80,000 80,000 Retained earnings 111,183 108,227 -------- -------- Total common equity 247,977 245,021 Cumulative preferred stock 36,500 36,500 Long-term debt 185,958 210,892 -------- -------- Total capitalization 470,435 492,413 -------- -------- Current liabilities: Long-term debt due in one year 25,000 Short-term debt (including $5,375,000 and $1,000,000 to affiliates) 17,375 22,675 Accounts payable (including $43,142,000 and $38,510,000 to affiliates) 48,908 46,247 Accrued liabilities: Taxes 4,347 6,380 Interest 5,815 5,847 Other accrued expenses 22,245 19,558 Customer deposits 5,528 5,691 Dividends payable 3,650 1,102 -------- -------- Total current liabilities 132,868 107,500 -------- -------- Deferred federal income taxes 76,950 76,017 Unamortized investment tax credits 7,766 8,016 Other reserves and deferred credits 15,062 15,675 -------- -------- $703,081 $699,621 ======== ======== The accompanying notes are an integral part of these financial statements.
THE NARRAGANSETT ELECTRIC COMPANY Statements of Cash Flows Six Months Ended June 30 (Unaudited)
1996 1995 ---- ---- (In Thousands) Operating Activities: Net income $ 9,407 $ 10,824 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 14,357 15,013 Deferred federal income taxes and investment tax credit, net 165 1,793 Amortization of unbilled revenues (4,104) Allowance for funds used during construction (220) (1,076) Decrease (increase) in accounts receivable, net and unbilled revenues 11,135 2,629 Decrease (increase) in fuel, materials, and supplies 162 (1,278) Decrease (increase) in prepaid and other current assets (1,107) (2,014) Increase (decrease) in accounts payable 2,661 (5,686) Increase (decrease) in other current liabilities 459 3,152 Other, net 500 8,880 -------- -------- Net cash provided by operating activities $ 37,519 $ 28,133 -------- -------- Investing Activities: Plant expenditures, excluding allowance for funds used during construction $(29,196) $(38,868) -------- -------- Net cash used in investing activities $(29,196) $(38,868) -------- -------- Financing Activities: Dividends paid on common stock $ (2,831) $ (850) Dividends paid on preferred stock (1,072) (1,072) Long-term debt - issues 2,000 15,000 Long-term debt - retirements (2,000) Changes in short-term debt (5,300) (1,950) Premium on reacquisition of long-term debt (260) -------- -------- Net cash provided by (used in) financing activities$ (9,463) $ 11,128 -------- -------- Net increase (decrease) in cash and cash equivalents $ (1,140) $ 393 Cash and cash equivalents at beginning of period 1,999 713 -------- -------- Cash and cash equivalents at end of period $ 859 $ 1,106 ======== ======== Supplementary Information: Interest paid less amounts capitalized $ 9,323 $ 8,389 -------- -------- Federal income taxes paid (refunded) $ 3,750 $ (285) -------- -------- The accompanying notes are an integral part of these financial statements.
Note A - ------ A 1986 Rhode Island Supreme Court decision held that the Rhode Island Public Utilities Commission's (RIPUC) rate-making powers include the authority to order refunds of amounts earned in excess of an allowed return. As a result, the RIPUC monitors the Company's earnings on a regular basis. Note B - Hazardous Waste - ------------------------ The Federal Comprehensive Environmental Response, Compensation and Liability Act, more commonly known as the "Superfund" law, imposes strict, joint and several liability, regardless of fault, for remediation of property contaminated with hazardous substances. The electric utility industry typically utilizes and/or generates in its operations a range of potentially hazardous products and by-products. New England Electric System (NEES) subsidiaries currently have an environmental audit program in place intended to enhance compliance with existing federal, state, and local requirements regarding the handling of potentially hazardous products and by-products. The Company has been named as a potentially responsible party (PRP) by either the U.S. Environmental Protection Agency or the Massachusetts Department of Environmental Protection for three sites (two of which are located in Massachusetts) at which hazardous waste is alleged to have been disposed. The Company is currently aware of other sites, and may in the future become aware of additional sites, that it may be held responsible for remediating. Gas was manufactured from coal in Rhode Island in the past. The Company is aware of five sites on which gas was manufactured or manufactured gas was stored that were owned either by the Company or by its predecessor companies. It is not known to what extent the Company would be held liable for hazardous wastes, if any, left at these manufactured gas locations. Predicting the potential costs to investigate and remediate hazardous waste sites continues to be difficult. There are also significant uncertainties as to the portion, if any, of the investigation and remediation costs of any particular hazardous Note B - Hazardous Waste - Continued - ------------------------ waste site that may ultimately be borne by the Company. A preliminary review by a consultant hired by the NEES companies of the potential cost of investigating and, if necessary, remediating Rhode Island manufactured gas sites resulted in costs per site ranging from less than $1 million to $11 million. An informal survey of other utilities conducted on behalf of NEES and its subsidiaries indicated costs in a similar range. Where appropriate, the Company intends to seek recovery from its insurers and from other PRPs, but it is uncertain whether, and to what extent, such efforts will be successful. The Company believes that hazardous waste liabilities for all sites of which it is aware are not material to its financial position. Note C - ------ In the opinion of the Company, these statements reflect all adjustments (which include normal recurring adjustments) necessary for a fair statement of the results of its operations for the periods presented and should be considered in conjunction with the notes to the financial statements in the Company's 1995 Annual Report. Item 2. Management's Discussion and Analysis of Financial --------------------------------------------------------- Condition and Results of Operations ----------------------------------- This section contains management's assessment of The Narragansett Electric Company's financial condition and the principal factors having an impact on the results of operations. This discussion should be read in conjunction with the Company's financial statements and footnotes and the 1995 Annual Report on Form 10-K. Earnings - -------- Net income for the second quarter of 1996 was unchanged from the corresponding period in 1995. Earnings for the six months to date decreased $1.4 million from the corresponding period in 1995. This decrease reflects (i) increased distribution system-related operation and maintenance expenses, (ii) the completion of the recognition of $14 million of unbilled revenues over a 21-month period that ended in December 1995, (iii) increased taxes, other than income taxes, and (iv) decreased allowance for funds used during construction, the latter two of which are attributable to the Manchester Street Station entering commercial operation in the second half of 1995. Partially offsetting these decreases to income for the six-month period is a 1.9 percent increase in kilowatt-hour (kWh) sales due to a return to more normal weather conditions in the first quarter of 1996 as compared to unusually mild weather in the first quarter of 1995, and an increase in base rates. Competitive Conditions - ---------------------- The electric utility business is being subjected to rapidly increasing competitive pressures, stemming from a combination of trends, including the presence of surplus generating capacity, a disparity in electric rates among regions of the country, improvements in generation efficiency, increasing demand for customer choice, and new regulations and legislation intended to foster competition. See the Company's Annual Report on Form 10-K for the year ended December 31, 1995. In states across the country, including Massachusetts and New Hampshire, there have been an increasing number of proposals to allow retail customers to choose their electricity supplier, with incumbent utilities required to deliver that electricity over their transmission and distribution systems (also known as "retail wheeling"). In Rhode Island, such a proposal has been enacted into law. Rhode Island legislation On August 7, 1996, the Governor of Rhode Island signed into law legislation that will restructure the electric utility industry in Rhode Island. Rhode Island is the first state to pass comprehensive legislation providing retail customers with access to alternative suppliers and providing utilities with recovery of their stranded investments. The New England Electric System companies supported this legislation which affects the Company and New England Power Company (NEP), its affiliated wholesale power supplier. The legislation will allow all customers of electric utilities to choose their power supplier under a phased-in approach, while transmission and distribution rates would remain regulated. This phase-in would begin on July 1, 1997 for customers representing approximately 10 percent of the Company's load, followed by another 10 percent on January 1, 1998, and the balance of customers on July 1, 1998. Under the new law, NEP's wholesale contract with the Company will be terminated. In return, the cost of NEP's past generation commitments to serve the Company's customers will be recovered through a transition access charge on retail distribution rates. Those commitments, which are currently estimated at approximately $4 billion on a present value basis in total for NEP (of which the Company's share is approximately $1 billion), consist of (i) generating plant commitments, (ii) regulatory assets, (iii) the above market component of purchased power contracts, and (iv) the operating cost of nuclear plants which cannot be mitigated by shutting down the plants. The aggregate amount of the transition access charge will be reduced by the fair market value of the utilities' non-nuclear generating assets. The value of such generating assets will be determined by leasing, selling, spinning off, or otherwise disposing of at least a 15 percent interest in such generating facilities. Sunk costs associated with NEP's generating plants and regulatory assets will be recovered over a period of 12 years. NEP's purchased power contracts and nuclear decommissioning costs will be recovered as incurred over the life of those obligations, a period expected to extend beyond 12 years. The initial transition access charge will be set at 2.8 cents per kWh through December 31, 2000, and is expected to decline thereafter. Implementation of various aspects of the Rhode Island legislation is subject to Rhode Island Public Utilities Commission and Federal Energy Regulatory Commission (FERC) approval. The legislation also requires the Company to transfer its transmission and generation assets to affiliated companies at the net book value of those assets. The legislation also establishes performance-based rates for distribution utilities, including the Company. Under the legislation, the Company will be entitled to increase its distribution rates by approximately $10 million annually for 1997 and 1998. In addition, for those two years, the Company's return on equity will be subject to a floor of 6 percent and a ceiling of 11 percent. Earnings over the ceiling will be shared equally between customers and shareholders up to an absolute cap on return on equity of 12.5 percent. To the extent that earnings fall below the floor, the Company will be authorized to surcharge customers for the shortfall. Historically, electric utility rates have been based on a utility's costs. As a result, electric utilities are subject to certain accounting standards that are not applicable to other business enterprises in general. Financial Accounting Standard No. 71, Accounting for the Effects of Certain Types of Regulation (FAS 71), requires regulated entities, in appropriate circumstances, to establish regulatory assets and liabilities, and thereby defer the income statement impact of certain costs that are expected to be recovered in future rates. While the Company believes that the new legislation, described above, will not affect its ability to continue to meet the criteria of FAS 71, future regulatory, legislative, or utility initiatives, could cause all or a portion of its operations to cease meeting such criteria. In that event, the application of FAS 71 to such operations would be discontinued and a non-cash write-off of previously established regulatory assets and liabilities related to such operations would be required. At December 31, 1995, the Company had pre-tax regulatory assets (net of regulatory liabilities) of approximately $50 million. FERC order In April 1996, the FERC issued Order No. 888 addressing open access transmission and required those utilities that own transmission facilities to file open access tariffs to make available transmission service to affiliates and nonaffiliates at fair non-discriminatory rates. Order No. 888 also stated that public utilities will be allowed to seek recovery of legitimate and verifiable stranded costs from departing customers as a result of wholesale competition. The FERC indicated that it will provide for the recovery of retail stranded costs only if state regulators lack the legal authority to address those costs at the time retail wheeling is required. The FERC also stated that it would permit stranded cost recovery under wholesale requirements contracts, such as the contracts between NEP and its retail affiliates. This "Competitive Conditions" section contains forward-looking statements as defined under the securities laws. Actual results could differ materially from those projected. Operating Revenue - ----------------- The following table summarizes the changes in operating revenue: Increase (Decrease) in Operating Revenue Second Quarter Six Months -------------- ---------- 1996 vs 1995 1996 vs 1995 ------------- ------------ (In Millions) Sales to ultimate customers $ 1 $ 4 Rate changes 3 6 Fuel recovery (2) (2) Unbilled revenues recognized under rate agreement (2) (4) Rate adjustment mechanisms - (2) --- --- $ - $ 2 === === For a discussion of sales to ultimate customers, see the "Earnings" section. The increase in revenues due to rate changes reflects a $12 million base rate increase, effective in December 1995. The decrease in unbilled revenues recognized under rate agreement reflects the completion of the recognition of $14 million in unbilled revenues over a 21-month period that ended December 31, 1995 in accordance with the Company's 1994 rate agreement. Operating Expenses - ------------------ The following table summarizes the changes in operating expenses which are discussed below: Increase (Decrease) in Operating Expenses Second Quarter Six Months -------------- ---------- 1996 vs 1995 1996 vs 1995 ------------- ------------ (In Millions) Fuel for generation and purchased electric energy $(3) $(2) Other operation and maintenance 1 3 Taxes, other than income taxes 1 1 --- --- $(1) $ 2 === === The increases in other operation and maintenance expense primarily reflect increased distribution system-related expenses. The increase in taxes, other than income taxes, in the second quarter and six months reflects property taxes on the Manchester Street Station. Utility Plant Expenditures and Financings - ----------------------------------------- Cash expenditures for utility plant totaled $29 million in the first six months of 1996. The funds necessary for utility plant expenditures were provided by net cash from operating activities, after the payment of dividends. During the first six months of 1996 the Company refinanced $2 million of long-term debt at an interest rate of 7.24 percent. The Company plans to issue an additional $10 million of long-term debt later in 1996. Citing the passage of the restructuring legislation in Rhode Island, Moody's Investor Services lowered the credit ratings of the Company from A1 to A2 for senior secured debt. At June 30, 1996, the Company had $17 million of short-term debt outstanding including $12 million of commercial paper borrowings. The Company currently has lines of credit with banks totaling $41 million. There were no outstanding borrowings under these lines of credit at June 30, 1996. For the twelve-month period ending June 30, 1996, the ratio of earnings to fixed charges was 2.58. PART II. OTHER INFORMATION Item 1. Legal Proceedings - -------------------------- Information concerning the restructuring docket of the Rhode Island Public Utilities Commission, discussed in Part I of this report in Management's Discussion and Analysis of Financial Condition and Results of Operations, is incorporated herein by reference and made a part hereof. Item 6. Exhibits and Reports on Form 8-K - ----------------------------------------- The Company is filing the following revised exhibit for incorporation by reference into its registration statements on Form S-3, Commission file Nos. 33-49455, 33-50015, and 33-61131. 12 Statement re computation of ratios The Company is filing Financial Data Schedules. The Company filed a report on Form 8-K dated May 30, 1996, containing Item 5, Other Events. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 10-Q for the quarter ended June 30, 1996 to be signed on its behalf by the undersigned thereunto duly authorized. THE NARRAGANSETT ELECTRIC COMPANY s/Howard W. McDowell Howard W. McDowell Controller, Authorized Officer, and Principal Accounting Officer Date: August 14, 1996 EX-99 2 Exhibit Index Exhibit Index ------------- Exhibit Description Page - ------- ----------- ---- 12 Statement re computation of Filed herewith ratios 27 Financial Data Schedule Filed herewith EX-12 3 Exhibit 12 THE NARRAGANSETT ELECTRIC COMPANY Computation of Ratio of Earnings to Fixed Charges (SEC Coverage) (Unaudited)
12 Months Ended June 30, 1996 Years Ended December 31, Actual ------------------------------------------------------------- (Unaudited) 1995 1994 1993 1992 1991 -------------- ---- ---- ---- ---- ---- (In Thousands) Net Income $22,493 $23,910 $14,589 $14,274 $21,052 $16,820 - ---------- Add income taxes and fixed charges - ---------------------------------- Current federal income taxes 8,850 7,212 1,020 2,183 4,608 1,558 Deferred federal income taxes 1,884 3,512 3,930 2,199 4,560 5,528 Investment tax credits - net (501) (503) (508) (508) (507) (500) Interest on long-term debt 17,153 16,627 14,334 12,715 13,290 12,581 Interest on short-term debt and other3,515 3,663 2,897 2,074 1,277 2,500 ------- ------- ------- ------- ------- ------- Net earnings available for fixed charges $53,394 $54,421 $36,262 $32,937 $44,280 $38,487 ------- ------- ------- ------- ------- ------- Fixed charges: Interest on long-term debt $17,153 $16,627 $14,334 $12,715 $13,290 $12,581 Interest on short-term debt and other3,515 3,663 2,897 2,074 1,277 2,500 ------- ------- ------- ------- ------- ------- Total fixed charges $20,668 $20,290 $17,231 $14,789 $14,567 $15,081 ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 2.58 2.68 2.10 2.23 3.04 2.55 - ----------------------------------
EX-27 4 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AND RELATED STATEMENTS OF INCOME, RETAINED EARNINGS AND CASH FLOWS OF THE NARRAGANSETT ELECTRIC COMPANY, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 DEC-31-1996 DEC-31-1995 DEC-31-1996 DEC-31-1995 JUN-30-1996 JUN-30-1995 JUN-30-1996 JUN-30-1995 6-MOS 6-MOS QTR-2 QTR-2 PER-BOOK PER-BOOK PER-BOOK PER-BOOK 550,289 0 0 0 0 0 0 0 92,875 0 0 0 59,917 0 0 0 0 0 0 0 703,081 0 0 0 56,624 0 0 0 80,170 0 0 0 111,183 0 0 0 247,977 0 0 0 0 0 0 0 36,500 0 0 0 185,958 0 0 0 5,375 0 0 0 0 0 0 0 12,000 0 0 0 25,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 190,271 0 0 0 703,081 0 0 0 243,755 241,446 116,470 116,426 4,133 4,116 1,131 655 219,091 217,384 107,094 108,470 223,224 221,500 108,225 109,125 20,531 19,946 8,245 7,301 (1,234) (38) (125) 74 19,297 19,908 8,120 7,375 9,890 9,084 5,003 4,317 9,407 10,824 3,117 3,058 1,072 1,072 536 536 8,335 9,752 2,581 2,522 5,379 3,963 3,114 3,397 8,596 8,070 4,304 4,088 37,519 28,133 19,198 10,673 0 0 0 0 0 0 0 0 Total deferred charges includes other assets. Per share data is not relevant because the Company's common stock is wholly owned by New England Electric System. -----END PRIVACY-ENHANCED MESSAGE-----