-----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, F0pkt3Rq1UMy8NXvRNYVZJVNqiSzqEh6g5hiZXOSYUazy0TCxrMKyyaUzZU55Dag kKv7DDIsF06gBS7A0hoCKg== 0000071297-98-000063.txt : 19981126 0000071297-98-000063.hdr.sgml : 19981126 ACCESSION NUMBER: 0000071297-98-000063 CONFORMED SUBMISSION TYPE: U-9C-3 PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND ELECTRIC SYSTEM CENTRAL INDEX KEY: 0000071297 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041663060 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-9C-3 SEC ACT: SEC FILE NUMBER: 074-00009 FILM NUMBER: 98759846 BUSINESS ADDRESS: STREET 1: 25 RESEARCH DR CITY: WESTBOROUGH STATE: MA ZIP: 01582 BUSINESS PHONE: 5083669011 MAIL ADDRESS: STREET 1: 25 RESEARCH DR CITY: WESTBOROUGH STATE: MA ZIP: 01582 U-9C-3 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM U-9C-3 QUARTERLY REPORT PURSUANT TO RULE 58 FOR THE QUARTER ENDED SEPTEMBER 30, 1998 NEW ENGLAND ELECTRIC SYSTEM 25 Research Drive, Westborough, MA 01582
NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 ITEM 1 - ORGANIZATION CHART Percentage Energy or State of voting Name of Reporting Gas-Related Date of of Securities Company Company Organization Organization Held Nature of Business - ----------------- ----------- ------------ ------------ ----------- -------------------------------------- New England Energy, Energy 11/20/72 MA 100 New England Energy, Inc. Inc./New England participated (principally through a Electric System partnership with a nonaffiliated oil company) in domestic oil and gas exploration, development, and production and the sale to New England Power Company (NEP) of fuel purchased in the open market. Effective 1/1/98, NEEI sold its oil and gas properties and ceased its participation in domestic oil and gas exploration, development, and production. Granite State Energy, Energy 04/22/96 NH 100 Granite State Energy provides a range Inc./New England of energy and related services Electric System including, but not limited to, sales of electric energy, audits, power quality, fuel supply, repair, maintenance, construction, design, engineering, and consulting. AllEnergy Marketing Energy 09/18/96 MA 99 AllEnergy's principal purpose is to sell Co., L.L.C.(MA)/NEES energy and provide a range of energy- Energy, Inc./New related services including, but not England Electric limited to, marketing, brokering and System sales of energy, audits, fuel supply, repair, maintenance, construction, AllEnergy Marketing Energy 09/18/96 MA 01 operation, design, engineering, and Co., L.L.C.(MA)/NEES consulting. The company is a Global, Inc./New Massachusetts limited liability company. England Electric It is presently planned to merge this System company with AllEnergy Marketing Company, L.L.C. (DE) described on the following page of this organization chart.
NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 ITEM 1 - ORGANIZATION CHART Percentage Energy or State of voting Name of Reporting Gas-Related Date of of Securities Company Company Organization Organization Held Nature of Business - ----------------- ----------- ------------ ------------ ----------- -------------------------------------- AllEnergy Marketing Energy 04/23/98 DE 100 This company is a Delaware limited Co., L.L.C.(DE)/NEES liability company. It is presently Energy, Inc./New planned to merge this company with England Electric the previously described AllEnergy System Marketing Company, L.L.C.(MA). Fol- lowing such a merger, this company would be the surviving entity. The company's operations will be similar to those of AllEnergy Marketing Company L.L.C. (MA). The company's current operations are the sale of petroleum products at retail and wholesale. New England Water Energy 05/25/90 MA 100 New England Water Heater Co., Inc. Heater Co., Inc./NEES rents water heaters to residential Global, Inc./New and commercial customers throughout England Electric New England. System AllEnergy Fuels Energy 03/27/98 DE 100 AllEnergy Fuel's purpose is to Corp./ New England acquire interests in and assets of Electric System energy-related companies and to engage in energy-related activities in accordance with Rule 58. Separation Energy 3/28/89 DE 5.6 This company produces concrete using Technologies, Inc./ fly ash waste from coal-fired NEES Global, Inc./New generating plants. England Electric System
NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 ITEM 1 - ORGANIZATION CHART Percentage Energy or State of voting Name of Reporting Gas-Related Date of of Securities Company Company Organization Organization Held Nature of Business - ----------------- ----------- ------------ ------------ ----------- -------------------------------------- Texas Liquids, Energy 12/19/96 MA 100 Texas Liquids, L.L.C. engages in L.L.C./AllEnergy purchasing, marketing, selling, Marketing Company, and distributing energy L.L.C.(MA)/NEES commodities and related products Energy, Inc./ New and services. England Electric System NeXus Energy Energy 05/19/97 MA 9.9 NeXus Energy Software's purpose is to Software, Inc./ develop, implement, produce, market, and NEES Global, sell software for application in the Inc./ New England energy conservation industry. Electric System Weatherwise USA L.L.C./ Energy 10/10/96 DE 10 Weatherwise USA L.L.C.'s purpose is to be AllEnergy Marketing an energy-related company to provide Company, L.L.C.(MA)/ energy management and technical and NEES Energy, Inc./New utility hedging services to reduce England Electric System weather-related financial uncertainty of utilities, energy users, and others. HydroServ Group, Energy 07/25/97 MA 0 HydroServ Group, L.L.C. engages in L.L.C./NEES Global, marketing and selling capabilities and Inc./New England services relating to hydroelectric Electric System facilities and other similar facilities. NEES Global, Inc. terminated its interest in this company effective September 30, 1998. AEDR Fuels, L.L.C./ Energy 01/12/98 ME 50 AEDR Fuels, L.L.C. is a joint venture AllEnergy Marketing between AllEnergy Marketing Company, Company, L.L.C.(MA) L.L.C.(MA) and a nonaffiliated third NEES Energy Inc./ party. Its purpose is to acquire New England Electric interests in and assets of energy-related System companies and to engage in energy-related activities in accordance with Rule 58.
NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 Item 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS Type of Principal Issue Cost Person to Collateral Consideration Security Amount of or of Whom Security Given with Received for Company Issuing Security Issued Security* Renewal Capital Was Issued Security Each Security* - ------------------------ -------- --------- ------- ------- -------------- ----------- ------------- N/A *Expressed in millions, rounded to hundred thousands of dollars
NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 (cont'd.) Item 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS (expressed in millions, rounded to hundred thousands of dollars) Company Company Amount of Contributing Receiving Capital Capital Capital Contribution ------------ --------- ------------ NEES Energy, Inc. AllEnergy Marketing Company, L.L.C.(MA) $14.0 NEES Energy, Inc. AllEnergy Marketing Company, L.L.C.(DE) 17.6 NEES Global, Inc. New England Water Heater Co., Inc. 12.6 NEES Global, Inc. AllEnergy Marketing Company, L.L.C.(MA) .1 AllEnergy Marketing Company, L.L.C.(MA) Weatherwise USA, L.L.C. .2 NEES Global, Inc. HydroServ Group, L.L.C. * *Amount less than $100,000.
NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 Item 3 - ASSOCIATE TRANSACTIONS (expressed in millions, rounded to hundred thousands of dollars) Part I - Transactions performed by reporting companies on behalf of associate companies Direct Indirect Total Reporting Company Associate Company Types of Services Costs Costs Cost of Amount Rendering Services Receiving Services Rendered Charged Charged Capital Billed ------------------ ------------------ ----------------- ------- ------- ------- ------ N/A Part II - Transactions performed by associate companies on behalf of reporting companies Direct Indirect Total Associate Company Reporting Company Types of Services Costs Costs Cost of Amount Rendering Services Receiving Services Rendered Charged Charged Capital Billed ----------------- ------------------ ----------------- ------- ------- ------- ------ Massachusetts Electric Granite State Energy, Miscellaneous (5) (1) (1) (1) Company Inc. New England Power Co. AllEnergy Marketing Power purchase (1) (1) (1) Company, L.L.C.(MA) New England Power New England Energy, Inc. Miscellaneous (2) (1) (1) (1) (1) Service Co. New England Power Granite State Energy, Miscellaneous (3) (1) (1) (1) (1) Service Co. Inc. New England Power AllEnergy Marketing Sales Planning $0.1 (1) (1) $0.1 Service Co. Company, L.L.C.(MA) Miscellaneous (4) (1) (1) (1) (1) New England Power AllEnergy Marketing Miscellaneous (4) (1) (1) (1) (1) Service Company Company, L.L.C.(DE) (1) Amounts are below $100,000 (2) Represents 6 types of services totaling less than $100,000 in aggregate. (3) Represents 4 types of services totaling less than $100,000 in aggregate. (4) Represents 8 types of services totaling $100,000 in aggregate. (5) The customer service portion of the service agreement between Granite State Energy Company and New England Power Service Company has been assigned to Massachusetts Electric Company, in accordance with its terms.
NEW ENGLAND ELECTRIC SYSTEM At September 30, 1998 ITEM 4 - SUMMARY OF AGGREGATE INVESTMENT (expressed in millions rounded to hundred thousands of dollars) Investment in energy-related companies: Total consolidated capitalization as of September 30, 1998 (1) $2,717.6 line 1 Total capitalization multiplied by 15 percent 407.6 line 2 (line 1 multiplied by 0.15) Greater of $50 million or line 2 407.6 line 3 Total current aggregate investment: (categorized by major line of energy- related business) Power marketing and other $ 98.2 (2) Energy software 1.4 ------- Total current aggregate investment $99.6 line 4 ----- Difference between the greater of $50 million or 15 percent of capitalization and the total aggregate investment of the registered holding company system (line 3 less line 4) $308.0 line 5 (1) Consolidated capitalization includes total common equity, cumulative preferred stock, long-term debt (including long-term debt due within one year), and short-term debt. (2) Amount includes a $1.0 million investment in Separation Technologies, Inc. which had not been included in prior Rule 58 filings as the investment had been made prior to the effective date of Rule 58.
NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 ITEM 5 - OTHER INVESTMENTS Reason for Major Line Other Other Difference or Energy-Related Investment in Investment in Other Business Last U-9C-3 Report in U-9C-3 Report Investment - ----------------- ------------------ ---------------- ---------- N/A NEW ENGLAND ELECTRIC SYSTEM For The Quarter Ended September 30, 1998 ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS (A) Exhibits 10(g) Certificate stating that a copy of the report for the previous quarter has been filed with the appropriate state commissions. (B) Financial Statements 1-A New England Electric System Consolidated Income Statement for the quarter and nine months ended September 30, 1998 1-B New England Electric System Consolidated Balance Sheet as of September 30, 1998 2-A New England Energy, Inc. Income Statement for the quarter and nine months ended September 30, 1998 2-B New England Energy, Inc. Balance Sheet as of September 30, 1998 3-A Granite State Energy, Inc. Income Statement for the quarter and nine months ended September 30, 1998 3-B Granite State Energy, Inc. Balance Sheet as of September 30, 1998 4-A AllEnergy Marketing Company, L.L.C. (MA) Consolidated Income Statement for the quarter and nine months ended September 30, 1998 4-B AllEnergy Marketing Company, L.L.C. (MA) Consolidated Balance Sheet as of September 30, 1998 5-A New England Water Heater Co., Inc. Income Statement for the quarter and six months ended September 30, 1998 (3) 5-B New England Water Heater Co., Inc. Balance Sheet as of September 30, 1998 6-A Weatherwise USA, L.L.C. Income Statement for the quarter and nine months ended September 30, 1998 6-B Weatherwise USA, L.L.C. Balance Sheet as of September 30, 1998 7-A Texas Liquids, L.L.C. Income Statement for the quarter and nine months ended September 30, 1998 7-B Texas Liquids, L.L.C. Balance Sheet as of September 30, 1998 8-A HydroServ, L.L.C. Income Statement for the quarter and nine months ended September 30, 1998 (4) 9-A AllEnergy Marketing Company, L.L.C.(DE) Consolidated Income Statement for the quarter and six months ended September 30, 1998 (5) 9-B AllEnergy Marketing Company, L.L.C.(DE) Consolidated Balance Sheet as of September 30, 1998 (C) Notes (1) Financial statements for NeXus Energy Software, Inc. and Separation Technologies, Inc. were not available as of the filing date. (2) Financial statements for AEDR Fuels, L.L.C., and AllEnergy Fuels Corp. are not included as these companies had no operations in the nine months ended September 30, 1998 and their total assets and liabilities were less than $100,000. (3) There is only a quarterly and six month income statement included for New England Water Heater Co., Inc. as the company was acquired in March, 1998 and its revenues and expenses for the period between the date of its acquisition and March 31, 1998 were less than $100,000. (4) A balance sheet for HydroServ Group, L.L.C. was not included as total assets and liabilities were less than $100,000 at September 30, 1998. (5) There is only a quarterly and six month income statement for AllEnergy Marketing Company, L.L.C.(DE) as the company was only established in the second quarter of 1998. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this report to be signed on its behalf by the undersigned officer thereunto duly authorized. NEW ENGLAND ELECTRIC SYSTEM s/John G. Cochrane _______________________________ John G. Cochrane, Treasurer Date: November 25, 1998 The name "New England Electric System" means the trustee or trustees for the time being (as trustee or trustees but not personally) under an agreement and declaration of trust dated January 2, 1926, as amended, which is hereby referred to, and a copy of which as amended has been filed with the Secretary of the Commonwealth of Massachusetts. Any agreement, obligation or liability made, entered into or incurred by or on behalf of New England Electric System binds only its trust estate, and no shareholder, director, trustee, officer or agent thereof assumes or shall be held to any liability therefor. EX-99 2 EXHIBIT INDEX Exhibit No. Description Page - ---------- -------------------------------------- -------------- 10(g) Certificate stating that a copy of the Filed Herewith report for the previous quarter has been filed with interested state commissions. Financial Statement No. Description Page - --------- ------------------------------------- -------------- 1-A New England Electric System Filed Herewith Consolidated Income Statement for the quarter and nine months ended September 30, 1998 1-B New England Electric System Filed Herewith Consolidated Balance Sheet as of September 30, 1998 2-A New England Energy, Inc. Income Filed Herewith Statement for the quarter and nine months ended September 30, 1998 2-B New England Energy, Inc. Balance Filed Herewith Sheet as of September 30, 1998 3-A Granite State Energy, Inc. Income Filed Herewith Statement for the quarter and nine months ended September 30, 1998 3-B Granite State Energy, Inc. Balance Filed Herewith Sheet as of September 30, 1998 4-A AllEnergy Marketing Company, L.L.C.(MA) Filed Herewith Consolidated Income Statement for the quarter and nine months ended September 30, 1998 4-B AllEnergy Marketing Company, L.L.C.(MA) Filed Herewith Consolidated Balance Sheet as of September 30, 1998 5-A New England Water Heater Co., Inc. Filed Herewith Income Statement for the quarter and six months ended September 30, 1998 5-B New England Water Heater Co., Inc. Filed Herewith Balance Sheet as of September 30, 1998 6-A Weatherwise, USA, L.L.C. Income Filed Herewith Statement for the quarter and nine months ended September 30, 1998 6-B Weatherwise USA, L.L.C. Balance Filed Herewith Sheet as of September 30, 1998 7-A Texas Liquids, L.L.C. Income Filed Herewith Statement for the quarter and nine months ended September 30, 1998 7-B Texas Liquids, L.L.C. Balance Filed Herewith Sheet as of September 30, 1998 EXHIBIT INDEX Exhibit No. Description Page - ---------- -------------------------------------- -------------- 8-A HydroServ, L.L.C. Income Statement Filed Herewith for quarter and nine months ended September 30, 1998 9-A AllEnergy Marketing Company, L.L.C.(DE) Filed Herewith Consolidated Income Statement for the quarter and six months ended September 30, 1998 9-B AllEnergy Marketing Company, L.L.C.(DE) Filed Herewith Consolidated Balance Sheet as of September 30, 1998 EX-99 3 EXHIBIT 10(G) CERTIFICATE ----------- A copy of the Form U-9C-3 report for the previous quarter (quarter ended June 30, 1998) has been filed with the interested state commissions in accordance with Rule 58 under the Public Utility Holding Company Act of 1935. The names and addresses of such state commissions are as follows: Mrs. Luly Massaro, Clerk Rhode Island Public Utilities Commission 100 Orange Street Providence, Rhode Island 02903 Mary L. Cottrell, Secretary Massachusetts Department of Public Utilities 100 Cambridge Street Boston, MA 02202 Mr. Thomas B. Getz Executive Director and Secretary New Hampshire Public Utilities Commission 8 Old Suncook Road Concord, New Hampshire 03301 SIGNATURE: NEW ENGLAND ELECTRIC SYSTEM s/John G. Cochrane By_______________________________ Name: John G. Cochrane Title: Treasurer Date: November 25, 1998 The name "New England Electric System" means the trustee or trustees for the time being (as trustee or trustees but not personally) under an agreement and declaration of trust dated January 2, 1926, as amended, which is hereby referred to, and a copy of which as amended has been filed with the Secretary of The Commonwealth of Massachusetts. Any agreement, obligation or liability made, entered into or incurred by or on behalf of New England Electric System binds only its trust estate, and no shareholder, director, trustee, officer or agent thereof assumes or shall be held to any liability therefore. EX-99 4 FINANCIAL STATEMENT 1-A NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES Statement of Consolidated Income Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Quarter Nine Months ------- ----------- Operating revenue $630.6 $1,822.1 ------ -------- Operating expenses: Fuel for generation 64.1 227.3 Purchased electric energy 155.9 400.9 Other operation 174.0 477.1 Maintenance 11.9 89.0 Depreciation and amortization 52.5 164.3 Taxes, other than income taxes 36.6 114.0 Income taxes 43.3 103.0 ------ -------- Total operating expenses 538.3 1,575.6 ------ -------- Operating income 92.3 246.5 Other income: Equity in income of generating companies 3.4 8.5 Other income (expense) 5.1 5.1 ------ -------- Operating and other income 100.8 260.1 ------ -------- Interest: Interest on long-term debt 22.2 71.7 Other interest 9.7 24.8 Allowance for borrowed funds used during construction (0.5) (1.4) ------ -------- Total interest 31.4 95.1 ------ -------- Income after interest 69.4 165.0 Preferred dividends of subsidiaries and net loss on reacuisition of preferred stock 1.7 2.8 Minority interests 1.5 4.7 ------ -------- Net income $ 66.2 $ 157.5 ====== ========
EX-99 5 FINANCIAL STATEMENT 1-B NEW ENGLAND ELECTRIC SYSTEM AND SUBSIDIARIES Consolidated Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
ASSETS ------ Utility plant, at original cost $4,098.2 Less accumulated provisions for depreciation and amortization 1,662.3 -------- 2,435.9 Construction work in progress 51.0 -------- Net utility plant 2,486.9 -------- Investments: Nuclear power companies, at equity 48.2 Other subsidiaries, at equity 2.4 Other investments 146.0 -------- Total investments 196.6 -------- Current assets: Cash 494.3 Accounts receivable, less reserves of $20.3 275.7 Unbilled revenues 76.6 Fuel, materials, and supplies, at average cost 42.1 Prepaid and other current assets 41.1 -------- Total current assets 929.8 -------- Regulatory assets 1,649.7 Deferred charges and other assets 45.7 -------- $5,308.7 ======== CAPITALIZATION AND LIABILITIES ------------------------------ Capitalization: Common share equity: Common shares, par value $1 per share: Authorized - 150,000,000 shares Outstanding - 59,842,597 shares $ 65.0 Paid-in capital 736.7 Retained earnings 1,001.3 Treasury stock - 5,127,055 shares (206.1) Unrealized gain on securities, net 6.0 -------- Total common share equity 1,602.9 Minority interests in consolidated subsidiaries 40.9 Cumulative preferred stock of subsidiaries 33.9 Long-term debt 1,034.9 -------- Total capitalization 2,712.6 -------- Current liabilities: Long-term debt due within one year 46.0 Accounts payable 194.7 Accrued taxes 221.8 Accrued interest 12.4 Dividends payable 34.5 Other current liabilities 245.6 -------- Total current liabilities 755.0 -------- Deferred federal and state income taxes 464.6 Unamortized investment tax credits 65.6 Accrued Yankee nuclear plant costs 261.2 Purchased power obligations 863.4 Other reserves and deferred credits 186.3 -------- $5,308.7 ========
EX-99 6 FINANCIAL STATEMENT 2-A NEW ENGLAND ENERGY INCORPORATED Statement of Income Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, Subject to Adjustment)
Quarter Nine Months ------- ----------- Other income/(expense): Interest expense $ - $(.2) --- ---- Net loss $ - $(.2) === ====
EX-99 7 FINANCIAL STATEMENT 2-B NEW ENGLAND ENERGY INCORPORATED Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, Subject to Adjustment)
ASSETS ------ Temporary cash investments with affiliated companies $ .7 Prepaid expenses .4 Other current assets .4 ------ Total current assets $ 1.5 ====== LIABILITIES AND PARENT COMPANY'S INVESTMENT ------------------------------------------- Current liabilities: Accounts payable $ .2 Accounts payable - associated companies .1 Accrued taxes 3.6 ------ Total current liabilities 3.9 Parent company's investment: Subordinated notes payable to parent 23.6 Common stock, par value $1 per share, and other paid-in capital .2 Accumulated deficit (26.2) ------ Total parent company's investment (2.4) ------ Total liabilities and parent company's investment $ 1.5 ======
EX-99 8 FINANCIAL STATEMENT 3-A GRANITE STATE ENERGY, INC. Statement of Income (expressed in millions, rounded to hundred thousands of dollars) Periods Ended September 30, 1998 (Unaudited, subject to adjustment)
Nine Quarter Months ------- ------ Operating revenue $0.2 $ 0.5 ---- ----- Operating expenses: Purchased electric energy 0.2 0.5 Other - 0.1 ---- ----- Net income $ - $(0.1) ==== =====
EX-99 9 FINANCIAL STATEMENT 3-B GRANITE STATE ENERGY, INC. Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
ASSETS ------ Current assets: Cash $ 0.2 Customer accounts receivable and unbilled revenue, net 0.1 Other current assets 0.1 ----- Total assets $ 0.4 ===== LIABILITIES AND PARENT COMPANY'S INVESTMENT ------------------------------------------- Accounts payable $ 0.3 Parent company's investment: Common stock, par value $1 per share, and subordinated notes payable to parent 0.4 Accumulated deficit (0.3) ----- Total parent company's investment 0.1 ----- Total liabilities and parent company's investment $ 0.4 =====
EX-99 10 FINANCIAL STATEMENT 4-A ALLENERGY MARKETING COMPANY, L.L.C. (MA) Consolidated Income Statement Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Nine Quarter Months ------- ------ Operating revenue $ 25.2 $ 82.8 Cost of sales 24.8 80.4 ------ ------ Gross margin 0.4 2.4 ------ ------ Selling, general and administrative Salaries and benefits 2.5 8.7 Selling and marketing 0.8 2.9 Professional fees 0.6 2.6 Office expense 0.7 1.8 Other 0.4 1.1 ------ ------ Total selling, general, and administrative 5.0 17.1 ------ ------ Operating loss (4.6) (14.7) Other income (expense) 0.1 0.1 ------ ------ Net loss $ (4.5) $(14.6) ====== ======
EX-99 11 FINANCIAL STATEMENT 4-B ALLENERGY MARKETING COMPANY, L.L.C. (MA) Consolidated Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Assets ------ Cash $ 5.9 Accounts receivable and unbilled revenue, net (including $1.3 from affiliates) 14.4 Inventory 8.8 Prepaid expenses 1.2 Note receivable - affiliate 7.4 Other current assets 0.4 ------ Total current assets 38.1 Investment in Weatherwise, U.S.A. 0.8 Fixed assets, net 0.9 Goodwill 0.3 Other assets 5.2 ------ Total assets $ 45.3 ====== Liabilities and Members' Equity ------------------------------- Accounts payable (including $0.2 to affiliates) $ 4.6 Accrued expenses 7.5 Other current liabilities 2.0 ------ Total current liabilities 14.1 Other long-term liabilities 0.3 ------ Total liabilities 14.4 Members' equity 30.9 ------ Total liabilities and members' equity $ 45.3 ======
EX-99 12 FINANCIAL STATEMENT 5-A NEW ENGLAND WATER HEATER CO., INC. Income Statement Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Quarter Six Months ------- ---------- Revenues $ 1.8 $ 2.5 ----- ----- Operating expenses Cost of sales 0.3 0.5 Depreciation 0.4 0.6 Other operating expenses 0.4 0.6 Taxes 0.3 0.3 ----- ----- Total operating expenses 1.4 2.0 ----- ----- Net income $ 0.4 $ 0.5 ===== =====
EX-99 13 FINANCIAL STATEMENT 5-B NEW ENGLAND WATER HEATER CO., INC. Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, Subject to Adjustment)
ASSETS ------ Current assets Cash $ 0.3 Accounts receivable and unbilled revenue, less reserves of $0.1 0.7 Inventory 0.2 Prepaid expenses 0.1 ----- Total current assets 1.3 Fixed assets, net 16.7 ----- Total assets $18.0 ===== LIABILITIES AND PARENT COMPANY'S INVESTMENT ------------------------------------------- Current liabilities Accounts payable $ 0.3 Miscellaneous current and accrued liabilities 0.4 Deferred revenue 0.1 ----- Total current liabilities 0.8 Parent company's investment: Common stock and additional paid in capital 4.3 Subordinated notes payable to parent 12.4 Retained earnings 0.5 ----- Total parent company's investment 17.2 ----- Total liabilities and parent company's investment $18.0 =====
EX-99 14 FINANCIAL STATEMENT 6-A WEATHERWISE USA, LLC Income Statement Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Nine Quarter Months ------- ------ Revenues $ 0.0 $ 0.2 ----- ----- Operating expenses Selling, general, and administrative 0.6 1.6 Professional fees 0.1 0.3 Depreciation and amortization 0.1 0.3 ----- ----- Total operating expenses 0.8 2.2 ----- ----- Net loss $(0.8) $(2.0) ===== =====
EX-99 15 FINANCIAL STATEMENT 6-B WEATHERWISE USA, LLC Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Assets ------ Cash, including $0.3 of restricted cash $ 0.7 Accounts receivable (including $0.4 from affiliates) 0.5 ----- Total current assets 1.2 Software development costs 1.2 Fixed assets, net 0.3 ----- Total assets $ 2.7 ===== Liabilities and Members' Equity ------------------------------- Accounts payable and accrued liabilities (including $0.1 to affiliates) $ 0.3 Members' equity 2.4 ----- Total liabilities and members' equity $ 2.7 =====
EX-99 16 FINANCIAL STATEMENT 7-A TEXAS LIQUIDS, LLC Income Statement Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Nine Quarter Months ------- ------ Revenues $ 15.9 $ 45.0 Cost of sales 15.6 42.9 ------ ------ Gross margin 0.3 2.1 Selling, general, and administrative 0.6 1.8 ------ ------ Net income (loss) $ (0.3) $ 0.3 ====== ======
EX-99 17 FINANCIAL STATEMENT 7-B TEXAS LIQUIDS, LLC Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Assets ------ Accounts receivable and unbilled revenues, net $ 4.4 Inventory 8.2 Prepaid expenses 0.5 ----- Total current assets 13.1 ----- Goodwill 0.3 ----- Total assets $13.4 ===== Liabilities and Members' Equity ------------------------------- Accounts payable (including $0.6 to affiliates) $ 4.5 Note payable to affiliate 4.3 Other accrued expenses 1.6 ----- Total current liabilities 10.4 Members' equity 2.4 Retained earnings 0.6 ----- Total equity 3.0 ----- Total liabilities and members' equity $13.4 =====
EX-99 18 FINANCIAL STATEMENT 8-A HYDROSERV, L.L.C. Statement of Loss Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, Subject to Adjustment)
Quarter Nine Months ------- ----------- Operating expenses $(.1) $(.3) ---- ---- Net loss $(.1) $(.3) ==== ====
EX-99 19 FINANCIAL STATEMENT 9-A ALLENERGY MARKETING COMPANY, L.L.C. (DE) Income Statement Periods Ended September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Quarter Six Months ------- ---------- Revenues $20.0 $20.0 Cost of sales 17.6 17.6 ----- ----- Gross margin 2.4 2.4 Selling, general, and administrative Salaries and benefits 1.6 1.6 Selling and marketing 0.1 0.1 Office expense 1.0 1.0 Other 0.3 0.4 ----- ----- Total selling, general, and administrative 3.0 3.1 ----- ----- Net loss $(0.6) $(0.7) ===== =====
EX-99 20 FINANCIAL STATEMENT 9-B ALLENERGY MARKETING COMPANY, L.L.C. (DE) Consolidated Balance Sheet At September 30, 1998 (expressed in millions, rounded to hundred thousands of dollars) (Unaudited, subject to adjustment)
Assets ------ Cash $ 0.6 Accounts receivable and unbilled revenue 9.3 Inventory 8.3 Prepaid expenses 0.3 Other current assets 1.9 ----- Total current assets 20.4 Fixed assets, net 4.6 Goodwill 12.3 ----- Total assets $37.3 ===== Liabilities and Members' Equity ------------------------------- Accounts payable (including $1.3 to affiliates) $ 7.3 Accrued expenses 1.1 Current portion of long-term debt 0.2 Note payable - affiliate 7.4 Other current liabilities 0.3 ----- Total current liabilities 16.3 Long-term debt 0.5 Other non-current liabilities 0.3 ----- Total liabilities 17.1 Members' equity 20.2 ----- Total liabilities and members' equity $37.3 =====
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