-----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, ADO6O4tO2wVldaSOCsAfyjgnPi7w77CbdC5um2Sewr6WI1YKPwoHPJ6UFaBwRcWO YpXvrcUQRjF2zAVAAINNSA== 0000927016-97-002350.txt : 19970815 0000927016-97-002350.hdr.sgml : 19970815 ACCESSION NUMBER: 0000927016-97-002350 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: IEC FUNDING CORP CENTRAL INDEX KEY: 0000934665 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 043255377 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-87902 FILM NUMBER: 97663280 BUSINESS ADDRESS: STREET 1: 350 LINCOLN PLACE CITY: HINGHAM STATE: MA ZIP: 02043 BUSINESS PHONE: 6177499800 MAIL ADDRESS: STREET 1: 350 LINCOLN PLACE CITY: HINGHAM STATE: MA ZIP: 02043 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH JERSEY ENERGY ASSOCIATES CENTRAL INDEX KEY: 0000934666 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 042955646 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-87902-01 FILM NUMBER: 97663281 BUSINESS ADDRESS: STREET 1: 350 LINCOLN PL CITY: HINGHAM STATE: MA ZIP: 02043 BUSINESS PHONE: 6177499800 MAIL ADDRESS: STREET 1: 350 LINCOLN PLACE CITY: HINGHAM STATE: MA ZIP: 02043 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST ENERGY ASSOCIATES CENTRAL INDEX KEY: 0000934667 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 042955642 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-87902-02 FILM NUMBER: 97663282 BUSINESS ADDRESS: STREET 1: 350 LINCOLN PL CITY: HJINGHAM STATE: MA ZIP: 02043 BUSINESS PHONE: 6177499800 MAIL ADDRESS: STREET 1: 350 LINCOLN PLACE CITY: HINGHAM STATE: MA ZIP: 02043 10-Q 1 QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 33-87902 33-87902-01 33-87902-02 IEC FUNDING CORP. NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP ----------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 04-3255377 NEW JERSEY 04-2955646 MASSACHUSETTS 04-2955642 ------------- ---------- (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 350 LINCOLN PLACE, HINGHAM, MASSACHUSETTS 02043 ----------------------------------------- -------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (617) 749-9800 -------------- (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO -------- ------- IEC FUNDING CORP. NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP INDEX PAGE NUMBER PART I FINANCIAL INFORMATION Item 1. Financial Statements NORTHEAST ENERGY ASSOCIATES AND NORTH JERSEY ENERGY ASSOCIATES Combined Balance Sheet at December 31, 1996 and June 30, 1997 (Unaudited).........................................3 Combined Statement of Operations for the Three Months and Six Months Ended June 30, 1996 and 1997 (Unaudited)....4 Combined Statement of Cash Flows for the Six Months Ended June 30, 1996 and 1997 (Unaudited)...............5 Notes to Financial Statements (Unaudited).........................7 IEC FUNDING CORP. Balance Sheet at December 31, 1996 and June 30, 1997 (Unaudited).........................................8 Statement of Operations for the Three Months and Six Months Ended June 30, 1996 and 1997 (Unaudited)...............................9 Statement of Cash Flows for the Six Months Ended June 30, 1996 and 1997 (Unaudited)..........................10 Notes to Financial Statements (Unaudited).........................11 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.....................12 PART II OTHER INFORMATION...................................................14 SIGNATURES...................................................................15 NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP COMBINED BALANCE SHEET (UNAUDITED) - --------------------------------------------------------------------------------
DECEMBER 31, JUNE 30, 1996 1997 (IN THOUSANDS) ASSETS Current assets Cash and cash equivalents $ 49,861 $ 45,211 Accounts receivable 43,671 47,301 Fuel inventories 5,410 3,468 Prepaid expenses and other current assets 2,566 3,607 --------- --------- Total current assets 101,508 99,587 --------- --------- Cogeneration facilities and carbon dioxide facility (net of accumulated depreciation of $129,068,000 and $141,525,000 at December 31, 1996 and June 30, 1997 respectively) 373,781 361,385 Other fixed assets (net of accumulated depreciation of $438,000 and $484,000 at December 31, 1996 and June 30, 1997, respectively) 304 302 Unamortized financing costs 17,837 16,731 Other assets 3,806 4,203 Restricted cash 69,156 69,156 --------- --------- Total non-current assets 464,884 451,777 --------- --------- Total assets $ 566,392 $ 551,364 ========= ========= LIABILITIES AND PARTNERS' DEFICIT Current liabilities Current portion of loans payable - IEC Funding Corp. $ 24,075 $ 22,819 Accounts payable 14,528 20,731 Other accrued expenses 2,037 5,768 Future obligations under interest rate swap agreements 2,022 1,394 --------- --------- Total current liabilities 42,662 50,712 --------- --------- Loans payable - IEC Funding Corp. 490,287 479,505 Amounts due utilities for energy bank balances 220,922 225,596 --------- --------- Total non-current liabilities 711,209 705,101 --------- --------- Total liabilities 753,871 755,813 --------- --------- Partners' deficit General partner (4,616) (4,785) Limited partners (182,863) (199,664) --------- --------- Total partners' deficit (187,479) (204,449) --------- --------- Commitments and contingencies - - Total liabilities and partners' deficit $ 566,392 $ 551,364 ========= =========
The accompanying notes are an integral part of these financial statements NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP COMBINED STATEMENT OF OPERATIONS (UNAUDITED) - --------------------------------------------------------------------------------
THREE MONTHS SIX MONTHS ENDED ENDED JUNE 30, JUNE 30, 1996 1997 1996 1997 (IN THOUSANDS) Revenue Power sales to utilities $53,967 $70,950 $131,540 $151,985 Steam sales 949 1,142 2,265 2,443 ------- ------- -------- -------- Total revenue 54,916 72,092 133,805 154,428 ------- ------- -------- -------- Costs and expenses Cost of power and steam sales 30,079 39,234 70,771 77,482 Operation and maintenance 4,167 5,991 10,781 12,756 Depreciation 6,241 6,253 12,483 12,503 General and administrative expenses 3,428 3,467 6,876 6,820 ------- ------- -------- -------- Total costs and expenses 43,915 54,945 100,911 109,561 ------- ------- -------- -------- Operating income 11,001 17,147 32,894 44,867 ------- ------- -------- -------- Other expense (income) Amortization of financing costs 600 547 1,213 1,106 Interest expense 12,588 12,055 25,152 24,093 Interest expense on energy bank liabilities 4,887 4,334 9,592 8,594 Interest income (2,848) (2,403) (5,441) (4,592) ------- ------- -------- -------- Total other expense 15,227 14,533 30,516 29,201 ------- ------- -------- -------- Net income (loss) $(4,226) $ 2,614 $ 2,378 $ 15,666 ======= ======= ======== ========
The accompanying notes are an integral part of these financial statements NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP COMBINED STATEMENT OF CASH FLOWS (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (UNAUDITED) - --------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 1997 (IN THOUSANDS) Cash flows from operating activities: Cash received from utilities and other customers $152,069 $148,268 Cash paid to suppliers (84,336) (83,852) Interest paid (26,027) (24,703) Bank commitment fees paid (18) (18) Interest received 5,559 4,638 Cash payments to general partner for operating activities (2,566) (2,258) Cash payments to owners/management (1,875) (1,835) -------- -------- Net cash provided by operating activities 42,806 40,240 -------- -------- Cash flows from investing activities: Net expenditures for facilities (704) (172) Purchase of other fixed assets (36) (44) Decrease in restricted cash 4,098 - -------- -------- Net cash provided by (used for) investing activities 3,358 (216) -------- -------- Cash flows from financing activities: Principal payments on debt (12,602) (12,038) Distributions to partners (30,816) (32,636) -------- -------- Net cash used for financing activities (43,418) (44,674) -------- -------- Net (decrease) increase in cash and cash equivalents 2,746 (4,650) Cash and cash equivalents at beginning of period 58,277 49,861 -------- -------- Cash and cash equivalents at end of period $ 61,023 $ 45,211 ======== ========
Non-cash Investing Activities: At June 30, 1997 accrued capitalized facility costs were approximately $52,000. Approximately $21,000 of these costs are related to fiscal year 1996. The accompanying notes are an integral part of these financial statements NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP COMBINED STATEMENT OF CASH FLOWS (CONTINUED) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (UNAUDITED) - -------------------------------------------------------------------------------- RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES
SIX MONTHS ENDED JUNE 30, 1996 1997 (IN THOUSANDS) Net income $ 2,378 $15,666 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 12,483 12,503 Amortization of financing costs 1,213 1,106 Changes in assets and liabilities Accounts receivable 13,142 (3,630) Fuel inventories (321) 1,942 Prepaid expenses and other current assets (934) (1,041) Accounts payable 531 6,314 Other accrued expenses 1,440 3,731 Future obligations under interest rate swap agreements (894) (628) Amounts due utilities for energy bank balances 14,182 4,674 Other assets (414) (397) ------- ------- Net cash provided by operating activities $42,806 $40,240 ======= =======
The accompanying notes are an integral part of these financial statements NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION The accompanying unaudited combined financial statements should be read in conjunction with the audited combined financial statements included in the Annual Report on Form 10-K for the year ended December 31, 1996 for Northeast Energy Associates, A Limited Partnership, and North Jersey Energy Associates, A Limited Partnership (together, the "Partnerships") and IEC Funding Corp. The results of operations for the periods ended June 30, 1997 are unaudited and are not necessarily indicative of the results to be expected for the full year. The unaudited financial information at June 30, 1997 and for the periods ended June 30, 1997 contains all adjustments, consisting only of normal recurring adjustments, considered by management necessary for a fair presentation of the operating results for such period. 2. RECLASSIFICATION Certain reclassifications were made to prior year balances in order to conform to current year presentation. These reclassifications had no effect on prior year operating results. 3. DISTRIBUTIONS Distributions to the partners may be made only after all required funds and sub-funds have been fully funded as described in the trust indenture. After funding all amounts required under the indenture, the excess cash available during the period ended June 30, 1997 was in excess of approximately $32.6 million. All conditions under the trust indenture for distributions of such excess cash were satisfied after April 1, 1997 resulting in a distribution of approximately $5.3 million in May and $27.3 million in June to the partners in proportion to their designated interests in the Partnerships. IEC FUNDING CORP. BALANCE SHEET (UNAUDITED) - --------------------------------------------------------------------------------
DECEMBER 31, JUNE 30, 1996 1997 (IN THOUSANDS) ASSETS Current assets Cash $ 1 $ 1 Current portion of notes receivable from Northeast Energy Associates and North Jersey Energy Associates (together, the "Partnerships") 24,075 22,819 -------- -------- Total current assets 24,076 22,820 Notes receivable from the Partnerships 490,287 479,505 -------- -------- Total assets $514,363 $502,325 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current portion of securities payable $ 24,075 $ 22,819 -------- -------- Total current liabilities 24,075 22,819 Securities payable 490,287 479,505 -------- -------- Total liabilities 514,362 502,324 Stockholders' equity Common stock, no par value, 10,000 shares authorized, issued and outstanding 1 1 -------- -------- Total liabilities and stockholders' equity $514,363 $502,325 ======== ========
The accompanying notes are an integral part of these financial statements IEC FUNDING CORP. STATEMENT OF OPERATIONS (UNAUDITED) - --------------------------------------------------------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 1996 1997 1996 1997 (IN THOUSANDS) (IN THOUSANDS) Interest income $ 12,484 $ 11,952 $ 24,968 $ 23,905 Interest expense (12,484) (11,952) (24,968) (23,905) -------- -------- -------- -------- $ - $ - $ - $ - ========= ======== ======== ========
The accompanying notes are an integral part of these financial statements IEC FUNDING CORP. STATEMENT OF CASH FLOWS (UNAUDITED) - --------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30 1996 1997 (IN THOUSANDS) Cash Flows from operating activities: Interest received from Partnerships $ 24,968 $ 23,905 Interest paid (24,968) (23,905) -------- -------- Net cash provided by operating activities - - -------- -------- Cash flows from investing activities: Principal payment received from partnerships 12,602 12,038 Principal payment on debt (12,602) (12,038) -------- -------- Net cash provided by investing activities - - -------- -------- Cash flows from financing activities - - -------- -------- Net increase in cash - - -------- -------- Cash at beginning of period 1 1 -------- -------- Cash at end of period $ 1 $ 1 -------- --------
The accompanying notes are an integral part of these financial statements IEC FUNDING CORP. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- BASIS OF PRESENTATION The accompanying unaudited financial statements should be read in conjunction with the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 1996 for IEC Funding Corp. (the "Company") and the Partnerships. The unaudited financial information at June 30, 1997 and for the periods ended June 30, 1997 contains all adjustments, consisting only of normal recurring adjustments, considered by management necessary for a fair presentation of the operating results for such period. NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - -------------------------------------------------------------------------------- RESULTS OF OPERATIONS Total revenue for the second quarter of 1997 of $72.1 million increased by $17.2 million (31.3%) as compared to the same period in 1996. Revenue for the six months ended June 30, 1997 of $154.4 million increased $20.6 million (15.4%) as compared to the six months ended June 30, 1996. An increase in revenue of approximately $12 million for the quarter and the year to date is the result of increased generation and availability in 1997 as compared to the same period in 1996 when scheduled major maintenance outages occurred at the Bellingham facility (during the second quarter of 1996 a major inspection and maintenance program, scheduled at five year intervals, was conducted at the Bellingham facility) and fewer curtailment hours were requested by the Sayreville Power Purchaser during the second quarter of 1997. Additionally, increased revenue of $4.8 million on a quarterly basis and $8.5 million on a year to date basis resulted from reductions in energy bank principal balances (per scheduled or specified rates under certain Bellingham power contracts). Increases in purchase rates under certain Bellingham power contracts were offset slightly by lower rates under the Sayreville power contract during the first six months of 1997. Cost of power and steam sales as a percentage of gross revenue (gross of decrease in energy bank balances) was 55.9% for the second quarter of 1997 versus 52.1% for the second quarter of 1996. Year to date cost as a percentage of gross revenue was 51.5% in 1997 as compared to 51.1% in 1996. The primary cause of the increase was a year to date price increase under a fuel supply contract that services both facilities which was reflected in the second quarter. Additionally, fuel consumption increased in support of the increase in generation during the second quarter of 1997. On a year to date basis the increased cost of power and steam is attributable to net natural gas price increases, offset by a reduction in extended gas service rights exercised by a North Jersey Energy Associates' fuel supplier during the first quarter of 1997 as compared to 1996. Operation and maintenance (O&M) costs increased $1.8 million (43.8%) as compared to the second quarter of 1996 and increased $2.0 million (18.3%) as compared to the six months ended June 30, 1996. The primary cause of the increased cost is the performance bonus (which is directly related to the higher generation experienced during the second quarter of 1997) payable to the O&M contractor under the Bellingham O&M agreement. Other increases, which include normal and expected escalations on O&M contracts, were offset by decreases in water and sewer charges and engineering costs. General and Administrative expenses were $3.5 million for the second quarter of 1997 as compared to $3.4 million for the same period in the prior year. On a year to date basis 1997 costs were $6.8 million as compared to $6.9 million in 1996. Consulting costs decreased, offsetting increases in legal and overhead costs. Interest expense decreased $.5 million (4.2%) as compared to the second quarter of 1996 and decreased $1.1 million (4.2%) as compared to the six months ended June 30, 1996. Interest on debt is decreasing in 1997 as a result of principal payments made during 1996. Principal payments are made semi-annually on June 30, and December 30. Interest on energy bank balances decreased $.6 million (11.3%) as compared to the second quarter of 1996 and decreased $1 million (10.4%) as compared to the six months ended June 30, 1996. These decreases are a result of changes to the underlying amounts accrued for energy bank balances. LIQUIDITY AND CAPITAL RESOURCES Cash flow generated during the period ended June 30, 1997 was more than sufficient to fund all operating expenses as well as fund approximately $36 million of interest and principal required for payment on June 30, 1997. Excess cash of $32.6 million was distributed to the partners during the second quarter. 12 PART II - OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K None Pursuant to the requirements of the Securities Exchange Act of 1934, IEC Funding Corp. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. IEC FUNDING CORP. DATE SIGNATURE AND TITLE August 13, 1997 /s/ Maureen P. Herbert - ------------------ ---------------------------------------- Maureen P. Herbert Vice President of Finance Pursuant to the requirements of the Securities Exchange Act of 1934, North Jersey Energy Associates, A Limited Partnership has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP By: INTERCONTINENTAL ENERGY CORPORATION As General Partner DATE SIGNATURE AND TITLE August 13, 1997 /s/ Maureen P. Herbert - ------------------ ----------------------------------------- Maureen P. Herbert Vice President of Finance Pursuant to the requirements of the Securities Exchange Act of 1934, Northeast Energy Associates, A Limited Partnership has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP By: INTERCONTINENTAL ENERGY CORPORATION As General Partner DATE SIGNATURE AND TITLE August 13, 1997 /s/ Maureen P. Herbert - ------------------ ---------------------------------- Maureen P. Herbert Vice President of Finance EX-27.1 2 FINANCIAL DATA SCHEDULE FOR IEC FUNDING CORP.
5 0000934665 IEC FUNDING CORP. 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 1 0 22,819 0 0 22,820 0 0 502,325 22,819 479,505 0 0 0 0 502,325 0 0 0 0 (23,905) 0 23,905 0 0 0 0 0 0 0 0 0
EX-27.2 3 FINANCIAL DATA SCHEDULE FOR NORTHEAST ENERGY ASSOC., L.P. AND NORTH JERSEY ENERGY ASSOC., L.P.
5 0000934666 NORTH JERSEY ENERGY ASSOCIATES 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 45,211 0 47,301 0 3,468 99,587 503,696 142,009 551,364 50,712 479,505 0 0 0 (204,449) 551,364 154,428 154,428 0 102,741 5,108 0 24,093 15,666 0 15,666 0 0 0 15,666 0 0 INCLUDES DEPRECIATION OF $12,503
EX-27.3 4 FINANCIAL DATA SCHEDULE FOR NORTHEAST ENERGY ASSOC., L.P. AND NORTH JERSEY ENERGY ASSOC., L.P.
5 0000934667 NORTHEAST ENERGY ASSOCIATES 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 45,211 0 47,301 0 3,468 99,587 503,696 142,009 551,364 50,712 479,505 0 0 0 (204,449) 551,364 154,428 154,428 0 102,741 5,108 0 24,093 15,666 0 15,666 0 0 0 15,666 0 0 INCLUDED DEPRECIATION OF $12,503
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