-----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, ER8cMF/ji5Z9+2rABMiTuL7EzvaQuJtaIOsJzWgNqY32gR3OEbWQJt0/4bAWdhfw ZjC0z1H606pQ4n5R0gJsxA== 0000927016-97-003124.txt : 19971117 0000927016-97-003124.hdr.sgml : 19971117 ACCESSION NUMBER: 0000927016-97-003124 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 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: SEC FILE NUMBER: 033-87902 FILM NUMBER: 97718624 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: SEC FILE NUMBER: 033-87902-01 FILM NUMBER: 97718625 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: SEC FILE NUMBER: 033-87902-02 FILM NUMBER: 97718626 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 SEPTEMBER 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) (781) 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 September 30, 1997 (Unaudited).................................. 3 Combined Statement of Operations for the Three Months and Nine Months Ended September 30, 1996 and 1997 (Unaudited)..................................................... 4 Combined Statement of Cash Flows for the Nine Months Ended September 30, 1996 and 1997 (Unaudited)...... 5 Notes to Combined Financial Statements.......................... 7 IEC FUNDING CORP. Balance Sheet at December 31, 1996 and September 30, 1997 (Unaudited).................................. 8 Statement of Operations for the Three Months and Nine Months Ended September 30, 1996 and 1997 (Unaudited)................... 9 Statement of Cash Flows for the Nine Months Ended September 30, 1996 and 1997 (Unaudited)................... 10 Notes to Financial Statements................................... 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, SEPTEMBER 30, 1996 1997 (IN THOUSANDS) ASSETS Current assets Cash and cash equivalents $ 49,861 $ 75,144 Accounts receivable 43,671 55,024 Fuel inventories 5,410 6,186 Prepaid expenses and other current assets 2,566 1,972 --------- --------- Total current assets 101,508 138,326 --------- --------- Cogeneration facilities and carbon dioxide facility (net of accumulated depreciation of $129,068,000 and $147,754,000 at December 31, 1996 and September 30, 1997 respectively) 373,781 355,553 Other fixed assets (net of accumulated depreciation of $438,000 and $509,000 at December 1996 and September 30, 1997 (respectively) 304 277 Unamortized financing costs 17,837 16,196 Other assets 3,806 4,277 Restricted cash 69,156 69,156 --------- --------- Total non-current assets 464,884 445,459 --------- --------- Total assets $ 566,392 $ 583,785 ========= ========= LIABILITIES AND PARTNERS' DEFICIT Current liabilities Current portion of loans payable - IEC Funding Corp. $ 24,075 $ 22,819 Accounts payable 14,528 23,701 Accrued interest - IEC Funding Corp. - 11,699 Other accrued expenses 2,037 6,656 Future obligations under interest rate swap agreements 2,022 1,119 --------- --------- Total current liabilities 42,662 65,994 --------- --------- Loans payable - IEC Funding Corp. 490,287 479,505 Amounts due utilities for energy bank balances 220,922 228,165 --------- --------- Total non-current liabilities 711,209 707,670 --------- --------- Total liabilities 753,871 773,664 --------- --------- Partners' deficit General partner (4,616) (4,640) Limited partners (182,863) (185,239) --------- --------- Total partners' deficit (187,479) (189,879) --------- --------- Commitments and contingencies - - Total liabilities and partners' deficit $ 566,392 $ 583,785 ========= =========
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 NINE MONTHS ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, 1996 1997 1996 1997 (IN THOUSANDS) Revenue Power sales to utilities $73,170 $82,201 $ 204,710 $ 234,186 Steam sales 1,128 1,176 3,393 3,619 ------- ------- --------- --------- Total revenue 74,298 83,377 208,103 237,805 ------- ------- --------- --------- Costs and expenses Cost of power and steam sales 32,735 37,500 103,506 114,982 Operation and maintenance 6,238 6,912 17,019 19,668 Depreciation 6,249 6,254 18,732 18,757 General and administrative expenses 3,481 3,935 10,357 10,755 ------- ------- --------- --------- Total costs and expenses 48,703 54,601 149,614 164,162 ------- ------- --------- --------- Operating income 25,595 28,776 58,489 73,643 ------- ------- --------- --------- Other expense (income) Amortization of financing costs 587 535 1,800 1,641 Interest expense 12,334 11,783 37,486 35,876 Interest expense on energy bank balances 4,783 4,400 14,375 12,994 Interest income (2,232) (2,512) (7,673) (7,104) ------- ------- --------- --------- Total other expense 15,472 14,206 45,988 43,407 ------- ------- --------- --------- Net income $10,123 $14,570 $ 12,501 $ 30,236 ======= ======= ========= =========
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) - --------------------------------------------------------------------------------
NINE MONTHS ENDED SEPTEMBER 30, 1996 1997 (IN THOUSANDS) Cash flows from operating activities: Cash received from utilities and other customers $ 216,648 $ 222,337 Cash paid to suppliers (128,969) (129,471) Interest paid (26,525) (25,052) Bank commitment fees paid (27) (28) Interest received 9,282 8,440 Cash payments to general partner for operating activities (3,746) (3,474) Cash payments to owners/management ( 2,765) (2,359) --------- --------- Net cash provided by operating activities 63,898 70,393 --------- --------- Cash flows from investing activities: Net expenditures for facilities (807) (392) Purchase of other fixed assets (54) (44) Decrease in restricted cash 9,412 - --------- --------- Net cash provided by (used for) investing activities 8,551 (436) --------- --------- 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 increase in cash and cash equivalents 29,031 25,283 Cash and cash equivalents at beginning of period 58,277 49,861 --------- --------- Cash and cash equivalents at end of period $ 87,308 $ 75,144 ========= =========
Non-cash Investing Activities: At September 30, 1997 accrued capitalized facility costs were approximately $231,000. December 31, 1996 accrued capitalized facility costs of $165,000 were paid during 1997. 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
NINE MONTHS ENDED SEPTEMBER 30, 1996 1997 (IN THOUSANDS) Net income $ 12,501 $ 30,236 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 18,732 18,757 Amortization of financing costs 1,800 1,641 Changes in assets and liabilities: Accounts receivable (1,129) (11,353) Fuel inventories (2,116) (776) Prepaid expenses and other current assets 780 594 Accounts payable (711) 9,307 Accrued interest 12,218 11,699 Other accrued expenses 741 4,419 Future obligations under interest rate swap agreements (1,285) (903) Amounts due utilities for energy bank balances 22,963 7,243 Other assets (596) (471) -------- -------- Net cash provided by operating activities $ 63,898 $ 70,393 ======== ========
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 COMBINED 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 September 30,1997 are unaudited and are not necessarily indicative of the results to be expected for the full year. The unaudited financial information at September 30, 1997 and for the periods ended September 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. 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 generated during the six month 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. No distributions were made during the third quarter of 1997. As of November 3, 1997 excess cash of $15 million was available for distribution. IEC FUNDING CORP. BALANCE SHEET (UNAUDITED) - --------------------------------------------------------------------------------
DECEMBER 31, SEPTEMBER 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 Interest receivable from the Partnerships - 11,699 -------- -------- Total current assets 24,076 34,519 Notes receivable from the Partnerships 490,287 479,505 -------- -------- Total assets $514,363 $514,024 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current portion of securities payable $ 24,075 $ 22,819 Accrued interest - 11,699 -------- -------- Total current liabilities 24,075 34,518 Securities payable 490,287 479,505 -------- -------- Total liabilities 514,362 514,023 Stockholders' equity Common stock, no par value, 10,000 shares authorized, issued and outstanding 1 1 -------- -------- Total liabilities and stockholders' equity $514,363 $514,024 ======== ========
The accompanying notes are an integral part of these financial statements. IEC FUNDING CORP. STATEMENT OF OPERATIONS (UNAUDITED) - --------------------------------------------------------------------------------
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 1996 1997 1996 1997 (IN THOUSANDS) Interest income $ 12,218 $ 11,699 $ 37,186 $ 35,604 Interest expense (12,218) (11,699) (37,186) (35,604) -------- -------- -------- -------- $ - $ - $ - $ - ======== ======== ======== ========
The accompanying notes are an integral part of these financial statements. IEC FUNDING CORP. STATEMENT OF CASH FLOWS (UNAUDITED) - --------------------------------------------------------------------------------
NINE MONTHS ENDED SEPTEMBER 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 - - -------- -------- Cash flows from financing activities: Principal payment received from partnerships 12,602 12,038 Principal payment on debt (12,602) (12,038) -------- -------- Net cash provided by 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 September 30, 1997 and for the periods ended September 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 third quarter of 1997 of $83.4 million increased by $9.1 million (12.2%) as compared to the same period in 1996. Revenue for the nine months ended September 30, 1997 of $237.8 million increased $29.7 million (14.3%) as compared to the nine months ended September 30, 1996. An increase in revenue of approximately $5.8 million for the quarter is the result of reductions in energy bank principal balances (per scheduled or specified rates under certain Bellingham power contracts). Power price increases contributed $3.1 million to the quarterly increase and increased generation contributed $0.2 million. For the nine months ended September 30, 1997 $15.4 million of the increased revenue is the result of higher generation and increased prices. The increase in generation is primarily a result of no scheduled major maintenance outages 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 requested by the Sayreville Power Purchaser. It is expected that the remaining curtailment hours available to the utilities under the respective power purchase agreements will be requested during the fourth quarter of 1997. Additionally, increased revenue of $14.3 million, on a year to date basis, resulted from reductions in energy bank principal balances. Cost of power and steam sales as a percentage of gross revenue (gross of change in energy bank balances) was 46.0% for the third quarter of 1997 versus 41.8% for the third quarter of 1996. Year to date cost as a percentage of gross revenue was 49.5% in 1997 as compared to 47.8% in 1996. Price increases, primarily under a fuel supply contract that services both facilities, led to this increased cost on a quarterly basis. On a year to date basis the increase in natural gas prices was partially 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 $.7 million (10.8%) as compared to the third quarter of 1996 and increased $2.6 million (15.6%) as compared to the nine months ended September 30, 1996. The primary cause of the increased cost is the performance bonus (which is directly related to the higher generation) payable to the O&M contractor under the Bellingham O&M agreement. Escalation on O&M contracts of approximately 4% also contributed to the increased cost both quarterly and year to date. General and administrative expenses were $3.9 million for the third quarter of 1997 as compared to $3.5 million for the same period in the prior year. On a year to date basis 1997 costs were $10.8 million as compared to $10.4 million in 1996. Increases include annual escalation of management fees as well as increased consulting and overhead costs. Interest expense decreased $.6 million (4.5%) as compared to the third quarter of 1996 and decreased $1.6 million (4.3%) as compared to the nine months ended September 30, 1996. Interest on debt decreased in 1997 as a result of principal payments made to date. Principal payments are made semi-annually on June 30, and December 30. Interest on energy bank balances decreased $.4 million (8.0%) as compared to the third quarter of 1996 and decreased $1.4 million (9.6%) as compared to the nine months ended September 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 nine month period ended September 30,1997 was more than sufficient to fund all operating expenses as well as to fund debt service requirements for both June and December of 1997. Debt service reserve requirements specified in the trust indenture remain fulfilled. Through the six months ended June 30, 1997 excess cash of $32.6 million was distributed to the partners. While no distributions were made during the third quarter of 1997, as of November 3, 1997 excess cash of $15 million was available for distribution. 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 November 14, 1997 - ------------------ --------------------------------------------------- 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 November 14, 1997 - ------------------ --------------------------------------------------- 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 November 14, 1997 - ------------------ -------------------------------------------------- Maureen P. Herbert Vice President of Finance 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 November 14, 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 November 14, 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 November 14, 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 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 1 0 34,518 0 0 34,519 0 0 514,024 34,518 479,505 0 0 1 0 514,024 0 0 0 0 (35,604) 0 35,604 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 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 75,144 0 55,024 0 6,186 138,326 504,093 148,263 583,785 65,994 479,505 0 0 0 (189,879) 583,785 237,805 237,805 0 153,407 7,531 0 35,876 30,236 0 30,236 0 0 0 30,236 0 0 Includes depreciation of $18,757
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 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 75,144 0 55,024 0 6,186 138,326 504,093 148,263 583,785 65,994 479,505 0 0 0 (189,879) 583,785 237,805 237,805 0 153,407 7,531 0 35,876 30,236 0 30,236 0 0 0 30,236 0 0 Includes depreciation of $18,757
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