-----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, DaYFe38loWcq/ApMt7NebEOHkpFAMI8f9XHdfky/eP5q8PC1lHCfXXzqJcXo83jf cb0C/oWaGNNxmmZs9xrjyA== /in/edgar/work/20000809/0001059025-00-000004/0001059025-00-000004.txt : 20000921 0001059025-00-000004.hdr.sgml : 20000921 ACCESSION NUMBER: 0001059025-00-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ESI TRACTEBEL FUNDING CORP CENTRAL INDEX KEY: 0000934665 STANDARD INDUSTRIAL CLASSIFICATION: [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: 689800 BUSINESS ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 BUSINESS PHONE: 5616917171 MAIL ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 FORMER COMPANY: FORMER CONFORMED NAME: IEC FUNDING CORP DATE OF NAME CHANGE: 19941227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH JERSEY ENERGY ASSOCIATES CENTRAL INDEX KEY: 0000934666 STANDARD INDUSTRIAL CLASSIFICATION: [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: 689801 BUSINESS ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 BUSINESS PHONE: 5616917171 MAIL ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST ENERGY ASSOCIATES CENTRAL INDEX KEY: 0000934667 STANDARD INDUSTRIAL CLASSIFICATION: [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: 689802 BUSINESS ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 BUSINESS PHONE: 5616917171 MAIL ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST ENERGY LP CENTRAL INDEX KEY: 0001059025 STANDARD INDUSTRIAL CLASSIFICATION: [ ] IRS NUMBER: 650811248 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-52397-01 FILM NUMBER: 689803 BUSINESS ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 BUSINESS PHONE: 5616917171 MAIL ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ESI TRACTEBEL ACQUISITION CORP CENTRAL INDEX KEY: 0001059027 STANDARD INDUSTRIAL CLASSIFICATION: [4911 ] IRS NUMBER: 650827005 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-52397 FILM NUMBER: 689804 BUSINESS ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 BUSINESS PHONE: 5616917171 MAIL ADDRESS: STREET 1: C/O FPL ENERGY INC STREET 2: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408-2683 10-Q 1 0001.txt ESI TRACT FUND NEA NJEA ESI TRACT ACQ NE LP 6/30/00 10-Q UNITED STATES 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, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exact name of Registrants as specified in their charters, State of Incorporation, IRS Employer Commission address of principal executive offices and Identification File Number Registrants' telephone number Number - ----------- ------------------------------------------ -------------- 33-87902 ESI Tractebel Funding Corp. 04-3255377 (a Delaware corporation) 33-87902-02 Northeast Energy Associates, 04-2955642 A Limited Partnership (a Massachusetts limited partnership) 33-87902-01 North Jersey Energy Associates, 04-2955646 A Limited Partnership (a New Jersey limited partnership) 333-52397 ESI Tractebel Acquisition Corp. 65-0827005 (a Delaware corporation) 333-52397-01 Northeast Energy, LP 65-0811248 (a Delaware limited partnership) ------------------------------------------ c/o FPL Energy, LLC 700 Universe Boulevard Juno Beach, Florida 33408-2683 (561) 691-7171 Indicate by check mark whether the registrants (1) have 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 and (2) have been subject to such filing requirements for the past 90 days. Yes X No ___ APPLICABLE ONLY TO CORPORATE ISSUERS: As of June 30, 2000, there were issued and outstanding 10,000 shares of ESI Tractebel Funding Corp.'s common stock. As of June 30, 2000, there were issued 20 shares of ESI Tractebel Acquisition Corp.'s common stock. ---------------------------------- This combined Form 10-Q represents separate filings by ESI Tractebel Funding Corp., Northeast Energy Associates, A Limited Partnership, North Jersey Energy Associates, A Limited Partnership, ESI Tractebel Acquisition Corp. and Northeast Energy, LP. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Each registrant makes representations only as to itself and makes no representations whatsoever as to any other registrant. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Reform Act), ESI Tractebel Funding Corp. (Funding Corp.), Northeast Energy Associates, A Limited Partnership (NEA) and North Jersey Energy Associates, A Limited Partnership (NJEA) (collectively, the Partnerships), ESI Tractebel Acquisition Corp. (Acquisition Corp.) and Northeast Energy, LP (NE LP) (all five entities collectively, the Registrants) are hereby filing cautionary statements identifying important factors that could cause the Registrants' actual results to differ materially from those projected in forward-looking statements (as such term is defined in the Reform Act) made by or on behalf of the Registrants in this combined Form 10-Q, in presentations, in response to questions or otherwise. Any statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, estimated, projection, outlook) are not statements of historical facts and may be forward-looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that could cause the Registrants' actual results to differ materially from those contained in forward-looking statements made by or on behalf of the Registrants. Any forward-looking statement speaks only as of the date on which such statement is made, and the Registrants undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Some important factors that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements include changes in laws or regulations, changing governmental policies and regulatory actions, including those of the Federal Energy Regulatory Commission and the Public Utility Regulatory Policies Act of 1978, as amended, acquisition, disposal, depreciation and amortization of assets and facilities, operation and construction of plant facilities, recovery of fuel and purchased power costs, and present or prospective competition. The business and profitability of the Registrants are also influenced by economic and geographic factors including political and economic risks, changes in and compliance with environmental and safety laws and policies, weather conditions, population growth rates and demographic patterns, competition for retail and wholesale customers, availability, pricing and transportation of fuel and other energy commodities, market demand for energy from plants or facilities, changes in tax rates or policies or in rates of inflation or in accounting standards, unanticipated delays or changes in costs for capital projects, unanticipated changes in operating expenses and capital expenditures, capital market conditions, competition for new energy development opportunities and legal and administrative proceedings (whether civil, such as environmental, or criminal) and settlements. All such factors are difficult to predict, contain uncertainties which may materially affect actual results, and are beyond the control of the Registrants. PART I - FINANCIAL INFORMATION Item 1. Financial Statements NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Thousands of Dollars) (Unaudited)
June 30, December 31, 2000 1999 ASSETS Current assets: Cash and cash equivalents ........................................................ $ 15,695 $ 33,085 Accounts receivable .............................................................. 37,542 32,332 Due from related party ........................................................... - 152 Spare parts inventories .......................................................... 10,030 9,977 Fuel inventories ................................................................. 3,735 4,361 Prepaid expenses and other current assets ........................................ 823 335 Total current assets ........................................................... 67,825 80,242 Non-current assets: Deferred debt issuance costs (net of accumulated amortization of $1,495 and $1,179, respectively) .......................................................... 5,465 5,781 Cogeneration facilities and carbon dioxide facility (net of accumulated depreciation of $53,734 and $42,807, respectively) ............................. 460,037 470,851 Power purchase agreements (net of accumulated amortization of $126,029 and and $99,811, respectively) ..................................................... 762,727 788,945 Other assets ..................................................................... 66 39 Total non-current assets ....................................................... 1,228,295 1,265,616 TOTAL ASSETS ....................................................................... $1,296,120 $1,345,858 LIABILITIES AND PARTNERS' EQUITY Current liabilities: Current portion of notes payable - the Funding Corp. ............................. $ 23,247 $ 26,333 Accounts payable ................................................................. 14,527 16,745 Due to related parties ........................................................... 7,121 1,306 Other accrued expenses ........................................................... 10,126 6,974 Total current liabilities ...................................................... 55,021 51,358 Non-current liabilities: Deferred credit - fuel contracts ................................................. 282,157 292,581 Notes payable - the Funding Corp. ................................................ 408,800 418,880 Note payable - the Acquisition Corp. ............................................. 220,000 220,000 Amounts due utilities for energy bank balances ................................... 166,016 168,885 Total non-current liabilities .................................................. 1,076,973 1,100,346 Partners' equity: General partners ................................................................. 3,282 3,882 Limited partners ................................................................. 160,844 190,272 Total partners' equity ......................................................... 164,126 194,154 COMMITMENTS AND CONTINGENCIES TOTAL LIABILITIES AND PARTNERS' EQUITY ............................................. $1,296,120 $1,345,858
This report should be read in conjunction with the Notes to Consolidated Financial Statements on page 11 herein and the Notes to Consolidated and Combined Financial Statements appearing in the combined Annual Report on Form 10-K for the fiscal year ended December 31, 1999 (1999 Form 10-K) for NE LP. NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Thousands of Dollars) (Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2000 1999 2000 1999 REVENUES .................................. $74,949 $79,179 $165,051 $169,511 COSTS AND EXPENSES: Fuel .................................... 34,570 28,283 71,690 63,823 Operations and maintenance .............. 3,912 3,205 7,428 7,133 Depreciation and amortization ........... 18,568 18,270 37,141 36,542 General and administrative .............. 1,994 2,157 4,280 4,492 Total costs and expenses .............. 59,044 51,915 120,539 111,990 OPERATING INCOME .......................... 15,905 27,264 44,512 57,521 OTHER EXPENSE (INCOME): Amortization of debt issue costs......... 159 160 316 317 Interest expense ........................ 19,294 19,837 38,533 39,612 Interest income ......................... (1,022) (643) (1,352) (1,107) Total other expense - net ............. 18,431 19,354 37,497 38,822 NET INCOME (LOSS) ......................... $(2,526) $ 7,910 $ 7,015 $ 18,699
This report should be read in conjunction with the Notes to Consolidated Financial Statements on page 11 herein and the Notes to Consolidated and Combined Financial Statements appearing in the 1999 Form 10-K for NE LP. NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Thousands of Dollars) (Unaudited)
Six Months Ended June 30, 2000 1999 NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $ 32,948 $ 29,244 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ................................................................ (129) (63) Net cash used in investing activities ............................................. (129) (63) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payment on the Funding Corp. notes ........................................ (13,166) (11,755) Distributions to partners ........................................................... (37,043) (35,323) Net cash used in financing activities ............................................. (50,209) (47,078) Net decrease in cash and cash equivalents ............................................. (17,390) (17,897) Cash and cash equivalents at beginning of period ...................................... 33,085 36,038 Cash and cash equivalents at end of period ............................................ $ 15,695 $ 18,141 Supplemental disclosure of cash flow information: Cash paid for interest .............................................................. $ 29,780 $ 30,933
This report should be read in conjunction with the Notes to Consolidated Financial Statements on page 11 herein and the Notes to Consolidated and Combined Financial Statements appearing in the 1999 Form 10-K for NE LP. NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP COMBINED BALANCE SHEETS (Thousands of Dollars)
June 30, December 31, 2000 1999 ASSETS Current assets: Cash and cash equivalents ......................................................... $ 14,703 $ 32,144 Accounts receivable ............................................................... 37,542 32,332 Due from related party ............................................................ - 152 Spare parts inventories ........................................................... 10,030 9,977 Fuel inventories .................................................................. 3,735 4,361 Prepaid expenses and other current assets ......................................... 823 301 Total current assets ............................................................ 66,833 79,267 Non-current assets: Cogeneration facilities and carbon dioxide facility (net of accumulated depreciation of $53,734 and $42,807, respectively) .............................. 460,037 470,851 Power purchase agreements (net of accumulated amortization of $126,029 and $99,811, respectively) .......................................................... 762,727 788,945 Other assets ...................................................................... 66 39 Total non-current assets ........................................................ 1,222,830 1,259,835 TOTAL ASSETS ........................................................................ $1,289,663 $1,339,102 LIABILITIES AND PARTNERS' EQUITY Current liabilities: Current portion of notes payable - the Funding Corp. .............................. $ 23,247 $ 26,333 Accounts payable .................................................................. 14,527 16,745 Due to related parties ............................................................ 6,982 1,167 Other accrued expenses ............................................................ 10,126 6,974 Total current liabilities ....................................................... 54,882 51,219 Non-current liabilities: Deferred credit - fuel contracts .................................................. 282,157 292,581 Notes payable - the Funding Corp. ................................................. 408,800 418,880 Amounts due utilities for energy bank balances .................................... 166,016 168,885 Total non-current liabilities ................................................... 856,973 880,346 Partners' equity: General partner ................................................................... 3,778 4,075 Limited partners .................................................................. 374,030 403,462 Total partners' equity .......................................................... 377,808 407,537 COMMITMENTS AND CONTINGENCIES TOTAL LIABILITIES AND PARTNERS' EQUITY .............................................. $1,289,663 $1,339,102
This report should be read in conjunction with the Notes to Combined Financial Statements on page 11 herein and the Notes to Consolidated and Combined Financial Statements appearing in the 1999 Form 10-K for NEA and NJEA. NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP COMBINED STATEMENTS OF OPERATIONS (Thousands of Dollars) (Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2000 1999 2000 1999 REVENUES .................................. $74,949 $79,179 $165,051 $169,511 COSTS AND EXPENSES: Fuel .................................... 34,570 28,283 71,690 63,823 Operations and maintenance .............. 3,912 3,205 7,428 7,133 Depreciation and amortization ........... 18,568 18,270 37,141 36,542 General and administrative .............. 1,994 2,152 4,280 4,487 Total costs and expenses .............. 59,044 51,910 120,539 111,985 OPERATING INCOME .......................... 15,905 27,269 44,512 57,526 OTHER EXPENSE (INCOME): Interest expense ........................ 14,901 15,441 29,744 30,820 Interest income ......................... (1,012) (633) (1,335) (1,061) Total other expense - net ............. 13,889 14,808 28,409 29,759 NET INCOME ................................ $ 2,016 $12,461 $ 16,103 $ 27,767
This report should be read in conjunction with the Notes to Combined Financial Statements on page 11 herein and the Notes to Consolidated and Combined Financial Statements appearing in the 1999 Form 10-K for NEA and NJEA. NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP COMBINED STATEMENTS OF CASH FLOWS (Thousands of Dollars) (Unaudited)
Six Months Ended June 30, 2000 1999 NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $ 41,686 $ 37,996 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ................................................................ (129) (63) Net cash used in investing activities ............................................. (129) (63) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payment on the Funding Corp. notes ........................................ (13,166) (11,755) Distributions to partners ........................................................... (45,832) (44,017) Net cash used in financing activities ............................................. (58,998) (55,772) Net decrease in cash and cash equivalents ............................................. (17,441) (17,839) Cash and cash equivalents at beginning of period ...................................... 32,144 35,152 Cash and cash equivalents at end of period ............................................ $ 14,703 $ 17,313 Supplemental disclosure of cash flow information: Cash paid for interest .............................................................. $ 20,991 $ 22,144
This report should be read in conjunction with the Notes to Combined Financial Statements on page 11 herein and the Notes to Consolidated and Combined Financial Statements appearing in the 1999 Form 10-K for NEA and NJEA. ESI TRACTEBEL FUNDING CORP. BALANCE SHEETS (Thousands of Dollars) (Unaudited)
June 30, December 31, 2000 1999 ASSETS Current assets: Cash .............................................................................. $ 1 $ 1 Current portion of notes receivable from the Partnerships ......................... 23,247 26,333 Total current assets ............................................................ 23,248 26,334 Notes receivable from the Partnerships .............................................. 408,800 418,880 TOTAL ASSETS ........................................................................ $ 432,048 $ 445,214 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of securities payable ............................................. $ 23,247 $ 26,333 Securities payable .................................................................. 408,800 418,880 Stockholders' equity: Common stock, no par value, 10,000 shares authorized, issued and outstanding ...... 1 1 COMMITMENTS AND CONTINGENCIES TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .......................................... $ 432,048 $ 445,214
STATEMENTS OF OPERATIONS (Thousands of Dollars) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 Interest income .......................................... $ 10,495 $ 10,990 $ 20,991 $ 21,981 Interest expense ......................................... (10,495) (10,990) (20,991) (21,981) NET INCOME ............................................... $ - $ - $ - $ -
STATEMENTS OF CASH FLOWS (Thousands of Dollars) (Unaudited)
Six Months Ended June 30, 2000 1999 NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................ $ - $ - CASH FLOWS FROM FINANCING ACTIVITIES: Principal payment received from the Partnerships.................................... 13,166 11,755 Principal payment on debt .......................................................... (13,166) (11,755) Net cash provided by financing activities ........................................ - - Net increase in cash ................................................................. - - Cash at beginning of period .......................................................... 1 1 Cash at end of period ................................................................ $ 1 $ 1 Supplemental disclosure of cash flow information: Cash paid for interest ............................................................. $ 20,991 $ 21,981
These reports should be read in conjunction with the Notes to Financial Statements on page 11 herein and the Notes to Financial Statements appearing in the 1999 Form 10-K for the Funding Corp. ESI TRACTEBEL ACQUISITION CORP. BALANCE SHEETS (Thousands of Dollars) (Unaudited)
June 30, December 31, 2000 1999 ASSETS Due from NE LP ....................................................................... $ 152 $ 152 Note receivable from NE LP ........................................................... 220,000 220,000 TOTAL ASSETS ......................................................................... $220,152 $220,152 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Income taxes payable ............................................................... $ 11 $ 9 Deferred credit - interest rate hedge ................................................ 120 126 Securities payable ................................................................... 220,000 220,000 Stockholders' equity: Common stock, $.10 par value, 100 shares authorized, 20 shares issued .............. - - Subscriptions receivable ........................................................... - - Retained earnings .................................................................. 21 17 COMMITMENTS AND CONTINGENCIES TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ........................................... $220,152 $220,152
STATEMENTS OF OPERATIONS (Thousands of Dollars) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 Interest income .......................................... $ 4,393 $ 4,393 $ 8,789 $ 8,789 Interest expense ......................................... (4,390) (4,390) (8,783) (8,783) Income before income taxes................................. 3 3 6 6 Income tax expense ........................................ (1) (1) (2) (2) NET INCOME ................................................ $ 2 $ 2 $ 4 $ 4
STATEMENTS OF CASH FLOWS (Thousands of Dollars) (Unaudited)
Six Months Ended June 30, 2000 1999 NET CASH PROVIDED BY OPERATING ACTIVITIES ............................................. $ - $ - CASH FLOWS FROM INVESTING ACTIVITIES .................................................. - - CASH FLOWS FROM FINANCING ACTIVITIES .................................................. - - Net increase in cash and cash equivalents ............................................. - - Cash and cash equivalents at beginning of period ...................................... - - Cash and cash equivalents at end of period ............................................ $ - $ - Supplemental disclosure of cash flow information: Cash paid for interest ............................................................. $ 8,789 $ 8,789
These reports should be read in conjunction with the Notes to Financial Statements on page 11 herein and the Notes to Financial Statements appearing in the 1999 Form 10-K for the Acquisition Corp. NORTHEAST ENERGY, LP (A PARTNERSHIP) AND SUBSIDIARIES NORTHEAST ENERGY ASSOCIATES, A LIMITED PARTNERSHIP AND NORTH JERSEY ENERGY ASSOCIATES, A LIMITED PARTNERSHIP ESI TRACTEBEL FUNDING CORP. ESI TRACTEBEL ACQUISITION CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO COMBINED FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS (Unaudited) The accompanying consolidated financial statements, combined financial statements and financial statements should be read in conjunction with the 1999 Form 10-K for the Registrants. In the opinion of the Registrants' management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of results for the year. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This discussion should be read in conjunction with the Notes to Consolidated Financial Statements, Notes to Combined Financial Statements and Notes to Financial Statements contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 1999 Form 10-K for the Registrants. The results of operations for an interim period may not give a true indication of results for the year. In the following discussion, all comparisons are with the corresponding items in the prior year. Results of Operations NE LP and the Partnerships - Revenues for the second quarter and year to date decreased as a result of lower availability at the Bellingham, MA and Sayreville, NJ facilities. Availability was lower primarily because of an eleven day forced outage at the Bellingham, MA facility for transmission interconnect maintenance and upgrades. Revenues include power sales to utilities which reflect changes in utility energy bank balances. The changes in the energy bank balances, which increased reported revenues, are determined in accordance with scheduled or specified rates under certain power purchase agreements. Fuel expense for the second quarter and year to date (excluding $5.2 million of deferred credit amortization for fuel contracts for the quarters ended June 30, 2000 and 1999 and excluding $10.4 million of deferred credit amortization for fuel contracts for the periods ended June 30, 2000 and 1999) increased primarily as a result of the increased price of natural gas required to fuel the facilities. Operations and maintenance expense for the second quarter and year to date increased primarily as a result of annual maintenance costs incurred in connection with the operation of the facilities and increased costs associated with the eleven day forced outage mentioned above. Interest expense of NE LP and the Partnerships for the second quarter and year to date decreased as a result of decreasing principal balances on the notes payable. The Funding Corp. and the Acquisition Corp. - The Funding Corp. made semi- annual debt principal payments and debt interest payments of $13.2 million and $21.0 million, respectively, in June 2000. The Acquisition Corp. made a semi-annual debt interest payment of $8.8 million in June 2000. Interest expense for the Funding Corp. for the second quarter and year to date decreased as a result of decreasing principal balances on the securities payable. Liquidity and Capital Resources The Registrants - Cash flow generated by the Partnerships year to date has been and is expected to remain sufficient for at least the next twelve months to fund operating expenses of the Registrants as well as fund the debt service requirements of the Funding Corp. and the Acquisition Corp. PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit No. Description 27.1 Financial Data Schedule - ESI Tractebel Funding Corp. 27.2 Financial Data Schedule - Northeast Energy Associates, A Limited Partnership 27.3 Financial Data Schedule - North Jersey Energy Associates, A Limited Partnership 27.4 Financial Data Schedule - ESI Tractebel Acquisition Corp. 27.5 Financial Data Schedule - Northeast Energy, LP (b) Reports On Form 8-K - None
EX-27.1 2 0002.txt FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from ESI Tractebel Funding Corp.'s balance sheet as of June 30, 2000 and statement of operations for the period ended June 30, 2000 and is qualified in its entirety by reference to such financial statements. 0000934665 ESI Tractebel Funding Corp. 1,000 U.S. DOLLARS JAN-1-2000 6-MOS DEC-31-1999 JUN-30-2000 1 $1 $0 $23,247 $0 $0 $23,248 $0 $0 $432,048 $23,247 $408,800 $0 $0 $1 $0 $432,048 $0 $20,991 $0 $0 $0 $0 $20,991 $0 $0 $0 $0 $0 $0 $0 $0 $0
EX-27.2 3 0003.txt FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from Northeast Energy Associates, A Limited Partnership and North Jersey Energy Associates, A Limited Partnership combined balance sheet as of June 30, 2000 and combined statement of operations for the period ended June 30, 2000 and is qualified in its entirety by reference to such financial statements. 0000934667 Northeast Energy Associates, A Limited Partnership 1,000 U.S. DOLLARS JAN-01-2000 6-MOS DEC-31-1999 JUN-30-2000 1 $14,703 $0 $37,542 $0 $13,765 $66,833 $513,771 $53,734 $1,289,663 $54,882 $408,800 $0 $0 $0 $377,808 $1,289,663 $165,051 $165,051 $0 $116,259 $2,945 $0 $29,744 $16,103 $0 $16,103 $0 $0 $0 $16,103 $0 $0
EX-27.3 4 0004.txt FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from Northeast Energy Associates, A Limited Partnership and North Jersey Energy Associates, A Limited Partnership combined balance sheet as of June 30, 2000 and combined statement of operations for the period ended June 30, 2000 and is qualified in its entirety by reference to such financial statements. 0000934666 North Jersey Energy Associates, A Limited Partnership 1,000 U.S. DOLLARS JAN-01-2000 6-MOS DEC-31-1999 JUN-30-2000 1 $14,703 $0 $37,542 $0 $13,765 $66,833 $513,771 $53,734 $1,289,663 $54,882 $408,800 $0 $0 $0 $377,808 $1,289,663 $165,051 $165,051 $0 $116,259 $2,945 $0 $29,744 $16,103 $0 $16,103 $0 $0 $0 $16,103 $0 $0
EX-27.4 5 0005.txt FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from ESI Tractebel Acquisition Corp.'s balance sheet as of June 30, 2000 and statement of operations for the period ended June 30, 2000 and is qualified in its entirety by reference to such financial statements. 0001059027 ESI Tractebel Acquisition Corp. 1,000 U.S. DOLLARS JAN-01-2000 6-MOS DEC-31-1999 JUN-30-2000 1 $0 $0 $0 $0 $0 $0 $0 $0 $220,152 $11 $220,000 $0 $0 $0 $21 $220,152 $0 $8,789 $0 $0 $0 $0 $8,783 $6 $2 $4 $0 $0 $0 $4 $0 $0
EX-27.5 6 0006.txt FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the consolidated balance sheet as of June 30, 2000 and the consolidated statement of operations for the period ended June 30, 2000 of Northeast Energy, LP and is qualified in its entirety by reference to such financial statements. 0001059025 Northeast Energy, LP 1,000 U.S. DOLLARS JAN-01-2000 6-MOS DEC-31-1999 JUN-30-2000 1 $15,695 $0 $37,542 $0 $13,765 $67,825 $513,771 $53,734 $1,296,120 $55,021 $628,800 $0 $0 $0 $164,126 $1,296,120 $165,051 $165,051 $0 $116,259 $3,244 $0 $38,533 $7,015 $0 $7,015 $0 $0 $0 $7,015 $0 $0
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