-----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, JvM48tyj0eItES2FqFBIh2UHTOnsmBz9a4Xye/+O6hsXCG6uOuMt5srH//7OhrQV yrgsH0v5z3PBNJcMdsb74w== 0000852435-99-000004.txt : 19990212 0000852435-99-000004.hdr.sgml : 19990212 ACCESSION NUMBER: 0000852435-99-000004 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19990211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EASTERN UTILITIES ASSOCIATES CENTRAL INDEX KEY: 0000031224 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 041271872 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: SEC FILE NUMBER: 070-07287 FILM NUMBER: 99529328 BUSINESS ADDRESS: STREET 1: ONE LIBERTY SQ STREET 2: P O BOX 2333 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6173579590 35-CERT 1 RULE 24 OF EUA COGENEX CONS. FOR 3 MOS ENDED 9/30/98 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. In the matter of ) ) EASTERN UTILITIES ASSOCIATES ) Boston, Massachusetts ) ) EUA COGENEX CORPORATION ) Certificate of Lowell, Massachusetts ) Notification ) Pursuant to ) Rule 24 (70-7287) ) ) (Public Utility Holding Company Act of 1935) ) Enclosed herewith for filing by Eastern Utilities Associates and its wholly-owned subsidiary, EUA Cogenex Corporation, in accordance with the Order of the Securities and Exchange Commission entered in the above matter on February 15, 1995 (Release No. 35-26232) and pursuant to Rule 24 under the Public Utility Holding Company Act of 1935, are the consolidated and consolidating balance sheet, income statement, and statement of cash flows of EUA Cogenex for the quarter ended September 30, 1998 and such other information required to be filed by said order. EASTERN UTILITIES ASSOCIATES By: /s/ Clifford J. Hebert, Jr. Clifford J. Hebert, Jr. Treasurer EUA COGENEX CORPORATION By: /s/ Edward T. Liston Edward T. Liston President February 10, 1999 EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
ASSETS EUA EUA EUA Cogenex Cogenex Nova Consolidated Elimination (Division) (Division) Utility Plant and Other Investments: Utility plant in service $ $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress Net utility plant Non-utility property 106,935,167 55,827,397 Less accumulated provision for depreciation 48,154,751 26,940,118 Net non-utility property 58,780,416 28,887,278 Investments in subsidiaries (at equity) 367,005 43,245,214 43,612,219 Excess of carrying values of investments in subsidiaries Notes receivable 30,538,386 28,475,164 Leases receivable 15,034,715 9,325,048 Other 11,561,255 6,282,570 Total Utility Plant and Other Investments 116,281,777 43,245,214 116,582,279 Current Assets: Cash and temporary cash investments 4,440,298 2,342,570 Notes receivable 10,022,447 15,227,434 22,892,172 Leases receivable 1,668,058 907,644 Accounts receivable - Net: Customers 13,090,734 7,230,441 Accrued unbilled revenue Others 11,435,366 6,544,883 Accounts receivable - associated companies 1,510,278 6,649,542 6,292,978 Materials and supplies (at average cost): Plant materials and operating supplies 829,474 15,354 Other current assets 2,385,442 1,528,289 3,826,054 Total Current Assets 45,382,097 23,405,264 50,052,095 Deferred Debits: Unamortized debt expense 306,294 306,294 Unrecovered regulatory plant costs Other deferred debits 4,113,904 2,709,733 Total Deferred Debits 4,420,198 3,016,027 Total Assets $166,084,073 $66,650,478 $169,650,401 $ The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
ASSETS (continued) EUA EUA Day Matrix EUA EUA Day (fka Day I & II) NEM Cogenex (Division) (Division) Inc. Canada Utility Plant and Other Investments: Utility plant in service $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress Net utility plant Non-utility property 2,546,643 1,150,027 8,493,365 4,122 Less accumulated provision for depreciation 929,122 616,417 3,920,718 Net non-utility property 1,617,521 533,611 4,572,647 4,122 Investments in subsidiaries (at equity) Excess of carrying values of investments in subsidiaries Notes receivable (7,283) Leases receivable Other 33,352 Total Utility Plant and Other Investments 1,617,521 533,611 4,605,999 (3,161) Current Assets: Cash and temporary cash investments 148,526 338,946 320,053 Notes receivable 1,981,267 28,398 Leases receivable Accounts receivable - Net: Customers 2,438,659 694,292 316,429 Accrued unbilled revenue Others 5,473 (293) (180,889) 95 Accounts receivable - associated companies 578,151 Materials and supplies (at average cost): Plant materials and operating supplies 252,484 434,260 Other current assets 59,344 (92) 685 Total Current Assets 5,463,903 433,967 852,258 665,660 Deferred Debits: Unamortized debt expense Unrecovered regulatory plant costs Other deferred debits 1,118 1,088,522 59,629 Total Deferred Debits 1,118 1,088,522 59,629 Total Assets $7,082,542 $967,577 $6,546,780 $722,128 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
EUA EUA COGENEX EUA ASSETS (continued) Citizens WEST MUPA Corporation Corporation (Partnership) Utility Plant and Other Investments: Utility plant in service $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress Net utility plant Non-utility property 4,224,602 1,832,702 Less accumulated provision for depreciation 893,055 647,453 Net non-utility property 3,331,547 1,185,248 Investments in subsidiaries (at equity) Excess of carrying values of investments in subsidiaries Notes receivable 2,070,505 Leases receivable 2,055,168 Other 101,325 4,976,595 Total Utility Plant and Other Investments 3,432,873 10,287,516 Current Assets: Cash and temporary cash investments 139,810 450,518 109 Notes receivable 214,785 Leases receivable 444,221 Accounts receivable - Net: Customers 221,555 494,246 23,750 Accrued unbilled revenue Others 1,165,060 975,630 Accounts receivable - associated companies 66,984 97,248 Materials and supplies (at average cost): Plant materials and operating supplies 127,377 Other current assets 7,290 20,449 Total Current Assets 1,600,700 2,824,473 23,858 Deferred Debits: Unamortized debt expense Unrecovered regulatory plant costs Other deferred debits 216,956 37,947 Total Deferred Debits 216,956 37,947 Total Assets $5,250,528 $13,149,936 $23,858 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
ASSETS (continued) EUA EUA EUA EUA WestCoast FRC II EC&S I EC&S II (Partnership) (Partnership) (Partnership) (Partnership Utility Plant and Other Investments: Utility plant in service $ $ $ $ Less accumulated provision for depreciation and amortization Net utility plant in service Construction work in progress Net utility plant Non-utility property 2,596,864 77,490 11,925,496 18,256,459 Less accumulated provision for depreciation 2,114,611 77,490 3,012,282 9,003,486 Net non-utility property 482,254 8,913,214 9,252,973 Investments in subsidiaries (at equity) Excess of carrying values of investments in subsidiaries Notes receivable Leases receivable 1,427,095 2,227,404 Other 41,399 58,120 67,894 Total Utility Plant and Other Investments 523,653 10,398,430 11,548,271 Current Assets: Cash and temporary cash investments 128,241 52,909 157,480 361,136 Notes receivable 133,260 Leases receivable 105,242 210,951 Accounts receivable - Net: Customers 18,164 588,761 516,822 547,615 Accrued unbilled revenue Others 120,000 704,616 2,100,791 Accounts receivable - associated companies 1,124,459 Materials and supplies (at average cost): Plant materials and operating supplies Other current assets Total Current Assets 399,665 641,670 1,484,160 4,344,953 Deferred Debits: Unamortized debt expense Unrecovered regulatory plant costs Other deferred debits Total Deferred Debits Total Assets $923,318 $641,670 $11,882,589 $15,893,223 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
LIABILITIES EUA EUA EUA Cogenex Cogenex Nova Consolidated Elimination Corporation (Division) Capitalization: Common equity $49,665,894 $15,434,029 $49,820,011 $ Non-redeemable preferred stock of sub. $ Redeemable preferred stock of $ subsidiaries - net 75 Preferred stock redemption cost $ Partnerships' capital ($0) 27,821,185 Long-term debt - net $78,200,000 78,200,000 Total Capitalization 127,865,969 43,255,214 128,020,011 Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year 6,700,000 6,700,000 Notes payable 22,832,385 15,227,434 22,880,000 Accounts payable 1,407,431 197,302 Accounts payable - associated companies 1,884,735 6,649,542 3,703,176 Customer deposits Taxes accrued 147,551 18,045 Interest accrued 396,709 1,528,289 396,709 Dividends declared Other current liabilities 5,241,815 4,203,498 Total Current Liabilities 38,610,627 23,405,264 38,098,731 Deferred Credits: Unamortized investment credit Other deferred credits 2,765,838 (10,000) 2,338,805 Total Deferred Credits 2,765,838 (10,000) 2,338,805 Accumulated deferred taxes (3,158,360) 1,192,854 Commitments and contingencies Total Liabilities and Capitalization $166,084,073 $66,650,478 $169,650,401 $ ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
LIABILITIES (continued) EUA EUA Day Matrix EUA EUA Day (fka Day I & II) NEM Cogenex (Division) (Division) Inc. Canada Capitalization: Common equity $1,854,413 ($1,919,829) $9,677,157 $738,078 Non-redeemable preferred stock of subs. Redeemable preferred stock of subsidiaries - net Preferred stock redemption cost Partnerships' capital Long-term debt - net Total Capitalization 1,854,413 (1,919,829) 9,677,157 738,078 Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year Notes payable 1,801,059 2,657,802 (52,320) Accounts payable 1,093,680 (322) (95,985) Accounts payable - associated companies 1,454,347 171,302 401,263 (184,336) Customer deposits Taxes accrued 30,765 61,612 Interest accrued 455,741 58,302 Dividends declared Other current liabilities 92,851 189,563 Total Current Liabilities 4,928,443 2,887,406 400,941 (81,466) Deferred Credits: Unamortized investment credit Other deferred credits 299,686 (4) 65,515 Total Deferred Credits 299,686 (4) 65,515 Accumulated deferred taxes (3,531,315) Commitments and contingencies Total Liabilities and Capitalization $7,082,542 $967,577 $6,546,780 $722,128 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANY CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
LIABILITIES (continued) EUA EUA COGENEX EUA EUA Citizens WEST MUPA WestCoast Corporation Corporation (Partn.) (Partn.) Capitalization: Common equity $293,640 $4,636,453 $ $ Non-redeemable preferred stock of subs. Redeemable preferred stock of subsidiaries - net 75 Preferred stock redemption cost 23,758 764,618 Partnerships' capital Long-term debt - net Total Capitalization 293,715 4,636,453 23,758 764,618 Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year 3,654,500 7,118,777 Notes payable Accounts payable 42,196 30,567 100 100,150 Accounts payable - associated companies 603,154 1,488,669 34,870 Customer deposits Taxes accrued 289 36,839 Interest accrued 398,859 615,387 Dividends declared Other current liabilities 162,896 103,907 23,680 Total Current Liabilities 4,861,893 9,394,147 100 158,700 Deferred Credits: Unamortized investment credit Other deferred credits 28,475 5,681 Total Deferred Credits 28,475 5,681 Accumulated deferred taxes 66,445 (886,345) Commitments and contingencies Total Liabilities and Capitalization $5,250,528 $13,149,936 $23,858 $923,318 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANY CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 1998
LIABILITIES (continued) EUA EUA EUA FRC II EC&S I EC&S II (Partn.) (Partn.) (Partnership) Capitalization: $ $ $ Common equity Non-redeemable preferred stock of subs. Redeemable preferred stock of subsidiaries - net Preferred stock redemption cost 641,670 11,639,180 14,751,959 Partnerships' capital Long-term debt - net 641,670 11,639,180 14,751,959 Total Capitalization Current Liabilities: Preferred stock sinking fund requirements Long-term debt due within one year Notes payable Accounts payable 34,481 5,262 Accounts payable - associated companies 129,275 732,557 Customer deposits Taxes accrued Interest accrued Dividends declared Other current liabilities 100,654 364,767 Total Current Liabilities 264,410 1,102,585 Deferred Credits: Unamortized investment credit Other deferred credits (21,000) 38,679 Total Deferred Credits (21,000) 38,679 Accumulated deferred taxes Commitments and contingencies Total Liabilities and Capitalization $641,670 $11,882,589 $15,893,223 ( ) Denotes Contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
EUA EUA EUA Cogenex Cogenex Nova Consolidated Elimination Corporation (Division) Operating Revenues $41,599,092 $ $17,969,880 $1,331,498 Operating Expenses: Operation 28,878,740 12,809,506 1,851,988 Maintenance 601,938 286,132 Depreciation and amortization 9,330,197 5,391,697 44,121 Taxes - Other than income 657,584 271,616 56,251 - Income (credit) (150,724) (564,758) (387) - Deferred 429,496 236,170 Total Operating Expenses 39,747,229 18,430,363 1,951,974 Operating Income 1,851,863 (460,482) (620,475) Other Income and Deductions: Interest and dividend income 4,754,554 723,478 4,596,312 (41) Equity in earnings of jointly- owned companies (9,798) 3,961,209 3,951,411 Allowance for other funds used during construction Other (deductions) income - net 591,997 297,769 22,063 Total Other Income 5,336,753 4,684,687 8,845,492 22,022 Income (Loss) Before Interest Charges 7,188,616 4,684,687 8,385,010 (598,453) Interest Charges: Interest on long-term debt 5,679,861 5,679,861 Amortization of debt expense and premium Other interest expense (principally short-term notes) 1,665,672 723,478 1,573,138 37,978 Allowance for borrowed funds used during construction - (credit) (162,900) (78,800) F Total Interest Charges 7,182,633 723,478 7,174,199 37,978 Net Income (Loss) before preferred return 5,984 3,961,209 1,210,811 (636,431) Preferred Return Requirement Net (Loss) Income $5,984 $3,961,209 $1,210,811 ($636,431) The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS (continued) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
EUA EUA Day Matrix EUA EUA Day (fka Day I & II) NEM Cogenex (Division) (Division) Inc. Canada Operating Revenues $6,964,596 $7,574 $2,785,409 $126,352 Operating Expenses: Operation 6,154,826 829,861 21,982 126,183 Maintenance 12,131 Depreciation and amortization 52,265 172,506 546,527 Taxes - Other than income 167,173 7,633 68 393 - Income (credit) 551,291 19,387 - Deferred 218,925 Total Operating Expenses 6,374,264 1,010,000 1,350,924 145,963 Operating Income 590,332 (1,002,425) 1,434,485 (19,611) Other Income and Deductions: Interest and dividend income 189,886 Equity in earnings of jointly- owned companies Allowance for other funds used during construction Other (deductions) income - net (37,765) (1,344) (135,652) Total Other Income (37,765) (1,344) 54,234 Income (Loss) Before Interest Charges 552,567 (1,002,425) 1,433,142 34,623 Interest Charges: Interest on long-term debt Amortization of debt expense and premium Other interest expense (principally short-term notes) 87,869 30,670 78,926 Allowance for borrowed funds used during construction - (credit) Total Interest Charges 87,869 30,670 78,926 Net Income (Loss) before preferred return 464,698 (1,033,095) 1,433,142 (44,303) Preferred Return Requirement Net (Loss) Income $464,698 ($1,033,095) $1,433,142 ($44,303) The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS (continued) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 EUA
EUA COGENEX EUA Citizens WEST MUPA Corporation Corporation (Partnership) Operating Revenues $4,289,351 $2,134,892 $ Operating Expenses: Operation 3,548,363 2,265,539 75 Maintenance (1,266) 70,385 Depreciation and amortization 394,441 436,656 Taxes - Other than income 73,233 82,816 - Income (credit) 48,403 (204,660) - Deferred (25,599) Total Operating Expenses 4,063,174 2,625,137 75 Operating Income 226,177 (490,245) (75) Other Income and Deductions: Interest and dividend income 294,994 Equity in earnings of jointly- owned companies Allowance for other funds used during construction Other (deductions) income - net (4) (3,109) (100) Total Other Income (4) 291,885 (100) Income (Loss) Before Interest Charges 226,173 (198,360) (175) Interest Charges: Interest on long-term debt Amortization of debt expense and premium Other interest expense (principally short-term notes) 222,886 352,596 Allowance for borrowed funds used during construction - (credit) (66,800) (17,300) Total Interest Charges 156,086 335,296 Net Income (Loss) before preferred return 70,087 (533,656) (175) Preferred Return Requirement Net (Loss) Income $70,087 ($533,656) ($175) The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING INCOME STATEMENTS (continued) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
EUA EUA EUA EUA WestCoast FRC II EC&S I EC&S II (Partn.) (Partn.) (Partn.) (Partnership) Operating Revenues $154,250 $ $1,680,748 $4,154,542 Operating Expenses: Operation 5,788 136,305 1,128,325 Maintenance 30,370 29,853 174,332 Depreciation and amortization 152,714 602,463 1,536,808 Taxes - Other than income (1,600) - Income (credit) - Deferred Total Operating Expenses 188,872 (1,600) 768,620 2,839,465 Operating Income (34,622) 1,600 912,128 1,315,077 Other Income and Deductions: Interest and dividend income 48,354 434 96,363 251,729 Equity in earnings of jointly- owned companies Allowance for other funds used during construction Other (deductions) income - net 1,208 (100) (1,010) 450,041 Total Other Income 49,563 334 95,353 701,770 Income (Loss) Before Interest Charges 14,941 1,934 1,007,481 2,016,847 Interest Charges: Interest on long-term debt Amortization of debt expense and premium Other interest expense (principally short-term notes) 5,088 Allowance for borrowed funds used during construction - (credit) Total Interest Charges 5,088 Net Income (Loss) before preferred return 14,941 1,934 1,002,393 2,016,847 Preferred Return Requirement Net (Loss) Income $14,941 $1,934 $1,002,393 $2,016,847 The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS (continued) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
EUA EUA EUA Cogenex Cogenex Nova Consolidated Elimination Corporation (Division) CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) $5,984 $3,961,209 $1,210,811 ($636,431) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 9,478,875 (7) 5,540,375 44,121 Deferred taxes 429,496 236,170 Gains on sales of investments in energy savings projects paid for with notes and leases receivable (1,376,368) 2 (1,113,018) Non - cash costs of energy saving project sales 8,577,207 5,961,574 Pension liability 16,266 1 13,954 2,313 Amortization of deferred revenues (141,598) (2) Collections and sales of project notes and leases reciev. 10,133,056 8,435,335 Undistributed Equity earnings of subsidiaries 4,834,155 4,834,155 Other - net (557,403) 1,696,289 1,184,595 (49,619) Net Changes to Working Capital: Accounts receivable 4,534,349 (492,338) 117,756 3,160,155 Materials and supplies 963,656 (963,033) 48,215 2,418 Accounts payable (1,113,159) 483,441 1,290,212 (1,268,951) Accrued taxes (107,285) (26,904) (12,853) Accrued interest (870,172) (732,762) (870,172) (1,413,187) Other - net (1,614,227) 1,705,793 124,682 (5,450) Net Cash Provided from (Used in) operating Activities 28,358,676 10,492,749 26,987,740 (177,484) CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (20,496,156) 109,594 (15,439,249) (11,462) Collections on notes and leases receivable 12,013,175 6,785,809 Proceeds from sale of Assets 3,853,374 1,989,650 3,860,138 1,982,886 Investments in subsidiaries Net Cash Provided from (Used in) Investing Activities (4,629,607) 2,099,244 (4,793,302) 1,971,424 CASH FLOW FROM FINANCING ACTIVITIES: Redemption: Long-term debt (5,900,000) (5,900,000) Premium on reacquisition and financing expenses Dividends declared (2,450,000) Capital contribution - EUA Partner's contribution (withdrawal) (6,400,000) Net increase (decrease) in short-term debt (17,861,136) (3,741,993) (14,670,000) (1,752,150) Net Cash Provided from (Used in) financing Activities (23,761,136) (12,591,993) (20,570,000) (1,752,150) NET (DECREASE) INCREASE IN CASH (32,067) 1,624,438 41,790 Cash and temporary cash investments at beginning of year 4,472,365 718,132 (41,790) Cash and temporary cash investments at end of year $4,440,298 $2,342,570 Cash paid during the year for: Interest (net of amounts capitalized) $6,312,461 $6,312,461 Income Taxes $624,825 $82,576 Conversion of investments in energy savings projects to notes and leases receivable $2,159,467 $1,867,031 ( ) Denotes contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS (continued) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
EUA EUA Day Matrix EUA EUA Day (fka Day I & II) NEM Cogenex (Division) (Division) Inc Canada CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) $464,698 ($1,033,095) $1,433,142 ($44,303) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 52,264 172,506 546,526 Deferred taxes 218,925 Gains on sales of investments in energy savings projects paid for with notes and leases receivable Non - cash costs of energy savings project sales Pension liability Amortization of deferred revenues (124,587) 3,987 Collections and sales of project notes and leases receivable Undistributed Equity earnings of subsidiaries Other - net (381,293) 1 (142) (10,350) Net Changes to Working Capital: Accounts receivable (1,378,152) 292 231,859 969,598 Materials and supplies (26,944) (23,066) Accounts payable 1,953,857 156,302 446,986 (3,520,144) Accrued taxes 4,229 (86,555) Accrued interest 74,794 30,670 Other - net 62,506 92 202,357 Net Cash Provided from (Used in) Operating Activ. 825,959 (696,390) 2,752,801 (2,485,410) CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings (958,287) (4,122) Collections on notes and leases receivable 2,138 5,225,228 Proceeds from sale of Assets Investments in subsidiaries Net Cash Provided from (Used in) Investing Activ. (956,149) 5,221,106 CASH FLOW FROM FINANCING ACTIVITIES: Redemption: Long-term debt Premium on reacquisition Dividends declared (2,450,000) Capital contribution - EUA Partner's contribution(withdrawal) Net increase (decrease) in short-term debt 128,987 696,390 (348,222) (3,198,495) Net Cash Provided from (Used in) Financing Activ. 128,987 696,390 (2,798,222) (3,198,495) NET (DECREASE) INCREASE IN CASH (1,203) (45,421) (462,799) Cash and temporary cash investments at beginning of yr. 149,729 384,367 782,852 Cash and temporary cash investments at end of year $148,526 $338,946 $320,053 Cash paid during the year for: Interest (net of amounts capitalized) $ Income Taxes $510,456 Conversion of investments in energy savings projects to notes and leases receivable $ ( ) Denotes contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS (continued) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
EUA EUA EUA EUA Citizens Cogenex West MUPA WestCoast Corporation Corporation (Partnership) (Partnership) CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) $70,087 ($533,656) ($175) $14,941 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 394,441 436,655 152,714 Deferred taxes (25,599) Gains on sales of investments in energy savings projects paid for with notes and leases receivable (114,637) Non - cash costs of energy saving project sales 357,023 1,263,368 Pension liability Amortization of deferred revenues Collections and sales of project notes and leases reciev. 510,314 45,362 Undistributed Equity earnings of subsidiaries Other - net (50,628) 315,871 Net Changes to Working Capital: Accounts receivable 1,764,789 1,588,854 14,896 Materials and supplies Accounts payable (2,351) (112,792) 100 133,103 Accrued taxes 230 14,568 Accrued interest 222,884 352,077 Other - net 120,516 122,564 (393,730) Net Cash Provided from (Used in) operating Activities 2,876,991 3,817,587 (75) (32,714) CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects (542,850) (2,937,434) Collections on notes and leases receivable Proceeds from sale of Assets Investments in subsidiaries Net Cash Provided from (Used in) Investing Activities (542,850) (2,937,434) CASH FLOW FROM FINANCING ACTIVITIES: Redemption: Long-term debt Premium on reacquisition and financing expenses Dividends declared Capital contribution - EUA Partner's contribution(withdrawal) (500,000) Net increase (decrease) in short-term debt 1,773,500) (669,040) Net Cash Provided from (Used in) financing Activities 1,773,500) (669,040) (500,000) NET (DECREASE) INCREASE IN CASH 560,641 211,113 (75) (532,714) Cash and temporary cash investments at beginning of year (420,831) 239,405 184 660,955 Cash and temporary cash investments at end of year $139,810 $450,518 $109 $128,241 Cash paid during the year for: Interest (net of amounts capitalized) Income Taxes $19,277 $12,516 Conversion of investments in energy savings projects to notes and leases receivable $205,694 ( ) Denotes contra The accompanying notes are an integral part of the financial statements.
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF CASH FLOWS (continued) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
EUA EUA EUA FRC II EC&S I EC&S II (Partnership) (Partnership (Partnership) CASH FLOW FROM OPERATING ACTIVITIES: Net Income (Loss) $1,934 $1,002,393 $2,016,847 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: Depreciation and amortization 602,461 1,536,805 Deferred taxes Gains on sales of investments in energy savings projects paid for with notes and leases receivable (161,859) 13,148 Non - cash costs of energy saving project sales 6,000 989,242 Pension liability Amortization of deferred revenues (21,000) Collections and sales of project notes and leases reciev. 107,084 1,034,961 Undistributed Equity earnings of subsidiaries Other - net 100,001 30,450 Net Changes to Working Capital: Accounts receivable (181,919) (2,246,117) Materials and supplies Accounts payable 74,355 219,605 Accrued taxes Accrued interest Other - net (23,526) (118,445) Net Cash Provided from (Used in) operating Activities 1,934 1,503,990 3,476,496 CASH FLOW FROM INVESTING ACTIVITIES: Expenditures for investments in energy savings projects 25,888 (519,046) Collections on notes and leases receivable Proceeds from sale of Assets Investments in subsidiaries Net Cash Provided from (Used in) Investing Activities 25,888 (519,046) CASH FLOW FROM FINANCING ACTIVITIES: Redemption: Long-term debt Premium on reacquisition and financing expenses Dividends declared Capital contribution - EUA Partner's contribution(withdrawal) (300,000) (2,000,000) (3,600,000) Net increase (decrease) in short-term debt (17,099) Net Cash Provided from (Used in) financing Activities (300,000) (2,017,099) (3,600,000) NET (DECREASE) INCREASE IN CASH (298,066) (487,221) (642,550) Cash and temporary cash investments at beginning of year 350,975 644,701 1,003,686 Cash and temporary cash investments at end of year $52,909 $157,480 $361,136 Cash paid during the year for: Interest (net of amounts capitalized) $ Income Taxes Conversion of investments in energy savings projects to notes and leases receivable $40,984 $45,758 ( ) Denotes contra The accompanying notes are an integral part of the financial statements.
Business Line Project Equipment in Service Revenues as of 9/30/98 as of 9/30/98 Demand Side Mgmt./Energy Mgmt. Service $90,808,496 $30,292,877 Manufacturing and Fabrication $ $8,303,669 Consulting $3,002,546 TOTAL $90,808,496 $41,599,092 Geographic Location Project Equipment in Service Revenues as of 9/30/98 as of 9/30/98 New England / New York Region $58,960,013 $30,708,841 United States excluding New England $31,848,483 $10,763,899 and New York Canada $0 $126,352 All areas of the world excluding the U.S. and Canada TOTAL $90,808,496 $41,599,092 EX-27 2 FDS
OPUR1 1000 9-MOS DEC-31-1998 SEP-30-1998 PER-BOOK 0 116282 45382 4420 0 166084 0 47047 2619 49666 0 0 78200 0 22832 0 6700 0 0 0 8686 166084 41599 279 39468 39747 1852 5337 7189 7183 6 0 6 0 5680 28359 0 0
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