EX-99.9 10 0010.txt FS-4 (FITCHBURG ACTUAL AND PRO FORMA BALANCE SHEET AND STATEMENT OF EARNINGS, JUNE 30, 2000)
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY CONSOLIDATED BALANCE SHEETS (000's) (A) (UNAUDITED) June 30, ASSETS 2000 Adjustments Pro Formed --------------- --------------- ----------------- Utility Plant (at cost): Electric $57,063 $57,063 Gas 35,273 35,273 Common 5,397 5,397 Construction Work in Progress 1,479 11,372 (E) 12,851 --------------- --------------- ----------------- Utility Plant 99,212 11,372 110,584 Less: Accumulated Depreciation 26,244 26,244 --------------- --------------- ----------------- Net Utility Plant 72,968 11,372 84,340 --------------- --------------- ----------------- Other Property and Investments 18 18 --------------- --------------- ----------------- Current Assets: Cash 333 333 Accounts Receivable 8,753 8,753 Materials and Supplies (at average cost) 1,450 1,450 Prepayments 566 566 Accrued Revenue (1,516) (1,516) --------------- --------------- ----------------- Total Current Assets 9,586 9,586 Noncurrent Assets Regulatory Assets 139,799 139,799 Unamortized Debt Expense 379 379 Prepaid Pension Costs 3,319 3,319 Other 15,806 15,806 --------------- --------------- ----------------- Total Noncurrent Assets 159,303 159,303 --------------- --------------- ----------------- TOTAL $241,875 $11,372 $253,247 =============== =============== =================
(The accompanying Notes are an integral part of these statements.)
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY CONSOLIDATED BALANCE SHEETS (000's) (A) (UNAUDITED) June 30, CAPITALIZATION AND LIABILITIES 2000 Adjustments Pro Formed --------------- --------------- ----------------- Capitalization: Common Stock Equity 40,262 (232)(D) 40,030 Preferred Stock, Redeemable 2,272 2,272 Long-term Debt, Less Current Portion 40,000 40,000 --------------- --------------- ----------------- Total Capitalization 82,534 (232) 82,302 Current Liabilities: Long-term Debt, Current Portion 3,000 3,000 Capitalized Lease Obligations 193 193 Short-Term Debt 8,628 11,372 (F) 20,000 Accounts Payable 3,869 3,869 Due to Affiliate 783 783 Dividends Declared and Payable 1,058 1,058 Refundable Customer Deposits 258 258 Taxes Payable 249 (142)(B) 107 Interest Payable 769 374 (C) 1,143 Other Current Liabilities 527 527 --------------- --------------- ----------------- Total Current Liabilities 19,334 11,604 30,938 Deferred Income Taxes 29,821 29,821 --------------- --------------- ----------------- Noncurrent Liabilities: Power Supply Contract Obligations 101,763 101,763 Capitalized Lease Obligations 2,062 2,062 Other Noncurrent Liabilities 6,361 6,361 --------------- --------------- ----------------- Total Noncurrent Liabilities 110,186 110,186 --------------- --------------- ----------------- TOTAL $241,875 $11,372 $253,247 =============== =============== =================
(The accompanying Notes are an integral part of these statements.)
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A) (UNAUDITED) Six Months Ended June 30, 2000 Adjustments Pro Formed --------------- --------------- ----------------- Operating Revenues: Electric $27,262 $27,262 Gas 11,425 11,425 --------------- --------------- ----------------- Total Operating Revenues 38,687 38,687 --------------- --------------- ----------------- Operating Expenses: Fuel and Purchased Power 15,503 15,503 Gas Purchased for Resale 6,308 6,308 Operating Expenses, Other 6,049 6,049 Maintenance 800 800 Depreciation and Amortization 3,244 3,244 Provisions for Taxes: Federal and State Income 630 (142)(B) 488 Local Property and Other 1,576 1,576 --------------- --------------- ----------------- Total Operating Expenses 34,110 (142) 33,968 --------------- --------------- ----------------- Operating Income 4,577 142 4,719 Non-operating Expense 89 89 --------------- --------------- ----------------- Income Before Interest Expense 4,488 142 4,630 Interest Expense, Net 1,645 374 (C) 2,019 --------------- --------------- ----------------- Net Income 2,843 ($232)(D) 2,611 Less Dividends on Preferred Stock 79 79 --------------- --------------- ----------------- Net Income Applicable to Common Stock $2,764 ($232) $2,532 =============== =============== =================
(The accompanying Notes are an integral part of these statements.) FITCHBURG GAS AND ELECTRIC LIGHT COMPANY Notes to Pro Forma Financial Statements (A) These statements have been pro formed to reflect an increase in Short-Term Debt to the recently authorized borrowing limit and the corresponding impact on expenses and Net Income. (B) The reduction in taxes reflect the rise in interest expense which reduced income for tax purposes. (C) The cost of this increase in Short-Term Debt is reflected in higher interest costs for the six months period. (D) Lower Net Income and Common Equity (e. g. Retained Earnings) reflects the impact of higher interest expense. (E) Assumes all borrowings are made to fund additions to Utility Plant. (F) Reflects the incremental increase in Short-Term debt to reach the borrowing limit.