-----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, TuPLlZMecFqRDh+Yd0WvGDFFwXdfzvW+BousS0jkWj3lAiUyBEbz5dMKsYIibQ74 3l6Nm2Hr/+xX7k9Q7WpXpQ== 0001214659-08-001037.txt : 20080509 0001214659-08-001037.hdr.sgml : 20080509 20080509144118 ACCESSION NUMBER: 0001214659-08-001037 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080509 DATE AS OF CHANGE: 20080509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIDGEWOOD ELECTRIC POWER TRUST III CENTRAL INDEX KEY: 0000917032 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 223264565 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23432 FILM NUMBER: 08817805 BUSINESS ADDRESS: STREET 1: 947 LINWOOD AVENUE STREET 2: C/O RIDGEWOOD POWER CORP CITY: RIDGEWOOD STATE: NJ ZIP: 07450-2939 BUSINESS PHONE: 2014479000 MAIL ADDRESS: STREET 1: RIDGEWOOD COMMONS STREET 2: 947 LINWOOD AVE CITY: RIDGEWOOD STATE: NJ ZIP: 07450-2939 10-Q 1 f568010q.htm FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2008 f568010q.htm


UNITED STATES
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 March 31, 2008
or 

o          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:   0-23432

RIDGEWOOD ELECTRIC POWER TRUST III
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
22-3264565
(State of Other Jurisdiction
of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)

1314 King Street, Wilmington, Delaware
 
19801
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 (302) 888-7444
 
 
(Issuer’s Telephone Number, Including Area Code)
 
                         
 
(Former name, former address and former fiscal year, if changed since last report)

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 o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o      Accelerated filer   Non-accelerated filer o       Smaller reporting company   x
                        (Do not check if a smaller reporting company)
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes o   No x

As of March 31, 2008, there were 391.8444 Investor Shares outstanding.
 
 
FORM 10-Q

TABLE OF CONTENTS
 
 
PART I.
FINANCIAL INFORMATION
 
Page
       
 
1
       
 
6
       
 
7
       
 
7
       
PART II.
OTHER INFORMATION
   
       
 
8
       
 
8
       
 
8
       
 
8
       
 
8
       
 
8
       
 
8
       
 
 
9
 
 

 
PART I.   FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS
 

RIDGEWOOD ELECTRIC POWER TRUST III
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(in thousands, except share data)
 
             
   
March 31,
   
December 31,
 
   
2008
   
2007
 
   
(unaudited)
       
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 2,057     $ 1,863  
Accounts receivable
    -       294  
Due from affiliates
    400       304  
Other current assets
    91       141  
Total current assets
    2,548       2,602  
Investment
    3,728       3,961  
                 
Total assets
  $ 6,276     $ 6,563  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Current liabilities:
               
Accounts payable and accrued expenses
  $ 86     $ 166  
Due to affiliates
    45       40  
Total liabilities
    131       206  
                 
Commitments and contingencies
               
                 
Shareholders’ equity (deficit):
               
Shareholders’ equity (391.8444 Investor Shares issued and
               
outstanding)
    6,415       6,625  
Managing shareholder’s accumulated deficit
               
(1 management share issued and outstanding)
    (270 )     (268 )
Total shareholders’ equity
    6,145       6,357  
                 
Total liabilities and shareholders’ equity
  $ 6,276     $ 6,563  
 
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 

RIDGEWOOD ELECTRIC POWER TRUST III
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(unaudited, in thousands, except per share data)
 
             
   
Three Months Ended March 31,
 
   
2008
   
2007
 
             
Revenues
  $ 27     $ -  
                 
Cost of revenues
    444       505  
                 
Gross loss
    (417 )     (505 )
                 
Operating expenses:
               
General and administrative expenses
    422       59  
Management fee to Managing Shareholder
    40       68  
Total operating expenses
    462       127  
                 
Loss from operations
    (879 )     (632 )
                 
Other income:
               
Equity in income of Ridgewood Providence
    159       305  
Interest income
    12       16  
Other income
    496       2  
Total other income
    667       323  
                 
Net loss
  $ (212 )   $ (309 )
                 
Managing Shareholder - Net loss
  $ (2 )   $ (3 )
Shareholders - Net loss
    (210 )     (306 )
Net loss per Investor Share
    (536 )     (781 )
Distributions per Investor Share
    -       1,000  
 
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
RIDGEWOOD ELECTRIC POWER TRUST III
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
             
   
Three Months Ended March 31,
 
   
2008
   
2007
 
             
Cash flows from operating activities:
           
Net cash provided by operating activities
  $ 194     $ 337  
                 
Cash flows from investing activities:
               
Proceeds from notes receivable
    -       15  
                 
Cash flows from financing activities:
               
Cash distributions to shareholders
    -       (396 )
                 
Net increase (decrease) in cash and cash equivalents
    194       (44 )
Cash and cash equivalents, beginning of period
    1,863       1,365  
Cash and cash equivalents, end of period
  $ 2,057     $ 1,321  









The accompanying notes are an integral part of these condensed consolidated financial statements.
 
3

RIDGEWOOD ELECTRIC POWER TRUST III
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollar amounts in thousands)

1.   BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to SEC rules. These condensed consolidated financial statements should be read in conjunction with the Ridgewood Electric Power Trust III (the “Trust”) Annual Report on Form 10-K for the year ended December 31, 2007 filed with the SEC on March 18, 2008 (the “2007 Form 10-K”). No significant changes have been made to the Trust’s accounting policies and estimates disclosed in its 2007 Form 10-K.

In the opinion of management, the condensed consolidated financial statements as of March 31, 2008, and for the three months ended March 31, 2008 and 2007, include all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2008 and 2007 are not necessarily indicative of the results to be expected for the full year or any other period.

2.   DESCRIPTION OF BUSINESS

The Trust is a Delaware trust formed in December 1993. The Trust began offering shares in January 1994 and concluded its offering in May 1995. The objective of the Trust is to provide benefits to its shareholders through a combination of distributions of operating cash flow and capital appreciation. The Managing Shareholder of the Trust is Ridgewood Renewable Power LLC (“RRP” or the “Managing Shareholder”). The Trust has been organized to invest primarily in independent power generation facilities located in the US. The projects owned by the Trust have characteristics that qualify the projects for government incentives.   

The Trust’s accompanying condensed consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries - Byron Power Partners, L.P. (“Byron”) and JRW Associates, L.P. (“San Joaquin”) (collectively the “Norcals”). The Trust’s condensed consolidated financial statements also include the Trust’s 35.7% limited partnership interest in Ridgewood Providence Power Partners, L.P. (“Ridgewood Providence”), which is accounted for under the equity method of accounting as the Trust has the ability to exercise significant influence but does not control the investment’s operating and financial policies.

Consistent with the past operating practices, the Norcals suspended their operations in the fourth quarter of 2007. Other than Byron resuming its operations briefly in January 2008, the Norcals remained closed until the partial resumption of their operations in May 2008.

3.   RECENT ACCOUNTING PRONOUNCEMENTS
 
SFAS 157
 
In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standard (“SFAS”) No. 157, Fair Value Measurements (“SFAS 157”), to define fair value, establish a framework for measuring fair value in accordance with generally accepted accounting principles and expand disclosures about fair value measurements. SFAS 157 requires quantitative disclosures using a tabular format in all periods (interim and annual) and qualitative disclosures about the valuation techniques used to measure fair value in all annual periods. In February 2008, FASB issued Staff Position 157-2, Effective Date of FASB Statement No. 157, which delays the effective date of SFAS 157 for non-financial assets and non-financial liabilities for the Trust until January 1, 2009, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Trust adopted SFAS 157 for financial assets and financial liabilities effective January 1, 2008, with no material impact on its condensed consolidated financial statements.
 
SFAS 159
 
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“SFAS 159”), which expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Trust adopted SFAS 159 effective January 1, 2008, with no material impact on its condensed consolidated financial statements.

SFAS 160

In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of ARB No. 51 (“SFAS 160”). SFAS 160 requires that ownership interests in subsidiaries held by parties other than the parent, and the amount of consolidated net income, be clearly identified, labeled, and presented in the consolidated financial statements within equity, but separate from the parent’s equity. It also requires once a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value. Sufficient disclosures are required to clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. SFAS 160 will become effective for the Trust beginning January 1, 2009. The Trust is currently evaluating the impact of adopting SFAS 160 on its condensed consolidated financial statements.

4

RIDGEWOOD ELECTRIC POWER TRUST III
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, dollar amounts in thousands)

4.   INVESTMENT

Summarized statements of operations data for Ridgewood Providence for the three months ended March 31, 2008 and 2007 were as follows:

   
March 31,
 
   
2008
   
2007
 
                 
 Revenues
 
$
3,282
   
$
3,303
 
                 
 Gross profit
   
800
     
912
 
                 
 Income from operations
   
443
     
849
 
                 
 Net income
 
$
447
   
$
854
 
                 
 Trust share of income in Ridgewood Providence
 
$
159
   
$
305
 

5.   IMPAIRMENTS

In the fourth quarter of 2007, in connection with the Trust’s year end financial closing process, the Trust performed impairment assessments of the Norcals and noted that the carrying value of the assets exceeded their estimated fair value. As a result, the remaining net book value of the Norcals’ plant, equipment and intangible assets were fully impaired in the fourth quarter of 2007.
 
6.  OTHER INCOME
 
On February 19, 2008, the Trust received a distribution of $494 related to the bankruptcy of Globe Manufacturing Corporation (“Globe”), which occurred in January 2001. The Trust had filed a claim against Globe totaling $4,000 and is unable to determine if any of the remaining claim will be satisfied.
 
7.   COMMITMENTS AND CONTINGENCIES

The Norcals have two long-term non-cancelable operating ground leases with future minimum lease payments of approximately $173 per annum.

On August 16, 2006, the Managing Shareholder of the Trust and affiliates of the Trust filed lawsuits against the former independent registered public accounting firm for the Trust, Perelson Weiner, LLP (“Perelson Weiner”), in New Jersey Superior Court. The suits alleged professional malpractice and breach of contract in connection with audit and accounting services performed by Perelson Weiner. On October 20, 2006, Perelson Weiner filed a counterclaim against the Trust and its affiliates alleging breach of contract due to unpaid invoices totaling $1,188. Discovery is ongoing and no trial date has been set. The costs and expenses of the litigation are being paid for by the Managing Shareholder and affiliated management companies and not the underlying investment funds, including the Trust.
 
The Trust is subject to legal proceedings involving ordinary and routine claims related to its business. The ultimate legal and financial liability with respect to such matters cannot be estimated with certainty and requires the use of estimates in recording liabilities for potential litigation settlements. Estimates for losses from litigation are disclosed if considered reasonably possible and accrued if considered probable after consultation with outside counsel. If estimates of potential losses increase or the related facts and circumstances change in the future, the Trust may be required to record additional litigation expense.  While it is not possible to predict the outcome of the litigation discussed above with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to the Trust, based on its evaluation of matters which are pending or asserted, the Trust’s management believes the disposition of such matters will not have a material adverse effect on the Trust’s business or its financial statements.
 

ITEM 2.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
The purpose of this discussion and analysis of the operating results and financial condition as of March 31, 2008 is intended to help readers analyze the accompanying condensed consolidated financial statements, notes and other supplemental information contained in this document.  Results of operations for the three months ended March 31, 2008 are not necessarily indicative of results to be attained for any other period. This discussion and analysis should be read in conjunction with the accompanying condensed consolidated financial statements, notes and other supplemental information included elsewhere in this report and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Trust’s 2007 Form 10-K.

Forward-Looking Statements
 
Certain statements discussed in this item and elsewhere in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the Trust’s plans, objectives and expectations for future events and include statements about the Trust’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. These statements are based upon management’s opinions and estimates as of the date they are made. Although management believes that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond the Trust’s control, which could cause actual results, performance and achievements to differ materially from the results, performance and achievements projected, expected, expressed or implied by the forward-looking statements. Examples of events that could cause actual results to differ materially from historical results or those anticipated include the outcome of the litigation described in Part I, Item 1, Note 7. “Commitments and Contingencies” of this report, changes in political and economic conditions, federal or state regulatory structures, government mandates, the ability of customers to pay for energy received, supplies and prices of fuels, operational status of generating plants, mechanical breakdowns, volatility in the price for electric energy, natural gas or renewable energy. Additional information concerning the factors that could cause actual results to differ materially from those in the forward-looking statements is contained in Item 1A. “Risk Factors” and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Trust’s 2007 Form 10-K. The Trust undertakes no obligation to publicly revise any forward-looking statements or cautionary factors, except as required by law.

Critical Accounting Policies and Estimates

The following discussion and analysis of the Trust’s financial condition and operating results is based on its condensed consolidated financial statements. The preparation of this Quarterly Report on Form 10-Q requires the Trust to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Trust’s condensed consolidated financial statements, and the reported amount of revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.  No material changes have been made to the Trust’s critical accounting policies and estimates disclosed in its 2007 Form 10-K.

Results of Operations and Changes in Financial Condition

Three months ended March 31, 2008 compared to the three months ended March 31, 2007

The Trust recorded revenues of $27,000 in the first quarter of 2008 as the Byron project briefly resumed operations in January 2008. The Norcals partially resumed operations in May 2008. The Norcals also did not operate in the first quarter of 2007. The Norcals suspend operations when the estimated incremental cost of production exceeds the estimated revenues from electricity sold and, therefore, no revenues would be generated and recorded during that period.

Cost of revenues decreased $0.1 million, or 12.1%, to $0.4 million in the first quarter of 2008, as compared to $0.5 million for the same period in 2007. This decrease was primarily due to lower depreciation and amortization expense in the first quarter of 2008 as plant, equipment and intangibles were fully impaired in the fourth quarter of 2007.

The Trust recorded a gross loss of $0.4 million in the first quarter of 2008, as compared to a gross loss of $0.5 million for the same period in 2007, a decrease of $0.1 million, or 17.4%. Gross loss primarily represents expenses such as fuel, maintenance, rent and property taxes incurred even though the Norcals were not in full operation in the first quarter of 2008 and 2007.

General and administrative expenses increased approximately $0.3 million to $0.4 million in the first quarter of 2008, as compared to $0.1 million for the same period in 2007. This was primarily due to an increase in professional fees.

Equity income from its investment in Ridgewood Providence decreased $0.1 million to $0.2 million in the first quarter of 2008, as compared to equity income of $0.3 million for the same period in 2007. This decrease in equity income was primarily due to an increase in professional fees.


In the first quarter of 2008, the Trust recorded other income of $0.5 million, which represents the amount received as a result of the claim filed against an on-site cogeneration facility owned by Globe.  In January 2001, Globe filed a voluntary petition for bankruptcy and the Trust recorded a write-down of its investments in Globe.
 
Total assets decreased $0.3 million from $6.6 million at December 31, 2007 to $6.3 million at March 31, 2008. This decrease was primarily due to a decrease of $0.3 million in accounts receivable and $0.2 million in investment in Ridgewood Providence, partially offset by an increase of $0.2 million in cash and cash equivalents. Total liabilities decreased $0.1 million from $0.2 million at December 31, 2007 to $0.1 million at March 31, 2008 due to a decrease in accounts payable and accrued expenses.  

Liquidity and Capital Resources

Three months ended March 31, 2008 compared to the three months ended March 31, 2007

At March 31, 2008, the Trust had cash and cash equivalents of $2.1 million, an increase of $0.2 million from $1.9 million at December 31, 2007. The cash flows for the three months ended March 31, 2008 represents $0.2 million provided by operating activities.
 
Cash provided by operating activities for the three months ended March 31, 2008 was $0.2 million as compared to $0.3 million for the three months ended March 31, 2007. The decrease in cash flow of $0.1 million was primarily due to a decrease in other current assets.

Cash used in financing activities for the first quarter of 2007 was $0.4 million as compared to no financing activities for the first quarter of 2008. In 2007, the amount represents cash distributions to shareholders.

Future Liquidity and Capital Resource Requirements

The Trust expects cash flows from operating activities, along with existing cash, cash equivalents and borrowing capabilities will be sufficient to provide working capital and fund capital expenditures for the next 12 months.

Off-Balance Sheet Arrangements and Contractual Obligations and Commitments

There have been no material changes in the off-balance sheet arrangements and contractual obligations and commitments disclosed in the Trust's 2007 Form 10-K.
 
ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Not required.

ITEM 4.   CONTROLS AND PROCEDURES
 
In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Trust’s Chief Executive Officer and Chief Financial Officer evaluate the effectiveness of the Trust’s disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e). A system of disclosure controls and procedures is designed to ensure that information required to be disclosed by a registrant in reports filed with the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms.  This includes disclosure controls and procedures designed to ensure that information required to be disclosed by a registrant is accumulated and communicated to senior management so as to allow timely decisions regarding required disclosure. A review and evaluation of the effectiveness of these controls and procedures was done by the Trust’s Chief Executive Officer and Chief Financial Officer of the Trust as of March 31, 2008.
 
 Based on such review and evaluation, the Trust’s Chief Executive Officer and Chief Financial Officer concluded that the Trust’s disclosure controls and procedures are effective as of the end of the period covered by this report.
 
Changes in Internal Control over Financial Reporting

The Trust’s Chief Executive Officer and Chief Financial Officer have concluded that there was no change in the Trust's internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2008 that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting. 


PART II.   OTHER INFORMATION
 
ITEM 1.    LEGAL PROCEEDINGS

There have been no material changes to the legal proceedings disclosed in the Trust's 2007 Form 10-K.

ITEM 1A.  RISK FACTORS

There have been no material changes to the risk factors disclosed in the Trust's 2007 Form 10-K.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

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

Exhibit No.
 
Description
 
31.1
*
 
Certification of Randall D. Holmes, Chief Executive Officer of the Registrant, pursuant to Securities Exchange Act Rule 13a-14(a).
       
31.2
*
 
Certification of Jeffrey H. Strasberg, Chief Financial Officer of the Registrant, pursuant to Securities Exchange Act Rule 13a-14(a).
       
32
*
 
Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by Randall D. Holmes, Chief Executive Officer of the Registrant, and Jeffrey H. Strasberg, Chief Financial Officer of the Registrant.
                                                
*           Filed herewith.
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
RIDGEWOOD ELECTRIC POWER TRUST III
 
       
       
Date:  May 9, 2008
By:
/s/  Randall D. Holmes
 
   
Randall D. Holmes
 
   
President and Chief Executive Officer
 
   
(Principal Executive Officer)
 
 
 
       
Date:  May 9, 2008
By:
/s/  Jeffrey H. Strasberg
 
   
Jeffrey H. Strasberg
 
   
Executive Vice President and Chief Financial Officer
 
   
(Principal Financial and Accounting Officer)
 

 
 
9

 
EX-31.1 2 ex31_1.htm ex31_1.htm
Exhibit 31.1


CERTIFICATION

I, Randall D. Holmes, certify that:

 
1.
I have reviewed this report on Form 10-Q of Ridgewood Electric Power Trust III;

 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Randall D. Holmes 
Name:
Randall D. Holmes
Title:
President and Chief Executive Officer
 
(Principal Executive Officer)
Dated:
May  9, 2008



EX-31.2 3 ex31_2.htm ex31_2.htm
Exhibit 31.2

CERTIFICATION

I, Jeffrey H. Strasberg, certify that:
 
 
1.
I have reviewed this report on Form 10-Q of Ridgewood Electric Power Trust III;
 
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Jeffrey H. Strasberg 
Name:
Jeffrey H. Strasberg
Title:
Executive Vice President and Chief Financial Officer
 
(Principal Financial and Accounting Officer)
Dated:
May  9, 2008

 
 

EX-32 4 ex32.htm ex32.htm
Exhibit 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with this Quarterly Report on Form 10-Q of Ridgewood Electric Power Trust III (the “Trust”) for the fiscal quarter ended March 31, 2008, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Trust hereby certifies, pursuant to 18 U.S.C. (section) 1350, as adopted pursuant to (section) 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:
 
(1)   
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
   
(2)   
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
 
 
/s/ Randall D. Holmes
Name: 
Randall D. Holmes
Title:   
President and Chief Executive Officer
 
(Principal Executive Officer)
Date: 
May  9, 2008
 
 
/s/ Jeffrey H. Strasberg
Name: 
Jeffrey H. Strasberg
Title:   
Executive Vice President and Chief Financial Officer
 
(Principal Financial and Accounting Officer)
Date: 
May  9, 2008
 
 
 
 
 

-----END PRIVACY-ENHANCED MESSAGE-----