<PAGE> 1
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 September 30, 1996
------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________ to _____________
Commission file number 333-3362
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BAYCORP HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
DELAWARE 02-0488443
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
COCHECO FALLS MILLWORKS, 100 MAIN STREET, SUITE 201
DOVER, NEW HAMPSHIRE 03820
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (603) 742-3388
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND
(b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE
FORMAT.
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
--- ---
Indicate by check mark whether the registrant has filed all documents required
to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan confirmed by a court.
Yes X No
--- ---
Class Outstanding at November 8, 1996
- --------------------------------------- -------------------------------
Common Stock, $0.01 Par Value per Share 1,000
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BAYCORP HOLDINGS, LTD.
INDEX
Part I. Financial Information:
Item 1 - Financial Statements:
Balance Sheet at September 30, 1996 ................................... 3
Notes to Balance Sheet ................................................ 3
Item 2 - Management's Discussion and Analysis of Financial Condition
and Results of Operations .................................... 4
Part II. Other Information:
Item 6 - Exhibits and Reports on Form 8-K ............................ 4
Signature ............................................................ 5
Exhibit Index ........................................................ 6
2
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
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BAYCORP HOLDINGS, LTD.
BALANCE SHEET
(UNAUDITED)
September 30,
1996
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ASSETS
Cash .................................. $1,000
------
Total Assets ..................... $1,000
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STOCKHOLDERS' EQUITY
Stockholders' Equity:
Common stock, $.01 par value
Authorized - 20,000,000 shares
Issued and Outstanding - 1,000 shares $ 10
Preferred Stock, $.01 par value
Authorized - 5,000,000 shares
Issued and outstanding - none ....... 0
Additional paid-in capital ............ 990
------
Total Stockholders' Equity ........ $1,000
======
(The accompanying notes are an integral part of these statements.)
NOTES TO BALANCE SHEET
Note A - ORGANIZATION
BayCorp Holdings, Ltd., formerly Great Bay Holdings Corp. ("Holding
Company"), is a Delaware corporation formed on March 21, 1996 and currently is a
wholly owned subsidiary of Great Bay Power Corporation ("Great Bay"). Holding
Company is not engaged in any business activities other than in connection with
a proposed merger with Great Bay. If the merger is consummated, Holding Company
will be the sole shareholder of Great Bay.
Note B - ACCOUNTING POLICIES
The Holding Company expects to adopt the accounting policies of Great Bay
if and when the merger is approved.
3
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BAYCORP HOLDINGS, LTD.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
-----------------------------------------------------------------------
OF OPERATIONS.
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There has been no activity during the third quarter of 1996 for BayCorp
Holdings, Ltd.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------
(a) See Exhibit Index
(b) There were no reports on Form 8-K submitted for the three months ended
September 30, 1996.
4
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BAYCORP HOLDINGS, LTD.
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.
BAYCORP HOLDINGS, LTD.
/s/ John A. Tillinghast
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John A. Tillinghast
President, Treasurer and Chief
Executive Officer
(Principal Accounting Officer)
Dated: November 14, 1996
5
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BAYCORP HOLDINGS, LTD.
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
27 Financial Data Schedule
6
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF BAYCORP HOLDINGS, LTD. FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<CASH> 1,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,000
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 10
0
0
<OTHER-SE> 990
<TOTAL-LIABILITY-AND-EQUITY> 1,000
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
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