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<PAGE>
Page 1 of 14
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT TO FORM U-3A-2
FOR THE YEAR ENDED DECEMBER 31, 1998
THE CATALYST GROUP, INC.
(Name of Company)
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its statement on Form U-3A-2 as set
forth in the pages attached hereto:
Exhibit A1 - Catalyst Old River Hydroelectric Limited Partnership
Audited 1998 Financial Statements
Exhibit A2 - Catalyst Vidalia Corporation Unaudited 1998 Financial
Statements
Exhibit A3 - Catalyst Vidalia Holding Corporation Unaudited 1998
Consolidated Financial Statements
Exhibit A4 - Catalyst Vidalia Holding Corporation Unaudited 1998
Consolidating Financial Statements
Exhibit A5 - Catalyst Vidalia Acquisition Corporation Unaudited 1998
Financial Statements
Exhibit A6 - The Catalyst Group, Inc. Unaudited 1998 Consolidated
Financial Statements
Exhibit A7 - The Catalyst Group, Inc. Unaudited 1998 Consolidating
Financial Statements
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
THE CATALYST GROUP, INC.
By: /s/ Jack R. Sauer
-----------------------
Name: Jack R. Sauer
---------------------
Title: Vice President
--------------------
Date: March 24, 1999
<PAGE>
EXHIBIT A1
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Page 2 of 14
CATALYST OLD RIVER HYDROELECTRIC LIMITED PARTNERSHIP
AUDITED 1998 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Amendment No. 1 filed by Catalyst Vidalia Corporation (File number 69-00443)
on March 24, 1999 amending its Form U-3A-2 to file the Catalyst Old River
Hydroelectric Limited Partnership audited 1998 financial statements.
<PAGE>
EXHIBIT A2
-------------
Page 3 of 14
CATALYST VIDALIA CORPORATION
UNAUDITED 1998 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Amendment No. 1 filed by Catalyst Vidalia Corporation (File number 69-00443)
on March 24, 1999 amending its Form U-3A-2 to file the Catalyst Vidalia
Corporation unaudited 1998 financial statements.
<PAGE>
EXHIBIT A3
-------------
Page 4 of 14
CATALYST VIDALIA HOLDING CORPORATION
UNAUDITED 1998 CONSOLIDATED FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Amendment No. 1 filed by Catalyst Vidalia Holding Corporation (File number
69-00445) on March 24, 1999 amending its Form U-3A-2 to file the Catalyst
Vidalia Holding Corporation unaudited 1998 consolidated financial statements.
<PAGE>
EXHIBIT A4
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Page 5 of 14
CATALYST VIDALIA HOLDING CORPORATION
UNAUDITED 1998 CONSOLIDATING FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Amendment No. 1 filed by Catalyst Vidalia Holding Corporation (File number
69-00445) on March 24, 1999 amending its Form U-3A-2 to file the Catalyst
Vidalia Holding Corporation unaudited 1998 consolidating financial statements.
<PAGE>
EXHIBIT A5
-------------
Page 6 of 14
CATALYST VIDALIA ACQUISITION CORPORATION
UNAUDITED 1998 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Amendment No. 1 filed by Catalyst Vidalia Acquisition Corporation (File
number 69-00447) on March 24, 1999 amending its Form U-3A-2 to file the Catalyst
Vidalia Acquisition Corporation unaudited 1998 financial statements.
<PAGE>
EXHIBIT A6
-------------
Page 7 of 14
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
Unaudited
<TABLE>
<CAPTION>
December December
31, 31,
1998 1997
--------- ---------
ASSETS
<S> <C> <C>
Cash and cash equivalents ........................................ $ 1,675 $ 1,552
Cash at Century Power ............................................ 1,739 1,332
Management fee receivable from CORHLP ............................ 1,195 4,996
Carena note receivable plus accrued interest ..................... 25,866 25,800
GLP promissory note plus accrued interest ........................ 3,122 6,500
Fullerton note receivable plus accrued interest .................. 15,291 --
Investment in CORHLP ............................................. 150,677 148,523
Investment in TDP ................................................ 2,600 2,600
Investment in 1147906 Ontario Ltd ................................ 720 720
Other assets ..................................................... 458 1,527
--------- ---------
Total assets ........................................ $ 203,343 $ 193,550
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Note payable - Trigen ............................................ $ -- $ 400
Note payable - Great Lakes Power ................................. -- 772
Note payable - Trilon International .............................. 15,289 --
Senior note payable - Trilon International ....................... 16,254 16,254
Junior note payable - First Toronto Equities ..................... 108,500 116,075
Accounts payable and accrued expenses ............................ 454 366
Management fee payable Great Lakes Power ......................... -- 1,600
Other non current liabilities .................................... 449 449
Deferred income taxes ............................................ 9,713 7,913
--------- ---------
Total liabilities ................................... 150,659 143,829
--------- ---------
Senior Participating Preferred Stock -
$.01 par value; 500,000 shares authorized, 134,000
issued and outstanding ........................................ 1 1
Junior Participating Preferred Stock -
$.01 par value; 500,000 shares authorized, 65,000
issued and outstanding ........................................ 1 1
Common Stock - $.01 par value; 100,000 shares
authorized; 100,000 share issued and outstanding .............. 1 1
Additional paid-in capital ....................................... 199,997 199,997
Accumulated deficiency ........................................... (147,316) (150,279)
--------- ---------
Total stockholders' equity .................................... 52,684 49,721
--------- ---------
Total liabilities and stockholders' equity .................... $ 203,343 $ 193,550
========= =========
</TABLE>
<PAGE>
EXHIBIT A6
-------------
Page 8 of 14
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
Unaudited
Twelve Months Ended
December December
31, 31,
1998 1997
-------- --------
Operating revenues
Equity interest in operating results of
CORHLP .................................... $ 15,724 $ 12,474
Management fee income ........................ 1,990 1,731
-------- --------
Total operating revenue ................. 17,714 14,205
Operating expenses:
General and administrative ................... 3,572 7,819
-------- --------
Total operating expenses ................ 3,572 7,819
-------- --------
Operating Income .................................... 14,142 6,386
Other income (expense):
Interest and dividend income ................. 2,497 2,159
Interest expense ............................. (11,909) (12,136)
Investment income/(expense) .................. (1,338)
Other ........................................ 209 (425)
-------- --------
Income (loss) before income taxes ................... 4,939 (5,354)
Income tax expense (benefit) ........................ 1,976 (1,394)
-------- --------
Net income (loss) ................................... $ 2,963 $ (3,960)
======== ========
<PAGE>
EXHIBIT A6
-------------
Page 9 of 14
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Unaudited
Twelve Months Ended
December December
31, 31,
1998 1997
-------- --------
Cash flows provided by (used in) operating
and investing activities:
Net income (loss) ............................ $ 2,963 $ (3,960)
Changes in operating and investing
assets and liabilities:
Equity interest in CORHLP ................ (15,724) (12,474)
Distribution from CORHLP ................. 13,570
Management fee receivable - CORHLP ....... 3,801 (1,340)
Investments .............................. 3,735 137
Great Lakes Power promissory note
plus accrued interest ................. 3,378 361
Note Receivable - Carena ................. (66) --
Fullerton note receivable plus
accrued interest ...................... (15.291) --
Other assets ............................. 1,069 2,125
Note to Trigen ........................... (400) 400
Note to Trilon International
including accrued interest ............ 15,289 --
Note to Springerville Owner
Participants .......................... -- (1,267)
Management fee payable - Great
Lakes Power ........................... (1,600) --
Note payable - Great Lakes Power ......... (772) 44
Senior note payable - Trilon
International ......................... 15,289 673
Junior note payable - First Toronto
Equities .............................. (7,575) 10,658
Accounts payable and accrued expenses .... 88 (148)
Deferred income taxes .................... 1,800 4,404
-------- --------
Net cash provided by (used in)
operating and investing
activities ......................... 19,554 (387)
-------- --------
Net increase (decrease) in cash and cash
equivalents ..................................... 19,554 (387)
Cash and cash equivalents at beginning of year ..... 2,884 3,271
-------- --------
Cash and cash equivalents at end of period ......... $ 22,438 $ 2,884
======== ========
<PAGE>
EXHIBIT A6
-------------
Page 10 of 14
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
(In thousands, except share data)
Unaudited
<TABLE>
<CAPTION>
Senior Participating Junior Participating
Preferred Stock Preferred Stock Common Stock Additional
Number of Amount of Number of Amount of Number of Amount of Paid-in Accumulated
Shares Par Value Shares Par Value Shares Par Value Capital Deficiency
--------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balances at
December 31, 1996 ........ 134,000 $ 1 65,000 $ 1 100,000 $ 1 $ 199,997 $(146,319)
Net Loss .................... -- -- -- -- -- -- -- (3,960)
--------- --------- --------- --------- --------- --------- --------- ---------
Balances at
December 31, 1997 ........ 134,000 1 65,000 1 100,000 1 199,997 (150,279)
Net Income .................. -- -- -- -- -- -- -- 2,963
--------- --------- --------- --------- --------- --------- --------- ---------
Balances at
December 31, 1998 ......... 134,000 $ 1 65,000 $ 1 100,000 $ 1 $ 199,997 $(147,316)
========= ========= ========= ========= ========= ========= ========= =========
</TABLE>
<PAGE>
EXHIBIT A7
-------------
Page 11 of 14
THE CATALYST GROUP, INC.
AND SUBSIDIARIES
31-Dec-98
BALANCE SHEET
(in thousand)
<TABLE>
<CAPTION>
The Catalyst Century CVHC/ CONSOLIDATING ENTRIES
-------------------------------------------
Group, Inc. Power CVC CVAC Total DR j/e# CR j/e# Total
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
- ---------------------------------
Current Assets:
Cash $1,739 1,316 359 $3,414 3,414
Invested Cash 0 0
Century investment in CVHC P/S 115,093 115,093 115,093 7 0
Receivables:
Accounts Receivable 8 8 8
Interest Receivable 0 0
Mgmt fee rec CORHLP 1,195 1,195 1,195
Affiliate Receivable 0 0 6 0
0 0 0
Other 0 0
Prepaid expenses and other assets 17 0 17 17
--------------------------------------------------------------------------------------------------
Total current assets 1,739 116,426 1,562 0 119,727 0 115,093 4,634
--------------------------------------------------------------------------------------------------
Plant, Property and Equipment,
at cost 63 63 63
Less: Accumulated
Depreciation - -
--------------------------------------------------------------------------------------------------
0 63 0 0 63 0 0 63
Note receivable Fullerton 15,291 15,291 15,291
Note receivable VC Holdings 369 369 369
Investment in GLP paper 3,122 3,122 3,122
Notes receivable - Carena 25,866 25,866 25,866
Receivable from Cantwell 2,600 2,600 2,600
Intercompany accounts 3,216 3,216 3,216 5 -
Investments in subsidiaries 111,325 150,677 111,732 373,734 223,057 1,2 150,677
Investments 721 721 721
Deferred Tax Benefit 0 -
Intercompany accounts 0 6 0
Total assets $163,880 116,489 152,608 $111,732 $544,709 $0 $341,366 $203,343
==================================================================================================
</TABLE>
<PAGE>
EXHIBIT A7
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Page 12 of 14
THE CATALYST GROUP, INC.
AND SUBSIDIARIES
31-Dec-98
BALANCE SHEET
(in thousand)
<TABLE>
<CAPTION>
The Catalyst Century CVHC/ CONSOLIDATING ENTRIES
------------------------------------------
Group, Inc. Power CVC CVAC Total DR j/e# CR j/e# Total
-------------------------------------------------------------------------------------------------------
LIABILITIES & STOCKHOLDERS'
EQUITY:
- ---------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Current Liabilities:
Accounts payable and
accrued exp $127 254 73 $454 $454
Management Fee
payable 0 0
Related party
payables 0 0 6 0
Total current
liabilities 127 254 73 0 454 0 0 454
-----------------------------------------------------------------------------------------------------
Intercompany payables
(noncurrent) 3,216 3,216 3,216 5
Deferred income taxes 17,432 17,432 9,156 10,13 0 13 8,276
Income Taxes
payable 1,701 0 1,701 264 4 1,437
-----------------------------------------------------------------------------------------------------
Other liabilities 449 449 449
-----------------------------------------------------------------------------------------------------
Long and s/t debt plus
accrued int 140,043 140,043 140,043
-----------------------------------------------------------------------------------------------------
Total liabilities 142,320 254 20,721 0 163,295 12,636 0 150,659
-----------------------------------------------------------------------------------------------------
Shareholders' equity
Common stock 999 999 1 9 1,000
Senior Preferred
Stock 1 134 135 134 8 133,999 9 134,000
Junior Preferred
Stock 1 1 64,999 9 65,000
Additional paid in
capital 198,999 154,124 114,394 111,732 579,249 579,249 1,2,7,8,9 0
Accum deficiency (178,440) (37,889) 17,359 (198,970) 42,234 8 (147,316)
---------------------------------------------------------- -------
329 11 5,281 4,10
0 I/S 4,468 I/S
--------
Total shareholders'
equity 21,560 116,235 131,887 111,732 381,414 579,712 250,982 52,684
-----------------------------------------------------------------------------------------------------
Total liabilities &
shareholders'
equity $163,880 $116,489 152,608 111,732 544,709 592,348 250,982 203,343
=====================================================================================================
</TABLE>
<PAGE>
EXHIBIT A7
-------------
Page 13 of 14
<TABLE>
<CAPTION>
THE CATALYST GROUP
AND SUBSIDIARIES
31-Dec-98
INCOME STATEMENT 3/29/1999
(in thousand)
The Catalyst Century CVHC/ CONSOLIDATING ENTRIES
----------------------------
Group, Inc. Power CVC CVAC Total DR j/e# CR j/e# Total
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Equity interest in
operating results-
Catalyst Old River
Hydroelectric 15,724 15,724 $15,724
Management Fee
Income 1,990 1,990 1,990
----------------------------------------------------------------------- ------------ -----------
Total operating
revenue 0 0 17,714 0 17,714 0 0 17,714
----------------------------------------------------------------------- ------------ -----------
Operating expenses:
General and
administrative 1,195 207 2,499 3,901 329 12 3,572
----------------------------------------------------------------------- ------------ -----------
Operating income
(loss) (1,195) (207) 15,215 0 13,813 - (329) 14,142
-----------
Other income
(deductions):
Interest and
dividend income 821 1,672 4 2,497 2,497
Interest expense (11,909) (11,909) (11,909)
Other income/
expenses/
reversals 200 (59) 68 209 209
Investment
income/(loss) - - -
----------------------------------------------------------------------- ------------ -----------
Income (loss) before
income taxes, and
minority interest (12,083) 1,406 15,287 0 4,610 - (329) 4,939
Provision (credit)
for income taxes 6,115 0 6,115 0 13 4,139 13 1,976
----------------------------------------------------------------------- ------------ -----------
Net income (loss) (12,083) 1,406 $9,172 $0 ($1,505) - (4,468) $2,963
======================================================================= ============ ===========
</TABLE>
<PAGE>
EXHIBIT A7
-------------
Page 14 of 14
THE CATALYST GROUP, INC.
CONSOLIDATING ENTRIES
12/31/1998
<TABLE>
<CAPTION>
Description Debit Credit
-------------------------------------------- -----------------------------------------
<S> <C>
1 * Equity of CVAC 111,325
Investment in CVAC 111,325
Eliminate TCG investment in CVAC (9,760+133,593-18,500-13278-250)
2 Equity of Century 8,760
Equity of CENTURY (A) 101,972
Equity of CVHC 1,000
Investment in Century (@ cost) 8,760
Investment in CENTURY 101,972 (A)
Investment in CVHC-Common 1,000
Eliminate CVAC investment in Century and CVHC
(A) "Contribution of CVHC shares in 1996, less 1998 dividend."
3 Intentionally Not Used - (P/Y J/E 3 Booked to TCGI)
4 * Income taxes Payable 264
Retained Earnings 264
Carryforward of PY entry adjusted for actual balance booked to Century
5 A/P CEC - Taxes due 3,216
A/R Century 3,216
Eliminate intercompany payable/receivable b/t The Catalyst Group
and Century
6 A/P-CVHC/CVC 0
A/R- TCG
Eliminate interco receivable and payable b/t CVHC/CVC and TCG 0
7 Equity of CVHC 115,093
Investments 115,093
Eliminate Century investment in CVHC
8 * Senior Peferred Stock 134
Additional Paid in Capital 42,100
Accum Deficiency 42,234
To adjust capiatal account to agree with parent company
9 * Additional paid in capital 198,999
Common Stock 1
Senior Preferred 133,999
Junior Preferred 64,999
To change presentation of R/E from par valuation to actual value
10 Deferred Income Taxes Payable 5,017
Retained Earnings 5,017
To have tax provion equal 40% of total consolidated income of p/y's
11 * Retained Earnings 329
Bad Debt Expense 329
Reversal of P/Y J/E #11. For changes in(collections of) reserved amounts.
12 Deferred Income Taxes Payable 4,139
Tax Provision 4,139
To have tax provion equal 40% of total consolidated income
* No change from prior report.
</TABLE>
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