|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: EICKHOFF PIEPER & WILLOUGHBY INC, 13F-HR, 2000-02-22 |
Next: TIME WARNER TELECOM INC, SC 13G/A, 2000-02-22 |
<PAGE>
File No. 69-00449
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM U-3A-2
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
THE CATALYST GROUP, INC.
------------------------
(Name of Company)
hereby files with the Securities Exchange Commission, pursuant to Rule 2, its
statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935, and submits the following
information:
1. Name, State of organization, location and nature of business of
claimant and every subsidiary thereof, other than any exempt wholesale generator
(EWG) or foreign utility company in which claimant directly or indirectly holds
an interest.
See Attachment A
2. A brief description of the properties of claimant and each of its
subsidiary public utility companies used for the generation, transmission, and
distribution of electric energy for sale, or for the production, transmission,
and distribution of natural or manufactured gas, indicating the location of
principal generating plants, transmission lines, producing fields, gas
manufacturing plants, and electric and gas distribution facilities, including
all such properties which are outside the State in which claimant and its
subsidiaries are organized and all transmission or pipelines which deliver or
receive electric energy or gas at the borders of such State.
See Attachment A
3. The following information for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
(a) Number of kwh. of electric energy sold (at retail or wholesale),
and Mcf. of natural or manufactured gas distributed at retail.
Sold 779,641,000 kwh. of electric energy at wholesale.
(b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in which each such
company is organized.
Sold no kwh. of electric energy or Mcf. of natural or manufactured gas
distributed at retail outside Louisiana.
Page 1 of 20
<PAGE>
(c) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in which each such company
is organized, or at the State line.
Sold no kwh. of electric energy of Mcf. of natural or manufactured gas
at wholesale outside Louisiana, or at the Louisiana State line.
(d) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which each such company is
organized or at the State line. See attachment A.
Purchased no kwh. of electric energy or Mcf. of natural or manufactured
gas outside Louisiana, or at the Louisiana State line.
4. The following information for the reporting period with respect to
claimant and each interest it holds directly or indirectly in an EWG or a
foreign utility company, stating monetary amounts in United States dollars:
(a) Name, location, business address and description of the facilities
used by the EWG or foreign utility company for the generation, transmission and
distribution of electric energy for sale or for the distribution at retail of
natural or manufactured gas.
None
(b) Name of each system company that holds an interest in such EWG or
foreign utility company; and description of the interest held.
None
(c) Type and amount of capital invested, directly or indirectly, by the
holding company claiming exemption; any direct or indirect guarantee of the
security of the EWG or foreign utility company by the holding company claiming
exemption; and any debt or other financial obligation for which there is
recourse, directly or indirectly, to the holding company claiming exemption or
another system company, other than the EWG or foreign utility company.
Not applicable
(d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
None
(e) Identify any service, sales or construction contract(s) between the
EWG or foreign utility company and a system company, and describe the services
to be rendered or goods sold and fees or revenues under such agreement(s).
Not applicable
EXHIBIT A
A consolidating statement of income and surplus of the claimant and its
subsidiary companies for the last calendar year, together with a consolidating
balance sheet of claimant and its subsidiary companies as of the close of such
calendar year.
See attached Exhibit A
Page 2 of 20
<PAGE>
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 23rd day of February, 2000.
The Catalyst Group, Inc.
------------------------
(Name of claimant)
By /s/ Jack R. Sauer
--------------------
Jack R. Sauer
Vice President
CORPORATE SEAL
Attest:
/s/ Elsie Sugiharto
-------------------
Elsie Sugiharto
Accountant
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Jack R. Sauer Vice President
-------------------------------------------
(Name) (Title)
c/o Century Power, LLC
3900 Park Avenue, Suite 102
Edison, NJ 08820
----------------------------------
(Address)
EXHIBIT B. Financial Data Schedule
If, at the time a report on this form is filed, the registrant is
required to submit this report and any amendments thereto electronically via
EDGAR, the registrant shall furnish a Financial Data Schedule. The Schedule
shall set forth the financial and other data specified below that are applicable
to the registrant on a consolidated basis.
Item No. Caption Heading
1 Total Assets
2 Total Operating Revenues
3 Net Income
See attached Exhibit B
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign
utility company to associate companies in the holding company system.
See attached Exhibit C
Page 3 of 20
<PAGE>
THE CATALYST GROUP, INC.
Statement by Claimant
1. The Catalyst Group, Inc. (the "Claimant") is a Louisiana corporation
located at 409 Texas Street, Vidalia, Louisiana 71373. The claimant has
a 100% ownership interest in Catalyst Vidalia Acquisition Corporation
("CVAC"), a Louisiana corporation, which has a 100% ownership interest
in Catalyst Vidalia Holding Corporation ("CVHC"), a Louisiana
corporation, which has a 100% ownership interest in Catalyst Vidalia
Corporation ("CVC"), a Louisiana corporation, which owns a 50%
undivided interest in, and 100% of the voting securities of, Catalyst
Old River Hydroelectric Limited Partnership, a Louisiana limited
partnership in commendam (the "Partnership"). CVHC is also the sole
member of Vidalia Holding, LLC (a Louisiana Limited Liability Company)
("VHLLC") which on July 15, 1999 acquired from the limited partner to
the Partnership, 50% of the limited partner's 50% ownership in the
Partnership. As a result of this transaction, CVHC owns a 75% undivided
interest in the Partnership. The Partnership is located at Old River
Control Complex, North Highway 15, Lettsworth, Louisiana 70753, and the
nature of its business is ownership of a lessee interest in, and the
operation of, a 192 megawatt hydroelectric facility. Further
information regarding the business of the Partnership is contained in
Note 2 below and the information regarding the nature of business of
the Claimant and its respective subsidiaries is attached hereto as
Attachment B.
2. The Claimant, through CVAC, owns 100% of CVHC. CVHC owns 100% of CVC
which is the sole general partner of the Partnership. CVC owns a 50%
undivided interest in the Partnership and, as sole general partner,
100% of the voting securities of the Partnership. CVHC is also the sole
member of VHLLC which owns a 25% undivided interest in the Partnership.
The Partnership's assets consist of a leasehold interest in a 192
megawatt run-of-river hydroelectric facility located in Concordia
Parish (near Vidalia), Louisiana, approximately one mile north of the
Army Corps of Engineers Old River Control Complex between the
Mississippi River and the Red/Atchafalaya Rivers. The Project consists
of an intake channel 4,500 feet in length, a power plant containing
eight bulb turbines with a total installed capacity of 192 megawatts,
and a power discharge channel 10,000 feet in length discharging into
the Old River Outflow Channel. The Project discharges the flows that
otherwise would be passed through the Low Sill Structure of the Old
River Control Structure. A single 40-mile, 115-KV transmission line
connects the Project with Louisiana Power and Light's existing
substation, just west of Vidalia.
In August 1990, the Partnership sold and leased back its interest in
the Project to and from a group of institutions. The term of the lease
is 30 years, subject to certain renewal options. Under the lease and
related agreements, the Partnership was granted certain
Page 4 of 20
<PAGE>
options to purchase the Project from the lessors. These agreements
also impose certain restrictions on the operation of the Project by
the Partnership, and generally require that revenues from Project
operations be used to pay operating and maintenance expenses, rent,
royalty and related obligations before they may be distributed to the
partners of the Partnership.
Page 5 of 20
<PAGE>
Exhibit A
---------
THE CATALYST GROUP, INC.
FORM U-3A-2
Index to Exhibit A
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Exhibit A1 - Catalyst Old River Hydroelectric Limited Partnership audited 1999 financial statements
Exhibit A2 - Catalyst Vidalia Corporation unaudited 1999 financial statements
Exhibit A3 - Catalyst Vidalia Holding Corporation unaudited 1999 consolidated financial statements
Exhibit A4 - Catalyst Vidalia Holding Corporation unaudited 1999 consolidating financial statements
Exhibit A5 - Catalyst Vidalia Acquisition Corporation unaudited 1999 financial statements
Exhibit A6 - The Catalyst Group, Inc. unaudited 1999 consolidated financial statements
Exhibit A7 - The Catalyst Group, Inc. unaudited 1999 consolidating financial statements
</TABLE>
Page 6 of 20
<PAGE>
Exhibit A1
----------
CATALYST OLD RIVER HYDROELECTRIC LIMITED PARTNERSHIP
AUDITED 1999 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Form U-3A-2 filed by Catalyst Vidalia Corporation (File number 69-00443) on
February 23, 2000.
Page 7 of 20
<PAGE>
Exhibit A2
----------
CATALYST VIDALIA CORPORATION
UNAUDITED 1999 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Form U-3A-2 filed by Catalyst Vidalia Corporation (File number 69-00443) on
February 23, 2000.
Page 8 of 20
<PAGE>
Exhibit A3
----------
CATALYST VIDALIA HOLDING CORPORATION
UNAUDITED 1999 CONSOLIDATED FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Form U-3A-2 filed by Catalyst Vidalia Holding Corporation (File number
69-00445) on February 23, 2000.
Page 9 of 20
<PAGE>
Exhibit A4
----------
CATALYST VIDALIA HOLDING CORPORATION
UNAUDITED 1999 CONSOLIDATING FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Form U-3A-2 filed by Catalyst Vidalia Holding Corporation (File number
69-00445) on February 23, 2000.
Page 10 of 20
<PAGE>
Exhibit A5
----------
CATALYST VIDALIA ACQUISITION CORPORATION
UNAUDITED 1999 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Form U-3A-2 filed by Catalyst Vidalia Acquisition Corporation (File number
69-00447) on February 23, 2000.
Page 11 of 20
<PAGE>
Exhibit A6
----------
<TABLE>
<CAPTION>
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
Unaudited
December 31, December 31,
1998 1999
------------ ------------
<S> <C> <C>
ASSETS
------
Cash and cash equivalents $ 2,098 $ 1,890
Cash at Century Power 1,316 1,462
Management fee receivable from CORHLP 1,195 1,157
Carena note receivable plus accrued interest 25,866 --
Great Lakes Power promissory note plus accrued interest 3,122 --
Fullerton note receivable plus accrued interest 15,291 --
Investment in CORHLP 150,677 182,060
Dominion Capital Inc. note receivable plus accrued interest -- 22,870
Investment in Trilon Dominion Partners, LLC 2,600 2,600
Discover Resorts note receivable plus accrued interest -- 2,295
Investment in 1147906 Ontario Ltd 720 --
Loan to Lincorp Holdings, Inc plus accrued interest -- 131
Other assets 458 130
--------- ---------
Total assets $ 203,343 $ 214,595
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Note payable Trilon International plus accrued interest $ 15,289 $ 2,294
Note payable Dominion Capital Inc. plus accrued interest -- 23,116
Senior note payable Trilon International plus accrued interest 16,254 16,254
Junior note payable First Toronto Equities plus accrued interest 108,500 119,364
Accounts payable and accrued expenses 454 362
Management fee payable Great Lakes Power -- 400
Other non current liabilities 449 449
Current and deferred income taxes 9,713 5,130
--------- ---------
Total liabilities 150,659 167,369
========= =========
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, issued and outstanding 1 1
Additional paid-in capital 199,997 199,997
Accumulated deficiency (147,316) (152,774)
--------- ---------
Total stockholders' equity 52,684 47,226
--------- ---------
Total liabilities and stockholders' equity $ 203,343 $ 214,595
========= =========
</TABLE>
Page 12 of 20
<PAGE>
Exhibit A6
----------
<TABLE>
<CAPTION>
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
Unaudited
Year Ended
December 31, December 31,
1998 1999
---- ----
<S> <C> <C>
Operating revenues:
Equity interest in operating results of CORHLP $ 15,724 $ 656
Management fee income 1,990 2,106
-------- --------
Total operating revenue 17,714 2,762
Operating expenses:
General and administrative 3,572 1,790
-------- --------
Total operating expenses 3,572 1,790
-------- --------
Operating Income 14,142 972
Other income (expense):
Interest and dividend income 2,497 2,141
Interest expense (11,909) (12,990)
Other 209 781
-------- --------
Income (loss) before income taxes 4,939 (9,096)
Income tax expense (benefit) 1,976 (3,638)
-------- --------
Net income (loss) $ 2,963 $ (5,458)
======== ========
</TABLE>
Page 13 of 20
<PAGE>
Exhibit A6
----------
<TABLE>
<CAPTION>
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
Unaudited
Year Ended
December 31, December 31,
1998 1999
------------- ------------
<S> <C> <C>
Cash flows provided by (used in) all activities:
Net income (loss) $ 2,963 $ (5,458)
Changes in assets and liabilities:
Equity interest in CORHLP (15,724) (656)
Distribution from CORHLP, net 13,570 5,948
Management fee receivable - CORHLP 3,801 38
Investment in CORHLP - LP interest -- (36,675)
Great Lakes Power promissory note 3,378 3,122
Carena note receivable (66) 25,866
Fullerton note receivable (15,291) 15,291
Loan to Dominion Capital -- (22,870)
Loan from Dominion Capital -- 23,116
Loan to Discover Resorts -- (2,295)
Investment in 1147906 Ontario Ltd. -- 720
Loan from Trilon International -- 2,294
Other assets 1,085 182
Note to Trilon International 15,289 (15,289)
Accounts payable and accrued expenses (312) (92)
Deferred income taxes 1,800 (4,583)
Management fee payable - Great Lakes Power (1,600) 400
Note payable - Great Lakes Power (772) --
Junior note payable - First Toronto Equities (7,575) 10,864
Loan to Lincorp Holdings, Inc -- (131)
-------- --------
Net cash provided by (used in) all activities 546 (208)
Cash and cash equivalents at beginning of period 1,552 2,098
-------- --------
Cash and cash equivalents at end of period $ 2,098 $ 1,890
======== ========
</TABLE>
Page 14 of 20
<PAGE>
Exhibit A6
----------
<TABLE>
<CAPTION>
THE CATALYST GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
EQUITY (DEFICIT)
(In thousands, except share data)
Unaudited
Senior Junior Additional
Participating Participating Common Paid-in Accumulated
Preferred Stock Preferred Stock Stock Capital Deficiency Total
--------------- --------------- ----- ------- ---------- -----
<S> <C> <C> <C> <C> <C> <C>
Balances at December 31, 1997 $ 1 $ 1 $ 1 $ 199,997 ($150,279) $ 49,721
--------- --------- --------- --------- --------- ---------
Net Income 2,963 2,963
Balances at December 31, 1998 1 1 1 199,997 (147,316) 52,684
--------- --------- --------- --------- --------- ---------
Net loss (5,458) (5,458)
--------- --------- --------- --------- --------- ---------
Balances at December 31, 1999 $ 1 $ 1 $ 1 $ 199,997 ($152,774) $ 47,226
========= ========= ========= ========= ========= =========
</TABLE>
Page 15 of 20
<PAGE>
Exhibit A7
-----------
THE CATALYST GROUP, INC. AND SUBSIDIARIES
BALANCE SHEET
DECEMBER 31, 1999
(in thousands)
<TABLE>
<CAPTION>
CVHC/
The Catalyst Century VHLLC/
Group, Inc. Power CVC CVAC Total
--------------------------------------------------------------------------
ASSETS
- ------------------------------------------------
<S> <C> <C> <C> <C> <C>
Current Assets:
Cash....................................... $1,587 304 $1,891
Century Power cash 1,462 1,462
Century investment in CVHC P/S 111,290 111,290
Receivables:
Accounts Receivable.................. 0
Interest Receivable PRI Resorts 20 20
Interest Receivable DCI 370 370
Mgmt fee rec CORHLP 1,157 1,157
0
0
Other...................................... 0
Prepaid expenses and other assets.......... 1 5 38 44
--------------------------------------------------------------------------
Total current assets............. 1,608 112,757 1,869 0 116,234
--------------------------------------------------------------------------
Plant, Property and Equipment, at cost.......... 66 66
Less: Accumulated Depreciation............ (16) (16)
--------------------------------------------------------------------------
0 50 0 0 50
Note receivable PRI Resorts 2,275 2,275
Note receivable VC Holdings 0
Note receivable Lincorp Holdings 131 131
Notes receivable DCI............................ 22,500 22,500
Receivable from Cantwell 2,600 2,600
Intercompany accounts........................... 1,000 1,000
Investments in subsidiaries..................... 107,802 182,060 108,208 398,070
Investments .................................... 0
Note receivable VH LLC.......................... 36,867 (36,867) 0
Interest receivable VH LLC...................... 560 (560)
Intercompany accounts........................... 0
Other assets.................................... 36 36
--------------------------------------------------------------------------
Total assets..................... 152,712 112,938 169,038 108,208 542,896
==========================================================================
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATING ENTRIES
------------------------------------------------
DR j/e# CR j/e# Total
-------------------------------------------------
ASSETS
- ------------------------------------------------
<S> <C> <C> <C> <C> <C>
Current Assets:
Cash....................................... 1 1,890
Century Power cash 1,462
Century investment in CVHC P/S 111,290 7 0
Receivables:
Accounts Receivable.................. 0
Interest Receivable PRI Resorts 20
Interest Receivable DCI 370
Mgmt fee rec CORHLP 1,157
0 6 0
0
Other...................................... 0
Prepaid expenses and other assets.......... 44
-------------------------------------------------
Total current assets............. 0 111,291 4,943
-------------------------------------------------
Plant, Property and Equipment, at cost.......... 66
Less: Accumulated Depreciation............ (16)
-------------------------------------------------
0 0 50
Note receivable PRI Resorts 2,275
Note receivable VC Holdings 0
Note receivable Lincorp Holdings 131
Notes receivable DCI............................ 22,500
Receivable from Cantwell 2,600
Intercompany accounts........................... 1,000 5 --
Investments in subsidiaries..................... 1 216,011 1,2 182,060
Investments .................................... 0
Note receivable VH LLC.......................... 0
Interest receivable VH LLC......................
Intercompany accounts........................... 6 --
Other assets.................................... 36
-------------------------------------------------
Total assets..................... 1 328,302 214,595
=================================================
</TABLE>
Page 16 of 20
<PAGE>
Exhibit A7
----------
THE CATALYST GROUP, INC. AND SUBSIDIARIES
BALANCE SHEET
DECEMBER 31, 1999
(in thousands)
<TABLE>
<CAPTION>
CVHC/
The Catalyst Century VHLLC/
Group, Inc. Power CVC CVAC Total
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LIABILITIES & STOCKHOLDERS' EQUITY:
- ------------------------------------------------
Current Liabilities:
Accounts payable and accrued exp........... $103 251 8 $362
Management Fee payable..................... 400 400
Related party payables..................... 0
-------------------------------------------------------------------------
Total current liabilities........ 103 251 408 0 762
-------------------------------------------------------------------------
Intercompany payables (noncurrent).............. 500 500 1,000
Deferred income taxes........................... 16,695 16,695
Income Taxes payable............................ 1,651 1,651
-------------------------------------------------------------------------
Other liabilities............................... 449 449
-------------------------------------------------------------------------
Long and s/t debt plus accrued int 137,912 23,116 161,028
-------------------------------------------------------------------------
Total liabilities............................... 140,115 751 40,719 0 181,585
-------------------------------------------------------------------------
Shareholders' equity
Common stock............................... 999 999
Senior Preferred Stock..................... 1 134 135
Junior Preferred Stock..................... 1 1
Additional paid in capital................. 198,999 150,601 110,591 108,208 568,399
Accum deficiency........................... (187,403) (38,414) 17,594 (208,223)
-----------------------------------------------------------------------
Total shareholders' equity....... 12,597 112,187 128,319 108,208 361,311
-------------------------------------------------------------------------
Total liabilities & shareholders' equity..... $152,712 $112,938 169,038 108,208 542,896
=========================================================================
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATING ENTRIES
------------------------------------------------
DR j/e# CR j/e# Total
-------------------------------------------------
<S> <C> <C> <C> <C>
LIABILITIES & STOCKHOLDERS' EQUITY:
- ------------------------------------------------
Current Liabilities:
Accounts payable and accrued exp........... $362
Management Fee payable..................... 400
Related party payables..................... 0 6 0
-------------------------------------------------
Total current liabilities........ 0 0 762
-------------------------------------------------
Intercompany payables (noncurrent).............. 1,000 5 0
Deferred income taxes........................... 12,952 10,13 0 13 3,743
Income Taxes payable............................ 264 4 1,387
-------------------------------------------------
Other liabilities............................... 449
-------------------------------------------------
Long and s/t debt plus accrued int 161,028
-------------------------------------------------
Total liabilities............................... 14,216 0 167,369
-------------------------------------------------
Shareholders' equity
Common stock............................... 1 9 1,000
Senior Preferred Stock..................... 134 8 133,999 9 134,000
Junior Preferred Stock..................... 64,999 9 65,000
Additional paid in capital................. 568,400 1,2,7,8,9 (1)
Accum deficiency........................... 42,234 8 (152,773)
-------------
0 11 9,420 4,10
0 I/S 3,796 I/S
--------------
Total shareholders' equity....... 568,534 254,449 47,226
-------------------------------------------------
Total liabilities & shareholders' equity..... 582,750 254,449 214,595
=================================================
</TABLE>
Page 17 of 20
<PAGE>
Exhibit A7
----------
THE CATALYST GROUP, INC. AND SUBSIDIARIES
INCOME STATEMENT
DECEMBER 31, 1999
(in thousands)
<TABLE>
<CAPTION>
CVHC/
The Catalyst Century VHLLC/
Group, Inc. Power CVC CVAC Total
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Equity interest in operating results-
Catalyst Old River Hydroelectric.......... 656 656
Operating Revenues.......................... 0 0
----------------------------------------------------------------------------
Total operating revenue........... 0 215 2,547 0 2,762
----------------------------------------------------------------------------
Depreciation........................... 0
Total operating expenses..........
Operating income (loss)..................... (98) (602) 1,673 (1) 972
Gain on disposition of property........ 0
Interest and dividend income........... 1,382 77 682 2,141
Write-down Investment 0
Other income/expenses/reversals........ 1,150 (369) 781
State franchise and income tax 0
Intercompany interest 977 (977) -
----------------------------------------------------------------------------
Income (loss) before
income taxes, and minority interest.... (8,963) (525) 393 (1) (9,096)
Provision (credit) for income taxes......... 158 0 158
----------------------------------------------------------------------------
Net income (loss)........................... (8,963) (525) $235 ($1) ($9,254)
============================================================================
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATING ENTRIES
------------------------------------------
DR j/e# CR j/e# Total
---------------------------------------------
<S> <C> <C> <C>
Equity interest in operating results-
Catalyst Old River Hydroelectric.......... $656
Operating Revenues.......................... 0
------- ------------ ----------
Total operating revenue........... 0 0 2,762
------- ------------ ----------
Depreciation........................... 0
Total operating expenses..........
Operating income (loss)..................... - 972
----------
Gain on disposition of property........ 0
Interest and dividend income........... 2,141
Write-down Investment 0
Other income/expenses/reversals........ 781
State franchise and income tax 0
Intercompany interest -
------- ------------ ----------
Income (loss) before
income taxes, and minority interest.... - - (9,096)
Provision (credit) for income taxes......... 0 13 3,796 13 (3,638)
------- ------------- ----------
Net income (loss)........................... - (3,796) ($5,458)
======= ============ ==========
</TABLE>
Page 18 of 20
<PAGE>
THE CATALYST GROUP, INC.
CONSOLIDATING ENTRIES
12/31/1999
<TABLE>
<CAPTION>
Description Debit Credit
----------- ----- ------
<S> <C> <C> <C>
1 * Equity of CVAC 107,802
Investment in CVAC 107,802
Eliminate TCG investment in CVAC (9,760+133,593-18,500-13278-250-3523)
2 Equity of Century 8,760
Equity of CENTURY (A) 98,449
Equity of CVHC 1,000
Investment in Century (@ cost) 8,760
Investment in CENTURY 98,449 (A)
Investment in CVHC-Common 1,000
Eliminate CVAC investment in Century and CVHC
(A) "Contribution of CVHC shares in 1996, less 1998,1999 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 1,000
A/R Century 1,000
Eliminate intercompany payable/receivable b/t The Catalyst Group
and Century
6 A/P-CVHC/CVC 0
A/R- TCG 0
Eliminate interco receivable and payable b/t CVHC/CVC and TCG
7 Equity of CVHC 111,290
Investments 111,290
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 9,156
Retained Earnings 9,156
To have tax provion equal 40% of total consolidated income of p/y's
11 * Retained Earnings
Bad Debt Expense
Reversal of P/Y J/E #11. For changes in(collections of) reserved amounts.
12 Deferred Income Taxes Payable 3,796
Tax Provision 3,796
To have tax provion equal 40% of total consolidated income
* No change from prior report.
</TABLE>
Page 19 of 20
<PAGE>
Exhibit C
---------
The Catalyst Group, Inc.
Organization as of December 31, 1998
------------------------------------
<TABLE>
<CAPTION>
State of
Name Incorporation Location of Business Nature of Business
- ---- ------------- -------------------- ------------------
<S> <C> <C> <C>
Ronald W. Cantwell N/A N/A 100% ownership of The Catalyst
(Individual) Group, Inc.
The Catalyst Group, Inc. Louisiana Vidalia, LA 100% ownership of Catalyst Vidalia
Acquisition Corporation.
Catalyst Vidalia Acquisition Louisiana Vidalia, LA 100% ownership of Catalyst Vidalia
Corporation ("CVAC") Holding Corporation and the sole
member of Century Power, LLC.
Century Power, LLC Louisiana Edison, NJ Owns 100% of the CVHC Participating
Preferred Stock
Catalyst Vidalia Holding Louisiana Vidalia, LA 100% ownership of Catalyst Vidalia
Corporation ("CVHC") Corporation.
Catalyst Vidalia Corporation Louisiana Lettsworth, LA General Partner of Catalyst Old
River Hydroelectric Limited
Partnership with 50% interest in
and 100% voting interest in such
partnership. See expanded response
to question 2.
Catalyst Old River Hydroelectric A Louisiana Limited Lettsworth, LA Lessee of a 192-Megawatt
Limited Partnership Partnership hydroelectric facility in Concordia
Parish, Louisiana. See expanded
response to question 2.
Catalyst Construction Corporation Delaware Collinsville, CT Inactive, owned 100% by CVAC
of Connecticut
Catalyst Energy Construction Delaware Collinsville, CT Inactive, owned 100% by CVAC
Corporation
Catalyst Waste-to-Energy Corporation Delaware -- Inactive, owned 100% by CVAC
Obermeyer Hydraulic Turbines Connecticut -- Inactive, owned 100% by CVAC
Catalyst Energy Systems Corporation Delaware -- Inactive, owned 100% by CVAC
</TABLE>
Page 20 of 20
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<CASH> 3,352
<SECURITIES> 0
<RECEIVABLES> 1,157
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 131
<PP&E> 66
<DEPRECIATION> (16)
<TOTAL-ASSETS> 214,595
<CURRENT-LIABILITIES> 762
<BONDS> 0
2
0
<COMMON> 1
<OTHER-SE> 47,223
<TOTAL-LIABILITY-AND-EQUITY> 214,595
<SALES> 0
<TOTAL-REVENUES> 5,684
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,790
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,990
<INCOME-PRETAX> (9,096)
<INCOME-TAX> (3,638)
<INCOME-CONTINUING> (5,458)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,458)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
|
|