<PAGE> 1
PAGE 1
Form U-13-60
Mutual and Subsidiary Service Companies
Revised February 7, 1980
ANNUAL REPORT
For the Period
Beginning January 1, 1994 and Ending December 31, 1994
----------------- ------------------
To The
U.S. SECURITIES AND EXCHANGE COMMISSION
OF
TRISTAR VENTURES CORPORATION
- --------------------------------------------------------------------------------
(Exact Name of Reporting Company)
A Subsidiary Service Company
---------------------
("Mutual" or "Subsidiary")
Date of Incorporation September 26, 1986
-------------------
State or Sovereign Power under which Incorporated or Organized Delaware
------------
Location of Principal Executive Offices of Reporting Company:
20 Montchanin Road, Wilmington, Delaware 19807
DENNIS P. DETAR, TREASURER
20 Montchanin Road
Wilmington, DE 19807
- --------------------------------------------------------------------------------
(Name, title and address of officer to whom correspondence concerning
this report should be addressed)
TRISTAR VENTURES CORPORATION
- --------------------------------------------------------------------------------
(Name of Principal Holding Company whose Subsidiaries are served by
Reporting Company)
<PAGE> 2
PAGE 2
INSTRUCTIONS FOR USE OF FORM U-13-60
1. Time of Filing - Rule 94 provides that on or before the first day of May
in each calendar year, each mutual service company and each subsidiary
service company as to which the Commission shall have made a favorable
finding pursuant to Rule 88, and every service company whose application
for approval or declaration pursuant to Rule 88 is pending shall file
with the Commission an annual report on Form U-13-60 and in accordance
with the Instructions for that form.
2. Number of Copies - Each annual report shall be filed in duplicate. The
company should prepare and retain at least one extra copy for itself in
case correspondence with reference to the report become necessary.
3. Period Covered by Report - The first report filed by any company shall
cover the period from the date the Uniform System of Accounts was
required to be made effective as to that company under Rules 82 and 93 to
the end of that calendar year. Subsequent reports should cover a
calendar year.
4. Report Format - Reports shall be submitted on the forms prepared by the
Commission. If the space provided on any sheet of such form is
inadequate, additional sheets may be inserted on the same size as a sheet
of the form or folded to such size.
5. Money Amounts Displayed - All money amounts required to be shown in
financial statements may be expressed in whole dollars, in thousands of
dollars or in hundred thousands of dollars, as appropriate and subject to
provisions of Regulation S-X (Section 210.3-01[b]).
6. Deficits Displayed - Deficits and other like entries shall be indicated
by the use of either brackets or a parenthesis with corresponding
reference in footnotes. (Regulation S-X, Section 210.3-01[c])
7. Major Amendments or Corrections - Any company desiring to amend or
correct a major omission or error in a report after it has been filed
with the Commission shall submit an amended report including only those
pages, schedules, and entries that are to be amended or corrected. A
cover letter shall be submitted requesting the Commission to incorporate
the amended report changes and shall be signed by a duly authorized
officer of the company.
8. Definitions - Definitions contained in Instruction 01-8 to the Uniform
System of Accounts for Mutual Service Companies and Subsidiary Service
Companies, Public Utility Holding Company Act of 1935, as amended
February 2, 1979, shall be applicable to words or terms used specifically
within this Form U-13-60.
9. Organization Chart - The service company shall submit with each annual
report a copy of its current organization chart.
10. Methods of Allocation - The service company shall submit with each annual
report a listing of the currently effective methods of allocation being
used by the service company and on file with the Securities and Exchange
Commission pursuant to the Public Utility Holding Company Act of 1935.
11. Annual Statement of Compensation for Use of Capital Billed - The service
company shall submit with each annual report a copy of the annual
statement supplied to each associate company in support of the amount of
compensation for use of capital billed during the calendar year.
<PAGE> 3
PAGE 3
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS
- -------------------------------------------------------------------------------------------
Schedule or
Account Page
Description of Schedules and Accounts Number Number
- ------------------------------------------------------- ----------- ------
<S> <C> <C>
COMPARATIVE BALANCE SHEET ............................. Schedule I 5-6
SERVICE COMPANY PROPERTY ........................... Schedule II N/A
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF SERVICE COMPANY PROPERTY ......... Schedule III N/A
INVESTMENTS ........................................ Schedule IV 7
ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES ....... Schedule V 8
FUEL STOCK EXPENSES UNDISTRIBUTED .................. Schedule VI N/A
STORES EXPENSE UNDISTRIBUTED ....................... Schedule VII N/A
MISCELLANEOUS CURRENT AND ACCRUED ASSETS ........... Schedule VIII 9
MISCELLANEOUS DEFERRED DEBITS ...................... Schedule IX 10
RESEARCH, DEVELOPMENT, OR DEMONSTRATION EXPENDITURES Schedule X 11
PROPRIETARY CAPITAL ................................ Schedule XI 12
LONG-TERM DEBT ..................................... Schedule XII 13
CURRENT AND ACCRUED LIABILITIES .................... Schedule XIII 14
NOTES TO FINANCIAL STATEMENTS ...................... Schedule XIV 15
COMPARATIVE INCOME STATEMENT ........................... Schedule XV 16
ANALYSIS OF INCOME FROM INVESTMENTS
- NONASSOCIATE COMPANIES .......................... Account 418 17
ANALYSIS OF BILLING - NONASSOCIATE COMPANIES ....... Account 458 18
ANALYSIS OF CHARGES FOR SERVICE - ASSOCIATE AND
NONASSOCIATE COMPANIES ........................... Schedule XVI 19
SCHEDULE OF EXPENSE BY DEPARTMENT OR SERVICE
FUNCTION ......................................... Schedule XVII 20
DEPARTMENTAL ANALYSIS OF SALARIES .................. Account 920 21
OUTSIDE SERVICES EMPLOYED .......................... Account 923 22
EMPLOYEE PENSIONS AND BENEFITS ..................... Account 926 23
GENERAL ADVERTISING EXPENSES ....................... Account 930.1 24
MISCELLANEOUS GENERAL EXPENSES ..................... Account 930.2 25
RENTS .............................................. Account 931 26
TAXES OTHER THAN INCOME TAXES ...................... Account 408 27
DONATIONS .......................................... Account 426.1 N/A
OTHER DEDUCTIONS ................................... Account 426.5 28
NOTES TO STATEMENT OF INCOME ....................... Schedule XVIII 29
- -------------------------------------------------------------------------------------------
</TABLE>
N/A - Not applicable to TriStar Ventures Corporation operations
<PAGE> 4
PAGE 4
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
LISTING OF INSTRUCTIONAL FILING REQUIREMENTS
- --------------------------------------------------------------------------------
Page
Description of Reports or Statements Number
- --------------------------------------------------------------------- ------
<S> <C>
ORGANIZATION CHART .................................................. 30
METHODS OF ALLOCATION ............................................... N/A
ANNUAL STATEMENT OF COMPENSATION FOR USE OF CAPITAL BILLED .......... N/A
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
PAGE 5
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
1994
- -------------------------------------------------------------------------------
SCHEDULE I - COMPARATIVE BALANCE SHEET
Give balance sheet of the Company as of December 31 of the
current and prior year
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
ACCOUNT ASSETS AND OTHER DEBITS AS OF DECEMBER 31
- ------- -------------------------------------------------- -----------------------
CURRENT PRIOR
------- --------
$000 $000
<S> <C> <C> <C>
SERVICE COMPANY PROPERTY
101 Service company property (Schedule II) ......... - -
107 Construction work in progress (Schedule II) .... - -
------- -------
Total Property .......................... - -
------- -------
108 Less accumulated provision for depreciation and
amortization of service company property
(Schedule III) ................................ - -
------- -------
Net Service Company Property ............ - -
------- -------
INVESTMENTS
123 Investments in associate companies (Schedule IV) - -
124 Other investments (Schedule IV) ................ 34,199 29,849
------- -------
Total Investments ....................... 34,199 29,849
------- -------
CURRENT AND ACCRUED ASSETS
131 Cash ........................................... 512 24
134 Special deposits ............................... 10 20
135 Working funds .................................. - -
136 Temporary cash investments (Schedule IV) ....... - -
141 Notes receivable ............................... - -
143 Accounts receivable ............................ 722 634
144 Accumulated provision for uncollectible accounts - -
146 Accounts receivable from associate companies
(Schedule V) .................................. 6,354 6,419
152 Fuel stock expenses undistributed (Schedule VI). - -
154 Materials and supplies ......................... - -
163 Stores expense undistributed (Schedule VII) .... - -
165 Prepayments .................................... 39 100
174 Miscellaneous current and accrued assets
(Schedule VIII) ............................... - -
------- -------
Total Current and Accrued Assets .......... 7,637 7,197
------- -------
DEFERRED DEBITS
181 Unamortized debt expense ....................... - -
184 Clearing accounts .............................. - -
186 Miscellaneous deferred debits (Schedule IX) .... 1 -
188 Research, development, or demonstration
expenditures (Schedule X) ..................... - -
190 Accumulated deferred income taxes .............. 178 141
------- -------
Total Deferred Debits ..................... 179 141
------- -------
TOTAL ASSETS AND OTHER DEBITS ............. 42,015 37,187
======= =======
- ---------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
PAGE 6
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
- -------------------------------------------------------------------------------
SCHEDULE I- COMPARATIVE BALANCE SHEET
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL AS OF DECEMBER 31
- ------- ------------------------------------------------- -------------------
CURRENT PRIOR
------- -------
$000 $000
<S> <C> <C> <C>
PROPRIETARY CAPITAL
201 Common stock issued (Schedule XI) ............. 15,293 15,293
211 Miscellaneous paid-in-capital (Schedule XI) ... 42,802 42,802
215 Appropriated retained earnings (Schedule XI) .. - -
216 Unappropriated retained earnings (Schedule XI). (20,748) (23,241)
-------- --------
Total Proprietary Capital .............. 37,347 34,854
-------- --------
LONG-TERM DEBT
223 Advances from associate companies (Schedule XII) - -
224 Other long-term debt (Schedule XII) ............ - -
225 Unamortized premium on long-term debt .......... - -
226 Unamortized discount on long-term debt-debit ... - -
------- ------
Total Long-Term Debt .................... - -
------- ------
CURRENT AND ACCRUED LIABILITIES
231 Notes payable .................................. - -
232 Accounts payable ............................... 355 276
233 Notes payable to associate companies (Schedule
XIII) ......................................... - -
234 Accounts payable to associate companies
(Schedule XIII) ............................... 8 9
236 Taxes accrued .................................. (323) (255)
237 Interest accrued ............................... 229 144
238 Dividends declared ............................. - -
241 Tax collections payable ........................ - -
242 Miscellaneous current and accrued liabilities - -
(Schedule XIII) ............................... 183 118
------- ------
Total Current and Accrued Liabilities ... 452 292
------- ------
DEFERRED CREDITS
253 Other deferred credits ......................... 52 927
255 Accumulated deferred investment tax credits .... - -
------ ------
Total Deferred Credits .................. 52 927
------- ------
282 ACCUMULATED DEFERRED INCOME TAXES ................. 4,164 1,114
------- -------
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 42,015 37,187
======= =======
- -------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
PAGE 7
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE IV - INVESTMENTS
- --------------------------------------------------------------------------------
INSTRUCTIONS: Complete the following schedule concerning investments.
Under Account 124, "Other Investments", state each
investment separately, with description, including, the
name of issuing company, number of shares or principal
amount, etc.
Under Account 136, "Temporary Cash Investments," list each
investment separately.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- -------------------------------------------------------- --------- ----------
$000 $000
<S> <C> <C>
ACCOUNT 123 - INVESTMENT IN ASSOCIATE COMPANIES ............ None None
ACCOUNT 124 - OTHER INVESTMENTS ............................
Pedricktown Cogeneration Limited Partnership - 50%
ownership ...................................... 10,126 13,831
Rumford Cogeneration Company - 10.2% ownership ... 5,290 5,717
Binghamton Cogeneration Limited Partnership -
33.3% ownership ............................... 7,385 7,591
Cogeneration Partners of America-50% ownership ... 111 111
Vineland Cogeneration Limited Partnership - 50%
ownership ...................................... 6,937 6,949
ACCOUNT 136 - TEMPORARY CASH INVESTMENTS ................ None None
--------- ----------
TOTAL .......................................... 29,849 34,199
========= ==========
- ------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
PAGE 8
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE V - ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES
- --------------------------------------------------------------------------------
INSTRUCTIONS: Complete the following schedule listing accounts
receivable from each associate company. Where the service
company has provided accommodation or convenience payments
for associate companies, a separate listing of total payments
for each associate company by subaccount should be provided.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- -------------------------------------------------------- --------- ----------
$000 $000
<S> <C> <C>
ACCOUNT 146 - ACCOUNTS RECEIVABLE FROM ASSOCIATE
COMPANIES
Columbia Gas System Money Pool ......................... 6,154 6,267
The Columbia Gas System, Inc............................ 58 58
Columbia Gas System Service Corporation ................ 15 29
Georgetown Limited Corporation.......................... 190 -
Vineland General Corporation............................ 2 -
------- -------
TOTAL ......................................... 6,419 6,354
- -------------------------------------------------------------------------------------------
</TABLE>
ANALYSIS OF CONVENIENCE OR ACCOMMODATION PAYMENTS:
<TABLE>
<CAPTION>
TOTAL
PAYMENTS
----------
$000
<S> <C>
Total Payment .......................................... None
- -------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
PAGE 9
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE VIII
MISCELLANEOUS CURRENT AND ACCRUED ASSETS
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide detail of items in this account. Items less than
$10,000 may be grouped, showing the number of items in
each group.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- -------------------------------------------------------- --------- ----------
$000 $000
<S> <C> <C>
ACCOUNT 174 - MISCELLANEOUS CURRENT AND ACCRUED ASSETS.. None None
--------- ---------
TOTAL ......................................... None None
- ------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
PAGE 10
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE IX - MISCELLANEOUS DEFERRED DEBITS
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide detail of items in this account. Items less than
$10,000 may be grouped by class showing the number of
items in each class.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- -------------------------------------------------------- ---------- ----------
$000 $000
<S> <C> <C>
ACCOUNT 186 - MISCELLANEOUS DEFERRED DEBITS
EDP Software Costs (HRIS Development Costs) ............ - 1
-------- ---------
TOTAL ........................................ - 1
- ---------------------------------------------------------------------------------------
</TABLE>
<PAGE> 11
PAGE 11
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE X
RESEARCH, DEVELOPMENT OR DEMONSTRATION EXPENDITURES
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide description of each material research,
development, or demonstration project which incurred costs
by the service corporation during the year.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
DESCRIPTION AMOUNT
- ------------------------------------------------------------------------ ------
$000
<S> <C>
ACCOUNT 188 - RESEARCH, DEVELOPMENT, OR DEMONSTRATION EXPENDITURES None
TOTAL ......................................................... 0
- -------------------------------------------------------------------------------------
</TABLE>
<PAGE> 12
PAGE 12
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- -------------------------------------------------------------------------------
SCHEDULE XI - PROPRIETARY CAPITAL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
OUTSTANDING CLOSE OF PERIOD
NUMBER OF SHARES PAR OR STATED VALUE ---------------------------
ACCOUNT NUMBER CLASS OF STOCK AUTHORIZED PER SHARE NO. OF SHARES TOTAL AMOUNT
- -------------- -------------- ---------------- ------------------- ------------- ------------
$000
<S> <C> <C> <C> <C> <C>
201 COMMON STOCK ISSUED 1,000,000 $25.00 388,296 $15,293
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS: Classify amounts in each account with brief explanation,
disclosing the general nature of which give rise to the
reported amount.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
DESCRIPTION AMOUNT
- ------------------------------------------------------------------------------------------------ --------------
<S> <C>
ACCOUNT 211 - MISCELLANEOUS PAID-IN CAPITAL (DEBT CONVERTED INTO EQUITY, SEE BELOW) ............ 42,802
ACCOUNT 215 - APPROPRIATED RETAINED EARNINGS ................................................... None
------------
TOTAL ..................................................................................... 42,802
</TABLE>
<TABLE>
<CAPTION>
Debt Converted Into Equity:
<S> <C>
October 1992 .......... 1,920
February 1993 ......... 2,332
March 1993 ............ 8,408
November 1993 ......... 30,142
------
TOTAL ............. 42,802
======
</TABLE>
- --------------------------------------------------------------------------------
INSTRUCTIONS: Give particulars concerning net income or (loss) during
the year, distinguishing between compensation for the use of
capital owed or net loss remaining from servicing
nonassociates per the General Instructions of the Uniform
System of Accounts. For dividends paid during the year in
cash or otherwise, provide rate percentage, amount of
dividend, date declared and date paid.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING NET INCOME DIVIDENDS CLOSE
DESCRIPTION OF YEAR OR (LOSS) PAID OF YEAR
- ------------------------------------------------------------- --------- ---------- --------- ----------
$000 $000 $000 $000
<S> <C> <C> <C> <C>
ACCOUNT 216 - UNAPPROPRIATED RETAINED EARNINGS .............. (23,241) 2,493 - (20,748)
--------- ---------- --------- ----------
TOTAL........................................................ (23,241) 2,493 - (20,748)
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 13
PAGE 13
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- -------------------------------------------------------------------------------
SCHEDULE XII - LONG-TERM DEBT
- -------------------------------------------------------------------------------
INSTRUCTIONS: Advances from associate companies should be reported
separately for advances on notes, and advances on open
account. Names of associate companies from which advances
were received shall be shown under the class and series of
obligation column. For Account 224 - Other long-term debt
provide the name of creditor company or organization, terms
of the obligation, date of maturity, interest rate, and the
amount authorized and outstanding.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
TERMS OF OBLIG DATE BALANCE AT
CLASS & SERIES OF INTEREST AMOUNT BEGINNING
NAME OF CREDITOR OF OBLIGATION MATURITY RATE AUTHORIZED OF YEAR ADDITIONS
- --------------------------------------- -------------- -------- -------- ---------- ---------- ---------
% $000 $000 $000
<S> <C>
ACCOUNT 223 - ADVANCES FROM ASSOCIATE
COMPANIES:
ACCOUNT 224 - OTHER LONG-TERM DEBT: None
---------- ---------- ---------
TOTAL .................................................................
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
BALANCE AT
DECUCTIONS CLOSE
NAME OF CREDITOR (1) OF YEAR
- --------------------------------------- ---------- -----------
<S> <C>
$000 $000
ACCOUNT 223 - ADVANCES FROM ASSOCIATE
COMPANIES:
ACCOUNT 224 - OTHER LONG-TERM DEBT: None
TOTAL ..................................................
---------- -----------
- ---------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
PAGE 14
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE XIII - CURRENT AND ACCRUED LIABILITIES
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide balance of notes and accounts payable to each
associate company. Give description and amount of
miscellaneous current and accrued liabilities. Items less
than $10,000 may be grouped, showing the number of items in
each group.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- -------------------------------------------------------- ------------- ------------
$000 $000
<S> <C> <C>
ACCOUNT 233 - NOTES PAYABLE TO ASSOCIATE COMPANIES NONE NONE
-------------------------------
TOTAL ........................................... NONE NONE
- -------------------------------------------------------------------------------------------------------
ACCOUNT 234 - ACCOUNTS PAYABLE TO ASSOCIATE COMPANIES
Columbia Gas System Service Corporation................. 2 6
Columbia Gas System, Inc. .............................. 7 2
--------- ------------
TOTAL ........................................ 9 8
- -------------------------------------------------------------------------------------------------------
ACCOUNT 242 - MISCELLANEOUS CURRENT AND ACCRUED
LIABILITIES
Retirement Income Plan.................................. 35 66
Accrued Vacation........................................ 59 82
Comprehensive Medical Expense Plan Accrual.............. 3 7
Flexible Spending....................................... 3 1
Arthur Andersen ........................................ 13 6
Miscellaneous .......................................... 3 4
Thrift Restoration Plan................................. 2 17
----- -----
TOTAL ........................................ 118 183
- -------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
PAGE 15
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE XIV
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
INSTRUCTIONS: The space below is provided for important notes
regarding the financial statements or any account thereof.
Furnish particulars as to any significant contingent assets
or liabilities existing at the end of the year. Notes
relating to financial statements shown in this report may be
indicated here by reference.
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Income Taxes
The Corporation provides deferred taxes with respect to timing
differences in the recognition of revenues and expenses for tax and
accounting purposes. The major difference is due to the timing of
the Georgetown writeoff for tax purposes vs. book. The Corporation
is included in the Consolidated Federal Income Tax Return filed for
The Columbia Gas System, Inc.
b. Pension Costs
The Corporation participates in the Retirement Income Plan of
The Columbia Gas System, Inc. This is a trusteed noncontributory
Retirement Income Plan which, with certain minor exceptions, covers
all regular employees. TriStar Ventures Corporation's portion of
expense amounted to $39,894.00 in 1994 and $36,965.00 in 1993,
including the amortization of unfunded prior service costs.
c. Account Numbers
The Corporation uses certain FERC accounts which do not match
existing SEC accounts; therefore, the year-end balances of the
following FERC accounts were reclassified to a corresponding SEC
account.
<TABLE>
<CAPTION>
Account Number
-------------- Year-End
Account Description FERC SEC Balance
------------------------ ----- ----- --------
($000)
<S> <C> <C> <C>
Interest Receivable 171 143 24
Deferred Income Taxes 283 282 4,164
- --------------------------------------------------------------------------------
</TABLE>
<PAGE> 16
PAGE 16
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE XV
STATEMENT OF INCOME
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
1994 1993
------------ ----------
ACCOUNT DESCRIPTION CURRENT YEAR PRIOR YEAR
- ------- ------------------------------------------- ------------ ----------
$000 $000
<S> <C> <C> <C>
INCOME
418 Income from Investments ................. 5,220 6,337
419 Interest on Contingent Taxes ............ 247 511
457 Services rendered to associate companies. - -
458 Services rendered to nonassociate
companies .............................. 1,109 -
421 Miscellaneous income or loss ............ - -
---------- ----------
Total Income ............................ 6,576 6,848
---------- ----------
EXPENSE
920 Salaries and wages ...................... 1,040 403
921 Office supplies and expenses ............ 108 59
922 Administrative expense transferred -
credit ................................. - -
923 Outside services employed ............... 592 903
924 Property insurance ...................... - -
925 Injuries and damages insurance .......... 16 27
926 Employee pensions and benefits .......... 328 95
930.1 General advertising expenses ............ - -
930.2 Miscellaneous general expenses .......... - -
931 Rents ................................... 163 65
408 Taxes other than income taxes ........... 292 47
409 Income Taxes ............................ (1,473) (918)
410 Provision for deferred income taxes ..... 5,554 4,562
411 Provision for deferred income taxes -
credit ................................. (2,541) (4,171)
411.5 Investment tax credit ................... - -
426.5 Other deductions ........................ 4 4,701
427 Interest on long-term debt .............. - -
430 Interest on debt to associate companies . - 2,505
431 Other interest expense .................. - -
---------- ----------
Total Expense ....................... 4,083 8,278
---------- ---------
Net Income or (Loss) ................ 2,493 (1,430)
---------- ----------
- --------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 17
PAGE 17
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
ANALYSIS OF INCOME FROM INVESTMENTS
NONASSOCIATE COMPANIES
ACCOUNT 418
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NAME OF NONASSOCIATE COMPANY INCOME
- ------------------------------------------- --------
$000
<S> <C>
Rumford .................................... 1,295
Pedrick General Corporation ................ 1,111
Pedrick Limited Corporation ................ 2,593
Binghamton General Corporation ............. 63
Binghamton Limited Corporation ............. 146
Vineland General Corporation ............... 1
Vineland Limited Corporation ............... 11
Pedricktown Cogeneration Ltd Partnership ... -
Binghamton Cogeneration Ltd Partnership .... -
CPA ........................................ -
Vineland Cogeneration Ltd Partnership ...... -
-----------
5,220
===========
- --------------------------------------------------------------------------------
</TABLE>
<PAGE> 18
PAGE 18
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
ANALYSIS OF BILLING
NONASSOCIATE COMPANIES
ACCOUNT 458
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
DIRECT INDIRECT COMPENSATION
COST COST FOR USE TOTAL EXCESS OR AMOUNT
NAME OF NONASSOCIATE COMPANY CHARGED CHARGED OF CAPITAL COST DEFICIENCY BILLED
- ------------------------------------------------ ------- -------- ------------ ----- ---------- ------
458-1 458-2 458-3 458-4
------- -------- ------------ ----------
$000 $000 $000 $000 $000 $000
<S> <C> <C> <C>
Pedricktown Cogeneration Limited Partnership ... 308 308 308
Binghamton Cogeneration Limited Partnership .... 356 356 356
Vineland Cogeneration Limited Partnership ...... 392 392 392
Cogeneration Partners of America ............... 53 53 53
------------------------------------------------------------------------
Total .......................................... 1,109 1,109 1,109
------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTION: Provide a brief description of the services rendered to
each nonassociate company: Services rendered for each
nonassociate company includes finance, legal, tax, asset
management, and risk management.
- --------------------------------------------------------------------------------
<PAGE> 19
PAGE 19
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE XVI
ANALYSIS OF CHARGES FOR SERVICE
ASSOCIATE AND NONASSOCIATE COMPANIES
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
ASSOCIATE COMPANY NONASSOCIATE COMPANY TOTAL CHARGES FOR
CHARGES CHARGES SERVICE
--------------------------- ------------------------- ---------------------------
DESCRIPTION OF ITEMS DIRECT INDIRECT DIRECT INDIRECT DIRECT INDIRECT
COST COST TOTAL COST COST TOTAL COST COST TOTAL
- --------------------------------------- ------ -------- ------- ------ -------- ------ ------ -------- -------
$000 $000 $000 $000 $000 $000 $000 $000 $000
920 SALARIES AND WAGES ..............
921 OFFICE SUPPLIES AND EXPENSES ....
922 ADMINISTRATIVE EXPENSE
TRANSFERRED-CR..................
923 OUTSIDE SERVICES EMPLOYED .......
924 PROPERTY INSURANCE ..............
925 INJURIES AND DAMAGES ............
926 EMPLOYEE PENSIONS & BENEFITS ....
928 REGULATORY COMMISSION EXPENSE ...
930.1 GENERAL ADVERTISING EXPENSES ....
930.2 MISCELLANEOUS GENERAL EXPENSES .. NOTE: PRIMARILY SALARY AND BENEFITS DETAILED
931 RENTS ........................... BREAKDOWN IS NOT AVAILABLE
932 MAINTENANCE OF STRUCTURES AND
EQUIP. .........................
403 DEPRECIATION AND AMORTIZATION
EXPENSE ........................
408 TAXES OTHER THAN INCOME TAXES ...
409 INCOME TAXES ....................
410 PROVISION FOR DEFERRED INCOME
TAXES ..........................
411 PROVISION FOR DEFERRED INCOME
TAXES-CR .......................
411.5 INVESTMENT TAX CREDIT ...........
426.1 DONATIONS .......................
426.5 OTHER DEDUCTIONS ................
427 INTEREST ON LONG-TERM DEBT ......
431 OTHER INTEREST EXPENSE ..........
Reimbursed Exp. for Nonassociates
---------------------------------
INSTRUCTION: Total cost of service
will equal for associate and nonassoci-
ate companies the total amount billed
under their separate analysis of
billing schedules.
- --------------------------------------- ------ -------- ------- ------ -------- ------ ------ -------- -------
<S> <C> <C> <C> <C> <C> <C>
TOTAL EXPENSES ................. - 1,109 - 1,109 1,109 1,109
------ -------- ------- ------ -------- ------ ------ -------- -------
COMPENSATION FOR USE OF EQUITY
CAPITAL -
------
430 INTEREST ON DEBT TO ASSOCIATE
COMPANIES -
------ -------
TOTAL COST OF SERVICE .......... 1,109 1,109
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 20
PAGE 20
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE XVII
SCHEDULE OF EXPENSE DISTRIBUTION BY DEPARTMENT OR SERVICE FUNCTION
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL Fuel Administrative Project
DESCRIPTION OF ITEMS AMOUNT OVERHEAD Accounting Management Department Development
- ----------------------------------- ------- -------- ---------- ---------- -------------- -----------
$000 $000 $000 $000 $000 $000
<S> <C> <C> <C> <C> <C> <C>
920 SALARIES AND WAGES .......... 1,040
921 OFFICE SUPPLIES AND EXPENSES. 108
922 ADMINISTRATIVE EXPENSE
TRANSFERRED-CREDIT ........ -
923 OUTSIDE SERVICES EMPLOYED.. 592
924 PROPERTY INSURANCE .......... -
925 INJURIES AND DAMAGES ........ 16
926 EMPLOYEE PENSIONS & BENEFITS. 328
928 REGULATORY COMMISSION EXPENSE -
930.1 GENERAL ADVERTISING EXPENSES. -
930.2 MISCELLANEOUS GENERAL EXP.... -
931 RENTS ....................... 163 DETAIL BREAKDOWN BY DEPARTMENT
408 TAXES OTHER THAN INCOME TAXES 292 IS NOT AVAILABLE
409 INCOME TAXES ................ (1,473)
410 PROVISION FOR DEFERRED INCOME
TAXES ...................... 5,554
411 PROVISION FOR DEFERRED INCOME
TAXES-CREDIT ............... (2,541)
411.5 INVESTMENT TAX CREDIT ....... -
426.5 OTHER DEDUCTIONS ............ 4
427 INTEREST ON LONG-TERM DEBT .. -
430 INTEREST ON DEBT TO ASSOCIATE
COMPANIES .................. -
431 OTHER INTEREST EXPENSE ...... -
- --------------------------------------
INSTRUCTION: Indicate each department
or service function. (See Instruction
01-3 General Structure of Accounting
System: Uniform System Account)
TOTAL EXPENSES.............. 4,083 - - - - -
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 21
PAGE 21
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
DEPARTMENTAL ANALYSIS OF SALARIES
ACCOUNT 920
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
DEPARTMENTAL SALARY EXPENSE
------------------------------------------ NUMBER
NAME OF DEPARTMENT INCLUDED IN AMOUNTS BILLED TO PERSONNEL
---------------------------------- ---------
Indicate each department or TOTAL PARENT OTHER NON END OF
service function AMOUNT COMPANY ASSOCIATES ASSOCIATES YEAR
- --------------------------- ------ ------- ---------- ---------- --------
$000 $000 $000 $000
<S> <C> <C> <C> <C> <C>
Accounting ................ - - - - 7
Administration ............ - - - - 3
Fuel Management ........... - - - - 4
Project Development ....... - - - 6
---------------------------------------------
TOTAL ................ 1,040* 641 - 399 20
- ----------------------------------------------------------------------------------------
</TABLE>
* Detailed breakdown is not available for 1994
<PAGE> 22
PAGE 22
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For The Year Ended December 31, 1994
- --------------------------------------------------------------------------------
OUTSIDE SERVICES EMPLOYED
Account 923
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a breakdown by subaccount of outside services
employed. If the aggregate amounts paid to any one payee
and included within one subaccount is less than $25,000,
only the aggregate number and amount of all such payments
included within the subaccount need be shown. Provide a
subtotal for each type of service.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
RELATIONSHIP
"A"=ASSOCIATE AMOUNT
"NA"=NON ------------
FOR WHOM PURCHASED ADDRESS ASSOCIATE $000 $000
- ---------------------------------- ---------------------------------------------------- ------------- ----- -----
<S> <C> <C> <C> <C>
1-Special Services - Legal
- --------------------------
-
Total Special Services - Legal .................. - ----
-----
2-Special Services - Audit
- --------------------------
Arthur Andersen & Company 1345 Avenue of the Americas, New York, NY 10105 ... NA 25
----
Total Special Services - Audit .................. 25
3-Special Services - Other
- --------------------------
Electronic Data Processing
Forte Systems P.O. Box 8500-7670, Philadelphia, PA 19178 .......... NA 1
Miscellaneous
Columbia Gas System Service
Corporation 1600 Dublin Road, Columbus, OH 43215-1082 ........... A 187
CPA 20 Montchanin Road, Wilmington, DE 19807 ............ NA 9
Destec Energy P.O. Box 4411, Houston, TX 77210 .................... NA 29
Whitfield Russell Assoc. 1225 Eye Street, NW, Ste. 850, Washington, D.C. 20005 NA 10
Placers P.O. Box 15621, Wilmington, DE 19850-5621 ........... NA 4
Other Organizations 160
----
400
Total Special Services - Other .................... 400
4-Special Services - Tax
- ------------------------
Total Special Services - Tax ...................... -
5-Special Services - Consulting
- -------------------------------
Fuel & Environment Corp. 2907 Professional Pkwy., Augusta, GA 30907 .......... NA 32
C. C. Pace Resources, Inc. 4375 Fair Lakes Ct., Ste 2000, Fairfax, VA 22033 .... NA 135
-----
Total Special Services - Consulting ............... 167
Total All Special Services ........................ 592
====
</TABLE>
<PAGE> 23
PAGE 23
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
EMPLOYEE PENSIONS AND BENEFITS
ACCOUNT 926
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of each pension plan and benefit
program provided by the service company. Such listing should
be limited to $25,000.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
DESCRIPTION AMOUNT
- -------------------------------------------------------------------- ------
$000
<S> <C>
Medical Expense Plan ............................................... 53
Employee Retirement Expense ........................................ 40
Thrift Plan ........................................................ 32
Pension Restoration Plan ........................................... 16
Other Post-Employment Benefits ..................................... 15
Group Life Insurance ............................................... 7
Dental Assistance Plan ............................................. 5
Long-Term Disability Insurance ..................................... 6
Employee Relocation Expense ........................................ 148
Miscellaneous ...................................................... 6
------
TOTAL .......................................................... 328
- ---------------------------------------------------------------------------------
</TABLE>
<PAGE> 24
PAGE 24
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
GENERAL ADVERTISING EXPENSES
ACCOUNT 930.1
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account
930.1, "General Advertising Expenses," classifying the items
according to the nature of the advertising and as defined in
the account definition. If a particular class includes an
amount in excess of $3,000 applicable to a single payee, show
separately the name of the payee and the aggregate amount
applicable thereto.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
DESCRIPTION NAME OF PAYEE AMOUNT
- -------------------------------------------------------- ------------------------- ---------
$000
<S> <C> <C>
N O N E
------
TOTAL ........................................................ -
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 25
PAGE 25
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
MISCELLANEOUS GENERAL EXPENSES
ACCOUNT 930.2
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 930.2,
"Miscellaneous General Expenses", classifying such
expenses according to their nature. Payments and expenses
permitted by Section 321(b)(2) of the Federal Election
Campaign Act, as amended by Public Law 94-283 in 1976 (2
U.S.C. Section 441[b][2]) shall be separately classified.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
DESCRIPTION AMOUNT
- ----------------------------------------------------------- ------
$000
<S> <C>
NONE
</TABLE>
<PAGE> 26
PAGE 26
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
RENTS
ACCOUNT 931
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 931,
"Rents", classifying such expenses by major groupings of
property, as defined in the account definition of the Uniform
System of Accounts.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
TYPE OF PROPERTY AMOUNT
- ---------------------------------------------------------------- ------
$000
<S> <C>
Data Processing ................................................ 19
Office Space ................................................... 135
Communications ................................................. 9
------
TOTAL .................................................... 163
- -------------------------------------------------------------------------------
</TABLE>
<PAGE> 27
PAGE 27
ANNUAL REPORT OF VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
TAXES OTHER THAN INCOME TAXES
ACCOUNT 408
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide an analysis of Account 408, "Taxes Other Than
Income Taxes." Separate the analysis into two groups:
(1) other than U.S. Government taxes, and (2) U.S.
Government taxes. Specify each of the various kinds of
taxes and show the amounts thereof. Provide a subtotal for
each class of tax.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
KIND OF TAX AMOUNT
- -------------------------------------------------------------------- ------
$000
<S> <C>
(1) Other than U.S. Government Taxes:
Property ................................................... -
Unemployment ............................................... 2
License or Franchise ....................................... 221
Miscellaneous .............................................. 4
----
Total - Other ......................................... 227
(2) U.S. Government Taxes:
Federal Insurance Contribution ............................. 65
Unemployment ............................................... -
----
Total - Federal ....................................... 65
----
TOTAL .......................................................... 292
- -----------------------------------------------------------------------------------
</TABLE>
<PAGE> 28
PAGE 28
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
OTHER DEDUCTIONS
ACCOUNT 426.5
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 426.5,
"Other Deductions", classifying such expenses
according to their nature.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
DESCRIPTION NAME OF PAYEE AMOUNT
- ---------------------------------------- --------------------------- ------
<S> <C>
Other 4
------
TOTAL ......................................... 4
- -----------------------------------------------------------------------------------
</TABLE>
<PAGE> 29
PAGE 29
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
SCHEDULE XVIII
NOTES TO STATEMENT OF INCOME
- --------------------------------------------------------------------------------
INSTRUCTIONS: The space below is provided for important notes regarding
the statement of income or any account thereof.
Furnish particulars as to any significant increase in
services rendered or expenses incurred during the year.
Notes relating to financial statements shown elsewhere in
this report may be indicated here by reference.
- --------------------------------------------------------------------------------
For additional notes, see Page 15, Notes to Financial Statements.
- --------------------------------------------------------------------------------
<PAGE> 30
TRISTAR VENTURES CORPORATION
Chart showing management structure of the Company is included here.
<PAGE> 31
PAGE 31
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935 and the rules and regulations of the Securities and Exchange
Commission issued thereunder, the undersigned company has duly caused this
report to be signed on its behalf by the undersigned officer thereunto duly
authorized.
TRISTAR VENTURES CORPORATION
By: /s/ D. P. Detar
-------------------------------
D. Detar
Treasurer
Date: April 28, 1995
