<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, 1995 and Ending December 31, 1995
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
- -------------------------------------------------------------------------------
LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
- -------------------------------------------------------------------------------
LISTING OF INSTRUCTIONAL FILING REQUIREMENTS
- -------------------------------------------------------------------------------
Page
Description of Reports or Statements Number
- ---------------------------------------------------------------- ------
ORGANIZATION CHART ............................................. 30
METHODS OF ALLOCATION .......................................... N/A
ANNUAL STATEMENT OF COMPENSATION FOR USE OF CAPITAL BILLED ..... N/A
<PAGE> 5
PAGE 5
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
1995
- -------------------------------------------------------------------------------
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>
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) ...................... 37,586 34,199
------- -------
Total Investments ............................. 37,586 34,199
------- -------
CURRENT AND ACCRUED ASSETS
131 Cash ................................................. - 512
134 Special deposits ..................................... 10 10
135 Working funds ........................................ - -
136 Temporary cash investments (Schedule IV) ............. - -
141 Notes receivable ..................................... - -
143 Accounts receivable .................................. 518 722
144 Accumulated provision for uncollectible accounts - -
146 Accounts receivable from associate companies
(Schedule V) ........................................ 9,033 6,354
152 Fuel stock expenses undistributed (Schedule VI)....... - -
154 Materials and supplies ............................... - -
163 Stores expense undistributed (Schedule VII) .......... - -
165 Prepayments .......................................... 32 39
174 Miscellaneous current and accrued assets
(Schedule VIII) ..................................... - -
------- -------
Total Current and Accrued Assets .............. 9,593 7,637
------- -------
DEFERRED DEBITS
181 Unamortized debt expense ............................. - -
184 Clearing accounts .................................... - -
186 Miscellaneous deferred debits (Schedule IX) .......... 608 1
188 Research, development, or demonstration
expenditures (Schedule X) ........................... - -
190 Accumulated deferred income taxes .................... 358 178
------- -------
Total Deferred Debits ..................... 966 179
------- -------
TOTAL ASSETS AND OTHER DEBITS ............. 48,145 42,015
======= =======
</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>
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)........ (18,243) (29,748)
------- -------
Total Proprietary Capital ..................... 39,852 37,347
------- -------
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 ..................................... 542 355
233 Notes payable to associate companies (Schedule
XIII) ............................................... - -
234 Accounts payable to associate companies
(Schedule XIII) ..................................... 11 8
236 Taxes accrued ........................................ 2,199 (323)
237 Interest accrued ..................................... 275 229
238 Dividends declared ................................... - -
241 Tax collections payable .............................. - -
242 Miscellaneous current and accrued liabilities......... - -
(Schedule XIII) ..................................... 522 183
------- -------
Total Current and Accrued Liabilities ......... 3,549 452
------- -------
DEFERRED CREDITS
253 Other deferred credits ............................... 103 52
255 Accumulated deferred investment tax credits .......... - -
------- -------
Total Deferred Credits ........................ 103 52
------- -------
282 ACCUMULATED DEFERRED INCOME TAXES ....................... 4,641 4,164
------- -------
TOTAL LIABILITIES AND PROPRIETARY CAPITAL ..... 48,145 42,015
======= =======
</TABLE>
- -------------------------------------------------------------------------------
<PAGE> 7
PAGE 7
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- -------------------------------------------------------------------------------
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 ............................................ 13,831 17,771
Rumford Cogeneration Company - 10.2% ownership ......... 5,717 6,072
Binghamton Cogeneration Limited Partnership -
33.3% ownership ..................................... 7,591 8,059
Cogeneration Partners of America-50% ownership ......... 111 111
Vineland Cogeneration Limited Partnership - 50%
ownership ............................................ 6,949 5,573
ACCOUNT 136 - TEMPORARY CASH INVESTMENTS .......................... None None
------ ------
TOTAL .................................................. 34,199 37,586
====== ======
</TABLE>
- -------------------------------------------------------------------------------
<PAGE> 8
PAGE 8
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- -------------------------------------------------------------------------------
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 ........................ 6,267 8,995
The Columbia Gas System, Inc........................... 58 -
Columbia Gas System Service Corporation ............... 29 38
----- -----
TOTAL ...................................... 6,354 9,033
- --------------------------------------------------------------------------------
ANALYSIS OF CONVENIENCE OR ACCOMMODATION PAYMENTS:
TOTAL
PAYMENTS
--------
$000
Total Payment ......................................... None
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 9
PAGE 9
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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, 1995
- -------------------------------------------------------------------------------
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 2
Pension Restoration Plan .................................. - 36
Long Term Prepayment - Distribution Fulfillment Services,
Inc. (DFS) ..................................... - 570
--- ---
TOTAL ........................................... 1 608
---------------------------------------------------------------------------
</TABLE>
<PAGE> 11
PAGE 11
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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, 1995
- -------------------------------------------------------------------------------
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 transactions 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
Debt Converted Into Equity:
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 .. (20,748) 2,505 - (18,243)
------- ----- -- -------
TOTAL......................................... (20,748) 2,505 - (18,243)
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 13
PAGE 13
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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 BALANCE AT
CLASS & SERIES OF INTEREST AMOUNT BEGINNING DECUCTIONS CLOSE
NAME OF CREDITOR OF OBLIGATION MATURITY RATE AUTHORIZED OF YEAR ADDITIONS (1) OF YEAR
- ---------------------------------- -------------- -------- -------- ---------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
% $000 $000 $000 $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, 1995
- --------------------------------------------------------------------------------
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.................. 6 11
Columbia Gas System, Inc................................. 2 -
--- ---
TOTAL ........................................ 8 11
- -----------------------------------------------------------------------------------------
ACCOUNT 242 - MISCELLANEOUS CURRENT AND ACCRUED
LIABILITIES
Retirement Income Plan................................... 66 109
Accrued Vacation......................................... 82 129
Comprehensive Medical Expense Plan Accrual............... 7 14
Flexible Spending........................................ 1 2
Arthur Andersen.......................................... 6 16
Accrued Expenses......................................... 4 218
Thrift Restoration Plan.................................. 7 34
--- ---
TOTAL ........................................ 183 522
- -----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
PAGE 15
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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 elsewhere 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 versus 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 $45,256.00 in 1995 and $39,894.00 in 1994,
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 31
Deferred Income Taxes 283 282 3,886
Long Term Prepayment - DFS 121 186 570
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 16
PAGE 16
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
SCHEDULE XV
STATEMENT OF INCOME
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
------------ -----------
ACCOUNT DESCRIPTION CURRENT YEAR PRIOR YEAR
- ------- ------------------------------------------ ------------ -----------
$000 $000
<S> <C> <C> <C>
INCOME
418 Income from Investments .................. 5,407 5,220
419 Interest on Contingent Taxes ............. 523 247
457 Services rendered to associate companies.. - -
458 Services rendered to nonassociate
companies ............................. 1,907 1,109
421 Miscellaneous income or loss ............. - -
------ ------
Total Income ............................. 7,837 6,576
------ ------
EXPENSE
920 Salaries and wages ....................... 1,606 1040
921 Office supplies and expenses ............. 168 108
922 Administrative expense transferred -
credit ................................ - -
923 Outside services employed ................ 1,383 592
924 Property insurance ....................... - -
925 Injuries and damages insurance ........... 23 16
926 Employee pensions and benefits ........... 182 328
930.1 General advertising expenses ............. - -
930.2 Miscellaneous general expenses ........... 2 -
931 Rents .................................... 329 163
403 Depreciation and amortization expense..... 30 -
408 Taxes other than income taxes ............ 92 292
409 Income Taxes ............................. 1,213 (1,473)
410 Provision for deferred income taxes ...... 2,057 5,554
411 Provision for deferred income taxes -
credit ................................. (1,761) (2,541)
411.5 Investment tax credit .................... - -
426.5 Other deductions ......................... 8 4
427 Interest on long-term debt ............... - -
430 Interest on debt to associate companies .. - -
431 Other interest expense ................... - -
------ ------
Total Expense ...................... 5,332 4,083
------ ------
Net Income ........................ 2,505 2,493
------ ------
</TABLE>
- -------------------------------------------------------------------------------
<PAGE> 17
PAGE 17
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
ANALYSIS OF INCOME FROM INVESTMENTS
NONASSOCIATE COMPANIES
ACCOUNT 418
<TABLE>
<CAPTION>
NAME OF NONASSOCIATE COMPANY INCOME
- -------------------------------------------- ------
$000
<S> <C>
Rumford .................................... 1,377
Pedricktown Cogeneration Ltd Partnership ... 3,939
Binghamton Cogeneration Ltd Partnership .... 465
CPA ........................................ -
Vineland Cogeneration Ltd Partnership ...... (374)
-----
5,407
=====
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 18
PAGE 18
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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> <C> <C> <C>
Pedricktown Cogeneration Limited Partnership ... 606 606 606
Binghamton Cogeneration Limited Partnership .... 469 469 469
Vineland Cogeneration Limited Partnership ...... 571 571 571
Cogeneration Partners of America ............... 18 18 18
Distribution Fulfillment Services, Inc. (DFS)... 243 243 243
-------------------------------------------------------------
Total .......................................... 1,907 1,907 1,907
-------------------------------------------------------------
</TABLE>
INSTRUCTION: Provide a brief description of the services rendered to each
nonassociate company: Services rendered for each nonassociate
company includes finance, fuel management, legal, tax, asset
management, and risk management. In addition, for the DFS facility
located in Columbus, Ohio, TriStar Ventures Corporation operates
the power generating plant and services and maintains the HVAC
system for that location.
- --------------------------------------------------------------------------------
<PAGE> 19
PAGE 19
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
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
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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.
- ------------------------------------------ ------ -------- ----- ------ -------- ----- ------ -------- -----
TOTAL EXPENSES ................. - 1,907 - 1,907 1,907 1,907
------ -------- ----- ------ -------- ----- ------ -------- -----
COMPENSATION FOR USE OF EQUITY
CAPITAL -
-----
430 INTEREST ON DEBT TO ASSOCIATE
COMPANIES - -
----- -----
TOTAL COST OF SERVICE .......... 1,907 1,907
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 20
PAGE 20
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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 .......... 1,606
921 OFFICE SUPPLIES AND EXPENSES. 168
922 ADMINISTRATIVE EXPENSE
TRANSFERRED-CREDIT ........ -
923 OUTSIDE SERVICES EMPLOYED.... 1,383
924 PROPERTY INSURANCE .......... -
925 INJURIES AND DAMAGES ........ 23
926 EMPLOYEE PENSIONS & BENEFITS. 182
928 REGULATORY COMMISSION EXPENSE -
930.1 GENERAL ADVERTISING EXPENSES. -
930.2 MISCELLANEOUS GENERAL EXP.... 2
931 RENTS ....................... 329 DETAIL BREAKDOWN BY DEPARTMENT
403 DEPRECIATION AND AMORTIZATION IS NOT AVAILABLE
EXPENSE ................... 30
408 TAXES OTHER THAN INCOME TAXES 92
409 INCOME TAXES ................ 1,213
410 PROVISION FOR DEFERRED INCOME
TAXES ...................... 2,057
411 PROVISION FOR DEFERRED INCOME
TAXES-CREDIT ............... (1,761)
411.5 INVESTMENT TAX CREDIT ....... -
426.5 OTHER DEDUCTIONS ............ 8
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 .............. 5,332 - - - - -
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 21
PAGE 21
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
DEPARTMENTAL ANALYSIS OF SALARIES
ACCOUNT 920
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEPARTMENTAL SALARY EXPENSE
--------------------------------------------------- NUMBER
INCLUDED IN AMOUNTS BILLED TO PERSONNEL
NAME OF DEPARTMENT ---------------------------------------- ---------
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
TriStar Power Operations .. - - - - 13
-----------------------------------------------------------------
TOTAL ................ 1,606* 755 - 851 33
- --------------------------------------------------------------------------------------------------------------
</TABLE>
* Detailed breakdown is not available for 1995
<PAGE> 22
PAGE 22
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For The Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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>
1-Special Services - Legal
Wilmer, Cutler & Pickering 2445 M Street, N.W., Washington, DC 20037............ NA 2
Buchanan Ingersoll One Oxford Centre, 301 Grant Street, 20th Floor,
Pittsburgh, PA 15219 ............................... NA 4
-----
Total Special Services - Legal ....................... 6
2-Special Services - Audit
Arthur Andersen & Company 1345 Avenue of the Americas, New York, NY 10105 ..... NA 35
-----
Total Special Services - Audit .................... 35
3-Special Services - Other
Columbia Gas of Ohio, Inc. P.O. Box 117, Columbus, OH 43216 A 12
Columbia Gas System Service
Corporation 1600 Dublin Road, Columbus, OH 43215-1082 ........... A 324
Placers P.O. Box 15621, Wilmington, DE 19850-5621 ........... NA 8
The Forrestal Coalition 1600 Wilson Blvd., Suite 200, Arlington, VA 22209 ... NA 18
Gas Fair/Gas Mart Expenditures 30
Other Organizations 23
-----
Total Special Services - Other .................... 415
4-Special Services - Tax
Total Special Services - Tax ...................... -
5-Special Services - Consulting
Christopher Bruch 210 South Cherry Street, Mt. Pleasant, IA 52641 ..... NA 69
Fuel & Environment Corp. 2907 Professional Pkwy., Augusta, GA 30907 .......... NA 234
C.C. Pace Resources, Inc. 4375 Fair Lakes Ct., Ste. 2000, Fairfax, VA 22033 ... NA 384
Boston Pacific Co., Inc. 1225 I Street, N.W., Suite 890, Washington, D.C. 20005 NA 28
Gary D. Moore 7706 Ashley View Drive, Cincinnati, OH 45227 ........ NA 6
Gaseous Fuel Engineering
& Consulting 2035 Aster Lane, Martinsburg, WV 25401 .............. NA 46
Logic Laboratories, Inc. 751 Miller Drive, Suite E-3, Leesburg, VA 22075 ..... NA 150
William Madison P.O. Box 178, Pocopson, PA 19366 .................... NA 4
Dwights Energy Data, Inc. Dept. #557, Denver, CO 80271 ........................ NA 6
-----
Total Special Services - Consulting ............... 927
-----
Total All Special Services ........................ 1,383
=====
</TABLE>
<PAGE> 23
PAGE 23
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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 ...................... 84
Employee Retirement Expense ............... 45
Thrift Plan ............................... 39
Pension Restoration Plan .................. 16
Other Post-Employment Benefits ............ 12
Group Life Insurance ...................... 13
Dental Assistance Plan .................... 8
Long-Term Disability Insurance ............ 6
Miscellaneous ............................. (41)
---
TOTAL ................................. 182
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 24
PAGE 24
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- -------------------------------------------------------------------------------
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>
NONE
-----
TOTAL .................... -
</TABLE>
- -------------------------------------------------------------------------------
<PAGE> 25
PAGE 25
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- -------------------------------------------------------------------------------
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>
Filing Fee 2
---
TOTAL ................................ 2
</TABLE>
- -------------------------------------------------------------------------------
<PAGE> 26
PAGE 26
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- -------------------------------------------------------------------------------
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 ................... 55
Office Space ...................... 250
Communications .................... 24
---
TOTAL ........................ 329
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 27
PAGE 27
- -------------------------------------------------------------------------------
ANNUAL REPORT OF VENTURES CORPORATION
For the Year Ended December 31, 1995
- -------------------------------------------------------------------------------
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 (state) ................... 2
License or Franchise ................... (13)
Miscellaneous .......................... -
----
Total - Other ..................... (11)
(2) U.S. Government Taxes:
Federal Insurance Contribution ......... 102
Unemployment ........................... 1
---
Total - Federal ................... 103
---
TOTAL ......................................... 92
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 28
PAGE 28
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- --------------------------------------------------------------------------------
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> <C>
Other 8
----
TOTAL ........................... 8
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 29
PAGE 29
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1995
- -------------------------------------------------------------------------------
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
Page 30
TRISTAR VENTURES CORPORATION
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
----------------
President
Cranston
----------------
|
----------------
Admin Asst (2)
----------------
|
|
------------------------------------------------------------------------------------------------------------------
| | |
--------- -------------- ----------
Treasurer Vice President V.P., Fuel
Detar Alexander Andreoli
--------- -------------- ----------
| | |
| ----------------------------------------------- |
---------------------- | | | | |
| | ---------- | ---------- ----------- |
| | Asset Mgmt | Asset Mgmt Analyst (2) |
---------- ---------------- ---------- | ---------- ----------- |
Supervisor Cash Mgt/Planning | | |
---------- ----------------- | --------- -----------------
| | Assistant Director of Fuels
| | --------- -----------------
-------------------------------------- | |
| | | | |
- ------------------ -------------- --------------- ----------------- ---------------------------
Sr. Accountant (2) Accountant (2) Accouting Clerk TriStar Power Op. | |
- ------------------ -------------- --------------- Plant Manager ------------------- --------------
----------------- Fuel Specialist (2) Contract Admin
| ------------------- --------------
-----------------
Plant Engineer
-----------------
|
-----------------
Operators (11)
-----------------
</TABLE>
(2) Two positions at that level.
(11) Eleven positions at that level.
<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
--------------------------
Dennis P. Detar, Treasurer
and Controller
Date: April 29, 1996
<TABLE> <S> <C>
<ARTICLE> OPUR2
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<NET-SERVICE-COMPANY-PROPERTY> 0
<TOTAL-INVESTMENTS> 37,586
<TOTAL-CURRENT-ASSETS> 9,593
<TOTAL-DEFERRED-DEBITS> 966
<OTHER-ASSETS-AND-DEBITS> 0
<TOTAL-ASSETS-AND-DEBITS> 48,145
<TOTAL-PROPRIETARY-CAPITAL> 39,852
<TOTAL-LONG-TERM-DEBT> 0
<NOTES-PAYABLE> 0
<NOTES-PAYABLE-ASSOCIATE-COMP> 0
<OTHER-CURR-AND-ACCRUED-LIAB> 3,549
<TOTAL-DEFERRED-CREDITS> 103
<DEFERRED-INCOME-TAX> 4,641
<TOT-LIABIL-AND-PROPRIET-CAP> 48,145
<SERVICES-ASSOCIATE-COMPANIES> 0
<SERVICES-NON-ASSOCIATE-COMP> 1,907
<MISC-INCOME-OR-LOSS> 0
<TOTAL-INCOME> 7,837
<SALARIES-AND-WAGES> 1,606
<EMPLOYEE-PENSION-AND-BENEFIT> 182
<OTHER-EXPENSES> 3,544
<TOTAL-EXPENSES> 5,332
<NET-INCOME> 2,505
<TOTAL-EXPENSES-DIRECT-COST> 0
<TOTAL-EXPENSES-INDIRECT-COST> 0
<TOT-EXP-DIRECT-AND-INDIRECT> 0
<PERSONNEL-END-OF-YEAR> 33
</TABLE>
