<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________to____________
Commission File Number 1-7477
CRSS INC.
(Exact Name of registrant as specified in its Charter)
DELAWARE 74-1677382
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1177 WEST LOOP SOUTH, SUITE 800, HOUSTON, TEXAS 77027
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (713) 552-2000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class of Common Stock Outstanding at May 11, 1994
- ----------------------------- ----------------------------
$1 Par Value 12,846,108
<PAGE> 2
CRSS INC. AND SUBSIDIARIES
FORM 10-Q
MARCH 31, 1994
INDEX
PAGE
NUMBER
------
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheet-
March 31, 1994 and June 30, 1993 . . . . . . . . . . . . . . . 1
Consolidated Statement of Operations-Three and
Nine Months Ended March 31, 1994 and 1993 . . . . . . . . . . . 2
Consolidated Statement of Cash Flows-Nine Months Ended
March 31, 1994 and 1993 . . . . . . . . . . . . . . . . . . . . 3
Notes to Consolidated Financial Statements . . . . . . . . . . . . 4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations . . . . . . . . . 6
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . 11
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM I. CONSOLIDATED FINANCIAL STATEMENTS
CRSS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
March 31, 1994 June 30, 199
-------------- ------------
(unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 9,547 $ 49,327
Receivables, net 112,064 118,032
Deferred income taxes 14,477 14,591
Prepaid expenses and other assets 2,921 2,749
Net current assets from discontinued operations 4,925 5,497
-------- --------
Total current assets 143,934 190,196
Property and equipment, net 86,587 90,475
Net noncurrent assets from discontinued operations 9,747 9,747
Other assets:
Long-term investments 67,021 29,810
Deferred charges and other 12,778 3,858
-------- --------
79,799 33,668
-------- --------
$320,067 $324,086
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 52,979 $ 47,406
Current portion of long-term obligations 2,730 2,595
Amounts billed in excess of revenues
recognized on contracts in process 15,884 25,813
Other current liabilities 38,130 43,483
-------- --------
Total current liabilities 109,723 119,297
Non-recourse project financing 61,523 63,238
Other long-term obligations 21,659 12,798
Deferred income taxes 37,407 35,275
Minority interest in common stock of subsidiary subject to - 7,084
Shareholders' equity:
Preferred stock, no par value, 2,000,000 shares authorized
but unissued - -
Common stock, $l.00 par value, 50,000,000 shares authorized;
issued March 31, 1994 - 16,406,000 shares and
June 30, 1993 - 16,289,000 shares 16,406 16,289
Additional paid-in capital 68,691 68,054
Retained earnings 31,611 29,244
-------- --------
116,708 113,587
Treasury stock, at cost, 3,559,000 shares at March 31, 1994
and June 30, 1993 (26,837) (26,822)
Other (116) (371)
-------- --------
89,755 86,394
-------- --------
$320,067 $324,086
======== ========
</TABLE>
See Notes to Unaudited Consolidated Financial Statements.
1
<PAGE> 4
CRSS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
March 31, March 31,
1994 1993 1994 1993
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Gross revenues $141,211 $136,320 $433,404 $405,900
Subcontract and procurement costs 85,990 73,837 266,554 223,697
-------- -------- -------- --------
Operating revenues 55,221 62,483 166,850 182,203
Costs and expenses:
Direct 30,624 33,328 90,538 92,138
Operating 23,744 28,950 75,112 88,367
-------- -------- -------- --------
54,368 62,278 165,650 180,505
Equity income in affiliates 3,216 2,347 10,802 5,371
Operating income from continuing operations 4,069 2,552 12,002 7,069
Other income (expense):
Non-operating income 276 1,351 766 3,199
Interest expense (1,948) (1,940) (5,804) (5,868)
Minority interest 13 (176) (455) (1,135)
-------- -------- -------- --------
(1,659) (765) (5,493) (3,804)
-------- -------- -------- --------
Earnings from continuing operations before income tax 2,410 1,787 6,509 3,265
Income tax 1,110 870 2,995 1,535
-------- -------- -------- --------
Earnings from continuing operations 1,300 917 3,514 1,730
Cumulative effect of changes in accounting principles - - - (8,575)
-------- -------- -------- --------
Net earnings (loss) $ 1,300 $ 917 $ 3,514 $ (6,845)
======== ======== ======== ========
Primary and fully diluted earnings per common share:
Earnings from continuing operations $ 0.10 $ 0.07 $ 0.27 $ 0.13
Net earnings (loss) $ 0.10 $ 0.07 $ 0.27 $ (0.52)
Weighted average common shares outstanding 13,105 13,059 13,061 13,162
======== ======== ======== ========
Dividends per common share $ 0.03 $ 0.03 $ 0.09 $ 0.09
======== ======== ======== ========
</TABLE>
See Notes to Unaudited Consolidated Financial Statements.
2
<PAGE> 5
CRSS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
(DOLLARS IN THOUSANDS) NINE MONTHS ENDED
MARCH 31,
1994 1993
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Earnings from continuing operations $ 3,514 $ 1,730
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
Deferred income taxes 2,246 1,404
Depreciation and amortization 5,561 6,199
Equity income in affiliates (10,802) (5,371)
(Increase) decrease in receivables 5,968 (27,632)
(Increase) decrease in prepaid expenses, deferred charges and other assets (5,216) 126
Increase (decrease) in accounts payable 5,573 21,556
Increase (decrease) in amounts billed in excess of revenues
recognized on contracts in process (9,929) 10,452
Increase in other current liabilities (5,353) 920
Distributions from affiliates 5,534 2,507
Payments to (advances from) NaTec 572 (900)
Gain on sale of guaranteed interest contract - (1,161)
Other operating activities (788) 196
-------- --------
Net cash provided by (used in) operating activities (3,120) 10,026
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment (1,736) (2,898)
Investment in affiliates (30,000) (7,077)
Proceeds from guaranteed interest contract - 13,777
Proceeds from note receivable - 3,150
Proceeds from sale of Dravo stock - 4,683
Other investing activities (95) (582)
-------- --------
Net cash provided by (used in) investing activities (31,831) 11,053
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term borrowings 9,200 -
Payments on long-term obligations (1,580) (2,275)
Redemption of stock of subsidiary (17,000) -
Contributions from minority interest 5,700 -
Purchase of treasury shares - (1,355)
Dividends paid on common stock (1,149) (1,151)
-------- --------
Net cash used in financing activities (4,829) (4,781)
-------- --------
Net increase (decrease) in cash and cash equivalents (39,780) 16,298
Cash and cash equivalents at beginning of period 49,327 31,233
-------- --------
Cash and cash equivalents at end of period $ 9,547 $ 47,531
======== ========
</TABLE>
See Notes to Unaudited Consolidated Financial Statements.
3
<PAGE> 6
CRSS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited Consolidated Financial
Statements contain all adjustments necessary to present fairly the financial
position of CRSS Inc. and subsidiaries ("Company") as of March 31, 1994, the
results of operations for the three and nine months ended March 31, 1994 and
1993 and cash flows for the nine months ended March 31, 1994 and 1993. All
adjustments are of a normal recurring nature. These unaudited Consolidated
Financial Statements should be read in conjunction with the audited
Consolidated Financial Statements included in the June 30, 1993 Annual Report
to Shareholders. The results of operations for the three and nine month
periods ended March 31, 1994 are not necessarily indicative of the results to
be expected for the full fiscal year. Certain amounts in the prior period
Consolidated Financial Statements have been reclassified to conform to the
current year presentation.
NOTE 2. UNCONSOLIDATED AFFILIATES
CRSS Capital Inc. ("CRSS Capital") has a 50.0 percent partnership interest in
the Hopewell, Appomattox, and Naheola facilities and a 47.5 percent partnership
interest in the Westwood facility. The partnership interests are accounted for
using the equity method.
Summarized financial information of the power and cogeneration limited
partnerships at 100 percent follows. Summarized financial information for the
three and nine months ended March 31, 1993 includes results for the Westwood
and Hopewell facilities for the entire period in addition to results for the
Appomattox facility beginning on the acquisition date of October 27, 1992 and
for the Naheola facility beginning in March 1993, when the facility became
operational.
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
(dollars in thousands) March 31, 1994 March 31, 1993
------------------ ------------------
<S> <C> <C>
Operating revenues $46,337 $31,717
Earnings from operations 17,991 12,242
Net earnings 6,486 4,743
</TABLE>
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended
March 31, 1994 March 31, 1993
------------------ -----------------
<S> <C> <C>
Operating revenues $135,883 $71,429
Earnings from operations 56,365 30,028
Net earnings 21,723 10,761
</TABLE>
CRSS Capital also has a 100 percent interest in the three 18-megawatt Viking
facilities, the accounts of which are consolidated in the CRSS Consolidated
Financial Statements.
4
<PAGE> 7
NOTE 3. MINORITY INTEREST
On January 31, 1994, the Company (via redemption by CRSS Capital) repurchased
all of the common stock of CRSS Capital owned by Paribas North America, Inc.,
the 19 percent minority interest owner. The purchase price of $17,000,000 was
funded from available cash in addition to borrowings of $13,000,000 obtained
under the revolving credit facility maintained by the Company. The acquisition
was accounted for using the purchase method of accounting.
The following unaudited proforma consolidated results of operations for the
nine months ended March 31, 1994 and for the year ended June 30, 1993, which
give effect to the acquisition as if it had occurred on July 1, 1992, reflects
adjustments made to the historical financial statements for, (i) amortization
of goodwill ($3,898,000) over a 20 year period, (ii) interest expense on
additional borrowings of $13,000,000 at a rate of 4.875 percent per annum
(LIBOR plus 1.125 percent), (iii) additional 19 percent of net earnings of CRSS
Capital, and (iv) related income tax adjustments.
<TABLE>
<CAPTION>
Nine months ended Year ended
(in thousands) March 31, 1994 June 30, 1993
----------------- -------------
<S> <C> <C>
Gross revenues $433,404 $546,304
Subcontract and procurement costs 266,554 298,238
-------- --------
Operating revenues 166,850 248,066
Costs and expenses:
Direct 90,538 126,870
Operating 75,226 118,184
-------- --------
165,764 245,054
Equity income in affiliates 10,802 8,038
-------- --------
Operating income 11,888 11,050
Non-operating income 766 3,739
Interest expense (6,174) (8,462)
-------- --------
Earnings from continuing operations
before income tax 6,481 6,327
Income tax (2,855) (2,549)
-------- --------
Earnings from continuing operations $ 3,626 $ 3,778
======== ========
Primary and fully diluted earnings per common
share from continuing operations $ 0.28 $ 0.29
======== ========
Weighted average shares outstanding 13,061 13,138
======== ========
</TABLE>
5
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
CONTINUING OPERATIONS
Consolidated gross revenues from continuing operations for the third quarter of
fiscal 1994 were $141.2 million versus $136.3 million for the corresponding
quarter of the prior fiscal year. Gross revenues for the nine months ended
March 31, 1994 were $433.4 million versus $405.9 million for the corresponding
period of the prior fiscal year. The increase for the three and nine months
ended March 31, 1994 was primarily due to higher gross revenues attributable to
CRSS Services, Inc. ("CRSS Services"), the design and construction subsidiary.
The increase in gross revenue for CRSS Services is due primarily to an increase
in the mix of projects with relatively higher levels of subcontract and
procurement pass-through costs.
Consolidated operating revenues from continuing operations for the three months
ended March 31, 1994 were $55.2 million compared with $62.5 million for the
corresponding period of the prior year, representing a decrease of $7.3
million, or 12 percent. The decrease is primarily due to lower volume of
activity during the third quarter of the current year for CRSS Services.
For the nine months ended March 31, 1994, consolidated operating revenues from
continuing operations were $166.9 million compared with $182.2 million for the
corresponding period of the prior year, representing a decrease of $15.3
million, or 8 percent. The decrease is primarily due to the prior year
including revenue earned by CRSS Capital, the independent power and
cogeneration subsidiary, during the nine months ended March 31, 1994 in
conjunction with the completion of project development activities and term
financing for the $70.6 million Appomattox Cogeneration facility ("Appomattox")
at the Stone Container Corporation pulp and paper mill in Hopewell, Virginia.
Also contributing to the decrease is the lower volume of activity during the
current year for CRSS Services.
Direct costs and expenses for the three months ended March 31, 1994 of $30.6
million were $2.7 million, or 8 percent, lower than the prior year amount of
$33.3 million. For the nine months ended March 31, 1994, direct costs and
expenses were $90.5 million compared with $92.1 million for the corresponding
period of the prior year, a decrease of $1.6 million, or 2 percent. The
fluctuations in direct costs and expenses are consistent with the fluctuations
in the design and construction activities for the three and nine months ended
March 31, 1994, as discussed above.
Operating costs and expenses for the quarter ended March 31, 1994 were $23.7
million compared to $29.0 million for the corresponding quarter of the prior
year, a decrease of $5.2 million, or 18 percent. For the nine months ended
March 31, 1994, operating costs and expenses were $75.1 million versus $88.4
million for the corresponding period of the prior year, a decrease of $13.3
million, or 15 percent. The decreases are primarily due to the cost reduction
program completed during fiscal 1993 coupled with the reduced operating
activity of CRSS Services as discussed above. Additionally, the nine months
ended March 31, 1993 included costs incurred by CRSS Capital in conjunction
with the Appomattox transaction discussed above. The nine months ended March
31, 1993 also included higher than expected severance related amounts,
recognized during the first
6
<PAGE> 9
quarter of fiscal 1993, associated with the cost reduction program announced in
August 1992.
Equity income in affiliates increased from $2.3 million for the three months
ended March 31, 1993 to $3.2 million for the three months ended March 31,1994,
an increase of $0.9 million, or 37 percent. For the nine months ended March
31, 1994, equity income in affiliates was $10.8 million compared to $5.4
million for the nine months ended March 31, 1993, an increase of $5.4 million,
or 100 percent. The increases are primarily due to earnings from the Naheola
cogeneration facility, which became operational during the third quarter of
fiscal 1993. Also contributing to the increases were improved operating
results at the Hopewell cogeneration facility, coupled with the additional
current year earnings of the Appomattox cogeneration facility, which was
acquired October 27, 1992.
Non-operating income for the three months ended March 31, 1994 was $0.3 million
compared to $1.4 million for the three months ended March 31, 1993. For the
nine months ended March 31, 1994, non-operating income was $0.8 million
compared to $3.2 million for the corresponding period of the prior year. The
three and nine months ended March 31, 1993 included interest income from a
guaranteed interest contract which was sold during the third quarter of fiscal
1993. The three and nine months ended March 31, 1993 also included a $1.2
million gain on sale of the guaranteed interest contract. Also contributing to
the decreases are lower cash balances available for investment during the
current year.
The consolidated earnings from continuing operations for the third quarter
ended March 31, 1994 were $1.3 million, or $0.10 per share, compared to
earnings from continuing operations of $0.9 million, or $0.07 per share, for
the corresponding period of the prior year. The consolidated earnings from
continuing operations for the nine months ended March 31, 1994 were $3.5
million, or $0.27 per share, compared to earnings from continuing operations of
$1.7 million, or $0.13 per share, for the corresponding period of the prior
year. The increases are primarily due to the lower operating costs resulting
from the cost reduction program completed during fiscal 1993 in addition to the
significant increase in earnings attributable to the power and cogeneration
partnerships.
CONSOLIDATED RESULTS
The consolidated net earnings for the third quarter ended March 31, 1994, were
$1.3 million, or $0.10 per share versus net earnings of $0.9 million, or $0.07
per share for the corresponding period of the prior year.
The consolidated net earnings for the nine months ended March 31, 1994 were
$3.5 million, or $0.27 per share, compared to a net loss of $6.8 million, or
$0.52 per share, for the corresponding period of the prior year. The net loss
for the nine months ended March 31, 1993 included an $8.6 million, or $0.65 per
share, charge related to the adoption of new accounting standards related to
accounting for income taxes, postretirement benefits and postemployment
benefits.
BACKLOG
Gross revenue backlog of CRSS Services at March 31, 1994 was $381.5 million
compared with $419.4 million at December 31, 1993 and $586.2 million at March
31, 1993. Operating revenue backlog at March 31, 1994 was $155.9 million
compared with $171.2 million at December 31, 1993 and $182.8 million at March
31, 1993. The
7
<PAGE> 10
decrease in gross revenue backlog is consistent with the near completion of
certain turnkey engineering, procurement and construction projects, primarily
in the Power market of CRS Sirrine Engineers (a subsidiary of CRSS Services),
coupled with delays in sales orders as indicated by the decrease in operating
revenue backlog. Operating revenue new orders totalled $40.7 million and
$125.3 million during the three and nine months ended March 31, 1994,
respectively. The new orders were derived primarily from the
public/institutional, consumer and technology, and pulp and paper markets.
Operating revenue backlog by segment follows:
(dollars in thousands)
<TABLE>
<CAPTION>
March 31, December 31, March 31,
1994 1993 1993
-------- ----------- --------
<S> <C> <C> <C>
Public/Institutional $101,883 $104,257 $102,507
Consumer and technology 24,266 38,417 19,731
Pulp and paper 18,253 14,098 26,696
Power 9,453 11,860 25,934
Corporate 2,070 2,600 7,912
-------- -------- --------
Total $155,925 $171,232 $182,780
======== ======== ========
</TABLE>
Gross and operating revenue backlog at March 31, 1994 related to governmental
contracts (federal, state and local agencies) amounted to $309.4 million and
$101.4 million, respectively. This compares to $320.0 million and $104.1
million in gross and operating revenue, respectively, at December 31, 1993, and
$332.9 million and $95.2 million in gross and operating revenue, respectively,
at March 31, 1993. The increase in operating revenue backlog from governmental
agencies as compared to March 31, 1993 is due primarily to increased sales in
the corrections, public infrastructure and healthcare sectors of the
Public/Institutional market segment.
Included in gross and operating revenue backlog from government contracts at
March 31, 1994 is $53.6 million and $17.9 million, respectively, related to the
Peace Shield project. The Peace Shield project is a joint venture with Metcalf
& Eddy, Inc. for the United States Air Force to provide program management
services for support facilities for AWACS aircraft in Saudi Arabia. Management
anticipates that the operating income from the Peace Shield project will be
approximately $2.5 million per fiscal year until the project's termination in
1996.
LIQUIDITY AND CAPITAL RESOURCES
Working capital at March 31, 1994, totalled $34.2 million, which included $9.5
million in cash and cash equivalents. As of June 30, 1993, working capital was
$70.9 million, which included cash and cash equivalents of $49.3 million. The
$39.8 million decrease in cash and cash equivalents for the period from June
30, 1993 to March 31, 1994 is due primarily to, (i) the $30.0 million equity
contribution made by CRSS Capital to the Naheola Cogeneration Limited
Partnership (of which CRSS's portion was $24.3 million), (ii) the repurchase of
all of the common stock of CRSS Capital owned by Paribas North America, Inc.
for $17.0 million, and (iii) the timing of cash receipts and payments.
Partially offsetting the decrease in cash and cash equivalents is $9.2 million
of
8
<PAGE> 11
borrowings obtained under the Company's revolving credit facility as further
discussed below, in addition to $5.5 million of partnership distributions
received by CRSS Capital.
At March 31, 1994, cash totalling $8.2 million has been reserved for the
Company's captive insurance requirements and CRSS Capital's cash reserve for
plant maintenance on the Viking projects in accordance with the terms of the
non-recourse project financing.
On January 18, 1994, the Company amended and restated its unsecured revolving
credit facility with four banks. The amount of the facility has been increased
to $50.0 million. The amount of facility available for borrowings is reduced
by the amount of all outstanding letters of credit issued thereunder, which
currently totals $35.8 million. The credit facility, which is available
through January 31, 1996, may be used for general corporate purposes subject to
certain restrictive covenants including, among others, liquidity ratio,
tangible net worth, debt and cash flow ratios and limitations on capital
investments. Borrowings under the facility bear interest at prime plus 0 or
0.25 percent (depending on certain financial ratios), or, at the Company's
option, the London Interbank Offered Rate plus 0.75 to 1.50 percent (depending
on certain financial ratios).
On January 31, 1994, the Company (via redemption by CRSS Capital) repurchased
all of the common stock of CRSS Capital owned by Paribas North America, Inc.,
the 19 percent minority interest owner. The purchase price of $17.0 million
was funded from available cash in addition to borrowings of $13.0 million
obtained under the revolving credit facility. At March 31, 1994, the Company
had $9.2 million of borrowings under the revolving credit facility.
Management believes that existing cash, cash flow from operations and existing
credit facilities will be sufficient to meet the ongoing requirements of the
operations of the Company. In addition, the above sources can be supplemented
with other external sources of funds to meet additional cash requirements if
necessary.
9
<PAGE> 12
PROFORMA COMBINING BALANCE SHEET
As discussed in Note 2, the Company accounts for CRSS Capital's investment in
fifty percent or less owned power and cogeneration limited partnerships on the
equity method. The following presents a proforma condensed combining balance
sheet of the Company, as of March 31, 1994, assuming the fifty percent or less
owned entities are combined with CRSS Capital:
(dollars in thousands)
<TABLE>
<CAPTION>
CRSS CRSS Unallocated CRSS
Capital Services Corporate Inc.
--------- -------- ----------- --------
<S> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents $ 80,366 $ 543 $ 7,583 $ 88,492
Receivables, net 21,630 104,263 2,594 128,487
Deferred income taxes 1,259 9,921 3,297 14,477
Other current assets 2,390 2,116 6,288 10,794
-------- -------- ------- --------
Total current assets 105,645 116,843 19,762 242,250
Property, plant and equipment, net 629,757 5,404 6,203 641,364
Other noncurrent assets 15,733 6,920 7,513 30,166
-------- -------- ------- --------
$751,135 $129,167 $33,478 $913,780
======== ======== ======= ========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable and accrued expenses $ 22,404 $ 31,925 $ 6,291 $ 60,620
Fees billed but unearned - 15,884 - 15,884
Current portion of long-term obligations 19,880 - 465 20,345
Other current liabilities 1,992 22,788 24,268 49,048
-------- -------- ------- --------
Total current liabilities 44,276 70,597 31,024 145,897
Non-recourse project financing 525,937 - - 525,937
Other long-term obligations 44,060 235 10,324 54,619
Deferred income taxes 43,620 (1,088) (5,125) 37,407
Minority interest in partnerships 60,165 - - 60,165
Shareholders' equity 33,077 59,423 (2,745) 89,755
-------- -------- ------- --------
$751,135 $129,167 $33,478 $913,780
======== ======== ======= ========
</TABLE>
10
<PAGE> 13
PART II. - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K:
(a) Exhibits
None
(b) Report on Form 8-K
None
11
<PAGE> 14
CRSS INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CRSS Inc.
(Registrant)
Date May 11, 1994 /s/ BRUCE W. WILKINSON
Bruce W. Wilkinson
Chairman,
Chief Executive Officer
and Director
Date May 11, 1994 /s/ WILLIAM J. GARDINER
William J. Gardiner
Senior Vice President/Chief
Financial Officer and
Treasurer (Principal
Financial and Accounting
Officer)
12
