SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: March 28, 1994
EASTERN UTILITIES ASSOCIATES
(Exact name of registrant as specified in this charter)
Massachusetts 1-5366 04-1271872
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
One Liberty Square, Boston, Massachusetts 02109
(Address of principal executive offices) (Zip Code)
Item 5. Other Events.
On March 28, 1994 Eastern Utilities Associates announced today that in
accordance with the provisions of the agreement of merger among EUA, EUA
Cogenex Corporation and Northeast Energy Management, Inc., of Brunswick, ME
and the requirements of the Securities and Exchange Commission regarding
acquisitions accounted for as a pooling of interests, it was reporting on a
one-time basis only, the results of operations for the period ending February
28, 1994. EUA will resume reporting earnings on a quarterly basis beginning
with the quarter ending March 31, 1994.
EASTERN UTILITIES ASSOCIATES
(Registrant)
By: /s/ John R. Stevens
John R. Stevens,
President
Date: March 28, 1994
March 28, 1994
Upon Receipt
Clifford J. Hebert, Jr.
(617) 357-9590
EASTERN UTILITIES ANNOUNCES EARNINGS
FOR FIRST TWO MONTHS OF 1994
BOSTON, Mar. 28 -- Eastern Utilities Associates (NYSE Symbol: EUA)
announced today that in accordance with the provisions of the agreement of
merger among EUA, EUA Cogenex Corporation and Northeast Energy Management,
Inc., of Brunswick, ME and the requirements of the Securities and Exchange
Commission regarding acquisitions accounted for as a pooling of interests, it
was reporting on a one-time basis only, the results of operations for the
period ending February 28, 1994. EUA will resume reporting earnings on a
quarterly basis beginning with the quarter ending March 31, 1994.
Consolidated net earnings were $10.7 million, or 56 cents per common
share, on revenues of $99.8 million for the two months ended Feb. 28, 1994,
compared with earnings of $8.4 million, or 49 cents per common share, on
revenues of $91.8 million for the same period in 1993, Chairman and Chief
Executive Officer Donald G. Pardus announced today.
For the 12 months ended Feb. 28, 1994, EUA's net earnings were $47.2
million -- $2.52 per common share -- on revenues of $574.5 million, versus
earnings of $35.3 million or $2.07 per common share on revenues of $538.5
million for the same period a year ago.
"The improvement in earnings for the two month period in 1994 as compared
to the same period in 1993 was due mainly to an increase in kilowatthour sales
of electricity by EUA's retail subsidiaries of 3.8% as a result of colder
weather. Earnings for the twelve month period in 1994 as compared to the same
period in 1993 were positively affected by several factors including the
increase in kilowatthour sales mentioned above, with the most significant
factor being the utilization of investment tax credits during the 1993 tax
year related to the December 1992 EUA Power Corp. Settlement Agreement which
accounted for slightly more than one-half of the increase in earnings per
share," Pardus said.
EUA is a Boston-based investor-owned holding company whose shares are
traded on the New York and Pacific Stock Exchanges. Subsidiaries are
Blackstone Valley Electric Co., Eastern Edison Co., Newport Electric Corp.,
EUA Cogenex Corp., EUA Energy Investment Corp., EUA Ocean State Corp., EUA
Service Corp., and Montaup Electric Co. Together, the companies are known as
the EUA System.
EASTERN UTILITIES ASSOCIATES
Consolidated
(Unaudited)
Two Months Ended
February 28 February 28 Increase
1994 1993 (Decrease)
Operating Revenues $ 99,811,826 $ 91,764,584 $ 8,047,242
Consolidated earnings
applicable to EUA
common shares $ 10,736,444 $ 8,431,838 $ 2,304,606
Average common shares
outstanding 19,283,356 17,258,805 2,024,551
Consolidated earnings
per share $ 0.56 $ 0.49 $ 0.07
Twelve Months Ended
February 28 February 28 Increase
1994 1993 (Decrease)
Operating Revenues $574,524,459 $538,471,758 $36,052,701
Consolidated earnings
applicable to EUA
common shares $ 47,235,728 $ 35,348,791 $11,886,937
Average common shares
outstanding 18,718,404 17,105,261 1,613,143
Consolidated earnings
per share $ 2.52 $ 2.07 $ 0.45
