SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
In the matter of )
)
EASTERN UTILITIES ASSOCIATES )
Boston, Massachusetts )
)
EUA COGENEX CORPORATION ) Certificate of
Lowell, Massachusetts ) Notification
) Pursuant to
) Rule 24
(70-7287) )
)
(Public Utility Holding Company Act of 1935) )
Enclosed herewith for filing by Eastern Utilities Associates and
its wholly-owned subsidiary, EUA Cogenex Corporation, in accordance
with the Order of the Securities and Exchange Commission entered in
the above matter on February 15, 1995 (Release No. 35-26232) and
pursuant to Rule 24 under the Public Utility Holding Company Act of 1935,
are the consolidated and consolidating balance sheet, income statement,
and statement of cash flows of EUA Cogenex for the quarter ended June 30,
1995 and such other information required to be filed by said order.
EASTERN UTILITIES ASSOCIATES
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
EUA COGENEX CORPORATION
By: /s/ Basil G. Pallone
Basil G. Pallone
Vice President
November 13, 1995
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1995
<CAPTION>
ASSETS
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland
Consol Elimin. Corporation (Division) (Division) Inc Canada Corp. Corporation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Util. Plant and Other Invest:
Utility plant in service $ $ $ $ $ $ $ $ $
Less accumulated prov.
for dep. and amort.
Net utility plant
in service
Constr. wrk in
progress (Notes H&J)
Net utility plant
Non-utility property 74,612,802 60,024,972 1,377,713 1,814,677 8,693,923 668,539 2,032,978
Less accumulated prov.
for depreciation 22,681,292 18,744,437 776,188 696,700 2,185,067 6,276 272,624
Net non-util property 51,931,510 41,280,535 601,525 1,117,977 6,508,856 662,263 1,760,354
Investments in subsid.
(at equity) 67,057,638 16,598,612 83,656,250
Excess of carrying val.
of invest. in subsid.
Notes receivable 33,627,051 33,627,051
Leases receivable 5,800,772 5,603,442 197,330
Other 18,344,890 15,201,870 (186,000) 358,339 93,555 2,877,126
Tot. Util. Plant &
Other Investments 176,761,861 16,598,612 179,369,148 415,525 1,117,977 6,867,195 755,818 4,834,810
Current Assets:
Cash & temp. cash inv. 823,336 514,434 (120,314) (37,683) 201,363 27,107 33,309 205,120
Notes receivable 14,643,253 5,559,818 15,098,966 97,688 56,417 4,950,000
Leases receivable 562,819 562,819
Accounts rec.-Net:
Customers 12,799,808 6,442,520 3,737,826 1,383,171 525,645 174,875 535,771
Accrued unbilled rev.
Others 5,018,263 4,162,960 315,214 532,640 4,800 2,649
Accnts rec.-assoc. cos. 5,108 2,826,252 1,972,386 719,455 138,243 100 100 1,076
Materials & supplies
(at average cost):
Fuel
Plant, materials &
operating supplies 3,232,060 280,288 2,357,959 483,958 109,855
Other current assets 1,898,573 1,729,107 63,202 39,394 33,059 229 33,582
Tot Current Assets 38,983,220 8,386,070 30,763,480 7,171,030 2,596,140 731,808 5,010,266 211,162 885,404
Deferred Debits:
Unamortized debt exp.
Unrecoverable regul.
plant costs (Note J)
Other deferred debits 3,999,939 2,600,431 (40,476) 4,585 1,402,407 32,992
Tot. Def. Debits 3,999,939 2,600,431 (40,476) 4,585 1,402,407 32,992
Total Assets $219,745,020 $24,984,682 $212,733,059 $7,546,079 $3,718,702 $9,001,410 $5,010,266 $999,972 $5,720,214
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1995
<CAPTION>
LIABILITIES
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland
Consol Elimin. Corporation (Division) (Division) Inc Canada Corp. Corporation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $54,122,518 $16,598,612 $50,841,246 $2,503,600 $866,372 $12,232,193 $100 ($2,256) $4,279,875
Non-redeemable pref.
stock of subsid.
Red. pref. stock
of subsid. - net 75 75
Pref. stock red. cost
Partnerships' cap.
Long-term debt - net 117,668,094 117,600,000 68,094
Total Capital. 171,790,687 16,598,612 168,441,246 2,503,600 866,372 12,232,193 100 (2,181) 4,347,969
Current Liabilities:
Pref. stock sinking
fund requirements
Long-term debt due
within one year 2,400,000 2,400,000
Notes payable 33,624,372 5,559,818 28,159,000 3,128,346 1,537,073 5,010,166 444,494 905,111
Accounts payable 6,307,062 3,555,212 214,374 946,078 177,373 1,414,025
Accts. payable
- Associated cos. 739,834 1,711,236 1,370,130 476,392 92,681 352 298,054 213,461
Customer deposits 1,496 1,496
Taxes accrued 164,163 16,547 95,144 969 10,183 41,320
Interest accrued 1,550,900 1,115,016 1,550,431 994,973 120,043 469
Dividends declared
Other curr liab. 586,356 487,721 (5,895) 722 72,049 31,759
Tot Curr. Liab. 45,374,183 8,386,070 37,539,041 4,904,830 2,697,566 352 5,010,166 1,002,153 2,606,145
Deferred Credits:
Unam. invest cred.
Other def. credits 2,343,630 1,320,841 137,649 154,764 730,376
Tot. Def. Credits 2,343,630 1,320,841 137,649 154,764 730,376
Acc. deferred taxes 236,520 5,431,931 (3,961,511) (1,233,900)
Commitments &
conting. (Note J)
Tot Liabil. & Cap. $219,745,020 $24,984,682 $212,733,059 $7,546,079 $3,718,702 $9,001,410 $5,010,266 $999,972 $5,720,214
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 1995
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland
Consol. Elimin. Corporation (Division) (Division) Inc Canada Corporation Corporation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $32,066,136 $18,123,904 $8,205,394 $2,967,164 $1,683,152 $ $469,874 $616,648
Operating Expenses:
Operation $25,082,687 13,110,920 8,004,546 3,025,123 (2,149) 448,774 495,473
Maintenance 524,150 514,420 7,883 1,198 265 384
Dep. & amort. 3,830,496 3,328,037 94,825 33,650 348,168 8,300 17,516
Taxes
- Other than income 455,169 175,582 152,735 107,563 61 15,163 4,065
- Income (credit) (72,386) (423,422) 314,253 (1,649) 38,432
- Deferred 137,092 82,722 54,370
Total Op. Expenses 29,957,208 16,788,259 8,259,989 3,166,336 715,901 470,853 555,870
Operating Income 2,108,928 1,335,645 (54,595) (199,172) 967,251 (979) 60,778
Other Inc. & Deducts:
Int. & div. income 5,063,367 325,680 5,378,433 4,853 723 5,038
Equity in earnings of
jointly-owned cos 1,058,053 1,028,927 2,086,980
All. for other funds
used during constr.
Oth. (deduct.) inc.-net (739,782) (795,296) 55,632 (118)
Total Other Income 5,381,638 1,354,607 6,670,117 60,485 723 4,920
Income (Loss) Before
Int. Charges 7,490,566 1,354,607 8,005,762 5,890 (199,172) 967,974 (979) 65,698
Interest Charges:
Int. on long-term debt 5,099,502 5,099,502
Amort. of debt
expense and premium 75,833 75,833
Other int. exp. (princ.
short-term notes) 1,143,228 325,680 1,140,982 285,681 38,478 1,377 2,390
All. for borrowed
funds used during
construction - (credit) (520,511) (520,511)
Total Interest Charges 5,798,052 325,680 5,795,806 285,681 38,478 1,377 2,390
Net Inc (Loss) before
preferred return 1,692,514 1,028,927 2,209,956 (279,791) (237,650) 967,974 (2,356) 63,308
Pref. Return Requirement
Net Income (Loss) $1,692,514 $1,028,927 $2,209,956 ($279,791) ($237,650) $967,974 $ ($2,356) $63,308
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex Citizens Highland
Consol Elimin. Corporation (Division) (Division) Inc Canada Corp. Corp.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OP. ACT:
Net Income (Loss) $1,692,514 $1,028,927 $2,209,956 ($279,791) ($237,650) $967,974 $ ($2,356) $63,308
Adj to Rec. Net Inc. (Loss)
to Net Cash Prov. by
Op. Activities:
Dep. & amort. 3,817,698 (1) 3,273,081 94,825 33,650 390,325 8,300 17,516
Deferred taxes 137,092 82,722 54,370
Gains on sales of
invest. in energy
savings projects paid
for with notes and
leases receivables (3,241,209) (3,241,209)
Non - cash costs of
energy svngs project 690,048 690,048
Pension liability 169,593 127,656 41,937
Amort. of def. revs (121,158) (121,158)
Coll. & sales of proj.
notes and leases rec. 9,946,144 9,946,144
Equity earnings (1,058,055) (1,028,925) (2,086,980)
Other - net 257,461 (2) 186,427 55,678 (29,237) (42,157) 86,748
Net Chngs to Working Cap:
Accounts receivable 4,050,803 (1,088,158) 2,243,012 951,896 (436,412) 162,021 (177,624) 219,752
Materials and supplies 471,040 685,003 (171,674) (42,289)
Accounts payable 595,849 762,474 595,956 (1,106,505) 552,199 (2,289) 475,427 843,535
Accrued taxes 38,015 1 (28,709) 14,253 969 10,183 41,320
Other - net (1,983,474) 325,681 (1,861,258) 160,206 5,641 (33,059) 71,820 (1,143)
Net Cash Provided from
(Used in) Op. Act. 15,462,361 (3) 12,136,846 617,502 (282,514) 1,409,086 (33,059) 472,498 1,141,999
CASH FLOW FR INV ACT.:
Expend. for invest.
in en. svngs projects (18,647,929) 3,779,724 (6,966,521) (152,313) (73,498) (4,950,000) (883,783) (1,842,090)
Collection on notes and
leases receivable 730,751 720,860 2,312 7,579
Investments in subs. (480,199) (2,716,667) (3,196,866)
Net Cash Provided from
(Used in) Inv. Act. (18,397,377) 1,063,057 (9,442,527) (150,001) (65,919) 0 (4,950,000) (883,783) (1,842,090)
CASH FLOW FR FIN ACT.:
Issuances:
Common shrs/cap. contr. 200 100 100
Long-term debt
Redemptions:
Long-term debt
Prem. on reacquisition
and financing expenses
Dividends declared (1,500,000) (1,500,000)
Net increase in st debt 2,144,371 436,746 (3,321,000) (607,654) 150,000 5,010,166 444,494 905,111
Net Cash Provided from
(Used in) Fin. Act. 2,144,371 (1,063,054) (3,321,000) (607,654) 150,000 (1,500,000) 5,010,166 444,594 905,211
NET (DEC) INC IN CASH (790,645) (626,681) (140,153) (198,433) (90,914) 27,107 33,309 205,120
Cash and temp. cash
invest. at beg. of yr 1,613,981 1,141,115 19,839 160,750 292,277
Cash and temp. cash
invest. at end of yr $823,336 $514,434 ($120,314) ($37,683) $201,363 $27,107 $33,309 $205,120
Cash paid during yr for:
Int. (net of amts cap) $7,351,779 $7,350,402 $1,377
Income Taxes $ 379,121 $ 379,121
Conversion of invest.
in en. savings projects
to notes and leases rec. $7,736,987 $7,736,987
( ) Denotes contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARIES
ENERGY SAVINGS PROJECTS BY BUSINESS LINE & GEOGRAPHIC LOCATION
FOR THE SIX MONTHS ENDED JUNE 30, 1995
BUSINESS LINE PLANT IN SERVICE REVENUE
AT 6/30/95 THRU 6/30/95
DEM. SIDE MGMT/ENERGY MGMT SERVICES $30,934,600 $19,888,105
COGENERATION 535,602
MANUFACTURING AND FABRICATION (NOVA/DAY) 11,172,558
CONSULTING (CITIZENS) 469,874
TOTAL $30,934,600 $32,066,139
GEOGRAPHIC LOCATION PLANT IN SERVICE REVENUE
AT 6/30/95 THRU 6/30/95
NEW ENGLAND / NEW YORK REGION $15,339,110 $22,571,133
UNITED STATES EXCL. NEW ENGLAND & NY 15,595,490 9,495,006
CANADA
ALL AREAS OF THE WORLD EXCLUDING THE
U.S. AND CANADA
TOTAL $30,934,600 $32,066,139
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
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</TABLE>
