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 March
31, 1995 and such other information required to be filed by said order.
The statement of cash flows has been amended to include "cash paid during
the year for income taxes".
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
August 11, 1995
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1995
ASSETS
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Citizens Cogenex
Consolidated Elimin. Corporation (Division) (Division) Inc Corp. Canada
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $ $ $ $ $ $ $
Less accum. provision for
depreciation and amortization
Net utility plant in service
Construction work in
progress (Notes H & J)
Net utility plant
Non-utility property 75,991,841 63,683,354 1,356,870 1,656,818 8,693,923 600,876
Less acc. provision for deprec. 21,900,423 18,432,278 740,256 679,875 2,057,061 (9,047)
Net non-utility property 54,091,418 45,251,076 616,614 976,943 6,636,862 609,923
Investments in subsidiaries
(at equity) 65,528,232 12,195,460 77,723,692
Excess of carring values of
investments in subsidiaries
Notes receivable 39,130,851 39,130,851
Leases receivable 766,900 766,900
Other 15,464,432 15,207,862 (186,000) 383,338 59,232
Tot. Utility Plant & Oth Inv. 174,981,833 12,195,460 178,080,381 430,614 976,943 7,020,200 669,155
Current Assets:
Cash and temp cash investments 1,165,942 672,301 231,877 100,232 161,532
Notes receivable 8,985,957 5,514,419 14,440,433 59,943
Leases receivable 447,096 447,096
Accounts receivable - Net:
Customers 14,307,656 7,608,553 4,543,215 1,639,407 516,481
Accrued unbilled revenue
Others 4,399,304 4,042,299 134,520 132,086 33,110 57,289
Accounts rec. - assoc. cos. 2,338,426 1,877,000 461,226 100 100
Mat. & suppl. (at average cost):
Fuel
Plant mats. and op. suppl. 4,233,731 280,288 3,458,113 495,330
Other current assets 1,671,091 1,518,938 88,297 63,856
Total Current Assets 35,210,777 7,852,845 30,886,908 8,917,248 2,490,854 711,123 57,389 100
Deferred Debits:
Unamortized debt expense
Unrecovered reg. plant costs
Other deferred debits 4,301,931 2,737,443 133,450 1,423,485 7,553
Total Deferred Debits 4,301,931 2,737,443 133,450 1,423,485 7,553
Total Assets $214,494,541 $20,048,305 $211,704,732 $9,481,312 $3,467,797 $ 9,154,808 $734,097 $100
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1995
<CAPTION>
LIABILITIES
EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Citizens Cogenex
Consolidated Elimin. Corporation (Division) (Division) Inc Corp. Canada
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $ 48,997,715 $12,195,460 $ 45,133,274 $2,910,594 $1,042,548 $12,101,916 $4,743 $100
Non-red. pref. stock of subs
Redeemable preferred stock of
subsidiaries - net 75 75
Preferred stock redemption cost
Partnerships' capital
Long-term debt - net 118,400,000 118,400,000
Total Capitalization 167,397,790 12,195,460 163,533,274 2,910,594 1,042,548 12,101,916 4,818 100
Current Liabilities:
Pref. stock sinking fund req.
Long-trm dbt due within one yr. 1,600,000 1,600,000
Notes payable 35,636,744 5,514,419 35,207,000 4,027,346 1,487,073 429,744
Accounts payable 4,310,007 2,574,894 954,317 679,217 101,579
Accounts payable - ass. cos. 544,053 1,088,307 989,199 398,379 76,073 (322) 169,031
Customer deposits 5,336 5,336
Taxes accrued 206,731 69,862 107,765 17,469 11,635
Interest accrued 602,073 950,119 602,073 850,083 100,036
Dividends declared 300,000 300,000
Other current liabilities 585,152 446,082 109,781 11,999 17,290
Total Current Liabilities 43,490,096 7,852,845 41,489,110 6,453,007 2,371,867 299,678 729,279
Deferred Credits:
Unamortized investment credit
Other deferred credits 2,186,380 1,224,332 117,711 53,382 790,955
Total Deferred Credits 2,186,380 1,224,332 117,711 53,382 790,955
Accumulated deferred taxes 1,420,275 5,458,016 (4,037,741)
Commit. and conting. (Note J)
Total Liab. and Capit. $214,494,541 $20,048,305 $211,704,732 $9,481,312 $3,467,797 $9,154,808 $734,097 $100
</TABLE>
( ) Denotes Contra
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1995
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Citizens Cogenex
Consol. Elimin. Corp. (Division) (Division) Inc Corporation Canada
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $ 11,823,720 $5,670,563 $3,933,993 $1,307,316 $843,630 $68,218 $
Operating Expenses:
Operation 8,648,586 3,784,379 3,553,355 1,264,942 (6,030) 51,940
Maintenance 257,622 253,121 3,959 542
Depreciation and amortization 1,949,680 1,711,458 47,313 16,825 174,084
Taxes - Other than income 277,331 118,711 81,590 68,553 59 8,418
- Income (credit) (205,657) (368,012) 159,138 3,217
- Deferred 86,947 108,807 (21,860)
Total Operating Expenses 11,014,509 5,608,464 3,686,217 1,350,320 305,933 63,575
Operating Income 809,211 62,099 247,776 (43,004) 537,697 4,643
Other Income and Deductions:
Interest and dividend income 1,937,804 703,123 2,640,927
Equity in earnings of jointly-
owned companies 1,327,178 1,327,178
Allowance for other funds used
during construction
Other (deductions) income - net (425,706) (445,909) 20,203
Total Other Income 2,839,276 703,123 3,522,196 20,203
Income (Loss) Bef Int Chgs 3,648,487 703,123 3,584,295 267,979 (43,004) 537,697 4,643
Interest Charges:
Interest on long-term debt 2,549,751 2,549,751
Amort. of dbt exp & premium 37,916 37,916
Other interest expense (princ.
short-term notes) 522,376 160,783 523,912 140,776 18,471
Allowance for borrowed funds used
during construction - (credit) (229,268) (229,268)
Total Interest Charges 2,880,775 160,783 2,882,311 140,776 18,471
Net Income (Loss) before
preferred return 767,712 542,340 701,984 127,203 (61,475) 537,697 4,643
Preferred Return Requirement
Net Income (Loss) $767,712 $542,340 $701,984 $127,203 ($61,475) $537,697 $4,643 $
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Citizens Cogenex
Consol. Elimin. Corporation (Division) (Division) Inc Corporation Canada
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) $ 767,712 $542,340 $701,984 $127,203 ($61,475) $537,697 $4,643 $
Adj to Reconcile Net Income (Loss)
to Net Cash Provided by Oper. Act.:
Depreciation and amortization 2,215,861 1 1,956,562 47,313 16,825 195,162
Deferred taxes 86,947 108,807 (21,860)
Gains on sales of investments
in energy sav. projects paid
for with notes receivable (617,140) (617,140)
Non-cash costs of energy savings
projects 339,320 339,320
Pension liability 81,747 59,748 21,999
Amort. of deferred revenues (60,579) (60,579)
Coll. and sales of project
notes and leases receivables 1,426,833 1,422,780 4,053
Equity earnings (784,838) (542,340) (1,327,178)
Other - net 32,655 1 162,126 (114,388) 13,549 (21,078) (7,553)
Net Changes to Working Capital:
Accounts receivable 2,413,166 (603,075) 1,293,024 585,430 (153,850) 142,876 (57,389)
Materials and supplies (598,197) (415,151) (183,046)
Accounts payable (815,780) 142,288 (765,293) (444,575) 268,729 (2,963) 270,610
Accrued taxes 80,583 2 24,606 26,874 17,470 11,635
Other - net (2,702,393) 160,783 (2,641,086) 109,737 (27,551) 17,290
Net Cash Provided from (Used
in) Operating Activities 1,865,897 (300,000) 718,260 (55,558) (105,296) 769,255 239,236
CASH FLOW FROM INVESTING ACTIVITIES:
Exp. for inv. in energy
savings projects (7,733,869) (391,346) (7,377,163) (23,750) (55,222) (669,080)
Coll. on notes and leases rec. 487,199 487,199
Investments in subsidiaries 775,990 1,199,900 1,975,890
Net Cash Provided from (Used
In) Investing Activities (6,470,680) 808,554 (4,914,074) (23,750) (55,222) (669,080)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuances:
Common shares/capital contrib. 100 100
Long-term debt
Redemptions:
Long-term debt
Premium on reacquis. & fin. exp.
Dividends declared (900,000) (900,000)
Net increase in short-term debt 4,156,744 391,346 3,727,000 291,346 100,000 429,744
Net Cash Provided from (Used
In) Financing Activities 4,156,744 (508,554) 3,727,000 291,346 100,000 (900,000) 429,844
NET (DECREASE) INCREASE IN CASH (448,039) (468,814) 212,038 (60,518) (130,745)
Cash & temp. cash inv beg of yr 1,613,981 1,141,115 19,839 160,750 292,277
Cash & temp. cash inv end of yr $1,165,942 $672,301 $231,877 $100,232 $161,532 $ $
Cash paid during the year for:
Int. (net of am. capitalized) $5,242,240 $5,242,240
Income Taxes $ 206,011 $ 48,599 $157,412
Conv. of inv. in energy svngs proj.
to notes and leases rec. $932,555 $932,555
( ) Denotes contra
</TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARIES
ENERGY SAVINGS PROJECTS BY BUSINESS LINE & GEOGRAPHIC LOCATION
FOR THE THREE MONTHS ENDED MARCH 31, 1995
BUSINESS LINE PLANT IN SERVICE REVENUE
AT 3/31/95
DEM. SIDE MGMT/ENERGY MGMT SERVICES $28,019,335 $ 6,254,710
COGENERATION 4,297,939 259,483
MANUFACTURING AND FABRICATION 0 5,241,309
CONSULTING 0 68,218
TOTAL $32,317,274 $11,823,720
GEOGRAPHIC LOCATION PLANT IN SERVICE REVENUE
AT 3/31/95
NEW ENGLAND / NEW YORK REGION $23,261,490 $ 9,721,331
UNITED STATES EXCL. NEW ENGLAND & NY 9,055,784 2,102,389
CANADA 0 0
ALL AREAS OF THE WORLD EXCLUDING THE
U.S. AND CANADA 0 0
TOTAL $32,317,274 $11,823,720
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 174982
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</TABLE>
