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: September 28, 1995
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 September 28, 1995, Eastern Utilities Associates ("EUA") announced
that its subsidiary, EUA Cogenex Corporation ("Cogenex"), a provider of
integrated energy services, will discontinue its cogeneration operations
because they have not performed up to expectations. As a result, EUA's
consolidated financial statements for the quarter ended September 30, 1995
will include a one-time after-tax charge of approximately $10.5 million or 52
cents per common share.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(* denotes filed herewith)
*Exhibit 99 Press Release dated September 28, 1995.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EASTERN UTILITIES ASSOCIATES
(Registrant)
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer and
Corporate Secretary
Date: October 4, 1995
September 28, 1995
Upon Receipt
Clifford J. Hebert, Jr.
(617) 357-9590
EUA ANNOUNCES ONE-TIME CHARGE
BOSTON - September 28 -- Eastern Utilities Associates ("EUA") announced
today that its subsidiary, EUA Cogenex Corporation ("Cogenex"), will
discontinue its cogeneration operations because they have not performed up to
expectations. As a result of this decision, EUA's consolidated financial
statements for the quarter ended September 30, 1995 will include a one-time
after-tax charge of approximately $10.5 million or 52 cents per common share.
Going forward, Cogenex will focus on providing integrated energy services,
a field in which it is an industry leader. Donald G. Pardus, Chairman of EUA,
stated that "getting out of the cogeneration business will allow Cogenex to
devote maximum resources to the business segment that has been the most
profitable and holds the most growth potential for Cogenex, providing
integrated energy services to our commercial, institutional and industrial
customers."
Cogenex has reached an agreement in principle to dispose of its operating
cogeneration portfolio to Ridgewood Electric Power Trust III. Consummation of
the sale is subject to, among other things, the completion of a definitive
agreement.
EUA is a Boston-based diversified energy services holding company whose
shares are traded on the New York Stock 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.
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