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,
1996 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
Executive Vice President
November 14, 1996
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
June 30, 1996
<CAPTION>
ASSETS
EUA EUA
Cogenex Cogenex
Consolidated Eliminations (Division)
<S> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property 114,804,764 54,060,072
Less accumulated provision for depreciation 33,861,482 21,383,671
Net non-utility property 80,943,282 32,676,401
Investments in subsidiaries (at equity) 37,434 64,515,576 64,553,010
Excess of carrying values of investments
in subsidiaries
Notes receivable 35,782,921 31,562,438
Leases receivable 11,929,859 7,658,514
Other 15,473,297 12,416,318
Total Utility Plant and Other Investments 144,166,793 64,515,576 148,866,681
Current Assets:
Cash and temporary cash investments 2,937,266 (3,474)
Notes receivable 18,753,886 7,918,882 25,157,450
Leases receivable 2,538,423 1,268,940
Accounts receivable - Net:
Customers 20,941,989 7,983,708
Accrued unbilled revenue
Others 6,903,994 1,143,402 8,111,724
Accounts receivable - associated companies 4,428,948 4,058,896
Materials and supplies (at average cost):
Fuel
Plant materials and operating supplies 2,522,822 84,655
Other current assets 1,101,171 642,965
Total Current Assets 55,699,551 13,491,232 47,304,864
Deferred Debits:
Unamortized debt expense 634,242 634,242
Unrecovered regulatory plant costs
Other deferred debits 2,547,651 992,645
Total Deferred Debits 3,181,893 1,626,887
Total Assets $203,048,237 $78,006,808 $197,798,432
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1996
<CAPTION>
ASSETS (CONTINUED)
EUA EUA EUA EUA
Nova Day NEM Cogenex
(Div.) (Div.) Inc Canada
<S> <C> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $ $ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property 1,310,279 2,118,708 8,697,105
Less accumulated provision for deprec. 828,762 757,811 2,730,118
Net non-utility property 481,517 1,360,897 5,966,987
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable 4,114,627
Leases receivable
Other (186,000) 258,343
Total Utility Plant and Other Investments 295,517 1,360,897 6,225,330 4,114,627
Current Assets:
Cash and temporary cash investments (70,582) 89,284 418,226 585,838
Notes receivable 72,958 46,601 79,633
Leases receivable
Accounts receivable - Net:
Customers 2,952,895 1,486,021 900,909 79,585
Accrued unbilled revenue
Others 69,384 111,186 (260,111) 101
Accounts receivable - associated companies 233,914 70,595
Materials and supplies (at average cost):
Fuel
Plant materials and operating supplies 1,859,700 514,877
Other current assets 57,669 34,433 17,074
Total Current Assets 5,175,938 2,352,997 1,059,024 762,231
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits (37,217) 111,745 1,310,189
Total Deferred Debits (37,217) 111,745 1,310,189
Total Assets $5,434,238 $3,825,639 $8,594,543 $4,876,858
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1996
<CAPTION>
ASSETS (CONTINUED)
EUA EUA EUA
Citizens Highland MUPA
Corporation Corporation (Partnership)
<S> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress (Note H&J)
Net utility plant
Non-utility property 1,926,617 1,881,010
Less accumulated provision for depreciation 70,303 373,004
Net non-utility property 1,856,314 1,508,006
Investments in subsidiaries (at equity)
Excess of carring values of investments
in subsidiaries
Notes receivable 105,856
Leases receivable 1,733,406
Other 60,710 2,662,061
Total Utility Plant and Other Investments 1,917,024 6,009,329
Current Assets:
Cash and temporary cash investments 20,416 86,376 524
Notes receivable 9,222 894,637
Leases receivable 219,171
Accounts receivable - Net:
Customers 329,086 1,884,975 309,784
Accrued unbilled revenue
Others (1,533) 4,645
Accounts receivable - associated companies 37,100 28,443
Materials and supplies (at average cost):
Fuel
Plant materials and operating supplies 63,590
Other current assets 3,838 7,883
Total Current Assets 388,907 2,304,305 1,204,945
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits 152,396 17,893
Total Deferred Debits 152,396 17,893
Total Assets $2,458,327 $8,331,527 $1,204,945
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1996
<CAPTION>
ASSETS (CONTINUED)
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $ $ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress (Note H&J)
Net utility plant
Non-utility property 15,073,254 77,490 11,159,830 18,500,399
Less accumulated provision for deprec. 2,035,423 76,000 1,211,088 4,395,302
Net non-utility property 13,037,831 1,490 9,948,742 14,105,097
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable
Leases receivable 246,603 2,291,336
Other 116,037 40,847 104,981
Total Utility Plant and Other Invest. 13,153,868 1,490 10,236,192 16,501,414
Current Assets:
Cash and temporary cash investments 973,303 267,116 131,289 438,950
Notes receivable 412,267
Leases receivable 20,754 1,029,558
Accounts receivable - Net:
Customers 1,211,839 914,076 519,071 2,370,040
Accrued unbilled revenue
Others 12,000
Accounts receivable - associated companies
Materials and supplies (at average cost):
Fuel
Plant materials and operating supplies
Other current assets 175 9,386 327,748
Total Current Assets 2,609,584 1,181,192 680,500 4,166,296
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits
Total Deferred Debits
Total Assets $15,763,452 $1,182,682 $10,916,692 $20,667,710
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1996
<CAPTION>
LIABILITIES
EUA EUA
Cogenex Cogenex
Consolidated Elimination Corporation
<S> <C> <C> <C>
Capitalization:
Common equity $48,134,497 $16,790,306 $45,854,369
Non-redeemable preferred stock of subsid.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital 15,588,190
Long-term debt - net 110,900,000 24,430,656 110,900,000
Total Capitalization 159,034,572 56,809,152 156,754,369
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year 6,700,000 6,700,000
Notes payable 23,301,959 13,355,104 18,407,000
Accounts payable 5,312,315 3,305,009 3,697,368
Accounts payable - associated companies 587,228 2,482,711 924,935
Customer deposits 555,192
Taxes accrued 290,480 45,194 55,865
Interest accrued 2,547,303 1,546,236 2,547,302
Dividends declared 400,000
Other current liabilities 6,560,935 (55,194) 6,028,258
Total Current Liabilities 45,855,412 21,079,060 38,360,728
Deferred Credits:
Unamortized investment credit
Other deferred credits 4,698,462 118,596 4,070,964
Total Deferred Credits 4,698,462 118,596 4,070,964
Accumulated deferred taxes (6,540,209) (1,387,629)
Commitments and contingencies (Note J)
Total Liabilities and Capitalization $203,048,237 $78,006,808 $197,798,432
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1996
<CAPTION>
LIABILITIES (CONTINUED)
EUA EUA EUA EUA
Nova Day NEM Cogenex
(Division) (Division) Inc Canada
<S> <C> <C> <C> <C>
Capitalization:
Common equity $1,250,101 $1,118,728 $11,883,508 $ 189,754
Non-redeemable preferred stock of subsid.
Redeemable preferred stock of
subsidiaries - net
Preferred stock redemption cost
Partnerships' capital
Long-term debt - net
Total Capitalization 1,250,101 1,118,728 11,883,508 189,754
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable 1,487,446 1,867,073 3,959,820
Accounts payable 392,553 412,601 586,640
Accounts payable - associated companies 670,642 167,265 7,573
Customer deposits (1,116)
Taxes accrued 80,900 5,338 140,644
Interest accrued 1,318,235 228,002
Dividends declared 400,000
Other current liabilities 6,892 1,042
Total Current Liabilities 3,955,552 2,682,321 407,573 4,687,104
Deferred Credits:
Unamortized investment credit
Other deferred credits 228,585 25,590 488,059
Total Deferred Credits 228,585 25,590 488,059
Accumulated deferred taxes (4,184,597)
Commitments and contingencies
Total Liabilities and Capitalization $5,434,238 $3,825,639 $8,594,543 $4,876,858
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1996
<CAPTION>
LIABILITIES (CONTINUED)
EUA EUA EUA
Citizens Highland MUPA
Corporation Corporation (Partnership)
<S> <C> <C> <C>
Capitalization:
Common equity $4,986 $4,623,357
Non-redeemable preferred stock of subsid.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital (621,485)
Long-term debt - net 964,249
Total Capitalization 5,061 4,623,357 342,764
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable 2,005,768 3,493,733
Accounts payable 119,090 104,064 847,738
Accounts payable - associated companies 261,481 1,038,043
Customer deposits
Taxes accrued 769 6,963
Interest accrued
Dividends declared
Other current liabilities 62,298 33,350 14,443
Total Current Liabilities 2,449,406 4,676,153 862,181
Deferred Credits:
Unamortized investment credit
Other deferred credits 3,860
Total Deferred Credits 3,860
Accumulated deferred taxes (967,983)
Commitments and contingencies
Total Liabilities and Capitalization $2,458,327 $8,331,527 $1,204,945
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1996
<CAPTION>
LIABILITIES (CONTINUED)
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C>
Capitalization:
Common equity
Non-redeemable preferred stock of subsid.
Redeemable preferred stock of
subsidiaries - net
Preferred stock redemption cost
Partnerships' capital 3,569,176 383,943 4,368,203 7,888,353
Long-term debt - net 11,418,197 2,933,381 9,114,829
Total Capitalization 14,987,373 383,943 7,301,584 17,003,182
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable 2,908,546 2,527,677
Accounts payable 351,522 713,674 664,276 727,798
Accounts payable - associated companies
Customer deposits 360,717 195,591
Taxes accrued 45,195
Interest accrued
Dividends declared
Other current liabilities 18,645 85,065 42,286 213,462
Total Current Liabilities 776,079 798,739 3,615,108 3,664,528
Deferred Credits:
Unamortized investment credit
Other deferred credits
Total Deferred Credits
Accumulated deferred taxes
Commitments and contingencies
Total Liabilities and Capitalization $15,763,452 $1,182,682 $10,916,692 $20,667,710
( ) 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, 1996
<CAPTION>
EUA EUA EUA
Cogenex Cogenex Nova
Consolidated Eliminations Corporation (Division)
<S> <C> <C> <C> <C>
Operating Revenues $28,027,947 $2,163,845 $12,028,757 $3,638,813
Operating Expenses:
Operation 31,521,277 (2,419,826) 16,065,094 4,307,798
Maintenance 63,166 656,039 381,550 14,295
Depreciation and amortization 891,136 4,018,493 2,520,609 85,725
Taxes - Other than income 385,063 142,412 104,338
- Income (credit) (3,542,596) (4,112,623)
- Deferred (402,567) (548,517)
Total Operating Expenses 28,915,479 2,254,706 14,448,525 4,512,156
Operating Income (887,532) (90,861) (2,419,768) (873,343)
Other Income and Deductions:
Interest and dividend income 3,077,920 1,260,166 3,970,534 6,001
Equity in earnings of jointly-
owned companies (38,566) 1,058,041 1,019,475
Allowance for other funds used during
construction
Other (deductions) income - net (1,658,726) 559,406 (1,165,361) 59,138
Total Other Income 1,380,628 2,877,613 3,824,648 65,139
Income (Loss) Before Interest Charges 493,096 2,786,752 1,404,880 (808,204)
Interest Charges:
Interest on long-term debt 5,016,302 903,369 5,016,302
Amortization of debt expense and premium 75,840 75,840
Other interest expense (principally
short-term notes) 652,138 213,825 473,297 59,771
Allowance for borrowed funds used during
construction - (credit) (801,242) 340,515 (381,663)
Total Interest Charges 4,943,038 1,457,709 5,183,776 59,771
Net Income (Loss) before preferred return (4,449,942) 1,329,043 (3,778,896) (867,975)
Preferred Return Requirement
Net Income (Loss) ($4,449,942) $1,329,043 ($3,778,896) ($867,975)
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<CAPTION>
EUA EUA EUA EUA
Day NEM Cogenex Citizens
(Division) Inc Canada Corporation
<S> <C> <C> <C> <C>
Operating Revenues $3,765,966 $1,864,977 $ $875,557
Operating Expenses:
Operation 3,376,645 37,526 641 750,195
Maintenance 4,599 835
Depreciation and amortization 36,490 388,783 20,924 51,565
Taxes - Other than income 103,411 37 7,498
- Income (credit) 345,257 76,643 16,434
- Deferred 145,950
Total Operating Expenses 3,516,546 922,152 98,208 826,527
Operating Income 249,420 942,825 (98,208) 49,030
Other Income and Deductions:
Interest and dividend income 318,699 2,172
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net 6,168 735
Total Other Income 324,867 2,907
Income (Loss) Before Interest Charges 249,420 942,825 226,659 51,937
Interest Charges:
Interest on long-term debt
Amortization of debt expense and premium
Other interest expense (principally)
short-term notes) 52,492 133,001 64,094
Allowance for borrowed funds used during
construction - (credit) (34,823)
Total Interest Charges 52,492 133,001 29,271
Net Income (Loss) before preferred
return 196,928 942,825 93,658 22,666
Preferred Return Requirement
Net Income (Loss) $196,928 $942,825 $93,658 $22,666
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA
Highland MUPA WestCoast FRC II EC&S I EC&S II
Corporation (Partnership) (Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues $3,387,074 $1,561,324 $15,317 $747,297 $2,306,710
Operating Expenses:
Operation 2,935,318 2,446 1,400,263 799 60,434 164,292
Maintenance 1,172 4,044 28,940 314 44,683 238,773
Depreciation and amortization 168,258 188,626 9,815 286,574 1,152,260
Taxes - Other than income 27,367
- Income (credit) 131,693
- Deferred
Total Operating Expenses 3,263,808 6,490 1,617,829 10,928 391,691 1,555,325
Operating Income 123,266 (6,490) (56,505) 4,389 355,606 751,385
Other Income and Deductions:
Interest and dividend income 34,130 4,653 1,897
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net
Total Other Income 34,130 4,653 1,897
Income (Loss) Before Interest Charges 157,396 (6,490) (51,852) 4,389 355,606 753,282
Interest Charges:
Interest on long-term debt 65,492 200,753 155,133 481,991
Amortization of debt expense and premium
Other interest expense (principally
short-term notes) 83,308
Allowance for borrowed funds used during
construction - (credit) (44,241)
Total Interest Charges 39,067 65,492 200,753 155,133 481,991
Net Income (Loss) before premium 118,329 (71,982) (252,605) 4,389 200,473 271,291
Preferred Return Requirement
Net Income (Loss) $118,329 ($71,982) ($252,605) $4,389 $200,473 $271,291
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<CAPTION>
EUA EUA
Cogenex Cogenex
Consolidated Eliminations Corporation
<S> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($4,449,942) $1,329,046 ($3,778,895)
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 5,582,239 3,139,502
Deferred taxes (175,801) (453,444)
Gains on sales of investments in energy savings
projects paid for with notes & leases receivable (693,523) (577,262)
Non-cash costs of energy saving projects sales 3,043,381 2,120,526
Pension liability 367,165 318,169
Amortization of deferred revenues (121,158)
Collections and sales of project
notes & leases receivalbe 3,952,665 3,632,352
5,203,257 5,203,257
Equity earnings (1,019,475 (1,019,475)
Other - net (227,835) (91,000) 233,362
Net Changes to Working Capital:
Accounts receivable (5,584,552) (873,046) (5,489,377)
Materials and supplies 823,141
Accounts payable (875,150) 1,104,258 (1,337,048)
Accrued taxes 168,255 45,194 41,531
Other - net 1,625,727 67,014 556,907
Net Cash Provided from (Used in) investing Act. 8,637,869 561,991 2,590,105
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy
savings projects (16,648,027) (1,477,163 (9,273,824)
Collections on notes and leases receivable 2,149,298 1,435,410
Investments in subsidiaries (36,434) (2,470,301 (2,506,735)
Net Cash Provided from (Used in)
Financing Activities (14,535,163) (3,947,464 (10,345,149)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuances:
Common shares/capital contribution
Long-term debt 1,563,380
Redemptions:
Long-term debt (1,600,000) (759,637) (1,600,000)
Premium on reacquisition & financing expenses
Dividends declared (812,000)
Capital contribution - EUA
Partner's contribution(withdrawal) 1,168,380
Net increase (decrease) in short-term debt 8,931,130 2,225,344 8,843,000
Net Cash Provided from (Used in)
Financing Activities 7,331,130 3,385,467 7,243,000
NET (DECREASE) INCREASE IN CASH 1,433,830 (512,044)
Cash and temporary cash investments at
beginning of year 1,503,436 508,570
Cash and temporary cash investments at
end of year $2,937,266 ($3,474)
Cash paid during the year for:
Interest (net of amounts capitalized) $5,540,972 $5,497,817
Income Taxes $105,801 $20,956
Conversion of investments in energy savings projects
to notes and leases receivable $3,194,481 $2,327,982
( ) Denotes contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<CAPTION>
EUA EUA EUA EUA
Nova Day NEM Cogenex
(Division) (Division) Inc Canada
<S> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($867,974) $196,927 $942,825 $93,659
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 81,305 36,491 438,844
Deferred taxes 145,950
Gains on sales of investments in energy savings
projects paid for with notes and leases receivable
Non - cash costs of energy savings projects sales
Pension liability 48,996
Amortization of deferred revenues (121,158)
Collections and sales of project
notes&leases Receiv.
Equity earnings
Other - net (14,369) (422,777) (50,061) 165
Net Changes to Working Capital:
Accounts receivable 1,349,561 6,892 (129,999) (65,684)
Materials and supplies 733,239 57,353
Accounts payable (268,261) 132,641 2,832 586,640
Accrued taxes 45,136 (7,113) 76,756
Other - net (5,405) 47,477 6,496
Net Cash Provided from (Used in) investing Act. 1,102,228 47,891 1,229,233 698,032
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy
savings projects (36,458) (25,175) (546,787)
Collections on notes and leases receivable 22,808 1,000 690,080
Investments in subsidiaries
Net Cash Provided from (Used in) (13,650) (24,175) 143,293
CASH FLOW FROM FINANCING ACTIVITIES:
Issuances:
Common shares/capital contribution
Long-term debt
Redemptions:
Long-term debt
Premium on reacquisition & financing expenses
Dividends declared (812,000)
Capital contribution - EUA
Partner's contribution(withdrawal)
Net increase (decrease) in short-term debt (944,000) (217,824)
Net Cash Provided from (Used in)
Financing Activities (944,000) (812,000) (217,824)
NET (DECREASE) INCREASE IN CASH 144,578 23,716 417,233 623,501
Cash and temporary cash investments at
beginning of year (215,160) 65,568 993 (37,663)
Cash and temporary cash investments at
end of year ($70,582) $89,284 $418,226 $585,838
Cash paid during the year for:
Interest (net of amounts capitalized)
Income Taxes $78,681
Conversion of investments in energy savings projects
to notes and leases receivable
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<CAPTION>
EUA EUA EUA
Citizens Highland MUPA
Corporation Corporation (Partnership)
<S> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) $22,666 $118,329 ($71,982)
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 51,564 168,259 1,175
Deferred taxes 131,693
Gains on sales of investments in energy savings
projects paid for with notes and leases receivable (116,261)
Non - cash costs of energy saving projects sales
Pension liability
Amortization of deferred revenues
Collections and sales of project notes & leases receivable 60,541
Equity earnings
Other - net (74,468) 9,313
Net Changes to Working Capital:
Accounts receivable (7,611) (1,417,829) (6,138)
Materials and supplies 32,549
Accounts payable 46,908 87,768 231,509
Accrued taxes 387 11,557
Other - net (42,473) (1,316) 87,694
Net Cash Provided from (Used in) (3,027) (915,397) 242,258
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy
savings projects (751,280) (1,091,440)
Collections on notes and leases receivable
Investments in subsidiaries
Net Cash Provided from (Used in) Operating Activ.
Investing Activities (751,280) (1,091,440)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuances:
Common shares/capital contribution
Long-term debt
Redemptions:
Long-term debt (154,436)
Premium on reacquisition & financing expenses
Dividends declared
Capital contribution - EUA
Partner's contribution(withdrawal) (88,298)
Net increase (decrease) in short-term debt 785,005 1,942,926
Net Cash Provided from (Used in)
Financing Activities 785,005 1,942,926 (242,734)
NET (DECREASE) INCREASE IN CASH 30,698 (63,911) (476)
Cash and temporary cash investments at
beginning of year (10,281) 150,287 1,000
Cash and temporary cash investments at
end of year $20,417 $86,376 $524
Cash paid during the year for:
Interest (net of amounts capitalized) $43,155
Income Taxes $5,032 $1,132
Conversion of investments in energy savings
projects to notes and leases receivable $866,499
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<CAPTION>
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($252,605) $4,389 $200,473 $271,292
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 206,655 9,815 288,127 1,160,502
Deferred taxes
Gains on sales of investments in energy savings
projects paid for with notes & leases receivable
Non - cash costs of energy savings
projects sales 752,855 170,000
Pension liability
Amortization of deferred revenues
Collections and sales of project
notes and leases receivable 53,101 50,451 156,220
Equity earnings
Other - net
Net Changes to Working Capital:
Accounts receivable (456,516) 431,248 (152,574) (519,571)
Materials and supplies
Accounts payable (225,764) 69,397 512,203 390,283
Accrued taxes 45,195
Other - net 38,450 20,454 (11,553) 996,010
Net Cash Provided from (Used in)
Operating Activities 161,371 535,303 887,127 2,624,736
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in
energy savings projects (1,179,510) (2,508,080) (2,712,636)
Collections on notes and leases receivable
Investments in subsidiaries
Net Cash Provided from (Used in)
Investing Activities (1,179,510) (2,508,080) (2,712,636)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuances:
Common shares/capital contribution
Long-term debt 1,563,380
Redemptions:
Long-term debt (154,472) (450,729)
Premium on reacquisition
& financing expenses
Dividends declared
Capital contribution - EUA
Partner's contribution(withdrawal) (50,892) (282,430) 1,150,000 440,000
Net increase (decrease) in short-term debt 637,367 110,000
Net Cash Provided from (Used in)
Financing Activities 1,512,488 (282,430) 1,632,895 99,271
NET (DECREASE) INCREASE IN CASH 494,349 252,873 11,942 11,371
Cash and temporary cash investments at
beginning of year 478,954 14,243 119,347 427,579
Cash and temporary cash investments at
end of year $973,303 $267,116 $131,289 $438,950
Cash paid during the year for:
Interest (net of amounts capitalized)
Income Taxes
Conversion of investments in energy savings project
to notes and leases receivable
() Denotes contra
</TABLE>
Business Line Project Equipment
in Service Revenues
as of 6/30/96 as of 6/30/96
Demand Side Mgmt./Energy Mgmt. Services $90,733,402 $19,922,722
Manufacturing and Fabrication $0 $7,404,779
Consulting $700,446
TOTAL $90,733,402 $28,027,947
Geographic Location Project Equipment
in Service Revenues
as of 6/30/96 as of 6/30/96
New England / New York Region $54,520,679 $18,261,935
United States excluding New England $36,212,723 $9,766,012
and New York
Canada $0 $0
All areas of the world excluding the
U.S. and Canada
TOTAL $90,733,402 $28,027,947
<TABLE> <S> <C>
<ARTICLE> OPUR1
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<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 144167
<TOTAL-CURRENT-ASSETS> 55699
<TOTAL-DEFERRED-CHARGES> 3182
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 203048
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 45787
<RETAINED-EARNINGS> 2347
<TOTAL-COMMON-STOCKHOLDERS-EQ> 48134
0
0
<LONG-TERM-DEBT-NET> 110900
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 23302
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 6700
0
<CAPITAL-LEASE-OBLIGATIONS> 0
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<OTHER-ITEMS-CAPITAL-AND-LIAB> 14012
<TOT-CAPITALIZATION-AND-LIAB> 203048
<GROSS-OPERATING-REVENUE> 28028
<INCOME-TAX-EXPENSE> (3945)
<OTHER-OPERATING-EXPENSES> 32861
<TOTAL-OPERATING-EXPENSES> 28915
<OPERATING-INCOME-LOSS> (888)
<OTHER-INCOME-NET> 1381
<INCOME-BEFORE-INTEREST-EXPEN> 493
<TOTAL-INTEREST-EXPENSE> 4943
<NET-INCOME> (4450)
0
<EARNINGS-AVAILABLE-FOR-COMM> (4450)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 5016
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