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,
1997 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/ Edward T. Liston
Edward T. Liston
President
September 5, 1997
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1997
<CAPTION>
ASSETS
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Elimination (Division) (Division) (Division) Inc. Canada
<S> <C> <C> <C> <C> <C> <C> <C>
Utility Plant and Other Inv.:
Non-utility property $105,554,290 $51,103,090 $1,293,953 $2,072,742 $8,624,714 $744,157
Less acc. provision for deprec. 38,041,961 22,422,920 851,427 828,964 3,130,991
Net non-utility property 67,512,329 28,680,170 442,526 1,243,778 5,493,723 744,157
Inv. in subsidiaries (at equity) 37,434 50,531,661 50,569,095
Notes receivable 39,257,498 32,346,247 5,924,322
Leases receivable 16,530,512 11,277,862
Other 14,602,616 11,589,778 (186,000) 183,346
Tot. Ut. Plant and Other Inv. 137,940,389 50,531,661 134,463,152 256,526 1,243,778 5,677,069 6,668,479
Current Assets:
Cash and temporary cash inv. 2,091,622 (121,436) 90,129 314,167 60,198 26,538
Notes receivable 22,355,896 12,474,441 32,306,512 72,958 32,548 1,072,205
Leases receivable 1,353,998 849,543
Accounts receivable - Net:
Customers 24,627,316 10,561,100 1,136,174 1,591,320 494,654 11,382
Others 5,164,456 907,601 6,112,632 5,224 151,686 (347,783) 99
Accounts rec. - associated comp. 451,288 7,272,284 7,268,625 293,527 6,473
Mat. & supplies (at average cost):
Plant materials and op. supp. 1,910,177 63,569 1,119,159 658,547
Other current assets 756,997 658,580 30,649 41,430 12,765
Total Current Assets 58,711,750 20,654,326 57,699,125 2,747,820 2,796,171 207,069 1,122,989
Deferred Debits:
Unamortized debt expense 520,482 520,482
Other deferred debits 1,658,380 106,585 38,140 1,236,692 137,070
Total Deferred Debits 2,178,862 627,067 38,140 1,236,692 137,070
Total Assets $198,831,001 $71,185,987 $192,789,344 $3,042,486 $4,039,949 $7,120,830 $7,928,538
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1997
<CAPTION>
ASSETS
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corp. Corp. (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C> <C>
Utility Plant and Other Inv:
Non-utility property $4,005,633 $2,733,235 $4,111,226 $77,490 $12,124,788 $18,663,262
Less acc. provision for deprec. 199,058 438,322 2,286,145 77,490 1,859,802 5,946,842
Net non-utility property 3,806,575 2,294,913 1,825,081 10,264,986 12,716,420
Inv. in subsidiaries (at equity)
Notes receivable 986,929
Leases receivable 1,810,717 246,602 3,195,331
Other 48,292 2,721,046 87,767 65,768 92,619
Total Ut. Plant and Other Inv. 3,854,867 7,813,605 1,912,848 10,577,356 16,004,370
Current Assets:
Cash and temporary cash inv. 121,934 433,338 1,402 169,339 227,907 432,825 335,281
Notes receivable 121,149 894,637 330,328
Leases receivable 230,439 (66,646) 340,662
Accounts receivable - Net:
Customers 1,063,553 3,158,917 277,508 398,209 672,587 901,636 4,360,276
Others (28,360) 12,732 42,000 1,547 122,280
Accounts receivable - associated comp. 55,164 99,783
Materials and supplies (at average cost):
Plant materials and operating supp. 68,902
Other current assets 5,690 7,883
Total Current Assets 1,217,981 4,133,143 1,173,547 939,876 902,041 1,267,815 5,158,499
Deferred Debits:
Unamortized debt expense
Other deferred debits 124,789 15,104
Total Deferred Debits 124,789 15,104
Total Assets $5,197,637 $11,961,852 $1,173,547 $2,852,724 $902,041 $11,845,171 $21,162,869
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1997
<CAPTION>
LIABILITIES
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Elimination Corporation (Division) (Division) Inc. Canada
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $47,371,332 $16,154,462 $46,795,048 ($215,386) $880,371 $10,721,422 $517,737
Redeemable preferred stock of
subsidiaries - net 75
Partnerships' capital 32,249,641
Long-term debt - net 90,000,000 90,000,000
Total Capitalization 137,371,407 48,404,103 136,795,048 (215,386) 880,371 10,721,422 517,737
Current Liabilities:
Long-term debt due within one year 21,700,000 21,700,000
Notes payable 26,450,343 15,618,418 21,441,000 606,150 1,767,073 50,000 4,116,426
Accounts payable 3,654,357 1,313,422 2,567,106 150,099 471,867 265,032
Accounts payable - associated comp. 225,177 5,640,424 596,108 769,546 225,957 7,992 2,591,231
Customer deposits 599,872
Taxes accrued 658,711 89,067 67,216 24,151 438,112
Interest accrued 1,598,758 1,672,143 1,598,758 1,365,011 307,132
Other current liabilities 4,187,049 3,527,868 (61,100) 1,836
Total Current Liabilities 59,074,267 24,244,407 51,519,907 2,896,922 2,798,016 57,992 7,410,801
Deferred Credits:
Other deferred credits 6,165,271 (1,462,523) 3,700,522 360,950 361,562 306,321
Total Deferred Credits 6,165,271 (1,462,523) 3,700,522 360,950 361,562 306,321
Accumulated deferred taxes (3,779,944) 773,867 (3,964,905
Total Liabilities and Capitalization $198,831,001 $71,185,987 $192,789,344 $3,042,486 $4,039,949 $7,120,830 $7,928,538
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
LIABILITIES Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corp. Corp. (Partn.) (Partn.) (Partn.) (Partn.) (Partn.)
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $48,983 $4,777,619 $ $ $ $ $
Redeemable preferred stock of
subsidiaries - net 75
Partnerships' capital 784,621 2,397,375 94,121 11,212,165 17,761,359
Long-term debt - net
Total Capitalization 49,058 4,777,619 784,621 2,397,375 94,121 11,212,165 17,761,359
Current Liabilities:
Notes payable 4,609,235 6,334,899 517,099 2,626,879
Accounts payable 75,671 124,582 413,881 9,929 668,989 63,324 157,299
Accounts payable - associated companies 387,497 1,287,270
Customer deposits 360,717 239,155
Taxes accrued 6,199 33,966
Interest accrued
Other current liabilities 51,449 27,557 (24,955) 84,703 138,931 52,583 388,177
Total Current Liabilities 5,130,051 7,808,274 388,926 455,349 807,920 633,006 3,411,510
Deferred Credits:
Other deferred credits 2,871 (19,478) (10,000)
Total Deferred Credits 2,871 (19,478) (10,000)
Accumulated deferred taxes 15,657 (604,563)
Total Liabilities and Capitalization $5,197,637 $11,961,852 $1,173,547 $2,852,724 $902,041 $11,845,171 $21,162,869
( ) 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 THREE MONTHS ENDED MARCH 31, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Elimination Corporation (Division) (Division) Inc. Canada
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $13,513,614 $4,855,654 $1,509,862 $1,337,892 $886,677 $216,163
Operating Expenses:
Operation 9,965,149 44,918 4,060,729 1,846,384 1,385,489 14,763 186,494
Maintenance 377,731 170,695 8,940 5,521
Depreciation and amortization 2,439,664 15,370 1,261,212 33,974 27,253 174,506 (29)
Taxes - Other than income 214,510 77,803 48,183 65,761 48
- Income (credit) (1,163,817) (1) (1,506,136) 163,325 105,691
- Deferred 649,401 576,426 72,975
Total Operating Expenses 12,482,638 60,287 4,640,729 1,937,481 1,478,503 431,138 292,156
Operating Income 1,030,976 (60,287) 214,925 (427,619) (140,611) 455,539 (75,993)
Other Income and Deductions:
Interest and dividend income 1,971,245 396,092 2,048,520 3,142 239,395
Equity in earnings of jointly-
owned companies 1,379,876 1,379,876
Other (deductions) income - net (609,902) 45,000 (669,701) 113,681 (7,837) (38)
Total Other Income 1,361,343 1,820,968 2,758,695 116,823 (7,837) 239,357
Income (Loss) Before Interest Charges 2,392,319 1,760,681 2,973,620 (310,796) (140,611) 447,702 163,364
Interest Charges:
Interest on long-term debt 2,348,551 116,739 2,348,551
Amortization of debt expense and prem. 37,920 37,920
Other interest expense (principally
short-term notes) 344,045 173,350 288,031 13,479 25,953 34,187
Allowance for borrowed funds used during
construction - (credit) (193,551) 106,085 (31,706)
Total Interest Charges 2,536,965 396,174 2,642,796 13,479 25,953 34,187
Net Income (Loss) before pref. ret. (144,646) 1,364,507 330,824 (324,275) (166,564) 447,702 129,177
Net (Loss) Income ($144,646) $1,364,507 $330,824 ($324,275) ($166,564) $447,702 $129,177
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corporation Corp. (Partn.) (Partn.) (Partn.) (Partn.) (Partner.)
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $343,872 $1,681,932 $ $156,424 $3,729 $492,885 $2,028,524
Operating Expenses:
Operation 210,582 1,468,192 (557) 22,978 7,478 39,831 767,704
Maintenance 2,550 7,677 46,064 136,284
Depreciation and amortization 59,596 96,771 108,863 175,928 516,960
Taxes - Other than income 6,528 16,187
- Income (credit) 14,543 58,759
- Deferred
Total Operating Expenses 291,249 1,642,459 (557) 139,518 7,478 261,823 1,420,948
Operating Income 52,623 39,473 557 16,906 (3,749) 231,062 607,576
Other Income and Deductions:
Interest and dividend income 2,458 69,970 2,634 1,218
Equity in earnings of jointly-
owned companies
Other (deductions) income - net (54) (235) (359) (359)
Total Other Income 2,404 69,735 2,634 (359) 859
Income (Loss) Before Interest Charge 55,027 109,208 557 19,540 (3,749) 230,703 608,435
Interest Charges:
Interest on long-term debt 12,117 6,476 23,880 74,266
Amortization of debt expense and premium
Other interest expense (principally
short-term notes) 64,699 91,046
Allowance for borrowed funds used during
construction - (credit) (31,305) (24,455)
Total Interest Charges 33,394 66,591 12,117 6,476 23,880 74,266
Net Income (Loss) before prefer. return 21,633 42,617 (11,560) 13,064 (3,749) 206,823 534,169
Net (Loss) Income $21,633 $42,617 ($11,560) $13,064 ($3,749) $206,823 $534,169
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Elimination Corporation (Division) (Division) Inc Canada
<S> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($144,646) $1,364,507 $330,824 ($324,275) ($166,564) $447,702 $129,177
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 2,597,357 1,361,475 33,974 27,253 197,836 18,701
Deferred taxes 668,198 595,223 72,975
Gains on sales of investments in energy sav.
projects paid for with notes & leases rec. (158,385) (165,040) 6,655
Non - cash costs of energy saving proj. sales 2,810,794 217,333
Pension liability (286,899) (205,133) (81,766)
Amortization of deferred revenues 3,332 3,332
Collections & sales of proj. notes & lease rec. 2,604,525 2,301,188
Undistributed Equity earnings of subsidiaries (379,876) (379,876)
Other - net 2,019,515 1,785,164 3,060,725 (52,661) 325,784 (196,669) 365,575
Net Changes to Working Capital:
Accounts receivable (4,021,965) 55,997 (5,523,911) 432,398 (83,480) 256,764 10,458
Materials and supplies (197,171) 220,482 (75,775)
Accounts payable (1,024,480) 123,991 (674,697) (32,614) (34,395) (371) 157,365
Accrued taxes 208,142 74,859 11,901 14,376 101,753
Accrued interest (883,765) 39,341 (883,765) 13,388 25,953
Other - net 1,262,412 (1,510,537) 943,821 (97,951) (10,058) (1,133)
Net Cash Provided from (Used in) Oper. Act. 5,456,964 1,478,587 1,053,026 122,876 23,094 781,569 788,551
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for invest. in energy sav. proj. (14,097,590) (7,734,610) (24,376) (2,466) (1,267,612)
Collections on notes and leases receivable 2,921,764 2,897,133 24,631
Investments in subsidiaries
Net Cash Provided from (Used in) Inv. Act. (11,175,826) (4,837,477) (24,376) (2,466) (1,242,981)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt (800,000) (800,000)
Dividends declared (1,000,000) (1,000,000)
Partner's contribution (withdrawal) (598,196)
Net increase (decrease) in short-term debt 3,948,257 (478,587) 3,518,000 (149,500) (290,000) 430,726
Net Cash Provided from (Used in) Fin. Act. 3,148,257 (1,478,587) 2,119,804 (149,500) (1,290,000) 430,726
NET (DECREASE) INCREASE IN CASH (2,570,605) (1,664,647) (51,000) 20,628 (508,431) (23,704)
Cash and temp. cash invest. at beginning of yr. 4,662,227 1,543,211 141,129 293,539 568,629 50,242
Cash and temp. cash invest. at end of yr. $2,091,622 ($121,436) $90,129 $314,167 $60,198 $26,538
Cash paid during the year for:
Interest (net of amounts capitalized) $3,542,111 $3,520,587
Income Taxes $69,946 $42,180 $7,456
Conversion of investments in energy savings
projects to notes and leases receivable $1,988,365 $609,322 $782,501
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corp. Corp. (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) $21,633 $42,617 ($11,560) $13,064 ($3,749) $206,823 $534,169
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 59,596 96,771 108,863 175,928 516,960
Deferred taxes
Gains on sales of investments in energy savings
projects paid for with notes & leases rec.
Non-cash costs of energy saving projects sales 956,475 46,190 1,590,796
Pension liability
Amortization of deferred revenues
Collections and sales of project notes & leases rec. 141,438 26,677 24,091 111,131
Undistributed Equity earnings of sub.
Other - net (74,191) (34,519) 9,977 25 (250,164) 650,797
Net Changes to Working Capital:
Accounts receivable (81,395) 2,537,204 32,276 (72,189) 157,366 12,689 (1,644,148)
Materials and supplies (29,112) (312,766)
Accounts payable 4,505 (320,282)
Accrued taxes 2,848 2,405
Accrued interest
Other - net (18,069) (2,607) (391,799) (72,385) (44,642) 209,283 (762,585)
Net Cash Provided from (Used in) Oper. Act. (85,073) 3,390,390 (673,872) 50,245 108,975 378,650 997,120
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for invest. in energy sav. proj. (1,103,676) (2,308,200) (2,256) (543,667) (1,110,727)
Collections on notes and leases receivable
Investments in subsidiaries
Net Cash Provided from (Used in) Inv. Act. (1,103,676) (2,308,200) (2,256) (543,667) (1,110,727)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reacquisition & fin. exp.
Dividends declared
Partner's contribution (withdrawal) 674,787 (993,524) 230,648 686,285
Net increase (decrease) in short-term debt 1,147,953 (818,310) 281,599 (650,798)
Net Cash Provided from (Used in) Fin. Act. 1,147,953 (818,310) 674,787 (993,524) 512,247 35,487
NET (DECREASE) INCREASE IN CASH (40,796) 263,880 915 (945,535) 108,975 347,230 (78,120)
Cash and temp. cash invest. at beginning of yr. 162,730 169,458 487 1,114,874 118,932 85,595 413,401
Cash and temp. cash invest. at end of yr. $121,934 $433,338 $1,402 $169,339 $227,907 $432,825 $335,281
Cash paid during the year for:
Interest (net of amounts capitalized) $21,524
Income Taxes $8,780 $11,530
Conversion of investments in energy savings
projects to notes and leases receivable $596,542
( ) Denotes contra
</TABLE>
<TABLE>
Business Line Project Equipment
in Service Revenues
as of 3/31/97 as of 3/31/97
<S> <C> <C>
Demand Side Mgmt./Energy Mgmt. Services $81,703,767 $10,425,150
Manufacturing and Fabrication $2,847,754
Consulting $240,710
TOTAL $81,703,767 $13,513,614
Geographic Location Project Equipment
in Service Revenues
as of 3/31/97 as of 3/31/97
New England / New York Region $55,338,570 $9,413,672
United States excluding New England $26,365,197 $3,883,779
and New York
Canada $216,163
All areas of the world excluding the
U.S. and Canada
TOTAL $81,703,767 $13,513,614
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 137940
<TOTAL-CURRENT-ASSETS> 58712
<TOTAL-DEFERRED-CHARGES> 2179
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 198831
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 47241
<RETAINED-EARNINGS> 130
<TOTAL-COMMON-STOCKHOLDERS-EQ> 47371
0
0
<LONG-TERM-DEBT-NET> 90000
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 26450
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 21700
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 13310
<TOT-CAPITALIZATION-AND-LIAB> 198831
<GROSS-OPERATING-REVENUE> 13514
<INCOME-TAX-EXPENSE> (1813)
<OTHER-OPERATING-EXPENSES> 14296
<TOTAL-OPERATING-EXPENSES> 12483
<OPERATING-INCOME-LOSS> 1031
<OTHER-INCOME-NET> 1361
<INCOME-BEFORE-INTEREST-EXPEN> 2392
<TOTAL-INTEREST-EXPENSE> 2537
<NET-INCOME> (145)
0
<EARNINGS-AVAILABLE-FOR-COMM> (145)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 2349
<CASH-FLOW-OPERATIONS> 5457
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
