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 September
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
February 14, 1997
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
SEPTEMBER 30, 1996
<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 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 110,088,552 48,370,053 1,204,800 1,950,558 8,696,665
Less acc. prov. for dep. 34,944,439 21,554,999 789,590 776,056 2,873,868
Net non-utility property 75,144,113 26,815,054 415,210 1,174,502 5,822,797
Inv. in subs. (at equity) 37,434 64,063,406 64,100,840
Excess of carrying values
of investments in subsidiaries
Notes receivable 36,748,016 32,990,495 3,651,665
Leases receivable 11,335,879 7,262,747
Other 15,109,660 12,144,086 (186,000) 233,343
Total Util. Plant & Other Invest. 138,375,102 64,063,406 143,313,222 229,210 1,174,502 6,056,140 3,651,665
Current Assets:
Cash and temporary cash investments 32,338 (1,531,806) 20,077 225,917 262,132 14,084
Notes receivable 23,533,655 9,216,502 30,636,066 72,958 35,548 720,877
Leases receivable 2,040,768 778,281 Accounts receivable - Net:
Customers 21,595,695 7,662,233 2,197,951 1,760,020 595,061 102,995
Accrued unbilled
Others 7,829,166 1,158,275 9,252,960 64,985 79,454 (435,045) (1,483)
Acc. rec.- ass. cos. 14,956 4,266,212 3,778,827 322,877 66,510 14,955
Materials and supplies
(at average cost):
Fuel
Plant materials &
operating supplies 2,176,295 63,569 1,542,961 527,443
Other current assets 1,153,007 740,261 43,802 32,918 14,351
Total Current Assets 58,375,880 14,640,989 51,380,391 4,265,611 2,727,810 437,103 850,824
Deferred Debits:
Unamortized debt expense 596,322 596,322
Unrecovered regulatory plant costs
Other deferred debit 9,149,597 2,484,184 (49,217) 173,934 5,396,782
Total Deferred Debits 9,745,919 3,080,506 (49,217) 173,934 5,396,782
Total Assets $206,496,901 $78,704,395 $197,774,119 $4,445,604 $4,076,246 $11,890,025 $4,502,489
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
SEPTEMBER 30, 1996
<CAPTION>
ASSETS (Continued)
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA West FRC II EC&S I EC&S II
Corp. Corp. (Partnership) (Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <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 2,288,842 2,194,837 14,906,649 77,490 11,337,378 19,061,280
Less acc. prov. for deprec. 101,646 413,273 2,156,616 77,490 1,331,345 4,869,556
Net non-utility property 2,187,196 1,781,564 12,750,033 10,006,033 14,191,724
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable 105,856
Leases receivable 1,733,406 246,602 2,093,124
Other 56,571 2,613,706 107,023 40,071 100,860
Total Utility Plant 2,243,767 6,234,532 12,857,056 10,292,706 16,385,708
Current Assets:
Cash and temporary cash investments 29,964 (101,780 506 519,013 515,737 46,175 32,319
Notes receivable 5,160 894,637 384,911
Leases receivable 172,039 (10,506) 1,110,954
Accounts receivable - Net:
Customers 733,102 3,181,268 309,784 1,181,025 648,835 672,885 2,550,536
Accrued unbilled revenue
Others (2,906) 7,476 22,000
Accounts receivable 39,600 58,399
Materials and supplies (at average cost):
Fuel
Plant materials and operating supplies 42,322
Other current assets 1,002 7,883 100 9,386 303,304
Total Current Assets 800,762 3,372,767 1,204,927 2,107,049 1,164,572 717,940 3,987,113
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits 195,043 948,871
Total Deferred Debits 195,043 948,871
Total Assets $3,239,572 $10,556,170 $1,204,927 $14,964,105 $1,164,572 $11,010,646 $20,372,821
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
SEPTEMBER 30, 1996
<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 $ 48,821,140 $16,551,012 $46,994,391 $ 770,087 $1,145,363 $11,456,611 $ 379,393
Non-redeemable preferred
stock of subsid
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capitaital cost 15,693,564
Long-term debt - net 106,600,000 23,552,333 106,600,000
Total Capitalization 155,421,215 55,796,909 153,594,391 770,087 1,145,363 11,456,611 379,393
Current Liabilities:
Pref. stock sinking fund req.
Long-term debt due within one yr. 6,700,000 6,700,000
Notes payable 27,632,361 15,192,726 22,900,000 1,127,446 1,867,073 3,744,471
Accounts payable 4,394,684 2,584,973 2,926,475 224,183 581,336 146,842
Accounts payable - assoc. companies 181,657 2,674,187 645,779 675,925 181,141 5,934
Customer deposits 551,970 15,708 (4,338)
Taxes accrued 337,252 38,124 33,992 46,679 6,442 231,783
Interest accrued 533,642 1,592,027 533,642 1,337,645 254,382
Dividends declared
Other current liabilities 6,836,242 (48,126) 6,403,941 8,542 1,438
Total Current Liabilities 47,167,808 22,049,619 40,143,829 3,416,082 2,891,812 5,934 4,123,096
Deferred Credits:
Unamortized investmement credit
Other deferred credits 3,907,878 857,867 4,035,899 259,435 39,071 427,480
Total Deferred Credits 3,907,878 857,867 4,035,899 259,435 39,071 427,480
Accumulated deferred taxes
Commitments and contingencies
Total Liabilities & Capital. $206,496,901 $78,704,395 $197,774,119 $4,445,604 $4,076,246 $11,890,025 $4,502,489
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
SEPTEMBER 30, 1996
<CAPTION>
LIABILITIES (continued)
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA West FRC II EC&S I EC&S II
Corporation Corporation (Partnership) (Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $ 6,542 $4,619,765 $ $ $ $ $
Non-red. pref. stock of subs.
Red. pref. stock of subs. 75
Preferred stock red. costs
Partnerships' capital (656,360) 3,412,314 444,696 4,557,783 7,935,131
Long-term debt - net 883,369 10,936,662 0 2,853,124 8,879,178
Total Capitalization 6,617 4,619,765 227,009 14,348,976 444,696 7,410,907 16,814,309
Current Liabilities:
Pref. stock sink fund requir.
Long-term debt due within one yr.
Notes payable 2,719,683 4,490,191 3,058,546 2,917,677
Accounts payable 159,844 340,297 970,597 156,565 730,322 495,141 248,055
Acc. payable - ass cos. 290,647 1,056,418
Customer deposits 360,717 211,299
Taxes accrued 598 17,757 38,125
Interest accrued
Dividends declared
Other current liabilities 58,323 31,742 7,321 59,722 (10,446) 46,052 181,481
Total Current Liabilities 3,229,095 5,936,405 977,918 615,129 719,876 3,599,739 3,558,512
Deferred Credits:
Unamortized investment credit
Other deferred credits 3,860
Total Deferred Credits 3,860
Accumulated deferred taxes
Commitments and contingencies
Total Liabilities & Capit. $3,239,572 $10,556,170 $1,204,927 $14,964,105 $1,164,572 $11,010,646 $20,372,821
( ) Denotes Contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
<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 $40,516,439 $3,177,615 $17,315,448 $5,223,442 $5,322,442 $2,792,860 $
Operating Expenses:
Operation 44,516,439 (3,081,665) 21,615,934 6,292,843 4,818,103 499,221 903
Maintenance 94,013 957,534 522,034 23,497 95
Depreciation and amort. 1,319,496 5,438,473 3,705,921 127,178 54,735 138,449 20,924
Taxes - Other than income 529,873 188,631 149,753 147,170 116
- Income (credit) (3,920,095) (4,869,498 520,191 254,283
- Deferred (549,629) (768,554) 218,925
Total Operating Expenses 41,990,097 3,314,342 20,394,468 6,593,271 5,020,008 276,110
Operating Income (1,102,266) (136,727) (3,079,020) (1,369,615) 302,434 1,415,863 (276,110)
Other Income and Deductions:
Int. and div. income 5,344,619 2,072,355 6,591,160 9,119 733,769
Equity in earnings of
jointly-owned companies (38,566) 1,747,879 1,709,313
Allowance for other funds
used during construction
Other (deductions)
income - net (1,926,245) 554,013 (1,470,888) 91,688 65 6,168
Total Other Income 3,379,808 4,374,247 6,829,585 100,807 65 739,937
Income (Loss) Before
interest charges 2,277,542 4,237,520 3,750,565 (1,268,808) 302,434 1,415,928 463,827
Interest Charges:
Interest on long-term debt 7,416,053 1,415,781 7,416,053
Amort. of debt exp. & prem. 113,760 113,760
Other interest expense
(princ. short-term notes) 1,144,217 329,351 892,620 79,180 78,872 181,454
All. for borr. funds used
during constr.-(credit) (1,082,266) 473,505 (482,072)
Total Interest Charges 7,591,764 2,218,637 7,940,361 79,180 78,872 181,454
Net Income (Loss) (5,314,222) 2,018,883 (4,189,796) 1,347,988 223,562 1,415,928 282,373
Preferred Return Requirement
Net (Loss) Income ($5,314,222) $2,018,883 ($4,189,796) ($1,347,988) $ 223,562 $1,415,928 $282,373
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 NINE MONTHS ENDED SEPTEMBER 30, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA West FRC II EC&S I EC&S II
Corp. Corp. (Part.) (Part.) (Part.) (Part.) (Partnership)
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $1,298,371 $5,646,739 $ $2,017442 $18,823 $1,201,139 $3,228,526
Operating Expenses:
Operation 1,110,579 5,086,528 2,464 1,719,996 800 96,607 190,796
Maintenance 2,045 2,937 4,589 45,642 1,262 77,970 371,476
Depreciation and amortization 87,047 256,882 309,820 11,305 406,831 1,638,877
Taxes - Other than income 8,539 35,664
- Income (credit) 17,807 157,122
- Deferred
Total Operating Expenses 1,226,017 5,539,133 7,053 2,075,458 13,367 581,408 2,201,149
Operating Income 72,354 107,606 (7,053) (58,016) 5,456 619,731 1,027,377
Other Income and Deductions
Interest and dividend income 2,172 70,847 7,036 2,871
Equity in earn. of jointly -
owned companies
Allowance for other funds used
during construction
Other (deductions) income-net 735
Total Other Income 2,907 70,847 7,036 2,871
Income (Loss) Before
Interest Charges 75,261 178,453 (7,053) (50,980) 5,456 619,731 1,030,248
Interest Charges:
Interest on long-term debt 99,803 374,122 229,678 712,178
Amortization of debt & premium
Oth. int. exp. (princ. st notes) 106,287 135,155
Allowance for borrow funds used during
construction - (credit) (55,249) (71,440)
Total Interest Charges 51,038 63,715 99,803 374,122 229,678 712,178
Net Income (Loss) before preferred ret. 24,223 114,738 (106,856) (425,102) 5,456 390,053 318,070
Preferred Return Requirement
Net (Loss) Income $ 24,223 $114,738 ($106,856) ($425,102) $ 5,456 $ 390,053 $ 318,070
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Elimination Corp. (Division) (Division) Inc Canada
<S> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($5,314,221) $2,018,882 ($4,189,796) $1,347,988 $223,562 $1,415,928 $282,374
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 7,582,004 4,005,549 122,758 54,735 657,653
Deferred taxes (432,278) (808,325) 218,925
Gains on sales of in energy saving
projects paid for with notes & leases rec. (998,050) (851,791)
Non - cash costs of energy savings proj. 4,181,923 2,775,871
Pension liability 290,982 231,135 59,847
Amortization of deferred revenues (181,737) (181,737)
Collections and sales of proj. notes/lease rec 5,892,368 5,335,429
Other non-cash project costs 5,290,546 5,290,546
Equity earnings (1,709,313) (1,709,313
Other - net 929,768 (112,793) 1,261,941 17,631 (283,816) (75,091) (7,463)
Net Changes to Working Capital
Accounts receivable (7,178,384) (725,183) (6,029,068) 2,019,941 (231,291) 335,828 (87,510)
Materials and supplies 1,169,669 21,086 1,049,978 44,788
Accounts payable (2,198,353) 575,700 (2,387,096 (431,349) 315,252 1,193 146,842
Accrued taxes 215,027 38,125 19,658 10,915 (6,009) 167,896
Other - net (167,688) 135,583 (1,178,366) 26,300 75,768 9,219
Net Cash Provided from (used in) Op Act. 9,081,576 221,001 1,787,460 1,528,033 192,989 2,372,699 511,358
CASH FLOW FROM INV. ACTIVITIES:
Exp. for inv. in energy savings proj. (22,622,262) (2,016,339) (13,845,876) (11,604) (44,694) 440 (792,844)
Collections on notes & leases rec. 3,198,034 2,396,767 22,808 12,053 766,406
Investments in subsid. (36,434) (1,328,293) (1,364,727)
Net Cash Provided from (used in) inv. act. (19,460,662) (3,344,632) (12,813,836) 11,204 (32,641) 440 (26,438)
CASH FLOW FROM FIN. ACTIVITIES:
Issuance:
Common shares/capital contribution
Long-term debt 1,081,845
Redemption:
Long-term debt (5,900,000) (1,156,425) (5,900,000)
Premium on reacquisition
Dividends declared (2,112,000) (2,112,000)
Capital contribution-EUA 1,550,000 1,550,000
Partner's contribution 1,243,700
Net increase (decrease) in short-term debt 13,257,987 4,066,511 13,336,000 (1,304,000) (433,173)
Net Cash Provided from (used in) Fin Act. 8,907,987 3,123,631 8,986,000 (1,304,000) (2,112,000) (433,173)
NET (DECREASE) INCREASE IN CASH (1,471,099) (2,040,376) 235,237 160,348 261,139 51,747
Cash and temporary cash inv. at beg. of yr. 1,503,436 508,570 (215,160) 65,568 993 (37,663)
Cash and temporary cash inv. at beg. of yr. $ 32,337 $ ($1,531,806) $ 20,077 $225,916 $ 262,132 $14,084
Cash paid during the year for:
Interest (net of amoutns cap) 12,138,089 12,080,437 $
Income Taxes $ 245,207 $ 134,568 $ 98,681
Conversion of inv. in energy savings projects
to notes and leases receivable $ 4,812,276 $ 3,975,777
( ) Denotes contra
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoas 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) $ 24,223 $ 114,737 ($106,856) ($425,102) $ 5,456 $ 390,053 $ 318,070
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 87,046 256,883 1,175 336,862 11,305 409,160 1,638,878
Deferred taxes 157,122
Gains on sales of investments in energy savings
projects paid for with notes and leases rec. (146,259
Non - cash costs of energy savings proj. 1,236,052 170,000
Pension liability
Amortization of deferred revenues
Collections and sales of project notes/leases rec. 111,735 80,457 81,711 283,036
Other non-cash project costs
Equity earnings
Other - net (117,116) 20,889
Net Changes to Working Capital:
Accounts receivable (412,753) (2,746,908) (6,138) (435,702) 696,489 (306,388) (700,067)
Materials and supplies 53,817
Accounts payable 116,828 342,377 354,368 (420,721) 86,045 343,068 (89,460)
Accrued taxes 216 22,351 38,125
Other - net (43,612) (2,925) 80,572 79,602 (75,057) (7,786) 1,004,180
Net Cash Provided from (Used in) Op. Act. (345,168) (1,816,181) 323,121 489,573 724,238 909,818 2,624,637
CASH FLOW FROM INV. ACTIVITIES:
Exp. for inv. in energy savings projects (1,113,506) (1,375,270) (1,496,102) (2,685,628) (3,273,571)
Collections on note & leases rec.
Investments in subsidiaries
Net Cash Provided from (Used in) Inv. Act. (1,113,506) (1,375,270) (1,496,102) (2,685,628) (3,273,571)
CASH FLOW FROM FIN. ACTIVITIES:
Issuance:
Common shares/capitla contribution
Long-term debt 1,081,845
Redemption:
Long-term debt (235,316) (234,729) (686,380)
Premium on reacquisition & fin exp.
Dividends declared
Capital contribution -EUA
Partner's contribution (88,299) (35,257) (222,744) 1,150,000 440,000
Net increase (decrease) in short-tem debt 1,498,920 2,939,384 787,367 500,000
Net Cash Provided from (Used in) Fin Act. 1,498,920 2,939,384 (323,615) 1,046,588 (222,744) 1,702,638 253,620
NET (DECREASE) INCREASE IN CASH 40,246 (252,067 (494) 40,059 501,494 (73,172) (395,260)
Cash and temporary cash inv. at beg. of yr. (10,281) 150,287 1,000 478,954 14,243 119,347 427,578
Cash and temporary cash inv. at beg. of yr. $ 29,965 ($101,780) $ 506 $ 519,013 $515,737 $ 46,175 $ 32,318
Cash paid during the year for:
Interest (net of amounts cap) $ 57,652
Income Taxes $ 5,032 $ 6,926
Conversion of inv. in energy savings projects
to notes and leases receivable $ 836,499
( ) Denotes contra
</TABLE>
<TABLE>
<CAPTION>
Business Line Project Equipment
in Service Revenues
as of 9/30/96 as of 9/30/96
<S> <C> <C>
Demand Side Mgmt./Energy Mg $91,481,668 $29,432,873
Manufacturing and Fabrication $ $10,546,098
Consulting $ 908,860
TOTAL $91,481,668 $40,887,831
Geographic Location Project Equipment
in Service Revenues
as of 9/30/96 as of 9/30/96
New England / New York Region $55,257,144 $26,902,552
United States excl. New England $36,224,524 $13,985,279
and New York
Canada $ $
All areas of the world excluding the
U.S. and Canada
TOTAL $91,481,668 $40,887,831
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 138375
<TOTAL-CURRENT-ASSETS> 58376
<TOTAL-DEFERRED-CHARGES> 9746
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 206497
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 47338
<RETAINED-EARNINGS> 1483
<TOTAL-COMMON-STOCKHOLDERS-EQ> 48821
0
0
<LONG-TERM-DEBT-NET> 106600
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 27632
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 6700
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 16744
<TOT-CAPITALIZATION-AND-LIAB> 206497
<GROSS-OPERATING-REVENUE> 40888
<INCOME-TAX-EXPENSE> (4470)
<OTHER-OPERATING-EXPENSES> 46460
<TOTAL-OPERATING-EXPENSES> 41990
<OPERATING-INCOME-LOSS> (1102)
<OTHER-INCOME-NET> 3380
<INCOME-BEFORE-INTEREST-EXPEN> 2278
<TOTAL-INTEREST-EXPENSE> 7592
<NET-INCOME> (5314)
0
<EARNINGS-AVAILABLE-FOR-COMM> (5314)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 7416
<CASH-FLOW-OPERATIONS> 9082
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
