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,
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
November 19, 1997
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1997
ASSETS
<CAPTION>
EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II
Consolidated Elim. (Division) (Division) (Division) (Division)
<S> <C> <C> <C> <C> <C> <C>
Utility Plant and Other Inv.:
Non-utility property $98,902,036 $45,235,233 $1,200,439 $2,241,753 $1,150,027
Less acc. provision for dep. 37,811,966 21,366,443 812,078 836,554 329,296
Net non-utility property 61,090,070 23,868,790 388,361 1,405,199 820,732
Inv. in subsidiaries (at equity) (73,197) 50,251,647 50,178,450
Notes receivable 39,005,267 32,428,008
Leases receivable 16,593,540 10,964,113
Other 17,065,586 11,304,933 (186,000)
Total Ut. Plant and Other Inv. 133,681,267 50,251,647 128,744,293 202,361 1,405,199 820,732
Current Assets:
Cash and temporary cash inv. 5,108,661 449,337 213,000 9,332
Notes receivable 17,599,212 16,824,528 31,876,049 97,958 955,431
Leases receivable 1,860,298 947,361
Accounts receivable - Net:
Customers 24,131,562 10,135,959 1,048,723 1,237,900
Others 4,643,186 1,042,704 5,841,346 (4,247) 35,712
Accounts receivable - ass. cos. (1) 5,855,186 5,281,896 287,101 131,240
Mat. and supplies (at avg cost):
Plant mats and op. supplies 1,647,663 63,569 840,489 256,302 418,402
Other current assets 735,932 1,777,328 2,413,298 38,907 36,293
Total Current Assets 55,726,513 25,499,746 57,008,816 2,521,931 2,662,210 418,402
Deferred Debits:
Unamortized debt expense 482,562 482,562
Other deferred debits 2,650,767 1,101,302 97,994
Total Deferred Debits 3,133,330 1,583,865 97,994
Total Assets $192,541,110 $75,751,393 $187,336,973 $2,822,286 $4,067,409 $1,239,133
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1997
ASSETS (CONTINUED)
<CAPTION>
EUA EUA EUA EUA EUA EUA
NEM Cogenex Citizens West MUPA WestCoast
Inc. Canada Corp. Corp. (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C>
Utility Plant and Other Inv.:
Non-utility property $8,493,365 $4,121,659 $3,054,568 $2,597,702
Less acc. provision for dep. 3,261,686 285,308 532,909 1,818,338
Net non-utility property 5,231,679 3,836,351 2,521,659 779,364
Inv. in subsidiaries (at equity)
Notes receivable 5,860,635 716,624
Leases receivable 2,239,311
Other 158,347 44,153 5,513,637 77,526
Total Ut. Plant and Other Inv. 5,390,026 5,860,635 3,880,504 10,991,231 856,890
Current Assets:
Cash and temporary cash inv. 318,167 272,755 24,263 682,615 91,266 1,287,817
Notes receivable 1,075,070 151,046 268,187
Leases receivable 251,351
Accounts receivable - Net:
Customers 506,431 1,955,415 1,840,689 1,151,498 23,750 391,443
Others (303,295) 100 (62,860) 14,855 42,000
Accounts receivable - ass. cos. 55,164 99,783
Mat. and supplies (at avg cost):
Plant mats and op. supplies 68,902
Other current assets 8,358 3,794 12,610
Total Current Assets 521,303 3,311,697 1,861,049 2,432,660 115,015 1,989,446
Deferred Debits:
Unamortized debt expense
Other deferred debits 1,214,366 137,436 74,231 25,438
Total Deferred Debits 1,214,366 137,436 74,231 25,438
Total Assets $7,125,695 $9,309,769 $5,815,784 $13,449,329 $115,015 $2,846,336
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1997
ASSETS (CONTINUED)
<CAPTION>
EUA EUA EUA
FRC II EC&SI EC&SII
(Part.) (Part.) (Part.)
<S> <C> <C> <C>
Utility Plant and Other Inv.:
Non-utility property $77,490 $11,992,876 $18,736,925
Less acc. provision for dep. 77,490 2,034,290 6,457,574
Net non-utility property 9,958,586
Inv. in subsidiaries (at equity)
Notes receivable
Leases receivable
Other 64,493 88,498
Total Ut. Plant and Other Inv. 10,496,475 15,284,569
Current Assets:
Cash and temporary cash inv. 238,552 725,150 796,409
Notes receivable
Leases receivable 155,994 505,591
Accounts receivable - Net:
Customers 676,881 1,062,387 4,100,486
Others 122,280
Accounts receivable - ass. cos.
Mat. and supplies (at avg cost):
Plant mats and op. supplies
Other current assets
Total Current Assets 915,433 1,943,531 5,524,766
Deferred Debits:
Unamortized debt expense
Other deferred debits
Total Deferred Debits
Total Assets $915,433 $12,400,006 $20,809,335
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1997
LIABILITIES
<CAPTION>
EUA EUA EUA EUA
Cogenex Cogenex Nova Day
Consolidated Elim. Corporation (Division) (Division)
<S> <C> <C> <C> <C> <C>
Capitalization:
Common equity $47,142,205 $16,129,712 $47,015,183 ($663,413) $1,264,607
Redeemable preferred stock of
subsidiaries - net 75
Partnerships' capital 31,282,162
Long-term debt - net 89,200,000 89,200,000
Total Capitalization 136,342,280 47,411,874 136,215,183 (663,413) (385,471)
Current Liabilities:
LTD due within one year 21,700,000 21,700,000
Notes payable 22,327,416 19,168,506 17,539,000 823,650 1,497,073
Accounts payable 5,954,201 1,090,041 2,592,854 81,807 588,324
Accounts payable - ass. co. 197,424 5,855,186 681,270 780,994 246,300
Customer deposits 614,324 (6,500)
Taxes accrued 649,662 26,807 62,385 12,273
Interest accrued 1,333,248 1,777,328 1,333,248 331,950 6,777
Other current liabilities 3,731,628 3,207,074 2,228 673
Total Current Liabilities 56,507,902 27,891,061 47,080,252 3,122,709
Deferred Credits:
Other deferred credits 3,571,395 448,458 3,304,970 362,990 126,209
Total Deferred Credits 3,571,395 448,458 3,304,970 362,990 126,209
Accumulated deferred taxes (3,880,467) 736,568
Tot. Liab. and Capital. $192,541,110 $75,751,393 $187,336,973 $2,822,286 $4,067,409
</TABLE>
( ) Denotes Contra
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1997
LIABILITIES (CONTINUED)
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA EUA
NEM Cogenex Citizens West MUPA WestCoast FRC II EC&S I EC&S II
Inc. Canada Corp. Corp. (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $10,721,662 $711,549 $102,560 $4,505,239
Redeemable pref. stock of
subsidiaries - net 75
Partnerships' capital (388,609) 1,668,749 235,799 11,699,942 18,066,281
Long-term debt - net
Total Capitalization 10,721,662 711,549 102,635 4,505,239 (388,609) 1,668,749 235,799 11,699,942 18,066,281
Current Liabilities:
LTD due within one year
Notes payable 50,000 4,779,126 4,797,500 8,047,768 517,099 1,826,879
Accounts payable 710,491 392,877 229,484 503,624 798,747 666,541 154,285 325,208
Acc. payable-ass. co. 221 2,591,231 427,554 1,325,040
Customer deposits 360,717 260,107
Taxes accrued 517,372 594 30,232
Interest accrued 22,276 38,179
Other current liab 47,270 33,628 18,122 13,092 68,680 340,860
Tot. Current Liabil. 50,221 8,598,219 5,688,072 9,704,330 503,624 1,177,587 679,634 740,064 2,753,054
Deferred Credits:
Other deferred credits 245,742 9,421 (19,478) (10,000)
Total Deferred Credits 245,742 9,421 (19,478) (10,000)
Accumulated deferred taxes (3,891,930) 15,657 (740,763)
Tot. Liab. and Capital. $7,125,695 $9,309,769 $5,815,785 $13,449,329 $115,015 $2,846,336 $915,433 $12,440,006 $20,809,335
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<CAPTION>
EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I&II
Consolidated Elim Corporation (Div.) (Div.) (Div.)
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues $31,873,568 $13,626,077 $2,857,099 $2,980,208 $104,625
Operating Expenses:
Operation 26,092,911 90,268 12,404,047 3,569,412 2,670,367 391,153
Maintenance 766,458 378,099 14,387
Deprec. & amort. 4,739,607 (268) 2,203,819 66,352 29,804 71,788
Taxes-Other than income 375,045 127,123 97,651 98,154 16,220
- Income (credit) (1,992,955) (2,530,282)
- Deferred 748,777 602,827
Total Operating Exp. 30,729,843 90,000 13,185,633 3,747,803 2,715,922 479,161
Operating Income 1,143,725 (90,000) 440,444 (890,704) 264,286 (374,536)
Other Income and Deductions:
Int. and div. income 3,750,841 709,538 3,843,049 6,296
Equ. in earn. of jointly-
owned companies (110,631) 1,721,234 1,610,604
Other (ded.) income - net (65,382) 90,000 (63,885) 138,795
Total Other Income 3,574,828 2,520,773 5,389,768 145,091
Inc. (Loss) Before Int. 4,718,552 2,430,773 5,830,212 (745,613) 264,286 (374,536)
Interest Charges:
Interest on long-term debt 4,658,002 116,657 4,658,003
Amort. of debt exp.& prem 75,840 75,840
Other int. exp. (princ.
short-term notes) 713,170 413,186 596,052 26,689 46,613 10,935
All. for borrowed funds used
construction - (credit) (349,522) 179,696 (60,843)
Total Interest Charges 5,097,491 709,539 5,269,052 26,689 46,613 10,935
Net (Loss) Income ($378,939) $1,721,234 $561,159 ($772,302) $217,673 ($385,471)
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<CAPTION>
EUA EUA EUA EUA EUA
NEM Cogenex Citizens West MUPA
Inc. Canada Corp. Corp. (Part.)
<S> <C> <C> <C> <C> <C>
Operating Revenues $1,771,514 $1,976,008 $1,691,049 $2,737,590 $0
Operating Expenses:
Operation 24,941 1,813,303 1,327,236 2,670,367 847,717
Maintenance 9,752 221 3,450 82
Deprec. & amort. 354,700 (29) 149,984 298,767
Taxes-Other than income 125 6,989 28,784
- Income (credit) 328,837 231,963 53,968 (77,441)
- Deferred 145,950
Total Operating Exp. 864,304 2,045,237 1,538,399 2,923,927 847,799
Operating Income 907,210 (69,229) 152,650 (186,336) (847,799)
Other Income and Deductions:
Int. and div. income 464,795 4,555 134,244
Equ. in earn. of jointly-
owned companies
Other (ded.) income - net (9,268) (38) (54) (235)
Total Other Income (9,268) 464,757 4,501 134,009
Inc. (Loss) Before Int. 897,943 395,528 157,150 (52,327) (847,799)
Interest Charges:
Interest on long-term debt 12,035
Amort. of debt exp.& prem
Other int. exp. (princ.
short-term notes) 77,707 142,906 225,454
All. for borrowed funds used
construction - (credit) (60,964) (48,019)
Total Interest Charges 77,707 81,941 177,435 12,035
Net (Loss) Income $897,943 $317,821 $75,209 ($229,762) ($859,834)
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<CAPTION>
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C>
Operating Revenues $286,870 $7,400 1,632,485 $2,202,642
Operating Expenses:
Operation 36,996 6,019 503,844 179
Maintenance 20,297 2,384 70,835 266,951
Deprec. & amort. 191,405 349,177 1,023,572
Taxes-Other than income
- Income (credit)
- Deferred
Total Operating Exp. 248,698 8,403 923,856 1,290,702
Operating Income 38,172 (1,002) 708,629 911,940
Other Income and Deductions:
Int. and div. income 5,378 2,062
Equ. in earn. of jointly-
owned companies
Other (ded.) income - net (39,406) (646) (646)
Total Other Income (34,028) (646) 1,417
Inc. (Loss) Before Int. 4,143 (1,002) 707,983 913,357
Interest Charges:
Interest on long-term debt 6,476 23,880 74,266
Amort. of debt exp.& prem
Other int. exp. (princ.
short-term notes)
All. for borrowed funds used
construction - (credit)
Total Interest Charges 6,476 23,880 74,266
Net (Loss) Income (2,333) ($1,002) $684,103 $839,091
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<CAPTION>
EUA EUA EUA EUA EUA
Cogenex Elimination Cogenex Nova Day Day I&II
Consolidated Corp. (Div.) (Div.) (Div.)
<S> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($378,939) $1,721,234 $561,159 ($772,302) $217,673 ($385,471)
Adj. to Reconcile Net Income (Loss)
to Net Cash Provided by Op. Act.:
Depreciation and amortization 5,253,748 2,359,624 65,571 34,843 329,296
Deferred taxes 709,510 563,560
Gains on sales of inv. in en svg. proj.
paid for with notes & leases rec. (553,269) (392,317)
Non-cash costs of energy saving
project sales 10,361,674 5,273,039
Pension liability (276,909) (197,183) (79,726)
Amortization of deferred revenues (49,400) 79,977
Collections and sales of project
notes and leases receivable 4,689,948 3,895,692
Undistributed Equity earnings of subs (160,604) (160,604)
Other - net 1,074,125 243,156 (90,340) (138,873)
Net Changes to Working Capital:
Accounts receivable (2,553,655) 1,337,993 (2,840,757) 535,746 261,147
Materials and supplies 65,343 499,152 326,470 (418,402)
Accounts payable 1,247,611 1,428,796 (563,788) (89,458) 102,406
Accrued taxes 199,093 12,599 7,070 2,498
Accrued interest (1,149,275) 144,525 (1,149,275) 26,522 50,771 6,777
Other - net 842,508 (7,735,265) (1,131,691) (49,381) (6,085)
Net Cash Provided from (Used in)
Operating Activities 19,482,114 (3,263,321) 6,553,192 52,853 850,850 (467,800)
CASH FLOW FROM INVESTING ACTIVITIES:
Exp. for inv. in energy svgs proj. (23,845,104) (10,580,836) (48,982) 57,826 (1,150,027)
Coll. on notes and leases rec. 6,560,278 6,436,630 4,084
Net Cash Prov. from (Used in)
Investing activities (17,284,826) (4,144,206) (48,982) 61,910 (1,150,027)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt (1,600,000) (1,600,000)
Dividends declared (1,450,000)
Partner's contr. (withdrawal) 1,966,389
Net inc (dec) in short-term debt (150,853) 727,522 (384,000) 68,000 (270,000) (1,617,828)
Net Cash Provided from (Used in)
Financing Activities (1,750,853) (722,478) (17,611) 68,000 (270,000) (1,617,828)
NET (DECREASE) INCREASE IN CASH 446,434 (3,985,799) 2,391,375 71,871 642,760
Cash & temp. cash inv. at beg. of yr. 4,662,227 0 1,543,211 141,129 293,539
Cash & temp. cash inv. at end of yr. $5,108,661 (3,985,799) $3,934,586 $213,000 $936,299
Cash paid during the year for:
Interest $6,437,280 $6,394,780 $4,158
Income $297,812 $55,120
Conv of inv. in energy svngs
projects to notes and leases rec. $3,113,364 $2,110,308
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<CAPTION>
EUA EUA EUA EUA EUA
NEM Cogenex Citizens West MUPA
Inc Canada Corp. Corp. (Part.)
<S> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) $897,943 $317,821 $75,209 ($229,762) ($859,834)
Adj. to Reconcile Net Income (Loss)
to Net Cash Provided by Op. Act.:
Depreciation and amortization 401,571 18,701 149,984 298,767
Deferred taxes 145,950
Gains on sales of inv. in en svg. proj.
paid for with notes & leases rec. (42,242) (49,135)
Non-cash costs of energy svngs
projects sales 1,202,371 417,855 1,877,613
Pension liability
Amortization of deferred revenues (121,158) (14,769) 6,550
Collections and sales of project
notes and leases receivable 452,356
Other - net 132,981 205,180 (23,633) (254,803) 894,637
Net Changes to Working Capital:
Accounts receivable 200,499 (1,933,575) (824,031) 4,542,499 286,035
Materials and supplies (29,112) (312,766)
Accounts payable (8,142) 602,824 361,768 (177,610) 503,624
Accrued taxes 181,012 (2,756) (1,329)
Accrued interest 22,276 38,179
Other - net 3,274 (20,352) (1,264) (780,724)
Net Cash Provided from (Used in)
Operating Activiities 1,649,645 540,597 162,870 6,466,400 (269,028)
CASH FLOW FROM INVESTING ACTIVITIES:
Exp. for inv. in energy svgs proj. (106) (1,588,360) (1,637,556) (6,866,444)
Coll. on notes and leases rec. 110,788
Net Cash Prov. from (Used in)
Investing activities (106) (1,477,573) (1,637,556) (6,866,444)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Dividends declared (1,450,000)
Partner's contr. (withdrawal) (312,920)
Net inc (dec) in short-term debt (290,000) 1,117,246 1,336,218 894,559
Net Cash Provided from (Used in)
Financing Activities (1,740,000) 1,117,246 1,336,218 894,559 (312,920)
NET (DECREASE) INCREASE IN CASH (90,461) 180,271 (138,468) 494,515 (581,949)
Cash & temp. cash inv. at beg. of yr. 568,629 50,242 162,730 169,458 487
Cash & temp. cash inv. at end of yr. $478,168 $230,513 $24,262 $663,973 (581,462)
Cash paid during the year for:
Interest $38,342
Income $217,456 $13,705 $11,531
Conv of inv. in energy svngs
projects to notes and leases rec. $185,959 $384,879
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<CAPTION>
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss)
Adj. to Reconcile Net Income (Loss) ($2,333) ($1,002) $684,103 $839,091
to Net Cash Provided by Op. Act.:
Depreciation and amortization 211,888 351,690 1,031,813
Deferred taxes
Gains on sales of inv. in en svg. proj.
paid for with notes & leases rec. (69,575)
Non-cash costs of energy svngs
projects sales 1,590,796
Pension liability
Amortization of deferred revenues
Collections and sales of project
notes and leases receivable 40,637 76,451 224,812
Undistr. Equity earnings of subs
Other - net 1,038,529 31,435 (964,145)
Net Changes to Working Capital:
Accounts receivable (65,423) 154,619 (148,063) (1,384,357)
Materials and supplies
Accounts payable 798,747 666,541 154,285 325,208
Accrued taxes
Accrued interest
Other - net 533,846 (852,562) (423,723) (4,164,096)
Net Cash Provided from (Used in)
Operating Activities 2,555,892 (32,404) 656,603 (2,500,878)
CASH FLOW FROM INVESTING ACTIVITIES:
Exp. for inv. in energy svgs proj. (2,256) (843,903) (1,184,459)
Coll. on notes and leases rec. 8,776
Net Cash Prov. from (Used in)
Investing activities 6,520 (843,903) (1,184,459)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Dividends declared
Partner's contr. (withdrawal) (948,975) 138,932 58,971 (902,396)
Net inc (dec) in short-term debt (235,500) (3,277,681)
Net Cash Provided from (Used in)
Financing Activities (948,975) 138,932 (176,529) (4,180,077)
NET (DECREASE) INCREASE IN CASH 1,613,437 106,528 (363,829) (7,865,414)
Cash & temp. cash inv. at beg. of yr. 1,114,874 118,932 85,595 413,401
Cash & temp. cash inv. at end of yr. $2,728,311 $225,460 ($278,234) ($7,452,013)
Cash paid during the year for:
Interest
Income
Conversion of inv. in energy svngs
projects to notes and leases rec. $432,218
( ) Denotes contra
</TABLE>
Business Line Project Equipment
in Service Revenues
as of 6/30/97 as of 6/30/97
Demand Side Mgmt./Energy Mgmt. Svcs $78,179,018 $24,747,902
Manufacturing and Fabrication $5,941,932
Consulting $1,183,734
TOTAL $78,179,018 $31,873,568
Geographic Location Project Equipment
in Service Revenues
as of 6/30/97 as of 6/30/97
New England / New York Region $53,267,496 $20,915,354
United States excluding New England $24,911,522 $8,982,207
and New York
Canada $0 $1,976,007
All areas of the world excluding
U.S. and Canada
TOTAL $78,179,018 $31,873,568
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 133681
<TOTAL-CURRENT-ASSETS> 55727
<TOTAL-DEFERRED-CHARGES> 3133
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 192541
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 47246
<RETAINED-EARNINGS> (104)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 47142
0
0
<LONG-TERM-DEBT-NET> 89200
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 22327
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 21700
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 12172
<TOT-CAPITALIZATION-AND-LIAB> 192541
<GROSS-OPERATING-REVENUE> 31874
<INCOME-TAX-EXPENSE> (1244)
<OTHER-OPERATING-EXPENSES> 31974
<TOTAL-OPERATING-EXPENSES> 30730
<OPERATING-INCOME-LOSS> 1144
<OTHER-INCOME-NET> 3575
<INCOME-BEFORE-INTEREST-EXPEN> 4719
<TOTAL-INTEREST-EXPENSE> 5097
<NET-INCOME> (379)
0
<EARNINGS-AVAILABLE-FOR-COMM> (379)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 4658
<CASH-FLOW-OPERATIONS> 19482
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
