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, 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
February 17, 1998
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
SEPTEMBER 30, 1997
<CAPTION>
ASSETS
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I&II NEM
Consolidated Elimination (Division) (Division) (Division) (Division) Inc.
<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 95,839,412 42,913,285 1,227,452 2,102,837 1,150,027 8,493,365
Less accumulated provision for depreciation 38,542,448 20,929,732 843,869 853,976 386,409 3,394,441
Net non-utility property 57,296,964 21,983,553 383,583 1,248,861 763,619 5,098,924
Investments in subsidiaries (at equity) (73,197) 48,461,972 48,388,776
Excess of carrying values of investments
in subsidiaries
Notes receivable 35,827,218 29,247,550
Leases receivable 16,165,978 10,852,098
Other 16,629,768 11,021,297 (186,000) 133,348
Total Utility Plant and Other Investments 125,846,732 48,461,972 121,493,273 197,583 1,248,861 763,619 5,232,272
Current Assets:
Cash and temporary cash investments 10,399,536 5,833,524 (99,777) 120,255 539,987
Notes receivable 16,804,017 18,631,429 31,236,029 81,291 1,119,980
Leases receivable 2,079,344 1,052,010
Accounts receivable - Net:
Customers 18,491,827 7,704,085 1,191,150 1,522,978 625,928
Accrued unbilled revenue 802,089 802,089
Others 5,527,953 23,493 5,694,817 3,660 29,240 (327,875)
Accounts receivable - associated companies 5,674 6,104,222 5,433,175 323,371 230,860
Materials and supplies (at average)
Plant materials and operating supplies 1,707,727 63,569 901,096 250,358 423,767
Other current assets 814,410 2,009,502 2,690,098 35,571 43,702
Total Current Assets 56,632,576 26,768,645 60,509,395 2,436,362 3,317,372 423,767 838,040
Deferred Debits:
Unamortized debt expense 445,006 445,006
Unrecovered regulatory plant costs
Other deferred debits 3,884,533 2,260,906 130,613 1,189,820
Total Deferred Debits 4,329,539 2,705,912 130,613 1,189,820
Total Assets $186,808,846 $75,230,618 $184,708,581 $2,764,557 $4,566,233 $1,187,385 $7,260,132
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
September 30, 1997
ASSETS (CONTINUED)
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Canada Corporation Corporation (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <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 4,238,452 2,000,522 2,596,864 77,490 12,258,350 18,780,768
Less accumulated provision for depreciation 402,828 533,016 1,931,851 77,490 2,220,529 6,968,307
Net non-utility property 3,835,624 1,467,506 665,014 10,037,821 11,812,461
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable 5,863,044 716,624
Leases receivable 2,050,313 473,396 2,790,171
Other 40,013 5,406,229 67,284 63,219 84,377
Total Utility Plant and Other Investments 5,863,044 3,875,637 9,640,672 732,298 10,574,435 14,687,009
Current Assets:
Cash and temporary cash investments 546,774 (26,152) 505,096 1,059 598,357 263,270 867,184 1,249,959
Notes receivable 1,074,996 1,669,205 253,946
Leases receivable 355,803 155,418 516,114
Accounts receivable - Net:
Customers 17,009 2,297,956 1,676,031 23,750 76,627 676,829 1,047,291 1,632,195
Accrued unbilled revenue
Others 24,303 (56,797) 36,817 42,000 105,280
Accounts receivable - associated companies 55,164 67,326
Materials and supplies (at average)
Plant materials and operating supplies 68,938
Other current assets 11,714 4,704 38,123
Total Current Assets 1,674,796 2,274,876 4,417,338 24,808 970,929 940,098 2,069,893 3,503,548
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits 139,025 106,858 57,310
Total Deferred Debits 139,025 106,858 57,310
Total Assets $7,676,865 $6,257,371 $14,115,320 $24,808 $1,703,227 $940,098 $12,644,328 $18,190,557
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
September 30, 1997
<CAPTION>
LIABILITIES
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I&II NEM
Consolidated Elimination Corporation (Division) (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $47,270,350 $16,089,977 $47,645,351 ($1,022,637) $1,350,862 ($614,524) $10,728,214
Non-redeemable pref. stock of sub.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital 31,579,453
Long-term debt - net $84,900,000 84,900,000
Total Capitalization 132,170,425 47,669,430 132,545,351 (1,022,637) 1,350,862 (614,524) 10,728,214
Current Liabilities:
Preferred stock sinking fund requir.
Long-term debt due within one year 6,700,000 6,700,000
Notes payable 37,184,046 19,148,528 34,070,000 982,150 1,672,073 1,784,776 50,000
Accounts payable 5,191,388 27,849 2,776,783 318,167 658,745
Accounts payable - associated comp. 521,147 6,104,222 1,156,447 803,583 270,031 115,710
Customer deposits 265,239 (6,500)
Taxes accrued 783,502 50,874 53,438 28,365
Interest accrued 393,230 2,009,502 393,230 1,390,694 355,537 17,133
Dividends declared
Other current liabilities 4,144,593 3,300,456 4,692 709
Total Current Liabilities 55,183,145 27,290,101 48,447,789 3,546,225 2,985,460 1,801,910 165,710
Deferred Credits:
Unamortized investment credit
Other deferred credits 3,072,601 271,088 2,703,874 240,970 229,911 185,163
Total Deferred Credits 3,072,601 271,088 2,703,874 240,970 229,911 185,163
Accumulated deferred taxes (3,617,324) 1,011,567 (3,818,955)
Commitments and contingencies
Total Liabilities and Capital. $186,808,846 $75,230,618 $184,708,581 $2,764,557 $4,566,233 $1,187,385 $7,260,132
( ) 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, 1997
LIABILITIES (CONTINUED)
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Canada Corp. Corpor. (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $860,355 $98,584 $4,314,122
Non-redeemable pref. stock of sub.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital 24,808 1,311,092 939,951 11,974,151 17,329,450
Long-term debt - net
Total Capitalization 860,355 98,659 4,314,122 24,808 1,311,092 939,951 11,974,151 17,329,450
Current Liabilities:
Preferred stock sinking fund requir.
Long-term debt due within one year
Notes payable 3,113,458 5,456,000 8,687,018 517,099
Accounts payable 483,867 113,897 509,743 8,777 147 80,390 268,721
Accounts payable - associated comp. 2,591,231 419,386 1,268,981
Customer deposits 271,739
Taxes accrued 627,954 607 22,263
Interest accrued 98,954 147,183
Dividends declared
Other current liabilities 40,963 11,081 383,358 72,689 330,646
Total Current Liabilities 6,816,510 6,129,807 10,646,270 392,135 147 670,177 871,107
Deferred Credits:
Unamortized investment credit
Other deferred credits 13,248 (19,478) (10,000)
Total Deferred Credits 13,248 (19,478) (10,000)
Accumulated deferred taxes 15,657 (825,594)
Commitments and contingencies
Total Liabilities and Capital. $7,676,865 $6,257,371 $14,115,320 $24,808 $1,703,227 $940,098 $12,644,328 $18,190,557
( ) 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 NINE MONTHS ENDED SEPTEMBER 30, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consolidated Elimination Corpor. (Division) (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $46,019,378 $18,833,947 $3,956,179 $4,654,257 $118,239 $2,750,197
Operating Expenses:
Operation 37,077,594 135,000 16,864,709 5,018,657 4,079,034 554,103 39,655
Maintenance 1,072,454 561,351 15,093 18,416
Depreciation and amortization 7,040,971 3,156,324 92,376 47,226 128,901 535,890
Taxes - Other than income 513,954 141,080 132,350 153,873 28,468 132
- Income (credit) (3,068,080) (3,832,893) 523,417
- Deferred 1,043,853 824,928 218,925
Total Operating Expenses 43,680,746 135,000 17,715,499 5,258,476 4,280,133 711,472 1,336,434
Operating Income 2,338,632 (135,000) 1,118,448 (1,302,296) 374,124 (593,233) 1,413,762
Other Income and Deductions:
Interest and dividend income 5,716,402 985,060 5,703,655 6,298
Equity in earnings of jointly-
owned companies (110,631) 2,852,744 2,742,113
Allowance for other funds used during
construction
Other (deductions) income - net (519,598) 135,000 (540,486) 203,789 (9,268)
Total Other Income 5,086,173 3,972,804 7,905,282 210,087 (9,268)
Income (Loss) Before Interest Charges 7,424,805 3,837,804 9,023,730 (1,092,210) 374,124 (593,233) 1,404,495
Interest Charges:
Interest on long-term debt 6,875,753 116,657 6,875,754
Amortization of debt expense and prem. 113,396 113,396
Other interest expense (principall
short-term notes) 1,099,764 675,305 931,127 39,317 70,200 21,292
Allowance for borrowed funds used during
construction - (credit) (413,382) 193,097 (87,944)
Total Interest Charges 7,675,532 985,060 7,832,333 39,317 70,200 21,292
Net Income (Loss) before pref. return (250,727) 2,852,744 1,191,396 (1,131,527) 303,925 (614,524) 1,404,495
Preferred Return Requirement
Net (Loss) Income ($250,727) $2,852,744 $1,191,396 ($1,131,527) $303,925 ($614,524) $1,404,495
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, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Canada Corporation Corporation (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $2,000,191 $3,389,505 $4,782,206 $373,848 $7,400 $2,144,627 $3,008,783
Operating Expenses:
Operation 1,814,526 2,847,788 4,761,450 847,717 51,991 6,019 542,082 (215,138)
Maintenance 225 4,350 82 27,631 2,384 84,036 358,887
Depreciation and amortization (29) 271,644 467,948 271,007 535,380 1,534,305
Taxes - Other than income 9,892 48,160
- Income (credit) 353,769 49,899 (162,272)
- Deferred
Total Operating Expenses 2,168,266 3,179,448 5,119,636 847,799 350,629 8,403 1,161,499 1,678,054
Operating Income (168,075) 210,058 (337,430) (847,799) 23,219 (1,002) 983,128 1,330,729
Other Income and Deductions:
Interest and dividend income 761,928 4,555 224,168 (2,951) 3,811
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net (38) (54) 2,733 (39,403) (936) (936)
Total Other Income 761,890 4,501 226,901 (42,354) (936) 2,875
Income (Loss) Before Interest Charges 593,815 214,558 (110,530) (847,799) (19,135) (1,002) 982,192 1,333,604
Interest Charges:
Interest on long-term debt 12,035 6,476 23,880 74,266
Amortization of debt expense and prem.
Other interest expense (principall
short-term notes) 127,119 219,604 366,412
Allowance for borrowed funds used during
construction - (credit) (76,279) (56,062)
Total Interest Charges 127,119 143,324 310,350 12,035 6,476 23,880 74,266
Net Income (Loss) before pref. return 466,696 71,234 (420,880) (859,834) (25,611) (1,002) 958,312 1,259,338
Preferred Return Requirement
Net (Loss) Income $466,696 $71,234 ($420,880) ($859,834) ($25,611) ($1,002) $958,312 $1,259,338
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 NINE MONTHS ENDED SEPTEMBER 30, 1997
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consolidated Elimination Corporation (Division) (Division) (Division) Inc
<S> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($250,727) $2,852,744 $1,191,396 ($1,131,527) $303,925 ($614,524) $1,404,495
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 7,655,717 3,375,709 97,362 52,265 386,409 598,386
Deferred taxes 1,070,336 851,411 218,925
Gains on sales of investments in energy sav.
projects paid for with notes & leases rec. (1,415,534) (878,827)
Non - cash costs of energy saving proj. sales 12,952,851 7,509,664
Pension liability (272,238) (193,823) (78,415)
Amortization of deferred revenues (161,512) 24,617 (181,737)
Collect. & sales of proj. notes & leases rec. 12,281,673 11,151,208
Undistributed Equity earnings of sub. (2,309,422) (2,309,422)
Other - net 550,673 (549,248) (246,290) 136,201 118,467
Net Changes to Working Capital:
Accounts receivable 1,393,549 2,108,167 (1,215,720) 349,142 (117,079) 105,581
Materials and supplies 5,279 438,545 332,414 (423,767)
Accounts payable 808,521 615,640 95,320 169,491 196,558 107,348
Accrued taxes 332,933 36,667 (1,878) 18,590
Accrued interest (2,089,293) 376,700 (2,089,292) 39,071 74,358 17,133
Other - net 827,910 (7,967,439) (1,321,610) (37,081) (13,457)
Net Cash Provided from (Used in) Oper. Act. 33,690,139 (4,323,610) 15,678,051 (401,579) 983,774 (634,749) 2,371,465
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for invest. in energy proj. (29,434,059) (15,026,239) (75,995) 25,369 (1,150,027) (106)
Collections on notes and leases rec. 7,684,679 7,516,873 16,667 6,484
Investments in subsidiaries
Net Cash Provided from (Used in) Inv. Act. (21,749,380) (7,509,366) (59,329) 31,853 (1,150,027) (106)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt (20,900,000) (20,900,000)
Premium on reacquisition & fin. exp.
Dividends declared (1,450,000) (1,450,000)
Capital contribution - EUA
Partner's contribution(withdrawal) 1,868,828
Net increase (decrease) in short-term debt 14,696,546 3,051,522 16,147,000 226,500 (95,000) 1,784,776 (290,000)
Net Cash Provided from (Used in) Fin. Act. (6,203,454) 1,601,522 (2,884,172) 226,500 (95,000) 1,784,776 (1,740,000)
NET (DECREASE) INCREASE IN CASH 5,737,304 (2,722,088) 5,284,513 (234,408) 920,627 (1) 631,359
Cash and temp. cash invest. at begin. of yr. 4,662,227 1,543,211 141,129 293,539 568,629
Cash and temp. cash invest. at end of yr. $10,399,531 ($2,722,088) $6,827,724 ($93,279) $1,214,166 ($1) $1,199,988
Cash paid during the year for:
Interest (net of amounts capitalized) $28,373,428 $28,330,928 $4,158
Income Taxes $504,382 $71,089 $387,456
Conversion of invest. in energy savings
proj. to notes and leases receivable $4,652,658 $2,372,136
( ) 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 NINE MONTHS ENDED SEPTEMBER 30, 1997
<CAPTION> EUA EUA EUA EUA
Cogenex Citizens Highland MUPA
Canada Corp. Corp. (Part.)
<S> <C> <C> <C> <C>
CASH FLOW FROM OP. ACTIVITIES:
Net Income (Loss)
Adj. to Reconcile Net Inc.(Loss) $466,696 $71,234 ($420,880) ($859,834)
to Net Cash Provided by Op. Act.:
Depreciation and amortization
Deferred taxes 18,701 271,336 467,948
Gains on sales of inv. in en. sav.
proj. paid for with notes & leases rec. (42,242) (369,910)
Non-cash costs of en. saving proj. sales 1,202,371 679,865 1,970,154
Pension liability
Amortization of deferred revenues (14,769) 10,377
Coll. & sales of proj. notes&leases rec. 684,220
Undistributed Equity earnings of sub.
Other - net 240,868 (55,952) (309,919) 894,637
Net Changes to Working Capital:
Accounts receivable (19,372) (1,287,361) 4,028,461 286,034
Materials and supplies (29,148) (312,765)
Accounts payable 376,200 74,620 46,590
Accrued taxes 291,594 (2,743) (9,297)
Accrued interest 98,954 147,183
Other - net (82) (27,569) (49,323) (780,725)
Net Cash Prov. from (Used in) Oper. Act. 2,519,966 (167,240) 6,156,078 (772,652)
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for invest. in energy proj. (1,559,778) (2,016,360) (7,313,615)
Collections on notes and leases rec. 121,638
Investments in subsidiaries
Net Cash Provided from (Used in) Inv. Act. (1,438,141) (2,016,360) (7,313,615)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reac. & fin. exp.
Dividends declared
Capital contribution - EUA
Partner's contribution(withdrawal) 100,497
Net increase (decrease) in st debt (557,657) 1,994,718 1,533,809
Net Cash Prov. from (Used in) Fin. Act. (557,657) 1,994,718 1,533,809 100,497
NET (DECREASE) INCREASE IN CASH 524,168 (188,882) 376,273 (672,155)
Cash and temp. cash invest. at beg. of yr. 50,242 162,730 169,458 487
Cash and temp. cash invest. at end of yr. $574,410 ($26,152) $545,731 ($671,668)
Cash paid during the year for:
Interest (net of amounts capitalized) $38,342
Income Taxes $15,616 $30,221
Conversion of invest. in energy savings
proj. to notes and leases rec. $185,959 $1,688,944
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 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 OP. ACTIVITIES:
Net Income (Loss) ($25,611) ($1,002) $958,312 $1,259,338
Adj. to Reconcile Net Inc.(Loss)
to Net Cash Provided by Op. Act.:
Depreciation and amortization 301,730 539,204 1,546,667
Deferred taxes
Gains on sales of inv. in en. sav.
proj. paid for with notes & leases rec. (97,956) (26,599)
Non-cash costs of en. saving proj. sales 1,590,796
Pension liability
Amortization of deferred revenues
Coll. & sales of proj. notes&leases rec. 105,407 340,838
Undistributed Equity earnings of sub.
Other - net 1,072,441 36,043 (786,575)
Net Changes to Working Capital:
Accounts receivable 249,393 154,670 (132,966) 1,100,933
Materials and supplies
Accounts payable 8,777 147 80,390 268,721
Accrued taxes
Accrued interest
Other - net (144,376) (852,562) (351,034) (3,561,711)
Net Cash Prov. from (Used in) Oper. Act. 1,462,355 (698,747) 1,137,400 1,732,408
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for invest. in energy proj. (1,418) (1,114,055) (1,201,834)
Collections on notes and leases rec. 23,017
Investments in subsidiaries
Net Cash Provided from (Used in) Inv. Act. 21,599 (1,114,055) (1,201,834)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reac. & fin. exp.
Dividends declared
Capital contribution - EUA
Partner's contribution(withdrawal) (1,353,557) 735,918 54,430 (1,406,116)
Net increase (decrease) in st debt 281,599 (3,277,677)
Net Cash Prov. from (Used in) Fin. Act. (1,353,557) 735,918 336,029 (4,683,793)
NET (DECREASE) INCREASE IN CASH 130,397 37,171 359,375 (4,153,219)
Cash and temp. cash invest. at beg. of yr. 1,114,874 118,932 85,595 413,401
Cash and temp. cash invest. at end of yr. $1,245,271 $156,103 $444,970 ($3,739,818)
Cash paid during the year for:
Interest (net of amounts capitalized)
Income Taxes
Conversion of invest. in energy savings
proj. to notes and leases rec. $432,218 ($26,599)
( ) Denotes contra
</TABLE>
Business Line Project Equipment
in Service Revenues
as of 9/30/97 as of 9/30/97
Demand Side Mgmt./Energy Mgmt. Svcs $75,936,094 $34,918,050
Manufacturing and Fabrication 8,728,675
Consulting 2,372,653
TOTAL $75,936,094 $46,019,378
Geographic Location Project Equipment
in Service Revenues
as of 9/30/97 as of 9/30/97
New England / New York Region $52,784,898 $30,312,704
United States excluding New England 23,151,198 13,706,484
and New York
Canada 2,000,190
All areas of the world excluding
U.S. and Canada
TOTAL $75,936,096 $46,019,378
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