SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: March 24, 1998
EASTERN UTILITIES ASSOCIATES
(Exact name of registrant as specified in this charter)
Massachusetts 1-5366 04-1271872
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
One Liberty Square, Boston, Massachusetts 02109
(Address of principal executive offices) (Zip Code)
Item 5. Other Events.
In a press release dated March 19, 1998, Eastern Utilities Associates (EUA)
announced that it has identified a potential purchaser for its EUA Cogenex
Corporation subsidiary and has entered into exclusive negotiations which could
lead to the sale of EUA Cogenex by mid-year.
In a second press release dated March 19, 1998, Eastern Utilities Associates
(EUA) announced that its Trustees have authorized the repurchase of up to three
million of its Common Shares, authorizing EUA to make purchases from time to
time in the open market or through prudently negotiated transactions in
conformity with the rules of the Securities and Exchange Commission.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Exhibit 99a Press Release dated March 19, 1998.
Exhibit 99b Press Release dated March 19, 1998.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
EASTERN UTILITIES ASSOCIATES
(Registrant)
By: /s/ John R. Stevens
----------------------
John R. Stevens
President
Date: March 24, 1998
Exhibit 99a
March 19, 1998
Upon Receipt
Clifford J. Hebert, Jr.
(617) 357-9590
EUA ANNOUNCES POTENTIAL SALE OF COGENEX DIVISION
BOSTON, March 19, 1998---Eastern Utilities Associates (NYSE Symbol: EUA)
has identified a potential purchaser for its EUA Cogenex Corporation
subsidiary and has entered into exclusive negotiations which could lead to
its sale by mid-year, Chairman and Chief Executive Officer Donald G. Pardus
announced today.
"The sale would have a substantial positive impact on 1998 earnings. The
tentative agreement provides the terms under which Cogenex would be
acquired, but is subject to detailed due diligence and approval of
management and the board of directors of both the buyer and Eastern
Utilities Associates. In addition, shareholders of EUA must also approve
the sale," Pardus said.
"Terms of the agreement and the identification of the potential purchaser
are subject to a confidentiality agreement between the parties and will be
publically disclosed when a definitive agreement is signed," Pardus said.
This News Release may contain a discussion of future earnings and new
business opportunities which are "forward-looking statements" under the
federal securities law.
Actual results could differ materially from those discussed, and there can
be no assurance that such estimates of future results could be achieved.
Headquartered in Lowell, Mass., EUA Cogenex is the leading national
performance contracting company that invests its financial resources and
engineering expertise to implement facility improvements and reduce
operating costs for select clients. EUA is a Boston-based diversified
energy services company whose shares are traded on the New York and Pacific
Stock Exchanges. Subsidiaries, in addition to EUA Cogenex, include
Blackstone Valley Electric Co., Eastern Edison Co., Newport Electric Corp.,
EUA Energy Investment Corp., EUA Ocean State Corp., EUA Service Corp., EUA
Energy Services, Inc., and Montaup Electric Co. Together, the companies
are known as the EUA System. Information about EUA is available on the
World Wide Web at http://www.eua.com.
Exhibit 99b
March 19, 1998
Upon Receipt
Clifford J. Hebert, Jr.
(617) 357-9590
Eastern Utilities Associates Announces Repurchase of Common Shares
BOSTON, Mar. 19 -- Trustees of Eastern Utilities Associates (NYSE: EUA)
authorized the repurchase of up to three million of its Common Shares. EUA
currently has 20,435,997 shares outstanding.
The share repurchase plan authorizes EUA to make purchases from time to
time in the open market or through prudently negotiated transactions in
conformity with the rules of the Securities and Exchange Commission.
EUA is a Boston-based diversified energy services company whose shares are
traded on the New York and Pacific Stock Exchanges. Subsidiaries are
Blackstone Valley Electric Co.; Eastern Edison Co.; Newport Electric Corp.;
EUA Energy Investment Corp.; EUA Ocean State Corp.; EUA Service Corp.; EUA
Cogenex Corp.; EUA Energy Services, Inc.; and Montaup Electric Co. Together,
the companies are known as the EUA System. Information about EUA is
available on the World Wide Web at http://www.eua.com
