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, 1998 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
August 13, 1998
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1998
<CAPTION>
ASSETS
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consol. 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 95,006,732 42,182,825 1,502,718 2,094,673 1,150,027 8,493,365
Less accumulated provision for depreciation 42,478,998 22,679,327 783,814 894,279 482,245 3,672,005
Net non-utility property 52,527,734 19,503,498 718,904 1,200,394 667,782 4,821,361
Investments in subsidiaries (at equity) (73,197) 47,009,240 46,936,044
Excess of carrying values of investments
in subsidiaries
Notes receivable 30,633,431 24,232,709
Leases receivable 16,833,392 10,860,626
Other 28,137,229 22,737,337 (186,000) 83,350
Total Utility Plant and Other Investments 128,058,588 47,009,240 124,270,212 532,904 1,200,394 667,782 4,904,711
Current Assets:
Cash and temporary cash investments 7,723,740 2,225,516 419,673 544,109 235,617
Notes receivable 16,617,862 19,421,815 33,156,355 72,958 1,504,586
Leases receivable 2,187,479 1,220,688
Accounts receivable - Net:
Customers 19,503,308 8,206,214 972,227 1,171,396 343,897
Accrued unbilled revenue
Others 4,520,365 2,770,627 234 2,713 139,288
Accounts receivable - associated companies 30,958 6,962,987 6,123,410 242,721 475,742
Materials and supplies (at aver. cost)
Plant materials and operating supplies 1,725,760 63,569 864,594 269,743 400,478
Other current assets 1,095,563 2,530,971 3,472,527 64,508 41,730
Total Current Assets 53,405,036 28,915,773 57,238,905 2,636,915 4,010,017 400,478 718,802
Deferred Debits:
Unamortized debt expense 375,666 375,666
Unrecovered regulatory plant costs
Other deferred debits 9,050,262 7,472,142 18,486 36,989 1,141,869
Total Deferred Debits 9,425,928 7,847,808 18,486 36,989 1,141,869
Total Assets $190,889,552 $75,925,014 $189,356,925 $3,188,305 $5,247,400 $1,068,260 $6,765,381
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1998
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 deprec.
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property 4,260,380 1,631,095 2,596,864 77,490 12,050,298 18,966,995
Less accumulated provision for deprec. 646,693 616,952 2,023,231 77,490 2,613,189 7,989,773
Net non-utility property 3,613,688 1,014,143 573,634 9,437,109 10,977,222
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable 4,343,771 2,056,951
Leases receivable 2,034,763 1,311,855 2,626,148
Other 122,582 5,191,412 51,743 60,670 76,136
Total Utility Plant and Other Invest. 4,343,771 3,736,270 10,297,268 625,377 10,809,634 13,679,506
Current Assets:
Cash and temporary cash investments 930,174 1,110,611 727,777 146 334,460 350,975 321,066 523,617
Notes receivable 902,571 239,406 163,801
Leases receivable 411,956 149,106 405,729
Accounts receivable - Net:
Customers 465,104 4,309,582 1,113,281 23,750 69,060 588,761 931,698 1,308,338
Accrued unbilled revenue
Others 95 (2,152,323) 1,858,803 81,869 689,851 1,129,210
Accounts receivable - associated comp. 64,979 87,094
Materials and supplies (at aver. cost)
Plant materials and operating supplies 127,377
Other current assets (16) 4,380 43,405
Total Current Assets 2,297,927 3,337,228 4,609,100 23,896 649,191 939,736 2,091,721 3,366,894
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits 131,849 147,965 100,324 25 614
Total Deferred Debits 131,849 147,965 100,324 25 614
Total Assets $6,773,546 $7,221,463 $15,006,693 $23,921 $1,274,568 $939,736 $12,901,355 $17,047,014
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1998
LIABILITIES
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consol. Elimination Corporation (Division) (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $47,308,965 $16,328,442 $49,248,765 ($2,044,856) $1,413,118 ($1,219,362) $10,181,766
Non-redeemable preferred stock of sub.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital 30,690,799
Long-term debt - net $83,300,000 83,300,000
Total Capitalization 130,609,040 47,019,240 132,548,765 (2,044,856) 1,413,118 (1,219,362) 10,181,766
Current Liabilities:
Preferred stock sinking fund requir.
Long-term debt due within one year 6,700,000 6,700,000
Notes payable 41,750,880 19,421,815 39,000,000 2,089,650 1,672,073 2,180,121
Accounts payable 3,584,287 938,995 317,866 877,097 535
Accounts payable - associated comp. 846,586 6,962,987 1,606,301 903,710 358,204 69,881 198,056
Customer deposits
Taxes accrued 442,230 110,227 97,290 89,369
Interest accrued 363,455 2,530,971 363,455 1,441,244 405,683 37,619
Dividends declared
Other current liabilities 6,337,298 4,500,787 159,515 144,448
Total Current Liabilities 60,024,735 28,915,773 53,219,765 5,009,275 3,546,873 2,287,622 198,590
Deferred Credits:
Unamortized investment credit
Other deferred credits 3,618,758 (10,000) 2,489,031 223,886 287,409 62,290
Total Deferred Credits 3,618,758 (10,000) 2,489,031 223,886 287,409 62,290
Accumulated deferred taxes (3,362,980) 1,099,364 (3,677,265)
Commitments and contingencies
Total Liabilities and Capitalization $190,889,552 $75,925,014 $189,356,925 $3,188,305 $5,247,400 $1,068,260 $6,765,381
( ) 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, 1998
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 Corporation Corporation (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $806,249 $237,912 $5,013,814
Non-redeemable preferred stock of sub.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital 23,921 1,245,238 939,736 12,482,203 15,999,702
Long-term debt - net
Total Capitalization 806,249 237,987 5,013,814 23,921 1,245,238 939,736 12,482,203 15,999,702
Current Liabilities:
Preferred stock sinking fund requir.
Long-term debt due within one year
Notes payable 2,752,920 5,592,000 7,878,431 7,500
Accounts payable 155,038 333,573 385,506 1,917 69,715 504,045
Accounts payable - associated comp. 2,591,231 465,873 1,350,063 17,433 41,755 207,067
Customer deposits
Taxes accrued 60,898 30,524 53,922
Interest accrued 264,492 381,934
Dividends declared
Other current liabilities 341,696 196,289 332,695 21,980 260,368 379,519
Total Current Liabilities 5,901,782 6,882,751 10,382,551 41,330 371,838 1,098,131
Deferred Credits:
Unamortized investment credit
Other deferred credits 65,515 34,280 461,852 (12,000) 47,314 (50,819)
Total Deferred Credits 65,515 34,280 461,852 (12,000) 47,314 (50,819)
Accumulated deferred taxes 66,445 (851,525)
Commitments and contingencies
Total Liabilities and Capitalization $6,773,546 $7,221,463 $15,006,693 $23,921 $1,274,568 $939,736 $12,901,355 $17,047,014
( ) 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, 1998
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consol. Elimination Corporation (Division) (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $12,693,517 $4,858,076 $966,945 $1,514,810 $208 $954,941
Operating Expenses:
Operation 8,509,703 2,812,226 1,405,883 1,388,522 278,654 3,448
Maintenance 200,806 84,908 7,388
Depreciation and amortization 3,064,057 1,736,988 34,826 17,422 38,335 195,813
Taxes - Other than income 278,695 108,017 45,949 60,728 5,861 16
- Income (credit) (191,931) (390,067) 187,550
- Deferred 207,122 142,680 72,975
Total Operating Expenses 12,068,451 4,494,752 1,486,657 1,466,671 322,849 467,190
Operating Income 625,066 363,324 (519,712) 48,139 (322,641) 487,751
Other Income and Deductions:
Interest and dividend income 1,667,554 275,008 1,607,793 (41)
Equity in earnings of jointly-
owned companies 1,074,123 1,074,123
Allowance for other funds used during
construction
Other (deductions) income - net 41,984 96,514 2,251 1
Total Other Income 1,709,537 1,349,131 2,778,431 2,211 1
Income (Loss) Before Interest Charges 2,334,603 1,349,131 3,141,755 (517,501) 48,139 (322,641) 487,751
Interest Charges:
Interest on long-term debt 1,956,087 1,956,087
Amortization of debt expense and prem.
Other interest expense (principally
short-term notes) 656,114 275,008 592,272 28,068 24,736 9,987
Allowance for borrowed funds used during
construction - (credit) (37,800) (21,600)
Total Interest Charges 2,574,401 275,008 2,526,759 28,068 24,736 9,987
Net Income (Loss) before prem (239,798) 1,074,123 614,996 (545,570) 23,404 (332,628) 487,751
Preferred Return Requirement
Net (Loss) Income ($239,798) $1,074,123 $614,996 ($545,570) $23,404 ($332,628) $487,751
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 THREE MONTHS ENDED MARCH 31, 1998
<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 $126,352 $1,869,159 $712,125 $52,250 $ $515,660 $1,122,993
Operating Expenses:
Operation 117,713 1,611,798 683,998 13 3,231 12,435 191,782
Maintenance (385) 23,806 15,933 9,514 59,642
Depreciation and amortization 126,822 147,187 50,990 200,821 514,854
Taxes - Other than income 30,788 27,338
- Income (credit) 55,760 9,857 (55,031)
- Deferred (8,533)
Total Operating Expenses 173,473 1,778,880 818,765 13 70,153 222,770 766,278
Operating Income (47,121) 90,279 (106,640) (13) (17,903) 292,890 356,715
Other Income and Deductions:
Interest and dividend income 171,764 65,664 12,955 26,267 58,158
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net (61,811) 508 4,804 (284)
Total Other Income 109,953 65,664 13,463 31,071 57,875
Income (Loss) Before Interest 62,832 90,279 (40,976) (13) (4,440) 323,961 414,589
Interest Charges:
Interest on long-term debt
Amortization of debt expense and prem.
Other interest expense (principally
short-term notes) 63,533 88,520 118,919 5,088
Allowance for borrowed funds used
construction - (credit) (12,600) (3,600)
Total Interest Charges 63,533 75,920 115,319 5,088
Net Income (Loss) before prem. (701) 14,359 (156,295) (13) (4,440) 318,873 414,589
Preferred Return Requirement
Net (Loss) Income ($701) $14,359 ($156,295) ($13) ($4,440) $318,873 $414,589
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 THREE MONTHS ENDED MARCH 31, 1998
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consol Elimination Corporation (Division) (Division) (Division) Inc
<S> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($239,798) $1,074,123 $614,996 ($545,570) $23,404 ($332,628) $487,751
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 3,098,743 15,709 1,787,382 34,826 17,422 38,335 195,813
Deferred taxes 207,122 142,680 72,975
Gains on sales of investments in energy
savings projects paid for with notes
and leases receivable (209,697) (229,697)
Non - cash costs of energy saving
project sales 1,084,579 604,247
Pension liability 6,070 4,468 1,602
Amortization of deferred revenues (69,397) (62,294)
Collections and sales of project notes
and leases receivable 1,898,086 1,577,237
Undistributed Equity earnings of sub. 1,510,331 1,510,331
Other - net (536,308) (830,201) (1,792,856) (9,145) (197,805) (1,485)
Net Changes to Working Capital:
Accounts receivable 4,866,053 (805,782) 3,085,808 294,934 (5,720) 262,077
Materials and supplies 884,397 (963,032) (45,148) (44,203) 10,716
Accounts payable 289,748 796,888 (64,971) 216,826 641,131 54,881 244,635
Accrued taxes 140,345 65,279 37,388 62,833
Accrued interest (903,426) 269,921 (903,426) 28,056 24,736 9,987
Other - net 805,275 703,112 775,498 123,697 131,718
Net Cash Provided from (Used in)
Operating Activities 11,321,792 1,771,069 7,176,976 137,466 653,516 (218,709) 1,199,472
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy
savings projects (9,405,336) (7,396,013) (13,503) (260,274) 0 0
Collections on notes and leases rec. 1,077,559 1,076,421 1,138
Investments in subsidiaries
Net Cash Provided from (Used in)
Investing Activities (8,327,777) (6,319,592) (13,503) (259,136)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt (800,000) (800,000)
Premium on reacquisition & fin. exp.
Dividends declared (1,000,000) (1,000,000)
Capital contribution - EUA
Partner's contribution(withdrawal) (1,223,457)
Net increase (decrease) in short debt 1,057,359 452,388 1,450,000 337,500 218,709 (348,222)
Net Cash Provided from (Used in)
Financing Activities 257,359 (1,771,069) 650,000 337,500 218,709 (1,348,222)
NET (DECREASE) INCREASE IN CASH 3,251,374 1,507,384 461,463 394,380 (148,750)
Cash and temporary cash investments at
beginning of year 4,472,365 718,132 (41,790) 149,729 384,367
Cash and temporary cash investments at
end of year $7,723,739 $2,225,516 $419,673 $544,109 $235,617
Cash paid during the year for:
Interest (net of amounts cap.) $2,796,400 $2,796,400
Income Taxes $214,434 $28,872 $160,456
Conversion of investments in energy savings
projects to notes and leases receivable $734,532 $714,532
( ) 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 THREE MONTHS ENDED MARCH 31, 1998
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Canada Corpor. Corpor. (Part.) (Part.) (Part.) (Part.) (Part.)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($701) $14,359 ($156,295) ($13) ($4,440) $318,873 $414,589
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities
Depreciation and amortization 126,821 147,188 50,990 200,821 514,854
Deferred taxes (8,533)
Gains on sales of investments in energy
savings projects paid for with notes
and leases receivable 20,000
Non - cash costs of energy saving proj. sales 40,892 439,440
Pension liability
Amortization of deferred revenues 3,987 910 (12,000)
Collections and sales of project
notes and leases receivable 167,433 14,820 26,846 111,750
Undistributed Equity earnings of sub.
Other - net (57,998) (22,844) 719,155 (25) 47,314 (50,819)
Net Changes to Working Capital:
Accounts receivable 820,923 996,150 96,799 2,131 (582,031) (910,800)
Materials and supplies
Accounts payable (493,555) 151,746 103,541 17,433 22,070 192,899
Accrued taxes (87,270) 30,464 31,651
Accrued interest 88,518 118,624
Other - net 355,191 156,820 328,396 (395,429) 136,188 (103,692)
Net Cash Provided from (Used in)
Operating Activities 540,577 1,583,836 2,007,399 (38) (326,495) 170,081 168,781
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy
savings projects (216,394) (1,609,641) (3,161) 93,650
Collections on notes and leases rec.
Investments in subsidiaries
Net Cash Provided from (Used in) Fin.
Activities (216,394) (1,609,641) (3,161) 93,650
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reacquisition
and financing expenses
Dividends declared
Capital contribution - EUA
Partner's contribution(withdrawal) (473,457) (750,000)
Net increase (decrease) in short-term
debt (393,255) 164,000 90,614 (17,099) 7,500
Net Cash Provided from (Used in)
Financing Activities (393,255) 164,000 90,614 (490,556) (742,500)
NET (DECREASE) INCREASE IN CASH 147,322 1,531,442 488,372 (38) (326,495) (323,636) (480,069)
Cash and temporary cash investments
at beginning of year 782,852 (420,831) 239,405 184 660,955 350,975 644,701 1,003,686
Cash and temporary cash investments
at end of year $930,174 $1,110,611 $727,777 $146 $334,460 $350,975 $321,065 $523,617
Cash paid during the year for:
Interest (net of amounts capitalized)
Income $18,525 $6,581
Conversion of investments in energy savings
projects to notes and leases receivable $20,000
( ) Denotes contra
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
Business Line
<CAPTION>
Project Equipment
in Service Revenues
as of 3/31/98 as of 3/31/98
<S> <C> <C>
Demand Side Mgmt./Energy Mgmt. Services $76,516,425 $8,903,143
Manufacturing and Fabrication $2,481,963
Consulting $1,308,411
TOTAL $76,516,425 $12,693,517
Geographic Location
Project Equipment
in Service Revenues
as of 3/31/98 as of 3/31/98
New England / New York Region $52,526,783 $9,298,813
United States excluding New England $23,989,642 $3,268,353
and New York
Canada $126,351
All areas of the world excluding the
U.S. and Canada
TOTAL $76,516,425 $12,693,517
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 128059
<TOTAL-CURRENT-ASSETS> 53405
<TOTAL-DEFERRED-CHARGES> 9426
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 190890
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 47072
<RETAINED-EARNINGS> 237
<TOTAL-COMMON-STOCKHOLDERS-EQ> 47309
0
0
<LONG-TERM-DEBT-NET> 83300
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 41751
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 6700
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 11830
<TOT-CAPITALIZATION-AND-LIAB> 190890
<GROSS-OPERATING-REVENUE> 12694
<INCOME-TAX-EXPENSE> 15
<OTHER-OPERATING-EXPENSES> 12054
<TOTAL-OPERATING-EXPENSES> 12069
<OPERATING-INCOME-LOSS> 625
<OTHER-INCOME-NET> 1709
<INCOME-BEFORE-INTEREST-EXPEN> 2334
<TOTAL-INTEREST-EXPENSE> 2574
<NET-INCOME> (240)
0
<EARNINGS-AVAILABLE-FOR-COMM> (240)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 1956
<CASH-FLOW-OPERATIONS> 11322
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
