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,
1999 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 9, 1999
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (1 of 3)
June 30, 1999
<CAPTION>
ASSETS
EUA
EUA EUA EUA Day Matrix EUA
Cogenex Cogenex Day (fka Day I & II) NEM
Consolidated Elimination (Division) (Division) (Division) Inc.
<S> <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 94,101,918 42,934,323 3,582,230 1,150,027 8,493,365
Less accumulated provision for depreciation 45,520,288 21,663,005 1,042,683 788,923 4,237,969
Net non-utility property 48,581,630 21,271,318 2,539,547 361,104 4,255,396
Investments in subsidiaries (at equity) 695,759 38,180,540 38,876,299
Excess of carrying values of investments
in subsidiaries
Notes receivable 21,510,734 20,254,214
Leases receivable 13,855,844 9,629,336
Other 11,012,713 4,091,165 1,648,602
Total Utility Plant and Other Investments 95,656,680 38,180,540 94,122,332 4,188,149 361,104 4,255,396
Current Assets:
Cash and temporary cash investments 2,142,318 444,896 342,954 287,942
Notes receivable 18,837,141 16,063,210 31,762,077 2,942,871
Leases receivable 2,179,772 1,197,290
Accounts receivable - Net:
Customers 10,575,604 5,019,396 1,728,437 402,772
Accrued unbilled revenue
Others 10,464,266 7,603,572 5,395 (12,583)
Accounts receivable - associated companies 612,683 4,214,572 4,321,304 389,721
Materials and supplies (at average cost):
Plant materials and operating supplies 856,472 15,354 193,997 519,744
Other current assets 562,414 213,973 592,796 119,080
Total Current Assets 46,230,670 20,491,755 50,956,685 5,722,455 519,744 678,131
Deferred Debits:
Unamortized debt expense 248,794 248,794
Unrecovered regulatory plant costs
Other deferred debits 3,378,781 1,982,095 (9,222) 1,008,990
Total Deferred Debits 3,627,575 2,230,889 (9,222) 1,008,990
Total Assets $145,514,925 $58,672,295 $147,309,906 $9,901,382 $880,848 $5,942,517
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (2 of 3)
June 30, 1999
<CAPTION>
ASSETS
EUA
EUA EUA COGENEX EUA EUA
Cogenex Citizens WEST MUPA WestCoast
Canada Corporation Corporation (Partnership) (Partnership)
<S> <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 79,038 4,404,700 1,622,430 2,038,920
Less accumulated provision for depreciation 911 1,282,587 601,839 2,015,609
Net non-utility property 78,127 3,122,113 1,020,591 23,311
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable (46,489) 1,147,218
Leases receivable 1,572,434
Other 18,481 119,699 4,654,369 25,883
Total Utility Plant and Other Investments 50,119 3,241,812 8,394,612 49,194
Current Assets:
Cash and temporary cash investments 61,619 (36,801) 372,095 60,798
Notes receivable 32,834 148,888
Leases receivable 363,729
Accounts receivable - Net:
Customers 306,860 1,198,232 378,258 13,917
Accrued unbilled revenue
Others 62,389 349,503 743,775 749,706
Accounts receivable - associated companies 96,647 2,132 17,451
Materials and supplies (at average cost):
Plant materials and operating supplies 127,377
Other current assets 428 6,593 57,490
Total Current Assets 560,777 1,519,659 2,209,063 824,421
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits 4,961 322,795 44,886
Total Deferred Debits 4,961 322,795 44,886
Total Assets $615,857 $5,084,266 $10,648,561 $ $873,615
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (3 of 3)
June 30, 1999
<CAPTION>
ASSETS
EUA EUA EUA
FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership)
<S> <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 77,490 11,573,265 18,146,130
Less accumulated provision for depreciation 77,490 3,577,687 10,231,585
Net non-utility property 7,995,578 7,914,545
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable 155,791
Leases receivable 1,058,400 1,595,674
Other 398,983 55,531
Total Utility Plant and Other Investments 9,608,752 9,565,750
Current Assets:
Cash and temporary cash investments 52,909 188,663 367,243
Notes receivable 13,681
Leases receivable 110,233 508,520
Accounts receivable - Net:
Customers 1,312,110 215,622
Accrued unbilled revenue
Others 198,274 764,235
Accounts receivable - associated companies
Materials and supplies (at average cost):
Plant materials and operating supplies
Other current assets
Total Current Assets 52,909 1,822,961 1,855,620
Deferred Debits:
Unamortized debt expense 248,794 248,794
Unrecovered regulatory plant costs
Other deferred debits 3,378,781 1,982,095
Total Deferred Debits 3,627,575 2,230,889
Total Assets $145,514,925 $58,672,295 $147,309,906
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (1 of 2)
June 30, 1999
<CAPTION>
LIABILITIES EUA
EUA EUA EUA Day Matrix EUA
Cogenex Cogenex Day (fka Day I & II) NEM
Consolidated Elimination Corporation (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $44,538,474 $15,002,420 $44,151,941 $3,648,339 ($3,173,105) $9,089,664
Non-redeemable preferred stock of subs.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital 23,188,120
Long-term debt - net 72,300,000 72,300,000
Total Capitalization 116,838,549 38,190,540 116,451,941 3,648,339 (3,173,105) 9,089,664
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year 6,700,000 6,700,000
Notes payable 13,646,367 16,063,210 13,700,000 1,672,073 3,619,406 150,000
Accounts payable 499,792 (8,336) 625,032
Accounts payable - associated companies 1,071,294 4,214,572 1,432,654 3,596,752 281,648 (4,382)
Customer deposits
Taxes accrued 35,563 4,153 3,526
Interest accrued 1,171,967 213,973 1,171,968 14,662 152,899
Dividends declared
Other current liabilities 8,607,227 7,168,551 110,013
Total Current Liabilities 31,732,210 20,491,755 30,168,990 6,022,058 4,053,953 145,618
Deferred Credits:
Unamortized investment credit
Other deferred credits 2,095,201 (10,000) 1,785,672 230,985 933
Total Deferred Credits 2,095,201 (10,000) 1,785,672 230,985 933
Accumulated deferred taxes (5,151,035) (1,096,697) (3,293,698)
Commitments and contingencies
Total Liabilities and Capitalization $145,514,925 $58,672,295 $147,309,906 $9,901,382 $880,848 $5,942,517
( ) Denotes Contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (2 of 3)
June 30, 1999
<CAPTION>
LIABILITIES EUA
EUA EUA COGENEX EUA
Cogenex Citizens WEST MUPA
Canada Corporation Corporation (Partnership)
<S> <C> <C> <C> <C>
Capitalization:
Common equity $696,833 $591,077 $4,536,145
Non-redeemable preferred stock of subs.
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital (29)
Long-term debt - net
Total Capitalization 696,833 591,152 4,536,145 (29)
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable (52,320) 3,898,159 6,722,259
Accounts payable (95,985) 3,840 (24,759)
Accounts payable - associated companies (148,519) 46,554 18,938 29
Customer deposits
Taxes accrued 26,186 70 1,628
Interest accrued 17,376 29,035
Dividends declared
Other current liabilities 130,392 339,955 250,952
Total Current Liabilities (140,246) 4,305,954 6,998,053 29
Deferred Credits:
Unamortized investment credit
Other deferred credits 65,453 41,845 14,135
Total Deferred Credits 65,453 41,845 14,135
Accumulated deferred taxes (6,183) 145,315 (899,772)
Commitments and contingencies
Total Liabilities and Capitalization $615,857 $5,084,266 $10,648,561
( ) Denotes Contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS (3 of 3)
June 30, 1999
<CAPTION>
LIABILITIES
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C>
Capitalization:
Common equity
Non-redeemable preferred stock of subs.
Redeemable preferred stock of
subsidiaries - net
Preferred stock redemption cost
Partnerships' capital 867,842 52,909 11,261,557 11,005,841
Long-term debt - net
Total Capitalization 867,842 52,909 11,261,557 11,005,841
Current Liabilities:
Preferred stock sinking fund requirements
Long-term debt due within one year
Notes payable
Accounts payable
Accounts payable - associated companies 5,773 9,229 47,190
Customer deposits
Taxes accrued
Interest accrued
Dividends declared
Other current liabilities 167,367 439,997
Total Current Liabilities 5,773 176,596 487,187
Deferred Credits:
Unamortized investment credit
Other deferred credits (5,959) (47,863)
Total Deferred Credits (5,959) (47,863)
Accumulated deferred taxes
Commitments and contingencies
Total Liabilities and Capitalization $873,615 $52,909 $11,432,194 $11,445,165
( ) Denotes Contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (1 of 3)
FOR THE SIX MONTHS ENDED JUNE 30, 1999
<CAPTION>
EUA
EUA EUA EUA Day Matrix EUA
Cogenex Cogenex Day (fka Day I & II) NEM
Consolidated Elimination Corporation (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C>
Operating Revenues $20,190,186 $7,049,937 $3,243,148 $41,051 $1,807,150
Operating Expenses:
Operation 14,117,765 5,524,248 2,973,055 660,947 51,929
Maintenance 575,758 214,582 7,876
Depreciation and amortization 5,433,325 2,804,015 158,359 115,004 275,093
Taxes - Other than income 400,898 183,792 118,069 16,755
- Income (credit) (1,436,743) (1,902,484) 356,092
- Deferred (822,620) (955,897) 160,823
Total Operating Expenses 18,268,383 5,868,256 3,249,483 792,706 851,813
Operating Income 1,921,804 1,181,681 (6,335) (751,655) 955,337
Other Income and Deductions:
Interest and dividend income 2,831,066 394,407 2,765,099 66,882
Equity in earnings of jointly-
owned companies 68,809 1,640,372 1,709,181
Allowance for other funds used during
construction
Other (deductions) income - net (4,815,295) (4,790,780) 150
Total Other Income (1,915,420) 2,034,779 (316,500) 67,032
Income (Loss) Before Interest Charges 6,384 2,034,779 865,181 60,697 (751,655) 955,337
Interest Charges:
Interest on long-term debt 3,517,414 3,517,414
Amortization of debt expense and premium
Other interest expense (principally
short-term notes) 434,493 394,407 431,628 43,778 84,862
Allowance for borrowed funds used during
construction - (credit) (122,776) (60,000) (20,712)
Total Interest Charges 3,829,131 394,407 3,889,042 23,066 84,862
Net Income (Loss) before preferred
return (3,822,747) 1,640,372 (3,023,861) 37,631 (836,517) 955,337
Preferred Return Requirement
Net (Loss) Income ($3,822,747) $1,640,372 ($3,023,861) $37,631 ($836,517) $955,337
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (2 of 3)
FOR THE SIX MONTHS ENDED JUNE 30, 1999
<CAPTION>
EUA
EUA EUA COGENEX EUA
Cogenex Citizens WEST MUPA
Canada Corporation Corporation (Partnership)
<S> <C> <C> <C> <C>
Operating Revenues $3,861,623 1,818,669
Operating Expenses:
Operation 79,039 3,165,662 1,564,330 (1)
Maintenance 35,122 29,361
Depreciation and amortization 4,408 288,282 288,106
Taxes - Other than income 1,727 52,980 27,575
- Income (credit) (2,959) 104,032 8,576
- Deferred (6,182) (4,294) (17,070)
Total Operating Expenses 76,033 3,641,784 1,900,878 (1)
Operating Income (76,033) 219,839 (82,209) 1
Other Income and Deductions:
Interest and dividend income 4,626 165,961
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net 61,336 (100) (52,376)
Total Other Income 65,962 (100) 113,585
Income (Loss) Before Interest Charges (10,071) 219,739 31,376 1
Interest Charges:
Interest on long-term debt
Amortization of debt expense and premium
Other interest expense (principally
short-term notes) 95,264 173,368
Allowance for borrowed funds used during
construction - (credit) (20,995) (21,069)
Total Interest Charges 74,269 152,299
Net Income (Loss) before preferred return (10,071) 145,470 (120,923) 1
Preferred Return Requirement
Net (Loss) Income ($10,071) $145,470 ($120,923) $1
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (3 of 3)
FOR THE SIX MONTHS ENDED JUNE 30, 1999
<CAPTION>
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C>
Operating Revenues $217,048 $881,763 $1,269,797
Operating Expenses:
Operation 381 53,865 44,309
Maintenance 14,451 94,231 180,135
Depreciation and amortization 80,262 400,250 1,019,546
Taxes - Other than income
- Income (credit)
- Deferred
Total Operating Expenses 95,094 548,346 1,243,990
Operating Income 121,954 333,417 25,807
Other Income and Deductions:
Interest and dividend income 27,643 71,515 123,747
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net (151) (594) (32,780)
Total Other Income 27,492 70,921 90,967
Income (Loss) Before Interest Charges 149,446 404,338 116,774
Interest Charges:
Interest on long-term debt
Amortization of debt expense and premium
Other interest expense (principally
short-term notes)
Allowance for borrowed funds used during
construction - (credit)
Total Interest Charges
Net Income (Loss) before preferred return 149,446 404,338 116,774
Preferred Return Requirement
Net (Loss) Income $149,446 $404,338 $116,774
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (1 of 3)
FOR THE SIX MONTHS ENDED JUNE 30, 1999
<CAPTION>
EUA
EUA EUA EUA Day Matrix
Cogenex Cogenex Day (fka Day I & II)
Consolidated Elimination Corporation (Division) (Division)
<S> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($3,822,747) $1,640,372 ($3,023,861) $37,631 ($836,517)
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 5,676,741 3,047,436 158,358 115,004
Deferred taxes (822,620) (955,897)
Gains on sales of investments in energy savings
projects paid for with notes and leases receiv. (489,612) (1) (489,613)
Costs of energy savings cash sales type projects 4,095,153 1 2,427,452
Pension liability 9,457 9,457
Amortization of deferred revenues
Collections of prin port of project notes
and leases receivable 3,996,044 1,557,595
Undistributed Equity earnings of subsidiaries 3,061,061 3,061,061
Other - net (337,158) (338,353) (1,642,481) 1,094,417
Net Changes to Working Capital:
Accounts receivable 4,686,334 4,976,403 6,088,030 479,804 (292)
Materials and supplies (29,161) 3,877 (33,038)
Accounts payable (1,067,145) (4,923,489) (2,597,791) 581,014 51,645
Accrued taxes (27,162) (1,530) (10,931)
Accrued interest (15,828) (1,497,625) (15,829) (464,641) 84,862
Other - net 4,729,170 1,497,621 6,088,080 (4,538)
Net Cash Provided from (Used in) Operating Activ. 16,581,465 4,415,990 13,552,109 1,874,991 (618,336)
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy savings
projects (15,340,553) (11,017,523) (2,762,167)
Collections on financing notes and leases receivable 5,681,056 5,681,056
Proceeds from sale of Assets
Investments in subsidiaries
Net Cash Provided from (Used in) Investing Activ. (9,659,497) (5,336,467) (2,762,167)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt (5,100,000) (5,100,000)
Premium on reacquisition and
financing expenses
Dividends declared (1,000,000)
Capital contribution - EUA
Partner's contribution (withdrawal) (3,754,340)
Net increase (decrease) in short-term debt (2,462,071) 338,350 (2,460,000) (128,986) 618,336
Net Cash Provided from (Used in) Financing Activ. (7,562,071) (4,415,990) (7,560,000) (128,986) 618,336
NET (DECREASE) INCREASE IN CASH (640,103) 655,642 (1,016,162)
Cash and temporary cash investments at beginning of year 2,782,421 (210,746) 1,359,116
Cash and temporary cash investments at end of year $2,142,318 $444,896 $342,954
Cash paid during the year for:
Interest (net of amounts capitalized) $3,780,447 $3,780,447
Income Taxes ($1,373,019) ($1,552,592)
Conversion of investments in energy saving projects
to notes and leases receivable
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (2 of 3)
FOR THE SIX MONTHS ENDED JUNE 30, 1999
<CAPTION>
EUA EUA EUA EUA EUA
NEM Cogenex Citizens Cogenex West MUPA
Inc Canada Corporation Corporation (Partnership)
<S> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) $955,337 ($10,071) $145,470 ($120,923) $1
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 275,090 4,404 288,284 288,106 0
Deferred taxes 160,823 (6,182) (4,294) (17,070) 0
Gains on sales of investments in energy savings
projects paid for with notes and leases receiv.
Costs of energy savings cash sales type projects 1,328,769
Pension liability
Amortization of deferred revenues
Collections of prin port of project notes and
leases receivable 23,712 1,998,698
Undistributed Equity earnings of subsidiaries
Other - net 944 990 (2,780) 25,092 11,574
Net Changes to Working Capital:
Accounts receivable 308,108 (164,061) 442,493 418,731 (15,552)
Materials and supplies
Accounts payable (430,480) 25,648 (737,226) (1,324,065) 3,978
Accrued taxes (7,987) (109) (6,605)
Accrued interest (433,237) (684,608)
Other - net (48,494) 120,089 107,483 23,749
Net Cash Provided from (Used in) Operating Activ. 1,269,822 (182,041) (181,310) 2,013,608 23,749
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy savings projects (73,383) (62,479) (1,466,730)
Collections on financing notes and leases receivable
Proceeds from sale of Assets
Investments in subsidiaries
Net Cash Provided from (Used in) Investing Activities (73,383) (62,479) (1,466,730)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reacquisition and financing expenses
Dividends declared 1,000,000)
Capital contribution - EUA
Partner's contribution(withdrawal) (23,749)
Net increase (decrease) in short-term debt 179,500 (332,571)
Net Cash Provided from (Used in) Financing Activ. 1,000,000) 179,500 (332,571) (23,749)
NET (DECREASE) INCREASE IN CASH 269,822 (255,424) (64,289) 214,307
Cash and temporary cash investments at beginning of year 18,120 317,043 27,488 157,788
Cash and temporary cash investments at end of year $287,942 $61,619 ($36,801) $372,095
Cash paid during the year for:
Interest (net of amounts capitalized)
Income Taxes $135,456 $36,236 $7,881
Conversion of investments in energy savings projects
to notes and leases receivable $0 $0
( ) Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (3 of 3)
FOR THE SIX MONTHS ENDED JUNE 30, 1999
<CAPTION>
EUA EUA EUA EUA
WestCoast FRC II EC&S I EC&S II
(Partnership) (Partnership) (Partnership) (Partnership)
<S> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) $149,446 $404,338 $116,774
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation and amortization 80,262 400,252 1,019,545
Deferred taxes
Gains on sales of investments in energy savings
projects paid for with notes and leases receiv.
Costs of energy savings cash sales type projects 134,968 203,965
Pension liability
Amortization of deferred revenues
Collections of prin port of project notes and
leases receivable 117,526 78,199 220,314
Undistributed Equity earnings of subsidiaries
Other - net 35,602 (90,626) (108,243)
Net Changes to Working Capital:
Accounts receivable (13,916) (35,602) 90,687 2,064,307
Materials and supplies
Accounts payable (240,625) (29,416) (190,340) (1,102,976)
Accrued taxes
Accrued interest
Other - net (23,817) (22,318) (68,820) 55,377
Net Cash Provided from (Used in) Operating Activities 68,876 (51,734) 758,658 2,469,063
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in energy savings projects 202,740 82,325 (181,376) (61,960)
Collections on financing notes and leases receivable
Proceeds from sale of Assets
Investments in subsidiaries
Net Cash Provided from (Used in) Investing Activities 202,740 82,325 (181,376) (61,960)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reacquisition and financing expenses
Dividends declared
Capital contribution - EUA
Partner's contribution(withdrawal) (300,000) (30,591) (950,000) (2,240,000)
Net increase (decrease) in short-term debt
Net Cash Provided from (Used in) Financing Activ. (300,000) (30,591) (950,000) (2,450,000)
NET (DECREASE) INCREASE IN CASH (28,384) (372,718) (42,897)
Cash and temporary cash investments at beginning of year 89,182 52,909 561,381 410,140
Cash and temporary cash investments at end of year $60,798 $52,909 $188,663 $367,243
Cash paid during the year for:
Interest (net of amounts capitalized)
Income Taxes
Conversion of investments in energy saving projects
to notes and leases receivable
( ) Denotes contra
</TABLE>
Business Line Project Equipment
in Service Revenues
as of 6/30/99 as of 6/30/99
Demand Side Mgmt./Energy Mgmt. Service $80,819,042 $16,828,755
Manufacturing and Fabrication $3,284,200
Consulting $77,231
TOTAL $80,819,042 $20,190,186
Geographic Location Project Equipment
in Service Revenues
as of 6/30/99 as of 6/30/99
New England / New York Region $54,256,723 $14,176,008
United States excluding New England $26,562,319 $6,014,178
and New York
Canada 0 0
All areas of the world excluding the
U.S. and Canada
TOTAL $80,819,042 $20,190,186
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