8
File No. 70-
6527
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
STATEMENT BY
PROVIDENCE ENERGY CORPORATION
By transmittal letter dated November 17, 1986, counsel for
Providence Energy Corporation (the "claimant") filed on behalf
of the claimant an application with the Securities and Exchange
Commission (the "Commission") requesting (i) the Commission's
approval of the proposed acquisition by the claimant of the
outstanding capital stock of North Attleboro Gas Company and
(ii) an order of the Commission continuing the exemption
of the claimant
from the registration and related provisions of the
Public Utility
Holding Company Act of 1935 (the "Act") pursuant to
Section 3(a)(1)
of the Act.
Said application was subsequently amended by Amendments
Numbers 1 and 2, duly filed with the Commission.
By order dated March 10, 1987 the Commission evidenced its
approval of the proposed acquisition but reserved
jurisdiction with
respect to the requested Section 3(a)(1) exemption.
By order dated November 30, 1995, the Commission
finalized the application for exemption under 3(a)(1)
from all the
provisions of the Act and rules thereunder, except
Section 9(a)(2) of the Act.
The claimant provides the Commission with the
following
information, all to the extent otherwise required under Rule 2:
1. The name of the claimant is Providence
Energy Corporation.
The claimant is organized under the laws of the State of Rhode
Island. The claimant's principal offices are located at 100
Weybosset Street, Providence, Rhode Island 02903. The
claimant's business is that of a holding company.
The claimant owns two subsidiary public utility
companies, to
wit,
(a) The Providence Gas Company ("Providence Gas"):
Providence Gas is organized under the laws of the State
of Rhode Island, is engaged in the business of
distributing gas in 25 cities and towns in the State of
Rhode Island, and has its principal offices at 100
Weybosset Street, Providence, Rhode Island 02903.
ProvEnergy Investments, Ltd., an inactive subsidiary of
Providence Gas,
is incorporated in the State of Rhode Island. Newport
America Corporation, a subsidiary of Providence Energy
Corporation, is incorporated in the State of Rhode Island
and is an investment and holding company. Two of
its three subsidiaries, Patience Realty Corp. and
Prudence Corporation, are incorporated in the State of
Rhode Island and invest in and manage real
estate; S & M Appliance Service Co.,
incorporated in the State of Rhode Island, is
inactive. Resource Monitors, Inc., a subsidiary of
Providence Energy Corporation, also incorporated in Rhode
Island is inactive.
(b) North Attleboro Gas Company ("North Attleboro Gas"):
North Attleboro Gas is organized under the laws of the
Commonwealth of Massachusetts, is engaged in the business
of distributing gas in the Towns of North Attleboro and
Plainville, Massachusetts, and has its principal offices
at
58 Reed Avenue, North Attleboro, Massachusetts 02760.
2. The claimant owns two subsidiary public
utility companies,
to wit, Providence Gas and North Attleboro Gas.
For a description of the properties of Providence Gas and
North Attleboro Gas used for the distribution of
natural gas,
reference is made to Items 1 and 2 of the Annual Report
of the
claimant to the Securities and Exchange Commission on
Form 10-K for the fiscal year ended September 30, 1995.
3. (a) During the 1995 fiscal year, the claimant and its
public utility subsidiary companies, Providence Gas
and
North
Attleboro Gas, distributed at retail a total of
26,431,085 Mcf of natural or manufactured gas, as follows:
Providence Gas North Attleboro
Gas Mcf Mcf
Residential 12,522,192 187,108
Commercial &
Industrial 8,549,358 221,947
Interruptible 3,257,582 0
Sale for Resale 1,688,581
0
Nat Gas Vehicles 1,305 0
Other 3,012
0
Total Sales 26,022,030 409,055
Transportation 1,681,555 0
Total Sold and
Transported: 27,703,585 409,055
(b) During the 1995 fiscal year, Providence Gas sold at
wholesale under a sale-for-resale blanket certificate granted
to Providence Gas by the Federal Energy Regulatory
Authority in Docket
#CI-9152. During 1995, 1,688,581 Mcf were sold to various gas
utilities and marketers subject to the sale-for-
resale certificate
generating a total of $3,659,336 in revenue.
(c) During the 1995 fiscal year, neither the claimant nor
its subsidiary public utility company North Attleboro Gas sold
at wholesale outside the Commonwealth of Massachusetts, or at
the Massachusetts state line, any natural or manufactured gas.
(d) During the 1995 fiscal year, the claimant and its
subsidiary Providence Gas purchased 26,927,026 Mcf of
natural gas
outside the State of Rhode Island or at the Rhode Island state
line.
(e) During the 1995 fiscal year, the claimant and its
subsidiary North Attleboro Gas purchased 423,477 Mcf of
natural gas
outside the Commonwealth of Massachusetts or at the
Massachusetts state line.
EXHIBIT A
Attached hereto is a consolidating balance sheet of the
claimant and its subsidiary companies, as of September 30,
1995, together with a consolidating statement of income of
claimant and such subsidiary companies for the fiscal year then
ended.
The above-named claimant has caused this statement to
be duly executed on its behalf by its duly authorized
officer, on this 29th day of February, 1996.
PROVIDENCE ENERGY
CORPORATION (Name of
Claimant)
By Gary S. Gillheeney
Vice President of
Financial and Information
Services, and Treasurer
ATTEST:
Alycia L. Goody,
Vice President, Corporate Secretary
and General Counsel
Name, title, and address of officer to whom notices and
correspondence concerning this statement should be addressed:
Gary S. Gillheeney Vice President of Financial
and
(Name) Information Services,
and
Treasurer
(Title)
Providence Energy Corporation
100 Weybosset Street, Providence, RI 02903
(Address)
EXHIBIT B. Financial Data Schedule
1. Total Assets 227,127,368
2. Total Operating Revenues 183,992,510
3. Net Income 6,126,515
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED
9/30/95
PROVIDENCE PROV GAS
ENERGY CO.
OPERATING REVENUES 180,043,084
COST OF GAS SOLD 98,985,219
OPERATING MARGIN 81,057,865
OPERATING EXPENSES:
OPERATION AND 43,485,535
MAINTENANCE
DEPRECIATION & AMORT 10,050,349
STATE GROSS RECEIPTS TAX 5,004,987
LOCAL PROPERT TAX 6,591,796
FEDERAL INCOME TAX 3,027,011
OPERATING INCOME 12,898,187
OTHER INCOME (EXP) 6,731,846 795,025
INCOME BEFORE
INTEREST EXPENSE 6,731,846 13,693,212
INTEREST EXPENSE:
LONG TERM DEBT 5,085,856
OTHER 13,890 2,081,195
INTERCO INT ( INC/EXP) (104,723) 11,646
INCOME AFTER 6,822,679 6,514,515
INTEREST EXPENSE
PREFERRED DIVIDENDS SUBS (696,000)
NET INCOME (LOSS) 6,822,679 5,818,515
NEWPORT NO. ATTLEB.
AMERICA GAS
OPERATING REVENUES 3,949,426
COST OF GAS SOLD 1,958,886
OPERATING MARGIN 1,990,540
OPERATING EXPENSES:
OPERATION AND 82,624
MAINTENANCE
DEPRECIATION & AMORT 419,798
STATE GROSS RECEIPTS TAX
LOCAL PROPERT TAX 172,249
FEDERAL INCOME TAX 77,634
OPERATING INCOME 438,235
OTHER INCOME (EXP) (367,942) 46,000
INCOME BEFORE
INTEREST EXPENSE (367,942) 484,235
INTEREST EXPENSE:
LONG TERM DEBT
OTHER 74 197,967
INTERCO INT ( INC/EXP) (9,356) 102,433
INCOME AFTER (358,660) 183,835
INTEREST EXPENSE
PREFERRED DIVIDENDS SUBS
NET INCOME (LOSS) (358,660) 183,835
ELIM ADJ CONSOL
ENTRIES ENTRIES TOTAL
OPERATING REVENUES 183,992,510
COST OF GAS SOLD 100,944,105
OPERATING MARGIN 83,048,405
OPERATING EXPENSES:
OPERATION AND 44,368,159
MAINTENANCE
DEPRECIATION & AMORT 10,470,147
STATE GROSS RECEIPTS TAX 5,004,987
LOCAL PROPERT TAX 6,764,045
FEDERAL INCOME TAX 3,104,645
OPERATING INCOME 13,336,422
OTHER INCOME (EXP) (6,339,690) (164) 865,075
INCOME BEFORE
INTEREST EXPENSE (6,339,690) (164) 14,201,497
INTEREST EXPENSE:
LONG TERM DEBT
5,085,856
OTHER 2,293,126
INTERCO INT ( INC/EXP)
INCOME AFTER (6,339,690) (164) 6,822,515
INTEREST EXPENSE
PREFERRED DIVIDENDS SUBS (696,000)
NET INCOME (LOSS) (6,339,690) (164) 6,126,515
PROVIDENCE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEET
AS OF 9/30/95
PROVIDENCE PROV GAS
ENERGY CO.
GAS PLANT @ ORIG COST 247,932,835
LESS ACC DEP/ACQ ADJ (85,867,192)
NONUTILITY PLANT
LESS ACC DEP/ACQ ADJ
CURRENT ASSETS:
CASH & TEMP INVESTMENTS 177,234 790,919
PRPD & RFNDBL TAXES (97,406) 5,272,265
ACCOUNTS REC - NET 29,980 13,733,161
NOTES REC - NPT 2,345,351
NOTES REC - NAG
ACCNTS REC - NAR 372
ACCNTS REC - SAM
ACCNTS REC - PAT
ACCNTS REC - ENC 60,135
ACCNTS REC - NEW 5,700
ACCNTS REC - NAG 977 7,860
ACCNTS REC - PGC 27,416
NOTES REC - PIL
ACCOUNTS REC - SUBS 2,373,744 74,067
UNBILLED REVENUES 2,636,954
LNG, PROPANE, UNDGRND 9,975,998
MATERIALS & SUPPLIES 1,427,010
PREPAYMENTS OTHER 8,920 1,327,600
DEFERRED GAS COSTS
1,196,424
INVESTMENTS IN SUBS:
PROV GAS COMPANY 74,337,599
NEWPORT AMERICA 72,759
NO ATTLEBORO GAS 4,942,707
DEFERRED CHARGES 180,389 16,227,100
TOTAL ASSETS 82,025,926 214,727,141
CAPITALIZATION
COMMON STOCK 5,668,320 1,243,598
PAID IN CAPITAL 54,511,953 37,941,989
RETAINED EARNINGS 21,661,747 31,956,042
PREFERRED STOCK 8,000,000
CAPITAL STOCK EXPENSE (121,910)
LONG TERM DEBT 76,432,366
LESS CURRENT PORTION (1,949,899)
TOTAL CAPITALIZATION 81,842,020 153,502,186
CURRENT LIABILITIES:
NOTES PAY TO BANKS 4,337,000
CURRENT PORTION L/T DEBT 1,949,899
GAS SUPPLIER REFUNDS
ACCTS PAYBLE - NET 48,668 13,866,941
ACC PAYABLE - ENC 27,416
ACC PAYABLE - NAR 676
ACC PAYABLE - RMI
ACC PAYABLE - SAM 158
ACC PAYABLE - PAT 183
ACC PAYABLE - NPT 154
ACC PAYABLE - PGC 17,407
ACC PAYABLE - PIL 42,728
NOTES PAYBLE - ENC
ACCTS PAYBLE - SUBS 60,135 28,587
ACCRUED TAXES (300) 5,863,564
ACCRUED VACATION 1,633,626
CUSTOMER DEPOSITS 3,936,621
REF GAS COSTS
OTHER 2,798,161
DEF CREDTS & RSRV
ACCUM DEF INC TAXES 8,107 17,892,164
UNAM INV TAX CREDIT 2,668,357
OTHER 67,296 6,250,199
TOTAL LIABILITIES 82,025,926 214,727,305
NEWPORT NO. ATTLEB.
AMERICA GAS
GAS PLANT @ ORIG COST 9,331,589
LESS ACC DEP/ACQ ADJ (1,496,102)
NONUTILITY PLANT 2,661,168
LESS ACC DEP/ACQ ADJ (703,180)
CURRENT ASSETS:
CASH & TEMP INVESTMENTS 287,624 21,981
PRPD & RFNDBL TAXES 340,265 417,578
ACCOUNTS REC - NET 16,858 251,159
NOTES REC - NPT
NOTES REC - NAG
ACCNTS REC - NAR
ACCNTS REC - SAM
ACCNTS REC - PAT
ACCNTS REC - ENC
ACCNTS REC - NEW
ACCNTS REC - NAG
ACCNTS REC - PGC 1,171
NOTES REC - PIL
ACCOUNTS REC - SUBS 1,171 0
UNBILLED REVENUES 18,449
LNG, PROPANE, UNDGRND 139,976
MATERIALS & SUPPLIES 112,483
PREPAYMENTS OTHER 6,480 23,410
DEFERRED GAS COSTS (2,601)
INVESTMENTS IN SUBS:
PROV GAS COMPANY
NEWPORT AMERICA
NO ATTLEBORO GAS
DEFERRED CHARGES 1 748,039
TOTAL ASSETS 2,610,387 9,565,961
CAPITALIZATION
COMMON STOCK 675,100 120,000
PAID IN CAPITAL 7,972,221 5,137,761
RETAINED EARNINGS (8,574,562) (315,054)
PREFERRED STOCK
CAPITAL STOCK EXPENSE
LONG TERM DEBT
LESS CURRENT PORTION
TOTAL CAPITALIZATION 72,759 4,942,707
CURRENT LIABILITIES:
NOTES PAY TO BANKS 3,000,000
CURRENT PORTION L/T DEBT
GAS SUPPLIER REFUNDS
ACCTS PAYBLE - NET 31,894 154,019
ACC PAYABLE - ENC 977
ACC PAYABLE - NAR
ACC PAYABLE - RMI
ACC PAYABLE - SAM
ACC PAYABLE - PAT
ACC PAYABLE - NPT
ACC PAYABLE - PGC 6,072 7,860
ACC PAYABLE - PIL
NOTES PAYBLE - ENC 2,345,351
ACCTS PAYBLE - SUBS 2,351,423
8,837
ACCRUED TAXES 105,331 90,260
ACCRUED VACATION 45,324
CUSTOMER DEPOSITS 44,806
REF GAS COSTS
OTHER 6,215 366,797
DEF CREDTS & RSRV
ACCUM DEF INC TAXES 24,650 808,711
UNAM INV TAX CREDIT 22,891
OTHER 18,115 81,609
TOTAL LIABILITIES 2,610,387 9,565,961
ELIM ADJ CONSOL
ENTRIES ENTRIES TOTAL
GAS PLANT @ ORIG COST 257,264,424
LESS ACC DEP/ACQ ADJ (87,363,294)
NONUTILITY PLANT 2,661,168
LESS ACC DEP/ACQ ADJ (703,180)
CURRENT ASSETS:
CASH & TEMP INVESTMENTS 1,277,758
PRPD & RFNDBL TAXES 5,932,702
ACCOUNTS REC - NET 14,031,158
NOTES REC - NPT (2,345,351)
NOTES REC - NAG
ACCNTS REC - NAR (372)
ACCNTS REC - SAM
ACCNTS REC - PAT
ACCNTS REC - ENC (60,135)
ACCNTS REC - NEW (5,700)
ACCNTS REC - NAG (8,837)
ACCNTS REC - PGC (28,587)
NOTES REC - PIL
ACCOUNTS REC - SUBS (2,448,982)
UNBILLED REVENUES 2,655,403
LNG, PROPANE, UNDGRND 10,115,974
MATERIALS & SUPPLIES 1,539,493
PREPAYMENTS OTHER 1,366,410
DEFERRED GAS COSTS 1,193,823
INVESTMENTS IN SUBS:
PROV GAS COMPANY (74,337,435) (164)
NEWPORT AMERICA (72,759)
NO ATTLEBORO GAS (4,942,707)
DEFERRED CHARGES 17,155,529
TOTAL ASSETS (81,801,883 (164) 227,127,368
)
CAPITALIZATION
COMMON STOCK (2,038,698) 5,668,320
PAID IN CAPITAL (51,183,608) 54,380,316
RETAINED EARNINGS (26,130,595) (328)18,597,250
PREFERRED STOCK 8,000,000
CAPITAL STOCK EXPENSE (121,910)
LONG TERM DEBT 76,432,366
LESS CURRENT PORTION (1,949,899)
TOTAL CAPITALIZATION (79,352,901) (328)161,006,443
CURRENT LIABILITIES:
NOTES PAY TO BANKS 7,337,000
CURRENT PORTION L/T DEBT 1,949,899
GAS SUPPLIER REFUNDS
ACCTS PAYBLE - NET 14,101,522
ACC PAYABLE - ENC (28,393)
ACC PAYABLE - NAR (676)
ACC PAYABLE - RMI
ACC PAYABLE - SAM (158)
ACC PAYABLE - PAT (183)
ACC PAYABLE - NPT (154)
ACC PAYABLE - PGC (31,339)
ACC PAYABLE - PIL (42,728)
NOTES PAYBLE - ENC (2,345,351)
ACCTS PAYBLE - SUBS (2,448,982)
ACCRUED TAXES 6,058,855
ACCRUED VACATION 1,678,950
CUSTOMER DEPOSITS 3,981,427
REF GAS COSTS
OTHER 3,171,173
DEF CREDTS & RSRV
ACCUM DEF INC TAXES 18,733,632
UNAM INV TAX CREDIT 2,691,248
OTHER 6,417,219
TOTAL LIABILITIES (81,801,883) (328) 227,127,368
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 227,127,368
<TOTAL-OPERATING-REVENUES> 183,992,510
<NET-INCOME> 6,126,515
</TABLE>
