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Previous: AMERICAN CYANAMID CO, 15-15D, 1995-01-30 |
Next: ASSOCIATES CORPORATION OF NORTH AMERICA, 424B3, 1995-01-30 |
<PAGE>
AEP INVESTMENTS, INC.
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 25667
FOR THE QUARTER ENDED DECEMBER 31, 1994
CONTENTS
Page
Statements of Income 1
Balance Sheets 2
Statements of Cash Flows 3
Notes to Financial Statements 4
<PAGE>
<TABLE>
AEP INVESTMENTS, INC.
STATEMENTS OF INCOME
(UNAUDITED)
<CAPTION>
Three Twelve
Months Ended Months Ended
December 31, 1994 December 31, 1994
(in thousands)
<S> <C> <C>
REVENUES $ - $ 20
EXPENSES:
Ohio Corporate Franchise Taxes 19 75
Provision for Loss - Intersource
Technologies, Inc. - 12,540
Other - 1
Total Expenses 19 12,616
LOSS BEFORE FEDERAL INCOME TAXES (19) (12,596)
FEDERAL INCOME TAX CREDIT (7) (4,409)
NET LOSS $(12) $ (8,187)
</TABLE>
<TABLE>
STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
<CAPTION>
Three Twelve
Months Ended Months Ended
December 31, 1994 December 31, 1994
(in thousands)
<S> <C> <C>
BALANCE AT BEGINNING OF PERIOD* $(8,198) $ (23)
NET LOSS (12) (8,187)
BALANCE AT END OF PERIOD* $(8,210) $(8,210)
*Parentheses Denote Accumulated Deficit.
The common stock of the Company is wholly owned by
American Electric Power Company, Inc.
</TABLE>
<PAGE>
<TABLE>
AEP INVESTMENTS, INC.
BALANCE SHEET
DECEMBER 31, 1994
(UNAUDITED)
<CAPTION>
(in thousands)
ASSETS
<S> <C>
INVESTMENTS - Intersource Technologies, Inc. $11,500
CURRENT ASSETS:
Cash 34
Notes Receivable - Intersource Technologies, Inc. 1,000
Accounts Receivable 40
Accrued Tax Benefit 2
TOTAL CURRENT ASSETS 1,076
DEFERRED FEDERAL INCOME TAXES 4,389
TOTAL ASSETS $16,965
CAPITALIZATION AND LIABILITIES
Paid-in Capital including 100 shares outstanding
of $1 par value common stock $12,610
Accumulated Deficit (8,210)
TOTAL CAPITALIZATION 4,400
CURRENT LIABILITIES - Accounts Payable, Affiliated Companies 25
PROVISION FOR LOSS - Intersource Technologies, Inc. 12,540
TOTAL CAPITALIZATION AND LIABILITIES $16,965
</TABLE>
<PAGE>
<TABLE>
AEP INVESTMENTS, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Three Twelve
Months Ended Months Ended
December 31, 1994 December 31, 1994
(in thousands)
OPERATING ACTIVITIES:
<S> <C> <C>
Net Loss $(12) $(8,187)
Adjustments for Noncash Items:
Provision for Loss - Intersource
Technologies, Inc. - 12,540
Provision for Deferred Federal
Income Taxes - (4,389)
Changes in Certain Current Assets
and Liabilities:
Accounts Receivable - (20)
Prepayments 19 1
Taxes Accrued (2) (5)
Accounts Payable - 25
Net Cash Flows From (Used For)
Operating Activities 5 (35)
INVESTING ACTIVITIES - -
FINANCING ACTIVITIES -
Capital Contributions
from Parent Company - 50
NET INCREASE IN CASH 5 15
CASH AT BEGINNING OF PERIOD 29 19
CASH AT END OF PERIOD $ 34 $ 34
SUPPLEMENTAL DISCLOSURE:
Cash received for income tax refunds was $5,000 and $15,000 in the three and
twelve months ended periods, respectively.
</TABLE>
<PAGE>
AEP INVESTMENTS, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
(UNAUDITED)
PROVISION FOR LOSS
In June 1994 the Company recorded a provision of $12,540,000
($8,151,000 net ofa provision for deferred federal income taxes)
for its investment in and advances to Intersource Technologies,
Inc., which has been engaged in development of a new lighting
technology called the E-lamp. Efforts are being made to recoup
a portion of the investment. The Company has agreed to forbear
its right to exercise any of the remedies specified in the
Note Purchase Agreement and related Security Agreement until
January 31, 1995 while efforts are made to commercialize
the technology.
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