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Previous: AMERICAN BANCORPORATION /WV/, DEF 14A, 1995-04-27 |
Next: AMERICAN CAPITAL EXCHANGE FUND, POS AMI, 1995-04-27 |
<PAGE>
AEP INVESTMENTS, INC.
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 25667
FOR THE QUARTER ENDED MARCH 31, 1995
CONTENTS
Page
Statement of Income 1
Balance Sheets 2
Statement of Cash Flows 3
Notes to Financial Statements 4
<PAGE>
AEP INVESTMENTS, INC.
STATEMENT OF INCOME
THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
(in thousands)
REVENUES $ -
EXPENSES:
Affiliated Services 23
Ohio Corporate Franchise Taxes 7
Other 1
Total Expenses 31
LOSS BEFORE FEDERAL INCOME TAXES (31)
FEDERAL INCOME TAX CREDIT (11)
NET LOSS $(20)
STATEMENT OF RETAINED EARNINGS
THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD* $(8,210)
NET LOSS (20)
BALANCE AT END OF PERIOD* $(8,230)
*Parentheses Denote Accumulated Deficit.
The common stock of the Company is wholly owned
by American Electric Power Company, Inc.
See Notes to Financial Statements.
<PAGE>
AEP INVESTMENTS, INC.
BALANCE SHEET
MARCH 31, 1995
(UNAUDITED)
(in thousands)
ASSETS
INVESTMENTS - Intersource Technologies, Inc. $11,500
CURRENT ASSETS:
Cash 35
Notes Receivable - Intersource Technologies, Inc. 1,000
Accounts Receivable 40
Accrued Tax Benefit 13
Prepayments 12
TOTAL CURRENT ASSETS 1,100
DEFERRED FEDERAL INCOME TAXES 4,389
DEFERRED DEBITS 234
TOTAL ASSETS $17,223
CAPITALIZATION AND LIABILITIES
Paid-in Capital including 100 shares outstanding
of $1 par value common stock $12,910
Accumulated Deficit (8,230)
TOTAL CAPITALIZATION 4,680
CURRENT LIABILITIES - Accounts Payable, Affiliated Company 3
PROVISION FOR LOSS - InterSource Technologies, Inc. 12,540
TOTAL CAPITALIZATION AND LIABILITIES $17,223
See Notes to Financial Statements.
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AEP INVESTMENTS, INC.
STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
(in thousands)
OPERATING ACTIVITIES:
Net Loss $ (20)
Changes in Certain Current Assets and Liabilities:
Accounts Payable (22)
Prepayments (12)
Taxes Accrued (11)
Deferred Debits (234)
Net Cash Flows Used For Operating Activities (299)
INVESTING ACTIVITIES -
FINANCING ACTIVITIES - Capital Contributions
from Parent Company 300
NET INCREASE IN CASH 1
CASH AT BEGINNING OF PERIOD 34
CASH AT END OF PERIOD $ 35
See Notes to Financial Statements.
<PAGE>
AEP INVESTMENTS, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(UNAUDITED)
PROVISION FOR LOSS
In June 1994 the Company recorded a provision of $12,540,000 ($8,151,000 net
of a 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 April 30, 1995
while efforts are made to commercialize the technology.
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