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Previous: AMERICAN BUSINESS PRODUCTS INC, S-8, 1995-07-28 |
Next: AMERICAN CAPITAL EMERGING GROWTH FUND INC, 497, 1995-07-28 |
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AEP INVESTMENTS, INC.
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 25667
FOR THE QUARTER ENDED JUNE 30, 1995
CONTENTS
Page
Statement of Income and Statement of Retained Earnings 1
Balance Sheet 2
Statement of Cash Flows 3
Notes to Financial Statements 4
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AEP INVESTMENTS, INC.
STATEMENT OF INCOME
THREE MONTHS ENDED JUNE 30, 1995
(UNAUDITED)
(in thousands)
REVENUES $ -
EXPENSES
Affiliated Services 3
Ohio Corporate Franchise Taxes 7
Research and Development 200
Other 1
TOTAL OPERATING EXPENSES 211
OPERATING LOSS (211)
OTHER INCOME DEDUCTIONS 75
LOSS BEFORE FEDERAL INCOME TAXES (286)
FEDERAL INCOME TAX CREDIT (100)
NET LOSS $(186)
STATEMENT OF RETAINED EARNINGS
THREE MONTHS ENDED JUNE 30, 1995
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD* $(8,230)
NET LOSS (186)
BALANCE AT END OF PERIOD* $(8,416)
*Parentheses Denote Accumulated Deficit.
The common stock of the Company is wholly owned
by American Electric Power Company, Inc.
See Notes to Financial Statements.
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AEP INVESTMENTS, INC.
BALANCE SHEET
JUNE 30, 1995
(UNAUDITED)
(in thousands)
ASSETS
INVESTMENTS:
Intersource Technologies, Inc. $11,500
Envirotech Investment Fund I 197
TOTAL INVESTMENTS 11,697
CURRENT ASSETS:
Cash 43
Notes Receivable - Intersource Technologies, Inc. 1,000
Accounts Receivable 40
Prepayments 14
TOTAL CURRENT ASSETS 1,097
DEFERRED FEDERAL INCOME TAXES 4,485
DEFERRED DEBITS 234
TOTAL ASSETS $17,513
CAPITALIZATION AND LIABILITIES
Paid-in Capital $13,385
Accumulated Deficit (8,416)
TOTAL CAPITALIZATION 4,969
CURRENT LIABILITIES - Taxes Accrued 4
PROVISION FOR LOSS - InterSource Technologies, Inc. 12,540
TOTAL CAPITALIZATION AND LIABILITIES $17,513
See Notes to Financial Statements.
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AEP INVESTMENTS, INC.
STATEMENT OF CASH FLOWS
THREE MONTHS ENDED JUNE 30, 1995
(UNAUDITED)
(in thousands)
OPERATING ACTIVITIES:
Net Loss $(186)
Changes in Certain Assets and Liabilities:
Prepayments (2)
Deferred Federal Income Taxes (96)
Accounts Payable (3)
Taxes Accrued 17
Net Cash Flows Used For Operating Activities (270)
INVESTING ACTIVITIES - Envirotech Investment Fund I (197)
FINANCING ACTIVITIES - Capital Contributions from Parent Company 475
NET INCREASE IN CASH 8
CASH AT BEGINNING OF PERIOD 35
CASH AT END OF PERIOD $ 43
SUPPLEMENTAL DISCLOSURE:
Cash received for income tax refund was $20,000.
See Notes to Financial Statements.
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AEP Investments, Inc.
Notes to Financial Statements
June 30, 1995
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 July 31, 1995
while efforts are made to commercialize the technology.
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