Form 10-Q/A 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
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OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________
Commission File Number 1-8060
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AQUARION COMPANY
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(Exact name of registrant as specified in its charter)
Delaware 06-0852232
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
835 Main Street, Bridgeport, Connecticut 06601
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 335-2333
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The purpose of this Amendment is to amend item 6(a) to read Exhibit 27,
Financial Data Schedule, and to amend the Financial Data Schedule lines
entitled [CGS] and <Total Costs>.
<PAGE>
<PAGE>
On November 8, 1994, Timco announced that it has agreed to
terminate its long-term rate order with Public Service Company
of New Hampshire (PSNH) under which Timco sold PSNH
electricity produced at its cogeneration plant. The agreement
calls for PSNH to pay Timco $8,195,105 in exchange for the
assignment of the rate order to PSNH and a release of PSNH's
obligations to buy power from Timco. The net after tax gain
on this transaction, after providing for unrecoverable costs
and expenses the Company anticipates, is $1,902,000, which
approximates the present value of the income stream Timco
would have received over the remaining life of the contract.
As a result, Timco will not have these revenues in the future.
Revenues from electricity cogeneration were $3,500,000 in 1993
and $2,600,000 through September 30, 1994.
Aquarion will also record a charge of $1,772,000 related to
the Company's investment in the Clocktower Housing Associates
Limited Partnership (the "partnership"), a rehabilitation
housing unit in New Hampshire. Aquarion has been informed
that the partnership may require additional capital from each
of the five limited partners beyond the amounts originally
agreed upon. At present, it is not known whether the limited
partners will make the necessary capital contributions to
sustain the operation of the partnership. Based upon the risk
of continued funding and the projects poor performance, the
Company no longer believes that the value of their investment
in the partnership is recoverable.
The net effect of these two transactions will have an
approximate $.02 per share impact on Aquarion's earnings in
the fourth quarter of 1994.
ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K
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(a) Exhibits.
27 Financial Data Schedule (filed herewith).
(b) The Company did not file a report on Form 8-K for
the nine months ended September 30, 1994.
-14- <PAGE>
<PAGE>
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
AQUARION COMPANY
Date: November 9, 1994 By s/s/JANET M. HANSEN
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Janet M. Hansen
Senior Vice President,
Chief Financial Officer and
Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEPTEMBER 30, 1994, AQUARION COMPANY FORM 10-Q AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> SEP-30-1994
<CASH> 337
<SECURITIES> 0
<RECEIVABLES> 17286
<ALLOWANCES> 3787
<INVENTORY> 2196
<CURRENT-ASSETS> 37035
<PP&E> 380231
<DEPRECIATION> 126119
<TOTAL-ASSETS> 372892
<CURRENT-LIABILITIES> 26125
<BONDS> 115538
<COMMON> 6655
375
0
<OTHER-SE> 107728
<TOTAL-LIABILITY-AND-EQUITY> 372892
<SALES> 85118
<TOTAL-REVENUES> 85118
<CGS> 0
<TOTAL-COSTS> 63407
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 919
<INTEREST-EXPENSE> 6299
<INCOME-PRETAX> 15742
<INCOME-TAX> 6177
<INCOME-CONTINUING> 9565
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9565
<EPS-PRIMARY> 1.47
<EPS-DILUTED> 1.47
</TABLE>
