FORM 10-QSB
[As last amended in Release No. 34-32231, April 28, 1993, 58 F.R. 26509]
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE EXCHANGE ACT
For the transition period from ________________ to ______________
Commission file number 0-14452
Far West Electric Energy Fund, L.P.
(Exact name of small business issuer as specified in its charter)
Delaware 87-0414725
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification
No.)
921 Executive Park Drive, Suite B, Salt Lake City, Utah 84117
(Address of principal executive offices)
(801) 268-4444
Issuer's telephone number
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report.)
Check whether the issuer (1) filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the
past 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No ___
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
FAR WEST ELECTRIC ENERGY FUND, L.P.
Balance Sheets
December 31, 1994 and March 31, 1995
(Unaudited)
Assets 03/31/95 12/31/94
Utility plant:
Plant in service $ 15,998,000 $ 18,716,000
Equipment 365,000 335,000
Construction in progress 118,000 118,000
Accumulated depreciation (4,910,000) (6,010,000)
Net utility plant 11,571,000 13,159,000
Restricted Marketable Securities 1,161,000 1,145,000
Other assets 119,000 124,000
Current assets:
Cash 258,000 278,000
Receivables - Trade 323,000 437,000
Receivables - Other --- 6,000
Receivables - Related party 177,000 159,000
Prepaid Insurance 39,000 12,000
Total current assets 797,000 892,000
Total assets $ 13,648,000 $ 15,320,000
The accompanying notes are an integral
part of these financial statements.<PAGE>
FAR WEST ELECTRIC ENERGY FUND, L.P.
Balance Sheets
December 31, 1994 and March 31, 1995
(Unaudited)
Partners' Capital and Liabilities 03/31/95 12/31/94
Partners' capital $ 4,961,000 $ 4,857,000
Other liabilities --- 150,000
Long-term debt:
Long-term debt, excluding current
portion 537,000 0
Notes payable - Related party 259,000 230,000
Partners' capital and Long-term
Liabilities 5,757,000 5,237,000
Current liabilities:
Current portion - Long-term debt 5,145,000 7,140,000
Note payable - Related party 1,042,000 1,043,000
Payable - Related party 721,000 573,000
Accrued Liabilities
Operations 303,000 495,000
Royalties 85,000 220,000
Interest 595,000 612,000
Total current liabilities 7,891,000 10,083,000
Total partners' capital
and liabilities $ 13,648,000 $15,320,000
The accompanying notes are an integral
part of these financial statements
FAR WEST ELECTRIC ENERGY FUND, L.P.
Statements of Operations
(Unaudited)
For The For The
3 Months 3 Months
Ended Ended
03/31/95 03/31/94
Revenues
Electric power sales $ 665,000 759,000
Pumping charges 11,000 11,000
Royalty income 23,000 18,000
Interest income 12,000 6,000
Other income --- 7,000
Total Revenues 711,000 801,000
Expenses
Interest 277,000 241,000
Depreciation 146,000 159,000
Royalty 106,000 119,000
Professional Services 21,000 29,000
Administrative services -
general partner 66,000 47,000
Amortization 4,000 4,000
Insurance 11,000 14,000
Maintenance 152,000 112,000
Other 11,000 2,000
Total Expenses 794,000 727,000
Net Income (Loss)
Before Gain on Sale (83,000) 74,000
Gain on Sale of Crystal
Springs Project 188,000 ---
Net Income $ 105,000 $74,000
The accompanying notes are an integral
part of these financial statements.
FAR WEST ELECTRIC ENERGY FUND, L.P.
Statements of Cash Flows
For the Three Months Ended March 31, 1995
(Unaudited)
03/31/95
Cash flows from operating activities:
Net income (loss) $ 105,000
Adjustments for reconcile net loss to
net cash used in operating activities
Depreciation and amortization 150,000
Change in assets and liabilities
Decrease (increase) in receivables 102,000
Decrease (increase) in prepaid insurance (27,000)
Decrease (increase) in other assets 5,000
Increase (decrease) in accounts
payable and accrued expenses (270,000)
Increase (decrease) in amount due to
general partner 102,000
Total Adjustments 62,000
Net cash provided by (used in)
operating activities 167,000
Cash flows from investing activities:
Purchase of plant and equipment (29,000)
Disposal of plant and equipment 1,316,000
Net cash provided by (used in)
investing activities 1,287,000
Cash flows from financing activities:
Payment of principal on long-term debt (1,995,000)
Issuance of Long-term debt 537,000
Net cash provided by (used in)
financing activities (1,458,000)
Increase (decrease) in cash (4,000)
Cash at beginning of period 1,423,000
Cash and Cash Equivalents
at the end of the period $1,419,000
Supplemental disclosures of cash flow information:
Cash paid during the period of interest $ 32,000
The accompanying notes are an integral
part of these financial statements.<PAGE>
Far West Electric Energy Fund, L.P.
March 31, 1995
Notes to Financial Statements
1. Interim Reporting
The accompanying unaudited financial statements have been pre-
pared in accordance with generally accepted accounting principles
and with Form 10-QSB requirements. Accordingly, they do not
include all of the information and footnotes required by general-
ly accepted accounting principles for complete financial state-
ments. In the opinion of management, all adjustments considered
necessary for a fair presentation have been included. Operating
results for the three month period ended March 31, 1995, are not
necessarily indicative of the results that may be expected for
the year ended December 31, 1995. For further information, refer
to the financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the year ended
December 31, 1994.
2. Related Party Transactions
Under the terms of the Partnership Agreement, the General Partner
is allowed reimbursements of expenses incurred to manage the
Partnership. For the three month periods ended March 31, 1994
and 1995, the Partnership accrued, but did not pay, fees and
reimbursements to the general partner of $66,000 and $36,000
respectively.
3. Long-term Debt
In January 1990, the Partnership received the proceeds of an
$8,000,000 non-recourse refinancing of its Steamboat Springs
Project ("Project" or "Steamboat Springs Plant") with Westing-
house Credit Corporation ("WCC"). The WCC loan, which is secured
by the Project assets including the resource lease, plant and
equipment and related contract rights, bears interest at 11.5%
per annum and must be repaid over ten years in 40 quarterly
payments of principal and interest. This loan is currently in
default, primarily because the loan reserves have not been
maintained at required levels.
Item 2. Management's Discussion and Analysis of Results of Opera-
tions and Financial Condition.
Overall electric power sales decreased about 12% this past
quarter as compared to the first quarter of 1994. This decrease
in power sales was mainly due to several unexpected generator
failures. Maintenance and repair costs this past quarter were
about 26% higher than those or the first quarter of 1994.
The Steamboat Springs Plant is in compliance with environ-
mental and regulatory agencies.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There have been no material changes in the status of legal
proceedings since the Partnership's report on Form 10-K dated December
31, 1994.
Item 5. Other Information
The general partner is still exploring various alternatives
concerning the sale or refinancing of the Steamboat project which, as
yet, there is nothing definitive to report.
Item 6. Exhibits and Reports on Form 8-K
The Partnership did not file a report on Form 8-K during the
three months ended March 31, 1995.
<PAGE>
SIGNATURES
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 duly authorized persons.
Registrant: Far West Electric Energy Fund, L.P.
By: Far West Capital, Inc.,
General Partner
DATE: May 12, 1995 By: /s/
Thomas A. Quinn
Vice President
DATE: May 12, 1995 By: /s/
Jody Rolfson
Controller
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET OF FAR WEST ELECTRIC ENERGY FUND, L.P. AS OF MARCH 31, 1995 AND THE
RELATED STATEMENTS OF INCOME, PARTNERS' CAPITAL AND CASH FLOWS FOR THE THREE
MONTHS THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
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<NAME> FAR WEST ELECTRIC ENERGY FUND L P
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