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Previous: UNITIL CORP, POS AMC, EX-99.1, 2001-01-09 |
Next: WELLESLEY LEASE INCOME LTD PARTNERSHIP III-D, 15-15D, 2001-01-09 |
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS (000's) (A)
(UNAUDITED)
<TABLE>
<CAPTION>
September 30,
ASSETS: 2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Utility Plant (at cost):
Electric $57,716 $57,716
Gas 35,860 35,860
Common 5,411 5,411
Construction Work in Progress 2,611 18,170 (E) 20,781
------------------ ----------------- --------------------
Utility Plant 101,598 18,170 119,768
Less: Accumulated Depreciation 26,942 26,942
------------------ ----------------- --------------------
Net Utility Plant 74,656 18,170 92,826
------------------ ----------------- --------------------
Other Property and Investments 18 18
------------------ ----------------- --------------------
Current Assets:
Cash 197 197
Accounts Receivable 7,627 7,627
Due from Affiliates 1,626 1,626
Materials and Supplies (at average cost) 2,397 2,397
Prepayments 510 510
Accrued Revenue (338) (338)
------------------ ----------------- --------------------
Total Current Assets 12,019 12,019
Noncurrent Assets
Regulatory Assets 138,391 138,391
Unamortized Debt Issuance Costs 407 407
Prepaid Pension Costs 3,330 3,330
Other 15,598 15,598
------------------ ----------------- --------------------
Total Noncurrent Assets 157,726 157,726
------------------ ----------------- --------------------
TOTAL $244,419 $18,170 $262,589
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS (000's) (A)
(UNAUDITED)
<TABLE>
<CAPTION>
September 30,
CAPITALIZATION AND LIABILITIES: 2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Capitalization:
Common Stock Equity 39,526 (593)(D) 38,933
Preferred Stock, Redeemable 2,272 2,272
Long-term Debt, Less Current Portion 40,000 40,000
------------------ ----------------- --------------------
Total Capitalization 81,798 (593) 81,205
Current Liabilities:
Long-term Debt, Current Portion 3,000 3,000
Capitalized Lease Obligations 201 201
Short-Term Debt 11,830 18,170 (F) 30,000
Accounts Payable 4,081 4,081
Due to Affiliate 760 760
Dividends Declared and Payable 1,387 1,387
Refundable Customer Deposits 306 306
Taxes Payable 1,165 (361)(B) 804
Interest Payable 612 954 (C) 1,566
Other Current Liabilities 507 507
------------------ ----------------- --------------------
Total Current Liabilities 23,849 18,763 42,612
Deferred Income Taxes 30,915 30,915
------------------ ----------------- --------------------
Noncurrent Liabilities:
Power Supply Contract Obligations 99,553 99,553
Capitalized Lease Obligations 2,009 2,009
Other Noncurrent Liabilities 6,295 6,295
------------------ ----------------- --------------------
Total Noncurrent Liabilities 107,857 107,857
------------------ ----------------- --------------------
TOTAL $244,419 $18,170 $262,589
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A)
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Operating Revenues:
Electric $41,345 $41,345
Gas 14,677 14,677
------------------ ----------------- --------------------
Total Operating Revenues 56,022 56,022
------------------ ----------------- --------------------
Operating Expenses:
Fuel and Purchased Power 23,574 23,574
Gas Purchased for Resale 8,261 8,261
Operating Expenses, Other 9,395 9,395
Maintenance 1,155 1,155
Depreciation and Amortization 4,847 4,847
Provisions for Taxes:
Federal and State Income 1,854 (361)(B) 1,493
Local Property and Other 952 952
------------------ ----------------- --------------------
Total Operating Expenses 50,038 (361) 49,677
------------------ ----------------- --------------------
Operating Income 5,984 361 6,345
Non-operating Expense 91 91
------------------ ----------------- --------------------
Income Before Interest Expense 5,893 361 6,254
Interest Expense, Net 2,399 954 (C) 3,353
------------------ ----------------- --------------------
Net Income 3,494 ($593)(D) 2,901
Less Dividends on Preferred Stock 117 117
------------------ ----------------- --------------------
Net Income Applicable to Common Stock $3,377 ($593) $2,784
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
CONSOLIDATED BALANCE SHEETS (000's) (A)
<TABLE>
<CAPTION>
ASSETS: (Unaudited)
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Utility Plant
Electric $169,013 $169,013
Gas 35,860 35,860
Common 21,192 21,192
Construction Work in Progress 3,845 23,775 (E) 27,620
------------------ ----------------- --------------------
Utility Plant 229,910 23,775 253,685
Less: Accumulated Depreciation 69,831 69,831
------------------ ----------------- --------------------
Net Utility Plant 160,079 23,775 183,854
------------------ ----------------- --------------------
Miscellaneous Property & Investments 7,763 7,763
------------------ ----------------- --------------------
Current Assets:
Cash 2,170 2,170
Accounts Receivable 17,593 17,593
Materials and Supplies 3,228 3,228
Prepayments 1,189 1,189
Accrued Revenue 4,374 4,374
Taxes Refundable 611 458 (B) 1,069
------------------ ----------------- --------------------
Total Current Assets 29,165 458 29,623
Noncurrent Assets:
Regulatory Assets 138,391 138,391
Prepaid Pension Costs 9,807 9,807
Debt Issuance Costs 1,343 1,343
Other Noncurrent Assets 24,185 24,185
------------------ ----------------- --------------------
Total Noncurrent Assets 173,726 173,726
------------------ ----------------- --------------------
TOTAL $370,733 $24,233 $394,966
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
CONSOLIDATED BALANCE SHEETS (000's) (A)
<TABLE>
<CAPTION>
CAPITALIZATION AND LIABILITIES: (Unaudited)
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Capitalization:
Common Stock Equity $77,615 ($790)(D) $76,825
Preferred Stock, Non-Redeemable 225 225
Preferred Stock, Redeemable 3,465 3,465
Long-term Debt, Less Current Portion 81,811 81,811
------------------ ----------------- --------------------
Total Capitalization 163,116 (790) 162,326
Current Liabilities:
Long-term Debt, Current Portion 3,203 3,203
Capitalized Lease, Current Portion 831 831
Accounts Payable 15,138 15,138
Short-Term Debt 21,225 23,775 (F) 45,000
Dividends Declared and Payable 1,848 1,848
Refundable Customer Deposits 1,298 1,298
Interest Payable 1,311 1,248 (C) 2,559
Other Current Liabilities 7,307 7,307
------------------ ----------------- --------------------
Total Current Liabilities 52,161 25,023 77,184
Deferred Income Taxes 44,534 44,534
------------------ ----------------- --------------------
Noncurrent Liabilities
Power Supply Contract Obligations 99,553 99,553
Capitalized Leases, Less Current Portion 3,245 3,245
Other Deferred Credits 8,124 8,124
------------------ ----------------- --------------------
Total Noncurrent Liabilities 110,922 110,922
------------------ ----------------- --------------------
TOTAL $370,733 $24,233 $394,966
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS (000's) (A)
<TABLE>
<CAPTION>
(Unaudited)
Nine Months Ended
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Operating Revenues:
Electric 118,925 118,925
Gas 14,677 14,677
Other 87 87
------------------ ----------------- --------------------
Total Operating Revenues 133,689 133,689
------------------ ----------------- --------------------
Operating Expenses:
Fuel and Purchased Power 81,127 81,127
Gas Purchased for Resale 8,261 8,261
Operating and Maintenance 18,929 18,929
Depreciation and Amortization 8,926 8,926
Provisions for Taxes:
Local Property and Other 3,802 3,802
Federal and State Income 2,277 (458)(B) 1,819
------------------ ----------------- --------------------
Total Operating Expenses 123,322 (458) 122,864
------------------ ----------------- --------------------
Operating Income 10,367 458 10,825
Non-operating Expense, Net 194 194
------------------ ----------------- --------------------
Income Before Interest Expense 10,173 458 10,631
Interest Expense, Net 5,151 1,248 (C) 6,399
------------------ ----------------- --------------------
Net Income 5,022 (790)(D) 4,232
Less Dividends on Preferred Stock 197 197
------------------ ----------------- --------------------
Net Income Applicable to Common Stock $4,825 ($790) $4,035
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION (COMPANY ONLY)
BALANCE SHEETS (000's) (A)
<TABLE>
<CAPTION>
ASSETS: September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Other Property and Investments
Investment in Associate Companies $72,251 $23,775 (E) $96,026
Other Investments 5,411 5,411
------------------ ----------------- --------------------
Net Service Property And Investments 77,662 23,775 101,437
------------------ ----------------- --------------------
Current Assets:
Cash 1,161 1,161
Due from Affiliates 2,784 1,248 (B) 4,032
Refundable Taxes 1,995 1,995
------------------ ----------------- --------------------
Total Current Assets 5,940 1,248 7,188
Noncurrent Assets 123 123
------------------ ----------------- --------------------
TOTAL $83,725 $25,023 $108,748
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION (COMPANY ONLY)
BALANCE SHEETS (000's) (A)
<TABLE>
<CAPTION>
September 30,
CAPITALIZATION AND LIABILITIES: 2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Capitalization:
Common Stock Equity $57,751 $57,751
------------------ ----------------- --------------------
Total Capitalization 57,751 57,751
Current Liabilities:
Short-Term Debt 21,225 23,775 (D) 45,000
Due to Affiliates 2,569 2,569
Dividends Declared and Payable 1,781 1,781
Interest Payable 125 1,248 (B) 1,373
Misc. Current Assets 274 274
------------------ ----------------- --------------------
Total Current Liabilities 25,974 25,023 50,997
------------------ ----------------- --------------------
TOTAL $83,725 $25,023 $108,748
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION (COMPANY ONLY)
STATEMENT OF EARNINGS (000's) (A)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
2000 Adjustments Pro Formed
------------------ ----------------- --------------------
<S> <C> <C> <C>
Operating Expenses:
Operating Expenses, Other $528 $528
Provisions for Taxes:
Federal and State Income (116) (116)
------------------ ----------------- --------------------
Total Operating Expenses 412 412
------------------ ----------------- --------------------
Operating Income (412) (412)
Non-operating Income 5,073 1,248 (B) 6,321
------------------ ----------------- --------------------
Income Before Interest Expense 4,661 1,248 5,909
Interest Expense, Net 1,248 (C) 1,248
------------------ ----------------- --------------------
Net Income $4,661 $4,661
================== ================= ====================
</TABLE>
(The accompanying Notes are an integral part of these statements.)
UNITIL CORPORATION
Notes to Pro Forma Consolidated Financial Statements
(A) These statements have been pro formed to reflect an increase in Short- Term
Debt to the requested borrowing limit and the corresponding impact on
expenses and Net Income.
(B) The reduction in taxes reflect the rise in interest expense which reduced
income for tax purposes.
(C) The cost of this increase in Short-Term Debt is reflected in higher
interest costs for the six months period.
(D) Lower Net Income and Common Equity (e.g. Retained Earnings) reflects the
impact of higher interest expense.
(E) Assumes all borrowings are made to fund capital additions to plant.
(F) Relects the incremental increase in Short-Term Debt to reach the borrowing
limit.
UNITIL CORPORATION (Company Only)
Notes to Pro Forma Financial Statements
(A) These statements have been pro formed to reflect an increase in Short- Term
Debt to the requested borrowing limit and the corresponding impact on
Interest Expenses and Non-operating Income.
(B) Assumes interest costs will be billable through the Cash Pool to the client
companies and will become a receivable.
(C) The cost of this increase in Short-Debt is reflected in higher interest
costs for the six months period.
(D) Reflects the incremental increase in Short-Term Debt to reach the borrowing
limit.
(E) Assumes all borrowed funds are reflected as an investment in the Cash Pool.
FITCHBURG GAS AND ELECTRIC LIGHT COMPANY
Notes to Pro Forma Financial Statements
(A) These statements have been pro formed to reflect an increase in Short- Term
Debt to the recently authorized borrowing limit and the corresponding
impact on expenses and Net Income.
(B) The reduction in taxes reflect the rise in interest expense which reduced
income for tax purposes.
(C) The cost of this increase in Short-Term Debt is reflected in higher
interest costs for the six months period.
(D) Lower Net Income and Common Equity (e. g. Retained Earnings) reflects the
impact of higher interest expense.
(E) Assumes all borrowings are made to fund additions to Utility Plant.
(F) Reflects the incremental increase in Short-Term debt to reach the borrowing
limit.
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