10-Q
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACTS OF 1934
For the quarter ended March 31, 1999
[ ] Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Commission file number 0-14846
BONNEVILLE PACIFIC CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 87-0363215
(State or other jurisdiction of (I.R.S. Employer Incorporation Number)
incorporation or organization)
50 West 300 South, Suite 300, Salt Lake City, UT 84101
(Address of principal executive offices)
Registrant's telephone number including area code: (801) 363-2520
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 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 [ ] No [x]
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING PRECEDING FIVE YEARS:
Indicate by check mark whether the Registrant has filed all documents and
reports required to be filed by Section 12,13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes X No ___
Common Stock outstanding at May 17, 1999 applicable only to Corporate
Issuers: - 7,227,390 shares of $.01 par value Common Stock.
<PAGE>
BONNEVILLE PACIFIC CORPORATION AND SUBSIDIARIES
FORM 10-Q
INDEX
PART I - FINANCIAL INFORMATION
Page
Item 1. Financial Statements:
Condensed Consolidated Balance Sheet as of December 31, 1998
and March 31, 1999 4
Consolidated Statements of Operations and Comprehensive Income
for the three months ended March 31, 1999 and 1998 5
Condensed Consolidated Statements of Cash Flows for the
three months ended March 31, 1999 and 1998 6
Note to Condensed Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition
And Results of Operations 8
Item 3. Quantitative and Qualitative Disclosures About Market Risk 11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Changes in Securities and Use of Proceeds 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security Holders 11
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11-12
Item 6(a) Exhibit-27 Financial Data Schedule 14
Signatures 13
ITEM 1
BONNEVILLE PACIFIC CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
($ in Thousands)
March 31, December 31,
1999 1998
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 9,287 $ 16,018
Restricted Cash 673 534
Receivables 6,160 6,255
Other current assets 388 343
------- --------
Total Current Assets 16,508 23,150
PROPERTY PLANT AND EQUIPMENT, at cost
Oil and gas properties 34,653 32,424
Other property, plant and equipment 10,328 10,086
Accumulated depreciation, depletion,
amortization and impairment (27,509) (26,991)
------- --------
Total Property, Plant and Equipment 17,472 15,519
INVESTMENTS AND OTHER ASSETS:
Investments in affiliated companies 8,004 7,584
Other assets 328 361
------- --------
Total Other Assets 8,332 7,945
------- --------
TOTAL ASSETS $42,312 46,614
======= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued
liabilities $ 4,710 $ 11,953
Other current liabilities 630 476
------- --------
Total current liabilities 5,340 12,429
LONG-TERM LIABILITIES:
Bank Debt 8,500 5,850
------- --------
Total liabilities 13,840 18,279
STOCKHOLDERS' EQUITY
Common Stock 72 72
Additional paid-in capital 160,735 160,735
Accumulated deficit (132,022) (132,090)
Cumulative translations adjustment (313) (382)
------- --------
Total Stockholders' equity 28,472 28,335
------- --------
Total Liabilities and Stockholders'
Equity $ 42,312 $ 46,614
======= ========
BONNEVILLE PACIFIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31,
($ in 000's)
1999 1998
REVENUES:
Oil and gas sales $ 1,869 $ 1,759
Energy marketing revenues 7,617 2,402
Facilities operations and maintenance 1,071 966
Electric cogeneration 307 307
------- --------
Total revenues 10,864 5,434
OPERATING EXPENSES:
Oil and gas production 669 687
Energy marketing costs 7,444 2,462
Facilities, operations and maintenance costs 802 723
Electric cogeneration 399 461
Depreciation, depletion, and amortization 523 508
Exploration and other oil and gas expense 244 72
Selling, general and administrative expense 1,179 534
------- --------
Total operating expenses 11,260 5,447
OPERATING PROFIT (LOSS) (396) (13)
OTHER INCOME (EXPENSE)
Interest expense (126) (1,872)
Equity in net earning of affiliated company 419 861
Reorganization items (51) 1,765
Other income (expense), net 222 268
------- --------
Total other income (expense) 464 1,022
------- --------
NET INCOME $68 $ 1,009
======= ========
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments 69 0
------- --------
COMPREHENSIVE INCOME $137 $1,009
======== ========
Basic earning per share $0.01 $0.35
===== =====
<PAGE>
BONNEVILLE PACIFIC CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in THOUSANDS)
For the Three Months
Ended March 31,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 68 $ 1,009
Adjustments to reconcile net income
(loss) to net cash provided by operating
activities:
Depreciation, depletion and amortization 523 519
Equity in investee earnings (419) (861)
Changes in assets and liabilities:
Accounts receivable 95 1,511
Inventories 65 -
Other current assets (109) 41
Accounts payable and accrued
liabilities (7,089) 1,689
Other - 5
------- --------
Net cash provided by (used for) operating
activities (6,866) 3,913
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) in restricted cash (139) (53)
Additions to property, plant and equipment (2,399) (1,083)
(Increase) decrease in other assets 23 28
------- -------
Net cash provided by (used for) investing
activities (2,515) (1,108)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt 2,650 -
Debt payments - (95)
Decrease in minority Interest - (413)
------- -------
Net cash provided by (used for)
financing activities 2,650 (508)
------- -------
INCREASE (DECREASE) IN CASH (6,731) 2,297
CASH AND EQUIVALENTS at beginning of period 16,018 154,065
------- -------
CASH AND EQUIVALENTS at end of period $ 9,287 $156,362
======= ========
<PAGE>
BONNEVILLE PACIFIC CORPORATION
AND SUBSIDIARIES
NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The condensed consolidated financial statements include the accounts of
Bonneville Pacific Corporation ("BPC") and its wholly-owned subsidiaries,
Bonneville Nevada Corporation ("BNC"), Bonneville Pacific Services Company,
Inc., ("BPS") and Bonneville Fuels Corporation ("BFC"). All significant
intercompany balances and transactions have been eliminated in consolidation.
The financial statements have been prepared without audit in accordance
with generally accepted accounting principles pursuant to the rules and
regulations of the Securities and Exchange Commission. In the opinion of
management, the accompanying financial statements include all adjustments which
are necessary for a fair presentation of the results for the interim periods
presented, such adjustments being of a normal recurring nature. Certain
information and footnote disclosures have been condensed or omitted pursuant to
such rules and regulations. The December 31, 1998 condensed consolidated
financial statements were derived from the audited balance sheet of the Company.
It is suggested that these condensed consolidated financial statements and notes
thereto be read in conjunction with the consolidated financial statements and
notes thereto included in the Form 10K of Bonneville Pacific Corporation for the
year ended December 31, 1998. Results of operations in interim periods are not
necessarily indicative of results to be expected for a full year.
SEGMENT INFORMATION:
The Company has identified the following segments: BFC, BNC and BPS. BFC is
primarily engaged in oil and gas production, exploration and energy marketing.
BNC owns a 50% interest in a company engaged in cogeneration activities. BPS is
primarily engaged in providing operational and maintenance services to
cogeneraion plants and is currently responsible for development work in Mexico.
BPS also has an interest in an additional cogeneration facility in the start-up
phase in Mexico.
The accounting policies of the segments are the same as those described in the
summary of significant account policies in the Company's Annual Report on Form
10-K. The Company evaluates performance based on profit or loss from operations
before reorganization items and income taxes.
($ in 000's)
BFC BNC BPS BPC TOTAL
March 31, 1999
Revenues from external
customers $ 9,486 $ $ 1,071 $ 307 $ 10,864
Interest income from
non-reorganization items 34 24 18 52 128
Interest expense 118 8 126
Operating expenses 8,844 822 415 10,081
Selling, general and
administrative 436 3 295 445 1,179
Equity in investee earnings 419 419
Segment profits (loss) before
reorganization items 201 440 (29) (493) 119
Segment assets 22,708 11,110 3,486 5,008 42,312
March 31, 1998
Revenues from external
customers $ 4,161 $ 966 $ 307 $ 5,434
Interest income from
non-reorganization items 20 $ 8 28 56
Interest expense 61 1,811 1,872
Operating expenses 3,686 727 500 4,913
Selling, general and
administrative 220 4 97 213 534
Equity in investee earnings 861 861
Segment profits (loss) before
reorganization items 306 865 170 (2,097) (756)
Segment assets 16,016 8,264 5,302 160,127 189,709
<PAGE>
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Forward Looking Statements and Risks:
This Quarterly Report on Form 10-Q includes forward looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934.
Although the Company believes that its expectations are based on reasonable
assumptions, it can give no assurance that its goals will be achieved. Important
factors that could cause actual results to differ materially from those in the
forward looking statements herein include political developments in Mexico; the
ability of the Company to penetrate new retail natural gas and electricity
markets in the United States and Mexico; the timing and extent of deregulation
of energy markets in the United States and in Mexico; other regulatory
developments in the United States and in Mexico, including tax legislation and
regulations; the extent of efforts by governments to privatize natural gas and
electric utilities and other industries; the timing and extent of changes in
commodity prices for crude oil, natural gas, electricity, foreign currency and
interest rates; the extent of the Company's success in acquiring oil and gas
properties and in discovering, developing, producing and marketing reserves; the
timing and success of the Company's efforts to develop new projects; the
Company's success in implementing its Year 2000 Plan, and the Year 2000
readiness of outside entities; and the Company's ability to access the capital
markets and equity markets during the periods covered by the forward looking
statements, which will depend on general market conditions and the Company's
ability to maintain or increase long-term debt facilities.
These forward-looking statements are based on the Company's current
expectations. Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable; there can be no assurance that
such expectations will prove to be correct. Because forward-looking statements
involve risks and uncertainties, the Company's actual results could differ
materially. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed hereunder and elsewhere
in this Form 10-Q. These forward-looking statements represent the Company's
judgment as of the date of this Form 10-Q. All subsequent written and oral
forward-looking statements attributable to the Company are expressly qualified
in their entirety by the Cautionary Statements. The Company disclaims, however,
any intent or obligation to update its forward-looking statements.
Sale of All or Part of the Company
The Company previously announced that it had appointed CIBC Oppenheimer as
the Company's financial advisor. CIBC Oppenheimer has been retained to assist
the Company in defining strategic and financial alternatives relating to the
Company's power generation operations and its oil and natural gas activities.
CIBC Oppenheimer has developed a preliminary analysis of the Company's
operations and potential valuations of the Company under a variety of
alternative strategies. Strategies being considered by the Company include, but
are not limited to, the continued operations of the Company, the sale of some of
the assets or operations of the Company, or the sale of the entire Company. As
part of the consideration of alternative strategies, CIBC Oppenheimer has begun
a process to solicit bids from interested parties for some or all of the
operations of the Company. The ultimate strategy adopted by the Company will be
at the sole discretion of the Board of Directors after the Company and CIBC
Oppenheimer have evaluated the results of the bidding process.
General
On December 5, 1991, BPC filed a voluntary petition for relief under
Chapter 11 of Title 11 of the Federal Bankruptcy Code. From December 5, 1991
until November 2, 1998, BPC operated under the jurisdiction of the United States
Bankruptcy Court. The discussion that follows, of necessity, compares a period
during bankruptcy, the first quarter of 1998, to a non-bankruptcy period, the
first quarter of 1999.
Liquidity and Capital Resources
Capital Commitments
The Company's primary needs for cash are for exploration and development of
oil and gas properties, construction of power generation facilities, repayment
of principal and interest on outstanding indebtedness, and general
administration expense.
The Company's capitalized cash expenditures during the first quarter of
1999 totaled $2,399,000. This amount included $2,229,000 for drilling and
completion activities and $170,000 for power plant construction and other
equipment costs. Costs associated with drilling and completion included wells in
the Permian and San Juan basins of New Mexico and the completion and connection
of several wells in South West Kansas. Power plant construction costs were
related to the Conav project located in Mexico.
Funding for the Company's working capital obligations was provided by
internally generated cash flow and bank debt. The Company's primary capital
resources are net cash provided by operating activities, dividends from the
NCA#1 partnership and proceeds from financing activities. The Company expects
that these resources will be sufficient to fund its capital commitments in 1999.
Operating Activities
Net cash used by operating activities was $6,866,000 during the three
months ended March 31, 1999, as compared to net cash provided by operating
activities of $3,913,000 for the same period in 1998. The decrease was primarily
due to the payment of previously accrued professional fees of $3,714,000 and an
escrow liability of $2,298,000. The 1998 amount primarily reflected proceeds
from claims settlements.
Financing Activities
The BFC had an outstanding balance under its credit facilities of
$8,500,000 at March 31, 1999, plus an additional $2,750,000 of outstanding
letters of credit securing hedge positions, leaving approximately $1,500,000 of
additional unused borrowing capacity available.
Results of Operations
First Quarter of 1999 as Compared to First Quarter of 1998
The Company reported net income of $68,000 for the first quarter of 1999
compared to $836,000 for the first quarter of 1998. Bankruptcy related items
are as follows:
1st Quarter 1st Quarter
1999 1998 Difference
----------------------------------------
Interest expense $ 0 $ (1,811) $ 1,811
Interest income 0 1,992 (1,992)
Professional fees (51) (227) 176
----------------------------------------
(51) (46) (5)
Nevada Cogeneration Associates #1 (NCA#1)
NCA#1's operating results are not consolidated as the Company is not a
majority owner of NCA#1, but the Company's portion of operating profit is
reflected as accrued equity earnings. The Company's 50% portion of NCA#1's
operating profit totaled $419,000 in 1999 compared to $861,000 in 1998. The
$442,000 decrease in the Company's portion of operating profit is primarily the
result of scheduled down time for the installation of the Selective Catalytic
Reduction Equipment (SCR's) during the 1st quarter of 1999. Total NCA#1 revenues
were $640,000 lower than 1998, while repairs and maintenance expenses were
$411,000 higher.
Kyocera Project
The Kyocera Cogeneration Facility had a net operating loss of $97,000 in
the first quarter of 1999, compared to a loss of $179,000 in the first quarter
of 1998. Kyocera's contract revenues are seasonal, with higher rates received
during the middle of the year and lower rates received in the first and fourth
quarters. The improvement in operating results from 1998 to 1999 was the result
of lower fuel and maintenance costs.
Following review, it was decided by the Company to sell or dismantle and
salvage this project. The Company's Energy Supply Agreement with Kyocera America
Inc., ("KAI") the projects primary customer for electrical and thermal energy,
expired on March 31, 1999, but it has been extended for a limited time to allow
more time for KAI to review their options, and to facilitate an orderly
transition.
CONAV
This 4MW project located in Mexico is in start-up and is expected to be
operational in mid 1999.
Development
The Company's cogeneration project development efforts are still
concentrated in Mexico. The Company has additional projects in the development
stage in Mexico.
Operating and Maintenance Operations
The Company operates two facilities near Las Vegas, Nevada. Operating
revenues increased from $966,000 during the first quarter of 1998 to $1,071,000
during the same period of 1999. Operating expenses increased from $723,000 to
$802,000 in the first quarter of 1999.
Oil and Gas Operations and Energy Marketing
Oil and gas production revenue increased $110,000 or 6.3% to $1,869,000 in
the first quarter ended March 31, 1999 compared to $1,759,000 in the first
quarter of 1998. The increase was primarily due to an increase in the volume of
gas sold. The gas volume increased from 789,000 thousand cubic feet, (mcf) in
the first quarter of 1998 to 82,000 mcf in the first quarter of 1999, a 6.8%
increase. Oil volumes declined 43.5% from 19,324 barrels (bbls) produced in the
first quarter of 1998 to 10,923 bbls in the first quarter of 1999. Gas prices,
net of hedging were up approximately 10% in 1999 compared to the first quarter
of 1998, while oil prices were down approximately 24% in the first quarter of
1999.
Gas marketing revenue increased from $2,402,000 during the first quarter of
1998 to $7,617,000 for the same period of 1999. Gas marketing related expenses
increased to $7,444,000 from $2,462,000 in the first quarter of 1998. The
Company entered into a management contract for the purchase and sale of a high
volume of natural gas, which included the first quarter period of 1999 but was
not in place during the first quarter of 1998. The contract terminated on
May 1, 1999.
Exploration expenses were $172,000 higher in the first quarter of 1999 than the
first quarter of 1998 as a result of purchasing seismic data.
In its Form 10-K for the year ended December 31, 1998, the Company
disclosed that its oil and gas budget for fiscal 1999 was $12,500,000. Due to
the Company's process of evaluating strategic alternatives, which is referred to
on page 8 of this Form 10-Q, the Company has determined that it is in the best
interest of the Company to limit oil and gas expenditures to certain current
projects until such time as it is able to determine the future direction of the
Company. Accordingly, expenditures anticipated in the $12,500,000 budget may not
be incurred or may be deferred.
Selling, General and Administrative Expenses
The Company's selling, general and administrative expenses were $645,000
higher in the first quarter of 1999 than the first quarter of 1998. The
increases were primarily related to staffing increases for oil and gas
development that were initiated in mid 1998 to support the expansion of this
portion of the Company's business. The Company also expanded staffing, to lesser
extent, to support cogeneration development activities. Professional and
consulting expenses have also increased significantly primarily in support of
the Company's audit requirements.
Year 2000
The Company has reviewed compliance issues and upgrades have been made to
systems and software that are warranted by the vendor to be Y2K compatible. The
Company's Y2K compliance effort is ongoing and BPC, BFC, BPS and NCA#1 are also
monitoring non-information technology exposure elements, i.e. card key systems,
embedded chips, etc. The project is on schedule and expected to be completed by
September of 1999.
The Company has communicated with certain key vendors and has determined
that all are making progress toward their respective Y2K compliance.
The Company is aware of the issues associated with the "Y2K" problem both
in program codes and in hardware systems. The Company has taken and continues to
take steps to assure that disruption from the problem with internal software and
third party hardware and software vendors will not adversely affect operations.
The Company believes that any potential problems that may arise will be with
third party vendors such as gas marketers, field service providers, and product
purchasers. In all cases the Company represents a minute portion of those
vendors business and has no influence on those vendors Y2K compliance. Although
there can be no assurance that all Y2K issues will be resolved, and that there
will not be any significant impact on the Company from these issues, it is not
expected that significant detrimental effects will occur.
The financial institutions with which the Company has its material
relationships have each represented to the Company that their respective Y2K
compliance programs are underway with final testing to be completed in the first
half of 1999.
Recent Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 133 ("SFAS #133"), Accounting
for Derivative Instruments and Hedging Activities. SFAS #133 will be effective
for fiscal years beginning after June 15, 1999. Earlier application is
encouraged, however, the Company does not anticipate adopting SFAS #133 until
the fiscal year beginning January 1, 2000. SFAS #133 requires that entities
recognize all derivatives as assets or liabilities in the statement of financial
position and measure those instruments at fair value. The Company does not
believe the adoption of SFAS #133 will have a material impact on assets,
liabilities, or equity. The Company has not yet determined the impact of SFAS
#133 on the statement of operations, or the impact on the comprehensive
statement of operations.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
The Company's exposure to market risk for changes in interest rates related
primarily to the Company's long-term debt obligations. The Company does not use
derivative financial instruments in its investment portfolio. The Company places
its investments with high credit quality issuers and by policy is averse to
principal loss and seeks to protect its invested funds by limiting default risk
and reinvestment risk. The NCA#1 cogeneration facility uses interest rate swap
agreements to mitigate their exposure to interest rate fluctuations.
Foreign Currency Risk
The Company does not use foreign currency forward exchange contracts or
purchased currency options to hedge local currency cash flows or for trading
purposes. All income received from international customers, with the exception
of balances in local operating accounts, is converted to U.S. Dollars. The
Company has subsidiary operations in Mexico, which are subject to currency
fluctuations. These foreign subsidiaries are limited in their operations and
level of investment by the parent company so that the risk of currency
fluctuations is minimized.
Commodity Price Risk
Oil and gas commodity markets are influenced by global as well as regional
supply and demand. Worldwide political events can also impact commodity prices.
Management's policy is to partially mitigate its exposure to fluctuations in
sales prices received for natural gas production through the use of various
hedging tools. These tools include, but are not limited to: commodity futures
and option contracts; fixed-price swaps; basis swaps; and term sales contracts.
Contract terms generally range from one month to three years. While BFC
mitigates its exposure to declining natural gas sales prices, it may be subject
to opportunity costs resulting from increasing natural gas prices in excess of
those committed. Should production from existing facilities under existing
operating conditions not fulfill committed contracts, BFC may be required to
acquire natural gas in the open market. Volumes produced in excess of those
contracted are sold at market prices.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
NCA#1 has been in negotiations with the United States Environmental
Protection Agency (the "EPA") regarding emissions from its gas turbine engines.
Subsequent to December 31, 1998, the EPA filed a lawsuit in the United States
District Court of Nevada against NCA#1, BNC and TCCCC seeking damages of $25,000
per day from an unspecified point in time and requiring the installation of
additional emission control equipment. (United States of America v. Nevada
Cogeneration Associates #1, et al, No. CV-S-99-00107 PMP). NCA#1, BNC and TCCCC,
the partners to NCA#1, have signed a consent decree prepared by the U.S.
Department of Justice that resolves the above mentioned lawsuit and requires
NCA#1 to pay a $100,000 fine and install the emission control equipment. The
decree still requires the signature of other parties to the action. As a
condition of settlement with the EPA, NCA#1 installed Selective Catalytic
Reduction Equipment ("SCR's") during the first quarter of 1999 scheduled
maintenance outage. The cost of purchasing and installing the equipment and the
proposed fine have been accrued by NCA#1 and the necessary funds are being held
in a control account. NCA#1 believes that it will have no additional liability
for the violations alleged in the above mentioned lawsuit after the consent
decree has been executed and entered by the court.
Item 2. Changes in Securities and Use of Proceeds. None.
Item 3. Defaults Upon Senior Securities. None.
Item 4. Submission of Matters to a Vote of Security Holders. None.
Item 5. Other Information. None
Item 6. Reports on Form 8-K.
On February 18, 1999, the Registrant filed an amended Form 8-K previously
filed on November 2, 1998, which included the "Bonneville Pacific Corporation
(Chapter 11 Debtor) Consolidated Balance Sheet for the period ended October 31,
1998".
Item 6a Exhibit-27 - Financial Data Schedule - see page 13.
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 thereunto duly authorized.
Date: May 17, 1999 BONNEVILLE PACIFIC CORPORATION
(Registrant)
_______________________________
By /s/ Clark M. Mower
Clark M. Mower, President
Principal Executive Officer
_______________________________
By /s/ R. Stephen Blackham
R. Stephen Blackham
Principal Financial and Accounting
Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This scehdule contains summary financial information extracted from SEC
Form 10-Q and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
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<CURRENCY> US Dollar
<S> <C>
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<PERIOD-START> Jan-01-1999
<PERIOD-END> Mar-31-1999
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<CASH> 9,287
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<RECEIVABLES> 6,160
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<PP&E> 46,839
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0
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<COMMON> 72
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<SALES> 10,864
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