File No. 70-8647
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________
PRE-EFFECTIVE AMENDMENT NO. 1 TO
FORM U-1
APPLICATION AND DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
____________________________________________________
ATLANTIC ENERGY, INC.
6801 Black Horse Pike
Pleasantville, NJ 08232
_____________________________________________________
(Name of company filing this statement and
address of principal executive offices)
J.E. Franklin II
Atlantic Energy, Inc.
6801 Black Horse Pike
Pleasantville, NJ 08232
________________________________________
(Name and address of agent for service)
The Commission is requested to mail copies of
all orders, notices and communications to:
William S. Lamb, Esq.
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 W. 55th Street
New York, New York 10019-4513
This Pre-Effective Amendment No. 1 amends the
Application-Declaration on Form U-1 (File No. 70-8647) of
Atlantic Energy, Inc. (the "Company") filed with the Securities
and Exchange Commission on June 12, 1995 (the "Application") as
follows:
1. Item 2 of the Application is amended and restated
as follows:
The fees, commissions and expenses of the Company
expected to be paid or incurred, directly or indirectly, in
connection with this Application are estimated as follows:
Commission filing fee relating to Application on $2,000
Form U-1 . . . . . . . . . . . . . . . . . . . . .
Legal fees and Expenses . . . . . . . . . . . . . . . 9,000
Miscellaneous related expenses . . . . . . . . . . . 2,000
(such as telephone, courier and travel)
Total . . . . . . . . . . . . . . 13,000
2. Item 6 of the Application is amended and restated as
follows:
A. Form of Notice (previously filed)
B. Letter from the Division of the Ratepayer Advocate
C. Financial Statements
1. Balance Statement of Atlantic Energy, Inc.
(consolidated) at March 31, 1995.
2. Statement of Income and Retained Earnings of
Atlantic Energy, Inc. (consolidated) at March
31, 1995.
D. Opinion of Counsel (to be filed by amendment)
Signature
The Company has caused this Application to be duly signed on
its behalf by its authorized officer in the city of
Pleasantville, the State of New Jersey, on this 6th day of July
1995.
ATLANTIC ENERGY, INC.
By /s/ J.E. Franklin
______________________________________
Name: J.E. Franklin
Title: Vice-President, Secretary and
General Counsel
June 13, 1995
William C. Weeden Associate Director
Securities and Exchange Commission
Office of Public Utility Regulation
Division of Investment Management
450 Fifth Street, N.W.
Washington, D.C. 20849
Re: Atlantic Energy, Inc. Acquisition of Non-Utility
Subsidiary
Dear Mr. Weeden:
The Department of the Public Advocate, Division of Rate
Counsel ("Rate Counsel") intervened in the 1987 application of
Atlantic Energy, Inc. ("Company"), Atlantic Energy, Inc. Order
Authorizing Acquisition of Common Stock of Exempt Holding Company
in order to Effect Merger (Docket No. 70-7323; Release No. 35-
24475; Order dated October 15, 1987) ("Order"). Pursuant to New
Jersey Statutes, the Public Advocate Restructuring Act of 1994,
N.J.S.A. 52:27E-50 et.seq., the Division of Rate Counsel was
abolished and the Division of Ratepayer Advocate ("Ratepayer
Advocate") was created to assume certain of the utility-related
responsibilities of the Division of Rate Counsel. Any
involvement that the former Division of Rate Counsel would have
in the above referenced proceeding would now be performed by this
office under those revised statutes.
The involvement of this office in the 1987 proceeding
was designed to insure that the customers of the regulated
utility, Atlantic City Electric Company, were not harmed by the
reorganization. That remains our primary objective. However,
both the electric utility industry and the perspective of the
markets and the regulators have changed significantly since 1987.
A condition was placed into that Order of the Commission which
the Company believes hinders its activities while not providing
protection from any significant dangers to the customers of the
electric utility. Specifically, we refer to the general
condition and the 6 specific exceptions that make up page 4 of
that Order.
The Division of Ratepayer Advocate, having reviewed
this application, the changes in the electric utility industry,
and the changes in the markets over the last 8 years, and, in
considering the activities of Atlantic Energy during that time,
has no objection to the elimination of the restriction on
acquisitions of securities, utility assets and interests in other
business specified on page 4 of that Order, provided that the
Company agrees to continue to comply with the following
limitation:
So long as Atlantic Energy shall be an exempt holding
company under the 1935 Act, except as may otherwise be
authorized, permitted or approved by order of the
Commission, or of any successor commission, under the
1935 Act, neither Atlantic Energy nor Atlantic City
Electric shall make any investment, including loans, in
any non-utility subsidiary, affiliate or associate
company that would cause the total investment by
Atlantic Energy and Atlantic City Electric in all such
non-utility subsidiaries, affiliates and associate
companies to exceed, at the time any such investment is
made, 10% of Atlantic Energy's consolidated assets.
For purposes of the foregoing, a company primarily
engaged in the business of investing in and/or the
ownership or operation of, qualifying facilities, as
defined by PURPA [the Public Utility Regulatory
Policies Act of 1978], shall be deemed not to be a
"non-utility" subsidiary, affiliate or associate
company.
Provided that condition remains, the Division of
Ratepayer Advocate does not intend to take any other action in
this proceeding.
Respectfully submitted,
/s/
_______________________
Blossom A. Peretz
Director
<TABLE>
ATLANTIC ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
MARCH 31, 1995
<CAPTION>
ATLANTIC
AEI ACE AEE ELIMIN/ADJUST ENERGY, INC.
ACCOUNT DESCRIPTION (parent only) (consolidated) (consolidated) DEBIT(CREDIT) CONSOLIDATED
- ------------------------------------- -------------- --------------- --------------- -------------- ----------------
ASSETS:
- -------------------------------------
<S> <C> <C> <C> <C> <C>
ELECTRIC UTILITY PLANT:
IN SERVICE 0.00 2,369,792,164.21 0.00 0.00 2,369,792,164.21
LESS ACCUMULATED DEPRECIATION 0.00 742,229,562.99 0.00 0.00 742,229,562.99
-------------- ---------------- -------------- -------------- ----------------
NET 0.00 1,627,562,601.22 0.00 0.00 1,627,562,601.22
CONSTRUCTION WORK IN PROGRESS 0.00 106,635,694.80 0.00 106,635,694.80
LAND HELD FOR FUTURE USE 0.00 6,941,441.22 0.00 0.00 6,941,441.22
LEASED PROPERTY-NET 40,173,857.16 0.00 0.00 40,173,857.16
-------------- ---------------- -------------- -------------- ----------------
ELECTRIC UTILITY PLANT-NET 0.00 1,781,313,594.40 0.00 0.00 1,781,313,594.40
-------------- ---------------- -------------- -------------- ----------------
INVESTMENTS AND NON-UTILITY PROPERTY
INVESTMENT IN LEVERAGED LEASES 0.00 0.00 78,428,701.04 0.00 78,428,701.04
DECOMMISSIONING TRUST FUND 0.00 54,306,029.84 0.00 0.00 54,306,029.84
NON-UTILITY PROPERTY 12,183.73 49,511.20 22,171,555.94 0.00 22,233,250.87
LESS ACCUMULATED DEPRECIATION 10,097.80 0.00 3,353,369.55 0.00 3,363,467.35
-------------- ---------------- --------------- -------------- ----------------
NON-UTILITY PROPERTY -NET 2,085.93 49,511.20 18,818,186.39 0.00 18,869,783.52
INVESTMENT IN SUBSIDIARY CO. 828,228,768.67 0.00 0.00 (828,228,768.67) 0.00
POLLUTION CONTROL CONSTRUCTION FUNDS 0.00 2,188.62 0.00 0.00 2,188.62
OTHER INVESTMENTS 0.00 1,831,990.65 28,072,838.78 0.00 29,904,829.43
-------------- ---------------- -------------- -------------- ----------------
TOTAL INVESTMENTS AND
NON-UTILITY PROPERTY 828,230,854.60 56,189,720.31 125,319,726.21 (828,228,768.67) 181,511,532.45
-------------- ---------------- -------------- -------------- ----------------
CURRENT ASSETS:
CASH & TEMPORARY INVESTMENTS 195,732.05 2,628,883.86 1,761,349.34 0.00 4,585,965.25
ACCOUNTS RECEIVABLE-UTILITY 0.00 55,676,703.50 0.00 0.00 55,676,703.50
MISCELLANEOUS RECEIVABLES 84,187.93 12,511,893.06 275,472.83 2,417.20 12,873,971.02
ALLOWANCE FOR DOUBTFUL ACCOUNTS 0.00 (3,300,000.00) 0.00 0.00 (3,300,000.00)
UNBILLED REVENUES 0.00 29,513,000.00 0.00 0.00 29,513,000.00
FUEL (AT AVERAGE COST) 0.00 23,857,367.99 0.00 0.00 23,857,367.99
MATERIALS & SUPPLIES (AT AVG COST) 0.00 27,208,914.12 0.00 0.00 27,208,914.12
WORKING FUNDS 0.00 14,694,568.26 350.00 0.00 14,694,918.26
DEFERRED ENERGY COSTS 0.00 11,361,540.78 0.00 0.00 11,361,540.78
DEFERRED INCOME TAXES 0.00 11,483,894.10 105,159.85 0.00 11,589,053.95
NOTES RECEIVABLE 0.00 6,685,000.00 5,280,000.00 (11,965,000.00) 0.00
ADVANCES-ASSOC CO. 1,340,807.35 0.00 0.00 (1,340,807.35) 0.00
DIVIDENDS RECEIVABLE-SUBSIDIARIES 20,458,249.74 0.00 0.00 (20,458,249.74) 0.00
ACCTS RECEIVABLE-ASSOC.CO. 13,763,520.34 2,451,810.43 8,004,164.87 (24,219,495.64) 0.00
PREPAYMENTS 926,416.57 4,914,969.19 80,101.37 0.00 5,921,487.13
PREPAID STATE EXCISE TAXES 0.00 81,634,830.38 0.00 0.00 81,634,830.38
-------------- ---------------- -------------- ------------- ----------------
TOTAL CURRENT ASSETS 36,768,913.98 281,323,375.67 15,506,598.26 (57,981,135.53) 275,617,752.38
-------------- ---------------- -------------- ------------- ----------------
DEFERRED DEBITS:
UNRECOVERED PURCHASED POWER COSTS 0.00 111,617,372.60 0.00 0.00 111,617,372.60
RECOVERABLE FEDERAL INCOME TAXES 0.00 85,854,065.73 0.00 0.00 85,854,065.73
UNRECOVERED STATE EXCISE TAXES 0.00 71,443,706.96 0.00 0.00 71,443,706.96
UNAMORTIZED LOSS ON REAQUIRED DEBT 0.00 31,459,678.69 0.00 0.00 31,459,678.69
UNAMORTIZED DEBT COSTS 0.00 5,741,236.41 95,102.94 0.00 5,836,339.35
OTHER REGULATORY ASSETS 0.00 42,024,650.10 0.00 0.00 42,024,650.10
PROPERTY ABANDONMENT COSTS 0.00 8,703,559.47 0.00 0.00 8,703,559.47
PRELIMINARY SURVEY & INVESTIGATION 0.00 1,723,246.76 0.00 0.00 1,723,246.76
DEFERRED INCOME TAXES 0.00 0.00 920,806.65 (570,340.65) 350,466.00
MISCELLANEOUS DEFERRED DEBITS 180,566.94 12,990,240.10 891,035.59 0.00 14,061,842.63
-------------- ---------------- -------------- -------------- ----------------
TOTAL DEFERRED DEBITS 180,566.94 371,557,756.82 1,906,945.18 (570,340.65) 373,074,928.29
-------------- ---------------- -------------- -------------- ----------------
TOTAL ASSETS 865,180,335.52 2,490,384,447.20 142,733,269.65 (886,780,244.85) 2,611,517,807.52
============== ================ ============== ============== ================
</TABLE>
<TABLE>
ATLANTIC ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
MARCH 31, 1995
<CAPTION>
ATLANTIC
AEI ACE AEE ELIMIN/ADJUST ENERGY, INC.
ACCOUNT DESCRIPTION (parent only) (consolidated) (consolidated) DEBIT(CREDIT) CONSOLIDATED
- ------------------------------------ -------------- --------------- --------------- ----------------- --------------
LIABILITIES & CAPITALIZATION:
- ------------------------------------
<S> <C> <C> <C> <C> <C>
CAPITALIZATION:
COMMON SHAREHOLDERS' EQUITY:
COMMON STOCK 575,107,829.92 54,962,811.00 48,761,983.62 (103,724,794.62) 575,107,829.92
PREMIUM ON CAPITAL STOCK 0.00 231,080,831.36 0.00 (231,080,831.36) 0.00
MISC. PAID IN CAPITAL 0.00 263,077,308.97 (263,077,308.97) 0.00
CONTRIBUTED CAPITAL 0.00 0.00 167,709.47 (167,709.47) 0.00
CAPITAL STOCK EXPENSE 0.00 (2,299,985.89) 0.00 2,299,985.89 0.00
RETAINED EARNINGS 240,191,575.22 241,300,762.30 (8,822,645.83) (232,478,116.47) 240,191,575.22
-------------- ---------------- -------------- -------------- ----------------
TOTAL COMMON S/H EQUITY 815,299,405.14 788,121,727.74 40,107,047.26 (828,228,775.00) 815,299,405.14
CUM P/S NOT SUBJ TO MAND REDEMPTION 0.00 40,000,000.00 0.00 0.00 40,000,000.00
CUM P/S SUBJ TO MAND REDEMPTION 0.00 149,250,000.00 0.00 0.00 149,250,000.00
LONG TERM DEBT 0.00 753,338,037.50 15,000,000.00 (2,267,000.00) 766,071,037.50
-------------- ---------------- -------------- -------------- ----------------
TOTAL CAPITALIZATION 815,299,405.14 1,730,709,765.24 55,107,047.26 (830,495,775.00) 1,770,620,442.64
-------------- ---------------- -------------- --------------- ----------------
CURRENT LIABILITIES:
CURRENT PORTION:
CUM P/S SUBJ TO MAND REDEMPTION 0.00 12,250,000.00 0.00 0.00 12,250,000.00
LONG TERM DEBT 0.00 9,980,000.00 15,900,000.00 2,267,000.00 28,147,000.00
SHORT TERM DEBT 0.00 110,150,000.00 0.00 0.00 110,150,000.00
COMMERCIAL PAPER 0.00 0.00 0.00 0.00 0.00
ACCOUNTS PAYABLE 9,489.19 51,097,627.69 42,902.64 0.00 51,150,019.52
TAXES ACCRUED 8,987,196.98 4,403,830.90 90,459.54 0.00 13,481,487.42
INTEREST ACCRUED 0.00 15,107,435.17 398,921.75 0.00 15,506,356.92
DIVIDENDS DECLARED 20,458,249.74 24,245,459.84 0.00 (20,458,249.74) 24,245,459.84
EMPLOYEE SEPERATION COSTS 0.00 19,820,944.36 0.00 0.00 19,820,944.36
OBLIGATIONS UNDER CAPITAL LEASES 0.00 945,844.99 8,756.47 0.00 954,601.46
NOTES PAYABLE-ASSOCIATED CO. 6,685,000.00 0.00 0.00 (6,685,000.00) 0.00
ACCOUNTS PAYABLE-ASSOCIATED CO. 8,016,253.82 10,960,137.47 5,240,680.82 (24,217,072.11) 0.00
ADVANCES ASSOC. CO. 5,280,000.00 0.00 1,340,807.35 (6,620,807.35) 0.00
CUSTOMER DEPOSITS 0.00 3,464,776.82 0.00 0.00 3,464,776.82
DEFERRED TAXES 0.00 0.00 0.00 0.00 0.00
MISC ACCRUED LIABILITIES 444,740.65 10,381,721.90 141,788.02 0.00 10,968,250.57
-------------- -------------- -------------- -------------- ----------------
TOTAL CURRENT LIABILITIES 49,880,930.38 272,807,779.14 23,164,316.59 (55,714,129.20) 290,138,896.91
-------------- -------------- -------------- -------------- ----------------
DEFERRED CREDITS AND OTHER LIAB:
DEFERRED INCOME TAXES 0.00 351,506,172.71 63,179,388.79 (570,340.65) 414,115,220.85
DEFERRED INVESTMENT TAX CREDITS 0.00 51,012,420.69 0.00 0.00 51,012,420.69
OBLIGATIONS UNDER CAPITAL LEASE 0.00 39,228,012.67 12,060.32 0.00 39,240,072.99
CUSTOMER ADVANCES FOR CONSTRUCTION 0.00 1,741,357.49 0.00 0.00 1,741,357.49
OTHER DEFERRED CREDITS 0.00 35,820,790.28 1,270,456.69 0.00 37,091,246.97
OPERATING RESERVES 0.00 7,558,148.98 0.00 0.00 7,558,148.98
0.00 0.00 0.00 0.00 0.00
-------------- --------------- -------------- -------------- ----------------
TOTAL DEFD CREDITS & OTHER LIAB 0.00 486,866,902.82 64,461,905.80 (570,340.65) 550,758,467.97
-------------- ---------------- -------------- -------------- ----------------
TOTAL LIABILITIES & CAPITAL 865,180,335.52 2,490,384,447.20 142,733,269.65 (886,780,244.85) 2,611,517,807.52
============== ================ ============== ============== ================
0.00 (0.00) 0.00 0.00 0.00
</TABLE>
<TABLE>
CONSOLIDATING STATEMENTS of INCOME and RETAINED EARNINGS
FOR THE 12 MONTHS ENDED MARCH 31, 1995
<CAPTION>
ATLANTIC
ATLANTIC ATLANTIC ENERGY ELIMIN, RECLASS, ATLANTIC
ENERGY, INC. ELECTRIC ENTERPRISES & ADJUSTMENTS ENERGY, INC.
(parent only) CONSOLIDATED CONSOLIDATED (DEBIT) CREDIT CONSOLIDATED ROUNDED
-------------- -------------- --------------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
- -------------------------------
ELECTRIC 0.00 899,757,567.64 0.00 (190,917.94) 899,566,649.70 899,567
OTHER 0.00 0.00 3,469,651.15 (3,469,651.15) 0.00 0
-------------- -------------- -------------- --------------- -------------- -------
TOTAL OPERATING REVENUE 0.00 899,757,567.64 3,469,651.15 (3,660,569.09) 899,566,649.70 899,567
-------------- -------------- -------------- --------------- -------------- -------
OPERATING EXPENSES
- -------------------------------
NET ENERGY 0.00 202,684,183.47 0.00 0.00 202,684,183.47 202,684
PURCHASED POWER-EXCL FUEL 0.00 146,215,269.58 0.00 0.00 146,215,269.58 146,215
OPERATIONS 1,222,087.87 159,056,540.66 3,912,585.93 5,682,696.12 158,508,518.34 158,509
MAINTENANCE 1,141.29 35,378,307.75 264,565.08 345,667.20 35,298,346.92 35,298
DEPRECIATION & AMORTIZATION 1,056.88 74,479,366.33 584,238.67 585,295.55 74,479,366.33 74,480
STATE EXCISE TAXES 0 95,435,776.15 14,149.22 14,149.22 95,435,776.15 95,436
STATE INCOME TAX 25.00 0.00 674,908.51 674,933.51 0.00 0
FEDERAL INCOME TAX (434,887.42) 36,086,063.56 1,281,020.00 846,132.58 36,086,063.56 36,086
OTHER TAXES 0.00 9,442,174.42 332,905.58 332,905.58 9,442,174.42 9,442
-------------- -------------- -------------- -------------- -------------- -------
TOTAL OPERATING EXPENSES 789,423.62 758,777,681.92 7,064,372.99 8,481,779.76 758,149,698.77 758,150
-------------- -------------- -------------- -------------- -------------- -------
OPERATING INCOME(LOSS) (789,423.62) 140,979,885.72 (3,594,721.84) 4,821,210.67 141,416,950.93 141,417
-------------- -------------- -------------- -------------- -------------- -------
OTHER INCOME
- --------------------------------
AFDC-EQUITY FUNDS 0.00 3,209,189.20 0.00 0.00 3,209,189.20 3,209
EARNINGS FROM SUBSIDIARY
COMPANIES 81,726,180.66 0.00 0 (81,726,180.66) 0.00 0
EARNINGS FROM INVESTEES 0.00 0.00 6,371,592.94 (6,371,592.94) 0.00 0
OTHER INCOME(EXPENSE)-NET 44,669.04 (7,434,251.59) (1,402,416.58) 12,307.83 (8,779,691.30) (8,780)
-------------- -------------- -------------- -------------- -------------- -------
TOTAL OTHER INCOME 81,770,849.70 (4,225,062.39) 4,969,176.36 (88,085,465.77) (5,570,502.10) (5,571)
-------------- -------------- -------------- -------------- -------------- -------
INCOME BEFORE INTEREST CHARGES 80,981,426.08 136,754,823.33 1,374,454.52 (83,264,255.10) 135,846,448.83 135,846
-------------- -------------- -------------- -------------- -------------- -------
INTEREST CHARGES:
- --------------------------------
INTEREST ON LONG TERM DEBT 0.00 56,064,479.10 1,470,284.01 1,470,284.01 56,064,479.10 56,064
INTEREST ON SHORT TERM DEBT 67,790.43 2,060,568.48 0.00 67,790.43 2,060,568.48 2,061
OTHER INTEREST EXPENSE 0.00 (668,333.68) 0.00 0.00 (668,333.68) (668)
-------------- -------------- -------------- -------------- ------------- -------
TOTAL 67,790.43 57,456,713.90 1,470,284.01 1,538,074.44 57,456,713.90 57,457
AFDC-BORROWED FUNDS 0.00 (2,523,900.77) 0.00 (2,523,900.77) (2,524)
-------------- -------------- -------------- -------------- ------------- -------
NET INTEREST CHARGES 67,790.43 54,932,813.13 1,470,284.01 1,538,074.44 54,932,813.13 54,933
-------------- -------------- -------------- -------------- ------------- -------
INCOME BEFORE PREFERRED DIVIDENDS
OF SUBSIDIARIES 80,913,635.65 81,822,010.20 (95,829.49) (81,726,180.66) 80,913,635.70 80,913
PREFERRED DIVIDENDS
OF SUBSIDIARIES (16,193,325.00) 0.00 0.00 0.00 (16,193,325.00) (16,193)
-------------- -------------- -------------- -------------- ------------- -------
NET INCOME(LOSS) 64,720,310.65 81,822,010.20 (95,829.49) (81,726,180.66) 64,720,310.70 64,720
PREFERRED DIVIDEND REQUIREMENTS 0.00 (16,193,325.00) 0.00 16,193,325.00 0.00 0
-------------- -------------- -------------- --------------- ------------- -------
INCOME AVAILABLE FOR
COMMON STOCK 64,720,310.65 65,628,685.20 (95,829.49) (65,532,855.66) 64,720,310.70 64,720
============== ============== ============== =============== ============= =======
RETAINED EARNINGS,
BEGINNING OF PERIOD 258,682,621.28 259,053,851.10 0.00 (259,053,851.10) 258,682,621.28 258,683
NET INCOME(LOSS) 64,720,310.65 81,822,010.20 (95,829.49) (81,726,180.66) 64,720,311.05 64,720
DIVIDENDS-COMMON STOCK (83,211,356.71) (86,998,625.39) 0.00 86,998,625.39 (83,211,356.71) (83,211)
DIVIDENDS-PREFERRED STOCK (12,406,050.00) 0.00 12,406,050.00 0.00 0
PREFERRED STOCK EXPENSE 0.00 0
OTHER CHANGES (170,423.61) (8,726,816.34) 8,897,239.95 0.00 0
-------------- -------------- --------------- --------------- -------------- -------
RETAINED EARNINGS,END OF PERIOD 240,191,575.22 241,300,762.30 (8,822,645.83) (232,478,116.42) 240,191,575.22 240,192
============== ============== =============== =============== ============== =======
EOP # OF SHARES 53,138,311.00
AVG # OF SHARES 54,082,604.25
EPS $1.19
REPORTED $1.19
</TABLE>
<TABLE>
CONSOLIDATING STATEMENTS of INCOME and RETAINED EARNINGS
FOR THE 12 MONTHS ENDED MARCH 31, 1995
<CAPTION>
ATLANTIC
ATLANTIC ATLANTIC ENERGY ELIMIN, RECLASS, ATLANTIC
ENERGY, INC. ELECTRIC ENTERPRISES & ADJUSTMENTS ENERGY, INC.
(parent only) CONSOLIDATED CONSOLIDATED (DEBIT) CREDIT CONSOLIDATED ROUNDED
-------------- -------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
- -----------------------------
ELECTRIC 0.00 218,665,911.73 0.00 (40,095.63) 218,625,816.10 218,626
OTHER 0.00 0.00 816,001.87 (816,001.87) 0.00 0
-------------- -------------- --------------- --------------- --------------- -------
TOTAL OPERATING REVENUE 0.00 218,665,911.73 816,001.87 (856,097.50) 218,625,816.10 218,626
-------------- -------------- --------------- --------------- --------------- -------
OPERATING EXPENSES
- -----------------------------
NET ENERGY 0.00 47,225,249.31 0.00 0.00 47,225,249.31 47,225
PURCHASED POWER-EXCL FUEL 0.00 46,144,975.31 0.00 0.00 46,144,975.31 46,145
OPERATIONS 438,480.25 37,690,261.54 1,174,068.04 1,665,178.77 37,637,631.06 37,638
MAINTENANCE 0.00 6,829,404.01 48,517.03 55,095.88 6,822,825.16 6,823
DEPRECIATION & AMORTIZATION 194.37 19,456,808.78 172,078.94 172,273.31 19,456,808.78 19,457
STATE EXCISE TAXES 0.00 24,759,357.63 0.00 0.00 24,759,357.63 24,759
STATE INCOME TAX 0.00 0.00 133,887.02 133,887.02 0.00 0
FEDERAL INCOME TAX (174,459.65) 6,197,266.62 (44,587.67) (219,047.32) 6,197,266.62 6,197
OTHER TAXES 0.00 2,797,433.25 72,102.52 72,102.52 2,797,433.25 2,798
------------ -------------- -------------- -------------- -------------- -------
TOTAL OPERATING EXPENSES 264,214.97 191,100,756.45 1,556,065.88 1,879,490.18 191,041,547.12 191,042
------------ -------------- -------------- -------------- -------------- -------
OPERATING INCOME(LOSS) (264,214.97) 27,565,155.28 (740,064.01) 1,023,392.68 27,584,268.98 27,584
------------ -------------- -------------- -------------- -------------- -------
OTHER INCOME
- -----------------------------
AFDC-EQUITY FUNDS 0.00 484,434.66 0.00 0.00 484,434.66 484
EARNINGS FROM
SUBSIDIARY COMPANIES 15,583,446.11 0.00 0 (15,583,446.11) 0.00 0
EARNINGS FROM INVESTEES 0.00 0.00 984,926.91 (984,926.91) 0.00 0
OTHER INCOME(EXPENSE)-NET 4,750.87 2,153,010.51 81,237.07 (628,181.65) 1,610,816.80 1,611
-------------- -------------- -------------- -------------- -------------- -------
TOTAL OTHER INCOME 15,588,196.98 2,637,445.17 1,066,163.98 (17,196,554.67) 2,095,251.46 2,095
-------------- -------------- -------------- -------------- -------------- -------
INCOME BEFORE INTEREST CHARGES 15,323,982.01 30,202,600.45 326,099.97 (16,173,161.99) 29,679,520.44 29,679
------------- -------------- -------------- -------------- -------------- -------
INTEREST CHARGES:
- -----------------------------
INTEREST ON LONG TERM DEBT 0.00 14,597,233.49 521,925.45 521,925.45 14,597,233.49 14,597
INTEREST ON SHORT TERM DEBT 67,790.43 338,863.55 0.00 67,790.43 338,863.55 339
OTHER INTEREST EXPENSE 0.00 (135,835.53) 0.00 (135,835.53) (136)
------------- -------------- -------------- -------------- -------------- -------
TOTAL 67,790.43 14,800,261.51 521,925.45 589,715.88 14,800,261.51 14,800
AFDC-BORROWED FUNDS 0.00 (376,935.65) 0.00 (376,935.65) (377)
------------- -------------- -------------- -------------- -------------- -------
NET INTEREST CHARGES 67,790.43 14,423,325.86 521,925.45 589,715.88 14,423,325.86 14,423
------------- -------------- -------------- -------------- -------------- -------
INCOME BEFORE PREFERRED
DIVIDENDS OF SUBSIDIARIES 15,256,191.58 15,779,271.59 (195,825.48) (15,583,446.11) 15,256,191.58 15,256
PREFERRED DIVIDENDS
OF SUBSIDIARIES (3,787,275.00) 0.00 0.00 0.00 (3,787,275.00) (3,787)
------------- -------------- -------------- -------------- -------------- -------
NET INCOME(LOSS) 11,468,916.58 15,779,271.59 (195,825.48) (15,583,446.11) 11,468,916.58 11,469
PREFERRED DIVIDEND
REQUIREMENTS 0.00 (3,787,275.00) 0.00 3,787,275.00 0.00 0
------------- -------------- -------------- -------------- -------------- -------
INCOME AVAILABLE
FOR COMMON STOCK 11,468,916.58 11,991,996.59 (195,825.48) (11,796,171.11) 11,468,916.58 11,469
============== ============== ============== ============== ============== =======
RETAINED EARNINGS,
BEGINNING OF PERIOD 249,180,908.38 249,767,015.45 0.00 (249,767,015.45) 249,180,908.38 249,181
NET INCOME(LOSS) 11,468,916.58 15,779,271.59 (195,825.48) (15,583,446.11) 11,468,916.58 11,469
DIVIDENDS-COMMON STOCK (20,458,249.74) (24,245,527.74) 0.00 24,245,527.74 (20,458,249.74) (20,458)
DIVIDENDS-PREFERRED STOCK 0.00 0.00 0.00 0
PREFERRED STOCK EXPENSE 0.00 0
OTHER CHANGES (8,626,820.35) 8,626,820.35 0.00 0
-------------- --------------- -------------- -------------- -------------- -------
RETAINED EARNINGS,
END OF PERIOD 240,191,575.22 241,300,759.30 (8,822,645.83) (232,478,113.47) 240,191,575.22 240,192
============== =============== ============== ============== ============== =======
EOP # OF SHARES 53,138,311.00
AVG # OF SHARES 53,474,628.40
EPS $0.21
REPORTED $0.21
</TABLE>
<TABLE>
ATLANTIC ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS of INCOME and RETAINED EARNINGS
FOR THE MONTH ENDED MARCH 31, 1995
<CAPTION>
ATLANTIC
ATLANTIC ATLANTIC ENERGY ELIMIN, RECLASS, ATLANTIC
ENERGY, INC. ELECTRIC ENTERPRISES & ADJUSTMENTS ENERGY, INC.
(parent only) CONSOLIDATED CONSOLIDATED (DEBIT) CREDIT CONSOLIDATED ROUNDED
-------------- --------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES
- ------------------------------
ELECTRIC 0.00 71,383,559.27 0.00 (17,678.24) 71,365,881.03 71,366
OTHER 0.00 0.00 304,545.28 (304,545.28) 0.00 0
-------------- -------------- -------------- -------------- -------------- -------
TOTAL OPERATING REVENUE 0.00 71,383,559.27 304,545.28 (322,223.52) 71,365,881.03 71,366
-------------- -------------- -------------- -------------- -------------- -------
OPERATING EXPENSES
- ------------------------------
NET ENERGY 0.00 14,064,713.02 0.00 0.00 14,064,713.02 14,065
PURCHASED POWER-EXCL FUEL 0.00 15,656,813.51 0.00 0.00 15,656,813.51 15,657
OPERATIONS 118,068.47 13,098,684.82 475,918.04 587,846.17 13,104,825.16 13,105
MAINTENANCE 0.00 3,133,238.55 13,258.83 12,491.28 3,134,006.10 3,134
DEPRECIATION & AMORTIZATION 64.79 6,339,235.25 57,518.08 57,582.87 6,339,235.25 6,339
STATE EXCISE TAXES 0.00 8,063,283.22 0.00 0.00 8,063,283.22 8,063
STATE INCOME TAX 0.00 0.00 16,041.68 16,041.68 0.00 0
FEDERAL INCOME TAX (89,772.40) 1,536,643.80 (84,009.62) (173,782.02) 1,536,643.80 1,537
OTHER TAXES 0.00 970,081.99 24,034.18 24,034.18 970,081.99 970
-------------- -------------- -------------- -------------- -------------- -------
TOTAL OPERATING EXPENSES 28,360.86 62,862,694.16 502,761.19 524,214.16 62,869,602.05 62,870
-------------- -------------- -------------- -------------- -------------- -------
OPERATING INCOME(LOSS) (28,360.86) 8,520,865.11 (198,215.91) 201,990.64 8,496,278.98 8,496
-------------- -------------- -------------- -------------- -------------- -------
OTHER INCOME
- ------------------------------
AFDC-EQUITY FUNDS 0.00 129,103.27 0.00 0.00 129,103.27 129
EARNINGS FROM SUBSIDIARY
COMPANIES 4,271,021.75 0.00 0 (4,271,021.75) 0.00 0
EARNINGS FROM INVESTEES 0.00 0.00 131,867.16 (131,867.16) 0.00 0
OTHER INCOME(EXPENSE)-NET 386.88 709,948.47 15,913.96 (300,880.62) 425,368.69 425
-------------- -------------- -------------- -------------- -------------- -------
TOTAL OTHER INCOME 4,271,408.63 839,051.74 147,781.12 (4,703,769.53) 554,471.96 554
-------------- -------------- -------------- -------------- -------------- -------
INCOME BEFORE INTEREST CHARGES 4,243,047.77 9,359,916.85 (50,434.79) (4,501,778.89) 9,050,750.94 9,050
-------------- -------------- -------------- -------------- -------------- -------
INTEREST CHARGES:
- ------------------------------
INTEREST ON LONG TERM DEBT 0.00 4,865,943.47 189,188.76 189,188.76 4,865,943.47 4,866
INTEREST ON SHORT TERM DEBT 41,568.38 133,699.58 0.00 41,568.38 133,699.58 134
OTHER INTEREST EXPENSE 0.00 (45,786.48) 0.00 0.00 (45,786.48) (46)
-------------- --------------- -------------- -------------- -------------- -------
TOTAL 41,568.38 4,953,856.57 189,188.76 230,757.14 4,953,856.57 4,954
AFDC-BORROWED FUNDS 0.00 (104,585.02) 0.00 (104,585.02) (105)
-------------- --------------- -------------- -------------- -------------- -------
NET INTEREST CHARGES 41,568.38 4,849,271.55 189,188.76 230,757.14 4,849,271.55 4,849
-------------- --------------- -------------- -------------- -------------- -------
INCOME BEFORE PREFERRED
DIVIDENDS OF SUBSIDIARIES 4,201,479.39 4,510,645.30 (239,623.55) (4,271,021.75) 4,201,479.39 4,201
PREFERRED DIVIDENDS OF
SUBSIDIARIES (1,262,425.00) 0.00 0.00 (1,262,425.00) (1,262)
-------------- -------------- -------------- -------------- -------------- -------
NET INCOME(LOSS) 2,939,054.39 4,510,645.30 (239,623.55) (4,271,021.75) 2,939,054.39 2,939
PREFERRED DIVIDEND REQUIREMENTS 0.00 (1,262,425.00) 0.00 1,262,425.00 0.00 0
-------------- -------------- -------------- -------------- -------------- -------
INCOME AVAILABLE FOR
COMMON STOCK 2,939,054.39 3,248,220.30 (239,623.55) (3,008,596.75) 2,939,054.39 2,939
============== ============== ============== ============== ============== =======
RETAINED EARNINGS,
BEGINNING OF PERIOD 257,710,770.57 261,035,641.74 (8,583,022.28) (252,452,619.46) 257,710,770.57 257,711
NET INCOME(LOSS) 2,939,054.39 4,510,645.30 (239,623.55) 4,271,021.75 2,939,054.39 2,939
DIVIDENDS-COMMON STOCK (20,458,249.74) (24,245,524.74) 0.00 24,245,524.74 (20,458,249.74) (20,458)
DIVIDENDS-PREFERRED STOCK 0.00 0.00 0.00 0
PREFERRED STOCK EXPENSE 0.00 0.00 0
OTHER CHANGES 0.00 0.00 0.00 0
-------------- -------------- -------------- -------------- -------------- -------
RETAINED EARNINGS,
END OF PERIOD 240,191,575.22 241,300,762.30 (8,822,645.83) (232,478,116.47) 240,191,575.22 240,192
============== ============== ============== ============== ============== =======
EOP # OF SHARES 53,138,311.00
AVG # OF SHARES 53,318,327.13
EPS $0.05
REPORTED $0.05
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,781,314
<OTHER-PROPERTY-AND-INVEST> 181,512
<TOTAL-CURRENT-ASSETS> 275,617
<TOTAL-DEFERRED-CHARGES> 373,075
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 2,611,518
<COMMON> 575,108
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 240,192
<TOTAL-COMMON-STOCKHOLDERS-EQ> 815,300
149,250
40,000
<LONG-TERM-DEBT-NET> 766,071
<SHORT-TERM-NOTES> 110,150
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 28,147
12,250
<CAPITAL-LEASE-OBLIGATIONS> 39,240
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 651,110
<TOT-CAPITALIZATION-AND-LIAB> 2,611,518
<GROSS-OPERATING-REVENUE> 218,626
<INCOME-TAX-EXPENSE> 6,197
<OTHER-OPERATING-EXPENSES> 184,845
<TOTAL-OPERATING-EXPENSES> 191,042
<OPERATING-INCOME-LOSS> 27,584
<OTHER-INCOME-NET> 2,095
<INCOME-BEFORE-INTEREST-EXPEN> 29,679
<TOTAL-INTEREST-EXPENSE> 14,800
<NET-INCOME> 11,469
3,787
<EARNINGS-AVAILABLE-FOR-COMM> 11,469
<COMMON-STOCK-DIVIDENDS> 20,391
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (54,004)
<EPS-PRIMARY> 0.21
<EPS-DILUTED> 0.21
</TABLE>
