SEC File No. 70-7727
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")
GENERAL PORTFOLIOS CORPORATION ("GPC")
ENERGY INITIATIVES, INC. ("EI")
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
:
In the Matter of :
:
GENERAL PUBLIC UTILITIES CORPORATION : Certificate Pursuant
GENERAL PORTFOLIOS CORPORATION, and : to Rule 24 of
: Partial
ENERGY INITIATIVES, INC. : Completion of
: Transactions
SEC File No. 70-7727 :
(Public Utility Holding Company Act :
of 1935) :
________________________________________:
TO THE MEMBERS OF THE SECURITIES AND EXCHANGE COMMISSION:
The undersigned General Public Utilities Corporation
("GPU"), General Portfolios Corporation ("GPC") and Energy
Initiatives, Inc. ("EI") hereby certify, pursuant to Rule 24 of
the General Rules and Regulations under the Public Utility
Holding Company Act of 1935, in accordance with the Commission's
Order dated June 26, 1990 and December 18, 1992 with respect to
the transactions proposed in the Declaration, as amended, filed
in SEC File No. 70-7727 (such Declaration, as amended, being
herein referred to as the "Declaration"), as follows:
1. Accounting, Financial and Other Matters.
Consolidated Statements of Operations and Accumulated
Deficit for the twelve months ended June 30, 1994 and
Consolidated Balance Sheets as of June 30, 1994 for EI and its
subsidiaries are filed herewith as Exhibit 1.
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2. Investments in, and Guarantees on Behalf of, GPC and
EI.
During the period April 1, 1994 through June 30, 1994
no cash contributions were made by GPU to GPC or by GPC to EI.
Through June 30, 1994 and as of such date, GPU has made
cash capital contributions to GPC and GPC, in turn, has made such
cash contributions to EI, and GPU has entered into repayment
agreements for standby letters of credit issued for the benefit
of EI, in the aggregate amount of $14,545,000 pursuant to the
Commission's orders in File No. 70-7727.
3. Sales of Fuel and Fuel Transportation Capacity.
EI Fuels Corp. has sold no excess fuel or fuel
transportation capacity through June 30, 1994.
2
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY HOLDING
COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS CAUSED THIS
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO
DULY AUTHORIZED.
GENERAL PUBLIC UTILITIES CORPORATION
GENERAL PORTFOLIOS CORPORATION
By:_________________________________
Don W. Myers
Vice President and Treasurer
ENERGY INITIATIVES, INC.
By:________________________________
B. L. Levy, President
Dated: August 12, 1994
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EXHIBIT TO BE FILED BY EDGAR
Exhibit
1 Consolidated Statements of
Operations and Accumulated Deficit
for the twelve months ended June 30,
1994 and Consolidated Balance
Sheets as of June 30, 1994 for EI
and its subsidiaries.
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Exhibit 1
Page 1 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
Consolidated Statement of Operations and Accumulated Deficit
For the Twelve Months Ended June 30, 1994
Unaudited
Operating revenues $ 3,616,114
Operating expenses 5,805,171
Depreciation 172,260
Total 5,977,431
Net operating loss (2,361,317)
Other income and expenses:
Equity in partnership income 75,910
Interest and dividend income, net 444,616
Gain on sale of assets 35,612
Total other income and expenses 556,138
Loss before income taxes (1,805,179)
Income tax benefit (526,401)
Net loss (1,278,778)
Accumulated deficit, beginning of period (13,532,110)
Adjustments to accumulated deficit during
the twelve-month period:
Effect of General Portfolios Corporation merger 9,327,958
Effect of SFAS 115 adjustment on securities (449,849)
Accumulated deficit, end of period $ (5,932,779)
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Exhibit 1
Page 2 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheet
As of June 30, 1994
Unaudited
ASSETS
Current assets:
Cash and temporary investments $5,388,102
Accounts receivable 1,356,296
Interest receivable 2,456
Income taxes receivable 1,252,027
Deposits 100,150
Deferred income taxes 34,723
Other current assets 55,527
Total current assets $8,189,281
Other assets:
Investments other 8,146,439
Investments in securities 15,604,331
Investments in partnership 57,926,219
Long term receivables 1,940,461
Notes receivable from partnerships 1,701,921
Fixed assets, net 422,084
Intangible assets, net 13,622,489
Deferred Federal Income taxes 1,113,425
Other noncurrent assets 12,200
Total Assets $108,678,850
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Exhibit 1
Page 3 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheet
As of June 30, 1994
Unaudited
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses $1,352,708
Deferred revenues 111,528
Payroll taxes and deductions payable 9,932
Accounts payable - vacation 233,472
Total current liabilities $ 1,707,640
Long term liabilities:
Deferred credits 5,235,995
Deferred revenues 2,287,997
Reserve for equipment disposal 246,000
Stockholders equity 99,201,218
Total liabilities and stockholders equity $108,678,850
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