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Previous: MONTGOMERY WARD HOLDING CORP, 10-Q, 1994-11-15 |
Next: EUA COGENEX CORP, 35-CERT, 1994-11-15 |
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
ENERGY INITIATIVES, INC. ("EI")<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
:
In the Matter of :
:
GENERAL PUBLIC UTILITIES CORPORATION : Certificate Pursuant to
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"), 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 September 30, 1994 and
Consolidated Balance Sheets as of September 30, 1994 for EI and
its subsidiaries are filed herewith as Exhibit 1.
1<PAGE>
2. Investments in, and Guarantees on Behalf of, GPC and
EI.
During the period July 1, 1994 through September 30,
1994 GPU made cash capital contributions to EI in the aggregate
amount of $7,600,000. During such period, GPU entered into a
repayment agreement for a standby letter of credit issued for the
benefit of EI in the amount of $2,000,000 issued on June 28, 1994
by United Jersey bank in favor of Polsky Energy Corporation in
connection with a subscription purchase of stock in accordance
with the Stock Purchase Agreement between EI and Polsky Energy
Corp., dated as of September 7, 1993, pursuant to SEC file No.
70-8179.
Through September 30, 1994 and as of such date, GPU has
made cash capital contributions to EI, and GPU entered into
repayment agreements for standby letters of credit issued for the
benefit of EI, in the aggregate amount of $24,145,000 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 September 30, 1994.
4. By filing the following exhibit and financial
statements in Item 6 thereof:
(a) Exhibit:
I - Financial Data Schedule.
2<PAGE>
(b) Financial Statements:
1-A - EI Consolidated Balance Sheet as of
September 30, 1994 and Consolidated
Statement of Operations and Accumulated
Deficit for the twelve months ended
September 30, 1994.
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.
ENERGY INITIATIVES, INC.
By:_________________________
B. L. Levy, President
Dated: November 15, 1994
3<PAGE>
EXHIBIT AND FINANCIAL STATEMENTS TO BE FILED BY EDGAR
Exhibit:
I - Financial Data Schedule.
Financial Statements:
1-A - EI Consolidated Balance Sheet as of
September 30, 1994 and Consolidated
Statement of Operations and Accumulated
Deficit for the twelve months ended
September 30, 1994.<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
Exhibit I
<ARTICLE> OPUR1
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> OCT-01-1993
<PERIOD-END> SEP-30-1994
<EXCHANGE-RATE> 1
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 106,586,524 0
<TOTAL-CURRENT-ASSETS> 7,696,004 0
<TOTAL-DEFERRED-CHARGES> 1,113,425 0
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 115,395,953 0
<COMMON> 100,000 0
<CAPITAL-SURPLUS-PAID-IN> 112,633,997 0
<RETAINED-EARNINGS> (6,728,845) 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 106,005,152 0
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 0 0
<TOT-CAPITALIZATION-AND-LIAB> 115,395,953 0
<GROSS-OPERATING-REVENUE> 4,016,073 0
<INCOME-TAX-EXPENSE> (788,633) 0
<OTHER-OPERATING-EXPENSES> 6,884,384 0
<TOTAL-OPERATING-EXPENSES> 6,095,751 0
<OPERATING-INCOME-LOSS> (2,079,678) 0
<OTHER-INCOME-NET> (1,752,147) 0
<INCOME-BEFORE-INTEREST-EXPEN> 0 0
<TOTAL-INTEREST-EXPENSE> 0 0
<NET-INCOME> (3,831,825) 0
0 0
<EARNINGS-AVAILABLE-FOR-COMM> (3,831,825) 0
<COMMON-STOCK-DIVIDENDS> 0 0
<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 0 0
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
<FN>
</FN>
<PAGE>
</TABLE>
Exhibit 1-A
Page 1 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
Consolidated Statement of Operations and Accumulated Deficit
For the Twelve Months Ended September 30, 1994
Unaudited
Operating revenues $ 4,016,073
Operating expenses 6,612,316
Depreciation 272,068
Total 6,884,384
Net operating loss (2,868,311)
Other income and expenses:
Equity in partnership income (2,317,419)
Interest and dividend income, net 529,660
Gain on sale of assets 35,612
Total other income and expenses (1,752,147)
Loss before income taxes (4,620,458)
Income tax benefit (788,633)
Net loss (3,831,825)
Accumulated deficit,
balance at beginning of period (10,389,154)
Net income (loss) (3,831,825)
Accumulated deficit, end of period $ (14,220,979) <PAGE>
Exhibit 1-A
Page 2 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheet
As of September 30, 1994
Unaudited
ASSETS
Current assets:
Cash and temporary investments $1,911,711
Accounts receivable 1,697,201
Interest receivable 2,324
Income taxes receivable 888,249
Deposits 50,150
Deferred income taxes 34,723
Other current assets 3,111,646
Total current assets $7,696,004
Other assets:
Investments other 18,225,154
Investments in securities 15,305,059
Investments in partnership 56,499,466
Long term receivables 2,127,632
Notes receivable from partnerships 300,000
Fixed assets, net 383,823
Intangible assets, net 13,733,190
Deferred Federal Income taxes 1,113,425
Other noncurrent assets 12,200
Total Assets $115,395,953<PAGE>
Exhibit 1-A
Page 3 of 3
ENERGY INITIATIVES, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheet
As of September 30, 1994
Unaudited
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses $1,523,991
Deferred revenues 111,528
Payroll taxes and deductions payable 3,425
Accounts payable vacation 232,565
Total current liabilities $ 1,871,509
Long term liabilities:
Deferred credits 5,008,890
Deferred revenues 2,264,402
Reserve for equipment disposal 246,000
Stockholders equity 106,005,152
Total liabilities and stockholders equity $115,395,953<PAGE>
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