FORM U-13-60
Mutual and Subsidiary service companies
Revised February 7, 1980
ANNUAL REPORT
FOR THE PERIOD
Beginning January 1, 1995 and Ending December 31, 1995
TO THE
U.S. SECURITIES AND EXCHANGE COMMISSION
OF
EUA COGENEX CORPORATION
(Exact Name of Reporting Company)
A Subsidiary SERVICE COMPANY
("Mutual" or "Subsidiary")
Mutual and Subsidiary Service Companies
Revised February 7, 1980
ANNUAL REPORT
FOR THE PERIOD
Beginning January 1, 1995 and Ending December 31, 1995
TO THE
U.S. SECURITIES AND EXCHANGE COMMISSION
OF
EUA COGENEX CORPORATION
(Exact Name of Reporting Company)
A Subsidiary SERVICE COMPANY
("Mutual" or "Subsidiary")
Date of Incorporation September 26, 1983.
If not Incorporated, Date of Organization .
State or Sovereign Power under which Incorporated or Organized Massachusetts.
Location of Principal Executive Offices of Reporting Company:
Boott Mills South, 100 Foot of John Street, Lowell, Massachusetts 01852
Name, title and address of officer to whom correspondence concerning this
report should be addressed:
Richard M. Burns, Comptroller & Asst. Treas., 1 Liberty Sq., Boston MA 02109
(Name) (Title) (Address)
Name of Principal Holding Company Whose Subsidiaries are served by Reporting
company:
Eastern Utilities Associates
SEC 1926 (6-82) TOTAL NUMBER OF PAGES 78
INSTRUCTIONS FOR USE OF MODIFIED FORM U-13-60
1. Time of Filing - Annual Report essentially in the form of U-13-60 shall
be filed appended to Form U5S, Annual Report of the Parent and
Associate Companies Pursuant to the Public Utility Holding Company Act
of 1935. Form U5S is required to be filed by May 1.
2. Number of Copies - Each annual report shall be filed in duplicate.
The company should prepare and retain at least one extra copy for
itself in case correspondence with reference to the report becomes
necessary.
3. Definitions - Definitions contained in Instruction 01-8 to the Uniform
System of Accounts for Mutual Service Companies and Subsidiary Service
Companies, Public Utility Holding Company Act of 1935, as amended
February 2, 1979 shall be applicable to words or terms used
specifically within this Form U-13-60.
4. Organization Structure - The Company shall submit with each annual
report a copy of its current organizational chart.
LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS
SCHEDULE OR PAGE
ACCT. NO. NO.
Description of Schedules and Accounts
COMPARATIVE BALANCE SHEET Schedule I 5-8
COMPANY PROPERTY Schedule II 9-10
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF COMPANY PROPERTY Schedule III 11-12
INVESTMENTS Schedule IV 13-17
ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES Schedule V 18
ACCOUNTS RECEIVABLE AGING Schedule VI 19-20
ACCUMULATED PROVISION FOR UNCOLLECTIBLE Schedule VII 21
ACCOUNTS
MISCELLANEOUS CURRENT AND ACCRUED ASSETS Schedule VIII 22
MISCELLANEOUS DEFERRED DEBITS Schedule IX 23
PROPRIETARY CAPITAL Schedule XI 24
LONG-TERM DEBT Schedule XII 25
CURRENT AND ACCRUED LIABILITIES Schedule XIII 26-28
NOTES TO FINANCIAL STATEMENTS Schedule XIV 29-48
COMPARATIVE INCOME STATEMENT Schedule XV 49-50
ANALYSIS OF BILLING - SALES & PROJECT REVENUES Accounts 514/417 51
ANALYSIS OF MISCELLANEOUS INCOME Accounts 419/421 52-54
SCHEDULE OF EXPENSE DISTRIBUTION Schedule XVII 55
DEPARTMENTAL ANALYSIS OF SALARIES Account 920 56
OUTSIDE SERVICES EMPLOYED Account 923 57-59
GENERAL ADVERTISING EXPENSES Account 930.1 60
MISCELLANEOUS GENERAL EXPENSES Account 930.2 61
LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS
SCHEDULE OR PAGE
ACCT. NO. NO.
Description of Schedules and Accounts
RENTS Account 931 62
TAXES OTHER THAN INCOME Account 408 63-65
DONATIONS Account 426.1 66
OTHER DEDUCTIONS Account 426.5 67
NOTES TO STATEMENT OF INCOME Schedule XVIII 68
SCHEDULE OF TERMINATED CONTRACTS 69
SCHEDULE OF PROJECT VALUES 70
SCHEDULE OF ESTIMATED KILOWATTS SAVED 71
LISTING OF INSTRUCTIONAL FILING REQUIREMENTS
Description of Reports or Statements
PROJECT INCOME STATEMENT 72
ORGANIZATIONAL STRUCTURE 73-77
SIGNATURE CLAUSE 78
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31
CURRENT YEAR - 1995
ACCOUNT ASSETS AND OTHER DEBITS
COMPANY PROPERTY EUA EUA EUA
Cogenex Cogenex Nova
Consolidated Eliminations Corporation (Division)
<S> <C> <C> <C> <C>
COMPANY PROPERTY
121 Company Property (Schedule II) 71,392,964 55,234,904 1,307,137
107 Construction work in progress (Schedule II) 17,842,313 15,920,855 0
Total Property 89,235,277 0 71,155,759 1,307,137
122 Less accumulated provision for depreciation
and amortization company property (Schedule III) (28,075,830) (23,333,540) (966,772)
Net Company Property 61,159,447 0 47,822,219 340,365
INVESTMENTS
123 Investments in associated companies (Schedule IV) 44,414,138 16,612,662 61,026,800
124 Other Investments (Schedule IV) 48,251,335 43,137,166
Total Investments 92,665,473 16,612,662 104,163,966 0
CURRENT AND ACCRUED ASSETS
131 Cash (4,591) 412,320 (217,414)
134 Special Deposits 448,119 86,249 200
135 Working Funds 18,785 10,000 2,054
136 Temporary cash investments (Schedule IV) 0
141 Notes Receivable and Lease Receivable 17,678,994 6,445,502 23,612,308 95,766
143 Accounts Receivable (Schedule VI) 18,716,747 11,497,630 4,313,233
144 Accumulated provision for uncollectible
accounts (Schedule VII) (416,036) (318,155) (67,756)
146 Accounts receivable from associate companies
(Schedule V and VI) 24,661 4,002,106 3,485,478 360,276
152 Fuel stock expenses undistributed 0
154 Materials and Supplies 3,345,963 84,655 2,592,939
163 Store expense undistributed 0
165 Prepayments 1,116,442 1,068,888 12,429
171 Interest Receivable 682,477 675,959 6,518
174 Miscellaneous current and accrued assets (Schedule X) 104,479 80,982
Total Current and Accrued Assets 41,716,040 10,447,608 40,696,314 7,098,245
DEFERRED DEBITS
181 Unamortized debt expense 710,082 710,082
184 Clearing Accounts 0
186 Miscellaneous deferred debits (Schedule IX) 2,347,611 933,889 (51,586)
188 Research, development, or demonstration expenditures
(Schedule X) 0
Total Deferred Debits 3,057,693 0 1,643,971 (51,586)
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT 6,413,338 983,115
TOTAL ASSETS AND OTHER DEBITS 205,011,991 27,060,270 195,309,585 7,387,024
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31
CURRENT YEAR - 1995
ACCOUNT ASSETS AND OTHER DEBITS (CONTINUED)
COMPANY PROPERTY EUA EUA EUA EUA EUA
Day NEM Cogenex Citizens Highland
(Division) Inc Canada Corp. Corporation
<S> <C> <C> <C> <C> <C>
COMPANY PROPERTY
121 Company Property (Schedule II) 1,589,098 9,197,105 481,996 3,582,724
107 Construction work in progress (Schedule II) 234,268 0 765,665 921,525
Total Property 1,823,366 9,197,105 1,247,661 4,504,249
122 Less accumulated provision for depreciation
and amortization company property (Schedule III) (721,321) (2,663,053) (30,279) (390,865)
Net Company Property 1,102,045 6,564,052 1,217,382 4,113,384
INVESTMENTS
123 Investments in associated companies (Schedule IV)
124 Other Investments (Schedule IV) 4,112,495 1,001,674
Total Investments 0 0 4,112,495 0 1,001,674
CURRENT AND ACCRUED ASSETS
131 Cash (87,408) 993 (37,663) (24,198) (51,221)
134 Special Deposits 150,753 10,917 200,000
135 Working Funds 2,223 3,000 1,508
136 Temporary cash investments (Schedule IV)
141 Notes Receivable and Lease Receivable 47,601 225,058 143,763
143 Accounts Receivable (Schedule VI) 1,543,285 510,799 14,002 354,229 483,569
144 Accumulated provision for uncollectible accounts
(Schedule VII) (30,125)
146 Accounts receivable from associate companies
(Schedule V and VI) 161,534 2,814 16,665
152 Fuel stock expenses undistributed
154 Materials and Supplies 572,230 96,139
163 Store expense undistributed
165 Prepayments 4,880 23,570 229 6,446
171 Interest Receivable
174 Miscellaneous current and accrued assets 23,497
Total Current and Accrued Assets 2,388,470 511,792 224,967 346,991 896,869
DEFERRED DEBITS
181 Unamortized debt expense
184 Clearing Accounts
186 Miscellaneous deferred debits (Schedule IX) 1,360,250 77,852 27,206
188 Research, development, or demonstration
expenditures (Schedule X)
Total Deferred Debits 0 1,360,250 0 77,852 27,206
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT 4,330,547 1,099,676
TOTAL ASSETS AND OTHER DEBITS 3,490,515 12,766,641 4,337,462 1,642,225 7,138,809
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31
CURRENT YEAR - 1995
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL
EUA EUA EUA
Cogenex Cogenex Nova
Consolidated Elimination Corporation (Division)
PROPRIETARY CAPITAL
<S> <C> <C> <C> <C>
201 Common Stock Issued (Schedule XI) 100 1,400 100
204 Redeemable preferred stock of subsidiaries 75
211 Miscellaneous paid-in-capital (Schedule XI) 45,787,286 15,866,491 44,689,755
215 Appropriated retained earnings (Schedule XI) 0
216 Unappropriated retained earnings (Schedule XI) 6,796,889 744,771 4,943,244 2,118,076
Total Proprietary Capital 52,584,350 16,612,662 49,633,099 2,118,076
LONG-TERM DEBT
223 Advances from associate companies (Schedule XII) 0
224 Other long-term debt (Schedule XII) 112,500,000 112,500,000
225 Unamortized premium on long-term debt 0
226 Unamortized discount of long-term debt 0
Total Long-Term Debt 112,500,000 0 112,500,000 0
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt (Schedule XII) 6,700,000 6,700,000
231 Notes payable 14,366,231 9,564,000
232 Accounts payable 6,130,039 4,797,367 706,123
233 Notes payable to associate companies (Schedule XIII) 0 6,445,502 2,431,446
234 Accounts payable - associated companies (Schedule XIII) 644,654 2,356,083 1,161,985 625,333
236 Taxes accrued 122,224 14,334 35,764
237 Interest accrued 2,564,263 1,434,023 2,564,263 1,258,513
238 Dividends declared 0 212,000
241 Tax collections payable (Refund) 0
242 Miscellaneous current and accrued liabilities
(Schedule XIII) 6,803,826 6,637,254 32,180
Total Current and Accrued Liabilities 37,331,237 10,447,608 31,439,203 5,089,359
DEFERRED CREDITS
253 Other deferred credits 2,547,474 1,688,353 179,589
255 Accumulated deferred investment tax credits 0
Total Deferred Credits 2,547,474 0 1,688,353 179,589
282/283 ACCUMULATED DEFERRED INCOME TAXES 48,930 0 48,930 0
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 205,011,991 27,060,270 195,309,585 7,387,024
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31
CURRENT YEAR - 1995
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL (CONTINUED)
EUA EUA EUA EUA EUA
Day NEM Cogenex Citizens Highland
(Division) Inc Canada Corporation Corporation
PROPRIETARY CAPITAL
<S> <C> <C> <C> <C> <C>
201 Common Stock Issued (Schedule XI) 1,100 100 100 100
204 Redeemable preferred stock of subsidiaries 75
211 Miscellaneous paid-in-capital (Schedule XI) 1,097,532 11,502,050 (311) 4,364,751
215 Appropriated retained earnings (Schedule XI)
216 Unappropriated retained earnings (Schedule XI) (175,731) 437,533 96,142 (17,780) 140,176
Total Proprietary Capital 921,801 11,940,683 95,931 (17,605) 4,505,027
LONG-TERM DEBT
223 Advances from associate companies (Schedule XII)
224 Other long-term debt (Schedule XII)
225 Unamortized premium on long-term debt
226 Unamortized discount of long-term debt
Total Long-Term Debt 0 0 0 0 0
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt (Schedule XII)
231 Notes payable 4,177,644 560,763 63,824
232 Accounts payable 327,187 251,479 47,883
233 Notes payable to associate companies (Schedule XIII) 1,867,073 660,000 1,486,983
234 Accounts payable - associated companies
(Schedule XIII) 120,038 4,741 82,184 1,006,456
236 Taxes accrued 12,451 63,887 382 (4,594)
237 Interest accrued 175,510
238 Dividends declared 212,000
241 Tax collections payable (Refund)
242 Miscellaneous current and accrued liabilities
(Schedule XIII) 101,162 33,230
Total Current and Accrued Liabilities 2,502,259 216,741 4,241,531 1,655,970 2,633,782
DEFERRED CREDITS
253 Other deferred credits 66,455 609,217 0 3,860 0
255 Accumulated deferred investment tax credits
Total Deferred Credits 66,455 609,217 0 3,860 0
282/283 ACCUMULATED DEFERRED INCOME TAXES 0 0 0 0 0
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 3,490,515 12,766,641 4,337,462 1,642,225 7,138,809
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31
PRIOR YEAR - 1994
ACCOUNT ASSETS AND OTHER DEBITS
COMPANY PROPERTY EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM
Consolidated Elimination Corporation (Division) (Division) Inc
<S> <C> <C> <C> <C> <C> <C>
COMPANY PROPERTY
121 Company Property (Schedule II) 74,052,880 61,830,303 1,340,530 1,688,125 9,193,923
107 Construction work in progress (Schedule II) 12,686,280 12,686,281
Total Property 86,739,160 74,516,584 1,340,530 1,688,125 9,193,923
122 Less accumulated provision for depreciation
and amortization company property (Schedule III) (23,101,292) (19,531,173) (886,353) (663,050) (2,020,717)
Net Company Property 63,637,868 0 54,985,411 454,177 1,025,075 7,173,206
INVESTMENTS
123 Investments in associated companies (Schedule IV) 65,519,386 12,853,018 78,372,404
124 Other Investments (Schedule IV) 41,666,210 41,666,210
Total Investments 107,185,596 12,853,018 120,038,614 0 0 0
CURRENT AND ACCRUED ASSETS
131 Cash 1,401,241 1,043,806 17,676 47,481 292,277
134 Special Deposits 198,201 87,308 110,893
135 Working Funds 14,539 10,000 2,163 2,376
136 Temporary cash investments (Schedule IV) 0
141 Notes Receivable and Lease Receivable 10,034,901 5,123,073 15,142,442 15,532
143 Accounts Receivable (Schedule VI) 21,514,637 14,001,741 5,156,547 1,667,059 689,290
144 Accumulated provision for uncollectible accounts
(Schedule VII) (400,723) (209,831) (141,474) (49,418)
146 Accounts receivable from associate companies
(Schedule V and VI) 3,467 1,737,993 1,028,966 709,318 3,176
152 Fuel stock expenses undistributed 0
154 Materials and Supplies 3,635,534 280,288 3,042,962 312,284
163 Store expense undistributed 0
165 Prepayments 412,889 398,499 14,390
171 Interest Receivable 414,806 414,806
174 Miscellaneous current and accrued assets
(Schedule VIII) 104,842 85,232 19,610
Total Current and Accrued Assets 37,334,334 6,861,066 32,283,257 8,801,582 2,125,817 984,743
DEFERRED DEBITS
181 Unamortized debt expense 861,752 861,752
184 Clearing Accounts 0
186 Miscellaneous deferred debits (Schedule IX) 3,175,427 1,712,527 19,062 (726) 1,444,564
188 Research, development, or demonstration expenditures
(Schedule X) 0
Total Deferred Debits 4,037,179 0 2,574,279 19,062 (726) 1,444,564
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT 5,105,785 506,091 4,599,694
TOTAL ASSETS AND OTHER DEBITS 217,300,762 19,714,084 210,387,652 9,274,821 3,150,166 14,202,207
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31
PRIOR YEAR - 1994
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL
EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM
Consolidated Elimination Corporation (Division) (Division) Inc
PROPRIETARY CAPITAL
<S> <C> <C> <C> <C> <C> <C>
201 Common Stock Issued (Schedule XI) 100 1,100 100 1,100
204 Redeemable preferred stock of subsidiaries 0
211 Miscellaneous paid-in-capital (Schedule XI) 33,528,500 11,502,148 32,431,066 1,097,532 11,502,050
215 Appropriated retained earnings (Schedule XI) 0
216 Unappropriated retained earnings (Schedule XI) 14,701,306 1,349,770 12,000,124 2,783,391 6,492 1,261,069
Total Proprietary Capital 48,229,906 12,853,018 44,431,290 2,783,391 1,104,024 12,764,219
LONG-TERM DEBT
223 Advances from associate companies (Schedule XII) 0
224 Other long-term debt (Schedule XII) 119,200,000 119,200,000
225 Unamortized premium on long-term debt 0
226 Unamortized discount of long-term debt 0
Total Long-Term Debt 119,200,000 0 119,200,000 0 0 0
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt (Schedule XII) 800,000 800,000
231 Notes payable 23,421,000 23,421,000
232 Accounts payable 5,221,210 3,213,708 1,562,498 445,004
233 Notes payable to associate companies (Schedule XIII) 8,059,000 5,123,073 8,059,000 3,736,000 1,387,073
234 Accounts payable - associated companies
(Schedule XIII) 445,988 948,657 1,115,677 234,774 41,553 2,641
236 Taxes accrued 126,147 45,256 80,891
237 Interest accrued 2,652,165 789,336 2,653,574 707,898 80,029
238 Dividends declared 0
241 Tax collections payable (Refund)
242 Miscellaneous current and accrued liabilities
(Schedule XIII) 504,234 415,266 73,657 15,311
Total Current and Accrued Liabilities 41,229,744 6,861,066 39,723,481 6,395,718 1,968,970 2,641
DEFERRED CREDITS
253 Other deferred credits 2,201,999 1,177,581 95,712 77,172 851,534
255 Accumulated deferred investment tax credits 0
Total Deferred Credits 2,201,999 0 1,177,581 95,712 77,172 851,534
282/283 ACCUMULATED DEFERRED INCOME TAXES 6,439,113 5,855,300 583,813
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 217,300,762 19,714,084 210,387,652 9,274,821 3,150,166 14,202,207
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE II - COMPANY PROPERTY
DESCRIPTION BALANCE AT RETIREMENTS OTHER BALANCE
BEGINNING ADDITIONS OR SALES CHANGES AT CLOSE
OF YEAR OF YEAR
<S> <C> <C> <C> <C> <C>
COMPANY PROPERTY
ACCOUNT
121 LEASEHOLD IMPROVEMENTS:
EUA COGENEX 52,151 5,380 57,531
EUA DAY 67,401 5,428 72,829
EUA CITIZENS 0 3,490 3,490
EUA HIGHLAND 0 41,214 41,214
121 BUILDINGS:
EUA DAY 833,717 833,717
121 EQUIPMENT: 2/
EUA COGENEX 40,961,567 966,787 (5,581,455) (185,902)<F3> 36,160,997
EUA NOVA 429,907 1,663 431,570
EUA NEMI 8,663,633 8,663,633
EUA CITIZENS 0 374,305 374,305
EUA HIGHLAND 0 520,298 (110,671) 409,627
121 COMPUTER EQUIPMENT:
EUA COGENEX 955,079 567,280 (585,460) 936,899
EUA NOVA 0 17,228 17,228
EUA DAY 0 2,426 2,426
EUA NEMI 1,724 3,128 4,906
EUA CITIZENS 0 21,674 21,674
EUA HIGHLAND 0 240,887 240,887
121 OFFICE FURNITURE AND EQUIPMENT:
EUA COGENEX 509,980 47,192 (352,733) 204,439
EUA NOVA 505,561 65,683 (1,884) 569,360
EUA DAY 529,858 45,234 575,092
EUA NEMI 28,566 28,566
EUA CITIZENS 0 10,202 10,202
EUA HIGHLAND 0 42,814 42,814
121 AUTOMOBILES, OTHER VEHICLES
AND RELATED GARAGE EQUIPMENT:
EUA COGENEX 503,236 (35,861) (53,555) 413,820
EUA NOVA 337,660 6,850 (64,830) (63,530) <F2>
216,150
EUA DAY 170,688 7,175 177,863
301 ORGANIZATION:
EUA COGENEX 176,044 498,747 (120,757) 544,034
EUA HIGHLAND 0 7,622 7,622
302/303 MISCELLANEOUS PLANT AND
INTANGIBLE PLANT:
EUA COGENEX 15,089,747 1,851,887 (34,450)<F3> 16,907,184
EUA NEMI 500,000 500,000
EUA CITIZENS 0 72,325 72,325
EUA HIGHLAND 0 2,840,560 2,840,560
SUB-TOTAL 70,316,519 8,231,672 (6,871,345) (283,882) 71,392,964
107 CONSTRUCTION WORK IN
PROGRESS:
EUA COGENEX 16,268,779 24,191,808 (24,128,971) (410,761)<F3> 15,920,855
EUA DAY 153,662 80,406 234,268
EUA CITIZENS 0 1,501,187 (361,218) (374,304)<F1> 765,665
EUA HIGHLAND 0 1,463,371 (541,846) 921,525
TOTAL 86,739,160 35,468,444 (31,903,380) (1,068,947) 89,235,277
<FN>
<F1> PG&E TRANSFERS TO PLANT EQUIPMENT
<F2> YEAR END ADJUSTING ENTRIES
<F3> ASSET WRITE-OFFS
</FN>
</TABLE>
1/ PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL:
NO MATERIAL OTHER CHANGES EXCEPT TRANSFERS TO PLANT.
2/ SUBACCOUNTS ARE REQUIRED FOR EACH CLASS OF EQUIPMENT OWNED. THE SERVICE
COMPANY SHALL PROVIDE A LISTING BY SUBACCOUNT OF EQUIPMENT NET CHANGE
DURING THE YEAR AND THE BALANCE AT THE CLOSE OF THE YEAR:
SUBACCOUNT DESCRIPTION NET CHANGE BALANCE AT
CLOSE OF YEAR
(1) Utility Load Reduction Programs 1,407,014 30,491,098
(2) Energy Management Programs (77,237) 15,117,464
(3) Packaged Cogeneration (5,346,415) 0
(4) Energy Management Equipment 1,663 431,570
TOTAL (4,014,975) 46,040,132
3/ DESCRIBE OTHER COMPANY PROPERTY:
NONE
4/ DESCRIBE CONSTRUCTION WORK IN PROGRESS:
FOR A DESCRIPTION OF CONSTRUCTION WORK IN PROGRESS,
SEE "NOTES TO FINANCIAL STATEMENTS" ON PAGE 29
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE III
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF COMPANY PROPERTY
BALANCE AT RETIREMENTS OTHER BALANCE AT
DESCRIPTION BEGINNING OF YEAR ADDITIONS OR SALES CHANGES CLOSE OF YEAR
ACCOUNT
<S> <C> <C> <C> <C> <C>
111 ORGANIZATION:
EUA COGENEX 120,757 54,754 (120,757) 54,754
EUA HIGHLAND 0 6,850 6,850
111 MISCELLANEOUS IN-
TANGIBLE PLANT:
EUA COGENEX 2,321,707 1,339,667 (63,967) (C) 3,597,407
EUA DAY 186,000 186,000
EUA NEMI 91,663 99,996 191,659
EUA CITIZENS 0 4,817 4,817
EUA HIGHLAND 0 81,787 81,787
122 LEASEHOLD
IMPROVEMENTS:
EUA COGENEX 26,274 10,934 37,208
EUA DAY 40,694 13,754 54,448
EUA CITIZENS 0 407 407
EUA HIGHLAND 0 17,494 17,494
122 OFFICE FURNITURE AND
FIXTURES:
EUA COGENEX 380,501 71,813 (321,451) 130,863
EUA NOVA 298,812 70,217 (310) 368,719
EUA DAY 419,197 34,869 454,066
EUA NEMI 10,076 9,240 19,316
EUA CITIZENS 0 1,484 1,484
EUA HIGHLAND 0 8,540 8,540
122 COMPUTER
EQUIPMENT:
EUA COGENEX 445,552 257,203 (122,267) 580,488
EUA DAY 0 404 404
EUA NEMI 0 1,182 1,182
EUA CITIZENS 0 2,067 2,067
EUA HIGHLAND 0 122,883 122,883
122 EQUIPMENT:
EUA COGENEX 15,943,692 4,288,106 (1,425,039) (179,401) (D) 18,627,358
EUA DAY 68,056 47,341 215,397
EUA NEMI 1,918,978 501,918 2,420,896
EUA CITIZENS 0 21,503 21,503
EUA HIGHLAND 0 153,312 153,312
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE III
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF COMPANY PROPERTY (CONTINUED)
BALANCE AT RETIREMENTS OTHER BALANCE AT
DESCRIPTION BEGINNING OF YEAR ADDITIONS OR SALES CHANGES CLOSE OF YEAR
<S> <C> <C> <C> <C> <C>
122 AUTOMOBILES, OTHER
VEHICLES AND RELATED
GARAGE EQUIPMENT:
EUA COGENEX 292,689 24,791 12,018 305,462
EUA NOVA 192,791 (21,041) 41,277 (70,819)<F1> 142,208
EUA DAY 164,736 3,307 (4,400)<F2> 163,643
122 STRUCTURES AND
IMPROVEMENT
EUA DAY 79,117 24,091 103,208
TOTALS 23,101,292 7,253,690 1,960,565 (318,587) 28,075,830
<FN>
<F1> YEAR END ADJUSTMENTS
<F2> DEPRECIATION ADJUSTMENTS
<F3> MCCRORY SETTLEMENTS RECLASSES
<F4> ASSET WRITE-OFFS
</FN>
</TABLE>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE IV - INVESTMENTS
INSTRUCTIONS: Complete the following schedule concerning investments.
Under Account 124 "Other Investments", state each investment separately,
with description, including the name of issuing company, number of shares or
principal amount, etc.
Information required for this table has been filed under confidential
treatment request.
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE IV - INVESTMENTS -CONTINUED
INSTRUCTIONS: Complete the following schedule concerning investments. Under
Account 124 "Other Investments", state each investment separately, with
description, including the name of issuing company, number of shares
or principal amount, etc.
Information required for this table has been filed under confidential
treatment request.
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE IV - INVESTMENTS (Continued)
INSTRUCTIONS: Complete the following schedule concerning investments. Under
Account 124 "Other Investments", state each investment separately, with
description, including t he name of issuing company, number of shares or
principal amount, etc.
Information required for this table has been filed under confidential
treatment request.
SCHEDULE V - ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES
INSTRUCTIONS: Complete the following schedule listing accounts receivable.
DESCRIPTION
BALANCE AT BALANCE AT
BEGINNING CLOSE
OF YEAR OF YEAR
ACCOUNT 146 - ACCOUNTS RECEIVABLE
EUA Cogenex:
Eastern Utilities Associates 291 0
EUA Service Corporation 0 24,441
EUA Northeast Energy Management 0 220
291 24,661
EUA NEMI:
EUA Service Corp. 3,176 0
TOTAL 3,467 24,661
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE VI - ACCOUNTS RECEIVABLE AGING
INSTRUCTIONS: Complete the following schedule concerning the aging of
accounts receivable for Account 143 - Accounts Receivable and Account 146 -
Accounts Receivable from Associated Companies
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING OF YEAR END OF YEAR
Account 143 - Accounts Receivable
EUA Cogenex Corporation
0 - 30 Days 4,070,115 6,139,469
31 - 60 Days 1,604,251 198,259
62 - 90 Days 1,285,264 472,432
91 - over 7,042,111 4,633,470
14,001,741 11,497,630
EUA Nova Corporation
0 - 30 Days 1,308,708 1,014,725
31-60 Days 1,269,035 1,113,618
61-90 Days 1,058,173 825,730
91 - Over 1,520,631 1,359,160
5,156,547 4,313,233
EUA Day Corporation
0 - 30 Days 459,149 478,288
31-60 Days 369,604 153,895
61-90 Days 80,429 800,244
91 - Over 757,877 110,858
1,667,059 1,543,285
EUA NEMI Corporation
0 - 30 Days 230,610 252,744
31-60 Days 225,508 258,055
61-90 Days 233,163 0
91 - Over 0 0
689,290 510,799
EUA Citizens Corporation
0 - 30 Days 0 308,454
31-60 Days 0 20,775
61-90 Days 0 25,000
91 - Over 0 0
0 354,229
EUA Highland Corporation
0 - 30 Days 0 302,904
31 - 60 Days 0 70,200
61 - 90 Days 0 64,908
91 - Over 0 45,557
0 483,569
EUA Canada Corporation
0 - 30 Days 0 14,002
0 14,002
TOTAL ACCOUNT 143 -
ACCOUNTS RECEIVABLE 21,514,637 18,716,747
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING OF YEAR BEGINNING OF YEAR
Account 146 - Accounts Receivable
from associated companies
EUA Cogenex
0 - 30 Days 291 24,661
EUA NEMI
0 - 30 Days 3,176
Total 3,467 24,661
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE VII ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS
INSTRUCTIONS: Complete the following analysis of accumulated provision
for uncollectible accounts receivable.
CURRENT YEAR
DESCRIPTION BALANCE AT PROVISIONS WRITE-OFF BALANCE AT
BEGINNING OF CLOSE OF
YEAR YEAR
<S> <C> <C> <C> <C>
ACCOUNT 144 - PROVISION FOR UNCOLLECTIBLE
ACCOUNTS:
EUA Cogenex Corporation 209,831 210,000 (101,676) 318,155
EUA Nova 141,474 170,677 (244,394) 67,756
EUA Day 49,418 15,000 (34,293) 30,125
TOTAL 400,723 395,677 (380,363) 416,036
</TABLE>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE VIII
MISCELLANEOUS CURRENT AND ACCRUED ASSETS
INSTRUCTIONS: Provide detail of items in this account. Items less than
$10,000 may be grouped, showing the number of items in each group.
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING CLOSE
OF YEAR OF YEAR
ACCOUNT 174 - MISCELLANEOUS CURRENT
AND ACCRUED ASSETS
EUA Cogenex Corporation:
Executive Life Insurance 85,232 80,982
EUA Day Corporation:
Executive Life Insurance 19,610 23,497
TOTAL 104,842 104,479
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE IX - MISCELLANEOUS DEFERRED DEBITS
INSTRUCTIONS: Provide a detail of items in this account. Items less than
$10,000 may be grouped by class showing the number of items in each class.
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING OF YEAR CLOSE OF YEAR
ACCOUNT 186 - MISCELLANEOUS
DEFERRED DEBITS
EUA Cogenex:
Sycom 48,683 0
50/50 SEC Ruling 83,937 73,255
EUA WestCoast Reorganization 397,083 0
Measuring & Monitoring Advance 26,402 39,403
EUA Day - Interco A/P ADJ (DEC94) 22,074 7,102
Formation of Canadian Subsidiary 54,970 0
Thorson GMC Buick 43,606 0
EC&S I & II - Mwe Legal 36,121 0
Coumbia University 316,529 169,044
Rent 25,753 0
Open Work Authorizations 363,313 582,089
Sanwa 281,079 25,092
Miscellaneous (7) 12,977 25,672
Bankers Leasing 0 12,232
Sub Total 1,712,527 933,889
EUA Nova:
Misc. Reconciling Adjustments 19,062 (51,586)
EUA Day: (726) 0
EUA NEMI:
Deferred Royalties 1,444,564 1,360,250
EUA Citizens Corporation
Open Work Authorizations 0 77,852
EUA Highland Corporation:
Dalton Credit on Account 20,887
Miscellaneous (2) 0 6,319
Sub Total 27,206
TOTAL 3,175,427 2,347,611
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE XI - PROPRIETARY CAPITAL
ACCOUNT CLASS OF STOCK NUMBER OF PAR OR OUTSTANDING CLOSE OF PERIOD
NUMBER SHARES STATED VALUE
AUTHORIZED PER SHARE NO. OF SHARES TOTAL AMOUNT
<S> <C> <C> <C> <C> <C>
201 COMMON STOCK ISSUED 1,000 $0.10 1,000 $100.00
INSTRUCTIONS: Classify amounts in each account with brief explanation,
disclosing the general nature of transactions which give rise to the reported
amounts.
</TABLE>
DESCRIPTION AMOUNT
ACCOUNT 211 - MISCELLANEOUS PAID-IN CAPITAL 45,787,286
ACCOUNT 215 - APPROPRIATED RETAINED EARNINGS
TOTAL 45,787,286
(1) See Schedule XIV Notes to Financial Statements, Page 29
INSTRUCTIONS: Give particulars concerning net income or (loss) during the
year, distinguishing between compensation for the use of capital owed or net
loss remaining from servicing non-associate per the General Instructions
of the Uniform System of Accounts. For dividends paid during the year in cash
or otherwise, provide rate percentage, amount of dividend, date declared
and date paid.
<TABLE>
<CAPTION>
DESCRIPTION BALANCE AT
BEGINNING NET INCOME DIVIDENDS BALANCE AT
OF YEAR OR (LOSS) PAID CLOSE OF YEAR
<S> <C> <C> <C> <C>
ACCOUNT 216 - UNAPPROPRIATED
RETAINED EARNINGS 14,701,306 2,822,090 <F1> 6,796,889
(10,726,507)<F2>
TOTAL 14,701,306 (7,904,417) 6,796,889
<FN>
<F1> Income from Continuing Operations
<F2> Loss from Discontinued Operations
</FN>
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
Schedule XII - LONG-TERM DEBT
INSTRUCTIONS: Advances from associate companies should be reported separately
for advances on notes, and advances on open account. Names of associate
companies from which advances were received shall be shown under the class and
series of obligation column. For Account 224 - Other long-term debt provide
the name of creditor company or organization, terms of obligation, date of
maturity, interest rate, and the amount authorized and outstanding.
BALANCE AT BALANCE AT
NAME OF CREDITOR TERMS OF OBLIG CLASS & DATE OF INT. AMOUNT BEGINNING 1/DEDUC- CLOSE
SERIES OF OBLIGATION MATURITY RATE AUTHORIZED OF YEAR ADDITION TIONS OF YEAR
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ACCOUNT 223 -
ADVANCES
FROM PARENT
AND ASSOCIATE
COMPANIES
ACCOUNT 224 - Unsecured Notes to Prudential
OTHER LONG - Ins. Co. of America & PRUCO
TERM DEBT: Life Ins. Co. 09/03/97 7.22% 15,000,000 15,000,000 15,000,000
Unsecured Notes to Prudential
Ins. Co. of America & PRUCO
Life Ins. Co. 10/30/01 9.6% 20,000,000 19,200,000 3,200,000 16,000,000
Unsecured Notes to Prudential
Ins. Co. of America 06/30/05 10.56% 35,000,000 35,000,000 3,500,000 31,500,000
Unsecured Notes to qualified
institutional buyers under
Rule 144A of the 1993 Act 09/15/00 7.0% 50,000,000 50,000,000 50,000,000
TOTAL 120,000,000 119,200,000 6,700,000 112,500,000
1/GIVE AN EXPLANATION OF DEDUCTIONS
Current Maturities
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE XIII-CURRENT AND ACCRUED LIABILITIES
INSTRUCTIONS: Provide balance of notes and accounts payable to each associate
company. Give description and amount of miscellaneous current and accrued
liabilities. Items less than $10,000 may be grouped, showing the number of
items in each group.
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING OF YEAR CLOSE OF YEAR
<S> <C> <C>
ACCOUNT 233 - NOTES PAYABLE TO ASSOCIATE COMPANIES
Eastern Utilities Associates 8,059,000 0
TOTAL 8,059,000 0
ACCOUNT 234 - ACCOUNTS PAYABLE TO ASSOCIATE COMPANIES:
Eastern Utilities 8,059,000 0
8,059,000 0
EUA Cogenex Corp
Eastern Utilities Associates 52,112 195,000
EUA Service Corporation 354,084 425,697
Eastern Edison Company 63 0
EUA Canada 100 0
406,359 620,697
EUA Nova
EUA Service Corp. 36,701 16,338
EUA Day.
EUA Service Corp 2,928 4,576
NEMI
EUA Service Corp 0 86
EUA Citizens
EUA Service Corp 0 1,045
EUA Highland
EUA Service Corp 0 1,912
TOTAL 445,988 644,654
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE XIII-CURRENT AND ACCRUED LIABILITIES -(Continued)
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING CLOSE
<S> <C> <C>
ACCOUNT 242 - MISCELLANEOUS CURRENT AND ACCRUED LIABILITIES
EUA Cogenex Corp.
Miscellaneous (14) (16,766) (13,230)
Commitment Fee 9,678 18,277
Retainage Liability 322,665 356,890
Reserve for Cogen Disp 0 5,787,892
Accrued Liability (HTI PRJS) 77,032 84,454
Accrued Liability (VA Hosp.) 22,657 22,657
Accrued Liability (BECo PRJS) 0 380,314
415,266 6,637,254
EUA Day
Lease obligation (AT&T System) 11,597 0
Miscellaneous (1) 3,714 0
15,311 0
EUA Nova
Trade Financing 74,697 11,403
Incentive Strategies 0 21,045
Miscellaneous (3) (1,040) (268)
73,657 32,180
EUA Highland
Accrued Vacations 0 26,521
Miscellaneous (4) 0 6,709
0 33,230
EUA Citizens
Retainer Construction Contracts 0 38,252
Accrued Maintenance Fees 0 62,819
Miscellaneous (2) 0 91
101,162
TOTAL 504,234 6,803,826
</TABLE>
ANNUAL REPORT OF EUA Cogenex Corporation
For the Year Ended December 31, 1995
SCHEDULE XIII-CURRENT AND ACCRUED LIABILITIES -(Continued)
INSTRUCTION: Provide balance of notes and accounts payable to each associate
company. Give description and amount of miscellaneous current and accrued
liabilities. Items less than $10,000 may be grouped, showing the number of
items in each group.
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING CLOSE
OF YEAR OF YEAR
ACCOUNT 224 - CURRENT MATURITIES OF LT DEBT
Prudential Ins. Co. Due 10/30/01 @ 9.6% 800,000 3,200,000
Prudential Ins. Co. Due 6/30/05 @ 10.56%
0 3,500,000
TOTAL 800,000 6,700,000
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
A. General
EUA Cogenex Corporation (the Company) is an energy services company that
employs energy efficient technology and equipment intended to reduce the energy
consumption and costs of its customers. Such technology and equipment include
building automation systems, lighting modifications, boiler and chiller
replacements and other mechanical measures such as motors and drives. The
Company may design, install, own, operate, maintain, and finance specific
energy efficient applications for its customers.
The Company is compensated for these services primarily through energy services
agreements in which the Company and the customer who occupies or owns a
facility agree upon a prescribed base year and a set of savings calculations.
The Company then receives payments based on a portion of the savings that
result from the installation and maintenance of the energy efficient equipment
in the facility. Some of the Company's revenues under these agreements are
dependent upon the actual achievement of energy savings; therefore, the Company
assesses the financial and technical risk of each customer and project.
In addition, the Company participates in demand side management (DSM) programs
sponsored by electric utilities as a means to decrease both base load and peak
demand on the utilities' systems. In utility DSM programs, the Company
contracts with the utility and its commercial and industrial customers in
order to decrease the overall demand on the utility system or to reduce peak
demand, curtailing the need for costly capacity additions. The Company is paid
by the utility based on the reduction i n the demand on the utility's system
and may also receive a portion of the customers' savings by entering into
energy services agreements of the type described above with those customers.
The Company contracts for utility DSM programs through a bidding process or
participates in the utility's "Standard Offer Program". The Company also may,
from time to time, acquire existing DSM contracts or energy services
agreements, or the benefits from those contracts from other energy services
companies.
The Company's principal markets include institutional, commercial, industrial
and government entities, and through its EUA Citizens Services subsidiary,
public and private multi-family housing.
The rates charged by the Company to customers through its Energy Service
Agreements are not subject to the jurisdiction of any regulatory agency.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
The Company is a wholly-owned subsidiary of Eastern Utilities Associates (EUA),
a registered public utility holding company. In addition to its investment in
the Company, EUA has interests in retail and wholesale utility companies
operating in the New England region, a service corporation and two other non-
utility companies. As a subsidiary of EUA, the accounting policies and
practices of the Company are subject to review by the Securities and Exchange
Commission (SEC) under the Public Utility Holding Company Act of 1935. The
Company is regulated by the SEC in matters related to its own debt financings
and asset acquisitions. On February 15, 1995, the SEC issued an order lifting
its previous requirement that the Company earn more than 5 0% of its revenues
in the New England and New York area. There are no current geographic
restrictions on the Company's operations.
B. Summary of Significant Accounting Policies
Equity Investment
The financial statements reflect the Company's investment in five partnership
entities under the equity method of accounting. These amounts are shown on the
Company's balance sheet at December 31, 1995 and 1994 as investments in
associated companies.
Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets a nd liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Reclassification
Certain prior period amounts on the consolidated financial statements have been
reclassified to conform with the current presentation.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
Transactions with Affiliates
Transactions between the Company and other EUA affiliated companies include the
following: for accounting and other administrative services rendered by EUA
Service Corporation, the Company incurred costs of approximately $1,265,000 in
1995 and $1,271,000 in 1994 and paid office rental expense of approximately
$16,200 and $14,600, respectively to Eastern Edison Company.
Revenues
Revenues and contract expenses are based on the financial arrangements
established by each individual contract. Revenue recognition is determined as
follows:
Paid from Savings Contracts
Under paid from savings contracts, the Company receives payments from customers
as energy savings are calculated and verified on a regular basis over a fixed
contract term. Revenue is recognized as such savings are realized by
customers. Construction and installation costs are capitalized and then
amortized as contract expenses on a straight line basis over the applicable
contract term. Losses on contracts are fully recognized in the period that
they become estimable.
Energy Savings Project Sales and Sales-Type Leases
Revenue from the sale of energy savings projects and sales-type leases are
recognized when the sales are complete. Interest on the financing portion of
the contracts is recognized as earned at rates established at the outset of the
financing arrangement. All construction and installation costs are recognized
as contract expenses when the contract revenues are recorded.
Installation and Fabrication of Energy Savings Equipment
Revenue from the installation and fabrication of energy savings equipment is
recognized when the sale and/or installation is complete. All installation and
fabrication costs are recognized as the projects are completed and/or sold.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
Interest Income
Interest income from notes and leases receivable are recorded on the accrual
basis over the term of the agreements.
Inventories
Inventories represent finished goods and raw material utilized in the
fabrication of lighting retrofit kits by EUA NOVA and purchased computerized
building heating and air conditioning automation controls of EUA Day, both are
divisions of the Company. Inventories are stated at lower of cost (first-in,
first-out) or market.
Property, Plant and Equipment
Property, plant and equipment and projects in progress, which are stated at
cost, are comprised of project energy management, demand reduction equipment,
office furniture and equipment, computer equipment, real property, and
vehicles.
The components of cost include contracted work, direct labor and material,
direct and indirect overheads and interest capitalized during construction.
For financial statement purposes, depreciation on office furniture and
equipment and other depreciable assets is computed on the straight-line method
based on estimated useful lives ranging from five to forty years.
Project equipment is depreciated on the straight line method over the term of
the applicable contracts, or based on the estimated useful lives, whichever is
shorter. The depreciation terms range from five to fifteen years. Total
depreciation expense amounted to $ 4.5 million and $ 5.4 million in 1995 and
1994, respectively.
Energy savings projects in progress represents the cost of such projects, as
well as, in some cases, advances to contractors that can be satisfied by the
contractor delivering to the Company the energy savings agreement
collateralized by the equipment and the right to the revenues generated
therefrom. Ultimately the projects are either capitalized as property, plant
and equipment or charged to cost of sales depending on the terms of the
arrangement with the customer.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
Federal Income Taxes
The general policy of the Company with respect to accounting for federal income
taxes is to reflect in income the estimated amount of taxes currently payable,
as determined from the consolidated tax return on an allocated basis, and to
provide for deferred taxes on certain items subject to temporary differences.
Cash and Cash Equivalents
The Company considers all highly liquid investments with a maturity of three
months or less, when acquired, to be cash equivalents.
New Accounting Standard
In March 1995, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standard No. 121 "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed of" (FAS 121),
effective for fiscal year 1996. FAS 121 requires an entity to review long-
lived assets and certain identifiable intangibles to be held and used for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. The Company reviews
certain long-lived assets on an annual basis to insure that estimated future
cash inflows are sufficient to meet the asset's carrying value. Therefore,
Management does not expect that the adoption of this standard will have a
material effect on the Company's financial position or results of operations.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
C. Discontinued Operations
September 1995, the Company announced that it was discontinuing its
cogeneration operations because, overall, the cogeneration portfolio had
not performed up to expectations. The Company's total net investment in
its cogeneration portfolio was $29.6 million and substantially all of the
net operating assets were sold on October 1, 1995 for approximately $11.5
million. The decision to discontinue its cogeneration operations resulted
in a estimated after-tax charge of approximately $10.5 million for 1995.
D. Acquisitions
On March 1, 1995, the Company acquired certain energy services assets of
Citizens Conservation Corporation of Boston, Massachusetts in exchange for
preferred stock (see Note L "Preferred Stock") of a newly formed subsidiary
of the Company, Citizens, which will utilize those assets. The largest
assets the Company obtained with the Citizens Conservation acquisition are
contracts with various public and private housing authorities.
The Company also acquired on May 1, 1995, Highland Energy Group, an energy
services company in Boulder, Colorado in exchange for $4.2 million of EUA
common shares (176,258 shares). Highland provides energy conservation
services in Colorado, Texas, Ohio, North Carolina and certain other
midwestern states.
Both the Citizens and Highland acquisitions were accounted for using the
purchase method of accounting. Also, the Highland acquisition resulted in
the recognition of goodwill of approximately $2.8 million and is being
amortized over 15 years.
On January 31, 1994, the Company completed the acquisition of Northeast
Energy Management, Inc. (NEM) of Brunswick, Maine, in exchange for $12.2
million of EUA Common Shares (464,579 shares) plus the payment of
outstanding contingent liabilities of NEM of approximately $8.1 million.
NEM is an energy services and demand side management contracting company and
is operating as a wholly-owned subsidiary of the Company. This acquisition
has been accounted for using the pooling method of accounting. The
consolidated statement of income includes the net income of NEM prior to the
merger of $133,000 for 1994.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
The results of operations of NEM for 1994 prior to its acquisition were
immaterial and, therefore, are not shown separately.
In connection with NEM's acquisition, the Company incurred costs and expenses
of approximately $157,000 during 1994. Accordingly these costs and expenses
have been charged against operations when incurred.
In 1994, the Company organized a wholly-owned Canadian subsidiary to engage in
the energy services business in the Canadian marketplace. At December 31,
1995, the Company has invested approximately $6.5 million in Canadian projects.
E. Income Taxes
The Company adopted FASB Statement No. 109, "Accounting for Income Taxes"
(FAS 109) which requires recognition of deferred income taxes for temporary
differences that are reported in different years for financial reporting and
tax purposes using the liability method. Under the liability method,
deferred tax liabilities or assets are computed using the tax rates that
will be in effect when temporary differences reverse.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
At December 31, 1995 and 1994, total deferred tax assets for which no valuation
allowance was deemed necessary were $8.6 million and $5.6 million, respectively
and total deferred tax liabilities were $2.2 million and $7.0 million,
respectively. Total deferred tax assets and liabilities are comprised as
follows (in thousands):
Deferred Tax Deferred Tax
Assets Liabilities
1995 1994 1995 1994
Provision for Step Plant Related
Up Tax Basis - NEM $4,281 $4,574 Differences $2,072 $6,303
Net operating losses Post-Retirement
carry forward 1,400 Benefits 70 41
Reserve for Royalties 584
cogeneration losses 1,615 Other 92 53
Alternative
Minimum Tax 177 177
Bad Debts 53 162
Pension 735 517
Other 337 218
Total $8,598 $5,648 $2,234 $6,981
The Company's share of the consolidated group's alternative minimum tax credits
is approximately $177,000 which can be used to reduce future tax liability and
has no expiration.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
Components of income tax expense from continuing operations for the years
1995 and 1994 are as follows:
In Thousands 1995 1994
US Federal:
Current $1,710 $ 25
Deferred (126) 2,346
1,584 2,371
Foreign:
Current 64
State:
Current 555 192
Deferred (434) 679
121 871
Provision for income taxes $1,769 $ 3,242
Total income tax expense from continuing operations was different than the
amounts computed by applying federal income tax statutory rates to book income
subject to tax for the following reasons:
In Thousands 1995 1994
Federal income tax computed
at statutory rates $1,606 $ 2,667
Increases (decreases) in tax from:
State taxes, net of federal
income tax benefit 79 566
Other 84 9
Provision for income taxes on
continuing operations $1,769 $ 3,242
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
F. Notes Receivable
The Company has entered into arrangements with contractors and/or host
customers to finance the installation of energy savings project equipment at
the customer's premises. Upon completion of the construction, these contracts
are reflected as notes receivables on the Company's financial statements.
Interest income is accrued on these contracts based on the stated or implicit
interest rate within each contract ranging from 8.0% to 18.0%. The term of
the contracts range in maturity from one year to ten years.
G. Net Investment in Sales-Type Leases
The Company leases equipment to customers under sales-type leases. As sales-
type leases, the lease payments to be received over the term of the lease are
recorded as a receivable at the inception of the lease. Finance income
attributable to the lease contracts is recognized as income under the
interest method over the term of the lease.
The components of the net investment in sales-type leases are as
follows (in thousands):
1995 1994
Minimum lease payments receivable $22,403 $ 11,167
Less: Unearned interest 6,934 3,251
Current portion 1,484 1,787
Net investment in sales-type leases $13,985 $ 6,129
Future minimum lease payments due under sales-type leases at December 31, 1994
are as follows (in thousands):
1996 $ 3,411
1997 3,374
1998 3,253
1999 2,879
2000 and thereafter 13,402
H. Contract Rights
Contract rights represent the cost of the Company's acquisition of a
collateralized financial interest in certain customer contracts which provide
the Company with energy savings payments. The cost of the contract rights are
being amortized on a straight line basis over the lives of the various
contracts which range from 5 years to 15 years.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
I. Long-Term Debt (in thousands)
1995 1994
Unsecured Notes Payable:
10.56% series due June 30, 2005 $35,000 35,000
Interest only payable through
June 30, 1996. A 10% sinking fund
replacement is due annually
beginning June 30, 1996
This debt is unconditionally
guaranteed by EUA.
9.60% series due October 31, 2001 19,200 20,000
Interest only payable through
October 31, 1995. A sinking fund
replacement of $800 per quarter is
due beginning on October 31, 1995 and
thereafter until the debt is paid in
full.
7.22% series due September 30, 1997 15,000 15,000
Interest only payable through
September 30, 1997 with a final
payment of the entire note due
at that time.
7.0% series due September 15, 2000 50,000 50,000
Interest only payable through
September 15, 2000 with a final
payment of the entire note
due at that time.
Total 119,200 120,000
Less Current Maturities 6,700 800
$112,500 $119,200
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
Scheduled maturities of long-term debt for the five years following 1995 are as
follow (in thousands):
1996 $ 6,700
1997 21,700
1998 6,700
1999 6,700
2000 56,700
The Company is subject to certain covenants within the agreements relating to
its long term notes. The most restrictive of these covenants require the
Company to maintain a ratio of income before taxes plus fixed charges to fixed
charges of at least 1.10 to 1 and a common equity to capitalization ratio (as
defined in the agreements) of at least 20% through June 30, 1995 and not less
than 30% for any two successive quarters thereafter. The Company was in
compliance with these provisions at December 31, 1995.
In addition, in connection with the Company's 7.22% and 9.6% unsecured notes,
EUA is required to maintain an equity to total debt ratio of at least 20%
through June 30, 1995 and 30% thereafter. EUA was in compliance with this
provision at December 31, 1995.
J. Notes Payable - Lines of Credit
The EUA System companies, which includes the Company, maintain short-term lines
of credit with various banks aggregating approximately $150 million of which
$130 million is available to the Company. At December 31, 1995, unused short-
term lines of credit amounted to $111 million. These credit lines are
available to other EUA System companies under joint credit line arrangements.
In accordance with informal agreements with the various banks, commitment fees
are required to maintain the certain lines of credit. At December 31, 1995 and
1994, the Company had approximately $14.4 million and $23.4 million,
respectively in borrowings outstanding under these arrangements at weighted
average interest rates of 6.2% and 4.6%, respectively. In addition, the
Company had $8.1 million in borrowings from EUA at December 31, 1994.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
K. Fair Value of Financial Instruments
The following methods were used to estimate the fair value of each class of
financial instruments for which it is practicable to estimate.
Cash and Cash Equivalents: The carrying amount approximates fair value because
of the short-term maturity of those instruments.
Net Investment In Sales-Type Leases and Long-Term Notes Receivable: The fair
value of the Company's net investment in sales-type leases and long-term notes
receivables was based on market rates of similar receivables.
Long-Term Debt: The fair value of the Company's long-term debt was based on
quoted market prices for similar securities.
The estimated fair value of the Company's financial instruments at December 31,
1995 are as follows (dollars in thousands):
Carrying Fair
Amount Value
Cash and Cash Equivalents $ 1,401 $ 1,401
Notes Receivable and Net Investment
in Sales-Type Leases $ 47,363 $ 49,148
Long-Term Debt $ 119,200 $128,301
(including current maturities)
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
L. Preferred Stock
In connection with the acquisition of Citizens, (See Note D "Acquisitions"),
the Company issued 7,500 shares of Citizens' Non-Participating Preferred Stock,
par value of $0.01. The Preferred Stock is non-redeemable until January 1,
2002 or upon the seventh anniversary of the execution of the definitive
agreement. After such date, the Preferred Stock may be redeemed at the
Company's sole discretion at a redemption price of $100 per share plus accrued
dividends. Dividends are non-cumulative and are contingent upon Citizen's
results of operations. The annual dividend rate is equal to 33% of the net
income of Citizens divided by 7,500 shares.
M. Joint Ventures
In 1995, the Company announced the formation of two joint ventures with
affiliates of the Allegheny Power System and Western Resources, Inc. to provide
energy services in and around the geographic regions of those companies. These
alliances are designed to provide the Company with a significant presence in
states where it historically has done little or no business and provide
customers of these utilities an immediate and comprehensive selection of
integrated energy services. In early 1996, the Company announced a proposed
joint venture with Monenco-Agra of Canada to provide similar services in
Canada. This proposal is currently awaiting regulatory approval.
N. Commitments and Contingencies
Pension
The Company participates with other EUA System companies in non-contributory
defined benefit pension plans covering substantially all of their employees.
Retirement plan benefits are based on years of service and average compensation
over the four y ears prior to retirement. It is the EUA System's policy to
fund the retirement plan on a current basis in amounts determined to meet the
funding standards established by the Employee Retirement Income Security Act of
1974.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
Net pension expense for the retirement plan in 1995 and in 1994 included the
following components (in thousands):
1995 1994
Service cost-benefits earned
during the period $ 272 $ 377
Interest cost on projected
benefit obligation 170 301
Actual return on assets (213) 26
Net amortization and deferrals 170 (206)
Net periodic pension
expense $ 399 $ 498
The funded status of the plan cannot be presented separately for the Company
as it participates in the plan with other subsidiaries of EUA.
The weighted average discount rate and rate of increase in future compensation
levels used in determining the actual present value of accumulated benefit
obligations in 1995 and 1994 were 8.25% and 7.25% and 4.75 % and 4.75%,
respectively. The expected long-term rate of return on plan assets was 9.50%
in 1995 and 1994, respectively.
The discount rate used to determine pension costs was changed effective January
1, 1996, to 7.25% and was used to calculate the plan's financial status at
December 31, 1995.
The EUA System also maintains non-qualified supplemental retirement plans for
certain officers. EUA maintains life insurance on certain participants of the
supplemental plans to fund in whole, or in part, its future liabilities under
the supplemental plans. For the years ended December 31, 1995 and 1994
expenses related to the supplemental plan were approximately $106,000 and
$41,200, respectively.
Post Retirement Benefits Other than Pension
Certain retired employees are entitled to participate in health care and life
insurance benefit plans. Health care benefits are subject to deductibles and
other limitations. Health care and life insurance benefits are partially
funded by the Company for all qualified employees.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
FAS106 "Accounting for Post-Retirement Benefits Other Than Pensions",
establishes accounting and reporting standards for such post-retirement
benefits as health care and life insurance. FAS106 further requires the
accrual of the cost of such benefit s during an employee's years of service and
the recognition of the actuarially determined total post-retirement benefit
obligations (Transition Obligation) earned by existing employees and retirees.
The Company has elected to recognize the Transition Obligation over a period
of twenty years as permitted by FAS106. The resultant annual expense,
including amortization of the Transition Obligation and net of capitalized
amounts was approximately $75,000 in 1995 and $162,000 in 1994.
EUA Cogenex Corporation
Notes to Financial Statements
For The Years December 31, 1995 and 1994
The total cost of post-retirement benefits other than pension for 1995 and 1994
includes the following components (in thousands):
1995 1994
Service cost $ 99 $ 150
Interest cost 65 78
Actual return of plan assets (28) (7)
Amortization of transition obligation 37 43
Other amortizations and deferrals-net (6)
Total post-retirement benefit cost $ 174 $ 258
Assumptions:
Discount rate 8.25% 7.25%
Health care cost trend rate - near-term 11.0% 13.0%
- long-term 5.0% 5.0%
Salary increase rate 4.75% 4.75%
Rate of return on plan assets - non-union 5.50% 5.50%
Reconciliation of funded status:
Accumulated post-retirement benefit obligation (APBO):
Retirees $ (151) $ (136)
Active employees fully eligible for benefits
Other active employees (488) (440)
Total (639) (576)
Fair value of assets, primarily notes and bonds 346 257
Unrecognized transition obligation 401 462
Unrecognized net loss (gain) (296) (270)
(Accrued) post-retirement benefit cost $ (188) $ (127)
The discount rate and salary increase discount rate used to determine post-
retirement benefit costs was changed effective January 1, 1996 to 7.25% and
4.25% and was used to calculate the funded status of post-retirement benefits
at December 31, 1995.
Cogenex Corporation
Notes to Financial Statements
for The Years December 31, 1995 and 1994
Increasing the assumed health care cost trend rate by 1% each year would
increase the total post-retirement benefit cost for 1995 by approximately
$32,400 and increase the total accumulated post-retirement benefit obligation
by approximately $84,600.
The Company has also established an irrevocable external Voluntary Employee
Benefit Association Trust Fund. Contributions to the fund commenced in March
1993 and totaled approximately $75,000 and $94,000 during 1995 and 1994,
respectively.
Operating Leases
The Company conducts its operations in leased facilities under certain non-
cancellable operating lease arrangements which expire through 2002. In
addition, the Company maintains a master operating lease for certain office
equipment and automobiles. Future minimum payments under these leases are as
follows (in thousands):
1996 $1,159
1997 1,065
1998 676
1999 401
2000 and thereafter 693
$3,994
Total rent expense under the operating leases was $851,570 and $601,500
in 1995 and 1994, respectively.
Letters of Credit and Performance Bonds
The Company is required under certain contracts with various government
entities and utility companies to maintain either a letter of credit or a
performance bond to collateralize performance under the contract. These
contingent obligations will only be drawn by the customer if the Company
fails to perform under the construction contract. Upon performance, the
customer would be obligated to pay the Company the full amount under the
respective energy savings agreement. The total amount of outstanding
letters of credit and performance bonds as of December 31, 1995 was
approximately $5.5 million and $3.7 million, respectively, and as of December
31, 1994 were approximately $1.7 million and $6.7 million, respectively.
As of December 31, 1995, management is not aware of any potential drawings
under the letters of credit or claims made to the surety under the
performance bonds.
EUA Cogenex Corporation
Notes to Financial Statements
for The Years December 31, 1995 and 1994
Sale of Receivables
The Company sold, without recourse, notes receivable under agreements with
several financial institutions, the net cumulative proceeds of which total
approximately $11.9 million and $3.9 million during 1995 and 1994,
respectively.
These agreements contain a primary recourse provision that the Company may be
required to repurchase the contract if the payments under the contract are not
made as a result of non-realization of expected savings. In management's
opinion, the likelihood of such an event is remote.
Litigation
The Company, through its EUA WestCoast (WestCoast) L.P., had under development
a cogeneration facility of approximately 1.5 megawatts. The cogeneration
facility experienced numerous start-up delays and cost overruns. The host of
the facility has taken the position that the energy services agreement
between WestCoast and itself is terminated due to, among other things, failure
to complete the project. WestCoast disagrees with the host's right to
terminate, but has decided not to contest the host's purported termination.
In June 1993, WestCoast filed a lawsuit against the contractors responsible
for the design and construction of the facility, as well as the surety which
issued a performance bond guaranteeing construction. Certain defendants in
that action have file d cross-complaints against WestCoast and the Company,
seeking, among other things, approximately $300,000 for payments withheld by
WestCoast due to the contractor's deficient performance, contribution and
indemnity. A contractor has also filed a cross-complaint against the host.
Additionally, the host has filed a cross-complaint against the Company and
the other parties in the litigation, seeking approximately $7 million in
damages arising principally from lost economic advantage. WestCoast filed
its own cross-complaint against the host affirmatively seeking damages.
WestCoast has secured defense from insurance carriers for the claims made
by the host.
EUA Cogenex Corporation
Notes to Financial Statements
for The Years December 31, 1995 and 1994
The Company intends to vigorously prosecute its claims against the contractors,
surety and host, and defend itself against any cross-complaints. The Company
cannot predict the ultimate resolution of this matter. As a result of the
Company's decision to discontinue cogeneration operations effective as of July
1, 1995, the Company has recorded a reserve for loss on discontinued operations
for its total investment in this project which is included in the one-time
after-tax charge to earnings of approximately $10.5 million.
The Company has recently been notified of a lawsuit brought on by a host
customer against the Company and its insurance carriers. The basis of the
lawsuit originated from a previous suit brought on by an employee of a
subcontractor who worked at the host's facility against the Company and
several other parties. The individual sued for personal injuries sustained as
a result of a work related injury. The Company has forwarded this complaint to
its insurance carriers. In the opinion of management, it is not likely that
the Company will incur a loss resulting form this lawsuit.
Other
Under the terms of the Plan of Reorganization and Agreement of Merger between
the Company and the shareholders of Highland Energy Group, the seller has the
opportunity to receive additional EUA Common Shares based upon Highland's
financial performance over a three year period from the initial closing. The
contingent earn-out amount, if any, is based upon an agreed-to formula between
the Company and the seller. The maximum additional earn-out shall not exceed
$3.8 million over the three year period ending April 30, 1998 and will be
accounted for as an addition to the purchase price.
The Company has recently applied for authorization from the SEC to expand the
services it currently provides to include services relating to furnishing and
conserving water for the types of customers to whom it has historically
furnished energy related services. The water conservation services that the
Company anticipates providing may range from domestic applications such as
toilet replacements and retrofits, shower head replacements and aerators, to
commercial and industrial water treatment applications such as water
reclamation, purification and reuse, heating, cooling and refrigeration, and
waste water filtration systems.
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CURRENT YEAR - 1995
ACCOUNT DESCRIPTION EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM
Consolidated Elimin. Corporation (Division) (Division) Inc
<S> <C> <C> <C> <C> <C> <C>
INCOME
415 Sales Revenue 20,971,027 14,606,786 6,364,241
417 Project Revenues 41,841,062 36,102,574 3,385,557
417 Consulting Revenues 1,419,448
418 Equity in Earnings (7,252,959) 2,095,001 (5,157,958)
419 Interest Income and Finance Fees 9,958,084 707,762 10,309,183 11,347
723
421/450 Miscellaneous Income 632,625 525,902 79,533
Total Income 67,569,287 2,802,763 41,779,701 14,697,666 6,364,241 3,386,280
EXPENSE
904 Uncollectible accounts 397,719 211,599 170,000 16,120
910 Miscellaneous Cust Serv & Info expense 0
912 Demonstrating and selling expense 193,103 123,099 39,307 25,423
913 Advertising expense-merchandising 130,477 96,042 34,435
920 Salaries and wages 6,151,643 2,770,331 2,042,956 876,234 6,392
921 Office supplies and expenses 1,708,974 753,021 416,740 489,589 (13,342)
922 Administrative expense transferred-(credit) (441,508) (422,676)
923 Outside services employed 886,679 573,308 195,545 81,265 21,268
924 Property insurance 324,414 201,348 53,411 63,071
925 Injuries and damages 131,957 49,963 73,975 555
926 Employee pensions and benefits 888,203 381,441 366,626 104,351 2,834
927 Franchise Requirements 85 85
928 Regulatory commission expense 0
930.1 General advertising expenses 2,229 (367) 436
930.2 Miscellaneous general expenses 238,799 218,353 6,105 11,312 86
931 Rents 841,618 494,198 243,016 38,632 11,988
935 Maintenance of structures and equipment 97,895 78,574 16,232 109
403/405 Depreciation and amortization expense 1,448,205 943,210 184,067 58,271 110,418
408.1 Taxes other than income taxes 757,535 266,564 264,697 195,876 315
409.1 Income taxes 624,359 (660,799) 1,095,629
410.1 Provision for deferred income taxes-(credit) (560,145) (245,479) (314,666)
410.2 Provision for deferred income taxes-(credit) (6,041,712) (6,041,712)
416.0 Cost of Goods Sold 15,115,039 10,661,872 4,453,167
417.1 Expenses non-utility operations 31,973,794 28,682,096 588,230
421.1 Gain-disposition of property (62,605) (44,851) (17,754)
421.2 Loss-disposition of property 9,388,490 9,387,672 818
426.1 Donations 5,455 5,355 100
426.3 Penalties 14,938 9,688
426.5 Other Deductions 51,397 51,397
427 Interest on long-term debt 10,186,204 10,186,204
428 Amortization of debt disc. and expenses 151,670 151,670
430 Interest on debt to associated companies 374,346 707,762 374,346 549,207 95,481
431 Interest expense on short-term debt and other 1,553,696 1,367,924 386 2,800
432 Capitalized Interest (credit) (1,059,249) (1,029,348)
Total Expense 75,473,704 707,762 48,836,581 15,362,981 6,546,463 1,509,816
NET (LOSS) INCOME (7,904,417) 2,095,001 (7,056,880) (665,315) (182,222) 1,876,464
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY -Continued
CURRENT YEAR - 1995
ACCOUNT DESCRIPTION EUA EUA EUA
INCOME Cogenex Citizens Highland
Canada Corporation Corporation
<S> <C> <C> <C>
415 Sales Revenue
417 Project Revenues 62,433 2,290,498
417 Consulting Revenues 1,419,448
418 Equity in Earnings
419 Interest Income 314,786 205 29,602
421/450 Miscellaneous Income 13,449 11,406 2,335
Total Income 328,235 1,493,492 2,322,435
EXPENSE
904 Uncollectible accounts
910 Miscellaneous Cust Serv & Info expense
912 Demonstrating and selling expense 3,309 1,965
913 Advertising expense-merchandising
920 Salaries and wages 215,833 239,897
921 Office supplies and expenses 32,495 30,471
922 Administrative expense transferred-(credit) (18,832)
923 Outside services employed 7,148 8,145
924 Property insurance 375 6,209
925 Injuries and damages 5,743 1,721
926 Employee pensions and benefits 10,922 22,029
927 Franchise Requirements
928 Regulatory commission expense
930.1 General advertising expenses 2,160
930.2 Miscellaneous general expenses 2,114 829
931 Rents 31,232 22,552
935 Maintenance of structures and equipment 1,376 1,604
403/405 Depreciation and amortization expense 8,776 143,463
408.1 Taxes other than income taxes 21,575 8,508
409.1 Income taxes 64,174 (8,869) 134,224
410.1 Provision for deferred income taxes-(credit)
410.2 Provision for deferred income taxes-(credit)
416.0 Cost of Goods Sold
417.1 Expenses non-utility operations 1,751 1,172,570 1,529,147
421.1 Gain-disposition of property
421.2 Loss-disposition of property
426.1 Donations
426.3 Penalties 5,110 140
426.5 Other Deductions
427 Interest on long-term debt
428 Amortization of debt disc. and expenses
430 Interest on debt to associated companies 13,455 49,619
431 Interest expense on short-term debt and other 166,168 13,440 2,978
432 Capitalized Interest (credit) (8,660) (21,241)
Total Expense 232,093 1,511,272 2,182,260
NET (LOSS) INCOME 96,142 (17,780) 140,175
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE XV - STATEMENT OF INCOME
PRIOR YEAR - 1994
ACCOUNT DESCRIPTION EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM
Consolidated Elim. Corporation (Division) (Division) Inc
INCOME
<S> <C> <C> <C> <C> <C> <C>
415 Sales Revenue 20,064,607 14,243,823 5,820,784
417 Project Revenues 40,741,583 37,774,648 2,966,935
417 Consulting Revenues 0
418 Equity in Earnings (190,738) 1,424,066 1,233,328
419 Interest Income 9,516,795 537,608 10,052,615 1,788
421/450 Miscellaneous Income 640,374 455,631 41,877 142,866
Total Income 70,772,621 1,961,674 49,516,222 14,285,700 5,820,784 3,111,589
EXPENSE
904 Uncollectible accounts 355,817 255,038 100,000 779
910 Miscellaneous Cust Serv & Info expense 0
912 Demonstrating and selling expense 48,948 38,915 10,033
913 Advertising expense-merchandising 49,077 40,754 8,323
920 Salaries and wages 6,103,080 3,394,870 1,929,169 756,321 22,720
921 Office supplies and expenses 1,849,793 861,934 480,842 502,609 4,408
922 Administrative expense transferred-(credit) (226,796) (226,796)
923 Outside services employed 1,053,539 680,492 277,258 95,436 353
924 Property insurance 311,970 141,849 93,442 76,289 390
925 Injuries and damages 165,252 144,869 20,043 340
926 Employee pensions and benefits 1,355,703 846,194 390,355 114,714 4,440
927 Franchise Requirements 139 139
928 Regulatory commission expense 0
930.1 General advertising expenses 0
930.2 Miscellaneous general expenses 19,075 (5,717) 12,828 18,037 (6,073)
931 Rents 612,817 359,699 210,257 33,972 8,889
935 Maintenance of structures and equipment 24,668 (7,210) 31,878
403/405 Depreciation and amortization expense 1,081,286 682,959 239,363 67,301 91,663
408.1 Taxes other than income taxes 663,176 325,442 260,106 73,751 3,877
409.1 Income taxes (2,100,954) (2,079,373) (21,581)
410.1 Provision for deferred income taxes 3,024,786 2,137,588 887,198
410.2 Provision for deferred income taxes 0
416.0 Cost of Goods Sold 13,193,734 9,179,943 4,013,791
417.1 Expenses non-utility operations 28,056,785 27,526,438 530,347
421.1 Gain-disposition of property (661,244) (630,455) (26,934) (3,855)
421.2 Loss-disposition of property 92,511 92,511
426.1 Donations 550 550
426.3 Penalties 3,287 3,020 267
426.5 Other deductions 220,840 158,233 62,607
427 Interest on long-term debt 10,199,004 10,199,004
428 Amortization of debt disc. and expenses 151,537 151,537
430 Interest on debt to associated companies 372,269 537,608 372,269 403,420 80,029 54,159
431 Interest expense on short-term debt and other 1,106,490 1,071,885 52 (3,055) 37,608
432 Capitalized Interest (credit) (525,083) (525,083)
Total Expense 66,602,056 537,608 45,931,886 13,681,958 5,838,297 1,687,523
NET INCOME 4,170,565 1,424,066 3,584,336 603,742 (17,513) 1,424,066
</TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ANALYSIS OF BILLINGS
SALES & PROJECT REVENUES
ACCOUNTS 415/417
DESCRIPTION TOTAL EXCESS OR TOTAL
COST DEFICIENCY AMOUNT
1. Utility Load Reduction Programs 22,958,745
2. Energy Management Programs 18,408,487
3. Packaged Cogeneration 473,830
4. Installation & Fabrication of Energy
Services Equipment 20,971,027
5. Consulting Fees 1,419,449
TOTAL 64,231,537
INSTRUCTION: Provide a brief description of the sales and services rendered by
each category in accordance with sales and service contracts and list amounts
applicable per category:
(A)(B) The following is a Summary of Consolidated Billings by Geographical
Area:
New England and New York $33,251,170
Outside New England and New York 44,185,921
$77,437,091
(A) Includes Northeast Energy Management Inc., EUA Highland Corp.,
EUA Citizens, and partnership revenues of $3,385,557,
$2,290,498, $1,481,881, and $13,679,384 respectively.
(B) Excludes cogeneration revenue of $5,638,631.
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ANALYSIS OF MISCELLANEOUS INCOME
INTEREST INCOME AND OTHER INCOME
ACCOUNTS 419/421
DESCRIPTION OF ITEMS AMOUNTS
ACCOUNT 419 - INTEREST INCOME AND OTHER INCOME
Interest Income
Energy Savings Project Sales - Note Receivable
EUA Cogenex 3,316,011
Energy Savings Project Sales - Lease Receivable
EUA Cogenex 309,042
EUA Highland 29,602
TOTAL 338,644
Energy Related Financing Transactions
EUA Cogenex 1,368,378
EUA Nova 11,347
EUA Canada 314,786
TOTAL 1,694,511
Interest Income Associated Companies
EUA Cogenex 4,556,584
Other Interest Income
EUA Cogenex 62
NEMI 723
EUA Citizens 205
TOTAL 990
TOTAL INTEREST INCOME 9,906,740
Finance Fees
WestCoast 20,276
Sycom 7,888
ECS I & II 17,379
EUA Highland 2,401
Enersave 3,400
TOTAL FINANCE FEES 51,344
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ANALYSIS OF MISCELLANEOUS INCOME
INTEREST INCOME AND OTHER INCOME
ACCOUNTS 419/421
DESCRIPTION OF ITEMS AMOUNTS
421-0 MISCELLANEOUS NON-OPERATING INCOME:
EUA Cogenex:
Management 229,164
Accounting 90,000
1994 True Up Adjustment Services Rendered (143,654)
Winchester Hospital 35,000
Legal Fees 7,253
Tescor Engineering 101,059
Hackensack Engineering 7,387
NEMI Engineering 9,000
Enersave Engineering 50,555
Sycom 7,668
Miscellaneous (5,000) 24,679
Late Payment Interest Revenue 67,956
Cogen Reversal P & L 39,835
525,902
EUA Nova:
Customer Service Chg. 94,127
Miscellaneous 406
Allstate Radiant Settlement (15,000)
79,533
EUA Citizens:
Miscellaneous 11,406
EUA Highland:
Miscellaneous 2,335
EUA Canada:
Rose Tech. 13,449
TOTAL FOR MISCELLANEOUS INCOME 632,625
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ANALYSIS OF MISCELLANEOUS INCOME
INTEREST INCOME AND OTHER INCOME (Continued)
ACCOUNTS 419/421
DESCRIPTION OF ITEMS AMOUNTS
421.1 GAIN - DISP OF PROPERTY:
EUA Cogenex
Ford Products 40,000
Miscellaneous 4,851
44,851
EUA Nova
Miscellaneous 17,754
TOTAL 62,605
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE XVII
SCHEDULE OF EXPENSE DISTRIBUTION
BY
DEPARTMENT OR SERVICE FUNCTION
INSTRUCTIONS: Indicate each department or service function. (See Instruction
01-3 General Structure of Accounting System: Uniform System of Accounts.)
DESCRIPTION OF ITEMS TOTAL OVERHEAD DEPARTMENT OR
AMOUNT SERVICE
FUNCTION
920 SALARIES AND WAGES
921 OFFICE SUPPLIES AND EXPENSES
922 ADMINISTRATIVE EXPENSE TRANSFERRED
- CREDIT
923 OUTSIDE SERVICES EMPLOYED
924 PROPERTY INSURANCE
925 INJURIES AND DAMAGES
926 EMPLOYEE PENSIONS AND BENEFITS
928 REGULATORY COMMISSION EXPENSE
930.1 GENERAL ADVERTISING EXPENSE
930.2 MISC. GENERAL EXPENSE
931 RENTS
932 MAINTENANCE OF STRUCTURES AND
EQUIPMENT NOT APPLICABLE
403 DEPRECIATION AND AMORTIZATION EXPENSE
408 TAXES OTHER THAN INCOME TAXES
409 INCOME TAXES
410 PROVISION FOR DEFERRED INCOME TAXES
411 PROVISION FOR DEFERRED INCOME TAXES
- CREDIT
419.1 AFUDC - EQUITY
426.1 DONATIONS
426.5 OTHER DEDUCTIONS
427 INTEREST ON LONG-TERM DEBT
430 INTEREST ON DEBT TO ASSOCIATE COMPANIES
431 OTHER INTEREST EXPENSE
432 AFUDC - BORROWED FUNDS
TOTAL EXPENSES
<TABLE>
<CAPITAL>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
DEPARTMENTAL ANALYSIS OF SALARIES
ACCOUNT 920
INSTRUCTIONS: Indicate each department or service function. (See Instruction
01-3 General Structure of Accounting System: Uniform System of Accounts.)
NAME OF DEPARTMENT DEPARTMENT SALARY EXPENSE NUMBER
INCLUDED IN AMOUNTS BILLED TO PERSONNEL
TOTAL PARENT OTHER NON END OF
AMOUNT COMPANY ASSOCIATES ASSOCIATES YEAR
<S> <C> <C> <C> <C> <C>
NOT APPLICABLE
TOTAL
</TABLE>
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
OUTSIDE SERVICES EMPLOYED
ACCOUNT 923
INSTRUCTIONS: Provide a breakdown by subaccount of outside services employed.
If the aggregate amounts paid to any one payee and included within one
subaccount is less than $25,000, only the aggregate number and amount of all
such payments include d within the subaccount need be shown. Provide a
subtotal for each type of service.
RELATIONSHIP
A = ASSOCIATE
FROM WHOM PURCHASED ADDRESS NA = NON ASSOC. AMOUNT
<S> <C> <C> <C>
EUA COGENEX CORPORATION
OUTSIDE SERVICES-LEGAL:
Charlotte Murphy Pine Ridge Rd, N. Andover, MA NA 5,425
Martha Smith Shasta Dr, Londonderry, NH NA 22,272
McDermott, Will and Emery State Street, Boston, MA NA 179,473
Tillinghast, Collins and Graham Weybosset St, Providence, RI NA 14,964
Amortization of previously
deferred legal charges NA 35,677
Allocation of EUA Service
Company Fees W. Bridgewater, MA A 24,286
Various (24) NA 17,657
OUTSIDE SERVICES-ACCOUNTING:
Coopers and Lybrand Box 3026, Boston, MA NA 47,296
Allocation of EUA Service
Company Fees W. Bridgewater, MA A 7,156
OUTSIDE SERVICES-E.D.P.:
Allocation of EUA Service
Company Fees W. Bridgewater, MA A 9,462
OUTSIDE SERVICES-OTHER:
Measuring and Monitoring
Services, Inc. Shrewsbury Ave, Tinton Falls, NJ NA 32,612
Allocation of EUA Service
Company Fees W. Bridgewater, MA A 17,642
Poppe Tyson, Inc. Box 198261, Atlanta, GA NA 12,042
ECCO Staffing Services, Inc. Box 26076, Newark, NJ NA 16,902
Dun and Bradstreet Box 5096, Westborough, MA NA 24,784
Natek Maple Ave, Saratoga Springs, NY NA 46,060
Inc. Business Resources Commercial Wharf, Boston, MA NA 34,980
Various (87) NA 198,350
TOTAL EUA COGENEX 747,040
</TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
OUTSIDE SERVICES EMPLOYED -(Continued)
ACCOUNT 923
RELATIONSHIP
A = ASSOCIATE
FROM WHOM PURCHASED ADDRESS NA = NON ASSOC. AMOUNT
EUA DAY
OUTSIDE SERVICES-LEGAL:
Various (7) NA (151)
OUTSIDE SERVICES-BLDG & MAINT:
JP Services Martz Rd, Farmington, NY NA 4,282
ATT Box 371430, Pittsburgh, PA NA 4,754
Various (95) NA 9,916
TOTAL EUA DAY 18,801
EUA CITIZENS
OUTSIDE SERVICES-LEGAL:
Various (2) NA 175
OUTSIDE SERVICES-OTHER:
Various (12) NA 6,973
TOTAL EUA CITIZENS 7,148
EUA HIGHLAND
OUTSIDE SERVICES-MANAGEMENT:
Various (2) NA 895
OUTSIDE SERVICES-LEGAL:
Various (5) NA 1,591
OUTSIDE SERVICES-ACCOUNTING:
Various (1) NA 46
OUTSIDE SERVICES-OTHER:
Various (46) NA 5,613
TOTAL EUA HIGHLAND 8,145
<TABLE>
<CAPTION>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
OUTSIDE SERVICES EMPLOYED -(Continued)
ACCOUNT 923
RELATIONSHIP
A = ASSOCIATE
FROM WHOM PURCHASED ADDRESS NA = NON ASSOC. AMOUNT
<S> <C> <C> <C>
EUA NOVA
OUTSIDE SERVICES-LEGAL:
Rodey, Dickason, Sloan 3rd St NW, Albuquerque, NM NA 9,097
Hinckley, Allen and Synder Fleet Center, Providence, RI NA 2,770
McDermott, Will and Emery State Street, Boston MA NA 6,515
Various (9) NA 7,014
OUTSIDE SERVICES-ENGINEERING:
Various (1) NA 360
OUTSIDE SERVICES-OTHER:
NE Research S. Main St, Providence, RI NA 330
Various (11) NA 10,113
OUTSIDE SERVICES-BLDG & MAINT:
Various (2) NA 368
OUTSIDE SERVICES-COMMISSIONS:
Tony Allen Malvern Rd, Hot Springs, AZ NA 18,208
Matt Kiley Green Bay Rd, Post Groton, T NA 39,344
Various (7) NA 11,426
TOTAL EUA NOVA 105,545
TOTAL OUTSIDE SERVICES EMPLOYED 886,679
</TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
GENERAL ADVERTISING EXPENSES
ACCOUNT 930.1
INSTRUCTIONS: Provide a listing of the amount included in Account 930.1,
"General Advertising Expenses", classifying the items according to the nature
of the advertising and as defined in the account definition. If a particular
class includes an amount in excess of $3,000 applicable to a single payee, show
separately the name of the payee and the aggregate amount applicable thereto.
DESCRIPTION NAME OF PAYEE AMOUNT
EUA Nova
Miscellaneous Various (367)
EUA Day
Miscellaneous Various 436
EUA Citizens
Miscellaneous Various 2,160
TOTAL 2,229
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
MISCELLANEOUS GENERAL EXPENSES
ACCOUNT 930.2
INSTRUCTIONS: Provide a listing of the amount included in Account 930.2,
"Miscellaneous General Expenses", classifying such expenses according to their
nature. Payments and expenses permitted by Sections 321(b)(2) of the Federal
Election Campaign Act, as amended by Public Law 94-283 in 1976 (2 U.S.C. >441
(b) (2) shall be separately classified.
D E S C R I P T I O N AMOUNT
EUA Cogenex Corp.
EUA Service Corporation Allocated Expenses 70,285
Capitalization of EUA Service Corporation Allocated Expenses (209,002)
Conference Employee Training, Seminar and Conference Fees 15,402
Petty Cash Expense, Letter of Credit & Bank Charges 58,487
Franchise & Annual Report Filing Fees 8,731
Miscellaneous 58,300
Billing of Management Fees (62,464)
VA Hospital 249,434
Director's Fees 29,200
218,353
EUA Nova
Conference, Employee Training, Seminar & Conference Fees 285
Miscellaneous 820
6,105
EUA Day
Small Tools 9,596
Plan & Specs 1,716
11,312
NEMI
Miscellaneous 86
EUA Citizens Corporation
Conference Employee Training, Seminar & Conference Fees 2,038
Miscellaneous 76
2,114
EUA Highland Corporation
Miscellaneous 829
TOTAL 238,799
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
RENTS
ACCOUNT 931
INSTRUCTIONS: Provide a listing of the amount included in Account 931, "Rents",
classifying such expenses by major groupings of property, as defined in the
account definition of the Uniform System of Accounts.
T Y P E O F P R O P E R T Y AMOUNT
EUA Cogenex Corp
Building Rents 300,513
Automobile Leasing 13,513
Data Processing and Other Equipment Rents 179,714
494,198
EUA Nova Corp
Building Rents 219,811
Automobile Leasing 23,205
243,016
EUA Day
Building Rents 21,079
Automobile Leasing 17,553
38,632
EUA NEMI
Building Rents 11,479
Data Processing & Other Equipment Rents 509
11,988
EUA Citizens Corporation
Building Rents 20,983
Data Processing and Other Equipment Rents 10,249
31,232
EUA Highland Corporation
Building Rents 20,966
Data Processing and Other Equipment Rents 1,586
22,552
TOTAL 841,618
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
TAXES OTHER THAN INCOME TAXES
ACCOUNT 408.1
INSTRUCTIONS: Provide an analysis of Account 408.1, "Taxes Other Than Income
Taxes". Separate the analysis into two groups: (1) other than U.S. Government
taxes and (2) U.S. Government taxes. Specify each of the various kinds of taxes
and show the amounts thereof. Provide a subtotal for each class of tax.
K I N D O F T A X AMOUNT
EUA Cogenex Corporation:
Other Than U.S. Government Taxes:
State of MA Unemployment Compensation 23,863
State of NY Unemployment Compensation 17,365
MA Health Insurance 1,231
State of Pennsylvania Unemployment 1,614
State of New Jersey Unemployment 281
State of New Jersey Disability 791
State of California Unemployment and Training 1,974
Property Taxes 1,016
State of Maryland Unemployment 119
State of Maine Unemployment 451
State of Virginia Employer Tax (36)
State of Georgia Unemployment 229
State of Washington Unemployment 6,063
State of Texas Employment Tax (259)
Miscellaneous Taxes 74,883
Total 129,585
U.S. Government Taxes:
Federal Unemployment Compensation 9,520
F.I.C.A. (Net of A & G Credit) 127,459
Total 136,979
TOTAL 266,564
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
TAXES OTHER THAN INCOME TAXES
ACCOUNT 408.1
K I N D O F T A X AMOUNT
EUA Nova:
Other Than U.S. Government Taxes:
State of MA Unemployment Compensation (4,986)
State of NY Unemployment Compensation 389
MA Health Insurance 67
State of New Jersey Unemployment 383
State of New Jersey Disability 380
State of California Unemployment and Training 2,242
Property Taxes 21,407
State of Florida Unemployment 189
State of Georgia Unemployment 216
State of Rhode Island Unemployment 38,922
State of Rhode Island Job Development 1,488
State of Arkansas Unemployment 287
State of Michigan Unemployment 86
State of Ohio Employer Taxes 583
Miscellaneous Taxes 24,698
86,351
U.S. Government Taxes:
Federal Unemployment Compensation 3,592
F.I.C.A. (Net of A & G Credit) 174,754
78,346
TOTAL 264,697
EUA Day:
Other Than U.S. Government Taxes:
Property Taxes 10,659
State of New York Unemployment 21,971
State of New York Sales & Use 11,269
Miscellaneous Taxes 20
43,919
U.S. Government Taxes:
Federal Unemployment Compensation 3,402
F.I.C.A. (Net of A & G Credit) 148,555
151,957
TOTAL 195,876
EUA NEMI:
Other Than U.S. Government Taxes:
Property Taxes 245
Miscellaneous Taxes 70
TOTAL 315
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
TAXES OTHER THAN INCOME TAXES
ACCOUNT 408.1
K I N D O F T A X AMOUNT
EUA Citizens:
Other Than U.S. Government Taxes:
State of MA Unemployment Compensation 3,367
State of California Unemployment and Training 486
State of North Carolina Unemployment 211
Miscellaneous Taxes 181
4,245
U.S. Government Taxes:
Federal Unemployment Compensation 792
F.I.C.A. (Net of A & G Credit) 16,538
17,530
TOTAL 21,575
EUA Highland Corporation:
Other Than U.S. Government Taxes:
Property Taxes (440)
State of Colorado Unemployment (5,248)
Miscellaneous Taxes 14,520
8,832
U.S. Government Taxes:
Federal Unemployment Compensation (324)
TOTAL 8,508
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
DONATIONS
ACCOUNT 426.1
INSTRUCTIONS: Provide a listing of the amount included in Account 426.1,
"Donations", classifying such expenses by its purpose. The aggregate number
and amount of all items of less than $3,000 may be shown in lieu of details.
NAME OF RECIPIENT PURPOSE OF DONATION AMOUNT
EUA Cogenex:
Alliance 2,500
Miscellaneous (11) 2,855
5,355
EUA Nova:
Miscellaneous (1) 100
100
TOTAL 5,455
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
OTHER DEDUCTIONS
ACCOUNT 426.5
INSTRUCTIONS: Provide a listing of the amount included in Account 426.5,
"Other Deductions", classifying such expenses according to their nature.
DESCRIPTION NAME OF PAYEE AMOUNT
EUA Cogenex Corporation:
Development Costs Sycom 48,683
Miscellaneous (11) 2,714
TOTAL 51,397
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE XVIII - NOTES TO STATEMENT OF INCOME
INSTRUCTIONS: The space below is provided for important notes regarding the
statement of income or any account thereof. Furnish particulars as to any
significant increase in services rendered or expenses incurred during the
year. Notes relating to financial statements shown elsewhere in this report
may be indicated here by reference.
See "Notes to Financial Statements" on page 29.
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE OF TERMINATED CONTRACTS
INFORMATION REQUIRED FOR THIS TABLE HAS BEEN FILED UNDER CONFIDENTIAL TREATMENT
REQUEST.
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE OF PROJECT VALUES
INFORMATION REQUIRED FOR THIS TABLE HAS BEEN FILED UNDER CONFIDENTIAL TREATMENT
REQUEST.
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
SCHEDULE OF ESTIMATED KILOWATTS SAVED
INSTRUCTIONS: Provide a statement of estimated kilowatts saved during the
past year and cumulatively, both within and outside of New England through
demand side management projects.
UTILITY SPONSOR ESTIMATED CURRENT ESTIMATED
YEAR KILOWATTS CUMULATIVE
SAVED KILOWATTS SAVED
Commonwealth Electric Co. (1) -0- 5,291
Public Service Electric & Gas Co. (3) 574 13,240
Orange and Rockland Utilities Inc. (2) 151 2,670
Central Maine Power Company (1) 0 10,558
Rochester Gas and Electric Corp. (2) 963 5,967
Rockland Electric Company (3) -0- 381
Massachusetts Electric (1) -0- 88
Boston Edison (1) -0- 21,230
Consolidated Edison (2) 1,000 5,643
Jersey Central Power and Light (3) 2,740 2,740
TOTAL 5,428 67,808
(1) New England
(2) New York
(3) Outside New England and New York
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
PROJECT INCOME STATEMENT
INFORMATION REQUIRED FOR THIS TABLE HAS BEEN FILED UNDER CONFIDENTIAL TREATMENT
REQUEST.
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ORGANIZATIONAL STRUCTURE - EUA COGENEX CORPORATION
President
Executive Vice President
Vice President and Assistant Comptroller
Manager of Personnel
Accounting Manager
Director of Operations
Manager of Commercial Finance
Director of Project Development
Vice President of Business Development
Marketing Manager
Director of Sales - Region 1
Director of Sales - Region 2
Director of Sales - Region 3
Vice President of Engineering
Manager Engineering and Construction - New York
Manager Engineering and Construction - Lowell
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ORGANIZATIONAL STRUCTURE - EUA NOVA
Vice President/General Manager
Manager Administration and Accounting
Manager of Purchasing
Regional General Manager
Manager of Engineering & Manufacturing
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ORGANIZATIONAL STRUCTURE - EUA DAY
General Manager
Business Manager
Operations Manager
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ORGANIZATIONAL STRUCTURE - EUA CITIZENS CORPORATION
President
Vice President
Project Manager - Housing Operations
Project Manager - Utility Program
Senior Construction Manager
Senior Financial Analyst
ANNUAL REPORT OF EUA COGENEX CORPORATION
For the Year Ended December 31, 1995
ORGANIZATIONAL STRUCTURE - EUA HIGHLAND
President
Vice President of Engineering and Construction
Vice President - Lighting
Vice President - Mechanical
ANNUAL REPORT OF EUA Cogenex Corporation
SIGNATURE CLAUSE
Pursuant to the requirements of the Public Utility Holding Company Act of
1935 and the rules and regulations of the Securities and Exchange Commission
issued thereunder, the undersigned company has duly caused this report to be
signed on its behalf by the undersigned officer thereunto duly authorized.
EUA Cogenex Corporation
(Name of Reporting Company)
By: /s/ Clifford J. Hebert, Jr.
(Signature of Signing Officer)
Clifford J. Hebert, Jr., Treasurer
(Printed Name and Title of Signing Officer)
Date: May 7, 1996
<TABLE> <S> <C>
<ARTICLE> OPUR2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<NET-SERVICE-COMPANY-PROPERTY> 61159
<TOTAL-INVESTMENTS> 92666
<TOTAL-CURRENT-ASSETS> 41716
<TOTAL-DEFERRED-DEBITS> 3058
<OTHER-ASSETS-AND-DEBITS> 6413
<TOTAL-ASSETS-AND-DEBITS> 205012
<TOTAL-PROPRIETARY-CAPITAL> 52584
<TOTAL-LONG-TERM-DEBT> 112500
<NOTES-PAYABLE> 14366
<NOTES-PAYABLE-ASSOCIATE-COMP> 0
<OTHER-CURR-AND-ACCRUED-LIAB> 22965
<TOTAL-DEFERRED-CREDITS> 2548
<DEFERRED-INCOME-TAX> 49
<TOT-LIABIL-AND-PROPRIET-CAP> 205012
<SERVICES-ASSOCIATE-COMPANIES> 0
<SERVICES-NON-ASSOCIATE-COMP> 64231
<MISC-INCOME-OR-LOSS> 3338
<TOTAL-INCOME> 67569
<SALARIES-AND-WAGES> 6152
<EMPLOYEE-PENSION-AND-BENEFIT> 888
<OTHER-EXPENSES> 68433
<TOTAL-EXPENSES> 75473
<NET-INCOME> (7904)
<TOTAL-EXPENSES-DIRECT-COST> 66602
<TOTAL-EXPENSES-INDIRECT-COST> 0
<TOT-EXP-DIRECT-AND-INDIRECT> 66602
<PERSONNEL-END-OF-YEAR> 119
</TABLE>
