FORM U-13-60
Mutual and Subsidiary service companies
Revised February 7, 1980
ANNUAL REPORT
FOR THE PERIOD
Beginning January 1, 1999 and Ending December 31, 1999
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, 1999 and Ending December 31, 1999
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 Burlingame, Jr., Asst. Comptroller, 100 Foot of John Street,
Lowell, MA 01852
(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 86
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 13-19
ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES Schedule V 20
ACCOUNTS RECEIVABLE AGING Schedule VI 21-23
ACCUMULATED PROVISION FOR UNCOLLECTIBLE Schedule VII 24
ACCOUNTS
MISCELLANEOUS CURRENT AND ACCRUED ASSETS Schedule VIII 25
MISCELLANEOUS DEFERRED DEBITS Schedule IX 26-27
PROPRIETARY CAPITAL Schedule XI 28
LONG-TERM DEBT Schedule XII 29
CURRENT AND ACCRUED LIABILITIES Schedule XIII 30-33
NOTES TO FINANCIAL STATEMENTS Schedule XIV 34-52
COMPARATIVE INCOME STATEMENT Schedule XV 53-54
ANALYSIS OF BILLING - SALES & PROJECT REVENUES Accounts 415/417 55
ANALYSIS OF MISCELLANEOUS INCOME Accounts 419/421/450 56-58
SCHEDULE OF EXPENSE DISTRIBUTION Schedule XVII 59
DEPARTMENTAL ANALYSIS OF SALARIES Account 920 60
OUTSIDE SERVICES EMPLOYED Account 923 61-64
GENERAL ADVERTISING EXPENSES Account 930.1 65
MISCELLANEOUS GENERAL EXPENSES Account 930.2 66
LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS
SCHEDULE OR PAGE
ACCT. NO. NO.
Description of Schedules and Accounts
RENTS Account 931 67
TAXES OTHER THAN INCOME Account 408 68-69
DONATIONS Account 426.1 70
OTHER DEDUCTIONS Account 426.5 71
NOTES TO STATEMENT OF INCOME Schedule XVIII 72
SCHEDULE OF TERMINATED CONTRACTS 73
SCHEDULE OF PROJECT VALUES 74-75
SCHEDULE OF ESTIMATED KILOWATTS SAVED 76
LISTING OF INSTRUCTIONAL FILING REQUIREMENTS
Description of Reports or Statements
PROJECT INCOME STATEMENT 77-82
ORGANIZATIONAL STRUCTURE 83-85
SIGNATURE CLAUSE 86
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS (1 of 3)
Give balance sheet of the companies as of December 31,
CURRENT YEAR - 1999
ACCOUNT ASSETS AND OTHER DEBITS
<CAPTION>
COMPANY PROPERTY EUA EUA EUA
Cogenex Cogenex Day
Consolidated Elimination (Division) (Division)
<S> <C> <C> <C> <C> <C>
COMPANY PROPERTY
121 Company Property (Schedule II) 96,406,204 46,824,547
107 Construction work in progress (Schedule II) 2,605,905 1,120,118
Total Property 99,012,109 0 47,944,665 0
122/111 Less accumulated provision for depreciation
and amortization company property (Schedule III) (50,672,241) (27,355,997)
Net Company Property 48,339,868 0 20,588,668 0
INVESTMENTS
123 Investments in associated companies (Schedule III) 188,654 34,826,048 35,014,701
141 Other Investments (Schedule IV) 35,498,877 29,779,591
Total Investments 35,687,531 34,826,048 64,794,292 0
CURRENT AND ACCRUED ASSETS
131 Cash 1,078,010 1,107,960 (1,120,079)
134 Special Deposits 2,087,588 112,053 1,424,546
135 Working Funds 128,395 71,261 41,003
136 Temporary cash investments (Schedule IV) 2,000,000 2,000,000
141 Notes Receivable and Lease Receivable 17,160,689 8,931,731 24,838,034
142-3/173 Accounts Receivable (Schedule VI) 18,603,121 11,910,254
144 Accumulated provision for uncollectible acct.
(Schedule VII) (793,815) (481,241)
146 Accounts receivable from associate companies
(Schedule V and VI) 1,902,280 (630,170) 1,162,199
152 Fuel stock expenses undistributed 0
154 Materials and Supplies 104,385 15,354
163 Store expense undistributed 0
165 Prepayments 187,201 162,953
171 Interest Receivable 159,333 47,477 142,773
174 Miscellaneous current and accrued assets (Schedule X) 166,884 166,884
Total Current and Accrued Asset 42,784,070 8,349,039 41,208,484 345,470
DEFERRED DEBITS
181 Unamortized debt expense 165,285 165,285
184 Clearing Accounts 0
186 Miscellaneous deferred debits (Schedule IX) 1,959,795 755,268
188 Research, development, or demonstration
expenditures (Schedule X) 0
Total Deferred Debits 2,125,080 0 920,553 0.00
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT 8,108,821 4,127,441
TOTAL ASSETS AND OTHER DEBITS 137,045,370 43,175,086 131,639,438 345,470
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS (2 of 3)
Give balance sheet of the companies as of December 31,
CURRENT YEAR - 1999
ACCOUNT ASSETS AND OTHER DEBITS
<CAPTION>
COMPANY PROPERTY EUA EUA EUA EUA EUA
DayMetrix NEMI Cogenex Citizens Cogenex West
(Division) Inc Canada Corporation Corporation
<S> <C> <C> <C> <C> <C> <C>
COMPANY PROPERTY 8,054,950 42,827 4,329,386 6,986,272
121 Company Property (Schedule II) 4,142 261,475 734,428
107 Construction work in progress (Schedule II) 8,054,950 46,969 4,590,861 7,720,700
Total Property
122/111 Less accumulated provision for depreciation (4,035,344) (24,044) (1,673,303) (2,158,876)
and amortization company property (Schedule III) 4,019,606 22,925 2,917,558 5,561,824
Net Company Property
INVESTMENTS
123 Investments in associated companies (Schedule III) 454,684 2,410,394
141 Other Investments (Schedule IV) 454,684 2,410,394
Total Investments
CURRENT AND ACCRUED ASSETS 106,596 31,946 94,086
131 Cash 365 342,770
134 Special Deposits 16,131
135 Working Funds
136 Temporary cash investments (Schedule IV) 72,675 601,647
141 Notes Receivable and Lease Receivable 73,590 407,521 1,869,217 2,131,623
142-3/173 Accounts Receivable (Schedule VI) (20,000) (107,833)
144 Accumulated provision for uncollectible acct. (Schedule VII) 93,832 16,079
146 Accounts receivable from associate companies (Schedule V & VI)
152 Fuel stock expenses undistributed 89,031
154 Materials and Supplies
163 Store expense undistributed 2,160 840 5,988 15,260
165 Prepayments 64,036
171 Interest Receivable
174 Miscellaneous current and accrued assets (Schedule VIII) 182,711 606,814 1,855,205 3,262,830
Total Current and Accrued Asset
DEFERRED DEBITS
181 Unamortized debt expense
184 Clearing Accounts 955,601 5,759 181,132 62,036
186 Miscellaneous deferred debits (Schedule IX)
188 Research, development, or demonstration
expenditures (Schedule X) 955,601 5,759 181,132 62,036
Total Deferred Debits
3,130,230 851,150
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT
8,288,147 1,090,182 4,953,895 12,148,234
TOTAL ASSETS AND OTHER DEBITS
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS (3 of 3)
Give balance sheet of the companies as of December 31,
CURRENT YEAR - 1999
ACCOUNT ASSETS AND OTHER DEBITS
<CAPTION>
COMPANY PROPERTY
EUA EUA EUA EUA EUA
EC&S I EC&S II FRC II WestCoast MUPA
(Part.) (Part.) (Part.) (Partn.) (Partnership)
<S> <C> <C> <C> <C> <C>
COMPANY PROPERTY
121 Company Property (Schedule II)
107 Construction work in progress (Schedule II) 12,137,031 17,927,728 103,463
Total Property 32,536 453,206
122/111 Less accumulated provision for depreciation 12,169,567 18,380,934 103,463
and amortization company property (Schedule III)
Net Company Property (4,003,635) (11,333,118 (87,924)
8,165,932 7,047,816 15,539
INVESTMENTS
123 Investments in associated companies (Schedule III)
141 Other Investments (Schedule IV)
Total Investments 1,437,926 1,416,282
1,437,926 1,416,282
CURRENT AND ACCRUED ASSETS
131 Cash
134 Special Deposits 210,266 592,681 871 53,682
135 Working Funds 88,582 119,271
136 Temporary cash investments (Schedule IV)
141 Notes Receivable and Lease Receivable
142-3/173 Accounts Receivable (Schedule VI) 127,998 452,066
144 Accumulated provision for uncollectible acct.
(Schedule VII) 1,552,669 658,248
146 Accounts receivable from associate companies (183,090) (1,651)
152 Fuel stock expenses undistributed
154 Materials and Supplies
163 Store expense undistributed
165 Prepayments
171 Interest Receivable
174 Miscellaneous current and accrued assets
(Schedule VIII)
Total Current and Accrued Asset
1,796,426 1,820,615 871 53,682 0
DEFERRED DEBITS
181 Unamortized debt expense
184 Clearing Accounts
186 Miscellaneous deferred debits (Schedule IX)
188 Research, development, or demonstration expenditures
(Schedule X)
Total Deferred Debits
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT
TOTAL ASSETS AND OTHER DEBITS
11,400,284 10,284,713 871 69,221 0
</TABLE>
<TABLE>
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31, (1 of 3)
CURRENT YEAR - 1999
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL
<CAPTION>
EUA EUA EUA
Cogenex Cogenex Day
Consolidated Elimination Corporation (Division)
<S> <C> <C> <C> <C>
PROPRIETARY CAPITAL
201 Common Stock Issued (Schedule XI) 100 1,400 100
204 Redeemable preferred stock of subsid. (Sched.XI) 75
211 Miscellaneous paid-in-capital (Schedule XI) 47,046,923 9,483,341 44,213,315 2,833,608
215 Appropriated retained earnings (Schedule XI)
216 Unappropriated retained earnings (Schedule XI) (5,038,782) 25,351,306 (1,803,058) 330,904
Total Proprietary Capital 42,008,316 34,836,047 42,410,357 3,164,512
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
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt
(Schedule XIII) 77,400,000 77,400,000
231 Notes payable 155,100 8,931,731
232 Accounts payable 7,457,906 3,696,226
233 Notes payable to associate companies
234 Accounts payable - associated companies
(Schedule XIII) 178,200 (630,170) 106,485
235 Customer Deposits
236 Taxes accrued 74,891 8,035
237 Interest accrued 1,123,244 47,477 1,123,244
238 Dividends declared
241 Tax collections payable (Refund) (2,644) (2,644)
242 Miscellaneous current and accrued liabilities
(Schedule XIII) 1,007,379 (349,574) (2,819,042)
Total Current and Accrued Liabilities 87,394,076 8,349,038 81,981,772 (2,819,042)
DEFERRED CREDITS
253/228 Other deferred credits 2,076,911 (10,000) 1,871,101
255 Accumulated deferred investment tax credits
Total Deferred Credits 2,076,911 (10,000) 1,871,101 0
282/283 ACCUMULATED DEFERRED INCOME TAXES 5,566,067 5,376,208
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 137,045,370 43,175,085 131,639,438 345,470
</TABLE>
<TABLE>
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31, (2 of 3)
CURRENT YEAR - 1999
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL
<CAPTION>
EUA EUA EUA EUA EUA
Day Metric NEMI Cogenex Citizens Cogenex West
(Division) Inc Canada Corporation Corporation
<S> <C> <C> <C> <C> <C>
PROPRIETARY CAPITAL
201 Common Stock Issued (Schedule XI) 1,100 100 100 100
204 Redeemable preferred stock of subsid. (Sched.XI) 75
211 Miscellaneous paid-in-capital (Schedule XI) 4,252,050 (290,675) 5,521,966
215 Appropriated retained earnings (Schedule XI)
216 Unappropriated retained earnings (Schedule XI) (3,477,928) 4,037,847 982,303 69,526 (1,338,968)
Total Proprietary Capital (3,477,928) 8,290,997 691,728 69,701 4,183,098
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
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt
(Schedule XIII) 155,100 2,831,659 6,100,072
231 Notes payable 34,408 1,362,811 1,863,200
232 Accounts payable
233 Notes payable to associate companies (4,121) (20,926) 199,785 12,929
234 Accounts payable - associated companies
(Schedule XIII) 66,836 20
235 Customer Deposits 13,169 34,308
236 Taxes accrued
237 Interest accrued
238 Dividends declared 3,477,928 235,023 1,584
241 Tax collections payable (Refund) 3,477,928 (4,121) 235,418 4,642,467 8,012,093
242 Miscellaneous current and accrued liabilities
(Schedule XIII)
Total Current and Accrued Liabilities
169,218
DEFERRED CREDITS 169,218
253/228 Other deferred credits
255 Accumulated deferred investment tax credits 1,271 (6,182) 241,727 (46,957)
Total Deferred Credits
282/283 ACCUMULATED DEFERRED INCOME TAXES 8,288,147 1,090,182 4,953,895 12,148,234
TOTAL LIABILITIES AND PROPRIETARY CAPITAL
</TABLE>
<TABLE>
SCHEDULE I - CONSOLIDATING BALANCE SHEETS
Give balance sheet of the companies as of December 31, (3 of 3)
CURRENT YEAR - 1999
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL
<CAPTION>
EUA EUA EUA EUA EUA
EC&S I EC&S II FRC II WestCoast MUPA
(Partnership) (Partnership) (Partnership) (Partnership) (Partner.)
<S> <C> <C> <C> <C> <C>
PROPRIETARY CAPITAL
201 Common Stock Issued (Schedule XI)
204 Redeemable preferred stock of subsid. (Sched.XI)
211 Miscellaneous paid-in-capital (Schedule XI)
215 Appropriated retained earnings (Schedule XI)
216 Unappropriated retained earnings (Schedule XI) 10,868,116 9,759,262 871 883,649
Total Proprietary Capital 10,868,116 9,759,262 871 883,649 0
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
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt
(Schedule XIII)
231 Notes payable
232 Accounts payable 310,337 190,924
233 Notes payable to associate companies
234 Accounts payable - associated companies 124,902 (36,596) (834,428)
(Schedule XIII)
235 Customer Deposits
236 Taxes accrued
237 Interest accrued
238 Dividends declared
241 Tax collections payable (Refund)
242 Miscellaneous current and accrued liabilities 96,929 344,531 20,000
(Schedule XIII)
Total Current and Accrued Liabilities 532,168 498,859 (814,428)
DEFERRED CREDITS
253/228 Other deferred credits 26,592
255 Accumulated deferred investment tax credits
Total Deferred Credits 26,592
282/283 ACCUMULATED DEFERRED INCOME TAXES
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 11,400,284 10,284,713 871 69,221
</TABLE>
<TABLE>
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 - 1998
ACCOUNT ASSETS AND OTHER DEBITS
<CAPTION>
EUA EUA EUA EUA
Cogenex Cogenex Day DayMetrix
Consol Elimin (Division) (Division) (Division)
<S> <C> <C> <C> <C> <C> <C>
COMPANY PROPERTY
121 Company Property (Schedule II) 113,770,215 57,120,876 2,099,195 1,150,027
107 Construction work in progress (Schedule II) 6,715,535 5,027,475 456,945
Total Property 120,485,750 62,148,351 2,556,140 1,150,027
122/111 Less accumulated provision for depreciation
and amortization company property (Schedule II) (57,299,981) (33.218,762) (971,799) (673,919)
Net Company Property 63,185,769 28,929,589 1,584,341 476,108
INVESTMENTS
123 Investments in associated companies (Sched IV) 516,949 41,241,600 41,758,549
141 Other Investments (Schedule IV) 40,934,266 33,084,605
Total Investments 41,451,215 41,241,600 74,843,154
CURRENT AND ACCRUED ASSETS
131 Cash 640,721 (338,818) 54,989
134 Special Deposits 1,946,437 115,162 1,133,885
135 Working Funds 195,262 12,910 170,243
136 Temporary cash investments (Schedule IV)
141 Notes Receivable and Lease Receivable 16,379,691 15,724,861 28,530,317 2,324,535
142-3/173 Accounts Receivable (Schedule VI) 24,914,434 14,243,142 2,000,641 (293)
144 Acc. provision for uncoll. accts (Sched VII) (693,214) (274,261) (40,769)
146 Acc. rec. from associate cos. (Sched V&VI) 2,117,667 9,190,971 9,063,420 643,484
152 Fuel stock expenses undistributed
154 Materials and Supplies 827,311 15,354 197,874 486,706
163 Store expense undistributed
165 Prepayments (1,506,211) 1,711,595 165,616 15,811
171 Interest Receivable 3,355,951 3,348,813
174 Misc. current and accrued assets (Sched. VIII) 189,071 158,888 30,183
Total Current and Accrued Assets 48,367,120 26,627,427 55,040,543 6,530,876 486,413
DEFERRED DEBITS
181 Unamortized debt expense 271,606 271,606
184 Clearing Accounts
186 Misc. def. debits (Schedule IX) 3,912,066 2,518,735 1,118
188 Research, development, or demonstration
expenditures (Schedule X)
Total Deferred Debits 4,183,672 0 2,790,341 1,118
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT 8,402,791 4,079,917
TOTAL ASSETS AND OTHER DEBITS 165,590,567 67,869,027 165,683,544 8,116,335 962,522
</TABLE>
<TABLE>
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 - 1998
ACCOUNT ASSETS AND OTHER DEBITS (CONTINUED)
<CAPTION>
EUA EUA EUA EUA EUA
NEMI Cogenex Citizens Cogenex EC&S I
Inc Canada Corporation Corporation (Partnership)
<S> <C>
COMPANY PROPERTY
121 Company Property (Schedule II) 8,993,365 42,827 4,027,992 7,163,116 12,124,594
107 Construction work in progress (Schedule II) 0 0 645,054 423,477 (139,079)
Total Property 8,993,365 42,827 4,673,046 7,586,593 11,985,515
122/111 Less accumulated provision for depreciation
and amortization company property (Sched II) (4,516,266) (15,195) (1,087,744) (1,771,475) (3,237,111)
Net Company Property 4,477,099 27,632 3,585,302 5,815,118 8,748,404
INVESTMENTS
123 Investments in associated companies (Sched IV)
141 Other Investments (Schedule IV) (22,777) 4,785,988 1,270,462
Total Investments 0 (22,777) 0 4,785,988 1,270,462
CURRENT AND ACCRUED ASSETS
131 Cash 17,755 317,043 23,490 (180,259) 488,411
134 Special Deposits 365 0 329,937 72,969
135 Working Funds 3,997 8,112
136 Temporary cash investments (Schedule IV)
141 Notes Receivable and Lease Receivable 32,835 444,980 145,841
142-3/173 Accounts Receivable (Schedule VI) 698,298 301,835 1,925,107 1,451,633 1,600,622
144 Acc. provision for uncoll. accts (Sched VII) (17,833) (285,158)
146 Acc. rec. from associate cos. (Sched V&VI) 67,253 124,415 285,607
152 Fuel stock expenses undistributed
154 Materials and Supplies 127,377
163 Store expense undistributed
165 Prepayments 428 4,950 18,579
171 Interest Receivable 7,137
174 Misc. current and accrued assets (Sched. VIII)
Total Current and Accrued Assets 716,418 652,141 2,024,797 2,314,078 2,308,292
DEFERRED DEBITS
181 Unamortized debt expense
184 Clearing Accounts
186 Misc. def. debits (Schedule IX) 1,062,379 10,924 202,351 64,924 481
188 Research, development, or demonstration
expenditures (Schedule X) 1,062,379 10,924 202,351 64,924 481
Total Deferred Debits
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT 3,454,847 868,027
TOTAL ASSETS AND OTHER DEBITS 9,710,743 667,920 5,812,450 13,848,135 12,327,639
</TABLE>
<TABLE>
PRIOR YEAR - 1998
ACCOUNT ASSETS AND OTHER DEBITS (CONTINUED)
<CAPTION>
EUA EUA EUA EUA
EC&S II FRC II WestCoast MUPA
(Part) (Part) (Part) (Part)
<S> <C> <C> <C> <C> <C>
COMPANY PROPERTY
121 Company Property (Schedule II) 18,420,499 159,815 2,471,887 (3,978)
107 Construction work in progress (Schedule II) 301,663
Total Property 18,722,162 159,815 2,471,887 (3,978)
122/111 Less accumulated provision for depreciation
and amortization company property (Sched II) (9,590,532) (77,490) (2,139,688)
Net Company Property
9,131,630 82,325 332,199 (3,978)
INVESTMENTS
123 Investments in associated companies (Sched IV)
141 Other Investments (Schedule IV)
Total Investments 1,815,988
1,815,988
CURRENT AND ACCRUED ASSETS
131 Cash
134 Special Deposits 139,837 52,909 65,364
135 Working Funds 270,303 23,816
136 Temporary cash investments (Schedule IV)
141 Notes Receivable and Lease Receivable
142-3/173 Accounts Receivable (Schedule VI) 508,518 117,526
144 Acc. provision for uncoll. accts (Sched VII) 1,994,897 (35,602) 749,706 (15,552)
146 Acc. rec. from associate cos. (Sched V&VI) (75,193)
152 Fuel stock expenses undistributed 1,124,459
154 Materials and Supplies
163 Store expense undistributed
165 Prepayments
171 Interest Receivable
174 Misc. current and accrued assets (Sched. VIII)
Total Current and Accrued Assets
3,962,821 17,307 956,412 (15,552)
DEFERRED DEBITS
181 Unamortized debt expense
184 Clearing Accounts
186 Misc. def. debits (Schedule IX)
188 Research, development, or demonstration 35,602 15,552
expenditures (Schedule X)
Total Deferred Debits 0 35,602 15,552
190 ACCUMULATED DEFERRED INCOME TAX BENEFIT
TOTAL ASSETS AND OTHER DEBITS 14,910,439 135,234 1,288,611 (3,978)
</TABLE>
<TABLE>
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 - 1998
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL
<CAPTION>
EUA EUA EUA EUA
Cogenex Cogenex Day DayMetrix
Consol Elim. Corp. (Division) (Division)
PROPRIETARY CAPITAL
<S> <C> <C> <C> <C> <C> <C>
201 Common Stock Issued (Schedule XI) 1,400 100
204 Red. preferred stock of subs.(Sched XI) 175
211 Misc. paid-in-capital (Sched XI) 47,046,923 12,283,341 45,949,392 1,097,531
215 App. retained earnings (Sched XI)
216 Unapprop. retained earnings (Sched XI) 1,314,196 28,966,859 2,962,386 777,100 (2,336,588)
Total Proprietary Capital 48,361,294 41,251,600 48,911,878 1,874,631 (2,336,588)
LONG-TERM DEBT
223 Advances from ass. cos (Schedule XII)
224 Other long-term debt (Schedule XII) 77,400,000 77,400,000
225 Unamortized premium on long-term debt
226 Unamortized discount of long-term debt
Total Long-Term Debt 77,400,000 77,400,000
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt 6,700,000 6,700,000
231 Notes payable 16,108,438 15,724,860 16,160,000 1,801,059 3,001,070
232 Accounts payable 3,909,116 2,422,939 830,665
233 Notes payable to associate companies
234 Accounts payable - associated companies 1,132,715 8,940,972 3,343,607 2,880,581 230,003
235 Customer Deposits
236 Taxes accrued 62,725 5,683 14,457
237 Interest accrued 1,187,797 1,711,595 1,187,797 479,302 68,037
238 Dividends declared 250,000
241 Tax collections payable (Refund) (127,744) (64,614) (36,889)
242 Misc. curr. and acc. liab. (Sch. XIII) 3,078,596 2,481,166 7,880
Total Current and Acc. Liabil. 32,051,643 26,627,427 32,236,578 5,977,055 3,299,110
DEFERRED CREDITS
253/228 Other deferred credits 3,706,643 (10,000) 3,198,323 264,649
255 Acc. deferred inv. tax credits
Total Deferred Credits 3,706,643 (10,000) 3,198,323 264,649
282/283 ACCUMULATED DEFERRED INCOME TAXES 4,070,987 3,936,766
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 165,590,567 67,869,027 165,683,545 8,116,335 962,522
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS (Continued)
Give balance sheet of the companies as of December 31,
PRIOR YEAR - 1998
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL
<CAPTION>
EUA EUA EUA EUA EUA
NEMI Cogenex Citizens Cogenex EC&S I
PROPRIETARY CAPITAL Inc Canada Corp. Corp. (Part.)
<S> <C> <C> <C> <C> <C> <C>
201 Common Stock Issued (Schedule XI)
204 Red. preferred stock of subs.(Sched XI) 1,100 100 100
211 Misc. paid-in-capital (Sched XI) 75 100
215 App. retained earnings (Sched XI) 7,052,050 (290,675) 5,521,966
216 Unapprop. retained earnings (Sched XI)
Total Proprietary Capital 2,081,177 997,479 445,507 (864,998) 11,807,218
9,134,327 706,904 445,682 4,657,068 11,807,218
LONG-TERM DEBT
223 Advances from ass. cos (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
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt
231 Notes payable 150,000 (52,320) 3,718,659 7,054,830
232 Accounts payable 5,017 82,901 236,176 163,022 21,600
233 Notes payable to associate companies
234 Accounts payable - associated companies 171,081 (174,167) 681,444 1,275,837 199,278
235 Customer Deposits
236 Taxes accrued 34,173 179 8,233
237 Interest accrued 450,613 713,643
238 Dividends declared 250,000
241 Tax collections payable (Refund) (16,873) (9,368)
242 Misc. curr. and acc. liab. (Sch. XIII) 105,096 449 214,879
Total Current and Acc. Liabil. 576,098 (109,413) 5,175,294 9,206,646 435,757
DEFERRED CREDITS
253/228 Other deferred credits (8) 70,429 41,865 135 84,664
255 Acc. deferred inv. tax credits
Total Deferred Credits (8) 70,429 41,865 135 84,664
282/283 ACCUMULATED DEFERRED INCOME TAXES 326 149,609 (15,714)
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 9,710,743 667,920 5,812,450 13,848,135 12,327,639
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE I - CONSOLIDATING BALANCE SHEETS (Continued)
Give balance sheet of the companies as of December 31,
PRIOR YEAR - 1998
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL (CONTINUED)
<CAPTION>
EUA EUA EUA EUA
EC&S II FRC II WestCo MUPA
(Part.) (Part.) (Part.) (Part.)
PROPRIETARY CAPITAL
<S> <C> <C> <C> <C> <C>
201 Common Stock Issued (Schedule XI)
204 Red. preferred stock of subs.(Sched XI)
211 Misc. paid-in-capital (Sched XI)
215 App. retained earnings (Sched XI)
216 Unapprop. retained earnings (Sched XI) 13,339,067 30,591 1,018,396 23,720
Total Proprietary Capital 13,339,067 30,591 1,018,396 23,720
LONG-TERM DEBT
223 Advances from ass. cos (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
CURRENT AND ACCRUED LIABILITIES
224 Current Maturities of Long-term debt
231 Notes payable 146,796
232 Accounts payable
233 Notes payable to associate companies 1,141,249 82,325 246,398 (3,949)
234 Accounts payable - associated companies
235 Customer Deposits
236 Taxes accrued
237 Interest accrued
238 Dividends declared
241 Tax collections payable (Refund)
242 Misc. curr. and acc. liab. (Sch. XIII) 246,741 22,318 23,817 (23,750)
Total Current and Acc. Liabil. 1,534,786 104,643 270,215 (27,699)
DEFERRED CREDITS
253/228 Other deferred credits 36,586
255 Acc. deferred inv. tax credits
Total Deferred Credits 36,586
282/283 ACCUMULATED DEFERRED INCOME TAXES
TOTAL LIABILITIES AND PROPRIETARY CAPITAL 14,910,439 135,234 1,288,611 (3,978)
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE II
COMPANY PROPERTY
<CAPTION>
DESCRIPTION BALANCE AT BALANCE
BEGINNING ADDITIONS RETIREMENTS OTHER AT CLOSE
OF YEAR OR SALES CHANGES OF YEAR
<S> <C> <C> <C> <C> <C>
COMPANY PROPERTY
ACCOUNT
121 LEASEHOLD IMPROVEMENTS:
EUA COGENEX 38,157 378,932 (18,044) 399,045
EUA CITIZENS 3,490 3,490
EUA COGENEX WEST 41,214 41,214 (41,214) 41,214
121 BUILDINGS:
EUA DAY 1,019,724 752,296 (1,772,020) 0
121 EQUIPMENT:
EUA COGENEX 44,664,929 1,336,268 (9,185,897) 36,815,300
EUA NEMI 8,463,515 (938,415) 7,525,100
EUA CITIZENS 3,821,459 258,541 4,080,000
EUA COGENEX WEST 876,439 (36,015) 840,424
EC&S I 11,881,290 812,607 (981,552) 11,712,345
EC&S II 18,275,277 (492,770) 17,782,507
EUA/FRC II 77,490 (77,490) 0
WESTCOAST, LP 2,038,920 (2,038,920) 0
121 COMPUTER EQUIPMENT AND
COMPUTER NETWORK:
EUA COGENEX 669,803 1,329,217 (183,087) 1,815,934
EUA DAY 2,426 (2,426) 0
EUA NEMI 1,284 1,284
EUA CITIZENS 21,909 21,909
EUA COGENEX WEST 230,334 (154,675) 75,659
EUA COGENEX CANADA 4,122 4,122
121 SOFTWARE DEVELOPMENT
COSTS:
DAYMETRIX: 1,150,027 (1,150,027) 0
121 OFFICE FURNITURE, TOOLS AND
EQUIPMENT:
EUA COGENEX 141,565 46,057 (7,676) 179,946
EUA DAY 891,202 269,643 (1,160,846) 0
EUA NEMI 28,566 28,566
EUA CITIZENS 10,202 646 10,848
EUA COGENEX WEST 57,698 39,426 (25,580) 71,544
EUA COGENEX CANADA 1,532 1,532
121 AUTOMOBILES, OTHER VEHICLES
AND RELATED GARAGE
EQUIPMENT:
EUA DAY 185,843 42,453 (228,296) 0
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE II
COMPANY PROPERTY- (Continued)
<CAPTION>
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING RETIREMENTS OTHER CLOSE OF
OF YEAR ADDITIONS OR SALES CHANGES YEAR
<S> <C> <C> <C> <C> <C> <C>
301 ORGANIZATION
EUA COGENEX 554,034 554,034
EUA CITIZENS 72,250 72,250
EUA COGENEX WEST 7,622 7,622
EUA COGENEX CANADA 37,173 37,173
WESTCOAST, LP 103,463 103,463
302/303 MISCELLANEOUS PLANT AND
INTANGIBLE PLANT:
EUA COGENEX 11,052,390 (3,992,102) 7,060,288
EUA NEMI 500,000 500,000
EUA CITIZENS 98,682 42,207 140,889
EUA COGENEX WEST 5,949,809 5,949,809
EC&S I 243,304 181,382 0 424,686
EC&S II 145,221 181,376 (181,376) 145,221
EUA/FRC II 82,325 (82,325) 0
WESTCOAST, LP 329,503 (329,503) 0
MUPA (3,978) 7,956 (3,978) 0
SUB-TOTAL 113,770,215 5,720,222 (23,084,234) 96,406,204
107 CONSTRUCTION WORK IN
PROGRESS:
EUA COGENEX 5,027,475 11,213,266 (15,120,623) 1,120,118
EUA DAY 456,945 429,192 (886,137) 0
EUA CITIZENS 645,054 10,307,336 (10,690,915) 261,475
EUA COGENEX WEST 423,477 6,317,910 (6,006,959) 734,428
EUA COGENEX CANADA 0 313,921 (309,779) 4,142
EC&S I (139,080) 311,967 (140,351) 32,536
EC&S II 301,663 153,013 (1,469) 453,206
TOTAL 120,485,748 34,766,827 (56,240,467) 0 99,012,109
1/ PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL:
2/ SUB-ACCOUNTS ARE REQUIRED FOR EACH CLASS OF EQUIPMENT OWNED. THE SERVICE
COMPANY SHALL PROVIDE A LISTING BY SUB-ACCOUNT OF EQUIPMENT ADDITIONS DURING
THE YEAR AND THE BALANCE AT THE CLOSE OF THE YEAR:
SUB-ACCOUNT DESCRIPTION NET CHANGE BALANCE AT CLOSE OF YEAR
(1) Utility Load Reduction Progra (30,103,517) (A) 47,214,346
(2) Energy Management Programs 18,759,874 (A) 31,541,330
TOTAL (11,343,643) 78,755,676
A) RECLASSIFIATION OF EQUIPMENT TYPE = $25,548,210
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE III
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF COMPANY PROPERTY
<CAPTION>
BALANCE AT ADDITIONS RETIREMENTS OTHER BALANCE AT
DESCRIPTION BEGINNING OF OR SALES CHANGES CLOSE OF
YEAR YEAR
<S> <C> <C> <C> <C> <C>
ACCOUNT
111 ORGANIZATION:
EUA COGENEX 387,838 111,026 498,863
EUA CITIZENS 52,933 16,557 69,490
EUA COGENEX WEST 7,622 7,622
EUA COGENEX CANADA 14,868 7,676 22,543
WESTCOAST, LP 67,236 20,688 87,924
111 MISCELLANEOUS IN-
TANGIBLE PLANT:
EUA COGENEX 5,050,790 588,608 (2,299,762) 3,339,635
EUA NEMI 491,647 8,353 500,000
EUA CITIZENS 17,740 28,976 46,716
EUA COGENEX WEST 1,080,622 429,634 1,510,256
EC&S I 23,148 5,098 28,247
EC&S II 81,447 16,483 97,930
122 LEASEHOLD
IMPROVEMENTS:
EUA COGENEX 35,777 25,791 (18,044) 43,524
EUA CITIZENS 2,501 698 3,199
EUA COGENEX WEST 41,091 42,588 (42,464) 41,214
122 OFFICE FURNITURE AND
FIXTURES:
EUA COGENEX 139,733 12,067 (7,676) 144,124
EUA DAY 615,984 109,622 (725,606) 0
EUA NEMI 28,566 28,566
EUA CITIZENS 7,606 2,040 9,646
EUA COGENEX WEST 41,923 45,929 (22,085) 65,768
EUA COGENEX CANADA 51 316 367
122 COMPUTER EQUIPMENT:
EUA COGENEX 581,597 442,860 (183,087) 841,371
EUA DAY 1,860 480 (2,340) 0
EUA NEMI 1,284 1,284
EUA CITIZENS 15,201 4,382 19,583
EUA COGENEX WEST 198,265 21,866 (154,675) 65,456
EUA COGENEX CANADA 276 858 1,134
121 SOFTWARE DEVELOPMENT
COSTS:
DAYMETRIX 673,919 134,171 (808,090) 0
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE III
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF COMPANY PROPERTY (Continued)
<CAPTION>
BALANCE AT ADDITIONS RETIREMENTS OTHER BALANCE AT
DESCRIPTION BEGINNING OF OR SALES CHANGES CLOSE OF
YEAR YEAR
<S> <C> <C> <C> <C> <C>
122 PROJECT EQUIPMENT:
EUA COGENEX 27,023,026 4,392,618 (8,927,164) 22,488,480
EUA NEMI 3,994,769 449,140 (938,415) 3,505,494
EUA CITIZENS 991,765 532,904 1,524,669
EUA COGENEX WEST 401,950 100,761 (34,151) 468,560
EC&S I 3,213,964 936,509 (175,085) 3,975,388
EC&S II 9,509,086 2,014,907 (288,805) 11,235,188
EUA/FRC II 77,490 (77,490) 0
WESTCOAST, LP 1,945,691 93,230 (2,038,920) 0
122 AUTOMOBILES, OTHER
VEHICLES & RELATED
GARAGE EQUIPMENT
EUA DAY 178,196 11,906 (190,102) 0
122 STRUCTURES AND
IMPROVEMENTS
EUA DAY 175,758 38,988 (214,746) 0
TOTALS 57,173,219 10,647,730 (17,148,708) 050,672,241
</TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE IV
INVESTMENTS
** FILED UNDER CONFIDENTIAL TREATMENT REQUEST **
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE V
ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES
INSTRUCTIONS: Complete the following schedule listing accounts receivable.
DESCRIPTION
BALANCE AT BALANCE
BEGINNING AT CLOSE
OF YEAR OF YEAR
ACCOUNT 146 - ACCOUNTS RECEIVABLE
EUA Cogenex West 12,747 12,747
EUA Cogenex Canada 90,470
EUA Cogenex Corporation 2,104,920 1,799,063
2,117,667 1,902,280
TOTAL 2,117,667 1,902,280
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 END OF YEAR
YEAR
ACCOUNT 143 - ACCOUNTS RECEIVABLE
EUA Cogenex Corporation
0 - 30 Days 9,118,131 6,048,120
31 - 60 Days 1,267,861 1,215,098
62 - 90 Days 420,579 (56,836)
91 - Over 3,436,571 4,703,870
14,243,142 11,910,252
EUA Day Corporation
0 - 30 Days 622,561
31 - 60 Days 355,487
62 - 90 Days 253,662
91 - Over 768,931
2,000,641
DayMetrix
91 - Over (293)
(293)
EUA NEMI Corporation
0 - 30 Days 271,059 73,540
31 - 60 Days 339,372
62 - 90 Days
91 - Over 87,867 50
698,298 73,590
EUA Citizens Corporation
0 - 30 Days 1,700,178 1,458,635
31 - 60 Days 28,701 117,837
62 - 90 Days 94,096 4,547
91 - Over 102,132 288,198
1,925,107 1,869,217
EUA Cogenex West Corporation
0 - 30 Days 891,022 1,311,104
31 - 60 Days 375,550 454,494
62 - 90 Days 164,628 286,025
91 - Over 20,433 80,000
1,451,633 2,131,623
EUA Canada Corporation
0 - 30 Days 282,348 22,353
31 - 60 Days 11,923
62 - 90 Days 1,442
91 - Over 19,487 371,803
301,835 407,521
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE VI
ACCOUNTS RECEIVABLE AGING (Continued)
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 END OF YEAR
YEAR
ACCOUNT 143 - ACCOUNTS RECEIVABLE
Energy Capital & Services I
0 - 30 Days 395,682 263,029
31 - 60 Days 369,247 14,182
62 - 90 Days 42,889 13,931
91 - Over 792,804 1,261,528
1,600,622 1,552,670
Energy Capital & Services II
0 - 30 Days 1,264,338 517,333
31 - 60 Days 368,625 54,728
62 - 90 Days 43,142 51,923
91 - Over 318,792 34,264
1,994,897 658,248
EUA FRC II
0 - 30 Days (35,602)
31 - 60 Days
62 - 90 Days
91 - Over
(35,602)
EUA WestCoast, LP
0 - 30 Days 717,625
31 - 60 Days 13,917
62 - 90 Days
91 - Over 18,164
749,706
EUA MUPA
0 - 30 Days (15,552)
31 - 60 Days
62 - 90 Days
91 - Over
(15,552)
TOTAL ACCOUNT 143 - ACCOUNTS RECEIVABLE 24,914,434 18,603,121
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE VI
ACCOUNTS RECEIVABLE AGING (Continued)
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING OF END OF YEAR
YEAR
ACCOUNT 146 - ACCOUNTS RECEIVABLE
from associated companies
EUA Cogenex Corporation
0 - 30 Days 936,823 847,043
31 - 60 Days 27,372 923,406
62 - 90 Days 335,988
91 - Over 804,737 28,614
2,104,920 1,799,063
EUA Cogenex West Corporation
0 - 30 Days
31 - 60 Days
62 - 90 Days 12,747
91 - Over 12,747
12,747 12,747
EUA Cogenex Canada
0 - 30 Days
31 - 60 Days
62 - 90 Days
91 - Over 90,470
90,470
Total 2,117,667 1,902,280
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE VII
ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS
INSTRUCTIONS: Complete the following analysis of accumulated provision for
uncollectible accounts receivable.
<CAPTION>
CURRENT YEAR
DESCRIPTION BALANCE AT
BEGINNING OF PROVISIONS WRITE-OFF BALANCE AT
YEAR YEAR
CLOSE OF
<S> <C> <C> <C> <C>
ACCOUNT 144 - PROVISION FOR UNCOLLECTIBLE
ACCOUNTS:
EUA Cogenex Corporation 274,261 464,008 (257,028) 481,241
EUA Day 40,769 (5,384) (35,385)
EUA Citizens 73,085 (53,085) 20,000
EUA Cogenex West 17,833 90,000 107,833
EC&S I 285,158 68,912 (170,980) 183,090
EC&S II 75,193 (73,542) 1,651
TOTAL 693,214 617,079 (516,478) 793,815
</TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 158,888 166,884
EUA Day Corporation:
Executive Life Insurance 30,183
TOTAL 189,071 166,884
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 MISCELLANEOUS
DEFERRED DEBITS
EUA Cogenex:
Leased Equipment 7,395
Unbilled Utility Rev (468,146)
EUASC Bill - Sales Tax 22,119
Columbia University 1,420,552
Kodak 58,662
Open Work Authorizations 1,469,430 437,380
Sanwa 4,680
ECSI Interco Adj. 207,261
EUA Day Interco Adj. 19,779
Financial Services 87,343
Miscellaneous (2) 4,043 3,505
Sub Total 2,518,735 755,268
EUA Day:
Miscellaneous (1) 1,118
EUA NEMI:
Deferred Royalties 1,062,379 955,601
EUA Citizens Corporation
Open Work Authorization 155,192 177,192
Interco Note ADJ 43,218
Miscellaneous (3) 3,941 3,941
Sub Total 202,351 181,133
EUA Cogenex West Corporation:
Work In Progress 31,285 58,871
Other Receivable 33,639
Miscellaneous (1) 3,166
Sub Total 64,924 62,037
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE IX
MISCELLANEOUS DEFERRED DEBITS (Continued)
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
EUA Cogenex - Canada
Miscellaneous (2) 10,924 5,759
EC&S I
Miscellaneous 481
EUA/FRC II
Monteray Valley - Other Receivable 21,977
Arkay Packaging - Other Receivable 13,625
Sub Total 35,602
MUPA
Pacific Linen - Other Receivable 15,552
TOTAL 3,912,066 1,959,798
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE XI
PROPRIETARY CAPITAL
<CAPTION>
ACCOUNT
NUMBER CLASS OF STOCK NUMBER OF PAR OR STATED OUTSTANDING CLOSE OF PERIOD
SHARES VALUE PER
AUTHORIZED SHARE NO. OF SHARES TOTAL AMOUNT
<S> <C> <C> <C> <C> <C>
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.
DESCRIPTION AMOUNT
ACCOUNT - MISCELLANEOUS PAID-IN CAPITAL 47,046,923
ACCOUNT - APPROPRIATED RETAINED EARNINGS
(1) See Schedule XIV Notes to Financial Statements, Page 29
TOTAL 47,046,923
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 declared and date paid.
DESCRIPTION BALANCE AT NET INCOME DIVIDENDS BALANCE AT
BEGINNING OR PAID CLOSE
OF YEAR (LOSS) OF YEAR
ACCOUNT - UNAPPROPRIATED (B) (4,626,147)
RETAINED EARNINGS 1,314,196 (5,038,782)
(A) (1,726,832)
TOTAL 1,314,196 (6,352,979) (5,038,782)
(A) Income from Continuing Operations
(B) Loss from Discontinued Operations
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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.
<CAPTION>
NAME OF CREDITOR TERMS OF OBLIG DATE INT. AMOUNT BALANCE AT ADDITION 1/ BALANCE AT
CLASS & SERIES OF RATE AMORTIZED BEGINNING DEDUCTIONS CLOSE OF YEAR
OF OBLIGATION MATURITY OF YEAR
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ACCOUNT 223 -
ADVANCES
FROM
PARENT AND
ASSOCIATE
COMPANIES
ACCOUNT 224 -
OTHER LONG - Unsecured Notes 10/30/2001 9.60% 20,000,000 6,400,000 6,400,000
TERM DEBT: to Prudential
Ins. Co. of
America & PRUCO
Life Ins. Co.
Unsecured Notes 06/30/2005 10.56% 35,000,000 21,000,000 21,000,000
to Prudential
Ins. Co. of
America
Unsecured Notes 09/15/2000 7.00% 50,000,000 50,000,000 50,000,000
to qualified
institutional buyers
under Rule 144A
of the 1993 Act
TOTAL 105,000,000 77,400,000 0 77,400,000
1/ GIVE AN EXPLANATION OF DEDUCTIONS
Sinking Fund Payments - $6,700,000
Transfer to Current - $70,400,000
</TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 CLOSE
OF YEAR OF YEAR
ACCOUNT 233 - NOTES PAYABLE TO ASSOCIATE
COMPANIES
ACCOUNT 234 - ACCOUNTS PAYABLE TO ASSOCIATE
COMPANIES:
EUA Cogenex Corporation
Eastern Utilities Associate 324,022 10,351
EUA Service Corporation 154,233 89,440
RENOVA 633,581
1,111,836 99,791
EUA Day
EUA Service Corporation 4,117
NEMI
EUA Service Corporation (13,471) (13,471)
EUA Canada
Monenco/Agra 91,880
EUA Citizens
EUA Service Corporation 22,620
EUA Cogenex West
EUA Service Corporation 7,613
TOTAL 1,132,715 178,200
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE XIII
CURRENT AND ACCRUED LIABILITIES (Continued)
DESCRIPTION BALANCE AT BALANCE AT
BEGINNING CLOSE
ACCOUNT MISCELLANEOUS CURRENT AND
ACCRUED LIABILITIES
EUA Cogenex Corporation
Miscellaneous (3) (1,028) 5,598
Retainage Liability 270,481 153,374
Reserve for Cogen Disp. 957,641 55,316
Accrued Liability (HTI PRJS) 71,011 26,674
Accrued Liability (BECO PRJS) 375,033
Accrued Liability (VA Medical Center) 22,657 22,657
Employee Bonus 738,641
McBride Properties 15,905 7,845
Systems Corp/Gillem & McPherson (32,136) 15,451
Standard Offer Pay to Sanwa (196,764) (21,007)
Proven Alternatives 259,725 214,697
Sanwa (48,885)
Reserve for Day Disp. (781,294)
2,481,166 (349,574)
EUA Day
Reserve for Day Disp. (2,819,042)
Miscellaneous (2) 7,880
7,880 (2,819,042)
DayMetrix
Reserve for Day Disp. 3,477,928
3,477,928
EUA Cogenex West
Miscellaneous (2) 449 1,584
449 1,584
EUA Citizens
Charlotte NC Project Equipment 19,004 19,004
Accrued Maintenance Fees 85,922 213,545
Miscellaneous (1) 170 2,474
105,096 235,023
Energy Capital and Services I
GPU Penalty 163,600
Miscellaneous (27,508) 3,418
Retainage Liability 78,787 93,511
214,879 96,929
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE XIII
CURRENT AND ACCRUED LIABILITIES (Continued)
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 CLOSE
OF YEAR OF YEAR
Energy Capital and Services II
Retainage Liability 187,142 121,593
Dow Jones 33,786 40,776
Rutgers Phase I 9,890 39,307
Rutgers Phase II 3,293 30,649
Rutgers Phase III 12,630 45,583
Rutgers Phase IV 2,970
Pathmark 10,430
Letchers 5,552
Caldor 8,190
Hayward 10,337
Princeton 29,144
246,741 344,531
EUA FRC II Energy Associates
Reserve for Cogen. Disp. 22,318
22,318
EUA WestCoast, LP
Retainage Liability 23,817
Floyd County Settlement 20,000
23,817 20,000
Micro Utility Partners of America
Reserve for Cogen. Disp. (23,750)
(23,750)
TOTAL 3,078,596 1,007,379
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE XIII
CURRENT AND ACCRUED LIABILITIES (Continued)
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 CLOSE
OF YEAR OF YEAR
ACCOUNT CURRENT MATURITIES OF LT DEBT
Prudential Ins. Co. Due 9/30/97 @ 7.22%
Prudential Ins. Co. Due 10/30/01 @ 9.6% 3,200,000 6,400,000
Prudential Ins. Co. Due 6/30/05 @ 10.56% 3,500,000 21,000,000
Qualified Institutional Buyers
Due 9/15/00 @ 7% 50,000,000
TOTAL 6,700,000 77,400,000
EUA Cogenex Corporation
Notes To Consolidated Financial Statements
For The Years Ended December 31, 1999 and 1998
A. General
EUA Cogenex Corporation (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 three 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. There are no current
geographic restrictions on the Company's operations.
The Company is an energy services company that employs energy efficient
technology and equipment intended to reduce the energy consumption and related
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 its 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 agreements permit the invoicing of the contractual
amounts during construction on a percentage of completion basis. 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.
As of December 31, 1999, the Company participated in five partnerships and two
joint ventures. It is the managing general partner in all of the partnerships.
The Company has provided virtually all of the capital to the five partnerships
and is entitled to a return of, and on, this capital. The joint venture
capital is provided evenly by the Company and the joint venture participants.
All partnerships and their customers are subject to the same selection and
screening process to establish acceptable credit quality.
The Company also provides consulting services to its customers in the form of
training in the proper use and maintenance of the energy equipment. This
service includes instruction in the use of existing equipment as well as newly
installed equipment so that further energy savings can be realized. In
addition, the Company monitors installed projects on a 24-hour basis and
dispatches third party contractors to make repairs and/or adjustments.
The Company's principal markets include institutional, commercial, industrial
and government entities, and through its EUA Citizens Conservation Services
(Citizens) subsidiary, public and private multi-family housing.
The Company's competition is comprised primarily of manufacturers and
distributors of energy efficiency equipment, other utility owned energy
services companies, engineering consulting firms, and financial institutions
who provide capital to finance energy efficiency projects.
The rates charged by the Company to customers through its Energy Service
Agreements are not subject to the jurisdiction of any regulatory agency.
At December 31, 1999, the Company employed 95 persons in its operations.
B. Summary of Significant Accounting Policies
Basis of Consolidation
The consolidated financial statements include the accounts of five partnership
entities in which the Company has a controlling equity interest and its four
wholly-owned subsidiaries, including a Canadian subsidiary, EUA Cogenex -
Canada. All material inter-company transactions between the consolidated
entities have been eliminated.
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 and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
These estimates and assumptions include items such as allowances for
uncollectible amounts, discount rates, accruals , estimated useful lives of
equipment, and the valuation of intangibles. Actual results could differ from
those estimates.
Reclassifications
Certain prior period amounts on the financial statements have been reclassified
to conform with current presentation.
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 $0.7 million
in 1999 and 199 8. See Note D for a description of the transfer, made in 1998,
of RENOVA Division net assets to an EUA affiliated 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. When contracts provide for
payments during the term of the contract, revenues may be recognized on a
percentage of completion methodology. Interest on the financed portion of
the contracts is recognized as earned at rates established at the outset
of the financing arrangement and recorded as interest income. All
construction, installation, and estimates of ongoing monitoring,
verification, and maintenance 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 are complete or when
contracts provide for payments during the term of the contract, revenues
may be recognized on a percentage of completion methodology. All
installation and fabrication costs are recognized as the projects are
completed and/or sold.
Interest Income
Interest income from notes and leases receivable is recorded on the accrual
basis over the term of the agreements.
Inventories
The Company has inventory consisting primarily of lighting fixtures and
ballasts. 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 the following (in thousands):
1999 1998
Project energy management and demand reduction equipment $78,756 $ 90,099
Office furniture and equipment, and leasehold improvements 2,655 4,547
Other --- 1,206
Sub-total 81,411 95,852
Less: Accumulated depreciation 44,463 50,085
Net property, plant and equipment 36,948 45,767
Energy savings projects in progress 2,598 6,716
Net property, plant and equipment
and projects in progress $39,546 $52,483
The components of project equipment cost include contracted work, direct labor
and material, direct and indirect overheads and interest capitalized during
construction. Fully depreciated property, plant, and equipment totaling $10.8
million was removed from the financial statements in 1999.
For financial statement purposes, depreciation on office furniture and
equipment and leasehold improvements is computed on the straight-line method
based on estimated useful lives of five and twenty years, respectively, and is
included as part of operating expenses on the Consolidated Statements of
Operations. Total operating depreciation and amortization expense amounted to
$1.0 million in 1999 and $1.3 million in 1998 of which $0.3 million and $0.4
million, respectively, relate to depreciation of these assets.
Project equipment is depreciated on a basis which includes or approximates 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 $8.5
million and $9.6 million in 1999 and 1998, respectively, and is included in
contract expenses on the Consolidated Statements of Operations.
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.
Ultimately the projects are either capitalized as project energy management and
demand reduction equipment or charged to cost of sales depending on the terms
of the arrangement with the customer.
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 costs 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. Total amortization expense
amounted to $0.5 million in 1999 and 1998 and is included in contract expenses
on the Consolidated Statements of Operations.
Intangible Assets
Goodwill related to the original acquisition of Cogenex is being amortized over
40 years. Other goodwill related to acquisitions by Cogenex are being amortized
over a period of 15 years. Other intangible assets, primarily organizational
costs, are amortized over a 60-month period. Total amortization recorded in
operating expenses for 1999 and 1998 was $0.7 million and $0.9 million,
respectively.
Income Taxes
The general policy of the Company with respect to accounting for 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.
The Company files a consolidated federal tax return with EUA, as a result
payments or refunds are allocated to the Company in accordance with EUA's
Federal Tax Sharing Agreement. However, the Company files its state tax
returns on an individual comp any basis.
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 Standards
In June 1998, the Financial Accounting Standards Board (FASB) issued SFAS 133
Accounting for Derivative Instruments and Hedging Activities, which is
effective for fiscal years beginning after June 15, 1999. In June 1999, FASB
issued SFAS 137, Accounting for Derivative Instruments and Hedging Activities
- - Deferral of the Effective Date, which amends SFAS 133 to be effective for all
fiscal quarters of all fiscal years beginning after June 15, 2000 (that is
January 1, 2001 for companies with calendar year fiscal years). SFAS 133
requires the recognition of all derivative instruments as either assets or
liabilities in the statement of financial position and the measurement of those
instruments at fair value. The Company does not expect SFAS 133 to have a
material impact on its financial position or results of operations.
C. Discontinued Operations
In 1995, the Company announced it was discontinuing its cogeneration operations
and substantially all of the net cogeneration operating assets were sold under
an assignment agreement to Ridgewood/Mass Corp. (Ridgewood). In 1995, a loss
on disposal o f cogeneration assets was recorded as part of discontinued
operations.
In 1996, Ridgewood filed a demand for arbitration alleging breach of
representation and warranties under the agreement. The Company entered a
counterclaim seeking payment for services provided under a transition period
agreement. In October 1998, t he arbitration panel found for Ridgewood on
certain warranty claims and awarded damages of approximately $2.6 million plus
interest. The Company was awarded approximately $0.4 million plus interest on
its counterclaim. The Company recorded the payment of the $2.2 million claim
to discontinued operations and had allowances to cover interest and legal costs
of approximately $1.0 million at December 31, 1998. Ridgewood also claimed
attorney fees and additional interest. In 1999, the arbitration panel found
for Ridgewood on this matter, and Cogenex paid legal fees and interest totaling
$1.5 million in 1999, which resulted in an after-tax charge, after offsetting
the established allowances , to 1999 earnings of approximately $0.6 million.
In June of 1999, the Company's management made a decision to divest of the EUA
Day division and discontinue the operations of the DayMetrix division. The Day
division, a building controls assembly and installation division, was not part
of the comp any's core business. In order for the Company to focus intently on
its core business, the decision was made to sell the Day division. The
DayMetrix division, a data acquisition system developer, was not able to fully
develop a product, which the Company could market profitably without devoting
additional resources and capital. The Company recorded a total loss on the
discontinuance of Day and DayMetrix in 1999 of $4.3 million ($3.3 million
after-taxes). The loss from operations of these divisions, which are
classified separately as discontinued operations in the accompanying
Consolidated Statement of Operations, are summarized as follows (in thousands):
January 1 - January 1 -
June 30, 1999 December 31, 1998
Installation and fabrication
revenues $ 3,284 $ 9,011
Loss from operations before
income taxes (798) (1,140)
Provision for income tax benefit 249 338
Loss from operations $ (549) $ (802)
D. Transfer of Business Unit
On May 1, 1998, the Company transferred its net investment in the RENOVA
division to EUA Energy Investment, Inc., a subsidiary of EUA, for cash of $1.7
million. The transfer was at cost and resulted in no gain or loss to the
Company.
E. Income Taxes
At December 31, 1999 and 1998, total deferred tax assets, for which a valuation
allowance of approximately $2.6 million in 1999 and $1.6 million in 1998 was
provided as realization of these amounts was not assured, were $8.7 million and
$10.0 million , respectively. Total deferred tax liabilities were $6.2 million
and $5.7 million, respectively. Total deferred tax assets and liabilities are
comprised as follows (in thousands):
Deferred Tax Deferred Tax
Assets Liabilities
1999 1998 1999 1998
Plant Related Plant Related
Differences $2,384 $2,394 Differences $5,820 $5,333
Provision for Step Postretirement
Up Tax Basis - NEMI 3,018 3,334 Benefits 346 346
NOL carry- forward, Other 31 34
(net of $2,642 and
$1,567 respectively
valuation allowance) 1,671 1,688
Provision for
cogeneration losses 31 396
Provision for
unrecovered costs 173 573
Bad Debts 331 433
Pension 999 938
Other 133 289
Total $8,740 $10,045 $6,197 $5,713
The Company also has approximately $39.9 million of state net operating loss
carryforwards which expire between the years 2000 and 2013.
Components of income tax expense (benefit) from continuing operations for the
years 1999 and 1998 are as follows:
In Thousands 1999 1998
US Federal:
Current $ (2,309) $ 1,267
Deferred 1,502 (390)
(807) 877
Foreign:
Current (1) (2)
State:
Current 136 20
Deferred 282 (238)
418 (218)
Provision (benefit) for income taxes
on continuing operations $ (390) $ 657
Total income tax expense (benefit) 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 1999 1998
Federal income tax
computed at statutory rates $ (930) $ 778
Increases (decreases) in tax from:
State taxes, net of federal
income tax benefit 272 (142)
Prior period taxes 128 9
Restricted stock basis difference 100 (79)
Goodwill 133 83
Miscellaneous (93) 8
Provision (benefit) for income
taxes on continuing operations $ (390) $ 657
F. Notes Receivable
The Company has two types of notes receivable. The first type results from the
construction and sale of energy savings projects to its customers. Upon
completion of the construction, a sale is recorded and reflected as a note
receivable on the Comp any's financial statements.
The second type results from arrangements with contractors and/or other energy
services firms to finance the installation of energy savings project equipment
at their customer's premises. This type is also reflected as a note receivable
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 7.3% to 14.0%. The term of the
contracts range in maturity from one to ten years.
The components of notes receivable are as follows (in thousands):
1999 1998
Notes from Project Sales $ 20,519 $ 21,668
Notes from Project Financing 14,199 16,839
Total $ 34,718 $ 38,507
In 1998, the Company sold to a financial institution certain financial assets
with a net present value of $7.0 million. Cogenex has recorded these
transactions as sales resulting in an after tax gain in 1998 of approximately
$0.9 million.
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):
1999 1998
Minimum lease payments receivable $ 23,617 $ 25,542
Less: Unearned interest 5,557 6,735
Current portion 2,763 1,892
Net investment in sales-type leases $ 15,297 $ 16,915
Future minimum lease payments due under sales-type leases at December 31, 1999
are as follows (in thousands):
2000 $ 4,231
2001 4,112
2002 3,593
2003 2,956
2004 and thereafter 8,725
The Company maintains an allowance for notes receivable and net investment in
sales-type leases of approximately $0.4 million and $1.4 million at December
31, 1999 and 1998, respectively. During 1999, the Company reduced this
allowance as the result of the completion of a project in Washington State
specifically provided for in this allowance.
EUA Cogenex Corporation
Notes To Consolidated Financial Statements
For The Years Ended December 31, 1999 and 1998
H. Debt (in thousands)
1999 1998
Unsecured Notes Payable:
10.56% series due June 30, 2005 $ 21,000 $ 24,500
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 6,400 9,600
A sinking fund replacement
of $800 per quarter is due
beginning on October 31, 1995
and thereafter until the debt
is paid in full.
7.0% 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 77,400 84,100
Less Current Maturities 77,400 6,700
Long-Term Debt $ 0 $ 77,400
The Company is subject to certain covenants within the agreements relating to
certain unsecured notes. The most restrictive of these covenants requires the
Company to maintain a ratio of income from continuing operations 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 30% for any
two successive quarters. The Company was in compliance with the common equity
to capitalization ratio but w as not in compliance with the interest coverage
covenant at December 31, 1999. Accordingly, the Company has classified the
long-term portion of the 10.56% and 9.6% notes as a current liability.
Originally scheduled maturities of long-term debt for the five years
following 1999 are as follows (in thousands):
2000 $ 56,700
2001 6,700
2002 3,500
2003 3,500
2004 3,500
In addition, in connection with the Company's 9.6% unsecured notes, EUA is
required to maintain the Company's equity to capitalization ratio of at least
30% for any two successive quarters. EUA and the Company were in compliance
with this provision at December 31, 1999.
I. Notes Payable - Lines of Credit
At December 31, 1999 and 1998, Cogenex had approximately $0.2 million and $16.1
million, respectively, of short-term borrowings under these agreements at
weighted average interest rates of 5.42% and 5.41%, respectively.
J. 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 (including current maturities): 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,
1999 and 1998 are as follows (in thousands):
Carrying Fair
Amount Value
1999 1998 1999 1998
Cash and Cash Equivalents $ 5,272 $ 2,782 $5,272 $2,782
Notes Receivable and Net Investment
in Sales-Type Leases $ 52,778 $ 57,314 $52,764 $58,432
Long-Term Debt
(including current maturities) $ 77,400 $ 84,100 $79,293 $88,788
K. Preferred Stock
In connection with the acquisition of Citizens, 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 dated January 12,
1995. 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 Citizens' results of
operations. The annual dividend rate is equal to 33% of the adjusted net
income of Citizens (as defined in such agreements) divided by 7,500 shares. As
of December 31, 1999, no dividends were accrued as a result of the level of
adjusted net income of Citizens.
L. Joint Ventures
The Company has formed a joint venture with Monenco-Agra of Canada to provide
energy services in Canada. This alliance is designed to provide the Company
with a significant presence in Canada. All costs and profits are shared
equally by Monenco-Agra and the Company.
The Company has also formed a joint venture with Allegheny Power Systems (APS)
to develop several projects on a military facility in the State of Maryland.
All costs and profits are shared equally by APS and the Company.
The following is a summary of revenues, expenses, and net income of the APS
joint venture (in thousands):
December 31, 1999
Revenues $ 8,429
Less:
Contract Expenses 7,407
Other Operating Expenses 59
Net Income $ 963
M. Commitments and Contingencies
Pension
The Company participates with other EUA System companies in a non-contributory
defined benefit pension plan (Retirement Plan) covering substantially all of
their employees. Retirement Plan benefits are based on years of service and
average compensation over the four years 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.
In a prior year, EUA and Cogenex management agreed to freeze all future pension
benefits. As a result, Cogenex and RENOVA participants in the plan will not
earn additional pension benefits based on service after March 31, 1997.
Total pension expense for the Retirement Plan in 1999 and in 1998 included the
following components (in thousands):
1999 1998
Service cost $173 $159
Interest cost 476 456
Expected return on assets (375) (357)
Net amortization:
Prior Service Costs (11) (15)
Net Actuarial gain (24) (17)
Transition obligation 1 1
Total periodic pension expense $ 240 $ 227
Assumptions used to determine pension costs:
Discount rate 6.75% 7.25%
Compensation increase rate 4.25% 4.25%
Long-term return on assets 9.50% 9.50%
The reconciliation of projected benefit obligation, fair value of assets and
funded status of the plan cannot be presented separately for the Company as it
participates in the Retirement Plan with other subsidiaries of EUA.
The discount rate used to determine pension costs was changed effective January
1, 2000, to 7.75% and was used to calculate the Retirement Plan's funded status
at December 31, 1999.
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, 1999 and 1998 the
Company's allocated share of expenses related to the supplemental plans were
approximately $134,000 and $125,000, respectively.
The Company also provides a defined contribution 401(k) savings plan for
substantially all employees. The Company's matching percentage of employees'
voluntary contribution to the plan amounted to $219,000 and $181,000 for 1999
and 1998, respectively.
Operating Leases
The Company conducts its operations in leased facilities under certain non-
cancelable operating lease arrangements which expire through 2004. 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):
2000 $492
2001 453
2002 338
2003 56
2004 5
$1,344
Total rent expense under the operating leases was $0.7 million in 1999 and $0.8
million in 1998.
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. The customer
will only draw these contingent obligations 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 performance bonds as of
December 31, 1999 and 1998 were approximately $13.4 million and $10.8 million,
respectively. Outstanding letters of credit as of December 31, 1999 and 1998
were approximately $0 and $3.4 million. In 1999 the Company's management
decided to replace the outstanding letters of credit primarily with performance
bonds to satisfy the contract requirements. In addition, escrow accounts in
the amount of $0.8 million have been set up in 2000 to satisfy remaining
contract requirements.
As of December 31, 1999, management is not aware of any potential drawings
under the letters of credit or claims made to the surety under the performance
bonds.
Litigation
In September 1995, EUA FRCII Energy Associates, Micro Utility Partners of
America, L.P., and EUA WestCoast, L.P., each of which is a partnership of which
the Company is the managing partner (the Partnerships) and the Company entered
into an assignment agreement with Ridgewood/Mass. Corp. (f/k/a Ridgewood Cogen
Corporation) (Ridgewood) whereby Ridgewood acquired the benefits and
obligations to certain cogeneration projects from the Company and the
Partnerships.
On December 2, 1996, Ridgewood filed a demand for arbitration in Boston,
Massachusetts with regard to such claim and with regard to an alleged breach of
representations and warranties by the Company and the Partnerships under the
assignment agreement . The Partnerships and the Company entered counterclaims
seeking payment resulting from Ridgewood's failure and refusal to pay for
services provided on their behalf under a certain Transition Period Agreement
between and among the parties. In October 1998, the arbitration panel found
for Ridgewood on certain of the warranty claims and awarded damages of
approximately $2.6 million plus interest and legal fees. The Company was
awarded approximately $0.4 million plus interest and legal fees on it s
counterclaim. Ridgewood also claimed recovery of attorney fees and additional
interest. In 1999, the arbitration panel found for Ridgewood on this matter,
and the Company paid legal fees and interest totaling $1.5 million in 1999,
which resulted i n an after-tax charge to 1999 discontinued operations, after
offsetting the established allowances, of approximately $0.6 million.
On February 15, 2000, the United States Attorney for the District of
Massachusetts informed the Company that his office is investigating possible
criminal conduct, including mail fraud, by the Company and/or its employees.
The conduct in question involves alleged intentional overbilling by the
Company of certain cogeneration customers during 1994 and 1995, when the
Company owned cogeneration projects, and filing false information with FERC in
order to maintain the facilities' status as qualifying facilities under the
Public Utility Regulatory Policies Act of 1978. The Company is fully
cooperating with the United States Attorney's investigation. The Company
cannot predict the ultimate outcome of this investigation.
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE XV - STATEMENT OF INCOME
CURRENT YEAR - 1999
<CAPTION>
ACCOUNT DESCRIPTION EUA EUA EUA
Cogenex Cogenex Day
Consolidated Elimination Corporation (Division)
INCOME
<S> <C> <C> <C> <C> <C>
415 Sales Revenue 7,519,178 7,474,022
417 Project Revenues 27,659,073 6,856,645
417 Consulting Revenues 254,441
418 Equity in Earnings 457,052 3,033,271 3,490,323
419 Interest Income 5,540,278 543,908 5,174,263 156,487
417 Energy Savings Project Sales 4,221,255 3,175,832
417 Turnkey Project Sales 9,744,619 5,334,960
421/450 Miscellaneous Income 389,626 323,671 264
Total Income 55,785,522 3,577,179 24,355,694 7,630,773
EXPENSE
904 Uncollectible accounts 734,402 490,000 20,078
910 Miscellaneous Cust Serv & Info expense 0
912 Demonstrating and selling expense 38,704 48,289 (10,085)
913 Advertising expense-merchandising 21,328 15,720
920 Salaries and wages 7,313,810 4,311,080 1,633,533
921 Office supplies and expenses 1,879,926 918,972 520,163
922 Administrative expense transferred-(credit) (1,759,601) (1,351,451)
923 Outside services employed 1,734,697 1,099,290 141,502
924 Property insurance 84,145 7,758 62,638
925 Injuries and damages 285,179 220,216
926 Employee pensions and benefits 382,563 420,792 152,388
927 Franchise Requirements 0
928 Regulatory commission expense 0
930.1 General advertising expenses 139 139
930.2 Miscellaneous general expenses (16,266) (210,085) 8,810
931 Rents 764,044 479,282 39,199
935 Maintenance of structures and equipment 105,454 91,538
403/405 Depreciation and amortization expenses 1,338,738 430,391 244,539
408.1 Taxes other than income taxes 709,150 320,464 218,153
409.1 Income taxes (3,565,716) (4,457,786)
410.1 Provision for deferred income taxes-(credit) 1,418,035 1,037,780
410.2 Provision for deferred income taxes 365,667 365,667
416.0 Cost of Goods Sold 5,138,139 4,957,813
417.1 Expenses non-utility operations 32,774,535 12,740,101
421.1 Gain-disposition of property (253,632) (125,449)
421.2 Loss-disposition of property 4,758,154 4,677,992
426.1 Donations 9,214 4,014
426.3 Penalties 48,893 45,661
426.5 Other Deductions 235,021 153,143
427 Interest on long-term debt 6,657,604 6,657,604
428 Amortization of debt disc. and expenses 183,256 183,256
430 Interest on debt to associated companies 287,811 543,908 93,090
431 Interest expense on short-term debt and other 675,653 669,935
432 Capitalized Interest (credit) (210,544) (107,317) (20,712)
Total Expense 62,138,501 543,908 29,121,137 8,076,968
NET (LOSS) INCOME (6,352,979) 3,033,271 (4,765,443) (446,195)
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE XV - STATEMENT OF INCOME (Continued)
CURRENT YEAR - 1999
<CAPTION>
ACCOUNT DESCRIPTION
EUA EUA EUA EUA EUA
Day Metrix NEMI Cogenex Citizens Cogenex West
INCOME (Division) Inc Canada Corporation Corporation
<S> <C> <C> <C> <C> <C> <C>
415 Sales Revenue 45,156
417 Project Revenues 3,680,794 12,460,200 300,008
417 Consulting Revenues 254,441
418 Equity in Earnings
419 Interest Income 37,254 291,861
417 Energy Savings Project Sales 585,045 150,000
417 Turnkey Project Sales 7,407 4,402,252
421/450 Miscellaneous Income 61,585 2,420
Total Income 45,156 3,680,794 683,884 12,722,048 5,146,541
EXPENSE
904 Uncollectible accounts 65,239 69,085 90,000
910 Miscellaneous Cust Serv & Info expense
912 Demonstrating and selling expense 500
913 Advertising expense-merchandising 5,411 197
920 Salaries and wages 246,671 2,220 83,812 615,890 420,604
921 Office supplies and expenses 115,425 4,059 23,516 100,317 193,948
922 Administrative expense transferred-(credit) (158,520) (249,630)
923 Outside services employed 93,771 20,973 60,484 47,089 51,384
924 Property insurance 8,367 300 83 4,999
925 Injuries and damages 32,989 31,974
926 Employee pensions and benefits 32,927 6,783 (190,385) (39,942)
927 Franchise Requirements
928 Regulatory commission expense
930.1 General advertising expenses
930.2 Miscellaneous general expenses 166,502 255 1,089 12,520 2,117
931 Rents 1,273 5,521 62,532 176,237
935 Maintenance of structures and equipment 3,875 10,041
403/405 Depreciation and amortization expenses 115,004 8,353 8,850 23,677 465,655
408.1 Taxes other than income taxes 27,371 2,971 91,966 48,225
409.1 Income taxes 643,065 (7,468) 136,774 119,699
410.1 Provision for deferred income taxes-(credit) 325,562 (6,182) 92,118 (31,243)
410.2 Provision for deferred income taxes
416.0 Cost of Goods Sold 180,326
417.1 Expenses non-utility operations 652,826 446,692 11,243,121 3,938,354
421.1 Gain-disposition of property (2,617)
421.2 Loss-disposition of property 47,930
426.1 Donations 200 5,000
426.3 Penalties 44 3,038
426.5 Other Deductions 70,137 9,441
427 Interest on long-term debt
428 Amortization of debt disc. and expenses
430 Interest on debt to associated companies 194,721 185,040 358,868
431 Interest expense on short-term debt and other 2,855 17 2,845
432 Capitalized Interest (credit) (45,902) (36,613)
Total Expense 1,186,496 1,724,125 699,060 12,323,030 5,620,511
NET (LOSS) INCOME (1,141,340) 1,956,669 (15,176) 399,018 (473,970)
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE XV - STATEMENT OF INCOME (Continued)
CURRENT YEAR - 1999
<CAPTION>
ACCOUNT DESCRIPTION
EUA EUA EUA EUA EUA
EC&S I EC&S II FRC II WestCoast MUPA
INCOME (Partnership) (Partnership) (Partner.) (Partnership) (Partnership)
<S> <C> <C> <C> <C> <C> <C>
415 Sales Revenue
417 Project Revenues 1,602,157 2,528,303 230,966
417 Consulting Revenues
418 Equity in Earnings
419 Interest Income 141,401 171,785 111,135
417 Energy Savings Project Sales 310,378
417 Turnkey Project Sales
421/450 Miscellaneous Income 569 1,117
Total Income 2,054,505 2,701,205 0 342,101 0
EXPENSE
904 Uncollectible accounts
910 Miscellaneous Cust Serv & Info expense
912 Demonstrating and selling expense
913 Advertising expense-merchandising
920 Salaries and wages
921 Office supplies and expenses 3,418 108 (1)
922 Administrative expense transferred-(credit)
923 Outside services employed 104,110 96,094 20,000
924 Property insurance
925 Injuries and damages
926 Employee pensions and benefits
927 Franchise Requirements
928 Regulatory commission expense
930.1 General advertising expenses
930.2 Miscellaneous general expenses 210 398 37 1,881
931 Rents
935 Maintenance of structures and equipment
403/405 Depreciation and amortization expense 5,098 16,483 20,688
408.1 Taxes other than income taxes
409.1 Income taxes
410.1 Provision for deferred income taxes-(credit)
410.2 Provision for deferred income taxes
416.0 Cost of Goods Sold
417.1 Expenses non-utility operations 1,255,165 2,384,567 113,709
421.1 Gain-disposition of property (125,566)
421.2 Loss-disposition of property 22 32,210
426.1 Donations
426.3 Penalties 150
426.5 Other Deductions 1,150 1,150
427 Interest on long-term debt
428 Amortization of debt disc. and expense
430 Interest on debt to associated companies
431 Interest expense on short-term debt and other
432 Capitalized Interest (credit)
Total Expense 1,243,607 2,531,010 37 156,429 (1)
NET (LOSS) INCOME 810,898 170,195 (37) 185,672 1
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE XV - STATEMENT OF INCOME
PRIOR YEAR - 1998
<CAPTION>
ACCOUNT DESCRIPTION EUA EUA EUA EUA
Cogenex Cogenex Renova Day
Consol Elimin Corp. (Division) (Division)
INCOME
<S> <C> <C> <C> <C> <C> <C>
415 Sales Revenue 10,342,446 1,331,498 9,000,149
417 Project Revenues 19,946,635 8,737,958
417 Consulting Revenues 3,816,603
418 Equity in Earnings (9,854) 5,835,952 5,826,098
419 Interest Income 5,963,736 906,785 5,695,712 (41)
417 Energy Savings Project Sales 7,354,366 5,818,436
417 Turnkey Project Sales 13,315,847 9,034,087
421/450 Miscellaneous Income 1,723,530 1,219,622 (204) 410
Total Income 62,453,308 6,742,737 36,331,913 1,331,254 9,000,559
EXPENSE
904 Uncollectible accounts 286,883 178,245 80,000 30,000
910 Miscellaneous Cust Serv & Info expense
912 Demonstrating and selling expense 71,552 45,907 14,510 6,576
913 Advertising expense-merchandising 130,702 112,856 11,302
920 Salaries and wages 6,603,699 3,468,001 250,976 1,293,964
921 Office supplies and expenses 2,074,536 920,582 132,750 457,596
922 Adm. expense transferred (credit) (829,002) (544,477)
923 Outside services employed 1,752,225 1,044,687 97,467 101,479
924 Property insurance 148,809 51,112 7,284 47,838
925 Injuries and damages 164,247 122,134 20,578
926 Employee pensions and benefits 130,422 219,557 17,185 121,362
927 Franchise Requirements 0
928 Regulatory commission expense 0
930.1 General advertising expenses 495 495
930.2 Miscellaneous general expenses (180,935) (186,128) 28,840 12,200
931 Rents 822,718 533,877 25,126 31,568
935 Maintenance of structures and equipment 98,221 89,659 (1,924)
403/405 Depreciation and amortization expense 1,617,665 580,040 44,121 94,942
408.1 Taxes other than income taxes 799,302 329,712 56,251 218,044
409.1 Income taxes (164,725) (749,535) (387)
410.1 Prov. for def. income taxes (credit) (891,761) (1,243,998
410.2 Provision for deferred income taxes 265,139 265,139
416.0 Cost of Goods Sold 7,234,421 1,066,340 5,939,018
417.1 Expenses non-utility operations 31,010,537 18,531,937
421.1 Gain-disposition of property (16,288) (10,288) (5,500)
421.2 Loss-disposition of property 2,954,628 2,954,628
426.1 Donations 11,217 8,117
426.3 Penalties 53,314 5,162 118 1,287
426.5 Other Deductions 337,169 171,752 (16,884) 36,509
427 Interest on long-term debt 7,334,404 7,334,404
428 Amortization of debt disc. and exp. 138,746 138,746
430 Interest on debt to associated cos. 906,785 37,966 98,355
431 Int. exp. on short-term debt and other 1,120,594 906,785 1,929,065 12 13,107
432 Capitalized Interest (credit) (233,720) (158,800)
Total Expense 63,751,999 906,785 36,029,237 1,967,685 8,515,642
NET (LOSS) INCOME (1,298,691) 5,835,952 302,677 (636,431) 484,917
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE XV - STATEMENT OF INCOME (CONTINUED)
PRIOR YEAR - 1998
<CAPTION>
ACCOUNT DESCRIPTION EUA EUA EUA EUA EUA
DayMetrix NEMI Cogenex Citizens Cogenex West
(Div.) Inc Canada Corporation Corporation
INCOME
<S> <C> <C> <C> <C> <C> <C>
415 Sales Revenue 10,799
417 Project Revenues 3,663,773 1,023,742 225,379
417 Consulting Revenues 3,816,603
418 Equity in Earnings
419 Interest Income 192,549 436,473
417 Energy Savings Project Sales 1,095,547
417 Turnkey Project Sales 126,352 611,945 2,222,483
421/450 Miscellaneous Income 15 (312)
Total Income 10,799 3,663,788 318,901 5,452,290 3,979,570
EXPENSE
904 Uncollectible accounts 90,000
910 Miscellaneous Cust Serv & Info expense
912 Demonstrating and selling expense 496 4,063
913 Advertising expense-merchandising 6,353 191
920 Salaries and wages 391,546 867 21,133 489,281 687,931
921 Office supplies and expenses 264,657 (10,090) 6,218 76,929 224,843
922 Adm. expense transferred (credit) (111,416) (173,109)
923 Outside services employed 224,724 20,283 8,140 21,967 22,218
924 Property insurance 11,264 300 5,444 25,567
925 Injuries and damages 0 1,801 14,249 5,485
926 Employee pensions and benefits 31,111 222 407 (156,689) (102,733)
927 Franchise Requirements
928 Regulatory commission expense
930.1 General advertising expenses
930.2 Miscellaneous general expenses 20,704 170 1,664 13,655 6,651
931 Rents 367 4,380 744 52,921 173,735
935 Maintenance of structures and equipmen 0 3,348 7,138
403/405 Depreciation and amortization expense 230,008 99,996 15,194 23,677 487,290
408.1 Taxes other than income taxes 8,593 68 1,543 91,523 95,168
409.1 Income taxes 700,389 (2,452) 38,381 (151,121)
410.1 Prov. for def. income taxes (credit) 295,719 83,164 (26,646)
410.2 Provision for deferred income taxes
416.0 Cost of Goods Sold 229,063
417.1 Expenses non-utility operations 661,172 68,047 4,358,650 2,686,856
421.1 Gain-disposition of property (500)
421.2 Loss-disposition of property
426.1 Donations 3,100
426.3 Penalties 720 45,148 128 251
426.5 Other Deductions 143,443 0
427 Interest on long-term debt
428 Amortization of debt disc. and exp.
430 Interest on debt to associated cos. 40,405 274,638 450,333
431 Int. exp. on short-term debt and other 1,138 83,348 10 700
432 Capitalized Interest (credit) (50,120) (24,800)
Total Expense 1,460,653 1,773,476 394,378 5,230,236 4,492,611
NET (LOSS) INCOME (1,449,854) 1,890,312 (75,477) 222,054 (513,041)
</TABLE>
<TABLE>
ANNUAL REPORT OF EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
SCHEDULE XV - STATEMENT OF INCOME (CONTINUED)
PRIOR YEAR - 1998
<CAPTION>
ACCOUNT DESCRIPTION EUA EUA EUA EUA EUA
EC&S I EC&S II FRC II WestCoast MUPA
(Part.) (Part.) (Part.) (Part.) (Part.)
INCOME
<S> <C> <C> <C> <C> <C> <C> <C>
415 Sales Revenue
417 Project Revenues 1,833,842 3,653,301 392,042 416,598
417 Consulting Revenues
418 Equity in Earnings
419 Interest Income 117,914 286,652 75,670 65,591
417 Energy Savings Project Sales 407,773 32,610
417 Turnkey Project Sales 1,320,980
421/450 Miscellaneous Income 48,320 454,321 1,358
Total Income 2,407,848 5,747,864 467,712 483,547 0
EXPENSE
904 Uncollectible accounts 26,722 (118,084)
910 Miscellaneous Cust Serv & Info expense
912 Demonstrating and selling expense
913 Advertising expense-merchandising
920 Salaries and wages
921 Office supplies and expenses 938 113
922 Adm. expense transferred (credit)
923 Outside services employed 101,493 103,979 5,788
924 Property insurance
925 Injuries and damages
926 Employee pensions and benefits
927 Franchise Requirements
928 Regulatory commission expense
930.1 General advertising expenses
930.2 Miscellaneous general expenses (78,700) 9
931 Rents
935 Maintenance of structures and equipmen
403/405 Depreciation and amortization expense 5,098 16,483 20,816
408.1 Taxes other than income taxes (1,600)
409.1 Income taxes
410.1 Prov. for def. income taxes (credit)
410.2 Provision for deferred income taxes
416.0 Cost of Goods Sold
417.1 Expenses non-utility operations 1,076,415 3,439,235 188,225
421.1 Gain-disposition of property
421.2 Loss-disposition of property
426.1 Donations
426.3 Penalties 150 150 100 100
426.5 Other Deductions 1,150 1,199 0
427 Interest on long-term debt
428 Amortization of debt disc. and exp.
430 Interest on debt to associated cos. 5,088
431 Int. exp. on short-term debt and other (1)
432 Capitalized Interest (credit)
Total Expense 1,137,416 3,443,909 (1,500) 214,828 213
NET (LOSS) INCOME 1,270,432 2,303,955 469,212 268,719 (213)
</TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
ANALYSIS OF BILLINGS
SALES & PROJECT REVENUES
ACCOUNTS 415/417
DESCRIPTION
TOTAL COST EXCESS TOTAL
OR AMOUNT
DEFICIENCY
1. Utility Load Reduction Programs 9,586,144
2. Energy Management Programs 18,072,929
3. Turnkey Project Sales 9,744,619
4. Energy Savings Project Sales 4,221,255
5. Installation & Fabrication of Energy 7,519,178
Services Equipment
6. Consulting Fees 254,441
TOTAL 49,398,566
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) The following is a Summary of Consolidated Billings by Geographical Area:
New England and New York $33,766,706
Outside New England and New York 15,631,860
$49,398,566
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
ANALYSIS OF MISCELLANEOUS INCOME
INTEREST INCOME AND OTHER INCOME
ACCOUNTS 419/421/450
DESCRIPTION OF AMOUNTS
ACCOUNT 419 - INTEREST INCOME AND OTHER INCOME
Interest Income
Energy Savings Project Sales - Note Receivable
EUA Cogenex 4,372,583
EUA Canada 37,254
EUA Cogenex West 291,857
EC&S I 141,401
EC&S II 171,785
EUA WestCoast, LP 111,135
TOTAL 5,126,015
Energy Related Financing Transactions
EUA Cogenex Intercompany Interest RENOVA 55,892
EUA Cogenex Intercompany Interest Victor 93,090
EUA Cogenex Intercompany Interest DayMetrix 38,234
EUA Day Intercompany Interest DayMetrix 156,487
TOTAL 343,703
Other Interest Income
EUA Cogenex 7,009
EUA Cogenex West 4
EUA EUASC Interest & Dividend Income 270
TOTAL 7,283
TOTAL INTEREST INCOME 5,477,001
Finance Fees
EUA Cogenex - Financing Fee Income 63,277
TOTAL FINANCE FEES 63,277
GRAND TOTAL INTEREST INCOME AND OTHER INCOME 5,540,278
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
ANALYSIS OF MISCELLANEOUS INCOME
INTEREST INCOME AND OTHER INCOME (Continued)
ACCOUNTS 419/421/450
DESCRIPTION OF ITEMS AMOUNTS
421-0/450 MISCELLANEOUS NON-OPERATING INCOME:
EUA Cogenex:
EC&S I - Management and Accounting 90,000
EC&S II - Management and Accounting 90,000
DayMetrix- Management & Accounting 36,000
NEMI - Management & Accounting 18,000
Late Payment Interest Revenue 22,010
EUASC Non-OP Income 3,432
A/R Settlements/Adjustment 57,568
Miscellaneous 6,661
323,671
EUA Day:
Sales Tax Adjustment 264
264
EUA Cogenex West:
Sales Tax Adjustment 117
Miscellaneous 2,303
2,420
EUA Canada:
Late Payment Interest Revenue 249
Monenco - Receivable 61,336
61,585
EC&S I
Late Payment Interest Revenue 569
569
EC&S II
Late Payment Interest Revenue 1,117
1,117
TOTAL FOR MISCELLANEOUS INCOME 389,626
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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
Alpha P#435 37,461
KAO P#1001 9,121
Keystone P#394 8,503
First Church P#4 15,000
Office Equipment 55,364
125,449
EUA Cogenex West
Office Equipment 2,617
2,617
EC&S I
Nestles 125,566
125,566
TOTAL 253,632
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 DEPARTMENT
AMOUNT OVERHEAD OR
SERVICE
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 NOT
932 MAINTENANCE OF STRUCTURES AND EQUIPMENT 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
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
DEPARTMENTAL ANALYSIS OF SALARIES
ACCOUNT 920
INSTRUCTION: Indicate each department or service function. (See Instruction
01-3 General Structure of Accounting System: Uniform System of
Accounts.)
NAME OF DEPARTMENT DEPARTMENTAL SALARY EXPENSE
INCLUDED IN AMOUNTS BILLED TO NUMBER
PERSONNEL
TOTAL PARENT OTHER NON END OF
AMOUNT COMPANY ASSOCIATES ASSOCIATES YEAR
NOT APPLICABLE
TOTAL
<TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
OUTSIDE SERVICES EMPLOYED
ACCOUNT 923
INSTRUCTIONS: Provide a breakdown by sub-account of outside services
employed. If the aggregate amounts paid to any one payee and
included within one sub-account is less than $25,000, only the
aggregate number and amount of all such payments included
within the sub-account need be shown. Provide a subtotal for
each type of service.
<CAPTION>
FROM WHOM PURCHASED ADDRESS RELATIONSHIP AMOUNT
A = ASSOCIATE
NA = NON
ASSOC.
<S> <C> <C> <C>
EUA COGENEX CORPORATION
OUTSIDE SERVICES-MANAGEMENT
David Kurlan Turnpike Rd., Ste 227, Westboro, MA NA 69,250
Various (3) NA (10,700)
OUTSIDE SERVICES-LEGAL:
Martha Smith Shasta Dr, Londonderry, NH NA 57,425
McDermott, Will and Emery State Street, Boston, MA NA 712,291
EUA Service Company W. Bridgewater, MA A 48,782
Various (9) NA 54,395
OUTSIDE SERVICES-ACCOUNTING:
PriceWaterhouse Coopers Box 3026, Boston, MA NA 107,835
EUA Service Company W. Bridgewater, MA A 8,531
Various (1) NA 9,750
OUTSIDE SERVICES-E.D.P.:
Various (2) NA 1,252
OUTSIDE SERVICES-OTHER:
EUA Service Company W. Bridgewater, MA A 41,939
Various (26) NA (1,461)
TOTAL EUA COGENEX 1,099,290
EUA DAY
OUTSIDE SERVICES-LEGAL:
Various (4) NA 6,854
OUTSIDE SERVICES-BLDG & MAINT:
Various (13) NA 18,340
OUTSIDE SERVICES-OTHER:
EUA Cogenex Lowell, MA A 106,253
Various (3) NA 10,055
TOTAL EUA DAY 141,502
</TABLE>
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
OUTSIDE SERVICES EMPLOYED - (Continued)
ACCOUNT 923
FROM WHOM PURCHASED
ADDRESS RELATIONSHIP AMOUNT
A = ASSOCIATE
NA = NON
ASSOC.
EUA CITIZENS
OUTSIDE SERVICES-LEGAL
Various (1) NA 2,151
OUTSIDE SERVICES-OTHER:
Various (6) NA 44,938
TOTAL EUA CITIZENS 47,089
EUA COGENEX WEST
OUTSIDE SERVICES-LEGAL:
Various (3) NA 1,805
OUTSIDE SERVICES-OTHER:
Adecco Box 360161M, Pittsburgh, PA 28,982
Various (10) NA 20,597
TOTAL EUA COGENEX WEST 51,384
EUA NEMI
OUTSIDE SERVICES-LEGAL
Various (2) NA 2,973
OUTSIDE SERVICES-OTHER:
Various (1) NA 18,000
TOTAL EUA NEMI 20,973
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
OUTSIDE SERVICES EMPLOYED - (Continued)
ACCOUNT 923
FROM WHOM PURCHASED
ADDRESS RELATIONSHIP
A = ASSOCIATE
NA = NON AMOUNT
ASSOC.
DAYMETRIX
OUTSIDE SERVICES-MANAGEMENT
Various NA 28,000
OUTSIDE SERVICES-LEGAL
Various (2) NA 4,099
OUTSIDE SERVICES-BLDG & MAINT
Various (13) NA 9,216
OUTSIDE SERVICES-OTHER:
EUA Cogenex Lowell, MA A 36,000
Various (3) NA 16,456
TOTAL DAYMETRIX 93,771
EUA CANADA
OUTSIDE SERVICES-LEGAL
Various (3) NA 10,137
OUTSIDE SERVICES-OTHER:
Caparim International 37 Linden Terr., Ottawa, Canada NA 34,271
Various (2) NA 16,076
TOTAL EUA CANADA 60,484
EUA WESTCOAST, LP
OUTSIDE SERVICES-OTHER:
Various (1) NA 20,000
TOTAL EUA WESTCOAST, LP 20,000
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
OUTSIDE SERVICES EMPLOYED - (Continued)
ACCOUNT 923
FROM WHOM PURCHASED
ADDRESS RELATIONSHIP
A = ASSOCIATE AMOUNT
NA = NON
ASSOC.
EC&S I
OUTSIDE SERVICES-LEGAL
Various (1) NA 110
OUTSIDE SERVICES-OTHER:
EUA Cogenex Lowell, MA A 90,000
Various (1) NA 14,000
TOTAL EC&S I 104,110
EC&S II
OUTSIDE SERVICES-LEGAL
Various (1) NA 94
OUTSIDE SERVICES-OTHER:
EUA Cogenex Lowell, MA A 90,000
Various (3) NA 6,000
TOTAL EC&S II 96,094
TOTAL OUTSIDE SERVICES
EMPLOYEED 1,734,697
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 Day
Miscellaneous Various 139
TOTAL 139
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 A M O U N T
EUA Cogenex Corporation
EUA Service Corporation Allocated Expenses (27,768)
Capitalization of EUA Service Corporation Allocated Expenses (155,171)
Conference Employee Training, Seminar and Conference Fees 40,298
Petty Cash Expense, Letter of Credit & Bank Charges (111,115)
Filing Fees 2,213
Miscellaneous 23,428
Prepaid Expenses 13,350
Administration of Sanwa Loss 4,680
(210,085)
EUA Day
Miscellaneous 8,810
DayMetrix
Miscellaneous 166,502
EUA NEMI
Miscellaneous 255
EUA Citizens Corporation
Miscellaneous 12,520
EUA Cogenex West Corporation
Miscellaneous 2,117
EUA Canada
Miscellaneous 1,089
EC&S I
Miscellaneous 210
EC&SII
Miscellaneous 398
EUA FRCII
Miscellaneous 37
WestCoast, L.P.
Miscellaneous 1,881
TOTAL (16,266)
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 A M O U N T
EUA Cogenex Corporation
Building Rents 331,254
Data Processing and Other Equipment Rents 148,028
479,282
EUA Day
Building Rents 32,759
Data Processing and Other Equipment Rents 6,440
39,199
EUA NEMI
Building Rents 1,273
1,273
EUA Cogenex Canada
Building Rents 5,214
Data Processing & Other Equipment Rents 307
5,521
EUA Citizens Corporation
Building Rents 44,543
Data Processing and Other Equipment Rents 17,989
62,532
EUA Cogenex West Corporation
Building Rents 117,335
Data Processing and Other Equipment Rents 58,902
176,237
TOTAL 764,044
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 subtotal for each class of tax.
K I N D O F T A X
EUA Cogenex Corporation: A M O U N T
Other Than U.S. Government Taxes:
State of MA Unemployment Compensation 16,160
MA Health Insurance 874
California Employment Training 38
Property Taxes
Sales and Use Taxes 7,721
Miscellaneous Taxes 26,764
51,557
U.S. Government Taxes:
Federal Unemployment Compensation 3,164
F.I.C.A. (Net of A & G Credit) 265,743
268,907
TOTAL EUA COGENEX 320,464
EUA Cogenex Canada
Other Than U.S. Government Taxes:
Miscellaneous Taxes 2,971
2,971
TOTAL EUA COGENEX CANADA 2,971
EUA Day:
Other Than U.S. G
32.1overnment Taxes:
Property Taxes 14,519
State of New York Unemployment 889
State of New York Sales & Use
Rhode Island Gross Earning Tax 15,948
31,356
U.S. Government Taxes:
Federal Unemployment Compensation 3,321
F.I.C.A. (Net of A & G Credit) 183,476
186,797
TOTAL EUA DAY 218,153
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
TAXES OTHER THAN INCOME TAXES - (Continued)
ACCOUNT 408.1
K I N D O F T A X A M O U N T
DayMetrix:
Other Than U.S. Government Taxes:
Property Taxes 4,187
State of New York Unemployment 2,646
State of New York Sales & Use
6,833
U.S. Government Taxes:
Federal Unemployment Compensation 19,997
F.I.C.A. (Net of A & G Credit) 20,538
TOTAL DAYMETRIX 27,371
EUA Citizens:
Other Than U.S. Government Taxes:
State of MA Unemployment Compensation 5,505
State of MA Heath Insurance 282
Property Taxes
Miscellaneous Taxes (835)
4,952
U.S. Government Taxes:
Federal Unemployment Compensation 1,217
F.I.C.A. (Net of A & G Credit) 85,797
87,014
TOTAL EUA CITIZENS 91,966
EUA Cogenex West Corporation:
Other Than U.S. Government Taxes: 1,029
State of MA Unemployment 2,143
Property Taxes 2,145
Colorado State Unemployment 5,317
U.S. Government Taxes: 634
Federal Unemployment Compensation 42,274
F.I.C.A. (Net of A & G Credit) 42,908
TOTAL EUA COGENEX WEST 48,225
GRAND TOTAL TAXES OTHER THAN INCOME TAX 709,150
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 PURPOSE OF DONATION AMOUNT
EUA Cogenex:
Miscellaneous (7) 4,014
4,014
EUA Citizens:
Miscellaneous (2) 200
200
EUA Cogenex West:
Huguley Memorial Medical Center 3,000
Miscellaneous (1) 2,000
5,000
TOTAL 9,214
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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: Sycom 30,495
Boston University Payof 57,903
Miscellaneous (10) 64,745
153,143
EUA Cogenex West Miscellaneous 9,441
EUA Cogenex Canada Menasco Sale 70,137
EC&S I Miscellaneous 1,150
EC&S II Miscellaneous 1,150
TOTAL 235,021
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 34.
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE OF TERMINATED CONTRACTS
** FILED UNDER CONFIDENTIAL TREATMENT REQUEST **
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
SCHEDULE OF PROJECT VALUES
** FILED UNDER CONFIDENTIAL TREATMENT REQUEST **
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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 SAVED CUMULATIVE
KILOWATTS SAVED
Commonwealth Electric Co. (1)
Public Service Electric & Gas Co. (3) 26,112 91,105
Orange and Rockland Utilities Inc. (2) 207 3,179
Central Maine Power Company (1) 12,160 34,878
Rochester Gas and Electric Corp. (2) 7,342 15,679
Rockland Electric Company (3) 381
Massachusetts Electric (1) 88
Boston Edison (1) 5,082 31,394
Consolidated Edison (2)
Jersey Central Power and Light (3) 4,432 16,468
TOTAL 55,335 193,172
-1 New England
-2 New York
-3 Outside New England and New York
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
PROJECT INCOME STATEMENT
** FILED UNDER CONFIDENTIAL TREATMENT REQUEST **
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
ORGANIZATIONAL STRUCTURE
EUA COGENEX CORPORATION
President
Executive Vice President
Vice President
Assistant Comptroller
Manager of Human Resources
Director of Commercial Finance
Vice President of Business Development
Director of Sales
(Acting) Manager Engineering and Construction
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
ORGANIZATIONAL STRUCTURE (Continued)
EUA CITIZENS CORPORATION
President
Vice President
Director of Public Housing Operations
Director of Utility Program
Senior Construction Manager
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
ORGANIZATIONAL STRUCTURE (Continued)
EUA COGENEX WEST
Project Director
ANNUAL REPORT OF EUA COGENEX AND SUBSIDIARY COMPANIES
For the Year Ending December 31, 1999
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/ Richard Burlingame, Jr.
(Signature of Signing Officer)
Richard Burlingame, Jr., Assistant Comptroller
(Printed Name and Title of Signing Officer)
Date: April 21, 2000
<TABLE> <S> <C>
<ARTICLE> OPUR2
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<NET-SERVICE-COMPANY-PROPERTY> 48340
<TOTAL-INVESTMENTS> 35688
<TOTAL-CURRENT-ASSETS> 42784
<TOTAL-DEFERRED-DEBITS> 2125
<OTHER-ASSETS-AND-DEBITS> 8108
<TOTAL-ASSETS-AND-DEBITS> 137045
<TOTAL-PROPRIETARY-CAPITAL> 42008
<TOTAL-LONG-TERM-DEBT> 0
<NOTES-PAYABLE> 155
<NOTES-PAYABLE-ASSOCIATE-COMP> 0
<OTHER-CURR-AND-ACCRUED-LIAB> 87239
<TOTAL-DEFERRED-CREDITS> 2077
<DEFERRED-INCOME-TAX> 5566
<TOT-LIABIL-AND-PROPRIET-CAP> 137045
<SERVICES-ASSOCIATE-COMPANIES> 0
<SERVICES-NON-ASSOCIATE-COMP> 49399
<MISC-INCOME-OR-LOSS> 6387
<TOTAL-INCOME> 55786
<SALARIES-AND-WAGES> 7314
<EMPLOYEE-PENSION-AND-BENEFIT> 383
<OTHER-EXPENSES> 54442
<TOTAL-EXPENSES> 62139
<NET-INCOME> (6353)
<TOTAL-EXPENSES-DIRECT-COST> 62139
<TOTAL-EXPENSES-INDIRECT-COST> 0
<TOT-EXP-DIRECT-AND-INDIRECT> 62139
<PERSONNEL-END-OF-YEAR> 95
</TABLE>
