The sole purpose of this amendment is to correct a typographical error in the
Statement of Cash Flows included in Part 1, Item 1 "Financial Statements".
Under the caption "Cash flows from operating activities", Assignable margins
should read $3,626,466. This correction has been made in the accompanying
financial statements.
FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
----------------------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 33-42125
Chugach Electric Association, Inc.
(Exact name of registrant as specified in its charter)
Alaska 92-0014224
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5601 Minnesota Drive Anchorage, Alaska 99518
(Address of principal executive offices) (Zip Code)
(907) 563-7494
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last
report).
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes (X) . No ( ).
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
CLASS OUTSTANDING AT MAY 1, 1996
NONE NONE
<PAGE>
CHUGACH ELECTRIC ASSOCIATION, INC.
INDEX
Part I. Financial Information Page Number
Balance Sheets, March 31, 1996 (Unaudited) and December 31, 1995 3
Statements of Revenues, Expenses and Patronage Capital, Three Months Ended
March 31, 1996 and 1995 (Unaudited) 5
Statements of Cash Flows, Three Months Ended March 31, 1996 and 1995
(Unaudited) 6
Notes to Financial Statements (Unaudited) 7
Signatures 8
2
<PAGE>
CHUGACH ELECTRIC ASSOCIATION, INC.
Balance Sheets
Assets
<TABLE>
March 31, 1996 December 31, 1995
------------ ------------
(Unaudited)
<S> <C> <C>
Utility plant:
Electric plant in service ............................... $600,991,000 $587,877,992
Construction work in progress ........................... 14,809,004 27,068,964
------------ ------------
615,800,004 614,946,956
Less accumulated depreciation ........................... 201,328,069 196,677,723
------------ ------------
Net utility plant ...................... 414,471,935 418,269,233
------------ ------------
Other property and investments, at cost:
Nonutility property ..................................... 3,550 3,550
Investments in associated organizations ................. 7,458,576 7,513,807
Restricted cash - margins from economy
energy sales, all repurchase
agreements ........................................... 3,066,189 3,026,634
------------ ------------
10,528,315 10,543,991
------------ ------------
Current assets:
Cash and cash equivalents ............................... 7,585,875 6,371,687
Cash - restricted construction funds .................... 698,960 --
Special deposits ........................................ 97,872 97,789
Accounts receivable, net ................................ 15,431,755 17,108,823
Materials and supplies, at average cost ................. 18,977,744 18,498,783
Prepayments ............................................. 1,359,285 675,117
Other current assets .................................... 207,150 412,209
------------ ------------
Total current assets ..................... 44,358,641 43,164,408
------------ ------------
Deferred charges ............................................. 12,856,001 12,812,691
------------ ------------
$482,214,892 $484,790,323
------------ ------------
See accompanying notes to unaudited financial statements.
</TABLE>
3
<PAGE>
CHUGACH ELECTRIC ASSOCIATION, INC.
Balance Sheets
Liabilities and Equities
<TABLE>
March 31, 1996 December 31, 1995
------------ ------------
(Unaudited)
<S> <C> <C>
Equities and margins:
Memberships ............................................. $ 774,663 $ 765,123
Patronage capital ....................................... 99,013,147 95,421,358
Other ................................................... 2,982,141 3,044,069
------------ ------------
102,769,951 99,230,550
------------ ------------
Long-term obligations, excluding current installments:
First mortgage bonds payable ............................ 272,753,000 294,054,000
National Bank for Cooperatives bonds
payable (note 2) ....................................... 32,972,845 11,587,703
------------ ------------
305,725,845 305,641,703
------------ ------------
Current liabilities:
Bank overdraft .......................................... 1,831,936 492,204
Notes payable ........................................... 12,000,000 8,000,000
Current installments of long-term debt and
capital leases ....................................... 6,027,993 5,665,749
Accounts payable ........................................ 2,610,902 6,659,477
Consumer deposits ....................................... 1,071,310 1,119,056
Accrued interest ........................................ 1,275,866 8,052,786
Salaries, wages and benefits ............................ 3,931,723 3,772,608
Fuel .................................................... 2,363,736 2,289,776
Other ................................................... 5,875,423 2,624,341
------------ ------------
Total current liabilities ................. 36,988,889 38,675,997
------------ ------------
Deferred credits ............................................. 36,730,207 41,242,073
------------ ------------
$482,214,892 $484,790,323
------------ ------------
See accompanying notes to unaudited financial statements.
</TABLE>
4
<PAGE>
CHUGACH ELECTRIC ASSOCIATION, INC.
Statements of Revenues, Expenses and Patronage Capital
<TABLE>
Three months ended March 31
1996 1995
------------ ------------
(Unaudited)
<S> <C> <C>
Operating revenues .............................. $ 35,097,712 $ 36,088,726
------------ ------------
Operating expenses:
Production ................................. 8,382,590 8,129,228
Purchased power ............................ 2,329,442 2,067,867
Transmission ............................... 883,206 710,477
Distribution ............................... 2,443,880 2,611,358
Consumer accounts .......................... 1,791,397 1,733,216
Administrative, general and other .......... 3,425,465 3,578,474
Depreciation and amortization .............. 5,035,068 4,712,778
------------ ------------
Total operating expenses ........... 24,291,048 23,543,398
------------ ------------
Interest:
On long-term debt .......................... 7,304,244 6,462,517
Other ...................................... 185,933 124,113
Charged to construction - credit ........... (122,271) (294,562)
------------ ------------
Net interest expense ............... 7,367,906 6,292,068
------------ ------------
Net operating margins .............. 3,438,758 6,253,260
------------ ------------
Nonoperating margins:
Interest income ............................ 171,162 163,361
Other ...................................... 16,546 75,582
------------ ------------
Total nonoperating margins ......... 187,708 238,943
------------ ------------
Assignable margins ................. 3,626,466 6,492,203
Patronage capital at beginning of period ........ 95,421,358 91,079,686
Retirement of capital credits and
estate payments .............................. (34,677) (39,684)
------------ ------------
Patronage capital at end of period .............. $ 99,013,147 $ 97,532,205
------------ ------------
See accompanying notes to unaudited financial statements.
</TABLE>
5
<PAGE>
CHUGACH ELECTRIC ASSOCIATION, INC.
Statement of Cash Flows
<TABLE>
Three months ended March 31
1996 1995
------------ ------------
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Assignable margins ................................. $ 3,626,466 $ 6,492,203
------------ ------------
Adjustments to reconcile assignable
margins to net cash used in operating
activities:
Depreciation and amortization .................. 5,035,068 4,712,778
Changes in assets and liabilities:
(Increase) decrease in assets:
Accounts receivable .......................... 1,677,068 248,112
Prepayments .................................. (684,168) (749,052)
Materials and supplies ....................... (478,961) (762,720)
Deferred charges ............................. (43,310) (1,944,760)
Other ........................................ (533,539) (75,440)
Increase (decrease) in liabilities:
Accounts payable ............................. (4,048,575) (958,408)
Consumer deposits ............................ (47,746) (11,857)
Accrued interest ............................. (6,776,920) (6,981,799)
Deferred credits ............................. (4,511,866) (357,490)
Other ........................................ 3,484,157 (976,646)
------------ ------------
Total adjustments ...................... (6,928,792) (7,857,282)
------------ ------------
Net cash provided (used) in
operating activities ................. (3,302,326) (1,365,079)
Cash flows from investing activities:
Extension and replacement of plant ................. (1,237,770) (3,402,894)
Investments in associated organizations ............ 55,231 69,158
------------ ------------
Net cash used in investing activities .. (1,182,539) (3,333,736)
------------ ------------
Cash flows from financing activities:
Net change in bank overdraft ....................... 1,339,732 42,390
Short-term borrowings, net ......................... 25,500,000 11,300,000
Repayments of long-term debt ....................... (21,053,614) (5,190,874)
Retirement of patronage capital .................... (34,677) (39,684)
Other .............................................. (52,388) (11,244)
------------ ------------
Net cash (used) provided by
financing activities ................. 5,699,053 6,100,588
------------ ------------
Net increase (decrease) in cash and
cash equivalents ..................... 1,214,188 1,401,773
Cash and cash equivalents at beginning of period ...... 6,371,687 5,975,927
------------ ------------
Cash and cash equivalents at end of period ............ $ 7,585,875 $ 7,377,700
------------ ------------
See accompanying notes to unaudited financial statements.
</TABLE>
6
<PAGE>
CHUGACH ELECTRIC ASSOCIATION, INC.
Notes to Financial Statements
March 31, 1996
(Unaudited)
1. Presentation of Financial Information
During interim periods, Chugach Electric Association, Inc. (Chugach)
follows the accounting policies set forth in its audited financial
statements included in Form 10-K filed with the Securities and Exchange
Commission. Users of interim financial information are encouraged to refer
to footnotes contained in Form 10-K when reviewing interim financial
results. Management believes that the accompanying interim financial
statements reflect all adjustments which are necessary for a fair statement
of the results of the interim period presented. All adjustments made in the
accompanying interim financial statements are of a normal recurring nature.
2. Lines of Credit
Chugach maintains a line of credit of $35,000,000 with National Bank for
Cooperatives (CoBank). The CoBank line of credit expires August 1, 1996 but
is expected to be renewed. At March 31, 1996, $21,500,000 was outstanding
at an interest rate of 6.15%. This balance was converted to a long-term
bond on April 30, 1996. Thus, it is classified in long-term obligations at
March 31, 1996. In addition, the Association has an annual line of credit
of $50,000,000 available at the National Rural Utilities Cooperative
Finance Corporation (NRUCFC). At March 31, 1996, $12,000,000 was
outstanding at an interest rate of 6.30%. The NRUCFC line of credit expires
February 19, 1998.
3. Restricted Cash
Beginning in the first quarter of 1996, Chugach began receiving grant funds
from the Alaska Industrial Development and Export Authority (AIDEA) to
finance the siting study for the Southern Intertie. Under the terms of the
grant agreement, Chugach agreed to deposit these funds in a separate
interest bearing bank account at its main banking institution. Chugach
reimburses itself from this account monthly for expenditures related to the
siting study.
The initial amount approved for the study was $900,000. At March 31, 1996
this account contained a balance of $698,960.
7
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CHUGACH ELECTRIC ASSOCIATION, INC.
By: /s/ Eugene N. Bjornstad
Eugene N. Bjornstad, General Manager
Date: June 12, 1996
By: /s/ Evan J. Griffith, Jr.
Evan J. Griffith, Jr.
Executive Manager, Finance & Planning
Date: June 12, 1996
8
<PAGE>
