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Previous: TRAVELERS SERIES TRUST, 497, 1999-03-24 |
Next: DATA SYSTEMS & SOFTWARE INC, 10-K405, 1999-03-24 |
<PAGE>
Page 1 of 12
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT TO FORM U-3A-2
FOR THE YEAR ENDED DECEMBER 31, 1998
CATALYST VIDALIA HOLDING CORPORATION
(Name of Company)
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its statement on Form U-3A-2 as set
forth in the pages attached hereto:
Exhibit A1 - Catalyst Old River Hydroelectric Limited Partnership
Audited 1998 Financial Statements
Exhibit A2 - Catalyst Vidalia Corporation Unaudited 1998 Financial
Statements
Exhibit A3 - Catalyst Vidalia Holding Corporation Unaudited 1998
Consolidated Financial Statements
Exhibit A4 - Catalyst Vidalia Holding Corporation Unaudited 1998
Consolidating Financial Statements
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
CATALYST VIDALIA HOLDING CORPORATION
By: /s/ Jack R. Sauer
-------------------------
Name: Jack R. Sauer
-------------------------
Title: Vice President
-------------------------
Date: March 24, 1999
<PAGE>
EXHIBIT A1
-------------
Page 2 of 12
CATALYST OLD RIVER HYDROELECTRIC LIMITED PARTNERSHIP
AUDITED 1998 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Amendment No. 1 filed by Catalyst Vidalia Corporation (File number 69-00443)
on March 24, 1999 amending its Form U-3A-2 to file the Catalyst Old River
Hydroelectric Limited Partnership audited 1998 financial statements.
<PAGE>
EXHIBIT A2
-------------
Page 3 of 12
CATALYST VIDALIA CORPORATION
UNAUDITED 1998 FINANCIAL STATEMENTS
The above named financial statements are hereby incorporated by reference from
the Amendment No. 1 filed by Catalyst Vidalia Corporation (File number 69-00443)
on March 24, 1999 amending its Form U-3A-2 to file the Catalyst Vidalia
Corporation unaudited 1998 financial statements.
<PAGE>
EXHIBIT A3
-------------
Page 4 of 12
CATALYST VIDALIA HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in thousands)
Unaudited
<TABLE>
ASSETS
<CAPTION>
December 31, December 31,
1998 1997
--------- ---------
<S> <C> <C>
Cash and cash equivalents $ 359 $ 94
Receivable from VCH and other assets 377 739
Investment in CORHLP 150,677 148,523
Management fee receivable - CORHLP 1,195 4,996
--------- ---------
Total assets $ 152,608 $ 154,352
========= =========
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Accounts payable and accrued expenses $ 73 $ 44
Management fee payable - GLP -- 1,600
Intercompany payable to TCG, Inc. 3,216 --
Deferred income tax liability 17,432 11,493
--------- ---------
Total liabilities 20,721 13,137
--------- ---------
Stockholder's equity:
Common stock 134 134
Additional paid-in capital 114,394 132,894
Retained earnings 17,359 8,187
--------- ---------
Total stockholder's equity 131,887 141,215
--------- ---------
Total liabilities and stockholders equity $ 152,608 $ 154,352
========= =========
</TABLE>
<PAGE>
EXHIBIT A3
-------------
Page 5 of 12
CATALYST VIDALIA HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands)
Unaudited
Twelve Months
Ended December 31,
------------------
1998 1997
-------- --------
Revenues:
Equity interest in operating
results of CORHLP ...................... $ 15,724 $ 12,474
Management fee including accrued
interest - CORHLP ...................... 1,616 1,696
Management fee - Lincorp .................. 35 35
Investment income ......................... 4 65
Other income - tax refunds ................ 68 112
Management fee and interest - VC Holdings . 339 --
-------- --------
17,786 14,382
-------- --------
Expenses:
General and administrative ................ 2,149 1,686
Deferred tax consolidation reversal expense -- 4,660
Management consulting fees - GLP .......... 350 350
-------- --------
2,499 6,696
-------- --------
Pre tax income ............................... 15,287 7,686
Tax provision ............................... (6,115) (3,075)
-------- --------
Net income ................................... $ 9,172 $ 4,611
======== ========
<PAGE>
EXHIBIT A3
-------------
Page 6 of 12
CATALYST VIDALIA HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
Unaudited
<TABLE>
<CAPTION>
Twelve Months
Ended December 31,
--------------------
1998 1997
-------- --------
<S> <C> <C>
Cash flows provided by (used in) operations:
Net income ................................................. $ 9,172 $ 4,611
Deferred income taxes ...................................... 5,939 7,654
Adjustments to reconcile net income to net
cash provided by (used in) operating
activities:
Equity interest in operating results of CORHLP ....... (15,724) (12,474)
Distribution from CORHLP ............................. 13,570 --
Dividend payout to CENTURY ........................... (18,500) --
Changes in operating assets and liabilities:
Receivables and other assets ....................... 362 1,048
Management fee receivable - CORHLP ................. 3,801 (1,340)
Management fee payable - GLP ....................... (1,600) 350
Other assets and liabilities, including intercompany 3,245 15
-------- --------
Net cash provided by (used in) operating activities .......... 265 (136)
-------- --------
Net increase (decrease) in cash and cash equivalents ......... 265 (136)
Cash and cash equivalents beginning of the period ............ 94 230
-------- --------
Cash and cash equivalents at end of period ................... $ 359 $ 94
======== ========
</TABLE>
<PAGE>
EXHIBIT A3
-------------
Page 7 of 12
CATALYST VIDALIA HOLDING CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands, except share data)
Unaudited
<TABLE>
<CAPTION>
Shares of Additional
Shares Participating Participating Paid
of Common Common Preferred Preferred In Retained
Stock Stock Stock Stock Capital Earnings
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Balance December 31, 1996 ............. 1,000 $ -- 133,593 $ 134 $132,894 $ 3,576
Net income ............................ 4,611
-------- -------- -------- -------- -------- --------
Balance December 31, 1997 ............. 1,000 -- 133,593 $ 134 132,894 8,187
Dividend on Preferred Stock ........... (18,500)
Net Income ............................ 9,172
-------- -------- -------- -------- -------- --------
Balance December 31, 1998 ............. 1,000 $ -- 133,593 $ 134 $114,394 $ 17,359
======== ======== ======== ======== ======== ========
</TABLE>
<PAGE>
EXHIBIT A4
-------------
Page 8 of 12
CATALYST VIDALIA HOLDING CORPORATION
CATALYST VIDALIA CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands, except share data)
Unaudited
<TABLE>
<CAPTION>
Consolidation entries
------------------------ Consol-
CVC CVHC Debit Credit idated
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Cash .................................................. 113 246 359
Accounts receivable:
Mgmt fee receivable CORHLP .......................... 1,195 -- -- 1,195
Receivable from VCH, Inc. ........................... 369 369
Other receivable .................................... 8 8
-- -- --
Investment:
CORHLP .............................................. 48,973 111,942 10,238 150,677
CVC ................................................. 119,543 36,007 155,550 --
Deferred income tax benefits:
Federal ............................................. 4,809 4,809 --
State ............................................... 1,182 1,182 --
-- --
Intercompany account .................................. (395) 395 -- --
--------- --------- --------- --------- ---------
49,886 120,561 153,940 171,779 152,608
========= ========= ========= ========= =========
Accounts payable and accrued expenses ................. 2 71 73
Intercompany payable - TCG, Inc. ...................... 731 2,485 -- -- 3,216
-- --
Federal and state income taxes pay - I/C .............. 100 4,069 18,614 14,445 --
Deferred income taxes payable ......................... 33,109 4,178 29,143 9,288 17,432
--------- --------- --------- --------- ---------
Total liabilities ................................... 33,942 10,803 47,757 23,733 20,721
--------- --------- --------- --------- ---------
Common stock .......................................... --
Participating preferred stock ......................... 134 134
Additional paid-in capital ............................ 114,394 -- 114,394
Retained earnings - pre November 5, 1991 .............. 1,331 1,331 --
Retained earnings - post November 5, 1991 ............. 14,613 (4,770) 45,806 53,322 17,359
--------- --------- --------- --------- ---------
15,944 109,758 47,137 53,322 131,887
--------- --------- --------- --------- ---------
Total liabilities and stockholders equity ............. 49,886 120,561 94,894 77,055 152,608
========= ========= ========= ========= =========
</TABLE>
<PAGE>
EXHIBIT A4
-------------
Page 9 of 12
CATALYST VIDALIA HOLDING CORPORATION
CATALYST VIDALIA CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
(Dollars in Thousands)
<TABLE>
<CAPTION>
Consolidation entries
--------------------------- Consol-
CVC CVHC Debit Credit idated
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Revenue
Equity interest in operating results-
Catalyst Old River Hydroelectric Ltd. Ptr. 15,724 15,724
Catalyst Vidalia Corporation 9,621 9,621 --
Management fee, incl. int. - CORHLP 1,616 1,616
Management fee - CVC 1,616 1,616 --
Management fee - Lincorp 35 35
Management fee, incl. int. - VCH 339 339
Interest income - other 4 4
Other, net 68 68
--------- --------- --------- --------- ---------
17,412 11,611 11,237 -- 17,786
--------- --------- --------- --------- ---------
General and administrative 81 2,068 2,149
Management consulting fees 1,616 350 1,616 350
--------- --------- --------- --------- ---------
1,697 2,418 -- 1,616 2,499
--------- --------- --------- --------- ---------
Pretax income (loss) 15,715 9,193 11,237 1,616 15,287
Tax (provision) benefit (6,094) -- 6,115 6,094 (6,115)
--------- --------- --------- --------- ---------
Net income (loss) 9,621 9,193 17,352 7,710 9,172
========= ========= ========= ========= =========
</TABLE>
<PAGE>
EXHIBIT A4
-------------
Page 10 of 12
CATALYST VIDALIA HOLDING CORPORATION
Consolidating Journal Entries
(000's)
12/31/1998
<TABLE>
<S> <C> <C>
1.* Retained Earnings 22,430
Investment in CVC 22,430
Reverse CVCH's equity pick-up of CVC
11/5/91-12/31/97
1a. Equity pick-up of CVC 9,621
Investment in CVC 9,621
Reverse CVCH's equity pick-up of CVC
1/1-12/31/98
2. Management fee income-CVHC 1,616
Management fee expense-CVC 1,616
Offset CVC management fee expense against CVHC
management fee income 1/1-12/31/98
3. Provision for Taxes - Federal & State 6,115
Retained Earnings 3,173
Deferred Taxes Payable 9,288
Record Top Side Tax Provision
* Historical
4. Management fee payable -
Management fee receivable -
Reverse CVC's management fee payable to CVHC
against CVHC's management fee receivable from
CVC.
5. Investment in CORHLP 111,942
Federal income taxes payable-I/C account 10,338
Additional paid in capital -
Retained earnings pre 11/15/91 1,331
Deferred FIT receivable 112
I/C account -
Investment in CVC 123,499
</TABLE>
Record original investment elimination and purchase, adjusted for 77,450
dividend prior to 98, price accounting as of 11/5/91.
<PAGE>
EXHIBIT A4
-------------
Page 11 of 12
CATALYST VIDALIA HOLDING CORPORATION
Consolidating Journal Entries
(000's)
12/31/1998
<TABLE>
<S> <C> <C>
6. Retained earnings post 11/5/91 9,642
1998 consolidating P/L entries 9,642
Record 1998 P/L consolidating entries against
retained earnings
7. Deferred Taxes Payable 9,043
Retained Earnings 2,949
Tax Provision 6,094
Eliminate Effect of CVC Taxes Payable
8. Receivable from TCG, Inc. -
Intercompany Payable - TCG, Inc. -
To offset the receivable against the payable.
9.* Retained Earnings 10,238
Investment in CORHLP 10,238
To lower investment basis in CORHLP
to correct amount.
10.* Investment in CVC 19,516
Retained Earnings 19,516
To reverse book entry for consolidation
</TABLE>
<PAGE>
EXHIBIT A4
-------------
Page 12 of 12
CATALYST VIDALIA HOLDING CORPORATION
Consolidating Journal Entries
(000's)
12/31/1998
<TABLE>
<S> <C> <C>
11*. FIT Payable - I/C account 7,316
Retained Earnings 7,019
Deferred FIT receivable 241
Deferred State tax receivable 56
DIT payable - Federal I/C account 3,101
DIT payable - State I/C account 322
Retained Earnings 3,423
Federal income taxes payable-I/C account 775
State income taxes payable-I/C account 185
Deferred FIT receivable 775
Deferred State receivable 185
Deferred tax asset-FIT 4,809
Deferred tax asset-State 1,182
Deferred tax liability-FIT 629
Deferred tax liability-State 161
Retained earnings post 11/5/91 323
Income taxes payable-I/C 7,104
Deferred Tax Provision-1996 3,924
Retained Earnings 3,924
Deferred Income Tax Payable 4,622
Deferred Income Tax Receivable - Fed. 3,681
Deferred Income Tax Receivable - State. 941
To consolidate prior consolidation entries 3,4,7,8,10,11.
12. Deferred Income Taxes 7,341
Income Taxes Payable 7,341
To Zero Out Income tax payable
13. Investment in CVC 16,491
Retained Earnings 16,491
Consolidation entry for dividend
</TABLE>
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