SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
In the matter of )
)
)
EUA ENERGY INVESTMENT CORPORATION ) Certificate of
Lowell, Massachusetts ) Notification
) Pursuant to
) Rule 24
(70-8837) )
)
(Public Utility Holding Company Act of 1935) )
Enclosed herewith for filing by EUA Energy Investment Corporation, a
wholly-ownded subsidiary of Eastern Utilities Associates in
accordance with the Order of the Securities and Exchange Commission
entered in the above matter on June 26, 1996 (Release No. 35-26529)
and pursuant to Rule 24, are the balance sheet, the income statement,
and statement of cash flows for the period ended September 30, 1996 of
Separation Technologies, Inc., reflecting the investments to-date
therein by EUA Energy Investment Corporation.
EUA Energy Investment Corporation
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
Dated: November 26, 1996
EUA ENERGY INVESTMENT CORPORATION
INVESTMENT IN SEPARATION TECHNOLOGIES, INC.
THIRD QUARTER 1996
(1) In the third quarter STI was working to complete Phase II of the Brayton
Point Power Project. Brayton Point Station is owned by New England Power
and is located in Somerset, MA. One STI separator has been running at
Brayton Point in a temporary location at the plant since June of 1995.
Phase II will provide for a permanent location as well as the
installation of a second machine to handle all of the plant's fly ash.
Phase II is expected to be completed in November 1996.
STI shipped a machine to Kali und Salz which became operational on
September 1, 1996. Kali und Salz is a German company and the machine
will be used to separate pot ash. The separator will be tested at their
manufacturing plant for 6 months and then Kali und Salz will make a
decision on whether to puchase an additional 20 machines from STI.
(2) Separation Technologies' Financial Statements through September 30, 1996.
SEPARATION TECHNOLOGIES, INC.
CONDENSED BALANCE SHEET
September 30, 1996
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Property and equipment, net $1,701
Total fixed Assets 1,701
Current Assets:
Cash and cash equivalents 353
Accounts Receivable 738
Inventories 352
Prepaid Expenses and Other 28
Total Current Assets 1,471
Other Assets:
Deposits 50
Acquired Intangibles 2,630
Patents and acquired Technology 417
Total Other Assets 3,097
TOTAL ASSETS $6,269
LIABILITIES
Stockholders' Investment:
Series A Convertible Preferred $16
Common Stock 37
Additional Paid-in-Capital 14,003
Deficit accumulated during development (8,459)
Total Common Equity 5,597
Long Term Liabilities:
Notes Payable to EUA Energy 0
Total Long Term Liabilities 0
Total Capitalization 5,597
Current Liabilities:
Accounts Payable 393
Notes Payable 95
Accrued Expenses 137
Other 47
Total Current Liabilities 672
TOTAL LIABILITIES AND EQUITY $6,269
SEPARATION TECHNOLOGIES, INC.
CONDENSED INCOME STATEMENT
For the Quarter Ended and YTD September 30, 1996
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Revenues $663 $1,347
Cost of Revenues 253 654
Gross Profit 410 693
Operating Expenses:
Engineering, Research and Developme 243 703
Sales and Marketing Expenses 47 145
General and Administrative Expenses 312 1,059
Total Operating Expenses 602 1,907
Operating Income (192) (1,214)
Other Income and Deductions 3 15
Income Before Interest Charges (189) (1,199)
Interest Charges 0 0
Income After Interest Charges (189) (1,199)
Pre-tax Net Income ($189) ($1,199)
SEPARATION TECHNOLOGIES, INC.
STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 1996
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Pre-tax Net Income ($1,199)
Depreciation & Amortization 650
Change in Assets and Liabilities:
Accounts & Notes Receivable (648)
Accounts & Notes Payable (122)
Accrued Expenses (101)
Other (Net) (179)
Net Operating Activities (1,599)
Financing Activities:
Equity Contributions 5,425
Long Term Debt 0
Net Financing Activities 5,425
Investing Activities:
Capital Expenditures (1,522)
Other (1,959)
Net Investing Activities (3,481)
Cash Provided (Used) $345
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