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-owned 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 March 31, 1997 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: May 29, 1997
EUA ENERGY INVESTMENT CORPORATION
INVESTMENT IN SEPARATION TECHNOLOGIES, INC.
FIRST QUARTER 1997
(1) In the first quarter STI completed Phase II at 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 effectively doubles the Brayton Point separating capacity.
STI announced in April 1997 a joint venture formed with Roanoke Cement
Company to install equipment to separate unburned carbon from fly-ash at
Carolina Power & Light's Roxboro, N.C. generating station. The joint
venture will market the processed ash to concrete producers in the
Virginia's and the Carolina's. The equipment is expected to be on-line in
July or August 1997.
STI also executed a licensing agreement in Europe and continues a testing
program with a large mineral company in Germany.
(2) Separation Technologies' Financial Statements through March 31,
1997.
SEPARATION TECHNOLOGIES, INC.
CONDENSED BALANCE SHEET
March 31, 1997
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Property and equipment, net $2,223
Total fixed Assets 2,223
Current Assets:
Cash and cash equivalents 741
Accounts Receivable 333
Inventories 29
Prepaid Expenses and Other 23
Total Current Assets 1,126
Other Assets:
Deposits 50
Acquired Intangibles 325
Patents and acquired Technology 385
Total Other Assets 759
TOTAL ASSETS $4,108
LIABILITIES
Stockholders' Equity
Series A Convertible Preferred $16
Common Stock 37
Deferred Compensation (176)
Additional Paid-in-Capital 13,846
Deficit accumulated during development (11,595)
Total Stockholders' Equity 2,128
Long Term Liabilities:
Notes Payable to EUA Energy 1,000
Total Long Term Liabilities 1,000
Total Capitalization 3,128
Current Liabilities:
Accounts Payable 618
Notes and Leases Payable 90
Accrued Expenses 222
Other 50
Total Current Liabilities 980
TOTAL LIABILITIES AND EQUITY $4,108
SEPARATION TECHNOLOGIES, INC.
CONDENSED INCOME STATEMENT
For the Period Ended March 31, 1997
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Revenues $555 $555
Cost of Revenues 343 343
Gross Profit 212 212
Operating Expenses:
Engineering, Research and Development 251 251
Sales and Marketing Expenses 44 44
General and Administrative Expenses 428 428
Total Operating Expenses 723 723
Operating Income (Loss) (511) (511)
Interest Charges 28 28
Pre-tax Net Income (Loss) ($539) ($539)
SEPARATION TECHNOLOGIES, INC.
STATEMENT OF CASH FLOWS
For the Year to Date Period March 31, 1997
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Pre-tax Net Income (Loss) ($539)
Depreciation & Amortization 230
Change in Current Assets and Liabilities:
Accounts Receivable 89
Accounts Payable 37
Other Current Assets and Liabilities (5)
Net Operating Activities (188)
Investing Activities:
Capital Expenditures (284)
Net Investing Activities (284)
Financing Activities:
Decrease in Notes and Leases (22)
Net Financing Activities (22)
Net increase in cash and cash equivalents (494)
Cash and cash equivalents at December 31, 1996 1,236
Cash and cash equivalents at March 31, 1997 741
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