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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-13-60
ANNUAL REPORT
For the Year Ended December 31, 2003
UNITIL RESOURCES, INC.
6 Liberty Lane West, Hampton, New Hampshire 03842-1720
| Date of Incorporation | May 26, 1993 | |
| State of Incorporation | New Hampshire |
Name, Title and address of officer to whom correspondence concerning this report should be addressed:
Laurence M. Brock, Controller & Treasurer
6 Liberty Lane West
Hampton, New Hampshire 03842-1720
Name of Principal Holding Company:
UNITIL Corporation
| (1) | This report is being filed pursuant to the requirements of H.C.A.R. Number 35-25816, which specifies that UNITIL Resources, Inc. must file an annual report using, where applicable, Form U-13-60 reporting format. |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS
| Description of Schedules and Accounts |
Schedule or Account |
Page Number | ||
| Schedule I | 4-5 | |||
| Schedule II | 6-7 | |||
| ACCUMULATED PROVISION FOR DEPRECIATION AND AMORTIZATION OF COMPANY PROPERTY |
Schedule III | 8 | ||
| Schedule IV | 9 | |||
| Schedule V | 10 | |||
| Schedule VI | 11 | |||
| Schedule VII | 12 | |||
| Schedule VIII | 13 | |||
| Schedule IX | 14 | |||
| Schedule X | 15 | |||
| Schedule XI | 16 | |||
| Schedule XII | 17 | |||
| Schedule XIII | 18 | |||
| Schedule XIV | 19 | |||
| Schedule XV | 20 | |||
| Account 451 | 21 | |||
| Account 451 | 22 | |||
| ANALYSIS OF CHARGES FOR SERVICE - ASSOCIATE AND NONASSOCIATE COMPANIES |
Schedule XVI | 23 | ||
| Schedule XVII | 24 | |||
| Schedule XVIII | 25 | |||
| Account 920 | 26 | |||
| Account 923 | 27 | |||
| Account 926 | 28 | |||
| Account 930.1 | 29 | |||
| Account 930.2 | 30 | |||
| Account 931 | 31 | |||
| Account 408 | 32 | |||
| Account 426.1 | 33 | |||
| Account 426.5 | 34 |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
LISTING OF INSTRUCTIONAL FILING REQUIREMENTS
| Description of Reports or Statements |
Page Number | |
| 35 | ||
| 36 | ||
| 36 | ||
| 37 |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE I - COMPARATIVE BALANCE SHEET
Give balance sheet of the Company as of December 31 of the current and prior year.
| AS OF DECEMBER 31 | |||||||||
| ACCOUNT |
ASSETS AND OTHER DEBITS |
CURRENT |
PRIOR | ||||||
| COMPANY PROPERTY |
|||||||||
| 101 |
Company property (Schedule II) |
$ | 1,527,070 | $ | 1,260,463 | ||||
| 107 |
Construction work in progress (Schedule II) |
— | 265,658 | ||||||
| Total Property |
1,527,070 | 1,526,121 | |||||||
| 108 |
Less accumulated provision for depreciation and amortization of company |
||||||||
| property (Schedule III) |
1,265,066 | 613,464 | |||||||
| Net Company Property |
262,004 | 912,657 | |||||||
| INVESTMENTS | |||||||||
| 123 |
Investments in associate companies (Schedule IV) |
— | — | ||||||
| 124 |
Other investments (Schedule IV) |
— | — | ||||||
| Total investments |
— | — | |||||||
| CURRENT AND ACCRUED ASSETS | |||||||||
| 131 |
Cash |
268,945 | 325,993 | ||||||
| 134 |
Special deposits |
7,000 | — | ||||||
| 135 |
Working funds |
— | — | ||||||
| 136 |
Temporary cash investments (Schedule IV) |
— | — | ||||||
| 141 |
Notes receivable |
— | — | ||||||
| 143 |
Accounts receivable |
274,842 | 318,908 | ||||||
| 144 |
Accumulated provision for uncollectable accounts |
— | — | ||||||
| 146 |
Accounts receivable from associate companies (Schedule V) |
351,935 | 11,994 | ||||||
| 152 |
Fuel stock expense undistributed (Schedule VI) |
— | — | ||||||
| 154 |
Materials and supplies |
— | — | ||||||
| 163 |
Stores expense undistributed (Schedule VII) |
— | — | ||||||
| 165 |
Prepayments |
(72 | ) | 53,908 | |||||
| 173 |
Unbilled and Accrued Revenues (Schedule VIII) |
— | — | ||||||
| Total Current and Accrued Assets |
902,650 | 710,803 | |||||||
| DEFERRED DEBITS | |||||||||
| 181 |
Unamortized debt expense |
— | — | ||||||
| 184 |
Clearing accounts |
— | — | ||||||
| 186 |
Miscellaneous deferred debits (Schedule IX) |
— | 136,993 | ||||||
| 188 |
Research, development, or demonstration expenditures (Schedule X) |
— | — | ||||||
| 190 |
Accumulated deferred income tax |
— | — | ||||||
| Total Deferred Debits |
— | 136,993 | |||||||
| TOTAL ASSETS AND OTHER DEBITS |
$ | 1,164,654 | $ | 1,760,453 | |||||
4
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE I - COMPARATIVE BALANCE SHEET
| AS OF DECEMBER 31 |
||||||||||
| ACCOUNT |
LIABILITIES AND PROPRIETARY CAPITAL |
CURRENT |
PRIOR |
|||||||
| PROPRIETARY CAPITAL |
||||||||||
| 201 |
Common stock issued (Schedule XI) |
$ | 100 | $ | 100 | |||||
| 207 |
Premium on common stock (Schedule XI) |
9,900 | 9,900 | |||||||
| 211 |
Miscellaneous Paid in Capital |
4,890,000 | 4,640,000 | |||||||
| 215 |
Appropriated retained earnings (Schedule XI) |
— | — | |||||||
| 216 |
Unappropriated retained earnings (Schedule XI) |
(4,717,446 | ) | (4,085,470 | ) | |||||
| Total Proprietary Capital |
182,554 | 564,530 | ||||||||
| 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 on long-term debt-debit |
— | — | |||||||
| Total Long-Term Debt |
— | — | ||||||||
| 227 |
Obligations under capital leases - non-current |
— | — | |||||||
| CURRENT AND ACCRUED LIABILITIES |
||||||||||
| 231 |
Notes payable |
1,191,081 | 1,134,712 | |||||||
| 232 |
Accounts payable |
41,288 | 135,612 | |||||||
| 233 |
Notes payable to associate |
— | — | |||||||
| companies (Schedule XIII) |
— | — | ||||||||
| 234 |
Accounts payable to associate |
|||||||||
| companies (Schedule XIII) |
333,904 | 272,251 | ||||||||
| 236 |
Taxes accrued |
(612,344 | ) | (197,428 | ) | |||||
| 237 |
Interest accrued |
— | — | |||||||
| 238 |
Dividends declared |
— | — | |||||||
| 241 |
Tax collections payable |
— | — | |||||||
| 242 |
Miscellaneous current and accrued |
— | — | |||||||
| liabilities (Schedule XIII) |
1,871 | 29,105 | ||||||||
| 243 |
Obligations under capital leases - current |
— | — | |||||||
| Total Current and Accrued Liabilities |
955,800 | 1,374,252 | ||||||||
| DEFERRED CREDITS |
||||||||||
| 253 |
Other deferred credits |
— | — | |||||||
| 255 |
Accumulated deferred investment tax credits |
— | — | |||||||
| Total Deferred Credits |
— | — | ||||||||
| 282 |
ACCUMULATED DEFERRED INCOME TAXES |
26,300 | (178,329 | ) | ||||||
| TOTAL LIABILITIES AND PROPRIETARY CAPITAL |
$ | 1,164,654 | $ | 1,760,453 | ||||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE II - COMPANY PROPERTY
| DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
ADDITIONS |
RETIREMENTS OR SALES |
OTHER CHANGES 1/ |
BALANCE AT CLOSE OF YEAR | ||||||||||||
| ACCOUNT |
COMPANY PROPERTY |
||||||||||||||||
| 301 |
ORGANIZATION |
||||||||||||||||
| 303 |
MISCELLANEOUS INTANGIBLE PLANT |
||||||||||||||||
| 304 |
LAND AND LAND RIGHTS |
||||||||||||||||
| 305 |
STRUCTURES AND IMPROVEMENTS |
||||||||||||||||
| 306 |
LEASEHOLD IMPROVEMENTS |
||||||||||||||||
| 307 |
EQUIPMENT 2/ |
||||||||||||||||
| 308 |
OFFICE FURNITURE AND EQUIPMENT |
— | — | — | — | ||||||||||||
| 309 |
AUTOMOBILES, OTHER VEHICLES AND RELATED GARAGE EQUIPMENT |
||||||||||||||||
| 310 |
AIRCRAFT AND AIRPORT EQUIPMENT |
||||||||||||||||
| 311 |
OTHER COMPANY PROPERTY 3/ |
$ | 1,260,463 | $ | 266,607 | $ | 1,527,070 | ||||||||||
| SUB-TOTAL |
1,260,463 | 266,607 | — | — | 1,527,070 | ||||||||||||
| 107 |
CONSTRUCTION WORK IN PROGRESS |
265,658 | — | — | 265,658 | — | |||||||||||
| TOTAL |
$ | 1,526,121 | $ | 266,607 | $ | — | $ | 265,658 | $ | 1,527,070 | |||||||
| 1/ | PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL: |
6
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE II - CONTINUED
| 2/ | SUBACCOUNTS ARE REQUIRED FOR EACH CLASS OF EQUIPMENT OWNED. THE COMPANY SHALL PROVIDE A LISTING BY SUBACCOUNT OF EQUIPMENT ADDITIONS DURING THE YEAR AND THE BALANCE AT THE CLOSE OF THE YEAR: |
| SUBACCOUNT DESCRIPTION |
ADDITIONS |
BALANCE AT CLOSE OF YEAR | ||
| NONE |
||||
| TOTAL |
— | — | ||
| 3/ | DESCRIBE OTHER COMPANY PROPERTY: |
| NONE |
||||||
| Equipment |
$ | 266,607 | $ | 304,908 | ||
| Software Licenses |
— | 1,209,266 | ||||
| Trademark |
— | 12,896 | ||||
| TOTAL |
$ | 266,607 | $ | 1,527,070 | ||
| 4/ | DESCRIBE CONSTRUCTION WORK IN PROGRESS: |
Software Development
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF COMPANY PROPERTY
| ACCOUNT |
DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
ADDITIONS CHARGED TO ACCOUNT 403 |
RETIREMENTS |
OTHER CHANGES ADD (DEDUCT)1/ |
BALANCE AT CLOSE OF YEAR | |||||||||||
| 301 |
ORGANIZATION |
||||||||||||||||
| 303 |
MISCELLANEOUS INTANGIBLE PLANT |
||||||||||||||||
| 304 |
LAND AND LAND RIGHTS |
||||||||||||||||
| 305 |
STRUCTURES AND IMPROVEMENTS |
||||||||||||||||
| 306 |
LEASEHOLD IMPROVEMENTS |
||||||||||||||||
| 307 |
EQUIPMENT 2/ |
||||||||||||||||
| 308 |
OFFICE FURNITURE AND EQUIPMENT |
||||||||||||||||
| 309 |
AUTOMOBILES, OTHER VEHICLES AND RELATED GARAGE EQUIPMENT |
||||||||||||||||
| 310 |
AIRCRAFT AND AIRPORT EQUIPMENT |
||||||||||||||||
| 311 |
OTHER COMPANY PROPERTY 3/ |
$ | 613,464 | $ | 651,602 | $ | — | $ | 1,265,066 | ||||||||
| TOTAL |
$ | 613,464 | $ | 651,602 | $ | — | $ | — | $ | 1,265,066 | |||||||
| 1/ | PROVIDE AN EXPLANATION OF THOSE CHANGES CONSIDERED MATERIAL: |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
| INSTRUCTIONS: | Complete the following schedule concerning investments. Under Account 124 “Other Investments” state each investment separately, with description, including, the name of issuing company, number of shares or principal amount Under Account 136, “Temporary Cash Investments”, list each investment separately. |
| ACCOUNT |
DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
BALANCE AT CLOSE OF YEAR | |||||
| 123 |
INVESTMENT IN ASSOCIATE COMPANIES |
$ | — | $ | — | |||
| 124 |
OTHER INVESTMENTS |
— | — | |||||
| 136 |
TEMPORARY CASH INVESTMENTS |
— | — | |||||
| TOTAL |
$ | — | $ | — | ||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE V - ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES
| INSTRUCTIONS: | Complete the following schedule listing accounts receivable from each associate company. Where the company has provided accommodation or convenience payments for associate companies, a separate listing of total payments for each company, number of shares or principal amount associate company by subaccount should be provided. |
| ACCOUNT |
DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
BALANCE AT CLOSE OF YEAR | |||||
| 146 |
ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES |
$ | — | $ | — | |||
| UNITIL Service Corp. |
11,994 | 351,935 | ||||||
| TOTAL |
$ | 11,994 | $ | 351,935 | ||||
| ANALYSIS OF CONVENIENCE OR ACCOMMODATION PAYMENTS: | NONE |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE VI - FUEL STOCK EXPENSES UNDISTRIBUTED
| INSTRUCTIONS: | Report the amount of labor and expenses incurred with respect to fuel stock expense during the year and indicate amount attributable to each associate company. Under the section headed “Summary” listed below give an overall report of the fuel functions performed by the company. |
| ACCOUNT |
DESCRIPTION |
LABOR |
EXPENSE |
TOTAL | |||||||
| 152 |
FUEL STOCK EXPENSE UNDISTRIBUTED |
$ | — | $ | — | $ | — | ||||
| TOTAL |
$ | — | $ | — | $ | — | |||||
| SUMMARY: |
NOT APPLICABLE | |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE VII - STORES EXPENSE UNDISTRIBUTED
| INSTRUCTIONS: | Report the amount of labor and expenses incurred with respect to stores expense during the year and indicate amount attributable to each associate company. |
| ACCOUNT |
DESCRIPTION |
LABOR |
EXPENSE |
TOTAL | |||||||
| 163 |
STORES EXPENSE UNDISTRIBUTED |
$ | — | $ | — | $ | — | ||||
| TOTAL |
$ | — | $ | — | $ | — | |||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE VIII - UNBILLED AND ACCRUED REVENUE
| INSTRUCTIONS: | Provide detail of items in this account. Items less than $10,000 may be grouped, showing the number of items in each group. |
| ACCOUNT |
DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
BALANCE AT OF YEAR | |||||
| 173 |
ACCRUED AND UNBILLED REVENUE |
$ | — | $ | — | |||
| TOTAL |
$ | — | $ | — | ||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE IX - MISCELLANEOUS DEFERRED DEBITS
| INSTRUCTIONS: | Provide detail of items in this account. Items less than $10,000 may be grouped by class showing the number of items in each class. |
| ACCOUNT |
DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
BALANCE AT CLOSE OF YEAR | |||||
| 186 |
MISCELLANEOUS DEFERRED DEBITS |
|||||||
| Software License Agreement |
$ | 119,000 | $ | — | ||||
| Licensing |
17,968 | — | ||||||
| Other |
25 | — | ||||||
| TOTAL |
$ | 136,993 | $ | — | ||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE X - RESEARCH, DEVELOPMENT OR DEMONSTRATION EXPENDITURES
| INSTRUCTIONS: | Provide a description of each material research, development, or demonstration project which incurred costs by the company during the year. |
| ACCOUNT |
DESCRIPTION |
BALANCE AT OF YEAR | |||
| 188 |
RESEARCH, DEVELOPMENT OR DEMONSTRATION EXPENDITURES |
$ | — | ||
| TOTAL |
$ | — | |||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE XI - PROPRIETARY CAPITAL
| INSTRUCTIONS: | Classify amounts in each account with brief explanation, disclosing the general nature of transactions which gave rise to the reported amounts. |
| ACCOUNT |
CLASS OF STOCK |
NUMBER OF SHARES AUTHORIZED |
PAR OR STATED VALUE PER SHARE |
OUTSTANDING CLOSE OF PERIOD | ||||||||
| NO. OF SHARES |
TOTAL AMOUNT | |||||||||||
| 201 |
COMMON STOCK ISSUED |
10,000 | $ | 1.00 | 100 | $ | 100 | |||||
| ACCOUNT |
DESCRIPTION |
AMOUNT | |||
| 207 |
PREMIUM ON COMMON STOCK |
$ | 9,900 | ||
| 211 |
MISCELLANEOUS PAID IN CAPITAL |
4,890,000 | |||
| 215 |
APPROPRIATED RETAINED EARNINGS |
||||
| TOTAL |
$ | 4,899,900 | |||
| ACCOUNT |
DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
NET INCOME (LOSS) |
DIVIDENDS PAID |
BALANCE AT CLOSE OF YEAR |
||||||||||||
| 216 |
UNAPPROPRIATED RETAINED EARNINGS |
$ | (4,085,470 | ) | $ | (631,976 | ) | $ | — | $ | (4,717,446 | ) | |||||
| TOTAL |
$ | (4,085,470 | ) | $ | (631,976 | ) | $ | — | $ | (4,717,446 | ) | ||||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
| 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 the obligation, date of maturity, interest rate, and the amount authorized and outstanding. |
| ACCOUNT |
DESCRIPTION |
NAME OF CREDITOR |
TERMS OF OBLIG CLASS OBLIGATION |
DATE OF |
INTEREST RATE |
AMOUNT AUTHORIZED |
BALANCE AT |
ADDITIONS |
1/ DEDUCTIONS |
BALANCE AT CLOSE | ||||||||||||||
| 223 |
ADVANCES FROM ASSOCIATE COMPANIES |
ADVANCES FROM ASSOCIATE |
$ | — | $ | — | $ | — | $ | — | ||||||||||||||
| 224 |
OTHER LONG-TERM DEBT: |
— | — | — | — | |||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
| 1/ | GIVE AN EXPLANATION OF DEDUCTIONS: |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
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. |
| ACCOUNT |
DESCRIPTION |
BALANCE AT BEGINNING OF YEAR |
BALANCE AT OF YEAR | |||||
| 233 |
NOTES PAYABLE TO ASSOCIATE COMPANIES |
|||||||
| Cashpool |
$ | 1,134,712 | $ | 1,191,081 | ||||
| TOTAL |
1,134,712 | 1,191,081 | ||||||
| 234 |
ACCOUNTS PAYABLE TO ASSOCIATE COMPANIES |
|||||||
| UNITIL Service Corp. |
272,251 | 333,904 | ||||||
| TOTAL |
272,251 | 333,904 | ||||||
| 242 |
MISCELLANEOUS CURRENT AND ACCRUED LIABILITIES |
|||||||
| Accrued Expenses |
29,105 | 1,871 | ||||||
| TOTAL |
$ | 29,105 | $ | 1,871 | ||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE XIV - NOTES TO FINANCIAL STATEMENTS
| INSTRUCTIONS: | The space below is provided for important notes regarding the financial statements or any account thereof. Furnish particulars as to any significant contingent assets or liabilities existing at the end of the year. Notes relating to financial statements shown elsewhere in this report may be indicated here by reference. |
Selected Notes to the Financial Statements:
UNITIL Resources, Inc. (URI) is the Company’s wholly-owned non-utility subsidiary and has been authorized by the Securities and Exchange Commission, pursuant to the rules and regulations of the 1935 Act, to engage in business transactions as a competitive marketer of electricity, gas and other energy commodities in wholesale and retail markets, and to provide energy brokering, consulting and management related services within the United States. Usource, Inc. and Usource L.L.C. (Usource) are wholly-owned subsidiaries of Unitil Resources, Inc. Usource provides energy brokering services, as well as related energy consulting services.
Please refer to the 2003 Unitil Corporation Form 10-K for additional disclosures.
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE XV - STATEMENT OF INCOME
| ACCOUNT |
DESCRIPTION |
CURRENT YEAR |
PRIOR YEAR |
|||||||
| INCOME |
||||||||||
| 451 |
Service revenue |
$ | 1,147,964 | $ | 755,647 | |||||
| 451.01 |
Accrued and unbilled service revenue |
|||||||||
| 419 |
Interest Income |
832 | 7,014 | |||||||
| 421 |
Miscellaneous income or loss |
|||||||||
| Total Income |
1,148,796 | 762,661 | ||||||||
| EXPENSE |
||||||||||
| 920 |
Salaries and wages |
— | — | |||||||
| 921 |
Office supplies and expenses |
126,987 | 212,771 | |||||||
| 922 |
Administrative expense transferred - credit |
— | — | |||||||
| 923 |
Outside services employed |
1,443,742 | 1,432,307 | |||||||
| 924 |
Property insurance |
— | — | |||||||
| 925 |
Injuries and damages |
863 | 2,101 | |||||||
| 926 |
Employee pensions and benefits |
— | — | |||||||
| 928 |
Regulatory commission expense |
— | — | |||||||
| 930.1 |
General advertising expense |
8,727 | 9,132 | |||||||
| 930.2 |
Miscellaneous general expense |
11,927 | (875 | ) | ||||||
| 931 |
Rents |
— | — | |||||||
| 932 |
Maintenance of structures and equipment |
— | — | |||||||
| 403 |
Depreciation and amortization expense |
669,570 | 197,860 | |||||||
| 408 |
Taxes other than income taxes |
1,395 | 1,300 | |||||||
| 409 |
Income taxes |
(612,344 | ) | (487,895 | ) | |||||
| 410 |
Provision for deferred income taxes |
21,595 | (37,492 | ) | ||||||
| 411 |
Provision for deferred income taxes - credit |
— | — | |||||||
| 411.5 |
Investment tax credit |
— | — | |||||||
| 426.1 |
Penalties |
205 | 19,902 | |||||||
| 426.5 |
Other deductions |
50 | 5 | |||||||
| 427 |
Interest on long-term debt |
— | — | |||||||
| 430 |
Interest on debt to associate companies |
22,840 | 24,620 | |||||||
| 431 |
Other interest expense |
— | — | |||||||
| 555 |
Purchase Power Expense |
(4,785 | ) | (4,833 | ) | |||||
| 904 |
Customer Accounting |
90,000 | 57,889 | |||||||
| Total Expense |
1,780,772 | 1,426,792 | ||||||||
| Net Income or (Loss) |
$ | (631,976 | ) | $ | (664,131 | ) | ||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
ANALYSIS OF BILLING ASSOCIATE COMPANIES - ACCOUNT 451
| NAME OF ASSOCIATE COMPANY |
DIRECT COSTS CHARGED |
INDIRECT COSTS CHARGED |
COMPENSATION OF CAPITAL |
TOTAL BILLED | ||||||||
| NONE |
||||||||||||
| TOTAL |
$ | — | $ | — | $ | — | $ | — | ||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
ANALYSIS OF BILLING NONASSOCIATE COMPANIES - ACCOUNT 451
| NAME OF NONASSOCIATE COMPANY |
DIRECT CHARGES |
INDIRECT CHARGES |
COMPENSATION OF CAPITAL |
TOTAL CHARGES |
EXCESS OR |
TOTAL AMOUNT BILLED | ||||||||||||
| Usource (a) |
$ | 1,147,964 | $ | — | $ | — | $ | 1,147,964 | $ | — | $ | 1,147,964 | ||||||
| TOTAL |
$ | 1,147,964 | $ | — | $ | — | $ | 1,147,964 | $ | — | $ | 1,147,964 | ||||||
INSTRUCTION: Provide a brief description of the services rendered to each nonassociate company.
| (a) | Brokering fees. |
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE XVI - ANALYSIS OF CHARGES FOR SERVICE - ASSOCIATE AND NONASSOCIATE COMPANIES
| ASSOCIATE COMPANY CHARGES |
NONASSOCIATE COMPANY CHARGES |
TOTAL CHARGES FOR SERVICE | ||||||||||||||||||
| ACCOUNT |
DESCRIPTION OF |
DIRECT COST |
INDIRECT COST |
TOTAL |
DIRECT COST |
INDIRECT COST |
TOTAL |
DIRECT COST |
INDIRECT COST |
TOTAL | ||||||||||
| Non-applicable | ||||||||||||||||||||
| 920 |
SALARIES AND WAGES |
— | — | — | — | — | ||||||||||||||
| 921 |
OFFICE SUPPLIES AND EXPENSES |
— | — | — | — | — | ||||||||||||||
| 922 |
ADMIN EXPENSE TRANS-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 |
— | — | — | — | — | ||||||||||||||
| 932 |
MAINT. OF STRUCT. & EQUIP. |
— | — | — | — | — | ||||||||||||||
| 403 |
DEPR. AND AMORT. EXPENSE |
— | — | — | — | — | ||||||||||||||
| 408 |
TAXES OTHER THAN INCOME |
— | — | — | — | — | ||||||||||||||
| 409 |
INCOME TAXES |
— | — | — | — | — | ||||||||||||||
| 410 |
PROV FOR DEF INC TAXES |
— | — | — | — | — | ||||||||||||||
| 411 |
PROV FOR DEF INC TAX CREDIT |
— | — | — | — | — | ||||||||||||||
| 411.5 |
INVESTMENT TAX CREDIT |
— | — | — | — | — | ||||||||||||||
| 419 |
INTEREST INCOME |
— | — | — | — | — | ||||||||||||||
| 426.1 |
DONATIONS |
— | — | — | — | — | ||||||||||||||
| 426.5 |
OTHER DEDUCTIONS |
— | — | — | — | — | ||||||||||||||
| 427 |
INTEREST ON LONG-TERM DEBT |
— | — | — | — | — | ||||||||||||||
| 431 |
OTHER INTEREST EXPENSE |
— | — | — | — | — | ||||||||||||||
| — | — | — | ||||||||||||||||||
| SUBTOTAL EXPENSES |
— | — | — | — | — | — | — | — | — | |||||||||||
| COMPENSATION FOR USE OF EQUITY CAPITAL |
— | — | — | |||||||||||||||||
| 430 |
INTEREST ON DEBT TO ASSOCIATE COMPANIES |
— | — | — | — | — | — | — | — | — | ||||||||||
| TOTAL EXPENSES |
— | — | — | — | — | — | — | — | — | |||||||||||
| 421 |
MISCELLANEOUS INCOME |
— | — | — | — | — | — | — | — | — | ||||||||||
| TOTAL COST OF SERVICE |
— | — | — | — | — | — | — | — | — | |||||||||||
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SCHEDULE XVII - SCHEDULE OF EXPENSE DISTRIBUTION BY DEPARTMENT OR FUNCTION
| ACCOUNT NUMBER |
DESCRIPTION OF ITEMS |
TOTAL AMOUNT |
OVERHEAD |
DEPARTMENT OR FUNCTION | ||||||||||
| NONE |
||||||||||||||
| 920 |
SALARIES AND WAGES |
— | ||||||||||||
| 921 |
OFFICE SUPPLIES AND EXPENSES |
— | Non-applicable | |||||||||||
| 922 |
ADMIN. EXPENSE TRANS-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 |
— | ||||||||||||
| 932 |
MAINT. OF STRUCT. & EQUIP. |
— | ||||||||||||
| 403 |
DEPR. AND AMORT. EXPENSE |
— | ||||||||||||
| 408 |
TAXES OTHER THAN INCOME |
— | ||||||||||||
| 409 |
INCOME TAXES |
— | ||||||||||||
| 410 |
PROV. FOR DEF. INC. TAXES |
— | ||||||||||||
| 411 |
PROV. FOR DEF. INC. TAX CREDIT |
— | ||||||||||||
| 411.5 |
INVESTMENT TAX CREDIT |
— | ||||||||||||
| 426.1 |
DONATIONS |
— | ||||||||||||
| 426.5 |
OTHER DEDUCTIONS |
— | ||||||||||||
| 427 |
INTEREST ON LONG-TERM DEBT |
— | ||||||||||||
| 430 |
INTEREST ON DEBT TO ASSOCIATE COMPANIES |
— | ||||||||||||
| 431 |
OTHER INTEREST EXPENSE |
— | ||||||||||||
| TOTAL EXPENSES - |
— | — | — | — | — | — | ||||||||
24
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
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 increases 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 page 19.
25
Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
DEPARTMENTAL ANALYSIS OF SALARIES - ACCOUNT 920
| DEPARTMENTAL SALARY EXPENSE |
NUMBER PERSONNEL END OF YEAR | |||||||||
| INCLUDED IN AMOUNTS BILLED TO |
||||||||||
| NAME OF DEPARTMENT (Indicate each department or function) |
TOTAL AMOUNT |
PARENT COMPANY |
OTHER ASSOCIATES |
NON ASSOCIATES |
||||||
| Non-applicable |
||||||||||
| TOTAL |
0 | 0 | 0 | 0 | 0 | |||||
26
Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
OUTSIDE SERVICES EMPLOYED - ACCOUNT 923
| INSTRUCTIONS: |
Provide a breakdown by subaccount of outside services employed. If the aggregate amounts paid to any one payee and included within one subaccount is less than $100,000, only the aggregate number and amount of all such payments included within the subaccount need be shown. Provide a subtotal for each type of service. |
| FROM WHOM PURCHASED |
ADDRESS |
RELATIONSHIP “A”= ASSOCIATE “NA”=NON ASSOCIATE |
AMOUNT | ||||
| Outside Services |
|||||||
| UNITIL Service Corp. |
A | $ | 1,181,430 | ||||
| Outside Services - Legal |
|||||||
| Various |
NA | 10,967 | |||||
| Outside Services - Other |
|||||||
| Various |
NA | 251,345 | |||||
| TOTAL |
$ | 1,443,742 | |||||
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Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
EMPLOYEE PENSIONS AND BENEFITS - ACCOUNT 926
| INSTRUCTIONS: |
Provide a listing of each pension plan and benefit program provided by the service company. Such listing should be limited to $25,000. |
| DESCRIPTION |
AMOUNT | ||
| Health Insurance |
$ | — | |
| Net Periodic Pension Expense |
— | ||
| 401K |
— | ||
| Life Insurance |
— | ||
| Other |
|||
| TOTAL |
$ | — | |
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Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
GENERAL ADVERTISING EXPENSES - ACCOUNT 930.1
| INSTRUCTIONS: | Provide a listing of the amounts 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 included 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 | |||
| Advertising |
Adventures in Advertising |
$ | 2,077 | ||
| Image 4 |
3,796 | ||||
| MassPlastics |
1,600 | ||||
| Other |
1,254 | ||||
| TOTAL |
$ | 8,727 | |||
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Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
MISCELLANEOUS GENERAL EXPENSES
ACCOUNT 930.2
| INSTRUCTIONS: | Provide a listing of the amount included in Account 930.02 “Miscellaneous General Expense”, classifying such expenses according to their nature. Payments and expenses permitted by Section 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. |
| DESCRIPTION |
AMOUNT | ||
| Other |
$ | 11,927 | |
| TOTAL |
$ | 11,927 | |
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Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
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. |
| TYPE OF PROPERTY |
AMOUNT | ||
| Not Applicable |
|||
| TOTAL |
$ | — | |
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Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
ACCOUNT 408
| INSTRUCTIONS: |
Provide an analysis of Account 408, “Taxes Other Than Income Taxes”. Separate the analysis into two groups: (1) other than U. S. Government and (2) U.S. Government taxes. Specify each of the various kinds of taxes and show the amounts there of. Provide a subtotal for each class of tax. |
| KIND OF TAX |
AMOUNT | ||
| Other than U.S. Government Tax: |
|||
| NH BET Tax |
$ | 1,395 | |
| TOTAL |
$ | 1,395 | |
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Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
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 RECIPIENT |
PURPOSE OF DONATION |
AMOUNT | |||
| Tax Penalties |
$ | 50 | |||
| TOTAL |
$ | 50 | |||
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Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
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 | |||
| Commission of Revenue |
$ | 205 | |||
| TOTAL |
$ | 205 | |||
34
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ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
Organization Chart as of December 31, 2003
| President |
Todd R. Black | |
| Controller & Treasurer |
Laurence M. Brock | |
| Asst. Treasurer |
Charles J. Kershaw, Jr. | |
| Secretary |
Raymond J. Morrissey |
35
Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
SEE UNITIL SERVICE CORP. U-13-60
ANNUAL STATEMENT OF COMPENSATION FOR USE OF CAPITAL BILLED
Non applicable
36
Table of Contents
ANNUAL REPORT OF UNITIL RESOURCES, INC.
For the Year Ended December 31, 2003
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,
UNITIL Resources, Inc.
(Name of Reporting Company)
| By: /s/ Laurence M. Brock |
| Laurence M. Brock, Controller and Treasurer |
Date: April 20, 2004
37