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SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned company has duly caused
this Certificate to be signed on its behalf by the undersigned
thereunto duly authorized.
UNITIL Resources, Inc.
By: /s/ Gail A. Siart
Gail A. Siart
Treasurer
Dated: February 28, 1996
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
Application of UNITIL Corporation )
) CERTIFICATE PURSUANT TO
and its Subsidiaries on Form U-1 ) RULE 24 UNDER THE PUBLIC
) UTILITY HOLDING COMPANY
(File No. 70-8074) ) ACT OF 1935
________________________________________________________________________
Pursuant to the requirements of Rule 24 under the Public Utility
Holding Company Act of 1935, UNITIL Corporation, on behalf of itself and
its subsidiary, UNITIL Resources, Inc. hereby files the attached quarterly
report as required by the Securities and Exchange Commission's order
approving the formation of a subsidiary company to provide consulting
services to non affiliates (HCAR. No. 25816; File No. 70-8074; May 24, 1993).
Exhibit
Exhibit A - Description of the various consulting and other activities
undertaken by UNITIL Resources, Inc.
Exhibit B - Statement of the amount of funds invested by UNITIL in UNITIL
Resources, Inc.
Exhibit C - Description of staffing.
Exhibit D - Description of the intellectual property.
Exhibit E - Financial Statements.
EXHIBIT A
Page 1 of 1
Description of Various Consulting and Other Activities Undertaken by
UNITIL Resources Inc:
Staff providing services under the assignments listed below (unless
otherwise indicated) are located at UNITIL Service Corp. (UNITIL Service),
216 Epping Road, Exeter, NH 03833, where most client work is performed.
From time to time staff visit other locations, predominately in New England,
representing client interests.
A. Great Bay Power Corporation (GBP) Marketing Agent. UNITIL Resources
provided marketing services during the fourth quarter of 1995 for power
sales from GBP's 12.1324% ownership interest in the Seabrook nuclear power
station, pursuant to a Marketing Agent Agreement between GBP and UNITIL
Corporation dated April 1, 1993. Services provided by UNITIL Resources in
the fourth quarter of 1995 involved the marketing of power in the wholesale
market, and charges to GBP under this contract totalled $98,563 in the
fourth quarter of 1995. This consulting contract was concluded effective
December 31, 1995.
B. Great Bay Power Corporation (GBP) Management and Administrative Services.
UNITIL Resources provided comprehensive management and administrative
services to GBP during the fourth quarter of 1995, in a variety of functional
areas including accounting, budgeting, finance, risk management (insurance),
overview of plant operations, and general management. These services were
being provided pursuant to a Management and Administrative Services Agreement
between GBP and UNITIL Corporation dated November 23, 1994, and charges to
GBP under this contract totalled $161,131 in the fourth quarter of 1995.
This consulting contract was concluded effective December 31, 1995.
C. Kingston-Warren Corporation Consultancy. An agreement was signed as of
December 30, 1994 between UNITIL Resources and Kingston-Warren Corporation
(K-W) under which UNITIL Resources will assist K-W in the conduct of
studies relating to alternatives to K-W's current retail power supply
arrangements. No charges have been assessed to date on this contract.
EXHIBIT B
Statement of the Amount of Funds Invested by UNITIL Corporation in UNITIL
Resources, Inc.:
The initial investment in UNITIL Resources, Inc. was $10,000. There
has been no further investment.
EXHIBIT C
Description of Staffing:
Staff involved in providing service to UNITIL Resources, Inc. (UNITIL
Resources) are located at UNITIL Service Corp. (UNITIL Service). Service is
provided to UNITIL Resources pursuant to a service agreement between UNITIL
Service and UNITIL Resources dated July 1, 1993. Services provided by
UNITIL Service during the fourth quarter of 1995 included power brokering,
regulatory, finance, accounting, and administrative services and ranged in
number from twenty-seven to thirty-three employees on a part-time basis
each month. The following are the percentages of UNITIL Service time each
month that were expended on UNITIL Resources activities in the fourth
quarter of 1995:
October 3.40%
November 3.60%
December 3.40%
EXHIBIT D
Description of the Intellectual Property:
No intellectual property was purchased or received during the quarter.
EXHIBIT E
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, December 31,
1995 1994 1995 1994
Revenues $259,694 $328,960 $910,954 $594,560
Operating Expenses:
Administrative and General 165,761 249,726 583,075 474,462
Total Operating Expenses 165,761 249,726 583,075 474,462
Operating Income 93,933 79,234 327,879 120,098
Nonoperating Income 3,459 549 3,669 2,192
Earning Before Income Taxes 97,392 79,783 331,548 122,290
Income Taxes:
Current Federal 30,758 25,200 104,908 38,859
Current State 6,817 5,585 23,208 8,567
Total Income Taxes 37,575 30,785 128,116 47,426
Net Income $59,817 $48,998 $203,432 $74,864
Exhibit E
Page 2 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
BALANCE SHEETS
(UNAUDITED)
December 31
ASSETS: 1995 1994
Current Assets:
Cash $411,781 $98,715
Accounts Receivable 258 65,565
Unbilled and Accrued Revenue 4,181 8,948
Total Current Assets 416,220 173,228
Deferred Debits -- 1,483
Total Assets $416,220 $174,711
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $50,862 $52,003
Taxes Accrued & Other 21,663 (17,556)
Total Current Liabilities 72,525 34,447
Stockholder's Equity:
Common Stock, $1.00 par value
Authorized - 10,000 shares
Outstanding - 10,000 shares 100 100
Premium on Common Stock 9,900 9,900
Retained Earnings 333,695 130,264
Total Stockholder's Equity 343,695 140,264
Total Liabilities and Equity $416,220 $174,711
Exhibit E
Page 3 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Twelve Months Ended
December 31,
1995 1994
Net Cash Flow from Operating Activities:
Net Income $203,432 $74,864
Change in Assets and Liabilities
(Increase) Decrease in:
Accounts Receivable 65,307 63,510
Unbilled and Accrued Revenue 4,766 14,237
Deferred Debits 1,484 60,878
Increase (Decrease) in:
Accounts Payable (1,141) (76,690)
Taxes Accrued & Other 39,218 (42,461)
Net Cash Provided by Operating Activities 313,066 94,338
Net Increase in Cash 313,066 94,338
Cash at beginning of year 98,715 4,377
Cash at December 31, $411,781 $98,715
Exhibit E
Page 4 of 4
UNITIL Resources, Inc.
(A Wholly-owned Subsidiary of UNITIL Corporation)
STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
For the Three Months Ended
December 31,
1995 1994
Retained Earnings, Beginning of Period $273,879 $81,266
Net Income 59,817 48,998
Retained Earnings, End of Period $333,696 $130,264
For the Twelve Months Ended
December 31,
1995 1994
Retained Earnings, Beginning of Period $130,264 $55,400
Net Income 203,432 74,864
Retained Earnings, End of Period $333,696 $130,264