View:
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.
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: May 20, 1996
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) Management and
Administrative Services. Unitil Resources provided
transition-related management and administrative services to
GBP during the first quarter of 1996, in a variety of
functional areas including accounting, finance, and general
management. These services relate to the conclusion on
December 31, 1995 of the Management and Administrative
Services Agreement between GBP and Unitil Corporation, dated
November 23, 1994, and the transfer to GBP of activities which
were being handled by Unitil Resources under the concluded
contract. Charges to GBP totalled $15,785 in the first
quarter of 1996.
B. 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 first quarter of 1996 included
regulatory, finance, accounting, and administrative services
and ranged in number from sixteen to forty 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 first quarter of 1996:
January 0.40%
February 0.20%
March 0.10%
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 March 31,
1996 1995
Revenues $15,785 $212,136
Operating Expenses:
Administrative and General 13,282 127,350
Total Operating Expenses 13,282 127,350
Operating Income 2,503 84,786
Nonoperating Income 5,200 0
Earning Before Income Taxes 7,703 84,786
Income Taxes:
Current Federal 2,436 26,809
Current State 539 5,935
Total Income Taxes 2,975 32,744
Net Income $4,728 $52,042
Exhibit E
Page 2 of 4
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
BALANCE SHEETS
(UNAUDITED)
March 31 December 31
ASSETS: 1996 1995 1995
Current Assets:
Cash $369,987 $226,407 $411,781
Accounts Receivable -- 11,160 258
Unbilled and Accrued Revenue 358 2,751 4,181
Total Current Assets 370,345 240,318 416,220
Deferred Debits -- 78 --
Total Assets $370,345 $240,396 $416,220
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $757 $32,902 $50,862
Taxes Accrued & Other 21,164 15,189 21,663
Total Current Liabilities 21,921 48,091 72,525
Stockholder's Equity:
Common Stock, $1.00 par value
Authorized - 10,000 shares
Outstanding - 10,000 shares 100 100 100
Premium on Common Stock 9,900 9,900 9,900
Retained Earnings 338,424 182,305 333,695
Total Stockholder's Equity 348,424 192,305 343,695
Total Liabilities and Equity $370,345 $240,396 $416,220
Exhibit E
Page 3 of 4
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Three Months Ended
March 31,
1996 1995
Net Cash Flow from Operating Activities:
Net Income $4,728 $52,042
Change in Assets and Liabilities
(Increase) Decrease in:
Accounts Receivable 258 54,405
Unbilled and Accrued Revenue 3,823 6,197
Deferred Debits 0 1,405
Increase (Decrease) in:
Accounts Payable (50,105) (19,101)
Taxes Accrued & Other (498) 32,744
Net Cash Provided
by Operating Activities (41,794) 127,692
Net Increase in Cash (41,794) 127,692
Cash at beginning of year 411,781 98,715
Cash at December 31, $369,987 $226,407
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
March 31,
1996 1995
Retained Earnings, Beginning of Period $333,696 $130,263
Net Income 4,728 52,042
Retained Earnings, End of Period $338,424 $182,305