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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-9C-3
QUARTERLY REPORT PURSUANT TO RULE 58
UNITIL CORPORATION
(Name of Registered Holding Company)
6 Liberty Lane West, Hampton, New Hampshire 03842-1720
(Address of principal executive offices)
ITEM 1 - ORGANIZATION CHART
Name of Energy or Date of State of Percentage Nature of
reporting gas-related organization organization of voting business
company company securities
held
Unitil
Corporation
Unitil
Resources, Inc. Energy 5/26/93 NH 100% Energy
Marketing &
Consulting
Description of Various Consulting, Energy marketing, Energy Management and
Other Activities Undertaken by Unitil Resources Inc.:
Staff providing services under the activities listed below (unless otherwise
indicated) are located at Unitil Service Corp. (Unitil Service), 6 Liberty
Lane West, Hampton, NH 03842-1720, where most client work is performed.
From time to time staff visit other locations, predominately in New England,
representing client interests.
Consulting Services
A. Kingston-Warren Corporation Consulting. 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.
B. Bangor Hydro Electric Consulting. During March 1997, Unitil
Resources performed consulting work for Bangor Hydro Electric
Company, which included furnishing a complete set of electronic
Construction Standards in portable document format, suitable for
electronic distribution and publishing over the Internet. During
the second quarter of 1997, revenues of $6,200 were received on this
contract.
C. Sale of Survey Information. During the first quarter of 1997, Unitil
Resources, in partnership with The Delahaye Group (a New Hampshire-
based market research firm), began to market and sell a report
analyzing the New Hampshire Pilot Program, and which provided the
results of a survey completed in late 1996 of Pilot Program
participants. The two entities are equally dividing the revenues
from the sale of these reports, which are priced at $5,000. To date,
Unitil Resources has received $5,000 in revenues from the sale of
two reports.
Energy Marketing Activities
A. New Hampshire Pilot Program. As of July 1, 1996, Unitil Resources
became eligible to begin marketing electricity at retail to statewide
participants in the New Hampshire Pilot Program. This 24-month
program allows 3* of all electric customers in the State of New
Hampshire to purchase electricity from the supplier of their choice.
Revenues generated from this activity during the second quarter of
1997 were $72,166 and for the year-to-date were $195,433.
ITEM 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS
None.
ITEM 3 - ASSOCIATE TRANSACTIONS
Part I Transactions Performed by Reporting Companies on Behalf of Associate
Companies
None.
Part II Transactions Performed by Associate Companies on Behalf of Reporting
Companies
Associate Reporting
company company Types of Direct Indirect Total
rendering receiving services costs costs Cost of amount
services services rendered charged charged capital billed
Unitil Unitil Energy $15,821 $16,902 $0 $32,723
Service Resources Marketing
Corp. Inc. and
Consulting
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. Consulting
services provided by Unitil Service during the second quarter of 1997
included re @ atory, finance, accounting, marketing, energy management and
administrative services.
ITEM 4 - SUMMARY OF AGGREGATE INVESTMENT
(Dollars in Thousands)
Investments in Energy-related Companies:
Total consolidated capitalization
as of June 30, 1997 $138,047
Total capitalization multiplied by 15t 20,707
Greater of $50 million or line 2 $50,000
Total current aggregate investment:
Energy-related business:
Unitil Resources, Inc. 10
Total current aggregate investment 10
Difference between the greater of $50 million
or 15% of capitalization and the total aggregate
investment of the registered holding company
system (line 3 less line 4) $49,990
Investments in Gas-related Companies
None.
ITEM 5 - OTHER INVESTMENTS
Other Other Reason for
Major line of investment in investment in difference in
energy-related last U-9C-3 this U-9C-3 other
business report report investment
Energy Marketing $10,000* $0 n/a
and Consulting
* The initial investment by Unitil Corporation in Unitil Resources, Inc.
was $10,000. There has been no further investment.
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements - Page 1 of 2
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
BALANCE SHEETS
(UNAUDITED)
June 30, December 31
ASSETS: 1997 1996 1996
Current Assets:
Cash $25,401 $307,714 $2,491
Accounts Receivable 75,771 5,000 71,604
Prepayments 314 0 0
Unbilled and Accrued Revenue 36,763 0 39,623
Total Current Assets 138,249 312,714 113,718
Deferred Debits -- -- --
Total Assets $138,249 $312,714 $113,718
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $56,734 $30,412 $102,806
Notes Payable 202,521 0 0
Taxes Accrued & Other (137,069) 189,722 (44,206)
Total Current Liabilities 122,186 220,134 58,600
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 6,063 82,580 45,118
Total Stockholder's Equity 16,063 92,580 55,118
Total Liabilities and Equity $138,249 $312,714 $113,718
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements - Page 2 of 2
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenues:
Service Revenues $6,200 $(358) $11,200 $15,427
Electric Revenues 72,166 195,433 0
Total Revenues 78,366 (358) 206,633 15,427
Operating Expenses:
Purchased Power 69,054 0 186,518 0
Administrative and General 53,083 421,178 81,957 434,460
Total Operating Expenses 122,137 421,178 268,475 434,460
Operating Income (43,771) (421,536) (61,842) (419,033)
Nonoperating (Expense) Income (1,633) 4,941 (1,786) 10,141
Earnings Before Income Taxes (45,404) (416,595) (63,628) (408,892)
Income Taxes:
Current Federal (14,355) (131,614) (20,117) (129,178)
Current State (3,179) (29,137) (4,455) (28,598)
Total Income Taxes (17,534) (160,751) (24,572) (157,776)
Net Income $(27,870) $(255,844) $(39,056) $(251,116)
B. Exhibits
None.
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 Corporation
By: /s/ Gail A. Siart
Gail A. Siart
Treasurer
Dated: August 29, 1997