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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 third quarter of 1997 were $138,329 and for the year-to-date were
$333,762.
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 $7,356 $9,327 $0 $16,683
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 third quarter of 1997 included
regulatory, 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 September 30, 1997 $136,939
Total capitalization multiplied by 15% 20,541
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)
September 30, December 31
ASSETS: 1997 1996 1996
Current Assets:
Cash $20,696 $98,549 $2,491
Accounts Receivable 262,196 61,385 71,604
Prepayments 314 0 0
Unbilled and Accrued Revenue 61,636 25,081 39,623
Total Current Assets 344,842 185,015 113,718
Deferred Debits -- 22,915 --
Total Assets $344,842 $207,930 $113,718
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $67,921 $132,652 $102,806
Notes Payable 270,914 0 0
Taxes Accrued & Other 937 9,166 (44,206)
Total Current Liabilities 339,772 141,818 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 (4,930) 56,112 45,118
Total Stockholder's Equity 5,070 66,112 55,118
Total Liabilities and Equity $344,842 $207,930 $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 Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues:
Service Revenues $ -- $ -- $11,200 $15,427
Electric Revenues 138,329 64,364 333,762 64,364
Total Revenues 138,329 64,364 344,962 79,791
Operating Expenses:
Purchased Power 147,659 78,524 402,700 78,524
Administrative and General 6,110 32,678 19,543 467,138
Total Operating Expenses 153,769 111,202 422,243 545,662
Operating Income (15,440) (46,838) (77,281) (465,871)
Nonoperating (Expense) Income (3,186) 3,492 (4,972) 13,633
Earnings Before Income Taxes (18,626) (43,346) (82,253) (452,238)
Income Taxes:
Current Federal (6,328) (13,820) (26,448) (142,998)
Current State (1,303) (3,058) (5,757) (31,656)
Total Income Taxes (7,631) (16,878) (32,205) (174,654)
Net Income $(10,995) $(26,468) $(50,048) $(277,584)
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: November 7, 1997