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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 Energy 5/26/93 NH 100% Energy
Marketing
Unitil Resources, Inc. and
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
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. Unitil did not receive any revenue from this service in the first
quarter of 1998.
Energy Marketing Activities
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 program, which originally was
scheduled to last 24 months, allows 3% of all electric customers in the
State of New Hampshire to purchase electricity from the supplier of their
choice. The State of New Hampshire recently extended this program beyond the
original 24 month period. Revenues generated from this activity during the
first quarter of 1998 were $159,088.
ITEM 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS
Associate Reporting
company company Type Net
advancing receiving of Change
funds funds transaction in contributions
Unitil Unitil Capital contribution 90,000
Corporation Resources
Inc.
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 $17,152 $20,052 $0 $37,204
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 first quarter of 1998 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 March 31, 1998 $136,372
Total capitalization multiplied by 15% 20,456
Greater of $50 million or line 2 $50,000
Total current aggregate investment:
Energy-related business:
Unitil Resources, Inc. 190
Total current aggregate investment 190
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) $49,810
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.
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements - Page 1 of 2
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
BALANCE SHEET
(UNAUDITED)
March 31, 1998
ASSETS:
Current Assets:
Cash $147,939
Accounts Receivable 94,229
Prepayments 2,155
Unbilled and Accrued Revenue 88,327
Total Current Assets 332,650
Total Assets $332,650
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $65,425
Notes Payable 286,396
Taxes Accrued & Other (90,553)
Total Current Liabilities 261,268
Stockholder's Equity:
Common Stock, $1.00 par value
Authorized - 10,000 shares
Outstanding - 10,000 shares 100
Premium on Common Stock 9,900
Miscellaneous Paid in Capital 190,000
Retained Earnings (128,618)
Total Stockholder's Equity 71,382
Total Liabilities and Equity $332,650
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
A. Financial Statements - Page 2 of 2
Unitil Resources, Inc.
(A Wholly-owned Subsidiary of Unitil Corporation)
STATEMENT OF EARNINGS
(UNAUDITED)
Three Months Ended March 30, 1998
Revenues:
Electric Revenues 159,088
Operating Expenses:
Purchased Power 177,785
Administrative and General 44,158
Total Operating Expenses 221,943
Operating (Loss) Income (62,855)
Nonoperating (Expense) Income (2,671)
Income (Loss) Before Income Taxes (65,526)
Income Taxes:
Current Federal (22,279)
Current State --
Total Income Taxes (22,279)
Net (Loss) Income $(43,247)
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/ Mark H. Collin
Mark H. Collin
Treasurer
Dated: May 28, 1998
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:
Mark H. Collin
Treasurer
Dated: May 28, 1998