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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
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 third 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
third quarter of 1998 were $190,991.
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 None
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 $16,229 $21,387 $0 $37,616
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 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 September 30, 1998 $146,943
Total capitalization multiplied by 15% 22,041
Greater of $50 million or line 2 $50,000
Total current aggregate investment:
Energy-related business:
Unitil Resources, Inc. 590
Total current aggregate investment 590
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) $49,410
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)
September 30
ASSETS: 1998
Current Assets:
Cash $363,970
Accounts Receivable 184,847
Prepayments 1,176
Unbilled and Accrued Revenue 111,573
Total Current Assets 661,566
Deferred Debits 3,036
Total Assets $664,602
LIABILITIES AND
STOCKHOLDERS EQUITY:
Current Liabilities:
Accounts Payable $64,849
Taxes Accrued & Other 241,546
Total Current Liabilities 306,395
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 590,000
Retained Earnings (241,793)
Total Stockholder's Equity 358,207
Total Liabilities and Equity $664,602
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 Nine Months Ended
September 30, 1998 September 30, 1998
Revenues:
Electric Revenues $190,911 $494,865
Operating Expenses:
Purchased Power 174,498 540,485
Administrative and General 66,006 192,369
Total Operating Expenses 240,504 732,854
Operating (Loss) Income (49,593) (237,989)
Nonoperating Income 4,844 1,011
Income (Loss) Before Income Taxes (44,749) (236,978)
Income Taxes:
Current Federal (15,221) (80,579)
Current State 24 24
Total Income Taxes (15,197) (80,555)
Net (Loss) Income $(29,552) $(156,423)
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: November 25, 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: November 25, 1998