FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OFTHE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2000
Commission file Number 0-24240
RIDGEWOOD ELECTRIC POWER TRUST I
(Exact name of registrant as specified in its charter.)
Delaware 22-3105824
(State or (I.R.S. Employer
other jurisdiction of Identification No.)
incorporation or organization)
947 Linwood Avenue, Ridgewood, New Jersey 07450-2939
(Address of principal executive offices) (Zip Code)
(201) 447-9000
Registrant's telephone number, including area code:
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES [X] NO [ ]
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
Ridgewood Electric Power Trust I
Financial Statements
March 31, 2000
Ridgewood Electric Power Trust I
Balance Sheet
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March 31, 2000 December 31, 1999
(unaudited)
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Assets:
Investments in power generation projects .... $ 6,537,287 $ 6,583,781
Cash and cash equivalents ................... 1,238,342 1,142,009
Due from affiliates ......................... 1,111 --
Other assets ................................ 732 41,055
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Total assets ...................... $ 7,777,472 $ 7,766,845
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Liabilities and Shareholders' Equity:
Accounts payable and accrued expenses ....... $ 28,338 $ 61,116
Due to affiliates ........................... 56,277 50,227
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Total liabilities ................ 84,615 111,343
Commitments and contingencies ............... -- --
Shareholders' equity:
Shareholders' equity (105.5 shares issued and
outstanding) 7,706,088 7,669,106
Managing shareholder's accumulated deficit .. (13,231) (13,604)
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Total shareholders' equity ........ 7,692,857 7,655,502
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Total liabilities and shareholders'
equity ........................ $ 7,777,472 $ 7,776,845
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See accompanying note to financial statements.
Ridgewood Electric Power Trust I
Statement of Operations (unaudited)
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Three Months Ended
March 31, March 31,
2000 1999
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Revenue:
Income from power generation projects $430,969 $299,763
Interest income ..................... 12,729 24,727
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Total revenue .................... 443,698 324,490
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Expenses:
Accounting and legal fees ........... 10,261 19,738
Management fee ...................... 19,139 19,082
Miscellaneous ....................... 2,860 7,235
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Total expenses ................... 32,260 46,055
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Net income ............................. $411,438 $278,435
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See accompanying note to financial statements.
Ridgewood Electric Power Trust I
Statement of Changes in Shareholders' Equity (unaudited)
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Managing
Shareholders Shareholder Total
----------- ------------ -----------
Shareholders' equity,
December 31, 1999 ...... $ 7,669,106 $ (13,604) $ 7,655,502
Cash distributions ...... (370,342) (3,741) (374,083)
Net income for the period 407,324 4,114 411,438
----------- ------------ -----------
Shareholders' equity,
March 31, 2000 ......... $ 7,706,088 $ (13,231) $ 7,692,857
----------- ------------ -----------
See accompanying note to financial statements.
Ridgewood Electric Power Trust I
Statement of Cash Flows (unaudited)
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Three Months Ended
March 31, 2000 March 31, 1999
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Cash flows from operating activities:
Net income ...................................... $ 411,438 $ 278,435
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Adjustments to reconcile net income to net cash
flows from operating activities
Return of investment in power generation project 46,494 195,732
Changes in assets and liabilities:
(Increase) decrease in due from affiliates .... (1,111) 458
Decrease (increase) in other assets ........... 40,323 (7,563)
(Decrease) increase in accounts payable
and accrued expenses ......................... (32,778) 5,188
Increase in due to affiliates ................. 6,050 30,004
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Total adjustments ........................... 58,978 223,819
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Net cash provided by operating activities ... 470,416 502,254
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Cash flows from financing activities:
Cash distributions to shareholders .......... (374,083) (338,883)
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Net cash used in financing activities ....... (374,083) (338,883)
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Net increase in cash and cash equivalents ........ 96,333 163,371
Cash and cash equivalents, beginning of year ..... 1,142,009 1,138,102
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Cash and cash equivalents, end of period ......... $ 1,238,342 $ 1,301,473
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See accompanying note to financial statements.
Ridgewood Electric Power Trust I
Note to Financial Statements (unaudited)
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1. General
In the opinion of management, the accompanying unaudited financial statements
contain all adjustments, which consist of normal recurring adjustments,
necessary for the fair representation of the results for the interim periods.
Additional footnote disclosure concerning accounting polices and other matters
are disclosed in Ridgewood Electric Power Trust I's financial statements
included in the 1999 Annual Report on Form 10-K, which should be read in
conjunction with these financial statements. Certain prior year amounts have
been reclassified to conform to the current year presentation.
The results of operations for an interim period should not necessarily be taken
as indicative of the results of operations that may be expected for a twelve
month period.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Dollar amounts in this discussion are rounded to the nearest $1,000.
Introduction
The Trust carries its investment in Projects at fair value and does not
consolidate its financial statements with the financial statements of the
Projects. Revenue is recorded by the Trust as cash distributions are received
from the Projects. Trust revenues may fluctuate from period to period depending
on the operating cash flow generated by the Projects and the amount of cash
retained to fund capital expenditures.
Results of Operations
Quarter ended March 31, 2000 compared to quarter ended March 31, 1999
Total revenue increased 36.7% to $444,000 in the first quarter of 2000 from
$324,000 in the first quarter of 1999, due to a $131,000 increase in income from
the Olinda Project partially offset by a decrease of $12,000 in interest income.
The first quarter 1999 results from the Olinda Project reflected slightly lower
revenues resulting from shutdowns for maintenance and higher maintenance costs
which did not recur in the first quarter 2000.
Total expenses of $32,000 in the first quarter of 2000 were comparable to the
$46,000 incurred in the same period in 1999.
Quarter ended March 31, 1999 compared to quarter ended March 31, 1998
Total revenue decreased 12.2% to $324,000 in the first quarter of 1999 from
$369,000 in the first quarter of 1998, due to a $48,000 decrease in income from
the Olinda Project partially offset by an increase of $4,000 in interest income.
The decreased revenue from the Olinda Project in the first quarter of 1999
reflects slightly lower revenues resulting from shutdowns for maintenance and
higher maintenance costs.
Total expenses of $46,000 in the first quarter of 1998 were comparable to the
$35,000 incurred in the same period in 1998.
Liquidity and Capital Resources
Obligations of the Trust are generally limited to making distributions to
shareholders of available operating cash flow generated by its investments,
payment of the management fee to the Managing Shareholder and payment of certain
accounting and legal services to third parties. The Trust's policy is to make
regular quarterly distributions to shareholders of as much cash as is prudent.
The Trust anticipates that its cash flow during 2000 will be adequate to fund
its obligations.
Forward-looking statement advisory
This Quarterly Report on Form 10-Q, as with some other statements made by the
Trust from time to time, has forward-looking statements. These statements
discuss business trends and other matters relating to the Trust's future results
and the business climate and are found, among other places, in the notes to
financial statements and at Part I, Item 2, Management's Discussion and
Analysis. In order to make these statements, the Trust has had to make
assumptions as to the future. It has also had to make estimates in some cases
about events that have already happened, and to rely on data that may be found
to be inaccurate at a later time. Because these forward-looking statements are
based on assumptions, estimates and changeable data, and because any attempt to
predict the future is subject to other errors, what happens to the Trust in the
future may be materially different from the Trust's statements here.
The Trust therefore warns readers of this document that they should not rely on
these forward-looking statements without considering all of the things that
could make them inaccurate. The Trust's other filings with the Securities and
Exchange Commission and its Confidential Memorandum discuss many (but not all)
of the risks and uncertainties that might affect these forward-looking
statements.
Some of these are changes in political and economic conditions, federal or state
regulatory structures, government taxation, spending and budgetary policies,
government mandates, demand for electricity and thermal energy, the ability of
customers to pay for energy received, supplies of fuel and prices of fuels,
operational status of plant, mechanical breakdowns, availability of labor and
the willingness of electric utilities to perform existing power purchase
agreements in good faith. Some of the cautionary factors that readers should
consider are described in the Trust's most recent Annual Report on Form 10-K.
By making these statements now, the Trust is not making any commitment to revise
these forward-looking statements to reflect events that happen after the date of
this document or to reflect unanticipated future events.
PART II - OTHER INFORMATION
None.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant as duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RIDGEWOOD ELECTRIC POWER TRUST I
Registrant
May 15, 2000 By /s/ Christopher I. Naunton
Date Christopher I. Naunton
Vice President and
Chief Financial Officer
(signing on behalf of the
Registrant and as
principal financial
officer)