SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
FORM 10-Q/A
[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1996
Commission File Number 33-82034
INDIANTOWN COGENERATION, L.P. (Exact name of co-registrant as
specified in its charter)
Delaware 52-1722490 (State or other
jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
INDIANTOWN COGENERATION FUNDING CORPORATION (Exact name of
co-registrant as specified in its charter)
Delaware 52-1889595 (State or other
jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
7500 Old Georgetown Road, 13th Floor Bethesda, Maryland 20814-6161
(Registrants' address of principal executive offices)
(301)-718-6800 (Registrants' 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 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. [
X ] Yes [ ] No
EXPLANATION
The attached item (Item 1 - Financial Statements) is being restated in
order to correct an error in the original 10-Q filing for the quarter
ended June 30, 1996. The amount shown in the balance sheet at June
30, 1996, for Deferred Financing Costs ($19,580,751) was incorrect and
instead should have been $0. The $19,580,751 was correctly included
under "Property, Plant & Equipment - Electric and steam generating
facilities" in the 10-Q for the quarter ended June 30, 1996. A
footnote to the balance sheet explaining the relocation of $19,580,751
from "Deferred Financing Costs" to "Property, Plant & Equipment -
Electric and steam generating facilities" has been added. The amount
shown as "Total assets" remains the same. No other changes have been
made to the Quarterly Report on Form 10-Q for the quarter ended June
30, 1996.
PART I FINANCIAL INFORMATION
Indiantown Cogeneration, L.P. Consolidated Balance Sheets As of December 31,
1995 and June 30, 1996
ASSETS June 30, 1996 December 31, 1995
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 452,337 $2,666,296
Accounts receivable-trade 14,309,925 6,806,299
Inventories 971,554 127,115
Prepaids 502,875 1,844,328
Deposits 193,356 193,357
Investments held by Trustee,
including restricted funds of
$4,568,222 and $958,530,
respectively 55,838,062 59,251,661
Total current assets $72,268,109 70,889,056
INVESTMENTS HELD BY TRUSTEE,
restricted funds 12,501,000 12,501,000
DEPOSITS 60,000 60,000
PROPERTY, PLANT & EQUIPMENT:
Land 8,579,399 8,579,399
Electric and steam generating
facilities 707,131,112 683,536,498
Less accumulated depreciation (10,682,920) (527,742)
Net property, plant & equipment 705,027,591 691,588,155
FUEL RESERVE 3,013,600 4,662,617
DEFERRED FINANCING COSTS, net of
accumulated amortization of
$40,436,799(1) 0 19,750,511
Total assets $792,870,300 $799,451,339
<FN>
(1) Deferred financing costs at June 30, 1996, of $19,580,751, net of
accumulated amortization of $40,656,450, are included under "Property,
plant & equipment - Electric and steam generating facilities."
The accompanying notes are an integral part of these consolidated
balance sheets.
Indiantown Cogeneration, L. P.
Consolidated Balance Sheets
As of December 31, 1995 and June 30, 1996
LIABILITIES AND PARTNERS' CAPITAL June 30, 1996 December 31, 1995
(Unaudited)
CURRENT LIABILITIES:
Accounts payable $6,757,131 $5,885,114
Accrued liabilities 5,313,792 14,740,306
Accrued interest 2,382,803 2,396,324
Current portion - First Mortgage Bonds 4,398,000 8,795,000
Current portion lease payable -
railcars 116,979 231,158
Total current liabilities 18,968,705 32,047,902
LONG TERM DEBT:
First Mortgage Bonds 496,205,000 496,205,000
Tax Exempt Facility Revenue Bonds 125,010,000 125,010,000
Lease payable - railcars 5,386,265 5,386,265
Total long term debt 626,601,265 626,601,265
Total liabilities 645,569,970 658,649,167
PARTNERS' CAPITAL:
Toyan Enterprises 70,704,158 67,585,042
Palm Power Corporation 17,676,040 16,896,261
TIFD III-Y, Inc. 58,920,132 56,320,869
Total partners' capital 147,300,330 140,802,172
Total liabilities and partners'
capital $792,870,300 $799,451,339
<FN>
The accompanying notes are an integral part of these balance sheets.
Indiantown Cogeneration, L.P.
Consolidated Statement of Operations
For the Three and Six Months Ended June 30, 1996
Three Months Ended Six Months Ended
June 30, 1996 June 30, 1996
(Unaudited) (Unaudited)
Operating Revenues:
Electric capacity and capacity
bonus revenue $29,161,775 $57,625,051
Electric energy revenue 11,197,066 21,492,345
Steam revenue 25,000 33,333
Total operating revenues 40,383,841 79,150,729
Cost of Sales:
Fuel and ash 13,482,845 23,628,236
Operating and maintenance 3,202,724 6,666,124
Depreciation 5,143,420 9,987,493
Total cost of sales 21,828,989 40,281,853
Gross Profit 18,554,852 38,868,876
Other Operating Expenses:
General and administrative 714,914 1,309,966
Insurance and taxes 1,717,321 3,722,183
Total other operating expenses 2,432,235 5,032,149
Operating Income 16,122,617 33,836,727
Non-Operating Income (Expenses):
Interest expense (14,726,961) (29,505,033)
Interest income 1,097,429 2,166,466
Net non-operating expense (13,629,532) (31,671,499)
Net Income $ 2,493,085 $ 6,498,160
<FN>
The accompanying notes are an integral part of this consolidated statement.
Indiantown Cogeneration, L.P.
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 1996 and 1995
Six Months Six Months
Ended Ended
June 30, 1996 June 30, 1995
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $6,498,160 $ --
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 10,155,178 --
Increase in accounts receivable (7,503,626) --
Increase in property, plant & equipment (3,844,102) --
Decrease in inventories and fuel
reserves 804,578 --
Decrease in deposits and prepaids 1,341,453 --
Decrease in accounts payable and
accrued interest (8,568,018) --
Decrease in Bonds Payable (4,397,000) --
Decrease in lease payable (114,179) --
Net cash provided by
operating activities (5,627,556) --
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for construction in progress -- (83,665,921)
(Increase) Decrease in investment
held by trustee 3,413,597 56,050,131
Net cash used in investing activities 3,413,597 (27,615,790)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt issuance and
financing costs -- (6,459,704)
Proceeds from GECC loan -- --
Payment of GECC loan -- 34,100,000
Capital contributions -- --
Net cash provided by financing activities -- 27,640,296
INCREASE (DECREASE) IN CASH (2,213,959) 24,506
CASH and CASH EQUIVALENTS, beginning
of year 2,666,296 2,113,081
CASH and CASH EQUIVALENTS, end of period 452,337 2,137,587
SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITIES:
Change in total construction in progress -- (78,570,832)
amortization of deferred financing costs
during construction -- 511,634
Increase in property, plant, and equipment -- --
Increase in accounts receivable -- --
Increase in inventories and fuel reserve -- --
Increase in deposits & prepaids -- (49,000)
Increase in accounts payable and
accrued interest -- 5,557,743
Increase in lease payable -- --
Cash paid for construction in progress -- $(83,665,921)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized
Indiantown Cogeneration, L.P. (Co-Registrant)
Date: August 27, 1996 /s/ John Cooper
John R. Cooper Vice
President (Chief Financial Officer)
INDIANTOWN COGENERATION FUNDING Corporation
(Co-Registrant)
Date: August 27, 1996 /s/ John Cooper
John R. Cooper Vice
President (Chief Financial Officer)