FORM 10-QSB
[As last amended in Release No. 34-32231, April 28, 1993, 58 F.R.
26509]
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE EXCHANGE ACT
For the transition period from ________________ to ______________
Commission file number 0-14452
Far West Electric Energy Fund, L.P.
(Exact name of small business issuer as specified in its charter)
Delaware 87-0414725
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification
No.)
921 Executive Park Drive, Suite B, Salt Lake City, Utah 84117
(Address of principal executive offices)
(801) 268-4444
Issuer's telephone number
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report.)
Check whether the issuer (1) filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the
past 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
FAR WEST ELECTRIC ENERGY FUND, L.P.
Balance Sheets
December 31, 1994 and March 31, 1995
(Unaudited)
Assets 03/31/95 12/31/94
Utility plant:
Plant in service $ 15,998,000 $ 18,716,000
Equipment 365,000 335,000
Construction in progress 118,000 118,000
Accumulated depreciation (4,910,000) (6,010,000)
Net utility plant 11,571,000 13,159,000
Restricted Cash 1,161,000 1,145,000
Other assets 119,000 124,000
Current assets:
Cash 258,000 278,000
Receivables - Trade 323,000 437,000
Receivables - Other - 6,000
Receivables - Related party 177,000 159,000
Prepaid Insurance 39,000 12,000
Total current assets 797,000 892,000
Total assets $ 13,648,000 $ 15,320,000
The accompanying notes are an integral
part of these financial statements.
FAR WEST ELECTRIC ENERGY FUND, L.P.
Balance Sheets
December 31, 1994 and March 31, 1995
(Unaudited)
Partners' Capital and Liabilities 03/31/95 12/31/94
Partners' capital $ 4,961,000 $ 4,857,000
Other liabilities - 150,000
Long-term debt:
Long-term debt, excluding current
portion 537,000 -
Notes payable - Related party 259,000 230,000
Partners' capital and Long-term
Liabilities 5,757,000 5,237,000
Current liabilities:
Current portion - Long-term debt 5,145,000 7,140,000
Note payable - Related party 1,042,000 1,043,000
Payable - Related party 721,000 573,000
Accrued Liabilities
Operations 303,000 495,000
Royalties 85,000 220,000
Interest 595,000 612,000
Total current liabilities 7,891,000 10,083,000
Total partners' capital
and liabilities $ 13,648,000 $15,320,000
The accompanying notes are an integral
part of these financial statements
FAR WEST ELECTRIC ENERGY FUND, L.P.
Statements of Operations
(Unaudited)
For The For The
3 Months 3 Months
Ended Ended
03/31/95 03/31/94
Revenues
Electric power sales $ 665,000 759,000
Pumping charges 11,000 11,000
Royalty income 23,000 18,000
Other income - 7,000
Total Revenues 699,000 795,000
Expenses
Depreciation 146,000 159,000
Royalty 106,000 119,000
Professional Services 21,000 29,000
Administrative services -
general partner 66,000 47,000
Amortization 4,000 4,000
Insurance 11,000 14,000
Maintenance 152,000 112,000
Other 11,000 2,000
Total Expenses 517,000 486,000
Income From Operations 182,000 309,000
Other Income (Expense):
Interest income 12,000 6,000
Interest (277,000) (241,000)
Loss on Sale of Property (170,000) -
Net Other Expense (435,000) (235,000)
Net Income (Loss)
Before Extraordinary Item (253,000) 74,000
Extraordinary Item - Early
Extinguishment of Debt 358,000 -
Net Income $ 105,000 74,000
The accompanying notes are an integral
part of these financial statements.
FAR WEST ELECTRIC ENERGY FUND, L.P.
Statements of Cash Flows
For the Three Months Ended March 31, 1995
(Unaudited)
03/31/95 03/31/94
Cash flows from operating activities:
Net income (loss) $ 105,000 $ 74,000
Adjustments for reconcile net loss to
net cash used in operating activities
Depreciation and amortization 150,000 163,000
Loss on Sale of Property 170,000 -
Extraordinary Item - Early (358,000) -
Extinguishment of Debt
Change in assets and liabilities
Decrease (increase) in receivables 102,000 6,000
Decrease (increase) in prepaid insurance (27,000) (24,000)
Decrease (increase) in other assets 5,000 5,000
Accrued Income Restricted Cash (16,000) (8,000)
Increase (decrease) in accounts
payable and accrued expenses (75,000) (138,000)
Increase (decrease) in amount payable
to Related Party 148,000 108,000
Total Adjustments 99,000 112,000
Net cash provided by (used in)
operating activities 204,000 186,000
Cash flows from investing activities:
Purchase of plant and equipment (29,000) (28,000)
Disposal of plant and equipment - -
Net cash provided by (used in)
investing activities (29,000) (28,000)
Cash flows from financing activities:
Payment of principal on long-term debt (195,000) (174,000)
Issuance of Long-term debt - -
Net cash provided by (used in)
financing activities (195,000) (174,000)
Increase (decrease) in cash (20,000) (16,000)
Cash at beginning of period 278,000 280,000
Cash and Cash Equivalents
at the end of the period $ 258,000 $ 264,000
Supplemental disclosures of cash flow information:
Cash paid during the period of interest $ 32,000 $ 36,000
The accompanying notes are an integral
part of these financial statements.
Far West Electric Energy Fund, L.P.
March 31, 1995
Notes to Financial Statements
1. Interim Reporting
The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting
principles and with Form 10-QSB requirements. Accordingly, they do
not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments
considered necessary for a fair presentation have been included.
Operating results for the three month period ended March 31, 1995,
are not necessarily indicative of the results that may be expected
for the year ended December 31, 1995. For further information,
refer to the financial statements and footnotes thereto included in
the Partnership's annual report on Form 10-K for the year ended
December 31, 1994.
2. Related Party Transactions
Under the terms of the Partnership Agreement, the General
Partner is allowed reimbursements of expenses incurred to manage
the Partnership. For the three month periods ended March 31, 1994
and 1995, the Partnership accrued, but did not pay, fees and
reimbursements to the general partner of $66,000 and $36,000
respectively.
3. Long-term Debt
In January 1990, the Partnership received the proceeds of an
$8,000,000 non-recourse refinancing of its Steamboat Springs
Project ("Project" or "Steamboat Springs Plant") with Westinghouse
Credit Corporation ("WCC"). The WCC loan, which is secured by the
Project assets including the resource lease, plant and equipment
and related contract rights, bears interest at 11.5% per annum and
must be repaid over ten years in 40 quarterly payments of principal
and interest. This loan is currently in default, primarily because
the loan reserves have not been maintained at required levels.
Item 2. Management's Discussion and Analysis of Results of Opera-
tions and Financial Condition.
Overall electric power sales decreased about 12% this past
quarter as compared to the first quarter of 1994. This decrease in
power sales was mainly due to several unexpected generator
failures. Maintenance and repair costs this past quarter were
about 26% higher than those or the first quarter of 1994.
Liquidity and financial condition remained relatively
unchanged during the quarter ended March 31, 1995. However, as
discussed in the annual report, the power contract is scheduled to
change in the near future which may have a material adverse effect
on the financial condition of the Fund. See the December 31, 1995
annual report for a more detailed discussion of the upcoming change
in the power supply contract.
The Steamboat Springs Plant is in compliance with
environmental and regulatory agencies.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There have been no material changes in the status of legal
proceedings since the Partnership's report on Form 10-K dated
December 31, 1994.
Item 5. Other Information
The general partner is still exploring various alternatives
concerning the sale or refinancing of the Steamboat project which,
as yet, there is nothing definitive to report.
Item 6. Exhibits and Reports on Form 8-K
The Partnership did not file a report on Form 8-K during the
three months ended March 31, 1995.
SIGNATURES
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 duly authorized persons.
Registrant: Far West Electric Energy Fund, L.P.
By: Far West Capital, Inc.,
General Partner
DATE: June 17, 1996 By: /s/
Thomas A. Quinn
Vice President
DATE: June 17, 1996 By: /s/
Jody Rolfson
Controller