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: June 30, 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 June 30, 1995
(Unaudited)
Assets 06/30/95 12/31/94
Utility plant:
Plant in service $ 15,998,000 $ 18,716,000
Equipment 509,000 335,000
Construction in progress 118,000 118,000
Accumulated depreciation (5,068,000) (6,010,000)
Net utility plant 11,557,000 13,159,000
Restricted Cash 1,077,000 1,145,000
Other assets 113,000 124,000
Current assets:
Cash 246,000 278,000
Receivables - Trade 314,000 437,000
Receivables - Other - 6,000
Receivable - Related Party 238,000 159,000
Prepaid Insurance 28,000 12,000
Total current assets 826,000 892,000
Total assets $ 13,573,000 $ 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 June 30, 1995
(Unaudited)
Partners' Capital and Liabilities 06/30/95 12/31/94
Partners' capital $ 4,702,000 $ 4,857,000
Other liabilities --- 150,000
Long-term debt:
Long-term debt, excluding
current portion 537,000 0
Notes payable - Related party 209,000 230,000
Partners' capital and Long-term
Liabilities 5,448,000 5,237,000
Current liabilities:
Current portion - Long-term debt 4,955,000 7,140,000
Note payable - Related party 1,066,000 1,043,000
Payable - Related party 787,000 573,000
Accrued Liabilities
Operations 291,000 495,000
Royalties 84,000 220,000
Interest 942,000 612,000
Total current liabilities 8,125,000 10,083,000
Total partners' capital
and liabilities $ 13,573,000 $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 For The For The
3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
06/30/95 06/30/94 06/30/95 06/30/94
Revenues
Electric power sales $ 635,000 660,000 $1,300,000 1,419,000
Pumping charges 14,000 14,000 25,000 25,000
Royalty income 18,000 17,000 41,000 35,000
Other income - - - 7,000
Total Revenues 667,000 691,000 1,366,000 1,486,000
Expenses
Depreciation 158,000 161,000 304,000 320,000
Royalty 102,000 100,000 208,000 219,000
Professional Services 20,000 10,000 41,000 39,000
Administrative services -
general partner 16,000 18,000 82,000 65,000
Amortization 5,000 5,000 9,000 9,000
Insurance 12,000 14,000 23,000 28,000
Maintenance 127,000 125,000 279,000 237,000
Travel 0 0 0 0
Other 4,000 13,000 15,000 15,000
Total Expenses 444,000 446,000 961,000 932,000
Income From Operations 223,000 245,000 405,000 554,000
Other Income (Expense):
Interest Income 20,000 11,000 32,000 17,000
Interest Expense (504,000) (187,000) (781,000) (428,000)
Loss-Sale of Property - - (170,000) -
Net Other Expense (484,000) (176,000) (919,000) (411,000)
Net Income (Loss) Before
Extraordinary Item (261,000) 69,000 (514,000) 143,000
Extraordinary Item - Early
Extinguishment of Debt - - 358,000 -
Net Income $(261,000) $ 69,000 $ (156,000) $ 143,000
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 June 30, 1995
(Unaudited)
06/30/95 06/30/94
Cash flows from operating activities:
Net income (loss) $ (156,000)$ 143,000
Adjustments to reconcile net loss to
net cash used in operating activities
Depreciation and amortization 313,000 329,000
Loss on Sale of Property 170,000 -
Extraordinary Item - Early
Extinguishment of Debt (358,000) -
Change in assets and liabilities
Decrease (increase) in receivables 95,000 59,000
Decrease (increase) in prepaid insurance (16,000) (10,000)
Decrease (increase) in other assets 11,000 -
Accrued Income Restricted Cash (34,000) (18,000)
Increase (decrease) in accounts
payable and accrued expenses 144,000 (195,000)
Increase (decrease) in amount payable
to Related Party 216,000 201,000
Total Adjustments 541,000 366,000
Net cash provided by (used in)
operating activities 385,000 509,000
Cash flows from investing activities:
Cash Draws - Restricted Cash 102,000 -
Purchase of plant and equipment (174,000) (91,000)
Disposal of plant and equipment - -
Net cash provided by (used in)
investing activities (72,000) (91,000)
Cash flows from financing activities:
Payment of principal on long-term debt (345,000) (406,000)
Issuance of Long-term debt - -
Net cash provided by (used in)
financing activities (345,000) (406,000)
Increase (decrease) in cash (32,000) 12,000
Cash at beginning of period 278,000 280,000
Cash and Cash Equivalents
at the end of the period $ 246,000 $292,000
Supplemental disclosures of cash flow information:
Cash paid during the period of interest $ 188,000 $253,000
The accompanying notes are an integral
part of these financial statements.
Far West Electric Energy Fund, L.P.
June 30, 1995
Notes to Financial Statements
1. Interim Reporting
The accompanying unaudited financial statements have been pre-
pared 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 general-
ly accepted accounting principles for complete financial state-
ments. In the opinion of management, all adjustments considered
necessary for a fair presentation have been included. Operating
results for the six month period ended June 30, 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 six month periods ended June 30, 1994 and
1995, the Partnership accrued, but did not pay, fees and reim-
bursements to the general partner of $82,000 and $86,000 respec-
tively.
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 Westing-
house 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 8% this past quarter
as compared to the second quarter of 1994. This decrease in power
sales was mainly due to several unexpected generator and turbine
failures. Maintenance and repair costs this past quarter were about
15% higher than those of the second quarter of 1994.
Liquidity and financial condition remained relatively unchanged
during the quarter ended June 30, 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-Q dated March
31, 1995.
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 June 30, 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