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: September 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 September 30, 1995
(Unaudited)
Assets 09/30/95 12/31/94
Utility plant:
Plant in service $15,998,000 $ 18,716,000
Equipment 590,000 335,000
Construction in progress 118,000 118,000
Accumulated depreciation (5,226,000) (6,010,000)
Net utility plant 11,480,000 13,159,000
Restricted Cash 1,012,000 1,145,000
Other assets 110,000 124,000
Current assets:
Cash 193,000 278,000
Receivables - Trade 260,000 437,000
Receivables - Other - 6,000
Receivable - Related Party 238,000 159,000
Prepaid Insurance 16,000 12,000
Total current assets 707,000 892,000
Total assets $ 13,309,000 $ 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 September 30, 1995
(Unaudited)
Partners' Capital and Liabilities 09/30/95 12/31/94
Partners' capital $ 4,667,000 $ 4,857,000
Other liabilities --- 150,000
Long-term debt:
Long-term debt, excluding
current portion 537,000 0
Notes payable - Related party 203,000 230,000
Partners' capital and Long-term
Liabilities 5,407,000 5,237,000
Current liabilities:
Current portion - Long-term debt 4,746,000 7,140,000
Note payable - Related party 1,069,000 1,043,000
Payable - Related party 784,000 573,000
Accrued Liabilities
Operations 289,000 495,000
Royalties 76,000 220,000
Interest 938,000 612,000
Total current liabilities 7,902,000 10,083,000
Total partners' capital
and liabilities $ 13,309,000 $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 9 Months 9 Months
Ended Ended Ended Ended
09/30/95 09/30/94 09/30/95 09/30/94
Revenues
Electric power sales $ 494,000 $463,000 $1,794,000 1,882,000
Pumping charges 22,000 20,000 47,000 45,000
Royalty income 22,000 28,000 63,000 63,000
Other income 0 0 0 7,000
Total Revenues 538,000 511,000 1,904,000 1,997,000
Expenses
Depreciation 158,000 160,000 462,000 480,000
Royalty 82,000 72,000 290,000 291,000
Professional Services 1,000 4,000 42,000 43,000
Administrative services -
general partner 13,000 8,000 95,000 73,000
Amortization 4,000 4,000 13,000 13,000
Insurance 11,000 14,000 34,000 42,000
Maintenance 164,000 129,000 443,000 366,000
Travel 7,000 0 7,000 0
Taxes 1,000 0 1,000 0
Other 6,000 3,000 21,000 18,000
Total Expenses 447,000 394,000 1,408,000 1,326,000
Income From Operations 91,000 117,000 496,000 671,000
Other Income (Expense):
Interest income 18,000 14,000 50,000 31,000
Interest (143,000) (237,000) (924,000) (665,000)
Loss-Sale of Property - - (170,000) -
Net Other Expense (125,000) (223,000)(1,044,000) (634,000)
Net Income (Loss) Before
Extraordinary Item (34,000) (106,000) (548,000) 37,000
Extraordinary Item - Early
Extinguishment of Debt - - 358,000 -
Net Income $ (34,000)$(106,000) $(190,000) $ 37,000
The accompanying notes are an integral
part of these financial statements.
FAR WEST ELECTRIC ENERGY FUND, L.P.
Statements of Cash Flows
For the Nine Months Ended September 30, 1995
(Unaudited)
09/30/95 09/30/94
Cash flows from operating activities:
Net income (loss) $ (190,000) $ 37,000
Adjustments to reconcile net loss to
net cash used in operating activities
Depreciation and amortization 475,000 493,000
Loss on Sale of Property 170,000 -
Extraordinary Item - Early
Extinguishment of Debt (358,000) -
Change in assets and liabilities
Decrease (increase) in receivables 183,000 78,000
Decrease (increase) in prepaid insurance (4,000) (15,000)
Decrease (increase) in other assets 14,000 14,000
Accrued Income Restricted Cash (49,000) (30,000)
Increase (decrease) in accounts
payable and accrued expenses 157,000 (156,000)
Increase (decrease) in amount payable
to Related Party 211,000 246,000
Total Adjustments 799,000 630,000
Net cash provided by (used in)
operating activities 609,000 667,000
Cash flows from investing activities:
Cash Draws - Restricted Cash 182,000 -
Purchase of plant and equipment (255,000) (106,000)
Disposal of plant and equipment - -
Net cash provided by (used in)
investing activities (73,000) (106,000)
Cash flows from financing activities:
Payment of principal on long-term debt (621,000) (592,000)
Issuance of Long-term debt - -
Net cash provided by (used in)
financing activities (621,000) (592,000)
Increase (decrease) in cash (85,000) (31,000)
Cash at beginning of period 278,000 280,000
Cash and Cash Equivalents
at the end of the period $ 193,000 $ 249,000
Supplemental disclosures of cash flow information:
Cash paid during the period of interest $ 205,000 $ 641,000
The accompanying notes are an integral
part of these financial statements.
Far West Electric Energy Fund, L.P.
September 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 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 nine month period ended September 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 nine month periods ended September 30,
1994 and 1995, the Partnership accrued, but did not pay, fees and
reimbursements to the general partner of $73,000 and $95,000
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 increased about 4% this past
quarter as compared to the third quarter of 1994. This increase in
power sales was mainly due to plant upgrades. Maintenance and
repair costs this past quarter were about 30% higher than those of
the third quarter of 1994, due to such plant upgrades.
Liquidity and financial condition remained relatively
unchanged during the quarter ended September 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 environ-
mental 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 June
30, 1995.
Item 5. Other Information
The general partner has received an offer to purchase the
Steamboat 1 and 1-A power plants which is currently in the form of
a Letter of Intent. A more definitive agreement is being prepared.
We expect that a description of the proposed transaction and its
tax effect will be submitted to you for your approval within the
next sixty days. The reason for the delay is the necessity of
obtaining tax and fairness opinions and review of the form of
Solicitation of Consent by the SEC.
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 September 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