UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
||||
|
|
|
||||||
|
For the quarterly period ended September 30, 2003 |
|
||||||
|
|
|
||||||
|
o |
|
TRANSITION REPORT PURSUANT OR TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
||||
|
|
|
||||||
|
For the transition period from to |
|
||||||
|
|
|
||||||
|
Commission file number 333-40478 |
|
||||||
|
|
|
||||||
|
AES RED OAK, L.L.C. |
|
||||||
|
(Exact name of registrant as specified in its charter) |
|
||||||
|
|
|
||||||
|
Delaware |
54-1889658 |
||||||
|
(State or other
jurisdiction of |
(I.R.S. Employer |
||||||
|
|
|
||||||
|
832 Red
Oak Lane, Sayreville, NJ 08872 |
|||||||
|
(Address of principal
executive offices, zip code) |
|||||||
Registrant is a wholly owned subsidiary of The AES Corporation. Registrant meets the conditions set forth in General Instruction H(I)(a) and (b) of Form 10-Q and is filing the Quarterly Report on form 10-Q with the reduced disclosure format authorized by General Instruction H.
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 ý No o
Indicate by check mark whether registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
AES RED
OAK, L.L.C.
TABLE OF CONTENTS
|
|
||
|
|
||
|
|
|
|
|
|
Condensed Consolidated Balance Sheets, as of September 30, 2003 and December 31, 2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
PART I. FINANCIAL INFORMATION
Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
AES RED OAK, L.L.C. AND SUBSIDIARY
AN INDIRECT, WHOLLY OWNED SUBSIDIARY OF THE AES CORPORATION
Condensed Consolidated Statements
of Operations,
Three and Nine Months Ended September 30, 2003 and 2002
(Unaudited)
(dollars in thousands)
|
|
|
Three Months |
|
Nine Months |
|
||||||||
|
|
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
||||
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
||||
|
Energy |
|
$ |
25,799 |
|
$ |
15,060 |
|
$ |
52,567 |
|
$ |
15,060 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
||||
|
Fuel costs |
|
— |
|
(6,982 |
) |
(635 |
) |
(6,982 |
) |
||||
|
Fuel conversion volume expense |
|
(1,618 |
) |
(267 |
) |
(4,824 |
) |
(267 |
) |
||||
|
Corporate management fees |
|
(402 |
) |
(258 |
) |
(1,200 |
) |
(258 |
) |
||||
|
Other operating expenses |
|
(3,030 |
) |
(363 |
) |
(6,639 |
) |
(363 |
) |
||||
|
Depreciation expense |
|
(2,830 |
) |
(1,544 |
) |
(8,609 |
) |
(1,544 |
) |
||||
|
Taxes and insurance |
|
(644 |
) |
(470 |
) |
(1,821 |
) |
(470 |
) |
||||
|
General and administrative costs |
|
(50 |
) |
(208 |
) |
(159 |
) |
(364 |
) |
||||
|
Total operating expenses |
|
(8,574 |
) |
(10,092 |
) |
(23,887 |
) |
(10,248 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income |
|
17,225 |
|
4,968 |
|
28,680 |
|
4,812 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
||||
|
Interest income |
|
57 |
|
34 |
|
202 |
|
95 |
|
||||
|
Contractor Rebates |
|
202 |
|
339 |
|
1,415 |
|
339 |
|
||||
|
Interest expense |
|
(8,575 |
) |
(4,310 |
) |
(25,681 |
) |
(4,574 |
) |
||||
|
Letter of Credit Fees |
|
(255 |
) |
— |
|
(761 |
) |
— |
|
||||
|
Total other income (expense) |
|
(8,571 |
) |
(3,937 |
) |
(24,825 |
) |
(4,140 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
NET INCOME |
|
$ |
8,654 |
|
$ |
1,031 |
|
$ |
3,855 |
|
$ |
672 |
|
See notes to condensed consolidated financial statements.
1
AES RED OAK, L.L.C. AND SUBSIDIARY
AN INDIRECT, WHOLLY OWNED SUBSIDIARY OF THE AES CORPORATION
Condensed Consolidated Balance
Sheets,
September 30, 2003 and December 31, 2002
(dollars in thousands, except share amounts)
|
|
|
(Unaudited) |
|
|
|
||
|
|
|
September 30, |
|
December 31, |
|
||
|
ASSETS: |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Current Assets: |
|
|
|
|
|
||
|
Cash |
|
$ |
20 |
|
$ |
23 |
|
|
Restricted cash at cost, which approximates market value |
|
35,138 |
|
7,749 |
|
||
|
Receivables |
|
12,822 |
|
8,442 |
|
||
|
Receivable from affiliate |
|
245 |
|
309 |
|
||
|
Inventory |
|
621 |
|
550 |
|
||
|
Prepaid expenses |
|
788 |
|
230 |
|
||
|
Total current assets |
|
49,634 |
|
17,303 |
|
||
|
|
|
|
|
|
|
||
|
Land |
|
4,240 |
|
4,240 |
|
||
|
Construction in progress |
|
— |
|
344 |
|
||
|
Property, plant, and equipment – net of accumulated depreciation of $13,047 and $4,438, respectively |
|
397,615 |
|
404,752 |
|
||
|
Deferred financing costs – net of accumulated amortization of $2,721 and $2,315, respectively |
|
15,780 |
|
16,390 |
|
||
|
Spare parts inventory |
|
12,150 |
|
12,013 |
|
||
|
Other assets |
|
146 |
|
141 |
|
||
|
Total assets |
|
$ |
479,565 |
|
$ |
455,183 |
|
|
|
|
|
|
|
|
||