UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2004
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 333-91391
AES IRONWOOD, L.L.C.
(Exact name of registrant as specified in its charter)
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Delaware |
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54-1457573 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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305 PRESCOTT ROAD, LEBANON, PA |
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17042 |
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(Registrant’s address of principal executive offices,) |
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(zip code) |
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Registrant’s telephone number, including area code: (717) 228-1328 |
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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
Registrant is a wholly owned subsidiary of The AES Corporation. Registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is filing this Quarterly Report on form 10-Q with the reduced disclosure format authorized by General Instruction H.
AES IRONWOOD, L.L.C.
TABLE OF CONTENTS
2
AES IRONWOOD, L.L.C.
AN INDIRECT, WHOLLY OWNED SUBSIDIARY OF THE AES CORPORATION
Condensed
Statements of Operations
Three Months Ended March 31, 2004 and 2003
(Unaudited)
(dollars in thousands)
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Three
Months Ended |
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Three
Months Ended |
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(as restated see Note 11) |
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OPERATING REVENUES |
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Energy |
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$ |
13,964 |
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$ |
12,077 |
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OPERATING EXPENSES |
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Depreciation |
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2,707 |
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2,596 |
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Operating Fee |
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1,304 |
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1,277 |
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Operating Costs |
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822 |
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1,710 |
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General and Administrative Costs |
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2,024 |
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2,199 |
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6,857 |
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7,782 |
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Operating Income |
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7,107 |
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4,295 |
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OTHER INCOME/EXPENSE: |
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Other Income |
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6 |
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233 |
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Interest income |
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16 |
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21 |
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Interest expense |
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(6,670 |
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(6,778 |
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NET INCOME/(LOSS) |
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$ |
459 |
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$ |
(2,229 |
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See notes to condensed financial statements.
3
AES IRONWOOD, L.L.C.
AN INDIRECT, WHOLLY OWNED SUBSIDIARY OF THE AES CORPORATION
as of March 31, 2004 and December 31, 2003
(Unaudited)
(dollars in thousands)
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March 31, |
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December
31, |
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ASSETS: |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,772 |
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$ |
2,366 |
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Interest receivable |
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4 |
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4 |
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Accounts receivable — net |
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4,412 |
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4,445 |
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Prepaid expenses |
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1,270 |
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1,046 |
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Inventory — fuel |
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6 |
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7 |
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Asset held for sale (Note 9) |
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450 |
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450 |
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Total current assets |
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9,914 |
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8,318 |
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Land |
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1,143 |
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1,143 |
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Property, plant, and equipment-net of accumulated depreciation of $23,451and $20,744, respectively |
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311,072 |
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313,335 |
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Deferred financing costs-net of accumulated amortization of $679 and $645, respectively |
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2,956 |
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2,990 |
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Restricted cash including debt service reserve |
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4,549 |
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4,556 |
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Total assets |
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$ |
329,634 |
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$ |
330,342 |
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LIABILITIES AND MEMBER’S CAPITAL: |
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Current liabilities: |
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Accounts payable |
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$ |
510 |
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$ |
61 |
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Accrued interest |
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2,216 |
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2,227 |
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Payable to AES and affiliates |
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1,904 |
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2,146 |
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Note payable |
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— |
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292 |
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Bonds payable - current |
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6,525 |
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6,356 |
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Total current liabilities |
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11,155 |
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11,082 |
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Deferred revenue |
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1,910 |
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1,392 |
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Bonds payable – non current |
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293,658 |
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295,416 |
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Total liabilities |
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306,723 |
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307,890 |
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Commitments and Contingencies (Notes 6 and 7) |
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Member’s capital: |
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Common stock, $1 par value-10 shares authorized, none issued or outstanding |
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— |
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— |
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Contributed capital |
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38,800 |
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38,800 |
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Member’s accumulated deficit |
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(15,889 |
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(16,348 |
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Total member’s capital |
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22,911 |
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22,452 |
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Total liabilities and member’s capital |
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$ |
329,634 |
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$ |
330,342 |
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See notes to condensed financial statements.
4
AES IRONWOOD, L.L.C.
AN INDIRECT, WHOLLY OWNED SUBSIDIARY OF THE AES CORPORATION
Condensed Statement of Changes in Member’s Capital
From December 31, 2003
Through March 31, 2004
(Unaudited)
(dollars in thousands)
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Additional |
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Member’s |
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Total |
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Shares |
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Amount |
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