UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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TRANSITION REPORT PURSUANT OR TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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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)
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Delaware |
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54-1889658 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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832
Red Oak Lane, Sayreville, NJ |
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08872 |
Registrant’s telephone number, including area code: (732) 238-1462
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(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 II.
AES RED OAK, L.L.C.
TABLE OF CONTENTS
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Condensed Consolidated Balance Sheets, as of September 30, 2004 and December 31,2003 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS |
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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, 2004 and 2003
(Unaudited)
(dollars in thousands)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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OPERATING REVENUES |
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Energy. |
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$ |
27,904 |
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$ |
25,799 |
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$ |
57,447 |
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$ |
52,567 |
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OPERATING EXPENSES |
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Fuel conversion volume expense |
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1,632 |
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1,618 |
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4,227 |
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4,824 |
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Corporate operator fees |
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411 |
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402 |
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1,227 |
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1,200 |
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Other operating expenses |
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3,242 |
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2,871 |
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9,352 |
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6,657 |
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Depreciation expense |
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2,989 |
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2,830 |
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8,814 |
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8,609 |
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Taxes and insurance |
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748 |
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644 |
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2,244 |
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1,821 |
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General and administrative costs |
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213 |
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209 |
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701 |
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776 |
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Total operating expenses |
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9,235 |
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8,574 |
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26,565 |
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23,887 |
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Operating income |
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18,669 |
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17,225 |
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30,882 |
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28,680 |
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OTHER INCOME (EXPENSE) |
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Interest income |
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158 |
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57 |
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277 |
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202 |
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Other income-interim rebates |
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— |
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202 |
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— |
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1,415 |
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Interest expense |
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(8,259 |
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(8,371 |
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(24,802 |
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(25,071 |
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Amortization of Deferred Financing Costs |
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(204 |
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(204 |
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(610 |
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(610 |
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Other expense-letter of credit fees |
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(240 |
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(255 |
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(758 |
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(761 |
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Total other (expense) |
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(8,545 |
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(8,571 |
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(25,893 |
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(24,825 |
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NET INCOME |
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$ |
10,124 |
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$ |
8,654 |
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$ |
4,989 |
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$ |
3,855 |
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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, 2004 and December 31, 2003
(Unaudited)
(dollars in thousands, except share amounts)
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September 30, |
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December 31, |
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ASSETS: |
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Current Assets: |
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Cash |
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4 |
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38 |
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Restricted cash at cost, which approximates market value |
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39,624 |
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34,837 |
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Trade receivable |
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9,936 |
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4,070 |
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Receivable from affiliate |
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28 |
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51 |
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Prepaid and other current assets |
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1,055 |
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628 |
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Total current assets |
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50,647 |
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39,624 |
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Land |
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4,240 |
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4,240 |
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Property, plant, and equipment — net of accumulated depreciation of $24,644 and $15,830, respectively |
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401,598 |
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408,963 |
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Deferred financing costs — net of accumulated amortization of $3,738 and $3,128, respectively |
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14,967 |
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15,577 |
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Other assets. |
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606 |
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219 |
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Total assets |
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$ |
472,058 |
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$ |
468,623 |
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LIABILITIES AND MEMBER’S CAPITAL: |
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