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 |
For the quarterly period ended March 31, 2005
or
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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 333-40478
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 |
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(I.R.S.
Employer |
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832 Red Oak Lane, Sayreville, NJ |
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08872 |
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(Address of principal executive offices) |
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(Zip Code) |
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(1)(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(2).
AES RED OAK, L.L.C.
TABLE OF CONTENTS
Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
AES RED OAK, L.L.C. AND SUBSIDIARY
AN INDIRECT, WHOLLY-OWNED SUBIDIARY OF THE AES CORPORATION
Condensed Consolidated Statements of Operations,
Three Months Ended March 31, 2005 and 2004
(dollars in thousands)
(Unaudited)
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Three Months |
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2005 |
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2004 |
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OPERATING REVENUES |
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Energy |
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$ |
11,844 |
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$ |
11,628 |
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OPERATING EXPENSES |
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Fuel conversion volume rebates |
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1,632 |
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1,029 |
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Corporate management fees |
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416 |
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408 |
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Other operating expens |
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3,125 |
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2,591 |
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Depreciation expense |
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2,985 |
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2,851 |
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Taxes and insurance |
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731 |
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748 |
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General and administrative costs |
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313 |
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177 |
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Total operating expenses |
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9,202 |
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7,804 |
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Operating income |
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2,642 |
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3,824 |
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OTHER INCOME (EXPENSE) |
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Interest income |
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291 |
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61 |
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Interest expense |
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(8,367 |
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(8,478 |
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Letter of credit fees and other |
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(299 |
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(261 |
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Total other income (expense) |
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(8,375 |
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(8,678 |
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NET LOSS |
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$ |
(5,733 |
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$ |
(4,854 |
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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,
March 31, 2005 and December 31, 2004
(dollars
in thousands, except share amounts)
(Unaudited)
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March 31, |
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December 31, |
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2005 |
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2004 |
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ASSETS |
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Current Assets: |
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Cash |
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$ |
31 |
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$ |
5 |
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Restricted cash at cost, which approximates market value |
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39,292 |
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41,584 |
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Receivables |
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3,955 |
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4,374 |
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Receivable from affiliate |
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42 |
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30 |
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Prepaid and other expenses |
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464 |
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599 |
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Total current assets |
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43,784 |
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46,592 |
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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 $30,587 and $27,614, respectively |
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398,847 |
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399,338 |
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Deferred financing costs – net of accumulated amortization of $4,144 and $3,941, respectively |
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14,561 |
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14,764 |
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Other assets |
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606 |
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606 |
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Total assets |
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$ |
462,038 |
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$ |
465,540 |
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LIABILITIES AND MEMBER’S EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
2,173 |
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$ |
784 |
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Accrued liabilities |
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3,349 |
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1,945 |
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Accrued interest |
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2,719 |
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2,722 |
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Liabilities under spare parts agreement |
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462 |
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827 |
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Payable to affiliate |
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421 |
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282 |
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Bond payable-current portion |
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5,223 |
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5,072 |
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Payable to Raytheon |
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30,302 |
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30,302 |
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Payable to Williams Energy |
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10,000 |
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10,000 |
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Total current liabilities |
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54,649 |
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51,934 |
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Bonds payable |
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364,529 |
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365,060 |
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Other |
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168 |
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141 |
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Total liabilities |
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$ |
419,346 |
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$ |
417,135 |
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Member’s equity: |
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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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56,893 |
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56,873 |
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