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CUC total assets down in 2004
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Posted on Jun 02 2004
The Commonwealth Utilities Corp.’ total assets declined by about $5 million this year compared to last year.
From a total of $166 million total assets in March 2003, the figure went down to $161 million during the same period this year.
This was due mainly to the accumulated depreciation of CUC’s plants—electric, water, and sewer—which were valued at $108.5 million in 2003. This year, they were valued at $104.3 million.
In terms of restricted cash, CUC posted $20.3 million in 2003 and $18.4 million in 2004. Restricted cash refers to contract payments, security deposits, advances from grantor agency, and escrow fund for a contractor.
CUC’s current assets, which include available cash, receivables, inventory for fuel, materials, and supplies increased to $38.4 million this year from $37.2 million last year.
Meantime, CUC’s total liabilities increased this year to $166.5 million from $162 million last year.
This includes current liabilities set at $159.8 million this year from $154 million last year and a long-term debt of $6.7 million this year from $8 million last year.
Current liabilities include accounts payable to vendors, Office of Public Auditor, accrued liabilities, debt with grantor agency, loans with the Commonwealth Development Authority and related interests.
CUC said that it has been in default of the repayment of four notes to CDA totaling about $61.6 million, plus related accrued interests totaling about $81.2 million.
Likewise, CUC has two long-term debts totaling $7.2 million: $7.002 million with Telesource for a 10-megawatt power plant on Tinian and a $203,000 debt with the U.S. Department of Agriculture, Rural Development for water projects on Saipan.
As of March 31, 2004, CUC said that it has a working capital deficiency of $122 million—current assets of $38 million minus current liabilities of $160 million.
