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Previous: WASHINGTON SCIENTIFIC INDUSTRIES INC, DEF 14A, 1997-12-02 |
Next: XEROX CORP, 10-Q/A, 1997-12-02 |
File No. 70-8057
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 10 (POST-EFFECTIVE)
TO
FORM U-1 APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
--------------------------------
WEST TEXAS UTILITIES COMPANY
301 Cypress Street
Abilene, Texas 79601
(Name of company filing this statement and address
of principal executive office)
---------------------------------
CENTRAL AND SOUTH WEST CORPORATION
(Name of top registered holding company parent)
---------------------------------
Wendy G. Hargus
Treasurer
Central and South West Corporation
1616 Woodall Rodgers Freeway
P.O. Box 660164
Dallas, Texas 75266-0164
Joris M. Hogan, Esq.
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
(Names and addresses of agents for service)
<PAGE>
West Texas Utilities Company (the "Company"), a Texas corporation and a
wholly-owned electric public utility subsidiary of Central and South West
Corporation, a Delaware corporation and a registered holding company under the
Public Utility Holding Company Act of 1935, as amended, hereby files this
Amendment No. 10 (this "Amendment") to the Form U-1 Application-Declaration in
File No. 70-8057 (the "Application") for the purpose of amending Items 2 and 6
of the Application. In all other respects, the Application as previously filed
and amended will remain the same.
Item 2. Fees and Expenses.
An estimate of the fees and expenses to be paid or incurred by the
Company in connection with the proposed extension of authority is set forth
below:
Amount
Counsel fees:
Milbank, Tweed, Hadley & McCloy
New York, New York........................... $3,000
Miscellaneous and incidental expenses
including travel, telephone and
postage.................................. ...... 200
Total $3,200
Item 6. Exhibits and Financial Statements.
Item 6 is hereby amended to file the following exhibit:
Revised
Exhibit 6 - Financial Statements as of June 30, 1997 of the Company.
<PAGE>
S I G N A T U R E
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, as amended, the undersigned company has duly caused this
document to be signed on its behalf by the undersigned thereunto duly
authorized.
Dated: December 2, 1997
WEST TEXAS UTILITIES COMPANY
By: /s/ WENDY G. HARGUS
Wendy G. Hargus
Treasurer
<PAGE>
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION
NUMBER REVISED EXHIBITS METHOD
- ------- ---------------- ------------
6 Financial Statements as of Electronic
June 30, 1997 of the Company.
INDEX EXHIBIT 6
TO
FINANCIAL STATEMENTS
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of June 30, 1997
Consolidated Statement of Income for the Twelve Months Ended
June 30, 1997
Consolidated Statement of Retained Earnings for the Twelve Months Ended
June 30, 1997
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of June 30, 1997
Statement of Income for the Twelve Months Ended June 30, 1997
WEST TEXAS UTILITIES COMPANY
Balance Sheets - Per Books and Pro Forma as of June 30, 1997
Statement of Income for the Twelve Months Ended June 30, 1997
Statement of Retained Earnings for the Twelve Months Ended
June 30, 1997
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
STATEMENT OF CHANGES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $5,800 $5,800
Transmission 1,553 1,553
Distribution 4,321 4,321
General 1,369 1,369
Construction work in progress 185 185
Nuclear fuel 193 193
Other Diversified 171 171
--------------------------------
13,592 13,592
Less - Accumulated depreciation 5,050 5,050
--------------------------------
8,542 8,542
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 268 268
Accounts receivable 1,004 1,004
Materials and supplies, at average cost 181 181
Electric fuel inventory 83 83
Under-recovered fuel costs 59 59
Prepayments and other 86 86
--------------------------------
1,681 1,681
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 506 506
Mirror CWIP asset - net 292 292
Other non-utility investments 343 343
Income tax related regulatory assets, net 236 236
Goodwill 1,463 1,463
Other 360 360
--------------------------------
3,200 3,200
--------------------------------
$13,423 $0 $13,423
================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding 212,200,000 shares $743 $743
Paid-in capital 1,039 1,039
Retained earnings 1,887 1,887
Foreign currency translation and other 38 38
--------------------------------
Total Common Stock Equity 3,707 3,707
--------------------------------
Preferred stock
Not subject to mandatory redemption 176 176
Subject to mandatory redemption 28 28
Subsidiary obligated, mandatorily redeemable,
trust preferred securities 324 324
Long-term debt 3,979 3,979
--------------------------------
Total Capitalization 8,214 8,214
--------------------------------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 204 204
Short-term debt 400 400
Short-term debt - CSW Credit 708 708
Loan Notes 67 67
Accounts payable 494 494
Accrued taxes 245 245
Accrued interest 102 102
Other 249 249
--------------------------------
2,469 2,469
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 2,244 2,244
Investment tax credits 284 284
Other 212 212
--------------------------------
2,740 2,740
--------------------------------
$13,423 $0 $13,423
================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
OPERATING REVENUES $5,135
-----------
OPERATING EXPENSES AND TAXES
U.S. Electric fuel and purchased power 1,215
United Kingdom Cost of Sales 1,295
Operating and maintenance 1,064
Depreciation and amortization 468
Taxes, other than income 183
Income taxes 178
-----------
4,403
-----------
OPERATING INCOME 732
-----------
OTHER INCOME AND DEDUCTIONS 34
-----------
INCOME BEFORE INTEREST CHARGES 766
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 332
Distributions on trust preferred securities 4
Interest on short-term debt and other 75
-----------
411
-----------
INCOME FROM CONTINUING OPERATIONS 355
-----------
DISCONTINUED OPERATIONS
Gain on the sale of discontinued
operations, net of tax of $0.3 8
-----------
NET INCOME 363
Less: preferred stock dividends 16
Gain on reacquired preferred stock 10
-----------
NET INCOME FOR COMMON STOCK $357
===========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT JUNE 30, 1996 $1,897
Add: Net income for common stock 357
-----------
2,254
-----------
Deduct: Common stock dividends 367
Retained earnings adjustment 0
-----------
RETAINED EARNINGS AT JUNE 30, 1997 $1,887
===========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
General $1 $1
Less - Accumulated depreciation (1) (1)
--------------------------------
NET PLANT 0 0
INVESTMENTS IN COMMON STOCK
OF SUBSIDIARY COMPANIES (at equity) 4,044 4,044
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 15 15
Accounts and interest receivable - Affiliated 106 106
Prepayments and other 4 4
--------------------------------
125 125
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 14 14
--------------------------------
$4,183 $0 $4,183
================================
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value;
authorized 350,000,000 shares;
issued and outstanding 212,200,000 shares $743 $743
Paid-in capital 1,039 1,039
Retained earnings 1,887 1,887
Foreign currency translation and other 3 3
--------------------------------
Total Common Stock Equity 3,672 3,672
--------------------------------
Long-term debt 0 0
--------------------------------
Total Capitalization 3,672 3,672
--------------------------------
CURRENT LIABILITIES
Short-term debt 400 400
Accounts payable and other 123 123
--------------------------------
523 523
--------------------------------
DEFERRED CREDITS (12) (12)
--------------------------------
$4,183 $0 $4,183
================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $121
Public Service Company of Oklahoma 69
Southwestern Electric Power Company 86
West Texas Utilities Company 25
SEEBOARD U.S.A. 103
CSW Credit, Inc. 8
CSW Energy, Inc. 6
CSW Leasing, Inc. 1
CSW International, Inc. (1)
CSW Communications, Inc. (6)
Enershop Inc. (2)
Central and South West Services, Inc. 0
Other Income 20
----------
$430
----------
EXPENSES AND TAXES
General and administrative expenses 60
Depreciation and amortization expense 1
Interest expense 42
Taxes, other than income 2
Federal income taxes (24)
----------
81
----------
DISCONTINUED OPERATIONS
Gain on sale of discontinued operations, net of
tax of $0.3 8
----------
NET INCOME $357
==========
<PAGE>
WEST TEXAS UTILITIES COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $417 $417
Transmission 206 206
Distribution 355 355
General 101 101
Construction work in progress 16 16
--------------------------------
1,095 1,095
Less - Accumulated depreciation 426 426
--------------------------------
669 669
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 1 1
Accounts receivable 33 33
Materials and supplies, at average cost 16 16
Fuel inventory, at average cost 8 8
Coal inventory, at LIFO cost 7 7
Under-recovered fuel costs 14 14
Prepayments and other 1 1
--------------------------------
80 80
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred Oklaunion costs 21 21
Regulatory assets 10 10
Other 41 41
--------------------------------
72 72
--------------------------------
$821 $0 $821
================================
<PAGE>
WEST TEXAS UTILITIES COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common stock, $25 par value;
authorized 7,800,000 shares;
issued and outstanding 5,488,560 shares $137 $137
Paid-in capital 2 2
Retained earnings 124 124
--------------------------------
Total common stock equity 263 263
Preferred stock
Not subject to mandatory redemption 3 3
Long-term debt 277 277
--------------------------------
Total capitalization 543 543
--------------------------------
CURRENT LIABILITIES
Advances from affiliates 26 26
Payables to affiliates 32 32
Accounts payable 8 8
Accrued taxes 9 9
Accrued interest 5 5
Accumulated deferred income taxes 2 2
Other 2 2
--------------------------------
84 84
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 145 145
Investment tax credits 29 29
Investment tax related regulatory
liabilities, net 16 16
Other 4 4
--------------------------------
194 194
--------------------------------
$821 $0 $821
================================
<PAGE>
WEST TEXAS UTILITIES COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $379
-----------
OPERATING EXPENSES AND TAXES
Fuel 124
Purchased power 38
Other Operating 76
Maintenance 14
Depreciation and amortization 41
Taxes, other than income 24
Income taxes 14
-----------
331
-----------
OPERATING INCOME 48
-----------
OTHER INCOME AND DEDUCTIONS 1
-----------
INCOME BEFORE INTEREST CHARGES 49
-----------
INTEREST CHARGES
Interest on long-term debt 21
Interest on short-term debt and other 4
-----------
25
-----------
NET INCOME 24
Less: preferred stock dividends --
Gain on reacquisition of preferred stock 1
-----------
NET INCOME FOR COMMON STOCK $25
===========
<PAGE>
WEST TEXAS UTILITIES COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT JUNE 30, 1996 $116
Add: Net income (loss) for common stock 25
-----------
141
Deduct: Common stock dividends 17
-----------
RETAINED EARNINGS AT JUNE 30, 1997 $124
===========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
JUNE 30, 1997
UNAUDITED
(Millions)
DR CR
---------------------
Note: None of the applicants have pro forma adjustments related to this request.
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF CHANGES
There have been no significant changes in the financial statements of
Central and South West Corporation and subsidiary companies subsequent to
June 30, 1997, other than in the ordinary course of business.
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The notes to consolidated financial statements included in Central and
South West Corporation's 1996 Combined Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1996 Combined Annual Report on Form 10-K pages 2-39 through 2-71
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<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 001
<NAME> CENTRAL AND SOUTH WEST CORPORATION & SUBS
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> Jun-30-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 8,373
<OTHER-PROPERTY-AND-INVEST> 169
<TOTAL-CURRENT-ASSETS> 1,681
<TOTAL-DEFERRED-CHARGES> 506
<OTHER-ASSETS> 2,694
<TOTAL-ASSETS> 13,423
<COMMON> 743
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<RETAINED-EARNINGS> 1,925
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28
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<LONG-TERM-DEBT-NET> 3,932
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1
<CAPITAL-LEASE-OBLIGATIONS> 7
<LEASES-CURRENT> 3
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<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 002
<NAME> CENTRAL AND SOUTH WEST CORP.
<MULTIPLIER> 1,000,000
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<OTHER-PROPERTY-AND-INVEST> 4,044
<TOTAL-CURRENT-ASSETS> 125
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0
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0
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<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 111
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<OTHER-OPERATING-EXPENSES> 63
<TOTAL-OPERATING-EXPENSES> 39
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<OTHER-INCOME-NET> 430
<INCOME-BEFORE-INTEREST-EXPEN> 391
<TOTAL-INTEREST-EXPENSE> 42
<NET-INCOME> 357
0
<EARNINGS-AVAILABLE-FOR-COMM> 357
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<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 151
<EPS-PRIMARY> 1.69
<EPS-DILUTED> 1.69
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000105860
<NAME> WEST TEXAS UTILITIES COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
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<CAPITAL-SURPLUS-PAID-IN> 2
<RETAINED-EARNINGS> 124
<TOTAL-COMMON-STOCKHOLDERS-EQ> 263
0
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<LONG-TERM-DEBT-NET> 277
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<TOTAL-OPERATING-EXPENSES> 331
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<TOTAL-INTEREST-EXPENSE> 25
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</TABLE>
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