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Previous: CENTRAL & SOUTH WEST CORP, U-1, 1997-10-10 |
Next: CENTRAL & SOUTH WEST CORP, U-1/A, 1997-10-10 |
File No. 70-9075
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 2 TO
FORM U-1 APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
------------------------------
CENTRAL POWER AND LIGHT COMPANY
539 North Carancahua Street
Corpus Christi, Texas 78401-2802
PUBLIC SERVICE COMPANY OF OKLAHOMA
212 East Sixth Street
Tulsa, Oklahoma 74119-1212
SOUTHWESTERN ELECTRIC POWER COMPANY
428 Travis Street
Shreveport, Louisiana 71156-0001
WEST TEXAS UTILITIES COMPANY
301 Cypress Street
Abilene, Texas 79601-5820
CENTRAL AND SOUTH WEST SERVICES, INC.
Williams Tower 2
2 West 2nd Street
Tulsa, Oklahoma 74103
(Names of companies filing this statement and addresses
of principal executive offices)
---------------------------
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
Dallas, Texas 75202
Joris M. Hogan, Esq.
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005-1413
(Names and addresses of agents for service)
<PAGE>
Central Power and Light Company, Public Service Company of
Oklahoma, Southwestern Electric Power Company and West Texas Utilities Company
(the "Operating Companies"), wholly owned public utility subsidiaries of Central
and South West Corporation ("CSW"), a registered holding company under the
Public Utility Holding Company Act of 1935, as amended (the "Act"), and Central
and South West Services, Inc., a wholly owned subsidiary of CSW that is
authorized to provide services to associate companies pursuant to Section 13(b)
of the Act and rules of the Securities and Exchange Commission (the
"Commission") promulgated thereunder (the "Service Company"), hereby submit for
filing this Amendment No. 2 to the Form U-1 Application-Declaration in this File
No. 70-9075 (the "Application") for the purpose of amending Items 1 and 6
thereof. In all other respects, the Application as previously filed and amended
will remain the same. Item 1. Description of the Proposed Transactions.
Item 1 is hereby amended by adding the following sentence to
the end of the third paragraph thereof: "It is requested that the Commission
reserve jurisdiction over the offering of the Plans in the states of Arkansas
and Louisiana pending completion of the record." Item 6. Exhibits and Financial
Statements.
Item 6 is hereby amended to file the following exhibit:
Exhibit 3 - Financial Statements as of June 30, 1997.
<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: October 9, 1997
CENTRAL POWER AND LIGHT COMPANY
By:/s/WENDY G. HARGUS
Wendy G. Hargus
Treasurer
PUBLIC SERVICE COMPANY OF OKLAHOMA
By:/s/WENDY G. HARGUS
Wendy G. Hargus
Treasurer
SOUTHWESTERN ELECTRIC POWER COMPANY
By:/s/WENDY G. HARGUS
Wendy G. Hargus
Treasurer
WEST TEXAS UTILITIES COMPANY
By:/s/WENDY G. HARGUS
Wendy G. Hargus
Treasurer
CENTRAL AND SOUTH WEST SERVICES,INC.
By:/s/WENDY G. HARGUS
Wendy G. Hargus
Treasurer
<PAGE>
Exhibit Index
Transmission
Number Exhibit Method
- -------- ------- ------------
1 Preliminary opinion of ___
Milbank, Tweed, Hadley &
McCloy, counsel to the
Applicants (previously
filed).
2 Final or "Past Tense" ___
opinion of Milbank, Tweed,
Hadley & McCloy, counsel
to the Applicants (to be
filed with the Certificate
of Notification).
3 Financial Statements as Electronic
of June 30, 1997.
4 Proposed notice of ___
proceeding (previously
filed).
INDEX EXHIBIT 3
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
CENTRAL POWER AND LIGHT 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
PUBLIC SERVICE COMPANY OF OKLAHOMA
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
SOUTHWESTERN ELECTRIC POWER 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
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
CENTRAL AND SOUTH WEST SERVICES, INC.
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
<PAGE>
INDEX
TO
FINANCIAL STATEMENTS
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>
CENTRAL POWER AND LIGHT 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 $3,110 $3,110
Transmission 509 509
Distribution 984 984
General 281 281
Construction work in progress 84 84
Nuclear fuel 193 193
--------------------------------
5,161 5,161
Less - Accumulated depreciation
and amortization 1,759 1,759
--------------------------------
3,402 3,402
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 26 26
Accounts receivable 146 146
Under-recovered fuel costs 31 31
Materials and supplies, at average cost 73 73
Fuel inventory 11 11
Prepayments and other 6 6
--------------------------------
293 293
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred STP costs 486 486
Mirror CWIP asset 292 292
Income tax related regulatory assets, net 329 329
Other 102 102
--------------------------------
1,209 1,209
--------------------------------
$4,904 $0 $4,904
================================
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustment Forma
--------------------------------
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common stock, $25 par value;
authorized 12,000,000 shares;
issued and outstanding 6,755,535 shares $169 $169
Paid-in capital 405 405
Retained earnings 855 855
--------------------------------
Total common stock equity 1,429 1,429
Preferred stock
Not subject to mandatory redemption 163 163
CPL obligated, mandatorily redeemable,
trust preferred securities 145 145
Long-term debt 1,327 1,327
--------------------------------
Total capitalization 3,064 3,064
--------------------------------
CURRENT LIABILITIES
Long-term debt due within twelve months 200 200
Payables to affiliates 23 23
Accounts payable 83 83
Accrued taxes 67 67
Accumulated deferred income taxes 9 9
Accrued interest 31 31
Refund due customers 99 99
Other 32 32
--------------------------------
544 544
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 1,137 1,137
Investment tax credits 144 144
Other 15 15
--------------------------------
1,296 1,296
--------------------------------
$4,904 $0 $4,904
================================
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $1,301
-----------
OPERATING EXPENSES AND TAXES
Fuel 349
Purchased power 58
Other operating 287
Maintenance 53
Depreciation and amortization 149
Taxes, other than income 76
Income taxes 76
-----------
1,048
-----------
OPERATING INCOME 253
-----------
OTHER INCOME AND DEDUCTIONS
Other 3
-----------
3
-----------
INCOME BEFORE INTEREST CHARGES 256
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 110
Distributions on trust preferred securities 2
Interest on short-term debt and other 14
-----------
126
-----------
NET INCOME 130
Less: preferred stock dividends 12
Gain on reacquired preferred stock 3
-----------
NET INCOME FOR COMMON STOCK $121
===========
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT JUNE 30, 1996 $858
Add: Net income (loss) for common stock 121
-----------
979
Deduct: Common stock dividends 124
-----------
RETAINED EARNINGS AT JUNE 30, 1997 $855
===========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
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 $903 $903
Transmission 372 372
Distribution 800 800
General 204 204
Construction work in progress 39 39
--------------------------------
2,318 2,318
Less - Accumulated depreciation 1,016 1,016
--------------------------------
1,302 1,302
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 5 5
Accounts receivable 32 32
Materials and supplies, at average cost 34 34
Fuel inventory 16 16
Accumulated deferred income taxes 6 6
Prepayments 5 5
--------------------------------
98 98
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 65 65
--------------------------------
$1,465 $0 $1,465
================================
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
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, $15 par value;
authorized 11,000,000 shares;
issued 10,482,000 shares;
outstanding 9,013,000 shares $157 $157
Paid-in capital 180 180
Retained earnings 156 156
--------------------------------
Total common stock equity 493 493
Preferred stock 5 5
PSO obligated, mandatorily redeemable,
trust preferred securities 73 73
Long-term debt 421 421
--------------------------------
Total capitalization 992 992
--------------------------------
CURRENT LIABILITIES
Payable to affiliates 24 24
Accounts payable 43 43
Payables to customers 15 15
Accrued taxes 27 27
Accrued interest 9 9
Other 5 5
--------------------------------
123 123
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 254 254
Investment tax credits 42 42
Income tax related regulatory
liabilities, net 44 44
Other 10 10
--------------------------------
350 350
--------------------------------
$1,465 $0 $1,465
================================
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
STATEMENT OF INCOME
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $728
-----------
OPERATING EXPENSES AND TAXES
Fuel 281
Purchased power 47
Other operating 122
Maintenance 36
Depreciation and amortization 79
Taxes, other than income 28
Income taxes 35
-----------
628
-----------
OPERATING INCOME 100
-----------
OTHER INCOME AND DEDUCTIONS 1
-----------
INCOME BEFORE INTEREST CHARGES 101
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 31
Distributions on trust preferred securities 1
Interest on short-term debt and other 3
-----------
35
-----------
NET INCOME 66
Less: preferred stock dividends 1
Gain on reacquisition of preferred stock 4
-----------
NET INCOME FOR COMMON STOCK $69
===========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT JUNE 30, 1996 $131
Add: Net income (loss) for common stock 69
-----------
200
Deduct: Common stock dividends 44
-----------
RETAINED EARNINGS AT JUNE 30, 1997 $156
===========
<PAGE>
SOUTHWESTERN ELECTRIC POWER 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 $1,370 $1,370
Transmission 467 467
Distribution 848 848
General 310 310
Construction work in progress 45 45
--------------------------------
3,040 3,040
Less - Accumulated depreciation 1,189 1,189
--------------------------------
1,851 1,851
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 5 5
Accounts receivable 62 62
Materials and supplies, at average costs 28 28
Fuel inventory 41 41
Under-recovered fuel costs 12 12
Prepayments and other 15 15
--------------------------------
163 163
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 75 75
--------------------------------
$2,089 $0 $2,089
================================
<PAGE>
SOUTHWESTERN ELECTRIC POWER 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, $18 par value;
authorized 7,600,000 shares;
issued and outstanding 7,536,640 shares $136 $136
Paid-in capital 245 245
Retained earnings 334 334
--------------------------------
Total common stock equity 715 715
Preferred stock
Not subject to mandatory redemption 5 5
Subject to mandatory redemption 28 28
SWEPCO obligated, mandatorily redeemable,
trust preferred securities 106 106
Long-term debt 548 548
--------------------------------
Total capitalization 1,402 1,402
--------------------------------
CURRENT LIABILITIES
Long-term debt and preferred stock due
within twelve months 4 4
Accounts payable 58 58
Payable to affiliates 62 62
Customer deposits 11 11
Accrued taxes 33 33
Accumulated deferred income taxes 5 5
Accrued interest 14 14
Other 12 12
--------------------------------
199 199
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 376 376
Investment tax credits 69 69
Income tax related regulatory liabilities, net 33 33
Other 10 10
--------------------------------
488 488
--------------------------------
$2,089 $0 $2,089
================================
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $914
-----------
OPERATING EXPENSES AND TAXES
Fuel 382
Purchased power 22
Other Operating 143
Maintenance 44
Depreciation and amortization 94
Taxes, other than income 53
Income taxes 40
-----------
778
-----------
OPERATING INCOME 136
-----------
OTHER INCOME AND DEDUCTIONS 1
-----------
INCOME BEFORE INTEREST CHARGES 137
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 43
Distributions on trust preferred securities 1
Interest on short-term debt and other 6
-----------
50
-----------
NET INCOME 87
Less: preferred stock dividends 3
Gain on reacquired preferred stock 2
-----------
NET INCOME FOR COMMON STOCK $86
===========
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT JUNE 30, 1996 $310
Add: Net income (loss) for common stock 86
-----------
396
Deduct: Common stock dividends 62
-----------
RETAINED EARNINGS AT JUNE 30, 1997 $334
===========
<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 SERVICES, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF JUNE 30, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
General plant $121 $121
Less - Accumulated depreciation 34 34
--------------------------------
87 87
--------------------------------
CURRENT ASSETS
Accounts receivable affiliated 21 21
Accounts receivable non-affiliated 4 4
Prepayments and other 16 16
--------------------------------
41 41
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 3 3
--------------------------------
$131 $0 $131
================================
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
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
Long-term debt $60 $60
--------------------------------
Total capitalization 60 60
--------------------------------
CURRENT LIABILITIES
Accounts payable non-affiliated 11 11
Advances from affiliates and other 37 37
--------------------------------
48 48
--------------------------------
DEFERRED CREDITS 23 23
--------------------------------
$131 $0 $131
================================
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS JUNE 30, 1997
UNAUDITED
(Millions)
OPERATING REVENUE $0
-----------
OPERATING EXPENSES AND TAXES
Fuel Expense 3
Other Operating 206
Maintenance 4
Depreciation and amortization 9
Taxes, other than income taxes 7
Income taxes 1
-----------
230
-----------
OPERATING INCOME (230)
-----------
OTHER INCOME AND DEDUCTIONS 236
-----------
INCOME BEFORE INTEREST CHARGES 6
-----------
INTEREST CHARGES 6
-----------
NET INCOME FOR COMMON STOCK $0
===========
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 1997
UNAUDITED
(millions)
RETAINED EARNINGS AT JUNE 30, 1996 $0
Add: Net income (loss) for common stock 0
-----------
RETAINED EARNINGS AT JUNE 30, 1997 $0
===========
<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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