File No. 70-8557
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 5 (POST-EFFECTIVE) TO
FORM U-1 APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
-----------------------------------
CENTRAL AND SOUTH WEST CORPORATION SOUTHWESTERN ELECTRIC POWER COMPANY
1616 Woodall Rodgers Freeway 428 Travis Street
Dallas, Texas 75202 Shreveport, Louisiana 71156-0001
CENTRAL POWER AND LIGHT COMPANY WEST TEXAS UTILITIES COMPANY
539 North Carancahua Street 301 Cypress Street
Corpus Christi, Texas 78401-2802 Abilene, Texas 79601-5820
PUBLIC SERVICE COMPANY OF OKLAHOMA CENTRAL AND SOUTH WEST
212 East Sixth Street SERVICES, INC.
Tulsa, Oklahoma 74119-1212 1616 Woodall Rodgers Freeway
Dallas, Texas 75202
(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
(Names and addresses of agents for service)
<PAGE>
Central and South West Corporation ("CSW"), a Delaware Corporation and
a registered holding company under the Public Utility Holding Company Act of
1935, as amended (the "Act"), and its subsidiary companies Central Power and
Light Company ("CPL"), Public Service Company of Oklahoma ("PSO"), Southwestern
Electric Power Company ("SWEPCO"), West Texas Utilities Company ("WTU") and
Central and South West Services, Inc. ("CSWS"), each referred to as a
"Subsidiary" and collectively referred to as the "Subsidiaries", hereby file
this Post-Effective Amendment No. 5 to the Form U-1 Application-Declaration in
File No. 70-8557 to amend Items 1 and 6 as follows. In all other respects, the
Application-Declaration as previously filed and as heretofore amended will
remain the same. The Subsidiaries together with CSW are referred to herein
collectively as the "Applicants". Item 1. Description of Proposed Transaction.
The text of Item 1 under the heading "Security For Loans to
Subsidiaries" is hereby amended and restated as follows:
Security For Loans to Subsidiaries
In view of the restrictions on the amount of unsecured short-term debt
that CPL, PSO, SWEPCO and WTU may have outstanding under the terms of their
respective charters, it is proposed that borrowings under the Money Pool may be
secured from time to time by a subordinated lien on certain assets of the
borrowing company.
Any loan secured as herein described shall be evidenced by a promissory
note, which would, in the case of loans from CSW or any of its Subsidiaries, be
substantially in the form previously filed as Exhibit 4 to this
<PAGE>
Application-Declaration, and would be upon such terms and conditions as have
been previously described in this Application-Declaration, as amended.
Applicants agree to file any security or other agreement entered into in
connection with securing any borrowings under the Money Pool as an exhibit to a
certificate of notification filed with the Commission pursuant to Rule 24 in
respect of such transaction.
Item 6. Exhibits and Financial Statements.
Item 6 is hereby amended to delete the following exhibits:
Amended
Exhibit 4 - Form of note to be executed by borrowing
Subsidiaries to CSW or other Subsidiaries.
Amended
Exhibit 5 - Preliminary opinion of Milbank, Tweed,
Hadley & McCloy, counsel to the
Applicants.
Amended
Exhibit 6 - Financial statements as of June 30, 1996
of CSW and Subsidiaries.
Amended
Exhibit 7 - Final or "Past Tense" opinion of Milbank,
Tweed, Hadley & McCloy, counsel to the
Applicants.
Amended
Exhibit 10 - Operation of Central and South West
System Money Pool.
Item 6 is hereby further amended to add and file the following
exhibits:
Exhibit 13 - Preliminary opinion of Milbank, Tweed,
Hadley & McCloy, counsel to the
Applicants.
Exhibit 14 - Financial statements as of September 30,
1996 of CSW and Subsidiaries.
<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 companies have duly caused this
document to be signed on their behalf by the undersigned thereunto duly
authorized.
Dated: January 7, 1997
CENTRAL AND SOUTH WEST CORPORATION CENTRAL POWER AND LIGHT COMPANY
By:/s/WENDY G. HARGUS By:/s/WENDY G. HARGUS
Wendy G. Hargus Wendy G. Hargus
Treasurer Treasurer
PUBLIC SERVICE COMPANY OF OKLAHOMA SOUTHWESTERN ELECTRIC POWER
COMPANY
By:/s/WENDY G. HARGUS By:/s/WENDY G. HARGUS
Wendy G. Hargus Wendy G. Hargus
Treasurer Treasurer
WEST TEXAS UTILITIES COMPANY CENTRAL AND SOUTH WEST SERVICES,
INC.
By:/s/WENDY G. HARGUS By:/s/WENDY G. HARGUS
Wendy G. Hargus Wendy G. Hargus
Treasurer Treasurer
<PAGE>
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION
NUMBER EXHIBIT METHOD
- ------- ------- ------------
13 Preliminary opinion of Milbank,
Tweed, Hadley & McCloy, counsel to
the Applicants. Electronic
14 Financial statements as of September
30, 1996 of CSW and Subsidiaries. Electronic
Exhibit 13
------- --
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
January 7, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Form U-1 Application-Declaration
File No. 70-8557
Dear Sirs:
We refer to the Form U-1 Application-Declaration (File
No. 70-8557) under the Public Utility Holding Company Act of
1935, as amended (the "Application-Declaration"), filed by
Central and South West Corporation ("CSW"), a Delaware corporation and a
registered public utility holding company, Central Power and Light Company
("CPL"), Public Service Company of Oklahoma ("PSO"), Southwestern Electric Power
Company ("SWEPCO"), West Texas Utilities Company ("WTU") and Central and South
West Services, Inc. ("CSWS"). CPL, PSO, SWEPCO, WTU and CSWS are sometimes
hereinafter referred to as the "Subsidiaries." The Application-Declaration
relates to the proposed continuation and modification of the previously
authorized short-term borrowing program and CSW System Money Pool (the "Money
Pool"). Proposed transactions under the Money Pool include (i) issuance and sale
of commercial paper by CSW to dealers, (ii) issuance and sale of commercial
paper by CSW directly to financial institutions, (iii) issuance of notes by CSW
or the Subsidiaries to banks in connection with bank borrowings, (iv) loans by
CSW and the Subsidiaries to Subsidiaries borrowing through the Money Pool, (v)
related borrowings by one or more of the Subsidiaries from time to time through
the Money Pool from one or more of the Subsidiaries or CSW pursuant to open
account advances or the issuance upon demand of promissory notes by the
respective Subsidiaries to evidence such borrowings and (vi) securing certain
borrowings under the Money Pool by a subordinated lien on certain assets of the
borrowing company, all as described in the Application-Declaration and the
exhibits thereto (collectively, the "Transactions"). We have acted as special
counsel for CSW and the Subsidiaries in connection with the Transactions and, as
such counsel, we are familiar with the corporate proceedings taken and to be
taken by CSW and the Subsidiaries in connection with the Transactions as
described in the Application- Declaration.
<PAGE>
We have examined originals, or copies certified to our
satisfaction, of such corporate records of CSW and the Subsidiaries,
certificates of public officials, certificates of officers and representatives
of CSW and the Subsidiaries and other documents as we have deemed it necessary
to require as a basis for the opinions hereinafter expressed. In such
examination we have assumed the genuineness of all signatures and the
authenticity of all documents submitted to us as originals and the conformity
with the originals of all documents submitted to us as copies. As to various
questions of fact material to such opinions we have, when relevant facts were
not independently established, relied upon certificates by officers of CSW and
the Subsidiaries and other appropriate persons and statements contained in the
Application-Declaration.
Based upon the foregoing, and having regard to legal
considerations which we deem relevant, we are of the opinion that, in the event
that the proposed Transactions are consummated in accordance with the
Application-Declaration, as it may be amended, and subject to the assumptions
and conditions set forth below:
1. CPL, WTU and CSWS are validly organized and duly
existing under the laws of the State of Texas, CSW and SWEPCO
are validly organized and duly existing under the laws of the
State of Delaware and PSO is
validly organized and duly existing under the laws of
the State of Oklahoma.
2. All state laws applicable to the proposed
Transactions will have been complied with.
3. CSW and the Subsidiaries, as lenders, will legally
acquire any promissory notes of the Subsidiaries issued in
connection with borrowings through the Money Pool.
4. The commercial paper and other notes proposed to
be issued by CSW and the notes proposed to be issued by the
Subsidiaries to CSW and to other Subsidiaries will be valid
and binding obligations of CSW or the Subsidiaries, as the
case may be, in accordance with their terms, except as
enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium of other similar laws affecting the
enforcement of creditors' rights generally and the application
of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at
law).
5. The consummation of the proposed Transactions will
not violate the legal rights of the holders of any securities
issued by CSW or the Subsidiaries or any associate company
thereof.
<PAGE>
The opinions expressed above in respect of the Transactions
described in the Application-Declaration are subject to the following
assumptions or conditions:
a. The Transactions shall have been duly authorized
and approved to the extent required by state law by the Board
of Directors of CSW and each of the Subsidiaries.
b. The Securities and Exchange Commission shall have
duly entered an appropriate order or orders granting and
permitting the Application-Declaration to become effective
with respect to the Transactions described therein.
c. The Transactions shall have been accomplished in
accordance with required approvals, authorizations, consents,
certificates and orders of any state commission or regulatory
authority with respect to the consummation of the Transactions
and all such required approvals, authorizations, consents,
certificates and orders shall have been obtained and remain in
effect.
d. The commercial paper and other notes proposed
to be issued by CSW and the Notes proposed to be issued
by the Subsidiaries to CSW and to the other Subsidiaries shall
be substantially in the forms attached as exhibits to the
Application-Declaration and shall be properly completed and
executed and, where required, countersigned.
e. The rate of interest on the commercial paper and
notes that are the subject of the Application- Declaration
shall not exceed the interest rate permitted by applicable
state and federal law.
f. Borrowing through the Money Pool will not
exceed those levels permitted from time to time by the
borrowing Subsidiary's Articles or Certificate of
Incorporation.
g. No act or event other than as described herein
shall have occurred subsequent to the date hereof which would
change the opinions expressed above.
In rendering the opinions hereinabove expressed, we have
relied upon opinions of other counsel to CSW and the Subsidiaries who are
qualified to practice in jurisdictions pertaining to the transactions described
above in which we are not admitted to practice. We do not express any opinion as
to matters governed by any laws other than the Federal laws of the United States
of America, the Delaware General Corporation Law, the laws of the State of New
York and, to the extent hereinabove stated, the laws of other jurisdictions
pertaining to the transactions described above in reliance upon said opinions of
counsel to CSW and the Subsidiaries.
We hereby consent to the use of this opinion as an exhibit to
the Application-Declaration.
Very truly yours,
RBW/JMH
<PAGE>
INDEX EXHIBIT 14
TO
FINANCIAL STATEMENTS Page
Number
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of September 30, 1996 3 - 4
Consolidated Statement of Income for the Twelve Months Ended
September 30, 1996 5
Consolidated Statement of Retained Earnings for the Twelve Months
Ended September 30, 1996 6
Statements of Long-Term Debt Outstanding as of September 30, 1996 7 - 10
Statements of Preferred Stock Outstanding as of September 30, 1996 11
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 12
Statement of Income for the Twelve Months Ended September 30, 1996 13
CENTRAL POWER AND LIGHT COMPANY
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 14 - 15
Statement of Income for the Twelve Months Ended September 30, 1996 16
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 17
PUBLIC SERVICE COMPANY OF OKLAHOMA
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 18 - 19
Statement of Income for the Twelve Months Ended September 30, 1996 20
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 21
SOUTHWESTERN ELECTRIC POWER COMPANY
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 22 - 23
Statement of Income for the Twelve Months Ended September 30, 1996 24
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 25
<PAGE>
INDEX
TO
FINANCIAL STATEMENTS
Page
(CONTINUED) Number
WEST TEXAS UTILITIES COMPANY
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 26 - 27
Statement of Income for the Twelve Months Ended September 30, 1996 28
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 29
CENTRAL AND SOUTH WEST SERVICES, INC.
Balance Sheets - Per Books and Pro Forma as of September 30, 1996 30 - 31
Statement of Income for the Twelve Months Ended September 30, 1996 32
Statement of Retained Earnings for the Twelve Months Ended
September 30, 1996 33
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS 34
STATEMENT OF CHANGES 35
CAPITALIZATION RATIOS - Per books and Pro forma 36
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 37
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
Production $5,833 $5,833
Transmission 1,521 1,521
Distribution 4,040 4,040
General 1,297 1,297
Construction work in progress 203 203
Nuclear fuel 175 175
Other Diversified 57 57
-------- -------- --------
13,126 13,126
Less - Accumulated depreciation 4,820 4,820
-------- -------- --------
8,306 8,306
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 422 422
Special Deposits 60 60
Accounts receivable 1,216 1,216
Materials and supplies, at average cost 179 179
Electric fuel inventory, substantially at
average cost 111 111
Prepayments and other 164 164
-------- -------- --------
2,152 2,152
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 505 505
Mirror CWIP asset - net 302 302
Other non-utility investments 292 292
Income tax related regulatory assets, net 239 239
Goodwill 1,374 1,374
Other 422 422
-------- -------- --------
3,134 3,134
-------- -------- --------
$13,592 $0 $13,592
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
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 210,800,000 shares $737 $737
Paid-in capital 999 999
Retained earnings 1,996 1,996
Foreign currency translation adjustment (3) (3)
-------- -------- --------
Total Common Stock Equity 3,729 3,729
Preferred stock
Not subject to mandatory redemption 293 293
Subject to mandatory redemption 32 32
Long-term debt 4,315 4,315
-------- -------- --------
Total Capitalization 8,369 8,369
-------- -------- --------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 65 65
Short-term debt 378 378
Short-term debt - CSW Credit 809 809
Loan Notes 97 97
Accounts payable 457 457
Accrued taxes 451 451
Accrued interest 74 74
Other 175 175
-------- -------- --------
2,506 2,506
-------- -------- --------
DEFERRED CREDITS
Accumulated deferred income taxes 2,229 2,229
Investment tax credits 295 295
Other 193 193
-------- -------- --------
2,717 2,717
-------- -------- --------
$13,592 $0 $13,592
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
OPERATING REVENUES $4,806
--------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 1,193
United Kingdom Cost of Sales 1,118
Other operating 719
Maintenance 154
Depreciation and amortization 454
Taxes, other than income 177
Income taxes 233
--------
4,048
--------
OPERATING INCOME 758
--------
OTHER INCOME AND DEDUCTIONS (45)
--------
(45)
INCOME BEFORE INTEREST CHARGES 713
--------
INTEREST CHARGES
Interest on long-term debt 300
Interest on short-term debt and other 99
--------
399
--------
INCOME FROM CONTINUING OPERATIONS 314
DISCONTINUED OPERATIONS
Income from discontinued operations, net
of tax 23
Gain on the sale of discontinued
operations, net of tax 113
--------
136
--------
NET INCOME 450
Preferred stock dividends 18
--------
NET INCOME FOR COMMON STOCK $432
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $1,914
Add: Net income for common stock 432
--------
2,346
Deduct: Common stock dividends 348
Retained earnings adjustment 2
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $1,996
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
CENTRAL POWER AND LIGHT COMPANY
First mortgage bonds -
Series J, 6-5/8%, due January 1, 1998 $28
Series L, 7%, due February 1, 2001 36
Series T, 7-1/2%, due December 15, 2014 112
Series AA, 7-1/2%, due March 1, 2020 50
Series BB, 6%, due October 1, 1997 200
Series CC, 7-1/4%, due October 1, 2004 100
Series DD, 7-1/8%, due December 1, 1999 25
Series EE, 7-1/2%, due December 1, 2002 115
Series FF, 6-7/8%, due February 1, 2003 50
Series GG, 7-1/8%, due February 1, 2008 75
Series HH, 6%, due April 1, 2000 100
Series II, 7-1/2%, due April 1, 2023 100
Series JJ, 7-1/2%, due May 1, 1999 100
Series KK, 6-5/8%, due July 1, 2005 200
Installment sales agreements -
Pollution control bonds
Series 1984, 7-7/8%, due September 15, 2014 6
Series 1986, 7-7/8%, due December 1, 2016 60
Series 1993, 6%, due July 1, 2028 120
Series 1995, 6-1/10%, due July 1, 2028 101
Series 1995, variable, due November 1, 2015 41
Unamortized discount (6)
Unamortized costs of reacquired debt (91)
--------
$1,522
--------
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
PUBLIC SERVICE COMPANY OF OKLAHOMA
First mortgage bonds -
Series K, 7-1/4%, due January 1, 1999 $25
Series L, 7-3/8%, due March 1, 2002 30
Series S, 7-1/4%, due July 1, 2003 65
Series T, 7-3/8%, due December 1, 2004 50
Series U, 6-1/4%, due April 1, 2003 35
Series V, 7-3/8%, due April 1, 2023 100
Series W, 6-1/2%, due June 1, 2005 50
Long-term note
Series A-1, 5.89%, due December 15, 2000 10
Series A-2, 5.91%, due March 1, 2001 6
Series A-3, 6.02%, due March 1, 2001 5
Series A-4, 6.02%, due March 1, 2001 9
Series A-5, 6.43%, due March 30, 2000 10
Installment sales agreements -
Pollution control bonds
Series A, 5.9%, due December 1, 2007 35
Series 1984 7-7/8, due September 15, 2014 12 *
Unamortized discount (4)
Unamortized costs of reacquired debt (18)
--------
* Rounded down from 12,660,000 $420
--------
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
SOUTHWESTERN ELECTRIC POWER COMPANY
First mortgage bonds -
Series V, 7-3/4%, due June 1, 2004 $40
Series W, 6-1/8%, due September 1, 1999 40
Series X, 7%, due September 1, 2007 90
Series Y, 6-5/8%, due February 1, 2003 55
Series Z, 7-1/4%, due July 1, 2023 45
Series AA, 5-1/4%, due April 1, 2000 45
Series BB, 6-7/8%, due October 1, 2025 80
1976 Series A, 6.2%, due November 1, 2006 7
1976 Series B, 6.2%, due November 1, 2006 1
Installment sales agreements -
Pollution control bonds
1978 Series A, 6%, due January 1, 2008 14
Series 1986, 8.2%, due July 1, 2014 82
1991 Series A, 8.2%, due August 1, 2011 17
1991 Series B, 6.9%, due November 1, 2004 12
Series 1992, 7.6%, due January 1, 2019 54
Bank loan, variable rate, due June 15, 2000 50
Railcar lease obligations 11
Unamortized premium 1
Unamortized costs of reacquired debt (44)
Amount to be redeemed within one year (4)
--------
$596
--------
WEST TEXAS UTILITIES COMPANY
First mortgage bonds -
Series P, 7-3/4%, due July 1, 2007 25
Series Q, 6-7/8%, due October 1, 2002 35
Series R, 7%, due October 1, 2004 40
Series S, 6-1/8%, due February 1, 2004 40
Series T, 7-1/2%, due April 1, 2000 40
Series U, 6-3/8%, due October 1, 2005 80
Installment sales agreement -
Pollution control bonds
Series 1984, 7-7/8%, due September 15, 2014 44
Unamortized discount and premium (1)
Unamortized costs of reacquired debt (29)
--------
$274
--------
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF SEPTEMBER 30, 1996
UNAUDITED
(millions)
CSW U.K. GROUP
Long-term debt facility, floating rate, due 2001 $729
Eurobond, 8-1/2%, due October 3, 2005 156
Eurobond, 8-7/8%, due September 27, 2006 156
Notes, 6.95%, due August 1, 2001 * 202
Notes, 7.45%, due August 1, 2006 * 202
Unamortized discount and premium (2)
--------
$1,443
--------
* The $202 million amounts result from a U.S.
dollar to British pound cross currency swap
and the subsequent translation of those pounds
back into U.S. dollars for U.S. reporting
purposes.
CENTRAL AND SOUTH WEST SERVICES, INC.
Term loan facility, Variable rate, due
December 1, 2001 60
--------
$60
--------
TOTAL CONSOLIDATED $4,315
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF PREFERRED STOCK OUTSTANDING
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
NOT SUBJECT TO MANDATORY REDEMPTION
CENTRAL POWER AND LIGHT COMPANY
4.00% Series, 100,000 shares $10
4.20% Series, 75,000 shares 7
7.12% Series, 260,000 shares 26
8.72% Series, 500,000 shares 50
Auction Money Market, 750,000 shares 75
Auction Series A, 425,000 shares 43
Auction Series B, 425,000 shares 43
Issuance expense (3)
--------
$251
--------
PUBLIC SERVICE COMPANY OF OKLAHOMA
4.00% Series, 97,900 shares $10
4.24% Series, 100,000 shares 10
--------
$20
--------
SOUTHWESTERN ELECTRIC POWER COMPANY
5.00% Series, 75,000 shares $8
4.65% Series, 25,000 shares 2
4.28% Series, 60,000 shares 6
--------
$16
--------
WEST TEXAS UTILITIES COMPANY
4.40% Series, 60,000 shares 6
--------
Total Consolidated $293
========
SUBJECT TO MANDATORY REDEMPTION
SOUTHWESTERN ELECTRIC POWER COMPANY
6.95% Series, 352,000 shares $34
Amount to be redeemed within one year (2)
--------
Total Consolidated $32
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
General $4 $4
Less - Accumulated depreciation (1) (1)
-------- -------- --------
NET PLANT 3 3
INVESTMENTS IN COMMON STOCK
OF SUBSIDIARY COMPANIES (at equity) 3,914 3,914
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 5 5
Advances to affiliates 208 208
Accounts receivable - Affiliated 162 162
Prepayments and other 8 8
-------- -------- --------
383 383
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS 58 58
-------- -------- --------
$4,358 $0 $4,358
======== ======== ========
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value;
authorized 350,000,000 shares;
issued and outstanding 210,800,000 shares $737 $737
Paid-in capital 999 999
Retained earnings 1,996 1,996
-------- -------- --------
Total Common Stock Equity 3,732 3,732
-------- -------- --------
Long-term debt 0 0
-------- -------- --------
Total Capitalization 3,732 3,732
-------- -------- --------
CURRENT LIABILITIES
Short-term debt 378 378
Accounts payable and other 214 214
-------- -------- --------
592 592
-------- -------- --------
DEFERRED CREDITS 34 34
-------- -------- --------
$4,358 $0 $4,358
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $152
Public Service Company of Oklahoma 35
Southwestern Electric Power Company 73
West Texas Utilities Company 17
SEEBOARD plc 62
Transok, Inc. 22
CSW Credit, Inc. 8
CSW Energy, Inc. (9)
CSW Leasing, Inc. 1
CSW International, Inc. (4)
CSW Communications, Inc. (3)
Enershop Inc. (1)
Central and South West Services, Inc. 0
Other Income 53
--------
$406
--------
EXPENSES AND TAXES
General and administrative expenses 32
Interest expense 59
Federal income taxes (4)
--------
87
--------
DISCONTINUED OPERATIONS
Gain on sale of discontinued operations, net of tax 113
--------
NET INCOME $432
========
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
Production $3,108 $3,108
Transmission 500 500
Distribution 938 938
General 265 265
Construction work in progress 82 82
Nuclear fuel 175 175
-------- -------- --------
5,068 5,068
Less - Accumulated depreciation
and amortization 1,674 1,674
-------- -------- --------
3,394 3,394
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 6 6
Special deposits 60 60
Accounts receivable 36 36
Under-recovered fuel costs 23 23
Materials and supplies, at average cost 76 76
Fuel inventory, at average cost 16 16
Accumulated deferred income taxes 9 9
Prepayments and other 2 2
-------- -------- --------
228 228
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS
Deferred STP costs 481 481
Mirror CWIP asset 302 302
Income tax related regulatory assets, net 337 337
Other 125 125
-------- -------- --------
1,245 1,245
-------- -------- --------
$4,867 $0 $4,867
======== ======== ========
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments 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 872 872
-------- -------- --------
Total common stock equity 1,446 1,446
Preferred stock
Not subject to mandatory redemption 251 251
Long-term debt 1,522 1,522
-------- -------- --------
Total capitalization 3,219 3,219
-------- -------- --------
CURRENT LIABILITIES
Long-term debt due within twelve months 60 60
Advances from affiliates 58 58
Accounts payable 50 50
Accrued taxes 99 99
Accrued interest 36 36
Other 36 36
-------- -------- --------
339 339
-------- -------- --------
DEFERRED CREDITS
Accumulated deferred income taxes 1,150 1,150
Investment tax credits 148 148
Other 11 11
-------- -------- --------
1,309 1,309
-------- -------- --------
$4,867 $0 $4,867
======== ======== ========
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $1,289
--------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 378
Other operating 219
Maintenance 59
Depreciation and amortization 165
Taxes, other than income 78
Income taxes 98
--------
997
--------
OPERATING INCOME 292
--------
OTHER INCOME AND DEDUCTIONS
Other 1
--------
1
--------
INCOME BEFORE INTEREST CHARGES 293
--------
INTEREST CHARGES
Interest on long-term debt 110
Interest on short-term debt and other 17
--------
127
--------
NET INCOME 166
PREFERRED STOCK DIVIDENDS 14
--------
NET INCOME FOR COMMON STOCK $152
========
<PAGE> 17
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $886
Add: Net income (loss) for common stock 152
--------
1,038
Deduct: Common stock dividends 166
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $872
========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
Production $902 $902
Transmission 371 371
Distribution 761 761
General 186 186
Construction work in progress 46 46
-------- -------- --------
2,266 2,266
Less - Accumulated depreciation 973 973
-------- -------- --------
1,293 1,293
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 1 1
Accounts receivable 27 27
Materials and supplies, at average cost 36 36
Fuel inventory, at LIFO cost 15 15
Accumulated deferred income taxes 2 2
Prepayments 2 2
-------- -------- --------
83 83
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS 58 58
-------- -------- --------
$1,434 $0 $1,434
======== ======== ========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
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 147 147
-------- -------- --------
Total common stock equity 484 484
Preferred stock 20 20
Long-term debt 420 420
-------- -------- --------
Total capitalization 924 924
-------- -------- --------
CURRENT LIABILITIES
Long-term debt due within twelve months 0 0
Advances from affiliates 30 30
Payable to affiliates 20 20
Accounts payable 41 41
Payables to customers 14 14
Accrued taxes 44 44
Accrued interest 11 11
Other 9 9
-------- -------- --------
169 169
-------- -------- --------
DEFERRED CREDITS
Accumulated deferred income taxes 244 244
Investment tax credits 44 44
Income tax related regulatory
liabilities, net 46 46
Other 7 7
-------- -------- --------
341 341
-------- -------- --------
$1,434 $0 $1,434
======== ======== ========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $728
--------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 324
Other operating 118
Maintenance 38
Depreciation and amortization 76
Taxes, other than income 27
Income taxes 39
--------
622
--------
OPERATING INCOME 106
--------
OTHER INCOME AND DEDUCTIONS
Other (35)
--------
(35)
--------
INCOME BEFORE INTEREST CHARGES 71
--------
INTEREST CHARGES
Interest on long-term debt 30
Interest on short-term debt and other 5
--------
35
--------
NET INCOME 36
PREFERRED STOCK DIVIDENDS 1
--------
NET INCOME FOR COMMON STOCK $35
========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $162
Add: Net income (loss) for common stock 35
--------
197
Deduct: Common stock dividends 50
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $147
========
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
Production $1,406 $1,406
Transmission 451 451
Distribution 835 835
General 272 272
Construction work in progress 50 50
-------- -------- --------
3,014 3,014
Less - Accumulated depreciation 1,175 1,175
-------- -------- --------
1,839 1,839
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 2 2
Accounts receivable 60 60
Materials and supplies, at average costs 29 29
Fuel inventory, at average cost 64 64
Accumulated deferred income taxes 0 0
Under-recovered fuel costs 10 10
Prepayments and other 16 16
-------- -------- --------
181 181
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS 83 83
-------- -------- --------
$2,103 $0 $2,103
======== ======== ========
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
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 325 325
-------- -------- --------
Total common stock equity 706 706
Preferred stock
Not subject to mandatory redemption 16 16
Subject to mandatory redemption 32 32
Long-term debt 596 596
-------- -------- --------
Total capitalization 1,350 1,350
-------- -------- --------
CURRENT LIABILITIES
Long-term debt and preferred stock due
within twelve months 5 5
Advances from affiliates 78 78
Payable to affiliates 53 53
Accounts payable 44 44
Customer deposits 11 11
Accrued taxes 42 42
Accumulated deferred income taxes 2 2
Accrued interest 12 12
Other 16 16
-------- -------- --------
263 263
-------- -------- --------
DEFERRED CREDITS
Accumulated deferred income taxes 371 371
Investment tax credits 73 73
Income tax related regulatory
liabilities, net 38 38
Other 8 8
-------- -------- --------
490 490
-------- -------- --------
$2,103 $0 $2,103
======== ======== ========
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $904
--------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 403
Other Operating 129
Maintenance 43
Depreciation and amortization 90
Taxes, other than income 47
Income taxes 44
--------
756
--------
OPERATING INCOME 148
--------
OTHER INCOME AND DEDUCTIONS
Other (20)
--------
(20)
--------
INCOME BEFORE INTEREST CHARGES 128
--------
INTEREST CHARGES
Interest on long-term debt 45
Interest on short-term debt and other 7
--------
52
--------
NET INCOME 76
PREFERRED STOCK DIVIDENDS 3
--------
NET INCOME FOR COMMON STOCK $73
========
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $324
Add: Net income (loss) for common stock 73
--------
397
Deduct: Common stock dividends 72
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $325
========
<PAGE>
WEST TEXAS UTILITIES COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
FIXED ASSETS
Electric utility plant
Production $416 $416
Transmission 200 200
Distribution 343 343
General 94 94
Construction work in progress 26 26
-------- -------- --------
1,079 1,079
Less - Accumulated depreciation 412 412
-------- -------- --------
667 667
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 1 1
Accounts receivable 21 21
Materials and supplies, at average cost 16 16
Fuel inventory, at average cost 8 8
Coal inventory, at LIFO cost 7 7
Accumulated deferred income taxes 3 3
Under-recovered fuel costs 4 4
Prepayments and other 1 1
-------- -------- --------
61 61
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS
Deferred Oklaunion costs 23 23
Regulatory assets 11 11
Other 33 33
-------- -------- --------
67 67
-------- -------- --------
$795 $0 $795
======== ======== ========
<PAGE>
WEST TEXAS UTILITIES COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
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 126 126
-------- -------- --------
Total common stock equity 265 265
Preferred stock
Not subject to mandatory redemption 6 6
Long-term debt 274 274
-------- -------- --------
Total capitalization 545 545
-------- -------- --------
CURRENT LIABILITIES
Long-term debt due within twelve months 0 0
Advances from affiliates 4 4
Payables to affiliates 7 7
Accounts payable 18 18
Accrued taxes 18 18
Accrued interest 9 9
Other 3 3
-------- -------- --------
59 59
-------- -------- --------
DEFERRED CREDITS
Accumulated deferred income taxes 142 142
Investment tax credits 30 30
Investment tax related regulatory
liabilities, net 15 15
Other 4 4
-------- -------- --------
191 191
-------- -------- --------
$795 $0 $795
======== ======== ========
<PAGE>
WEST TEXAS UTILITIES COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $370
--------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 160
Other Operating 66
Maintenance 14
Depreciation and amortization 39
Taxes, other than income 22
Income taxes 14
--------
315
--------
OPERATING INCOME 55
--------
OTHER INCOME AND DEDUCTIONS (12)
--------
INCOME BEFORE INTEREST CHARGES 43
--------
INTEREST CHARGES
Interest on long-term debt 22
Interest on short-term debt and other 4
--------
26
--------
NET INCOME 17
PREFERRED STOCK DIVIDENDS 0
--------
NET INCOME FOR COMMON STOCK $17
========
<PAGE>
WEST TEXAS UTILITIES COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $142
Add: Net income (loss) for common stock 17
--------
159
Deduct: Common stock dividends 33
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $126
========
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
-------- ----------- --------
ASSETS
General plant $118 $118
Less - Accumulated depreciation 26 26
-------- -------- --------
92 92
-------- -------- --------
CURRENT ASSETS
Cash and temporary cash investments 1 1
Accounts receivable 18 18
Accounts receivable non - affiliated 5 5
Prepayments and other 13 13
-------- -------- --------
37 37
-------- -------- --------
DEFERRED CHARGES AND OTHER ASSETS 2 2
-------- -------- --------
$131 $0 $131
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
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 13 13
Advances from affiliates and other 37 37
-------- -------- --------
50 50
-------- -------- --------
DEFERRED CREDITS 21 21
-------- -------- --------
$131 $0 $131
======== ======== ========
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(Millions)
OPERATING REVENUE $0
--------
OPERATING EXPENSES AND TAXES
Other Operating 223
Maintenance 3
Depreciation and amortization 9
Taxes, other than income taxes 7
Income taxes 1
--------
243
--------
OPERATING INCOME (243)
--------
OTHER INCOME AND DEDUCTIONS 249
--------
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
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
UNAUDITED
(millions)
RETAINED EARNINGS AT SEPTEMBER 30, 1995 $0
Add: Net income (loss) for common stock 0
--------
RETAINED EARNINGS AT SEPTEMBER 30, 1996 $0
========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
SEPTEMBER 30, 1996
UNAUDITED
(Millions)
DR CR
-------- --------
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
None
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
None
CENTRAL POWER AND LIGHT COMPANY
None
PUBLIC SERVICE COMPANY OF OKLAHOMA
None
SOUTHWESTERN ELECTRIC POWER COMPANY
None
WEST TEXAS UTILITIES COMPANY
None
CENTRAL AND SOUTH WEST SERVICES, INC.
None
<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
September 30, 1996, other than in the ordinary course of business. See CSW
Combined Quarterly Report on Form 10-Q for the quarter ended September 30,
1996.
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CAPITALIZATION RATIOS
PER BOOKS AND PRO FORMA
AS OF SEPTEMBER 30, 1996
Common
Stock Preferred Long-term
Equity Stock Debt
-------- -------- --------
Central and South West Corporation
and Subsidiary Companies
(Consolidated) Per books 44.6% 3.9% 51.6%
Central and South West Corporation
and Subsidiary Companies
(Consolidated) Pro forma 44.6% 3.9% 51.6%
Central and South West Corporation (Corporate)
Per books 100.0% 0.0% 0.0%
Central and South West Corporation (Corporate)
Pro forma 100.0% 0.0% 0.0%
Central Power and Light Company
Per books 44.9% 7.8% 47.3%
Central Power and Light Company
Pro forma 44.9% 7.8% 47.3%
Public Service Company of Oklahoma
Per books 52.4% 2.2% 45.5%
Public Service Company of Oklahoma
Pro forma 52.4% 2.2% 45.5%
Southwestern Electric Power Company
Per books 52.3% 3.6% 44.1%
Southwestern Electric Power Company
Pro forma 52.3% 3.6% 44.1%
West Texas Utilities Company
Per books 48.6% 1.1% 50.3%
West Texas Utilities Company
Pro forma 48.6% 1.1% 50.3%
Central and South West Services, Inc.
Per books 0.0% 0.0% 100.0%
Central and South West Services, Inc.
Pro forma 0.0% 0.0% 100.0%
<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 1995 Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1995 Annual Report on Form 10-K pages 2-32 through 2-67
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