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Previous: CENTEX CORP, S-8, 1998-06-01 |
Next: COMARCO INC, DEF 14A, 1998-06-01 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-9C-3
QUARTERLY REPORT PURSUANT TO RULE 58
FOR THE QUARTER ENDED
MARCH 31, 1998
CENTRAL AND SOUTH WEST CORPORATION (CSW)
(Name of registered holding company)
1616 WOODALL RODGERS FREEWAY
DALLAS, TEXAS 75202
(Address of principal executive offices)
<PAGE>
ITEM 1 - ORGANIZATION CHART
<TABLE>
<CAPTION>
PERCENTAGE
ENERGY OR OF VOTING
NAME OF REPORTING COMPANY GAS-RELATED DATE OF STATE OF SECURITIES
(OWNERSHIP INFORMATION) COMPANY ORGANIZATION ORGANIZATION HELD NATURE OF BUSINESS
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Polk Power Partners, L.P. (Polk Cogen) Energy Feb-92 Delaware 46.25% Qualifying facility
Orange Cogeneration Limited Partnership Energy Feb-93 Delaware 50% Qualifying facility
(Orange Cogen)
Brush Cogeneration Partners (Brush Cogen) Energy Nov-91 Delaware 47.25% Qualifying facility
(OWNERSHIP THROUGH VARIOUS INTERMEDIATE HOLDING COMPANY SUBSIDIARIES ORIGINATING
WITH CSW DEVELOPMENT-I, INC / CSW ENERGY INC. / CSW)
Thermo Cogeneration Partnership, L.P. Energy Apr-93 Delaware 50% Qualifying facility
(Thermo Cogen)
(OWNERSHIP THROUGH INTERMEDIATE HOLDING COMPANY CSW FT. LUPTON, INC. / CSW
ENERGY INC. / CSW)
Sweeny Cogeneration Limited Partnership Energy Sep-95 Delaware 50% Qualifying facility
(Sweeny Cogen)
(OWNERSHIP THROUGH VARIOUS INTERMEDIATE HOLDING COMPANY SUBSIDIARIES ORIGINATING
WITH CSW SWEENY GP I, INC. AND CSW SWEENY LP I, INC. / CSW ENERGY INC. / CSW)
Diversified Energy Contractors LLC (DECO) Energy Jul-97 Delaware 100% Maintenance services
(CSW ENERGY INC. / CSW)
CSW Power Marketing, Inc. Energy Mar-96 Delaware 100% Energy marketing
(CSW ENERGY INC. / CSW)
CSW Services International, Inc. Energy Mar-97 Delaware 100% Energy management
(CSW ENERGY INC. / CSW)
Powerware Solutions, Inc. Energy Feb-94 Texas 4.0% Energy Mgmt
(PSO Investment) Systems for water
utilities
Utility Data Resources, Inc. Energy Dec-97 Delaware 4.5% Electricity pricing
(PSO Investment) mgmt consulting
and software
AEMT, Inc. Energy Dec-97 Florida 0% Power conditioning
(PSO Investment) product mfg and sales
Energy Services, Inc. (ESI) Energy Sept-97 Delaware 100% Energy marketing
(CSW)
Enershop Energy Sept-95 Delaware 100% Energy marketing
(CSW) services
</TABLE>
<PAGE>
ITEM 2 - ISSUANCES AND RENEWALS OF SECURITIES AND CAPITAL CONTRIBUTIONS
<TABLE>
<CAPTION>
PERSON TO
TYPE OF PRINCIPAL WHOM COLLATERAL CONSIDERATION
COMPANY SECURITY AMOUNT OF ISSUE OR COST OF SECURITY GIVEN WITH RECEIVED FOR
ISSUING SECURITY ISSUED SECURITY RENEWAL CAPITAL ISSUED SECURITY EACH SECURITY
- --------------------------------------------------------------------------------------------------------------------
(000's)
<S> <C> <C> <C> <C> <C> <C> <C>
Energy Services, Common Stock $ 1
Inc. (ESI)
Powerware Convertible 1,250 Dec. 97 PSO 28.6% of 28.6% of
Solutions, Inc. Preferred Stock outstanding outstanding
stock stock
Utility Data Convertible 2,703 Dec. 97 PSO 47% of stock 47% of stock
Resources, Inc. Preferred; (fully diluted) (fully diluted)
Conv. Non-voting
Common Stock;
Voting Common
AEMT, Inc. Convertible 1,500 Dec. 97 PSO 25.4% of stock 25.4% of stock
Preferred Stock (fully diluted) (fully diluted)
Sweeny Cogen Senior loan note 9,716 CSW Energy
IPS Sweeny LLC Nonrecourse note 2,159 15% CSW Energy
DECO Loan note 1,423 CSW Energy
COMPANY COMPANY AMOUNT OF
CONTRIBUTING RECEIVING CAPITAL
CAPITAL CAPITAL CONTRIBUTION
- ------------------------------------------------
(000')
None
</TABLE>
<PAGE>
ITEM 3 - ASSOCIATE TRANSACTIONS
PART I - TRANSACTIONS PERFORMED BY REPORTING COMPANIES ON BEHALF OF ASSOCIATE
COMPANIES
<TABLE>
<CAPTION>
TYPE OF DIRECT INDIRECT
REPORTING COMPANY ASSOCIATE COMPANY SERVICES COSTS COSTS COST OF TOTAL AMOUNT
RENDERING SERVICES RECEIVING SERVICES RENDERED CHARGED CHARGED CAPITAL BILLED
- -----------------------------------------------------------------------------------------------------
(000's) (000's) (000's)
<S> <C> <C> <C> <C> <C>
Enershop, Inc. CSW/ICG Lease
ChoiceCom, LLP Management $ 40 $ 40
Enershop, Inc. CSW Power Lease
Marketing, Inc. Management 18 18
CSW Power Enershop, Inc. Lease
Marking, Inc. Management 46 46
CSW Power CSW/ICG Lease
Marketing, Inc. ChoiceCom, LLP Management 30 30
CSW Energy, Inc. Orange Cogeneration Plant services 366 $ 192 558
CSW Energy, Inc. Polk Cogeneration Plant services 337 170 507
CSW Energy, Inc. Sweeny Cogeneration Plant services 207 59 266
</TABLE>
PART II - TRANSACTIONS PERFORMED BY ASSOCIATE COMPANIES ON BEHALF OF REPORTING
COMPANIES
<TABLE>
<CAPTION>
DIRECT INDIRECT
ASSOCIATE COMPANY REPORTING COMPANY TYPE OF SERVICES COSTS COSTS COST OF TOTAL AMOUNT
RENDERING SERVICES RECEIVING SERVICES RENDERED CHARGED CHARGED CAPITAL BILLED
- --------------------------------------------------------------------------------------------------------------------------------
(000's) (000's) (000's)
<S> <C> <C> <C> <C>
West Texas Utilities CSW Energy Billing services $ 3 $ 3
Services, Inc.
CSW Power Enershop, Inc. Lease
Marketing, Inc. Management 46 46
Enershop, Inc. CSW Power Lease
Marketing, Inc. Management 18 18
For other associate company transactions, please refer to the most recent annual
report on Form U-13-60 filed by Central and South West Corporation with the
Securities and Exchange Commission.
</TABLE>
<PAGE>
ITEM 4 - SUMMARY OF AGGREGATE INVESTMENT
Investments in energy-related companies (millions):
Total consolidated capitalization as of: March 31, 1998 $7,956 line 1
Total capitalization multiplied by 15% 1,193 line 2
(line 1 multiplied by 0.15)
Greater of $50 million or line 2 1,193 line 3
Total current aggregate investment: (Beginning 4/1/97)
(categorized by major line of energy-related business)
Energy-related Category 1: Energy Services 0
Energy-related Category 5: Energy Marketing 0
Energy-related Category 7: Maintenance Services 0
Energy-related Category 8: Qualifying Facility 173
Energy-related Categories 2,3,4,6,9,10 --
Total current aggregate investment 173 line 4
-------------
Difference between the greater of $50 million or 15%
of capitalization and the total aggregate investment
of the registered holding company system (line 3
less line 4) $1,020 line 5
=============
Investments in gas-related companies (millions):
Total current aggregate investment: (Beginning 4/1/97)
(categorized by major line of energy-related business)
Gas-related business Categories 1 and 2 --
Total current aggregate investment $0
=============
<PAGE>
ITEM 5 - OTHER INVESTMENTS
MAJOR LINE OF OTHER INVESTMENT OTHER INVESTMENT REASON FOR
ENERGY-RELATED IN LAST U-9C-3 IN THIS U-9C-3 DIFFERENCE
BUSINESS REPORT REPORT IN OTHER INVESTMENT
- -------------------------------------------------------------------------------
(000's) (000's)
Energy services $ 402 $0 Amounts invested prior
to April 1, 1997 are
excluded from Item 4
Maintenance services -- 0
Qualifying facility $ 58,998 0 Amounts invested prior
to April 1, 1997 are
excluded from Item 4
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS
Balance sheets for quarter ended March 31, 1998
CSW Development-I, Inc. (consolidated)
CSW Ft. Lupton, Inc
Sweeny Companies (consolidated)
Enershop, Inc.
CSW Energy Services, Inc.
CSW Power Marketing, Inc.
Note: No DECO balance sheet (initial capitalization only activity)
Income Statements as of the three months ended March 31, 1998
CSW Development-I, Inc. (consolidated)
CSW Ft. Lupton, Inc.
Sweeny Companies (consolidated)
Enershop, Inc.
CSW Energy Services, Inc.
CSW Power Marketing, Inc.
Note: No income statement for Sweeny Companies or DECO (investments not
operational)
EXHIBITS
Exhibit A - Certificate of Central and South West Corporation
Please contact Mr. Steven K. Bargmann at (214) 777-2210 with inquiries
concerning this report.
SIGNATURE
Central and South West Corporation
By: Lawrence B. Connors
(Name)
Controller
(Title)
May 29, 1998
(Date)
<PAGE>
CSW DEVELOPMENT-I, INC.
Consolidated Balance Sheet
March 31, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ -
Accounts Receivable - Project 4
---------
Total Current Assets $ 4
NONCURRENT ASSETS
Equity Investment 43,340
Notes Receivable - Affiliated 23,971
Other Noncurrent 22
---------
Total Noncurrent Assets $ 67,333
----------
Total Assets $ 67,337
==========
NONCURRENT LIABILITIES
Accrued Federal Income Tax (1,758)
Deferred Federal Income Tax 21,651
---------
Total Liabilities $ 19,893
EQUITY
Common Stock 1
Paid in Capital 43,061
Retained Earnings 4,321
Minority Interest 61
---------
Total Shareholder's Equity $ 47,444
----------
Total Liabilities and Equity $ 67,337
==========
<PAGE>
CSW FT. LUPTON, INC.
Consolidated Balance Sheet
March 31, 1998
Unaudited
(000's)
CURRENT ASSETS
Accounts Receivable - Project $ -
Accounts Receivable - Affiliated 60,942
----------
Total Current Assets $ 60,942
NONCURRENT ASSETS
Equity Investment 68,993
Deferred Financing Costs 2,647
Deferred Interest Expense 1,286
----------
Total Noncurrent Assets $ 72,926
-----------
Total Assets $ 133,868
===========
NONCURRENT LIABILITIES
Deferred Income 2,286
Accrued Federal Income Tax 3,671
Deferred Federal Income Tax 17,145
----------
Total Liabilities $ 23,102
EQUITY
Paid in Capital 82,626
Retained Earnings 28,140
----------
Total Shareholder's Equity $ 110,766
-----------
Total Liabilities and Equity $ 133,868
===========
<PAGE>
Sweeny Cogeneration, L P
Consolidated Balance Sheet
March 31, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ 5,298
Accounts Receivable 16,772
Plant Assets in Service 172,445
Other Current Assets 1,826
-----------
Total Assets $ 196,341
============
CURRENT LIABILITIES
Accounts Payable - Nonaffiliated 8,827
Accounts Payable - Affiliated 143,428
Retainage Payable 12,027
Other 1,126
Total Liabilities $ 165,408
EQUITY
Paid in Capital 15,000
Minority Interest 15,000
Undistributed Earnings 933
-----------
Total Shareholder's Equity $ 30,933
------------
Total Liabilities and Equity $ 196,341
============
<PAGE>
ENERSHOP, INC.
Balance Sheet
March 1998
ASSETS
ASSETS
Accounts Receivable 1,197,084
Prepaid Assets 27,132
Federal Income Tax Benefit 1,007,631
Work in Progress 1,666,700
Other Assets 1,606,180
----------
Total Current Assets 5,504,727
Office Furniture & Equipment 1,240,880
Accumulated Depreciation (166,414)
----------
Net Plant 1,074,467
NON CURRENT ASSETS
Prepaid Benefit Plans 44,218
Total Assets 6,623,412
===========
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable 432,574
Accounts Payable - affiliated 60,938
----------
Total Current Liabilities 493,512
LONG TERM LIABILITIES
Notes Payable - Affiliated 11,382,849
Notes Payable - Other 173,250
----------
Total Long Term Liabilites 11,556,099
----------
Total Liabilites 12,049,611
EQUITY
EQUITY
Common Stock 100
Addtional Paid in Capital 900
Retained Earnings (5,427,199)
-----------
Total Equity (5,426,199)
Total Liabilities & Equity 6,623,412
==========
<PAGE>
CENTRAL AND SOUTH WEST ENERGY SERVICES, INC.
Balance Sheet
March 1998
ASSETS
ASSETS
Cash (21,116)
Accounts Receivable - Affiliated 77,054
Accounts Receivable - Other 40,137
Other Assets 2,877
---------
Total Current Assets 98,952
Office Furniture & Equipment 457,969
Accumulated Depreciation & Amortization (16,988)
---------
Net Plant 440,981
Total Assets 539,933
===========
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable (21,738)
Accounts Payable - Affiliated 3,037,675
Interest Payable - Affiliated 13,029
Accrued Taxes (872,278)
Other Current Liabilities 20,730
---------
Total Liabilities 2,177,419
EQUITY
EQUITY
Common Stock 1,000
Retained Earnings (1,638,486)
---------
Total Equity (1,637,486)
Total Liabilities & Equity 539,933
===========
<PAGE>
Power Marketing, Inc.
Balance Sheet
March 1998
ASSETS
ASSETS
Accounts Receivable - Affiliate 3,301
Accounts Receivable - Trade 0
Prepaid Assets 44,003
Federal Income Tax Benefit 196,915
Work in Progress 0
Other Assets 0
-------
Total Current Assets 244,219
Property & Equipment 20,771
Accumulated Depreciation (500)
-------
Net Plant 20,271
NON CURRENT ASSETS
Prepaid Benefit Plans 0
Total Assets 264,490
===========
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable 0
Accounts Payable - affiliated 231,815
-------
Total Current Liabilities 231,815
LONG TERM LIABILITIES
Notes Payable - Affiliated 397,373
Notes Payable - Other 0
-------
Total Long Term Liabilites 397,373
Total Liabilites 629,188
EQUITY
EQUITY
Common Stock 1,000
Addtional Paid in Capital 0
Retained Earnings (365,699)
---------
Total Equity (364,699)
Total Liabilities & Equity 264,490
===========
<PAGE>
CSW DEVELOPMENT-I, INC.
Consolidated Income Statement
For the Quarter Ended March 31, 1998
Unaudited
(000's)
Three Months
Ended Three Months
March 31, 1998 Year to Date
-------------- ------------
REVENUES
Misc. Income 128 128
Income From Equity Investments 240 240
----------- ------------
Total Revenue 368 368
----------- ------------
EXPENSES
Interest (Income) Expense (345) (345)
Operating Expenses 91 91
Expenses Transferred Out (7) (7)
----------- ------------
Total Expenses (261) (261)
----------- ------------
Net Income Before Tax 629 629
Provision for Income Tax 245 245
----------- ------------
Net Income $ 384 $ 384
=========== ============
<PAGE>
CSW FT. LUPTON, INC.
Consolidated Income Statement
For the Quarter Ended March 31, 1998
Unaudited
(000's)
Three Months
Ended Three Months
March 31, 1998 Year to Date
-------------- ------------
REVENUES
Interest Income $ 22 $ 22
Misc. Income 884 884
Income From Equity Investments 2,705 2,705
------------ -----------
Total Revenue 3,611 3,611
------------ -----------
EXPENSES
Operating Expenses 732 732
Expenses Trasferred Out 21 21
------------ -----------
Total Expenses 753 753
------------ -----------
Net Income Before Tax 2,858 2,858
Provision for Income Tax 1,115 1,115
------------ -----------
Net Income $ 1,743 $ 1,743
============ ===========
<PAGE>
Sweeny Cogeneration, L P
Consolidated Income Statement
For the Quarter Ended March 31, 1998
Unaudited
(000's)
Three Months
Ended Three Months
March 31, 1998 Year to Date
-------------- ------------
REVENUES
Income From Equity Investments 19,559 19,559
Other Income - -
----------- ----------
Total Revenue 19,559 19,559
----------- ----------
EXPENSES
Operating Expenses 14,858 14,858
Administrative & Other 3,554 3,554
----------- ----------
Total Expenses 18,412 18,412
----------- ----------
Net Income- Partnership 1,147 1,147
=========== ==========
<PAGE>
ENERSHOP, INC.
Income Statement
For the Quarter Ending March 31, 1998
Unaudited
(000's)
Quarter Three Months
Ending Year to Date
REVENUES
Contract Revenue 1,007 1,007
Maintenance Revenue 0 0
Misc. Revenue 7 7
------ -----
Total Revenue 1,014 1,014
------ -----
EXPENSES
Cost of Revenue 854 854
Operating Expenses 1,447 1,447
Affiliate outside services 148 148
Interest & Taxes Other than Income 222 222
------ -----
Total Expenses 2,671 2,671
------ -----
Net Income Before Tax (1,657) (1,657)
Provision for Income Taxes (570) (570)
------ -----
Net Income (1,087) (1,087)
====== =====
<PAGE>
CENTRAL AND SOUTH WEST ENERGY SERVICES, INC.
Income Statement
For the Quarter and Year Ending March 31, 1998
Unaudited
(000's)
Quarter Three Months
Ending Year to Date
REVENUES
Merchandise 0 0
Miscellaneous
Total Revenue 0 0
------ ------
EXPENSES
Customer Accounts Expense 0 0
Customer Service & Info 292 292
General and Administrative 751 751
Depreciation 2 2
Amortization 14 14
Taxes, Other Than Income 19 19
Income Taxes (363) (363)
------ ------
Total Operating Expense 715 715
------ ------
Net Operating (Income)Loss 715 715
Interest on Short Term Debt 29 29
Other Income and Deductions (71) (71)
Credit Line Fees - Affiliated 1 1
------ ------
Net (Income)Loss 674 674
====== ======
<PAGE>
Power Marketing, Inc.
Income Statement
For the Quarter Ending March 31, 1998
Unaudited
(000's)
Quarter Three Months
Ending Year to Date
REVENUES
Rental Revenues - Affiliated 76,699 76,699
Other Revenues 0 0
0 0
-------- --------
Total Revenue 76,699 76,699
-------- --------
EXPENSES
Cost of Revenue 0 0
Operating Expenses 209,230 209,230
Affiliate outside services 73,377 73,377
Interest & Taxes Other than Income 5,274 5,274
-------- --------
Total Expenses 287,881 287,881
-------- --------
Net Income Before Tax (211,182) (211,182)
Provision for Income Taxes (73,914) (73,914)
-------- --------
Net Income (137,268) (137,268)
======== ========
Exhibit A
CENTRAL AND SOUTH WEST CORPORATION
CERTIFICATE
The undersigned certifies that he is the duly designated and acting
Controller of Central and South West Corporation, a Delaware corporation, and
that a conformed copy of the Quarterly Report on Form U-9C-3 shall be filed with
the Specific State Commissions that have jurisdiction over the retail rates of
the public-utility companies that are associate companies of any of the
reporting companies. The names and addresses of the Specific State Commissions
are:
Arkansas Public Service Commission
1000 Center
P. O. Box 400
Little Rock, AR 72203-0400
Louisiana Public Service Commission
One American Place
P. O. Box 91154
Baton Rouge, LA 70821-9154
Oklahoma Corporation Commission
2101 N. Lincoln Blvd.
P. O. Box 52000-2000
Oklahoma City, OK 73152-2000
Public Utility Commission of Texas
1701 N. Congress Avenue
Austin, TX 78701
IN WITNESS WHEREOF, I have hereunto set my hand as of the 29th day of
May, 1998.
Lawrence B. Connors
Controller
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