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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-9C-3
QUARTERLY REPORT PURSUANT TO RULE 58
FOR THE QUARTER ENDED
SEPTEMBER 30, 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>
Energy Percentage
or of
Name of Reporting Company Gas-related Date of State of Voting
(Ownership information) Company Organization Organization Securities Nature of
Held 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)
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 Systems
(PSO Investment) 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
Company Type of Principal Issue whom Collateral Consideration
issuing security amount of or Cost of security given with received for
security issued security renewal capital issued security each security
- ---------------- ------------- ------------ --------- --------- -------------- ------------- --------------
(000's)
<S> <C> <C> <C> <C> <C> <C> <C>
DECO Loan note $ 1,216 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>
Associate
company Type of Direct Indirect
Reporting company receiving services costs costs Cost of Total Amount
rendering services services rendered charged charged capital billed
- -------------------- ------------------ --------------- --------- --------- --------- ------------
(000's) (000's) (000's)
<S> <C> <C> <C> <C> <C> <C>
Enershop, Inc. CSW/ICG Lease
ChoiceCom, LLP Management $16 $16
Enershop, Inc. CSW Power Lease
Marketing, Inc. Management 2 2
CSW Power Enershop, Inc. Lease
Marketing, Inc. Management 50 50
CSW Power CSW/ICG Lease
Marketing, Inc. ChoiceCom, LLP Management 29 29
CSW Energy, Inc. Orange Plant services 380 $ 171 551
Cogeneration
CSW Energy, Inc. Polk Cogeneration Plant services 305 171 476
CSW Energy, Inc. Sweeny Plant services 377 219 596
Cogeneration
CSW Energy, Inc. Sweeny G.P. II Administrative
Services 161 161
CSW Energy, Inc. DECO Administrative
Services 24 24
</TABLE>
Part II - Transactions performed by associate companies on behalf of reporting
companies
<TABLE>
<CAPTION>
Associate company Reporting
rendering services company Types of Direct Indirect
receiving services costs costs Cost of Total amount
services rendered charged charged capital billed
- -------------------- ------------------ --------------- --------- --------- --------- ------------
(000's) (000's) (000's)
<S> <C> <C> <C> <C> <C> <C>
CSW Power Enershop, Inc. Lease
Marketing, Inc. Management $ 50 $ 50
Enershop, Inc. CSW Power Lease
Marketing, Inc. Management 2 2
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: September 30, 1998 $7,892 line 1
Total capitalization multiplied by 15% 1,184 line 2
(line 1 multiplied by 0.15)
Greater of $50 million or line 2 1,184 line 3
Total current aggregate investment: (Beginning 4/1/97)
(categorized by major line of energy-related
business)
Energy-related Category 1: Energy Services 14
Energy-related Category 5: Energy Marketing 7
Energy-related Category 7: Maintenance Services 0
Energy-related Category 8: Qualifying Facility 6
Energy-related Categories 2,3,4,6,9,10 --
Total current aggregate investment 27 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) $1,157 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
<TABLE>
<CAPTION>
Major lien of Other investment Other investment
energy-related in last U-9C-3 in this U-9C-3
business report report Reason for difference in other investment
- -------------------- ---------------- ----------------- -------------------------------------------------
(000's) (000's)
<S> <C> <C> <C>
Energy services $ 2,696 $0 Amounts invested prior to April 1, 1997 are
excluded from Item 4
Maintenance services -- 0
Qualifying facility $ 194,644 0 Amounts invested prior to April 1, 1997 are
excluded from Item 4
</TABLE>
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
Financial Statements
Balance sheets for quarter ended September 30, 1998
CSW Development-I, Inc. (consolidated)
CSW Ft. Lupton, Inc
Sweeny Companies (consolidated)
Enershop, Inc.
CSW Energy Services, Inc.
CSW Power Marketing, Inc.
Diversified Energy Contractors Company (DECO)
CSW Services International
Income Statements as of the three months ended September 30, 1998
CSW Development-I, Inc. (consolidated)
CSW Ft. Lupton, Inc.
Sweeny Companies (consolidated)
Enershop, Inc.
CSW Energy Services, Inc.
CSW Power Marketing, Inc.
Diversified Energy Contractors Company (DECO)
CSW Services International
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
/s/ Lawrence B. Connors
By: Lawrence B. Connors
(Name)
Controller
(Title)
November 24, 1998
(Date)
<PAGE>
CSW DEVELOPMENT-I, INC.
Consolidated Balance Sheet
September 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ -
Accounts Receivable - Project 6
-------------
Total Current Assets $ 6
NONCURRENT ASSETS
Equity Investment 43,140
Notes Receivable - Affiliated 25,961
Other Noncurrent 2,365
-------------
Total Noncurrent Assets 71,466
-------------
Total Assets $ 71,472
=============
NONCURRENT LIABILITIES
Deferred Federal Income Tax $ 22,484
EQUITY
Common Stock $ 1
Paid in Capital 43,086
Retained Earnings 5,818
Minority Interest 83
-------------
Total Shareholder's Equity 48,988
-------------
Total Liabilities and Equity $ 71,472
=============
<PAGE>
CSW FT. LUPTON, INC.
Consolidated Balance Sheet
September 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Accounts Receivable - Affiliated $ 64,304
NONCURRENT ASSETS
Equity Investment $ 69,777
Deferred Financing Costs 2,537
Deferred Interest Expense 1,255
-------------
Total Noncurrent Assets 73,569
-------------
Total Assets $ 137,873
=============
NONCURRENT LIABILITIES
Deferred Income $ 2,223
Accrued Federal Income Tax 2,803
Deferred Federal Income Tax 18,145
-------------
Total Liabilities $ 23,171
EQUITY
Paid in Capital 82,627
Retained Earnings 32,075
-------------
Total Shareholder's Equity 114,702
-------------
Total Liabilities and Equity $ 137,873
=============
<PAGE>
Sweeny Cogeneration, L P
Consolidated Balance Sheet
September 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ 25,175
Accounts Receivable 7,326
Plant Assets in Service 178,913
Other Current Assets 2,532
-------------
Total Assets $213,946
=============
CURRENT LIABILITIES
Accounts Payable - Nonaffiliated $6,708
Accounts Payable - Affiliated 21,758
Retainage Payable 357
Long Term Debt 149,000
Other 3,584
-------------
Total Liabilities $181,407
MINORITY INTEREST 15,000
EQUITY
Paid in Capital 15,000
Undistributed Earnings 2,539
-------------
Total Shareholder's Equity 17,539
-------------
Total Liabilities, Equity and Minority Interest $ 213,946
=============
<PAGE>
ENERSHOP, INC.
Balance Sheet
September 30, 1998
(000's)
ASSETS
Assets
Accounts Receivable $ 2,419
Prepaid Assets 20
Federal Income Tax Benefit 854
Work in Progress 3,180
Other Assets 3,146
--------
Total Current Assets 9,619
Office Furniture & Equipment 1,363
Accumulated Depreciation (468)
--------
Net Plant 895
Non Current Assets
Prepaid Benefit Plans 59
--------
Total Assets $10,573
========
LIABILITIES & EQUITY
Current Liabilities
Accounts Payable $ 1,325
Accounts Payable - affiliated 72
Unearned Interest Revenue 77
Deferred Credits 3
--------
Total Current Liabilities 1,477
Long Term Liabilities
Notes Payable - Affiliated 16,913
Notes Payable - Other 91
--------
Total Long Term Liabilities 17,004
--------
Total Liabilities 18,481
--------
EQUITY
Equity
Common Stock 0
Additional Paid in Capital 1
Retained Earnings (7,909)
--------
Total Equity (7,908)
Total Liabilities & Equity $10,573
========
<PAGE>
CSW Energy Services, Inc.
Balance Sheet
September 30, 1998
(000's)
ASSETS
Assets
Cash $ 0
Accounts Receivable - Affiliate 16
Accounts Receivable - Other 111
Inventory - EV 316
Other Assets 197
--------
Total Current Assets 640
Office Furniture, Equipment, & Software 1,403
Accumulated Depreciation (81)
--------
Net Plant 1,322
Total Assets $ 1,962
========
LIABILITIES & EQUITY
Current Liabilities
Accounts Payable $ 354
Accounts Payable - Affiliate 6,047
Interest Payable - Affiliate 30
Accrued Taxes (644)
Deferred Credits - EDC Charges (11)
Other Current Liabilities 56
--------
Total Liabilities 5,832
EQUITY
Equity
Common Stock 1
Additional Paid in Capital 0
Retained Earnings (3,871)
--------
Total Equity (3,870)
Total Liabilities & Equity $ 1,962
========
<PAGE>
Power Marketing, Inc.
Balance Sheet
September 30, 1998
(000's)
ASSETS
Assets
Accounts Receivable - Affiliate $ 37
Accounts Receivable - Trade 0
Prepaid Assets 0
Federal Income Tax Benefit 0
Work in Progress 0
Other Assets 0
------
Total Current Assets 36
Property & Equipment 23
Accumulated Depreciation (4)
------
Net Plant 19
Non Current Assets
Prepaid Benefit Plans 0
Total Assets $ 56
======
LIABILITIES & EQUITY
Current Liabilities
Accounts Payable $ 3
Accounts Payable - Affiliate 60
Income Taxes Payable 1
------
Total Current Liabilities 64
Long Term Liabilities
Notes Payable - Affiliated 478
Notes Payable - Other 0
Total Long Term Liabilities 478
------
Total Liabilities 542
EQUITY
Equity
Common Stock 1
Additional Paid in Capital 0
Retained Earnings (487)
------
Total Equity (487)
Total Liabilities & Equity $ 56
======
<PAGE>
Diversified Energy Contractors Company
Balance Sheet
September 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ 481
Accounts Receivable 1,234
Other Current Assets 325
--------------
Total Current Assets $ 2,040
NONCURRENT ASSETS
Fixed Assets 516
Other Noncurrent 144
--------------
Total Noncurrent Assets 660
----------
Total Assets $ 2,700
==========
CURRENT LIABILITIES
Accounts Payable $ 946
Other Current 11
--------------
Total Current $ 957
Assets
NON-CURRENT LIABILITIES
Notes Payable - Affiliates 4,298
----------
Total Liabilities 5,255
----------
EQUITY
Partners Capital 78
Retained Deficit (2,633)
--------------
Total Equity (2,555)
==========
Total Liabilities and Equity $ 2,700
==========
<PAGE>
CSW DEVELOPMENT-I, INC.
Consolidated Income Statement
For the Quarter Ended September 30, 1998
Unaudited
(000's)
Three Months
Ended Nine Months
September 30, 1998 Year to Date
------------------- -------------
REVENUES
Misc. Income $ 127 $ 364
Income From Equity Investments 839 1,799
------------------- -------------
Total Revenue 966 2,163
------------------- -------------
EXPENSES
Interest (Income) Expense (387) (1,096)
Operating Expenses, net 41 177
------------------- -------------
Total Expenses (346) (919)
------------------- -------------
Net Income Before Tax 1,312 3,082
Provision for Income Tax 511 1,202
------------------- -------------
Net Income $ 801 $ 1,880
=================== =============
<PAGE>
CSW FT. LUPTON, INC.
Consolidated Income Statement
For the Quarter Ended September 30, 1998
Unaudited
(000's)
Three Months
Ended Nine Months
September 30, 1998 Year to Date
-------------------- ---------------
REVENUES
Interest Income $ 22 $ 66
Misc. Income 976 2,814
Income From Equity Investments 3,061 8,782
-------------------- ---------------
Total Revenue 4,059 11,662
EXPENSES
Operating Expenses, net 718 2,355
-------------------- ---------------
Net Income Before Tax 3,341 9,307
Provision for Income Tax 1,303 3,630
-------------------- ---------------
Net Income $ 2,038 $ 5,677
==================== ===============
<PAGE>
Sweeny Cogeneration, L P
Consolidated Income Statement
For the Quarter Ended September 30, 1998
Unaudited
(000's)
Three Months
Ended Nine Months
September 30, 1998 Year to Date
-------------------- ----------------
REVENUES
Income From Equity Investments $28,942 $79,224
EXPENSES
Operating Expenses 22,088 60,509
Administrative & Other 6,619 15,546
-------------------- ----------------
Total Expenses 28,707 76,055
-------------------- ----------------
Net Income- Partnership $235 $3,169
==================== ================
<PAGE>
ENERSHOP, INC.
Income Statement
For the Quarter Ending September 30, 1998
Unaudited
(000's)
Three Months
Ended Nine Months
September 30, 1998 Year to Date
------------------ ----------------
REVENUES
Contract Revenue $ 1,797 $ 4,130
EnerACT Revenue 6 6
Maintenance Revenue 0 0
Misc. Revenue 12 27
------------------- ----------------
Total Revenue 1,815 4,163
------------------- ----------------
EXPENSES
Cost of Revenue 1,664 3,616
Operating Expenses 1,621 4,816
Affiliate outside services 163 427
Interest & Taxes Other than Income 287 741
------------------- ----------------
Total Expenses 3,735 9,600
------------------- ----------------
Net Income Before Tax (1,920) (5,437)
Provision for Income Taxes (662) (1,868)
------------------- ----------------
Net Income $ (1,258) $ (3,569)
=================== ================
<PAGE>
CSW Energy Services, Inc.
Income Statement
For the Quarter Ending September 30, 1998
Unaudited
(000's)
Three Months
Ended Nine Months
September 30, 1998 Year to Date
------------------ -------------
REVENUES
Unbilled $ 57 $ 185
Energy Services 160 160
Merchandise 0 3
Electric Vehicles - Total EV 6 6
Miscellaneous 0 0
------------------ -------------
Total Revenue 223 354
Total Cost of Sales 387 518
------------------ -------------
Gross Margin (164) (164)
SG & A Expenses
Customer Service & Info 208 678
General & Administrative 1,645 3,300
Depreciation and Amortization 42 81
Taxes Other than Income (10) 84
Income Taxes (697) (1,491)
------------------ -------------
Total Operating Expense 1,188 2,652
Net Operating Income/(Loss) (1,352) (2,816)
Interest on Short Term Debt 81 160
Other Income & Deductions (3) (70)
Credit Line Fees - Affiliate 0 0
------------------ -------------
Net Income/(Loss) $ (1,430) $ (2,906)
================== =============
<PAGE>
Power Marketing, Inc.
Income Statement
For the Quarter Ending September 30, 1998
Unaudited
(000's)
Three Months
Ended Nine Months
September 30, 1998 Year to Date
------------------ -------------
REVENUES
Rental Revenues - Affiliated $ 79 $ 235
Other Revenues 0 0
------------------ -------------
Total Revenue 79 235
------------------ -------------
EXPENSES
Cost of Revenue 0 0
Operating Expenses 140 481
Affiliate Outside Services 39 129
Interest & Taxes Other than Income 11 24
------------------ -------------
Total Expenses 190 634
------------------ -------------
Net Income Before Tax (111) (399)
Provision for Income Taxes (39) (140)
------------------ -------------
Net Income $ (72) $ (259)
================== =============
<PAGE>
Diversified Energy Contractors Company
Income Statement (Initial)
For the Quarter Ended September 30, 1998
Unaudited
($000's)
Three Months
Ended Nine Months
September 30, 1998 Year to Date
----------------------- ----------------
REVENUES
Construction Billings $ 2,008 $ 3,250
Cost of Sales 1,921 3,379
----------------------- ----------------
Gross Margin 87 (129)
EXPENSES
Operating and General Expenses 829 1,916
----------------------- ----------------
Total Expenses 829 1,916
----------------------- ----------------
Net Income Before Tax (742) (2,045)
Provision for Income Tax - -
----------------------- ----------------
Net Income $ (742) $ (2,045)
======================= ================
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 24th day of
November, 1998.
Lawrence B. Connors
Controller
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