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Previous: CANADA SOUTHERN PETROLEUM LTD, 10-K405, 1998-03-30 |
Next: CENTRAL ILLINOIS PUBLIC SERVICE CO, DEF 14A, 1998-03-30 |
File No. 70-8557
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 9 (POST-EFFECTIVE) TO
FORM U-1 APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
-----------------------------------
CENTRAL AND SOUTH WEST SOUTHWESTERN ELECTRIC POWER
CORPORATION COMPANY
1616 Woodall Rodgers Freeway 428 Travis Street
Dallas, Texas 75202 Shreveport, Louisiana 71156-0001
CENTRAL POWER AND LIGHT WEST TEXAS UTILITIES COMPANY
COMPANY 301 Cypress Street
539 North Carancahua Street Abilene, Texas 79601-5820
Corpus Christi, Texas 78401-2802
PUBLIC SERVICE COMPANY OF CENTRAL AND SOUTH WEST
OKLAHOMA SERVICES, INC.
212 East Sixth Street 1616 Woodall Rodgers Freeway
Tulsa, Oklahoma 74119-1212 Dallas, Texas 75202
CSW ENERGY SERVICES, INC. ENERSHOP, INC.
1616 Woodall Rodgers Freeway 1616 Woodall Rodgers Freeway
Dallas, Texas 75202 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 Joris M. Hogan, Esq.
Central and South West Corporation Milbank, Tweed, Hadley & McCloy
1616 Woodall Rodgers Freeway 1 Chase Manhattan Plaza
Dallas, Texas 75202 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"), Central and South West Services, Inc. ("CSWS"), EnerShop, Inc.
("EnerShop") and CSW Energy Services, Inc. ("ESI"), each referred to as a
"Subsidiary" and collectively referred to as the "Subsidiaries", hereby file
this Post-Effective Amendment No. 9 (this "Amendment") to amend Items 2, 3 and 6
of the Form U-1 Application-Declaration in File No. 70-8557 as follows. In all
other respects, the Application-Declaration as previously filed and as
heretofore amended will remain the same.
Item 2. Fees, Commissions and Expenses.
Item 2 is hereby amended and restated as follows:
An estimate of the fees and expenses to be paid or incurred by
the Applicants in connection with the proposed transactions additional to the
fees and expenses as previously set forth in the Application-Declaration is set
forth below:
Counsel fees: Amount
Milbank, Tweed, Hadley & McCloy
New York $7,500
Miscellaneous and incidental expenses
Including travel, telephone and
Postage 1,000
Total $8,500
Item 3. Applicable Statutory Provisions.
The third paragraph of text of Item 3 under the heading "Rule
54" is hereby amended and restated as follows:
CSW's "aggregate investment" (as defined under Rule 53(a) of
the Act) in EWGs and FUCOs as of February 28, 1998 was approximately $926
million, or about 49.6% of $1,868 million, CSW's average "consolidated retained
earnings" for the four consecutive quarterly periods ended December 31, 1997.
CSW thus satisfies Rule 53(a)(1). CSW will maintain and make available the books
and records required by Rule 53(a)(2). No more than 2% of the employees of CSW's
domestic operating subsidiaries will, at any one time, directly or indirectly,
render services to an EWG or FUCO in which CSW directly or indirectly owns an
interest, satisfying Rule 53(a)(3). And lastly, CSW will submit a copy of Item 9
and Exhibits G and H of CSW's Form U5S to each of the public service commissions
having jurisdiction over the retail rates of CSW's operating utility
subsidiaries, satisfying Rule 53(a)(4).
Item 6. Exhibits and Financial Statements.
Item 6 is hereby amended to delete the following exhibits:
Exhibit 1 Preliminary opinion of Milbank, Tweed, Hadley & McCloy,
counsel to the Applicants.
Exhibit 2 Financial statements as of June 30, 1997 of CSW and
Subsidiaries.
Item 6 is hereby further amended to add and file the following
exhibits:
Exhibit 4 Preliminary opinion of Milbank, Tweed, Hadley & McCloy,
counsel to the Applicants.
Exhibit 5 Financial statements as of December 31, 1997 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: March 30, 1998
CENTRAL AND SOUTH WEST CORPORATION
CENTRAL POWER AND LIGHT COMPANY
PUBLIC SERVICE COMPANY OF OKLAHOMA
SOUTHWESTERN ELECTRIC POWER COMPANY
WEST TEXAS UTILITIES COMPANY
CENTRAL AND SOUTH WEST SERVICES, INC.
ENERSHOP, INC.
CSW ENERGY SERVICES, INC.
By /s/WENDY G. HARGUS
Wendy G. Hargus
Treasurer
EXHIBIT 4
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
March 30, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Central and South West Corporation, et al.
Post-Effective Amendment No. 9 to
Form U-1 Application-Declaration
Dear Sirs:
We refer to Post-Effective Amendment No. 9 (the "Amendment")
to the Form U-1 Application-Declaration (collectively with the Amendment, the
"Application") under the Public Utility Holding Company Act of 1935, as amended
(the "1935 Act"), filed by Central and South West Corporation ("CSW"), a
Delaware corporation and a registered holding company, and Central and South
West Services, Inc. ("Services"), a Texas corporation, Central Power and Light
Company ("CPL"), a Texas corporation, Public Service Company of Oklahoma
("PSO"), an Oklahoma corporation, Southwestern Electric Power Company
("SWEPCO"), a Delaware corporation, West Texas Utilities Company ("WTU"), a
Texas corporation, CSW Energy, Inc. ("Energy"), a Texas corporation, CSW
International, Inc. ("CSWI"), a Delaware corporation, CSW Communications, Inc.
("Communications"), a Delaware corporation, CSW Energy Services, Inc. ("ESI"), a
Delaware corporation, and EnerShop, Inc. ("EnerShop" and, collectively with CSW,
Services, CPL, PSO, SWEPCO, WTU, Energy, CSWI, Communications and ESI, the
"Companies"), a Delaware corporation. The Amendment relates to the Companies'
request for authority to Energy, CSWI, Communications, EnerShop, ESI and future
CSW first tier subsidiaries or Rule 58 companies to lend and borrow money as
participants in the CSW System money pool or to lend and borrow money as
participants in a separate money pool (the "Transactions"), as more fully
described in the Amendment. We have acted as special counsel for the Companies
in connection with the filing of the Amendment.
We have examined originals, or copies certified to our
satisfaction, of such corporate records of the Companies, certificates of public
officials, certificates of officers and representatives of the Companies 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
<PAGE>
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 the Companies and other appropriate persons and
statements contained in the Application.
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, as it may be amended, and subject to the assumptions and conditions
set forth below:
1. All state laws applicable to the proposed Transactions
as described in the Amendment will have been complied with.
2. The consummation of the proposed Transactions as described
in the Amendment will not violate the legal rights of the lawful holders of any
securities issued by the Companies or any associate company of the Companies.
The opinions expressed above in respect of the proposed
Transactions as described in the Amendment 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 the
Companies.
b. The Securities and Exchange Commission shall have duly
entered an appropriate order or orders granting and permitting the Amendment 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 thereto and all such
required approvals, authorizations, consents, certificates and orders shall have
been obtained and remain in effect at the closing thereof.
<PAGE>
d. No act or event other than as described herein shall have
occurred subsequent to the date hereof which would change the opinions expressed
above.
We hereby consent to the use of this opinion as an exhibit to
the Amendment.
Very truly yours,
MILBANK, TWEED, HADLEY & McCLOY
INDEX EXHIBIT 5
TO
FINANCIAL STATEMENTS
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of December 31, 1997
Consolidated Statement of Income for the Twelve Months Ended
December 31, 1997
Consolidated Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
CENTRAL POWER AND LIGHT COMPANY
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
PUBLIC SERVICE COMPANY OF OKLAHOMA
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
SOUTHWESTERN ELECTRIC POWER COMPANY
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
<PAGE>
INDEX
TO
FINANCIAL STATEMENTS
(CONTINUED)
WEST TEXAS UTILITIES COMPANY
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
CENTRAL AND SOUTH WEST SERVICES, INC.
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
ENERSHOP INC.
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
CSW ENERGY SERVICES, INC.
Balance Sheets - Per Books and Pro Forma as of December 31, 1997
Statement of Income for the Twelve Months Ended December 31, 1997
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1997
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
STATEMENT OF CHANGES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $5,824 $5,824
Transmission 1,558 1,558
Distribution 4,453 4,453
General 1,381 1,381
Construction work in progress 184 184
Nuclear fuel 196 196
Other Diversified 250 250
--------------------------------
13,846 13,846
Less - Accumulated depreciation 5,218 5,218
--------------------------------
8,628 8,628
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 75 75
Accounts receivable 916 916
Materials and supplies, at average cost 172 172
Electric fuel inventory 65 65
Under-recovered fuel costs 84 84
Prepayments and other 78 78
--------------------------------
1,390 1,390
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 503 503
Mirror CWIP asset - net 285 285
Other non-utility investments 448 448
Securities available for sale 103 103
Income tax related regulatory assets, net 329 329
Goodwill 1,428 1,428
Other 337 337
--------------------------------
3,433 3,433
--------------------------------
$13,451 $0 $13,451
================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 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 1,746 1,746
Foreign currency translation and other 28 28
--------------------------------
Total Common Stock Equity 3,556 3,556
--------------------------------
Preferred stock
Not subject to mandatory redemption 176 176
Subject to mandatory redemption 26 26
Certain Subsidiary-obligated, mandatorily
redeemable preferred securities of
subsidiary trusts holding solely Junior
Subordinated Debentures of such
Subsidiaries 335 335
Long-term debt 3,898 3,898
--------------------------------
Total Capitalization 7,991 7,991
--------------------------------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 32 32
Short-term debt 721 721
Short-term debt - CSW Credit 636 636
Loan Notes 56 56
Accounts payable 558 558
Accrued taxes 171 171
Accrued interest 87 87
Other 238 238
--------------------------------
2,499 2,499
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 2,432 2,432
Investment tax credits 278 278
Other 251 251
--------------------------------
2,961 2,961
--------------------------------
$13,451 $0 $13,451
================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
OPERATING REVENUES $5,268
-----------
OPERATING EXPENSES AND TAXES
U.S. Electric fuel 1,177
U.S. Electric purchased power 89
United Kingdom Cost of Sales 1,291
Other operating 981
Maintenance 152
Depreciation and amortization 497
Taxes, other than income 195
Income taxes 151
-----------
4,533
-----------
OPERATING INCOME 735
-----------
OTHER INCOME AND DEDUCTIONS
US electric charges for investments and
plant devement costs (3)
Other 29
Non-operating income taxes 6
-----------
32
-----------
INCOME BEFORE INTEREST CHARGES 767
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 333
Distributions on trust preferred securities 17
Interest on short-term debt and other 86
Preferred stock dividends 12
Gain on reacquired preferred stock (10)
-----------
438
-----------
INCOME BEFORE EXTRAORDINARY ITEM 329
-----------
EXTRAORDINARY ITEM - UK Windfall Profits Tax (176)
-----------
NET INCOME FOR COMMON STOCK $153
===========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT DECEMBER 31, 1996 $1,963
Add: Net income for common stock 153
-----------
2,116
-----------
Deduct: Common stock dividends 369
Retained earnings adjustment 1
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 $1,746
===========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 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) 3,874 3,874
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 188 188
Accounts and interest receivable -
Affiliated 240 240
Prepayments and other 13 13
--------------------------------
441 441
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 17 17
--------------------------------
$4,332 $0 $4,332
================================
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 1,746 1,746
Foreign currency translation and other 6 6
--------------------------------
Total Common Stock Equity 3,534 3,534
--------------------------------
Long-term debt 0 0
--------------------------------
Total Capitalization 3,534 3,534
--------------------------------
CURRENT LIABILITIES
Short-term debt 721 721
Accounts payable and other 22 22
--------------------------------
743 743
--------------------------------
DEFERRED CREDITS 55 55
--------------------------------
$4,332 $0 $4,332
================================
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $121
Public Service Company of Oklahoma 50
Southwestern Electric Power Company 92
West Texas Utilities Company 22
SEEBOARD U.S.A. (59)
CSW Credit, Inc. 11
CSW Energy, Inc. 7
CSW Leasing, Inc. 1
CSW International, Inc. (5)
CSW Communications, Inc. (14)
Enershop Inc. (3)
CSW Energy Services, Inc. (1)
Other Income 23
----------
$245
----------
EXPENSES AND TAXES
General and administrative expenses 72
Depreciation and amortization expense --
Interest expense 43
Taxes, other than income 2
Federal income taxes (25)
----------
92
----------
NET INCOME $153
==========
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $3,107 $3,107
Transmission 518 518
Distribution 1,022 1,022
General 296 296
Construction work in progress 77 77
Nuclear fuel 196 196
--------------------------------
5,216 5,216
Less - Accumulated depreciation
and amortization 1,846 1,846
--------------------------------
3,370 3,370
--------------------------------
CURRENT ASSETS
Accounts receivable 61 61
Materials and supplies, at average cost 65 65
Fuel inventory 15 15
Under-recovered fuel costs 43 43
Prepayments 3 3
--------------------------------
187 187
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred STP costs 484 484
Mirror CWIP asset 285 285
Income tax related regulatory assets, net 390 390
Other 97 97
--------------------------------
1,256 1,256
--------------------------------
$4,813 $0 $4,813
================================
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 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 833 833
--------------------------------
Total common stock equity 1,407 1,407
Preferred stock
Not subject to mandatory redemption 163 163
CPL-obligated, mandatorily redeemable
preferred securities of subsidiary trusts
holding solely Junior Subordinated
Debentures of CPL 150 150
Long-term debt 1,303 1,303
--------------------------------
Total capitalization 3,023 3,023
--------------------------------
CURRENT LIABILITIES
Long-term debt due within twelve months 28 28
Advances from affiliates 143 143
Accounts payable 84 84
Accrued taxes 14 14
Accumulated deferred income taxes 21 21
Accrued interest 28 28
Refund due customers 64 64
Other 15 15
--------------------------------
397 397
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 1,237 1,237
Investment tax credits 142 142
Other 14 14
--------------------------------
1,393 1,393
--------------------------------
$4,813 $0 $4,813
================================
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $1,376
-----------
OPERATING EXPENSES AND TAXES
Fuel 397
Purchased power 56
Other operating 284
Maintenance 60
Depreciation and amortization 171
Taxes, other than income 83
Income taxes 74
-----------
1,125
-----------
OPERATING INCOME 251
-----------
OTHER INCOME AND DEDUCTIONS
Charges for investments and plant development
cost (2)
Allowance for equity funds used during
construction 2
Other 4
Non-operating income taxes 5
-----------
9
-----------
INCOME BEFORE INTEREST CHARGES 260
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 105
Distributions on trust preferred securities 8
Interest on short-term debt and other 20
Allowance for borrowed funds used during
construction (2)
-----------
131
-----------
NET INCOME 129
Less: preferred stock dividends 10
Gain on reacquired preferred stock 2
-----------
NET INCOME FOR COMMON STOCK $121
===========
<PAGE>
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT DECEMBER 31, 1996 $869
Add: Net income (loss) for common stock 121
-----------
990
Deduct: Common stock dividends 157
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 $833
===========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $908 $908
Transmission 375 375
Distribution 819 819
General 197 197
Construction work in progress 41 41
--------------------------------
2,340 2,340
Less - Accumulated depreciation 1,031 1,031
--------------------------------
1,309 1,309
--------------------------------
CURRENT ASSETS
Cash 2 2
Accounts receivable 35 35
Materials and supplies, at average cost 32 32
Fuel inventory 11 11
Prepayments and other 4 4
--------------------------------
84 84
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 55 55
--------------------------------
$1,448 $0 $1,448
================================
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 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 137 137
--------------------------------
Total common stock equity 474 474
Preferred stock 5 5
PSO-obligated, mandatorily redeemable
preferred securities of subsidiary
trusts holding solely Junior
Subordinated Debentures of PSO 75 75
Long-term debt 422 422
--------------------------------
Total capitalization 976 976
--------------------------------
CURRENT LIABILITIES
Advances from affiliates 5 5
Payables to affilliates 29 29
Accounts payable 55 55
Payables to customers 19 19
Accumulated deferred income taxes 2 2
Accrued interest 9 9
Other 5 5
--------------------------------
124 124
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 259 259
Investment tax credits 41 41
Income tax related regulatory
liabilities, net 42 42
Other 6 6
--------------------------------
348 348
--------------------------------
$1,448 $0 $1,448
================================
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
STATEMENT OF INCOME
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $713
-----------
OPERATING EXPENSES AND TAXES
Fuel 279
Purchased power 52
Other operating 136
Maintenance 34
Depreciation and amortization 81
Taxes, other than income 29
Income taxes 20
-----------
631
-----------
OPERATING INCOME 82
-----------
OTHER INCOME AND DEDUCTIONS
Allowance for equity funds used during
construction 1
Other (2)
Non-operating income 2
-----------
1
-----------
INCOME BEFORE INTEREST CHARGES 83
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 30
Distributions on trust preferred securities 4
Interest on short-term debt and other 4
Allowance for borrowed funds used during
construction (1)
-----------
37
-----------
NET INCOME 46
Less: preferred stock dividends --
Gain on reacquisition of preferred stock 4
-----------
NET INCOME FOR COMMON STOCK $50
===========
<PAGE>
PUBLIC SERVICE COMPANY OF OKLAHOMA
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT DECEMBER 31, 1996 $146
Add: Net income (loss) for common stock 50
-----------
196
Deduct: Common stock dividends 59
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 $137
===========
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $1,392 $1,392
Transmission 456 456
Distribution 870 870
General 311 311
Construction work in progress 52 52
--------------------------------
3,081 3,081
Less - Accumulated depreciation 1,225 1,225
--------------------------------
1,856 1,856
--------------------------------
CURRENT ASSETS
Cash and temporary cash investments 2 2
Accounts receivable 82 82
Materials and supplies, at average costs 25 25
Fuel inventory 26 26
Under-recovered fuel costs 13 13
Prepayments and other 13 13
--------------------------------
161 161
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 78 78
--------------------------------
$2,095 $0 $2,095
================================
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 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 324 324
--------------------------------
Total common stock equity 705 705
Preferred stock
Not subject to mandatory redemption 5 5
Subject to mandatory redemption 26 26
SWEPCO-obligated, mandatorily redeemable
preferred securities of subsidiary trusts
holding solely Junior Subordinated
Debentures of SWEPCO 110 110
Long-term debt 547 547
--------------------------------
Total capitalization 1,393 1,393
--------------------------------
CURRENT LIABILITIES
Long-term debt and preferred stock due
within twelve months 4 4
Advances from affiliates 25 25
Accounts payable 74 74
Payable to affiliates 64 64
Customer deposits 14 14
Accrued taxes 13 13
Accumulated deferred income taxes 5 5
Accrued interest 13 13
Other 9 9
--------------------------------
221 221
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 396 396
Investment tax credits 67 67
Income tax related regulatory
liabilities, net 10 10
Other 8 8
--------------------------------
481 481
--------------------------------
$2,095 $0 $2,095
================================
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $940
-----------
OPERATING EXPENSES AND TAXES
Fuel 382
Purchased power 26
Other Operating 157
Maintenance 44
Depreciation and amortization 95
Taxes, other than income 56
Income taxes 40
-----------
800
-----------
OPERATING INCOME 140
-----------
OTHER INCOME AND DEDUCTIONS
Charges for investments and plant
development costs (1)
Allowance for equity funds used during
construction 1
Other 1
Non-operating income taxes 2
-----------
3
-----------
INCOME BEFORE INTEREST CHARGES 143
-----------
INTEREST AND OTHER CHARGES
Interest on long-term debt 40
Distributions on trust preferred securities 6
Interest on short-term debt and other 6
Allowance for borrowed funds used during
construction (1)
-----------
51
-----------
NET INCOME 92
Less: preferred stock dividends 2
Gain on reacquired preferred stock 2
-----------
NET INCOME FOR COMMON STOCK $92
===========
<PAGE>
SOUTHWESTERN ELECTRIC POWER COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT DECEMBER 31, 1996 $322
Add: Net income (loss) for common stock 92
-----------
414
Deduct: Common stock dividends 90
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 $324
===========
<PAGE>
WEST TEXAS UTILITIES COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
FIXED ASSETS
Electric utility plant
Production $418 $418
Transmission 209 209
Distribution 364 364
General 104 104
Construction work in progress 14 14
--------------------------------
1,109 1,109
Less - Accumulated depreciation 441 441
--------------------------------
668 668
--------------------------------
CURRENT ASSETS
Cash 1 1
Receivables from affiliates 20 20
Accounts receivable 11 11
Materials and supplies, at average cost 14 14
Fuel inventory 12 12
Under-recovered fuel costs 12 12
Prepayments and other 4 4
--------------------------------
74 74
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS
Deferred Oklaunion costs 19 19
Restructuring costs 9 9
Other 32 32
--------------------------------
60 60
--------------------------------
$802 $0 $802
================================
<PAGE>
WEST TEXAS UTILITIES COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 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 120 120
--------------------------------
Total common stock equity 259 259
Preferred stock
Not subject to mandatory redemption 2 2
Long-term debt 279 279
--------------------------------
Total capitalization 540 540
--------------------------------
CURRENT LIABILITIES
Payables to affiliates 22 22
Accounts payable 15 15
Accrued taxes 11 11
Accrued interest 5 5
Other 4 4
--------------------------------
57 57
--------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 149 149
Investment tax credits 28 28
Investment tax related regulatory
liabilities, net 9 9
Other 19 19
--------------------------------
205 205
--------------------------------
$802 $0 $802
================================
<PAGE>
WEST TEXAS UTILITIES COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $398
-----------
OPERATING EXPENSES AND TAXES
Fuel 119
Purchased power 50
Other Operating 94
Maintenance 14
Depreciation and amortization 42
Taxes, other than income 25
Income taxes 9
-----------
353
-----------
OPERATING INCOME 45
-----------
OTHER INCOME AND DEDUCTIONS
Other 1
-----------
INCOME BEFORE INTEREST CHARGES 46
-----------
INTEREST CHARGES
Interest on long-term debt 21
Interest on short-term debt and other 5
Allowance for borrowed funds used during
construction (1)
-----------
25
-----------
NET INCOME 21
Less: preferred stock dividends --
Gain on reacquisition of preferred stock 1
-----------
NET INCOME FOR COMMON STOCK $22
===========
<PAGE>
WEST TEXAS UTILITIES COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
RETAINED EARNINGS AT DECEMBER 31, 1996 $123
Add: Net income (loss) for common stock 22
-----------
145
Deduct: Common stock dividends 25
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 $120
===========
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
General plant $119 $119
Less - Accumulated depreciation 33 33
--------------------------------
86 86
--------------------------------
CURRENT ASSETS
Cash and temporary investments 5 5
Accounts receivable affiliated 32 32
Accounts receivable non-affiliated 2 2
Prepayments and other 16 16
--------------------------------
55 55
--------------------------------
DEFERRED CHARGES AND OTHER ASSETS 4 4
--------------------------------
$145 $0 $145
================================
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 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 25 25
Advances from affiliates and other 36 36
--------------------------------
61 61
--------------------------------
DEFERRED CREDITS 24 24
--------------------------------
$145 $0 $145
================================
<PAGE>
CENTRAL AND SOUTH WEST SERVICES, INC.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Millions)
OPERATING REVENUE $0
-----------
OPERATING EXPENSES AND TAXES
Fuel Expense 2
Other Operating 182
Maintenance 4
Depreciation and amortization 9
Taxes, other than income taxes 8
Income taxes 1
-----------
206
-----------
OPERATING INCOME (206)
-----------
OTHER INCOME AND DEDUCTIONS 212
-----------
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 DECEMBER 31, 1997
UNAUDITED
(millions)
RETAINED EARNINGS AT DECEMBER 31, 1996 $0
Add: Net income (loss) for common stock 0
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 $0
===========
<PAGE>
ENERSHOP INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
ASSETS
Accounts Receivable $843 $843
Prepaid Assets 18 18
Federal Income Tax Benefit 438 438
Work in Progress 1,499 1,499
Other Assets 733 733
--------------------------------
Total Current Assets 3,531 3,531
Office Furniture & Equipment 875 875
Accumulated Depreciation (65) (65)
--------------------------------
Net Plant 810 810
NON-CURRENT ASSETS
Prepaid Benefit Plans 37 37
--------------------------------
Total Assets $4,378 $0 $4,378
================================
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable $887 $887
Accounts Payable - affiliated 199 199
--------------------------------
Total Current Liabilities 1,086 1,086
LON- TERM LIABILITIES
Notes Payable - Affiliated 7,458 7,458
Notes Payable - Other 173 173
--------------------------------
Total Long-Term Liabilites 7,631 7,631
--------------------------------
Total Liabilites 8,717 8,717
--------------------------------
EQUITY
Common Stock -- --
Addtional Paid in Capital 1 1
Retained Earnings (4,340) (4,340)
--------------------------------
Total Equity (4,339) (4,339)
--------------------------------
Total Liabilities & Equity $4,378 $0 $4,378
================================
<PAGE>
ENERSHOP INC.
INCOME STATEMENT
PER BOOKS AND PRO FORMA
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Thousands)
REVENUES
Contract Revenue $3,227
Maintenance Revenue 10
Misc. Revenue 5
--------
Total Revenue 3,242
EXPENSES
Cost of Revenue 2,564
Operating Expenses 4,008
Affiliate outside services 468
Interest & Taxes Other than Income 364
--------
Total Expenses 7,404
--------
Net Income Before Tax (4,162)
Provision for Income Taxes (1,437)
--------
Net Income ($2,725)
========
<PAGE>
ENERSHOP INC.
STATEMENT OF RETAINED EARNINGS
PER BOOKS AND PRO FORMA
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Thousands)
RETAINED EARNINGS AT DECEMBER 31, 1996 ($1,615)
Add: Net income (loss) for common stock (2,725)
-----------
(4,340)
Deduct: Common stock dividends --
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 ($4,340)
===========
<PAGE>
CSW ENERGY SERVICES, INC.
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1997
UNAUDITED
(Thousands)
Per Pro Forma Pro
Books Adjustments Forma
--------------------------------
Assets
CURRENT ASSETS
Cash ($35) ($35)
Accounts Receivable - Affiliated 3 3
Accounts Receivable - Non-Affiliated 33 33
Accounts Receivable - Trade - -
Other 4 4
--------------------------------
Total Current Assets 5 5
PROPERTY, PLANT & EQUIPMENT
Furniture & Equipment 47 47
Accumulated Depreciation (1) (1)
--------------------------------
Net Property, Plant & Equipment 46 46
--------------------------------
Total Assets $51 $0 $51
================================
Liabilities & Equity
CURRENT LIABILITIES
Accounts Payable - Affiliated 761 761
Accounts Payable - Non-Affiliated 33 33
Accrued Taxes (509) (509)
Accrued Interest 3 3
Payroll Payables 7 7
--------------------------------
Total Current Liabilities 295 295
Notes Payable - Corp 720 720
EQUITY
Capital Stock - Common 1 1
Retained Loss - Current Year (965) (965)
--------------------------------
Total Equity (964) (964)
--------------------------------
Total Liabilities & Equity $51 $0 $51
================================
<PAGE>
CSW ENERGY SERVICES, INC.
INCOME STATEMENT
PER BOOKS AND PRO FORMA
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Thousands)
REVENUES
Merchandise $1
Cost of Sales -
--------
Gross Margin 1
SALES GENERAL & ADMINISTRTIVE EXPENSES
- ---------------------------------------
Operations 241
Sales, Customer Service, & Marketing 669
Employee Benefits 409
Outside Services 10
Legal 24
CSWS Services 90
Advertising/Promotional 8
Rental 12
--------
Total Sales General &
Administrative1, Expenses 1,463
--------
Operating Income (1,462)
Taxes - Other than Income 2
Other Income / Deducts 16
--------
Earnings Before Income Tax, Interest
and Depreciation (1,480)
Depreciation/Amortization 1
Other Non-Operating Income/Deducts -
Interest Expense - CSW Corp 3
--------
Earnings Before Income Taxes (1,484)
Federal Income Tax (519)
--------
Net Income / (Loss) ($965)
========
<PAGE>
CSW ENERGY SERVICES, INC.
STATEMENT OF RETAINED EARNINGS
PER BOOKS AND PRO FORMA
FOR THE TWELVE MONTHS DECEMBER 31, 1997
UNAUDITED
(Thousands)
RETAINED EARNINGS AT DECEMBER 31, 1996 $0
Add: Net income (loss) for common stock (965)
-----------
(965)
Deduct: Common stock dividends --
-----------
RETAINED EARNINGS AT DECEMBER 31, 1997 ($965)
===========
<PAGE>
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
DECEMBER 31, 1997
UNAUDITED
(Millions)
DR CR
---------------------
None for any company
<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
December 31, 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 1997 Combined Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
Page
Reference
1997 Combined Annual Report on Form 10-K pages 2-40 through 2-75
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