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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
JUNE 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>
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)
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
(PSO Investment) pricing mgmt
consulting and
software
AEMT, Inc. Energy Dec-97 Florida 0% Power
(PSO Investment) conditioning
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>
PRINCIPAL PERSON TO CONSIDERATION
COMPANY TYPE OF AMOUNT OF ISSUE COST OF WHOM COLLATERAL RECEIVED FOR
ISSUING SECURITY SECURITY OR CAPITAL SECURITY GIVEN WITH EACH SECURITY
SECURITY ISSUED RENEWAL ISSUED SECURITY
- --------------- ------------- ------------ --------- --------- -------------- ------------- --------------
(000's)
<S> <C> <C> <C> <C> <C> <C>
Sweeny Cogen Secured 87,000 Issue 7.40% Westduetsche Assets of Loan Proceeds
Limited Notes-Non-recourse Landesbank Sweeny
Partnership above Cogen
project Limited
level Partnership
Sweeny Cogen Secured 62,000 Issue 7.40% John Hancock Assets of Loan Proceeds
Limited Notes-Non-recourse Life Sweeny
Partnership above Cogen
project Limited
level Partnership
DECO Loan note 1,699 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>
DIRECT INDIRECT
REPORTING COMPANY ASSOCIATE 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> <C> <C>
Enershop, Inc. CSW/ICG Lease
ChoiceCom, LLP Management $ 22 $ 22
Enershop, Inc. CSW Power Lease
Marketing, Inc. Management 5 5
CSW Power Enershop, Inc. Lease
Marking, Inc. Management 66 66
CSW Power CSW/ICG Lease
Marketing, Inc. ChoiceCom, LLP Management 26 26
CSW Energy, Inc. Orange Plant services 336 $ 155 491
Cogeneration
CSW Energy, Inc. Polk Cogeneration Plant services 323 155 478
CSW Energy, Inc. Sweeny Plant services 222 229 451
Cogeneration
</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> <C> <C>
CSW Power Enershop, Inc. Lease
Marketing, Inc. Management 66 66
Enershop, Inc. CSW Power Lease
Marketing, Inc. Management 5 5
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: June 30, 1998 $7,830 line 1
Total capitalization multiplied by15% 1,175 line 2
(line 1 multiplied by 0.15)
Greater of $50 million or line 2 1,175 line 3
Total current aggregate investment: (Beginning 4/1/97)
(categorized by major line of energy-related business)
Energy-related Category 1: Energy Services 11
Energy-related Category 5: Energy Marketing 0
Energy-related Category 7: Maintenance Services 0
Energy-related Category 8: Qualifying Facility 5
Energy-related Categories 2,3,4,6,9,10 --
Total current aggregate investment 16 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)
$1,159 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
ENERGY-RELATED IN LAST U-9C-3 IN THIS U-9C-3 REASON FOR DIFFERENCE
BUSINESS REPORT REPORT IN OTHER INVESTMENT
- ------------------- ---------------- ----------------- -------------------------
(000's) (000's)
Energy services $ 2,696 $0 Amounts invested prior to
April 1, 1997 are
excluded from Item 4
Maintenance -- 0
services
Qualifying $ 195,124 0 Amounts invested prior to
facility April 1, 1997 are
excluded from Item 4
ITEM 6 - FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS
Balance sheets for quarter ended June 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)
Note: No CSW Services International balance sheet (initial
capitalization activity only)
Income Statements as of the three months ended June 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)
Note: No Income statement for CSW Services International
(pass-through billing only)
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)
August 28, 1998
(Date)
<PAGE>
CSW DEVELOPMENT-I, INC.
Consolidated Balance Sheet
June 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ 200
Accounts Receivable - Project 28
--------------
Total Current Assets $ 228
NONCURRENT ASSETS
Equity Investment 43,119
Notes Receivable - Affiliated 25,141
Other Noncurrent 1,744
--------------
Total Noncurrent Assets 70,004
-------------
Total Assets 70,232
=============
NONCURRENT LIABILITIES
Deferred Federal Income Tax 22,060
EQUITY
Common Stock 1
Paid in Capital 43,086
Retained Earnings 5,017
Minority Interest 68
--------------
Total Shareholder's Equity 48,172
-------------
Total Liabilities and Equity $ 70,232
=============
<PAGE>
CSW FT. LUPTON, INC.
Consolidated Balance Sheet
June 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Accounts Receivable - Affiliated $ 63,465
NONCURRENT ASSETS
Equity Investment 69,618
Deferred Financing Costs 2,591
Deferred Interest Expense 1,270
--------------
Total Noncurrent Assets 73,479
-------------
Total Assets 136,944
=============
NONCURRENT LIABILITIES
Deferred Income 2,254
Accrued Federal Income Tax 4,339
Deferred Federal Income Tax 17,689
--------------
Total Liabilities 24,282
EQUITY
Paid in Capital 82,626
Retained Earnings $ 30,036
--------------
Total Shareholder's Equity 112,662
-------------
Total Liabilities and Equity $ 136,944
=============
<PAGE>
Sweeny Cogeneration, L P
Consolidated Balance Sheet
June 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ 26,189
Accounts Receivable 16,185
Plant Assets in Service 178,477
Other Current Assets 2,637
--------------
Total Assets 223,488
=============
CURRENT LIABILITIES
Accounts Payable - Nonaffiliated 8,117
Accounts Payable - Affiliated 21,834
Retainage Payable 9,930
Long Term Debt 149,000
Other 2,240
--------------
Total Liabilities
191,121
MINORITY INTEREST 15,000
EQUITY
Paid in Capital 15,000
Undistributed Earnings 2,367
--------------
Total Shareholder's Equity 17,367
-------------
Total Liabilities, Equity and Minority Interest $ 223,488
=============
<PAGE>
ENERSHOP, INC.
Balance Sheet
June 1998
ASSETS
ASSETS
Accounts Receivable 1,406,128
Prepaid Assets 24,378
Federal Income Tax 1,571,363
Work in Progress 2,452,095
Other Assets 2,559,770
-------------
Total Current Assets 8,013,734
Office Furniture & Equipment 1,347,813
Accumulated Depreciation (301,540)
-------------
Net Plant 1,046,274
NON CURRENT ASSETS
Prepaid Benefit Plans 51,468
-------------
Total Assets 9,111,476
================
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable 1,467,236
Accounts Payable - affiliated 17,136
Unearned Interest Revenue 83,497
-------------
Total Current Liabilities 1,567,868
LONG TERM LIABILITIES
Notes Payable - Affiliated 14,020,444
Notes Payable - Other 173,250
-------------
Total Long Term Liabilities 14,193,694
-------------
Total Liabilities 15,761,562
-------------
EQUITY
EQUITY
Common Stock 100
Additional Paid in Capital 900
Retained Earnings (6,651,087)
-------------
Total Equity (6,650,087)
-------------
Total Liabilities & Equity 9,111,476
================
<PAGE>
CSW Energy Services, Inc.
Balance Sheet
June 1998
ASSETS
ASSETS
Cash 200
Accounts Receivable - Affiliated 77,276
Accounts Receivable - Other 33,532
Other Assets 156,516
--------------
Total Current Assets 267,524
Office Furniture & Equipment & Software 730,414
Accumulated Depreciation (39,307)
--------------
Net Plant 691,107
Total Assets 958,631
===============
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable 198,972
Accounts Payable - Affiliated 4,197,036
Interest Payable - Affiliate 18,681
Accrued Taxes (1,030,034)
Other Current Liabilities 14,061
--------------
Total Liabilities 3,398,716
EQUITY
EQUITY
Common Stock 1,000
Additional Paid in Capital 0
Retained Earnings (2,441,085)
--------------
Total Equity (2,440,085)
--------------
Total Liabilities & Equity 958,631
================
<PAGE>
Power Marketing, Inc.
Balance Sheet
June 1998
ASSETS
ASSETS
Accounts Receivable - Affiliate 66,482
Accounts Receivable - Trade 0
Prepaid Assets 44,003
Federal Income Tax Benefit 0
Work in Progress 0
Other Assets 0
-------
Total Current Assets 110,485
Property & Equipment 23,438
Accumulated Depreciation (2,302)
-------
Net Plant 21,136
NON CURRENT ASSETS
Prepaid Benefit Plans 0
Total Assets 131,621
=============
LIABILITIES & EQUITY
CURRENT LIABILITIES
Accounts Payable 0
Accounts Payable - affiliated 125,176
-------
Total Current Liabilities 125,176
LONG TERM LIABILITIES
Notes Payable - Affiliated 420,786
Notes Payable - Other 0
-------
Total Long Term Liabilities 420,786
-------
Total Liabilities 545,962
EQUITY
EQUITY
Common Stock 1,000
Additional Paid in Capital 0
Retained Earnings (415,341)
---------
Total Equity (414,341)
Total Liabilities & Equity 131,621
=============
<PAGE>
Diversified Energy Contractors Company
Balance Sheet
June 30, 1998
Unaudited
(000's)
CURRENT ASSETS
Cash $ 365
Accounts Receivable 33
Other Current Assets 210
-------------
Total Current Assets $ 608
NONCURRENT ASSETS
Fixed Assets 474
Other Noncurrent 809
-------------
Total Noncurrent Assets 1,283
=============
Total Assets 1,891
=============
CURRENT LIABILITIES
Accounts Payable 599
Other Current 45
-------------
Total Current Assets 644
NON-CURRENT LIABILITIES
Notes Payable - Affiliates 3,138
-------------
Total Liabilities 3,782
-------------
EQUITY
Partners 1
Capital
Retained Deficit $ (1,892)
-------------
Total Equity (1,891)
=============
Total Liabilities and Equity $ 1,891
=============
<PAGE>
CSW DEVELOPMENT-I, INC.
Consolidated Income Statement
For the Quarter Ended June 30, 1998
Unaudited
(000's)
Three Months
Ended Six Months
June 30, 1998 Year to Date
----------------- ---------------
REVENUES
Misc. Income $ 109 $ 237
Income From Equity Investments 720 960
----------------- ---------------
Total Revenue 829 1,197
----------------- ---------------
EXPENSES
Interest (Income) Expense (364) (709)
Operating Expenses, net 52 136
----------------- ---------------
Total Expenses (312) (573)
----------------- ---------------
Net Income Before Tax 1,141 1,770
Provision for Income Tax 446 691
----------------- ---------------
Net Income $ 695 $ 1,079
================= ===============
<PAGE>
CSW FT. LUPTON, INC.
Consolidated Income Statement
For the Quarter Ended June 30, 1998
Unaudited
(000's)
Three Months
Ended Six Months
June 30, 1998 Year to Date
-------------------- ----------------
REVENUES
Interest Income $ 22 $ 44
Misc. Income 954 1,838
Income From Equity Investments 3,016 5,721
-------------------- ----------------
Total Revenue 3,992 7,603
EXPENSES
Operating Expenses, net 884 1,637
-------------------- ----------------
Net Income Before Tax 3,992 7,603
Provision for Income Tax 1,212 2,327
-------------------- ----------------
Net Income $ 2,780 $ 5,276
==================== ================
<PAGE>
Sweeny Cogeneration, L P
Consolidated Income Statement
For the Quarter Ended June 30, 1998
Unaudited
(000's)
Three Months
Ended Six Months
June 30, 1998 Year to Date
-------------------- ----------------
REVENUES
Income From Equity Investments 30,723 50,282
EXPENSES
Operating Expenses 23,563 38,421
Administrative & Other 5,373 8,927
-------------------- ----------------
Total Expenses 28,936 47,348
-------------------- ----------------
Net Income- Partnership 1,787 2,934
==================== ================
<PAGE>
ENERSHOP, INC.
Income Statement
For the Quarter Ending June 30, 1998
Unaudited
(000's)
Quarter Six Months
Ending Year to Date
6/30/98 6/30/98
REVENUES
Contract Revenue 1,326 2,333
Maintenance Revenue 0 0
Misc. Revenue 8 15
---------- ---------
Total Revenue 1,334 2,348
---------- ---------
EXPENSES
Cost of Revenue 1,098 1,952
Operating Expenses 1,748 3,195
Affiliate outside services 116 264
Interest & Taxes Other than Income 232 454
---------- ---------
Total Expenses 3,194 5,865
---------- ---------
Net Income Before Tax (1,860) (3,517)
Provision for Income Taxes (636) (1,206)
---------- ---------
Net Income (1,224) (2,311)
========== =========
<PAGE>
CSW Energy Services, Inc.
Income Statement
For the Quarter Ending June 30, 1998
Unaudited
(000's)
Quarter Six Months
Ending Year to Date
6/30/98 6/30/98
REVENUES
128 128
Unbilled Merchandise 3 3
Miscellaneous 0 0
---------- ----------
Total Revenue 131 131
---------- ----------
Cost of Sales
Purchased Energy 19 19
UDC Charges 102 102
ISO Charges 2 2
PX Participation Fees 6 6
Merchandise Costs 2 2
---------- ----------
Total Cost of Sales 131 131
---------- ----------
Gross Margin 0 0
SG&A Expenses
Customer Service & Info 178 470
General & Administrative 904 1,655
Depreciation 3 5
Amortization 20 34
Taxes Other than Income 75 94
Income Taxes (431) (794)
---------- ----------
Total Operating Expense 749 1,464
Net Operating Income/(Loss) (748) (1,464)
Interest on Short Term Debt 50 79
Other Income & Deducts 5 (66)
Credit Line Fees - Affiliate (1) 0
---------- ----------
Net Income/Loss (802) (1,476)
========== ==========
<PAGE>
Power Marketing, Inc.
Income Statement
For the Quarter Ending June 30, 1998
Unaudited
(000's)
Quarter Six Months
Ending Year to Date
06/30/98 06/30/98
REVENUES
Rental Revenues - Affiliate 80 156
Other Revenues 0 0
0 0
-- -
Total Revenue 80 156
--- ---
EXPENSES
Cost of Revenue 0 0
Operating Expenses 131 341
Affiliate outside services 17 90
Interest & Taxes Other than Income 7 13
-- --
Total Expenses 156 444
---- ---
Net Income Before Tax (76) (288)
Provision for Income Taxes (27) (101)
---- -----
Net Income (50) (187)
======== ========
<PAGE>
Diversified Energy Contractors Company
Income Statement (Initial)
For the Quarter Ended June 30, 1998
Unaudited
($000's)
Six Months
Year to
Date (A)
------------
REVENUES
Construction Billings $ 1,242
Cost of Sales 1,458
------------
Gross Margin (216)
EXPENSES
Operating and General Expenses 1,087
------------
Total Expenses 1,087
------------
Net Income Before Tax (1,303)
Provision for Income Tax -
------------
Net Income $ (1,303)
============
NOTE (A): Initial Quarter of Operation. Quarter and Year-to-Date numbers are
the same.
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 28th day of
August, 1998.
Lawrence B. Connors
Controller
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