<PAGE> File No. 70-8611
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
AMENDMENT NO. 2
TO
FORM U-1
_______________________________
APPLICATION OR DECLARATION
under the
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
* * *
SOUTHERN OHIO COAL COMPANY
CENTRAL OHIO COAL COMPANY
WINDSOR COAL COMPANY
1 Riverside Plaza, Columbus, Ohio 43215
(Name of company or companies filing this statement
and address of principal executive office)
* * *
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of top registered holding company
parent of each applicant or declarant)
* * *
G. P. Maloney, Executive Vice President
American Electric Power Service Corporation
1 Riverside Plaza, Columbus, Ohio 43215
Jeffrey D. Cross, Assistant General Counsel
American Electric Power Service Corporation
1 Riverside Plaza, Columbus, Ohio 43215
(Names and addresses of agents for service)
Southern Ohio Coal Company, Windsor Coal Company and Central
Ohio Coal Company, subsidiaries of Ohio Power Company, an
electric utility subsidiary of American Electric Power Company,
Inc. ("AEP"), a registered holding company under the Public
Utility Holding Company Act of 1935, as amended, hereby amend
their Application or Declaration on Form U-1 in File No. 70-8611,
as heretofore amended, by filing Balance Sheets as of March 31,
1995 and Statements of Income and Retained Earnings, per books
and pro forma, for the twelve months ended March 31, 1995, of the
Companies and AEP, and its subsidiaries consolidated, together
with journal entries reflecting the proposed transaction.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned companies have duly caused
this statement to be signed on its behalf by their duly
authorized officer.
SOUTHERN OHIO COAL COMPANY
WINDSOR COAL COMPANY
CENTRAL OHIO COAL COMPANY
By: /s/ G. P. Maloney
Vice President
June 15, 1995
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 1
CENTRAL OHIO COAL COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Mining Plant:
Mining Plant in Service . . . . . . . . . . . $77,207 $77,207
Construction Work In Progress . . . . . . . . 223 223
Total Mining Plant. . . . . . . . . . 77,430 77,430
Accumulated Depreciation and Amortization . . 46,660 46,660
Net Mining Plant. . . . . . . . . . . 30,770 30,770
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . 4,218 $(19,962) (15,744)*
Accounts Receivable:
General . . . . . . . . . . . . . . . . . . 432 432
Affiliated Companies. . . . . . . . . . . . 2,416 2,416
Materials and Supplies. . . . . . . . . . . . 7,402 7,402
Other . . . . . . . . . . . . . . . . . . . . 2,871 2,871
Total Current Assets. . . . . . . . . 17,339 (19,962) (2,623)
Deferred Federal Income Taxes . . . . . . . . . 15,482 15,482
Regulatory Assets . . . . . . . . . . . . . . . 5,114 5,114
Deferred Charges. . . . . . . . . . . . . . . . 7,055 7,055
Total . . . . . . . . . . . . . . . $75,760 $(19,962) $55,798
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
* Reporting the entire return of capital as one transaction in these pro forma
statements results in a negative cash balance. Since the return of capital
transactions will occur over three years, sufficient cash is expected to be
generated by operations to fund the return of capital.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 2
CENTRAL OHIO COAL COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Shareowner's Equity:
Common Stock. . . . . . . . . . . . . . . . . $ 6,900 $ (6,893) $ 7
Paid-in Capital . . . . . . . . . . . . . . . 13,069 (13,069) -
Retained Earnings . . . . . . . . . . . . . . - -
Total Shareowner's Equity . . . . . . 19,969 (19,962) 7
Long-term Debt:
Advances from Parent Company. . . . . . . . . 1,500 1,500
Finance Obligations . . . . . . . . . . . . . 468 468
Total Long-term Debt. . . . . . . . . 1,968 1,968
Other Noncurrent Liabilities:
Obligations Under Capital Leases. . . . . . . 9,071 9,071
Operating Reserves. . . . . . . . . . . . . . 15,892 15,892
Total Other Noncurrent Liabilities. . 24,963 24,963
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . 104 104
Accounts Payable:
General . . . . . . . . . . . . . . . . . . 1,474 1,474
Affiliated Companies. . . . . . . . . . . . 530 530
Taxes Accrued . . . . . . . . . . . . . . . . 1,674 1,674
Accrued Reclamation Costs . . . . . . . . . . 7,813 7,813
Accrued Vacation Pay. . . . . . . . . . . . . 978 978
Workers' Compensation Claims. . . . . . . . . 1,397 1,397
Obligations Under Capital Leases. . . . . . . 5,180 5,180
Other . . . . . . . . . . . . . . . . . . . . 2,546 2,546
Total Current Liabilities . . . . . . 21,696 21,696
Deferred Gain on Sale and Leaseback of Plant. . 7,164 7,164
Total . . . . . . . . . . . . . . . $75,760 $(19,962) $55,798
The Pro Forma Adjustments are shown on Page 3 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 3
CENTRAL OHIO COAL COMPANY
BALANCE SHEET
March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Common Stock $6,893
Paid-in Capital $6,893
To reduce par value of authorized common
stock from $100.00 per share to $0.10 per share.
2) Paid-in Capital $19,962
Cash and Cash Equivalents $19,962
To record a repayment of capital surplus
over the next three years.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 3A
CENTRAL OHIO COAL COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Operating Revenues $(4,489)
Taxes Other Than Federal Income Taxes (404)
Federal Income Taxes (1,430)
To reflect the pro forma changes in operating
revenues associated with the proposed transactions
and the related federal income and state tax effect.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 4
CENTRAL OHIO COAL COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
Operating Revenues - Sales to Parent. . . . . . $89,342 $(4,489) $84,853
Operating Expenses:
Other Operation . . . . . . . . . . . . . . . 72,902 72,902
Maintenance . . . . . . . . . . . . . . . . . 9,102 9,102
Depreciation, Depletion and Amortization. . . 1,781 1,781
Taxes Other Than Federal Income Taxes . . . . 3,268 (404) 2,864
Federal Income Tax Expense (Credit) . . . . . 856 (1,430) (574)
Total Operating Expenses. . . . . . . . . 87,909 (1,834) 86,075
Operating Income (Loss) . . . . . . . . . . . . 1,433 (2,655) (1,222)
Nonoperating Income . . . . . . . . . . . . . . 1,275 1,275
Income Before Interest Charges. . . . . . . . . 2,708 (2,655) 53
Interest Charges. . . . . . . . . . . . . . . . 52 52
Net Income. . . . . . . . . . . . . . . . . . . $ 2,656 $(2,655) $ 1
The Pro Forma Adjustments are shown on Page 3A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 5
CENTRAL OHIO COAL COMPANY
STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(in thousands)
<S> <C>
Balance at Beginning of Period. . . . . . . . $ 348
Net Income. . . . . . . . . . . . . . . . . . 2,656
Cash Dividends Declared . . . . . . . . . . . 3,004
Balance at End of Period. . . . . . . . . . . $ -
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 6
SOUTHERN OHIO COAL COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Mining Plant:
Mining Plant in Service . . . . . . . . . . . $413,961 $413,961
Construction Work In Progress . . . . . . . . 67 67
Total Mining Plant. . . . . . . . . . 414,028 414,028
Accumulated Depreciation and Amortization . . 203,125 203,125
Net Mining Plant. . . . . . . . . . . 210,903 210,903
Other Property and Investments. . . . . . . . . 65,702 65,702
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . 9,460 $(18,000) (8,540)*
Accounts Receivable:
General . . . . . . . . . . . . . . . . . . 4,589 4,589
Insurance . . . . . . . . . . . . . . . . . 13,079 13,079
Affiliated Companies. . . . . . . . . . . . 2,684 2,684
Coal. . . . . . . . . . . . . . . . . . . . . 1,134 1,134
Materials and Supplies. . . . . . . . . . . . 9,674 9,674
Other . . . . . . . . . . . . . . . . . . . . 5,717 5,717
Total Current Assets. . . . . . . . . 46,337 (18,000) 28,337
Regulatory Assets . . . . . . . . . . . . . . . 67,555 67,555
Deferred Charges. . . . . . . . . . . . . . . . 4,598 4,598
Total . . . . . . . . . . . . . . . $395,095 $(18,000) $377,095
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
* Reporting the entire return of capital as one transaction in these pro forma
statements results in a negative cash balance. Since the return of capital
transactions will occur over two years, sufficient cash is expected to be
generated by operations to fund the return of capital.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 7
SOUTHERN OHIO COAL COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Shareowner's Equity:
Common Stock. . . . . . . . . . . . . . . . . $ 5 $ 5
Paid-in Capital . . . . . . . . . . . . . . . 112,689 $(68,000) 44,689
Retained Earnings . . . . . . . . . . . . . . 25,792 25,792
Total Shareowner's Equity . . . . . . 138,486 (68,000) 70,486
Long-term Debt:
Notes Payable . . . . . . . . . . . . . . . . 81,681 81,681
Finance Obligations . . . . . . . . . . . . . - 46,500 46,500
Total Long-term Debt. . . . . . . . . 81,681 46,500 128,181
Other Noncurrent Liabilities:
Obligations Under Capital Leases. . . . . . . 26,070 26,070
Operating Reserves. . . . . . . . . . . . . . 32,358 32,358
Total Other Noncurrent Liabilities. . 58,428 58,428
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . 8,319 3,500 11,819
Accounts Payable:
General . . . . . . . . . . . . . . . . . . 5,056 5,056
Affiliated Companies. . . . . . . . . . . . 1,120 1,120
Taxes Accrued . . . . . . . . . . . . . . . . 3,076 3,076
Accrued Vacation Pay. . . . . . . . . . . . . 3,074 3,074
Workers' Compensation Claims. . . . . . . . . 9,668 9,668
Obligations Under Capital Leases. . . . . . . 10,661 10,661
Other . . . . . . . . . . . . . . . . . . . . 7,857 7,857
Total Current Liabilities . . . . . . 48,831 3,500 52,331
Deferred Federal Income Taxes . . . . . . . . . 66,341 66,341
Deferred Credits. . . . . . . . . . . . . . . . 1,328 1,328
Total . . . . . . . . . . . . . . . $395,095 $(18,000) $377,095
The Pro Forma Adjustments are shown on Page 8 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 8
SOUTHERN OHIO COAL COMPANY
BALANCE SHEET
March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Cash and Cash Equivalents $50,000
Long-term Debt - Finance Obligations $46,500
Long-term Debt Due Within One Year 3,500
To record the sale and leaseback of
SOCCo's coal preparation plant. In
accordance with SFAS 98, "Accounting
for Leases," a sale and leaseback is
not recorded for accounting purposes.
2) Paid-in Capital $68,000
Cash and Cash Equivalents $68,000
To record a repayment of capital surplus
over the next two years.
Estimates of proceeds from sale and leaseback
and classification of long-term and short-
term portions of finance obligations assumed
solely for these pro forma financial statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 8A
SOUTHERN OHIO COAL COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Annual Lease Payment* $ 7,319
Depreciation Expense (4,364)
Operating Revenues (11,355)
Taxes Other Than Federal Income Taxes (1,288)
Federal Income Taxes (4,558)
To reflect the pro forma changes in operating
expenses and operating revenues associated with
the proposed transactions and the related federal
income and state tax effect.
* Payment assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 9
SOUTHERN OHIO COAL COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . $210,974 $(11,355) $199,619
Operating Expenses:
Other Operation . . . . . . . . . . . . . . . 127,747 7,319 135,066
Maintenance . . . . . . . . . . . . . . . . . 34,301 34,301
Depreciation, Depletion and Amortization. . . 11,962 (4,364) 7,598
Taxes Other Than Federal Income Taxes . . . . 10,968 (1,288) 9,680
Federal Income Taxes. . . . . . . . . . . . . 6,223 (4,558) 1,665
Total Operating Expenses. . . . . . . . . 191,201 (2,891) 188,310
Operating Income. . . . . . . . . . . . . . . . 19,773 (8,464) 11,309
Nonoperating Loss . . . . . . . . . . . . . . . (3,627) (3,627)
Income Before Interest Charges. . . . . . . . . 16,146 (8,464) 7,682
Interest Charges. . . . . . . . . . . . . . . . 5,778 5,778
Net Income. . . . . . . . . . . . . . . . . . . $ 10,368 $ (8,464) $ 1,904
The Pro Forma Adjustments are shown on Page 8A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 10
SOUTHERN OHIO COAL COMPANY
STATEMENT OF RETAINED EARNINGS
TWEVLE MONTHS ENDED MARCH 31, 1995
(in thousands)
<S> <C>
Balance at Beginning of Period. . . . . . . . . . . . . . . . . . . $33,025
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,368
Cash Dividends Declared . . . . . . . . . . . . . . . . . . . . . . 17,601
Balance at End of Period. . . . . . . . . . . . . . . . . . . . . . $25,792
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 11
WINDSOR COAL COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Mining Plant:
Mining Plant in Service . . . . . . . . . . . $66,102 $66,102
Construction Work In Progress . . . . . . . . 323 323
Total Mining Plant. . . . . . . . . . 66,425 66,425
Accumulated Depreciation and Amortization . . 27,194 27,194
Net Mining Plant. . . . . . . . . . . 39,231 39,231
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . 12 $(1,600) (1,588)*
Accounts Receivable . . . . . . . . . . . . . 164 164
Coal. . . . . . . . . . . . . . . . . . . . . 354 354
Materials and Supplies. . . . . . . . . . . . 3,937 3,937
Other . . . . . . . . . . . . . . . . . . . . 187 187
Total Current Assets. . . . . . . . . 4,654 (1,600) 3,054
Regulatory Assets . . . . . . . . . . . . . . . 3,356 3,356
Deferred Charges. . . . . . . . . . . . . . . . 526 526
Total . . . . . . . . . . . . . . . $47,767 $(1,600) $46,167
The Pro Forma Adjustments are shown on Page 13 of these Financial Statements.
* Reporting the entire return of capital as one transaction in these pro forma
statements results in a negative cash balance. Since the return of capital
transactions will occur over two years, sufficient cash is expected to be
generated by operations to fund the return of capital.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 12
WINDSOR COAL COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Shareowner's Equity:
Common Stock. . . . . . . . . . . . . . . . . $ 406 $ (406) $ -
Paid-in Capital . . . . . . . . . . . . . . . 10,470 (10,470) -
Retained Earnings . . . . . . . . . . . . . . 1,724 (1,724) -
Total Shareowner's Equity . . . . . . 12,600 (12,600) -
Long-term Debt:
Finance Obligations . . . . . . . . . . . . . 8,637 10,713 19,350
Advances from Parent Company. . . . . . . . . 225 225
Total Long-term Debt. . . . . . . . . 8,862 10,713 19,575
Other Noncurrent Liabilities:
Obligations Under Capital Leases. . . . . . . 2,689 2,689
Operating Reserves. . . . . . . . . . . . . . 6,441 6,441
Total Other Noncurrent Liabilities. . 9,130 9,130
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . 566 287 853
Short-term Debt . . . . . . . . . . . . . . . 75 75
Accounts Payable - General. . . . . . . . . . 627 627
Accounts Payable - Affiliated Companies . . . 561 561
Taxes Accrued . . . . . . . . . . . . . . . . 730 730
Accrued Vacation Pay. . . . . . . . . . . . . 667 667
Workers' Compensation Claims. . . . . . . . . 2,167 2,167
Obligations Under Capital Leases. . . . . . . 1,734 1,734
Other . . . . . . . . . . . . . . . . . . . . 1,439 1,439
Total Current Liabilities . . . . . . 8,566 287 8,853
Deferred Federal Income Taxes . . . . . . . . . 3,712 3,712
Amounts Due To Parent Company For Future
Federal Income Taxes. . . . . . . . . . . . . 3,860 3,860
Regulatory Liabilities and Deferred Credits . . 1,037 1,037
Total . . . . . . . . . . . . . . . $47,767 $ (1,600) $46,167
The Pro Forma Adjustments are shown on Page 13 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 13
WINDSOR COAL COMPANY
BALANCE SHEET
March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Cash and Cash Equivalents $11,000
Long-term Debt - Finance Obligations $10,713
Long-term Debt Due Within One Year 287
To record the sale and leaseback of
WCCo's coal preparation plant. In
accordance with SFAS 98, "Accounting
for Leases," a sale and leaseback is
not recorded for accounting purposes.
2) Common Stock $406
Paid-in Capital $406
To reduce authorized common stock from
$100.00 per share to $0.10 per share.
3) Retained Earnings $1,724
Cash and Cash Equivalents $1,724
To record a dividend payment of
all retained earnings.
4) Paid-in Capital $10,876
Cash and Cash Equivalents $10,876
To record a repayment of capital
surplus over the next two years.
Estimates of proceeds from sale and
leaseback and classification of long-term
and short-term portions of finance
obligations assumed solely for these
pro forma financial statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 13A
WINDSOR COAL COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Annual Lease Payment* $ 1,172
Depreciation Expense (612)
Operating Revenues (1,744)
Taxes Other Than Federal Income Taxes (207)
Federal Income Taxes (734)
To reflect the pro forma changes in operating
expenses and operating revenues associated with
the proposed transactions and the related federal
income and state tax effect.
* Payment assumed solely for the purpose of these
Pro Forma Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 14
WINDSOR COAL COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . $48,922 $(1,744) $47,178
Operating Expenses:
Other Operation . . . . . . . . . . . . . . . 32,078 1,172 33,250
Maintenance . . . . . . . . . . . . . . . . . 8,301 8,301
Depreciation, Depletion and Amortization. . . 1,380 (612) 768
Taxes Other Than Federal Income Taxes . . . . 4,947 (207) 4,740
Federal Income Taxes. . . . . . . . . . . . . 848 (734) 114
Total Operating Expenses. . . . . . . . . 47,554 (381) 47,173
Operating Income. . . . . . . . . . . . . . . . 1,368 (1,363) 5
Nonoperating Income . . . . . . . . . . . . . . 8 8
Income Before Interest Charges. . . . . . . . . 1,376 (1,363) 13
Interest Charges. . . . . . . . . . . . . . . . 13 13
Net Income. . . . . . . . . . . . . . . . . . . $ 1,363 $(1,363) $ 0
The Pro Forma Adjustments are shown on Page 13A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 15
WINDSOR COAL COMPANY
STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(in thousands)
<S> <C>
Balance at Beginning of Period. . . . . . . . . . . . . . . . $ 701
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . 1,363
Cash Dividends Declared . . . . . . . . . . . . . . . . . . . 340
Balance at End of Period. . . . . . . . . . . . . . . . . . . $1,724
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 16
OHIO POWER COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . $2,523,493 $2,523,493
Transmission. . . . . . . . . . . . . . . . . . 790,079 790,079
Distribution. . . . . . . . . . . . . . . . . . 794,065 794,065
General . . . . . . . . . . . . . . . . . . . . 173,833 173,833
Construction Work In Progress . . . . . . . . . 65,438 65,438
Total Electric Utility Plant. . . . . . 4,346,908 4,346,908
Accumulated Depreciation
and Amortization. . . . . . . . . . . . . . . 1,772,305 1,772,305
Net Electric Utility Plant. . . . . . . 2,574,603 2,574,603
Other Property and Investments* . . . . . . . . . 215,273 $(100,562) 114,711
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . 10,683 100,562 111,245
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . 104,277 104,277
Affiliated Companies. . . . . . . . . . . . . 28,730 28,730
Miscellaneous . . . . . . . . . . . . . . . . 6,522 6,522
Allowance for Uncollectible Accounts. . . . . (1,309) (1,309)
Fuel. . . . . . . . . . . . . . . . . . . . . . 161,719 161,719
Materials and Supplies. . . . . . . . . . . . . 49,770 49,770
Accrued Utility Revenues. . . . . . . . . . . . 23,513 23,513
Prepayments . . . . . . . . . . . . . . . . . . 56,890 56,890
Total Current Assets. . . . . . . . . . 440,795 100,562 541,357
Regulatory Assets . . . . . . . . . . . . . . . . 480,012 480,012
Deferred Charges. . . . . . . . . . . . . . . . . 105,000 105,000
Total . . . . . . . . . . . . . . . . $3,815,683 $ - $3,815,683
* Includes Investments in Subsidiaries of $171,207,000 Per Books
and $70,645,000 Pro Forma.
The Pro Forma Adjustments are shown on Page 18 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 17
OHIO POWER COMPANY
BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . $ 321,201 $ 321,201
Paid-in Capital . . . . . . . . . . . . . . . . 463,100 463,100
Retained Earnings . . . . . . . . . . . . . . . 492,248 492,248
Total Common Shareholder's Equity . . . 1,276,549 1,276,549
Cumulative Preferred Stock:
Not Subject to Mandatory Redemption . . . . . 126,240 126,240
Subject to Mandatory Redemption . . . . . . . 115,000 115,000
Long-term Debt. . . . . . . . . . . . . . . . . 1,042,099 1,042,099
Total Capitalization. . . . . . . . . . 2,559,888 2,559,888
Other Noncurrent Liabilities. . . . . . . . . . . 93,858 93,858
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . 47,056 47,056
Short-term Debt . . . . . . . . . . . . . . . . 18,300 18,300
Accounts Payable. . . . . . . . . . . . . . . . 93,239 93,239
Taxes Accrued . . . . . . . . . . . . . . . . . 133,629 133,629
Interest Accrued. . . . . . . . . . . . . . . . 29,891 29,891
Obligations Under Capital Leases. . . . . . . . 8,914 8,914
Other . . . . . . . . . . . . . . . . . . . . . 50,990 50,990
Total Current Liabilities . . . . . . . 382,019 382,019
Deferred Federal Income Taxes . . . . . . . . . . 641,539 641,539
Deferred Investment Tax Credits . . . . . . . . . 42,161 42,161
Deferred Credits. . . . . . . . . . . . . . . . . 96,218 96,218
Total . . . . . . . . . . . . . . . . $3,815,683 $3,815,683
The Pro Forma Adjustments are shown on Page 18 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 18
OHIO POWER COMPANY
BALANCE SHEET
March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Cash and Cash Equivalents $100,562
Other Property and Investments $100,562
To record the receipt of capital returned
and dividends paid by COCCo, SOCCo and WCCo.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 18A
OHIO POWER COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
(in thousands)
<S> <C>
Operating Revenues $(17,588)
Fuel Expense (17,588)
Equity in Earnings of Subsidiary Companies (12,482)
To reflect the pro forma effects on fuel recovery
revenues and fuel expense and the pro forma changes
in equity in earnings of subsidiary companies
associated with the proposed transactions.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 19
OHIO POWER COMPANY
STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . $1,677,505 $(17,588) $1,659,917
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . 711,059 (17,588) 693,471
Other Operation . . . . . . . . . . . . . . . . 217,089 217,089
Maintenance . . . . . . . . . . . . . . . . . . 149,321 149,321
Depreciation and Amortization . . . . . . . . . 133,658 133,658
Taxes Other Than Federal Income Taxes . . . . . 182,280 182,280
Federal Income Taxes. . . . . . . . . . . . . . 67,598 67,598
Total Operating Expenses. . . . . . . . . . 1,461,005 (17,588) 1,443,417
Operating Income. . . . . . . . . . . . . . . . . 216,500 - 216,500
Nonoperating Income:
Equity in Earnings of Subsidiary Companies. . . 14,387 (12,482) 1,905
Other . . . . . . . . . . . . . . . . . . . . . 10,461 10,461
Total Nonoperating Income . . . . . . . . . 24,848 (12,482) 12,366
Income Before Interest Charges. . . . . . . . . . 241,348 (12,482) 228,866
Interest Charges. . . . . . . . . . . . . . . . . 85,215 85,215
Net Income. . . . . . . . . . . . . . . . . . . . 156,133 (12,482) 143,651
Preferred Stock Dividend Requirements . . . . . . 15,301 15,301
Earnings Applicable to Common Stock . . . . . . . $ 140,832 $(12,482) $ 128,350
The Pro Forma Adjustments are shown on Page 18A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 20
OHIO POWER COMPANY
STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(in thousands)
<S> <C>
Balance at Beginning of Period. . . . . . . . . . . . . . . . . . . $490,259
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,133
Deductions:
Cash Dividends Declared:
Common Stock. . . . . . . . . . . . . . . . . . . . . . . . . . 138,708
Cumulative Preferred Stock. . . . . . . . . . . . . . . . . . . 15,301
Capital Stock Expense . . . . . . . . . . . . . . . . . . . . . . 135
Balance at End of Period. . . . . . . . . . . . . . . . . . . . . . $492,248
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 21
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
C0NSOLIDATED BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Electric Utility Plant:
Production. . . . . . . . . . . . . . . . . . . $ 9,194,321 $ 9,194,321
Transmission. . . . . . . . . . . . . . . . . . 3,267,739 3,267,739
Distribution. . . . . . . . . . . . . . . . . . 4,004,232 4,004,232
General
(including mining assets & nuclear fuel). . . 1,476,408 1,476,408
Construction Work In Progress . . . . . . . . . 274,611 274,611
Total Electric Utility Plant. . . . . . 18,217,311 18,217,311
Accumulated Depreciation
and Amortization. . . . . . . . . . . . . . . 6,876,038 6,876,038
Net Electric Utility Plant. . . . . . . 11,341,273 11,341,273
Other Property and Investments. . . . . . . . . . 760,144 760,144
Current Assets:
Cash and Cash Equivalents . . . . . . . . . . . 87,498 $61,000 148,498
Accounts Receivable:
Customers . . . . . . . . . . . . . . . . . . 367,520 367,520
Miscellaneous . . . . . . . . . . . . . . . . 75,528 75,528
Allowance for Uncollectible Accounts. . . . . (6,126) (6,126)
Fuel. . . . . . . . . . . . . . . . . . . . . . 317,658 317,658
Materials and Supplies. . . . . . . . . . . . . 220,011 220,011
Accrued Utility Revenues. . . . . . . . . . . . 139,936 139,936
Prepayments and Other . . . . . . . . . . . . . 147,418 147,418
Total Current Assets. . . . . . . . . . 1,349,443 61,000 1,410,443
Regulatory Assets . . . . . . . . . . . . . . . . 1,951,442 1,951,442
Deferred Charges. . . . . . . . . . . . . . . . . 363,938 363,938
Total . . . . . . . . . . . . . . . . $15,766,240 $61,000 $15,827,240
The Pro Forma Adjustments are shown on Page 23 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 22
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
C0NSOLIDATED BALANCE SHEET
March 31, 1995
(in thousands)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stock. . . . . . . . . . . . . . . . . . $ 1,264,802 $ 1,264,802
Paid-in Capital . . . . . . . . . . . . . . . . 1,650,647 1,650,647
Retained Earnings . . . . . . . . . . . . . . . 1,362,170 1,362,170
Total Common Shareholders' Equity . . . 4,277,619 4,277,619
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption . . . . . 233,240 233,240
Subject to Mandatory Redemption . . . . . . . 590,300 590,300
Long-term Debt. . . . . . . . . . . . . . . . . 4,579,207 $57,213 4,636,420
Total Capitalization. . . . . . . . . . 9,680,366 57,213 9,737,579
Other Noncurrent Liabilities. . . . . . . . . . . 768,593 768,593
Current Liabilities:
Long-term Debt Due Within One Year. . . . . . . 452,373 3,787 456,160
Short-term Debt . . . . . . . . . . . . . . . . 187,575 187,575
Accounts Payable. . . . . . . . . . . . . . . . 196,115 196,115
Taxes Accrued . . . . . . . . . . . . . . . . . 420,322 420,322
Interest Accrued. . . . . . . . . . . . . . . . 127,042 127,042
Obligations Under Capital Leases. . . . . . . . 90,979 90,979
Other . . . . . . . . . . . . . . . . . . . . . 356,767 356,767
Total Current Liabilities . . . . . . . 1,831,173 3,787 1,834,960
Deferred Federal Income Taxes . . . . . . . . . . 2,459,557 2,459,557
Deferred Investment Tax Credits . . . . . . . . . 450,052 450,052
Deferred Gain on Sale and Leaseback -
Rockport Plant Unit 2 . . . . . . . . . . . . . 411,510 411,510
Deferred Credits. . . . . . . . . . . . . . . . . 164,989 164,989
Total . . . . . . . . . . . . . . . . $15,766,240 $61,000 $15,827,240
The Pro Forma Adjustments are shown on Page 23 of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 23
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
C0NSOLIDATED BALANCE SHEET
March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
(in thousands)
<S> <C> <C>
1) Cash and Cash Equivalents $61,000
Long-term Debt $57,213
Long-term Debt Due Within One Year 3,787
To record the sale and leaseback of
SOCCo's and WCCo's coal preparation plants.
In accordance with SFAS 98, "Accounting
for Leases," a sale and leaseback is not
recorded for accounting purposes.
Estimates of proceeds from sale and leaseback
and classification of long-term and short-term
portions of finance obligation assumed solely
for these pro forma financial statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 23A
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
C0NSOLIDATED STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
PRO FORMA ADJUSTMENTS
<CAPTION> Increase
(Decrease)
(in thousands)
<S> <C>
Operating Revenues $(17,588)
Fuel Expense 1,616
Federal Income Taxes (6,722)
To reflect the pro forma changes in operating
revenues and operating expenses associated with
the proposed transactions and the related
federal income tax effect.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 24
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
C0NSOLIDATED STATEMENT OF INCOME
Twelve Months Ended March 31, 1995
(in thousands, except per share amounts)
<CAPTION>
Pro Forma
Per Books Adjustments Pro Forma
--------- ----------- ---------
<S> <C> <C> <C>
Operating Revenues. . . . . . . . . . . . . . . . $5,432,655 $(17,588) $5,415,067
Operating Expenses:
Fuel and Purchased Power. . . . . . . . . . . . 1,655,663 1,616 1,657,279
Other Operation . . . . . . . . . . . . . . . . 1,011,458 1,011,458
Maintenance . . . . . . . . . . . . . . . . . . 531,558 531,558
Depreciation and Amortization . . . . . . . . . 580,535 580,535
Taxes Other Than Federal Income Taxes . . . . . 498,025 498,025
Federal Income Taxes. . . . . . . . . . . . . . 223,157 (6,722) 216,435
Total Operating Expenses. . . . . . . . . . 4,500,396 (5,106) 4,495,290
Operating Income . . . . . . . . . . . . . . . . 932,259 (12,482) 919,777
Nonoperating Income:
Deferred Zimmer Plant Carrying
Charges (net of tax). . . . . . . . . . . . . 4,089 4,089
Other . . . . . . . . . . . . . . . . . . . . . 4,954 4,954
Total Nonoperating Income . . . . . . . . . 9,043 9,043
Income Before Interest Charges
and Preferred Dividends . . . . . . . . . . . . 941,302 (12,482) 928,820
Interest Charges. . . . . . . . . . . . . . . . . 390,840 390,840
Preferred Stock Dividend
Requirements of Subsidiaries. . . . . . . . . . 55,554 55,554
Net Income . . . . . . . . . . . . . . . . . . . $ 494,908 $(12,482) $ 482,426
Average Number of Shares Outstanding. . . . . . . 184,861 184,861
Earnings Per Share . . . . . . . . . . . . . . . $2.68 $2.61
Cash Dividends Paid Per Share . . . . . . . . . . $2.40 $2.40
The Pro Forma Adjustments are shown on Page 23A of these Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS PAGE 25
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
C0NSOLIDATED STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1995
(in thousands)
<S> <C>
Balance at Beginning of Period. . . . . . . . . . . . . . . . . . . . $1,311,401
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,908
Deductions:
Cash Dividends Declared . . . . . . . . . . . . . . . . . . . . . . 443,521
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 618
Balance at End of Period. . . . . . . . . . . . . . . . . . . . . . . $1,362,170
</TABLE>
<PAGE>
Addendum 1
To Financial
Statements
Page 1 of 3
Central Ohio Coal Company
Summary of Effect of Payment of Special Dividend
(in thousands)
Estimated Cash Available for Equity Liquidation $19,962
__________________________________________________________________
I. SOURCES OF FUNDS. . .
A. Reduction in Return on TCI(1) Credited to Ohio Power:
Est. Accrued TCI Funds Used for
Payment of Special Dividend $19,962
x Approximate Return on TCI 5%
= TOTAL COSTS $998
___________________________________________________________________
II. USES OF FUNDS. . .
A. Reduction in Return Billed by SOCCo -
Meigs Division to Ohio Power:
Equity Annual Annual
Layer Payment x Rate = Return
1 ($7,343) 14.34% ($1,053)
2 (6,431) 13.01% (837)
3 (6,188) 12.37% (765)
Total ($19,962) ($2,655)
B. Reduction in FIT Re: Return on Equity Layers:
Reduction in Annual Return ($2,655)
x Federal and State Tax Gross-up(2) 0.69062
= Annual Reduction in Fed. & State Taxes ($1,834)
TOTAL CREDITS (A + B) ($4,489)
__________________________________________________________________
I & II. ANNUAL NET COST/(SAVINGS) DUE TO
PAYMENT OF SPECIAL DIVIDEND ($3,491)
___________________
(1)Temporary Cash Investment includes cash to be generated from
operations over the next three years.
(2)Gross-up = FIT + (1-FIT) x SIT
(1-FIT) x (1-SIT)
<PAGE>
Addendum 1
To Financial
Statements
Page 2 of 3
Southern Ohio Coal Company
Summary of Effect of Payment of Special Dividend
(in thousands)
Estimated Cash Available for Equity Liquidation $68,000
___________________________________________________________________
I. SOURCES OF FUNDS. . .
A. Lease Payment, Net:
Est. Lease Financing Proceeds Used for
Payment of Special Dividend $50,000
x Approximate Annual Lease Rate(1) 14.638%
= Annual Lease Payment $7,319
Less:
Reduction in Annual Depreciation Expense
Resulting From Lease Financing
of SOCCo Plant (4,364)
= Annual Lease Payments, Net of
Eliminated Depreciation 2,955
B. Reduction in Return on TCI(2) Credited to Ohio Power:
Est. Accrued TCI Funds Used for
Payment of Special Dividend $18,000
x Approximate Return on TCI 5%
= Annual TCI Reduction $900
TOTAL COSTS (A + B) $3,855
___________________________________________________________________
II. USES OF FUNDS. . .
A. Reduction in Return Billed by SOCCo -
Meigs Division to Ohio Power:
Equity Annual Annual
Layer Payment(3) x Rate = Return
1 ($48,514) 12.11% ($5,875)
2 (3,704) 12.04% (446)
3 (15,782) 13.58% (2,143)
Total ($68,000) ($8,464)
B. Reduction in FIT Re: Return on Equity Layers:
Reduction in Annual Return ($8,464)
x Federal and State Tax Gross-up(4) 0.69062
= Annual Reduction in Fed. & State Taxes ($5,845)
TOTAL CREDITS (A + B) ($14,309)
___________________________________________________________________
I & II. ANNUAL NET COST/(SAVINGS) DUE TO
PAYMENT OF SPECIAL DIVIDEND ($10,454)
___________________
(1)Reflects capital lease rate assuming a 10-year term, semi-annual
payments, and a 7.88% inherent debt rate.
(2)Temporary Cash Investment includes cash to be generated from
operations over the next two years.
(3)Dividend payment first applied to reduce highest-cost layers
(4)Gross-up = FIT + (1-FIT) x SIT
(1-FIT) x (1-SIT)
<PAGE>
Addendum 1
To Financial
Statements
Page 3 of 3
Windsor Coal Company
Summary of Effect of Payment of Special Dividend
(in thousands)
Estimated Cash Available for Equity Liquidation(1) $11,048
__________________________________________________________________
I. SOURCES OF FUNDS. . .
A. Lease Payment, Net:
Lease Financing Proceeds Used for
Payment of Special Dividend $11,000
x Approximate Annual Lease Rate(2) 10.651%
= Annual Lease Payment $1,172
Less:
Reduction in Annual Depreciation Expense
Resulting From Lease Financing of
Windsor Plant (612)
= Annual Lease Payments Net of Eliminated
Depreciation 560
B. Reduction in Return on TCI(3) Credited to Ohio Power:
Accrued TCI Funds Used for
Payment of Special Dividend $48
x Approximate Return on TCI 5%
= Annual TCI Reduction $2
TOTAL COSTS (A + B) $562
___________________________________________________________________
II. USES OF FUNDS. . .
A. Reduction in Return Billed by WCCo to Ohio Power:
Equity Annual Annual
Layer Payment x Rate = Return
1 ($8,931) 12.04% ($1,075)
2 ($2,117) 13.58% (288)
Total ($11,048) ($1,363)
B. Reduction in FIT Re: Return on Equity Layers:
Reduction in Annual Return ($1,363)
x Federal and State Tax Gross-up(4) 0.69062
= Annual Reduction in Fed. & State Taxes ($941)
TOTAL CREDITS (A + B) ($2,304)
___________________________________________________________________
I & II. ANNUAL NET COST/(SAVINGS) DUE TO
PAYMENT OF SPECIAL DIVIDEND ($1,742)
___________________
(1)Includes $172,000 associated with Excess of Acquisition Cost Over
Net Book Value remaining on Ohio Power's balance sheet.
(2)Reflects capital lease rate assuming an 18-year term, semi-annual
payments, and an 8.10% inherent debt rate.
(3)Temporary Cash Investment includes cash to be generated from
operations over the next two years.
(4)Gross-up = FIT + (1-FIT) x SIT
(1-FIT) x (1-SIT)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000018713
<NAME> CENTRAL OHIO COAL COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 30,770
<OTHER-PROPERTY-AND-INVEST> 72
<TOTAL-CURRENT-ASSETS> 17,339
<TOTAL-DEFERRED-CHARGES> 22,465
<OTHER-ASSETS> 5,114
<TOTAL-ASSETS> 75,760
<COMMON> 6,900
<CAPITAL-SURPLUS-PAID-IN> 13,069
<RETAINED-EARNINGS> 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 19,969
0
0
<LONG-TERM-DEBT-NET> 1,968
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 104
0
<CAPITAL-LEASE-OBLIGATIONS> 9,071
<LEASES-CURRENT> 5,180
<OTHER-ITEMS-CAPITAL-AND-LIAB> 39,468
<TOT-CAPITALIZATION-AND-LIAB> 75,760
<GROSS-OPERATING-REVENUE> 89,342
<INCOME-TAX-EXPENSE> 856
<OTHER-OPERATING-EXPENSES> 87,053
<TOTAL-OPERATING-EXPENSES> 87,909
<OPERATING-INCOME-LOSS> 1,433
<OTHER-INCOME-NET> 1,275
<INCOME-BEFORE-INTEREST-EXPEN> 2,708
<TOTAL-INTEREST-EXPENSE> 52
<NET-INCOME> 2,656
0
<EARNINGS-AVAILABLE-FOR-COMM> 2,656
<COMMON-STOCK-DIVIDENDS> 3,004
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (6,251)
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000018713
<NAME> CENTRAL OHIO COAL COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 30,770
<OTHER-PROPERTY-AND-INVEST> 72
<TOTAL-CURRENT-ASSETS> (2,623) <F1>
<TOTAL-DEFERRED-CHARGES> 22,465
<OTHER-ASSETS> 5,114
<TOTAL-ASSETS> 55,798
<COMMON> 7
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 7
0
0
<LONG-TERM-DEBT-NET> 1,968
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 104
0
<CAPITAL-LEASE-OBLIGATIONS> 9,071
<LEASES-CURRENT> 5,180
<OTHER-ITEMS-CAPITAL-AND-LIAB> 39,468
<TOT-CAPITALIZATION-AND-LIAB> 55,798
<GROSS-OPERATING-REVENUE> 84,853
<INCOME-TAX-EXPENSE> (574)
<OTHER-OPERATING-EXPENSES> 86,649
<TOTAL-OPERATING-EXPENSES> 86,075
<OPERATING-INCOME-LOSS> (1,222)
<OTHER-INCOME-NET> 1,275
<INCOME-BEFORE-INTEREST-EXPEN> 53
<TOTAL-INTEREST-EXPENSE> 52
<NET-INCOME> 1
0
<EARNINGS-AVAILABLE-FOR-COMM> 1
<COMMON-STOCK-DIVIDENDS> 3,004
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> (6,251)
<EPS-PRIMARY> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1> Reporting the entire return of capital as one transaction in these
pro forma statements results in a negative cash balance. Since the return
of capital transactions will occur over three years, sufficient cash is
expected to be generated by operations to fund the return of capital.
<F2> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000310339
<NAME> SOUTHERN OHIO COAL COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 210,903
<OTHER-PROPERTY-AND-INVEST> 65,702
<TOTAL-CURRENT-ASSETS> 46,337
<TOTAL-DEFERRED-CHARGES> 4,598
<OTHER-ASSETS> 67,555
<TOTAL-ASSETS> 395,095
<COMMON> 5
<CAPITAL-SURPLUS-PAID-IN> 112,689
<RETAINED-EARNINGS> 25,792
<TOTAL-COMMON-STOCKHOLDERS-EQ> 138,486
0
0
<LONG-TERM-DEBT-NET> 81,681
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 8,319
0
<CAPITAL-LEASE-OBLIGATIONS> 26,070
<LEASES-CURRENT> 10,661
<OTHER-ITEMS-CAPITAL-AND-LIAB> 129,878
<TOT-CAPITALIZATION-AND-LIAB> 395,095
<GROSS-OPERATING-REVENUE> 210,974
<INCOME-TAX-EXPENSE> 6,223
<OTHER-OPERATING-EXPENSES> 184,978
<TOTAL-OPERATING-EXPENSES> 191,201
<OPERATING-INCOME-LOSS> 19,773
<OTHER-INCOME-NET> (3,627)
<INCOME-BEFORE-INTEREST-EXPEN> 16,146
<TOTAL-INTEREST-EXPENSE> 5,778
<NET-INCOME> 10,368
0
<EARNINGS-AVAILABLE-FOR-COMM> 10,368
<COMMON-STOCK-DIVIDENDS> 17,601
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 25,640
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000310339
<NAME> SOUTHERN OHIO COAL COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 210,903
<OTHER-PROPERTY-AND-INVEST> 65,702
<TOTAL-CURRENT-ASSETS> 28,337 <F1>
<TOTAL-DEFERRED-CHARGES> 4,598
<OTHER-ASSETS> 67,555
<TOTAL-ASSETS> 377,095
<COMMON> 5
<CAPITAL-SURPLUS-PAID-IN> 44,689
<RETAINED-EARNINGS> 25,792
<TOTAL-COMMON-STOCKHOLDERS-EQ> 70,486
0
0
<LONG-TERM-DEBT-NET> 128,181
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 11,819
0
<CAPITAL-LEASE-OBLIGATIONS> 26,070
<LEASES-CURRENT> 10,661
<OTHER-ITEMS-CAPITAL-AND-LIAB> 129,878
<TOT-CAPITALIZATION-AND-LIAB> 377,095
<GROSS-OPERATING-REVENUE> 199,619
<INCOME-TAX-EXPENSE> 1,665
<OTHER-OPERATING-EXPENSES> 186,645
<TOTAL-OPERATING-EXPENSES> 188,310
<OPERATING-INCOME-LOSS> 11,309
<OTHER-INCOME-NET> (3,627)
<INCOME-BEFORE-INTEREST-EXPEN> 7,682
<TOTAL-INTEREST-EXPENSE> 5,778
<NET-INCOME> 1,904
0
<EARNINGS-AVAILABLE-FOR-COMM> 1,904
<COMMON-STOCK-DIVIDENDS> 17,601
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 25,640
<EPS-PRIMARY> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1> Reporting the entire return of capital as one transaction in these
pro forma statements results in a negative cash balance. Since the
return of capital transactions will occur over two years, sufficient
cash is expected to be generated by operations to fund the return of capital.
<F2> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000107604
<NAME> WINDSOR COAL COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 39,231
<OTHER-PROPERTY-AND-INVEST> 17
<TOTAL-CURRENT-ASSETS> 4,654
<TOTAL-DEFERRED-CHARGES> 509
<OTHER-ASSETS> 3,356
<TOTAL-ASSETS> 47,767
<COMMON> 406
<CAPITAL-SURPLUS-PAID-IN> 10,470
<RETAINED-EARNINGS> 1,724
<TOTAL-COMMON-STOCKHOLDERS-EQ> 12,600
0
0
<LONG-TERM-DEBT-NET> 8,862
<SHORT-TERM-NOTES> 75
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 566
0
<CAPITAL-LEASE-OBLIGATIONS> 2,689
<LEASES-CURRENT> 1,734
<OTHER-ITEMS-CAPITAL-AND-LIAB> 21,241
<TOT-CAPITALIZATION-AND-LIAB> 47,767
<GROSS-OPERATING-REVENUE> 48,922
<INCOME-TAX-EXPENSE> 848
<OTHER-OPERATING-EXPENSES> 46,706
<TOTAL-OPERATING-EXPENSES> 47,554
<OPERATING-INCOME-LOSS> 1,368
<OTHER-INCOME-NET> 8
<INCOME-BEFORE-INTEREST-EXPEN> 1,376
<TOTAL-INTEREST-EXPENSE> 13
<NET-INCOME> 1,363
0
<EARNINGS-AVAILABLE-FOR-COMM> 1,363
<COMMON-STOCK-DIVIDENDS> 340
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 660
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000107604
<NAME> WINDSOR COAL COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 39,231
<OTHER-PROPERTY-AND-INVEST> 17
<TOTAL-CURRENT-ASSETS> 3,054 <F1>
<TOTAL-DEFERRED-CHARGES> 509
<OTHER-ASSETS> 3,356
<TOTAL-ASSETS> 46,167
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 0
0
0
<LONG-TERM-DEBT-NET> 19,575
<SHORT-TERM-NOTES> 75
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 853
0
<CAPITAL-LEASE-OBLIGATIONS> 2,689
<LEASES-CURRENT> 1,734
<OTHER-ITEMS-CAPITAL-AND-LIAB> 21,241
<TOT-CAPITALIZATION-AND-LIAB> 46,167
<GROSS-OPERATING-REVENUE> 47,178
<INCOME-TAX-EXPENSE> 114
<OTHER-OPERATING-EXPENSES> 47,059
<TOTAL-OPERATING-EXPENSES> 47,173
<OPERATING-INCOME-LOSS> 5
<OTHER-INCOME-NET> 8
<INCOME-BEFORE-INTEREST-EXPEN> 13
<TOTAL-INTEREST-EXPENSE> 13
<NET-INCOME> 0
0
<EARNINGS-AVAILABLE-FOR-COMM> 0
<COMMON-STOCK-DIVIDENDS> 340
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 660
<EPS-PRIMARY> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1> Reporting the entire return of capital as one transaction in these
pro forma statements results in a negative cash balance. Since the
return of capital transactions will occur over two years, sufficient
cash is expected to be generated by operations to fund the return of capital.
<F2> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000073986
<NAME> OHIO POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,574,603
<OTHER-PROPERTY-AND-INVEST> 215,273
<TOTAL-CURRENT-ASSETS> 440,795
<TOTAL-DEFERRED-CHARGES> 105,000
<OTHER-ASSETS> 480,012
<TOTAL-ASSETS> 3,815,683
<COMMON> 321,201
<CAPITAL-SURPLUS-PAID-IN> 463,100
<RETAINED-EARNINGS> 492,248
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,276,549
115,000
126,240
<LONG-TERM-DEBT-NET> 1,042,099
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 18,300
<LONG-TERM-DEBT-CURRENT-PORT> 47,056
0
<CAPITAL-LEASE-OBLIGATIONS> 64,454
<LEASES-CURRENT> 8,914
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,117,071
<TOT-CAPITALIZATION-AND-LIAB> 3,815,683
<GROSS-OPERATING-REVENUE> 1,677,505
<INCOME-TAX-EXPENSE> 70,887
<OTHER-OPERATING-EXPENSES> 1,390,118
<TOTAL-OPERATING-EXPENSES> 1,461,005
<OPERATING-INCOME-LOSS> 216,500
<OTHER-INCOME-NET> 24,848
<INCOME-BEFORE-INTEREST-EXPEN> 241,348
<TOTAL-INTEREST-EXPENSE> 85,215
<NET-INCOME> 156,133
15,301
<EARNINGS-AVAILABLE-FOR-COMM> 140,832
<COMMON-STOCK-DIVIDENDS> 138,708
<TOTAL-INTEREST-ON-BONDS> 63,696
<CASH-FLOW-OPERATIONS> 273,412
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000073986
<NAME> OHIO POWER COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 2,574,603
<OTHER-PROPERTY-AND-INVEST> 114,711
<TOTAL-CURRENT-ASSETS> 541,357
<TOTAL-DEFERRED-CHARGES> 105,000
<OTHER-ASSETS> 480,012
<TOTAL-ASSETS> 3,815,683
<COMMON> 321,201
<CAPITAL-SURPLUS-PAID-IN> 463,100
<RETAINED-EARNINGS> 492,248
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,276,549
115,000
126,240
<LONG-TERM-DEBT-NET> 1,042,099
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 18,300
<LONG-TERM-DEBT-CURRENT-PORT> 47,056
0
<CAPITAL-LEASE-OBLIGATIONS> 64,454
<LEASES-CURRENT> 8,914
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,117,071
<TOT-CAPITALIZATION-AND-LIAB> 3,815,683
<GROSS-OPERATING-REVENUE> 1,659,917
<INCOME-TAX-EXPENSE> 70,887
<OTHER-OPERATING-EXPENSES> 1,372,530
<TOTAL-OPERATING-EXPENSES> 1,443,417
<OPERATING-INCOME-LOSS> 216,500
<OTHER-INCOME-NET> 12,366
<INCOME-BEFORE-INTEREST-EXPEN> 228,866
<TOTAL-INTEREST-EXPENSE> 85,215
<NET-INCOME> 143,651
15,301
<EARNINGS-AVAILABLE-FOR-COMM> 128,350
<COMMON-STOCK-DIVIDENDS> 138,708
<TOTAL-INTEREST-ON-BONDS> 63,696
<CASH-FLOW-OPERATIONS> 273,412
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000004904
<NAME> AMERICAN ELECTRIC POWER COMPANY, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 11,341,273
<OTHER-PROPERTY-AND-INVEST> 760,144
<TOTAL-CURRENT-ASSETS> 1,349,443
<TOTAL-DEFERRED-CHARGES> 363,938
<OTHER-ASSETS> 1,951,442
<TOTAL-ASSETS> 15,766,240
<COMMON> 1,264,802
<CAPITAL-SURPLUS-PAID-IN> 1,650,647
<RETAINED-EARNINGS> 1,362,170
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,277,619
590,300
233,240
<LONG-TERM-DEBT-NET> 4,579,207
<SHORT-TERM-NOTES> 20,825
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 166,750
<LONG-TERM-DEBT-CURRENT-PORT> 452,373
85
<CAPITAL-LEASE-OBLIGATIONS> 304,442
<LEASES-CURRENT> 90,979
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,050,420
<TOT-CAPITALIZATION-AND-LIAB> 15,766,240
<GROSS-OPERATING-REVENUE> 5,432,655
<INCOME-TAX-EXPENSE> 241,034
<OTHER-OPERATING-EXPENSES> 4,259,362
<TOTAL-OPERATING-EXPENSES> 4,500,396
<OPERATING-INCOME-LOSS> 932,259
<OTHER-INCOME-NET> 9,043
<INCOME-BEFORE-INTEREST-EXPEN> 941,302
<TOTAL-INTEREST-EXPENSE> 390,840
<NET-INCOME> 494,908
55,554 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 494,908
<COMMON-STOCK-DIVIDENDS> 443,521
<TOTAL-INTEREST-ON-BONDS> 268,652
<CASH-FLOW-OPERATIONS> 961,856
<EPS-PRIMARY> $2.68
<EPS-DILUTED> $2.68
<FN>
<F1>Represents perferred stock dividend requirements of
subsidiaries; deducted before computation of net income.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000004904
<NAME> AMERICAN ELECTRIC POWER COMPANY, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 11,341,273
<OTHER-PROPERTY-AND-INVEST> 760,144
<TOTAL-CURRENT-ASSETS> 1,410,443
<TOTAL-DEFERRED-CHARGES> 363,938
<OTHER-ASSETS> 1,951,442
<TOTAL-ASSETS> 15,827,240
<COMMON> 1,264,802
<CAPITAL-SURPLUS-PAID-IN> 1,650,647
<RETAINED-EARNINGS> 1,362,170
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,277,619
590,300
233,240
<LONG-TERM-DEBT-NET> 4,636,420
<SHORT-TERM-NOTES> 20,825
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 166,750
<LONG-TERM-DEBT-CURRENT-PORT> 456,160
85
<CAPITAL-LEASE-OBLIGATIONS> 304,442
<LEASES-CURRENT> 90,979
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,050,420
<TOT-CAPITALIZATION-AND-LIAB> 15,827,240
<GROSS-OPERATING-REVENUE> 5,415,067
<INCOME-TAX-EXPENSE> 234,312
<OTHER-OPERATING-EXPENSES> 4,260,978
<TOTAL-OPERATING-EXPENSES> 4,495,290
<OPERATING-INCOME-LOSS> 919,777
<OTHER-INCOME-NET> 9,043
<INCOME-BEFORE-INTEREST-EXPEN> 928,820
<TOTAL-INTEREST-EXPENSE> 390,840
<NET-INCOME> 482,426
55,554 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 482,426
<COMMON-STOCK-DIVIDENDS> 443,521
<TOTAL-INTEREST-ON-BONDS> 268,652
<CASH-FLOW-OPERATIONS> 961,856
<EPS-PRIMARY> $2.61
<EPS-DILUTED> $2.61
<FN>
<F1>Represents perferred stock dividend requirements of
subsidiaries; deducted before computation of net income.
</FN>
</TABLE>
