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<PAGE>
WINDSOR COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 26573
FOR THE QUARTER ENDED DECEMBER 31, 1996
CONTENTS
Page
Statements of Income and Retained Earnings 1
Balance Sheets 2-3
Information Concerning Mine Operations and
Capital Improvements 4
Calculation of Cost of Capital and
Statement of Cost of Commercial Coal Sold and Shipped 5
Statement of Cost of Operation 6
Analysis of Mining Plant in Service 7
Construction Expenditure Budget 8
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WINDSOR COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED DECEMBER 31, 1996
(UNAUDITED)
(in thousands)
OPERATING REVENUES $16,332
COST OF OPERATION 15,984
OPERATING INCOME 348
NONOPERATING INCOME 41
INCOME BEFORE INTEREST CHARGES 389
INTEREST CHARGES - to Parent Company 3
INCOME BEFORE FEDERAL INCOME TAXES 386
FEDERAL INCOME TAXES 45
NET INCOME $ 341
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED DECEMBER 31, 1996
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $ 927
NET INCOME 341
BALANCE AT END OF PERIOD $1,268
The common stock of the Company is wholly owned by Ohio Power Company.
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
December 31,
1996
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $60,058
Construction Work in Progress 189
Total Mining Plant 60,247
Accumulated Depreciation and Amortization 30,854
NET MINING PLANT 29,393
CURRENT ASSETS:
Cash and Cash Equivalents 3,937
Accounts Receivable:
General 3,847
Affiliated Companies 4,465
Coal 18
Materials and Supplies 3,947
Other 266
TOTAL CURRENT ASSETS 16,480
REGULATORY ASSETS 784
DEFERRED INCOME TAXES 581
DEFERRED CHARGES 391
TOTAL $47,629
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
December 31,
1996
(in thousands)
CAPITALIZATION AND LIABILITIES
SHAREHOLDER'S EQUITY:
Common Stock - Par Value $100:
Authorized - 5,000 Shares
Outstanding - 4,064 Shares $ 406
Paid-in Capital 10,470
Retained Earnings 1,268
TOTAL SHAREHOLDER'S EQUITY 12,144
LONG-TERM DEBT:
Finance Obligations 7,710
Advances from Parent Company 225
TOTAL LONG-TERM DEBT 7,935
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 1,459
Operating Reserves 14,630
TOTAL OTHER NONCURRENT LIABILITIES 16,089
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 570
Accounts Payable:
General 1,587
Affiliated Companies 690
Taxes Accrued 165
Accrued Vacation Pay 767
Workers' Compensation Claims 2,959
Obligations Under Capital Leases 848
Other 645
TOTAL CURRENT LIABILITIES 8,231
REGULATORY LIABILITIES 3,230
TOTAL $47,629
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WINDSOR COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED DECEMBER 31, 1996
There were no significant changes with regard to the Company's
operations and mining plant during the quarter.
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<TABLE> WINDSOR COAL COMPANY
CALCULATION OF COST OF CAPITAL AND STATEMENT OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
FOR THE QUARTER ENDED DECEMBER 31, 1996
(in thousands, except as noted)
<CAPTION> October through
December
1996
<S> <C>
I. Calculation of Cost-of-Capital Compensation:
A. Equity Investment at Beginning of Period:
Common Stock $ 406
Paid-in Capital (excluding item D) 8,353
Excess of Acquisition Cost Over Net Book Value 172
8,931
B. Rate of Return Allowable per HCAR No. 22179:
12.04% per annum, 3.01% per quarter (a) .0301
C. Earnings Allowable on Equity Investment
1. Current Quarter $ 269
2. Year-to-Date $ 1,075
D. Equity Investment for the month of December 1982 $ 2,117
E. Rate of Return Allowable per HCAR No. 22179:
13.58% per annum, 3.395% per quarter .03395
F. Earnings Allowable: (re investment in item D)
1. Current Quarter $ 72
2. Year-to-Date $ 288
G. Total Earnings Allowable:
1. Current Quarter (C.1. + F.1.) $ 341
2. Year-to-Date (C.2. + F.2.) $ 1,363
H. Net Income per Statement of Income $ 341
Add: Interest Charges 3
Less: Nonoperating Income 41
I. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ 303
2. Year-to-Date $ 1,284
II. Coal Billing Calculation:
A. Total Operating Expenses (b) $ 16,029
B. Add: Cost-of-Capital Billing Adder as Applied per I. 1. of Section I 303
C. Cost Applicable to Current Quarter Coal Billings 16,332
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 4,971
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 11,361
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 65,824
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $172.60
(a) HCAR No. 22179 pertains to only a portion of the equity investment ($7,497,000), however, the approved rate
is being applied to Ohio Power Company's full equity investment, excluding retained earnings.
(b) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statement of Income.
/TABLE
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WINDSOR COAL COMPANY
STATEMENT OF COST OF OPERATION
FOR THE QUARTER ENDED DECEMBER 31, 1996
(in thousands)
Direct Labor-UMW* $ 526
Indirect Labor-UMW* 1,564
Benefits-UMW* 1,225
Salaries and Benefits-Nonunion 1,250
Operating Supplies 809
Repair Parts and Materials 2,751
Electricity and Other Utilities 460
Outside Services-Maintenance, Haulage and Reclamation 1,417
Taxes Other Than Federal Income Taxes** 1,232
Rental of Equipment 796
Depreciation, Depletion and Amortization 1,009
Royalties 426
Reclamation 617
Mining Cost Normalization*** 233
Other Production Costs 865
Subtotal 15,180
Transfers of Production Costs (to)/from Coal Inventory 804
Total $15,984
* United Mine Workers of America.
** Excludes FICA, Federal Unemployment and State Unemployment.
These costs are reflected in employee benefits.
*** Represents the deferral/accrual required to establish a selling
price based on forecasted results for the year.
The amount of mining cost normalization is established on an
"overall" company basis(i.e., not itemized) and is eliminated by
year-end.
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WINDSOR COAL COMPANY
ANALYSIS OF MINING PLANT IN SERVICE
AND RELATED ACCUMULATED PROVISIONS FOR
DEPRECIATION AND AMORTIZATION
December 31, 1996
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 634 $ - $ 634
Mining Structures and Equipment 47,839 25,631 22,208
Coal Interests (net of depletion) 1,544 - 1,544
Mine Development Costs 10,041 5,223 4,818
Total Mining Plant
in Service $60,058 $30,854 $29,204
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WINDSOR COAL COMPANY
CONSTRUCTION EXPENDITURE BUDGET - 1997*
Description Budgeted Amount
(in thousands)
Not Applicable NONE
* This budget does not include any possible lease transactions.
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