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Previous: CASH MANAGEMENT TRUST OF AMERICA, 485BPOS, 1997-11-26 |
Next: CENTRAL OHIO COAL CO, 35-CERT, 1997-11-26 |
<PAGE>
CENTRAL OHIO COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 26573
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
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
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CENTRAL OHIO COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
(UNAUDITED)
(in thousands)
OPERATING REVENUES $13,714
COST OF OPERATION 14,125
OPERATING LOSS (411)
NONOPERATING INCOME 474
INCOME BEFORE FEDERAL INCOME TAXES 63
FEDERAL INCOME TAXES 63
NET INCOME $ -
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $ -
NET INCOME -
BALANCE AT END OF PERIOD $ -
The common stock of the Company is wholly owned by Ohio Power Company.
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CENTRAL OHIO COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 30,
1997
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $64,240
Construction Work in Progress 238
Total Mining Plant 64,478
Accumulated Depreciation and Amortization 49,966
NET MINING PLANT 14,512
OTHER PROPERTY AND INVESTMENTS 1,328
CURRENT ASSETS:
Cash and Cash Equivalents 10,945
Accounts Receivable:
General 1,232
Affiliated Companies 7,842
Coal 26
Materials and Supplies 7,337
Accrued Tax Benefit 297
Prepayments 421
TOTAL CURRENT ASSETS 28,100
DEFERRED INCOME TAXES 22,742
REGULATORY ASSETS 6,994
DEFERRED CHARGES 129
TOTAL $73,805
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CENTRAL OHIO COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 30,
1997
(in thousands)
CAPITALIZATION AND LIABILITIES
SHAREHOLDER'S EQUITY:
Common Stock - Par Value $0.10:
Authorized - 100,000 Shares
Outstanding - 69,000 Shares $ 7
Retained Earnings -
TOTAL SHAREHOLDER'S EQUITY 7
LONG-TERM DEBT - Finance Obligations 208
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 4,926
Accrued Postretirement Benefits Other Than Pensions 13,967
Accrued Reclamation Costs 24,515
Other Operating Reserves 12,512
TOTAL OTHER NONCURRENT LIABILITIES 55,920
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 104
Accounts Payable:
General 1,521
Affiliated Companies 581
Accrued Reclamation Costs 5,239
Accrued Vacation Pay 898
Workers' Compensation Claims 1,385
Obligations Under Capital Leases 3,230
Other 1,421
TOTAL CURRENT LIABILITIES 14,379
DEFERRED CREDITS 3,291
TOTAL $73,805
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CENTRAL OHIO COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
There were no significant changes with regard to the Company's
operations and mining plant during the quarter.
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<TABLE>
CENTRAL OHIO COAL COMPANY
CALCULATION OF COST OF CAPITAL AND STATEMENT OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
FOR THE QUARTER ENDED SEPTEMBR 30, 1997
(in thousands, except as noted)
<CAPTION> July through
September
1997
<S> <C>
I. Calculation of Cost-of-Capital Compensation:
A. Equity Investment at Beginning of Period:
Common Stock $ 7
B. Rate of Return Allowable per HCAR No. 26573:
10.29% per annum, 2.5725% per quarter .025725
C. Earnings Allowable on Equity Investment
1. Current Quarter $ -
2. Year-to-Date $ -
D. Net Income per Statement of Income $ -
Add: Interest Charges -
Less: Nonoperating Income 474
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (474)
2. Year-to-Date $ (3,443)
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 14,188
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (474)
C. Cost Applicable to Current Quarter Coal Billings 13,714
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 2,160
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 11,554
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 190,781
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $60.56
(a) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statement of Income.
</TABLE>
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CENTRAL OHIO COAL COMPANY
STATEMENT OF COST OF OPERATION
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
(in thousands)
Direct Labor-UMW* $ 396
Indirect Labor-UMW* 1,572
Benefits-UMW* 970
Salaries and Benefits-Nonunion 1,064
Operating Supplies 1,604
Repair Parts and Materials 1,865
Electricity and Other Utilities 551
Outside Services-Maintenance, Haulage and Reclamation 522
Taxes Other Than Federal Income Taxes** 463
Rental of Equipment 1,939
Depreciation, Depletion and Amortization 887
Mining Cost Normalization*** (2,040)
Reclamation Cost-Net 2,637
Other Production Costs 1,721
Subtotal 14,151
Transfers of Production Costs (to)/from Coal Inventory (26)
Total $14,125
* 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 remainder of 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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CENTRAL OHIO COAL COMPANY
ANALYSIS OF MINING PLANT IN SERVICE
AND RELATED ACCUMULATED PROVISIONS FOR
DEPRECIATION AND AMORTIZATION
September 30, 1997
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 324 $ - $ 324
Mining Structures and Equipment 57,926 47,772 10,154
Coal Interests (net of depletion) 3,698 - 3,698
Leasehold Improvements 2,292 2,194 98
Total Mining Plant in Service $64,240 $49,966 $14,274
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