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Previous: CENTRAL & SOUTH WEST CORP, U-9C-3, 1997-08-29 |
Next: CENTRAL OHIO COAL CO, 35-CERT, 1997-08-29 |
<PAGE>
CENTRAL OHIO COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 26573
FOR THE QUARTER ENDED JUNE 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
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED JUNE 30, 1997
(UNAUDITED)
(in thousands)
OPERATING REVENUES $15,170
COST OF OPERATION 18,043
OPERATING LOSS (2,873)
NONOPERATING INCOME 2,638
LOSS BEFORE FEDERAL INCOME TAXES (235)
FEDERAL INCOME TAX CREDIT (235)
NET INCOME $ -
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED JUNE 30, 1997
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $ -
CASH DIVIDENDS DECLARED -
BALANCE AT END OF PERIOD $ -
The common stock of the Company is wholly owned by Ohio Power Company.
<PAGE>
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CENTRAL OHIO COAL COMPANY
BALANCE SHEET
(UNAUDITED)
JUNE 30,
1997
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $64,791
Accumulated Depreciation and Amortization 48,959
NET MINING PLANT 15,832
CURRENT ASSETS:
Cash and Cash Equivalents 17,532
Accounts Receivable:
General 2,388
Affiliated Companies 263
Materials and Supplies 7,318
Accrued Tax Benefit 1,633
Prepayments 1,703
TOTAL CURRENT ASSETS 30,837
DEFERRED INCOME TAXES 20,995
REGULATORY ASSETS 5,277
DEFERRED CHARGES 203
TOTAL $73,144
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CENTRAL OHIO COAL COMPANY
BALANCE SHEET
(UNAUDITED)
JUNE 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 234
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 5,467
Accrued Postretirement Benefits Other Than Pensions 13,394
Accrued Reclamation Costs 22,365
Other Operating Reserves 11,410
TOTAL OTHER NONCURRENT LIABILITIES 52,636
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 104
Accounts Payable:
General 1,618
Affiliated Companies 541
Accrued Reclamation Costs 4,752
Accrued Vacation Pay 775
Workers' Compensation Claims 1,412
Obligations Under Capital Leases 3,333
Other 2,267
TOTAL CURRENT LIABILITIES 14,802
DEFERRED CREDITS 5,465
TOTAL $73,144
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED JUNE 30, 1997
There were no significant changes with regard to the Company's
operations and mining plant during the quarter.
<PAGE>
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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 JUNE 30, 1997
(in thousands, except as noted)
<CAPTION> April through
June
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 2,638
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (2,638)
2. Year-to-Date $ (2,969)
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 17,808
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (2,638)
C. Cost Applicable to Current Quarter Coal Billings 15,170
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 4,143
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 11,027
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 167,980
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $65.64
(a) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statements of Income.
/TABLE
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
STATEMENT OF COST OF OPERATION
FOR THE QUARTER ENDED JUNE 30, 1997
(in thousands)
Direct Labor-UMW* $ 431
Indirect Labor-UMW* 1,565
Benefits-UMW* 1,395
Salaries and Benefits-Nonunion 933
Operating Supplies 1,875
Repair Parts and Materials 993
Electricity and Other Utilities 652
Outside Services-Maintenance, Haulage and Reclamation 421
Taxes Other Than Federal Income Taxes** 530
Rental of Equipment 1,924
Depreciation, Depletion and Amortization 953
Mining Cost Normalization*** 455
Reclamation 4,119
Other Production Costs 1,783
Subtotal 18,029
Transfers of Production Costs (to)/from Coal Inventory 14
Total $18,043
* 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.
<PAGE>
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CENTRAL OHIO COAL COMPANY
ANALYSIS OF MINING PLANT IN SERVICE
AND RELATED ACCUMULATED PROVISIONS FOR
DEPRECIATION AND AMORTIZATION
JUNE 30, 1997
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 324 $ - $ 324
Mining Structures and Equipment 58,020 46,780 11,240
Coal Interests (net of depletion) 4,155 - 4,155
Leasehold Improvements 2,292 2,179 113
Total Mining Plant in Service $64,791 $48,959 $15,832
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