|
|
|
|
|
|
|
|
|
|
Previous: CENTRAL OHIO COAL CO, 35-CERT, 1997-11-26 |
Next: CHASE MANHATTAN CORP /DE/, 424B2, 1997-11-26 |
<PAGE>
WINDSOR 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
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
(UNAUDITED)
(in thousands)
OPERATING REVENUES $15,269
COST OF OPERATION 14,734
OPERATING INCOME 535
NONOPERATING INCOME 70
INCOME BEFORE INTEREST CHARGES 605
INTEREST CHARGES - to Parent Company 3
INCOME BEFORE FEDERAL INCOME TAXES 602
FEDERAL INCOME TAXES 317
NET INCOME $ 285
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $1,893
NET INCOME 285
CASH DIVIDENDS DECLARED 1,988
BALANCE AT END OF PERIOD $ 190
The common stock of the Company is wholly owned by Ohio Power Company.
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 30,
1997
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $60,526
Construction Work in Progress 558
Total Mining Plant 61,084
Accumulated Depreciation and Amortization 34,106
NET MINING PLANT 26,978
CURRENT ASSETS:
Cash and Cash Equivalents 2,256
Accounts Receivable:
General 2,912
Affiliated Companies 7,193
Coal 3
Materials and Supplies 3,658
Other 329
TOTAL CURRENT ASSETS 16,351
REGULATORY ASSETS 5,077
DEFERRED INCOME TAXES 3,587
DEFERRED CHARGES 315
TOTAL $52,308
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 30,
1997
(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 190
TOTAL SHAREHOLDER'S EQUITY 11,066
LONG-TERM DEBT:
Finance Obligations 7,283
Advances from Parent Company 225
TOTAL LONG-TERM DEBT 7,508
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 1,681
Accrued Postretirement Benefits Other Than Pensions 8,013
Operating Reserves 11,621
TOTAL OTHER NONCURRENT LIABILITIES 21,315
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 570
Accounts Payable:
General 1,446
Affiliated Companies 976
Taxes Accrued 417
Accrued Vacation Pay 818
Workers' Compensation Claims 2,534
Obligations Under Capital Leases 1,094
Other 1,101
TOTAL CURRENT LIABILITIES 8,956
REGULATORY LIABILITIES 3,396
DEFERRED CREDITS 67
TOTAL $52,308
<PAGE>
<PAGE>
WINDSOR 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.
On October 1, 1997 the Company returned $2,000,000 to its parent out
of capital and reduced the par value of its authorized common shares
from $100 per share to $0.10 per share, thereby reducing its stated
capital from $406,000 to $406. The Company was authorized by HCAR No.
26573 to reduce its stated capital and to return to its parent
$11,048,000 out of capital surplus through December 31, 1998.
<PAGE>
<PAGE>
<TABLE> WINDSOR COAL COMPANY
CALCULATION OF COST OF CAPITAL AND STATEMENT OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
FOR THE QUARTER ENDED SEPTEMBER 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 $ 406
Paid-in Capital 10,470
Excess of Acquisition Cost Over Net Book Value 172
11,048
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 $ 285
2. Year-to-Date $ 910
D. Net Income per Statement of Income $ 285
Add: Interest Charges 3
Less: Nonoperating Income 70
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ 218
2. Year-to-Date $ 767
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 15,051
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I 218
C. Cost Applicable to Current Quarter Coal Billings 15,269
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 5,408
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 9,861
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 47,208
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $208.88
(a) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statement of Income.
</TABLE>
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
STATEMENT OF COST OF OPERATION
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
(in thousands)
Direct Labor-UMW* $ 668
Indirect Labor-UMW* 1,591
Benefits-UMW* 1,719
Salaries and Benefits-Nonunion 1,427
Operating Supplies 1,087
Repair Parts and Materials 1,990
Electricity and Other Utilities 447
Outside Services-Maintenance, Haulage and Reclamation 1,574
Taxes Other Than Federal Income Taxes** 1,179
Rental of Equipment 865
Depreciation, Depletion and Amortization 993
Royalties 376
Reclamation 467
Mining Cost Normalization*** (914)
Other Production Costs 1,226
Subtotal 14,695
Transfers of Production Costs (to)/from Coal Inventory 39
Total $14,734
* 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>
<PAGE>
WINDSOR 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 $ 634 $ - $ 634
Mining Structures and Equipment 48,570 28,115 20,455
Coal Interests (net of depletion) 1,281 - 1,281
Mine Development Costs 10,041 5,991 4,050
Total Mining Plant
in Service $60,526 $34,106 $26,420
|
|