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Previous: CENTRAL LOUISIANA ELECTRIC CO INC, 10-K, 1997-03-27 |
Next: CENTRAL OHIO COAL CO, 35-CERT, 1997-03-27 |
<PAGE>
CENTRAL OHIO 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
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED DECEMBER 31, 1996
(UNAUDITED)
(in thousands)
OPERATING REVENUES $ 9,027
COST OF OPERATION 9,606
OPERATING LOSS (579)
NONOPERATING INCOME 432
LOSS BEFORE INTEREST CHARGES (147)
INTEREST CHARGES - to Parent Company 2
LOSS BEFORE FEDERAL INCOME TAXES (149)
FEDERAL INCOME TAX CREDIT (149)
NET INCOME $ -
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED DECEMBER 31, 1996
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $200
NET INCOME -
CASH DIVIDENDS DECLARED -
BALANCE AT END OF PERIOD $200
The common stock of the Company is wholly owned by Ohio Power Company.
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CENTRAL OHIO COAL COMPANY
BALANCE SHEET
(UNAUDITED)
December 31,
1996
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $70,705
Accumulated Depreciation and Amortization 51,830
NET MINING PLANT 18,875
CURRENT ASSETS:
Cash and Cash Equivalents 8,498
Accounts Receivable:
General 1,895
Affiliated Companies 2,062
Coal 193
Materials and Supplies 8,398
Other 1,020
TOTAL CURRENT ASSETS 22,066
DEFERRED INCOME TAXES 20,448
REGULATORY ASSETS 1,487
DEFERRED CHARGES 201
TOTAL $63,077
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CENTRAL OHIO COAL COMPANY
BALANCE SHEET
(UNAUDITED)
December 31,
1996
(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 200
TOTAL SHAREHOLDER'S EQUITY 207
LONG-TERM DEBT - Finance Obligations 286
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 6,537
Operating Reserves 39,457
TOTAL OTHER NONCURRENT LIABILITIES 45,994
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 104
Accounts Payable 2,247
Taxes Accrued 596
Accrued Reclamation Costs 1,226
Accrued Vacation Pay 714
Workers' Compensation Claims 1,500
Obligations Under Capital Leases 3,389
Other 2,238
TOTAL CURRENT LIABILITIES 12,014
REGULATORY LIABILITIES AND DEFERRED CREDITS 4,576
TOTAL $63,077
<PAGE>
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CENTRAL OHIO 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.
In September 1996, the Company was granted permission to reduce the
par value of its authorized common shares from $100 per share to $0.10
per share, thereby reducing its stated capital from $6.9 million to
$6,900. Also the Company was granted permission to return to its parent
$19,962,000 out of capital surplus through December 31, 1998. The HCAR
Release No. 26573 authorizes this return of capital. On October 1, 1996
the Company paid $19,662,000 to its parent out of capital surplus. On
October 11, 1996 the Company returned to its parent the advance of
$1,500,000.
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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 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 $ 7
B. Rate of Return Allowable per HCAR No. 22770:
12.81% per annum, 3.2025% per quarter .032025
C. Earnings Allowable: (re investment in item A)
1. Current Quarter $ -
2. Year-to-Date $ 706
D. Equity Investment - January 1983 (Preparation Plant) $ -
E. Rate of Return Allowable per HCAR No. 22770:
11.90% per annum, 2.975% per quarter .02975
F. Earnings Allowable: (re investment in item D)
1. Current Quarter $ -
2. Year-to-Date $ 574
G. Equity Investment - January 1983 (Other Assets) $ -
H. Rate of Return Allowable per HCAR No. 22770:
11.26% per annum, 2.815% per quarter .02815
I. Earnings Allowable: (re investment in item G)
1. Current Quarter $ -
2. Year-to-Date $ 523
J. Total Earnings Allowable:
1. Current Quarter (C.1. + F.1. + I.1.) $ -
2. Year-to-Date (C.2. + F.2. + I.2.) $ 1,803
K. Net Income per Statement of Income $ -
Add: Interest Charges 2
Less: Nonoperating Income 432
L. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (430)
2. Year-to-Date $ (843)
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 9,457
B. Add: Cost-of-Capital Billing Adder as Applied per L. 1. of Section I (430)
C. Cost Applicable to Current Quarter Coal Billings 9,027
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 4,653
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 4,374
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 125,510
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $34.85
(a) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statements of Income.
/TABLE
<PAGE>
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CENTRAL OHIO COAL COMPANY
STATEMENT OF COST OF OPERATION
FOR THE QUARTER ENDED DECEMBER 31, 1996
(in thousands)
Direct Labor-UMW* $ 358
Indirect Labor-UMW* 1,647
Benefits-UMW* 1,296
Salaries and Benefits-Nonunion 1,174
Operating Supplies 2,010
Repair Parts and Materials 1,367
Electricity and Other Utilities 661
Outside Services-Maintenance, Haulage and Reclamation 693
Taxes Other Than Federal Income Taxes** 461
Rental of Equipment 1,974
Depreciation, Depletion and Amortization 982
Mining Cost Normalization*** (8,470)
Reclamation 3,689
Other Production Costs 1,821
Subtotal 9,663
Transfers of Production Costs (to)/from Coal Inventory (57)
Total $ 9,606
* 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
December 31, 1996
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 324 $ - $ 324
Mining Structures and Equipment 62,969 49,679 13,290
Coal Interests (net of depletion) 5,120 - 5,120
Leasehold Improvements 2,292 2,151 141
Total Mining Plant
in Service $70,705 $51,830 $18,875
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
CONSTRUCTION EXPENDITURE BUDGET - 1997*
Description Budgeted Amount
(in thousands)
Mine Plant Blanket $40
This budget does not include any possible lease transactions.
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