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<PAGE>
WINDSOR 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
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WINDSOR COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED JUNE 30, 1997
(UNAUDITED)
(in thousands)
OPERATING REVENUES $20,220
COST OF OPERATION 19,910
OPERATING INCOME 310
NONOPERATING INCOME 48
INCOME BEFORE INTEREST CHARGES 358
INTEREST CHARGES - to Parent Company 4
INCOME BEFORE FEDERAL INCOME TAXES 354
FEDERAL INCOME TAXES 70
NET INCOME $ 284
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED JUNE 30, 1997
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $1,609
NET INCOME 284
BALANCE AT END OF PERIOD $1,893
The common stock of the Company is wholly owned by Ohio Power Company.
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
June 30,
1997
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $59,789
Construction Work in Progress 292
Total Mining Plant 60,081
Accumulated Depreciation and Amortization 33,408
NET MINING PLANT 26,673
CURRENT ASSETS:
Cash and Cash Equivalents 5,145
Accounts Receivable:
General 4,595
Affiliated Companies 4,433
Coal 42
Materials and Supplies 3,535
Other 174
TOTAL CURRENT ASSETS 17,924
REGULATORY ASSETS 4,700
DEFERRED INCOME TAXES 2,700
DEFERRED CHARGES 243
TOTAL $52,240
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
June 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 1,893
TOTAL SHAREHOLDER'S EQUITY 12,769
LONG-TERM DEBT:
Finance Obligations 7,426
Advances from Parent Company 225
TOTAL LONG-TERM DEBT 7,651
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 1,204
Operating Reserves 17,988
TOTAL OTHER NONCURRENT LIABILITIES 19,192
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 570
Accounts Payable:
General 1,370
Affiliated Companies 758
Taxes Accrued 1,207
Accrued Vacation Pay 667
Workers' Compensation Claims 3,002
Obligations Under Capital Leases 836
Other 994
TOTAL CURRENT LIABILITIES 9,404
REGULATORY LIABILITIES 3,224
TOTAL $52,240
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WINDSOR 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.
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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 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 $ 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 $ 284
2. Year-to-Date $ 625
D. Net Income per Statement of Income $ 284
Add: Interest Charges 4
Less: Nonoperating Income 48
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ 240
2. Year-to-Date $ 549
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 19,980
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I 240
C. Cost Applicable to Current Quarter Coal Billings 20,220
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 7,302
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 12,918
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 150,954
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $85.57
(a) 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 JUNE 30, 1997
(in thousands)
Direct Labor-UMW* $ 652
Indirect Labor-UMW* 1,726
Benefits-UMW* 1,953
Salaries and Benefits-Nonunion 1,493
Operating Supplies 1,199
Repair Parts and Materials 2,078
Electricity and Other Utilities 534
Outside Services-Maintenance, Haulage and Reclamation 940
Taxes Other Than Federal Income Taxes** 1,666
Rental of Equipment 821
Depreciation, Depletion and Amortization 1,333
Royalties 644
Reclamation 1,106
Mining Cost Normalization*** 2,144
Other Production Costs 1,652
Subtotal 19,941
Transfers of Production Costs (to)/from Coal Inventory (31)
Total $19,910
* 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
JUNE 30, 1997
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 634 $ - $ 634
Mining Structures and Equipment 47,762 27,625 20,137
Coal Interests (net of depletion) 1,352 - 1,352
Mine Development Costs 10,041 5,783 4,258
Total Mining Plant
in Service $59,789 $33,408 $26,381
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