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Previous: SELIGMAN COMMON STOCK FUND INC, NSAR-A, 1998-08-28 |
Next: CENTRAL OHIO COAL CO, 35-CERT, 1998-08-28 |
<PAGE>
CENTRAL OHIO COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 26573
FOR THE QUARTER ENDED JUNE 30, 1998
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, 1998
(UNAUDITED)
(in thousands)
OPERATING REVENUES $27,298
COST OF OPERATION 28,183
OPERATING LOSS (885)
NONOPERATING INCOME 646
LOSS BEFORE FEDERAL INCOME TAXES (239)
FEDERAL INCOME TAX CREDIT (239)
NET INCOME $ -
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED JUNE 30, 1998
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $ -
NET INCOME -
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,
1998
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $39,553
Accumulated Depreciation and Amortization 35,637
NET MINING PLANT 3,916
OTHER PROPERTY AND INVESTMENTS 2,114
CURRENT ASSETS:
Cash and Cash Equivalents 45,279
Accounts Receivable:
General 120
Affiliated Companies 11,304
Coal 46
Materials and Supplies 7,156
Prepayments 141
TOTAL CURRENT ASSETS 64,046
DEFERRED INCOME TAXES 28,208
REGULATORY ASSETS 194
DEFERRED CHARGES 912
TOTAL $99,390
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
BALANCE SHEET
(UNAUDITED)
JUNE 30,
1998
(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
OTHER NONCURRENT LIABILITIES:
Accrued Postretirement Benefits Other Than Pensions 15,658
Accrued Reclamation Costs 33,924
Other Operating Reserves 10,521
TOTAL OTHER NONCURRENT LIABILITIES 60,103
CURRENT LIABILITIES:
Accounts Payable:
General 1,893
Affiliated Companies 533
Taxes Accrued 625
Accrued Reclamation Costs 3,690
Accrued Vacation Pay 866
Workers' Compensation Claims 810
Other 2,756
TOTAL CURRENT LIABILITIES 11,173
DEFERRED CREDITS 28,107
TOTAL $99,390
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED JUNE 30, 1998
There were no significant changes with regard to the Company's
operations and mining plant during the quarter.
<PAGE>
<PAGE>
<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, 1998
(in thousands, except as noted)
<CAPTION> April through
June
1998
<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:
10.51% per annum, 2.6275% per quarter .026275
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 646
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (646)
2. Year-to-Date $ (1,131)
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 27,944
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (646)
C. Cost Applicable to Current Quarter Coal Billings 27,298
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 228
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 27,070
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 363,413
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $74.49
(a) As represented by Cost of Operation plus Federal Income Taxes reported in Statement of Income.
/TABLE
<PAGE>
<PAGE>
CENTRAL OHIO COAL COMPANY
STATEMENT OF COST OF OPERATION
FOR THE QUARTER ENDED JUNE 30, 1998
(in thousands)
Direct Labor-UMW* $ 522
Indirect Labor-UMW* 1,697
Benefits-UMW* 2,437
Salaries and Benefits-Nonunion 1,200
Operating Supplies 1,624
Repair Parts and Materials 1,515
Electricity and Other Utilities 651
Outside Services-Maintenance, Haulage and Reclamation 643
Taxes Other Than Federal Income Taxes** 347
Rental of Equipment 788
Depreciation, Depletion and Amortization 625
Mining Cost Normalization*** 10,510
Reclamation 2,730
Other Production Costs 2,928
Subtotal 28,217
Transfers of Production Costs (to)/from Coal Inventory (34)
Total $28,183
* 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>
CENTRAL OHIO COAL COMPANY
ANALYSIS OF MINING PLANT IN SERVICE
AND RELATED ACCUMULATED PROVISIONS FOR
DEPRECIATION AND AMORTIZATION
JUNE 30, 1998
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 324 $ - $ 324
Mining Structures and Equipment 34,737 33,345 1,392
Coal Interests (net of depletion) 2,200 - 2,200
Leasehold Improvements 2,292 2,292 -
Total Mining Plant in Service $39,553 $35,637 $3,916
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