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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, 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
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WINDSOR COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED JUNE 30, 1998
(UNAUDITED)
(in thousands)
OPERATING REVENUES $21,811
COST OF OPERATION 22,152
OPERATING LOSS (341)
NONOPERATING INCOME 179
LOSS BEFORE FEDERAL INCOME TAXES (162)
FEDERAL INCOME TAX CREDIT (166)
NET INCOME $ 4
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED JUNE 30, 1998
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $2
NET INCOME 4
BALANCE AT END OF PERIOD $6
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,
1998
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $59,828
Construction Work in Progress 16
Total Mining Plant 59,844
Accumulated Depreciation and Amortization 37,331
NET MINING PLANT 22,513
CURRENT ASSETS:
Cash and Cash Equivalents 20,414
Accounts Receivable:
General 3,019
Affiliated Companies 4,769
Coal 286
Materials and Supplies 3,487
Other 156
TOTAL CURRENT ASSETS 32,131
DEFERRED INCOME TAXES 7,284
REGULATORY ASSETS 873
DEFERRED CHARGES 129
TOTAL $62,930
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
June 30,
1998
(in thousands)
CAPITALIZATION AND LIABILITIES
SHAREHOLDER'S EQUITY:
Common Stock - Par Value $0.10:
Authorized - 5,000 Shares
Outstanding - 4,064 Shares $ -
Paid-in Capital -
Retained Earnings 6
TOTAL SHAREHOLDER'S EQUITY 6
LONG-TERM DEBT - Finance Obligations 6,856
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 1,137
Accrued Postretirement Benefits Other Than Pensions 9,214
Operating Reserves 15,122
TOTAL OTHER NONCURRENT LIABILITIES 25,473
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 570
Accounts Payable:
General 1,142
Affiliated Companies 1,788
Taxes Accrued 1,151
Accrued Vacation Pay 1,272
Workers' Compensation Claims 2,544
Obligations Under Capital Leases 1,067
Other 1,515
TOTAL CURRENT LIABILITIES 11,049
REGULATORY LIABILITIES 19,522
DEFERRED CREDITS 24
TOTAL $62,930
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WINDSOR 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.
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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, 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 $ -
Paid-in Capital -
Excess of Acquisition Cost Over Net Book Value 172
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 $ 4
2. Year-to-Date $ 114
D. Net Income per Statement of Income $ 4
Add: Interest Charges -
Less: Nonoperating Income 179
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (175)
2. Year-to-Date $ (143)
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 21,986
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (175)
C. Cost Applicable to Current Quarter Coal Billings 21,811
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 3,223
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 18,588
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 414,938
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $44.80
(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, 1998
(in thousands)
Direct Labor-UMW* $ 665
Indirect Labor-UMW* 1,673
Benefits-UMW* 1,829
Salaries and Benefits-Nonunion 1,523
Operating Supplies 941
Repair Parts and Materials 2,297
Electricity and Other Utilities 525
Outside Services-Maintenance, Haulage and Reclamation 935
Taxes Other Than Federal Income Taxes** 1,859
Rental of Equipment 653
Depreciation, Depletion and Amortization 1,234
Royalties 1,020
Reclamation 935
Mining Cost Normalization*** 4,077
Other Production Costs 2,205
Subtotal 22,371
Transfers of Production Costs (to)/from Coal Inventory (219)
Total $22,152
* 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, 1998
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 634 $ - $ 634
Mining Structures and Equipment 48,120 30,379 17,741
Coal Interests (net of depletion) 1,033 - 1,033
Mine Development Costs 10,041 6,952 3,089
Total Mining Plant
in Service $59,828 $37,331 $22,497
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