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Previous: CENTRAL OHIO COAL CO, 35-CERT, 1998-11-24 |
Next: CENTURY TELEPHONE ENTERPRISES INC, S-8, 1998-11-24 |
<PAGE>
WINDSOR COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 26573
FOR THE QUARTER ENDED SEPTEMBER 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>
WINDSOR COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 1998
(UNAUDITED)
(in thousands)
OPERATING REVENUES $6,014
COST OF OPERATION 6,413
OPERATING LOSS (399)
NONOPERATING INCOME 298
LOSS BEFORE FEDERAL INCOME TAXES (101)
FEDERAL INCOME TAX CREDIT (105)
NET INCOME $ 4
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED SEPTEMBER 30, 1998
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $ 6
NET INCOME 4
BALANCE AT END OF PERIOD $10
The common stock of the Company is wholly owned by Ohio Power Company.
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 30,
1998
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $59,176
Construction Work in Progress 55
Total Mining Plant 59,231
Accumulated Depreciation and Amortization 38,076
NET MINING PLANT 21,155
CURRENT ASSETS:
Cash and Cash Equivalents 17,412
Accounts Receivable:
General 2,158
Affiliated Companies 583
Coal 31
Materials and Supplies 3,640
Other 244
TOTAL CURRENT ASSETS 24,068
DEFERRED INCOME TAXES 7,906
DEFERRED CHARGES 174
TOTAL $53,303
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 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 10
TOTAL SHAREHOLDER'S EQUITY 10
LONG-TERM DEBT - Finance Obligations 6,714
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases 934
Accrued Postretirement Benefits Other Than Pensions 9,675
Operating Reserves 16,565
TOTAL OTHER NONCURRENT LIABILITIES 27,174
CURRENT LIABILITIES:
Long-term Debt Due Within One Year 570
Accounts Payable:
General 846
Affiliated Companies 1,814
Taxes Accrued 1,231
Accrued Vacation Pay 1,034
Workers' Compensation Claims 2,233
Obligations Under Capital Leases 989
Other 2,008
TOTAL CURRENT LIABILITIES 10,725
REGULATORY LIABILITIES 8,680
TOTAL $53,303
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 1998
There were no significant changes with regard to the Company's
operations and mining plant during the quarter.
<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, 1998
(in thousands, except as noted)
<CAPTION> July through
September
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 $ 118
D. Net Income per Statement of Income $ 4
Add: Interest Charges -
Less: Nonoperating Income 298
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (294)
2. Year-to-Date $ (437)
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 6,308
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (294)
C. Cost Applicable to Current Quarter Coal Billings 6,014
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 4,807
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 1,207
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 55,468
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $21.76
(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, 1998
(in thousands)
Direct Labor-UMW* $ 651
Indirect Labor-UMW* 1,540
Benefits-UMW* 1,732
Salaries and Benefits-Nonunion 1,417
Operating Supplies 888
Repair Parts and Materials 2,037
Electricity and Other Utilities 460
Outside Services-Maintenance, Haulage and Reclamation 1,208
Taxes Other Than Federal Income Taxes** 1,168
Rental of Equipment 642
Depreciation, Depletion and Amortization 978
Royalties 530
Reclamation 506
Mining Cost Normalization*** (9,838)
Other Production Costs 2,239
Subtotal 6,158
Transfers of Production Costs (to)/from Coal Inventory 255
Total $ 6,413
* 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, 1998
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 633 $ - $ 633
Mining Structures and Equipment 47,504 30,948 16,556
Coal Interests (net of depletion) 998 - 998
Mine Development Costs 10,041 7,128 2,913
Total Mining Plant
in Service $59,176 $38,076 $21,100
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