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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, 1999
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, 1999
(UNAUDITED)
(in thousands)
OPERATING REVENUES $30,103
COST OF OPERATION 29,433
OPERATING INCOME 670
NONOPERATING LOSS (762)
LOSS BEFORE FEDERAL INCOME TAXES (92)
FEDERAL INCOME TAX CREDIT (96)
NET INCOME $ 4
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED JUNE 30, 1999
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $20
NET INCOME 4
BALANCE AT END OF PERIOD $24
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,
1999
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $47,161
Construction Work in Progress 151
Total Mining Plant 47,312
Accumulated Depreciation and Amortization 33,873
NET MINING PLANT 13,439
CURRENT ASSETS:
Cash and Cash Equivalents 29,941
Accounts Receivable:
General 1,225
Affiliated Companies 12,547
Coal 356
Materials and Supplies 3,557
Other 204
TOTAL CURRENT ASSETS 47,830
DEFERRED INCOME TAXES 11,589
DEFERRED CHARGES 299
TOTAL $73,157
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
June 30,
1999
(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 24
TOTAL SHAREHOLDER'S EQUITY 24
OTHER NONCURRENT LIABILITIES:
Accrued Postretirement Benefits Other Than Pensions 11,135
Operating Reserves 15,426
TOTAL OTHER NONCURRENT LIABILITIES 26,561
CURRENT LIABILITIES:
Accounts Payable:
General 1,768
Affiliated Companies 4,621
Taxes Accrued 2,035
Accrued Vacation Pay 1,290
Workers' Compensation Claims 2,507
Other 1,054
TOTAL CURRENT LIABILITIES 13,275
REGULATORY LIABILITIES 33,276
DEFERRED CREDITS 21
TOTAL $73,157
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WINDSOR COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED JUNE 30, 1999
Mine Closure
The Company announced plans to discontinue mining operations
effective April 30, 2000. Consequently, a provision of $48.4 million
for mine closure costs was recorded in July 1999. The Company billed
and recovered these costs from OPCo.
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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, 1999
(in thousands, except as noted)
<CAPTION> April through
June
1999
<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: 10.43% per annum, 2.6075% per quarter .026075
C. Earnings Allowable on Equity Investment
1. Current Quarter $ 4
2. Year-to-Date $ 9
D. Net Income per Statement of Income $ 4
Add: Interest Charges -
Less: Nonoperating Income (762)
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ 766
2. Year-to-Date $ 642
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 29,337
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I 766
C. Cost Applicable to Current Quarter Coal Billings 30,103
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 2,211
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 27,892
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 210,889
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $132.26
(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, 1999
(in thousands)
Direct Labor-UMW* $ 637
Indirect Labor-UMW* 1,377
Benefits-UMW* 2,112
Salaries and Benefits-Nonunion 1,609
Operating Supplies 1,060
Repair Parts and Materials 1,797
Electricity and Other Utilities 13
Outside Services-Maintenance, Haulage and Reclamation 1,208
Taxes Other Than Federal Income Taxes** 1,325
Rental of Equipment (355)
Depreciation, Depletion and Amortization 1,575
Royalties 609
Mining Cost Normalization*** 14,523
Other Production Costs 2,267
Subtotal 29,757
Transfers of Production Costs (to)/from Coal Inventory (324)
Total $29,433
* United Mine Workers of America.
** Excludes FICA, Federal Unemployment and State Unemployment Taxes.
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, 1999
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 633 $ - $ 633
Mining Structures and Equipment 35,624 26,023 9,601
Coal Interests (net of depletion) 863 - 863
Mine Development Costs 10,041 7,850 2,191
Total Mining Plant
in Service $47,161 $33,873 $13,288
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