|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE>
WINDSOR COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 26573
FOR THE QUARTER ENDED SEPTEMBER 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
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 1999
(UNAUDITED)
(in thousands)
OPERATING REVENUES $27,662
COST OF OPERATION 28,243
OPERATING LOSS (581)
NONOPERATING INCOME 459
LOSS BEFORE INTEREST CHARGES (122)
INTEREST CHARGES 15
LOSS BEFORE FEDERAL INCOME TAXES (137)
FEDERAL INCOME TAX CREDIT (142)
NET INCOME $ 5
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED SEPTEMBER 30, 1999
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $24
NET INCOME 5
BALANCE AT END OF PERIOD $29
The common stock of the Company is wholly owned by Ohio Power Company.
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 30,
1999
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $46,941
Construction Work in Progress 199
Total Mining Plant 47,140
Accumulated Depreciation and Amortization 37,279
NET MINING PLANT 9,861
CURRENT ASSETS:
Cash and Cash Equivalents 44,368
Accounts Receivable:
General 4,134
Affiliated Companies 4,099
Coal 46
Materials and Supplies 3,510
Other 379
TOTAL CURRENT ASSETS 56,536
REGULATORY ASSETS 7,056
DEFERRED INCOME TAXES 13,840
DEFERRED CHARGES 239
TOTAL $87,532
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
September 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 29
TOTAL SHAREHOLDER'S EQUITY 29
OTHER NONCURRENT LIABILITIES:
Accrued Postretirement Benefits Other Than Pensions 25,591
Mine Closure Costs 18,552
Operating Reserves 33,844
TOTAL OTHER NONCURRENT LIABILITIES 77,987
CURRENT LIABILITIES:
Accounts Payable:
General 1,660
Affiliated Companies 1,138
Taxes Accrued 1,204
Accrued Vacation Pay 1,230
Workers' Compensation Claims 2,613
Other 955
TOTAL CURRENT LIABILITIES 8,800
REGULATORY LIABILITIES 716
TOTAL $87,532
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED SEPTEMBER 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, postretirement benefits other than pensions and
workman's compensation costs was recorded in July 1999. The provision
is reflected in billings to Ohio Power Company and is subject to selling
price normalization which is eliminated by year-end.
<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, 1999
(in thousands, except as noted)
<CAPTION> July through
September
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 $ 13
D. Net Income per Statement of Income $ 5
Add: Interest Charges 15
Less: Nonoperating Income 459
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (439)
2. Year-to-Date $ 203
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 28,101
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (439)
C. Cost Applicable to Current Quarter Coal Billings 27,662
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 6,114
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 21,548
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 147,727
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $145.86
(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, 1999
(in thousands)
Direct Labor-UMW* $ 863
Indirect Labor-UMW* 1,921
Benefits-UMW* 1,844
Salaries and Benefits-Nonunion 1,643
Operating Supplies 1,040
Repair Parts and Materials 2,145
Electricity and Other Utilities 27
Outside Services-Maintenance, Haulage and Reclamation 1,184
Taxes Other Than Federal Income Taxes** 1,770
Rental of Equipment 14
Depreciation, Depletion and Amortization 3,617
Royalties 153
Reclamation 1,901
Mining Cost Normalization*** 6,784
Other Production Costs 3,027
Subtotal 27,933
Transfers of Production Costs (to)/from Coal Inventory 310
Total $28,243
* 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.
<PAGE>
<PAGE>
WINDSOR COAL COMPANY
ANALYSIS OF MINING PLANT IN SERVICE
AND RELATED ACCUMULATED PROVISIONS FOR
DEPRECIATION AND AMORTIZATION
September 30, 1999
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 623 $ - $ 623
Mining Structures and Equipment 35,624 28,887 6,737
Coal Interests (net of depletion) 653 - 653
Mine Development Costs 10,041 8,392 1,649
Total Mining Plant
in Service $46,941 $37,279 $9,662
|
|