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<PAGE>
WINDSOR COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 26573
FOR THE QUARTER ENDED DECEMBER 31, 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
Construction Expenditure Budget 8
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WINDSOR COAL COMPANY
STATEMENT OF INCOME
FOR THE QUARTER ENDED DECEMBER 31, 1999
(UNAUDITED)
(in thousands)
OPERATING REVENUES $32,632
COST OF OPERATION 33,982
OPERATING LOSS (1,350)
NONOPERATING INCOME 744
LOSS BEFORE FEDERAL INCOME TAXES (606)
INTEREST CHARGES 19
LOSS BEFORE FEDERAL INCOME TAXES (625)
FEDERAL INCOME TAX CREDIT (629)
NET INCOME $ 4
STATEMENT OF RETAINED EARNINGS
FOR THE QUARTER ENDED DECEMBER 31, 1999
(UNAUDITED)
(in thousands)
BALANCE AT BEGINNING OF PERIOD $29
NET INCOME 4
BALANCE AT END OF PERIOD $33
The common stock of the Company is wholly owned by Ohio Power Company.
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
December 31,
1999
(in thousands)
ASSETS
MINING PLANT:
Mining Plant in Service $ 46,941
Construction Work in Progress 28
Total Mining Plant 46,969
Accumulated Depreciation and Amortization 40,709
NET MINING PLANT 6,260
CURRENT ASSETS:
Cash and Cash Equivalents 65,816
Accounts Receivable:
General 4,803
Affiliated Companies 932
Coal 30
Materials and Supplies 3,459
Other 345
TOTAL CURRENT ASSETS 75,385
REGULATORY ASSETS 9
DEFERRED INCOME TAXES 33,830
DEFERRED CHARGES 565
TOTAL $116,049
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WINDSOR COAL COMPANY
BALANCE SHEET
(UNAUDITED)
December 31,
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 33
TOTAL SHAREHOLDER'S EQUITY 33
OTHER NONCURRENT LIABILITIES:
Accrued Postretirement Benefits Other Than Pensions 25,693
Mine Closure Costs 18,355
Operating Reserves 37,919
TOTAL OTHER NONCURRENT LIABILITIES 81,967
CURRENT LIABILITIES:
Accounts Payable:
General 4,054
Affiliated Companies 1,239
Taxes Accrued 17,795
Accrued Vacation Pay 977
Workers' Compensation Claims 2,731
Other 1,975
TOTAL CURRENT LIABILITIES 28,771
REGULATORY LIABILITIES 5,278
TOTAL $116,049
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WINDSOR COAL COMPANY
INFORMATION CONCERNING MINE OPERATIONS AND CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED DECEMBER 31, 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.
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WINDSOR COAL COMPANY
CALCULATION OF COST OF CAPITAL AND STATEMENT OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
FOR THE QUARTER ENDED DECEMBER 31, 1999
(in thousands, except as noted)
<CAPTION>
October through
December
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 $ 17
D. Net Income per Statement of Income $ 4
Add: Interest Charges 19
Less: Nonoperating Income 744
E. Applied Cost-of-Capital Billing Adder:
1. Current Quarter $ (721)
2. Year-to-Date $ (518)
II. Coal Billing Calculation:
A. Total Operating Expenses (a) $ 33,353
B. Add: Cost-of-Capital Billing Adder as Applied per E. 1. of Section I (721)
C. Cost Applicable to Current Quarter Coal Billings 32,632
Less: Cost Applicable to Coal Sold to Unaffiliated Companies 5,464
Cost Applicable to Current Quarter Coal Billings to Ohio Power $ 27,168
D. Coal Sold and Shipped in Current Quarter to Ohio Power (in tons) 134,263
E. Average Price per Ton to Ohio Power (in dollars) (C/D) $202.35
(a) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statement of Income.
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WINDSOR COAL COMPANY
STATEMENT OF COST OF OPERATION
FOR THE QUARTER ENDED DECEMBER 31, 1999
(in thousands)
Direct Labor-UMW* $ 758
Indirect Labor-UMW* 1,629
Benefits-UMW* 2,588
Salaries and Benefits-Nonunion 2,009
Operating Supplies 951
Repair Parts and Materials 1,273
Electricity and Other Utilities 30
Outside Services-Maintenance, Haulage and Reclamation 906
Taxes Other Than Federal Income Taxes** 1,360
Rental of Equipment 7
Depreciation, Depletion and Amortization 3,653
Royalties 174
Mining Cost Normalization*** 14,480
Other Production Costs 4,148
Subtotal 33,966
Transfers of Production Costs (to)/from Coal Inventory 16
Total $33,982
* United Mine Workers of America.
** Excludes FICA, Federal Unemployment and State Unemployment Taxes.
These costs are reflected in benefits.
*** Represents the deferral/accrual required to establish a monthly
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
December 31, 1999
Net
Gross Accumulated Carrying
Cost Provisions Amount
(in thousands)
Description
Surface Lands $ 623 $ - $ 623
Mining Structures and Equipment 35,848 31,755 4,093
Coal Interests (net of depletion) 429 - 429
Mine Development Costs 10,041 8,954 1,087
Total Mining Plant
in Service $46,941 $40,709 $6,232
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WINDSOR COAL COMPANY
CONSTRUCTION EXPENDITURE BUDGET - 2000*
Description Budgeted Amount
(in thousands)
The Company has no construction expenditures planned for 2000.
* This budget does not include any possible lease transactions.
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