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Previous: CENTRAL LOUISIANA ELECTRIC CO INC, 10-K405, 1995-03-31 |
Next: EKCO GROUP INC /DE/, DEF 14A, 1995-03-31 |
<PAGE> 1
File No. 70-8597
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO
FORM U-1 APPLICATION-DECLARATION
UNDER THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
_________________________
CENTRAL POWER AND LIGHT COMPANY
539 North Carancahua Street
Corpus Christi, Texas 78401
(Name of company filing this statement and address
of principal executive office)
_________________________
CENTRAL AND SOUTH WEST CORPORATION
(Name of top registered holding company parent)
_________________________
Shirley S. Briones, Treasurer
Central Power and Light Company
539 North Carancahua Street
Corpus Christi, Texas 78401
Stephen J. McDonnell, Treasurer
Central and South West Corporation
1616 Woodall Rodgers Freeway
P.O. Box 660164
Dallas, Texas 75266-0164
Joris M. Hogan, Esq.
Milbank, Tweed, Hadley & McCloy
1 Chase Manhattan Plaza
New York, New York 10005
(Names and addresses of agents for service)
<PAGE> 2
Central Power and Light Company (the "Company"), a Texas corporation,
is a wholly-owned electric public utility subsidiary of Central and South West
Corporation ("CSW"), a Delaware corporation and a registered holding company
under the Public Utility Holding Company Act of 1935, as amended (the "Act"),
hereby amends its Form U-1 Application-Declaration in File No. 70-8597 in the
following respects.
Item 6. Exhibits and Financial Statements.
Item 6 is hereby amended to file the following exhibit:
Exhibit 8 - Financial Statements per books and pro forma as of
December 31, 1994.
<PAGE> 3
S I G N A T U R E
- - - - - - - - -
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935, as amended, the undersigned Company has duly caused this document
to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: March 31, 1995
CENTRAL POWER AND LIGHT COMPANY
By: /s/ SHIRLEY S. BRIONES
Shirley S. Briones
Treasurer
<PAGE> 1
INDEX OF EXHIBITS
EXHIBIT TRANSMISSION
NUMBER EXHIBITS METHOD
------- -------- ------------
8 Financial Statements per books and pro Electronic
forma as of December 31, 1994.
<PAGE> 1
EXHIBIT 8
---------
INDEX
TO
FINANCIAL STATEMENTS
Page
Number
CENTRAL AND SOUTH WEST CORPORATION AND SUBSIDIARY COMPANIES
Consolidated Balance Sheets - Per Books and Pro Forma
as of December 31, 1994 2 - 3
Consolidated Statement of Income for the Twelve Months Ended
December 31, 1994 4
Consolidated Statement of Retained Earnings for the Twelve
Months Ended December 31, 1994 5
Statements of Long-Term Debt Outstanding as of December 31, 1994 6 - 9
Statements of Preferred Stock Outstanding as of December 31, 1994 10
CENTRAL AND SOUTH WEST CORPORATION (CORPORATE)
Balance Sheets - Per Books and Pro Forma as of December 31, 1994 11
Statement of Income for the Twelve Months Ended December 31, 1994 12
CENTRAL POWER AND LIGHT COMPANY
Balance Sheets - Per Books and Pro Forma as of December 31, 1994 13 - 14
Statement of Income for the Twelve Months Ended December 31, 1994 15
Statement of Retained Earnings for the Twelve Months Ended
December 31, 1994 16
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS 17
STATEMENT OF CHANGES 18
CAPITALIZATION RATIOS - Per books and Pro forma 19
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 20
<PAGE> 2
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
ASSETS
PLANT
Electric utility
Production $5,802 $150 $5,952
Transmission 1,377 1,377
Distribution 2,539 2,539
General 764 764
Construction work in progress 412 412
Nuclear fuel 161 161
Gas 798 798
Other diversified 15 15
------ ------ ------
11,868 150 12,018
Less - Accumulated depreciation 3,870 3,870
------ ------ ------
7,998 150 8,148
------ ------ ------
CURRENT ASSETS
Cash and temporary cash investments 27 27
Accounts receivable 761 761
Materials and supplies, at average cost 162 162
Fuel inventory, substantially at average cost 118 118
Gas inventory/products for resale 23 23
Unrecovered fuel cost 54 54
Prepayments and other 44 44
------ ------
1,189 1,189
------ ------
DEFERRED CHARGES AND OTHER ASSETS
Deferred plant costs 516 516
Mirror CWIP asset - net 322 322
Other non-utility investments 394 394
Income tax related regulatory assets, net 216 216
Other 274 274
------ ------
1,722 1,722
------ ------ ------
$10,909 $150 $11,059
====== ====== ======
<PAGE> 3
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common Stock Equity -
Common stock, $3.50 par value, authorized
350,000,000 shares; issued and outstanding
190,570,000 shares $667 $667
Paid-in capital 560 560
Retained earnings 1,824 1,824
------ ------
Total Common Stock Equity 3,051 3,051
Preferred stock
Not subject to mandatory redemption 292 292
Subject to mandatory redemption 35 35
Long-term debt 2,941 150 3,091
------ ------ ------
Total Capitalization 6,319 150 6,469
------ ------ ------
CURRENT LIABILITIES
Long-term debt/preferred stock
due within twelve months 7 7
Short-term debt 910 910
Short-term debt - CSW Credit 573 573
Accounts payable 286 286
Accrued taxes 111 111
Accrued interest 61 61
Accrued restructuring charges 4 4
Other 155 155
------ ------
2,107 2,107
------ ------
DEFERRED CREDITS
Income taxes 2,048 2,048
Investment tax credits 320 320
Mirror CWIP liability and other 115 115
------ ------
2,483 2,483
------ ------ ------
$10,909 $150 $11,059
====== ====== ======
<PAGE> 4
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
UNAUDITED
(Millions)
OPERATING REVENUES $3,623
------
OPERATING EXPENSES AND TAXES
Fuel and purchased power 1,161
Gas purchased for resale 276
Gas extraction and marketing 98
Other operating 596
Restructuring charges (9)
Maintenance 176
Depreciation and amortization 356
Taxes, other than federal income 196
Federal income taxes 179
------
3,029
------
OPERATING INCOME 594
------
OTHER INCOME AND DEDUCTIONS
Mirror CWIP liability amortization 68
Other 43
------
111
INCOME BEFORE INTEREST CHARGES 705
------
INTEREST CHARGES
Interest on long-term debt 218
Interest on short-term debt and other 75
------
293
------
NET INCOME 412
Preferred stock dividends 18
------
NET INCOME FOR COMMON STOCK $394
======
<PAGE> 5
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
UNAUDITED
(Millions)
RETAINED EARNINGS AT December 31, 1993 $1,753
Add: Net income for common stock 394
------
2,147
Deduct: Common stock dividends 323
------
RETAINED EARNINGS AT December 31, 1994 $1,824
======
<PAGE> 6
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
CENTRAL POWER AND LIGHT COMPANY
First mortgage bonds -
Series J, 6-5/8%, due January 1, 1998 $28
Series L, 7%, due February 1, 2001 36
Series T, 7-1/2%, due December 15, 2014 112
Series U, 9-3/4%, due July 1, 2015 32
Series Z, 9-3/8%, due December 1, 2019 139
Series AA, 7-1/2%, due March 1, 2020 50
Series BB, 6%, due October 1, 1997 200
Series CC, 7-1/4%, due October 1, 2004 100
Series DD, 7-1/8%, due December 1, 1999 25
Series EE, 7-1/2%, due December 1, 2002 115
Series FF, 6-7/8%, due February 1, 2003 50
Series GG, 7-1/8%, due February 1, 2008 75
Series HH, 6%, due April 1, 2000 100
Series II, 7-1/2%, due April 1, 2023 100
Series JJ, 7-1/2%, due May 1, 1999 100
Installment sales agreements -
Pollution control bonds
Series 1974 7-1/8%, due June 1, 2004 9
Series 1977 6%, due November 1, 2007 34
Series 1984 7-7/8%, due September 15, 2014 6
Series 1984 10-1/8%, due October 15, 2014 69
Series 1986 7-7/8%, due December 1, 2016 60
Series 1993 6%, due July 1, 2028 120
Note payable, 6.5% due 1995 1
Unamortized discount (12)
Unamortized costs of reacquired debt (82)
Amount to be redeemed within one year (1)
------
$1,467
------
<PAGE> 7
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
PUBLIC SERVICE COMPANY OF OKLAHOMA
First mortgage bonds -
Series J, 5-1/4%, due March 1, 1996 $25
Series K, 7-1/4%, due January 1, 1999 25
Series L, 7-3/8%, due March 1, 2002 30
Series S, 7-1/4%, due July 1, 2003 65
Series T, 7-3/8%, due December 1, 2004 50
Series U, 6-1/4%, due April 1, 2003 35
Series V, 7-3/8%, due April 1, 2023 100
Series W, 6-1/2%, due June 1, 2005 50
Installment sales agreements -
Pollution control bonds
Series A, 5.9%, due December 1, 2007 35
Series 1984 7-7/8, due December 15, 2014 13
Unamortized discount (5)
Unamortized costs of reacquired debt (20)
------
$403
------
<PAGE> 8
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
SOUTHWESTERN ELECTRIC POWER COMPANY
First mortgage bonds -
Series V, 7-3/4%, due June 1, 2004 $40
Series W, 6-1/8%, due December 1, 1999 40
Series X, 7%, due September 1, 2007 90
Series Y, 6-5/8%, due February 1, 2003 55
Series Z, 7-1/4%, due July 1, 2023 45
Series AA, 5-1/4%, due April 1, 2000 45
Series BB, 6-7/8%, due October 1, 2025 80
1976 Series A, 6.2%, due November 1, 2006 7
1976 Series B, 6.2%, due November 1, 2006 1
Installment sales agreements -
Pollution control bonds
1978 Series A, 6%, due January 1, 2008 14
Series 1986, 8.2%, due July 1, 2014 82
1991 Series A, 8.2%, due August 1, 2011 17
1991 Series B, 6.9%, due November 1, 2004 12
Series 1992, 7.6%, due January 1, 2019 54
Bank loan, variable rate, due June 15, 2000 50
Railcar lease obligations 18
Unamortized discount and premium (4)
Unamortized costs of reacquired debt (46)
Amount to be redeemed within one year (4)
------
$596
------
WEST TEXAS UTILITIES COMPANY
First mortgage bonds -
Series 0, 9-1/4%, due December 1, 2019 $55
Series P, 7-3/4%, due July 1, 2007 25
Series Q, 6-7/8%, due October 1, 2002 35
Series R, 7%, due October 1, 2004 40
Series S, 6-1/8%, due February 1, 2004 40
Installment sales agreement -
Pollution control bonds
Series 1984, 7-7/8%, due September 15, 2014 44
Unamortized discount and premium (1)
Unamortized costs of reacquired debt (27)
Amount to be redeemed within one year (1)
------
$210
------
<PAGE> 9
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF DECEMBER 31, 1994
UNAUDITED
(millions)
TRANSOK, INC.
Note payable, 8.960%, due April 17, 2017 $15
Note payable, 8.280%, due April 16, 2007 3
Note payable, 8.130%, due April 16, 2002 3
Note payable, 8.125%, due April 22, 2002 17
Note payable, 8.900%, due May 21, 2012 5
Note payable, 7.810%, due May 20, 1999 3
Note payable, 8.250%, due May 20, 2004 1
Note payable, 8.170%, due May 22, 2003 2
Note payable, 7.750%, due May 21, 1999 5
Note payable, 8.170%, due May 28, 2004 2
Note payable, 8.280%, due June 3, 2003 4
Note payable, 8.340%, due June 2, 2004 2
Note payable, 8.350%, due August 27, 2012 5
Note payable, 7.350%, due August 26, 2002 5
Note payable, 7.330%, due August 26, 2002 1
Note payable, 7.320%, due August 28, 2002 14
Note payable, 6.750%, due December 1, 1999 15
Note payable, 7.800%, due March 1, 2004 10
Note payable, 7.770%, due March 1, 2004 3
Note payable, 7.780%, due December 15, 2004 2
Note payable, 7.730%, due December 15, 2004 1
Note payable, 7.670%, due March 1, 2004 1
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.650%, due May 15, 2002 5
Note payable, 7.650%, due December 23, 2003 11
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.850%, due March 18, 2005 1
Note payable, 6.900%, due March 1, 2005 6
Note payable, 6.990%, due March 24, 2005 5
Note payable, 6.860%, due March 28, 2005 12
Note payable, 7.750%, due April 24, 2023 10
Note payable, 6.840%, due April 25, 2005 3
Note payable, 7.750%, due April 26, 2023 5
Note payable, 6.810%, due April 26, 2003 7
Note payable, 6.600%, due April 29, 2003 2
Note payable, 6.710%, due April 30, 2004 1
Note payable, 6.930%, due May 5, 2005 1
Note payable, 7.070%, due May 5, 2008 1
Note payable, 7.000%, due January 12, 2004 5
------
$200
<PAGE> 10
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF LONG-TERM DEBT OUTSTANDING (Continued)
AS OF DECEMBER 31, 1994
UNAUDITED
(millions) (CONTINUED)
CENTRAL AND SOUTH WEST SERVICES, INC. ------
Note payable, 9%, due February 1, 2008 $5
Term loan facility, Variable rate, due
December 1, 2001 60
------
$65
------
TOTAL CONSOLIDATED $2,941
======
<PAGE> 11
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
STATEMENT OF PREFERRED STOCK OUTSTANDING
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
NOT SUBJECT TO MANDATORY REDEMPTION
CENTRAL POWER AND LIGHT COMPANY
4.00% Series, 100,000 shares $10
4.20% Series, 75,000 shares 8
7.12% Series, 260,000 shares 26
8.72% Series, 500,000 shares 50
Auction Money Market, 750,000 shares 75
Auction Series A, 425,000 shares 42
Auction Series B, 425,000 shares 42
Issuance expense (3)
------
$250
------
PUBLIC SERVICE COMPANY OF OKLAHOMA
4.00% Series, 97,900 shares $10
4.24% Series, 100,000 shares 10
------
$20
------
SOUTHWESTERN ELECTRIC POWER COMPANY
5.00% Series, 75,000 shares $8
4.65% Series, 25,000 shares 2
4.28% Series, 60,000 shares 6
------
$16
------
WEST TEXAS UTILITIES COMPANY
4.40% Series, 60,000 shares 6
------
Total Consolidated $292
======
SUBJECT TO MANDATORY REDEMPTION
SOUTHWESTERN ELECTRIC POWER COMPANY
6.95% Series, 364,000 shares $36
Amount to be redeemed within one year (1)
------
Total Consolidated $35
======
<PAGE> 12
CENTRAL AND SOUTH WEST CORPORATION
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
INVESTMENTS IN COMMON STOCK No proforma adjustment
OF SUBSIDIARY
COMPANIES (at equity) $3,248 $3,248
------ ------
CURRENT ASSETS
Cash and temporary cash investments 2 2
Advances to affiliates 436 436
Prepayments and other 270 270
------ ------
708 708
------ ------
DEFERRED CHARGES AND OTHER ASSETS 58 58
------ ------ ------
$4,014 $0 $4,014
====== ====== ======
COMMON STOCK EQUITY
Common stock, $3.50 par value,
authorized 350,000,000 shares;
issued and outstanding
190,570,000 shares $667 $667
Paid-in capital 560 560
Retained earnings 1,824 1,824
------ ------
3,051 3,051
------ ------
CURRENT LIABILITIES
Short-term debt 910 910
Accounts payable and other 38 38
------ ------
948 948
------ ------
DEFERRED CREDITS 15 15
------ ------ ------
$4,014 $0 $4,014
====== ====== ======
<PAGE> 13
CENTRAL AND SOUTH WEST CORPORATION
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
UNAUDITED
(Millions)
INCOME
Equity in earnings of subsidiaries
Central Power and Light Company $192
Public Service Company of Oklahoma 67
Southwestern Electric Power Company 102
West Texas Utilities Company 37
Transok, Inc. 25
CSW Credit, Inc. 7
CSW Energy, Inc. 2
CSW Leasing, Inc. 1
CSW International, Inc. (1)
Central and South West Services, Inc. 0
Other Income 29
------
$461
------
EXPENSES AND TAXES
General and administrative expenses 28
Interest expense 33
Federal income taxes 3
Other 3
------
67
------
NET INCOME $394
======
<PAGE> 14
CENTRAL POWER AND LIGHT COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustments Forma
ASSETS
ELECTRIC UTILITY PLANT
Production $3,070 $150 $3,220
Transmission 451 451
Distribution 828 828
General 217 217
Construction work in progress 143 143
Nuclear fuel 161 161
------ ------ ------
4,870 150 5,020
Less - Accumulated depreciation
and amortization 1,400 1,400
------ ------ ------
3,470 150 3,620
------ ------ ------
CURRENT ASSETS
Cash and temporary cash investments 1 1
Special deposits 1 1
Accounts receivable 30 30
Materials and supplies, at average costs 66 66
Fuel inventory, at average cost 23 23
Unrecovered fuel cost 54 54
Prepayments and other 2 2
------ ------
177 177
------ ------
DEFERRED CHARGES AND OTHER ASSETS
Deferred STP costs 489 489
Mirror CWIP asset 322 322
Income tax related regulatory assets, net 288 288
Other 77 77
------ ------
1,176 1,176
------ ------ ------
$4,823 $150 $4,973
====== ====== ======
<PAGE> 15
CENTRAL POWER AND LIGHT COMPANY
BALANCE SHEETS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1994
UNAUDITED
(Millions)
Per Pro Forma Pro
Books Adjustment Forma
CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common stock, $25 par value; authorized
12,000,000 shares; issued and outstanding
6,755,535 shares $169 $169
Paid-in capital 405 405
Retained earnings 857 857
------ ------
Total common stock equity 1,431 1,431
Preferred stock
Not subject to mandatory redemption 250 250
Long-term debt 1,467 150 1,617
------ ------ ------
Total capitalization 3,148 150 3,298
------ ------ ------
CURRENT LIABILITIES
Long-term debt and preferred stock
due within twelve months 1 1
Advances from affiliates 161 161
Accounts payable 75 75
Accrued taxes 60 60
Accrued interest 25 25
Accrued restructuring charges 1 1
Deferred income taxes 14 14
other 30 30
------ ------
367 367
------ ------
DEFERRED CREDITS
Income taxes 1,087 1,087
Investment tax credits 159 159
Mirror CWIP liability and other 62 62
------ ------
1,308 1,308
------ ------ ------
$4,823 $150 $4,973
====== ====== ======
<PAGE> 16
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
UNAUDITED
(Millions)
ELECTRIC OPERATING REVENUE $1,218
------
OPERATING EXPENSES AND TAXES
Fuel 329
Purchased power 42
Other operating 225
Maintenance 69
Depreciation and amortization 142
Taxes, other than federal income 80
Federal income taxes 75
------
962
------
OPERATING INCOME 256
------
OTHER INCOME AND DEDUCTIONS
Mirror CWIP liability amortization 68
Other 3
------
71
------
INCOME BEFORE INTEREST CHARGES 327
------
INTEREST CHARGES
Interest on long-term debt 111
Interest on short-term debt and other 10
------
121
------
NET INCOME 206
PREFERRED STOCK DIVIDENDS 14
------
NET INCOME FOR COMMON STOCK $192
======
<PAGE> 17
CENTRAL POWER AND LIGHT COMPANY
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
UNAUDITED
(Millions)
RETAINED EARNINGS AT December 31, 1993 $850
Add: Net income (loss) for common stock 192
------
1,042
Deduct: Common stock dividends 183
Other 2
------
RETAINED EARNINGS AT December 31, 1994 $857
======
<PAGE> 18
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
PRO FORMA ADJUSTMENTS TO BALANCE SHEETS
DECEMBER 31, 1994
UNAUDITED
(Millions)
DR CR
CENTRAL AND SOUTH WEST CORPORATION AND
SUBSIDIARY COMPANIES
Cash 475
Long Term Debt 475
To record issuance of New Bonds
Long Term Debt 325
Cash 325
To record refund of Old Bonds
Electric Plant - Production 150
Cash 150
To record purchase and installation of
pollution control equipment
CENTRAL POWER AND LIGHT COMPANY
Cash 475
Long Term Debt 475
To record issuance of New Bonds
Long Term Debt 325
Cash 325
To record refund of Old Bonds
Electric Plant - Production 150
Cash 150
To record purchase and installation of
pollution control equipment
Note: JE's assume (1) issuance of $325 mm refunding bonds and $150 mm
new money bonds for the purchase of Solid Waste facilities, and
(2) ignores premium or discounts on bonds.
<PAGE> 19
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
There have been no significant changes in the financial statements
of Central and South West Corporation and subsidiary companies subsequent
to December 31, 1994, other than in the ordinary course of business.
<PAGE> 20
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
CAPITALIZATION RATIOS
PER BOOKS AND PRO FORMA
AS OF DECEMBER 31, 1994
Common Stock Preferred Long-term
Equity Stock Debt(*)
------------ --------- ---------
Central and South West
Corporation and
Subsidiary Companies
(Consolidated) Per books 48.2% 5.2% 46.6%
Central and South West
Corporation and
Subsidiary Companies
(Consolidated) Pro forma 47.2% 5.0% 47.8%
Central and South West
Corporation Per books 100.0% 0.0% 0.0%
Central and South West
Corporation Pro forma NO PRO FORMA ADJUSTMENTS
Central Power and Light
Company Per books 45.4% 7.9% 46.7%
Central Power and Light
Company Pro forma 43.4% 7.6% 49.0%
(*) Includes Transok's Medium-Term Notes Payable
<PAGE> 21
CENTRAL AND SOUTH WEST CORPORATION
AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The notes to consolidated financial statements included in Central
and South West Corporation's 1994 Annual Report on Form 10-K are hereby
incorporated by reference and made a part of this report.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 001
<NAME> CENTRAL AND SOUTH WEST CONSOLIDATED
<MULTIPLIER> 1,000,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1994
<PERIOD-END> DEC-31-1994 DEC-31-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 7,388 7,538
<OTHER-PROPERTY-AND-INVEST> 610 610
<TOTAL-CURRENT-ASSETS> 1,189 1,189
<TOTAL-DEFERRED-CHARGES> 516 516
<OTHER-ASSETS> 1,206 1,206
<TOTAL-ASSETS> 10,909 11,059
<COMMON> 667 667
<CAPITAL-SURPLUS-PAID-IN> 560 560
<RETAINED-EARNINGS> 1,824 1,824
<TOTAL-COMMON-STOCKHOLDERS-EQ> 3,051 3,051
35 35
292 292
<LONG-TERM-DEBT-NET> 2,877 3,027
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 50 50
<COMMERCIAL-PAPER-OBLIGATIONS> 1,483 1,483
<LONG-TERM-DEBT-CURRENT-PORT> 6 6
1 1
<CAPITAL-LEASE-OBLIGATIONS> 14 14
<LEASES-CURRENT> 4 4
<OTHER-ITEMS-CAPITAL-AND-LIAB> 3,096 3,096
<TOT-CAPITALIZATION-AND-LIAB> 10,909 11,059
<GROSS-OPERATING-REVENUE> 3,623 0
<INCOME-TAX-EXPENSE> 179 0
<OTHER-OPERATING-EXPENSES> 2,850 0
<TOTAL-OPERATING-EXPENSES> 3,029 0
<OPERATING-INCOME-LOSS> 594 0
<OTHER-INCOME-NET> 111 0
<INCOME-BEFORE-INTEREST-EXPEN> 705 0
<TOTAL-INTEREST-EXPENSE> 293 0
<NET-INCOME> 412 0
18 0
<EARNINGS-AVAILABLE-FOR-COMM> 394 0
<COMMON-STOCK-DIVIDENDS> 323 0
<TOTAL-INTEREST-ON-BONDS> 218 0
<CASH-FLOW-OPERATIONS> 764 0
<EPS-PRIMARY> 2.08 0
<EPS-DILUTED> 2.08 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<SUBSIDIARY>
<NUMBER> 002
<NAME> CENTRAL AND SOUTH WEST CORPORATION
<MULTIPLIER> 1,000,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1994
<PERIOD-END> DEC-31-1994 DEC-31-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 3,248 3,248
<TOTAL-CURRENT-ASSETS> 708 708
<TOTAL-DEFERRED-CHARGES> 58 58
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 4,014 4,014
<COMMON> 667 667
<CAPITAL-SURPLUS-PAID-IN> 560 560
<RETAINED-EARNINGS> 1,824 1,824
<TOTAL-COMMON-STOCKHOLDERS-EQ> 3,051 3,051
0 0
0 0
<LONG-TERM-DEBT-NET> 0 0
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 910 910
<LONG-TERM-DEBT-CURRENT-PORT> 0 0
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 53 53
<TOT-CAPITALIZATION-AND-LIAB> 4,014 4,014
<GROSS-OPERATING-REVENUE> 0 0
<INCOME-TAX-EXPENSE> 3 0
<OTHER-OPERATING-EXPENSES> 31 0
<TOTAL-OPERATING-EXPENSES> 34 0
<OPERATING-INCOME-LOSS> (34) 0
<OTHER-INCOME-NET> 461 0
<INCOME-BEFORE-INTEREST-EXPEN> 427 0
<TOTAL-INTEREST-EXPENSE> 33 0
<NET-INCOME> 394 0
0 0
<EARNINGS-AVAILABLE-FOR-COMM> 394 0
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<TOTAL-INTEREST-ON-BONDS> 0 0
<CASH-FLOW-OPERATIONS> 235 0
<EPS-PRIMARY> 2.08 0
<EPS-DILUTED> 2.08 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000018734
<NAME> CENTRAL POWER AND LIGHT COMPANY
<MULTIPLIER> 1,000,000
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1994
<PERIOD-END> DEC-31-1994 DEC-31-1994
<BOOK-VALUE> PER-BOOK PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 3,470 3,620
<OTHER-PROPERTY-AND-INVEST> 2 2
<TOTAL-CURRENT-ASSETS> 177 177
<TOTAL-DEFERRED-CHARGES> 1,099 1,099
<OTHER-ASSETS> 75 75
<TOTAL-ASSETS> 4,823 4,973
<COMMON> 169 169
<CAPITAL-SURPLUS-PAID-IN> 405 405
<RETAINED-EARNINGS> 857 857
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,431 1,431
0 0
250 250
<LONG-TERM-DEBT-NET> 1,467 1,617
<SHORT-TERM-NOTES> 0 0
<LONG-TERM-NOTES-PAYABLE> 0 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0 0
<LONG-TERM-DEBT-CURRENT-PORT> 1 1
0 0
<CAPITAL-LEASE-OBLIGATIONS> 0 0
<LEASES-CURRENT> 0 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,674 1,674
<TOT-CAPITALIZATION-AND-LIAB> 4,823 4,973
<GROSS-OPERATING-REVENUE> 1,218 0
<INCOME-TAX-EXPENSE> 75 0
<OTHER-OPERATING-EXPENSES> 887 0
<TOTAL-OPERATING-EXPENSES> 962 0
<OPERATING-INCOME-LOSS> 256 0
<OTHER-INCOME-NET> 71 0
<INCOME-BEFORE-INTEREST-EXPEN> 327 0
<TOTAL-INTEREST-EXPENSE> 121 0
<NET-INCOME> 206 0
14 0
<EARNINGS-AVAILABLE-FOR-COMM> 192 0
<COMMON-STOCK-DIVIDENDS> 183 0
<TOTAL-INTEREST-ON-BONDS> 111 0
<CASH-FLOW-OPERATIONS> 311 0
<EPS-PRIMARY> 1.01 0
<EPS-DILUTED> 1.01 0
</TABLE>
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