<PAGE>
File No. 70-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM U-1
_______________________________
APPLICATION OR DECLARATION
under the
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
* * *
COLUMBUS SOUTHERN POWER COMPANY
215 North Front Street, Columbus, Ohio 43215
SIMCO INC.
215 North Front Street, Columbus, Ohio 43215
(Name of companies filing this statement and
address of principal executive offices)
* * *
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of top registered holding company
parent of applicant or declarant)
* * *
G. P. Maloney, Vice President
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
A. Joseph Dowd, General Counsel
AMERICAN ELECTRIC POWER SERVICE CORPORATION
1 Riverside Plaza, Columbus, Ohio 43215
(Names and addresses of agents for service)
<PAGE>
ITEM 1. DESCRIPTION OF PROPOSED TRANSACTION
Columbus Southern Power Company ("CSPCo"), an electric
utility subsidiary of American Electric Power Company, Inc., a
registered holding company, and CSPCo's subsidiary, Simco Inc.
("Simco"), have filed this Application or Declaration under the
Public Utility Holding Company Act of 1935 (the "1935 Act") for
authorization for Simco to return excess capital to CSPCo through
declaration of dividends on its Common Shares out of paid-in
capital surplus. CSPCo and Simco are hereinafter jointly
referred to as "Applicants".
A. Background
The Commission by its order dated June 5, 1987 (HCAR No.
24405) authorized the acquisition of a certain promissory note
(the "Note") from Peabody Coal Company ("Peabody") by CSPCo in
connection with the sale of certain real property interests and
fixed assets to Peabody. This transaction was set forth in
detail in the Application or Declaration on Form U-1 filed with
the Commission (File No. 70-7386). As a result of this
transaction, the coal mining activities of Simco were transferred
and substantially all of its business operations were
discontinued.
The Commission by its order dated October 19, 1990 (HCAR No.
25174) in File No. 70-7713 authorized Simco to reduce the par
value of its authorized shares of Common Stock to $0.10 per
share, to reduce the stated capital of its common stock from
$9,000,000 to $9,000 and to declare and pay to CSPCo dividends
out of paid-in capital up to an aggregate of $4,500,000. These
actions have been carried out in accordance with the order.
Simco is a party to a certain Beltline Agreement dated May
1, 1991 with Conesville Coal Preparation Company, an Ohio
corporation and a subsidiary of CSPCo ("Conesville"), whereby
Conesville has a nonexclusive right to the use of a coal conveyor
beltline. Under the terms of the Beltline Agreement, Conesville
pays a usage charge for the use of the beltline, currently in the
amount of approximately $38,000 per month, for a period extending
at least until January 1, 2017.
B. Proposed Transaction
As a result of the above-described transactions and the
cessation of all other business by Simco, Simco has cash in
excess of its foreseeable capital requirements. Simco currently
has outstanding 90,000 shares of its common shares, par value
$.10 per share. As of June 30, 1994, Simco had retained earnings
of $111,338, paid-in capital of $740,000, a stated capital of
$9,000 and cash and temporary investments of $355,479.
Monthly usage charges under the Beltline Agreement will
continue for approximately twenty-two (22) years. This amount
together with the current capital of Simco is far in excess of
any foreseeable capital needs. Therefore, it is proposed that
excess capital in an amount not to exceed $500,000 be distributed
to CSPCo.
Therefore, Simco seeks authorization to declare and pay to
CSPCo dividends out of paid-in capital periodically until the
amount of such dividends equals $500,000.
ITEM 2. FEES, COMMISSIONS AND EXPENSES.
No fees, commissions or expenses, other than the
Commission's filing fee of $2,000 and expenses estimated not to
exceed $1,000 to be billed at cost by American Electric Power
Service Corporation, are to be paid or incurred by Applications
or any associate company in connection with the proposed
transaction.
ITEM 3. APPLICABLE STATUTORY PROVISIONS.
The Applicants consider Section 12(c) of the Public Utility
Holding Company Act of 1935 and Rule 46 thereunder to be
applicable to the proposed dividends.
ITEM 4. REGULATORY APPROVAL.
No commission other than the Securities and Exchange
Commission has jurisdiction over the proposed transaction.
ITEM 5. PROCEDURE.
It is requested, pursuant to Rule 23(c) of the Rules and
Regulations of the Commission, that the Commission's order
granting, and permitting to become effective this Application or
Declaration be issued on or before September 15, 1994.
Applicants waive any recommended decision by a hearing officer or
by any other responsible officer of the Commission and waive the
30-day waiting period between the issuance of the Commission's
order and the date it is to become effective, since it is desired
that the Commission's order, when issued, become effective
forthwith. The Applicants consent to the Office of Public
Utility Regulation assisting in the preparation of the
Commission's decision and/or order in this matter, unless the
Office opposes the matter covered by this Application or
Declaration.
It is further requested, pursuant to Rule 24(a) of the Rules
and Regulations of the Commission, that pursuant to Rule 24
certificates of notification be filed annually by Simco with
respect to the declaration and payment of dividends on its Common
Shares out of paid-in capital surplus.
ITEM 6. EXHIBITS AND FINANCIAL STATEMENTS.
The following exhibits and financial statements are filed as
part of this statement:
(a) Exhibits.
Exhibit A None.
Exhibit B Copy of proposed form of
resolutions to be adopted by Board
of Directors of Simco.
Exhibit C None.
Exhibit D None.
Exhibit E None.
Exhibit F Opinion of Counsel.
Exhibit G Proposed form of Notice.
(b) Financial Statements:
Balance Sheets as of June 30, 1994 and Statements of Income
and Retained Earnings for the 12 months ended June 30, 1994, of
Simco, CSPCo, and American Electric Power Company, Inc. and its
subsidiaries consolidated, together with journal entries
reflecting the proposed transaction.
ITEM 7. INFORMATION AS TO ENVIRONMENTAL EFFECTS.
It is believed that the granting and permitting to become
effective of this Application or Declaration will not constitute
a major federal action significantly affecting the quality of the
human environment. No other federal agency has prepared or is
preparing an environmental impact statement with respect to the
proposed transaction.
SIGNATURE
Pursuant to the requirements of the Public Utility
Holding Company Act of 1935, the undersigned companies have duly
caused this statement to be signed on their behalf by the under-
signed thereunto duly authorized.
COLUMBUS SOUTHERN POWER COMPANY
SIMCO INC.
By _____/s/ G. P. Maloney______
Vice President
Dated: August 31, 1994
[94FN0024.CSP]
</PAGE>
<PAGE>
<PAGE>
EXHIBIT B
Proposed Form of
Resolutions to be
Adopted by the Board of
Directors of
Simco, Inc.
The Chairman reminded the Board that the Company,
having disposed of substantially all of its assets, was no longer
engaged in active operations. The Chairman stated that, in his
opinion, it was no longer necessary to retain ___________________
of capital surplus due to the curtailment of the Company's
activities. The Chairman stated that the Company had made
application to the Securities and Exchange Commission under the
Public Utility Holding Company Act of 1935 to declare and pay
dividends, in the aggregate amount of $500,000, out of paid-in
capital surplus to the holders of its Common Stock and had
received such authorization by order of that Commission, dated
(____________ ___, 1994) (Release No. 35-________). Accordingly,
the Chairman recommended a distribution of the capital surplus of
the Company.
Thereupon, upon motion duly made and seconded, it was
unanimously
RESOLVED, that a distribution of ____________
_________________ Dollars ($___________) per share
on the issued and outstanding Common Shares of the
Company be, and the same hereby is, declared out
of the capital surplus of the Company, payable to
the holders of the said shares of record on the
books of the Company at the close of business this
day; and further
RESOLVED, that pursuant to the requirements
of Section 1701.33 of the Ohio General Corporation
Act, such distribution, when made, shall be
identified as a distribution from capital surplus
and the amount per share shall be disclosed to the
shareholders receiving the same concurrently with
the distribution thereof; and further
RESOLVED, that, in connection with such
distribution, the actions taken by the officers of
and counsel for the Company in connection with the
execution and filing of an Application -
Declaration on Form U-1 with the Securities and
Exchange Commission pursuant to the applicable
provisions of the Public Utility Holding Company
Act of 1935, be, and the same hereby are,
ratified, confirmed and approved in all respects,
and said officers and counsel be, and they hereby
are, authorized and directed to take such further
action in connection therewith as they may deem
necessary or desirable.
[94FN0027.CSP]
</PAGE>
<PAGE>
EXHIBIT F
(614) 223-1649
August 24, 1994
Securities and Exchange Commission
Office of Public Utility Regulation
450 Fifth Street, N.W.
Washington, D.C. 20549
Subject: Columbus Southern Power Company ("CSPCo")
Simco, Inc. ("Simco")
Ladies and Gentlemen:
In connection with the transaction proposed and described
in the Application-Declaration on Form U-1 filed with the
Securities and Exchange Commission by CSPCo and Simco, to
which this opinion is an exhibit, I have examined, among
other things, the Application-Declaration on Form U-1 and
the documents referred to in it, and such other documents
as I have found necessary to form the basis of this
opinion.
In my opinion, if the Application-Declaration is granted
and permitted to become effective; if all of the actions
proposed to be taken by the shareholder and the Board of
Directors of Simco are taken; and if the proposed
transaction is consummated in accordance with the aforesaid
Application-Declaration:
I. all state laws applicable to the proposed transaction
will have been complied with;
II. Simco may lawfully make distribution to its
shareholders out of capital surplus described in the
Application-Declaration; and
III. the consummation of the proposed transaction will not
violate the legal rights of the holders of any
securities issued by Simco or any associated company.
I consent to the use of this opinion as part of the above
mentioned Application-Declaration.
Very truly yours,
/s/ Ann B. Graf
Ann B. Graf
Counsel for Columbus Southern
Power Company and Simco, Inc.
ABG:scc
[94FN0028.CSP]
</PAGE>
<PAGE>
EXHIBIT G
UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
Release No. _______ / _________________, 1994
___________________________________
:
In the Matter of :
COLUMBUS SOUTHERN POWER COMPANY :
SIMCO INC. :
:
( ) :
___________________________________:
NOTICE OF PROPOSED DECLARATION OF DIVIDEND OUT OF CAPITAL SURPLUS
Simco Inc. ("Simco"), a subsidiary of Columbus Southern Power
Company ("CSPCo"), which is an electric utility subsidiary of
American Electric Power Company, Inc., a registered holding
company, has filed a declaration pursuant to Sections 6(a) and
12(c) of the Act and Rule 46 thereunder.
As of June 30, 1994, Simco has cash and accounts receivable in
excess of its foreseeable capital needs. Accordingly, Simco
proposes to return excess capital periodically to CSPCo through
declaration of dividends up to $500,000 on its Common Shares out of
paid-in capital surplus.
The proposal and any amendments thereto are available for the
public inspection through the Commission's Office of Public
Reference. Interested persons wishing to comment or request a
hearing should submit their views in writing by September __, 1994,
to the Secretary, Securities and Exchange Commission, Washington,
D.C. 20549, and serve a copy on the applicant at the address
specified above. Proof of service (by affidavit or, in case of an
attorney at law, by certificate) should be filed with the request.
Any request for a hearing shall identify specifically the issues of
fact or law that are disputed. A person who so requests will be
notified of any hearing, if ordered, and will receive a copy of any
notice or order issued in this matter. After said date, the
proposal, as filed or as amended, may be authorized.
For the Commission, by the Office of Public Utility Regulation,
pursuant to delegated authority.
Jonathan D. Katz
Secretary
[94FN0029.CSP]
</PAGE>
<PAGE>
<TABLE>
SIMCO, Inc.
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED JUNE 30, 1994
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
Operating Revenues $553
----
Operating Expenses:
Operation 140
Depreciation 107
Taxes Other Than Federal Income Taxes 28
Federal Income Taxes 100
----
Total Operating Expenses 375
----
Operating Income 178
Nonoperating Income 5
----
Net Income $183
====
--------------------------------------------
STATEMENT OF RETAINED EARNINGS
FOR THE TWELVE MONTHS ENDED JUNE 30, 1994
(UNAUDITED)
(in thousands)
Balance - Beginning of Period $128
Net Income 183
Dividends Declared 200
----
Balance - End of Period $111
====
</TABLE>
<PAGE>
<PAGE>
<TABLE>
SIMCO, Inc.
BALANCE SHEET
JUNE 30, 1994
(UNAUDITED)
<CAPTION>
(in thousands)
<S> <C>
ASSETS:
Plant In Service $1,641
Less: Accumulated Depreciation 797
------
Net Plant In Service 844
Current Assets:
Cash 355
Accounts Receivable 39
Prepayments 20
------
Total Current Assets 414
Deferred Debits 3
------
TOTAL ASSETS $1,261
======
CAPITALIZATION:
Common Stock $ 9
Paid-in Capital 740
Retained Earnings 111
------
Total Capitalization 860
Current Liabilities - Taxes Accrued 4
Deferred Credits:
Deferred Federal Income Taxes 190
Deferred Investment Tax Credits 57
Other Deferred Credits 150
------
TOTAL CAPITALIZATION & LIABILITIES $1,261
======
</TABLE>
<PAGE>
<PAGE>
SIMCO, Inc.
BALANCE SHEET
JUNE 30, 1994
PRO FORMA ADJUSTMENTS
Debit Credit
----- ------
(in thousands)
1) Paid-in Capital $500
Cash and Cash Equivalents $500
To record the payment of dividends
from paid-in capital to Columbus
Southern Power Company periodically
until the amount of such dividends
equals $500,000.
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended Twelve Months Ended
June 30, June 30, June 30,
1994 1993 1994 1993 1994 1993
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES . . . . . . . . . . . . . $256,754 $219,820 $512,583 $439,695 $1,026,540 $882,657
OPERATING EXPENSES:
Fuel . . . . . . . . . . . . . . . . . . . 48,022 32,648 101,654 82,778 205,637 181,353
Purchased Power. . . . . . . . . . . . . . 35,249 44,695 74,645 78,285 156,339 139,053
Other Operation. . . . . . . . . . . . . . 44,318 40,038 86,862 80,756 176,503 162,508
Maintenance. . . . . . . . . . . . . . . . 16,780 17,288 32,608 33,795 70,350 59,889
Depreciation . . . . . . . . . . . . . . . 20,728 21,469 41,318 42,831 83,370 85,243
Amortization (Deferral) of Zimmer Plant
Phase-in Costs . . . . . . . . . . . . . 7,466 (2,325) 10,851 (5,917) 7,855 (13,225)
Taxes Other Than Federal Income Taxes. . . 26,148 25,180 51,444 50,267 100,525 100,072
Federal Income Taxes . . . . . . . . . . . 13,520 7,691 25,210 13,804 50,850 32,422
TOTAL OPERATING EXPENSES . . . . . 212,231 186,684 424,592 376,599 851,429 747,315
OPERATING INCOME . . . . . . . . . . . . . . 44,523 33,136 87,991 63,096 175,111 135,342
NONOPERATING INCOME:
Deferred Zimmer Plant Carrying
Charges (net of tax) . . . . . . . . . . 1,139 6,649 3,558 15,943 12,958 34,666
Other. . . . . . . . . . . . . . . . . . . 317 1,416 998 2,490 508 6,276
TOTAL NONOPERATING INCOME. . . . . 1,456 8,065 4,556 18,433 13,466 40,942
LOSS FROM ZIMMER PLANT DISALLOWANCE:
Disallowed Cost. . . . . . . . . . . . . . - - - - 159,067 -
Related Income Taxes . . . . . . . . . . . - - - - (14,534) -
NET ZIMMER LOSS. . . . . . . . . . - - - - 144,533 -
INCOME BEFORE INTEREST CHARGES . . . . . . . 45,979 41,201 92,547 81,529 44,044 176,284
INTEREST CHARGES . . . . . . . . . . . . . . 20,737 22,551 42,653 44,649 86,928 90,385
NET INCOME (LOSS). . . . . . . . . . . . . . 25,242 18,650 49,894 36,880 (42,884) 85,899
PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . 2,911 2,765 5,677 5,531 11,208 11,062
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK . $ 22,331 $ 15,885 $ 44,217 $ 31,349 $ (54,092) $ 74,837
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
Three Months Ended Six Months Ended Twelve Months Ended
June 30, June 30, June 30,
1994 1993 1994 1993 1994 1993
(in thousands)
BALANCE AT BEGINNING OF PERIOD . . . . . . . $22,942 $122,806 $18,288 $127,562 $133,405 $113,519
NET INCOME (LOSS). . . . . . . . . . . . . . 25,242 18,650 49,894 36,880 (42,884) 85,899
DEDUCTIONS:
Cash Dividends Declared:
Common Stock . . . . . . . . . . . . . . 17,197 5,251 34,394 25,436 51,133 54,811
Cumulative Preferred Stock . . . . . . . 3,057 2,765 5,823 5,531 11,354 11,062
Capital Stock Expense. . . . . . . . . . . 35 35 70 70 139 140
BALANCE AT END OF PERIOD . . . . . . . . . . $27,895 $133,405 $27,895 $133,405 $ 27,895 $133,405
The common stock of the Company is wholly owned by American Electric Power Company, Inc.
See Notes to Consolidated Financial Statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<CAPTION>
June 30,
1994 1993
(in thousands)
ASSETS
<S> <C> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $1,454,650 $1,591,030
Transmission . . . . . . . . . . . . . . . . . . . . 298,078 293,679
Distribution . . . . . . . . . . . . . . . . . . . . 776,281 737,117
General. . . . . . . . . . . . . . . . . . . . . . . 101,954 94,996
Construction Work in Progress. . . . . . . . . . . . 49,341 40,857
Total Electric Utility Plant . . . . . . . . 2,680,304 2,757,679
Accumulated Depreciation . . . . . . . . . . . . . . 847,539 787,560
NET ELECTRIC UTILITY PLANT . . . . . . . . . 1,832,765 1,970,119
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 32,379 31,931
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 9,169 8,353
Accounts Receivable. . . . . . . . . . . . . . . . . 52,222 45,561
Allowance for Uncollectible Accounts . . . . . . . . (1,310) (1,314)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 23,793 37,924
Materials and Supplies . . . . . . . . . . . . . . . 26,456 27,141
Accrued Utility Revenues . . . . . . . . . . . . . . 34,647 25,081
Prepayments. . . . . . . . . . . . . . . . . . . . . 36,647 40,937
Other. . . . . . . . . . . . . . . . . . . . . . . . 839 3,093
TOTAL CURRENT ASSETS . . . . . . . . . . . . 182,463 186,776
REGULATORY ASSETS:
Amounts Due From Customers For Future
Federal Income Taxes . . . . . . . . . . . . . . . 286,886 338,189
Other. . . . . . . . . . . . . . . . . . . . . . . . 231,506 213,151
TOTAL REGULATORY ASSETS. . . . . . . . . . . 518,392 551,340
TOTAL. . . . . . . . . . . . . . . . . . . $2,565,999 $2,740,166
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<CAPTION>
June 30,
1994 1993
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C> <C>
CAPITALIZATION:
Common Stock - No Par Value:
Authorized - 24,000,000 Shares
Outstanding - 16,410,426 Shares. . . . . . . . . . $ 41,026 $ 41,026
Paid-in Capital. . . . . . . . . . . . . . . . . . . 565,642 566,046
Retained Earnings. . . . . . . . . . . . . . . . . . 27,895 133,405
Total Common Shareowner's Equity . . . . . . 634,563 740,477
Cumulative Preferred Stock - Subject to
Mandatory Redemption . . . . . . . . . . . . . . . 150,000 125,000
Long-term Debt . . . . . . . . . . . . . . . . . . . 947,379 1,032,998
TOTAL CAPITALIZATION . . . . . . . . . . . . 1,731,942 1,898,475
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 24,564 13,222
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . . 50,000 -
Short-term Debt. . . . . . . . . . . . . . . . . . . 42,625 50,325
Accounts Payable . . . . . . . . . . . . . . . . . . 40,823 43,337
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 72,776 70,737
Interest Accrued . . . . . . . . . . . . . . . . . . 18,881 29,394
Other. . . . . . . . . . . . . . . . . . . . . . . . 33,108 24,614
TOTAL CURRENT LIABILITIES. . . . . . . . . . 258,213 218,407
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . . 476,648 522,532
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 66,686 72,124
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 7,946 15,406
CONTINGENCIES (Note 3)
TOTAL. . . . . . . . . . . . . . . . . . . $2,565,999 $2,740,166
See Notes to Consolidated Financial Statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per-share amounts)
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended Twelve Months Ended
June 30, June 30, June 30,
1994 1993 1994 1993 1994 1993
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES. . . . . . . . . . . . . . . $1,348,563 $1,210,398 $2,836,747 $2,531,847 $5,573,742 $5,105,903
OPERATING EXPENSES:
Fuel and Purchased Power. . . . . . . . . . . 430,823 366,345 932,392 778,703 1,801,262 1,614,894
Other Operation . . . . . . . . . . . . . . . 244,398 236,417 490,730 468,308 987,752 927,350
Maintenance . . . . . . . . . . . . . . . . . 132,165 134,132 275,527 263,496 535,093 518,643
Depreciation and Amortization . . . . . . . . 142,611 132,183 281,442 262,732 549,441 518,767
Taxes Other Than Federal Income Taxes . . . . 121,963 114,211 250,183 235,304 485,225 451,535
Federal Income Taxes. . . . . . . . . . . . . 57,176 31,914 129,597 87,143 245,885 177,655
TOTAL OPERATING EXPENSES. . . . . . . 1,129,136 1,015,202 2,359,871 2,095,686 4,604,658 4,208,844
OPERATING INCOME. . . . . . . . . . . . . . . . 219,427 195,196 476,876 436,161 969,084 897,059
NONOPERATING INCOME (LOSS):
Deferred Zimmer Plant Carrying Charges
(net of tax). . . . . . . . . . . . . . . . 1,139 6,649 3,558 15,943 12,958 34,666
Other . . . . . . . . . . . . . . . . . . . . (7,422) 4,453 (2,601) 11,122 7,506 48,852
TOTAL NONOPERATING INCOME (LOSS). . . (6,283) 11,102 957 27,065 20,464 83,518
LOSS FROM ZIMMER PLANT DISALLOWANCE:
Disallowed Cost . . . . . . . . . . . . . . . - - - - 159,067 -
Related Income Taxes. . . . . . . . . . . . . - - - - (14,534) -
NET ZIMMER LOSS . . . . . . . . . . . - - - - 144,533 -
INCOME BEFORE INTEREST CHARGES AND
PREFERRED DIVIDENDS . . . . . . . . . . . . . 213,144 206,298 477,833 463,226 845,015 980,577
INTEREST CHARGES. . . . . . . . . . . . . . . . 96,036 105,308 194,607 214,089 398,340 437,350
PREFERRED STOCK DIVIDEND
REQUIREMENTS OF SUBSIDIARIES. . . . . . . . . 13,315 14,771 26,478 29,860 55,436 60,203
NET INCOME. . . . . . . . . . . . . . . . . . . $ 103,793 $ 86,219 $ 256,748 $ 219,277 $ 391,239 $ 483,024
AVERAGE NUMBER OF SHARES OUTSTANDING. . . . . . 184,535 184,535 184,535 184,535 184,535 184,535
EARNINGS PER SHARE. . . . . . . . . . . . . . . $0.56 $0.47 $1.39 $1.19 $2.12 $2.62
CASH DIVIDENDS PAID PER SHARE . . . . . . . . . $0.60 $0.60 $1.20 $1.20 $2.40 $2.40
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
Three Months Ended Six Months Ended Twelve Months Ended
June 30, June 30, June 30,
1994 1993 1994 1993 1994 1993
BALANCE AT BEGINNING OF PERIOD. . . . . . . . . $1,311,401 $1,381,096 $1,269,283 $1,358,800 $1,356,530 $1,316,568
NET INCOME. . . . . . . . . . . . . . . . . . . 103,793 86,219 256,748 219,277 391,239 483,024
DEDUCTIONS:
Cash Dividends Declared . . . . . . . . . . . 110,722 110,722 221,445 221,445 442,891 442,891
Other . . . . . . . . . . . . . . . . . . . . 436 63 550 102 842 171
BALANCE AT END OF PERIOD. . . . . . . . . . . . $1,304,036 $1,356,530 $1,304,036 $1,356,530 $1,304,036 $1,356,530
See Notes to Consolidated Financial Statements.
/TABLE
<PAGE>
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<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<CAPTION>
June 30,
1994 1993
(in thousands)
ASSETS
<S> <C> <C>
ELECTRIC UTILITY PLANT:
Production . . . . . . . . . . . . . . . . . . . . . $ 9,026,405 $ 9,154,713
Transmission . . . . . . . . . . . . . . . . . . . . 3,207,212 3,124,349
Distribution . . . . . . . . . . . . . . . . . . . . 3,825,289 3,624,128
General (including mining assets and nuclear fuel) . 1,482,872 1,395,311
Construction Work in Progress. . . . . . . . . . . . 317,102 326,721
Total Electric Utility Plant . . . . . . . . 17,858,880 17,625,222
Accumulated Depreciation and Amortization. . . . . . 6,648,087 6,449,778
NET ELECTRIC UTILITY PLANT . . . . . . . . . 11,210,793 11,175,444
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 732,069 699,785
CURRENT ASSETS:
Cash and Cash Equivalents. . . . . . . . . . . . . . 32,346 84,227
Accounts Receivable. . . . . . . . . . . . . . . . . 480,156 446,499
Allowance for Uncollectible Accounts . . . . . . . . (5,103) (9,113)
Fuel . . . . . . . . . . . . . . . . . . . . . . . . 285,041 480,287
Materials and Supplies . . . . . . . . . . . . . . . 207,799 203,184
Accrued Utility Revenues . . . . . . . . . . . . . . 152,843 123,603
Prepayments and Other. . . . . . . . . . . . . . . . 132,069 141,579
TOTAL CURRENT ASSETS . . . . . . . . . . . . 1,285,151 1,470,266
REGULATORY ASSETS:
Amounts Due From Customers For
Future Federal Income Taxes. . . . . . . . . . . . 1,360,858 1,316,999
Other. . . . . . . . . . . . . . . . . . . . . . . . 924,952 770,546
TOTAL REGULATORY ASSETS. . . . . . . . . . . 2,285,810 2,087,545
TOTAL. . . . . . . . . . . . . . . . . . . $15,513,823 $15,433,040
See Notes to Consolidated Financial Statements.
</TABLE>
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<TABLE>
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
<CAPTION>
June 30,
1994 1993
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C> <C>
CAPITALIZATION:
Common Stock-Par Value $6.50; Shares Authorized -
300,000,000; Shares Issued - 193,534,992, of
which 8,999,992 were held in the treasury. . . . . $ 1,257,977 $ 1,257,977
Paid-in Capital. . . . . . . . . . . . . . . . . . . 1,623,782 1,628,281
Retained Earnings. . . . . . . . . . . . . . . . . . 1,304,036 1,356,530
Total Common Shareowners' Equity . . . . . . 4,185,795 4,242,788
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption. . . . . . . . 233,240 473,240
Subject to Mandatory Redemption. . . . . . . . . . 590,450 289,600
Long-term Debt . . . . . . . . . . . . . . . . . . . 4,849,189 4,929,132
TOTAL CAPITALIZATION . . . . . . . . . . . . 9,858,674 9,934,760
OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 613,664 476,432
CURRENT LIABILITIES:
Long-term Debt Due Within One Year . . . . . . . . . 55,584 238,343
Short-term Debt. . . . . . . . . . . . . . . . . . . 367,303 327,375
Accounts Payable . . . . . . . . . . . . . . . . . . 245,400 177,510
Taxes Accrued. . . . . . . . . . . . . . . . . . . . 325,747 330,580
Interest Accrued . . . . . . . . . . . . . . . . . . 85,534 100,057
Obligations Under Capital Leases . . . . . . . . . . 83,324 63,031
Other. . . . . . . . . . . . . . . . . . . . . . . . 372,984 302,028
TOTAL CURRENT LIABILITIES. . . . . . . . . . 1,535,876 1,538,924
DEFERRED FEDERAL INCOME TAXES. . . . . . . . . . . . . 2,461,642 2,441,238
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 471,107 503,230
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . . 422,659 437,524
DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 150,201 100,932
CONTINGENCIES (Note 5)
TOTAL. . . . . . . . . . . . . . . . . . . $15,513,823 $15,433,040
See Notes to Consolidated Financial Statements.
</TABLE>
