<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1994
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
------ ------
Commission File Number 1-2385
------
THE DAYTON POWER AND LIGHT COMPANY
(Exact name of registrant as specified in its charter)
OHIO 31-0258470
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Courthouse Plaza Southwest
Dayton, Ohio 45402
(Address of principal executive offices)
513-224-6000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and
(2) has been subject to such filing requirements for the
past 90 days.
Yes X No
----- -----
The registrant meets the conditions set forth in General
Instruction H(1)(a) and (b) of Form 10-Q and is
therefore filing this form with the reduced disclosure
format.
Indicate the number of shares of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, $.01 par value 41,172,173 shares
- ---------------------------- ----------------------------------
(Title of each class) (Outstanding on September 30, 1994)
<PAGE>
<PAGE>
THE DAYTON POWER AND LIGHT COMPANY
INDEX
Page No.
--------
Part I - Financial Information
Item 1. Financial Statements
Consolidated Statement of
Results of Operations 1
Consolidated Statement of
Cash Flows 2
Consolidated Balance Sheet 3
Notes to Consolidated Financial
Statements 5
Operating Statistics 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 9
Part II - Other Information 12
Signatures 14
i
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
The Dayton Power and Light Company
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
1994 1993 1994 1993
---- ---- ---- ----
--thousands-- --thousands--
INCOME
<S> <C> <C> <C> <C>
Utility service revenues--
Electric . . . . . . . . . . . . . . . . . . . . . $242,734 $239,935 $719,342 $679,766
Gas . . . . . . . . . . . . . . . . . . . . . . . 20,442 21,974 169,740 162,800
Steam . . . . . . . . . . . . . . . . . . . . . . 765 668 5,479 5,111
-------- -------- -------- --------
Total utility service revenues . . . . . . . . . 263,941 262,577 894,561 847,677
Interest and other income . . . . . . . . . . . . . 1,408 1,405 8,527 11,084
-------- -------- -------- --------
Total Income . . . . . . . . . . . . . . . . . 265,349 263,982 903,088 858,761
-------- -------- -------- --------
EXPENSES
Fuel used in electric and steam production . . . . . 54,819 59,761 168,249 169,983
Gas purchased for resale . . . . . . . . . . . . . . 10,597 11,623 107,383 102,078
Operating and administrative . . . . . . . . . . . . 36,763 39,399 114,349 129,184
Maintenance of equipment and facilities . . . . . . 22,070 24,834 56,689 53,903
Depreciation and amortization . . . . . . . . . . . 27,848 27,442 83,552 81,705
General taxes . . . . . . . . . . . . . . . . . . . 29,934 27,739 87,798 82,808
Interest expense . . . . . . . . . . . . . . . . . . 23,357 23,515 70,149 72,803
Amortization (deferral) of regulatory assets, net . 2,749 (6,557) 8,061 (19,025)
-------- -------- -------- --------
Total Operating Expenses . . . . . . . . . . . 208,137 207,756 696,230 673,439
-------- -------- -------- --------
Operating Income . . . . . . . . . . . . . . . . . . 57,212 56,226 206,858 185,322
Income Taxes . . . . . . . . . . . . . . . . . . . . 22,541 21,888 80,130 63,660
-------- -------- -------- --------
Net Income . . . . . . . . . . . . . . . . . . . . . 34,671 34,338 126,728 121,662
Preferred dividends . . . . . . . . . . . . . . . . 253 2,119 4,484 6,588
-------- -------- -------- --------
Earnings on Common Stock . . . . . . . . . . . . . . $ 34,418 $ 32,219 $122,244 $115,074
======== ======== ======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
1
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENT OF CASH FLOWS
The Dayton Power and Light Company
Nine Months Ended
September 30
--------------------
1994 1993
---- ----
--thousands--
<S> <C> <C>
Operating Activities
- --------------------
Cash received from utility customers . . . . . . . . . . . . . . . . . . $935,878 $872,885
Other operating cash receipts . . . . . . . . . . . . . . . . . . . . . 8,743 12,036
Cash paid for:
Fuel and purchased power . . . . . . . . . . . . . . . . . . . . . . . (181,920) (161,291)
Purchased gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . (119,750) (117,172)
Operation and maintenance labor . . . . . . . . . . . . . . . . . . . (65,844) (56,966)
Nonlabor operating expenditures . . . . . . . . . . . . . . . . . . . (120,540) (161,490)
Interest (net of amounts capitalized) . . . . . . . . . . . . . . . . (69,255) (58,592)
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (72,104) (32,351)
Property, excise and payroll taxes . . . . . . . . . . . . . . . . . . (93,354) (89,713)
-------- --------
Net cash provided by operating activities . . . . . . . . . . . . . . . 221,854 207,346
-------- --------
Investing Activities
- --------------------
Net cash used for property expenditures . . . . . . . . . . . . . . . . (58,004) (60,543)
-------- --------
Financing Activities
- --------------------
Dividends paid on common and preferred stock . . . . . . . . . . . . . . (79,168) (87,447)
Retirement of preferred stock . . . . . . . . . . . . . . . . . . . . . (94,249) (8,500)
Retirement of short-term debt . . . . . . . . . . . . . . . . . . . . . (25,000) (56,500)
Retirement of long-term debt . . . . . . . . . . . . . . . . . . . . . . (9,177) (439,166)
Issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . - 446,000
Capital contribution . . . . . . . . . . . . . . . . . . . . . . . . . . 63,131 -
-------- --------
Net cash used for financing activities . . . . . . . . . . . . . . . . . (144,463) (145,613)
-------- --------
Net increase in cash and temporary cash investments . . . . . . . . . . 19,387 1,190
Cash and temporary cash investments at beginning of period . . . . . . . . 5,980 3,679
-------- --------
Cash and temporary cash investments at end of period . . . . . . . . . . . $ 25,367 $ 4,869
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
2
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEET
The Dayton Power and Light Company
At At
September 30, December 31,
1994 1993
------------- ------------
--thousands--
<S> <C> <C>
ASSETS
Electric property and plant . . . . . . . . . . . . . . . . . . . . . . . $2,943,012 $2,923,842
Gas property and plant . . . . . . . . . . . . . . . . . . . . . . . . . . 244,885 240,126
Steam and other property and plant . . . . . . . . . . . . . . . . . . . . 38,386 38,199
Construction work in progress . . . . . . . . . . . . . . . . . . . . . . 60,378 35,825
---------- ----------
3,286,661 3,237,992
Less--
Accumulated depreciation and amortization . . . . . . . . . . . . . . . (1,020,667) (950,546)
---------- ----------
Net property and plant . . . . . . . . . . . . . . . . . . . . . . . . 2,265,994 2,287,446
---------- ----------
Current Assets
Cash and temporary cash investments, at cost . . . . . . . . . . . . . . . 25,367 5,980
Accounts receivable, less provision for uncollectible accounts . . . . . . 73,628 130,113
Inventories, at average cost . . . . . . . . . . . . . . . . . . . . . . . 87,958 85,356
Taxes applicable to subsequent years . . . . . . . . . . . . . . . . . . . 45,292 72,751
Gas costs recoverable . . . . . . . . . . . . . . . . . . . . . . . . . . - 23,052
Prepayments and other . . . . . . . . . . . . . . . . . . . . . . . . . . 9,537 44,874
---------- ----------
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . 241,782 362,126
---------- ----------
Other Assets
Regulatory assets (note 1) . . . . . . . . . . . . . . . . . . . . . . . . 177,847 172,832
Income taxes recoverable through future revenues . . . . . . . . . . . . . 254,901 269,144
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,535 122,782
---------- ----------
Total other assets . . . . . . . . . . . . . . . . . . . . . . . . 582,283 564,758
---------- ----------
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,090,059 $3,214,330
========== ==========
</TABLE>
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
3
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEET
(continued)
The Dayton Power and Light Company
At At
September 30, December 31,
1994 1993
------------- ------------
--thousands--
<S> <C> <C>
CAPITALIZATION AND LIABILITIES
Capitalization
Common shareholder's equity--
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 412 $ 412
Other paid-in capital . . . . . . . . . . . . . . . . . . . . . . . 738,447 675,176
Earnings reinvested in the business . . . . . . . . . . . . . . . . 395,009 373,605
---------- ----------
Total common shareholder's equity . . . . . . . . . . . . . . . 1,133,868 1,049,193
Preferred stock--
Without mandatory redemption provisions . . . . . . . . . . . . . . 22,851 82,850
With mandatory redemption provisions . . . . . . . . . . . . . . . . - 30,000
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,003,761 1,012,889
---------- ----------
Total capitalization . . . . . . . . . . . . . . . . . . . . . . 2,160,480 2,174,932
---------- ----------
Current Liabilities
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,269 113,742
Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,805 29,805
Current portion of first mortgage bonds and preferred stock . . . . . 4,730 8,980
Accrued taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,744 113,618
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,579 21,089
Gas costs refundable . . . . . . . . . . . . . . . . . . . . . . . . . 9,961 -
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,325 51,353
---------- ----------
Total current liabilities . . . . . . . . . . . . . . . . . . . 217,413 338,587
---------- ----------
Deferred Credits and Other
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530,619 536,202
Unamortized investment tax credit . . . . . . . . . . . . . . . . . . 81,990 84,858
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,557 79,751
---------- ----------
Total deferred credits and other . . . . . . . . . . . . . . . . 712,166 700,811
---------- ----------
Total Capitalization and Liabilities . . . . . . . . . . . . . . . . . $3,090,059 $3,214,330
========== ==========
</TABLE>
See Notes to Consolidated Financial Statements.
These interim statements are unaudited.
4
<PAGE>
<PAGE>
Notes to Consolidated Financial Statements
1. Regulatory assets on the balance sheet were:
<TABLE>
<CAPTION>
September 30, December 31,
1994 1993
------------ ------------
--millions--
<S> <C> <C>
Phase-in $ 78.6 $ 85.8
Demand-side management 37.6 23.3
Deferred interest-Zimmer 61.6 63.7
------ ------
Total $177.8 $172.8
====== ======
</TABLE>
2. Statement of Cash Flow Reconciliation.
Reconciliation of Net Income to Net Cash Provided by
Operating Activities:
<TABLE>
<CAPTION>
Nine Months Ended
September 30
1994 1993
---- ----
--millions--
<S> <C> <C>
Net Income . . . . . . . . . . . . . . . . . $126.7 $121.7
Adjustments for non-cash items:
Depreciation and amortization . . . . . . 83.5 81.7
Deferred income taxes . . . . . . . . . . (1.5) 17.0
Taxes applicable to subsequent years . . . 81.2 76.8
Amortization (deferral) of regulatory
assets . . . . . . . . . . . . . . . . . 8.1 (19.0)
Changes in Working Capital:
Accounts receivable and unbilled revenue . 56.5 32.5
Accounts payable . . . . . . . . . . . . . (64.4) (12.1)
Other . . . . . . . . . . . . . . . . . . (50.3) (60.0)
Other operating activities . . . . . . . . . (17.9) (31.3)
------ ------
Net cash provided by operating activities . $221.9 $207.3
====== ======
</TABLE>
3. Reclassifications have been made in certain prior years'
amounts to conform to the current reporting presentation of The
Dayton Power and Light Company (the "Company").
5
<PAGE>
<PAGE>
4. The consolidated financial statements in this report
have been prepared by the Company, without audit, pursuant to
the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance
with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations.
These consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes
thereto in the Company's 1993 Annual Report on Form 10-K.
The information included in this Form 10-Q reflects all
adjustments which are, in the opinion of management, necessary
for a fair statement of the results of operations for the
periods presented. Any adjustments are of a normal recurring
nature.
6
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
OPERATING STATISTICS
The Dayton Power and Light Company
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
1994 1993 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
ELECTRIC
Sales (millions of kWh)--
Residential . . . . . . . . . . . . . . . . . 1,093 1,184 3,489 3,481
Commercial . . . . . . . . . . . . . . . . . 835 841 2,311 2,265
Industrial . . . . . . . . . . . . . . . . . 1,134 1,062 3,275 3,041
Other . . . . . . . . . . . . . . . . . . . . 620 837 1,781 2,361
------- ------- ------- -------
Total . . . . . . . . . . . . . . . . . . . 3,682 3,924 10,856 11,148
Revenues (thousands of dollars)--
Residential . . . . . . . . . . . . . . . . . 99,754 100,295 302,531 284,022
Commercial . . . . . . . . . . . . . . . . . 56,779 53,484 163,016 149,130
Industrial . . . . . . . . . . . . . . . . . 58,058 53,528 170,689 153,497
Other . . . . . . . . . . . . . . . . . . . . 28,143 32,628 83,106 93,117
------- ------- ------- -------
Total . . . . . . . . . . . . . . . . . . . 242,734 239,935 719,342 679,766
Other Electric Statistics--
Average price per kWh--
retail and wholesale customers (cents) . . 6.52 6.06 6.56 6.03
Fuel cost per net kWh
generated (cents) . . . . . . . . . . . . . 1.36 1.42 1.41 1.41
Electric customers at end of period . . . . . 467,872 462,426 467,872 462,426
Average kWh use per residential customer . . 2,613 2,858 8,351 8,409
Peak demand--maximum
one hour use (mw), (net) . . . . . . . . . 2,758 2,765 2,824 2,765
</TABLE>
7
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
OPERATING STATISTICS
(continued)
The Dayton Power and Light Company
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
1994 1993 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
GAS
Sales (thousands of mcf)--
Residential . . . . . . . . . . . . . . . . . 1,756 1,819 20,006 19,230
Commercial . . . . . . . . . . . . . . . . . 674 706 5,910 5,693
Industrial . . . . . . . . . . . . . . . . . 196 256 2,431 2,211
Other . . . . . . . . . . . . . . . . . . . . 307 366 2,093 2,170
Transportation gas delivered . . . . . . . . 2,754 2,333 11,216 9,626
------ ------ ------ ------
Total . . . . . . . . . . . . . . . . . . . 5,687 5,480 41,656 38,930
Revenues (thousands of dollars)--
Residential . . . . . . . . . . . . . . . . . 12,369 13,019 111,511 106,100
Commercial . . . . . . . . . . . . . . . . . 3,783 4,029 30,646 29,209
Industrial . . . . . . . . . . . . . . . . . 929 1,332 11,527 10,557
Other . . . . . . . . . . . . . . . . . . . . 3,361 3,594 16,056 16,934
------- ------- ------- -------
Total . . . . . . . . . . . . . . . . . . . 20,442 21,974 169,740 162,800
Other Gas Statistics--
Average price per mcf--
retail customers (dollars) . . . . . . . . 6.32 6.38 5.38 5.32
Gas customers at end of period . . . . . . . 287,524 284,265 287,524 284,265
DEGREE DAYS (based on calendar month)--
Heating . . . . . . . . . . . . . . . . . . . 92 131 3,886 3,709
Cooling . . . . . . . . . . . . . . . . . . . 592 707 942 933
</TABLE>
8
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
The Company's earnings increased $2.2 million and
$7.2 million, respectively, for the quarter and nine months
ending September 30, 1994, as compared to the same periods last
year. The West Central Ohio economy continues to drive strong
energy sales. Retail electric sales have increased 3%
year-to-date over last year, boosted by a 5% gain in electricity
sales to business customers in the same period. Total natural
gas sales have increased 7% in 1994 due to strong economic
growth and cold weather early in the year. Ongoing cost control
measures, including savings from refinancing activities,
contributed to this financial performance.
An analysis of the financial condition and results of
operation for the third quarter and nine months ended
September 30, 1994 and 1993 is discussed below.
Financial Condition
- -------------------
Construction plans are subject to continuing review and are
expected to be revised in light of changes in financial and
economic conditions, load forecasts, legislative and regulatory
developments and changing environmental standards, among other
factors. The Company's ability to complete its capital projects
and the reliability of future service will be affected by its
financial condition, the availability of external funds at
reasonable cost and adequate and timely rate increases.
As of September 30, 1994, the Company's cash and temporary
cash investment balance was $25.4 million.
The Company has available to it $97 million in short-term
informal lines of credit. As of September 30, 1994, the Company
had no short-term debt outstanding. DPL Inc. and its
subsidiaries have $200 million available through a Revolving
Credit Agreement. As of September 30, 1994, DPL Inc. had no
outstanding borrowings under this Credit Agreement. The Company
has authority from the PUCO to issue short term debt up to
$200 million with a maximum debt limit of $300 million including
loans from DPL Inc. under the terms of the Credit Agreement.
The Company anticipates that it has sufficient capacity to
issue First Mortgage Bonds to satisfy its requirements in
connection with the financing of its construction and
refinancing programs during the five year period 1994-1998.
9
<PAGE>
<PAGE>
Results of Operations
- ---------------------
Electric revenues increased $2.8 million and $39.6 million,
respectively, for the third quarter and nine months ended
September 30, 1994, over the same periods in 1993. Retail
electric sales increased 3% year-to-date reflecting favorable
weather conditions and the continued strength of the West
Central Ohio economy. The electric revenue increase also
includes the effects of the last phase of the electric rate
increase which was effective January 1, 1994.
Fuel used in electric and steam production decreased
$4.9 million for the quarter and $1.7 million year-to-date from
the same periods in 1993, primarily related to decreased sales
to other utilities and lower per unit fuel costs.
Gas revenues and gas purchased for resale decreased
$1.5 million and $1.0 million, respectively, from the
corresponding quarter last year, due to mild fall temperatures.
Year-to-date gas revenues and gas purchased for resale increased
$6.9 million and $5.3 million, respectively, over the same
period in 1993. The higher amounts are due to a total gas sales
increase of 7% and a higher gas cost recovery factor.
Operating and administrative expenses decreased
$14.8 million year-to-date from the same period a year ago.
Bond redemption costs of $22.8 million were incurred in the
first half of 1993. Benefits and claims costs increased in 1994
versus 1993.
Maintenance expenses decreased $2.8 million and increased
$2.8 million, respectively, for the third quarter and
year-to-date over the corresponding periods in 1993. The
increase in electric generating station maintenance activities
earlier in the year was partially offset by a decrease in the
third quarter.
General taxes expense increased $2.2 million during the
third quarter and $5.0 million year-to-date over the same
periods a year ago. The increase is primarily related to higher
gross receipts taxes due to higher revenues and higher property
taxes.
Interest expense decreased $2.7 million year-to-date in
1994 due to the issuance of First Mortgage Bonds in 1993
overlapping the related debt series which were subsequently
redeemed in 1993 and lower interest rates on long-term debt
obtained through the refinancings.
10
<PAGE>
<PAGE>
Regulatory assets capitalized in years prior to 1994 are
being recovered over a seven year period commencing in 1994.
Income taxes increased $0.7 million and $16.5 million,
respectively, for the third quarter and year-to-date 1994, over
the corresponding periods in 1993. The higher amounts result
from a corresponding increase in taxable income over the same
periods in the prior year.
11
<PAGE>
<PAGE>
Part II. Other Information
---------------------------
Item 5. Other Information.
Electric Operations and Fuel Supply
- -----------------------------------
A merger agreement between The Cincinnati Gas &
Electric Company ("CG&E") and PSI Resources, Inc. has been
pending. The Company intervened in the merger proceedings at
the Federal Energy Regulatory Commission ("FERC") in January
1993 and at the Securities and Exchange Commission ("SEC") in
June 1994 to ensure that the operations of its commonly owned
generating units will not be adversely impacted by the merger.
The FERC approved the merger on October 3, 1994. On October 14,
1994, the Company entered into a settlement agreement with CG&E,
PSI and CINergy Corp. which resolved the Company's concerns with
the proposed merger. As part of the settlement, the Company
withdrew from the SEC proceeding and has committed not to appeal
the FERC approval. The SEC approved the merger on October 21,
1994.
Gas Operations and Gas Supply
- -----------------------------
1. In January 1994, the Company, the Staff of the Public
Utilities Commission of Ohio ("PUCO") and the Office of the Ohio
Consumers' Counsel submitted to the PUCO an agreement which
resolves issues relating to the recovery of Order 636
"transition costs" to be billed to the Company by FERC natural
gas interstate pipeline companies. The agreement, which was
approved by the PUCO on July 14, 1994, provides for the full
recovery of these transition costs from the Company's
customers. The interstate pipelines will file with the FERC for
authority to recover these transition costs, the exact magnitude
of which has not been established.
On October 6, 1994, the PUCO authorized the Company's
plan to use pipeline supplier refunds to partially offset
transition cost billings to natural gas customers. This
approval will help stabilize gas costs while continuing to
ensure the Company's full recovery of transition costs.
12
<PAGE>
<PAGE>
Environmental Considerations
- ----------------------------
Air Quality
- -----------
In December 1988, the United States Environmental
Protection Agency ("U.S. EPA") notified the State of Ohio that
the portion of its State Implementation Plan ("SIP") dealing
with sulfur dioxide emission limitations for Hamilton County (in
southwestern Ohio) was deficient and required the Ohio
Environmental Protection Agency ("Ohio EPA") to develop a new
SIP within 18 months. The notice affected industrial and
utility sources and could have required significant reductions
in sulfur dioxide emission limitations at CG&E's Miami Fort
Units 7 and 8 which are jointly owned with the Company.
In October 1991, the Ohio EPA adopted new SO2
regulations for Hamilton County. These regulations did not
change the preexisting requirements for Miami Fort
Units 7 and 8. On August 23, 1994, the U.S. EPA provided notice
in the Federal Register of its final ruling that the new
regulations for the Ohio SIP for Hamilton County are
conditionally approved, and became effective September 22, 1994.
Item 6. Exhibits and Reports on Form 8-K.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed by the Company during
the quarter ended September 30, 1994.
13
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
THE DAYTON POWER AND LIGHT COMPANY
----------------------------------
(Registrant)
Date: November 14, 1994 Paul R. Anderson
- ------------------------ ----------------------------------
Paul R. Anderson
Controller
(Principal Accounting Officer)
Date: November 14, 1994 Thomas M. Jenkins
- ------------------------ ----------------------------------
Thomas M. Jenkins
Group Vice President and Treasurer
(Principal Financial Officer)
14
<PAGE>
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