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Previous: CHENIERE ENERGY INC, 10-K, 1996-11-27 |
Next: FEDERATED AMERICAN LEADERS FUND INC, NSAR-A, 1996-11-27 |
<PAGE>
File No. 70-8951
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
POST-EFFECTIVE AMENDMENT NO. 1
TO
APPLICATION OR DECLARATION
ON
FORM U-1
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
ALLEGHENY POWER SYSTEM, INC.
10435 Downsville Pike
Hagerstown, MD 21740
AYP CAPITAL, INC.
10435 Downsville Pike
Hagerstown, MD 21740
(Name of company or companies filing this statement and addresses of
principal executive offices)
Allegheny Power System, Inc.
(Name of top registered holding company parent of each applicant or
declarant)
Thomas K. Henderson, Esquire
Vice President
Allegheny Power
10435 Downsville Pike
Hagerstown, MD 21740
(Name and address of agent for service)
<PAGE>
1. Applicant hereby amends Item 6. Exhibits and Financial Statements by
filing the following:
(a) G-1 - Financial Data Schedule - APS, Inc. Consolidated (9/30/96)
G-2 - Financial Data Schedule - AYP, Inc. Consolidated (9/30/96)
(b) Financial Statements as of September 30, 1996.
1-A - APS and subsidiaries consolidated balance sheet, per books.
1-B - APS and subsidiaries consolidated statements of income, per
books, and earned surplus.
1-C - AYP consolidated balance sheet, per books.
1-D - AYP consolidated statement of income, per books, and earned
surplus.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935, the undersigned company has duly caused this statement to be
signed on its behalf by the undersigned thereunto duly authorized.
ALLEGHENY POWER SYSTEM, INC.
/s/ Kathy L. Mitchell
By:
Kathy L. Mitchell
Counsel
Dated: November 27, 1996
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> OCT-1-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 308
<OTHER-PROPERTY-AND-INVEST> 2,743
<TOTAL-CURRENT-ASSETS> 994
<TOTAL-DEFERRED-CHARGES> 1,097
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 5,142
<COMMON> 1
<CAPITAL-SURPLUS-PAID-IN> 5,537
<RETAINED-EARNINGS> (1,058)
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,480
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 662
<TOT-CAPITALIZATION-AND-LIAB> 5,142
<GROSS-OPERATING-REVENUE> 0
<INCOME-TAX-EXPENSE> (262)
<OTHER-OPERATING-EXPENSES> 5
<TOTAL-OPERATING-EXPENSES> (257)
<OPERATING-INCOME-LOSS> (257)
<OTHER-INCOME-NET> (809)
<INCOME-BEFORE-INTEREST-EXPEN> (552)
<TOTAL-INTEREST-EXPENSE> 0
<NET-INCOME> (552)
0
<EARNINGS-AVAILABLE-FOR-COMM> (552)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 0<F1>
<EPS-PRIMARY> 0<F2>
<EPS-DILUTED> 0<F2>
<FN>
<F1>*Not calculated for Form U-1 purposes.
<F2>**All common stock is owned by parent, no EPS required.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> OCT-1-1995
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 5,065,872
<OTHER-PROPERTY-AND-INVEST> 15,077
<TOTAL-CURRENT-ASSETS> 539,370
<TOTAL-DEFERRED-CHARGES> 697,149
<OTHER-ASSETS> 53,717
<TOTAL-ASSETS> 6,371,185
<COMMON> 151,955
<CAPITAL-SURPLUS-PAID-IN> 1,020,140
<RETAINED-EARNINGS> 992,323
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,164,418
0
170,086
<LONG-TERM-DEBT-NET> 2,230,257
<SHORT-TERM-NOTES> 31,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 67,061
<LONG-TERM-DEBT-CURRENT-PORT> 20,900
0
<CAPITAL-LEASE-OBLIGATIONS> 2,237
<LEASES-CURRENT> 887
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1,684,339
<TOT-CAPITALIZATION-AND-LIAB> 6,371,185
<GROSS-OPERATING-REVENUE> 2,339,351
<INCOME-TAX-EXPENSE> 140,522
<OTHER-OPERATING-EXPENSES> 1,792,902
<TOTAL-OPERATING-EXPENSES> 1,933,424
<OPERATING-INCOME-LOSS> 405,927
<OTHER-INCOME-NET> 6,137
<INCOME-BEFORE-INTEREST-EXPEN> 412,064
<TOTAL-INTEREST-EXPENSE> 178,697
<NET-INCOME> 233,367
9,302
<EARNINGS-AVAILABLE-FOR-COMM> 224,065
<COMMON-STOCK-DIVIDENDS> 203,015
<TOTAL-INTEREST-ON-BONDS> 112,585
<CASH-FLOW-OPERATIONS> 0<F1>
<EPS-PRIMARY> 1.85
<EPS-DILUTED> 1.85
<FN>
<F1>*Not calculated for Form U-1 purposes.
</FN>
</TABLE>
<PAGE>
CONTENTS
Statement
No.
Balance sheets at September 30, 1996:
AYP Capital, Inc. and Subsidiaries 1-C
Allegheny Power System, Inc. and Subsidiaries 1-A
Statements of income and retained earnings for twelve months
ended September 30, 1996:
AYP Capital, Inc. and Subsidiaries 1-D
Allegheny Power System, Inc. and Subsidiaries 1-B
These financial statements have been prepared for Form U-1
purposes and are unaudited.
Reference is made to the Notes to Financial Statements in the
Allegheny Power System companies combined Annual Report on
Form 10-K for the year ended December 31, 1995 and to the
Form 10-Q's for the quarters ended March 31, 1996, June 30, 1996,
and September 30, 1996.
<PAGE>
Statement 1-C
AYP CAPITAL, INC.
CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
(Thousands)
Assets Per Books
<S> <C>
Property, plant, and equipment:
At original cost $312
Accumulated depreciation (4)
Investments and other assets:
Nonutility investments 2,743
Current assets:
Cash 892
Accounts receivable 102
Deferred charges 1,097
Total Assets $5,142
Capitalization and Liabilities
Capitalization:
Common stock:
Common stock - $10 par value, authorized
1,000 shares, outstanding 100 shares $1
Other paid-in capital 5,537
Retained earnings (1,058)
Current liabilities:
Accounts payable 1
Accounts payable to affiliates 303
Taxes accrued - federal and state income 358
Total Capitalization and Liabilities $5,142
</TABLE>
<PAGE>
Statement 1-A
ALLEGHENY POWER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
<S> <C>
Assets Per Books
Property, plant, and equipment:
At original cost $7,936,917
Accumulated depreciation (2,871,045)
5,065,872
Investments and other assets:
Subsidiaries consolidated--excess of cost
over book equity at acquisition 15,077
Benefit plan's investments 48,572
Other 5,145
68,794
Current assets:
Cash 18,341
Accounts receivable:
Electric service, net of $13,269,000 uncollectible allowance 260,443
Other 10,707
Materials and supplies--at average cost:
Operating and construction 83,940
Fuel 57,062
Prepaid taxes 46,904
Deferred income taxes 40,411
Other 21,562
539,370
Deferred charges:
Regulatory assets 597,123
Unamortized loss on reacquired debt 54,366
Other 45,660
697,149
Total Assets $6,371,185
Capitalization and Liabilities
Capitalization:
Common stock $151,955
Other paid-in capital 1,020,140
Retained earnings 992,323
2,164,418
Preferred stock 170,086
Long-term debt and QUIDS 2,230,257
4,564,761
Current liabilities:
Short-term debt 98,061
Long-term debt due within one year 20,900
Accounts payable 115,501
Taxes accrued:
Federal and state income 37,087
Other 39,774
Interest accrued 41,301
Deferred power costs 30,044
Restructuring liabilities 47,339
Other 78,869
508,876
Deferred credits and other liabilities:
Unamortized investment credit 143,579
Deferred income taxes 989,627
Regulatory liabilities 94,795
Restructuring liabilities 2,075
Other 67,472
1,297,548
Total Capitalization and Liabilities $6,371,185
</TABLE>
<PAGE>
Statement 1-D
AYP CAPITAL, INC.
CONSOLIDATED STATEMENT OF INCOME FOR TWELVE MONTHS ENDED SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
(Thousands)
Per Books
<S> <C>
OPERATING EXPENSES:
Operation $4
Taxes other than income taxes 1
Federal and state income taxes (262)
Total Operating Expenses (257)
Operating Income 257
OTHER INCOME AND DEDUCTIONS: (809)
Net Income (Loss) ($552)
</TABLE>
<PAGE>
Statement 1-D
(continued)
AYP CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR TWELVE MONTHS ENDED SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
(Thousands)
Per Books
<S> <C>
Balance at October 1, 1995 $ (506)
Add:
Net income (Loss) (552)
Balance at September 30, 1996 ($1,058)
</TABLE>
<PAGE>
Statement 1-B
ALLEGHENY POWER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME FOR TWELVE MONTHS ENDED SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
(Thousands)
Per Books*
<S> <C>
ELECTRIC OPERATING REVENUES $2,339,351
OPERATING EXPENSES:
Operation:
Fuel 512,546
Purchased power and exchanges 182,282
Deferred power costs, net 28,465
Other 366,928
Maintenance 255,047
Depreciation 260,408
Taxes other than income taxes 187,226
Federal and state income taxes 140,522
Total Operating Expenses 1,933,424
Operating Income 405,927
OTHER INCOME AND DEDUCTIONS:
Allowance for other than borrowed funds
used during construction 2,632
Other income, net 3,505
Total Other Income and Deductions 6,137
Income Before Interest Charges and
Preferred Dividends 412,064
INTEREST CHARGES AND PREFERRED DIVIDENDS:
Interest on first mortgage bonds 112,585
Interest on other long-term obligations 53,444
Other interest 15,682
Allowance for borrowed funds used during
construction (3,014)
Dividends on preferred stock of subsidiaries 9,302
Total Interest Charges and
Preferred Dividends 187,999
Consolidated Net Income $224,065
</TABLE>
*Includes a charge of $82.2 million for restructuring and asset write-off.
<PAGE>
Statement 1-B
(continued)
ALLEGHENY POWER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
FOR TWELVE MONTHS ENDED SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
(Thousands)
Per Books
<S> <C>
Balance at October 1, 1995 $971,322
Add:
Consolidated net income 224,065
1,195,387
Deduct:
Dividends on common stock of Allegheny
Power System, Inc. (cash) 203,015
Charge on redemption of preferred stock of subsidiaries 49
Total deductions 203,064
Balance at September 30, 1996 $992,323
</TABLE>
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