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Previous: ALLEGHENY POWER SYSTEM INC, 35-CERT, 1997-05-29 |
Next: FEDERATED AMERICAN LEADERS FUND INC, 485APOS, 1997-05-29 |
<PAGE>
___________________________________
:
IN THE MATTER OF :
:
AYP CAPITAL, INC. :
: CERTIFICATE
File No. 70-8951 : PURSUANT TO RULE 24
: FOR THE QUARTER ENDED
(Public Utility Holding : MARCH 31, 1997
Company Act of 1935) :
___________________________________ :
During the first quarter of 1997, AYP Capital, Inc. (AYP Capital)
received SEC approval to sell and market heat pumps. During the first
quarter, AYP Capital performed studies and completed preliminary development
activities and began selling and marketing heat pumps. In connection with
these activities, AYP Capital has spent a total of $124,799.
Attached are consolidated financial statements for the quarter
ended March 31, 1997.
AYP CAPITAL, INC.
By /s/ Thomas K. Henderson
Thomas K. Henderson
Counsel
Dated: May 29, 1997
<PAGE>
AYP Capital, Inc.
CONSOLIDATED BALANCE SHEET
As of March 31, 1997
Assets
Property, plant, and equipment:
At original cost 175,738,516
Accumulated depreciation (1,332,000)
174,406,517
Investments and other assets:
Nonutility investments 2,871,429
2,871,429
Current assets:
Cash and temporary cash investments 6,634,565
Accounts receivable:
Electric service 4,635,269
Other 190,316
Accts. Receivable - Affiliates 20,148
Materials and supplies--at average cost:
Operating and construction 2,386,941
Fuel 2,671,156
Other 4,661,105
21,199,501
Deferred charges:
Other 339,368
339,368
Total Assets 198,816,814
Capitalization and Liabilities
Capitalization:
Common stock 1,000
Other paid-in capital 34,307,324
Retained earnings (6,703,840)
27,604,484
Preferred stock:
Long-term debt of subsidiaries 160,000,000
Long-term debt of subsidiaries 0
187,604,484
Current liabilities:
Accounts payable - Affil. 2,704,553
Accounts payable - Other 3,101,166
Taxes accrued:
Federal and state income 49,022
Other 1,085,050
Interest accrued 1,777,867
Payrolls Accrued 0
Other 522,227
9,239,884
Deferred credits and other liabilities:
Deferred income taxes 1,705,694
Other 266,752
1,972,446
Total Capitalization and Liabilities 198,816,814
Unaudited
<PAGE>
AYP CAPITAL
CONSOLIDATED STATEMENT OF INCOME
FOR TWELVE MONTHS ENDED MARCH 31, 1997
<TABLE>
<CAPTION>
QTR YTD 12MOS
<S> <C> <C> <C>
ELECTRIC OPERATING REVENUES 12,287,673 12,287,673 14,369,402
OPERATING EXPENSES:
Operation:
Fuel 5,791,352 5,791,352 6,518,851
Purchased Power & Exchange 3,252,549 3,252,549 4,587,133
Other 889,847 889,847 2,016,456
Transmission & Distribution 801,830 801,830 1,060,149
Cust. Accts & Services 63,495 63,495 150,670
Administrative & General 1,086,530 1,086,530 1,946,006
Total Operation & Maintenance 11,885,602 11,885,602 16,279,265
Depreciation 1,316,853 1,316,853 1,329,848
Taxes other than income taxes 1,095,319 1,095,319 1,861,764
Federal and state income taxes (1,899,003) (1,899,003) (4,079,164)
Total Operating Expenses 12,398,771 12,398,771 15,391,714
Operating Income (111,099) (111,099) (1,022,312)
OTHER INCOME AND DEDUCTIONS:
Other income, net 13,237 13,237 (145,899)
Total Other Income and Deductio 13,237 13,237 (145,899)
Income Before Interest Charges and
Preferred Dividends (97,862) (97,862) (1,168,212)
INTEREST CHARGES AND PREFERRED DIVIDENDS:
Interest on other long-term obligations 2,712,000 2,712,000 4,550,133
Other interest 13,350 13,350 13,366
Total Interest Charges and
Preferred Dividends 2,725,350 2,725,350 4,563,499
Consolidated Net Income (2,823,212) (2,823,212) (5,731,711)
</TABLE>
Unaudited
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