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Previous: PARAMOUNT COMMUNICATIONS INC /DE/, 10-K/A, 1994-03-21 |
Next: HOUGHTON MIFFLIN CO, 10-K/A, 1994-03-21 |
File No. 70-8375
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form U-l
___________________________________
AMENDMENT NO. 1
to
APPLICATION-DECLARATION
under
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
___________________________________
Gulf States Utilities Company
350 Pine Street
Beaumont, TX 77701
(Name of company filing this statement and address
of principal executive offices)
___________________________________
Entergy Corporation
(Name of top registered holding company parent of each
applicant or declarant)
___________________________________
Frank Gallaher Glenn E. Harder
President Vice President-Financial
Gulf States Utilities Company Strategies and Treasurer
350 Pine Street Entergy Services, Inc.
Beaumont, TX 77701 P.O. Box 61000
New Orleans, LA 70161
(Names and addresses of agents for service)
___________________________________
The Commission is also requested to send copies of any
communications in connection with this matter to:
Laurence M. Hamric, Esq. Benny Hughes, Esq.
Entergy Services, Inc. Orgain, Bell & Tucker, L.L.P.
225 Baronne Street 470 Orleans Street
New Orleans, LA 70113 Beaumont, TX 77701
Bonnie Wilkinson, Esq. David P. Falck, Esq.
Reid & Priest Winthrop, Stimson, Putnam &
40 West 57th Street Roberts
New York, NY 10019 One Battery Park Plaza
New York, NY 10004
<PAGE>
Item 6. Exhibits and Financial Statements
(b) Financial Statements:
Financial Statements of the Company as of December 31,
1993.
Financial Statements of Entergy Corporation and
subsidiaries, consolidated, as of December 31, 1993.
Notes to Financial Statements of the Company and of
Entergy Corporation and subsidiaries (included in the
Annual Report on Form 10-K for the year ended December
31, 1993, files in File Nos. 1-2703 and 1-11299,
respectively, and incorporated herein by reference).
<PAGE>
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.
GULF STATES UTILITIES COMPANY
By: /s/ Glenn E. Harder
Glenn E. Harder
` Vice President-Financial
Strategies and Treasurer
Dated: March 21, 1994
FINANCIAL STATEMENTS
_________________________________________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-1
GULF STATES UTILITIES COMPANY
___________________________________________
AS OF DECEMBER 31, 1993
(Unaudited)
_____________________________________________
Pages 1 through 6
<PAGE>
GULF STATES UTILITIES COMPANY
JOURNAL ENTRIES
(in thousands)
These entries record the sale of $500,000 aggregate principal amount of
New First Mortgage Bonds, $200,000 aggregate par value of New Preferred
Stock and $250,000 principal amount of New Tax-Exempt Bonds and the
acquisition of $250,000 aggregate principal amount of outstanding First
Mortgage Bonds, $219,000 aggregate par value of outstanding Preferred Stock
and $127,000 principal amount of outstanding Tax-Exempt Bonds (Outstanding
Securities).
Entry No. 1
Cash .................................. $950,000
First Mortgage Bonds.......................... $500,000
Preferred Stock............................... $200,000
Tax-Exempt Bonds.............................. $250,000
To record the issuance of $500,000 aggregate principal amount of New First
Mortgage Bonds, $200,000 aggregate par value of New Preferred Stock and
$250,000 principal amount of New Tax-Exempt Bonds.
Entry No. 2
First Mortgage Bonds.................... $250,000
Preferred Stock......................... $219,000
Tax-Exempt Bonds........................ $127,000
Cash.......................................... $596,000
To record the acquisition of $250,000 aggregate principal amount of
outstanding First Mortgage Bonds, $219,000 aggregate par value of
outstanding Preferred Stock and $127,000 principal amount of outstanding Tax-
Exempt Bonds.
Entry No. 3
Interest on Long-term Debt............. $23,820
Cash......................................... $23,820
To record the net increase in annual interest expense after giving effect to
the issuance of the New First Mortgage Bonds and New Tax-Exempt Bonds at an
assumed rate of 8% and 6.5%, respectively, and the acquisition of
outstanding First Mortgage Bonds and Tax-Exempt Bonds.
Entry No. 4
Cash................................... $9,630
Income Taxes................................. $9,630
To record the net decrease in income taxes due to the net increase in
interest expense associated with the issuance of the New First Mortgage
Bonds and the New Tax-Exempt Bonds:
Increase in interest expense.. $23,820
Statutory Composite Federal
and State Income Tax Rate
of 40.43%................... $9,630
Entry No. 5
Preferred Stock Dividend Requirements... $2,365
Cash......................................... $2,365
To record the net increase in annual dividend requirements after giving
effect to the issuance of the New Preferred Stock at an assumed dividend
rate of 8.5% and the acquisition of outstanding series of Preferred Stock.
Entry No. 6
Unamortized Loss on Reacquired Debt...... $14,740
Cash......................................... $14,740
To record the premiums associated with the acquisition of the Outstanding
Securities.
Entry No. 7
Temporary Cash Investments............. $322,705
Cash......................................... $322,705
To record the transfer of the balance from the issuance of New First
Mortgage Bonds, New Preferred Stock and Tax-Exempt Bonds from cash to
temporary cash investments pending use of proceeds.
<PAGE>
<TABLE>
GULF STATES UTILITIES COMPANY
PRO FORMA BALANCE SHEET
DECEMBER 31, 1993
(Unaudited)
<CAPTION>
Adjustments to Reflect
Transactions Proposed
Before In Present After
ASSETS Transaction Filing Transaction
(In thousands)
<S> <C> <C> <C>
Utility Plant:
Electric $6,825,989 0 $6,825,989
Natural gas 42,786 0 42,786
Steam products 75,689 0 75,689
Property under capital leases 86,039 0 86,039
Construction work in progress 50,080 0 50,080
Nuclear fuel under capital leases 94,828 0 94,828
---------- -------- ----------
Total 7,175,411 0 7,175,411
Less - Accumulated depreciation
and amortization 2,323,804 0 2,323,804
---------- -------- ----------
Utility plant - net 4,851,607 0 4,851,607
---------- -------- ----------
Other Property and Investments:
Decomissioning trust fund 17,873 0 17,873
Other - at cost (less accumulated
depreciation) 29,360 0 29,360
---------- -------- ----------
Total 47,233 47,233
---------- -------- ----------
Current Assets:
Cash and cash equivalents:
Cash 3,012 0 3,012
Temporary cash investments - at cost,
which approximates market 258,337 $322,705 581,042
---------- -------- ----------
Total cash and cash equivalents 261,349 322,705 584,054
Accounts Receivable:
Customer (less allowance for doubtful
accounts of $2.4 million) 117,369 0 117,369
Other 18,371 0 18,371
Accrued unbilled revenues 32,572 0 32,572
Deferred fuel costs 5,883 0 5,883
Fuel inventory 23,448 0 23,448
Materials and supplies - at average cost 86,831 0 86,831
Rate deferrals 90,775 0 90,775
Accumulated deferred income taxes 28,425 0 28,425
Prepayments and other 48,948 0 48,948
---------- -------- ----------
Total 713,971 322,705 1,036,676
---------- -------- ----------
Deferred Debits and Other Assets:
Rate deferrals 638,015 0 638,015
SFAS 109 regulatory assets 432,411 0 432,411
Long-term receivables 218,079 0 218,079
Unamortized loss on reacquired debt 70,970 14,740 85,710
Other 193,490 0 193,490
---------- -------- ----------
Total 1,552,965 14,740 1,567,705
---------- -------- ----------
TOTAL $7,165,776 $337,445 $7,503,221
========== ======== ==========
</TABLE>
<PAGE>
<TABLE>
GULF STATES UTILITIES COMPANY
PRO FORMA BALANCE SHEET
December 31, 1993
(Unaudited)
<CAPTION>
Adjustments to Reflect
Transactions Proposed
Before In Present After
CAPITALIZATION AND LIABILITIES Transactions Filing Transactions
<S> <C> <C> <C>
CAPITALIZATION:
Common stock, no par value, authorized
200,000,000 shares; issued and
outstanding 100 shares $114,055 0 $114,055
Paid-in capital 1,152,304 0 1,152,304
Retained earnings 666,401 ($16,555) 649,846
---------- -------- ----------
Total common shareholder's equity 1,932,760 (16,555) 1,916,205
Preference stock 150,000 0 150,000
Preferred stock
Without sinking fund 136,444 0 136,444
With sinking fund 101,004 (19,000) 82,004
Long-term debt 2,368,639 373,000 2,741,639
---------- -------- ----------
Total 4,688,847 337,445 5,026,292
---------- -------- ----------
Other Noncurrent Liabilities:
Obligations under capital leases 152,359 0 152,359
Other 47,107 0 47,107
---------- -------- ----------
Total 199,466 0 199,466
---------- -------- ----------
Current Liabilities:
Currently maturing long-term debt 425 0 425
Accounts payable:
Associated companies 2,745 0 2,745
Other 109,840 0 109,840
Customer deposits 21,958 0 21,958
Taxes accrued 22,856 0 22,856
Interest accrued 59,516 0 59,516
Nuclear refueling reserve 22,356 0 22,356
Obligations under capital leases 41,713 0 41,713
Other 97,203 0 97,203
---------- -------- ----------
Total 378,612 0 378,612
---------- -------- ----------
Deferred Credits:
Accumulated deferred income taxes 1,252,295 0 1,252,295
Accumulated deferred investment tax credits 94,455 0 94,455
Deferred River Bend finance charges 106,765 0 106,765
Other 445,336 0 445,336
---------- -------- ----------
Total 1,898,851 0 1,898,851
---------- -------- ----------
TOTAL $7,165,776 $337,445 $7,503,221
========== ======== ==========
</TABLE>
<PAGE>
<TABLE>
GULF STATES UTILITIES COMPANY
PRO FORMA STATEMENT OF INCOME
For the Year Ended December 31, 1993
(Unaudited)
<CAPTION>
Adjustments to Reflect
Transactions Proposed
Before In Present After
Transactions Filing Transactions
(In thousands)
<S> <C> <C> <C>
Operating Revenues:
Electric $1,747,961 0 $1,747,961
Natural gas 32,466 0 32,466
Steam products 47,193 0 47,193
---------- -------- ----------
Total 1,827,620 0 1,827,620
---------- -------- ----------
Operating Expenses:
Operation:
Fuel for electric generation and
fuel-related expenses 538,887 0 538,887
Purchased power 134,936 0 134,936
Gas purchased for resale 20,529 0 20,529
Other 324,617 0 324,617
Maintenance 144,766 0 144,766
Depreciation and decommissioning 190,405 0 190,405
Taxes other than income taxes 95,742 0 95,742
Income taxes 46,007 ($9,630) 36,377
Amortization of rate deferrals 61,115 0 61,115
---------- -------- ----------
Total 1,557,004 (9,630) 1,547,374
---------- -------- ----------
Operating Income 270,616 9,630 280,246
---------- -------- ----------
Other Income:
Allowance for equity funds used
during construction 726 0 726
Miscellaneous - net 19,996 0 19,996
Income taxes (12,009) 0 (12,009)
---------- -------- ----------
Total 8,713 0 8,713
---------- -------- ----------
Interest Charges:
Interest on long-term debt 202,235 23,820 226,055
Other interest - net 8,364 0 8,364
Allowance for borrowed funds
used during construction (731) 0 (731)
---------- -------- ----------
Total 209,868 23,820 233,688
---------- -------- ----------
Income Before Extraordinary Items and the
Cumulative Effect of Accounting Changes 69,461 (14,190) 55,271
Extraordinary Items (net of income taxes) (1,259) 0 (1,259)
Cumulative Effect of Accounting Changes
(net of income taxes) 10,660 0 10,660
---------- -------- ----------
Net Income 78,862 ($14,190) 64,672
Preference and Preferred Stock Dividend
Requirements 35,581 2,365 37,946
---------- -------- ----------
Earnings applicable to Common Stock $43,281 ($16,555) $26,726
========== ======== ==========
</TABLE>
<PAGE>
<TABLE>
GULF STATES UTILITIES COMPANY
PRO FORMA STATEMENT OF RETAINED EARNINGS
For the Year Ended December 31, 1993
(Unaudited)
<CAPTION>
Adjustments to Reflect
Transactions Proposed
Before In Present After
Transactions Filing Transactions
(In thousands)
<S> <C> <C> <C>
Retained Earnings - January 1 $631,462 0 $631,462
Add - Net Income 78,862 ($14,190) 64,672
-------- -------- --------
Total 710,324 (14,190) 696,134
-------- -------- --------
Deduct:
Dividends declared:
Common stock 0 0 0
Preferred and preference stock 35,581 2,365 37,946
Preferred and preference stock
redemption 8,342 0 8,342
-------- -------- --------
Total 43,923 2,365 46,288
-------- -------- --------
Retained Earnings - December 31 $666,401 ($16,555) $649,846
======== ======== ========
</TABLE>
FINANCIAL STATEMENTS
_________________________________________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-1
ENTERGY CORPORATION
AND SUBSIDIARIES CONSOLIDATED
___________________________________________
AS OF DECEMBER 31, 1993
(Unaudited)
_____________________________________________
Pages 1 through 4
<PAGE>
<TABLE>
<CAPTION>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEET
December 31, 1993
(Unaudited)
Adjustments to Reflect
Transactions Proposed
Before In Present After
ASSETS Transactions Filing Transactions
(In thousands)
<S> <C> <C> <C>
Utility Plant:
Electric $20,848,844 0 $20,848,844
Plant acquisition adjustment - GSU 380,117 0 380,117
Electric plant under leases 663,024 0 663,024
Property under capital leases -
electric 175,276 0 175,276
Natural gas 156,452 0 156,452
Steam products 75,689 0 75,689
Construction work in progress 533,112 0 533,112
Nuclear fuel under capital leases 329,433 0 329,433
Nuclear fuel 17,760 0 17,760
----------- -------- -----------
Total 23,179,707 0 23,179,707
Less - Accumulated depreciation
and amortization 7,157,981 0 7,157,981
----------- -------- -----------
Utility plant - net 16,021,726 0 16,021,726
----------- -------- -----------
Other Property and Investments:
Decommissioning trust funds 172,960 0 172,960
Other 183,597 0 183,597
----------- -------- -----------
Total 356,557 0 356,557
----------- -------- -----------
Current Assets:
Cash and cash equivalents:
Cash 27,345 0 27,345
Temporary cash investments -
at cost, which approximates market 536,404 $322,705 859,109
----------- -------- -----------
Total cash and cash equivalents 563,749 322,705 886,454
Special deposits 36,612 0 36,612
Notes receivable 17,710 0 17,710
Accounts receivable:
Customer (less allowance for doubtful
accounts of $8.8 million) 315,796 0 315,796
Other 81,931 0 81,931
Accrued unbilled revenues 257,321 0 257,321
Fuel inventory - at average cost and LIFO 110,204 0 110,204
Materials and supplies -
at average cost 360,353 0 360,353
Rate deferrals 333,311 0 333,311
Prepayments and other 98,144 0 98,144
----------- -------- -----------
Total 2,175,131 322,705 2,497,836
----------- -------- -----------
Deferred Debits and Other Assets:
Rate deferrals 1,876,051 0 1,876,051
SFAS 109 regulatory asset - net 1,385,824 0 1,385,824
Long-term receivables 228,030 0 228,030
Unamortized loss on reacquired debt 210,698 14,740 225,438
Other 622,680 0 622,680
----------- -------- -----------
Total 4,323,283 14,740 4,338,023
----------- -------- -----------
TOTAL $22,876,697 $337,445 $23,214,142
=========== ======== ===========
</TABLE>
<PAGE>
<TABLE>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEET
December 31, 1993
(Unaudited)
<CAPTION>
Adjustments to Reflect
Transactions Proposed
Before In Present After
CAPITALIZATION AND LIABILITIES Transactions Filing Transactions
(In thousands)
<S> <C> <C> <C>
Capitalization:
Common stock, $0.01 par value,
authorized 500,000,000 shares;
issued and outstanding 231,219,737
shares $2,312 0 $2,312
Paid-in capital 4,223,682 0 4,223,682
Retained earnings 2,310,082 ($16,555) 2,293,527
----------- --------- -----------
Total common shareholders' equity 6,536,076 (16,555) 6,519,521
Subsidiary's preference stock 150,000 0 150,000
Subsidiaries' preferred stock:
Without sinking fund 550,955 0 550,955
With sinking fund 349,053 (19,000) 330,053
Long-term debt 7,355,962 373,000 7,728,962
----------- --------- -----------
Total 14,942,046 337,445 15,279,491
----------- --------- -----------
Other Noncurrent Liabilities:
Obligations under capital leases 322,867 0 322,867
Other 270,318 0 270,318
----------- --------- -----------
Total 593,185 0 593,185
----------- --------- -----------
Current Liabilities:
Currently maturing long-term debt 322,010 0 322,010
Notes payable 43,667 0 43,667
Accounts payable 413,727 0 413,727
Customer deposits 127,524 0 127,524
Taxes accrued 118,267 0 118,267
Accumulated deferred income taxes 44,637 0 44,637
Interest accrued 210,894 0 210,894
Dividends declared 13,404 0 13,404
Deferred revenue - gas supplier
judgement proceeds 14,632 0 14,632
Deferred fuel cost 4,528 0 4,528
Obligations under capital leases 194,015 0 194,015
Other 240,471 0 240,471
----------- --------- -----------
Total 1,747,776 0 1,747,776
----------- --------- -----------
Deferred Credits:
Accumulated deferred income taxes 3,858,337 0 3,858,337
Accumulated deferred investment
tax credits 793,375 0 793,375
Other 941,978 0 941,978
----------- --------- -----------
Total 5,593,690 0 5,593,690
----------- --------- -----------
TOTAL $22,876,697 $337,445 $23,214,142
=========== ========= ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF INCOME (1)
For the Year Ended December 31, 1993
(Unaudited)
Adjustments to Reflect
Transactions Proposed
Before In Present After
Transaction Filing Transaction
(In thousands, except share data)
<S> <C> <C> <C>
Operating Revenues:
Electric $4,394,346 0 $4,394,346
Natural gas 90,991 0 90,991
---------- -------- ----------
Total 4,485,337 0 4,485,337
---------- -------- ----------
Operating Expenses:
Operation:
Fuel for electric generation
and fuel-related expenses 859,641 0 859,641
Purchased power 278,070 0 278,070
Gas purchased for resale 52,592 0 52,592
Other 813,555 0 813,555
Maintenance 306,666 0 306,666
Depreciation and decommissioning 443,550 0 443,550
Taxes other than income taxes 199,151 0 199,151
Income taxes 251,163 ($9,630) 241,533
Rate deferrals:
Rate deferrals (1,651) 0 (1,651)
Amortization of rate deferrals 289,259 0 289,259
---------- -------- ----------
Total 3,491,996 (9,630) 3,482,366
---------- -------- ----------
Operating Income 993,341 9,630 1,002,971
---------- -------- ----------
Other Income:
Allowance for equity funds
used during construction 8,049 0 8,049
Miscellaneous - net 60,068 0 60,068
Income taxes - (debit) (33,640) 0 (33,640)
---------- -------- ----------
Total 34,477 0 34,477
---------- -------- ----------
Interest and Other Charges:
Interest on long-term debt 488,799 23,820 512,619
Other interest - net 29,849 0 29,849
Allowance for borrowed funds
used during construction (5,478) 0 (5,478)
Preferred dividend requirements
of subsidiaries 56,559 2,365 58,924
---------- -------- ----------
Total 569,729 $26,185 595,914
---------- -------- ----------
Income before Cumulative Effect of a
Change in Accounting Principle 458,089 (16,555) 441,534
Cumulative Effect to January 1, 1993
of Accruing Unbilled Revenues
(net of income taxes of $57,188) 93,841 0 93,841
---------- -------- ----------
Net Income $551,930 ($16,555) $535,375
========== ======== ==========
Average number of common shares outstanding 174,887,556 174,887,556
Earnings per average common share
before cumulative effect of a change
in accounting principle $2.62 $2.52
Earnings per average common share $3.16 $3.06
Dividends declared per common share $1.65 $1.65
(1) The acquisition of the Company by Entergy was consummated on December 31,
1993, under the purchase method of accounting (for further information
reference is made to File No. 70-8059). In accordance with the purchase
method of accounting, the 12-month results of operations for Entergy
reported in the Pro Forma Consolidated Statement of Income and Pro Forma
Consolidated Statement of Retained Earnings do not reflect the Company's
results of operations for any period as a result of the December 31, 1993
closing date of the merger.
</TABLE>
<PAGE>
<TABLE>
ENTERGY CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF RETAINED EARNINGS (1)
For the Year Ended December 31, 1993
(Unaudited)
Adjustments to Reflect
Transactions Proposed
Before In Present After
Transaction Filing Transaction
(In thousands)
<S> <C> <C> <C>
Retained Earnings - January 1 $2,062,188 0 $2,062,188
Add - Net Income 551,930 ($16,555) 535,375
---------- -------- ----------
Total 2,614,118 (16,555) 2,597,563
---------- -------- ----------
Deduct:
Dividends declared on common stock 288,342 0 288,342
Common stock retirements 13,906 0 13,906
Capital stock and other expenses 1,788 0 1,788
---------- -------- ----------
Total 304,036 0 304,036
---------- -------- ----------
Retained Earnings - December 31 $2,310,082 ($16,555) $2,293,527
========== ======== ==========
</TABLE>
(1) The acquisition of the Company by Entergy was consummated on December 31,
1993, under the purchase method of accounting (for further information
reference is made to File No. 70-8059). In accordance with the purchase
method of accounting, the 12-month results of operations for Entergy
reported in the Pro Forma Consolidated Statement of Income and Pro Forma
Consolidated Statement of Retained Earnings do not reflect the Company's
results of operations for any period as a result of the December 31,
1993 closing date of the merger.
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