File No. 1-8644
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption
Under Rule U-3A-2 from the Provisions of the
Public Utility Holding Company Act of 1935
IPALCO ENTERPRISES, INC.
25 Monument Circle, P.O. Box 1595
Indianapolis, Indiana 46206-1595
February 27, 1995
<PAGE>
File No. 1-8644
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Form U-3A-2
Statement by Holding Company Claiming Exemption
Under Rule U-3A-2 from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
IPALCO ENTERPRISES, INC.
hereby files with the Securities and Exchange Commission (Commission),
pursuant to Rule 2, its statement claiming exemption as a holding company
from the provisions of the Public Utility Holding Company Act of 1935,
and submits the following information:
1. Name, State of organization, location and nature of business of
claimant and every subsidiary thereof, other than any exempt wholesale
generator (EWG) or foreign utility company in which claimant directly or
indirectly holds an interest:
IPALCO Enterprises, Inc. (claimant) is an Indiana
corporation located in Indianapolis, Indiana. Pursuant to an
Agreement and Plan of Merger among the claimant, Indianapolis
Power & Light Company (IPL) and IPALCO-Sub, Inc., effective
December 31, 1983, the claimant became a holding company
owning all of the issued and outstanding shares of Common
Stock of IPL. Owners of the Common Stock of IPL at the time
of the merger became owners of Common Stock of the claimant,
on a share for share basis, upon the effective date of the
merger. The shares of Cumulative Preferred Stock and debt
securities of IPL were unaffected by the merger and are held
by the holders thereof in the same manner as before the
merger. At the date of filing of the initial Statement on
Form U-3A-2, in January, 1984, claimant was solely a holding
company and IPL was its only subsidiary.
IPL is an Indiana corporation engaged in the business
of generating, transmitting and selling electric energy in
the City of Indianapolis, Marion County and in neighboring
cities, towns and communities and adjacent rural areas, all
within the State of Indiana, the most distant point being
about forty miles from Indianapolis. It also produces,
distributes and sells steam within a limited area in such
City. In July, 1965, IPL formed Property and Land Company,
Inc., an Indiana Corporation, for the purpose of engaging in
the business of buying, owning, holding, improving, leasing,
selling, and otherwise dealing in and with real estate, and
for other general purposes.
In July, 1984, claimant organized Mid-America Capital
Resources, Inc. (MACR), an Indiana wholly-owned subsidiary of
claimant, under and through which claimant intends to conduct
its non-regulated activities. On November 17, 1989 a wholly
owned subsidiary of MACR, called Mid-America Energy
Resources, Inc. (MAER) was formed to own and operate a
district cooling system to provide chilled water for the
purpose of air conditioning buildings in downtown
Indianapolis. On July 25, 1991, MAER acquired, for the total
price of $9 Million, Cleveland Thermal Energy Corporation
(CTEC), an Ohio corporation, as a subsidiary. CTEC owns and
operates a steam heating system in Cleveland, Ohio. On March
31, 1992, Cleveland District Cooling Corporation (CDCC), an
Ohio corporation, was formed to own and operate a district
cooling system in downtown Cleveland.
In 1992, MACR acquired a 30% ownership interest in
Store Heat and Produce Energy, Inc. (SHAPE), and currently
holds a 70% interest in SHAPE. SHAPE conducts research and
development of energy storage technology. Indianapolis
Campus Energy, Inc. (ICE) was formed in 1993 to construct,
own and operate energy systems on campus locations such as
industrial complexes or college campuses.
Property and Land Company, Inc., MACR, MAER, CTEC, CDCC,
SHAPE and ICE are not "public utility companies" as defined in the
Act. Unless otherwise indicated, each of the subsidiaries listed
is an Indiana corporation conducting business within the State of
Indiana.
Future diversification opportunities for investment
into other business are continually being reviewed, but no
further acquisition has been made as of the date hereof. In
carrying out its diversification activities, claimant does
not intend to take any action which will impair its primary
commitment to provide adequate public utility service to
customers of IPL.
2. A brief description of the properties of claimant and each of
its subsidiary public utility companies used for the generation,
transmission, and distribution of electric energy for sale, indicating
the location of principal generating plants, transmission lines, and
electric distribution facilities, including all such properties which are
outside the State of Indiana and all transmission lines which deliver or
receive electric energy at the borders of such State:
At the date of the filing of this Statement the
claimant had no properties of the nature above-described in
the State of Indiana or elsewhere, being solely a holding
company owning cash and all of the issued and outstanding
shares of Common Stock of IPL and MACR.
The properties of IPL, claimant's only public utility
subsidiary, used for the generation, transmission and
distribution of electric energy for sale are located wholly
within the State of Indiana and consist of the following:
<PAGE>
Generating Plants:
IPL owns and operates five primarily coal-fired
generating plants, three of which are used for total electric
generation and two of which are for a combination of electric
and steam generation. The generating plants have a total
gross nameplate rating of 3,035 MW, a winter capability of
3,064 MW and a summer capability of 2,986 MW.
Total Electric Stations:
H.T. Pritchard Plant, 25 miles southwest of Indianapolis,
seven units in service with 367 MW nameplate rating (net winter
capability 344 MW, summer 341 MW).
E.W. Stout Plant, located in the southwest part of Marion
County, Indiana, eleven units in service with 921 MW nameplate
rating (net winter capability 1,000 MW, summer 924 MW).
Petersburg Plant, located in Pike County, Indiana, seven units
in service with 1,716 MW nameplate rating (net winter
capability 1,690 MW, summer 1,690 MW).
The numbers of units indicated above include three gas turbine units
at the Stout Plant added in 1973, one gas turbine added in 1994, one
gas turbine added in 1995, one diesel unit each at Pritchard and Stout
Plants and three diesel units at Petersburg Plant, all added in 1967.
Combination Electric and Steam Stations:
C.C. Perry Section K Plant, in the City of Indianapolis, with
20 MW nameplate rating (net winter capability 20 MW, summer
19 MW) for electric and a gross capacity of 1,990 M/lbs. per
hour for steam.
C.C. Perry Section W Plant, in the City of Indianapolis, with
11 MW nameplate rating (net winter capability 10 MW, summer
12 MW) for electric and a gross capacity of 300 M/lbs. per
hour for steam.
Transmission and Distribution System Properties:
IPL's transmission system located entirely within the
State of Indiana includes 454 circuit miles of 345,000 volt
lines, 360 circuit miles of 138,000 volt lines and 274 miles
of 34,500 volt lines. Distribution facilities include 4,689
pole miles and 19,807 wire miles of overhead lines.
Underground distribution and service facilities include 436
miles of conduit and 4,900 wire miles of conductor.
Underground street lighting facilities include 107 miles of
conduit and 670 wire miles of conductor. The system also has
77 bulk power substations and 84 distribution substations.
None of the transmission lines is positioned or located
to deliver or receive electric energy at the borders of the
State of Indiana.
3. The following information is for the calendar year 1994 with
respect to claimant and IPL, its only subsidiary public utility company:
(a) Number of KWH of electric energy sold (at retail
or wholesale) by IPL: 13,135,972,284 KWH.
(b) Number of KWH of electric energy distributed at
retail outside the State of Indiana by IPL: None.
(c) Number of KWH of electric energy sold at wholesale
outside the State of Indiana by IPL: None.
(d) Number of KWH of electric energy purchased outside
the State of Indiana or at the State line: None.
4. Claimant does not hold directly or indirectly any interest in
an EWG or a foreign utility company.
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy
for sale or for the distribution at retail of natural or
manufactured gas.
Not Applicable.
(b) Name of each system company that holds an interest in such
EWG or foreign utility company; and description of the
interest held.
Not Applicable.
(c) Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or
indirect guarantee of the security of the EWG or foreign
utility company by the holding company claiming exemption;
and any debt or other financial obligation for which there is
recourse, directly or indirectly, to the holding company
claiming exemption or another system company, other than the
EWG or foreign utility company.
Not Applicable.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Not Applicable.
(e) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system
company, and describe the services to be rendered or goods
sold and fees or revenues under such agreement(s).
Not Applicable.
Annexed hereto as Exhibit A is a consolidating statement of income
and surplus of the claimant and its subsidiary companies for the last
calendar year (1994), together with a consolidating balance sheet of the
claimant and its subsidiary companies as of the close of such calendar
year.
<PAGE>
Attached hereto as Exhibit B is the Financial Data Schedule.
Exhibit C is not applicable to this filing. (See Paragraph 4
above.)
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officers on this 27th day of
February, 1995.
IPALCO Enterprises, Inc.
(Name of claimant)
By /s/ John R. Brehm
John R. Brehm
Vice President and Treasurer
(CORPORATE SEAL)
Attest:
/s/ Bryan G. Tabler
Bryan G. Tabler, Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Bryan G. Tabler, Vice President, Secretary and General Counsel
25 Monument Circle, Indianapolis, Indiana 46204
<TABLE>
IPALCO ENTERPRISES, INC. and SUBSIDIARIES EXHIBIT A
Consolidated Balance Sheets, December 31, 1994
(Dollars in Thousands)
<CAPTION>
MACR Total
ASSETS CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
UTILITY PLANT:
Utility plant in service $0 $0 $0 $0 $0 $0 $0
Less accumulated depreciation 0 0 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------------
Utility plant in service - net 0 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0 0
Property held for future use 0 0 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------------
Utility plant - net 0 0 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS - NET 12,168 26,258 66,128 68,475 3,392 179 176,600
- -------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 174 0 42 43 0 1 260
Financial investments 0 0 0 7,025 0 0 7,025
Accounts receivable (less allowance
for doubtful accounts - $855) 1,768 34 11,517 16,847 306 0 30,472
Fuel - at average cost 588 0 0 0 0 0 588
Materials and supplies-at average cost 525 510 559 0 0 0 1,594
Prepayments and other current assets 108 0 73 (3) 0 0 178
- -------------------------------------------------------------------------------------------------------------------------------
Total current assets 3,163 544 12,191 23,912 306 1 40,117
- -------------------------------------------------------------------------------------------------------------------------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4
carrying charges 0 0 0 0 0 0 0
Unamortized redemption premiums and
expenses on debt 0 0 210 0 0 0 210
Other regulatory assets 0 0 0 0 0 0 0
Miscellaneous 187 1,439 1,778 600 111 63 4,178
- ------------------------------------------------------------------------------------------------------------------------------
Total deferred debits 187 1,439 1,988 600 111 63 4,388
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL $15,518 $28,241 $80,307 $92,987 $3,809 $243 $221,105
==============================================================================================================================
</TABLE>
EXHIBIT A
<TABLE>
CONTINUATION OF PREVIOUS TABLE IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1994
(Dollars in Thousands)
<CAPTION>
MACR
Consolidating Consolidating
Entries Consolidated Entries
Debit Credit MACR IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
UTILITY PLANT:
Utility plant in service $0 $0 $0 $2,415,531 $0 $0 $0 $2,415,531
Less accumulated depreciation 0 0 0 916,943 0 0 0 916,943
- ----------------------------------------------------------------------------------------------------------------------------------
Utility plant in service - net 0 0 0 1,498,588 0 0 0 1,498,588
Construction work in progress 0 0 0 191,010 0 0 0 191,010
Property held for future use 0 0 0 22,174 0 0 0 22,174
- ----------------------------------------------------------------------------------------------------------------------------------
Utility plant - net 0 0 0 1,711,772 0 0 0 1,711,772
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS - net 0 95,046 81,554 2,898 803,309 0 801,453 (A) 86,308
- ----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 0 0 260 7,835 53 0 0 8,148
Financial investments 0 0 7,025 0 0 0 0 7,025
Accounts receivable (less allowance
for doubtful accounts - $855) 0 27,911 2,561 47,978 21,291 0 23,171 (B) 48,659
Fuel - at average cost 0 0 588 37,161 0 0 0 37,749
Materials and supplies-at average cost 0 0 1,594 55,642 0 0 0 57,236
Prepayments and other current assets 0 0 178 8,176 778 0 0 9,132
- ----------------------------------------------------------------------------------------------------------------------------------
Total current assets 0 27,911 12,206 156,792 22,122 0 23,171 167,949
- ----------------------------------------------------------------------------------------------------------------------------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4
carrying charges 0 0 0 32,521 0 0 0 32,521
Unamortized redemption premiums and
expenses on debt 0 0 210 27,577 0 0 0 27,787
Other regulatory assets 0 0 0 53,661 0 0 0 53,661
Miscellaneous 0 0 4,178 6,876 26 0 0 11,080
- ----------------------------------------------------------------------------------------------------------------------------------
Total deferred debits 0 0 4,388 120,635 26 0 0 125,049
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL $0 $122,957 $98,148 $1,992,097 $825,457 $0 $824,624 $2,091,078
==================================================================================================================================
</TABLE>
<TABLE> EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1994
(Dollars in Thousands)
<CAPTION>
MACR Total
CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $9,000 $25,000 $59,500 $33,702 $1 $1,545 $128,748
Premium on 4% cumulative preferred
stock 0 0 0 0 0 0 0
Advances - Associated Companies 6,127 4,937 14,536 0 692 1,619 27,911
Retained earnings (726) (3,102) (7,330) 57,475 0 (2,965) 43,352
- ----------------------------------------------------------------------------------------------------------------------------------
Total common shareholders' equity 14,401 26,835 66,706 91,177 693 199 200,011
Cumulative preferred stock 0 0 0 0 0 0 0
Long-term debt 0 0 9,500 0 2,350 0 11,850
- ----------------------------------------------------------------------------------------------------------------------------------
Total capitalization 14,401 26,835 76,206 91,177 3,043 199 211,861
- ----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 0 0 0 1,400 0 0 1,400
Current maturities and sinking fund
requirements 0 0 0 0 0 0 0
Accounts payable and accrued expenses 1,555 1,156 2,406 1,659 732 39 7,547
Dividends payable 0 0 0 0 0 0 0
Payrolls accrued 0 0 0 0 0 0 0
Taxes accrued 367 20 785 68 20 5 1,265
Interest accrued 0 0 57 0 14 0 71
Other current liabilities 0 0 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 1,922 1,176 3,248 3,127 766 44 10,283
- ----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes-net (805) 230 853 (1,549) 0 0 (1,271)
Unamortized investment tax credit 0 0 0 0 0 0 0
Accrued postretirement benefits 0 0 0 216 0 0 216
Miscellaneous 0 0 0 16 0 0 16
- ----------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities (805) 230 853 (1,317) 0 0 (1,039)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL $15,518 $28,241 $80,307 $92,987 $3,809 $243 $221,105
==================================================================================================================================
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1994
(Dollars in Thousands)
<CAPTION>
MACR
Consolidating
Entries Consolidated Consolidating Entries
Debit Credit MACR IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $95,046 $0 $33,702 $324,537 $381,228 $358,239 (A) $0 $381,228
Premium on 4% cumulative preferred
stock 0 0 0 1,363 0 0 0 1,363
Advances - Associated Companies 27,911 0 0 0 0 0 0 0
Retained earnings 0 0 43,352 399,862 419,354 443,214 (A) 0 419,354
- ----------------------------------------------------------------------------------------------------------------------------------
Total common shareholders' equity 122,957 0 77,054 725,762 800,582 801,453 0 801,945
Cumulative preferred stock 0 0 0 51,898 0 0 0 51,898
Long-term debt 0 0 11,850 654,121 0 0 0 665,971
- ----------------------------------------------------------------------------------------------------------------------------------
Total capitalization 122,957 0 88,904 1,431,781 800,582 801,453 0 1,519,814
- ----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 0 0 1,400 26,400 1,953 0 0 29,753
Current maturities and sinking fund
requirements 0 0 0 350 0 0 0 350
Accounts payable and accrued expenses 0 0 7,547 95,957 2,002 3,146 (B) 0 102,360
Dividends payable 0 0 0 20,834 20,287 20,025 (B) 0 21,096
Payrolls accrued 0 0 0 4,475 0 0 0 4,475
Taxes accrued 0 0 1,265 16,787 517 0 0 18,569
Interest accrued 0 0 71 14,859 3 0 0 14,933
Other current liabilities 0 0 0 8,823 0 0 0 8,823
- ----------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 0 0 10,283 188,485 24,762 23,171 0 200,359
- ----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes 0 0 (1,271) 282,062 (107) 0 0 280,684
Unamortized investment tax credit 0 0 0 53,762 0 0 0 53,762
Accrued postretirement benefits 0 0 216 34,517 121 0 0 34,854
Miscellaneous 0 0 16 1,490 99 0 0 1,605
- ----------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities 0 0 (1,039) 371,831 113 0 0 370,905
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL $122,957 $0 $98,148 $1,992,097 $825,457 $824,624 $0 $2,091,078
==================================================================================================================================
</TABLE>
<TABLE> EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Income
For the Year Ended December 31, 1994
(Dollars In Thousands)
<CAPTION>
MACR Consolidated
CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $0 $0 $0 $0 $0 $0 $0
Steam 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
Total operating revenues 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Power purchased 0 0 0 0 0 0 0
Purchased steam 0 0 0 0 0 0 0
Maintenance 0 0 0 0 0 0 0
Depreciation and amortization 0 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0 0
Income taxes - net 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction 0 0 0 0 0 0 0
Other - net (880) (2,906) (2,197) (905) 0 (1,122) (8,010)
Income taxes - net 90 904 952 714 0 0 2,660
- ---------------------------------------------------------------------------------------------------------------------------------
Total other income and deductions-net (790) (2,002) (1,245) (191) 0 (1,122) (5,350)
- ---------------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES (790) (2,002) (1,245) (191) 0 (1,122) (5,350)
- ---------------------------------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 0 0 682 0 0 0 682
Allowance for borrowed funds
used during construction 0 0 0 0 0 0 0
Other interest 0 0 0 18 0 0 18
Amortization of redemption premiums
and expenses on debt - net 0 0 12 0 0 0 12
Preferred dividend
requirements of subsidiary 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
Total interest and other charges - net 0 0 694 18 0 0 712
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCOME ($790) (2,002) ($1,939) ($209) $0 ($1,122) ($6,062)
=================================================================================================================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
EARNINGS PER SHARE OF COMMON STOCK
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Income
For the Year Ended December 31, 1994
(Dollars In Thousands)
<CAPTION>
Consolidating Entries
IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $649,767 $0 $0 $0 $649,767
Steam 36,309 0 0 0 36,309
- ---------------------------------------------------------------------------------------------------------------------
Total operating revenues 686,076 0 0 0 686,076
- ---------------------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 169,756 0 0 0 169,756
Other 104,273 0 0 0 104,273
Power purchased 19,060 0 0 0 19,060
Purchased steam 7,653 0 0 0 7,653
Maintenance 68,562 0 0 0 68,562
Depreciation and amortization 87,028 0 0 0 87,028
Taxes other than income taxes 30,891 0 0 0 30,891
Income taxes - net 55,543 0 0 0 55,543
- ---------------------------------------------------------------------------------------------------------------------
Total operating expenses 542,766 0 0 0 542,766
- ---------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 143,310 0 0 0 143,310
- ---------------------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction 4,672 0 0 0 4,672
Other - net (1,527) (2,473) 0 0 (12,010)
Income taxes - net 823 1,053 0 0 4,536
- ---------------------------------------------------------------------------------------------------------------------
Total other income and deductions-net 3,968 (1,420) 0 0 (2,802)
- ---------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES 147,278 (1,420) 0 0 140,508
- ---------------------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 45,566 0 0 0 46,248
Allowance for borrowed funds
used during construction (4,709) 0 0 0 (4,709)
Other interest 1,497 165 0 0 1,680
Amortization of redemption premiums
and expenses on debt - net 1,101 0 0 0 1,113
Preferred dividend
requirements of subsidiary 3,182 0 0 0 3,182
- ---------------------------------------------------------------------------------------------------------------------
Total interest and other charges - net 46,637 165 0 0 47,514
- ---------------------------------------------------------------------------------------------------------------------
NET INCOME $100,641 ($1,585) $0 $0 $92,994
=====================================================================================================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 37,741
=============
EARNINGS PER SHARE OF COMMON STOCK $2.46
=============
</TABLE>
<TABLE> EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Retained Earnings
For the Year Ended December 31, 1994
(Dollars in Thousands)
<CAPTION>
MACR Total
CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR $64 ($1,100) ($5,391) $57,684 $0 ($1,843) $49,414
NET INCOME (790) (2,002) (1,939) (209) 0 (1,122) (6,062)
- ---------------------------------------------------------------------------------------------------------------------------------
Total (726) (3,102) (7,330) 57,475 0 (2,965) 43,352
- ---------------------------------------------------------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 0 0 0 0 0
Common stock 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
Total 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR ($726) ($3,102) ($7,330) $57,475 $0 ($2,965) $43,352
=================================================================================================================================
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Retained Earnings
For the Year Ended December 31, 1994
<CAPTION>
MACR
Consolidating Consolidating
Entries Consolidated Consolidated Entries
Debit Credit MACR IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR $0 $0 $49,414 $379,249 $406,388 $428,663 (A) $0 $406,388
NET INCOME 0 0 (6,062) 103,823 92,994 97,761 (A) 92,994
- --------------------------------------------------------------------------------------------------------------------------------
Total 0 0 43,352 483,072 499,382 526,424 0 499,382
- --------------------------------------------------------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 0 3,182 0 0 3,182 (A) 0
Common stock 0 0 0 80,028 80,028 0 80,028 (A) 80,028
- --------------------------------------------------------------------------------------------------------------------------------
Total 0 0 0 83,210 80,028 0 83,210 80,028
- --------------------------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR $0 $0 $43,352 $399,862 $419,354 $526,424 $83,210 $419,354
================================================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidating Entries for the Year Ended December 31, 1994
<CAPTION>
Debit Credit
<S> <C> <C>
(A) Common Stock - IPL $324,537
Common Stock - Mid-America 33,702
Retained Earnings - Subsidiaries
(Beginning Balance)* 428,663
Net Income of Subsidiary Companies* 97,761
Preferred Dividends - IPL* $3,182
Dividends Declared of Subsidiary Companies* 80,028
Investment in Subsidiary Companies 801,453
To eliminate Enterprises investments in IPL and Mid-America.
*Net Credit to Retained Earnings on the balance sheet is $443,214
(B) Accounts Payable $3,146
Dividends Payable 20,025
Accounts Receivable from Associated Companies 23,171
To eliminate intercompany receivables and payables.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000728391
<NAME> IPALCO ENTERPRISES, INC. - EXHIBIT B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,091,078
<TOTAL-OPERATING-REVENUES> 686,076
<NET-INCOME> 92,994
</TABLE>
