SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 19, 1994
ARIZONA PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
Arizona 1-4473 86-0011170
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
400 North Fifth Street, P.O. Box 53999, Phoenix, Az 85004
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (602)250-1000
NONE
(Former name or former address, if changed since last report)
ITEM 7. Financial Statement, Pro Forma Financial Information and Exhibits
(c) Exhibits
The Registrant hereby files the following Exhibit to its Registration
Statements on Form S-3 (Nos. 33-61228 and 33-55473), which were declared
effective on April 26, 1993 and October 3, 1994, respectively.
Exhibit
No. Description
- ------- -----------
12.2 Computation of Ratio of Earnings to Fixed Charges.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ARIZONA PUBLIC SERVICE COMPANY
(Registrant)
Dated: October 21, 1994 By Nancy E. Newquist
-----------------
Nancy E. Newquist
Treasurer
EXHIBIT 12.2
- ------------------------------------------------------------------------------
<TABLE>
ARIZONA PUBLIC SERVICE COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
<CAPTION>
Twelve Months Ended
-----------------------------------------------------------------------------------------------------------
September 30, December 31,
----------------- ----------------------------------------------------------------------------------------
1991
1994 1993 1992 1991 <F1> Adjusted <F1> 1990 1989
----------------- ------------ ------------ -------------- ---------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
Net Income....... $ 259,531 $ 250,386 $ 246,805 $ (222,649) $ 184,380 $ 180,012 $ 212,354
Income taxes (1). 187,372 188,907 181,355 (94,750) 128,801 126,831 145,678
Fixed Charges.... 214,131 220,590 246,246 281,959 281,959 292,117 276,429
--------------- ------------ ------------ -------------- -------------- ------------ ------------
Total........ $ 661,034 $ 659,883 $ 674,406 $ (35,440) $ 595,140 $ 598,960 $ 634,461
=============== ============ ============ ============== ============== ============ ============
Fixed Charges:
Interest expense. $ 166,474 $ 171,272 $ 190,746 $ 227,624 $ 227,624 $ 239,992 $ 224,243
Amortization of
debt discount,
premium and
expense........ 9,160 9,203 8,000 5,995 5,995 5,302 5,967
Estimated
interest
portion of
annual rentals
(2)............ 38,497 40,115 47,500 48,340 48,340 46,823 46,219
--------------- ------------ ------------ -------------- -------------- ------------ ------------
Total........ $ 214,131 $ 220,590 $ 246,246 $ 281,959 $ 281,959 $ 292,117 $ 276,429
=============== ============ ============ ============== ============== ============ ============
Ratio of Earnings
to Fixed Charges
(rounded down)... 3.08 2.99 2.73 -0.13 2.11 2.05 2.29
=============== ============ ============ ============== ============== ============ ============
(1) Income Taxes:
Charged to
operations..... $ 170,681 $ 168,056 $ 164,620 $ 96,273 $ 117,408 $ 106,044 $ 122,674
Charged
(credited) to
other accounts. 16,691 20,851 16,735 (191,023) 11,393 20,787 23,004
--------------- ------------ ------------ -------------- -------------- ------------ ------------
Total........ $ 187,372 $ 188,907 $ 181,355 $ (94,750) $ 128,801 $ 126,831 $ 145,678
=============== ============ ============ ============== ============== ============ ============
(2) Estimated
interest portion
of Unit 2 lease
payments included
in estimated
interest portion
of annual rentals $ 35,692 $ 37,407 $ 43,581 $ 43,625 $ 43,625 $ 43,666 $ 43,703
=============== ============ ============ ============== ============== ============ ============
- ----------
<FN>
<F1>The write-off resulting from the Arizona Corporation Commission order
settling the Company's rate case resulted in a negative coverage ratio and
an earnings coverage deficiency of approximately $317 million at December
31, 1991. Excluding the effects of the write-off, the coverage ratio would
have been 2.11 for the same period.
</FN>
</TABLE>
