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WINDSOR COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 22179
BY MONTH, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
<CAPTION>
CONTENTS
Page
<S> <C>
Statements of Income 1
Balance Sheets 2-3
Statements of Retained Earnings 4
Statements of Cost of Commercial Coal Sold and Shipped 5
Analysis of Operating Reserves and Deferred Credits 6
Information Concerning Capital Improvements 7
Analysis of Mining Plant in Service 8
Information Concerning Operations 9
Statements of Cost of Operation 10
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WINDSOR COAL COMPANY
STATEMENTS OF INCOME
BY MONTH, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
July 31, August 31, September 30, September 30,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
OPERATING REVENUES -
Sales to Affiliated Company . . $3,491 $3,939 $3,705 $11,135
COST OF OPERATION (including
Depreciation, Depletion and
Amortization of Mining Plant
of $371,000 in July,
$275,000 in August
and $244,000 in September). . . 3,207 3,741 3,539 10,487
OPERATING INCOME. . . . . . . . . 284 198 166 648
NONOPERATING INCOME . . . . . . . 3 18 - 21
INCOME BEFORE INTEREST CHARGES. . 287 216 166 669
INTEREST CHARGES. . . . . . . . . 1 1 1 3
INCOME BEFORE FEDERAL
INCOME TAXES. . . . . . . . . . 286 215 165 666
FEDERAL INCOME TAXES. . . . . . . 173 101 52 326
NET INCOME. . . . . . . . . . . . $ 113 $ 114 $ 113 $ 340
The common stock of the Company is
wholly owned by Ohio Power Company.
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WINDSOR COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<CAPTION>
July 31, August 31, September 30,
1995 1995 1995
(in thousands)
ASSETS
<S> <C> <C> <C>
MINING PLANT:
Mining Plant in Service . . . . . . . . . . . . $66,070 $66,028 $65,998
Construction Work in Progress . . . . . . . . . 123 122 121
Total Mining Plant . . . . . . . . . . . 66,193 66,150 66,119
Accumulated Depreciation and Amortization . . . 28,492 28,942 29,370
NET MINING PLANT . . . . . . . . . . . . 37,701 37,208 36,749
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . . 14 12 19
Accounts Receivable:
General . . . . . . . . . . . . . . . . . . . 154 55 56
Affiliated Companies. . . . . . . . . . . . . 2,254 3,259 2,440
Coal. . . . . . . . . . . . . . . . . . . . . . 194 564 576
Materials and Supplies. . . . . . . . . . . . . 3,956 3,910 3,931
Accrued Tax Benefit . . . . . . . . . . . . . . - - 335
Other . . . . . . . . . . . . . . . . . . . . . 228 277 311
TOTAL CURRENT ASSETS . . . . . . . . . . 6,800 8,077 7,668
REGULATORY ASSETS . . . . . . . . . . . . . . . . 2,424 1,972 1,911
DEFERRED CHARGES. . . . . . . . . . . . . . . . . 320 309 302
TOTAL. . . . . . . . . . . . . . . . . $47,245 $47,566 $46,630
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WINDSOR COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<CAPTION>
July 31, August 31, September 30,
1995 1995 1995
(in thousands)
CAPITALIZATION AND LIABILITIES
<S> <C> <C> <C>
SHAREHOLDER'S EQUITY:
Common Stock - Par Value $100:
Authorized - 5,000 Shares
Outstanding - 4,064 Shares. . . . . . . . . . $ 406 $ 406 $ 406
Paid-in Capital . . . . . . . . . . . . . . . . 10,470 10,470 10,470
Retained Earnings . . . . . . . . . . . . . . . 2,178 2,292 2,405
TOTAL SHAREHOLDER'S EQUITY . . . . . . . 13,054 13,168 13,281
LONG-TERM DEBT:
Finance Obligations . . . . . . . . . . . . . . 8,517 8,470 8,422
Advances from Parent Company. . . . . . . . . . 225 225 225
TOTAL LONG-TERM DEBT . . . . . . . . . . 8,742 8,695 8,647
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases. . . . . . . . 2,398 2,323 2,250
Operating Reserves. . . . . . . . . . . . . . . 7,468 7,942 8,380
TOTAL OTHER NONCURRENT LIABILITIES . . . 9,866 10,265 10,630
CURRENT LIABILITIES:
Long-term Debt Due Within One Year. . . . . . . 570 570 570
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . 513 598 578
Affiliated Companies. . . . . . . . . . . . . 204 212 258
Taxes Accrued . . . . . . . . . . . . . . . . . 607 639 -
Accrued Vacation Pay. . . . . . . . . . . . . . 509 562 594
Workers' Compensation Claims. . . . . . . . . . 2,262 2,217 2,178
Obligations Under Capital Leases. . . . . . . . 1,368 1,270 1,173
Other . . . . . . . . . . . . . . . . . . . . . 1,956 1,908 1,532
TOTAL CURRENT LIABILITIES. . . . . . . . 7,989 7,976 6,883
REGULATORY LIABILITIES:
Amounts Due to Parent Company for
Future Income Tax Benefits. . . . . . . . . . 2,624 2,662 2,674
West Liberty Portal Regulatory Liability. . . . 223 226 230
TOTAL REGULATORY LIABILITIES . . . . . . 2,847 2,888 2,904
DEFERRED CREDITS. . . . . . . . . . . . . . . . . 4,747 4,574 4,285
TOTAL. . . . . . . . . . . . . . . . . $47,245 $47,566 $46,630
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WINDSOR COAL COMPANY
STATEMENTS OF RETAINED EARNINGS
BY MONTH, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
July 31, August 31, September 30, September 30,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD. . $2,065 $2,178 $2,292 $2,065
NET INCOME. . . . . . . . . . . . 113 114 113 340
BALANCE AT END OF PERIOD. . . . . $2,178 $2,292 $2,405 $2,405
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WINDSOR COAL COMPANY
STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
BY MONTH, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
<CAPTION>
July August September
1995 1995 1995
(in thousands, except as noted)
<S> <C> <C> <C>
I. Calculation of Cost-of-Capital Compensation:
A. Equity Investment at Beginning of Month:
Common Stock. . . . . . . . . . . . . . . . . . . . . . . . $ 406 $ 406 $ 406
Paid-in Capital (excluding item D). . . . . . . . . . . . . 8,353 8,353 8,353
Excess of Acquisition Cost Over Net Book Value. . . . . . . 172 172 172
8,931 8,931 8,931
B. Rate of Return Allowable per HCAR No. 22179:
12.04% per annum, 1.0033% per month (a) . . . . . . . . . . .010033 .010033 .010033
C. Earnings Allowable on Equity Investment
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 89 $ 90 $ 89
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 627 $ 717 $ 806
D. Equity Investment for the month of December 1982 . . . . . . . $ 2,117 $ 2,117 $ 2,117
E. Rate of Return Allowable per HCAR No. 22179:
13.58% per annum, 1.1317% per month . . . . . . . . . . . . .011317 .011317 .011317
F. Earnings Allowable: (re investment in item D)
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 24 $ 24 $ 24
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 168 $ 192 $ 216
G. Total Earnings Allowable:
1. Current Month (C.1. + F.1.). . . . . . . . . . . . . . . $ 113 $ 114 $ 113
2. Year-to-Date (C.2. + F.2.) . . . . . . . . . . . . . . . $ 795 $ 909 $ 1,022
H. Net Income per Statements of Income. . . . . . . . . . . . . . $ 113 $ 114 $ 113
Add: Interest Charges . . . . . . . . . . . . . . . . . . . 1 1 1
Less: Nonoperating Income . . . . . . . . . . . . . . . . . 3 18 -
I. Applied Cost-of-Capital Billing Adder:
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 111 $ 97 $ 114
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 782 $ 879 $ 993
II. Monthly Billing Calculation:
A. Total Operating Expense (b). . . . . . . . . . . . . . . . . . $ 3,380 $ 3,842 $ 3,591
B. Add: Monthly Cost-of Capital Billing
Adder as Applied per I. 1. of Section I. . . . . . . . . . . 111 97 114
C. Cost Applicable to Coal Sold and Shipped (c) . . . . . . . . . $ 3,491 $ 3,939 $ 3,705
D. Coal Sold and Shipped in Current Month (in tons) (c) . . . . . 62,330 70,094 65,691
E. Average Price per Ton Sold and Shipped (in dollars) (C/D) (c). $56.02 $56.19 $56.41
(a) HCAR No. 22179 pertains to only a portion of the equity investment ($7,497,000), however, the approved rate
is being applied to Ohio Power Company's full equity investment, excluding retained earnings.
(b) As represented by "Cost of Operation" plus "Federal Income Taxes" reported in Statements of Income.
(c) Sales were to an affiliated company for the Cardinal Plant.
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WINDSOR COAL COMPANY
ANALYSIS OF OPERATING RESERVES AND DEFERRED CREDITS
BY MONTH-END, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
<CAPTION>
July 31, August 31, September 30,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
Operating Reserves:
Accrued Postretirement Benefits
Other Than Pensions . . . . . . . . . . . . . $5,353 $5,468 $5,582
Workers' Compensation . . . . . . . . . . . . . 857 889 911
Postemployment Benefits . . . . . . . . . . . . 655 655 655
Public Liability Insurance. . . . . . . . . . . 4 4 4
Accrued Rent and Royalty. . . . . . . . . . . . 599 926 1,228
Total Operating Reserves. . . . . . . . . . $7,468 $7,942 $8,380
Deferred Credits:
Income Taxes. . . . . . . . . . . . . . . . . . $4,726 $4,537 $4,284
Other . . . . . . . . . . . . . . . . . . . . . 21 37 1
Total Deferred Credits. . . . . . . . . . . $4,747 $4,574 $4,285
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WINDSOR COAL COMPANY
INFORMATION CONCERNING CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
There were no significant changes with regard to the Company's mining
plant during the quarter.
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WINDSOR COAL COMPANY
ANALYSIS OF MINING PLANT IN SERVICE
AND RELATED ACCUMULATED PROVISIONS FOR
DEPRECIATION AND AMORTIZATION
BY MONTH-END, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
<CAPTION>
July 31, 1995 August 31, 1995 September 30, 1995
Net Net Net
Gross Accumulated Carrying Gross Accumulated Carrying Gross Accumulated Carrying
Cost Provisions Amount Cost Provisions Amount Cost Provisions Amount
(in thousands)
Description
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Surface Lands. . . . . $ 638 $ - $ 638 $ 638 $ - $ 638 $ 638 $ - $ 638
Mining Structures
and Equipment. . . . 53,191 25,153 28,038 53,190 25,501 27,689 53,191 25,849 27,342
Coal Interests
(net of depletion) . 2,200 - 2,200 2,159 - 2,159 2,128 - 2,128
Mine Development Costs 10,041 3,339 6,702 10,041 3,441 6,600 10,041 3,521 6,520
Total Mining Plant
in Service . . . $66,070 $28,492 $37,578 $66,028 $28,942 $37,086 $65,998 $29,370 $36,628
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WINDSOR COAL COMPANY
INFORMATION CONCERNING OPERATIONS
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
There were no significant changes with regard to the Company's operations
during the quarter.
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WINDSOR COAL COMPANY
STATEMENTS OF COST OF OPERATION
BY MONTH, FOR THE QUARTER ENDED SEPTEMBER 30, 1995
<CAPTION>
Three
Months
July August September Ended
1995 1995 1995 9/30/95
(in thousands)
<S> <C> <C> <C> <C>
Direct Labor-UMW* . . . . . . . . . . . . . . . .$ 102 $ 156 $ 145 $ 403
Indirect Labor-UMW* . . . . . . . . . . . . . . . 304 419 375 1,098
Benefits-UMW* . . . . . . . . . . . . . . . . . . 416 416 375 1,207
Salaries and Benefits-Nonunion. . . . . . . . . . 354 360 349 1,063
Operating Supplies. . . . . . . . . . . . . . . . 150 202 209 561
Repair Parts and Materials. . . . . . . . . . . . 268 276 287 831
Electricity and Other Utilities . . . . . . . . . 113 118 129 360
Outside Services-Maintenance, Haulage
and Reclamation . . . . . . . . . . . . . . . . 103 281 161 545
Taxes Other Than Federal Income Taxes** . . . . . 249 85 289 623
Rental of Equipment . . . . . . . . . . . . . . . 402 396 389 1,187
Depreciation, Depletion and Amortization. . . . . 371 275 244 890
Royalties . . . . . . . . . . . . . . . . . . . . 18 23 38 79
Mining Cost Normalization***. . . . . . . . . . . (691) 263 (236) (664)
Other Production Costs. . . . . . . . . . . . . . 1,090 841 797 2,728
Subtotal. . . . . . . . . . . . . . . . . . . . . 3,249 4,111 3,551 10,911
Transfers of Production Costs (to)/from
Coal Inventory. . . . . . . . . . . . . . . . . (42) (370) (12) (424)
Total . . . . . . . . . . . . . . . . .$ 3,207 $ 3,741 $3,539 $10,487
* United Mine Workers of America.
** Excludes FICA, Federal Unemployment and State Unemployment. These costs are reflected
in employee benefits.
*** Represents the deferral/accrual required to establish a selling price based on
forecasted results for the remainder of the year. The amount of mining cost
normalization is established on an "overall" company basis (i.e., not itemized) and
is eliminated by year-end.
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