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WINDSOR COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 22179
BY MONTH, FOR THE QUARTER ENDED JUNE 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 JUNE 30, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
April 30, May 31, June 30, June 30,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
OPERATING REVENUES -
Sales to Affiliated Company . . $3,996 $5,266 $3,385 $12,647
COST OF OPERATION (including
Depreciation, Depletion and
Amortization of Mining Plant
of $122,000 in April, $131,000
in May and $108,000 in June). . 3,790 5,060 3,162 12,012
OPERATING INCOME. . . . . . . . . 206 206 223 635
NONOPERATING INCOME . . . . . . . 3 3 3 9
INCOME BEFORE INTEREST CHARGES. . 209 209 226 644
INTEREST CHARGES -
to Parent Company . . . . . . . 1 1 1 3
INCOME BEFORE FEDERAL
INCOME TAXES. . . . . . . . . . 208 208 225 641
FEDERAL INCOME TAXES. . . . . . . 94 95 111 300
NET INCOME. . . . . . . . . . . . $ 114 $ 113 $ 114 $ 341
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 JUNE 30, 1995
(UNAUDITED)
<CAPTION>
April 30, May 31, June 30,
1995 1995 1995
(in thousands)
ASSETS
<S> <C> <C> <C>
MINING PLANT:
Mining Plant in Service . . . . . . . . . . . $66,030 $65,890 $65,868
Construction Work in Progress . . . . . . . . 340 347 357
Total Mining Plant . . . . . . . . . . 66,370 66,237 66,225
Accumulated Depreciation and Amortization . . 27,466 27,654 27,955
NET MINING PLANT . . . . . . . . . . . 38,904 38,583 38,270
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . 29 9 18
Accounts Receivable:
General . . . . . . . . . . . . . . . . . . 202 194 240
Affiliated Companies. . . . . . . . . . . . 156 1,701 711
Coal. . . . . . . . . . . . . . . . . . . . . 387 366 152
Materials and Supplies. . . . . . . . . . . . 3,945 3,997 3,987
Other . . . . . . . . . . . . . . . . . . . . 157 156 138
TOTAL CURRENT ASSETS . . . . . . . . . 4,876 6,423 5,246
REGULATORY ASSETS . . . . . . . . . . . . . . . 3,214 1,696 1,995
DEFERRED CHARGES. . . . . . . . . . . . . . . . 322 363 363
TOTAL. . . . . . . . . . . . . . . . $47,316 $47,065 $45,874
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WINDSOR COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
(UNAUDITED)
<CAPTION>
April 30, May 31, June 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 . . . . . . . . . . . . . . . 1,838 1,951 2,065
TOTAL SHAREHOLDER'S EQUITY . . . . . . . 12,714 12,827 12,941
LONG-TERM DEBT:
Finance Obligations . . . . . . . . . . . . . . 8,660 8,612 8,565
Advances from Parent Company. . . . . . . . . . 225 225 225
TOTAL LONG-TERM DEBT . . . . . . . . . . 8,885 8,837 8,790
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases. . . . . . . . 2,607 2,541 2,464
Operating Reserves. . . . . . . . . . . . . . . 6,624 6,624 6,781
TOTAL OTHER NONCURRENT LIABILITIES . . . 9,231 9,165 9,245
CURRENT LIABILITIES:
Long-term Debt Due Within One Year. . . . . . . 570 570 570
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . 520 596 425
Affiliated Companies. . . . . . . . . . . . . 331 224 238
Taxes Accrued . . . . . . . . . . . . . . . . . 688 953 227
Accrued Vacation Pay. . . . . . . . . . . . . . 688 714 474
Workers' Compensation Claims. . . . . . . . . . 2,130 2,254 2,258
Obligations Under Capital Leases. . . . . . . . 1,639 1,552 1,458
Other . . . . . . . . . . . . . . . . . . . . . 1,622 1,732 1,569
TOTAL CURRENT LIABILITIES. . . . . . . . 8,188 8,595 7,219
REGULATORY LIABILITIES:
Amounts Due to Parent Company for
Future Income Tax Benefits . . . . . . . . . . 2,433 2,465 2,516
West Liberty Portal Regulatory Liability . . . . 214 217 220
TOTAL REGULATORY LIABILITIES . . . . . . 2,647 2,682 2,736
DEFERRED CREDITS . . . . . . . . . . . . . . . . 5,651 4,959 4,943
TOTAL. . . . . . . . . . . . . . . . . $47,316 $47,065 $45,874
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WINDSOR COAL COMPANY
STATEMENTS OF RETAINED EARNINGS
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
April 30, May 31, June 30, June 30,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD. . $1,724 $1,838 $1,951 $1,724
NET INCOME. . . . . . . . . . . . 114 113 114 341
BALANCE AT END OF PERIOD. . . . . $1,838 $1,951 $2,065 $2,065
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WINDSOR COAL COMPANY
STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
BY MONTH, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
April May June
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. . . . . . . . . . . . . . . . . . . . . . $ 90 $ 89 $ 90
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 359 $ 448 $ 538
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 . . . . . . . . . . . . . . . . . . . . . . $ 96 $ 120 $ 144
G. Total Earnings Allowable:
1. Current Month (C.1. + F.1.). . . . . . . . . . . . . . . $ 114 $ 113 $ 114
2. Year-to-Date (C.2. + F.2.) . . . . . . . . . . . . . . . $ 455 $ 568 $ 682
H. Net Income per Statements of Income. . . . . . . . . . . . . . $ 114 $ 113 $ 114
Add: Interest Charges . . . . . . . . . . . . . . . . . . . 1 1 1
Less: Nonoperating Income . . . . . . . . . . . . . . . . . 3 3 3
I. Applied Cost-of-Capital Billing Adder:
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 112 $ 111 $ 112
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 448 $ 559 $ 671
II. Monthly Billing Calculation:
A. Total Operating Expense (b). . . . . . . . . . . . . . . . . . $ 3,884 $ 5,155 $ 3,273
B. Add: Monthly Cost-of Capital Billing
Adder as Applied per I. 1. of Section I. . . . . . . . . . . 112 111 112
C. Cost Applicable to Coal Sold and Shipped (c) . . . . . . . . . $ 3,996 $ 5,266 $ 3,385
D. Coal Sold and Shipped in Current Month (in tons) (c) . . . . . 102,089 119,336 73,803
E. Average Price per Ton Sold and Shipped (in dollars) (C/D) (c). $39.14 $44.13 $45.87
(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.
/TABLE
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WINDSOR COAL COMPANY
ANALYSIS OF OPERATING RESERVES AND DEFERRED CREDITS
BY MONTH-END, FOR THE QUARTER ENDED JUNE 30, 1995
<CAPTION>
April 30, May 31, June 30,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
Operating Reserves:
Accrued Postretirement Benefits Other
Than Pensions . . . . . . . . . . . . . . . $5,009 $5,124 $5,238
Workers' Compensation . . . . . . . . . . . . 957 842 885
Postemployment Benefits . . . . . . . . . . . 655 655 655
Public Liability Insurance. . . . . . . . . . 3 3 3
Total Operating Reserves. . . . . . . . . $6,624 $6,624 $6,781
Deferred Credits:
Income Taxes. . . . . . . . . . . . . . . . . $5,068 $4,958 $4,942
Receipts for Future Coal Deliveries . . . . . 575 - -
Other . . . . . . . . . . . . . . . . . . . . 8 1 1
Total Deferred Credits. . . . . . . . . . $5,651 $4,959 $4,943
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WINDSOR COAL COMPANY
INFORMATION CONCERNING CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED JUNE 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 JUNE 30, 1995
<CAPTION>
April 30, 1995 May 31, 1995 June 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. . . . 53,068 24,313 28,755 52,947 24,473 28,474 52,935 24,759 28,176
Coal Interests
(net of depletion) . 2,283 - 2,283 2,264 - 2,264 2,254 - 2,254
Mine Development Costs 10,041 3,153 6,888 10,041 3,181 6,860 10,041 3,196 6,845
Total Mining Plant
in Service . . . $66,030 $27,466 $38,564 $65,890 $27,654 $38,236 $65,868 $27,955 $37,913
</TABLE>
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WINDSOR COAL COMPANY
INFORMATION CONCERNING OPERATIONS
FOR THE QUARTER ENDED JUNE 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 JUNE 30, 1995
<CAPTION>
Three
Months
April May June Ended
1995 1995 1995 6/30/95
(in thousands)
<S> <C> <C> <C> <C>
Direct Labor-UMW* . . . . . . . . . . . . . . . . $ 115 $ 130 $ 109 $ 354
Indirect Labor-UMW* . . . . . . . . . . . . . . . 343 392 314 1,049
Benefits-UMW* . . . . . . . . . . . . . . . . . . 413 453 433 1,299
Salaries and Benefits-Nonunion. . . . . . . . . . 475 372 355 1,202
Operating Supplies. . . . . . . . . . . . . . . . 202 245 222 669
Repair Parts and Materials. . . . . . . . . . . . 233 265 345 843
Electricity and Other Utilities . . . . . . . . . 151 170 146 467
Outside Services-Maintenance, Haulage
and Reclamation . . . . . . . . . . . . . . . . 143 147 157 447
Taxes Other Than Federal Income Taxes** . . . . . 308 351 267 926
Rental of Equipment . . . . . . . . . . . . . . . 409 405 403 1,217
Depreciation, Depletion and Amortization. . . . . 122 131 108 361
Royalties . . . . . . . . . . . . . . . . . . . . 54 24 17 95
Mining Cost Normalization***. . . . . . . . . . . 382 1,454 (467) 1,369
Other Production Costs. . . . . . . . . . . . . . 473 500 539 1,512
Subtotal. . . . . . . . . . . . . . . . . . . . . 3,823 5,039 2,948 11,810
Transfers of Production Costs (to)/from
Coal Inventory. . . . . . . . . . . . . . . . . (33) 21 214 202
Total . . . . . . . . . . . . . . . . . $3,790 $5,060 $3,162 $12,012
* 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.
</TABLE>
