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WINDSOR COAL COMPANY
QUARTERLY REPORT PER REQUIREMENTS
OF HOLDING COMPANY ACT RELEASE NO. 22179
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 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 MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
January 31, February 28, March 31, March 31,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
OPERATING REVENUES -
Sales to Affiliated Company . . $4,313 $3,317 $2,090 $9,720
COST OF OPERATION (including
Depreciation, Depletion and
Amortization of Mining Plant
of $115,000 in January,
$107,000 in February
and $102,000 in March). . . . . 4,116 3,122 1,888 9,126
OPERATING INCOME. . . . . . . . . 197 195 202 594
NONOPERATING INCOME . . . . . . . 3 2 3 8
INCOME BEFORE INTEREST CHARGES. . 200 197 205 602
INTEREST CHARGES
(to Parent Company). . . . . . . 1 1 1 3
INCOME BEFORE FEDERAL
INCOME TAXES. . . . . . . . . . 199 196 204 599
FEDERAL INCOME TAXES. . . . . . . 85 83 90 258
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 MARCH 31, 1995
(UNAUDITED)
<CAPTION>
January 31, February 28, March 31,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
ASSETS
MINING PLANT:
Mining Plant in Service . . . . . . . . . . . . $66,425 $66,400 $66,102
Construction Work in Progress . . . . . . . . . 426 315 323
Total Mining Plant . . . . . . . . . . . 66,851 66,715 66,425
Accumulated Depreciation and Amortization . . . 26,998 27,171 27,194
NET MINING PLANT . . . . . . . . . . . . 39,853 39,544 39,231
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . . 12 19 12
Accounts Receivable:
General . . . . . . . . . . . . . . . . . . . 106 58 159
Affiliated Companies. . . . . . . . . . . . . 1,439 1,467 5
Coal. . . . . . . . . . . . . . . . . . . . . . 466 382 354
Materials and Supplies. . . . . . . . . . . . . 3,943 4,007 3,937
Other . . . . . . . . . . . . . . . . . . . . . 222 212 187
TOTAL CURRENT ASSETS . . . . . . . . . . 6,188 6,145 4,654
REGULATORY ASSETS . . . . . . . . . . . . . . . . 591 1,456 3,356
DEFERRED CHARGES. . . . . . . . . . . . . . . . . 465 373 526
TOTAL. . . . . . . . . . . . . . . . . $47,097 $47,518 $47,767
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WINDSOR COAL COMPANY
BALANCE SHEETS
BY MONTH-END, FOR THE QUARTER ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
January 31, February 28, March 31,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
SHAREOWNER'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 . . . . . . . . . . . . . . . 1,497 1,610 1,724
TOTAL SHAREOWNER'S EQUITY. . . . . . . . 12,373 12,486 12,600
LONG-TERM DEBT:
Finance Obligations . . . . . . . . . . . . . . 8,721 8,684 8,637
Advances from Parent Company. . . . . . . . . . 225 225 225
TOTAL LONG-TERM DEBT . . . . . . . . . . 8,946 8,909 8,862
OTHER NONCURRENT LIABILITIES:
Obligations Under Capital Leases. . . . . . . . 2,709 2,543 2,689
Operating Reserves. . . . . . . . . . . . . . . 6,018 6,280 6,441
TOTAL OTHER NONCURRENT LIABILITIES . . . 8,727 8,823 9,130
CURRENT LIABILITIES:
Long-term Debt Due Within One Year. . . . . . . 570 566 566
Accounts Payable:
General . . . . . . . . . . . . . . . . . . . 748 961 627
Affiliated Companies. . . . . . . . . . . . . 512 506 561
Taxes Accrued . . . . . . . . . . . . . . . . . 572 609 730
Accrued Vacation Pay. . . . . . . . . . . . . . 591 626 667
Workers' Compensation Claims. . . . . . . . . . 2,261 2,225 2,167
Obligations Under Capital Leases. . . . . . . . 2,067 2,055 1,734
Other . . . . . . . . . . . . . . . . . . . . . 1,603 1,903 1,514
TOTAL CURRENT LIABILITIES. . . . . . . . 8,924 9,451 8,566
REGULATORY LIABILITIES:
Amounts Due to Parent Company for Future
Federal Income Tax Benefits . . . . . . . . . 3,816 3,836 3,860
Mining Cost Normalization . . . . . . . . . . . 199 - -
West Liberty Portal Regulatory Liability. . . . 204 208 211
TOTAL REGULATORY LIABILITIES . . . . . . 4,219 4,044 4,071
DEFERRED CREDITS. . . . . . . . . . . . . . . . . 3,908 3,805 4,538
TOTAL. . . . . . . . . . . . . . . . . $47,097 $47,518 $47,767
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WINDSOR COAL COMPANY
STATEMENTS OF RETAINED EARNINGS
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1995
(UNAUDITED)
<CAPTION>
Three
Months
Month Ended Ended
January 31, February 28, March 31, March 31,
1995 1995 1995 1995
(in thousands)
<S> <C> <C> <C> <C>
BALANCE AT BEGINNING OF PERIOD. . $1,383 $1,497 $1,610 $1,383
NET INCOME. . . . . . . . . . . . 114 113 114 341
BALANCE AT END OF PERIOD. . . . . $1,497 $1,610 $1,724 $1,724
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WINDSOR COAL COMPANY
STATEMENTS OF COST OF COMMERCIAL COAL SOLD AND SHIPPED
BY MONTH, FOR THE QUARTER ENDED MARCH 31, 1995
<CAPTION>
January February March
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 . . . . . . . . . . . . . . . . . . . . . . $ 90 $ 179 $ 269
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 . . . . . . . . . . . . . . . . . . . . . . $ 24 $ 48 $ 72
G. Total Earnings Allowable:
1. Current Month (C.1. + F.1.). . . . . . . . . . . . . . . $ 114 $ 113 $ 114
2. Year-to-Date (C.2. + F.2.) . . . . . . . . . . . . . . . $ 114 $ 227 $ 341
H. Net Income per Statements of Income. . . . . . . . . . . . . . $ 114 $ 113 $ 114
Add: Interest Charges . . . . . . . . . . . . . . . . . . . 1 1 1
Less: Nonoperating Income . . . . . . . . . . . . . . . . . 3 2 3
I. Applied Cost-of-Capital Billing Adder:
1. Current Month. . . . . . . . . . . . . . . . . . . . . . $ 112 $ 112 $ 112
2. Year-to-Date . . . . . . . . . . . . . . . . . . . . . . $ 112 $ 224 $ 336
II. Monthly Billing Calculation:
A. Total Operating Expense (b). . . . . . . . . . . . . . . . . . $ 4,201 $ 3,205 $ 1,978
B. Add: Monthly Cost-of Capital Billing
Adder as Applied per I. 1. of Section I. . . . . . . . . . . 112 112 112
C. Cost Applicable to Coal Sold and Shipped (c) . . . . . . . . . $ 4,313 $ 3,317 $ 2,090
D. Coal Sold and Shipped in Current Month (in tons) (c) . . . . . 112,621 90,995 57,745
E. Average Price per Ton Sold and Shipped (in dollars) (C/D)(c) . $38.30 $36.45 $36.20
(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 MARCH 31, 1995
<CAPTION>
January 31, February 28, March 31,
1995 1995 1995
(in thousands)
<S> <C> <C> <C>
Operating Reserves:
Workers' Compensation . . . . . . . . . . . . . $ 771 $ 832 $ 884
Postemployment Benefits . . . . . . . . . . . . 655 655 655
Accrued Postretirement Benefits
Other Than Pensions . . . . . . . . . . . . . 4,589 4,790 4,899
Public Liability Insurance. . . . . . . . . . . 3 3 3
Total Operating Reserves. . . . . . . . . . $6,018 $6,280 $6,441
Deferred Credits:
Federal Income Taxes. . . . . . . . . . . . . . $3,907 $3,805 $3,712
Receipts for Future Coal Deliveries . . . . . . - - 818
Other . . . . . . . . . . . . . . . . . . . . . 1 - 8
Total Deferred Credits. . . . . . . . . . . $3,908 $3,805 $4,538
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WINDSOR COAL COMPANY
INFORMATION CONCERNING CAPITAL IMPROVEMENTS
FOR THE QUARTER ENDED MARCH 31, 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 MARCH 31, 1995
<CAPTION>
January 31, 1995 February 28, 1995 March 31, 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. . . . 53,445 23,902 29,543 53,422 24,055 29,367 53,127 24,064 29,063
Coal Interests
(net of depletion) . 2,301 - 2,301 2,299 - 2,299 2,296 - 2,296
Mine Development Costs 10,041 3,096 6,945 10,041 3,116 6,925 10,041 3,130 6,911
Total Mining Plant
in Service . . . $66,425 $26,998 $39,427 $66,400 $27,171 $39,229 $66,102 $27,194 $38,908
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WINDSOR COAL COMPANY
INFORMATION CONCERNING OPERATIONS
FOR THE QUARTER ENDED MARCH 31, 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 MARCH 31, 1995
<CAPTION>
Three
Months
January February March Ended
1995 1995 1995 3/31/95
(in thousands)
<S> <C> <C> <C> <C>
Direct Labor-UMW* . . . . . . . . . . . . . . . . $ 133 $ 162 $ 165 $ 460
Indirect Labor-UMW* . . . . . . . . . . . . . . . 412 391 445 1,248
Benefits-UMW* . . . . . . . . . . . . . . . . . . 624 595 452 1,671
Salaries and Benefits-Nonunion. . . . . . . . . . 398 401 427 1,226
Operating Supplies. . . . . . . . . . . . . . . . 256 291 210 757
Repair Parts and Materials. . . . . . . . . . . . 327 375 315 1,017
Electricity and Other Utilities . . . . . . . . . 185 174 190 549
Outside Services-Maintenance, Haulage
and Reclamation . . . . . . . . . . . . . . . . 212 175 236 623
Taxes Other Than Income Taxes** . . . . . . . . . 347 295 206 848
Rental of Equipment . . . . . . . . . . . . . . . 416 402 411 1,229
Depreciation, Depletion and Amortization. . . . . 115 107 102 324
Royalties . . . . . . . . . . . . . . . . . . . . 201 158 75 434
Mining Cost Normalization***. . . . . . . . . . . 199 (890) (1,666) (2,357)
Other Production Costs. . . . . . . . . . . . . . 367 402 292 1,061
Subtotal. . . . . . . . . . . . . . . . . . . . . 4,192 3,038 1,860 9,090
Transfers of Production Costs (to)/from
Coal Inventory. . . . . . . . . . . . . . . . . (76) 84 28 36
Total . . . . . . . . . . . . . . . . . $4,116 $3,122 $ 1,888 $ 9,126
* 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>
